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iinitude
Electric Railway Section
State and City Section
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, JANUARY 25 1919
VOL. 108
The (chronicle.
Week ending January 18.
Clearings at
PUBLISHED WEEKLY.
1919.
Terms of Subsription-Payable In Advance
$10 00
For One Year
For Six Months
6 00
13 00
European Subscription (including postage)
7 50
European Subscription six months (including postage)
£2 14e.
Annual Subscription in London (including postage)
21 11n.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following SupplementsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELEcTitic RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
$4 20
(8 times)
Two Months
22 00
es
me
Nin
istlis
r
n
rellS
x
Ni
29 00
Standing Business Cards
50 00
TwelveMontlis(52 times)
87 00
ClItcA00 OFFICE-36 South La Salle Street, Telephone Majestic 7396.
LONDON OFFICE-Edwards 86 Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Depoyster Sts., New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary. Addresses of both, Office of the Company.
CLEARING
HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,121,537,682, against $7,635,106,936 last week and $5,553,561,176
the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending Jan. 25.
1919.
NO. 2796
1918.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltlinore
New Orleans
$3,171,500,656
446,021,462
, 333,025,722
274,285,154
171,919,130
138,234,466
116,595,159
117,577,215
*61,000,000
68,380,026
63,519,838
+24.3
52,551,192,567
369,624,407
+20.7
260,169,746
+28.0
180,555,292
+51.9
+4.3
164,812,252
123,191,436 +12.2
74,852,066
+55.8
64,243,361
+83.0
42,723,794
+42.8
31,207,431 +112.7
54,725,034
+16.1
Eleven cities, 5 days
Other cities, 5 days
$4,962,058,828
965,207,418
$3,917,297,386
701,214,708
Total all cities, 5 (lays
All citles, 1 day
$5,927,266,246
1,194,271,436
$4,618,512,094
935,019,082
+26.7
+37.6
1918.
Inc. or ,
1 Dec. !
1917.
1916.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
__
Indianapolis _ _
Columbus
Toledo
Peoria
Grand Rapids__ _
Dayton
Fvansville
Springfield, Ill_ _
Youngstown __ _ _
Fort Wayne ___ _
Lexington
Akron
Rockford
South I3end
Canton
Quincy
Springfield, Ohio.
Bloomington___ _
Mansfield
Decatur
Jacksonville, Ill_
Danville
Lima
Lansing
Owensboro
Ann Arbor
Adrian
566,733,210
65,447,059
103,768,320
83,000,000
32,527,059
17,510,000
12,189,100
11,792,617
4,052,465
6,115,238
4,250,233
4,610,592
2,289,255
4,732,589
1,238,768
3,094,322
5,424,000
1,950,000
1,181,996
3,009,409
1,607,835
1,534,182
2,075,010
1,118,315
1,331,797
896,963
530,000
935,401
970,928
1,846,416
400,000
80,345
$
I %
468,104,266 +21.1
47,205,442 +38.6
82,403,112 +25.8
.56,052,631 +48.1
25,880,047 +25.7
13,843,000 +26.5
9,175,200 +32.9
9,159,724 +28.7
3,784,141
+7.1
5,404,598 +13.2
3,291,810 +29.1
2,840,069 +62.3
1,457,278 +57.1
3,426,445 +38.1
1,003,462 +
•
•
1,542,901 +100.6
5,755,000 -5.8
1,717,850 +13.6
1,006,943 +17.4
3,250,282 -7.4
991,170 +62.2
1,307,350 +17.4
812,979 +155.4
+9.0
1,026,092
795,930 +67.3
368,752 +142.8
505,499 +4.8
804,735 +16.3
940,563 +3.2
584,950 +215.9
308,228 +23.4
100,000 -19.7
Tot.Mid.West.
948,243,424
754,940,455 +25.6
738,205,319
541,929,006
San Francisco__ _
Los Angeles
Seattle
Portland
Spokane
Salt Lake City_ _
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
Pasadena
San Jose
Yakima
Reno
Long Beach
Total Pacific
142,454,753
37,280,000
41,046,401
27,337,556
8,883,849
14,791,664
5,962,519
8,776.911
4,480,348
2,459,443
1,885,200
2,991,526
1,196,247
1,125,052
1,000,586
644,922
1,252.191
303,569,198
111,600,131
31,289,000
29,290,910
19,365,329
8,877,051
15,596,513
4,004,774
6,227,372
3,749.994
2,274,668
2,123,775
2,408,988
1,158,641
1,057,694
729,254
500,000
1,072,237
241,326,331
+27.6
+19.1
+40.1
+41.2
+0.1
--5.2
+48.9
+40.9
+19.5
+8.1
-11.2
+24.2
+3.3
+6.4
+37.4
+29.0
+16.8
+25.8
90,958,996
31,250,000
16,891,565
14,987,972
5,731,207
14,833,096
2,669,490
5,186,519
2,981,213
2,328,677
1,641,977
1,852,761
1,105,668
808,868
530,656
479,672
766,818
195,005,155
55,504,828
22,186,080
12,453,404
9,657,783
4,108,132
8,233,575
1,841,270
3,849,262
2,254,916
1,617,891
2,304,414
1,050,021
934,198
579,019
350,000
285,597
416,715
127,627,105
$
$
468,231,766 356,897,157
33,589,700
42,557,919
36.638,582
61,673,5471
59,352,305
38,556,769
23,348,229
18,034,608
14,701,169: 10,489,856
10,126,800
7,466,000
8,202,850
11,543,141
5,250,000
3,000,000
5,561,864
3,816,065
3,173,191
4,384,242
2,661,821
1,770,419
1,923,416
1,213,437
1,703.146
3,632,378
1,660,251
1,297,760
975,365
1,111,504
3,177,000
5,316,000
977,529
1,359,164
773,735
944,609
2,259,076
3,550,525
933,433
1,027,042
1,005,205
1,408,978
712,901
950,354
669,067
895,862
664,574
803,025
322,591
385,311
405,212
471,444
659,614
775,000
866,640
1,112,408
455,178
1,098,561
219,869
278,609
102,467
108,135
+28.3 Kansas City___ _ 201,012,066 200,304,388 +0.4 135,120,685
83,035,044
+27.7 .Minneapolis
26,396,849
27,157,837
45,036,698
32,196,542 +39.9
_
21,678,509
31,573,468
59,790,797
45,325,081 +31.9
Omaha
$7,121,537,682 $5,553,561,176
+28.2 St. Paul
Total all cities for week
16.104,947
14,292,245 +31.7
12,834,357
18,823,618
11,696,201
12,812,134
17,460,296 +12.8
19.687,723
Denver
*Partly estimated.
+24.2
10.178,729
17,774,036
15,463,107
22,054,377
Joseph
St.
the
by
covered
above
be
week
will
given
the
next
for
Saturday.
The full details
4,873,675
5,314,393 +108.1
4,900,451
11,056,016
We cannot furnish them to-day, clearings being inade up by the clearing houses Duluth
5,513,657
7,943,888 +28.6
6,914,196
10,214,719
at noon on Saturday, and hence in the above the last day of the week has to be in Des Moines
+41.3
3,400,000
8,176,265
6,009,690
11,551,122
City
Sioux
Friday
night.
press
to
all cases estimated, as we go
4,453,952
6,215,569
7,780,374 +11.3
8,659,188
Wichita
Detailed figures for the week ending Jan. 18 show:
2,636,122
3,810,389 +11.2 • 3,469,579
4,238,022
Lincoln
1,717,649
+8.5
2,485,029
3,116,192
3,382,961
Topeka
Week ending January 18.
1,432,267
+9.1
1,921,031
2,165,372
1,985,146
Cedar Rapids__ _
Clearings at
748,494
+10.1
969,541
827,607
751,696
Springs
Colorado
Inc. or
439,660
929,676
753,482 +23.4
624,248
Pueblo
Dec.
1918.
1917.
1919.
1916.
2,157,607
1,477,718
2,957,703
1,964,754 +50.5
Fargo
448,392
+3.2
858,274
698,461
720,669
Fremont
2,322,024
2,305,000
1,541,000
1,857,361 -17.0
Waterloo
4,217,443,503 3,425,298,055 A-23.1 3,486,494,981 2,76-1.636,369 Helena
Now York
1,113,431
+35.0
2,032,802
1,909,179
2,577,805
433,749,111 377,091,692 A-15.0 336,267,496 222,527,047 Billings
Philadelphia _ _
562,641
834,902
950,376 +21.9
1,158,098
71,277,119 A-06.4
69,730,878
63,048,732
140,009,918
Pittsburgh
220,931
416,270
552,929
445,375 +24.0
42,773,005 A-105.4
41,861,015
87,869,764
42,358,216 Hastings
Baltimore
+31.1
807,707
738,859
1,124,090
1,474,994
Aberdeen
20,088,218 Ar 30.1
20,195,484
26,133,941
13,464,003
Buffalo
Tot.Oth.West_ 430,413,160 375,993.997 +14.5 277,134,747 201,938,488
5,121,538
5,282,406 • 5,652,018 ---6.5
5,530,865
Albany
12,169,396 A- 42.4
9,910,583
17,329,587
8,664,566
Washington
168,828,310 148,676,758 A-13.6 131,582,969 103,011,567
7,827,767 A-14.9
6,543,133
8,996,72(3
5,'389,826 St. Louis
Rochester
24,577,568
33,975,792
65,926,137
55,335,537 +19.1
3,978,878 A-10.9
3,611,088
4,411,430
2,991,669 New Orleans.
Scranton
24,389,684
18,234,398
19,603,414 A-37.1
26,867,148
4,587,784
A- 2.0
3,993,084
3,228,091 Louisville
4,681,668
Syracuse
9,832,331
11,500,000
17,000,000 A-20.7
17,352,168
2,793,148 ---5.5
2,572,873
2,640,718
2,217,900 Houston
Reading
4,833,486
A-36.6
5,401,768
5,500,000
7,512,476
3,335,920
A-8.7
Galveston
2,835,342
3,615,155
2,476,722
Wilmington
15,644,340
22,657,457
39,183,884 +43.8
56,353,335
1,880,033 A-16.7
2,228,830
2,193,360
1,823,787 Richmond
Wilkes-Barre__ _
9,040,70 0
11,696,582
20,000,000
10.855,085 +84.2
3,776,289 A-11.0
3,061,052
2,443,045 Memphis
4,191,370
Wheeling
8,868,705
11,414,439
16,654,056 -2.2
16,280,294
A-2.4
2,760,156
2,825,143
2,068,906
2,100,770 Fort Worth
Trenton
15,997,310
22,546,238
45,848,129 +40.6
64,448,512
1,147,106
A-6.9
1,105,276
1,226,558
998,706 Atlanta
York
5,396,566
4-0.9
4,163.426
7,316,103
7,253,430
1,903,361
+19.8
Savannah
1,612,035
2,280,330
1,074,348
Erie
8,184,12 9
9,010,399
17,870,707
12,043,100 A-48.4
1,394,690 +33.3
1,362,273
1,858,525
1,078,647 Nashville
Chester
4,109,048
6,118,378
7,231,406 A-28.7
9,307,284
920,200 -2.3
857,500
899,400
718,000 Norfolk
Binghamton _ _
2,880,84 7
2,809,874
11,905,963
3,349,942 +255.4
925,000
A-5.6
977,199
848,826
618,678 Birmingham
Greensburg
2,101,28 5
1,611,472
3,824,926 ---9.6
3,458,956
700,000 A-13.1
650,000
595,718 Augusta
791,7:37
Altoona
2,785,288
2,905,083
3,824,134 -8.5
3,500,000
2,462,136 ---17.7
2,225,615
1,744,543 Little Rock
2,026,730
Lancaster
3,000,000
+100.7
3,789,595
8,253,769
4,112,633
Jacksonville
578,241
---24.2
524,790
367,543
438,220
Montclair
2,230,493
+1.8
2,033,915
2,732,283
2,684,716
Knoxville
1,050,730
1,400,000
1,700,000
1,540,000 +10.4
Total Middle 4,971,872,493 3,995,320,212 +24.4 4,005,688,598 3,150,097,781 Mobile
2,021,049
3,971,522
6,381,106
4,311,422 +48.0
Chattanooga__.
2,157,984
2,735,536
5,305,194 --3.9
5,100,000
364,151,248 309,856,871 A-17.5 .239,287,699 218,182,697 Charleston
Boston
3,148,052
6,483,126
9,533,623
10,200,403 ---6.5
13,151,600 --10.6
10,642,900
10,362,200 Oklahoma
11,759,400
Providence
3,080,825
1,343,795
2,800,000 --14.3
2,400,000
7,803,919 --7.6
8,045,070
6,752,905 Macon
7,204,215
Hartford
3,800,000
4,500,000
5,000,600 --20.0
4,000,000
6,000,000 +4.2
5,735,597
4,525,241 Austin,
6,249,580
New Haven
269,974
237,958
A,19.3
538,717
454,725
+0.6
4,160,859
Vicksburg
4,359,499
3,715,132
4,183,277
Springfield
620,804
A-6.1°
588,604
692,197
734,301
+4.0
2,500,000
2,990,000
2,400,000 Jackson
2,600,000!
Portland
5,427,487 , 2,808,092
6,902,970 A-34.7
0,296,423
+0.6
4,269,220
4,0:32,831
3,440,622 Tulsa
4,295,904
Worcester
1,469,390
1,361,767
2,686,475
2,880,491 -6.71
2,160,270 -21.3
1,701,851 Muskogee
1,685,540
1,700,000
Fall River
8,083,904
12,392,290
A-3.4
20,348,285
21,000,000
1,904,338 +14.8
1,60(1,374
1,520,384 Dallas
New Bedford_
2,185,064
-11.9,
8
,
7
2,884.806.
Shreveport
752,960
+7.6
1,069,024
1,009,595
Holyoke
809,873
1,250,000 -12.0
1,145,259
1,121,283
1,100,309
Lowell
Total Southern 574,168,980 466,689,175
_ _
_ A-23.0 348,049,156 269,238,868
758,530 -20.8
963,723
480,976
600,811
Bangor
7,635,106,938 6,188,778,737 +23.4 5,845.532,510 4,546,074-,115
Total all
Tot. New Eng- 406,839,681 354,568,567 +14.7 281,449,537 255,242,862
0,0.40, N. V. 3.417.31113.4'l3 2.70.-4807652 -4-23.7 2,359.038.031 1.781.437 746
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
298
THE CHRONICLE
THE FINANCIAL SITUATION.
The break in the stock market early in the week
reflected unfavorable happeningsiof which operators
for a decline were not slow to take advantage.
The railroad situation is beginningito7give grave concern. Two developments of the week have served
to accentuate worriment on that account. On Monday morning the daily papers conveyed the intimation that the Railroad Wage Board had decided or
would decide in favor of another large wage increase.
Accounts in that regard were rather mixed, it being
reported that the newest increase was to accrue to
the benefit alone of the members:of the four railroad
brotherhoods, who, the dispatches said, had not
shared in the 1918 wage increases. The fact is, the
1918 wage increases under Government control
started with these brotherhood men, who at the end
of May were awarded additions to their compensation which it was computed would enlarge the payrolls of the railroads by no less than $475,000,000.
Now it seems to be proposed to give these same men
another $100,000,000 per annum.
In the article on "The Gravity of thelRailroad
Situation" in our issue of Jan. 4, we showed that
increases in wages to other classes of railroad employees had been on such a lavish scale that the
addition to the annual pay-roll of the railroads was
approaching a thousand million dollars. The Washington dispatches Monday morning confirmed all
this and also showed that the deficit to be borne by
the Government in the operation of the roads, by
reason of these tremendous wage advances, was
steadily increasing—so much so that estimates made
by Mr. McAdoo in his testimony before a Congressional Committee only three weeks ago, were already
in need of radical revision upward.
With the railroads staggering under the huge load
thus imposed upon them as a result of Government
control, to now propose to add a further $100,000,000
or more to their annual burden, is enough to shake
the faith of the most confirmed optimist in the future
of the carriers. It passes comprehension how any
one in his senses can at this time, with the war over,
seriously propose further increases in wage scales
already so tremendously inflated. There is perhaps
room for debate as to whether the time has arrived
for reducing wages, since the cost of living has not
yet appreciably declined, but that further advances
should be discountenanced seems too obvious for
argument. What is needed above everything else in
order to put industrial affairs on a sound and enduring basis, is a readjustment to the normal in all
of the country's economic relations. Such readjustment will manifestly be delayed if labor cost is
further increased when in the interest of the general
welfare it is so obvious that it should be gradually
lowered.
Yet everywhere—not alone in the railroad world,
but in all lines of industry—misguided wage earners
are demanding shorter hours, or increased pay, or
both. This is happening, too, at a time when many
men are being thrown out of employment by reason
of the stoppage of Government work. To avert
strikes the demands of the dissatisfied employs
are referred to Wage Boards or War Labor Boards.
But these boards are themselves the greatest anoinaly in the situation. They are still functioning on a
war basis, when the war is already behind us. The
wage earners know they are sure of some increase
[VoL. 108.
whenever a wage dispute is referred to these boards.
A better appellation for them would be Wage Increase Boards, for the sole reason for their existence
appears to bes to give a sort of official sanction to
wage increases which then afford a basis for
price increase on the part of wholesaler and retailer,
the additional cost being thus passed along to the
final consumer including this self-same wage earner.
The situation is apparently much the same in Great
Britain. The cablegrams this week have reported
numerous labor difficulties there. The victorious
countries are having troubles of their own. Labor
is in the saddle, bent upon having its own way.
The danger is that it will ride rough-shod over
economic law until made wiser by experience.
As far as the railroads are concerned, another
unfortunate development came Tuesday morning in
the announcement that the Inter-State Commerce
Commission had overruled the Director-General of
Railroads in a rate matter. This proved highly disturbing because it revealed the Commission in its
old attitude again. In the stock market, under bear
pressure, a further decline in prices was precipitated.
The point at issue was one of relative rates to competing localities. Here plainly the right of appeal to
an impartial authority (which the Commerce Commission cannot claim to be) ought to exist, otherwise the rankest tyranny might develop. In this
instance, however, there appeared force in the
Director-General's contention that for the period of
the war (the complaint was initiated over a year
ago), inasmuch as all profits are on a high basis,"the
importance of the relationship of rates and rate adjustments has largely disappeared for the period of
the war." The Commission was urged to take
"notice that the lumber business, as in fact all business, is not conducted as it was before the United
States was drawn into the European war; that shipments are made under permits issued by the Federal
Government; that prices are much above normal, and
that no matter how high the freight rate the shipper
does a profitable business."
This would appear to be a plain statement of the
facts of the case, and; in the circumstances, the
proper course, it would seem, would have been for
the Commission to have asked the petitioners to
hold their action in abeyance until the restoration
of normal conditions (the complaint, as already
stated, was begun over a year ago and the DirectorGeneral was not brought into it until he made a
general advance of 25% in freight rates all over the
country) and then 'consider the case strictly on its
merits. But the Commission, which under Government control has suffered effacement, could not
resist the temptation to deal at once a blow to the
the Director-General and to pose again as the
friend of the shipper. So we find it indulging in
high sounding platitude by saying: "Indeed, the
more abnormal other conditions the greater would
seem to be the need for unswerving fidelity to the
standards of justice and reasonableness in transportation charges as between competing persons, localities
and commodities." The Commission then Nies
that "the present rates charged for the transportation of lumber and other forest products, from
Humboldt Bay points to destinations in Eastern
defined territories, Colorado common points and
east . . . are, and in the future will be, unreasonable . . . and subject complainants and the Humboldt Bay points to undue and3unreasonable prejudice
St
JAN. 25 1919.]
THE CHRONICLE
299
and disadvantage . . . to the extent that they ex- and, therefore, refute the claims of those in the
ceed the rates contemporaneously in effect from South who quite regularly each year accuse the
California Coast group points to the same destina- Department of overestimating the probable productions."
tion. In Oklahoma, Louisiana and Florida, the esWhatever the merits of the controversy, in the last timates of final outturn have already been exceeded,
analysis it is a reduction in rates as to a particular and there remains to come forward from Texas only
body of traffic. The courts may or may not sustain 64,000 bales to reach the figure for that State anthe Commission as far as its action against the Direc- nounced in December. Furthermore, in all, to
tor-General is concerned. The larger aspect of the reach the Department's estimate (difference in
matter is that unless the functions and authority of weights of bales being waived) there is still to be
the Commission are altered, or its authority entirely ginned a total of 648,000 bales, or a little less than a
eliminated, the Commission will, with the return of year ago.
the roads to their owners, be likely to engage in the
This ginning report, however, even more than the
same practices in which it indulged so freely before reports which have recently preceded it, fully conGovernment control. The railroads would then be firms short crop expectations and, considered in
confronted with a situation where their pay-rolls connection with the monthly statement of consumphad been increased by $1,000,000,000 a year, while tion, stocks &c. issued by the Bureau of the Census,
the advances in rates made by the Director General indicates how slowly the crop is being marketed this
would by degrees be whittled down as one case season. With the amount ginned to January 1 a
after another came up before the Commission for little over 11 million bales, there had come upon the
review.
market through the ports, overland movement,
The rate advances are even now proving insuf- Southern consumption and 41 leading interior towns
ficient to meet the tremendous increase that has during that period less than 6 million bales, or only
been made in the pay-rolls of the roads. What would 583/2%, whereas in the preceding season to the same
happen with the Commission at work to nullify these date the total was 73/i million bales, or over 67%
rate advances in large part, need not be left to the of the ginning. Here we have convincing evidence
imagination. The Commission is composed of very of the holding back of supplies, firesumably with the
estimable gentlemen. We have never questioned expectation of forcing prices up.- An interesting fact
either their intentions or their motives. We believe is that the Census Bureau at the same time reports
both to be pure and lofty. The trouble with the stocks on January 1 in consuming establishments,
Commission from the first has been that it has public storage and at compresses as 6,420,439 bales
regarded itself as the champion of the shippers and (not including linters) or more than a million bales
with that idea in mind it has never been able to greater than at the same time a year ago. Meanfind any merit in the railroad side of the case. In while, there has not been the looked-for appreciation
its estimation (as judged by the records) it is ful- in the value of the staple. On the contrary, the
filling its highest, its only, function when it rules trend of prices has been downward for some little
against the carriers. The personnel of the Com- time past, middling uplands in the New York
mission changes repeatedly, but in recent years at market having dropped from 33 cents on Dec. 28
least each new member has quickly become imbued to 25.60 cents yesterday. There would seem to be
with the same notion. Indeed, the notion has been no question that with consumption now at a much
assuming a gradually expanding shape, until the lower rate than a year ago, supplies in hand and the
Commission would now appear to look upon itself amount yet to be ginned should be sufficient, without
as the shield and protect on of the public and the depleting stocks too seriously to meet requirements
savior of society.
here and abroad until the next crop begins to move.
A judicial attitude in deciding important questions
affecting the railroads as well as the public is imIn accordance with program, the Peace Conferpossible under such circumstances. The Com- ence was formally inaugurated in Paris on Saturday
mission must be held responsible for the desperate of last week at the great Salle de la Paix of the
plight in which the carriers found themselves when Ministry of Foreign Affairs. The first day was
the Government took the roads over to make sure devoted to felicitous speechmaking and receptions,
they would function properly during the war. The the proceedings otherwise being confined to the elecsituation would be a thousand times worse if the tion of Georges Clemenceau, the French Premier, as
Commission should be allowed to meddle with them permanent Chairman of the Conference. An adin the same 'way in the future. The Commission dress of welcome by the President of the French
is a relic of by-gone days. It should be relegated Republic, Raymond Poincare, was followed by adto the cloister where it could pursue its favorite past- dresses by President Wilson, Premier Lloyd George
time of speculative analysis without regard for the and Baron Sonnino. Premier Clemenceau's accephard and practical facts of every-day life. It can tance of the presidency of the Congress outlined
have no place in any scheme of railroad reconstruc- the prime questions immediately in sight. Three of
tion which aims at once to promote the interests of these larger general subjects he defined as responsithe roads and the public, and the welfare of the bility for the war, responsibility for crimes during
entire country. The sooner that fact is realized the war, and international labor legislation. The
the sooner we will be nearing the end of our railroad League of Nations, he said, was at the head of the
troubles.
program for the next full session. As the delegations
arrived they were greeted by fanfares of trumpets,
The latest cotton ginning report—that covering to quote press dispatches, and military honors were
the period from the opening of the season (August 1) accorded by the troops. President Wilson's arrival
down to January 16—would seem to.indicate the at ten minutes to three was the signal for a demonsubstantial accuracy of the estimate of the crop stration from the crowds. He was accompanied by
made by the Department of Agriculture in December Secretary Lansing, Mr. White and General Bliss.
300
THE CHRONICLE
[voL. 108.
It was exactly three minutes past three when M. the Great Powers to tranquilize Russia is to succeed
Poincare began his address, and the Peace Confer- or fail is still in the balance. No reply has come
ence came into being. As M. Poincare closed, he from the Bolsheviki, and as the wireless message
turned to receive the congratulations of President embodying the proposal of the Associated Powers
Wilson and Premier Lloyd George, then he withdrew was not sent until late on Wednesday night, some
and President Wilson rose to propose M. Clemenceau days may intervene before anything definite is heard
as permanent Chairman of the Conference. Lloyd from Russia itself.
George seconded President Wilson's motion. • Baron
Sonnino, the Italian Foreign Minister, added Italy's
Substantially complete reports of the recent Gertribute, whereupon the election of M. Clemenceau man election show that the Majority Socialists will
as permanent presiding officer was effected unani- have a plurality in the Assembly with a total of 164
mously.
votes. The next highest number of members was
The regulations to govern the proceedings in the returned by the Christian People's Party, the former
Conference were made public on Sunday. The Centrists, who will have 88 members. The distriConference, it was stated, had assembled to fix the bution of the members by parties will be: Majority
conditions of peace, first in the preliminaries of Socialists, 164; Christian People's Party, 88; Demopeace and then in the definite treaty of peace. It crats, 77; German National Party, 34; Minority
would include the representatives of the belligerent, Socialists, 24; German People's Party, 23; Guelphs,
Allied and associated Powers. The belligerent 4; Bavarian Peasants' League, 4; Wurttemberg
Powers with general interests, the United States of Bourgeois Party, 2; Peasants' and Workmen's DemoAmerica, the British Empire, France, Italy and cratic League, 1.
Japan, are to take part in all meetings and comThe German National Assembly will convene at
missions. The belligerent Powers with .particular Weimar on Feb. 6 and is expected to be in session
interest, Belgium, Brazil, the British Dominions about two months. The first business before the
and India, China, Cuba, Greece, Guatemala, Haiti, Assembly will be the selection of a provisional GovHedjaz, Honduras, Liberia, Nicaragua, Panama, ernment, because the present Government considers
Poland, Portugal, Rumania, Serbia, Siam and the its existence.at an end with the convening of a ConCzecho-Slovak Republic are to take part in the stituent Assembly. The Assembly will then take up
sittings at which questions concerning them are dis- the adoption of a constitution. The present Govcussed. The neutral Powers and States in process ernment, as such, will not present any proposal, and
of formation may be heard, either orally or in the draft prepared by the Ministry of the Interior
writing, when summoned by the Powers with general will be submitted merely as a preliminary suggestion
interests at sittings devoted especially to the exam- to form the basis of discussion. The obligatory task
ination of questions directly concerning them, but of the Constituent Assembly will be finished with
only so far as these questions are concerned.
the adoption of a constitution, but it has the right
In Tuesday's communique it was announced that to make of itself a constituted, instead of a constithe Supreme Council of the Great Powers hoped to tuting body, and this will probably be done. In
formulate on Wednesday a concrete proposal de- that case the Assembly will be obliged to regulate
signed to clear up the Russian situation. This plan tax and financial questions by legislation. The peace
was carried out and a proposition brought forward question probably will not be considered, as it is not
by President Wilson was unanimously adopted, expected that the Germans will be admitted to the
asking all the Russian factions, including the Bolshe- Peace Conference before the adjournment of the
vists, to meet the Allies and Associated Govern- Assembly.
•
ments at Princes' Island,in the Sea of Marmora,on
Advices cabled from London this week have indiFeb. 15, the contending factions meantime declaring
a truce and suspending all military operations. The cated a generally irregular situation in the financial
joint commission of the Associated Governments will market there. The splendid results of the continube announced as soon as the Russian factions accept ing war loan which closed officially on. Saturday
the proposal, which was communicated to them by last had a stimulating influence on Monday's marwireless Wednesday night. The Russian commis- kets, but this was not continued. Details of the
sion would proceed to the meeting place, it was said, loan itself were made public on Tuesday, and, as
probably on a warship, by way of the Black Sea and expected, revealed a total of war bond sales exceeding
the Bosphorus. We give the text of President Wil- all previous records, no less than 0,600,591,000
son's Russian proposal on a subsequent page of the having been subscribed. The Bank of England re"Chronicle." It is an historic document and will be ported subscriptions of £102,980,000 in the week
ending Jan. 18, this figure not including the sales by
read with interest.
Sergius Sazonoff, the former Russian Foreign the post offices, which for the preceding week totaled
Minister, under the old regime, and now representing £1,173,000, while sales of savings certificates for the
the Government of Yekaterinodar and the Siberian week ending Jan. 11 were £2,750,000, bringing the
Government at Omsk, at once declared he would aggregate to £283,802,000. These bond sales began
not participate in the meeting proposed by the in October 1917 and have averaged £100,000,000 per
Supreme Council of the Peace Conference with the month.
Bolshevist representatives. M. Sazonoff added that
The result of continuous offerings having been so
he would not go to Princes' Island for the proposed successful, the British Treasury has decided to conconference between representatives of the various tinue this feature in the new issue which will begin
Russian factions and Allied Governments. He added on Feb. 1. Details of the new offering were made
that it was very likely that neither the Government public early in the week by Sir Hardman Lever,
of Admiral Kolchak nor that of General Denikine representative of the British Treasury in this counwould send emissaries, for they were fully aware try. The new bonds, it was stated, would not carry
what Bolshevism meant. Whether the effort of any rights of conversion into any past or future war
JAN. 25 1919.[
THE CHRONICLE
loans, and the issue of seven-year bonds would be
discontinued. The new issue will be 5% bonds
(subject to income tax) for five and ten years and
4% (income tax compounded) bonds for ten years.
As in the case of the last series, the issue price. of the
5% bonds will be par and that of the 4% bonds
1013/
2; the five-year 5% bonds will be redeemed at
102 and the ten-year at 105. The 4% bonds will be
redeemed at par.
301
also been arriving in registered letters. The Frankfurter "Zeitung" says that it is obviously no longer
to Germany's advantage to export German bank
notes, and refers to the Imperial Bank's preventive
measures of printing all new bank notes in other
colors. "The new green notes" says the paper,
"are thus indicated as not having been in foreign
countries during German occupation, but as having
been brought in later for speculation, especially in
Belgium and Alsace-Lorraine. Smugglers of notes
Another extensive combination of British industrial are apparently not to be scared by any measures,
interests for the purpose of handling increased post- and are up to all sorts of tricks to get the old notes
war trade is contained in the announcement of the across the border. In Berlin, agents are already
formation of the Belfast Irish Linen Corporation offering 13/2% more for old notes which can be paid
comprising 116 firms, for the purpose of opening with German checks. It is an unfortunate fact that
propaganda in the United States. The corporation German bankers appear to be lending a helping hand
will send £90,000 here in three years, and will have to these transactions." The paper proposes a sharper
its own trade mark.
watch on the frontier, pointing out that more Dutch
paper money is arriving in Germany. Doubtless the
The British Treasury statement for the week prospect of tremendous new taxes, a list of which
ending Jan. 18 showed a deficit in Treasury balances has just been published in Germany, leads to the
of over £400,000, there having been an increase in desire to export as much wealth as possible. The
expenses over revenues. The week's expenditures Industrialists' organ, the Cologne "Volkszeitung,"
total £38,960,000 (against £28,295,000 for the week remarks indignantly that a big philanthropist, who
ended Jan. 11), while the total outflow, including has given tremendous sums of money during the wail
repayments of Treasury bills and other items, was will be obliged to pay taxes on these sums. It states
£135,867,000, against £137,310,000 last week. Re- that while the new law sets forth that these charities
ceipts from all sources totaled £135,404,000, which will be taken into consideration, this point should
compares with £137,310,000 the previous week. be made definite by the State.
Of this total, revenues contributed £27,331,000,
The total debt of Austria-Hungary last October
against £21,565,000 the week before; war savings was 84,090,000,000 crowns. Austria's debt was
certificates were £2,200,000, against £2,300,000, 43,000,000,000 crowns. A commission appointed
and other debts incurred £2,099,000, against £5,- to investigate the question of the German-Austrian
335,000. War bonds reached a total of £42,148,000, share of these liabilities finds that its proportion,
as contrasted with £26,862,000. There were no assuming that the other States of the former Empire
advances. New issues of Treasury bills equaled pay their share, amounts to 25,000,000,000 crowns.
£61,474,000, in comparison with £81,098,000, the
Marshal Foch demanded $12,000,000,000 from
the previous week. Treasury bills outstanding Germany at the armistice negotiations at Treves,
aggregate £1,094,666,000. The Exchequer balance State Secretary Erzberger stated to the German
now stands at £8,148,000.
Government, according to a Berlin dispatch. Of
this sum $7,500,000,000 was for indemnity as a
Little of a financial nature is coming forward by result of damage done by the Germans to Northern
cable from Paris at the moment, so keen is the inter- France and Belgium and $5,000,000,000 for other
est in and so full the accounts of the Peace Confer- damages. As a guarantee for payment the Allies
ence. Prices on the Paris Bourse are being main- demanded control of German railways and forests,
tained. The Supreme Council of Supply and Relief it was stated.
at its meeting Monday adopted a recommendation
that Inter-allied Relief Commissions be appointed
No change has been noted in official discount
for Trieste, Bucharest and Constantinople. Herbert rates at leading European centres from 5% in LonC. Hoover, the Director-General of Relief, presided don, Paris, Berlin, Vienna and Copenhagen, 53/2%
at the meeting. The Council decided to send a in Switzerland, 6% in Petrograd and Norway;
letter to Marshal Foch asking him to take immediate 63'2% in Sweden and 432% in Holland and Spain.
measures under the armistice to secure the transport In London the private bank rate continues to be
of foodstuffs through Danzig for Poland. Measures quoted at 3 17-32% for sixty days and ninety days.
were taken to provision Finland and also obligate Call money in London remains as heretofore at 3%.
Germany to feed the Russian prisoners in Germany. So far as can be learned, no reports have been received by cable of open market rates at other EuroThere is very slight suggestion in the news from pean centres.
Berlin regarding actual financial conditions in Germany—in fact, it is extremely doubtful whether
The Bank of England announced a loss in its stock
business is in progress on the German Stock ex- of gold on hand of £256,614, but as a result of a
changes. Despite measures taken on Dec. 21 to contraction of £677,000 in note circulation, total
prevent the export of German securities and money reserve showed a gain of £421,000. The proporto neighboring countries, a lively traffic continues, tion of reserve to liabilities continues to advance and
according to advices received by way of The Hague. is now 19.32%, as against 19.14% last week. In
Reports have it that during the last few weeks many the corresponding week of 1918 it was 193
4% and
Germans and Austrians have been crossing the Dutch in 1914 51%. Public deposits were reduced £951,frontier with money in order to speculat?, in Holland. 000, although other deposits increased £1,776,000,
This in future will be stopped by Dutch sentries for and Government securities £267,000. Loans (other
fear that they are revolutionaries. Large sums have securities) were expanded £154,000. Threadneedle
THE CHRONICLE
302
Street's gold holdings aggregate £80,287,602. A
year ago the total on hand was £58,914,686, in
1917 £56,623,040 and in 1914 £43,634,723. Reserves total £29,716,000, as against £32,141,781
in 1918 and £36,288,135 the year before. Loans
now stand at £79,041,000, in comparison with
£95,214,194 and £37,836,208 one and two years
ago respectively. Clearings through the London
banks for the week were £473,530,000, which compares with £458,680,000 last week and £403,780,000
a year ago. Our special correspondent is not as yet
able to give details by cable of the gold movement
into and out of the Bank for the Bank week, inasmuch as the Bank has not resumed publication of
such reports. We append a tabular statement of
comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1916.
1917.
1918.
1919.
Jan. 27.
Jan. 26.
Jan. 24.
Jan. 23.
Jan. 22.
69,021,000
Circulation
Publio deposits.— 27,217,000
126,573,000
Other deposits
Govt. securities_ _ .._ 62,933,000
79,041,000
Other securities__
Reserve notes & coin 29,716,000
80,287,602
Coin and bullion
Proportion of reserve
19.30%
to liabilities
5%
Bank rate
45,222,905
41,814,592
124,440,103
56,839,851
95,214,194
32,141,781
58,914,686
38,784,905
50,721,310
139,231,596
133,879,476
37,836,208
36,288,135
56,623,040
33,829,825
62,875,042
100,961,107
32,838,661
112,204,700
36,844,742
52,224,567
34,704,540
47,393,479
117,593,838
21,324,358
108,836,570
52,911,577
69,166,177
19.33%
5%
19.10%
5%%
22.49%
5%
32.13%
5%
The Bank of France in its weekly statement reports an additional gain of 3,111,525 francs in the
gold item this week. The total gold holdings now
aggregate 5,499,318,250 francs, comparing with
5,360,655,414 francs last year and 5,121,024,196
francs the year previous; of these amounts 2,037,108,484 francs were held abroad in 1919 and 1918,
and 1,794,122,812 francs in 1917. During the
week silver was increased by 426,000 francs, advances rose 5,139,000 francs, Treasury deposits
gained 48,638,000 francs and genehl deposits were
augmented by 235,764,000 francs. Bills discounted,
on the other hand, fell off 86,945,000 francs. Note
circulation registered a further expansion of 93,848,000 francs, bringing the amount outstanding
up to the new high total of 32,172,511,000 francs.
This compares with 23,162,633,805 francs in 1918
and with 17,328,198,440 francs in 1917. In 1914,
just prior to the outbreak of war the total outstanding was but 6,683,184,785 francs. Comparison
of the various items in this week's return with the
statement of last week and corresponding dates in
1918 and 1917, is as follows:
BANK OF FRANCE'S
Changes
for Week
Francs.
Gold Holdings—
--- Inc. 3,111,525
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as o
Jan. 23 1919. Jan. 24 1918. Jan. 25 1917.
Francs.
Francs.
Francs.
3,462,209,766 3,323,546,929 3,326,901,383
2,037,108,484 2,037,108,484 1,794,122.812
Inc. 3,111,525
Total
426,000
Inc.
Silver
Bills discounted._Dec. 86,945,000
5,139,000
Inc.
Advances
Note circulation._ Inc. 93,848,000
Treasury deposits_Inc. 48,038,000
General deposits_ _Inc. 235,764,000
5,499,318,250
317,043,446
1,436,212,600
1,207,513,500
32,172,511,000
95,618,000
1,696,160,000
Last week's statement of New York associated
banks and trust companies, issued on Saturday,
registered a moderate increase in both aggregate
and surplus reserves (a large increase in Government
deposits having made this possible), although loans,
as a result of the recent new corporate financing,
were expanded no less than $44,718,000. There
was an increase of $8,434,000 in net demand deposits
to $3,960,733,000 (Government deposits of $333,469,000 deducted), and of $2,512,000 in net time deposits. This was an increase in Government deposits
for the week of over $119,000,000, which represents
the turning over of funds to the banks incidental
to the new issue of Treasury certificates of indebtedness. Cash in vaults (members of the Federal Reserve banks) decreased $9,521,000 to $101,936,000 (not counted as reserve). Reserves in the
Federal Reserve Bank of member banks increased
$8,700,000 to $568,624,000, while the reserves in own
vaults (State banks and trust companies) gained
$222,000 to $10,862,000, and reserves in other depositories (State banks and trust companies) expanded $409,000 to $11,334,000. The gain in aggregate reserves totaled $9,331,000, -thus bringing the
amount on hand to $590,820,000, in comparison with
$556,809,000 held at the same time a year ago.
'Surplus was expanded $8,028,280, and now stands at
$66,638,550, as against $67,676,230 in 1918. These
figures are based in both instances on reserves of
13% for member banks of the Federal Reserve systen, but not counting cash in vaults held by these
banks, which last Saturday amounted to $101,936,000. Reserve requirements showed an expansion
of $1,302,720. The Bank statement is given in
fuller detail in a subsequent section of the "Chronicle."
5,360,655,414 5,121,024,196
281,970,206
247,919,010
694,378.993
893,839,433
1,2.0,491,306 1,277,773,238
23,162,633,805 17,328,198,440
49,302.494
60,017,741
2,835,178,050 2,304,708,905
In its statement for the week as of Jan. 7, the
Imperial Bank of Germany shows the following
changes: Gold was reduced 1,827,000 marks; coin
2,432,000 marks, while bills discounted registered the
enormous contraction of 1,443,933,000 marks. Deposits were also heavily decreased, in round numbers 1,410,317,000 marks. Liabilities decreased
23,733,000 marks, investments 1,950,000 marks and
reserve 172,000 marks. There were increases of
45,647,000 marks in Treasury notes, 743,000 marks
in other notes, 4,219,000 marks in advances, 112,000
marks in securities and 148,844,000 marks in circulation. The German Bank's gold holdings are reported at 2,260,176,000 marks.
[VoL. 108.
In local money circles further ease is apparent,
offerings being sufficient for all routine requirements. Secretary Glass has announced that the
"Victory Loan" will be the last formal war loan.
This does not mean that there is to be any sudden
stoppage of Governmental borrowing. It merely
means that in the future the Government will depend upon banking operations. England is desirous of floating a loan here as also are several of
our other Allies. The Treasury Department has
not yet decided whether such action would be advisable. A high Treasury official states that there
is no information in the Department of the alleged
plan to float such a British loan in the United States.
It is conceivable that the idea has been broached
to the President in London or Paris, but nothing
has yet come here in regard to it and doubt is expressed at the probability of such a move. J. P.
Morgan St Co., representing the British Government, announced that they are now able to state
definitely that they have completed the organization
of a group of banks and bankers which has underwritten the conversion upon Feb. 1 of such of the
United Kingdom of Great Britain and Ireland
532% notes as mature upon that date and as remain unconverted. The group in general will be
made up of those issuing houses and banks which
took part in the original offering of the notes on
Feb. 1 1917. The bonds into which the Feb. 1
notes will be converted are the twenty year 532%
bonds of the United Kingdom of Great Britain and
Ireland, dated Feb. 1 1917 and maturing Feb. 1
1937. They are the direct obligation of Great
JAN. 25 19191
THE CHRONICLE
303
1 1iI
I
New York.
of 3 to 43.4% for 1-day discounts in connection with the loan operations
Britain and are payable it New York, as to both of'Rate
the Government. Rates for discounted bankers' acceptances maturing within
principal and interest, in gold, or at the option of 15 days, 4%; within 16 to 60, days 434%; and within 61 to 90 days, 43.4%.
Rate of 4% on paper secured by Fourth Liberty Loan bonds where papeerehas been taken by discounting member banks at rate not exceeding
the holder in London at the fixed rate of exchange discounted
nterest rate on bonds.
of $4.863/
2. Holders of the notes due Feb. 1 have a Fifteen days and under, 434%.
1. Acceptances purchased in open market, minimum rate 4%.
the privilege to convert on or before that date, as Note
Note 2. Rates for commodity paper have been merged with those for commercial
Paper of corresponding maturities.
the British Government has waived its right to Note 3. In case the 60-day trade acceptance rate is higher than the 15-day disrate,trade acceptances maturing within 15 days will be taken at the lower rate.
demand ten days' notice of such intention. Notes count
Note 4. Whenever application is made by member banks for renewal of 15-day
paper.
Reserve banks may charge a rate not exceeding that for 90-day
which are not presented for conversion will be pur- paper ofthetheFederal
same class.
group
the
par
by
at
chased
and accrued interest.
Dealing with specific rates for money, call loans
Sterling exchange continues to reflect present unthis week covered a range of 3%@5%, as against settled conditions, in that trading operations are
4@53/2% a week ago. Monday's maximum was practically at a standstill and rates little more than
43%, while the low was 3%% with 4% the rate nominal. Some interest has been shown in the refor renewals. On Tuesday the high was advanced port that Government restrictions on exchange are
to 5%, the low to 432%, and this was also the re- soon to be modified, but it is not thought likely that
newal basis. Wednesday's range was
anything of the sort will be attempted until the
with renewals negotiated at 5%. On Thursday 5% actual conclusion of peace. The fact
that mail acwas the highest, 4M% the low and 5% the ruling commodations were again considerably
below normal
rate. Friday only one rate was quoted, 43
4% being was an added influence in the general dulness.
the high and low for the day, also the basis at which
As regards the day-to-day rates, sterling exchange
renewals wera made. These quotations are for on Saturday ruled dull but without
quotable change;
loans on mixed collateral. "All industrials" con- demand remained at 4 7580@4
75 13-16, cable transtinue to be quoted at M of 1% higher. For fixed fers at 4 7655@4 76 9-16,
and sixty days at 4 733-2@
maturities further ease was shown and it is re- 4 73/. Monday's
market showed no perceptible
ported that some loans have been negotiated at 5% increase in activity, though there
was a firm underfor five and six months' funds, the lowest rate in tone throughout, with demand
a small fraction
quite some time. The range of quotations is now higher, at 4 75 13-16; cable transfers
continued at
5% for sixty days (unchanged from last week), 5% 4 7655@4 76 9-16, and sixty days
at 4 733/2@4 73N.
for ninety days, against 5@5/
14, and 5@5%
4 for four, Transactions on Tuesday were again light in volume
five and six months, against 53.1% last week. Time and trading featureless; quotations,
however, were
funds were more readily available, but only a mod- maintained at the levels of the previous
day. On
erate volume of business was transacted. In the Wednesday sterling rates remained stationary,
with
corresponding week of 1918 sixty-day and ninety- business almost at a standstill the greater
part of the
day and four months' funds were quoted at 5@ day; demand was still pegged, at 4 75 13-16;
cable
5%%,and five and six months' at 53/2@6%.
transfers at 47655@4 76 9-16, and sixty days at
Commercial paper rates remain at 5@53j% for 4 73M@4 73%.
5
Dulness was still the feature of
sixty and ninety days' endorsed bills receivable and Thursday's dealings and quoted rates rules
unsix months' names of choice character, and names changed. On Friday a slightly easier tone
develnot so well. known at 53@532%. A good demand oped and demand declined to
4 75%@4 75 13-16;
for high grade notes was reported and transactions this was due chiefly to a lack of inquiry
as the marattained quite substantial proportions.
ket was duller than ever; other rates remained unalBanks' and bankers' acceptances ruled firm and tered. A falling off in good mail accommodati
on
were quotably unchanged. Here also greater activ- was held to be responsibie in large measure
for the
ity was noted, due, of course, to the increased ease extreme dulness. Closing
5
quotations were 4 73%
- in money rates, and brokers now look for a perce- for sixty days, 4 75%
for demand and 4 76 9-16 for
tible broadening of the market for acceptances in cable transfers. Commercial
sight bills finished at
the not distant future. Demand loans on bankers' 4 75 11-16,'sixty days
at 4 729, ninety days at
acceptances continue to be quoted at 414%. De- 4 71 7-16, documents
for payment at 4 721
% and
tailed quotations follow:
seven-day
grain
bills
at
4
75.
Cotton
and
grain
for
Spot Delivery
Delivery
• Ninety
Sixty
Thirty
within
payment
closed
at
4
75
11-16.
Two
small
shipDays.
Days.
Days.
30 Days
Eligible bills of member banks
4,0434 4%04% 4%04
4.
4M.bid ments of gold, totaling in all $400,000, were engaged
Eligible bills of non-member banks
434(44% 43404k 4 X(0434
434, bid
Ineligible bills
5%05
53.4(4)5
5545e5
6 bid for export to South America this week.
It is thought
No changes in rates, so far as our knowledge goes, that this is likely to mark the beginning of a larger
have been made the past week by the Federal Re- export movement in the early future.
serve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in the
Dulness was the outstanding feature of the week's
following:
operations in Continental exchange. Prominent inDISCOUNT RATES OF FEDERAL RESERVE BANKS
ternational bankers attribute the present abnormal
inactivity
to a combination of causes, chief of which
ii
CLASSES
8
OF
•
may be mentioned continued Government restricDISCOUNTS AND LOAN 1
tions upon foreign exchange dealings, inadequate
a
g 1 6 gi
A steamship
- facilities and the unsettled trade condi1
Discounts—
Within 15 days,incl. member
Probably,
tions.
however, the most potent factor
banks' collateral not .... _ 4
4 4
454 434 434 4
4
43.4 4;4 434
16 to 60 days' maturity__ 434 434 434 434 434 434
434 5 4% 5
Otto 90 days' maturity__ 434 434 434 434 434 434 434 43
the
moment
present
at
is the more or less general
434 4k 5 5 5 5
Agricultural and live-stock
paper over 90 days
5 5 5 554 5 5 534 5; 53.4 53.4 +5X 63.4 disposition evinced among leading operators to
Secured by U. S. certificates
of indebtedness or Li.
await the outcome of the Peace Conferences. Rate
erty Loan bonds—
Within 15 days, Including
fluctuations
were trivial and without definite trend
member banks' collateral notes
4 4 4 4 LIM 4
either
direction.
French exchange was a shade
in
4 4 4 '434 4
4;4
16 Lois)days' maturity
.45,4 434 434 434 Lik Lik.
434 .45. 45.4
4;4 41.4
Trade Acceptances—
lower for the week. Lire continue to be quoted at the
to 80 days' maturity
45,4 43.4 454 434 4% 434 434 4; 434 4
43.4 4840
161 to 90 days' maturity
4% 454 4% 454 454 4% 454 45, 4% 4 4% 43' official rates previously arranged, and rubles
are
'
4 34
304
THE CHRONICLE
[VoL. 108.
still .entirely nominal. German and Austrian ex- Reserve operations and the gold exports, which tothe combined
change is not as yet quoted on this market. Some gether occasioned a loss of $96,646,000,
of the New
out
and
into
money
of
the
flow
of
result
bankers are quoting Belgian exchange at 5 62 for York banks for the week appears to have been a loss
checks and 5 64 for cables. The official London of $89,529,000, as follows:
check rate in Paris finished at 25.98, the same as a
Net Change in
Out of
Into
week ago. In New York sight bills on the French
Bank Holdings.
Banks.
Banks.
Week ending Jan. 24.
$3,757,0001 Galn $7,117,000
centre closed at 5 45%,against 5 45%;cable transfers Banks' Interior movement
$10,874,000
y and Federal Reserve
/, against 5 45; commercial sight at 5 463/2, Sub-Treasur
39,349,000 135,995,000,Loss 98,646,000
at 5 451
operations and gold exports
1
2, Total
$50.223.000 $139,752,000 Loss $89,529,000
against 5 46%, and commercial sixty days at 5 513/
against 5 51% a week ago. Lire finished without
The following table indicates the amount of bullion.
change from 6 36 for bankers' sight bills and 6 35 in the principal European banks:
for cables. Rubles continue to be quoted nominally
Jan. 24 1918.
Jan. 23 1919.
at 14 for checks and 15 for cables. Greek exchange Banks of—
Silver.
Total.
Gold.
Total.
Gold. I Silver.
remains as heretofore at 5 163/ for checks and 5 15
z
58,914,686
80,287,602 58,914,686
for cables.
England_ _ 80,287,602
6:11
:1 1 151,168,390 132,941,860 9,880,000 142,821,860
970
France a_ 138,488,39 12,68
126,028,850
5,727,250
120,301,600
irregularly,
113,984,800
moved
have
113,008,800
exchanges
Germany
The neutral
Russia _ 129,650,00 12,375,001 142,025,000 129,650,000 12,375,000 142,025,000
51,578,011 12,140,000 63,718,000
Aua-Hun c 11,008,000
with a tendency towards lower levels. In marked Spain
_ _ 88,140,000 2,289,00'25,588,11 13.297,00'113,728,01 78,680,00 28,294,00 106,974,000
3,265,000 36,629,000
37,071,000 3,000,000 40,071,000 33,364,00
contrast with the firmness shown last week, Swiss Italy
578,300 58,676,300
722,000 57,257,0 11 58,098,000
Netherl'ds 56,535,00
600,000 15,980,000
15,380,000
15,980,
Nat.Bel.h 15,380,00
francs were heavy And recorded a decline of 5 cen- Switzland
14,389,000
600,0012,429,11 18,971,000 14,389,000
16,542,000
13,104,000
15,868,000 13,104,000
15,888,000
times. Guilders and pesetas were fractionally lower, Sweden
135,III 10,947,000 9,622,000 -131,6156 9,759,000
Denmark_ 10,812,000
6,414,000
6,720,000 6,414,000
6,720,000
_
_
Norway
These
rates.
and the same is true of Scandinavian
Tot.week_ 719,510,702 60,794,000780,304,792 722,437,146 72,996,550795,433,898
of
reflection
a
largely
were
movements, however,
Prey.week 721,298,445 60,581,760781,860,2051721,821,364 72,892,150704,713,514
the fluctuations in the European markets, as trad- a Gold holdings of the Bank of France this year are exclusive of £81,484,340
abroad.
ing here was exceptionally quiet. A cable dispatch held
* No figures reported since October 29 1917.
c Figures for both years are those given by "British Board of Trade Journal" for
from The Hague states that "the Government has Dec.
7 1917.
laid before the Second Chamber of the Dutch Par- h August 6 1914 In both years.
liament for approval conventions concluded between
THE GERMAN ELECTIONS.
Holland and France, Italy, Great Britain and the
Great
The national elections, held on Sunday throughout
United States. To France and Italy and
their
against
credits
Germany, have resulted in such a way as to give a
Britain, Holland grants certain
the
with
turn of stability to the European political
agreement
the
distinct
Under
bills.
Treasury
American Government the Netherlands will make situation. Before they were held there was ledeposits in Armrican banks with a view to stabil- gitimate doubt on two points—first, as to whether
the voting would not be violently obstructed by the
izing exchange."
41%,
at
finished
forces of anarchy and disorder; second, as to whether
Bankers' sight on Amsterdam
com423';
against
15-16,
41
at
the vote itself might not leave the political dominagainst 42k; cables
comand
3-16,
42
against
11-16,
ation of Germany either in the hands of an extremely
41
at
sight
mercial
mercial sixty days at 41 5-16, against 4113-16 on radical majority, or else in such a variety of minority
Friday of last week. Swiss exchange closed at 4 89 factions as to prevent effective organization. In
and cables at 4 86, in comparison with 4 84 and 4 81 either case, the problems of ratifying the treaty of
a week ago. Copenhagen checks finished at 26% peace, of providing for Germany's payment of in2. demnity, and of preventing the spread of anarchy
and cables 26%, against 26.623/ and 26.873/
28%,
cables
and
throughout Europe, would have been very difficult.
Checks on Sweden closed at 28.50
closed
Norway
on
checks
In nearly all respects, the outcome is reassuring.
% and 29, while
against 283
28.00
and
27.75
against
27%,
Of the nine political parties which appealed to the
at 27.50 and cables
20.07
at
closed
pesetas
Spanish
German voters, three parties control nearly 80%
.before.
the week
for checks and 20.15 for cables. This compares with of the delegates elected to the new National Assembly. Out of the total of 421 delegates chosen on
20.12 and 20.20 in the week preceding.
With regard to South American quotations, the Sunday, 164 belong to the Majority Socialist Party,
rate for checks on Argentina was slightly firmer early which represents the old Moderate Socialists, who
in the week, but later declined and closed at 44.60 were an organized party even before the war; 91 to
for checks and 44.75 for cables, the same as a week the so-called Christian People's Party, the former
ago. For Brazil the check rate finished at 25.35 "Clericals," and 77 to the Democratic Party,
and cables at 25.50 (unchanged). Chilian exchange representing a coalition of the old Liberals and
continues to be quoted at 10 7-16, with Peru still Progressives. The Independent Socialists, of whom
politicians of Bolshevik tendencies are a part,
at 50.125@50.375.
Kong,
Hong
follows:
though probably only a small part, and which
Far Eastern rates are as
Shanghai,
;
1@79.45
119%@ profess the more extreme Socialist doctrines, elected
78@783>, against 793
52%@53%,
Yokohama,
126@1263',
only 24 delegates out of the 421.
121, against
49.65
against
49%@509,
Manila,
4;
As the result stands, therefore, no single party
52@523'
against
@49.75; Singapore, 5631@563/2, against 56.20@ holds a majority. Even the Majority Socialists can
2@36% (unchanged), and Cal- obtain a majority only through combining, with
56.30; Bombay, 363/
one of the two other parties, more conservative than
cutta (cables), 36%@37 (unchanged).
themselves, which stand next on the list. But they
The New York Clearing House banks, in their can obtain it through combination with one other
operations with interior banking institutions, have party, and the natural inference from the figgained $7,117,000 net in cash as a result of the cur- ures is that the 164 Majority Socialists and the
rency movements for the week ending Jan. 24. 77 German Democrats will work together for a
Their receipts from the interior have aggregated moderate program. "Such an arrangement," the
$10,874,000, while the shipments have reached
comments, "would produce the
$3,757,000. Adding the Sub-Treasury and Federal London "Times,"
JAN. 25 1919.]
THE CHRONICLE
305
one result which concerns the Allies and the United Germany and on other European countries,
it would
States. It would give Germany a strong Gov- have been difficult to say.
ernment with the indisputable moral right to bind
But the outcome has been almost the reductio ad
the German State and people. Hitherto we [the absurdum of the Bolshevist propaganda
. FormidAllies] have had no direct representatives of the able as the Liebknecht revolt during
a few days
German people to deal with. These elections appeared to be, and tragical as were
some of its
furnish such representatives."
incidents, its ending was not only inglorious but on
That the result of this first popular election under the verge of the ridiculous. When the
self-sytled
republican Germany has a highly important bearing advocates of popular rule, after beginning by
seizure
on the whole European situation, no one will doubt. of public buildings, end by attempting to smash
the
On that result depended very largely two vital ballot boxes and to scatter the ballots cast at a
free
questions—first, Germany's own political status, popular election, their real attitude is
made perthe nature of which would necessarily determine the fectly plain to everybody. Not even
a revolueffectiveness of the conclusion of peace and of the tionary faction would destroy the contents
of a
agreement of peace terms; second, the prospect for ballot box, if it imagined that its own
candidates
or against the extension to other nations than would have anything approaching a majority
of the
Russia of the deliberate political anarchy embodied votes contained in it. The action was, therefore,
in the Bolshevik rule at Petrograd. If Germany, the plainest possible confession, • both that
the
like Russia, had passed under the actual control of Liebknecht party was numerically a negligible
mad fanatics, with consequent disintegration of the minority even in Berlin, and that this
minority
old German State, and thereby had set up virtually nevertheless intended to impose its will
by violence
irresponsible governments, it would have been on the overwhelming majority of
the German
difficult to treat with any confidence for peace.
people.
Bolshevist Russia showed in its negotiations of
It is not strange that, realizing the significance
last year with Germany how useless an agreement of these facts, the people of Berlin
should have
with such a government would be. Even with a broken into violence on their own account
against
situation in which the Lenine-Trotzky Government the rioters, and that the leaders of the revolt
should
was already resolved upon peace on whatever have been killed, not by the Government,
but by
terms, in which they were under German influence, the soldiers and the people. But the still
larger
and in which the German envoys were encouraging inference which European people will infallibly
draw
the political disruption of Russia, the immediate is that, although the Russian Bolsheviki gained
their
result was a condition in which Germany was able political control through forcibly dispersing
regularly
to enforce the ratified terms of peace only through elected legislative bodies which opposed
them,
an army of continued occupation. When a situ- rather than by breaking lip ballot boxes,
nevertheless
ation somewhat similar to that which lately existed they too are in a minority in their
own country,
in Germany arose in France after the Prussian vic- and no better warranted in their usurpation
because
tory of 1871, and Paris was in the hands of the their methods of force succeeded where
Liebknecht's
Bolsheviki of that day, Bismarck declared, and the failed.
French statesmen recognized, that no conclusive
The political test of Germany is not by any means
arrangement of peace would be possible until the ended through this successful appeal
to the people.
French people had elected a stable and responsible We have yet to see what sort of constitution will be
government and the forces of anarchy had been put adopted by the convention thus elected, and
what
down. As a matter of fact, the French elections sort of legislation will follow. As yet, the only light
of that year were held, like the German elections thrown on this question is the plan drafted by the
of last Sunday, while the enemy's army was en- Ebert Provisional Government for submission to
camped in the defeated nation's territory. But that convention. This plan copies the general
last Sunday's vote in Germany, again like the French framework of the American Government;
dividing
elections of 1871, appears to insure a government Germany into ten or twelve federated
States, with
with which the Allies can treat regarding final a national legislature of two houses, members
of
terms of eace.
one house being chosen by popular vote in districts
The complete collapse of the Liebknecht demon- throughout Germany, and members of the other
stration—first through application of amed force being selected by the Federal States
themselves,
againt the mob at Berlin, and next through the all men and women over twenty being entitled
to
absolutely decisive vote of the German people vote by secret ballot. It is noticeable
that even
against the anarchist propaganda—has an even this preliminary draft divides the present Kingdom
larger significance. It had been pretty• plainly of Prussia into four separate States, consisting
of
evident that Petrograd itself was basing its hopes Berlin and its environs, Silesia, Brandenbur
g, and a
for continuance of the Bolshevik regime, even in fourth State comprising the rest of Prussia. This is
Russia, on the creation of similar conditions in manifestly designed to do away with the preponderGermany. That Russian influence was at work in ance which Prussia, under the constitution prepared
support of the so-called "Spartacan revolt" was a with that object by Bismarck, has always exercised
matter of public knowledge. Undoubtedly, the in the policies of the German Empire. The other
hope of success in such propaganda was based on proposed States comprise Saxony, Westphalia, Hesse,
belief that disaffection would break out in the Rhineland, Erfurt, German Austria, and presumably
returning army; an expectation by no means un- Bavaria.
reasonable, either in the light of Russia's own
This new form of government might work well or
experience, or of general principles. Had the ex- ill; it would come into existence in a stormy
period
pectation been fulfilled, it is certain that Central and in the face of the heavy handicap of the
penalties
Europe would have been given up to anarchist which Germany must pay for her guilt in the
present
propaganda; for how long, and with what effect on war—penalties which will strain to the
uttermost the
306
THE CHRONICLE
taxpaying power and economic resources of the
Teutonic States. Nevertheless, the nature of the
proposal, taken along with last Sunday's vote, is a
• cheering sign of a return to orderly government.
It shows that preservation of internal as well as
external peace is uppermost in the minds of Germany's citizens. Perhaps it may even be said that
this progess of what might be called political analysis
and synthesis is really in line with German mentality
as we know it.
However that may be, the constitution as now
established is of the first importance to the pacification and reconstruction of Europe. The wisest
conclusions at the Paris Peace Conference might
have left the European situation in doubt and confusion if there was no responsible German government to deal with, or if Bolshevik anarchy were
spreading westward beyond the Russian border.
Furthermore, obscure as the problem remains of
political, social and industrial Russia, there is no
possibility of doubt that the moral effect of Germany's rejection of Bolshevik ideas and her formation of an orderly popular government Will be very
great in Russia itself, and will help toward the
solution of that problem. It may have profound
effect on the outcome of the conference with the
opposing political factions of Russia which the
Allies at Paris have called.
THE UNWISDOM OF EXPECTING THE
IMPOSSIBLE.
Many good people are going to be disappointed
over the work of the Peace Conference. The Conference is a group of hard-headed men who, in the
main, know what they want, and may be counted
upon to have already discovered that this can only
be acquired by give and take. It is going to be a
conference of compromises.
Similar assemblies have usually been dominated
by one or two powerful personalities; this one apparently is not. Two features already are apparent:
one is the general good-will, especially among the
representatives of the great Powers. To this Mr.
Wilson has greatly contributed. In the face of the
abundant criticism at home of his going abroad, it
must be admitted that from the hour of his arrival
he has won the personal regard of all who have met
him, and this has increased with his going about;
while nothing that he has said or done seems to
have diminished it; but, on the contrary, his bearing
toward people of all sorts and his various addresses
have developed this good-will into sincere respect
and warm personal regard. This may now be seen
to be characteristic of the feeling prevailing in the
Conference. The, other feature of the Conference
already manifest is its purpose to deal primarily
if not exclusively with the greater matters. Secondary concerns, and especially those which are likely
to provoke sharp difference of opinion or which turn
mainly on indeterminate detail, are to be put aside.
Whether because of the pressure of time or from policy
the Conference is evidently going to confine itself
to the main issues and to leave many things to be
settled by and by.
• It will be well, therefore, for all who are following
its sessions to keep in mind what those main concerns are. The claims of humanity cannot be
deferred. Fighting, whether in the streets of Berlin
or in Russia, must cease, as the condition alone upon
which the terms of peace can be fixed. Starving
[VoL. 108.
populations must be fed, and the re-establishment
of.the regions devastated by the Central Powers in
France, Belgium, Poland, Serbia, Rumania and Asia
Minor must be provided for with so much of restitution and compensation as is determined.
Then will come up the great question of the war
itself, the responsibility for it, its cause, its conduct,
the effect it has produced upon the world, and its
prevention in the future. These all require a clear
and definite understanding of the main issue.
On the one hand, men are saying war is inevitable,
the human animal will fight; in which case this war
was only an incident. On the other hand, many are
eloquently advocating the validity of certain great
principles, the supreme need of truth,righteousness,
love, honor and the fear of God among men, to do
away with all war. It is well to bear in mind that
these teachings of the Gospel of Christ have for some
two thousand years been preached as eloquently in
every land into which Christianity has come, and in
none more so perhaps than in Germany, and yet
nowhere for centuries has war waged more frequently
or with more terrible barbarity.
The fact is that when Christianity was launched
the world 'everywhere accepted, and generally without question, the right of dominion lodged in superior
Force. Human society had made great advance
through the ages, but it had not outgrown or reiSudiated the thought that, at least for the State and
its ruler, Might makes Right. Christianity began
with the individual. It obviously could not at once
reconstruct Society. It made little or no progress
with the State. Indeed, soon the State in the
person of its ruler adopted it without any change in
the governing theory of the State; and in turn the
Church found it convenient to assume for its head the
same theory; the Pope became the head of a State
and then of all States. "For 1,100 years, from the
first Constantine to the last, the Christian Empire
was as despotic as the pagan."* There was many a
struggle.by small groups against this inherent right
of dominion in those who had the power, but they
were futile, and the right of the ruler remained, and
had become God-given. Luther and the leaders of
the great German Reformation found it convenient
to accept the aid of the neighbor kings and princes
against the Pope. They passed on unimpaired the
two doctrines of the Divine Right of Kings and
Passive Obedience. The ancient dominion of organized Forceremained unimpaired after fifteen hundred
years of the Christian religion.
Just as many a man has to-day a religion for himself and his family, and finds peace with it, while
he never thinks of applying it to his business, so
Christendom was content to regard the State as an
institution belonging to a different realm, one in
which the teachings of the Gospel of Christ did not
apply. Learned works have in recent times Veen
written in English no less than in German, justifying
this doctrine and definitely affirming that the principles of Jesus Christ, and .even the Golden Rule,
have no reference to the State; and we all are familiar
with the charge that "Politics should be kept out
of the pulpit."
At last the day catne when in the development of
human society and in the plan of God the conflict
•had to be fought out. Humanity had won successively freedom of conscience, freedom of the .State
from control of the Church, and finally freedom of the
*Article in "Quarterly Review," January 1878.
JAN. 25 1919.]
THE CHRONICLE
individual within the State. Now men everywhere
must be free. Through two centuries the Prussian
King had been a growing protagonist of the doctrine
of Divine Right embodied in the Czars, the Emperors,
the Kings and the Princes of Central Europe. After
the overthrow of Napoleon and the Congress of
Vienna, at the Congress of Verona these Powers
definitely united and conspired to crush the rising
spirit of Democracy and to shut out from Europe
the possibility of free States. It was then and in
protest that the Monroe Doctrine was born. In
1914 the issue was joined. The Prussian King had
become the .German Emperor and his challenge as
Vice-Regent of God for God-given dominion was
issued to the world. The Day had come; the
challenge was accepted, and the war has been fought.
The ancient enemy has been defeated; the duty of
the Peace Conference is to make that defeat permanent. That is the supreme issue. All others are
wrapped up in it. .
Human society is not only to be permitted, it is
challenged, to become henceforth free to govern
itself by the same principles that are given of God
to apply among men individually. The State, no
less than the Church and the individual man, is
bound to obey the God-given law. There can be
but one law for all. It has been a long struggle and
a sad history. The final contest has been bitter
and costly, but the victory is worth all it has cost.
The task of the Conference is critical, indeed. It is
to define the issue, to gather up the result, and to
establis‘h the consequent world-relations so that the
world may hope for peace, while everywhere human
society in the races and groups in which it is seen
established can move forward in that development
in which it is striving to reach the goal of its existence. The splendid motto on the shield of England
is now to be the possession of all: Dieu et mon Droit.
God over all, and to each his right to attain and
possess all that, under God, is his. The reign of
tyrants is ended, whether they be kings or upstart
leaders of the mob. America went into the war to
win this; she sought no personal gain, as President
Wilson has repeatedly declared; she would give the
world what she already possessed. She now looks
to the Peace Conference to secure it. This achieved,
she can wait patiently for experience and the guidance
of God to bring about the rest. She has not fought
in vain. She will not be disappointed whatever else
the Conference may pass by or postpone, for it is
pledged to do this.
SOLDIER, WELCOME! THOU "GOOD AND
FAITHFUL SERVANT."
It is fitting that a noble nation honor its brave and
noble citizens who have "fought the good fight."
It were base ingratitude that a conscript be not
honored and welcomed home by the Government
which sent him overseas on a perilous adventure for
the glory of his country,the preservation of national
rights, and the service of humanity. And the people
are the nation, the Government.
We cannot but regard it as unseemly that any
controversy should arise over the manner of doing
this righteous and worthy act. A committee, however chosen, acts in a representative capacity, and
has no voice save it be the voice of the people. To
set the stage for the event, to utter the words of
welcome, is an act of service in itself and not an
opportunity for self-glorification.
307
And the throngs who voluntarily line the streets
as "the boys march by" are nearer to the hearts of
the nation and its heroes than any ministerial officers
who may be chosen to "clear the way." It is meet
and just that those selected at home to extend the
greetings of the people to those who "come back"
shall be of the best and most worthy of our citizens.
Thus only we honor ourselves. But he who accepts the duty tendered to him, in the moment of
acceptance ceases to represent himself; his own past
and personality sink into insignificance, and he becomes the embodiment of the gladness and goodness
of those whose patriotism and pride are without
stain and without reproach. In the first great
moment of peace there should be no quarrel among us.
When "the conquering hero comes" our own selfconsciousness should find quick and complete abatement. If, perchance, any of us have not done our
full duty to country and to cause, our welcoming
can but announce mir full contrition and our willingness to make honorable amends. It is not a time
for self-righteousness and vainglorious boasting; it
is a time for solemn consecration to the spirit of
justice and liberty—justice to those who "asked not
why," liberty for the land we love that it rise above
all petty bickerings in the one sublime privilege of
saying: "Well done, thou good and faithful servant,
come up higher." As the serried lines go by there
is room for but two closely mingled sentiments:
"Cheers for the living and tears for the dead."
We are one people—never more so than now, when
we stand at the gateway of the nation to receive the
returning hosts who carried the banner of a worldideal through the flame and smoke of foreign battle
to a consummate victory. We do not ask of these
soldier boys of ours, was your every thought in line
with the magnificent resolve of the nation from and
before the beginning, we ask of them nothing for
they obliterated self in the immortal service they
rendered us, who, now, regardless of our own selves,
bow to do them obeisance. Nor do they ask us, as
representatives of others, or as individuals, questions
that probe into the past and make distinctions based
on personal records of interpretation and action.
It is sufficient that we stultify ourselves if in tendering a nation's welcome we are not what we should
be. One people now—the victors are our guests,
and it cannot fall short of discourtesy that we
obtrude our divisions, our quarrels, upon them in the
great hour of their triumph.
Welcome, soldier, to the land of thy birth or
adoption, the land whose laws thou dost revere,
the land thou lovest, in that thou wast willing to lay
down thy life in its service. We cease from our
duties for a day that thou mayest know in some
measure our appreciation, and we lift the sacred
Arch in our midst, in fond commemoration, that
others may know, in times to come, the spirit that
saved the world, exemplified in thee. And as we
shout our glad acclaims we are conscious of a quivering heart and a starting tear for those who come not
back, but lie in deathless fame, under the sod, in
an alien land, redeemed and saved by the valor of
her own sons, aided by the devotion and sacrifice of
ours.
Welcome, soldier, to the Era of Perpetual Peace—
thy labor and travail and triumph has made possible.
Welcome, to the old home, the old life, the old
ways, of our imperishable Republic,here to become
a laborer in the vineyard and a teacher of men,
308
THE CHRONICLE
showing by an undying example, the "bravest are
the tenderest," the loyal are the true, in war or in
peace. Welcome, to the rewards of a life well
spent, amid the trials and perplexities of the crowded
hours that are now to come, when thy sacrifice and
service shall be the inspiration of us all, that we live
for country though we work for self.
[VoL. 108.
here.is sufficient for the spiritual unity and development of all men. But, as it would seem, and we are
told that the war has revealed this to us, this is not
enough. And if the other "denominations," as is
sometimes charged, have a long way to go to attain
the spiritual liberty embodied in the Unitarian "denomination," are we to believe that the old orthodoxy, passing through the Unitarian Church, is to
actually
execute a "fade-out" into the magical
IS THE CHURCH TO LOSE ITS SPIRITUALITY?
helpfulness
of a "civic centre"?
A few weeks ago we had occasion to comment
Attention
has often been called to the waste in a
briefly, in no controversial spirit, on the future of
multiplicity
of small churches, struggling congrethe Church. We conceived of "the Church" its
most inclusive and liberal content and extent. We gations in every community that are burdensome to
intended to convey the idea of a single vast institu- the worshippers and which tend to dissipate power
tion for the preservation and promulgation of religion— for good. There is an undoubted softening down of
religion containing many creeds and many forms of the old spirit of controversy, and actual movements
organization, but having in essence man's relations towards greater unification of so-called denominato that "Power which makes for righteousness," and tions are in progress, and a few important ones have
for its purpose the spiritual welfare of the human been consummated. But it is difficult to discover
race. We seemed to see in the transformations that in this civic centre and settlement model any basis
are now thronging upon the world a duty and an of union for the varied spiritual forces now at work
opportunity to this Organism for Good which has in the world in "The Church" proper, divided as
not come before and which now becomes a favored these may be into opposing and wasteful organisms.
To many it will seem the very devitalization of the
province.
Our attention is drawn to the subject again by a whole. Religion is as broad as mankind, but all
change that is under way in the ninety-five-year-old men do not reside in pent cities like Chicago and
Unitarian Church of The Messiah in this city. May New York. There is spiritual and material want
we find in this sporadic instance any foreshadowing on the prairies, but no slums proper.
We may pass this, however, as not the central
of the Church of the future? Briefly, the proposal
is to model this Unitarian association on the lines of purpose of the proposed transformation, to examine
the Abraham Lincoln Centre in Chicago, which is for a moment this new mission of the Church "to
defined as "an institution which has something of free men from poverty and misery." For this,
the Church,the Settlement and of Cooper Union in Socialism offers a patent panacea. For this, the
this city in its composition," according to Dr. John Soviets are consigning unhappy Russia to the horrors
Haynes Holmes, who has recently received a call of the Red Guards. For this, the State is made
there to succeed the late Dr. Jenkin Lloyd Jones, supreme and man reduced to the slavery of a civic
but who will remain here, if plans now proposed shall organization, which, springing up from a mad desire
prevail, to make the Church of The Messiah over in to have everything for nothing, seizes upon factories,
its image. We are concerned not at all with the lands, banks, the "unearned increment," only to
particular affairs of this time-honored church or- welter in disorder and anarchy. We cannot doubt,
ganism, so long a land-mark of the city, but it affords from the inclusion of "settlement" work, from the
fact that the Church is to be "attached," that the
a text for the larger theme.
In discussing the matter Dr. Holmes has this to poverty and misery which the Church of the future
say: "We- have come to the time, and the war has is to alleviate and abolish is physical in its nature.
hastened our coming to it, when the old parish, Bodies are to be fed, homes erected, means of work
denominational church, with its close allegiance to provided, and public forums set in motion.
one denomination, is dead. The church of the future
When all material comforts are provided in the
will be a community church, a civic organization, name of the reorganized Church then the relations
with no denominational activities of any kind, but of man to God and man to man in the spiritual sense
devoting itself to social activities and the community may be properly considered. Or perhaps the stomach
at large."
and soul may be considered together at the same
"It will always be a church in the sense that it will time. But what of that vast concourse of well-to-do
emphasize the spiritual aspect of things."
and rich who do not need material salvation and
"I don't think any one cares any longer whether because they do not need it, as some allege, are
a church is established Unitarian, Presbyterian, or especially in danger of enternal damnation? Admit
anything else, but is interested only in what it is the waste and inefficiency in the working of spiritual
going to do to free men from poverty and misery."
good in behalf of communities by these multiplied
If we read this ideal rightly there is to be a blending small churches, when all are gathered into one and
of the spiritual and:materiallhat will not only succor that one is modeled on the civic centre idea, will there
humanity but will serve to perpetuate the church not spring up from overabundance of zeal and limitaitself as an institution.
tion of actual poverty and misery a brood of "social
It seems a little strange to the lay mind that this reforms" that will stagger the intelligence?
embracement of the:ministerial means for abolishing
If the war has taught us anything it is that miracupoverty in the world should have its origin in so lous civic cures for poverty and misery only make
liberal a "denomination" as the Unitarian Church, more poverty and misery. The abolition of poverty
which is composed of "societies" and "associations" is not more the mission of the Church, surely, that
and has for itslunwritten creed the five cardinal it is of the State. Utopia, where all are happy
principles: Fatherhood of God, Brotherhood of Man, though few work, and these at high wages and short
Leadership of Christ, Salvation by Character, and hours, threatens the well-being of the world now.
Eternal Progress. It has often been asserted that The command to "sell all thou hast and give to the
JAN. 25 1919.]
THE CHRONICLE
poor" does not stand as truth any moreforcibly than
"the poor ye have always with you." There is
room to teach men the dignity, the utility, the
beneficence, of labor. But to undertake all these
crying material activities through the "Church" is
to transform it into an agency for the dissemination
of untried theories of human relations, and to negative its true spiritual might and mission.
As the hurrying passerby looks up from his
thoughts on the actual struggle of "making a living"
he sees upon the open doorways of great edifices the
words "Enter, rest, and pray." Within, the lights
are low, a solemn hush pervades, the sanctuary glows
with image of Saint and Savior,perhaps the low notes
of an organ appeal cleanses the soul—the world falls
away, the weary pilgrim comes face to face with the
unseen realities, with truth and justice, With goodness
and self-sacrifice, and the hour is one of benediction
and absolution. In some such way may the spiritual
mission of the Church of the future be personified.
It takes man, poor or rich, away from the depths,
from the slums,from the bitterness of want, failure
and misery into the clear heights of consecration, of
equality, and of liberty, in the realms of the spiritual.
And when it has done this, the man is able better to
fight the material battles of life, and to triumph in
his soul over condition and circumstance.
It is worthy of all praise that "The Church" set
about more actual helpfulness in a world all too full
of "misery" because of man's selfishness and error.
But it cannot lose its own soul and survive. Religion can never be unified, or even humanized,if you
would use the term, by being deleted of its spiritual
creed. It is too great, the Church, in content and
extent, to be fashioned anew on a sporadic "community house." Religion is not civic. Something
we should have, still free and independent of the
State. There is enough of "social" fantasy now, the
individual still lives, and if a new freedom is to come
to him, surely he may enter the sanctuary of the
Church, there to find consolation, rest and reward
by communion with the Most High—however this
spiritual essence be named—and at his own will and
pleasure. It would be a strange progress to save the
man, and lose the "Church," wherein he breathes
his highest life.
MR. KRUTTSCHNITT AND THE RAILROAD
PROBLEM.
While not offering any detailed plan for returning
the railways to private control and finally disposing
of the problem, Mr. Julius Kruttschnitt, Chairman
of the Southern Pacific, did present to the Senate
Inter-State Commerce Committee, on Wednesday
last, some valuable and timely statements which
ought to serve as the basis of such a plan, and he
spoke with the authority which comes from and
should be credited to practical experience. While
not saying in terms that he deemed the seizure of
the roads unnecessary even as the situation was, it is
inferential that such is his belief, for he vigorously
denied the charge, made as excusatory of the seizure,
that the roads had broken down in efficiency or that
incompetence in their direction had made them
unable to meet the demands of war. On the contrary, he said (and the record through some years
before the war began confirms him) competent
critics, both here and abroad, characterized the
service as the best in the world, while capitalization
309
was lowest, the wages paid the largest, and the tolls
collected from the public the smallest, in the world.
The unfavorable financial results under governmental control are already on record, and Mr.
Kruttschnitt gave some striking comparative figures
showing that in volume of freight carried, number
of cars run per train, mileage per day, condition of
locomotives, and so on, the last year of private
handling was better than the one year of the changed
control; the claimed saving in passenger mileage,
he said, responsible for 40% of the asserted.economy
effected, has been by canceling service which the
public will not willingly forego in peace times, and
increased efficiency under Government control is
not yet proven, to say the very least.
,However,the most important question is not how
and by whose fault the country got into this situation of trouble, but how we are to get out, and
study of the former question is potentially useful
only as it may help us find the answer to the second.
To a question about "standardization" of cars,
Mr. Kruttschnitt replied that to use on the Southern
Pacific a box car of smaller capacity yet two tons
heavier than is now used there (according to the
wish of the present Railway Administration) would
mean hauling so much dead weight during the life
of the car, being tantamount to dumping over two
tons of sand into it before the rest of the load was
put in; Mr. Hartiman once got the notion of standardizing all locomotives on his system, and Mr. Kruttschnitt had some difficulty in making him see that
for the highest efficiency there must be types of
locomotives to meet the varying conditions of grade,
fuel, water, track and load.
Are financial guarantees wanted? The roads
recognize, said he, that making a definite guarantee
"would stifle all incentive to efficient management
and destroy competition as to service and facilities."
And he put the conclusive question "if necessary
revenues could be obtained without effort, what
inducement would exist to make an effort?" He
did not follow out the thought into examples, but of
course that is why the hand of Government is always
deadening; when the whole burden is laid, without
accountancy and responsibility, upon all the taxpayers, individual responsibility • vanishes and the
motive for service goes too.
More than a dozen specific reforms in practice
were suggested by Mr. Kruttschnitt, some of them
made under the present control and some prevented
heretofore only by the throttling treatment which
has been called regulation; many of these reforms,
he said, the roads had sought "but were prevented
by law and by court decisions or by the unwillingness
of shippers to sacrifice any advantages they enjoyed." It might be added that some things the
roads had been debarred from doing were taken up
immediately, by the Government control, in a short
cut across statute and precedent, and then the advantages of this were claimed as evidence of the
desperation of the transportation case and the 'great
practical benefits of a Governmental control.
"Profiting by experience acquired under both
private and Government operation," said Mr.
Kruttschnitt,"the carriers earnestly desire to provide
a better system of operation by combining the
initiative and beneficial features of competition
inherent in private ownership with the benefits
developed during operation by the Government,
unhampered by legal restrictions." What could be
310
THE CHRONICLE
[voL. 108.
more sound, more conservative, and more con- after they have been so changed and maltreated
ciliatory in expression than this? Further, to that the pledge to return them unimpaired could no
Senator Pomerene's remark about the effect to be more be carried out by a mere return than if the physical
feared by the action of politics on the roads and vice properties had been largely sent to the scrapheap.
Mr. Kruttschnitt has not offered a "plan", and
versa, the witness said that the roads "are asking
you to,do what has never been done before, to did not attempt to do so; but he has suggested a
adopt a national railroad policy, and if this is done foundation of principles and of real public policies.
the policy cannot change every four years." Whether It is for the next Congress to take up the problem
this policy is to receive effect through a Cabinet like real men, and for the country to perceive and
pfficer or through "an enlarged and fortified com- accept its own part in guiding the judgment of
mission is still a matter for discussion;" further, as Congressmen and holding up their hands.
to wages, he would have "a board for the adjustment
of railroad employees, which board should be closely THE HARBOR STRIKE AND A VEHICULAR
TUNNEL UNDER THE HUDSON.
tied to the body which controls the rates and revenues
and the necessary guarantee of fair and adequate
The harbor boatmen's strike of a fortnight ago
(which is still unsettled although carried to the
returns to the roads is provided."
•
Is not this suggestion plainly fertile, and does familiar second stage of returning to work ,while the
not unhappy past experience show the destructive- so-called arbitration by which the demands of the
ness of treating rates without any close correspond- strikers are to attain what is smoothly called a
ence to and responsibility for the succession of "compromise") 'caused very great inconvenience
to travelers and to commuters doing business here
demands made and granted for increased wages?
Of course, the "national" railroad policy, never but did not and could not cut off the city's supplies
yet attained and never studiously and independently of the indispensable needs of existence. As in the
sought, is more than merely one applied to the extraordinarily severe winter of a year ago, when
entire country; it is a policy broad-based, national the question of fuel bgcame acute, the river tubes
and permanent in forecast and results, and not built for mere passenger service proved themselves
merely local, transient, shifting, time-serving, capable of taking emergency freight and thus the
political, open to changes with the alternations severity of the situation was appreciably relieved.
of party control. It seems to be admitted, un- The trouble was serious enough, with all the railroad
thinkingly and as a bit of phrasing, by every party ferries on the Hudson tied up except one that was
concerned, not excluding the always greedy railway outside the union, and with the municipal ferry to
employees, that one aim should be to "take the Staten Island barely saved from stoppage, but "the
railroads out of politics." Even the men who are blessed tubes" (as they were then called) and the
publicly proposing the course which would link the rail tracks that are independent of crossing the Hudroads to politics and make them the matter most son stood as a bulwark against the siege of starvafiercely fought over every four years, say (or admit) tion with which strikers have more than once bethat the roads should be kept free from politics. fore dared to threaten this great city.
It was natural that projects for more tubes came
The only solution of the transportation problem
again
into discussion. Fifty years ago, when fog
and
can
keep
them
out,
also
which can take and
save their credit and the financial steadiness which and ice plagued Brooklyn residents, the cry went
depends on their credit, and can provide for better- up that there must and shall be a bridge; when the
ment and development, is one which treats them as trouble had passed, the subject slid back into unpublic servants to be supported and strengthened, certainty, but at last the bridge'did come, followed
and not as imagined hostile aliens, against which in course of time by four others and by a number
some regulative commission is to protect the people. of tubes in each of the river barriers, and now
We cannot forbear mentioning here a cartoon in projects for building more meet greater engineering
one of the morning journals on Thursday last. War and financial confidence than they once did. The
topics having failed him, the cartoonist has made a old one of a tube to Richmond Borough naturally
desperate and not felicitous effort to sketch the revives. The direct ferry course to St. George is
"delay" in settling this railroad problem. He shows too long; the shortest tube line under the strait to
Congress, bending under the load of a big basket New Jersey would have the Hudson still as an
containing the roads_ (represented as a troublesome obstacle; the depth of water at the Narrows would
infant) and about to dump the trouble on the door- compel entrances quite far back from the water
step of the next Congress, the title of the sketch in order to escape an unmanageable grade; so the
being "another case of intended abandonment." tube line would have to be somewhat roundabout
Title and sketch are both unhelpful, because not •through Brooklyn, yet must be preferable to a halt
fitting the facts. This expiring Congress cannot at the Hudson and is within feasibility.
Although it seems on the whole unlikely that more
care for the perplexing charge, but must pass it on
(not abandon it) to the new Congress. What it can bridges will ba built here the advocates of one over
do, and the utmost it can do, is to begin the pre- the Hudson do not give up, and those of a vehicular
paratory study of this most serious problem, with tunnel under the Hudson have taken on new energy
the stern determination (essential to any rational and seem. to be making an irreversible progress.
and encouraging treatment) that the pledge of return The State Bridge and Tunnel Commission used
shall be kept as made, honestly and strictly.. Two last winter's hard experience in its report to the last
evasions have been proposed: one, to just drift and Legislature. Governor Edge of New Jersey lately
to surrender to weakness further by shoving the put upon the Legislature of this State the entire
whole subject along several years more than in- blame for not having met his State in agreeing to
tended by the law; the other, to force Congress to divide the cost of the tunnel, and now it is reported
some hurried action by a hint about tossing the roads from Albany that after conferences the Legislative
back to their owners forthwith to get rid of them, leaders have agreed upon a bill for the purpose and
JAN. 25 1919.]
THE CHRONICLE
311
that the beginning of construction within the next securing an order for forty million dollars worth of
Canadian lumber, the order to be financed by the
six months now seems assured.
The moving cars of a passenger or freight tube Dominion Government. Lumber, agricultural imact as pistons to induce an air movement, and elec- plements and general staples are expected to circumtric power avoids fouling by smoke; a long tube scribe the official efforts to win orders and even in
used by vehicles and by pedestrians, while presenting these lines the Trade Mission warns that United
somewhat different problems, offer none which en- States competition is certain to be a serious factor.
gineering science has not already overcome. As The American exporters, so the Government advices
we showed in our issue of Dec. 7 last (pages 2130- note, are soliciting orders and taking their own
2132) the London tubes have proved entirely suc- credit risks, not waiting for the establishment of
cessful. Gen. Goethals's plan puts the cost of a Government measures.
The close of the present fiscal year,.March 31st
vehicular tunnel under the Hudson at 12 millions,
and some figure that, on the basis of present ferry next, will undoubtedly illustrate the sharp readjusttraffic, the work would pay for itself within twenty ment in this country's trade position, for the canyears. While this is certainly a time for sternly cellation of munitions and many food contracts was
holding public outlays and commitments to a clearly barely felt at the close of last September. At that
reasonable demonstration of practical necessity or time the exports of manufactures had held up reexpediency, it is not a time for a cheeseparing or markably, the decline in the trade of the previous
purblind economy, and large plans with which large twelve months being due chiefly to lessened exports
and enduring good results are bound up are more of wheat. One may estimate the necessary decline
than ever entitled to favorable view, because breadth in the bountiful budget of manufactured goods sold
and wisdom in public policies are needed to get us on overseas account by the elimination of one export
item alone: "Cartridges—gun, rifle and pistol—
out of what is undeniably a stage of anxiety.
Another point may be usefully brought out. The $351,539,000." On the other hand, there will be
project is offered as one for the State; according to wiped off from imports an item of $130,773,000
the narrow way in which expenditures on and about covering military stores, munitions of war, &c.,
Manhattan have been viewed in Washington of "imported and remaining the property of the Imlate years (and in some slight degree in some por- perial Government."
tions of this State also) we are prepared to hear it
The reduction of Canadian imports, of course,
said that this tunnel scheme is a matter for the City proves a point of chief anxiety to our financial leadof New York. Senator Calder, supported by Con- ers. Exports are paid for by long credit to the
gressman Eagan of New Jersey and the two State British Government, while imports call for internacommissions, is reported to have sought to make tional money. Referring to the surplus of exports
the proper committee in Congress view this matter over imports of $626,000,000 in the last fiscal year,
as of national importance in its relation to com- Mr. John Galt, President of the Union Bank of
merce, but the committee stood against it as only Canada, recently observed: "Such a surplus, if we
"a local improvement." Long ago, that old slave were paid in international money, would make us
Aesop told how the members accused the belly of financially rich beyond imagination, and it would
gorging itself unprofitably at their expense, and the put New York exchange at a discount. . . . But
world has not yet utilized the lesson of the story. there is no assurance that any part of what is due
Suppose we say that this city is the "mouth" of will be paid in money useful for international settlethe country (to take a crude variant of the fable) ments."
Mr. Galt calls the country's attention to lines of
would this make any clearer to the mind of men
from distant sections that this city belOngs to the effort in which Canada might sensibly engage with
whole country and works for the whole country, the aim of lowering the enormous total of imported
and that facilities for quickening and cheapening manufactures. For iron and steel, used as raw
trade movements here . are not "local?" The city material in manufacturing, we spend abroad over
grows and thrives, admittedly, and should and must seventy-five millions, for carriages of all sorts, indo so, or the country cannot; but the city is only a cluding motors, we spend twenty-five millions; far
factor as related to the country's work, and gets engines and electrical apparatus another twenty-five
only its modest share, the share being large in total millions is sent abroad. Petroleum imports amount
because the volume handled is so vast. If men from to twenty millions and paper imports seven millions.
all over this continental belt we call our country
could only get into their heads the fact that im- LISTINGS ON THE NEW YORK STOCK EXCHANGE FOR THE YEAR 1918.
provements at and in this city are such only in the
geographical sense and are really in and for the whole
The listings on the New York Stock Exchange
country, there is no part of the United States but during the year 1918 bear striking evidence of the
would gain thereby.
extraordinary financial conditions brought about by
the war. Financing of railroads and other corTHE CONTRACTION IN CANADA'S FOREIGN porations during the period was completely overTRADE.
shadowed by the successful Liberty Loan campaigns
Ottawa, Can., January 24 1919.
of the third and fourth issues, through which there
Canada's new Trade Mission in the United King- was raised by the Government more than $11,000,dom and France has been frankly hinting that the 000,000. A further effect of the unusual conditions
taking of foreign orders for Canadian manufacturers prevailing is reflected in the large amount of capital
is not going to prove the sinecure that public opinion invested in short-term securities, which for 1918
in this country anticipated. Manufacturers are ad- totals $445,000,000.
vised to immediately form a salesmanship guild and
Bond issues listed during the year just closed
put Canadian representatives on the ground. The (exclusive of Government loans) total only 227
Trade Mission, however, has made its first bow by millions as compared with 1,626 millions in thelyear
312
previous. Moreover, the new capital issues brought
out were chiefly for miscellaneous companies. This
was, of course, to be expected, in view of the fact
that public offerings were quite strictly limited by
the activities of the Capital Issues Committee
to the. securities of "essential industries" (i. e.
essential to the conduct of the war) and the further fact that the bulk of the railroad mileage of
the country was, throughout the year, under the
control of the Federal Government.
New railway construction, owing to war restrictions, aggregated only. 721 miles of road, mostly
short lines such as spurs to coal mines, &c. On the
other hand extremely heavy outlays for new rolling
stock, second track, new terminal and other facilities were authorized by the United States Railroad Administration in order to facilitate the.handling of war business. These authorized outlays
reached an aggregate of considerably over a billion
dollars, though several hundred millions of this
amount remains to be expended during 1919.
But while the Federal authorities were anxious
to have the railroads do their own financing as far
as possible and., propose eventually to hold them
liable for all capital expenditures on their respective
properties, there is among the listings for the year
1918 only one new railroad bond issue of any considerable size namely $15,625,000 of the $20,000,000
10-year 6% Secured bonds of the Union Pacific
RR. and the proceeds of these were to be used
in part for the payment of bank loans, &c. The
Government, aided latterly to some extent by the
War Finance Corporation, has had to provide
most of the new money either directly or by the
use of the surplus funds of other railroad companies.
The unparalled advance in cost of materials and
supplies and the enormous increase of wages by the
-United States authorities so affected railroad credit
as to militate against the railways themselves doing
any advantageous financing in a money market so
largely dominated by Federal (Liberty) loan issues. The bonds of 'the several roads have been
used to secure the advances granted by the Government, but naturally do not appear in the year's
listings.
The total amount of stock issues listed for the year
was only 312 millions, a decrease of approximately
1,169 millions from the 1917 aggregate of $1,481,000,000. In this class of investments the small total
of 160 millions is recorded for stock issued for "new
capital, &ei." Here again the war time regulations
against security issues by unessentail industries has
served to keep .the figures at a minimum unknown
in other recent years. Most noteworthy among
the railroad stocks listed in 1918 is the $12,885,900
each of common and Preferred "A" stock of the
Wabash Ry. issued in exchange for $25,771,800 of
the company's $49,970,000 Preferred "B" stock
which on Aug. 1 1918 became convertible at option
of holder into these other stocks at its par value in
amounts equal to 50% of each.
The table of note issues not listed on the Exchange,
as compiled at the end of this article, shows a very
considerable reduction from the figure reported for
1917, which was $729,872,200. The total for the
year just past, however, aggregated, a's we have
already stated,
45,833,900, of which amount
$344,370,900 represents moneys advanced to miscellaneous enterprises, either as new money or in
replAcement of previously existing note issues. Note
[VoL. 108.
THE CHRONICLE
issues, it will be recalled, are not only not listed themselves, but serve to a greater or less degree to reduce
the amount of stock and bonds that would normally
be presented for listing on the New York Stock
Exchange. The necessity for largely increased
working capital in connection with heavy war
business and greatly expanded inventories at war
prices accounts for numerous note issues by tobacco and other industrials.
Following is our usual ten-year listing table:
LISTINGS ON NEW YORK STOCK EXCHANGE.
Bonds.
.
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
Issues for New
Capital, &c.
Old Issues
Replacing
Now Listed. Old Securities.
•
Total.
$
100,148,400
1,349,686,350*
1,505,530,000*
451,854,614
361,770,667
447,815,200
447,676,000
397,563,800
571,526,800
712,734,963
$
33,938,500
64,445,000
25,925,000
40,539,000
5,000,000
25,000,000
— __
-35,122-,000
52,008,300
8,479,000
$
93,527,800
212,702,200
300,751,000
48,798,786
122,222,333
175,250,900
207,300,850
148,148,600
184,627,400
377,742,537
$
227,634,700
1,626,853,560
1,829,186,000
541,192,300
488,993,000
648,066,100
654,977,750
580,834,400
808,162,500
1,098,956,500
160,688,267
610,957,245
479,263.618
319,506,950
130,383,000
264,7.14,115
463,935,140
255,897,215
304,631,590
297,253,037
44,652,250
139,877,552
69,751,875
96,127,390
106,684,130
724,450,548
418,186,265
523,691,900
441,413,360
347,279,115
503,139,433.
249,717,615
467,644,255
664,571,448
312;024,647
1,481,285,345
967,161,758
939,326,240
571,796,360
611,993,230
1,161,030,790
643,614,830
1,239,501,545
1,325,526,085
Stocks.
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
193,956,217
38,000,000
467,175,700
363,701,600
Note.—Applicattons for the listing of trust company receipts and of securities
marked "assented" (if preparatory to reorganization), or of securities stamped
"assumed" or "assessment paid"—the securities themselves having previously
been listed—arc not included in this table.
*Government loans are included In the above.
BONDS.
STOCKS.
Year.
Railroad. Electric Ry.1
Miscell.
sis
Railroad. lElectric Ry.
I
Miscell.
sl
148,415258,771,992
191S__ 61,294,600 68,386,100, 97,934,000 55,268,500,
1917._ 525,320,250 17,897,000 447,636,300 623,807.060 31,951,365 825,526,920
1916._ 337,899,500 43,119,000,178,687,500 161,185,600 52,903,635 753,072,523
1915._ 325,655,100 23,810,000:191,727,200 367,827,670 140,403,200 431,095,370
1914... 344,983,800 14,545,000;129,494,200 346,016,100 50,065,100 175,715,160
1913... 281,291,100 183,631,000 183,144,000 242,309,650 12,139,000 357,044,580
1912... 209,752,900 177,401,500 267,823,350 136,034,100 109,405,900 015,590,790
1911... 298,003,900 34,160,000 248,670,500 204,889,550 141,226,600 297,498,680
1910___ 444,167,700 53,679,000 310,315,800 361,865,460, 9,763,500 868,072.585
1909._ 770,500,700 37,319,000291,116,800 742,508,115; 14,002,500569,015,470
1908_ 306,160,000 65,076,000 301,722,000 200,502,600 2,417,600.311,007,250
Railroad bonds listed for the year total only 61
millions as compared with the sum for 1917 of
$525,000,000. Chief among the issues of this class
are the approximately $17,000,000 First Refunding
5% bonds of the Missouri Pacific RR. issued in accordance with the plan of reorganization. There
were also listed- $5,000,000 General Unified Mortgage
bonds of the Atlantic Coast Line RR., which were
issued to retire Unified Mortgage 43is.
The miscellaneous bond listings for the year, totaling 97 millions, are notable as providing chiefly for
refunding and for improvements and additions.
There are among this class the American Telephone
& Telegraph Co. 7-year 6% convertible bonds for
about $48,000,000; Bethlehem Steel Co. Purchase
Money & Improvement Mortgage 20-year 5% bonds,
for $9,000,000; United States Rubber Co. 5-year 7%
notes due 1923, for $6,000,000. An issue of ,000,000 First Refunding Sinking Fund 5% bonds was
brought out by the Montana Power Co. for improvements, construction, &c.
Included in the list of railroad. stocks listed is
$8,000,000 capital stock of the New York Central
RR.issued in exchange for the New York Central &
Hudson River RR. stock; $3,619,000 capital stock
of the Southern Pacific Co. issued for'conversion of
bonds.
In the miscellaneous stock issues, the $28,000,000
8% preferred issue of the Bethlehem Steel Co. is
conspicuous, having been offered to the common
shareholders in September 1917, to provide the additional working capital needed in the filling of the
company's extensive war contracts. We note also
$36,000,000 of the stock of the International Har-
JAN. 25 1919.]
THE CHRONICLE
vester Co. issued in exchange for stock of the New
Jersey Company and the Corporation, now reunited;
also the $10,000,000 common stock of the American
Agricultural Chemical Co. recently issued to retire
obligations and provide working capital, the latter
a remarkable instance of industrial financing by
means of a common stock issue notwithstanding war
conditions. The dividend rate of this common
stock was increased from 6% to 8% in October last.
We may also mention the $6,000,000 common stock
issued by the Lorillard ComPany, to increase the
company's working capital, but in this case the common shares had been receiving cash dividends of from
10 to 12% per annum since 1913, and in April 1918,
in lieu of cash, received 20% in stock ($3,000,000),
which was also listed.
313
MISCELLANEOUS STOCKS LISTED FIRST SIX MONTHS OF 1918.
Company and Class of Stock.
Amount.
Purpose of Issue.
Amer Tel & Tel capital stock
$6,215,500 Acquire Bell Co.(Pa.) stock.
Bethlehem Steel CoCorn cony 8% pref stock
28,120,000 Additional working capital.
California Petrol Corp corn stock._ 2,062,200 Exch. for v. t. c. of 1912.
Certain-Teed Products Corp.
7% cum 1st pref
3,350,000 Issued to retire constituent
co. bonds and for general
1,825,000
7% corn cony 2d pref
corporate purposes.
Com stock no par value 65,000
shs.; "declared" value
2,000,000
Chicago Pneumatic Tool Co.
Capital stock
•
6,845,000 Organization exps., &c.
Consolidation Coal Co of MdCapital stock
5,030,200 Stock dividend.
General Electric Co capital stock
9,073,900 New cash and stock div.
GulfStates Steel Co tr ctf corn stk 2,746,100 Stock dividend.
International Paper Co, pref
3.779,900 Acc't accumulated diva.
International Nickel Co corn stock 1,231,850 Exch. v. t. certificates.
Internat'l Mere Marine Co prefstk 2,671,300 Exch. for v. t. c., &c.
Lorillard Co common stock
3,025,800 20% stock dividend.
Montgomery Ward & Co, Inc.
7% cum pref
2,857,500 Additional working cpaital•
National Acme Co stock
6,597,750 Recapitalization old co.
Ohio Cities Gas Co common stock.. 1,739,667 Stock dividend.
Savage Arms Corp stock
522,900 Corporate purposes.
Superior Steel Corp corn stock_ __ _ 612,700 Acquire stock of old co.
Texas Co capital stock
13,815,100 New capital.
Tobacco Prod Corp pref stock._
650,000 Capital purposes.
United Cigar Stores Co common
9,358,000 Old stock now listed.
United Fruit Co stock
1,528,500 Exch. Nipe Bay stock.
Total
$115,658.867
GOVERNMENT LOANS LISTED AND AUTHORIZED TO BE
LISTED DURING 1918.
ci,
L
oialn4Viosny notes_ $100,000,000
;
r
,,;.3T1
'1'hall=
i
131)=117t:relsRepublic)
4,176,516,850
United States of America Fourth Liberty Loan 4Yo
6,989,047,000
MISCELLANEOUS STOCKS SECOND SIX MONTHS OF 1918.
Company and Class of Stock.
Amount.
Purpose of Issue.
Amer. Agile. Chem. Co.com.stk.$10,705,700 Retire oblig'ns, work'g cap'l
Amer Shipbuilding Co common_ 1,993,300101d stock just issued.
Preferred
2,362,2001
Total
$11,265,563,850 Amer Sumatra Tob Co com stock 1,013,800 Stock dividend!
Bethlehem Steel cony 8% pref
768,600 Additional working capital.
Booth Fisheries Co 7% cum 1st pf
694.800 Capital expend., add'ns, &c.
RAILROAD BONDS LISTED FIRST SIX MONTHS 1918.
Bush Terminal Co
413,900 Stock dividend.
Purpose of Issue.
Company and Class of Bonds- Amount.
636,100 Exchange for v. t. C.
$1,885,500 Debt retirem't,impts,add'ns California Petroleum common
Ateh Top & S Fe Gen 4s
Case Thresh Mach Co 7% pref
4,020,700 Exchange for v. t. C.
445,000
4% Cony due 1955
Central & South Amer Tel stock.. 4,000,000 Stock dividend in 1917.
5,281,000 Retire Unified Mtge 43.1s
Atl Coast Line RR Gen Unif M
Consolidated Gas Co common
436.500 Conversion, &c.
B &0,Tol& Cin 1st Lien & Ref4s- 1,063,400 In re C H & D reorg plan
Dayton Pow & Light Co.6.6% pf 1,567,000 Work'g cap'1, acquisit'ns,&c.
551,000 Exchange for old 1st 6s
Chic St P Min & Omaha Con 6s....
General Electric Co capital stock_ 5,283.400 New capital, stock dividends
Missouri Pacific RyInternat Agricul Corp common
462,700jOld Issues just listed
7,017,001
1st Ref 5s Ser A
Preferred
825,900
8,678,000 Issued in accordance with
1st Ref 5s, Ser B
for stock of N.J.
749,2401Exchanged
Int
Harvester
Co
7%
cum
pref
C
Ser
1,327,00()
plan
of
5s,
1st Ref
reorganization.
Common stock
36,552,5001 Company & Corporation.
General Mortgage 4s
536,900
International Nickel Co common..
301,425 Exchanged for v.t. C.
Southern Ry Dev& Gen M 4s,SerA 11,031,000 Old bonds now listed
Loose Wiles Bisc Ext stk tr ctfs
590,700 Exch. for stock trust certifs.
Wheeling & Lake Erie RR Ref M
Lorillard Co common stock
6,064,700 Increase working capital.
2,297,000 Exchange of 1st Consols.
4%s, Ser A
Marlin-Rockwell Corporation v t c
notes.
of
2
-year
Conversion
(67,852
339,260
shares)
$40,112,800
Total
Maxwell Motor Co Inc common_ 1,255,700 Issued in exchange for stock
First preferred
trust certificates.
507,300
RAILROAD BONDS LISTED SECOND SIX MONTHS.
Second preferred
889,100
Purpose of Issue.
Company and Class of Bonds- Amount.
Mexican Telegraph stock
1,250,000 Stock dividend in 1917.
Long Isl RR Gtd 4% Ref 1949.... $1,621,000 Exch. 4% Unified M bonds National Acme Co stock
1,312,250 Old stock lust listed.
391,000 In re financial plan.
Ohio Cities Gas Co pref
20-year debenture fis
317,400 General purposes.
Ore-Wash R11 & Nay Co 1st
Pan-Amer Pet Trans corn stock_ _ 30,494.750 Acquisition of properties.
351,000 Refunding, extensions, &c
do
Ref 4s, Ser A
do
do
3,672,800 Conversion of bds & pfstock.
321,800 Issued under reorg. plan
St Louis-San Francisco Ser A 4s_ _
Pierce 011 Corp common stock_.... 18,449,000 Old stock now listed.
Seaboard Air Line Fla Central &
Porto-Rican American Tobacco
1,325,700 New capital, stock div., &c.
1,872,000 Extended for 6 years at 6% Savage Arms Corporation stock
Penin RR 1st 5s
1,610,800 Conversion, &e.
1,000,000 Refunding.
Southern Ry 1st Consol 5s
Standard Milling Co. common_ _ _
852,900 Stock dividends.
Union Pacific 10-yr 6% Sec bonds 15,625,000 Corporate requirements.
United Dyewood Corp common
386,000 General purposes.
Weyman-Bruton Co 7% n-c pref_
88,800 To maintain voting equillb.
$21,181,800
Total
Common stock
918,200 Stock dividend.
ELECTRIC RAILWAY BONDS LISTED FIRST SIX MONTHS 1918.
Purpose of Issue.
Company and Class of Bonds- Amount.
Chicago Rys 1st M 20-year 5s__- $7,160,000 Rehabilitation, extens., &c.
ELECTRIC RAILWAY BONDS LISTED SECOND SIX MONTHS 1918
Purpose of Issue.
Company and Class of Bonds- Amount.
Bklyn Rap Trans 3-yr 7% notes_356,766,100 Exchange for old notes
Portland (Ore) Ry 1st & Ref 5s__ 4,460,000 Refunding,.additions, &c.
Total
3143.113,125
* Indicates stock of no par value. Amount given represents "declared
value."
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1918.
Maturity.
Amount.
Railroads & Electric Rys.- Int.
Date.
Arkansas Val Ry & Lt Co___7% June 1 1910 *Dec. 1 1920
$350,000
Baltimore & Ohio RR
July 29 1918 a8,000,000
6 months
$61,226,100
Total
Oct. 1 1918 al0,500.000
Baltimore & Ohio RR
3 months
Charleston(W Va)Inter RR_6% Mar. 15 1918 July 15 1918
450,000
7% Apr. 1 1918 *Apr. 1 1923 4,500,000
MISCELLANEOUS BONDS LISTED FIRST SIX MONTHS OF 1918. Detroit United Ry
Little Rock Ry & El Co_ _ 6% Jan. 1 1918 *Jan. 1 1920
600,000
Purpose of Issue.
Company and Class of Bonds- Amount.
Ry & Light_ _7% May 1 1918 *May 1 1918 2,000,000
Am Smelt & Ref 1st 30-yr 5s ser A.. $720,500 Exch."B" stk. of Secur. Co Milwaukee El Val
Monongahela
Trac Co_ _6% Feb. 1 1918 *Feb. 1 1919 '3,000,000
Montana Power Co 1st ref S F 5s.._ 4,000,000 Improvements, const., &c.
Pittsburgh & Shawmut RR _6% Mar. 1 1918 *Mar. 1 1920
1,500,000
North States P Co 1st & ref 5s ser A 3,568,500 Extensions. additions, &c.
61 Jan. 15 1918 *Jan. 15 1920
Republic Ry & Light
1,500,000
6% Jan. 28 1918 *Jan. 28 1919
300,000
Twin State Gas & El Co
$8,289,000
Total
Washington Water Pow Co_6% Feb. 2 1918 Feb. 2 1919 2,600,000
MISCELLANEOUS BONDS LISTED SECOND SIX MONTHS OF 1918.
Total railroad and street railway notes
$35,300,000
Company and Class of Bonds- Amount.
Purpose of Issue.
American Tel & Tel 7-yr 6% Cony
Amount.
Date.
Maturity.
- Miscellaneous Companies- Int.
$47,941,000 Corporate purposes.
bonds
Jan. 21 1918 7-10 months $12,000,000
American Can Co
Beth St Par Money & Impt 20-yr 5s9209000 Acquisitions, &c.
3,000,000
American Gas & Elee Co___67 Jan. 1 1918 *1920-1921
Det Ed Co 1st & Ref bds Ser A 40- 2,176,000 Additions, extensions, &c.
1,430,000
American Gas & Bloc Co.. _ _6 0 Mar.
1918 *Mar. 1 1921
Intern Pap Co 1st Ref 5s Sot' A._ _ 6,423,000 Exchange of old bonds.
American Tel & Tel Co_ _ _ _6 0 Feb. 1 1918 Feb. 1 1919 40,000,000
Pan Amer Pet & Tr 1st Lien Mar 68 3,483,000 Refunding, construction.
7% May 1 1918 *1919-1923
1,000,000
Atlas Crucible Steel
Pierce Oil Corp 5-yr 6% cony notes
CentralSuga
cC
oo
1,200,000
Bush TerminalrCorprp
6% Dec. 15 1917 *1918-1920
1,975,000 Corporate purposes.
1920
1,000,000
ar. 1 1918 *Mar. 1 1919
71
0
Pierce Oil Corp 10-yr 6% cony deb. 9,406,000 Refunding, corp. purposes.
Central Theresa Sugar Co
600.000
June 12 1918 Dec. 12 1918
U S Rubber Co 5-yr 7% notes'23_ 0,000,000 Refunding.
Cincinnati Gas & Elee Co_....6% Mar. 15 1918 *Mar. 15 1920 2,225,000
Utah Power & Light 1st 30-year 5s 2,234,000 Improvements, extens. &c. Connecticut Power Co
500,000
6% Jan. 2 1918 *Jan. 1 1920
818,000 Old debentures now listed.
Va Car Chem 10-yr cony deb
1,000,000
Dallas Power & Lt. Co
7% Feb. 1 1918 Feb. 1 1920
1,000,000
Fall River Elec Lt Co
7% Jan. 15 1917 *Jan. 15 1920
$89,665,000
Total
Greenfield Elec Lt & Power_77 Feb. 1 1918 *Feb. 1 1921
300,000
400.000
Gruen Sons & Co
7% June 1 1918 1920-1923
Hurlburt Motor Truck Co....7
500,000
Feb. 1 1918 *Feb. 1 1921
RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1918.
Inter Cotton Mills
7 Feb. 1 1918 *Feb. 1 1920 3,000,000
Amount.
Purpose of Issue.
P Comnany and Class of StockOil
&
7
0
Sept.
1
1917
*Sept.
Island
Transport
1
2,000,000
1920
_31,122,000
common
stock_
Conversion
Fe
&
S
of
bonds.
Top
Atch
Kentucky Solvay Coke Co_ _6% Mar. 1 1918 *Mar. 1 1920
800,000
Oh R I & Pac temp certs6% pref__ 1,559,1001 Issued under reorganization Louisville
Gas & Rive
7% Mar. 1 1918 *Sept. 1 1920
900,000
Ch R I & Pac temp certs common_ 1,219,0001 plan.
Louisville
Gas
&
Elm
*Sept.
7
Mar.
1
1
1,600,000
1918
1920
1,500,400
stock__
Exch.
corn
stock
Line
Ry
trust certs.
Seaboard Air
3,000,000
15
18
8 1918-1921
Mid-Co. Petroleum
1 191
Nevada-Calif Elec Corp_
Co7
_ _ _64 Jan.
M
1,000,000
11918 *Jan. 1 1920
$5,400,500
Total
Niagara Lockport & Ont P_ _6% Feb. 1 1918 *Feb. 1 1920
1,300,000
Philadelphia Electric Co_ __ _67 Feb. 1 1918 *Feb. 1 1920 7,500,000
SECOND
LISTED
SIX
STOCKS
MONTHS
RAILROAD
OF 1918.
Mar. 1 1918 *1919-1923
Procter & Gamble
7
25,000,000
o Feb. 1 1918 *Feb. 1 1920 2,000,000
Amount.
Public Service Co Nor Iii......6'
Purpose of Issue.
Company and Class of Stock750,000
Gulf Mob & Nor stk tr ctfs corn._ $2,842,9001 Issued in accordance with Richland Co(Pub Service)_ _7% Feb. 1 1918 *Feb. 1 1920
Sinclair Refining Co
6% Jan. 1 1918 1918-1921
1,000,000
Gulf Mob & Nor stk tr ctfs pref.._ 2,967,200! reorganization plan.
6eV
Dec.
1
1917
Springfield
Light
Co
*Dec.
1
1922
Gas
500,000
8,138,700
Ex.
N.Y.C.&
stockcapital
H.R.
New York Central
RR.stk.
6
Mar. 28 1918
800,000
1918
296,300 Issued under financial plan. Southern Can Co
Seaboard Air Line stock-J
muany
e 1 1918 *1919-1921
Timken Detroit Axle Co...... _
2,000,000
Southern Pacific Co capital stock._ 3.619,000 Conversion of bonds.
Tindel-Morris Co
1921-1923
600,000
391,800
Old
stock just listed.
Southern Ry common stock
1,000,000
12.885,9001 Exch. for 5% cony. pref. Union Elm Lt & Power Co....6% Mar. 15 1918 *Mar. 15 1920
Wabash Ry common stock
1,560,900
stock "B" already listed. Union Lt lit & Power Co_ _ _6 o Feb. 15 1918 *Feb. 15 1920
Wabash Ry profit sharing pref A- _12,885,900
Webster & Southbridge Gas
3,566,400 Issued in accordance with re
Western Pacific common stock
7% Feb. 1 1918 *Feb. 1 1921
& Electric Co
150,000
Western Pacific preferred stock...-. 2,273,9001 organization plan.
Westinghouse Elm & Mfg 6% Feb. 1 1918 Feb. 1 1920 15,000,000
7% Feb. 1 1918 *Feb. 1 1920
West Penn Power Co
1,500,000
349,868.000
Total
Winchester Repeating Arrn..7% Mar. 1 1918 Mar. 1 1919 8,000,000
400,000
FLECTRIC RAILWAY STOCKS LISTED SECOND SIX MONTHS Worcester (Mass) Sub Elec..7% Mar. 15 1918 *Mar. 15 1921
OF 1918.
Total miscellaneous companies first six months
3147,515,900
Interborough Consol Corp common
*3148.415 Exch. Int. Met. v. t. c.
(29,683 shares)
a These issues were extendedjin last half of year. :See table for that
Total
$148,415
period below.
314
THE CHRONICLE
PRINCIPAL NOTE ISSUES NOT LISTED SECOND SIX MONTHS
1918.
Amount.
Maturity.
Date.
Railroads & Elec. Rys.— Mt.
4 months ext. 'N22,500,000
Baltimore & Ohio RR
6% Oct. 1918
385,000
Chic North Shore & Milw_ .7°f June 15 1918 *J&J 1919-21
Columbus Ry,Pow & Lt Co.77 July 1 1918 July 1 1920
2,500,000
750,000
Eastern Texas Elec Co
7e Aug. 1 1918 *Aug. 1 1921
Interboro Rapid Transit Co_7
Sept. 1 1918 *Sept. 1 1921 33,400,000
Kansas City Railways
74 May 15 1918 May 15 1921
7,750.000
Kansas City Terminal Ry 6% Nov. 15 1918 *Nov. 15 1923
9,850,000
375,000
Oklahoma Railway
8% Sept 1 1918 Mar. 1 1921
Puget Sound Tr L & P Co
June 1 1918 *June 1 1921
1,841,000
Salt Lake & Utah RR
77 Aug. 1. 1918 *Aug. 1 1921
562,500
Toronto Railway
6e, Dec. 1 1918 Dec. 1 1920
1,000,000
United Lt & Rys (Series B)
Apr. 1 1918 *Apr. 1 1923
1,250.000
Wisconsin Securities Co
500,000
6% July 1 1918 *July 1 1923
Total railroad and street railway notes
Miscellaneous Companies—
American Cotton Oil Co_ ___7% Sept. 3 1918
American Gas & Elec Co___67
0 Jan. 2 1918
American Tobacco Co
7% Nov. 1 1918
7% July 15 1918
Bethlehem Steel Corp
Continental Gas & Elec Co_6% Sept. 1 1917
Cudahy Packing Co
July 15 1918
7
77 Nov. 15 1918
Dold Packing Co
6
July 1 1918
Duquesne Light Co
East Bay Water Co
69 Aug. 1 1918
Aug. 1 1918
Edison Elec Ill Co (Boston)_7
Graton & Knight Mfg Co_ 7
Aug. 1 1918
Harrisburg Lt & Pow Co_ .._6
Dec. 2 1918
Hydraulic Pressed Steel Co_7 0 July
1918
Island Oil & Transport Co....7°f Mar. 1 1918
Keystone Steel & Wire Co 7% Nov. 1 1918
Liggett & Myers Tob Co_ —6% Dec. 1 1918
Mark Mfg Co (assumed by
Steel &'rube Co of Amer).6
June 1 1917
Moline Plow Co
7
Sept. 1 1918
Moon Motor Car Co
7e Aug. 15 1918
Mt. Vernon-Woodb'y Mills_670 Jan. 1 1919
Northern States Power Co 7 7 Aug. 15 1918
Ohio State Telephone Co_ 77 Dec. 10 1918
Oval Wood Dish Co
7
July 1 1918
Pacific Coast Shipboilding_..7
May 1 1918
Paraffin° Companies,Inc_ _ _77
°
0 Dec. 1 1918
Peet Bras Mfg Co
77 July 1 1918
Pennsylvania Electric Co.. 7% July 1 1918
Pierce Pipe Line Co
6% June 15 1918
Republic Motor Truck Co 7% Nov. 1 1918
St Paul Union Depot
534 Dec. 15 1918
South Caro Lt. Pow & Rys 77
0 Sept. 1 1918
Standard Ga.s Elec Co
7% Sept. 3 1918
Steel & Tube Co of America_7%
Studebaker Corporation..___7% Jan. 1 1919
Western States Gas & El Co_6% Aug. 1 1918
Wright Wire Co
7% Apr. 1 1918
$82,663,500
Sept. 1919
*Jan. 1 1921
*1919-1923
*1910-1922
*Sept. 1920
*July 15 1923
*1919-1923
*July 1 1921
*Aug. 1 1923
Aug. 1 1922
*1919-1921
*Dec. 1 1923
*July 1 1921
*Sept. 1 1920
*Nov. 1 1921
*Dec. 1 1921
$5,000,000
1,000,000
25,000,000
50,000,000
1,200,000
10,000,000
3,000,000
10,000,000
1,250,000
3,000,000
3,000,000
215,000
3,500.000
750,000
2,250,000
20,000,000
June 1 1920
*1919-1924
Aug. 15 1919
1920-1922
*Aug. 15 1923
Dec. 10 1922
*Aug. 21 1921
May 1 1919
*1919-1924
*July 1 1923
*July 1 1923
J&J 1919-20
1920-1923
*Dec. 15 1923
*Sept. 1 1921
*Sept. 1 1921
*July 1 1921
*1921-1929
*Aug. 1 1923
*1919-1923
6,000,000
6,000,000
300,000
1,500,000
2,000,000
1,300,000
450,000
750,000
500,000
2,500,000
1,500,000
1,000,000
3,000,000
8,000,000
450,000
750,000
5,000.000
15,000,000
690,000
1,000,000
Total miscellaneous companies, second six months
$196,855,000
Total railroads, street railways and misc., second six months 279,518,000
Total miscellaneous companies for year
'
344,370,900
Total railroads and street railways for year
109,963,000
Total as reported for year 1918
.
z453,833,900
Total as reported for year 1917
729,872,200
* Subject to call at an earlier date at a certain price at company's option.
See previous article, V. 106. p. 230.
On Oct. 1 1918 the $10,500,000 3-months notes sold in June 1918 and
the $8,000,000 6-months issue sold in January 1918, the latter extended
July 29 to Oct. 1, were extended along with $4,000,000 bank loans, making
$22,500,000 in all, at 6% interest for 4 months. z The $18,500,000 shortterm notes issued by the B. & 0. RR. Co. in the first half of the year and
extended in the last half, are included only once in this total.
1
BUILDING OPERATIONS IN 1918.
All influences during the year 1918 served in virtually every section of the United States to reduce
activity in building operations to a minimum. The
high cost of labor and materials and the scarcity of
both were, of course, deterring factors, but these
in the face of actual need of structures in numerous
localities for both business and dwelling purposes,
would not have sufficed by themselves to restrict
operations largely, with prosperity quite general and
increased cost therefore a circumstance of much less
importance than usual. As a matter of fact, the
leading influence holding down ordinary building
operations was at once the urgent demand of the
Government for construction material and for the
labor to fashion it into ships, barracks, &c. This
being the case, and all other desires being secondary
to that of assisting the Government in winning the
war, the amount of structural work arranged for on
non-war account in the twelve months last past was
not only materially less than in the preceding year,
but actually the smallest total for ,a full year since
there has been any extensive compiling of the statistics. The contrast is especially sharp with 1916,
when, notwithstanding high cost of material and
labor (not as radically so, however, as in 1918),
building operations were on a larger scale than ever
before in the history of the country.
Incidentally, there was nothing in the business
situation to discourage activity in construction work
during the year. The need of additional buildings
was urgent. Indeed, mercantile and industrial operations were to a greater or lesser extent hampered in
some localities, particularly at the seaboard, by lack
[VOL. 108.
of housing accommodations. The labor shortage
was not ascribable to any one cause. First and
most important in bringing it about was the induction into the armies of a vast body of men, including
many skilled mechanics, through voluntary enlistment or the operation of the Draft Law. In this
way hundreds of thousands of the able bodied were
accounted for, and a host of others found their way
into the highly lucrative employment offered by
munition and other plants classed as essential.
Material shortage 'needs no further explanation
than Government necessity, which would have
precluded the possibility of supplies for others while
that demand existed. We have now reached the
point, however, with the war a thing of the past,
when restrictions have been removed and the
coming spring should witness a marked revival in
the building industry.
Following the steady contraction in construction
work in the closing months of 1917, contracts entered
into in January 1918 covered a total of estimated expenditure much smaller (53.5%) than in the preceding year and subsequently each recurring monthly
statement gave evidence of contraction in work, and
in all cases heavy. The figures for February and
March disclosed a drop of 48.4% and 54.0%, respectively, with the result for the first quarter of
1918 of a decline of 50.8%. In April, May and
June smaller, but nevertheless important, decreases
were shown, the total for the quarter exhibiting a
decrease of 35.1%, and the six months' aggregate
for 167 cities at 249
million dollars, fell below
1917 by 42.4%,this following a loss of 163% in 1917
from 1916. A diminution of 25.7% from 1917 was
indicated by the July returns, the decline in August
reached 25%'and in September 34%, giving for the
third quarter a decrease of a little over 28%, the
comparison being with a total in 1917 very much
below that of 1916. For the nine months to Sept. 30
the result was a falling off of 35.8% from 1917 and
over 50% from 1916. The exhibit for the final
quarter of the' year was poorer than those which
preceded it, even though the contrast was with notably reduced totals in 1917. The October loss was
47.1%, that for November 60.1% and for December about 44.0%, with the outcome for the three
months combined a shrinkage of over 50%.
Amplifying the intimation made above about the
probable revival of activity in the building industry next spring, we note that recent advices from
Washington are to the effect that the Government
is to undertake the stimulation of building, both
public and private, on a large scale in order to relieve the unemployment problem that will follow
as demobilization progresses. Special attention will
be paid, it is said, to large centres ,such as New
York, where important building projects have been
held in• abeyance on account of the war. The program as outlined by the Department of Labor meets,
it is said, the approval of the Secretary of War and
will have the co-operation of other branches of the
Government. It aims to furnish employment not
only to demobilized soldiers, but also to labor that
has been employed in munitions plants and other
war industries. Furthermore, not only will all restrictions upon building construction be removed,
but States, municipalities and private firms will be
urged actively to undertake work at once.
In line with this policy, the Department of Labor
has organized a new bureau to be calledithe,"Division
JAN. 25 1919.]
THE CHRONICLE
of Public Works and Construction Development."
Shortly after its organization, the new division of
the Department of Labor made announcement that
800 public school buildings, involving construction
costs of upwards of 80 million dollars, hadibeen held
up on account of the war, but it was expected that
work would be resumed at once. The fact remains,
however, that labor costs remain very high-further
increases in wages being planned in some lines notwithstanding the abandonment of war work is reducing many men to idleness-and materials also
continue to rule high, so the building outlook is by
no means clearly defined.
Our compilations for 1918 cover 279 cities and
returns from every State but New Mexico are included. The reports, as in earlier years, have been
secured from official sources where possible, but in
several instances we have had to rely upon private
individuals for information, the absence of city
ordinances providing for its collection making that
course necessary. The conspicuous fact disclosed
by the reports is that at a vast majority of the cities
(230 out of 279) there was less activity in building
operations in 1918 than in 1917, and in most cases
the let-up was very decided. For the whole 279
cities the contemplated expenditure under the permits issued in 1918 was only $490,333,532, against
$815,828,218 in 1917, or a contraction of 39.9%. In
1916 the identical Cities gave an aggregate of $1,132,636,703, and in 1915 the total was $924,334,201.
In compiling our table the plan of former years
has been followed of giving the leading cities in each
State or section in segregating the returns into
groups, with Greater New York heading the list.
For the five boroughs of the city the operations for
which contracts were arranged in 1918 were of decidedly meagre extent, the contemplated outlay
falling very much under that of any twelve months'
period in our record, which extends back to 1906,
and -being probably the smallest in over 30 years.
All the boroughs shared in,the 1918 decrease in noteworthy degree, but Manhattan in heaviest aniount
if not in greatest ratio. For 1918 the estimated
outlay for the city as a whole aggregated but $56,500,495, against $103,068,798 in 1917, or a loss; of
45.2%.
From the Middle States outside of Greater New
York, 59 cities furnish returns and collectively their
operations called for an estimated outlay of but
$92,823,921, against $153,715,359 in the previous
year. There were conspicuously heavy losses at
such leading centres as Philadelphia, Pittsburgh,
Baltimore, Newark, Buffalo, Rochester, Syracuse
and Washington. The exhibit in New England was
of like character, the building contracts at 61 cities
totaling $52,760,480, against $99,440,465 in 1917.
Mentionable activity was nowhere in evidence except at one or two minor points,but contraction was
reported from 56 points, with Boston, Hartford,
New Haven, New Bedford, Springfield, Worcester
and Bridgeport showing its most pronounced effect.
The showing in the Middle West, also, was much
poorer for 1918 than for the preceding year, the
outlay for the whole group of 56 cities footing up
only $129,214,112, against $245,924,420. Here such
cities as Chicago, Cleveland, Detroit, Cincinnati,
Milwaukee, Toledo, Indianapolis, Akron, Evansville
and Fort Wayne contributed in most important
measure to the decline. Decreased activity likewise characterized the course of operations on the
315
Pacific Slope in thejate year, onlyltwo or three of
the larger cities, Seattle:andrortlandlamong them,
reporting increased expenditures for construction
work. On the other hand, inactivity was marked
at San Francisco and Los Angeles. *The 24 cities
in the group give a total of $56,410,041, or $6,915,831 less than in 1917. In the States west of the
Mississippi River to thel,PacificPlopel(not including Louisiana, Texas, Oklahoma sand "Arkansas,
which, being large cotton producers, are included
by us in the Southern group), a'
potable let-up in
building operations was a featurelofi1918. In all
the 34 cities that make up the section furnish an
aggregate of $59,346,398, or125 1-3Imillion dollars
less than for the precedineyear,withISt. Louis,
Kansas City, Omaha, Denver tand "Minneapolis
among those reporting greatest stagnation in operations.
