Full text of Commercial and Financial Chronicle : July 13, 1918, Vol. 107, No. 2768

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In d u s tr ia l

C o n v e n t io n

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2 7 6 8

SA T U R D A Y , JULY 13 1918

lit*

(S A xvo

Clearings at—

PUBLISHED WEEKLY.

'ii

1'--.V.'- J

1918.

.. Week ending July 6 .
1917.

T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
F o r O n o Y e a r .............................................................................................................. $ 1 0 0 0
C h icago________
F o r S ix M o n th s ...................................................
6 00
Cincinnati______
E u rop ean S u b s crip tio n (in c lu d in g p o s ta g e )...................... ! ! ! ! ! ! ! ! ! ! ! ! ! ! . 13 00
C levelan d ............
E u rop ean S u b s cr ip tio n s ix m on th s (in c lu d in g p o s t a g e ) ........................
7 50
D etroit__________
A n n u a l S u b s crip tio n in L o n d o n (In clu d in g p o s t a g e )................................. £ 2 14 s.
M ilw a u k ee_____
S ix M on th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s ta g e ).....................................£ 1 1 1 sIndianapolis____
.
Canadian S u b s cr ip tio n (in c lu d in g p o s t a g e ) ..................................................$ 1 1 50
C olu m bu s______
S u b s c r i p t io n i n c l u d e s f o l l o w i n g S u p p l e m e n t s —
T o le d o __________
P e o r ia __________
B a n k a n d Q u o t a t io n (m o n th ly ) | r a i l w a y a n d I n d u s t r ia l (3 tim e s y e a r ly )
Grand Rapids___
R a il w a y E a rn in g s (m on th ly )
E l e c tr ic R a il w a y (3 tim es y e a rly )
D a y t o n ________
S t a t e a n d c i t y (sem i-an n u a lly) | B a n k e r s ’ C o n v e n t io n (y e a rly )
Evansville______
Springfield, III..
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
Fort W a y n e ____
T ra n sie n t m a tter p e r in c h s p a ce (14 a g a te l in e s ) .......................................... $ 4 2 0
Akron......... ..........
f T w o M o n th s
(8 t im e s )................................ 22 0 0
R ock ford _______
in g
g B
Bu
u sin
sin ess
ess cCaards
h reMe oM
onsth s (2
(13
tim ee ss )...............................
)................................ 50
29 0000
sStta
a nn dd in
r d s )/ T
g lx
n th
0 tim
L exington............
Y ou ngstow n____
(. T w c lv e M o n t h s (5 2 t im e s ).............................. 8 7 00
Canton__________
C h ic a g o O f fic e —39 S ou th L a Salle S tre e t, T e le p h o n e M a je s t ic 7396.
South B end..
L o n d o n O f f ic e —E dw ards & S m ith , 1 D ra p e r s ’ G a rd e n s, E. C.
Springfield, Ohio
Mansfield . . .
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
Q uincy...........
F r o n t. P in o a n d D e p o y s te r S t s .. N e w Y o r k .
Bloom ington____
D ecatu r_____
Published every Saturday morning by W IL L IA M B. D A N A C O M P A N Y .
Danville_____
L i m a _______
Jacob Seibert Jr., President and Treasurer; Arnold G . Dana, Vice-President and
Secretary. Addresses* of both. Office o l the Com pany.
Owensboro . .
L ansing_____
Jacksonville, 111.
CLEARING HOUSE RETURNS.
Ann A r b o r ...
Tho following tablo, mado up b y telegraph, A c., indicates that tfio total bank
A d rian______
clearings of all tho clearing houses o f tho United States for tho week ending to-day
T ot.M ld.W est.
have been $0,465,374,570, against $6,220,412,896 last week and $6,244,275,419
tho;correspondlng week last year.
San Francisco___
Los Angeles..
Clearings— Returns by Telegraph.
Seattle__________
Per
Week ending July 13.
P o r tla n d ____
1918.
1917.
Cent.
Salt Lake C i t y ..
Now Y ork ..... ........................................ ...... $2,800,281,317
$2,926,421,550
— 4.3 Spokane________
C h ic a g o ............................................
T a co m a ________
434,704,059
429,985,838
+ 1.1
Oakland________
P h iladelphia...................... ..............
261,598,621
324,240,715
+ 23.9
Sacramento_____
Boston ...............................................
280,749,144
232,078,276
+ 21.0
San D iego . . . ___
*150,000,000
Kansas C ity_______ _____ _______
119,905,904
+ 25.1
Pasadena_______
St.* L o u is ........... .............................
122,398,477
110,074,262
+ 5.4
S to c k to n _______
99,925,635
Sanl Francisco........................ .........
83,740,748
+ 19.3
100,636,792
Fresno __________
Pittsburgh....................................... .
64,453,839
+ 56.1
*52,000,000
San Jose________
D etroit....................................... .......
45,925,844
+ 13.2
00,589,549
Y a k im a ________
Baltimore......... ........................... ..
38,461,009
+ 57.5
62,949,560
R e n o ___________
Ncw^Orleans......... ..........................
36,379,735
+ 45.5
Long Beacb_____
Eleven cities, five days.
$4,478,488,248
$4,355,031,632
+ 2.8
T otal P a cific ..
Other cities, five days____
862,417,408
695,498,947
+ 24.0
Kansas C ity____
Total all cities, five days___________ $5,340,905,656
$5,050,530,579
+ 5.7
M in n eapolis____
A11 cities, one day.......................................
1,125,468,914
1,193,744,840
— 5.7
O m aha__________
St. Paul................
T otal all cities for week...................... $6,406,374,570
50,244,275,419
+ 3 .6
D enver__________
* Partly estimated.
St. Jo se p h _____
D cs M oines_____
Tho full details for tho week covered by tho above will bo given next Saturday
W o cannot furnlsn tnem to-day, clearings being mado up by tho clearing houses D uluth--------------Sioux C ity______
at noon on Saturday, and henco In the above tho last day of the week has to bo in
W ich ita ................
all cases estimated, as wo go to press Friday night.
Lincoln ________
Detailed figures for tho week ending July 6 show:
T o p e k a _____
D avenport---------Week ending July 6 .
Cedar Rapids . . .
Clearings at—
Colorado Springs
Inc. or
F a rgo_______
1918.
1917.
Dec.
1916.
1915.
P u e b lo______
F r e m o n t____
$
S
S
%
S
W aterloo____
New'. Y ork ---------- 3,523,853,737 3.515,031,636
+ 0 .3 2,625,363,692 1,646,414,139
H elena______
367.269,609 312,031,352 + 17.7 237,906,692
Philadelphia-----130,78#,237
Aberdeen____
110,009,114
Pittsburgh______
71,587,60.3 + 53.7
61,561,736
42,701,327
H
astings 1------66,003,2(51
B a ltim ore--------52,000,897 + 26.9
47,01(5,973
33,054,685
B illin g s _____
21,136,432
19,171,2(50 + 10.2
Buffalo..................
18,001,153
12,228,680
Total oth.W est
13,568,649
W ashington-------12,304,289 + 10.3
8,967,072
7,561,412
6,144,967
5,692,805
A lbany__________
+ 7.9
5,468,010
5,325,653
St. Louis_______
9,660,744
8,934,306
R och ester______
+ 8.1
4,284,799
8,005,877
New Orleans____
4.400,000
4,233,456
+ 3 .9
S cranton_______
3,611,976
2,928,118
Louisville_______
4,600,000
4,590,3(57
Syracuso ..............
+ 0.8
4,383,851
3,085,522
Houston________
3,565,705
3,020,030
W ilmington_____
— 1.5
2,874,423
1,920.273
G alveston ...........
2,895,901
2,821,776
+ 2.7
Reading________
1,088,542
2,480,635
R ichm ond______
2,096,089
2,069,835
+ 1.3
Wilkes-Barre____
1,973,654
1,814,082
Fort W orth.........
6,398,317
4,453,147 + 4 3 .6
W heeling..............
1,794,665
3,006,220
M em phis..............
2,832,382
2,644,173
+ 7.1
T ren ton ________
2,381,714
1,831,333
A tla n ta ________
1,047,922
1,149,011
Y ork ......................
— 8.9
1,054,426
818,029
Nashville_______
2,237,473
1,799,909 + 24.1
E r i e .................... 1,484,873
1,006,828
Savannah ______
2,351,518
1,979,382 + 18.8
L a n caster...........
1.737,556
1,221,058
N o rfo lk ................
1,448,700
1,490,778
Chester ................
— 2.8
1,280,741
554,418
Birm ingham ____
917,000
1,034,400 — 11.3
B ingham ton____
1,077,900
707,800
M ob ile..................
849,338
725,869 + 17.1
A lto o n a ________
442,594
640,828
1,440,430
Greensburg-------825,000 + 73.9
816,713
400,000 Jackson ville____
380,1.32
Knoxville_______
M o n tc la ir ............
533,703 — 27.5
430,564
406,208
Chattanooga____
Total M iddle. 4,155,113,420 4,030,731,620
+ 3.1 3,041,535,988 1,903,004,358
Little R o ck _____
Charleston______
312,411,523 262,212,751 + 19.1 203,598,050
B oston......... ........
131,985,313
O klahom a______
12,831,200
P rovid en ce_____
12,532,300
+ 2.4
10,219,900
6,982,300
Augusta________
10,623,135
H a rtford ..............
9,940,038
+ 6.9
8,550,007
0,064,129
M a c o n __________
5,804,701
New H a v e n ..___
5,299,609
+ 9.5
3,859,419
4,912,657
A
u s tin __________
4,479,026
4,451,287
Springfield...........
+ 0.6
2,064,294
3,853,782
V ick sbu rg______
2 , 200,000
2,400,000
P o r tla n d _______
— 8.3
2 ,000,000
1,866,028
Jackson ________
3,930,148
3,536,095 + 11.1
W orcester............
3,900,918
2,377,570
Tulsa ....................
2,274,673
1,935,228 + 17.5
Fall R iver...........
1,276.053
1,057,870
M u sk o g e e______
1,856,921
1,519,932 + 22.2
N ew B e d ford ___
1,104,202
877,332
Dallas ..................
1,100,000
1,083,271
L o w e ll........... ......
+ 1.5
805,044
1,028,387
S h revep ort_____
909,510
H olyoke________
805,189
— 4.6
900,000
744,987
T otal Southern
901,503
Bangor__________
818,621
— 9.2
929.809
430,345
T otal all........... :6
306,721,5241 + 17.1 242,273,765
T otalN ew E ng.
359,195,191
159,714,631
Outside N . Y J 2
N ote.— For Canadian clearlng3 see “ Commercial and Miscellaneous N ew s."




a n d

Inc. or
D ec.
%
+ 1.2
+ 32.9
+ 10.4
+ 15.4
+ 30.3
+ 44.9
+ 1.2
— 3.1
— 22.3
+ 15.8
— 7.4
+ 3 8 .5
— 10.3
— 9.1
+ 13.9
+ 8.7
+ 4 6 .7
— 8.3
— 26.4
— 27.5
— 16.1
+ 13.0
+ 3 5 .5
+ 11.5
+ 7 .7
+ 15.4
+ 22.1
+ 3 4 .0
— 15.4
+ 6.3
— 13.3
+ 2 2 .0

1916.
362,313,075
33,707,400
50,318,121
33,909,997
19,452,557
11,493,767
9,206,100
8,541,831
3.400.000
3.746.428
3,925,170
1,845,680
1,586,291
1,511,146
3.716.000
1.076.429
700,002
3,761,515
3,058,662
880,517
1,014,068
633,871
871,401
882,774
722,709
813,215
757,184
353,526
1,032,692
358,319
402,653
64,235
566,147,335

S
269,098,650
25,476,750
31,439,791
25,180,303
14,487,658
9,514,704
6,303,100
6,319,092
2,687,815
2,797,609
2,781,214
1,463,571
1,125,246
1,505,744
2,133,000
938,963
697,980
1,842,164
1,824,538
724,627
677,294
614,218
674,557
646,590
451,278
426,096
574,870
322,320
605,193
236,204
215,502
35,419
413,822,060

+ 16.7
+ 7.4
+ 63.0
+ 8 6 .8
+ 5.8
+ 46.9
+ 55.7
+ 14.1
+ 17.4
+ 6.6
— 7.8
+ 0.1
+ 7.1
+ 20.2
+ 11.1
+ 2.2
+ 5 4 .9
+ 2 4 .5

64,233,576
22,834,550
14,088,837
10,812,790
8,828,170
4,555,348
2,335,506
4,247,376
1,832,557
2,039,317
826,491
1,320,894
1,012,063
837,931
361,488
347,755
664,299
141,178,978

47,405,876
17,925,357
11,088,660
8,674,429
5,671,470
3,309,000
1,746,251
3,261,094
2,057,031
1,830,897
760,609
876,669
785,585
688,210
320,000
262,806
525,219
107,139,163

119,173,064 119,173,064 + 0 0 .0
26,185,627
— 2.9
26,968,356
42,510,820
28,205,824 + 5 0 .8
14,256,730
14,211,662
+ 0.3
21,393,111
14,646,028 + 46 .1
10,526,912
12,095,778 — 13.0
10,054,725
7,693,661 + 30.7
3,791,616
— 3.4
3,923,736
7,491,244
5,499,174 + 3 6 .2
6,922,056
5,355,758 + 30.6,
3,885,035,
+ 0.3
3,872,613
2.280.2531
2,280,253 + 00.0
2,882,489;
2,624,193
+ 9.8
1,990,923
2,534,917 — 21.9
752,212
813,964
— 7.5
1,392,202
1,392,202 + 00.0
729,869
611,830 + 19.3
548,674
+ 5.6
519,563
2,254,000:
2,254,000 + 00.0
1,707,479;
1,707,479 + 00.0
963,826!
768,520 + 2 5 .4
461,146]
461,146 + 00.0:
1,136,422
1,136,422 +00.0]
258,750,143 258,760,143 + 0 0 .0

72,594,900
26,187,666
19,091,380
14,442,031
11,490,413
8,157,145
7,354,121
4,510.191
3.700.000
3,996,596
2,737,604
1,577,640
1,965,414
1,863,016
686,439
1,605,042
480,517
416,004
1.965.000
1,486,395
787,187
296,919
744,252
188,135,872

58,655,076
15,379,626
16,889.241
11,744,119
7,779,772
7,515,324
5,488,482
2,403,118
3,043,352
3,203,179
2,391,606
1,660,321
1,436,713
1,891,893
623,941
1,105,390
484,294
417,151
1,490,057
1,011,198
636,464
217,598
453,791
145,921,706

459,645,586
51,874,112
87,835,492
56,574,843
30,403,540
18,913,000
10,273,900
8,775,052
4,515,789
5,255,264
4,061,998
4,499,680
1,833,069
1,578,895
6.798.000
1.550.000
830,000
3,932,744
2.300.000
1,343,739
1,250,273
847,896
1,327,246
1,204,754
880,538
710,284
1,040,843
697,493
1,040,090
415,959
377,475
105,951
772,693,505

454,332,756
39,041,847
79,597,222
49,016,978
23,324,349
13,050,942
10,152,000
9,052,809
5,812,557
4,537,506
4,406,481
3,249,845
2,043,408
1,735,859
5,968,000
1,425,750
565,015
4,289,199
3,126,604
1,381,046
1,490,875
750,000
979,939
1,080,183
817,056
614,926
852,128
520,204
1,230,852
391,121
435,564
86,948
725,359,969

119,140,010
30,779,000
34,075,840
22,413,808
14,351,517
7,343,972
4,356,783
6,491,681
3,227,842
2,282,850
1,054,098
1,550,895
1,546,758
1,177,176
681,977
615,000
1,205,478
252,294,685

102,061,159
28,671,000
20,906,140
12,000,000
13,566,744
5,000,000
2,797,612
5,690,935
2,748,616
2,136,022
1,143,735
1,548,816
1,444,363
979,725
613,017
601,997
778,579
202,688,460

+6.5

+ 6.4
123,350,836
115,917,001
65,439,646
88,102,256
40,673,505
33,986,760 + 19.7
14,831,056
21,601,885
21,969,041
17,276,429 + 27.2
13,332,771
16,707,128
7,431,159
11,467,937
8,200,000 + 3 8 .6
6,830,606
4,077,944
4.800.000 — 15.0
2,889,266
3.371.288
39,376,875
23,500,000 + 67.6
15,623,606
8.362.288
+ 7.3
9,760,149
9,092,647
7,856,629
7,773,171
— 6.4
9,596,463
8,980,059
6,180,143
4,259,153
35,645,003
22,467,149 + 5 8 .7
11,604,794
13,051,985
11,957,121
7,066,794 + 69.2
6,213,353
5,094,875
+
8.3
5,807,801
5,364,274
4,997,933
3,118,087
7,081,469
5,637,586 + 2 5 .6
4,175,683
4,460,728
5,109,403
3,934,553 + 29.9
1,941,462
2,562,020
+ 6.0.
1,390,643
1,311,189
941,672
981,532
4,520,759
3,541,433 + 27.6
3.157.473
2,651,949
2,400,000]
— 5 .51
2,270,982
2,413,236
1,514,257
4,328,826]
3,370,761 + 2 8 .4
2,105,101
2,764,828
4,145,212
2,167,083
3,018,260 + 3 7 .3
1,900,211
3.100.000
3.043.000
2.345.473
1,660,137
+ 1.5
5,551,173
4,204,333
4.783.000 + 16.1
2,201,500
2,769,485
1,597,557 + 7 3 .4
1,102,734
1,257,185
1.400.000
1.211.000 + 15.6
2,268,299
2,226,980
2,000,000
1,784,514 + 12.1
1,500,000
1,757,855
381,953
252,504 + 5 1 .3
252,277
221,055
— 3.1
315,000
667,796
325,000
371,020
9,259,468
5,898,730 + 5 7 .0
2,998,298
1,639,097
921,729
1,365,396 + 19.5
1,631,761
673,104
+ 8.8
12,000,000]
11,032,270
6,278,800
1,558,797
1,381,640 + 12.8
382,010,220: 3 13,169,146' + 2 2 .0 ; 231,650,861 171,214,870
]220,412.896|5,837+20^862j + 6 .(i 4 ,41175227799 2,900,810,78S
£9675597159 2,322,389,226 “ +1671 17785.559,107 1.254,102,059

THE CHRONICLE

104

THE FINANCIAL SITUATION.
It is nearly two centuries since Jonathan Swift
published his account of the travels of Lemuel
Gulliver, a keen though somewhat coarse satire on
certain theories and follies of that day. If the bril­
liant Irishman were living now, he would probably
feel still impelled to satire, and would still find
material ready to his sharp pen.
For instance, Fuel Administrator Garfield told
us last year not to get frightened and impede fuel
delivery by rushing our seasonal orders all at once,
but to hold aloof and rely on a more gradual process
later in the autumn; we waited trustfully, and when
winter came were in a trouble which possibly has
not been^ forgotten yet. This year we were told to
put in our orders early and avoid the rush; obeying
again, we placed the orders, but could not place the
coal. Now we are told that we may be put on a
“ rationing” (not necessarily a rational) system,
since it appears that “ there will not be enough house­
hold coal| available this winter if last year’s waste
continues or if unequal local distribution is not pre­
vented.” New Yorkers may remember what ap­
peared afvery decided and inexcusable “ waste” in
lack of proper effort and co-ordination when work­
less and lightless and heatless days were ordered,
that supply might come up with demand; and we
seem to remember that we were “ rationed” then,
although with the drawback that the rations were
very poorly available; the furnaces cooled down
before empty coal bins and the householder rushed
to the good supply of oil stoves at the stores, only
to find a short-stop on oil; but somehow or other we
rubbed along and got through a winter of unexam­
pled severity.
Now the plan does not quite bid the householder
go with his bucket each morning, to have it filled
by his regular dealer, although he has been told that
he must cleave to that dealer and seek no other.
But we are told that “ the coal allowed to each con­
sumer will not be the amount used last year, but only
so much as is scientifically found sufficient to heat
his house to 68 degrees, providing every conserva­
tion rule has been obeyed;” the allowance for each
is to be enough for comfort, “ but the thoughtless
and wasteful consumer who finds his allowance
gone before the end of the winter will have only
himself to thank if he has no fuel.” There is to be
“ a department of coal allotments.” Each person
will get his fair share, and “ the hoarder will be
eliminated.” There will be a censorship of each
order given to any dealer, “ each order being com­
pared with a figure obtained by simple yet effective
formulas showing the rating of the house where the
coal is to be used.” There is to be “ actual inspec­
tion of all doubtful cases and a checking up by in­
spectors” of the coal on hand, the space to be heated,
and the means employed; lastly, there is to be “ an
effective refusal to furnish any householder more
coal than a scientific analysis shows is necessary
if the requisite care is taken in the heating of the
house; under this system surplus coal will be refused,”
and any misbehaving householder will be prose­
cuted. Thus we are to keep the home fires burning.
One may imagine a procession of inspectors, bear­
ing thermometers and analyzers, going around and
making this scientific examination of each house in
its turn, and incidentally piling a fresh demand on
the overburdened labor market, although this line



[Vol* 107.

will have especial attractiveness for the lazy market.
But how many inspectors and in how much time
will finish the work? When every householder’s
quarters in New York have been scientifically ex­
amined and rated and it is found how much coal,
and how handled, will keep the column in the in­
sensate little glass tube which everybody owns up
to the ideal 68, may not the winter be over and
gone?
Honest Gulliver reached the island of Laputa, and
in the Academy of Lagado he found, among other
benevolent experimenters, some who were working
out a process to “ extract sunbeams from cucumbers,
which were to be put in phials hermetically sealed,
and let out to warm the air in raw, inclement sum­
mers.” Yea verily. It has been asked “ what is
so raw as a day in June,” and notwithstanding our
present summer has seemed tardy is it strictly
necessary to confine this relief per the cucumber to
inclement summers? Why might it not be used in
the inclement winters also, and if the cucumber
alone does not release heat enough there are other
vegetables, for the sun shines impartially on them
all, and experimenters now may be not less abundant
and less enthusiastically willing than those of the
Academy?
But if anybody objects to satire as neither warm­
ing nor filling and insists on seriousness, we may be
permitted to suggest that the proper function of an
Administrator of an indispensable commodity is
to use means and energy to procure and furnish the
commodity and not to teach and compel people to
do without it. The State may regulate the price of
any indispensable commodity, according to the
Supreme Court, and that doctrine must stand as
legal until reversed; does it, or does it not, follow
naturally that the State may, and should, also
undertake to see to the supply? If the State under­
takes to control supply it certainly becomes bound
to furnish the commodity. We have had excuses
and explanations instead of aircraft. We want coal
now, instead of excuses and restrictions and ration­
ings and scientific inspections et cetera. The coal
is in the mines. If a Fuel Administration is not to
get it out and distribute it, and if all other instru­
mentalities as employed in the times when we did
have fuel to burn are to be held back from oper­
ating, the less expensive way of doing without coal
would be to set a guard at the mine mouths and save
the cost of the administering scheme.
Turn the subject how you will, apply to it satire
oi* plain remonstrance or patient pleading or whatever
you will, does it not seem that we got on better
(and might get on better,still) under private initia­
tive in furnishing necessaries than by leaving even
the most benevolent of Governments to put things
into our mouths for us?
The grain-crop situation in the United States on
July 1, according to the report of the Department
of Agriculture, issued on Tuesday last, while not
quite so encouraging as a month earlier, is neverthe­
less much more satisfactory than a year ago and bet­
ter than the average. It is, however, quite in line
with what private advices and the weekly official
weather bulletins issued since the date of the last
monthly report had prepared the public to expect.
Winter wheat shows a decline in condition due to
very high temperatutes in important localities,
which caught the grain in the milk or dough state,

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13 1918.1

THE CHRONICLE

105

and a rather appreciable retrogression in spring in connection with this report on wheat, how very
wheat is to be noted. Consequently the outlook appreciably the stocks remaining on farms have
for the two varieties combined is for a yield some been reduced as a result of the short crops of 1917 and
40 million bushels under the approximation of June 1916 and the intensive drain upon supplies for
1 but over 200 million bushels better than a year overseas use and home consumption. Those stocks
ago. Corn, on the other hand, is at date much are stated to have been on July 1 only 8,283,000
above the average of recent years in condition, so bushels, or 1.3% of the 1917 crop, against holdings
that notwithstanding a decrease in the area planted of 15,611,000 bushels a year earlier and 74% million
(wheat having been given the preference over this bushels in 1916, and an average carryover July 1
cereal in some localities) a crop nominally in excess for the five years 1912 to 1916 inclusive of 39,­
of the record yield of 1917 is now foreshadowed. 066,000 bushels.
Oats, unfavorably affected by extremely hot weather
A rather marked drop in the condition of oats
and deficient moisture in territories of large pro­ during June, the result of extremely hot weather
duction, registered depreciation in June from the over a comparatively wide area, is indicated by this
excellent status at the beginning of that month but July 1 report. Condition, moreover, on the date
condition is still above the average although below mentioned, was 3.9 points lower than last year at
that at date in 1917. Despite the increase in the same time and but 1 point above the ten-year
acreage this year, therefore, the current estimate average. The promise at this time is officially
of the Department is for a yield about 150 million announced to be for a yield of 32.3 bushels per acre,
bushels below the high-water total of the preceding equivalent to 1,436,617,000 bushels for the territory
year, and 112 million bushels under 1915. Record to be harvested, this falling below last year's bumper
crops of rye, barley and rice are now predicated, and crop by 150 million bushels, but exceeding 1916 by
of products other than grain, potatoes (white and 185 million bushels. Barley production for the
sweet combined) promise an outturn second only year, now estimated at 229,816,000 bushels (a new
to that of a year ago; tobacco likewise and hay a high record) promises to exceed 1917 by nearly 21
larger yield than ever before. The general crop million bushels; the rye yield is expected to reach
situation it will therefore be seen is above the aver­ 81.600.000 bushels, or 21% million bushels more
age of preceding years.
than a year ago and at 43,400,000 bushels as the
Corn area is given as 113,835,000 acres, which is a outcome of the 1918 rice harvest, the 1917 total
reduction of 4.9 % this spring, wheat having been will be topped by more than 7 million bushels.
given the preference as already stated over the The six grains (corn, wheat, oats, barley, rye and
coarser grain in many localities. The crop suf­
rice) will, if current approximations are realized,
fered from drought in some sections— in Texas and give an aggregate production for 1918 of 5,843
Oklahoma for instance where condition was low on million bushels, or 141 million bushels more than
July 1— and latterly the need of moisture over wide in 1917 and only 39 million bushels less than the
areas has been referred to, evidence of lack of it record harvest of 1915.
being seen in irregularity of growth. The general
The white potato harvest from an area officially
condition of the crop on July 1 at 87.1 compares reported to be 6.3% less than that of 1917 is put
with 81.1 last year and a ten-year average of 83.6. down for a yield of 406 million bushels, or 37 million
The Department, drawing its deductions from
bushels under 1917 but virtually exceeding all earlier
average data, interprets the promise July 1 to be years except 1912; and of sweet potatoes a crop of
for an ultimate yield of 27.8 bushels per acre, and
92.100.000 bushels is expected, this being a new
this applied to the acreage mentioned above would high record, exceeding last year by 5 million bushels.
give a total production of about 3,160,000,000 bush­
els, or slightly more than in 1917 and therefore -a
Direct conflict of opinion between English and
new record in production.
German authorities as to the effectiveness of the
Spring wheat depreciated in condition 9.1 points German underwater campaign exists, if the published
during June, according to the official statement, speeches may be considered an accurate index.
but at 86.1 the present status of the crop contrasts Speaking in London on Thursday Sir Eric Geddes,
with 83.6 last year and a ten-year mean of 83.9. First Lord of the British Admiralty, said that mines
The indicated yield per acre at this time is stated as gradually were hemming in the submarines, which
14.8 bushels, which, upon the largely increased area now had less freedom and he was glad to say there
under cultivation, forecasts a production of 333,­ were fewer of them. In referring to the great mine
591,000 bushels, or second only to the 352 million fields which were so notably restricting the sub­
bushels of 1915, and comparing with 233 million marines, Sir Eric said they stretched from Norway
bushels in 1917. Winter wheat showed during the to the north coast of Scotland. There was a barrage
month a moderate deterioration in condition, but the across the straits of Dover, he added, and mines in
general average for July 1 at 79.5 is quite a little bettei Heligoland Bight.
Some of the fastest and best
than a year ago and only 1.1 points under the ten- craft of the navy, which certainly should be ranked
year average
Allowing for the above noted de­ as the corps de elite, had gone into the Bight at
terioration, the Department has lowered its esti­ night to lay them. In the House of Commons on
mate of average product per acre to 15.3 bushels, giving Tuesday, Sir Leo Money, Parliamentary Secretary
an aggregate yield of 557,339,000 bushels, or a total to the Minister of Shipping, gave official figures
139 million bushels above 1917, but 127 million showing that the percentage of ships lost while
bushels below the established high of 1914. Com­ homeward bound to the United Kingdom since
bining spring and winter varieties the outlook now, Jan. 1 1918 was rather more than 1% . The losses
as officially promulgated, is for a wheat aggregate of food ships for the same period was less than 1.4% .
of 890,930,000 bushels, this comparing with 651 The result of the convoy system, the speaker added,
million bushels in 1917 and the record yield of 1,026 continued to improve. Since January 1917, when
million bushels in 1915. It is of inteiest to note, the system was put into effect 42,000,000 gross tons



106

THE CHRONICLE

[V o l . 107.

had been convoyed to British and French ports has repeatedly approved.” Dr. Kuehlmann will
I
with a loss up to June 29 of 1.29% . This included go to Switzerland soon for a long vacation.
will
be
glad
to
get
a
bit
of
fresh
air,”
he
was
quoted
loss by the dispersal of convoys during bad weather.
It
Lord Beresford also was optimistic. Calling atten­ as saying to his friends. “ I am sick of it all.
is reported that von Payer, the Vice-Chancellor,
tion to the danger from uninterned aliens he ex­
has intimated that he will resign if von Hintze
pressed the belief that many ships have been tor­
pedoed through information furnished by spies. He attempts an open Pan-German policy, the Chan­
said that a month ago the British, Allied and neutral cellor declared in a speech before the main committee
tonnage sunk amounted approximately to 13,000 of the Reichstag on Thursday that Germany’s
tons daily. A fortnight ago it was 1,400 tons leaders, military as well as political, are ready to
daily and last week 3,000 tons daily, these, he consider “ sincere peace proposals.” He declared
declared were satisfactory figures and the spies that “ the recent speeches of President Wilson and
Foreign Secretary Balfour plainly indicating our
would be completely beaten when the British and
enemies’ will to destroy us, forces Germany to con­
American got their large fleets of destroyers in the
tinue the struggle.” The closest unity, however,
water.
On the other hand Vice Admiral von Capelle, the Chancellor said, existed among German political
Minister of the German N avy, in a speech in the and military leaders regarding readiness to receive
Reichstag early in the week declared that German sincere peace proposals.
submarines were increasing both in number and
News was received on Saturday last of the assissinaquality and that reports of U-boat losses had been
tion
of Count von Mirbach, German Ambassador
exaggerated by the Entente Allies. He declared
at
Moscow.
The Russian Foreign Minister promptly
incorrect the recent assertion of the French Under
called
at
the
German Embassy and expressed the
Secretary of the Navy that two-thirds of the
regret
and
indignation
of his Government at the
German U-boats had been sunk while twice the
occurrence.
Berlin
promptly
absolved the Bolnumber that Germany was able to build were being
destroyed.
“ These figures are incorrect,” the sheviki of complicity in the killing, action that is in
speaker said, “ as is also the recent statement by direct contrast with the attitude of Germany in
the British Minister of Marine that since January dealing with the Chinese when China was in the
last the number sunk exceeded the new construc­ hands of the Boxers and the German Minister
tion. The facts,” he continued, “ are quite the re­ Baron von Ketteler was assissinated. Yesterday’s
verse. All reports about U-boat losses spread by advices declared that one of the assassins of Mirbach
the enemy are exaggerated. The enemy press had had been arrested. As to the events in Russia,
spread the report everywhere that the submarine developments are so kaleidoscopic that it is difficult
is no longer effective and, to repeat Lloyd George, to reach any satisfying conclusion as to their Jmis no longer a danger but only a nuisance. We portance. President Wilson, there is reason to
should not allow ourselves to be influenced by such believe, has reached a definite conclusion as to the
confident speeches of the enemy. The result of course our own Government will take, but is confeithe submarine war must one day naturally decrease ring with the Entente capitals before taking positive
when the sea traffic also decreases, but this can as action. There seems to be a widespread opinion in
little alter th e‘ final result as the circumstance that Washington that positive action is to be taken on
under specially favorable conditions a greater loss of the occupation either at Vladivostok or Kola, or,
submarines can temporarily occur than normally. perhaps, in both places to give aid to any elements
The firm will to victory which led our armies in the in Russia or Siberia which are ready to offer armed
West from victory to victory is also alive in our resistance to the Germans. The Czecho-Slovaks
navy and the U-boat war, too, will reach its aim.” are in possession of many important points along the
Siberian railroad and the Bolshevik Soviets are
As was to be expected, the German Foreign Secre­ holding out at other points; hence it is impossible
tary, Dr. Richard von Kuehlmann, has resigned, to gain accurate information as to the state of the
public mind in any endeavor to determine what
the resignation being accepted on Tuesday by Em­
peror William. The significance of this act is its proportion of the people could be relied upon to
clear demonstration that the pan-Germans arc in rally to the support of the Czecho-Slovak elements,
complete control of affairs. Dr. von Kuehlmann’s should it appear that these had the moral and material
chief offense was a statement in his speech in the support of the Entente Powers. Rumors of a
counter-revolution at Moscow have come from
Reichstag on June 25 that the war could not be
ended by military decision alone, without recourse various sources, but latest dispatches say that the
to diplomatic negotiations. His successor is Ad­ uprising has been crushed and that several hundred
miral von Hintze, the German Minister at Christi­ of the revolutionists are under arrest. There are
ania and formerly Minister to M exico. Hintze is indications that German troops may be sent to
declared by the London “ Daily Chronicle” to be the Moscow in the near future, as large Teutonic lorces
most notorious intriguer in the German diplomatic are within 300 miles of that city. Russia, however,
service. It was necessary some time ago to recall is a country of such magnificent distances that
him from China. At the outbreak of the war he undue importance should not be attached to purely
was in M exico. The new Foreign Secretary is local developments. Advices from' Peking report
quoted by a Berlin dispatch as declaring that he is that a new provisional Siberian Government has been
not a Pan-German and that he intends to co-operate established at Novonikolayevsk. The program of
fully with von Hertling, the Chancellor. “ I am this Government includes the liberation of Siberia
not a Pan-German and have nothing to do with Pan- from the Bolsheviki with the avoidance, if possible,
Germanism. I am merely a good German, glad to of foreign intervention; universal suffrage; establish­
co-operate with Chancellor von Hertling according ment of provincial councils and a labors bureau;
to|his own program, which the Reichstag majority distribution of the land among the land list; and



Ju l y

13 1918.]

THE CHRONICLE

control of economic activities. Siberia thus, says
the correspondent of the London “ Times,” will
become the first democratic State in the history of
Russia and, it is hoped, will be the forerunner of a
great Russia. The flag adopted by the new Govern­
ment consists of two stripes of white and green.

107

As is the case] in Stockjj|Exchange circles in New
York, there seems evidence of a disposition to await
the result of the enemy's new drive on the Western
front, which everybody believes to be so imminent.
Most of the business at the British centre is confined
to specialties, such as shipping and oil shares and
securities of banks, the latter being in demand on
There has been no resumption by the enemy yet account of the news of important further amalga­
of his supreme drive on the Western front. Mean­ mations of banking institutions being arranged,
while Gen. Foch is keeping him busy all along the though their formal consummation will depend upon
front by minor attacks which in the long run have approval by the Government. It has been an­
been uniformly successful. The cumulative result nounced, however, that complete consent has been
has been not only the retaking of a considerable given by the Government to Barclay's Bank ab­
amount of terrain lost in the recent German drive, sorbing the London Provincial & South Western
but the putting of the Entente troops in position to Bank. Barclay’s Bank has 800 branches and the
occupy hill sections which offer excellent facilities other institution 550. It will be necessary, quoting
for defense. The town of Corey, east of the Ritz a special London dispatch cabled to the “ Journal of
Forest, has been taken and strong positions in that Commerce,” to close only 25 branches because of
vicinity captured. As a result of the assaults made overlapping, which indicates that these banks were
by the French from Ambleny, south of the Aisne, to not competitors to any marked degree. The com­
the hills south of Corey, their line has been straight­ bined authorized capital will be £20,000,000, of which
ened and advanced to high ground. From the £12,679,000 has been issued, and an additional
Clingnon southward to the Marne American forces £7,289,000 will be subscribed. The reserves are
have been improving their positions and now have £6,000,000. The deposits of the two institutions
a strong line of positions running northward from aggregate between £210,000,000 and £212,000,000.
Hill 204 west of Chateau Thierry to the village of The title of the new institution will be simply Bar­
Corey. On the British front the Australians have clay's Bank. Sir Herbert Hambling, of the London
been in action once more successfully penetrating Provincial & South Western, becomes Deputy
German positions and capturing prisoners. On the Chairman. Barclay’s will thus be the third largest
rest of the lines held by the British there have been British bank, following the London City & Midland
the usual artillery duels and patrol engagements.
Bank, whose deposits exceed £220,000,000, and the
French and Italian detachments are making great London County Westminster & Paris Bank. The
progress, steadily pushing Austrian forces back consolidation of the London City & Midland Bank
along the western slopes of the mountains which with the London Joint Stock Bank still awaits the
parallel the coast of Albania. They have captured sanction of the Government.
One of the new mer­
the important town of Berat and have moved ahead gers, it is understood, involves the control by large
in the hilly country of the east. In the mountain English banks of certain Indian and Australian banks
sectors of the northern Italian front Austrian troops having head offices in London, which would mean
which approached the Italian positions have been the concentration of British overseas banking.
diivcn back. Half a ton of bombs were dropped Sir George Cave, Home Secretary, announced in the
upon the city of Constantinople on July 7 by air
House of Commons on Thursday that the Govern­
force contingents acting with the British Navy. ment intended to apply to the courts for an order
While it is not expected that far-reaching results to wind up the business of enemy banks. Legisla­
will be brought about by the offensive in Albania tion will be introduced by the Government, he said,
the movement has its possibilities. The rapid which will make it impossible, for a period of years
progress made by the French and Italians, the after the war, to open any enemy bank in England.
probability that the Austro-Bulgar line to the east
Regarding recent reports received from London
past Lake Ochrida may be outflanked, and the
as to disclosures of extravagance in war expenditure
possibility that an offensive may be undertaken
it is explained in later dispatches that these revela­
successfully along the Saloniki front tends to give
tions relate chiefly to the earlier stages of the war
the events in this sector direct importance at a time
and were due in part to unpreparedness for the con­
when the main battle area is quiet. There have flict.
been indications recently that an offensive might
The index number for commodity prices as com­
be begun in Macedonia if for no other reason than
piled by the London “ Economist” and received
to draw Austrian and possibly German troops from
by cable, shows a total of 6105 at the end of June,
Italy and France. It is reported that the Bul­
which was an increase from 6016, the M ay 31
garians are war-weary and that a powerful blow along
figure, lhus still another high record of prices is
the front north of Saloniki might bring about notable
created. The current figure represents an increase
military and political results. A serious mutiny
of 177.5%, comparing with the. basis of 2200, repre­
among the Austrian troops in one of the occupied
senting the average of quotations for the five year
districts of Serbia is announced. The garrison at period 1901-5. In the June totals cereals and meat
Kraguyevatz, the former Serbian arsenal, broke moved up from 1247 to 1274; other food products
into rebellion because of bad food, many of the
were unchanged at 777%; textiles increased from
officers being killed. The mutiny is said to have 177% to 181%; minerals rose from 849 to 851% and
been suppressed after a veritable battle in which the miscellaneous group, including rubber, timber,
machine guns and artillery were freely used.
oils, &c., finished at 1380%, c.omparingwith 1369%
the month preceding.
Very little is passing either in investment or specu­
lative circles on the London market, though there is
Nothing further has come forward by cable" as
still lacking any definite indication of selling pressure.
to the proposal to issue a new British war loan and



108

THE CHRONICLE

abandon the continuous sales plan which has been
in operation during recent months. There was
some improvement in the buying power, the sales
through the banks last week totaling £20,141,000
(comparing with £17,496,000for the week preceding)
and bringing the aggregate sales to July 8 to £837,­
664,000. The post offices report for the week
ending June 29 sales amounting to £610,000, bring­
ing the total under this head up to £32,189,000.
The record through the post office for the pre­
ceding week was only £590,000. War savings cer­
tificates of £1 each (sold at 16s. 6d. and redeemable
at par in five years) were sold in the week of June
22 to the amount of £3,098,000, making the aggre­
gate ultimate indebtedness £219,417,000. Sales
of war bonds since the beginning of the current
movement have averaged £22,000,000 weekly, thus
approaching the Chancellor of the Exchequer s
minimum of £25,000,000 weekly. In a published
statement early in the week Sir Robert Kindersley,
Chairman of the War Savings Committee declared
that the country had made nothing like its greatest
effort yet. He believed that much better results
were obtainable.

[Vol. 107.

such an extent that these notes have acquired a
considerable premium over check or telegraphic
transfers and similar transactions. The precise
object of these purchases is not clearly defined,
but aside from giving our enemies an instrument
of payment which is valuable to them and for which
they are searching and paying dearly, it is not to be
doubted that the accumulation in their hands of
any important quantity of our banknotes could
present serious dangers for our exchange.
Measures have already been taken to limit this
traffic as far as possible. The ministerial decree
just issued puts a definite end to it. It is to be
noted that the United States and Switzerland itself
have taken similar steps for analogous reasons.

An interesting feature by cable from Paris is that
thousands of especially devised rifles for distributing
propaganda over the enemy lines are now in use in
the Allied armies. From these rifles grenades are
discharged by means of which tracts and pamphlets
are scattered along the enemy trenches with consider­
able exactitude at a range of more than 200 yards.
For greater distances small balloons made of cloth
are used. Each of these lifts 20 pounds of propapaganda literature and by means of a mechanical
device drops a quarter of a pound of these documents
at 15 minute intervals. The radius of action of
British revenue returns for the week ended July 6
the balloons in a 25-mile wind would be Hamburg,
indicated a substantial gain while expenditures
Berlin, Vienna and Trieste. They travel at a height
registered a sharp reduction The Exchequer bal­
of about 6,000 feet. Recent distributions have
ance expanded £798,000. Sales of Treasury bills
again indicated an increase over those of the pre­ included the disclosures of Prince Lichnowsky, the
German Ambassador at London at the outbreak of
ceding week. Expenses were £50,904,000 (against
£67,628,000 for the week ending June 29), while the the war; the letters of Dr. von Muhlon, former Krupp
total outflow, including repayments of Treasury bills director; figures showing the German losses and
and other items amounted to £154,190,000, against facts about true conditions in the interior of Ger­
£255,628,000. Repayments of Treasury bills, £96,­ many.
The bill providing for the renewal of the privileges
314,000, compared with £59,081,000. Receipts from
of
the charter of the Bank of France for a period of
all sources equaled £154,988,000, in comparison with
twenty-five
years, beginning Jan. 1 1921, passed
£254,407,000. Of this total, revenues contributed
the
Chamber
of Deputies on Thursday by a vote
£17,302,000, against £13,992,000 a week ago. New
issues of Treasury bills, £96,780,000, compare with of 325 to 137. An amendment introduced by M .
£60,992,000 the preceding week; war savings certifi­ Magniaude, making the limit fifteen years, was
cates totaled £1,200,000, against £1,300,000, and defeated. The bill had been before the Chamber of
otherdebtsincurred £12,592,000, against £21,385,000. Deputies for the last three weeks.
War bonds were £19,014,000, against £21,761,000,
while advances for the week reached only £8,000,000,
as compared with £134,885,000 last week. Treasury
bills outstanding now stand at £1,060,777,000. This
compares with £1,060,180,000 a week ago and the
Exchequer balance aggregates £12,503,000, against
£11,705,000.
The French Bourse has displayed greater activity,
and Government bonds as well as private corporate
securities have been well maintained. A decree
was issued late last week by Louis Klotz, Minister
of Finance, prohibiting any person from taking more
than 1,000 francs in French, Russian or American
paper money outside of France. This prohibition
probably will be extended to cover the currency
of other Allied nations. The purpose is to check
the efforts of the enemy to acquire the use of paper
money in all the neutral States for a purpose which,
the announcement of the decree says, is not yet clear
but which can easily become dangerous. The
decree also prohibits the exportation of Russian or
Balkan industrial stocks. The following momerandum accompanied it:

No changes have been announced in official discount
rates at leading European centres from 5% in Lon­
don, Paris, Berlin, Vienna and Copenhagen; 6%
in Petrograd and Norway; 6 }^ % in Sweden, and
4 }/2%
in Switzerland, Holland and Spain. In
London the private bank rate for both long and
short bills closed at 3 17-32%, as against 3 ^ %
for sixty days and 3 9-16% for ninety days last week.
Call money in London closed at 2% % , comparing
with 3 % a week ago. So far as we have been
able to learn, no reports have been received by cable
of open market rates at other European centres.

A still further increase, this time of no less than
£634,453, was registered by the Bank of England
in this week’s statement. As an offset there was an
expansion of £189,000 in note circulation; hence the
total reserve is only £445,000 higher. Notes re­
served increased £448,000; public deposits increased
£154,000, but there was the remarkable decrease of
no less than £11,648,000 in other deposits. Other
securities (loans) decreased £3,050,000, while Gov­
ernment securities showed the large reduction of
£8,859,000. The proportion of reserve to liabilities
For several months, it has been confirmed, enemy
increased to 16.40%, against 15.18% a week ago,
agents have been seeking in countries bordering on
the Central Empires to acquire our banknotes to and compares with 19% one year ago, and 28.39%




July 13 1918.]

THE CHRONICLE

in 1916. The reserve totals £29,325,000 and com­
pares with £31,952,043 and £41,858,753 in the two
preceding years. Loans (other securities) are £109,­
922,000, against £108,600,131 a year ago, while note
circulation aggregates £55,092,000, against £39,­
930,700. Gold holdings are £65,968,101. In 1917
they were £53,432,111 and in 1916 £59,397,368.
Clearings through the London banks for the week
were £446,100,000, comparing with £419,650,000
for the preceding week. Our special correspondent
is no longer 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 discontinued such
reports. We append a tabular statement of com­
parisons:
B A N K O F E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1918.
1917.
1916.
1915.
1914.
Julv 10.
July 11.
July 12.
July 14.
July 15
£
£
£
£
£
Circulation............... 55,092.000 39,930,070 35,988,615 34,494,590 29,315,255
Public deposits------ 38,343,000 42,087,527 64,920,429 52,986,503 13,318,714
Other deposits......... 140,419,000 126,103,441 92,499,538 157,983,549 42,485,605
G ovt, securities------ 57,378,000 45,465,561 42,187,661 51,747,910 11,005,126
Other securities------ 109,922,000 108,600,131 81,225,158 140,020,855 33,623,288
Reserve notes & coin 29,325,000 31,952,043 41,858,753 37,081,909 29 , 189,399
Coin and b u llio n ... 65,968,101 63,432,111 59,397,368 53,126,499 40,054,654
Proportion of reserve
to liabilities..........
16.40%
19%
28.39%
17.58%
62.28%
Bank rate..................
5%
5%
0%
5%
3%

109

creased $3,390,000. Cash in vaults (members of
the Federal Reserve Bank) increased $4,525,000,
to $101,038,000 (not counted as reserves). Re­
serves in the Federal Reserve Bank of member banks
showed a contraction of no less than $155,922,000,
to $483,803,000. Reserves in own vaults (State
banks and trust companies) decreased $2,363,000,
to $11,945,000, while reserves in other deposi­
tories (State banks and trust companies) de­
clined $712,000,. to $8,398,000. In round numbers,
the loss in aggregate reserves amounted to $158,­
997,000, thus bringing the total to $504,146,000, as
against $726,448,000 last year. The loss in sur­
plus was brought down by a reduction in reserve
requirements of $13,518,560, to $145,478,440. This
brought the total of excess reserves down to $26,­
493,240, the smallest total held in many months,
on the basis of 13% reserves for member banks of
the Federal Reserve system (but not counting
$101,038,000 cash in vaults held by these banks).
A year ago at this time, surplus reserves on the same
13% basis of reserve requirements were $178,187,­
990. The bank statement in fuller detail is given
in a subsequent section of the “ Chronicle.”

The Bank of France in its statement this week re­
The money situation has given evidence of addi­
ports a further gain of 839,375 francs in its gold
holdings, bringing the total (including 2,062,108,000 tional strain. A single rate of 6 % for mixed col­
francs held abroad) up to 5,425,636,000 francs. Last lateral and 6 ^ % for collateral consisting entirely of
year at this time the total gold holdings amounted to industrial securities has been current during the
5,293,406,140 francs (of which 2,034,774,686 francs greater part of the week. This has discouraged
held abroad) and in 1916 to 4,775,543,023 francs (of leading securities and has encouraged liquidation
which 271,055,668 francs held abroad). The silver of accounts held for speculation. The M oney
item shows this week an increase of 3,009,000 francs. Committee which has been doing nothing since the
General deposits have risen 131,138,000 francs, while distribution of the Third Liberty Loan found it
advances and treasury deposits register gains of necessary to lend funds on Friday to prevent the
14.029.000 francs and 15,245,000 francs, respectively; 6 % demand rate being exceeded. The bank state­
on the other hand, bills discounted decreased 133 - ment on Saturday of last week showed the large de­
549.000 francs. Note circulation was again enlarged crease of $145,478,440 in the surplus above reserve
this time by 138,212,000 francs. Aggregate circu­ requirements, following an increase in this item last
lation now is 29,090,401,000 francs, as compared week of $124,826,550 the week preceding, the latter
with 20,196,484,110 francs in 1917 and 16,113,174 - representing, as is well known, in large measure
865 francs the year preceding. On July ’ 30 1914 deposits by the Government of income tax funds, &c.
just prior to the outbreak of the war, the amount was It is figured by the Federal Reserve Bank officials
6,683,184,785 francs. Comparisons of the various here that in round numbers the Government deposits
items with the statement of last week and corre­ on income tax and excess profits tax accounts
amounted to about $300,000,000. New York paid
sponding dates in 1917 and 1916 are as follows:
B A N K O F F R A N C E ’S
altogether about $450,000,000 of these taxes, but oneC O M P A R A T IV E S T A T E M E N T .
Changes
'
Status as o f--------------- — —
third
of that amount was represented by Treasury cer­
for Week.
July 11 1918. July 12 1917.
July 13 1910 .
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
tificates
of indebtedness, leaving the net cash item
In F ra n co ..............Inc.
839,375
3,363,527,600 3,258,631,453 4,504,487,355
Abroad----------------N o change
2,062,108,000 2,034,774,686
271,055,668 available for deposit about $300,000,000, upon which
Total............... Inc.
839,375 5,425,635,600 5,293,406,140
the Treasury found it necessary to draw promptly,
4,775,543,023
Silver................... Inc.
3,1)09,000
266,841,000
262,259,508
341,613,621
final
withdrawals of the entire amount having, it is
Bills discounted..Deo. 133,549,000 1.134.165.000
624,038,415
429,450,090
Advances_______ Inc. 14,029,000
<?>
1,158,559,562
A syste­
Note circulation..Inc. 138,212,000 29,090,401,000 20,196,484,110 1,202,723,168 understood, been made on Thursday last.
16,113,174,865
Treasury deposits.Inc. 15,245,000
matic plan of pressure will, it is expected, be brought
70,124,000
70,043.023
64,110.926
General deposits.-Inc. 131,138,000 3.959.985.000 2,461,515,266
2,224,406,020
to bear to force a more general subscription to
Treasury Certificates of Indebtedness by the banks
Last week’s statement of New York Associated
of the New York Federal Reserve District as
banks and trust companies again reflected Govern­
well as other districts. This, it is intended, will take
ment operations. This time aggregate and surplus
the form of a printed list of the banks which have sub­
reserves showed spectacular declines— the former
scribed, naturally leaving those which have not
of more than $150,000,000— mainly in conjunction
open to the implied charge of lukewarm patriotism.
with the subscriptions to the $750,000,000 cer­
Four and a half per cent short term Treasury Cer­
tificates of indebtedness and the withdrawals of
tificates of Indebtedness are, of course, an attractive
Government funds from the banks. Reserves in
proposition for any bank. But it is more profitable
the Federal Reserve Bank also showed a heavy
to lend funds out at 6%-—a feature which undoubted­
shrinkage, while deposits were likewise sharply
ly has been recognized by the banks who have not
contracted. Loans decreased $15,466,000
The loss
subscribed to the Government notes. As the offer­
in net demand deposits totaled $98,210,000 to
ings of the latter are to continue until the sale of
$3,301,866,000 (Government deposits of $366,­
the Fourth Liberty Loan, the more loyal banks—
540,000 deducted), although net time deposits in­
those subscribing freely their full V/2°/0 of their



110

[Vol. 107.

THE CHRONICLE




Chicago.

Richmond.

Boston.

resources each fortnight, as suggested by Secretary with the easing in the call money market. A feature
M cAdoo— are necessarily at a disadvantage in the of the week has been the increase in the number of
matter of securing their proportion of outside 6% endorsed bills placed on the market, while cotton
loans. The effect, therefore, of the publication of trade acceptances are also beginning to appear on
the market. Rates remained without essential
the list of subscribers will be awaited with much
change, with the undertone firm. Detailed quota­
interest.
tions
follow:
There have been no new demands of importance
Delivery
-------------- Spot Delivery-------------on the capital market this week though several
tclthin
Ninety
Sixty
Thirty
30 Days.
Days.
Days.
Days.
issues of some moment are in preparation, only
4)4
bid
Eligible bills o f member banks------------ 4 )4 @ 4 )4 4 % (ft4ill's 4 ) 4 © 4
awaiting, it is understood, the approval of the Eligible bills of non member banks------4 % @ 4 5 4 i 4 % @ 4 'A 4 ^ ,@ 4 H 4 y» old
6
bid
Capital Issues Committee of the War Finance Cor­ Ineligible bills...............................................5)4 @ 4 )4 5)4 @ 4 )4 5)4 @ 4 )4
poration. Demand for crop funds is, of course, the
No change in rates, so far as our knowledge goes,
experience throughout the agricultural sections,
have
been made the past week by the I1cdeial Rcsci ve
though this is now so thoroughly under control of
banks.
Prevailing rates for various classes of paper
the Federal Reserve banks that it does not display
itself in anything like the spectacular form of a few at the different Reserve banks are shown in the
following:
years ago.
D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S.
Announcements may soon be expected of a new
loan to China by a group of bankers representing our
<3
3
© 8
own country, Great Britain, France and Japan.
K
CLASSES
S
© £
3
o
3
OF
>1
3
i
1V>
Our State Department, after conferences with New DISCOUNTS A N D LOANS
a
I; c
3
9
2
Q
a
•3
Cl
53 §
*5
6
£
York bankers has, it is understood, tentatively
Discounts—
approved the plans for such a loan, although not
Within 15 days, incl. member
4
4
4
4)4 4
4
4
4)4 4 H 4
4
banks’ collateral notes — 4
going to the extent of furnishing a direct out-and-out
/i 4)4
4)4 4)4 4)4 4)4 5)4 4 9
16 to 60 days’ m aturity— 4)4 4)4 451 454 5
5
4H
5
5)4
6
4)4
6
4)4
61 to 90 days’ m aturity— 4 H 4 % 4)4 4)4
guarantee of the transaction. No formal official ap­ .gricultural
and live
5M
5)4
5)4
5)4
5
5)4
5)4
5
5
)4
5
H
5
5
paper over 90 days.
proval has yet been given, the bankers, in fact, being
satisfied with intimations that the State Department
erty Loan bonds—
githln 15 days, tncludlw
is favorably impressed with the scheme. I he
member banks' collat
4
4
4
4
4)4 4
4
4)4 4
4
4
eral notes--------------------- 4
amount to be loaned to China, according to Wash­
4M 4 H 4 H 4 M 4)4 4)4 4)4 4)4 4)4 4)4 4)4 4 H
Acceptances—
ington advices, is not $50,000,000 as has been re­ 1Trade
414 \y> 4)4 4)4 4)4 4)4 4)4 4)4 4 H 4)4 4)4 4120
to 60 days' m aturity.
4 M 4)4 4)4 4)4 4)4 4)4 4)4 4)4 4)4 4)4 4 Yi 4)4
61 to 90 days’ m aturityported, but complete silence is maintained as to the
actual sum contemplated. A cabled dispatch from o f the Government.
a 15 days and under 4 % .
Peking reports that the Japanese have advanced
Note 1 Acceptances purchased In open market, minimum rate 4 ,0.
Note 2. Rates for com m odity paper havo been merged with those for com m crcla
$10,000,000 to China with the “ concurrence of the paper
of corresponding maturities.
Note a In caso the 60-day trade acceptance rate Is higher than tho 15-da} dis­
Entente bankers.” This suggests that the entire count
rate, trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is mado by member banks ^ renewal of 15''!;'^
loan therefore— being a four Power loan— may paper,
tho Federal Reserve banks m ay charge a rate not exceeding that for 90-day
amount to only $40,000,000 and that Japan already paper of the same class.
has paid its share.
Sterling exchange remains without new feature.
Dealing with specific rates for money, call loans
New
York funds in Montreal continue at a high
this week have remained stationary at 0% , as
premium,
closing at $23 1 2 ^ per $1,000 premium. A
against a range of 33dj@6% last week. On no day
change
in
this direction will, it is to be expected,
was there a range, the single rate of 6 % being
follow
the
exports
of Canadian wheat in the autumn,
quoted on each of these days, while renewals were
as
in
a
large
measure
the financing of these cxpoits
also negotiated on this basis. Where the collateral
will
be
through
New
York. The Federal Reserve
comprises exclusively industrial securities 6 % %
Bank at New York announces that coupons from all
has been the usual rate, the lower figuie being
available only for mixed collateral. In time British Government securities held in this country
money actual quotations remained at the easier which previously have been payable in London will
levels of a week ago, namely,
for sixty hereafter be accepted for collection by that institu­
and ninety days and 5 % @ 6 % for four, five and six tion. The arrangement does not afford new facili­
months’ money. Funds, however, were not avail­ ties for the British bonds floated in this country,
able except for the shorter maturities, though with which arc already payable in New York, but applies
rather freer offerings of these. Lenders appear un­ to internal issues, some of which are held here. The
willing to place loans for anything beyond ninety agreement was effected through the Bank of England.
Referring to quotations in greater detail, sterling
days, while most borrowers in the market were
exchange
on Saturday in comparison with Friday of
seeking accommodation for the longer periods; hence
the
week
preceding was a shade easier, and demand
very little actual business was put through.
ranged
at
4 75 5-lG @ 4 7532^ ; cable transfers were
Commercial paper rates continue to be quoted at
not
changed
from 4 76 7-16 and sixty days 4 7 2 ^ @
5 M @ 6 % for sixty and ninety days’ endorsed bills
receivable and six months’ names of choice charac­ 4 72)^. M onday’s market was dull, but quotations
ter, with names less well known still requiring 6% . were steady and were not changed from 4 76 7-16
There was a fair demand for the best notes, but for cable transfers and 4 72^8@4 72j^ for sixty
days; demand bills ruled at 4 75 5-16 all day. i\o
trading was restricted by light offerings.
Banks’ and bankers’ acceptances were less active new feature of moment developed on 1uesday and
than in recent weeks, owing to the better rates avail­ trading was of limited proportions; demand was a
able for demand loans. It is reported that a number shade firmer at 4 75 5-16@ 4 7 5 32^ , although cable
of institutions have retired from the market, and transfers and sixty days remained pegged at the
bills have accumulated in the hands of dealers. This, previous day’s levels. On Wednesday dulness was
however, is regarded as a temporary situation, and the feature of the day’s dealings; as a result changes
brokers look for a resumption of active operations in rates were not important, although demand cased

July 13 1918.]

THE CHRONICLE

off fractionally to 4 7530@4 75 5-16; cable transfers
were still quoted at 4 76 7-16 and sixty days at
4 7 2 % @ 4 72% . Dealings were at a low ebb on
Thursday, with quotations more or less nominal
at figures previously current. On Friday the market
was quiet but steady and still unchanged. Closing
quotations were 4 7 2 % @ 4 72% for sixty days
4 7530@4 75 5-16 for demand and 4 76 7-16 for
cable transfers. Commercial sight bills finished at
4 75@ 4 7534; sixty days at 4 7 1 % @ 4 71 % , ninety
days at 4 70@ 4 70% , documents for payment
(sixty days) at 4 71 @ 4 7134 and seven-day grain
bills at 4 7 4 % @ 4 74% . Cotton and grain for pay
ment closed at 4 75@ 4 75% .

111

Exchange Division of the Federal Reserve Bank,
and important banking officials to formulate plans
for the stabilization of exchange. At this meeting
ways and means were discussed for stabilizing dollar
exchange in Spain. The current discount on the
American dollar is about 45% , while the quotation
for pesetas is now 27.50, against a normal rate of
19.30. Mr. Kent stated that he was under specific
injunctions from the Treasury not to divulge a word
as to the results of the conference, but it is under­
stood that one of the suggestions advanced was to the
effect that the Government arbitrarily attempt to
stabilize dollar exchange. The idea of floating
an Allied or American loan in Spain has been con­
sidered from time to time, but the proposition
has not been favorably received in Spanish financial
circles. One of the reasons why the American dollar
is at so heavy a discount in Spain is not because the
American trade balance is adverse, but because
Spanish bankers and merchants doing business in
London and Paris are selling sterling and francs in
this country, so that as a matter of fact the United
States is actually carrying the load for its Allies so
far as the depreciation of the dollar in Spain is con­
cerned .
As to South American quotations, the check rate
on Argentina has been reduced to 44.50 and cables
to 44.65, against 44.90 and 45. For Brazil the
rate for checks is now 24.15 and cables 24.55, against
25.15 and 25.25 last week. The Chilean rate con­
tinues to be quoted at 17 9-32 and for Peru 57.
Far Eastern rates are as follows: Hong Kong, 7 9 % @
7934, against 78.65@78.85; Shanghai, 114% @ 115% ,
against 113% @ 114% ; Yokohama, 5 3 % @ 5 3 % ,
against 5 3 @ 53% ; Manila, 4 9 % @ 5 0 (unchanged);
Singapore, 5G % @ 56% (unchanged); Bombay, 3634
@ 37 (unchanged), and Calcutta (cables), 35.73 (un­
changed) .

The Continental exchanges have experiencec.
another week of severe dulness, with dealings still
restricted to routine requirements. Fluctuations
were of only minor importance, and the market as a
whole largely nominal. Lire ruled steady through­
out, at or near the official figures. An additional
credit of $10,000,000 has been advanced to Italy
by the United States Government. Francs were
firm, though without quotable change. Russian
exchange has remained deadlocked at previous nomi
nal levels, having utterly failed to be influenced by
the assassination of the German Ambassador, Count
Mirbach, at Moscow, and the subsequent threatenec1
uprising at that centre. No dealings are being put
through in German and Austrian exchange anc
quotations for reichsmarks and kronen are no longer
obtainable. The official London check rate on
Paris finished at 27.1534, against 27.16 last week.
In New York sight bills on the French centre closed
at 5 71^4, against 5 71 % ; cables at 5 69% , against
5 69% ; commercial sight bills at 5 72% , against
5 72% , and commercial sight bills at 5 77% , against
5 77% a week ago. Lire finished at 8 81 for bankers
sight bills and 8 80 for cables. In the preceding
week the close was 8 81 and 8 80, respectively.
The New York Clearing House banks, in their
Rubles continue to be quoted at 14 for checks and operations with interior banking institutions, have
15 for cables. Greek exchange has not been changed gained $4,119,000 net in cash as a result of the cur­
rency movements for the week ending July 12. Their
from 5 13% for checks and 5 12% for cables.
No new feature of moment developed in the receipts from the interior have aggregated $8,651,000,
neutral exchanges, and here also trading was of while the shipments have reached $4,532,000. Add­
ing the Sub-Treasury and Federal Reserve operations,
negligible proportions; consequently, quotations were
which together occasioned a loss of $85,783,000, the
practically unchanged without definite trend in combined result of the flow of money into and out
either direction. Swiss francs moved somewhat of the New York banks for the week appears to have
irregularly, declining 1 to 2 points during the week, been a loss of S81,664,000, as follows:
but with the close steady. Guilders were firmer,
Week ending July 12.
Into
Out o f
Net Change in
as were also the Scandinavian rates, notably
Banks.
Banks.
Bank Holdings.
exchange on Stockholm which advanced fractionally Banks’ Interior m ovem ent.
$8,051,000
$4,532,000 Gain $4,119,000
Sub-Treasury and Federal Reserve
operations___________
59,102,000 144,885,000 Loss 85,783,000
on an improvement in the demand. Spanish pesetas
T o t a l _____________
were steady.
567,753,000 $149,417,000 Loss $81,664,000
Bankers’ sight on Amsterdam finished at 51% ,
The following table indicates the amount of bullion
against 5034, cables at 52, against 5134; commer­ in the principal European banks:
cial sight at 51 7-16, against 50 11-16, and commer­
July 11 1918.
July 12 1917.
cial sixty days at 51 5-16, against 50 9-16 last week. Banks o f—
Silver.
Total.
Gold.
Silver.
Total.
Swiss exchange closed at 3 97% for bankers’ sight
£
£
I
£
E
n
gla
n
d
..
. . . I 65,968 101 53,,432,113)
bills and 3 94 for cables. This compares with 3 99 F r a n co a .. 65,968,101
................I 53 .432,113
134,541,104 10,640 000145,181 104130,,345,253 10,490.0001401.835,253
G
erm
an
y.
117,303,200 6,037 ,300123,340 500,122,,873,150, 3,483,550126 ,356,700
and 3 95 a week ago. Copenhagen checks finished Russia
129,650,000 12,375 000142,025 000,148,,270.000
c 11,008,000’ 2,289 .000 13.297, 000 15,.700,000) 12,459,000160 ,729,000
at 30.80 and cables at 31.20, against 30.80 and 31.20. SAus-IIun
3.720.000 19 ,420,000
p a in ____ 84.048.000 28,163 000112,211,
,683,000 30.280,000 91 ,963,000
33.480.000 3,145 000 36,625
,335,000 2.636.000 35 ,971,000
Checks on Sweden closed at 35.25, against 34.90 NItaly____
ethert'ds 59.834.000
600 ,000 60,434
,227,0001
621,200 52 ,848,200
N at.Bel.l> . 15,380,000
600 ,000, 15,980,
,380,000,1
600,000, 15 ,980,000
and 35.30, while checks on Norway finished at Swltz'land
15.376.000
. . . . 15,376,
,619,000,
------------- 13 ,619,000
Sweden . . 14.352.000
—
14,352 000| 11 ,267,000
................1 11 ,267,000
31.20 and cables 31.60, against 31.20 and 31.60 Denmark 10.228.000
136 000 10,364, 000 9 ,996,000
136,000 10 ,132,000
N o rw a y .
6,615,000
...
6,615, 000 7,,159,000
................i 7, ,159,000
on,Friday of the previous week. Spanish pesetas
T o t.w e e k . 697,783,405
761,768 705675, 286,516 64,425,750 739,712,266
closed at 27.50 for checks and 27.75 for cables. Frov. week 690,874.372 63,985,300
63.824,300760,098 672 673, 866,802 63,624,450737,491,252
Last ,week the close was 27.50 and 27.75.
heUl<abroad°1<Un88 01 the Bank of FraDCe thls year are exclusive ol £82,484,320
* No figures reported since October 29 1917.
An informal conference was held early this week
io?7F« ures f?r 1918 those given by “British Board of Trade Journal” for Dec 7
figures for 1917 estimated on the basis of the Dec 7 1917 totals
"
between Fred. I. Kent, Director of the Foreign 1917,
h August 6 1914 In both years.




112

THE CHRONICLE

[Vol. 107.

last beyond the autumn or the winter, or beyond next
year.” That was the unpardonable sin, and the
further statement that “ the deeper we go into the
The resignation of the German Foreign Secretary, causes of this war, the clearer it becomes that the
Dr. von Kuehlemann,is described in all dispatches as power which planned and desired the war was Russia,”
a result of the Minister's speech on war and its pur­ was a direct contradiction of the anti-English propa­
poses, delivered to the Reichstag on June 21. In ganda which the Junker party has all along been
particular, it has been assumed that his blunt asser­ organizing. The demand from that source for von
tion, that the end of the war “ could hardly be expec­ Kuehlmann’s removal was, doubtless, more insistent
ted through purely military decisions alone,” was from the fact that, although this statesman submitted
received with so great indignation by the Junker and at Brest-Litovsk to the policy regarding Russia
Pan-German party that the removal of its author which was forced on him by the army chiefs, it was
was demanded as an ultimatum by the military well known that he was personally not in sympathy
clique. This explanation is rendered plausible, not with that policy, and that his own assertions to the
only by the angry comments of the German press on Russian envoys had committed him individually to
von Kuehlmann’s speech but by the fact that Admiral a very different plan of action. To leave in office^a
von Hintze, a pronounced reactionary and avowed rep- public man who, if the Russian adventure went
r esentative of the extreme military party, has been gen­ amiss, could say “ I told you so,” was not agreeable
erally designated as the retiring Minister’s successor. to the Pan-German leaders.
What is to be inferred, then, from this change in
It is possible, also, that the Foreign Minister has
the
personnel of the civil government at Berlin? It
been made a victim of the simple fact that the
is
difficult
to understand just what are the expecta­
German drive in the West has not fulfilled the
tions
and
purposes of the Pan-German party.
promises of the Kaiser and the German newspapers.
Domination
of Europe, especially through control of
Sometimes an unfulfilled pledge of this sort reacts
more violently on the Ministers than an actual defeat the East and the Southeast, is undoubtedly their
would do. Bethmann-Hollweg and his successor, present aspiration. That they had hoped, and per­
Michaelis, were dislodged partly because of the haps actually believed, that Paris would be captured,
failure of the submarine drive to realize the wholesale the Channel ports seized, Italy overrun again, and
predictions of starving England; this although the the enemy forced then to ask for terms, may reason­
submarine campaign was no work of theirs. The ably be supposed.
But none of these expectations has been fulfilled,
removal of Falkenhayn in 1916 as Chief of the
and,
so far as human indications go, none of them
General Staff resulted clearly from the fact that he
will be. There is left, then, the program of prevent­
did not win the Battle of Verdun.
In other words, von Kuehlmann is probably enough ing the Allies from reconquering Belgium or regain­
being made the scapegoat for events which were not ing the invaded portions of France, while meantime
his fault. But the salient fact of this change, which Germany’s domination in the East was being ex­
will possibly, though not certainly, be followed by tended and consolidated. This undoubtedly pre­
the resignation of Chancellor von Hertling, is un­ sents itself to the Junker mind as a situation on which
questionably the determination of the German reac­ a “ German peace” might be based; a fact which
tionaries to take summary vengeance on any public rendered very unpalatable von Kuehlmann’s passing
man who has said things which hurt their peculiar remark that “ there has nowhere been clearly recog­
propaganda. From this point of view, the incident nizable among our enemies readiness for peace.”
Is such a program feasible? Much will depend
throws light on Germany’s internal and diplomatic
on
Russia, concerning which von Kuehlmann him­
situation.
Von Kuehlmann’s speech, taken by itself, appealed self remarked that “ it is impossible to believe that
to most foreign readers as a moderate statement of the process of fermentation and the wild, irregular
the facts. He went, indeed, pretty far in agreeing movement of conflicting forces has reached perma­
with the Pan-German program at certain points. He nent equilibrium.” As a matter of fact, the Entente
did not believe, for instance, that “ any responsible Governments are quite as well able to foretell the
man in Germany, not even the Kaiser or the members course of Russian events as is the German Ministry
of the Imperial Government, ever for a moment or the German high command. The one outstanding
believed they could win the domination in Europe fact of the Eastern situation is that Russia occupies
by starting this war.” He expressed belief that the to-day, under Germany’s arrogant and brutal ex­
“ summer and autumn will bring to our arms a new ploitation, exactly the position occupied by Prussia
and great success.” Even regarding Belgium, he when Napoleon’s heel was on her neck between 1807
affirmed that “ we must decline to make a prior and 1813. Napoleon was the more cynically over­
concession by giving a statement on the Belgian bearing of the two oppressors in so far as he re­
question which would bind us, without in the least quired Prussia to carry out his own decrees against
binding the enemy.” As regards the military situa­ England and to contribute soldiers to his army. He,
tion in general, he was capable of describing the like the Germans in the case of Russia, tore the
defeat in Italy as an incident in which the “ Austro- Prussian territory apart. But he did not violate
Hungarian army has achieved noteworthy success treaties, he did not disperse legislatures, and he
and pinned down large and important enemy forces.” did not extort from a starving people the necessities
But all this could not, in the eyes of the present of life on any such scale as has been practiced by the
military dictators of Germany, compensate for his German army in the Ukraine. He was in fact a
Therefore
further statements that “ in view of the magnitude diplomat and not a mere military bully.
it
is
quite
possible
to
say
that
Germany’s
provocation
of this war and the number of powers engaged, its
end can hardly be expected through purely military to Russia has been even greater than the provoca­
decisions alone,” and that “ one must ask whether tion under which Prussia rose against Napoleon a
the war, according to human calculations, will not century ago.

MILITARY AND CIVIL GOVERNMENT IN
GERMANY.




July 13 1918.]

THE CHRONICLE

Blit as against these general facts, there still re­
mains the question, not so much as to intervention
by the Allies, but whether there exists in Russia of
to-day a party of sanity and intelligent patriotism,
such as raised Prussia from the dust in 1810 under
the leadership of Hardenburg and Stein. In other
words, it is not yet clear whether resistance by the
Russian people to the Germans (which of itself may
be taken for granted) is able to assume any other
shape than such futile peasant outbreaks and city
riots as have thus far marked the feeling of the people.
If there is such a possibility, then German domi­
nation in Russia is as surely doomed as was Na­
poleon’s domination of Prussia. In the one case as
in the other, the crisis for the invader would logically
come when his armies had met with military reverses
on any front. Perhaps the even more serious ques­
tion for Germany is whether what is now openly
recognized as a military dictatorship— not authorized
as such by the constituted public authorities of Ger­
many, but engaged in crushing such public authori­
ties whenever they even wish in public what the
military cabal dislikes— can possibly endure even in
Germany and even in a great war. This we have
yet to see. Even though the idea of a “ German
revolution” has disappeared from most minds, the
problems of internal dissatisfaction, or Austria’s re­
sentment over Germany’s intrusion in her own affairs,
of the jealousies between Bulgaria and Turkey, are
difficulties which a Junker party would traditionally
see no other way of removing except by renewal of
military threats and military pressure. That will
possibly suffice so long as everything is going suc­
cessfully with the German arms. But what if the
military situation of Germany herself were to turn
distinctly for the worse?
As for Germany’s Russian policy, it is noteworthy
that the assassination of von Mirbach, the German
envoy at Petrograd, has as yet been treated with un­
expected mildness by official Berlin. The feeling
that this might be a second Sarajevo, to be used as a
pretext for invasion notwithstanding the disclaimers
of the Government concerned, was very general.
But this time somebody has held the Kaiser back.
It is not unreasonable to suppose that Berlin is re­
luctant to take the chance of making an already
dangerous situation worse by a new diplomatic
blunder.