The extremely high prices rulingifor7cotton did
not enable the South,• as in the preceding !year, to
make a better showing than • otherlsections of the
country, Government restrictions precluding'such a
possibility. Hence the exhibit is not rout of line
with that for other localities, the contemplated outlay for the year aggregating only $43,278,085 at 44
cities, and falling nearly 22 million dollars :under
that for 1917, with such cities as New Orleans, Richmond, Atlanta, Dallas, El Paso, Memphis and Jacksonville most seriously affected. For the United
States outside of Greater New York the total for
1918 at $433,833,037 compares with $712,759,,420
or 1917. Our compilation covering the building statistics for the last four years for the leading cities
in each section of the country, together with the
aggregates for the remaining municipalities in each
State, is now subjoined:
UNITED STATES BUILDING OPERATIONS.
1918.
1917. Inc. or Dec. 1916.
1915.
New York-4
$
Manhattan
17,697,650 42,738,169 -58.6 134,078,044 73,672,674
Other boroughs
38,802,845 60,330,629 -35.7 87,215,930 99,273,046
Total N. Y. City
Maine-2 cities
N.H.-Manchester
Vermont-Burlington.Massachusetts-Boston _
Other 32 cities
Connecticut-Hartford..
New Haven
Other 18 cities
Rhode Island-4 cities
56,500,495 103,068,798 -45.2 221,293,974
751,562
958,543 -21.6
1,938,742
317,462
1,448,129
1,273,945 -75.1
187,050
341,275 -45.1
344,200
7,702,190 23,294,161 -66.9 27,268,521
20,943,261 35,120,512 -40.4 54,920,251
2,254,983
7,683,616 -57.6
7,383,163
3,219,558
5,645,069 -43.0
5,022,556
11,422,839 19,850,525 -42.5 22,638,484
5,961,575
5,272,$19 +13.1 11,455,435
Total New Eng.(61)._ 52,760,480
1,949,551
7,014,030
9,979,301
5,320,833
20,924,710
15,452,670
7,781,729
7,254,371
3,300,000
4,644,373
225,025
7,136,818
1,840,510
New York-Rochester..
Buffalo
Other 12 cities
New Jersey-Newark
Other 20 cities
Pennsylvania-Phila
Pittsburgh
Other 14 cities
Delaware-Wilmington ..
Maryland-Baltimore
Other 2 cities
D.C.-Washington
West Virginia-3 cities
Total Middle (59)
Missouri-St.Louis
Kansas City
Other 2 cities
Minnesota-Minneapolis
St. Paul
Other 2 cities
Nebraska-Omaha
Lincoln
Kansas-Wichita
Other 4 cities
Iowa-Cedar Rapids
Other 4 cities
Colorado-Denver
Other 2 cities
South Dakota-2 cities
North Dakota-2 cities
Utah-Salt Lake City...
Montana-2 cities
Idaho-Boise
Wyoming-Cheyenne ..
Arizona-1 city
Nevada-Reno
al al
Total 0th. West. (34)-
99,440,465 -46.9
6,754,820 -71.1
10,581,000 -33.7
17,707,338 -43.6
9,437,104 -43.6
21,721,142 -3.7
34,016,480 -54.6
11,464,204 -32.1
13,248,989 -45.2
2,384,813 +38.4
10.145,626 -54.2
508,386 -55.7
12,916,886 -44.7
2,828,571 -34.9
132,419,481
9,379,447
13,137,000
25,876,510
9,486,775
29,777,656
49,896,570
13,764,810
16,234,431
2,788,028
12,634,728
328,628
15,049,804
3,052,884
172,945,720
2,018,974
_2,598,055
399,350
29,113,692
49,425,997
5,575,895
7,104,947
20,552,517
8,583,351
125,372,778
9,108,333
11,798,000
24,201,616
8,006,044
26,021,267
39,445,125
14,327,017
12,656,754
1,524,853
11,774,322
527,447
11,748,121
2,754,359
92,823,921 153,715,359 -39.6 201,407,271 173,893,258
6,302,712 11,308,537 -44.3 12,753,386 11,439,320
5,666,995 10,158,450 -44.2 11,563,444 10,667,406
649,047
1,009,571 -35.7
1,204,432
1,268,26 •
5,465,740 9,262,965 -41.0 22,917,290 16,353,96 :
10,152,705
7,086,038 +43.6 11,128,632 11,942,5
4,757,199 -41.5 10,691,423
2,783,861
3,047,6
7,737,047 -53.4
7,225,957
3,608,054
5,385,00
1,939,916
1,374,693 -44.8
758,572
1,706,0
3,771,519 -18.7
1,992,935
964,605
3,065,521
1,466,916
2,481,729 -40.9
1,762,883
2,005,33 4
767,000
1,773,000 -56.7
1,779,000
1,761,000
9,095,623
7,946,586 +14.5
8,206,022
6,490,58 !
2,595,890
4,291,000 -39.5
2,648,57
4,038,840
537,067
1,296,733 -58.5
851,176
406,06
1,039,213
1,453,768 -28.5
1,955,67
1,365,227
842,460
1,486,548 -43.3
979,72 4
1,999,825
2,310,015
2,732,155 -15.8
2,706,772
2 250,72
802,723
3,031,298 -73.5
3,730,507
1 R434,03
182,994
193,497 -5.4
172,648
122,553
426,700 -25.0
326,000
94,41
85,886
216.a33
713,428
+1.9
244,651
727,290
362,145 -44.8
500,000
200,000
446,070
59,346,398 84,654,006 -29.9 108.860,852 84,035,929
316
THE CHRONICLE
1918.
Ohio-Cleveland
Cincinnati
Columbus
Other 11 cities
Indiana-Indianapolis
Other 9 cities
Illinois-Chicago
-Other 10 cities
Michlgan-Detroit
Other 6 cities
Wisconsin-Milwaukee
Other 10 cities
Kentucky-Louisville
Other 2 cities
1917. Inc. or Dec. 1916.
16,386,360
4,578,833
3,300,220
18,210,183
4,557,667
6,904,641
35,131,150
4,317,527
18,201,707
4,509,284
4,362,127
6,214,648
1,990,308
549,457
30,483,605 -46.2
10,451,315 -56.2
3,914,930 -15.7
35,735,189 -49.0
7,103,138 -35.8
15,061,913 -54.2
64,188,750 -45.3
8,722,376 -50.5
39.692,305 -54.1
7,312,541 -38.3
11,535,859 -62.2
9,372,744 -33.7
1,742,245 +14.2
607,510 -9.5
Total Mid. West (56)_129,214,112 245,924,420 -47.5
California-San Fran..
9,135,477 15,635,319 -41.6
Los Angeles
8,678,862 16,932,082 -48.7
Oakland
5,382,158
4,442,533 +21.2
Other 12 cities
11,746,544 11,518,452 +2.0
Oregon-Portland
6,174,157
3,717,945 +66.1
Washington--Seattle
10,899,775
6,708,315 +62.5
Spokane_ ,
423,000
2,140,760 -80.2
Other 6 cities
3,970,068
2,230,466 +78.0
1915.
33,108,260
10,842,895
7,194,240
37,902,973
8,934,694
12,698,553
112,835,150
13,372,863
51,667,590
11,861,241
16,013,194
8,577,475
4,007,210
1,430,539
32,660,305
14,025.333
4,928,425
22,780,452
7,083,642
8,439,217
97,291,480
12,166,899
32,238,550
7,446,437
11,564,325
2,556,915
3,415,860
1,094,497
329,846,877 257,692,337
18,484,401 13,990,704
15,036,045 11,888,662
5,368,290
5,045,289
12,507,775 11,107,772
6,301,360
4,869,550
6,449,040
8,304,689
1,586,787
1,196,367
2,693,658
1,675,700
Total Pacific (24)
56,410,041 63,325,872 -10.9 70,283,005 56,223,084
Virginia-Norfolk
2,723,592
1,488,616 +83.0
2,712,988
1,865,928
Richmond
1,838,614
4,118,688 -55.3
4,927,396
3,244,752
Roanoke
193,029
615,170 -68.6
849,942
1,069,377
North Carolina-5 cities_ 2,511,712
4,058,812 -38.1
3,603,868
3,261,188
South Carolina-2 cities_
592,356
650,000 -8.9
828,245
792,216
Georgia-Atlanta
3,572,086
4,589,214
4,977,815 -28.2
3,680,178
Other 5 cities
3,253,000 -51.6
1,576,876
5,848,869
4,320,346
Florida-3 cities
2,690,909
4,438,544 -39.4
4,771,038
3,847,552
Alabama-3 cities
1,920,947
2,296,062 -16.4
2,929,808
2,371,604
Mississippi-Jackson
101,765
772,940 -85.7
Louisiana-New Orleans 1,763,569
2,862,958 -38.4
3,117,604
2,826,670
Shreveport
552,267
865,112 -36.2
1,124,378
770,803
Texas-Dallas
1,667,730
3,573,259 -53.3
4;265,354
3,422,512
Other 8 cithys
10,055,647 13,126,690 -23.4 13,836,744 12,793,946
Arkftnsas-2 cities
982,453
1,534,872 -36.0
840,215
808,545
Oklahoma-3 cities
7,579,629 11,222,268 -32.5
6,457,127
2,747,135
Tennessee-Memphis
1,591,078
2,625,865 -39.4
3,091,970
2,730,488
Other 4 cities
1,363,826
3,218,627 -57.6
5,639,519
2,708,819
Total Southern (44)... 43,278,085 65,699,298 -34.1 68,525,243 54,171,095
Total (279 cities)
490,333,532 815,828,218 -39.9 1132636,703 924,334,201
Outside New York
433,833,037 712,759,420 -39.1 911,342,729 751,388,481
Under ordinary circumstances the foregoing compilation, covering the last four years, would furnish
all needed comparisons. But, as is well known, conditions during 1918 and 1917 as well, were far from
normal, and consequently we append a statement
affording comparison back to and including 1906:
Year.
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
Total, 13 years
No.
Cities
279
279
284
284
284
273
235
235
223
209
206
200
163
New York.
$56,500,495
103,068,798
221,293,974
172,945,720
138,115,266
162,942,285
228,601,3C8
200,325,288
213,848,617
273,108,030
174,757,619
197,618,715
241,064,458
$2,384,190,573
Outside Cities.
$433,833,037
712,759,420
915,866,928
758,991,580
753,730,258
818,029,278
798,913,875
762,174,380
763,368,183
740,677,942
555,324,252
604,671,736
564,480,823
Total AU.
$490,333,532
815,828,218
1,137,160,902
931,937,300
891,845,524
980,971,583
1,027,515,183
962,499,668
977,216,800
1,013,785,972
730,081,871
802,290,451
805,551,281
$9,182,827,692 $11,567,018,265
[VOL. 108.
16 in the West, indicates that the contracts arranged
during the year involved an estimated expenditure
of $38,960,760, against $36,009,408 in 1917, or an
increase of only 8.2%, while there were losses of
62.7% and 76.8%, respectively, from 1914 and 1913,
and of nearly 80% from 1912. Analyzing the returns
by sections, we find that the 33 cities in the Eastern
Provinces exhibit an increase of 2.1% over the previous year, Ottawa, Halifax and Toronto leading
in activity,and Quebec and Port Arthur in lack of it.
In the West, Winnipeg and one or two smaller cities
report losses from 1917, but these are much more
than offset by gains at Vancouver, Calgary and
Regina, and the total for 16 cities at $8,442,480
exceeds 1917 by 37.8%. Our compilation for the
Dominion is as follows:
CANADIAN BUILDING OPERATIONS.
1918.
1917. Inc. or Dee. 1916.
Quebec-Montreal
Other 6 cities
Ontario-Toronto
Hamilton
Ottawa
Other 20 cities
Nova Scotia-2 cities
New Brunswick 1 city..
4,882,873
2,420,336
8,535,331
2,472,254
2,635,612
5,991,626
3,228,925
351,323
4,387,638 +11.3
4,298,161 -43.7
7,103,556 +19.2
2,733,865 -9.5
1,041,017+153.1
7,679,570 -22.0
2,045,456 +57.8
531,250 -33.9
5,334,184
4,902,421
9,882,467
2,405,781
1,530,400
8,781,325
1,451,482
464,350
1915.
8,511,221
5,411,872
6,651,889
1,523,248
1,605,160
5,519,859
1,261,617
380,475
Total East, 33 cities.... 30,518,280 29,880,513 +2.1 34,752,410 30,865,341
Manitoba-Winnipeg
2,050,650
2,212,450 --7.3
2,507,300
1,826,300
Other 2 cities
363,987
336,608 +8.1
380,361
249,385
Alberta-Calgary
1,197,100
548,300+118.2
663,500
150,550
Edmonton
356,960
309,800 +15.2
228,640
301,725
Lethbridge
135,553
99,688 +36.0
84,122
58,420
Saskatchewan-Regina._ 1,006,000
416,460+141.5
219,875
464,065
Saskatoon
604,675
582,739 +3.8
146,150
20,200
Moose Jaw
567,615
295.460 +95.5
318,945
88,222
Other 3 cities
215,195
230,745 -6.7
87,830
163,485
Brit. Col.-Vancouver_ 1,440,384
1,593,279
768,255 +87.5 2,412,893
Victoria
289,760
292,450
147,875 +96.0
115,334
Other 2 cities
214,601
180,515 +18.9
113,607
118,840
Total West, 16 cities
Total all, 49 cities
8,442,480
6,128,895 +37.8
7,354.212
5,251,266
38,960,760 36,009,408 +8.2 42,106,622 36,116,607
Onrrent guents and
piSCUSSI,OUS
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Trea.mry bills
was disposed of this week by J. P. Morgan & Co. on the
same discount basis prevailing during the past few weeks,
viz., 532%. .The bills are dated Jan. 21.
J. P. MORGAN & CO.'S PLANS REGARDING UNCONVERTED NOTES OF UNITED KINGDOM OF
GREAT BRITAIN AND IRELAND.
Two announcements with regard to the plans as to the
unconverted portion of tho 532% notes of the United Kingdom of Great Britain and Ireland maturing Feb. 1 have
been made this week by J. P. Morgan & Co. Approximately $55,000,000 of the notes have been converted and
those not converted are to be taken over by it banking group
at par and accrued interegt and exchanged for long-term
bonds of the Government of Great Britain. This banking group, formed by J. P. Morgan & Co.,. consists of the
First National Bank, the National City Company, Harris,
Forbes & Co., Kidder, Peabody & Co., the Guaranty Trust
Co., the Bankers Trust Co., the Farmers' Loan & Trust
Co., Brown Bros. & Co., Lee, Higginson & Co. and other
firms. The announcement of J. P, Morgan & Co. concerning the formation of the group was issued on Jan. 20
as follows:
This table speaks for itself. We would merely
draw attention to the magnitude of the operations in
Greater New York in the last 13 years-2,384 million
dollars out of a total for the whole country of 11,567
millions. At the same time, it is to be noted, however, that while in 1906 the operations in New York
covered, as expressed in value, 30% of those for the
whole country, and in the years 1907 to 1912,inclusive,the percentage stood above 20, it was only 12.6
in 1917 and 11.5 in 1918.
There is little to be said of building operations in
the Dominion of Canada in the late year. They For the purpose of underwriting the conversion of such of the United
Kingdom of Great Britain and Ireland 2-year convertible notes due Feb. 1
were, in fact, characterized quite generally by lack of as
are not converted by the holders, J. P. Morgan & Co. have formed a
group
made up from the houses and institutions'originally named in the
right
along
since the
activity, as has been the case
public offering of the notes. Such group has arranged to buy all the
boom times of 1913 and 1912, and no real revival can bonds for which application is not made by noteholders.
date approximately $55,000,000 of notes have been converted by
be looked for until the drain upon the country's re- theToholders,
and such of the balance, if ally, as are not similarly consources, material and physical, occasioned by the war verted will be taken over by this banking group at par and accrued inand exchanged for the long-term bonds of the Government of Great
in Europe, is largely a thing of the past. In some terest
Britain.
localities more animation was displayed in 1918 than
The further statement of the Morgan firm issued on the
in the year preceding, but for the whole country the 21st announcing the completion of the syndicate said:
We are able to state definitely that, with the approval of the British
result, while better than in 1917, compares very Treasury,
we have completed the organization of a group of banks and
bankers
which has underwritten the conversion upon Feb. 1 of such of
unfavorably with several years prior to 1915. Our
the United Kingdom of Great Britain and Ireland 5%% notes as mature
compilation for 49 cities, of which 33 in the East and upon that date and remain unconverted. The group in general will be
JAN. 25 1919.]
THE CHRONICLE
317
made up of those issuing houses and banks which took part in the original sent here prior to our entrance into war to serve as collateral for loans,
offering of the notes on Feb. 11917.
floated in this country, the amount being estimated at $700,000,000 out
The bonds into which the Feb. 1 notes will be converted are the 20-year of original total of about $1,000,000,000. In addition British Government
534% bonds of the United Kingdom of Great Britain and Ireland, dated liquidated $2,500,000,000 American securities.
Feb. 1 1917 and maturing Feb. 1 1937. They are the direct obligation
of Great Britain and payable in New York, as to principal and interest,
BRITISH TREASURY RESTRICTIONS RELAXED.
in gold, or at the option of the holder in London at the fixed rate of exchange of 4 8634.
With regard to the relaxing
of control of securities by the
When the original issue of the bonds was floated in Janu- British Government, the "Journal of Commerce" in a cableary, 1917, a total of $250,000,000 was disposed of; $100,- gram from London Jan. 3, said:
000,000 was paid off in February 1918 and $7,500,000 was
The Government is gradually loosening its controls and restrictions. It
retired through the sale of collateral, while $55,000,000 was is announced by the Treasury that securities may now be sold abroad
subject to conditions,
that the proceeds of the sales shall be
converted into long-term bonds, leaving approximately remitted to this countryincluding
and retained here and that the physical possession
regulation still applies. It is also provided that securities sent abroad for
7,500,000 unconverted.
registration and return must have a formal permit.
Tha American Dollar Securities Committee will make no further pur-
NEW ISSUE OF BRITISH WAR BONDS.
chases for exchange purposes.
The Minister of Blockade has relieved bankers of the formalities preAnnouncement was made on Jan. 21 of the intention of
viously required before financing exports to neutrals.
the British Government to resume the issuance of National
Three months' notice has been given to holders of certain railway debenWar bonds on Feb. 1. Last Saturday, Jan. 18, the cam- tures of the return of securities deposited with the Treasury.
paign for National War bonds which began in October 1917
was discontinued, and the news of the resumption of the BARRING OF ENEMIES BY LONDON STOCK EXCHANGE.
A London cablegram in "Financial America" of Jan. 21
sales came unexpectedly. The Associated Press advices
from London on Jan. 21 concerning the effect of the an- stated that the rule barring all enemy-born members and
assistants from the London Stock Exchange after the war,
nouncement said:
The 43-4% War Loan to-day recovered from yesterday's decline of has been approved by the London Stock Exchange committee
8 points to 9134 and was quoted at the opening at 99 in consequence of an
announcement by the Government that the 43.4% War Loan would have on the treatment of alien enemies. The new order will go
conversion rights in the new issue of 5% National War Bonds for five or into effect March 25.
ten years. The issue of new war bonds completely surprised the financial
market, where it had been thought for some time that any fresh borrowLONDON BANKS REDUCE RATE ON FRENCH,
ings would take the form of a long-term loan at a lower rate of interest.
Much dissatisfaction was expressed on the Stock Exchange at yesterITALIAN AND BELGIAN DEPOSITS.
day's quotations on the 43-4% War Loan, which slumped when the conWith regard to the reduction by the London banks in
version rights lapsed with the withdrawal of the seven-year war bonds.
The unexPected announcement by the Government last night that the the rate on French, Italian and Belgian deposits, the "Journew war bonds would carry equally ,the valuable conversion rights for the nal of Commerce'in-a cablegram
from London Jan. 13,- zaid:
4%% War Loan caused a sharp recovery in the 434 per cents to-day, and
The clearing banks notify that the rate on French, Italian and Belgian
it Is believed that yesterday's transactions will be canceled officially.
deposits is reduced to 3%%, which is one-half per cent better than the rate
Details of the new issue were made known as follows on offered by the Bank of England. French one-year Treasury bill tenders
at
95 5-16%, received 51% of the amount asked for, all higher tenders
Lever,
Financial Representative
the 23rd by Sir Hardman
receiving the full amount applied for. The total issue was 28,000,000.
of the British Government in this country:
It had previously been announced (Jan. 9) that the special
The British Treasury gives notice that on and after Feb. 1 next, subscriptions will be received for a new series of national war bonds. The new 432% rate allowed by the Bank of England on foreign money
conversion
rights
of
any
into
carry
will
not
past
or future war loans
bonds
and the issue of seven-year bonds will be discontinued. The new issue was not to apply any longer to French, Italian or Belgian
will be 5% bonds (subject to income tax) for five and ten years, and 4% balances.
(income tax compounded) bonds for ten years.
As in the case of the last series, the issue price of the 5% bonds will be
par and that of the 4% bonds 10134. The five-year 5% bonds will be REMOVAL BY GREAT BRITAIN OF RESTRICTIONS ON
IMPORTS OF GOLD AND SILVER COINS.
redeemed at 102 and the. ten-year bonds at 105. The 4% bonds will be
redeemed at par.
According to a Washington announcement in "Financial
Previous war issues which have the right of conversion into future longdate loans issued for the purposes of the present war will be convertible into America," the Depa tment of Commerce was advised on
the 10-year bonds of this issue. The attention of the Treasury has been Jan. 22 that Great Britain has removed restrictions on the
called to the fact that the present arrangement in regard to registered importation of gold and silver coins.
bonds under which the dividends are paid in full and have subsequently
to be returned for assessment to income tax under schedule "D", while of
great advantage to many investors, is Inconvenient to others, more parAUSTRIA-HUNGARY'S DEBT.
ticularly to trustees who prefer to have the tax deducted in the usual way,
The following cablegram from London appeared in the
but who at the same time do not care to hold or are precluded by the terms
daily papers of the 23rd mat.:
of their trusts from holding bonds in bearer form.
The total debt of Austria-Hungary last October was 84,090,000,000 crowns,
To meet the requirements of such subscriber, it is proposed to introduce
(in addition to the existing forms, a new form in the shape of a registered according to a dispatch from Vienna. Austria's debt was 43,000,000,000
coupon bond. The new bond like the existing registered (transferred by crowns. A commission appointed to investigate the question of German
deed) bond will be transferable by deed only, but the dividends will be Austria's share of these liabilities finds that its proportion, assuming that
paid by means of coupon attached to the registered certificate from which the other States of the former Empire pay their share, amounts to 25,000,000,000 crowns.
the income tax will be deducted in the ordinary course.
According to a special cablegram to the "Journal of
Commerce" from London Jan. 22 the war bond sales, dis- REPORTED DEFICIT OF $43,000,000 OF RUSSIAN
BOLSHEVIST GOVERNMENT.
continued last Saturday, "as tentatively tabulated, reached
A Stockholm cablegram of Jan. 21 to the daily press said
the remarkable figure of £1,600,591,000, breaking all
The financial statement of the Russian Bolshevist Government for 1918
records for a cash loan." It also said:
according to a Petrograd dispatch, shows that the expenditures for the
The banks of England reported subscriptions of £102,980,000 in the
week ending Jan. 18, this figure not including the sales by the post offices,
which for the preceding week totalled g1,173,000, while sales of savings
certificates for the week ending Jan.. 11 were 2,750,000, bringing the
aggregate to 283,802,000.
year were 47,000,000,000 rubles and that there would be a probable deficit
of 43,000,000,000 rubles, owing to the inability of the Government to
collect the property tax.
el
From July to December the Soviet Government spent 7,773,000,000
rubles on the Ministry of War, compared with 644,000,000 rubles in the
preceding six months.
CANADIAN VICTORY BOND PRICE ADVANCED ON
1933 MATURITY.
In view, of the difficulty of bringing out enough bonds to
fill the demand, the Special Victory Loan Committee on
Jan. 13 advanced the buying price of the 1933 maturity
from 101 to 102. The belief prevails that it will not be long
before both issues of the past year will be freed from selling
restrictions imposed by the Committee, but in bond circles
it is felt it would be a mistake to have this happen too soon,
as there are still some undigested bonds floating around
the country.
HOLLAND PLANS TO APPROVE AGREEMENT WITH'
UNITED STATES WITH VIEW TO STABILIZING
EXCHANGE.
According to a cablegram from The Hague on Jan. 20 the
Government of Holland has laid before the Second Chamber
of the Dutch Parliament for approval conventions concluded
between Holland and France, Italy; Great Britain and the
United States. To Franck, Italy and Great Britain Holland
grants certain credits against their trea,4ury bills. Under
the agreement with the American Government Holland,
it is said, will make deposits in American banks with a
DEMOBILIZATION OF AMERICAN SECURITIES BY view to stabilizing exchange.
BRITISH DOLLAR SECURITIES COMMITTEE.
The "Wall Street Journal" of Jan. 21, ill announcing that CONTROL BY GERMANY OVER MINING INDUSTRY.
An Amsterdam dispatch in the daily papers Jan. 20 said:
demobilization of American securities had been begun by
The'German Government has issued a decree that, until questions are
the British Dollar. Securities Committee, said:
legally settled as to the influence to be exercised by the Government over
British Dollar Securities Committee has begun demobilization of securities borrowed from British owners for rectifying exchange with this country
by returning South American and Canadian stocks. Stated at offices of
J. P. Morgan & Co. that this action means early reshipment of securities
the mining industry, and the participation of the community in the profits
is adjusted. Imperial Commissioners will be appointed for some mining
districts to supervise production and prices, according to a Berlin dispatch
received here.
318
THE CHRONICLE
DEALINGS IN BELGIAN EXCHANGE-PROPOSED
BELGIAN LOAN.
The re-establishment of a market in New York for dealings in Belgian exchange has been effected within the past
few weeks. On Jan. 10 the "Wall Street Journal" reported
that three or four of the largest dealers in exchange had
succeeded in re-establishing direct connections with their
Antwerp correspondents, and were prepared to buy and
• sell exchange on that centre on a moderate scale. As trading had only commenced two weeks before, it was noted,
its volume was necessarily restricted. It was further set
out in the "Wall Street Journal:"
The market, so far has developed chiefly in one direction. Activity is
mainly on the selling slide, since the inquiry is small, while dealers can
readily furnish supplies in volume from the Paris market, where there
exists a fairly broad market for Belgian exchange. Negotiations are now
being conducted with Belgian banks to effect arrangements for the financing of cotton shipments to Belgium by means of ninety-day sight drafts
on Antwerp.
The initiative was taken by the Belgian institutions, but the local banks
are showing some hesitancy in expressing a willingness to purchase the
bills owing to their uncertainty as to extent of tho operations of the Antwerp discount market. Unless they are assured that they will be able to
discount in Antwerp whatever bills they may purchase here, they decline
to run the risk of being obliged to carry the bills till maturity. Nevertheless, some cotton exporters are proceeding with their plans for making
shipments to Belgium on the basis of ninety-day drawings, in the expectation that by the time the cotton leaves this country the bills will have a
market here.
The New York "Times" of Jan. 17, in stating that for the
[VoL. 108.
1
Remittances to Palestine and Syria.
"Notice is hereby given that dealers as defined under the Executive
Order of the President of January 26 1918, until otherwise instructed, may
make transfers of funds to persons not enemies or allies of enemies resident
in those portions of Palestine and Syria extending as far north as the line
from Alexandretta to Aleppo, inclusive, and as far east as the Rojas
Very truly yours,
Railway."
J. H. CASE, Deputy Governor.
ALBERT STRAUSS AND T. W. LAMONT NAMED AS
FINANCIAL ADVISERS AT PEACE CONFERENCE.
The selection by Sectetary of the Treasury Glass of Albert
Strauss and Thomas W. Lamont as financial advisers of the
American delegation at the Peace Conference was announced
on Jan. 17. Mr. Strauss is Vice-Governor of the Federal
Reserve Board, and Mr. Lamont is a member of the firm
of J. P. Morgan & Co. Mr. Strauss has received a leave
of absence from the Reserve Board to enable him to undertake the work assigned to him, according to the following
statement issued by the Treasury Department:
Secretary Glass announced that, with the approval of the President,
Albert Strauss and Thomas W. Lamont would shortly leave for Europe
for the Treasury in an advisory capacity in connection with the armistice
discussions and other financial questions arising at the Peace Conference.
Mr. Strauss has been voted a leave of absence by the Federal Reserve Board
to enable him to undertake these duties.
The following statement is attributed to Mr. Lamont
when asked as to what he might have to say regarding the
appointment:
I can, of course, add nothing to Secretary Glass's announcement, except
first time since the German invasion foreign exchange busito say that I am happy to be able to serve the Government in any way
ness direct with Belgium was begun on the 16th inst., added:
possible.
Local bankers with connections in Antwerp quoted exchange rates on the
basis of 5.62 francs to the dollar for remittances by check, and 5.60 for
AS SPECIAL COMMIS-.
cable remittances. Exchange facilities were made available for general OSCAR T. CROSBY RESIGNS
SIONER OF FINANCE FOR U. S. IN EUROPE.
commercial transactions, and while dealings were not extensive, they were
considered significant of improved bankinis operations in Belgium.
It was announced on Jan. 16 that Oscar T. Crosby had
The Belgium banks in recent weeks have been gradually reopening in the
cities surrendered by the German troops, and a great amount of funds which resigned as Special commissioner of finance for the United
had been removed by the Germans and ordered returned under the pro- States in Europe. It was stated, however, that Mr. Crosby
visions of the armistice are once more in the vaults of the Belgian banks.
will remain in Europe to advise the American peace deleIt is understood also that exchange transactions have been furthered by
credits established for the Belgian Government and Belgian banks in gation on financial questions.
London. The Belgian Government a few days ago discussed with American
bankers and officers of the Treasury Department a proposal for a loan in
ALLEN RESIGNS FROM WAR FINANCE
this country, and when negotiations are completed it is expected that SHERMAN
CORPORATION.
transactions in Belgian exchange will increase.
Sherman Allen has resigned as Secretary-Treasurer of the
The reopening of Belgian banks and the expansion of commercial dealings with other nations has now made possible the resumption of exchange War Finance Corporation to accept a position with a New
transactions through Belgium's leading financial centre. The possibility York bank. He will be succeeded by R. Reyburn Burklin,
of doing business direct with Belgium paves the way for exports to the
Treasurer of the Corporation. Mr. Allen
stricken country, and it is expected that the movement of agricultural and Assistant Secretary
formerly was fiscal agent of the Federal Reserve Board, and
mill machinery, mercnandlse, and food supplies will grow rapidly.
The rate of 5.60 cable transfers represents a discount of approximately alJo served for a while as Assistant Secretary of the Treasury.
8% on Belgian exchange as compared with the normal quotation of 5.1813.
French exchange stands at a discount of about 5%. If a Belgium loan is
floated here in the near future bankers believe that the discount will be A. BARTON HEPBURN ELECTED MEMBER OF FEDconsiderably reduced, and thus increase the purchases of goods by Belgium
ERAL ADVISORY COUNCIL, SUCCEEDING
in the United States, inasmuch as a movement toward normal parity will
J. P. MORGAN.
lighten the expense of importing commodities and finished materials.
The matter of a Belgian loan, it was learned in banking circles yesterday,
Concerning the election of A. Barton Hepburn as a memis expected to come up for additional discussion soon. The preparations
for the United States Victory Loan early in the spring is not expected to ber of the Federal Advisory Council to represent the Federal
interfere with the Belgian transaction, provided that investment conditions Reserve Bank of New York, succeeding J. P. Morgan, the
are found satisfactory for an offering of foreign bonds in the meantime.
Reserve Bank on Jan. 23 issued the following statement:
Secretary of the Treasury Carter Glass, in verifying on
In accordance with an informal agreement between the directors of subthe 13th inst. the report that bankers in this country had stantially all the Federal Reserve banks whereby the principle of rotation
membership on the Federal Advisory Council was agreed upon and a
In
been approached by the Belgian Government with a proposal
program of rotation was informally adopted, 1919 was fixed as the year in
that they advance a loan either through a public offering or which the Federal Reserve Bank of New York and certain other Federal
banking channels, was quoted in the New York "Times" Reserve banks should change their membership in the Federal Advisory
Council.
as saying:
In accordance with this plan Mr. A. B. Hepburn, Chairman of the Adthere
is
judgment
that
My
Such inquiry has been made.
tentative
visory Board of the Chase National Bank, has been elected by the directors
could be no special objection, provided that a satisfactory rate and com- of the Federal Reserve Bank of New York to represent this district on the
mission could be arranged.
Federal Advisory Council for the year 1919, to succeed Mr. J. I'. Morgan,
Secretary Glass, whose views were expressed while he was Who has represented the district on the Council for the past four years.
in this city to attend the dinner of Group VIII of the New
York State Bankers' Association, is said to have added that
it was his understanding that the negotiations had only
reached a preliminary stage.
REGULATIONS PERMITTING FOREIGN EXCHANGE
DEALERS TO MAKE TRANSFERS TO PALESTINE
AND SYRIA.
Attention to the issuance of the 21st inst. of a regulation by Fred I. Kent, Director of the Division of Foreign
Exchange of the Federal Reserve Board, permitting foreign
exchange dealers to make transfers of funds to persons not
enemies or allies of enemies in sections of Palestine and
Syria, was directed by J. H. Case of the Federal Reserve
Bank of New York in the following circular:
Sirs—
Instructions to Dealers.
Your attention is directed to the following regulation which was issued
under date of Jan. 21 1919 by Fred I. Kent, Director of the Division of
Foreign.Exchange of the Federal Reserve Board, in accordance with the
Executive Order of the President, dated Jan. 26 1918.
ROBERT F. MADDOX DECLARES IT ESSENTIAL THAT
WE GRANT CREDITS TO DEBTOR NATIONS.
Speaking as the guest of honor before the forum of New
York Chapter, American Institute of Banking, Wednesday
evening, Jan. 22, Robert F. Maddox, of Atlanta, Ga.,
President of the American Bankers' Association, declared
that we are on the crest of a world-wide inflation, but that
the very fact that it is worldwide is a favorable feature, as it
will enable prices and wages to be reduced more gradually.
Mr. Maddox stated that no one expects prices and wages to
be maintained at the artificial level to which they were
raised by the war's demands, now that the war is over, but
that a good deal depends upon the promptness and fairness
with which the Government settles the war contracts for
labor and supplies to which it was committed at the time the
war ended. Mr. Maddox is quoted to the following effect:
The great question now is, how can we continue to maintain or increase
our foreign business with a credit balance of approximately $500,000,000
in annual interest due to start with, an amount nearly equal to the balance
of our foreign trade four years ago? How can we be paid for the goods
we hope to export in the future? It would be IIIINVISO to add to our already
large stock of gold. There are some articles which we now import which
JAN. 25 1919.]
THE CHRONICLE
319
we could use in increasing quantities, but there is little hope that this that for the year 1918 the railroads of the country expended from their
Increase will keep pace with our ability to increase our own export products. receipts for wages, materials used in operation, construction, &c., about
One of the plans suggested is for this country to continue to buy the $5,000,000,000.
obligations of the governments of our debtor countries until our people are
Banking Power of the United States Surpasses All Previous Records.
educated to buy direct foreign governments' securities or the securities of
The banking power of the United States represented by the capital,
well-established industrial enterprises in other parts of the world. If we surplus, profits, circulation and deposits of all national banks and reexpect to increase or even maintain our foreign businees, it is absolutely porting State banks, trust companies, &c., as well as capital, Governessential to grant these credits in some form, and we must begin at once ment and reserve deposits of the Federal Reserve banks, and Federal
some plan to absorb those securities.
Reserve notes in circulation, amounted in June 1918 to 39,082 million
dollars, an increase for the year of 4,609 million dollars, or 13%. Since
June
the estimated banking power of the United States has grown
ANNUAL REPORT OF COMPTROLLER OF CURRENCY from 1914
24,340 million dollars to 39,082 million dollars, or approximately
—STRIKING FACTS.
60% in the four-year period, against an increase in the preceding four
of about 16%•
The annual report of Comptroller of the Currency John year period
The banking power of this country
is nearly two and one-half
Skelton. Williams, reviewing the activities of the national times as great as the banking power ofto-day
the whole world as late as 1890.
banks during the period of the war, was made public on according to Mulhall's estimate at that time, and the banking power of
United States to-day is estimated to be seven times greater than our
Jan. 21. The report covers the fifth year of the present the
banking power in 1890.
Comptroller's term. The term of office is fixed by law at
Favorable Balance of Trade in War Period and How Settled.
five years. Comptroller Williams' term began Feb. 3 1914.
The Comptroller says that the excess value of our exports of merchandise
In his report just made public the Comptroller states that for the past five years amounts to approximately 11,580 million dollars,
the demands upon the capital and banking resources of which, he says, was settled by the importation of something over 0123
billion dollars of gold from other countries and by our acceptance of approxithe country have been unparalleled, and that "the financial mately
ten billion dollars of short-term obligations of debtor nations, of
strain upon us would have wrecked and crumbled any which about two billions were taken by individuals, banks and other corfinancial system not founded on sound economic laws and porations, and about eight billions by the United States Government.
Comparative Growth of National and State Banks.
governed by conservative and established principles of
Tables presented show that in the five-year period from June 1913 to
finance, and no system, however meritorious, could have
June 1918, the resources of the national banks increased from 11,036
survived such strain had not its component parts been op- million dollars to 17,839 million
dollars, or 61.6%, while the resources of
erated and directed by men of character and experience State banks, savings banks, loan and trust companies &c., increased in
same
period
the
14,675
from
million
dollars to 22,371 million dollars, or
willing and able to rise to the supreme demands of the hour.
52%. The increase in the national bank resources from June 1931 to
"Through these trials and tests," says he, "the national Nov. 1 1918, was 8,785 million dollars,
or 79.6%.
In the five years 1914 to 1918 the records report the failure of 314 State
banks of the country and our Federal Reserve system have
banks,
savings
banks
and
loan
and
trust
companies. In the same period
passed triumphantly. Their resources have risen steadily there were 56 national bank
failures. In the calendar year 1918 there was
during this period of stress and strain to the highest figures only one national bank failure.
ever attained, the national bank resources on Nov. 1 1918
Currency Issued by the Comptroller's Office During Fiscal Year.
being $19,821,404,000." During the past eighteen months,
During the fiscal year ending Oct. 31 1918 the Comptroller of the Curhe notes, this country has raised through bond issues an rency issued $260,155,140 of national bank notes, $1,781,663,720 of Federal
Reserve
and $62,234,660 of Federal Reserve Bank notes; and the
amount more than six times as great as was raised during Currencynotes,
Bureau redeemed in the same period $255,078,213 of national
the four years of the Civil War, and largely at rates of inter- bank notes, $334,403,925 of Federal Reserve notes, and $3,345,025 of
est not one-half as high as those paid during that period. Federal Reserve Bank notes. The larger portion of the Federal Reserve
notes was issued
upon the security of gold or gold certificates
He declares that of the $17,000,000,000 of Liberty bonds and paper securedprincipally
by Government bonds.
placed more than 83/ billion dollars, or 50.6%, were marketed
Trust Powers for National Banks.
through the instrumentality of the national banks. SumAttention is called to the legislation conferring upon national banks all
marizing the year's results, the Comptroller shows that;
the trust powers which may be exercised by State banks. The hope is
First. The resources of the national banks have now attained figures expressed that the national banks will exercise these powers and extend the
Increased
facilities to their customers.
never before approximated.
,
Second. Although the volume of business transacted throughout the
Changes of Title.
country has been unprecedented, and demands for capital greater than
All of the national banks in the country having in their title the word
ever before, yet throughout the year money rates have been maintained in "German" or
words of like import, changed their titles, 29 such changes
every section of the country on a normal basis, and every legitimate in- being made in the fiscal
year.
dustry has been enabled to Obtain funds needed for its operation at favorLegislation Recommended.
able rates.
Third. The usurious and exorbitant rates formerly charged in remote
The Comptroller repeats his recommendations for legislation regarded
districts have been steadily subsiding. Complaints of usury are fewer by him as necessary for the protection of the stockholders and depositors
than over before. '
of the national banks and for the public benefit, including the recommendaFourth. The banks have been observing more closely the provisions of tion for the insurance or guarantee of all national bank deposits of $5,000
the National Banking Act and the rules and regulations of the Comp- or less, and he presents arguments in support of the thirty recommendations
troller's office.
which he submits.
Fifth. Coincidently with the closer adherence to the law the earnings of
Marvelous Growth of Our Banking in the United States Since 1900.
the national banks, both gross and not, have exceeded those of any prePerhaps nothing could illustrate more vividly the amazing growth which
vious year.
Sixth. Despite the strain and unusual demand upon the banks in the this country has made since 1900 than the bank figures compiled in this
calendar year 1918, there was no failure of any national bank throughout report, which show that the aggregate resources of all the banks of the
the entire country east of the Rocky Mountains, and in the entire country United States, including national banks, State banks, savings banks, reonly one national bank failure, a small bank in California. In the fiscal porting private banks and loan and trust companies, which in 1900
year ending Nov. 1 1918, among State banks, private banks and trust com- amounted to only 10,785 million dollars, amounted in June last to a grand
aggregate of 40,726 million dollars. In the same period the banks have
panies there were 32 failures in 17 States.
Seventh. The growth in the resources of the national banks in the past increased in number from 10.382 to 28,880.
five years has been greater than the increase which took place during the
Money in the United States. •
preceding twenty-five years. Their assets now exceed by more than one
The general stock of money in the United States in June 1918 was rebillion dollars the combined resources of all State banks, savings banks, ported at 6,741 million dollars, of which
$360,300,000 was in the Treasury
reporting private banks and trust companies of the country as late as as assets of the Government and
$1,001,300,000 was held by the Federal
Juno 1916.
Reserve Banks and Federal Reserve Agents against issues of Federal
Eighth. Although the national banks of the country placed between Reserve notes, a total of $1,361,600,000,
or 20.20%, of the general stock
May 1917 and Nov. 1 1918 for themselves and their customers more than being thus hold. Of the remaining 79.80% of the money
of the country.
$8.600,000,000 of Liberty bonds, yet the records show that the deposits of the coin and other money in the national and
other reporting banks aggrethe national banks actually increased, between May 1 1917 and Nov. 1 gated $882,700,000; with the Federal Reserve
banks, :22,006,200,000, these
1918 by $1,975,876,000.
two items aggregating 42.86% of the total stock of money.
Some of the features of the report are portrayed as folThe remaining 36.94%, or $2,490,500,000, outside of the Treasury and
the banks, was presumably in the pockets of the people or hoarded
lows in a synopsis:
Domestic and Foreign Securities Held by National Banks,
Gross and Net Earnings of National Banks.
The gross earnings of the national banks for the fiscal year ending July
From June 1917 to June 1918 national banks reduced their holdings of
increase
of $298,373,000 over the foreign government and other foreign bonds and securities from $352,1918 amounted to $813,997,000, an
twelve months ending July 1914, just before the outbreak of the war, 609,000 to $283.811,000, while their holdings of Liberty bonds increased
while the net earnings for the year ending July 1918 were $212,332,000, from $171,129,000 in June 1917 to $730,534,000 in June 1918. In the same
the greatest on record, and exceeded by more than 63 million dollars the period the national banks' holdings of railroad bonds were reduced from
earnings for the fiscal year ending July 1914. The Comptroller points 467 million to 406 million dollars.•
out that this increase in net earnings took place despite the losses and
Profits Derived By the Government From the Operations of the Comptroller's
shrinkages in securities incident to the war period and despite the reduced
Office.
interest rates which have been brought about in the past few years. The
The report shows that the net revenues derived by the Goveinment from
increase in not earnings was over 42%.
the operations of the Comptroller's office for the fiscal year, arising priEarnings on Capital Stock.
marily from taxation on the bond-secured circulation, exclusive of the
The average earnings on capital stock for all national banks for the expenses of the bureau for which appropriations
7ere made, amounted
past fiscal year were 19.33%, the greatest on record. The earnings on to $3,161,456 01. The total revenue
which the Government has received
capital and surplus of all national banks were 11.09%. In the forty- from the tax on national bank circulation since
the inauguration of the
nine-year period from 1869 to 1918 the average earnings of all national Currency Bureau in 1863 to June
30 1918 has amouhted to approximately
banks amounted to .12.81% on stock.
144 millioi dollars, while the expenses of the Currency Bureau for the same
period aggregated loss than 19 million dollars, leaving a credit balance
Federal Control of Railroads and the Financial Situation.
The Comptroller states that the taking over of the railroads of the of profit to the Government for the period of approximately 125 million
country in 1918 averted a financial catastrophe and made possible the dollars.
success of the Third and Fourth Liberty loans and the winning of the
Proportion of Loans to Deposits and Deposits to Capital.
war. lie declares that the future prosperity of the country will depend
The Comptroller calls attention to the fact that despite a certain amount
largely upon the correct solution of the railroad problem. He shows
of necessary inflation incident to the war and the unusual conditions which
•
320
THE CHRONICLE
have prevailed, the proportion of loans and discounts to deposits in the
national banks in the five year period between Aug. 9 1913, and Nov.
1 1918 shows an actual reduction from 77.61% in 1913 to 67.08% on Nov.
1 1918.
He also directs attention to the large increase which has taken place
In the proportion of deposits to capital stock. On Aug. 9 1913 the proportion of deposits to the capital of the national banks was 752%. On Nov.
1 1918 deposits were 1,360% of the capital stock. These comparisons do
not include surplus, but the increase in the proportion of deposits to both
capital and surplus has been very great.
[VOL. 108.
Twenty-sixth--That provision be made whereby no national bank shall
have the right to make a charge against the account of a depositor except
on a charge ticket or order signed by at least two officers of the bank.
Twenty-seventh—That the Comptroller's office have • authority to
require national banks to shift their bookkeepers and other employees
from time to time from one desk or service to another so as "to make it
more difficult, If not impossible, for employees to hide defalcation or manipulate the books.
Twenty-eight—That Congress require long dormant balances to be
deposited in the United States Treasury.
Twenty-ninth—That legislation be enacted to allow banks to deduct
United States bonds from taxable assets.
Thirtieth—That legislation be enacted to provide for the Federal insurance or guarantee of deposits of 85.000 or less.
Growing Use of Bank Acceptances.
The report shows the growing use of bank "acceptances" in both our foreign and domestic trade. The amount of drafts and bills of exchange
accepted by the national banks on Nov. 20 1917 was $153,645,000. On
Nov. 1 1918 this had increased to $332,719,000, an increase of 116%•
PROPOSED AMENDMENT PERMITTING SAVINGS
Savings Bank Deposits During the War.
BANKS TO INVEST IN ACCEPTANCES.
June
1918
and
June
1916
that
shows
between
The Comptroller's report
the deposits in the Mutual Savings Banks actually increased from $4,urging those interested to use their efforts toward
letter
A
187,000,000 to $4,422,000,000. The deposits in the Stock Savings Banks
of an amendment to the laws of
in the same period increased from 8901,000,000 to 81.049,000,000. The securing the enactment
total deposits In both Mutual and Stock Savings Banks of the country in their States permitting savings banks to invest in bankers'
these two years of disturbance and war not only showed no reduction but acceptances and trade acceptances has been sent out by
actually increased from $5,088,000,000 in June 1916 to $5,471,000,000 in
Samuel H. Beach, Chairman of the Committee on Liquid
June 1918.
The total number of depositors reported In both Mutual and Stock Investments of the Savings Bank Section of the American
Savings Banks in June 1916 was $11,148,000, against $11,379,000 in June Bankers' Association. The letter has been addressed to
1918, an increase of 231,000 in the number of depositors.
These figures are particularly instructive when we consider the vast interested parties in Maine, Minnesota, New Jersey, Ohio,
amount of savings which went into Liberty bonds In this period.
New Hampshire, Pennsylvania,Rhode Island and Wisconsin,
National Bank Employees in Army and Navy.
and is as follows:
On Nov. 1 1918 our national banks were employing 59,306 men and My Dear Sir:
27,539 women clerks and hey had sent into the Army and Navy 17,520
The question of the need and advisability for savings banks to invest a
men, hundreds of whom have yielded up their lives. The twelve States greater portion of the funds committed to their care in assets which are
whose country national banks furnished the largest percentage of their liquid by reason of ready marketability and early maturity, which was so
employees to the Army and Navy exclusive of States whose national banks ably discussed by Professor Edwin W. Kemmerer before the Savings Bank
furnished less than 100 were in the order named: New Mexico, 43.83%; Section at the annual meeting of the American Bankers' Association in
Wisconsin, 38.47%; North Dakota, 37.35%; Idaho, 36.36%; Minnesota, Chicago last September, is one which is in every sense of the word of vital
34.87%; Albama, 34.73%; Virginia, 34.68%; California, 34.39%; North importance to savings banks everywhere.
Carolina, 34.15%; Louisiana, 33.89%; Montana, 33.61%; Nebraska,
It is now generally conceded, by reason of the wide-spread educational
33.58%.
discussion of this matter largely furthered by the Savings Bank Section,
and
Army
the
to
banks
supplied
national
whose
The twelve reserve cities
that bankers' acceptances, as well as trade acceptances, endorsed by a
Navy the highest percentage of their employees (among those supplying bank, banking association and trust company, which is a member of the
not less than 50) were in the order named: Wichita, 79.41%; Minneapolis, Federal Reserve system, afford the very best form of such liquid invest78.76%; Des Moines, 64.20%; Sioux City, 63.53%; Oklahoma City, ments for at least a portion of a savings bank's assets. Owing, however,
61.40%; Spokane, 57.89%; Nashville, 57.60%; Omaha, 55.43%; Tulsa, to the fart that this form of investment has but recently been available
53.89%; Dallas. 50%; San Antonio, 49.70%; Jacksonville, 48.39%•
Sny appreciaole quantity In this country, there are many States which
, In brief the legislation recommended by the Comptroller is as follows:
have not revised their laws so as to permit savings banks to take advantage
First—That the officers of national banks be prohibited from borrowing of it.
funds of the banks by which they are employed.
But even though it seems to be unanimously conceded that savings banks
Second—That a conservative and proper limitation be placed upon the should everywhere have the right and privilege to purchase these liquid
may
firm
or
person,
corporation
one
any
money
and thoroughly safe forms of commercial paper which generally bear a
aggregate amount of
obtain from a national bank through the discounting of commercial paper better rate of interest than any bank would be warranted in paying on
daily balances, it is very certain that they will be made legal for savings
and bills of exchange.
where the matter is clearly and intelliThird—That the penalty for an excessive loan be the disqualification banks to buy, only in those States
attention of the Legislature.
of the officer making or granting the loan, or thnimposition of a suitable gently called to the
With the idea, therefore, of assisting you in securing from the Legislature
fine, or both, in addition to the civil liability incurred by reason of making
of your State this very desirable addition to the list of securItles whiCh a
such loan.
bank may legally purchase, the ComMittee on Liquid Investments
Fourth—That the Comptroller be authorized to bring proceedings savings
has caused to be prepared, and herewith enclosed submits to you a tentative
against national bank directors for losses sustained by the bank throughwording which if it meets with your approval can be submitted to your
violation of the provisions of the National Bank and Federal Reserve Act.
Legislature for its consideration.
Fifth—That the Comptroller be vested with power to remove directors
We are also sending you, under separate cover, a copy of the discussion
or officers guilty of persistent violations of the National Bank Act.
on the question of bankers' and trade acceptances, held at the recent
Sixth—That the law provide that if a director-elect does not qualify Chicago convention of the Association. The address of Prof. Kemmerer
within thirty days after his election a vacancy shall be declared immediately. Is most convincing, and the argument which follows excellently supports
Seventh—That the Comptroller's office be empowered to penalize, by Professor Kemmerer in the results of his study.
I am sure that inasmuch as your Legislature is now in session you will
fines, all infractions and violations of the law and regulations, and that these
be able to successfully propose an amendment to your State law along the
fines be imposed on offending officers, as well as upon the bank.
enclosed.
Eighth—That the Department of Justice be authorized to bring suit lines of the suggested form
Will you not keep me in touch with the progress you make?
against national banks guilty of usury upon information furnished by the
Comptroller.
The following suggested amendment to the investment
Ninth—That national banks be authorized to make an interest charge of law of the State of Maine accompanies the letter:
legal
25 cents on any loan, even though that charge might exceed the
Note.—The matter below is prepared with reference to the law of Maine
rate authorized by law.
the banking institutions designated are of the character existing in
and
to
applicable
be
made
Tenth—That the State laws regarding overdrafts
that State, namely "trust and banking companies" and national banks.
those
States.
in
national banks
In each State in which the above is enacted, the names of the banking
Eleventh—That the rates of interest any national bank may pay on its Institutions, whose acceptances or indorsements of acceptances are to be
paper
time
for
the
rate
highest
unless
annually,
4%
not
exceed
shall
deposits
Invested in, should be designated as they are termed In the statutes of the
fixed by the Federal Reserve Bank of the district is over 4%.
particular State. For example, the New York statutes designates such
Twelfth—That the total deposits which a national bank may receive institutions as "bank, national banking association or trust company."
shall be limited to eight or ten times the unimpaired capital and surplus Furthermore, appropriate amendatory language in each State should be
used with reference to amendment of the section or provision which authorof the bank.
and securities,
Thirteenth—That a law be enacted to prevent "wildcat" banking in the izes investment of savings funds in a specified property
preliminary to the description of bankers' and trade acceptances as subjects
District of Columbia.
Fourteenth—That all officers and employees of a national bank having of investment.
THOMAS B. PATON, General Counsel,
the custody of its funds furnish surety bonds.
American Bankers' Association.
Fifteenth—That all certificates of deposit must be signed by two officers
Amend Section 27 Chapter 52 of the Revised Statutes of Maine by
of the bank.
Sixteenth—That no officer or employee of a bank be permitted to make adding at the end thereof the following:
"Eighth. In acceptances of the kind and character following:
erasures on the books of a bank.
"a Bankers acceptances and bills of exchange of the kind and maturities
Seventeenth—That authority be given to standardize the by-laws of
made eligible by law for rediscount with Federal Reserve banks, provided
national banks.
company incorEighteenth—That rechartered national banks be authorized to continue the same are accepted by a bank or trust and banking
porated under the laws of this State, or under the laws of the United States
the use of old banknote plates.
State.
Nineteenth—That the engraving ofsignatures of bank officers on national and doing business In this
"b Bills of exchange drawn by the seller on the purchaser of goods sold
banknote plates be authorized.
made eligible
Twentieth—That national banks be allowed to establish branches "within and accepted by such purchaser of the kind and maturities
banks provided the same are
certain limits" but not outside the boundaries of the State in which the by law for rediscount with Federal Reserve
the laws
under
incorporated
company
indorsed by a trust and banking
parent bank is located.
Reserve system) or by a
Twenty-first—That national banks be permitted to establish branches of this State (which is a member of the Federal
national bank doing business In this State."
in Alaska and the insular possessions.
Not more than 20% of the assets of any savings bank shall be invested
Twenty-second—That the Criminal Code be amended to provide a
amount of the liability of any trust
penalty for false financial statements for the purpose of obtaining credit in such acceptances. The aggregate
and banking company or of any national bank to any savings bank, whether
from national banks.
held by such savings banks and
Twenty-third—That the breaking and entering a national bank for as principal or Indorser, for acceptance
deposits made with it shall not exceed 25% of the paid up capital and
purposes of robbery be made a Federal crime.
or national bank and not more
Twenty-fourth—That the laws be amended to provide that no national surplus of such trust and banking company
credited to the depositors of any savings
bank be permitted to tie up by investment in an office or bank building than 5% of the aggregate amount
bank shall be invested in the acceptances of or deposited with a trust and
an amount in excess of the paid-up capital of the bank.
of such savings
Twenty-fifth—That the United States Treasurer be authorized to sell banking company or with a national bank of which a trustee
bank is a director.
bonds securing circulation thirty days after a bank goes into liquidation.
•
JAN. 25 1919.]
THE CHRONICLE
321
STATE LAWS PERMITTING LOANS SECURED BY
LIBERTY BONDS.
, The American Bankers' Association has taken occasion at
this time, when unscrupulous speculators are taking advantage of the small holders of Liberty bonds to call attention to the laws of the several States whereby banking institutions may make loans to Liberty bondholders secured by
their Liberty bonds. We give the same herewith:
VICTORY LIBERTY LOAN EXPECTED TO BE LAST
State Laws Permitting Loans Secured by Liberty Bonds.
DRIVE OF TREASURY DEPARTMENT.
New York.-Chapter 369 (1914), Article 6,Section 239, Subdivision 8(a):
The
announcement
that but one more war loan drive is
"Promissory notes payable to the order of the savings bank upon demand,
secured by the pledge and assignment, if necessary, of the stocks or bonds planned by the Treasury Department was made by Secreor any of them enumerated in Subdivisions 1, 2, 3, 4, 5 and 10 of this tary of the Treasury Glass on Jan. 19. This is the
proposed
section or by the railroad bonds or any of them mentioned and described
in Subdivision 7 of this section, but no such loan shall exceed 90% of the Victory Liberty Loan which is expected to be floated in
cash market value of such securities so pledged. Should any of the securi- April. The amount, it is stated, will not be more than
ties so held in pledge depreciate in value after the making of such loan, $6,000,000,000 and may be $5,000,000,000.
In his announcethe savings bank shall require an immediate payment of such loan or a
part thereof or additional security therefor, so that the amount loaned ment of the 19th inst., Secretary Glass said:
for a substantial oversubscription, as the expenses of the Government,
both in connection with the expeditionary forces and with demobilization
and contract adjustment, are just now running at an exceedingly high level.
Subscriptions will be received at the Federal Reserve banks from Jan. 30
to Feb. 6, inclusive. These certificates bear 434% interest, and are acceptable for Liberty Loan installment payments, at par, with an adjustment
of interest. They do not bear the circulation privilege, and will not be
accepted in payment of taxes.
I expect the Victory Liberty Loan to be the last intensive campaign for
thereon shall at no time exceed 90% of the market value of the securities
so pledged for such loan."
the sale of Government bonds. Reports that there would be two more
Subdivision 1: "1. The stocks or bonds or interest-bearing notes or loan issues this year aggregating $12,000,000,000 are entirely without
obligations of the United States, or those for which the faith of the United foundation, not only as to amount, but also as regards the number of camStates is pledged to provide for the payment of the interest and principal, paigns.
including the bonds of the District of Columbia."
While it is stated that more bonds will probably be issued
The following State laws provide for investment of savings funds in
loans to individuals secured by Liberty bonds substantially in accordance by the Government even after the next campaign, it is
with the New York law above set forth, excepting where special notation planned to market these quietly through
banks and other
is made. (States that are not herein referred to have no restrictive laws
financial institutions, without the usual campaign of advertispertaining to investment of savings funds.)
California.-Section 67, Subdivision 3, paragraph A; Section 61, Sub- ing and soliciting. It is further said that the amount of
division 3, paragraph A.
securities to be sold in this manner will not be determined
Connecticut.-section 30 (provides for market value of bonds 20% in
for months, until the Treasury gets a more definite idea of
excess of amount of loans): Section 2.
Indiana.-Section 20, and 19 (Subdivision 1)•
the volume of expenses growing out of liquidating of war
Iowa.-Section 1850, Subdivisions 1 and 4.
contracts,
the Allies needs for further loans, and the demands
Maine.-Section 27, Subdivisions 1-A and 7-B.
arising from continuing the policy of making loans to railMassachusetts.-Section 63, Subdivision 2-A and 8-E (2).
Michigan.-Section 27, Subdivisions A and H.
roads, financing the next wheat crop, continuing shipbuildMinnesota.-Section 3-22, Subdivision 1 and 5 (aggregate amount-value
ing and other internal obligations. On the 19th inst. it
-of securities taken shall not be less than the full amount loaned thereon.)
New Hampshire, (1917).-Chapter 114, Section 3, Subdivision 1, Sec- was explained by Treasury officials that the misapprehension
tion 2, Subdivision 4.
regarding the number and amount of remaining loans may
New Jersey.-Chapter 195, Section 33, Subdivision 1, Section 34 (proarise over the fact that the Treasury had planned to float
vides for market value of bonds 20% in excess of amount of loan).
two loan issues, aggregating about $12,000,000,000, this
Ohio.-Section 9765, Subdivision C, Section 9758, Subdivision B:
Oregon.-Section 4594, Subdivision D (1) and (5) (market value shall be fiscal year. The fiscal year began last
July 1, however,
25% in excess of amount of loan).
Pennsylvania.-20 May 1899, Section 17, P. D. 246, Section 28, Sub- and ends next June 30, and the Fourth Liberty Loan of
division 1, Act 205, Section 1, Laws 1917 (institutions with capital stock nearly $7,000,000,000 already has been floated in that
only).
period. The honor flag of the comiag loan will bear a blue
Rhode Island.-Chaptor 687, P. L. 1911-1917, Section 1, Clause 1 (A),
"V" on a white field, surrounded by a red border, the
Clause 10 (a).
Vermont.-SectIon 8, Subdivision 2 (A) and 5 (D).
"V" meaning both five and "Victory."
Wisconsin.-Sections 2024, 2068, 2024, 2069.
Note.-Where the section only is given, the reference is to that part of
the law pertaining to investment of savings funds.
PAYMENT OF INTEREST ON REGISTERED BONDS OF
LIBERTY LOANS-DATES FOR CLOSING
OF TRANSFER BOOKS.
SUBSCRIPTIONS TO FOURTH OFFERING OF TREASURY
The following statement with regard to the payment of
CERTIFICATES IN ANTICIPATION OF VICTORY
interest on registered Liberty bonds has been issued by the
LIBERTY LOAN.
Subscriptions of $600,101,500 were received to the fourth Treasury Department:
Interest on registered bonds of the Liberty loans is payable semi-anbi-weekly offering of Treasury certificates in anticipation
nually on specified dates by means of checks drawn by the Secretary of the
of the coming Victory Liberty Loan. A minimum amount Treashry
on the Treasurer of the United States in favor of registered holdof $600,000,000 was offered; the certificates are dated Jan. ers of record on the dates the transfer books close prior to the respective
16 and mature June 17; they bear 43/2% interest. Subscrip- interest payment dates. The fact that bonds of the First Liberty Loan or
bonds of the Second Liberty Loan are converted into bonds bearing a higher
tions closed Jan. 21. The results by Federal Reserve dis- rate
of interest does not affect the dates on which interest is payable. Such
arranged
tricts,
in the order of the percentages of subscrip- dates remain constant for the loan and are not affected by the ast of conversion.
tion of their quotas, are:
Dates of Interest on Bonds.
Subscription.
The following are the dates on which interest on the bonds of the several
$27,760,000 Liberty loans is payable:
97,774,500
On June 15 and Dec. 15: First Liberty Loan 33- % bonds of 1932-1947:
26,445,500 First Liberty Loan converted
4% bonds of 1932-1947; First Liberty Loan
43,533,500 converted 431% bonds of 1932-1947;
First Liberty Loan second converted
203,609,500 431% bonds of 1932-1947.
49,090,500
On May 15 and Nov. 15: Second Liberty Loan 4% bonds of 192740,000,000 1942; Second Liberty Loan
converted oi% bonds of 1927-1942.
50,400,000
On March 15 and Sept. 15: Third Liberty Loan 43.1,% bonds of 1928.
18,753,500
On April 15 and Oct. 15: Fourth Liberty Loan 431% bonds of 193318,403,500 1938.
12,288.000
In order to prepare for the payment of interest the transfer books of
8,043,000 registered bonds close one full month prior to the interest payment
date
4,000,000 and reopen on the day following the respective interest payment
dates.
During any period when the transfer books for any particular loan are
$600,000,000
$600,101,500 closed no transfers of registered bonds of
such loan or interchanges of
registered and coupon bonds of such loan will be permitted, but if requests
transfer
any
of
for
registered
such
interchanges
bonds
of any such regisor
FIFTH OFFERING OF TREASURY CERTIFICATES IN
tered and coupon bonds are received during any such closed period the
ANTICIPATION OF VICTORY LIBERTY LOAN.
requests will receive attention upon the reopening of the books. As inA new issue of Treasury certificates (the fifth) in antici- dicated above the semi-annual interest will be paid to the person in 'whose
bonds are registered as shown by the looks of the Treasury Depation of the Fifth or Victory Liberty Loan was announced name
partment on the date the books close, regardless of any disposition that
by Secretary of the Treasury Glass on Jan. 23. A mini- may be made of the registered holder during the closed period. If coupon
mum amount of $600,000,000 is offered. The bubseription bonds are presented for exchange for registered bonds during such close
periods, the coupon next due should be detached and collected in the
books will close Feb. 6. The certificates will carry 432% usual
manner. If registered bonds are presented for exchange for coupon
interest; they will be dated Jan. 30 and will mature July 1. bonds during such closed periods, interest on such registered bonds will be
paid
in
the usual manner, and the coupon bonds delivered upon such
In its announcement concerning the offering the Federal
exchange after the reopening of the books will have the coupon maturing
Reserve Bank of New York says: ,
on the interest day for which the books were closed and prior coupons
The Treasury Department has announced that the issue of U. S. Treasury detached.
Certificates of Indebtedness No. 5E, in ahticipation of the Fifth Loan, will
The periods during which the transfer books of registered bonds of the
be dated Jan. 30 1919 and will mature July 1 1919.
respective Liberty loans are closed follow:
The quota for this issue has been placed at $600,000,000, but the TreasFirst Liberty loan (including bonds issued upon conversion): From
ury Department calls attention to the fact that this figure is a minimum close of business May 15 to opening of business June 16; from close of.
and is not the maximum amount desired, and it points out the special need business Nov. 15 to opening of business Dec. 16.
DistrictsMinneapolis
Chicago
St. Louis
Philadelphia
New York
Boston
San Francisco
Cleveland
Richmond
Kansas City
Atlanta
Dallas
Treasury
Quota.
$20,800,000
84,000,000
24,000,000
42,400,000
203,200,000
62,000,000
42,400,000
54,400,000
20,800,000
24,000,000
17,600,000
14,400,000
322
THE CHRONICLE
Second Liberty Loan (including bonds issued upon conversion): From
close of business April 15 to opening of business May 16; from close of
business Oct. 15 to opening of business Nov. 16.
Third Liberty Loan: From close of business Feb. 15 to opening of
business March 16; from close of business Aug. 15 to opening of business
Sept. 16.
Fourth Liberty Loan: From close of business March 15 to opening of
btsiness April 16; from close of business Sept. 15 to opening of business
Oct. 16.
In case any date for the closing of the transfer books falls on a Sunday
or legal holiday the books will be closed on the day preceding such date,
and in case any date for the opening of the transfer books falls on a Sunday
or legal holiday the books will be opened on the day following such date.
ANNOUNCEMENT OF NEW YORK FEDERAL RESERVE
BANK CONCERNING LIBERTY BOND INSTALLMENT.
With respect to the 20% installment which was due on the
Fourth Liberty Loan on Jan. 16 1919 the Federal Reserve
Bank of New York ye ;terday (the 20th) announced the
following:
Payments received by cash
By advice of credit
By certificates of indebtedness
$11,554,440
85,796,935
14,898,000
$112,249,375
Total
The original subscriptions in the Second Federal Reserve District
allotted in full by the Treasury Department amounted to $2,044,931,750
of which amount approximately $78,000,000 still will remain to be paid on
the next and final installment date, Jan. 30 1919.
VIEWS OF GATES W. McGARRAH ON PROPOSED
LIBERTY BOND OFFERING.
The belief that "the interest rate and tax-exemption features of the Fifth Loan should be attractive enough to niake
the new bonds stay above par from the time they are issued
until the time they mature" was expressed by Gates W.
McGarrah, President of the Mechanics' & Metals' National
Bank of this city, at the dinner given in this city on Jan. 22
by the Forum of the New York City Chapter of the American
Institute of Banking in honor of Robert F. Maddox. The
"Tribune" quotes Mr. Maddox as saying:
It is unfair, now that the war is over, to ask the American people, who
have responded so splendidly to the Government's appeal for funds, to
subscribe to bonds at par which immediately after the end of the campaign will fall below par.
Mr. McGarrah, according to the "Times," stated that
while no one could possibly take issue with Secretary of the
Treasury Glass on the patriotism of the American people
(the Secretary's remarks on this score were referred to in our
issue of Saturday last, page 218). He felt that it was good
business common sense, in view of all the burdens the American people are carrying, that the forthcoming appeal should
offer them an investment which would appeal to their judgment. From the "Tribune" we take the following concerning some further observations of Mr. McGarrah:
On the question of establishing an international gold settlement fund,
which Is under discussion at Paris, Mr. McGarrah said the theory of the
proposal was sounil, but that it might prove exceedingly dangerous in practice. If we lived in a world in which permanent harmony and perfect balances in trade among nations existed, he said, the clearing house plan of
settling accounts would be admirable.
"But," he continued, "with due respect to the contemplated League of
Nations, in case of war the nation which got possession of the storehouse
of gold would have a tremendous advintage. Moreover, the proposed plan
might make international arrangements too easy,and thus lead to hazardous
over-expansion."
In the domestic readjustment, Mr. McGarrah would set free all the commodity markets, including wheat, and would have Congress make up the
difference to the farmer between the open market price and the guaranteed
price of $2 26 a bushel for 1919. Regarding the American position in the
world's gold market, he advocated the outflow of all gold not needed in
this country.
N. Y. CHAMBER OF COMMERCE RECOMMENDATION
ON BEHALF OF LIBERTY BOND PURCHASERS.
Last week, page 206, we made reference to the recommendations of the Executive Committee of the New York
Chamber of Commerce for the adoption of measures by the
Government to protect purchasers of Liberty bonds against
unscrupulous promoters. We take occasion to give herewith the report of the committee containing the recommendations, which report was unanimously adopted by the Chamber on Dec. 5:
To the Chamber of Commerce:
The Government of the United States, in floating the Liberty Loans,
has secured subscriptions from more than 20,000.000 of people.
It has been authoritatively stated that more than 19,000,000 of these
subscribers have never been investors before, and it is probable that they
have for the first time put money into an interest-bearing security.
They have been induced to save and to invest this money on two grounds:
First—In response to an appeal to their patriotism;
Second—On the assurance of the safety of their investment.
The Government has assumed a great obligation towards these people
whom it has thus induced to invest in its securities.
Great good and increased economic strength would result if the spirit
Of thrift and sound investment which has thus been started should be so
cultivated that It might become a permanent_habit_of their lives.
[VOL. 108.
On the other hand, if the Government does not recognize and discharge
this obligation, there is very grave danger that there will be a reaction in
the minds of the people which would not only destroy the habit of thrift
and the desire to invest, but also might turn the sptrit of patriotism into
one of dissatisfaction and distrust of the Government and of public securities.
Except during the last year, when, under the war powers of the Government, the issue of securities has been supervised and restricted by the
Capital Issues Committees in the various Federal Reserve districts, there
has always been a flood of highly speculative, often unsound, and sometimes fraudulent issues of securities offered by means of advertisements,
circulars and solicitation to the people throughout the country.
The promoters of these enterprises sought to secure the money of the
inexperienced by questionable means and by promise of alluring returns
which legitimate industry could not produce.
There are already many signs that as soon as Government supervision Is
removed there will be an unusual outcrop of these classes of securities
offered to the small investor in exchange for his Liberty bonds.
When heretofore the inexperienced, and often unsuspicious, parted with
money in exchange for worthless securities, and lost it, he had no one but
himself to blame; but if he is induced to part with Liberty bonds and subsequently finds his securities worthless and his money gone, the ultimate
effect is more likely to be that he will feel that under great persuasion he
lent his money to the Government and ultimately had nothing to show
for it; and from that it is easy to foresee that with an assumed grievance
rankling in his mind, not only will his spirit of patriotism be impaired or
disappear, but also the habit of thrift and investment will be discouraged;
and so at some future time when, in a great emergency, the Government
may again call upon its citizens, the spirit of patriotism and support
might be found lacking.
Furthermore, the form in which the Liberty bonds were issued, carrying
coupons only for two years and necessitating their exchange for other
bonds at the end of that time, is not likely to be understood by a large
proportion of the less intelligent people who have subscribed and paid for
them, and will make them the mere easy victims if the predatory promoter
leads them to believe that they will receive nothing more until the ultimate
time of redemption, which in many cases may be after their death.
Your committee, therefore, offers the following:
Resolved, That the Chamber of Commerce of the State of New York
believes that a very important economic and political question is involved
in the protection of the people who have invested in Liberty bonds, and it
urges the United States Government to recognize its obligation to do so
and suggests a campaign of wide publicity and education to put the people
on their guard, and, also to protect them from the solicitations of unscrupulous promoters by such powers as existing laws provide or by securing new legislation if present laws are inadequate; and be if further
Resolved, That the Chamber of Commerce of the State of New York
urges its members to caution their employees and those of corporations
with which they are connected against parting with their Liberty bonds
without first consulting the employer or bank through which they were
purchased, and particularly against parting with them in exchange for
unknown securities.
Attest:
ALFRED E. MARLING, President.
CHARLES T. GWYNNE, Secretary.
New York, Dec. 7 1918.
CONFEREES' ACTION ON WAR REVENUE BILL.
There seems but little to report this week on the conference
action on the war revenue bill. On the 18th inst. the conferees on the measure agreed to the amendment continuing
through 1920 the 80% war profits tax on war contracts
which run beyond the 1919 fiscal year. and adopted the excess profits rates for 1920. In stating that the House conferees agreed to establish a definite rate for war excess profits
taxes payable in 1920, and accepted the Senate schedule
for the latter period, the New York "Times" of the 19th
inst. said:
The single concession that the Senate members of the Conference were
called upon to make was an 80% war profits tax payable in 1920, but covering only war contracts which may remain at that time.
The big battle, of course, is over the war excess profits taxes to be paid in
1919, and the only announcement made for publication was that a decision
on this matter had been deferred. Representative Kitchin, leader of the
House conferees, is reported as still firm for his proposed 80% war profits
tax or the alternative schedule proposed in the original House bill and
known as the excess profits method.
The fact that the House conferees had given way to the Senate to the
extent of adopting the lower schedule for war excess profits taxes payable
in 1920 was generally accepted here as presenting two probabilities: First,
that the danger of a deadlock which would end all hope of reaching a compromise agreement was less acute; and, second, that the Senate members
would in all probability give some ground and join in a report recommending rates in increase of those which were quoted in their original amendment to the House proposals.
On Monday, the 20th inst., the conferees postponed
deferred action on the bill owing to the illness of Democratic
Leader Kitehin. On the 22d, when further consideration
was given to the excess profits and war tax rates, Chairman
Simmons issued a statement saying:
The conferees have agreed to many technichl and clerical amendments
relating to the excess profits and the war profits tax without reaching any
fnal agreement with reference to the taxing and relief provisions.
On the 23d it was announced that the conferees had failed
to reach a final decision on the war excess profits tax payable
in 1919. The provisions, it was reported, were being rewritten in an effort to effect a compromise which will be
acceptable to the Senate and House members. In their
deliberations on the bill on the 22d the conferees decided to
rescind their previous action whereby they had increased
the rate of tax on amusement admissions from 10 to 20%.
Wednesday's decision followed the receipt of petitions bearing thousands of names protesting against the proposed increase. In their agreement of this week the conferees decided to let the present tax of 1 cent on each 10 cents paid for
JAN. 25 1919.]
THE CHRONICLE
323
amusement admissions remain in effect, but to increase the at their full value. All machinery used in mining and all property or sut
improvements upon or appurtenant to mines or mining claims, and
tax on cabaret admission from 10 to 15%, and also that on face
the value of any surface use made of mining claims, or mining property
other than mining purposes, shall be assessed at full value. The State
club dues from 10 to 15%. The tax of 1 cent on each 10 for
Board of Equalization shall assess and tax all property herein enumerated
cents paid for admission applies to theatres, moving pictures, provided that the assessment of $5 per acre and the assessment of the
value of any use other than for mining purposes shall be made as provided
entertainments, baseball grounds, circuses and other amuse- by law.
ments. The conferees recently determined to make the
Some are of the opinion that the constitutionality of the new law may be
rate of 1 cent on each dime paid under 30 cents—to exempt given a thorough test in the higher courts of justice. An interpretation
of the new law is that it will mainly affect the producer; that the noncheaper moving-picture theatres—and 2 cents on each 10 producer
will have no appreciable increase in taxes.
cents in excess of 10 cents. Petitions against the increase
bearing more than 350,000 names had been received and rep- SENATE PASSES BILL
APPROPRIATING $100,000,000
resentatives of the amusements interests had planned to
TO RELIEVE FOOD NEEDS IN EUROPE.
submit personal protests to-morrow.
The bill appropriating $100,000,000 for food relief for the
populations of Europe outside of Germany was passed by
SECRETARY OF TREASURY GLASS ON DELAY IN
the Senate yesterday (Jan. 24) by a vote of 52 to 17. As
ENACTMENT OF WAR REVENUE BILL.
announced in these columns a week ago (page 222), the bil
Announcement was 'made by Secretary of the Treasury passed the House on Jan. 13 by a vote of 242
to 73. It
Glass on the 23d that the Treasury Department would was reported to the Senate by Senator Martin on the 17th
proceed with the administration of the War Revenue Law, inst.; on the 18th the Senate adopted an amendment
prowhen it is finally disposed of by Congress, without awaiting posed by Senator Lodge, adding Austria, Turkey and Bulthe signature of the President. In stating that the Depart- garia, besides Germany, to the countries which shall not
ment had made all plans for the collection of taxes on the share in distribution of the funds. The Lodge amendment
understanding that the bill would be enacted by Feb. 1, provides, however, that it shall not prevent
food distribuSecretary Glass said:
tion to the peoples of Armenia, Syria, Greece and the ChrisThe delay is makihg a most serious situation for the Treasury, and a tian and Jewish
people under the yoke of enemy Govern:
feeling of exasperation among business men. We cannot administer the
law so well when it is so late in being completed, and there is apparent a ments. Chairman Martin and Senator Lodge, minority
great deal of irritation on the part of interests which do not know how leader, led the fight for the measure, while Senators Borah
much to set aside for taxes.
and Kenyon, Republicans, opp-ed the bill. During the
discussion there was considerable criticism by the Idaho
SECRETARY OF NAVY DANIELS ON MOVEMENT TO Senator of
the Food Administration under Mr. Hoover.
SHIFT WAR TAXES.
On Monday, the 20th inst., an amendment was offered
The statement that there was a movement on foot to shift by Senator Penrose, providing that wheat, to be given free
taxation to pay war costs from the "few to the many" is to peoples of Europe, should, so far as possible, be purchased
attributed to Secretary of the Navy Daniels in an address in the United States. This amendment was accepted by .
before the National Popular Government League in Wash- the Senate. Another amendment offered by Senator
ington on Jan. 11. Secretary Daniels is quoted in the New Ashurst, of Arizona, Democrat, proposed to give every
York "Times" as saying:
soldier, sailor and marine a bonus of six months' pay and his
The question that calls for settleznent, aside from tho greater ones that uniform upon discharge, but its
consideration was deferred.
will be composed in the Paris Conference (and that Conference will give
permanent peace by providing an international tribunal for passing upon In the course of his discussion of Mr. Hoover on the 20th,
International differences and an international police to enforce its decrees), Senator Penrose called attention to reports that the Departis how to make here in America a practical, working democracy that will ment of Agriculture
is drawing a bill appropriating $1,250,be safe for the world. Labor must receive a largo share of what its brain
and muscle provides; we must have a merchant marine that will carry 000,000, which is necessary to meet the Government's
much of the commerce of the world; and our readjustment must be attended obligation to buy the 1919 wheat crop at the fixed maximum
with vigilance lest the burdens of the war shall be transferred to the consum- and said this
was a remarkable situation brought about by
ing many.
Already there is a well-concerted policy of securing Federal taxation Mr. Hoover's administration.
Which would reduce the part which wealth must pay. The pleas which
Senator Sherman also engaged in attack on the bill on the
will be made for this transference of these burdens will be many. They will 20th,
while Senators Martin and Lewis spoke in its support.
be put up in smooth-looking capsules. The Junkers, who are resolved that
taxation shall be light on those who made big money out of the war, are Further opposition to the bill was manifested in the Senate
past masters in camouflage. The people must sleep with both eyes open on the 21st, with the result that a final vote was again postf they defeat the purpose to shift war taxes from the few to the many.
poned. The discussion included further criticism of the
Food Administration and opposition to the administration
FORMS FOR REPORTING INCOMES OF LESS THAN of the fund, if appropriated,
by Food Administrator Hoover.
$5,000 OUT SOON.
An amendment providing that the fund be administered
Forms for reporting incomes of less than $5,000, it was through a special commission, to be appointed by the Presiannounced on Jan. 14 by Commissioner of Internal Revenue dent and confirmed by the Senate, was introduced by SenaDaniel C. Roper, are expected to be in the hands of col- tor Penrose. During the debate on the food bill on the 21st
lector3 for distribution among taxpayers not later than Senator Poindexter of Washington made a vigorous
criticism
Feb. 1. "It may be definitely stated," said the Com- of the failure of the President to remove restrictions
against
missioner, "that taxes for the calendar year 1918 will be the construction of steel vessels for foreign owners in
Americollected under the provisions of the pending bill as finally can shipyards, and said this policy was causing loss
of work
enacted, and not under the provisions of the Act of Oct. 3 among the shipbuilders of the Pacific coast.
Without a
1917." Commissioner Roper said that the conferees on the record vote the Senate on the 22d rejected the amendment
revenue bill have made sufficient progress to warrant the of Senator Penrose calling for the administration of the fund
Bureau in proceeding at once,to print and distribute forms through a commission. The amendment by Senator
Ashurst
for the collection of the income tax of 1918. In order to authorizing a bonus of sixty days' pay to privates
and nonfacilitate the work of the Bureau, the conferees are dispos- commissioned officers discharged from the army
met a
ing as rapidly as possible of those provisions of the bill directly similar fate. Continued debate on the bill on the
22d and
affecting the form for reporting incomes of less than $5,000. 23d resulted in final action on the bill by
the Senate being
Preparation of the other forms is proceeding concurrently delayed until yesterday, when it was passed as noted
above.
conferees,
the
work
of
with the
and it will be possible, it was
stated, to have them ready shortly after the enactment NEW YORK PRODUCE EXCHANGE
SEEKS WITHof the law.
DRAWAL OF GOVERNMENT FOOD RESTRICTIONS.
In addition to seeking the discontinuance of hog priceUTAH VOTES TO TAX INCOMES OF MINES.
According to advices appearing in the "Wall Street fixing, as proposed in its petition to Attorney-General GregJournal" of Jan. 16, the proposed amendment to the consti- ory, referred to in another item in to-day's issue of our paper,
tution of the State of Utah taxing the incomes of mines the New York Produce Exchange has appealed to President
was carried by a majority of 13,901 votes against the vigor- Wilson to take prompt action to remove Government reous opposition of the mining interests. With reference to strictions affecting foodstuffs, and to discontinue pricefixing as applied to hogs, grain and like products.
the action on the measure the paper quoted says:
The appeal is embodied in the following resolutions
The vote stood 35,337 for and 21,346 against. The counties
with the
large mining interests voted heavily against the proposed
amendment. adopted by the Board of Managers of the Exchange at a
The objectionable section Is as follows:
special meeting on Jan. 21 and ratified at a meeting of the
Section 4. All metalliferous mines or mining claims, both
rock in place, shall be assessed at $5 per acre, and in addition placer and members of the Exchange on Jan. 22:
thereto at a
value based upon some multiple or sub-multiple of the net
thereof. All other mines or mining claims and other annual proceeds
mineral
deposits, including lands containing coal or hydro-carbons,valuable
shall be assessed
Whereas, On the 3d day of May, 1917, immediately following the outbreak of the war, the Board of Managers of the New York Produce Exchange, in regular session, adopted unanimously a resolution recognizing
324
THE CHRONICLE
the necessity of unusual measures for the regulation, by Government control, of the production, handling and marketing of such staple food products as grain, provisions, &c., and in the patriotic desire to render all possible assistance to the Government all records, statistics and equipment
of this Exchange, together with assurances of personal services, if needed,
by the Government, of such of its members whose large experience in
their several lines of food supplies would be useful and valuable in the
conduct of the Government's plans for carrying on such Government regulation of foodstuffs as might be found necessary; and
Whereas, Such offers of facilities and services were duly presented to the
President of the United States and immediately acknowledged by him
with expressions of appreciation and hearty thanks, in a letter dated May 4
1917, addressed to the President of this Exchange; and
Whereas, It is our profound belief that we have made good our offers
of service during the eighteen months of the terrible world-wide war now
happily ended, not only by personal service by many of our members in
Government bureaus for regulation of shipping, distribution and merchandising of our great food staples, but also in cheerful and patriotic submission to such Governmental regulation and• restriction of business of
our staple commodities as to entail great loss and damage upon many of
our members, reaching, in some cases, such as trading in cotton seed oil,
to total extinction of operations; and
Whereas, During this war period we have enthusiastically and successfully done our full share in the floating of the four Liberty Loans,
Red Cross, Y. M. C. A. and other similar campaigns, our members contributing most liberally both services and money, as the records will show;
and
Whereas, The war being actually over, in an economic sense, we feel
strongly that the war measures and restrictions on our business should
now be removed and commerce restored to its normal channels and conditions, so that values and prices might be regulated only by the laws of
supply and demand.
Now therefore, be it resolved, That the Now York Produce Exchange
hereby earnestly appeals to the President of the United States to take
prompt action to remove the restrictions complained of and to discontinue
the practice of price-fixing as now applied to hogs, gvain and other foodstuffs, to the end that prices may return to their normal and natural bases,
controlled only by conditions of supply and demand, and so bring about
a material and necessary reduction in the cost of living now bearing so
heavily upon the mass of our people, such reduction inliving expense being
especially called for in this period of reconstruction and readjustment,
where there must be a considerable discharge of labor, or at lesat reduction of wages, to meet diminished demands incident to stoppage of the
intense and abnormal war activities.
In cases where the Government is obligated, either by law or by agreements entered into in good faith, to maintain prices, we are in favor of an
honorable fulfillment on the part of the Government of such obligations
up to the present time, but not beyond, and that such obligations should
be at once terminated or canceled and that just and equitable adjustment
should be made to provide for any actual bona fide loss accruing under
such agreements, believing that such a course would be wiser and economically safer, as well as more just and equitable, than to maintain the prices
at a high and artificial level to the benefit of about 30% producers against
about 70% consumers, who are now suffering from the high cost of living, which we believe is not justified by the actual conditions of Supply
and demand now existing. We firmly believe that the longer present
artificial price levels are maintained the worse the loss will be from the
ultimate price readjustment, which must inevitably come, sooner or later.
Be it further resolved, That the President of this Exchange be and hereby
Is instructed to transmit a copy of these resolutions to the President of the
United States, with the respectful petition for early action.
In addition to the foregoing, at the instance of the members of the Flour Trade, the Board of Managers was requested to address the Food Administration in an effort to
have the Administration issue a statement that as far as is
within its power the present method of handling the 1918
wheat crop and prices thereon will not be changed.
It was reported in the New York "Commercial" of Jan. 22
that legislative measures tooking to a definite termination
of Government price fixing on foodstuffs would be submitted
to Congress as a result of conferences in Washington on
the 21st between representatives of the New York Produce
Exchange, Senator Calder and Representative Gould of
New York.
OPPOSITION OF PRODUCE EXCHANGE TO CONTINUED FIXING OF HOG PRICES.
In line with action taken by the Chicago Board of Trade
a petition to Attorney-General Gregory to take action toward
preventing further arbitrary price fixing of hogs has been
drawn up on behalf of members of the New York Produce
Exchange, The Hog Price-Fixing Committee was to have
met on the 23rd to determine the February price but it was
announced this week that its meeting had been postponed
until Jan. 28. The meeting will be held in Washington
instead of Chicago, where former meetings have taken place.
It was stated on Monday that in view of the postponement
of the meeting the Produce Exchange would delay the sending of its petition so as to enable it to submit "as large and
as strong a list of signatures as possible." About 200
members were said to have signed the petition on that date.
We give the petition herewith:
•
To the Honorable Thomas W. Gregory, Attorney-General of the United States,
Washington, D. C.:
As members of the New York Produce Exchange, vitally interested in
handling the products of agriculture, we petition your honorable self
to take such action as will prevent any further arbitrary price-fixing of
hogs, and consequently of hog products, by a so-called Hog Price-Fixing
Committee, which, as far as we can learn, is acting without any legal
status. Price-fixing by this committee has been in operation for several
months. As a war measure we would have nothing to say, but would
loyally support any action of the Government for increasing the supply
[VOL. 108.
of food. It is now no longer a war measure, and such arbitrary action
should be stopped. Mr. Everett C. Brown, Chairman of the Hog PriceFixing Committee, has openly stated that were it not for the activities of
his committee hogs would now be selling at from 10 to 12 cents per pound
instead of 17M cents per pound, the price arbitrarily fixed by his committee. What end in view the committee has in holding the price of hogs
and consequently the price of hog products, at from 5 to 7 cents per pound
above the normal price, based on supply and demand, we do not know,
but we do know that the arbitrary action of this committee is placing a
heavy burden on the long-suffering consumers, who comprise about 70%
of the popultion of the country, in comparison with about 30% of the
farmer population, and that it is now causing discontent among the people,
which is now openly and bitterly expressed: As a war measure, well and
good, but in peace, the old law of supply and demand can fix prices better
than any Government bureau whose usefulness is now at an end, and whose
activities, if they cannot be entirely suppressed, should be held down to
the strict letter of the law.
On Jan. 13 Everett C. Brown, Chairman of the Hog PriceFixing Committee, took occasion to deny reports that pricefixing would be discontinued before the end of the current
month. He was quoted as saying:
I have heard nothing of such action. During the last week I have had
several telegraphic communications with Washington, and the Food
Administration advises me there will be a meeting in Chicago on Jan. 23
for the specific purpose of fixing the price of hogs for the month of Febru
ary.
RESTRICTIONS RE-IMPOSED ON IMPORTATIONS
OF RICE.
•
Restrictions on importations of rice which were withdrawn by the War Trade Board on Jan. 9 were reinstated
by the Board on the 20th inst. to remain effective until
further notice. The action, the Board announces, was
taken at the request- of the U. S. Food Administration.
EXPORTATION OF OATS AND OAT PRODUCTS
PERMITTED.
The War Trade Board announces in a new ruling (W. T.
B. R. 528), after a consultation with the United States
Food Administration, that it is now prepared to consider
applicatious for licenses to export oats and oat products to
all countries, except the United Kingdom, France and
Italy. Purchases of these commodities for shipment to
the United Kingdom, France and Italy will be continued
to be made by the Allied Provisions Export Commission,
acting on behalf of the Governments of these countries.
The Board in its announcement of Jan. 20 also says:
Exporters should acquaint themselves with the import requirements of
the countries of destination before shipping, as in some of these countries
the regulations which were in force prior to the signing of the armistice are
still in effect.
EXPORTATION OF BUTTER.
On Jan. 13 the War Trade Board announced, after consultation with the United States Food Administration, that
it was prepared to consider applications for licenses to export butter to the British and FrenchlWestlIndies.
ONLY ABOUT 50 COMMODITIES ON EXPORT CONSERVATION LIST COMPARED WITH 900 IN OCTOBER.
A new export conservation list, effective Jan. 16 and
covering about 50 items, as against more than 900 in the
list of Oct. 15 1918, was announced on the 16th by the
War Trade Board. Practically every commodity still on
the Conservation List, the Board stated, requires the procurement of an individual export license regardless of destination. Commodities no longer on the Conservation List
require no individual export licenses for shipment to the
United Kingdom, France, Italy, Belgium or Japan, and
their colonies, and to other destinations export licenses will
be freely granted in most cases. Foodstuffs on the conservation list have been materially reduced in number
since the signing of the armistice, and the same reduction is
even more apparent in the case of commodities other than
food. Arms and ammunition, coal and coke, moving-picture
films, quinine and its compounds, and jute yarns and jute
nitrate bags are practically the only considerable commodities other than food still remaining on the conservation list. In addition to the removal of the commodities
previously stated, the Board's statement of the 16th announced the removal of copra. As evidence of the rapidity
with which the export trade is being restored to normal,
it was pointed out that this latest export conservation list
contains only about ono-quarter of the items included in
the previous list, issued Dec. 24. The reduction of regulations affecting exports has been rapid and steady ever
since the signing of the armistice.
JAN. 25 1919.1
THE CHRONICLE
COMMODITIESWHOSEIMPORTATION IS RESTRICTED
—CERTIFICATION OF CONSULAR INVOICES.
The War Trade Board on Jan. 20 announced that the regulations contained in W. T. B. R. 409, issued Dec. 18 1918,
have been amended and that Consuls have been instructed
to certify invoices covering all unrestricted commodities
without requiring evidence of the issuance of an import
license and of the number thereof. The Board says:
In announcing this simplified procedure, the War Trade Board desires
to impress upon Importers that, for their own protection and to avoid
the possibility that shipments may be made for whose importation license
may be refused by reason of non-compliance with enemy trade regulations
or for other reasons, they should secure import licenses before shipments
are made.
The foregoing amendment of W.T. B.IL 409 does not apply to commodities whose importation is still restricted, and Consular invoices covering
such commodities will be certified only "upon production of a letter or
cablegram from the consignee, giving the import license number, commodity and the quantity thereof licensed." The commodities whose importation is restricted as of this date are the following:
Wheat, wheat flour, feathers, peanuts, ferromanganese, splegeleisen,
Egyptian cotton, emery ore, jute and manufactures of Jute, pig tin, tin
ore and concentrates.
RELAXATION OF BRITISH IMPORT RESTRICTIONS.
The War Trade Board in announcing the relaxation of
British import restrictions said:
It For the information of exporters in the United States who are interested
325
of sugar for shipment to the United Kingdom, Franco and
Italy, the Board announces, will continue to be made by the
Allied Provisions Export Commission, acting in behalf of
the Governments of these countries. The'Board, through
Vance C. McCormick, Chairman, says:
Exporters should acquaint themselves with the import requirements of
the country of destination before consummation of their business, as in
some countries the regulations which were in force prior to the signing of
the armistice are still in effect.
The Food Administration makes the following statement
relative to the Board's announcement that applications to
export sugar will be entertained after Feb. 1:
The situation which makes it possible for sugar to be exported from the
United States is largely due to the conservation accomplishments of the
American people in this commodity.
The plan for the distribution of sugar and the appeals for voluntary
conservation in sugar were designed to meet the obligation of this nation
to share with the nations associated with us in war the available world
supply of sugar, practically all of which lay within our control.
There was at the time these measures were taken barely enough in
prospect, under the war conditions on which we had to base all plans, to
supply those who depended on us for even a limited ration. The new
Cuban crop that is coming in is the largest in history. That crop last
year was 3,500,000 long tons, which was a half million tons larger than
any previous crop. This year's crop is expected to be nearly if not quite
4,000,000 tons.
Since July conservation measures taken by the American people have
resulted in the saving of at least a half million tons and some estimates
make the saving much larger than that. Except for these efforts there
would have been a shortage for two months, but the new crop from Cuba
and the fact that the beet sugar refiners in the West are now operating
relieves the whole situation.
In the relaxations of import restrictions in countries abroad, the War Trade
Board announce that they have received advice that the following commodities may be imported into Great Britain without the necessity of
obtaining an individual import license therefor:
All machinery driven by power and suitable for use in cutting, working or CONTROL OF IMPORTATION OF SUGAR BY SUGAR'
operating on wood, including sawing machines of all descriptions; general
EQUALIZATION BOARD.
joiners, mortise, tenon and boring machines; lathes and rounding machines;
On7Jan. 13 the War Trade Board announced that from,
box and cask-making machines, and all machinery accessory thereto;
scraping and sandpapering machines; wheelwright machinery; firewood- that data licenses for the importation of sugar would be
making and bundling machinery; wood, wool, fiber and pulp machinery; issued only to the Sugar
Equalization Board,Incorporated,or
saw-sharpening and setting machines;saw stretchers and brazing apparatus;
all machines for grinding, planing or molding irons; all machine tools and its nominees. Applicants for import licenses, said the War
machinery driven by power and suitable for use in cutting, stamping, or Trade Board, will still be required to give the guarantee
working metal, including lathes, milling machines, drilling machines, now in effect
as to the disposition of the sugar. It also said:.
planers, shapers, screw machines, chucking machines, boring machines,
In order that importers may be informed of the attitude of the Sugar
slotting machines, grinding machines, boring and turning mills, power
presses, punching and shearing machines, forging machines, cutting-off Equalization Board as to proposed shipments, it is suggested that they submachines, gear-cutting machines, centering machines; leather gloves; mit their applications for import licenses to the International Sugar Comcoffee; and tobacco, manufactured and unmanufactured, including cigars mittee, at 111 Wall Street, New York City, for their approval, before
forwarding the same to the War Trade Board at Washington.
and cigarettes.
This list, together with the list contained in W.T. B. B.390, Dec.9 1918,
contains all the commodities as to which the War Trade Board have had OPINION
OF ATTORNEY -GENERAL UPHOLDING
notice of import relaxations by Great Britain up to the present time. It is
AGREEMENT OF SUGAR REFINERS WITH
stated that these relaxations are to continue only until Mar. 1 1919; but
it is anticipated that at that time they will be again extended.
SUGAR EQUALIZATION BOARD.
The War Trade Board are also informed that shipping recommendations
As announced in our issue of Saturday last, page 223,
from the Priority Board at Cairo are no longer required in connection with
transshipments in the United Kingdom of goods destined for Egypt, and U. S. Attorney-General Gregory has rendered an opinion
that the Government of India has withdrawn its prohibition against the upholding the validity
of the price-fixing and distribution
importationTof motor cars, chassis, motorcycles and parts and accessories
agreement between the U. S. Sugar Equalization Board and
thereof.
the sugar refiners. The following is the announcement made
REMOVAL OF RESTRICTING AFFECTING IMPORTA- by the U. S. Department of Justice in which the findings of
TION OF CASTOR BEANS AND CASTOR OIL.
the Attorney-General are presented:
Washington, D. C.
Thg War Trade Board on Jan. 9 announced that all
Sir: I have your letter of Dec. 23 1918, requesting my opinion upon the
regulations restricting and controlling the importation of question whether a certain agreement negotiated by the United
States
castor beans and castor oil had been lifted. Licenses for Food Administration with the leading refiners of sugar in the United States.
and providing in substance that until Dec. 31 1919 the refiners shall purthe importation of castor beans and castor oil will be now chase their entire requirements of raw sugar from the
United States Sugar
issued without provision that the bill of lading be indorsed Equalization Board, Incorporated (an agency of the Food Administration),
to the Textile Alliance. All outstanding Government and that during such period the refiners shall observe a fixed maximum
on all sugar manufactured by them, is in violation of any law of the
options on imported castor beans and castor oil have been price
United States and particularly the Sherman Anti-Trust Act (26 Stat. 209).
canceled.
1. In a letter to the President dated Aug. 23 1917, the Attorney-General
RESTRICTION
ON IMPORTATION OF FLAXSEED
OR LINSEED LIFTED.
In making known on Jan. 9 the removal of the restriction upon the importation of flaxseed or linseed the War
Trade Board stated that import licenses would be issued
freely when the applications therefor are otherwise in order.
ALL IMPORT RESTRICTIONS ON COCOA BEANS
LIFTED.
The restriction placed upon the importation of cacao
or cocoa beans, announced in W. T. B. R. 163, issued July
111918, referred to in our issue of July 20, page 236, have
been removed (effective Dec. 20). Licenses the Board announced would henceforth be issued freely, provided applications were otherwise in order.
REMOVAL OF EXPORT RESTRICTIONS ON SUGAR—
SHIPMENTS UNDER LICENSE PERMITTED
EXCEPT TO ALLIES.
The removal of export restrictions on sugar was made
known by the War Trade Board on Jan. 17 in an announcement in which it stated that after consultation with the
U.S. Food Administration, applications would bo considered
for licenses to export sugar after Feb. 1 to all destinations
except the United Kingdom, France and Italy. Purchase
considered generally the authority of the United States Food Administrator,
under the so-called Food Control Act (40 Stat. 276), to enter into agreements with persons in the various trades and industries which would have
the effect of fixing prices or pooling output—in short, agreements which if
made between private traders would violate the Sherman Act. On that
occasion the Attorney-General expressed the view, to which I now adhere.
that such agreements are authorized provided they have a reasonable relation to the objects of the Food Control Act as expressed in Section 1.
Attorney-General's Opinion.
The Attorney-General said:
"I am of the opinion that any agreement made with producers or traders
by the Government itself (through the Food Administrator, acting by direction of the President), under authority of Section 2 of the Act, and having
a reasonable relation to the objects enumerated in Section 1, for example.
to assure an adequate supply and equitable distribution of necessaries and
to establish and maintain governmental control of necessaries during the
war, would not fall within the operation of the Sherman Anti-Trust Law,
even though the effect of the agreement or agreements were to fix a uniform
price or to accomplish a pooling of output. This, because Governmental
aztion with respect to prices or methods of distribution is obviously not
within the mischief at which the Sherman Law was aimed. On the contrary, when natural laws of trade break down, Governmental action in this
regard may become essential to prevent the private control of markets.
For, when natural laws of trade can no longer be depended upon to regulate
markets, the.only choice is between artificial control imposed by private
Interests and artificial control imposed by public agencies. In these circumstances, therefore, such Governmental action, so far from running
counter to the purpose of the Sherman Law, is directly in line with it."
(Italics in original.)
The validity of such an agreement, therefore, depends not upon whether
it may be said to constitute a violation of the Sherman Act, but upon
whether it bears a resaonablo relation to the declared objects of the Food
Control Act. Let the agreement be one with the Government through
a duly authorized agency, let it have a reasonable relation to the declared
objects of the Food Control Act, and it is at once removed from the pur-
326
THERCHRONICLE
pose and operation of the Sherman Act and other statutes governing
restraints of trade by private persons.
2. So far as germane to the present inquiry, the objects of the Food
Control Act as declared in Section 1 are:
To assure an adequate supply and equitable distribution . . . of
foods, feeds and fuel . . . hereafter in this Act called necessaries;
To prevent locally or generally, scarcity . . . affecting such supply • • . ; and
To establish and maintain Governmental control of such necessaries
during the war.
The same section further declares that it was to carry into effect these
objects that the "powers • . . hereinafter set forth are . . . conferred."
The section concludes with a broad grant of authority to the President
"to make such regulations and to issue such orders as are essential effectively to carry out the provisions of this Act." Not content with this
general authority, however. Section 2 specifically provides that in carrying
out the objects of the Act (those declared in Sec. 1, among others), "the
President is authorized to enter into any voluntary arrangements or agreements, to create and use any agency or agencies, . . . to co-operate with any agency or person, to utilize any department or agency of the
Government. . . .
Section 19 provides:
That for the purposes of this Act the sum of $150,000,000 is hereby
appropriated. . . .
It is apparent that under these several provisions the President has
power through such appropriate agencies as he may choose to enter into
agreements with producers or traders having a reasonable relation to
the ends (1) of assuring an adequate supply of necessaries; (2) of assuring
an equitable distribution thereof; (3) of preventing scarcity thereof; and
(4) of establishing and maintaining Governmental control thereof during the war.
Does the present agreement come within this description? The agreement was negotiated under the following circumstances as gathered from
your letter and the data submitted therewith:
Confronted with a threatened shortage in the sugar supply for the
crop year 1918-19, the President, acting through the Food Administration, deemed it expedient to stimulate the production of sugar beets and
sugar cane in this country by assuring to the producers a stable, certain
and remunerative price.
An exhaustive investigation of the cost per ton of producing sugar
beets having disclosed that $10 per ton was a fair price therefor, in view
of all the circumstances, the President, acting as aforesaid, urged the
beet sugar refiners to enter into contracts with the farmers for beets on
that basis, which they did.
Later the President entered into voluntary agreements with the Louisiana cane sugar producers (who for the most part refine their own sugar)
and the manufacturers of beet sugar, fixing the price of refined domestic
sugar for the crop year 1918-19 at 9 cents per pound wholesale, which,
after thorough investigation, was found to be a fair price in view of the
increased cost and the necessity for stimulating production.
To protect the price thus established for domestic sugar, it was necessary to provide a means for handling the Cuban sugar, which is the main
reservoir from which the supply of the United States is drawn.
Accordingly the President, under the authority invested in him by the
Food Control Act to "create and use any agency or agencies," caused to
be organized the United States Sugar Equalatizion Board (Inc.), and
subscribed for its entire capital stock in the name of the United States.
Thereafter, on Oct. 24 1918, the Equalization Board entered into an
agreement with a commission appointed by the President of the Republic of Cuba and with the agents of the Cuban producers by the terms of
which the Equalization Board obligates itself to purchase and the parties
of the second part obligate themselves to furnish and sell, the entire Cuban
crop of raw sugar for the year 1918-19 at prices therein set forth.
The Agreement in Question.
There has now been negotiated the agreement in question, also dated
Oct. 24 1918, between the Equalization Board, Herbert Hoover, United
States Food Administrator, and the leading refiners of sugar of the United
States (other than the refiners of domestic cane and beet sugars), the
pertinent provisions of which may be summarized as follows:
(a) The refiners agree that during the period from Oct. 1 1918 to Dec. 31
1919 they will purchase their entire requirements of raw sugar of all kinds
from the Equalization Board.
(b) The Equalization Board in turn agrees to furnish and sell to the
refiners their entire requirements of raw sugar during the period in question at 7.28 cents per pound.
(c) While the agreement relates principally to Cuban sugar, the main
source of supply, the refiners agree to accept at the same price any other
sugars which the Equalization Board may provide for their requirements.
(d) The sugars provided by the Equalization Board are to be distributed
among the refiners in stated proportions set forth in Exhibit B to the
agreement.
(e) The refiners agree that they will not charge more than 1.54 cents
net per pound for their refining margin.
The effect of this agreement is to stabilize the price of sugar refined from
Cuban raw sugar at the same price agreed upon with the Louisiana caneor beet sugar, to wit, 9 cents per pound wholesale. Between the price
paid for the Cuban raw sugar and the price at which it is sold by the Equalization Board, there is a margin of profit of from 25 cents to 38 cents per
hundred pounds, which, after discharging the liabilities of the Equalization Board, will be turned into the,Treasury of the United States as miscellaneous receipts.
The immediate purpose of the agreement was thus to give effect to
a plan formulated by the Food Administration to assure an adequate supply and prevent scarcity of a necessary of life—one of the principal objects
of the Food Control Act as declared in Section 1. I have ne 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.
Respectfully,
T. W. GREGORY,
Attorney-General,
[VOL. 108.
17. The meeting was called to order by W. Frank Shove,
President of the National Association of Cotton Manufacturers. In addressing the meeting Mr. Shove said in
part:
For several years the desirability, as well as the real need for holding
such a conference immediately after the close of the war, in which we
finally became participants, has been earnestly considered by careful
students of the cotton industry. Steadily the conviction gained ground
that producers and manufacturers of cotton, at home and abroad, were
facing far-reaching and drastic changes which would involve profound
alterations in every branch of the industry, and the successful solution of
which would demand the exercise of statesmanship and economic foresight of the first order.
This conviction impelled the unanimous adoption at the annual meeting
of the National Association in April 1917 of a resolution empowering and
directing the President to appoint a committee to consider and report
upon the advisability of calling an international cotton conference immediately upon the conclusion of the world war.
Carrying into effect the provisions of the resolution, my able predecessor
in the Presidency of the National Association in due course appointed a
committee, of which Tames R. MacColl of Pawtucket was Chairman, for
the purpose of considering the desirability of such a conference.
In its report to the National Association at its fall meeting in 1917 Mr.
MacColl's committee strongly recommended the convening of a world
cotton conference after the war, and this report was unanimously adopted
by the association. Finally, in November last, the President and Secretary of the National Association were empowered by its directors to form
and call the first meeting of a committee drawn from every important
branch of the cotton industry, which should have charge of the arrangements for the proposed conference. We are assembled here this morning
in response to that call.
There is only one thin.; more to add to the story of these preliminary
preparations. The cotton manufacturers of Europe, duly advised thereof
through official channels, have manifested a keen and helpful interest in
our plans. The International Federation, with headquarters at Manchester, both by sail and cable, has been prompt and generous in its tenders of co-operation, and a letter received only a few days ago from its
Secretary states that its executive committee will meet at an early date to
determine how it can most effectively second our efforts. It has been
suggested that a commission be appointed by this committee to go abroad
in May and invite foreign participation in the conference. The Secretary
of the International Federation has kindly offered, should this step be
decided upon, to prepare the itinerary of the commission and accompany
it through the wious countries of Europe.
Mr. Shove added that the following were among the
subjects which in his opinion could properly come before
such a conference:
1. The buying and selling of cotton, with all that appertains thereto.
2. The growing and handling of cotton, with due consideration of the
best methods for insuring long needed improvements in ginning, compressing and the standardizing of bales.
3. The transportation of cotton, with discussion of means to put an end
to country damage, and to bring about better means for the warehousing
and financing of cotton.
4. Discussion of the world's consumption requirements of cotton, with
careful thought for the possible need of a system of apportionment among
the nations with which we enjoy reciprocal trade relations.
5. Means for increasing and improving cotton production in the United
States and other countries.
6. Consideration of the machinery needed for replacement and development of the textile industry, especially in France and Belgium, where
much time and labor will be required to return it to its old footing.
7. Discussion of the part the United States, as a creditor nation, is to
play in world readjustment, with especial regard for the needs and future
of the textile industry.
8. Last, and perhaps most important of all, discussion of the international standardization of the hours of labor in the textile and other industries, as possibly the only practicable solution of the labor problem.
The plans for the conference will be perfected by a committee consisting of James R. MacColl, Pawtucket, Chairman; James D. Hammel, Anderson and John T. Scott,
Houston, Tex., Vice-Chairmen; Sydney Y. West, Little'
Rock, Treasurer; and Rufus R. Wilson, Boston, Secretary.
The following recommendations were contained in the report
of the organization committee, approved at the meeting:
We recommend the appointment by the Chairman of an executive committee of not less than 12, or more than 21 members, which, through subcommittees selected from the membership of the General Committee, shal
fix the date of and do all things needful for the successful conduct of the
world cotton conference.
We further recommend the appointment by the Chairman of a commission on foreign representation of not less than 9 or more than 15 members,
whose business it shall be to visit Great Britain and the several countries
of Europe, invite participation of the textile organizations of those countries in the world conference, and investigate and report to the conference
upon how and in what manner the United States can best contribute to the
reconstruction and re-equipment of the textiles centres of Europe, in whole
or in part destroyed by the Gorman army.
We finally recommend that the place for holding the world cotton conference be decided this day by vote of the members of the general committee.
RESERVE OF COTTON ADVOCATED BY SIR
CHARLES MACARA.
The movement looking to the proposed cotton conference
lends interest to observations which have been made within
the past few months in England by Sir Charles Macara,
INTERNATIONAL OR WORLD COTTON CONFERENCE long President of the International Federation of Cotton
Spinners. Under date of Dec.20, Sir Charles had the followTO BE HELD IN NEW ORLEANS IN OCTOBER.
ing
to say as to the effect which the return to peace will
Conference
osed International or World Cotton
upon the present position and future of the industry:
to which we referred in these columns Dec: 14, page 2238, have
The cotton trade in nearly all countries has been more or loss restricted
This
and
16.
15
14,
13,
Oct.
on
Orleans
New
at
held
is to be
in its output through the difficulty of obtaining supplies of raw material,
was decided upon at a meeting of the general committee and the difficulties connected with the export of manufactured goods.
n charge of the arrangements heldlin jWashington on Jan. The scarcity of labor, as well, has been a great handicap.
•
JAN. 25 1919.]
THEICHRONICLE
327
The English cotton industry, which is a preponderating factor, has been
seriously curtailed. The mills in the United States of America, since the
entry of that country into the war, have had to curtail production of goods
for the civilian propulation, but in peace times they export not much over
5% of their manufactured fabrics.
The mills in India. China and Japan, with a total of about 10,000,000
spindles, out of 144,000,000 in the world, may have been able to run with
less interruption, but with their very limited production they have had
to meet tho demands of a home population of about half the world's inhabitants.
The Belgian industry has been stopped since the outbreak of war,and the
mills of Northern France have also been silent and badly damaged. Russia,
Holland, Italy, Switzerland, Portugal and Spain, have all suffered in one
way or another. Since August 1915, when cotton was declared contraband,
the mills in enemy countries have gradually closed down, until at the time
of signing the armistice it was stated that 97%% in Germany were closed.
A very important factor regarding the future is that a large proportion
of the cotton machinery of the world is made in Lancashire, and very early
n the war the great firms of textile machinists turned their works over to
the production of munitions, with the exception of small sections occupied
with necessary repairs and renwals. Thus great leeway has to be made up.
During the ten years preceding the war the English cotton industry increased
Its spindleage by 12,000,000, this being about 2,000,000 more than the total
of India, China and Japan, which have been engaged in spinning and manufacturing cotton by power for 60 to 70 years. The increase mentioned
exceeds also the total number of spindles Germany had when war broke out.
That country has been spinning and weaving cotton for 100 years.
Such a position as I have indicated renders it impossible for any great
extension of the industry to take place, as the renwal of the many millions
of spindles destroyed or damaged during the war will tax the makers of
cotton machinery to the utmost for some time to come; and the fact that
present prices are 200 to 300% above pre-war prices means that new mills,
even if they could be erected, could not compete with those already in
existence. Consideration of the foregoing facts, and the further certainty
that the markets of the world are bare of cotton textiles, ought to have a
decidedly steadying effect.
The fluctuations in the prices of raw materials and other commodities,
as well as of freights and wages, are very difficult to follow; but the main
factor must never be overlooked that a considerable period must of necessity elapse before the raw material is converted into the finished fabric.
If preparations are not entered upon many months before the goods are
required they would not be available at all. I must leave those interested
to form their own conclusions after perusing this survey.
much to check the operations of the gambler. With the cultivator of cotton the crop is, of course, a question of money. He is not growing cotton
simply to please cotton rtsers. He must be guaranteed a reasonable price
for his crop quite regardless of whether it is a large or a small one, and a
reserve of cotton will help us to bring this much-needed reform about.
I am glad to see that the American Government is taking an interest in
this matter. It would be a good thing if the American Government were
to take over the crop at a price that would encourage an adequate but not
an excessive production. The financing of the cotton crop by the Government is another important matter at this time, because the hold of our
allies on the crops, in much the same way as the British Government holds
the East Indian, Egyptian and Colonial cotton crops, will have a great
bearing on the negotiations for peace. The International Federation of
Cotton Spinners have for years advocated a reserve of cotton. They
advocated it before the war, and since the war I have done my best to keep
so important a matter before the people concerned. The International
Federation have done a great work for the world's cotton industry; and if
the proposal here outlined were carried out, the Federation could claim to
have done a great work for the Allied nations. A reserve of cotton is an
urgent necessity. I hope the American Government will not let this important matter rest until it is carried through. Further, In the intereste
of the world's cotton industry it is just as important to prevent too rapid a
depreciation of the raw material as it is to prevent a further undue inflation
of it.
The cotton industry at this time, in spite of the war, owing to the past
nine months' management of the Cotton Control Board—that is, since the
whole trade, both masters and men, was brought into line—is in a prospperous condition. I refer, of course, only to the proportion of machinery
now running. I have referred frequently to the excellent work performed
by the Cotton Control Board, and although mistakes may have been made,
this was only to be expected in dealing with so difficult a task. The Cotton
Control Board has undoubtedly given a demonstration of what can be accomplished by an industry, managed as a whole by employers and operatives
joining hands, facing difficulties unitedly and being left to manage its own
affairs. The margin of profit that has resulted has enabled a certain provision to be made for the maintenance of the temporarily unemployed in
the industry.
As a matter of fact, however, this partial and temporary prosperity is,
in a way, not an unmixed good, because it veils from our sight the real danger to which the industry is, and always has been, exeosed'. From one
year to another the destiny which awaits the spinning and manufacture of
cotton is problematical. We may have a period of prosperity, or adversity
may steal in upon us, and neither the one nor the other is calculated to
rouse us to a sense of the dangers which yearly beset this, the second largest
industry in Great Britain.
The index of our commercial prosperity is the success which atterfds
the cultivation of the cotton plant in foreign lands. The crop statistics
are the unfailing sign of our material strength or of our weakness. Like
the Nileometer, which, in Egypt, has stood for ages to record upon its
column the height of the annual inundation, which regulates the prosperity
of the land, so in like manner the cotton crops of the world represent the
Nileometer, which shows the ebb and flow of trade in cotton garments,
which regulate the profits of our manufacturers and merchants and the
employment of our people.
But the basis on which the cotton industry is conducted, if carefully
examined, will be found to tend itself to the violent fluctuations which,
periodically, cause so much consternation in the world's markets. We
have had seasons of prosperity, followed by periods of stagnation, because,
like Croesus, in our prosperity we happened not to entertain a thought for
the dangers which might suddenly check our successful course.
During all the stages of its growth from infancy to maturity, the Lancashire cotton industry has been menaced with a failure of the cotton crop,
with a famine which must be the consequence of a short supply, and with
the general distress which must inevitably follow any stoppage of spinning
and weaving machinery. Just over fifty years ago the cotton industry was
slowly recovering from the famine in cotton caused koy the American Civil
War. We were at that time talking about the serious trouble that had
arisen partly in consequence of our shortsightedness. There are soma
among us to-day, both in this country and in America, who will not have
forgotten the then extremely critical condition of the world's cotton industry. In Lancashire and the adjoining counties of Yorkshire and Cheshire,
2,650 factories with 30,000,000 spindles and 350,000 looms were inactive
because America had stopped sending us cotton, and approximately half a
million operatives were so reduced in their circumstances as to compel them
to turn for assistance to organized charity. A good supply of cotton is the
only thing that will save us from a recurring crisis of that magnitude.
The great distance that divides the cultivation of the cotton plant from
the manufacture of cotton clothing is, no doubt, largely responsible for the
indifference which seems to pervade the industry on this side of the Atlantic
in regard to what is being done on the other side. * * *
Up to now we have seen visions and dreamed dreams. But the time has
come when the cotton spinner and manufacturer have got to realize that
if they want to reap the harvest there is some sowing to be done. It is
also well to bear in mind that there are other crops besides the cotton crop,
and that if the planter discovers that another crop will pay him better than
cotton, he will not hesitate long before making a change. Now I contend
that in establishing a reserve of cotton we shall beconsidering the legitimate
interests of all who are connected with the industry, from the planter to
the spinner and manufacturer, and from the cotton picker in the fields to
the operatives in the mills and weaving sheds, and at the same time:do
riers shall secure from the export committee having jurisdiction the necessary permit for the forwarding of the shipment from point of origin to
point of export. Upon receipt of this permit by the forwarding agent,
through export bill of ladingovill be issued, but,shipment should not be
accepted until a reasonable period to move the shipment to the port in
time for the specified sailing. Tariffs should be supplemented to provide for the payment of demurrage and storage charges at port shall apply
to traffic moving under through bills of lading, commencing the day following the sailing dateas Fixed in the contract; permits should notlbe
granted to ocean carriers or,their representatives except upon their agreement to pay those charges.to rail carriers.
REMOVAL OF EXISTING EMBARGOES ON COTTON
EXPORTS SOUGHT.
Following a meeting of Senators of cotton-growing States,
a cablegram was sent to President Wilson .on Jan. 18 by
Senator Smith of South Carolina urging that the embargo
on cotton be raised so that shipments could be made to all
of the non-enemy countries to which cotton is not now
allowed to go, and that shipments to Austria-Hungary be
permitted as soon as peace is declared. As reported in our
issue of Nov. 23, page 1964, the removal of restrictions on
the exportation of raw cotton to Great Britain, France,
Italy, Belgium and Japan was announced by the War Trade
Board on Nov. 21. On Dec. 3 the resumption of the issuordered
In special correspondence from Manchester, the "Journal ance of through export bills of lading for cotton was
under the folof Commerce" of Nov. 9 quoted Sir Charles at length on the by Director-General of Railroads McAdoo
cotton situation, and we'reproduce in part his remarks, as lowing conditions:
Such bills will not be issued unless a definite contract for ocean carriage
follows:
has been made with specific sailing date. Representatives of ocean car-
Yesterday (Jan. 24), in answer to the request of members
of Congress that all embargoes on cotton exports to nonenemy countries be lifted. President Wilson cabled Senator
Smith, of South Carolina, that cotton could now be exported
to all countries in amounts adequate to their needs, and that
further exports to enemy countries raised important questions
of policy which were the subject of attentive consideration
by the associated governments.
BILL TO AMEND COTTON FUTURES ACT.
A bill to amend the Cotton Futures Act to standardize
and regulate trading in cotton futures was introduced on
Jan. 7 by Senator Smith of South Carolina. The bill, it is
stated, provides for five grades—strict middlings and good
middlings above the grade of middlings, and strict low and
good low. Concerning the bill, the "Journal of Commerce"
in Washington advices on the 7th inst. said:
The object of the bill is to do away with a condition that is regarded as
intolerable in the cotton situation. Stains and tinges are allowed in grades
above strictly good and good ordinary and the result is that dealers find
the price ranging from $10 to $15 a bale below spot cotton because of the
wide latitude of judging.
The bill, if it should become law, would compel, it is explained, the
standard grades to bear a fair relation to the intrinsic value of the staple and
require deliveries somewhere near the standard of middling and allied grades.
CONGRESSMAN HEFLIN SEES COTTON AT 40 TO 50
CENTS.
The market price of cotton the present month has been
sharply declining, but in an address delivered in his home
town, Lafayette, Ala., on Dec. 26. Congressman Heflin,
of the House Committee on Agriculture, expressed the
opinion that, by the first of May 1919, he would not be surprised to see the price of the staple ranging from 40 to 50
cents a pound. In part his remarks as printed in the
"Journal of Commerce," were as follows:
Now since the war is over and the submarines are gone from the sea, and
cotton factories are free to operate in England, France, Belgium, Italy and
Russia and nearly all of the other countries, with England alone crying for
4,000,000 bales of American cotton, it requires no prophet to foresee a
great shortage in the cotton crop, a great dearth in the cotton supply for
another year. One hundred and fifty million spindles are ready to operate.
and there is not cotton enough to supply them.
328
THE CHRONICLE
If this year's crop should be 11.200.000 bales, and our mills consume
7,500,000 bales, as they will, there will be only 3,700,000 bales left with
'which to supply England, France, Italy, Russia, Spain, Japan, Canada,
•China, Peru, Chile and Argentina, and, according to Government figures,
we exported to England and Canada in 1914 3,631,000 bales, just 69,000
bales less than the total amount that will be left for foreign export of the
American crop for 1918 after our mills have been supplied'.
Counting ocean freight rates, it cost England last year about 50 cents per
pound for her supply of American cotton, and yet the official report shows
that her cotton mills made more clear money than ever before, and as I
have said, declared the biggest dividends in their history. The bear
speculators, backed by certain spinners, have been in a secret combination
to raid the market and beat down the price, so that they could get the
cotton away from the producers and hold it for the high price which is
bound to come. But the producer is holding, and this is going to be one
time when he is going to be well paid for holding.
Cotton producers, merchants and bankers, all know that the price of
cotton must now be above 30 cents in order to give any profit to the producer and enable him to meet his obligations.
Cotton is no longer disturbed by blockades and submarines. Restrictions on shipments have been removed and ships are moving with cotton
to foreign ports. The peace treaty will be signed in February, and then
the man who has cotton to sell can almost fix his own price.
By the first of May 1919 I shall not be surprised to see the price of cotton
ranging from 40 cents to 50 cents a pound. The wool supply is short, and
the price of wool so high that cotton is being sought on a larger scale than
ever as a substitute for wool. The leather supply is short, far short of the
tremendous demand, and cotton shoes will have to be substituted for
leather shoes on a larger scale than ever for spring and summer wear.
The lowest grade of the best scoured wool is selling for $1 05 a pound and
the highest grade for $1 85 a pound. Raw Japanese silk is selling at from
$4 to 811 a pound. Can anybody say that in comparison with these
prices cotton is high at 40 cents and 50 cents a pound?
There never was a time when all the facts of the cotton situation were
so favorable to the cotton producer as now.
[VoL. 108.
RELEASE OF CONTROL OVER HIDES,SKINS, TANNING
MATERIALS AND IMPORTED FINISHED LEATHERS.
On Jan. 9 the War Trade Board announced the discontinuance of the supervision theretofore exercised by the
Board, through the Tanners' Council of the United States,
of America, Inc., over the importation of all hides and skins
except wooled or haired sheepskins and wooled or haired
lambskins, all materials for tanning or dressing leather and
all substances from which tanning materials can be extracted, and all imported finished leathers. Import licenses
are now, issued without the provision that the bill of lading
be indorsed to the Tanners' Council. On Dec. 20 it was
announced by the Board that all restrictions upon the
importation of all grades of hides, skins, leather, tanned
skins and manufactures of leather had been removed, and
that licenses would thereafter be issued freely for the importation of these commodities.
IMPORT RESTRICTION ON MANUFACTURES OF WOOL LIFTED.
On Jan. 16 the War Trade Board announced that the restriction upon the importation of manufactures of wool
(List of Restricted Imports No. 1, item 80) had been removed. Licenses will be issued, when the applications therfor are otherwise in order, for the importation of manufactures of wool from any country.
GOVERNMENT PLANS AS TO DISPOSITION OF
SURPLUS COTTON STOCKS.
SHIPPING PREFERENCES FOR CEMENT AND
The policy of the Government with regard to the disLUMBER.
position of surplus holdings of cotton textiles is indicated
Under date of Jan. 13 the War Trade Board issued a
in a letter signed by L. H. Hartman, Chief of the Surplus statement saying:
Property Division of the Purchase, Storage and Traffic
The considerable relief in the congestion of freight for the East Coast of
Division of the War Department, made public on January 17 South America, afforded by the large increase of shipping tonnage assigned
to
the East Coast routes, has made it possible for the War Trade Board to
by S. F. Dribben, Chairman of the Special Advisory Comextend cement and lumber,to a limited extent, the shipping preferences
mittee of the Association of Cotton Textile Merchants of enjoyedtoby
other cominodities. Collectors of customs and shipping agents
have, therefore, been autnorized to accept cement and lumber as entitled
New York. In his letter Mr. Hartman says:
to
Shipping
Preferences Nos. 2 and 3, in accordance with the date of the
It is the policy of this division, in the disposition of such surplus stocks as
textiles and other items, to place the same on sale for domestic distribution only after all other channels of disposition have been exhausted.
Further, the policy of this division is to protect the industries, general
trade and labor conditions involved therein by preferring foreign outlets,
including the various relief organizations now operating throughout the
world, and in addition to such distribution this division occupies the position of preferred seller to the various Government departments, such as the
navy, the Marine Corps, the Post Office Department,Shipbuilding Bureau
and other departments allied with the Government, whereby the materials
and supplies of all kinds are to be filled from the surplus stocks in preference
to seeking supplies in the open market. The main idea of this division is
so to handle this surplus as to cause the least possible disturbance to the
Industries of the country in general.
Such surplus stocks as it is found advisable to sell within the United States
it is the thought and the intent to make such sales only after conference
with the industry which would be most affected by disposition in such
manner.
The services of the Special Advisory Committee of the
trade was accepted by the War Department in December
with a view to disposing of surplus stocks of cotton piece
goods in the hands of the Government with as little disturbance as possible of the normal market trade. The
Committee recommended that none of the Gavernment
surplus stocks be offered on the domestic market without
consultation with the Committee.
license covering the particular shipment, provided, however, that not
more than 500 tons of each shall be given shipping preference in thm cargo
of any one ship.
Additional quantities of cement and lumber may, however, be loaded
on any ship when insufficient general cargo covered by Shipping Preferences Nos. 2 and 3 is available. In such cases the loading of the cement
and lumber shall be governed by the shipping preference to which the
license covering each parcel entitles it.
WITHDRAWAL OF REGULATIONS REQUIRING APPLICATIONS FOR EXPORT LICENSES TO MEXICO
On Jan..16 the War Trade Board announced that it had
withdrawn the regulations (W. T. B. R. 320), issued Nov.
19 1918, to the effect that applications for export licenses to
Mexico should have attached thereto the order from the
consignee bearing the vise of an American Consul. The
Board states that orders for shipments to Mexico will no
longer require such consular vise and need no longer be
attached to the application for export license.
SHIPMENTS TO FRANCE AND ITALY.
Supplementing W. T. B. R. 412, issued Dec. 13 1918,
and W. T. B. R. 453, issued Dec. 211918, the War Trade
Board on Jan. 7 announced that individual applications for
NEWSPRINT EMBARGO LIFTED.
The following is taken from the New York "Commercial" export licenses for France would no longer be referred to
the French High Commission, and that individual applicaof Jan. 11:
A. II. Smitn, Regional Director of Railroads, announced yesterday that tions for export licenses for Italy will no longer be referred to
he had received an order from Washington removing the embargo on news- the Italian High
Commission. The Board says:
print paper. This order was the result of requests made by publishers
whose paper had been curtailed by the embargo.
Director Smith said that the publications would now be able to get
paper without restriction and as fast as it could be delivered to them by
the railroads.
Exporters should be very careful before shipping to acquaint themselves
thoroughly with the import requirements of the country of destination,
as certain of the regulations which were in force prior to the signing of the
armistice are still in full force and effect.
Information as to French import restrictions may be obtained by applying to the French High Commission, 15th and M Streets, Washington,
D. C.
And as to Italian import restrictions, the Italian High Commission,
1712 New Hampshire Ave., Washington, D. C.
IMPORT RESTRICTIONS ON NEW ZEALAND FIBER
REMOVED.
The War Trade Board made known on Dec. 20 that the
restrictions upon the importation of New Zealand fiber,
announced in W. T. B. R. 337, issued Nov. 30 1918, had EXPORTATIONS TO ICELAND AND THE PA ROE
ISLANDS.
been removed and licenses may henceforth be issued freely
. .
without limitation as to quantity or character of vessel
The War Trade Board announces that a simplified procedure has been adopted for the consideration of applications
upon which the shipment is made.
for licenses to export commodities to Iceland and the Faroe
JUTE, BURLAP AND BURLAP BAGS.
Islands W. T. B. R. 227, issued Sept. 17 1918, is withThe War Trade Board states, under date of Jan. 7, that drawn. The Board's announcement of the 7th.inst. said:
General License PBF 12 has been extended to cover in transit
Exporters desiring to obtain licenses for shipments to Iceland or the
shipments of burlap, burlap bags and jute. W. T. B. R. Faroe Islands should file applications with the War Trade Board, Washington, D. C., or any of its branch offices, on Form X.
272, issued Oct. 17 1918, providing for the allocation of all
The furnishing of import certificates will no longer be required except
importations of these commodities and removing in transit in the case of applications for the exportation of coal, cereals, or mineral oils.
Applicants will not be required to attach to their applications Suppleshipments thereof from General License PBF No. 12 has
mental Information Sheets X-103 or X-119, except In the case of applicabeen amended accordingly.
tions to export coal, cereals, or mineral oils.
JAN. 25 1919.1
THE CHRONICLE
Licenses hereafter granted for shipments to Iceland and the Faroe Islands,
as well as those heretofore issued which contain an expiration date of
Nov. 15 1918, or later, shall be valid until used or revoked.
Exporters having presented applications about which no advice has been
received by them are notified that all such applications are being considered
In accordance with the above revised procedure and that definite advices
thereon will be mailed to all applicants.
RESUMPTION OF TRADE WITH PALESTINE AND
SYRIA.