THE FARMER AND THE PRICE OF WHEAT.
We witness, daily, new transformations in the
processes of business. All our activities are to be
made directly to serve the needs of war. Necessarily,
the old laws of supply and demand are invaded.
Already broken down and distorted, a new agency
comes in to co-ordinate the halting and disordered
energies. It is the Government.
One may question. No one may resist. It is
the edict of constituted authority. And loyalty
submits. Nor may the citizen too severely criticise.
To place burdens requiring little short of omniscience
on the shoulders of public servants, and expect
perfection, is not fair. Yet all questioning is
salutary that seeks merely to reason, to develop
principles, to give right direction to action.
The farmer stands in the midst of things. Since
sustenance is first, he becomes the chief concern
of the Government. In all the wide reach of our
activities no order can be issued that does not affect
him. Control of foods and fuel, of the railroads, of




113

credits, all bear down upon him. Speaking com­
prehensively his products should have the leeways
of the world.
The railroads are now to be directed by the Govern­
ment. Heretofore, he, as primary shipper, subject
to laws more or less beneficial (principally less),
has been their director. His toil on the fertile areas
of the country have routed them, in the first in­
stance. He has been the means of city building, as
great depots of supplies, and therefore has located
the terminals. And he has “ paid the freight.”
All this is true if he be considered only in his poten­
tial power. The lines of transportation were pro­
jected to meet the farmer to be. And the help has
been mutual, according to growth and development,
an interaction of two great forces in life, production
and distribution. Government, in the main, stood
apart.
Now, by the exigencies of war, one is to be wholly
controlled, directed by the Government. The other
is not controlled, cannot be; and yet is restricted,
interfered with, influenced by laws of control applied
to consumption and use. The old push and pull
relations of growth and development no longer obtain.
Government cannot say produce so many hundred
million bushels of corn, of wheat, of rye, for it cannot
apportion the fields in each farm; and if it were to do
so it might make the failure of a certain crop a
national disaster. No power can control the seasons.
No dictation can control the forces of growth and
fruition. Nature abdicates for no man, no Govern­
ment.
But war comes on the world. Its demands are
those of waste, of destruction, of death. It is
unnatural. It compels the forces of life to minister
to those of want, suffering, disease, disorder. A
golden justice gleams in the distance. The dream
of demoracy lifts on the vision of man. Governments
undertake a new mission. They invoke a brutal
force that it shall overcome a like force that threatens
the perpetuity of civilization. Peoples must be fed
that they may fight. Other nations are exhausted.
On the United States falls the burden and the privil­
ege of feeding starving men and women oversea.
And the wisdom of men, the power of Governments,
the force of arms, are invoked to transmute the toil
of the farmer into the liberty, the justice, the peace
of the world.
Surely, one of the first questions of statesmanship
should be how will this agency, this order of Govern­
ment, affect the farmer, working alone in the midst
of the inviolable laws of nature— for no one can
supply him with the mentality to direct his own toil
on his own farm. The thought suggests the diffi­
culty artificial legislative power meets when it seeks
to administer a “ business” combined of production
and distribution under natural laws. N ot one of
these food laws but runs back to the farmer. And
unless they are made with reference to his condition
and power they become at once elements of inter­
ference that create disorder. Of what use to grow
the usual number of bushels to feed the usual number
of persons and animals if the market is to be defined
and limited by orders upon the people as to what they
shall consume and how much? True, the worlddemand is for a quantity of every form of farm
produce greater than can be grown. And price
(which acts as a brake on everything) is fixed, let
us admit, at a relatively high figure. But the fact
remains that complete co-ordination cannot obtain

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THE CHRONICLE

under such a system. Control of distribution is
interference with normal sale; control of .consump­
tion and use is interference with the source of supply.
And all these laws affect the farmer. We do not
argue that he cannot in wartime prosper under
them, owing to the unsatisfiable need that exists.
But they would accomplish his ruin in a time of
world peace, and make him the drudge of the world.
It is important at this time to point out ten­
dencies, to analyze the effect of conditions and
practices, if we are to meet readjustment when it
comes. Loyalty to cause and Government demands
obeisance and observance. There is no dearth of
willingness. We deal, in thought, with the abstract
propositions involved. The farmer is interested
from the political as well as practical standpoint.
If socialism is to come, there will be a common
mess table for the whole people and a common farm
of our huge territory tenanted, at the will of officials,
by those who own not a foot of ground, and who can
get no more from a full crop than a common share
with the hundreds of millions that are nominally
in occupancy. This theory of human life and
activity, glittering with its fatuous promise of
plenty and equality for all, like all other theories
of Government “ relates back” of the farmer. By
the enforced usages of Government in war it is
receiving a spurious sort of confirmation. And the
farmer of all men should seek to expose its fallacy
now. No one can measure for him the influence of
this experimentalism in centralization and autocratic
method. If he fails to resist the encroachment, if
he supinely accepts the theory (not the temporary
practice) lie will neglect his own interests.
But as he applies these control laws to his own
welfare and future freedom and progress he should
not fail to recognize his essential worth to the cojnmunity, the indispensability of his vocation, and
the dignity of his position in the commonwealth.
He should not insist on class or sectionalism. Yet
he cannot fail to perceive that his labor is a thing
separate and apart from other forms of labor. And
while there is economically, and should be governmcntally, no antagonism between manufacture
and agriculture, it is still true that “ the country
supports the town,” and the worker in the field
feeds the worker at the forge and in the factory.
And there is a reciprocal benefit, for without con­
gested centres of population and their activities we
would have too many farmers, too little demand,
and a sluggish advance. But the personal interests
of farmers and those of factory employees do not
run in parallel lines. Unions, therefore, to attempt
to influence governmental action and to secure
certain “ rights” lack, [and must always lack, a
true cohesion. High prices and high wages may
seem to go together, but the instruments of labor,
the hours, the product-values, and the life-con­
ditions of these two classes are not alike. The in­
terest of the farm producer is to get all his product
is worth under natural conditions; while the in­
terest of the wage-earner is to buy necessaries of
consumption at as low a price as he may. Govern­
ment can never fix a golden mean between these
two powerful and varying contentions and maintain
it over a fixed period. Populations and growth are
both against the possibility. And therefore “ Farm­
ers’ and Workmen’s Unions” cannot bring harmony
and unity by mere social compact. And the farmer
owns the soil. It is his birthright and his political




[Vol. 107.

right, and the wage earner does not. And the
incipient unionism of these two elements which
is springing up can never inure to the good of the
farmer, who, a king in his own right, should stand
on his citizenship and his worth to the community
and commonwealth as his chief plea for justice at
the hands of Government.
N ot the least consideration which the farmer
should give to these new agencies and systems of
“ control” should apply to the vast credits which
are being invoked, where, at last, when generations
come and go, does the vast burden of this debt
rest. D o we as citizens always remember that
beneficent as credit is, it yet represents debt. What
is owing must be paid. Toil and soil, these are the
elements of payment. When we separate and de­
fine, when we create instrumentalities of govern­
ment, as we are doing, continually, to aid in the
issuing of credit, do we think always that it issues
out of the soil and toil of man, begins there and ends
there? No man is so much interested in peace and
prosperity as the farmer. Federal Land Banks
may be instituted to loan him money, but they do
little more than collective credit would and could
do. But no national loan is ever made that does
not put an intangible but effectual mortgage on
every farm. The products of manufacture wear
out and are superseded, the agencies of distribution
must be renewed again and again, during the pen­
dency of the usual Governmental loan— hence the
weight falls at last on the land, and the labor of a
new generation. Farmers, therefore, have more
than a common stake in these multiplied billions
that are legislated into credits and debts. They
are in fact a conversion of all our wealth and power
into a floating capital which we harness to the
chariot-wheels of war. And when the time does
come for a general readjustment, and the cancella­
tion of temporary forms of indebtedness, the shrink­
age of inflated values will strike hard and quick on
the produce prices that now obtain. The farmer
should estimate these powerful forces of gigantic
and increasing credits, and as a voice in affairs be
heard in behalf of a future that must come to us all.
And if these considerations be true they point
to a clear duty on the part of Government in its
effort at price-fixing. Now is the time when this
farmer we have typified must make his chief gains.
We do not believe there is any firm base on which
the price of wheat may be artificially fixed by
legislation. The pending controversy over the
prices of wheat teaches that justice requires that
the price of wheat as a fundamental staple of life
should follow, as nearly as may be the law of supply
and demand. And Congress has no other guide—
a fact which demonstrates the futility of price-fixing,
for when it does reflect accurately this great natural
law the price becomes perfect, and thus nullifies
the need of creation by artifice. The basic price
was fixed at $2 20 with a form of Government guar­
anty attached. Now when Congress raises that to
$2 40 the President opposes any change on the
ground that it will add to the price of bread. To
be sure it will. But in what countless instances,
and how repeatedly, have the workingman’s wages
been raised since then to meet the high cost of
living? We do not believe any legislative body
can know, simply through its own judgment, its own
estimate, accurately what the price of a bushel of
wheat should be, in justice to the farmer. But if,

July 13 1918.]

THE CHRONICLE

as the farmer claims, the present price is below
what it should be, is the plea that to advance it
would raise the price of bread an adequate and a
convincing answer? We repeat that the farmer
must get his best returns now, or the laws of supply
and demand, returning in greater or less degree
after the war, will negative Government control
and interference, and he will never get them; while,
and we repeat this statement also, the billions of
debt we are creating will settle down on the soil,
and the toil of the tiller of the soil, as the genera­
tions come and go, and “ floating capital” changes,
wears out, disappears.

115

mother who would bear a son worthy of that man­
hood which can protect and preserve.
And this love does not reason, does not seek to
find the path of duty, for to that is the path of peace
from which the nations have wandered far. It
does not reason, for it is divine, as divine as that
which gave an “ only begotten son, that whosoever
believeth in Him shall not perish but have everlasting
life,” interpreted in the illumining words, “ I and
M y Father are one.” The supreme sacrifice of a true
man is born out of the divine love of a mother and
by the mother’s sacrifice shall the world be saved.
Were it not so, man would indeed stand as the
“ fighting animal.” Were it not so, mere power
“ SINGING AND SMILING” — THE MOTHERS OF would stand glorified. Were it not so, the State
A MILLION MEN.
would be supreme. And so, because the soldier
A story by Mrs. Humphrey Ward, turned into a son embodies that quality and character of unselfish
picture play under the title “ Missing,” affords a and unreasoning love found in the divinity of mother­
valuable medium for depicting the sufferings of the hood, abiding in peace or war and transcending both,
women of the world in this time of universal travail. does he make an agency of duty for the redemption
Its theme is the nobility of patriotism which places of the world.
duty before love. She has chosen a young wife,
We talk in terms of war and peace. We act in the
devotedly sending her husband to France, as the capacity of nations. Wc resort to battle and di­
symbol of consecration, singing a tender song of plomacy. We employ labor and capital. And we
sentiment on the eve of his departure, smiling even shadow the world with a cloud of woe. We set up a
through her tears. Curiously enough, the husband shining ideal, and about it swarm a host of ideas as
has written a letter “ to be opened in case of death,” to means and measures. Our thoughts centre in
in which, as it turns out, he advises the wife in case victory. Our hope dies not; and our faith is supreme.
another true love shall come to her in after years to But the greatest thing we have is that charity which
embrace it. With the subsequent events of the is love— the adoration of that divine principle which
story we have nothing to do.
moves upon the face of the waters of death that
To the novelist the various phases of love are there shall be more of life. And in this love we
“ property.”
George Eliot, perhaps the greatest shall conquer. And while this bitter trial endures,
English analyst of character through the medium while the end seems to justify the means, the mothers
of fiction, never wrote truer tales of love than in of the race, in their sorrow, go “ singing and smiling,”
the simple stories which marked the beginning of for they know and feel that this love is the truth
her career. And it is questionable whether or not that shall make man free.
love does not defy analysis and thus become superior
If the man-child lives but to prove his manhood
to duty, which cannot escape from reason. And by giving life itself to a noble cause, what must be
in saying this we refer only to love of the highest the suffering of her who gave him heirship to this
spiritual quality. Be this as it may, the love of a supreme measure of a man yet cannot die. Proud
mother transcends any other love the world knows,, may be the father of a brave true man. But there
and no duty can ever become greater than following is that transcendence in mother-love which oblit­
the dictates of that love. If, then, we are to explain erates all pride; redeems, through forgiveness, all
the sublime devotion which sends forth a son into error and wrong-doing; and shall bind up the wounds
the service of war, we shall find it, we apprehend, of the world even as now it ministers to the sufferings
not in the ideal of patriotism to a State or Govern­ of soldiers, concealing its own sorrow in good deeds.
ment, which may have various and debatable forms, And in this there is the sustaining grace which must
but in the feeling born of love that manhood is soothe and save, an exaltation which grows glad in
precedent to and superior to statehood, and that sorrow, and heroic in suffering— the vicarious atone­
when the call comes to the sons of the world, the ment of unselfish love.
mothers of men, bearing to them the divine love of
Those who seek to fathom the divine principle
motherhood, alone can respond and give them to find in it two components equally vital: Will and
the “ sublime sacrifice” which glorifies the earth love. They look on man and woman, and find in
because they are men.
one, will preponderates, in the other, love. And
Religion sometimes stands abashed in the some who seek the reason why of this great war find
presence of this cruel war. The sceptic asks why it in the domination of a lawless, loveless will over
God permits it. And certain thinkers piercing love. We need not dwell on these abstractions
deeply into its gloom see still the “ light that leads,” to perceive that in the immeasurable sorrows and
the light of a human love which is divine. The suffering of the womanhood of to-day there is a
fires of hate and of the selfishness of power are burn­ lesson to be learned even as there is a radiant meas­
ing out and from the ashes shall arise the universal ure of promise to human progress. For sorrow and
brotherhood of man— and that shall mold States suffering are the test and outshowering of love. And
that will serve only to guard liberty, justice and when, whether it be, as it may be, through the ac­
humanity. This war is man-made, not God-made quirement and exercise of 'civil rights and duties, or
’— and it is made out of and because of the faults and through its own supreme natural expression, this
failures of “ civilization,” using the term in its all­ triumphant love, which now sacrifices self and its
embracing sense. And if the world emerges from own divinity through the death of millions of men,
it purified and remade it will be because of the divin­ this love— typified in its spiritual character by the
ity of love— a love best typified in the love of a love of the mother for her child, at last shall domi-




THE CHRONICLE

116

nate in the affairs of life through a fuller realization
that war is a crime against the divine principle,
“ grim war” will end and peace will reign. The
women of the world will never make unprotestingly
their supreme sacrifice twice. And they who now
vaingloriously war (and not under the devout con­
viction of necessity) must stand adjudged as the
instigators and authors of a sorrow and suffering,
that, though it go “ singing and smiling” only that
peace may triumph, is as the condemnation of God
upon the sins of the world.

JOHN PURROY MITCH EL.
It would not be strictly accurate to say that for
the second time within five years New York has
been called to mourn a Chief Magistrate of extra­
ordinary distinction, for M r. Mitchel did not die
in office; yet his retirement is so recent that all
thought of him now recalls his official services and
the title which comes most readily to the tongue in
speaking of him is M ayor rather than M ajor.
Had he received, only eight months ago, re-elec­
tion for the second term he deserved and the city
needed, he would be living and be serving it now;
one cannot avoid the fruitless regret because of this.
For this man, dubbed “ the Fighting M ayor,” al­
ways fought fairly, in the open, and, to his last hour,
on the side of right and progress. Weighed in the
balance which reckons political availabilities, his
virtues were his handicap. His administration had
been too good, having been too much in the way of
sordid interests and of professioanl spoilsmen; all
who had plans of their own at the city’s expense
were against a man who stood for and by the city
and nothing less. They raised again the cheap cry
which stirs the mass of the unintelligent against
corporations and capital; they represented his single­
ness of purpose on behalf of all the public as a cor­
rupt understanding with monopoly; yellow journal­
ism at its worst assailed him venemously; a great
rush of socialism among the East Side masses aided
the division among too many candidates, and Tam­
many regained control. An inappreciative and
ungrateful city rejected its proved and able servant,
just when it needed him most.
It is vain to deplore that now, and the loss was
not M r. M itchel’s. Had he retired into law prac­
tice and out of public view, he would still have de­
served the honor of lying in state in the same rotunda
whither was borne the body of Henry Clay in 1852,
of Lincoln in 1865, of Grant in 1885, and of Gaynor
in 1913, so brilliant, useful, and blameless was this
young man’s career as M ayor. He was at the front
in every public movement. He represented the
city in graceful presence and fit words on notable
public occasions, as when our visitors from France
and England came to us and the lamented Choate
bade them farewell on his and the public’s account
in almost the last words he uttered. This city has
had some able Mayors, but it has never had one
who more fitly appeared and spoke for it when great
occasions needed a collective voice.
But when the count in November went against
him, M r. Mitchel accepted it placidly; he retired
with an apparent sense of relief, and turned imme­
diately to the country’s service which he had in
mind and put by when he accepted a nomination
for a second term. The circumstances of his death
suggest the wish that he had taken one of the many
other forms of service in which his proved qualities



[Vol. 107.

would have been of marked and much-needed value,
leaving aviation to men still younger than himself;
but he chose a form of high value as a military arm
and one that appeals especially to the adventurous
spirit. He earnestly wished to reach France and
render personal service there. This wish has been
seemingly denied; but arc we sure it has not been
granted in a larger and better sense than it could
have been othewise?
For whatever our faith or
lack of faith concerning the eternal upward march
of the spirit to development and achievement be­
yond the horizon which bounds our life here, we
cannot doubt that a life of virtue and service
marches on still here below, as an example to the
young and mature also towards a loftier ideal and a
more sacrificial devotion to that ideal. So we
justly say of some that though dead they yet speak,
and though gone from sight they are still spiritually
visible and still leading. Thus of this man whom
New York so lately rejected and now appears to be
almost unitedly and sincerely mourning. Thus we
may say that he has gone on to France and is also
still here, as example and hero. No one who is
remembered is wholly dead in influence upon the
living.
The manner of his taking-off gave a spectacular
setting for his departure and projected him more
boldly before the public view. His death is a na­
tional as well as a local loss, and his life was both a
national and a local gain. This has been a turbu­
lent city for many years. Some of the elders recall
1863, and there have been elements of violence
seething ever since, materials always ready for
the kindling spark. The war has stimulated and
crystallized patriotism here, we all know; but the
dangerous elements also have been stirred, and the
Mitchel administration was in a time that needed
courage, alertness, and tact. The guiding hand was
steady, and the city has staid true to its duty.
What perils we were saved by this man who now
seems of the line of heroes we cannot tell; but he
will rank in the history of the time as one of the best
Mayors the city has had and he has left a precious
legacy of example for Americans.

METHODS OF SEEKING SOCIAL REFORM AND
OF DETERMINING THE VALIDITY
OF STATUTES.
M r. George W . Alger of the New York Bar has
been many years interested in child labor legislation
in this State, and he opposed the Federal law which
the Supreme Court has lately pronounced uncon­
stitutional [“ Chronicle,” June 8, p. 2378] because
he deemed it not merely ineffective but involving
“ serious dangers to the future of social legislation.”
He accepts the Court’s opinion as correct and con­
siders the bill itself a mistake.
He thinks “ we
have overdone the attempt at regulating morality
by the utilization of the inter-State commerce
clause of the Constitution; we have stretched that
clause until, in the Federal child labor case, it has
cracked.”
.
The “ Chronicle” quite agrees with this as to the
vast abuse and over-stretching of that clause origi­
nally meant for a single, specific, and supposedlytemporary purpose, but the cracks do not seem
sufficient to stop the misuse; fresh statutes are
stuffed into them, and the process of laying hands
on industries and trade processes under pretense
of regulating commerce continues. But M r. Alger

July 13 1918.]

THE CHRONICLE

proposes a cure for the child-labor disorder which is
too simple and too open to other uses. That labor
is used because profitable to the immediate user;
therefore strike at it by taxing the profit out of it.
Require any plant using it to take out a license and
pay a per capita tax on the labor employed; collect
this tax as part of the internal revenue system; tax
child labor until the profit vanishes, and you not
only “ equalize conditions of competition” between
one man who employs adults and another who
employs children but “ you send the children back
to school, which is the main thing.” So that is— a
main thing, and no criticism of methods taken up for
accomplishing it should be misunderstood as over­
looking the moral wrong and the economic folly of
wearing out the great asset of a nation for an apparent
lowering of industrial costs.
M r. Alger frankly admits “ that it would not be
the purpose of this tax bill to collect taxes, its pur­
pose would be to prevent taxes;” and he thinks
it “ is the province and function of the nation to
utilize its taxing powers as a means of discouraging
as well as encouraging industries, and thereby
regulating in a highly effective way the development
of American industry.”
Now, we positively dissent, for several reasons
which seem so nearly fundamental in their relation
to a sound scheme of representative Government
that we shall not take space to argue them. First,
it is not a good policy to use the tax power for any
purpose except to raise necessary revenue. To
promote establishing the National Banking scheme,
Congress once wished to press the State banks
towards conversion by depriving them of profit on
circulation; so a purposely destructive tax was laid
on the notes, but a direct prohibition to pay out
notes would have been better, in this: that it would
have wrought the same result without setting up a
dangerous precedent that plagues us to this day.
So now, if it be granted that Congress may and
should legislate to end child labor, the better way
would be to make using it a penal offense. Second,
this subject of child labor (and the same can be said
of other propositions for social reform) should be
left to the several States. No good thing whatever
can be effected, notwithstanding statutes are piled
roof-high, except as sustained and enforced by public
opinion; turn propaganda upon that opinion, excercise a little patience, and the end will be attained
in time, without sowing seeds of trouble in doing
it. Third, this tax method is dangerously con­
venient, and its possible applications are without
limit in number and variety. Any industry might
be started, fostered, depressed, or destroyed, by
means of it. The newspapers, sometimes un­
pleasantly regarded by politicians because of their
freedom of criticism, could be brought under subjec­
tion or be put to death by use of this procedure.
If we once got a Congress of such a disposition,
even the legal profession might be taxed out of
existence, since when a thing becomes unprofitable
it must cease.
Those who wish to utilize this tax diversion for
what seem to them needed social reforms at the
present time may cite the long-accepted practice of
encouraging home industries by a tax on imports,
intended in part for that purpose; but if taxation
is used solely for getting revenue it does not surely
follow that no means of encouraging industries can
be found.




117

Senator Owen of Oklahoma, one of the persons
obstinately insistent that what they deem social
reforms shall be attained in their own way and in
no other, has actually offered, as an amendment to
the child labor law which was pronounced invalid
by the Supreme Court, the following, by which he
imagines some of the supremacy could be taken from
that tribunal:
“ The constitutionality of this Act, having been
declared by the competent authority of Congress
and the President of the United States at the time
of its passage, shall only be questioned thereafter
by the Congress itself and the people of the United
States in their sovereign capacity of voters. Any
executive or judicial officer who in his official
capacity denies the constitutionality of this Act shall
ipso facto vacate his office. No judge of an inferior
Federal court shall permit the question of the con­
stitutionality of this Act to be raised in the court
over which he presides, and the United States Su­
preme Court shall have no appellate power to pass
upon such question.”
As printed in the “ Record,” Mr. Owen has
declared in the Senate that in all important cases
where the Supreme Court -has pronounced an Act
of Congress unconstitutional, “ the Court was wrong,
with a single exception.” He denounced John
Marshall’s famous decision as a “ piece of judicial
usurpation,” again declared that when Congress
speaks “ it is the highest competent authority in
this Republic,” and also actually said he would
“ like to dissent further from the idea that three
branches of the Government were established;
there were established only two branches of the
Government; one was the executive and the other
was the legislative.” Surely there must be a copy
of our ancient Constitution in the Congressional
Library, and our supposed makers of final laws might
do well to look it over. It does not say that “ the
Government shall be divided into and consist of three
parts;” but its first three articles establish and
describe three parts. Article I begins: “ All legis­
lative powers herein granted shall be vested in a
Congress,” and proceeds to define and limit those
powers. Article II begins: “ The executive power
shall be vested in a President,” and proceeds to
define his powers. Article III begins: “ The judicial
power of the United States shall be vested in one
Supreme Court and in such inferior courts as Congress
may from time to time ordain and establish.” Here
are three departments, not two, and the lines of
demarcation are as distinct as that between land
and sea.
If Senator Owen’s proposed amendment were
valid and effective in one law it would be so in all,
but it would obviously be as futile as an attempt to
deprive Congress of the power of subsequent amend­
ment or repeal. Any attempt to make the validity
of an enactment stand as determined by the mere
fact of enacting and deny to all courts any power
of review on constitutional grounds would have to
be embodied in the Constitution itself, and we do
not believe such a thing could make any headway,
even in this excited time.
The “ Chronicle” has several times pointed out
that courts never “ invalidate” a law but merely
pass on the question whether it conforms to the
paramount and prior enactment of the sovereign
people as expressed in the Constitution written out
as their governing chart. A law must be inter­
preted before it can be enforced; either judicial or

118

ministerial officers must do this interpreting; there
is no possible getting away from this.
Further,
assume that a constitution declares that the validity
of enactments shall not be questioned, and further
suppose that some bill is voted and approved without
having complied with the constitutional provisions
as to the forms of enacting, how then? Were there
no authority anywhere to discover and say that such
a bill was invalid because still-born, presently
legislative bodies, thus placed beyond the reach of
any judicial review whatever, would gradually
cease to bother about complying with the constitu­
tional method of putting bills along.
Again and again the highest tribunal has disavowed
either power or desire to pass upon the intrinsic
quality of statutes constitutionally made. For ex­
ample, Justice McKenna has said that “ this Court
is not the refuge of those who complain of unequal
and unjust laws;” go to the lawmakers for your
relief. Justice Harlan said of a certain law that
“ those means may not be the best that could be
devised, but the Court cannot, for any such reason,
declare them illegal or beyond the power of the
State to establish.” Over and over the courts have
disclaimed any power or intent to halt the enforce­
ment of any statute because it is unjust or unwise
or for any lesser defect than that it is “ repugnant to”
the Constitution somewhere.
Senator Owen’s proposed seal of validity to be
attached to the Acts of Congress brings in mention
of the referendum as the final authority which it
clearly is, when written into the Constitution.
The fad of initiative, recall and referendum, growing
out of the insidious delusion that the people are
somehow restrained of their sovereignty by the
scheme and the processes which have so long pre­
vailed, would attempt the monstrosity of seeking
to combine representative with direct popular legis­
lation, would convert judges into cringing and
dependent officers without power to render any
real service, and would bring our governing scheme
into a tangle that would compel wiping the slate
clean and starting over again. Possibly we might
do that, and do it with beneficial results, some day;
but not now. There is a conflagration of war
raging, which threatens the civilized world. It is
our present and paramount duty to extinguish that,
down to the last embers, and the task needs our
concentrated effort and our utmost powers. Our
worst danger now is that we may allow faddists
and half-baked theorists to use the situation as a
successful opportunity to undermine the old founda­
tions on which so great a structure has been erected,
under the cry of more effectively carrying on the
war and the smooth phrase of “ social reform.”

RAILROAD GROSS AND • NET EARNINGS FOR
MAY.
Our compilation of the gross and net earnings of
United States railroads for the month of M ay is note­
worthy chiefly in emphasizing anew the part played
by rising expenses in the affairs of the roads. As
compared with the corresponding month last year
the addition to gross receipts is S31,773,655, or
9.28% , but this has been attended by an augmen­
tation in expenses of no less than $46,232,679, or
19.58%, leaving, therefore, a loss in net of $14,459,­
024, or 13.58%. In other words, while gross earn­
ings were increased from $342,463,442 to $374,237,


[Vol. 107.

THE CHRONICLE

097, net fell from $106,454,218 in M ay 1917 to $91,­
995,194 in 1918, as will be seen from the following:
M ay.
192 Roads—
1918.
230,355
M iles of road..................................
Gross earnings.................................$374,237,097
Operating expenses........................ 282,241,903

1917.
228,892
$342,463,442
236,009,224

Inc. ( + ) or D ec. (— ) .
Amount.
%
+ 1 ,4 6 3 0.63
+$31,773,655 9.28
+ 46,232,079 19.58

N et earnings.............................$91,995,194

$106,454,218

— $14,459,024

13.58

In the foregoing the net earnings are shown before
the deduction of taxes. The taxes themselves are
steadily rising. The increase here is running even
now at the rate of several million dollars a month,
entirely independent of the Federal income and
excess profits taxes. With net earnings falling be­
hind $14,459,024 and the loss further increased
several million dollars a month by additional taxes,
the two together entailing a shrinkage say at the
rate of $250,000,000 a year and with the DirectorGeneral of Railroads determined to superimpose
upon this a wage increase of $300,000,000 to $350,­
0 0 0 , 0 0 0 per annum, it will be readily seen under what
necessity the Government was of enforcing the higher
schedules of rates, both passenger and freight, which
went into effect in June.
The increase in operating cost disclosed by the
figures above takes on added significance when it is
remembered that already in the previous year aug­
mented expenses had been a feature of the returns;
for, in reviewing our compilation for May 1917, our
comment was much the same as the present time—
that is, we were obliged to say that the railroads of
the United States were doing a large increase in busi­
ness but were netting very little additional profit
from the same. Gains in gross earnings, we re­
marked, continued large enough, but after providing
for the huge increases in expenses very little remained
to add to the net. On many prominent systems and
in many different geographical groups the expenses
had been of such magnitude that the added outlay
exceeded the improvement in the gross receipts,
large though this had been, leaving an actual loss in
the net earnings. For the whole body of roads our
compilation in M ay 1917 recorded $45,692,063 gain
in gross, of which $42,167,345 was consumed by
higher expenses, leaving a gain in net of only $3,­
524,718. If, now, we combine these changes for
last year with those for M ay the present year, it is
found that for the two years combined there has
been an increase of $77,465,718 in gross, but that,
nevertheless, the net for 1918 is smaller by $10,934,306— not taking into account the great addition to
the tax burden in the two years.
If we carry the comparison further back, we per­
ceive that in M ay 1916 the results were very grati­
fying, there having then been $63,448,411 gain in
the gross and $33,806,935 gain in the net. Also,
the year before (1915) there had been substantial
improvement at least in the net for May; this, though,
represented merely a recovery, and not a full recov­
ery at that, of the loss sustained the year before
(1914). In the gross the increase in 1915 was slight,
being only $1,324,785, or a fraction of 1% , but in
the net the gain was no less than $14,619,397, or
25% , the railroads at that time having practiced,
as a matter of necessity, rigid curtailment of their
expense accounts. On the other hand, in May 1914
the loss was heavy in both gross and net— $26,007,­
920, or 9.73% in the gross and $15,756,870, or
21.47%, in the net. It should also be remembered
that, prior to 1914, results were by no means satisfac­
tory, the striking~feature^ofjjthej’eturns then having

July 13 1918.]

THE CHRONICLE

been the steady and large rise in operating cost. It is
true that in M ay 1913 the roads added to their gross,
as compared with 1912, no less than $30,616,063,
but, on account of the great augmentation in ex­
penses, the addition to the net earnings then was no
more than $7,172,397. In the year preceding (1912)
many unfavorable conditions existed, including,
among others, an overflow of the Mississippi River
of serious proportions, and suspension of mining for
most of the month in the anthracite coal regions and
also larger or smaller suspension in many sections of
the bituminous coal region. As a result, our com­
pilations for M ay 1912 recorded an increase of no
more than $6,044,698 in gross, or 2.67% , and this was
attended by an augmentation in expenses of $8,497,­
364, thus leaving an actual loss in net of $2,452,666.
In M ay 1911 there was a loss in both gross and net—
$4,624,078 in gross and $1,695,071 in net.
In M ay 1910 the improvement in gross was satis­
factory enough, it reaching $31,983,394, or 16.25%,
but $26,756,567 of the amount was consumed by
augmented expenses, cutting the gain in net to only
$5,226,827, or 8.06% . In M ay 1909, while there
was an increase of $26,226,645 in gross and of $14,­
901,120 in net, this was without special significance,
since it followed a tremendous shrinkage in revenues
in the year preceding, the gain thus simply represent­
ing a recovery of the previous year’s loss. This loss
in M ay 1908 (due to the panic of 1907) was of pro­
digious dimensions. Our compilation then showed a
contraction in gross earnings in the sum of $38,537,­
942 and a shrinkage in net of $12,845,751. Yet this
did not indicate the full extent of the shrinkage at
that time. Owing to the fact that the roads were
doing so poorly and comparisons were so extremely
bad, some important companies withheld their re­
turns, and consequently our aggregate covered only
153,310 miles of line. A supplementary table which
dealt with the gross alone gave a loss in gross of not
less than $45,034,243 on 185,897 miles of road.
Careful compilation made by us later in the year
induced the opinion that the loss in gross in M ay 1908,
including all the roads in the country, must have
been, roughly, $55,000,000, and the loss in net $18,­
000,000. In the following we show the M ay compari­
sons for each year back to 1896. We give the results
just as registered by our own tables each year, but
in 1908 and prior years a portion of the railroad mile­
age of the country was always unrepresented in the
totals, owing to the refusal of some of the roads to
furnish monthly figures for publication.
Gross Earnings.
Year.

M ay.
1 8 9 6 ..
1 8 9 7 ..
1 8 9 8 ..
1 8 9 9 ..
1 9 0 0 ..
1 9 0 1 ..
1 9 0 2 ..
1 9 0 .3 ..
1 9 0 1 ..
1 9 0 5 ..
1 9 0 6 ..
1 9 0 7 ..
1 9 0 8 ..
1 9 0 9 ..
1 9 1 0 ..
1 9 1 1 ..
1 9 1 2 ..
1 9 1 3 ..
1 9 1 4 ..
1 9 1 5 ..
1 9 1 6 ..
1 9 1 7 ..
1 9 1 8 ..

Net Earnings.

Year
Given.

Year
Preceding.

Increase or
Decrease.

Year
Given.

Year
Preceding.

Increase or
Decrease.

$
50,138.645
.
57,420,309
.
67,659,828
.
.
72,431,677
81,058,532
.
.
97,147,152
.
95,860,907
.
103,882,990
.
108,565,266
.
121,005,979
115,304,506
.
.
144,267,760
133,080,555
.
196,826,686
.
230,033,384
.
.
226,442,818
232,229,364
.
203,490,033
.
239,427,102
.
244,692,738
.
308.029.096
.
353,825,032
.
374.237.097
.

3
50,129,856
55,568,910
59.034,144
67,675,074
72,885,306
85,860,170
90,091,128
90,800,791
111,028,554
109,872,115
105,787,062
121,074,984
172,218,497
170,600,041
198,049,990
231,066,896
226,184,666
232,879,970
205,435,022
243,367,953
244,580,085
308,132,969
342,463,442

S
+ 8,7 8 9
+ 1,851,393
+ 8,625,684
+ 4,756,603
+ 8,173,220
+ 11,280,982
+ 5,709,779
+ 13,082,199
— 2,463,288
+ 11,133,864
+ 9,517,444
+ 23,192,776
— 38,537,942
+ 26,226,645
+31,983,394
— 4.624,078
+ 0,044,698
+ 30,616,003
— 26,007,920
+ 1,324,785
+ 63,448,411
+ 45,692,003
+ 31,773,655

S
13.861.785
10,795,849
20,820,846
23,287,947
24,808,411
31.083.786
29,779,428
33,980,575
31,807,800
36,265,119
34,414,213
43,765,836
38,076,927
04,690,920
70,084,170
69,173,574
60,035,597
73,672,313
57,628,765
71,958,563
105598255
109307435
91,995,194

$
14,878,949
14,615,804
17,335,134
20,883,314
23,310,286
26,283,210
28,640,038
28,937,381
34,801,674
32,091,936
30,946,848
37,319,290
50,922,678
49,789,800
64,857,343
70,868,645
68,488,203
66,409,916
73,385,035
57,339,106
71,791,320
105782717
106454218

$
— 1,017,164
+ 2,180,045
+3,485,712
+ 2,404,633
+ 1,498,125
+ 4,800,576
+ 1,139,390
+ 5,043,194
— 2,993,868
+ 3,573,183
+ 3,467,365
+ 6,446,546
— 12,845,751
+ 14,901,120
+ 5,226,827
— 1,695,071
— 2,452,666
+ 7,172,397
— 15,756,870
+ 14,019,397
+33,806,935
+3,524,718
— 14,459,024

f* N ote.— Includes for M ay 118 roads In 1896, 128 In 1897, 127 In 1898, 123 In 1899,
128 In 1900, 116 In 1901, 109 in 1902, 101 In 1903, 103 in 1904, 100 In 1905, 96 in
1906, 92 in 1907; in 1908 the returns were based on 153,310 miles of road: in 1909,
220,514; in 1910, 229,345; In 1911, 236,230: in 1912, 235,410; in 1913, 239,445; in
1914, 246,070; in 1915, 247,747; in 1916, 248,000; in 1917, 248.312; In 1918, 230,355
Neither the Mexican roads nor tho coal-mining operations of tho anthraclto coal
oa d s aro included In any of theso totals.




119

In the case of the separate roads the part played
by swollen expenses again stands stronger revealed,
just as it did a year ago. The list of increases in
the gross is a long one with comparatively few losses,
while, on the other hand,inthe'net there are relatively
few gains, but with the list of losses a lengthy one.
The Pennsylvania Railroad is typical; on the lines
directly operated east and west of Pittsburgh, there
is an improvement of $6,047,942 in net, but a gain
of only $86,801 in net. In the following we show
all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases,
and in both gross and net.
P R IN C IP A L . C H A N G E S I N G R O S S E A R N IN G S I N M A Y .
Tnrrpn<tp<z
Tnrrpn^pft
P e n n sy lv a n ia ( 3 ) ________ a $ 6 ,0 4 7 ,9 4 2 W h e e lin g & L a k e E r i e . .
2 1 8 ,8 8 0
Sou th ern R y --------------------2 ,5 8 1 ,4 4 5 W a b a s h ----------------------------2 1 7 ,0 8 0
N e w Y o r k C e n tr a l_______ 6 2 ,0 2 7 ,0 4 9
W es te rn M a r y la n d ______
2 1 2 ,8 8 7
B a ltim o re & O h io _______
1 ,4 5 1 ,2 2 5 C in N e w Or! & T e x P a c .
2 0 6 ,8 5 0
C n e sa p e a k e & O h io ______
1,1 4 3 ,7 7 3 E lg in J o lie t & E a s t e r n ..
2 0 2 ,9 6 4
D u lu th M is s a b e & N o r . .
1 ,0 6 2 ,7 5 5 K a n a w h a & M i c h i g a n ..
191 ,1 5 4
1 ,049,301 B u ffa lo R o c h & P i t t s b . .
N o r fo lk & W e s te rn ______
1 8 6 ,5 6 4
P h ilad elp h ia & R e a d in g .
1 ,0 3 2 ,8 7 5 T o le d o & O h io C e n t r a l . .
167 ,9 0 7
L o u is v ille & N a s h v i ll e ..
8 8 9 ,8 4 4 W e s t J ersey & Sea S h ore
159 ,4 2 2
A t c h T o p e k a & S F e (3)
8 7 6 ,8 7 9 C o lo r a d o & S ou th ern (2)
1 5 7 ,6 0 8
St L o u is-S a n F ran ( 3 ) . .
7 6 7 ,3 3 9 M a in e C e n tr a l___________
154 ,871
C le v e C in C h ic a g o & St L
7 55 ,317 G e o r g ia ------------------1 5 1 ,3 7 6
M ic h ig a n C e n tr a l_______
7 2 6 ,7 3 5 Y a z o o & M is s V a lle y ___
146 ,5 7 0
U n ion P a cific ( 3 ) ________
7 1 1 ,0 0 9 R ic h m o n d F red & P o t o m
1 4 2 ,2 0 4
781 ,2 7 8 T e x a s & P a c ific __________
N Y N II & H a r t f o r d . .
1 2 2 ,1 6 8
A tla n tic C o a s t L in e ______
6 25 ,975 T o le d o St L o u is & W e s t .
1 17 ,560
B o s to n & M a in e __________
609 ,267 U n io n R R o f P e n n a ____
1 10 ,012
Illin ois C e n tr a l___________
601 ,813 H o c k in g V a lle y __________
110,001
C en tra l R R o f N J ______
5 3 8 ,2 9 4 A la b a m a G re a t S o u t h __
1 0 2 ,9 2 6
M o K a n & T e x a s L in e s .
5 2 5 ,6 4 2 W a s h in g to n S o u th e rn ___
1 02 ,423
L o n g Is la n d _____________
5 2 3 ,1 0 4
L eh igh V a lle y ------------------5 0 3 ,8 1 8
R e p re s e n tin g 74 ro a d s
S e a b o a rd A ir L in o _______
5 0 0 ,4 4 2
in o u r c o m p il a t i o n ..$ 3 3 ,8 0 7 ,3 1 6
C h ic R I & P a cific ( 2 ) . .
4 9 0 .7 5 7
Dprrpn
P ittsb u rg h & L a k o E r ie .
4 4 6 ,1 3 6
D e la w a re L a ck & W e s t .
4 4 5 ,7 3 3 M in n St P a u l & S S M . _ $ l ,0 1 7 ,4 2 i
370 ,041 G r e a t 'N o r t h e r n __________
E rie ( 2 ) . . . ..........................
9 9 3 ,3 0 7
P ere M a r q u e t t e __________
3 4 6 ,0 8 7 N o rth e r n P a c ific ________
5 1 1 ,6 0 0
3 4 5 ,0 2 5 D e n v e r & R io G ra n d e ___
D u lu tn & Iro n R a n g e ___
3 5 5 ,7 6 2
S ou th ern P a c ific ( 8 ) ____
3 3 7 ,0 5 0 C h ic M ilw & St P a u l . . .
2 4 1 ,7 7 8
N a s h v C h a t t & St L o u is
3 1 5 ,3 3 0 C h ic B u rlin g to n & Q u in .
167 ,959
C h ic a g o & E a stern 111..
3 0 2 ,5 5 5 In te rn a t & G re a t N o r t h .
128 ,8 3 9
C e n tra l o f G e o r g ia ______
2 41 ,188 C h ic a g o & N o r t h W e s te rn
126 ,157
,557
-------------------„K an sas C it .y S o u t h e r n ..
2237
3 / ,0
0/
N Y C h ic a g o & S t L o u is
R e p re s e n tin g 8 ro a d s
2 3 1 ,6 2 0
N Y P h ila & N o r f o l k . . .
2 1 9 .6 8 9
in o u r c o m p il a t i o n .. $ 3 ,5 4 2 ,8 2 3
219
' . N o t e . — A ll th e fig u re s in th o a b o v e are on th e basis o f th e r e tu rns file d
w ith th e In te r -S ta te C o m m e r c o C o m m is s io n .
W h e r e , h o w e v e r ._ t h e s o
re tu rn s d o n o t sh o w th e to t a l fo r a n y sy s te m , "w o h a v e co m b in e d - th e
se p a ra te ro a d s s o as t o m ak e th e results c o n fo r m as n e a r ly as p o s s ib le to
th o s o give n in th o sta te m e n ts fu rn ish e d b y th o c o m p a n ie s th e m se lv es.
a T h is is the resu lt fo r th e P e n n s y lv a n ia R R . , to g e th e r w ith th e P e n n ­
s y lv a n ia C om pany an d th o P itts b u r g h C in cin n a ti C h ic a g o & S t. L o u is ,
t h o P e n n sy lv a n ia R R . re p o r tin g S 5 .0 0 4 .8 5 0 in crea se, th e P e n n s y lv a n ia
Com pany $ 4 9 0,44 2 g ain a n d th o P . C . C . & S t. L . $ 5 5 2 ,6 5 0 g a in . I n c lu d ­
in g a ll lines o w n e d and c o n tr o lle d , c o v e r in g th e e n tiro P e n n sy lv a n ia R R .
System , th e gain a m o u n ts t o $ 7 ,0 5 6 ,6 8 1 , those la tte r fig u re s be in g d e r iv e d
n o t fro m retu rn s file d w ith th o In te r -S ta te C o m m e r c o C o m m is s io n , b u t
fr o m a sta te m e n t fu rn ish ed b y th e c o m p a n y its e lf.
6 T h e se fig u re s c o v e r m e r e ly tho o p e ra tio n s o f th e N e w Y o r k C e n tr a l
itse lf. In c lu d in g th e v a rio u s a u x ilia ry an d c o n tr o lle d ro a d s , like th e M ic h i­
g a n C e n tr a l, th e “ B ig F o u r ,” & c ., th e w h o le g o in g t o fo r m th e N e w Y o r k
C e n tra l System , th o resu lt is a g ain o f $ 4 ,3 7 1 ,2 1 6 in gro ss.
P R IN C IP A L C H A N G E S IN
In crea ses.
S outhern R a ilw a y _______ $ 1 ,0 0 2 ,6 5 7
D u lu th M is s & N o r t h . .
935 ,101
C h e sa p e a k e & O h io ______
7 5 2 ,3 3 5
L o n g I s la n d _____________
3 5 2 ,4 4 0
A tch T op eka & S Fe ( 3 ).
3 3 3 ,9 4 9
M ic h ig a n C e n tr a l_______
3 1 3 ,6 3 6

Duluth & Iron Range__

267,501

P itts b u r g h & L a k e E r ie .
C le v e C in C h ic & St L . _
N Y C h ic a g o & S t L o u is
A t la n tic C o a s t L in e ______
E lgin J o lie t & E a s t e r n ..
D e la w a re L a ck & W e s t .
P h ila d elp h ia & R e a d in g .
L e h igh V a lle y ____________
U n io n R I t o f P e n n a ____
B essem er & L a k e E r i e . .
K a n a w h a & M i c h i g a n ..
R ic h m o n d F re d & .P o to m

2 5 3 ,3 1 9
196,164
194,703
171,112
1 62 ,485
132,117
117 ,3 7 8
117 ,197
112,367
111,511
1 06 ,298
105,631

R e p re se n tin g 21 ro a d s
in o u r c o m p ila t io n __$ 5 ,8 4 1 ,0 2 2
D ecrea ses.
C h ic M ilw & St P a u l . . . $ 2 ,0 7 3 ,2 7 6
G re a t N o r t h e r n _________
1 ,9 9 4 ,9 1 8
B a ltim o re & O h io _______
1,7 9 7 ,0 8 5
S ou th ern P a c ific ( 8 ) ------1 ,6 5 9 ,5 1 9
E r ie ( 2 ) ----------------------------1,6 0 5 ,9 9 0
C h ic B u rlin g to n & Q u in .
1,5 1 3 ,3 9 9
N o rth e r n P a c ific ________
1 ,2 0 0 ,8 1 5

N E T E A R N IN G S ^ IN

M A Y 'S
D ecreases
M iD n S t P a u l & S S M . _ $ 1 ,1 8 0 ,3 0 7
C h ic a g o & N o r t h W e s te rn 1 ,0 0 6 ,6 7 3
M is s o u ri P a c ific __________
898 ,6 7 1
5 5 1 ,3 6 7
Illin ois C e n tr a l___________
N Y N H & H a r t f o r d ...
4 7 8 ,4 7 5
D e n v e r & R i o G r a n d e ..
3 8 6 ,9 6 6
W a b a s h _____________
3 4 6 ,4 3 6
M o K a n & T e x a s _______
3 3 8 ,1 6 4
St L o u is-S a n F ran ( 3 ) . .
3 3 4 ,2 7 3
C h ic R I & P a cific ( 2 ) . .
3 2 1 ,4 1 0
C h ic St P a u l M & O m ._
2 8 0 .5 1 6
L o u is v ille & N a s h v i ll e ..
2 6 0 ,4 6 7
M in n e a p o lis & St L o u is .
2 3 2 ,6 6 2
In te r n a t & G re a t N o r t h .
2 1 8 ,7 4 0
L o s A n ge le s & S alt L a k e
2 1 7 ,5 4 3
2 1 7 ,4 6 8
C h ic a g o & A lt o n ________
F lo rid a E a s t C o a s t ______
2 0 2 ,5 7 8
C h ic In d ia n a p & L o u is v .
161,901
V irg in ia n _________________
1 48 ,539
N Y O n ta rio & W e s t e r n .
146 ,0 0 6
M o b ile & O h io ___________
1 4 5 ,8 2 8
B o s to n & M a in e ________
1 4 0 ,5 5 5
W es te rn P a c ific __________
1 3 7 ,8 0 5
M a in e C e n tr a l___________
1 18 ,964
C e n tra l N e w E n g la n d ___
113 ,8 6 4
In d ia n a H a r b o r B e lt ____
109 ,109
A n n A r b o r _______________
102 ,2 0 4
R e p re s e n tin g 45 ro a d s
in o u r c o m p i l a t i o n .. $ 2 0 ,6 4 2 ,4 9 3

a T h is is th e resu lt fo r th o P e n n sy lv a n ia R R . , to g e th e r w ith th e P en nsyl' v a n ia C om pany an d th e P itts b u r g h C in c in n a ti C h ic a g o & S t. L o u is , th e
P e n n s y lv a n ia R R . r e p o r tin g $ 4 2 5 ,5 6 7 in crea se, th e P e n n s y lv a n ia Com pan y $14 4 ,2 4 8 loss an d th e P . C . C . & S t. L . $1 9 4 ,5 1 8 lo ss. I n c lu d in g a 1 .
lin e s o w n e d a n d c o n t r o lle d , th e resu lt is a g ain o f $ 4 9 0 ,1 1 6 ; in th is la st
in s ta n c e , h o w e v e r , th o fig u re s c o m e fr o m th e c o m p a n y ’s o w n sta te m e n t an d
a r o a fte r th e d e d u ctio n o f ta xes (e x c e p tin g w a r t a x e s ), w hereas In th o o th e r
c a s e s t h o .n e t is g iv e n b e fo r e th e ]d e d u c tio n o f t a x e s .!
__
_ _ _ _ _ _ _
b T h e s e lfig u r e s m e r e ly c o v e r t th e o p e ra tio n s o f th e N e w Y o r k ' C e n tra l
its e lf. : In clu d in g th e v a rio u s a u x ilia ry ’-a n d c o n tr o lle d ro a d s , lik e th e
M ic h ig a n C e n tr a l, th o “ B ig F o u r ,” < & c., th e w h o le g o in g t o fo rm t h e 'N e w
Y o r k C en tral- System ^ th e result- is~a g ain o f $820,2951 ——
—

' The roads whichr givefj the" best^ account ofj~them­
selves as far as net is concerned are the Southern
roads. Here there are substantial gains in net^and

[Vol. 107.

THE CHRONICLE

130

gross alike. When the roads are arranged in groups
or geographical divisions, according to their loca­
tion, the Southern group is the one group revealing
a large gain in net. There is one other group with
an increase in net, but the increase is very small.
The remaining five geographical divisions all record
losses in net. On the other hand, in the case of the
gross, all the different geographical sections, with
one minor exception, record enlarged totals. Our
summary by groups is as follows:
S U M M A R Y B Y G RO U PS.
----------------- —Gross Earnings--------------------Section or Group.
1917.
J « c .( + ) or D eed— )
1918.
S
S
%
May—
S
Group N o. 1 (8 roads), New E n gla n d .. 16,280,959 14,734,562 + 1,5 46,3 97 10.5
Group N o. 2 (33 roads), East & M iddle. 105,042,259 91,916,090 +13,261,169 14.3
Group N o. 3 (30 roads). M iddle & West 46,903,858 41,945,388 +4,958,470 11.8
Groups Nos. 4 & 5 (35 roads), Southern 51,830,558 42,999,396 +8,831,162 20.5
+ 230,683 0.3
Groups N os. 6 & 7 (28 roads), N orthw . 75,186,043 74,955,360
Groups N os. 8 & 9 (46 roads), Southw . 56,689,164 53,543,791 + 3,145,373 5.9
— 64,599 0.3
Group N o. 10 (12 roads), Pacino C oast. 22,304,256 22,368,855
.374,237,097 342,463,442 + 31,773,655

Total (192 roads)

9.3

-------Mileage------- --------------------- Net Earnings1918.
1917.
1918.
1917. / n c . ( + ) or D ec.(— ) .

S

S

4,037,468
Group N o. 1............. — 6,974 7,017 3,436,602
Group N o. 2 _________ 27,716 27,363 23,851,383 26,018,279
Group N o. 3 . ........... . 21,299 21,301 11,860,200 11,660,853
Groups N os. 4 & 5 ___ 38,323
38,121 15,038,766 13,431,442
Groups N os. 6 & 7___ 64,411
64,189 16,002,391 24,622,742
Groups N os. 8 & 9 ___ 55,129
54,506 14,418,859 17,075,254
Group N o. 10________ 16,503
16,395 7,386,993
9,608,180

$

%

— 600,866
— 2,166,896
+ 199,347
+1,607,324
— 8,620,351
— 2,656,395
— 2,221,187

14.9
8.3
1.7
12.0
35.0
15.6
23.1

C u rren t g u e n ts an d jgiscusstcrus
N E W

TO I T A L Y .

b y th e U n it e d S ta te s o n J u ly 9 , m a k in g th e to ta l a d v a n c e d
to

th a t

c o u n tr y

$ 6 6 0 ,0 0 0 ,0 0 0 .

Tho

to ta l

cred its

to

th o

A llie s e sta b lish e d b y th o U n it e d S ta te s since o u r e n tr y in to
th e w a r n ow re a ch $ 6 ,0 9 1 ,5 9 0 , 0 0 0 , a p p o r tio n e d as fo llo w s :
G reat

B r ita in ,

$ 3 ,1 7 0 ,0 0 0 , 0 0 0 ;

F ra n ce,

$ 1 ,7 6 5 ,0 0 0 , 0 0 0 ;

I t a l y , $ 6 6 0 ,0 0 0 ,0 0 0 ; R u s s ia , $ 3 2 5 ,0 0 0 ,0 0 0 ; B e lg iu m , $ 1 3 1 ,­
8 0 0 ,0 0 0 ;

Cuba.

$ 1 5 ,7 9 0 ,0 0 0 .

$ 1 5 ,0 0 0 ,0 0 0 ;

A

S e r b ia ,

$ 9 ,0 0 0 ,0 0 0 ;

G reece,

c r e d it o f $ 6 ,6 6 6 ,0 0 0 w a s o x te n d e d t o R u ­

m a n ia , b u t th e e x a c t s ta tu s o f th o lo a n a t t h a t tim e w h e n th o
c o u n tr y m a d e p ea ce w ith th e C e n tr a l P o w e r s , h a s n o t b e e n
d e te r m in e d .

O f th e c r e d it e x te n d e d to R u s s ia , o n ly $ 1 8 7 ,­

0 0 0 ,0 0 0 w a s p a id o u t o n T r e a s u r y w a rr a n ts b e fo ro th o fa ll o f
th o K e r e n s k y G o v e r n m e n t a n d th e p ea ce tr e a ty m a d o w ith
G e r m a n y b y th e B o ls h e v ik i le d to a s to p p a g e o f th o f u n d s .

IN C R E A SE

An

IN

IT A L IA N

A s s o c ia te d P re ss ca b lo fr o m

fo llo w in g in fo r m a tio n r e la tiv e

to

REVENUES.

R o m o J u ly 9 g a v e th o
th o

I ta lia n ro vo n u es fo r

th e y e a r ju s t c lo se d :
Italian re ven u es fo r th o year e n d in g Ju n o 30 e x ceed ed th o s e o f th e p re­
c e d in g y e a r b y 8 9 5 ,0 0 0 ,0 0 0 lire, th o F in a n ce M in is tr y a n n o u n ce s. F o r th o
presen t y e a r , n o tw ith s ta n d in g th o loss o f receipts fro m th o p ro v in c e s o c ­
c u p ie d b y th o e n e m y in th o fall o f 1917, th o a ggregate re ce iv e d w as 4 ,1 6 0 ,­
0 0 0 ,0 0 0 lire.
In th ree ye a rs o f w ar th o yield fro m ta x a tio n has increased 2 ,3 0 0 ,0 0 0 ,0 0 0
liro, o r 1 2 5 % , o v e r th o y e a r en d in g Ju n o 30 1915.

T o t a l .......................... 230,355 228,892 91,995,194 106,454,218 — 14,459,024 13.6
N O T E .— Group I . Includes all of the New England States.
Group I I . Includes all of New Y ork and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey. Delaware and M aryland, and
the extreme northern portion of W est Virginia.
Group I I I . Includes all of Ohio and Indiana: all of M ichigan except the northern
peninsula, and that portion of New Y ork and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV . and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups V I. and V II. combined Include the northern peninsula of M ichigan, all of
M innesota, W isconsin, Iow a and Illinois; all of South D akota and North Dakota
and Missouri north of St. Louis and Kansas C ity: also all of M ontana, W yom ing
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups V I I I . and I X . combined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south o f St. Louis and Kansas City: Colorado south
of Denver, the whole o f Texas and the bulk o f Louisiana; and that portion of
N ew M exico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
G rou pX . Includes all of W ashington, Oregon, Idaho, California, N evada, Utah
and Arizona and the western part of New M exico.

C R E D IT E X T E N D E D

A n a d d itio n a l cred it o f $ 1 0 ,0 0 0 ,0 0 0 w as g r a n te d to I t a ly

JAPANESE

A

LOAN

TO

C H IN A .

c o p y r ig h te d c a b le fro m P o k in g u n d er d a to o f J u ly 1 0

a p p e a re d as fo llo w s in th e N e w Y o r k “ T im e s ” o f J u ly 1 1 :
T h o J ap an ese h a v o a d v a n c e d 8 1 0 ,0 0 0 ,0 0 0 t o C h in a u n d e r th o reorgan iza­
tio n lo a n , w ith th e co n c u r r e n c e o f E n te n te ban k ers.
T h e s e c u r ity is th e surplus fro m th o salt re ve n u e .

P A Y M E N T

OF

IN T E R E ST
M E N T

T h e N a t io n a l

C ity

Bank

ON

R U S S IA N

GOVERN­

CR E D IT.

a n n o u n c e d o n J u ly

9

th a t it

w o u ld p a y o n th a t d a y th o se m i-a n n u a l in tore st d u o o n th o
$ 5 0 ,0 0 0 ,0 0 0 th r e e -y e a r 6

A
X%

cred it o f the Im p e r ia l R u s s ia n

G o v e r n m e n t d a te d J u n o 1 8 1 9 1 6 .
th o r ity

to m a k o

I t is u n d e r sto o d th a t a u ­

tho p a y m e n t s , a m o u n tin g

to $ 1 ,6 2 5 ,0 0 0 ,

fr o m th e b a la n ce s w h ich th e R u s s ia n G o v e r n m e n t still h as a t
th e b a n k h a d b e e n re ce iv e d fr o m M . U g h o t , w h o re p re se n ts
th e R u s s ia n G o v e r n m e n t in fin a n c ia l m a tto r s .
T h e a b o v e c r e d it, e x te n d e d referen ce to w h ic h w a s m a d o
in th ese c o lu m n s o n J u n e 17 1 9 1 6 , w a s a rra n ge d fo r in this

T H I N K S C O N S I D E R A T I O N O U G H T TO B E S H O W N
H A W A IIA N

COFFEE

THE

c o u n tr y d u rin g J u n o 1 9 1 6 b y a g r o u p o f p ro m in o n t b a n k e r s .

PRODUCER.
S U B S C R I P T I O N S TO E I G H T H H U N G A R I A N

SO UTH K O N A TO B A C C O C O M P A N Y , L T D .
N a p o o p o o , H a w a ii, Jun o 26 1918.
E d itor, C om m ercial & F in a n cia l C h ron icle, N eto Y o rk , N . Y .




BE

R EC EIV E D

U N T IL

JU LY

A c c o r d in g to a P a ris d isp a tc h o f J u ly

W AR LOAN

24.

10 th e p eriod fo r

s u b s c rib in g to th e e ig h th H u n g a r ia n w a r lo a n , w h ich w a s to

D ea r Sirs— T h e re has be e n m u c h d r a s tic r e g u la tio n o f th e c o ffe e m arket
r e c e n t ly , s u p p o s e d ly in th e in terest o f th e co n s u m e r an d o n th e assu m ption
th a t all o f th e c o ffe e used in th e U n ite d Statas is o f fo re ign o rig in . P rico
fix in g is u n d o u b te d ly an e n tire ly le g itim a te p r o c e e d u r e u n d e r w a rtim e
co n d itio n s b u t in all o th e r cases w h ere th e G o v e rn m e n t has s e t m axim u m
p r ice s o n stap les c o n s id e r a tio n has b e e n g iv e n t o th e d o m e s tic p ro d u ce rs
as w ell as t o jo b b e r s , im p o rte rs and retailers.
C o ffe e is th e m o s t im p o rta n t c r o p in W e s t H a w a ii, th ere b e in g perhap s
o n e th ou sa n d s m a ll p la n te rs e n tire ly d e p e n d e n t o n th is c r o p fo r their
liv e lih o o d . T h e fa r m v a lu e o f th eir ann ual o u t p u t va rie s fro m 850 0,00 0
t o $ 7 0 0 ,0 0 0 , n o t a la rgo s u m in th ese d a y s w h en bu sin ess m en th in k an d
ta lk in b illion s, b u t th e all o f a lo y a l an d p a t r io tic little c o m m u n ity . T h a t
th ese sm all p la n ters are m a in ly O rien tals d o e s n o t a lter th o rig h t o r w ron g
o f th o situ a tion c rea ted b y c o fe e e p r ic e and p r o fit re g u la tio n . T h o fa c t
rem ain s th a t w hen c o ffe e p rice s w e re fix e d , th o c o s t o f p r o d u c in g this cr o p
on A m e r ic a n soil and even th a t th c r o w as a n y c o ffe e g ro w n in th o U n ited
S ta tes w as o v e r lo o k e d .
A v e r y c o n sid era b le p a r t o f th o H aw a iian c r o p go e s t o th o P h ilip p in es,
Ja p a n an d A u stralia: th o re m a in d e r t o San F r a n cis c o . C o ffe o is an o ld er
in d u s tr y h ero th an su ga r, th o p r o d u c t b e in g w ell establish ed in th e m arkets
w h ero it is u su ally s o ld . T h o 5 0 - 6 0 - o r 7 0 ,0 0 0 b a g s p r o d u c e d d o e s n o t
a m o u n t t o m u ch , in th o eye s o f N e w Y o r k tra d e rs, b u t K o n a c o ffe o w as
k n o w n in th o P a c ific tra d e b e fo r e th o C a lifo rn ia n g o ld d a y s .
O u r Jap anese c o ffe e pla n ters b u y W a r-S a v in g s s ta m p s an d L ib e r ty
b o n d s, co n tr ib u te lib era lly t o th o R e d C r o s s , th o B elgian R e lie f an d o th er
w ar ch a rities, w h ile th eir son s are in th o n a tio n a l a r m y side b y sid e w ith
o th e r y o u n g A m erica n s o f d r a ft ago.
O n e hears v e r y lit t le c o m p la in t fro m th e m . T h e y k n o w w hat th e
U n ite d S tates is fig h tin g fo r an d w illin g ly be a r th eir share o f th o bu rden .
N e v e r th e le s s th e w a r , h igh fre ig h ts , in crea sed c o s t o f s u p p lie s, and th e
re s tric tio n s p la ced on tra d in g in th e sta p le th e y p r o d u c e , h a v o c o m b in e d
t o m a k o th eir fu tu re an d th a t o f th o c o ffe o in d u stry e x tr e m e ly p recariou s.
I t w o u ld b o a ju s t r elief i f “ A m e rica n g ro w n c o ff e o ” w e re t o b o released
fr o m th o d ra stic rules an d re g u la tio n s n o d o u b t w is e ly d ra w n t o co n tro l
th o grea t c o ffe o im p o rtin g b u sin ess, fo r i f re co g n itio n is t o b o g iv en a lon g
establish ed and fo rm e r ly flo u rish in g A m e rica n in d u s tr y , o n o th a t has
existe d o v e r s e v e n ty y ea rs, it s h o u ld he g iv e n s o m e m easu re o f p r o t e c tio n .
R e s p e c t ifu lly , j
JA RED

TO

G . S M IT H .

close o n J u ly 1 2 , h as b e e n e x te n d e d u n til J u ly 2 4 .

PROPOSED

R E V IS IO N

OF

NETHERLANDS

B AN K

CHARTER.

W o ta k e fr o m “ C o m m e r c e R e p o r t s ” of J u ly l th o fo llo w in g
r e la tiv e to th e p ro p o sed re v isio n o f tho N e th e r la n d s B a n k
c h a rte r , as re p o rte d in a d v ic e s to W a s h in g to n fr o m C o m ­
m e rc ial A tta c h e

Paul

L.

E dw ards,

at

Tho

H a g u e , under

d a te o f M a y 2 :
T h o ch arter o f th o N e th e rla n d s B a n k , w h ich w as last ren ew ed in 190 3,
w ill expire o n A p ril 1 1919, an d th e G o v e rn m e n t has p ro p o s e d a law w h ich
w o u ld renew th e ch a rte r o n th a t d a to fo r a n o th e r p eriod o f 15 years. T h is
n e w ly p ro p o s e d law d iffe rs in m a n y respects fro m th o present ch a rte r; som e
o f th e m o d ific a tio n s are im p o rta n t an d s ig n ifica n t, w h ile oth ers are pu rely
fo rm a l o r o f lo ca l im p o rta n ce .
It is e x p e cte d th a t th o new ch a rte r w ill b o a p p ro v e d b y th o legislature
d u rin g th e present session w ith o u t a n y im p o rta n t alte ra tio n .
A m o n g th o m o st im p o rta n t m o d ific a tio n s, w h ic h are th o d ir e ct result
o f w ar c o n d itio n s , are th o fo llo w in g p rop osals:
T h e law n o w in fo rce p ro v id e s th a t th e s u m o f m o n e y w h ich th o ban k
loa n s o n p ap er p a y a b le a b r o a d m a y n o t ex ce e d the s o -ca lle d m etal ba la n ce
fo r a lon ger p eriod th an 14 c o n s e c u tiv e d a y s . T h is b a la n ce co n sists o f th o
g o ld an d silver holdin gs o v e r a n d a b o v e th o m etal “ c o v e r ” , w h ic h is re ­
qu ired t o b o 2 0 % o f th o d e m a n d liabilities— b a n k n o te s, c r e d it b alan ces
in a c c o u n ts cu rre n t, an d lo ca l ch e c k s .
(T h o required m etal c o v e r w as
re d u ce d fro m 4 0 % early in th o w a r .)
T h o now ch arter w ill ro m o v o tills
re strictio n an d thus perm it th o N eth erla n d s B a n k t o a d v a n e o m o n o y o n
fo re ig n p ap er w ith m ore fre e d o m .
D iscou n tin g Foreign P aper— Reserve F u nd.
A t present th e N eth erla n d s B ank is p e rm itte d t o d is co u n t bills o f ex ­
ch a n g e , d r a fts , and n o te s o n ly w h en th e y b e a r tw o a p p ro v e d in d orsem en ts,
p ro v id in g also th e p e rio d o f th eir c u r r e n c y is not lo n ge r th a n th o c u s to m
o f th o tra d e requires an d in n o case lon gor than six m o n th s. T h e now
la w , w h ich is m u ch less r e s trictiv e , s im p ly states f i a t su ch p a p e r m a y bo
d is co u n te d If its p e rio d o f cu r r e n c y is n o t lo n go r th a n th o c u s to m o f th o

July 13 1918.]

THE CHRONICLE

trade requires. At present, other evidences of indebtedness may be dis­
counted if they are payable in Holland within three months; it is proposed
to extend tills period to six months.
Probably the principal purpose of the above modifications is to enable
the bank more freely to accommodate exporters of Dutch goods, who are
continually forced by their foreign creditors to accept paper in payment
for purchases on account of the high rate of exchange on Holland. [Nor­
mally the Dutch florin is worth SO.402 gold; the United States Treasury
circular for the April 1918 quarter places its value at SO.4575.] The fact
that the paper which is taken in discount by the bank will not have to bear
two approved indorsements does not imply that the bank will permit a
lowering of the standard of the paper which it accepts; it still has the right
to reject paper which it does not think desirable from the point of view of
national interest, and to require security for paper which it does accept.
Another important proposal is that the reserve fund, which was formerly
restricted to 5,000,000 florins (being 25% of tho sliaro capital), with tho
approval of the Minister of Finance may be enlarged by a special reserve
fund. Since early in the war tho bank has felt tho need of this measuro.
A pension fund for employees of tho bank will also be established. Hitherto
tho reserve fund could bo invested only in Netherlands State debts and in
securities quoted on the Amsterdam and other important European stock
exchanges. According to the proposed charter this fund may bo invested
in any way that may be approved by tho directors and managers of tho
bank.
Cashing o f D ividend W arrants Prohibited— Other Changes.

121

As a result of a threat by the German military commandants to call up
those exempted from military service unless the stock exchange strike in
Germany was stopped, says the “ Frankfurter Zeltung,” the stock exchanges
at Frankfort and Bremen have decided to resume business immediately.
A s in d ic a te d in th e se c o lu m n s la s t w e e k , p a g e

18,

th e

G e r m a n G o v e r n m e n t r e c e n tly p ro p o s e d to in cre ase th e s ta m p
d u t y o n s to c k e x c h a n g e tr a n s a c tio n s fr o m 3 0 p fe n n ig s t o 2
m a r k s , w ith a n a d d itio n a l w a r d u t y o f 2 m a rk s o n e v e r y
1 ,0 0 0

m ark s.

A s a p r o te s t a g a in s t th e c o n te m p la te d n e w

d u tie s all th e s to c k e x c h a n g e s in G e r m a n y la s t w eek d e c id e d
t o a b s ta in fr o m bu sin e ss u n til th e q u e s tio n w a s s e ttle d .

GERMANY’S WAR TAX ON BELGIUM.
L a t e s t c a b le a d v ic e s (J u ly 3 ) f r o m A m s te r d a m c o n c e rn in g
G e r m a n y ’ s w a r ta x o n B e lg iu m s a y s :

The war contribution which Belgium has to pay Germany, says “Les
Nouvelles," has been raised from 50,000,000 francs to 60,000,000 francs
monthly.
The Germans have convoked' the provincial councils to discuss the
method of payment by the Belgians.

During the war the Netherlands Bank has developed to a very important
degree the business of cashing or collecting coupons and dividend warrants
of securities held by Hollanders. The amount of tills business alone
during the year ending Mar. 31 1917, was over 600,000,000 florins. Tho
Minister of Finance proposes in the now charter to prohibit tho bank from FRENCH ECONOMIST ON NEED OF FINANCIAL
carrying on this business, on the grounds that the governmentally chartered
UNITY OF ALLIES.
bank of issue (i. o., tho Netherlands Bank) has an unduo advantage over
W e re p rin t fr o m th e N e w Y o r k “ E v e n in g P o s t ” o f J u ly 6
the provincial banks, and on the further ground that such activities are not
primarily within tho provinco of a bank of issuo. This proposal seems th e fo llo w in g re g a rd in g th e o b s e r v a tio n s o f th e F re n c h
generally to be meeting with popular approval.
e c o n o m is t, A lfr e d N e y m a r c k , o n th e im p o r ta n c e o f a
Some of tho less important proposed revisions of tho now charter are:
Tho period of notice which tho State must give before it may deprive the fin a n c ia l u n io n o f th e A llie s as w ell a s a u n it y o f th e m ili­
Netherlands Bank of tho right of issuing paper money is lengthened from t a r y :
ono year to five years. This is at tho special request of tho bank, which
Paris, June 8.— Since the death of Paul Leroy-Beaulieu, Alfred Ney­
intends shortly to construct a new building in Amsterdam which cannot
marck is perhaps the only living master of finance who has followed pro­
bo completed within a short space of time.
fessionally,
week by week, for fifty years, the finances of European Gov­
Tho profits of tho bank are to be divided according to a new system so
that tho State (which has received an average of about 3,200,000 florins ernments in peace and in wars. He has now given expression to his ideas
during tho past 12 years as its share of tho profits) will probably receive concerning the financial necessities of the Allies, particularly in the burning
question of exchange. The negotiations with which he begins seem to
somo 600,000 florins more per annum.
A rather radical departure in tho internal organization of the bank will have escaped the notice of the press generally.
“My friend Luzzatti (the veteran who put Italian finances on their feet
bo the Institution of a special committee of advice, comprised of mon
engaged in business, as a consultative body which will assist in tho form­ many years ago) has never ceased demanding one thing since war began.
This is a financial and economic Entente among all the Allies. It is just
ation of the bank’s policies.
as necessary and indispensable as tho one front and unity of command for
battle. To Luzzatti’s persevering efforts are due the economic conference
GOLD RESERVE OF “ NORGES BANK,” CHRISTIANIA. among Allies— and the views which have been exchanged in them are on
T h e fo llo w in g a d v ic e s re g a rd in g th e g o ld reserv e o f th e the point of resulting In definitive resolutions and acts.
“ If such financial union had existed from the beginning of the war, we
“ N o r g e s B a n k ” re ce iv ed fr o m V ic e -C o n s u l H . E . C a r ls o n ,
should have stopped short the wild race of American, English, and par­
a t C h r is tia n ia , N o r w a y , u n d e r d a te o f M a y 2 8 , a p p e a re d
ticularly of neutral exchange. The pound sterling, which first fell down
in “ C o m m e r c e R e p o r t s ” (p u b lish ed b y th e D e p a r tm e n t o f below its (French) par of 25.20, went up to 28. The American dollar,
which is normally at 5 05 (by coin equivalent 5.18), reached 5.90 (Paris,
C o m m e r c e , W a s h in g t o n ) J u ly 1:
May 29, 5.72). The Holland florin went from 2.08 to 2.60 (Paris same
At tho beginning of tho year 1917 tho gold reserves of “Norgos Bank,” date, 2.83), and Norwegian, Danish, and Swedish moneys advanced from
of Christiania, Norway, amounted to 184,000,000 crowns ($49,312,000). 1.39, as much as 20.25, and 30%.
This amount increased during the first two months of tho year so that on
“ The Allies made heavy purchases in all these countries and could only
Mar. 1 1917 tho maximum for the year, 201,000,000 crowns ($53,868,000),
pay in gold or gold credits— and so the wild race began for ‘exchange pa­
was reached.
The reserve then commenced to sink, falling in August to 198,000,000 per.' Never, at any time, has there been such speculating in exchange and
crowns ($53,064,000), and in September to 186,000,000 crowns ($49,­ exchanges—but, without any doubt, the back-shock is coming and perhaps
848,000). By the end of the year It had fallen to 176,000,0Q0 crowns quicker and sooner than people think.”
M . Neymarck draws attention to the complete upsetting of international
($47,168,000). Tho averago holdings of gold for tho years was 190,­
finance. Before the war, it was the great nations that were the creditors.
602,402 crowns ($51,081,433.)
It is not easy to stato all of tho causes to which this decline of tho gold Now they are the debtors, and it is the little countries that are creditors
reserve may bo attributed. It is asserted by somo that tho decllno is duo of the groat nations and are making them pass, if not under Caudine Forks,
to tho fact that tho surplus of tho exports and of shipping is not so great at least under very onerous conditions after laborious negotiation. All this
as it was during tho first two years of tho war, while expenses of all kinds, exchange speculation would have been cut short if the Allies, from the start,
and especially insurance rates, increased considerably. During tho year had opened credit and debit accounts-current with each other, the balance
a number of embargoes wont into effect, which also tonded to reduce ox- to be settled at the close of hostilities, instead of trying to settle at once by
ports. Exports were still further reduced on account of the lack of tonnage gold or gold equivalents.
and Import regulations passed by other countries, so that Norway was not
“ There ought to have been an economic entente among the countries of
ablo to export as much wood and wood pulp as it could havo done. These the Entente. People begin to see it now. However, better late than
factors, with tho fact that tho price of all of tho articles that Norway has never. In France, corporate groups, economic and financial, have asked
been ablo to import has increased, havo resulted In a less favorable trade for this economic entente among the Allies, and have expressed their wish
balanco than that at the close of 1916.
to the Government. Put this alongside the notice the Government has
given of its termination or all our treaties of commerce, so as to be free In
our movements. The British Government has given like notice, on the
PAYMENT OF COUPONS OF BRITISH GOVERNMENT ground of our decision. Italy had already joined in the movement, or
rather took the lead.
SECURITIES BY N. Y. FEDERAL RESERVE BANK.
“ So unity of the financial and economic front is being accomplished. We
A n n o u n c e m e n t th a t a rra n g e m e n ts h a d b e e n m a d o w h e r e b y
begin with exchange and we go on with treaties of commerce which conc o u p o n s f r o m all B r itish G o v e r n m e n t se cu ritie s w h ic h h a v e corn commercial exchanges. We ought to keep it up by unity of financial
p re v io u s ly b e e n p a y a b lo in L o n d o n m a y h e re a fte r b e de­ measures, that is, in the way of loans— and. for a start, by realizing a great
international loan of the Allies.
p o s ite d w ith th e F e d e ra l R e se r v e B a n k o f N e w Y o r k fo r
"Oh, I know all the difficulties and objections that may be made. They
co lle c tio n w a s m a d e b y B e n ja m in S tr o n g , G o v e r n o r o f th e may be hard to solve, but there is not ono of them that may not be solved.
Tho Allies have put their military forces into a common entente— they
b a n k , o n J u ly 6 .
G o v e r n o r S tr o n g ’ s a n n o u n c e m e n t s a y s :
All coupons presented must be accompanied by a schedulo which will ought to do the same for their financial and economic forces. The credit
Include a declaration of non-enemy ownership, also in cases whore non­ of the United States, of Great Britain, of France and Italy— of all the Allies
residents of Great Britain claim exemption from tho British income tax — is aoove that of the enemy countries. It is an incomparable force that
on coupons which would otherwise bo subject to this tax, they must be ought to be utilized.
“Tnere ought to be Finance Councils, with frequent meetings, among
accompanied by a special form of income tax declaration. Tho above
forms will bo provided upon request. All coupons must also bo accompan­ the directing financiers of the Allies, just as there are meetings and con­
ferences
of the army chiefs. Such councils would be able to settle a great
ied by United States incomo tax ownership certificate form 1001 A.
Coupons may bo presented for collection any time, but not more than many questions that interest finance; for example: Loans and securities; ne­
ono month prior to their due date, and when so presented will bo paid gotiation of securities, lost, stolen, or destroyed (as in Belgium and the
at tho current rato of oxchango as soon thereafter as possiblo.
No charge French departments subjected to German invasion); commercial and indus­
trial questions; credit of Allies.
will bo made for this service.
“ I repeat, this union of the financial front is just as necessary as unity
Coupons will bo accopted only from banks; it will probably require two
weeks or moro from tho time they are presented before payment can be of the military front. One cannot exLst without the other, nor can one be
subordinated to the other. They ought to march in line and fight together,
made.
__ ______
for both are indispensable to the final victory, with its liberations and com­
pensations.”
GERMAN STOCK EXCHANGES RESUME.
It Is too soon to say how far these ideas of a great inaugurator of in­
C o n c e rn in g th o o ffo rts to forc e th o o p e n in g o f th o S to c k ternational finance like Luzzatti and of an esteemed judge of them like Al­
fred Neymarck are ready to be realized. It is safe to say that the prac­
E x c h a n g e s a t F r a n k fo r t a n d B r e m e n , A m s te r d a m c a b le s
tical consideration of them has gone much further than has yet been no­
o f J u ly 8 said:
ticed in the press.




THE CHRONICLE

1Z2

LIMITED AMOUNT OF FRENCH, RUSSIAN
UNITED STATES PAPER WHICH M A Y BE
TAKEN OUT OF FRANCE.

OR

1 ,0 0 0 fra n cs in

F ron ch ,

R u s s ia n

o r A m e r ic a n

F r e n c h M in is te r o f F in a n c e , L o u is K l o t z , o n J u ly 5 .
th a t

cover

th e

th e p r o h ib itio n w ill p r o b a b ly
c u rre n cy

ca b le s o f th e 6 th

of

o th e r

allie d

bo

paper
I t is

e x te n d e d

n a tio n s .

The

D e p a rtm e n t.

and

The

N orm an

b a n k e rs

in

D a v ie s ,

o f th e

a tte n d a n c e

in ­

clu d e d A lb o r t B r e t o n , o f th o G u a r a n ty T r u s t C o . ’ J o h n E .

m o n e y o u tsid e o f .F r a n c e is p ro v id e d in a decreo issu e d b y j th e
s ta te d

th o F e d e ra l R e s e r v o B o a r d ,
T rea su ry

A p r o h ib itio n a g a in st th e ta k in g b y a n y o n e p e rso n o f m o r e
th a n

[Vol. 107.

to

P a r is

s a id :

The reason for the decreo lies in the efforts of the enemy to acquire the use
of paper money in all the neutral States for a purpose •which, the announce­
ment of the decree says, is not yet clear but which can easily become dan­
gerous.
The decree also prohibits the exportation of Russian or Balkan industrial
stocks.
The memorandum accompanying the decree says:
“For several months, it has been confirmed, enemy agents havo been
seeking in countries bordering on the Central Empires to acquire our bank
notes to such an extent that, these notes have acquired a considerable
premium over check or telegraphic transfers and similar transactions.
The preciso object of these purchases is not clearly defined, but aside from
giving our enemies an instrument of payment which is valuable to them
and for which.they are searching and paying dearly, it is not to bo doubted
that the accumulation in their hands of any important quantity of our
bank notes could present serious dangers for our exchange.
“ Measures had already been taken to limit this traffic as far as possiblo.
The ministerial decreo just issued puts a definite end to it. It is to be noted
that the United States and Switzerland itself havo taken similar steps for
analogous reasons.”

R o v e n s k y , o f th e N a tio n a l B a n k o f C o m m o r c o - J o se p h T .
C o s b y , o f th e N a t io n a l C i t y B a n k ’ G e o r g o L . L o B la n c , o f
th e E q u ita b le T r u s t C o . ’ a n d J . A . N e jls o n , o f B r o w n B r o s .
&

Co.

At

th o p re se n t tim e th e A m e r ic a n

d is c o u n t o f a b o u t 4 0 % .

No

o ffic ia l

d o lla r is a t a

an n ouncem ent

con ­

ce rn in g th o co n fe re n ce w a s g iv o n o u t , in a c c o r d a n c e w ith
in s tru c tio n s

fr o m

th o

T ro asu ry

D o p a rtm o n t.

Tho

Now

Y o r k “ T i m e s ” o f J u ly 7 , in its referonco to th e c o n fe re n c e ,
s a id :

sp e c ia l p e rm issio n fr o m th e M in is te r o f F in a n c e .

It Is understood that ono of the suggestions advanced was that tho
Government undertake to stabilize dollar exchango along tho lines followed
by tho British Treasury in preventing sterling from going to lower levels in
this country.
Reports from Washington recently stated that Assistant Secretary Crosby
was planning to return to Europe and that ho would endeavor to do some­
thing in regard to Spanish exchango while in Madrid. It now appears
that on account of the absenco of Secretary McAdoo, Mr. Crosby expects
to remain in Washington as Acting Secretary; and that consequently ono
or moro Government officials or bankers will be sent to Spain in relation
to tho exchange question.
At various times tho suggestion of floating an Allied or American loan in
Spain has been considered, but according to statements of bankers, the
Spanish Government officials and financiers havo not welcomed the pro­
posal. A plan by which a loan would be amply secured lias been rejected
by the Spaniards, who havo stated that they would consider a loan only
on tho condition that tho same were secured by tho deposit of gold.
The American dollar is at a heavy discount in Spain, not becauso of tho
American trade balance, but becauso Spanish bankers and merchants hav­
ing business in London and Baris havo for soino time been selling sterling
and francs in this country, and consequently the United States is really
carrying the load for its allies in respect to depreciation of the dollar in
Spain.

EXTENSION OF CHARTER OF BANK OF FRANCE.

L o a n & T r u s t C o . o f C h ic a g o th a t a c o m m is s io n bo son t to

L ast w eek,

page

18,

w e referred

to

th e la w

p a sse d in

F r a n c e in A p r il fo r b id d in g a n y p e rso n le a v in g F ra n c o fr o m
ta k in g m o re th a n 8 2 0 0 in c a sh , n o te s o r secu rities w ith o u t

C o n c e rn in g a p ro p o sa l o f H . G . P . D o a n s o f tho M e r c h a n t s
A c c o r d in g to th e P a r is c a b le s o f J u ly 11 t h o jn e a s u r o p ro ­

S p a in an d

o th e r c o u n trie s

d e te r m in e

th e fe a s ib ility o f

d o lla r a b r o a d ,

to

th o “ W a l l S tr e e t

v id in g fo r th e re n ta l o f th e p riv ile g e s o f th e c h a rte r o f th e

s u p p o rtin g th o A m e r ic a n

B a n k o f F r a n c o fo r a p e rio d o f| tw e n t y -fiv e y e a r s b e g in n in g

J o u rn a l” o f J u ly 5 in a d v ic e s fr o m C h ic a g o sa id :

J a n . 1 1 9 2 1 , p a sse d th e C h a m b o r o f D e p u tie s o n t h a t d a te

Washington is considering tho sending of a representative, or perhaps
a commission, representing tho Treasury Department, to Spain, Switzer­
land and tho Scandinavian countries to see whether It is feasible to support
tho American dollar in those countries by providing Treasury funds to
take up tho slack. A suggestion to that effect was mado by II. G. P.
Deans, Vice-President of tho Merchants’ Loan & Trust Co. of Chicago,
during a session of tho Senato Banking & Currency Committco last week,
when Mr. Arnold, Vice-President of tho First National Bank of Chicago,
and Mr. Deans appeared beforo that committco as representatives of tho
Chicago Clearing IIouso.
The plan suggested by Mr. Deans is patterned after that adopted by
Great Britain, Franco and, to some extent, Italy. In this country British
exchango is held steady at a discount of about 2 K % through tho agency
of American bankers acting for tho British Treasury, who go into tho New
York exchango market and buy sterling whenovor an over-supply threatens
to put tho cable rate below 4 76 7-16, and sell when it shows any tendency
to advanco above that figure.

b y a v o to o f 3 2 5 to 1 3 7 .

A n a m e n d m e n t in tr o d u c e d b y M .

M a g n ia u d e

lim it

m a k in g

th e

fifte e n

years

w as

d e fe a te d

T h o b ill h a s b e e n b e fo re th e C h a m b o r o f D e p u tie s fo r th e
a s t th re e w e e k s.
c a b le on ' J u ly

T h e N e w Y o r k “ T i m e s ” in a c o p y r ig h t

1 1 ' fr o m

P a r is h a d th o fo llo w in g to s a y re­

g a r d in g th o r e n e w a l o f th o c h a r t e r :

The proposal for tho renewal of tho privilege granted to tho Bank of
France, to havo the sole right to issue bank notes in this country, has been
passed by the Chamber of Deputies. The Bank of Franco, like tho Bank
of England, is almost entirely independent, State-controlled, and operated,
as tho most important existing link between tho State and national finances.
Its position is such that, in the most unlikely event of tho State repudiating
its liabilities, tho security offered on notes issued by the Bank, which forms
the vast bulk of tho circulating medium of this country, would be unaf­
fected. Tho proposal to renew tho±Bank’s right to issue bank notes de­
veloped into a long pitched tattle in the Chamber between tho Collecytivists, or Socialists, on tho one hand, and the Individualists, who form at
least three-quarters of the House, on the other. The Socialists asserted
that in the best interests of France, tho Bank ought to bo nationalized on
tho ground that its profits aro excessive, and because, in their view, tho
financial credit of tho country is better assured if tho Bank is transformed
into a concern directly and completely operated by!the Government.
Tho argument of tho majority opposed to this view was that tho Bank,
being independent of political influences, constitutes tho best possiblo
repository of tho real national credit of Franco.
Discussion of tho question occupied eleven sittings of tho Chamber,
but it was not until yesterday thatjtho first real stop was taken toward tho
solution of tho problem. The debates showed that tho Bank makes a
profit of 24% on its capital of $36,400,000. This is the original capital
issued 118 years ago and never increased since. As shares in tho Bank were
issued in denomination of 1,000 francs each, say $200, and havo for a long
period been quoted around 5,000 francs, tho yield, if bought to-day, is
somewhere around 5 X % , which is not oxcessivo in view of tho fact that
tho French war loan itself pays at least as much.
Tho question decided in principle yesterday was tho period for which tho
privilege should be renewed. The bill is a Government measure, and tho
Finance Minister proposed that tho period bo. twenty-fivo years. Several
members urged that, in view of tho present economic circumstances, tho
period bo much shorter. Victor Augagneur, former Secretary of tho
Navy, moved an amendment that the whole matter_bo adjourned till the
end of tho war. Finance Minister Klotz, speaking for tho Government,
pressed that the question be settled forthwith in accordance with tho Gov­
ernment’s proposal, in order that.tho Bank might know exactly where
it stood, and be able to arrange a liquidation of its at present necessarily
artificially sustained financial position and to make from now onward ar­
rangements to supply the country with financial means for industrial developement after the war.
Bukanowsky, ono of tho Moderato members of tho Chamber, speaking
in behalf of many of his colleagues, said a substantial number of tho mem­
bers were disposed to vote a renowal of tho twenty-fivo years asked for by
tho Government if this wero couplcd'with a'proviso..that tho Bank should
in futuro sharo with tho State all profits after payment of a dividend of
24% to tho shareholders.
Augagnour’s amendment was defeated by 349 votes against 155, which
meant in effect, that tho proposal for tho renowal of tho privilege for twentyfivo years was acceptable.

M r . D o a n s said to a ro p re so n ta tiv o o f D o w , Jonos & C o . :

In stabilizing sterling oxchango tho agents of tho British Government
no doubt employ monoy received from tho British Treasury, and these
funds may be part of tho loans which wo havo been and aro making to Great
Britain from time to time. However, the fact remains that England con­
siders it good business to support tho pound, and is willing to borrow
money at interest for that purposo.
Certain interests in Washington favor tho protection of tho dollar abroad
by tho formation of a Federal foreign exchange bank by tho United States
Government, such a bank to havo a capital of from $20,000,000 to $100,­
000,000, as might be found necessary, and to establish branches or agencies
in a great many Allied and neutral centros.
Tho bankers testified before Senator Owen’s committco that while tho
plan might work out in part, they were not in favor of tho organization at
this time of another largo Government bank to meet what might bo and
probably would bo but a temporary emergency. Thoy expressed tho
opinion that such a bank might interfere with tho operation of tho Federal
Reservo system in peace times in that tho Federal Reserve banks as a
consequence would bo likely to havo their operations restricted very largely
to tho United States.
As it is now, tho Federal Reserve banks can omploy their funds abroad
when there Is a surplus of money hero, and quickly rcllovo any stringency,
should it ariso, by calling their funds homo again. In that way tho Federal
Reserve system would exert a stabilizing influence upon monoy rates in
this country, and bo enabled to loan its funds abroad, oven in a low monoy
market, at rates which would still bo remunerative to tho lenders.
The whole question is a very difficult ono, involving as it doos fine points
of diplomacy, and requiring for its success a sympathetic reception of any
proposals that wo might havo to make by tho neutral countrios to which
thoy aro addressed. Tho multiplicity of export and import regulations,
trade restrictions of overy kind and, last but not least, the difficulty of
obtaining tonnago, aro after all the chief difficulties to bo ovorcomo.
8 5 0 ,0 0 0 ,0 0 0

FRENCH INDUSTRIAL CREDIT REPAID.

T lio G u a r a n ty T r u s t C o . o f N o w Y o r k , B a n k e r s T r u s t C o .
a n d B o n b r ig h t & C o . o f th is c i t y , s y n d ic a to m a n a g e r s fo r
th e 8 5 0 ,0 0 0 ,0 0 0 F r e n c h in d u s tr ia l c r e d it a rra n g e d la t e in
1 9 1 6 , h a v o se n t n o tic e s to th o b a n k s p a r tic ip a tin g in th e
c r e d it o f re c e ip ts o f fu n d s fr o m th o F ro n c h m e r c h a n ts , fo r
w h o m the c r e d it w a s o p o n e d , fo r th o ro p a y m o n t o f a c c e p ta n c e s

CONFERENCE IN NEW YORK ON
SPANISH EXCHANGE.\ '
A

c o n fe re n ce re g a rd in g

th o

S p a n ish

ox ch a n go

in th a t a m o u n t d u o J u ly 1 6 1 9 1 8 .

T h is c r e d it w a s th o la r g ­

e s t sin g le o p e r a tio n o f its k in d o v e r u n d e r ta k e n b y A m e r ic a n
situ a tio n

ban kers.

T h o d r a fts w ero d ra w n b y m e r c h a n ts in F r a n c e

w a s h eld i n 't h i s c it y o n J u ly ,'5 !,b o tw e en lo ca l b a n k in g in ter­

o n A m e r ic a n b a n k o rs , w ero a c c o p te d a n d d is c o u n te d , a n d

e sts a n d F . I . K e n t , o f th o F o r e ig n E x c h a n g o D iv is io n o f

th o p ro ce ed s o f th o d r a fts w ero u se d to p a y fo r A m e r ic a n




July 13 1918.]

THE CHRONICLE

133

goods exported to Franco. The method adopted has proven t i o n m a y p r o p e r l y b e m a d e f o r s m a ll r u p e e b ills d r a w n f o r n o n - c o m m e r c i a 1
a very satisfactory, as well as profitable means of financing a p u r p o s e s . I f r e c o m m e n d e d b y t h e D i r e c t o r o f t h e D i v i s i o n o f F o r e i g n
E x c h a n g e , t h e B o a r d w o u l d b o w illin g t o p l a c e a l im i t o f , s a y , 1 ,0 0 0 r u p e e s
part of our export trade.
o n t h e a m o u n t t h a t c a n b e s o l d r e g a r d le s s o f t h o a b o v e r e s t r i c t io n s , b u t
Four similar credits, aggregating $60,000,000, which were o n l y i f t h o c r e d i t is u s e d f o r p u r p o s e s o t h e r t h a n c o m m e r c i a l .
arranged by Bonbright & Co. for French interests for finan­
cing tho purchaso of goods in this country for France beforo PLANS OF FEDERAL RESERVE BOARD TO ESTABLISH
America entered tho war, liavo all been paid. W hile similar
IN D E X E S OF INDUSTR IAL, BUSINESS
credit operations with any of our Allies aro not likely to be
A N D FIN AN C IA L CONDITIONS.
arranged, since our Government is so largely financing war
Tlie Federal Reserve Board in announcing that it has in
purchases in this country, tho use of acceptances in financing
contemplation plans for the extension of its statistical and
our export trado with other countries is becoming more and
reporting service with a view to establishing a series of in­
more common.
dexes of industrial, business and financial conditions, had
the following to say in the June number of its “ Bulletin:”

NEGOTIATIONS ON PROPOSED LOAN TO CHINA.

Following tho conferences on tho China loan proposal
to which wo have previously referred, a further conference
of tho bankers interested was held in this city on M onday
last July 8. Tentative plans of tho bankors, it is stated,
have already been placed beforo tho Stato Department, and
as soon as formal approval is grantod tho working out of tho
dotails will, it is said, bo undertaken. A Washington dis­
patch, dated July 8, printed in tho “ Journal of Commerce,”
said:
F o l l o w i n g a r e c e s s o f c o n f e r e n c e s b e t w e e n r e p r e s e n t a t iv e s o f t h o S t a t o
D e p a r t m e n t a n d a g r o u p o f N e w Y o r k b a n k e r s r e la t i v o t o a l o a n t o C h in a
i t b e c a m e k n o w n t o - d a y t h a t t h o G o v e r n m e n t h a s , in a g e n e r a l w a y
a p p r o v e d t h o p la n f o r s u c h a l o a n .
D e t a il s o f t h o l o a n l ia v o n o t y e t b e e n
w o r k e d o u t a n d p e n d in g t h o c o m p l e t i o n o f t h e p la n s o f f i c i a l s o f t h o S t a t o
D e p a r t m e n t d e c l in e t o d is c u s s t h o m a t t e r .
I t is k n o w n , h o w e v e r , t h a t a m e m o r a n d u m p r o p o s a l f o r t h o m a k i n g
o f s u c h a lo a n t o C h in a h a s b e e n f i l e d w i t h t h o S t a t o D e p a r t m e n t b y t h o
b a n k e r s in t e r e s t e d , a n d i t is u n d e r s t o o d t h i s m e m o r a n d u m h a s m o t w it h
th o a p p ro v a l o f th e G o v e rn m e n t.
N o fo rm a l o ffic ia l a p p r o v a l h a s y e t b e e n
g i v e n , i t w a s s a i d , b u t t h e b a n k o r s h a v o r e c e iv e d i n t im a t i o n s t h a t t h o d e ­
p a r tm e n t co n s id e rs th o s c h e m o fa v o r a b ly .
I t c a n b o s a i d t h a t t h o a m o u n t t o b o l o a n e d t o C h in a is n o t $ 5 0 ,0 0 0 0 0 0
a s h a s b e e n r e p o r t e d , b u t c o m p l c t o s ile n c o is m a i n t a in e d a s t o t h o a c t u a l
s u m in c o n t e m p l a t i o n .
N o i n t im a t i o n w a s f o r t h c o m i n g a s t o t h o p r o b a b l y
d a te o f a fo rm a l a n n o u n c e m e n t o f th o g r a n t o f c r e d it .

On July 9 tho “Journal of Commerce” also said:
T h e u n d e r s t a n d in g in W a l l S t r e e t is t h a t G r e a t B r i t a i n a n d F r a n c o w ill
n o t p a r t i c i p a t e t o a n y g r e a t e x t e n t f in a n c ia l l y a t t h o p r e s e n t t im e , a l t h o u g h
e a c h w ill b o a p a r t y t o t h o a g r e e m e n t , a n d f o r t h o t im e b e in g t h o U n it e d
S t a t e s a n d J a p a n w ill a s s u m e t h e ir p o r t i o n o f t h o fin a n c ia l o b l ig a t io n
B o t h G r o a t B r it a in a n d F r a n c o w ill b o r e c o g n i z e d a s p a r t i c i p a t i n g in t h o
a r r a n g e m e n t t o t h e e x t e n t o f o n e - q u a r t e r e a c h w it h t h o U n it e d S t a t e s
and Japan.
I t w o u l d b o i m p o s s i b l e f o r t h o s e t w o E u r o p e a n c o u n t r ie s
h o w e v e r , t o a d v a n c o f u n d s a t t h is t im e , p a r t i c u la r l y , a s b o t h a r o h e a v y
b o r r o w e r s f r o m t h o U n it e d S t a t e s .

ARRANGEMENTS FOR PASSING ON TRANSACTIONS
.
I N I T A L I A N LIRE.
In making known an arrangement between tho Treasury
Department and tho Italian Government whereby certain
transactions in Italian lire must bo approved through the
representative of tho Italian Institute, tho Federal Reserve
Board in its July “ Bulletin” says:
T h o T r e a s u r y D e p a r t m e n t lia s m a d o a n a r r a n g e m e n t w it h t h e I t a li a n
G o v e r n m e n t u n d e r w h ic h c e r t a in t r a n s a c t io n s in lir o m u s t b o a p p r o v e d
b y t h o N e w Y o r k r e p r e s e n t a t iv e o f t h o I t a li a n I n s t i t u t o a n d t h o D i v i s i o n
o f F o re ig n E x ch a n g o o f th e F e d e ra l R e s e r v e B o a r d .
A s a b e g in n in g , s u ch
t r a n s a c t io n s a r o o n l y t o a f f e c t b ills o f e x c h a n g o i n v o l v i n g i m p o r t s a n d
e x p o r t s b e t w e e n t h e U n it e d S t a t e s a n d I t a l y .
T h e s e r e p r e s e n t f u n d s w h ic h
A m e r i c a n b a n k e r s m a y w is h t o d i s p o s o o f t o t h o I n s t it u t o .
E x ch a n go
t r a n s a c t io n s w it h t h e I n s t it u t o f o r t h o t im o b e i n g a r o t o b o h a n d le d t h r o u g h
t h o r e g u la r b a n k in g c h a n n e ls .
F o r t h e p r e s o n t n o f u r t h e r r e s t r i c t io n s h a v o
b e e n p l a c e d u p o n t r a d i n g in lir o , a n d d e a le r s m a y b u y a n d s e ll a s in t h e
p a s t , e x c e p t t h a t c a b l o t r a n s f e r s c a n n o t b o s o l d u n d e r t h o r a t o e s t a b lis h e d
b y t h o D i v i s i o n o f F o r e i g n E x c h a n g o f r o m t im e t o t im o .
T h e F e d e ra l
R e s e r v o B o a r d , o f c o u r s o , d o c s n o t g u a r a n t e o a c o n t i n u a n c e o f t h e I t a li a n
I n s t i t u t o in t h e m a r k e t f o r t h o p u r c h a s o o f lir o , n o r d o e s i t g u a r a n t e e a n y
t r a n s a c t io n s w h ic h A m e r i c a n d e a le r s m a y u n d e r t a k e u n d e r t h o n o w a r r a n g e ­
m en t.
I t s f u n c t io n s in a s s is t in g in t h is m a t t e r a r o s i m p l y a d v i s o r y .

RESERVE BOARD'S AN N O U N CE M EN T CONCERNIN(
ARRANGEMENTS FOR H ANDLING RUPEE
EXCHAN GE.
Tho Governor of tho Federal Reserve Board has tak<
occasion in a letter addressed to tho various Federal Reservi
banks to explain tho arrangement for tho handling of rupe<
exchango. The letter published in tho July number of tin
“ Federal Reservo Bulletin” says:
I a m in fo r m e d t h a t t h o a r r a n g e m e n t m a d e b e t w e e n t h o S e c r e t a r y o f tin
T r e a s u r y a n d t h o B r i t is h G o v e r n m e n t in r e la t i o n t o t h o s a le o f s i lv e r u n d e
t h o P i t t m a n A c t c o n t a i n s a p r o v i s io n w li e r o b y t h o G o v e r n m e n t o f G r e a
B r i t a i n u n d e r t a k e s t o a r r a n g e f o r t h o o p e n i n g o f r u p c o c r e d it s in N o w Y o r l
a t t h e r a t e — w it h r e s p e c t t o t e le g r a p h i c t r a n s fe r s — o f 3 5 . 7 3 c o n t s o f U n it e c
S ta tes m o n e y fo r ea ch r u p co .
I t is d e e m e d i m p o r t a n t t h a t t h o p r i c e o
r u p c o c r e d it s in N o w Y o r k s h o u l d b o o n t h o e x a c t m a t h e m a t ic a l e q u iv a le n i
o f t h e L o n d o n p r i c e , in o r d e r t h a t t h o A m e r i c a n m e r c h a n t s m a y b o h
e x a c t l y t h o s a m e p o s i t io n a s L o n d o n m e r c h a n t s , w i t h r e s p e c t t o r u n e ,
exch an go.
I n v i e w o f t h o a r r a n g e m e n t m a d o b y t h e T r e a s u r y , t h o B o a r d w ill Iim li
t h o s a lo o f t e le g r a p h ic r u p e e t r a n s fe r s , r e g a r d le s s o f t h o o r ig in o f t h o cr e d ii
w h ic h it is d r a w n a g a in s t , t o (a ) I m p o r t s r e a s o n a b l y r e q u i r e d f o r c i v i l oi
m il i t a r y p u r p o s e s o f i m p o r t a n c e in c o n n e c t i o n w i t h t h o p r o s e c u t i o n o f tin
w a r , a n d (6 ) t o a p r i c e n o t e x c e e d i n g 3 5 . 7 3 c e n t s .
T h e r e w ill b o , o f c o u r s o , n o o b j e c t i o n t o b a n k s p u r c h a s i n g c o m m e r c i a
b ills o n I n d i a a t s u c h p r i c e b e l o w 3 5 . 7 3 c e n t s a s w ill y i o ld t h e m a fa i
e m u n e r a t i o n f o r t h o l a b o r a n d r is k i n v o l v e d in t h o b u s in e s s .
A n oxcop




R a p i d c h a n g e s a r e n o w g o i n g o n in e v e r y d e p a r t m e n t o f i n d u s t r y in c o n ­
s e q u e n c e o f t h o r e o r g a n i z a t io n n e c e s s a r y f o r w a r a n d in p r e p a r a t i o n f o r
fu tu re d e v e lo p m e n t o f tr a d o .
M a n y o f th e s e b id fa ir t o c o n t in u e a fte r
t h e c lo s e o f t h e w a r it s e l f .
T h e r e is t h u s a n i n c r e a s in g n e e d f o r t h e d e ­
v e l o p m e n t o f s o m e m e t h o d o f m e a s u r in g i n a n a u t h o r i t a t i v e w a y c h a n g e s
in b u s in e s s c o n d i t i o n s , m o v e m e n t s o f p r i c e s , a n d o t h e r a l t e r a t i o n s in t h e
c o m m e r c i a l o u t l o o k o c c u r r i n g f r o m t i m e t o t im e , e s p e c i a ll y i n t h e i r r e la ­
t io n t o b a n k in g a n d c r e d i t .
T h o F e d e ra l R e s e r v e B o a r d , t h e r e fo r e , h a s in
c o n t e m p la t i o n p la n s f o r t h o e x t e n s i o n o f its s t a t is t i c a l a n d r e p o r t in g s e r ­
v i c e , w it h a v i e w o f e s t a b l is h i n g a s e r ie s o f i n d e x e s o f i n d u s t r ia l, b u s in e s s
a n d fin a n c ia l c o n d i t i o n s .
I t is d e s ir e d t h a t t h e s e i n d e x e s b e a s n e a r l y
s c ie n tific a n d a u t h o r it a t iv e a s t h e y c a n b e m a d e .
T h p B o a r d w ill e n ­
d e a v o r t o e x p a n d a n d c o - o r d i n a t e t h o s t a t is t i c a l s e r v ic e o f t h e s e v e r a l F e d ­
e r a l R e s e r v e b a n k s in a c c o r d a n c e w it h a g e n e r a l p l a n o n s o m e c o m m o n
b a s is d e s ig n e d t o a d a p t i t s e l f t o t h o s p o c i a l c o n d i t i o n s o b t a i n i n g i n e a c h
o f th o se v e ra l d is tric ts .
T h i s g e n e r a l s t a t is t i c a l o r r e p o r t in g s e r v ic e w ill
b o u n d e r t h o d i r e c t i o n o f t h o B o a r d in o r d e r t h a t u n i f o r m i t y a n d h a r m o n y
o f r e s u lts m a y b e o b t a i n e d .
F u r t h o r d e t a i ls o f t h o p l a n w ill b o a n n o u n c e d
at
an
e a rly
d a te.

CHANGES I N STAFF OF FEDERAL RESERVE B AN K
OF N E W YORK.
The Federal Reserve B ank of N e w Y o rk has announced
the following changes in its staff, effective as of July 1:
L . F . S a ile r , f o r m e r l y D e p u t y G o v e r n o r a n d C a s h ie r , h a s d r o p p e d t h e
t it l e o f C a s h ie r .
L . I I . H e n d r ic k s , f o r m e r l y A s s i s t a n t C a s h ie r , h a s b e e n a p p o i n t e d C a s h ie r .
E . R . K e n z e l, f o r m e r l y A s s i s t a n t C a s h ie r , h a s b e e n a p p o i n t e d M a n a g e r
o f In v e stm e n ts.
L e s lie R . R o u n d s , f o r m e r l y
p o i n t e d A s s i s t a n t C a s h ie r .
I. V .
C a s h ie r .

W a ters,

fo rm e r ly

A c tin g

A s s is ta n t

C h ie f C le r k ,

has

C a s h ie r ,

been

has

a p p o in t e d

been

ap­

A s s is ta n t

J o h n E . R a a s c h h a s b e e n a p p o i n t e d A s s i s t a n t C a s h ie r .

DIVIDEN D

DECLARATION BY FEDERAL RESERVE
B A N K OF CHICAGO.

A dividend at the rate of 6 % per annum for the six months
from Jan. 1 to June 30 1918 was declared by the Federal
Reserve B ank'of Chicago on June 28. The net profits of the
bank from Jan. 1 to June 22 are reported as 2,086,536,
while the amount which the dividend will absorb is an­
nounced as $293,443.

CONCLUSIONS OF ADVISORY COUNCIL OF FEDERAL
RESERVE BOARD ON B AN KIN G PROPOSALS.
Dotails concerning the deliberations of the Advisory
Council of the Federal Reserve Board at its quarterly meeting
in M a y were given in the June number of the Federal
Reserve “ Bulletin,” from which wo take the following:
O n M a y 2 0 -2 1 o c c u r r e d t h e r e g u l a r q u a r t e r l y m e e t in g o f t h o F e d e r a l
A d v i s o r y C o u n c i l , a ll m e m b e r s b e i n g p r e s e n t w i t h t h e e x c e p t i o n o f M r .
N o n v o o d , t h e r e p r e s e n t a t iv e o f t h o F i f t h D i s t r i c t .
T w o j o i n t s e s s io n s
w e r e h e ld w i t h t h o F e d e r a l R e s e r v e B o a r d a n d m u c h a t t e n t io n w a s g i v e n
t o a d i s c u s s io n o f t h o q u e s t i o n o f t h o r e s t r i c t io n o f t h o le ss e s s e n t ia l c r e d it s
a n d t h o p r o b l e m o f r e d i s c o u n t r a t e s , a s w e ll a s o f g e n e r a l b o r r o w i n g a n d
fin a n c ia l c o n d i t i o n s in t h e s e v e r a l d i s t r i c t s .
T h o F e d e ra l A d v is o r y C o u n c il
a ls o h e ld a j o i n t s e s s io n w it h t h e d i r e c t o r s o f t h e n o w W a r F i n a n c e C o r p o r ­
a tio n .
T h e r e w a s a g r e e m e n t t h r o u g h o u t t h e s e s e s s io n s t h a t , w h il e a
c o n d i t i o n o f g e n e r a l a c t i v i t y a n d f u ll e m p l o y m e n t e x is t e d t h r o u g h o u t t h o
c o u n t r y , i t w o u l d b e n e c e s s a r y t o p r e s s t h e c a m p a i g n f o r r e s t r i c t io n o f
c r e d it a n d f o r i n d i v id u a l s a v i n g t o t h o u t m o s t .
T h e b a n k in g s i t u a t io n w a s
p r o n o u n c e d e n t i r e l y s o u n d , d u o l a r g e ly t o t h o h e a r t y r e s p o n s e , o n t h o p a r t
o f th o p u b lic , t o th e d e m a n d s fo r g e n e ra l a b s o r p tio n o f L ib e r t y L o a n o b li­
g a t i o n s b y p r i v a t e p u r c h a s e r s w i t h a s l it t l o a i d f r o m t h o b a n k s a s p r a c t i ­
c a b le .
A n e s p e c i a ll y in t e r e s t in g f e a t u r e o f t h e d is c u s s io n w a s t h e r e v i e w
o f le g is la t io n o n b a n k in g n o w p e n d in g in b o t h H o u s e s o f C o n g r e s s .
Tho
C o u n c il e x p r e s s e d t h o o p i n i o n t h a t t h e r e w a s n o o c c a s i o n f o r t h o a d o p t i o n
o f t h e p r o p o s e d m e a s u r e r e la t i n g t o t h e g u a r a n t y o f b a n k d e p o s i t s .
The
B o a r d a d h e re s t o t h e v ie w e x p re s s e d b y it in t h e p a s t th a t n e e d e d r e lie f
a g a in s t t h e h a r d s h i p s , w h ic h d e p o s i t o r s o f f a il e d b a n k s n o w s u f f e r , w o u l d
b o a d e q u a t e l y p r o v i d e d i f a f u n d w e r e e s t a b lis h e d t o s e c u r e t h o p r o m p t a n d
e f f e c t i v e l iq u id a t i o n o f t h o s o u n d a s s e t s o f f a il e d b a n k s .
S u ch a fu n d w o u ld
e n a b le t h o d e p o s i t o r s o f f a il e d b a n k s t o r e c e iv e w i t h o u t d e l a y a c a s h d i s ­
t r ib u t i o n f o r a s u b s t a n t ia l p r o p o r t i o n o f t h e i r c la im s , p e n d in g f in a l l iq u i ­
d a tio n .

W ith regard to the matters relating to existing financial
and banldng conditions taken up at the meeting and formerly
reported on to tho Board, it is announced that tho topics
discussed and the conclusions arrived at were as follows:
Topic No. 1 .— C u r t a i l m e n t o f u n n e c e s s a r y c r e d it s .
R e c o m m e n d a t i o n : T h e F e d e r a l A d v i s o r y C o u n c il c o n c u r s in t h e p r i n c ip l e
l a id d o w n a n d t h e r e c o m m e n d a t io n s m a d o b y t h e F e d e r a l R e s e r v e B o a r d
in r e g a r d t o t h e c o n s e r v a t io n o f c r e d it s , a n d w o u r g e u p o n t h o b a n k e r s o f
t h o c o u n t r y t h e g r e a t i m p o r t a n c e o f t h e i r h e a r t y c o - o p e r a t i o n in t h e a d o p t i o n
o f t h o p o l i c y a s o u t l in e d b y t h o F e d e r a l R e s e r v e B o a r d in it s A p r i l " B u l l e ­
t in .”

m

THE CHRONICLE

Topic No. 2 . — T h o p r o p e r m e a n s o f e x t e n d i n g b a n k in g o p e r a t i o n s in
f o r e i g n c o u n t r ie s .
T h is s h o u l d i n v o l v e a d is c u s s io n o f f o r e i g n b r a n c h e s o f
n a t i o n a l b a n k s h a v i n g a m il l io n d o l la r s o r m o r e o f c a p i t a l a n d s u r p lu s , a n d
b a n k s o r g a n i z e d t o d o a f o r e i g n b a n k in g b u s in e s s i n w h ic h n a t i o n a l b a n k s
a ro s t o c k h o ld e r s t o a n a m o u n t n o t e x c e e d in g 1 0 % o f th e ir c a p ita l a n d
s u r p lu s .
R e c o m m e n d a t i o n s : T h e C o u n c i l b o l io v e s t h a t m e m b e r b a n k s a n d b a n k s
a u t h o r i z e d t o d o a f o r e i g n b u s in e s s in w h ic h m e m b e r b a n k s a r o s t o c k ­
h o l d e r s s h o u l d b o e n c o u r a g e d t o t a k e c a r e o f t h o f o r e i g n b u s in e s s o f t h o
c o u n t r y d u r i n g t h o c o n t in u a n c e o f t h o w a r .
T h o C o u n c i l r e a f fi r m s i t s s t a t o m o n t m a d e o n F e b . 1 9 1 9 1 7 , a s f o ll o w s :
“ T h o C o u n c i l r e c o m m e n d s t h a t t h o f o r e i g n b u s in e s s o f t h o F e d e r a l I t e s e r v o
b a n k s s h o u ld fo r th o p re s e n t b o c o n d u c t e d th r o u g h c o r r e s p o n d e n ts , a n d
t h a t n e i t h e r a g e n c ie s n o r b r a n c h e s s h o u l d b o e s t a b l is h e d i n f o r e i g n c o u n ­
t r ie s b y a n y F e d e r a l R e s e r v e b a n k u n t i l w o r l d c o n d i t i o n s a r o m o r o s e t t le d
a n d u n t i l t h o e f f i c i e n c y o f t h o s e r v ic e r e n d e r e d b y c o r r e s p o n d e n t s b o
th o r o u g h ly t e s t e d ."
Topic No. 3 .— F o r e i g n a g e n c ie s o f F e d e r a l R e s e r v e b a n k s a n d t h e p r o ­
p o s i t i o n t o e s t a b lis h a G o v e r n m e n t f o r e i g n e x c h a n g e b a n k .
O n t h is s u b ­
j e c t a n in t e r e s t i n g r e p o r t h a s b e e n s u b m i t t e d b y a c o m m i t t e e o f t h o C h a m b e r
o f C o m m e r c e o f t h e U n it e d S t a t e s , o f w h ic h I p r e s u m o y o u h a v e a c o p y .
R e c o m m e n d a t i o n : T h o C o u n c il is o f t h o o p i n i o n t h a t it w o u l d b o u n w is e
u n d e r p r e s o n t c o n d i t i o n s t o e s t a b lis h a G o v e r n m e n t f o r e i g n e x c h a n g e b a n k
o r fo r th o F e d e ra l R e s e r v e H o a rd t o u n d e rta k e t o re g u la te fo re ig n e x c h a n g e
o p e r a t i o n s f u r t h e r t h a n i t is n o w d o i n g in c o n n e c t i o n w i t h t h o T r e a s u r y
D e p a rtm e n t.
W e u n a n im o u s l y i n d o r s e t h o r e c o m m e n d a t io n s o f t h o
F e d e ra l R e s o r v o B o a r d t h a t F e d e ra l ch a rte rs b e g r a n te d t o b a n k s w h ic h
a r o n o w e n g a g e d in f o r e i g n b a n k in g b u s in e s s , t h o s t o c k o f w h ic h is o w n e d

[Vol. 107.

m a n , P r e s i d e n t o f t h o H u d s o n C o m p a n ie s , a n d H a r r y B . F o n d a , w h o
rep re se n ts M u t u a l L ife in te re sts.
O n T u e s d a y la s t t h o C u s t o d ia n a d d e d t o t h o d i r e c t o r a t e S t e r 'i n g W .
C h il d s , W i ll ia m A . E n g lis h o f t h e E m p i r e T r u s t C o . , I I . C . H a w k , P r e s i­
d e n t A l f r e d E . S m it h o f t h o B o a r d o f A l d e r m e n , Z . S . F r e e m a n a n d m y s e l f .
I w ill a ls o s t a t e t h a t in o r d e r t o f a c il i t a t e t h o w o r k o f t h o C u s t o d ia n a ll
t h o m e m b e r s o f t h e o l d b o a r d o f d i r e c t o r s t e n d e r e d t n e ir r e s ig n a t io n s t o
M r . P a lm e r , a n d a t a m e e t in g o f t h e b o a r d i t w a s s u g g e s t e d b y t h o r e t ir in g
m e m b e r s t h a t t h o s e w h o h e ld m e r e ly q u a li f y in g s h a r e s s h o u l d b o l e f t o f f
t h o n o w b o a r d , a n d a s a r e s u lt o f t h is s u g g e s t i o n A r p a d G c r s t n c r , A u g u s t
L e n n s n e r , G u s t a v L e v e , M o r r i s C u k o r a n d J u liu s P ir n it z e r a r e n o lo n g e r
d ir e cto r s o f th e T r a n s a tla n tic T r u s t C o .
M r . F r e e m a n is n o w t h o P r e s id e n t o f t h o c o m p a n y .
M r . D u v a l has b e e n
r e t a in e d a s C h a ir m a n o f t h o b o a r d .
T h e b u s in e s s o f t h e t r u s t c o m p a n y
h a s b e e n a n d w ill c o n t in u e t o b e c a r r ie d o n w it h o u t i n t e r r u p t i o n .
Tho
b a n k is in e x c e l le n t c o n d i t i o n , a n d i t is t h e p u r p o s e o f t h o n o w o f f i c e r s t o
a d m i n i s t e r it s a f fa ir s a s a f ir s t -c l a s s b a n k o f s t a n d i n g s h o u l d b o a d m i n i s ­
t e r e d . T h o c a p i t a l o f t h o i n s t it u t i o n is $ 7 0 0 ,0 0 0 ; it s s u r p lu s a m o u n t s t o
a b o u t $ 6 0 0 ,0 0 0 a n d t h o d e p o s i t s a g g r e g a t e a b o u t $ 7 , 0 0 0 , 0 0 0 .
T h e r e is n o t h i n g in t h is a c t i o n o f t h e A l i e n P r o p e r t y C u s t o d i a n w h ic h
d i ff e r s f r o m s im ila r a c t i o n t a k o n in o t h e r c a s e s o f t h o s a m e k i n d .
M r . P a l­
m e r h a s s i m p ly t a k e n a d v a n t a g e o f t h o c o n t r o l w h ic h h is p o s s e s s io n o f
7 3 % o f t h o s t o c k e n t it le s h im t o , a n d t h o i n t e r e s t s o f t h o d e p o s i t o r s w ill
b e c a r e fu ll y c o n s e r v e d .
T h e a c t i o n h a s n o c o n n e c t i o n w it h a n y a r r e s t s
a n d t h o C u s t o d ia n k n o w s o f n o n e .

b y m em ber ban ks.
Topic No. 4 . — S e n a t e B i l l N o . 4 4 2 6 w h ic h t h o B o a r d u n d e r s t a n d s h a s
b e o n f a v o r a b ly r e p o r te d b y th o S e n a to C o m in itte o o n B a n k in g a n d C u r ­
ren cy.
R e c o m m e n d a t i o n : W o a r o o p p o s e d t o t h o g u a r a n t y o f b a n k d e p o s i t s in
a n y f o r m , b e l ie v in g i t t o b o w r o n g in p r i n c ip l e .
I n a s m u c h as th o o ffic ia l
r e p o r t o f t h o C o m p t r o l l e r o f t h o C u r r e n c y s h o w s t h o lo s s t o d e p o s i t o r s in
f a il e d n a t i o n a l b a n k s t o b o le ss t h a n t h r e e o n e - t h o u s a n d t h s o f 1 % d u r in g
t h o la s t t h r e e y e a r s a n d w it h t ii o G o v e r n m e n t o f f e r i n g t h o h ig h e s t p o s s i b le
s e c u r i t y t o i n d u c e t h o u s e o f h o a r d e d f u n d s t h o n e c e s s it y o f s u c h l e g is la t io n
is n o t a p p a r e n t .
T h o C o u n c i l r e a f fi r m s its d e c l a r a t io n o f A p r i l 1 8 , w h ic h
s a i d : “ A p la n m ig h t , h o w e v e r , b o d o v i s e d b y t h o F e d e r a l R e s e r v o B o a r d
w h i c h w o u l d p r o v i d o f o r p r o m p t r e li e f t o b o g i v e n d e p o s i t o r s o f f a il e d
m o m b e r b a n k s ."
( P a s s e d w it h o n o d i s s e n t in g v o t e . )
Topic No. 5 . — B a n k e r s ’ a c c e p t a n c e s .
>
R e c o m m e n d a t i o n : T h i s C o u n c il is o f o p i n i o n t h a t t h o u s o o f b a n k e r s
a c c e p t a n c e s s h o u l d b e e n c o u r a g e d a m i d e v e l o p e d a s i t w ill b o o f g r o a t
s e r v ic o t o t h o c o u n t r y in m e e t in g it s n e c e s s a r y fin a n c ia l r e q u i r e m e n t s ,
p a r t i c u la r l y d u r in g t h o p e r i o d o f t h e w a r .
I n o r d o r t o a c c o m p l i s h t h is
le g is l a t i o n m a y b o n e c e s s a r y g r a n t i n g t h o b a n k s g r e a t e r a c c e p t i n g p o w e r .
E v e r y e f f o r t s h o u l d b o m a d e t o o n c o u r a g o a n d d e v e l o p a b r o a d o p e n d is ­
c o u n t m a rk e t fo r th ese a cce p ta n ce s.
Topic No. 6 . — D is c o u n t r a t e s .
R e c o m m e n d a t i o n : I t is t h e o p i n i o n o f t h e C o u n c i l t h a t in v i e w o f t h e
la r g o p a y m e n t s f o r t a x e s a n d G o v e r n m e n t b o n d s w h ic h w ill b o m a d e
s h o r t l y i t is u n d e s ir a b le a t t ills t i m e t o c h a n g e t h o d i s c o u n t r a t e s a t t h o
F ed era l R e se rv e b a n k s.

FEDERAL RESERVE B A N K OF BOSTON ACQUIRES
PROPERTY FOR PERMANEN T HOME.

FARM LOAN BONDS OF FIRST JOINT STOCK LAND
BAN K OF CHICAGO SOLD.
King, Hoagland & Co. of Chicago havo purchased $2,­
000,000 5 % Federal Farm Loan bonds, issued by the First
Joint Stock Land Bank of Chicago under tho supervision of
tho Foderal Farm Loan Board. These bonds are instru­
mentalities' of tho Unitod States Government, and as such
aro exempt from Foderal, State, municipal and local tax­
ation in the same measure as tho 3J^% Liborty bonds.
It is
said that the bonds just purchased will bo offorod for salo
within a short time to yiold about 4 % % , and are secured
by oither Government bonds, or first mortgages on farm
lands in the corn bolt of tho States of Illinois and Iowa.
The First Joint Stock Land Bank of Chicago was organ­
ized in July 1917. It is capitalized at $250,000 and is
empowered to issue bonds to the amount of $3,750,000.
Of this amount $750,000 was disposed of early in tho yoar,
reference to which was made at length in theso columns on
Fob. 16, to a syndicate of Chicago bankers.

SENATE PASSES BILL A M E N D IN G FEDERAL
SERVE ACT— HOUSE PROVISIONS AS TO
RESERVE REQUIREMENTS, FIDUCI­
ARY POWERS, &C., DROPPED.

RE­

After having been materially changed b y tho Senate
Committee on Banking and Currency, tho bill amending the
Federal Reserve Act which had passed the Houso in April,
was passed by the Senato on July 2 without a roll-call and
with practically no debate. The changes mado by the
Senate Committee and approved by tho Senate consisted in
the striking out of the major part of tho Houso bill, loaving
only three provisions; one of those retained amonds para­
TR ANSATLANTIC TRUST CO. TA K E N OVER BY graph 9 of Section 16 of the Federal Resorvo A ct so as to
ALIEN PROPERTY CUSTODIAN.
provide for the issuance of Federal Reserve notes in de~
The taking over by the Alien Property Custodian, A . nominations of $500, $1,000, $5,000 and $10,000; undor tho
Mitchell Palmer, of tho Transatlantic Trust C o ., of this present law $100 is the largest Federal Reservo note which
city, became known on Thursday of this week, when four may be issued. Tho other provisions carried in tho bill as it
of its officials were taken into custody under a Presidential passed the Senate extend penal provisions for einbezzloment
warrant, pending an investigation by the Department of and other offenses against banks to officers, directors,
Justice. Those dotained aro:
agents or employees of Federal Reserve banks. Am ong the
G u i d o v o n S t e e r , s a id t o h a v e b e e n a f o r m e r M i n i s t e r in t h o C a b in e t
provisions which were embodied in tho bill as passed by the
o f t h e la te E m p e r o r F ra n z J o s e f.
House April 24 and dropped b y tho Senato is ono which
J u liu s I ’ i r n it z e r , u n t i l r e c e n t l y P r e s i d e n t o f t h o c o m p a n y .
A n d r e w G o m a r y , p r iv a t o s e c r e ta r y t o P r e s id e n t P ir n itz c r .
would have extended to national banks fiduciary powers
D r . I s k lo ro S z e k e ly , u n til r e c e n t ly P u b lic it y M a n a g e r o f th o c o m p a n y .
exercised by State banks. Tho Senate has likowiso elimin­
In announcing the arrest of tho foregoing, Rufus W . ated the provision amending the reserve requirements in tho
Sprague, Chief of the Enemy Alien Bureau, said:
case of banks of outlying districts of Reserve or Central
S in c e th e b e g in n in g o f th o E u ro p e a n w a r th o D e p a r t m e n t o f J u s t ic e h as
Reservo cities, and the provision giving tho Federal Reserve
h a d u n d e r i n v e s t ig a t i o n c e r t a in p e r s o n s w h o h a v o b o o n c o n n e c t e d w it h
Board discretion in the grouping of membor banks in each
t h e T r a n sa tla n tic T r u s t C o .
A s a r e s u l t o f t h o s e i n v e s t ig a t i o n s a n d a s a
m a t t e r e n t i r e l y a p a r t o f t h o a c t i o n t a k e n b y t h o A l i o n P r o p e r t y C u s t o d ia n
district for the selection of Class A and B directors of Reserve
i n ta k in g ch a r g e o f th e b a n k , w o h a v e d o ta in e d u n d e r P re s id e n tia l w a r ra n t,
banks, intended to insure representation to both largo and
a n d a r e n o w h o l d i n g p e n d in g f u r t h e r i n v e s t i g a t i o n , M e s s r s . P i r n i t z o r , v o n
small
member banks; still another provision in the Houso
S t e e r , G o m a r y a n d S z e k e ly .
A n announcement concerning the taking over of the insti­ bill which is not incorporated in the Senato bill amended
tution by tho Alion Property Custodian was made as follows Section 22 of the Federal Reservo Act and was designed to
on tho 11th inst. by James A . Delohanty, representing clarify the language which stipulates that no officer, director
employee or attorney of any member bank shall bo a bene­
M r . Palmer:
ficiary or receive directly or indirectly any fee, commission,
F o r s o m e t im e t h o A l i e n P r o p e r t y C u s t o d ia n h a s b o o n in p o s s e s s io n o f
7 3 % o f th o s t o c k o f th o T r a n s a tla n tic T r u s t C o .
T h i s s t o c k is o w n e d b y
gift or other consideration for or in connection with any
t h r e e la r g o b a n k s in B u d a p e s t , t h e r e m a in in g 2 7 % o f t h o s t o c k b e i n g o w n e d
transaction or business of a bank. The bill as passed by the
b y p u r e l y A m e r i c a n i n t e r e s t s c o n c e r n in g w h o s o A m e r i c a n i s m t h e r e is n o t
House was given in our issue of M a y 4. Below wo givo tho
t h e s lig h t e s t q u e s t i o n .
S e v e r a l w e e k s a g o t h o C u s t o d ia n n a m e d f i v e d i r e c t o r s t o r e p r e s e n t h im
bill as passed by tho Senate on Juy 2:

Tlio Federal Resorvo Bank of Boston has recently pur­
chased tho M utual Life Insurance Company building at
the cornor of M ilk and Pearl streets, that city, for a sum
said to bo in tho neighborhood of $1,150,000. It is the in­
tention of the bank at tho close of tho war to either remodel
the building for a permanent homo or to rebuild on the site.

o n t h o d i r e c t o r a t e o f t h o b a n k , a m o n g c h e m J a m e s A . B o w e r , V i c e - P r e s id e n t
o f t h o L i b e r t y N a t io n a l B a n k ; F r a n k S . H a s t in g s , t h e b a n k e r , w h o is G r o v e r
C l e v e l a n d ’s e x e c u t o r ; W i ll ia m I t . B a r b o u r , J o h n F . C a lh o u n a n d E r n e s t
S t a u f f e n , t h e la s t n a m e d a ls o o f t h o L i b e r t y N a t i o n a l B a n k .
M r . P a lm e r
r e t a in e d o n t h e n e w d i r e c t o r a t e I I . R e i m a n D u v a l , h e a d o f t h o A m e r i c a n
B e e t S u g a r C o .; W a lth e r L u ttg e n o f A u g u s t B e lm o n t & C o . , W . G . O a k -




A b ill t o a m e n d t h o n i n t h p a r a g r a p h o f S e c t i o n 16 o f t h o F e d o r a l R e s o r v o
A c t a s a m e n d e d b y t h o A c t s a p p r o v e d S o p t . 7 191(5 a n d J u n o 21 1 9 1 7 ,
a n d t o a m e n d S e c t i o n s 5 2 0 8 a n d 5 2 0 9 , R e v is e d S t a t u t o s .

Be it enacted by the Senate and House of Representatives of the United Slates
of America in Congress assembled, T h a t t h o n i n t h p a r a g r a p h o f S e c t i o n 16

July 13 1918.]

THE CHRONICLE

o f t h e F e d e ra l R e s e r v e A c t , as a m e n d e d b y th e A c t s a p p r o v e d S e p t. 7 1910
a n d J u n e 2 1 1 9 1 7 , b o f u r t h e r a m e n d e d s o a s t o r e a d a s f o ll o w s :
“ I n o r d e r t o f u r n is h s u i t a b l e n o t e s f o r c ir c u l a t i o n a s F e d e r a l R e s e r v e
n o t e s , t h o C o m p t r o l l e r o f t h o C u r r e n c y s h a ll, u n d e r t h o d i r e c t i o n - o f t h o
S e c r e t a r y o f t h o T r e a s u r y , c a u s e p l a t e s a n d d i e s t o b o e n g r a v e d in t h o
b e s t m a n n o r t o g u a r d a g a i n s t c o u n t e r fe i t s a n d f r a u d u l e n t a l t e r a t i o n s , a n d
s h a ll h a v o p r i n t e d t h e r e f r o m a n d n u m b e r s u c h q u a n t it i e s o f s u c h n o t e s o f
t h o d e n o m i n a t i o n s o f * 6 , $ 1 0 , $ 2 0 , $ 5 0 , $ 1 0 0 , $ 5 0 0 , $ 1 , 0 0 0 , $ 5 , 0 0 0 , $ 1 0 ,0 0 0
a s m a y b o re q u ire d t o s u p p ly th o F e d e ra l R e s e r v e b a n k s .
S u c h n o t e s s h a ll
b o in f o r m a n d t e n o r a s d i r e c t e d b y t h o S e c r e t a r y o f t h o T r e a s u r y u n d e r
t h o p r o v i s i o n s o f t h is A c t a n d s h a ll b e a r t h o d i s t i n c t i v e n u m b e r s o f t h o
s e v e r a l F e d e r a l R e s c r v o b a n k s t h r o u g h w h ic h t h e y a r o I s s u e d .”
S e c. 2 . T h a t S e c tio n 5 2 0 8 o f th e R e v is e d S ta tu te s a s a m e n d e d b y th o
A c t o f J u l y 12 1 8 8 2 , a n d S e c t i o n 5 2 0 9 o f t h o R e v i s e d S t a t u t e s a s a m e n d e d
b y t h o A c t s o f A p ril 6 1 86 9, a n d J u ly 8 1 8 7 0 , b o , a n d th o s a m o a ro h e r e b y ,
a m e n d e d t o r e a d a s f o ll o w s :
“ S ec. 5208.
I t s h a ll b o u n la w fu l f o r a n y o f f i c e r , d i r e c t o r , a g e n t , o r e m ­
p l o y e e o f a n y F e d e r a l R e s e r v e B a n k , o r o f a n y m e m b e r b a n k a s d e f in e d in
th o A c t o f O c c . 2 3 1 91 3, k n o w n as th o F e d e ra l I ie s o r v o A c t , t o c e r t if y a n y
c h e c k d r a w n u p o n s u c h F e d e r a l R e s e r v o b a n k o r m e m b e r b a n k u n le s s t h o
p e r s o n , f i r m , o r c o r p o r a t i o n d r a w in g t h o c h e c k h a s o n d e p o s i t w it h s u c h
F e d e r a l R e s e r v o b a n k o r m e m b e r b a n k , a t t h o t im e s s u c h c h e c k is c e r t i f i e d ,
a n a m o u n t o f m o n e y n o t le s s t h a n t h o a m o u n t s p e c i f i e d in s u c h c h e c k . A n y
c h e c k s o c e r tifie d b y a d u ly a u th o r iz e d o ffic e r , d ir e c t o r , a g e n t o r e m p lo y e e
s h a ll b o a g o o d a n d v a l i d o b l i g a t i o n a g a in s t s u c h F e d e r a l R e s e r v e b a n k
o r m e m b e r b a n k ; b u t th e a c t o f a n y o ffic e r , d ir e cto r , a g e n t, o r e m p lo y e e
o f a n y s u c h F e d e r a l R e s c r v o b a n k o r m e m b e r b a n k in v i o l a t i o n o f t h is s e c ­
t i o n s h a ll, in t h e d i s c r e t i o n o f t h o F e d e r a l R e s c r v o B o a r d , s u b j e c t s u c h
F e d e r a l R e s e r v e b a n k t o t h o p e n a lt i e s I m p o s e d b y S e c t i o n 1 1 , s u b s e c t io n
( k ) . o f t h o F e d e r a l R e s e r v o A c t , a n d s h a ll s u b j e c t s u c h m e m b e r b a n k i f a
n a t i o n a l b a n k t o t h o lia b il i t i e s a n d p r o c e e d i n g s o n t h o j)a r t o f t h o C o m p ­
t r o ll e r o f t h e C u r r e n c y p r o v i d e d f o r in S e c t i o n 5 2 3 4 , R e v is e d S t a t u t e s , a n d
s h a ll, in t h o d i s c r e t i o n o f t h e F e d e r a l R e s e r v e H o a r d , s u b j e c t a n y o t h e r
m o m b e r b a n k t o t h o p e n a lt ie s i m p o s e d b y S e c t i o n 9 o f s a id F e d e r a l R e s e r v o
A c t f o r t h o v i o l a t i o n o f a n y o f t h o p r o v i s io n s o f s a id A c t .
A n y o ffic e r ,
d ir e cto r , a g e n t, o r e m p lo y e e o f a n y F ed era l R e s c r v o b a n k o r m o m b e r b a n k
w h o s h a ll w il lf u l l y v i o l a t e t h o p r o v i s io n s o f t h is s e c t i o n , o r w h o s h a ll r e s o r t
t o a n y d e v is e , o r r e c e iv e a n y f ic t itio u s o b lig a t io n , d ir e c t ly o r c o lla t e r a lly ,
in o r d e r t o o v a d o t h e p r o v i s io n s t h e r e o f , o r w h o s h a ll c e r t i f y a c h e c k b e f o r e
t h o a m o u n t t h e r e o f s h a ll h a v o b e e n r e g u l a r ly e n t e r e d t o t h o c r e d i t o f t h e
d r a w e r u p o n t h o b o o k s o f t h o b a n k , s h a ll b o d e e m e d g u i l t y o f a m is d e m e a n o r
a n d s h a ll, o n c o n v i c t i o n t h e r e o f in a n y d i s t r i c t c o u r t o f t h o U n it e d S t a t e s ,
b o f in e d n o t m o r o t h a n $ 5 ,0 0 0 , o r s h a ll b o im p r i s o n e d f o r n o t m o r e t h a n
f iv o y e a r s , o r b o t h , in th e d is c re tio n o f th o c o u r t .
“ S e c. 5 2 0 9 . A n y o ffic e r , d ir e cto r , a g e n t, o r e m p lo y e o o f a n y F e d e ra l
R e s c r v o b a n k , o r o f a n y m e m b e r b a n k a s d e f in e d in t h o A c t o f D e c . 2 3 1 9 1 3 ,
k n o w n a s t h o F e d e r a l R e s e r v o A c t , w h o e m b e z z le s , a b s t r a c t s , o r w il lf u l l y
m is a p p l ie s a n y o f t h o m o n e y s , f u n d s , o r c r e d it s o f s u c h F e d e r a l R e s e r v e
b a n k o r m e m b e r b a n k , o r w h o , w it h o u t a u t h o r it y f r o m th o d ir e cto r s o f
s u c h F e d e r a l R e s e r v o b a n k o r m e m b e r b a n k , is s u e s o r p u t s in c ir c u l a t i o n
a n y o f th o n otes o f su ch F ed era l R e se rv o b a n k o r m em b er b a n k , o r w h o ,
w i t h o u t s u c h a u t h o r i t y , Is s u e s o r p u t s f o r t h a n y c e r t i f i c a t e o f d e p o s i t ,
d r a w s a n y o r d e r o r b ill o f e x c h a n g e , m a k e s a n y a c c e p t a n c e , a s s ig n s a n y
n o t o , b o n d , d r a f t , b ill o f e x c h a n g e , m o r t g a g e , j u d g m e n t , o r d e c r e e , o r
w h o m a k e s a n y fa ls e e n t r y in a n y b o o k , r e p o r t , o r s t a t e m e n t o f s u c h
F e d e r a l R e s e r v e b a n k o r m e m b e r b a n k , w it h i n t e n t in a n y c a s e t o i n ju r o
o r d e fr a u d s u c h F ed e ra l R e s e r v o b a n k o r m e m b e r b a n k , o r a n y o th e r c o m ­
p a n y , b o d y p o l i t i c o r c o r p o r a t e , o r a n y i n d i v id u a l p e r s o n , o r t o d e c e i v e
a n y o ffic e r o f su ch F ed era l R e s e rv e b a n k o r m e m b e r b a n k , o r th e C o m p ­
t r o ll e r o f t h o C u r r e n c y , o r a n y a g e n t o r e x a m in e r a p p o i n t e d t o o x a m in o
t h o a f fa ir s o f s u c h F e d e r a l R e s e r v o b a n k o r m e m b e r b a n k , o r t h o F e d e r a l
R e s e r v e B o a r d ; a n d e v e r y r e c e iv e r o f a n a t i o n a l b a n k in g a s s o c ia t i o n w h o ,
w it h lik e i n t e n t t o d e f r a u d o r i n ju r e , e m b o z z e ls , a b s t r a c t s , p u r l o in s , o r
w il lf u l l y m is a p p lie s a n y o f t h o m o n e y s , f u n d s , o r a s s e t s o f h is t r u s t , a n d
e v e r y p e r s o n w h o , w it h lik o in t e n t , a id s o r a b e t s a n y o f f i c e r , d i r e c t o r ,
a g e n t , e m p l o y e e , o r r e c e iv e r in a n y v i o l a t i o n o f t h is s e c t io n s h a ll b o d e e m e d
g u i l t y o f a m is d e m e a n o r , a n d u p o n c o n v i c t i o n t h e r e o f in a n y d i s t r i c t c o u r t
o f t h o U n it e d S t a t e s s h a ll b o f i n e d n o t m o r o t h a n $ 5 ,0 0 0 o r s h a ll b o i m ­
p r i s o n e d f o r n o t m o r o t h a n f i v o y e a r s , o r b o t h , in t h o d i s c r e t i o n o f t h o
cou rt.
•
•
“ A n y F ed era l R e se rv o a g e n t, o r a n y a g e n t o r e m p lo y e e o f s u ch F e d e ra l
R e s e r v o a g e n t , o r o f t h o F e d e r a l R e s e r v o B o a r d , w h o e m b e z z le s , a b s t r a c t s ,
o r w il lf u l l y m is a p p lie s a n y m o n e y s , f u n d s , o r s e c u r it ie s i n t r u s t e d t o h is
c a r e , o r w it h o u t c o m p l y i n g w i t h o r in v i o l a t i o n o f t h o p r o v i s io n s o f t h o
F e d e r a l R e s e r v e A c t , is su e s o r p u t s in c i r c u l a t i o n a n y F e d e r a l R e s e r v o
n o t e s s h a ll b o g u i l t y o f a m is d e m e a n o r a n d u p o n c o n v i c t i o n in a n y d i s t r i c t
c o u r t o f t h o U n it e d S t a t e s s h a ll b o f i n e d n o t m o r o t h a n $ 5 , 0 0 0 o r im p r i s o n e d
f o r n o t m o r o t h a n f i v o y e a r s , o r b o t h , in t h o d i s c r e t i o n o f t h o c o u r t . ”

The IIouso on July 5 disagreed to tho Sonato amendments
and asked for a conference, naming as its conferees Repre­
sentatives Glass, Phelan and Hayes. Tho conferees on tho
part of tho Senate, named on July G, aro Senators Owen,
Hitchcock and M cLean.

REPORTS OF INTENTION OF WESTERN BANKS TO
REDUCE N E W YORK BALANCES.
Tho following concerning plans on tho part of Western
banks to reduco their balances in N e w Y ork appeared in tho
N o w Y ork “ Tribune” of July 7, in a telogram from its special
correspondent at Chicago:

135

w it h a p p l i c a t i o n s , a n d p r a c t i c a l l y 8 0 0 o f t h o 4 , 2 8 0 b a n k s in t h i s d i s t r i c t
w h ic h q u a l i f i e d a r e n o w d e p o s i t a r ie s .
B a n k s o f th o W e s t a re lo a n e d t o
t h e lim i t a n d a r o p o s t p o n i n g t h o d a y o f s e t t le m e n t w i t h t h o G o v e r n m e n t
b y m a k i n g b o o k c r e d it s in s t e a d o f p a y i n g c a s h f o r t h e ir p r o m is e s t o t a k e
T r e a s u r y c e r t i f ic a t e s .

FEDERAL RESERVE BOARD OPPOSED TO GUARANTEE
OF NATIONAL B A N K DEPOSITS.
The Federal Reservo Board has registered itself as opposed
to tho guarantee of National bank deposits; resolutions in
which it is declared that the unification of our banking system
is threatened by the proposed plan, were adopted by the
Board on Juno 25. The following is the resolution:
W h e r e a s , I t is i m p o r t a n t t h a t n o t h i n g s h o u l d i m p e d e t h e u n i f i c a t i o n o f
t h e b a n k in g s y s t e m o f t h e c o u n t r y u n d e r t h o F e d e r a l R e s e r v e A c t , t o w h ic h
t h o P r e s i d e n t c a l le d a t t e n t i o n in h is s t a t e m e n t o f O c t . 1 3 1 9 1 7 :
" T h o F e d e r a l R e s e r v e A c t is t h e o n l y c o n s t r u c t i v e f in a n c ia l l e g is l a t i o n
w h ic h w e h a v e e v e r h a d w h i c h w a s b r o a d e n o u g h t o a c c o m m o d a t e a t t h e
s a m o tim e b a n k s o p e r a t in g u n d e r p o w e r s g r a n te d b y t h e g e n e ra l G o v e r n ­
m e n t a n d b a n k s w h o s e c h a r te r s a r e g r a n te d b y t h e r e s p e c t iv e S ta te s .
The
u n i f ic a t i o n o f o u r b a n k in g s y s t e m a n d t h e c o m p l e t e m o b i l i z a t i o n o f r e s e r v e s
a ro m o n g t h e fu n d a m e n ta l p r in c ip le s o f t h e A c t . ”
W h e r e a s , S u c h u n i f i c a t i o n is t h r e a t e n e d b y t h e p r o p o s e d p l a n f o r t h e
g u a r a n t y o f d e p o s i t s in n a t i o n a l b a n k s :
(1 ) B e c a u s e i t w o u l d t e n d t o s t im u l a t e a s p i r it o f c o m p e t i t i o n a n d a n ­
t a g o n i s m b e t w e e n S t a t o b a n k s y s t e m s a n d t h e n a t i o n a l b a n k in g s y s t e m ;
(2 ) B e c a u s e , o f t h o d i f f i c u l t a n d e m b a r r a s s in g s i t u a t io n in w h i c h s u c h
S t a t e b a n k s , w h ic h .o w i n g e i t h e r t o i n s u f f i c i e n t c a p i t a l i z a t i o n o r t o e x i s t i n g
c o n t r a c t u a l o r t r u s t o b l i g a t i o n s , c o u l d n o t c o n v e r t i n t o n a t i o n a l b a n k s w o u ld
b o p la c e d ;
(3 ) B e c a u s e o f t h o a g i t a t io n w h ic h w o u l d b e p r o d u c e d in m a n y S t a t e s
t o s e c u r e l o c a l l e g is l a t i o n f o r t h o g u a r a n t y o f d e p o s i t s in S t a t e b a n k s ,
t h u s d e s t r o y i n g t h e h a r m o n y n o w h a p p i l y d e v e l o p i n g a n d a l m o s t e s t a b l is h e d
b e t w e e n S t a t e a n d n a t i o n a l b a n k s y s t e m s , a s e v i d e n c e d b y t h e in c r e a s in g
n u m b e r o f S t a t e m e m b e r b a n k s in t h e F e d e r a l R e s e r v e s y s t e m a n d t h e
c o r d ia l c o - o p e r a t i o n w h ic h m a n y S t a t e s a r o g i v i n g t o t h e p o l i c y o f t h e
F e d e r a l R e s e r v e B o a r d in s e e k i n g t o b r i n g a b o u t a u n i f i c a t i o n o f t h e A m e r i ­
c a n b a n k in g s y s t e m u n d e r t h o F e d e r a l R e s e r v o A c t .
W h e r e a s , T h e r e is n o s u f f i c i e n t e v i d e n c e t o e s t a b l is h t h a t t h e r e a r e g r e a t
s u m s o f c u r r e n c y a n d s p e c i e n o w in h i d i n g w h ic h w o u ld b e d r a w n o u t a n d
d e p o s i t e d in n a t i o n a l b a n k s w e r e s u c h d e p o s i t s g u a r a n t e e d b e y o n d w h a t is
a l r e a d y b e in g a c c o m p li s h e d b y t h o p o s t a l s a v i n g s s y s t e m a n d t h e w a r
s a v i n g s s t a m p a s s o c ia t i o n s ;
W h e r e a s , In th e ju d g m e n t o f th o B o a r d n o p la n o f in s u ra n ce c it h e r
a p p li e d t o b a n k d e p o s i t s o r t o a n y o t h e r f o r m o f c r e d i t o r p r o p e r t y , is
s o u n d o r c a n l o n g b o s u c c e s s f u l l y m a i n t a in e d w h e r e a u n i f o r m p r e m iu m
is a s s e s s e d u p o n a ll p a r t i c i p a n t s , g o o d o r b a d a l ik e , o r e q u i t a b l e u n le s s
t h o in s u r a n c e p r i v il e g e b e e x t e n d e d t o a ll m e m b e r b a n k s a t t h e i r e l e c t i o n ;
W h e r e a s , T h o e x is te n ce o f t h o p r in c ip le o f in s u ra n ce t o b a n k d e p o s it s
r a is e s l a r g o a n d m o s t d i f f i c u l t q u e s t i o n s o f g e n e r a l G o v e r n m e n t a l p o l i c y ,
w h ic h o u g h t t o b e d e c i d e d o n l y a f t e r t h e m o s t m a t u r e c o n s i d e r a t io n ;
W h e r e a s , T h e G o v e r n m e n t c o u l d n o t s a f e l y a n d w is e l y u n d e r t a k e t h o
g u a r a n t y o f b a n k d e p o s i t s w i t h o u t e x e r c is i n g a d e g r e e o f c o n t r o l o v e r
b a n k in g lo a n s a n d i n v e s t m e n t s , w h i c h w o u l d , in e f f e c t , a m o u n t t o t h e
G o v e r n m e n t g u a r a n t y o f s u c h lo a n s a n d i n v e s t m e n t s , a n d t h u s b r in g
b a n k in g c r e d i t u n d e r t h e c o m p l e t e c o n t r o l o f t h e G o v e r n m e n t ;
W h e r e a s , T h e h a r d s h ip s n o w s u f fe r e d b y d e p o s i t o r s o f i n s o lv e n t b a n k s
c o u l d b e m a t e r ia l l y le s s e n e d b y t h e e s t a b l is h m e n t o f a f u n d f o r t h e p r o m p t
l i q u id a t i o n o f t h e v a l u a b l e a s s e t s o f f a il e d b a n k s ; t h e r e fo r e .
B o i t r e s o lv e d . T h a t t h e B o a r d d e p r e c a t e s t h e i n je c t i o n i n t o t h e b a n k in g
s i t u a t io n a t t h i s t im e o f t h e b i t t e r l y c o n t r o v e r t e d q u e s t i o n o f g u a r a n t y
o f b a n k d e p o s its a s p r e ju d ic ia l t o th e d e v e lo p m e n t o f t h e F e d e ra l R e s e r v e
s y s t e m a n d a s m e n a c i n g t o t h e s u c c e s s fu l fin a n c ia l c o n d u c t o f t h e w a r ,
b e c a u s e o f t h o a g i t a t io n o f m in d p r o d u c e d in t h e b u s in e s s a n d b a n k in g
c o m m u n it y ;
B o i t f u r t h e r r e s o lv e d . T h a t i t is t h e j u d g m e n t o f t h e B o a r d t h a t a f u n d ,
u n d e r t h e a d m i n i s t r a t i o n o f t h o F e d e r a l R e s e r v e b a n k s , m ig h t w e ll b e s e t
u p t o p r o v i d e a n d in s u r e i m m e d i a t e d e t e r m in a t i o n o f t h e v a l u e o f t h e
a s s e t s o f f a il e d m e m b e r b a n k s o f t h e F e d e r a l R e s e r v e s y s t e m a n d a n i m m e ­
d i a t e d i s t r i b u t i o n o f t h o e s t im a t e d v a l u e o f s u c h a s s e t s a m o n g d e p o s i t o r s ,
p e n d in g t h e ir f in a l l iq u id a t i o n ; t h i s t o t h e e n d t h a t t h e h a r d s h i p a n d i n ­
j u r y n o w s u s t a in e d b y d e p o s i t o r s o f f a i l e d b a n k s , b e c a u s e o f t h e d e l a y s
t o w h ic h t h e y a r e s u b j e c t e d in r e c e iv i n g t h e i r p r o r a t a o f t h e a s s e t s o f f a il e d
b a n k s , m a y b e r e d u c e d t o a m in im u m .

Comptroller of the Currency Williams, who recommended
tho enactment of tho bill now before Congress for the guar­
antee of deposits in national banks of $5,000 and less, in a
circular letter last month to banks seeking their views on
the proposed legislation stated that “ the plan which he is
advocating for the guarantee of bank deposits has the appro­
val of tho Secretary of tho Treasury, tho Chairman of tho
Banking and Currency Committees of the Senate and House
of Representatives and, including ex-officio members, of a
majority individually of tho members of the Federal Reserve
B o ard .” Concerning this statement and the B oard’s
resolution tho Federal Reservo Bulletin for July say:

I n c a s t in g h is v o t e in f a v o r o f t h is r e s o lu t i o n G o v e r n o r H a r d in g s t a t e d
I f p r e s e n t p l a n s w o r k o u t s a t i s f a c t o r i l y , i t is e x p e c t e d t h a t b e f o r e lo n g
t h a t w h ile h o h a d a l w a y s b e e n o p p o s e d t o a G o v e r n m e n t g u a r a n t y o f d e ­
W e s t e r n b a n k s w ill g r e a t l y r e d u c e t h e i r la r g o b a l a n c e s in N o w Y o r k .
p o s i t s m a d e a p p li c a b l e b y c o m p u l s i o n t o a ll n a t i o n a l b a n k s a n d h a d s o
O ff ic i a l s o f F e d e r a l R e s e r v e b a n k s in t h is p a r t o f t h o c o u n t r y h a v e in s t i­
e x p r e s s e d h im s e lf , h e h a d h a d , p r i o r t o J u n o 5 , s e v e r a l b r i e f a n d i n fo r m a l
t u t e d a c a m p a i g n o f e d u c a t i o n in a n e f f o r t t o s h o w t h o W e s t e r n b a n k s t h a t
c o n v e r s a t io n s w it h t h e C o m p t r o l l e r o f t h o C u r r e n c y r e g a r d i n g c e r t a in
t h e y c a n u s e t h e ir b a l a n c e s t o b e t t e r a d v a n t a g e b y p u r c h a s i n g b a n k a c c e p t ­
fe a t u r e s o f t h e g u a r a n t y s y s t e m , in c u ld in g a v o l u n t a r y p l a n , w h ic h w a r ­
a n c e s t h a n b y c a r r y in g t h e m i n N o w Y o r k o n d e p o s i t .
• r a n t e d t h e C o m p t r o l l e r in in c lu d in g h im in t h e “ m a j o r i t y o f t h e b o a r d "
I t is a s s e r t e d t h a t t h o la r g o a m o u n t o f m o n e y c a r r ie d b y l o c a l b a n k s o n
t o w h ic h r e fe r e n c e w a s m a d e i n t h e c ir c u l a r l e t t e r o f t h a t d a t e i s s u e d b y
d e p o s i t w it h N o w Y o r k i n s t it u t i o n s is t o a c e r t a in e x t e n t i n a c t i v e , a n d
t h o C o m p t r o l l e r , b u t a f t e r a c a r e fu l a n d d e l ib e r a t e c o n s i d e r a t io n o f ( h e
F e d e r a l R e s e r v e b a n k a u t h o r i t ie s fe e l t h a t t h is m o n e y s h o u l d b o in t h o
w h o l e p r o p o s a l h e h a d r e a c h e d a d e f i n i t e c o n c lu s io n a s e x p r e s s e d in t h e
W est.
I t is p o i n t e d o u t t h a t t h o W e s t e r n b a n k e r s c o u l d e a r n 4 3 4 t o 4 M %
f o r e g o i n g r e s o lu t i o n s .
b y p u r c h a s in g a c c e p t a n c e s o f N e w Y o r k b a n k s , w h e n t h o s a m o E a s t e r n
in s t it u t i o n s p a y o n l y 2 a n d 2 < 4 % o n d e p o s i t s .
H e r e t o f o r e N e w Y o r k d e p o s i t s h a v e b e e n c o n s i d e r e d a u x i l ia r y r e s e r v e ,
LITTLE LIKELIHOOD OF CONGRESS CONSIDERING
a n d t h i s m e a n t a lo s s o f in t e r e s t u n d e r t h e G o v e r n m e n t r e s e r v e s c h e m e .
A T THIS SESSION BILL GUARANTEEING
A c c e p t a n c e s a ro e q u iv a le n t t o a r e s e rv e as m u c h a s c a s h , s in ce t h e y c a n b e
NATIONAL B A N K DEPOSITS.
r e d is co u n te d a t t h e F e d e ra l R e s e r v o B a n k .
R e c e n t l y a n u m b e r o f C h ic a g o
b a n k s e x t e n d e d t h e ir f i e l d o p e r a t i o n in t h o a c c e p t a n c e m a r k e t , b u t t h o
That there is little likelihood of any consideration being
m a j o r i t y b a n k s a r o l e a v in g t h e ir b a l a n c e s in N e w Y o r k a t 2 }4 % .
given at this session of Congress to the bill which would
I n t h is F e d e r a l R e s e r v e d i s t r i c t t h e r e is a r u s h a m o n g t h o b a n k s t o q u a l i f y
a s G o v e r n m e n t d e p o s i t a r ie s .
T h o lo ca l re s e rv o b a n k h a s b e e n s w a m p e d
guarantee bank deposits was the information which has been




recoived by tho Philadelphia Bourse from Chairman Carter
Glass of tho House Committee on Banking and Currency,
through Congressman George S. Graham. In a letter tho
Chairman of tho committee indicated that heed was boing
taken of the widespread opposition which has boen voicod
to the measure. Information to this effect comes from tho
Bourso under date of July 10. According to the Bourso,
which was the first local organization to oppose the measure,
the bill, if enacted into law, would place a premium on un­
sound banking in this country. “ I may say that it does
not seem at all probable that the House Committee on Bank­
ing and Currency will givo consideration, at this session of
Congross, to tho proposition to legislate on tho subject of
guaranteeing bank deposits,” wrote Chairman Glass to
Congressman Graham , who in turn forwarded tho reply to
the Bourse. “ The sense of the committee seems to be that
wo should not deal with bitterly controverted questions at
this time, particularly as tho banks of the country must bo
largely relied on to help float tho public bond issuos. I
think you may safely assure your constituents that nothing
will be done at this sossion of Congress.” Tho bill would
guarantee bank deposits by taxing tho various institutions,
tho fund collected to be used in paying losses to depositors
in banks which failed. Bankors in Philadelphia wore a
unit in opposing tho measure.

BILL AUTHORIZING USE OF SIN KIN G FUND OF
TREASURY FOR RETIREMENT OF UNITED
STATES OBLIGATIONS.
A bill authorizing the Secretary of tho Treasury to uso
at his discretion surplus monoys in tho Treasury in tho pur­
chase or redemption of tho outstanding interost-boaring
obligations of the United States was passed by tho Senato
on July 8. The bill repeals all provisions of existing law
requiring the establishment and maintenance of a sinking
fund for the reduction of the debt of tho United States.
It provides:
T h a t a ll p r o v i s io n s o f e x i s t i n g la w r e q u i r in g t h o e s t a b l is h m e n t a n d m a i n ­
t e n a n c e o f a s in k in g f u n d f o r t h e r e d u c t io n o f t h o d e b t o f t h o U n it e d S t a t e s
b e , a n d t h e s a m o a r e , h e r e b y r e p e a l e d , a n d in lie u t h e r e o f t h o S e c r e t a r y
o f t h o T r e a s u r y is h e r e b y a u t h o r i z e d t o u s e in h is d i s c r e t i o n t h e s u r p lu s
m o n e y s in t h o T r e a s u r y , f r o m t im o t o t im e , o r s u c h p o r t i o n t h e r e o f a s h e
m a y d e e m p r o p e r , in t h e p u r c h a s e o r r e d e m p t io n o f t h o o u t s t a n d i n g i n t e r e s t ­
b e a r i n g o b l ig a t io n s o f t h e U n it e d S t a t e s ; a n d t h o o b l ig a t io n s s o p u r c h a s e d
o r r e d e e m e d s h a ll b o c a n c e l e d a n d r e t ir e d , a n d t h e ir r e s p e c t iv e a m o u n t s
s h a ll b o d e d u c t e d f r o m t h o o u t s t a n d i n g p r i n c ip a l o f t h e p u b l i c d e b t .

JEROME

[Vol. 107.

THE CHRONICLE

126

THRALLS ON TRADE ACCEPTANCES— A
WORD OF CAUTION.

In referring
been heralded
Thralls, in an
Association at

to the fact that the trade acceptance “ has
by some as the panacea for all ills,” Jerome
address beforo tho N o rth Dakota Bankers’
M andan, yesterday (July 12) said:

I t is a m o s t v a l u a b l e in s t r u m e n t ; it s u s o w il l i m p r o v o c o n d i t i o n s a n d r c I io v o t h o b u s in e s s w o r ld o f m a n y d is p u t e s a n d t r o u b l e s , b u t i t w il l n o t p u t
v a l u o i n t o a n y t r a n s a c t io n , n o r w ill i t m a k e b a d d e b t s g o o d .
I t w ill p u t
v i t a l i t y i n t o c o m m e r c i a l t r a n s a c t io n s a g g r e g a t i n g h u n d r e d s o f m il l io n s o f
d o l l a r s , w h ic h u n d e r t h o o p e n b o o k a c c o u n t a r e a d e a d w e i g h t a n d a d r a g
o n t h o c r e d i t a n d f in a n c ia l s y s t e m o f t h o c o u n t r y .

M r . Thralls, who is Secretary of tho Clearing House and
National Bank Sections of the American Bankers’ Associa­
tion, told the N orth Dakota bankers that as a result of the
efforts of tho American Trade Acceptance Council, many
thousands of firms, representing practically every line of
business, are using tho trade acceptance with results that are
highly satisfactory. Ho added “ tho American Bankers’
Association is behind the movement, because wo believe the
trade acceptance is an instrument which, if properly used,
will greatly improvo tho credit system and strengthen the
banking position of the entire country.” Addressing the
gathering on behalf of tho American Trade Acceptance
Council, M r . Thralls said in part:
T h o p u r p o s e o f t h o C o u n c i l is t o g a t h e r a n d d i s s o m i n a t o in f o r m a t i o n
re g a rd in g t h o tr a d e a c c e p t a n c e .
I t h a s b e e n m y p r i v i l e g e t o h a n d lo t h e
b a n k e rs’ d iv isio n o f th e w o rk .
W o h a v e p r o f e c t e d a n o r g a n i z a t io n c o v e r ­
i n g t h o e n t i r e U n it e d S t a t e s , I n c lu d in g a c o m m i t t e e o f t h r o e w id e - a w a k e
b a n k e r s , a p p o i n t e d b y t h e B a n k e r s ’ A s s o c i a t io n o f e a c h S t a t e .
In m a n y
o f t h o S t a t e s t h e C h a ir m a n o f t h is c o n m i i t t e o h a s a p p o i n t e d a C h a ir m a n
f o r e a c h b a n k e r s ’ g r o u p o r c e r t a in s u b d i v i s io n s .
T h o C h a ir m a n o f t h o
b a n k e r s ’ g r o u p s h a v o a p p o i n t e d a C h a ir m a n f o r e v e r y c o u n t y in t h e i r r e ­
s p e c t iv e g r o u p s .
I t is t h o d u t y o f t h o C o u n t y C h a ir m a n t o a r o u s e t h o
b a n k e r s in t h e i r r e s p e c t iv e c o u n t i e s a n d g e t t h e m in t u r n t o i n t e r e s t t h e ir
p a t r o n s w h o a ro p r o s p e c t iv e u se rs o f th e tr a d e a c c e p t a n c e .