Announcement that all persons in the United States are
authorized, subject to the rules and regulations of the War
Trade Board, to trade and communicate with persons residing in that portion of Palestine and Syria which lies south
of the line from Alexandretta to Aleppo, inclusive, and west
of the Hejas Railway, was made by the Board on June
20. Its announcement said:
In accordance with this authorization, applications will now be considered
for licenses to export or import all commodities to consignees or from consignors in such territory.
For the exportation of commodities to such territory, applications should
be filed on Form X or X-A. No supplemental information sheets will be
required unless the commodity be manufactures of gold, in which case
Supplemental Information Shoot X-29 should be attached.
For importations into the United States from such territory, individual
Import licenses will be required under the same conditions as for importations from European countries, except where shipments are covered by
the list of General Import Licenses previously announced.
FUEL ADMINISTRATION'S ANNOUNCEMENT REGARDING REMOVAL OF PRICE AND ZONE
RESTRICTIONS ON COAL.
As indicated in these columns last week, page 224, Governmental restrictions on the prices of coke and all coal,
except Pennsylvania anthracite, and the zone regulations
governing the Movement of these fuels by rail will be suspended Feb. 1. As was also stated therein it was announced
at the same time that the restoration of both zone and price
regulations would be immediately liable, should charging
price, wage, labor, production or other conditions demand
it. With regard to the removal of the restriction the Fuel
Administration's announcement of Jan. 17 said:
Among the reasons which prompted the above determination Was the fact
that the stocks of bituminous coal now on hand throughout the country
are sufficient to provide consumers with bituminous coal and coke for the
winter season, even if the mild weather thus far should be succeeded by a
period of severe weather. The average stocks of bituminous coal for the
country on the first day of January approximated seven weeks' supply;
the storage on hand in the regions most remote from the mines being
sufficient for twenty weeks.
The Fuel Administration called special attention to the fact that the
prices establisaed under the provisions of the Lover Act have been maximum prices, based on the cost of production rather than on quality of coal,
and that in the return to normal a different relation between prices in the
several fields, based as in normal times on quality of coal, may fairly be
expected to obtain.
The Fuel Administration also stated that in the light of the so-called
"Washington wage agreement," of October 1917, whereby it was agreed
to continuo the wage scale then agreed upon during the war, but not beyond April 1 1920, the wages of mine workers should not now be reduced,
and it is expected that whatever prices are asked or secured for bituminous
coal between now and the promulgation of peace will be based upon the
present wago scale.
Attention is also called to the fact that the maximum prices and zone
regulations on Pennsylvania anthracite coal, which is largely domestic,
are not affected by the above announcement.
An official announcement also said:
On Jan. 1 the average stocks of bituminous coal for the country were
approximately sufficient for seven weeks' consumption and in the regions
farthest from the mines twenty weeks' supply was on hand.
Maximum prices at the mine for bituminous coal were fixed by Presidential order of Aug. 211917, with a range of from $1 90 to $3 25 per ton
In various districts. Unprecedented demand early in that year had sent
the market up to $5, $6 and even $7 50 per ton, to the extreme demoralization of business. Adjustments subsequently were made, the prices at
95 per ton.
present ranging from $2 35 to
Zone regulations wore announced in March 1918, dividing the country
Into fourteen districts, and are credited with having saved the railroads
160,000,000 car miles by eliminating cross hauls and allotting consumers
to the nearest mines. The relation of this saving to the enormously increased production of coal in the United States is obvious when it is understood that storage of coal at the mine is not possible—that is, that cars
must move continually from the mine if production is to be maintained.
Under the spur of war demand production of bituminous coal in the
United States in 1917 increased some 50,000,000 net tons over 1916, and
there was a 12,000,000 ton increase in anthracite production. The railroads were required in 1917 to handle more than 60,000,000 tons of coal in
excess of their 1916 load.
Under the high pressure production campaign maintained by the United
States Fuel Administration, the bituminous output in 1018 by the end of
September registered an increase of more than 36,000.000 tons over the
corresponding months of 1917.
. 329
All coal shipped is subject to requisitionvand diversion.
All contracts are subject to cancellation by the Federal Administrator.
An additional regulation that contracts shall be at Government price in
effect at date of shipment also remains as a precaution in case it should
become necessary to reinstate prices on coke and bituminous coal, which, it
was announced to-day, will be suspended February 1.
A restriction that contracts shall not extend for a period of more than
one year was previously withdrawn.
ANTHRACITE SITUATION FAVORABLE TO-DAY COMPARED WITH HEATLESS MONDAY RULE LAST YEAR.
In comparing present conditions with those of a year ago,
when the "heatless Mondays" were instituted, the Anthracite
Committee this week said:
This Monday, a year ago, was the first of the heatless days. Then
there was a serious shortage of fuel, the weather was of artic character
and there was much suffering from the cold. To-day, with the winter far
advanced, there is enough coal. The anthracite industry is now able to
supply freely all sizes except stove and nut, and is doing so. The anthracite
Committee which during most of last year devoted its efforts to get increased production on one hand and equitable distribution of coal on the
other, now has little to do in the matter of distribution.
There continues a large current demand for anthracite and there is reason
to believe that it will hold throughout the winter, but there is now no
danger that the American people will go cold. The calls for stove and
nut coal outrun the supply of these sizes, while some of the other sizes are
now in sufficient supply to enable some storage.
Reports from the anthracite region to the effect that mine-workers are
being laid off are giving a wrong and exaggerated impression. While it is
true that laborers have been laid off in some cases, the industry is very
anxious to get back the experienced and capable workers who drifted away
during the war period, either into the army or into other employments,
to the number of some 34,000.
When ocean shipping conditions become easier and rates bf freight more
nearly normal, a strong effort will be made to develop markets for anthracite
abroad. It is believed that Pennsylvania coal can successfully find its
way into consumption in France, Italy, Scotland and Algeria.
ANTHRACITE CHEAPER THAN FOOD,CLOTHING AND
OTHER LIVING NEEDS.
The Anthracite Committee this week ann3unced that,
according to figures compiled by the U. S. Bureau of Labor
for the five-year period, from Sept. 15 1913 to Sept. 15 1918,
there was a 72% increase for a combination of 28 food articles.
The committee says:
Every article shows an increase of 56% or over for staple supplies. Eleven
articles show 100% and over increases for the period; bacon, 100%. ham,
sliced. 100%; pork chops. 103%; potatoes, 105%;flour, 106%;lard, 109%;
corn meal, 123%; bread and milk, each, 100%•
By the same comparison the U. S. figures show that anthracite increased
only 52.4% for stove size in five years to Nov. 1918, as compared with the
150% jump in egg and butter prices.
The increase in cost to the consumer between July 1914 and Nov. 1918
in other items that enter into the family living bills include clothing, 93%
and sundries which include carfare, tobacco, recreation, furniture and
furnishings, insurance, church and charity, reading material, medical
services, drugs and other kindred items. These average over 55% increase for the same period. Local variations of fuel prices have only a
slight effect on the complete budget.
MILD WEATHER CONDITIONS AID ANTHRACITE.
An announcement this week by the Anthracite Committee
said:
The nation-wide campaign of coal conservation, the war armistice and
the continued mild whiter weather conditions have greatly ameliorated
the anthracite situation. As a result, the Anthracite Committee of the
U. S. Fuel Administration now permits that hard-coal users in all parts
of the United States can obtain without restriction all sizes, with the
exception of stove and nut, even in the States barred since last May to
hard coal. Through New England, the Middle Atlantic States, Ohio,
Indiana and Illinois, and generally throughout the country the fuel situation is now well in hand.
The obtaining of broken, egg, pea and buckwheat sizes by the house,
holder will do much towards bringing the coal demand back to normal
pre-war conditions as to those sizes. Consumers can now be supplied
with all the domestic hard coal sizes they need with the exception of nut
and stove coal, on which the Anthracite Committee's embargo still holds.
The just-made ruling precludes danger of a recurrence of the conditions
which existed last winter in any section of the country, unless an unexpected long stretch of zero weather sweeps the country or labor troubles,
sickness and idleness occur in the mining region.
With a rational conservation policy on the part of the householder,
the supply of hard coal is expected to safely carry consumers through
the remaining months of the 1918-19 coal year. Fuel Administrators
have generally expressed themselves as being satisfied with the situation as it now exists in their various States. They now look for easier
deliveries to all those communities that had caused them some concern.
The present mild weather and free car supply aids the shipping of coal
from the mines, and should enable consumers to get their required tonnage.
ANTHRACITE NOW AVAILABLE FOR CUT-OFF SECTIONS OF UNITED STATES.
The Anthracite Committee this week issued the following
CONTRACT RULES ABROGATED BY UNITED STATES statement:
• States and other sections of the country from which anthracite was
FUEL ADMINISTRATION.
absolutely barred during most of last year, or to which it was allowed to
Abrogation of important restrictions regulating the mak- go only in greatly restricted amounts, may now get hard coal without
ing of contracts for coal and coke was announced by the limitations of all sizes other than stove and nut. With the restrictions
which were imposed May 29 1918 by the Anthracite Committee of the
United States Fuel Administration on Jan. 18. The restric- U.
S. Fuel Administration to the end that sections of the country and
tions are amended/substantially as follows:
consumers very dependent upon anthracite for fuel might not suffer, just
Cross-hauling is no longer prohibited.
The filing of contracts with the Fuel Administration is no longer required.
The making of oral contracts is no longer prohibited.
Contract regulations remaining effective are*
taken off, it now becomes possible for thousands of people elsewhere, who
normally used anthracite, to get it again.
The States from which anthracite was entirely barred were twentyeight in number, including the whole South below Virginia, the South-
330
THE CHRONICLE
west and Rocky Mountain and further Western States, and Missouri,
Kansas, Nebraska and Iowa. In the 1916-17 coal year these twenty-eight
States took 766,000 tons of domestic anthracite. They are now free to
order again as formerly and to get all sizes of anthracite without restrictions, except nut and stove sizes.
The allotment of anthracite for the present coal year also forced a heavy
cutting-down from the 1916-17 shipments of domestic sizes to Virginia,
Ohio, Indiana. Illinois, Michigan, Minnesota, Wisconsin, North Dakota
and South Dakota. These States among them were allotted 5,964,000
tons. That compares with 8,066,000 tons, which they used in the previous coal year, so that under the necessities of the situation which the
war made, these nine States had their supplies cut down by more than
2,100,000 tons. Now they can resume their usual consumption of anthracite, except that nut and stove can as yet be supplied only under the
allotment restrictions.
[VoL. 108.
IMPORT RESTRICTION ON MANGANESE ORE LIFTED'
Announcement was made by the War Trade Board Jan. 15
that the restriction upon the importation of manganese
ore or manganese dioxide from Asia and Australasia (W. T.
B. R. 159, issued July 5 1918), had been removed.
IMPORT RESTRICTION ON COPPER ORE AND COPPER
CONCENTRATES LIFTED.
The War Trade Board announced on Jan. 15 that the restriction upon the importation of copper ore and copper
concentrates (W. T. B. R. 428, is.med Dec. 19 1918), had
DOCK COAL ORDER REVOKED BY UNITED STATES been removed, and that licenses would be issued, when
the applications therefor were otherwise in order, for the
FUEL ADMINISTRATION.
importation from any country of copper ore and copper
The official U. S. Bulletin for Jan. 20 reports that an concentrates, regardless
of the copper content thereof.
order has been issued by the United States Fuel Administration vacating the orders of May 16 and July 16, respecIMPORT RESTRICTION ON IRON ORE LIFTED.
tively, which restricted the distribution of bituminous coal
The
War Trade Board on Jan. 15 announced that the
by way of the docks on Lake Michigan and Lake Superior.
These regulations, which are now rescinded, prohibited any restriction upon the importation of iron ore had been
person owning or operating a dock on Lake Michigan or moved, and that licenses would now be issued, when the
Lake Superior from selling, shipping, delivering, or distribut- applications therefor are otherwise in order, foi. the iming smokeless coal received at any such dock from the New portation of iron ore from any country. This ruling superRiver, Pocahontas, Tug River, or other field producing low sedes W. T. B. R. 308, issued Nov. 111918, as to low pho3volatile smokeless coal, for any purpose other than making phorus iron ore from Spain, Sweden, Norway and North
illuminating gas, by-product coke or coal briquettes, or for Africa, and W. T. B. R. 359, issued Dec. 7 1918, as to
such other special purposes as might have been designated by calcined spathic iron ore originating in and coming from
England.
the Fuel Administration, by special permits.
ORDER OF FUEL ADMINISTRATION ALLOWING FERROMANGANESE IMPORTATIONS CONTRACTED
FOR PRIOR TO APRIL 6 191i.
SALE OF COKE FOR OCEAN EXPORT.
Announcement was made on Jan. 15 by the War Trade
The following order, effective Dec. 19, authorizing the
sale of coke for ocean export, was issued by the United States Board that licenses w9uld be issued when the applications
therefor were otherwise in order, for the importation of
Fuel Administration on Dec. 28:
The United States Fuel Administrator, acting under authority of an ferromanganese from Great Britain, covering shipments
executive order of the President of the United States, dated Aug. 23 1917,
which have been contracted for by American consumers
appointing said administrator, and of subsequent executive orders, and in
furtherance of the purpose of said orders and of the Act of Congress therein prior to April 6 1917. The affidavit of the importer or
referred to and approved Aug. 10 1917,
written statement from the consumer of the existence of
Hereby orders and directs that the order of said Administrator, dated
. April 25 1918, entitled "Order of the United States Fuel Administrator the contract will be considered mfficient evidence.
relative to prices of coke for export by ocean transportation," be, and the
same hereby is, amended by striking out paragraph (4) thereof, which said
paragraph (4) prohillits the sale or delivery of coke for export by ocean
transportation except upon the prior issuance by the United States Fuel
Administration of a permit therefor.
This order shall be effective Dec: 19 1918.
H. A. GARFIELD, United States Fuel Adminzstrator.
RESTRICTION ON IMPORTATION OF PYRITES
REMOVED.
The War Trade Board announced ,)n Jan. 16 that the restriction upon the importation of pyrites has been removed.
Licenses will be issued, when the applications are otherEXPORTATION OF COAL TO CERTAIN DESTINATIONS. wise in order.
On Jan. 18 the War Trade Board announced that applications would be considered for licenses to export coal to IMPORT RESTRICTION ON GRAPHITE OR PLUMBAGO
the Argentine and Uruguay and to all destinations in Europe,
AND GRAPHITE CRUCIBLES LIFTED.
shipments to the different countries contiguous to Germany
The War Trade Board made known on Jan. 11 that the
to be limited, however, to the amounts prescribed in the
restriction upon the importation of graphite or plumbago
various rationing agreements with those countries. In its
(W. T. B. R. 271, issued Oct. 17 1918), also the restricannouncement the Board said:
importation of graphite crucibles (W. T. B. R.
Applications should be filed in the regular way required for the filing tion upon the
of applications for the exportation of other commodities to the particular 164, issued July 11 1918), have been removed. Licenses
country.
will be issued when the applications therefor are otherwise
Licenses for the exportation of coal to the Argentine and Uruguay will
provide as a condition thereof that the shipment must be consigned in in order.
care of the War Trade Board Representative at Buenos Aires or Monteyideo, as the case may be.
FUEL DISTRICT AGENTS WILL CLOSE OFFICES.
It was announced on Jan. 20 that the United States Fuel
Administration had requested all its district representatives
to give all employees of their offices notice of the ending of
their work. These offices will cease their official functions
Its of Feb. 1, except that between Feb. 1 and 15 statistics
and records to and including Jan. 31 will be compiled and
prepared for transmission to Washington headquarters,
together with such other records as properly belong to the
Fuel Administration.
RESTRICTION ON IMPORTATION OF CHROME ORE
REMOVED.
The War Trade Board announced Jan. 15 that the restriction upon the importation of chrome ore or chromite
had been removed, and that licenses would now be issued
when the applications therefor are otherwise in order,for the
importation of chrome ore or chromite from any country. •
IMPORT RESTRICTION ON MONAZITE SAND LIFTED.
It was announced by the War Trade Board on Jan. 15
that the restriction upon the importation of monazite sitnd
had been removed, and that licenses would be issued, when
the applications therefor are otherwise in order, for the
importation of this commodity from any country.
SENATE COMMITTEE MAKES FAVORABLE REPORT
ON SUBSTITUTE WAR CONTRACT BILL.
The Senate Military Affairs Committee on Jan. 21 favorably reported the bill validating informal contracts for war
supplies and providing a method of settling disputed claims.
The measure is a substitute for the Dent bill, passed by the
House on Jan. 9, from which it differs in several radical
respects. The Dent bill, as described in our issue of Jan. 11
(page 124), empowered the Secrecary of War to scale. all
outstanding contracts; it protected the Government's right
to reopen and review any settlement made, but denied to
the contractor any right of appeal to the courts. The Senate committee rejected this measure and several substitutes
Were considered. One, by Senator Hitchcock,. provided
for settlement of con tracts by a commission. This was
abandoned after the War Department and the Chamber of
Commerce had contended that the commission method would
mean endless delay. In place of the Hitchcock bill the
Senate committee then reported to the Senate a subistitute
along lines suggested by B. M. Baruch, of the War Industries Board, authorizing the Secretary of War to make the
adjustments but affording an opportunity for appeal to
the courts, This bill also met with opposition, business
interests pointing out that pending claims were so numerous that the ordinary courts which try such cases would
not be able to reach them in years, and that a special tribunal
was absolutely necessary to render justice to the contractors
JAN. 25 1919.]
THE CHRONICLE
affected, or else many of them, unable to wait for settlements, would be forced to the wall and might go into bankruptcy. The Chamber of Commerce of the United States,
the Chamber of Commerce of the State of New York and
other organizations appeared before the. Senate committee
and urged radical changes in the bill. To meet this opposition, the bill was again rewrWen, so as to allow settlements to be made by the War Department as in the War
Industries Board bill, and the Dent bill, but creating what
is known as the War Contracts Appeal Commission. this
Commission is to be composed of three members, appointed
by the President and confirmed by the Senate. They will
hold office cne year and receive salaries of $7,500 each.
One member is to represent the War Department, one the
Department of Justice and the third the business interests
of the country. A Secretary is to be appointed at a salary
of $5,000. This is said to be the same sort of a commission
established by the Hitchcock bill, except that it does not
have original jurisdiction. It is contended that under this
compromise bill there would be no delay in the settlement
of cases by the War Department, but that a review would
be provided if desired before the Commission.
An appeal must be filed within 30 days after a settlement
has been made by the War Department. Seventy-five
per cent of the amount awarded will be paid the contractor
pending the appeal. In case the contractor fails to receive
satisfaction at the hands of the Appeals Commission, he is
authorized to go into the Court of Claims.
While this measure was reported favorably by Senator
Chamberlain, Chairman of the committee, the committee's
action was not unanimous, and it was predicted that opposition would develop on the floor of the Senate. Meantime,
both the business interests and the War Department are
urging haste in passing soinc) kind of a relief bill. Assistant
Secretary of War Stettinius, who is charged with handling
war contracts abroad, was before the committee on the
16th and said that delay in adjusting these claims was
costing the Government "thousands of dollars daily."
PLANS OF WAR DEPARTMENT FOR DISPOSAL OF
SURPLUS MACHINE TOOLS.
Arrangements for the disposition of surplus machine tools
were made at a meeting of representatives of the machine
tool industry of the country and officials of the War Department, according to an announcement of the latter on Jan. 17,
issued through the Office of Director of Sales. This statement says:
•
It was brought out at this meeting that the immense and vague figures
Which have recently been printed as the value of the surplus Governmentowned machine tools which would soon be put on the market were not
warranted. It is hoped that the industries can absorb within a reasonable
time all the surplus Government-owned standard machine tool equipment
without serious disarrangement.
The following tentative agreement, which is satisfactory both to the
representatives of the War Department and to the machine tool industry,
has been made.
1. The inventory of all machine tools and equipment which is being
made will be expedited to the greatest possible extent.
2. As soon as it is known that a quantity of machine tools is available
for disposal, the manufacturers of these tools will be given an opportunity
to purchase them at a price and on terms of settlement which will be
satisfactory to all parties concerned.
3. In case it is impossible for the manufacturer to purchase his product
outright, an effort will be made to arrange for the marketing of the product
by the manufacturer in an equitable manner, securing for the Government
and themanufacturer alike the best possible terms.
4. In case both these methods of disposition fail, the material will be
offered for sale to the general public in a manner prescribed by law.
In the settlement of plant contracts, which involve the sale of large
groups of various kinds of tools and equipment, an effort will be made to
prevent the sale for resale of any equipment, as it is realized that considerable injury might be done by indiscriminate sales of this character.
Present at the meeting were: C. W. Hare, Director of Sales; Lieut.-Col.
A. La Mar and George E. Merryweather, of the office of the Director of
Sales; A. E. Newton, of the Reed-Prentice Co., Worcester, Mass., President of the National Machine Tool Builders' Association; W. A. Viall, of
Brown & Sharpe Manufacturing Co., Providence, R. I.; C. Wood Walter,
of the Cincinnati Milling Machine Co., representing the National Machine
Tool Builders' Association; M. A. Sherritt, of Sherritt & Storer; and H. W.
Strong, of Strong, Carlisle & Hammond, representing the National Supply
and Machine Dealers' Association.
U. S. CHAMBER OF COMMERCE ON SALE OF SURPLUS
GOVERNMENT SUPPLIES.
Plans for close co-operation between the Government
and industry in the sale of surplus Government supplies are
being worked out by the Director of Sales of the War Departmentand the War Service Executive Committee of American Industries. The War Service Executive Committee,
recently named by the new advisory council comprising
the chairmen of the country's nearly 400 War Service Committees, consists of the members of the Executive Committee of the Chamber of Commerce of the United States
331
with the addition of others to make it more completely
representative of all the groups of American Industry.
The members now are as followg:
Joseph H. Defrees, Chicago,Ill., Chairman; E. A. Filene, Boston,Mass.;
A. C. Bedford, New York; W. L. Clause, Pittsburgh, Pa.; Lewis E. Pierson, New York; R. G. Rhett, Charleston, S. C.; Homer L. Ferguson.
Newport News, Va.; Harry A. Black, Galveston, Tex.; William Butterworth, Moline, Ill.; L. S. Gillette, Minneapolis, Minn.; E. T. Meredith,
Des Moines, Iowa; Harry A. Wheeler, Chicago, Ill.; James R. MacColl,
Pawtucket, R. I.; Charles H. McDowell, Chicago, Ill.; August H. Vogel,
Milwaukee, Wis.; E. W. Rice, Jr., New York; C. S. Brantingham, Rockford, Ill.; Charles C. Ashbury, Philadelphia, Pa.; William Ritter, Colnbus, Ohio; James Bell, Minneapolis, Mimi.
The policy of the Government with respect to the sale of
supplies, as outlined by C. W. Hare, Director of Sales, will
be to consult representatives of the industries concerned
whenever sales are to be made in volume likely to disturb
trade conditions. Bulletins dealing with Government
supplies of machine tools and building materials were sent
out on Jan. 20 by the War Service Executive Committee.
The first contains a statement issued by the Director
of Sales wtih respect to arrangement for disposing of the
Government's holdings of machine tools to which reference
is made in the article immediately above.
The second bulletin gives estimates of the amount of
building materials the Government has on hand. Accuracy
in the estimates, the bulletin sets forth, is not possible,
but there is reason to believe the figures do not contain an
error larger than 25%. The estimates follow:
Quantity.
Commodity—
Brick,
14,516,000
Hollow tile, pieces
2,235,403
Lumber, feet, I3.M., veneers and plywood.._ _ _350,000,000
Cement, barrels
115,523
Lime, barrels
77,560
Flue linings (linear feet)_
29,226
Metal lath, square feet
1,122,313
Quantity.
Commodity—
Wood lath
/,695,000
Wallboard (all kinds)
5,406,429
Roofing—rolls
202,208
Building papers—rolls
52,377
Nails—assorted sizes, kegs 159,622
Reinforcing steel, tons
3,000
Sewer pipe-asst. sizes(lin.ft.)577,407
Wood shingles
908,000
COMMITTEE OF AMERICAN BANKERS'ASSOCIATION
URGES PASSAGE OF BILL FOR RELIEF
OF WAR CONTRACTORS.
The Administrative Committee of the American Bankers'
Association, meeting on Jan. 23 in New York, adopted
unanimously a resolution urging .the passage by the Senate
of Senator Chamberlain's bill providing for the relief of
contractors engaged in war work. An announcement issued
by the Association say:
In view of the hardships created by the sudden termination of contracts for production and delivery, the bankers are of the opinion that
It is essential to the welfare of the country that remedial legislation be
passed immediately so that it will he possible to make immediate and
reasonable settlements of the Government's obligations. Banks throughout the country to a large extent have loaned their money or credit to
Government contractors under the spur of doing everything in their power
to facilitate the execution of Government contracts. The money and credit
of the country is so tied up in this way that the bankers' ability to take
care of the normal business of the country is very much curtailed and from
the standpoint of the contractor, he is prevented from undertaking new
work, so long as his money is tied up, while at the same time the pressure
from his creditors increases. The resolution adopted by the Administrative
Committee of the American Bankers' Association follows:
Resolved, That the American Bankers' Association earnestly urges the
passage by the Senate of H. R. 13,274 as reported by Mr. Chamberlain
on Jan. 20th with an amendment subject, however, to the important
modification that wherever the right of appeal therein is given to the
Department of Justice, such right be eliminated.
A. provision of this nature places upon the Department of Justice a duty
to investigate all contracts or orders now pending validation, adjustment
and final settlement and will cause a serious and unnecessary delay to the
great detriment of business and will cause great financial loss to customers
of banks and seriously interfere with the employment of labor.
We believe that there are adequate laws existing to protect the Government in the payment on contracts when validated and that Section 2 of
the bill in question protects the Government in the validation of informal
contracts and the completion of contracts to replace informal orders and
agreements.
ROBERT F. MADDOX., President.
In a memorandum prepared by G. H. Dory, Assistant Director of
for
the House Military Affairs Committee,
Munitions, for Chairman Dent
Mr. Dorr refers to the following classes of cases in which the signing of the
armistice left numerous persons and corporations engaged in supplying
the war needs of the United States, at the request of the War Department, without legal contracts covering the services to be rendered by them:
(1) Agreements carefully reduced to writing upon Ordnance Department
forms but technically invalid because signed by an assistant instead of by
the Chief of the Procurement Division of the Ordnance Department;
(2) written purchase orders which contain a direction by the Government
as to supplying certain articles, but not valid under rulings of the Comptroller of the Treasury because not signed by both parties; (3) cases where
negotiations for contracts had been terminated and terms completely
agreed upon and the contractors requested by the Department in view of
the exigencies of the war to proceed immediately with procuring the necessary materials, without waiting for formal execution of the agreement;
(4) cases where negotiations were still under way and before definite terms
had been arrived at, contractors had been requested by the Department
to enter upon execution of the work in advance of final agreement, in
view of war exigencies.
In all these cases contractors have made expenditures and incurred obligations and have, in many cases, an essential part of their working capital
tied up therein. It is necessary that this working capital be returned to
them so that they may, as speedily as possible, go into commercial work
and immediate adjustments are imperative.
Chairman Dent's bill, H. R. 13,274, provides relief "where formal
contracts have not been made in the nmanner required by law." This
bill was reported favorably in amended form by the House Committee on
Military Affairs on Dec. 19 and was passed by the House on Jan.9 1414.
•
332
.THE CHRONICLE
F. R. MORRISON OF AMERICAN FEDERATION OF
LABOR SEES BREAD LINES BEFORE MAY 1.
In support of his coritention that "there will be bread
lines in every industrial centre before May 1" Frank Morrison, Secretary of the American Federation of Labor on
Jan. 21 submitted to the House Committee on Immigration
reports from 21 cities showing more than 135,000 men unemployed. In addition to 30 cities submitted by him to
the Committee on Jan. 16, Mr. Morrison on the 21st
presented reports showing Detroit with 50,000 unemployed;
Philadelphia, 10,000;. Indianapolis, 8,000;
idgeport,
Conn., 15,000; Charleston, W.Va., 3,500; Worcester, Mass.,
12,000; San Francisco, 15,000; Tacoma, Wash., 2,500
Denver,_ Col., 1,750; Great Falls, Mont., 1,000; Akron,
Ohio, 2,500; Schenectady, N. Y., 3,500, and Pittsburgh,
10,000. Mr. Morrison announced a report from Seattle
as stating that it was impossible to give the approximate
numbez of unemployed there, but that there were thousands,
and that the number was increasing daily. The situation
was becoming so menacing, it wa: stated, that Government
intervention might soon be necessary. Mr. Morrison also
read a letter from William H. John ;ton, Pre iident of the
International Association of Machinists, stating that the
existing unrest among the laboring classes is being accentuated by employers who are increasing the number of hours
a day the employees have to work and lowering wages.
The letter also said that several companies working under
award3 of the War Labor Board had served notice that as
far as they were concerned the war ended the day the armistice was signed, and that the awards no longer were in effect.
Press dispatches from Washington also state that Mr. Morrison told the Committee that further proof is being obtained daily of the increasing extent of unemployment, and
that action must be taken immediately if serious labor troubles were to be avoided. He said that two things should
be done by Congress, first, that legislation providing for
the employment of returning soldiers be passed, and second,
that immigration be stopped until normal times are again
reached.
CHARLES M. SCHWAB LOOKS FOR DEPRESSION.
The report this week that Charles M. Schwab, now in
Europe, has announced that he looks for an era of industrial
depression in the United States, has attracted attention, in
view of his previous optimistic expressions. One of the
cabled reports of Mr. Schwab's present viewpoint was contained in special advices to the Cincinnati "Enquirer" from
the American Headquarters in Germany on Jan. 20, which
said:
Charles M. Schwab, American steel magnate, declared here that he expects an era of industrial depression in the United States after the war and
that there will be little business expansion for a long time.
Despite expectations, America will not obtain much business from reconstruction work in the devastated regions. inasmuch as most of the materials
will be produced locally, stone being used in place of wood, Schwab said.
He forecast that America need hays no fear of competition from Germany
I n any line.
Schwab arrived here after an extensive tour of the war zone, and had
dinner with the American correspondents in Coblenz.
[VOL. 108.
Oct. 1, included contracts from other countries in addition to those from
England.
When Mr. Schwab left this country it was the general impression in
steel circles that he was making the trip to Europe to be first on the ground
and would attempt to bring back with him some new peace business.
However, the best trade authorities were not optimistic that he ,would
succeed, and it is now believed possible that Mr. Schwab changed his
opinions so radically because of his failure to obtain orders.
One impression which has many believers in this city is that Mr. Schwab
expressed the pessimistic views in France for the purpose of influencing the
labor situation in this country. The Bethlehem Steel Corporation has
had more trouble with its workers in the past year than any other large
industrial enterprise in this country, and has been in conflict with the
National War Labor Board for some time. Only Monday Secretary of
the Navy Daniels announced in Washington that he had stopped payments on contracts to the Bethlehem company until the wage dispute has
been adjusted.
As stated heretofore, Mr. Schwab in his speech hero in December stated
that "labor problems could be easily met," whereas on Monday he is quoted
as having said that there was a "spirit of unrest throughout the world, call
it Bolshevism or what you will," and this change of view is attributed by
some to the fact that the labor difficulties of Bethlehem, if anything, have
been increasing.
It is considered probable therefore, that Mr. Schwab's prediction of
"a wave of business depression" might have been made for the purpose of
bringing home to the workers of the Bethlehem corporation a subject for
thought and cause hesitation on their part for agitation on various matters
for the time being at least.
WITHDRAWAL OF CANADIAN REGULATIONS
COMPELLING IDLERS TO WORK.
The Canadian regulations compelling idlers to work,
put into force last year, have been withdrawn by the Dominian Government. As a result of the rescinding of the
orders, people unemployed by choice or otherwise will not
be subject to arrest or imprisonment. The Toronto "Globe"
of Jan. 21 in a Canadian Press dispatch from Ottawa says:
The Order-in-Council rescinding the regulations of April last, and the
still more onerous restrictions upon all persons in Canada over sixteen
years of age not usefully employed adopted in September last, states that
these regulations have been abolished owing to changed conditions resulting
from the dislocation of industry since the signing of the armistice. As a
result of these altered industrial conditions, there is a large number of people
now unemployed, and who are unable to find employment, as well as many
returned soldiers who are being discharged from service and who have been
unable to find* employment. Under these circumstances the Government
recognizes that it is impossible for many people to comply with the antiloafing regulations which render them liable to fine and imprisonment
through no fault of their own, and that the time has come when the
should be abolished.
The Goverment's action was taken on the recommendation of Hon.
Gideon Robertson, Minister of Labor.
DIRECTOR-GENERAL HINES DENIES REPORTS OF
FURTHER FREIGHT RATE INCREASES.
Reports on Jan. 19 that a further advance of 10% in freight
rates would be sought by the Railroad Administration to
meet a deficit which it reported would reach not less than
$260,000,000 brought from Director-General Hines a statement denying that any further increase in rates was under
consideration. His statement said:
There is no foundation for the report that the Railroad Administration
has given or is giving any consideration to any increase in present basis of
rates. The results of operations for the year will be dependent largely
upon the volume of traffic. If the volume of traffic should be as large as
last year it is believed the operating income will be sufficient to pay the
rental. As soon as any reasonably satisfactory conclusion as to the probable volume of traffic can be formed the public and Congress will be given
the best possible.estimate of the prospects for 1919.
Among the comment which this week's cablgram advices
FURTHER WAGE INCREASES PLANNED.
have occasioned is the following which appeared in "Financial
The report above, which Director-General Hines has de America" of Jan. 21:
nied, with reference to a proposed increase in freight rates
Wall Street before the opening this morning was busy discussing the
startling reversal in the views of Charles M. Schwab as reported from grew out of advices from Washington that further advances
France and those which he expressed in public speeches in this country in wages were in contemplation—which of course could be
before he left for the other side.
met only out of additional revenue. Last Sunday it was
It was apparently most difficult for those discussing the change of front
on the part of Mr. Schwab to reconcile his prediction of a wave of business stated that another wage increase for railroad employees of
depression hi this country, followed by a wave of prosperity, with the nearly $100,000,000 had been recommended, it was undertimism he expressed during December.
stood, in a report of the Railway Wage Board to the DirectorIn a speech delivered at the dinner of the Academy of Political Science
at the Hotel Astor in this city about the middle of December Mr. Schwab General of Railroads. If granted it would be awarded to
insisted that labor problems and other difficulties in the way of readjust- the employee included in the four great railroad brotherment could be easily met and added that while he had'always been an hoods only. This increase, it was said, when added to
optimist as to the country's future, there never was a time when he was
"so optimistic as to-day," and that he was going to invest every dollar what had previously been granted employees of the roads
that he could borrow in increasing his steel factories.
under Government operation would bring the total wage
These views generally were recalled in the Wall Street district this mornincreases during the last year and a half up to approximately
ing and the point was made that there must have been some unexpected
development to cause the Bethlehem Steel Corporation's head to change $1,000,000,000. On Thursday (Jan. 23) the "Evening
his views so decidedly in just a little more than a month.
Post" of this city in a Washington dispatch had the followConsiderable attention was given to the admission by Mr. Schwab in
reference to the matter:
the interview that the Bethlehem company's war contracts with England ing further
Requests for wage increases from four groups of railroad employees are
amounted to $400,000,000. On previous occasions the general intimations given by officials of the Bethlehem corporation was that the end of under investigation by the Board of Wages and Working Conditions of the
the war would not seriously affect the company's operations, and hereto- Railroad Administration, and decisions will be announced in the near
fore no information was given out as to the actual amount of unfilled or- future. This announcement was made to-day by the Board in a statement incorporated in the annual report of Directoil-General McAdoo.
ders on the 000lcs accounted for by war contracts only.
Wages and working conditions of the following classes of employees
Late in October last, E. G. Grace, President of the Bethlehem Steel Corporation announced that the company has unfilled orders on its books of were announced as the subject of inquiry: Engineers, firemen, conduc$506,000,000, which compared with $453,000,000 on Jan. 11918. There tors and trainmen in road and yard service, employees engaged on sleepseems to be no doubt in usually well informed quarters that pracically ing, dining, and business cars; employees in the police department and
all the war contracts will be cancelled or at least "suspended" which means employees of the American Railway Express.
The Board set forth its policy regarding wage increases and working
the same thing, and this would leave Bethlehem with small unfilled contracts as it probably is true that the $506,000,000 of builness on hand on conditions in the following statement:
JAN. 25 1919.1
THE CHRONICLE
"While very substantial increases in wages and greatly improved working conditions have been granted by recent wage orders, they have generally
been less than men performing similar service, for industrial concerns engaged in war work are receiving, which differtials are considered warranted
on account of the permanency of employment on railroads, while the employment in other Government activities was brought about by war conditions, and is more or less transitory. The object has been kept constantly
in mind of creating a wage structure which in its essentials would survive
the war period."
W. D. HINES OF RAILROAD ADMINISTRATION ON
REVOLVING FUND.
In a statement with regard to the Revolving Fund of the
Railroad Administration Walker D. Hines, Director-General of Railroads on Jan. 22 points out that the mere taking
over of the railroads involved the temporary absorption of
about $340,000,000 of the Government's money. We
quote hiss statement herewith:
In view of the constant discussion of the railroad problem which naturally
is now going on because of the pendency of the issue before the Congress,
and since a great deal of stress is being laid upon the financial condition
of the carriers under Federal control, it should be helpful to comprehend
some outstanding facts regarding the so-called "revolving fund" of $500,000,000 appropriated by Congress in the Federal Control Act for certain
specified purposes.
It is important to understand that the mere fact of taking over the
railroads as going concerns involved the temporary absorption of about
$340,000,000 of the Government's money and that if the operation of the
railroads for the year 1918 had not involved any loss whatever, it would
still be true that about $350,000,000 of the revolving fund would be thus
absorbed all during the period of Federal control.
On any given date a large amount of cash is in the hands of railroad
conductors and railroad freight and ticket agents throughout the country. On the date tho Government took possession of the railroads this
amount was about $140,000,000. This was, of course, credited to the
railroad corporations and in settlement with them for the first year the
Government has to pay that amount in addition to the rental. Of course,
at the end of Government control the railroad companies will pay back to
the Government whatever amount (probably the same or more) may then
likewise be in the hands of conductors and agents.
It must also be remembered that it has been the policy of the Government that the Railroad Administration shall finance temporarily a large
part of the permanent improvements which have been made and which
still must be made by the railroads during Federal control. The amount
required for these purposes promises to be several hundred million dollars,
which likewise will ultimately be returned to the Government. It is evident,
therefore, that the absroption of the original $500,000,000 appropriation
and the making of a very large additional appropriation will be needed
for these essential purposes entirely apart from any question of losses which
were incureed in operation during the war conditions which confronted
the railroads in the first year of Government control.
The result is that in making the first year's settlement with the railroad
companies the Railroad Administration will have to use $340.000,000 which,
in tho last analysis, must come out of the revolving fund and to that extent
the use of the revolving fund represents no suggestion of loss, but purely
an inevitable absorption of cash for the time being.
It is also true that approximately $200,000,000 of working cash capital
has to be kept on hand at all times in the hands of the Federal Treasuries
of the United States Railroad Administration and in the hands of the
Central Administration. Since the operating expenses aVerage perhaps
$325,000,000 per month, this working cash capital of $200,000,000 is
relatively small. Nevertheless, it absorbs for the time being that much
of the resources of the Railroad Administration. At the end of Federal
control this cash will be released and will come back to the Government;
for the time being it is tied up in the conduct of the business in exactly
the same way that the working cash capital is tied up in any other business.
We noted in our issue of last Saturday (page 228) that
Mr. Hines contemplates an early request upon Congress
for an additional appropriation for the Revolving Fund.
In its issue of last night the New York "Evening Post"
stated it had learned that the sum which Congress will be
asked soon to appropriate as an addition to the Railroad
Admini.stration's revolving fund may be as much as $700,000,000. The Post adds:
Director-General Hines had indicated that $509,000,000 would be the
minimum, but investigations of budget needs for improvements this year
now show that a half billion dollars probably will not be' enough for all
purposes.
The Railroad Administration's tentative program calls for expenditure
of about a billion dollars this year for extensions, improvements, and new
equipment of the railroads under Government control, and a large part of
this must be financed from the revolving fund in loans to railroads. In
addition, the Railroad Administration may be called on, as contracts with
the individual roads are completed, to furnish working capital and credit
the companies with cash taken over by tho Administration when it assumed control. The aggregate of these two items is calculated at $340.000,000.
Under a new policy this year the Railroad Administration will not approve in advance an entire program of improvements for each road, but
will authorize specific projects from time to time.
333
RAILROADS' POOR
SHOWING OF NET INCOME IN
FACE OF HIGHER RATES.
Under date of Jan. 17 the Bureau of Railway News and
Statistics, Chicago, says that all estimates of the final returns of the operations of the railways of the United States
for the year 1918 made from tho ten months to October have
been upset by the official figures for the month of November,
now available. While the gross revenues continue to be
above anything reported for the month, the operating expenses so far exceed any previous record for November that
the net income is the lowest since November 1914. The
grosi and net revenues for the eleventh month, as computed
by the Bureau, for all the railways of the United States for
the past seven years, were as follows:
For the Month of Noveniber.
Operating Reve- Operating Exp., Net Oper. Renenues, Thousands.
Thousands. nues, Thousands.
1918
$451,602
$374,723
$76,879
1917
368,063
270,821
97,242
1916
334,250
215,008
119,241
1915
307.658
189,497
118,161
1914
240,054
172,042
68,012
1913
271,030
192,420
78,610
1912
280,515
186,655
93,861
1911
248,302
166,675
81,627
1910
248,559
164,636
83,922
1909
247,564
153,181
94,383
9 yrs.increase_ 84.4%
144.5%
Dec. 18.5%
Operating
Ratio.
82.97
73.58
64.32
61.59
71.68
70.99
66.54
67.12
66.10
61.88
34.1%
The Bureau of Railway News and Statistics makes the
following further observations:
Behind this startling exhibit is the fact that there was an increase of
mileage from 234,950 miles in 1909 to 260,681 miles in 1918, representing
an increased investment of approximately two billion dollars.
Moreover, the enormous increase in revenues for November 1918 was
wholly due to an increase in rates and not in service, for the official returns
show a decrease of 2.4% in freight ton miles in November 1918. compared
with November 1917.
The average receipts per ton mile in November 1918 were approximately
9.68 mills, against 7.47 for November 1917, the difference of 2.21 mills
accounting for over $72,000,000 of the gross revenues.
Turning to the income account for the eleven months to November
1918, it is now evident that the net railway operating income for the first
year under Federal control will fall about $235,000,000 below that for the
last under private operation, and from $160,000,000 to $180,000,000 below
the Government guarantee. The computed income for the eleven months
follows:
Income Account of U. S. Railways for 11 Months to Nov. 30.
1918.
1917.
Average mileage
260,682
260,035
Operating revenuesFreight
$3,224,519,237 $2,705,237,476
Passengers
963,816,805
772,300,701
Mail
50,191,592
56,219,962
Express
116,036,572
100,248,792
Other transportation
116,642,436
106,840,107
Incidental
116,513,129
101,443,449
Joint facility, balance
3,801,250
Total operating revenues
$4,591,521,021 $3,842,290,487
Operating expenses
Maintenance of way and structures
$601,248,279 $445,295,403
Maintenance of equipment
1.028,538,285
650,850.738
Traffic expenses
46,740,873
61,271,608
Transportation etpenses
1,904,602,485 1,434,238,907
General expense
91,245,671
104,937,284
Miscellaneous and other
36,717,242
24,577,293
Transportation for investment (credit)_ _
5,062,704
Total operating expense
Net revenue from operation
Tax accruals (excluding war taxes)
Railway operating revenue
Ratio of expenses to revenues
$3.717,721,744 $2,707,479,620
$873,799,277 $1,134,810,867
201,330,921
177,435,189
933,479,946
696,364,088
80.96%
70.46%
The most interesting feature of the revenue side of this statement, aside
from the great increase in other figures, is the drop of over 10% in mail
revenues in the face of the enormous increase in mail carried. On the expense side, the noteworthy saving of $14,530,735 in traffic expense was
attended by an increase of $25,831,562 in general and miscellaneous expense, notwithstanding the elimination of so many general officers from
the pay-roll.
ALTOONA CLEARING HOUSE DECLINES TO CASH
WAGE CHECKS OF PENNSYLVANIA RR.
EMPLOYEES.
According to an Altoona dispatch to the Philadelphia
"Press," on Jan. 13, the Altoona Clearing House on that
date telegraphed the Director-General of Railroads and the
Treasurer of the Pennsylvania RR. that its members would
not cash checks given by the Pennsylvania RR. to its
ADVANCES TO THE RAILROADS BY U. S. GOVERN- employees as wages. We quote as follows from the dispatch:
Resolutions were adopted by the Clearing House saying public sentiment
MENT OFTEN COME OUT OF THEIR OWN FUNDS.
against paying by check; that it is a scheme to impose on banks the
We publish the following letter because our understanding is
burden of getting receipts for the Administration; that it would incur extra
of the matter accords with that of the writer:
clerical and incidental expenses; and that their banking rooms are insufficient
Jan. 20 1919.
Editor, Commercial & Financial Chronicle, New York.
Dear Sir-We would like to call your attention to the fact that the
alleged advances by the Federal Administration to the railroad companies aro largely payments of the regular rentals, that is, where the rental
has not been determined yet and where the company has asked for payment
on account of the rent. In many, if not all, such cases, the Government
calls payment on account of such rental, an advance.
If you will take up with many of the companies the matter of the large
advances stated to have been made, you will find something of considerable
interest to the financial community.
Very truly yours,
F. J. LIBMAN & CO.
to accommodate this additional business.
The Association's reasons say that "as the checks are to be drawn on a
bank in Philadelphia and made payable "to order," it is the evident intention of the Railroad Administration to obviate the necessity of obtaining
receipts from its employees and to impose this duty upon the Altoona
banks by an indirect process, although the banks are not interested in
securing receipts for the Government for wages paid its employees."4.
A further objection is that three-fourths of Altoona's 15,000 railroad
employees will be unable to identify themselves at any bank and that the
proposed payment by checks would interfere with the legitimate and routine
business of the banks.
The railroads have paid wages in cash, but recently Director-General
McAdoo ordered a change to the check system.
334
THE CHRONICLE
INTER-STATE COMMERCE COMMISSION OVERRULES
RAILROAD ADMINISTRATION.
In a decision, written by Clyde B. Aitchison, the InterState Commerce Commission has declined to hold with the
Railroad Administration that "the importance of the
relationship of rates and rate adjustments have largely
disappeared for the period of the war." Furthermore the
commission claims its authority exceeds that of the DirectorGeneral of Railroads in the matter of rate adjustments.
The findings of the Commission were given in the case of the
Pacific Lumber Company and others against the Northwestern Pacific RR. Co. While the decision was handed
down on Dec. 6 1918, it was not made public until the 20th
inst. The action was brought somewhat over a year ago by
eleven corporations engaged in the manufacture of lumber
and forest products in the Humboldt Bay district of California. It was their contention that the rates from there were
discriminatory against most of the competing lumbermen in
the larger group on on the coast and outside that district.
Before a decision was reached in the case President Wilson
issued his proclamation by which the Government took over
control of the railroads. After setting forth its contention
so far as the Director-General is concerned, the Commission
orders the present head of the railroads to establish new rates
on the same general scale as provided by the Commission
for lumber and other forest products from California and
points to the Northwest to stations between Denver and
the Atlantic Coast. In upholding its contention that it
had authority over the Director-General, the Commission
asserts that even though all the conditions in the lumber trade
as well as in other lines of industry were exactly as the
Director-General claimed them to be, the greater would seem
to be the need for unswerving fidelity to the standards of
justness and reasonableness in transportation. In its
decision it says in part:
[VOL. 108.
INTER-STATE RIGHTS CLAIMED IN RAILROAD DECISION OF PENNSYLVANIA PUBLIC
SERVICE COMMISSIONER.
In overruling a motion to dismiss coal rate complaints of
the Pittsburgh Steel Company of Pittsburgh against the
Monongahela Railway Company and the Pittsburgh &
Lake Erie Railroad, Harold B. McClure, Public Service
Commissione.• for the State of Pennsylvania, contends that
Federal operation of railroads doe§ not mean that they are
withdrawn from control of State commissions in regard
to intra-State rates. The Philadelphia "Press" in a Harrisburg dispatch Jan. 19 had the following to say regarding
the decision:
Concerning the contention that the cases should be dismissed on the
ground that the United States Government was operating the railroads,
Judge McClure says:
"The rates attacked are for intra-State transportation and in times of
peace their regulation is within the jurisdiction of the State and this Commission to whom its authority has been delegated. The Federal statute
to regulate commerce contemplated no interference therewith."
He also says that while the President may initiate rates subject to review by the Inter-State Commerce Commission, "the Commission in
determining the reasonabienesss of the rates must take into consideration
the finding by the President that more revenue is necessary to meet the
expenses of Federal control. In addition to a proper return to the owners,
the needs of the Government for money to operate the roads must now
be taken as a factor. But there is nothing in the Act which in terms
makes this provision apply to intra-State rates. . . . Only by express terms and In unegivocal language would such important powers be
attempted to be transferred from State to Federal jurisdiction."
After quoting the Federal Railroad Act, Judge McClure says: "We
do not see how it could be made any clearer that the railroads and transportation systems while under Federal control were not only to be subject
to all laws and liabilities as common carriers under State laws as provided
in Section 10, but that nothing in the statute should be construed to amend
or repeal said laws or impair or affect the lawful police regulations of the
States.'
In an opinion Med by Commissioner Ryan, in which reference is made to
Judge McClure's decision, the Central Railroad of New Jersey, is ordered
to strike off a tariff of July 25 for hauling coal, which was complained
of by the New Jersey Zinc Company. Mr. Ryan says that the State
Commission has authority to regulate intra-State rates and "that the
striking down of unlawful tariffs and the vindication by enforcement of
our adjudications under the public service company law Is our duty." In
this case the railroad presented the fact that it was under Federal control
and declared that the rates were initiated by the United States Government.
Upon argument, on behalf of the Director-General we wore asked to
take judicial notice that the lumber business, as, in fact, all business, is
not conducted as it was before the United States was drawn into the
European war; that shipments are made under permits issued by the
Federal Government; that prices are much above normal, and that no
matter how high the freight rate the shipper does a profitable business;
VICTOR MORAWETZ'S SOLUTION OF RAILWAY
and that many embargoes prevent shipments to various points. Counsel
contended broadly:
PROBLEM.
"The importance of the relationship of rates and rate adjustments has
A plan for the solution of the railway problem was subdisappeared to a very large extent for the period of the war, and these cases
are going to be decided by this Commission while the war is in progress and mitted to the Senate Committee on Inter-State Commerce
while we are in this abnormal situation that the war has brought about."
Jan. 17. "Permanent Government
Even if all the abnormal conditions were as counsel for the Director- by Victor Morawetz on
General stated them, the continuance of an unjust and unreasonable rate operation of the railways," says Mr. Morawetz, "would
situation and relationship would not thereby be warranted. Indeed, be contrary to the best interests of the country and should
the more abnormal other conditions the greater would seem to be the need
for unswerving fidelity to the standards of justness and reasonableness in be rejected. It would result in unprogressive, costly and
transportation charges as between competing persons, localities and com- inefficient operation with poor service to the public and
modities. This principle was recognized by Congress. The Federal high rates."
Control Act was enacted in the midst of war and while Congress was
No satisfactory result can be obtained, in the view of
daily dealing with the abnormal commercial conditions caused by the war.
Notwithstanding the fact we were at war and commercial conditions were Mr. Morawetz, without putting an end to regulation of the
abnormal, Congress expressly prescribed that all rates under Federal
railways and rate fixing by the several States. To obtain
control must be just and reasonable, and thus foreclosed the contention
that any person, place, or commodity, could be deprived of just and effective and wise regulation, he cmitends, it is necessary
reasonable rates because of the war or conditions growing out of it. Noth- to vest supreme authority in some board appointed by the
ing in the record indicates that it is necessary that the complainants must
Government. In offering his plan Mr. Morawetz
be deprived of just and reasonable rates and rate relationships in order to national
states that it is designed to attain the following ultimate
effectuate any of the purposes of Federal control.
The submission herein was made prior to the signing of the armistice results:
with the enemies of the United States. The Federal Control Act, we
(1) To vest the railways (taken in suitable groups) in ten to fifteen
recall, is by section 16 thereof—
by Congress under its power
". . expressly declared to be emergency legislation enacted to meet corporations formed pursuant to an Act passed
to regulate commerce and establish military and post roads; these Federal
conditions growing out of war."
regulation,
to be subject to the fullest
State
but
from
free
be
to
corporations
If, under the doctrine of judicial notice, we are to take notice of matters
established by the Federal
which are, or ought to be, generally known within the limits of our juris- regulation and control by suitable boards
diction as equivalent to proof, and of equal force with and as standing for Government.
(2) To refund the bonds and stocks of the present companies by the issue
the same thing as evidence, we must consider the contemporaneous effect
corporations, these debentures
of war upon general conditions. 15 Ruling Case Law, p. 1090. We must of debentures and stocks of the new Federal
the stocks to be guaranteed
notice that, as stated by the President to the Congress, with the signing of to be guaranteed by the United States and
the armistice, "the war thus comes to an end." We must notice that minimum dividends.
the
future development and ex(3) To provide the capital needed for
with suddenness and as of one accord the nation has turned from the active
waging of war to the demobilization of military forces and the return of tension of the railways.
(4) To establish a Federal Railway Board and suitable subsidiary boards
industries to their accustomed channels. No more than is necessary
the railways, with due regard for local
should war conditions be permitted to deprive any individual or locality for the effective regulation of
of that equality of opportunity in respect to transportation, which is interests.
management and operation of the
efficient
future
the
for
provide
To
(5)
insured alike by our fundamental economic policy and by the law.
the supervishm and control of the Federal
From a consideration of all the facts and circumstances of record, as to new Federal corporations under
the present rates charged for the transportation of lumber and other forest Railway Board.
products, from Humboldt Bay points to destinations in eastern defined
The main difficulties of carrying out this plan, said Mr
territories, Colorado common points and east, we find and conclude that
are:
Morawetz,
as to defendants not under Federal control, that while not discriminatory
(a) To establish the fair value or just compensation to be paid for each
within the meaning of section 2 of the Act to regulate commerce,such rates
are, and in the future will be, unreasonable, In violation of section 1 of the railway in guaranteed debentures and stock of th,new Federal corporation
Act to regulate commerce, and subject complainants and the Humboldt in which the railway is to be vested; and
(b) To distribute this just compensation equitably among the existing
Bay points to undue and unreasonable prejudice and disadvantage, in
violation of section 3 of the Act to regulate commerce, to the extent that bondholders and stockholders.
they exceed the rates contemporaneously in effect from California coast
Continuing Mr. Morawetz said:
group points to the same destinations. Wo also find and conclude, as to
13. The original cost or the reproduction cost of the property of a
the defendant carriers under Federal control and as to the Director-General
of Railroads, that the present rates maintained over Federally controlled company furnishes no just measure for fixing Its rates and no just measure
railroads or in connection with such of tho defendants as are not under of what would constitute fair compensation for its property. To fix
Federal control, are, and for the future will be, unjust and unreasonable rates or compensation on the basis of original cost would in many cases
in violation of section 10 of the Federal Contrel Act, to the extent that they deprive the owners of a largo accretion of value to which they are legally
exceed the rates now in effect, or which may hereafter be maintained, from and morally entitled. The construction of railways has been the principal
cause of the large increase of the valuo of lands and other property throughCalifornia Coast group points to the same destinations. .
out the country and the railroads were built injthe just expectation that
I,. An order will be issued to carry out the findings made herein.
JAN. 25 1919.]
THE CHRONICLE
their owners would share in this increase of values. To fix the rates of a
railway on the basis of a fair return on original cost or to condemn it at
its original cost would be as wrong, legally and morally, as to condemn the
property of farmers and owners of city lots at the prices originally paid
therefor to the Government.
The cost of reproduction furnishes no just test because the true value of
a railroad, as of any other piece of property, depends largely upon its
location and surrounding conditions. A railroad serving a territory producing only a small amount of traffic or a railroad whose operating conditions
are unfavorable by reason of grades or other causes cannot earn as much
.and is not worth as much as another railroad serving a territory producing
a large amount of traffic and having favorable operating conditions, though
the reproduction cost of the two railroads be equal. Rates upon competitive business must be the same as to all companies and it is quite impracticable to fix rates in such manner as to enable each company to earn a fixed
return and no more upon the reproduction cost of its property. To
condemn the property of a railway company at a price fixed on the basis
of its operating income at the lowest rates which the Government can
constitutionally impose would be as unjustifiable as it would be to condemn other property at a nominal price on the ground that the Government
can constitutionally destroy its entire value by taxation.
By reason of their magnitude, the railroads of the United States have
no market value. Few, if any, instances exist of a competitive sale of a
railroad or of a true sale for cash or its equivalent: Moreover, any
whosesale condemnation of the railways and payment to the owners in
cash would upset all security values and m'ght produce chaotic financial
conditions. As it would become necessary to issue vast amounts of
Government bonds, their value would be greatly depressed and a large
expansion of bank loans would be unavoidable. By reason of the magnitude of such a transaction, it could be carried out only through a concurrent shifting of investments, the owners of the railway securities using
the cash received by them from the Government to purchase the now
Government bonds or to purchase other securities and property in the
market and the sellers of the existing securities and property investing
the proceeds in the new Government bonds. The probable result would
be a considerable increase of the prices of industrial securities now yielding
large returns to the holders and a fall of the prices of Government bonds.
The quoted market prices of the stocks and bonds of the railway companies furnish no just measure of the value of their properties. These
quoted prices of stocks and bonds indicate only the approximate prices
at which a very small amount of the stocks and bonds can be bought or
sold. As a rule, no considerable amount of stocks or bonds can be bought
or field at anything near their quoted prices. The quoted market prices
of railroad stocks and bonds often are largely due to factors having little.
relation to the earnings of the companies or to the true value of their
properties. In some cases bonds of railroad companies at their quoted
market prices yield no larger returns than United States Government bonds,
while in other cases equally well secured railroad bonds at their quoted
market prices yield a return half again as large. Some railroad stocks have
quoted market prices very much higher than those of other railroad stocks
upon which an equally high return is earned.
14. It Is submitted that the only fair and practicable way of measuring
the value of a railroad and the just compensation to which its owners are
entitled is
(a) To estimate as nearly as may be its present and prospective true
operating income under a fair as well as constitutional exercise of the
powers of regulation vested in the Federal and State Governments, and
(b) To capitalize this true operating income at a fair rate, based on the
rate of interest or profit payable to obtain capital and on any risks or
uncertainties affecting the railroad and its future operating income.
The true operating Income of a railroad for the purpose of ascertaining
Its value is not the operating income shown under the rules of accounting
prescribed by the Inter-State Commerce Commission. Under these rules
no deduction is made on account of certain expenditures which every
railway company is obliged to make but which do not add to its earnings.
Every prudent business man would charge such expenditures to operating
expenses or to income. Therefore, in ascertaining the true operating
income of the railways there should be deducted In each case from the
operating income shown under the rules of the Inter-State Commerce
Commission a fixed percentage based on the approved practice of conservatively managed railroad companies.
The operating income of the railways depends largely upon the rates
which the Federal and State Governments permit them to charge. Unfortunately the courts have not yet furnished any definite or practical
standard for determining the limits of the constitutional powers of the
Federal and State Governments to fix rates, and neither Congress nor the
Inter-State Commerce Commission nor any State Commission has yet
furnished any definite or practical standard for determining what rates
are reasonable and fair. The resulting uncertainty has been the principal
cause of the failure of the credit of the railway companies and it is the
principal source of difficulty in estimating their prospective operating
Income and the value of their properties.
However, under the plan now proposed it will not be necessary to estimate
with accuracy the value of the railways, or their prospective true operating
Incomes, or the rates at which this estimated operating income should
be capitalized. It is not proposed to pay for the railways in cash or its
equivalent. The plan is to vest the railways in new corporations which
will issue their bonds and stocks in exchange, and the bonds and stocks
thus issued will simply represent these railways, whatever their value and
their propectivo operating incomes may be. Under the plan now proposed an estimate of the prospective operating income and of the value
of each railway is material only in so far as this may be necessary (a) to
limit the proposed guaranty to be furnished by the Government and (b) to
establish the relative value of the several railways to be vested in each
Federal corporation, so that some of the existing companies May not obtain
an advantage at the expense of the others.
It is suggested that in ordinary cases the average operating income of
the test years prescribed by the Federal Control Act (subject to a deduction
as above proposed) be made prima facie evidence of the operating income
Which is to be the basis of capitalization. However, this basis could not
justly be applied to a case in which owing to a receivership or other abnormal
conditions the average operating income of the three test years did not
fairly reflect the earning capacity of the property. Each case should be
dealt with in the light of all pertinent facts.
It is further suggested tentatively that for each railway property vested
In a Federal corporation there be issued
(a) Four per cent debentures of the Federal corporation, guaranteed by
the Government, to an aggregate amount that would impose an interest
charge equal to 40% of the estimated operating income of the property, and
(b) Shares of stock to an amount upon which the remaining 60% of the
operating income would suffice to pay $6 per share, the Government to
guarantee payment of $2 50 per share; any distribution of income in excess
of $4 per share to be divided between the Government and the shareholders and the Government to have an option to purchase the stock at
any time at $85 per share.
335
The distribution among the stockholders and bondholders of each existing railway company of the aggregate amounts of debentures and stock of
the Federal corporation to be issued in exchange for the company's property
would have to be adjusted by agreement of the parties as in ordinary
reorganizations. It is, therefore, suggested that the Federal Railway
Board to be established under the plan should have full power to negotiate
with the directors of each company and with committees of security holders.
It is believed that the great bulk of the stockholders and bondholders
of the companies would soon agree to any fair terms offered them. Unanimous agreement of the bondholders and stockholders would not be necessary. A majority of the stockholders of some of the companies have now
the power to sell the property of their company subject to its indebtedness,
and in other cases legislation probably could be obtained giving such power
to the majority. But, if in any case the stockholders are unwilling to
agree to reasonable terms, their equity could be acquired through a condemnation proceeding.
In most cases it would be safe to proceed upon obtaining the assent of
the holders of a majority of the outstanding bonds of a company. The
outstanding bonds would not be assumed by the Federal corporation, and
the bonds received from assenting bondholders would be kept alive in the
treasury of the Federal corporation,so that the security of the non-assenting
bondholders would not be improved. Separate accounts should be kept
of a railway thus acquired subject to outstanding bonded indebtedness,
and if the property should not earn the interest on all outstanding bonds.
including those in the treasury of the Federal corporation, the latter could
foreclose the mortgage securing the bonds held in its treasury, in which
event the property could be bought in by the Federal corporation by paying
to the non-assenting bondholders only their proportional share of the net
proceeds of the foreclosure sale.
Mr. Morawetz proposes an Act of Congress to be passed
conferring all powers required to carry out the following
plan:
1. A Federsal Railway Board to be created with supreme power of regulation and control over the Federal railway companies to be formed as
herein- provided. This Federal Railway Board should be a body of the
highest dignity. A member of the President's cabinet should be a member,
and its other members should be selected with the greatest care by the
President with the advice and approval of the Senate.
2. The Federal Railway Board to organize ten to fifteen Federal railway
companies under the Act of Congress. Each of these companies to have
the usual powers of railway companies and also power, with the approval
of the Federal Railway Board, to acquire all or any existing lines of railway.
In carrying out the plan the existing lines to be consolidated in the Federal
corporations as directed by the Federal Railway Board in such manner as
to make ten to fifteen well balanced railway systems.
Provision to be made for the issue by each Federal corporation of debentures and stock in amounts sufficient to take up as hereinafter provided
the bonds and stocks of the existing companies whose properties are to be
vested in such Federal corporations and also to provide for future capital
requirements. The stocks of the Federal corporations to have no nominal
or par value. Payment of the principal and interest of the debentures
issued by the Federal corporations and payment of fixed minimum dividends
(say,$2.50 per share) on their stocks to be guaranteed by the United States.
Upon any distribution of net income of a Federal corporation in excess
of a minimum dividend on its stock (say $4 per share per annum, noncumulative), the excess to be divided between the Government and the
stockholders of the corporation in prescribed proportions.
3. A specified number of the directors of each Federal corporation to
be appointed by the Federal Railway Board and the remainder to be
elected by the stockholders of the corporation. The president and executive officers of each Federal corporation to be chosen by its board of directors. but all directors and officers to be subject to removal by the Federal
Railway Board. Salaries of officers to be subject to approval by the
Federal Railway Board, but the board of directors of each company to
have power to pay additional compensation to executive officers out of
moneys which otherwise would be payable to the stockholders as dividends. • The directors to be paid salaries approved by the Federal Railway Board, subject to a deduction for every meeting which they fail to
attend.
4. The Federal Railway Board to have plenary and exclusive power of
regulation of the Federal corporations, including power to require them
to make any operating arrangements deemed desirable in the interests
of the whole country.
The Federal Railway Board to appoint regional boards of regulation
and one central board of regulation. A majority of the members of each
regional board to be appointed from persons resident in the region in which
the board sits. Each regional board to have power to take up any regional
matters, including rate questions, at its own initiative, or when directed
by the central board of regulation; but no regulation by a regional board
to take effect until approved by the central board of regulation. (The
latter requirement is deemed necessary to secure harmony and is essential to the proper regulation of rates.)
The central board of regulation to deal primarily with all through rates
and matters affecting all regions of the country. Questions relating to
local rates and strictly regional matters to be referred to the regional
boards, subject, however, to the supervision of the central board.
All acts and decisions of the central board, as well as of the regional
boards of regulation, to be subject to the supreme authority of the Federal Railway Board.
Power to be vested in the Federal Railway Board through the central
and regional boards of regulation (subject to the necessary constitutional
limitations) to regulate all rates of existing railway companies as well as
those of the Federal corporations and to execute all the powers now vested
in the Inter-State Commerce Commission; but, except as to rates and as
to other matters of which the Inter-State Commerce Commission now
has exclusive jurisdiction, the existing companies to remain subject to
regulation by the several States.
5. The Act of Congress to provide that each Federal corporation shall
pay in each State taxes on the proportion of its property located within
the State. The basis for fixing the aggregate value of the taxable property
of each corporation and for the apportionment thereof among the States
to be prescribed by the Act of Congress and all questions of taxation to
be decided in the first instance by the Federal Railway Board subject
to an appeal to the Supreme Court.
The police powers of the several States in relation to the Federal corporations, their officials and their property to be left unabridged, except
when in conflict with the Act of Congress or with regulations of the Federal
Railway Board.
6. Issues of debentures and stock of the Federal corporations to be made
only as authorized by the Federal Railway Board and for purposes approved by it. Debentures and stock to be issued as hereinafter provided
to take over existing lines when authorized by the Federal Railway Board.
Additional debentures and stock for new construction, betterments and
additions to be issued only up to aggregate amounts authorized from time
336
THE CHRONICLE
to time by Act of Congress and each sale to be approved by the Secretary
of the Treasury.
7. The accounts of each Federal corporation to be kept according to the
best methods of accounting as prescribed by the Federal Railway Board
and detailed annual reports to be published.
8. The Federal Railway Board to have power to negotiate with the representatives of each railway company and with committees of its bondholders and stockholders for a transfer of' the property of their company
to a designated Federal corporation and for an exchange of their bonds
and stocks for debentures and stock of the Federal corporation.
The aggregate amount of debentures and stock of a Federal corporation
• to be issued for each property not to exceed an amount fixed as provided
in paragraph 14 introductory to this plan on the basis of the estimated
prospective true operating income of the property, so that the amount
of interest and dividends guaranteed by the Government shall in no case
exceed sixty-five of the estimated operating income of the property and that
the interest on the debentures shall not exceed 40% of tnis operating
income. It is suggested tentatively that the debentures of the Federal
corporation be made payable in sixty years and redeemable after forty
years.
For example, if the true operating income of a railway company is $6,000,000 per annum, the aggregate amount of debentures and stock orthe
Federal corporation to be issued for the company's property would be
as follows:
(a) $60,000,000 of guaranteed 4% debentures, upon which the
annual interest charge would be
$2,400,000
(b) 600,000 shares of stock (without par value) upon which $6
per share would be earned and the Government would
guarantee $2.50, or
1,500,000
Total Government guaranty
$3,900,000
The Government to have an optional right to purchase the stock at
any time at $85 per share.
As expenditures for unprofitable improvements,&c., would be deducted
from the operating income shown under the rules of the Inter-State Commerce Commission in determining the true operating income for the
purposes of this plan, the whole amount thereof could properly be distributed. Assuming that the operating income in excess of dividends of
$4 per share on the stock is to be divided between the stockholders and the
Government, the $6,000,000 of operating income Would be applied as
follows:
Interest on $60,000,000 debentures
$2,400,000
Dividend on 600,000 shares at $4 per share
2,400,000
• Balance to be divided between the Government and the stockholders
1,200,000
Total
$6,000,000
A railway to be acquired only if an amount of outstanding bonds satisfactory to the Federal Railway Board shall be deposited for exchange into
the debentures and stock of the Federal corporation. Until bonds held
by non-assenting bondholders are exchanged or paid off, an amount of
debentures creating the same aggregate interest charge as the outstanding
bonds to be reserved by the Federal corporation out of the aggregate
amount to be issued by it for the property. Bonds of existing companies
received by a Federal corporation upon such exchange to be kept alive in its
treasury and a separate account to be kept (unless otherwise ordered by
the Federal Railway Board) of the earnings of each railway upon which
there is a mortgage securing unexchanged bonds, with a view to a foreclosure of the mortgage in case the property should fail to earn the interest on all bonds secured by the mortgage, including those in the treasury
of the Federal corporation.
Each Federal corporation to have power to condemn existing lines of
railway (subject to existing mortgages) when authorized by the Federal
Railway Board, the condemnation proceedings to be carried on through
special tribunals established for that purpose.
It is not intended that all bondholders of a company whose property is
acquired shall receive the par amount of their bonds in 4% guaranteed
debentures and that all stockholders shall receive, share for share, guaranteed stock of the Federal corporation. The intention is that the aggregate amount of debentures and stock to be issued in each case shall be
equitably apportioned by agreement among the stockholders and bondholders. Under such arrangement some stockholders and bondholders
may receive more and some less than the par amount of their present
holdings
[VOL. 108.
C. B. EDDY, ASSOCIATE DIRECTOR OF FINANCE, DIVISION OF U. S. RR. ADMINISTRATION.
Charles B. Eddy, previously Assistant General Counsel to
the United States Railroad Administration, was.appointed
Associate Director of the Division of Finance on Jan. 9.
J. H. YOUNG ASSISTANT DIRECTOR OF DIVISION OF
OPERATION OF RAILROAD ADMINISTRATION.
J. H. Young has been appointed Senior Assistant Director
of the Division of Operation, succeeding W. T. Tyler, whose
appointment as Director of the division, following the resignation of Carl R. Gray, was referred to in these columns last
week. Mr. Young was formerly President of the No'folk
Southern Railway, and later became Federal Manager oil the
Virginian and the Norfolk Southern railways under the
United States Railroad Administration.
IM•••
A. F. DUFFY MANAGER, SAFETY SECTION, DIVISION OF OPERATION, OF RR. ADMINISTRATION.
A. F. Duffy wa, on Dec. 30 appointed Manager, Safety
Section, Divi-sion of Operation, with office in Southern
Railway Building, Washington, D. C., vice Hiram W.
Belnap, deceased.
RAILROAD ADMINISTRATION NAMES AUTOMACITC
TRAIN-CONTROL COMMITTEE.
Director-General Hines of the United States Railroad
Administration, on Jan. 15 announced the appointment
effective at once, of an automatic train-control committee,
consisting of the following members: C. A. Morse, Chairman; W. P. Borland, C. E. Denney, H. S. Balliett, Henry
Bartlett, R. W. Bell and J. H. Gumbes. The automatic
train-control committee had been formulated and was ready
for announcemeret with Mr. Hiram W. Belnap as Chairman. Mr. Belnap had been the head of the Safety Section of the Inter-State Commerce Commission for some
years, and as such had conducted an investigation into
the merits of the various automatic train-control devices.
Mr. Belnap died suddenly and it became necessary to
create a new committee on account of the loss of his
experience in service. In appointing the committee, the
Director-General issued a circular outlining the duties of
the committee as follows:
The Committee will proceed at once to make a study of and report upon
automatic train-control devices now undergoing a test upon various lines
of railroad, or available for test, with their recommendations for installation, and for the practical test of any devices now or during their investigation, made available for that purpose, which they may consider practicable and reasonably conforming to the purposes to be accomplished.
The report of the Committee would include their recommendations upon
the requisites of automatic train-control and their conclusions upon the
mechanical or economic features on such of the devices as the Committee
may find available for practical use.
Mr. Morse, the Chairman of the committee, is Assistant
Director of the Division of Operation. Mr. Borland is
Chief of the Safety Section of the Inter-State Commerce
Commission. Mr. Denney is assistant to the Federal Manager of the New York Chicago & St. Louis RR. Mr. Balliett is signal engineer in the electric division, New York
Central RR. Mr. Bartlett is chief mechanical engineer
T. C. POWELL DIRECTOR OF DIVISION OF CAPITAL on the Boston & Maine RR. Mr. Bell is General SuperEXPENDITURES OF RAILROAD ADMINISTRATION. tendent of Motive Power, Illinois Central'RR. Mr. Gumbes
Director-General of Railroads Walker D. Hines announces is General Superintendent, Western Pennsylvania Division,
the appointment of T. C. Powell a.s Director of the Division Pennsylvania RR.
of Capital Expenditures, succeeding Judge Robert S. Lovett,
MAX THELEN MADE DIRECTOR OF PUBLIC
whose resignation, effective Jan. 1, has already been referred
SERVICE DIVISION OF RAILROAD ADMINISto in these columns. Mr. Powell will assume his new post
TRATION.
immediately. Mr. Powell has had extended railroad exWalker D. Hines, Director-General of Railroads, has
perience and in addition to hi t service on railroads, has performed important war work for the Government since the announced the appointment, effective Feb. 1, of Max Thelen
entrance of the United States mt.) the European war. He as Director of the Division of Public Service. The Directorformerly assisted on the Government Priorities Committee General has decided to divide the existing avi.,ion of Public
of which Judge Lovett was Chairman. Except for his recent Service and Accounting, which has been under the jurisdicGovernmental work, Mr. Powell has been in the railroad tion of C. A. Prouty, into two divisions, the Division of
business since 1884. F.:om 1905 to July 1918 he wai Vice- Accounting and the Division of Public Service, because o? the
President of the Southern Railway System and from 1908 desire of Mr. Prouty to be relieved of same of the very
to 1916 he was also Vice-President of the Cincinnati New numerous duties devolving upon him. In order to continue
Orleans & Texas Pacific, and Alabama Great Southern his valuation work ror the Inter-State Commerce Commisrailroads, in charge o? all departments including operation. sion, Mr. Prouty decided that it was necessary for him to
In November 1917 he was detailed by the Southern Railway give up some of his work for the Railroad. Administration.
to assist on the Priorities Committee of which Judge Lovett At the request of the Director-General, he ha,consented to
was Chairman. On July 1 1918 he wai appointed by Mr. continue al Director of the Division of Accounting. The
McAdoo as .3peciaI representative of the Railroad Adminis- new status of the two divisions will also become effective
tration with the War Industries Board and remained a mem- February 1. Mr. Thelen has had wide experience in dealing
ber of the Priorities Committee until the War Industries with the relationship between the public and the railroads.
After serving as attorney for the Western Pacitic Railway
Board was discontinued.
JAN. 25 1919.]
TIIE CHRONICLE
337
from 1906 to 1911, he became attorney for the California
Railroad Commiseion, serving in that capacity until 1915.
In 1912 he became a member of the California Railroad Commission, and served as Chairman of the Commission from
January 1915 to June 1918. In 1916 he was President of the
National Association of Railroad Commissioners. Leaving
the California Railroad Commission, he went to Washington
in June 1918 to engage in war work, and was appointed
supervisor of contracts in the War Department and assistant
to Major-General George W. Goethal s, Director of Purchase, Storage and Traffic a the War Department.
Rising again after his speech of acceptance, Premier
Clemene3au referred to the program of the Conference, %hich
he said covered the following main subjects of general order:
First, responsibility of the authors of the war; second,
responsibility for the crimes committed during the war;
third, legislation in regard to international labor. All the
powers represented, he said, would be invited to present
memoranda on these three questions. The powers having
particular interests, M. Clemenceau continued, would be
asked to present further memoranda on territorial, financial,
and economic questions. "The League of Nations will be
placed at th head of the order of the day of the next full
RESUMPTION OF SLEEPING CAR LINES TO SOUTH. session," M. Clemenceau announced. He then paused for
further suggestions of business, and, as none was made, he
In announcing the resumption of sleeping car lines to the declared the session adjou-ned.
South, the Railroad Administration on Jan. 15 said:
The text of the various speeches will be found elsewhere
Seven more of the sleeping car lines to the South, discontinued north of
in
to-day's issue.
Washington a year ago on account of the war emergency, will be restored
The session, which began at 3 o'clock, adjourned at 4:30,
according to an order issued by Director-General of Railroads Hines.
These are in addition to the 15 through lines restored to the South on having lasted just an hour and a half. The proceedings
Jan. 1 by the Railroad Administration.
Beginning Jan. 19 Pennsylvania Railroad train leaving New York at were marked throughout with a decorum bordering on
8:08 a. m., West Philadelphia at 10:23 a. in., will have a through sleeping solemnity, as befitted a great hist nical event. By tacit
car to Key West via Washington and the Atlantic Coast Line Railroad-- agreement no applause greeted the
various speeches. Acthis in addition to sleeping cars between New York and Jacksonville and
New York and Port Tampa now in operation on this train. Pennsylvania commodations had been provided in the hall for a limited
Railroad train leaving New York at 2:04 p. m., West Philadelphia at number of press representatives, but several hundred other
4:17 p. in., will have a through sleeping car between New York and Pine- correspondents from all
over the world had to content
hurst via Washington and the Seaboard Air Line Railroad—this in addition
to the through sleeping cars now in operation on this train to Palm Beach, themselves with "standing room only."
Miami, and St. Petersburg via the Atlantic Coast Line, and between
An elaborate set of rules to govern the proceedings of the
New York and St. Petersburg and Miami via the Seaboard Air Line.
Conference
was made public on the 19th, and will be found
Additional through sleeping cars between New York and Palm Beach
via Washington and the Seaboard Air Line, as well as through sleeping in another article.
cars berween New York and Augusta, Aiken and Asheville via WashingThe Associated Press dispatches from Paris gave the followton and the Southern Railroad, will be placed in service, leaving New York
ing
description of the arrangements made by the French
at 1:12 p. in. and West Philadelphia at 3:24 p. in.. as a second section
Government for the Peace Conference:
of regular train leaving New York at 1:08 p.
An additional through sleeping car will also be operated between New
York and Atlanta via Washington and the Southern Railroad on train
leaving New York at 3.38 p. m., West Philadelphia 5.56 p. m.
Northward, corresponding additional sleeping car linos will be placed
In service, and in order to take care of the movement of the additional
equipment second sections of regular trains will be operated, leaving
Washington at 9:05 a. in., arriving West Philadelphia at 12:00 noon and
New York at 2:02 p. m., and leaving Washington 10:05 a. m., arriving
West Philadelphia 1:12 p. in., and New York 3:23 p. m.
The through sleeping cars from White Sulphur Springs, W. Va., and Hot
Springs, Va., via the Chesapeake & Ohio R. R., and the New Orleans
sleeping car via the Southern Railroad and Norfolk & Western Railroad
which are now operated north of Washington via the Baltimore & Ohio
Railroad, will. effective Jan. 19, be transferred to the Pennsylvania Railroad train leaving Washington 9:05 a. in.
In all seventy-two seats were provided for the opening session of the
conference. On the outer side of the great horseshoe were arranged the
Japanese, the British and colonial delegates and the seat of the fifth British
delegate. A chair for the fifth American delegate was also reserved immediately to the right of the table of honor.
The Italian, Belgian, Brazilian, Cuban, Haitian, Peruvian, Portuguese,
Serbian, Czecho-Slovakian, and Uruguayan delegates sat in the order
named. Across at the left wing of the table sat the Siamese, Rumanian,
Polish, Liberian, Iiedjaz, Guatemalan, Ecuadorean, Chinese, and Bolivian
delegations.
All preparations had been completed at an early hour for the holding
of the first formal session.
The Salle d'Ilorloge, now rechristened the Salle de la Pala, and one of
the most splendid reception rooms in Europe, had been placed in readiness
for the delegations of the nations as they entered to begin the sittings
of the full congress, the entire chamber having been rearranged for the
special purpose to which it is now being put.
First to catch the eye of the plenipotentiaries entering the hall was a
statue of Peace holding aloft the torch of Civilization. This heroic marble
figure stood directly behind the chair of Premier Clemenceau.
In front of the statue was spread the council table, covered with the
traditional green baize of diplomacy. This table is in the form of a huge
horseshoe. Across the upper end are nine seats of honor, for the Presiding
Officer, the Vice-Presidents and Premiers. On each 'side of the two arms
of the horseshoe there are fifteen seats, making sixty seats, besides the
nine at the head of the table.
Each delegate's chair is upholstered in bright red leather, and before each
place is a complete equipment of writing materials. The fittings of the
room are in white and gold, with a frescoed ceiling bordered by dancing
Cupids. Four great lustre chandeliers hang from the ceiling, while five
large windows, looking out over the Seine River, cast a flood of light over
the sumptuous apartment.
Leading from the council room is another large chamber overlooking the
gardens. To this room the delegates can retire for consultations.
Further on was a gorgeous state dining room, where luncheon and dinner
may be served to the delegates in case protracted sessions are held. The
whole suite of rooms is suggestive of elegance and beauty and the artistic
taste of the French.
THE PEACE CONFERENCE AT PARIS.
The opening session of the Peace Conference, which is to
settle the world war and lay the foundations for the
League of Nations, was held on Saturday last, Jan. 18,
in the Salle de la Paix of the Ministry of Foreign Affairs
at the French capitol. The session was confined to the
address of welcome by President Poincare of Franca, the
nomination of a permanent Chairman in the pe.!son of
Premier Clemenceau, and a brief announcement by the newly
elected Chairman in regard to the order of business f er the
next session. The session then adjourned with6ut date,
subject to the call of the Supreme Council of the five great
Powers which have the arrangements in hand (France, England, Italy, the -United States and Japan).
The address of President Poincare in opening the session
(the full text of which will be found elsewhere) reviewed
the course of the war and the causes which had influenced ADDRESS OF
WELCOME TO PEACE DELEGATES BY
the various nations to join. He paid a warm tribute to the
PRESIDENT
POINCARE.
unselfish motives which brought our nation to throw in its
The text of President Poincare's address of welcome to
lot with the Allies, and exp.Tssed the gratitudi not only of
France but "of all the nations represented in this room." the delegates to the Peace Conference at the first formal
President Poincare spoke in French, and, when he had con- session at Paris on Jan. 18 was as folio ws:
Gentlemen—France greets and thanks you for having chosen as the
cluded, his remarks wore read in English by an interpreter. seat
of your labors the city which for more than four years the enemy
with
the other addresses, has made his principal military objective and which the valor of the Allied
The same course was followed
armies
has victoriously defended against unceasingly renewed offensives.
French and English having been adopted a,s the official
Permit me to see in your decision the homage of all the nations that
languages fo• the Peace Conference.
you represent toward a country which more than any other has endured the
Following the French President's address President Wilson sufferings of war, of which entire provinces have been transfohned into
a
vast battlefield and have been systematically laid waste by the invader,
rose arid in a brief speech, in which he warmly praised and
which has paid the human tribute in death.
which
characterized
steadfastness
the
"the fine
leadership
France has borne these enormous sacrifices, although she had not the
of France in the hands of M. Clemanoeau," nominated the slightest responsibility for the frightful catstrophe which has overwhelmed
universe. And at the moment when the cycle of horror is ending,
French Premier for permanent Chairman of the Conference. the
all the powers whose delegate; are assembled here may acquit themselves
The nomination was s econded by Premier Lloyd George of of any share in the crime whiat has resulted in so unprecedented a disaster.
Great Britain and Baron Sonnino, Premier of Italy. M. What gives you the authority to establish a peace of justice is the fact
none of the peoples of whom you are the delegates has had any part
Clemenceau responded in an address, in which ha declared that
In the injustice. Humanity can place confidence in you because you ar
that "all else must be subordinated to the necessity of a closer not among those who have outraged the rights of humanity.
There is no need of further information or for special inquiries into th e
zi,nd closer union among the nations who have taken part in
origin of the drama which has just shaken the world. The truth, bathed
this great war and to the necessity of remaining friends." in
blood, has already escaped from the imperial archives. The premedi"For the League of Nations is here," he declared. "It is tated character of the trap is to-day clearly proved.
In the hope of conquering first the hegemony of Europe and next the
yourselves. It is tor you to maks it live,and to make it live
mastery of the world, the Central Empires, bound together by a secret
we must havelit really in our hearts."
plot, found the most abominable of pretexts for trying to crush Serbia
338
THE CHRONICLE
and force their way to the east. At the same time they disowned the
most solemn undertakings in order to crush Belgium and force their way
into the heart of France.
These are the two unforgettable outrages which opened the way to
aggression. The combined efforts of Great Britain, France and Russia
were exerted against that man-made arrogance.
If, after long vicissitudes, those who wished to reign by the sword have
perished by the sword they have but themselves to blame. They have
been destroyed by their own blindness. What could be more significant
than the shameful bargains they attempted to offer to Great Britain and
France at the end of July 1914, when to Great Britain they suggested:
"Allow us to attack France on land and we will not enter the Channel,"
and when they instructed their Ambassador to say to France: "We will
only accept a declaration of neutrality on your part if you surrender to us
Briey, Toul and Verdun?" It is in the light of these things, gentlemen,
that all the conclusions you will have to draw from the war will take shape.
Your nations entered the war successively, but came one and all the to the
help of threatened right. Like Germany, Great Britain had guaranteed
the independency of Belgium. Germany sought to crush Belgium. Great
Britain and France both swore to save her. Thus from the very beginning of hostilities there came into conflict the two Hess which for fifty
months were to struggle for the dominion of the world—the idea of sovereign
force, which accepts neither control nor check, and the idea of justice,
which depends on the sword only to prevent or repress the abuse of strength.
Faithfully supported by her dominions and her colonies, Great Britain
decided that she could not remain alooffrom a struggle in which the fate of
every country was involved. She has made, and her dominions and
colonies have made with her, prodigious efforts to prevent the war from
ending in the triumph of the spirit of conquest and the destruction of right.
Japan, in her turn, only decided to take up arms out of loyalty to Great
Britain, her great ally, and from the consciousness of the danger in which
both Asia and Europe would have stood of the hegemony of which the
Germanic empires dreamed.
Italy, who from the first had refused to lend a helping hand to German
ambition, rose against an age-long foe only to answer the call of oppressed
populations and to destroy at the cost of her blood the artificial political
combination which took no account of human liberty.
Rumania resolved to fight only to realize that national unity which was
opposed by the same powers of arbitrary force. Abandoned, betrayed
and strangled, she had to submit to an abominable treaty,the ievision of
which you will exact.
Greece, whom the enemy for many months tried to turn from her traditions and destinies, raised an army only to escape attempts at domination of which she felt the growing threat.
Portugal, China and Siam abandoned neutrality only to escape the
strangling pressure of the Central Powers.
Thus, it was the extent of German ambitions that brought so many
peoples, great and small, to align themselves against the same adversary.
And what shall I say of the solemn resolutions taken by the United States
In the spring of 1917, under the auspices of its illustrious President, Mr.
Wilson, whom I am happy to greet here in the name of grateful France
and,if you will allow me to say so, gentlemen, in the name of all the nations
represented in this room?
What shall I say of the many other American powers which either doctored themselves against Gerclared themselves against Germany—Brazil,
Cuba, Panama, Guatemala, Nicaragua, Hayti, Honduras—or at least
broke off diplomatic relations—Bolivia, Peru, Ecuador, Uruguay? From
the north to the south the New World rose with indignation when it saw
the empires of Central Europe, after having let loose the war without
provocation and without excuse, carry it on with fire, pillage and the
massacre of inoffensive beings.
The intervention of the United States was something more, something
greater than a great political and military event. It was a supreme
judgment passed at the bar of history by the lofty conscience of a free
people and their Chief Magistrate on the enormous responsibilities incurred
in the frightful conflict which was lacerating humanity.
It was not only to protect itself from the audacious aims of German
megalomania that the United States equipped fleets and created immense
armies, but also, and above all, to defend an ideal of liberty over which it
saw the huge shadow of the imperial eagle encroaching further every day.
America, the daughter of Europe, crossed the ocean to rescue her mother
from the humiliation of thraldom and to save civilization.
The American people wished to put an end to the greatest scandal that
has ever sullied the annals of mankind. Autocratic Governments, having
prepared in the secrecy of the chancelleries and the general staffs a mad
program of universal dominion, let loose their packs at the time fixed by
their genius for intrigue and sounded the horns for the chase, ordering science
(at the very time it was beginning to abolish distances to bring men closer
together and make life sweeter) to leave the bright sky toward which it
was soaring and to place itself submissively at the service of violence,
debasing of the religious idea to the extent of making God the complacent
auxiliary of their passions and the accomplice of their crimes—in short,
counting as naught the traditions and wills of peoples, the lives of citizens,
the honor of women and all those principles of public and private morality
which we, for our part, have endeavored to keep unaltered throughout the
war, and which neither nations nor individuals can repudiate or disregard
with impunity.
While the confict was gradually extending over the entire surface of
the earth, the clanking of chains was heard here and there, and captive
nationalities from the depths of their age long jails cried out to us for
help. Yes, more; they escaped to come to our aid.
Poland came to life again and sent us troops. The Czecho-Slovaks won
their right to independence in Siberia, in France, and in Italy. The JugoSlays, the Armenians. the Syrians and Levantines, the Arabs—all the
victims, long helpless or resigned, of the historic deeds of injustice; all the
martyrs of the past, all the outraged in conscience, all the strangled in
liberty, viewed the clash of arms and turned to us as their natural defenders.
The war gradually attained the fulness of its first significance and became
in the full sense of the term a crusade of humanity for right, and if anything
can console us, in part at least, for the losses we have suffered, it is assuredly
the thought that our victory is also the victory of right. This victory is
complete, for the enemy only asked for the armistice to escape from an
Irretrievable military disaster.
In the interest of justice and peace it noAlests with you to reap from
this victory its full fruits. In order to carry out this immense task you
have decided to admit at first only the Allied or associated powers, and, In
so far as their interests are involved in the debates, the nations which
remained neutral. You have thought that the terms of peace ought to
be settled among ourselves before they are communicated to those against
whom we have fought the good fight.
The solidarity which has united us during the war and has enabled us
to win military success ought to remain unimpaired during the negotiations
for and after the signing of the treaty.
It is not only the Governments but free peoples who are represented here.
To the test of danger they have learned to know and help one another.
[Vol,. 108.
They want their intimacy of yesterday to assure the peace of to-morrow.
Vainly would our enemies seek to divide us. If they have not yet renounced
their customary manoeuvres, they will soon find that they are meeting today, as during the hostilities, a homogeneous block which nothing will be
able to disintegrate. Even before the armistice you reached that necessary
unity under the aid of the lofty Moral and political truths of which President
Wilson has nobly made himself the interpreter, and in the light of these
truths you intend to accomplish your mission.
You will, therefore, seek nothing but justice, justice that has no favorites,
justice in territorial problems, justice in financial problems, justice in
economic problems. But justice is not inert; it does not submit to injustice. What it demands first when it has been Violated are restitution
and reparation for the peoples and individuals who have been despoiled
or maltreated. In formulating this lawful claim it obeys neither hatred
nor an instinctive or throughtless desire for reprisals. It pursues a twofold object—to render to each his dues and not to encourage crime through
leaving it unpunished.
What justice also demands, inspired by the same feeling, is the punishment of the guility and effective guarantees against an active return
of the spirit by which they were prompted, and it is logical to demand that
these guarantees should be given, above all, to the nations that have been
and might again be most exposed to aggression or threat, to those who have
many times stood in danger of being submerged by the periodic tide of the
same invasion.
What justice banishes is the dream of conquest and imperialism, contempt
for national will, the arbitary exchange of provinces between States, as
though peoples were but articles of furniture or pawns in a game. The
time is no more when diplomatists could meet to redraw with authority
the map of the empires on the corner of a table.
If you are to remake the map of the world it is in the name of the peoples,
and one condition is that you shall faithfully interpret their thoughts and
respect the right of nations, small and great, to dispose of themselves
and to reconcile with this the equally sacred right of ethnical and religious
minorities—a formidable task which science and history, your two advisers, will contribute to assist and facilitate.
You will naturally strive to secure the material and moral means of subsistence for all those people who are constitute or reconstituted into States,
for those who wish to unite themselves to their neighbors, for those who
divide themselves into separate units, for those who reorganized themselves,
for those who divide themselves according to their regained traditions,
and lastly for all those whose freedom you have already sanctioned or are
about to sanction. You will not call them into existence only to sentence
them to death Immediately because you would like your work in this, as
in all other matters, to be fruitful and lasting.
While introducing into the world as much harmony as possible you will,
in conformity with the fourteenth of the propositions unanimously adopted
by the groat Allied Powers, establish a general League of Nations which will
be the supreme guAantee against any fresh assault upon the right of peoples.
You do not intend this international association to be directed against
anybody in the future. It will not, of a set purpose, shut out anybody,
but having been organized by the nations that have sacrificed themselves
in the defense of right, it will receive from them its statutes and fundamental rules.
It will lay down conditions concerning present or future adherence
and, as it is to have for its essential aim the prevention as far as possible
of the renewal of wars, it will, above all, seek to gain respect for the peace
which you will have established and will find it the less difficult to maintain
in proportion as this peace will in itself imply the greater realities of justice
and safer guarantees of stability.
By establishing this new order of things you will meet the aspirations of
humanity, which, after the frightful convulsions of the blood-stained years,
ardently wishes to feel itself protected by a union of free people against the
every possible revival of primitive savagery. An immortal glory will
attach to the names of the nations and the men who have desired to cooperate in this grand work in faith and brotherhood and who have taken the
pains to eliminate from the future peace causes of disturbance and instability.
This very day, forty-eight years ago—on the 18th of January, 1871—
the German Empire was proclaimed by an army of invasion in the Chateau
at Versailles. It was consecrated by the theft of two French provinces.
It was thus a violation from its origin, and, by the fault of its founders,
it was born in injustice. It has ended in oblivion.
You have assembled in order to repair the evil that has been done and to
prevent a recurrence of it. You hold in your hands the future of the world.
I leave you gentlemen to your grave deliberations and declare the Conference
of Paris open.
ADDRESSES OF PRESIDENT WILSON AND LLOYD
GEORGE NOMINATING CLEMENCEAU AS CHAIRMAN OF PEACE CONFERENCE—PREMIER
CLEMENCEAU'S REPLY.
President Wilson in nominating Premier Clemenceau of
France as permanent Chairman of the Peace Conference,
spoke as follows:
Mr. Chairman—It gives me great pleasure to propose as permanent
Chairman of the Conference Mr. Clemenceau, tho President of the Council.
I would do this as a matter of custom. I would do this as a tribute to
the French Republic. But I wish to do it as something more than that.
I wish to do it as a tribute to the man.
France deserves the precedence not only because we are meeting at her
capital and because she has undergone some of the most'tragical suffering
of the war, but also because her capital, her ancient and beautiful capital,
has so often been the centre of conferences of this sort, on which the fortunes of large parts of the world turned.
It is a very delightful thought that the history of the world, which has so
often centred here, will now be crowned by the achievements of this
conference—because there Is a sense in which this is the supreme conference
of the history of mankind.
More nations are represented here than were over represented in such a
conference before. The fortunes of all peoples are involved. A great war
is ended, which seemed about to bring a universal cataclysm. The danger
Is passed. A victory has been won for mankind, and it is delightful that
we should be able to record these great results in this place.
But it is more delightful to honor France because.we can honor her in the
person of so distinguished a servant. We have all felt in our particiption
in the struggles of this war the fine steadfastness which characterized the
leadership of the French In the hands of Mr. Clemenceau. We have
learned to admire him, and those of us who have been associated with
him have acquired a genuine affection for him.
Moreover, those of us who have been in these recent days in constant
consultation with him know how warmly his purpose is set toward the goal
as we feel
of achievement to which all our faces are turned. He feels
JAN. 25 1919.]
THE CHRONICLE
339
as I have no doubt everybody in this room feels, that we are trusted to do
a great thing, to do it in the highest spirit of friendship and accommodation
and to do it as promptly as possible in order that the hearts of men may have
fear lifted from them and that they may return to those purposes of life
which will bring them happiness and contentment and prosperity.
Knowing his brotherhood of heart in these great matters, it affords me
a personal pleasure to propose that M. Clemenceau shall be the permanent
Chairman of this Conference.
press of France and Italy, the Supreme War Council, which
had charge of the preliminary arrangements for the Peace
Conference on Jan. 17 decided to modify the rule previously
announced which would have imposed virtual secrecy in
regard to the proceedings of the Conference. In a statement issued by the Supreme War Council, which is made up
In seconding the nomination of M. Clemenceau, Premier of the representatives of the greater Allied Powers the policy
Llayd George of Great Britain said:
to be pursued in regard to publicity was discussed at length,
I count it not merely a pleasure, but a great privilege, that I should be and the following rule
laid down:
expected on behalf of the British Empire delegates to support the
motion
of President Wilson. I do so for the reason which he has so eloquently
given expression to, as a tribute to the man. When I was a schoolboy
Mr. Clemenceau was a compelling and a conscious figure in the politics of
his native land and his fame had extended far beyond the bounds of France.
Were it not for that undoubted fact, Mr. President, I should have treated
as a legend the common report of your years. I have attended many conferences with Mr. Clemenceau, and in them all the most vigorous, the most
enduring and the most youthful figure there has been that of Mr. Clemenceau. He has had the youthfulness, he has had tho hopefulness and the
fearlessness of youth. He is indeed the "grand young man" of France,
and I am proud to stand here to propose that he should take the chair in
this great conference that is to settle the peace of the world.
I know of none better qualified or as well qualified to occupy this chair
than Mr. Clemenceau, and I speak from my experience in its claim. He
and I have not always agreed. We have very often agreed. We have
sometimes disagreed, and we have always expressed our disagreements
very emphatically, because we are ourselves.
But, although there will be delays, and inevitable delays, in the signing
of peace, due to the inherent difficulties of what we have to settle, I will
guarantee from my knowledge of Mr. Clemenceau that there will be no
waste of time. And that is important.
The world is thirsting and hungering for peace. There are millions of
people who want to get back to the world work of peace. And the fact
that Mr. Clemenceau is in the chair will be proof that they will got there
without any delays which are duo to anything except the difficulties which
are essential in what we have to perform. He is one of the groat speakers
of the world. But no one knows better than he that the best speaking is
that which impels beneficent actions.
I have another reason. During the dark days we have passed through
his courage, his unfailing courage, his untiring energy, his inspiration
have helped the Allies through to triumph, and I know of no one to whom
that victory is more attributable than the man who sits in this chair.
In his own person, more than any living man, he represents the heroism,
he represents the genius of the indomitable people of his land.
And for these reasons, I count it a privilege that I should be expected to
second this motion.
Representatives of the press shall be admitted to the meetings of the
full Conference, but upon necessary occasions the deliberations of the Conference may be held in camera.
This modification, while affording a greater measure
of publicity than the previous ruling, was still considered
unsatisfactory by the press representatives, and efforts
have not ceased to secure from the Conference greater
liberality in its treatment of the press. As bearing on this
an Associated Press dispatch from Paris under date of the
17th said:
American press representatives decided at a meeting this evening to
continue their efforts to have the publicity feature of the Peace Congress
absolutely unrestricted. Another call was issued for a meeting to-morrow
for all press representatives, including the French. It seems that the
concessions made by the Supreme Council to-day constitute what might
be called "half a loaf." It is understood that they were made after a
vigorous discussion led by President Wilson, who was supported by British delegates. Mr. Wilson has received many cable dispatches from
the United States, almost all of which have urged him to contend for the
fullest publicity consistent with the success of the Congress.
That th 3 Supreme War Council had decided on a policy
of secrecy for the Peace Conference was made known on
Jan. 15. No written official announcement of this purpose was issued, but ward was passed around that an agreement had been made to confine the information given to
the public to a daily official communique and that a gentleman's agreement prevailed among the delegates not to discuss or in any way give information of the meetings in the
Foreign Office. The understanding w as th at the American
and British delegates opposed this decision, but that the
Premier Clemenceau, in accepting the nomination thus French, Italians
and Japanese, voting together, prevailed.
tendered, said:
•
This announcement, apparently so a."; variance with the prinYou would not expect me to keep silence after what the two eminent
statesmen who have Just spoken have said. I cannot help expressing my ciple of "open covenants, openly arrived at," laid down by
great, my profound gratitude to the illustrious President of the United President Wilson and endorsed by the press and public
States, to the Prime Minister of Great Britain and to Baron Sonnino for
opinion of all countries, immediately created a storm of
the words I have just heard from their lips.
Long ago, when I was young, as Mr. Lloyd George has recalled to you, opposition from the army of newspaper men gathered at
when I was travelling in America and in England I always heard the French Paris. The British correspondencs immediately
joined in a
reproached for an excess of courtesy, which sometimes went beyond the
truth. As I listened to the American statesman and to the English states- .memorial to Premier Lloyd George protesting against the
man I wondered whether they had not caught in Paris our national disease policy of secrecy. The American newspaper men preof courtesy. Nevertheless, gentlemen, I must say that my election is sented a similar protest to President Wilson.
Quick action
necessarily duo to the old international tradition of courtesy to the counfollowed. On the 16th the French Government called a
try which has the honor to receive the peace conference in its capital.
I wish also to say that this testimony of friendship, If they will allow meeting of newspaper men at which a representative of the
to me the word, on the part of President Wilson and Mr. Lloyd George in Government took the
chair supported by Ray Stannard
particular, has touched me deeply, because I see in it a new strength for all
three of us to accomplish, with the co-operation of the entire conference, Baker, representing the Ame:icans, and Sir George Riddell
the arduous work wnich is intrusted to us. I gather from it a new confi- representing tho British. The Chairman explained the
dence in the success of our efforts.
difficulties in the way of admitting newspaper represents,
President Wilson has special authority to say that this is the first thine
in fact that the world has ever seen assembled together a delegation of all tives to the Peace Conference sittings. The British spokesthe civilized nations of the earth.
man explained the newspaper men's attitude, and, after
The greater the bloody catastrophe which has devastated and ruined one
of the richest parts of France, the greater and more splendid must be the Mr. Baker intimated that; the American pea co del w ttes
reparation—not only the material reparation, the vulgar reparation, If were in sympathy with the justifiable claims of the AmeriI dare speak so, which is due all of us, but the higher and nobler reparation can press, Herbert Swope, who had been
elected Chairman
of the new institution which we will try to establish,'in order that nations
may at length escape from the fatal embrace of ruinous wars, which destroy of a committee at a meeting hold earlier in the afternoon,
everything, heap up ruins, terrorize the populace and prevent them from presented the American correspondents' point of view and
going freely about their work for fear of enemies which may rise up from
read a series of resolutions passed at that meeting, calling
one day to the next.
It is a great, splendid and noble ambition which has come to all of us. for a full measure of representation of the American press
It is desirable that success should crown our efforts. This cannot take at all sessions of the Conference. The American repreplace unless we have all firmly fixed and clearly determined ideas on what
sentatives went to the press conference with instructions to
we wish to do.
I said in the Chamber a few days ago, and I wish to repeat hero, that ask that ten representatives of each of the allied countries
success is not possible unless we remain firmly united. We -have come be admitted t3 the Peace Conference. The French newstogether as friends; we must leave this hall as friends.
That, gentlemen, is the first thought that comes to me. All else,must pap° men, however, refused to agree to this or any reprebe subordinated to the necessity of a closer and closer union among the sentation whatever, and the Americans, British, Italians
nations who have taken part in this great war and to the necessity of re- and smaller nationalities decided to recommend th at not
maining friends. For the League of Nations is hero. It is yourself. It
is for you to make it live, and to make it live we mast have it really in our less than five representatives of each country be admitted.
All, however, including the French, agreed to a declaration
hearts.
As I told President Wilson a few days ago, there is no sacrifice that I am of principles which called for official communiques as comaccomplish
to
this,
and
order
I
in
do not doubt that
not willing to make
You all have the same sentiment. We will make these sacrifices, but on plete as possible,the abolition of the censorship for all Allied
the condition that we endeavor impartially to conciliate interests apparently countries, and permission to the plenipoteptiaries to have
contradictory, on the higher plane of a greater, happer and better human- free communication with newspaper representatives.
The
ity.
That, gentlemen, is what I had to say. I am touched beyond words following resolutions were finally adopted by the Conat the evidence of good will and friendship which you show me.
ference:
The programe of this conference has been laid down by President Wilson.
It is no longer the peace of a more or less vast territory, no longer the peace
of continents—it is the peace of nations that is to be made. This program
is sufficient in itself. There is no superfluous word. Let us try to act
swiftly and well.
PEACE CONFERENCE MODIFIES RULE IN REGARD
TO SECRECY.
Following the vigorous protest of the representatives of
the American and British press, backed up by the liberal
First—It is essential to insure full publicity for the peace negotiations.
Second—The official communiques shall be as complete as possible.
Third—In addition to the communiques, full summaries of the day's
proceedings should be issued, not necessarily for textual publication, but
for tile guidance of the press.
Fourth—There should be no interference with free intercourse between
the delegates and responsible Journalists.
Fifth—Journalists should be permitted to attend the formal sessions
of the Conference.
Sixth—It is recommended that there be equal treatment of the Allied
Press by the abolition of the censorship in all Allied countries.
340
THE CHRONICLE
All except the French delegates also agreed to these
recommendations:
First—There should be direct representation of the press at the sittings
of the Peace Conference.
Second—The press of each of the great powers should be represented
by not less than five delegates, and each of the smaller powers who actively participated in the war should be represented proportionately.
The reports of this conference were communicated to the
Supreme War Council, with the result, as stated, that the
previous ruling was modified in some particulars. The
announcement of the new policy was made in the official
communique for the day, which went into a lengthy discussion of the whole question of publicity. It said:
The meeting finally examined into the question of the publicity to be
given to the discussions of the conference, and unanimously approved the
following text, to be handed to the press in the name of the five great Powers:
"The representatives of the Allied and associated Powers have given
earnest consideration to the question of publicity for tne proceedings of the
Peace Conference. They are anxious that the public, through the press,
should have the fullest information compatible with the Safeguarding of
the supreme interest of all, which is that a just and honorable settlement
should be arrived at with the minimum of delay.
1..."It is, however, obvious that publicity with regard to the preliminary
conversations now proceeding must be subject to the limitations necessarily
imposed by the difficult and delicate nature of their object. The proceedings of a Peace Conference are far more analogous to the meetings of a
Cabinet than to those of a Legislature. Nobody has ever suggested that
Cabinet meetings should be held in public, and if they were so held the work
of government would become impossible.
"One reason why Cabinets are held in private is in order that differences
may be reconciled and agreements reached before the stage of publicity is
begun. The essence of the democratic method is not that the deliberations
of a government be conducted in public, but that its conclusions be subject
to the consideration of a popular chamber and to free and open discussion
on the platform and by the press.
"Representatives of the Allied and associated Powers are holding conversations in order to solve questions which affect the vital interests of many
nations and upon which they may at present hold many diverse views.
These deliberations cannot proceed by the method of a majority vote.
No nation can be committed except by the free vote of its own delegates.
The conclusions arrived at in these consultations, therefore, can only be
formed by the difficult process of reaching an agreement among all.
"This vital process would only be hindered if the discussion of every
disputed question were opened by a public declaration by each delegation
of its own national point of view. Such a declaration would in many
cases be followed by premature public controversy.
"This would be serious enough if it were confined to controversy between
parties within each State. It might be extremely dangerous if, as would
often be inevitable, it resulted in controversy between nations.
"Moreover, such public declarations would render the give-and-take on
the part of the delegates themselves, which is essential to a successful
negotiation, a matter of infinitely greater difficulty. It is also extremely
important that the settlement should be not only just but speedy.
"Every belligerent Power is anxious for the early conclusion of peace in
order that its armies may be demobilized.
"If premature publicity is given to the negotiations, the proceedings of
the Peace Conference would be interminably protracted and the delegates
would be forced to speak not only of the business before the Conference
but to concern themselves with the controversies which had been raised
by the account of their proceedings outside.
"Finally, there will often be very strong reasons against announcing
the conclusions of the conversations as they are arrived at. The representatives of a nation may be willing to give their assent on one point, only
provided that they receive a concession on another point which has not
yet been discussed. It will not be possible to judge of the wisdom and
justice of the peace settlement until It can be viewed•as a whole, and premature announcements might lead to misapprehensions and anxiety as to
the ultimate results for which there was no real foundation.
"In calling attention, however, to these necessary limitations of publicity, those representatives of the powers do not underrate the importance of
carrying public opinion with them in the vast task by which they are confronted. They recognize that unless public opinion approves of the results
of their labors they will be nugatory.
"This reasoning applies with conclusive force to the present conversations between the representatives of the great powers.
"With regard to the full conferences the following rule was adopted:
"Representatives of the press shall be admitted to the meetings of
the full Conference, but upon necessary occasions the deliberations of the
Conference may be held in camera."
[VOL. 108.
tion to limit it to the extent that "upon necessary occasions the deliberations
of the Conference may be held in camera." Without assent on our Part
to this limitation, we trust that if over it is applied, the public will be advised through the press at the outset of each session in camera of the subject to be discussed and the name of the delegate or delegation making the
motion to go in .camera, and at the close of the session the conclusions or
agreement reached.
In view of the fact that we have not been advised to the contrary, we
assume that any rule designed to prohibit bommunication between individual delegates and the press on subjects of the Conference has now
been abrogated, and that the press is to have access to the verbatim records
of proceedings.
We call the attention of the Peace Conference to our request for not
fewer than five direct press representatives at each session of )he Conference, and we submit that because of the manner in which the several
press associations serve the newspapers of America, and because of attendance upon tee Conference of numerous individual press representatives, the American newspapers cannot carry on their business of informing their vast public with fewer than five representatives.
THE OFFICIAL COMMUNIQUES OF THE PEACE
CONFERENCE.
In addition to the opening session of the Peace Conference, held on Saturday last (Jan. 18), and which was open
to the representatives of the press to the extent that accommodations had been provided, there have been several
sessions of the Supreme War Council. This body, which
functioned during the last year of the war as a means of
co-ordinating the war efforts and economic arrangements
of the Allies, naturally assumed charge of the arrangements for the Peace Conference. Originally it was made
up of representatives of England, France, Italy and the
United States, but since the signing of the armistice the
Japanese Government has also been represented. According to the modified rules for publicity adopted by this Supremo War Council, the full sessions of the Peace Conference are to be open to the press, but the sessions of the
Supreme War Council itself and of the various committees
that may be delegated are to be held in secret and the results
made known only through official communiques. The official regulations for the Conference (which will be found
in full elsewhere) also provide that: "The belligerent Powers
with general interests—the United States of America, the
British Empire, France, Italy and Japan—shall take part
in all meetings and commissions." All other belligerent
nations, described as having "special interests," are to participate only when questions concerning them are under
discussion. Neutral States may be heard by request or
invitation. It follows, therefore, that the sessions of the
Supreme War Council are to all intents and purposes sessions of the Peace Conference. The importance of the
rule of secrecy in regard to their proceedings is therefore
obvious.
The first of the official communiques was issued on Jan. 15
and was given as follows in the Associated Press dispatches
of that date:
Paris, Jan. 15.—Hitherto it has been the practice of the Governments
taking part in the preliminary peace conventions, says a statement given
gut by the official press bureau to-day, to issue separate communiques
regarding the proceedings. From to-day it has been decided to issue a
joint communique, of which the following is the English text adopted by
the British and American delegations:
"The President of the United States and the Prime Minister and Foreign Ministers of the Allied I'owers, assisted by the Japanese Ambassadors in Paris and London, held two meetings to-day. In the course of
these 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 Czecho-Slovak Republic, 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 this country shall have been cleared up.
"The meeting adopted the following two general principles:
"One—Each delegation being a unit, the number of delegates forming it shall have no influence upon its status at the conference.
"Two—In the selection of its delegation each nation may avail itself
of the panel system. This will enable each State at discretion to intrust
its interests 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."
Following the publication of the foregoing, the American
press representatives sent a communication to the Supreme
War Council in which they pointed out that the value of
the concession made would depend entirely upon how it
were applied in practice—upon the number of sessions to
be held "in ,camera". They requested that in case secret
sessions were held the names of the delegates presenting
motions for secrecy and the agreements reached in camera
should be announced later. • They demanded'a minimum of
five press seats for the Americans, with priority for the three
press associations serving newspapers generally. They also
assumed in their communication that the rule forbidding the
delegates to discuss the doings of the Conference with the
correspondents would not be enforced. While no announcement on this subject has been made,it was,it is said, learned
on the authority of delegates that the rule does still obtain.
The second communique, issued under date of Jan. 17,
The communication of the American correspondents read as was mainly devoted to a discussion of the question of pubfollows:
licity in connection with the Peace Conference, and this
The American press delegation acknowledges the reply of the Peace Con- part is quoted in full in another article. In addition, the
ference to the resolutions addressed to them. The delegation notes that
following information:
the decision "that representatives of the press shall be admitted to the communique contained the
The President of the United States of America, the Prime Ministers
meetings of the full Conference" is an acceptance of the principle of direct
press representation, for which the press of America, Great Britain, Italy, and Foreign Ministers of the Allied groat Powers, assisted by the Japanese
Ambassadors in Paris and London, met at the Qual d'Orsay to-day in
and smaller nations have contended.
11 The value of this principle, however, turns on the extent and frequency the morning from 10:30 to 12:30 p. m., and in the afternoon from 3 to
of its limitations in practice. The Peace Conference announces its intent- 5:30.
JAN. 25 1919.]
THE CHRONICLE
The French President of the Council read out the terms of the renewal
of the armistice.
The meeting decided to give Belgium and Serbia three delegates each
at the Conference. It was decided also that the King of the Hedjaz should
be represented by two delegates. The question of the number of delegates for the various Powers thus was finally established.
The program for the opening conference, which will take place at the
Foreign Office to-morrow at 3 o'clock in the afternoon, was afterward
arranged.
A third communique, under date of Jan. 20, read as
follows:
Paris. Jan. 20.—The Supreme Council of the Peace Congress, which
met to-day, at the conclusion of its session issued an official communique
reading as follows:
"The President of the United States of America, and the Prime Ministers and Foreign Ministers of the Allied Governments, assisted by Baron
Makino and the Japanese Ambassador in Paris, met at the Quai d'Orsay
this morning between 10:30 and 12 o'clock. M. Noulens,.the French
Ambassador to Russia, who returned a few days ago from Archangel,
addressed the meeting and gave particulars of the situation in Russia.
"The next meeting will take place on Tuesday at 10:30 o'clock in the
morning to hear the remarks of M. Scavenius, the Danish Minister in
Petrograd, who left the Russian capital very recently."
The communique issued on Jan. 21 was given as follows in the press cables:
Paris, Jan. 21.—The Supremo Council of the Peace Conference met
again to-day, and as on Monday devoted its time largely to the question
of Russia, listening to a description of Russian conditions by M. Scavenius, Danish Minister to that country.
The following official statement was issued this evening:
"The l'resident of the United States, the Prime Ministers and Foreign Ministers of the Allied Powers, assisted by the Japanese representatives, met to-day at the Quai d'Orsay from 10:30 a. m. to 12:45 p. in., and
from 3 p. m. to 5 p. m.
"In the morning M. Scavenius, Danish Minister to Russia, gave all the
information at his disposal on the various parties in Russia.
"In the afternoon the discussion of this question was continued. Very'
great progress toward an agreement was made and it is hoped to formulate a concrete proposal on this subject to-morrow. The question of the
procedure of the Conference was then discussed.
"l'he next meeting will take place at 11 o'clock to-morrow morning."
The official communique of the Supreme Council on
Jan. 22 dealt entirely with its policy toward Russia, and is
given on another page. The communique wound up with
the following paragraph announcing that a session of the
Conference had been called for to-day (Saturday, Jan. 25):
The meeting then decided to call a plenary session of the Conference
for 3 o'clock on Sat. 25, to discuss the subject of the League of Nations
on the bases of the proposals made by Mr. Lloyd George, as well as other
subjects which were examined this afternoon.
At Thursday's (the 23rd) meeting of the Supreme Council
international legislation on labor was the first subject discussed. The official communique follows:
•
The President of the United States, the Prime Ministers and Foreign
Ministers of the Allied and Associated Powers, and the Japanese representatives met this morning at the Quai d'Orsay. The meeting proceeded
with the examination of the agenda for the plenary meeting of the Conference on Saturday. The following questions were considered for this
purpose:
First—International legislation on labor.
Second—Responsibility and punishments in connection with the war.
Third—Reparation for war damage.
Fourth—International regime of ports, waterways and railways.
In addition, the meeting began consideration of the procedure to be
adopted with regard to territorial questions.
The Supreme War Council will meet to-morrow morning (Friday) at
10.30. Marshal Foch, Field Marshal Haig, and General Diaz will be
present, as well as the military representatives at Versailles of the Allied
and Associated Powers.
In the official communique of yesterday (the 24th) the
Supreme War Council issued a warning to certain European
nations that possession of territory gained by force would
seriously prejudice the claims of those countries at the peace
Conference. This communique is given herewith:
341
for proofs of right and set up sovereignty by coercion rather than by racial
or national preference and natural historical association. They thus put
a cloud upon every evidence of title they may afterwards allege and indicate their distrust of the Conference itself.
"Nothing but the most unfortunate results can ensue. If they expect
justice they must refrain from force and place their claims in unclouded
good faith in the hands of the Conference of Peace.
"The session will resume at 3 o'clock this afternoon."
LIST OF DELEGATES TO PEACE CONFERENCE.
The following unofficial list of delegates to the Peace
Conference was contained in Associated Press dispatches
dated Jan. 17. The official list had not at that time been
made public, but its composition was said to be "known
in the main." It should be noted that Arabia, which is
missing from this list, has since been accorded two delegates.
FRANCE—Georges Clemenceau, Prime Minister; Stephen Pichon, Foreign Minister; Louis Klotz, Finance Minister; Andre Tardeau, French
High Commissioner to the United States, and Jules Cambon.
GREAT BRITAIN—David Lloyd George, Prime Minister; Arthur J.
Balfour, Foreign Secretary; Andrew Bonar Law, George Nicoll Barnes,
the Labor leader, and another alternate delegate.
UNITED STATES—Woodrow Wilson, President of the United States;
Robert Lansing, Secretary of State; Henry White, Colonel Edward
M. House, and General Tasker II. Bliss.
ITALY—Vittorio Orlando, Prime Minister; Baron Sonnino, Foreign Minister; Antonio Salandra, former Premier; Marquis Salvago, and the
Italian Minister of Finance, who will succeed Francesco Nitti, who has
resigned.
JAPAN—The Marquis Saionji, former Prime Minister; Baron Makin°,
Baron Chinda, Baron Matsui and Count Hayashi.
BRAZIL--Senator Epitacio Pessoa, Dr. Pandia Caloreras and Deputy
Raoul Fernandez.
BELGIUM—Paul Hymans, Minister of Foreign Affairs; Emile Vandervelde and M. Vandenheuvel.
SERBIA—Nikola Pachitch, former Prime Minister, and M. Trumbitch.
former President of the Dalmatian Diet, who will alternate with Dr.
M. R. Vesnitch, Serbian Minister to France, and M. Reber.
GREECE—Eliptherios Venizelos, Premier, and M. Politis, Foreign Minister.
RUMANIA—M. Bratiano, Prime Minister, and M. Mishr,
CZECHO-SLOVAKIA—Dr. Karl Kramarcz, Premier, and M. Benes,
Foreign Minister.
POLAND—M. Dmowski, Polish representative to the Allied Governments, and a second delegate representing General Pilsudski.
CHINA—Lu Cheng-Hsiang, Foreign Minister, and one other.
CANADA—Sir Robert Borden, Premier; Sir George Foster, Minister •
of Trade and Commerce, with others of the delegation alternating.
AUSTRALIA—William Morris Hughes, Premier, and one other.
UNION OF SOUTH AFRICA—General Louis Both aand General Jan C.
Smuts.
INDIA—The Maharajah of Bikaner and Sir S. P. Sinha.
SIAM—M. Charoon, Minister to France, and one other.
NEW ZEALAND—William F. Massey, Premier.
PORTUGAL—Ejas Mentz.
POLICY OF PEACE CONFERENCE TOWARD RUSSIA.
Led by President Wilson, the Supreme Council of the
great Powers on Jan. 22 indicated its purpose to make an
effort to unite the opposing factions in Russia and bring
them into the Peace Congress. The Powers unanimously
adopted a proposition brought forward by President Wilson,
asking all the Russian factions, including the Bolshevists,
to meet the Allied and Associated Governments at Prince's
Island, in the Sea Marmora,, on Deb. 15, the contending
factions meantime declaring a truce and suspending all
military operations. The joint commission of the Associated
Governments will be announced as soon as the Russian
factions accept the proposal, which was communicated to
them by wireless the same night. The Russian Commission will proceed to the meeting place, probably on a
warship, by way of the Black Sea and the Bosphorus.
General John J. Pershing, the American commander-inchief, has been called to Paris, and Associated Press dispatches say it is expected that he will be the military member of the American representation of the joint commission.
The official communique of the Supreme Council on Jan.
22 dealt entirely with the Russian question and was as
follows:
The Supreme War Council met to-day from 10.30 a. in. to 12.30 p. m.,
and was attended by the President of the United States of America, the
Primo Minister and Minister for Foreign Affairs of the British Empire.
France and Italy, as well as the Secretary of State of the United States of
America, the British Secretary of State for War, the French Minister of
Munitions, the representatives of the Japanese Government, Marshal
Foch, Gen. Weygand, Field Marshal Haig, Gen. Pershing, Gen. Diaz,
Gen. Wilson, Gen. MacDonough and the military representatives of the
United States of America, France, Great Britain and Italy at Versailles.
The Council conferred with Marshal Foch and the other military experts as to the strength of the forces to be maintained by the Allied and
Associated Powers on the west front during the period of the armistice.
It was decided to set up a special committee composed of Mr. Churchill,
The President of the United States, the Prime Ministers and the Foreign
Mr. Loucheur, Marshal Foch, Gen. Bliss and Gen. Diaz to examine the
Ministers of the Allied and Associated Powers and the Japanese reprequestion.
The Supreme War Council also agreed to recommend for the approval sentatives met at the Quai d'Orsay between 3 and 5.30 this afternoon and
of the Governments concerned the issue of an identic medal and ribbon approved the proposal of President Wilson, which reads as follows:
to all the forces of the Allied and Associated Powers who have taken part
The single object the representatives of the Associated Powers have had
in the war.
in mind in their discussions of the course they shouid pursue with regard
After the Council the President of the United States of America, the to Russia has been to help the Russian people, not to hinder them or to
Prime Ministers and Foreign Ministers of the Allies and Associated Gov- interfere in any manner with their right to settle their own affairs in their
ernments, with the representatives of Japan held a short meeting and own way.
agreed to the publication and transmission by wireless telegraphy to all
They regard the Russian people as their friends, not their enemies, and
parts of the world of the following communication:
are willing to help them in any way they are willing to be helped. It is
"The Governments now associated in conference to effect a lasting peace clear to them that the troubles and distrust of the Russian people will
among the nations are deeply disturbed by the news which comes to them steadily increase, hunger and privation of every kind become more and
of the many instances in which armed force is being Made use of in many more acute, more and more widespread and more and more impossible
parts of Europe and the East to gain possession of territory the rightful to relieve unless order is restored and normal conditions of labor, trade and
claim to which the Peace Conference is to be asked to determine. They transportation once more created, and they are seeking Some way in
deem it their duty to utter a solemn warning that possession gained by which to assist the Russian people to establish order.
forcewill seriously prejudice claims of those who use such means.
They recognize the absolute right of the Russian people to direct their
"It will create the presumption that those who employ force doubt the own affairs without dictation or direction of any kind from outside. They
justice and validity of their claims, and purpose to substitute possession do not wish to exploit or make use of Russia in any way.
342
THE CHRONICLE
They recognize the revolution without reservation and will in no way
and in no circumstances aid or give countenance to any attempt at a counter revolution.
It is not their wish or purpose to favor or assist any one of the organized
groups now contending for the leadership and guidance of Russia as against
the other. Their sole and sincere purpose is to do what they can to bring
Russia peace and an opportunity to find her way out of her present troubles.
The Associated Powers are now engaged in the solemn and responsible
work of establishing the peace of Europe and of the world, and they are
keenly alive to the fact that Europe and the world cannot be at peace if
Russia is not. They recognize and accept it as a duty to serve Russia as
generously, as unselfishly, as thoughtfully, as ungrudingly as they 'could
serve any other friend and ally, and they are ready to render this service
in the way that is most acceptable to the Russian people.
In this spirit and with this purpose they have taken the following action:
They invite every organized group that is now exercising or attempting to
exercise political authority or military control anywhere in Siberia, or
within the boundaries of European Russia as they stood before the 'War
just concluded, except in Finland, to send representatives, not exceeding
three representatives for each group, to Princes Islands, Sea of Marmora
where they will be met by representatives of the Associated Powers, provided in the meantime there is a truce of arms among the parties invited,
and that all armed forces anywhere sent or directed against any people
or territory inside the boundaries of European Russia as they stood before
the war, or against Finland,or against any people or territory whose autonomous action is in contemplation in the fourteen articles upon which
the present negotiations are based, shall be meanwhile withdrawn and
aggressive military actions cease.
These representatives are invited to confer with the representatives of
the Associated Powers in the freest and frankest way, with a view to ascertaining the wishes of all sections of the Russian people, and bringing
about, if possible, some understanding and agreement by which Russia
may work out her own purposes, and happy, co-operative relations be
established between her people and the other peoples of the world.
A prompt reply to this invitation is requested. Every facility for the
journey of the representatives, including transportation across the Black
Sea, will be given by the Allies, and all the parties concerned are expected
to give the same facilities. The representatives will be expected at the
place appointed by the 15th of February 1919.
The proposal will be sent to-night by wireless to the interested parties.
PRESIDENT WILSON THE GUEST OF THE FRENCH
SENATE.
President Wilson was the guest of the French Senate on
Jan. 20 at a formal luncheon held in the magnificient Luxumbourg Palace at Paris. The affair was described as the
most elaborate so far held, being attended by President
Poineare and many of the foreign Premiers and public
leaders, as well as by the members of the French Senate and
other Government officials. M. Antonin Dubost, Pre iident of the Senate, paid a warm tribute to President Wilson and the United States in his welcoming address. President Wilson responded in a speech in which he once more
dwelt on the necessity of organizing a League of Nations to
prevent future wars. "The peril of France, if it continues,"
he declared, "will be the peril of the world, and not only
must France organize against the peril, but the whole world
must organize against it." The President's address in
full was as follows:
Mr.'President of the Senate, Mr. President of the Republic—You have made
me feel your welcome in words as generous as they are delightful. and I feel
that you have graciously called me your friend. May I not in turn call
this company a company of my friends, for everything that you have so
finely said, sir, has been corroborated in every circumstance of our visit
to this country. Everywhere we have been welcomed, not only, but
welcomed in the spirit and with the same thought, until it has seemed as
If the spirits of the two countrtes came together in an unusual and beautiful
accord.
We know the long period of peril through which France has gone. France
thought us remote in comprehension and sympathy, and I dare say there
were times when we did not comprehend as you comprehended the danger
in the presence of which the world stood. There was no time when we
did not know how near it was, and I fully understand, sir, that throughout these trying years, when mankind has waited for the catastrophe,
the anxiety of France must have been the deepest and most constant of all,
for she did stand at the frontier of freedom. She had'carved out her own
fortunes through a long period of eager struggle. She had done great
things in building up a great, new France. And just across the border,
separated from her only by a few fortifications and a little country whose
neutrality, It has turned out, the enemy did not respect, lay the shadow
cast by the cloud which enveloped Germany, the cloud of intrigue, the
cloud of dark purpose, the cloud of sinister design. This shadow lay at
the very borders of France.
And yet it is fine to remember here that for France this was not only a
peril but a challenge. France did not tremble. France quietly and in her
own way prepared her sons for the struggle that was coming. She never
took the initiative or did e, single thing that was aggressive. She had
prepared herself for defence, not in order to impose her will upon other
people. She had prepared herself that no other people might impose its
will upon her.
As I stand with you and as I mix with the delightful people of this
country I see this in their thoughts: "America always was our friend.
Now she understands. Now she comprehends, and now she has come to
bring us this message; and that, understanding, she will always be ready
to help." And while, as you say, sir, this danger may prove to be a
continuing danger. while it is true that France will always be nearest this
threat if we cannot turn it from a threat into a promise, there are many
elements that ought to reassure France.
There is a new, awakened world. It is not ahead of us but around us.
It knows that its dearest interests are involved in its standing together for a
common purpose. It knows that the peril of France, if it continues, will
be the peril oPthe world. It knows that not only France must organize
against this peril, but that the world must organize against it.
So I see in these welcomes not only hospitality, not only kindness, not
only hope, but a purpose, a definite, clearly defined purpose: that men,
understanding one another, must now support one_another and_that all
[VOL. 108.
the sons of freedom are under a common oath to see that freedom never
suffers this danger again. That, to my mind, is the impressive element
of this welcome. I know how much of it, sir, and I know how little of it
to appropriate to myself.
I know that I have the very distinguished honor to represent a nation
whose heart is in this business and I am proud to speak for the people
whom I represent. But I know that you honor.me in a representative
capacity. I delight in this welcome, therefore, as if I had brought the
people of the United States with me and they could see in your faces what
I see in the tokens of welcome and affection.
The sum of the whole matter is that France has earned and has won the
brotherhood of the world. She has stood at the chief post of danger,
and the thoughts of mankind and her brothers everywhere, her brothers
in freedom, turn to her and centre upon her. If this is true, as I believe it
to be, France is fortunate to have suffered. She is fortunate to have
proved her mettle as one of the champions of liberty, and she has tied to
herself, once and for all, all those who love freedom and truly believe in
the progress and rights of man.
In his address of welcome to President Wilson Antonin
Dubost, President of the French Senate, spoke as follows:
Mr. President: My colleagues and myself thank you for having been so
good as to aecept our invitation and to give us some hours of your time,
which we know to be devoted to the high meditations and the important
negotiations upon which the fate of the peoples depends. From your first
steps on the lands of France and since your entry into Paris the French
people has spontaneously given their hearts to you and they perceived at
once in your frank smile and in your so loyal and open physiognomy that
you too were spontaneously giving yourself to them.