Form Recommended.
T h o t r a d e a c c e p t a n c e is a s i m p le d e v i c e , b e i n g a n e g o t i a b l e c e r t i f i c a t e
o f i n d e b t e d n e s s c o v e r i n g a c u r r e n t t r a n s a c t io n o r c u r r e n t t r a n s a c t io n s in
m e r ch a n d is e .
T h o C o u n c i l , a f t e r c a r e f u l c o n s i d e r a t io n , h a s r o c o m m o n d c d a f o r m o f
a d o a cce p ta n ce fo r gen eral u so.
O t h e r f o r m s , h o w o v e r , c o v e r i n g s p e c ia l
c d s m a y b o u s e d , y e t w o b o l io v o t h o s i m p le s t f o r m Is t h o m o s t d e s i r a b l o .
o r y t r a d o a c c e p t a n c e s h o u l d h a v o t h o p h r a s e p r i n t e d o n Its f a c e : “ T h o
i g a t io n o f t h o a c c e p t o r h e r e o f a r is o s o u t o f t h o p u r c h a s o o f g o o d s f r o m




th o d r a w e r .”
I t is a l s o a d v i s a b l o t o h a v o p r i n t e d o n t h o f a c e o f t h o a c ­
c e p t a n c e : “ T h o d r a w e e m a y a c c e p t t h is b ill p a y a b l o a t a n y b a n k , b a n k e r
o r t r u s t c o m p a n y in t h o U n it e d S t a t e s w h ic h h e m a y d e s i g n a t e . ”
Tho
p u r p o s e o f t h o l a t t e r p h r a s e is t o p r o t e c t t h o n e g o t i a b i l i t y o f t h o i n s t r u m e n t
in c a s e s w h e r e , a f t e r i t is s ig n e d b y t h o d r a w e r , t h o a c c e p t o r m a k e s t h e
a c c e p t a n c e p a y a b l o a t a b a n k l o c a t e d e l s o w h e r o t h a n t h o p o i n t w iie r o t h e
a c c e p t a n c e is d r a w n .
T h o se tw o p h rases h a v o th o a p p ro v a l o f th e F ed era l
R e s e r v e B o a r d , th o C o u n c il o f th e A m e r ic a n B a n k e r s ’ A s s o c ia t io n a n d o th e r
a u t h o r i t ie s .
T h o t r a d o a c c e p t a n c e is t o m a n y t r a d o t r a n s a c t io n s w h a t a r m y d i s c i ­
p l in e a n d t r a in in g a r o t o t h o r o o k i e s .
I t p u ts th e m in to sh a p o t o ren d er
e f f e c t i v e s e r v i c e w h e n c a l le d i n t o a c t i o n .

Encourages Careful Buying.
T h e r e a r o m a n y m e r c h a n t s w h o p a y p r o m p t l y o b l ig a t io n s r e p r e s e n t in g
m o n e y b o r r o w e d f r o m t h e ir l o c a l b a n k s a n d w h o w o u ld n o t u n d e r a n y c o n ­
d i t i o n s d e f a u l t o n a w r i t t e n o b l i g a t i o n , b u t w h o r o g u l a r ly p e r n d t t h e ir
3 0 - d a y o p e n a c c o u n t s r e p r e s e n t in g p u r c h a s e s o f g o o d s t o r u n f r o m 6 0 t o
9 0 d a y s b e fo r e p a y in g u p .
T h i s l e a d s t o s l ip s lio p m e t h o d s , o f t e n t o o v e r ­
b u y i n g a n d s t o c k i n g u p w it h g o o d s w h ic h c a n n o t b o m o v e d d u r i n g t h o t e r m s
o f pu rch ase.
S o m e tim e s it le a d s t o c o m p le t e r u in , w h e re a s w e ro th e se
s a m e m e r c h a n t s o b l ig e d t o s ig n t r a d o a c c e p t a n c e s t h o y w o i d d b o m o r e
c a r e f u l in t h e ir p u r c h a s e s . T h o y w o u l d b u y o n l y s u c h g o o d s a s t h o y w e r e
c e r t a in t h e y w o u l d b e a b l o t o m o v e b e f o r o t h e m a t u r i t y o f t h o a c c e p t a n c e s .
I h a d a n e a r l y e x p e r i e n c e w h i c h d e m o n s t r a t e s t h is f a c t t o m y m i n d .
I
w a s e m p l o y e d a s c le r k b y a w e l l - t o - d o f a r m e r w h o w a s o p o n i n g a g o n e r a l
s t o r o in a c r o s s - r o a d s t o w n .
N e it h e r h o n o r I w e r e e x p e r i e n c e d i n m e r ­
c h a n d is i n g .
H o h a d b e e n a s u c c e s s in h is b u s in e s s a s a c a t t l o fe e d e r a n d
f a r m o p e r a t o r o n a n e x t e n s i v e s c a le .
I I o h a d b o r r o w e d m o n e y fr o m th o
lo ca l b a n k s fo r m a n y y e a rs.
H o a l w a y s m o t h is n o t e s p r o m p t l y a n d n o v e r
d e f a u l t e d o n a w r i t t e n o b l ig a t io n .
W h e n h o o p e n e d t h is s t o r o , t h o d r u m m e r s — a s w o c a l le d t h e m — c a m e
a l o n g a n d w i t h t h e ir f in e s a m p le s a n d s m o o t h t a l k — l o a d e d u s u p w it h a
l o t o f g o o d s o n 9 0 - d a y n e t t e r m s , t h a t c o u l d n o t b o s o l d in t h a t c o m m u n i t y
w it h in 9 y e a r s , le t a l o n e 9 0 d a y s .
A t th o en d o f th e 90 d a y s, th o g ood s
w e r o s t ill o n t h o s h e lf; t h o o l d m a n c o n c l u d e d t h a t t h e p e o p l e f r o m w h o m
h e h a d p u r c h a s e d t h o g o o d s s h o u l d b e w illin g t o w a it f o r t h e ir m o n o y u n t il
th o g o o d s w e re s o ld .
O t h e r d r u m m e r s l a t e r s o l d h im a d d it i o n a l b ills o f g o o d s a n d w h e n t h o
f ir m s t h e y r e p r e s e n t e d w r o t o t o t h o s o w h o h a d f u r n is h e d h i m w it h t h e
e a r l y s t o c k t o f i n d o u t a b o u t h is c r e d it s t a n d i n g , r e c e iv e d r e p lie s t h a t t h o
o ld m a n w a s s lo w t o p a y , a n d s o o n .
T o m a k o a lo n g s t o r y s h o r t, th o
r e s u lt w a s t h a t t h is f a r m e r - m e r c h a n t w e n t t o t h o w a ll in a f o w y e a r s .
I I o l o s t p r a c t i c a l l y e v e r y t h i n g a n d w a s c o n s i d e r e d a f a ilu r o , w h e r e a s t o
m y m in d lie w a s m e r e ly a v i c t i m o f a w r o n g s y s t e m .
I a m c o n t id e n t th a
h a d h o b e e n c a l le d u p o n t o s ig n a t r a d o a c c e p t a n c e f o r h is f ir s t p u r c h a s o ,
h o w o u l d h a v o b e e n m o r e c a r e fu l a n d w o u ld h a v o b o u g h t o n l y s u c h g o o d s
a s h o w a s c e r t a in t h a t h o c o u l d s e ll in t h a t c o m m u n i t y b e f o r o t h o m a t u r it y
o f t h o a c c e p t a n c e , a n d i n s t e a d o f b e i n g a fa il u r o h o w o u l d p r o b a b l y b o In
b u s in e s s t o - d a y .
T h e t r a d o a c c e p t a n c e w ill u n d o u b t e d l y e n c o u r a g e m o r o
c a r e fu l b u y i n g a n d p r o m p t s e t t le m e n t s .

Written Obligations ts. Verbal Promises.
A s c o l l e c t i o n a g e n t s , I a m c o n f i d e n t t h a t y o u g e n t le m e n w o u l d r a t h e r
h a v o in y o u r p o s s e s s io n t h e w r i t t e n a c k n o w l e d g m e n t o f t h e r e c e i p t , p u r ­
c h a s o a n d p r o m is e t o p a y f o r a b ill o f g o o d s t h a n m e r e ly t o h a v o a m o m o
m a d o b y s o m e c le r k t o t h o e f f e c t t h a t a c e r t a in b ill o f g o o d s w a s s o l d t o
a c e r t a in p a r t y o n a c e r t a in d a t e , t o b e p a i d f o r a t a c e r t a in t im o .
In
o t h e r w o r d s , i f S a m S m it h o w e s P r e s i d e n t G r e o n o $ 5 0 0 , f o r w h i c h h o h a s
g i v e n h is p e r s o n a l n o t e a n d o w e s S e c r o t a r y M a c f a d d e n $ 5 0 0 , f o r w h ic h
M r . M a c f a d d e n h a s S m i t h ’s v e r b a l p r o m is e t o p a y a n d S m i t h h a s $ 5 0 0
in M r . G e o . J . J o h n s t o n 's b a n k , w h o d o y o u s u p p o s e w o u ld g e t t h o $ 5 0 0 ,
G reen e o r M a c fa d d e n ?
I a m c o n f i d e n t t h a t P r e s . G r e e n o w o u ld g e t i t .
I a m lik e w is e c o n f i d e n t t h a t t h o h o l d e r o f a t r a d o a c c e p t a n c e w ill g o t h is
m o n e y o n t h o d u o d a t e o f t h o a c c e p t a n c e in p r e f e r e n c e t o a n y c r e d it o r
w h o h a s s o l d o n t h o o p e n a c c o u n t b a s is .
N o d o u b t 9 0 % o f t h e m e r c h a n t s w h o b o r r o w m o n o y , f r o m b a n k s , w o u ld
p a y t h e ir i n d e b t e d n e s s o v e n t h o u g h t h o w r i t t e n o v i d o n c o o f s u c h i n d e b t e d ­
n ess w e ro d e s t r o y e d .
B u t Is t h e r e a b a n k e r p r o s o n t w o u ld w o u ld l o a n o r
c o n s i g n c r e d it t o a n y m e r c h a n t w i t h o u t t a k i n g f r o m h im a n a c k n o w l e d g ­
m e n t o f s u c h l o a n a n d a p r o m is e t o r e p a y i t o n a c e r t a in d a t o ?
I f y o u w ill n o t a llo w a m e r c h a n t c r e d it w it h o u t t a k i n g ills w r i t t e n p r o m ls o ,
w h y s h o u l d y o u b e w illin g t h a t t h o m e r c h a n t t o w h o m y o u g r a n t c r e d it
s h o u l d s c a t t e r b r o a d c a s t , t h e g o o d s a g a in s t w h ic h t h e c r e d it is g r a n t e d
w i t h o u t s e c u r in g w r i t t e n r e c e ip t s a u d p r o m is e s t o p a y t h e r e fo r .
Tho
m e r c h a n t ’ s a b i l i t y t o c o l l e c t f o r t h o g o o d s s o l d m e a s u r e s t h o b a n k ’s a b i l it y
t o p a y it s d e p o s i t o r s .
T h e r e is n o q u e s t i o n b u t t h a t t h e r o s h o u l d b o a c lo s e r c h e c k o n a ll m e r ­
c h a n d is e t r a n s a c t io n s .
T h e r e a l m is s io n o f t h o t r a d o a c c o p t a n c o is t o w h ip
b u s in e s s i n t o s a f e r a n d b e t t e r f o r m .
O u o o f t h o r e s u lts w ill b o t h a t a n
e q u a l a m o u n t o f c a p i t a l w ill d o a g r e a t e r a m o u n t o f s o r v ic o .
T h o opon
a c c o u n t e v e n t h o u g h g o o d , a s s u c h , c a n n o t s e r v e a s a b a s is f o r c u r r e n c y
is s u e , w h il o t h e s a m o a c c o u n t i f in t h e f o r m o f a t r a d o a c c e p t a n c e w ill
s e r v o a s t h o b a s is o f c u r r e n c y is s u e .
L i k e t h e r o o k i o t h e o p e n a c c o u n t is t h e b a s is o f a r e a l f ig h t i n g u n i t ,
b u t i t m u s t b o p u t i n t o p r o p e r f o r m b e f o r o It is r e a d y f o r s e r v ic o in t h o f ir s t
lin o o f d e f e n s e .
T h o f a c t t h a t t h o t r a d o a c c e p t a n c e is s u p e r i o r t o t h o o p o n
b o o k a c c o u n t d o c s n o t , h o w e v e r , m e a n t h a t t h o h o ld e r c a n d i s c o u n t a c c e p t ­
a n c e s a t a b a n k in u n l i m i t e d a m o u n t s .
W h cro th o n am es o f th o a ccep ters
a r o u n k n o w n t o t h e b a n k e r h o w ill d e p e n d u p o n t h o s t a n d i n g o f t h o o f fe r o r
t h o s a m e a s h o w o u ld in g r a n t i n g c r e d it in t h o f o r m o f a r e g u la r l o a n o n a
s in g lo n a m o n o t e .
T h o c r e d it m a n in t h e b a n k a n d t ile b u s in e s s l io u s o w ill
n o t b o r e lio v e d o f a n y r e s p o n s i b il i t y .
T h o y w ill n e e d t o b o j u s t a s c a r e fu l
a fte r th e in tro d u c tio n o f th o tra d o a c c o p ta n c o as th o y are a t th o presen t
t im o .
S o m e p r o s p e c t iv e u s e r s o f t h o t r a d o a c c e p t a n c e a r o c o n c e r n e d a b o u t t h e
e f f e c t t h e d i s c o u n t in g o f s u c h p a p e r w ill h a v o u p o n t h e ir c r e d i t s t a n d i n g — ■
w h e r e t h e y d e p e n d u p o n n o t e b r o k e r s t o f l o a t t h e ir p a p e r in t h o o p e n m a r k o t .
T h o p u r c h a s e r s a n d n o t e b r o k e r s in d e t e r m in i n g t h o s t a n d i n g o f s u c h p e o p l e
n o w d e p e n d u p o n th e ir s ta te m e n ts .
T h o y w il l c o n t i n u e t o s o d o .
Tho
s t a t e m e n t s w ill s h o w c o n t in g e n t l i a b il i t y t o c o v e r t r a d o a c c e p t a n c e s s o ld
o r d is c o u n te d .
I t is l ik e l y t h a t t h o p r a c t lc o o f e x t e n d i n g t w o lin o s w ill
g r o w u p in t h is c o u n t r y — a s it h a s i n C a n a d a .
T h o C a n a d ia n b a n k s g ra n t
a d i r e c t lin o t o fu r n is h t h e b o r r o w e r w it h t h o n e c e s s a r y w o r k in g c a p i t a l
a n d se a so n a l s t o c k -in -t r a d o .
T h is lin o is l iq u id a t e d o r a t le a s t r e d u c e d
t o t h e lo w e s t p o s s i b le le v e l a t le a s t o n c o a y e a r .
T h e y a ls o g r a n t a n
i n d i r e c t lin e a g a in s t t r a d o p a p e r b a s e d o n t h o a n n u a l t u r n - o v e r ; f o r I llu r a t io n , i f t h o t e r m s a r o t w o m o n t li s a n d t h o a n n u a l t u r n - o v e r a m o u n t s t o
$ 1 8 0 ,0 0 0 , t h o I n d ir e c t o r t r a d o lin o w o u l d b o $ 3 0 ,0 0 0 .
T h i s lin o w o u ld
flu c t u a t e w it h th o t u r n -o v e r .
T h o i n t e r e s t in t h o s u b j e c t o f t h o t r a d o a c c o p t a n c o is r e f l e c t e d b y t h o
fa c t', t h a t m o r o t h a n 8 0 0 b a n k e r s a n d b u s in e s s m e n r e p r e s e n t in g p r a c t ic a l l y
e v e r y lin o o f t r a d o a n d c o m i n g f r o m t h o d i f f e r e n t s e c t io n s o f t h o U n lt o d
S t a t e s s p e n t t h e e n t ir o d a y a n d o v o n i n g in a c o n v e n t i o n a t C h i c a g o , J u n o
17 1 9 1 8 .
T h o s u b j e c t w a s c o v e r e d f r o m o v e r y a n g lo a t t h is m e e t in g .

July 13 1918.]

THE CHRONICLE

I n fo r m a t io n o f tr e m e n d o u s v a lu o w a s d o v e lo p e d .
T h o v e r d ic t o f th a t
j u r y o f 8 0 0 o r m o r e w a s t h a t t h o t r a d o a c c e p t a n c e is a m o s t v a l u a b l e
i n s t r u m e n t a n d t h a t i t s h o u l d b e u s e d w h e r e v e r p r a c t ic a b le .
T h o proceed ­
in g s o f t h o m e e t in g a r e a g e n u in e t e x t b o o k u p o n t h o s u b j e c t .
I th in k
i t w ill b o p u r p o s o o f t h o C o u n c il t o h a v o t h e p r o c e e d i n g s b r i e fe d a n d p l a c e d
in p a m p l e t f o r m .
I f t h is is d o n e a n d y o u a r o i n t e r e s t e d in t h o s u b j e c t ,
y o u s h o u ld g e t a c o p y .
W h i lo t h o t r a d o a c c e p t a n c e is , w it h o u t q u e s t i o n , p r e f e r a b le t o t h o o p e n
b a n k a c c o u n t , t h e r e a r o a f e w o f o u r b a n k e r f r i o n d s a n d a f e w b u s in e s s
p c o p l o w h o h a v o , b e c a u s e o f s e lfis h r e a s o n s , g o n o o n r e c o r d a s b e i n g o p ­
p o s e d t o t h o i n t r o d u c t i o n o f t h is i n s t r u m e n t .
F o r i ll u s t r a t io n , a N o w
E n g la n d b a n k e r is q u o t e d a s h a v i n g s a i d , “ I d o n o t p r e t e n d t o h a v o m a d e
a n y d e e p s t u d y o f t h e q u e s t i o n , b u t f r o m t h o b e g i n n i n g it h a s s c o r n e d t o
m o t h a t t h o e n c o u r a g e m e n t g i v e n t o t h is m a t t e r a t t h o p r e s e n t t i m e a s
a g e n e r a l p r i n c ip l e t o b o a d o p t e d o n a ll s id e s w a s f r o m t h o t h e o r e t ic a l b a n k e r
a n d f r o m t h o s e w h o a r e le ss g r o u n d e d in t h o o l d e s t a b lis h e d p r i n c ip l o o f
b a n k in g a l o n g t h o lin o s t h a t h a v o p r o v e d a s s u c c e s s fu l in tin's c o u n t r y f o r
m a n y y e a r s .”
G e o r g e F . B a k e r , J r . , V i c e - P r e s id e n t o f t h o F i r s t N a t io n a l B a n k ,
N o w Y o r k C i t y ; M r . F r a n k A . V a n d e r li p , P r e s i d e n t o f t h o N a t i o n a l C i t y
B a n k ; M r . S a m u e l S a c lis , m e m b e r o f G o ld m a n , S a c h s & C o . , n o t e b r o k e r s ;
M r . J a m e s S . A l e x a n d e r , P r e s i d e n t o f N a t io n a l B a n k o f C o i m n c r c o a n d
M r . W illia m W o o d w a r d , P r e s i d e n t o f H a n o v e r N a t i o n a l B a n k , N o w Y o r k
C i t y , a r o s o m o o f t h e g e n t l e m e n t o w h o m o u r N e w E n g la n d f r i e n d r e fe r s
a s “ t h e o r e t ic a l b a n k e r s . ”

Problems Confronting Hankers.
W i t h t h o d e v e l o p m e n t o f t h o T r a d o A c c o p t a n c o t h o b a n k e r s w ill b o
c o n fr o n te d w it h se v e ra l v e r y im p o rta n t p r o b le m s .
T h o fir s t o f w h ic h is :
T h a t o f d e v e l o p i n g t h o m o s t e c o n o m ic a l a n d e f f i c i e n t m o t h o d o f h a n d li n g
T r a d o A c c e p t a n c e s w it h in t h o b a n k s .
W o n o w h a v o a co m m itte e o f th re o
c o m p e t e n t b a n k o f f i c e r s in e a c h o f t h o F e d e r a l R o s e r v o a n d b r a n c h F e d e r a l
R e s e r v e B a n k c it i e s s t u d y i n g t ills p r o p o s i t i o n .
W e h o p o t o r e c e iv e r e ­
p o r t s f r o m t iie s o t w e n t y - t h r e o s p e c i a l c o m m i t t e e s w h ic h w ill e n a b le u s t o
p r e s e n t a w o r k a b l e s c lio m o t o t h o b a n k in g f r a t e r n i t y a t a v e r y e a r l y d a t e .
T h e s e c o n d p r o b l e m is:
T h a t o f e x c h a n g e , c o l l e c t i o n a n d s e r v ic o c h a r g e s .
It seem s th a t a g reat
m a n y m e r c h a n t s h a v o b e e n le d t o b e l io v o t h a t T r a d e A c c e p t a n c e s w il l b o
h a n d le d j u s t a s c h e c k s a r e n o w b e i n g h a n d le d .
T h e se sam o m erch a n ts
u n d ersta n d th a t th o c h e c k s th a t p a ss th ro u g h th e F ed era l R e s e r v e b a n k s
a r o h a n d le d w i t h o u t o x p e n s o t o t h o p a y i n g b a n k s .
T h is , o f c o u r s o , w o
k n o w is n o t t r u e .
T i m e , d i s t a n c e , p o s t a g e , c le r k h ir o a n d o t h e r e le m e n t s
o f e x p e n s e a r o w i t h u s a n d a lw a y s w ill b o .
A v a l u a b l o s c r v ic o is r o n d e r e d
t o t h o p u b l i c in c o l l e c t i n g a n d r e m it t i n g f o r a n y i t e m , o v e n c h e c k s .
T h oso
w h o g o t t h o b e n e f i t o f t ills s e r v ic o s h o u l d b o r e q u i r e d t o p a y a f a ir f c o f o r i t .
T h e la w p r o v i d e s t h a t T r a d o A c c e p t a n c e s m a y b o t r e a t e d t h o s a m o a s
c h e c k s in a ll o x c e p t t h o f o l l o w i n g S t a t e s :
G e o rg ia , I llin o is , K a n s a s , M in ­
n e so ta , N e b ra sk a , S o u th D a k o ta a n d T e x a s.
T h a t is — m a y b o c h a r g e d
t o t h o a c c o u n t o f t h o a c c e p t e r i f m a d o p a y a b le a t h is b a n k .
T h is s a m o
la w h a s a p p li e d f o r m a n y y e a r s in c e r t a in S t a t e s t o n o t e s m a d o p a y a b le
a t b a n k s , y e t t h o a c t u a l p r a c t i c e in h a n d lin g s u c h n o t e s h a s b e e n t o g e t in
t o u c h w it h t h o m a k e r s b e f o r o c h a r g i n g t h e m t o t h e ir a c c o u n t s .
T h i s w ill
n o d o u b t 1)0 n e c e s s a r y d u r i n g t h o e a r l y s t a g e s o f t h o u s e o f t h o T r a d o
A ccop ta n co.
F u r t h e r , T r a d o A c c e p t a n c e s w ill b o r e c e iv e d a t t h o p o i n t o f p a y m e n t
f r e q u e n t ly s e v e r a l d a y s in a d v a n c e o f m a t u r it y . T l i o y w ill n e e d b o t i c k l e r i z e d a n d h a n d le d in a v e r y d i ff e r e n t m a n n e r f r o m t h o w a y c h e c k s a r o
h a n d le d .
I n f a c t , t h o e x p e n s e o f h a n d lin g t h o T r a d o A c c e p t a n c e f r o m
d a t e o f its o r ig in t o t h o p o i n t o f p a y m e n t w ill b o f a r m o r e e x p o n s i v o t o t h o
b a n k s t h a n is t h o h a n d li n g o f c h e c k s .
T h o m e rch a n ts w h o ch a n g o fro m th o o p e n a c c o u n t sy ste m t o th o T ra d o
A c c e p t a n c e b a s is w il l b o r e li e v e d o f a t r e m e n d o u s a m o u n t o f w o r k e n t a i le d
in s e n d in g d u n e , d r a f t s , n o t e s , & c .
T i l ls w o r k w ill b o t r a n s f e r r e d t o t h o
ban ks.
B y c e n t r a li z i n g t h o w o r k in t h o b a n k s h e r e t o fo r e d o n o i n t h o
v a r i o u s b u s in e s s h o u s e s , a r e d u c t io n in t h o c o s t o f h a n d li n g c a n b o e f f e c t e d .
T h e m e r c h a n t s a r o e n t i t l e d t o r e c e iv o t h o b e n e f i t s f r o m s u c h r e d u c t i o n b u t
s h o u ld n o t a s k fo r m o r e th a n s u ch b e n e fits .
I t s e e m s e s s e n t ia l in t h o d e v e l o p m e n t o f t h o T r a d o A c c e p t a n c e t h a t t h o
h o l d e r o f a n y A c c e p t a n c e s h o u l d b o p l a c e d in a p o s i t io n w h e r o h o w ill b o
a b l o t o d e t e r m in e a s t o w h a t t h o A c c e p t a n c e w ill y i e l d a t i t s m a t u r i t y .
T h a t is , a s t o w h a t t h o m a x i m u m s c r v ic o a n d c o l l e c t i o n c o s t w ill b o .
W e h a v o r e fe r r e d t o t h o t w e n t y - t h r e o s p e c i a l c o m m i t t e e s t h o p r o b l e m
o f e v o l v i n g a u n i f o r m s e h c d u lo o f s e r v ic e , e x c h a n g e a n d c o l l e c t i o n c h a r g e s
t o c o v e r t h o o x jie n s o o f c o l l e c t i o n a n d r e m is s i o n f o r T r a d o A c c e p t a n c e s .
W o a r o c o n f i d e n t t h a t t h r o u g h t h o e f f o r t s o f t h e s e c o m m i t t e o s t h o r ig h t
a n s w e r w ill b o m a d o a v a i l a b l e .

Preferential Pates.
T h o t h i r d p r o b l e m is :
T h a t o f a p r e fe re n tia l r a te o n T r a d o A c c e p t a n c e s .
T h e F e d e ra l R o s e r v o b a n k s h a v o b e e n g r a n tin g a r a te o n T r a d o A c c e p t a n c e s
o f a b o u t Vi o f 1 % u n d e r t h o r e d i s c o u n t r a t o f o r s i n g le n a m e c o m m e r c i a l
p a p er.
O b s e r v in g t h i s , m a n y o f t h o m e r c h a n t s , m a n u f a c t u r e r s , j o b b e r s
a n d w h o le s a le r s w h o a r e u s i n g t h o T r a d o A c c e p t a n c e f e e l t h a t t h o m e m b e r
b a n k s s h o u ld g iv o th e m t h o b e n e fit o f r e d u c e d o r p r e fe re n tia l r a t e , a t
le a s t 'A o f 1 % l o w e r t h a n t h o r a t o o n o t h e r c o m m e r c i a l p a p e r .
T h i s is a
q u e s tio n t h a t t im e a n d o t h e r e le m e n ts m u s t s o lv e .
I t is m y o p i n i o n t h a t a s f a r a s t h o p r e f e r e n t i a l r a t o is c o n c e r n e d , t h o
T r a d o A c c o p t a n c o w ill r e c e iv e t h o s a m o a c i d t e s t t h a t d o c s o t h e r c o m m e r ­
c ia l p a p e r . fl h o r a t o
ill d e p e n d u p o n t h o q u a l i t y o f t h o p a p e r , t h o s t a n d ­
in g o f th o a c c e p t o r a n d d r a w e r , th o m o n e y m a r k e t, & c .
W o now havo a
s e l le r 's m a r k e t w h e r e in t h o b a n k e r s h a v o f u l l d e m a n d f o r p r a c t i c a l l y a ll
o f t h e ir f u n d s a t h i g h r a t e s .
T h is b e i n g t r u e , i t is n o t l ik e l y a s l o n g a s
g o o d p a p e r is a v a i l a b l e , t h a t t lio b a n k s w il l g i v o a p r e f e r e n t i a l r a t o o n a ll
T ra d o A ccep ta n ces.
T h e y w il l, h o w e v e r , g i v e a p r e f e r e n t i a l r a t o o n s u c h
T r a d o A c c e p t a n c e s a s a r o t r u l y p r i m e b i ll s .
T h o r a t e s a l s o h i n g o u p o n t h o f o u r t h b i g p r o b l e m w h ic h c o n f r o n t s t h o
b a n k e r s : t h a t is , t h o d e v e l o p m e n t o f a c o m p r e h c n s l v o o p e n d i s c o u n t m a r ­
k et.
T h is p r o b l e m , I f e e l , is p r o g r e s s in g a s r a p i d l y a s c a n b o o x p e c t c d .
T w o i m p o r t a n t b a n k in g c o r p o r a t i o n s , t h o p r i n c ip a l b u s in e s s o f w h ic h w ill
b o b u y i n g a n d s e l li n g A c c e p t a n c e s , d e a l i n g in f o r e i g n e x c h a n g e , p r o m o t i n g
fo re ig n t r a d e , & c ., h a v o b e e n o r g a n iz e d .
A n o t h e r 3 1 0 ,0 0 0 ,0 0 0 c o r p o r a t i o n
w h ic h w il l b e k n o w n a s t h o D i s c o u n t B a n k o f N o w Y o r k , w ill l i k e l y b o in
o p e r a t i o n w it h i n a v e r y f e w w e e k s .
1 h o s a v in g s b a n k la w s o f th o S ta te s o f N e w Y o r k , M a s s a c h u s e tts a n d
C a li f o r n ia , w e r e r e c e n t l y a m e n d e d s o a s t o p r o v i d o t h a t s a v in g s b a n k s
m a y i n v o s t p a r t o f t h e ir f u n d s in p r i m e b a n k a c c e p t a n c e s .
A m ovem ent
is o n f o o t t o g o t f u r t h e r a m e n d m e n t s w h ic h w il l a u t h o r i z o t h o s a v i n g s b a n k s
t o i n v o s t in T r a d o A c c e p t a n c e s w h e n in d o r s e d b y F e d e r a l R o s o r v o m e m b e r
b a n k s a n d t r u s t c o m p a n i e s o r g a n i z e d u n d e r t h o la w s o f t h o S t a t e s w h e r e in
th o s a v in g s b a n k p u rch a s e rs a ro lo c a t e d .
T h is w o u ld o p e n q u it o a la rg o
fie ld .
F u rth e r , a la rg o n u m b e r o f th o b a n k s s c a t t e r e d t h r o u g h o u t th o
c o u n t r y h a v o s u r p lu s f u n d s d u r i n g c e r t a in s e a s o n s o f t h o y e a r .
T h ose
b a n k s h a v o h c r c t o f o r o i n v e s t e d t iie s o s u r p lu s f u n d s in s o - c a ll e d c o m m e r c i a l
p a p o r b o u g h t th ro u g h n o to b ro k e rs.
M a n y o f th e so p a p e r b u y in g b a n k s
a r o l n o w r o a d y t o t u r n t h e ir a t t e n t i o n t o t h o i n v e s t m e n t o f t h e i r s u r p lu s




127

f u n d s in T r a d o A c c e p t a n c e s s o t h a t t h o q u e s t i o n o f m a r k e t is r e a l l y d e ­
v e lo p in g s a t is fa c t o r ily .
A n u m b e r o f p e o p l e a r o f e a r f u l t h a t t h o in a u g u r a t i o n o f t h o T r a d o A c ­
c o p t a n c o p l a n m a y d i s t u r b t h o c a s h d i s c o u n t s c h e m o t h a t is s o p o p u l a r in a
g r e a t m a n y lin n s .
U p t o th o p re s e n t t im e o u r e ffo r t s h a v o b e e n d e v o t e d
e n tire ly t o th o id e a o f s u b s titu tin g t h o T r a d e A c c e p t a n c e fo r t h e o p e n b o o k
a ccou n t.
I n s o d o i n g , s o m e f ir m s h a v e r e v a m p e d t h e i r s e l li n g t e r m s ,
e lim i n a t i n g t h e c a s h d i s c o u n t e n t i r e l y , a n d p l a c i n g t h e ir b u s in e s s o n a
s t r ic t ly T ra d e A c c e p t a n c e b a s is .
I n t h e S t a t e o f W a s h i n g t o n t h e m il l e r s ,
t h r o u g h t h e ir a s s o c ia t i o n , h a v o w o r k e d o u t a p l a n w h e r e b y s a le s a r e m a d o
o n t h e T r a d e A c c e p t a n c e o r s p o t c a s h b a s is o n l y .
W o a ll k n o w b e f o r e t h o p a s s a g e o f t h o F e d e r a l R o s e r v o A c t , w o h a d a
fa u lty c u r r e n c y s y s te m .
T h o c u r r e n c y d i d n o t e x p a n d a n d c o n t r a c t w it h
th o sea son a l a n d u n u su a l d e m a n d s.
I n o r d e r t o g e t c a s h c a p it a l, t h e c o m ­
p e titio n d u o t o a r a p id g r o w in g c o u n t r y a n d t h e u n s ta b le c o n d it io n s o f o u r
c r e d i t s y s t e m m a d e i t n e c e s s a r y t o o f f e r t e r m s in t h e v a r i o u s t r a d e s t h a t
n o w a p p e a r t o b o u n w a r r a n t e d a n d w h ic h m i g h t b o t h o a d v a n t a g e o f
b u y e r s , s e lle r s a n d c o n s u m e r s a l ik e , b o r e v a m p e d .
2 % 1 0 — n e t 3 0 d a y t e r m s , w h e r e t h o b i ll s a r o d i s c o u n t e d , p l a c e t h e
r a t e p a i d b y t h e s e lle r f o r t h e f u n d s a t 3 6 % p e r a n n u m .
Is th ere a n y
r e a s o n w h y a n y r e li a b l e c o n c e r n d e a l i n g w i t h a r e li a b l e b u y e r , s h o u l d ,
u n d e r o u r m o d e r n i z e d b a n k in g s y s t e m , p a y a n y s u c h r a t e f o r t h o u s e o f
m oney ?
I t m a y b o d o s ir a b lo la te r t o th re s h o u t t h o m a t t e r o f th e s o u n d ­
n ess o f th e ca sh d is c o u n t s y s te m , b u t w o a re n o w , as s ta te d b e fo r e , c o n ­
c e r n in g o u r s e l v e s w it h t h o s u b s t i t u t i o n o f t h o T r a d o A c c e p t a n c e f o r t h e
o p e n a c c o u n t o f t h o b u s in e s s .

Why Are Bankers Concerned?
Y o u m a y a s k w h y t h o b a n k e r s s h o u ld b o c o n c e r n e d w it h t h is q u e s t i o n .
I n t h o f i r s t p l a c e , t h e r e a r e , n o d o u b t h e r e , m a n y w h o s e i n s t it u t i o n s h a v e
c o m p a r a t iv e ly s m a ll c a p ita l a n d w h o h a v o c u s to m e rs w h o , b e ca u s e o f th o
1 0 % r u lo , c a n n o t b o a c c o m m o d a t e d a t h o m e .
M a n y o f y o u m a y , th ere­
f o r e , t h r o u g h t h o u s e o f t h o t r a d o a c c e p t a n c e b o e n a b le d t o h a n d le t h o
o n t i r o lin e s o f s o m e o f t h o v e r y b e s t p e o p l e in y o u r r e s p e c t i v e c o m m u n it i e s
a n d w h o s e b u s in e s s y o u a r o n o w o b l ig e d t o p a s s u p t o t h o la r g e r c it i e s .
E v e r y b a n k e r s is c o n c e m o d w it h a n y m o v e m e n t t h a t w il l s t a b i li z e
c r e d it s a n d w il l p r o v i d o a c lo s e r a n d b e t t e r c h e c k a n d s u p e r v i s io n o v e r t h o
m e r c h a n d i s e t r a n s a c t io n s a g a in s t w h ic h lo a n s a r e m a d o .
M a n y b e lie v e t h a t th o u s e o f th o tr a d o a c c e p t a n c e w o u ld h a v e a te n d e n c y
t o r e m o v e m e r c h a n t s f r o m t h o f ie l d o f b a n k in g .
I t is n o t n e c e s s a r y t o s t r e t c h o n e ’ s i m a g in a t io n v e r y m u c h , in o r d e r t o
f o r o s e o a d e v e l o p m e n t w h ic h m a y m a k e i t d e s i r a b l e f o r t h o F e d e r a l R e s e r v e
b a n k s t o b e c o m e ce n tr a l a g e n ts o n b e h a lf o f th e ir r e s p e c t iv e m e m b e r s f o r
t iie p u r c h a s e a n d s a lo o f t h i s c la s s o f p a p e r .
(T h e s o o p e r a tio n s s h o u ld b o
lim it e d t o b a n k s .
I t is n o t t h o p u r p o s e t h a t F e d e r a l R e s e r v e b a n k s s h a ll
e n g a g o in t h o f i e l d o f c o m m e r c i a l b a n k in g a n d d e a l w i t h t h e p u b l i c .
T hey
e s s e n t ia ll y r e s e r v o i n s t it u t i o n s .)
F o r i l l u s t r a t io n , t h o b a n k s o f c e r t a in
c o m m u n it i e s t h a t h a v e s u r p lu s f u n d s d u r i n g a p a r t i c u la r s e a s o n o f t h o y e a r
m ig h t p u r c h a s e t r a d e a c c e p t a n c e s f r o m t h e i r F e d e r a l R e s e r v e b a n k — t h e
F e d e r a l R e s e r v e b a n k h a v i n g r e d i s c o u n t e d t h e m f o r b a n k s in a n o t h e r
s e c t io n w h e r e t h e r e is a s c a r c i t y o f f u n d s .
T h is p r a c t i c e w o u l d y i e l d b e t t e r
r e t u r n s t h a n a r e n o w d e r i v e d f r o m t h o p l a c in g o f s u c h f u n d s t e m p o r a r i l y
o n d e p o s i t w it h 'r o s e r v e a g e n t s o r o t h e r b a n k s .
A n o t h e r v e r y ] i m p o r t a n t p o i n t is t h a t w o r l d - w i d o c o n d i t i o n s h a v e b r o u g h t
u p o n t h o i n d u s t r ia l, c o m m e r c i a l a n d f in a n c ia l i n t e r e s t s o f t h i s c o u n t r y t h o
g r e a t e s t r e s p o n s i b il i t ie s t h a t t h e y h a v e o v e r f a c e d .
In o rd e r to m e e t th e se
r e s p o n s i b il i t ie s a n d t o p l a c e A m e r i c a in a p o s i t i o n t o m a k e a c r e d it a b le
s h o w in g in h e r f i g h t f o r a f a ir s h a r e o f t h o w o r l d ’ s c o m m e r c e a f t e r t h o w a r ,
i t w il l b o n e c e s s a r y t o w h ip e v e r y d o l l a r ’ s w o r t h o f c r e d i t i n t o s u c h f o r m a s
w ill e n a b lo i t t o r e n d e r t h o m a x i m u m o f s e r v i c e .
T h o r e s p o n s e o f t h e b a n k s t o t h o c a l l o f t h e n a t i o n in e v e r y a c t i v i t y s i n c e
t h o d e c l a r a t io n o f w a r h a s b e e n m a g n i f i c e n t , I a m c o n f i d e n t t h a t e v e r y
b a n k e r c a n b o d e p e n d e d u p o n t o d o e v e r y t h i n g in h is p o w e r t o a i d t h e
G o v e r n m e n t u n t i l v i c t o r y f o r A m e r i c a a n d h e r a llie s in t h i s g r e a t s t r u g g l e
f o r h u m a n f r e e d o m a n d - i n d e p e n d e n c e s h a ll h a v o b e e n a t t a i n e d .
Y o u are
m i g h t y p r o u d o f t h o f i r s t m il l io n o f A m e r i c a n b o y s in F r a n c e .
Y o u w il l
s e n d a m il l io n m o r e l ik e t h e m 'a n d y o u w il l b a c k t h e m w i t h e v e r y d o l la r
a n d ev ery o u n ce o f en ergy a t y o u r co m m a n d .

MELTING OF SILVER DOLLARS A N D RETIRING
SILVER CERTIFICATES.
Tho Treasury Department, under date of July 3, made
public tho following regarding tho melting of silver dollars:
S i x t y - f o u r m il l io n s i lv e r d o l la r s h a v e b e e n m e l t e d i n t o b u l l io n b y t h e
U n it e d S t a t e s T r e a s u r y , m o s t o f w h ic h h a s b e e n e x p o r t e d t o I n d i a .
F i f t y - e i g h t m il l io n d o l la r s o f s i lv e r c e r t i f i c a t e s h a v o b e e n w it h d r a w n f r o m
c ir c u l a t i o n a n d d e s t r o y e d a s t h e s i lv e r o n w h ic h t h e y w o r e s e c u r e d w a s
m o lt e d d o w n .
T h o T r e a s u r y s t ill h o l d s 4 2 6 ,0 0 0 ,0 0 0 s i l v e r d o l la r s , a g a i n s t
w h ic h $ 3 9 0 ,0 0 0 ,0 0 0 in s i lv e r c e r t i f i c a t e s a r o o u t s t a n d i n g .
N e w F ed era l
R o s o r v o b a n k n o t e s o f t h o d e n o m i n a t i o n s o f $1 a n d $ 2 a r o b e i n g is s u e d t o
r e p l a c e t h e s i lv e r c e r t i f i c a t e s w it h d r a w n .

' ;The Federal Reserve Board in its “ Bulletin” for June,
reported that material progress had been made, since the
adoption of the A ct providing for the breaking up of the
silver dollars held behind silver certificates, in carrying out
tho provisions of tho law. W e quote what it had to say
below:
S i n c o t h o a d o p t i o n o f t h e A c t o f A p r i l 2 3 a u t h o r i z in g t h o r e t i r e m e n t o f
s i l v e r c e r t i f i c a t e s a n d t h e b r e a k i n g u p o f s i l v e r d o l la r s h e l d b e h i n d t h e m in
o r d e r t o s u p p l y b u l l io n f o r e x p o r t , t h e a u t h o r i t ie s o f t h o T r e a s u r y D e p a r t ­
m e n t h a v o b e e n m a k i n g s t e a d y p r o g r e s s in t h e a p p l i c a t i o n o f t h o l a w .
In
t h is t h o F e d e r a l R o s e r v o B o a r d h a s c o - o p e r a t e d .
T w o p r o b le m s r e q u ir e
s o l u t i o n ; f i r s t , t h o a c t u a l r e t ir e m e n t o f t h o s i l v e r c e r t i f i c a t e s t h e m s e lv e s ,
a n d s e c o n d , th e p r e p a r a tio n a n d is su a n ce o f F e d e ra l R e s e r v e b a n k n o te s
t o t a k e th e ir p la c e .
I n c o n n e c t io n w it h t h o is su a n ce o f F e d e ra l R e s e r v e
b a n k n o t e s it w a s n e ce s s a ry t o p r e p a r e n e w p la te s a n d t o d e t e r m in e u p o n
t h o d i s t r i b u t i o n o f t h e is s u e s u p o n s o m e p r o r a t a b a s is b e t w e e n F e d e r a l
R osorvo ban ks.
I t w as d e c id e d t o a p p o rtio n th o n o te s a m o n g th o b a n k s
u p o n t li o s a m o b a s is a s F e d e r a l R e s e r v e n o t e s a n d t o e n l is t t h o a s s i s t a n c e
o f F e d e r a l R o s e r v o a n d m e m b e r b a n k s in u n d e r t a k in g t h o w it h d r a w a l o f
s i lv e r c e r t i f i c a t e s , f i r s t in t h e h ig h e r d e n o m i n a t i o n s a n d l a t e r w h e n t h e
n o w b i l l s h a d b e e n p r e p a r e d in t h e d e n o m i n a t i o n s o f o n e a n d t w o d o l la r s .
T h o f o l l o w i n g l e t t e r , t r a n s m it t e d b y G o v e r n o r I l a r d i n g t o F e d e r a l R e ­
s e r v o b a n k s o n M a y 2 4 , f u r n is h e d i n s t r u c t i o n s r e g a r d i n g t h o f i r s t s t e p s in
t lio o p e r a t i o n o f r e t ir i n g t h o o l d n o t e s a n d s u b s t i t u t i n g t h e n e w o n e s in t h e i r
p la c e :

Dear Sir.— F o r y o u r i n f o r m a t i o n t h e r e is i n c lo s e d a c o p y o f2 ;1 s t a t e m e n t
is s u e d b y t h e D i v i s i o n o f L o a n s a n d C u r r e n c y o f t h e T r e a s u r y , s h o w in g
s i lv e r c e r t i f ic a t e s w it h d r a w n f r o m c i r c u l a t i o n a n d c a n c e l e d , a n d s i lv e r

d olla rs m olted o r b r o k e n u p d u rin g th o w eek e n d e d M a y 17. Y o u w ill
n o t ic e th a t as a result o f these o p e ra tio n s th o c ircu la tin g m e d iu m h a s been
decrea sed b y $ 3 7 ,8 8 1 ,3 7 4 .
In ord er t o a v o id a n y s h o rta g e in sm all bills th o B o a rd is o f th o o p in io n
th a t F ed era l R e s e r v e ba n k s sh o u ld , a c tin g to g e th e r as a sy s te m , r e p la co
w ith d ra w a ls o f silver d olla rs an d silver ce r tific a te s b y th e issu e o f F ed era l
R e s e r v o b a n k n o te s .
I t is th e in te n tio n o f th o B o a rd t o k e e p th o F ed era l
R e s e r v e ba n k s in fo rm e d ea ch w eek o f th o a m o u n t o f silver a n d silver cer­
tifica tes w ith d ra w n a n d t o a llo t t o each F ed era l R e s e rv e b a n k Its p ro p e r
p r o p o r t io n o f F ederal R es e rv e b a n k n otes as n e a rly as p o ssib le o n th o
b asis o f d is trib u tio n o u tlin e d in its le tte r o f A p ril 2 9 tli, X -9 1 7 .
I t is desira b le th a t F ed era l R e se rv e ba n k s s h o u ld g e t th eir F ed era l
R e s e r v o b a n k n otes as re ce iv e d in to cir c u la tio n b e fo r e issu in g a d d itio n a l
F ed era l R es erv e n o te s .
F o r th o p resen t it w ill n o t b o passible, h o w e v e r ,
t o ad h ere s tr ic tly t o th o basis o f d is trib u tio n o u tlin e d in th o le tte r o f
A p ril 29, b eca u se th e a m o u n t o f F ed eral R e s e rv e b a n k n o te s a v a ila b le in
th o v a rio u s d istricts is n o t u n ifo rm , an d th re o o f th o F ed era l R e se rv e banks
h a v e n o b a n k n otes a v a ila b le a t all. A s ta te m e n t is in c lo s e d sh o w in g tho
a m o u n t o f F ederal R es erv e b a n k n o te s a v a ila b le fo r e a ch b a n k o n M a y 20.
It has been d eem ed a d v is a b le th a t F ed era l R e se rv e ban ks sh o u ld first
d e p a sit th eir o n e -y e a r 3 % n o te s as s e c u r ity fo r th eir F ed eral R e s e rv o
b a n k n otes an d th a t th e y g iv e p o w e r o f a tto r n e y t o th o F ed eral R e se rv o
B o a r d t o requ est th e S ecre ta ry o f th o T r e a s u r y fro m tlm o t o tim e t o d e ­
p o s it w ith th o T rea su rer o f th e U n ite d S ta te s, th r o u g h th o C o m p tr o lle r
o f th e C u rr e n c y fo r a c c o u n t o f th o re s p e c tiv e b a n k s , s u ch a m o u n ts o f
U n ited S tates C e r tific a te s o f In d e b te d n e ss as m a y b o necessary t o secu re,
a fte r all th o o n o -y e a r 3 % n o te s h a v e been d e p a slte d , th o F ed eral R e se rv o
b a n k n o te s w h ich w ill bo issu ed in s u b s titu tio n fo r silv e r ce r tific a te s w ith ­
d ra w n . T h e T rea su rer o f th e U n ite d S tates c a n th e re u p o n ch a rgo tho
a c c o u n t o f ea ch Federal R ese rv e b a n k , as a d e p o s it in his general a c c o u n t,
w ith th e a m o u n t o f th o purch ase p rice o f th o c e rtifica te s .
In ord er t o c a r r y o u t this p la n th e B o a rd re q u e sts th o F ed eral R e se rv o
b a n k s t o call fo r F ed era l R e s e rv e b a n k n o te s in th o a m o u n ts in d ica te d
b e lo w a n d t o d e p o s it as s e cu rity w ith th o C o m p tr o lle r o f th o C u rr e n c y an
e q u iv a le n t-a m o u n t in on o -y e a r 3 % T re a s u ry notes:
B h lladel p h ia ______________ $ 1 ,000,000 M in n e a p o lis _______________ $ 8 8 0,00 0
C le v e l a n d ___________________ 2 ,0 6 0 ,0 0 0 K ansas C i t y _______________ 1,3 7 4 ,0 0 0
1,3 0 7 ,0 0 0
R ic h m o n d __________________ 1 ,000,000 D a l l a s _______ ________
A t l a n t a _____________________ 1,1 4 1 ,0 0 0 San F r a n cis c o ______________ 1,5 0 0 ,0 0 0
C h ic a g o _____________________ 2 ,9 6 2 ,0 0 0
A s s o o n as Federal R eserv o b a n k n o te s fo r all o f th o ban k s aro av a ila b le
th o B oa rd w ill m a k o th o p r o p e r a d ju s tm e n t b e tw e e n th e b a n k s.
F o llo w in g is a t y p ic a l lo tte r th a t is b e in g se n t t o m e m b e r ban k s b y
F ed era l R e s e r v e b a n k s:
T o the Cashier o f the bank addressea:
D ear S ir.— F o r th o p u rp a so o f co n s e rv in g th e n a t io n ’s g o ld s u p p ly , p e r ­
m ittin g th o s ettlem en t in s ilv e r, w h ere p r a c tic a b le , o f a d v e rse trade bal­
an ces, p r o v id in g silver fo r su b sid ia ry co in a g e a n d co m m e r c ia l use, an d
assisting A llie d G o v e rn m e n ts in th o w ar a gain st G e rm a n y , C o n g re ss has
r e c e n tly a u th oriz ed $ 3 5 0 ,0 0 0 ,0 0 0 o f th o silve r d olla rs h e ld in th o U nited
S tates T rea s u ry t o bo b rok e n up a n d so ld as b u llio n . A s m o s t o f th e silver
th u s held is rep resen ted b y silv e r ce r tific a te s in c ir c u la tio n , it can o n ly bo
o b ta in e d b y th o return in silv e r c e rtifica te s t o th o T r e a s u r y fo r c a n ce lla tio n .
T h o w ith d ra w a l o f silver ce r tific a te s fro m cir c u la tio n is n o t in te n d e d t o
b o p e rm a n e n t, as th o A c t p ro v id e s t h a t th o D ir e c to r o f th o M in t , as s o o n
as p r a c tic a b le a fter a sale o f silver b u llio n has be e n m a d e , shall pu rch ase
a lik e q u a n tity o f silver t o tak e th o p la c e o f th e b u llio n s o ld . T o p r o v id o
te m p o r a r ily tho n ecessary c ircu la tin g m e d iu m d u rin g th o in terim be tw e e n
th o w ith d ra w a l o f th e silver ce r tific a te s a n d th eir su b se q u e n t reissue w hen
th e silver s u p p ly has been replen ish ed b y pu rch ases o f silve r, F ed era l
R e s e rv e ban ks will issue F ed era l R e se rv e b a n k n o te s in d e n o m in a tio n s o f
$ 1 , $ 2 , $5 a n d u p w a rd . T h e se n o te s w ill b o o b lig a tio n s o f th o Federal
R c s e r v o b a n k s secu red b y U n ited States C e r tific a te s o f In d e b te d n e ss o r
o r b o n d s an d sim ilar oth erw ise t o n a tio n a l-b a n k n o te s .
W e ask th o ba n k s o f this d is tric t t o c o -o p e r a te w ith th o G o v e rn m e n t
b y fu rn ish in g us w ith th eir p reson t s u p p ly o f $5 silve r c e r tific a te s , w h ich
c a n bo r ep la ced in cir c u la tio n a t o n c e b y F ed era l R e s e rv e n o te s . F ed eral
R e s e r v e b a n k n o te s , or U n ited S tates n o te s .
In a fo w w eek s, w h o n Federal
R e s e r v e b a n k n otes o f th o $1 a n d $2 d e n o m in a tio n s aro r e a d y , a req u est
w ill also b e m a d o th a t silver ce r tific a te s in these d e n o m in a tio n s b o sen t in.
W ill y o u n o t , t h e r e fo r e , please s o r t o u t o f y o u r cash an d fo rw a r d t o us,
a t o u r exp en se, all silv er cer tific a te s o f $5 an d u p w a rd w h ich y o u m a y h a v e
o n h a n d o r re ce iv e fr o m tim o t o tim e , in retu rn fo r w n ich w o w ill eith er—
(a) F u rn ish y o u , free o f o x p o n se , o th e r c u r r e n c y o f th o sam e o r larger
d e n o m in a tio n s , as y o u m a y p re fe r: or
,
, ,„
,
,
,
(b) P la ce th o a m o u n t t o y o u r cr e d it in th is b a n k . If a m e m b e r b a n k , or
in a n y d esign a ted b a n k in th is d is tric t.
W e feel c o n fid e n t th a t y o u will b o w illin g t o c o -o p e r a to w ith th o G o v e rn ­
m e n t in fu rn ish in g it th o silver it needs fo r its o w n req u ire m e n ts a n d thoso
o f th o A llies.

On M ay

2 i t w a s re p o r te d t h a t th o U n it e d S ta t e s h a d

b e g u n th o s h ip m e n t o f silv e r b u llio n to I n d i a , v ia S a n F r a c is c o , to se ttle la r g e A m e r ic a n o b lig a tio n s in t h a t m a r k e t
w h ic h c o u ld n o t b e liq u id a t e d in a n y o th e r w a y .

Tho Now

Y o r k “ T r ib u n e ” in re p o r tin g th is a lso sa id :
S im u lta n eou sly th o G o v e rn m e n t has b e g u n b u y in g silver in th o o p e n
m a rk et a t .$1 an o u n c e , in a c c o r d a n c e w ith th o te rm s o f th o P ittm a n A c t
r e c e n tly passed b y C on gress.
I t w as learned y e s te rd a y th a t in th o p ast fo w d a y s th o G o v e rn m e n t has
p u rch a sed several h u n d red th o u sa n d o u n ce s o f silver a t th e fix e d p rico o f $1
an o u n c e , an d fr o m n ow o n G o v e rn m e n t b u y in g a t th is fig u ro is e x p e cte d
t o b e c o m e a featu re in th o silve r m a rk et.
T h o silver th a t is b ein g sh ip p e d t o In d ia h a s been o b ta in e d fro m th o first
o f th o lo t o f 2 5 ,0 0 0 ,0 0 0 silver d olla rs m e lte d in th o p o ts o f th o lo ca l A s s a y
O ffic e .
U n d er th o p rov is io n s o f th o P ittm a n A c t th o G o v e rn m e n t has
3 5 0 ,0 0 0 ,0 0 0 silv er d olla rs t o b o m e lte d d o w n , th o b u llio n t o be used In th o
settlem en t o f in tern a tion a l b a la n ce s in lieu o f g o ld . I f th o G o v e rn m e n t
ta k es fu ll a d v a n ta g e o f th e law an d m elts th o m a x im u m a m o u n t o f silver
d olla rs, th o b u llio n c o n te n ts o f w h ich is a b o u t 2 7 0 ,0 0 0 ,0 0 0 o u n ce s , m ore
th a n o n o an d o n e -h a lf tim es th o w o r ld ’s ann u al p r o d u c tio n w ill b o a d d e d
t o th e w o r ld ’s a v a ila b le s u p p ly fro m th is so u r c e . T h is s t o c k m u st b o re ­
p len ish ed tlirou g h op e n m a rk e t pu rch ases o f silve r at $1 an o u n c e , tran s­
a c tio n s fo r w h ich a c c o u n t h a v e a lre a d y been b e g u n .
T h o m etal th a t is n ow b e in g fo rw a rd e d t o In d ia is g o in g t o th e C a lc u tta
M in t . T h e ro it w ill eith er b e m e lte d in to In d ia n rupees o r p la c e d in th o
s ilv er reserve b e h in d th o o u ts ta n d in g In d ia n c u r r e n c y . A s te a d y flo w o f
sh ip m en ts t o In d ia is e x p e c te d , as A m e rica n o b lig a tio n s in th a t c o u n t r y fo r
m aterials p u rch a sed th ero aro said t o b o v e r y h e a v y .

O n M a y 7 A s s o c ia te d P re ss a d v ic o s fr o m L o n d o n s ta te d
th a t th a n k s to th o U n it e d S ta t e s G o v e r n m e n t fo r th o v a lu ­
a b le a ssista n c e g iv e n in c o n n e c tio n w ith th o s u p p ly o f silve r
i n I n d ia w a s e x p re sse d b y L o r d C h e lm s fo r d , th e V ic e r o y , a t
th o w a r c o n fe re n c e o f th o m o m b e r s o f th o V ic e r e g a l a n d
P r o v in c ia l
a c c o r d in g
d is p a tc h e s

[Vol. 107.

THE CHRONICLE

128

C o u n c ils

and

to a te le g r a m
a lso

of

th o

re ce iv e d

ru lin g
by

P rin c e s

at

R e u te r’ s, L t d .

D e lh i,
Tho

sa id :

T h o V ic e r o y in v ite d c o -o p e r a tio n in secu rin g su ccess fo r th o c o m in g
In d ia n W a r L o a n , an d said h o p r o p o s e d t o c o n sid e r in c o n ju n c t io n w ith
t h o L e g is la tiv e C o u n cil h o w fa r it m ig h t b o fe a sib le fo r In d ia t o increase
t h e d ir e ct fin a n cia l c o n t r ib u tio n sho a lre a d y has m a d o t o th o B ritish
G o v e rn m e n t o r t o assist fin a n c ia lly in a n y o th e r w a y .
l i e d e cla re d th at i f
a d d itio n a l ta x a tio n w as n e ce ssa ry, th ero w ill b o n o h e s ita n cy in p ro p o s in g
i t , a n d ho th r o u g h t th a t In d ia w o u ld g la d ly bear it.




O n J u n e 8 a d is p a tc h fr o m

W a s h in g t o n p rin te d in th o

N e w Y o r k “ T r i b u n e ,” s a id :
A m e rica n silve r dolla rs n o w h a v e be e n tra n sfo rm e d in rupees o f B ritish
In d ia , an d o th e r sm all c o in s u sed t o p a y I n d ia n so ld ie rs.
In e x ch a n g e,
th o U n ite d S tates G o v e rn m e n t has o b ta in e d a q u a n tity o f r u p c o c r e d its ,
o r fo re ig n e x ch a n g e , fo r use o f im p o rte rs in p a y in g th eir d e b ts in In d ia .
A b o u t 6 2 ,0 0 0 ,0 0 0 silve r d olla rs n o w h a v e been m o lte d in to b u llio n u n d er
th o re ce n t silv e r b ill, a c c o r d in g t o a T re a s u ry r e p o r t t o -d a y , a n d m o s t o f
th is h as b e e n s h ip p e d t o In d ia .

I t w a s a n n o u n c e d o n J u n e 1 0 th a t H a r d y & H a r m o n , b u l - •
lio n d ea lers o f N e w Y o r k C i t y , h a d b e e n d e s ig n a te d a s a g e n ts
o f th o B r itis h G o v e r n m e n t in h a n d lin g s liip m o n ts o f silv e r
fr o m th e U n it e d S ta te s to I n d i a .

G U Y W . CO OKE ON W H A T W A R F I N A N C E W O R K H A S
A CCO M PLISH ED I N SH O W IN G VALU E
OF A D V E R T I S I N G .
G u y W . C o o k e , M a n a g e r o f th o D e p a r tm e n t o f A d v e r tis in g
a n d N e w B u sin e ss o f th o F ir s t N a t io n a l B a n k o f C h ic a g o ,
in

h is

ad d re ss

as

P re s id e n t o f tho F in a n c ia l A d v e r tis e r s ’

A s s o c ia tio n , a t S a n F ra n c isc o o n J u ly 8 , s ta te d t h a t “ th o
c a m p a ig n s o f e d u c a tio n in th r ift a n d in v e s tm e n t t h a t h a v o
b e e n carried o n b y a n d fo r th e G o v e r n m e n t aro a c h ie v in g
a re su lt th a t a g e n e ra tio n o f a d v e r tis in g b y b a n k s a n d in ­
v e s tm e n t h o u ses co u ld n o t h a v o a c c o m p lis h e d .”

H o added:

T h o p e n d u lu m o f fin a n cia l p u b lic it y has sw u n g w id e . T h o c o n s e r v a tiv e
h as g iv e n p la c o t o t h e r a d ica l, th o e x tre m e . E v e r y fo rm o f a d v e rtis in g
h as be e n laid u n d e r tr ib u te . P ress and p u lp it , p a in t a n d p a p e r h a v o been
d r a fte d t o d r iv e h o m e t o th o gre a t m ass o f th o A m e rica n p e o p le th o fa c t
th a t this w a r is n o t o n ly o u r w a r c o lle c t iv e ly b u t o u rs in d iv id u a lly . W o
h a v o seen ban k s an d p u b lic b u ildin gs p la ca rd e d w ith p o ste rs and b u lle tin s;
h u ge signs h a v o h e ra ld e d th o n a tio n ’s need o f fu n d s w h ere p r e v io u s ly n o t
o ven a ta b le t m a rk e d n a m o o r ch a r a c te r o f b u sin ess. T h o re la tio n o f
a d v e rtis in g t o sales has be e n d e m o n s tr a te d in th is w ar fin a n c e w o rk s o
c o n c lu s iv e ly th a t th o q u e stio n o f w h e th e r t o a d v e r tis e is fo r e v e r in te rr e d .
D e s p ito th o tre m e n d o u s w a s te , d u o t o u n tra in e d v o lu n te e r w ork ers an d th o
desire o f s o m o p u b lic a tio n s t o p r o fite e r , ad v e rtisin g has p r o v e d its v a lu e .
T h e ro w ero s o m o se ven teen m illion su bscrib ers t o th o T h ir d L o a n , o r o v e r
1 5 % o f th o p o p u la tio n o f th o U n ite d S tates. A lm o s t 4 0 % o f those p e o p lo
h a v o b e c o m e in ve sto rs fo r th o first tim e . T h o n u m b e r is m o re th a n fo u r
tim es th a t w h ic h su b scrib e d t o th o F irst L o a n , a n d it is e stim a te d th a t th o
n ext G o v e rn m e n t call fo r fu n d s w ill brin g respon so fr o m m o ro th an 2 5 ,0 0 0 ,­
000 p e o p lo . T h a t s o v a s t a n u m b e r o f m en a n d w o m e n w ill exert an in flu e n ce
to b o re c k o n e d w ith in th o s e c u r ity m a rk e ts o f th o fu tu r e c a n n o t b e d o u b te d .
T h o e d u c a tio n a l w o rk w h ich has m a d e th ese p e o p le b o n d b u y e rs is g o in g
t o b e a tre m e n d o u s fa c to r in a b e tte r A m e rica n ism th r o u g h o u t th e n a tio n ;
a b e tto r c itiz e n s h ip . T h e fo re ig n -b o r n aro b e in g b r o u g h t in to a clo s e r
c o n t a c t w ith th o ideals o f th eir a d o p te d c o u n tr y , w h ile th o n a tiv e -b o r n
A m e rica n is learn in g th o le sson o f t h r ift, slo w ly e lim in a tin g w astefu ln ess
an d e x tra v a g a n ce w h ich p re se n t co n d itio n s c a n n o t to le r a to . T h e c o u n ­
t r y ’s p resen t d e m a n d fo r fo o d an d c lo th in g , n o less th an fo r m o n e y , s ta m p s
th o w a ste r as an e n e m y w ith in o u r o w n ca m p s.
N e v e r has th e tim e b e e n m o ro o p p o r tu n e fo r th e d e v e lo p m e n t o f th o
w o rk o f this a sso cia tio n u p o n th o p rin cip le s o f its fo u n d a tio n . T h e p r o te c ­
tion o f th e great a r m y o f in vestors fr o m tho h yen a s o f fin a n c e w h o o v en
n o w seek t o tra d e w o rth le ss o r a t b e s t h ig h ly s p e c u la tiv e se cu rities fo r th o
G o v e rn m e n t b o n d s is w o r t h y o f o u r b e s t th o u g h t an d e n e r g y . In this
w o rk w o h a v o th o c o -o p e ra tio n o f th o press, lo ca l a n d n a tio n a l, th e V igila n ce
C o m m itte e o f th o A s s o cia te d C lu b s a n d o f the G o v e rn m e n t its e lf.
W h e n th o w a r is w o n — as w o n it m u s t an d w ill b e ; m e n , m o n e y and
m a te ria l aro a v a ila b le ; tim e is th e o n ly u n ce rta in elem en t— fin a n cial
ad vertisers w ill h a ve a fie ld s c a r c e ly less re stricte d th a n th a t o f m e rch a n d ise
a n d an a p p e a l s o b ro a d as h u m an n a tu re itse lf. O ur o n o o b je c t n o w a n d
s o lo n g as n eed shall co n tin u e is t o d o o u r fu ll p a rt in c a rry in g th o m essage
o f th o G o v e rn m e n t’s fin a n cia l needs t o e v e r y h o m o in A m e r ic a . T o this
en d th e F in a n cia l A d v e r tis e r s ’ A s s o c ia tio n rem ain s p le d g e d . U p o n th o
re tu rn o f p e a ce b ased o n term s th a t sh all fo re v e r r e m o v e d th o m e n a ce o f
th o C e n tra l P o w e rs and th e a u to c r a c y th e y rep resen t, fin a n cia l a d v e rtis in g
w ill s h o w resu lts o f w h ich w o h a v e o n ly d re a m e d .
W ith th o U n ited S tates
th o g re a t c r e d ito r n a tio n , o u r w o rk , a n d the in terests w o rep resen t, w ill
h a v o an in te rn a tio n a l s c o p e an d th e F in a n cia l A d v e rtise rs A s s o c ia tio n
b e c o m e n o t o n ly in n a m e a d e p a rtm e n t o f th o A s s o c ia te d A d v e rtis in g
C lu b s o f th o W o r ld , b u t o f th e w o rld in m e m b e rsh ip a n d a c tiv itie s .

LER OY A . M ER S IIO N ON “ T R A I N I N G FOR S E R V IC E .”
In

a n a d d re ss o n

“ T r a in in g fo r S e r v ic e ,”

d eliv ered

by

L e r o y A . M e r s lio n , S e c re ta ry o f th o T r u s t C o m p a n y S e c tio n
o f th o A m e r ic a n B a n k e r s ’ A s s o c ia tio n b e fo ro th e M ic h ig a n
B a n k ers’

C o n v e n tio n

at

C h a r le v o ix ,

M i c h .,

on

Juno

24,

M r . M e r s h o n p o in te d o u t th a t:
N o t a lon e in th e ca m p s is th e train in g b e in g d o n o , fo r g r a d u a lly b u t s u rely
y o u r life a c t iv it y and m in e is b e in g d iv e r te d fro m its a c c u s to m e d h a b its
a n d w a y s an d is c o n tr ib u tin g m o re c o m p le te ly to w a rd th e su ccess o f th a t
w o rld fre e d o m o f a c tio n w o h a v e learn ed t o ca ll D e m o c r a c y . Y e t , i f
,ve w o u ld h asten th o d a y o f triu m p h a n d help in a r e a l w a y t o turn th o
fa ce s o f o u r b o y s h o m e w a r d , w e m u s t re p la ce th o d ic tu m “ D o y o u r b i t ”
w ith th e o n o “ D o y o u a l l . ”
_

S ta tin g

th a t

e d u c a tin g

th o p u b lic

to

th o

n e c e ssity

for

s a v in g is o n ly ono s m a ll p o r tio n o f tho jo b o f th o b a n k e r
t o -d a y , M r . M e r s h o n a d d e d :
H o (th e b a n k er) m u s t n o t o n ly m ak o it p o s s ib le t o p r o d u c o an d d is ­
tr ib u te th o m u ltitu d e o f a rticle s largo an d sm all w h ich en ter in to the
business o f w ar b u t h e m u s t m ain ta in an d sy sta in th o s o a c tiv itie s w h ich
c o n tr ib u te to w a rd th e fe e d in g , clo th in g and gon oral liv e lih o o d o f th o
arm y at h om e.
H o m u st d o m oro— h o m u st d isco u ra g e all sta te m en ts
a b o u t w h a t w o as a n a tio n aro going t o d o an d reserve his talk u n til a fter
it is a c tu a lly d o n o .
l i e m u st tak e a lo a d in g p a r t o f th a t e d u ca tio n w hich
w ill m ak o it clea r t o th o m an u factu rers an d sh ippers o f this c o u n t r y th a t
o n ly th ro u g h d e liv e ry o f h o n e st g o o d s , fair d ealin g an d s e r v lc o w ill th ero
b o se cu re d an d h e ld , a m a rk e t fo r A m e rica n g o o d s .
T h a t m eans th e m a x im u m e ffic ie n c y fro m p resid en t t o o fflc o b o y . S om e
o f th e existin g n eeds o f e ffic ie n cy m e th o d s w ero d is clo s e d th ro u g h a questi­
on n a ire r e c e n tly c o n d u c te d a m o n g th e tru st c o m p a n ie s b y th o T r u s t
C o m p a n y S e ctio n o f th e A m e rica n B a nkers A ssociation (referred t o in ou r

July 13 1918.]

issu e o f A p ril 1 3 ). T h ir t y -o n o q u e stio n s w e re a s k e d . A n sw ers t o so m e
o f th e qu estion s in d ica ted th a t th e p r a c t ic e o f c o n fe rr in g to g e th e r u p o n th e
p a r t jo f offic e r s an d d e p a rtm e n t h ead s is o n ly ca rrie d o u t in a b o u t o n e -h a lf
o f th o c om p a n ies. In o n ly a sm a ll p e r c e n ta g e d o e m p lo y e e s ge t to g e th e r
fo r th o d iscu ssion o f d a ily p r o b le m s a n d b e tte r m e n ts o f m e th o d s . A
v e r y sm all p r o p o r tio n h a v e g iv e n a n y a tte n tio n t o th e m a tte r o f p en sion
fu n d s o r oth er b e n e fits d esig n e d t o cr y s ta liz e th e se r v ic e o f th o e m p lo y e e
t o th o in s titu tio n . O n ly 1 1 % h a v e a n y plan fo r e d u ca tin g e m p lo y e e s
a lon g banicing o r tru s t c o m p a n y lines— a b o u t o n e -tliird r e p o rte d o n o o r
m o r e e m p loy ees p u rsu in g th e c o u rse o f s tu d y o f th e A m e rica n I n s titu te o f
B a n k in g o r oth er rec o g n ize d e d u c a tio n a l p la n . O n ly 2 % m ak e it a p r a c tic e
t o lia v o m ed ica l ex a m in a tion o f th eir e m p lo y e e s .

NEW

N A T IO N A L B A N K CHARTERS A N D C A P IT A L
I N C R E A S E S FOR F I S C A L Y E A R S , J U N E
30 1918 A N D 1917.

C h a rte r s fo r 1 6 8 n a tio n a l b a n k s w ith c a p ita l o f $ 1 5 ,4 3 5 ,0 0 0
w oro gra n te d d u rin g th e y e a r e n ded J u n e 3 0 1 9 1 8 , as c o m ­
p a red w ith 1 6 3 ch a rters w ith c a p ita l o f $ 9 ,4 7 0 ,0 0 0 g r a n te d
d u rin g the p re ce d in g y e a r .

T h o C o m p tr o lle r o f th o C u r ­

r e n c y , in a n n o u n c in g th is o n J u ly 6 , a lso g a v o th e fo llo w in g
in fo r m a tio n

re g a rd in g

a p p lic a tio n s

fo r

c h a rte r s,

c a p ita l

in cre ase s, & c .
Charters R efu sed .— D u r in g th o p a s t fisca l y e a r th e C o m p tr o lle r o f th e
C u rr e n c y rofu sed 24 a p p lic a tio n s fo r ch arters fo r n o w n a tio n a l ban ks,
w h ile 27 a p p lica tion s w ere r e je c t e d d u rin g th e y e a r p re ce d in g .
Charters A p p lie d f o r .— F o r th o fisca l y e a r e n d in g Ju n o 30 1918, this
o ffic e receiv ed 248 a p p lica tio n s fo r ch arters fo r n ow n a tio n a l ban k s, with
ca p ita l o f S t3 .6 8 5 .0 0 0 , c o m p a r e d w ith 321 a p p lica tio n s r e c e iv e d d u rin g
th o fisca l y ear en d in g Ju n o 30 1917. w ith ca p ita l o f $ 2 1 ,1 8 5 ,0 0 0 .
Capital In c r ea se s .— In th e y e a r e n d in g Ju n e 30 1918, 164 n a tio n a l ba n k s
In creased their c a p ita l s t o c k in th o su m o f $ 1 8 ,1 5 0 ,0 0 0 , a ga in st 150 ban ks
in crea sin g th eir ca p ita l b y $ 2 5 ,5 0 7 ,4 9 0 , d u rin g th o y e a r en d in g Ju n o 30
1917.
Capital R ed uctions.— S ix n a tio n a l banks r e d u c e d th e ir ca p ita l d u rin g
th o p a s t y ear b y $ 2 7 7 ,8 0 0 . D u rin g th o p r e c e d in g y e a r , 19 ban ks re d u c e d
th eir c a p ita l b y S I , 2 5 5 ,5 0 0 .
Liquidations.— F ifty -e ig h t n ation a l ban ks w o n t in to v o lu n t a r y liq u id a tio n
(ex clu siv e o f th o s e c o n s o lid a tin g w ith o th e r n a tio n a l b a n k s ) d u rin g th o
y e a r ju s t en d ed , th eir ag g re g a te ca p ita l b e in g $ 7 ,3 6 5 ,0 0 0 , as c o m p a r e d ,
w ith 87 s u ch ba n k s liq u id a tin g d u rin g th o y e a r e n d in g Ju n o 30 1917
w ith an .aggregate ca p ita l o f $ 8 ,9 0 2 ,5 0 0 .
A t c lo s o o f businoss Ju n o 30 1918, tiiero w ero 7 ,7 1 8 a c t iv o n a tio n a l ban k s.
O n Ju n o 30 1917, th o n u m b e r w as 7 ,6 3 5 .

G O V E R N M E N T A I D S O U G H T I N F I N A N C I N G CO TTON
CROP.
A

re so lu tio n c a llin g fo r th o re tir e m e n t fr o m

th o m a r k e t

o f o n e o u t o f o v e r y th re e b a le s o f c o tto n fo r a p e rio d of tw e lv e
m o n th s fo r th o d u ra tio n o f th e w a r , a n d th o o ffe rin g o f n o t
m o re th a n 2 0 % o f th o crop in a n y on o m o n th w a s a d o p t e d
by

th o C o t t o n

S ta t e s

139

THE CHRONICLE

O ffic ia l A d v is o r y M a r k e t in g B o a r d

a t a m e e tin g in N e w O rlea n s o n J u ly 1 .

T h o re so lu tio n w as

a d o p t e d in fu rth e r a n c e o f p la n s fo r th e g r a d u a l m a r k e tin g
o f th o 1 9 1 8 c o tto n c r o p ; in a n e ffo r t to secu ro assista n c e in
th o fin a n c in g o f th o c ro p a n d to o b ta in m o ro fa c ilitie s fo r its
s h ip m e n t a c o m m it te e o f fiv e w ill c o n s u lt w ith tho F e d e r a l
R e s e r v o B o a r d a t W a s h in g t o n .

L . B . J a c k so n o f A t l a n t a ,

S e c re ta ry a n d T re a su r e r o f th e B o a r d , a n d D ir e c to r o f th e

PROPOSAL FOR O R G A N I Z A T I O N B Y G O V E R N M E N T OF
COTTON CO R PO R A TION TO P U R C H A S E CO TTON.
T h e e s ta b lis h m e n t b y th e G o v e r n m e n t o f a c o r p o r a tio n
to b e k n o w n a s th e U n it e d S ta te s C o t t o n C o r p o r a tio n , w ith
p o w e r to b u y fo r th e a c c o u n t o f th e G o v e r n m e n t su c h c o tto n
a s m a y b e o ffe r e d fo r sale w ith o u t o th e r a v a ila b le b u y e r s ,
a t a p rice to b e fix e d b y P re s id e n t W i ls o n , w ill b e r e c o m ­
m e n d e d to th e A d m in is tr a tio n a t W a s h in g t o n b y a sp ec ia l
c o m m itte e n a m e d a t a co n fe re n ce o f c o t t o n S ta t e b a n k e r s
h e ld a t N e w

O rlea n s o n J u ly 5 .