You are to-day in an old palace of France, and it is among these grand
reminders of past times that with thoughts rejuvenated by Republican
ardor, yet with patriotism, that the French Senate shapes a history which
already counts fifteen centuries. We welcome here, Mr. President, you
and your ideas. Nowhere could your splended ambition to substitute for
the periodically broken equilibrium of material forces the difinito award of
moral forces elicit more enthusiasm than in France. and nowhere more
than in the Senate, since the statute of international peace has been first
of all and for a long time prepared by some of its most eminent members.
. Our national problem consists, therefore, in combining our European
past and our actual material security with the conditions of the new order
for which you have given so noble a formula, because this new order will
ever have to lean on some force for which France will when all is told stand
the most advanced and exposed sentinel. We firmly believe with you, Mr.
President, and permit me to add, sincere and great friend that a new world
order and perhaps a world harmony are possible, in which our French
country will at last be liberated from the nightmare of invasion—our
country for which nearly 1,400,000 men of France have just given their
lives.
It is with such a hope that we shall most willingly participate in the sublime crusade which you have come to undertake on the devastated soil of
old Europe, where hatred and discord still howl after the guns have become
silent and where anarchy causes a vast part of mankind fo stagger. The
task is a gigantic one, but it is worthy of your country, accustomed to great
undertakings, and of ours, the ancient artisan of Western civilization.
Mr. President, we salute your great heart and your high intelligence with
joyful hope and a fervent acclamation.
ARMISTICE AGAIN EXTENDED.
The armistice between Germany and the Allies was on
Jan. 15 extended for a further period of 30 days from Jan. 17
and as on the occasion of the previous extension, new and
somewhat severer terms were imposed. No official announcement of the new terms has been made,.but an official
statement issued after a meeting of the Supreme War
Council on Jan. 13, in reporting that an agreement had been
reached on the new terms, said they included naval clauses
finaacial clauses, conditions of supply and provision for the
restitution of material and machinery stolen from France
and Belgium by the Germans. A press dispatch from
London, under date of Jan. 15, said that the now terms were
unofficially stated there to include:
First—Retribution upon the Germans for the murder and Ill-treatment
of Allied prisoners.
Second—The machinery and goods stolen by Germany from France
and Belgium to be at once given up. It is pointed out that.France alone
has 500,000 men who will be out of work until this machinery is returned.
Third—German gold, amounting to more than $500.000.000, to be
moved from Berlin to a safe place, probably Frankfort, and protected from
Bolshevism in Germany en route. Certain other property to be surrendered.
Fourth—Germany to give over her shipping, of which she is believed
to have 4,000,000 tons, to carry food supplies to countries in Europe in
need of them.
Fifth—Any U-boats on the stocks to be handed to the Allies for thei
disposal, or to be destroyed, ann no more submarines to be built.
GERMAN MERCANTILE FLEET TO BE PLACED IN
SERVICE OF UNITED STATES AND ALLIES.
Under the terms of the extended armistice as signed at
Treves on Jan. 15, the greater'part of the merchant ships
remaining in German harbors are to be placed in the service
of the United States and the Allies, to be used in transporting
troops and supplies. The vessels to be turned over to the
United States, according to Paris advices, are to include large
passenger vessels which will help materially in bringing home
the American army. The press dispatches further said:
Equitable remuneration for the use of those ships is to be paid to Germany. The money will be applied in payment for the foodstuffs furnished
to Germany under another part of the agreement. The supplies to be
furnished include 70,000 tons of pork, to satisfy the urgent need of Germany
for fats. 'rho furnishing of 200,000 tons of cereals is provided for, but
for part of this amount condensed milk may be substituted.
The meetings at which the shipping arrangement was elaborated were
held separately from those of the regular armistice commission and were the.
•
JAN. 25 1919.]
THE CHRONICLE
first civilian deliberations between the Germans and the representatives
of the Associated Governments since the conclusion of hostilities. They
were marked by a different, less formal, spirit than the strictly military
deliberations of the armistice commissioners.
Edward N. Hurley, head of the American Shipping Board, presided over
the sessions. Philip Heineken, of the North German Lloyd Company,
was the leading figure in the German delegation of ten.
The Germans stated that the steamers were in shape for immediate
service, having been kept in repair by the skeleton crews maintained
aboard them during the war.
KARL LIEBKNECHT AND ROSA LUXEMBURG, SPARTACUS LEADERS, SLAIN.IN BERLIN RIOTS.
Dr. Karl Liebknecht and Rosa Luxemburg, leaders of the
so-called "Spartacus" group of German Socialists, were
killed in Berlin on Jan. 15. Dr. Liebknecht was shot by
guards while trying to escape from custody. Rosa Luxemburg was beaten into insensibility by a mob and then shot.
Her body was not recovered
The Spartacus leaders had kept Berlin and Germany in
an uproar almost from the first outbreak of the revolution,
by trying to force the adoption of Bolshevist methods by
the German revolutionists. They advocated a "dictatorship of the proletariat" on the Russian model, and opposed
to the utmost holding of an election or the calling of a National Assembly. Through several weeks of fruitless fighting, in which they were greatly aided by the reluctance of
the Ebert Government to use harsh measures, the Spartacans, led by Liebknect and Rosa Luxemburg, sought to
overthrow the Government and to prevent the holding of
elections scheduled for Jan. 19. On Jan. 15 it was learned
that the two leaders were in a hotel in the western part of
the city. According to reports from Berlin, a mob collected
outsiae bent on seizing them. They were spirited to a side
door, but there the mob seized Fraulein Luxemburg and
ultimately killed her. Dr. Liebknecht was placed in a
motor car and started toward prison. The car broke down
en route and Liebknecht seized an opportunity to escape,
but was shot by the guards. Attempts were made to prove
that he had not sought to escape, but had been killed unjustifiably. An autopsy held in the presence of some of his
own follower, however, demonstrated. that he had been
shot from behind and from some distance away.
It was anticipated at first that the killing of the leaders
of the Spartacans, both of whom had been very popular in
the past, would provoke a greater outbreak of violence and
possibly interfere seriously with the elections. Such, however, did not prove to be the case. The Ebert Government
apparently has definitely gotten the upper hand in Berlin.
The elections on Jan. 19 passed off with very little disturbance,and from the general result of the votini., in which the
radical Socialists were badly worsted, it would seem that the
unfortuqate occurrence had very little effect 'upon the
outcome.
The press in general deplored the lynching of Rosa Luxemburg, but declared that she fell a victim to the basest passions
which she herself had awakened. The "Lokalanzeiger" said:
The murder of Rosa Luxemburg shows how tremendous must have been
the indignation which has seized the people of Berlin as the result of the
criminal activities of the Spartacides. Such summary judgments have
ordinarily been foreign to the German manner of thinking.
Dr. Liebknecht is credited with having been honest and
sincere but fanatical and lacking the qualities of really constructive leadership. His father, Wilhelm Liebknecht, was
one of the most famous of the early leaders of German
Socialism, being contemporaneous with Marx, Engels,
Bebel and Lasalle. Karl Liebknecht was a member of the
Reichstag when the war broke out in 1914. He was the only
member who voted against the original war credit, and so
consistently opposed the war and the methods used by the
German Government that ho was eventually silenced and
then imprisoned. Under his leadership the Independent, or
anti-Kaiser Socialists, split off from the Minority Socialists
who suppol;ted the war. When the revolution came and
the Government was virtually handed over to the Majority
Socialists by Prince Max, the retiring Chancellor, Liebknecht, failing to control the new regime, organized the
Spartacus group and started on a new career of opposition.
Rosa Luxemburg had always been known as a firebrand.
She had great influence with the masses, but by her fiery
oratory had richly earned her soubriquet of "Red Rosa."
RULES GOVERNING PROCEEDINGS OF PEACE
CONFERENCE.
The following rules to govern the proceedings of the
Peace Conference wore made public at Paris on Jan. 19:
343
Section I.
The conference assembled to fix the conditions of peace, first in the preliminaries of peace and then in the definite treaty of peace, shall include the
reprusentatives of the belligerent Allied and associated Powers.
The belligerent Powers with general interests—the United States of
America, the British Empire, France, Italy, and Japan—shall take part in
all meetings and commissions.
The belligerent powers with particular interests—Belgium, Brazil, the
British Dominions, and India, China, Cuba, Greece, Guatemala, Haiti,
Hedjaz, Honduras, Liberia, Nicaragua, Panama, Poland, Portugal,
Rumania, Serbia, Siam, and the Czochoslovak Republic—shall take part
in the sittings at which questions concerning them are discussed.
The powers in a state of diplomatic rupture with the enemy Powers—
Bolivia, Ecuador, Peru, and Uruguay—shall take part in tre sitting-, at
which questions concerning them are discussed.
Neutrals May Be Summoned.
The neutral Powers and States in process of formation may be heard
either orally or in writing when summoned by the Powers with general
interests at sittings devoted especially to the examination of questions
directly concerning them, but only so far as these questions are concerned.
Section II.
The Powers shall be represented by Plenipotentiaty Delegates to the
number of: Five for the United States of America, the British Empire,
France, Italy, and Japan; three for Belgium, Brazil and Serbia: two for
China, Greece, the King of Hedjaz, Poland, Portugal, Rumania, Siam,
and the Czechoslovak Republic; one for Cuba, Guatemala. Haiti, Honduras, Liberia, Nicaragua and Panama; one for Bolivia, Ecuador, Peru
and Uruguay.
The British Dominions and India shall be represented as follows: Two
delegates each for Austria, Canada, South Africa and India, including the
Native States, one delegate for New Zealand.
Although the number of delegates may not exceed the figures above
mentioned, each delegation has the right to avail itself of the panel system.
The representation of the Dominions, including New Foundland, and of
India, may be included in the representation of the British Empire by the
panel system.
Montenegro shall be represented by one delegate, but the rules concerning the designation of this delegate shall not be fixed until the moment when
the political situation of this country shall have been cleared up.
The conditions of the representation of Russia shall be fixed by
the conference at the moment when the matters concerning Rus;ia are
examined.
Section III.
Each delegation of plenipotentiaries may be accompanied by technical
delegates properly accredited and by two stenographers.
The technical delegates may be present at the sittings for the purpose of
furnishing information which may be asked of them. They shall be allowed
to speak for the purpose of furnishing any desired explanations.
Section IV.
The delegates take precedence according to the alphabetical orde• in
French, of the Powers.
Section V.
The conference will be declared open by the President of the French
Republic. The President of the Council of French Ministers will be invested temporarily with the Chairmanship immediately after this.
[M. Clemenceau has since been elected permanent Chairman of the Conference.) A committee composed of one plenipotentiary of each of the
great Allied or associated Powers shall proceed at once to the authentication
of the credentials of all the members present.
Section VI.
In the course of the first meeting the Conference will proceed to appoint a
permanent President and four Vice-Presidents chosen from the plenipotentiaries of the great Powers in alphabetical order.
Section VII.
A secretariat, appointed from outside the plenipotentiaries, composed of
one representative of the United States of America, one of the British Empire, one of France, one of Italy, and one of Japan, will be submitted to the
approval of the Conference by the President, who will be the controlling
authority responsible for its operations.
This secretariat will be intrusted with the care of drafting the protocols
of the meeting, of classifying the archives, of providing for the administration and organization of the Conference and generally of insuring
the regular and punctual working of the service intrusted to it. The head
of the secretariat shall have charge of and be responsible foi the protocols
and archives.
The archives will always be open to the members of the Conference.
Section VIII.
The publicity of the proceedings shall be insured by official communiques
prepared by the secretariat and made public. In case of disagreement as
to the drafting of these communiques, the matter shall be referred to the
principal plenipotentiares or their representatives.
Section IX.
Reserved.
Section X.
All documents intended for inclusion in the protocols must be handed in
in writing by the plenipotentiaries presenting them. No document or
proposition may be submitted save by one of the plenipotentiaries or in
his name.
•
Section XI.
Plenipotentiaries wishing to make a proposal not connected with the
question on the agenda or not arising from the discussion, shall give notice
of the same twenty-four hours in advance, in order to facilitate the discussohts. However, exceptions can be made to this rule in the case of amendments or secondary questions, but not in the ease of substantive proposals.
Section XII.
Petitions, memoranda, observations or documents forwarded to the
Conference by any persons other than plenipotentiaries must be received
and classified by the secretariat. Such of these communications as are
just political will be briefly summarized in a line to be distributed to all the
plenipotentiaries. This list will be kept up to date as analagous communiibedeositedin the archives.
cations are received. All such documents
Section XIII.
The discussion of the question to be decided will comprise a first and
second reading. The first will consist of the general subject, with the
object of obtaining an agreement on matters of importance. Subsequently there will be a second reading for a more detailed examination.
344
THE CHRONICLE
Section XIV.
The plenipotentiaries shall have the right, subject to the agreement with
the Conference, to authorize their technical delegates to submit technical
explanations on such points as may be deemed lawful.
If the Conference thinks advisable, the technical examinations of any
particular question may be intrusted to a committee of technical delegates,
whose duty will be to report and suggest solutions.
Section XV.
The protocols drawn up by the secretariat shall be printed and distributed in proof to the delegates in the shortest possible time. To expedite the work by the Conference, the communications thus made in advance shall take the place of the reading of the protocols at the beginning
of each meeting. If no alteration is proposed by the plenipotentiaries,
the text shall be deemed approved and entered in the archives.
If any alteration is proposed, its text shall be read by the President at
the beginning of the following meeting. In any case the protocol must be
read out in full at the request of any plenipotentiary.
Section XVI.
A committee shall be formed for drafting the resolutions adopted. This
committee shall concern itself only with questions which have been decided.
Its sole duty shall be to draw up the text of the decision adopted and to
present it for the approval of the Conference.
It shall be composed of five members not forming part of the plenipotentiary delegates and composed of one representative of the United States
of America. one of the British Empire, one of France, one of Italy, and one
of Japan.
GERMANY TO BE A FEDERATED REPUBLIC UNDER
NEW REGIME.
The draft of the new constitution for Germany, which
is to be presented to the National Assembly when it meets,
is outlined in wireless dispatches sent out from Berlin on
Jan. 21. The form of Government proposed is that of a
group of Federated States with a highly centralized Government. Equality of rights for all citizens, with no distinctions of birth, social condition or creed, are provided for.
German Austria is listed among the States to be included
in the future Germany. The new constitution was thus
described in the advices referred to:
The draft of the proposed new constitution for Germany, recently prepared, provides that all Germans shall have the same rights before the law
and that all privileges and advantages of birth, social condition or creed
shall be abolished, according to Berlin advices received here. The free
exercise of religious practice is guaranteed, within the limits of morality
and public order, and no one shall be compelled to take part in any religious
act or ceremony or to make known his religious convictions. It is provided
that the authorities shall have no right to ask questions on this subject.
Scientific instruction, the measure provides, shall be free and accessible
to all Germans according to their capacities. It is proposed that the
present distribution of landed property shall be modified by a comprehensive process, with a view to the repopulation of the country districts.
Colonization will be fostered in districts where there has not been as yet
a reasonable fusion of the great, medium-sized and small properties.
In its main features the proposed constitution, which has been drafted
under Government auspices, provides for a Reichstag composed of two
chambers, one to be a popular chamber and the other to be chosen by the
States. The people's chamber shall be composed of deputies of the united
German people, elected by secret, direct and universal ballot. All men and
women over twenty years of age may vote. The lower chamber will be
chosen on the principle of proportionate representation.
The upper chamber is to be composed of representatitres of the various
States. The duration of the legislative mandate of both chambers would
be three years.
The drafters of the bill evidently had in mind a highly centralized government, with full control over most of the activities upon which the people
are dependent. It characterizes as "imperial matter" the following:
Foreign relations, the defense of the empire, the administration of the
banks and exchanges, currency and weights and measures, management of
railway and river transportation and of all waterways common to the
several German States, control of the postal and telegraph service and of
motor traffic and aviation, questions of nationality, freedom of domicile
in a State and passports, the status of foreigners, emigration and immigration, civil and criminal law and judicial procedure, labor legislation, maritime navigation, legislation bearing on landed property, on the press, on
public companies and on public meetings, churches and schools.
Germany, under the draft of the proposed new constitution, is divided
into several federated republics. These political divisions, according to a
wireless dispatch from Berlin to-day, include the following:
The Republic of Berlin, heading the list of the federated republics, and
including the city and rural districts of Greater Berlin, with about 10,000.000 inhabitants.
The Republic of Prussia, including the Provinces of East and West
Prussia and the Bromberg district.
The Republic of Silesia, including Posen and the Sudetes regions east
of Bohemia.
The Republic of Brandenburg, including that part of Brandenburg outside of Greater Berlin, together with Pomerania, Altmark and the two
Mecklenburgs.
The Republic of Lower Saxony, including Hanover, Schleswig-Holstein,
Oldenburg and Brunswick.
The Republic of Westphalia, including Westphalia, Schatunberg-Lippe
and Pyrmont.
The Republic of Hesse, including Hesse-Nassau and the Grand pouchy
of Hesse.
The Republic of the Rhineland, including the Rhine Provinces, Bavarian
Pfalz and the Prtncipality of Birkenfeld.
The Erfurt Government district is to go to Greater Thuringia.
The Federal State of German-Austria is also to be founded and Vienna,
like Berlin, is to become subject to the State Government. Parts of
German-Austria are to go to Silesia, Upper Saxony or Bavaria.
REPUBLIC PROCLAIMED BY "IRISH PARLIAMENT."
An Irish Republic was proclaimed at Dublin on Jan. 21,
when twenty-five members of the Sinn Fein Party who had
been elected as members of the British Parliament, met in
the Mansion House and formally organized themselves into
the "Dail Eireann," which is Gaelic for "Irish Parliament."
[VOL. 108.
Seventy-three Sinn Feiners in all were elected to the British
Parliament in the recent general elections. It had been
announced in advance that if elected they would refuse to
take their seats and instead would organize themselves into
an Irish Parliament and appeal to the Peace Conference.
to recognize the independence of Ireland. Of the seventythree elected, however, the majority were in English jails
for complicity in the Sinn Fein uprising of Easter 'week
1916. The meeting of Jan. 21 adopted a declaration of
independence and an "address to the free nations of the
world," it also elected a committee consisting of Count
Plunkett, Edward De Valera and Arthur Griffiths to present the claims of Ireland at the Paris Peace Conference.
The address to other nations said in part:
The nation of Ireland, having her national independence, calls, through
her elected representatives in Parliament assembled, upon every free nation
to support the Irish Republic by recognizing Ireland's national status and
her right to vindication at the Peace Conference.
The address *declared that Ireland was radically distinct
from England in race, language, customs and traditions.
Ireland, it said, was one of the most ancient nations of
Europe. She had preserved her national integrity and vigor
intact through seven centuries of foreign oppression and
never had relinquished her national rights, which she had
defiantly proclaimed every generation throughout the era
of English usurpation, down to "her last glorious resort to
arms'in 1916."
No attempt was made by the British authorities to interfere with the meeting of the Sinn Fein Parliament, and
the Irish flag floated peacefully over the Mansion House
while the delegates were declaring the independence of
Ireland and calling for the withdrawal of the British garrison. The test of the Government's intentions will come,
it is said, when the new Parliament moves to carry out some
of its own resolutions. So far no action has been taken
except to elect the delegates to the Peace Conference. Of
the three delegates chosen, two—Griffiths and De Valera—
are in jail in England, leaving only Count Plunkettt free to
go, and even he cannot reach France unless the English
Government grants him a passport. As a result of the
recent general elections, and the reorganization of the
British Cabinet, the Conservatives, who have always opposed home rule or any concession to Irish separatism, have
greatly increased their influence in the Government. Viscount French, a Conservative, and a British Field Marshal,
is Lord Lieutenant of Ireland, and predictions were made
that he was prbpared to use severe measures to suppress
the Sinn Fein movement. An Associated Press dispatch
from Dublin is discussing the apparently paradoxical situation, said:
Ireland is a country of the unexpected but no one predicts any trouble or
disorder. The Government has revoked the order made last July requiring official authorization for public meetings and processions, which
order had been suspended for some ime. The revolutionary flag floats
quite freely over the homes of Sinn Foiners in Dublin. Members of
the party expect protection from the authorities of the nation whom
they are defying. Once they would have looked to the United States
for sympathy and help, but now they think they do not command American
support.
They do not talk of, and apparently do not contemplate violence. Dublin had an unhappy and fruitless experience in the insurrection of 1916, an
experience which cost rows of buildings on Sackville street, once pointed
to with pride as one of the finest avenues in Europe.
At a brief meeting of members of the Irish Parliament
held on Jan. 22 behind closed doors, a cabinet was elected.
Associated Press advices from London had the following
to say in part regarding the session:
Count Plunkett told the reporters that a statement of the business transacted would be furnished to the press later, thus following the precedent
of the Paris Conference.
The official report of the meeting says that twenty-four Deputies were
present. A temporary Prime Minister was elested unanimously, and four
other Ministers, nominated by the Speaker, were approved by the Parliament.
According to the provisional constitution the Ministry is to consist of a
l'resident and four executive officers, Secretaries of 10!nanco, Home Affairs,
Foreign Affairs, and National Defense. All revenues will be raised on the
vote of the "Dail Eireann." The Constitution may be altered upon seven
days' notice.
Count Plunkett, Professor Edward de Valera, and Arthur Griffith will
probably be appointed Irish delegates to the Peace Congress,
The public wa.s far more interested to-day in the murder of two policemen
in Tipperary yesterday at the time the Parliament was meeting. This is
taken to signify the beginning of a now period of terrorism, which veteran
Irish politicians expect will include other assassinations and attempts to
to destroy Government buildings and public works.
Two policemen were guarding a cartload of gelignite which was being
taken to a mine when they were surrounded by masked men. The policemen were shot dead and the explosives carried off. The immediate sequel
was a proclamation placing Tipperary under the Crimes Act, which means
a regime much like the occupied German cities are undergoing.
All meetings are prohibited and nobody can pass in or out of the district
without permits. None of the residents may be outdoors after 7 o'clock
in the evening without a permit. No letters may pass in or out without
censorship. Enough troops were quickly sent to the district to enforce
these regulations.
t&
11111111111111
•
The Clare district was recently proclaimed under the CrimesjAct, and
ffj
the measure was enforced with apparent success.
JAN. 25 1919.]
THE CHRONICLE
DEATH OF C. R. ALVES, PRESIDENT-ELECT OF
BRAZIL.
The death of Conselheirs Rodrigues Alves, President-elect
of Brazil, was announced in a dispatch to the State Department from Ambassador Morgan at Rio de Janeiro. The
President-elect died on Jan. 16. Ambassador Morgan expressed to the Brazilian Government the condolence; of the
United States Government and attended the burial services
as a representative of the United States. Doctor Delfim
Moreira, the Vice-President of Brazil, the dispatch added,
continues to perform'the functions of the Presidential office,
as he has done since Nov. 15 1918, when President-elect
Alves was to have been inaugurated, but was unable to
assume the office.
According to advices received by the State Department,
the Vice-President of Brazil, as Acting President, has signed
a decree designating April 13 next for the eleation of a
President of Brazil for the period from Nov. 15 1918 to
Nov. 15 1922. Joao Ribeiro de Oliveira E. Souza, the
director of the Banco Mercantil of Rio de Janeiro, has been
appointed to succeed Amaro Cavalcante as Minister of
Finance.
WORK OF ROCKEFELLER FOUNDATION FOR 1919.
Extensive work in public health and medical education,
and the completion of its war work, will comprise the program of the Rockefeller Foundation for the year 1919, according to a statement issued on Jan. 12. The estimated
income of the fund for 1919 is $6,750,000, and against this
the budget provides for $2,264,130 for public health and
$3,662,504 for medical education. The other items of the
budget are $103,000 for miscellaneous payments on long term
appropriations and $146,662for administration. The amount
still available for appropriations is $465,110. Of the income
received in 1918, $2,787,406 has been brought forward to
be used to meet appropriations for war work made in 1918,
but yet to be paid. The public health activities to be carried out during the year will consist chiefly of efforts against
yellow fever, tuberculosis in France, malaria and the hook
worm disease.
Expenditures of the Rockefeller foundation war work
in 1919 will be for the following:
Continued maintenance at the request of the War Department, of the
War Demonstration Hospital.
Work of Medical Division of National Research Council, which was
appointed by the President to co-ordinate the scientific resources of the
nation.
Assistance in care and treatment of soldiers mentally and nervously
disabled.
Payments on pledges made in 1918 to United War Work Fund and to
work under the direction of the Commissions on Training Camp Activities.
Last June announcement was made of the conclusion of
the official connection of W. L. Mackenzie King with 'the
Rockefeller Foundation and the termination of the institution's inquiry into industrial relations following the granting
of permission to Mr. King to publish on his own behalf the
result of his inquiry. George E. Vincent, President of the
Foundation, in a statement issued on June 26, said:
Permission granted at a meeting of the Rockefeller Foundation to
W. L. Mackenzie King, to publish as his own property the result of his
inquiries into industrial relations, marks the conclusion of his official connection with the Foundation and brings to an end that institution's work
of investigation in this field.
When in 1914 Mr. King, who had had wide experience in connection
with labor conditions in their larger aspects and had served for a time as
Minister of Labor in the Canadian Cabinet, was entrusted by the Rockefeller Foundation with a study of industrial relations, it was expected that
he would visit the leading countries of the world, make first-hand investigations, and as a result of these inquiries, offer constructive suggestions
concerning industrial and social policies.
The war not only prevented Mr. King from making these studies, but
so completely changed the industrial situation in all countries that he was
compelled to modify his plan. He decided, therefore, to prepare on the
basis of his own experience and the literature available, a statement of the
underlying principles which are finding expression in the organization of
industrial society. The resulting volume is to be published, not as an
official report of the Foundation, but as contribution by Mr. King personally, to this important subject.
The war has done more than change the present. It has forced the
consideration of the future on a scale never before attempted. England,
Franco and Germany are already formulating comprehensive programs of
national reconstruction which include transportation, industry, housing,
health and education. A bill providing for the creation of a commission
on reconstruction has already boen introduced in the Congress of the
United States. In these circumstances the Rockefeller Foundation deems
it fitting to discontinue studios of industrial relations, and to devote itself
primarily to the program of medical education, public health demonstration and war work co-operation, to which it has of late been increasingly
committed.
345
N. J. Mr. Brown, besides being Financial Editor and News
Editor of the "Journal of Commerce," had for the past thirty
years been the New York correspondent of the "Financial
News" of London. He also during the last five or six years
had been writing our weekly report of the money and foreign
exchange markets, besides some paragraphs on the foreign
news of the week. He was one of the most genial and at the
same time one of the most faithful and efficient men that
have ever served in the newspaper field. We take the following further facts from an account of his life which will
appear in the "Journal of Commerce" for to-day:
Mr. Brown had been ill for some weeks of what seemed to be an attack
of pericarditis complicated with influenza, but during the past few days
had appeared on the road to recovery, and his death was therefore very
unexpected.
Mr. Brown was fifty-five years old, having been born on March 28
1864. He was the son of Thomas B. Brown of Warrington, England, and
came to this country in 18.71. Here he was educated in public schools,
and early developed capacity for and interest in journalism. When only
twenty-one years old, in the year 1885, he joined the staff of the "New
York Commercial Bulletin," later the "Journal of Commerce and Commercial Bulletin." His relationship to the "Journal of Commerce" Mr.
Brown has ever since retained, and he was well known as a financial
writer throughout the world. He always enjoyed the confidence and
regard of his associates to an unusual degree, and his fine traits and sunny
disposition will ever remain bright in the memory of those he leaves behind.
Mr. Brown leaves one daughter, Dorothy Elizabeth, twenty-two years
old, and a son, A. H. Brown, thirteen years old. He is also survived by
his wife, two brothers and a sister.
AMOS F. HILL MADE SECRETARY CLEARING HOUSE
SECTION AMERICAN BANKERS' ASSOCIATION.
The Executive Committee of the Clearing House Section,
American Bankers' Association, has selected Amos F. Hill,
of Boston, for the position of Secretary, succeeding Jerome
Thralls, who resigned recently to become Secretary and
Treasurer of the Discount Corporation of New York. Mr.
Hill has had twenty years' banking experience with the
Traders National Bank of Lowell, Mass., of which he was
Cashier for ten years. He served as General Manager of the
Wiseman Mines & Railroad Co., North Carolina, and as
receiver of the Norton & Taunton Street Railroad Co. He is
particularly well informed on the subject of credits and has
had considerable experience in the field of bank examinations. The Section has in its membership every regularly
organized clearing house in the United States—twenty-four
in all. During the current year it will devote its energies
to the following activities:
1. The revision of its book of forms and the printing of the forms referred
to therein,so that they may be made available, either singly or in book form.
2. Developing a plan for the analysis of accounts of individuals,firms and
corporations.
3. Encouraging annual conferences of clearing house managers and
examiners.
4. The development of the universal numerical system and no-protest
symbol plan.
5. The extension of the clearing house examiner idea.
6. Encouraging closer co-operation and wider activity on the part of all
clearing house associations.
7. Encourage the organization of clearing house associations and country
organizations.
8. The organization of efficiency and publicity committees in clearing
houses. These committees to give their attention to (a) the development
of labor-saving devices; (b) handling the community publicity and bank
advertising; (e) control donations to charitable and public purposes and to
handle such other matters as might properly be referred to such committees.
An arrangement might be made for an exchange of advertising and publicity
material among the various committees through the agency of the Clearing
House Section,
9. The establishment of credit departments in clearing houses.
10. Aiding the Treasury. Contract Division and various other departments of the Government in the financial and general war program.
11. Creating a committee to make a study of interest rates, service.
exchange and collection charges. This committee to report to the executive committee at the earliest possible date.
12. A campaign of education and publicity designed to inform the public
as to the true functions of banks and the objects and purpose of Clearing
houses.
13. Assisting and encouraging in every way the national movement to
create now savers and to drive home to all America the lesson of thrift and
industry.
14. Assisting the Capital Issues Committee in its campaign to minimize
the fake, bogus and worthless securities evil.
15. Aiding in the direction of credit into the channels of essential production.
16. Aiding the Federal Reserve Board and the Federal Foreign Exchange
Committee in their efforts to stabilize and protect American exchange
relations with other countries.
17. Co-operating with the Committees on Federal and State Legislation
on matters of common interest to the associated banks of America.
18. The introduction of a symbol to convey instructions to wire nonpayment. Also a symbol for designating checks of banks other than
national that are collectible through Federal Reserve banks.
19. The creation of a committee charged with the responsibility of studying world conditions, with the view of preparing and submitting to the
Executive Committee plans under which the various clearing houses
may serve to best advantage in order to give the nation its greatest financial
and commercial strength.
DEATH OF CHARLES R. BROWN.
Charles R. Brown, a financial newspaper man of interThe belief is expressed that through close co-operation and
national fame and for nearly 35 years connected with the
staff of the "Journal of Commerce and Commercial Bulletin" determined effort many of the above suggestions may be
of this city, died yesterday afternoon at his home in Tenafly, inaugurated and advanced during the year.
346.
THE • CHRONICLE
NEW ORLEANS SELECTED FOR 1919 CONVENTION
OF AMERICAN INSTITUTE OF BANKING.
Announcement is made by J. C. Thompson, President of
the American Institute of Banking, that the Executive Council has unanimously selected New Orleans as the convention
city in 1919. This news is received with much interest.
New Orleans is now not only recognized as the Gateway to
the Panama Canal, but to all South American commercial
opportunities. Aside from the many educational advantages attached to attending conventions in New Orleans,
numerous novel so3ial features are always provided. On
account of war conditions attendance at institute conventions have been reduced to a minimum during the past two
years. Now that the war is over the attendance is expected
to be materially increased, and New Orleans Chapter is
preparing to entertain the largest representation and the
greatest convention in the history of the American Institute
of Banking.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Ten shares of bank stock were sold at the Stock Exchange
this week and one share at auction. One lot of twelve
shares of trust company stock was also sold at auction.
Shares. BANKS—New York.
Low. High.
1 Chat.& Phenix Nat. Bank__ 246 246
*10 Commerce, Nat. Bank of_ _ _ 215 215
TRUST COMPANY—New York.
12 N.Y.Life Ins.& Trust Co__ 800 800
Close. Last previous sale.
246
Nov. 1916— 232
215
Jan. 1919— 217
800
Jan. 1919— 802
*Sold at the Stock Exchange.
H. T. Johansen has been appointed an Assistant VicePresident and F. O'Mally has been appointed an Assistant
Cashier of the National City Bank of this city. The bank
haq made application to the Federal Reserve Bank for permission to act in a fiduciary capacity under the authority
conferred in the recent amendment to the Federal Reserve
Act.
Richard L. Morris wa,elected a Vice-President oe Banke:s
Trust Co. at a meeting of the d•rectors held on Jan. 21.
Mr. Morris was born in New York in 1875. In 1901 he
went with Blake Brothers & Co. and later with Potter,
Choate & Prentice. In 1910 Mr. Morris became associated
with Kean, Taylor & Co. and became a partner in the firm
in January 1912. He served as Chairman or the Committee
on Railroad Bond; and Chairman of the Committee on
Legislation of the Investment Bankers' Association. PC03ident Seward Prosser announced that Mr. Morris would
devote himself to the bond department of Bankers' Trust
Co., which since the war ceased has been expanding rapidly.
[VOL. 108.
of the "Evening Sun," where he remained for seven years.
He entered the Publicity Department of the Guaranty Trust
Co. in July 1917, and for more than a year has been the
editor of the "Guaranty News."
The American Exchange Bank, 128 Broadway, this city,
has issued 'a folder giving a summary of the organizing and
operations of the American Expeditionary Force as submitted to the Secretary of War by General John J. Pershing,
commanding the American Expeditionary Forces in France.
The Publicity Department of the bank will mail a copy to
inquirers.
The latest printed statement of the Irving National Bank
of this city bears the imprint in colors of one of the murals
in the balcony entrance of the bank's quarters in the Woolworth Bhilding. The institution's deposits for Dec. 31
1918 totaled $130,996,578, its capital surplus and profits
$10,311,154, and aggroagte resources 8150,909,988. Lewis
E. Pierson is Chairman of the Board, Rollin P. Grant is
Vice-Chairman, while Harry E. Ward is President.
The Irving National Bank has prepared a handy
pocket edition'of its commercial map of Latin-America for
the convenience of the commercial traveler in Latin-America.
This edition gives in easily available form details concerning
area, population, imports, exports, facilities of transportation, communication and commerce, elevation, distribution
of products, rainfall and other forms of information relating
to Latin-American trade. Concerns about to send a representative to Latin-America can secure copy of this booklet
upon request.
. .—
Wade Gard'ner, agent of the Hong Kong & Shanghai
Banking Corporation, has received the following message
from the head office in Hong Kong:
"Subject to order, final dividend for the year 1918 will probably be
£2 5s. bonus in addition to dividend Li 10s. making total dividend and
bonus for the year £5 18s. a share, subject to deduction of income tax.
Added to silver reserve fund, Hong Kong $1,500,000, making the reserve
fund Hong Kong $36,000,000. Written off bank premises, Hong Kong
$750,000. Carried forward in profit and loss about Hong Kong $3,275,000."
During the year recently closed 102banks operating the Morris plan of industrial loans and investments in 104 American
cities lent about $34,500,000 to some 212,500 small borrowers.
To Dec. 31 1918 the total number of loans on this plan exceeded 600,000, the amount being about $87,500,000. The
Morris Plan Co. of New York, in the month of December
lent $561,453 to 3,571 borrowers. In its first four years it
has made 93,784 loans, aggregating $13,231,808. The Morris Plan Insurance Society, in operation for a year and a
month, has issued nearly 29,000 industrial insurance policies,
Alfred G. Fletcher was elected Vice-President of the amounting to about 83,250,000. American Foreign Banking Corporation of the city on
Jan. 22. Mr. Fletcher was formerly for many years con- •
Charles B. Seger has been elected a director of the United
nected with the Canadian Bank of Commerce and other
States Safe Deposit Company of this city in place of Nieholas
banks in Canada.
Biddle.
•
The plans to increase the capital of the Corn Exchange
N. D. Jay, Vice-President of the Guaranty Trust Co.,
Bank of this city from $3,500,000 to $4,200,000 were ratified
by the stockholders at their annual meeting on Jan. 21. has been elected a director of the Mercantile Trust & Deposit
Details concerning the issuance of the new stock were given Company of this city.
in our issue of Dec. 21. On Jan. 27 the bank plans to open
anew branch in Long Island City, at 252 Steinway Ave.
Robert E. Treman, Deputy Governor of the Federal
Reserve Bank of New York, addressed the members of the
At a regular meeting of the directors of the Fifth Avenue American Association of Finarwial Statisticians on Jan. 16
Bank of this city on Jan. 22, Frederick P. DeWitt and at the Advertising Club. The subject was "Trade Acceptances."
Charles H. Dahmer were appointed Assistant Cashiers.
Harold S. 'Schultz, formerly Secretary of the New York
Chapter, American Institute of Banking, has joined the
Credit Department of the National'Bank of Commerce in
New York. He was recently discharged from the Air
Service of the Army, in which he was a first lieutenant in
command of a balloon company;
•
R. P. Staigg, Assistant Secretary at the London office
of the Guaranty Trust Co. of New York, has been appointed
Assistant Secretary at the main office in this city. Ellsworth
Grey, former Secretary to Vice-President Grayson M.-P.
Henry W.Carlisle was appointed Assistant Manager of the Murphy, has been appointed Assistant Treasurer at the
Publicity Department of the Guaranty Trust Co. of this city Paris office of the company.
on Jan. 20. Mr. Carlisle was born in Indianapolis thirtyfive years ago. He did considerable writing and illustrating
At the annual meeting of the Montauk Bank of Brooklyn,
for various periodicals until 1909, when he joined the staff N. Y., the stockholders decided to reduce the membership
We referred last week to the election of D. H. G. Penny
as a Vice-President of the National Bank of Commerce in
New York. Mr. Penny has been Assistant Director of the
Federal Reserve Board's Foreign Exchange Division. In
announcing his election as an officer of their institution the
National Bank of Commerce notes that previous to his
taking up his work with the Federal Reserve Board a year
ago, Mr. Penny had extensive experience in international
banking and was well known as an authority on foriegn
exchange.
JAN. 25 1919.]
THE CHRONICLE
347
of the board from 15 to 9. The directorates as now consti- Howard H. Clapp, Vice-President; Louis F. Stupp, Cashier,
tuted are as follows: Theodore C. Boenau, Harold W. and Paul B. Aex, Assistant Csahier.
Estler, Casper V. Gunther, Thomas Cradock Hughes,
William Lockitt,John F. McClunn,J. Webb Nash, Frederick
At the annual meeting of the Rochester Trust & Safe
W. H. Nelson and Henry M. Randall.
Deposit Co. of Rochester, N. Y., held recently, George
W. Robeson was elected a director of the institution to
The dividend rate of the Kings County Trust Co., of succeed the late E. Franklin Brewster. Mr. Robeson is
Brooklyn, has been increased from 24% to 28% per annum, President of the Rochester Stamping Co. and is prominent
in quarterly payments of 7% instead of 6% heretofore. in the business life of Rochester.
The capital of the institution is $500,000, with surplus and
undivided profits of $2,705,267.
At the annual meeting of the Providence National Bank
of Providence, R. I., the number of directors was increased
—
Charles H. Sabin has been elected a director of the First from eight to nine and Earl G. Batty, Cashier of the inNational Bank of Southampton, N. Y. Mr. Sabin has a stitution, elected as the new member.
large summer residence at Southampton, and is interested in
The Union Trust Co. of Providence announces the death
locp,1 affairs. At the annual meeting of the shareholders,
the directors were re-elected, and two new members added on Jan. 9 of its Vice-President, Charles H. Sheldon.
Mr. Sabin and the Cashier W. K. Dunwell. The bank was
organized on June 15 1912. It has a capital and surplus
At the recent annual meeting of the Equitable Trust Co.
of $50,000 each. Its interest and checking accounts, in- of Boston, the stockholders ratified the proposed increase
cluding deposits of the U. S. Government, the State of of the capital of the institution from $200,000 to $500,000,
New York, Town of Southampton, Village of Southampton, referred to in our issue of Jan. 11. Wallace H. Pratt,
&c., aggregated 26,938 on Nov. 1 last. Its total resources Treasurer of the Equitable Trust Co., was elected a director.
on that date amounted to $984,041. The officers are
John Nugent, President; John D. Corrigan, Vice-President;
At the annual meeting of the Charles River Trust Co. of
W. K. Dunwell, Cashier, and Ormiston C. Gardner, Assist- Cambridge, Mass., James J. Conley was added
to the board
ant Cashier. Henry Schwenk is Chairman of the board.
of directors.
The Massachusetts Trust Co. of Boston at its annual
Charles E. Frazee, who has been Cashier of the Claremont Bank of Jersey City for many years, has resigned meeting on Jan. 14 elected Arnold Whittaker, formerly
and intends making his home in California. His successor Assistant Treasurer of the institution, a Vice-President
and Secretary.
has not yet been selected.
C. H. C. Jagels has been elected President of the Second
National Bank of Hoboken, N. J., succeeding Rudolph F.
Rabe. Mr. Jagels started with the bank at the age of 16
at the time of its organization in 1887, but six years later
left the bank to enter business on his own account, this
business since developing into the Jagels & Bellis Coal Company. In 1897 he became identified with the bank as a
director. He is also connected with many important
concerns.
Winfield S. Quinby was added to the board of directors
of the Fourth Atlantic National Bank of Boston at the annual
meeting and Wm. G. Shillaber retired.
The stockholders of the Fidelity Trust Co. of Boston at
their annual meeting on Jan. 14 voted to increase ties capital
of the institution $1,000,000, raising it feom $2,000,000
to $3,000,000. At the same meeting, Joseph J. Wall of the
Goldsmith Wall Co. and a director oi the Fidelity Trust Co.,
was elected a Vice-President of the institution and Eugene
Archibald M. Henry, Vice-President of the National Bank F. O'Neil, an attorney of Brockton, Mass., was added to
of North Hudson, West Hoboken, N. J., has been elected the board of directors.
President of the institution, succeeding John Warren,
At the annual meeting of the Webster & Atl ts National
retired. Mr. Warren continues as a director of the bank.
August Miller replaces Mr. Henry as a Vice-President. Bank of Boston on Jan. 14, Oliver Hall was elected to the
Celestino Piva continues as Vice-President and Edward R. board of directors.
Westerburg is retained as Cashier. The office of Assistant
The Corn Exchange National Bank of Philadelphia on
Cashier has been created and George J. Brower has been
elected to the post. Robert Souvay and Charles Bollinger Jan.14 elected Ira Vaughan,of the firm of Dungan,Hood &
Co., Inc., and Alan D. Wood, of the Alan Wood Iron &
are newly. elected directors of the bank.
Steel Co., directors of the institution, to Lill vacancies.
Daniel Bermes has been elected President o the First
W. Averall Harriman of New Yo"k City and George F.
National Bank of the Town of Union (Weehawken Post Tyler of Philadelphia were elected
directors of the Fourth
Office), 3ucceeding Edward W. Berger, retired.
Street National Bank of Philadelphia at its annual meeting
on Jan. 14. Mr. Harriman is President of the Merchants
At the recent annual meeting of the National Commercial Shipbuilding Co. at Bristol, Pa., and of the Chester (Pa.)
Bank of Albany, John W. Hogan, Judge of the Court of Shipbuilding Co. Mr. Tyler is a son of Sidney F. Tyler.
Appeals, and Frederick Pruyn were elected directors of the
the annual meeting of the Tradesmen's National Bank
institution, the former to succeed the late James C. Farrell
and the latter to take the place of Edward J. Hussey, re- of Philadelphia on Jan. 14 Jerome H. Louchheim and Edmund Williams were elected directors. Mr. Louchheim is
signed.
President of the Keystone State Construction Co.
At a meeting of the director of the Union Trust Co. of
Albany, N. Y., held on Jan. 17, John A. Becker, President . W.J. Steinman, Cashier of the Southwark National Bank
of the First National Bank of that city, was elected a mem- of Philadelphia, was elected a director at the annual meeting
ber of the executive committee, to fill the vacancy caused on Jan. 14, to take the place of John B. Harper, deceased.
by the death of James C. Farrell.
The Manayunk National Bank of Philadelpnia •.t its
•
annual maetirg on Jan. 14 elected John Jacobs to its direcMartin II. Glynn, ex-Governor of New York State, was torate to fill a vacancy. Mr. Jacobs is President of the
elected a director of the City Safe Deposit Co. of Albany Philadelphia Paper Manufacturing Co.
on Jan. 14 to fill the place made vacant by the death of James
C. Farrell.
At the annual meeting on Jan. 14 the stockholders of the
Textile National Bank of Philadelphia authorized the in• At the annual meeting on Jan. 14 of the Central Bank creasing of the capital stick of the institution trim $200,000
of Rochester, Rochester, N. Y., Louis F. Stupp, Cashier to $400,000. E.B.Gregory was elected an Assistant Cashier
of the bank, and Frantz Haverstick, President of the firm of the bank and E. G. Ackermann ot New York City was
of Haverstick & Co., were elected directors. The officers added to the board of directn-s.
for the ensuing year are: John H. Gregory, President;
348
THE CHRONICLE
Ignatius J. Dohan has Wen elected Vies-President ot the
Union National Bank of Philadelphia to succeed the late
Theodore H. Conderman. Mr. Dohan is President of the
Beneficial Saving Fund Socisty of Philathlphia. Two new
directors have be 31:1 el scted to the board of the Unbn National
—Henry M. McAdoo, to succeed the lite Aaron Gans, and
Norman K. Conderman, in place of his father, the late
Theod ire H. Conderman.
At the annual maeting of the stockholders of the Drovers
& Merchants Bank of Philldelphia, held on Jan. 14, rix
new directors were elected, namely W. H. S. Bateman,
H. K. Bower, George W. Shuster, John I. McCormick,
Thomas J. Talley Jr., Joseph A. Brady and Harris J. Latta.
The blard was increased from twenty-three members to
twenty-six and four vacancies were filled.
D. Lewis Moore was added to the directorate of the
Northern National Bank of Philadelphia on Jan. 15, increasing the board from eleven to twelve members.
•
John E. Gossling, who had been Cashier of the Second
National Bank of Philadelphia for the past eight years,
has been elected President of the bank, succeeding Franklin
Smedley who declined re-election. Mr. Gossling's successor
as Cashier is Frank Adshed. Charles H. Aspen and William
H. Thomas have been appointed Assistant Cashiers; Daniel
Greenwood continues as Vice-President.
[VOL. 108.
Julius Levy and Joseph A. McCullough were elected directors
to fill vacancies on the board. Mr. Levering is a son of
Eugene Levering Sr., President of the institution. Mr.
McCullough is connected with the United States Fidelity &
Guaranty Co. of Baltimore, while Mr. Levy is a member of
the manufacturing firm of M. S. Levy & Sons of Baltimore.
At the annual meeting of the stockholders of the National
Exchange Bank of Baltimore on Jan. 14 the by-laws of the
institution were changed to permit of the election of former
directors of the Drovers' & Mechanics' National Bank,
who had retired from that institution upon its refusal to
unite with the National Exchange Bank and who had thereupon been invited to become members of the directorate
of the National Exchange Bank. As a consequence, Hamilton G. Pant, Dr. Merville H. Carter, George W. Kirwan
and George W. Atkinson, all former directors of the DrovOrs'
& Mechanics' National Bank, were elcted: Paul A. Seeger,
formerly President of the Drovers' & Mechanics' National
Bank; Clinton G. Morgan, formerly Cashier of that institution and R. Howard Bland, formerly a director, were
in November last elected Vice-Presidents (and in the case
of Mr. Seeger and Mr. Bland directors as well) of the. National Exchange Bank as stated in these columns in our
issues of Nov. 23 and Dec. 7. Mr. Morgan was already
at that time a director of the institution.
J. T. Rohr, formerly an Assistant Cashier of the Second
National Bank of Toledo, Ohio, was elected a Vice-President
Mr. A. E. Ford, President of the Ford & Kendig Co., of the in3titution on Jan. 14.
has been elected a director of the Franklin Trust Co. of
Philadelphia.
At the recent annual meeting of the Dime Savings Bank
Co. of Toledo, Ohio, R. V. Hodge, Cashier of the institution,
J. Edward Schneider has been elected Secretary and
was elected a Vice-President in addition to the Cashiership.
Assistant Treasurer of the Industrial Trust Title & Savings
Mr. Hodge takes the place of the late F. W.Bainbridge.
Co. of Philadelphia, succeeding Charles M. Wrightson,
resigned.
At the recent annual meeting of the Toledo Saving 3 Bank
Trust Co. of Toledo, Ohio, Donald L. Reynold.- was made
&
Penn
of
a
the
director
William S. Pilling was elected
the
National Bank at the annual meeting of the stockholders a Vice-President, and Frank H. Greene, Cashier of
institution, was elected a director. Donald L. Reynolds
of the institution on Jan. 14.
was also elected director.
W. W. Price and Edwin B. Malone were recently elected
Howard C. Park, Cashier of the Central National Bank
directors of the Kensington National Bank of Philadelphia.
of Columbus, Ohio, was elected a Vice-President of the
annual meeting on Jan. 14. Mr. Park
The payment of the one-hundredth consecutive semi- institution at its
the position of Cashier.
hold
to
continue
will
annual dividend by the First National Bank of Wellsboro,
Pa., was witnessed on Jan. 1 when checks for its semi-annual
dividend of 6% were mailed to the stockholders. The
At the annual meeting of the stockholders of the City
opinion is expressed that few banks can rival this record. National Bank of Columbus, Ohio, held on Jan. 14, Fred
The bank, which has been paying 12% annually for a number A. Miller, William P. Tracy and J. B. White were elected
of years, dates from 1864. It has deposits in excess of $2,- directors of the institution.
000,000 and resources of over two and a half million dollars.
A new institution to be affiliated with the Fletcher AmeriAt a regular meeting of the board of directors of the Penn can National Bank of Indianapolis, Ind., is to be organized
National Bank of Philadelphia on Jan. 21, Samuel S. Sharp, raTe7the name of the Fletcher American Company. The
who desired to be relieved of the duties of President afterlong stockholders of the bank approved at their annual meeting
and faithful service, was elected Chairman of the Board. on Jan. 14 plans to form the new concern. The latter is to
Melville G Baker, heretofore Vice-President and Cashier, have a capital of $1,500,000—$1,000,000 of which will be
was elected President; W. B. Ward, previously Assistant provided through the issuance of $1,000,000 of 5% preferred
Cashier, was chosen Cashier, and H. C. Beitzel, E. H. Deiss stock to be offered first to the shareholders of the bank and
and H. G. Polhemus were named as Assistant Cashiers.
later to the public. There is also to be issued $500,000
of common stock, the entire amount of which is to be held
J. H. Beatson has been made Secretary and Treasurer of by the stockholders of the Fletcher American National Bank.
the Fidelity Trust Co. of Baltimore. Mr. Bea,tson has been As a means of enabling the bank's shareholders to pay for
in the service of the company since 1905,and has served as the stock a special dividend of 25% will be declared out of
Secretary and Assistant Treasurer for the past three years. the surplus and undivided profits of the bank. Besides its
In assuming the functions of Treasurer he will relieve W. capital of $2,000,000 the bank has a present surplus and
Bladen Lowndes, who had held the dual post of Vice-Presi- profits of $1,630,000. In a circular concerning the organizadent and Treasurer. Vincent A. Connelly has been made tion of the new institution the bank states that during the
Assistant Secretary and Assistant Treasurer.
last eight years it has engaged in the buying and selling bonds
and has maintained a steamship ticket agency.
and 7urities
Joseph Oberle has been elected Cashier of theNitizens These functions will be taken over by the neTv company which
National Bank of Baltimore, succeeding Milton S. Billmore, will also undertake such added lines of business as may be
whose appointment as an Assistant Cashier of the Harriman conducted under the State laws. The bank also says:
National Bank of New York was referred to in these columns "The company will be able to serve its patrons, without such
last Saturday. Mr. Oberle before becoming Cashier, had restrictions in the purchase, discount, acceptance and
been Assistant Cashier of the Citizens National Bank. The distribution of bills originating in foreign and domestic
new Assistant Cashier of the Citizens National Bank is trade, underwrite the sale of bonds and other high-grade
Walter Dushane.
securities, originating with sound commercial and industrial
enterprises, and otherwise engaged in profitable fields of
At the annual meeting of the stockholders of the National activity, such as is permitted under States laws, with hope
ITZiklofACommerce of BaltimorelEugenelLevering, Jr., of enlarging service and increasing earnings for the benefit
JAN. 25 1919.]
THE CHRONICLE
349
of those persons who are stockholders of the bank." At the officers will be active in the bank, the growth of the bank
meeting of the Fletcher American National Bank, R. K. making it necessary to have more active officers.
Smith was advanced from the Cashiership to a Vice-Presidency. Gilbert J. Cooke, Assistant Cashier, was made
The National Bank of Commerce of Detroit on Jan. 14
Cashier and Frank Wocher was made Assistant Cashier.
elected Samuel R. Kingston, Cashier of the institution in
lieu of Henry H. Sanger. At the same meeting A. C.
Fred K. Shepard, heretofore Secretary, and Vinson Carter, Voss and Robert C. Wandel were appointed Assistant
heretofore Trust Officer of the Fletcher Savings Bank & Cashiers. Mr. Sanger, who was a Vice-President of the
'Trust Co. of Indianapolis, Ind., have been elected Vice- institution as well as Cashier, will retain the former office.
Presidents of the company. Other changes in officers are
as follows: Donald S. Morris, heretofore Assistant Trust
At the annual meeting of the First & Old Detroit Na-,
Officer, appointed Trust Officer; Russell G. Sumner, hereto- tional Bank, Detroit, A. W. T. Meyers was appointed
an
fore Assistant Secretary, appointed Secretary; Rex P. Assistant Ca.hier. Mr. Meyers was formerly manager
of
Young appointed Assistant Secretary.
the transit department of the bank.
George Borgerding, for the past twenty years Cashier of
the New Albany National Bank of New Albany, Ind., has
been elected President of the Mutual Trust & Deposit Co.
Oscar C. Barth had been acting President of the Trust
Company since the death of Judge Alexander Dowling.
At the annual meeting of the Merchants' National Bank
of Detroit, Alfred T. Lerchen, formerly Manager of Credits,
was elected a Vice-President of the institution, and Charles
K. Bartow.and R. W. Schweitzer were appointed Auditor
and Chief Clerk, respectively.
The "Michigan Investor" of Jan. 11 in stating that it is
apparently a matter of only a short time when the People's
State Bank will pass the $100,000,000 mark in resources,
points out that between Nov. 1 and Dec. 31- 1918 a gain of
more than $6,548,000 occurred in the resources and reached
on the latter date $97,996,982. The total resources of the
banks in the Detroit Clearing House at the end of the year
were $412,000,000. In the matter of deposits, out of an
aggregate of $342,273,000 shown by the Clearing House
banks in the weekly statement of Dec. 26, the People's
State had $84,945,153.. In its further observations the
"Michigan Investor" calls attention to the fact that all
the banks show a total gain in deposits for the year of $35,719,000, practically half of which, $17,102,164, is credited
to the People's State. It also says:
At the annual meeting of the Austin National Bank of
Chicago, on Jan. 14, Alf Absolonson was appointed Assistant
Cashier and Geo. M. Leathers was.elected director.
During the past year the Peoples State purchased for its customers and
ts own account more than $65,000,000 of Government securities, about
.one-third of the total of all such securities purchased by the banks of
Detroit and one-eighth of the total purchases of all the banks in the State
and its percentage for the Seventh Federal Reserve District was very large.
The bank's statement of Dec. 31 shows that it is yet carrying $20,557,500
in Government war securities.
The first State bank in Detroit to lead the way into membership in the
Federal Reserve system, being accepted in July 1917, its example has been
followed by every State bank member of the Detroit Clearing House.
The largest bank in Michigan, the People's State also ranks as one of the
ten largest banks west of New York City. It maintains 19 branches
In different sections of Detroit, and its main banking office is one of the
finest exclusive banking baildings In the country.
At the annual meeting of the City National Bank of
Evanston, Ill., held on Jan. 15, Charles N. Stevens,formerly
a Vice-President and Cashier of the institution, was elected
President to succeed Joseph F. Ward, resigned; Hurd Comstock, heretofore Assistant Cashier, was promoted to the
Cashiership in place of Mr. Stevens; George B. Burdsal,
3d Assistant Cashier, becomes 1st Assistant Cashier, succeeding Mr. Comstock; Arthur P. Rogers,formerly Manager
of the Savings Department, was made an Assistant Cashier,
and Maurice W.Lane was appointed Manager of the Savings
Department in lieu of Mr. Rogers. Mr. Ward, who was the
first President and one of the organizers of the City National
Bank, has served the bank eighteen years. He will continue
his connection with the institution as Chairman of the
board of directors.
At the annual meeting of the stockh-Aders of the Citizens
Trust & Savings Bank of Chicago on Jan. 7 the capital of
the instutition was doubled, raising it from $50,000 to 100,-.
000. During the past year deposits have increased over 50%
standing now at $1,230,000. The quarters occupied by
the bank in its own building have been enlarged and reJames T. Keena, formerly President of the People's State modelled and were opened for the inspection of the public
Bank of Detroit, was elected Chairman of the board of on Jan. 11, the bank remaining open until 8 p. m. for that
directors of the institution, at its annual meeting on Jan. 14, purpose.
and John W. Staley, formerly a Vice-President of the bank,
Two new directors were added to the board of the Midwas appointed President to succeed Mr. Keena. Mr. Keena
had been President of the People's State Bank since 1916. land National Bank of Minneapolii at the recent annual
Previous to his connection with the People's State Bank, meeting, namely, Augustus H. Searle and E. H. Norblom.
Mr. Staley was a Vice-President- of the First & Old Detroit Mr. Searle is Vice-President and General Manager of the
National Bank and had been identified with that institution Globe Elevator Co. and a director of F. H. Peavey & Co.
for twenty-four years.
Mr. Norblom is President of the Minneapolis Builders'
Exchange and President of Landers Morrison Christenson
The stockholders of the Bank of Detroit at their annual Company.
meeting on Jan. 14 voted to double the capital of the instituF. W. Little was elected Vice-President of the Minneapolis
tion, raising it from $500,000 to $1,000,000, and to increase
the surplus from $100,000 to $350,000, the new stock to Trust Co. of Minneapolis at the annual meeting on Jan. 14.
consist of 5,000 shares and to be offered to present stock- Mr. Little will take an active part in the management of the
holders at $150 per share. The increase in capital is made bond department of the company and its affiliated instinecessary by reason of the rapid growth of the bank as tution, the First & Security National Bank of Minneapolis.
is shown by the increase in deposits, which during the past
year have risen from $10,000,000 to 812,500,000. At the
A consolidation of the North Avenue State Bank and the
same meeting two additional directors were elected, namely: Wisconsin State Savings Bank of Milwaukee was effected
A. J. Peoples, Treasurer of the Detroit Copper & Brass on Jan. 1 under the name of the North Avenue State Bank.
Rolling Mills, and C. H. Haberkorn, Jr., President of C. H. The consolidated institution has a capital of $100,000 and
Haberkorn & Co., Detroit. On Jan. 1 1919 the manage- surplus of $25,000. The capital of the uniting banks was
ment of this bank was assumed by Edmund D. Fisher, $50,000 each. At the annual meeting on Jan. 14 the eight
who had resigned as Deputy Comptroller of the city of Now directors of the Wisconsin State Savings Bank and the seven
York.
members of the board of the North Avenue State Bank were
made directors of the consolidated bank, giving it a board
At the annual meeting of the Wayne County and Home of 15 members. William F. Coerper, who was President
Savings Bank of Detroit, Edwin J. Eckert and Arthur E. of the North Avenue State Bank is President of the enlarged
Loch were elected Vice-Presidents and Rupert Pletseh, bank. The other officers are, George L. Baldauf, A. J.
Assistant to the President, to succeed Frank H. Corul, Langhalff and Joseph M. Wolf, Vice-Presidents; Frederick
Fred Guenther and Orla B. Taylor, who voluntarily relin- A. Lochner, Cashier; and James A. Chivas and Elmer 0.
quished their positions as inactive Vice-Presidents, though Perschbacher, Assistant Cashiers.
still continuing members of the board of directors. The new
•••••••••••••-•--•
•-•-•••-•
350
THE CHRONICLE
[Vol.. 108.
Edgar L. Taylor, who had been Assistant Cashier of the
THE ENGLISH GOLD AND SILVER MARKETS.
Boatmen's Bank of St. Louis, has been elected a director and
reprint the following from the weekly circular of
We
Vice-President of the bank, succeeding Clarence R. Laws,
who resigned on account of ill health. Mr. Taylor is a Samuel Montagu & Co. of London, written under date of
agrandson of a former President of the bank,the late Rufus Dec. 24 1918:
GOLD.
The Earl of Bessborough, Chairman of the Ashanti Goldfields CorporaJ. Lackland. The bank has three new Assistant Cashiers
notable career-announced at the annual
a
had
has
in Chester C. Hammerstein, Rudolph Felsch and H. Alfred tion-a company which
meeting that in spite of many difficulties the output had been mainCashier
Bridges; Julius W. Reinholdt, Vice-President and
tained at just over pre-war standard. During the past four years £1,863,460 of gold had been produced. He added that "the Corporation was the
of the bank, has been elected a director of the institution.
Warren M. Chandler, formerly Assistant Cashier of the
National Bank of Commerce in St. Louis, was made VicePresident at the annual meeting last week. With his advancement the bank now has four Vice-President, the others being
W.B. Cowen, W.L. Hemingway and Raymond F. McNally.
Messrs. Cowen and Hemingway were elected directors of
the bank at the annual meeting. Mr. Hemingway's election
as Vice-President was referred to in our issue of Jan. 11. He
will assume the office on March 1. The following employees,
who have been with the Commerce for a number of years,
have been made Assistant Cashiers: Frank E. Eaton, R. T.
Williams, H. H. Reinhard and Fred J. Paro. John G.
Lonsdale has been re-elected President.
Mr. Sterling C. Couch has been elected Assistant Secretary
and Assistant Treasurer of the Southern Trust Co., Little
Rock, Arkansas. Mr. Couch was formerly Assistant Treasurer of the Mercantile Trust Co., of Little Rock, Arkansas,
with which company he has been connected for the past
ten years.
pioneer of the mining industry in Ashanti, its first expedition having
arrived at Obuasi, then an impenetrable jungle, on Christmas Eve, 1897.
Obuais was at that time a village consisting of a few huts, and there were
only about thirty inhabitants. To-day the town of Obuasi was a model
for West Africa, with a population of about 15,000, governed by a committee appointed jointly by the Government and the Corporation."
The West African gold output for November 1918 was £108,796 as compared with £126,915 for November 1917 and £61,461 for October 1918
when the outbreak of influenza caused a reduction in the output of nearly
one-half.
SILVER.
There has been no change since we last addressed you in the price of
silver or the tendency of the market. The Shanghai exchange is .quite
steady.
The Indian Government has cabled as follows with regard to the weather
conditions in India: "Favorable in Madras. Light to good rain has fallen
in parts of Bombay. Light rains in parts of Punjah, South Madras, South
East, Central Provinces and in the United Provinces."
Superlative adjectives are not infrequently used in unwarranted fashion.
This can hardly be the case in describing the magnitude of the operations
by which the Indian mints have been seeking to cope with an exceptional
demand for metallic currency.
The combined value of the two Indian mints' output in August last was
Rs. 55,279,290, made up as follows:
619,000
Whole rupees (silver)_ _ - _51,500,024 One-anna (nickel)
47,900
993,666 Single pico (bronze)
Half rupees (silver)
29,100
Quarter rupees (silver)___ 1,132,488 Pie pieces (bronze)
957,112
Two-anna (nickel)
As the average speed of coining is estimated at 2,600 coins a minute in
Calcutta, and at 1,600 in Bombay, the velocity of the output per second
equals 70 coins, worth an average value of 46 rupees. If the pieces coined
during two months alone at this rate were placed edge to edge, the line
would stretch across a space equal to the extreme length of India-from the
Hindu Kush to Cape Comorin.
The stock in Shanghai on Dec. 14 consisted of about 21,470,000 ounces in
sycee and 11,700,000 dollars, as compared with about 21,900,000 ounces in
sycee and 11,300,000 dollars on the 7th inst.
Quotations for bar silver per ounce standard:
cash_48 7-16d.
cash_48 7-16d. Dec. 24
Dec. 20
48.4375d.
48 7-16d. Average
" 21
48 7-16d. Bar gold per oz. standard__77s. 9d.
" 23
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed on the
19th inst.
At the annual meeting of the directors of the Hibernia
Bank & Trust Co. of New Orleans Fred W. Ellsworth was
formally elected first active Vice-President, succeeding R. S.
Hecht, who recently was elected President, and Chas. F.
Herb was elected second active Vice-President, succeeding
Mr. Ellsworth. Other changes in the official staff included
the promotion of Paul Villere from Cashier to Vice-President,
and James H. Kopper from Assistant Cashier to Cashier,
and W.B. Machado to senior Assistant Cashier. The elecWe have also Keceived this week another circular written
tion of Messrs. Ellsworth and Herb as senior Vice-Presidents
of the Hibernia Bank is particularly interesting in view of under date of Jan. 2 1919.
GOLD.
the fact that it was only a few months ago that they became
our last letter, two Bank of England returns have been published,
associated with that institution, Mr. Ellsworth having in Since
both cases an addition to the gold reserve against the note issue was
formerly been Secretary of the Guaranty Trust Co. of New recorded. The successive increases were £574,560 and £806,960.
The Gold Commission has reported against paying a bonus to producers.
York and Mr. Herb a Vice-President of the Mississippi
and are of the opinion that sufficient gold will be produced for the curValley Trust Co. of St. Louis.
rency requirements of the British Empire.
At the ninth annual meeting of the stockholders of Mercantile National Bank of San Francisco, held on Jan. 14,
the reports presented indicate that the bank enjoyed a
prosperous year. Regular quarterly dividends, aggregating
$200,000, were paid during the year. The capital and surplus of Mercantile National Bank is $3,000,000. The
capital of Mekcantile Trust Co. (which is owned by the
stockholders of Mercantile National Bank) is $1,000,000
additional. The directors elected the following officers of
the bank:
Henry T. Scott, Chairman of the board.
John D. McKee, President.
Frank G. Drum, Senior Vice-President.
0. Ellinghouse, Vice-President.
F. 0. Cooke, Vice-I'resident.
Thomas M. Paterson, Cashier and Secretary.
John C. Bovey, Assistant Cashier and Assistant Secretary.
P. D. Arnold, Assistant Cashier and Assistant Secretary.
A. Theodore Wolfe, Auditor.
At the annual meeting of the shareholders of the Canadian
Bank of Commerce, held in Montreal on Jan. 10 1919, Sir
Edmund Walker, President, and Sir John Aird, 'General
Manager, reviewed in a very interesting manner the affairs
of the bank and also the great prosperity enjoyed by Canada
during the last year of the war. In his review of Canadian
industrial events Sir Edmund Walker said:
In order to appreciate the scale of industrial events we turn as usual to
the figures of our foreign trade. Disregarding coin and bullion, which
have fallen to inconsiderable figures, the excess of exports, for the fiscal
year ending March 31, amounted to $623,647,000. The excess for the
two previous years, large as it was when compared with the past, was
$563,795,000,or considerably less than for the one year under consideration!'
Our total foreign trade was $2,548,691,000, as against a total of $1,129,616,000 in the year ending March 31 1914, but we had passed the crest
of the wave before the war ended. The year ending in September 1918.
consisting of the halves of two fiscal years, shows a smaller volume of trade
and surplus exports of $504,242,000. Now that the war is over, we shall
study with intense interest the figures of our foreign trade in the immediate future.
The Rhodesian gold output for November 1918 was £145,458 as compared with £275,829 for November 1917 and £136,780 in October 1918
During November last 10,499 ozs. of silver were produced. As in other
parts of the world, output has suffered reduction on account of the prevalence of influenza.
SILVER.
The market has remained quiet and featureless. The Shanghai exchange
is still quoted 5s. 2d. per tael.
A reduction in the size of 50 son, 20 gen and 10 son silver coins has been
announced by a Japanese ordinance, the reason being, not only that the
silver coins in use at present are rather inconvenient to carry, but because
of the practice of melting them into bullion on account of the appreciation
in the market price of silver. The new silver coins will be smaller in size
by about 1-100 of an inch than the preceding coins, and will contain a
smaller quantity of silver. The Government intends to mint Y.20,000,000
in the three denominations during the current fiscal year and gradualy to
withdraw the old coins from circulation.
Indian Currency Returns.
Dec. 7. Dec. 15. Dec. 22.
(In lacs of rupees)14577
14255
14473
Notes in circulation
3347
3543
3599
Reserve in silver coin and bullion
(within and without India).
1968
1968
2044
Gold coin and bullion in India
12
12
12
Gold coin and bullion out of India
The stock in Shanghai on the 21st ult, consisted of about 21,040.000
ounces in sycee and 11,800,000 dollars, as compared with about 21,470,000
ounces in sycee and 11,700,000 dollars on the 14th ult.•
Quotations for bar silver per ounce standard:
cash_48 7-164.
•
cash-48 7-16d. Jan. 2
Dec. 27
48.4375d.
48 7-16d. Average
" 28
5%
48 7-16d. Bank rate
" 30
9d.
standard__77s.
oz.
per
gold
Bar
7-16d.
48
" 31
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is the same as that fixed on the
24th ult.
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:
Jan. 18.
London,
Sat.
Week ending Jan. 24.
d 48 7-10
Silver, per oil
Holiday
Consols,2% per cents
Holiday
British 5 per cents
Holiday
British 4% per cents
French Rentes (In Paris)..fr_
FrenchWarLoan(InParis).tr,
Jan.20.
Mon.
487-10
59%
____
0134
63.15
93
Jan.21.
Tues.
487-16
59%
94%
0934
03.35
93.50
Jan. 22.
Wed.
48 7-10
59%
94%
0934
63.25
93.25
Jan. 23.
Thurs.
487-16
59)i
04%
9934
63.25
93.25
Jan. 24.
Fri.
48 7-16
59%
05
9934
The price of silver in New York on the same days has been:
Silver in N.Y., per oz..ots_101
10134
10134
10134
101yi jill101H
THE CHRONICLE
JAN. 25 1019
e.onrm etctat nvtdratsceliantons4tur9
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
,circulation on the dates given:
351.
INCREASES OF CAPITAL APPROVED.
Amount.
The Denton National Bank, Denton, Md.
Capital increased from
to
The State National Bank of Oklahoma City, Okla.
Capital increased from
to
$75,000 $100,000
$250,000 $500,000
• Total
$25,000
250,000
$275,000
CHARTERS RE-EXTENDED.
The Farmers National Bank of Danville, Ky. Charter re-extended until
-Stock of Money Jan. 1 '19- -Money in Circulationclose of business Jan.
In U. S. afield in Treas. Jan. 11919. Jan. 11918. The Burgettstown National
Bank,Burgettstown, Pa. Charter re-extended
$
until close of business Jan.
Gold coin (including bullion
•
327,238,862
3,080,510,011
in Treasury)
b910,731,705 972,561,266
VOLUNTARY LIQUIDATIONS.
662,715,7841,096,860,844
Gold certificates
Capital.
83,244,382
Standard silver dollars..___ 400,821,930 50,956,501
77,869,353 The Uvalde National Bank, Uvalde, Texas
$125,000
264,817,940 472,191,576
Silver certificates
Expiration of corporate existence at close of business Jan. 17
241,263,989 3,331,153 237,932,836 216,434,729
Subsidiary silver
1,803,107
Treasury notes of 18901,908,063
346,681,016 8,900,115 337,780,901 337,899,788 The First National Bank of Flora, Ind
United States notes
Liquidating committee: J. L. Harter, F. P. Lyons, S. L. Goslee
Federal Reserve notes__e2,859,843,920 34,528,148 2,630,662,112 1,227,243,190
and Edw. Voorhees, Flora, and John Shoff, Bringhurst. Ab2,868,297
125,275,233
Federal Reserve bank notes 128,143,530
12,535,925
sorbed by the Carroll County Loan, Trust & Savings Co. of
723,529,210 27,125,084 696,404,126 704,920,174
National bank notes
Flora.
7,780,793,606 454,948,160 5,951,368,126 5,120,424,908 The Roxbury National Bank of Boston, Mass
Total
Liquidating committee: J. F. Morse, Roxbury; F. L. Daly,
Population of continental United States estimated at 106,733,000. Circulation
Jamaica Plain, and E. M. Hamlin, Medford. Succeeded by
per capita, $55 76.
the Roxbury Trust Co. of Boston.
Total
a This statement of money held in the Treasury as assets of the Government
does not include deposits of public money in Federal Reserve banks and in national
banks and special depositaries to the credit of the Treasurer of the United States,
amounting to $1,046,569,153 96.
Canadian Bank Clearings.-The clearings for the week
b Includes $399,990,627 60 Federal Reserve Gold Settlement Fund deposited
with Treasurer of the United States.
ending Jan. 16 at Canadian cities, in comparison with the
c Includes own Federal Reserve notes held by Federal Reserve banks.
same week in 1918, show an increase in the aggregate of
Note.-On Jan. 1 1919 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $957,226,380 gold coin and bullion, $222,597,280 15.3%.
gold certificates and $194,653,660 Federal Reserve notes, a total of $1,374,447,320,
against $858,730,005 on Jan. 1 1918.
Week ending January 16.
Clearings atInc. or
1918.
1919.
Dec.
1917.
1916.
Auction Sales.-Among other securities, the following
20 1939.
24 1939.
1919.
25,000
200,000
$350,000
not usually dealt in at the Stock Exchange wore recently sold
at anction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, Now York:
Shares. Stocks.
Per cent. Bonds.
Per cent.
12 N. Y. Life Ins. & Trust
$1,000 Pond Creek Coal 1st cony.
800
1 Chat.& Phenix Nat. Bank_ _246 ' 6s, 1923
90
159•Edison Stor. Battery, com.$120 lot
3,000 Peep. Coll. Pledge 800.10e. per sh.
By Messrs. R. L. Day & Co., Boston:
$ per oh.
Shares. Stocks.
2 Webster & Atlas Nat. Bank__ _211
1125
2 Dwight Mfg., $500 each
45 Merrimack Mfg., com____70%-70%
127%
2 Lawrence Mfg
85%
2 Dartmouth MN., pref
25 Bigelow-Hart. Carpet, pref... 95%
15 Pepperell Mfg
200
232 rights Mass. Cotton Mills__954-9%
%
2 Nashua & Lowell RR
1393
2 Tampa Electric
112
15 Heywood Bros. & Wakefield,
common
166%
101
2 Hingham Water
80
7 Waltham Watch, prof
11454
2 Lawrence Gas
706
1 Hartford Fire Insurance
Shares. Stocks.
$ per sh.
12 Boston Wharf
85
18 Greenfield Tap & Die, pref..-- 9754
5 Boston Wharf
89%
30 O'Bannon Corp., corn
96
50 Mother Lode (now stk.),$1 each 2%
200 Smith Motors Corp., corn.,
$10 each
31
6 Boston Woven Hose & Rubber,
common
229%
24 Turners' Falls Power & Elec_ -110%
Bonds.
Per cent.
$4,000 Boston, City of, 4s, 1926,
tax-exempt
9731
$2,000 Boston, City of, 4s, 1925,
tax-exempt
97%
By Messrs. Millet, Roe & Hagen, Boston:
$ per sh.
Shares. Stocks.
130
5 Lawrence Mfg
68
100 Hargraves Mills
68
100 Parker Mills
65
6 U.S. Worsted, 1st prof
31 rights Mass. Cotton Mills__9-954
2113
5 Plymouth Cordage
Shares. Stocks.
$ per sh.
3 Cambridge Gas Light
160
100 Puget Sd. Trac., L.& P., pref.,
unstamped
5354-53%
28 Waltham Watch, prof
80-803(
75 Turners' Falls Power & El_119-120
By Messrs. Barnes & Lofland, Philadelphia:
$ per oh.
Shares. Stocks.
13 American Rys., corn., $50 each 3
28 American Pipe & Construction_ 10%
5 American Academy of Music_ _2003-I
100 Mergenthaler-Horton Basketi
)$1 lot
Machine, $1 each
100 Thunder Mtn.Gold Mg.,51 ea.
500 Tonopah&Cal.GoldMg.,Slea.$1 lot
350 Maple Leaf Mg.& Dev.,$1 ea_j$1 lot
200 Black Diamond A Coal,$1 ea_ j
15 Corn Exch. Nat.Bank_ _345-345%
10 Quaker City Nat. Bank_ _130-131 g
7 First Nat. Bank of Camden___226
96
20 Real Estate Trust, pref
715
7 Philadelphia Trust
160
7 West End Trust
APPLICATIONS FOR CHARTER.
For organization of national banks:
Capital.
The First National Bank of Simla, Colo
The Farmers National Bank of Pretty Prairie, Kan
The Burkburnett National Bank, Burkburnett, Texas
The Collinsville National Bank, Collinsville, Texas
For conversion of State Banks:
The First National Bank of Collinsville, Ala
Conversion of the Farmers & Merchants Bank of Collinsville.
The First National Bank of Clearbrook, Minn.
Conversion of the Farmers State Bank of Clearbrook.
The First National Bank of Bowdon, N. Dak
Conversion of the Farmers & Merchants State Bank of
Bowdon.
Total
.
. .. _
--"*.*-4
CHARTERS ISSUED.
Original organizations:
The Peoples National Bank of Quitman, Ga
The Peoples National Bank of Victoria, Texas
Conversion of State banks:
The First National Bank of Hanska, Minn
Conversion of tho Security State Bank of Hanska.
The National Union Bank of Jackson, Mich
Conversion of the Union Bank of Jackson, with one branch
located within the limits of Jackson.
Total
CHARTERS EXTENDED.
The First National Bank of Addison, N7Y7Thharter extended tuitiE7loso
of business Jan.
First National Bank of Hattiesburg, Miss. Charter extended until close
of business Jan.
$25,000
25,000
50,000
25,000
50,000
25,000
25,000
$225,000
$50,000
50,000
25,000
400,000
$525.000
$
$
$
$
%
100,326,850 80,606,655 +24.5 69,197,988 63,490,830
64,078,478 57,197,375 +12.0 56,064,523 44,525,524
40,653,052 38,516,660 +5.5 32,587,679 32,463,106
10,320,048 8,266,699 +24.9 6,485,867 5,117,577
6,618,408 5,627,552 +17.6 4,655,177 4,365,859
5,387,100 6,420,145 -16.1 4,749,814 3,310,694
3,745,185 2,939,361 +27.4 2,232,958 1,882,717
4,400,000 3,853,340 +14.2 3,681,227 3,494,845
4,711,400 4,669,124
+0.9 4,368,798 3,178,208
1,900,000 1,665,703 +14.0 1,439,952 2,191,548
2,336,341 2,723,871 -14.2 2,551,785 1,974,241
1,798,329 1,471,337 +22.2 1,401,275 1,095,117
4,391,255 3,570,824 +23.0 3,362,983 2,366,768
2,562,611 2,019,807 +26.9 1,865,671 1,534,589
2,552,194 2,293,413 +11.3 2,029,772 1,594,772
1,751,654 1,024,810 +70.9 1,080,713
872,619
648,483 -0.9
642,483
644,217
506,435
659,086
669,181 -1.5
563,692
529,905
650,000
539,100 +20.6
433,098
451,310
807,612
779,226
+3.6
750,734
647,621
496,423
337,262 +47.2
293,782
171,188
384,701
510,312 -24.7
458,604
328,623
575,000
525,795 +9.4
523,993
478,697
665,091
725,739 -8.3
599,329
440,514 +36.8
602,414
497,127
total rInnstria
263015715 228.042.255 -1-15.3 202.520.750 176.572.700
DIVIDENDS.
The following shows all the dividends announced fo: the
future by large or important corporations:
Dividends announced this week are printed in italicsf
Name of Company.
Shares. Stocks.
$ per sh.
3 Franklin Trust
1643
1 Provident Life & Trust
431
11 Fire Assn. of Phil., $50 ea_310-3113(
11 P1311. & Grays F. Pass. RY
673-(
3 Germantown Passenger By
903-(
10 13th & 15th Streets Pass. Ry 20034
21 John B. Stetson, prof
150-1513-i
6 United Gas & Elec.; 1st pref..- 40
30 Zee Zee Tire & Rubber
3
Bonds.
Per cent.
$5,000 Michigan Ry. 1st lien Os,'19 76
$5,000 Atlan. City Gas 1st 5s, 1960_ 46
$600 Nor. Springf. Water 6s, 1928- 6851
$10,000 Warren Woodworking lot
6s, 1024
$9,320 86 lot
National Banks.-The following information regarding
natiGnal banks is from the office of the Comptroller of the
Currency, Treasury Department:
23 1939.
24 1939.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Edmonton
Quebec
Ilamilton
Victoria
Regina
Saskatoon
Halifax
St. John
London
Moose Jaw
Lethbridge
Fort William
Brandon
Brantford
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Railroads (Steam).
Alabama Great Southern ordinary
Preferred
Atch. Topeka & Santa Fe, corn. (quar.)
Preferred (No. 41)
tlialtimore & Ohio, common
Baltimore & Ohio, common
Preferred
Canada Southern
Central RR. of N. J.(guar.)
tChicago St. Paul Minn.& Omaha,corn..
tPreferred
Cuba RR., preferred.
Dayton (Tenn..) Coal, Iron & Ry., pref.
Great Northern (quar.)
Louisville & Nashville
Mahoning Coal RR., common
Michigan Central
Mississippi Central
Nashville Chattanooga & St. Louts
tNew York Central RR. (quar.)
Norfolk & Western, adj. pref. (guar.)._
Norfolk av 1Vestern, common (guar.)
Northern Pulite (quar.)
Pennsylvania (guar.)
Pere Marquette Ry., prior preferred... _
Pitts. Cine. Chicago & St. Louis
Pittsburgh & Lake Erie
Pittsburgh & West Virginia, pref. (qu.)
Reading Company, common (quar.)
Reading Company, first pref. (guar.). _
Sharon Railway
Utica Clinton & Binghamton (guar.)
Street & Electric Railways.
American Railways, pref. (guar.)
Carolina Power & Light, common (qu.).
Cities Service, corn. and pref. (monthly)
Common (payable in common stock).
Cities Service, corn.& pref. (monthly)
Common (payable in common stock).
Commonwealth Pow., Ry. & Lt., pf.(gu.) _
Duquesne Light, pref. (qu.) (No. 16)
Milwaukee Elec. Ry.& Lt.. pref. (qu.).
Monongahela Valley Trac., pref. (gear.).
Montreal Light, Heat & Power, consd.(gu)
Philadelphia Company, common (guar.)
Philadelphia Rapid Transit (No. 5)
Public Service Investment, pref. (guar.)
Railway & Light Securities, corn.& pref_
Union Street Ry., New Bedford (gear.)...
United Power & Transportation
United Trac. & Elec., Providence (gear.).
West Penn Power, pref.(qu.)(No.12)..
WestPenn Rys., pref.(guar.)(No.7)._
West Penn Trac. & Water Pow., pl.(gu.)_
York Railways, preferred (quar.)
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
4
4
154
2%
2
2
2
1%
2
23.1
354
3
5e.
1%
334
$5
2
1
354
154
1
su..4
154
4,750.
13-4
Jan. 31 Holders of rec. Jan. 20a
Feb. 21 Holders of rec. Jan. 21a
Mar. 1 Holders of rec. Jan. 31a
Feb. 1 Holders of roe. Doe. 31a
Feb. 1 Holders of rec. Dee 428a
Mar. 1 Holders of rec. Jan. 28a
Mar. 1 Holders of rec. Jan. 28a
Feb. 1 Holders of roe. Dee. 31a
Feb. 1 Holders of rec. Jan. 30a
Feb. 20 Holders of rec. Feb. la
Feb. 20 Holders of rec. Feb. la
Feb. 1 Holders of roe. Jan. 14a
Feb. 15 Holders of roe. Jan. 20
Feb. 1 Holders of rec. Jan. 3a
Feb. 10 Holders of rec. Jan. 20a
Feb. 1 Holders of rec. Jan. 8a
Jan. 29 Holders of rec. Dec. 31a
Feb. 1 Jan. 23 to Jan. 31
Feb. 1 Holders of rec. Jan. 25a
Feb. 1 Jan. 4 to Jan. 22
Feb. 19 Holders of rec. Jan. 31a
Mar. 19 'Holders of rec. Feb. 28
Feb. 1 Holders of rec. Jan. 3a
Feb. 28 *Holders of rec. Feb. 1
Feb. 1 Holders of rec. Jan. 27a
Jan. 25 Holders of rec. Jan. 150
$2.50 Feb. 1 Holders of rec. Jan. 24a
1% Mar. 1 Holders of rec. Feb. 13a
$1
Feb. 13 Holders of rec. Jan. 250
50c. Mar. 13 Holders of rec. Feb. 250
254 Mar. 1
1% Feb. 10 Feb. 2 to Feb. 10
'1)1 Feb. 15 *Holders of rec. Feb. 1
34 Feb. 1 Holders of rec. Jan. 15
34 Mar. 1 Holders of rec. Feb. 15
11
Mar. 1 Holders of rec. Feb. 15
3-4 Feb. 1 Holders of roe. Jan. 15a
Feb. 1 Holders of rec. Jan. 15.
11
p1M Feb. 1 Holders of rec. Jan. 22a
134 Feb. 1 Holders of rec. Jan. 1
134 Jan. 31 Holders of rec. Jan. 20a
37;ic. Feb. 20 Holders of rec. Feb. la
1
Feb. 15 Holders of roe. Jan. 31
750. Jan. 31 Holders of roe. Jan. 15a
$1.25 Jan. 31 Holders of rec. Jan. 21a
154 Feb. 1 Holders of roe. Jan. 18a
3
Feb. 1 Holders of rec. Jan. 15a
2
Feb. 1 Holders of rect. Jan. 16a
•500. Jan. 31 *Holders of ree. Jan. 14
1% Feb. 1 Holders of rec. Jan. 23a
1% Feb. 1 Holders of rec. Jan. 21
154 Mar. 15 Holders of rec. Mar. 1
154 Feb. 15 Holders of roe. Jan. 20
62%c. Jan. 30 Holders of roe. Jan. 20a
352
[vol.. los.
THE CHRONICLE
4"
Name of Company.
Banks.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Illinois Northern Utilities, pref. (qu.).. 114 Feb. 1 Jan. 21 to Jan. 31
Ilium. & Power Securities, pref. (quar.) 134 Feb. 15 Holders of rec. Jan. 31
Indiana Pipe Line (quar.)
$2
Feb. 15 Holders of rec. Jan. 25
Extra
$1.50 Feb. 15 Holders of reo. Jan. 25
Inspiration Consol. Copper Co.(quar.)- $2
Jan. 27 Holders of rec. Jan. 10a
International Mercantile Marine, prof __
3
Feb. 1 Holders of rec. Jan. 15a
International Nickel, pref. (quar.)
lA Feb. 1 Holders of reo. Jan. 1130
KaminLstiquia Power, Ltd.(quar.)
2
Feb. 15 Holders of reo. Jan. 31
Kayser (Julius) & Co.
First and second preferred (guar.).- 154 Feb. 1 Holders of rec. Jan. 20a
Kellogg Switchboard & Supply (guar.)._ 2
Jan. 31 Holders of rec. Jan. 25
Kelly-Springfield Tire, common (quar.) $1
Feb. 1 Holders of reo. Jan. 180
Kelsey Wheel, Inc., pref. (qu.)(No. 10). 134 Feb. 1 Holders of rec. Jan. 21a
Kerr Lake Mines, Ltd. (guar.)
25e. Mar,15 Holders of roo. Mar. la
Keystone Watch Case (guar.)
4.114 Feb. 1 *Holders of rec. Jan. 23
Kress (S. H.) 46 Co.. common (quar.).... 1
Feb. 1 Holders of reo. Jan. 20a
Lehigh Coal & Navigation (guar.)
41
Feb. 28 *Holders of rec. Jan. 31
Lit Brothers Corporation
50c. Feb. 20 Jan. 28 to Feb. 17
Extra
25c. Feb. 20 Jan. 28 to Feb. 17
Loft, Incorporated (guar.)
134 Feb. 1 Jan. 19 to Feb. 1
Marconi Wireless Telegraph of America_ *25c July I *Holders of rec. June 1
Maryland Coal (payable in L. L. bonds)__ 430e. Feb. 15 Feb. 6 to Feb. 15
Mason Tire & Rubber, coin. (No. 1)__ 02
Feb. 20 Holders of reo. Jan. 31
Massachusetts Gas Cos.. common (qu.) 134 Feb. 1 Holders of rec. Jan. 15
Miami Copper (quar.)(No.26)
$1
Feb. 15 Holders of ree. Feb. la
Middle States Oil Corp.(mthly.)(No.16) le
Feb. 1 Holders of rec. Jan. 24
Extra (payable in stock)
e8c
Feb. 1 Holders of rec. Jan. 24
Midvale Steel & Ordnance (qu.)(No. 9) $1.50 Feb. 1 Holders of rec. Jan. 15
Midwest Refining (quar.)(No. 17)
$1
Feb. 1 Holders of rec. Jan. 15a
Mohawk Mining (quar.)
$2
Feb. 1 Holders of reo. Jan. 18a
2
Montreal Light, Heat de Power (gear.)
Feb. 15 Holders of rec. Jan. 31
Morris Plan Co
3
Feb. 1 Holders of rec Dee. 20a
134 Feb. 1 Jan. 26 to Jan. 31
Municipal Service, preferred (guar.)._ _ _
Nash Motors, common
$10 Feb. 1 Holders of reo. Jan. 20
Preferred (quar.)
154 Feb. 1 Holders of rec. Jan. 20
National Acme Co. (guar.)
75c. Mar. 1 Holders of rec. Fob. 15a
National Biscuit, common (quar.)
154 April 15 Holders of rec. Mar. 31
134 Feb. 28 Holders of rec. Feb. 15a
Preferred (quar.)
National Carbon, common (quar.)
$1
Feb. 1 Holders of rec. Jan. 21a
2
Preferred (quar.)
Feb. 1 Holders of rec. Jan. 21a
134 mar. 15 Holders of rec. Feb. 21a
National Lead, preferred (quar.)
4
New Jersey Zinc (quar.)
Feb. 10 Holders of reo. Jan. 31a
New York Dock, common (No. 1)
234 Feb. 15 Holders of rec. Feb. 4a
134 Feb. 15 Holders of rec. Jan. 31
Ontario Steel Products, preferred (guar.)._
Extra (account accumulated dividends). 534 Feb. 15 Holders of rec. Jan. 31
1
Pacific Coast Co.,common (quar.)
Feb. 1 Holders of rec. Jan. 25a
First preferred (quar.)
lei Feb. 1 Holders of reo. Jan. 25a
1
Second preferred (quar.)
Feb. 1 Holders of rec. Jan. 25a
8734c. Feb. 15 Holders of rec. Jan. 15a
Pacific Development Corp. (mar.)
Pacific Pow,& Light, pt. (qu.)(No. 34) 154 Feb. 1 Holders of rec. Jan. 22a
Packard Motor Car, common (quar.),- 2
Jan. 31 Holders of rec. Jan. 15a
Fenmans, Limited,common (quar.)_
IA Feb. 15 Holders of rec. Feb. 5
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 21
Penn Traffic
7340. Feb. 1 Holders of rec. Jan. 15a
2A c. Feb. 1 Holders of reo. Jan. 15a
Extra
Pennsylvania Coal ce Coke (guar.)
$1
Feb. 10 Feb. 7 to Feb. 10
Pierce-Arrow Motor Car,corn. (quar.).._ $1.25 Feb. 1 Holders of reo. Jan. 154
134 Jan. 25 Holders of rec. Jan. 10a
Pittsburgh Coal of Penna., corn.(qu.)_ _
134 Jan. 25 Holders of roe. Jan. 10a
Preferred (quar.)
Pittsburgh Coal of N.J., Pref.(qinn)-- I% Jan. 25 Holders of rec. Jan. 10a
Pittsburgh Oil & Gas (quar.)
234 Feb. 15 Holders of reo. Jan. 310
154 Mar. 1 Holders of roc. Feb. 15a
Pittsburgh Steel, preferred (quar.)
Pittsford Power, preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 23a
Plant (Thos.0.) Co., pref.(qu.)(No.70)_
I% Jan. 31 Holders of rec. Jan. 17
Portland Gas&Coke,pref.(qu.)(No.36) 134 Feb. 1 Holders of rec. Jan. 22
Prairie Oil & Gas (quar.)
Jan. 31 Holders of reo. Dee. 31a
3
Extra
Jan. 31 Holders of reo. Doe. 31a
5
Prairie Pipe Line (quar.)
3
Jan. 31 Holders of rec. Dec. 31a
Pressed Steel Car, corn. (guar.(No. 34)
2
Mar. 4 Holders of rec. Feb. 11
134 Feb. 25 Holders of reo. Feb. 4
Preferred (var.)(No. 80)
Procter & Gamble, common (guar.)
5
Feb. 15 Holders of rec. Jan. 25a
Public Service Co.of No.Ill., corn.(qu.) *134 Feb. 1 *Holders of roe. Jan. 15
*IA Feb. 1 *Holders of rec. Jan. 15
Preferred (guar.)
2
Pullman Co. (guar.) (No. 208)
Feb. 15 Holders of rec. Jan. 31
Pyrene Mfg.,common (quar.)(No.25)._ _ 25o. Feb. 1 Jan. 22 to Jan. 31
Quaker Oats, preferred (quar.)
154 Feb. 28 Holders of rec. Feb. la
Republic Iron & Steel, com.(qu.)(No.9) 134 Feb. 1 Holders of rec. Jan. 15a
Royal Dutch Co
2.1154 Feb. 5 Holders of rec. Jan. 28e
Russell Motor Car, preferred (quar.)_ _ _
134 Feb. 1 Holders of rec. Jan. 17
St.Lawrence Flour M Ills,Ltd.,coin.(qu.) 134 Feb. 1 Holders of reo. Jan. 18
Common (bonus)
1
Feb. 1 Holders of rec. Jan. 18
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 18
Santa Cecilia Sugar Corp., pref.(No.3). 334 Feb. 1 Holders of reo. Jan. 250
Sapulpa Relining (quar.)
1236o. Feb. 1 Jan. 21 to Fob. 1
2
Sears, Roebuck & Co.. common (quar.)_
Feb. 15 Holders of rec. Jan. 31a
Sloss-Sheffield Steel & Iron, coin.(par.)_
134 Feb. 10 Holders of rec. Feb. la
Standard Milling,common (gear.)(No.9) 2
Feb. 28 Holders of rec. Feb. 18
13.4 Fob. 28 Holders of rec. Feb. 18
Preferred (guar.) (No. 37)
Feb. 28 *Holders of rec. Feb. 3
Standard Oil (Indiana) (guar.)
*3
Extra
Feb. 28 *Holders of rec. Feb. 3
*3
Standard Oil (Kansas) (guar.)
Feb. 28 *Holders of rec. Feb. 14
*3
Earn
Feb. 28 *Holders of rec. Feb. 14
*3
Steel Co.of Canada. com.(qu.)(No.8). 134 Feb. 1 Holders of reo. Jan. 10
Preferred (quar.) (No. 30)
154 Feb. 1 Holders of reo. Jan. 10
2
Stewart Warner Speedometer (guar.)
Feb. 15 Jan. 30 to Feb. 19
134 Feb.
Superior Steel, common
Holders of rec. Jan. 15a
2
First and second preferred (quar.)_
Feb. 11 Holders of roe. Feb. la
Swift International (Compania Swift
$1.20 Feb. 20 Holders of rec. Jan. 11
Internacional) (No. 1)
Taylor-Wharton Iron & Steel, pref. (qu.). 134 Feb. 1 Jan. 25 to Jan. 31
Texas Power 46 Light, p.(qu.)(No. 27). 134 Feb. 1 Holders of rec. Jan. 20
Tobacco Products Corp., corn. (quar.). O154 Feb. 15 Holders of reo. Feb. 3a
m2
Feb. 15 Holders of rec. Fob. 5
Union Bag & Paper Corp. (extra)
United Cigar Stores of Amer..corn.(qu.) 234 Feb. 15 Holders of reo. Jan. 290
134 Jan. 25 Jan. 16 to Jan. 25
United Coal Corp., pref. (quar.)
United Drug, 1st pref. (quar.) (No. 12) 8736 Feb. 1 Holders of rec. Jan. 15a
U. S. Cast Iron Pipe & Fdy., pref.(guar.) ul% Mar. 15 Holders orrec. Mar. 1
1
Jan. 25 Jan. 19
to Jan. 26
U. S. Glass (quar.)
2
Jan. 28 Holders of rec. Jan. 15a
U.S. Rubber, let pref. (quar.)
United Verde Extension Mining (quar.)_ 500. Fob. 1 Holders of reo. Jan. 3a
25e. Feb. 1 Holders of rec. Jan. .30
Extra
Feb. 1 Holders of rec. Jan. 15a
Va.-Carolina Chem.,corn.(qu.)(No.46) 1
$1.75 Jan. 31 Holders of rec. Dec. 31a
Westinghouse Air Brake (quar.)
Westinghouse Elec.& Mfg.. corn.(qu.) 87340. Jan. 31 Holders of reo. Dbo. 31a
1
Feb. 1 Jan. 22 to Feb. 1
Wheeling Mould & Foundry,common_ _
3
Feb. 1 Jan. 22 to Feb. 1
Common (extra)
25c. Feb. 1 Holders of rec. Jan. 20a
Willys-Overland, common (quar.)
Mar. 1 Holders of reo. Feb. 10a
Woolworth (F. W.) Co., common (qu.) 2
Bowery (quar.)
3
Feb. 1 Jan. 29 to Jan. 31
Extra
3
Feb. 1 Jan. 29 to Jan. 31
Continental
314 Feb. 1 Holders of rec. Jan. 27a
4
Corn Exchange (guar.)
Feb. 1 Holders of rec. Jan. 31a
Lincoln National (guar.)
234 Feb. 1 Holders of rec. Jan. 29a
Pacific (quar.)
$1
Feb. 1 Jan. 19 to Jan. 31
Extra
Feb. 1 Jan. 19 to Jan. 31
$1
Twenty-third Ward
Feb. 1 Jan 29 to Jan. 31
3
Trust Companies
Farmers' Loan de Trust (guar.)
5
Feb. 1 Holders of rec. Jan. 20a
Hamilton, Brooklyn (quar.)
3
Feb. 1 Holders of rec. Jan. 24a
Kings County (Brooklyn) (guar.)
7
Feb. 1 Jan. 26 to Jan. 31
Lincoln (quar.)
1
Feb. 1 Holders of rec. Jan. 25.
Fire Insurance.
Commercial Union Fire of N. Y
5
Pacific Fire
$1.25 Jan. 22 Holders of rec. Jan. 21
Miscellaneous.
Alaska Pack. Assn.(extra in L. L. bonds)_ *125
Feb. 10
*75c. Feb. 15 *Holders of rec. Feb. la
American Bank Note. corn. (guar.)
Jan. 31 Holders of rec. Jan. ha
American Beet Sugar. common (quer.). 2
Preferred (quar.) (No. 79)
p134 April 1 Holders of reo. Mar. 15a
American Brass (guar.)
'134 Feb. 15 *Holders of rec. Jan. 31
*134 Fob. 15 *Holders of rec. Jan. 31
Extra
American Chicle, common
1
Feb. 1 Holders of reo. Jan. 18
2
Feb. 1 Holders of reo. Jan. 15a
American Cigar. common (quar.)
American Fork & Hoe,common (quar.)_
134 Mar. 15 Holders of rec. Mar. 5a
Preferred
334 April 15 Holders of reo. April 5
Amer. Gas & Elec., pref.(qu.)(No.48). 134 Feb. 1 Holders of rec. Jan. 18
American Glue, preferred
4
Feb. 1 Jan. 21 to Feb 3
American Hide & Leather, pref.(guar.)- *134 April 1 *Holders of rec. Mar. 15
American Ice, preferred (quar.)
154 Jan. 25 Holders of rec. Jan. 15a
Am.La France Fire Eng.,Ino.,com.(qu.) 134 Feb. 15 Holders of rec. Feb. 8
234 Feb. 1 Jan. 16 to Jan. 26
American Light & Trac., corn.(quar.)- _
Common (payable in common stock)_ 1234 Feb. 1 Jan. 16 to Jan. 26
Preferred (quar.)
134 Feb. 1 Jan. 16 to Jan. 28
American Rolling MillFeb. 1 Holders of res. Dec. 310
Common (payable in common stock)_ 5
American Shipbuilding, common (quar.) lee Feb. 1 Holders of rec. Jan. 15a
Common (extra)
254 Feb. 1 Holders of roe. Jan. 15a
Amer.Sugar Refining,corn.& pref.(qu.) I% April 2 Holders of rec. Mar. la
el April 2 Holders of reo. Mar. la
Common (extra)
Amer. Sumatra Tobacco, common (qu.) 234 Feb. 1 Holders of rec. Jan. 24a
Preferred (No. 18)
354 Mar. 1 Holders of rec. Feb 14a
Amer. Water Works dr Elec., pref.(qu.) 134 Feb. 15 Holders of rec. Feb. 1
American WoolenFeb. 1 Dec. 17 to Doe. 29
Common (payable in Liberty Ln.bds.) 45
Amer. Zinc, Lead & Smelter, pref. (qu.) $1.50 Feb. 1 Holders of rec. Jan. 24a
$1.50 Feb. 24 Holders of rec. Jan. 180
Anaconda Copper Mining (quar)
Feb. 1 Holders of reo. Doe. 30a
At'anti., Gulf & W.1. SS. L., common-. $5
13.4 Feb. 1 Jan. 21 to Jan. 31
Atlas Powder, pref. (quar.)
Barnhart Bros. & Spindler134 Feb. 1 Holders of reo. Jan. 27a
First and second preferred (quar.)
lei April 1 Holders of roe. Mar. 12
Bethlehem Steel, common (guar.)
Common (extra)
134 April 1 Holders of rec. Mar. 12
Common B (guar.)
154 April 1 Holders of reo. Mar. 12
134 April 1 Holders of rec. Mar. 12
Common B (extra)
April 1 Holders of rec. Mar. 12
Cumulative convertible preferred (guar.) 02
0134 April 1 Holders of rec. Mar. 12
Non-cumulative preferred (guar.)
4
Feb. 15 Holders of reo. Feb. in
Borden's Cond. Milk,corn.(No.47)--13.4 Mar. 15 Holders of rec. Mar. la
Preferred (quar.) (No. 69)
154 June 14 Holders of roe. May 31a
Preferred (quar.) (No. 70)
1
Feb. 1 Jan. 25 to Jan 31
Brill (J. G.) Co., pref. (guar.)
Feb. 1 Jan. 25 to Jan. 31
Preferred (on account of accum. dies.)_ _ h3
Jan. 31
See note
British-Amer. Tobacco, Ltd., ordinary_ 6
6
Jan. 31
See note
Ordinary (interim)
Brompton Pulp & Paper (quar.)
134 Feb. 7 Holders of ree. Jan. 31
Brown Shoe, Inc., preferred (quar.)_ --134 Feb. 1 Holders of rec. Jan. 20a
Mar. 15 Holders of rec. Feb. 21
$2
Buckeye Pipe Line (guar.)
Burns Bros., common (quar.) (No. 22). 234 Feb. 15 Holders of rec. Feb. la
Common (payable in common stock)_ f234 Feb. 15 Holders of rec. Feb. la
Preferred (quar.) (No. 24)
134 Feb. 1 Holders of rec. Jan. 20a
Boiler Bros.(guar.)
234 Feb. 1 Jan. 12 to Jan. 31
Feb. 1 Jan. 12 to Jan 31
4
Extra
Canada Cement, Ltd., preferred (quay.)__
134 Feb. 16 Holders of rec. Jan. 31
114 Feb. 15 Holders of rec. Jan. 31
Canadian Converters, Ltd. (quar.)___ Canadian Explosives, Ltd., coin. (quar.). 134 Jan. 31 Holders of rec. Dec. 31a
11
Jan. 31 Holders of rec. Dec. 31a
Common (extra)
134 Jan. 15 Holders of reo. Dec. 31a
Preferred (guar.)
n4
Mar.31 Holders of reo. Sept.26
Carbon Steel, let preferred
6
July 30 Holders of rec. July 28
Second preferred (annual)
Jan. 28 *Holders of rec. Jan. 13
Case(J.I.) Threshing Machine,common *71
h Feb. 15 Holders of rec. Jan. 31
Cedar Rapids Mfg. & Power (guar.)
Central Leather, common (quar.)
134 Feb. 1 Holders of rec. Jan. 10a
134 Jan, 25 Holders of rec. Jan. 150
Chicago Pneumatic Tool (guar.)
Feb. 1 Holders of rec. Jan. 230
Chicago Wilmington dr Frank. Coal,com. 5
134 Feb. 1 Holders of rec. Jan. 23a
Preferred (quar.)
75c Feb. 15 Holders of rec. Feb. in
Cleveland Automatic Mach.,cam.(quar.)_
Cluett, Peabody & Co., Inc., corn. (qu.) 134 Feb. 1 Holders of reo. Jan. 21a
% Feb. 20 Holders of rec. Jan. 31a
Colorado Fuel & Iron, common (quar.)2
Feb. 20 Holders of rec. Jan. 310
Preferred (quar.)
1
Feb. 15 Holders of rec. Jan. 31
Columbia Gas & Electric (guar.)
2
Feb. 1 Holders of reo. Jan. 150
Commonwealth-Edison (quay.)
134 Jan. 31 Holders of rec. Jan. 29a
Consolidation Coal (quar.)
334 Feb. 20 Holders of rec. Feb. 10a
Consumers Company, preferred
15e. Feb. 15 Feb. 9 to Feb. 16
Continental Motors Corp., common (gear.)
_ 12340. Feb. 1 Jan. 11 to Feb. 2
Cosden & Co.,coin.(quar.)(No.
Feb. 1 Jan. 16 to Feb. 2
Cramp (Wm.) & Sons S. & E. Bldg_ 3
336 Feb. 1 Holders of rec. Dec. 310
Cuba Co., preferred
134 Feb. 1 Jan. 28 to Jan. 31
Diamond Ice & Coal, preferred (guar.)
Dodge Street Pulley Corp., pref.(quar.) 134 Feb. 1 Jan. 23 to Jan. 31
2
Feb. 15 Holders of rec. Jan. 31
Dominion Bridge, Ltd. (quar.)
134 Feb. 1 Holders of reo. Jan. 11
Dominion Coal, pref.(quar.)(No.53)
Dominion Steel Corp., Ltd., pref. (qu.) 134 Feb. 1 Jan .16 to Feb. 1
duPont(E.I.)deNemourvPowd.,com.(qu.) 134 Feb. 1 Holders of rec. Jan. 20a
du Pont de Nemours Powder, pref.(qu.) 134 Feb. 1 Holders of rec. Jan. 20a
duPont(E.I.)de Nem.d6Co.deb.stk (eu.) 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 reo. Feb. la
Elseniohr(Otto)& Bros.,Inc.,corn.(qu.) 1
Electrical Sectirities Corp.. pref. (quar.) 134 Feb. 1 Holders of roe. Jan. 24a
134 Feb. 1 Holders of reo. Jan. 20
Electric Bond & Share, pref.(quar.)-_
2
Feb. 1 Holders of rec. Jan. 24a
Elgin National Watch (quar.)
12 A c. Feb. 1 Holders of rec. Jan. 15
Elk Basin Petroleum (quay.)
let Feb. 1 Holders of rec. Jan. 18a
Emerson-Brantingham, pref. (quar.)_
134 Feb. 1 Holders of rec. Feb. la
Emerson Shoe, preferred (guar.)
4.334 Jan. 25 *Holders of rec. Jan. 20
Erie Lighting
5
Feb. 1 Holders of rec. Jan. 15a
Eureka Pipe Line (quar.)
236 Feb. 1 Holders of roe. Jan. 20
Fajardo Sugar (quar.)
Feb. 1 Holders of rec. Jan. 20a
2
Fairbanks Co., 1st pref. (quar.),.
Federal Sugar Refining, Prof• ((Mar.)-- 13.4 Feb. 1 Holders of reo. Jan. 21a
15e.
Feb.
25 Holders of rec. Feb. 5
Copper
From unofficial sources. t Declared subject to the approval of Director-General
National
First
134 Feb. 1 Holders of rec. Jan. 21a of Railroads. t The New York Stock Exchange has ruled that stock will not be
Fisher Body Corporation, pref. (quar.)_
quoted ex-dividend on this date and not until further notice.
Fort Worth Power 46 Light, pref.(quar.) 134 Feb. 1 Holders of rec. Jan. 20
Feb. 15 *Holders of reo. Feb. 1
a Transfer books not closed for this dividend. 6 Less British Income tax. <CorGaston Williams & IVigmore,Inc.(quar.) 41
234 Feb. 1 Holders of reo. Dec. 31a rection. e Payable in stock. f Payable in common stock. g Payable in scrip.
General Chemical. common (extra)
Feb. 1 Holders of reo. Jan. 24a h On account of accumulated dividends. f Payable in Liberty Loan bonds. 1 Red
1
General Cigar, Inc., common (quar.)_ _ _
134 Mar. 1 Holders of rec. Feb. 24
Cross dividend. m Payable in U. S. Liberty Loan 434% bonds.
General Cigar, preferred (guar.)
Feb. 1 Holders of rec. Jan. 15a
n Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919
General Motors Corp., common (quar.) 3
134 Feb. 1 Holders of rec. Jan. 15a to holders of record Sept. 26.
Preferred (quar.)
13.4 Feb. 1 Holders of rec. Jan. 15
o Declare 6% on common, payable 2% as above and 2% each on May 204nd
Debenture stock (quar.)
Jan. 31 Holders of rec. Jan. 150 Aug. 20 1919, all to holders of record Jan. 311919.
General Petroleum Corp., corn.(mthly.) 1
Mar. 1 Holders of rec. Jan. 30
$2
p Declared 8% payable 2% each April 30, July 31 and Oct. 31 1919 andMan. 31
Gillette Safety Razor (quar.)
Feb. 15 Holders of rec. Feb. 5a 1920, to holders of record on April 12, July 12 and Oct. 12 1919 and Jan. 10 1920,
Goodrich (B. F.) Co.. common (quar.). 1
sve
Feb. 1 Holders of rec. Jan. 15a respectively.
Goodyear Tire & Rubber,2(1 pref.(qu.). 2
r On account of accumulated dividends since 1914. and amounting to $1,600,000.
Granby Cons. M.,S.& Power, Ltd.(qu.) 23.4 Feb. 1 Holders of reo. Jan. 17a
134 Feb. 1 Holders of rec. Jan. 250 Payable $300,000 in cash, $300,000 in 434% Liberty bonds and $1,000,000 in 1st
Great Northern Paper
$1.50 Feb. 24 Holders of rec. Feb. 7a • pref. stock, Series S.
Greene Cananea Copper (guar.)
Jan. 25 Holders of rec. Jan. 150
Transfers received in order in London up to Jan. 15 will be in time to be passed
Harbison-Walker Refract., corn. (extra) 6
134 Feb. 15 Feb. 6 to Feb. 15
for payment of dividends to transferees.
Hercules Powder, pref. (quar.)
(quar.)_
_
_
134 Feb. 1 Holders of reo. Jan. 15
u Declared 5%, payable in quarterly installments.
Holly Sugar Corp., preferred
O Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable in quarterly
Homestake Mining (monthly) (No. 533) 50o. Jan. 25 Holders of rec. Jan. 200
Feb. 1 Jan. 18 to Feb. 1
3
Installments of 2% and 134 %,respectively, on Apr. 1,July 1,Oct. 1 1919:and Jan,2
Houston Oil, preferred
134 Feb. 1 Holders of rec. Jan. 20a 1920 to holders of record on Mar. 12, June 16, Sept. 15 and Dec. 16, respectively.
Idaho Power, pref. (quay.)(Na.9)
THE CHRONICLE
JAN. 25 1919.]
353
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 OP BUSINESS JANUARY 10 1919.
Some decreases in the holdings of U. S. war bonds, also in loans secured by U. S. war obligations, are indicated in the Board's weekly statement
showing condition on Jan. 10 of 764 member banks in leading cities.
Treasury certificate holdings show an increase for the week of 32.1 millions, of which 20.1 millions represents the increase at the banks in the
12 Federal Reserve cities. Total U. S. bonds other than circulation bonds on hand declined 23.7 millions, smaller figures being shown for all groups
of banks. Aggregate loans secured by U. S. war obligations fell off 52.1 millions, largely at the banks in the Federal Reserve cities.
U. S. war obligations and loans secured by such obligations aggregate 3,261.5 millions, and constitute 23.9% of the total loans and investments
of all reporting banks, as against 24.2% the week before. For the banks in the Federal Reserve bank cities a decline in this ratio from 25.7 to
25.4% is noted.
Government deposits show an increase of about 67 millions for all reporting banks and of 35.3 millions for the banks in the 12 Federal Reserve
bank cities. Other net demand deposits fell off 101.8 millions, the New York City banks alone reporting a decline of 81.9 millions under this head.
Time deposits went up 10.5 millions. Reserve balances with the Federal Reserve banks increased 1.1 millions, while cash in vault shows a decrease
of 14.6 millions.
For the banks in the 12 Federal Reserve bank cities the ratio of net deposits to investments shows a rise from 84.3 to 84.6%. For the New York
City banks, because of the relatively larger decrease in net deposits, a decline of this ratio from 89.5 to 88.7% is noted. The ratio of combined
reserve balances and cash to net deposits of the banks in the 12 Federal Reserve cities shows a slight decline from 15.9 to 15.8%. For the New York
City banks this ratio shows an increase from 16.4 to 16.5%.
"Excess reserves" of the banks in the 12 Federal Reserve cities work out at 80.8 millions, as against 75.4 millions the week before. For the New
Ybrk City banks an increase of this item from 65.4 to 66.6 millions is noted.
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
New York, Philadel. Cleveland. Richm'd. Atlanta.
Boston.
Member Banks.
45
Number of reporting banks__
$
106
56
90
$
U.S.bonda to secure circillat'n 14,352,0
81
Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
45
$
$
$
$
46,551,0 11,497,0 41,002,0 25,000,0 15,165,0
101
$
31
35
Total.
54
784
6,419,0 13,660,0 18,023,0 34,505,0
263,184,0
$
$
19,855,0 17,155,0
75
45
$
$
s
$
Other U. S. bonds, including
22,377,0 318,037,0 40,660,0 87,243,0 52,933,0 41,610,0 100,812,0 37,073,0 12,448,0 28,261,0 20,150,0 35,136,0
Liberty bonds
796,740.
U. B. certifs. of indebtedness_ 87,073,0 637,921,0 76,569,0 83,205,0 43,178,0 44,621,0 145,823,0 33,283,0 23,712,0 31,764,0 14,553,0 78,019,0 1,299,721,0
123,802,0 1,002,509,0 128,726,0 211,450,0 121,111,0 101,396,0 266,490,0 87,511,0 42,579,0 73,685,0 52,726,0 147,660,0 2,359,645,0
Total U.S.securities
640,981,0
142,624,0
93,340,0
93,943,0 37,009,0 18,642.0
Loans see. by U.S. bondsoke.
67,986,0 23,242.0 10,120,0 11,307,0 7,171,0 18,690,0 1,165,055,0
All other loans dr investments 747,718,0 3,987,569,0 607,509,0 967,277,0 384,763,0 309,277,0 1,381,321,0 356,055,0 225,519,0 444,483,0 175,834,0 525,027,0 10,112,352,0
Reserve bal. with F.R.bank- 73,264,0 659,120,0 66,481,0 94,926,0 35,673,0 29,672,0 165,255,0 36,618,0 22,787,0 39,801,0 18,157,0 52,667,0 1,294,421,0
24,986,0 137,795,0 22,190,0 39,693,0 22,478,0 17,205,0
Cash in vault
69,218,0 14,557,0 10,482,0 18,057,0 10,768,0 23,809,0
412,238,0
738,312,0 4,613,215,0 647,929,0 793,218,0 328,958,0 242,583,0 1,191,507,0 273,999,0 211,431,0 388,920,0 151,219,0 421,754,0 10,003,045,0
Net demand deposits
104,100,0 251,040,0 18,779,0 269,828,0 61,962,0 97,882,0 398,834,0 80,739,0 54,829,0 64,555,0 26,092,0 131,429,0 1,560,069,0
Time deposits
(2n yarn rn nn t dAnnid tli
41.292.0 276.968.0 31.508.0 33.R41.0 11 907 n 0 An/ A
K K on c n
1
,
017 A
42 KRA n
0 ,70 A
o ann n
A110 C0.7 n
,
•
0
2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
New York.
Jan. 10.
No.reporting banks
U. S. bonds to secure cir-
65
$
36,333,0
Chicago.
Jan. 3.
Jan. 10.
65
$
36,333,0
s
44
AU F. R. Bznk Cities.
Jan. 3.
$
Jan. 10.
44
s
Jan. 3.
253
$
253
F. R. Branch Cities.
Jan. 10.
$
Jan. 3.
154
AU Other Report'g Banks
Jan. 10.
Jan. 3.
357
154
3
$
Total.
Jan. 10.
Jan. 3.
762
764
355
$
$
•
$
1,119,0
1,119,0 100,022,0
culation
99,286,0
54,674,0
4,674,0 108,488,0 108,268.0
263,184,0
262,228,0
Other U. S. bonds, includ45,297,0
47,253,0 449,893,0 459550)137,649,0
272,986,0 275,784,0
ing Liberty bonds
, ,
141,817,0 209,198,0 219,023,0 7967400
, , 1,267,583,
820 390 0
72,663,0
600,424,0 595,195,0
71,977,0 912,934,0 892 774 0 187,706,0 179 782 0 199 081 0 195 027 0 1,299 721 0
U. S. ctfs. of indebtedn
0
909,743,0 907,312,0 119,079,0 120,349,01,462,849,0 1,451,61O,0 380,029,0 376,273,01 516,767,0 522,318,0 2,359,645,0 2,350,201.0
Total U.S.securities
45,611,0
61,160,0 937,886,0 988.615.Oj 105,519,0 106,655,0 121,650,0 121,924,0 1,165,055,0 1,217,194,0
Loans see. by U.S. bds.,&e. 597,147,0 617,825,0
All other loans&investm'ts 3,606,625,0 3,627,695,0 841,594,0 846,008,00,665,474,06,688,180,011,522,588,0 1,495,325,0 1,924,290,0 1,892,801,0 10,112,352,0 10,074,306.0
Res. balances with F.R.Bk 625,882,0 635,264,0 112,584,0 • 108,825,0 971,478,0, 974,839,0 152,919.0 145,316,0 170,024,0 173,161,0 1,294,421,0 1,293,318.0
42,301,0
120,257,0 120,625,0
44,555,0 236,771,0' 244,881,0 - 67,707,0
Cash In vault
72,516,0 106,760,0 109,450,0
426,847,0
412,238,0
4,25(1,677,04,338,604,1 808,403,0 794,398,0 7,138,281.07,198,469,01,235,404,0 1,241,512,0 1.629,360,01,666.844,0 10,003.045,010,104,825.0
Net demand deposits
196,329,0 195,422,1 151,894,0 149,859,0 631,724,0
Time deposits
370,011,01 637,855,0 442,941,0 439,767,0 485,404,0 471,961,0 1,560,069,0 1,549,583,0
232,283,0 228,604,0
Government deposits
39,508,0
13,962,0
334,652,0
41,036,0
39,860,0
87,590,0
498,637,0
57,092,0
431,604.0
Ratio of U.S. war securities
and war paper to total
28.8
28.9
loans and investments
25.41
16.3
17.5
21.51
21.7
25.7
21.1
20.7
24.2
23.9
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on Jan. 18:
Continued return movement to the Reserve banks of outstanding Federal Reserve notes, together with liquidation of earning assets, is indicated
in the Federal Reserve Board's weekly bank statement, issued as at close of business on Jan. 17 1919. A further gain of 8.5 millions is indicated
in the Banks' aggregate gold reserves.
holdings of war paper decreased 138.1 millions following the redemption on Jan. 16 of the balance of the Sept. 17 issue
INVESTMETS.-Total
N
of Treasury certificates, while other discounts on hand show a decline of 18.8 millions. Acceptances on hand purchased in open market fell off 4.3
millions, Chicago and San Francisco reporting considerable liquidation of is class of paper. An increase of 95.4 millions in U. S. short-term securities represents largely temporary Treasury certificates taken by the New York Reserve Bank to cover advances to the Government pending the
collection of funds from depositary institutions. Total earning assets, 2,174.5 millions, show a decrease for the week of 66.1 millions.
DEPOSITS.-Government deposits.increased 12.1 millions, while member bank deposits show a gain of 54.5 millions. Net deposits, because Of
the larger float reported this week, show an increase of but 16.5 millions.
RESERVES.-Exchange of reserve notes for gold accounts for the increase of 8.5 millions in the gold reserves noted. Shifting of reserves away
from Boston, New York and Richmond to Chicago and other Western banks is noted. The banks' reserve percentage, because of the gain in reserves and the considerable reduction in Federal Reserve note circulation, shows a rise from 51.8 to 52.8%.
NOTE CIROULATION.-Federal Reserve agents report a decrease of 74.2 millions in the total of Federal Reserve notes outstanding. The banks
report 'a total Federal Reserve note circulation of 2,513 millions, a reduction of 77.7 millions for the week. All the banks show smaller circulation
figures than the week before. For the past 3 weeks there has been a decrease in Federal Reserve note circulation of 172.3 millions, or at the rate
of 57.4 millions a week. Aggregate liabilities of the banks on Federal Reserve bank notes in circulation increased 1.5 millions and are at present
about 125 millions.
CAPITAL.-Withdrawal from the system of the Marine National of Buffalo and of the First National of Syracuse account for the substantial
decrease its paid-in capital shown for New York and the system as a whole.
FEDERAL RESERVE BANK OF NEW YORK.-The weekly statment issued by the bank subdivides some certain items that are included
under a more general classification in the statement prepared at Washington. Thus, "Other deposits, &c.," as of Jan. 17, consisted of "Foreign
Government deposits," $92,201,551; "Non-member bank deposits," $4,298,453, and "Due to War Finance Corporation," $2,507,358.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JAN. 17
1919.
Jan. 17 1919. Jan. 10 1919. Jan. 3 1919, Dec. 27 1918, Dec. 20 1918 Dec. 13 1918. Dec. 6 1918. Nov. 29 1918. Jan. 18 1918.
RESOURCES.
bold coin and certificates
bold settlement fund,F.R. Board
bold with foreign agencies
$
334,684,000
387,572,000
5,828,000
$
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
3
353,208,000
422,491,000
5,829,000
3
370,938,000
395,292,000
5,829,000
$
477,301,000
383,232,000
52,500,008
Total gold held by banks
bold with Federal Reserve agents
bold redemption fund
728,084,600 771,110.000 743,543,000 717,952,000 802,339,000 829,913,000 781,528,010 772,059,000
1,289,105,000 1,238,245,000 1,263,383,000 1,288,309,000 1,194,228,000 1,167.771,000 1,207,377,000 1,216,541,000
85,368,000
84,715,000
85,768,000
84,013,000
82,421,000
80,821,000
78,496,000
76,613,000
Total gold reserves
.egal tender notes, silver, &c
2,102,557,000 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 1,729,470,000
67,591,000
67,828,000
60,960,000
55,945,000
54,636,000
55,758,000
53,966,000
55,158,000
54,837,000
Total reserves
Illis discounted:
Secured by Govt. war obligations
All other
lilis bought In open market
2,170,151,000 2,181,898,000 2,153,654,000 2,146,219,000 2,133,624,000 2,134,263,000 2,121,367,000 2,120,371,000 1,784,307,000
1,346,746,000 1,484,847,000 1,545,274,000 1,400,371,000 1,299.524,000 1,483,849,000 1,467,322,000 1,412,511,000
254,412,000 273,229,000 284,590,000 302,567,000 306,778,000 365,614,000 396,462,000 402,684,000
273,607,000 277,896,000 290,269,000 303,673,000 340,765,000 366,594,000 371,406,000 375,341,000
301,411,000
302,077,000
257,804,000
Total bills on hand
J. S. Govt. long-term securities
J. S. Govt. short-term securities
L11 other earning assets
1,874,765,000 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
28,571,000
28,821,000
29,824,000
28,869,000
28,850,000
29,189,000
29,196,000
29,132,000
271,173,000 175,809,000 125,063,000 282,677,000 325,073,000 111,477,000 105,606,000
92.664,000
4,000
.13,000
13,000
13,000
16,000
27,000
27,000
27,000
861,292,000.
913,033,000
796,727,000
19,710,000
49,744,000
118,477,000
4,224,000
2,174,513,000 2,240,615,000 2,275,033,000 2,318,170,000 2,301.006,000 2,356,750,000 2,370,019,000 2,312,359,000 1,033,737,000
Total earning assets
8,083,000
8,083,000
lank premises
Jnoollected items (deduct from gross
808,046,600 705,910,000 823,079,000 759,608,000 826,831,000 719,591,000 650,039,000 736,328,000 417,526,000
deposits)
5% redamp.fund agst. F. R. bank notes
II other resources
6,531,000
6,452,000
17,172,000
6,265,000
18,473,000
30,337,000
5,988,000
5,880,000
5,506,000
4,844,000
4,621,000
22,005,000• 20,793,000
18,824,000
22,440,000
21,309,000
537,000
379,000
5,184,406,000 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 3,236,486,000
Total resources
53.4%
told reserve against net deposit flab__
53.1%
53.1%
53.4%
52.5%
53.0%
71.2%
52.1%
52.3%
52.6%
bold res. asst. F. It. notes In act. circ'n
52.5%
52.2%
52.8%
52.0%
51.7%
51.5%
77.8%
51.3%
tali° of gold reserves to not deposit and
F. R. note liabilities combined
52.8%
52.4%
52.9%
52.6%
52.6%
51.9%
74.5%
51.7%
51.8%
tatio of total reserves to net deposit and
52.8%
F. R. note liabilities combined
51.8%
51.2%
50.6%
50.6%
49.5%
49.9%
65.2%
50.0%
Latio of gold reserves to F. R. notes in
actual circulation after setting aside
64.1%
62.1%
35% against net deposit liabilities_
59.7%
60.7%
59.7%
59.5%
59.0%
59.8%
•Includes amount formerly shown agates Items due from or due to other Federal Reserve banks net
354
[VOL. 108.
THE CHRONICLE
Jan. 17 1919. Jan. 10 1919. Jan. 3 1919. Dec. 27 1918. Dec. 20 1918. Dec. 13 1018. Dec. 6 1918. Nov. 29 1918. Jan. 18 1918.
LIABILITIES.
3•
$
71,938,000
80,585.000
80.492,000
80.304,000
80,072,000
80,510,600
80,812,000
80,792,000
80,081,000
Capital paid in
1,134,000
1,134.000
22.738,000
22,738,000
1,134,000
1,134,000
1.134,000
1,134,000
22,738,000
Surplus
239,82,9,000
38,693,000 161,614,000 185,355,000 207,157,000
49,370,000
37,291,000
63,367,000
Government deposits
91,321,000
1,695,263,000 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 1,421,576,000
Due to members,reserve account
221,728,000
534,012,000 495,354,000 569,055,000 554,823,000 583.755,000 556,764.000 514,512,000 602,667,000
Deferred availability items
30,779,000
Other deposits, incl. for. Govt. credits_ 128,186,000 114,874,000 118,581,000 106,992,000 106,689,000 106.012,000 106,685,000 105,894,000
2,406,831,000 2,288,218,000 2,381,858,000 2.312,500,000 2,376,581,000 2.392,317,000 2,354.390,000 2,404,611,000 1,913,912,000
Total gross deposits
2,512,973,000 2,590,681,000 2,048,605,000 2.685,244,000 2,663,701,000 2,604,580,000 2,584,523,000 2,568,676,000 1,238,797,000
F. R. notes in actual circulation
8,000,000
F.R. bank notes in circulation-net liab 124,997,000 123,466,000 120,267,000 117,122,000 111,909,000 102,202,000
92.799,000
86,003,000
2,705,000
36,447,000
35,486,000
55,309,000
54.224,000
54,209,000
55,559,000
54,492,000
All other liabilities
34,108,000
Total liabilities
5,184,496,000 5,141,431,000 5,288,368,000 5,251,090,000 5,288.134,000 5.234!934.000 5.168.709,000 5.194.988.000 3,236,486,000
Distribution by Ma4urities1-15 days bills bought in open market _ _ 1283,297,0001 84,452,0001
55,743,0005 1414,208,000f 1,402,827,000 1,254,392,000 1,185,006,000 1,453,746,000 1,432,969,000 1,305,634,000 360,890,000
1-15 days bills discounted
49,207,000
12,048,000
8,895,000
1-15 days U. S. Govt. short-term secs.. 146,815,000
11,473,000
8,837,000 176,436,000 218,069,000
141,000
10,000
1-15 days municipal warrants
3,000
9,000
10,000
5,000
5,000
1-15 days bills bought in open market.._ 92,171,0001 55,622,0001
180,759,000
63,689,0005 89,617,0001 320,185,000 340,022,000 170,107,000 143,767,000 170,319,000 225,900,000
16-30 days bills discounted
8,711,000
16-30 days Ti. S. Govt. short-term secs_
25,000
1,263,000
1,184,000
779,000
10,227,000
1,188,000
10,275,000
510,000
10,000
16-30 days municipal warrants
1,000
10,000
3,000
1-15 days bills bought in open market.._ 129,955,0001 104,198,0001
188,712,000
160,741,0005 161,024.0001 268,008,000 271,754,000 436,395,000 461,343,000 444,719,000 470,666,000
31-60 days bills discounted
1,030,000
10,568,000
627,000
31-60 days U.S. Govt.short-term secs_
699,000
1,409,000
9,220,000
12,584,000
460,000
131,000
31-60 days municipal warrants
10,000
14,000
4,000
16,000
1-15 days bills bought in open market_ _ 68,381,0001 33.624,0001
53,434,000J
65,416,000f 102,077,000 113,506,000 131,149,000 132,992,000 164,334,000 165,185,000
61-90 days bills discounted
2,643,000
1,027,000
16,000
7,900,000
899,000
61-90 days U.S.Govt.short-term secs.._
351,000
1,086,000
643,000
117,153,000
3,000
3,000
61-90 days municipal warrants
5,000
1-15 days bills bought in open market.._ 27,354,0001
13,778,000
27,811,000}
26,937,000
24,410,000
23,151.000
24,209,000
22,849,000
27,036,000
Over 90 days bills discounted
97,221,000
86,894,000
70,323,000
72,275,000
Over 90 days U.S. Govt.short-term secs 123,287,000 104,680,000 114,344,000 103,324,000
335,000
3,000
3,000
3,000
3,000
4,000
3,000
Over 90 days municipal warrants
Federal Reserve NotesIssued to the banks
Held by banks
2,770,301,000 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 1,373,105,000
134,308,000
257,328,000 253,835,000 218,442,000 170,360,000 151,749,000 160,119,000 157,329,000 204,367,000
In circulation
Fed. Res. Notes (Agents Accounts)Received from the Comptroller
Returned to the Comptroller
3,938,240,000 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 1,863,540,000
257,975,000
775,134,000 1752,544,000 737,223,000 724,491,000 710,225,000 693,652,000 677,229,000 603,417,000
Amount chargeable to agent
In hands of agent
3,163,106,000 3,179,456,000 3,176,737,000 3,140,529,000 3,102,975,000 3,088,148,000 3,054,632,000 3.088,643,000 1,605,565,000
232,460,000
392,805,000 334,940,000 310,690,000 284,925,000 287,525,000 323,449,000 312,780.000 315,600,000
Issued to Federal Reserve banks__
How SecuredBy gold coin and certificates
By lawful money
By eligible paper
Gold redemption fund
With Federal Reserve Board
2,770,301,000 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 1,373,105,000
2,512,073,000 2,590,681,000 2,647,605,000 2,685,244,000 2,663,701,000 2,604,580,000 2,584,523,000 2,568,676,000 1,238,797,000
212,627,000
374,000,000
1,481,196,000 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
80,598,000
82,599,000
81,951.000
79,074,000
74,376,000
84,632,000
77,991,000
75,679,000
958,800,000 000,990,000 930,436,000 960,031,000 808,827,000 843,068,000 900,071,000 925,923,000
576,378,000
46,182,000
476,545,000
249,707,000
254,656,000
246,315,000
246,327,000
246,327,000
250,327,000
231,627,000
2,770,301,000 2,844,516,000 2,866,047,000 2,855,244,000 2,815,450,000 2,764,099,000 2,741,852,000 2,773,043,000 1,373,105,000
Total
Eligible paper delivered to F.It. Agent. 1,813,066,000 1.993,694,000 2,069,228,000 1,956,357,000 1,913,404.000 2,176,410,000 2.161,189.000 2,114,588,000
a Net amount due to other Federal Reserve banks. b This item includes foreign Government credits. t Revised figures.
609,056,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 17 1919
Boston.
Two ciphers (00) omitted.
RESOURCES.
S
3,635,0
3old coin and certificates
3old Settlement Fund,F.R.B'd 36,304,0
408,0
3old with foreign agencies
New York.
Phila.
Cleveland. Richm'nd. Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
S
S
$
662,0 5,534,0
260,574,0
28,870,0 50,484,0 68,490,0
2,011,0
408,0
524,0
$
2,197,0
6,284,0
204,0
$
$
$
$
3
$
$
7,939,0 22,528,0 4,299,0 8,403,0
120,0 5,822,0 13,151,0
7,205,0 84,912,0 29,310,0 25,246,0 26,726,0 10,497,0 13,244,0
175,0
233,0
321,0
816,0
204,0
233,0
291,0
Total.
$
334,684,0
387,572,0
5,828,0
40,347,0
53,875,0
8,351,0
291,455,0 51,554,0 74,368,0 8,685,0 15,319,0 108,256,0 33,842,0 33,882,0 27,137,0 10,523,0 26,716,0 728,084,0
271,910,0 79,423,0 146,720,0 57,414,0 44,389,0 319,356,0 61,469,0 51,785,0 51,348,0 22,272,0 129,144,0 1,289,105,0
85,368,0
319,0 5,189,0 4,522,0 20,130,0 3,331,0 3,731,0 3,552,0 2,189,0 1,154,0
25,000,0 7,900,0
102,573,0
, 3,572,0
588,365,0 13%877,0 221,407.0 71,288,0 64,230,0 447,742,0 98,642,0 89,398,0 82,037,0 40,984,0 157,014.0 2,102,557,0
52,150,0 2,251,0 1,468,0 . 240,0
715,0 2,438,0 2,265,0
205,0
277,0 1,561,0
452,0
67,594,0
166,145,0
Total reserves
Bills discounted: Secured by Gov118,394,0
ernment war obligat1ons
7,957,0
All others
15,354,0
Bills bought in open market
640,515,0 141,128,0 222,875,0 71,528,0 64,945,0 450,180,0 100,907,0 89,603,0 82,314,0 42,545,0 157,466,0 2,170,151,0
141,705,0
Total bills on hand
848,0
UT. S. Gov't long-term securities_
U. S. Gov't short-term securities 9,416,0
All other earning assets
687,129,0 171,838,0 146,115,0 94,217,0 82,210,0 176,680,0 69,245,0 56,946,0 85,061,0 53,167,0 110,452,0 1,874,765,0
1,394,0 1,385,0 1,084,0 1,234,0
542,0 4,510,0 1,153,0
28,571,0
120,0 8,867,0 3.966,0 3,468,0
167,745,0 9,858,0 13,138,0 5,299,0 6,521,0 16,613,0 7,068,0 5,130,0 5,432,0 4,400,0 20,553,0 271,173,0
4
4,0
151,969,0
Total earning assets
Bank premises
800,0
Uncollected items (deduct from
65,449,0
gross deposits)
5% Redemption fund against
384,0
F.R. bank notes
485,0
All other re.sources
856,268,0 183,081,0 160,337,0 100,750,0 89,277,0 197,803,0 77,466,0 62,196,0 09,360,0 61,533,0 134,473,0 2,174,513,0
2,318,0
291,0
217,0 2,936,0
8,083,0
500,0
400,0
221,0
400,0
Total gokl held by banks
Cold with Fed. Reserve Agents
3old redemption fund
Total gold reserves
Legal tender notes, sliver, &c
569,446,0 153,550,0 96,398,0 75,206,0 42,016.0 108,632,0 48,566,0 34,963,0 27,582,0 20,039,0 51,954,0 1,346,746,0
33,535,0 15,518,0 9,355,0 11,877,0 28,865,0 33,355,0 13,186,0 3,175,0 39,357,0 30,960,0 27,272,0 254,412,0
84,148,0 2,770,0 40,362,0 7,134,0 11,329,0 34,693,0 7,493,0 18,808,0 18,122,0 2,168,0 31,226,0 273,607,0
181,110,0 80,640,0 68,754,0 64,966,0 45,493,0 95,891,0 51,455,0 20,561,0 65,804,0 24,111,0 43,806,0
1,776,0
9,780,0
500,0
915,0
484,0
788,0
289,0
482,0
359,0
475,0
980,0
1,330,0
303,0
520,0
224,0
155.0
561,0
485,0
315,0
773,0 .
356,0
984,0
808,046,0
6,531,0
17,172,0
Total resources
325.232,0 1,691,773,0 406,764,0 453,238,0 238,306,0 200,766,0 749,120,0 230,651,0 172,739,0 248,924,0 129,498,0 337,485,0 5,184,496,0
LIABILITIES.
6,709,0
20,478,0 7,570,0 9,081,0 4,059,0 3,192,0 11,215,0 3,800,0 2,934,0 3,659,0 3,168,0 4,645,0 . 80,510,0
Capital paid in
1,535,0
8,322,0 1,304,0 1,776,0 1,156,0
5urplus
775,0 3,316,0
801,0
22,738,0
726,0 1,211,0
692,0 1,224,0
1,046,0
989,0 4,789,0 5,090,0 4,466,0 8,798,0 3,002,0 3,286,0 0,186,0
7,009,0 1,790,0 2,919,0
49,370,0
Glovernment deposits
Due to members, reserve account 103,822,0 706,918,0 112,685,0 131,540,0 54,866,0 44,827,0 232,748,0 59,520,0 49.604,0 77,292,0 38,809,0 82,632,0 1,695,263,0
51,391,0 129,808.0 54,594,0 51,072,0 34,586,0 22,129,0 58,416,0 39,101,0 10,896,0 38,551,0 18,119,0 25,349,0 534,012,0
Deferred availability items
All other deposits, including for1,461,0 102,947,0 1,176,0 4,979,0
235,0
eign government credits
557,0 3,982,0 2,035,0 1,236,0 3,173,0 1,054,0 4,751,0 128,186,0
157,720,0
Total gross deposits
F. R. notes in actual circulation. 148,985,0
F. R. bank notes in circulation,
7.442,0
netliability
2,841,0
All other liabilities
946,682,0 170,245,0 190,510,0 90,676,0 72,302,0 300,236,0 105,722,0 70,534,0 122,018,0 61,268,0 118,918,0 2,406,831,0
665,688,0 216,301,0 239,606,0 136,403,0 117,123,0 412,859,0 112,949,0 93,184,0 107,882,0 57,528,0 204,465,0 2,512,973,0
35,024,0
15,579,0
9,490,0
1,854,0
9,892,0
2,373,0
4,586,0
1,426,0
6,251,0 17,520,0
1,123,0 3,974,0
6,182,0
1,197,0
4,385,0 12,162,0
976,0 1,992,0
5,787,0
1,155,0
6,276,0
1,957,0
124,997,0
36.447,0
325,232,0 1,691,773.0 406,764,0 453,238,0 238,306,0 200,766,0 749,120,0 230,651,0 172,739,0 248,924,0 129,498,0 337,485,0 5,184,496,0
Total liabilities
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JAN. 17 1919.
Two ciphers (00) omitted.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Total.
U.
S
$
$
$
$
$
$
Federal Reserve notes:
$
8
$
S
$
$
Received from Comptroller__ 248,720,0 1,289,480,0 330,420,0 325,840,0 198,580,0 197,600,0 553,600.0 162,340,0 124,480,0 155,700,0 100,960,0 250,520,0 3,938,240,0
59,806,0 359,397,0 70,070,0 38,917,0 39,474,0 28,695,0 55,669,0 .30,409,0 20,189,0 29,547,0 22,309,0 20,652,0 775,134,0
Returned to Comptroller
Chargeable to F.It. Agent
In hands of F.R. Agent
188,914.0
22,300,0
Issued to F.It. Bank,less amt.
returned to F. R. Agent for
redemption:
166.614,0
Collat'l security for outst'g notes:
Gold coin and ctfs. on hand_
8,875,0
Gold redemption fund
Gold Set'm't Fund, F.It. B'd.. 45,000,0
Eligible paper, min'm required 112,739,0
930,083,0 260,350,0 286,923,0 159,106,0 168,905,0 497,931,0 131,931,0 104,291,0 126,153,0 78,651,0 229,868,0 3,163,106,0
149,000,0 34,640,0 28,000,0 10,410,0 48,215,0 48,440,0 8,815,0 9,150,0 11,220,0 19,615,0 3,000,0 392805,0
..
781,083,0 225,710;0 258,923,0 148,696,0 120,690,0 449,491,0 123,116,0 95,141,0 114,933,0 59,036,0 226,868,0 2,770,301,0
178,740,0
13,170,0 12,374,0
80,000,0 67,049,0
509,173,0 146,287,0
42,130,0
2,504,0
13,052,0
12,581,0
249,707,0
13,890,0 2,414,0 2,615,0 5,411,0 2,338,0 3,133,0 2,988,0 3,007,0 10,383,0
80,598,0
90,000,0 55,000,0 39,270,0 313,945,0 59.131,0 35,600,0 48,360,0 6,684,0 118,761,0 958,800,0
112,203,0 91,282,0 76,301.0 130,135,0 61,647,0 43,356,0 63,585,0 36,764,0 97,724,0 1,481,196,0
166,614,0
;Total
Amount of eligible paper deity
141.705,0
ered to F.R. Agent
166,614,0
F. It. notes outstanding
17,629,0
F. It. notes held by bank
781,083,0 225,710,0 258,923,0 148,696,0 120,690,0 449,491,0 123,116,0 95,141,0 114,933,0 59,036,0 226,868,0 2,770,301,0
F. R. notes In actual circulation.. 148.985,0
665,688,0 216,301,0 239,606,0 138,403,0 117,123,0 412,859,0 112,949,0 93,184,0 107,882,0 57,528,0 204,465,0 2,512,973,0
111
687,129,0 150,441,0 133.136,0 91,560,0 76,482,0 176,680,0 65,262,0 54,719,0 85,061,0 50,999,0 99,892,0 1,813.066,0
781,083,0 225,710,0 258,923,0 148,696,0 120,690,0 449,491,0 123,116,0 95,141,0 114,933,0 59,036,0 226,868,0 2,770,301,0
115,395,0 9,409,0 19,317,0 12,293,0 3,567,0 36,632,0 10,167,0 1,957,0 7,051,0 1,508,0 22,403,0 257,328,0
THEICHRONICLE
JAN. 25 1919.]
355
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. 18. The figures for the separate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Capital. I
Net
Profits.
Loans,
Discounts,
Investments,
{Nat. Banks Nov.
&c.
State Banks Nov. 1'i
Trust Co's Nov. 1)
11
Week ending
Jan. 18 1919.
Members of Federal
Reserve Bank.
Bank of NY,N B A.
Bank of Manhat Co.
Merchants' Nat Bank
Mech & 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 Myer Nat Bank
Second Nat Bank__ _
First National Bank.
Irving National Bank
N Y County National
Continental Bank _ _ _
Chase National Bank
Fifth Avenue Bank..
Commercial Exch'go_
Commonwealth Bank
Lincoln National Bk_
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. Ileklyn
Irving Trust Co
Farmers Loan &Trust
Average.
3
2,000,000 5,525,500
2,500,000 7,165,700
2,000,000 2,809,700
6,000,000 11,137,700
1,500,000 6,859,700
25,000,000 51,380,200
3,000,000 9,623,200
951,000
1,000,000
108,600
300,000
5,000,000 5,571,300
25,000,000 24,376,700
500,000 1,097,500
3,500,000 3,081,400
3,000,000 18,278,000
2,550,000 2,992,200
2,000,000 2,316,800
3,500,000 8,548,600
1,500,000 8,023,000
5,000,000 18,591,200
250,000
100,800
1,000,000 4,018,200
10,000,000 31,608,600
4,500,000 5,647,300
392,900
• 1,000,000
664,000
1,000,000
10,000,000 15,522,900
200,000 2,223,700
200,000
871,100
400,000
753,900
1,000,000 2,008,600
1,01)0,000 1,372,600
250,000
408,900
1,000,000 3,716,100
3,000,000 4,132,800
1,000,000 1,028,100
1,000,000
1,326,500
1,500,000 2,518,300
c15.000,000 c16,617,80
2,000,000 4,628,600
25,000,000 27,428,900
1,000,000 1,283,000
5,000,000 6,850,500
1,306,400
1,000,000
3,000,000 10,769,900
1,170,100
1,000,000
614,30(1
1,000,000
2,000,000 4,383,200
1,000,000 1,173,000
1,500,000
1,142,000
5,000,000 12,009,800
47,020,000
62,015,000
29,518,000
154,996,000
34,302,000
592,860,000
80,479,000
16,441,000
3,177,00(1
113,640,000
394,680,000
15,373,000
93,022,000
134,481,000
38,995,000
49,256,000
116,235,000
35,350.000
199,549,000
3,710,000
20,441,000
301,179,000
113,692,000
10,989,000
7,032,000
327,198,000
21,656,000
6,672,000
7,102,000
17,098,000
13,480,000
6,921,000
50,536,000
76,690,000
15,033,000
13,901,000
36,865,000
280,712,000
66,854,000
488,045,000
10,753,000
84,618,000
28,029,000
106,362,000
29,452,000
22,825,000
47,630,000
15,520,000
39,786,000
131,581,000
Gold.
Legal
Tenders.
Average. Average.
3
23,000
112,000
337,000
265,000
79.000
70,000
7,550,000
160,000
240,000
189,000
8,342,000 3,015,000
165,000
246,000
83,000
100,000
11,000
64,000
544,000
233,000
45,000
509.000
54,000
202,000
432,000
466,000
4,233,000
175,000
142,000
32,000
558,000
145,000
204,000
137,000
50.000
458,000
54,000
750,000
4,000
147,000
98,000
24,000
19,000
457,000
1,047,000
319,000
49,000
51,000
19,000
15,000
2,598,000 3,098,000
48,000
163,000
51,000
57,000
43,000
29,001)
123,000
174,000
3,000
5,000
37,000
21,000
347,001)
130,000
188,000
5,000
40,000
16,000
43,000
82,000
20,000
97,000
130,000
27,000
21,000
1,872,000
68,00(1
89,000
38,00))
46,000
45,000
52,000
84,000
41,000
11,000
69,000
33,000
20,000
17,000
74,000
32,000
3,0(10
74,000
82,00
137,000
3,738,00
13,000
National
Bank
and
Federal
Reserve
Notes.
Silver.
Average.
118,000
572,000
288,000
898,000
322,000
1,316,000
335,000
224,000
40,000
435,000
844,000
209,000
1,541,0110
695,000
456,000
517,000
2,471,000
49,000
603,000
15,000
304,000
625,000
1,908,000
171,000
14,000
1,326,000
450,000
91,000
68,000
138,000
114,000
107,000
114,000
9,00(1
125,000
203,000
104,000
56,000
188,000
279,000
39,000
177,000
252,000
10,000
153,000
37,000
38,000
80,000
.562,000
55,000
Reserve
with
Legal
Depositaries.
A dditional
Deposits
with
Legal
Depositaries.
Average.
Average.
Average.
$
226,000 4,666,000
1,968,000 8,623.000
164,000 2,729,000
2,093,000 26,586,000
625,000 4,255,000
2,907,000 102,048,000
723,000 9,194,000
107,000 1,896,000
9,000
435,000
2,609,000 14,338,000
1,843,000 38,633,000
680,000 1,712,000
2,723,000 11,340,000
883,000 20,085,000
890,000 5,934,000
896,000 3,487,000
3,787,000 14,113.000
164,000 3,691,000
1,172,000 21,717,000
58.000
853,000
458,000 2,529,000
492,000 20,182,000
1,159,000 16,084,000
684,000 1,840,000
113,000
827,000
238,000 41,287,000
4(38,000 2,601,000
100,000
918,000
257,000 1,070,000
689,000 2,685,000
279,000 1,635,000
194000
855,000
483,000 6,265,000
497,000 9,450,000
500,000 1,339,000
171,000 1,844,000
415,000 4,250,000
969,000 29,740,000
397,000 7,197,000
2,288,000 49,644,000
197,000 1,247,000
736,000 10,851,000
582,000 2,434,000
221,000 7,489,000
198,000 2,192,000
322,000 2,336,000
555,000 4,782,000
262,000 1,090,000
1,734,000 5,142,000
287,000 16,473,000
Average for week _ _ 196,650,000 356,131,000 4,613,751,000 34.188,000 12,824.000 19,745,000 40,472,000 552,613,000
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
on
on
on
on
3,750,000
Totals, avge for wk
Totals, avge for wk
4,048,200
National
Bank
Circulation.
Average.
Average.
Average.
33,240,000
55,507,000
21,490,000
160,167,000
30,460,000
582,671,000
62,783,000
14,343,000
2,920,000
98,091,000
296,123,000
14,249,000
83,634,000
132,615,000
36,885,000
28,848,000
120,527,000
27,855,000
166,231,000
4,591,000
17,197,000
158,788,000
116,295,000
10,876,000
5,388,000
286,898,000
18,825,000
6,504,000
7,424,000
17,037,000
11,622,000
6,460,000
45,231,00(
63,376,000
12,175,000
14,258,000
25,219,000
222,112,000
52,252,000
366,458,000
8,664,000
75,046,000
24,285,000
57,868,000
15,383,000
14,901,000
34,363,000
10,631,000
40,919,000
117,393,000
1,792,000
23,964,000 1,445.000
5,243,000
443,000
538,000
147,000
298,000
5,435,000 4,955,000
4,461,000
70,000
8.417,000 2,206.000
150,000
281,000
994,000
50,000
1,445,000
51,000
2,661,000 4,967,000
50,000
645,000
1,653,000 8,420,000
819,000 1,000,000
387,000
199,000
10,500,000 1,100,000
37,000
448,0110
140,000
1,740,000
395,000
458,000
5,120,000
10,475,000
6,322,000
19,324,000
479,000
4,047,000
1,766,000
2,737,000
1,910,000
3,443,000
1,182,000
640,000
993,000
7,938,000
136,000 1,363,000
13,000
281,000
530,000
535,000
724,000
723,000
1,190,000
320,000
2,143,000
2,918,000
97,000
166,000
442,000
80,447,000 3,060,000 1,596,000 1,403,000 2,902,000
6,571,000
81,766,000
80,168,000
80,271,000
79,491,000
16,296,000
5,538,000
23,607,000
37,474,000
5,000
705,000
82,715,000
63,000
3,036,000
2,973.000
3,001,000
3,308,000
7,232,000
866,000
7,125,000 1,217,000
6,297,000 1,479,000
5,732,000
764,000
84,360,000
82,445,000
81,754,000
81,323,000
58,000
63,000
73,000
73,000
Not Mem bets of Fede ral Reserve Da nk.
5,000,000 11,947,900
38,677,000
98,000
4,000,000 5,236,200
201,000
23,088,000
127,000
172,000
179,000
69,000
148,000
470,000
2,575,000 1,032,000
1,235,000
351,000
23,245,000
14,230,000
544.000
565,000
9,000,000 17,184,100
on
on
on
on
Jan.
Jan.
Jan.
Dec.
18
11
4
28
50,000
58,000
1,436,000
1,362,000
1,458,000
1,551,000
18
11
4
28
210.000
399,000
249,000
70,000
796.000
414,000
399,000
3,338,392,000 143,618,000 36.040,000
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
1,514,000
1,460,000
1,706,000
1,8
.
41,000
Jan.
Jan.
Jan.
Dec.
774,000
286,000 1,812,000
3,386,000 3,780,000
3,837,078,000 140,982,000 36.023,000
12,771,000 18,617,000 36,092,000 568,624,000
14,445,000 20,190,000 42,665,000 559,924,000
14,715,000 21,185,000 41,534,000 566,082,000
14,479,000 19,404,000 44,401,000 541,528,000
91,000
36,000
504,000
965,000
Net
Time
Deposits.
3,119,000
3,039,000
2,9(39,000
2,399,000
on
on
on
on
Trust Companies.
Title Guar & Trust..
J,awyers Title & Tr__
Totals, actual con(litl
Totals, actual conditi
Totals, actual conditi
Totals, actual conditi
4,661,258,000 33,856,000
4,618,934,000 34,157,000
4,634,939,000 34,819,000
4,519,677,000 34,986,000
18
11
4
28
Not Mem bers of Fede rat Reserve Da nk.
500,000 1,476,800
16,119,000
575,000
250,000
816,600
5,506,000
304,000
1,000,000 1,206,500
21,962,000
677,000
2,000,000
548,300
36,860,000 1,504,000
State Banks.
Greenwich
Bowery
N Y Produce Exch..
State
Totals, actual conditi
Totals, actual cumin!
Totals, actual condlt I
Totals, actual conditi
Jan
Jan.
Jan.
Dec.
Net
Demand
Deposits.
61,765,000
299,000
299,000
248,000 1,018,000
3,810,000 1,383,000
37,475,000
1,109,000
62,021,000
61,225,000
60,653,000
60,293,000
300,000
304,000
288,000
288,000
286,000
280,000
307,000
299,000
235,0(10
934.000
231,000
991,000
321,000 1,064,000
967,000
233,000
4,102,000
912,000
3,800,000 1,753,000
3,170,000 2,554,000
3,288,000 1,320,000
37,981,000
36,079,000
35,182,000
34,319,000
1,184,000
1,084,000
1,042,000
1,048,000
2
Grand aggregate,avge -09,400,000 377,363,300 4,755,963,000 37,547,000 14,719,000 21,396,000 44,392,000 562,994,000 2,088,000 a3,957,268,000 142,154,000 36,023,000
Comparison prey wk..
+4,268,000 +148,000 -1,468,000 -1,213,000 -3,823,000 -3,804,000 --791,000 4-28,188,000 --753.000 +72,000
Grand ag'gate, actual
Comparison prey wk.
condition
Jan. 18... 4,805,045,000 37,275,000 14,573,000 20,288,000 40,662,000 579,958,000 1,778,000 b3,960,733,000 144,860,000 36,040,000
+44,718,000 -225,000 -1,612,000 -1,495,000 -5,967,000 +9,109,000 -1,192,000
+8,434,000 +2,512.000 +98,000
ag'gate, actual
ategate, actual
ag'gate. actual
ag'gate. actual
condition
condition
condition
condition
Jan.
Jan.
Dec.
Dec.
Grand
Grand
Grand
Grand
11___ 4,760,327,000 37,500,000
4.._ _ _ 4,775,863,000 38,076,000
28__ _ 4.659,461,000 38,173,000
21... 4,652,223,000 38,500,000
16,185,000 21,783,000 46,629,000 570,849,000
16,728,000 22,964,000 45,599,000 575,540,000
16,619,000 21,191,000 48,676,000 550,548.000
13,858,000 21,272,000 46,546,000 567,076,000
2.970,000
4,033,000
2,084,000
1,798,000
3,952,299,000 142,348,000 35,942,000
3.970,567.000 139,776,000 35,947,000
3.926,359,00)) 132,903,000 35,934,000
3,917,330,000 135.859,000 35,816,000
a U. S. deposits deducted, $227,350,000. b U. S. deposits deducted, $333,468,000. c As of Jan. 7 1919.
STATEMENTS OF RESERVE POSITION.
Averages.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank_
State banlis
Trust companies.
8',911,000
1,864,000
Reserve
in
Depositaries
Total
Reserve.
a
Reserve
Required.
Actual Figures.
Surplus
Reserve.
Inc. or Dec.
from
Previousitreek
552,613,000 552,613,000 503,049,600 49,563,400 --7,664,270
6,571,000 15,532,000 14,888,700
643,300
-133,920
3,810,000 5,674,000 5,621,250
+40,850
62,750
Total Jan. 18_ 10,825,000 562.994,000 573,819,000 523,559,550
Total Jan. 11_ 11,089,000 566,798,000 577,887,000 519.870,210
Total Jan. 4. 11,126,000 568,610,000 579,736,00(1 522,717,890
Total Dec. 28_ 11,389,000 550,548,000 561,937,000 519,132,660
50,259,450 --7,757,340
58,016,790
+998.680
57,018,11(1 +25,417,020
42,804,340 -16,887,410
Cash
Reserve
Reserve
in
in Vault. Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
$
9,107,000
1,755,000
568,624,000 568.624,000 503,299,500 65,324,500 +8,027,280
7,232,000 16,339.000 15,184,800 1,154,200
+35,300
4,102,000 5,857,000 5,697,150
159,850
-34,300
10,862.000 579,958.000 590,820,000 524,181,450
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
66,638,550 +8,028,280
58,610,270 -2,927,850
61,538,120 +18,733,780
31,601,090 -35,918,010
• 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 ease of members of the Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: Jan. 18, $1,229,460; Jan. 11, 54,252,980; Jan. 4, $3,949,230; Dec. 28, $3,991,320.
b This is the reserve required on net demand deposits In the case 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. 18, 4,308.540; Jan. 11, $1,236,030; Jan. 4, $1,159,850; Dee. 28. $3,953,460.
c Amount of cash in vault, which is no longer counted as reserve for members of the Federal Reserve Bank. was as follows:
Jan. 18, $107,229,000; Jan. 11, $113,321,000; Jan. 4, $111,469,000; 1)ec. 28. $110,401,000.
d Amounts of cash in vaults, which Is no longer counted as reserve for members of the Federal Reserve Bank .was as follows:
Jan. 18, $101,936,000; Ja n. 11, $111,457,000; Jan. 4, $112,253,000; Dec. 28. $113,270,000.
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 Slate Banking Department.) Differences from
Jan. 18.
previous week.
$739,576,400 Inc.$17,779,200
Loans and investments
8,400,100 Dec.
27,900
Specie
15,480,400 Dec. 620,500
Currency and bank notes
63,276,500 Inc.
370,000
Deposits with the F.R.Bank of New York
799,026,500 Inc. 3,598,300
Total deposits
Deposits, eliminating amounts due from reserve deposltaries and from other banks and trust companies in N.Y.City,exchanges and U.S.deposits 716,142,100 Inc. 10,165,600
137,242,200 Dec. 8,685,400
Reserve on deposits
Percentage of reserve, $21.1%.
RESERVE.
State Banks
- -Trust Comap.nies$17,678,600 12.81%
$69,478,300 13.59%
Cash In vaults
37,687,100 7.37%
Deposits in banks and trust cos.._ _ _ 12,398,200 8.98%
$30,076,800 21.79%
Total
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK. (Two ciphers omitted.)
Sept.21
Sept.28
Oct. 5
Oct. 12
Oct. 19
Oct 26
Nov. 2
Nov. 9
Nov. 16
Nov.23
Nov.30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan 11
Jan. 18
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
*
Legal
Tenders.
Total Reserve in
Cash in Deporttaries.
Vault.
Loans
and
Demand
Investments Deposits.
Specie.
3
$
5,294,283,6 4,427,043,3
5,296,960,1 4,450,212,9
5,373.198,8 4,537,675.4
5.413,086,8 4,435.747,6
5,386,267,9 4,487,786.5
5,457,805,1 4,520,163,6
5,499,400,2 4,364.815,8
5,471,164,4 4,430,932,2
5,489,226,0 4,515.346.9
5,470,203,8 4,511,208,2
5,360,177,9 4,449,150.6
5,330,133,6 4,458,973,9
5,384,107,7 4,527,415,1
5,373,134,6 4,592,634,0
5,378,736,5 4,587,455.7
5,416,960,5 4,650,393,4
5,473,492,2 4,635,056,5
5.495.539.4 4.873.410.1
3
$
$
$
70,472,1 96,532,8 167,004.9 571,118,2
70,816,0 94.623,1 165,439,1 567,573,3
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 161453,8 603,681,3
68,759,7 93,400,6 162,160,3 602,957,6
67,037,7 89,940,6 156,978,3 592,651,4
66,311,3 93,272,8 159,584,1 602,623,2
65,076,3 93,695,1 158,771,4 617,263,4
67,193,9 96,364,4 163.558,3 574,521,6
68,390,9 101,977,4 170,368,3 632,301.0
68,436,0 99,357,3 167,793,3 625,290,3
67.343.1 97.395.8 164.738.9 613.079.3
* 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. 18.
Jan. 18
1919.
Differences from
previous week.
Differences from
previous wee/c.
Jan 18
1919.
$
99,550,000
24,100,900
Capital as of Nov. 1.
169,723,000
42,973,000
Surplusas of Nov. 1.
Loans& investments 556,243,600 Inc. 30,913,400 2,005,460,900 Inc. 33,960,100
99,700
12,976,000 Dec.
358,000
8,250,100 Dec.
Specie
799,000
27,081,400 Dec. 2,030,300
20,230,000 Dec.
Currency & bk. notes
Deposits with the F.
427,300
47,332,200 Dec. 1,564,300 198,677,200 Dec.
R.Bank of N.Y
620,648,600 Dec. 1,584,500 2,010,024,500 Inc. 31,283,300
Deposits
Reserve on deposits_ 101,893,600 Dec. 5,818,200 292,770,000 Dec. 12,161,100
0.9%
18.2% Dec.
21.1% Dec.
0.8%
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:
$107,165,400 20.96%
. The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
Week
Ended-
[Vol,. 108.
THE CHRONICLE
356
BOSTON CLEARING HOUSE MEMBERS.
Jan. 18
1919.
Changes from
previous week.
$
4,744,000 Dec.
Circulation
Loans,disc'ts & investments_ 525,145,000 Inc.
Individual deposits, incl.U.S. 444,630,000 Inc.
118,448,000 Inc.
Due to banks
12,579,000 Dec.
Time deposits
Exchanges for Clear. House- 18,102,000 Inc.
74,265,000 Inc.
Due from other banks
Cull in bank & in F. R.Bank 83,612,000 Dec.
Reserve excess in bank and
16.164.000 Dec.
Federal Reserve Bank_ _
Jan. 11
1919.
Jan. 4
1919.
$
$
$
6,000 4,750,000 4,748,000
3,283,000 521,862,000 517,092,000
9,980,000 434,650,000 444,399,000
4,377,000 114,071,000 117,590,000
1,105,000 13,684,000 13,378,000
2,178,000 15,924,000 24,356,000
5,370,000 68,895,000 76,426,000
443,000 64,055,000 67,478,000
1.090.000 17.254.000 20,956,000
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% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week et ding Jan. 18 1919.
Two ciphers (00) omitted. Membersof
F.R.System
$29,475,0
Capital
78,317,0
Surplus and profits
Loans, dtsc'ts & investm'ts 726,832,0
Exchanges for Clear.House 24,823,0
114,679,0
Due from banks
156,861,0
Bank deposits
.477.173,0
Individual deposits
4,771,0
Time deposits
638,805,0
Total deposits
U.S.deposits(not included)
Res've with Fed.Res.Bank 54,007,0
Res've with legal deposit's
16,607,0
Cash in vault*
Total reserve & cash held_ 60,614,0
49,596,0
Reserve required
irYPP51/1 rea dt, man In vault
21.018.0
Trust
Cos.
33,000,0
7,631,0
26,419,0
587,0
11,0
231,0
16,565,0
16,796,0
2,746,0
873,0
3,619,0
2,429,0
1.190.0
Jan. 11
1919.
Jan. 4
1919.
$32,475,0
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
$31,475,6
84,932,0
741,034,0
33,227,0
122,875,0
157,134,0
491,954,0
4,674,0
653,762,0
25,722,0
50,890,0
2.980,0
20,295,0
74,165,0
50,274,0
23.891.0
Total.
832..475,0
85,948,0
753,251,0
25,410,0
114,690,0
157,092,0
493,738,0
4,771,0
655,601,0
35,821,0
54,007,0
2,746,0
17,480,0
64,233,0
52,025,0
22.208.0
*Cash in vault Is not counted as reserve for Federal Reserve bank members
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the "Clearing-House return" on the preceding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
1
Net
Capital. I Profits.
Loans,
Discounts,
Nat. banks Nov. 1 Investments,
&c.
Week ending Jan. 18 1919. 1State banks Nov. 1
Trust cos. Nov. ij
CLEARING
NON-MEMBERS.
Gold.
Legal
Tenders.
Silver.
National
Bank
& Federal
Reserve
Notes.
4,600,000 6,895,000 81,524,000
130,000
165,000
.
2,900,000 2,849,000 49,324,000
599,000
9,194,000
8,174,000
318,000
16,000
10,000
13,000
13,000
79,000
334,000
23,000
92,000
Total
Grand aggregate
Comparison previous week..
Excess reserve
Grand aggregate Jan. 11-Grand aggregate Dec. 14
Grand aggregate Jan. 4_
(trend avvrevate Dee. 2R_
700,000 1,408.600 17,368,000
8,200,000 11,152,600 148,216,000
+2,885.000
5568,320 decrease
8,200,000 11,152,600 145,331.000
8,200,000 11,152.600 141.937,000
8,450,000 11,913,800 141,284,000
8.450.000 11.913.800 141.258.000
a U.S.deposits deducted. $5,482,000.
National
Bank
Circulalion.
66,790,000 6,338,000 1,006,000
36,000
222,000
11,000
272,000
11,000
500,000 1,030,700
377,900
200,000
Net
Time
Deposit'.
812,000 1,694,000 9,838,000 6,591,000
71,000
225,000
156,000
125,000
22,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Trust Co. Brooklyn
Mechanics Trust Co, Bayonne
Net
Demand
Deposits.
Average.
Average. Average.
3
3
$
7,157,000
67,000
196,000
395,000
14,201,000
9,264,000
256,000
4,822,000
73,000
6,062,000
570,000
4,970,000 4,106,000
6,246,000
459,000
292,000
5,075,000
412,000
118,000
8,333,000
400,000
State Banks.
Not Members of the
Federal Reserve Bank.
469,500 2,397,000
100,000
Bank of Washington Heights_
500,000 1,088.400 10,790,000
Colonial Bank
198,800 5,628,000
500,000
International Bank
865,700 25,366,000
Mechanics' Bank, Brooklyn__ 1,600,000
226,600 5,143,000
200,000
North Side Bank, BrooklynTotal
Additional
Deposits
with Legal
Deposifares.
Average. Average.
$
3
119,000
1,246,000
2,168,000
831,000
571,000
1,338,000
732,000
271,000
1,221,000
918,600
479,000
406,000
663,000
554,000
592,000
960,000 3,360,000
Average. Average. Average. Average.
Average.
Members of
$
$
$
$
$
Federal Reserve Bank.
$
$
125,000
9,000
10,000
14,000
Battery Park National Bank. 1,500.000 1.549,200 11,889,000
399,000
339,000
15,000
1,000,000
651,200 14,475,000
Columbia Bank
82,000
104,000
548,000 8,556,000
Mutual Bank
200,000
185,000
57,000
19,000
8,000
196,500 4,651,000,
200,000
New Netherland Bank
6,000
4,000
757,100 7.592-.000
500,000
W. R. Grace & Co.'s Bank__
291,000
52,000
2,000
609,100 8,891,000
200,000
Yorkville Bank
107,000
6,000
56,000
4,000
663,100 7,886,000
300,000
First Nat'l Bank, Brooklyn__
146,000
54,000
35,000
6,000
300,000
595,000 6,590,000
National City Bank,Brooklyn
419,000
81,000
85,000
10,991,000
81,000
1,325,800
400,000
First Nat'l Bank, Jersey City
Total
Reserve
with
Legal
Depottwin.
418,000
2,220,000
11,707,000
5,021,000
26,33,5,000
4,840,000
552,000 1,281,000 2,129,000 3,459,000
922,000
50,123,000 . 977,000
131,000
190,000
293,000
406,000
362,000
155,000
5,864,000 1,177,000
4,509,000 3,835,000
321,000
699,000
517,000
10,373,000 5,012,000
133,000
120,000
702,000
421,000
515,000
308,000
364,000
66,000
594,000 1,015,006 2,074,000
242,600
209,000
106,000
396,000
108,000
618,000
40,000
319,000
740,000 2,185,000 4,144,000 13,996,000 8,030,000 al27,286,000 12,327,000
1,063,000
+4,000 -318,000 -75,000 -284,000 -150,000 +704,000 +1,011,000 -13,000
----1,059,000 1,058,000 2,260.000 4,428,000 14,146,000 7,326,000 126,275,000 12,340,000
8,284,000
121,594,000 12,117,000
13.236,000
4,360,000
2,220,000
781,000
1,039,000
860,000 2,353,000 4,120,000 13,158,000 7,357,000 118,709,000 11,969,000
1.031,000
862.000 2.006.000 3,913,000 13,792.000 7,313,000 119,944,000 11,848,000
1.019.000
1,006,000
-11,000
1,017,000
1,009,000
1,005,000
997,000
JAN. 25 1919.]
THE CHRONICLE
Vaulting anti financial.
CANADIAN BANKERS REVIEW THE
LAST YEAR OF WAR
The addresses of Sir Edmund Walker, President,
and Sir John Aird, General Manager, of The Canadian
Bank of Commerce at the meeting of shareholders held
in Toronto on 10th instant, review in a very interesting
manner not only the affairs of the bank itself, but
the participation of Canada in the war during the
year just ended. Sir Edmund Walker said:
The war is over and we are struggling with the terms
which we intend to impose on Germany. One turn of the
kaleidoscope has changed the aspect of almost everything
in our daily life and in our mental horizon. Only yesterday
we were bending every faculty as a nation and as individuals
to the thousand different kinds of effort necessary to win the
war. We had completely disrupted the co-operation of
individuals in the various pursuits of life which are necessary
to the happiness of society in times of peace, and men and
women were drawn either into military and munition work,
or into the production of food, almost to the limit of our
powers. Now the work in munition factories has stopped,
our armies will return, and from 500,000 to 600,000 men and
women, an enormous proportion of our small population,
will have to find new kinds of employment. The enlistment
of soldiers, and the withdrawal of others from peaceful
occupations to the making of munitions, took four years to
reach a climax, but the reverse process comes upon us in
an instant. We shall in the end have work for all, but much
that could have been started at once in spring or summer
is impossible in winter. The troops will come home gradually, and as six months' pay is to be given to some of
them, and smaller allowances to others, our anxiety regarding them is partly removed. The munition workers, however, cannot be shifted to new employment fast enough
to prevent there being a considerable number out of work
during this winter.
In order to appreciate the scale of industrial events we
turn as usual to the figures of our foreign trade. Disregarding coin and bullion, which have fallen to inconsiderable figures, the excess of exports, for the fiscal year ending
31st March, amounted to $623,647,000. The excess for the
two previous years, large as it was when compared with the
past, was $563,795,000, or considerably less than for the one
year under consideration. Our total foreign trade was
$2,548,691,000, as against a total of $1,129,616,000 in the
year ending 31st March, 1914, but we had passed the crest
of the wave before the war ended. The year ending in
September, 1918, consisting of the halves of two fiscal years,
shows a smaller volume of trade and surplus exports of
8504,242,000. Now that the war is over, we shall study
with intense interest the figures of our foreign trade in the
immediate future.
Such a surplus of exports over imports as 8623,000,060
would, if we wore paid in international money, make us
financially rich beyond imagination, and it would put New
York exchange, the real test of our international position,
at a discount. As a matter of fact, New York exchange
has lately been at a high premium, because with all
our exports we cannot command enough international
money to keep the balance even. At the moment, because
of transportation diffikilties, we are carrying a very large
amount of wheat solT to the British Government. If in
settlement we received even a moderate payment, in cash
we could keep the rate for Now York exchange fairly low,
but there is no assurance that any part of what is due will
be paid in money useful for internationhl settlements. We
have pointed out before the extent to which we make purchases from the United States which must be settled in cash,
and for whigh, directly or indirectly, we receive from Great
Britain only long-term obligations. This year conditions
are not improved, despite largo orders for munitions given
by the United States to Canada. Comparing the year
ending 31st March, 1918, with the previous one, we im-
357
ported from the United States goods to the value of $792,000,000, as against $678,000,000, and we exported to them
$418,000,000, as against $290,000,000, so that we owed
them on balance $374,000,000 instead of $388,000,000.
During the six months ending September, 1918, matters
did not improve; the scale of imports and exports was larger,
but the resulting difference against us was proportionately
about the same.
The cost of the war to Canada as at 30th November,
with all outstanding items carefully computed, was about
$1,125,000,000, as compared with $685,000,000 up to the
corresponding date a year ago. The balance due to Canada
by Great Britain, in the open accounts between the two
countries, is about $170,000,000. If we desire to consider the extent to which Great Britain's debt to Canada
on war account may help our finances by its liquidation at a
future time, we have to add to this $200,000,000 due to the
Canadian banks by the Imperial Government.
In November, 1917, the first Victory Loan (the fourth
Canadian War Loan) was offered. The sum asked was
$150,000,000, and 875,000 people subscribed $421,000,000.
The figures we quoted a year ago were largely exceeded
when the returns were completed. This issue was made at
98.67, and if it had followed the fate of most war loans, it
would have declined in price somewhat before the next loan
appeared, but the organization which made the issue so
successful took care of the market so well that, while a very
considerable percentage of the loan was turned over from
day to day, the issue price was not merely maintained but
was raised to par by July, 1918. As a consequence, when the
second Victory Loan came out in October last, the Finance
Minister was able to make the issue price par with accrued
interest. The latest figures for this loan show that, while
$300,000,000 was asked, 1,080,000 people have subscribed
for $690,000,000. We were very proud that the subscriptions to the loan of 1917 reached a total of $53 37 per head
of our population, but the amount subscribed to the 1918
loan was $88 10 per head. In 1917 one citizen in every
9.02 bought a bond, and in 1918 one in every 7.25.
We have endeavored during the war to give some idea,
even if the information were fragmentary, of the scope of
munition-making in Canada, especially the work of the
Imperial Munitions Board. This ydar we have been anticipated by the excellent Government publication entitled
"Canada's War Effort 1914-1918," published not as a
final record, but as an inspiration for the "fifth year of the
war," "the prelude of a greater effort still to come." That
th,e work being done was beyond all expectation we felt to
be our excuse for special reference to it, but few of us were
prepared for the unstinted praise given by the Premier, Mr.
Lloyd George, and by Mr. Churchill, shortly after hostilities ceased. Mr. Churchill telegraphed to Sir Joseph
Flavelle as follows:
"As an armistice. with Germany has now been concluded,
I wish, as Minister of Munitions, to congratulate you, and
through you all your staff, on the splendid work of the Imperial Munitions Board during the last three years. You
have carried through a work of the greatest magnitude with
uniform success and efficiency, and I wish to pay my personal tribute to the great ability, energy, and organizing
power you, as Chairman, have shown. Canada's remarkable output of munitions has played a large part in the munitioning of the British armies, and will remain a testimony
to the high value of the work of the Board in this great struggle. . . . Before August, 1914, no Canadian manufacturer had ever made a shell or a cartridge case or a fuse, but
already in the second half of 1917 it was producing 55 per
cent of the slu.apnell shells, 42 per cent of the-4.5 shells, 27
per cent of the 6-inch, 15 per cent of the 8-inch and 16 per
cent of the 9.2-inch shells used by the British armies. The
Imperial Munitions Board, created in November, 1915,
is an integral part of the British Ministry of Munitions, directly responsible to the Minister, and the British Government was financially responsible for all its expenditure."
We have already been told that the value of the orders
placed in Canada on British account exceeded $1,200,000,000, covering munitions, ships, aeroplane timber, and sundry war supplies, but it is more interesting to hear that
actual cash disbursements had been made down to two
months ago amounting to $1,075,000,000. Some of the
material represented in these purchases is as follows:
358
THE CHRONICLE
Steel Forgings
$75,600,000
Shells
68,300,000
In the production of these forgings and shells upwards of
2,100,000 tons of steel have been used, of which
1,600,000 tons were produced in Canada.
Copper Bands
73,600,000
of which 23,000,000 were produced in Canada.
Fuses
29,000,000
of which 19,000,000 were produced in Canada.
Powder
81,000,000 lbs.
High explosives
75,000,000 lbs.
Steamships built, under construction and under contract:
Wooden
46
Steel
44
with an aggregate of 340,100 tons deadweight and an
aggregate value of
$64,500,000
Aeroplanes built
3,000
In addition to this, seven national plants were built at a
cost of over 15 millions, the capital being largely written off
already as part of the cost of manufacture. Acetic acid
was being made in a plant costing over a million and ferrosilicon in two plants. Carbide. was being shipped at the
rate of 700 tons monthly. The Board arranged the purchase of timber in Canada for all purposes in Great Britain,
private as well as Government. Of the special timber used
in constructing aeroplanes in Great Britain, Canada supplied
40 per cent. I-Tow important this was may be gathered
from the following statement telegraphed by the Controller
of Timber:
"It is a notable performance. To have increased production to this extent is a great achievement. This increase should enable us to look forward with some confidence to being able to meet the requirements of the Aircraft
Production Department during the year."
Some idea of the work of the Transportation Department of the Board may be gathered from the fact that
the volume of inland traffic to and from machinery plants
in 1917 was 1,600,000 tons, while 785,000 tons were
shipped overseas.
It may be well to recall what we have accomplished during
the period of the war in matters which have a bearing on
our industrial and financial future. We have increased the
deposits by the public in our banks, from July, 1914, to
November, 1918, by 587 millions, of which 268 millions is of
the interest-bearing or savings class. We have purchased
securities issued by the Dominion Government and others,
amounting roughly to one billion four hundred millions,
having regard to securities issued in Canada but since sold
abroad, and securities bought back from foreign holders.
The Dominion Government and the banks have lent to
the Imperial Government at least 370 million dollars. We
are also carrying on behalf of the Imperial Government a
large part of the,wheat crop of 1918. The circulation of
bank notes has increased by 140 millions, of which, however, 127 millions is covered by deposits of gold or legal
tenders in the Central Gold Reserve. The issue of legal
tender notes by the Dominion Government, not covered
by gold, was at 30th November 221 millions; but while
some of this is an addition to the national debt, a considerable part of it is issued under the Finance Act to facilitate the movement of products and should thus in time disappear. In the early years of the war we sold securities in
the United States, and if in winding up our war accounts we
find that Great Britain owes us about as much as we have
borrowed abroad since August, 1914, we shall have the
proud satisfaction of having paid our share of the cost of the
war out of our own pockets. On the one hand we shall
know that in the greatest emergency in the history of the
world we did our part; on the other that we now have a sort
of great national ledger in which vast sums stand at the
credit of some of our people, to be paid by our people as a
whole over a series of years.
Sir John Aird told of the striking growth of his
bank, which added $96,000,000 to its assets during the
last year of war:
The earnings of the Bank have been good and the profits
have again reached a new high level, amounting to $2,850,000, or $212,000 more than a year ago. We confess to a
feeling of pride that we have been able to maintain the
premier place among Canadian banks in this, to you,
portant item. Notwithsttinding the apparent size of the
figures, however, it must not be forgotten that the rate
of earnings of this Bank, as of Canadian banks in general,
is steadily decreasing, when measured by the services rendered and the extent of the effort put forth by our staff. On
the average of our total assets during the year we have
[VOL. 108.
earned only 7-10ths of one per cent, as compared with 1.27
per cent in 1913, the last year prior to the war, and 1.37
per cent ten years ago. The main causes- of this, as I have
pointed out in previous years, are, on the one hand, the
enormous increase in the volume of those banking services
which are performed for the public without remuneration,
and the fact that banking is one of the few businesses in
which charges are sometimes lowered but seldom increased,
in spite of the general increase in the cost of everything else;
and on the other, the increases in salaries and wages which
are inevitable to enable our men to meet the great increase
in the cost of living. It must not be forgotten that salaries
and wages constitute the most formidable item of expense
in the budget of a bank, and it will readily be understood
that the responsibilities and the difficulties of dealing fairly
with the members of our staff, in view of the high level of
the cost of living, are not small.
An unusual item in our Profit and Loss account this
year, which affords us much gratification, is the recovery of
the appropriation of $1,000,000 set aside in the year 1915
to provide for the depreciation of securities. We then
expressed the hope of saving this, or at least a part of it,
at the end of the war, and it is a source of satisfaction to
find our prediction fulfilled. We have been able to transfer
$1,500,000 to Rest account, which thus becomes equal to
the paid-up capital, a goal which we have aimed to reach
for many a day, but which has called for long years of tireless striving before we could consider it as fairly won. We
might perhaps have made a better showing on the surface
and have seemed to reach our goal in a shorter period of
time, but our wish has been to build surely and carefully
upon a firm foundation, and in the meantime to provide
beyond peradventure for every weak spot in our loans and
Securities. We carry forward into the new financial year
an undivided balance of profits amounting to 81,444,842,
or $112,000 more than a year ago.
The increase in our total deposits is $76,733,000, or
27.7 per cent, and the greater part of this is under the
heading of deposits nor bearing interest, which account
for $64,552,000. Deposits bearing interest show an increase
of $12,181,000, an amount which would have been much
greater had it not been for the Victory Loan of 1918. If
we turn to the monthly statements to the Government
we shall find that deposits payable after notice dropped
$18,853,000 during November, which is solely due to the
Victory Loan. On the other hand, it must be remembered
that under the arrangements made by the Government
for the deposit of the proceeds of the Victory Loan with
the banks from which the money was withdrawn, a large
part of this money is still at the credit of the Dominion
Government, subject to its requirements.
Acceptances under Letters of Credit, offset in our balance
sheet by the corresponding liability of our customers
which appears among the assets, show a large increase,
represented by advances in Canada and the United States,
secured in nearly every case by food supplies purchased for
account of the Allies. Cash on 'hand, consisting of gold
and silver coin and Dominion notes, amounts to $61,971,000, as compared with $54,652,000 a year ago, an increase of
$7,319,000. Of this we had $17,500,000 in the Central
Gold Reserves, to provide cover for our excess note 6froulation.
Call and short loans show an increase of $8,324,000, of
which the greater part is in loans outside Canada, and immediately available assets are $35,682,000 greater, .standing at about 50 per cent of our liabilities to the public.
Commercial loans show an increase of $52,621,000, nearly
all of which is lent in Canada. While there is no doubt a
good deal of activity in such manufacturing as can be carried on under the circumstances of tile past few months, a
large part of this increase is due to high prices and to delay
in realizing on our wheat and other produce, which has been
reserved by the Government. The delay in this connection,
while no doubt largely inevitable under existing conditions,
has a prejudicial effect on those immediately concerned.
Total assets have increased $95,935,000, and now amount
to the very large sum of $440,310,000. This increase is
27.8 per cent over the figures of last year, a: remarkable
showing when it is recalled that we have been marking time
in the opening of new branches, and that we have not taken
over the business of any other bank.
THE CHRONICLE
JAN. 25 1919.]
Lqaniters" Oazette.
Wall Street, Friday Night, Jan..24 1919.
The Money Market and Financial Situation.—The
railway situation, with one or two new features injected,
has continued to be of absorbing interest. One of the new
features was an over-ruling by the Inter-State Commerce
'
s established freight
Commission of the Director-General
rate in a particular case. This attracted rather wide
interest and provoked considerable discussion. As did also
the rumor that some sort of an agreement between Government officials and representatives of railway owners is
about to be promulgated.
Although the Government statement of foreign trade in
December showed that our exports for that month.were
substantially smaller than in 1917, they were, nevertheless,
largely in excess of the average and the balance in our favor
for the calendar year is over 300 per cent larger than in any
year before the war.
The Federal Reserve Bank's weekly statement showed
that the retirement of circulating notes has continued in
progress and that the amount outstanding has been reduced
about $172,000,000 since Jan. 1. This, of course, produced
a favorable impression and is doubtless the chief reason for
an easier money market this week and a.drop of call loan
rates to 3%70. This rate was only briefly maintained,
however, and later in the week the quotation wont back to
5% with the figure yesterday 4
9%.
Foreign Exchange.—The sterling
market ruled dull and
towards the close of the week a shade easier. Actual
changes in rates, however, were trivial, while the volume of
transactions recorded was small. Continental exchange was
also quiet and featureless. Quotations at the Entente
centres were maintained, but the neutrals showed an easier
trend, with Swiss francs particularly weak.
To-day's (Friday's) actual rates for sterling exchange were 4 733
4 73% for sixty days,4 75@4 75 13-16 for cheques and 4 765504 76 9-16
3 , sixty days
for cables. Commercial on banks, sight, 4 756
/s 04 75%
4 72% ©4 72%, ninety days 4 71@4 71 7-16, and documents for payment (sixty days) 4 7204 't 2X. Cotton for payment 4 75%04 75X , and
3 .
1
grain for payment 4 75%04 75%
To-day's (Friday's) actual rates for Paris bankers' francs were 5 513for long and 5 46% for short. Germany bankers' marks were not quoted.
Amsterdam bankers' guilders were 41 5-16 for long and 4111-16 for short.
Exchange at Paris on London, 25.98 fr.; week's range 25.98fr. high and
25.98 fr. low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Cheques.
Cables..
High for the week
4 7334
4 75 13-16
4 76 9-16
Low for the week
4 7334
4 753i
4 7655
Paris Bankers Francs—
5455%
High for the week
5 5134
5 45
Low for the week
5 5194
5 453,
5 4534
Amsterdam Bankers' Guilders—
i1731
High for the week
4113-16
423i
4234
Low for the week
4115-16
41 5-16
413
Domestic Exchange.—Chicago, par. Boston, par. St. Louis, 250
15c. per $1,000 discount. San Francisco, par. Montreal, $20.6234 per
$1,000 premium. Cincinnati, par.
State and Railroad Bonds.—No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been
dull and narrow. Only a few issues were sufficiently active
to make any comparison really worth while.
Pit Of a list of the 18 issues which were relatively active 15
declined, some to the extent of 2 or more points. The local
tractions were again leaders, B. R. T. 7s having thopped
2 points on Thursday and over 5 within the week. The
movement was, however, not limited to that group. Ches.
& Ohio 43's and Rock Island 4s dropped about 2 points
and St. Paul, Lehigh Valley and Mo. Pac. lost.more than
the average for the list.
United States Bonds.—All other business in the entire
bond department was again greatly overshadowed by
enormous dealings in Government issues, which included
$33,000 4s coup.at 1043j to 1043/2, $25,000
reg. at 1043/8,
Liberty Loan 33/23 at 98.50 to 99.20, L. L. 1st 43 at 93.50 to
6, L. L. 1st 44s at 95.60
94.18, L. L. 2d 4s at 93.20 to 93.8.
to 96.14, L. L. 2d 43is at 94.40 to 95.06, L. L. 3d 43',s at
95.34 to 96.06 and L. L. 43s at 94.30 to 95.06. For to-
4.3
day's prices of all the different issues and for the week's range
see third page following.
Railroad and Miscellaneous Stocks.--The downward
movement of prices noted last week in the stock market
eontinued without interruption during the early part of this
week. On Wednesday the market assumed a firmer tone
and the backward swing of the pendulum then begun is still
in progress.
To-day's market was more nearly what might be called
buoyant than any for a long time past. Canadian Pacific
moved up over 2 points, while several other issues in the
.railway group advanced a point or more. From the low
quotations recorded on Tuesday Reading has recovered 4
points, Southern Pacific 39, Canadian Pacific and New
and Balt. & Ohio, St. Paul, Northern
York Central 3
Pacific and Union Pacific from 3 to 33
/
2.
Turning to the miscellaneous stocks we find that Mexican
Petroleum is winner in erraticacy. It added over 11 points
to its previous decline, then turned and recovered nearly 9.
Royal Dutch has covered a range of 7 points, Beth. Steel
General Motors 5, Inter. Mor. Mar.
53/s, Texas Co. 43
pref. 6 and other stocks in this class from 3 to 5.
For daily volume of business see page 368.
The following sales have occurred this week of shares not
'pages which follow:
represented in our detailed list on the
4,
359
STOCKS.
Sales
Week ending Jan. 24. for
Week.
Range for Week.
Lowest.
Highest.
Range for Year 1918.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
300 46
Adams Express
Jan 24 4614 Jan 21 42
100
Dec 80
Jan
Amer Druggists Synd_ _ - 3,400 1034 Jan 24 1134 Jan 24
American Express_ _ _100
100 90
Jan 22 90
Jan 22 7734 Sept 9534 Nov
American Snuff
100 508 105
Jan 2311034 Jan 21 85
Oct 107
Dee
100 94% Jan 24 94% Jan 24 81
Am Sumat Tob, pref.100
Jan 103 June
Assets Realization_ _..10
700 1% Jan 21 114 Jan 23
% Dec 234 Nov
AssociatedDryGoods100 2,800 21
Jan 22 2434 Jan 20 12
May 1834 Dec
100 62 Jan 18 62
First preferred.._ _ _100
Jan 18 51
May IS3
Dec
Associated 011
72
Jan 22 7415 Jan 24 54
100 1,
Apr 71
Oct
Batopilas Mining.... _ _20 1,000 I% Jan 20 134 Jan 20 1
Jan 234 Nov
Bklyn Union Gas......100
100 8034 Jan 20 8034 Jan 20 78
Aug 9334 Nov
Brunswick Terml.._ _100
500 9 Jan 21 1034 Jan 18 6% Jan 1634 June
Butterick
_100 600 1634 Jan 24 17
Jan 20 715 May 1834 Nov
Canada Southern......100
4 46
Jan 20 46
Jan 20 41
May 49
Aug
Case(J I), preferred_100
300 9334 Jan 21 9334 Jan 21 73
Jan 9234 Dec
C St P M & Omaha...100
100 78
Jan 21 78
Jan 21 69
Sept 82
Dee
Preferred
100
160 105% Jan 2110534 Jan 21 110
Dec 110
Dec
Cluett,Pes,body &Co 100
100 63 Jan 22 63
Jan 22 45
Jan 65
Nov
Computing-Tab-Rec 100 200 37% Jan 20 3834 Jan 2C 30
July
Jan 39
Cons Interstate Call_ _10
100 814 Jan 20 834 Jan 20 734 Sept 13 June
Continental Can pref 100
10010435 Jan 2010434 Jan 20 99
July 107
Dec
Continental Insur
..25
200 5934 Jan 22 60 'Jan 20 44
Feb 60
Dee
Deere & Co pref.._ _ _100
400 9534 Jan 22 96
Jan 20 90 Jun 96
Feb
Detroit Edison.rights___ 1,400
% Jan 23
% Jan 24
Detroit United
100
100 85
Jan 18 85
Jan 18 80
Apr 90
Jan
Elk Horn Coal
Jan 23 28
50
400 27
Jan 22 22
Jan 3134 Nov
Federal Mg & Smelt_100
Jan 18 10
300 10
Jan 18 9
Dec 15
Oct
Preferred
100
400 33 Jan 20 35
Jan 22 27
Jan 4434 Oct
Fisher Body Corp pf_100
100 9335 Jan 18 9334 Jan 18 7034 Jan 93
Dec
Gen Chemical pref _ _100
Jan 20 104
Jan 20 9934 June 10334 Jan
50 104
General Cigar, Inc....100 3,100 4734 Jan 21 5034 Jan 18 34
Jan 58
June
General Motors rights.... 29,820
% Jan 20 134 Jan 18'
Homestake Mining._100
100 953.5 Jan 22 9534 Jan 22 68 June 95
Nov
Jewel Tea,Inc
Jan 23 3434 Jan 20 27
100 1,104 31
Dec 4034 Nov
Preferred
100
1
88% Jan 18 8814 Jan 18 88
Apr 9734 Jan
Kayser (Julius) & Co 100 100 107
Jan 22 107
Jan 22 95
Jan 105
Oct
Kelsey Wheel, Inc.. 100 400 34
Jan 24 35
Jan 21 2434 July 35
Oct
Keokuk & Des M
100
100 235 Jan 24 214 Jan 24 3
Oct 4% Jan
Kresge(58)Co
10010634 Jan 20106% Jan 20 83 June 105
100
Nov
Kress (5 H)& Co....100300 60 Jan 21 63
Jan 22 50
Jan 6734 Dee
Laclede Gas
100
Jan 21 83
Jan 21 82
July 90
100 83
Mar
Lake Erie & Western 100
200, 8% Jan 22 8% Jan 21 734 Oct 1134 Nov
Preferred
Jan 21 1834 Jan 21 18
Apr 25
100
300' 18
Oct
Liggett & Myers_ _ _100
200204% Jan 1820534 Jan 18 164% Aug 210
Dee
Preferred
Jan 18 109
Jan 18 10034 June 110
100
100 109
Nov
Loose-Wiles 1st pref_100
Nov
300 9514 Jan 20 • 96% Jan 24 8234 Jan 94
Lorillard (P)
100
200162
Jan 21 163
Jan i8; 14434 Aug 200
Mar
191110
Jan 23 110
Preferred
100
Jan 23 98
Jan 110
Nov
Manhat(Elev)Ry gu 100
440. 83
Jan 22 8534 Jan 21 80
Dec 100% Do
May Dept Stores......i00 3,100 6334 Jan 18 66
Jan 20 47
Jan 6334 Dee
M St P & S S Marle_100. 100 8715 Jan 23 8734 Jan 23 8034 Jan 9715 Nov
Morris & Essex
50; 100, 7115 Jan 21 7134 Jan 21 67
July 75
Mar
National Acme
501 800; 30 Jan 23 31 Jan 20 2634 Jan 33 May
National Biscuit_ _100; 200111
Jan 2111134 Jan 21 90
Aug 110% Dee
Natl Cloak & Suit_ _
Jan 22 73 Jan 20 55
500; 70
Sept 6715 Dee
Preferred ______ _10Q
100,103% Jan 2010334 Jan 20 100
Jan 101
Dee
N 0Tex & Mex v t 0_1001 2,300; 3134 Jan 22 3334 Jan 20 17
Apr 3634 Dee
N Y Chic & St L_ _ _ _10Q 3001 28
Jan 20 29
Jan 18 13% Oct 31
Nov
Second preferred_ _100' 100 4314 Jan 23 4334 Jan 23 40
Oct 48
Nov
New York Dock_ _ _ _10g 409, 2434 Jan 21 2534 Jan 18 1834 Jan 27
May
Norfolk & West pref.100 20 ' 74
Jan 20 7434 Jan 20 69
Sept 79
Mar
Rights
1.4001
% Jan 20
% Jan 21
% Dec 134 Dec
Nova Scotia S & C_ _100
350, 53 Jan 22 5334 Jan 24 5234 Dec 70
Aug
Ohio Fuel Supply_ _ _ _25
100; 43
Jan 18 43
Jan 18 40
Oct 4634 June
Owens Bottle-Mach_ _25
200 47
Jan 22 4834 Jan 20 44
Dec 7034 Aug
Pacific Coast Co_ .... _1
l00r42
Jan 24x42
Jan 24 40
Dec 4534 Feb
Pacific Tel & Tel__ _100
300; 22
Jan 21 2234 Jan 23 184 Dec 27
Oct
Pitts On C & St L.. _100
45 Jan 21 45
Jan 21 2534 June 5834 Nov
Pond Creek Coal
200i 13
Jan 21 13
Jan 21 15
Nov 20 June
10
Savage Arms Corp_ _100, 800, 6134 Jan 18 6234 Jan 18 5134 Dec 8034 May
100:135
Jan 20 135
Jan 20 120
So Porto Rico Sugar_100
Sept 162
Jan
10008
Jan 18 108
Jan 18 102
Preferred
100
Jan 110
Nov
Standard Milling_ _ _100
100;125
Jan 23 125
Jan 23 84
Jan 120
Dee
Texas Co rights
11,673; 1634 Jan 18 1715 Jan 22 1414 Dec 1.734 Dee
Tex Pao Land Trust_100
Jan 18,300
Jan 24 13034 June 150
June
79,235
Transue & W'ms_no par
Jan 24 3634 Oct 42 May
4001 3734 Jan 2i 38
United Drug
Jan 20 69 Jun 9034 Dee
300 93 Jan 20 94
100
First preferred
50 4001 52
Jan 20 53
Jan 23 46
Jan 5034 Nov
United Dyewood_ _ _ _100
Jan 22 58
Jan 22 58
Sept 61
May
100, 58
U S Express
Jan 22 18
Jan 23 1434 Ap 1634 May
100
300 18
Jan 22 2634 Jan 18 8
Ma 26
Oct
Spcalty & Impt _ _100 1,930 24
Wells,Fargo Express 100
100 6614 .Tnn 23 6614 Jan 23 6334 Sept 8334 Jan
1001
Outside Market.—Business on the"curb" this week was
generally quiet and irregular, losses and gains being about
evenly divided. To-day's market shows a strong tone, with
speculation on an increased scale. General Asphalt stood
out prominently in the trading, the corn., after an early
decline from 533/2 to 52, moving up to 613%, a new high
record, the close to-day being at 603/2. The pref. gained
over 12 points to 993/2. Keystone Tire & Rubb. corn. was
less active and prices moved irregularly. Opening the week
at 543g, Wren. to 523/2, then recovered to 553/s. A reaction
to 533/2 followed, a final upward movement carrying the
price to 553
4. Intercontinental Rubb. lost 2 points to 17,
recovered to 18 and sank to 163
4, the close to-day being at
173%. Aetna Explosives corn., fluctuated between 63/i and
6% during the week and to-day jumped to 73%, closing at
7. Standard Oil shares were heavy in the beginning of the
week. Ohio Oil sold down from 326 to 315, the final
transaction being at 321. Standard Oil of N. J. went down
from 708 to 675, recovered to 693 and closed to-day at 688.
Standard Oil of N. Y. lost 10 points to 306, advanced to
319, the final transaction to-day being at 314. Vacuum Oil
dropped from 412 to 395, sold up to 415 to-day, and closed
at 412. In the other oil shares trading was heaviest in the
low-priced issues. Hudson Oil advanced from 756. to 98e.,
closing to-day at 80c. Queen Oil was heavily traded in up
from 17c. to 24c., and at 22c. finally. Louisiana Oil & Ref.
was conspicuous for an advance of almost 10 points to 34.
Houston Oil rose 5 points to 81 and ends the week at 80.
Island Oil & Transp. improved from 67
4 to 83%, closing
to-day at 8%. Metropolitan Petroleum advanced from 2%
to 3 13-16 and finished to-day at 3 11-16. 'Royal Dutch,
new, declined from 713% to 69, and advanced to 75%, the
close to-day being at 753/2. Bonds were less active. Interborough 7s dropped from 903
4 to 85 and sold finally at 863/2.
Russian Govt. 63/2s advanced from 543/2 to 64, and the 53/2s
sold from 52 to 60, the close to-day being at 633/2 for the
former and 59 for the latter.
A complete record of "curb" market transactions for the
week will be found on page 368.
Record, Daily, Weekly and Yearly
New York Stock Exchange-StockTWO
.PAGES
360
OCCUPYING
Tor record of sales during the weMt of stocks usually inactive, see preceding page.
HIGH AND LOW RALE PRICES-PER SHARE, NOT PER CENT.
▪ Saturday
Jan. 18.
Monday
Jan. 20.
Tuesday 'Wednesday
Jan. 21.
Jan. 22.
Thursday I
Jan. 23
Friday
Jan. 24
$ per share $ per share $ per share $ per share $ per share: $ per share
9053 9112 9034 9114 9114 91121 9153 9238
92
92
9112 92
86
8612 *86
88
18612 8612 8714 8714
*86
883 .8612 88
98
*97 100
98
9558 9558 98
*96
9834 *95
.9712 99
4712
4618 4814 x46
44
4634 4514 46
473g 48
4718 43
*51
55
54
54
54
5514 5514 5514 5514 5473 5518 54
2014 2113 1934 2034
2334 2414 23
2334 2134 2234 2112 22
158 15914
15534 157 .15512 15712 157 158
15634 15634 15612 157
5514 5412 5533
5514 5534 5412 5412 5334 5458 5112 5412 55
714 734
712 8
718 712 *718 8
*712 8
712 712
2373 2378 2512 2512 25
2433 2358 24
2434 2434 24
2533
3838 36
3712 3714 3912 8812 3912
3914 36
38
3834 38
7012 7113
67
73
6913 7018 89
69118 6512 69
6558 67
95
95
9514 9573 9573
95
95% 9458 9513 9318 9418 95
*131 136 *131 136 *131 136 *13114 136 *131 136 *131 136
233g 24
23
2312 2218 2234 2214 2278 2234 2314 2314 2334
7312 7434 7514 7514
77
77
75
7614 7314 7434 7314 74
6418 6118 6213 6134 62
62
6313 63
6312
6412 65
63
33
33 .32
36
36
*34
3614 3334 35 .31
33
36
.6212 75 .62
75 .6212 75 .6212 75 .6212 75 .6212 75
21
20
20
.21
24
.2012 24
1934 1934 2018 2012 *20
*48
50
*48
50
50
*48
50
.48
50 .48
50 .48
*4114 48
*4112 48
*4113 48
*4114 48
*4114 48
*4114 48
102 10278 101 10178 101 10114 *10113 10112'102 104 *102 105
*17212 178 *17213 178 *17213 178 *17212 178 *17212 178 *173 180
378 378
334 334
334 334
*334 514 *334 514
334 334
812 612
612 612
612 612
612 612
*613 673 *612 714
1512 1573 1553 1614 16
1614 163
1578 1614 1518 16
1658
2614
27
27
2512 2634 2434 2514 25
2518 2514 2614 26
20
*1912 2012 19
18
1814 1812 1.812 1812 1812 *18
19
9258 9218 9212
9113 92
9014 9112 91
92
9234 9158 92
3534 3618 3534 3614 3558 3612 3614 3673 31358 3714 3713 3818
96
9638 9612 96
97
9678 .95
98
9734 9734 97
96
5
5%
478 518
5
.538 534
538
513 518
5
558
1914 1912
1838 1812 19
1973 20
1978 2013 1812 1914 18
1734 1734 1818 1818 1734 18
18
18
.
18
19 .1734 19
50
50 .4912 51
.49
4912 4912 .49
51
50
50
50
557g 5612 57
5458 5434 5112 5453 5132 5/53 5438 5458 55
118 11878111412 115 *11212 116 .11212 11412 11312 11312 .11212 115
912 10
912 913 *914 1012 *934 10
1014 1014 1018 1018
478 478
478 5
5
478 5
*5
512 *5
518
5
.834 10
834 834 *813 9
*812 912 *812 912
.878 10
2412
2334 2312 2412 24
2414 2412 2314 2414 2234 2312 23
4914 5133 4958 5012 494 5012 .4912 52
5212 5314 5158 53
7214 73
71
7118 72
7253 73
70
7114 7212 6914 71
30
2934
3014 2834 3014 2758 2814 2818 2834 2834 3014 29
19
1914 1912
1934 1934 1938 1958 1812 1812 *13
1912 19
10512 10512 10434 10533 104 10418 *104 10512 10412 10412 105 105
92
91
9112 9134 9014 9114 8853 9012 89
8912 8912 91
4453 45
4134 45
4473 4533
4434 45
4453 4478 4413 45
1278 1278 1212 1234 12Is 1212 1218 1212 134
57
57
745- 43
3513 -31-2 -55 -3136
4 34
3433 347 3513 -3512 3614 36
81
*78
*78
81
7973 80 .79
*78
81
81
81
*78
7812 7934 7712 7834 75
7814 7933
37714 79
7814 7713 79
*3712 38
37
*3712 38 .3712 38
38
37
3758 3758 *37
.3758 39
.3758 39
*3758 39
*3753 3812 .3758 39
*3758 3812
12
12
13
13
1178 1258 1034 1113 1113 1112 1112 12
22
2212 *17
*1812 2212 *1713 20
*17
2212 *17
1778 18
30
*30
31
4130
32
30
30
30
30 .2912 32 .28
734 734
778 773
712 778
73t 8
*16 17
17
*16
16
16
1614 1572 1578 16
9714 965 9814 978 9914
984 -60-171, 97
9838 9513 9712 96
2712
2714 27
2712 2734 2618 2712 25
2614 2558 2638 26
68
68
68
68
6318 6714 68
6634 6714 *6612 6712 68
2834 3178 3113 338 3214 3318
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43
4112 4113 *40
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38 .36
42 .36
127 12778 12614 12714 1241g 12658 12518 126
12558 12718 12658 12758
7234 72
72 .72
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73
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738 812 *812 834
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31341 31
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19
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7138
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358 334
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353 334
2
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8218 8218 811 82 .8112 83
*10014 102
10013 10012 10012 10113 10013 10034 10014 10013 100 10014
9812 .93 100
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4658 4612 4713
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113 113 - ---- ---- ----- ------------- ----- ---- -------i
l.4 4'.4 4234 43
1
iill
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8112 7712 82
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3858 397 *3712 40
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8178 8258 7812 81341 7733 7912; 7818 7978' 7812 7918 7918 8012
11212 11314
11312 14312 11214 112141 11114 11214 11112 112
112 112
*115 116
115 115 *113 115 *113 115 I*113 11512 *115 11513
101 10178 10078 10234 10038 10212. 102 1033k 10178 10234 110114 10234
10034 10034 10012 10034 10033 10012 9978 10012 9934 100
10014 10114
198 198 .196 205
193 195 i 194 194
192 196
195 200
101 102
*10112 103
101 101
10173 1017g .101 102
102 102
4578 4573 46
4614 4514 4512' 4512 46 1 4512 4578 46
4614
9518 9518 95
95
*9412 9512 *94
9513' 9518 9513 *9412 9513
33
331g 33
35
3358 3478 34
35341 3412 3412 34
34
*1112 12
1112 1113 *1112 12
1112 1112 1112 1112 *1112 12
*42
44
4212 4212 40
40
41
41
41
41
*39
43
5778 5814 5738 54
5718 578 5634 5734 57
5818 5758 5958
10114 102
10133 10173 93 101
98 101 ' 9918 10018 10034 10234
68
67
67
*6612 6712 6612 6612 6512 6634 6678 6678 *65
6834 7138 6834 7014 661.4 6753 6658 68
6653 6838 6818 7014
*Hi" fiiii 108- iiiit; 10i14 foil- 10313 foil 11012 11012 ii678 1167-8
57
57
5512 5634 --------_
5612 5714 5314 5878 5934 5931
5633 5733 5534
10212 10212 102
*19
1912 19
151 152 .15112
614 638
613
*18
19
174
5678 553s 5612
102
10134 102
1912 *19
20
15512 152 152
618 *6
614
1713 1753 1758
Saiesfor
the
Week
Shares
6,800
441
200
22,200
1,100
29,300
4,100
4,200
1,400
1,200
24,400
15,900
2,900
14,200
4,300
4,100
600
700
1,500
400
800
14,700
4,600
700
10,500
45,910
884
6,800
4,400
1,100
400
2,400
900
1,400
12,700
200
19,925
2,700
13,400
14,200
1,400
1,600
11,800
11,600
1,600
200
100
6,600
200
67,700
200
2,000
200
300
800
1,100
71,790
33,800
1,800
65,600
400
24,500
1,100
800
500
2,000
5,350
300
2,200
700
100
• 1,000
300
2,200
600
2,000
4,700
3,400
16,320
821
1,000
50
4,210
25,400
2,100
12900
- 100
3,100
20()
7,501)
72,700
1,900
500
1,800
19,400
2,900
2,100
1,100
2,250
325
68,300
900
9,400
2,000
100
17,300
10,000
1,400
1,000
2,000
350
6,700
50
601
31,200
8,90
800
78,950
.800
2,500
' 5612 5858 5814 5914 5912 6113 101,90
10153 102 i 10153 10178 10213 10253 3,30
*19
1013 *19
1912 19
1913 1,400
15211 15214 152 153
15378 15378
900
6
6
618 618
618 613 1,700
1758 1759 1753 1753 *17
19
500
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Year 1918.
Ors basis of 100-share lots.
Lowest.
Lowest.
Highest.
Railroads
Par
per share. $ per share $ per skate
Zret share.
Atoh Topeka & Santa Fe-100
81 Mar23 9934 Nov12
75 Dec 1074 Jan
100
80 Jan30 9213 Nov12
Do pref
75 Dec 1004 Feb
893s Apr22 109 Nov20 z7978 Dec 119 Jan
Atlantic Coast Line RE..100
4812 Dec31 62 Nov12
Baltimore & Ohio
100
3814 Dec 85 Jan
53 Apr25 6412 Nov13
Do pref
4814 Dec 7678 Jan
100
2538 Dec26 4814 Jan 2
Brooklyn Rapid Transit 100
36 Dee
100 135 Mar25 17478 Oct14 126 Dec1 8
Canadian Pacific
62
7% M
jan
as
4934 Jan15 6238 Nov12
42 Nov 6534 Jan
Chesapeake & Ohio
100
6 Dec 144 Jan
Chicago Great Western. 100
6 Apr 9 11 .Nov12
1812 Apr 9 32 Nov12
1712 Dec 4134 Jan
Do pref
100
3714 Apr22 5414 Sept 7
35 Nov 92 Jan
Chicago Milw & St Paul..100
6614 Aprll 8638 Nov12
Do pre(
6213 Dec 1254 Jan
100
Chicago & Northwestern-100
8912 Mar25 107 Nov 9
85 Dec 12414 Jan
100 125 July15 137 Jan29 13712 Dec 17212 Feb
Do pref
18
Apr22 324 Nov12
Ohio Rock Isl & Pao temp otfs.
16 Dec 384 June
7% preferred temp ctfs__ _
5634 Jan15 88 Nov12
44 Dec 8414 Apr
Apr
46 Jan15 75 Nov12
6% preferred temp Ms_ _
3534 Dec 71
Jan
26 Feb21 40 Nov 8
Clev Gin Chic & St Louis_ _100
24 Nov 51
Do pref
100
5834 May 7 70 Nov22
6134 Oct 80 Jan
18 Apr22 2712 Nov12
Colorado & Southern
100
18 Nov 30 Jan
47 Apr 3 55 Nov 4
Do 1st prof
100
4478 Nov 574 Jan
40 Apr 4 48 Deo16
Do 2d pref
100
41 Sept 46 Mar
Delaware & Hudson
100 10012 AprIl 11934 Nov12
87 Nov 15178 Jan
Delaware Lack dc Western-50 160 Apr17 185 Sept 4 16712 Dec 238 Mar
uovo221
Denver & Rio Grande_ _100
214 Jan 4
N
5 Dec 17 Jan
5 Apr23 135s
Jan
7
Do pref
978 Dec 41
100
14 Apr17 2338 Nov12
100
Erie
134 Dec 3434 Jan
14 Jan
2318 Janie 3612 Nov12
493
Do 1st pref
100
153
81: Dec 3
Jan
1812 Jao25 274 Nov12
Do 2d prof
100
Dec
88 Jan15 10612 Nov12
Great Northern prof
100
7914 Dec 11814 Jan
r
Jaan
711: M
2518 Jan15 3412 Nov14
18
Iron Ore properties..No par
Doeve 3
22
5348 N
92 Jan 7 10512 Nov12
Illinois Central
100
8554 Dec 10638 Jan
434 Dec26
94 Jan 3
Interboro Cons Corp..No par
1714 Dec30 4712 Jan 3
Do pref
394 Dec 7214 Jan
100
1513 Apr17 2414 Nov12 • 413011
Kansas City Southern.-100
Ms Jan
45 Jan 5 5912 Nov12
Do prof.
100
Nov
I Jan
Lehigh Valley
so 5358 Dec24 6518 Nov12 5053 Dec 7912 Jan
Louisville & Nashville..100 110 Jan 2 12434 Nov12 103 Doc 13334 Jan
Jan
712 Apr17 1578 Nov12
Dee
Minneap & St L (nets).-.100
/
4 Jan
418 Jan 5
11
634 Nov12
12
Missouri Kansas & Texas 100
0
37
1: Dec 3
20
813 jan 1
2
29
5 31315812
Do prof
100
7 Nov 204
JJan
315814
14
0
Nov12
3
Missouri Pacific tr otfs___100
oDDeeeeo 180
2s Nov
63277
19:8
Jan
41
Jan15 62 Nov 9
100
Do pref tr otfa
6712 Jan15 8458 Nov12
New York Central
100
135825878
27 Aprl 1 4578 May29
N Y N H & Hartford.......100
9
22
1: Septr
1814 Jan22 2118 Nov 9
N Y Ontario & Western...1013
17 Nov 2914 Jan
Jan
Norfolk & Western
100 102 Jan24 11214 Nov12
Jan
100
8118 Jan24 105 Nov12
Northern Pacific
75
ao 4314 June27 504 Nov12 404 Docc 15738 Jan
Pennsylvania
91z
Nov12
Jan
3652
_.._100
Pere Marquette v t o
May 1 1878
12 Dec
e
5212 Apr 3 64 Nov 9. 3
77
34 Jan
Do prior pref v t o..___100
47
5 Nov 8
June
30 Apr 5 50 Nov18
Do prefvtc
100
Oct
2258 Jan 2 4038 Nov14' 18s• Dee 3534 June
Pittsburgh & West Va.......100
Jant
82 Nov14
Do pref
61
100
51, , Apr 68 Jan
Reading
ao 7018 Jan15 9614 Oct23 604 Nov 10414 Jan
Do 15t pref.
ao 35 Jan12 39 May16 34 Nov 45 Jan
_5
Do 2d prof
35 Mar30 40 July 6
3378 Dec 4512 Jan
e
an
un
238 Jj
St Loula-San Fran tr W8.100
26
pe
co
c 3
933 Apr 3 1714 Dec 1.
2
12 D
19 Oct 2 • 25 Nov12
St Louis Southweatern...._100
Jan
100
18
Do pref
28 Oct 2 404 Jan 3
1 53
714 0
1)0
34
7 Apr17 12 Nov12
Seaboard Air Line.
100
154 Apr19 2514 Nov121
Do prof
1678 Dec 3911 Jan
100
82
2
t
A e
% 110 Nov 7' 75114 Dee 9812 Mar
Southern Pacific Co
100
21
100
2112 Dec 33s8 Jan
Southern Railway_
7
18
4 Nov12
Jan
.100
57 Jan21 7
35
4
May
a
4 .1"n
Nov 7
10
9312
100
14 May 4 2912 Deo 9; 5
Texas & Pacific
111%
58 No
32 Dec30 6514 1411311 62 Dec 95 Jan
Twin City Rapid Transit-100
Union Pacific.
100 10934 Jan15 1374 Oct191 10114 Deo 1494 Jan
85 Jan
.100
Do pref
69 Jan 3 7634 Nov121
434 Jan15 12 June27; 69
4114
4 D
De
oc
e Ilse Jan
United Railways' Invest-100
1012 Apr 9 20 May 71 114 Dec 2333 Jan
100
Do
prof
7 Apr26 1134 July 81
1634 Jan
Wabash
100
7 Nov
100
J.,an
3078 Dec30 4412 Jan 2- 3614 flea 58
Do prof A
1913 Dec30 2611 June261 18 Dec 304 Jan
.100
Do prof B
10 Dec27 1734 Feb15
e 23 Apt
Western Maryland (new).100
3
1521, D c
20 Jan29 32 June22, 20 Den 41 Mar
100
Do 2d prof
812 Dj
ifulg
18
100
13 Jan 2 2434 Nov121
Western Pacific
10/2 Dee 4
46 Jan 3 66 June27.
-100
Do preferred
an
Jtsn
5 j
52
01
8 Apr22 1234 Nov12
Wheeling & Lake E RY-100
16532
71 NovDes, 2
1712 Apr17 26 Nov12
100
Do
preferred
100
297/ Dec26 3934 Oct22
33 Dec 641t Jan
Wisconeln Central.
Industrial & Miscellaneous
11
Jan19 2634 Nov21
74 Nov
1811 Jan
100
Advance !timely
2573 Jan 9 6278 Nov19
19 Oct 371s Jan
100
Do prof
49
Jan
2
7214
Dec18
80
Jan
Doc
4518
50
Ajax Rubberino
14 Apr27
Dee
538 Nov 6
10
Alaska Gold Mines
112 Apr 1
312June21
1114
8 Mar
13
Alaska Juneau Gold Min's_10
1734 Jan15 37 May24
15 Dec 3258 May
Allis-Chalmers Mfg_-_-.-100
100
65 Dec 8678 Mar
Do preferred
7214 Jan 4 8512 May24
May
78 Jan 2 106 Oct 17
Amer Agricultural Chem 100
9721
e
100
894 Jan17 101 aug27
Dec 109351:
Do prof
Feb
48 Nov26 84
100
Foh27
American Beet Sugar
08
21.
pec
e 19
Do prof
100 :82 Sept13 9112 May S
6
73
812 D
3458 Jan15 5034 MaY17
100
204 Nov 53 May
American Can
100
8914 Jan23 99 Dec31
87
Do prof
684 Jan14 9334 Dec31
American Car & Foundry 100
May
21
UUnnee
Jan 3 11512 Dec30 10
Fee1
15
18
041314
D
100 106
50
7 Nov
Do prof
25 Jan16 443 Oct18
21 Dec 5012 Jan
American Cotton 01......100
78 May16 8$ Decll
80 Dec 10112 Jan
Do prof.
100
.Sept 4
117s Jan10 22,
10 Feb 1714 Mar
American Hide & Leather 100
Jan
50 Jan 2 9478 Aug24
100
4314 Dec 75
Do prof
1113 J2n 2 49 Oct28
16i Aug
American Ice
100
38%
3 July
July
3834 JAM() 61
preferred._ ___ 100
Oot21
Dec
Do
514 Sept13 6l/120et 14
Oct 6214 Anil
46
Amer International Corp 100
27 Jan 7 4712 Dec27
100
1534 Feb 294 Aug
American Linseed
Nov
6914 Jan 7 92 1)ec13
eb
Do pref
100
534 Jan15 7134 May16
46% Dee 872534
American Loccootive
100
100 s95 Jan 4 10238 Dec 3
93 Dee 10675 Jan
Do prof
238 Sept28 134 Feb ti
American Malting_ ....._ 100
814 Dec 1934 Mar
41 Sept18 48 Dec10
Do 1st pref certfs. of deft
73 May28 9434 Oct 18
aiss
- Dcc _
Amer Smelting & Refining 100
100 103 Sept215 11014 Nov12 1994 Nov 11718 Jan
Do prof
504 Dec 75 Jane
58 Jan15 95 Nov19
Amer Steel Foundriea___ 100
98 Jan16 116 May15
894 Nov 12638 June
American Sugar Refining 100
100 10814 Mar23 11412 11e0 4 106 Dec 1214 Jan
Do prof
6034 Jan 5 145 May24
Am Sumatra Tobacco. .100
30 May 11212 Dec
9058 Aug 5 10914 Feb 1
9534 Dec 12812 Jan
Amer Telephone & Tales. 100
ae
ub
20
3 JMr
Fenb
c 25
100 14012 Jan 6 19834 Dec 5 12
718 D
33
American Tobaccb
924 Sept14 1004 Dec 6
100
Do prof (new)_ _
89 Dec 10934 Jan
4478 Jan15 6078 May24
Am Woolen of Mass
100
un
ae
v
50
44Jm
92 Jan 4 9634 Dec 8
100
8
17
7 Nov 10
Do pre(
2014 April 3938 Aug28
Am Writing Paper prof. 100
11 Dec30 2138 July g
1012 Dec 4132 Jan
Atn Zino Lead & S
25
724 Jan
3912 De(
3834 Dec30 5314 July 1
Do prof
25
5118 Nov 87 May
59 Dec30 s7414 Oct 18
Anaeonda Copper MInlost 50
9734 Jan 6 12014 Feb18
8753 Sept 1214 Jan
Atl Gulf & W I SS Line.-.100
Jan
Feb 66
54
100
58 Jan 5 6753 Nov20
Do prof
43 Feb764 July
5618 Jan15 10184 May18
ilaidv.to l.ocometive Wks 100
Oct21
100
03 Dee 1024 Jan
93 Jan 2 104
Do pre'
Jan
142 Dee 136
163
85 Jan 4 110 Dec 9
Barrett Co (The).
Jan
6614 Dec 516
Bethlehem Steel COM-- 100
60 Dec30 96 May16
Do class 13 common 100
5934 Nov12 94 Mayle r6618 Dee 156 June
Do corn cony 8% pref....
9612 Jan15 10678 Apr29
93 Dec 10111 oot
Jan21 284 Sept 5
21
Booth Fisheries
No par
Burns Bros •
89 Jan 1251, Apr
100 108 Feb 5 61120ct 26
513 Dec 30 11278July10
Butte Copper & Zinc v t c_45
M.Jan 21 331. Mavt4 'Hs;"TV, 1121, Jan
Butte A shmertor Mining 10
▪ ill 1 and askei prices; no silos on this day.. *Xx-rights. * Less thin la *hares. a Ex-d1v4 and rights. g Ex-dividend.
Highest.
PER SHARE
Range for Previous
Year 1917
biBefore payment of first installment.
New York Stock Record-Concluded-Page 2
361
for record of sales during the week of stocks usually inactive. see second page preceding.
SIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Jan. 18.
Monday I
Jan. 20.
Tuesday
Jan. 21.
Wednesday
Jan. 22.
Thursday
Jan. 23
Friday
Jan. 24
Salesfor
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Year 1918.
On basis af 100-share loft.
PER SHARE
Range for PrItIOSI
Year 1917
Highest.
Lowest.
Louts:.
Highest.
-----Ind ustrIal&MIsc.(Con.) Par $ per share. $ per share. $ per share $ per share
$ per share $ per share !5 per share I $ per share $ per share $ per share
5214 5012 51141 5158 5214 5214 5412 5312 5438 9,800 California Packing_ __No par
5212 52
3612Jan 3 50 Nov23
52
3334 Nov
4214 Aug
2338 2234 23 1 2232 22$4 2178 2258 2218 2212 2234 2514 14,900 California Petroleum
12 Jan 7 2478 Nov 9
23
100
1014 Dec 3012 Jan
6712 6712 6712 7014
pref
3,800
6812 6714 5714 *6612 68 1 6612 67
Do
68
36 Jan 5 7012 Deel 1
100
2912 Nov
6214 Jan
100
5734 5818 5712 58 1 5738 5734 5714 5733 5712 5818 5812 5912 5,700 Central Leather _____.
5434 Dec26 7358 Feb 27
55 Dec 10112 June
106 106 *105 107
600
Do
pref
10518 10518 10514 10538 *105 106
_100 10112 Dec26 108 Nov12
*105 106
97 Dec 115% Jan
3118 3114
31
3112 3112 3,900 Cerro de Pasco Cop_ _ _No par
3212 3212 3112 3214' 31
3234 33
2914 Mar
39 Nov12
25 Dec 41
Feb
800 Chandler Motor Car_ ___ _100
(3814Jan 2 10978 Dect 1
103 10418 *10212 105 1 +10212 105 *103 105 *103 105 *103 108
56 Nov 10484 Mar
8,400 Chile Copper
1738 1758 1738 17121 1718 1712 1712 1752 1714 1712 1712 18
1412 Apr 4 24 Oct 18
25
1114 Nov
27511 Mar
3378 3234 3:312 33
3334 6,900 Chino Copper
3312 3353 3338 33341 3312 3373 33
3138 Dee28 4714 May16
5
3512 Nov
6334 Mar
3634 2,700 Colorado Fuel & Iron__ ..100
3434 Jan 29 5412 May24
3512' 3518 3512 3518 3518 3518 3514 36
3512 3512 35
2934 Nov
58 June
4138 4158 4158 43
5,400 Columbia Gas &Elec
4114 4112 4052 4118 4034 41
4114 4114
2834 lal ar25 448 Dec 30
_100
2558 Nov
47% Apr
9214 *92
9212 92
94
2,200 Coneolidated Gas( N Y)_ _100
93
93
9312 92
9314 9314 92
8234July15 10573Nov12
7612 Dec 13458 Jan
6814 6918 69
6978 6978
69
1,500 Continental Can, Inc
6818 6818 69
68
*6818 69
6512 Oct 7 95 Feb 19
100
76 Nov 10314 June
4678 4634 4712 47
4813 4778 4858 39,100 Corn Products Refining_ _100
474 4818 4634 4752 46
2973 Jan 15 5018 Nov18
18 Feb
3714 July
10234 10234
10234 10234 10212 10218 *102 10312 102 102
490
prof.
*10212 104
Do
.100 x9012 Jan 7 104 Dec31
8812 Nov 11288 Jan
5312
5438
54
27,30
8
5312
5334 55
5414 525 54
Crucible Steel of America .1(10
5318 5412 53
52 Jan 12 7478 May16
4534 Dec 91% July
*90
94
*90
94
*90
91
94
91
100
94
*90
94
pref
86 Jan 31 9134 June 4
Do
*90
100
83 Dec 11734 JaD
2358 2438 2312 2414 2312 2414 2312 241 1
25
24
2358 24,2 29,000 Cuba Cane Sugar_ __.No Par
2718 Apr 10, 34 Nov12
5514 Jan
2478 Nov
747 Dec 9412 Jan
Do prof..100
7714 Dec30 83 Feb 18
7618 7612 7518 7618 7518 7534 7512 7534 7518 7538 7518 7533 6,900
5158 5318 38,900 Dietillers' Securities Corp.100 s33 Jan 2 6434 May24
5112 5331 5218 5353 5158 5353 5112 5214
514 52
1134 May 4414 Oct
1134 12
1214
1158 1158
12
12
12
2,100 Dome Mines, Ltd
1178 1214
12
12
(3 Junel9 15 Nov 1
10
2434 Jan
612 Nov
2914 2812 2912 2833 29
26
2914 254 29
11,600 Gaaton W & W Inc__No Dar
2914 2914 29
2534 Oct 11: 39 Feb 13
28 Feb 4112 Aug
149 149 *14812 150
147 148
150 150
1,600 General Electric.
149 149
14812 149
100 12734 Jan 7, 15812 Oct 18 118 Dec 17134 Jan
12134 12312 123 13334 15,100 General Motors Corp_ _
122 12312 12114 12212 11812 12112 12114 122
_100 10834Jan 15 164 Aug21
7412 Nov 14618 Jan
8312 8312 *8234 85
83
83
8212 83
400:
85
*8212 8512 *82
prof
Do
100
7538 Oct 10 48 Feb 1
Jan
7234 Dec 93
5734 58
5734 58
5834 61
6,300, Goodrich Co (I3 F)
5912 6012 5812 5914 5712 58
100
38 Jan 2, 597 Oct 18
3214 Dec 6/18 Jan
100
10312 10312 *101 10334 *101 10312 *10112 10312 *102 10312 *102 10314
95,
8 1)ec23 104 Dec 9 z9138 Dee 112
pref
Do
100
Jan
3
7412 2,500 Granby Cons M S & P.
7412 7458, 74
74
74
7614 7614 7578 7578 7412 755
74 Jan 25 86 Oct 23
100
65 Nov 9238 Jan
4412 2,000' Greene Cananea Copper_ _100
43313 4378 4234 4312 4212 4253 4312 431* 44
*4:312 45
Jan
3812Jan 171 5814 Nov 6. 34 Nov
47
5073 5118 5112 5178 5112 5258 5258 53
2,300' Gulf States Steel tr etre 100
5212 5412 5118 52
5834 Dec19 11112 Apr 25
Jan
77 Nov 137
4412 43
4412 43
*43
43
4312 *42
43
4412 42
1 July30
*43
500' Haskell de Barker Car _No par
34 Jan 5 49(
40 June
2712 Nov
4334 4413 4353 45
4334 4458 4:318 4378 4318 4334 4314 44
12,9001 Inspiration Cone Copper. 20
6612 June
4118 Dec28 5812 Oct 18
38 Nov
*11
*1112 13
*11
13
14
13
*11
14
2178 May
1312 1:312 14
11
)
(1118
)
'i Internet A gricul Corp__ 100
10 Jan Ft, 19 June20
734 Nov
56
156
5334 5413 5412 54(2 *53
56
5158 5458
5112 55
Do
6012 July
pref.
38 Jan 5. 65 June18
100
2614 Nov
113 11312 11018 11278 11253 11278 *110 11212 11278 114
80(4 Intern Harvester (newl....100 104 Oct 14 121 Nov12
114 114
2314 2334 221•1 2314 23
2358 25
2334 2358 2458 11,600: Int Mercantile Marine_ _100
2458 25
21 Jan 15 33 Oct 16
1713 Dec 3(37 Mar
9914 10112 9814 10078 9734 10058 98511 10238 10112 10412 123,3751
10138 10:1
pref
Do
8338Jan 2 125(2 Nov 6
100
6258 Feb 10612 Oct
2613 27
2534 27
2638 27
2612 2578
2634 27
Mg 27
24,500, International Nickel (The)25
27 Jan 15 35 Nov 7
2412 Dec 4738 Mar
3534 35
3658 3453 35
3212 3338 3258 3434 34
35
3512 21,8001 Internattenal Paper..
24% Jan 15 4512 May16
100
1812 Nov
4958 Jan
64 .*53
63
63
*62
64
*63
65
63
*62
6234 6278
700
100
7712 June
Do stamped prof
58 Jan 22: 6512Jan 31
5014 Nov
6812 . 68
6912 58
68
7214 77
71
69
*68(2 7012 69
7,300 Kelly-Springfield Tire_ __25
41 Apr 2i 72 1)ec19
3678 Dec 6412 Jan
3214 32
3212 3218 :1214 3258 3234 9,500 Kennecott Copper_ _..No par
3218 3214 32
3218 321
6018 May
20 M ar25' 4114 Nov12, 26 Nov
6312 6512 65
6112 6334 6334 6212 6:314 63
6334 63
3,600 Lackawanna Steel
61
8512 Dec30 9158 May16
100
68 Nov 103% June
22
*21
21
2114 2118 2114 2112 2212
2118 2118 *2114 22
1,300 Lee Rubber & Tire___No par
12 Apr 2 24 Deel 1
Jan
103s Nov
30
46
4738 *45
46
47
4612 4612 3,600 Loose-Wiles Biscuit tr ctfs_100
4512 4638 • 4514 46
45
1218 Nov
1712Jan 8 4558 1)ec31
2718 Jan
*9513
98
98
*9612
*9612 98
*9612 9712 9712 9712 *9512 98
150
53 Feb 15, 96 Dec23
Do 2d pref
100
Jan
55
Jan 64
70
7012 70
7212 *7014 7212 70
7012 *69
7212 *70
*69
400 Mackay Companies
89% Feb
100
70 Dec141 7812 Feb 281
70 Nov
*6334 65
*6331, (35
*64
55
400
54
64
*6312 65
*6334 65
Do
prof
100
57 Jan 41 65 May28
5714 Dec 6712 Jan
2734 2734 28
2714 2758 2634 2714 *263.I 2712 2712 28
28
2,400 Maxwell Motor, Inc
2312Jan 151 42.2 Nov12
100
1918 Nov 6184 Jan
5034 51
5114
1,300
5038 5032 *5014 5112 51 • 52
5034 51
51
Do lot pref
50 Dec271 8978 Nov 8
100
49 Dec 7412 Jan
*1912 20
20
20
21
20
*1978 2012 *20
20
500
1973 20
Do 2d pref
19 May27 3238 Nov 9
Jan
100
13 Nov
40
164 16914 16234 16714 16312 17134 238,000 Mexican petroleum
167 17412 16713 17134 16358 171
79 Jan 5 194 Oct 19
100
67 Dec 10812 Jan
1
*10312
*10312 ___ *10312 ____ *10312 ____ *10312 ____ *10312 ---prof
Do
87 Jan 15; 107 Deell
8478 Nov 9778 June
100
2333 24(4 2312 2312 .4,600 Miami Copper
24
2418 2413 24
2418 24
2418 24
2214 Dec311 331 Jan 31
5
4314 Apr
25 Nov
4112 4178 4134 4234 12,800 Midvale Steel & Ordnance_50
41(2 42
4218 4212 4153 4214
4114 42
41 Dec30 61 May16
3012 Dee 6712 June
*7012 73
100 Montana Power
*7013 7:3
*7012 73
*7014 7412 7012 7012 *7013 73
64 June25 8113 Nov13 15834 Dec 10914 J1113
100
*104105 105 *10312 ____ *10312 105
___ *104
*101
100
Do
prof
95 Marli) 10618 Dec 5
100
9512 Dec 11712 Mar
1434 15
1434 15
3,400 Nat Conduit & Cable No par
1514
15
15
1418 -1-4-12 1412 15
15
13 Nov25 215w July 5
1312 Dec 39 June
3714 Jan 7 5412 May20
4912 50
50
49
4812 48
48
4812 4812 4812 4813 4912 4,400 Nat Enam'g & Stamp'g... _ 100
4634 Oct
24 Feb
97
*93
97
*93
99
*93
97
*93
*9312 99
"9312 97
9912 Feb 20
88 Nov21
100
90l May 9914 July
4314 Jan 7 6934 Deel 1
6734 6814 67
6713 5718 6,378 5,300 Nap
6712 6712 684 6714 6818 67
tioonalproLfeed
100
377 Dec 6318 Mar
*108
*108
*108
*108
*108
110'8
____
11018
_--- *108
Do pref
9934 M or 2 10512 May18
99 Dec 114
Jan
100
163.1 1634
1653 1634 1658 1634' 1658 1638
*1634 17
1631 1634 2,200 Nevada Cense! Copper __5
1612 Dec30 2173 May16
2638 June
16 Nov
*99 105
*103 105
550 New York Air Brake_ _
105 105
10:334 10334 10212 103
+99 105
9812 Dec27 139 .May22
50
98 Nov 156 Mar
48
*47
*47
48
*47
100 North American Co
48
*47
48
48
48
*45
48
37% Aug16 5712 Nov22
39 Dec 7288 Mar
43
42
4112 42
4253 43
4134 42
4178 42
4153 4212 9,000 Ohio Cities Gas (The). _ _ 25
35% Mar25i 48 Oct 18
3178 Oct 143% Apr
858 918 34,800 Oklahoma Prod & Refining_ 5
834
878 9
938
85a
9
853 878
914 938
*6
612
614 *6
618
614
618
612 *6
612 *6
900 Ontario Silver Mining_ _100
414 Jan 221 13 June17
612
734 Sep:
358 Nov
:161.1 3638 4,500 Pacific Mall SS
3512 3612 3714 3814 3(312 3714 3534 3612 *3514 37
A
2383 Jan 211 40 Dec17
30% June
18 Feb
69
68
6778 6812 67
6838 67
684' 6718 6778 6718 6912 19,600 Pan-Am Pet & Trans
50
6314 Oct 30 7214 Oct 28 ....
11912
*117 120
117 117 1 118 113
11912
120 120
*115 120
100
1)0 pre'
100
124130c( 29
86 Jan
i;
87 Nov
48
4518 4518 *4514 50
50
*45
*45
47
48
48
46
800 people's 0 L & C (Chle)-100
3954Jan 2 61 Nov 8
35 Dec 10614 Jan
3014' 30
3052 3058 3012 3012 30
3014 *2912 3014 *4
1,300 Philadelphia Co (Pittsb)...50
0%
4
30
21 Apr 12 3514 Oct 29
3
0
0
Jan
2412
42
Dec
3934 3834 3912 39
3918 3938 3912 398 39
6,500 Pierce-Arrow M Car_ __No 1poo
3934
r
34 Jan 16 5134 Nov12
25 Dee
4134 June
10134 10134 "102 10212 102 102 , 102 102 *10172 102
10178 102
600
Do
8934 Jan 26 101 1)ec14
prof
88 Nov 9812 Aug
1738 1712 1678 1738 17
1714
1738 1731
1714 18
1714
17
13,600 Pierce 011 Corporation
25
15 Sept13 1918 Oct 18
4578 4612 4512 4534 451 % 4514 4514 4514 46
46
46
4634 2,800 Pittsburgh Coal of Pa__. 100
42 Jan 15 5334 Feb 28
3712 Dec
5483 BePt
*8514 8712 *8514 8712 *83
8612 *84
86 1 *83
86
86
86
7984 Jan 2 857 Dec16
200
100
Do
pref
74 Dec 90 Aug
64i
6112 6214 6214 6214' 6218 6318 64
62
62 1 62
62
1,100 Pressed Steel Car
8318 Jan
100
5512 Nov26 73 Aug13
49 Dec
*99 104
*99 104 *100 104 *100 10312 *100 10312 *100 104
93 Apr 27 100 hilt 5 r90 Nov x107
Do prof
100
Jan
*91
__ *91
*91
____ *91
___
*91
90
91
200 Public Sere Corp of N J 100
85 Oct 2 10912 Mar 5
Jan
99 Dec 131
12058 121 *11812 124 *120 123
*120 1-21,*12014
11978 120
600 Pullman Company
100 10018 Jan 7 13214 Nov12 10614 Dec 16732 Jan
7012 71
7112 7178 72 . 72
72 1 6978 7178 70
74
72
5,500 Railway Steel Spring
4512Jan 7 7812 Decl 1
3614 Nov
58 June
*102 107 1 8'102 107 *102 107 *10212 107 *102 107 *10212 106
prof
95 Jan 2 10512 1)ec31
Jan
CoDper
8812 Dee 101
9013 20
2013 20
20
2018 ' 20
2014 20
2033 2018 2038 4,900 Ray Consolidated
1914 Dec26 2614 May16
11_3°(10)
3714 Apr
1912 Nov
7112 7233 7153 7234 7158 7278 7218 7273 7214 7278
7478 11,700 Republic Iron & Steel__ 100 x7258 Jan 15 96 May16
73
June
9412
90
Fet
10112 10112 *10112 103
.100 10112.100 10112'8100 101
10112 10112
300
Do
prof
100
9258Jan 2 10212 Sept17
S9 De( 1057g May
7212 74
7334 7641
7512 7812 12,200 Royal Dutch Co Ws deD
713 7212 7118 7212 7034 72
59 May
- - - - :70 Dec31 145 Oct 18
7314 Nov
712 734
714
*7
714
8
*7
8
718
711
714
714
700 Saxon Motor Car Corp_..100
434 A ug22 18 Nov13
Jan
478 Nov
68
172 17312 173 17478 17412 1753.1 17511 17514
17934 1793.1 175 177
1,800 Sears, Roebuck & Co__..100 13334 Jane 8 17612 Dec31 12311 Dec 23814 Jan
*13
1312 1238 13
12
1212
12
12
1212
12
12
12
1,850 Shattuck Aria Copper
18% Feb 19
Mar
10 x13 Dec31
15 Dec
2914
8
3458 335 3414 3352 34
3414 347g :34
3312 34
3353 3514 18,000 Sinclair Oil & Reg_.No par
39 Feb 5
2514 Apr 11
5934 Mar
2514 Dec
49
51
50
*49
*49
5114 *50
51
51
5112 51
5178
800 Sloss-Sheffield Steel & Iron100
711, May24
39 Jan 24
3312 Nov
7434 Mar
3712 38
39
3712 3812 3812 3812 3778 39
:1814 3918. 39
2,400 Stroinberg Carburetor_No par
451%
4758 4634 4734 4778 4933 01,300 Studebaker Corp (The)__100
4812 4918 4858 4973 4614 50
727 Nov 8
3372 Apr 24
3358 Nov 11012 Jan
96
92
*02
92
97
*92
96
*92
*9212 95
*92
07
200
Do
_ 100
prof.
8012July 3 100 Nov 0' /45 No, 10858 Jan
48
4373 4878 48
*48
49
4734 43
49
49
48
49
700 Stutz Motor Car of Am.No par
37 Oct 4 55 Dec 11
3114 June 5334 Jan
3212 3212 3212 3218 3278 3234 34
3212 :1212 32
*32
35
1,100 Superior Steel Corp'n____100
3414 Mar25 45138 May 3
30% rio,
5134 June
*95 101
*95 101
*95 101
*95 101
*95 101
*95 101
95 Feb 16 100 Sept27
Do lst pref
100
96 Der 10212 July
13
1318
13
1312
1318
1311
1314
14
*13
1313 1:312 1313
1,400 Tenn Copp & C tr ctfs_No par
1234 Dec28 21 July 6
1912June
11 Nov
18714 18912 18612 189
146 18934 30,200 Texas Company rebel_ _ _100 13611Jan 7 203 Oct 18 11488 paa 243
18618 13812 18614 18912 185 189
Jae
7:334 7(314 7314 7414 74
75
7414 75
7434 76
7558 24,200 Tobacco Produets Corp.. 100
75
4912.Mar25 8238 Deel 1
4212 Dec
8038 Aug
*101
102
102
10112
10414 *101 104
10372 10:378
*102 10112 *102
400
Do
100 18714 al &rig 10478 Dec30 :86 Dec 105 Mar
pref
79
*76
78
*75
*75
78
78
78
"75
.75
78
79
3(10 Union Bag Ac Paper Corp 100
65 Jan 24 80 May 13
Jan
5938 Dec 112
3712 3734 3734 3778 3712 3758 3712 371 *3712 3734 3734 38
1,400 United Alloy Steel.. __No par
367s Oct 30 4412 May10
4938 June
3412 Dec
11313 11458 112 11438 11014 11212 11012 113
1 1234 11338 113 114,2 33,300 Untted Cigar Stores_ ___100
8334 alar28 10834 Dec28
8112 Nov 12778 Aug
*110 125 *110 125 *110 125 *110 125 *110 125 *116 125
Do
prof
100 10114Jan 5 110 Julyls
9814 Dec 12084 mar
160 16112 159 1611* 159 159 *13878 162
16:334 16334 161 162
1,300 United Fruit. _ _
100 11614 Jan 16 16612 Dec31 s105 Dec 15438 Jan
*1312 15
14
14
*1312 15
*1312 14
14
14
14
1553 2,400 U S Cast I Pipe & FdY 100
19 May 7
1112 Apr el
2412 June
10 Nov
4612 *4212 4612 *4212 461 *4212 4612 45
4612 *42
*42
4534
400
41 M ar26 4734Feb 1
Do
100
pref
Jan
42 Dec 63
9714 9934 9814 9912 9012 10214 17,800 U S industrial Alcohol_ _100
9933 1002 101 1017g
9912 101
96 Dec 2 137 May24
June
9818
1711
Nov
10014 10014 +100 102
100 100
*9973 102
*100 103 *100 103
300
Do
pref
94 Oct 11 99 Mar211
88 Nov 103 June
77
7512
74
7438
7412
7:33
4
73
7512
744
752
28,200 United States Rubber.._ _1100
7458 764
1)0
51 Jan 15 8012 Dec31' 45 Dec 67 Aug
10938 10933 10918 10918
109 109141 109 10934 109 109
*108 111
800
:95 Jan 15 110 Dec301
Do let preferred. _
91
Dec 11434 Jan
45
44
44
4413 4413 4313 4312 4314 4312 4312 4312 *43
600 U S Smelting Ref & M....60
3212 Apr 12 50340ct 19,
40 Dec (1734 Jan
454 *44
45141 *44
4514 *44
4518 *44
*44
45
45
4514
100
1)0
prof
4238 Apr 12 4734 1)ec12
50
433* Nov
521g Jan
9012 8831 8978 8912 9052 8932 9058 9038 924 539,800 United Matta, Steel Corp_100
9034 89
90
8612 M ar25 IRS% Aug 28
794 Dec 13638 May
11478 11478 11452 11452 11453 11134 11458 11434 11478 11473
*11412 115
1,800
Do
prof
100 108 Mar25 11358 1)ec31 10234 Dec 12114 Jan
6918
7132 6938 7014 6938 7184 23,400 Utah Copper
7112 7033 7112
7118 7138 71
7114 Dec2(1 93 Oct 19 • 7014 Dec 11814 May
10
1412 1514
1518 151 2 3,700 Utah Securities v 1 o
*1334 1414 *1334 1412 *1334 1412 1414 1414
11 Sept16 1634 Nov121
918 Dec
100
2434 Jan
5118 5118 5134 5178 5212 5212 3,30(1 Virginia-Carolina Chem_ _100
3384 Jan 2 6014 Nov 81
5212 5178 5214, 5114 53
52
46 May
26 Nov
.111 113 •110 113 1 1117 112 *110 113 *110 113
11234 11234
400
98 Jan 16 11353 Dee161
Do
pref
97 Dec 11214 Jae
100
57
60
*57
60
*57
838
7
8m
60 ,
62 ------ ---'
*57
53
58
100 Virginia Iron 0 Se C
50 Jan 5 73% July27
100
46 Feb
77 Mar
8712
8733 8734 8712 8712 871 i 84 86,4 8678 *86
7714 Aug 2 9558 Apr 15 :76 Dee 9934 Jan
000 Western Union Telegraph _100
4058 4078 4058 41
414 41 1 2 5,200 Westinghouse Elec & Mfg_50
41
4114 4078 4138 4012 41
4712 May13
3812Jan 17
3334 Dec 53 May
*60
65
65
*60
65
65
*60
•60
*60
65 I *60
65
50 Jan 11
Do 1st preferred_ _ . _50
6412 Feb 20
6214 Dec 7018 Jan
4514 451 1 *45
•451 1 47
*45
47
45
45
45
47
45
3634Jan 2 49 Nov fl
300 White Motor
50
3384 Nov1 5212 Jan
244 2458 22334 2412 2332 244 2314 2334 2338 2378
2358 2412 40,500 Willys-Overland (The)__ 25
1512 Jan 15 30 Nov12
15 Novi 3312 Jan
1
8838 8838 8814 8814 +8712 8812 *86
89
*87 2 8812 88
8818
Do prof (new)
75 Jan 31 8914 Nov19
. _100
500
69 Nov 1 100 Mar
6614 69
68
68
68
6812 5,100 Wilson& Co. Inc, v t o___100
6558 6712 6558 66
69
67
45,4Jan 21 7714 Dec17
42 Novl 8414 Mar
125 12511 12413 12418 124 12412 12314 12314 125 125
12614 1264
800 Woolworth (F W).
100 110 NI ar25 128120et 21
Jan
997 Dec 151
*115 121 *117 121 1 116 11(1
115 115
115 115 *114 120
100 111 Oct 2 115 Sept 9 113 Deci 12618 Jan
Do
500
prof
56
*55
54
54
55
*54
54
55
5518 *5434 5534 54
1 Feb
34 Jan 4 89 Aug 28
700 Worthington P&M v 1 o_100
23,
3738 June
*873-1 8912 *8712 90
*86
90
*88
8931 *8612 8912 *86
90
Nov1 9714 Jurc
Do prof A
8538Feb 5 9112 Apr 6
_100
*66
67I2 *6614 6728 *66
6712 *6614 6778 67
6712 *674 6778
7038 Jelv28
59 Jan la
1110
200
50 Mayt 83 Jun;
Do prof B
• Bid arid askol prioas: 113 situ on this day. • Less than 100 shares. •Hz-rights, a Ex-div. and rights. b Par $10 per share. n Par $100 per shire. z Evalivl:Iend.
362
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
jelO. 1909 Ike Nakano' aisthod of quoting bonds was changed and prices are now-"and inierest"-except for interest and &faulted bonds.
Ps
-fee
Friday
Jan 24.
'BONDS
N Y. STkete a. nese:MANGE
Week Ending Jan. 24.
Bid
U. S. Government.
U S 34e Liberty Loan. 1932-47 JD
S 4s converted from 1st Lib1932-47 JD
erty Loan
U 5 48 2d Liberty Loan 1927-42 MN
17 S 443 converted from 1st
1932-17 ID
Liberty Loan
U S 434s converted from 2d
1927-42 MN
Liberty Loan
U El 434s 3d Liberty Loan_1928 MS
U S 44e 4th Liberty Loan_1938 AO
U S 2s consol registered. 41930 Q
d1930 Q
U S 28 cense) coupon
1925 Q F
II S 4s registered
1925 Q F
17 13 4s coupon
U S Pan Caaal 10-30-yr 2e-k1936 Q F
Q N
U 13 Pan Canal 10-30-yr 23 reg '38 Q
M
U S Panama Canal 3e g
1961
1981 QM
Registered
U el Philippine Inland 44_1914-34 Q
Ask Low
4'
4
Range
Year •
1918
High No. Low
High
98.82 Sale 98.50
99.20 4198 97.20 102.50
93.50 Sale 93.50
93.22 Sale 93.20
94.13 251 92.20 98.30
93.86 1645 92.60 100.00
95.60 Sale 95.60
96.14 441 93.80 99.00
94.72 Sale 94.42 95.06 6730
95.50 Sale 95.34 96.06 12797
94.60 Sale 94.30 95.06 17251
9834 Aug '18
98
98 Dee '18
98
108 10118 101% 25
106 10114
10412 3'3
98
98 June'18
98
99 July'18
8514 Oct '18
88
89 Sept'18
88
103 Feb '15
Foreign Government.
9918
1919 F A
Amer Foreign Scour 53
Anglo-French 5-yr 58 Ester loan. A 0 9712
Argentine Internal 5s of 1909-- M S 90
Bordeaux (City of) 3-yr 6s.1910 14 N 100%
Chinese (Hukuang fly) 5801 1911 I D70
S 91
Ouba-Externel debt 5s of 1904_
Rater dl Si of 1914 set' 4-1941 F A 9014
1919 F A 8214
External loan 44s..
Dominion of Canada g 53.-1921 A 0 9814
_1il2tS A 0 971s
Do
do
__1931 A 0 974
do
Do
-_ 10118
French Repub 5349 secured;loan.
A187
Japanese Govt-e loan 4349_1925
1925 I J 8714
Second series 44a
-_
8158
stamp".
"German
Do do
J170'3
1931
Sterling loan 4s
1910 14 N 10018
Lyons(City of) 3-yr 61
Marseilles(City of) 3-yr 69., A919 NI N. 10014
Mexico-Etter loan £ Ss of 1890 Q J 68
D, 4712
1954
Gold debt 4s of 1904
934
Paris (City of) 6-year 69____1921 A 0!
sI
8148
Tokyo Olty 5s loan of 1912 .....
U K of Ot Brit at Ireland1919 14 N 100
3-year 534% notes
N 98%
1921
5-year
% notes
Convertible 534% notes-1919 F A 1004
20-yew gold bond 534e _ _1937 F A 10318
.Thsse are pries on She blsis of 1510£
•
Week's
Range or
Las: Sale
9918 557
Sale 9912
9713 342
4
Sale 973
93 Jan '19 93
Sale 10014
10014 09
71 Jan '19 --71
95 93
93
5
9658 9212 Jan '19 ---83
20
83 83
Sale 98
98,4 38
Sale 97
9712 13
111
Sale 97%
93
Sale 101% 1011 3614
83 87
8712 17
6
8712
Sale 8713
Sale 81
85
15
75 Jan '19 --__
75
10034 71
Sale 10014
Sale 10914
10014 81
70 Jan '19 --_69
55 55 Jan '19 -- _
99
131
Sale 9818
8218 83 Jan '19
93.10 98.14
94.00 99.10
94.00 98.10
97 99
974 9373
105 107
105 107
98
98
9713 99
85 8513
85 89
9113 100
8314 974
8914
78
84 102
5313 72
9012 100
9014 9414
80 84
9314 99
904 9712
8878 99
91 10512
8013 9212
834 924
77 90
734 76
84 1024
84 103
40 61
5:3
40
8118 9912
(18
8212
Sale 9973 103.41 490 9514 100
Sale 98
98% 533 9158 9813
100% 4215 9778 105
Bale 100
Sale 100
10012 535 10018 10134
State and City Securities.
08
9612 27 8734 9373
X Y City-44e Corp stock 1980 511 8 9513 97
9414 98
9012 Jan '19
8773 9914
1961 M
454s Corporate stock
9812 Jan '19
1965 A 0 9114 99
8778 9918
414s Corporate stook
100 10134 101 Jan '19
102 10314
4349 Corporate stock July1967
10013 10114 101 Jan '19
9314 10353
4349 Corporate stook......_1965
5 93 10314
10114
1983 11 S 100 101 100
4141 Corporate stook
Sale 91
91
5% Corporate stook
1959 1 N 91
85
9-4
91
7 85
N 9013 Sale 9012
1958
1% Corporate stook
94
1957 51 N *90% 9113 9314 Dec '18
85
9314
Corporate stock
_0213
8972
Oct
'18
14
N
90%
85
4% Corporate 'Leek ree_1950
20 9353 103
1957 NI N 103 10014 10012 101
New 44s
21 9313 10313
434% Corporate atock....-1957 M N 109 10234 10018 101
*8012
8634
8418
Dee
'18
51
N
85
78
84% Corporat3 stook-135i
99 July'18
99
1951 41
99
99
State-is
9712 Jan '19
Canal Improvement 43-1931 J J ---- 101
9414 984
9713
DJ')
'18
9734
Canal Improvement 41-1952 J J
9713 9812
9718 03 '18
Canal Improvement 41.-1930 J J
9414 974
10334 Jan '19
J
105 10312
Canal Improvement 449_1164
10212 Dee '18
Canal Improvement 454t.1935 I J
1021s 10113
J0 '1l83
10112 10713
Highway Imprort 4344_1933 l S
1
18
8
-"-- Pont
10018 10114
Highway Improv't 454s 1983 51 5
.1 ---. 731 Dee 'Is
1931
7878 7873
Virginia funded debt
71
44
(19 deferred Brown 2-39_Bros totfs-. ... - 60 63 70 Jan '19
Railroad
---- 56
57 Dec '18
51
6434
Ann Arbor 1st 4/3....
_41991 CI
atehleon Topeka & Santa Fe8118 38 79
90
Gen g 4s
1995 A 0 8312 Sale 831e
7913 8512
1995 A 0 80 89 8312 Nov'18
Registered
Nov
79
804
79's
794
/11995
Adjustment gold 49
7134 82
73,3 June'18
51995 Nov
Registered
7312 734
7778 7878 Jan '19 _-- 70 8212
41995 M N 75
Stamped
75
7612 76 Jan '19 ---- 71% 87
1955
Cony gold 4e
91 9514 9314 Jan '19
82 96,3
Cony 4e issue of 1910
9218
9218
91% 9113
East Okla Div let g 49-1928,M S Ws 93
79
79
Rocky Mtn Div let 4s___19851 J J ---821.j 79 Junels
2 74% 86
80
81
79
80's
Crane Con Short?. let 49-195e J
1 79
85
85
8612 83
8512
Cal-Aria let Jr ref 434s"A"1962 M
5
S 91 --- 9) JulY*17
13 Fe Pree dr Pb 1st g 59-1942
5 -fi- -a;
1311s
AU Coast L 1st gold 49____51952 M S 8312 Sale 8313
85
1964 J D 837 87 I 83
8912
Gen unified 434s
74
Ala Mid 1st gu gold 59_1928 M N 00 ___1 984 Nov'18
9513 9812
Bruns & W let gu gold 42_1938 J J 804 89 I 78 Oct '18
78
78
11113 ......-'12978 Aug '15
Charles & Say 1st gold 79_1938 I
.
.
78 I 7313 Jan '19
L & N coil gold 4s......o1952 NI N 77
6914 8112
Dec '18
Sav &
1934 A 0 103
let gold 5s
103 103
lit gold 59
1934 A 0 9513 ----;105 July'15
88
8813 83
Salt & Ohio prior 314s
8318 61 8513 -51.334
*....- 86 I 9012 Eilept17
Registered419
92
Q
35 S
40 7318 87
78
let 50-year gold -is------51948 A 0 7514 Sale 75%
Registered
mote Q J ----- 9214 Mar'17
78 Sale 76 "
78
66 "f
10-yr cony 44s....... _1933
82
48 7578 92%
8112 Sale 804
Refund & gen 5s Series A.1995
Pills Juno let gold (is__ _1922
112 Jan '12
8313 Jan '10
P June & M Div 1st g 3403 19
39's 8713
" 81 86
P t.
7 73 83
W Va Sys ref 40_19i1 If N 7312 Sale 7313
7414
83
82
8512 86
Soutlow Div let gold 3sii_1935 J
80
8813
Cent Ohio R. list a g 44s_1930 If S 8912 --- 100 Apr '17
/11 Lor &
_1933 A 0 9518 ___- 9313 Aug '18
ooa Lit g
-1W39613
10114 Nov'16
Motion River let gag 58-19le F A
1
95
D 96 -- 93
Ohio River RR 1st g 54_1936
90
61 813
General gold 591937 A 0 91 ---- 90
83
Pitts Ciev & Tol 1st 8A9...1922 A 0 93 ........ 9918 Mire:1
99,1 994
10 5712 68
Tol &Cie div let ref 4s A 19501 J 66 Sale 6514
63
s 9913 107
Buffalo it & P gen g 6'2_1937
4/94 June 18
99
994
99,3 0,3 '17
Consol4 qe..
1957 51 N 90%
97 Nov'16
All ds West 1st g 48 gu.....-1994 A 0 7612
Clear ds Mail let gu g 5 1343 J J 8614 ---- 1034 Feb '16
Roth & Pitts let gold 69._1921 F A 101 10178 101 Nov'18
IOC itir
Consol 1st g 6e_
1922 J 0 101 --- 1004 Septle
9912 10312
Canada Sou eons go A 59-1962 A 0 92'3 954 95 Jan '19
85 100
82 Sale 82
82
Oar C inch & Ohio let 30-yr Ss'38 J
1 8212 81
Central of Ga 1st gold 58.....p1915 F A 100 102 109 Jan '19
9613 994
9158
85
Coasol gold 5a.
1945 NI N 93 94 9134 Jan '19
Matt Div par money g 49 1951 1
7314 --- 7234 Nov'18
7234 7234
Mao & Nor Div 1st g 54_1916 I J 8614 ---- 90 May*I8
90 90
Mid Ga & Atl Div 53
1917 J J 8734 -- 9718 f.tee 17
--- -91% Jan '19
Mobile Div 1st 5.58 ._
1916 I J 915s
8114 8112
Cent
& B of Ga coil g 56_1917 51 N 86
89 8333 Dee '18
83 8333
Cent of N J gea gold 5s.._ _1987 J J 1014 105 105 Jan '19 ---- 100 19813
Registered
41947 Q J
10013 100 SePVIS ---j 100 -101
Am Dock & Imp ea 5.9......1921
10314 109 Dec '18
J
97% 100
Leh Jr Had Iliv gin gu tia '20 I
100 Apr 'Is
100 100
10913 J 10 '13
N Y & Long Br gen g 49._1941 NI IS 86
Cent Vermont let go g 49 __e1920 Q F _- 83 65 Jan '19
Mesa & 0 fund & inlet 59 __1929 J J 93 oa
938 Jab '19
94
80
let 00E1101 gold 3,
1939 74 N 9714 9314 9314
99
9 9418 1013s
.1.110
•._ _ 9752 10111 Pin '17
.
- * Ne price Friday: latest this week
Price
Friday
Jan. 24.
BONDS
N. F. STOCK EXCHANGE
Week Ending Jan. 24.
Week's
Range or
Last Sale
Range
Year
1918
Bed
Ask Low
High No. Low Higb
Chesapeake dr Ohio (Con)
3 72
78
86
General gold 434e
1992 1111 S 7712 Sale 7712
8634 Mar'17
---- 78
1992 m
,Registered
784 7912 7734
7914 is 6512 8512
20-year convertible 4319._1930 F A
90%
We 189 76
30-year cony secured 58-1946 A 0 8513 Sale 8414
75
Big Sandy let 49
75
1944 J D 7134 _--- 75 Nov'18
-Coal River fly let gu 49_1915 J D ---- 8234 8513 Nov'16
9634 Feb '16
Craig Valley let g 5e
1940 J J
8434 Jan 13
Potts Creek Br let 4s
1946 J I
7612 Nov'18
90
R & A Div lst coa g 4s-1939 J J 80
1E4
76 -.
71 Oct '17
75
25 cense' gold 43
1939 J J 72
7313 ---- 8813 Sept'16
Greenbrier fly let gu g 4s-1940 134 N
Warm Springs V let g 5s 1941 51 S ---- 9214 11314 Feb '15
52 Jan '19
Chic & Alton RR ref g 3s......1919 A 0 50% 55
-Er -WI
37
40 Jan '19
38
Raldway let lien 31-49
354 4712
1950 J
Chicago Burlington & Quincy9914 Jan '19
97% 9978
Denver Dee 4s
1922 F A 997 101
7534 Jan '19
7113 7912
Illiaolo Div 3349
1919 J J 7513
85
8 go
8812
Illinois Div 4s
1949 J J 8118 8612 85
98
9934
Iowa Div sinking fund 59_1919 A 0 9913 9934 9934 Jan '19
Slaking fund 4s
97
9934
1919 A 0 9834 -- 9812 Nov'18
Joint bonds. See Great North.
5 89% 95%
Nebraska Ettension 411_1927 1111 N 934 9313 9319
9314
91
91
Registered
1927 IX N 9013 ____ 91 Mar'18
General 48
8234 58 78
1958
89
S
24
2:2 _8
25
1 Jan '19
2..h..
)8
Chto & E III ref & imp 49 g 1955 J J 8
25
304
30
22 Jan '10
U S Mtg & Tr Co Mei of Sep...... 23
30
22
let cense! gold Se
1934 A- II 101 102 100 Dec '18
98 101
General coasol 1st 59
72
72
1937 If N 754 8/13 72 Aug '18
7618 __- 7613 Jan '19
U Mtg & Tr Co etfs of dep.
70
75%
7613 90
75 Nov'18
Guar Tr Co ode of dee..... _
75
75
• Porch money let coal 5.3_1942
-A 56 -- 9734 Feb '13
32 Mar'17
Chic & Ind C Fty 1st 5s
1936 J J
6114 43 54
Chicago Great West let 49-1959 M S 6018 Sale, 6012
EV"
103
2 98 101
103
Chic Ind & Loulev-Ref 69_1917 J J 103
Refunding gold 54
1917 J J 82 ___ 10012 Apr '17
---- 8112 Apr '17
Refunding 45 Series C..l9t7 J J
--- 70 Nov'16
Ind & Looter 1st gu 4s___1956 J
7834 84
9613 Jan '17
Cele Ine & Sou 50-yr 4s_-__1956 J
9733 Dee '16
Chia LS Jr East let 449____1969 J D
Chicago Milwaukee A St Paul77
7613
:
:158
Gen'l gold 4s aerial A....44989 J J 75
764 10
8
8i2
3
2 .8
:
7:
01:324
..8f
9213 Feb '16 -.Registered
e1989 Q J
1
83
Permanent 4e
1935 J D 8113 8212 83
19
71
Gen & ref Ser A 4 4s......a2014 A 0 694 Sale 694
25,
Gen ref cony Ser B 59_a2014 F A
69
6 8
69
olel 6
76
8 Nov'18
Gaol gold 354s Ser B__81939 J J 7
70
8514 83
8453
4
Geaeral 4 ees Serles C__..e1989 J J 79
724 73 Jan 'l9.-.