T h o a p p o in t m e n t o f th e

c o m m it te e , c o n s is tin g o f o n e b a n k e r a n d o n e c o t t o n p ro d u c e r
f r o m e a ch o f th e S ta te s in th e c o tto n b e lt , w a s a u th o r iz e d in
a re s o lu tio n a d o p te d a s fo llo w s a t th e co n fe re n ce b y a v o t e
o f 7 to 2 (L o u is ia n a a n d G e o r g ia v o t in g a g a in s t i t ) :
W h e re a s , in th e p re s e n t s tr u g g le o f th o fre e p e o p le s o f th e U n ite d S ta te
an d th e a llied n a tio n s a g a in st th e in satia te a m b itio n o f a m a d d e n e d m ilita r y
a u to c r a c y , n e x t in im p o rta n ce o n ly t o th o s u p p ly o f fo o d is th e s u p p ly o f
ra w m aterials fo r th e m a k in g o f clo th in g , an d
W h e re a s, th e s u p p ly o f s u ch ra w m aterials, o th e r th a n c o t t o n , h as been
m a te r ia lly re d u ce d b y c o n s u m p tio n , th e r e b y in crea sin g th o n e e d fo r c o t to n
a n d th o in trin sic v a lu e th e r e o f, an d
W h e re a s, th e d e m a n d fo r tra n s p o rta tio n fa c ilitie s fo r t h e c a r r y in g o f
s old iers an d w a r su p p lies has re d u ce d th o sh ip p in g a v a ila b le fo r c o t t o n ,
th e r e b y in te rru p tin g te m p o r a r ily th e law o f s u p p ly a n d d e m a n d a n d c o n ­
fro n tin g th e p ro d u ce rs o f c o t t o n an d th o b a n k s fin a n c in g th e m w ith a
ta s k b e y o n d th e ir re so u rce s, a n d
W h e re a s , th o c o t to n p la n t y ie ld s besides th o fib e r th e c o tto n s e e d w h ic h
has been fo u n d t o b e essential in luwgm m 'K fa ts a n d fe e d an d an im p a ir ­
m e n t o f th e a g ricu ltu ra l org a n iz a tio n raisin g c o t to n w o u ld th e r e fo r e b e
W h e re a s, a la rg o s u p p ly o f th is Essential raw m a teria l w ill b o o f in e stim ­
a b le v a lu o t o th e G o v e rn m e n t o f th e U nited S tates In a n y n e g o tia tio n s
w ith th o e n e m y eith er o n th o o cca s io n o f p e a c e O d ju s lm e n t s o r th e la te r
co m m e r c ia l re a d ju s tm e n ts fo llo w in g th e c lo s e o f t n R w a i^ a s w e ll as fo r th e
use o f th e A llie d n a tio n s an d frie n d ly n e u trals d u rin g th e p rogress o f th e
w a r; th e re fo re .
B o it re s o lv e d , T h a t this m e e tin g p e titio n th o P re sid e n t an d th o C o n gress
o f th o U n ite d S tates t o cre a te a c o r p o r a tio n t o b o k n o w n as th e U n ite d
S tates C o t t o n C o r p o r a tio n w ith p o w e r t o b u y fo r a c c o u n t o f th o U n ited
S tates G o v e rn m e n t s u ch c o t to n as m a y b e o ffe r e d fo r sale w it h o u t 'o th e r
a v a ila b le b u y e rs a t a p r ic e t o b e n o w fix e d b y th o P re s id e n t o f th e U n ited
S ta te s.
T h a t c o n c u r r e n tly th e re w ith a rran gem en t b o m a d e w h e r e b y th e re sh all b e
in su re d t o th e co n s u m e r o f c o t to n fa b rics a p r ice co n s iste n t w ith th e p rice
o f th e raw m a te ria l, a llo w in g t o th o m a n u fa ctu re r a s a fe a n d re a so n a b le
re tu rn u p o n his o p e r a tio n s .
T h a t a c o m m itte e fro m th is s e c tio n c o m p o s e d o f o n o p r o d u c e r fr o m each
c o t t o n g r o w in g S ta te b e se n t t o W a s h in g to n t o p re se n t th is p e titio n an d
ta k e s u ch o th e r s te p s as m a y b o n ecessary t o se cu ro th o co n s u m m a tio n o f
th is p la n .

T h e fo llo w in g is th e c o m m itte e w h ic h h a s b e e n in s tru c te d
to m e e t in W a s h in g t o n a t th e W i lla r d H o t e l o n J u ly 1 7 :
A la b a m a , C . E . T h o m a s , B ra ck v illo ; B . M . A lle n , B irm in g h a m ; A r ­
kan sa s, G e o rg e W . R o g e rs , L it t le R o c k ; E . E . D r iv e r , O ce o la ; G e o rg ia ,
W . C . L e in e r, W e s t P o in t; J . A . D a v is , Sardis; L o u isia n a , F ra n k R o b e r t s ,
L a k o C h arles; J . M . R o b in s o n , B a y o u L a C liu te ; M is s is s ip p i, E . P . P e a c o c k ,
C la rk sd a lo ; M . P . S tu r d iv a n t, G le n d o ra ; O k la h o m a , L . T . S a m m o n s,
M c A le s te r ; F . T . C h a n d le r, C h ick a sh a ; S o u th C a ro lin a , t o b e n a m e d ;
T e n n e sse e , R . B r in c k le y , S n ow d en ; C h arles J . H a se , M e m p h is ; T e x a s ,
I lo w e ll E . S m ith , M c K in n e y , an d E . H . A s tin , B r y a n .

A c c o r d in g

to

th e

N ew

O rlea n s

“ T i m e s -P ic a y u n e ,”

th e

co n fe re n ce a lso re c o m m e n d e d to th e R a ilr o a d A d m in is tr a ­

G e o r g ia B u r e a u o f M a r k o t s , p ro p o se d th o r e s o lu tio n , w h ich

tio n th a t th e p rio rity c o m m itte e b e in s tru c te d to g r a n t a

re a d s a s fo llo w s:

p r io r ity o rd er in re g a rd

W h erea s, O w in g t o th o la c k o f b o t t o m s , th o la w o f s u p p ly an d d e m a n d
h as b o o n in terfered w ith an d tlio re fo ro th o c o t t o n p r o d u c e r fa c e s an u n u su al
n e c e s s ity fo r m a rk etin g his c o t to n g r a d u a lly , th o g r a v it y o f this situ a tio n
Is s u ch th a t o ffic ia l e ffo r t sh o u ld b o m a d o b y S ta to a g ricu ltu ra l o ffic ia ls t o
c a r r y o n a s y s te m a tic org a n iz a tio n w o rk in g t o th a t e n d .
T h erefore, b o it r e s olv ed :
T h a t th o S ta to a gricu ltu ra l o ffic ia ls b o re q u e s te d t o a p p o in t a ch a ir ­
m an in e a ch c o u n t y w h o w ill b o e m p o w e re d t o a p p o in t a c o m m ltte o o f tlireo
en erg etic fa rm ers in ea ch s c h o o l d is tric t w h o w ill e a rn e s tly agree t o m a k e
e ffo r t t o s ecu ro ag reem en t fro m e a ch fa r m e r in his d is t r ic t , th a t h o , said
fa r m e r , w ill n o t o ffe r fo r m a rk e t m o r o th a n 2 0 % o f his c o t to n c r o p in a n y
o n o m o n th and w h o fu r th e r agrees t o re tire fr o m th o m a r k e t fo r a p e r io d
o f t w e lv e m o n th s o v e r y th ird b a le h a r v e s te d b y h im .

T h o N e w O rlea n s “ T im e s P ic a y u n o ” s a y s :
M r . J a c k s o n ’s p la n fo r th o gra d u a l m a r k e tin g o f t h o c o t t o n c r o p e m b o d ie s
a sch em e o f o rg a n iz a tio n w h ic h , i f p u t in t o e ffe c t th r o u g h o u t th o c o t to n
S ta te s , w ill brin g th o sta p lo u p o n th o m a rk e t g r a d u a lly , in stead o f f lo o d ­
in g th o m a rk et, w it h o u t red u cin g th e p r ice p a id fa r m e r s .
A ft e r p oin tin g o u t t h a t th o law o f s u p p ly a n d d o m a n d has been in te rfe re d
w ith seriou sly b e c a u s e o f th o la c k o f b o t t o m s , M r . J a ck so n assorted this
s itu a tio n sh ou ld b o m e t b y a s y s te m a tic o r g a n iz a tio n u n d e r th o ju r is d ic tio n
o f th o S ta to agricu ltu ra l o ffic ia ls . T h o p r o p o s e d p la n calls fo r th o a p p o in t­
m e n t b y these o ffic ia ls o f a c o u n t y ch a irm a n w h o w ill n a m o a c o m m it t e e o f
th reo en ergetic farm ers in e a ch s c h o o l d is t r ic t , w h ich co in m itte o w ill e n ­
d e a v o r t o g e t ea ch fa rm er in his d is t r ic t t o a g re o t o m a rk e t n o t m o r e th an
20 % o f h is c o t to n c r o p in a n y o n o m o n t h a n d a ls o a greo t o re tiro fr o m th o
m a rk o t fo r a p e r io d o f o n o y o a r e v e r y th ird b a le h a rv e s te d b y h im . T h o
d is t r ic t co m m itte e s w ill r e p o r t t o th o c o im t y c h a irm e n a n d tlio y In turn
w ill r e p o r t t o th o S ta te a g ricu ltu ra l o ffic ia ls .

W i t h re g a rd to n e ed o f G o v e r n m e n t h e lp in fin a n c in g th o
c o tto n c r o p , th o “ T im e s -P ic a y n n e ” q u o te s W . W . W o o d s o n
o f W a c o , T o x a s , P re sid e n t o f th o T e x a s B a n k e r s ’ A s s o c ia ­
tio n ,

as

s a y in g :

P r o s p e c ts aro fo r a c o t t o n c r o p th is y e a r o f b e tw e e n 1 4 ,0 0 0 ,0 0 0 and
1 6 ,0 0 0 ,0 0 0 balos a g a in s t th o a v e ra g e c r o p o f 1 2 ,0 0 0 ,0 0 0 bales and ban kers
o f th o S o u th w ill fa c e a seriou s s itu a tio n in fin a n c in g th o c r o p unless th o
G o v e rn m e n t co m e s t o o u r a id . I f th o assets o f th o ba n k s aro t ie d u p in
c o t t o n , an d n o p r o v is io n is m a d o fo r th o ba n k s t o g e t th e ir m o n e y b a c k , it
n o t .o n ly w ill m oan a seriou s fin a n cia l crisis th r o u g h o u t th is s e c tio n o f th o
c o u n t r y , b u t w ill p r o v e n t th o S o u th fr o m p a r ticip a tin g in w a r w o rk as it
sh o u ld .




to

th e

tr a n s p o r ta tio n

o f c o tto n .

E n d o r s e m e n t w a s g iv e n to S e n a te B ill N o . 4 7 4 7 , n o w p e n d ­
in g b e fo re C o n g r e s s , w h ic h w o u ld a m e n d th e n a tio n a l b a n k
la w s th a t p r o h ib it th e le n d in g o f m o re th a n 1 0 % o f th e b a n k ’s
c a p ita l to a n y o n e c lie n t so a s to a llo w , in th e d is c r e tio n o f
th e F e d e ra l R e s e r v e B o a r d , b a n k s to le n d m o re th a n th is
a m o u n t , p r o v id e d th o lo a n is se cu re d b y a g ric u ltu ra l s ta p le s .
T h e co n fe re n ce a lso a u th o r iz e d th e fo r m a tio n o f th e S o u th e r n
C o t t o n S ta te s A s s o c ia tio n o f B a n k e r s a n d F a r m e r s , to lo o k
a fte r th e c o tto n s itu a tio n in th e S o u t h .
W aco,

W . W . W ood son ,

T e x . , w a s n a m e d a s P r e s id e n t; L . M .

P o o l, N e w

O r le a n s , V ic e -P r e s id e n t ; a n d W . A . P h ilp o t t , J r ., D a ll a s ,
T e x ., a s S e c r e ta r y a n d T re a s u r e r.
th o

c o n s titu tio n

and

b y -la w s

A c o m m it te e to d ra w u p

un d er

th e

c h a irm a n s h ip

of

G . A . M c L e a n , W i n o n a , M i s s ., a n d R . E . W a i t e , L itt le
R o c k , A r k ., w a s a p p o in te d .
T h e c a ll fo r th e co n fe re n ce w a s issu e d o n J u n e 1 3 b y th e
s p e c ia l c o m m it te e o f th e T e x a s B a n k e r s ’ A s s o c ia tio n , w h ic h
in its r e c o m m e n d a tio n to th e p re sid en ts o f th e S ta te B a n k e r s
A s s o c ia tio n s
L o u is ia n a ,

of

A rk an sa s,

M is s is s ip p i,

A la b a m a ,

T en n essee,

O k la h o m a ,
N o rth

G e o r g ia ,

C a r o lin a

and

S o u th C a r o lin a , sa id :
A ll a lo n g th e p rin cip a l railro a d lin es o f T o x a s th e tra v e le r w ill t o -d a y see
fr o m th e c a r w in d o w s w areh ou ses p a r t ly fille d w ith c o t t o n . T h is c o t t o n
b e lo n g s t o pu rch asers in o th e r S ta te s an d so m e o f it b e lo n g s t o pu rch asers
in o th e r co u n tr ie s . O w in g t o t h o ship s h o rta g e o n ly a lit t le o f it ca n b e
m o v e d fr o m m o n th t o m o n t h . A n d o w n in g t o t h e c o n g e s tio n o f fre ig h t
a lo n g th o A tla n tic se a b o a rd c o t t o n is n o t m o v in g r a p id ly t o th e E a stern
m ills. H o w e v e r , th e y h a v e h a d a d e q u a te s u p p lie s . I t is a q u e s tio n ,
h o w e v e r , w h e th e r th e y w ill co n tin u e t o b e a b le t o g e t a ll th e c o t t o n th e y
ca n u se .
U n til th a t w h ich has b e e n p u rch a se d an d n o t y e t sh ip p e d m o v e s t o th e
o th e r sid o o f th e o c e a n , fo re ig n b u y e rs w ill n o t b e s o a c t iv e as t h e y w-ere la s t
y e a r . T h is presen ts a p r o b le m so m e w h a t re se m b lin g th a t in 1914. B u t
th o c e r ta in ty o f all th is c o t t o n b e in g p u rch a se d a n d u sed ju s t as s o o n as
it ca n re a ch th o s e w h o n e e d it is ju s t as fir m n o w as it w as in 191 4. T h e

130

p r o b lo m is t o p r e v e n t th e n e ce ssa rily re s tric te d m a r k e t a n d th o slow er
tr a n s p o r ta tio n o f c o t t o n fr o m b rin g in g o n a p a n ic in th o S o u th . I f th o
fa rm ers b e c o m e frig h te n e d a n d u n lo a d a t a n y o ld p r ice th e y w ill b rin g ruin
u p o n th em selv es. I f th o c o u n t r y b an k ers press th e ir cu s to m e rs fo r e a rly
sales o f c o t t o n a n d fo r c e th e s ta p le u p o n t h o m a rk e t t o o r a p id ly t h e y w ill
b rin g a b o u t p a n ic .
T h o sp in n ers, b o th in th is c o u n t r y a n d a b r o a d , c a n a ffo r d t o p a y h ig h ly
re m u n e ra tiv e p rices fo r th o 1918 c o t t o n c r o p a n d m a k e a la rg e p r o f it . B u t
i f th o S ou th ern p r o d u ce rs b e c o m e p a n ic k y d u r in g th e s lo w m o v o m e n t o f
th o c r o p an d b e g in d u m p in g it th e y w ill frig h te n th o p u rch a se rs all o v e r
t h o w o rld an d fo r c o th e m t o h o ld b a c k t o b u y a t th o lo w e s t p o s s ib le le v e l, in
o r d e r t h a t th ero m a y be fa ire r c o m p e t it iv e c o n d itio n s a m o n g a ll m a n u ­
fa c tu re r s .
I n b rie f, th o s itu a tion is s u ch th a t w h e th e r th o sp in n e r d esires t o fo r c o
d o w n th o p r ice o f c o t to n o r n o t , h is p o s itio n is su c h th a t h e ca n n o t a v o id
b u y in g in a w a y c a lcu la te d t o d epress th o m a r k e t. T h e w h o le re s p o n s ib ility
fo r u p h o ld in g th o m a rk e t w ill th u s fa ll u p o n th e p e o p le o f th o p r o d u c in g
S ta te s . I t is e s tim a ted th a t th e re is n o w s o m e 8 7 5 ,0 0 0 ,0 0 0 w o r th o f c o t to n
s to r e d in T e x a s a w a itin g m o v e m e n t . T h o s h ip p in g p r o g r a m is m a k in g
fa ir ly ra p id p rogress an d in t im e w ill ta k o c a r e o f th e e x p o r ts . T h o ra il­
r o a d s itu a tio n is still seriou s an d th o p r o s p e c t fo r n e x t w in te r n o t v e r y
b r ig h t. T h is m ean s t h a t th o S ou th ern c o t to n p r o d u c e r m u s t b o a b le t o
ren ew h is n o t o a t th o b a n k , g iv in g a w areh ou se r e c e ip t fo r his c o t t o n as
s e c u r ity an d k eop in g th o m a rk e t s ta b le . H o m u s t b o in p o s itio n t o d e m a n d
an a d e q u a te p r ic e fo r his c o t t o n o r n o t soil i t . T o b o in th is p o s itio n h e
m u s t h a v o t h o c o rd ia l c o -o p e r a tio n o f th o ban kers w h o fin a n c e h im . T h e
la rger ba n k ers h a v o seen th o a p p ro a ch in g crisis in p lo n t y o f tim o t o m e e t it.
T h e y h a v o r e s o lv e d t o c a r r y th e m essage t o th o sm a lle r ba n k e rs a n d le t
th e m k n o w th a t fin a n cia l m a ch in e ry w ill b e d o v is e d t o ta k o ca ro o f th o
s m a ller b a n k er.

W .

F.

R am sey,

F e d e ra l

R eserve

A gent

of

th o

D a lla s

F e d e ra l R e s e r v e B a n k , w h o jjA te n d c d th o J u n o m e e tin g h e ld
a t D a lla s , w a s q u o te d in J ^ J B w [ la s “ N o w s ” as s a y in g :
“ I h e a r tily app i^ rtU tlm c ffo r j^ n j^ ^ B ^ in g m a d e t o o b ta in b e t t e r tran s­
p o r t a t io n o f c o t t o d j d f l n h y rair?Wfllwby s te a m sh ip t o d o m e s t ic an d fo re ig n
m a r k e ts . T h is
f in S B r t g o f th o m o v e m e n t o f th o c o m in g
c r o p b y r c i m b u r s V B o o ban ks q u ic k ly .
“ I h e a r tily approTO*tfm e ffo r t n o w b e in g m a d e t o m o r e b r o a d ly d is trib u te
th o fin a n c in g o f th e c r o p m o v o m e n t b y th e s y s te m o f b a n k a c c e p ta n c e s in
a d d itio n t o th o u su al m e th o d s u sed b y b a n k s . H o w e v e r , th o su p rem e
n e e d is a c a m p a ig n o f e d u c a tio n fo r a g radu a l m a rk e tin g o f th o 1918 c r o p ,
d is trib u tin g th e s a m e o v e r m o s t o f th o c o m in g y e a r . In th is w a y p rice s
w ill b o m a in ta in ed , b an k ers w ill b o a id e d a n d co n d itio n s g e n e ra lly s ta b il­
iz e d . T h is m o v e m e n t o u g h t t o in c lu d o th o e n tire S o u th . I t is a ta sk n o t
fre e fr o m d iffic u ltie s , b u t th o b a n k e rs, gro w e rs a n d d ealers c a n , a n d I
b e lio v o w ill, s o lv e it s u c c e s s fu lly .
“ A t th o p r ice s p re v a ilin g la s t se a so n , th o c o t t o n c r o p in th is F ed eral
R c s e r v o D is t r ic t w ill y ie ld in m o n e y a b o u t § 7 0 0 ,0 0 0 ,0 0 0 . I t w ill r e a d ily
b o seen h o w seriou sly a n y slu m p in p r ic e •will n o t o n ly m a r th e p re se n t
p r o s p e c t fo r a p r o fit a b le retu rn fro m th is g re a t in d u s tr y . I t m ig h t brin g
g re a t loss a n d i f th o slu m p w ere ex tre m e it w o u ld in v o lv e p o s s ib le disa ste r,
p a r ticu la r ly t o th o fa rm e rs o f th is g r o a t s o c tio n o f th o c o u n t r y .
" T h o p r o p e r h a n d lin g o f th is p r o b le m is th o m o s t im p o r t a n t w o h a v o n e x t
t o th o w in n in g o f th o w a r , a n d in d e e d th o s o lu tio n o f th is p r o b le m is p a r t
o f th o ta sk o f w in n in g th o w a r .”

V I E W S OF B E V E R L Y D. H A R R I S O N S T A B I L I Z A T I O N
OF CO TTON PRICES .
A

su g g e stio n fo r th o s ta b iliz a tio n o f th o price o f c o tto n

th r o u g h G o v e r n m e n t a l a c tio n , s u p p le m e n te d b y th o p o o lin g
o f a ll p u rc h a se s o f th e c o m m o d it y

by

th o U n it e d

S ta te s

a n d th e A llie s , w as m a d e th is w e e k , a c c o r d in g to th e “ J o u rn a l
of

C om m erce”

o f J u ly

11,

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D.

H a r r is ,

P r e sid e n t o f th e N a t io n a l C i t y B a n k o f N e w

V ic o -

Y o r k , as a

s o lu tio n o f th o p r o b le m s in v o lv e d in th e m a r k e tin g o f th o
1918 crop .

[Vol. 107

THE CHRONICLE

T h e p a p e r q u o te d cred its M r . H a rris as s a y in g

t h a t u n d e r n o r m a l co n d itio n s ho w o u ld n o t f a v o r re g u la tio n
b y th o G o v e r n m e n t , b u t t h a t a s th o tr a n sp o r ta tio n s y s te m s
a n d th o fin a n c ia l reso u rces o f th e n a tio n h a d b e e n c o m m a n ­
d ee re d ho fe lt th a t th o U n it e d S ta te s m ig h t p ro p e rly u n d e r­
ta k e su p e rv isio n o f th e s itu a tio n .

H o is fu rth e r q u o to d as

fo llo w s in th e p a p o r referred to :
T h e p o s it io n , b r ie fly , is t h a t th e S o u th w ill b o lo n g o n c o t t o n a n d the
b a n k s w ill b o lo n g o n lo a n s . T h o c a r r y o v e r m a y a m o u n t t o 3 ,0 0 0 ,0 0 0
b a lo s , m o s tly o f lo w -g r a d e c o t t o n , w h ile th e p re s e n t o u t lo o k is t h a t p ro ­
d u c t io n w ill b o a b o v o th o a v e r a g e , a lth o u g h as th e c r o p is p a ssin g th ro u g h
th o cr itic a l s ta g e th ero is n o a ssu ran ce th a t th is w ill d e v e lo p . U nless p r o ­
v is io n is m a d e fo r c a rry in g th e c o t t o n , th o gro w e rs m a y b o fo r c e d t o liq u i­
d a t e th eir c o t to n a t d epressed p rico s an d a t a loss; in f a c t, it w ill b o n eces­
s a ry fo r m a n y o f th em t o s e ll. T h e b e s t o f th o c o t t o n o ffe r e d w ill b o a b ­
s o r b e d a t th o o u ts e t o f th e m o v e m e n t , a n d a fte r th a t a sh a rp d e p r e c ia tio n
in th e m a rk et v a lu o is lik e ly , c o n c e iv a b ly d ep ressin g p rice s b e lo w th o c o s t
o f p r o d u c t io n .
T h o s h o rta g e o f tr a n s p o r ta tio n is o n e o f th o m o s t seriou s fa c to r s t o bo
con s id e r e d . T h o U n ited S tates is in c o n t r o l o f th o ra ilro a d s a n d sh ip p in g ,
a n d e m p lo y in g b o th p r im a rily fo r w ar p u rp o s e s . T h is im p ed es th o n orm al
m o v e m e n t o f c o t to n an d co m p lic a te s th o d is trib u tio n t o th o e x te n t th a t
in a b ility t o m a k e p r o m p t de liv e rie s w ill e xert a m aterial in flu e n co o n c o t to n
va lu es an d fin a n c in g o f th e c r o p . F u r th o r , th o G o v e rn m e n t’s req u irem en ts
fo r fu n d s ren ders it in cre a sin g ly d iffic u lt fo r ba n k s t o c a r r y th o c o t t o n .
T h e s itu a tio n w h ich m u s t be p r e v e n te d is th a t th o p ro d u ce rs im d er stress
sh ou ld b o fo r c e d t o liq u id a to th eir c o t t o n , as m a n y w ill h a v e t o d o t o m e e t
th eir d e b ts unless s o m e plan fo r relie v in g th em is a d o p te d . C o t t o n is an
essen tia l c o m m o d it y , th o sh elves o f t h o w o rld aro b a re o f c lo th in g , and
th ero is a v e r y real d a n g er in th o fa llin g o f f in p r o d u c tio n th a t w o u ld resu lt
fr o m a n y con s id era b le d e c lin o in v a lu o . T h e m a in te n a n ce o f a p r ic o th a t
w ill p r o t e c t th o g row ers Is n o t a m a tte r th a t co n ce rn s m e r e ly th o interests
o f th o S o u th , b u t th e in terests o f th o n a tio n .
U n d or th ese c ircu m sta n ce s I b o lie v o th a t it w o u ld b e p r o p e r fo r tho p u r­
ch a sin g com m ission s o f th o A llies— G re a t B r ita in , F r a n co , I t a ly an d o th er
co u n trie s — t o jo in th o U n ite d S tates in p o o lin g th e ir re q u ire m e n ts, bu yin g
a t th o o u ts e t th o c o t t o n w h ich th e y w ill w a n t d u rin g th o y e a r an d ca rry in g
it until n e e d e d a n d fa cilitie s fo r d e liv e rin g it ca n b e p r o v id e d .' S ta b iliza ­
tio n o f th o p r ico w o u ld b e an essential fo a tu r o o f s u ch a p la n , a m axim u m
a n d m in im u m p r ico b ein g establish ed w h ich w o u ld p r o t e c t th o G o v e rn ­
m e n t an d th e p u b lic fr o m excess ch a rge s, a n d a t th o sa m o tim o o ffe r a fa ir
p r o fit t o th e g ro w e r. I t w o u ld b o w ise t o in clu d e in th o p o o lin g arra n ge ­




m e n t as m a n y o f th o c o t to n -u s in g co u n trie s as w o u ld co n s e n t t o e n ter it
an d t o esta b lish a p r o v is io n b y ag re e m e n t a gain st th e fe e d in g in to th o m a r­
k e t o f c o t t o n ca rrie d fo r fo re ig n a c c o u n t , as has o c c u r re d in th o p a s t w ith
a d ep ressin g e ffe c t u p o n p rice s .
N o r m a lly I w o u ld n o t a d v is o th o G o v e rn m e n t t o ta k o a h an d in th o
s itu a tio n , b u t th o U n ite d S tates a t p ro se n t is so la rg e ly in c o n t r o l o f business
a n d in d u s try t h a t t o le a v e th o c o t to n tra d e t o s h ift fo r its e lf w o u ld b o in ­
c o n s iste n t. M o r e o v e r , th o c h ie f o b s ta cle s t o b o m e t arise fr o m th o c o m ­
m a n d e e rin g o f tr a n s p o r ta tio n a n d fin a n cia l re so u rce s. I d o n o t b oliev o
th a t e n tire r e s p o n s ib ility o f m a rk e tin g th o c r o p sh o u ld b o p la c e d u p o n th o
G o v e rn m e n t. E v e r y a v a ila b le in s tru m e n ta lity , in clu d in g th o ba n k in g
a n d tra n s p o rta tio n fa cilitie s o f th o c o u n t r y , s h o u ld b o e m p lo y e d t o e ffe c t
th o d is trib u tio n o f c o t t o n , a n d th o b u rd o n o f fin a n c in g s h o u ld , s o fa r as
p r a c tic a b le th r o u g h th o uso o f tra d o a n d ban k a c c e p ta n c e s , b o th ro w n u p o n
th o o p e n m a r k e t.
T h o e m p lo y m e n t o f th ese m e th o d s , en d o rse d a t th o B ilt m o r o co n fe re n ce s ,
w here G o v e rn o r H a r d in g , o f th o F e d e ra l R e s e rv o B o a rd v o ic e d his a p p ro v a l,
c o u p le d w ith th e p o o lin g o f A llie d p u rch a se s, sh o u ld p r o v id e a m p lo m oans
fo r th e s u cce ssfu l m a rk e tin g o f th o n ow c r o p .

T h e “ J o u rn a l o f C o m m e r c e ” a d d s :
In re sp o n se t o an in q u ir y as t o th e d e s ira b ility o f a G o v e rn m e n t c o r ­
p o r a tio n fo r th o p u rch a so , a t a p r ico t o b e n a m e d b y P re s id e n t W ils o n , o f
s u ch c o t to n as is o ffe r e d fo r sale w ith o u t av a ila b le b u y e r s , M r . H arris said
th a t th is s h o u ld m e e t th o n eed s o f th o s itu a tio n , b u t , i f in e x p e d ie n t, th o
m e th o d h o h a d o u tlin e d w o u ld d o e q u a lly w e ll.
IIo p o in te d o u t t h a t th o
p re ce d e n t fo r s u ch a c tio n e x iste d in th o org a n iz a tio n o f th o W a r F in a n co
C o r p o r a tio n t o s u p p o r t th o se cu ritie s m a rk e t, th o E m e r g e n c y F le o t C o r ­
p o r a tio n t o d e v e lo p a n d m a n a ge sh ip p in g a n d th o U n ite d S tates F o o d
A d m in is tra tio n G ra in C o r p o r a tio n . T h o G o v e rn m e n t s h o u ld a c t t o s ta ­
b iliz e p rico s , h o s a id , a n d t o s u p p o r t th o m a rk e t if n e ce s s a ry , a n d th ose
fu n c tio n s w o u ld b o a d e q u a te ly p e r fo rm e d b y su c h a c o r p o r a tio n .
" T h e tim o app ears fa v o r a b le fo r a c t io n ," M r . H arris c o n tin u e d . “ T h e ro
has arisen as y e t n o s tr o n g d e m a n d in th o S o u th fo r p r ic o -flx in g , b u t i f
p rice s d e clin o I a m c o n fid e n t th a t th is w ill d o v o lo p . M o r e o v e r , a t p resen t
all fa c to r s in th e p o litic a l s itu a tio n se e m re a d y fo r th o exte n sio n o f G o v e r n ­
m e n t re gu la tio n t o c o t to n a n d , fo llo w in g th o a n n o u n ce m e n t o f p r ice s c h e d ­
ules fo r c o t to n m a n u fa ctu re s, s to p s t o s ta b lliz o th o p r ic o o f th o raw m a teria l
w o u ld b o n atu ral a n d f a ir .”

G E R M A N Y , A U S T R I A A N D H U N G A R Y SE CURE
C A U C A S I A N CO T T O N .
A n A m s te r d a m d is p a tc h o f J u ly 5 s a y s :
S ovon th o u sa n d to n s o f ra w C a u casia n c o t to n t o b o d iv id e d a m o n g
H u n g a r y , A u s tria an d G e rm a n y h a v o bo o n slilp p o d fr o m T iflis , a c c o r d in g
t o a re p o r t fr o m B u d a p e s t w h ore th o c o t to n w ill a rriv e e a rly in A u g u s t.
T w e n ty -s ix fre ig h t cars o f th o fin o s t M e r in o w o o l, it is a d d e d , a lr o a d y h a v o
a rriv e d In B u d a p e s t.

CO TTON GOODS P R IC ES A P P R O V E D
W ILSO N .

BY

PR E SID E N T

T h e a p p r o v a l b y P r e s id e n t W i ls o n o f p rices fo r c o tto n
g o o d s , re p re se n tin g a re d u c tio n fr o m q u o te d m a r k e t p ric es
o f f r o m 2 0 to 3 0 %

w a s a n n o u n c e d b y th o W a r In d u s tr ie s

B o a r d o n J u ly 8 .

T h e p ric e s , w h ic h h a d b e e n a g re e d o n

b y th e c o tto n m a n u fa c tu r e r s a n d th o P ric e F ix in g C o m m itt o e
o f th e B o a r d a p p ly to a ll p r im a r y c iv ilia n p u rc h a se s a s w ell
a s to th e G o v e r n m e n t a n d th o so a s s o c ia te d w ith u s in th e
w ar.

T h e fo llo w in g is th e B o a r d ’s a n n o u n c e m e n t co n c e rn in g

th e p rices e s ta b lis h e d :
A t a m e e tin g o f th o P r ic o F ix in g C o m m it tc o o f th o W a r In d u stries
B o a rd w ith th o c o t to n m a n u fa ctu o rs m a x im u m n o t p rico s a t m ill w ore
agreed u p o n an d a p p ro v e d b y th o P ro sid o n t fo r th o fo llo w in g b a s ic p r o d u c ts :
36 Inches 48 b y 4 8 3 -y a r d sh o o tin g , 60 ce n ts p e r p o u n d .
36 in ch es 56 b y 60 4 -y a r d s h o o tin g , 70 cen ts p e r p o u n d .
3 8 H in ch es 65 b y 60 5 .3 5 -y a r d p r in t c lo t h , 83 ce n ts p e r p o u n d .
38M inches 80 b y 80 4 -y a r d p r in t c lo t h , 84 ce n ts p er p o u n d .
S ta n d a rd w id o a n d sail d u c k , 37 'A % an d 5 % fro m lis t.
S ta n d a rd a rm y d u c k , 3 3 % fr o m lis t.
T h o se p rice s rep roson t a re d u c tio n fr o m q u o te d m a rk e t p rico s o f a b o u t
2 0 % t o 3 0 % , a n d a p p ly t o a ll p r im a ry c iv ilia n p u rch a se s as w ell sa t o th o
G o v e rn m e n t an d th o s o G o v e rn m e n ts a s s o c ia te d w ith us in th o w a r . A
c o m m itte e is a t w o rk o n a list c o m p ris in g a fu ll lin o o f sta p le c o t to n fa b rics
fo r th o p u rp o s o o f esta b lish in g p rico s u p on a p a r it y w ith th o s o herein
q u o t e d . I t is e x p e c te d th a t this lis t w ill b o p u b lish e d in a fo w d a y s .
T h e se p rice s aro t o rom ain in e ffe c t u n til O c t . 1 o f this y o a r , b o fo r o w h ich
d a te th e in d u stry w ill m e e t w ith th o P r ic o F ixin g C o m m it tc o fo r th o p u rp oso
o f a greeing u p o n p rico s fo r a fu r th o r p o r lo d o f 90 d a y s . F u tu ro agroem on ts
w ill b o pro m ise d o n fig u re s t o b o c o lle c te d an d a n a ly z e d b y th o F ed era l
T r a d o C o m m is s io n design ed b o t h t o sh o w basis o f p r o f it an d e q u it y o f
p a ritie s.
P re se n t p rice s w o re n ecessa rily ba sed u p o n in a d e q u a te in fo r m a tio n , b u t ,
in th o e m e r g e n c y n a tu re o f th o ca se a n d tho a d v is a b ility o f a g radu a l a d ­
ju s tm e n t, a ro c o n s id e re d fa ir an d e q u ita b le b y b o t h th o m a n u fa ctu rers
a n d th o P r ic e F ix in g C o m m it tc o . P rice s n a m e d a ro t o c o v e r p rim a ry
sales m a d o sin ce Ju n o 8 fo r d o liv e ry a fto r O c t . 1, an d all p r im a ry salos m a d e
s in ce Ju n e 21 regardless o f th o d e liv e r y d a to s .
T h e P re sid e n t, in a p p ro v in g th ese p rice s , h a s exp re sse d h is a p p re c ia tio n
o f th o s p irit w ith w h ich th o c o t t o n m a n u fa ctu re rs h a v o m e t th o G o v e r n ­
m e n t’s e ffo r ts t o s ta b llz o an in d u s tr y w h ich s o d ir e c t ly reach es in t o th o
life o f o v e r y c itiz e n . T h o P re s id e n t ca lls u p o n an d e x p e c ts all m a n u fa c tu ­
rers o f r e a d y -to -w e a r g o o d s , as w e ll as a ll dealers in c o t to n fa b r ic s , t o so
re g u la te their p r o fits as t o insuro t o th o co n su m e r th o fu ll b e n e fit o f th is
la rge re d u c tio n in p r ic e .

S U S P E N S I O N OF 1 0 % L O A N L I M I T OF N A T I O N A L
B A N K S TO P E R M I T C R E D I T E X T E N S I O N
TO A G R I C U L T U R A L P RO D UCT S.
A

b ill d e sig n e d

to s u s p e n d th o p r o v is io n g o v e r n in g th e

1 0 % le n d in g p o w o r o f th e n a tio n a l b a n k s to th o e x te n t o f
p e r m ittin g

u n d er such

su sp e n sio n

th o

d is c o u n t in

excess

o f th a t lim it o f n o t e s , d r a ft s , b ills o f e x c lia n g o , & c ., to b e
se cu re d b y a fir s t lio n u p o n c o t t o n , c o r n , w h o a t , o r o th e r
s ta p le a g ric u ltu ra l p r o d u c ts w a s r e c e n tly in tr o d u c e d in th e
S e n a te b y S e n a to r R o b in s o n .

T h o b ill p ro p o se s th a t th e

July 13 1918.]
F ederal

R o se rv o

B oard

sh a ll p re scrib e

th o le n g th o f tim e

s u c h lim it a tio n sh a ll b e su sp e n d e d a n d th o a m o u n t th a t a n y
p e r so n , fir m

o r c o r p o r a tio n m a y b o p e r m itte d

lia b lo to a n a tio n a l o r m e m b e r b a n k .

to b e c o m e

T h o fo llo w in g is th o

te x t o f th o b ill:
A B I L L T o a m en d S e c tio n 11 o f th o F e d e ra l R o s e r v o A c t . a p p ro v e d D e c .
23 1913, as a m en d e d b y th o A c t o f S e p t. 7 1916.
B e it enacted by the Senate and H o u se o f R epresentatives o f the U nited Stales
o f A m e r ica in Congress assem bled. T h a t S e ctio n 11 o f th o F ed era l R e s e r v e
A c t as a m en d ed b y th o A c t o f S e p t. 7 1916, b e fu r th e r a m e n d e d b y a d d in g
a n ow p a ra gra p h as fo llo w s :
“ U p o n th o a ffir m a tiv e v o t o o f a m a jo r it y o f its m e m b e rs, th o F ed era l
R e s e r v o B o a rd shall h a v o p o w e r t o su sp e n d a lim ita tio n im p o s e d b y S e ctio n
5200 o f th o R e v is e d S ta tu te s o f th o U n ite d S ta te s , w h ich p r o v id o s in s u b ­
s ta n c e th a t th o t o t a l lia b ilitie s t o a n y n a tio n a l o r m o m b e r b a n k o f a n y
p e r s o n , c o m p a n y , c o r p o r a tio n , o r fir m fo r m o n o y b o r r o w e d , in c lu d in g in
th e lia b ilities o f th o c o m p a n y o r fir m th o lia b ility o f th o several m e m b e rs
th e r e o f, shall a t n o t im o e x c e e d o n e -te n th p a r t o f th o a m o u n t o f ca p ita l
s t o c k o f s u ch n a tion a l o r m o m b e r b a n k a c tu a lly p a id in an d u n im p a ire d ,
a n d o n e -te n th p a r t o f its u n im p a ire d su rp lu s: Provided, how ever. T h a t in
a n y ca se in w h ich s u ch lim ita tio n s aro su sp en d ed th o F e d e ra l R e s o r v o
B o a r d sh all req u ire, as a c o n d it io n o f su c h su sp en sion , th a t th o n o te s ,
d r a fts , an d b ills o f c x c h a n g o , o r o th e r e v id e n ce s o f d e b t , d is c o u n te d b y
a n a tion a l o r m e m b e r b a n k in e xcess o f th o a m o u n t p r o v id e d b y S e c t io n
5200 shall b o secu red b y a fir s t lion u p o n c o t t o n , c o m , w h o a t, o r s o m e o th e r
s ta p le ag ricu ltu ra l p r o d u c t s , o r b y o b lig a tio n s o f th o U n ite d S ta te s . T h o
F ed era l R e s e r v o B o a rd sh a ll, b y re g u la tio n , p ro s crib e th o le n g th o f tim o
th a t su ch lim ita tio n sh all b o s u s p e n d e d , a n d th o a m o u n t th a t a n y p e rs o n ,
fir m , o r c o r p o r a tio n m a y b o p e r m itte d t o b o c o m o lia b lo t o a n a tio n a l o r
m e m b o r b an k u n d er th e p r o v is io n s o f th is A c t . "

NEW

L I B E R T Y B O N D B ILL

AU TH ORIZIN G
B O ND S
PASSED BY SEN ATE.

Be it enacted by the Senate and H o u se o f R epresentatives o f the U nited States
o f A m e r ica in Congress assem bled. T h a t S e ctio n o n e o f th e S e c o n d L ib e r t y
B o n d A c t , as a m e n d e d b y th e T h ir d L ib e r t y B o n d A c t , is h e r o b y fu r th e r
a m e n d e d b y s trik in g o u t th e fig u re s “ 3 1 2 ,0 0 0 ,0 0 0 ,0 0 0 ” a n d in sertin g in
lieu th e r e o f th o figu res “ $ 2 0 ,0 0 0 ,0 0 0 ,0 0 0 .”
S e c. 2 . T h a t s e c tio n t w o o f th e S e c o n d L ib e r t y B o n d A c t , as a m en d ed
b y th o T h ir d L ib e r t y B o n d A c t , is h e r e b y fu r th e r am e n d e d b y s trik in g o u t
th o fig u re s “ $ 5 ,5 0 0 ,0 0 0 ,0 0 0 ” a n d in sertin g in lieu th e r e o f th e fig u res
“ $ 7 ,0 0 0 ,0 0 0 ,0 0 0 .”
S e c. 3 . T h a t n o tw ith s ta n d in g th e p r o v is io n s o f th e S e c o n d L ib e r t y B o n d
A c t , as a m e n d e d b y th e T h ir d L ib e r t y B o n d A c t , o r o f th e W a r F in a n ce
C o r p o r a tio n A c t , b o n d s a n d c e r tific a te s o f in d e b te d n e ss o f th e U n ite d
S tates p a y a b le in a n y fo re ig n m o n o y o r fo re ig n m o n e y s , a n d b o n d s o f t h e
W a r F in a n co C o r p o r a tio n p a y a b le in a n y fo re ig n m o n e y o r fo re ig n m o n e y s
e x c lu s iv e ly o r in th e a lte rn a tiv e , sh a ll, i f a n d t o th o e x te n t e xp ressed in
s u ch b o n d s a t th e tim e o f th e ir issu e, w ith th e a p p ro v a l o f th e S e c r e ta r y o f
th e T r e a s u r y , w hile b e n e ficia lly o w n e d b y a n o n re s id e n t alien in d iv id u a l,
o r b y a fo re ig n c o r p o r a t io n , p a rtn e rsh ip , o r a s s o c ia tio n , n o t en gag ed in
bu sin ess in th e U n ite d S ta te s , b o e x e m p t b o t h as t o p rin c ip a l an d in terest
fr o m a n y an d a ll ta x a tio n n o w o r h e re in a fte r im p o s e d b y th e U n ite d S ta tes,
a n y S ta to , o r a n y o f th e possession s o f th o U n ite d S ta te s, o r b y a n y lo ca l
ta x in g a u th o r ity .
S e c. 4 . T h a t a n y in c o r p o r a te d b a n k o r tru s t c o m p a n y d e s ig n a te d as a
d e p o s ita r y b y th e S e c r e ta r y o f th e T r e a s u r y u n d e r th o a u th o r ity c o n fe r r e d
b y s e c tio n e ig h t o f the S e c o n d L ib e r t y B o n d A c t , as a m e n d e d b y t h e
T h ir d L ib e r t y B o n d A c t , w h ich g iv e s s e c u r ity fo r s u ch d e p o s its a s , an d toa m o u n ts b y h im p re s crib e d , m a y , u p o n a n d s u b je c t t o s u ch te rm s an d
co n d itio n s as th o S e cre ta ry o f th o T r e a s u r y m a y p r e s c r ib e , a c t as a fisca l
a g e n t o f th o U n ite d S tates in c o n n e c tio n w ith th o o p e r a tio n s o f sellin g a n d
d e liv e rin g a n y b o n d s , c e r tific a te s o f in d e b te d n e ss o r w a r sa vin gs ce r tific a te s
o f th o U n ite d S ta te s.
S e c . 5 . T h a t th o s h o rt t itle o f th is A c t shall b o “ F o u rth L ib e r t y B o n d
_________ __________________________
A c t.”

H O W T H E B A N K S A R S m ^ B S C R J jM K G TO T R E A S U R Y

$ 8 ,0 0 0 ,0 0 0 , 0 0 0 A D D I T I O N A L

C E R T IF IC A n ^ d F I N ^ M e DNESS.
A

T h e F o u r th L ib e r t y b o n d b ill, p ro v id in g fo r $ 8 ,0 0 0 ,0 0 0 ,0 0 0
oi b o n d s in a d d itio n
p ro v id in g

131

THE CHRONICLE

lik ew ise

to

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th o so p re v io u sly a u th o r iz e d , a n d
a d d itio n a l

lo a n s

to

th o

A llie s

of

of

s t a te m e n t, in w h i c n i l is a n ^ j J R / l

th o

su b s c rip tio n s

re ce iv ed

fo r

th a t a su m m a ry

ra fa s u r y

c e rtific a te s

of

in d e b te d n e s s w ill b e p u b lish e d a fte r e ach issu e w ith a v ie w
to s tim u la tin g su b sc rip tio n s a n d a ffo rd in g e ach in s titu tio n

$ 1 ,5 0 0 ,0 0 0 , 0 0 0 w a s p a sse d b y th e S e n a to o n J u ly 5 w ith o u t

in fo r m a tio n as to w h a t th e o th e r in s titu tio n s in th o d istr ic t

a m e n d m e n t or ro ll c a ll.

aro d o in g , w a s m a d o p u b lic as fo llo w s b y th o F e d e ra l R e s e r v e

th e

b ill

S e n a to
w as
in

June
w as

2 9 ),

th e

d e b a te

c o m p a r a tiv e ly

re c o m m e n d e d

a n tic ip a tio n

in creases

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of

fr o m

by

th o

on

th e

b r ie f.
th o

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(w h ic h p a sse d

Tho

T reasu ry
L ib e r t y

$ 1 2 ,0 0 0 ,0 0 0 ,0 0 0

to

b ill

in

b ill,

th e

w h ic h

D e p a rtm e n t

Loan

in

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$ 2 2 ,0 0 0 ,0 0 0 ,0 0 0

th e

to ta l o f b o n d s a u th o r iz e d u n d e r th o se v e ra l L ib e r t y b o n d
A cts.
yet

O f th o $ 1 2 ,0 0 0 ,0 0 0 ,0 0 0 p re v io u sly a u th o r iz e d tliero
re m a in s

u n issu e d

d itio n a l b o n d s p ro v id e d

$ 4 ,0 2 1 ,2 1 4 , 2 0 0 .
fo r ,

B e sid o s

th o b ill raises f r o m

th o

ad­

$ 5 ,5 0 0 ,­

0 0 0 ,0 0 0 to $ 7 ,0 0 0 ,0 0 0 , 0 0 0 th o a m o u n t o f lo a n s w h ic h m a y
b o m a d o to th o A llie s .

D u r in g th o b r ie f d e b a to o n th o b ill

in th o S e n a to o n th o 5 t h , d iscu ssio n w a s h a d o f S e c tio n 3 ,
w h ich p ro v id e s th a t b o n d s a n d C e r tific a te s o f In d e b te d n e s s of
th e U n it e d S ta t e s , w h e n p u rc h ase d b y a n o n -re sid o n t a lie n ,
or foro ign c o rp o r a tio n , p artn e rsh ip s,(a sso cia tio n or c o -p a r tn c r sh ip s n o t d o in g b u sin ess in th e U n it e d S ta te s sh all b o e x e m p t
fr o m ta x a tio n eith e r b y tlio F e d e ra l G o v e r n m e n t o r b y a n y
S ta to or m u n ic ip a l d iv isio n o f a n y S t a t o .
q u e stio n

as

to

w h eth er

th is e x e m p tio n

to

bonds

A s to w h e th e r th ere w a s a n y

e s tim a te as to th o a m o u n t o f b o n d s th u s re lie v e d f r o m ta x ­
a t io n , S e n a to r S im m o n s said th a t h e d id n o t th in k a n y o f
thoso b o n d s h a d b e e n so ld to n o n -re sid e n t a lie n s, a d d in g :
“ w o h a v o n o t b e e n a b lo to sell th e m

a b r o a d b e c a u se tho

fore ig n er w ill n o t b u y o u r b o n d s if h e u n d e r sta n d s th a t th e y
aro lia b lo n o t o n ly to p a y a fix e d ta x to th o G o v e r n m e n t , b u t
lia b lo to bo ta x e d b y th e S ta to s a n in d e fin ite a n d u n a sc e rta in ­
e d a m o u n t .”

S e n a to r S im m o n s p o in te d o u t th a t th o b o n d s

aro o x e m p t fr o m
fic ia lly o w n o d b y

ta x a tio n o n ly so lo n g as th e y are b e n e ­
a n o n -re sid o n t

foro ign c o rp o r a tio n .

alie n

in d iv id u a l or b y a

T h e d o b a te o n th o b ill in th o H o u s e on

J u n o 2 8 o c ca sio n e d th o fo llo w in g re m a rk s b y R e p r e s e n ta tiv e
L o n g w o r th :
"W ith tiio e n a ctm en t in to law o r tliis b ill, w h ich is a b o u t t o pass this
U o u s o u n a n im ou sly , w o w ill h a v o au th o riz e d a p u b lic d e b t o f $ 2 4 ,0 0 0 ,­
0 0 0 ,0 0 0 .
I t is interesting t o n o to th a t th e to ta l p u b lic d e b t o f G e rm a n y
t o -d a y is o n ly a b o u t $ 1 ,0 0 0 ,00 0 ,0 0 0 m o r o th a n th a t , o r a b o u t $ 2 5 ,0 0 0 ,­
0 0 0 ,0 0 0 .
I n o th o r w o rd s, this G o v e rn m e n t in a b o u t 15 m o n th s has au th o r­
iz ed th o cre a tio n o f a p u b lic d e b t w ith in $ 1 ,0 0 0 ,0 0 0 ,0 0 0 o f th o a m o u n t th at
G erm a n y lias a u th orize d in 47 m o n th s . S in co th o b e g in n in g o f th o w ar
th o A m erica n p oo p lo h a v o au th orized th o e x p en d itu re o f a lm o s t th o a m o u n t
o f m o n o y th a t it has ta k en G e rm a n y t o g e t b y loan s in a lm o s t tlireo tim es
th a t len gth o f tim e . T h e F irst L ib e r ty L o a n w as su b scrib e d fo r b y a b o u t
4 ,5 0 0 ,0 0 0 p e o p le , th o s e c o n d b y a b o u t 9 ,5 0 0 ,0 0 0 p e o p lo , th is last loan b y
o v e r 1 7 ,0 0 0 ,0 0 0 p o o p lo . I v e n tu re t o p re d ict th a t th o co m in g lo a n w ill b e
su b scrib ed fo r b y 3 0 ,0 0 0 ,0 0 0 p e o p le ; a n d w o aro go in g o n t o Issue m o r e an d
m o r e b o n d s, an d A m erica n citiz e n s In in crea sin g n u m b ers aro g o in g t o b u y
th em u n til w o h a v e co n q u e r e d G e rm a n y . M a y I su ggest th a t a g o o d
s u b titlo t o tills bill w o u ld b o “ H u n s ta k e n o t ic e !”

T h o fo llo w in g is th e to x t o f th o b ill as p assod b y C o n g re ss

of

N ew

Y ork

y e s te r d a y

(J u ly

1 2 ):

In v ie w o f th o p u b lis h e d re q u e s t o f th e S e c r e ta r y o f th o T r e a s u r y , a sk in g
all ba n k s an d tru s t c o m p a n ie s th r o u g h o u t th e c o u n t r y t o c o -o p e r a te w ith
th o fis ca l p r o g r a m o f th o G o v e rn m e n t b y s e ttin g asid e 2 M % o f th e ir gross
resou rces e v e r y t w o w eek s fo r t h o p u rp o s e o f p u rch a sin g s h o r t te r m c e r tifi­
ca te s o f in d e b te d n e ss issu ed b y th e T r e a s u r y D e p a r tm e n t, th e F ed era l
R e s o r v o B a n k o f N e w Y o r k , in c o n ju n c t io n w ith m o s t o f th e F ed era l
R e s e r v e b a n k s o f o th e r d is tric ts , h a s co n sid e re d it a p p ro p r ia te t o fo rw a rd
t o th o ba n k s o f t h o d is tric t lists o f all th e b a n k in g in s titu tio n s t h a t s u b ­
s crib e t o s u ch ce r tific a te s o f in d e b te d n e ss.
A s u m m a ry o f th o s u b s crip tio n s re c e iv e d fo r th e issu e o f c e r tific a te s ,
d a te d Ju n o 25 1918, d u o O c t . 24 1918, b e in g th e fir s t issu e in a n t ic ip a tio n
o f th o F o u rth L ib e r t y L o a n , is as fo llo w s :
SubN o n -S u b scribers. scribers.
T otal.
363
N a tio n a l b a n k s ______________________ ......................
258
621
120
S ta to b a n k s __________________________ .......... ............ 108
228
123
T r u s t c o m p a n io s ____________________ ......................
73
196
T o t a l s ______________________________ .................
P r lv a to s u b s c r ib e rs ___ ___________ .. ____________
S av in gs b a n k s u b s c r ib e r s ___________ ......................

594
70
19

T o t a l su b s c r ib e rs ............. .................. .......................

683

I n a n sw e r to a
a p p lie d

a lr o a d y s o ld , S e n a to r S im m o n s a n sw e re d in th o a ffir m a tiv o ,
s ta tin g th a t i t is re tr o a c tiv e .

Bank

451

1,045

* T h o so lists w ill b e p u b lish e d fro m t im e t o tim e s h o r tly a fte r ea ch is su e
o f c e r tific a te s a n d w ill co n ta in a s ta te m e n t o f th o a m o u n ts a c t u a lly s u b ­
s c r ib e d fo r ea ch issu o b y th o in s titu tio n s . T h e p u r p o s e o f th e p u b lic a tio n
w ill b o , n o t o n ly t o .s tim u la te t h e s u b scrip tio n s t o th e c e r tific a t e s , b u t also
t o a ffo r d t o e a ch in s titu tio n s th a t is su b scrib in g re g u la rly t o th o c e r tific a te s
in fo rm a tio n as t o th e p a r t b e in g p la y e d b y all th o o th e r in s titu tio n s in o u r
d is tric t.
T h o p u b lic a tio n o f th o lis t w ill also d o u b tle s s h a v e t h e e ffe c t , w h ich is
v e r y m u c h t o b e d e sire d , o f im p ressin g u p o n th o m e r ca n tile an d o th o r u s e r
o f ba n k in g c r e d it th e n e ce s s ity fo r cu rta ilin g as rig id ly as p o s s ib le th eir ow n s
uso o f su c h c r e d it a t th eir lo ca l in s titu tio n s , in o r d e r th a t th e G o v e rn m e n t
m a y h a v o s u ffic ie n t m o n e y in h a n d t o c o n d u c t th e w a r.
A lth o u g h th o resou rces o f th o m u tu a l sa vin gs ba n k s lo c a te d in th is
d is trip t h a v o n o t be e n in clu d e d in m a k in g u p th o a g g r e g a te q u o t a , an d th e
sa vin gs b a n k s th e m se lv e s h a v o n o t be e n a llo tte d a n y q u o ta s , m a n y o f th e m ,
a p p re cia tin g th a t th e so ce r tific a te s o f th e G o v e rn m e n t h a v in g s h o r t m a t u ­
rities an d b e a rin g in te re st a t th e r a te o f 4 1 4 % p e r a n n u m , are e x tr e m e ly
v a lu a b lo in v e s tm e n ts fo r sa v in g s b a n k s , h a v e v o lu n ta r ily s u b s c r ib e d f o r
c o n s id e r a b ly a m o u n ts , an d su ch ban ks h a v e c o n s e q u e n tly be e n in clu d e d
in th o lis t o f su b scrib e rs.
In a d d itio n t o th e a b o v e th ere are d o u b tle ss m a n y in d iv id u a ls a n d n o n ­
b a n k in g c o r p o r a tio n s th a t p u rch a s e th e c e r tific a te s in d ir e c tly th rou gh th e
m e d iu m o f th e b a n k s ; an d th is co u r s e is u rge d u p o n a ll th o s e d esirin g t o
in ak o s h o r t t im e in v e s tm e n ts fo r th eir su rplu s fu n d s o r p r e p a r a to r y in v e s t­
m e n ts in a n tic ip a tio n o f th eir s u b s crip tio n s t o th e F o d rth L ib e r t y L o a n .

S A V I N G S B A N K S OF N E W Y O R K S T A T E URGED TO
P R E P A R E FOR H E A V Y SU B S C R IP T IO N S
TO F O U R T H L I B E R T Y L O A N .
A n a p p e a l to th e s a v in g s b a n k s o f N e w

Y ork

S ta te to

c o n se r v o th o ir earn in gs d u rin g th e n e x t fo u r m o n th s in order
t h a t th o y m a y su b sc rib e to th e F o u r th L ib e r t y L o a n to th e e x ­
te n t o f a t lo a st 6 % o f th e ir d e p o sits h a s b e e n m a d e b y th e S a v ­
in g s B a n k A s s o c ia tio n o f N e w Y o r k S t a t e . T h e b a n k s are a sk e d
to soli th o b o n d s to d e p o sito rs a n d to re ta in all n o t s o ld .

a n d a p p r o v e d b y P r e sid e n t W ils o n :

T h o d o p o sits o f th o sa v in g s b a n k s in N e w Y o r k S ta t e a m o u n t

A B I L L t o a u th o riz e an a d d itio n a l issuo o f b o n d s t o m e e t e x p en d itu res
fo r th o n a tio n a l s e c u r ity an d d e fe n so , a n d , fo r th o p u r p o s o o f assisting
in th o p r o s e c u tio n o f th o w a r, t o ex te n d a d d itio n a l c r e d it t o fo re ig n
G o v e rn m e n ts , an d fo r o th e r p u rp o se s.

to




about

$ 1 ,9 8 6 ,5 5 6 , 0 0 0 ,

p ro p o se d 6 %

and

i t is p o in te d

out

th a t

th e

su b s c rip tio n w ou ld a p p r o x im a te $ 1 2 0 ,0 0 0 ,0 0 0 .

F o r th o F ir s t , S e c o n d a n d T h ir d L ib e r ty L o a n s th e s a v in g s

132

in s titu tio n s su b sc rib e d to a to ta l o f $ 1 5 1 ,4 0 0 ,0 0 0 , th is figu re
in c lu d in g
c lie n ts .

th e b a n k s ’

ow n

su b sc rip tio n s a n d

th o se

of

th e

T h e s ta te m e n t issu e d b y th e A s s o c ia tio n s a y s :

W h ile th e sa vin gs b a n k s, in th e m a in , h a v e p e r fo rm e d a co n sid e ra b le
m easu re o f s erv ice in ea ch o f th e p ast three c a m p a ig n s , it is n everth eless tru e
— o w in g t o th e fa c t th a t ih o v e r y n a tu re o f th eir fu n c tio n s is s u ch as to re­
q u ire co n s id e r a b ly m ore th a n th e m a jo r p o r tio n o f th e fu n d s c o m m itte d
t o th eir care t o b e in vested in a fo r m o f s e c u r ity w h ich c a n n o t re a d ily b o
co n v e r te d Into cash o r , in tim es lik e th e p re se n t, o v e n sh ifte d fro m o n e
k in d o f se c u r ity t o a n oth er— th a t th e m a jo r it y o f th e s a v in g s ba n k s h a v e
n o t p u rch a sed largely o f th e L ib e r ty B o n d s fo r th eir o w n a c c o u n t.
N o class o f ba n k in g in stitu tio n is s o v it a lly a ffe c te d b y these G o v e r n ­
m en ta l b orrow in g s as are th e sa vin gs ban k s. A m u tu a l sa vin gs ban k has
n o s to ck h o ld e rs; its trustees re ce iv e n o c o m p e n s a tio n ; e v e r y d o lla r th e b a n k
earns b e y o n d th e actu al c o s t o f d o in g business be lo n gs t o th e d e p o s ito r;
s o it is th e th ree a n d o n e -h a lf m illion s o f d e p o s ito rs in th e 141 m u tu al s a v ­
ings b a n k s in th e S tate o f N e w Y o r k w h o a lo n e are a ffe c te d b y th e increa se
o r d ecrease in th e earnings o f th ese in stitu tio n s.
A t least 8 0 % o f th e m o n e y d e p o site d in th e sa vin gs ban k s is, a n d b y th e
law has t o b e , p erm a n en tly in v e ste d in high class secu rities; these se cu ri­
ties ca n n o t n o w b e sold in large a m o u n ts w ith o u t ca u sin g w isd e p re a d d is ­
aster an d c o n s e q u e n tly sa v in g s ba n k s aro necessarily lim ite d in their p u r­
ch ases o f G o v e rn m e n t b o n d s, a t a n y o n e tim e , t o th e use o f a co m p a r a tiv e ly
sm all p a rt o f th ir r sou rc s.
1
B u t th e G o v e rn m e n t m u st h a v e th o m o n e y re q u ire d fo r a su ccessfu
p r o s e c u tio n o f th o w ar; an d e v e r y b a n k e r, n o m a tte r w h a t k in d o f an in ­
stitu tio n h e h ea d s, o r w h eth e r s u ch in stitu tio n is o p e r a te d u n d e r F ed era l
o r S tate la w s, s h ou ld begin n o w , im m e d ia te ly an d fo rth w ith , t o so plan
a n d m arshal a n d con serv e his re ce ip ts d u rin g th e n e xt fo u r m o n th s as t o
b o in a p o s itio n t o su b scrib e t o th o u tte rm o s t lim it o f s a fe ty fo r b o n d s o f
th o n ex t L ib e r t y L o a n .
E v e r y sa vin gs b a n k in th e S ta te o f N ew JK tak s h o u ld plan t o su b scrib o fo r
an a m o u n t o f b on d s at least t o 6 % o f its d e ijla its; t o sell t o its d e p o sito rs
an d th o general p u b lic as j n a « h as p bssiblo o f lt h o a m o u n t so s u b s crib e d
a n d sh ou ld b o p rep ared t< /t a k e ro r its o w n a c c o u n t th e d iffe re n ce betw een
th o a m o u n t su b scrib ed an d t in: a m o u n t i t svro&eds in selling.
S av in gs b a n k s aro d e e p ly in terested in affT n o phases o f th o n ext an d each
su cceed in g loa n ; th o ra te tS^jESrerest; th e tim o th o b o n d s h a v e t o ru n ; w h a t
m a n n er o f a rgu m en ts th o speakers shall use in sellin g ca m p a ig n ; a n d th o
fo r m , m e th o d a n d tim o in m a k in g p artial p a y m e n ts .
T h a t w e sh ou ld h a v e k n o w le d g e o f th eso v ita l fa c ts e a r ly , t h o S avin gs
B a n k A s s o c ia tio n sh ou ld h a v o a re p re se n ta tiv e o n th o L ib e r t y L o a n C o m ­
m itte e ; a n d in o rd e r t o sh ow g o o d reason fo r s u ch r e c o g n itio n , w o sh ou ld
b o a b le t o sta te to th o F ed era l R e s e r v e B o a r d a p p ro x im a te ly h o w m u ch
th o m em b ers o f th is associa tio n m ig h t in th o a ggre ga te b o e x p e c te d t o su b ­
s crib e , fo r th o n ext loa n , p r o v id e d th o co n d itio n s g o v e rn in g th o issu o s h o u ld
c o n fo r m t o ou r reason able requ irem en ts.

FIN A L

[Vol. 107.

THE CHRONICLE

FIG U R E S

OF S U B S C R I P T I O N S
LIBE RTY LOAN .

F in a l fig u res o f th o s u b sc rip tio n s to

TO

th e T h ir d

TH IRD
L ib e r t y

L o a n , m a d e p u b lic b y S e c r e ta r y o f th o T r e a s u r y M c A d o o o n
J u ly 9 , g iv e th e to ta l su b sc rip tio n s a s $ 4 ,1 7 6 ,5 1 6 , 8 5 0 .

The

a m o u n t o n M a y 18 w a s a n n o u n c e d as $ 4 ,1 7 0 ,0 1 9 , 6 5 0 .

In

m a k in g p u b lic th e fin a l fig u res S e c r e ta r y M c A d o o re p o r te d

T h o F ea tu ro B u rea u in clu d e d p a ra d e s, e x h ib its, a rran gem en ts fo r
sp ecial L ib e r ty L o a n d a y s , c o -o p e r a tio n w ith sc h o o ls, p a tr io tic so cie tie s,
ch u rch e s, & c. A m o n g o th e r featu res sta ge d fo r th e T h ir d L o a n , it arran ged
w ith th o F re n ch G o v e rn m e n t t o sen d t o N o w Y o r k 100 o f F ra n co ’s veteran
fig h te r s , th e fa m o u s “ B lu e D e v ils .”
I t arran ged also an o ffic ia l e x h ib it
in N o w Y o r k o f F r e n c h , B ritish , Ita lia n a n d A m e rica n w ar m aterial an d
ca p tu r e d G erm an tro p h ie s n u m b e rin g 2 ,1 8 0 relics, p ictu re s a n d pie ce s o f
e q u ip m e n t. T h e se featu res s e rv e d in a strik in g w a y t o m alco th e w ar
m o r e v iv id t o th e p e o p le o f th e d is tric t a n d so t o sell th o w ar.
I w ill sp eak in so m e w h a t m o re d etail o f th o w o rk o f th o A d v e r tis in g
B u re a u .
I t c o v e r e d e v e r y lino o f a d v e rtisin g app eal fro m th o o u t d o o r
a d v e rtis in g th ro u g h p o ste rs, ca r -c a r d s , p a in te d w alls, ele ctric signs an d
a u to m o b ile d is p la y th ro u g h th o d ir e ct a d v e rtisin g a n d p a m p h le t m aterial
w h ich w as used as a fo llo w -u p a fte r th o n ow spaper d is p la y ad v e rtisin g .
M o n e y fo r a d v e rtisin g s p a ce w as w illin g ly d o n a te d b y th re o th ou san d
t w o h u n d re d c o n tr ib u to r s , c o m p ris in g th o m o st su bsta n tia l hou ses in th o
d is tric t. T h e fa c t th a t all th e a d vertisem en ts ca rrie d th o n am es o f all
th ese hou ses w as a stim u lu s t o e v e r y in d iv id u a l in th o d is trict, fo r it sh o w e d
su ch an u n q u a lifie d in d orsem en t o f th e G o v e rn m e n t’s W a r P o licie s as t o
in su re th e p re d o m in a n ce o f L ib e r t y L o a n o ffe rin g s o v e r all o th e r business
o ffe rin g s du rin g th o d r iv e .
C o p y fo r L ib e r ty L o a n ad v e rtise m e n ts w as c o lle c te d fr o m ad v e rtisin g
agen cies, a d ve rtisin g w riters a n d n u m erou s in d iv id u a ls o f th o a d v e rtisin g
p ro fe s sio n . T h is v a lu a b le m a tte r w as a m p lifie d b y w riters in th o L ib e r ty
L o a n w h o d e v o t e d th e ir en tire tim o t o th o p re p a ra tio n o f literatu re fo r th o
G o v e rn m e n t o ffe rin g .
I n d e term in in g th o to n e o f th e c o p y it w as fe lt th a t th o fu n d a m o p ta l
reason fo r th o sale o f L ib e r ty B o n d s is w a r— th a t w o m ust n o t ta lk o f theso
b o n d s as if t h e y w e ro issues o f P a n a m a C a n al b o n d s o ffe r e d in tim e o f
pe a ce — in o th e r w o rd s " t h a t w e m u st n o t ta lk in term s o f in v e s tm e n t,”
w h e n “ w e sh o u ld ta lk in term s o f h u m a n life .”
T h e V ic t o r y elem en t w as c o n s ta n tly a n d ro p e a te d ly om p h a sizo d in th o
T h ir d L o a n . T h o firs t t w o loans h a d e n a b le d us t o prepare fo r th e stru g ­
gle— t o train and e q u ip o u r soldiers a n d t o g e t th e m t o F ra n co . T h e T h ir d
L o a n w as t o g iv e o u r soldiers in F ra n ce th o b a ck in g t o sen d th e m t o V ic ­
tory.
F o r the sam e reason “ W h en th o W ar is W o n ” w as c o n s iste n tly
used in preferen ce t o th o ph rase, " W h e n th o W a r is E n d e d .”
I t w as felt n ecessary t o cre a te a n d m ain tain th r o u g h o u t th e c a m p a ig n
an a tm osp h ero o f enth u siasm if w e w ero t o sw oop th o p u b lic in to an o v e r ­
s u b s c r ip tio n o f th e lo a n . T h is result c a lle d fo r p o s itiv e rath er th a n n ega ­
t iv e c o p y , fo r as a tra d e m a rk fo r th o ca m p a ig n , th o p h raso “ L o n d H im a
H a n d ” w as s e le cte d . T h is ph raso w as s trik in g ly illu strated b y a pietu ro
o f an A m e rica n so ld ie r g o in g o v e r th o t o p . H is le ft h an d Is reach in g u p
a b o v o his head a n d is grasp ed b y a c iv ilia n h an d th a t reaches d o w n t o h elp
h im in to th e fig h t. T h is ph raso a n d pietu ro b ro u g h t th o c iv ilia n rig h t in to
tile tron ch es an d g ra p h ica lly illu strated th e o u tsta n d in g im m e d ia to p u rp o se
o f th o lo a n — his le n d in g o f m o n e y t o b a c k up o u r fig h tin g m en— th e e ffe c ­
t iv e su p p o r t o f o u r A r m y in F ra n ce .
T h is is a baro o u tlin e o f h o w th irteen m illion p e o p lo w ero m o v e d t o a c ­
tio n — an d th ro u g h o u t th is w h o le d riv o h a d y o u g o n o fo rth o n th o w in gs
o f th o m orn in g t o th o m o s t r e m o to d is tra cts , y o u w o u ld h a v o been c o n ­
fro n te d w ith th o gre a t ap p ea l t o “ In v e s t in L ib e r ty B o n d s .”
I t i3 a sign ifica n t fa c t th a t theso fo u r m illion su b scrib ers w ero o b ta in e d
a t an a d ve rtisin g c o s t o f a b o u t 15c. p or su bscrib er— th o on tiro c o s t o f th o
sale w o u ld n o t e x ce e d 3 0 c . I feel p o s itiv o th a t th is is a re c o rd in sales c o s t .
W o h a v e been a b le b y w o rk in g lo n g hours t o c o v e r th o g r o u n d In a s a tis ­
fa c to r y m an n er, an d it ca n b e said th a t th o a m o u n t o f c o -o p e ra tio n o b ­
ta in e d b y this d e p a rtm e n t w ith o u t c o s t t o th o G o v e rn m e n t has been littlo
s h o r t o f am azin g a n d has re a ch e d e v e r y co rn e r o f th o c o u n tr y .

th e s u b sc rip tio n b y F e d e r a l R e s e r v e D is t r ic ts a s fo llo w s :
B o s t o n ______
N ow Y o r k -.
P h ila d elp h ia
C le v e la n d ___
R ic h m o n d ..
A t la n t a ____
C h ic a g o ____
S t. L o u is ___

$ 3 5 4 ,5 3 7 ,2 5 0
1 ,1 1 5 ,2 4 3 ,0 5 0
3 6 1 ,9 6 3 ,5 0 0
4 0 5 ,0 5 1 ,1 5 0
18 6 ,2 5 9 ,0 5 0
13 7 ,6 4 9 ,4 5 0
6 0 8 ,8 7 8 ,6 0 0
1 9 9 ,835 ,90 0

M in n e a p o lis . .
K a n sa s C i t y . .
D a lla s ________
San F ra n cis c o
T r e a s u r y _____

$ 1 8 0 ,8 9 2 ,1 0 0
2 0 4 ,0 9 2 ,8 0 0
1 1 6 ,2 2 0 ,6 5 0
2 8 7 ,9 7 5 ,0 0 0
17,9 1 7 ,7 5 0

$ 4 ,1 7 6 ,5 1 6 ,8 5 0

T. M U L L A L L Y O N W O R K OF A D V E R T I S I N G
TH IRD LIBE RTY LO AN .
o f th e P u b lic it y

c h a n g e in S e c tio n s 1 0 8 a n d 1 9 0 , re s tr ic tin g lo a n s a n d in v e s t­
m e n ts b y b a n k s a n d tr u s t c o m p a n ie s , r e s p e c tiv e ly , b y a d d in g

In a n n o u n cin g o n M a y 18 th a t th e to t a l s u b s crip tio n s r e c e iv e d and
a llo tte d fo r b o n d s o f th o T h ir d L ib e r t y L o a n w e ro $ 4 ,1 7 0 ,0 1 9 ,6 5 0 , th e
S ec r e ta r y s ta te d th a t th o fig u re s w o re s u b je c t t o m o d ific a tio n u p o n th o
r e c e ip t o f fin a l au d ited retu rn s fr o m th o s e v e ra l d is tric ts .
A b o v o in clu d es a rm y su b s c r ip tio n s s u b je c t t o ch a n g e .

T h o w o rk

In referrin g to a m e n d m e n ts to th o B a n k in g la w s o f N o w
Y o r k m a d e a t th o 1 9 1 8 se ssio n o f th o L e g is la tu r e , th o F e d e ra l
R e s e r v e “ B u lle t in ” in its J u n o issu o c a lle d a t te n tio n to th o

T ota l

S e c r e ta r y M c A d o o a lso sa id :

W.

C H AN G E I N N E W YORK B A N K I N G L A W A F F E C T IN G
L O A N S S E C U R E D B Y L I B E R T Y BO ND S.

D e p a r t m e n t o f th o F e d e ra l

to e a c h a n ow s u b -d iv is io n , re a d in g a s fo llo w s :
N o n o o f th o lim ita tio n s o r restrictio n s co n ta in e d in th o p re v io u s s u b ­
d iv isio n s o f this s e c tio n shall a p p ly t o loa n s, d isco u n ts o r o th e r exten sion s
o f c r e d it secured b y L ib e r ty b o n d s o r b y o th e r b o n d s qr secu rities Issued
b y th o U n ited S tates G o v e rn m e n t fo r w a r pu rp oses, i f th o m a rk e t v a lu o
o f s u ch L ib e r ty b o n d s o r o th e r secu rities ex ce e d b y to n p er c o n tu m th o
a m o u n t o f a n y s u ch lo a n , d is co u n t o r o th e r exte n sio n o f cro d it.

Tho

B oard

lik e w ise

d ra w s

a t te n tio n

to

th o

fo llo w in g

a m e n d m e n t to S e c tio n 2 3 8 r e la tin g to tho p ow ers o f s a v in g s

R e s e r v e B a n k o f N e w Y o r k in a d v e r tis in g th o T h ir d L ib e r t y

b a n k s so as to p e r m it th e m to re c e iv e L ib e r t y or o th e r G o v ­
e r n m e n t b o n d s fo r safo k e e p in g :

L o a n w a s d esc rib e d in a n ad d ro ss b y W i lli a m T . M u ll a ll y ,
C h ie f o f th o C o p y D iv is io n , re p re se n tin g th o D e p a r t m e n t , in

8.
T o re ce lvo as d e p o s ito r y , o r as baileo fo r sa fe -k e e p in g a n d s to r a g e .
L ib e r t y b o n d s o r o th e r b o n d s o r secu rities Issued b y th o U n ited States
G o v e rn m e n t fo r w ar p u rposes o r oth e rw ise .

a n a d d re ss d eliv ered a t th o A s s o c ia te d A d v e r tis in g C lu b s
o f th e W o r l d a t S a n F r a n c isc o o n J u ly 1 0 .

In p art M r .

WAR

R E VE N U E L E G IS L A T IO N -P R O P O S E D
T A X A T I O N OF L U X U R I E S .

M u ll a ll y s a id :
P erh a p s th o k e y n o to o f th o w ork o f t h o P u b lic it y D e p a r tm e n t, t o w h ich
w as a ssign ed th o ta sk o f a p p e a lin g t o th e p u b lic th r o u g h th o w ritte n w o rd ,
w as th o c o n s iste n t a tte m p t t o s e t b e fo r e th o p e o p lo o f th o d is tric t n o t
o n ly th o fu n d a m en ta ls o f G o v e rn m e n t fin a n c o , b u t th o de e p o r in sp ira tion
o f th o w ar its e lf in a lk its phases in s u ch a m a n n er as t o le a v e th o bu yers o f
b o n d s w ith a p o w e r fu l feelin g o f v o lu n t a r y c o -o p e ra tio n in w a r s e r v ic e . I t
w as la r g e ly a c a m p a ig n t o “ sell th o w a r .”
M o r e a n d m o r e as th o w ar goes
o n th e L ib e r ty L o a n o rg a n iz a tio n w ill b e a b le t o g e t th e v a s t an d va rie d
p o p u la tio n o f N o w Y o r k C it y a n d th o S e c o n d F e d e ra l R o s e r v o D is t r ic t o n
a basis 'w here it w ill be im p o s sib le t o f a n y o n e t o fa il t o co n tr ib u te a fa ir
sh aro t o G o v e rn m e n t fin a n c in g . W o h a v e fe lt v e r y s tr o n g ly , h o w o v e r,
th a t it is m u c h b e tte r t o g e t fo u r m illio n su b scrib e rs t o b u y L ib e r t y B o n d s
w ith en th u sia sm a n d in spired b y d e e p s y m p a t h y w ith a n d k n o w le d g e o f
th e w a r , th a n it is t o g e t th e sa m e n u m b e r o f p e o p lo p u r e ly o n a ca rd
c a ta lo g u e b asis b y assigning a s p e c ific sum t o th e m a n d c o lle c tin g it th rou gh
a s o lic itin g org a n iz a tion .
T h e P u b lic it y D e p a rtm e n t w as org a n ize d in to th reo m ain ba rn ch o s o f
p u b lic it y e n d ea v or— new s, featu res a n d ad v e rtisin g .
T h e Press B u rea u resp on sible fo r n ew s p u b lic ity e stablish ed co rd ia l
rela tion s w ith th o m e tro p o lita n a n d o th e r new spapers o f th o d is trict, fu r ­
n ish ed d a ily a v a r ie ty o f w ell w ritte n now s a n d e d ito ria l m a tte r, p h o to ­
grap h s a n d c a r to o n s , all d esign ed t o in spire a c tlo n -g o ttln g in terest fro m
th e p u b lic , a n d p rep ared m aterial t o m e e t th o requ ests o f m a gazin es, trade
a n d class p a p ers fo r special articles as w ell as b oiler p la to fo r th e c o u n tr y
p a p ers th r o u g h o u t th e d is trict.




A m e m o r a n d u m c a llin g fo r a ta x o n lu x u rie s s im ila r to th e
s y s t e m in fo rc e in G r e a t B r ita in a n d F r a n c o w a s s u b m itte d
o n J u ly 9 b y th e T r e a s u r y D e p a r t m e n t to th o H o u s e C o m ­
m it te e o n W a y s a n d M e a n s w h ic h a m o n th a g o b e g a n h e a r­
in g s o n th e p ro p o s e d W a r R o v o n u o le g is la tio n .

I t is p ro ­

p o s e d th a t th e lu x u r y ta x b o a p p lie d o n w ea rin g a p p a r e l,
je w e lr y ,

h o u s e fu rn is h in g s ,

in s tr u m e n ts ,

a lc o h o lic

a u t o m o b ile s ,

bo vera ges,

s p ir its , w in e , t o b a c c o , & c .

A

b ic y c le s ,

m u sic a l

d r in k s ,

d istille d

so ft

ta x o f 1 0 %

o n h o te l b ills

a m o u n tin g to m o re th a n $ 2 5 0 a p orson a (la y a n d a ta x o n
h o u s e h o ld

s e r v a n ts

are

a lso

o m b o d ie d

f r o m th e T r e a s u r y D o p a r t m o n t .
m e r c e ” o f J u ly 1 0 s a id :

Tho

in

th o s u g g e stio n s

“ J o u rn a l o f

Com ­

T h o c o m m u n ica tio n fr o m th e T r e a s u r y fo llo w e d c lo s o ly th o linos sot fo rth
in th o o p o n lo tto r w h ic h S e cro ta ry M c A d o o son t C h airm an I fitc h in som o
tim e a g o .
In th a t lo tto r it w as p r o p o s e d th a t th o e x tra taxes sh o u ld bo
lo v io d u p o n Incom es, w a r p r o fits an d u p o n lu xu ries.
F u rth erm ore, it is
p r o p o s e d th a t m a n y a lte ra tio n s sh all b o m a d o in tho existin g tax law s to
m ak e thorn m ore w o rk a b lo .
F o r this p u rp o s e it is o x p o cto d t o re d ra ft th o
p resen t ta x law s an d r o c o d ify thoso an d co m b in e th em w ith tho now law .