25-year debenture 41
10343 J 70
75%
70 I 58
Convertible 4349
1932 I D 7613 77
Ohio & L Sup Div g 5s___1921 J I ---- 978 9718 Dec '18 - ..!
954 92 Oct '18 --..1 !
Chic & Mo Ftiv Div Eie...-1926 3 J
0
90
4
793
158
4
2
6 471 195889
9
967675
9378 9773 9758
9758!
Chia & P W lot g 5s
6
1921 1 J
79
7973 Dee' 181-,
8
090
9
11123
C M Jr Puget Sd 1st gu 49 1919 I J 72
!
9
7
8
993
4
974
'181----Aug
Dubuque Div let s f 69_1920 J
-101 10478 Sept'17I--Fargo cis Sou ailura g 60 1921 J
98 Jan '18..
8
LaCrosse& D lst 58
19
01719192 J ---- 99
8178
;
71-09
95(4
9314
984 9318 Jan '10 -- ...t
Wig & Minn Div g 54
1921 J J
99 Jan '19
Wis Valley Div let 64-1920 J J
9012 Dec '18--.11411w & Nor Ist ext 4349_1931 J D 8313 92
87
9014 9012 Dec '18 ---,
Cons extended 4gs_ _ _ _1931 J
Ohio Jr Nor West Ex 4s 1836-1928 F A 9114 9313 9218 Dec '18;
89
54 9
0
,
2
0518
3
94
95 Dec '18'
Registered
1836-1926 F A 90
General gold 349
1987 M N 70 -_- 71
vie 75
71 Oot7
'
1181.2_31
RegLitered
p1947 Q F -„
818 Dec '18:----! 71
General 4s
1987 NI N 814 81
797s 8
78
1
ocas 814 Oct '18'
Stamped 48
1937 Na N
iaci lows 10012
10013
General 58 stamped
83
213
1. 9
1937 NI N 100
79
A 10
100
-101 May 18
Slaking fund de_ ___1:379-1929 A 0
- 101 104
10012 Apr '161._
Registered
1879-4929 A 0
Sinking fund 5.9
1879-1929 A 0 97 __ 9118 July'lli,--.-, 9413 9413
96 Nov'18... 90
Registered
18'79-1929 A 0 96
96
99% 93 Dee '181- -, 93
Debenture 5.9_
1921 A 0 98
98
Registered
1921 A 0 9613 -- 100 Jan '18'---• 109 100
93 Dec 13-Sinking fund deb 53
1933 M N - 100
924 98
8
97 Nov'13 --; 94,2 97
Registered
1933 PA N *901Des Plaines Val let gu 44e '47 el 13 80 -- 10112 Oct '16 --.109
109
Freon Elk & Ma V 1st 69_1933 A 0 109
3 101 110
Man GB dr NW lit 349_1911 J J 60 __- 83 Jan '17
_
Milw & S 1. let gu 3qq---1.9t1
j9Q Aug'
i8 ---1 gg 10212
Mil L S & West let g
51 S 1014
Ext & imp a f gold 59_1929 F A 9334 ____ 99 Jan '19
93
98
11178 Deo '15
Ashland Div 1st g 68_1925 1111 S 10414
Mich Div let gold 64_1924 J J 104 105 1021s Mey'18
i()218 1024
8012
804 70 Oct '18 - 73
alli Soar & N W let go 49_1947 al S
7618
93
9812 Nov'18 -- 92
Bt L Peo & N W 1st gu 59-1914 I I , 94
9813
Chicago'Rook tel &
7512 Sale 7512
Rellmey general gold 49_1984 J .1
7613 37
7118 May'18
72
13e 8
84
133
14
Registered
1984 1 J
75
31 62% 80,4
1934 A 0 7477( Sale 7413
Refunding gold 4s
801s Aug '18 ---, 613
804
20-year debenture 51
1932 J J - fi 70
71
4 63
R I Ark & Louts Ist 449_1934 111 13 fd
73
96 Jan '10
Burl C R & N lac g 59-1931 A 0 9173 98
95% 96
CRIF&N
1st gu 59_1921 A 0 9713 9813 9712 Jutte'17
_
97' May' --j 95. 1.00
Choc Okla &(3 gen g 59_01919 J J 9578 93 May'13
Como! gold 5s
1952 al N --_- 92
-•, 93
93
63 65 Jan '19 ---' 57
Kook & Des Moines lot 54 1923 A 0 05
70
St Paul & K C Sh L Ist 449'41 F A 6312 704 70
70
8 59
72
Chic St P M &0cons(39__1930 J D 10713 112 112 Nov'18
102 112
Cons (3e reduced to 3349_1930 1 D 8334 -Sopt'18
8113 83
8818 95
97 Jan '19
Debenture Se.
1930 II
854 97
118 Nov'16 - -1
North Wise mole let 63_1930 J J 100
St P A City let g tla___1919 A 0 100
100
100
1 11612 i56174
91
95 Mav'iS ___! 95
Superior Short L 1st Se g.91930 M
95
Chic T F1&Oolhiaetlet5s.,l960J 0 --- 63 53 July'18 ___-' 58
58
CUlo A West Ind gen g 63-0932 Q M 1034 10412 10213 11219
1 10213 105
Como!50-year 48
1952 1 J 6218 63 63
62
Cin it & 024 gold 448-el937
90 May
'
83138
7-5
J 7412
-7
288 Mer'll
C Find & Ft W let gu Is g 1923 M N
_
79 Nov'18
Day & Mich let cons 4149 1931 I J 81 ___
79
79
67
711- 7114 Jan '19
Clev Cho Ch & St L gen 48_1993 J
59
7453
20-year deb 4449
7812
4 654 8313
19'31 J J 7813 Sale 7812
86
8614 Aug '10---1 80
General 53 Series 13
1993 J D 78
89,4
Cairo Div let gold 49____ 1939 J J 7114 ..--- 8378 Mar'17
Cie W & M Der let g 19_1991 J J 6718 ___ 63 Oct '18
65
-1 62
St L Div let coil tr g 4s___1990 M N 70
1 33
76
77
77
76
Spr & Col Div 1st g
7.4 S 744 ---- 7414
W W Val Div 1st g 43____1910 J J 0314 _-- 84 Nov'16
C I St L &0cousol
_1920 hi N 9912 10034 99 Sept13
-99 - -99
90
let gold to
87 Deo '17 __
k1936 Q F 82
8812 Mav'15
Registered
R1936 Q F
Ole S & Cl eons let g 50_1923 J J 9218 9913 10218 Jan '17 __
COCA I gen con9 g 59_19'34 I J 107 --- 106 Nov'IS
- 106 108
91 July'03 -Iad B & W let pref 4s
_1910 A 0 7212
0Ind It W lot pref 58_41938
J
56 Jan '19
Peoria & East let cons 46.1910 A 0 484 55
40
62
1213 1719 12 Jan
Income 411.
1991) Apr
12
17
93 Dee '18- 1 8312 90
Cleve Short L let gu 4 41.....1951 A 0
83
Colorado & Sou 1st g 4s....1929 F A 8712 8914 88
15 8234 91
7818
2 66
Refund & Ett 4341._.......1935 111 N 7838 Sale 7714
8234
Ft W & Deo C let g (39_1921 J D 99
99141
9934 993
2 96
9934
Conn & Pas itirs 1st q 19_1913 A 0 65 _-Oen ItR let 59-year he g_1052 J I
94 Feb '161-..
95
Del Lack & WesternMorris & Piss let gu 330 2000 I 0 7118 77
71 Oct '181, 71
751s
N Y Lack & W 14,69
19211 .1 101 10178 102 Dec
100 10212
971e ---- 9714
Construction 54
1923 F A
97141- 3 95
98
92 Deo '181___! 92
11
Term & lmprovt 49_1923 el N
9334
Warren let ref gu g 348_2000 V A ---- ----102', Feb '08 ---1
e
a Due Jan. d Due April. leDue May. g Due June. h.Due July, k,DuaAug. o:Due Oct. F Due Nov. q Duo Dec. I Option sale.
New York Bond Record—Continued—Page 2
JAN. 25 1919.1
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 24.
MICE
Jan. 24.
Biel
nr199
Ask Low •
Ranle
Year
1918
High No Low
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 21.
44
pPrric
iaaev
Jan. 21.
Week's
Rnage or
Last dale
5'
43!
'';`
4 -
Range
Year
1918
Bid
Ask Low
High —
NO.; Low HigD
Leh V Term Ely 1st gu g 5s__1941 A 0 9812 1_0_7_1! 19
13
818 J
7
z
r r:19
96 103
Ra3gistered
1941 A 0
Leh Val RR 10yr coll 69—n1928 -102% 106 9734 10314
10134 Sale 10118
Leh Val Coal Co let go g 58_193.3 J
99 101
9934 Dec '18 --' 0614 101
___ 105 Oct '13 -___
Registered
1933 J
let int reduced to Is.
79
1933 J
Leh & N Y 1st guar g 4s
1945 NI
70
79 ____ 70 J• uly';
70
8 6012 77
6978 Silo 6978
7012
Registered
1945 M
2 6.3
7312
7312
73% 76
80
Long Isid 1st cons gold 5s__51931 Q
9134 96
5 70
79:8
_-_- 80
7918
90
let cAin9o1 gold le
865
s
e'016
.51931 Q
9914 Jun•
-10 4314 63
5218 52% 53
53
General gold Is
7614 81
79
1935 J
2 71% 81
82 ---- 8734 Nov'16
---Ferry gold 1349
1922 M if
85
98
85 Sept'18 ---- sr)
85
6114 Ap.• 'II
___ 38
___
Gold Is
1932
9914 Oct '06
-- 39 July'17
Unified gold 49.
7514 79
78 Nov'18 ---- 71
1919 51
78
2 63
6612 7112 70
71
75
Debenture gold 5s
77
80% 81 Jan '19 ---- 97
1934
97
6318 57 Jan '19
52
50
6112
29-year p m deb 5s
75
77
77
1937
3 70
77
7812
Deo
'16
82
78
6718
---Guar refunding gold 4s
7618 80
1919 51
7618
7618
6 '7'2% 84
____ 89
7513 July'16
____
Registered
95 Jan '11 ----I
19-19
8112 8378 8114 Jan '19
8378
73
NY 13 & M 13 let con g 53_19:35 A
94 _ - 9
i4
)1 Jan
8
Dec 19
-6i- -if99 ---- 9634 June'18
9814 9712
NY&RB lot gold Is.
93
1927 NI
9212 94
9112
9112
94 100
90 100%
90
Nor Sh B 1st coo g gu 59.o1932 03
100 Aug' 16
-- _- 10512 Mar'03
Louisiana & Ark 1st g 5s
873 931; 91 Dec '18
1927 NI
-if87 Mar'18
87
82
82
87
Louisville & Nastiv gen 6,
108 112% 103 Dec '18,----- 103 111
1_11)30 J
9112 39
09 Nov'18
90
99
Gold 59
9818 105 10012 Jan '19,---- 93 100
1937 M
3
90%
10018
99% 100
100 10112
Unified gold 49
1910 J .1 81% 8514 8112
8813i 25 81
90
78% Oil
803
78
78%
Registered
.1 83% 8814 Ws Jan '17,----'
_
9618 961s
97,8 -.- 9618 June'IS
Collateral trust gold 5s...119
100 10113 100 Jan '19'
NI
931
1° .7
93
99
00,4 -- 9:31/ Jan '18
0312 95
E 11 A Nun 1st g ds
10018 Aug '1.8 -- -- 10018 10018
1919 J
9613 ---- 9912 July'17
L Cln & Lea gold 4 148_ _1931 NI
9214 9512 87 Apr
87
87
81 -- 9414 Nov'15
N 0& NI 1st gold Its
10,3
10513
1930
105,2
2 100 10412
9812 100 1003s July'18
109-38 1.130.7
8
21 gold (39
1
103 Jan '19
1930 1
70
68
6978 69
79( Jan '19
79
65
Paducah A Mom Div 49..194,
78
3 F A
81
_- 81 Dec '16
St Louis Div 1st gold 63_1921 IM
100 _-_- 10914
100141
1 100 101)2
29 -4111;
55
5312 Sale 53
it;
2d gold 3s
5512 57
57.8 July'18,----' 57% 58%
1980 IM
73 June'16
Atl Knox A CM Div 4s
1955 51
78141
7813 79
7814
83
3 74
_-_- 78
78
78
7514 86
Atl Knox & Nor lot g Is..1911) J
9514 _-__ 95 Noy'181----, 95
95%
19 42
43
4714 Sale 4714
58
Render Bilge 1st s f g 6s 1931 Ni
101% 113 10313 Sept'181.---I 102 10312
48
47
47
47
4212 59
Kentucky Central gold 19_1987 J
79
8018 Jan
83
73
78
'15 4812 62
51
5078 Sale 59
Let & East 1st 50-yr ,Is gu 1965 A 0 9213 101
9512 Nov'181--- 90
96
9512 9518 Jan '19
91
82
96
L&NA NI &M lstg 450 1915 M
8612 9314 88 Nov'18 -.--' 8318 88
8514 •10378 Jan '17
L A N-South NI Joint 44.._1952 J
68
80
6714 Sept'18
6714 6812
101 Jan '19
98 11)3
Registered_
95 Feb '05,---'
IV 911
101
98(3
10!)
9513 7_7_ 95 Aug '131_-_-' 95
98
N Fla & S 1st gu g 59
9
1)3
52
7Q
9634
F A
108 ---- 10:3 Dec '18
108 108
N & C Bulge gen gu g 449_1915 J
85 ____ 977 May'16'-90 ---- 103 Jan '18
103 103
Pensae & AtI 1st gu g 6s 1921 F A 10153 102 101% Jan '19'--jo7i12
86% -- 10212 July'17
SAN Ala eons gll g 51-1935 F A
95 106
99 Apr '181-- 99
99
85 Jan '18
85
86%
85
Gen cons gu 50-year 54_1953 A 0 9112 10214 9:312 Jan '18!--- 0312 9312
78
80
7814
74
81
L A Jeff Bdge Co gu g 49_1945 1311
60 July'18 ----1 60
60
10014 Des '011
Manila RI3.—Sou lines 48_1936 NI
60 June'18
60 -Jf
Mee Internat let cons g 4s 1977 NI
77 Mar'0)
97
76 ---- 97 Dee '18
97
Stamped guaranteed
75 Noy'10 ----1
1977 M
103 Jan '17
9214
Midland Tcrtn—lst s I g 59_1925 J
80 _-_- 9112 June'17:---I ---- -7212 72 Jan 19
(12
67
Minn St Louls 1st 7s
10118
WI July'18 ----1 101 104
_
2312 Jan '17
Pacific Ext 1st gold 69
11921
927 1
A
99 103 Oct '16
_-__ -9712 98 Jan '19
95
97
97
let consol gold Is
7314 83
7812 Nov'18 ----1 7114 7934
6514 ---- 8518 June'17
1st A refunding gold 4s...13
45
M
Sale 44
1M
4512
8 41
9
349
5313
108 Noy'l I
Ref & eat 50-yr 58 Ser A 1962 Q
44
50
5918 Dec '18 ----1 40
5014
_ 95 Jime'12
Dee M A Ft 1) 1st gu 45...1935
60 Feb '15 ----1
5 81
81
83
84
83
Iowa Central let gold 59_1938 3
76
2
77
-8312
82% 77
Aug '10
81
92 Au
Refunding gold 49._
44 1
4312 4112 4312
1951 M
6 4013 52
5112 Oct '17 ---5613
-_
MStPASSMeoug49Intgu.1
85% 8878 Jan '19 ---1 SO
85
3 J____
193
938
90
____ 89
80 Dee '18
8
)
10
2
%
1 1,2
lot C0113 59
.33 ____ 102 Nov'18 ----' 9412 102
9538 Rile 951
let Chic Term s f 43
95% -726'5
,
92 Jan '17 ----'
- 9114 Nov'189134 9414
M
14.1 & A 1st g 4s Intgu1_'2
511 N 9018 9512 9112
9412
1 JJ
6
94(3
-5
ii-2
8514 Silo 8514
86
12 85
Misilssippi Central 1st 54_1949 .1 1
9212
95 Deo '16 ---90
96 June'16
__
Missouri Kansas & Texas8812 93
8912 Ape '18
8618 90
let gold 4s
6512 6513
65121 10,1 6018 -1990 1 D 65
73
Ill ____ 111 Nov'18 ---- 103 111
2d gold 4s
30
35
31)12 Dec '18'----1 28
g1990 F A
37
10612 —__ 118 ,11)r '17
1st ext gold Is
2813 32
32
32
32
95 Jan '19
9212 100
9114 95
let & refunding 4s
41
212 4
44
334 4
44
1 Ic
)
Noov:13
18i -_-___-_1 40
46
9012 99 10212 May'16
Trust Co certfe of dep.‘_11r
91
!
_.
41
42
89
90
88
Dee'18
Gen sinking fund 4 gs__1936
26
-1T(1
3238 3258 Dec '18
-J
2514 34
8558 --_- 9513 Mar'16
St Loul9 Div let ref g 4s__2001 A 0
30
40 Nov'16 ----I
7634 _
8513 Nov'15 ---3712
5% secured notes "oxt"_'16
-82 -..-- 80 Nov'18 -- 80
80
Dail de Waco 1st RU g 58_1910 NI N
6912 Apr' 171---.1
10112 ____ 10014 May'18 .--- 10014 100(4
Kan City & Pac let g 49_1990 F A 60 -- 60 Oct '18:----1 -ga
60
110 ____ 108 Nov'18 --- 10433 108
Mo K & F2 1st gu g 53____1912 A 0 3814 62
59 Jan '19,---' 36
53
13014 Nlay'06
M K Ac Okla let guar 5s__1942 51 N
108
5
75
112 Nov
75
70
21____V 80
7.1118
7318
93 --__ 9912 Jan '19
M K & T of T 1st gu g 58_1942 101 S 51
5:3
49
58
9613 --__ 10934 Aug '18
Slier Sh A So let go g 55-.1912 3
51
Dec'161.---I
7914 6914 Dec '16 -• Texas & Okla lot gu g 59..1943 NI S ___ 30% 3013 Nov'18.
30
40
7
678 778 8,8 Jan '19 -11'8
Missouri Pacific (reorg Co)—
1
80
7912 82
5 75
80
8:3
let & refunding be Ser A__1965
A 83
8714 87%
87%
5 79
89%
79
82
3 74
79
80
let & refunding 5s Ser 11a.1923
86
1
A
931
'g Jan '19'_---' 8973 96
93 2 91
7312 June'18
I 7312 7312
let A refunding Is Ser 0_1928
A
8978 Sale 89%
9114 51 5514 94
7313 Oct '18
7312 7812
General 4s
6012 Sale 5912
192 5518 6714
61
1975 51
74 ..--- 75 Feb '18'
11712 75
Missouri Pao let cons g 6s_ 1920 NI
993
9912 100
9934
7, 98 100
83
85 Dec '13
89
85
40-year gold loan 4s
85
--_- 53 *Oct '18
1915
53
58
91 --__ 9112 Dec '13---- 87
3,1 7e extended at 4%....1938 101
95
82 Apr '17
---93
69
92 8)5)1,17
-- 100 Fen '13 ---, ____
Boonv St L & 81st 5s gu_1951 F A
7312 90
7534 Oct '18 —
75 14
- 77
Cent Br U 1st g 49
I) 63
84% 9712 Dec '13
1918
__
7112 81
81 Nav'15
Pao Rot Mo let ext g 49_1938
A
80
82
85
---- -82
2 7513 8412
7.312 --- SO Jgoe'17
2d extended gold 59
86 ---- 10014 Apr 'IR
1938
7112
St 1, Ir M AS gen con g 59_1931
9013
80 July'00
Gen con stamp Ru g 59 1931
0
_9
_8__ 10
92
513 July
9
'
5114
2 ----21
_9
-8
-..
Unified A ref gold Is
81
82
8013
2 7212 83
1929
81
81)
79 JIM '19
78
7212 81)
Registered
8078 Oct '17 ---1929
_
7518
9318 Sept'12
Illy & G Div let g 48-1933
75
74
74%
7, 66/2 '7853
7418,
8212 Kale 8212
8212 20 7733 37
Verdi VIAW 1st g 5s
1928
70'4 7338 72
20 70
72
Mob A Ohio new gold 6s
71
8
:.
31;
10
75
814 J
1927
8aenut;1
19
5---'.1
-(11- 1E12
76
7.5
74
5 7118 82
76
let ext gold (Is
95,8 ---- 95 May'18 ---; 92
51927
95
72 Feb '18
7418 84
72
Oenerol gold 49
72
71 Nov'18 ----1 65
80
70
1939
71
7!) -- 78 Nov'18
78
Montgomery Div 1st g 59_1947
78
A
85 --_- 93 July'17
60 ---- 79 Feb '14
St Louis Illy 59
81
90 Aug' 171.......!
87
1927
6713
7312 Nov'18
St L & Cairo guar g 44._ 1931
-61.; 7312
77
73 Oct '181----1 78
85
78
8:1 Aug '12
Nashy Chatt & St I let 59..1928
0 100 --_- 100 Jan '19 ---1 9518 101
oro.t
10.2 Jutie'16
Jasper Branch let g 69
_
10018 10114 11014 Mar'17 --!
1923
59 - - 5814 Sept'18
5814
Nat Rye of Met pr lien 430_1957
58,4
3058 ---- 35 Dec 'IS
30
38
(3.512 62 Oct '18
65
62
Guaranteed general ls
62
0
33
35 Aug '16
1977
70% 8314 6518 Oct '18
Nat of Met prior lieu 4149..1926
63
6514
30 --_- 987 Feb '13
80 .Itine'16
let consol is
0
21 Aug 18
1951
21
21
_
8112 80% Nov'16
New Orleans Term let 4s_ ._1953
67
69
67
67
8012 Deo 'IS
76
N 0 Tex A Mexico let 69_ 1925
75 -;;612
9134 97
9,312
97
9
77°12
24
1 9
6
92 Nov.10
Non-cum income 59 A
0
59
53
1935
53%
5812 16 40
5712
11712 Nlay'10
New York Central RR—
*7212
--- 90 Jan '17
Cony deb (31
99
Sale 977
99
1435
222 9112 1031k
9513 150
941,
9113
9478 9.3
Consol is Series A
A
7612 Jan '19
76
75
1998
69
8213
_
1)0 Oct '18
91) 90
Ref A Imp 434s
....2013
8212 8113 82
8212
4 77
8758
6513 July'18
New York Cent &"A"6512 6512
Had Itly—
1
_
Mortga ze 349
1997
71% Sale 7114
7218 22 89
76
9373 95
Jaz;-.15
85% 913
Registered
71% 63% Aug '18 -1997
66% 7114
7018 Oct '18
7112 Debenture gold 45
7018 7018
19:31
85
85
Sale 8234
12 74 , 89%
78
65 Nov'17
Registered
1931
79 Nov'18 ---' 79
79
1 -8-0
79%
7934
7934- Lake Shore coil a 3!4s
80
A
6218 69
63
10 81
7134
1998
8O' 98
82
3
82
Registered
A
_- 6613 67 Jan '19
1998
61
6612
Sale 96
96
3 90
96
Mich Cent coil gold 33is_ _1998
96
A 60 ---- 70 Jan '19'....-- 6211 6918
8212 Jone'17
90
82
Registered
A
6612 75 Mar'17
1998
62% Jan '19
6212 65
68
Battle Cr A Stur let gu 39_1930
65
---- -- 78 Oct '09
Beech Creek 1st gu g Ii..19345
8118 ---- 8614 Dec '18
8614 86,4
8414 Sale 81%
16 73-1 9113
85
Registered
1936
7718 78,4 76%
4 7118 8312
77
2d guar gold Is
1936
8934 8934 Jan '19
86
1
78
Registered
92
1938
__ 85
80% Feb '17
Beech Cr Ext let g 3349_51951
8038 Oct '18
_ 85
Cart & Ad let gu g 48—.19
-2707
8
0 75
.. 89 Novin
_'
41
92 Jan '19
95
91
Gout
,& awe let gui g 59._1942
8412 0434
9012
- - -89 Oct '17
8418 93
Mob & Mal let go g 49...1991 M
77 _--- 73% Oct '18
---- -.72
79,2
so% 81
8013 Jan '19
N J June It guar 1st 49_1936 F A
7418 8178
6514 ---1 8913 Feb '18
92 Dec '18
8618 92
N Y & Harlem g
85
92
N' 75 ----1 SO Mav'17
N Y & Northern let a As_1923 A
953 95%
97 -.._- 95% June'li
Friday: latest bid and *eked this week. a Due Jail. b Due Fob. g Duo June. h Due July. n Duo Sept. 0 Due Oct. s Option sale.
Delaware dc Hudson—
1922 J
let lien equip g 430
let & ref 45
1943• N
20-year cony Is
1935 AO
Alb & Sueq cony 3tis
194() AO
Renss & Saratoga let 7s 1921• N
Denver & Rio Grande-1st cons g Is
1936
J
Con9o1 gold 4349
1936 J J
Improvement gold 59
1928 J
let & refunding 53..
1955 FA
Rio Or Juno 1st gu g 5s....1939 J O
1910 J J
Rio Or Sou lot gold 4s
Guaranteed
1940 J J
Rio Or West let gold 44...1939 J J
Mtge & coil trust 4s A 1919 AO
Det & Mack—let lien g 46_1995 3D
Gold 4s
1995 J D
Dot itly Tun Ter Tun 4349_1961
Dul MI9eabe & Nor gen 59_1941
Dul & Iron Range lit 5s
1937 A
Registered
1937
Dul Sou Shore A Atl g 59
1937
Elgin Jollet & East lit g 53_1911 1,1
Erie 1st cream' gold 7s____ _192
N Y & Erie let ext g 4s
1947
2d ext gold Is
1019 101
3d ext gold 4 tie
1923
4th ext gold Is
1920 A
1921' 1
5111 ext goid 45
B YLE& W 1st g fd 76_1926 lu
Erie 19, cons g 4s prior. 1996
Registered.
1996
let consol gen ilcu g 49_1996
Registered
1996
Penn coil trust gold 4s_ _1951
50-year cony is Ser A _ _1953
do Series B.
1115:i A
195: A
Gen cony 4s Series D
Chic dc Erie 1st gold Is__ .1982
Cloy & Mahon Vail g
Erie & Jersey 1st s1 69.__1955
Genesee River let 6I 61_1957
Lone Dock consnl g 6s._ 1935
Coal & RR lit our go 63...1922
Donk A (met 1st ext 56
1943
N Y & Green L go g Is.. 1910
N Y Sesq & W 1st ref 59._1937
2d gold 4 Sits
1937
General gold 5s
1940
Terminal 1st gold 5s.....1043 fil
Mid of N J lot ext 5s
1940 A
Wilk & East 1st gu g 513_1942
EY A Ind 1st COWS go g 68-1926
Evaney & T II let cons ils_1921
let general gold 5s
1942 A
Mt Vernon 1st gold 6s
1923 A
81111 Co Branch let g 51..1930 A
Florida E Coast let 430_ _1959
Fort St U D Co let it 4o9..1911
Wt Worth & Rio Or let g 49_1928
Gals? Hone & Hon let 5s_._1933 A
Great Nor C 13 A 02 coil 49 1921
Registered
51921 03
let & ref 4e Series A _1981
Registered
1961
Paul NI & Man 4s
1033
lot consol e de
1933
Registered
1933
Reduced to gold 430_1933
Reglitered
1933
Mont ext let gold 49_1937
Registered
1037
Pacific ext guar Is £
1940
ii Minn Nor Div 1st g 49_1948
Minn Union let g 6s
1922
Mont C let go g66.
1937
Reglatered_
1937 J
J
lot guar gold Sc..
1937 J
J
WIll A S F lit gold 59 1938 ID
Green Bay A W deb ette "A"_-__ Feb
Debenture oils "B"
Feb
Gulf & S I 1st ref dc t g 59_51952 J
J
Hocking Val let cons g 4 aie 1999 J
Registered.
1099
col A If V bit ext g 4s
1948 A
Col A Tol lit ext. 4e.
1955
110Uston Bolt A corm let 56_1937
win es Central let gold 16_1051
Registt red
1951
let gold 3 tig
1951
Registered
1951
Extended let gold 310_1951 A
Registered.
1451 A
let gold 3s iterling
1951
R5t1stere,1
1951 51
Collateral trust gold 4s__ 1952 A
R715tered
1952 A
let refunding is
19.55 Ni
Purchased :Mee :3c
1952
1, N 0 & Texas gold 4e__ _1953 lii
Reglltercal.
1953 NI
Cairo Bridge gold 19_.1950
Litchfield Div 1st gold 39.1951
Leulsy Div A Term g 3341 1953
Registered.
1953
Middle Div roe 54
1921
Omaha Div let gold
.1951
St Louie Div A Term36..g 39_1951
Gold 3
1951
Registered_ .....
1951
BprIngt Illv 1st
_1951
.
. 330
Western lines 1st g 4s
1951 F
1951
Registered
1923
Belles, A Car let Os
Carb & Shaw list gold 48-1932 51
Chic St f, & N 0 gold 53....1951
1951
Registered
1951
Gold 3 s
_1951
Registered
Joint let ref 55 Series A _1983
Memph Div 1st g 18-1951
Registered
1951
01 1,01119 ‘Init let stit g 45..1931 NI
Ind Ill & Iowa let g 49
1950
Lot dc Great Nor let g 69_ _ ._1919 Ni
James Frank & Clear let 43.1959
Kansas City Sou let gold 39.1950
Registered_
_1950 A
Ref & Inuit
_Apr 1950
Kansas City Term
5s.._.1st Is. _ .1960
Lake Erie & West let g 59_1937
28 gold 5s
_1911
North Ohio let guar g5 9_1945 A
(.45h Val N V let go g 430_1910
Registered.
1910
Lehigh Val (Pa) cons g 114_2003 51
General cone 434s
2003 51
•No
Week's
Range or
Last Sale
363
High
9112 Nov'18
9314 9412
- - 79
8514 85 Jan '19
88%
20 8512 0812
95
Salo 95
95
7558 Jan '19 __— 71
7513 80
77%
103%
103% Sapt'18 _--- 10112 103%
96
-
I
-10:1
a51,
-641-8
15
114
11
- 4
361
BONDS
N. Y. STOCK EXCHANGE
Week ending Jan. 24.
New York Bond Record-Continued-Page 3
Price
2n Range
BONDS
Week's
Pries
Friday
Year
Range or
N. Y. STOCK EXCHANGE
Friday
Jan. 21.
Last Sale
-
1918
Week ending Jan. 24.
Jan, 24.
[vol.. 108.
Week's
Range or
Las( Sale
Range
Year
1918
Ask Low
High No. Low High
Bid
High No. Low High
Ask Low
PC C & St L (Con.)Bid
N Y Cent & H B. RR (Con.)81
91 Sept'18 --- 91
8818 93
Series F guar 43 gold.__1953 J
NY & Pu let cons gu g 43-1993 A 0 79 -__ 7734 Dec '18 --- 7213 7734
02
8913
_-_ 8878 92
8813
Nov'18
N
M
1957
guar
Is
113
_
May'16
G
Series
10318
D
.1
6s___1932
guar
Creek
Pine
reg
95
1963 F A 9033 -___ 95 Nov'18 -- 93
i 6514 9'812
99
Series I cons gu 430
R W & 0con let ext 53...h1922 A 0 9812 _-_- 99
10012
C St L & P 1st cons g 53_1.932 A 0 102 10134 9812 Oct '18 -- 0678
Rutland 1st con g 4)0_1941 J .1 7434 _--- 83 Nov'18 --- 6714 83
100
June'17
------let
Un
Jan
63
Pekin
6118
60
8018
Os
---'18
F
Q
1921
&
g
Peoria
6118
J
J
Og & L Cham lst gu 4s g-1948
87 Mar'16
H921 If N ____
2d gold 430
Rut-Canada let gu g 48_1919 J J 67 __- 70 Jan '18 ---.. '70 '70
8612 --12 -ifi- 66.-- 8534 Sale 85
Pore Marquette 1st Ser A 53_1956
St Lawr dc Adir let g 5s...._1996 J J 8013 ..___ 101 Nov'16 ---- __ ____
3 6212 7312
67
7118
71
7034
9
1
6
5
881.4
45
Nov'16
B
103
Series
1st
1996 A 0
2d gold 6s
4112 49
45
3 40
45
50
Philippine Ry 1st 30-yr s f 4s 1937
Utica & Blk Riv gu g 43_1922 J J 9414 ---- 91 Aim''18---L ?(2)
99
99
1940 A 0 9518 __- 99 Jan '18
73
7578 73
Pitts Sh eic L E 1st g 65
1997 .1 D 72
Lake Shore gold 330
1913 J J 93 ____ 9714 Dee '17 ____)-_ - 7338
- 71
1st consol gold 5s
7512 733)3 Nov'18
1997 J D 73
Registered
8612 32 8034 9112
1997 J J 853e Sale 8534
8912 13 82 9214
8914
Reading Co gen gold 4s
1928 M S 8914 90
Debenture gold 4s
1997 J J --_- --__ 8112 Juno'18 _-_- 8112 8112
Registered
6 8134 9213
3
88,
1931 M N 8312 8833 83
25-year gold 4s
8634 Dec '18 -_ 8114 88
88
1951 A 0
Jersey Central coll g 4s
1931 M N -___ ____ 8373 Nov'17 -- ---- --Registered
1951 J J ---- _--Atlantic City guar 4s g
1938 J J 91
Ka A & G R 1st gu a 53
'
-i1:7-8 Det-3. -----_-_ -63 - "riii
18
De i5
St Jos & Green Is' let g 4s 1917 J J
94 __ _ roil;Dec
1934 J J
Mahon CI RR 1st 5s
0
St Louis & San Fran (reorg Co)Pitts & L Erie 2d g 5s-a1928 A 0 102 __ 10:3 May'17 -6173 145 5512 6712
6133 Sale 6014
Prior lien Ser A 4s
Pitts McK dr Y let gu 6s.._1932 J J 10312 ____ 13018 Jan '09 ____I ____ _ _ _ _
9 66
7712
8253
1950 J J 7658 Sale 7658
12314 Nlar'12 ____1
Prior lien Ser 13 5s
•
1931 J J 10214
2d guaranteed Os
Sale 61
66
76
91' 60
Corn adjust Ser A 6s____h1955 A 0 61
1931 /11 S 9514 ____ 9912 Aug '17
Michigan Central Is
4012
4012
43
43
Sale
60
55
Oct
h1960
9812
_
..
Nov'18
92
Os
A
.
981
-9
Series
Income
2
151
Q
1931
Registered
10012 10114
82 Jan '19 ____ 74 '75
St Louis & San Fran gen 6s_1931 J J 103 ____ 10038 Sept'18
1910 J J 811
4s
97 Nov'18 _-- 91
1931 3 J 9612 99
9712
General gold 5s
1940 J J -------- 87 Feb '14 Registered
78
IvIay'16
J
J
90
13-1996
June'OS
F
&
L
St
g
---cons
RR
-------------_--S
M
3343_1951
J L & S 1st gold
90 May'17
Southw Div let g 5s_....1947 A 0
7014 ___ 7978 July'17
1952 M N
1st gold 33.4s
-1 --1)
8 i.
-3-6
:
-14
-0.-i
K C Ft S & M cons g 68_1928 M N 1171:13-3 10314 10253 10314 ------.2
20-year debenture 43_1929 A 0 8278 8312 82 Jan '19 ___
77
82
K C Ft & M Ry ref g 431936 A 0 7.113 7434 7173 Jan '18 ____I 62
N Y Chic & St L let g 43_1937 A 0 80 8212 80
KC&MR Sz B 1st gu 53.1929IA 0 8714 ..__ _ 8518 Aug '18
1937 A 0 77 ____ 85 Nov'17 .._ ____ _7412
Registered
7214 . o 61
37
85
- 6
5
74
618
77
3 8
15
7214
St L S W 1st g 4s bond ctfs_1989,M N
1931 NI N 7214 75
Debenture 45
2 Jan '19
7714
4 5
13
23
57
5012 57
8112 8112 Jan '19 ____ 7113 825s
2,1 g 4s income bond ctfs_p19891 J J -----_-- 7
West Shore let 13 guar_2361 J J 80
6 67
70
5914 5912 5712
5812
8C1
Consol gold 4s
7778 75 Jan '19 ---- '70
2361 J J
Registered
60
4' 52
65
D 59 Sale 59
JJ
32 j
95
10012 Jan '17 _-__ - __ _ __1°
let terminal & unifying 55..1
N Y C Lines en tr 513_1919-22 M N 9914
85 __ 0812 Jan '14
9838 July'17 --__
Gray's Pt Ter let gu g 53_1947 J
Equip trust 4%6_1919-1925 J J 96 102
66
12 -gilt -6814
8853 Dec '18 --__ 7713 90
S A & A Pass let gu g 4s__1943 J J 6512 Sale 6512
NY Connect lot gu 4345 A_1953 F A 8514 86
1950 A 0 -__ 757s 72 Jan '19
Seaboard Air Line g 45
N Y N II dc Hartford74 Jan '19 ____ °
714 7
88
60
1950 A 0 -7212 74
5 60
Sale 51
8
51
514
'7
75
Gold 48 stamped
1947 M 9 51
Non-cony deben 45
5112 81' 49
61
55
01949 F A 4973 Salo 4912
Adjustment 5s
1947 111 9 51 __ 65 Sept'18 ---- 55
Non-cony deben 350
5514
59
59
59
1 5112 66
62
50
---Nov'18
4
5(13
Is
5814
Refunding
---0
1951 A
Non-copy deben 330
63
52
6
74
567s
76
74 Nov'18 ____i 73
5578
75
AI 0
9 N:3
93:3
.. 193
All Birm 30-yr let g 43.e1
1953 J J _-__ 57
Non-cony deben 43
76 Oct '18
77
75
7 45
5912
61
Caro Cent 1st con g 43- 19493 J
1956 NI N -___ 5912 53
Non-cony deben 48
5012 5212 5014 Jan '19 -__ 5113 61)
Fla Cent dr Pen let ext 68_1923 J J 96
1956 J J
Cony debenture 330
93 ____ 101 Dee '15 -_- ..--_-_-_ -_-_-_-5 82
8612
95
let land grant ext g 53_1930 J
1918 J J 8612 Sale 86
Cony debenture (la
95 Nov'18 ____ 9212 95
50 Oct '17 ----1 ____ ____
19433 .1 --_- 95
_Coned' gold Is
1930 F A ....
Cons Ry non-cony 43
__ 0113 Jan '12 ---Ga & Ala Ry let con 51....o1945 J .3 0113 _ _ 9013 June'18 ____ 9012 9012
Non-cony deben 4s........1951 .1 J ---- ---94
60 60 July'18 ---- 60 60
Ga Car & No 1st gu g 53_ A929 J J 9313 ___ 9.1 June'IS ____ 91
1955 J J ___
Non-cony deben 43
Seaboard & Roan 1st 53 1926 J .1 06 ____ 9114 June'13 ...._ 9114 9114
1955 A 0 --- --_-- ---- ------ ---- -----Non-cony debon 4s
Southern Pacific CoNon-cony deben 4s--1956 J J ---- 60
7313 76
7512
751
-IN -_---_-_ -16- "73371
-c
-e
4D
Gold 4s (Cent Pao col1)k1949 J
7453 -_-- -1PHarlem R-Pt Claes let 4s.1954 M N
/1949 J D - --- 7813 90 Feb '14_____________
4 _I; 791s Dec '17 --_Registered
B& N Y Air Line 1st 4s...1955 F A _ ,..
8112, 128' i612 Fii
Sale 8312
S 8.1
62 6212 Jan '19 ____ -ad- -6651929
20-year cony 43
Cent New Eng let gu 48.._1961 J J 65
10212 779' 861s inge,
1931 J D 10212 Sale 100
20-year cony Is
1930 M S
Hartford St Ry 1st 4s
8073
81
17 76
86
Cent Pae 1st ref gu g 43_1919 F A 7818 81
6 :7:1 ---- -Houses:onto R cons g 68......1937 M N -66- -_-_-_-_ ijd1-2 ii-a-3,11.
8712 Sept'16
____
87 July'14 .--- ---1949 F A
____ -Registered
1954 WI N
Naugatuck RIF. let 4s
1
88
:1
c
,
o
)e
11
1
34
5
6
8
7
f
_8_6_1
13
5
7
8
88
85
J
330_11929
_-_80
gold
Aug
guar
83
'13
0
Mort
N Y Prov & Boston 46_1912 A
96
71
50
50
51
Through St L let gu 18_1951 A 0
i "i:E- -iiira
NYW'ehetadzB latser I4301916 J .1 50
---- ---- __ ____
G & S A NI dr P 1st 58_1931 M N 9114 101 100 Oct '18
Boston Terminal let 48...._1939 A 0 ---- ---- ---91334 Jan '18 __ __ -66.3.-e -6634
1931 J J ---- 97
_....... _--- _-_- -98 ---2d exten Is guar
1915 J J 90
New England cone 5s
95 Nov'18 ____ 95
95
Gila V 0& N 1st gil g 5s 1924 M N ---- 102
1915 J J 70 ---- 70 Sept 17
Canso'43
i ---- ---40
40
18
-_
Hous E & W T 1st g 6s....1933 FYI N 9153 Nis 8512 July'18 ____ 8612 8512
Providence Secur deb 48_1957 111 N
193:1 M N 92 ____ 100 Oct '16
---- ----991 Dee '13 __- ---- -1st guar 55 red
Prov & Springfield let 68..1922 J .1 -07 101
97 Jan '19 __ -861 -9636.19:37 J
____
____ -• & T C 1st g 63 int gu
Providence Term let 48.....1956 M 9 6912 --__ 883s Feb '11 _-- ---97
93 Nov'18 ____
---- ---Gen gold is lot guar_ A921 A 0
W & Con East 1st 4%3_1943 J .1 7153 ---- ---2 -1
70
9 ' 1 69
3 -ii3:3.1.
.
Waco & N W div 1st ti Os'30 61 N 91 10012 10912 Nov'15
N Y 0& W ref let g 4s._ g1902 It 8
1941 J J -_ -_ 05 i 93 Nov'18 --_- -ffi- -6:7"
-_- 9212 June'12 -- ____ _ ___
A & N %V 1st fan g 53
Registered $5,000 only_g1992 NI S -------1921 J .1 9372 ,..__ 10014 oot •17 --60 Apr '18 -..i
. 60 6014
Louisiana West 1st 68..
1955 J D 5013 65
General 45
68
69 68
Morgan's La & T 1st 63_1920 J .1 ---- 10014 100 Apr '18 ____ 16.6.- 1.66Norfolk Sou let ck ref A 53....1961 F A 66
06314 _9-3-1-3 19
06
213 O
Jaent 18
0 ..1938 4. 0 ,
813s June 18 --- 8112 8412
No of Cal guar g 58
1941 51 N 87
Norf & Sou let gold Is
;-1V12
-633
1927 J J
Ore & Cal let guar g 53
Nod & West gen gold 68____1931 NI A 109 10934 109 Dec '18 ---- 10514 109
N 96 _-_- 10712 Sept'16 -_-_-_-_
11137
So Pac of Cal-On g 58
Improvement & ext g 6a-1934 F A 106 ____ 122 Nov'16 ---93
2 ---- -So Pee Coast let gu 4s g 1937 B -11 93 Sale 93
New River lst gold 133____1932 A 0 107 _-_- 10713 Dee '18 --,-_. ii6E" iOirs
7834
8 'ill', -gf1- 2
8334 12 79
San Fran Term' let 43....._1950 A 0 7834 8034 7812
41 8112
8912
N & W Ry 1st cons g 43_1996 A 0
Sale8
8978
012
91 Nov'16
8
8
_i -i6,3
_ _2
4
_ -8-&_ _ 9312 Dee '16 _-__
Tex & N 0 con gold 6s_1913 J J 82
-1996 A 0 -------Registered
4
1055 J J
81.12 85 Dee '18 --.. 'if- -gli1So Pee RR let ref 4s
Div'l let lien & gen g 4s_1944 J 3 80
9512 40 8678 100
Sale 0112
1991 J J 95
Southern-lst cotes g 53
1932 J D --_- _____ 12373 May'17 --__
10-25 year cony 4s
10014 Aug '16 -11714 May'17
---- -Registered
1932 If S
10-20-year cony 43
6633
2
6712 158 -go"- -iii 10-112 10-51B
1A O
1'
56
199
Develop & gen 4s Ser A ..._19
4 .:-_-_ 10113 Dec '18 ____ 103110-25-year cony 430_1938 M S '
75
75 Dee '18 ____ 85
80
10634 272 10614 10812
Mob & Ohio coil tr g 43._I938 If S 70
10-year cony 63 1w I) _192910634 Sale 10614
86
92
1 76
93
Mem Div let g 454s-53.-1096 J J 93 ___02 July'18 ___ 87
86
8634
Pocah a & C joint 4s.....1911 i- -I-i 86
3 7358 Jan '10 ____ 6113 74
J 7212 7331951
St 1,01113 dly let g 48
C C & T let guar gold 58.1922 J J 9713 ____ 103 Sept'16 _-__ _-_- -85
___ 93 Jan '19 _. 8778 03
81 Jan '19 _-_ 72
80
81
Ala (it Sou 1st cons A 6s1913 J D
80
Seto V & N .E let gu g 43 1989 M N
8112 Oct '18 ____ 8212 8113
AtI & Chart A L let A 4)01944 J .1 8213
Northern Pacific prlor lien
9734 9612 Jan '19 ___ 91
8514 37 79 00
97
let 30-year 53 Ser B._ _1944 J J 9634 _railway & land grant g 43_1997 Q J 81 Sale 84
70 Oct
J
7914 Oct '18 -- - 7834 80
1918
--_- 7C1 '7014
Atl & Deny let g Is..
1997 Q J 8113 87
Registered
8112
60
'
Mar'113
12
6018
6114
Sale
_.....
---563g
60
2d
F
4s
Q
a2017
lien
General
gold 33
75 Feb '17
j
B O
9A
6178 58 Oct '18 --__ 63 58
At! & Yad let g guar 4s.._11913
a2047 Q F 56
Registered
9512 9918 96 Mar'18_
---- -66" -6690
2, 8278 91
.
E T Vie & Oa Div g 58__1930 J
2047 J JI 00 Salo 90
Rsf & imp 414s ser A
997
9312
,3 Jan '19 ____ 9114 9712
95
8
M11
M
1956
Aug
75
74
'18'74
let
86
gold Is
Cons
St Paul-Duluth Div g 43 1996 J 0 75
99
9215 Nov'18- 86
E Tenn reorg lien g 58._...1938 M S 92
9218
St P & N P gm gold 6s_1923 F A 103 107 102 Jan '19--1 10033 10373
1016 A 0 5214__
Ga Midland let 33
Registered certificates_1923 Q A 10114 ---- 10334 8991.17 ---- ---- ---621 Dee52
10
'18 ---.
1922 J J
15)0 12
(
Ga Pee Ry 1st g (Is
!1
---- -St Paul & Duluth let 53_1931 F F 98 ____ 9812 Jan '19
Knoxy Az Ohio 1st g 6s-1025 J .1 1003s _-__ 100 Oct '18 _._ 9314 10114
1968 J D 7613 __- 78 Dec '18 ---- '765s 78
let consol gold 4s
9112 Oct '18 ___ 9113 9112
___ __ _
3612 Dec '16
Mob Jr Bir prior lien g 63_1915 J J 8618 95
1948 Q Ill 6812 85
Wash Cent lee gold 4s
7212 68 Jan '18 ____ 68
1915 J .1 65
68
4 10838
Mortgage gold 4s
Nor Par Term Co let g 6s._1933 J J 10712 --_- 107 Nov'18 .-- 1063212 _10_2_ _ 99:
99
9751 JsaenD4412
4 6514 8012
95
Rich & Dan deb 6s eitmpd_1927 A 0 9
8 --__ 95
78
Oregon-Wash 1st di ref 18_1911 3 J 7712 7812 7712
88 Jan '19 ____ 82 90
Rich de Meek let gu 48.._ A948 M N ---- __-1946 J D 84
Pacific Coast Co let g 5.3
90 ---i -6137
1919 111 N
So Car dz Ga Ist g 58
;-6gi
Paducah &Ills let s f 4343 1955 J .1 ---- 95 1001s Feb '17 _-__
- -4E14
Virginia Mid Ser D 4-5s...1921 111 S 9718 ____ 10212 June'll __
Pennsylvania RR let g 4s_1923 fa N 9518 ---- 9514 Nov'18 ___ -66-14
1926 NI S 9914 _- _ 9:1 Apr '18 -- -tii- -iiiSeries E Is
100 100
1019 If S 9834 100 100 Aug '18
Congo' gold 5s
10412 Deo '16
1926 NI
Series F 5s
1919 Q M 9858
Registered
96
98
98 Dee '18 -_-_-_-_ -63 - -98
General 5s
88
- - -661; Nov'18
9014
1943 51 N 89
Comm' gold 40
3 Sept'18 ___ 8151 815s
./ 8714 ___ 81,
9218
J 11
3M
°3°
100
Vs & So'w'n let gu 53_2
11 83
87
8613
1918 NI N 8612 87
Consol gold 43
7013 Nov'18 ____ 6'714 '7212
96
96
1 9278 10013
1st cons 50-year 5s_1958 A 0 7018 80
1960 F A 9533 06
Cense'430
92
937s Mar'17
3 41 857s 9613
88,
W 0 Az W 1st cy gu 4s__ ._1921 F A 85
1965 .1 D 8734 8912 8712
General 430
82
953.i Nlar'17 .__ -_::: 2:17.
____
Spokane Internet let g 53_1955 J J
9733 272 __
1968 1 D 9614 Sale 0534
General 5s
9912 9112 Jan '19 __ 8512 8713
8712 Nov'18 ____ 8E. 8712
Term Assn of St L 1st g 4348.1939 A 0 92
1042 NI S 8612 88
Alleg Val gen guar g 4s
1894-1944 F A 98 ___ 9434 Dee '18 ____ 90
let cons gold Ets
95
D R RFt& B'ge 1st gte 43 g_1936 F A 8012 -___ 8.112 Sept'16 ......::
77
1
80
77
3 Dec '18
1953 J J 75
Gen refuted e f g Is
Phi's Bait & W let g 4s 1943 If N 87'12 ____ 87,
102 Jan '93 -- ig
St L M Bridge Ter gu g 58.1930 A 0 9013 9412 951g July'18
-1. 1314
6
-3
- -ff..
-4
-f
8
Sodug Bay & Sou bet e 58_1924 J J
2000 J D 8978 9114 90
91 _4
. -793Texas & Pao lot gold 5s
4 -9213
Sunbury & !Avila let g 48_1936 J J 80
q2000 M a r 45 ___ 41 Sept'18 ____ 41
4613
2d gold Income 53
II N .1 RR & Can gen 13-1944 IM 13 85 ___ -iii- Doe '17 2-- ---_--: -_-_-_-_
3 _ 86 May'18 ____ 8C1
9:7
8
La Div 13 L 1st g 5s
86
Pennsylvania CoB
A
Nov'04
F
1B
10612
0
3
9733
93
581°
W Min W & N W lstgu
9734
8 9613 98,
3
1921 J J 9734 Salo
Guar 1st gold 430
95
Tol & Ohio Cent let gu 5s.._1935 J J -6'11-2 -56 9012 Oct '18 --- 90
1921 J J 9514 ____ 9712 July'18---- 9534 9712
Registered
87 Jan '19 ___ 89
____
1935 A 0
92
Western Div let g 59
Guar 330 coil trust reg A.1937 M S 7612 ____ 87 Feb '17 ___ _
93 Oct '18 ___ 93
81
1985 J D 74
93
78
78 Jun '19 ___ 70
General gold 53
Guar 330 coll trust ser 13.1941 F A 7634 80
6712 Sept'18 ____ 6712 60
1990 A 0 6814 80
Kan dr NI let gu g 4s
_-- ___ Guar 330 trust ctfs 0_1942 J 0 7512 ___- 8114 July'17
9012 0112 9012
1927 J
2 89
9012
90
2d 20-year 5s
3734 Deo '16
88
1944 J D 75
Guar 330 trust etfo D
36 ____ 52 Aug '17 ____ _-_- ---Tot P & W let gold 45
8334
8334
21 8218 8712
Guar 15-25-year gold 4s 1931 A 0 84 91
B
J JI
75
15
6712 84
°2
Tol St L de W pr lien g 3%6_19
84
75 8318 84 Nov'18 __
40-year guar 4tectf.3 E'er E_1952 M N 87 _-_- 87 Jan '19 -__ 81
43
dli
48
1950 A 0 48
50-year gold 4s
5612
2 45
1942 If N 8012 8734 86 Oct '17 ____ ____ ____
Cin Leb & Nor gu 4s g
1858 Mar'06
F A ______:. 32
Coll trust 4s g Ser A
Cl Mar 1st gu g 410-..1935 M N 8731 ---- 96(4 May'17 -_-_-_-.
18 Aug '18 -- -- -1.8.- -iii.
30
r_1.7
Trust co etre of deposit_
4
-C164 -1-W3Cl & P gen gu 4%s ger A_1942 .1 J 9518 ---_ 9634 May'18
70,8 87 80 Apr '17 -.-_-_-_
Tor Ham & Buff 1st g is_h1946
1942 A 0 9012 ____ 104 Dee '15 -_ ____ ____
Series B
8914 Dee '18 _- -iii- -g61-4
95
Ulster & Del lit cons g Ii.,,.1928J D 91
Int reduced to 3)0_1942 A 0 8013 _-_- 964 Feb '12
70
58 800.'17 _1952 A 0
let refunding g 4s
9018 Oct '12 ---- ---- -1948 M N 83
Series C 330
41 -84 - -if89
1917 J .1 -gi" Sale 8612
Union Pacific let g 44
8812 Feb '17
1950 F A 83
Series D 334s
31 Oct '18 -_ .
7:
0 85
1947 J J
_ 882
167
.
82
8
783 9
:
Registered
1
0
83
0
Erie az Pitts gu g 33.0 13_1940 J .1 7614 -___ 83 Apr '17
1927 J J -gi371
20-year cony 4s
9013 July'12 -----------1940 J J 7614
Series C
Salo 8014
g2008 If S 82
8214
5 7512 8712
1st & refunding 4g.
8418
Or R & I ex let gu g 4548_1941 J .1 89 _-__ 8.118 Dee '18 ____ 81
106
114 1013s 10514
10-year perm secured 63..1928 J J 10412 Sale 10378
78
Ohio Connect 1st gu 4e..._19.13 If S 8313 ____ 78 Oct '18 _-__ 78
85
85
8733 85
Oro RR & Nay con g 4s.._1916 J
Pitts Y & Ash let cons 58_1927 M N 9633 ---- 93 May'10_-_Ore Short Line let g Os_ _1922 F A 10034 10112 101
101
3 0
00
474 10112
99
9834 Apr '17 -- _-__ _ -_ Tol W V & 0 gu 434s A_1931 J J 8812 95
9633 9678 98
1946 ..1
9873
6
let consol g 53
92 Dee '17
1933 J J 831s 95
Series B 430
8612 83
8612
1929 J
87
Guar refund 4s_
8813 Sept'17
3, 8078 9013
1942 M S 7813
Series C 4s
Utah & Nor gold 58.__1926 J 1 9112 __ 98 Den '17 __'
9112 115
P C C & St L gu 430 A1940 A 0 9013 9412 9212 Dec '18 _
89 Feb '18 ....... -89
19333 J 83
let extended 48
- 8689
9112 93
1042 A 0 9058 9234 93 Oct '18
Series 11 guar
19155 F A _.- ._.._ 80 Jan '18 ..-- 80
Vandal's cons g 4s Ser A
80
99 June'17 _1942 M N 9053 99
Series C guar
Cou,o1s 43 Series 13
7912 ---- 8018 June'litl __ 801s 8013
9033 Sept'18
-if;- -661945.M N 881, 93
SeriesI) 4te guar
11
4 .1
57
93
Vera Cruz & P 181 gee 4123_11°
- - _- ---- 35 Rept'17 . -- - - - 87
9012
Serial E 330 guar gold .1949 F At 8711 -_- 9012 Sept'18
v No price Friday: latest bid and ailed. a Due Jun 0 Due Feb. a Dtle June h Due July. k Due Aug. o Doe Oct. p Due Nov q Due Dec a Opt in sale.
n
a -i-75'131712 -88
8.71-2
_ai_ ..6.;,;
New York Bond Record—Concluded—Page 4
JAN. 25 1919.]
BONDS
N,Y.STOCK EXCHANGE
Week ending Jan. 24
4
t
-.'
1..
Virginian let 5ii series A___-1962 M N
1939 M N
Wabash let gold 63
1939 F A
26 gold 5s
1930 J J
Debenture series B
1921 M S
lot lien equip s Id g 53
1951 J J
let lien 50-yr g term 4s
Del & Ch Ext let g 53-1941 J .1
Des Moinea Div let g 43-1939 J J
1941 A 0
Om Div let g 3A8
1941 M S
Tol &Ch Div let it 43
Wash Term! lot gu 3Aa....„1945 F A
1945 F A
let 40-yr guar 4s
1952 A 0
West Maryland lot g 4s
1937 J J
5s
West N Y & Pa let iii
1943 A 0
Gen gold 45
V1943 Nov
Income 5s
Western Pao let eer A 58.._1946 01 S
Wheeling & L E let g 5s....-1926 A 0
Wheel Div let gold 5s____1928 J J
Exton & Impt gold 5a—_1930 F A
Refunding 4e seem A__1966 M S
1949 M S
RR let consol 4s
Winston-Salem S B lot 4s-1960 J 1
1949 J J
Wls Cent 50-yr lot gen 4s
Sup & Duldly lc term let 49'36 ral N
Price
Friday
Jan. 21
Week's
Range or
Last Sale
'
3
,.
,...§.
''''
Range
Year
1918.
Bicl
Ask Low
High No. Low 11011
9214 Sale 9218
9312 10 8414 9612
9678 Sale 9678
98
33 90
9758
.1
88 Jan '19 --- 80
8978
---- ----90-_
Aug '18 -- 90
90
963
;---- 93 Nov'18 _— 93 10014
96 _-__ 65 Sept'18 —_- 135
65
8712 ____ 9912 Sept'17 _-_ ___ __ _
--80 Aug '12 ____ ____ __ _
'72
76 Apr '17 _-_ ____ ------_ -74 Jan '19
7518 80
76 Dee '17 --._
84 — _ 82 Aug '18 _......I 82
82
581s Sale 5818
5838 11 5678 72
9912 9978 09 Jan '18 --_- 90
99
---- 83s 70 Dec '18 ---- 60
70
------- 36 Oct '17 ..— _ _ _
• 79-4, 96
8514
833 8412 85
93 Oct '18 ----i 90
90 90
93
_-_- 06 100 Feb '17 ..-__ _ _ __ _ _
---- 9834 9958 Mar'17
5612 70
61 Jan '19 ____ 60
61
____ 65 69 Nov'18 _-__ 5512 69
78
82
72 Nov'18 ___ 6714 72
7712 793s 7912
7912
4 6914 83
7218 7512 7214 Jan '19 --__ 72
7878
Street Railway
70
Sale 65
8 7978 83
Brooklyn Rapid Tran g 5a-1945 A 0 65
4912 48
49
9 50 69
let refund cony gold 4s...._2002 J J 47
6-year secured notes 53- _1918 J J __-- ---- 9534 Dec '18 --- 9214 0812
97
Ctfs 3-yr see 7%notcs op-A1921 J J ---- -- - 9614 Aug '18 ____ 90
8012 173 8312 9658
3-yr 7% secured notes-111921 J J 7559 Sale 75
9178 02 Dec '18 _— 89
92
Ilk Cty lot cons 50_1916-1941 J J 80
80 May'12 ___ ____ ____
Bk Q Co & S con go g 53-1941 M N ---- 70
Bklyn Q Co & S let 5s.- 1941 J J -- 9912 101 alay'13 __ _ _ _ _
76
78
78
5 ii 8712
1950 F A 75
Bklyn Un El let g 4-50
78
8212 Dec '18 —_- 7812 8634
1950 F A 75
Stamped guar 4-5s
72
Kings County E let g 4a 1949 F A 59 6812 57 Jan '19 ___ 66
62
1949 F A 5614 7258 62
1 6812 6812
Stamped guar 4s
6512
Nassau Elea guar gold 43_1951 J J --- 5878 60 Dec '18 ___ 55
1927 F A ____ 8014 8014
8014
8 8012 88
Chicago ltys let 53
Oman By de L let & ref g 401951 1 J 89 --_- 8712 Nov'18 ---- 8512 8712
864
1951 .1 .1 89 ____ 8614 Oct '18 ---- 85
Stamped guar 4;is
Det United let cons g 4y-60_1932 .1 J '5 '41 7358 Jan '19 ---- 68
80
__
_
- _ 84 Jan '14
Ilt Smith Lt & Tr let g 6s
1936 M S ---- ---5838 70; 4g.78 6'3;
Ilud & Manhat 53 ser A...._1957 F A 58 Sale 5012
1712 174' 1434 25
-- 1612 Sale 16
Adjust income 5s
1957
-90 100
1932 FA
87 Oct '18 ----1 87
90
N Y de Jersey let 5a
4012 552 38
interboro-Metrop coil 4545_1956 A 0 3913 Halo 39
5859
70-8 466 69 85
Interboro Rap Tran let 53_1066 J J 6913 Sale 6834
7314 8112
8318 75 Dec '18 _
Manhat By(N Y)cons g 48_1990 A 0 72
74
10 7458 84.2
7412 74
Stamped tax-exempt
1990 A 0 71
Manila Elec By & Lt 31 5s....1953 Id S 75
80 80 July'18 ---- 80
80
Metropolitan Street By—
7712 79 Dec '18 ____ 7014 85
Bway de 7th AY let o g 5e1943 J 0 76
70
68 Jan '19
Col & Oth AY let gu g 5s....1993 51 S 68
Lax Av de P F lot gta g 5s-1993 M 13--74 Jan '19 ---- ---- ---- ----54 Dec '18 _-__ 54
Met W S El (Chic) lot g 4s....1933 F A ---54
Milw Eleo fly & Lt cons g .59 1926 F A
0012 June'17 ---- ---- --__
---Dec '18 ____ 8112 81..
Refunding & eaten 410-1931 1 I ---- -----8112
Minnoap St let Colle g 5a- _1919 1 1 991 -,-,- 983t Aug '17 ---- --- ---uti
9712 July'17 ____ ____ ___
Montreal Tram let & ref 53_1941 J 1 79
New Onl By & Lt gen 4;0_1935 J I _-- 7212 74 Aug '17 ___ ___ __ _
55
N Y Municip By lot s f Ss A 1960 J 1 45 --55
42
1.1 Y Rye let R E & ref 4s
1942 J I 4012 427 41
71 3'814 57
30-year adj Inc 50
1414 231 11
a1942 A 0 13 Sale 1212
2434
NY State Rye let cons .1--is..1962 al N -- 61
613.1Jan '19 --_- (33
'70
Portland By 1st & ref 53.___1930 M N
8812 Noy'16 --- __ ___
Aug '18 ---- 6212 68
Portld By Lt & P let ref 5:4_1942 F A ---------07
-9012 Feb '17 -- ____ ___
Portland Gen Elec let 58_1935 J J
at Joe By L II de P let g 5a_-1937 al N 81 --__ 95 July'17 —__ ___- ---St Paul City Cab cons g 58 _1937 1 J --- 9912 10212 Mar'12
5211 Jan '19 —_
1980 .1 J 4934
- 52
Third Ave let ref 4s
5112 59
Adj income Sc
30
7i, 2712 3878
a1000 A 0 28 Sale 2734
Third Ave fly let g 50
97
1937 J J 8712 100 97 Dec '18 -_ -- 90
Tri-City fly de Lt let a f 50_1923 A 0 9412 9578 9412
9412
2 91
96
Undergr of London 43-0
80
1933 J J 77 ____ 76 Mar'18 -_ -- 76
60
Income (38
1948 — - 65 --__ 56 Aug '18 -- 56
United Rys Inv 58 PU10133_1926 MI le 55
66
69 65 Dec '18 _-__ 58
5514
2 49
United Bye St L let g 4s
5178
1934 J J ___ __ 5178
St Louis Transit gu 5a-1924 A 0 ____ 60
50 June'17 ---- _..— --__
United Ras San Fr a f 4s
25 May'18 --- '25
25
192' A 0 ____ 37
22
7 22
22
Union Tr (N Y)o ertt.3 dep__- ----20 22
2612
2214 Jan '19 —_- 22
Equit Tr (N Y) inter ctfs_
27
- - ---- 23
Va By & Pow let de ref 50_1934 J J 79
933.1 79
79
2 77
8013
Gas and Electric Light
Atlanta 0 L Co let g .. _1917 1 D 9318 --__ 103 Sept'15 ____ ___ ___
9412
Bklyn Un Gas let cons
5 85
5ag 50_1945 M N 01,2 ---- 94
95
Cincin Use et Elea lst&rof fai 1956 A 0 90 ____ 91 Dec '18 ..-- 8912 91
8212
1927 I J 82 ___ 8212 Jan '19 ____ 75
Columbia 0 dc E let 5a
97 Feb '15
Columbus Gas let gold 50_1932 J J __
Sale 10012
Consol Gas cony deb fls...._1920 Q F 101
10134 162 99 108 Cons Oas EL&P of Balt 5-yr 53'21 M N 97 _-__ 9514 Oct '18 ---- 9112 9514
Detroit City Gas gold 5s_ _1923 1 J 9618 ---- 9512 Dec '18 ---- 9334 9638
Detroit Edison let coll tr 5-8_1933 1 J 951s ---- 0512 Jan '19 ---- 8978 98
111910 51 S 93 ---- 9112 Deo '13 ---- 9112 92
let & ref Sc ser A
1E4 0 L N Y let cons g 53_1932 M S ____ ____ 94 Feb '18 __.- 94
94
100 Feb '13 ___ ____ ____
Gas & Eleo Berg Co c g 58__1919 1 D
905; 9218 Nov'17 ____ ____ ___
Havana Elea consel g 5s____1952 F A 81
961s Deo '17 ____ ____ _ _ _
Hudson Co Gas let g 5s. _1949 M N ____ 95
Kan City (Mo) Gam 131 g -56_1922 A 0 8858 ____ 9078 Dee '16 __ __
_ __
—_
Kings Co El L & P g 53____1937 A 0 9014 ____ 90 Dee '17 ___ _ -: Purisha.se money 6s
1997 A 0 100 —__ 97 Aug '18
if
9014
Convertible deb 63
1925 al 13 96 ____ 90 Jan '19
Ed El Ill Ilkn let con it 40_1939 I J 797s 80
78 Nov'18 ____ 73
78
99511 12 9714 9912
Lao Gas I. of St L let g 5.3_e1911) Q F 9958 Sale 9912
9512 95
Ref and eat let g 513
1931 A 0 95
9514
3 8878 0138
Milwaukee Gas L let 4s
1927 M N 8'738 9C112 8412 Oct '18 ___ 84'2 801,
1948 J D ____ ____ 10112 Apr '17
Newark Con Gee g ils
_
NYGELII&Pg 5s........19481 D 91
9112 9112
9112
2, 86--9718
7112 72
7112
7112
1 68
7612
1949 F A
Purchase money g 4s
100
Ed Elea III let cons g 59 1995 J J -____ 100 100
8 9478 9478
NY&Q El L&P lat con g 58_1930 F A --_- —__ 9612 Aug '17 --__ ____ ____
Pacific 0 de El Co—Cal0 de F.—
- 9558
9558
1 8634 9572
Corp unifying & ref 5s_1937 M N 9512
alale 8758
8758 43 7638 88
Pacific 0 & E gen In net 51_1942 J J 8758 --Pao Pow & Lt let & ref 20-yr
7
92 88
88
5a International Scrim-1930 I? A
July'17 ____
Pat In Passaic 0 & El 5s........1949 M S -------100
Sale 100
101
18 9812 10138
Peop Gas & 0 1st cons g 65_1943 A 0 100
7618 75
76
6 7112 8()
1947 51 S 75
Refunding gold 5s
96 Sept'17 __ ___ ____
Oh 0-b& Coke let gu I 5a 1937 J 1 _- __ 91
Con GI Co of Ch let Ku g 501936 J J ---- 95 100 Apr '17 ___ ____ ____
89 Mar'17 ___ __ ____
Ind Nat GM & 01130-yr 531936 IA N
Mu Fuel Gas let gu g 5s1947 M N ---------,- ---- 01 July'17 ____ ____ ____
Philadelphia Co cony 53
_ _ _
1919 F A 9612 9812 0914 Nov'15 ____ _
91
91 Jan '19
Cony deben gold 53
1922 M M 82
fi iii
90 Nov'18 ___ 90
Stand Gas & El cony a f Os_..1926 J 0 -.,_- 100
91
_
Syracuse Lighting lot g 5e_1951 1 D 8218 ____ 9712 may,17
Syracuse Light & Power 50_1951 J J '7114 751s 70 Nov'18 ___ fii- "7
16Trenton 0 de El let g 53_ _1949 M S -,,-. ---- 9838 Oct '17
_ _ _
Union Elm Lt & P let g 592
i
61i 66
3_1932 1.1 5 91 ---- 92
Refunding & extension 54..1933 id N _-_- ___ 10158 Nov'18 ____ ____ ___
United Fuel Gas let 0 f 6s193h 1 J 95
97
97 Deo '18 ___
9114 971-2
89
89
Rah Power & Lt let lia
89
:1 80
1944 F A 87
po
mica moo L & P let g 58_1950 J I ..„ —„,- 101 June'17 ---- ---- -Utica Gas & Elea ref 50
93
96 Aug '17 —__
1957 J J 87
?reetolietater Ltg gold 50_1950 J 0 90
97 I 32 Jan 'l9,.._... 8912 891s
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan, 24
365
Price
Friday
Jan. 24
Week's
Range or
Last Sale
4,3
14
Range
Year
1918
,2
Bid
Ask Low
Miscellaneous
High No, Low High
70
65 Jan '19 __
Adams Ex coil tr g 4s
1948,M IS 65
60
69
Sale 35
Alaska Gold al deb Os A
il
35
1925;M S 35
34
32
Cony dob Os series B
32
192681 S 31
21 18
3
36
9
Am SS of W Va 1st 5.9
1920;M N
1
8818 24 8112 89
Armour & Co let real net 4y4s '39 J D 8758 Sale 8758
90 Feb '18 ____ 90
Booth FLsherias deb e f 6s
1926 A 0
90
Braden Cop NI coil tr s f (3s.. 1931 F A 9514 Sale 9514
9534
9 8978 9614
84
80 Dec '18 ___ 79
Bush Terminal let 4s
1952 A 0 80
83
8558 Jan '19 ____ 7518 86
Consol5s
1955 3J 8114 89
Biags 5s guar tax ex
8178 81 Jan '19 ____ 74
1960 A 0 80
85
Chi° & Conn Rys s f 5s _ 1927 A 0 --_- _-__ 58 Mar'18 __ _- 58
58
90
8812
Chi() Un Stat'n let gu 43.e A 1963 J a 88
8878
7 85
91
10712 16, 10238 11812
Chile Copper 10-yr cony 7s. 1923 M N 10712 Sale 10612
8212
84
Recta (part paid) conv.63 ser A A 0 8212 84
161 73
8912
8112
Coll tr & cony 63 ser A 1932 A 0 8212 83
8312 441 77
8712
84 Sale 83
Computing-Tab-Roes f 65 1941
81
5 7812 85
Giranby Cons M S P con Cs A '28,m N 9798 Dec '18 ____ 91 100
97 1.1198
98
1 91
19281m
97
Stamped
_ 93 Sept'18 ---- 9012 91
Great Falls Pow lot s f 50
1940 al N 97
Int Mercan Marinas f 6a
Sale 97
1911 A 0 991s __9934 231 00 10478
9212
Montana Power 1st 5s A
1943
a 9258 93
9312 17 8512 93
Morrie& Co 1st s f 4
81 Nov'18 ____ 75
19391 a 8212 83
81
Mtge Bond (N Y) 4s ser 2_ 1966 A 0 ---- --_- 83 Apr '14 ____
10-20-yr 53 series 3
94 June'16 —__ ---- -1932
N Y Dock 50-yr let g 4s
1951 F A -ji" -ii" 7334 Dec '18 ____ -65- -733-4
95
Niagara Falls Power let Eks 1932 I a 95 102
1 9018 9812
95
a 1932 A 0 ___- 102 10012 Dec '18 ____ 99 10012
Ref & gen ea
Niag Lock &0 Pow lot Ss__ 1954 m N - - 9314 8912 Oct '17
90 Jan '19 ____
Nor States Power 25-yr 5s A 1941 A 0 gi 90
9112 89
Ontario Power N F let
91
f13
1943 F A 89
5/ -8112 -8
159
84 June'17
Ontario Transmission 5s_ _ 1945
N -- 95
, Pan-AmPet&Trlet conv6e'19-27 J J 110 120 118 Jan '19 --.4105 11912
Pub Ser.,Corp N J gen 5s__ 1959 A 0 7612 7712 7812 Jan '19 ____1 7312 88
9212 91 Jan '19 ____I 88
Tennessee Cop let cony 6s__1925 M N 91
9.512
_ 927s Jan '19 ____1 90
Wash Water Power lot 53_1939
J 9038
,
4 9234
Sale 9634
Wilson & Co 1st '25-yr 0 f 68_1941 A 0 93 __9838 68 9078 100
Manufacturing & Industrial
Am Ag Chem let o 5s
1928 A 0
Cony deben 55
1924 F A
Am Cot Oil debenture 5e
1931 al N
Am Hide & L lot at g 6s
1919 1 S
Am Sm & R lat 30-yr 5s ser A 1947 A 0
Am Thread let coll In 413
1919 J J
Am Tobacco 40-year g 6s
1944 A 0
Gold 4s
1951 F A
Am Writ Paper lot s f 5s
191.1 J 1
Baldw Loco Works let 5a_1940 M N
Cent Foundry 1st a f 63_1931 F A
Cent Leather 20-year g 5s_1925 A 0
Consol Tobacco g 4.8
1951 F A
Corn Prod lief s f g 53
1931 M N
let 25-year e f 53
1934 M N
Distil Sec Cor,cony 1st g 53_1927 A 0
E I du Pont Powder 41is
1938 J D
General Baking let 25-sr 68_1936 J D
Gen Electric deb g 334s
1942 F A
Debenture 5s
1952 al S
Ingersoll-Rand lot 59
1935 J J
Int Agricul Corp let 20-yr Is 1932 M N
lot Paper cony s f g 5a
19351
1st In ref s f cony Sc ser A1947 _
_
Liggett & Myers Tobao 78_1944 A- -0
Ss
1951 F A
Lorillard Co (P) 7s
1944 A 0
5s
1951 F A
Mexican Petrol Ltd con fis A 1921 A 0
lot lien In ref tis series C 1921 A 0
Nat Enain In Stpg let 5s
1929 .1 D
Nat Starch 20-yr deb 5s
1930,J J
National Tube let Ss
1952,81 N
N Y Air Brake let cony 6s.._19281M N
Pierce Oil 5-year cony 62 q19204
10-year cony deb 6s_ ___h1924 J J
Sinclair 011 In Refining1st s f 7s 1920 warrants attach I' A
do without warrants attach F A
Standard Miffing let 5s
1930 M N
The Texas Co cony deb 68_1931 J .1
'Union Bag In Paper let 5s 1930 J J
Stamped
1930 J
Union Oil Co of Cal let 53_1931 1 J I
U E3 Realty & I cony deb g 50 1924 J J
S Rubber 5-yr see is
1923 J D
1st & ref 58 series A
19471 J
U S Smelt Ref In M cony 68_1928 F A
V-Car Chem lot 15-yr 5s
1923 J D
Cony deb Os
e1924 A 0
West Electric lot Is Dee......_1922 J
1
9858 Sale 98
8, 9212 10012
99 10134 100
1090852
85
8912 88 Jan '19 ____1i 8
90
914 10
86
97s
10012 Sale 100
10012 10 9814 101
91
Sale 91
9234 28 8478 953s
117
9
51
9
8
067
__i 117
ao
ny:119
8 ____
1,
95s JN
7338 ---- 19
irli"
-rij" 7212 7212 2 71 75
91
Sale 9014
91
17,' 79
90
9078
101 Jan '19 ___-I 9778 10134
80
82
80 Dec'18 ___-, 80
8412
963s 9658 9614
9714
9658 31 93
-66(3 8012_ 10731'2 Jan '198
9913 i6i.12 9912 loo
90-1 isolole 1089112 May9'91573
7313 7313
9714 1o1
28
1: 9
75
5
18
09
112
-gii34 --__ 83 Dec '18 ---- -ig —gi73 ____ 73
73
3' 6014 74
9734 9858 9734
9734
3 9434 1017s
9778---- 96 Nov'18 ---- 96
96
78
Sale 78
7838 38 6812 7712
94 Oct '18 ---- 9312 99
9512
87 ---92
9012 Nov'18 ___ 9012 9012
11214 11314 113
113
7 10734 117
92
Sale 92
113 11314 113 Jan9
'
39
2 ___
7 10
87
6 19
15
5
9014 9114 9112
5 8312 93
9112
161 175 165 Nov'18 ---- 10534 18112
164 175 185 Jan '19
98
-iii12 -98— 99-5112 Nov'18AU 18 ---- 1905
9
93'l
19
78
2
514
98
9838 9859
9858
2 93
9712
9978 100
9978 100
15 97 100
10034 Sale 10014
101
9
1
Sale 91
92
72
7 9
85
3% 10
90
11
1
9912 Sale
9578 96
90
95
10112 Sale
_8_6_ _82_
9314
63
10338
8614
9734
9512
10214
98
9912
9534
93
10138
87
100
9638
93
102
Dec8718
9378 90 Oct '18
Sale 6134
6312
Sale 10234
10338
Bale 86
87
99
99
100
Sale 9514
9(3
Sale 10214 10214
Sale 9734
98
42
63
7
29,
31
86 100
8412 96
9314
88
9612 10334
8678 88
—
87
83
90
90
—7
15! 45
68
59, 101 10234
308 76
8812
9: 9218 10018
9714
90
10 9414 10112
2 9478 93
Coal, Iron & Steel
Beth Steel let ext s f 5'
1 92
9512
99
1926
J 9512 9612 9512
lot In ref 5s guar A
10
5
_ 86
8858 .
1942 al N
9318
20-yr p m In imp s f 5s
1938 J J 8138 Sale 80
7812 8712
96
Buff In Susq Iron e f 51
90 May'18
1932 3 D 90
90
90
88 Sale 86
714 Jul
Debenture Sc
a1926 51
85
8614
Cahaba C M Co let go 68_1922 J D
101 Dee '14
Col F In I Co gen 8 1 53
89
88 Jan' 19 -- 83
1943 F A 88
8834
Col Indus let In coil Sc gu_1931 F A
76
73
75
Cons Coal of Md lst&ref 53_1950 J D 8
612 9
75
71142 8
75
7 Aug7
'
818
90
83
Elk Horn Coal cony (Is
1925 J D
95
95
(Jr Itly Coal In C let g Cis_ _h1919 A 0
94
5 Feb'
9518
94
94
III Steel deb 44-is
Sale 81
84
24 81
1940 A 0 81
8612
Indiana Steel let 5s
1952 M N 9614 9812 9512
99
9614
7 92
Jeff In Clear C In I 2d 5s_ _1928 .1 D 9512
5 9414 97
Lackaw Steel let g 5s
98
9678
9678
1923 A 0 97
let cons 58 series A
--- 87
8712 Jan '19
1950 111
8312 9612
Midvale Steel In 0cony s I 5s1938 M S
87
8714 27 8012 92
Pleasant Val Coal let s f 5s_1928 J J -7
86
7:
31 _8_7_1f.
______ -- _ _
Pocah Con Collier lot s f 53_1957 J J 8753 90
90 Dec '18
-ggl; -gF4
Repub I & S 10-30-yr See f_1940 A 0 945s 95
9518 Jan '19 -- 91
9814
St L Rock Mt & P 5s stinpd_1955 J J 8034 83
801s Dec '18
81
80
Tenn Coal I In RR gen 53_1951 J
94
9538 9514 Dec '18 ---- 9212 9712
U S Steel Corp—lcoup ___51963 M N 100
Sale 9978
10014 214 96 101
a If 10-60-yr 5s,reg ____d1983 M N 98 100
9934 Jan '19 -- 96 1005a
Utah Fuel Isle f 5e
1931 M N 8634
Victor Fuel let s f 55
70
80 Dec'18.._
1953 J .1
Va Iron Coal In Coke let g 5s 19-19 M S 87
88
875s Jan 'l9....
3 86*
Telegraph 8. Telephone
Am Telep In Tel coil In 43_1929 J
Convertible 4s
1936 M
20-yr convertible
M
30-yr temp coil tr 5s
1946 J
7-year convertible 6s
1925 F
Cent Dist Tel let 30-yr 5s_1943 J
Commercial Cable let g 4s 2397 Q
Registered
2397 Q
Cumb T T 1st & gen 50_1937 J
Keystone Telephone lot 5s 1935 J
Mich State Teleph 1st 5s
1924 F
NY&NJ Telephone 53 g 1920 M
NY Telep letIn gen f 4404.1939 M
Pacific Tel In Tel lot 50
J
South Bell Tel In T lets f ris..1941 J
West Union coll tr cur Sc _1938,1
Lod and real est g 443
1950 M
Mut Un Tel gu ext 53
1911 M
Northwest Tel gu 434e fc —1934 J
J 8418 Sale 84
8412 85
7812
1
S 7812 Sale 7812
8878 8712 Jan '19 _-_S 85
D 9238 Sale 92
93
19
10218 476
A 10218 Salo 10114
D 9612 97
9914 May'18
73 Nov'17
J
6818 Jan '18
J 9314 9312 9314
9312 22
J - - 9634 98 Apr '16
A 66 ____ 90
4
90
1
_ 9812 Jan '19
N 9711
N 8912 Sale 8912
90
311
9.112
9112
.1 9112 95
5J 92
9234 92
9212
2
J 94
98
93 Jan '19
N 8614 87
8614 Jan '19 ____
N -- 99 10112 Sept'17
J 8114 --- 94 Noy'16
7778 88
86
78
9212
82
9714
86
9334 105
9818 9912
85
8514
97
84
87
88
8718
80
-Era
95
91
98
92
9612
97
9312
9212
eNo price Friday;latest bid and asked. a Due Jan. d Due April. e Due May. g 1)uo Juno. h Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dec. 8 Option sale.
BOSTON STOCK EXCHANGE-Stock Record See B,Z,D.L.
366
8HARE1 PRICES-NOT PER CENTUM PRICES.
Saturday
Jan.
Jan.2
md11
Tuesday
Jan.
Wednesday
Jan. 22
Thursday
Jan. 23.
Friday
Jan. 24.
Solesfor
the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1918.
Lowest.
Railroads
100 12212 Apr17
38 Boston & Albany
13314 13314 134 134
__
-- 133 134
*132 ---.*133
100 37 Jan 2
1,048 Boston Elevated
68
- 6712 6814 67
6914
67
70
70 1 7012 7012 70
7012 *13312100 80 Julyll
39 Boston & Lowell
9212 9212
93
93
*93
94 1 *90
91
93 I *90
93
19 Jan23
Boston
&
Maine
...100
630
29
29
30
_- 2912
2834 2934 29 1912
*3012 3114 30
31
100 150 Apr15
Boston dc Providence
Last Sale 167 Jan'19
*157 ___. *167 ___ *167 - *167
.50
Dec30
par
Eleo__no
Suburban
Boston
Dec'18
Last
Sale
.50
*1
3
*1
3
*1
3
1
41.50 3 •
no par 1014 Mar I
5 Do pre'
11 10 10
*10 11 I *lo 11 *10 11 *io 11 *10Last Sale
Boston & Wore Eleo_no par
412 Nov'16
no par 25 July19
Do pref
Lust Sale 30 Nov'18
•Li_ - -i6- 4,-_-_-_-_ --*-_-_-_-_ -311-4 *-_-_-_-.. -i6- *-_-_-.
Chlo Juno Ry & U S Y___-100 138 July 2
Last Sale 135 Jan'19
135
*___ 135 *____ 135 *____ 135
__
100 8212 Apr18
8612 85121
36 Do pref
86
8612 8612 85
87
8612 8612 *85
100 104 Feb19
14 Connecticut River
*111 114 ,*110 ___ *110 115 *112113 113
100 53 Jan22
5718 -Eft;
. '57' __- -Ei" -ii61 Fitchburg pref
57 I 57
57
*57
61 I 57
106 Sept19
Georgia
Ry
&
Eleo
stampd
100
Last
Sale
109
Oct'18
___
_
____I*107
____'*107
*107
100 70 Oct 3
Do pref '
Last Sale '7014 Oct'18
74-*70
74 1 *70
74 *107*70
74 I *70
100 774 Junel8
32 Maine Central
80
80
80
82
81
81
8014 8014 80
*80
100
134 Sept 6
935 Mass Electric Cos
.78 2-78
24 258 -2
314 314
3
3
3
318
278 3
812 Jan22
100
1512 1534 154 1558 3,144 Do pref stamped
1512 1514 1512 16
1578 1634 1512 16
913 N Y N li & Hartford
100 27 Feb25
2838 284 2812 2918
29
3018 31 I 29
3018 28
2812 28
Northern New Hampshire_100 84 Oct 7
Last Sale 92 Nov'18
__
*90 ___-1 *90 ____ *90 __100 x8812June14
43 Old Colony
100 100
9190*101 10212 *101 10212 101 101
100 100 - 100 100
145 Rutland, prof
100 20 Jan 2
20
19
19
*19
20
20 20_ 20
194 1934 *19
*95 9711Vermont & Massachusetts_100 80 Aug 6
97
*95
97
*95
97 100 I *95
168 West End Street
50 37 Feb20
444 -------4512 4512' *4512 46
45
4512 43 if- 41
____ ___
46 Do pref
51
50 47 Jan16
5214 5214 *52
3152
55 I 54
54
52
52
Miscellaneous
792 Amer Agricul Chemieal_100 7812 Jan 2
10012 10012 10014 10034
101 10112' 10034 10114 10014 101
10012 101
565 Do pref
100 8852 Jan 2
9814
9312 9812 98
9812 9314 9812 9812 9812 9818 9812 98
.40 July 1
300 Amer Pneumatic Service_ 25
.70 .70 *.60 .70 *.60 .70
31.70 .75 *.70 .75 *.70 .75
s5
6 I *514 6
Do pref
*54 534 *514 6
so 4 Sept30
Last Sale 6
Jan'19
99
Jan 2
100
37
Amer
Sugar
Refining
11212
11212
*11112
11312
112
112
112
11312 11312 *112 11234 *111
51 Do pref
11414 115.
100 107 June 4
114 115 *114 115
*114 115 *11434 11512 115 115
100 9034 Aug 5
10012 10114 10012 101
10018 10034 100 10012 9978 10014 100 10118 1,968 Amer Teiep & Teleg
130 American Woolen of Mass.100 454 Jan 8
46
*48
47
4614 *45
*4512 4612 46
46
*45
4534 46
265 Do pref
100 90 Jan 3
9512 9458 95
95
94
9412 9414 95
95
9514 95
95
Amoskoag Manufacturing-- 6012 Jan 2
*80 8187
--- -80
82
82
*81
82
81
81
80
76 Jan 7
_
_
25 Do pref
81
81
81
4'80 ____ *8181
81
81
379 Art Metal Construe Inc__ 10 11 Feb21
19
-1812 -2-01-4
*18
*17
18
18 -1-9 - 1712 1712 *13
19
98
Jan15
104
50
Atl
Gulf
&
W
I
55
Lines_100
*102
*100
102
100
101
*98
*101 103
*99
10112 10112
Do prof
100 5812 Jan17
Last Sale 65 Dee'13
_ *65
*65 _-- *65 ____ *
370 Booth Fisheries
no par 21
Jana
20
1914 1912
--- *19
1914 1914 1912 1912- --------1913 -1912
1418
777 Century Steel of Amer Ina_ 10 1014 May18
1414 1418 144 14
14
114
1418 1418 ii
11
175 Cuban Port Cement
10 114 Nov30
13
1278 13
1212 13
*1212 13
*1212 13
1212 1212 *12
4 Jan31
287
Last Boston Land
5
'
512
10
*534 6
534 6
5
512
512
5
512 512
28 Edison Electric Illum......100 134 June21
168 168
•
169
168 168 *166 169
167 167 *167 169
25 2713 June27
5314 53
5212 5234 53
5412 1,035 Fairbanks Co
5334 5412 5258 5312 5212 53
100 General Electric
150 150
100 128 Jan10
148 150
14812 149
14712 118
148 148
14812 150
305 Gorton-Pew Fisheries
30
50 27 Aug29
30
3034
3014 30
*3014 3012 3012 3012 *30
3012 30
4120et 10
Internet
Port
140
Cement__
10
513.
*5
5
5
*5
512
512
54
*5
Do
prof
15Ja1H5
534--Last Sue
*1712 22
50 12 Apr23
*1712 22
*17
22
3117
22
31 Aug23
678 718
678 714
8ifi 84 5,8201Island Oil & Trans Corp.-- 10
678 718
71/s 7j',
734 8%
McElwain (1V H) 1st pref..100 83 Sept30
Last Sale 90
Jan'19
41-- 9112 *____ 9112 *___ 9112 *9114 ____
x7714
Jan15
*32
33
143 Massachusetts Gas Cos_100
83
83
82
82
8112 8112 8112 8112 8112 82
51 Do pref
100 62 Junel7
7012 '70
'7014
7014 7014 *7012 ____ 7014 7014 7014 7014 70
42 Mergenthaler Linotype___100 107 Junell
*13212 133
13212 133 *131 133 *130 133 *130 13212
New Eng Cotton Yarn__100 88 Jan15
Last Sale 9F--Ja-1i;io
4192 ____ *92 __ *92 ____ *92 ..Do pref
100
Last Sale 9211 Aug'17
100 New England Telephone 100 8212 July30
-ii- -o-i- -611-2 -ii- -9112 -9.2-1-4 -iiii" -ii- 92 92 92 92
Nova Scotia Steel & C___100 53 Dec30
Last Sale 53 Dee'13
55
*53
55
55
*50
*52
55
*52
121 121
Pullman Company
100 102 Jan 7
*120 121 *120 121 *120 __22
3
_ 121 121
3
350 Punta Allegre Sugar
--------50
50 29 Jan 3
50
51
*48
50
50
5018 50
5018 50
10 Reece Button-Hole
10 11 Jan29
*14
1478 *14
1434 -1413 -111-2
*14
1434 *14
15
.14
15
27 Oct 23
3278 3338 1,992 Stewart Mfg Corpn
324 33
3314 3314 3314 334 3218 3314 3234 33
12212 123
2,171 Swift & Co
12312 12414 123 12334 122 123
100 102 Aug30
122 12234 12212 123
5412 54
58'Torrington
54
25 45 Jan29
.
52
5412 .54
542
_-_- 5412 5412 5412 55
15812 15912 1,120 United Fruit
100 1154 Jan17
16312 164
15912 160
161 1631z 16012 16178 159 162
625 United Shoe Mach Corp_. 25 3812 July 9
4412 4478 4458 4434
45
45 . 4412 4434 4412 45• 4412 45
525 Do pref
25 2434 Aug 9
28
28
28
2814 2814 2834 2314 2814 2812 2834
100 87 Mar25
90
91
8918 9012 8334 8934 8912 9012 8912 9058 -96T4 -0-2.- 6,765 U S Steel Corporation
25 Do pref
11112 11412 115 115
100 108 Mar25
*11414 115 *11412 11514 *114 115 *11414 115
5 Jan 2
814 1,525 Ventura Consol Oil Fields- 5
8
8
8
734 84
778 778
734 734
734 734
Mining
1
toune27
4%75 .95 4..75 .95 4..75 .85 4..75 .05
Last Sale .60 Dec'18
Adventure Con
25
72
195 Ahtneek
*70
25 69 Dec27
70
70
*71
72 I *71
72 I 71
71
70
70
138 Apr25
139 Alaska Gold
10
*358 358
358 4
334 334 - 352 334 *334 4
*334 4
.15 Julyll
Last Sale .20 Jan'19
Algomab Mining
25
41.15 .40 *.15 .40 '
0.15 .40 10.15 .40
231 Allouez
4312 *4212 4312
25 4012 Dec31
4212 44
4312 *42
42
43
*43
4212' 43
1112 1112
300 Amer Zino, Lead & Smelt_ 25 10 Dec31
1134 1134 *1114 12
114 1112 *1112 1218 *1114 12
210 Do pref
*40
42
*40
4212
26 4012 Dec31
*4112 44 I *41
42
41
40
43 I *40
790 Arizona Commercial
1114 1118 1118
a 11 Jan 5
*11
1138 1114 1111
11
1114 1118 1118 *11
.20 Oct 21
.32 .25
.25
150 Butte-Balaklava Copper__ 10
*.25 .35 .1.25 .35 *.25 .32 *.25 .32 *1.25
10 Butte & Sup Cop (Ltd).- 10 1634 Dec30
1812 1712 1712 *17
*1512 18
1812 *17
*17
1812 *17
1312
687 Calumet & Arizona
10 61 Dec27
5912 5914 5958 5912 60
59
5914 59
59
59
60 1 59
430 434
17 Calumet & Hecht
25 425 Dec26
*430 435
430 430
430 430 *425 430 *425 430
25 1034June27
1234 1234 *1212 1312 *1212 1312 *1212 1312
35 Centennial
*13
14
*13
14
977 Copper Range Co
25 40 1)ee26
4134 4178 4134 4218
42
4214 42
4211 4178 42 I 4134 42
14 Apr10
305 Daly-West
20
258 258
258 258 *24 2781 *212 234 *212 258 *212 234
434 Dec23
1,610 Davie-Daly Copper
5
I()
5
5
5
5
5
51
4 518
51
4 54
5
5 I
812 Mar25
0
94
665 East Butte Copper Min_ 10
918 918
9
918
9
914
*9(3 938 *918 94
3 June21
70 Franklin
25
*358 4
*358 4
312 334 *312 334 *312 334
334 334'
*7512 79
*Th
78
Last Sale SO Dec'18
*75
112000(5) 7312 Junel4
78 I *7312 76
Granby Consolidated
39 Jan17
Last Sale 4534 Jan'19
*44
Greene Cananea
45
*43
44
*42
4312' *4112 43
*518 512 *514 52
44 Dec31
514 54.
514 514 *54 512 *1
51
109 Hancock Coneolidated........
.40 July23
200 Indiana Mining
.70 ----- ---25
41.65 .95 41.65 .75 *AO .75, 41.70 .75 .70
45
45
45
1,315 Island Creek Coal
45
1 4478 1)ec30
4534 48
4512 4612 45
4512 *45
46
18 Do pref
1 7912 Oct I
' *8012 83
*8012 8234 8234 8234. *8134 8373 8212 8312 *8112 8234
576 Isle Royale Copper
25 1918 Jan14
*2412 25
*2412 25
21
2434,1 2414 2134 2434 25
2412 25
54 534
538 534
5 Jan 2
538 518
237 Kerr Lake
a
558 538 *514 514 *514 558;
.80 Sepal
Last Sale .95 Dec'18
Keweenaw Copper
25
31.95 14
1
4..95 114 *.95 11
1
/8 *.95 1,4
485 Lake Copper Co
25
334 Dec30
*334 4
4
4 I4
4
4
*334 4
312 4
4
2 Jan 2
55 La Salle Copper
25
212 212 *212 234 *24 27s *212 234,
*212 278 *214 278
234 Dec27
Last Sale 3
Jan'19
Mason Valley Mine
5
*212 312 *212 312 *212 312 *212 3
334 Sept17
225
60 Maas Consul.
41
412
412 412 *4
414 414
414 414 *4
*44 434,
212 212
212 212
528 Mayflower-Old Colony___ 25 .65 Mar26
214 278'
238 234
214 212 .212 234
.40June28
120 Michigan
25
418 413 *31Z 4
312 312 *314 334 *314 334
312 312
514
520 Mohwak
5034 5034 51
25 5012 Dec30
52
52
5034 51
5114 5112 5034 51
Last Sale 1634 Dec'18
5 1612 Dec30
Nevada Consolidated
*1612 17
*1614 17
*164 17
*161,1 17
114 Aug29
*112 2
*112 2
25
112 112 *1
85 New Arcadian Copper._
13
112
112 *112 2
934 Dec27
5
300 New [drift Quicksilver
912 912' ----- ---__
9
9
*312 834
834 834 *834 918
Last Sale 12 Aug'18
100 12 Aug29
*10
15
*10
1a
12
New River Company
*10
12
*10
_
60
100 6312 Dec31
85 Do prof
6312 6312 *6312
*6312 __
_ *_-__ 6312 60
Jarill
213 NipIssing Mines
812
5
*6318l
838 s2
812 812
8
838 -WS
812
812 851112 812
311 North Butte
15 1012 Dec30
*1012 11
1018 1012 1018 1018 1018 1013 1018 1018 1012 1012
.25 Feb14
Last Sale .40 Jan'19
25
North Lake
11.55 .75 41.55 .75 .
1.55 .75 10.55 .85
75 Otibway Mining
15g
25
158 *114
*114
112
118 *114
152 .1
12June21
158 *114
118
35 Old Dominion Co
4134
35
*34
35
25 32 Dec30
3414 35
*34
35
34
34
*34
35
11.5 Ocola
49
48
49
25 4612June1l
*49
51
se
.48
50
*49
50
49
4912 48
*13
1312 134 1318 13
13
1314
815 Pondreek Coal
13 , 13
13
13
13
10 1234 Dec30
59
57
57
25 59 Dec27
*58
*59
60
60
60
60
59
59
*53
*20
2034 *20 • 2034 *1912 2012 *1934 2012 4120
2034 2018 2038
100 Ray Consolidated Copper. 10 194 Dec2()
42
42
*4012 42
115 St Mary's Mineral Land
*41
46
41
42
25 38 Dec27
41
41
42
42
.25 1)ec12
Last Sale .32 Dec'18
Santa Fe Gold & Copper__ 10
-;
iit
*234 3
51 Shannon
io
234 Dec30
273 3 -2.78 -173 --275
*278 314
Last Sale 114 Jan'19
*111 112 .114 112 *114 112 *114 112
South Lake
25
Last Sale .03 Jan'19
l' 3
*AO .13 *.10 .13 *AO .13 *AO :13
South Utah M & S
5
260 Superior
4 Feb19
5
5
5
514 *434 5
25
*538 6
434 518
*512 6
114 Aug13
*238 212
2
238
2
24
1% 218 *2
214
212 212 3,525 Superior & Boston Copper_ 10
212 212
212 258
255 Trinity
218 Sept23
*212 234
212 212
25
234 234 *212 234
.82
.82 '
11.78
100 Tuolumne Copper
1
.73 Dec27
31.78 .85' *.78 .82 *.78 .
11.78
.78 .78 '
4312 4158
44
385 U 8 Smelt Refin & Mtn
Apr13
4112 4412 44
50 36
4414 43
4312 43
434 44
45
45
444 4514
45
45
331 Do pref
50 42 July24
45
45
4478 45
4514 45
350 Utah-Apex Mining
412% 3
212 212
234 234 *214 278
114 May31
*212 3
234 234
5
696 Utah Consolidated
5
7 Dec30
8
*8
812
8
84 818
8
8
*734 814
712 712
138
112 2,955 Utah Metal et Tunnel
112
138
112 112
112 We
112 112
138 112
1
1 Dec 9
212
*178 218
2
2
*17g 2
*178 212 .2
225 Victoria
25
158 Dec30
Vs 2
466 Winona
.
.95
1
.90,
25
*1.90
1
.90
1
.95 .95 41.90 1 I .90
112 Nov21
1812 *18
4118
1812 18
18
18
18
15 Wolverine
25 18 Dec16
*18
1812 *18
1812
4..25 .50 *.25 .50 *.25 .50 '.25
Last Sale 12
501
Dee.18
.40 May19
25
Wyandott
Sept30
.:4 8e
Dec30
•Bld And tt.Ae 1 wieei. a Et-Wylie icl anl
c Amass Isaac pill, 6 Ex-stoek dividend. Is Ex-tights.
Highest.
[VOL. 108.
Range for Previous
Year 1917
Lowest
Highest
140 Nov22
80 Nov12
104 Nov20
40 Sept 9
170 Aug 9
3 June 5
15 Junel7
120 Dec 175 Jan
27 Dec 79 Jan
7012 Dec 133 Mar
15 Dec 45 Mar
150 Dec 213 Jan
2 July
3 July
9 Juno 30 July
3014 Nov19
147 Apr17
8512 Dec19
125 Nov18
65 Jan 3
11614 Jan 9
81 Feb25
88 Nov19
712 May16
33 May16
46 May29
95 Nov14
11212 Dec 9
25 Jan 8
90 Oct 4
50 July 5
82 Apr 1
30 Aug
148 Nov
8312 Dec
10212 Nov
44 Dec
116 Deo
83 June
78 Dec
1 Dec
6 Dec
2134 Sept
9012 Oct
85 Dec
1612 Dec
83 Dec
34 Dec
x45 Dec
38 Feb
150 Jan
108 Jan
140 Mar
7812 Mar
133 Jan
9218 Jan
10018 Mar
638 June
3114 July
52$4 Jan
105 Apr
135 Jan
8418 Feb
110 Jan
5618 Mar
74 Jan
106 Oct 18
73 Dec 94s May
100 Dec 5
88 Dec 10318 Jan
212 Mar 2
238 Jan
1 Dec
1558 Mar 4
712 Dec 14 Mar
11512 May15
90 Nov 12014 June
115 Dec 6 105 Dec 12118 Jan
109'8 Oct 9
96 Dec 12814 Jan
604 May24
3878 Nov 58 June
9712 Dec1 1 x8714 Dec 10014 June
92 Nov 8
60 Dec 75 July
82 June 5
75 Dec 9718 Jan
x19 Dec13
6 Dec 1484 Dee
88 Sept 12118 Jan
1'2014 Feb16
6714 Nov20
554 Feb 66 Jan
2812 Sept 5
1478 Dec28
1712:Way 1
9 Dec 2018 June
534 May15
378 Dec 10 Jan
186 Nov21 13318 Deo 226 Jan
6414 Novit)
15734 Nov 9 11834 Dec 17014 Jan
35 Aug30
7120ot 23
4 Doc 1812 Jan
23 Nov25
10 Deo 334 Jan
658 Dec31
93 Nov13
9212 Dec 102 Jan
9114 Nov13
71 Dec 10018 Mar
71 Nov 4
63 Dec 81 Mar
147 Nov14 110 Dec 169 Jan
95 Oct29
35 Jan 95 Mar
_
60 Jan 9218 Aug
10012 Oct 10
93 Dec 12418 Mar
69 Jan 2 z59 Nov 112 Jan
130 Nov13 107 Dec 1664 Jan
Si Deo 5
29 Dec 46 Jan
1378 Marlfi
10 Dec 16 Mar
4112 Nov20
- -14614 Aug'17 116 Nov -Digs Apr
56 Dec12
40 Nov 68 June
166 Dec30 x105 Dec 15518 Jan
4812 May16
3711 Dec 5814 Jan
2612 May28
25 Oct 3018 Mar
1164 Aue28
795s Dec 135 May
Jan
11338 Dec16 10334 Dec 121
9 Nov 8
878 Jan
414 Dec
44 Jan
154 Jan25
1 Oct
86 Nov12
70 Deo 108 Jan
533 Nov 6
1 Deo 1118 Jan
114 Jan
.45 May13
et
c
Sp
ep
54 Feb27
45
70 Mar
2114 July 3
11 Deo 4114 Jan
54 July 6
40 Nov 73 Jan
1614 Aug24
84 Nov
1514 June
.48 Nov22
214 Jan
.25 Dee
33 May14
1258 Dec 52 Jan
734 May16
55 Dec 854 Jan
470 Dec 4 411 Dec 690 Feb
144 Feb19
11 Dec 2714 Jan
5112 Nov12
3914 Dec 68 Jan
3 Sept30
14 Apr
3 Jan
. 678 Mar 8
314 Nov
714 Jan
12 Nov12
814 Deo 16 Jan
6 Feb18
9 Mar
4 Dec
8434 Out 24
66 Dec 92 Jan
5731 Nov 7
35 Nov 4618 Jan
104 Jan 2
7 Dec 2018 Jan
1 Jan 3
4 Mar
54 Dec
70 May15
52 Nov 7618 June
84 Feb18
80 Nov 94 Apr
29 July 3
20 Dec 36 Jan
6120et 18
414 Apr
0 Ana
4114 Jan
134 May15
114 June
834 May14
5 Oct 18 Jan
314 Mar 5
114 Dec
5 Jan
6 Feh13
418 Nov
838 Aug
7 Jan 2
5 Nov 1512 Jan
412 Nov 4
1 Nov
3 May
518 Mar
411Oct 29
158 Aug
6612 May16
57 Dec 98 Jan
2012 May14
16 Nov 2618 Mar
212 July 1
112 Dee
6 Jan
1714 Mar 7
10 Nov 1718 Apr
20 Jan 2
22 Jan 30 Mar
80 Jan31
65 Dec 9214 Mar
973 April
0114 July
938 Sept
1738May16
1134 Oct 2414 Mar
.95 Mar19
234 Jan
.30 Nov
158 Dec 10
238 Jan
.98 Dec
4512 Jan 3
33 Nov 6784 Mar
65 Jan 9
5312 Dec 95 Mar
2014 Feb20
16 Nov 2834June
60 Nov 9418 Feb
73 May16
20 Nov 3218 Apr
2534 May23
48 Dec 8934 Mar
57 Jan 2
2 Jan
114 Fob21
.58 Dec
534 Jan 2
518 Oct 19 Jan
Jan
2Dec
614 Jan
.20
2 Jan8
3
10 Dec
.31 Jan
314 Dec 1638 Mar
878 Nov20
434 Sept27
358 Dec
814 Jan
3 Nov
412 Feb13
818 July
1% Aug20
1 May 21
4 Jan
5012 Oct 18
4018 Dee 6734 Jan
4712 Nov 8
4312 Nov 5218 Jan
jig Mar
418 Nov13
378 Sept
12 Jan 16
94 Dec 2118 Veb
34 Apr 8
24 Dec
658 Jan
3 Jan 3
2 Oct
6 Jan
518 Jan
2 Jan 3
2 Oct
36 Jan 3
31 Dec 5318 Mar
PA Mar 7
218 Jan
.15 Aug
g Er-dividend. to Bait-paid,
THE CHRONICLE
JAN. 25 1919.]
367
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 18
to Jan. 24, both inclusive, compiled from the official sales
Boston Bond Record.-Transactions in bonds at Boslists,
is given below. Prices for stocks are all dollars per
ton Stock Exchange Jan. 18 to Jan. 24, both inclusive: •
share, not per cent. For bonds the quotations are per cent
Friday
Range for Year 1918.
Last Week's Range Sales
of par value.
for
of Prices.
Sale.
Outside Stock Exchanges
Bonds-
Price. Low.
High. Week.
98.24 99.14 $55,550
S Lib Loan 3%s_1932-47'
92.04 93.44 3,550
let Lib Loan 43_1932-47
93.04 93.74 7,250
2d Lib Loan 4s_ _1927-42,
95.54 96.20 2,250
1st Lib L'n 4%8_1932-47j
91.54 95.00 11,100
2d Lib L'n 4%8_1927-42!
95.44 96.04 54,950
3d Lib Loan 4%8_19281
94.54 95.90 146,850
4th Lib Loan 4348.. _1938'
1,000
98% 98%
Am Agric Chem 5s_ _ _1928'
Am Tel dr Tel cony 6s_1925
1013 101% 2,400
82% 82% 2,000
Atl G & W I SS L 5s_ _1959,
93% 94
6,000
Chic Juno & US Y 5s_1940'
79% 2,000
Miss River Power 5s__1951 1
79
90% 92
4,000
N E Telephone 5s_ __19321 92
92
92
5,900
Pond Creek Coal 6s_ _192:3.
96% 96% 3,000
Swift & Co 1st 5s____1944
100 100
United Fruit 44s......1923
5,000
100 100
2,000
US Smelt, R dr M cony 6s_
U S Steel Corpn 5s___1963, 99% 99% 99% 8,000
95
95
Ventura Oil cony 78..1922
12,000
00
90
Western Tel & Tel 5s_1032
5,500
Low,
High.
96.52 Jan
92.61 Dec
92.60 Dec
93.64 July
93.04 July
94.54 Aug
94.04 Dec
92
Jan
94% Sept
7434 Sept
87% Apr
67% Jan
84% Aug
90
Apr
90% Sept
93
Jan
July
93
98% Sept
Jan
80
823.4 June
102.50 Aug
98.86 Oct
97.90 Mar
98.90 Nov
98.14 Nov
101
May
98.24 Nov
9934 Feb
10434 Nov
Dec
84
93
Dec
76% Dec
94% Nov
95% Nov
9734 Nov
100
Dec
100% Nov
99% Jan
94% Nov
92
Nov
Chicago Stock Exchange.-The complete record of
transactions at the Chicago Stock Exchange from Jan. 18
to Jan. 24, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cont. For bonds the quotations are per cent
of par value.
Stocks-
Friday
Sates
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Amer Radiator pref.._100
Amer Shipbuilding _ _ _ _100
Armour & Co pref
Booth Fish coin new_no par
Preferred
100
Chic City & C Ry pref._ _ _
Chic Pneumatic Tool _100
Chia Rys part ctf "1"
Commonwealth-Edison 100
Cudahy Pack Co corn.. 100
Cudahy rights
Deere dr Co pref
100
Diamond Match
100
Hart Shaft & Marx corn 100
Illinois Brick
100
Libby(w 1)
Lindsay Light
10
Middle West Util com_100
Preferred
100
People's Gas L & Coke..100
Pub Serv of No III corn..100
Preferred
100
Quaker Oats prof
100
Sears-Roebuck corn_ __100
100
Preferred
Shaw W W common. 100
Stewart War Speed corn 100
Swift & Co
100
Swift International
Union Carb & Carb_no par
Rights
United Paper Ild com__100
Ward, Montg & Co, pref..
Western Stone
Wilson & Co common...100
Preferred
100
101%
19)4
103)5
96
77%
21)4
175%
87
122%
44%
57%
126 126
104 106
101% 101%
19
19%
79% 80
9% 10%
62% 63
37
37
114 115
103)1 104
%
%
98%
96
109 110
77%
74
59
59
21% 22%
1344 14
25
25
53
53
46
46
90
92
92
92
102 102%
170% 179
120 120
92
92
86
88%
122% 124
43% 44%
58% 57%
344 3%
17% 19
110 112
4%
4
69
67
98
97
BondsChic City & Con Rys 5s'27
1927
Chicago Rys 6s
Chic Rys 4s series"B" _
Chicago Telephone 53-1923
Cornmonw-Edison 5s..1943
Commonw Elea 5s..1943
Liberty Loan 3(1 431s
Pub Ser Co 1st ref g 58 1956
Swift & Co 1st g 5s_ _ _1944
Wilson & Co 1st 6s___1941
38
300
1,125
1,390
65
470
125
25
125
1,118
748
30
140
100
25
8,052
330
25
20
10
190
20
108
2,320
50
25
4,936
5,570
7,097
8,057
15
256
188
200
100
96
48
48
$3,000
80
3,000
80
49
49
1,000
963( 9634 8,000
943.4 9434 45,000
90
90
2,000
05.94 95.94 1,000
8734 8734 42,000
96
9634 3,000
97
9734 4,000
Range for Year 1918.
Low.
;
High.
Oct; 148
116
May
Jan' 144% May
87
98% Sept 101
Nov
18% Jan! 28
Sept
Novi 86
75
Feb
Dec! 18% Nov
8
47% Jan! 71% Apr
Novi 60
39
Mar
100 June' 1183.4 Nov
102% Decl 133
Nov
)4. Deci
Dec
92 June, 98
Nov
92 June' 111
Dec
53
Jan 76
Dec
45
Oct 67
Nov
18)4 Oct 26
Oct
14% Nov 28
Jan
18
Dee
Sept 30
Sept 65
40
Jan
40% Apr 61
Nov
79
Sept 90
Jan
70 June 97
Nov
92% Aug 100% Dec
133 June 178
Dec
115 June 12034 Mar
53)4 Jan 93
Jan
Jan 85
47
Dec
102
Aug 146
Apr
32
Oct 50
Nov
Nov
4734 Apr 69
3
Dec
3% Dec
• 14% Feb 26
Oct
100
Feb
Aug 110
May
1
8% Dec
46
Jan 77 .Doc
91% Oct 99% Mar
49
Dec
82 June
50
Jan
92% June
87% Sept
89
May
94.20 Aug
78
Oct
90
Sept
92
Oct
62)4 Aug
88% Apr
60
Nov
97% Dec
98
Nov
96
Nov
97.76 Nov
91
Nov
98% Dec
98% Dee
Pittsburgh Stock Exchange.-The complete record of
transactions at the Pittsburgh Stock Exchange from Jan. 18
to Jan. 24, both inclusive, compiled from the official sales
lists, is given below. Prices tor stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low, High. Shares.
American Sewer Pipe_ _100'
16
16
AmW1nGlassMachcom100 84% 79
84%
100 79
78)4 79%
Preferred
Columbia Gas & Elec_1001 42% 41% 4234
Consolidated Ice coin _50
3
3
99
09
Harb-Walker Refrac p1100
Indop Brewing pref. _50
5% 5%
96
96
La Belle Iron Wks com_100 96
170 174
100 174
Lone Star Gas
50 5151 48)4 53
Mfrs' Light & Heat
5).4
5
5%
Nat Fireproofing com 50
10% 11
Preferred
50, 11
Ohio Fuel 011
1931 18% 19%
42% 4354
Ohio Fuel Supply
25,
Oklahoma Nat Gas_ _ __25 28% 28% 29
Oklahoma Prod & Ref_ -5
9% 9%
2%
2
Pittsb Brewing corn_ ..50,
Preferred
7%
7
501
48
Pittsburgh Coal corn__1001
46
Preferred
86
86
100 88
Pitts-Jerome Copper- -1
Ile 12c
Pittsb & Mt Shasta Cop .1 21e
21c 25o
Pittsb 011 & Gas
8%
8
100
854
Riverside Western Oil pf-25
13% 13%
90
San Toy Mining
8c
1
8o
Union Natural Gas_..„100 126
123 126
TI S Steel Corp corn_ __100 90% 89% 90%
Westinghouse Air lirake_50 95
94)4 95%
West'house Elec & Mfg-50
40% 41%
BondsIndep Brewing 6s.......1955
Pittsb Brewing 6s_ _1949
36
52
36
52
Range for Year 1918.
Low.
10 16
2,425 79
45 7734
81 4134
3
10
10 99
534
50
10 96
235 170
3,745 4834
300
5
270 10
1,160 16
744 4234
1,118 2834
50
934
650
2
110
7
200 46
210 86
3,100
8e
4,100 210
825
8
10 1331
5,500
8c
288 122
655 8951
260 93
420 4034
$5,000
5,000
36
52
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'
High.
16
88
81
4334
3
99
8
102
177
53
534
1034
1934
4594
313.4
10
33.4
934
4934
86
120
260
83.4.
1334
flo
128
9654
9534
4234
Jan' 37
Jan 5354
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
Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Stocks-Par.Price. Low. High. Shares.
Atlantic Petroleum
10: 25.4 241
Bait Electric pref
44
Baltimore Tube
100
71
Commercial Credit pref_25;
25
Peferred B
25;
25
Consol Gas El.& Pow..100 105
105
Consolidation Coal_ _ _ _100, 8134 81
Cosden & Co
51
7%
73'4
Preferred
5
4
4
Davison Chemical _ no par 36% 36
Elkhorn Coal Corpn
50
2744
Houston 011 pref tr ctfs 100
74%
MtV-Woodb Mills v t r 1001
1734
Preferred v t r
leo'
7434
Northern Central
50
73%
Pennsylv Wat & Pow _ _100
7736
Public Service Bldg pref. _
94%
United Ry & Elec
• 50
19
Wash Ball & Annap
_50
2636
BondsAnacostia & Potom 5s 1949
Atlan C L(So Car) 48_1948
Bait & Harris 1st 5s_ A936
City & Suburb 1st 58_1922
Consol Gas gen 4)48_ _1954
Cons Gas EL&P4As 1935
5% notes
6% notes
Cosden dr Co ser A 6s_1932
Series B 6s
1932
Cosden Oil& Gas 68_1919
Elkhorn Coal Corp 88_1925
Fla Cent & Perlin extd 6s_ _
Oa Car & Nor let 5s..1929
Georgia Pacific 1st 68_1922
Houston 011div ctfs 1923-25
Kirby Lumb Cent 6s_1923
Lexington (Ky) St 513_1949
Minn St & St PC it 58 1928
Monon V Trac 78
United Ry & E 4s_ .....1949
Income 4s
1949
Funding 5s small.. 1936
6% notes
Wash Bait & Annap 58.'41
W1I & Weldon 4s
1935
234
44
71
25
25
106
82%
73-4
4
38
29
74%
1794
743-4
74
7734
94%
19%
2634
903.4 9034
83
83
9634 9631
100 100
89
89
85
85
97% 97
9736
98
9834
8851 8934
89% 8834 8934
9934 993(
9934 9934
100% 10034
9636 9634
10134 10134
100 100
9834 99
88
88
9234 93
973( 98
7336 745-4
5234 53
7534 7536
9534 9551
83
8336
8734 8734
1,360
5
5
8
30
496
223
860
215
976
142
37
191
175
120
60
10
491
175
Range for year 1918.
Low.
High.
1% Sept
3% Feb
Feb 43
37
Dec
Dec 87
70
May
26
Apr
Apr 28
24
Dec 25% Aug
Jan 108% Dec
94
Dec 106
80
Jan
5% Sept
8% Jan
3% Jan
4% Nov
28% Dec 39% Aug
22% Jan 31)4 Nov
Apr 80% June
64
1431 June 17% Sept
Jan 78
68
Dec
69
Aug 76
Nov
80
Jan 80
Nov
94
Aug 96
Mar
17% June 24)4 Feb
24
Jan 31% Sept
$2,000 86
Feb
5,000
3,000
*1,000 96% Sept
1,000 83)4 Nov
11,000 78
Oct
9,000 90 June
Sept
&GOO 94
14,000 77 June
22,000 78 June
3,000 96
Jan
1,000 93% Aug
1.000 99% Nov
2,000 91% July
7,000 101
Jan
15,000 88
Jan
6,000 9534 Apr
20,C00 88
Dec
4,000 89% July
2,000 98% Dec
10,000 71
Sept
14,000 52
Aug
1,900 73% Aug
1,500 91% June
11,000 80
Jan
4,000 85
Nov
90% Dec
100
89%
85%
98
99
8634
87%
97
99)4
101%
96%
101%
102
99
88
95
9831
79
59
82)6
96
8554
85
Feb
Nov
Nov
Nov
Nov
Dec
Dec
Feb
Dec
Dec
Dec
Apr
Aug
Nov
Dec
Jan
Dec
Nov
Nov
Feb
Feb
Nov
Nov
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Jan. 18 to Jan. 24, 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. -of Prices.
Week.
Par. Price. Low. High Shares.
100
American Gas
Baldwin Locomotive_ _100
Preferred
100
Buff & Susq Corp v t c_100
Cambria Iron
50
Elec Storage Battery__100
General Asphalt
100
Preferred
100
Hunt & Broad Top pref_50
Insurance Co of N A.._ AO
Lake Superior Corp___100
Lehigh Navigation
50
Lehigh Valley
50
Midvale Steel & Ord__ 50
Minehill & S H
50
Pennsyl Salt Mfg
50
Pennsylvania
50
Philadelphia Co (Pitts)Pref(cumulative 6%)_50
Phila. Electric of Pa_ _ _25
Phila Rapid Transit_ _50
Voting trust rects_ _ _ _50
Philadelphia Traction _50
neading
50
Tono-Belmont Devel____1
1
Tonopah Mining
50
Union Traction
100
United Cos of N J
50
United Gas Impt
U S Steel Corporation_100
Warwick Iron & Steel...._10
Westmoreland Coal_ _50
Wm Cramp & Sons_ _100
65%
70
67%
102
70
41
52% 51%
6054 52
99% 86
16
27% 27
17
20%
71%
72
5654 54%
42% 4251
5034
84%
45)1 44%
25
2434
70
793.1
2%
72%
8)1
BondsUS Lib Loan 33.48_1932-47
1st Lib Loan 4s_ 1932-47
2d Lib Loan 4s_ _1927-42
2d Lib Loan 431s 1927-42
3d I.Ab Loan 4)4s.. _1928
4th Lib Loan 4548_1938
Amer Gas & Elec 5i3_ _2007 87
small
2007
do
Baldwin Locem 1st 5131940
Consol Trac N J let 581932
Elec & Peo tr ctfa 45.. _1945
small
1945
do
1928
Equit I Gas L 58
Lake Superior Corp 581924 61
1928
Lehigh Valley 6s
Registered (is
1923
2003
('.en consol 4s
Gen consol 454s.....2003
Lehigh Val Coal 1st 53 1933 100
Penna RR gen 434s...1985
1968
General 5s
Phila Co 1st 58 stpd__1949
Phila Electric 1st 58_ _1966 95
1966
small
do
Reading gen 4s
1997
Spanish-Am Iron 68..1927
United Rys Invest 58_1926
Welsbach Co 58
1930
33%
24
x25
x23%
70
76%
2)1
2%
37
187%
72
8854
8%
75
78
66%
20
70
450
102%
25
70
200
41
30
54
677
61
12,932
99% 9,567
16
5
2714
538
20% 14,543
72%
423
56%
394
42%
50
44
51
84%
72
45)1 3,663
33%
25%
25
273.4
70%
x7954
2%
2%
38)4
187%
73%
90%
8)4
75
80
99.70 99.70
93.30 93.30
93.30 93.68
94.60 95.02
95.20 96.04
94.40 95.06
87
87)4
87
87
100% 100)1
88
89
70%
70
71
73
102% 102%
59)4 61
102 102%
102% 102%
80% 80%
88% 88%
100 100%
87% 88%
9654 97
100 100
95
96
96
97%
85% 86%
101 101
83
63
95
95
Range for year 1918.
Low.
High.
50
Aug 89
Jan
58% Jan 100% May
95% Jan 104
Dec
Jan 75% Dec
58
36% Oct 43
Mar
48
Oct
Mar 57
14% May 40% Dec
47
Jan 78
Dec
15% Dec 17
Jan
24
Jan 28% Dec
12
Jan 2154 July
61% Jan 76% Nov
53% Dec 65)4 Nov
41% Dec 59% May
49% Nov 52
Nov
Oct 86)1 Nov
80
43% June 50% Nov
34 29
Mar 37%
4,155 24 June 27%
Mar 29%
1 26
1,859 23% Mar 30
120 x6534 Sept 72%
Jan 95%
820 71
4,590 1 5-16 Sept
334
2% July
15
578 36)4 Aug 42%
37 182% Aug 195
602 62% Oct 77%
5,115 86% Mar 116%
150
7% Apr
8%
46 69
Mar 76
20 74
Jan 95)4
Nov
Nov
Jan
Jan
Nov
Oct
Mar
Jan
Jan
Feb
Nov
Aug
Mar
Jan
June
Jan 102.40 Aug
$250 97
150 92.60 Dec 97.90 Jan
1,600 92.40 Dee 97.84 Nov
1,450 94.00 Dec 95.90 Sept
3,100 94.30 Sept 98.52May
21,2
94.00 Dec 98.00 Nov
12,000 76% Sept 87
Dec
500 77% Mar 86
Nov
4,000 9834 Sept 101
May
4,000 85
Sept 95
Feb
17,000 67 • Sept 73% May
600 65
Oct 74
Jan
1,000 10144 May 104% Dec
40,000 47% Jan 62
Dec
29.000 97% Sept 103)4 Nov
1,000 loow, Apr 103
Dec
July 82% Nov
1,000 7.5
7,000 85
Oct 91% Feb
25,000 99% Sept 101
May
6,000 86% Aug 94
Feb
8,000
4,000 85% Feb 100% Dec
76,000 89% Sept 96
Jan
3,500 93
May
July 97
6,000 80% Sept 91
Nov
1,000 99
July 101
Feb
Apr 67% Nov
1,000 54
6,0410 91
Feb 95% Jun
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Shares.
Bonds.
Par Value.
$776,000
1,505,000
2,201,000
1,697,000
2,158,000
1,663,500
318,580 $30,090,000
541,663 52,003,800
660,960 62,698,500
441,500 41,470,000
439,469 41,822,900
593,627 56,010,700
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1918.
2,033,915
2,995.799
Stocks-No.shares_ _ _
$284,095,900 $190,328,000
Par value
2,000
Bank shares, par
Bonds.
Government bonds-- $42,929,000 $12,184,500
4,959,500
State,mun.,&c.,bonds 14,266,000
6,536,000
9,900,500
RR. and misc. bonds_
$67,095,500 $23,680,000
Total bonds
$787,000 $2,688,000
3,744,000 6,625,000
2,833,000 7,783,000
2,287,000 7,502,000
2,291,000 7,121,000
2,324,000 11,210,000
Jan. 1 to Jan. 24.
Week ending Jan. 24.
1919.
U.S.
Bonds
$9,900,500 $14,266,000 $42,929,000
2,995,799 $284,095,900
Sale. at
New York Stoat
Exchange.
Stale, Mun
& Foreign
Bonds.
Railroad.
Stocks
Week ending
Jan.24 1019.
Total
1919.
1918
11,480,875
9,287,066
$882,170,305 $1,080,387,000
$6,300
$23,800
$129,762,500
50,643,000
33,536,000
$43,507,000
16,067,000
27,814,000
$213,941,500
$87,388,500
DAILY TRANSACTIONS AT•THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES. ,
Boston.
Week ending
Jan. 21 1919
[VOL. 108.
THE CHRONICLE
368
Baltimore.
Philadelphia.'
Shares. BondSales. Shares. BondSales. Shares. BondSales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Tntill
6,988
10,428
14,716
11,657
10,213
10,128
$36,400
90,500
49,550
109,350
65,750
9,000
2,210
8,067
5,902
8,237
15,082
23,182
$28,900
26,700
74,350
55,800
66,400
42,000
755
1,778
973
1,033
855
1,029
$26,500
44,100
28,800
32,000
29,200
6,000
64.130
$360.550
62.680
$294.150
6.433
$166,600
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Former Standard 011
Subsidiaries
Illinois Pipe Line_ r ___100
Indiana Pipe Line_r_ _50
25
Ohio 011.r
Prairie Pipe Line_ r_ _ _ _100
South Penn 011_r
100
Standard 011 (Calif)_ r_100
Standard Oil of N J_ r_ _100
Standard 011 of N Y r 100
Standard Oil (Ohio)....100
Vacuum Oil_r
100
310
688
314
412
165
104
315
270
307
265
675
313
315
395
165
104
326
270
310
270
705
319
320
415
Last Week's Range for
Week.
Sale.
of Prices.
Par. Price. Low. High. Shares.
Week ending Jan. 24.
7
AetnaExplosives.r(no par)
634 734
Air Reduction Co r(no par)
5434 5434
2334 24
Brit-Am Tobac ord___£1 233%
Ordinary bearer
£1 24% 23% 25
Cramp (Wm)& Sons S
82
85
100 85
&E B
9%
Dictograph Prodnots_r_10
934 9%
234 2%
Emerson Phonograph _ _5
2%
6134
General Asphalt corn r 100 6014 52
Preferred r
100 9934 87
9934
118 122
Gillette Safety Razor_ r _(t) 120
536 6%
8%
Hupp Motor Car Corp_ _10
Intercontinental Rubb_100 1714 16% 19
Keyst Tire & Rub com_100 5534 5234 5534
23
26
Kirby Lumber corn-r...100 25
100 See foo t-note (v)
Kresge(58)corn
21% 22
Libby, MeN & Libby_ r _10
4
4%
Marconi NVirel Tel of Am_5
434
50% 54%
100 51
Nat Ice ez Coal-r
2% 3%
3%
No Am Pulp&Pap_(no par)
231
2% 2%
1
Pearson Coal_ r
Penn Seab'rd Steel v t c (f) 39% 3934 39%
11-16 X
Perfection Tire & Rubb r 1 11-16
7
734
Paulsen Wireless_ r _-_100
Submar Boat Corp v t o_ _5 11% 11 • 11%
44
45
Swift Internat'l w 1_ r_ _15
3534 36%
United Motors_ r_ _(no par) 36
9-16 %
%
United Profit Sharing_ _25c
4%
4% 534
10
U S Steamship
38% 434
b
4%
Wayne Coal
%
34
World Film Corp v t a_ 5
33-4
334 331
Wright-Martin Airo_r_(t)
8,200
50
3,500
5,500
.200
12,950
130
31,500
10,000
1,430
30,000
11,000
18,850
3.000
8,300
13,200
1,800
7,500
700
450
21,600
300
4,600
3,000
8,600
10,000
13,700
4,600
600
3,000
Low.
165
104
316
270
298
258
675
310
315
395
Other Oil Stocks.