July 13 1918.]

THE CHRONICLE

133

T h e b ill w h ich w ill c o n io o u t o f th o co m m itte e w ill, th e re fo re , raiso b e ­
E.
L . H o w e , C o u n s e l fo r th o N a tio n a l R e ta il D r y G o o d s
tw een seven and oight billio n d o lla rs a y o a r in lieu o f th o p ro so n t fo u r
A s s o c ia tio n , p ro p o se d to th e W a y s a n d M e a n s C o m m it t e e
billion s w h ich aro n o w raised b y F e d o ra l taxes. A s u b -c o m m itto o o f the
F in a n ce C o m m itte e o f th o S ona to has boon a p p o in te d , it is u n d e rs to o d , fo r
o f th e H o u s e o n J u n e 1 4 t h a t th e p re se n t ta x la w s b e re p e a le d
th o p u r p o s e o f c o -o p e r a tin g w ith th o H o u s e W a y s an d M o a n s C o m m itte o
a n d a s u b s titu te m e a su re b e e n a c te d .
I n s u b m ittin g h is
w h ile th o b ill is b e in g d r a ft e d . I t is h o p e d th a t b y m ean s o f th o c o -o p o r a p la n , M r . H o w e sa id :
tio n b r o u g h t a b o u t in th is m a n n er m o s t o f th o d iffe re n ce s b o tw o o n tho
H ou se an d tiio Sonato o n th o re ve n u o q u e stio n w ill b o o v e r c o m o b o fo r o the
h ir s t. T h at th e p resen t b ills th e repealed an d o n o sim p le , c o m p reh en s iv e
b ill is a c tu a lly ta k en up b y eith er IIo u so o f C on gress.
m easu re e n a c te d . T h e re lias be e n a g re a t deal o f co n fu s io n in in t T h o c o m m u n ic a tio n fr o m th o T r e a s u r y t o -d a y d id n o t con tain a r o c o d ifip re tin g th o la w s, an d business m en are p u zzle d as t o w h a t th e y h a v e t o p a y .
ca tio n o f th o p roson t re vo n u e la w s, a lth o u g h it has boon v a rio u s ly ro p o rte d
I fin d th a t th e m a jo r it y o f business m e n aro u n ce rta in as t o w h e th er th e y
th a t s u ch a c o d ific a t io n has boon p ro p a ro d in th o T re a s u ry an d th a t it
h a v o fig u re d o u t th eir returns c o r re c tly .
w o u ld b o sen t t o C on gre ss fo r its in fo r m a tio n . T h e c o d ific a tio n co n ta in s
S e c o n d . A new basis o f de te rm in in g excess w ar p r o fits s h o u ld b e p r o v id e d
th o m a n y altera tion s in th o a d m in is tra tiv e f< atu res o f tho law w h ich aro
— o n o th a t w ill cle a rly d iffe re n tia te b etw een norm al p re -w a r p r o fits a n d
con s id e r e d o f im p orta n ce . T h o m o m b o rs o f th o co m m itte e a ro lib o ra l in
p r o fits th a t h a v e resu lted fro m th e p r o d u c tio n o f w a r su p p lies, o r a n y
th e ir viow s o n this p h a so o f th e s u b je c t an d th e y h a v o a lre a d y in d ica te d
business has been d ir e ctly acce le ra te d b y th e w ar.
th oir dosiro t o d o o v o r y th in g p o s s ib lo t o re m o v e th e in equ alities an d tho
T h e p resen t b ill is un n ecessarily co m p lic a te d an d d o e s n o t su ccessfu lly
h a rd sh ip s fr o m th o presen t law an d t o legislate in such a m a n n or as to
d iffe r e n tia te be tw e e n p re -w a r an d w ar excess p r o fits . T h e t h e o r y beh in d
m a k o it th o oasior ap p lie d b y th e T re a s u ry .
th o presen t p la n o f ta x a tio n , as I u n d erstan d it, is, in s o fa r as p ossib le,
I t h as b een estim a te d b y m e m b e rs o f th e H o u s e C o m m itte e th a t a d d i­
n o t t o d is tu rb n o rm a l p re -w a r p r o fits , e x ce p t as t o th e n orm al ta x , b u t is
tion al intern al taxes m u st b o le v ie d u p o n s p e c ific in du striot t o b rin g in an
t o ta k e s u ch p r o p o r tio n o f net in c o m e d e riv e d e x clu s iv e ly fr o m w ar p r o d u c ­
a d d itio n o f $ 1 ,0 0 0 ,0 0 0 ,0 0 0 in r e v e n u e . T h e se taxes m u st b o in a d d itio n
tio n as m a y b o necessary.
t o p resen t taxes u p o n liq u o rs, a u to m o b ile s , je w e lr y an d oth er s u n d r y c o m ­
f or th e p u rp o s e o f p r o v id in g a s im p le a n d s o u n d basis o f ta x in g w ar
m o d itie s . T h o T r e a s u r y has su ggested th a t th e y sh o u ld b o lo v ie d ex clu ­
p r o fits as d iffe re n tia te d fr o m n o rm a l th a t has been d ir e ctly acce le ra ted b y
s iv e ly u p on luxuries i f it w ere p o s s ib le , a lth o u g h s o m o m em bers o f th o c o m ­
th o pla n ;
m itte e are in clin ed t o the b e lie f th a t s o m o c o n s u m p tio n taxes m u s t b o
F irst. E lim in a te p re -w a r p r o fits fro m special ta x a tio n as a t th e present
a d o p te d i f a .I the r ev e n u o requ ired is t o b o raised. F o r tills p u r p o s o the
tim e , e x c e p t as t o th e n orm al ta x .
in clin a tion is t o le v y c o n s u m p tio n taxes u p o n c o ffe e an d tea a n d p o s s ib ly
S e co n d . T o de te rm in e p re -w a r p r o fits , e lim in ate c a p ita l as a basis o f
s o m e oth er co m m o d itie s o f sim ilar natu re.
fig u rin g . T a k e , fo r e xam p le, a p e r io d o f fiv e years ( o r m o r e if d eem ed
T h o real b u rden o f th o in crea sed ta x a tio n , h o w e v e r , is t o b o p la ce d u p o n
n ecessary) be gin n in g w ith 1909, t o 1913, a n d e stim a te th e a v e ra g e n orm al
w ar p r o fits an d u p on in co m e s. T h e H o u se C o m m itte o Is n o t e x p e c te d t o
net in c o m e fo r a c o r p o r a tio n , partn ersh ip o r in d iv id u a l o n this basis:
d eterin in o d e fin it e ly u p o n th e rates o f ta x a tio n in these in stan ces until th o
O b ta in th e a v e ra g e n e t in c o p ie fo r th is p re -w a r p e r io d . T h is I w ou ld
T rea s u ry c o m p le t e s a ta b u la tio n o f th o in c o m e an d excess p r o fit s re p o rts
w h o lly e x e m p t as a p r e w a r p r o fit , s u b je c t o n ly t o th e n o rm a l ta x , lea vin g
o f t h o fisca l year.
T h o e xp erts o f th e T r e a s u r y aro n ow a t w o rk u p o n su ch
all net in c o m e in th e ta x a b le ye a r o f th e w ar as a w a r p r o fit , n o t necessarily
a t a b u la tio n , a n d t h e y e x p e c t t o h a v e it c o m p le te d b y th o en d o f th o curren t
an excess w ar p r o fit . P r o v is io n sh o u ld b o m a d e fo r a p ro p e r e x e m p tio n
m o n th o r soon er. T h a t t a b u la t io n , it is a n tic ip a te d , w ill b e r e c e iv e d b e fo ro
allo w a n ce fo r c a p ita l in crea se in th o ta x a b le y e a r o v e r th e p r e -w a r a v era g e.
th o c o m m itte o has c o m p le te d its w o rk o n th e w h o le bill. T h o rates o f ta xa ­
T h is e x e m p tio n sh o u ld b e n o t in excess o f th e a v e ra g e retu rn t o th e av era g e
tio n o n in com es an d p r o fits , th e re fo re , ca n b o in serted at th o last m o m e n t.
ca p ita l in ve ste d in th o p re -w a r p e rio d an d in n o e v e n t t o e x ce e d 1 0 % .
T h o presen t te n t a t iv e u n d ersta n d in g is th a t th o revenues fro m in co m e s and
T h e se tw o chann els g iv e g reat e la sticity . Increase y o u r p er c e n t, o n w ar
p r o fit s m u st b o d o u b le d , an d t o d o u b le th a t return d e p e n d s m e r e ly u p o n
p ro fits and h o ld p r e -w a r p r o fits as a reserve. In m y o p in io n , th is m e th o d
a m a th e m a tic a l ca lcu la tio n ba sed u p o n th e returns re ce iv e d last y e a r.
w o u ld m eet fa v o r in p r a ctica lly e v e r y in d u stry as a sim p le a n d ju s t w a y o f
T h o T r e a s u r y D e p a r t m e n t ’ s m e m o r a n d u m p ro p o se s a h a n d lin g p re -w a r p r o fits o f ea ch c o r p o r a tio n , partn ersh ip o r in d iv id u a
r e ta il sale s ta x a n d a ta x o n m a n u fa c tu r e r a n d p ro d u c e r . a c c o r d in g t o its o w n r e c o rd . It w o u ld b e a c c e p ta b le t o retail stores.

Tho

p ro p o sa ls w ith re g a rd

to

th ese ta x e s aro se t o u t

Retail Sales Tax.
F i f t y p er c e n t on th e retail p rice o f je w e lr y , in clu d in g w atch es a n d clo c k s ,
e x c e p t th o s e sold t o a r m y o ffice rs.
T w e n t y p er ce n t o n a u to m o b ile s , trailers, an d tru ck u n its, m o t o r c y c le s ,
b ic y c le s , a u to m o b ile s , m o t o r c y c le , an d b ic y c lo tires, an d m u sica l in stru ­
m en ts.
A ta x o n ail m e n ’ s su its selling fo r m oro th a n $30 , hats o v e r $ 4 , shirts
o v e r $ 2 , p a ja m a s o v e r $ 2 , h o sie ry o v e r 35 c e n ts , sh oes o v e r $ 5 , g lo v e s o v e r
$ 2 , u n d erw ear o v e r $ 3 , an d all n eck w ear and can es.
O n w o m e n ’s su its o v e r $40 , c o a ts o v e r $30 , r c a d y -m a d o dresses o v e r
335 , skirts o v e r $15 , h a te o v e r $10 , shoes o v e r $ 6 , lingerie o v e r $5, co rse ts
o v e r $5. D ress g o o d s — Silk o v e r $1 50 a squ are y a r d ; c o t t o n o v e r 50 ce n ts
a sq u a re y a r d , an d w o o l o v e r $2 p er squ aro y a r d . A ll fu rs, b o a s , a n d fa n s .
O n c h ild re n 's clo th in g — O n c h ild re n ’s suits o v e r $15 , c o t t o n dresses o v e r
$ 3 , lin en dresses o v e r $ 5 , silk an d w o o l dresses o v e r $ 8 , h ats $ 5 , sh oes $4,
a n d g lo v e s $2.
O n h ou sefu rn ish in gs, all orn am en tal lam ps an d fix tu re s , all ta b le linen ,
c u tle r y an d silvorw a ro, c h in a an d c u t glass; all fu rn itu re in sots fo r w h ic h
$5 o r m oro is p a id fo r eacli p iece; o n cu rtain s o v e r $2 p er y a r d , a n d o n
tapestries, ru gs, a n d c a rp e ts o v e r $5 per squ aro y a r d .
O n ail pu rses, p o c k e t b o o k s , h a n d b a g s, bru sh es, c o m b s , an d to llo t a r­
ticles , a n d all m irrors o v e r $2.
T o n p er c e n t o n th o c o lle ctio n s fro m th e sales o f v e n d in g m ach in es.
T e n per ce n t on all h o te l bills a m o u n tin g t o m o re th an $2 50 p e r person
p er d a y . A ls o th o present ta x o n ca b a re t bills is m a d e t o a p p ly t o th o en tire
restau ran t o r c a fe b ill (th e present tax is 1 0 % .)

Taxes on Manufacture or Producer.
T o n ce n ts a gallon on all gasolin e t o b e p a id b y th e w holesale d ealer.
1 0 % ta x o n w ire dealer.
T ito fo llo w in g taxes o n s o ft drin k s are su ggested: T h o s e n ow p a y in g 5
cen ts a g a llo n , t o p a y 20 cen ts; th o s e p a y in g 8 c e n ts , t o p a y 30 cen t;
th o s e p a y in g 10 cen ts, t o p a y 40 cen ts; and th o se p a y in g p a y in g 20 cen ts
t o p a y 80 c e n ts . M in era l w ater n o w taxed 1 c e n t a g a llo n , t o p a y 16 ce n ts.
C h ew in g g u m n ow ta xed 2 % o f th o selling p rice , t o p a y 1 ce n t o n each
5 ce n t pa ck a g e.
M o t io n p ictu ro sh ow s an d film s: A b o lis h th o f o o t ta x o f
an d X
A con t a
f o o t an d su b s titu te a tax o f 5 % o n th o rentals re ce iv e d b y th o p ro d u ce r,
an d d o u b le th o ta x ra to on adm issions.
D o u b lo th e present taxes o n a lc o h o lic bev e ra g e s, v iz .:
D istilled spirits, n ow $3 20 per g a llo n , p ro p o se d $6 4 0 .
F erm en ted $3 per g a llo n , p ro p o s e d $6.
W in e 8 cen ts per g a llo n t o b e 16 cen ts.
T o b a c c o an d cig a rette taxes are d o u b le d .
A u to m o b ile s — A license ta x on passenger a u to m o b ile s g ra d u a te d a c c o r d ­
in g t o liorsop ow er.
23 h orsep ow er o r less, $15.
24 t o 30 h orsep ow er, $25.
31 t o 40 h orsep ow er, $40.
O v er 40 h orsep ow er, $50 .
D o u b lo clu b m em bersh ip dues.
H ou seh old serva n ts, m ale 2 5 % o f th e w ages o f o n e se rva n t u p t o 1 0 0 %
o f th e c o m b in e d w ages o f fo u r o r m ore.
F em ale servan ts, each fa m ily e xem p ted fro m ta x o n th e servant.
A il a d d ition a l servan ts (fe m a le ), fro m 10 t o 1 0 0 % o n all o v e r fo u r.

T h e “ T im e s ” a lso s a y s :
T h o th e a tr e tax. is n ow 1 0 % on all adm issions ex ce p t th ose u n d er 5 ce n ts.
I f th o r ecom m en d a tion s o f th e T re a su ry D e p a rtm e n t aro a c c e p te d th o tax
w ill b o 2 0 % .
A ll c lu b du es o v e r $12 a y e a r n ow p a y a ta x o f 1 0 % . I t is suggested
th a t th is sh ou ld b o d o u b le d .
.
A t presen t th ere is n o F ed era l tax o n th e users o f a u to m o b ile s .
Th
p r o p o s e d licen sin g w ou ld lilt e v e r y user o f an a u to m o b ile in th e co u n tr y
c o m p e llin g him t o p a y a F ed eral license ta x as w ell as a S ta te ta x .
T h c r o is n o ta x o n g asolin e, an d a ta x o f 10 c e n t s a gallon o n g a s o lin o
w o u ld m ea n t h a t th e con su m e r o f gasolin e w o u ld p a y th is ta x , w h ich w o u ld
brin g th o p r ice o f gasolin o t o 35 o r 40 cen ts a gallon .




M r . H o w e p re sen te d a fe w e x a m p le s o f h o w h is

as

fo llo w s in th o N e w Y o r k “ T i m e s :”

s y s to m w o u ld w o rk o u t ,

ta k in g 8 %

ru p o «e d

as th o ta x o n p ro fits

in th o w a r: T o p re sen t ta x o n a f ir m ’s n e t in c o m e o f $ 1 8 ,0 0 0
w o u ld bo $ 4 ,1 5 3 , w h ile u n d e r h is s y s t e m it w o u ld b e $ 3 ,9 2 0 .
I f it is d esirab le to o b ta in m o re m o n e y , M r .
th o ra to
added:

co u ld

be

in creased

beyond

10% .

H o w e s a id ,

A.

M .

H ow e

I f th is plan is a d o p te d , all in equ alities be tw e e n c o r p o r a tio n s a n d p a rtn er­
ships b eca u se o f in ve ste d surplus w o u ld b e re m o v e d , a n d unfairness t o
sm all business th r o u g h th e m e th o d s o f fig u rin g ]e x e m p tio n s w h e re b y th e
business w ith a sm all net in c o m o is e lim in a te d lfr o m th e m o s t fa v o r a b le
grad es o f ta x a tio n w o u ld disappear.

I t w a s re p o r te d o n J u n e 1 0 th a t th e p la n s o f th e W a y s
a n d 'M e a n s C o m m itt e e in c lu d e d a ta x o f 7 5 %

o n p u re w a r

p r o fits , w h ic h w o u ld b e a rriv e d a t th ro u g h th e E n g lis h s y s ­
te m o f im p o s in g su ch le v ie s , th e n o r m a l p ro fit b e in g o b ta in e d
b y ta k in g th o a v e r a g e p r o fit d u rin g th e fiv e p r e -w a y y e a r s —
1909,

1910,

1911,

1912,

and

1913.

A ll

p ro fits

over

th is

a v o r a g o , i t w a s s a id , w o u ld b e s u b je c t to a ta x o f 7 5 % .
T h o firs t p ro te s t a g a in s t th e T r e a s u r y ’s su g g e stio n s fo r
lu x u r y ta x a tio n w as lo d g o d o n J u ly 1 0 a t th e c o m m it t e e ’ s
h oa rin g o f re p re s e n ta tiv e s o f th e w h o le sa le a n d re ta il jo w e lr y
tr a d o .

M eyer D .

of N ow

R o th s c h ild a n d R o b e r t B . S te e le , b o th

Y o r k , d ecla red

th a t th e p ro p o se d

50%

re ta il ta x

o n jo w e lr y w a s ru in ou s a n d w o u ld fo rc e so m a n y co n ce rn s
out

of

bu sin e ss

th a t

th e

G overn m en t

w o u ld

not

d eriv e

n e a r ly s o m u c h re v en u e fr o m th is source as it ,w o u ld u n d er
th e 1 0 % ta x .
W illia m

H . H ill o f D e t r o it , M i c h ., w h o re p re se n te d th e

p a te n t m e d ic in e in d u s tr y , p ro p o se d th e C a n a d ia n p la n o f
a ffix in g a G o v e r n m e n t ta x s ta m p o n p a te n t m e d ic in e s , th e
a m o u n t o f th o ta x to b e a d d e d to th o se llin g p ric e .
W liilo M r . H ill w as o n th e s ta n d , R e p r e s e n ta tiv e F o r d n e y
o f M ic h ig a n , ra n k in g R e p u b lic a n m e m b e r o f th e c o m m it te e ,
said th o G o v e r n m e n t’ s a c tu a l w a r e xp en se s th is y e a r a fte r
d e d u c tin g

$ 6 ,0 0 0 ,0 0 0 , 0 0 0

$ 1 8 ,0 0 0 ,0 0 0 ,0 0 0 .

The

lo a n e d

to

th e

$ 8 ,0 0 0 ,0 0 0 , 0 0 0

A llie s ,

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it

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p o se d to raiso b y ta x a tio n , he s a id , re p re se n te d 4 0 %

be

p ro ­

o f th e

to ta l a c tu a l e x p e n se , a n d ho a d d e d t h a t he d id n o t th in k
t h a t a m o u n t sh o u ld b e raised b y ta x a tio n .

PHILADELPHIA BOURSE PROPOSALS CONCERNING
TAX LEGISLATION.
T h o d ire cto rs o f th e P h ila d e lp h ia B o u r s e , th r o u g h E m il P .
A lb r e c h t ,

P r e s id e n t, h a v e

p e titio n e d

C o n g re s s

to

exem pt

fr o m a ll e xcess p ro fits ta x re q u ire m e n ts in d iv id u a ls w h o se
sala rie s a n d in c o m e s fr o m p ro fe ssio n s o r o c c u p a tio n s h a v e
not

been

in creased

re c e iv e d p r e v io u s ly .

d u rin g

th e

w ar

beyond

th o

am ount

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o r p ro fe ssio n a l m a n m ig h t e n jo y b e fo re b e in g m a d e s u b je c t
to

paym ent

of

th o exce ss

p ro fits

ta x ,

un d er

th e

B o u rs e

p r o p o s a l, w o u ld b e $ 6 ,0 0 0 , w h ic h is th e a m o u n t t h a t th o se
w h o h a v e c a p ita l in v e s te d are e n title d to b e fo re b e in g ta x e d .
A c c o r d in g

to

th e

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th e

p re s e n t

ta x

la w s

[Vol. 107.

THE CHRONICLE

134

p la c e a seve re h a n d ic a p u p o n th e e n e r g y a n d sk ill o f th o se

u p fo r c o n s id e r a tio n o n th e fo llo w in g d a y , a n d t h a t if p r o ­

w h o are e n g a g e d in w o r t h y a n d v a lu a b le p ro fe ssio n s or o c ­

lo n g e d d e b a te a p p e a re d p ro b a b le an e ffo r t w o u ld b o m a d o to

c u p a tio n s in th a t th e y h a v e to p a y th e in c o m e as w e ll as

h a s te n a v o t e b y d is p la c in g th o p ro h ib itio n b ill.

th e excess p ro fits t a x .

1 1 t h , a c c o r d in g to th e N e w Y o r k “ T i m e s ,” S e n a to r K e llo g g

I t is w ith a v ie w to r e m e d y in g th is

O n th e

its

o f M in n e s o t a a n d o th e r S e n a to rs a t ta c k e d th o G o v e r n m e n t

p r o p o sa l w h e n c o n sid e r a tio n is b e in g g iv e n to n e w re v e n u e

c o n tr o l s c h e m e a s th r e a te n in g n o t o n ly th e c h a n n e ls o f w a r

m easu res.

n o w s , b u t a lso th e e ffic ie n c y o f c a b le a n d te le g ra p h s e rv ic e .

f o r m o f d o u b le ta x a tio n t h a t th e B o u r s e n o w s u b m its

and

D e c la r in g th a t i t is u n fa ir to e x a c t a n in c o m e

excess p r o fits

ta x f r o m

p ro fe ssio n a l o r sala rie d in d i­

v id u a ls o n th e g r o u n d th a t th e ir in c o m e re p re se n ts excess
p r o fit s , w h e n as a m a tte r o f f a c t th e in cre ase th a t m a y b e
in v o lv e d m a y n o t h a v e b e e n d ir e c tly d u e to th e w a r , th e
r e q u e s t o f th e B o u r s e fo r th e in c o r p o r a tio n o f its su g g e s tio n
in th e re v e n u e b ill, w h ic h is n o w in th e m a k in g , or as a n
a m e n d m e n t to e x istin g ta x la w s , w a s s e n t to C o n g r e s s m a n
J.

H a m p t o n M o o r e , w h o is a m e m b e r o f th e W a y s

M e a n s C o m m it t e e .

and

I t is th is C o m m it t e e w h ic h is fr a m in g

th e n e w w a r re v e n u e b ill.
■
S im u lta n e o u s ly w ith lo d g in g th is re q u e st w ith C o n g r e s s ­
m a n M o o r e , M r . A lb r e c h t s u b m itte d

T h e “ T im e s ” sa y s:
S o a crid d id th o a tta c k s u p o n th o c o n tr o l re so lu tio n b e c o m o th a t S en a tor
L e w is o f Illin o is lo ft th o c h a m b e r .to c o n fe r w ith M r . B u rle so n .
S en a tor L ew is t o ld th o P o stm a ste r-G e n e ra l o f th o im p re ssio n th a t
se o m e d d e e p -r o o t e d in th o m in ds o f o p p o n e n ts o f th o r e so lu tio n th a t M r .
Ilu rloson w o u ld a v a il h im s e lf o f th o o p p o r t u n it y t o esta b lish a d ra s tic
ce n so rsh ip o f w a r n o w s , l i e w a n te d s o m e w o r d t o c a r r y b a c k t o th o
S en a to t o disp o l th a t id e a . T h o P o s tm a s to r -G c n o r a l assured M r . L ow is
th a t h o d id n o t in te n d s o ttin g h im s e lf u p as a ce n s o r. I f th o r e so lu tion
s h o u ld b o pa sse d an d th o su p e rv isio n o f press d isp a tch a s tu rn e d o v e r t o
h im , th o P o s tm a s te r-G e n o ra l sa id , h o w o u ld p u t all pross w ires u n d er a
d ir e cto r t o b o a p p r o v e d b y th o n ew sp ap er p u b lish ers o f th o c o u n t r y .
T h is w o rd w as c o n v e y e d b y M r . L ew is t o loaders a m o n g th o o p p o s it io n .
W h ilo it w as reassu rin g, it fa ile d t o s te m th o s to r m o f a tta c k a gain st th o
p r o je c t fo r G o v e rn m e n t c o n tr o l.

th e B o u rse p ro p o s a l

W h i le d e b a te o n th o re s o lu tio n c o n tin u e d y e s to r d a y , th e

S im m o n s , C h a ir m a n o f th e C o m m it t e e o n

h o p e w a s e x p re sse d b y S e n a to lea d ers th a t th o re s o lu tio n

W a r F in a n c e , U n it e d S ta t e s C h a m b e r o f C o m m e r c e , a n d a
th o

w o u ld b e d isp o se d o f b e fo re th o e n d o f th o w e e k .
I n le tte rs to th o C h a ir m e n o f C o n g re s s io n a l c o m m it te e s

to W a lla c e D .
m em ber

of

th e

A d v is o r y

C o m m it t e e ,

a p p o in te d

by

T r e a s u r y D e p a r t m e n t to c o -o p o r a te w ith th e C o m m is s io n e r

re a d in th o H o u s e o n J u ly 6 P r e s id e n t W i ls o n d e c la re d th a t

o f In to rn a l R e v e n u e o n R u le s a n d R e g u la tio n s u n d e r w h ic h

it w a s c r itic a lly im p o r ta n t t h a t C o n g re s s p a ss th o re s o lu tio n

th o

b e fo ro th o m id s u m m e r re ce ss, p la n n e d to s ta r t o n t h a t d a y .

ta x le g isla tio n

w as

to

be

a d m in is te r e d .

Tho

B o u rs e

d esires th a t this C o m m it t e e g iv e th o p ro p o sa l its c o n s id e r a ­

I n a le tte r to R e p r e s e n ta tiv e S im s th e P re s id e n t s a id :

tio n so th a t a d d itio n a l pressuro m a y b e b r o u g h t to b e a r o n

I a m d e e p ly g r a te fu l th a t th o H o u se a c te d s o p r o m p t ly an d s o e m p h a ti­
c a lly in th o m a tte r o f th o c o n tr o l o f th o w ires a n d I w a n t t o th a n k y o u an d
all w h o w e re a s s o cia te d w ith y o u in g e ttin g th o m easu re a d o p te d .
I feel th o c r itic a l im p o rta n ce o f th o w h o le tilin g v e r y k e e n ly and I am
h o p in g th a t th o m e m b e rs o f th o H o u se m a y b o in flu e n tia l w itli m e m b ers
o f th o S en a to in pressin g fo r a c tio n b y th a t b o d y b e fo r o th o recess.
W O O D R O W W IL S O N .

C o n gress.

In

h is le tte r

to

C on gressm an

M oore

M r.

A l­

brech t says:
O ur B o a rd is n o t a verso t o the ta x a tio n o f excess p r o fits d u o t o th e w a r,
b u t it w as th o u n a n im ou s o p in io n th a t w h e re salaries o r in co m e s d e r iv e d
fro m p rofession s o r o c c u p a tio n s h a d n o t been in crea sed b e y o n d th o a m o u n t
re ce iv e d d u rin g tho p r o -w a r p e r io d , an d as th e y w ore s u b je c t in a n y e v e n t
t o th o regular in c o m e ta x , it w as u n ju s t t o ta x th e $ 0 ,0 0 0 as a w a r excess
p r o fit .
In cases w here salaries h a v e been in crea sed o r w h e re th o in c o m e fr o m
p rofession s h a v e increa sed d u rin g th o w ar th ere ca n b e n o p r o p e r o b je c tio n
t o th o ta x o n th e increase; b u t w e feel th a t th o excess p r o fits ta x s h o u ld bo
o n s u ch increase lass th e su m o f $ 0 ,0 0 0 , th e sa m e d e d u ctio n m a d e in th e
c a s o o f in d ivid u a ls in business w ith c a p ita l in v e ste d , b e ca u se u n d e r w ar
c o n d it io n s it w o u ld seem o n ly ju s t th a t s o m e in crea se sh o u ld b e p e r m itte d
w ith o u t ta x a tion o n a c c o u n t o f th e h igh er c o s t o f liv in g an d o th e r e x p e n se s,
w h ich m u st b e b orn e b y th o s o in s u ch s alaried p o s itio n s o r p ro fe s sio n s .

A re s o lu tio n , w h ic h h a d b e e n p re se n te d to th o H o u s e o n
J u ly

6,

by

R e p r e s e n ta tiv e

K it c h in ,

for

an

a d jo u r n m e n t

u n til A u g . 1 2 (a fte r it h a d p a s s e d th o S e n a te b y a v o to o f
2 7 to 2 6 ) w a s w ith d r a w n b y th o m a jo r it y le a d e r , w h e n it
b e c a m e a p p a r e n t th a t th o H o u s e w o u ld n o t co n c u r in th o
recess in v ie w
m e a su ro

be

o f th o P r e s id e n t’s in siste n c e th a t th o w iro

d isp o se d

of b y

C o n gress.

W h ilo

th o

d e b a te

w a s in p ro gre ss S e n a to r L e w is o f Illin o is in tro d u c e d a re so ­
lu tio n p r o p o s in g c o m b in a tio n o f F e d e ra l o p e r a tio n o f ra il­

PROPOSED CONTROL BY GOVERNMENT OF TELEGRAPH
AND TELEPHONE LINES.
F o llo w in g th e a d o p tio n b y th o H o u s e o n J u ly 5 o f tho
re s o lu tio n a u th o r iz in g th o P r e sid e n t
graph,

te le p h o n e , c a b le a n d ra d io

to ta k e o v e r a ll te le ­
s y s t e m s o f th o U n it e d

r o a d s , s te a m s h ip s , te le g ra p h a n d te le p h o n e lin es in a n ow
D e p a rtm e n t

of

T r a n s p o r t a t io n

and

T o le g r a p li,

w ith

a

C a b in e t o ffic e r a t its h e a d .
P re sid e n t N e w c o m b C a r lto n o f th e W e s t e r n U n io n w a s
g iv e n a

tlireo -h o u r h earin g b e fo ro

th o

S e n a to

I n te r -S t a te

S t a t e s , tho in d e fin ite p o s tp o n e m e n t o f th e strik e (sch e d u le d

C o m m e r c e C o m m itt e o o n J u ly 9 .

fo r J u ly 8 )

th o p o sitio n th a t a d v is a b ility o f th o p o n d in g le g is la tio n w a s

o f m e m b o r s o f th e C o m m e r c ia l T e le g r a p h e r s ’

U n io n o f A m e r ic a e m p lo y e d b y

th o W e s t e r n U n io n T e le ­

g r a p h C o . w a s a n n o u n c e d o n tho 7 t li.

T h e re so lu tio n w a s

H o is said to h a v o ta k e n

d o u b t fu l, b u t , a c c o rd in g to c o m m itte o m o m b e r s , he d id n o t
v ig o r o u s ly

p ro te s t

a g a in st

e n a c tm o n t

of

th o

H ou so

re so ­

p a s so d b y th e H o u s e b y a v o t e o f 2 2 2 to 4 , a fte r th a t b o d y

lu tio n .

h a d p a sse d a ru le lim it in g d e b a te to tw o h o u r s.

o p e ra tio n a n d s o m o o f th e m o m b e rs are crod ito d w ith s a y in g

B e fo r e th e

H e p o in te d o u t d iffic u ltie s a tte n d in g G o v e r n m e n t

a d o p t io n o f th e r e s o lu tio n th e H o u s e a p p r o v e d , b y a v o t e o f

th a t th o y g a th e re d

6 6 to 6 1 , a n a m e n d m e n t b y R e p r e s e n ta tiv e E s c h o f W is c o n ­

as u n n e ce ssa ry a n d b e lie v e d his c o m p a n y c o u ld s u c c e ssfu lly

s in p ro v id in g th a t th e c o m p e n s a tio n o f th o te le g ra p h c o m ­

copo

p a n ie s sh a ll be fix e d b y th o P r e s id e n t, a n d t h a t if th e a m o u n t

ta liz a tio n , b o n d e d d e b t, p h y sic a l v a lu a tio n a n d otlior s ta ­

is u n s a tis fa c to r y

th o c o m p a n ie s sh a ll re c e iv e 7 5 %

a m o u n t p e n d in g a d ju s tm e n t in th e c o u r ts .

o f th e

A n am endm ent

w ith

la b o r

th a t ho re g a rd e d

d iffic u ltie s.

Tho

G o v e r n m e n t c o n tr o l

W o s to r n

tistics w oro p re sen te d to the c o m m it to e .

U n io n ’s

c a p i­

P re s id e n t C a r lto n

w a s said to h a v o in siste d th a t if th o G o v e r n m e n t ta k e s o v e r

b y R e p r e s e n ta tiv e P a r k e r o f N o w J e rse y p ro p o sin g t h a t tho

th o c o m p a n y ’ s lin es a m p le p ro v is io n s h o u ld

bo m a d o fo r

G o v e r n m e n t be p e r m itte d to re lin q u ish th o s y s te m s a t a n y

p ro te c tio n

strik o

t im e w ith o u t w a itin g u n til th e e n d o f th o w a r w a s d e fe a te d .

by

D e s p it e th e e ffo r ts o f th e A d m in is tr a tio n to secu re th e im m e ­

p o n e d w a s d iscussod a t le n g th .

d ia t e d isp o sa l o f th e r e so lu tio n b y th e S e n a te , th o la tte r h a d

5 0 ,0 0 0

u p to th e tim e o f o u r g o in g t o p ress la s t e v e n in g n o t y e t

th e

d isp o se d o f i t .

o p e ra te d

A c o n tr o v e r s y o v e r th e q u e stio n o f h o ld in g

th e

of

s to c k h o ld e r s ’

C o m m e r c ia l

in te r e s ts .

T e le g r a p h e r s ’

Tho

U n io n

and

W o s to r n U n io n op e ra to rs o n ly 5 6 m e n b e lo n g o d to

o r g a n iz a tio n .
w ith

Ho

added

th a t

th o

com pany

th o o r g a n iza tio n s o f its o w n m e n ,

s e n te d w h a t ho to rm o d “ o u tsid e in t e r fe r e n c e .”

r e s o lu tio n b a c k a n d fo r th b e tw e e n

a

o n I n t e r -S t a t e C o m m e r c e a n d th o S e n a to on tho 8 t h .

L a to

b ia s a g a in s t

te le g ra p h e rs’ u n io n s ,

t h a t d a y th e c o m m it t e e , b y a v o t e o f 4 t o 3 , d ec id e d to d is­

th a n

R a ilr o a d T e le g r a p h e rs ’ U n io n .

h e a rin g s

and

o rd ered

th o

re so lu tio n

w ith o u t a m e n d m e n t or r e c o m m e n d a tio n .

re p o rte d

T h e a t t e m p t of

ho said

had

co­

b u t re­

In d e n y in g
tho

W o s to r n

U n io n o m p lo y o d m a n y m on b e lo n g in g to o r g a n iz a tio n s o th e r

p e n se

w ith

p o s t­

P re s id e n t C a r lto n said o f

h e a rin g s o n th e r e so lu tio n re su lte d in th e sw itc h in g o f tho
th e S e n a te C o m m itt e e

ca lle d

la to r

th o

C o m m e r c ia l

T o le g r a p h e r s ’ U n io n ,

in c lu d in g

th o

H e d ec la re d th o C o m m e r c ia l

C h a ir m a n S m ith to re p o r t th e r e so lu tio n c a u se d a p ro te s t

U n io n h a d o n ly 2 ,5 0 0 m e m b o rs .
T h o in d e fin ite p o s tp o n o m o n t o f th o strik e o f th o C o m m e r ­

in

th o S e n a to .

H itc h c o c k

cial T e le g r a p h e r s ’ U n io n w a s a n n o u n c e d o n th e 7 th b y S e c ­

of

N ebrask a,

p o in t o f

re ta ry o f L a b o r W ils o n afto r ho h a d co n fe rre d o v e r tho lo n g -

A fte r

a

p re sid in g

liv e ly

d e b a te

S e n a to r

te m p o r a r ily , su sta in e d

a

o rd or th a t a m a jo r it y o f th e c o m m it te e a n d n o t o f c o m m it te e ­

d ista n co

m e n p re sen t m u s t o rd er a m e a su r e r e p o r te d , a n d re je c te d

In a n e ffo r t to a v e r t th o strik o M r . W ils o n h a d oarlier in th o

th e

r e p o r t,

re tu rn in g

th e

re so lu tio n

to

th e

te lop h on o

w ith

its P r e s id e n t,

S. J.

K o n e n k a m p .,

c o m m it te e .

d a y se n t M r . K o n e n k a m p a te log ram u r g in g d e la y , a n d la te r

S e n a to r S m ith p ro te ste d ,, d e c la rin g his c o m m itte o h a d a c te d

ca lle d in S a m u o l G o m p o r s , P re sid e n t o f th o A m e r ic a n F e d ­

in p e rfe c t g o o d fa ith a n d in a c c o r d a n c e w ith S e n a to c o m m it ­

e ra tio n o f L a b o r , w h o also son t a to leg ra m to tho U n io n P re si­

te e c u s t o m .

d e n t u rgin g p o s tp o n o m o n t o f th o s tr ik e .

T h o c o m m it te e n u m b e r s 17 m e m b e r s a n d th oso

S e c ro ta ry W i ls o n ’s

w h o se v o te s w ere n o t re co rd e d w ere n o t p re sen t a t th e tim o

to leg ra m to M r . K o n e n k a m p s a id :

th e v o te w a s ta k e n .

I earn estly requ est, in view o f tno general s itu a tio n a n d th e im p e ra tiv e
n ecessity o f a v o id in g in terferen ce w ith th o p r o m p t tran sm ission o f c o m ­
m u n ica tio n s w h ich m a y bo o f vital Im p orta n ce in th o p ro s e cu tio n o f th o
w ar, th a t ste p s to p re v e n t a n y striko b o takon until I ca n h a v o a co n fe re n ce
w ith y o u an d o th e rs. S in ce the strike v o t o o f y o u r org a n iz a tio n w as ta k en .

O n J u ly 9 , w h e n th e c o m m it te e ag a in

to o k u p th o r e s o lu tio n , it v o te d 7 to 3 to re p o rt it w ith o u t
a m e n d m e n t or fu rth e r h e a r in g s.

O n th o 1 0 th in s t . C h a ir ­

m a n S m ith a n n o u n c e d t h a t tho re so lu tio n w o u ld b e c a lle d




THE CHRONICLE

July 13 1918.]

th e circu m sta n ces su rrou n d in g th e s itu a tio n h a v e c h a n g e d m a te r ia lly .
Y o u k n o w th a t it is gen era lly a g re e d , a n d th a t th e P re sid e n t has several
tim es d e c la r e d , th a t in th is cru cia l tim e n o strik e is ju s tifie d i f a n y o th e r
m eans o f a d ju s tin g g riev a n ce s are a v a ila b le o r in s ig h t. C on gress is now
dealin g w ith th e s u b je c t, a n d u n d o u b te d ly e x a ct ju s tic e w ill b e d o n e all
th e p arties a t in terest. T h is re q u e st is m a d e in th e in te re st o f o u r c o u n tr y .
I feel sure it w ill b e h eed ed b y y o u .

T h e fo llo w in g w a s th e te le g ra m s e n t b y M r . G o m p e r s to
M r . K onenkam p:
T h is a fte rn o o n S ecreta ry W ils o n o f th e D e p a r tm e n t o f L a b o r in vioed
m e t o c o n fe r w ith h im in regard t o th e th re a te n e d te le g ra p h ic s itu a tio n ,
a n d h e s h o w e d m e th e teleg ra m h o sen t y o u .
I a m in e n tire a c c o r d w ith t h e
view s h o expresses. A strik e o f t h e te leg ra p h ers a t th is tim e a n d w h ile
th ere is a fa ir ch a n ce fo r a n e a rly , fa ir a n d h o n o r a b le a d ju s tm e n t w o u ld be
m o s t u n fo r tu n a te a n d gen e ra lly h e ld t o b e u n ju s tifia b le , a n d p erh ap s
d e fe a t its v e r y o b je c ts .
Y o u , as well as th e teleg ra ph ers, k n o w h o w t h o r o u g h ly I a m in a c c o r d
w ith y o u a n d th e m in ih e p r o v e n a n d a d m itte d w ro n gs th e telegra phers
h a v e en d u red , a n d m y earnest desire t o h a v e th e w ro n g s r e c tifie d , a n d t o
a v o id a n y h in d ra n ce t o o u r G o v e rn m e n t’s w ar p r o g r a m , e v e n in th e sligh t­
e s t, is m y w arra n t t o u rge y o u t o a t o n c e exercise y o u r e v e r y p o w e r to
p o s tp o n e th e strik e fo r a tim e a n d g iv e e v e r y a g e n c y th e o p p o r t u n it y o f
m ak in g g o o d a n d d o in g ju s tic e .

O n th e 7 t h M r . K o n e n k a m p s e n t th e fo llo w in g te le g ra m
to S e c r e ta r y o f L a b o r W i ls o n :
Y o u r teleg ra m has b e e n r e c e iv e d an d w o u ld s a y t h a t th e C o m m e r c ia l
T eleg ra p h ers h a v e b een m o s t an xio u s a t all tim es t o d o e v e r y th in g w ith in
th eir p o w e r t o a v e r t a s trik e , a n d y o u r re q u e st u n d o r th e cir c u m s ta n c e s
y o u h a v e m en tion ed w ill b e c h e e r fu lly c o m p lie d w ith , b u t I d esire t o p o in t
o u t th e g re a t d an ger o f fu r th e r lo c k o u ts b y th e W e s te rn U n io n as th e resu lt
o f t o - d a y ’s m e etin g s, w h ic h , it a tt e m p t e d , m a y d e s t r o y a ll o u r e ffo r ts t o c o ­
op e r a te w ith th e G o v e rn m e n t.

I n h is te le g ra p h ic a d v ic e s to M r . G o m p e r s th e h e a d o f th e
te le g ra p h e r s’ u n io n sa id :
I h a v e y o u r teleg ra m , an d a c tin g u p o n y o u r r e c o m m e n d a tio n in s tru ctio n s
h a v e b e e n sen t t o a ll p o in ts t o p o s tp o n e strik e a c t io n . T h e c o m m e rcia l
teleg ra p h ers, w h ile in sisten t u p o n th eir rig h ts as A m e r ic a n c itiz e n s , stan d
re a d y t o c o -o p e r a te w ith th e G o v e rn m e n t a t all tim e s, as w e ll as t o b e g u id e d
b y y o u r a d v ic e in th is critic a l h o u r . Y o u r in te re st in o u r b e h a lf is s o w ell
k n ow n t h a t w e h a v e th e fu lle s t c o n fid e n ce In y o u r ju d g m e n t . T h o gre a te s t
d a n ger c o n fr o n tin g u s n o w is th a t o f fu rth e r lo c k o u t s b y th e W e s te rn
U n io n , w h ic h m a y fo r c e th e situ a tio n b e y o n d o u r c o n t r o l.

R e s o lu tio n s ,

b e a r in g

a p p r o x im a te ly

1 ,0 0 0

s ig n a tu r e s ,

w o re w ire d to P r e s id e n t W ils o n o n J u ly 5 b y th e e m p lo y e e s
of

th e

W estern

U n io n

T e le g r a p h

Com pany

in

C h ic a g o ,

a c c o r d in g to th e N e w Y o r k “ ’ T m e s ,” w h ic h g a v e th e re s o ­
lu tio n s

a s fo llo w s :

T o the H o n . W oodrow W ilson , W ashington, D . C .:
T h o und ersign ed em p loy e e s o f th e C h ica g o o f fic e , w ith fiv e o r m o r e
yea rs o f serv ice, rep u d ia te the assertions o f M r . K o n e n k a m p th a t h e is
a c tin g fo r th e m o r in a n y w a y represen tin g th e e m p lo y e e s o f th e W e s te rn
U n io n T e le g r a p h C o m p a n y .
T h e C . T . U . A . has n o rep re se n ta tio n w h a te v e r in th is o f fic e , an d his
sta tem en t th a t h e w ill ca ll 2 5 ,0 0 0 teleg ra ph ers o u t o n s trik e J u ly 8 is w it h ­
o u t fo u n d a tio n . T h e em p lo y e e s o f th e W e ste rn U n io n T e le g r a p h C o m ­
p a n y are w ith y o u in th e p ro s e cu tio n o f th is w a r t o a fin is h , a n d w e refu se
t o b e a p a r t y t o a n y ob s tr u c tio n .
T h is sen tim en t prevails a m o n g th e teleg ra p h fra te r n ity th r o u g h o u t
t h e en tire c o u n tr y .
P resid en t K o n e n k a m p said a u th o r ity has be e n g ra n te d t o th e co m m e r c ia l
telegra ph ers em p lo y e d b y th e G rea t N o rth e rn T e le g r a p h C o n jp a n y , th o
C a n a d ia n bra n ch o f th o W e ste rn U n io n , t o jo in in th o strike s ch e d u le d fo r
J u ly 8. T h e basis o f th o C a n a d ia n g rie v a n ce is sim ilar t o his o w n , a c c o r d ­
in g t o K o n e n k a m p — “ th e u n ju st dism issal o f e m p lo y e e s a n d th e refu sal
o f th e c o m p a n y t o rein sta te th o m e n a fte r t t e y h a d been e x o n e ra te d o f
th o ch arges m a d e again st t h e m .”

STATISTICS PRESENTED TO SENATE BY TREASURY
DEPARTMENT ON PROFITEERING.
S u p lo m e n tin g

th e

a d v ic e s

conveyed

to

th e

S e n a te

on

u p to 1 9 1 % .
an

135
A

flo u r m ille r , w ith 8 9 0 ,0 0 0 c a p ita l s h o w e d

excess p r o fit o f

2 3 6 .2 4 % .

In

1916

p r o fit a n d in 1 9 1 7 h e m a d e 8 2 6 0 ,0 0 0 .

he m ade

8 4 8 ,0 0 0

A n o t h e r , c a p ita liz e d

a t 8 2 5 ,0 0 0 , m a d e 8 2 7 ,0 0 0 in 1 9 1 6 a n d in 1 9 1 7 ra ise d i t to
8 8 1 ,0 0 0 ,

a n e x ce ss o f 4 3 7 . 6 7 % o n h is c a p ita l.

C o m p a ra tiv e ca p ita l an d in crea sed p r o fit s o f e lectrical m a c h in e r y m a n u ­
factu rers c it e d in c lu d e d $ 3 0 ,0 0 0 , 2 3 ^ % ; $ 9 5 ,0 0 0 , 9 1 % : $ 1 ,0 0 0 ,0 0 0 , 2 . 1 0 % .
Figures o n m a ch in e t o o l m a n u fa ctu re rs in clu d e d $ 4 ,1 4 0 c a p ita l 4 2 2 % . I n ­
creased p r o fit s , $ 5 ,0 0 0 , 7 8 8 % : $ 1 0 0 ,0 0 0 , 5 .1 3 % ; $1 6 0 ,0 0 0 , 5 7 % .
D a ta
regard in g th e c o a l tra d e sh o w e d 5 0 4 % in cre a se d p r o fits o f a c o m p a n y w ith
$1 0 ,0 0 0 ca p ita l a n d 1 7 .7 5 % fo r o n e w ith $ 2 ,0 0 0 ,0 0 0 c a p ita l. I n t h e p a p er
tr a d e p r o fits ra n g e d fr o m n o th in g t o 1 7 6 % in crea se. A m o n g d e p a rtm e n t
s tores th e fo llo w in g w e re s h o w n : $ 3 0 ,0 0 0 , 3 3 1 % ; $ 2 4 0 ,0 0 0 , n o n e ; $ 3 0 0 ,0 0 0 ,
n o n e . C h e m ica l m a n u fa ctu re rs c a p ita l a n d p r o fit s , rs e p e c tiv e ly , in c lu d e d
$ 3 4 5 ,0 0 0 , a n d 3 1 % ; $ 3 0 0 ,0 0 0 , n o n e , an d $ 1 0 0 ,0 0 0 , a n d 5 8 % .
A c o n ce rn listed u n d e r th e h e a d in g o f “ C o a l, W o o d a n d L u m b e r T r a d e s ,”
w ith $ 1 ,2 5 0 ,0 0 0 c a p it a l, r e p o r te d an 8 0 % in crea se in p r o fits .
I n th e gra in a n d electrica l s to ra g e fie ld , ca p ita l a n d p r o fit in crea ses in ­
c lu d e d $ 1 0 ,0 0 0 , 4 7 2 % ; $2 4 9 ,0 0 0 , 3 1 % , $ 2 4 3 ,0 0 0 , 2 % .
A g arm en t m a n u fa ctu re r w ith $ 6 4 ,0 0 0 ca p ita l r e p o r te d 2 4 6 % in crea se
in p r o fits .

T h e fo llo w in g is M r . R o w e ’ s le tte r to th e S e n a te o n J u ly 5 :
TREASU RY DEPARTM EN T.
W ashington, July 5 191 8.
H o n . Thomas It. M a rsh a ll, P resident o f the U nited States Senate.
M y D ea r M r . P resid en t.— I h a v e th e h o n o r t o re fe r again t o S en a te r e s o ­
lu tio n 253 , r e c e ip t o f w h ich w a s a c k n o w le d g e d b y m y le tte r o f J u n e 8 .
T h o resolu tion reads as fo llo w s:
“ Resolved, T h a t t h e S e cretary o f th e T r e a s u r y b e , a n d h e is, h e r e b y
d ire cte d t o fu rn ish t h e Senate w ith th e fo llo w in g in fo rm a tio n :
“ F irst. A n y a n d all fa c ts , fig u re s, d a ta o r in fo rm a tio n n o w in p o ssession
o f th e T re a s u ry D e p a r tm e n t re la tiv e t o p r o fite e rin g w h ic h w o u ld in a n y
w a y en a b le C on gress t o de a l w ith th e m a tte r eith er t h r o u g h th e p resen t
p r o p o s e d r e v e n u e legisla tio n o r th ro u g h e n a ctm e n t o f m o re e ffe c t iv e
crim in a l statu tes.
“ T h a t su ch r e p o rt shall c o n ta in a list o f a ll c o r p o r a tio n s w ith th e a m o u n t
o f th eir earnings w h ich h a v e earned In excess o f 1 5 % o n th e ir c a p ita l s t o c k ,
as sh ow n b y th e ir retu rn s t o th e In tern a l R e v e n u e B u rea u fo r t h e ca le n d a r
y e a r 1917, a c c o m p a n ie d b y su ch sta te m e n t as w ill sh ow n e t earn in gs o f
th e sam e c o r p o r a tio n fo r th e ca le n d a r y e a r 1916.
“ S e co n d . T h e fig u re s sh ow in g t h e a m o u n t o f m o n e y w h ic h th e G o v e r n ­
m en t has raised u p t o th is tim e sin ce th e b e gin n in g o f t h e w ar b y ta x a tio n
a n d th e a m o u n t w h ich it has raised b y lo a n s .”
C o m p ila tio n o f t h e sta tistics re la tin g t o all o f th e c o r p o r a tio n s w ith in
th e s c o p e o f th e re s o lu tio n w ill req u ire several w ee k s, a lth o u g h su b sta n tia l
progress has alre a d y b e e n m a d e . I n v ie w o f th e f a c t th a t th e S e n a te c o n ­
te m p la te s a recess fo r several w ee k s, a n d in th e b e lie f th a t s t u d y o f th e
sta tistics th u s fa r assem bled m a y p r o v e in terestin g a n d h elp fu l t o Sen a tors
d u rin g th e recess, I h a v e d e e m e d it p ro p e r t o tran sm it a t th is tim e , in
partial respon se t o t h e re s o lu tio n , t h e p o r tio n s o f th e co m p ila tio n t h a t h a v e
be e n c o m p le te d an d a re a v a ila b le . T h e re m ain d er w ill b e tr a n s m itte d t o
th e S enate as s o o n as it shall h a v e b een c o m p le t e d , w h ic h I ea rn e stly h o p e
w ill b e n o t later th a n th e d a te o n w h ic h th o co n te m p la te d recess o f th e
S en a te w ill te rm in a te .
T h e d a ta h a v e be e n d ra w n fr o m th e in c o m e a n d excess p r o fits ta x retu rn s
o f c o r p o r a tio n s w ith o u t d iscrim in a tio n o r a tte m p t a t se le ctio n , b u t ra th er
in th o ord e r o f th e r e c e ip t o f retu rn s in th e d e p a rtm e n t a n d a c c o r d in g t o
an arran gem en t o f t h e retu rn s b a se d u p o n ch a r c te r o f business tr a n s a cte d
b y th e c o r p o r a tio n s . T h e re fo r e n o sp ecial s ig n ifica n ce is t o b e a tta c h e d
t o th is a d v a n c e a n d p a rtia l resp on se t o th e r e so lu tio n .
R e s p e ctfu lly ,
L . S. R O W E , A c tin g Secretary.

STATEMENT OF A M ER IC AN M E TA L CO. CORRECTING
MISAPPREHENSION DUE TO FEDERAL TRADE
COMMISSION'S REPORT ON PROFITEERING.
A c o m m u n ic a tio n b e a r in g o n th e p u b lic m is u n d e r s ta n d in g
w h ic h h a s arisen w ith re feren ce to th e A m e r ic a n M e t a l C o . ,
L t d . , a n d its o ffic e rs th r o u g h th e p u b lis h e d s u m m a r ie s o f
th e r e p o r t o f th e F e d e r a l T r a d e C o m m is s io n o n p r o fite e r in g ,
h a s b e e n a d d re s s e d

to

th e

C o m m is s io n

by

C. M .

Loeb,

Ju n o 8 b y S e c re ta ry o f th e T r e a s u r y M c A d o o in re sp o n se

P re s id e n t o f th e c o m p a n y .

to th e re so lu tio n o f th a t b o d y c a llin g fo r in fo r m a tio n re­

A m e r ic a n M e t a l C o . a s “ a n illu m in a tin g e x a m p le o f h ig h

g a rd in g

re m u n e r a tio n c h a rg e d to th e e xp e n se a c c o u n t .”

p ro fite e rin g ,

A c t in g

S e c r e ta r y

of

th e

T reasu ry

L o o S . R o w e o n J u ly 5 s u b m itte d s ta tistic s in th e m a tte r
w h ich h a v e

th u s fa r b e e n a s s e m b le d .

S e c r e ta r y M c A d o o

h a d a d v is e d th e S o n a to th a t th e w o rk o f g a th e rin g a n d c o m ­

T h e C o m m is s io n h a d c it e d th e

C o m m is s io n , a n d

to r e c tify a s fa r a s p o s s ib le , th e in ju r y

d o n e to th e c o m p a n y a n d its o ffic e rs b y th e in fere n ce s d ra w n

p ilin g th e in fo r m a tio n a n d d a ta ca lle d fo r w o u ld b e p rose­

fr o m th e r e p o r t, m a d e p u b lic la s t w e e k .

c u te d w ith

h e re w ith :

th e u tm o s t v ig o r .

A c t in g S e c re ta ry R o w e in

p re s e n tin g p a rtia l d a ta a n n o u n c e d th a t th o c o m p ila tio n o f
th e s ta tis tic s re la tin g to a ll th o co rp o ra tio n s w ith in th e sco p e
o f th e re so lu tio n w ill req u ire se v e ra l w e e k s .

W h i le largo

p r o fits w e re sh ow n in th e p re lim in a r y r e p o r t fu rn ish e d , tho
n a m e s o f th o co n cern s liste d w ere fo r th e p re se n t w ith h e ld
by

M r.

R ow e, who

s ta te d

th a t

“ no

sp e c ia l sig n ific a n c e ”

sh o u ld b e a tta c h e d to th e d a t a , a s it w a s o b ta in e d f r o m in ­
c o m e a n d e xcess p ro fits re tu rn s a s th e y w ere file d .

In fo r ­

m a tio n re g a rd in g c a p ita l s to c k , in v e s te d c a p ita l, p ro fits o f
1 9 1 6 a n d 1 9 1 7 , a n d th e p e rc e n ta g e o f exce ss o f n e t in c o m e
fo r la s t y e a r o v e r 1 9 1 6 w a s g iv e n .

A fo o d doalor w a s re­

p o r te d as h a v in g sh o w n in 1 9 1 7 p ro fits o f 2 , 1 8 3 % in e xcess
o f th o se fo r 1 9 1 6 .

A n o th e r w h o sh o w e d la rg o p ro fits w a s

a liq u o r d ea ler w ith a ca p ita l sto c k o f 8 5 ,0 0 0 , w h o h a d a n
exce ss

p r o fit

8 1 0 0 ,0 0 0

of

c a p ita l,

1 ,2 2 0 % .
m ade

A n o th e r

152% .

A

liq u o r
c o ld

d e a le r,

sto r a g e

w ith

c o n c e rn ,

c a p ita liz e d a t 8 1 0 ,0 0 0 , exce e d e d its 1 9 1 6 p ro fits b y 4 7 2 % .
A n o t h e r , c a p ita liz e d a t 8 2 4 9 ,0 0 0 , m a d e 3 1 % .
I n th o d a ir y in g b u sin e ss excess p ro fits ra n g e d fr o m n o th in g
to

180% ;

c o n tr a c to r s ,




n o th in g to 5 9 6 % ; c lo th in g tra d e rs,

M r . Loeb

se ek s “ to c o rr e c t c e rta in m is a p p r e h e n s io n s ” e x is tin g in th e

W e g iv e h is le t te r

July 5 191 8.
The H on ora b le, the Federal Trade C om m ission , W ash in gton , D . C.
S irs.— W e h a v e r e fra in e d fr o m c o m m e n tin g u p o n th e p u b lis h e d su m ­
m aries o f th e r e p o r t o f y o u r C o m m is s io n o f Ju n e 28 u n til w o c o u ld s e cu re
an d e xam in e an o ffic ia l c o p y . W e n o te fr o m a c a r e fu l rea d in g t h e r e o f
th a t it c o n ta in s n o ch a rg e o r a lle g a tio n s u ch as w as im p lie d in s o m e o f th e
n ew sp ap ers th a t th e p a y m e n t o f ta n tie m e s , o r p ro fit-s h a rin g a llo tm e n ts }
t o th e o ffic e r s a n d m an agers o f o u r c o m p a n y w as m a d e fo r th e p u r p o s e o f
e v a d in g ta x a t io n , a lth o u g h t h a t w as t h e n a tu ra l in fe re n ce t o b e d ra w n
fr o m th e fa c ts sta te d .
I n o r d e r t o c o r re c t c e r ta in m isa ppreh en sion s e xistin g in y o u r C o m m is ­
sio n , as w e ll as t o r e c tify as fa r as p o s s ib le th e in ju ry w h ic h has b e e n d o n e
t o o u r c o m p a n y a n d its o ffic e r s b e fo r e th e p u b lic , w e b e g t o la y b e fo r e y o u
th e fo llo w in g fa c ts :
I.
T h e ta n tie m e , o r p r o fit-s h a r in g s y s te m , w as n o t r e c e n tly d e v is e d , b u t
has b e e n in v o g u e In t h e A m e rica n M e t a l C o m p a n y sin ce its in c o rp o ra tio n
m o ro th a n t h ir ty y ears a g o . In 1887, w h en o u r c o m p a n y w as in c o rp o ra te d ,
its orga n izers, w h o fu rn ish e d t h e n e ce ssa ry c a p ita l, m a d e an ag re e m en t
w ith th e m anagers w h e r e b y th e n e t earnings o f th e c o m p a n y in excess o f
6 % o n its ca p ita l s t o c k s h o u ld b e d iv id e d b e tw e e n sto ck h o ld e rs a n d m a n ­
agers in a g iv e n p r o p o r t io n , in lie u o f th e cu s to m a r y salaries. T h is s y s te m
w as th e r e fo r e s ta rte d lo n g b e fo r e th e d a y s o f in c o m e o r excess p r o fit s
ta x e s, a n d h as been c o n tin u e d t o th is d a y , a n d a d e q u a te p r o v is io n s c o v e r ­
in g it are c o n ta in e d in t h e c o m p a n y ’s ch a rte r. T h e p ro fit-s h a rin g p r a c t ic e
is n o t a t a ll unsual in la r g e c o m p a n ie s , alth o u g h th is p a r ticu la r fo r m m a y
b e t o a ce rta in e x te n t u n iq u o . P r o m o te r s an d o rgan izers o f la rge e n ter­
prises u su ally r e c e iv e th e fru its o f yea rs o f la b o r th ro u g h s t o c k a cq u is itio n

THE CHRONICLE

136

a n d earnings th ereon , b y m ean s o f ca p ita liz in g su rp lu s, g o o d -w ill, & c. B y
o u r m e th o d th ero is a c o n tin u in g in d u ce m e n t t o ex tra an d in te llig e n t e n ­
d e a v o r in th o m a n a gem e n t o f th e c o m p a n y ’s a ffa ir s , fo r th e reason th a t
su ccession in o ffic e a n d a share in th e p r o fit s d e p e n d n o t o n sh a re h o ld in gs,
b u t s o le ly o n serv ices re n d e re d .
T h o G o v e rn m e n t also faros b e tte r b e ca u s e th o p ro g re s s iv e featu res o f tho
in c o m e an d excess p r o fit s ta x law s im p o s o h e a v ie r rates o f ta x a tio n u p o n
th o in d ivid u a ls than w o u ld h a v e b e e n im p o s e d u p o n th o c o r p o r a tio n h ad
th o to ta l salaries a n d co m m issio n s p a id t o th e m b e e n ta x e d t o th o c o r p o r ­
a tio n o n th e excess p r o fit s ta x basis. T h e se fa c ts are a p p a re n t fro m the
ta x retu rn s o f ou r c o r p o r a tio n s , its su bsidiaries, an d its in d ivid u a l o ffic e r s ,
w h ich w ere m on th s a g o file d w ith th e T r e a s u r y D e p a r tm e n t.
I I . T h o tan tiem es p a id t o o u r o ffic e r s are n o t in clu d e d in th o ite m s
g o in g t o m a k e u p ou r p r o d u c tio n c o s ts . I t seem s e x tra o rd in a ry t o us th at
th e p erson a l affa irs o f ou r o ffic e r s a n d m an agers, w h ich w o u ld n o r m a lly b e
con sid ered a m a tte r e n tire ly be tw e e n th e m an d th o sto c k h o ld e r s, sh o u ld
h a v e b een m a d e p u b lic b y y o u r c o m m is s io n . I t is a p p a re n t, h o w e v e r ,
fr o m th o t o x t o f y o u r r e p o r t th a t th is a c tio n w as ta k e n o n th o th e o r y th at
th eso salaries an d co m m is s io n s , h a v in g b e e n ch a rg e d t o exp en se a c c o u n t,
en tered in to th o c o s t o f p r o d u c tio n o f th o m eta ls p r o d u c e d b y o u r c o m p a n y
a n d req u ired b y th o G o v e rn m e n t in th o p r o s e c u tio n o f th o w a r. W o w ish
t o s ta te th a t this th e o r y is e n tire ly in c o r r e c t. A t th o t im e y o u r in v e s ti­
g a to r s exa m in ed o u r a c c o u n ts w o g a v e th e m o u r c o m p le t e c o s t re co rd s an d
p o in te d o u t t o th em th a t o u r s u b sid ia ry c o m p a n ie s w e re la r g e ly m an aged
an d o p e r a te d b y th o o ffic e r s a n d d e p a rtm e n t h ead s o f th o p a re n t c o m p a n y ;
th a t th ose m en r e c o lv o n o co m p e n s a tio n fr o m th o su b sid ia ry co m p a n ie s
an d th a t n o ch arge is in c lu d e d in th e c o s t a c c o u n ts o f o u r su bsidiaries fo r
salaries o r ov erh ea d ce n tra l o f fic e m a n a g e m e n t. W o c a n n o t em ph asize
t o o s tr o n g ly , th e refore, th a t th o in d iv id u a l earnings o f o u r o ffic e r s an d
d ir e cto r s aro n o t ch a rg ed t o p r o d u c tio n c o s ts , b u t are fig u re d o n th o p r o fits
o f th o c o m p a n y ’s en tire c o m m e r c ia l, fin a n cia l an d in du stria l bu sin ess,
n o t o n ly in th is c o u n t r y , b u t also in th o A llie d a n d n e u tra l w o rld . In th o
y e a r 1917 o u r to t a l business a m o u n te d t o u p w a rd o f § 1 5 0 ,0 0 0 ,0 0 0 , o f
w h ich o u r z in c in d u s tr y , c o n tr a r y t o in fe re n ce , c o n s titu te d o n ly a b o u t
o n e -th ir d . I t is, th e r e fo r e , a p p a re n t th a t th o c o m p a n y ’s p r o fit s are v e r y
m o d e r a te , con sid erin g th o v o lu m e o f its tra n s a ctio n s, an d th a t th o in fe r­
e n ce o f p r o fite e r in g d ra w n b y ce rta in n ow spapers is e n tire ly u n ju s tifie d .
W o aro tra n s m ittin g co p ia s o f th is le tte r t o th o pross fo r th o p u r p o s e o f
c o r r e c tin g , as fa r as p o s s ib le , th o p u b lic m isu n d e rsta n d in g w h ich has
arison w ith r eferen ce t o o u r c o m p a n y a n d its o ffic e r s th ro u g h th o p u b lish e d
su m m a ries o f y o u r r e p o r t .
R e s p e c t fu lly ,
T H E A M E R IC A N M E T A L C O M P A N Y , L IM IT E D ,
B y C . M . L O E B , P resid en t.

SENATE AND HOUSE AGREE ON $ 2 4 0 FOR WHEAT
CROP— PRESIDENT VETOES BILL.
T h o d e a d lo c k o v e r th e rid e r to th o a g ric u ltu ra l a p p ro p ria ­
tio n bill fix in g th o price fo r th o 1 9 1 8 w h e a t crop w a s b ro k en
o n J u ly 6 , w h en th o H o u s e b y a v o t e o f 1 5 0 to 1 0 6 ag re e d to
a m in im u m g u a ra n te e d price o f $ 2 4 0 a b u s h e l.

T h e S e n a te

o n th e sa m e d a y in d ic a te d its a c c e p ta n c e o f th is fig u r e . A

[Vol. 107.

In C a n a d a th o m a tte r o f fix in g th o p r ico o f w h e a t has n o t y e t b e en c o n ­
sid e re d an d w ill n o t b o u n til th e fre ig h t ratos aro in cre a se d . In th is
e v e n t p rice s m a y b o raised fo r th o n o w c r o p . B u t th is w o u ld n o t b e n e fit
th o fa rm e r a p a r ticle . I t w o u ld n o t p u t a c e n t in his p o c k e t , fo r a n y raiso
w ou ld o n ly b o m a d o t o c o v e r th o in crea sed fre ig h t ra tos.

FORMATION OF SUGAR EQUALIZATION BOARD.
T h e c r e a tio n o f a S u g a r E q u a liz a t io n B o a r d a n d its a p ­
p r o v a l b y P re s id e n t W i ls o n w a s a n n o u n c e d o n J u ly 1 1 .

It

is th e p u rp o se o f th o B o a r d to e q u a liz e th o c o s t o f v a r io u s
su g a rs a n d

secure

b e tt e r su g a r d is tr ib u tio n .

H erb ert

C.

H o o v e r h a s b e e n m a d o C h a ir m a n o f th o B o a r d , w liilo G e o r g e
R o lp h is P r e s id e n t.

A n n o u n c e m e n t o f th o fo r m a tio n o f th o

B o a r d w a s m a d o a s fo llo w s :
T h e P residen t has a p p r o v e d th e fo rm a tio n o f a S ugar E q u a liz a tio n B oa rd
b y th o F o o d A d m in is tra tio n . T h o B o a rd is t o b o c o m p o s e d o f ; H e rb e rt
C . H o o v e r , C h airm an ; G e o rg o R o lp h , P re s id e n t; d ir e cto r s , P r o f. F . W .
T a u ssig , o f th e U n ite d S tates T a r if f C o m m is s io n ; T h e o d o r e F . W h it m arsh; G e o rg o Z a b risk io , o f th o F o o d A d m in is tra tio n ; C la r e n c e W o o llo y ,
o f th e W a r T r a d e B o a rd ; W illia m A . G la s g o w , J r ., c h ie f cou n sel o f th e F o o d
A d m in is tra tio n .
T h o o ffic e o f th o B o a rd w ill b o in W a s h in g to n .
T lie p u rposes o f th o B o a rd are t o e q u a liz o th o c o s t o f v a rio u s sugars and
secu re th o b e tte r d is trib u tio n . T h o arran gem en ts w ill fa c ilita te jo in t
d ealin g w ith th o A llie s in fo re ig n sugars a n d th o a d ju s tm e n ts o f d iffe r e n ­
tials in o verseas fre ig h t ra to s.
U n d er ce rta in cir c u m s ta n c e s , it m a y b o a d v is a b le t o a cq u iro th o p r o ­
d u c tio n o f s o m e b e e t sugar fa c to r ie s th a t c a n n o t u n d er th o p resen t p r ic e
o f b e e ts b e so ld t o th o p u b lic a t a re a so n a b le p r ico .
T h o B o a rd w ill ta k e clia rg o o f th e d is trib u tio n p la n in itia te d o n J u ly 1,
and w ill c o n d u c t this p la n a t th o o xp en so o f th o B o a r d . T h o B o a rd w ill
be in c o rp o ra te d t o th o e x te n t o f § 5 ,0 0 0 ,0 0 0 o f c a p ita l w h ich w ill b o su p p lied
b y th o P re sid e n t fr o m h is s p e cia l fu n d s , in o rd e r t o e n a b lo it t o d e a l w ith
f a c ility in fo re ig n sugars an d o th e rw ise an d th o w h o le s t o c k w ill b o h eld b y
th o P re sid e n t fo r th o U n ite d S tates G o v e rn m e n t.
T h o o b je c t is t o a b sorb
th o h igh p e a k s o f co s t in su ga r p r o d u c tio n an d t o m ak e a sm all m argin o n t h e
lo w c o s t o f ce rta in fo re ign su ga rs, w h ich m a y b o p u rch a se d and thus s c c u r o a
an eq u a liz a tio n o f th e p r ico t o th o p u b lic o n a lo w e r lo v o l than w ill o th o r w iso b o p o s s ib lo . T h o a rra n g o m o n tslw ill fu rth e r secu re an o ven d is trib u ­
tio n o f th e su gar th r o u g h o u t th o U n ite d S ta te s.
I t is e x p e c te d th a t a n y
p r o fit s w ill b o e q u a lize d t o th o co n su m e r o v e r th o y e a r ’s o p e ra tio n s .
I t is e x p e c te d th a t th o p r ico o f su gar w ill n eed t o in crea so In th o la tte r
p a rt o f th e y e a r in vie w o f th o in crea sed co sts o f overseas an d Internal
railw ay rates a n d in v ie w o f th o h igh er c o s t o f p r o d u c tio n a n d m a n u fa ctu re
o f sugar, p a rticu la rly in th o in crea sed c o s t o f b e e ts , bags a n d la b o r an d
tra n sp o rta tio n .
B y tho c r e a tio n o f th o B o a r d , h o w e v e r , it w ill b o p o s s ib lo t o w o rk o u t a
j)rico fo r th o p u b lic u p w a rd o f orio c e n t p e r p o u n d less than w o u ld b o th e
c a se if th o p r ico o f sugar w ero a d v a n c e d t o a p r ico th a t w ill c o v e r th o high
peak s in co s ts fr o m a ll q u a rte r s .
T h o plan w ill b o d e v e lo p e d in th e co u rse o f th o n o x t t h ir ty d a y s .
A p p lic a tio n fo r a ch a rte r w as file d t o -d a y in th o S ta te o f N e w J e r s e y .

rid e r fix in g th o price a t $ 2 5 0 a b u sh o l w a s carried in th o bill
a s it p a sse d th e S e n a te o n M a r c h 2 1 .
had

p re v io u sly

o n A p r il 1 .

A

p a sse d

th o

b ill

Tho H ou se,

r e je c te d

d e a d lo c k h a d sin co b e e n

th e

w h ich

am endm ent

m a in ta in e d ,

w ith

th o S e n a te h o ld in g o u t fo r $ 2 5 0 w h e a t a n d th e H o u s e re fu s­
in g

to

y ie ld .

I n fo r m a tio n

th a t

P ro su le n t

W ils o n

w ou ld

v o to th o b ill b e ca u se o f th o price g u a ra n te e carried in it w as
tr a n s m itte d to C h a ir m a n L o v e r o f

th e H o u s e

A g r ic u ltu r a l

C o m m it t e e o n J u ly 6 , th ro u g h P o s tm a s to r -G e n o r a l B u r le s o n
ju s t

b e fo re

S p e a k e r C la r k

sig n ed

it

on

th a t

day.

The

ag ric u ltu ra l a p p ro p r ia tio n b ill carries a n

a p p ro p r ia tio n

$ 2 8 ,0 0 0 ,0 0 0 .

g u a ra n te e

have

A p p r o v a l o f th e in cre ase d

n e c e ssita te d

A d m in is tr a tio n ’ s

a

c o m p le te

p ro g ra m

fo r

r e a d ju s tm e n t
h a n d lin g

th is

of

of

w o u ld

th e

Food

year’s

crop.

O n ly la s t w oek n ow w h e a t d iffe re n tia ls w oro a n n o u n c e d o n
th e b a sis o f $ 2 2 0 w h e a t, m a k in g a n
crea sed

fre ig h t

ra te s

p r o m u lg a te d

G e n e r a l o f R a ilr o a d s M c A d o o .

a llo w a n c e fo r th o in­

r e c e n tly

by

D ir e c to r -

T h e P re sid e n t in h is v e to

m e ssa g e s e n t to C o n g re ss y e s te r d a y p o in te d o u t th a t th e
p re se n t price h a d s tim u la te d p r o d u c tio n , t h a t “ o u r gran a rie s
aro lik e ly to o v e r flo w a n d a n x ie ty o f th o n a t io n ’s allie s in th e
w a r a g a in s t G e r m a n y is r e lie v e d .”

H o a lso a sse rte d th a t

th o $ 2 4 0 price w o u ld a d d $ 2 0 0 a b a rr e l to th o p rice o f
flo u r ,

w h ic h w o u ld

m ean

an

in creaso

DEATH OF BARON RHONDDA, FOOD CONTROLLER
OF GREAT BRITAIN— NEW CONTROLLER NAMED.

o f $ 3 8 7 ,0 0 0 ,0 0 0

in

th e a g g r e g a te p rice o f w h e a t, w ith a c o rr e sp o n d in g increase
in th e c o s t o f liv in g a n d in w a g e s.

B a ro n

R hondda,

o n J u ly 3 .

G r e a t B r ita in ’ s F o o d

B a ron

R hondda

C o n tr o lle r ,

( D a v id A lfr e d

d ied

T h om as)

had

b e e n a p p o in te d to th o offic e o f F o o d C o n tr o lle r in Ju n o o f
la s t y e a r .

In A p r il o f th is y e a r h o ton d ored his re sig n a tio n

b e ca u se o f ill h e a lth , b u t th o re sig n a tio n w a s w ith d r a w n ,
fo llo w in g
W arm

th e

C om m ons
of

d e c lin a tio n

of

th e

o n J u ly

3

E x ch equ er,

by

A ndrew

and

fo rm e r

B o n a r L a w roforred to th o
p ose,

L lo y d

G eorgo

to

accop t

it.

trib u te w a s p a id to L o r d R h o n d d a in th o H o u s e o f

and

b u sin e ss-lik e

B onar

Law ,

P ro m io r

C h a n c e llo r

A s q u it h .

M r.

q u io t c o u ra g e , te n a c ity o f p u r­

c a p a c ity

w h ic h

had

e n a b le d

tho

F o o d C o n tro lle r to o v e r c o m o th o d iffic u ltie s ca u sed b y tho
su b m a rin e c a m p a ig n .

T h o se ed s o f diseaso fr o m w h ich ho

d ie d , th o C h a n c e llo r re c a lle d , w ero so w n in th o oxp osu ro to
w h ich ho w a s s u b jo c to d , w ith his d a u g h to r , w h e n tho L u s i­
ta n ia w as s u n k .

H is h a rd w o rk sinco th a t tim e , a d d e d tho

sp e a k e r, h a d re d u ce d h is c a p a c ity to re sist d isea se .

Tho

la te F o o d C o n tro lle r h a d b e e n o lo v a te d to th o p eerago as
V is c o u n t R h o n d d a in 1 9 1 6 .
th o

“ W e ls h

C oal

K in g ”

H o h a d lo n g

h a v in g

boon

boon

h oa d

of

know n

as

im p o r ta n t

collieries in S o u th W a le s .
J o h n R o b e r t C lv n o s

P a r lia m e n ta r y S e c re ta ry to th o F o o d

C o n tr o l D e p a r t m e n t , h as b e on a p p o in te d to su cc ee d th o la t e
V is c o u n t R h o n d d a a s F o o d C o n tr o lle r .

-

REPORTS CONCERNING ADVANCE IN CANADIAN
WHEAT PRICE.
W i t h re g ard to re p o r ts th a t th e price o f w h e a t w ill be fix e d
b y th e C a n a d ia n G o v e r n m e n t a t $ 2 2 6 in th o n ear f u t m o to
c o n fo rm

w ith

th e

q u o ta tio n s

in

th o

U n it e d

S ta t e s ,

D.

R o b o r t M a g i ll, S e c re ta ry o f th o W in n ip e g G r a in E x c h a n g o ,
w a s q u o te d

in a sp ecial d isp a tc h fr o m

W in n ip e g

J u ly

7

(p rin te d in th e “ J o u rn a l o f C o m m e r c e ” ) as s a y in g :
T h e re is n o tru th in th o r e p o r t th a t th o C a n a d ia n G o v e rn m e n t is a b o u t t o
fix th o p r ic e o f w h ea t a t §2 26.
B e fo r e a n y in crea so in th o p r ic o o f w h e a t c o u ld o ven b o co n sid e re d th ere
w o u ld h a v e t o be an in crea so in C a n a d ia n fre ig h t rates p arallel t o th o s o in
th e U n ite d S ta tes.
S u ch a r e p o r t as has be e n fa ls e ly c ir c u la te d th a t th o p r ico is t o b o fix e d
a t §2 26 o n ly w orks h ard sh ip o n th eso w h o aro tr y in g t o rush w h e a t to
E n g la n d , w h ore it is s o b a d ly n e e d e d . F a rm ers h earin g those re p o rts w ill
h o ld th eir grain in th o h o p e o f g e ttin g th o ex tra p r o f it in ste a d o f p u ttin g it
on th o m a rk e t and h olp in g in th o w a r c a u se .




EXCESS PROFITS OF MILLERS TO BE RETURNED TO
GOVERNMENT IN FORM OF FLOUR.
A c c o rd in g to re g u la tio n s m a d o p u b lic b y

th o F o o d A d ­

m in istra tio n o n J u ly 1, flo u r m illors re a lizin g excess p ro fits
d u rin g th e la s t fiscal y e a r m u s t ro tu rn tho a m o u n t o f su ch
p ro fits

to

th e

G o v e .’n m o n t

in

tho

fo r m

of

m ille d

flo u r .

T h o F e d e ra l T r a d e C o m m is s io n in its ro p o rt, m a d e p u b lic
o n Juno 2 9 , ch a rg ed th a t th o m illers h a d m a d o a p ro fit o f
4 5 ce n ts a b arrel on flo u r d osp ito th o F o o d A d m in is tr a tio n ’ s
lim itin g

th o

d ifforon tial

to

25

c e n ts .

Tho

C o m m is s io n ’ s

re p o rt w a s a n tic ip a te d , as th e A d m in is tr a tio n ’ s re g u la tio n s
w ero se n t o u t o n Juno 1 7 .

M ille r s w h oso p ro fits a t tho clo se

o f th o fiscal y e a r J u n e 3 0 aro in oxcoss o f tho m a x im u m p er­
m it te d , aro re q u ire d to cre d it th o a m o u n t o f tho oxcoss^to
th e F o o d A d m in is tr a tio n to bo liq u ’ d a to d b y flo u r to bo sold

July 13 1918.]

THE CHRONICLE

to th e a r m y , n a v y , M a r in o C o r p s a n d th o F o o d A d m in is tr a ­
tio n ’s g rain co rp o r a tio n in N o w Y o r k a t $ 1 a b a rr o l.

The

m ille r s’ b o o k s w ill bo b a la n c e d as o f J u n o 3 0 a n d a g a in a s o f
J u ly 1 to sh o w th e a m o u n t o f th o oxcess p r o fit.

T h o an­

n o u n c e m e n t o f th e F o o d A d m in is tr a tio n s a y s :
T h o business is a season al o n o a n d c a n n o t b o d ete rm in e d u p o n a fe w
m o n th s ’ o p era tion s.
T h o m illin g y ea r ends o n J u ly 1 a n d as s o m o d iffe re n ce s o f o p in io n h a d
arisen betw een th e m illers a n d th o F o o d A d m in is tra tio n as t o th o b asis
u p o n w h ich p r o fits w ere t o b e c a lcu la te d , th o q u e stio n w as referred t o a
c o m m itte e com p risin g th o C h a irm a n o f th o U n ite d S tates T a r iff C o m ­
m ission , a m em b er o f th e F ed era l T r a d e C o m m is s io n , a m e m b e r o f th o
A g ric u ltu ra l A d v is o r y B o a r d , w ith C h a rles E s p e n s ch icd , a re tired m ille r ,
an d a rep resen ta tive o f th o F o o d A d m in is tra tio n .
T h o c h ie f differen ces w ith re sp e ct t o th o c o n d u c t o f th e m illers u n d er th e
regu la tion s t o d a te r o v o lv o u p o n w h e th e r th e y sh o u ld in clu d e oxcess p ro fits
taxes as a p a rt o f their expen ses. B a sed o n th e d e cis io n w h ich w as sent
o u t t o th o m illers on Ju n o 17, n e ith e r excess p r o fits ta x n o r in c o m o taxes
sh ou ld b o recog n ized as ite m s o f exp en so fo r th o p u rp o se s o f th o m ills ’
a c c o u n tin g .
W ith regard t o m illers fin d in g th em selves a t th o en d o f th o fis ca l ye a r
w ith an a m o u n t in oxcess o f 25 ce n ts a barrel p r o fit , it w as s u gge ste d th at
t h e y c o u ld release th em selves fr o m th e d iffic u lt y b y sellin g a s u fficie n t
a m o u n t o f flo u r a t a n om in a l p r ice t o th e F o o d A d m in is tra tio n o r th e a rm y
o r n a v y t o liq u id a te a n y su ch su rplu s p r o fit . T h o a c c o u n ts o f m illors w ill
b o , an d are, au d ited b y th o re p resen ta tives o f th o e n fo r ce m e n t d iv isio n
o f th o F o o d A d m in is tra tio n .

M A X IM U M PRICES FOR LONG AND SHORT LEAF
VIRGINIA AND CAROLINA PINE LUMBER.
A n ow scalo o f m a x im u m p rices fo r lo n g a n d sh o r t le a f pino
lu m b o r p ro d u c e d in V irg in ia a n d N o r t h a n d S o u th C a ro lin a s
is a n n o u n c e d b y tho W a r In d u strie s B o a r d as fo llo w s :
A ft e r con sid erin g in fo r m a tio n s u b m itte d b y th o F ed era l T r a d o C o m m is ­
sion and rep resen ta tives o f th o in d u s try as t o c o s t o f m a n u fa ctu re , th o p rico
fix in g c o m m itte e o f th o W a r In d u stries B o a rd has d e te r m in e d b y a g re e ­
m e n t w ith th o rep resen ta tiv e s o f th o in d u s try u p on a n o w s ca lo o f maximum
p rices fo r lo n g an d s h o r t le a f p in o lu m o e r p r o d u c e d in V irg in ia a n d N o r t h
and S ou th C a ro lin a . T h e se p rice s aro e ffe c t iv e begin n in g a t m id n ig h t
Ju n o 28 1918, an d a p p ly t o all p u rch a se s o f lu m b e r fo r m ill sh ip m e n t. ”
T h o lis t c o n te m p la te s th e d e liv e r y o f lu m b e r o f c o m p a r a b le gra d e s t o
N o w Y o r k C it y o n a p p ro x im a te ly the sa m e b asis as in th o lis t p u b lish e d fo r
S ou th ern p in e , e x ce p t as t o b o x g ra d e s, w h ich aro s o m e w h a t h ig h e r. T h o
p rice s t o th o G o v e rn m e n t s h o w v ir tu a lly th o sa m e in crca s o as d id th o
p rice s o n S ou th ern pin o. T h is m ean s th a t th e re w ill b o o n e p r ico fo r th o
G o v e rn m e n t and th o p u b lic , th o G o v e rn m e n t p a y in g c o n s id e r a b ly m o r e
th an it d id fo rm e r ly and th o p u b lic less.
T h o p rice s n a m ed in th o n o w lis t a re o n th o basis o f d e liv e r y t o N o r fo lk
R ic h m o n d an d o th e r V irgin ia g a te w a y s an d in clu d e fre ig h t ch arges t o th o se
p o in ts .
T h o a g reem en t p ro v id e s th a t all c o n tr a c ts fo r lu m b e r sh all b o s u b je c t
alw a y s t o an o p t io n in fa v o r o f th o U . S . G o v e rn m e n t a n d a n y n o m in e e
o f th o W a r In d u stries B o a rd .
I t p r o v id e s also fo r th o m a in te n a n ce o f
p r o d u c tio n an d th o p resen t s c a lo o f w ages.

T h e fo llo w in g is th o te x t o f th o a g ro o m o n t:
M a xim u m M ill Base P rices f o r Lon g and Short L e a f P in e L um ber Produced
in the States o f V irginia and N orth and South C arolina.
P rices o f all lo n g and s h o r t le a f p in o lu m b e r in th o S tates o f V irg in ia an d
N o r t h an d S ou th C a rolin a shall n o t e x ce e d th o ite m p rico s n a m e d on
a tta c h e d lis t. T h e se p rice s aro fo r lo n g an d s h o r t lo a f p in o lu m b e r d e ­
liv e r e d (freig h t allow ed ) t o N o r fo lk , R ic h m o n d an d o th e r V irgin ia g a te ­
w a y s . F o r sh ip m en ts t o d e s tin a tio n p o in ts n o r th o f a n d b e y o n d thoso
g a te w a y s these p rices aro fo r su ch p o r tio n o f fre ig h t a llo w e d t o d e stin a tio n
p o in ts as w ill equa l sh ipm en ts o rig in a tin g in a b o v o g a to w a y s . F o r sh ip ­
m en ts t o d estin a tion p oin ts s o u th o f theso g a te w a y s th o f . o . b . cars m ill
o r f. o . b . vessel ra il-m ill p rice s shall b o $2 50 p er th o u sa n d less o n e a ch
item than p rices n a m ed o n a tta c h e d lis t.
P rices N o t Covered in L ist.
P ricos on item s n o t c o v e r e d b y a b o v e lis t sh all b o p r ice d o n basis o f
n oarost c o m p a r a b le item .
T h o usual tra d e p r a ctice s shall co n tln u o , in clu d in g cash d is co u n ts t o bo
ap p lied t o th o U . S . G o v e rn m e n t pu rch ases as w ell as all o th e r s , e x c e p t
th a t in com m e r c ia l tra n sa ctio n s, w h ero pu rch asers d o n o t ava il th em solvos
o f th o cash d is c o u n ts , tho a c c o u n ts m a y be c o n v e r te d in to tra d o acc e p ta n c e s ,
w h ich d o n o t b ea r in terest b e fo r o m a tu r ity .
1 h o c u s to m o f deliv ered p rice s o f lu m b e r t o p u rch a se rs’ d e stin a tio n p o in ts
shall rem ain u n ch a n g ed .
C o n tr a c ts fo r th o sale o f lu m b e r en te re d in to in g o o d fa ith p rio r t o m id ­
n ig h t, Ju n o 28 1918, and e n to r c ca b lo a t la w , w ill b o p e r fo rm e d in a c c o r d ­
an ce w ith their term s, s u b je c t, o f co u rs e , t o ord ers r e c e iv e d fro m th o
G o v e rn m e n t, w h ic h m ay req u ire p r io rltv .
I t is im p era tiv e th a t, w ith th o le a st p o s s ib lo d is ru p tio n o f th o in d u s try ,
th o v a s t w ar needs o f th o G o v e rn m e n t, b o th d ir e ct an d in d ire c t, fo r lon g
a n d s h o r t lo a f p in e lu m b e r fro m V irg in ia . N o r t h an d S o u th C a ro lin a bo
su p p lied o n a fair oasis; th a t an a d e q u a to s u p p ly an d o q u ita b lo d is trib u tio n
th e r e o f b e assured fo r essential co m m e r c ia l needs; th a t th o m o v e m e n t
th o r e o f b o fa c ilita te d ; an d th a t in ju rio u s sp e c u la tio n therein b o p r e v e n te d .
T h e re fo r e , th o p ro ce d u re o u tlin e d b e lo w , b y a g re e m e n t w ith th e re p re ­
s e n ta tiv e s o f th o m a n u factu rers o f lo n g a n d s h o r t le a f p in o lu m b er fro m
a b o v e -m e n tio n e d S ta tes, has been a d o p te d fo r a p e r io d o f th ro o m on th s
b eg in n in g m id n ig h t Ju n o 28 1918.
P rocedure f o r M a n u fa ctu rers.
T h o p r o c e d u r e is th a t e a c h m a n u fa c tu r e r o f lo n g an d s h o r t le a f pin o
lu m b e r in V irg in ia a n d N o rth a n d S o u th C a ro lin a shall—
(1) M a k o c o n tr a c ts an d a c c e p t ord e rs fo r his p r o d u c t a t p ricos n o t in
excess o f th o a p p lic a b le m a xim u m p rice s , a lw a y s s u b je c t t o an o p tio n a t
th o a p p lic a b le m a xim u m p r ice s in fa v o r o f th o U n ite d S tates o r th e n o m in co
o f th o W a r In d u stries B o a rd . U n der this o p t io n , w h ich w ill c o v e r all lo n g
a n d s h o r t lo a f p in o lu m b er fro m a b o v e -m e n tio n e d S ta to s d o w n t o a ctu al
d e liv e ry t o th o p u rch a ser, th o W a r In d u stries B o a rd t o a n y e x te n t requ ired
w ill a llo c a t e e ith er t o th o G o v e rn m e n t o r t o o th e r essential u sers. A n y
ba la n co n o t s o a llo c a te d w ill b o released fo r sa le t o co m m e r c ia l b u y e r s ,
b u t a t p rice s n o g re a te r than th oso d e te rm in e d u p on as a b o v o s e t fo r t h .
(2) C o m p ly w ith th o d ire ctio n s o f th o W a r In d u stries B o a rd , as issued
fro m tim e t o t im e , w ith refe re n ce t o fillin g c o m m e r c ia l req u ire m e n ts in th o
o r d e r o f th eir p u b lic im p o rta n ce an d t o fu rn ish in g s u ch in fo r m a tio n an d
m a k in g s u ch rep orts as m a y b o re q u ire d .




137

M a x im u m P rices f o r N o rth Carolina P in e .
T h e so p rice s a r o fo r lo n g a n d s h o r t le a f p in e lu m b e r d e liv e re d (fr e ig h t
a llo w e d ) t o N o r fo lk , R ic h m o n d a n d o th e r V ir g in ia g a te w a y s . F o r sh ip ­
m e n ts t o d e s tin a tio n p o in ts n o r th o f a n d b e y o n d th e se g a te w a y s th ese
p rice s a re fo r su ch p o r tio n o f fre ig h t a llo w e d t o d e s tin a tio n p o in ts as w ill
eq u a l sh ip m e n ts o rig in a tin g in a b o v e g a te w a y s . F o r sh ip m e n ts t o d e s ­
tin a tio n p o in ts s o u th o f th e s e g a te w a y s th e f . o . b . cars m ill o r f . o . b . v e s s e l
ra il m ill p rice s sh a ll b e $2 50 p e r th o u sa n d less o n e a ch ite m th a n p rice s
n a m e d o n a tta c h e d lis t.
E ffe c tiv e Jun e 2 8 t o a n d in c lu d in g S e p t. 2 8 1918:
N o . 1. N o . 2 . N o . 3 . N o . 4 .
C u ll.
1x3 a n d 3 ^ - i n c h f lo o r in g ........... _ .$ 4 3 00 341 00 336 50 332 00
1x4 an d 4 f t -in c h f lo o r in g ____________ 42 00 40 00
36 50
32 00
1x5 an d 5J^ -in ch f lo o r in g _____ _
____
37 00
33 50
l x 6 -in c h f l o o r i n g _________________
____
37 50
34 50
lx 2 M t o 5 M -in c h f lo o r in g _______ ____
36 00
32 00 $20 00
1 M x 2 M a n d 3 -in ch f lo o r in g ______ 47 00
4 5 00
37 50
32 00
1 34x3 M a n d 4 -in ch flo o r in g _______ 47 00
45 CO
37 50
32 00
34x234 t o 3 3 4 -in ch c e ilin g _______ 27 50
26 00
2 4 00
21 00
7-16x234 t o 3 3 4 -in ch c e ilin g ______ 29 00
27 50
25 50
22 50
34x234 t o 3 3 4 -in ch c e i l i n g . . ____ 31 50
30 00
24 00
28 50
?4x234 t o 33 4 -in ch c e ilin g _______
34 00
32 50
26 00
30 00
34 & 13-16x234 t o 3 34- in c h ce ilin g 43 00
41 00
13-16x234 an d 3 -in ch p a r t itio n ___ 43 00
41 00
37 00
13-16x5 & 5 3 4 -in ch p a r t itio n ____ 46 00
44 00
3 8 00
l x 6 -in ch d r o p o r O .G . s id in g ____ 45 00
42 00
37 50
34 50
B e v e l sid in g fro m 1-in c h s t o c k ___ 3 0 00
28 00
26 00
22 00
B e v e l sid in g fr o m 134 -in c h s t o c k . 32 00
3 0 00
2 8 00
24 00
A d d SI p e r 1.000 fe e t fo r s p e c ifie d le n g th s .
Finish S2S.
N o . 1 . N o . 2 . N o . . 3 . N o .. 4 .
1x4 t o 12 in ch es, r a n d o m __________________ $43
$43 50
50 $41 50
1x4 in ch e s, r a n d o m __________________________. 43
43 50
41 50
1x6 in ch e s, r a n d o m ____________
. 44 50
42 50
1x8 in ch e s, r a n d o m __________________________. 45
45 50
43 50
1x10 in ch es, r a n d o m ________________________. 46
46 00
44 00
1x 12 in ch es, r a n d o m . . ____________ ________ 47 50
45 50
5—:x34 t o 12 in ch es, r a n d o m . ____________ . 47 50
45 50 $39 00 $34 50
5-4 x6 in en es, r a n d o m _____________________
48 50
46 50
39 00
35 00
5- 4x8 in ch e s, r a n d o m . _________________ . 49 50
47 50
39 00
35 00
6 - 4x10 in ch e s, r a n d o m ____ _______
. 50 00
48 00
39 00
36 00
5- 4x12 in ch e s, r a n d o m __ ________________
. 51 50
49 50
42 00
37 50
6 - 4x4 t o 12 in ch e s, r a n d o m ____________ . 4
8 50
48
46 50
41 00
35 00
6-4x6 in ch e s, r a n d o m ______________________ 49 50
47 50
41 00
35 50
6 -4 x 8 in ch es, r a n d o m ______________________ 50 50
48 50
41 00
35 50
6 -4 x 1 0 in ch es, r a n d o m _____ __ . _
51 00
49 00
41 00
36 50
6-4x12 in ch e s, r a n d o m _______________________
. 54 50
52 50
44 00
38 50
8 -4x4 t o 12 in ch e s, r a n d o m _____________ ___ 42 50
47 50
41 00
8 -4x6 in ch es, r a n d o m ______________________ 50 50
48 oO
41 00
8 -4 x 8 Inches, r a n d o m ________________________ 51 50
___
49 50
41 00
8 -4 x1 0 in ch e s, r a n d o m . . __________________ 52 00
50 00
41 00
S -4 x l2 in ch es, r a n d o m _____________________ 63 50
51 50
44 00
M o ld e d ca sin g an d ba se :
F r o m 1x4, 6 and 8 -in c h s t o c k ___________ 50 00
47 00
F r o m 1x5 and 1 0 -in ch s t o c k ___________ 52 00
49 00
Jam bs fro m 4 -4 -in ch s t o c k _________________ 50 00
47 00
Ja m b s fro m 5 -4 , 6 -4 a n d 8 -4 in ch s t o c k ___ 53 00
50 00
T h e a b o v e prices are fo r S2S fin ish ; fo r S4S a d d 50 c e n ts p e r t h o u sa n d fe e t.
F o r s p e c ifie d le n gth s add SI p e r th o u sa n d fe e t; fo r ro u g h , d e d u c t 50
co n ts p e r th o u sa n d fe e t.
M o ld in g s : 15-s in ch es w id th an d sm a lle r, 5 2 % d is c o u n t; 134 inches an d
w id e r . 4 7 % d is c o u n t.
(3) K e e p u p t o th e b e s t o f h is a b ilit y th e p r o d u c tio n o f lo n g an d s h ort
le a f p in o lu m b e r in V irgin ia an d N o r t h an d S o u th C a ro lin a , s o as t o insure
an a d e q u a te s u p p ly s o lo n g as th e w a r la sts.
(4) N e ith e r re d u ce th e s ca lo o f w ages n o w be in g p a id n o r ch a n g e fu n d a ­
m e n ta l la b o r c o n d itio n s n o w in fo r c e .
A p p o r tio n in g Car S u pply.
T h o G o v e rn m e n t w ill a p p o rtio n th o c a r s u p p ly a v a ila b le fo r lu m b e r an d
a rran ge fo r its tr a n s p o r ta tio n , s u b je c t t o a llo c a tio n b y th e W a r In d u stries
B o a rd as a fo re sa id , t o th e end th a t in ju r y t o th e in d u s try d u e t o a b n o rm a l
w a r -tim e c o n d itio n s b e n e u tra lize d s o fa r as m a y b e .
F o re ig n tra d e , e x c e p t t o the G o v e rn m e n ts o f n a tio n s a s s o cia te d w ith us
in tho p re se n t w ar, is n o t t o b o a ffe c te d b y th is ru lin g .
Boards—
1x3
1x4
1x6
1x8
1x10
1x12 l x 4 t o l 2
N o . 3 , S lo r2 S .............. . $ 3 6 00 $36 00 S37 00 $37 00 S37 00 $40 00 837 00
N o . 4 . S lo r2 S _________ 31 50
31 50 34 00 34 00 35 0 0 36 50 33 50
C u lls an d red h e a r t s .. ____
- ...................... 28 50 28 50 29 00 28 00
D u n n a g e ______________
____
—
................ 2 0 50
N o s . 1 an d 2 b a rk strip s
an d m iscu ts, S lor2S_ ____
........................... 34 00
N o s . 3 a n d 4 b a rk strip s
and m is c u ts , S lo r 2 S . ____
—
...............
24 00
F o r 1 in ch N o . 3 a n d N o . 4 in s p e c ifie d len gth s a d d 50 c e n ts , e x c e p t
16 f o o t a d d $1; ro u g h , 50 ce n ts less th a n P2S; S4S , D & M , o r s h ip la p , a d d
50 ce n ts t o S2S p rice s. F o r resaw ing a d d $1 p e r th o u s a n d .
N o . 1 a n d N o . 2 b a rk s tr ip s , w h en w o rk e d t o p a r t itio n , a d d t o a b o v e
S2S p r ico $2 p er th o u sa n d fe e t; b o a r d s w h en o rd e re d k iln d r ie d , a d d $1
p e r th o u s a n d fe e t.
10, 12, 14
18 and
22 and
D im en sio n —
and 16 fee t.
20 fe e t.
24 fe e t.
R andom .
2x2 , S I S I E ............... _________ $31 00
$33 00
$34 50
830 50
2 x 3 , S 1 S 1 E - . .......... .......... .... 29 50
30 50
32 00
29 00
3x4, S I S I E . . .......... ................. 30 00
3 2 00
33 50
29 50
2x6 , S I S I E ________ ................. 28 50
29 50
31 00
28 00
2x8 , S I S I E ............... .......... ..
29 50
31 50
33 00
29 00
2x10 , S I S I E ............ .................. 30 00
32 00
33 50
29 50
2x12 , S I S I E _______ _________ 32 00
33 50
35 00
31 50
D im e n s io n w h en o rd e re d k iln d r ie d , a d d $2 p e r th ou san d fe e t.
D im e n s io n D & M o r s h ip la p , a d d $1 p e r th ou san d t o S1S 1E p rice s; ro u g h
50 ce n ts loss th an S1S1E p rice s ; S4S a d d 50 cen ts p e r th o u sa n d t o S1S 1E
p rice s; fo r dim e n sio n o v e r 24 fe e t a d d $1 fo r ea ch 2 fe e t u p t o 32 fe e t.
N o te .— A ll lu m b e r n o t o v e r 2 in ch es th ick w hen o rd e re d in o d d o r fr a c
tio n a l len gth s w ill b e in v o ice d as o f n e x t lo n ge r len gth in m u ltip le s o f 2 f e e t.
10 to 20 f t . 2 2 A 2 4 f t. 26 f t.
Tim bers—
28 f t .
30 ft.
32 ft.
3x4 an d 4 x 4 _____
$34 00 $35 00 $36 00 $37 00 $38 00
5x6 t o 8 x 8 _______ ............. 32 00
34 00
33 00
35 00
36 00
37 00
3x10 t o 4x1 0 . . .
37 00
38 00
39 00
40 00
41 00
5x10 t o 1 0 x 1 0 .. - _______ 35 00
36 00
37 00
38 00
39 00
40 00
3x12 t o 5 x ] 2 ____
39 00
40 00
41 00
42 00
43 00
38 00
6x12 t o 1 2 x 1 2 .. . _______ 37 00
39 00
41 00
40 00
42 00
3x14 t o 5 x 1 4 ____ _______ 43 00
44 00
45 00
45 00
47 00
48 00
3x14 t o 8 x 1 4 ____ ............. 42 50
43 50
44 50
45 50
46 50
47 50
10x14 t o 1 4 x 1 4 .. _______ 42 00
43 00
44 00
45 00
46 00
47 00

THE CHRONICLE

138

Add for timbers over 14 inches S3 for each 2 inches over 14 inches.
Add for timbers over 32 feet $1 for each foot over 32 feet.
Prices above are for short leaf dimension, rough; for better qualities
and various working apply the following differentials: For long leaf No. 1
common add $2 per 1,000 feet; for merchantable, 10 inches and smaller,
add S3 per 1,000 to No. 1 long leaf price; for merchantable, 12 inches and
larger, add $2 per 1,000 to No. 1 long leaf price; for prime rule of 1905
add $5 to No. 1 long leaf price. Add for dressing $1 per 1.000 feet; add
for tongue and grooved or shiplap $2 per 1,000 feet; add for grooving S3
per 1,000 to dressed-price stock 3 and 4 inches thick; add for grooving S5
per 1,000 to dressed-price stock 5 inches and thicker; add for beveling and
outgauging $2 per 1,000 feet to dressed prices.
N o t e . — All timber when ordered in odd or fractional lengths will invoico
as of next longer length a multiple of 2 feet.

WAR INDUSTRIES BOARD ON APPLICATION OF
SOFT WOOD LUMBER PRICES.

An announcement by the War Industries Board regard­
ing the application of soft wood lumber prices says:
Under date of July 2 the Price-Fixing Committee of the War Industries
Board passed the following supplementary ruling as to the application of
prices for soft wood lumber:
Notice as to application of prices for soft wood lumber affected by rulings
of the Price-Fixing Committee of the War Industries Board.
All lumber manufacturers and dealers are hereby notified that the present
prices for soft lumber for mill shipment, as heretofore established or which
may hereafter be established by the Price-Fixing Committee of the War
Industries Board, shall remain in effect during the period of time prescribed
and that in no case must orders for lumber for mill shipment or reconsignmont thereof bo accepted, sold, or invoiced to any purchaser by cither a
manufacturer, dealer, or other person at a greater price por item than the
maximum price fixed by tho Price-Fixing Committeo of the War Industries
Board, except where delivered prices are made to purchasers’ destination
points, in which cases freight may be added on the basis of standard weights
for each item so priced, also excopt as to orders received or contracts made
prior to tho date of ruling of the Price-Fixing Committee governing the
producing territory Involved.
Tho Price-Fixing Committee has taken the position that cost figures
presented by the Federal Trade Commission on which tho Price-Fixing
Committee has based its rulings already include sales service to purchaser.
So, in fact, in paying tho price fixed In the ruling, tho purchaser has already
paid for this sales service. The purchaser or public should not be asked
to pay any additional price to any vender offering mill shipments.

SCHEDULE OF M A X I M U M PRICE LIST FOR
SOUTHERN PINE LUMBER.

In our issue of June 29, page 2708, we referred to the
announcement of the Price Fixing Committee of the War
Industries Board regarding the maximum prices for and
procedure for distribution of Southern or yellow pine. Below
we give the schedule of Government maximum price list in
effect for Southern yellow pine:
GOVERNMENT M AXIMUM PRICE LIST.
Government yellow pine or Southern pine maximum prices, effective
midnight June 14 to and including Sept. 14 1918, covering States of Mis­
souri, Arkansas, Texas, Oklahoma, Louisiana, Mississippi, Tennessee,
Georgia, Florida and Alabama:
No. 2
B.eftB. tr. B.eftB. B.eftB. No. 1
H rt. rift.

tr. rift.

1x3— Flooring__________________ $54 00
1 }4x3— Flooring..................... ..
66 00
1x4— Flooring................................ 52 00
1 J^x4— F lo o rin g .......................... 63 00
1x6— Flooring__________________ ____
1x3 to 6-Inch— F loorin g..........................
1x4 and 6-inch— Flooring........................
^ x4— Ceiling
5^x4— Ceiling............................................
%x4— Ceiling
5^x4— Partition
%x6— Partition _
1x6— Drop siding_______________ ____
Bevel siding from 1-inch stock__ ____
Bevel siding from 1 X-hwh stock. ____

$48 00
60 00
46 00
57 00
„ ____
_____

_____
_____
.........

com.

com.

$36 00 :*$34 00
48 00
34 00 *32 00
45 00
36 50 *33 00

$24 50

tr.

_____
30 50
32 00
35 00
37 00
39 50
35 00
25 00
27 50

♦Denotes grade as per rule on flooring.
Add $1 per thousand for specified lengths.
B.eftB.
tr.

_____
29 00
30 50
33 00
34 00
36 50
32 50
23 00
25 50

24 50
25
25
25
22
23
24

50
00
00
50
50
50

26 50
19 00
21 50

No. 1
com.

F in ish S2S—

..$35 50 $32 00
1x4— Random
. 37 00
34 00
1x6 and 8-inch— Random _
35 50
.. 38 00
1x10— Random
36 00
.. 39 00
1x12— Random_______________________
34 00
1x4 to 12-inch— Random________________________ 37 00
36 50
1 j£x4 to 8-inch— Random.......................................... 42 00
38 50
l X x l O and 12-lnch— Random.................................. 44 00
36 50
13^x4 to 8-inch— Random_______________________ 42 00
38 50
IKxlO and 12-inch— Random............ ..................... 44 00
2x4 to 8-inch— Random__________________________ 42 00
2x10 and 12-inch— Random...................................... 44 00
Moulded casing and base from 1x4, 6 and 8-in. stock 43 00
Moulded casing and base from 1x5 and 10-inch stk. 45 00
Jambs from 4-4 stock____________________________ 43 00
Jambs from 5-4 and 6-4 stock and 8-4____________ 48 00
The above prices aro for 828 finish; for 848 add 50 cents per thousand
feet; for specified lengths add $1 per thousand feet; for rough deduct 50
cents per thousand feet.
N o t e . — C. & B. Tr. short leaf finish, base, casing and jambs manufac­
tured in the States of Missouri, Oklahoma and Arkansas may be sold at
83 per thousand liigher than above prices.
Mouldings: lJ-jj-in. width and smaller, 55% discount; 1J^-in. and wider,
50% discount.
B oa rd s —
1x2
1x3
1x4
1x6
1x8
1x10 1x12 1x4 to 12
No. 1 ,81 or 82 $29 50 $30 50 $28 50 $29 50 $29 50 $29 50 $32 50 -------No. 2, 81 or 82 24 50
25 50 23 50 24 50 25 50 25 50 27 50 25 50
No. 3,81 or 82 '........
20 50 21 00 21 50 21 50 22 00 21 00
No. 4, 81 or 82 .................. ................................................................— 15 00




[Vol. 107

For 1-inch No. 1 and No. 2 in specified lengths, add 50 cents, except
16-inch, add SI; rough 50 cents less than S28; S48, D. & M . or shiplap,
add 50 cents to 828 prices. For resawing add $1 per thousand.
Boards when ordered kiln dried, add $1 per thousand feet.
10, 18 eft 12, 14 eft
22 eft Ran­
dom.
20-inch. 16-inch. 24-inch.
Dimension—
2x2— No. 1 com. S1S1E.................... .. ...$ 2 6 50 $24 50 $28 00 $24 50
23 00
25 50
23 00
2x3—N o. 1 com. S1S1E------- -------------- . . . 24 00
23 50
27 00
23 50
2x4— No. 1 com. S1S1E.......................... . . . 25 50
22 00
22 00
24 50
2x6—N o. 1 com. S1S1E______________ . . . 23 00
23 00
26 50
23 00
2x8—N o. 1 com. S1S1E______________ . . . 25 00
23 50
27 00
23 50
2x10— No. 1 com. S1S1E........................ . . . 25 50
25 50
25 50
28 50
2x12— No. 1 com. S1S1E........................ . . . 27 00
23 00
26 50
23 00
2x2— N o. 2 com. S1S1E........................... . . 25 00
21 50
21 50
24 00
2x3— No. 2 com. S1S1E — ....................
22 00
22 00
.25 50
2x4— No. 2 com. S1S1E.......................... . . . 24 00
20
50
23
00
.
.
.
21
50
20
50
2x6— No. 2 com. 81S1E______________
21 50
25 00
21 50
2x8— No. 2 com. S1S1E............ .............. . . 23 50
22 00
22 00
25 50
2x10— No. 2 com. S1S1E________ _____ . . . 24 00
24 00
27 00
24 00
2x12— No. 2 com. S1S1E--------- -------17 00
_____
_____
2x4x2x8— No. 3 com. S1S1E (8 to 20-in.)............
_____
_____
16 50
2x6— No. 3 com. S1S1E (8 to 20-inch). __ ____
_____
_____
17 50
2x10— No. 3 com. 8 181E (8 to 20-inch) __ ____
18 00
2x12— No. 3 com. S1S1E (8 to 20-inch).- - - -----.........
.........
Dimension when ordered sized >£-inch scant In thickness and (or) width,
add $2 per thousand feet.
Dimension when ordered kiln-dried, add $2 per thousand feet.
Dimension D. & M . or shiplap, add $1 per thousand to 81 SIR prices;
rough, 50 cents less than S1S1E prices; 848, add 50 cents per thousand
to S1S1E prices.
For No. 1 common dimension over 24-inch, add $1 for each 2-in. up to
32-in.
N o t e . — All lumber not over 2 inches thick, when orderod odd or frac­
tional lengths, will invoico as of next longer length as multiples of 2-inch.
26 f t .
10 to 20 f t . '22eft24/f.
T im b e r s —
3x4 and 4x4_____ ______$25 00 $26 00 $27 00
25 00
26 00
3x6 to 8x8........... ........... 24 00
29 00
30 00
3x10 to 4x10------ ______ 28 00
28 00
29 00
5x10 to 10x10-.- ........... 27 00
32 00
31 00
3x12 to 5x12 ___ ........... 30 00
31 00
30 00
6x12 to 12x12--- ______ 29 00
37 00
36 00
3x14 to 5x14------ .......... 35 00
36 50
35 50
6x14 to 8x14--- ........ .. 34 50
35 00
36 00
10x14 to 14x14-- .......... 34 00

28 f t .
$28 00
27 00
31 00
30 00
33 00
32 00
38 00
37 50
37 00

30 f t .
$29 00
28 00
32 00
31 00
34 00
33 00
39 00
38 50
38 00

32 f t .
$30 00
29 00
33 00
32 00
35 00
34 00
40 00
39 50
39 00

Add for plank 2 inches thick, cut full size, $1 per thousand to list o
3 Inches of same width or over.
Add for timbers 14 Inches, $3 for each 2 Inches over 14 inches.
Add for timbers over 32 feet, $1 for each foot over 32 feet.
Prices above aro for short leaf No. 1 common rough; for better qualities
and various working apply tho following differentials:
For long leaf No. 1 common add $2 per thousand feet.
For merchantable 10 inches and smaller add $3 por thousand to No. 1
long leaf price.
.
For merchantable 12 inches and larger add $2 per thousand to No. 1
long leaf prico.
For price rulo of 1905 add $5 to No. 1 long loaf prico.
For 85 to 90% cubical contents heart, 12 inches and under, add to No. 1
common long loaf $3 per thousand.
For 85 to 90% cubical contents heart, 14 inches and under, add to No. 1
common long leaf $3 50 por thousand.
For 85 to 90% cubical contents heart, 16 inches and under, add to No. 1
common long leaf $4 50 per thousand.
For 85 to 90% facial area heart, 12 Inches and under, add to No. 1 com­
mon long leaf $5 per thousand.
For 85 to 90% facial area heart, 14 Inches and under, add to No. 1 com­
mon long leaf $5 50 per thousand.
For 85 to 90% facial area heart, 16 inches and under, add to No. 1 com­
mon long leaf $6 50 per thousand.
For all heart timbers, 12 inches and under, add to No. 1 common long
leaf $7 per thousand.
For all heart timbers, 14 inches and under, add to No. 1 common long
leaf $8 per thousand.
For .all heart timbers, 16 inches and undor, add to No. 1 common long
leaf $10 per thousand.
For standard heart timbers, 12 inches and under, add to No. 1 common
long leaf $4 per thousand.
For standard heart timbers, 14 inches and under, add to No. 1 common
long leaf $5 50 per thousand.
For standard heart timbers, 16 inches and under, add to No. 1 common
long leaf $6 50 per thousand.
For heart face, ono face only, 12 Inches and undor, add to No. 1 common
long leaf $4 50 per thousand.
For heart faco, one face only, 14 inches and under, add to No. 1 common
long leaf $5 per thousand.
For heart face, one face only, 16 inchos and undor, add to No. 1 common
long leaf $6 per thousand.
Add for drossing $1 per thousand feet.
Add for T. & G. or shiplap $2 por thousand foot.
Add for grooving $3 per thousand to dressed price stock 3 Inches and
4 inchas thick.
Add for grooving $5 per thousand to drossed price stock 5 inches and
thicker.
Add for beveling and outgauging $2 per thousand feet to drossed prices.
N o t e . — Ml timber when ordered in odd or fractional lengths, will invoice
as of next longor length a multiple of 2 feet.
N o t e . — Add $1 to list when ordered cut on fractional sizas. Prices on
fractional sizes will bo determined as follows: Sizes containing fractions
under ono-half inch shall tako price of next smaller size listed. Sizos con­
taining fractions half inch or greater shall tako prico of next larger size
listed. For oxamplos:
5 inches by 8 ! 4 inches will take prico of 6x8 plus $1.
5 H inches by 8 H inchos will tako prico of 6x10 plus $1.
Ship decking, United States Navy specifications No. 39 P.I.B.:
4 Kx4 X
A and smaller whon not moro than 1 inch off squaro--------------- $100
3 k x 5 Vt and smaller when difference between thickness and width,is
over 1 inch--------------------------- ----------- -------------------------------------------H®
E x p o r t P r i c e s , G ra d in g a s p e r G u lf C o a st S p e c i fi c a t io n s o f 1910.
P r im e —

1-inch random widths and longths........ . ................................................. - $47
1 kt-inch random widths and longths________________________________ 52
1 H-lnch random widths and lengths---------------------------------------------- - 62
2-inch random widths and longths__________________________________
52

July 13 1918.]

THE CHRONICLE

139

Genoa or R io P rim e D ea ls —
ing tho contracts therefor, everyone of the hundreds of open-market pur­
3 to 5-inch thick, 4 to 8-inches wido, 16 feet and up to avorago 24 feet $32 chases was submitted to the joint committee for its consideration and ap­
3 to 5-inch thick, 9 and 10 inches wide, 16 foot and up to avorago 24 ft_ 36 proval bofore such purchases by the Public Printer were authorized. The
3 to 5-incli thick, 11 and 12 inches wido, 16 ft. and up to average 24 ft. 40 committee also exercises direct supervision over the inspection of all this
M erchan table Sa^vn T im bers —
paper, tho technical tests of which are made by the Bureau of Standards,
Regular cubic
/ 30 cubic 32 cubic 35 cubic 37 14 cubic 40 cubic
so that tho interests of the Government aro in every way safeguarded.
average:
\ $33 50
$35 00
$36 50
$38 00
$40 00
In a further effort to relieve tho paper situation, particularly as to the
supply of raw material, tho committee has authorized the Public Printer
The War Industries Board has since made the following to sell as waste paper several hundred thousand obsolete and useless publi­
announcement of additions to tho maximum price list for cations which have accumulated at the Government Printing Office. This
waste will go to paper manufacturers to again be made up into paper, and
Southern pine:
will relieve the present shortage of material to that extent. A similar
It has been agreed that tho following be added as a foot-noto to tho present effort to utilize waste and useless papers in the manufacture of new paper
maximum price list for Southern pine: No. 1 pine lath, $3 65: No. 2 pine has also been suggested by the paper and pulp section of the War Industries
lath, $2 65.
Board, with which the Joint Committee on Printing is co-operating.
The above prices aro f.o.b. shipping point.
Last week, page 39, we referred to the economy measures
Also, tho following charges for special mill work: Roofers, when ordered
beaded, at $2 per 1,000 feet, over drosscd two sides; roofers, when ordered urged upon all newspapers by the Pulp and Paper Section
grooved, at $1 per 1,000 feet, over dressed two sides.
of the War Industries Board.

RESOLUTION DIRECTING PUBLIC PRINTER TO DIS­
CONTINUE ALL GOVERNMENT PUBLICATIONS
NOT ESSENTIAL TO WAR.

Tho adoption by the Joint Committee on Printing, of
which Senator Marcus A. Smith is Chairman, of a resolution
directing the Public Printer to discontinue tho printing
of publications not ossontial to tho work of tho Government
during the war, and exercise to tho fullest extent his author­
ity under tho law to regulate the use of paper in Government
printing is made known in tho “ Official Bulletin” for July 8,
which gives the resolution as follows:
Whereas the supply of paper is short and tho prices domanded thorefor
exceedingly high, which situation tho paper and pulp section of tho War
Industries Board reports will soon bccomo oven more serious owing to tho
requirements for fuel and transportation by ossontial war industries;
Whereas largo quantities of paper have been used in Government printing
that has no relation to tho war and is not required for tho essential work
of tho Government at this time, thereby tending to cause delays In printing
which is necessary to tho war activities o f tho Government and greatly
Increasing tho expenditures for tho public printing;
Whereas tho Joint Committeo on Printing has “power to adopt such
measures as may bo doomed necessary to romoly any neglect or delay in
tho execution of the public printing and binding” (Act of Mar. 1 1907);
Whereas the Public Printer has authority to determine tho forms and
stylo In printing and binding ordered by any of tho departments
may bo oxocutod and tho material to bo usol (sec. 51, Act of Jan. 12 1895);
and
Whereas tho Joint Committee on Printing, on Dec. 12 1917, adopted
and transmitted to the Public Printer tho following recommendation of
its Subcommittee on Paper Specifications:
"In order to conserve papor-making material during tho war recommenda­
tion is made that the Joint Committeo on Printing requost tho Public
Printer to exercise, to the fullest oxtont, his authority under section 51
of tho Printing Act approved Jan. 12 1895, to require tho uso of tho lightest
woight and lowest grade paper possible in tho execution of tho public
printing and binding.
“ If all tho departments and establishments of tho Government will
regulate thoir paper needs, at least for tho period of tho war, by tho deter­
mination to uso tho lightest, lowest grado suitable paper, tho estimated
saving ($320,000) can bo readily more than doubled, and the country will
further benefit in tho labor, fuel and transportation thereby released.
Those statements aro as true of tho requirements of business as of tho
Government, and tho elimination of tho needless uso of paper will contribute
not a little to the national well-being.”
There bo it
Resolved by the Joint Com m ittee on P rin itn g , That tho Public Printer
bo requested to strictly enforco tho authority vested in him under law to
determine tho material, including paper, to bo used in tho public printing
and binding, and that during tho continuation of tho war lie bo directed
to print only such publications as aro required for tho essential work of
tho Government and which do not delay necessary war printing; bo it
further
Rosolvod, That all cases of doubt or disputo as to whether publications
aro nonessential at this timo and are thereby causing delay in the public
printing and binding bo referred to tho Joint Committee on Printing
for tho adoption of such additional moasuros as it may bo deemed necessary.

Tho “ Official Bulletin” also has the following to say con­
cerning tho action of tho Joint Committee:
The Joint Committeo, after a careful study of the subject, has come to tho
conclusion that a number of Government publications could and ought to
be suspended during tho present war, not only to effect dosirablo economy
in tho public printing, but also, and which is oven more important, to avoid
serious delays in war printing, which is tho chief duty of tho Government
Printing Offico in this emergency. In this endeavor tho committeo hopes
to havo the hearty co-operation of all tho departments of tho Government
without the necessity of taking further action in regard thereto. The
Joint Committeo has long realized that printing ought to bo placed upon a
war basis as well as all other work of the Government.
That tho Joint Committeo has begun its work of economy at homo is
evidenced by tho fact that not a singlo reprint of publications authorized
by law for distribution by Members of Congress has been ordered by tho
committeo since tho beginning of the war. Under tho law tho committeo
has authority to fix editions in which such publications shall bo printed,
and by its regulations, which havo been effective sinco Oct. 6 1914, tho
number of documents available for distribution by Members of Congress
has boon decreased more than 50%. This lias resulted in a saving of
soveral hundred thousand dollars to tho Government and has relieved tho
Government Printing Offico of a corresponding amount of work at a time
when It was Imperative for that establishment to exert all its energies to
the production of war printing.
In this connection it Is also appropriate to state that, through tho action
of tho Joint Committeo on Printing in rejecting bids for annual contracts
and directing tho Public Printer to purchaso paper in tho open market, a
net saving to tho Government of $846,278 14 was effected for tho year
endod Mar. 1 1918. This was a saving of nearly 50%, as tho total openmarket purchases of paper for that year amounted to $1,920,998 14. The
total amount of paper bought for tho Government Printing Offico, both on
contract and in the opon market, during the same year amounted to $4,­
500,000. In addition to fixing tho standards for all tills paper and award­




WAR INDUSTRIES BOARD REAFFIRMS POLICY
REGARDING BUILDING CONSTRUCTION.

The War Industries Board has taken occasion to issue
a statement in which it announces that it has not changed
its policy with reference to new construction which does not
contribute to war needs. We give below what it has to
say:
In order to correct the apparently widespread misapprehension of its
position with reference to new building construction that does not con­
tribute directly or indirectly to the war needs the War Industries Board
authorizes this restatement of its attitude.
It is becoming more and more apparent that the one outstanding piece
of work bofore the country is tho winning of the war and that this demands
tho co-operation and best efforts of every industry and every individual.
In proportion as each industry increases its devotion to the task will tho
country become better mobilized fof victory and the speedy termination
of the w'ar.
Tho building materials industry, being one of those most adversely
affected by w'ar conditions, has the full sympathy of the Board and every­
thing that is possible will bo done to relieve its situation. To that end the
building materials section of tho Board has been and is in frequent con­
ference with tho building interests of the country in an effort to mobilize
their resources and their activities to meet the requirements of the Gov­
ernment and has served as the point of contact through which the needs of
each building industry have been communicated to the War Industries
Board in order that all possible relief might be furnished.
Tho War Industries Board has been gratified by the patriotic, unselfish,
and unstinted support with which ail branchos of the building industry
havo responded to its appeal and is wholly disposed to do everything pos­
sible to relievo adverse conditions. However, tho Board has not changed
its general policy with reference to now construction that does not con­
tribute to war needs.
P olicy Set Forth in R esolutions.

Tiiat policy was and is expressed in the following resolutions, formerly
adopted and published:
W hereas, It has come to the notice of this Board that new industrial cor
poration.s are being organized in different sections of the United States for
the erection of industrial plants which cannot bo utilized in the prosecution
of the war; and
W h ereas, Plans are being considered by certain States, counties, cities
and towns for the construction of public buildings and other improvements
which will not contribute toward the war; and
W hereas, The carrying forward of theso activities will involve the utili­
zation of labor, materials, and capital urgently required for war purposes.
Now, therefore, be it
Resolved, By the War Industries Board, that in the public interest all new
undertakings not essential to and not contributing either, directly or in­
directly toward winning the war, which involve the utilization of labor,
material and capital required in the production, supply, or distribution
of diroct or indirect war needs, will be discouraged, notwithstanding they
may be of local importance and of a character which should in normal
times meet with every encouragement; be it further
Resolved, That in fairness to those interested therein, notice is hereby
given that this Board will withhold from such projects priority assistance,
without which new construction of tho character mentioned will frequently
bo found impracticable, and that this notice shall be given wido publicity,
that all parties interested in such undertakings may bo fully apprised of
tho difficulties and delays to which they will be subjected and embark upon
them at their peril.
A p p lica tio n s fo r P referen ces.

Tho building materials section of the War Infustries Board considers and
in proper cases arranges for and assists industries and plants in presenting
to tho priorities board their application for preference treatment in the sup­
ply of fuel, transportation, and raw materials. If preferential treatment
is to any extont accorded an industry or plant it is subject to reconsideration
at tho end of 30 days as the classification may require modification in order
to meet changing conditions. Tho necessity for conserving the fuel sup­
ply and relieving congestion in transportation is particularly imperative in
what is known as the “congested district,” which, generally speaking, is
that territory lying north of the Potomac River and east of the Allegheny
Mountains. Tho whole-hearted co-operation of the building materials
industries in conserving fuel, materials, transportation, and labor needed
to meet war requirements is invited and confidently expected.

BUILDING TRADES TO ORGANIZE FOR WAR.

All branches of the building construction industry have
been called by President Harry A. Wheeler of the Chamber
of Commerce of the United States to meet in Atlantic City,
next week, July 15 and 16, to form a War Service Committee.
In its announcement of the meeting the Chamber says:
Of the 200 and more War Service Committees which the Chamber has
initiated since the War Industries Board substituted that arrangement
for tho Council of Defense’s advisory committees, building construction is
tho largest and most complex. Most of the committees previously or­
ganized havo involved merely the co-ordination of non-members with some
representative organization in a single trade. Tho Atlantic City gathering
confronts the task of first federating into one vast national unit between
100 and 200 national, regional. State and local associations, in scores_of

140

THE CHRONICLE

trades, from the cellar concrete to the roof slate, and then drawing from the
result a War Service Committee which can speak for the entiro industry.
“ Co-ordinate assistance to the Government during the war,” and “ re­
establishment and maintenance of tho general prosperity of tho industry,”
are what President Wheeler mentions as the business of the meeting, which
ho will open with an address.
Each organization is urged to send as many representatives as possible
and to name one delegate— preferably a prominent business man— to
servo on an immediate and temporary War Service Committco in case
permanent organization is postponed for deliberation.
Arrangements for tho conference are being mado by Allen Walker, Cham­
ber of Commerce of tho United States. Woolworth Building, New York
City.

PREFERENTIAL TREATM EN T FOR HOLLOW-TILE
MAKERS.

[Vol. 107

Europe and tho Mediterranean Coast of Africa, and when shipped from
convenient ports where loading can bo done without delay.
Importations of manganese oro from Asia and Australasia havo, by
another ruling, been prohibited as to ocean shipments mado on and after
July 20 1918; and, to make this ruling effective, all outstanding licenses
for tho importation of manganese from thoso countries havo been revoked
as to ocean shipment on and after July 20 1918.
Adequato supplies can be obtained, it has bcon found, from sourcos
nearby, entailing far less strain upon tho tonnage resources of tho United
States during tho present difficult period than shipments from tho distant
ports in Asia and Australasia.

UNITED STATES STEEL FOR JAPAN.

It was announced on June 14 that tho first step toward the
completion of tho reciprocal agreement between tho United
Tho War Industries Board, according to the “ Official States and Japan, whereby this country was to give Japan
Bulletin” of July 5, makes tho following announcement con­
two tons of steel and steel products for every one ton of
cerning preferential treatment for hollow tile makers:
A committee representing the principal manufacturers In tho United shipping transferred to tho use of the United States, had been
States of hollow tilo wero accorded a hearing before tho Priorities Com­ taken through tho allocation by tho War Industries Board of
missioner and other representatives of tho War Industries Board. Tho 150,000 tons of steel. Tho “ Journal of Commerce” of
hearing developed tho fact that considerable quantities of hollow tilo are
required in connection with Government construction, a limited amount June 15 said:
In expansion by war industries and in the building of silos, &c.
The conclusion was reached that tho industry should bo accorded preferen­
tial treatment to the extent necessary to produce the tile required for tho
use mentioned and no more, conditioned upon tho producers pledging them­
selves to sell their product only if devoted to.essential uses as that term
shall bo defined by the Priorities Board.

SULPHUR CONTROL T A KEN OVER BY GOVERNMENT.

The taking over by the Government of tho control of tho
production and distribution of sulphur materials was mado
known by the War Industries Board on July 9. William
G. Woolfolk, chief of the section in chargo of sulphur and
pyrites, has been named to act for tho War Industries Board
in controlling tho production and distribution of sulphur
materials. Tho following is tho announcement of tho
Board:
The War Industries Board has passed a resolution, approved by tho
President, taking over control of tho production and distribution of sulphur
materials. This was made necessary by the increased demand from tho
Government for sulphur in tho manufacture of oxploslvcs and for other
purposes and by tho increasing burdens on the rail and water systems in
tho transportation of materials.
William G. Woolfolk, chief of tho section in chargo of sulphur and
pyrites, has been named to act for tho War Industries Board in controlling
tho production and distribution of sulphur materials, availing himself of
such voluntary assistance as ho may see fit of individuals or committees
representing the producers and users of such materials.

In its issue of July 10 the New York “ Times” said:
The taking over tho sulphur mines has been forced by tho shortage of
sulphur throughout the country, and by tho increasing demand of tho
Administration's war program. It is generally understood that tho inter­
ests controlling tho great sulphur mines have opposed such a step.
On June 7 last tho Chemical Alliance, an incorporated body of chemical
manufacturers formed at tho recommendation of tho War Industries Board,
met at tho Hotel Biltmoro in this city to consider tho need for allocation.
Horace Bowker, Secretary of tho American Agricultural Chemical Co.,
stated that unless tho distribution of sulphur could bo satisfactorily dono by
tho Chemical Alliance tho Government would take tho sulphur over and dis­
tribute it officially. Since that meeting somo members of tho allianco have
been dissatisfied with tho results, and have claimed that suen distribution
as was being carried on was in tho interest of the great consumers of sulphur
and sulphuric acid.
Present sources of sulphur supply aro from two mines; one at Calcasieu
Parish, La., owned by tho Union Sulphur Co. of this city, producing over
3,500 tons a day, and another at Bryan Heights, Texas, owned by the
Freeport Sulphur Co. of this city, producing over 1,000 tons a day. Minor
properties in Wyoming, Nevada, and Utah produce a little less than sixty
tons a day. Present consumption in tho United States exceeds 125,000
tons a month, and this, it is said, will increaso to over 150.000 tons a
month before tho end of tho year, duo to increased Government use.
Sulphur is a necessity for tho production of explosives, print paper,
manufactured rubber goods, fertilizer, and other uses. There aro sulphur
deposits in both Sicily and Japan, but both these nations havo forbidden
tho exportation of this article.

MANUFACTURERSOF MAGNESIA A N D ASBESTOS
CONFER W IT H WAR INDUSTRIES BOARD.

An announcement by tho War Industries Board on July 5
says:
A committee representing tho manufacturers of magnesia and asbestos
coverings and textiles of the United States was accorded a hearing before
tho Priorities Commissioner and other representatives of tho War Industries
Board for tho purpose of presenting claims for preferential treatment in
procuring supplies of fuel, raw materials and transportation servico.
Tho hearing clearly developed tho fact that a freo and proper uso of
magnesia and asbestos in heating plants and in pipo coverings enormously
conserves fuel; and becauso the demands for fuel far exceed tho supply
now available, or that can bo made available, it was determined that the
production of magnesia and asbestos coverings should be stimulated in so
far as they are used in connection with heating plants and other uses
measurably curtailed.

RESTRICTIONS ON IMPORTATION OF MANGANESE.

An announcement on July 5 concerning an amendment
to the restriction on manganese imports says:
Tho War f /ado Board amended the restriction upon tho importation of
magnesite t ermit its lm
tatior urdur tho back-haul proviso, permit­
ting the
nation of
nesi £
r j shipped as return cargo from




Although Japan began tho delivery of her shipping to tho United States
after tho agreement took effect, delivery of steol by this country to Japan
was delayed, duo to a misunderstanding. For tho clearing away of this
misunderstanding, however, negotiations between tho two Governments
through Director of Steol Supply J. L. Roploglo, of tho War Industries
Board, and tho War Trado Board, and representatives of tho Japancso
Government havo been under way for several weeks.
Participants in tho conference, representing tho United States to-day
(tho 14th) were loud in their praise of tho splendid manner in which Japan
acted when prompt delivery of steel was not begun after tho ratification o
tho agreement. What might have been a very embarrassing situation for
tho United States because of the delay in furnishing steol ship-building
material, was avoided, officials asserted, by tho spirit in which explanations
were rccoivcd.
______________________________

PROPOSED COAL RATIONING OF PRIVATE CON­
SUMERS BY FUEL AD M IN ISTRATIO N .

Under a coal rationing system proposed with a viow to
prevent hoarding, the U. S. Fuel Administration announces
that each consumer will bo allowed only so much as will
heat his house to 68 degrees. In its announcement the Fuel
Administration says that “ there will not bo enough house­
hold coal available this winter if last year’s waste con­
tinues, or if unequal local distribution is not provonted.”
Tho rationing plan involves a censorship of ovory order
received by dealers, the actual inspection of all doubtful
cases and a checking up of householders’ statomonts, and an
effective refusal to furnish any householder moro coal than
is shown to be necessary. The following is tho announce­
ment made by the Fuel Administration on July 7:
With every ounce of pressure possiblo botng put upon increasing tho
production of coal, requirements continuo to mount. It is ovidont that
there will bo an insufficient supply for winter necessities unless tho utmost
conservation is practiced and a systom of local distribution inaugurated
which wilt provent any consumer from obtaining moro coal than is sufficient
for his wants with tho utmost caro and economy being omployed in its
consumption.
There will not be enough household coal available this winter if last
year's waste continues, or if unequal local distribution is not prevented.
The Fuel Administration has taken tho nocossary stops to this ond.
Householders may bo put on coal rations, as in England and Franco. Tho
coal allowed to each consumer will not bo tho amount used last year, but
only so much as is scientifically found sufficient to heat his house to 68
degrees, providing every conservation rulo has been oboyod. Tho allow­
ance for each will be sufficient for comfort, but tho thoughtloss and waste­
ful consumer who fintis his allowance gono before tho ond of tho winter
will havo only himself to thank if ho has no fuel with which to heat his
house.
Under this systom everyono will got his fair proportion of coal. Tho
hoarder will bo eliminated. This systom was originally worked out and
applied in Philadelphia. It has proved an unqualified success and, with
modifications suggested by tho experiences in that city, tho adoption and
enforcement has been referred to tho Federal Fuel Administration in all
States.
This plan involves a department of coal allotments in connection with
each local fuel administrator’s offico. Flans for this organization and for
the necessary equipment have been completed by tho Administration in
Washington in such detail that tho local bureaus can inaugurate tho sys­
tem without delay.
The important features of tho plan aro:
First— A censorship of every order for coal received by any dealer, each
order being compared with a figure obtained by very simple yet effective
formulas showing tho rating of tho liouso where tho coal is to bo used.
Second— Actual inspection of all doubtful casos and a checking up through
inspectors of statements made by housoholdors as to tho coal on hand, tho
spaco to bo heated, and the heating systom omployed.
Third— An effective refusal to furnish any householder moro coal than a
scientific analysis shows is necessary if tho requisite caro is takon in tho
heating of tho house. Under this systom surplus coal will be refused.
All consumers who havo obtained a quantity of coal in excess of tlioir
allotments, or who by deceit or misrepresentation have violated any rules
and regulations of tho Fuel Administration, will bo prosecuted.
This system will bo drastic and will introduce conditions now to tho coun­
try. It will be no moro drastic, howover, than conditions demand in tho
interest of all concerned. No ono will bo doprived of coal actually needed
for heating; but no ono will bo allowed fuel for wasto or oxtravaganco, or
to doubly insure a supply of fuel, while neighbors on account of this oxcess
are unablo to obtain enough.
With a shortage of coal confronting tho country, it is only through such
detailed regulations that a necessary supply can bo insured to all. To dolay
until tho emergency is upon us would bo fatal. Tho Fuel Administration
oxpects every ono to recognizo tho necessity and tho reason for tills super­

July 13 1918.]

THE CHRONICLE

vision and to co-oporato fully with tho local committees entrusted with
carrying out the plan.

Harry T. Peters, Chairman of the Fuel Conservation
Committee for Now York in referring to the announcement
of tho U. S. Fuel Administration on July 8 said:

141

UNITED STATES FUEL AD M IN ISTRATIO N ’S PLANS
TO CONSERVE COAL WASTED I N INDUSTRIA L
POWER PLANTS.

In announcing last week that plans were under consider­

The working out of this now ration plan for householders will require ation for conserving coal wasted in industrial power plants
an entirely different system of enforcement. It moans lots of work. To of the country, the U. S. Fuel Administration made known
onforco coal rationing in New York alone moans a heavy force of inspec­
tors. At present thoro aro no inspectors in tho Fuel Department such as the appointment of engineers who are to consult with officials
there aro in tho Food Administration.
of the Fuel Administration, with a view to effecting a system­
This order will liavo to bo carried out by a systom of thorough policing, atic saving. The announcement follows:
and to this tho Fuel Administration has givon much thought. There aro
The U. S. Fuel Administration announces the appointment of adminis­
40,000 factories in this city which will have to bo supervised, to say noth­
ing of tho apartmont houses and office buildings. I believe we are going to trative engineers as follows:
Thomas R. Brown, Pittsburgh, for the western half of Pennsylvania.
have q serious time and that coal will have to be conserved in every possible
way. I am glad to see that tho National Fuel Administration has taken He was formerly special engineer with the Westinghouse Air Brake Co.
George R. Henderson, Philadelphia, for the eastern half of Pennsylvania.
this step, howover, for I believe it is tho only way to solve tho difficulty.
He was formerly consulting engineer with the Baldwin Locomotive Works.
Edward N. Trump, New York, for the State of New York. He has been
the Vice-President of the Solvay Process Co.
LABOR ESSENTIAL FACTOR I N INCREASED COAL
W.
R. C. Corson, Hartford, for New England. He has been actively
OJJTPUT ACCORDING TO AN THRACITE COMMITTEE. engaged in practice as a consulting engineer.
These engineers, 'with others who aro awaiting formal appointment,.are
The Anthracite Committeo of the U. S. Fuel Administra­ in Washington in consultation with officials of the Fuel Administration in
tion in calling attention on July 2 to tho need of an increased charge of conservation. Others attending the conference, which will go
output of coal, stated that this necessary increase can only on for several days, are M . S. Hopkins, Columbus, Ohio; O. P. Hood,
chief mechanical engineer of tho Bureau of Mines, Pittsburgh; Prof. H. P.
bo accomplished through greater labor power for the indus­ Breckenridgo, Yalo University; and H. H. Stoek, professor of mino engineer­
ing, University of Illinois.
try. Wo quoto what it has to say below:
Although the efforts of the Fuel Administration to increase production
More coal is greatly needed. Tho problem presented starts with produc­ havo resulted in a record output of bituminous coal for the past several
tion. It can be fully and satisfactorily solved only through such increase weeks, the Fuel Administration is determined to supplement Its efforts
in output as will meet all demands, now huge in tho aggregate and growing, toward speeding up production by a craefully planned conservation pro­
each day, larger and moro urgent.
gram.
Every effort of tho anthracite industry is being exerted to the utmost
Tho principal question under consideration at this conference is tho
to supply tho unprecedented demands for coal. To such exertion the waste of coal in the 250,000 industrial power plants of tho country and the
industry is impelled by business considerations and duty to tho millions
means of cutting this waste short off in order that approximately 20,­
of anthracite consumers, not less than to tho nation in war.
000,000 tons of coal will bo available for war and non-war industry in
With all that has been dono to speed production of anthracite tho bald domestic consumption.
fact is that tho output is falling short of a maximum, when nothing less
The system extends into all States east of Mississippi River and all of
than the greatest production can anywhere near supply tho most pressing
Louisiana, Missouri and Minnesota. In laying the foundation for the
demands. It is a condition, not a theory, which forces itself for considera­ organization— work which has been in progress for many months—it has
tion and remedy.
been anticipated that this work will bo a permanent service of the Govern­
This calls, first, for a correct diagnosis. To begin with, there is no
ment. From 10 to 20% of the coal now used can be saved by correct
fall-down on production of anthracito iluo to meagre development of the operation of tho steam power plants, using their present equipment, and
mines, or lack of capacity in tho mining equipment, oither below or above
without tho delay or expense involved in tho installation of new or im­
ground. In fact, tho physical development of tho anthracito operations was proved apparatus.
never so largo nor so far advanced towards highest officioncy as now. The
Tho administrative engineers will work under the general supervision of
owners of tho anthracito properties havo developed them by great capital State Fuel Administrators.
investment and with best engineering skill, having regard for safety,
' The system comprises certain fundamentals as follows: (1) Personal
production, conservation, efficiency and economy in tho operations, to
inspection of every power plant in tho country; (2) classification and rating
such extent that rigiit now there could bo takon from tho ground and
of every power plant, based upon tho thoroughness of which tho owner
prepared for shipment full one-fourth moro anthracite than is being got
of the plant conforms to recommendations; (3) responsibility of rating to
to market. That means 20,000,000 tons per annum.
bo based upon roports of inspectors, who will not express opinions, but will
AVhilo bituminous production is being restricted in large part by car collect definite information.
shortago, transportation facilities available for movement of anthracite
State fuel administrators, in their judgment, may entirely or partially
aro now ample to take from the mining regions and to most points of con­
off tho consumption of coal by any needlessly wasteful plant in his
sumption all tho coal being turned out. This satisfactory condition exists, shut
territory.
to tho present benefit of tho public, primarily because of tho co-ordination
Inspectors are furnished from one or more of the following sources:
of operation which has long obtained between tho anthracite mining and
(a) Inspectors of steam boiler insurance companies; (6) State factory in­
transporting companies.
spectors; <c) engineering students from technical colleges; (d) qualified
Labor enters hugely into tho mining and preparation of anthracite. volunteers.
Without sufficient men it is impossible to work the mines and operate the
In this campaign of practical accomplishment the slogan of the Fuel
collieries to their largest capacity. At this time, with tho demand for
Administration is “Maximum Production With Minimum of Waste,” the
anthracito greater than over before and mounting, with tho industry
object being to operate all industries at full capacity, but at the same time
physically prepared to supply that demand and with no present transporta­
to make every pound of fuel perform its maximum service in power, light
tion obstacles to prevent maximum shipments, labor power at tho service and heat.
of tho industry is at low point.
>
Increased production of anthracito is ontiroly possiblo, but it can only
bo accomplished through greater labor power for tho industry.
As it is, it is with tho utmost difficulty and in considerable measuro
owing to tho recovery from culm banks of good coal, which, in an earlier PROPOSED CURTAILMENT OF LIGHTING I N HOMES
period, when means for preparation and uso of anthracito were not fully
TO SAVE FUEL.
perfected, had to bo thrown asido, that shipments can bo kept up to what
they now aro.
That a curtailment of gas and electricity in the homes
Tho anthracito industry to-day has not above 144,000 men. Before would bo resorted to as a means of saving fuel was recently
tho war tho number was 177,000. TIius has tho labor power of tho industry
boon reduced 19% in tho number of available workers— a forco now threat­ indicated by the Fuel Administration. Washington advices,
ened with further reduction by tho draft and offers being made for labor in making this known last month, stated that instead of
by industries working on a cost-plus basis with which tho anthracite shutting down all non-war industries to save fuel, thereby
industry, although paying tho highest wages over known, is unable to
compete with the prices for its product fixed by tho Government. Nor throwing many persons out of employment and reducing the
is that all. Tho averago efficiency of the antliracito mine-workers, taken economic resources, an effort will be made to effect such a
as a body, is much less measured by production. For this thero are reduction in the private consumption of coal that many fac­
various causes. One is that tho industry has lost a largo number of men
between 21 and 31 years, who, having greater physical endurance, aro tories will bo enabled to operate part time at least. It was
capable of moro sustained labor. Another is that tho flow of labor has stated that it would require some time to perfect a uniform
brought in many men now to tho work and, consequently less efficient.
plan of curtailment, but that it was probable that its appli­
The immediate and essential things, if tho production of anthracito is
to bo first maintained and next expanded, as it can bo, aro to hold to the cation would bo moro general in the East, where the coal
industry all mine-workers now in its employ and so highly serving both shortage was most acute last winter.
One suggestion, to
tho public and tho nation, to get moro nearly 100% work and efficiency
from the present labor body, and, to augment it, if possiblo. Patriotic which attention was being given, proposed that all house­
efforts aro being made by a very largo number in tho ranks of tho anthracite holds be notified that they may consume hereafter only
mine-workers army, not only to do their utmost at their several jobs, half of the average amount of electricity and gas burned
oven to working overtimo, but also to impress upon co-workers how very
If that amount should
essential it is in tho war conduct and for tho public need that production each month during the past year.
be reached before tho end of the month, the supply would
of coal shall bo increased to tho highest point.
Thero has got to bo a general ‘‘pull-together,” in which tho Government, be cut off for the remaining days of that month.
Industries
the public and all concerned tako a hand to creato tho conditions of produc­
tion without which there will come, next winter, such a coal shortago as in each town would have available for necessary work the
noed not bo.
■
amount of current or gas saved, and where there was not
Under tho conditions existing all operators must proparo further ahead sufficient essential work to utilize so much there would
than in ordinary times when supplies aro easily and surely obtained, so
that overy mino and each mine-worker shall always havo ready to hand and result a saving in fuel. Compensation to the public utilities
in perfect working order all supplies and equipment required for mining companies for their loss in business, it was said, had been
and preparing anthracito. No chances can bo takon on deliveries of supplies
taken up only tentatively. Settlement of that problem
for mining operations wlion so much depends upon steady and maximum
seems likely to be the most difficult in the proposed curtail­
production.
JOSEPH B. DICKSON,
ment, but officials are hopeful of a satisfactory solution.
S. D. WARRINER,
Raises in rates may be recommended to State commissions
AV. J. RICHARDS,
A n th r a c it e C o m m itte e .

WILLIAM T. GRIER,




S e c r e ta ry .

having control, or the Federal Government may be asked to
make up the difference.

THE CHRONICLE

142

N E W “ LIGHTLESS NIG HT” PROPOSAL TO SAVE FUEL.

The intention of the U. S. Fuel Administration to adopt
new measures for the conservation of fuel consumed in the
manufacture of electricity and illuminating gas used for
advertising, street and store illumination, is indicated in
tho following announcement of the Administration issued
on Juno 30:
Tho United States Fuel Administration is confronted with tho immediate
necessity for further conserving coal used in tho manufacture of oloctrical
current and illuminating gas.
An order Is in preparation which is to tako tho place of the so-called
“ lightless-night” order of Nov. 13, which was suspended by tho Fuel Ad­
ministrator on May 1 by reason of the daylight-saving law and tho fact
that tho general conservation program of tho Administration was deomed
sufficient notice to tho country that coal and tho power derived from coal
must bo conserved in overy possible way.
It now appears that in overy city and village of the country, from which
statistical and other reports havo been gathered, electricity is being wasted
in largo quantities in tho production of light for advertising, street and
storo illumination and other similar purposes. Tho country needs now—
and for the whole period of tho war will need— moro coal than it can pos­
sibly produce and transport.
Confronted by this condition, the Fuel Administrator will order radical
reductions in tho quantity of coal consumed in tho manufacture of elec­
tricity and illuminating gas used for tho purposes specified. While tho
official order has not yet been signed, it Is expected that it will provido
for closer restrictions in the New England States, Now York, Pennsyl­
vania, New Jersey, Delaware, District of Columbia and Maryland, than
in other States where tho transportation of coal is not such a tremendous
problem.
In any caso, It is expected the order will provido that no thoatro or other
outdoor lights shall be turned on until tho street lights shall havo been
lighted. Unnecessary daylight use of electric lights and electric-adver­
tising displays will probably bo shut off altogether. The order will deal
also with store window lights, and will extond to all kinds of fuol, including
gas and oil.
Tho amount of public lighting in any city, village, or town shall bo only so
much as may bo necessary for safety, and tho use of lights commonly known
.as cluster lights for purposes of display or decoration shall bo discontinued.

COAL RATIONING I N GREAT BRITAIN.

[Vol. 107.

No ono may havo an oxcessivo stock of coal, which is limited to ono
year’s allowance. It is desired that all who can should stock their sup­
plies in the summer, so as to loavo tho merchants freo in tho winter to meet
tho requirements of thoso less advantageously placed. Every posslblo
economy in man-power and cartage must bo obtained, and so it Is impor­
tant that as much coal bo sold in tho summer months to put into storo as in
tho winter for use. During tho winter months a preference must bo given
to tho demands of small consumers. The movomont of truckloads of coal
to privato consumers is brought under severe check, and may bo entirely
forbidden at any moment. Similarly, consumers can, if needs bo, bo
brought down to a minimum monthly delivery of a ton of coal.

SUGGESTIONS OF ANTHRACITE COMMITTEE
SAVING COAL.

FOR

In offering suggestions for the saving of coal by house­
holders as •well as industrial and business concorns, tho An­
thracite Committee of tho U. S. Fuel Administration says:
Production and conservation should bo like twins and go hand in glove.
Ways to save coal are being earnestly urged upon industrial and business
plants, as well as householders. It is bolioved that with concerted effort
by firms and business men as well as individual consumers a largo onougl*
supply can bo husbanded to meet immediate needs and carry tho fuol
supply, by this intensive saving, far into tho winter months. Sovon ways
to conservo aro outlined, as follows:
1. Extinguish arc and gas lights on city streets just at dawn and light
samo a little later than dusk. Much electric light, gas and power is daily
wasted in big buildings and by ferryboats, streot cars, trains and street
advertising. Cigar store gas cigar lighters should bo discontinued during
tho war.
•
2. Fewer elevators should run in big buildings and loss illumination
therein during day-light hours.
3. Decreaso tho consumption of coal for illuminating signs of all kinds
on avenues of traffic; along railroads, waterways and in and about all
theatres and other places of amusement.
4. Installation of moro gas motors in homos, especially in apartment
houses, boarding houses and rooming flats. A strict supervision of tho
rational use by each consumer.
5. A public understanding of tho fuol situation through a polico canvass
in every division of overy ward in overy city, town or hamlet. A code of
instructions should bo given each householder on the conservation of fuol.
6. Eat less meat in summer. This would mean a big saving in fuel
for heat for big roasts.
7. A concentrated and patriotic effort, on tho part of tho public, to
realizo it is aiding tho nation win tho war by self-imposed fuel oconomy.
A little personal stinting will materially aid in a greater coal supply for
tho needs of our allies, transports for soldiers and munition plants.

In indicating how every household in Great Britain will bo
affected by tho new household fuel and lighting order,
adopted in England, Sir Guy Calthrop, British Coal Con­
troller, in a speech at the Institute of Journalists, had the
following to say, according to advices from London under PRICES OF BITUMINOUS COAL M IN E D A N D USED
I N TEXAS.
date of June 11, printed in the “ Journal of Commerce” of
Tho United States Fuol Administration makes tho fol­
July 5:
Coal stocks are being built up again as in tho summer of 1917, but tho lowing announcement concerning bituminous coal prices
public utility undertakings cannot havo anything like tho amount they for Texas:
wanted. We havo not only to ask theso undertakings to work at a low
figure, but we have to sco that tho amount of gas and olectricity required
in connection with essential war work was provided for. For that reason
private consumers have to bo asked to tako less and perhaps put up with
some inconvenience.
.
Apart from what tho consumer is allowed for fuol, wo proposo that he
should havo added to him a certain amount according to tho size of his
house for lighting as.well, so that his ration might be really a full ration.
Tho consumer will be informed of tho amount of gas or electricity which
ho used previously, and will bo told tho amount, according to tho size
of his house, of tho full ration which ho is allowed under tho department’s
order. Ho will thon be allowed to elect what proportion of that full ration
ho would take In gas, electricty, or coal.
It has now become essential to ration industrial coal. That may result
in somo hardship; it will certainly result in inconveniences to many people.
Those that aro essential or semi-essential to tho war must bo kept going
at all costs, but those not directly or indirectly concerned with tho war I am
afraid somo hardship will ariso.
Not less than a quarter of tho coal previously available for domestic use
and consumption must bo saved. Each ton of fuel will bo equivalent to
15,000 cubic feet of gas or 800 Board of Trade units of electricity. Fuel
may bo converted into gas or electricity at tho option of tho consumer by
quarter tons, but not by a less fraction. Owing to tho importance of
carbonizing coal in gasworks in tho interests of tho nation as a whole it is
not desired to restrict tho consumption of gas if it can bo produced and used
in place of raw coal.
Unfortunately it is not posslblo to manufacture sufficient gas in certain
districts to meet tho demands, and in those districts it will bo necessary
to reduce tho quantity of gas allowed for each ton of fuel to a less figure
than 15,000 cubic feet. Tho minimum figure may bo 12,000 cubic feet,
but even this will give satisfactory servico to tho consumer. Similarly,
in moro fortunato districts it may bo desirablo to stimulate the consump­
tion of gas, and in those districts tho allowance may bo increased up to a
maximum of 18,000 cubic feet. It is not possible to avoid this inequality,
but tho higher equivalents will apply chiefly in the north and will com­
pensate for tho colder climates.
Local authorities, acting singly or in partnership, throughout tho coun­
try, will set up local fuel and lighting committees, composed of represen­
tatives of the trades and industries concerned on tho ono hand and a ma­
jority of independent members on the other hand. Theso committees will
havo a s executive officer a local fuel overseor, capablo of giving effect to the
provisions of tho order and of enforcing them. Ho will report to the
committoe with regard to tho exercise of any discretion conferred upon him
or with regard to any decision whlch’.ho roaches, and will bo subject to their
supervision. Ho will also report direct to tho Controller and his officers,
and will bo responsible to them for the execution of tho directions and in­
structions which ho receives from them. It Is hoped by this means to se­
cure prompt and efficient executive action whilo avoiding any arbitrary
or harsh oxerciso of tho powers involved in control. Tho local fuel over­
seer will be advised by representatives of the trades and industries affected.
It is not possible to secure any appreclablo^economy in consumption in
tho smallest houses. Tho scale will proceedJon tho oven basis of ono ton
of fuol per room up to twenty tons, commencing with a minimum quantity
of threo or four or oven five tons/according to tho climatic and other con­
ditions prevailing in the district. There must be a greater saving among
larger housos to make up for tho less saving among tho smaller houses, and
tho enforced saving will amount to 50% In numberless cases, and even
more.




T h e U n ited S tates F u ol A d m in is tra tio n has c o n fir m e d prices fix e d b y th o
S ta te A d m in is tra to r fo r T e x a s fo r b itu m in o u s c o a l an d lig n ito m in e d a n d
used w ith in th o b o rd e rs o f th a t S ta te . T h o sch cd u lo fo llo w s:

Bituminous coal minod in tho counties of Arath, Palo Pinto and Young
may be sold at prices not to oxceed f. o. b. cars at tho mine, S3 40 per net
ton for run of mine, $4 20 per ton for propared sizes, $2 25 per not ton for
slack or screenings, subject to tho following monthly summer reductions:
75 cents for tho month of April. 00 cents for tho month of May, 45 cents
for tho month of Juno, 30 cents for tho month of July, 15 cents for tho
month of August.
All bituminous coal mined In tho Stato of Texas, except that produced
in tho counties of Arath, Palo Pinto and Young, may bo sold at prices not
to oxceed, f. o.b . cars at tho mino, $4 25 per not ton for run of mino, S5 05
per net ton for propared sizes, $2 25 por not ton for slack or screenings,
subject to tho following summer reductions: 75 cents for tho month of
April, 60 cents for tho month of May, 45 cents for tho month of Juno, 30
cents for tho month of July, 15 conts for tho month of August.
Lignito coal mined in tho Stato of Toxas may bo sold at prices not to
oxceed f. o. b. cars at tho mine; $1 55 per not ton for run of mino, SI 75
per not ton for propared sizes, SI per net ton for slack or screenings.
To all pricos herein stated may be added tho 45 cents allowance for wage
increase, if tho producing companies aro entitled to add such allowance
under tho President’s order of Oct. 27 1917. Tho revisions havo taken into
consideration tho 10 cent reduction on all mine prices for Bituminous coal
ordered by tho Fuel Administration on May 24 as a rosult of arrangomonts
for the cquitablo <Ustrlbution of cars at tho mines.
Tho schedule, which was submitted to tho Fuol Administration prior to
tho issuance of tho order of May 24. was arranged after a conforonco be­
tween tho operators and tho Federal Fuol Administrator for Texas.

COAL LICENSE OF J. P. O'CONNOR OF PENN FUEL
CO. REVOKED.