% 15-16 5,100
%
Allen 011_ r
1 15-16
2%
2% 2% 3,100
Atlantic Petroleum_ r _ _ _5
3-16 5-16 24,500
$/fs
34
Barnett 011 & Gas_ r_ _ 1
20c 4,000 18a
18e
Boston-Wyoming Oil_ r_ _1
734 7% 4,800
6%
7
5
Cosden & Co. com_r
1% 1%
I%
65
Crystal 011 de Refining_ r..1
1,400
6%
6
634
6
Elk Basin Petroleum_ r_ _5
434c
So
4140 (ic 53,800
Esmeralda Oil Corp_ r_ _ A
214
2% 2% 11,200
2
Federal Oil r
5
334 414 24,100
3%
3%
Glenrock 011.r
10
4,300 75
76
81
Houston Oil, com_r__ _100 80
76c
98c 38,350 570
1 85a
Hudson OIL r
15,300
2134
1934
16%
2114
Internat Petroleum_ r....£1
6%
6% 831 72,000
834
Island Oil & Transp_r_10
be
110
14e 24,500 10o
Kenova 011
1
23% 34
42,700 23%
34
Louisiana Oil& Refin_
22
700 21
Merritt Oil Corp _ r
10 21% 21
2%
Metropolitan Petroleum.25 311-16 2% 3 13-16 53,000
2%
2% 3 7-16 17,300
3 5-16
Met Pet full paid Ws
45c 5,800 42o
430
Mexican Gulf 011_ r
1
1.25 1.32 20,000
1.13
Midwest Oil, com r
1
1% 1 9-16 2,500
1%
Preferred r
1 1 9-16
12734 129%
950 124
Midwest Refining_ r _ _ _50 129
49c
Sic 9,500 49e
Northwestern 011_ r
1 500
290
33c 33,000 220
Omar Oil & Gas,com-- _ _1 300
23,400 12%
Pennok 011_ r
10 13% 1234 14
7%
8% 8%
800
Pittsb 011 de Gas_ r___100
24c 181,000 15o
18e
Queen Oil _ r
1 220
75% 10,700 70%
7534 69
Royal Dutch (new)_ r
7
734 7% 1,600
734
Sapulpa Refining_ r
5
200 '6%
7
7%
Savoy 011
5
31
34
%
34 3,700
Security Prod & Refin.- _5
34 9-16 7,000
9-16
34
Sequoyah Oil & Refln__ _ _1
22% 24% 6,100 22
Sinclair Gulf Corp-r---(t)
38
38
10 38
Warrants
38c
42c 5,800 380
Southwest 011_ r
1 420
134 1% 12,100
1%
1%
Stanton 011_ r
1
1 7-162% 60,500 13-16
United Western 011, new.r 2 3-16
2% 2% 1,400
2%
Victoria 011_r
10
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
165
104
335
270
320
280
731
330
320
437
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
j
Jan
n
Jan
5-16 Jan
Jan
Jan 23a
Jan
734 JanJan
134 Jan
6% Jan
Jan
Jan
60
Jan
2% Jan
Jan
4% Jan
Jan
Jan 8334 Jan
Jan 98c
Jan
Jan 22% Jan
Jan
8% Jan
Jan
Jan 16o
Jan
Jan 34
Jan 2434 Jan
3
312 Jan
Jan
Jan
Jan
Jan
Jan 45e
1.34 Jan
Jan
Jan 1 V-16 Jan
Jan
Jan 132
Jan
Jan 53o
Jan
Jan 35c
Jan
Jan 15
9
Jan 300
Jan
Jan
Jan 75% Jan
7% Jan
Jan
7% Jan
Jan
% Jan
Jan
9-16Jan
Jan
Jan
Jan 26
Jan
Jan 38
Jan
Jan 42o
Jan
1
2%
H j
Jan
Jan
2% Jan
Jan
Mining Stocks.
Jan
36c
43c 12,700 36e
Jan 50c
Alaska-Brit Col Metals__1 40c
1
1,800
Jan
Jan
%
America Mines_r
% 1
1
1
1% Jan
1
1
Jan
136 11,000
Arizona Bing Copper__ A
134
Sc
Sc 6,000
53,40 Jan
4340 Jan
Atlanta Mines
1
Big Ledge copper ce.,___5 13-16 11-16 15-16 27,100
6 Jan 15-16 Jan
Jan
150
150 3,000 12340 Jan 16o
Booth_ r
1
Jan
48a
50c 26,600 480
Jan 54o
Boston de Montana Dev_ _6 49e
330 33,100 270
280
1 300
Jan 330 Jan
Caledonia'Mining
7-16 Jan
34 Jan
%
7-16
34 11,300
Calumet & Jerome Cop _ r.1
2
2
2
500 1 15-16 Jan 2 1-16 Jan
Canada Copper Co Ltd_ _5
Jan
Jan 57c
Candalaria Silver_r
1 57c
540
57c 21,400 52o
70
8c 2,650
8o
Jan
Cash Boy
1
6340 Jan
131 Jan
1
Jan
134
1% 134 7,300
Cerbat Silver M & M_ r__1
136 1% 7,700 11-16 Jan I 9-16 Jan
Consol Arizona Smelt---.5 1 3-16
6% Jan
5% Jan
534 634 10,300
Consol Copper Mines__ _5
6%
4% 5
5% Jan
4% Jan
2,900
Cresson Con Gold M & M 1
5
1% Jan
134 1% 3,600
El Salvador Silver M__.1
134 Jan
1% Jan
1% Jan
1%
134 1% 3,200
Eureka Croesus Min_ r.._ 1
Jan
67c 12,300 60o
62e
Jan 67o
1 65c
Florence Silver_r
To Jan
6o
Jan
Goldfield Merger_ r
1
6c
53-10 70 21,500
6c
4e
5o 1,500
40
Jan
Jan
1
Great Bend_r
48o
560 5,600 410
Jan
Jan 56c
Hamilton M & S MA.r...1 55c
40e 44140 7,500 40c
Jan 44%c Jan
1 4435c
Hattie Gold Min _ r
4;4 Jan 4 15-16 Jan
215o 4 3-16 4 1-16 4 7-16 4,255
Heola Mining
34
530
400
Jan
34 Jan 530
Iron Blossom r
10c
Jan
35e
36c 1,500 32c
Jan 36o
1 360
Jim Butler_r
Jan
14c 2,500 130 Jan 15o
13c
Jumbo Extension
1
5% Jan
2,250
5% Jan
5% 531
Kerr Lake
5
70 1,000
8o
Jan
Jan
7o
7o
Kewanus_ r
I
7-16 Jan
5-16 Jan
500
%
%
La Rose Mines Ltd
5
540 2,500 48o
48o
Jan
Jan 580
Liberty Silver (Prosp't) r.1
6c
Sc 146,000 5%o Jan 9340 Jan
1 8360
Lone Star Cons'd_r
48o
49c 3,500 46o
Jan
Jan 490
McKinley-Darragh-Sav ..1
32c
34c 6,300 32o
Jan
Jan 35o
Mother Lode_ r
1
46e 19,700 37o
1 420
390
Jan
Jan 48o
Nixon Nevada
3% 5,000
3
3% Jan
3
Jan
3
Onondaga Mines Corp_ r_l
331 Jan
2
Jan
234
23-1 2% 4,200
Ray Hercules Min.r..-5
Jan
1 270
270
270 4,900 250 . Jan 280
Rochester Mines
50 Jan
fic 1,000
855c Jan
80
8o
1
San Toy Mining
34 Jan
31 Jan
%
34
34 6,100
Standard Silver-Lead..._1
17c 4,100 lbo
16o
Jan 18o
Jan
1
Stewart
4340 4%c 2,000
4e
Jan
70
Jan
Success Mining
1
2% 231
100 2 9-16 Jan
231 Jan
Tonopah Belmont Dev_ r _1
211 2% 2,900
131 Jan
2% Jan
1 2 6-16
Tonopah Extension
30c
bee
300
560
33,000
Jan
Jan 56o
Tuolumne River Placer r_1
31%. Jan
434 Jan
3 13-164 3-16 3,475
United Eastern Mining_ _1
31 Jan
United Mines of Arizona_l
X
3-16 % 10,200 3-16 Jan
34 I Jan
34 Jan
United Sulphur MInes_r_l
%
% 3,100
10o 29,000
7e
70 Jan 10o
Jan
U S Continental Min_ r_l 8340
24c
27c 29,000 24o
Jan 27o
Jan
Ward Mtn & MIlling.r...1 270
Range since Jan. 1.
93c 2,300 890
890
Jan 93o
Jan
Washington Gold Quartz_l 80c
1% Jan
1%
134 4,600 1 3-16 Jan
West End Consolidated _.5
Low.
High.
Jan
15c
170 19,500 130
Jan 17o
Western Utah Exten_r_ A
120
17c 27,000 10o
Jan 1834c
Jan
8
Jan White Caps Mining...AO° 13c
6% Jan
514c
Sc
3,500
Sc
Jan
5340
Jan
Mining
Wilbert
1
Jan
Jan
5434
5434
Jan
2334 Jan 24
Bonds.
233's Jan 25% Jan
Am T & T 6% notes w 1'24 99% 9834 99% $165000 98% Jan 993-4 Jan
Jan
5,000 10214 Jan 103
103 1.03
Jan 85
Jan Amer Tobac serial 7s_ r_'22 103
82
1923 10334 103% 103% 180,000 10234 Jan 1033-4 Jan
Serial 7s_r
9% Jan
834 Jan
180,000
Jan
99%
Jan
973-1
9734
97%
Min
68
t
'29
99%
Anaconda
Cop
2% Jan
23( Jan
11,000 10036 Jan 101
Jan
100% 101
3934 Jan 6134 Jan Beth Steel serial 7s.r.1921
8334 Jan 9934 Jan Canada(Dom of) tis.,_1919 99% 99% 99% 163,000 993-g Jan 9934 Jan
109
Jan 123
Jan Chic& N W Ry genbs wl'87 99% 99% 99% 210,000 99% Jan 100% Jan
6% Jan Cities Service Co4% Jan
123 124
50,000 119
Jan 124
Jan
1966
Deb 78 Ser B
Jan
1034 Jan 21
Jan 104
Jan
103% 10331 103% 16,000 103
4331 Jan 67% Jan Federal Farm Loan 5s.
100% 100% 100% 107,00 100% Jan 100% Jan
Jan Gen Eleo 6% notes
Jan 27
18
Jan
90% 190,000 85
Jan 92
1921 8635 85
Interboro R T 7s
10034 100% 2,000 99% Jan 100% Jan
2134 Jan 23% Jan Kan C'y Term Ry 68 w 1'23
100 100% 20,000 100
Jan 10031 Jan
414 Jan Laclede Gas L coll 7s w 1'29
4
Jan
Jan
90% 100 120,000 993-4 Jan 100
Jan Liggett & Myers Tab 65'21
Jan 58
47
2% Jan
334 Jan N Y Telep deb 68w L1949 99% 99 101% 125,000 9936 Jan 10131 Jan
64
48
Jan
64
505,000
Jan
56
6335
6348_r_1919
Govt
Russian
Jan
2%
1% Jan
60
95,000 47
52
Jan 60
Jan
1921 59
534s_ r
Jan
39% Jan 40
8
44,000 9836 Jani 994
Jan
98/s 09
% Jan
13-16 Jan St Paul Un Dep 534s_r t'23 99
5% Jan
734 Jan Sinclair Gulf Corp15,000 83
85
83
Jan
Jan 85
1927
Cony 6s
10% Jan 1334 Jan
44
Jan 48
Jan Southern Ry 5% notes r'19 See too t-note (u)
Wilson de Co Inc Owllt/28 923( 92% 93% 345,000 0234 Jan' 9434 Jan
33% Jan 3634 Jan
% Jan
7-16 Jan
Jan
4% Jan
534
• Odd lots. t No par value. 4 Listed as a prospect. I Listed on the Stock
331 Jan
434 Jan Exchange this week, where additional transactions will be found. o New stook
% Jan
X Jan
r Unlisted. u Not reported Jan. 16, $15,000 Sou. Ry. 5s, sold at 98%. v There
434
Jar
Jan
334
were no sales of S. S. Kresge Co. corn. as reported last week. 1rv When issued.
z Ex-dividend. y Ex-rights. a Ex-stook dividend.
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Jan. 18
to Jan. 24, 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 reguirements 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.
Stocks-
10
10
122
10
20
40
900
115
62
216
Range since Jan. 1.
X
JAN. 25 1919.]
THE CHRONICLE
CURRENT NOTICES.
R. Compton Co., 14 Wall St., this city, have
-William
prepared a
chart, which they are distributing to investors, showing the war record
of municipal bonds, with figures of yield tracing market values month by
month for the past two years for twenty of the largest cities of the United
States. Analyzing the figures the firm concludes: "We find that a high
price level was reached in the latter part of January
and the decline
which began in the first days of February continued steadily until April
Then the trend turned upward and the higher prices ruled during
the remainder of the year that has just closed. The net change for the war
period would seem to be about expressed by the difference between the
and December
index figures for January
roughly, one-half of
one per cent in yield. Compared with rails or public utility bonds, State
and municipal securities have exhibited remarkable stability during the
war period. The popularity of this type of bond, especially during the
period of unsettlement or alarm, is well illustrated by its record since the
beginning of the war.
1917,
1918.
1917
1918,
369
New York City Realty and Surety Companies
All prices now dollars per share.
Bid. Ask. 1
Bid. Ask.
Bid; Ask:
Alliance R'lty sa
65 !Lawyers Mtge 108 115 Realty Assoc
Amer Surety_ 60
65 IMtge Bond__ 85
90
(Brooklyn). 77
83
Bond & M 0. 220 227 Nat Surety__ 215 220 US Casualty_ 175 190
CasualtyCo_
75 IN Y Title &
IJ S Title Guar
60
City Investing 17
Mortgage__ 95 105 West & Bronx
20
Preferred__ 60
67
Title & M 4:1 150 170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked'1"
Standard Oil Stocks Pe r Share
RR. Equipments-PerCI Basis .i
Par Bid. Ask. Baltimore & Ohio 43is
5.90 5.50
Anglo-American Oil new. £1 1714 1734 Buff Rwh & Pittsburgh 45.
5.88 5.65
Atlantic Refining
100 1140 1160
Equipment 4B
5.88 5.65
Borne-Scrymser Co
100 475 495 Canadian Pacific 4;is
5.95 5.50
Buckeye Pipe Line Co.... 50 .94 96 Caro ClInchrield & Ohio 5s
6.40 6.00
-The Wall Street Division of New York University School of Corn-. Chesebrough Mfg new _ _ _100 290 310 Central of Georgia 5.
6.20 5.65
Continental 011
100 500 520
Equipment 44s
6.20 5.50
merce announces the following courses for the second semester, beginning Crescent Pipe Line Co
50 *37 39 Chicago & Alton 48
7.00 6.20
Bookkeeping, Principles of Accounting, Practical Economic Cumberland Pipe Line _100 175 185 Chicago &
Feb.
Eastern Ill 54s.... 7.40 6.50
100 185 195
Problems, Money and Banking, Banking Practice, Foreign Exchange. Eureka Pipe Line Co
Equipment 44e
7.40 6.50
Investments, Federal Taxes, Railroad Bonds, Marine Insurance, Com- Galena-Signal 011 corn-100 88 92 Chic Ind & Loutsv 4%e
6.50 6.00
Preferred old
100 115 130 Chic St Louis
ie & N 058
6.95 5.40
mercial Law (Agency), Commercial Law (Partnership), Selling Methods
Preferred new
100 105
& N W 4%8
5.65! 5.25
in Foreign Trade, Merchant Marine Administration and Operation, Foreign Illinois Pipe Line
100 165 170 Chicago RI & Pao 454s
6.75 6.00
Advertising, Document Technique of Foreign Trade, Charter Parties and Indiana Pipe Line Co_ _ _ _ 50x100 105 Colorado
Eri
Southern 58.-- 6.35 5.90
International Petroleum_ £1 .21 22
6.051 5 ao
Bills of Lading, Foreign Commercial Banking and Far Eastern Trade.
National Transit Co_ _.12.50 *16 17
Equipment 4;is
6.05 5.50
Further information may be secured from the director. A. W. Taylor, New York Transit Co_ _100 200 210
Equipment 4s
6.05 5.50
Broad Street, New York City. Telephone, Broad
Northern Pipe Line Co. 100 110 115 Hocking Valley 4128
Room
5.95 5.50
Ohio 011 Co
25 *318 333
Equipment 58
5.95 5.50
-On a 5.50% basis, William R. Compton Co., of Now York, with Mer- Penn-Mex Fuel Co
0
21 *56 60 Illinois Central 58
5. 5.35
cantile Trust Co., Mississippi Valley Trust Co., Whitaker & Co. and Prairie 011 & Gas
1
650 660
Equipment 4545
5.80 5.35
100 270 275 Kanawha & Michigan 454,.. 6.25 5.75
Kauffman-Smith-Emert Investment Co., of St. Louis, are jointly offering Prairie Pipe Line
Solar Refining
5.8 5.30
Arkansas Louisiana Highway District Serial 6% Southern Pipe Line Co_ 100 360 380 Louisville & Nashville 5s
a now issue of
_100 177 182 Michigan Central 514
5.9 5.45
Bonds, falling duo annually Sept.
to
The bonds are exempt South Penn Oil
100 305 310 Minn St P & 58 M 4548
5.95 5.50
from all Federal income taxes, and are an obligation of a district in the Southwest Pa Pipe Lines.100 98 102 Missouri Kft1313118 & Texas 5e- 7
6.00
Standard 011 (California).100 268 273 Missouri
southeastern part of Arkansas, including approximately
7
6.00
acres of Standard Oil (Indiana) _ _100 750 760 Mobile &Pacific 58
Ohio 5s
6.2 5.75
agricultural lands, about
towns with a population of
and some Standard 011 (Kansas)...100 525 50
Equipment 4%s
6.25 5.75
200 miles of railroad. Value of the lands alone is in excess of
Standard 011 (Kentucky)100 360 370 New York Central Lines 5s... 6.00 5.50
and assessed valuation of the property taxed for the improvement is Standard Oil (Nebraska).100 520 540
Equipment 4;4a
6.00 5.50
Standard Oil of New Jer_100 688 692 N Y Ontario & West 4 Ms_
6.25 5.70
approximately
See adv. in this issue for full information. Standard 011
of New Y'k.100 313 317 Norfolk & Western 4;is _ _ _ _ 5.80 5.35
100 460 80 Pennsylvania RR 434s
-The Poor's Manual Co. and the Moody Manual Co. are being con- Standard 011 (Ohio)
5.65 5.25
Swan
Finch
100 98 02
Equipment 4s
solidated under thename of Poor's Publishing Co. The new concern will Union&
Tank Line Co_ _100 113 16 St Louis Iron Mt & Sou 58.. 5
6..7
65
56
5..00
25
publish for
a consolidated manual combining the best features of Vacuum 011
100 410 15 St Louis & San Francisco 5s_ 7.00 6.00
both in three volumes, consisting of Poor's Railroad Manual, Moody's Washington Oil
1 *33 37 Seaboard Air Line 58
6.4 6.00
Equipment 4;is
Manual of Public Utilities and Moody's Manual of Industrials. The
Southern Pacific.Co 4Ma56:4°75 65:2
publishing schedule for the three sections will be: Industrials. July
Ordnance Stocks-Per Share.
1;
Southern Railway 454s
6.00 5.55
public utilities, July
Aetna
Explosives
railroads, July
pref.._100 55 60 Toledo & Ohio Central 4s.__ 6.10 5.75
The free information de2
6
partment, for a number of years a feature of the Moody Manual service, American & British Mfg_100
Preferred
100 15 25
Tobacco Stocks-Per Share,
will bo continued without extra charge to all manual subscribers.
Atlas Powder common
100 155 160
Par Bid. Ask.
Preferred
100 88 92 American Cigar common_100 114 120
-The greater part of the issue having been sold, Strong, Sturgis & Co.
Babcock
&
Wilcox
100
106 108
Preferred
100 87 95
and Colgate, Parker & Co., of this city, are jointly offering for investment, Bliss
(E W)Co common_ 50.250 325 Amer Machine & Fdry_100 60 80
by advertisement on another page, the unsold balance, subject to prior
Preferred
50 .65 75 British-Amer Tobao ord__£1 •23 25
sale, of $1,005,000 South Porto Rico Sugar Co.
Ordinary. bearer
cumulative preferred Canada Fdys & Forgings_100 190 200
•24 25
Carbon Steel common...100 86 93 Conley Foil
stock at
per share and accrued dividend, yielding about
" ii 190
1st preferred
100 93 100 Johnson Tin Foil & Met_100 75 MO
.
Full particulars appear in the advertisement. Descriptive circular will be
2d preferred
100 60 70 MacAndrews dr Forbes. 100 190 10
furnished on request to the bankers.
Colt's Patent Fire Arms
Preferred
100 90 100
Mfg
*38
25
40
Reynolds
(R.
J)
Tobacco_100 380 420
-Luigi Criscuolo, formerly in the finance division of the United States duPont(E I) de Nemours
B common stock
100 300 30
Railroad Administration, has become associated with Merrill, Lynch &
& Co common
100 270 275
Preferred
100 105 108
Debenture stock
100 91 92
Wall St., this city. Prior to his war work in Washington, Mr.
A dividend scrip
95 100
Eastern
Steel
100 75 85
B dividend scrip
95 100
Criscuolo was connected with Redmond &
Pine St., this city. Empire Steel & Iron com_100 _
30 Young (J13) Co
100 120 150
Mr. Criscuolo is well known for his newspaper and magazine articles on
Preferred
100 60 70
Preferred
100 95 105
Hercules Powder corn_ _100 203 208
financial subjects.
Preferred
100 105 109
Short Term Notes-Per Cent.
-Lawrence L. Schneider, for the past four years on the staff of the Niles-Bement-Pond com_l
103 106 Amer Cot 0115s 1919_ _M&S 9912100
"Annalist," and more recently advertising manager of that publication,
Preferred
1
95 98
7% notes Sept 1919
is
1
101
Penn Seaboard Steel(no par) *39 40 Amer Tel & Tel Os 1919_ F&A 100
now associated with the organization of Rudolph Guenther, Inc.,
1001s
special- Phelps-Dodge Corp
280 300 Balto St Ohio 5s 1919_J&I 9918 9912
1
ists in financial advertising,
Broad St., Now York City.
Scovill Manufacturing_ _100 330 350 Canadian Pac 68 1924.M&S 2 1001410012
-L. B. O'Meara,formerly connected with Dawson & Lyon, and recently Thomas Iron
50 •20 30 Del & Hudson 581920._F&A togs 0918
Win Repeat Arms corn (new) 100 156_ Erie RR 5. 1919
returned from the U. S. Navy, has established an unlisted
A-0
95
department
Preferred
(new)
Fed Sugar Rfg 58 1920 J&J
with the firm of Moyso & Holmes, of this city.
9812
Woodward Iron
100 40 50 General Elec 6441920......J&J 10018 1007g
Preferred
-Fred R. Bauer, formerly with Eastman,.Dillon & Co., announces
85 95
6% notes (2-3r) 1919.J&D 10014 1003a
Great
that he is now associated with Kissel, Kinnicut & Co., at
North
5.1920.
-M&S 983s 99
Wall St.
Hocking Val 6s Feb'19 M&N
-J. Dudley Peterson of the firm of Bull & Eldredge has been
Public Utilities
K C Term By 454s 1921_J&I Wiz "fir
admitted
Amer Gas dr Elec corn__ 50 •101 103
as a member of the New York Stock Exchange.
54; Nov 15 1923...M&N 15 100 10018
Preferred
50 *43 45 Laclede Gas Lt 58 1919...F&A
Amer Lt & Trac corn....l00 235 238 Ligeett&MyersTob6s'21J&D 996810011
1
991
1 100
997:
Preferred
100 98 9912 N Y Cent 5s 1919__M&S 15
Amer Power & Lt corn
100 56 60 Penn Co 4 As 1921_ _J&D 15 97 9734
Preferred
76
78
Pub
Ser
Corp NJ 58 '19.M&S 98 99
All prices now dollars per share.
Amer Public Utilities com100
20 Rem Arms U M C 541'I9F&A 9914 100
Preferred
100 36 3912 Southern Ry 58 1919_M&S 2 9914 9912
Banks-N.Y. Bid. Ask.
Banks.
Bid. Ask. Trust Co's. Bid. Ask.
Carolina
Pow&Light
corn
100
30
35 Utah Sec Corp 68
America*. - 500 525 I:Irving (trust
15 8812 8912
New York.
Cities Service Co corn.._100 290 292 W'house El & M'22.M&S
as '19_ F&A 100 1004
Amer Each
220 230
certificates) 275 280 Bankers Trust 385 390
Preferred
100 7812 7912 Winches RepArms7s'19. Markt 9934 100
Atlantic
170 180 Liberty
425
___ Central Union 405 510
Colorado
Power
corn_
.._ _100 26 28
Industrial
Battery Park- 205
-__ Lincoln
270 300 Columbia_
307 312
Preferred
100 95 100
and Miscellaneous
Bowery •___ 425
Manhattan *- 190 200 Commercial__ 88 100
Com'w'rh Pow fly & Lt..100 19 21 American Brass
100 223 227
BroadwayCen 135. 145 Mesh & Met. 340 350 Empire
1285
Preferred
295
100 40 43 American Chicle corn_....100 65 68
Bronx Bore*. 125 175 Merchants.... 125 135 Equitable Tr.
Elec Bond & Share pref 100 d92 95
405 415
Preferred
Bronx Nat__ 160 170 Metropolitan* 175
100 74 78
Farm L. & Tr 410 420
Federal
Light
&
Traction.100
11
8
American
Hardware
Bryant Park* 145 155 Mutual •_- 375
100 134 138
Fidelity
220 230
Preferred
100 40 43 Amer Typefounders com.100 37 42
Butch & Drov 20
25 New Netli*- 200 215 Fulton
Great \Vest Pow 58 1946..J&J 8312 87
Preferred
100 81 86
Cent Mere- 165 170 New York Co 130 140 Guaranty Tr 230 260
Mississippi
365
375
Riv
Pow
com_100
1212
Borden's
1012
Cond Milk com_100 101 104
400 406 New York_
Chase
425
Hudson
135 145
Preferred
100 38 40
Preferred
100 100 104
Chat & Phen- t246
_ Pacific•
150
Irving 'must.'See Irving
First Mtge 5s 1951 _J&J 7812 80 Celluloid Company
100 133 138
Chelsea Exch. 110 fib Park
560 570
North'n
1Nat
Bank
States
Pow
com.100
58
61
Columbia Graphoph Mfg (t)*130 134
Chemical.- 475
_ Prod Exch... 200
Law Tit & Tr 97 105
Preferred
100 89 9112
Preferred
100 83 87
222 227 Public
Citizens
230 245 Lincoln Trust 180
North Texas Elec Co corn 100 55 60 Freeport Texas Co
485 470 Seaboard
(t) *34 35
City
450 470 Mercantile Tr
Preferred
100 70 75 Havana Tobacco Co..._100
1
Coal & Iron_ 220 230 Second
3
400 425
dr Deposit- 210
Pacific Gas ar Elec corn_ _100 4714 4814
Preferred
100
2
Colonial I.... 400
5
___ Sherman
_ 125 135 Metropolitan. 345
1st
preferred
-100
-.-87
88
1st
g
58
June 1 1922 J-D
Columbia._ 160 170 State •
46
120 125 Mutual(WestPuget Sd Tr L dr P com_ _100 15 18 Intercontinen Rubb com_100 /40
17 1712
Commerce._ . t215
23d Ward*..._ 115 130
chester)- 105 125
Preferred
Ry
100 53 57 Internat'Banking Co_ _ _ _100 160
Comml Ex*. 390 410 Union Each,. 150 157 N Y Life Ins
Republic
& Light..._100 16 18 International Salt
100 52 62
CommonUnited States* 504)
& Trust... t8011
Preferred
52
1st gold Se 1951
A-0 70 7114
wealth •_ 190 205 Wash HIP_ 275
N Y Trust__ 600
- South Calif Edison corn_ _101
1
85
5° 88 International Silver pref _100 80 90
Continental*. 107 115 %Veatch Ave_ 160 175 Scandinavian 290
Preferred
100 97 102 Lehigh Valley Coal Sales_ 50 .84 88
Corn Each'.. 350 357 Yorkville *..- 290 310 Title Gu & Tr 335 305"
Standard Gas & El (Del). 50 •12 14 Otis Elevator common _100 65
345
Cosmop'tans. 85 100
70
Transatlantic.
Preferred
170
50 .30 32
Preferred
100 84 87
Cuba(Bk of). 175
Brooklyn.
U S Mtg & Ti' 420 430
Tennessee ity L & P com.100
2
3 Remington TypewriterEast River... 20
25 I Coney Island* 140 155 United States 890 910
Preferred
100 13 16
Common
100 31 33
Europe
110 130 First
240 260 Westchester.. 130 140
-United Gas & Eiec Corp_100
3
5
1st preferred
100 z82 84
Fifth Avenue* £1800 2200 Greenpoint
150 165
Brooklyn.
1st preferred
100 38 40
2d preferred
100 73 77
Fifth
215 230 Hillside *
110 120 Brooklyn Tr 500 515
241 preferred
100
5
8 Royal Baking Pow corn_ _100 122 130
First
945 960 Homestead •
70
80 Franklin
220 230
United Lt & Rys corn..100 37 40
Preferred
100 86 89
Garfield
175 185 Mechanics'• 65
70 Hamilton_
260 270
1st preferred
100 70 72 Singer Manufacturing_100 182 187
Gotham
200
85
95 Kings County 630 650• Western Power common_100 1712 1834 Texas Pac Coal
& Oil_
100 1400 1500
Greenwich •._ 335 350 Nassau
200 207 Manufacturers 160
assau
Preferred
100 65 68 W'houseCburchKerr&Co 100 65 70
Hanover
735 745 National City 133 138 People's
200
Preferred
100 81 86
Harriman
250
175 200 Queens Co
North
65
75
Imp & Traci__ 530 EgO" People's
130 140
•Per share. b Basis. /Purchaser also pays accrued dividend. e
*Banks marked-with a (s) are State banks. I Sale at &WULlOU or al,
stock,
Flat price. is Nominal. s Ex-dividend. y Ex-rights. s Ex-divideNew
Exchange this week. t Include.' one-third share Irving Trust Co. S New CltuCK
nd of 28%.
stock. (t) Without Dar value
3:
519, 25
824.
$2,750,000
1 1921
1939.
675,000
75,000,
$27,000,000,
29
$9,576,718.
1919
15;
31.
8%
$107 50
7.45%.
Co., 7
Co., 33
25
14
Now York City Banks and Trust Companies
616
[Vor,. 108.
THE CHRONICLE
370
butestuxent and gaiirratt intelligence.
RAILROAD GROSS EARNINGS
or monthly returns
The following table shows the gross earnings of various STEAM roads from which regularorweekly
and the last two
month,
week
latest
the
for
earnings
gross
the
give
figures
of
columns
two
The
first
obtained.
oan be
returns of the electric
The
month.
or
week
latest
the
including
and
to
1
Jan.
from
period
the
for
oolumns the earnings
railways are brought together separately on a subsequent page.
Jan.1 to Latest Date
Latest Gross Earnings.
ROADS.
Week or
Month.
Current Previous
Year. I Year.
Current
Year.
Previous
Year.
$
1
$
220,799, 206.042 2,208,247 1,927,190
Alabama & Vicksb_ November
101,699
141,686
67,0601 44,017
2d wk Jan
Ann Arbor
Atch Topeka & S Fe November 14814265 12580398 148372082 128669987
Gulf Colo & S Fe.. November 1,657.675 1.586,832 17,454,600,15,619,286
503,942 587,760 5,397,403 6,353,065
Panhandle & S Fe November
461,321 351,689 4,234,205 3,600,252
Atlanta Birrn & At! November
241.412 170.374 2,283,116 1,603.311
Atlanta & West Pt_ November
440,424 187.901 3,943.609 3.027,832
November
Atlantic City
39.450,234
Atlantic Coast Line November 4,991,597 3,765,412
Baltimore & Ohio November 15529392 11778278 1513832635, 122945071
130,949 148,966 1,615,4261 1,818.865
B & 0 Ch Term.._ November
467,904 345.390 4,425.606 4,045,182
Bangor & Aroostook November
73,680
80,5131
6.953
7.518
Bellefonte Central...November
307,327 302,604 3,594,965 3,537,891
Belt Ry of Chicago_ November
Bessemer & 14 Erie.. November 1,088,102 1.168,726 12.551.752 11,682.313
281,725 306,269 3,189,969 3,010,535
Bingham Sr Garfield November
84,179 114.784 1.313,942 1,087,674
Birmingham South_ November
Boston & Maine__,. November 6,280,374 5.114,413 64,176,642 54,515,752
538,500
566,309
Buff Roch & Pittsb 2d wk Jan 307,091 269,249
175,868 168,032 2,069,798 1,629.923
Buffalo & Susq RR_ November
aCanadian Nat Rys 2d wk Jan 1,420,433 1,055,607 2,714,472 1,955.764
Canadian Pacific_ _ 2d wk Jan 2,891,000 2,368,000 5,747,000 4,711,000
246,597 192,596 2,090,835 2,185,806
Can P Lines in Me.. November
455,109 380,381 4,316,467 3.752.558
Caro Clinch & Ohio November
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 41430,780 34,329,024
5,050,632
474,014 469,380
Cent New England_ November
428,997 379,314 4,735,741 4,120,500
Central Vermont November
279,520 238,187 2,696,075 2,157,930
Charleston Sr W Car November
Chas Sr 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 III_ 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
984,968 800.038 9.971,999 8,411,673
Chic Ind & Louisv_ November
308,535 282,702 3,096,606 3,000,065
Chicago Junction.... November
Chic Milw & St P_ _ November 11571383 11155099 120359910 104550780
Chic & North West November 11315957 9,503.819 116619479 99,476,025
157,032, 219,888 1.988,183 2,015,611
Chic Peoria & St L.. November
Chic R I & Pacific__ November 8.665,381 7,781,794 91,445,672 78,204.333
383.851 4,065,467 3,500,979
423.105
Gulf.._
&
I
November
R
Chic
Chic St P M & Om.. November 2,348,526 1,965,743 22,583,987 19,620,112
428,763 360,781 4,614,463 3,440.635
Chic Terre H & S E November
263,107 219.177 2.868.440 2,435,274
Cinc Ind & Western November
416,538
463,568
Colo & Southern_ _ _ 2d wk Jan 265,284 218.298
Ft W & Den City November
781,879 658,160 7,150,198 5,892,053
976,528
93,178 142.100 1,040,605
Trio & Brazos Vol November
79,838 1,032,503 1,076,506
90,899
Colo & Wyoming.... November
Constit Rys of Mex 1st wk Dec 231,528
855,288 1,034,713
84,361
65,284
Crip Crk & Col Spgs November
472.392 646.826 11,290,408 6,794,614
Cuba Railroad____ November
Delaware & Hudson November 2,933,494 2,502,766 32,148,160 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 28,482.682 26,038.789
177.453 187,160 1,993,650 1,934.878
Denver & Salt Lake November
108,396 105,422 1.399,192 1,237,311
Detroit & Mackinac November
326,846 231,148 3,090,747 2,702,659
Detroit Tol & Iront November
178,116 141.115 1,794,797 1.680.180
Det & Tol Shore L.. November
449,886 792,000 8,859,779 7,214,208
Dul & Iron Range_ _ November
Dul Missabe & Nor November 1,377,248 1,751,215 21,303.126 14,961,564
121,343
130,827
70,472
68,250
Dul So Shore & Atl 2d wk Jan
175,410 143,086 1,564,080 1,889,416
Duluth Winn & Pac November
1,052,816
1.038,035
188,792
99,321
November
Conn
St
Louis
East
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
686,018 8,019.537 8,019,537 7,483,634
Florida East Coast._ November
974,279
81,602 1.023,981
92,557
Fonda Johns & Glov November
115.582 144.044 1.175,197 1,038,120
Ft Smith & Western November
1,000,038
938.123
72,143
65,895
November
Wharf
Galveston
699,506 475,478 6,078,975 3,829,504
November
Georgia Railroad
Grand Trunk Pac.... 3d 'wk Dec 163,460 113,477 6,330,380 6,013,445
Jan
wk
1,029,578 654,794 2,033,209 1,428,642
Grand Trunk Syst_ ld
Grand Trunk Ry 3d wk Dec 1,495.431 996,791 60,847,249 50.100,971
Grand Trk West_ November 1,864.402 1,495,096 17,105,003 14.684,911
Great North System November 10155811 8.054,625 90.812,867 81,649.320
211,219 199,673 2,198,940 2,142.442
Gulf Mobile .Sr Nor.. November
186,759 211,631 2,365,580 2.126,157
Gulf & Ship Island.. November
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
Internet & Gt Nor_ November 1,174,600 1.249,477 12,298,539 11,327,359
77.315 110.893 1,189,850 1,101,552
Kan City Mex & Or November
112.448 118.551 1,111,526 1,193,442
KOMex&OofTex November
Kansas City South_ November 1,374,999 1,169.920 13,863,378 11,338,664
139,958 111,069 1,154,061 1,021,589
Texark & Ft Sm.. November
96,451 1,138,953 1,035,421
105,754
Kansas City Term.. November
199,773 184,564 2,104,599 2,089.302
Lehigh Sr Hud Riv_ November
337,903 326.994 3.655,167 3,412,530
Lehigh & New Eng.. November
November 6,014.373 4.559.628 59,692,726 49,495,607
Lehigh Valley
Los Ang & Salt Lake November 1,208,262 1,065,086 13,247,833 11,632,863
136.903 143.913 1.525,580 1,426,928
Louisiana & Arkan_ November
288.190 254.541 2,803,688 2,246,001
Louisiana Ry & Nay November
Louisville & Nashv_ November 8,187,716 7,287,165 91,748.390 70,040,802
257,751 192,608 2,595,702 2,034,737
Loulsv Rend & St L November
November 1,447,229 1,130,226 14,985.764 13.000,393
Maine Central
328,219 290.776 3,181,241 2,670,125
November
Midland Valley..
35,265
41,129
19,546
23,230
Mineral Range__ 2d wk Jan
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
862,493
94,201 109,232 1,166,525
Mississippi Central.. November
Missouri Kan & Tex November 3,124,371 2,398,310 30,193,721 23,656,018
Mo K & T Ry of Tex November 1,858,479 1.737,164 17,915,202 14,525.335
117.159 • 132,994 1.178,027 1.197.216
Mo & North Arkan October
141.822 192.452 1.658.930 1.761.689
Mo Okla & Gulf__ November
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
I
Previous
Year.
Jan.1 to Latest Date
Current
Year.
Previous
Year.
$
1
$
Missouri Pacific.._ November 8,249.835 6,851.450 81,498,804 71,540,000
1,981.558
2,915,936
178,449
315,572
November
Monongahela
222,079 145,383 2,245,461 1,710,105
Monongahela Conn November
Nasty, Ohatt & St L November 2.073,269 1,429,99119,864,025 13,840,363
4,965
4,191
4,965
4,191
Nevada-Cal-Oregon 1st wk Jan
239.976 214,097 2,488,027 2,270,560
Nevada Northern._ November
914,872
75,174 1,318,919
149,935
Newburgh & Sou Sh November
190.958 158,880 2,040,349 1,750,535
New On Great Nor_ November
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 & Mex.... _ _ November
916.621
131,914 113,222 1.319,108
Beam!" S L & W_ November
380,090 320,802 4,041,504 3,525,584
St L Browns & M November
New York Central.. November 28014171 20323564 267308434 219740943
4,776,154
518,485
Ind Harbor Belt,. November
841,434 705,357 8,570,884 7,499,910
Lake Erie & W__ November
48,152,039
61,951,200
4.756,058
6,382,961
November
Central
Michigan
Cleve 0& St L_ November 6,134,343 4,525,298 66.093.555 48,406,492
268,960 220.464 2,546.184 2,263,839
Cincinnati North 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
486.525 306,8271 5,472.767 3,306,441
Kanawha & Mich November
1,403,157 20,151.020 15,607,415
2,189,445
N Y Chic & St Louis November
NYNH& Hartf_ November 8.630,784 7.179.338 93.686,061 78.823,275
750,049 719,527 10,071,006 8,476,630
N Y Oat & 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
513,104 415,446 5,186.947 4,883,652
November
Norfolk Southern....
Northern Pacific__ November 10028583 7,835.401 92,841,868 80,856,976
953,130
923.396
68,896
80.213
Minn & Internet_ 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
457.695 570,134 5,161.116 4,643,593
November
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
Cumborlanc Vail. 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 V Phila & Norf November
827,664 548,532 9,808,432 8,008.471
W Jersey & Seash November
Pennsylvania Co.__ November 9,200,041 6,820,380 86,575,711 72,846,146
633,873 500,679 6,649,119 5,986.981
Grand Rap & Ind November
Pitts 00 & St L.. November 7.638,774 6,316,525 79.888,416 67,667,403
96.978 1,183,793 1,112,473
130,213
Peoria & Pekin Un.. November
November 2,865,398 1,979,018 26,265,439 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
793,199
959,229
68,452
69.355
Quincy0m& KanC_ 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 3,560,680 2,327,464
Wash Southern.._ November
341.702 350,686 4,199,931 3,099,774
November
Rutland
St Jos & Grand IsI'd November. 196,286 198.422 2,405,054 2,146,121
St Louis-San Fran._ November 6,451,898 5084,856 63,778,875 52,431,433
911,482
95,234 103,093 1.050.973
Ft W & Rio Gr November
80,957 1,272,408 1,042,292
110.748
St L-S F of Texas November
St Louis Southwest 4th wk Dec 475,000 344,000 19,401,794 17,309.657
520.091 603,810 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
434,933 401,228 4,000,3503,740.962
San Ant & Ar Pass.. November
Seaboard Air Line November 3,362,067 2,727,558 35,313,920 27,507,652
80.718 1.437,511', 9 ,951
135,590
November
South Buffalo
November 13430018 11791455 139986983 119997572
Southern Pacific
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 Sr Tex Cent November
188,206 167.441 1,891,188 1,675,441
ex_ November
ous
375.946 3,973,791 3,299,470
344,195
November
West__
Louisiana
498,865 732,086 7,511,099 6,204.164
Morgans La & Tex November
5,819,756
676,170 593.557. 18,6
Texas & New On November
Southern Railway__ November 10466665 8,469,702 115846923 82,317,061
838,853 698.146 8,330,776 6.424,148
Ala Great South.. November
Cin NO & 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 1,130,280 13,499,820 12,557,154
295,167 3,273,228 2,654.620
349,746
November
Fla
&
Sou
Georgia
148.181 131.412 1,323,951 1.155,215
South Ely in Miss November
902,674
912,904
73,543 105,376
Spokane Internat'l_ November
767,075 575,398 7,768,436 6,212,945
Spok Portl & Seattle November
181,243 121,464 1,755.587 1.388.176
Staten Island R T__ November
2,855
2,910
1,309
1,690
Tenn Ala & Georgia 2d wk Jan
270,573 162.997 2,766,719 1.655,360
Tennessee Central.. November
352,003 294,224 3,567.267 3,402,238
Term Assn of St L__ November
305,267 288,467 3,370.305 2,917,562
St L Mar Bdg T.. November
4th wk Dec 855,899 810,530 27,113,250 22,714,007
Texas Sr Pacific_
133,392 107,508 1,481,009 1,181,955
Toledo Poor & West November
766,088 642,941 7.568,077 6,525,551
Toledo St L & West November
944,873
950.582
72.757
87,131
Ulster & Delaware_ November
November 8,954,345 7.450,567 89,710,833 69,906,404
Union Pacific
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
013,871 492.477 6.432.149 5,370,796
November
Union RR (Pa)
1,289,140
113.866
November
Utah
248,586 246,593 2.365,305 1.980,865
Vicks Shreve & Pac November
9,532,241
11,019,095
887,070
1,107,501
November
RR
Virginian
November 4.270,770 3,637,072 43,689,430 37,189,669
Wabash ElI
Western Maryland.. November 1,384.844 1,187.852 13,656.724 12,361,567
760,121 797,158 10,174.320 9,019.647
November
Western Pacific
242,232 162.378 2,313,028 10538,559
Western Ry of Ala_ November
Wheel & Lake Erie_ November 1.128,869 1.040.170 12.640,717 10,285.124
944.035
971,200
101,801 103,426
Wieh Falls Sr N %V.. 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.
Current
Year.
Previous
Year.
Increase or
Decrease. 1 %
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
Cur. Yr. Prev.Yr.
$
Mileage.
$
$
anuary........240,046 239.865 282.394.665 294.002.791 -11.608,126 3.95
4th week Oct (16 roads)........ 11,833.602 10.339,702 +1.523.9001 14.78 JFebruary__
+50.484,357 16.22
312,276.881
362.761.238
228.835
_230,336
14.59
+965.806
1st week Nov (16 roads).- 7,581.166 6,615,360
238.891 237.463 285,776,203 260.627.752 +25.148.451 9.65
344,165 5.03 March
2d week Nov (15 roads).._..- 7.194,421 6,850.256
319.274.981 +50.134.914 15.70
369,409.895
232.255
233,734
April
12.13
816,977
6,734.968
7,551,945
roads)........
11
3d week Nov 1
230.355 224.892 374.237.097 342.146.096 +:32.091.001 9.38
+138,940 1.85 Mar
4th week Nov 10 roads)____ 7,631,596 7,492.658
210.303 219,291 363,165.528 323,163,161 +40,002.412 12.38
15.90 June
1st week Dec 15 roads)._ _ _ 7,542,012 6,541,897 +1,010,135 36.43
+11766131534.00
, .
230.570 463.684,172
July
2'31,700
+2,097,261
5,756.694
7,853,955
2d week Dec 13 roads).......
230,743 230,015 498.269,356 362.509,561 +135759,795 37.45
11 roads)........ 6,924,046 5,376.100 +1,547,916 28.79 August
3d week Dec !
487.140,781 357,772,850 +129367,931 36.16
4th week Dec 14 roads)........ 10,698,660 8,136,132 +2,562,528 31.49 September...232.186 232.374
230.184 2:30,576 484,824,750 377,867.933 +106956.817 28.30
+976,152 22.80 October
13 roads)........ 5,257,013 4,240,891
1st week Jan
4.7nt 311 4-1.172.20120 10 November _232.274 232,259 438,602,283 356,438,875 +82,163,408 23.08
fi 071.01R
12 rolds)
2d week Tan
a.Includes the former Canadian Northern, the Inter-colonial and other Government owned lines.
THE CHRONICLE
JAN. 25 1919.]
Latest Gross Earnings by Weeks.-In the table which
follows we sum up sepaeately the earnings for the second
week of January. The table covers 12 roads and shows
29.19% increase in the aggregate over the same week last
year.
Second Week of January.
1919.
1918.
I Increase. Decrease.
44,047
Ann Arbor
67,060
23,013
269,249
307,091
37,842
Buffalo Rochester & Pittsburgh
Canadian National Railways.._. 1,420,433 1,055,607 364,826
2,891,000 2,368,000 523.000
Canadian Pacific
265,284 . 218,298
46,986
Colorado & Southern
70,472
68,250
Duluth South Shore & Atlantic..
Grand Trunk of Canada
1,029,578
654,794 374,784
Grand Trunk Western
Detroit Gr Hay & Milwau_ _
Canada Atlantic
23,230
19,549
Mineral Range
3,684
1,690
1,309
Tennessee Alabama & Georgia_
381
Total (12 roads)
Net increase (29.19%)
6,073,616 4,701,k2 1,374,516
1,372,294
$
2,222
2,222
For the first week of January our final statement covers
13 roads and shows 22.80% increase in the aggregate over
the same week last year.
First Week of January.
1919.
1918.
Increase. Decrease.
Previously reported (10 roads)_ 5,172,376 4,209,336
50,871
Duluth South. Shore & Atlantic..
62,577
15,719
Mineral Range
17,899
4,965
4,191
Nevada-California-Oregon
973,401
11,706
• 2,180
10,361
5,257,043 4,280,891
987,287
976,152
11,135
Total (13 roads)
Net increase (22.80%)
774
371
Latest Gross Earnings.
Name of Road
or Company.
1
i
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
•$
g Puget Sd Tr,L & P.. August
1021,191 774,847 7,629,623 5.910,905
gRepublic Ry & Light September 443.863 426.250 4.151,145 3,469,834
Richmond Lt & RR_ June
42,100 44,102
209,211
208.060
St L Rocky Mt& Pac November 394,369 402,023 4,760.910 3,570.760
Santiago El Lt & Tr_ October
57.100 52,630
557,494
473,834
Savannah Electric Co November 107,902 88,105 1,072,495
875,561
Second Avenue (Rec) June
79,749 78,170
391,753
391,180
Southern Boulevard.. June
16,390 19,959
99,400
106,723
Southern Cal Edison.. November 668,681 633,515 7,384.318 7.332,220
Staten Isl Midland__ June
28,095 34,560
132,300
156.755
Tampa Electric Co__ November
90,807 78.088
958,880
913,360
Tennessee Power_ ___ November 209,787 189,402 1,985,594 1,788,878
Tenn Ry, Lt & P Co_ November 564,667 465,943
Texas Power & Lt Co November 294,603 274,952
Third Avenue Ry___ June
316,629 359,429 1,909,852 2,064,547
DDEB&BRR__June
51,366 39,120
240,805
219,345
42dStM&StNA Ry June
140,262 157,493
799.125
872,686
UnionRyCo(NYC) June
255,823 259.112 1,302,869 1,425,071
Yonkers Railroad_ June
72,552 72,231
395,598
387,744
N Y City Inter Ry June
58,271 63,049
338.642
370,710
Belt Line By Corp_'June
48,053 57,607
298,470
345,163
Third Avenue System November 781,242 853,699 7,210.093 7,801,590
Twin City Rap Tran_ November 748,352 807,839 8,799.564 9,345,634
Virginia Ry & Power_ November 647,196 607,654 7,187,007 6,013,083
Wash Bait & Annap_ September 323.665 179.669 2.105.150
943,843
Westchester Electric_ June
54,888 48,553
272,214
253,554
York Railways
October
80.583 92,737
888.983
863.491
Youngstown & Ohio_ November
34.055 30,870
383,500
323,934
a Now covers only the lines east of York Beach, Me.; in the first four
months of 1917 covered also the lines west of York Beach, Me. b Includes
all sources. f Earnings given in milreis. g Includes constituent or subsidiary companies. h Decrease in gross earnings due to the omission this
year of the Texas State Fair, to the influenze epidemic and to the reduction
in the number of troops at army camps.
Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
Net Earnings Monthly to Latest Dates.-The table railway and other public utility gross and net earnings with
following shows the gross and net earningswith.charges and charges and surplus reported this week:
-Gross Earnings--Net Earnings
surplus of STEAM railroad and industrial companies reCurrent
Previous
Current
Previous
ported this week:
Year.
Year.
Companies.
Year.
Year.
-Gross Earnings--Net Earnings
$
$
$
$
Previous
Current
Current
Previous
Brazilian Tr, L&P,Ltd_Nov c7,581,000 c7,695,000 c3,723,000 c3,492,000
Year.
Year.
Year.
Year.
Jan 1 to Nov 30
c93,363,000c84,131,000c47,864,000c43,376.000
£
Colorado Power Co_a_ _Nov 107,945
108,211
60,058
64,617
185,150
828,350
Grank Trk of Canada__Nov 1,267,650
119,750
Dec 1 to Nov 30
1,280,782 1,166,757
723,577
664,562
11,690,650 9,550,600 1,402,800 1,992,050
Jan 1 to Nov 30
Kan City Home Tel_b_ _Nov 141,167
132,442
46,306
52,635
Jan 1 to Nov 30
1,502,920 1,435,143
539,796
568,772
ELECTRIC RAILWAY AND PUBLIC UTILITY COS. Northampton
Trac Co_ _Dec
21,980
19,117
8,701
7,407
Jan 1 to Dec 31
1236,662
217,058
88,886
92,865
Jan. 1 to Latest Date. Pacific Telep & Teleg_b_Nov 1,882,905 1,652,237
Latest Gross Earnings.
475,560
412,478
Name of Road
Jan 1 to Nov 30
19,671,567 19,047,830 5,708,128 5,024,114
Week or Current 1Previous Current
or Company.
Previous
West Un Tel & Tel_ b_ _ _Oct 8,202,000 7,444,000 1,989,000 2,157,169
Year.
Year.
Year.
Month.
Year.
Jan 1 to Oct 31
71,782,000 63,471,000 15,396,000 18,432,000
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Adirondack ElPow Co November 183,538 152,332 1,671,569 1,485,154
r Given in mike's.
Alabama Power Co__ October
275,827 198,441 2,434,406 1,707.560
Gross
Net after
Fixed
Amer Power & Lt Co November 1258,289 1071,606
Balance,
Atlantic Shore By... November
Earnings.
Taxes.
Charges.
158.193
Surplus.
12.888, 11,713
219,305
Aurora Elgin & Chic_ November 177,4541 175,788 1,952,758 1,995,777
Bangor Ry & Electric November
80,9301 76,081
840,188
802,329 Cities Service Co
Dec '18 1,805,815 1,751,672
60,649 1,691,022
240,313
Baton Rouge Elec Co November
25,5051 20,518
210,380
'17 1,712,683 1,682,425
227 1,682,199
Blackstone V G & El_ November 235,5921 183.975
12 mos '18 22,280,067 21,758,582
272,579 21,486,002
Brazilian Trac, L & P November 17581000 17695000f93363,000 f84131,000
'17 19,252,493 18,895,264
2,862 18,892,402
6,4441
8,511
Brock & Plym St Ry_ November
87,857
23,066
13,551
z9,820
2774,333'2677,328 15,240,907 14,879,323 Eastern Texas Elec Oct '18
Bklyn Rap Tran Syst June
tric Co
'17
76,334
31,290
10,841
z23,080
49,235 42,612
461.829
417,959
Cape Breton Elec Co November
12
mos
'18
1,086,207
468,665
144,779
z336,927
30,794
27,699
November
308,376
Prop_
El
282,371
Cent Miss V
'17
925,937
414,295
117,554 z310,684
Chattanooga Ry & Lt November 167,118 111,216 1,666,737 1,135,952
Nov '18
66,534
22,320
402 •
21,918
Cities Service Co_ __ _ December 1805,815 1712,683 22,280,067 19,252,493 Pall River Gas
Works
'17
50,229
19,438
Co
3
19,435
43.362 44,939
460,188
454,347
Cleve Painesv & East October
12 mos '18
704,246
157,752
661
157,091
geolumbia Gas & El_ December 1123.844 1125.,086 11,451,863 10,865,673
'17
582,479
223,487
41
223,446
Columbus(Ga) El Co November 106,271 106,369 1,079,087
992.245
Colum (0) Ry,P & L November 370,981 359,990 3,846,746 2,628,914 Georgia Light,
Nov '18
114,841
23,886
37,043 def13,157
Com'w'th P, By & Lt November 2022,847 1822,283 19,738,840 17,727,448
'17
Power & Rye
109,472
50,489
37.028..
13,461
917,817
Connecticut Pow Co_ November 102,356 77,978
789,028
12 mos '18 1,211,798
428,585
455,047 def26,462
Consum Pow (Mich)_ November 654,640 546,399 5,916,498 5,201,927
'17 1,067,216
549,177
442,769
106,408
Cumb Co (Me)P & L November 276.504 243,036 2,940,500 2,832,318 Great Western
Dec '18
444,784
308,200
137,139 z170,308
Dayton Pow & Light November 260,472187,664 2,162,925 1,673,940
'17
363,043
Power System
212,630
139,172
z76,794
g Detroit Edison..... December 1415,133 1296,186 13,801,527 12,279,925
12 mos '18 4,644,407 2,880,901 1,656,428 z1,205,786
gDetrolt United Lines November 1606,536 1376,234 17,278,782 15,903,975
'17
2,515,829
4,008,553
1,678,158
z855,775
November
123,967 138,967 1,519,812 1,458,087
Duluth-Superior Trac
Nov '18
903,152
63,387
278,143zdef169,062
East St Louis & Sub.. November 366,551 329,267 3,809,031 3,334,485 New York Rys
'17
998,423
252,709
281,140
z19,691
87,857 76,334
Eastern Texas Elec.._ October
924,739
776,607
563,414 1,390,581zdef607,802
5 mos '18 4,618,972
g El Paso Electric Co November 106,566 108,206
'17 5,387,330 1,452,221 1,408,748 z292,486
66,534 60,229
Pall River Gas Works November
655,410
533,915
276,854 254,713 2,853,380 2,290,802
After allowing for other income received.
a Federal Lt & Trac_ October
Ft Worth Pow & Lt__;November 120,677 96,345
United Gas and Electric Corporation.
Gal v-lions Elm Co_ _INovember 241.488 196,273 2
.,-435.619 f.Y7-8;85i
Gross.
Net after
Fixed
Balance,
g Georgia L,P & Rs November 114,841 109,472 1,106,824
988,439
Earnings.
Taxes.
Charges.
Surplus.
Grand Rapids Ry ColNovember 105,622 100,702 1,160,692 1,186,624
$
3
December
444,784 363,043 4,644,407 4,008,553
Great West Pow Sys
27,012
10,046
3,637
6,409
Harrisburg Railways November 118,822 96,651 1.073,902 1,189,917 Citizens Gas & Fuel Nov '18
'17
Co (Terre Haute,
25,643
3.804
10,519
6,715
Havana El Ry,L & P November 690,704 643,403 7,466,653 6,315,811
12 mos '18
314,387
129,841
Ind)
44,541
85,300
62,657 62.793
Honolulu R T & Land September
523,803
527,494
'17
126,188
287,399
46,775
79,413
42,419 39,765
Houghton Co El L Co November
378,568
379,920
22,838 25,987
Houghton Co Tr Co.. November
290,815
54,017
19,969
12,459
311,940 Colorado Spgs(Col) Nov '18
7,510
Lt, Heat & Pow Co '17
49,713
19.842
b Hudson & Manhat_ November 569,259 527,250 6,032,741 5,596,927
12,459
7,383
Illinois Traction____ November 1343.655 1243,066 13,446.
599,275
12 mos '18
215,691
149,527
66,164
12,275,726
Interboro Rapid Tran November 3435,687 3454,687 37,099,648 36,771,208
568,457
208,877
'17
149,516
59,361
90;342 60,940
Jacksonville Trac Co November
628,632 Columbia (Pa) Gas Nov '18
411
3,159
346
65
23,663 21,650
Keokuk Electric Co_ November
241,250
225,591
'17
2,586
357
323
Co
34
20,450 13,640
181,764
Key West Electric Co November
132,019
mos
'18
37,420
12
7,602
4,093
3,509
176,118 142,841 1,809,869 1,475,626
Lake Shore Elec Ry_ October
'17
31,039
6,854
3,882
2,972
76,707 71,307
815,160
Lewist Aug & Watery November
836,042 Conestoga Trac Co Nov '18
98,717
20,442
26,648
def6,206
22,555 24,568
102,885
Long Island Electric_ June
112,865
'17
93,653
35,265
(Lancaster, Pa)
27,010
8.255
Louisville Railway__ November 321,256 289,154 3,373,789 2,989,549
431,086
12 mos '18 1,239,326
324,830
106,256
94,705 69,338
795,478
Lowell Electric Corp_ November
652,123
1,201,614
531,208
'17
323,779
207,429
June
12,066 10,111
69,641
Manhat Bdge 3e Line
60,928
45,185
4,113
6,985
def2,872
Milw El By & Lt Co_ November 836,299 737,569 8,073,703 7,180,220 Consumers E L & Nov '18
32,986
14,661
Pow Co (New Or- '17
6,814
7,846
Milw Lt, lit & Trac. November 293,096 193,061 2,759,404 2,024,402
November
12 mos '18
399,092
130,275
leans, La)
82,172
185,292 168,753 2,026,486 1,817,472
48,103
Mississip Riv Pow Co
'17
367,463
171,945
80,406
91,539
970.106 905.216 5,297,130 4,822,709
Montreal L. H & P__ October
Nashville Ry & Light November 271,939 212.264 2,588,987 2,235,205 Edison Electric Co Nov '18
76,286
33,750
10,134
23,616
'17
New England Power_ November 338,121 251,305 3,180,540 2,378,459
(Lancaster, Pa)
66,863
28,499
9,489
19.010
12 mos '18
792,989
355,771
Nowp N& Ry,G &E November 230.308 142,032 1,996,921 1,223,444
116,675
239,096
October
176,641 167,784 1.844.277 1.676,290
'17
719,103
331,290
106,876
Nevada-Cal El Corp.
224,414
44,461 37,595
210,615
N Y & Long Island__ June
197,432 Elmira(N Y) W. Nov '18
125,838
38,015
21,236
16,779
14,207 14,607
68,348
N Y & North Shore__ June
75,561
'17
L & RR Co
115,903
40,978
19,834
21,144
84,795 97,994
443,641
N Y & Queens Co_ June
588,343
12 mos '18 1,390,164
459,852
246,910
212,942
New York Railways_ November 903,152 998,423 10,232,898 11,487,876
'17 1,251,194
492,982
233,988
258,994
21,980 19,117
236,662
217,058
Northampton Trac__ December
(Pa) Lt Nov '18
98,921
36,980
15,845
21,135
Northern Ohio Elec__ November 579.577 538,799 6,577,320 5.884,383 Harrisburg
'17
41,908
& Power Co
88,299
14,422
27,486
h North Texas Elec.._ November 216,150 270,510 2,680,248 2,287,906
380,101
12 mos '18
990,217
189,206
190,895
18,115 15.548
55,011
50,404
Ocean Electric (L I)_ June
'17
890,689
471,379
167,282
304,097
1910,696 1619,738 18,412,850 16,296,962
Pacific Gas &
__ October
57,626
788
Houston (Tex) Gas Nov '18
6,941
def6,153
Pacific Power & Light November 163,128 146,677
'17
56,360
21,773
6,751
& Fuel Co
26.280 23,298
15,022
204,534
198,99?
g Paducah Tr & Lt Co August
12 mos '18
662,331
177,505
82,571
48,814 32,130
94,934
456.293
315,377
Pensacola Electric Co November
572,546
'17
231,771
82,302
149,469
Phila Rapid Transit_ November 2764,923 2512,229 28,820,945 27,104,497
56,993 45,018
Phila & Western___ November
2,172
Houston Hts(Tex) Nov '18
780
130
650
Portland Gas & Coke November 164,245 126,043
'17
2,768
W & L Assen
1,166
130
1,036
Port(Ore)Ry,L&PCo November 636,539 525,811 6,925,386 5,429,490
30,551
12 mos '18
14,242
1,560
12,682
86.047 72.493
865,213
744.454
Porto Rico Railways_ October
'17
30,430
15,771
1,541
14,230
Roads.
372
THE CHRONICLE
Gross
Earnings.
Net after
Taxes.
Fixed
Charges. -
Balance,
Surplus.
Internat System
Nov '18
655,250 def156,965
191,932 def348,897
(Buffalo,N Y)
'17
668,792
167,291
163,626
3,665
12 mos '18 *7,451,226 *1,097,585 2,181,482*df1083,897
'17 8,257,076 2,901,458 1,892,514 1,008,944
Lancaster (Pa) Gas Nov '18
28,448
8,591
2,278
6,313
Light & Fuel CO
'17
20,137
5,294
2,101
3,193
12 mos '18
290,620
82,035
26,844
55,191
'17
242,431
89,603
25,262
64,341
Leavenworth(Kan) Nov '18
5,427
26,471
2,884
2,543
Lt, Ht & Pow Co
'17
26,602
5,097
2,788
2,309
12 mos '18
256,795
11,613
34,608 def22,995
'17
51,469
245,399
34,605
16,864
Lockport(N Y)
Nov '18
11,002
7,223
44,560
3,779
Lt, Ht & Pow Co
'17
7,813
38,265
6,991
822
12 mos '18
441,404
104,820
83,361
21,459
'17
375,931
101,956
70,563
31,393
Richmond (Ind)
Nov '18
16,053
4,751
4,698
53
Lt, lit & Pow Co
'17
20,649
6,681
4,693
1,988
12 mos '18
177,481
55,082
54,569
def513
'17
195,463
59,748
57,049
2,699
Union Gas & Elec Nov '18
20,079
7,165
3,631
3,534
Co (Bloomington, Ill) 17
15,500
2,681
3,508
def827
12 mos '18
210,990
42,420
62,989
20,569
'17
180,438
53,371
42,
10,750
The Wilkes-Barre Nov '18
98,765
39,744
21,603
18,14
Co (Wilkes-Barre, Pa)'17
83,567
37,374
20,470
16,904
12 mos '18
961,975
360,618
257,569
103,049
'17
805,870
376,538
243,014
133,524
* Operation suspended twenty-four (24) days during October 1918 on
account of the strike.
FINANCIAL REPORTS
Annual, ezc., Reports.-The following is an index to all
annual and other reports of steam railroads, street railways
and miscellaneous companies published since Dec. 28.
This index, which is given monthly, doos not include
reports in to-day's "Chronicle." •
Full-face figures indicate reports published at length.
.
[VoL. 108.
INCOME ACCOUNT FOR YEAR ENDED JUNE 30 1918.
Including Algoma Cent. ct: Hudson Bay By. and Algoma Cent. Terminals, Ltd.
$1,391,120 Other incomeRailway receipts
Steamship receipts
614,300
Int,on bonds, Alg.East.Term. $45,000
Int. on invest. & deprec'n__
64,930
Gross revenue
$2,005,420 Miscellaneous
9,395
Railway working expenses_ _ _ _$1,276,377
Steamship working expenses__ 271,281
Gross income
$161,869
General management
77,436 Int. on Equip. Trust bonds_ __
22,650
37,782
Taxes
Joint net earnings
$439,219
Inb. on Aig. Cen. & H. B. Ry.
bds.5%,$504,000, and rent
of A.C.Ter.,Ltd.,$249,976 753,976
Net income
$312,514
Net deficit
$344,757
ALGOMA CENT. & HUD. BAY BY. CO. BAL. SHEET JUNE 30 1918.
AssetsLiabilities$5,000,000
Property,investments in affil.
Preferred.stock
5,000,000
cos., bond discounts, &c_823,374,456 Common stock
10,080,000
Materials and supplies
390,245 1st Mtge.5% bonds
318,800
Debtors and debit balances
447,321 2(1 Mtge.6% bonds
312,000
Cash, demand loans, interest
Equiment trust obligations_
739,140
and dividends reedy., &c_
637,507 Creditors and credit balances
Profit and loss debit balance- 3,205,218 Accr. rent. Alg:Cent.Ter.,Ltd. 541,616
2,060,775
Accrued int. 1st Mtge. bds
Govt. grants in aid of constr.:
1,659,722
Cash grant
1,283,833
Land grant (after exp.)
Deprec.(Incl. res've $471,918) 1,067,862
Total each side
$28,063,747
Contingent liabilities in respect of French Government tax on bond
coupons, amount unknown; in respect of (prior to scheme) participation in
Charbonnages du Kent Syndicate, 25,000 francs.
ALGOMA CENTRAL TERMINALS,LTD., BAL. SHEET JUNE 30 1918.
Assets
LLatillliesProperty, investment in affil.
$100,000
Capital stock
co., bond discounts, &c_
$4,132,603 First M.5% 50-year gold bds 4,999,527
541,616
Investments at cost
1,009,831 Accrued int. on 1st M. bonds
186,614
Accrued rental of property _ 541,616 Creditors and credit balances
Debtors and debit balances
88,813
Cash, int. & divs. receivable_
54,893
$5,827,757
Total
Total
$5,827,757
The remainder of Mr. Taylor's statement, relating to Algoma Steel Crp.,
was cited in V:103, p. 273(Lake Superior Corp.).-V.107,p.1669, 1481,904
Steam RoadsPage.
Miscellaneous Cos. (Concl.)Page.
Guantanamo & Western RR. Co_ _*2470 Childs Co
264
Interborough Consolidated Corp., New York.
New Orleans Ity. & Light Co
165 Cities Service Co
82
Northern Pacific Ry
*2476 Cleveland Electric Illuminating Co- 174
(Report for the Fiscal Year ending Dec. 311918.)
Pittsburgh & West Virginia Sly. Co_ 262 Cohoes Power & Light Co
272
Railroad Construction
169 Creamery Package Mfg. Co
75
Pres. Theodore P. Shouts on Jan. 21 1919 wrote in subst.:
Railroad Lines Abandoned
169 Cuba Cane Sugar Co
167
Suspension of Dividend -The Interborough Rapid Transit Co., which is
Railroad Ownership and Foreclosures 172 Cuban-American Sugar Co
*2472 controlled
by your company through the ownership of $33,912,800 of the
St. Louis-San Francisco IV
*2477 Dominion Bridge Co
272 capital stock
out of a total issue of $35,000,000, found it necessary, on
South Carolina Light, Power & Ry- 172 Donner Steel Co
171
of war conditions, to reduce the dividend payable July 1 1918 to
Electric RoadsFajardo Sugar Co
*2472 accountwhich
is on the basis of 10% per annum. In view of this action,
2j.7,
Boston Elevated Ry. Co
*2471 Firestone Tire & Rubber Co
*2479 the directors of
corporation were obliged to suspend the usual quarBrooklyn Rapid Transit Co
263 Fisher Body Corp
*2479 terly dividend ofyour
1 3,6% upon its preferred stock, inasmuch as dividends at
Chattanooga Ry. & Light Co
77 Gaston, Williams & Wigmore, Inc_*2472 the
annum
rate
per
the Interborough Rapid Transit stock are
of
10%
Chicago City & Connecting Rys.
General Electric Co
*2472 required to meet interest upon
on the Intorboro-Motropolitan 43,5% bonds,
Collateral Trust
263 Guffey-Gillespie Oil Co
174
Columbus Ry., Light & Power Co-*2475 Harrisburg(Pa.) Light & Power Co.*2479 taxes and other incidental expenses.
Contract with City.-In its contract with the city dated March 19 1913,
East St. Louis & Suburban Co
77 Houston Oil Co
*2179, 75
Electric Railway Lines Abandoned_ 170 ImperialTobaccoCo.ofCanada,Ltd. 75 the Interborough Rapid Transit Co. agreed to merge its existing subway
with such portions of the enlarged system as tho city officials decided
Electric Railway Construction
170 International Milling Co
2473 lines
to award to it for equipment and operation, and to furnish approximately
Electric Railway Receivership and
Iron Cap Copper Co
273 one-half
of the estimated construction cost of the new subway lines, the
Foreclosure Sales
170 Iron Steamboat Co
273 city to furnish
balance. It was estimated that the company and the
Federal Light & Traction Co
171 Laclede Gas Light Co
273 city would havethe
to supply about $58,000,000 each for construction. The
Hudson Co
263 Lake Superior Corporation
273 Interborough
Company agreed in addition to furnish funds for the cost
Interborough 'rapid Transit Co__ _ 78 Lawyers' Mortgage Co
167
equipment, originally estimated at $22,000,000.
Ironwood & Bessemer Ry.& Lt.Co. 2478 Louisville Gas & Electric Co
273 of At
thought bf a world war and the enormously increased
Milwaukee Electric Ry.& Light Co_ 171 Manati Sugar Co
273 costs that time no oneand
equipping new subways, and of operating those
of constructing
Municipal Service Co
171 Manhattan Shirt Co
265
already
built.
Most
careful
calculations then made, based on a five-cent
New Orleans Ry. & Light Co
79 Maryland Refining Co
175
and pre-war conditions, indicated that under nomal circumstances,
Pacific Gas & Electric Co
*2477 Mercantile Stores Corp
*2480 fare
preferential and the interest on the company's investment would be
Pensacola Electric Co
79 Midway Gas Co
175 the
quickly met, and that a return on the city's investment would also be
Rapid Trazisit in New York City__ 74 Mortgage-Bond Co
274 realized.
Tennessee Ry., Light & Power Co__ 80 National Biscuit Co
266
Even after the opening of the war in Europe matters wore progressing
Terre Haute Indianapolis & Eastern
168
New Cornelia Copper Co
just prior to the entry of this country into the war a reTraction Co
80 New England Power Co
176 favorably, and
of the earlier estimates of the probable earning power of the
Union Traction Co. of Indiana
81 New York Telephone Co
176 examination
West Penn Trac. & Water Pow.Co_*2471 Nlagara,Lockp.&Ont.Pow.Co.*2480, 84 new system warranted the conclusion that the deficits during the lean
Western United Gas & Electric Co__ 282 Northern Securities Co
168 period immediately following the opening of the new subways, would be
Miscellaneous Companies76 about one-third of the amount originally anticipated.
Oklahoma Natural Gas Co
Effect of U. S. Entrance into War.-Then came our entry into the war.
Acme White Lead & Color Co
81 Oklahoma Producing & Ref. C0-176,274
Ajax Rubber Co
173 Packard Motor Car Co
*2473 The costs of everything mounted higher and higher. It became necessary
Anaconda Copper Mining Co
81 Palmolive Co
*2481 in order to complete the Interborough's part of the contracts to raise about
American Agricultural Chemical Co- 173 Paragon Refining Co
167 $40,000,000 in addition to the $160,000,000 originally borrowed. This
American Ice Co
266 Pierce Oil Corporation
*2481 was done by the issue of short term notes, dated Sept. 1 1918, aggregating
American Real Estate Co
*2474 Republic Rubber Corporation
*2473 $39,416,000, secured by $61,587,000 of the First & Refunding Mtge. bonds
American Sewer Pipe Co
173 Sherwin-Williams Co
*2474 as collateral. This, of course, increased greatly the fixed charges payable
American Teleph. & Teleg. Co-- 173 Southern Canada Power Co
*2482 for interest and sinking funds, and in addition operating costs soared.
Materials and supplies have increased from 50% to 300%, while the total
Arizona Power Co
271 Stromberg Carburetor Co
177
Arkansaw Water Co
271 Studebaker Corporation
167 amount of wages (for operation and maintenance) at the rates of pay in
Armour & Co
264 Swift & Co
168, 265 effect Sept. 10 1918 is $6,250,000 a year greater than the amount would
Bush Terminal Co
173 Tobacco Products Corp
167 be at the wage rtes paid at Jan. 11916. War conditions have established
Canada Iron & Foundries Co
169 Torbensen Axle Co
*2473 wage rates which the company has been obliged to meet, and the GovernCanadian Car & Foundry Co., Ltd_ 74 Wilson & Co., Inc
180 ment has sot prices for most important materials which it is obliged to pay.
On the other hand the rate of fare is still limited to 5 cents.
Central Aguirre Sugar Co
266
In place of earning the returns calculated, large deficits have arisen and
Central & South Amer. Teleg. Co__ 82
* Found in V. 107.
larger ones are in sight. Provision must be made to meet these deficits.
Surplus Funds Decrease.-The Interborough Rapid Transit Co. had
Algoma Cent. 4% Hudson Bay Ry.-Algoma Eastern Ry. accumulated
a cash surplus of more than $10,000,000 out of which to take
care of operating losses during the initial years. This, however, is no
(Financial Statement of Jan. 10 1919.)
longer adequate, and it is rapidly being exhausted.
The investments for surplus account have suffered with all other securities
Alex. Taylor, Secretary of the Lake Superior Corporation,
and while the surplus on the boOks on Juno 30 1918 was $18,662,977, that
in half-yearly statement to the shareholders of that company, sum
could not be realized in cash at this time. A considerable portion of it
issued as of Jan. 10 1919, says, regarding these railways represents advances to other companies to keep them in condition to render
service to the public. Those companies cannot repay at this time because
(compare V. 107, p. 806, 902, 1388):
they have no means of raising the money.
Outlook.-The President of the Railway companies reports that the comApplicationfor Increased Fares.-Similar emergencies have been met by
ing of peace has worked a change in the general conditions under which an increase of fare in about 400 communities. The American Electric
the railways operate, and that there may be a difficult period, following the Railway Association reports that increases have been granted in 90 out of
cessation of freight traffic in munitions and war materials, during the 158 cities with a population of over 40,000 each, and in cities of 100,000
gradual readjustment of Northern Ontario industries on a peace basis. population or over increased fares have been grantod, or are pending,
For the past two years large expenditures have been made in repairs to and In 63 out of 67.
maintenance of track and equipment. Considerable new mining and
The Government has met the needs of the steam railroads by increasing
lumbering developments are contemplated in the territories served. -Mille, both passenger fares and freight rates and has urged local authorities to
therefore, the immediate future is not clear there is every reason to expect care for the credit and efficiency of their public utilities as vital to the
that the new problems of traffic and operation will be adequately met nation's welfare.
and dealt with.
The Interborough Rapid Transit Co. has petitioned to the Board of
Earnings for Last Half of 1918.-The not earnings of both railway oom- Estimate and Apportionment to permit the fare to be raised to 8 cents, a
panies for the six months ending Dec. 31 1918 show an improvement over rate sufficient, it is estimated, to meet the increased costs due to the war,
the net earnings for the six months ending Dec. 311917.
to meet the preferentials, to assure the company's credit, and to return
Earnings for Year 1917-18.-In the annual report which was issued to to the city a sum sufficient to meet the interest on its bonds issued for
the shareholders for the fiscal year ended June 30 1918 (V. 107, P. 806, 902, subway purposes.
1388), only an estimate of the earnings of the Algoma Central Ry. and
The subway deficits of the city can be mot in only one of two ways:
Algoma Central Terminals for the year to June 30 1918 was given, on either a higher fare (throwing the burden upon the beoplo who actually get
account of the fact that up to the time of issuing the report the railway the benefit of the service, which includes 500,000 to 600,000 daily visitors
company's accounts for the period referred to had not then been finally or suburban residents who do not live in Now York and who do not help
adjusted. These accounts have now been received and a copy is appended pay her taxes) or by taxation which will fall upon the already overburdened
hereto. From the joint net earnings shown, the Algoma Central Ry. real estate owners, and result in increased rents and increased costs of
management paid a full 5% interest on the Algoma Central Terminals living generally to all the people who work and spend their incomes in
bonds and 2% on the railway's own bonds for the year to June 30 1918, the New York.
payment on the railway's bonds being the first payment in respect of these
Contrary to popular but mistaken impression, the proposed increase of
bonds since Juno 1 1914.
fare would not increase the Interborough Rapid Transit Co.'s profit over
Negotiations as to Guaranty.-Negotiations are still proceeding in con- that provided for in the original contract. But it would enable the Internection with the corporation's guaranty of the interest on the Algoma Cen- borough Company to meet its obligations as well as help its credit, and too
tral Ry. and Algoma Central Terminals bonds and in this connection it is much stress cannot be laid upon the importance of maintaining the credit
fully expected that your directors will have something definite to report of the electric railways as a vital part of the nerve structure of the naat an early date.
tion's business.
JAN. 25 1919.]
THE CHRONICLE
• In New York City this vast responsibility primarily rests upon the Board
of Estimate and Apportionment. The authorities, we consider, are under
a moral obligation to maintain the parity of the carfare. It has depreciated fully 50%.
Situation of Surface Lines.-As regards the surface traction company, the
New York Railways Co., the principal objection raised to increasing the
fare has been that the rentals of the leased lines are too high. We can only
reply to this by saying that the aggregate net rental paid during the fiscal
year ended June 30 1918 ($1,621,914) for the leased lines is exactly "Tj, %
upon the aggregate stocks and bonds($21,612,144) in the hands of the public
at the end of that year; that an appraisal by Ford, Bacon & Davis of the
actual property b3iong,ing to the owners of the leased lines devoted to street
railway operation shows that it is worth $32,073,070, and that the property
not used for transportation purposes is $328,501, or a total of $32,401,571.
The net rental above stated is therefore 5.05% of the value of the property
devoted to street railway operation and 5% of the total value stated; that
there is no legal way by which the operating company can compel the owners to reduce the rentals. Even if the operating company should lose
possession of the leased lines and they be returned to their owners, the
public will certainly have to pay a return for that use greater than 5% of
the value of the property at the service of the public. There can be nothing
saved to the public, therefore, by a forced return of the leased lines to
their owners. (See New York Railways on a subsequent page.
Outlook.-If the public authorities shall continuo to maintain their
present position of refusal to increase the rate of fare and the Interborough
Rapid Transit Co. shall find itself unable to realize upon its accrued deficits
an amount sufficient to enable it to carry it through the loan period as
extended by the conditions due to the war, they will have violated the
spirit of the city's contract with the Interborough Company; they will have
destroyed its credit and by that act shut off all future investment of private
capital necessary for the development of the city's transportation, and they
will not have advanced by a day the city's right to operate the property.
Furthermore, the city will then have to meet the interest and sinking
fund on its own investment either by borrowing against its own accumulating deficits or by taxation. If it pursue the same course as to its entire
dual subway investment of $250,000,000, its annual charges will be at
least $13,333,333
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
Calendar YearsDivs. on I.R.T. $33,912,800 capital stock_(12% %)$4,239,100(20)6782,560
109,007
Interest and dividends on securities owned
138,403
54,069
34,903
Interest on loans, bank balances, &c
$4,402,176 $6,955,866
Total
Deduct-lnt. on $67,825,000 Inter.-Metr. 44%
$3,052,125 $3,052,125
collateral trust bonds
49,159
65,563
Int. on advances from Bankers Trust Co
24,521
Interest on bills payable
2,964
Sinking fund onAnt.-Met. 4%% coll, trust bonds
300,000
300,000
41,535
Administration and general expenses
41,810
209,922
Taxes
229,494
$3,677,262 $3,691 ,95ii
Total deductions
$724,914
dividends
available
for
Surplus
$3,263,910
1,645,357
Previous surplus carried forward
1,875,877
Total$2,370,271 $5,139,787
Divs. on pref. stock(-paid guar. April, July, October
$686,108 $2,744,430
and January)6% per annum
Appropriation for reduction of amount advanced by
550,000
750,000
Bankers Trust Co. June 29 1916
$1,134,163 $1,645,357
Total surplus as per balance sheet below
GENERAL BALANCE SHEET DECEMBER 31.
1918.
1917.
Assets$120,380,139 $120,370,053
Property and securities
Interboro-Metrop. 434% collateral trust bonds
for sinking fund-Tune 1 1915
2,041,000
2,041,000
Purchase of Int.-Met. 4M % coll. trust bonds for
sinking fund subsequent to June 1 1915
989,401
810,559
Cash
881,565
603,735
Bills ($500,000) and acc'ts rec. ($10,421) in 1917
510,421
1,000,244
U. S. Liberty bonds
600,000
600,000
Accrued interest and dividends
73,908
60,157
Special deposits-To meet uncollected dividends
64,008
758,842
on preferred stock
$125,540,442 $126,274,501
Total
LiabilitiesDeclared capital for carrying on the business of
the corporation as provided in Consolidation
$50,403,635 $50,403,635
agreement of April 23 1915
$45,740,500
Preferred stock
Common stock, 932,626.92 shares
without par value stated under
New York law at $5 per share_ _ _ 4,663,135
67,825,000
Interboro-Metr. collateral trust 4 % bonds__ 67,825,000
1,250.000
Bankers Trust Co
700,000
Accr. int. on Int.-Mot. coll. 4M % bds., not due
763,031
763,031
Preferred dividends (see contra)
64,008
758,842
Taxes accr.,$133,691;accr. int. on loans,$14,225
147,916
142,778
Bills($580,000) & accts.($15,978) pay'le in 1917
595,978
580,964
% bonds
Reserves-Sk.fd. on Int.-Met. coll.
1,606,710
1,154,983
Res've from income used for(a)the retirement of
Int.-Met. 10-yr.6% coll. notes of Jan. 1 1915..
1,000,000
1,000,000
(b) used for reduction of amount advanced by ,
Bankers Trust Co. June 29 1916
1,300,000
750,000
Surplus balance as per income account above
1,134,163
1,645,357
Total
$125,540,442 $126,274,591
The report contains the five months'statement of earnings
of the Interborough Rapid Transit Co., which was published
in V. 108, P. 78; also the five months'statement of earnings
of the New York Railways Co., which will be found on a
subsequent page of this issue.-V. 108, p. 78.
Brooklyn Rapid Transit Co.
(Report [Continued] and Petition of Receiver Garrison.)
The text of the first (preliminary) report of Receiver
Lindley M. Garrison was cited at some length last week
(p. 264), together with the comparative income accounts
for the five months ending Nov. 30 1918 and 1917 both for
the B. R. T. proper and the company's entire system, the
latter showing the per cent of increase or decrease for each
item, a significant tale of advancing costs and charges for
the later period.
Below are given in somewhat condensed form the more
important of the other tables contained in the Receiver's
report. The special interest in these tables lies in the fact
that they show the position as to earnings and also as to
assets and liabilities of each of the constituent parts of the
system, whereas the company's annual reports published
from time to time in the "Chronicle" have been accustomed
to present merely the combined income account and consolidated balance sheet of the entire system. (Compare
V. 107, p. 691, 703.)
In his petition to the Court for authority to borrow money
and issue receiver's certificates (see news item on a subsequent page). Receiver Garrison says in substance:
Power Contract.-Under contract of June 5 1917 between the Transit
Development Co., now merged with the Brooklyn Rapid Transit Co., the
latter is under obligation for a period of ten years following the installa-
373
tion and operation of two largo turbine units to furnish power for the
railroads of the New York Consolidated and Municipal companies in the
Borough of Brooklyn and partly in the Borough of Queens.
The above contract was approved by the P. S. Commission under Art.
38 of subway contract in order that the construction of power houses
might be suspended for ten years. A similar contract was entered into
at the same time between the Interborough Rapid Rransit Co. and the
New York Municipal and New York Consolidated companies for the
furnishing of power in Manhattan. The effect of these contracts was to
save several million dollars of investment to the New York Municipal
Railway Corp. by utilization of the existing power facilities as proposed
to be enlarged.
Until the sale of power under this B. R. T. contract begins, provision is
made for the continuance of the previous pooling agreements between the
companies of the B. R. T. System dated July 1 1908, as modified May 1
1911 and Jan. 17 1914.
The demand for additional power thus placed upon the B. R. T. Co.
necessitated additional generating facilities to the extent of approximately
100,000 k. w. capacity (133,000 h. p.), of which 30,000 k. w. has been
heretofore installed and 70,000k. w.remain to be installed. The Brooklyn
City RR. Co. had a power plant, with water front, at Kent and Division
avenues, Brooklyn, adjacent to the principal power house owned by the
B. R. T. Co. Its generating units, however, were obsolete. The B. R.
T. Co. has expended several hundred thousand dollars in reconstructing
and enlarging these power facilities, and will still be required to expend
approximately $2,986,000, of which about $1,754,000 will be upon
property owned in fee by the Brooklyn City RR. Co. and covered
by the lease of that company to the Brooklyn Heights RR. Co. In pursuance of this work, the old power house has been largely dismantled and
the old units removed.
Legal Status of Power Plant Expenditures.-The property of the Brooklyn
City RR.is subject to a 999-year lease made by that company as of Feb. 14
1893 to the Brooklyn Heights RR. Co. Said lease provides: "The lessor
further covenants and agrees that in the event of the expiration of this
lease, or other sooner termination thereof, it will pay to the lessee the
actual cost of all property, extensions, branches, additions, improvements
and equipments made, acquired and paid for by said lessee out of its own
funds for use in connection with the operations of the railroads of the
lessor," and that upon such payment all said property, extensions, &c.,
"shall be and become the property of the lessor." The property of the
Brooklyn City RR. Co. is also subject to the two mortgages made by it.
"The power house expenditures made and being made upon this property of the Brooklyn City RR. Co. are for the account of the Brooklyn
Heights RR. Co., lessee. Under the terms of its lease, title to such of said
work as consists of extensions, additions, betterments and improvements
remains vested in the Brooklyn Heights RR. Co. until the expiration or
prior termination of the lease and until payment therefor is made by the
Brooklyn City RR. Co. as provided in the lease."
The property owned by the B. R. T. Co. as successor of the Transit
Development Co., upon which part of said power house construction is
located, is subject to the following liens:(1) Agreement of March 29 1907
between Transit Development Co. B. R. T. Co. and Central Trust Co..
as trustee of the First Refunding'
Mtge. of B. R. T. Co., dated July 1
1902, to secure certificates of indebtedness of the Development Co. heretofore acquired and deposited under said First Refunding Mortgage.
(2) Indenture of July 24 1918 between Transit Development Co., the trustee under said First Refunding Mortgage and B. R.T. Co., to secure the
First Refunding Mortgage bonds.
Necessity for Immediate Purchase of 250 Surface Cars.-On Feb. 8 1917
the P. S. Commission entered an order which on Dec. 19 1918 was followed
by a court mandamus and writ, directing the purchase of 250 surface
cars by the following lines: Brooklyn Heights RR. Co., 135; Nassau Electric RR. Co., 92; Brooklyn Queens County & Suburban RR. Co. 10;
Coney Island & Brooklyn RR. Co., 13. These are the cars payment
'for
which will be made out of the nbaney that the receiver asks to borrow.
Alteration of Cars.-In addition to the purchase of the first 50 of said
cars (already ordered), the estimate of $710,000 includes $200,000 for the
reconstruction and vestibuling of 105 surface cars for use as leaders to
trailers which are to be purchased new. The total Cost of this work is
estimated at from $1,800 to $2,000 per car. Said estimate also includes
$85,000 to cover the remaining cost of altering 101 centre-entrance type
of cars so as to permit of the operation in train of two cars.
Financing Car Purchases.-The acquisition of the cars for the surface
lines would ordinarily be financed through the purchase by the B. R. T.
Co., at par, of demand certificates of indebtedness of the surface railroad
companies equal in face amount to the actual cost of the car. These
certificates the Transit Co. would assign to the trustee under its Consol. &
Ref. Gold Mtge. of 1918, against the delivery to it of bonds issued thereunder, equal in principal amount to the actual cost or fair value, whichever might be less, of the certificates of indebtedness. Under this arrangemont title to the cars would vest directly in the surface railroad companies,
and would be held by them in trust to secure their respective certificates
of indebtedness, affording the Consolidated & Refunding Gold Mortgage
under which they are pledged a first lien thereon.
Subject to the prior liens of said certficates of indebtedness, the cars
acquired by each of the surface railroad companies would, upon the
acquisition thereof, fall under the liens of the respective surface line mtges.
In case the court should authorize the issuance of receiver's certificates
in payment for the purchase of these 250 cars, it is assumed that they
might be kept out from the lien of the mortgages by the receiver taking
title to such cars, and issuing receiver's certificates with a first lien thereon
until paid for either by the B. R. T. Co. itself or by the constituent companies, the latter, in the meantime to pay an adequate rental therefor.
Interest Payments on Elevated RR. Bonds.-Under Art. 49 of Contract
No. 4 with the City of New York, the lessee is allowed a preferred deduction of $3,500,000 per year out of receipts and out of this preferential
is required to "pay interest charges on obligations representing capital
investment (preceding the date of this contract) in the existing railroads."
The interest payable Feb. 1 1919 on the Kings County Elevated and
Brooklyn Union Elevated RR. bonds, which interest it is proposed to
meet out of the sum to be borrowed by the receiver, represents interest on
such investments, and therefore come within this provision of the contract.
Annexed hereto [see tables below-Ed.] is a statement showing the
earnings of the New York Consolidated RR. Co. for the five years ending
June 30 1918, from which it would appear that said company has always
earned a very substantial surplus over and above the interest duo on the
above-mentioned Elevated RR. bonds. Your petitioner is advised that
but for the use of funds arising from the Consolidated RR. Co.'s earnings
to meet capital expenditures there would be sufficient funds at hand at
the present time out of earnings to pay this interest due on Feb. 1.
Your petitioner is also advised that there can scarcely be any question
that in the future the earnings of the New York Consolidated RR.Co. will
be sufficient to provide the interest upon the said Elevated bonds.
Purchase of 100 Subway Cars.-W. S. Menden, Chief Engineer, advises
that on account of the increase in traffic, and in view of the fact that
additional lines are to be placed in operation during the present year,
orders should be placed immediately for at least 100 additional steel subway cars, each of which is estimated to cost a minimum of $18,000 and a.
maximum of $25,000. These additional cars should be available for service before the winter season of 1919-1920. The acquisition and use of
these cars will undoubtedly add materially to the net earnings of the New
York Consolidated RR. Co., lessee of this property.
Additional Requirements above the 316,900,000.-In addition to the aforesaid estimated $16,900,000, the New York Municipal Railway Corp. will,
prior to Jan. 1 1920, be required to arrange for additional steel cars for
delivery in 1920, and if the city makes reasonable progress in connection
with the completion of unfinished lines, definite arrangements will have
to be made by the Railway Corporation for furnishing the line equipment
for the 14th Street-Eastern Line and other miscl.items of equip. of the RR.
Moreover, if the city makes a definite determination with reference to
the plan to be followed for completing the third-tracking of the Fulton St.
line, the company must make arrangements for completing this work.
The total amount involved, exclusive of cars, will be approximately
$4,000,000, very little of which, if any, will be required during 1919. At
the appropriate time it will be necessary to seek the additional funds.
Bank Loans.-In addition to the aforesaid requirements, the B. R. T.
Co. has outstanding bank loans of $3,850,000, secured by collateral. The
loan of $250,000 from the People's Trust Co. and the loan of $500,000 from
the Corn Exchange Bank, matured on Jan. 16 1919, and, owing to lack of
resources, no steps have been taken by your petitioner either to pay the
interest due at that time on said loans or to make provision for the renewal
thereof. Certain of said banks have requested your petitioner to furnish
them with additional collateral for said loans pursuant to the provisions
of the agreements under which the loans were made.
The War Finance Corporation, under the provisions of the arrangement
by which it furnished approximately $17,000,00() to the company, in con
374
THE CHRONICLE
nection with the financing of the payment of its 6-year 5% notes, in July
1918, is also entitled to call for additional collateral.
If interest on the bank loans is to be paid, an additional amount of
340,000 will be required for use in January of this year.
[The bank loans in question include (a) 14 6% loans, aggregating 33,350,000, due either on demand or at various dates on or before June 30
1919, secured by $100,000 B. R. T. Consols and 37,079,000 of its Ref.
Mtge. bonds in various amounts; (b) $500,000 4 Yi % from Central Union
Trust Co. due Jan. 24 1919, on $500,000 Fourth Liberty Loan bonds.
The $3:350,000 loans embrace: Lawyers Title & Trust Co., $50,000;
Mechanics Bank, $50,000; People's Trust Co., $400,000; Corn Exchange
Bank, $600,000; Central Union Trust Co., $1,150,000; Title Guarantee &
Trust Co. $250,000; Franklin Trust Co., $100,000; Hamilton Trust Co.,
Brooklyh Trust Co., $300,000; Columbia Trust Co., $250,000;
$100,000;'
Nassau National Bank, $100,000.1
Award for Dock Property.-Your petitioner has just been informed of an
award made by a U. S. Govt. Board, amounting to $1,428,063, for certain
property taken over from the New York Consolidated RR., but previously
owned by its merged company, the Sea Beach By. Co. The property in
question is covered by the mortgage of Feb. 1 1913, made by the N. Y.
Consolidated RR. to secure its guaranty of the bonds issued by the New
York Municipal By. Corp. It is thought, therefore, that with the consent
of the trustee under said mortgage, $650,000 of the award may be applied
at once in payment of the 3650,000 Consolidated bonds of the Sea Beach
By. Co.[said bonds being owned by the B. It. T.], and that the balance of
such award may be used to acquire the obligations of the New York Municipal Railway Corporation, and thus be applied toward construction or the
providing of equipment for the New York Municipal Railway Corporation
under the contract with the city.
Immediate Requirements.-Of the total of $16,900,000, the following
are the amounts urgently needed for expenditure up to and including
Feb. 20 1919, and your petitioner urges upon the court the necessity of the
Immediate provision of $2,333,834 for account of (a) taxes due Nov. 1 1918
($419,877) with interest at 7% from that date; (b) interest due Feb. 1 on
Elevated RR. bonds, $539,175; (c) balance amounts due or about to
fall due in Jan. and Feb. on vouchers, contracts, pay-rolls, &c.
Cash.-On Jan. 17 1919 the receivership companies had on hand in cash:
Brooklyn Rapid Transit Co., $132,016; New York Consolidated RR. Co.,
$289,907; New York Municipal Railway Corp. $19,932.
Receiver's Certificates.-In the judgment of petitioner, in order to take
care of the said requirements, aggregating $16,900,000 [see a subsequent
page -Ed.], it will be necessary for your receiver to borrow the funds
required therefor, and to issue such receiver's certificates or other obligations secured by such lien, in such amounts, for such denominations and
bearing such a rate of interest as may seem best to the court.
Importance of Surface Lines.-Tho B. R. T. owns[as shown in the following table] all or substantially all of the stock of the street surface railroad
companies for which the 250 street surface railroad cars are to be acquired,
and in accordance with its previous operations it has already made arrangements as such holding company to take care of the financing of the acquisition of 50 of the said cars and would in ordinary course handle the financing of the remaining 200 cars.
Authority should be given to the Receiver not only to carry out the
provisions of the contract covering the 50 trailer cars herteofore ordered,
but to enter into contracts and provide the funds for purchasing the remaining 200 surface railroad cars under some plan whereby the cost thereof
will be eventually repaid by the respective street surface railroad companies, and pending such repayment the cars will remain the property of
the Brooklyn Rapid Transit Co., and be leased to the surface companies
at a rental sufficient at least to pay interest on cost and depreciation.
The important relationship which the street surface railroad companies
bear to the entire system, and thereby directly or indirectly to the Brooklyn
Rapid Transit Co., is shown by the following facts:
1. Of the gross earnings from railroad operation the street surface railroad companies contribute somewhat more than one-half.
2. Of the normal income to the Brooklyn Rapid Transit Co., exclusive
of dividends on capital stocks, nearly half is contributed by the surface
railroad companies.
3. The Brooklyn Rapid Transit Co. owns $6,338,000 of bonds and
$21,829,440 of certificates of indebtedness of street surface railroad companies, representing a total annual income of $1,599,556.
4. In normal years the excess profits over all charges of the street surface
railroad companies produce a substantial additional return to the Brooklyn
Rapid Transit Co. by way of dividends and otherwise.
CONSTITUENT COMPANIES AND RAILROADS OF THE BROOKLYN
RAPID TRANSIT SYSTEM DEC. 31 1918.
Miles
Capital
Owned by B.R.T. Amount
of Single
Stock
Co. or by Constit. Owned
Track. Outstanding. Cos.where noted. by Others.
Rapid Transit LinesN.Y.Consolidated RR.Co....141.6815pref. $5,000,000 $4,785,985
$214,015
tcom. 13,900,000 13,430,831
469,169
N.Y.Municipal Ry.Corp.___ (1)
200,000
200,000(2)
City ce New York-Under lease
67.822
(Includes bridges)
$19,100,000 $18,416,816
$683,184
Total Rapid Transit lines-209.503
Surface Lines200,000
200,000
Brooklyn Heights RR. Co__ - 5.205
Brklyn. City RR.Co.-Leased
12,000,000
to Brklyn. Heights RR. Co_230.857
12,000,000(10% rental]
2,000,000 2,000,000(3)
Brklyn. Queens C.& Sub. RR. 64.956
146.5381 pref. 6,500,000 6,394,775
Nassau Electric RR.Co
105,225
tcom. 8,500,000 8,500,000
7.697
350,000
350,600
Coney Island & Graves'd Ry
2,983,900 2,686,500(4)
297,400
Coney Island & Brklyn. RR 51.827
.880
10,000
10,000(5)
De Kalb Ave.& No.Bch. RR_
5.386
500,000
500,000
South Brooklyn By. Co
Prospect Pk.& Coney Isi.RR.2,700
250,000
(6)247,300
Leased to So. Brklyn. Ry.Co 20.409
Prospect Pk.&So.Bklyn.RR.
50,000
50,000(7)
Leased to P.P.& C. I. RR_ 2.495
N. Y. & Coney Island RR.
100,000
100,000(8)
Leased to P. P. & C.I. RR_ 4.031
City of New York-Bridge
7.209
tracks under lease
547.490
Total surface lines
American Ry. Traffic Co
Coney Isl. & Brklyn. Ter. Co_
Broadway Subway & Homes
Borough Car Advertising Co.
$33,443,900 $20,793,975(9) $12,649,925
1,000,000
980,000
20,000
2,500
2,500
16,000
10,000
[VOL. 108.
Nassau Electric RR. 1st Mtge
$33,000
$660,000 5%
First Consol. Mtge
413,880
10,347,000 47
All. Ave. RR. Gen. Cons. Mtge_ 2,241,000 5%
112,050
Improvement Mtge
11,000
220,000 5%
Bklyn. Bath & W.E. RR.Gen.M
121,000 5%
6,050
Coney Isl. & Bklyn. RR. 1st Oons.M. $1,987,000 4%
$79,481
Consol. Mtge
1,500,000 47
0
60,000
B. C.& N. RR. Cons. 1st Mtge_ 1,993,000 5%
99,650
Bide. Q. Co. & S. RR. 1st Mtge
$75,000}
$1,500,000 5
lst Consol. Mtge
2,834,000 5
141,700
Jamaica & Bkln. Rd. Co. Mtge_
232,000 5%
11,600
Coney Island & Gravesend Ry. Co.-(No Mortgage Debt)
N. Y. Munic. Ry. Corp. 1st Mtge__ $2,265,000 5%
239,130
228,300
113,250
Total
$121,634,000
86,993,670
(b) Annual Rentaa (payable quarterly)LessorLesseeBrooklyn Heights RR. Co. $1,200,000
Brooklyn City RR. Co
[Equal to 10% on $12,00Q,000 outstanding capital stock.]
Pros. Park & Coney Island RR.Co_South Brooklyn By. Co___
45,000
Total fixed interest charges and rentals
$8,238,670
* The items marked "*" are excluded from totals, being all owned by
B. R. T. Co.
Note.-The above does not include certificates of indebtedness, loans
between companies, mortgage interest between companies, B. R. T. equity
in Brooklyn City Construction, real estate mortgages, nor the rental from
New York Consolidated RR. Co. to New York Municipal Railway Corporation under the subway contract.
Of the interest on the issue of $60,000,000 of New York Municipal Railway Corporation's First Mtge. Sinking Fund 57 Gold bonds, only the
Interest on $2,265,000 held by the public is included in the above statement;
the remainder, $57,735,000, being owned by the Brooklyn Rapid Transit
Co. This principal amount does not appear in the above schedule, since
its inclusion would duplicate the $57735,000 face value of Three-Year 7%
notes of the Brooklyn Rapid Transit Co. Included therein.
[Much detailed information regarding the funded debt is given in "Electric Railway" Section.]
PROPERTIES OF BROOKLYN RAPID TRANSIT CO. PLEDGED AND
UNPLEDGED AS OF JAN. 11 1919.
Properties Consisting ofPledged.
Unpledged.
Total.
Real estate, power stations, substations, equip., mach. & tools..__ $11,570,183
$11,570,183
Bonds of constituent companies__ __ 60,996,000 $1,175,000
62,171,000
Bonds and notes of its own issue
shown as liabilities
46,354,000 5,097,Q00
51,451,000
Bonds of other companies or governments
2,852,000
200,000
3,052,000
Certificates of indebtedness constituent companies
37,761,192
37,761,192
Stocks of constituent companies_ ___ 36,180,091
101,600
36,281,691
Equity in Brooklyn City construction accounts
5,380,477
5,380,477
Total
$201.093,942 $6,573,600 3207,667,542
Detail of Aforesaid Pledged Securities, &c., Aggregating $201,093,942.
[At face value for securities; other property at book valu.-Ed.]
(1) Under Brooklyn City RR. Guaranty Fund, $4,027,000, viz. (face value):
x B. Q. Co.& S. 1st M.5s_$2,000,000 B. R. T. 1st Refunding 4s_..$250,000
xB. O. RR. Cons. 5s
25,000
1,6
12
27
5,
,0
00
00
011B. R T. 1st Mtge. 6s
xB. C. RR. Refunding 4s_
(2) Under B. R. T. $7,000,000 1st Mtge. of 1895.
The following equity [along with items listed under (1) above], viz.:
x Equity in Brooklyn City RR. Construction
(3) Under B. R. T. 1st Refunding Mtge. of 1902, securing $27,621,0O0
115 8Issued
4% bonds [including $3,439,000 outstanding and $24,182,000 owned by
the company and its subsidiaries, $5,092,000 being a free asset of B. R. T.
and $17,329,000 pledged, as shown under (1),(4),(5) hereof, and $1,761,000
owned by Nassau Electric RR. Co.
The security for these Refunding bonds includes the following items aggre
gating $87,272,465. viz.:
Capital
Certifs. of
Other
Stocks.
Indebtedness. Property.
Bonds.
xBrooklyn City RR.Co.
$600,000
xBklyn. Hgts. RR. Co_
$198,700 $7,992,174
xBrooklyn Queens Co. &
Suburban RR. Co... 1,999,100
2,640,710
xNae.eau Elec. RR., pref. 6,367,075
6,047,188
1,161,000
8,499,700
x Common
xConey Isl. & Gray. Ry.
350,000 a2,637,000
xConey IsL&Bklyn.RR. _______ _
118,298
xN. Y. Cons. RR.,pref_ 4,785,485 b14,654,794
xCommon
13,430,031
xSouth Bklyn. By. Co
500,000 c2,394,071
xAmer. By. Traffic Co_
469,375
xBridge Operating Co__
50,000
x0.I.& Bklyn. Term.Co.
807,582
xReal estate, power staMons,substations, ma$11,570,183
chinery & tools, &c___
I
Total
$36,180,091 $37,761,192 $11,570,183 $1_,761,000
(4) Securing B. R. T. $505,000 6-Year 5% Notes and $57,230,000 3-Year 7%
Notes, the following items, totaling, at par, $96,735,000, viz.:
N. Y. Municipal Railway Corporation 1st 5s
357,735,000
B. R. T. 1st Refunding 4s
10,000,000
B. R. T. Consol. & Ref. Mtge. 6s of 1918 (see note below).. 29,000,000
(5) Collateralfor $3,850,0110 Bank Loans, aggregating $7,679,000, viz.:
$7,079,000
B. R. 'I'. 1st Refunding Mortgage 4s
100,000
Coney Island & Brooklyn RR. Consol. 4s
U. S. Government 4th Liberty Loan
500,000
x All items thus marked"x" are also pledged under new B.R.T.Consolidated and Refunding Mtge. of 1918, 329,000,0006% bonds secured by which
have been issued and are pledged as part security for notes (see (4) above,
V. 106, p. 1900 ; V. 107, p. 703.
Detail of Said Unpledged Securities Aggregating $6,573,600.
(1) Bonds of Constituent Companies-O. I. & B. Cons. 4s, $525,$1,175,000
000; Sea Beech By. 4s, $650,000
2) B. R. T. bonds 1st Mtge. 5s, $5,000; 1st Ref. 4s, 35,092,000_ _ 5,097,000
3) Brooklyn City RR. Refunding 4s
200,000
) Stocks of Constituent Companies.-N. E. RR. Co. pref.,
$27,300; 10. I. & B. RR.Co. stock, $49,500; N. Y. Consol. RR.
Co. pref., 3500, and corn., $800; N. Y. & C. I. RR. Co. stock,
$10,500; P. P. & So. B. RR. Co. stock, $500; C. I. & B. Term.
Co.stock, $2,500; 13.5. & H. 13. C. A. Co. stock,$10,000; total 101,600
a Secured by $2,637,000 C. I. & B.stock. b Secured in part by $200,000
N. Y. Municipal stock; c Secured in part by $82,000 stock of N. Y. & C. I.
RR. and $49,500 stock of P. P. & So. B.
INCOME ACCOUNTS OF SURFACE LINE PROPERTIES FOR FIVE
MONTHS TO NOV. 30 1918 AND YEAR ENDING JUNE 30 1918.
BklynQ.Co.&Sub.RR.Co. C.I. & Bklyn. RR. Co.
Year.
Year.
5 Months.
5 Mont/4.
Total street railway revenue.. $521,042 $1,483,497 $765,454 $1,848,449
Operating expenses and taxes 462,235 1,174,620
592,193 1,403,156
Non-operating income
32,621
115,525
8,684
39,687
Gross income
$98,494 $424,402 $181,944 $477,914
Interest deductions
$205,095 $458,339 $119,143 $285,790
65,711
6,101
14,599
Rental of other road & equip_
10,550
756.993
$53,556,400 840,203,291(9) $13,353,109
Grand total
Note.-(I)Trackage included,with N. Y. Consolidated RR.Co.(2) Owned
by N. Y. Consolidated RR. Co. (3) Subject to any contingent interest the
Brooklyn City RR. Co. may have therein. (4) $2,637,000 owned by Coney
Island & Gravesend RR. Co. and $49,500 by the Brooklyn Rapid Transit
Co. (5) Owned by Coney Island & Brooklyn RR. Co. (6) The South
Brooklyn By. Co., by agreement with the Long Island RR. Co., dated
Sept. 17 1915, has acquired the option to purchase this stock. (7) Owned
by South Brooklyn By. Co. (8) $90,000 owned or controlled by South
Brooklyn By. Co. and $10,000 owned by the Brooklyn Rapid Transit Co.
(9) In addition, the Brooklyn Rapid Transit Co. owns $50,000 of the capital
stock of the Bridge Operating Co., the remaining 350,000 being owned by
the New York Railways Co. Also the companies of the system own stock
in the Brooklyn & North River RR. Co. as follows: Brooklyn Heights RR.
Co., $12,500; Nassau Electric RR. Co., $12,500, and Coney Island &
Brooklyn RR. Co., $25,000, a total of $50.000; the remaining stock is held
$25,000 by the New York Railways Co. and $25,000 by the Third Ave. By.
FUNDED DEBT JAN. 10 1919 AND FIXED INTEREST CHARGES
AND ALSO RENTALS OF ENTIRE SYSTEM.
[The funded debt here includes bonds of Brboklyn City RR.(leased line)]
Owned by Int. Amount of
(a) Bonds & Note Issue and
Total deductions
$215,645 $524,050 $125,244
Public. Rate. Interest.
Total.
Interest Charge ThereonNet corporate income
$56,700
def.$117,151 def.$99,647
3348,500
Brooklyn Rapid Transit Co. 1st Mtg. $6,970,000 57
C. I. &Graves. By. Co. South Bklyn
3,439,000 4
137,560)$4,527,510
1st Ref. Gold Mtge
Year.
5
Months.
Months
5
57,735,000 7% 4,041,450
3-Year 7% Notes
Total street railway revenue.. $51,832
$84,769 $409,979
New York Consolidated RR. Co.:
Operating expenses and taxes
66,301
29,658
285,908
Bklyn. Un. Elev. RR. 1st Mtge_315,967,000 5% $798,350
188,964
30,084
Non-operating income
12,439
7,000,000 4%
280,000} 1,078,350 Gross Income
Kings Co. L 1st M
$34,613 $207,432 $154,155
$650,000
4%
*Sea Beach By. Co.
$71,261
Interest deductions
$65,925 $158,220
79,140
$250,000 57
$12,5001
2,154
5,168
Brooklyn Heights RR. 1st Mtge.._
Rental of other road & equip.
Brooklyn City RR.(lea.sed to Bklyn. Heights RR.).
4,373,000 5%
218,6501
231.150
First Consol. Mtge
Total deductions
$68,079 $163,388 $150,401
$44,044
$3,754
*Ref Mortgage, $925,000 4%
Net corporate income
def.$33,465
575,980
r4
8300,389
$177,525
By. Co
Year.
$890,310
635,974
96,477
$350,814
$170,444
168,616
$339,060
$11,754
375
THE CHRONICLE
JAN. 25 1919.]
Bklyn. Heights RR. Co. Nassau Elec. RR. Co.
Year.
Year.
5 Months.
5 Months.
Total street railway revenue_$3,304,422 $8,536,462 $1,911,840 $4,804,988
Operating expenses and taxes 2,520,855 6,027,842 1,526,942 3,682,625
220,726
88,296
159,378
48,108
Non-operating income
$831,675 $2,667,998 $473,193 $1,343,089
Gross income
$339,524 3610,652 $416,567 $911,828
Interest deductions
47,607
257,387
Rental of other road & equip. 666,299 1,895,372
$1,005,823 $2,506,024 $464,174 $1,169,214
Total deductions
$9,019 $173,875
Net corporate income__ _ _def.$174,148 $161,975
N. Y.CONSOLIDATED RR. CO.(ELEVATED AND DEPRESSED LINES
FOR
NOV. 1918
AND CITY SUBWAYS), OPERATIONS
AND PERIOD AUG. 4 1913 TO NOV. 30 1918.
November Aug. '13 to
1918.
. Nov. '18.
$1,145,166 $55,776,716
Passenger revenue
32,290
1,369866
Miscellaneous revenue
$1.177,456 $57,146,582
Total revenue
$5,617
$402,290
Deductions-Rentals
62,566
3,352,316
Taxes
708,501 23,559,875
Operating expenses
176,395
6,944,703
Maintenance fund
25,000
1,644,809
Depreciation fund
291,667 18,638,441
Preferential of $3,500,000
Net revenue over rentals, taxes, &c
Lessee's Charges-6% p. a. on lessee's contribution
toward cost of railroad
6% p. a. on cost of equipment of railroad
6% p. a. on cost of plant and property of extensions and additional tracks
6% p. a. on cost of reconstruction of existing railroads for construction and equipment
Reserved in anticipation of chief engineer's determination
Total lessee's charges
xCity's interest charges
$91,839 $2,604,146
$31,135 $1,205,464
36,607
1,315,399
18,320
598,034
30,395
1,256,743
62,393
305,935
$178,850 $4,681,574
211,176
8,608,911
Balance, deficit
$481,865 $10,686,340
x The "city's interest charges," as above shown, include "the interest
paid by city on cost of construction plus sinking fund at rate of 1% per ann."
New York Consolidated RR.-Results for Five Years ending June 30 1918.
191647. 1915-16.
1917-18.
1914-15.
1913-14.
Income over exp.& taxes.$5,050,240 $4,699,849 $4,262,135 $3,724,950 $3,817,079
2,718,561
2,280,846 1,748,662 1,842,127
3,065,375
__
int
bond
over
'Income
Income over all charges,
incl. rental N.Y.Muni1,315,251 1,523,457 1,513,097 1,559,647 1,735,351
cipal Ry. Corp
241,492
325,726
250,372
219,687
405,751
yAcclun. preferential
x The bond interest here deducted includes tho interest on Brooklyn Union Elev.
RR. bonds, Kings County Elevated RR. bonds and Sea Beach Ry. bonds.
y By "accumulated preferential" is meant the additional sums (additional to
surplus over charges as shown), to which the company is entitled on account of
the cumulative deficits on its preferential before city receives any return on its investment.
SUB. COMPANIES' GENERAL BALANCE SHEETS NOV. 30 1918.
BROOKLYN RAPID TRANSIT CO. GENERAL BAL.SHEET NOV.30 1918
AssetsConstruction & equipment..811.570,183
18,854,412
Investment account
170,996,926
Pledged investments
Guaranty fund_ _54,153,945
Coll. to sec. loans:
N.Y.M.Ry.Corp.
58, par $57,735,000 at 97_ _56,002,950
B.R.T.lstRef. 4s16,635,000
C.L&B. Cons.4s 100,000
Collat. for 3-yr.
28,661,457
7% notes
Collat. for Liberty bonds.... 670,000
69,301
Empl. Lib.subs.
Ctfs. of indebt_37,761,192
Nassau El. RR.
Cons.4% bonds 1,161,000
B. C. RR. Ref.
8(,0,000
4% bonds
Capital stock of
constituent cos_24,982,082
136,814
Cash
Accounts with MM. cos_ _ _ _ 1,715,630
182,952
Other accounts receivable_ _ _
1,142,180
Advances to and. cos
2,444,792
Interest & citys. receivable
Equity in Bklyn. City constr. 5,380,478
2,032,283
Materials and supplies
7,117,178
Free investments
Sea Bob. Ry. 4s.. $650,000
31,000
Mortgages
C.I.&B.RR. stock 49,061
B.R.T.Ist Ref.4s.5,516,000
338,543
do Cons. 68
do capital stock 64,841
C. I. & B. cons. 4s 400,000
67,734
Other
60,850
Liberty bonds with Cashier__
124,243
Special deposits
61,194
Prepayments
317,689
Ins.res. fund (panic. certfs.)
3,649
Commissary dept.losses susp.
576,336
Suspense
Liabilities574.520,000
Capital stock
121,356,000
Funded debt
Cons.& Ref. 6s_29,000,000
First Mtge. bds_ 7,000,000
1st Ref.G.M. bds.27,621,000
6-yr. 5% secured
1,142,200
gold notes
3-year 7% notes_56,592,800
10,686,937
Bills payable
Banks & trust c08$3,350,000
Constituent cos_ 6,756,937
"Liberty Loan"
(see contra)_ .... 580,000
140,658
Taxes
1,828,896
Interest on funded debt
177,061
Other interest
x63,180
Matured coupon account.._ _
1,130,167
Accounts payable
Audited vouchers:
$17,692
Constit. cos
790,245
Outside cos
1,888
Sundry chgs. neer_
16,220
Unclaimed wages_
Miscellaneous.... 73,272
Empl. Lib. bonds_ 230.850
12,577
Suspense
1,915,224
Optional reserves
Emp.liability res. $33,299
Rockaway Avenue
17,826
sand pit reserve__
2,766
Contingent reserve
Insurance reserve_ 317,689
Depreciat'n reserve 798,863
Special reserve.._ 744,781
10,887,086
Surplus
5222,717,785
Total
Total
$222,717,785
x Other interest includes interest on loans of constituent companies.
$130,821; banks and trust cos., $43,317; account "Liberty Loan," $2,923.
See also digest of text of Receiver Garrison's report and
comparative income accounts of B. R. T. Co. and the entire
system for 5 mos. ended Nov. 30 1918, in V. 108, p.263, 267.
Lehigh Valley Transit Co.
(Annual Report for the Fiscal Year ending Nov. 30 1918.)
Pres. H. R. Fehr at Allentown,Jan.13 1919 wrote in subst:
Results.-Total gross earnings increased $445,071, or 15.5%; total operating expenses, including taxes, increased $593,20_ or 32.2%; and the net
divisible income decreased $105,281, or 23.2%. War conditions and heavier taxes were responsible for the large increase in operating expenses, with
the resulting decrease in net earnings. Owing to the smaller net earnings
your directors did not feel justified in continuing dividends on the preferred
stock. Accrued depreciation reserve showed a credit of $284,353 as of
Nov. 30 1918.
Property.-Your company owns or controls 218 miles of standard gauge
railway serving a rapidly growing industrial and agricultural territory.
During the year two 1,000 h. p. Stirling boilers were added to the Front
St. power plant at Allentown, thereby giving a total maximum hourly
boiler rating of 25,000 b. Is. p. The total car equipment consists of 281
passenger cars and 63 freight and service cars. The light and power business increased 35% and promises a continued substantial increase.
Express Service Discontinued by Government.-Upon the taking over of the
express companies by the Federal Government the operation of the Adams
Express Co. over your lines was discontinued, thereby releasing two cars
for our freight service.
Subsidiary.-The surplus earnings of the Easton Consolidated Electric
Co. for the year ending Nov. 30 1918 were $101,756, resulting in a profit
Total
11,994,446 10,582,511 for the Lehigh Valley Transit Co. of $46,304 on this investment.
Relations with Public.-The relations with the public and with the various
C.I.etOraves'd So.BklYn
local and State authorities continued most satisfactory.
Ry. Co.
LiabilitiesRy. Co.
Taxes
$1,444
$11,001
INCOME ACCOUNT FOR YEARS ENDING NOVEMBER 30.
Other intorest
65,925
68,727
1914-15.
1915-16.
1916-17.
1917-18.
Rent of leased lines
9,125
$3,320,145 $2,875,074 $2,471,872 $2,056,875
Gross earnings
Other accts. pay
7,496
260,084 Opor.
1,037,988
1,367,785
1,840,420
2,433,620
expenses & taxes
B.Q.Co.de
B.Q.Co.dt
Sub.RR.Co. RR.Co.
Assets-Sub.RR.Co. RR.Co.
$49,105 $133,166 Capital stock_ __ -52,000,000 $2,983,900
Cash
14,676 Taxes
88,396
16,840
9,340
Accts.with affil.cos.
4,885 Int. on fund. debt
89,933
110,417
9,535
Int. & divs. rec_ _
0th.
accts.
14,278
payable
.164,829
4,728
147,943
rec._
accts.
Other
210,000 Matured coup.acct. 10,450
32,205
Bills rec., B.R.T. 442,500
65,330 Other interest_
4,261
67,262
Other bills reedy_
18,100 Cents. of indebt_ 2,640,710
118,298
8,000
Pledged investm'ts
171,124 Funded debt
6,624,000 6,232,000
Free investments
81,655 Accrued amortiza,
22,711
Special deposits__
tion of capital__
7,869
90,339
40,512
6,688
Prepayments
132,704
598 Optional reserves_
Miscellaneous _
259,562
Construe.& equip.11,405,884 9,621,247 Real est. mort. dt
12,009 Bills payable
48,857
31,886
Insur. reserve fund
• 118
94,870 Suspense
1,541
Amortiz. of capit'l
Surplus
36,847
635,031
Unamortized debt
112,760
disa.& exp._ _
19,944
4,068
Suspense
11,994,446 10,582,511
C.I.M7raves'd So.Bklyn
Ry.Co.
Ry. Co.
Assets-$47,544
$23,698
Cash
18,641
1,464
Acets.with affil.cos.
205,328
350
Other accts. rec
9,398
247,500
_
Bills receivable__
7,703
704
Prepayments
1,000
investments_
Free
156,905
Pledged invegtm'ts 2,637,128
Construe.& equip. 251,826 1,238,485
1,634,086
Additions& better.
5,109
5,113
Special deposits._
153
5,209
Int.& divs. receiv.
62,829
5,398
Insur. reserve fund
1,244
900
Suspense
557,627
Deficit
Total
•
Bills payable
Certfs. of lndebt_. 2,637,000
Accrued amortization of capital_ ..
13,826
Fund.dt.(mort.dt)
Optional reserve_.
5,398
Suspense
806
Capital stock
350,000
Surplus
97,394
345,000
2,:194,071
113,588
150,000
67,475
26,983
500,000
Total
$3.179,290 $3,946,054
$3,179,290 $3,946,054
Total
Bklyn.Hts. NassauElec.
Liabilities-Bklyn.Hts.NassauElee.
AssetsCapital
$94,022
$279,709
stock__
$200,000$15,000,000
Cash
9,663 Taxes
56,218
152,573
Accts.with affli.cos. 94,964
39,791 Int. on fund. debt
21,956
2,083
221,558
Int. & divs. rev
52,679 Other interest_ _ 320,908
155,701
Other accts. rec._ 119,066
20,121
Rent of leased lines 337,333
Materials & seep_
580,000 Other accts. pay
713,981
412,884
Bills rec., B.R.T. 1,225,000
62,505
533,577 Bills payable
250,000
Free investments_
32,887 1,250,717 Matured coup.acct.
200
36,330
Pledged investm'ts
32,665 Certfs. of indebt
32,665
7,902,174 6,047,188
Bills ree.(oth. cos.)
38,165
62,056 11.R.T.Co. equity
Special deposits
in Brooklyn City
42,688
36,952
•
Prepayments
93,608
construction _
5,380,477
Amort. of capital_
250,000 14,750,000
Construe.& equip. 3,893,984 34,822,592 Funded debt
Accrued amortiza9,837,334
Add'ns & better
tion of capital
114,490
604,337
4,882
Insur. reserve fund 222,186
5,810 Optional reserves_
359,917
167,466
177,694
Suspense
Suspense
73,930
292,726
286,467
Deficit
Surplus
345,684
816,387,913837,734,357
N.Y.Cons. N.Y.Mun.
Ry. Corp.
RR.Co.
Assets$300,252 $124,010
Cash
620,482
12,657
Accts.with affil.cos.
94,691
Int. & divs. rec
258,639
190,482
Other accts. rec
Bills rec., 11. It. T. 3,935,000
4,000
Free investments_
Pledged investm't. 1,087,703
N. Y. Mon. Ry.
190,165
1st M.5% bds_
505,631
Special deposits
76,353
Prepayments
45,012
805,218
Material dc Hupp_
Construe.& equip.57,665,147 59,747,712
Unapportloned
501,036
debt discount_
Insur, reserve fund
188,691
100,820
Suspense
87,175
13,635
Miscellaneous
Total
Total
863,687,253862,870,350
Total
816,387,913337,734,357
N.Y.Cons. N.Y.11fun.
LiabilitiesRR.Co.
Ry. Corp.
Capital stock. _$18,900,000 $200,000
Taxes
136,455
Int. on fund. debt 366,500 1,250,000
Other interest_ __
366,489
Other accts. pay__ 2,447,195
354,279
Bills payable
899,384
Matured coup.aect. 51,825
525
Rent of leased lines 526,681
Cents. of lndebt 14,654,794
23,617,000 60,000,000
Funded debt
Accrued amortization of capital_ 1,012,602
24
Skg. hi. accruals_
61,625
353,385
Optional reserves_
8,786
51,147
Suspense
52,426
1,215,540
Surplus
939
Miscellaneous..
Total
883,687,253862,870,350
Net earnings from oper $886,525 $1,034,654 $1,104,087 $1,018,887
17,160
12,462
18,758
4,813
Interest on notes, &c_ _ _ _
118.986
126,452
132,294
138,022
Income from dividends__
Total net earnings..,. _$1,029,359 $1,179,410 $1,249.297 $1,155,033
$166,399
$150,326
$141,146
$43,761
Depreciation
550,279
550,566
554,602
563,319
Interest on funded debt_
9,348
50,500
Interest on floating debt_
20,441
20,466
20,777
23,524
Amortization discount_ _ _
66,207
59,461
Rents, &c
28,319
Legal expenses
(5)248,983 (5)248,983(3h)174,288
Preferred dividends
Net
•
$149,100
$219,494
$204,555
$348,256
COMPARATIVE BALANCE SHEET NOVEMBER 30,
1917.
1918.
1917.
1918.
Assets$
Road & equipment19,183,810 18,542,689
Investm't in attn.,
&c., cos. at cost 1,839,805 1,838,960
Adv. to affil., &c.,
55,852
companies181,650
37,443
Miscellaneous_ 67,5831 256,392
Cash
109,296J
Accounts reedy
453,270
645,551
Material & supp
18,460
Deposits with trus.
Discount on fund414,719
400,478
ed debt, &c_ _ _ _
Taal
22,446,636 21,599,324
LiabilitiesPreferred stock._ _x4,979,687 4,979,687
Common stock _ _ _ 2,997,350 2,997,350
11,685,450 11,724,009
Funded debt
Advances from
15,673
984,407
&c., cos
Audited accts., ac594,624
279,518
crued int.,
Accrued taxes, re210,947
185,106
serves, &c
312,279
Accrued depreen.. 284,353
764,755
1,050,765
Surplus
Taal
22,446,636 21,599,324
x Accumulated dividends on preferred stock have been unpaid for approximately three years and nine inonths.--V. 108, p. 268.
Weyman-Bruton Company, New York.
(Results for 10 Months ending Oct. 31 1918.)
For the first 10 months of 1918 the company reports to
the New York Stock Exchange (see a subsequent page):
Entire
io mos. end. 6 mos. end.
Oct. 31 '18. June 30'18. Year 1917.
Income Account$1,293,232 $1,238,153 $1,471,528
Net earnings
322,000
161,000
241.500
Preferred dividends(7% p. a.)
x
(20)920,000
(20% stk.)920.000
Common dividend
Balance, surplus
8131,732 $1,077,153
$229,528
x In March 1918 a stock dividend of 20% was declared on the common
stock, payable Oct. 1 to holders of record Sept. 16, to take the place of the
quarterly distribution usually paid April 1, July 1 and Oct. 1. A regular
quarterly cash dividend of2 % was paid on the common shares Jan.2 1919.
376
THE CHRONICLE
BALANCE SHEET, OCT. 31 AND JUNE 30 1918.
Oct. 31.
June 30.
Oct. 31.
June 30.
Assets$
$
Liabilities$
• $
Plant,good-willAc 5,982,110 5,912,938 Preferred stock__,4,688,100 4,600,009
Supplies, &c., at
Common stock_ _ _ 5,520,000 4,600,000
cost
3,966,479 3,634,502 Pref. div. payable_
80,500
Securities of subProvision for adv.,
sidlary,&c.,cos. 2,783,758 1,363,126
ins., disc., dtc__ 3,700,621 2,6C3,697
Cash
1,218,997
997,353 Bills payable
' 4,177,950 2,713,616
Bills receivable... _ 4,401,109 4,070,257 Accts. payable__ _ 118,178
104,690
Accts. receivable_ 960,810
778,164 Surplus
1,108,416 2,053,837
Total
19,313,265 16,756,340
Total
19,313,265 16,756,340
-V.108,p. 177.
•
[VOL. 108.
Officials of the company have stated that inventories are liquid and
represent almost entirely work in pricess for U. S. Government account
and will be worked up into finished product for the Government or paid
for at not less than inventoried cost.
Future Policy, and Prospects.-The stockholders are now confronted with
the vital problem of the future of the company and should consider carefully
what shall be its policy; whether a new business should be attempted or Es
liquidation and distribution in full or in part of its assets. The management apparently intends to use the accumulated assets or at least the major
part of them to attempt to fill up the plants, which will become idle when
Government requirements are fully met, with some sort of peace business,
although it is admitted and is evident that this will be exceedingly difficult
on account of the enormous expense of these plants to take care of war
requirements (compare annual report, V. 106, P. 1905).
It is unnecessary to point out the uncertainties surrounding conditions
or the tazards to which the liquid assets, accumulated during the
Union Stock Yds. Co. of Omaha, Ltd.(So. Omaha,Neb.) to-day,
war period, may be subjected by such a course. The only idea in increasing
the common stock in December 1915 was to provide funds to engage in
(Report for Fiscal Year Ending Nov. 30 1918.)
purely war work,4. e., the manufacture of Lewis machine guns, and now
EARNINGS, &C., FOR YEAR ENDING NOVEMBER 30.
that the war is over and this activity gradually ceases, the stockholders
themselves
should decide the future policy.
Statistics-No.1917-18.
1916-17.
1915-16.
1914-15.
It is evident that the old pre-war business of the Savage Arms Co., in
Recta of stock-Cattle.._ 1,993,366
1,719,822
1,434,301
1,218,342
rifles, pistols, &c., at its best, will not show earnings sufficient to
Hogs
3,429,533
2,796,596
3,116,820
2,642,973 sporting
pay dividends on the present outstanding stock, inasmuch as the old
. Sheep
3.385,696
3,016,631
3,170,908
3,268,279 Savage
Arms Co., prior to the Lewis gun period, had a capital of but
Horses and mules
22,212
32,781
27,486
41,679
and for only a few years prior had been able to pay 6% theren,
Shipments--Cattle
812,116
702,599
565,496
516,283 $600,000
while
the
old Driggs plant at Sharon, prior to its expansion in December
Hogs
885,970
792,866
721,849
629,836
Sheep
1,891,565
1,562,341
1,223,963
1,317,203 1915, showed little if any actual profit.-V. 108, p. 177, 84.
Horses and mules
20,139
30,894
25,042
38,755
Gross earnings
$3,710,180 $2,840,755 $2,335,521 $2,065,523
Bethlehem Steel Corporation.
Gross expenses
2,911,345
1,993,183
1,424,665 . 1,363,922
(Preliminary Statement for Fiscal Year ended Dec. 31 1918.)
Net earnings
$798,835
$847,572
$910,858
$701,602
Depreciation
$150,000
$150.000
Sub3tantially the following official statement was issued
$150,000
Res've for future construe
50,000
150,000
Dividends
(8%)599.704 (8)599,704 (8)599,704 (6446A on Thursday, following the declaration of the quarterly
dividends noted below: '
Total deductions
$599,704
$799,701
$899,701
$599,778
Profits, &c.-For the year 1918 preliminary statements, partly estimated
Surplus
$199,131
$47,868
$11,151
$101,824 and as yet unaudited,
show (1) value of total shipments, $448,000,000;
BALANCE SHEET NOVEMBER 30.
(2) earnings (prior to deduction for depreciation and amortization and
taxes). $52,000,000: (3) net earnings, after such deductions (including the
1918.
1917.
1918.
1917.
necessarily large charges for depreciation and amortization due to the
Assets8
Liabilities$
'$
$
abnormal conditions resulting from the war), S16,000,000, representing
Real estate & plant 9,490,512 9,226,510 Capital stock__ __ 7,496,300 7,496,300
on the common stock after payment of dividends on the two preferred
Accounts receiv_ _
88,415
137,832 Bonds
700,000
700,000 21%
stocks. The net earnings represent a profit of but 334% on the shipments
Supplies
256,388
110,204 Depreciation res've 982,677
833,675 for
the
year, practically all of which were to the U. S. Govt. and its allies.
Liberty bonds_ _ 428,349
206,403 Accounts payable_
7,779
Additions.-During the year there was expended for extensions to plant
War Savings ctfs_
856
Contingent res've_
20,260
23,101 $27,866,000,
leaving $20,000,000 to be expended during the year 1919 to
Prepaid insurance
Reserve for taxes_
50,524
30,136
the corporation's construction program. This expenditure Is
and interest--35,049
38,034 For.
future constr.
200,000 complete
mainly for the completion of the commercial steel plant at Sparrows Point.
Cash
32,185
238,510 Surplus
1,074,213
674,283 Md.,
which when completed will result in making productive new and addiTotal
10,331,754 9,957,494
Total
10,331,754 9,957,494 tional steel capacity, representing an investment of $50,000,000. This
-Capacity for live stock, 40,000 cattle, 40,000 hogs, 80,000 sheep, 1,500 will give to the corporation an annual capacity for steel output of more
than 3,000,000 tons with finishing plants of sufficient capacity to convert
lickses and, eaules.-V. 106, p. 1125.
this entire tonnage into commercial products, thus completing our provision
for the great reduction in Government orders and the practical cessation
of the manufacture of munitions.
Savage , Arms Corporation.
Unfilled Orders.-The present uncertainty as to the policy of the Government regarding cancellation of some of our contracts makes it impossible
(Statement of Stockholders' Protectine Committee.)
to state accurately the amount of unfilled orders on the books as of Jan. 1
The committa)men Man od on afollowing page ropor ts in sub.: 1919. After deducting orders definitely canceled by the Government and
Organization.-The original Driggs-Seabury Ordnance Co. was chartered making liberal allowances for others, we have any reason to expect will be
canceled, there will remain unfilled orders of from $300,000,000 to
in 1915 with $1,500,000 6% bonds, $500,000 7% first pref. stock,
$350,000,000.
67. 2d pref. stock and $3,000,000 corn. stock authorized, of which$500,000
$2,500,Outlook for 1919.-Included in those unfilled orders is a large amount of
000 was presently issued and outstanding. The company owned and
oper- shipbuilding work for both the Navy Department and Emergency
Fleet
ated a plant for the manufacture of guns, mounts, drop forgings, pressed
Corporation.
While the returns on shipbuilding contracts are but a small
steel parts, &e., at Sharon, P
Pa. The plant was carried on its books at percentage on the
cost, the large volume of this business should insure subapproximately $2,950,000 besides an item of "good will, &c.,"
of about stantial aggregate earnings for the coming year and afford an element of
$1,300,000.
Purchase of Savage Arms.-In Dec. 1915 the company made a contract stability to the operations of the corporation independent of the business
conditions in the general steel trade.
to purchase the entire plant and assets of the Savage Arms
Co., of Utica,
It is our opinion that for the immediate future there will be no large
N. Y., a corporation having a capital of $1,000,000, all of which
com- buying movement in the steel market. The whole country
must stop and
mon stock, and then engaged in the manufacture of Lewis machinewas
guns
for
the British Government. In order to finance the purchase at a price of take an account of stock, so to speak, and start anew, putting our whole
structure on a normal peace-time basis. Wo should then see
approximately $6,750,000, the common stock of the Driggs Co. was in- economic
again
a
period
of
unusual
prosperity
supported by an era of construction.
creased from an authorized amount of$3,000,000 to $10,000,000($6,500,000
Financial.-The finances of the corporation are in good condition. Funds
being presently issued for this purpose [and being offered to the
for planb improvements were provided by the note issue of last summer
shareholders at $125 a share-V.101,p. 2074, EC,and $1,000,000Driggs
being
(V.
107,
and
p.
293,
all
other requirements for the present year.
405, 747),
retained for conversion of the 2d pref. stock and other purposes.
including maturities of existing obligations, are provided for.
Present Capital Stock.-About one-half of the 2d pref. stock
been so
Dividends.-In view of the earnings for the past year and the generally
converted and the total issued and outstanding common stock ofhas
the Driggs- satisfactory condition of the business of the corporation, the directors
Seabory Co. (now known as the Savage Arms Corporation) amounts to declared
dividends for the current quarter on the common stock, both
approximately $9,250,000, of which amount about 12,500 shares have now "A"
and "B," of 1 % regular and 1 % extra, in addition to the full
been acquired by the compay and retained in its treasury, leaving a balance yearly
dividends on both classes of the preferred stock.
of outstanding common stock of about $8,000,000 (V. 107, p. 1750).
The dividends on the 7% non-cumulative pref. stock and on the 8%
Dividends.-The directors on or about Feb. 1 1916 declared and paid for cumulative
pref. stock are payable April 1, July 1, Oct. 1 1919 and Jan. 2
the period of Jan. 15 to March 1 1916 a dividend of 2h % on the common
1920 to holders of record on March 12, June 16, Sept. 15 and Dec. 16 1919,
stock, and later, for March 1 to Juno 1 1916,5% on such stock. The re- and
the
dividends,
both regular and extra, upon the common and class "B'
ported earnings, however, for 1916 actually amounted to $3,200,883, after common
stock are payable April 1 1019 to holders of record Mar. 12 1919.
deducting bond interest, instead of the expected $6,500,000
(see V. 101, p.
Bethlehem War Work.-The board received the following summary of in2074) and of this amount $2,425,127 was appropriated to reserves,and
of the formation Bethlehem's already made public at Washington regarding
balance available for surplus account, $775,756, all but
was ex- war work:
pended in the dividends above mentioned, and the small $35,491
requirements of
the first and second preferred.
Bethlehem Shipments During the European War to Our Govt. and Its Allies.
On Aug. 29 1916 the management announced the passing of all dividends Finished guns
3,570 guns
on the common stock, and no dividends thereon were paid until Juno 15 Forgings for gunds (shipped for assembling in other
1917, when a distribution of 1%% quarterly was made, which has since
plants and arsenals, largely in France), 63,027,197
been paid quarterly.
lbs., equivalent in finished guns to about
11,000 guns
Earnings.-The reported earnings for 1917 after bond interest amounted Finished gun carriages, lithbers and other
vehicles_ _ _
7,582 vehicles
to $5,164,119, of uhich amount all but $1,495,119 was appropriated to Finished naval gun mounts
599 mounts
reserves and taxes. The last-mentioned item was at a higher rate than for
Complete field gun ammunition
18,477,876
rounds
1916 on account of the so-called excess profits tax. Dividends amounted Projectiles for ammunition
1,710,579 projectiles
in that year to $459,147 and surplus was increased to $1,238,737 by $1,- Air-flask forgings for torpedoes
9,517,311 pounds
035,971 (V. 106, p. 1339).
Armor plate
69,409,533 pounds
The reported earnings for the first nine months of
This represents, as we are reliably informed, about the following perafter bond interest, amounted to $7,055,127, of which $5,906,201 1918,
was appropriated to centages of the entire output of the country during the period of tho war:
"reserves for State and Federal taxes and special depreciation,
Finished guns, 60%; gun forgings, 65%; complete ammunition, 407
0.
$735.631 was added to surplus, after dividends (V. 107, p. 1750)• and but
At the close of the war our shipments of gun forgings to the French (who
The results for the period of 2Y. years since the increase in capital on or were finishing
and assembling guns for our army) were sufficient for about
about Jan. 1 1916 to Sept. 30 1918, may be summarized as
guns per month, and our shipments of ammunition to foreign Governtotal reported earnings after bond interest have amounted to follows: The 900
$15,420,129, ments reached 1,000,000 rounds per month.
of which $178,047 has been disbursed in first and second preferred
Shipbuilding.-Meanwhile the shipbuilding plants have been busily
dividends,
$1,434.520 or less than 10% of total earnings, has been paid to
common engaged on work for the navy and for the Emergency Fleet Corporation.
stockholders, and at the end of this period the accumulatedthe
surplus for Since the U. S. Government'13 declaration of war, we have delivered an
nearly three years amounted to but $1,807,094. The balance
has
been aggregate of 625,000 deadweight tons of merchant shipping, representing
appropriated to reserves, special depreciation and taxes.
policy, about 22% of the output of the entire country during this period.
commendable to a certain point, becomes manifestly unfair to This
During the past year the corporation has delivered to the navy, in addithe common
stockholders when carried to extremes.
tion to 16 submarines, 26 torpedo-boat destroyers, more than one-half of
Assets, &c.-The following figures [of Oct.31 1918-Ed.]
the deliveries
all of the shipbuilding plants of the country, and have
for your information (for Dec. 31 1917 see V. 106, p. 1339):aresubmitted launched and by
fitted out for early delivery 36 additional destroyers.
Assets(Other than Plant,Pat'is, &c.)
Liabilities (Excl. Common Stock):
COMPARATIVE RESULTS FOR CALENDAR YEARS.
Cash
$1.065,809 First preferred stock
$10,000
Accounts receivable
[As nearly accurate as may bo, 'tieing above meagre data for 1918.1
2,324,412 Second preferred stock_ _ _
260,700
Inventories at cost
7,621,523 Bonds
1918.17.
.
193
1916.
1915.
264,000
Liberty bonds and certifs.
Calendar YearsAccounts payable
$
1,210,019
of indebtedness '
2,980,400 Deferred liabilities
296,376 Orders on hand(text)say 325,000,000 453.808,759 193,374,249 175,432,895
Investments
160,000 Dividends payable
x448,000,000 298,979,531 216,284,555 146,513,798
124,805 xGros.s sales
Invested in and advanced
Manufacturing profits.. _ 52,000,000 67,468,654 66,631,012 29,212,408
Res've for State & Federal
to affiliated companies_
Bond, &c., interest_ _ _8,746,982 3,772,555
388,212
taxes
2,342,596
4,557,949
Deferred assets
Daex
pers
eciation, &c
152,792 Reserve for add'l comp'n_
} 36.000,000 {17,911,841 14,350,785
4,716,000
155,032 T
13,489,294
4,913,703
4,391,000
Total
$14,693,148
Total
116,878,881
Net earnings
Excess of assets over liabilities
16,000,000 27,320,477 43,593,969 17,762,812
$7,814,267
pref. dividends_ __ _(8)2,400,000 (2)594,480
Common stock, par value
$8,048,000 8%
1.043,560
1.043,560
1.043,560
These figures do not comprehend the operations or earnings for Nov. and Preferred dividends(7%) 1.043,560
Common dividend _ _(10)1,486,200(17;4)2600000(30)4458600
Dec. 1918, for which period earnings are conservatively estimated at Common
"El" diva_ (10)4,458,600(7M)3343950
$1,250.000.
Red Cross dividends_ _ _
594,480
The above assets exclude the following items:
Plant-balance Dec. 311915, $3,950,213; additions and extenBalance, surplus
6,611,640 19,143,417 38,091,808 16,719,252
sions, $5446,369; total, $9,396,583; less depreciation and
amortization, $5,094,204; balance
x The "total shipments" are shown in 1918 contrasting with "gross sales
Patents, &c. (including cost of Savage Arms Co. stock), $7,-$4,302,378
and earnings" in years 1915 to 1917.
142,248; less amortization, $5,914,102; balance
$1,228,146 V. 108. p. 173, 82.
JAN. 25 1919.]
THE CHRONICLE
377
Requirements for Which Receiver Would Borrow $16,859.357.
(1) $6,458,833 for Account of the Brooklyn Rapid Transit Co.
$2,986,321
(I) To provide for enlargement of power station facilities
(2) To provide for 50 addi'l surf. cars already contracted for, and
improvements to existing equipment, approximately
710,000
RAILROADS, INCLUDING ELECTRIC ROADS.
(3) To purchase and equip 200 additional surface cars to comply
Atchison Topeka & Santa Fe Ry.-Federal Advances.- with court orders affecting additional surface car equipment,
2,000,000
from $1,500,000 to
Federal advances to this company's subsidiary, the Gulf Colorado &
87,512
Santa Fe Ity., in December aggregated $500,000, this being the total for (4) Taxes now due and payable (add hat. from Nov. 1 1918)_..For work done and in progress in replacement of storage and
(5)
266.
p.
108,
32).-V.
the year 1918 (see V. 108, p.
dock facilities, approximately
50,000
Aurora Elgin & Chicago RR.--Earnings.(6) To Pay audited vouchers for operation and unpaid payrolls
and supply accounts incurred in operation within four months
Results for November and 11 Months ending Nov. 30.
prior to the receivership. approximately
625,000
1918-November-1917 1918-11 Months-1917(2) $1,947,992 for Account of the New York Consolidated Railroad Co.
$175,788 $1,952,758 $1,995,777
$177,454
Total earnings
Nov.
(add
from
7%
at
litigation
1
in
int.
not
Taxes
(7)
308,817
1918)
133,110
1,694,245
164,179
1,434,302
Oper. expenses & taxes_
(8) Payment to tort claimants in connection with the Malbone
1,100,000
St. accident, approximately
$561,475
$258,513
$42,669
$13,275
Net earnings
140,000
Int. due Feb. 1 1919 on 1st M.bonds of Kings Co. Elev. RR_
(9)
400,408
35,612
38,569
392,891
Interest
399,175
(10) Int. due Feb. 1 1919 on Bklyn Union Elev. RR.Co. 1st M
Corp.
Railway
of
Municipal
Yotk
Account
New
the
for
df.$141,895
$8,452,532
$7,056
(3)
df.$25,294
$168,584
Balance
971,820
(II) Payment of purchasing agent's orders
Reserves, depreciation
76,412
6,698
7,115
72,608 (12) Payment of purchasing agent's orders in connection with the
and amortization_ ___
174,351
Brighton Beach line
$358de1.$218,307
(13) Amount of outstanding obligations covered by existing for95,976
def.$32,409
Balance
3,782,813
mal contracts
-V. 107, p. 2374.
(14) Additional contracts to be entered into within next sixty or
ninety days for construction and equipment and miscellaneous
Baltimore & Ohio RR.-Dividends-Common Stock on
1,000,000
expenditures, say
the
de3lared
regular (15)
4% Basis.-The directors on Wednesday
23,548
not in litigation (add int. at 7% from Nov. 1 1918)....
preferred
stock
and (16)'faxes
semi-annual dividend of 2% on the
Purchase of 100 adcfl subway cars, say from $2,000,000 to_ _ 2,500,000
GENERAL INVESTMENT NEWS
a dividend of 2% on the common, both payable March 1
$16,859,357
Total requirements
to holders of record Jan: 28. These declarations were made
resigned
has
Williams
S.
Timothy
-Col.
Resigns.
President
being
dependent
payment
upon
without any mention of their
as President both of the Brooklyn Rapid Transit Co. and
the approval of the Director-General, which was presumably its
subsidiary, the New York Municipal Railway Corporaobtained in advance.
tion, effective Jan. 31, giving a.: his reason that he feels the
The board on Dec. 18 1918 declared from surplus earnings a dividend
of 2% on the common stock to be paid on Feb. 1 1919 to stockholders of need- of a long :est. It is understood that Col. Williamb
record Dec. 28 1918, provided the necessary funds should be received from will for the present retain hi; position as President of the
the Government on account of compensation on or before that date. It
was then officially explained that said declaration was in lieu of the semi- severat surface lines.-V. 108, D. 267, 263.
annual dividend which would ordinarily have been declared payable Sept.
Canadian Northern Ry.-Sale of Equipment Trust 6%
1 last, the declaration of which was deferred. The total dividends
declared for the year 1918 upon the common thus aggregated 4 %, as Gold Certificates.-Wm. A. Read & Co. announce, by adveragainst 5% per annum from 1915 to 1917, both inclusive. Compare
tisement on another page, the sale at a subscription price
V. 107. p. 2374.
Of the dividends just declared the preferred dividend is described as "for for 1919 maturity, 6% basis, and all other maturities a
the six months ending Dec. 31," while the common 2% was "declared from
634% basis, an issue of $7,500,000 Equipment Trust 6%
the surplus earnings of the company.'
Gold Certificates, Series B 1919, issued under the PhiladelPossible Government Aid.A press dispatch from Washington on Jan. 23 states that while some phia :plan. Dated Jan. 1919. Total authorized. $7,500,000;
details may yet have to be worked out, it is believed that the War Finance due in semi-annual installments of $375,000 each, July 1
Corporation will assist the company in refinancing its short-term obliga1919 to Jan. 11929, inclusive.
tions of about $22,000.000, which mature on Feb. I.-V.108, p. 266.
$1,000 c*. The company agrees to pay the normal U. S. income
Binghampton Railway, Binghampton, N. Y.-Fares.- taxDomain.
up to 2% if exemption is not claimed by the certificate holder. Divs.
Judgo Ray in the United States District Court at 13inghampton, N. Y.,
has issued an order permitting Receiver W. G. Phelps to ask the P. S.
Commission fop authority to increase fares to 6 cents.-V. 107, p. 1481.
Birmingham Ry., Light & Power Co.-Receiver.Upon petition filed by the American Cities Co., Lee J. C. Bradley has
been appointed receiver for this company and Birmingham Tidewater Co.
-V. 107, p. 905.
Boston Elevated Ry.-Litigation.-
Representative James J. Mellen and others filed a bill in equity in the
Supreme Court at Boston on Jan. 21 in which they declare that the dividends authorized by legislative Act under the trusteeship are unreasonable and unconscionable, and the Act establishing the trusteeship unconstitutional as a whole.
The petitioners seek to enjoin State Treasurer Burrill from paying to
the Elevated trustees on July 1 next about $4,000,000 to meet a deficiency,
in the operating expenses of the company as authorized by the Act providing that trustees operate the road for ten years.
Wage Scale-Trustee Resigns.The War Labor Board, acting as arbiters in the wage dispute of the employees of this company, have approved a scale of increased wages providing
that employees of the first class shall receive•55 cents an hour, of second
class 50 cents and third class 45 cents. The company is given until March 1
to make back payments to employees from Nov. 10 last on this scale.
Galen L. Stone has resigned as trustee on account of his health.-V.
108, p. 267. 70.
Brooklyn City RR.-New Power Plant.See Brooklyn Rapid Transit Co. under "Reports" above.-V.108, p. 170.
Brooklyn East. District Terminal.-Federal Advances.
Federal advances to the company in December aggregated $300,000,
this being She total for year 1918 (see V. 103, p. 32.)
Brooklyn Rapid Transit Co.-Receiver's Report.-
See "Financial Reports" above and also in last week's "Chronicle," p. 263
Stockholders' Committee.-In view of the receivership, the
committee named below is calling for deposits of the company's capital stock under the terms of a protective agrement dated Jan. 2 1919 up to 3 p. m. March 3.
J. & J. at the office of The Pennsylvania Co. for Insurances on Lives and
Granting Annuities, Philadelphia, trustee.
Data from Letter of Pres. D. B. Fianna, Dated Toronto, Jan. 18 1919.
This Issue.-The certificates are to be issued under the terms of a trust
agreement to be dated Jan. 1919, between the Canadian Northern Ry.,
Canadian Northern Rolling Stock, Ltd., and the Pennsylvania Co. for
Insurances on Lives and Granting Annuities, Philadelphia, trustee. The
certificates shall be issued by the trustee for an amount not exceeding
$7,500,000, which is less than 70% of the cash contract cost of the trust
equipment.
Under the previsions of the statutes of Canada, the rentals payable by
the company under the lease of the equipment rank as a working expenditure of the railway and constitute a claim against the railway company's
earnings prior to both principal and interest of all its mortgage debt.
Security.-The certificates are secured by the following new standard
equipment for the Canadian Northern System: 2,555 40-ton steel underframe box cars; 285 40-ton steel frame flat cars; 40 consolidation locomotives; 100 30-ton wooden stock cars; 15 40-ton steel tank cars; 10 six-wheel
switching locomotives. Title to all equipment remains vested in the
trustee clear and unencumbered for the benefit of the certificate holders.
The cash contract price of the rolling stock is $10,716,914, of which the
company makes an initial cash payment of $3,216,914, or 30%. This
considerable initial cash equity is increased by payments of 10% of these
pertificates each year beginning July 11919, so that within three years over
-50% of the contract cost of the equipment will have been paid. This
equipment was ordered a considerable time ago at prices materially lower
than those since prevailing in the U.S.for rolling stock of a similar character.
The certificates are further secured by assignment to the trustee of a
lease of the equipment to the company which is obligated to pay rentals,
sufficient to enable the trustee to retire as due the total issue of these certificates, with dividends and charges.
Guaranto.-This guaranty is endorsed on each certificate:"The Canadian
Northern 1ty. for a valuable consideration guarantees the prompt payment
by it to the trustee of the par value of the within certificate and of the
dividends thereon according to the terms of said certificate and the dividend
warrants thereunto attached."
Government Ownership.-Though the ownership of all of the $100,000,000
capital stock of the railway is vested in the Dominion of Canada as a
national asset, its management and operation continuo under the control
of the corporation with practically the same officers as have heretofore
operated the property. The board of directors, selected by the Government, is representative of the most substantial commercial, agricultural and
manufacturing Interests of Canada.
Total Equipment Issues.-On Jan. I 1919 the company had outstanding
unmatured equipment obligations of only $15.141,000. Its equipment
purchases have aggregated $68,542,721 since 1903, a total of $53,401,721
having thus been paid in cash and in retiring equipment obligations.
Insurance-Replacement.-The company as lessee is required at its own
cost to maintain the rolling stock in a good state of repair, and also to keep
the equipment fully insured.
Copies of a circular letter addressed by the committee to the stockholders
may be obtained from the depositary, the sub-depositary or the Secretary
of the committee.
Committee.-Albert H. Wlggin, Chairman; Charles A. Boody, Frederick
H. Ecker, Seward Prosser, Galen L. Stone, Frederick Strauss and Everett
B. Sweozy, with Chellis A. Austin as Secretary, 115 Broadway, N. y.,
and Rushmore, Bisbee & Stern, 61 Broadway, N. Y., and Cullen & DykRefunding of English Loan.man, 177 Montague St., Brooklyn, as counsel.
The London Stock Exchange has allowed dealings in this company's
Depositaries.-Mercantile Trust & Deposit Co., 115 Broadway, N. Y.,
issue
of £1,250,400 5% notes, due Aug. 2 1921 (Series "B"). guaranteed
Montague
St.,
Brooklyn, sub-depos.
depositary; People's Trust Co., 181
as to principal and interest by the Dominion Government of Canada.
Upon inquiry, the "Chronicle" is informed that this issue is in effect
Receiver Applies for Ltave to Borrow Money and IsSue
a renewal of an English loan of like amount which had matured. The
Receiver's Certificates.-Receiver Garrison on Jan. 22 applied issue
was handled entirely in London. Further data another week also
to the District Court of the United States for the Southern in.-V. 108, p. 267.
District of New York for authority to borrow sums aggregating $16,859,357 for purposes below stated, of which
$2,333,834 is required immediately and the remainder, it is
understood, within the next 12 or 15 months. He further
asks that "he may be authorized to borrow upon the credit
of the receivership estate the requisite amount of money to
be employed for the objects and purposes herein set
forth,' and "if necessary, to issue receiver's certificates
in order to procure the said funds, in such an amount,
in such denominations and series, maturing at such times,
bearing such rate of interest, and secured by such lien or
liens as to the Court may seem best."
Under "Financial Reports" on a preceding page will be
found further particulars covered by the receiver's application and also his reasons for believing that in 1920 still additional steel ears will be required and a further $4,000,000 will
or may be needed for line equipment on the 14th St.Eastern subway, third tracking on Fulton St. Elev.. &c.
Canadian Northern Western Ry.-Offering of Bonds
Guaranteed by Province of Alberta.-The Dominion Securities
Corp., Ltd., Toronto, &c., is offering at a price to yield
4% a block of the 43/2% First Mtge. coupon bands of this
53
company a part of the Canadian Northern system, guaranteed, p. & i., unconditionally by endorsement by the Province of Alberta, Canada.-V. 105, p. 2364. .
Carbon Transit Co.-Sold.Representatives of the holders of this company's $100,000•SecondiMtge.
bonds on Jan. 20 purchased for $5,000, the assets, &c.. of the company.
V. 106, p. 1688.
Central Railroad. of New Jersey.-Federal Advances.-
Federal advances to the company In December aggregated 81,250.000,
this being the total for year 1918 (see V.108, p.32).-V.106, p.2648,2345.
Chicago Elevated Ry.-Fare Decision.-
Judge Baldwin in the Circuit Court at Chicago has denied the petition
of the municipal authorities for an injunction to restrain the company from
INN
charaina a (le. fare.-V. 107. u. 2184.
378
THE CHRONICLE
Chicago & Milwaukee Electric ER.—Litigation Ends.—
Judge Landis in the U. S. District Court at Chicago on Jan. 20 directed
Special Master in Chancery Charles B. Morrison to pay $2,432,698 to
the holders of 4,000 bonds of this company. The payment represents
$608 17 on each bond of the par value of $1,000. This action of the Court
brings to a conclusion the bankruptcy case which has been in the Court
for nearly six years.—V. 102, p. 2253.
Chicago Peoria & St. Louis RR.—Overdue Coupons.—
The semi-annual interest on the $2,000,000 Prior Lien 4 % bonds,
which for the preceding 23,i years had been paid about six months late,
just preceding the expiration of the grace period was finally defaulted last
year, the September 1917 being paid (at Liberty Nat. Bank, N. Y.] about
March 1 1918, but the coupon of the latter date still remaining unpaid
at the present time.—V. 108, p. 267.
Chicago Rock Island & Pacific Ry.—Settlement of Litigation with Colorado & Southern Ry. in re Trinity & Brazos
Valley Ry. at 60% or $4,000,000, Payable in 6% Pref. Stock at
Par—Gives Ownership Outright of Half Interest in Last-Named
Road.—At the offices of the Ch. R. I. & Pac. Ry. Co. it
was announced yesterday that the company had concluded
a settlement of its litigation with the Colorado & Southern
Ry. Co. growing out of certain contracts entered into in.
1906 and 1914, whereby it agreed to purchase from the Colorado & Southern a half interest in the Trinity & Brazos
Valley Ry. The official announcement adds:
[Vol— 108.
into effect Dec. 26 and continued until yesterday, when the company voluntarily restored the 6c. fare following a Supreme Court decision in the
telephone rate case.—V. 108. P. 77.
Detroit United Railroad.—Employees, &c.—
The National War Labor Board has handed down a decision ordering this
company to retain in its employ women now serving as conductors. The
employees of the company had demanded the discharge of the women
employees of the company.
A press dispatch from Detroit states that informal discussion is being
held with a view to arranging some sort of terms looking toward the sale
of the company's property to the city.—V. 108, p. 268.
Evansville & Ohio Valley RR.—Successor Company.—
See Evansville Railways below.
Evansville Railways.—/teceiver's Sale.—
William II. McCurdy, Alfred F. Karges and Marcus S. Sonntag, representing the bondholders, on Jan. 18 purchased the properties of this company operating traction lines from Evansville,Ind., to Mt. Vernon, Rockport, rd., and Henderson, Ky., for $335,000. A press dispatch to the
Cincinnati "Enquirer" says:
"The purchasers will turn the properties over to the Evansville & Ohio
Valley RR., incorporated recently to operate the lines. The new company will petition the Indiana Legislature and Congress for permission to
build a traction and wagon bridge across the Ohio River six miles above this
city. It is announced that the company also will build the extension from
Henderson to Owensboro, the survey of this extension having been completed some time ago. It is said that both the bridge and extension probably will be completed within the next two years." Compare plan, &c..
In V. 107, p. 2287.—V. 108, p. 268.
The Trinity & Brazos Valley Ry. line, extending from Fort Worth and
Ft. Wayne & Northern Indiana Traction Co.—Fares.—
Dallas to Houston and Galveston, was constructed for the purpose of afThis company has filed a petition with the Indiana P. 8. Commission
fording both the Rock Island and the Colorado & Southern an outlet from for permission to increase its street car fare from 5 to 6 cents in Ft. Wayne,
their terminals in north Texas to the Gulf ports. The Rock Island re- Logansport, Lafayette, Wabash and Peru and to increase its interurban
ceiver in 1915 disaffirmed these contracts and the Colorado & Southern basis rate from 23i cents to 23 cents a mile.—V. 107, p. 1192.
brought suit in the Supreme Court of New York to enforce them.
A settlement has been agreed upon whereby tho Colorado & Southern
Gilmore & Pittsburgh RR.—Federal Manager.—
will accept in cash 60% of the amount due on the contract, which, under
The jurisdiction of Federal Manager E. E. Caldin of the Union Pacific
the final decree in the Rock Island receivership, would be payable in full and others has been extended over this co.'s property.—V.
99, p. 1508.
In 6% preferred stock at par, such as was paid to all other general creditors
of the Rock Island.
Great Northern Ry.—Equipment Ccmpany Stock.—
This will involve the payment of some $4,000,000 and the Rock Island
See Great Northern Equipment Co. under "Industrials" below.—
will own outright a half interest in the Trinity & Brazos Valley Ry. and V. 108, p. 268.
will have a permanent outlet to the Gulf ports, which will be of great
value in the event of the return of the roads to private operation. Tho
Gulf & Ship Island RR.—Federal Advances.—
total cost of the Trinity & Brazos Valley road is now in excess of $11,Federal advances to the company in December aggregated $200,000,
000,000.—V. 108, p. 267.
this being the total for year 1918 (see V. 108. p. 32).—V.107,p.1837.802.
Chicago St. Paul Minn. & Omaha Ry.—Dividend.---
A semi-annual dividend of 3 % has been declared on the preferred stock,
% on the common, both payable Feb. 20 to holders of record Feb. 1,
"provided that the company shall have then received from the Federal
Administration of Railroads sufficient money therefor either by way of
advancement on just compensation or otherwise."—V. 108, p. 267.
Gulf Texas & Western Ry.—Federal Manager.—
This company has been added to the jurisdiction of Federal Manager
J. L. Lancaster, with headquarters at Dallas. Tex.—V. 99, p. 406.
Hocking Valley R.R.—Federal Advances.—
Chicago South Bend & Northern Indiana RR.—Fares.
Federal advances to the company in December aggregated $2,392,000,
making a total of $2,802,000 for such advances in year 1918 (see V. 108,
p. 32).—V. 107, p. 2476, 1747.
This company has filed a petition with the Indiana P. S. Commission for
an increase to 2 y, cents a mile from the basic passenger rate of 2M cents,
as effective now. Despite the fact that the company received permission
from the Commission last June to increase its basic rate to 23 cents from
the old basis of 2 cents, the company says it had a deficit of $101,339 in the
first seven months of 1918.—V. 107, p. 603.
The Illinois P. U. Commission has granted this company permission to
issue $20,000,000 15-year 5 % secured gold bonds and $10,640,000 refunding mtge. 4% gold bonds for the purpose of discharging obligations
of the company.—V. 108, p. 268.
Chicago Union Station Co.—Bonds.—
This company has applied to the Illinois P. U. Commission for permission
to issue $6,150,000 of its series B First Mtge. gold bonds. The issue is to
be made for the purpose of completing the construction of the Chicago
Union Passenger Station.—V. 107, p. 1836.
Cincinnati Findlay & Ft. Wayne Ry.—Claims.—
Master Commissioner Frank H. Shaffer gives notice that all
of claims against the receiver or otherwise are required to file themholders
with with the Master Commissioner prior to May 1 1919.—V. 107, P.forth2475.
Cleveland Union Terminal Co.—Particulars.—Referring
to tin adoption by the city of Cleveland of the ordinance)
providing for the erection of a new union station in Cleveland, the "Engineenng News Record" says:
The new union station scheme developed from a project to build a station
for the Cleveland & Youngstown RR., into which were later drawn the
Wheeling & Lake Erie, the Erie, the B. 'Sc 0., and the Nickel Plate, which
latter had bought the Cleveland & Youngstown RR. The latter station.
was originally planned as a stub-end terminal lying south and west of the
Public Square, and embraced freight terminals farther south.
When plans for this passenger station were submitted early in 1918 to the,
United States RR. Administration it was suggested by the Regional Director that the plan be changed from a stub-end to a through-passenger station,
with interurban electric terminal facilities, and that all the railroads entering the city be brought into the scheme. Later in 1918 the various railroads concerned came to an agreement to this end, and a report recommending a grand union station for all the railroads was adopted. This report
brought about the introduction of the ordinance which has just been voted
upon (Jan. 6).
Although reports come to the effect that the new station will be immediately started as a matter of fact there remain a number of difficulties,
partly financial and partly legal, which have to be overcome before actual
construction will be started.—V. 108, P. 267.
Colorado & Southern Ry.—Litigation Settled.—
See Chicago Rock Island & Pacific Ry. above.—V. 108, p. 267.
Colorado Springs & Cripple Creek District Ry.—
Default—Committee.--Default having occurred in the payment of the Jan. 1 interest on the Fir3t Mtge. 5% bonds,
due Jan. 1 1930, the below named committee has consented
to act for the protection of the bondholders and urges
deposits with the Central Union Trust Co., N. Y., prior to
Mar. 1 1919. (See adv. pages).
Illinois Central RR.—Bonds.—
Interborough Rapid Transit Co., N. Y.—Fares, &c.—
See Interborough Consol. Corp. above.—V. 108, p. 268.
Interstate Railways, Phila.—Provision for Coupon.—
See United Power & Transportation Co. below.—V. 108, p. 171.
Kalamazoo Lake Shore & Chicago Ry.—Contract.—
See Lacrosse & Southwestern By. below.—V. 103, p. 239.
Kansas City Southern Ry.—Dividend Paid.—
The dividend of $1 on the pref. stock declared payable Jan. 15 1919 to
holders of record Dec. 31 1918 has been paid with the approval of the Director-General, the stock being quoted ex-dividend on Jan. 17.—V. 108, p.268.
Kansas City Terminal Ry.—Federal Advances.—
Federal advances to the company in December aggregated $400,000.
this being the total for year 1918(see V. 108. p. 32).—V.107,p.2008,1919.
Knoxville(Tenn.)Railway & Light Co.—Wage Increase.
The War Labor Board has granted an advanced wage schedule as follows:
36 cents for the first six months; 38 cents for the next three months, and
40 cents for the time thereafter. It is the same as that prevailing,in
Memphis. The award is retroactive from Aug. 3 1918.—V. 107, p. 501.
Lacrosse & Southwestern Ry.—Short Line Contract.—
Co-operating contracts have been signed by the Railroad Administration with the following short-line railroads: Lacrosse & Southwestern;
Coudersport & Port Allegheny; Pittsburgh Lisbon & Western; Kalamazoo
Lake Shore & Chicago, and the Paris & 'Mt. Pleasant RR. For standard
form of contract, see page 235 in last week's issue.—V. 80, p. 222.
London & Lake Erie Traction Co.—Possible Operations.
A press report states that this defunct company may again be in operation
under a new management, negotiations toward this end, it is understood,
being under consideration.—V. 107, p. 1579.
Los Angeles & Salt Lake RE.—Federal Advances.-Federal advances to the company in December aggregated $1,175.000,
this being the total for year 1918 (see V. 108, p. 32).—V. 107, p. 1837,
Los Angeles & San Diego Beach Ry.—Discontinuance.
The California RR. Commission has granted this company permission
to discontinue its railway service, having been shown that receipts from
operation are insufficient to pay operating expenses.—V. 107, p. 1101.
Mahoning & Shenango Ry.et Lt. Co.—Fares—Director.
Beginning Jan. 16 this company's lines in Youngstown, 0., were brought
under the new service-at-cost system. Under the new ordinance there
is included the abolition of tickets, which heretofore have been sold six
or 25 for U. Free transfers will not be issued and the new
Committee—James Timpson, Chairman 2nd V.-Pres., Mutual Life for 25 cents
will start with a straight 5-cent fare and 1-cont charge for transIns. Co., N. Y.; Robert Struthers, Jr., Wood, Struthers & Co., N. Y.; system
fers,' with automatic increase of a stabilizing fund of $100,000. Provision
Livingston E. Jones, Pres., Savings Fund Society of Germantown and for ticket
sales at higher and lower points in the faro schedule is provided.
Its Vicinity, Philadelphia, with Emerson W. Judd, Secretary, 5 Nassau Tickets now
in the hands of patrons will be redeemed.
St., N. Y., Masten & Nichols, Counsel, 49 Wall St. N. Y.—V. 108, p. 170.
Albert E. Turner has been elected a director.—V. 108, p. 268.
Columbus Railway, Power & Light Co.—Officers.—
Charles L. Kurtz has been elected President of this company to succeed
Samuel G. McMeen, who has also retired as a director. Samuel Ungerleider has been elected Vice-President. Compare V. 108, p, 267, 77.
The new directors are R. H. Platt, A. S. Hammond Walter B. Beebe,
Emil Kiesewetter, Samuel Ungerleider and F. R. Huntington. Mr. Huntington was chosen to succeed Adoplh Theobold, whose death occurred
recently. The retiring directors are Clarence M. Clark, R. S. Warner,
Samuel G. McMeen, E. R. Pomerene and Carl J. Hoster. Those who held
over are Charles L. Kurtz, D. Meade Massie, Norman McD. Crawford,
W. C. Willard, W. A. Gill and E. K. Stewart.—V. 108, p. 267, 77.
Conestoga Traction Co.—Fare Decision
The Pennsylvania P. S. Commission on Jan. 17 rendered a decision holding that the increase in rates from 5 to 6c. by this company are not reasonable.—V. 106, P. 395.
Cumberland Valley RR.—Consolidation.—
See Pennsylvania RR. below.—V. 105, p. 1577.
Denver Tramway Co.—Seven-Cent Fares Set Aside.—
The Colorado P. U. Commission on Jan. 15 suspended that part of its
order of Dec. 17 which granted a 7c. fare to the company and authorized
the additional charge of lc. for transfers. The increased rates were put
Memphis Street Ry.—Receiver.—
President T. H. Tuttweller and Frank S. Elgin on Jan. 20 were appointed receivers for this property upon petition of the American Cities
Co., the controlling corporation.—V. 108, p. 268.
Milwaukee Electric Ry. & Light Co.--Fare Situation.—
The Wisconsin Railroad Commission.has announced that no decision regarding this company's application for increased fares can be rendered
before Feb. 1, the date of the expiration of the temporary settlement between the company and its employees.—V. 108. P. 171.
. Mississippi Central RR.—P'ederal Advances.—
Federal advances to the company in Decmber aggregated 8102,500,
this being the total for year 1918 (see V. 108, p. 32).—V.107,p.802,402.
Missouri & North Arkansas RR.—Federal Advances.—
Federal advances to the company in December aggregated $150,000,
this being the total for year 1918 (sec V. 108. p. 32).—V. 107, p. 2290.
Missouri Okla. & Gulf Ry.--Jurisdiction—Federal Adv.
This company's property has been placed under Federal control and
added to the jurisdiction of Federal Manager L. ICramer.
Federal advances to the company in December aggregated $255,000.
this being the total for year 1918 (see V. 108, p. 32).—V. 106, p. 607.
THE * CHRONICLE
JAN. 25 1919.]
Montreal Tramways Co.—Financing.—
It is stated that arrangements are almost complete for the financing of
this company's issue of about $5,000,000 2-year Collateral Trust gold notes
maturing April 1 next. It is stated that these will be paid for in full by
part of the proceeds of a now issue, this time for $7,300,000 of similar notes,
but bearing 6%% instead of 6% interest and running for five years in
place of two years.—V. 107, p. 1579.
Mt. WashingtonIStreet Ry., Pittsburgh.—Int. Payment
iii3e Pittsburgh Railways below.—V. 80, p. 222.
Now Bedford & Onset Ry.—Proposed Fare Increase.—
The Massachusetts P. S. Commission was to hold a hearing Jan. 16 on
increase of fare. The new rate, which was to go into effect on
proposed
a
Jan. 11, was suspended one month.—V. 107, p. 2376.
New Orleans Ry. & Light Co.—Deposits of Bonds Called
for—New York Trust Co. Now a Depositary.—The bondholders' protective committee, the chairman of which is
R. S. Hecht, President of the Hibernia Bank & Trust Co.
of New Orleans, by advertisement on another page, is call0 General Mortgage Gold Bonds
ing for deposits of the 4%7
and eight issues of underlying bonds with the New York
Trust Co., of N. Y. City, depositary, or any one of the three
New Orleans depositaries.
This bondholders' protective committee as enlarged consists of—
R. S. Hecht, Chairman, Pres. Hibernia Bank & Trust Co., New Orleans.
Crawford H. Ellis, Vice-Chairman, V.-Pres. Whitney-Central Trust & Savings Bank, New Orleans.
Joseph P. Henican, capitalist, New Orleans.
George W. Dodge, V.-Pres. Interstate Trust & Banking Co., New Orleans.
Paul H. Saunders, Pres. Commercial Trust & Savings Bank, New Orleans.
Arthur M. Huger, Pres. New Orleans Stock Exchange, New Orleans.
Mortimer N. Buckner, Pres. The New York Trust Co., New York.
Albert Breton, V.-Pres. Guaranty Trust Co., New York.
See full statements, V. 108, p. 165, 272, 269.
New York Railways Co.—Earnings—Fares--.
Results for Five Months Ended Nov. 30.
1918.
1917.
Inc. or Dec.
$4,618,972 $5,387,330 —$768,359
Gross operating revenue
$3,536,676 $3,513,243
Operating expenses
+23,433
518,882
421,866
Taxes
+97,015
Income from operation
Non-operating income
$563,414
219,366
$1,452,221 —$888,807
249,013
—29,646
$782,780 $1,701,234 —8918,454
Gross income
1,107,544
Int. on underlying bonds, rentals,&c. 1,089,522
—18,02
301,203
301,059
—144
Int. on First Real Est.& Ref.4% bds.
$292,486 —3900,288
def.3607,802
Net income
65.21%•
76.57%
Operating per cent
11.36%
92,395,309 107,635,984-15,240,675
Passengers carried (revenue)
See Interborough Consol. Corp. under "Reports" above.—V. 108, p. 269.
379
Pere Marquette Ry.—Dividend Subject to Approval of
Director-aeneral of Railroads.—
The directors of this company have declared a dividend of 15.4
%,payable
Feb. 1 to holders of voting trust certificates of this company's Prior
Prefer-
ence stock of record Jan. 27 1919,"subject to the approval of the DirectorGeneral of Railroads."—V. 107, p. 1580, 1385.
Philadelphia Rapid Transit Co.—Lease Rejection.—The
following are given as the reasons of the Pennsylvania P. S.
Commission for the decision not to approve the lease for
unified operation of the city and company transit lines:
(1) The sums mentioned in Item 6, Article 20, should not be postponed
in payment as set forth in Clause 2 of that article, and should be cumulative, as are the payments mentioned in Items 2, 3, 4 and 5. The taxes on
dividends and the payments on account of paving are obligations of some
of the underlying companies in accordance with their charters or Acts of
Assembly. These sums are now treated as fixed charges and should be
paid before any dividends are declared.
(2) The Commission cannot approve of the method proposed for increasing or lowering the rate of fare. To so do would in effect be determining that the initial rate is just and reasonable. This the COMIlliSSion
declines to do except in accordance with the methods and upon consideration of the principles recognized by the Public Service Company law.
(3) The provisions of Article 22 as to the custody and control of funds,
A and B, do not meet with the Commission's approval. The depreciation
reserve funds A and B are for the maintenance of the city's transit facilities.
These funds will be the property of the city of Philadelphia. They should
be deposited with the City Treasurer or the Sinking Fund Commissioners,
as Councils may determine, and should be invested in legal securities so as
to be available at all times for repairs, replacements and renewals, but
should not be invested in the bonds, notes or other securities of the Philadelphia Rapid Transit Co., as provided in the proposed lease or contract.
(4) The Commission will not now approve any contract which would be
in effect an approval of the contract of 1907. The latter is not before the
Commission, and having been entered into prior to 1913, does not require
the Commission's approval and the Commission will not in any indirect
manner give its approval to that contract. Compare V. 108, p. 269.
Tax Appeals in the Pennsylvania Supreme Court.—
The Pennsylvania Supreme Court has heard argument and reserved
decision on the appeals of this company from the decision of Court of Common Pleas No. 3, which held it liable in ten cases of its underlying companies for the payment of the income and excess war-profit taxes levied
by the Government, under the war-revenue measures passed by Congress.
—V. 108, p. 269.
Pittsburgh Lisbon & Western RR.—Short-Line Contract.
See La Crosse & Southwestern Ry. above.—V. 105, p. 1310.
Pittsburgh Railways.—Coupon Payment.—
Funds have been received by Brown Bros. & Co., Philadelphia, from
receivers for the payment of interest due Oct. 1 1918 on the First Mtge.
bonds of the Mt. Washington Street Ry. and the Allegheny Bellevue &
Perry's Street Ry.—V. 108, p. 80.
Public Utilities Co., Evansville, Ind.—Further Data.—
New York Susquehanna & Western Ry.—Fed. Adv.— Announcement was made in these columns last week of the
Federal ativances to the company in December aggregated $200,000, offering of this company's $3,000,000 First & Refunding
this being the total for year 1918 (see V. 108, p. 32).—V.107, p. 600,402. Mtge. 6% Ten-Year gold bonds.
Data from Letter of Pres. B. C. Cobb, Evansville. Ind., Dated Jan.11,
Northwestern Pacific RR.—Bonds Authorized.—
1919.
The California RR. Commission has granted this company permission
The Company.—Owns and operates, without competition, the electric
to issue $3,941,000 of its First & Refunding Mtge. 434% gold bonds, due
Mar. 1 1057, at not less than 90.612, the proceeds to be used to pay and light and power, gas, street railway and steam heating properties in Evansredeem the $3,751,000 of 5% San Francisco & North Pacific Ry. Wilds ville, Ind., and 32 miles of electric interurban road extending therefrom.
Also does an electric light and power business in nearby communities.
due Jan. 1 1919.
The Southern Pacific and the Santa Fe, owners of the entire $35,- Population served is estimated at 100.000. Incorporated June 10 1912 in
Indiana
and represents the consolidation under one fee ownership of several
Northwestern,
it
is
stated, have agreed to take
000,000 stock issue of the
the bonds at 90.612, and pending the actual issue of the bonds will advance predecessor companies.
Capitalization (upon completion of presentfinancing)Authorized. Outstand'g
the money necessary to redeem the bonds due Jan. 1 of this year. On
Dec. 31 1917 the Northwestern had $28,665,000 bonds outstanding. Common stock
$3,000,000 $3,000,000
Of these the Southern Pacific owned $23,976,000 and the Santa Fe $164,000. Preferred 6% cumulative stock
3,000,000 2,526,100
—V. 108, p. 172.
6% debenture bonds, due 1942
335,000
335,000
First & Ref. Mtge. 10-Yr. gold bonds(this issue)_ _ _15,000,000 3.000,000
Northwestern Terminal Ry., Denver,—N. Y. Committee Underlying bonds(closed
mtges.): Evansville Elec. Ry.Co. First
4s, due 1921, $1,200,000; Evansville & Princeton Tr. Co. First
of Holders of First Mortgage 5% Bonds Withdraws in Favor
5s, duo 1923,$290,000; Evansville Gas & El. Light Co. First &
of New Denver Committee.—The N. Y. Committee,formed on
Ref. 5s, due 1932, $1,190,000
2,680,000
Security.—A first mortgage on a portion of the interurban railway and on
or about Jan. 2 1918 (V. 106, p. 861), in circular just issued,
the steam heating system in Evansville, and by a direct mortgage on all the
an.nounms its withdrawal from the field and its endorsement remaining
property, subject to the prior $2,680,000 bonds.
of the Denver committee, mentioned last week. saying:
Further bonds will be reserved to refund,$for 3,the $2.680,000 outstandThe undersigned, after very careful consideration of the situation and ing underlying bonds. The remaining bonds to be authorized may be
after conferences in Denver and Washington, have reached the conclusion Issued to reimburse the compnay for 75% of expenditures made after Jan. 1
that the interest of the bondholders would be best served by a single com- 1919,for extensions, additions, &c., provided net earnings are not less than
mittee, and, accordingly, after conferences in Denver with the bondholders' twice the annual interest charges on all First & Ref. bonds outstanding,
committee formed there, and consisting of Messrs. Samuel M. Perry, including those proposed, and underlying bonds in hands of public.
Reserve Fund.—The company must either expend in each calendar year,
William A. Bell and Theodore G. Smith, a new committee has been formed
consisting of Messrs. John C. Mitchell, Henry McAllister Jr. and Thomas beginning 1919, or deposit in a general reserve fund an amount equivalent
B. Stearns, together with the gentlemen named. Mr. McAllister, who has to 20% of gross earnings derived from the railway properties, 15% from
been acting in Denver for the undersigned, will act in connection with the electric light and power,and 12% from the gas and steam heating propMr. Hughes as counsel for the new committee. Mr. Mitchell is President erties and of all other income, to be expended for (a) maintenance, &c.,•,
of Denver National Bank and Mr. Stearns is President of Stearns-Roger (b) the purchase or cancellation of bonds; or (c) for extensions, enlargements, &c.,,provided such expenditures for extensions, &c., shall otherwise
Mfg. Co. of Denver.
The new committee has been formed under a new deposit agreement be proper as a basis for the issuance of bonds, but, on account of which no
dated Dec. 18 1918, under which the International Trust Co. of Denver will bonds shall have been or shall be issued except as the reserve fund is reimact as depositary and Bankers Trust Co. of New York as agent of the bursed to the extent of moneys used or withdrawn therefrom for such expenditures.
depositary.
Franchise Situation—Rates.—In 1917 the company voluntarily surren'rho undersigned recommend holders to deposit their bonds with the new
committ3e, and will not themselves proceed to a formal organization,as a dered its franchises and received indeterminate permitsfor the operation of
all its properties with the exception of such portions of the interurban line
committee.
[Signed by Henry H. Wehrhano, P. J. Lisman, W. C. Ely and John D. on private right of way. During the past year the Commission approved
increases in both street and interurban railway fares and rates for gas, elecHowardb—Compare V. 108, p. 269.
tric power and steam heat.
Oklahoma (City) Ry.—Note Offering.—The Missfssippi
Earnings for the 12 Months Ending Nov. 30 1918.
is
Louis,
offering
St.
$1,647,590IInt.on $5,680,000 bonds out$302,000
Trust
Co.,
this
Valley
company's Gross earnings
taxes and maint. $595,941 I Balance
$293,941
$375,000 Bond-Secured 8% gold notes, dated Sept. 11918, Net after
Comparative Statement of Gross Earnings for Calendar Years.
due Mar. 1 1921. A full description of the issue and the
1913.
1914.1916.
1917.
company'', properties, earnings, &c., may be found in V. $1,101,252 $1,187,754 $1,1196175,312 $1,326,993 $1,468,611
Property.—The electric property comprises two generating stations with
107, p. 1837.
an aggregate installed capacity of over 16,500 h. p. of steam turbine units
Current
is distributed to 6,972 consumers' meters over about 960 miles of
Ry.—Receiver
Asked.—
Pacific & Eastern
electrical conductors, including a 20,000-volt 3-phase high-tension line exA petition was filed on Jan. 16 in the U. S. District Court at Portland, tending 54 miles out of Evansville. The gas plant has oven coal-gas careceiver
for
this
33-mile
of
a
appointment
property operating pacity of 1,250,000 cu.ft. per day,retort coal-gas capacity of 660,000 cu.ft.
Oro., for the
between Medford and Butte Falls, Ore. It stated that most of the bonds and carburetted water-gas capacity of 1.750.000 cu. ft., making
a total
are held by the Spokane Portland & Seattle RR.—V. 107, p. 1288.
capacity of 3660,000 cu. ft. per day. The gas distribution system consists of 122 miles of high and low pressure mains with 11,222 meters in use.
Paris & Mt. Pleasant RR.—Short-Line Contract.—
The steam heating system supplies the principal business section of EvansSee La Crosse & Southwestern Ry. above.—V. 96, p. 1298.
ville through more than two miles of mains leading from one of the electric
power stations.
Pennsylvania RR.—Improvements Halted—Consolidation.
The railway property includes over 69 miles of single-track equivalent,
A press dispatch from Philadelphia states that work has been stopped of which 37 miles are city lines in Evansville and the remaining 32 miles
on improvements which,it is estimated, would cost upwards of $10,000,000. embraces the interurban line from Evansville to Princeton and Patoka. Ind.
Because its revolving fund of 3500,000,000 is nearly exhausted the Railroad The company,also owns sufficient rolling stock for city and suburban serAdministration has adopted a policy of retrenchment and work is being vice and car barns and shops of adequate capacity for its purposes.
Equity.—On the basis of appraisals, the replacement value of the property
stopped eccept in cases where the improvements cannot well be postponed.
he improvements on the Pennsylvania on which work was stopped this Is substantially in excess of the present mortgage debt et $5,680,0013. The
week temporarily were the classification yards being constructed at the equity is represented by $335,000 6% debenture bonds, $2,526,100 out105 n. 269.
following places: Edgemoore, near Wilmington, Dela.; Waverly, N. J.; standing pref. and U.000.000 common
Meadows Yard, N. J.; Sharpsburg, near Pittsburgh, and the 52d St.
Rapid Transit in New York.—Nostrand Ave. Tube.—
(Overbrook) yard in Philadelphia. These improvements were to cost
between $5,000,000 to $6,000,000.
The New York P. S. Commission has decided favorably upon the proThe directors of this company and the Cumberland Valley RR. on Jan. posed extension of the Nostrand Ave. subway to Manhattan Beach and
22 took preliminary action looking toward the complete absorption by the Coney Island by way of the tracks of the Long Island RR., which latter
parent company of the Cumberland Valley, RR., following which the company has signified its willingness to accommodate the city in this matcorporate existence of the latter will be ended. Stockholders of the Penn- ter. The consent of the Board of Estimate is necessary before construcsylvania RR, will vote on the matter on March 4.—V. 108, p. 269, 172.
tion can begin.
•
[VoL. 108.
THE CHRONICLE
380
Trustee, Central Union Trust Co. of N. Y. Interest Q.-F. 2. Denom.
$1.000 and $5,000 C.
Security.-These notes will be secured by pledge of Washington Water
Power Co. First Refunding 5% bonds due July 1 1939 in the amount of
$1,200 par value of bonds for each $1,000 par value of notes issued.
The notes are followed by $15,490,000 capital stock on which dividends
of 4% are now being paid. The company has paid dividends continuously
on its outstanding capital stock since 1902.
Earnings for Calendar Year 1917.
$2,856,213 Int. on bonds & float. d't_ $433,754
Gross revenue
Clark Street Tunnel.$971,567
$1,405,321 Balance
Net after taxes, &c
Announcement is made by the Public Service Commission that the Clark
For the 10 months ended Oct. 31 1918 gross earnings were reported as
Street tunnel line, running from Wall and William St., New York, to Bor- $2,404,960, an increase of $102,173, or 4.4% over the corresponding period
ough Hall, Brooklyn, will be ready for operation about April 1.-V. 108, of 1917, and net earnings for the same period were reported as $1,159,986,
p. 270, 172.
an increase of $41,978, or 3.8%.
-V. 107, p. 803.
Proposal of Continuous Transit Securities Co.-
The Continuous Transit Securities Co. has filed with the P. S. Commission a plan for the establishment of a moving platform in 42d St. in place
of the present shuttle subway operation between the East and West Side
subway lines. It is proposed to utilize two of the four tracks and to construct three moving platforms, the fastest of which will operate at a speed
of 9 m.p.h., and its seating capacity be 31,680 passengers per hour. The
cost is estimated at less than $1,000,000.The commission has taken the
plan under consideration.
Seattle & Rainier Valley Ry.-Secretary.-
Yosemite Valley RR.-Interest Status.-In a letter to the
holders of this company's $3,000,000 First Mtge.5% bonds,
Sharon Railway.-Dividend-Revised Data-Suit-Stk.- interest on which was defaulted Jan. 2, the Mercantile Trust
At the meeting of the board on Jan. 13 a dividend of 23i% was declared,
of San Francisco, trustee, says:
payable on March 1, being at the rate of 5% per annum. This is a second Co.,
Henry M. Brooks succeeds M. Murphy as Secretary.-V. 107, p. 1385.
reduction, as the rate in 1918 was cut from 6% to 63,6%, a dividend of
24% having been paid in March and again in September. The company
has brought a suit against the Erie RR. Co. claiming that it is in default
in the payment of rental under the provisions of the lease, the terms of
which are interpreted by the officers of the company as in effect guaranteeing dividends at the rate of 6% p. a. on the outstanding stock. The
Inter-State Commerce Commission has also reported the rent as "6% on
capital stock, interest on bonds and $2,100 for organization expenses.
In 1918, however, owing to Federal taxes, a part of the accustomed rental
was withheld with the result mentioned.
The stock has been increased from time to time for betterments and on
Jan. 13 1919 amounted to $1,205,000 (par $50), but this amount, it is
understood, will be increased in the course of the next 30 days to about
31,400,000, in order to reimburse the Erie for double tracking done on the
New Castle branch. This branch is used jointly by the Erie and the
Pittsburgh & Lake Erie for service between Sharon and New Castle.V. 103, p. 2343.
Short-Line Contract.-Standard Form of Contract for
Short-Line Railroads.-See page 235 in last week's issue.
Sioux City Terminal RR.-Federal Manager.-
Funds for the payment of coupons due Jan. 2 1919 have not yet been
deposited with the undersigned as trustee.
The trust deed given to secure the said issue of bonds provides that if this
interest is paid within six months from its due date the default will be cured.
We are informed on what we consider reliable authority that the earnings
of the company have been sufficient to meet the interest charges to July 1
1918; that the railroad company has no floating debt beyond ordinary
current items and that the failure to earn the interest during the season of
1918 was duo to extraordinary conditions arising from the war emergency.
We are further advised that a committee of bondhodlers, representing a
large percentage of the bonds, is about to collect information in regard to
the situation of the railroad company and that a statement containing this
information will be forwarded to the bondholders in the near future, probably within the next thirty days.
We would suggest that bondholders do not consider selling their bonds
at what may prove to be a sacrifice without deliberation, and not until
they have received the information from the committee of bondholders.V. 85, p. 655.
INDUSTRIAL AND MISCELLANEOUS.
Air Reduction Co., Inc.-Reduction of Pref. Shares.Increase in Common Stock-Status, &c.-The stockholders of•
Tacoma Ry., Light & Power Co.-Municipal Operation. this company will vote Feb. 19 on (a) reducing the number
The city of Tacoma, Wash., on Jan. 1 took over the operation of the of preferred shares which the company may issue to 5,252,
municipal tideflats car line, which has been operated by the company the number now outstanding; (b) increasing the number of
under contract.-V. 107, p. 403.
common shares without par value which the company may
Toledo & Ohio Central Ry.-Federal Adbances.issue to 258,320; and (c) increasing the number of the diFederal advances to the company in December aggregated $770,000,
this being the total for year 1918 (see V. 108, p. 32).-V. 107, p. 1386. rectors to 14.
Extracts from Letter of Pres. W. W. Dirge, Dated New York. Jan. 18.
Toledo Railways & Light Co.-Improvements, &c.Terms of Subscription.-Subject to the increase in the number of common
Federal Manager S. G. Strickland of the Chicago & North Western RR.
has had his jurisdiction extended to include this property.-V.70,p.1292.
The shareholders of this company on Jan. 16 authorized the issuance of
$3,200,000 bonds, the proceeds of which are to be used for additions and
improvements to the electric light and power properties. It is stated that
the company has plans in view, but that no announcement is forthcoming
at the present time.-V. 107, p. 2098.
Topeka Street Railway.-Fare Decision.The Kansas P. U. Commission has dismissed the application of this company for permission to charge a 6c. fare. A petition may be filed in Juno,
when further consideration will be given to the proposed increase.
Trinity & Brazos Valley Ry.-Settlement.See Chicago Rock Island & Pacific By. above.-V. 103. p. 2429.
Twin City Rapid Transit Co.-Valuation Accepted.A press dispatch from Minneapolis says the special committee on street
railways of Minneapolis City Council has recommended that valuation
of Minneapolis Street Ry. properties, placed at $24,346,113 by C. L. Pillsbury, engineer, be accepted. -This development indicates that the Council
is making ready to take up matter of renewal of Minneapolis Street By.
franchise, which expires in 1923, and on which it was impossible to get
action under the former city administration.
Valuation made by City Engineer Cappalen was $25,914,307, and the
company placed the figure at $30,712,000. The committee also is in favor
of granting the company 7% on valuation, agreed upon in the event that
a division of earnings with the city becomes a part of the franchise as
eventually granted.-V. 107, p. 2377.
United Gas & Electric Corporation.-Earnings.-Statement of Earnings for 12 Mos. ended Nov. 30, Sept. 30 and June 30 1918.
Sept. 30.
June 30.
Years 1917-18-12 Mos. ending- Nov. 30.
Balance of subsidiary operating co's_ $1,242,680 $1,356,472 $1,406,013
246,967
Deduct-Reserve for renew.& replace.
243,139
404,750
392,936
291,264
Earns. applic: to stk. of sub. cos.._
302.617
Balance, net
Netfrom bond invest. & other sources
$708,276
175,794
$806,888
183,523
$608,317
208,117
Total
$884,070
558,000
Deduct-Int.on U. G.& E.Corp. bds.
Int. on U. G.& E. Corp. ctfs. ofind.
134,806
58,580
Amortization of debt discount_ _ _ _
$990,411
558,000
134,794
57,853
$816,434
558,000
135,948
56,750.
Balance for 12 months
$65,736
$239,765
$132,684
For sub. co. earnings, see "Earnings Dept." above.-V. 107, p. 2478.
United Power & Transportation Co.-Dividend.A dividend of 50 cents has been declared on the stock payable Jan.
31 to holders of record Jan. 14.
A Philadelphia paper states that this payment, together with other
income received by the Inter-State Railways Co. will provide for the semiannual interest requirements on Inter-State Railways 45 so that the Feb.
1 coupon will be paid as usual.
In Jan. 1918 a dividend of $1 32 was paid and in July $1 20.-V. 107,
p. 1386.
United Railways Co. of St. Louis.-Stipulation Signed.
Counsel for the city and this company on Jan. 15 signed the formal agreement and stipulation by which the company has agreed to pay and recognize
the mill tax,and the city has agreed to abandon the dispute on the franchise
of the Jefferson Avenue line. Compare V. 108, p. 270, 80.
Virginia Railway & Power Co.-Sale Offer.A press dispatch from Norfolk, Va., states that Frank J. Gould, principal owner of this company, which owns the trolley lines of Norfolk, Richmond and Petersburg, has offered to sell his holdings to the cities of Richmond and Norfolk and to accept municipal bonds in payment therefor.
-V. 108, p. 270, 80.
Waycross(Ga.)& Western RR.-Sold.-PartiallyJunked.
Judge Evans in the United States District Court at Macon, Ga. on Jan
20 confirmed an order, under which that part of the property extending 16
miles from Cogdell to Milltown is to be junked. The stretch of railroad
from Cogdell to Waycross is to be continued in operation for a period of
five years under the terms of the order. The purchaser, the Empire
Construction Co., pays $73,000 for the rail and ties when delivered at
Waycross.
The Waycross to Cogdell portion of the railroad is sold as a going concern
for $120,000 and the purchasers agree to operate this part of the road for
five years under a contract with the Knox Lumber Co.-V. 108, p. 81.
Washington Water Power Co.-Offering of 1-Year Notes.
4%,
/
-White, Weld & Co. are offering at 993-i, to yield 63
an issue of One-Year 6% Collateral Trust coupon notes
due Feb. 2 1920. Authorized, $3,500,000, to be presently
issued about $2,900,000.
shares being authorized by the stockholders, the board has resolved to offer
47,082 common shares to the common stockholders of record Feb. 19 at
$50 per share, being 40% of their respective holdings. The directors
recommend, however, that the stockholders limit their subscriptions to
20% of their holdings, and that they waive their right to sulAcribe to the
remaining 20%.
Subscriptions will be received up to and must be paid in full on or before
April 11919, for which warrants will be mailed. Upon such payment fully
paid stock certificates will be issued which will be entitled to any dividends
declared after April 1 1919. Scrip certificates for fractions will not be
entitled to dividends, but may be exchanged for full shares.
Conversion of Pref. Stock.-Out of the shares upon which the rights of
subscription shall have been waived or not subscribed for the board proposes to set apart 10,504 shares for the conversion of the 5,252 shares
($525,200 par value) of pref. stock still outstanding at the rate or two shares
of common stock for each share of preferred. Chiefly by reason of conditions due to the war the French interest, which holds all the pref. stock
now outstanding, did not feel able to convert the same when all the other
pref. stockholders converted their shares in March 1917, but has now indicated its willingness and ability to effect the conversion. This will elithinate the pref. issue entirely.
Employers' Subscriptions.-To the remaining shares the board proposes
to add as much as necessary of the 2,320 shares at present authorized but
unissued, and thus create a fund of 15,000 shares to be reserved for subscription by executive officers and principal employees at not less than $50
per share under a plan for deferred payments.
Assets.-Since Jan. 31 1917 the value of the fixed assets of the company
has been increased by more than $4,500,000. Of this amount $2,900,000
was realized by the 1917 issue of stock, and tho proposed issue will partially
capitalize the remainder.
Business.-The gross business in oxygen has trebled in volume and the
profits have increased proportionately. With the several new plants now
nearing completion the company will shortly be operating 20 oxygen plants.
During the war a heavy demand was made upon the company to supply
all of the nitrogen gas plants required by the Government; but, having
now substantially completed these undertakings, the company is again
upon a peace basis.
The directors report that regular business is good, and that, as war conditions have brought about a great extension of the use of oxy-acetylone
methods in various industries, the prospects are for the continuance of a
strong demand for the company's products at satisfactory prices. Owing
to the uncertainty of the tax situation, the board has felt it necessary to
adhere to the past conservative policy in the matter of dividends.-V.
107,p. 1386.
Alaska Juneau Gold Mining Co.-Bond Issue.At the stockholders' meeting hold at the office in the Crocker Building,
San Francisco, on Jan. 10, nearly 70% of the outstanding capital stocic
being represented, it was voted unanimously to authorize the $3,500,000
bond twine, practically as set forth in President Bradley's letter of Nov. 23
1918. The laonds, we are informed, will be sold privately to stockholders •
of the company who have confidence in the property.
Digest of Letter from Pres. F.W. Bradley, San Fran., Nov. 23 1918.
The new mill has been able to accomplish less than one-half of its promised capacity at an operating cost per ton of over twice the expected cost.
The experimental features have proved unsuitable for the Alaska Juneau
ore, and plans are now under way for so altering and enlarging the mill as to
reduce its operating cost and bring its daily capacity up to 8.000 tons of
ore as originally promised. It is estimated that these alterations and enlargements can be carried out at a further expenditure of not to exceed
$500,000; and that, when completed, the property can then earn an op- •
orating profit of $1,400,000 per year as originally estimated.
At the time the new mill started up, March 31 11)17, all the company's
funds had been expended and there was an indebtedness of $141,226. At
the end of 1917, the net indebtedness had increased to $1,015,934, with the
progress accomplished as stated in the last annual report. Since Jan. 1
last, progress has been made as follows:
Results for 10 Months ended Oct. 31 1918 and En.tire Year ended Dec.31 1917.
10 Mos.'18. Year 1917.
(October 1918 estimated.)
Tons of rock crushed (ranging from 118,809 Jan.
672,424
498,861
1918; 24,210 Oct. 1918
86.50 cts. 87.50 cts.
Gold assay value of same, per ton
74%
79.5%
Mill extraction
Total gold recovered, including $33,567 from ab$376,707 $170,534
sorption cleanup
All Juneau operating expenditures [operating milling
costs, 63 cts. per ton, against 56.11 cts. In 1917;
operating mining and tramming cost, 38 cts. per
554,549
633,434
ton, agst. 38.95c.; all other, 10.10c., agst. 2.29c.J_
$177,842
Operating loss
74,664
San Francisco and N. Y.expenditures, taxes, int. est.
93,686
All other Juneau expenses, additions, &c
1,015,934
Add net indebtedness of Jan. 1
Cr.15,059
Decrease of warehouse supplies
Total net indebtedness as at end of period
•
$162,900
62,888
736,730
Not
shown
$1,347,067 $1.015,934
JAN. 25 1919.]
THE CHRONICLE
In order to secure the amount still necessary to complete correcting the
defects in the milling plant, in order to fund the indebtedness and for other
purposes, I suggest authorizing an issue of $3,500,000 of 1st Mtge. 10-year
7% gold bonds, to be disposed of as follows:
(1) $1,500,000 or so much thereof as may be necessary to be exchanged
at par for outstanding obligations and floating debt.
(2) $500,000 to be sold at not less than par to bondholders, stockholders
or the public, at such times and in such amounts as may be required in order
to complete the alterations and enlargements of the milling plant already
planned and now under way.
(3) The balance to remain in the treasury, to be used from time to time
as may be required for the following purposes:
As it is contemplated that it will require two years' time to place the
property on a paying basis, I recommend that for the first two years interest
on the outstanding bonds shall be paid in scrip (exchangeable at par for
bonds) or cash, at the option of the board. If the directors determine to
pay interest in cash, and the earnings of the property are not sufficient to
supply necessary funds, bonds to the extent necessary to supply any deficiency may be sold at par and proceeds used for this purpose.
Also said bonds, or so much thereof as may be necessary, shall be subject
to sale at par at the discretion of the board for the purpos J of acquiring
additional property,increasing facilities and providing for possible operating
losses during the two-year period estimated for completing alteration and
enlargement of milling plant, and placing the property on the operating
earning basis originally estimated.
With the end of the war there has been an increase in the supply of common labor in the Juneau district, and it is reasonable to expect a sufficient
increase in the supply of skilled labor to complete the milling plant in two
years' time after the necessary money for the work has been secured. Therefore it would seem safe to provide for a sinking fund to commence at the
end of five years or sooner, at the option of the company. Also it would
seem advisable to provide for redemption of the bonds at any time at the
option of the company at 110.-V. 107, p. 2377.
Aetna Explosives Co.-Sale of Plant.It is reported that this company has practically concluded negotiations
for the sale of its military explosives plant at Drummondsville, Can.V. 108. P. 271. 173.
Alaska Packers' Association.-Extra Dividend.-
The directors have declared an extra dividend of 25%, payable in Liberty
bonds, on Feb. 10. Extra dividends of $2 each were paid from income
of insurance fund investments Feb. 10 1917 and Feb. 9 1918. A special
dividend of $20 per share was also paid Feb. 0 1918.-V. 106, p. 1228.
Alliance Realty Co.-Balance Sheet Dec. 31.1917.
1918.
1918.
1917.
LiabilitiesAssets$
$
N.Y.C. real est_ 401,025 370,835 Capital stock_ _ _2,000,000 2,000,000
Invest, in stock_1,891,846}
Accrued interest
Other N. Y.City
payable
2,280,214
8,821
8,843
real est. inv.._ 351,501
Sundry accounts
Bonds & mtges_ 282,086 428,000
payable
28,751
47,860
Marketable stirs.
Reserve for divi&bds.oth.than
dend
30,000
30,000
real estate_ _ _ _ 125,290
Reserve for conBills & accts. rec.
2,708
25,315 ' tingencies__ __ 349,997 349,997
Cash
40,799
28,549 Surplus
698,995 726,360
Accr. int.&dies_
21,307
30,146
Furn. & fixtures
1
1
Total
'1,116,561 3,163,060
-V. 106, p. 925.
Total
3,116,564 3,163,060
American Bosch Magneto Corp.-Successor Corporation
- -Offering of Capital Stock.-Ilornblower & Weeks, having
sold a majority of the stock, are offering at $65 per share
the balance of this company's capital stock, of which there
is authorized and outstanding 60,000 shares of no par value.
(See also advertising pages.)
Data from Letter of Arthur T. Murray. Gen. Mgr. Bosch Magneto
Corporation, Dated Jan. 10 1919.
Organization.-To be organized in N. Y. as successor of the Bosch Magneto Co., formed in 1906. Originally financed by Robert Bosch of Stuttgart, Germany, who erected a large factory in Stuttgart. In 1906 the
American demand had increased to such an extent that an American company was formed. The growth since 1906 has been rapid and a large plant
was erected at Springfield. Mass., which was placed in operation in 1912.
Since then various extensions have been added.
The entire capital stock and certain patent rights, &c., were seized by
A. Mitchell Palmer, the Alien Property Custodian, and were sold by him
in Dec. 1918. The American Corporation is to acquire all the property and
business of the Company and the patent rights, &c. The principal products
are magnetos, starting and lighting systems and battery ignition systems,
used with gas engines on automobiles, tractors, motorcycles, motorboats
and airplanes, and also with stationary and portable gas engines. Also
makes spark plugs, spark coils, impulse starters, switches, cable terminals.
Capitalization (After Present Financing)Authorized. Outstanding.
7% Serial Gold notes
$1,800,000 $1,800,000
Capital stock (without par value)
60,000shares 60.000shares
Plant.-The factory buildings in Springfield end Chicopee, Mass., cover
about six acres. The company has branches in New York City, Detroit,
Chicago and San Francisco; also distributing agencies and service stations
in 176 other cities in the U. S., and in Australia, Cuba, Porto Rico, Philippine Islands, Hawaii, Argentine, Peru, Chile, Bolivia, Denmark, Sweden,
Norway, Finland and British South Africa.
Note Issue.-The $1,800,000 7% notes constituting the company's
only obligations outstanding other than current trade accounts, will mature
in equal amounts one, two and three years from their date. No mortgage
is to be placed upon the property while any of these notes are outstanding.
The notes will bo redeemable at 101 and int. at the option of the company
on any interest date upon 30 days' notice, as a whole, in series, or in part.
Balance Sheet as of Sept. 30 1918, Including New Financing.
("Plant and equipment, $2,363,301,' is certified by Mfrs.' Appraisal Co.)
AssetsLiabililiesCash and ctfs. of deposit__ $540,344 Current liabilities
$208,092
Liberty bonds and interest_ 651,719 Relief fund
1,271
Accts. recle, less reserve.... 362,111 Reserve for contingencies
120,000
Merchandise inventories__3,021,686 Reserve for Federal taxes
100,000
Investments
91,003 7% notes due 1920-1922_ _ _1,800,000
Sundry accts. receivable_
10,836 Capital and surplus
4,903,527
Plant and equipment
2,363,301 (60,000 shares of no par val.
Other property, not apped 56,188
equal to $81 72 per share.)
Patents
1
Deferred charges
35,701
Total each side
$7,132,890
The net quick assets alone of $4,367,768 are over 2.4 times the principal
of the notes, and are equal to par for the notes and $42 per share for the
stock. Total net assets of $6,703,526 are over 3.7 times the principal of
the notes, and are equal to par for the notes and $81 per share for the stock.
Gross Sales and Net Profits After Depreciation, but Before Federal Taxes,
Years ending Sept. 30(15 Months to Sept.30 1914.)
Period1915-16.
1913 (15 mo.) 1914-15.
1916-17.
1917-18.
Sales
$5,258,036 $4,617,059 $4,009,022 $4,539,408 $3,815,786
Net profits
$1,586,366 $1,554,606 $806,646 3478,564 $670.547
The average profits of $970,800 are equivalent to over $14 per share for
the stock. Under the new management, net profits after depreciation but
before Federal taxes have averaged over $65,000 per month.
The falling off in gross sales and net profits for the period beginning in
1915 was chiefly duo to the fact that the former management did not wish
to sell its products to any one who might supply the Allies' war needs.
When the business was taken over by the Allen Property Custodian, about
April 30 1918, a new management was installed. A considerable portion
of the gross business since July 1 1918 was for Government departments,
substantially on a cost basis; so that none of the above profits were derived
from war business.-V. 108, p. 271.
American Brass Co.-Extra Dividend.-
An extra dividend of 1%% has been declared on the $15,000,000 outstanding capital stock in addition to the regular quarterly of 1%%, both
payable Feb. 15 to holders of record Jan. 31. An extra of 33% was paid
in each quarter of 1001.-Y. 107. u. 1570.
381
American Hide & Leather Co.-Exec. Comm. Increased.
The membership of the executive committee has been increased from 5
to 7 through the addition of Charles E. Danforth and Lindsey Hopkins
of Atlanta, Ga.
Earns. 3 and 6 Months.3 Months ending
*Net
Bond
Sinking Interest on Balance.
Dec. 31Earnings.
Interest. Fund. S. F. Bonds. Surplus.
1918
$498,617 $50,085 $37,500
$77,790 $333,242
1917
867,587
58,830 37,500
702,212
69,045
1916
1,235,337
62,670
37,500
65,205 1,069,962
1915
646,466
68,400
59,475
37,500
481,091
6 Months1918
$1,312,822 $103,870 $75,000 $151,880 $982,072
1917
1,356,849
118,970
75,000
136,780 1,026,099
1916
1,511,424
128,010
75,000
127,740 1,180,674
1915
1,239,198
140,140
75,000
115,610
908,448
* After charging replacements and renewals and interest on loans. Net
current assets, $14,262,026. Bonds in hands of public, $2,861,000.
-V. 108, p. 81.
Amer. Pipe & Construction Securities Co.-Redemp'n.
One hundred eight ($108,000) 6% 10-year Collateral gold bonds due
/tag. 1 1922 have been drawn for redemption at 102% and int. on Feb. 1
at the Girard Trust Co., Philadelphia, Pa.-V. 107, p. 1921, 1386.
American Smelters Securities Co.-New President, &c.
See American Smelting & Refining Co. below.-V. 106, p. 2453.
American Smelting & Refining Co.-New President, &c.
-Simon Guggenheim, former U. S. Senator from Colorado,
and present Chairman of the board of directors of the American Smelting & Refining Co., has been elected to succeed
his brother, Daniel Guggenheim, as President. He will also
be President of the American Smelters Securities Co.
For the past 30 years, except for a period of six years when he was in the
United States Senate and entirely withdrew from all business connections,
Senator Guggenheimhas been associated with his brothers, first in the details of mining and smelting operation in Mexico and the West, and later
in the management of the Smelting & Refining Co. He brings to the new
office the ripened experience of years in executive management and large
financial operations and a wide knowledge of the mining and smelting industry, gained through a thorough practical training in the field and a close
study of their economic values. He was born in Philadelphia Dec. 30 1867.
Digest of Statement from Daniel Guggenheim, Retiring President,
New York, Jan. 15 1919.
For many years the senior members of the firm of Guggenheim Brothers
have been the dominant factors in the management of the affairs of the
American Smelting & Refining Co. and of the American Smelters Securities
Co. They feel that, if these companies are to retain and improve their
business positions, it.is advisable to turn over the management and control
to younger and more agaressive men. It has therefore been decided that
three of the older members of the firm of Guggenheim Brothers should
retire, so that the important offices of President, Chairman of the executive
committee and Chairman of the tinane° committee may be filled by others.
It is the expressed wish of the board that Hon. Simon Guggenheim,
formerly United States Senator, who for the past six years has been active
in the management of these companies, as Chairman of the board of directors, should succeed to the Presidency of the Smelting company and the
Securities company. The other offices will be filled by men now connected
with the companies, who are in every respect fully capable offilling the same.
It is the intention of Mr. Murry Guggenheim and myself to remain as
members of the board of directors, and we will place our services at the disposal of the directors of the companies in an advisory capacity, but without compensation. No member of the firm of Guggenheim Brothers has
ever participated in any way in the distribution of profits allowed (very
opportunely it is believed) to other operating officials and employees.
The earnings of the past fiscal year are satisfactory and the finances of
the companies are in excellent shape. During the reconstruction period
confronting the whole world, some difficult months may be expected, but
I am a great optimist as to the future, based upon the enormous demand
that must be made for raw materials. These demands will be felt as soon
as the various business interests realize that prices and supplies are at a
low ebb.-V. 107, p. 2478.
American Stores Co.-Gross Sales.YearGross sales
-V. 107, p. 504.
1917.
1918.
Increase.
362,292,375 $58,123,807 $4,168,568
tz.* Ste
14_1
American Sugar Refining Co.-Zoning Restrictions End.
Secretary Freeman has made the following statement: '"I'he announcement by the Food Administration of the abolition on Jan. 20 of all zoning
restrictions is a matter of utmost importance to the industry and to the trade.
"The restriction of territory was in pursuance of the aim of the Food
Administration to effect, with the aid of the Eastern and Southern refiners,
a wide distribution of Western cane, United States beet and Louisiana
clarifieds. In order to make these plans effective, Southern and Eastern
refiners were obliged to yield markets formerly open to them and cease
distributing sugars in the larger part of their former territory. This involved the abandonment of selling plans at a great expense to the Eastern refiners.
"Now that the zoning system is abolished it is believed that the service
which the industry has rendered through the Food Administration to the
trade and the public will receive deserved recognition."-Y. 107, p. 2291.
2190.
American Telephone & Telegraph Co.-Opposition by
State Commissions to Rate Order of Postmaster-General Burleson.
Full particulars may be found under "Current Events and Discussions"
on a preceding page or in a subsequent issue of the "Chronicle."
Subsidiary Company Bond Offering.See Southern California Telephone Co. below.-V. 108. IL 271, 173.
American Woolen Co.-Peace Conditions.-
An official statement issued on Jan. 20 says:
"The worsted mills in Lawrence are running on short time due to the fact
that all Government work has been canceled and market conditions are
such that the manufacturers cannot get orders for their regular line of business. The most important reason for this Is that wool and other raw materials are falling in price every day.
"Wools that cost $1 02 per pound on Nov. 30 can now be bought for 70
cents. The men who buy cloth know this and will not buy until they think
the lowest price of wool has been reached.
"It takes several weeks to get our samples to show the trade. This is
being done as rapidly as possible, and the mills think that business will soon
pick up.
"Mills are shut down or running only part time all over the country and
Lawrence is much better off than most of the places in New England. Some
mills are fortunate enough to have work to complete for the Navy and some
others are making special cloth now in demand that other mills are not fitted
to make.
"If wool prices had not fallen rapidly since December, manufacturers
would have made up some cloth for stock, hoping to be able to sell these
goods later when there is a demand, but with falling wool prices this would
only show a dead loss. As it is. the mills of the American Woolen Co.have
made several thousand yarcLs of cloth for which they have no orders, and
these goods, when sold, will necess.rily show a loss to the company."V. 107, p. 2378, 2190.
American Writing Paper Co.-Deposits-Time Extended.-The committee, George C. Lee, Chairman, representing First Mtge. Sinking Fund 5% gold bonds, due July 1
1919, announces by advertisement on another page that over
,800,000 or 80% of the $11,000,000 bonds have been deposited under the agreement dated Oct. 10 1918, and calls
attention to the fact that the success of the plan is of such
382
THE CHRONICLE
[VOL. 108.
Extracts from Letter of 0. C. Barber.
The shares of stock of the American Hominy Co., American Sewer Pipe
Co., Babcock & Wilcox Co., Bryant & May Co., Ltd., Diamond Match
Co., General Fire Extinguisher Co. and the National Protection Co. alone
are quoted in the present market at a sum equal to approximately $1,500,000, and based upon book value, are worth substantially in excess of the
total note issue.
The National Coal Co. is an Ohio corporation having an authorized and
Announcement is-made that this company's plant is being operated on a outstanding capital stock of $300,000, and owning 7,500 acres of coal in
schedule of 5X hours per day, due to general trade conditions in the present Guernsey and Belmont counties, Ohio, with an estimated unmined tonnage
readjustment period.
of 39,000,000 tons. Its only indebtedness, outside of current accounts,
consists of approximately $162,000 of purchase money mortgages.
Reduction in Prices.The Northwestern Rubber Co. was organized under West Virginia laws
This co. has announced a reduction in its scale of prices of about 20%.
some years ago, to reclaim old rubber; plant at Liverpool, Eng.; main office
-V. 107, p. 2378.
in Akron, 0. Authorized and outstanding capital stock, $2,500,000 comand $500,000 pref.; no indebtedness other than current bills.
Anheuser-Busch Brewing Assn.-Property Returned.- mon
The Union Salt Co. is an Ohio corporation, owning about 13 acres of lake
See page 231 in last week's issue.
on which a modern plant was completed this past year, with a profront,
Interests affiliated with the brewery enterprise have organized the Bevo ductive capacity of 275 tons of salt per day. Authorized and outstanding:
Packing Co. with an authorized capital stock of$1,000,000 and will remodel (a) Capital stock, $500,000;(b) First Mortgage bonds, $350,000;(c) Second
the brewing plants for the packing business, &c.-V. 107, p. 2378.
Mortgage bonds. $39,500. During the past year this property was appraised at $1,200,000, exclusive of the value of riparian rights.
Arkwright Cotton Mills Corp.-Dividend.The Wilson Realty Co. is an Ohio corporation; outstanding capital stock
A quarterly dividend of 10% has been declared on $450,000 capital stock, of $250,000. Property consists of about 22 acres, all on the Cleveland lake
paid
last
Aug.
and
Nov.
In
15.
Jan.
record
payable Feb. 1 to holders of
No indebtedness against this except possibly $25,000 or $30,000 for
front.
a dividend of 10% and in Feb. and May paid 3%.
carrying charges.
On my farm I have spent over $2,500,000, and from it I took a crop last
Atlantic City Gas Co.-Interest Not Paid.year worth nearly $400,000.
J. M. Johnston, Secretary of the Protective Committee for the First
The dividends paid during the year 1918 on pledged stocks were about
Mtge. 5% Sinking Fund gold bonds, writes:
$200,000.
Mtge.
First
Co.
Gas
City
"The interest due Jan. 1 1919 on the Atlantic
5% bonds was not paid. The company has a period of grace of three
Bethlehem Steel Corporation.-Common Dividend,(in
months under the terms of the mortgage, within which to meet the interest
Extra.1
0 With 14%
before foreclosure proceedings can be taken,and we do not know if they will 1917-18 23/2% Quarterly,) Now 1%7
be able to meet the same before that time.
an extra dividend of
declared
Thursday
on
directors
The
ComU,
P.
the
by
granted
recently
very
was
rates
in
"A slight increase
on both classes of "A" and
1
mission of New Jersey, which may be of assistance to the company in 1 3 % and a quarterly of 14%
paying the above-mentioned interest. No letter concerning the above "B" common stock. From July 2 1917 up to and including
1387,
p.
107,
V.
-Compare
interest has been sent out by the committee."
the Nov. 1 1918 payment, quarterly dividends were at the
504, 404, 292. 84.
vital importance to the present bondholders that it has extended the time for deposit of bonds unt4 Feb.'20 1919.
Deposited bonds must have the July 1 1919 coupon attached.
Compare V. 107, p. 1671, 2190, 2291, 2478.
Amoskeag Manufacturing Co.-Curtailment.-
annual rate of 10% on both these issues.
Atlantic Refining Co.-Subsidiary Co. Incorporation.- regular
The 7% dividends on the 7% preferred and 8% on the
8% preferred stocks were a!:o declared, payable in quarterly
Atlantic Refining & Asphalt Corp.-Incorporated.-shown in the reports above.
This company, understood to be a subsidiary of the Atlantic Refining installments, as
Preliminary Report for 1918.-Under "Reports" on a
Co., has been incorporated in New York with an authorized capital stock
of $10,000. It is stated that stockholders of the Atlantic Refining Co. preceding page will be found the preliminary rep ot for the
will receive notification of the details in due course.
calendar year 1918.-V. 108, p. 173, 82.
Atlantic Sugar Refinieries Co.-Listed in Montreal.ConCumulative
has
listed
Exchange
$2.500,000
Stock
The Montreal
Bevo Packing Co.-New Enterprise.See Atlantic Refining & Asphalt Corp.-V.107, p. 1839.
vertible 7% Preferred stock and $3,500,000 common stock of this co.
The company's plant is located at St. John, New Brunswick, and is
stated to be one of the three largest sugar refinieries.in Canada. A press
report states that in two years' time the company's sales have increased
from $6,000,000 to over $10,000,000.-V. 106, p. 2759.
See Anheuser Busch Brewing Association above.
ast Walpole, Mass. (Building'
Bird & Son,
Gold Notes.-Lee, Higginof
Products).-Sale Inc.,10-Year
sold at a subBabcock Printing Press Mfg. Co.-Offering of Preferred son & Co. this week offered and immediately
Ten-Year 6%
Stock.-Frisbie & Co., Hartford, Conn., are offering at 100 scription price of 983/ and int. $1,000,000
Jan. 11919, due Jan.11929.
and divs. $300,000 8% cumulative preferred (a. & d.) stock. Sinking Fund gold notes dated Higginson
& Co., Boston, N. Y.and
Interest J. & J. at the offices of Leo,
Divs. Q.-J. Par $100.
Callable, all or part, on any int.
c*.
Chicago. Denom. $1,000 and $500
The stock is redeemable after Jan. 1 1921, all or part, at the option of date, at 103 during 1919; 102 during 1920 and 1921: 101 X during 1922 and
the company, on any dividend date, on 60 days' notice, at 110 and divs.
1923: 101. during 1924, 1925 and 1926; 100Si during 1927 and 1928. The
company agrees to pay any Federal income tax now or hereafter deductible
Capitalization, Auth. and Outstanding (no mtge. or other bonded debt)the source to an amount not exceeding 2%,so far as it may lawfully do so.
at
(par
value
$100)-3309,000
8% cumulativo proterrod stock, 3,003 sharos
150,000 The First National Bank of Boston, trustee.
Common stock, 3,000 shares (par value $50)
Summary from Letter of Vice-Pres. James E. Bennet, Dated Jan.6'19. Data from Letter of Pres. Charles Sumner Bird, Dated East Walpole,
Mass., Jan. 1919.
The Company -Established in 1882 and is one of the largest printing press
Organization.-Established in 1795; has been continuously and successconcerns in the country. The presses have been manufactured for the
Babcock company by the Brown Cotton Gin Co. of New London, Conn., fully carried on by descendants of the founder, and, in more recent years,
from the very valuable designs and patents of the Babcock company. under the firm names of F. W. Bird & Son and Bird & Son. On May 10
The latter is now taking over the Brown plant, and this will place it in a 1918 the partnership of Bird & Son was dissolved and the business incorposition to manufacture its presses in its own plant under most advan- porated in Massachusetts under the name of Bird & Son, Inc Substantially all the capital stock is owned by tho former partners.
tageous conditions, and to increase the production considerably.
Product.-The company manufactures a large variety of paper, roofing
The property covers more than 7 acres, with modern buildings, occuand building products including paper boxes, roll roofings and waterproof
pying a floor space of about 170,000 sq. ft.
Assets.-Total net assets, after giving effect to the present financing, building materials. Its roofing and building products under the trade
last 20
amount to $589,573, equal to $196 per share of pref. stock, and net quick name of "Neponset" have had a nation-wide distribution for thePhillips..
years. • Its plants are at East Walpole, Mass., Norwood, Mass.,
assets to $325,595, equal to $108 per share.
Earnings.-Combined average annual net earnings of the Babcock and dale, R. I., and Chicago, Ill.
Purpose of Issue.-The proceeds will pay off floating debt. The comBrown companies for the four years prior to the war (1911-1914) were equal
to more than twice the dividends on the present preferred stock. The pany is thus provided with ample working capital.
company has many orders on hand, and the demand for its product is
Capitalization (upon Completion ofPresent Financ'g) Authorized. Outstand'y
limited only by its ability to increase its manufacturing capacity.
$2,000,000 $2,000,000
Sinking Fund.-Annually from Jan. 1 1921, 10%, of net profits, after 7% First Preferred stock
3,000,000 3,000,000
maintenance, reserves for depreciation and preferred dividends, to retire 6% Second Preferred stock
1,000,000 1,000,000
stock
Common
preferred stock at not exceeding 110 and dividends.
1,000,000 1,000,000
Purpose of Issue.-Proceeds will reimburse the company for the payment Ten-Year 6% gold notes
ending
Dec. 31 1917 were
years
the
during
profits
addifour
and
-Net
improvements
for
Profits.
company,
Brown
the
of
of the property, &c.,
more than $2,400,000, an average of more than $600,000 per year, equal to
tional working capital,
Mortgage and Dividend Restrictions.-No mortgage or other bonded in- ten times the $60,000 annual interest on these notes, or nearly four times
debtedness except with the consent of at least 75% of the outstanding pref. the $160,000 combined interest and sinking fund charges on this issue.
stock. No common dividends unless total net assets are at least 1 A times These profits are after deducting expenses of every nature, including estimated Federal taxes and interest on current loans. It is estimated that the
outstanding preferred stock.
Management.-The same which has successfully developed the business, net profits for 1918, after providing reserve for all taxes, will at least equal
the previous four years' average.
Baltimore Dry Docks & Shipbuilding Co.-Plant.- Sinking Fund.-$100,000 per year, from Nov. 1 1910 to purchase notes
The "Manufacturers' Record" in its issue of Jan.9 publishes an illustrated of this issue, or to call notes for payment on Jan. 1 of each year. Notes
article describing the operations of this company's plant at Baltimore. purchased or called for the sinking fund will be retired and not reissued.
This sinking fund is sufficient to retire substantially all these notes'before
It is stated that about 10,000 mon are now employed.-V. 107, p. 504.
maturity. At the option of the company the sinking fund payment may
(O. C.) Barber Co., Akron, Ohio.-Sale of Collateral be increased in any year, and in lieu of cash the company may turn in
at cost not exceeding call prices.
Trust Gold Notes.-The bankers named below have sold at a notes
Security.-While any of these notes are outstanding the company (a)
subscription price of 983/ and int., yielding better than will not mortgage any of its properties (the company now has no mortgage
except $50,000, which will fall due on Feb. 15 1910 and will then be
7(;, $1,650,000 7% Collateral Trust Gold Notes, dated debt
paid); (b) will not incur or guarantee any other indebtedness running for a
Jan. 1 1919, due Jan. 1 1922. Both principal and interest term
in excess of one year; and (c) will at all times maintain "quick assets"
guaranteed by 0. C. Barber,of Akron, 0. by endorsement. equal to at least 150% of all its "liabilities," including these notes.
The bankers who made the offering are: The First National Bank of
Balance Sheet of Oct. 31 1918, Adjusted to Include These Notes.
Cleveland, Ohio: Tillotson & Wolcott Co., Bonbright-Herrick Co., C. E.
LiabilitiesAssetsDenison & Co., Hayden, Miller & Co., Maynard II. Murch Co., Borton &
plants & equip_$3,463,256 10-yr.6% notps (this iss.).$1,000,000
est.,
Real
Borton, and Otis & Co., Cleveland. Ohio.
678,026
637,632 Notes payable
Less res. for deprec., &c__
"Passed by the Capital Issues Committee as not incompatible," &c.
522,120 Accts. payable, incl. acDenom.$1,000 c. Int. J. & J. at First Trust & Savings Co., Cleveland, Cash
crued liabilities
389,017
42,022
Ohio, trustee. The company agrees to pay Federal income taxes not ex- Notes receivable
57,005
1,379,770 Special reserves
ceeding 4%. The notes are callable, all or part, on any interest date at Accts. rec., less reserves
due
15
Mtge.
Feb.
1919....
50,000
2,170,213
inventories
Merchandise
notice.
weeks'
par and int. upon four
120,500
Security.-Secured by pledge with the trustee, of the following securities U. S. Govt. bonds
Total'
877
$2,174,048
Miscellaneous
Par Value.
CompanyShares.
40,063
1.485 American Hominy Co., of Indianapolis, Ind., common stock_ _3100 Def'd chges.& prep. exp
100
100 American Hominy Co., of Indianapolis, Ind., pref. stock
Exc, assets over liabilities_$4,936.141
$7,110,189
Total
100
1,900 American Sewer Pipe Co. of Akron, Ohio, common
From the foregoing statement it will be observed that the assets of the
100
4,000 The Babcock & Wilcox CO.,of New York City,com.stock
all liabilities except these
deducting
after
1918,
of
31
as
Oct.
company,
common
London,
Co..
End.,
of
Ltd.,
stock....
41,292 Bryant & May
2,000 The Diamond Match Co.,an Illinois corporation; corn. stock..-$100 $1,000,000 notes, amount to $5,936,141. This does not include any valua100 tion of intangible assets, such as patents, brands, trade-marks or good will,
2,000 General Fire Extinguisher Co. of N. Y. common stock
100 and is after ample allowances for depreciation of plants. The net quick
750 The National Coal Co.. of Cleveland, 6., common stock
25 assets alone, after deducting all liabilities except these notes, amount to
1,650 The National Protection Co., of Providence, R. I., common
Co.,
100
Eng.,
of
Rubber
$3,070,454, or more than three times this note issue.
common
stock....
Liverpool,
Northwestern
5,000
100
851 Northwestern Rubber Co.,of Liverpool, Eng.,pref. stock
100
3,535 The Union Salt Co., of Cleveland, O.,common stock
Boston & Montana Development Co.-Bond Issue Sold.
100
458 The Wilson Realty Co., of Cleveland, 0., common stock
President Allen on Jan. 17 was quoted as saying that the company's issue
American Strawboard Co.(Chicago, III.), $100,000 6% debenof $400,000 bonds had been sold and that operations of the railroad would
ture bonds, due Jan. 11928.
begin in two or three months.-V. 107, p. 606.
Union Salt Co., Cleveland, 0., $29,500 Second Mortgage
bonds, due $14,500 July 1 1929 and $15,000 July 11930.
Bourne Cotton Mills Corporation.-Dividend.$1,500,000 First Mortgage of 1915 (subject to an indebtedness of approximately $35.000) on 0. C. Barber's farm of 3,100 acres
Press reports state that the directors have declared a quarterly dividend
In Summit County, Ohio, to mature on demand; the note
of 3% on the $1,000,000 outstanding capital stock, payable Feb. 1 to holdsigned by 0. C. Barber and the mortgage signed by 0. C.
ers of record Jan. 15. A dividend of 5% was paid in November, 3% in
Barber am' Mary 0. Barber, releasing dower.
August and 2% in May last.--V. 107, p. 1581.
•
JAN. 25 1919.]
THE CHRONICLE
Brompton Pulp & Paper Co.-New Bonds.-
The shareholders of this company will vote Feb. 4 on authorizing an
Issue of $1,000,000 20-year 6% General Mortgage bonds, the proceeds
of which will be used to finance the purchase of the Odell Manufacturing
Co. A Canadian press dispatch gives the following: of subscription to
Shareholders of record Jan. 25 will be offered rights
in bonds for every
the new issue at a price of 80, in the proportion of $100
Feb. 18, the balance
nine shares of stock. The first payment will be $8 onRights
of subscription
$8.
of
installments
to be paid in nine equal monthly
expire Feb. 18.-V. 107, p. 2291.
383
Comparative Statement of Condition for the Years 1916-1917.
Jan.1'16. Jan.1'17.
Jan.1'16. Jan.1'17.
$
$
Liabilities
$
$
AssetsStocks & boncls_6,941,805 7,165,482 Capital stock_ _ _6,832,600 6,832,600
Loans to sub. cos 452,108 569,673 Surplus & reserve 769,273 1,205,426
207,960 302,871 Total each side_7,601,873 8,038.026
Cash
Statement of Income and Disbursements for the Calendar Year 1916.
$769,273
Surplus Jan. 1 1916
981.940
Dividends received, $964,075; interest collected, $17,865
31,751,213
Co. Dividends paid,$529,526; taxes, salaries and expenses,$16,261-- 545,787
Brooklyn Edison Co., Inc.-Listing Stock of Consol.stock
The N. Y. Stock Exchange has agreed that $19,000,000 common
$1,205,426
Surplus Jan.! 1917
of this consolidated company (formed by merger of the Kings County
Edison
Electric Light & Power Co. and its wholly owned subsidiary, the
Directors (and Officers).-Charles Boettcher (Pres.), Whitney Newton
on and (V.-Pres.),
H. Porter (Sec'y), C. K. Boettcher (V.-Pres.), Harry C.
john
Electric Illuminating Co. of Brooklyn, shall be admitted to the list
after Jan. 23 1919 on official notice of issuance, in exchange share for share James (Treas.), all of Denver; Carl Leonardt, Los Angeles. Cal., and
for the present outstanding ($17,237,000) stock of Kings County Electric
M. D. Thatcher, Pueblp. Colo.
Light & Power Co. or in exchange for its $1,763,000 outstanding 6%
convertible debenture bonds of that company ($350,400 due March 1 1922
Central Mexico Light & Power Co.-Interest.and $1,412,600 due Mar. 11925).
See Guanajuato Power & Electric Co. below.-V. 107, p. 406.
Combined Earnings of Kings County Elec. Lt. dc Power Co.
and Edison Electric Illuminating Co.-Official Statement for Entire Fiscal Year ended Dec. 31.
1917.
Income Deduc'ns: 1918.
1917.
1918.
Int. on tund.dt_ $715,374 $711,242
Gross oper. rev_ _ _$8,768,037 $8,304,412
71,200
163,034
untund.dt.
do
4,114,892
44,659,936
Open expenses
20,269
Bd. disc. writ.oft 20,269
715,290
925,000
Taxes
681,800
Res've prop.retir 577,509
Net income_ _ _ _$1,593,559 $1,469,658
Net oper. inc $2,6O5,592 $2,792,430 Dividends (8%)__ 1,374,216 1,334,716
89,239
81,586
76,643 Pd. Ed.inv. fund_
86,264
Net non-op. rev
57,896
39,948
Adj.,&c.,prev.years
Gross income_ _$2,691,857 $2,869,073
$103,599
$97,8C9
surplus
Balance,
596,704
199,620
contin.res.
Deduct
3,267,416 3,163,816
Previous profit and loss
Total profit and loss
Stock outstanding
Kilowatt hours sold
$3,365,225 $3,267,416
17,237,000 17,156,500
218,977,825 202823,791
x Not including taxes and reserve fop property retired.-V. 108, p. 173.
Brunswick-Balke-Collender Co.-Offering of 6% Notes.
-A. G. Becker tS'6 Co., Chicago; Ames, Emerich & Co.,
Chicago and Milwaukee, and the Continental & Commercial
Trust & Savings Bank, Chicago, are offering at prices ranging from 100 and int. to 96 and int., to yield from 6% to
6.55%, an issue of $4,000,000 6% Serial gold note dated
Jan. 1 1919, due $400,000 annually from Jan. 1 1920 to
1929, inclusive. (See also advertising pages.) The bankers report:
•
The notes are redeemable at 103 and interest at the option of the company
Chicago Wilmington & Franklin Coal Co.-New Stock.
This company has increased its authorized capital stock from $2,000,000
to $2,225,000 by the issuance of 2,250 shares of common stock, par value
$100. There are now outstanding 10,000 shares of preferred stock and
12,250 shares of common.
A circular says: "The stockholders(on Dec.31) authorized the directors
in part payto issue at par 750 of such additional shares of common stock purchase
the
ment for additional properties to be acquired, and to offer for
and
company,
the
of
employees
such
to
balance of 1,500 additional shares
in such amounts as the board of directors may designate or approve for that
purpose, and without offering such shares for subscription by common
stockholders."-V.107, p. 2478.
Chile Copper Co.-Quarterly Statement.-President Daniel
Guggenheim in circular for Sept. quarter says in substance:
The operations of Chile Exploration Co. for the third quarter, ended
Sept. 30 1918, show the following production of copper.
Lbs.
Lbs.
7,769.874
7,556,394 April
July
7,506,720
8,496,662 May
August
9,279,562
7,345,434 Juno
September
Second quarterly 1918_24,556,156
Third quarter 1918--- _23,398,490
8,185.385
7,799,497 Monthly average
Monthly average
The total quantity of ore treated during the quarter was 968,115 dry
1.58%
and
with
950,885
compared
tons and average grade 1.60_% copper, as
respectively, for the second quarter of 1918; average net copper recovery
deactually
and
was
sold
There
79.84%.
81.72%, as compared with
livered 31,114,026 pounds at an average price of 25.48 cents per pound,
contrasting with 21,142,505 pounds at an average price of 23.69c. per pound.
The costs and profits per pound on the basis of copper sold and actually
delivered (the undelivered copper being carried in the inventory at cost)
for the 3rd and 2nd quarters of 1918 contrast as follows: (a) Cost of
production, exclusive of excess profits tax and obsolescence, 18.30 cents,
against 17.73 cents: (b) cost f. o. b. plant, including depreciation, 11.94
cents, against 11.28 cents; (c) cost of delivery including freights, selling,
income taxes, &c., with credits for miscellaneous earnings, 2.87 cents.
against 2.59 cents; (d) depletion of ore reserves, interest and amortization
of bond discount, 3.49 cents, against 3.86 cents.
The following compilation shows the financial outcome of the operations
of both the Chile Exploration Co. and the Chile Copper Co. for the third
Quarter of the year, compared with the results for the preceding quarter:
Net profit (after depreciation) plus miscell., &c., income, $3,401,217.
against $2,091,185. Deducting accrued bond interest of Chile Copper
Co. ($660,008, against 3572,788), amortization of bond discount ($35,000)
and the expenses of Chile Copper Co. ($4,578, against $37,648). there
remains undivided profits, both companies amounting to $2,701,630,
contrasting with $1,445,747 for the 2nd quarter of 1918.
Results for Three and Nine Months Ending Sept. 30 1918 and 1917.
1918-9 Mos.-1917.
1918-3 Mos.-1917.
23,398,490 17,519,088 72,831,144 62,558,198
Production (lbs.)
$8,359,980
$6,959,001
$1,880,486
$3,276,945
income
Net operating
245,904
146,048
30,681
46,091
Other income
78,181
78,181
Int.on loans & bank.bal.
as a whole, but not in part, on any interest date upon 60 days' notice.
notes
Interest J. & J., payable in gold in N. Y. City and Chicago. Coupon
Denom. $1,000 except notes maturing Jan. 1 1925, which are in denominations of $1,000, $500 and $100. Interest payable without deduction for
any normal Federal income tax now or hereafter deductible at the source
not in excess of 2%. Continental & Commercial Trust & Savings Bank,
Chicago, trustee.
1v.
..
Extracts from Letter of B. E. Bensinger, President of the Comm
The Company.-Business was established in 1845 and is the largest manuand
accessories,
and
alleys
bowling
facturer in the world of billiard tables,
the manufacturer of the "Brunswick" phonograph,"Brunswick" automobile
tires, hard rubber goods, &c. The business is owned and managed by the
heirs of the original founders, who, together with other officers and employees, own practically all the common stock.
Security.-These notes will be the direct obligation of the company and
will constitute its only funded indebtedness. The indenture securing the
notes will provide that: (a) While any of the notes are outstanding the company may not mortgage or pledge any of its present assets or thpse of its
subsidiaries, except Liberty bonds or other obligations of the U. B'. Govt.
(b) Total quick assets of the company and its subsidiaries must equal at
least twice total liabilities, including the amount of these notes outstanding.
$3,401,217 $1,911,167 $7,183,230 $8,605,884
Total income
(c) The company may not issue, guarantee or endorse any other long-time
$525,000 $1,757,797 31.397.161
$660,008
notes, bonded debt or similar securities, except for acquiring additional Bond interest
100.827
105,000
42,504
35,000
Bond discount, &c
property, without the consent of the trustee.
579,735
. 193,245
Assets.-Total assets as of Nov.30 1918, after giving effect to this financ- Depreciation
48,559
notes;
4,579
these
of
five
times
the
than
issue
Co:..
total
Exp. of Chile Cop.
ing, were $21,228,765, or more
net quick assets were $13,389,075, or more than 3 1-3 times the amount of
$2,701,630 $1,150,418 $5,271,875 $6,528,161
Surplus
the issue.
after
liberal
Income.-Surplus net income for the year ended Dec.311918,
The above earnings are computed on the basis of 25.48 cents per lb. for
allowances for taxes, is estimated at $1,450,000, or more than six times the copper for the quarter ending Sept. 30 1918, against 25.21 cents per lb.
maximum annual interest requirements on these notes. The comparative for the Sept. 30 1917 quarter.-V. 108. D. 271.
1917,
surplus net income for 1918 is $1,450,000 (ono month
the past twelve • Cities Service Co.-Conversion.
$1,211,889; 1916, $1,165,409. Surplus net income forestimated)*'
years averaged $1,221,406, or more than five times maximum annual inHolders of this company's Convertible Gold Debentures Series "B" 7%
terest requirements on these notes.-V. 106, p. 2556.
will be permitted to convert, on and after Feb. 1 1919, 10% of the aggregate principal amount of Series B Debentures owned by them, respectively,
Butler Bros., Chicago.-Extra Dividend.Jan. 1 1919. Upon delivery by such owners of Series B Debentures
Press reports state that an extra dividend of 4%0 has been declared along on
to be converted to H. L. Doherty & Co.,such debentures will be converted
record
of
yi
both
2
payable
of
1
holders
Feb.
to
quarterly
%,
with the regular
Into
Cities Service Co. preferred and common stocks on the basis set forth
of 1%, May
Jan. 21. Extras paid in 1918 were Nov. A of 1%, Aug.
In said Series B Debentures. A similar privilege was extended to holders
none and Feb.
%•
Dec. 1 1918, to convert 10% of their then holdings on and after
record
of
Butler,
B.
three
years:
Edward
for
directors
The following were elected
Jan. 1 1919.-v. me. p• 82.
J. H. Schoonmaker and A. M. Matson.
Not profits for the cal. year 1918 are unofficially reported as $6,451,764,
Colorado Fuel & Iron Co.-Bonds Called.against $4,979,692 in 1917.-V. 107, p. 606, 504.
Fifty-three ($53,000) General Mtge. sinking fund 5% gold bonds have
been called for payment Feb. 1 at 105 and int. at the Central Union Trust
California Packing Corporation.-Sub. Co. Divs.co., New York.-V. 107, p. 1749.
See Alaska Packers' Association above.-V. 106, p. 2224.
Calumet & Hecla Mining Co.-Curtailment.-
This company has reduced operations to about 75% of the capacity
maintained in the last few months.-V. 108, p. 271.
Colorado Power Co.-Offering of 7% Cumulative Preferred Stock.-Bonbright & Co., Inc., in offering this company's 7% cumulative pref. stock in a new circular, show:
Canada Steamship Lines.-No
Company.-Incorp. April 14 1913, in Colo., together with United HydroThe directors on Jan. 14 took no action on the dividend usually due at Electric Co., all of whose stock it owns,retails power for mining and milling
that time. It Was explained that the delay is duo to the fact that the purposes through the Leadville, Monarch, Bonanza, and Red Cliff mining
final reports for the calendar year 1918 for the Atlantic services of the districts as well as all the metalliferous mining districts of Summit, Clear
company, that is their overseas (war) business, were not to hand, and that Creek, Gilpin and Boulder counties. It also furnishes commercial light
it was considered more advisable not to commit the company to any and power service in Leadville, Salida, Alamaso, Monte Vista, Red Cliff,
dividend obligation until complete returns were before the board.-V. 107, Georgetown, Idaho Springs and adjacent communities, Nederland, Sterling
and Iliff. The company in addition furnishes power wholesale to other
P. 1922.
utilities serving Denver, Glenwood Springs, Cardiff, Carbondale and
Cement Securities Co., Denver, Colo.-Offering of Cap- adjacent country, Central City, Black Hawk and Nevadaville.
Authorized. Outstanding.
Capitalizationital Stock.-Boottcher,Porter & Co.,Denver,are offering this
315.000,000 $11,051,200
stock
company's capital stock of which there is $10,000,000 au- Common
1,000.000
5,000.000
Preferred stock
4,247,800
1 1953
thorized and $6,832,600 outstanding. Par $100. The com- First Mtge. 58, due May
172.000
250,000
ic Co. 1st 6s, 1926
pany has no bonds and only one class of stock. Dividends UnitedHydro-Electr
Earnings for Twelve Months Ended November 30.
are being paid Q.-J. at rate of 8% per annum. A cir1918.
1918.
1917.
cular shows:
Gross e,arns__$1,166,757 $1,280,782 Annual interest charges__ _$222,710
126,964
Company.-Incorporated in Colorado, April 10 1908. This company Net, aft. taxes $664,562 $723,576 Depreciation reserve
24,516
owns the entire capital stock of the Colorado Portland Cement Co., Port- Other income
$398,418
Net income
land, Colo., which has a capacity of 3,000 barrels per day; the Union
70,000
$748,092 Annual pref. dividend
Total income
Portland Cement Co., Devils Slide, Utah, capacity 2,500 barrels; about
at
Cement
operating
Portland
Co.,
Forks
Three
the
90% of the stock of
$328.418
Balance
Trident, Mont., capacity of 2,250 barrels; and a plant under construction
For full data see V. 106, p. 1347; V. 107, p. 2292.
at Hanover, Mont., capacity of 1,000. Cement Securities Co. also owns
a substantial interest in a plant at Portland, Oregon, which has a capacity
Consolidated Mining & Smelting Co. of Canada, Ltd.
of 1,000 barrels per day.
The company has recently acquired the entire capital stock of the -Offering of $3,000,000 10-Year 7% Cony. Gold Deb. Bonds.
a
of
which
Okla.,
has
capacity
Ada,
Oklahoma Portland Cement Co., at
Shareholders of this company are offered the right to subscribe, up to
2,500 barrels per day and the control of the Nebraska Cement Co. at
10-year 7% Convertible Gold Debenture bonds
Superior. Neb., capacity of 1,500 per day. In addition Ito the above, Feb. 3 1919. for 33,000,000
par and accrued interest from Jan. 1 1919, subscriptions being payable
at
containing
valuthe company owns and is interested in extensive acreages
10% with application, balance with accrued interest on allotment.
able cement deposits.
•
384
TIIE CHRONICLE
Pres. W. D. Mathews in a letter dated Jan. 18 1919 writes:
"The bonds were approved by the shareholders and are to be issued
dated Jan. 1 1919. The Royal Trust Co., Toronto, is trustee.
"The bonds, in denominations of $1,000. $500 and $100, are offered to
the shareholders pro rata at the rate of $100 of debenture bonds for every
16 shares of stock of the aggregate face value of $400. Interest J. & J. at
the Bank of Montreal in Montreal or Toronto or N. Y. The bonds may
be called for redemption after Jan. 1 1922 at 110% and int. and may at
any time after Jan. 1 1924 be converted into stock, for $.-V. 108. p. 272.
Columbia Gas & Electric Co.-Earnings.Consolidated Earnings for December and Twelve Months ending Dec. 30 1918.
(Incl. Sub. Cos.). December. Inc. or Dec.
Year.
Inc. or Dec.
Gross earnings
$1,123,844 Dec. $1,242 $11,451,863 Inc. $590,532
Oper. exp. and taxes_
507,102 Dec. 76,189
5,873,180 Inc. 232,643
Net oper. earnings.. $616,742 Inc. $74,947 $5,578,683 Inc. $357,889
Other income
167,755 Inc.
2,370
t.969,654 Inc.
25,331
Total net earnings.. $784,497 Inc. $77,316 $7,548,337 Inc. $383,219
Lease rentals, &c_ _
294,210 Inc.
5,733
3,636,161 Inc. 121,672
Fixed charges(Columbia Gas & Elec. Co.)
59,446 Dec.
388
713,350 Dec.
3,916
Surplus
-V. 108, p. 272.
$430,841 Inc. $71,971
$3,198,826 Inc. $265,463
Continental Oil Co.-New Director.-
Edwin Scarstead as director succeeds J. B. P. Reynolds, resigned.
-V. 106, p. 604.
Converse Rubber Shoe Co. (Malden, Mass.).-Offering of One-Year Notes.-Townsend, Scott & Son, Baltimore,
Md. are offering at 99 and int., yielding better than 7%,
$500,0
0 0 One-Year 6% gold notes dated Jan. 15 1919, duo
Jan. 15 1920. Denom. $1,000. Auth. and outstanding,
$500,000. A circular shows:
[VOL. 108.
cumulative preferred stock to the amount of $437,332 20, instead of $394,021, as requested in the original petition. The proceeds of the sale are
to be used as follows:
To reimburse treasury for 20% of expenditures of $1,014,841, previously
reported to Commission, $202,968; to reimburse treasury for 20% of
expenditures to the amount of $701,544 on San Pablo project for the year
1918, $140,208 80; to apply on San Pablo construction expenditures to
the amount of $470,276, as per schedule, $94,055 20.-V. 107. p. 2011.
Ehret(G.)Breweries.-Return by Alien Property Custodian.
See page 231 in last week's issue.-V. 106, p. 2347.
Eureka Pipe Line Co.-New Director.-
E. R. Shepard has been elected a director to succeed E. W. Macklin.
All other directors and all of the officers were re-olected.-V. 106, p. 2760.
Forestal Land, Timber & Rys. Co.-Debentures Paid.-
One hundred and fifty (£15,000) 5% First Mtge. Refunding debentures,
par £100, and 115 debentures (£2,300), par E20, were called and paid off
on Jan. 1 at 102.i %. Authorized, £1,200,000; listed on London Stock Exchange, £1,126,500. There are also outstanding £1,141,200 5% mortgage debentures of 1914.-V. 107, p 2379.
Franklin Mfg. Co., Syracuse, N. Y.-Outlook.-
An official of this company says: "I cannot speak for other manufacturers but our profits for first six months of this year will be light. Costs
are high, and expenses incidental to getting back to automobile production
are heavy. Our production plans call for 10,000 cars, against 6,689 in
1918 and 8,987 in 1917."-V. 108, p. 83.
Gas & Electric Securities Co.-Redemption.-
All of the Collateral Trust Bonds 10-year 6% Series "B", dated Jan. 1
1918, have been called for redemption on Feb. 1 at the office of the Bankers
Trust Co., New York, at 101 and accrued interest.-V. 105. p. 2098.
General Electric Co.-Strike Over-Export Company.-
The strike at this company's plant at Pittsfield, Mass., ended Jan. 19.
when the Metal Trades Council voted unanimously to accept an agreement
reached during the day between the General Manager of the company and
the 1,000 strikers
taken back, that some sort of work will be provided
. Principal and interest, J. & J. 15, at Townsend Scott & Son, Baltimore, for all of them onnot
or before the 27th.
Md. Mercantile Trust & Deposit Co. of Batlimore, Trustee.
See International General Electric Co. below.-V. 108, p. 272, 83.
y -Organized in Mass. in 1908 with a capital of $250,000, and a
capacity
Compan.
of 4,000 pairs per day. The business has grown to an auth. capital
General Petroleum Corp.,- San Fran.-Stock.of $2,000,000, and capacity 18,000 pairs per day. The company manuCommon shareholders of record Jan. 12 are offered the right to subscribe
factures high grade rubber footwear of every description, including rubber to new common stock at par
in the ratio one new share for each 10 shares
shoes, boots, tennis shoes, athletic shoes, &c. Tho business has grown held, payment to be made $50 a share on of
or before Feb. 15 and $50 per share
from total sales of $977,000 in 1913 to over $5,000,000 in 1918. During on or before April 15 1919. Dividends
will be paid on the now stock on the
the past three years the company has refused over $2,000,000 orders.
last day of the calendar month next succeeding the month in which the subPlant and Equipment.-Over 1,700 are regularly employed by the com- scription is paid in full.
pany. The buildings are of modern fire-proof construction equipped
No frcctional shares will be issued. In order to exercise the rights under
throughout with a sprinkler system. The plant and its contents are in- the fractional share certificates,
the holder thereof must acquire sufficient
sured for approximately $2,700,000.
fractions to entitle him to a whole share. Payments must be made in
Purpose o Issue.-The proceeds will be used to fund bills payable and San Francisco funds.
to furnish increased working capital.
Owing to the heavy dealings in the company's stock and the necessity
Earnings.-Net earnings have been as follows for the years ended Mar.31: of registering stock under the by-laws, the
indulgence subscribers is asked
1916, $185,657; 1917, $191,024; 1918, $502,021. The not earnings for the If there is any delay in the receipt of checks for theof
first dividend on the
seven months ended Oct. 31 1918 are $275,744.
new stock.-V. 107, p. 2380.
The gross sales were as follows: 1916, $1,566,953; 1917, $2,564,996;
1918, $3,91:15,760; and 1919, $5,100,000 (partly estimated).
Gera Worsted Mills, Passaic, N. J.-Reorganization:Balance Sheet as of Oct. 311918, Incl. This Financing.
This company was incorporated in Now Jersey on Jan. 21 with an authorized capital stock of'$3,000,000, divided into 10,000 shares of preferred and
AssetsLiabilitiesshares of common stock, par $100. It is stated that the reorganizePlant and equipment.. ___ $843,842 Common stock
$341,000 20,000
22o9
f3t.his formerly enemy-owned property will take place shortly.-V.107,
on
Cash, accts. & bills roc__ 814,520 Preferred stock
1,413,000 tpi.
Raw material
700,000 Three-year notes
189,000
Partly finished goods_ __
42,327 One-year notes
500,000
Goodyear Tire & Rubber Co.-Decision.-Finished goods
547,211 Accounts and bills pay_ _ _
345,000
Judge A. N. Hand in the U. S. District Court at N. Y. has sustained a
Leases, trade marks, &c..._
255,000 Deprec'n and div. reserve.. 186,625 demurrer
flied by counsel for the Goodyear Tire
Co. and the
Miscellaneous
105,000 Surplus
408,275 Goodyear Tire & Rubber Co., Inc., of New York in&aRubber
suit brought against
Liberty bonds
75,000
the two companies by a dealer in automobile supplies. It was declared
that the itecision vindicates the policy of Pres. F. A. Selberling of establishTotal
TotaL
$3,382,900
$3,382,900 ing service stations for the distribution of wares.-V. 107, p. 2184.,
Security.-No mortgage can be placed during the life of these notes.
Net quick assets of not less than $900,000 must always be maintained.
Great Northern Equipment Co.-Stock.There are no obligations taking precedence to this issue.-V. 106, p. 712.
Notice is given that the capital stock of this corporation has been increased
by a vote of the shareholders on Oct. 26 last, so that it now consists of $12,Crucible Steel Co.-Status.-"Iron Age" says:
000,000 divided into 120,000 shares of $100 each.
At a meeting of directors on Jan. 16, the question of declaring a dividend
The company was incorporated Juno 11 1914 in Minn. with $5,000,000
on the common stock received no serious consideration. It developed that authorized capital stock to purchase, lease
and
to the Great Northern
owing to the many cancellations of Government contracts, and the few new Ry. such equipment as the latter may requiresell
for the transaction of its
orders coming in, the company has closed down its Norwalk, Ohio, plant business.-V. 98, p. 1922.
for an indefinite period. The Pittsburgh Crucible Steel Co., a subsidiary,
Is operating only five of its 12 open-hearth furnaces at Midland, Pa. The
Great Southern Lumber Co.-Redemption.directors also decided to close another large plant at once and at present
One hundred ($100,000) Debenture 5% gold bonds have been called for
this company is not operating to more than 60% of capacity. The com- redemption at par at the Bankers Trust
Co. of Buffalo, N. Y., on Feb. 1
pany states that unless demand for this production soon improves it may 1919.-V. 94. p. 70.
have to close several other of its plants and lay off a great many men,
V. 108, p. 272.
Greene Cananea Copper Co.-Dividend Reduced.A dividend of $1 50 has been declared on the stock payable Feb. 24 to
Cuba Cane Sugar Corp.-Proposal to Issue $25,000,000 holders
of record Feb. 7. Previous to this time $2 has been paid quarterly.
Bonds.-Official Statement.-The stockholders will vote It is stated that the directors reduced the dividend because of the present
unsettlement
in the market for mota.ls.-V. 108, p. 175.
Feb. 11 on a proposal to i3suo not to exceed $25,000,000 of
Guanajuato Power & Electric Co.-Coupons, &c.bonds and to execute a mortgage to secure the same.
Henry F.Kroyer, Secy., in a letter dated Jan.21 1919, says: Curtis & Hine, General Managers, Colorado Springs, as of
During the three years ending Sept. 30 1918 the company has expended in Dec. 2 1918, in a circular addressed to the bondholders of
the purchase of the "Stewart" properties and of lands and warehouses in the Guanajuato Power & Electric
Co., the Michoacan Power
Cuba the sum of $10,915,302, and in making improvements and additions
to its properties the further sum of $15,534,452, a total of $26,449,754, Co. and Central Mexico Light & Power Co., say in subst.:
besides advancing to colones (cane farmers) the net sum of $9,052,710.
General conditions in the territory in Mexico served by the plants of
against their crops. With the exception of $4,475,778, all of these dis- your companies remain about the same as stated in the annual report sent
bursements for new properties and for additions and improvements have you under date of May 1 1918 (compare V. 107, p. 407).
been made in the eastern part of the Island of Cuba where the conditions
Mexico continues on a metallic currency basis, giving earnings collected
a real exchange value, and therefore the companies' cash balance has acoffer the best opportunities for profitable developments.
The company has, moreover, in each year spent large sums for renewals, cumulated to a point where they can make payment of another coupon and
repairs and changes in location of machinery, &c., which have been charged still leave a sufficient cash reserve to meet such emergencies as can reasonto operating expense before arriving at the operating profit of the company. ably be anticipated. The boards of directors have accordingly decided
With the beginning of the present grinding season (Dec. 1918), the extensive to pay the earliest maturing of the overdue coupons of the bond issue of
program of additions and improvements has been substantially completed. each of the companies on Jan. 1 1919, with interest at 6% on such coupons
As a result of the foregoing expenditures the annual grinding capacity of to that date. These coupons are: Michoacan Power Co. And Central
the Eastern properties has been increased from 560,000 bags to 1,870,000 Mexico Light & Power CO. coupons duo July 1 1016, which should be prebags and the efficiency of both the eastern and western properties has been sented to the Old Colony Trust Co. at Boston, and coupons of the Guanamuch improved and all of the properties are now in a far better operating juato Power & Electric Co.duo July 1 1916_, which shqpld be presented to
condition than they have ever been. Over $10,000,000 of these expendi- the U. S. Mortgage & Trust Co. at New York. The amount to be paid
tures were made during the past fiscal year so that the company's earnings on the coupon from each $1,000 bond wig be as follows: Guanajuato,
have not as yet reflected the benefit thereof.
$34 05; Michoacan, $34 50; Central Mexico, $34 50.
To reimburse the treasury of the company for a part of these expenditures
Since the recent U. S. Revenue Act requires a deduction of 6% at the
and to pay off the floating debt incurred in connection therewith, the source on payments of interest on tax-free bonds owned by foreign cordirectors deem it wise that the company should issue and sell not to exceed porations, -instead of 2%, as required by the previous Act, bondholders
$25,000,000 of its First Mortgage bonds and they recommend to the stock- who are not foreign corporations should have coupons presented for payholders that such issue and sale be authorized,-V. 108, p. 272, 167.
ment in their own names. This tax deducted at the source is, of course,
paid by the companies, as the bonds Are tax free.
Damascus Brake Beam Co.-Stock Retirement, Etc.The end of the European war will undoubtedly have a very favorable
The directors on Jan. 20 voted to retire $50,000 additional stock of the effect on general political and business conditions in Mexico, and with
preferred issue making $100,000 of such issue so far retired up to the the restoration of order and the resumption of normal business conditions,
present time. The capitalization now consists of $150,000 preferred the earnings of your companies should show substantial improvement very
outstanding and $500,000 of common stock.
soon. Additional coupons will be paid off as rapidly as funds can be acH. C. Robinson, V.-Pres. of the Guardian Savings & Trust Co., was cumulated above the emergency reserve. Compare V. 107. p. 407.
made a director of the company succeeding B. A. Hegeman, Jr., of New
Houston (Texas) Gas & Fuel Co.-No Increase.York, who also retires as V.-Pres. of the company.-V. 107, p. 1290.
This company's application for an increase in rates from $1 10 to $1 35
has been rejected by the City Council.-V. 106, p. 818.
Detroit Edison Co.-Earnings.-Month of December- -Year end. Dec. 31Houston Oil Co.-Decision-Called for Payment.1918.
1917.
1918.
1917.
The Texas Supreme Court has rendered a decision in favor of the Houston
Gross earnings
$1,415,133 $1,296,186 $13,801,527 $12,279,925 Oil Co. of Texas in the suit brought by the State some
years ago for the
Net, after taxes. &c
486,079
414,025 3,747,991
3,664,410 recovery of about 80,000 acres of land and also for the payment of approxiInterest
129,337
87,375
1,353,767
1,028,562 mately $1,500,000 for timber cut on the said land. The company has been
uniformly successful in this litigation ever since it was first instituted
Balance
$356,742
$326,650 $2,394,224 $2,635,848 the State of Texas, having won this suit in the lower court, the Courtby
of
-V. 107, p. 2379, 184.
Appeals and now in the Supreme Court of the State.
•
Two hundred fity-five ($255,000) New Series Timber certificates, Issued
East Bay Water Co., Oakland, Cal.-New Stock.- '
under the Kirby Lumber Co. contract, dated Aug. 11911. have been drawn
Amending a recently filed petition to the California RR. Commission for redemption on Feb. 1 1919 at par and int. at the Maryland Trust Co.
this company has filed a request for authority to issue its Class "A" 6% Baltimore, or its agent,
the Chase National Bank, N. Y.-V.107, p. 1923:
JAN. 25 1919.]
THE CHRONICLE
Hurlburt Motor Truck Co.-Receiver Appointed.-
Judge Mayer in the U. S. District Court at New York on Jan. 22 appointed William B. Hurlburt, President, as receiver. The suit instituted
is in the nature of a friendly action, the company agreeing to the appointa
ment of a receiver.-V. 106, p.718.
Imperial Paper 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 43i% on the certificates, making, with previous distributions, 6531%; the necessary form
should be forwarded with the certificates of deposit to the Metropolitan
Trust Co. Ltd. Gresham House, Old Broad St., E. 0. 2, London, and
urned,after endorsement with a cheque for the amount due.
will be returned
t4A4
V. 105, p. 293.
International Coal & Coke Co., Ltd.-Reincorporation.
385
of first mortgage bonds of the Coalinga Water and Electric Co.; also an
extension of a year's time of the Commission's order authorizing the issuance of$218,000 ofits First & Refunding Mortgage bonds.-V.106,p. 2348.
Michoacan Power Co.-Interest.See Guanajuato Power & Elec. Co. above.-V. 107, p. 408.
Mines Co. of America.-Reorganization Plan.-Hayden,
Stone & Co. in an official announcement say in substance:
With the improvement of conditions in Mexico the company is making
ready to resume operations which were interrupted by the revolutions, and
has completed a plan of reorganization by which the necessary working
capital will be provided. There are outstanding 864,802 shares of stock.
The assets will be sold to a new corporation to be known as the Dolores
Esperanza Corporation with the same number of shares. Holders will be
permitted to purchase stock in the new company on the surrender of the
old stock and the payment of $2 a share. The plan has been underwritten by Messrs. Hayden, Stone & Co.-V. 97, p. 1119.
That the burden of taxation in the United States may be avoided, the
officers of this company, organized under the laws of the State of Washington, have made a tentative arrangement with the Trusts & Guarantee
Minneapolis Gas Light Co.-Ordinance Not Signed.Co., Ltd.[of Toronto], whereby that company agrees that if the transaction
Mayor Meyers of Minneapolis on Jan. 20 returned the 5-year gas rate
is duly sanctioned, it will form a corporation under the laws of the Domi- ordinance
to the City Council unsigned. In a letter Mayor Meyers
now,
to
as
wit:
stock
3,000,000
capital
same
nion of Canada with the
that the 7-cent return on the valuation allowed by the city's expert,
shares of the par value of $1 per share, to take over the property and explains
was too high.-V. 108, p. 274, 176.
Maltbie,
Dr.
new
of
shares
in
the
same
number
the
shareholder
each
to
will deliver
corporation to be formed as he now holds, or at his election will pay him
Missouri Plate Glass Co.-Sale.25 cents per share for his stock.
This company's property at Valley Park, Mo., was sold on Jan. 17 for
President A. C. Flumerfelt in circular of Dec. 14 further says in brief: $275,000 to the Universal Glass Co., a Pennsylvania corporation.
A press
It is now costing the company between $1,200 to $1,500 per month dispatch from St. Louis states that the new owners will immediately take
to keep up its corporate existence in the United States. Please execute posses
@FedFRASER