Announcement that tho license of J. P. O’Connor doing
business as tho Penn Coal Company, at No. 1 Broadway,
New York, had been rovokod by tho U. S. Fuel Administra­
tion because of an alleged violation of tho latter’s fuol regu­
lations, was made by tho Administration on Juno 19. It is
charged that a low grade of coal for ship bunkering purposes
was sold instead of the required “ smokeless coal.” Tho
announcement of tho Fuol Administration said:
J.
P. O’Connor, doing business as tho Ponn Coal Co., at No. 1 Broad­
way, New York City, has been deprived of Ills liconso as a coal distributor
by the United States Fuel Administration, and tho Department of Justice
has been requested to make such additional Investigation as it may deem
necessary, and to tako such action against O’Connor as the facts may
warrant.
On April 1 1918, tho Fuel Administration promulgated an order in which
tho kinds of coal permissible to bo sold for ship bunkers were clearly and
distinctly defined. O’Connor admitted, at a hearing before the liconso
board of tho Fuol Administration, that ho know of tho order. Ho ad­
mitted also that ho had knowingly violated it, but sought to justify his
conduct on tho ground that ho considered tho restrictions imposed in tho
order as to tho grade of coal constituted an unjust discrimination against

143

THE CHRONICLE

July 13 1918.]

th e k in d o f c o a l s o ld b y h im . T ills c o a l Is cla ssifie d as “ P o o l 2 4 ” b y th e
T id e w a te r C o a l E x ch a n g e , an d is a v e r y lo w gra d e co a l.
T h e c o a l s o ld b y O ’ C o n n o r in v io la tio n o f th e o rd e r o f th e F u el A d ­
m in istration w as d eliv ered b y h im t o th e steam sh ip S tella, a vo sscl o w n e d
b y neutrals an d p ly in g b etw e e n t h e U n ite d S tates a n d n eu tral c o u n trie s.
O ’C o n n o r ’s licen se w as r e v o k e d a n d h is ca se w as referred t o th e D e ­
p a rtm en t o f J u s tice o n ly a fte r h o h a d b e e n g iv e n a fu ll hearin g b e fo re t h e
license b o a r d .
T h e p en a lties p r o v id e d b y law fo r v io la tio n s o f th e orders o f th o F u e l
A d m in is tra tio n a re t w o - f o ld , a n d . If in d icte d an d c o n v ic te d , O ’ C o n n o r
m a y b o s u b je c te d b y th e c o u r t t o a fin e o f n o t m o r e th a n $ 5 ,0 0 0 , o r im ­
p rison m en t fo r n o t m o r e th a n t w o y e a rs, o r b o t h .

T h o d a ily p a p e r s o f th is c it y in re p o r tin g M r . O ’ C o n n o r ’ s

in v e s tig a tin g c o m m itte e w a s m a d e p u b lic a s fo llo w s o n J u ly 1 ,
b u th e D e p a r tm e n t o f th e In te rio r:
W e , th e u n d e rsign e d , w h o are m e m b e rs o f t h e C o m m is s io n d u ly a p p o in te d
in a c c o r d a n c e w ith th e p r o v is io n s o f p u b lic re s o lu tio n N o . 2 1 , S ix t y -fift h
C o n g re ss , h e r e b y c e r tify t h a t M r . G a r a b e d T . K . G iragossian sh o w e d us
o n S a tu rd a y , Ju n e 29 1918 a m o d e l e m b o d y in g t h e p r in cip le s o f h is In ven ­
t io n k n o w n as th o “ G a r a b e d .”
W e fo u n d t h a t th e m o d e l w as n o t in sh a p e
t o rim o r t o d e v e lo p p o w e r . T h e in v e n to r a d m itte d t h a t h e h a d n o w o rk in g
m a ch in e an d t h a t h o w as m e r e ly e x p la in in g p r in c ip le s . W e d o n o t b e lie v e
th a t his p r in cip le s are s o u n d , t h a t his d e v ic e is o p e r a t iv e , o r t h a t i t ca n
re s u lt in th e p ra c tic a l d e v e lo p m e n t o r u tiliz a tio n o f fre e e n e rg y .
W itn e ss o u r sig n a tu re s a t B o s t o n , M a s s ., th is 2 9 th d a y o f Ju n e 191 8.
JA M E S A . M O Y E R ,

Director, Massachusetts State Board.of Education.

d e n ia l o f th e s ta te m e n t c r e d ite d to , h im b y th e F u e l A d ­
m in istra tio n

E D W A R D F . M IL L E R ,

sa id :

J . P . O ’C o n n o r , w h o s o F e d e ra l licen se h as b e e n r e v o k e d b y th o Fuel
A d m in is tra tio n , d en ied y e s te r d a y h a v in g m a d e th e sta te m e n t a ttr ib u te d
t o h im b y th o F u el A d m in is tra tio n t o th o e ffe c t th a t h o k n ew o f th e o rd e r
regard in g sm ok eloss c o a l, a n d h a d v io la te d it b e ca u se o f u n ju st d iscrim i­
n a tion against his c o a l.
T h e c o a l com p la in e d o f h a d be e n fu rn ish e d b y h im t o a “ tra m p ste a m e r”
o n M a y 11, h o s a id . l i e p o in te d o u t th a t , a fte r h a v in g g o n e t o W a s h in g ­
t o n t o a p p ea r b e fo r e th e licen se b o a r d , h o re c e iv e d a c o p y o f a F u el A d m in ­
istration o rd er d a te d M a y 15, e ffe c t iv e M a y 16, w h ic h , h o c la im e d , m a d e
perm issible th o fu rn ish in g o f c o a l th a t w o u ld p r o d u c e “ m u ch m o re s m o k e ”
th a n th a t w h ich h a d been fu rn ish ed b y his c o m p a n y .

Massachusetts Institute of Technology.
M.

DE K A Y TH OM PSON,

Massachusetts Institute of Technology.
E D W I N B . W IL S O N ,

Massachusetts Institute of Technology.
CH ARLES L. N ORTON,

Massachusetts Institute of Technology.

REDUCTION I N SIZES A N D TYPES OF AUTO TIRES.
W e re ferre d la s t w e e k , in o u r issu e o f J u n e 2 9 , p a g e 2 7 1 2 , to
th e a n n o u n c e m e n t th a t im m e d ia t e r e d u c tio n in th e n u m b e r

TO SUPPLY COAL BY LA K E TO THE NORTHWEST.
The

Fuel

nou ncem ent

A d m in is tr a tio n
c o n c e rn in g

has

issu e d

a r ra n g e m e n ts

th o
fo r

fo llo w in g

la k e

an­

s h ip m e n ts

o f c o a l t o th e N o r th w e s te r n S ta te s a n d C a n a d a :
T h o U n ite d S tates F u el A d m in is tra tio n a n d th o U n ite d S tates R a ilr o a d
A d m in is tra tio n h as arran ged fo r sh ipm en ts o f c o a l b y th o G re a t L a k es t o
ta k o ca ro o f th o N orth w e s te rn S tates an d th a t p o r tio n o f C a n a d a d e p e n ­
d e n t u p o n c o a l sh ip m en ts o n th e L a k e s.
A t o ta l o f 2 8 ,0 0 0 ,0 0 0 to n s o f bitu m in o u s c o a l w ill b e m o v e d b y th e L a k e
E r ie p o rts t o th e N o rth w e s t. A p p r o x im a te ly 2 4 ,0 0 0 ,0 0 0 to n s w ill g o t o th o
N orth w estern S tates a n d t h o roin ain der t o C a n a d a . T h e m o v e m e n t o f
th o c o a l w ill b o fo r c e d d u rin g th o su m m er m o n th s so th a t i f p o s s ib le th o
m o v e m e n t o f th e c o a l c a n b e c o m p le te d b y th e e n d o f O c to b e r . ^ T h is
arran gem en t w ill a v o id a re p e titio n o f th o tr o u b lo last fa ll, w h on O h io a n d
M ic h ig a n w ere u n a b le t o o b ta in co a l in th o early fa ll m o n th s b e ca u se o f th e
la k e m o v e m e n t. T h is y e a r, th e re fo re , it w ill b e p o s s ib le fo r th e se S ta te
t o la y In th eir s u p p ly b e fo r o w in ter, alth o u g h t h e y w ill h a v e t o w a it u n til
fa ll t o o b ta in t h o m a jo r p o r tio n o f th eir su p p lies.___

o f ty p e s a n d sizes o f a u t o m o b ile tire s fr o m 2 8 7 to 3 2 h a d b e e n
d e te r m in e d u p o n b y th e a u t o m o b ile tire m a n u fa c tu r e r s , in
a c c o r d a n c e w ith r e c o m m e n d a tio n s o f th e C o n s e r v a tio n
D iv is io n o f th e W a r In d u s tr ie s B o a r d .

U n d e r th e p r o g r a m

a n n o u n c e d a ll b u t n in e ty p e s a n d size s w ill h a v e b e e n d is­
c o n tin u e d b y N o v . 1 1 9 2 0 .

T h e n in e ty p e s to r e m a in a fte r

N o v . 1 1 9 2 0 , ra n g e in size s fr o m 3 0 b y 3
in c lu d e

s ta n d a r d

n o n -s k id

p a tt e r n s .

to 4 0 b y 8 , a n d

The

e lim in a tio n

t h e s o -c a lle d n o n -e s s e n tia l ty p e s w ill b e g r a d u a l.

of

E le v e n

w ill b e d is c o n tin u e d b y N o v . 1 th is y e a r ; fo u r N o v . 1 1 9 1 9 ,
and

n in e

N ov.

1

1920.

O ffic ia ls

of

th e

W ax

In d u s tr ie s

B o a r d a re sa id to h a v e s ta te d th a t th e m o to r in g p u b lic w ill
su ffe r n o in c o n v e n ie n c e , a s th e in d u s tr y w ill b e a d ju s te d
so t h a t ty p e s w ill b e s ta n d a r d iz e d to m e e t th e n e w c o n ­
d itio n s .

T h e fo llo w in g a d v ic e s w ere s e n t to th e m a n u fa c ­

tu re rs o f a u t o m o b ile tires a n d a u to m o b ile s b y th e B o a r d ’ s

SUCCESS ATTENDING SUBSTITUTION OF WOMEN
FOR M E N IN PENNSYLVANIA COAL REGIONS.
I n p o in tin g o u t th e su ccess a tte n d in g th e e m p lo y m e n t o f
w o m e n in p la c e o f m e n in W ilk e s -B a r r e a n d th e n e ig h b o rin g
te r r ito r y ,

th e

M in e r s ’ B a n k

o f W ilk e s -B a r r e ,

P a .,

in

its

circu lar le tte r o n tr a d e co n d itio n s in th o W y o m i n g V a lle y ,
h a s th e fo llo w in g to s a y u n d e r d a te o f J u ly 8 :
R e m a r k a b le resu lts h a v e b e e n a c h ie v e d in s u b s titu tin g w o m e n w o rk e rs
fo r m a le h olp in this d is t r ic t . A r e p o r t ju s t m a d e t o th e W ilk e s -B a rr e
C h a m b e r o f C o m m e r c e d isclo se s th a t , n o tw ith s ta n d in g th o h e a v y e n lis t­
m e n ts , th e fo o d p r o d u c tio n o f th is te r rito r y w ill s h o w a 2 5 % in cre a se o v e r
la s t y e a r . T h is is d u e c h ie fly t o th e f a c t th a t s in ce M a y 1 la s t m o r e th a n
1 100 foreig n sp ea k in g w o m e n h a d be e n d a ily tra n sp o rte d t o a n d fr o m th e
fa rm s b y th o business m en o f W ilk e s -B a rr e an d su rro u n d in g to w n s . T h e re
is p r o b a b ly n o c o m m u n it y in th o c o u n t r y t h a t has h a n d le d th is p r o b le m
m o r e s u c c e s s fu lly , a n d w h at has b e e n d o n e h ero sh o w s t h a t s u ch a plan
is e n tire ly p r a c tic a l an d ca p a b le o f gen eral a d o p tio n elsew h ere. M a n y o f
th es e w om en w h o s e rv e d fo r a tim e o n th o fa r m s h a v e g o n o in to m u n itio n s
w o rk s an d o th e r p la n ts . A r e c e n t v is it t o o n e o f th o la rg e st p la n ts in th o
W y o m in g V a llo y sh ow ed th a t se v e ra l w o m e n w e re o p e r a tin g h e a v y p u n ch
presses th a t w ere fo rm e r ly m a n n e d b y m e n . T h o ow n e r d e cla re s th a t th e
w o m e n d o th o w o rk b e tto r th an th o a v e ra g e m a n , b e ca u se th e y are m o r e
a tto n tiv o an d are w ell q u a lifie d fo r i t . T h e re are h u n dreds o f o th e r w om en
w h o c o u ld ta k o t h e p la ces o f m a le h elp ers In v a rio u s in d u stries i f an e ffo r t
w as m a d o t o secu re th e m .
T h o r e c e n t d r a ft t o o k a b o u t o n e th o u sa n d m in ers fro m th o an th ra cite
d is tr ic t. T h e so p la ces c a n n o t b o fille d b y w o m e n . T h o o ffic ia l figu ros
sh ow th a t in th o a n th ra cite p r o d u c in g c o u n tie s — L u ze rn e , L a ck a w a n n a ,
S ch u y lk ill, C o lu m b ia , N o rth u m b e rla n d , C a rb o n , Susq u oh an n a a n d D a u ­
p h in — fu lly 5 0 % o f th e registra n ts are m in o rs. I t is estim a te d th a t in th e
a n th ra clto p r o d u c in g d is tric ts , th r o u g h d r a fts a n d en listm en ts, th o c o a l
co m p a n ie s h a v e lo s t 1 7 % o f th eir m e n . W h e n a llo w a n ce is m a d o fo r th e
s h iftin g o f la b o r t o th o m u n itio n p la n ts , as w e ll as th e to ta l w ith d raw als
th rou g h a ilis t m e n t s an d th e d r a ft , it is p r o b a b le th a t 30 o r 3 5 % o f t h o m en
w h o h a v o b een p r im e fa c to r s in th o p r o d u c t io n o f c o a l in th o W y o m in g
V a llo y h a v o b e e n ta k en fr o m th is v e r y n e ce ssa ry o c c u p a t io n . T h is m eans
re d u ce d p r o d u c t io n , as th o r o is n o w a y o f fillin g th e p la ce s o f th e m oil th u s
w ith d ra w n . T h e s itu a tio n is w ell in d ica te d b y th o o ffic ia l fig u ro s c o v e rin g
a n th ra clto p r o d u c tio n in M a y , w h ic h w e re 3 0 ,2 6 9 to n s b e lo w th o o u t p u t
f o r th a t m o n th o f 1917. In a s m u ch as th e Ju n o o s tim a te in d ica te d th a t a
la r g e ly Increased p r o d u c tio n w o u ld b e n e e d e d t o m e e t th o req u ire m e n ts
o f th e co m in g w in te r , it w o u ld se e m t o b e o f th o h ig h e st im p o rta n ce t o re ­
ta in th e s erv ices o f all m en n o w e m p lo y e d a t th o m in o s, s o th a t this v ita l
in d u s tr y w o u ld n o t b o m o r o se rio u sly c r ip p le d . T h c r o is g o o d basis,
th e r e fo r e fo r th o rep resen tation s r e c e n tly m a d o t o th o G o v e rn m e n t au ­
th o r itie s t h a t recru itin g o ffic e r s s h o u ld n o t e n list a p p lic a n ts t h a t are en ­
g a g e d in th e a ctu a l p r o d u c tio n o f c o a l in th o a n th ra cite fie ld .

GARABED, OR FREE ENERGY ENGINE, NOT SOUND,
SAYS INVESTIGATING COMMITTEE.
A c o m m it te e a p p o in te d u n d e r a n A c t o f C o n g re ss to tost
th e p rin c ip le s o f a n in v e n tio n

k now n as

“ G a r a b e d ,”

bas

rondorod a r e p o r t in w h ich it e xp resses its b e lie f th a t th e
p rin c ip le is n o t s o u n d , a n d th a t i t c a n n o t re su lt in th e p ra c­
tic a l d e v e lo p m e n t or u tiliz a tio n o f free e n o r g y .

I t is said

to h a v e b e e n c la im e d b y th e in v o n to r , G a r a b e d G ir a g o s s ia n ,
th a t th e e n gin e w o u ld ta k e p ow or o u t o f th e air to ru n a n y ­
th in g fr o m a n airp la n e to a b a ttle s h ip .




T h o r e p o r t o f th e

C o n s e r v a tio n

D iv is io n .

I t is o f p r im a ry im p o rta n ce in t h e p re s e n t e m e r g e n c y t h a t th e c o u n t r y ’ s
resou rces b e u se d t o fu ll a d v a n ta g e a n d t h a t w e h u sb a n d o u r s u p p ly o f
m a te ria ls, e q u ip m e n t, an d c a p ita l t o a id in c a r r y in g o n th e w a r . T h is is
e sp e c ia lly n e ce ssa ry in th e ca se o f m a te ria ls th a t a re b r o u g h t in t o th is
c o u n t r y in s h ip s.
T h e C o n s e rv a tio n D iv is io n o f th e W a r In d u s trie s B o a rd has a lr e a d y p u t
in t o e ffe c t in v a rio u s in d u stries pla n s fo r s a v in g essen tia l m a te ria ls an d
e q u ip m e n t an d fo r re d u cin g th e a m o u n t o f c a p ita l tie d u p in m a n u fa c ­
tu re rs ’ an d d e a le rs ’ s to c k s . W e are a d v is e d t h a t th e c o n s e r v a tio n o f
r u b b e r is n e ce ssa ry a n d w e h a v e tak en u p w ith t h e in d u s tr y th o p r o b le m o f
d e te rm in in g th e m o s t p r a c tic a l m ea n s o f m e e tin g th is s itu a tio n . I n th e
a u to m o b ile tir e in d u s try it ap p ears t h a t th e g r e a te s t e c o n o m y ca n b e e ffe c t e d
b y a su b sta n tia l re d u c tio n In th e v a r ie t y o f ty p e s a n d sizes o f p n e u m a tic
t ir e s .
A t t h e re q u e s t o f th is D iv is io n , th e W a r S e rv ice C o m m it te e o f th e
r u b b e r in d u s tr y has s u b m itte d a p r o g r a m fo r t h e sta n d a rd iz a tio n o f p n e u ­
m a t ic tire s. T h is , w e are in fo r m e d , h as be e n in d o rse d b y th e d ir e cto r s
o f th o N a tio n a l A u to m o b ile C h a m b e r o f C o m m e r c e , th o T ir e a n d R im
A s s o c ia tio n , a n d th o tire a n d r im d iv isio n o f th e sta n d a rd s c o m m it t e e o f
th e S o c ie t y o f A u to m o b ile E n g in e e rs. A s ta te m e n t o f th is p r o g r a m is
in clo s e d fo r y o u r in fo r m a tio n , a n d unless th e re is v a lid o b je c t io n i t w ill b e
p u t in to e ffe c t b y th is D iv is io n . W e b e lie v e t h a t th is p r o g r a m w ill a id
s u b s ta n tia lly in th e c o n s e r v a tio n o f r u b b e r a n d in lessen in g t h e a m o u n t o f
m a te ria l an d c a p ita l ca rrie d in m a n u fa c tu r e r s ’ a n d d e a le rs ’ s t o c k s .
PROGRAM

F O R S T A N D A R D IZ A T IO N .

Conservation Division l
War Industries Board,
Ju n e 2 5 1 9 1 8 5
P r o g r a m f o r th e S ta n d a rd iz a tio n o f P n e u m a tic T ir e s .

Class A .
3 0 x 3 H -in c h clin c h e r , p la in a n d n o n s k id .
3 2 x 3 y2-in c h stra ig h t s id e , p lain a n d n o n s k id .
3 1 x 4 -in c h clin c h e r , p la in a n d n o n s k id .
3 3 x 4 -in c h stra ig h t s id e , p la in a n d n o n s k id .
3 4 x 4 H -in c h s tr a ig h t s id e , p la in a n d n o n s k id .
3 5 x 5 -in c h s tr a ig h t s id e , p la in a n d n o n s ld d .
3 6 x 6 -in c h str a ig h t s id e , p la in a n d n o n s k id .
3 8 x 7 -in c h stra ig h t s id e , p la in a n d n o n s ld d .
4 0 x 8 -in c h stra ig h t s id e , p la in a n d n o n s k id .
T h o m a n u fa c tu r e o f th e ty p e s a n d sizes o f tire s in c lu d e d in C la ss A is t o
b e c o n tin u e d .

Class B.
3 0 x 3 -in ch c lin c h e r , p la in a n d n o n s k id .
3 2 x 4 -in ch stra ig h t s id e , p la in a n d n o n s k id .
3 4 x 4 -in c h stra ig h t s id e , p la in a n d n o n s k id .
3 2 x 4 K -in c h stra ig h t s id e , p la in a n d n o n s k id .
3 3 x 4 H -in c h stra ig h t s id e , p la in a n d n o n s k id .
3 5 x 4 H -in c h stra ig h t s id e , p la in a n d n o n s k id .
3 3 x 5 -in ch stra ig h t s id e , p la in a n d n o n s k id .
3 5 x 5 -in ch q u ic k d e ta c h a b le a n d n o n s k id .
3 7 x 5 -in ch stra ig h t sid e A n o n s k id .
T h e m a n u fa ctu re o f t h e ty p e s a n d sizes o f tires in c lu d e d in C la ss B is t o
b e d is c o n tin u e d n o t la te r th a n N o v . 1 1920.

Class C.
33 x4 -In ch stra ig h t s id e , p la in tr e a d .
3 6 x 4 H -in c h stra ig h t s id e , p la in tr e a d .
3 6 x 4 H -in c h stra ig h t s id e , n o n s k id tre a d .
3 5 x 4 H -in c h q u ic k d e ta c h a b le , n o n s k id tr e a d .
3 7 x 5 -in ch q u ic k d e ta c h a b le , n o n s k id tr e a d .
T h o m a n u fa ctu re o f t h e ty p e s a n d sizes o f tires in c lu d e d in C la ss C is t o
b o d is c o n tin u e d n o t la te r th a n N o v . 1 1919.

144

THE CHRONICLE
Class D.

3 0 x 3 M -in c h s tra ig h t s id e , n o n s k id .
3 2x3 X
A -in c h q u ic k d e ta c h a b le , n o n s k id , c lin c h e r n o n s k id .
3 3 x 4 -in c h q u ic k d e ta c h a b le , n o n s k id , clin c h e r n o n s k id .
3 5 x 4 -in c h s tr a ig h t s id e , n o n s k id .
2 9 x 4 H -in c h s tra ig h t s id e , n o n s k id .
3 2 x 4 H -I n c h q u ic k d e ta c h a b le , n o n s k id .
33x4 -in c h q u ic k d e ta c h a b le , n o n s k id .
3 6 x 4 -in c h q u ic k d e ta c h a b le , n o n s k id , s tra ig h t sid e p la in .
34x43^ - in c h q u ic k d e ta c h a b le , n o n s k id .
3 7 x 4 K -i n c h s tr a ig h t s id e, n o n s k id .
3 3 x 5 -in c h stra ig h t s id e , p la in .
T h e m a n u fa c tu r e o f th e ty p e s a n d sizes o f tire s in c lu d e d in C lass D is t o
b e d is c o n tin u e d n o t la te r th a n N o v . 1 1 9 1 8 .

[Vol. 107

“ R e p re s e n ta tiv e s o f th e
D e p a r t m e n t o f L a b o r , A g ricu ltu ra l D e p a r t­
m e n t, E m e r g e n c y F le e t C o r p o r a t io n , F o o d A d m in is tra tio n , F u el A d m in ­
is tr a tio n , N a v y D e p a r tm e n t, U . S. S h ip p in g B o a r d , W a r D e p a r tm e n t an d
W a r In d u strie s B o a rd w ero p r o s e n t .”

POLICIES OF GOVERNMENT TOWARD ROAD
CONSTRUCTION.
A

le tte r fr o m

th e S e c r e ta r y o f A g r ic u ltu r e d e fin in g th e

a t tit u d e a n d p olicie s to w a r d ro a d c o n s tr u c tio n a n d m a in te ­
nance

o f th e

F e d e ra l a g e n c ie s d e a lin g w ith

th is

p ro b lo m

h as b e e n a d d re sse d to th e S ta t e C o u n c ils o f D e fe n s e b y th e
N a tio n a l C o u n c il o f D e fe n s e .

F u lly re c o g n iz in g th e v ita l

m ilita r y a n d e c o n o m ic im p o r ta n c e o f th e h ig h w a y s o f th e

Class E.
A ll o t h e r t y p e s a n d s izes.
T h e m a n u fa c tu r e o f t h e t y p e s a n d sizes o f tires in c lu d e d In C lass E is t o
b e d is c o n tin u e d a t o n c e .

Conservation Division, War Industries Board.

c o u n tr y ,

th o

C o u n c il

has

e m p h a s iz e d

ce rta in

im p o r ta n t

p olicie s s e t fo r th a n d h a s u rg e d th e S ta t e C o u n c ils to c o ­
o p e ra te w ith

th e

S ta t e

h ig h w a y

d e p a r tm e n ts

to

th e

end

th a t c o n sid e ra tio n b o g iv e n to th o fo llo w in g in c o n n e c tio n

OILCLOTH A N D

LINOLEUM PLACED ON LIST OF
RESTRICTED IMPORTS.

T h e W a r T r a d e B o a r d o n J u n e 2 7 a n n o u n c e d t h a t o il­
c lo th a n d lin o le u m h a d b e e n p la c e d u p o n th e lis t o f re str ic te d
im p o r ts .

A ll

o u ts ta n d in g lice n se s fo r

th e im p o r ta tio n

of

th e s e c o m m o d itie s h a v e b e e n r e v o k e d a s to s h ip m e n ts f r o m
a b r o a d a f t e r J u ly 3 1 9 1 8 , a n d h e re a fte r n o n e w a p p lic a tio n s
w ill b e c o n sid e r e d .

INDUSTRIES W HICH NEED NOT RECRUIT LABOR
THROUGH UNITED STATES AGENCY.
O n ly m a n u fa c tu r e r s e n g a g e d o n w a r c o n tr a c ts a n d e m ­
p lo y in g o v e r 1 0 0 w o rk e rs w ill b e re q u ire d to o b ta in th e ir
u n s k ille d

la b o r

th r o u g h

th e

U n it e d

S ta te s

E m p lo y m e n t

S e r v ic e o f th e D e p a r t m e n t o f L a b o r u n d e r th e p la n w h ic h
g o e s in to e ffe c t A u g . 1 , a n d to w h ic h re feren ce w a s m a d e in
th e s e c o lu m n s J u n e 2 2 .

I n v ie w o f th e u n c e r ta in ty a s to th e

s c o p e o f th e n e w la b o r re c r u itin g p o lic y sh o w n in in q u irie s
r e c e iv e d b y th e D e p a r t m e n t o f L a b o r fr o m e m p lo y e r s n o t
e n g a g e d in w a r w o r k , th e D e p a r t m e n t o n J u ly 8 a n n o u n c e d
th e e x c e p tio n s u n d e r w h ic h p r iv a te re c r u itin g o f la b o r m a y
s till b o ca rried o n .

T h e ann ouncem ent say s:

N o n -w a r industries are a ffe c te d o n ly In d ire ctly . B u t t h e y are o n e an d
all a ffe c te d In d irectly , fr o m th e f a c t th a t th e w a r in d u stries o f th e n a tio n
are n o w o f p a ra m ou n t im p o rta n ce , d e m a n d in g s a c r iflco a n d c o -o p e r a tio n
fr o m all em p lo y e r s n o t en g a g e d in w a r w o rk in o r d e r th a t th e y m a y fu n c tio n
w ith m a x im u m e ffic ie n cy .
N o n -w a r Industries, th ere fo re , m u st n o t o ffe r su p e rio r in d u ce m e n ts,
p r e v e n t th e tran sfer o f w ork e rs u rg e n tly n e e d e d fo r w a r p r o d u c t io n ,o r in
' a n y w a y a t t e m p t t o c o m p e t e w ith th e G o v e rn m e n t fo r la b o r .
T h e fo llo w in g fiv e classes o f la b o r n e e d n o t a t th e p resen t tim e b e r e ­
c r u ite d th r o u g h th e U n ite d S tates E m p lo y m e n t S e rv ice , a lth o u g h , o f
c o u r s e , th e m a c h in e r y o f th e E m p lo y m e n t S e rv ice is a v a ila b le t o all e m ­
p lo y e r s n eed in g th ese classes:
1. L a b o r w h ic h is n o t d ir e c tly o r in d ire c tly s o licite d .
2 . L a b o r fo r railroad s (e x c e p t in s o fa r as th e D ir e c to r-G e n e r a l o f R a il­
roa d s has a lr e a d y o r m a y in th e fu tu r e re q u ire th a t re cru itin g shall b e e x ­
clu s iv e ly th rou g h th e U n ited S tates E m p lo y m e n t S e rv ice .)
3. F a rm la b o r — t o b o recru ite d in a c c o r d a n c e w ith e xistin g a rran gem en t
w ith th e D e p a r tm e n t o f A g ricu ltu re .
4 . L a b o r f o r n o n -w a r w o rk .
5 . L a b o r fo r establish m en ts th e m a x im u m fo r c e o f w h ic h (in clu d in g th e
a d d itio n a l n u m b e r r e c r u ite d ), d o e s n o t ex ce e d 100 e m p lo y e e s .

w ith all ro a d c o n s tr u c tio n a n d m a in te n a n c e .
o f th e G o v e r n m e n t are o u tlin e d as fo llo w s :

T h o p olicies

1. A ll plans fo r ro a d co n s tr u c tio n a n d m a in te n a n ce s h o u ld b e v ie w ed
in th e ligh t o f w a r co n d itio n s , a n d th o ex p e n d itu re o f la b o r a n d m aterials
sh ou ld b o d ire cte d o n ly t o th o s o ro a d s w h ic h are o f p rim e im p o rta n ce fo r
e c o n o m ic a n d m ilita r y p u rp o se s.
2 . I t is desira b lo t o a v o id o ffe r in g t o th e m a rk e t issues o f b o n d s w h ich
are n o t u rge n t f ro m th o p o in t o f v ie w o f a id in g th o n a tio n In w in n in g th o w ar.
3. A s fa r as p r a c tic a b le , im p o rta n t h igh w a ys a lre a d y c o n s tr u c te d s h o u ld
b o m a in ta in e d , a n d o n ly th o s o s h o u ld b o c o n s tr u c te d an d c o m p le te d w h ich
are o f v ita l im p o rta n ce b ecau so o f th e ir b earin g o n th o w a r situ a tio n . T h ese
m a y b o s u m m arized as fo llo w s :
(а) T h o s e w h ich aro u tilize d o r w ill b e u tilize d b y th e m ilita r y e s ta b ­
lish m en t.
(б) T h o s e w h ich c a r r y c o n s id e ra b le v o lu m e o f m aterial a n d su pplies
essential t o w a r industries.
(c)
T h o s o w h ich h a v e a b e a rin g o n th o p r o d u c tio n a n d d is trib u tio n o f
fo o d su p p lies, co n n e c tin g p o p u la tio n a n d sh ip p in g cen tres w itli su rro u n d ­
in g a gricu ltu ra l areas.
4 . I t is esp e cia lly d esirable t o use w h e re ve r p o s s ib le lo ca l r o a d m aterials
n o r d e r t o s im p lify t h o rail tr a n s p o r ta tio n p r o b le m .

i

A n n o u n c e m e n t c o n c e rn in g th e U .

S . H ig h w a y s C o u n c il

to h a v e ch a rg e o f th e G o v e r n m e n t ’ s ro a d w o rk w a s referred
to in th ese c o lu m n s la s t w e e k , p a g e 2 7 1 4 .

SECRETARY DANIELS' REQUEST •TO NEWSPAPERS
NOT TO PUBLISH LOCATION OR MOVEMENT OF
SHIPS.
A r e q u e st to th e p ress o f th e c o u n tr y n o t to m e n tio n , in
th e a d v e r tis in g or n e w s c o lu m n s , o r o th e r w is e , th e lo c a tio n
or m o v e m e n t o f a n y s h ip s in A m e r ic a n w a te r s , w a s m a d e
a s fo llo w s o n th e 5 th in s t . b y S e c re ta ry o f th e N a v y D a n ie ls :

To the Press of America:
T h e a p p e a ra n ce o f su bm arin es o n th o A tla n tic c o a s t m ak es it im p e ra tiv e
th a t n o m e n tio n s h o u ld b o m a d e in a n y n ew sp ap ers, eith er in th e a d v er­
tisin g o r n ow s c o lu m n s , o f th e sailin g o r d o p a rtu ro , o r lo c a tio n o r s u p p o sed
lo ca tio n o f a n y sh ip in A m e r ic a n w aters.
T h is in fo r m a tio n c o n v o y e d b y a d v e rtisin g is as d a n g e ro u s as in th e new s
co lu m n s , a n d I a m m a k in g this re q u e st t o all th o n ew spapers in th o c o u n tr y
in th e assu ran ce th a t th e y w ill c o -o p e r a to w ith th o G o v e rn m e n t in its
e ffo r ts t o p r e v e n t a n y in fo r m a tio n a b o u t sh ips re a ch in g su bm arin es w h ich
m a y b o o f f th o A m e rica n c o a s t.
JO SE P H U S D A N IE L S ,

•

Secretary of the Navy.

S e c re ta ry D a n ie ls is sa id to h a v o e x p la in e d th a t th is d oes
n o t in d ic a te a n y n e w su b m a rin e a c tiv ity o f f th e A m e r ic a n
c o a s t, b u t is a m e a su re o f ge n e ra l p re c a u tio n , ta k e n o n th o

PROPOSED STANDARDIZATION OF WAGES, HOURS
A N D CONDITIONS OF WORK.

r e c o m m e n d a tio n o f th e O ffico o f N a v a l I n te llig e n c e .

I n v ie w o f th e co n fe re n c e s n o w in p ro g re ss co n c e rn in g th e
s ta b iliz a t io n

o f w a g e s , h o u rs a n d

SENATE ADOPTS RESOLUTION FOR NOON-DAY
PRAYER THROUGH U. S.

c o n d itio n s o f w o r k , in

o r d e r to e n a b le A m e r ic a to p ro d u c e a s r a p id ly a s p o ssib le
th e m a te r ia ls u r g e n tly n e e d e d b y th e a rm ie s o v e r s e a s , th e

A re so lu tio n re q u e s tin g th e P re s id e n t to issue a p ro c la m a ­
tio n to c o m m e n d

to th o p e o p le o f th e U n it e d S ta te s

th e

W a r L a b o r P o lic ie s B o a r d h a s a p p e a le d to a ll in te r e sts in ­

o b se rv a n c e o f n o o n d a y p ra y o r each d a y fo r v ic to r y in th e

v o lv e d to a w a it th e fo r m u la tio n o f th e se p o lic ie s.

w a r , w a s a d o p te d b y th e S e n a te o n J u ly 5 .
fo llo w s :

C h a ir m a n

F e lix F r a n k fu r te r in d r a w in g a t te n tio n to th e re q u e s t o f th e
P o lic ie s B o a r d sa id :
“ T h e e lim in a tio n o f th e lo s t m o t io n in A m e r ic a n w a r in d u s tr y is im p e ra ­
t iv e i f th o m e n a n d w o m e n o f th is c o u n tr y are t o d o th e ir fu ll d u t y b y o u r
fig h te r s In F r a n co .
T h o s ta n d a rd iz a tio n o f w o rk in g c o n d itio n s is th e n e x t n e ce s s a ry s te p In
t h e a tta in m e n t o f th is o n d .
T h o P o licie s B o a r d is p r o c e e d in g w ith all sp e e d co m m e n s u ra te w ith th o
m a g n itu d e o f th o in terest t o s u b s titu te rea so n a b le a n d ju s t c o n d itio n s fo r
t h e c o n fu s io n n o w s o c o s t ly . I t h a s, t h e r e fo r e , c a lle d u p o n th o d e p a rt­
m e n ts an d b o a r d s it rep resen ts t o re fra in fr o m m a k in g a n y ch a n ge s w h ich
w o u ld je o p a r d iz e th e su ccess o f th e g re a te r w ar p o lic ie s . I n m ak in g this
r e q u e s t it assures a ll co n c e r n e d th a t n o th in g d r a s tic is c o n te m p la te d an d
th a t n o a ffir m a t iv e a c tio n w ill b e ta k e n u n til e v e r y in te re s t has been
p r o p o r ly c o n s u lte d a n d e v e r y r e le v a n t p o in t o f v ie w c o n s id e r e d . C o n su l­
ta tio n s h a v e a lrea d y been a rran ged w ith th e r e p re s e n ta tiv e s o f org a n iz e d
la b o r , o f in d u stria l m a n a g em e n t, o f th e G o v e rn m e n ta l d e p a rtm e n ts , and
o f all o th e r ag en cies c o n c e r n e d ."
T h e fo llo w in g r es olu tion expresses th o sense o f th o B o a rd :
“ W h erea s, th o W a r L a b o r P o licie s B o a rd w as a p p o in te d t o establish
h a r m o n y in th o s o in du stria l m a tte rs o n w h ic h th e g o v e rn m e n ta l d e p a rt­
m en ts w ere a g reed t h a t th ere s h o u ld b o u n it y o f a c tio n ; an d
“ W h erea s, th e W a r L a b o r P o licie s B o a rd has n o w u n d e r a d v is e m e n t
m e th o d s o f s ta n d a rd iz in g w a ge s, h o u rs a n d co n d itio n s o f la b o r in e s ta b ­
lish m en ts e n g a g ed on w a r w o rk , a n d is n o w , w ith th a t d is p a tc h c o m p a tib le
w ith th e im p o rta n ce o f th e in terests in v o lv e d , c o n fe rrin g o n w ar la b o r
p o lic ie s w ith rep resen ta tiv es o f org a n iz e d la b o r , o f industrial m a n a gem en t
a n d o f g o v e r n m e n ta l d e p a rtm e n ts , a n d o th e r a gen cies: T h e re fo r e b e it
"Resolved, T h a t th o W a r L a b o r P o licie s B o a rd u rg e n tly requ ests th e
d e p a rtm e n ts a n d b o a r d s rep re se n te d o n it t o re fra in fro m m a k in g changes
p e n d in g th e sta n d a r d iz a tio n n o w u n d e r co n s id e r a tio n .




T h o re so lu tio n

J o in t re so lu tio n (S . J . R o s . 164) r e q u e stin g th o P re sid e n t t o c o m m e n d
b y p r o c la m a tio n t o th o p c o p lo o f th o U n ite d S ta to s o b s e r v a n c e o f th e
p r a c t ic e o f p r a y e r a t n o o n e a ch d a y fo r v ic t o r y in th o w ar:
Whereas, W h a t is c a lle d th o an gelu s, th e p r a c t ic o o f p r a y e r fo r o n e
m in u te a t n o o n ea ch d a y fo r th o su cce ss o f o u r c o u n t r y in th o e x istin g w a r,
is b e in g o b s e r v e d in th e D is t r ic t o f C o lu m b ia an d s o m e o th e r p a rts o f th o
U n ite d S ta te s; a n d
Whereas, I t is th o d oslro o f s o m o g o o d citiz e n s th a t it b o o b s e r v e d g e n ­
era lly th r o u g h o u t th o c o u n t r y t o th o en d o f th e w ar; and
Whereas, T h e s e n tim e n t is in a c c o r d w ith th o tra d itio n a l sp ir it an d s o n ti"
m o n t o f th is c o u n t r y a n d r e c o g n ize s th o o v e r r u lin g p o w e r o f th o A lm ig h ty ;
th e re fo re b e it
Resolved, &c.. T h a t th o P re s id e n t is r e q u e s te d t o c o m m a n d b y p r o c la m a ­
t io n t o th o p o o p lo o f th o U n ite d S tatos o b s e r v a n c e in th e ir h o m e s an d
elsew h ero, u n til th e on d o f th o w a r , o f th e p r a c t ic e o f p r a y e r t o G o d fo r a t
le a st o n e m in u te a t n o o n ea ch d a y fo r v ic t o r y fo r o u r cau se in th o oxistin g
w ar.
__________________________

MATTERS UNDER CONSIDERATION BY UNITED
STATES TARIFF COMMISSION.
A

re p o r t o n

th o m a tte r s w h ic h

are

b e fo re

th e U n it e d

S ta t e T a r iff C o m m is s io n fo r c o n sid e ra tio n w a s fu rn ish e d b y
C h a ir m a n T a u s s ig in te s tify in g b e fo re th e H o u s e A p p r o p ­
ria tio n s C o m m it t e e ,

th o “ J o u rn a l o f C o m m e r c e ”

1 7 q u o tin g h im to th o fo llo w in g o ffe c t:

o n Juno

July 13 1918.]

THE CHRONICLE

A n in v estig a tion u p o n r e c ip r o c ity arran gem en ts, p a s t a n d p resen t
in clu d in g an in q u iry as t o th e r e c ip r o c ity arrangem ents o f 1890 a n d 1897
th e r e c ip r o c ity treaties w ith C u b a , H a w a ii, a n d C a n a d a , t h o t a r iff p o lic y
a n d com m ercia l arran gem en ts o f E u ro p e a n co u n trie s, a n d , fin a lly , t h e
m o s t -la v o r e d n a tion cla u se in E u ro p e a n treaties. T h a t in v e stig a tio n w as
u n d erta k en beca u se in th e p resen t t a r iff legislation there is n o th in g in th e
n atu re o f a b argain in g cla u se, an d in v ie w o f th e c o m p le te d e s tr u c tio n o f
c om m ercia l rela tion s, b ecau so o f th o w ar, th o U n ite d S tates is v ir tu a lly
helpless in its n eg otia tio n s w ith fo re ig n co u n trie s, a n d w o tiio u g h t th a t it
w o u ld b e a d v a n ta g e o u s t o C on gress— h elpfu l— t o s u r v e y th o r e c ip r o c it y
a n d c o m m e rcia l tr e a ty s itu a tio n as th e basis o f r e c o m m e n d a tio n s fo r th o
fu tu re. T h o r e p o rt u p o n th a t s u b je c t is n o w c o m p le te d in its firs t d r a ft.
I t is on m y desk . I a m so rry t o s a y th a t it n eeds w h ip p in g in to s h a p e
b efore it w ill b e r e a d y fo r su bm ission t o C on gress.
W o h a v e in h an d n ext an in q u iry u p o n th o d y e s tu ffs a n d ch e m ic a l s itu a ­
t io n , w h ich in clu d es, o f cou rse, co n sid e ra tio n o f th o e x p lo siv e s itu a tio n .
In th o A c t o f 1916, establishing th is C o m m issio n , C on gress a m e n d e d th e
d y e s tu ffs a n d c o a l-t a r p r o d u c ts sch edu les o f th e t a r iff A c t s o m e w h a t h a stily
an d w o h a v e fo u n d th a t th a t legislation has lo o p h o le s .
It d o e s n o t c a r r y
o u t th e in ten tion o f C on gress. I t is an e x tre m e ly te ch n ica l s u b je c t.
We
h a v e an ex p ert ch em ist a n d th reo p o o p lo o n th a t w o rk . W e h a v o n o w a
d r a ft o f th o bill r e a d y , an d as I le ft th e o ffic e th is m o rn in g — I w as s o r r y t o
h a v o t o le a v e — w e w ere in c o n fe re n ce w ith th e ch e m ist o f o n e o f th e largo
ch em ica l com p a n ies, th o N a tio n a l C h e m ica l C o m p a n y , w ith r e fe re n ce t o
th a t d r a ft. C o n n e c te d w ith th a t, a s e c tio n o f th o c o a l-t a r p r o d u c ts A c t
o f 1916 p r o v id e d th a t if a c erta in a m o u n t, 6 0 % o f th o d o m e s tic co n s u m p tio n
w as n o t p r o d u c e d in th e c o u n tr y th e du ties s h o u ld cea se. T h o P residen t
im p o s e d u p o n us th o d u t y o f ta k in g a cen su s a n n u a lly o f th o c o a l-t a r n r o d u c ts t o see h ow m u ch w as p r o d u c e d . W e are n o w ta k in g th e fir s t cen su s

fl»S 01 J&I1. 1 liilo*

W e h a v e un d ertak en an in v e s tig a tio n o f th o C u sto m s A d m in is tra tio n
business, th o B o a rd o f G eneral A p p ra ise rs, th e C o u rt o f C u s to m s A p p e a ls
th e m eth od s o f app ra isem en t, an d th o o rg a n iza tio n o f th o c u s to m s s ta ff!
A g reat dea l o f th a t go e s b a c k to 1798. T h e re w as su ch gre a t c o n fu s io n
c o n f e r r e d o n t h a t w ith th e T r e a s u r y D e p a r tm e n t rep re se n ta tiv e s,
th o C h ie f o f th o C u sto m s D iv is io n , an d th o B o a rd o f G eneral A p praisers
a n d w o h a v e a d ra ft o f a j a w r e a d y fo r su b m ission t o C on gress
T h a t a ls o
w o h a v o a b o u t r e a d y t o p u t in w h en t h o C o m m itte o o n W a y s a n d M o a n s
is rea d y t o ta k e it u p .
W o m a d o an in q u ir y u p o n th o q u e stio n o f fre e p o r ts a n d fre e z o n e
esp ecia lly in E u ro p e , o f w h ich M r . K e n t has h ad ch a rge . W o h a v o c o n ’
ferred w ith m em bers o f C on gress, an d aro p re p a re d , i f C o n g re ss w a n ts t o
g o ahead w ith th a t, t o su b m it a d r a ft o f legislation .
Itea lly th o m ost im p o rta n t th in g w o h a v o tak en in h a n d , a n d o n e fo r w h ic h
w o m os t n eed an increase o f s ta ff, is w h a t w o ca ll th o t a r if f in fo r m a tio n
c a ta lo g u e .
T h a t is a v e r y largo u n d e rta k in g. W o h a v o p re p a re d fo rm s
a n d b lan k s fo r a s y s te m o f ta r iff in fo rm a tio n o n e v e r y s u b je c t en u m erated
in th o t a r iff A c t s , s om e 3 ,0 0 0 o f th e m , in w h ich th ere w ill b o in fo rm a tio n
g iv e n a b o u t im p o rts , d o m e s tic p r o d u c tio n , d o m e s tic c o n s u m p tio n an d
th o c o n d itio n s o f co m p e titio n b etw eon fo re ig n a n d d o m e s tic a rticle s a
sort o f In form a tion th a t th o C o m m itte o o n W a y s a n d M e a n s , w e th in k
w ill w a n t w h en th e y g o t r e a d y t o ta k e u p th o ta r iff. I t is p r e p a r a to r y
leg isla tion . O f cou rse , th a t is so m e th in g w h ich d o e s n o t b ea r o n th o im m e ­
d ia te p r o s p e c ts . A s y o u k n o w , thero is n o d isp o sitio n t o ta k e u p t a r iff
legislation n o w ; e v e ry th in g is w ar c o n s e r v a tio n o r preparedn ess a c tio n
T h e tim e , w o b eliov o , w ill in fa llib ly c o m o a fte r th o w a r w h en th e t a r iff
s u b je c t w ill h a v e t o b o ta k e n u p again.
W e b e lio v o th o so u n d p o lic y is t o
b e r e a d y fo r it
W o aro co n s e q u e n tly p rep a rin g fa c ts a n d in fo rm a tio n a n d
e x p ect t o sp en d m os t o f th o m o n e y o n th a t. W o h a v o an e x p e rt o n th a t
in q u ir y a c t iv e ly ov erh a u lin g th e existin g sch edu les
W o are g o in g th rou g h th o w h o le T a r iff A c t . W e co n sid e r th a t t h e m a in
j o b is t o h a v e th o in fo rm a tio n p re p a re d i f C on gress w an ts i t . W e h a v o n o
op in ion s
O u r business is t o ga th e r fa c ts a n d in fo r m a tio n .
O u r h a rd e st
j o b is t o fin d th e p rop er m e n . W o h a v o a g o o d ch e m ist, a g o o d te x tile m a n ,
a g o o d m etallu rgist, iro n an d steel m a n , a g o o d glass a n d earth en w are m an
an d w e h a v e a v e r y g o o d m an in ch a rge o f th o in q u iry as t o fo re ig n po licie s
an d r e c ip r o c ity , an d so m e o n th e o th e r sch ed u les. W o aro still lo o k in g to
see i f w o ca n fin d th o rig h t m en . T h a t is th o largest j o b . T h e a m o u n t
o f m o n e y th a t w o ca n sp en d u p o n it is s im p ly lim it e d .b y th o p o s s ib ility
o f g e ttin g g o o d m en
I w a n t t o s a y fa ir ly t o y o u th a t w h en w o ask fo r an
a p p ro p ria tio n o f $ 30 0,00 0, th e n orm al a p p ro p r ia tio n , it is w ith a vie w t o
ex ten d in g th a t w o rk . W e shall n o t sp e n d th o m o n e y unless w e c a n u se fu lly
sp en d it.
I f w o can g e t th e m en w o ca n u se fu lly sp en d th o m o n e y .
T h e re is an in q u ir y w h ich has been c o m p le te d w h ich Is m e n tio n e d in o u r
r e p o r t, in terim legislation , w h ich w o h o p o t o b rin g u p in c o n n e c tio n w ith
th e c u stom s ad m in istra tiv e m a tte r w h en th a t co m e s u p .

CONGRESS AUTHORIZES RETURN OF NOBEL PEACE
PRIZE TO THEODORE ROOSEVELT TO
BE USED I N WAR CHARITIES.
I n re sp o n se to a r e q u e st m a d e b y e x -P r e s id e n t T h e o d o r e
R o o s e v e lt th a t th e $ 4 0 ,0 0 0 N o b e l P e a c e P riz e a w a r d e d to
h im a n d w h ic h h o h a d d o n a te d to a n in d u str ia l P e a c e C o m ­
m issio n , b e re tu rn e d to h im to b o a p p lie d in W a r C h a r itie s ,
th e H o u s e a n d S e n a to h a v e a d o p t e d a re so lu tio n a u th o r iz in g
su ch d isp o sitio n o f th o fu n d w h ic h h a s r e m a in e d id le in th e

m e b a c k t h e N o b e l p e a c e p rize f u n d . I shall th e n a t o n c e a p p ly it fo r
p u rp o se s a b o v e in d ica te d , th r o u g h th e R e d C r o s s , th e Y o u n g M e n ’s
C h ristia n A s s o c ia tio n (b o th w h ite a n d c o lo r e d b r a n c h e s ), t h e K n ig h ts o f
C o lu m b u s , th e Jew ish w a r fu n d , a n d a n y sim ilar o rg a n iz a tio n s w h ic h I
m a y th in k a t th o m o m e n t w o u ld d o p e cu lia rly g o o d w o rk . A t th e en d
o f th e y e a r I w ill r e p o rt t o y o u a n d t o S on a tor W illia m s th e e x a c t d is ­
p o sitio n m a d e o f th e fu n d , se n d in g y o u i f y o u so desire th e fu ll c o r re s p o n a e n c e , th e stu bs o f th e c h e c k s , & c.
I feel th a t, as th e m o n e y w as g iv e n t o m e t o b e u sed as I d es ired , th e
p r o p e r co u rs e to ta k e is th o o n e I h a v e re q u e s te d . B u t I feel m u c h m o re
s tr o n g ly th a t in a n y e v e n t th e m o n e y s h o u ld n o lo n g e r rem ain as a “ talen t
w ra p p e d in a n ap k in a n d b u rie d in th e g r o u n d ,” b u t s h o u ld b e u sed t o
h elp m e e t th e needs c re a te d b y th is te rrib le w ar.
A c c o r d in g ly , i f th ere is
o b je c tio n t o h a v in g m o re ce iv e a n d d isp o se o f it as a b o v e o u tlin e d , I ask
th a t th e m o n e y b e tu rn e d o v e r t o a co m m itte e c o m p o s e d o f y o u r s e lf an d
S en a tor W illia m s a n d th e Spea k er o f th e H o u s e , w h o w ill r e p o r t b y th e en d
o f th e y e a r t o C on gress th e d isp o sa l o f th e fu n d s th e y h a v e m a d e ; o r i f y o u
feel th a t su ch extra w o rk s h o u ld b e u n d e rta k e n b y th o s e n o t pressed b y
p u b lic business, I su ggest th a t y o u tu rn th e m o n e y o v e r t o a c o m m itte e o f
th ree co n sistin g o f M r s . T h o m a s J . P r e s to n , w id o w o f t h e la te P re s id e n t
C le v e la n d ; M a u r ice E g a n , la te M in is te r t o D e n m a r k ; a n d N a th a n ie l
E ls b e rg , fo rm e r S tate S en a tor o f N e w Y o r k . T h e y c o u ld r e p o r t in sim ilar
fa s h io n .
T h e essential th in g is th a t im m e d ia te a c tio n b e ta k e n . S e n a tor L o d g e
an d C on gressm an L o n g w o r th k n o w a b o u t t h e fu n d , a n d M r . O scar Strau s
"
l h e gentIcraon n o w in te re ste d w ith its a d m in is tr a tio n . I th in k
th e C h ie f Ju stice is a n o th e r . I d o n o t see th a t th e re c a n b e a n y o b je c tio n
o n g ro u n d s o f p o lic y t o u sin g th is id le m o n e y im m e d ia te ly fo r th is m o s t
w o rth y o f pu rposes. I f th ere is o b je c tio n t o t h e m o n e y b e in g d is trib u te d
“ 7 * ° veT ° u tlin od b y ro e. th e d o n o r , th e n I requ est th a t eith er o f th o c o m ­
m ittees I h a v e su gge ste d , o r s o m e sim ilar co m m itte e w h ic h m a y c o m m e n d
its e lf t o y o u r ju d g m e n t, b e a p p o in te d t o d is trib u te th o fu n d .
In a n y
e v e n t I tru st th ere w ill b e im m e d ia te a c tio n .
F a ith fu lly y o u r s ,
(S ign ed)
TH EO D O R E RO O SEVELT.
n o n . Jam es A . G allim n , H o u se o f R epresentatives, W a shington, D . C.

T h e re so lu tio n a u th o r iz in g th e re tu rn o f th e fu n d to M r .
R o o s e v e lt w a s p a sse d b y th e H o u s e o n J u ly 6 a n d b y th e
S e n a te o n J u ly 8 .
I t re a d s as fo llo w s :
J o in t re so lu tio n p r o v id in g fo r th e d isp o sitio n o f m o n y e s re p re se n ted in th e
A lfr e d B ern a rd N o b e l p e a c e p riz e , a w a rd e d in 1906.
W h ereas in c o m p lia n c e w ith th e expressed desire o f T h e o d o r e R o o s e v e lt
C on gress p assed an A c t e n title d " A c t A c t t o e stablish th o F o u n d a tio n fo r
th e P r o m o tio n o f In d u stria l P e a c e ,” a p p o in te d M a r c h 2 1907, in w h ich
A c t trustees w ere c re a te d a n d a p p o in te d w ith p o w e r t o a c c e p t fr o m th e
said T h eod ore R o o s e v e lt th e m o n e y g ift ca rrie d as a p a rt o f th o N o b e l
p e a c e p rize aw a rd e d h im in th e y e a r 1906; an d
W h ereas th o trustees o r in du stria l p e a ce c o m m itte e cr e a te d u n d er said
A c t still has in his c u s t o d y th e m o n e y s re p re se n te d in th e said N o b e l
p rize , an d a ccre tio n s th e r e to , a n d h as n o t fo u n d it p r a c tic a b le t o d isp ose
o f th e sa m o in a c c o r d a n c e w ith th e p ro v is io n s o f said a c t : T h e re fo r e b e it
Resolved, & c .. T h a t th o In d u stria l P e a ce C o m m it te e , c re a te d u n d er an
A c t o f C on gress e n title d “ A n A c t t o E sta b lish th e F o u n d a tio n fo r th e
P r o m o tio n o f In du strial P e a c e ,” a p p r o v e d M a r c h 2 1907 b e , a n d th e y are
h e r e b y , au th o riz e d a n d d ir e cte d t o re tu rn t o th e H o n . T h e o d o r e R o o s e v e lt
th e sum o f m o n e y in its h an d s, p rin cip a l a n d in te re st, rep resen ted in th e
N o b e l p e a c e p riz e , an d p la ce d w ith it in a c c o r d w ith th e expressed desires
a n d p u rp o se s o f T h e o d o r e R o o s e v e lt in 1907.

DES MOINES DECREE DISSOLVING ALLEGED
BUTTON TRUST.
A d ec re e d is s o lv in g th e a lle g e d b u t t o n tr u s t in th e U n it e d
S ta t e s , w a s e n te re d in th e F e d e r a l C o u r t a t D e s M o in e s b y
Judge M a r tin J .
“ R e g is te r ” s a y s :




W ade

on

June

28.

The

D es

M o in e s

T h e d e fe n d a n ts , th e B u tt o n E x p o r t a n d T r a d in g C o r p o r a t io n a n d G e o rg e
B irrill I n c o r p o r a te d , w ith o ffic e s a t N e w Y o r k C it y a n d M u s c a tin e l a .
an d 24 o th e r alleg ed s u b s id ia ry co n ce rn s in v a rio u s p a rts o f th e c o u n t r y ’
a greed v o lu n ta r ily t o d is s o lv e a n d th e d e cre e w as e n tered w ith th e c o n s e n t
o f all p a rtie s c o n c e r n e d .
B y th e term s o f th o c o u r t o r d e r , all o f th e b u t t o n fa c to r ie s a n d th eir
o ffice rs are p e rp e tu a lly e n jo in e d fr o m ca r r y in g o u t a n y c o m b in a tio n o r
sy ste m w h ich will fix o r c o n tr o l th e p r ice o r o u t p u t o f shells used fo r th e
m a n u fa ctu re o f b u tt o n s , b u t t o n bla n k s o r fin ish e d b u tto n s m a d e fro m
shells.
S o m e tim e a g o , it is sa id , th e G o v e rn m e n t c o n te m p la te d a crim in al
a c tio n ch a rgin g u n la w fu l c o m b in a tio n in re stra in t o f tr a d e aga in st th e
a lleg ed b u tto n c o m b in e , w h ich is r e p o r te d t o h a v e c o n tr o lle d p r a c tic a lly
th e e n tire shell b u t t o n In d u stry in th e U n ite d States. A t th a t tim e t h e
d e fe n d a n ts v o lu n ta r ily a greed t o d is s o lv e . A civ il a c tio n w as th en b r o u g h t
b y th e G o v e rn m e n t again st th e b u t t o n m a n u fa ctu re rs a sk in g fo r a dissolu­
tio n . A bill in e q u ity w as file d , a n d th e b u t t o n p e o p le a t o n c e a greed t o
su b m it t o a d e cre e .
, , T tl0 alle g cd b u tto n tru st is said t o h a v e c o n tr a c te d a t o n e tim e f o r a lm o s t
th e en tire o u t p u t o f b u t t o n c u ttin g m a ch in es in this c o u n t r y .

h a n d s o f th e C o m m is s io n e r s .
I n a lo tte r to R e p r e s e n ta tiv e
G a lliv a n , a sk in g th a t th e m a t t e r b o la id b e fo re th o H o u s e fo r
a c tio n , M r . R o o s e v e lt sa id :
.
N ew Y o rk , July 2 1918.
M y D ea r Congressm an Gallivan. A ft e r th e p o a co o f P o r ts m o u th 1 w as
aw a rd ed th e N o b e l prizo m e d a l. T h is ca rried w ith it th o g ift t o m o o f
th o su m o f a b o u t $40 ,0 0 0 . T h o g ift w as t o m o o u tr ig h t, b u t I d id n o t
ca ro t o use it fo r m y s e lf un d er th o c ircu m sta n ce s, so I g a v e it as a fo u n d a ­
tio n io r an in(L
al p e a ce fu n d . C on gress cre a te d a c o m m issio n t o
re ce iv o an d uscifc
I t seem s, h o w e v e r , th a t it d id n o t p r o v e p r a c tic a b le
t o m a k e (lie ■
t e n d e d o f th o m o n e y .
N o th in g w h a te v e r has be e n
d o n o w ith
o still Is in th o h an ds o f th o C o m m ission ers. W o are
n o w in a g re.-^ ^ W is an d th o u tm o s t d e m a n d is be in g m a d o u p o n th o c h a r ity
o f e v e r y m a \ iW d w om a n , rich o r p o o r . U n d er those circu m sta n ce s I d o
n o t th in k it rig h t th a t this m o n e y s h o u ld lie id le ; an d I d o th in k it m o st
a p p ro p r ia te th a t th o N o b e l p e a co prize fu n d s h o u ld b o used tlirou gh a p ­
p rop ria te org a n iza tion s t o ca ro fo r o u r so ld ie rs, a n d fo r th o w id o w s an d
ch ild ren an d m oth ers o f o u r soldiers in th is gro a t w a r, w a g e d t o secu re th e
o n ly k in d o f p e a c o w o rth h avin g— th e p e a c o w h ich is fo u n d e d o n rig h t and
Justico a n d m e r cy .
A c c o r d in g ly , I am w ritin g t o y o u a n d t o S e n a to r W illia m s t o ask i f y o u
w ill n o t p u t tiiis c o m m u n ica tio n im m e d ia te ly b e fo r e th o t w o H ouses o f
C on gress.
I desiro C on gress t o g iv o m o b a c k , o r ra th e r a u th o riz e an d
d ire ct th o C om m ission ers cre a te d u n d er th e p r io r law o f C on gross t o g iv e

145

GEORGIA LEGISLATURE RATIFIES NATIONAL
PROHIBITION A M E N D M E N T .
T h o G e o r g ia L e g is la tu r e , s h o r tly a fte r th e a n n u a l se ssion
c o n v e n e d in J u n e , r a tifie d th e N a t io n a l P r o h ib itio n A m e n d ­
m e n t , m a k in g th e th ir te e n th S ta t e to r a t if y th e p r o p o s a l.
The

o th e r tw e lv e

tu c k y ,

S o u th

S ta te s a r e :

C a r o lin a ,

N o rth

M is s is s ip p i, V ir g in ia ,
D a k o ta ,

M a r y la n d ,

K en­
M on­

t a n a , T e x a s , D e la w a r e , S o u th D a k o t a , M a s s a c h u s e t t s a n d
A r iz o n a .

COMMITTEE N A M E D TO REPRESENT NATIONAL
ASSOCIATION OF OWNERS OF RAILROAD SE­
CURITIES I N NEGOTIATIONS RELATIVE TO
RAILROAD CONTRACT.
S . D a v ie s W a r f ie ld , P re s id e n t o f th e N a t io n a l

A s s o c ia tio n

o f O w n e rs o f R a ilr o a d S e c u ritie s , a n n o u n c e d o n J u ly 6 th a t
h e h a d a p p o in te d a c o m m it te e o f s e v e n ty fr o m th e m e m b e r ­
s h ip to a c t in b e h a lf o f th a t b o d y a n d th o se in d ir e c tly in ter

e s te d in s u c h h o ld in g s th r o u g h in su ran ce c o m p a n ie s , sa v in g s
b a n k s a n d o th e r in s titu tio n s .

T h is c o m m it te e is in te n d e d

to se rv o n o t o n ly in c o n n e c tio n w ith th o p e n d in g n e g o tia tio n s
o v e r th o fo r m o f c o n tr a c t fo r F e d e r a l c o n tr o l o f th e ca rriers,
b u t c o n tin u o u s ly w h ile th e ra ilro a d s are u n d e r G o v e r n m e n t
m a n a g e m e n t.

[Vol. 107.

THE CHRONICLE

146

In

h is a n n o u n c e m e n t co n c e rn in g

th e c o m ­

m it te e M r . W a r f ie ld sa id :
Y o u h a v e b e e n h e r e to fo r e a d v is e d o f t h e p e n d in g n e g o tia tio n s w ith th e
r e p resen ta tiv es o f th o G o v e rn m e n t w ith ro sp e ct t o th e c o n t r a c t fo r th e
F ed era l o p e r a tio n o f th e ra ilroa d s . In th ese n e g o tia tio n s w o h a v e c o n ­
te n d e d th a t th e c r e d it o f th o ra ilro a d s a n d c o n s e q u e n tly th o s tru ctu re o f
c r e d it o f th e c o u n t r y w ill b e serio u sly im p aired i f th o o b je c tio n a b lo p r o v i­
sion s in sisted u p o n b y th e rep re se n ta tiv e s o f th o G o v e rn m e n t b o retain ed
in t h e c o n t r a c t. T h e se p r o v is io n s d e a l w ith th e fu n d a m e n ta ls o f th o
c o n t r a c t an d y o u r s u b -e x e c u tiv o c o m m it t e e an d th o sp e cia l c o m m itte e
a p p o in te d t o a c t in b e h a lf o f ra ilw a y se c u r ity h o ld e rs , file d , th r o u g h c o u n ­
sel v ig o r o u s o b je c tio n s t o th eir r e te n tio n . W e are h o p e fu l th a t a t so m o
fut'uro s ta g e in th o n e g o tia tio n s s till u n d e r w a y , eith er w ith th e G o v e r n ­
m e n t ’s rep resen ta tiv es o r fin a lly w ith th e D ir e c to r-G e n e r a l, th o ju s tic e o f
o u r c o n te n tio n s s et fo r t h in th o a c c o m p a n y in g s u m m a ry o f o p in io n o f

h a v e b e e n m a d e , w e le a r n , w h ic h h a v e n o t b e e n s u b m itte d
to th e D ir e c to r -G e n e r a l o f R a ilr o a d s .

The N ew Y ork

Sun

o f J u ly 9 p rin te d w h a t p u r p o r te d to b o th e fin a l f o r m o f th o
c o n tr a c t : th i s , w h ile a r e c e n t d r a f t , is , h o w e v e r , w o u n d e r ­
s t a n d , s till s u b je c t to c h a n g e , a n d it is h e n ce n o t p o s s ib le a t
th is tim e to in d ic a te th e e x a c t f o r m in w h ic h th e c o n tr a c t
w ill fin a lly b e e x e c u te d .

O b je c t io n s to th e c o n tr a c t w ere

r e g iste re d a t a m e e t in g in th is c it y o n J u ly 11 o f th o tw o c o m ­
m it te e s re p re s e n tin g th e N a t i o n a l A s s o c ia tio n o f O w n e rs o f
R a ilr o a d S e c u r itie s , o f w h ic h S . D a v ie s W a r f ie ld is C h a ir ­
m an.

T h ese

o b je c t io n s

w ere

fo rw a r d e d

to

th e

R a ilw a y

E x e c u t i v e s ’ A d v is o r y C o m m it t e e w ith th e r e q u e s t th a t th e y
b e c o n sid e re d b y th e la t te r a t th o m e e tin g s b o t h y e s te r d a y
and

T h u rsd ay.

Som o

of

th e

o b je c t io n s

to

th e

c o n tr a c t

(a c c o rd in g to th e N e w Y o r k “ T i m e s ” ) w ere s e t o u t as f o l­
lo w s b y

th e c o m m it te e s re p r e s e n tin g th o ra ilro a d s e c u rity

o w n e rs ’ o r g a n iz a tio n :

1. I t requires th o carrier, in a d v a n c e o f a n y k n o w le d g o o r th o ch an ges
w h ic h aro t o b e m a d e in th o o p e r a tio n o f its p r o p e r t y , t o roloaso th o G o v e r n ­
m en t fro m all cla im fo r co m p e n s a tio n fo r th e a b a n d o n m e n t o f all o r a p a rt
o f Its sy ste m o f tra n sp o rta tio n ; th o so ve ra n co o f its c o n n e c tio n s a n d th e
d e s tru ctio n o f its bu siness, a lth o u g h n o th in g in t h o A c t o f C o n gre ss c o n ­
te m p la te d th a t a n y s u ch u n rea son a b le d e m a n d s h o u ld b o m a d e .
T h e c o n tr a c t requires th a t th o c o m p a n y , in ord e r t o secu re th o stan d ard
retu rn w h ich is g iv e n it b y th o A c t o f C o n gre ss b y w a y o f rental fo r th o use.
possession an d c o n tr o l o f its p h ysica l p ro p e rtie s du rin g F ed eral c o n t r o l, an d
fo r n o th in g elso, shall a t this tim o a c c e p t th a t sta n d a rd retu rn (in th o
w o rd s o f th o c o n t r a c t), “ in fu ll a d ju s tm e n t, se ttle m e n t, s a tisfa ctio n an d
d isch arge o f a n y a n d all cla im s a n d rights at law o r in c q id t y w h ic h it n o w
has o r hereafter ca n h a v o — u n d er th o C o n s titu tio n an d law s o f th e U n ite d
S tates— fo r a n y a n d all loss a n d d a m a g e t o its business o r t r a ffic b y reason
o f its d iv e rsio n o r o th erw ise w h ic h has b e e n o r m a y b o ca u se d b y said
tak in g o r b y said possession , u se, c o n tr o l an d o p e r a t io n .”
I t th u s strips th o c o m p a n y at th o o u tso t o f e v e r y ve stig o o f rig h t t o
c o m p la in o f th o d e s tru ctio n o f its g o o d w ill a n d business w ith o u t c o m p e n ­
s a tio n .
It is a b lin d bla n k e t w a rra n t t o th e G o v e rn m e n t th a t perm its
it, in th e p rocess o f u n ify in g th o ra ilw a y syste m s o f th e c o u n t r y , t o a b a n d o n
th e o p e r a tio n o f a n y p o r tio n o f a tra n sp o rta tio n s y s to m , so ve r and ca n ce l
its c o n tr a c t agreem en ts a n d c o n n e c tio n s , d iv e r t, d isru p t a n d d e s tr o y th o
business th a t has ta k en g en eration s a n d m illion s t o u p b u ild , a n d t o h an d
b a c k th o p h ysica l p r o p e r ty , w h ich is th o m ero e m p ty shell o f w h a t w as sur­
re n d e re d t o th e G o v e rn m e n t, strip p e d o f e v e r y th in g th a t w a s o f v a lu e .
In a d v a n c e o f th o k n o w le d g e o f th o o x te n t t o w h ich th o p r o p e r t y is th u s
t o b e dism e m b e re d u n d e r th is untliinlcablo b la n k p o w e r o f a tto r n e y , the
c o m p a n y is n o w requ ired t o a p p ro v e all th a t m a y b o d o n o an d t o k e e p an d
sa v o th e G o v e rn m e n t harm less against th o d e s tr u c tiv e c o n s e q u e n c e s .
If
th e trustees h o ld in g th o securities o f those road s w e re t o a cq u ie sce therein
w ith o u t p r o te s t, th o y w o u ld b o r ig h tly h o ld b y th o co u r ts t o a rig id a c ­
c o u n ta b ility .
N o w h e r e in th e le gisla tio n is th e re a n y ju s tific a tio n o r oxcu so fo r s u ch an
ex tra o rd in a ry e x a ctio n
T h e re is a n o th e r p o i n t .o f v ie w w h ich renders it im p e ra tiv e th a t tld s
release snail b o strick e n fron t th e c o n t r a c t as bearin g o n its e ffe c t o n p ossible
G o v e rn m e n t o w n e rsh ip . I f th o c o m p a n ie s n o w agreo th a t th e a b a n d o n ­
m e n t o f o p e ra tio n s , th o d iv e rsio n o f tr a ffic , a n d th o d e s tru ctio n o f g o o d w ill
m a y b o p e rp e tra te d free fro m a n y cla im fo r d a m a g e s, th e y w ill n o t h crca tte r
b e ab le t o c o n te n d fo r theso in tan gibles as elem en ts o f va lu e w h en th o
tim e c o m e s , If it d o e s c o m e , fo r G o v e rn m e n t o w n e r sh ip .
2 . U n d e r th e c o n tr a c t as it n o w s ta n d s, tlio D ir e c to r-G e n e r a l in his
u n co n tro lle d d is cre tio n m a y m a k e ca p ita l ex p e n d itu re s fo r w ar purposes
an d fo r ro a d exten sion s, as w ell as fo r a d d itio n s an d bo tte rm e n ts, term in als,
a n d eq u ip m e n t; m a y ch a rg e th o carrier w ith th o c o s t th e r e o f an d th o
cu rren t en o rm o u s p rices o f m aterial a n d la b o r ; m a y ta k o th is a ctio n
w ith o u t co n su ltin g th o b o a rd o f d ire cto rs o f th o carrier, an d w ith o u t
regardin g its m ean s o f p a y in g th e re fo r; m a y fo rc o th e carrier t o g iv e u p
all cla im s fo r a n y “ lo s s ” o c c a s io n e d it as re sp e cts su c h th e r e o f as a re m a d e
in c o n n e c tio n w ith m a in te n a n ce , unless th e cla im is litiga te d w ith in s ix ty
d a y s a fte r n o tice o f th e c o m p le tio n o f th o w o rk , a lth o u g h it is lik ely th a t
w h eth er o r n o t a loss w ill b o incurrod c a n n o t b o k n o w n at th a t tim o , an d
a lth o u g h su ch b e tte rm e n ts a n d a d d itio n s m a d e a t th o sam e tim o as
m a in te n a n ce c o n s titu te perh ap s th o greater p r o p o r tio n o f a railro a d s
_...
c o u n s e l o f M a y 2 1 s t.
expen d itu res fo r this p u rp o se ; a n d m a y p ro v e n t th e carrier iro m cla im in g
T h e a c tio n a b o v e referred t o in a p p o in tin g th o fin a n cia l c o m m itte o w as
a n y los^ b eca u se o f th o a b n o rm a l c o s t w h ich m a y b o in cu rred b y th o
ta k en w ith th o v ie w o f b rin g in g b e fo r e th o re p re se n ta tive s an d o ffic ia ls o f
D ire cto r-G e n e ra l in th e m a k in g o f s u ch b o tte rm e n ts a n d im p ro v e m e n ts ,
th o G o v e rn m e n t th o g ra v e q u e s tio n s in v o lv e d , im p u tin g n o m o tiv e s to
a n d s u b je c t t o all thoso restrictio n s give s t o th o carrier o n ly th o p r o b le ­
th o s e n o w n e g o tia tin g th e c o n tr a c t o n b e h a lf o f th o G o v e rn m e n t o th e r than
m a tica l ben efits o f a su it again st th e G o v e rn m e n t b e fo ro tho In te r-S ta te
th eir sin cere desiro t o roa ch a fa ir co n c lu s io n , th o s a m e d esiro th a t lias
C o m m e r c e C o m m issio n o r in th o C o u r t o f C laim s b e fo r e th o ro a d ca n
a n im a ted y o u r c o m m itte e s in th e a rdu ou s n e g o tia tio n s in r e s p e ct t o this
g e t b a c k th o m o n o y w h ich w as ta k e n fro m it w ith o u t its co n s e n t o r o ffs o t
c o n t r a c t.
I t n ow n o t o n ly b e c o m e s o u r d u ty t o n o t ify y o u o f th o progress
th e in d eb ted n ess w h ich w as fo rc e d u p o n it w ith o u t Its a p p ro v a l, t o p a y fo r
o f th o n e g o tia tio n s b u t also t o a n n o u n co th e n a m o s o f th e fin a n cia l c o m ­
a d d itio n s a n d Im p ro v e m e n ts w h ic h it d id n o t w a n t.
m itte e s e le c t e d . Y o u s h o u ld also k n o w th a t i f th o p r o v is io n s referred t o in
3 . I t c o n ta in s n o assurance th a t in terest as h e r e to fo re p a id w ill c o n ­
t h e a c c o m p a n y in g s u m m a r y are re ta in e d in th e c o n t r a c t th e ow n ers o f each
tin u e t o be p a id , sin ce in a d d itio n t o o th e r d e d u ctio n s a n d expenses w h ich
r a ilroa d m u s t n o t e x p e c t th e retu rn o f their p r o p e r t y as co n te m p la te d Jn
w
ill
h a v e t o b o p a id o u t o f th o sta n d a rd retu rn b e fo ro th o c o m p a n ie s ca n
t h o A c t o f C on g ress, v iz .: “ In s u b s ta n tia lly as g o o d rep a ir a n d in su b sta n ­
p a y in terest th ere m u st bo d e d u cte d b y th o G o v e rn m e n t fro m th o c o m p e n ­
t ia lly as c o m p le t e e q u ip m e n t as it w as in a t th e b e g in n in g o f 1<cd e ra l c o n ­
s a tio n th e s o -ca lle d "e x c e s s m a in te n a n c e ,” w h ic h , in th o d iscre tio n o f tho
trol ”
F u rth e rm o re , th e y w ill h a v o reloased in a d v a n c e all th eir rig h ts t o
D ir e c to r-G e n e r a l, m a y bo p la c e d o n th o p r o p e r ty o f th o carriers, th ere b e ­
c o m p e n s a tio n in th o s o cases w h ere in th e p ro ce ss o f th e u n ific a tio n o f th e
in g in th e c o n tr a c t a p r o v is io n b y w h ich th o railro a d m a y bo exce ssiv e ly
railroa d s b y th e G o v e rn m e n t all o r p a r t o f a r a ilro a d sy s te m shall be
m a in ta in e d (o v e r a n d a b o v o its o w n s t a n d a r d ), an d tho c o s t o f s u ch e x ce s­
e n tire ly a b a n d o n e d , o r loss ca u se d b y th o cu ttin g o f f o f all o f its c o n n e ctio n s
s iv e m ain ten an ce b e d e d u cte d fr o m th o c o m p e n s a tio n , o v o n th ou gh su ch
an d t r a ffic r ela tion s a n d th o d e s tr u c tio n o f Its b u sin ess, m a n y o f w h ich
c o u rse s h o u ld result in d e fa u lts in interest.
p la n s are n o w in p rogress as p a r t o f th e G o v e rn m e n t’s p r o g r a m fo r th e
W liilo th o lik e p r o v is io n rela tin g t o a d d itio n s a n d b o tte r m e n ts has be e n so
u n ific a tio n o f th e ra ilw a y s y s te m s o f th e c o u n tr y .
fa r m o d ifie d th a t th e sta n d a rd retu rn c a n n o t b o a b s o rb e d fo r th o c o s t o f a d ­
U n ite d a c tio n is essen tia l t o sa fe g u a rd th e se c u r ity o w n e rs, an d w ith th e
d itio n s an d b e tte rm e n ts u n til a fte r sin k in g fu n d p a y m e n ts , c o r p o r a te e x ­
v iew o f ob ta in in g th e a d v ic o a n d c o -o p e r a tio n o f th e re p re se n ta tiv e s o f th e
pen ses, a n d fix e d charges h a v o been d e d u cte d , n o s u ch c o n c e s s io n is m a d o
grea t in v e s tin g in stitu tion s o f th o c o u n t r y an d o f th o v e s t fin a n cia l th o u g h t,
w ith re sp e ct t o “ excess m a in te n a n c e ."
T h o result o f tjflk is th at th o
y o u r co m m itte e s h a v e ta k en th o a c t io n heroin In d ica te d .
sta n d a rd return w h ich is s u p p o s e d t o bo fix e d in the c o n t i ^ ^ in so m a n y
d olla rs a n d c e n ts , a n d o n w h ic h th o c o m p a n y w as e x p e c t c ^ ^ f jb o a b lo t o
CONFERENCES TO CONSIDER CONTRACT BETWEEN d e fin ite ly r e ly as its rental va lu e fo r th o uso o f its p r o p J P V m d o u t o f
w h ich it c o u ld p a y its ta x e s, fix o d ch a rge s, d iv id e n d s , an” '3 e expenses
GOVERNMENT A N D RAILROADS.
o f m ain tain in g its c o r p o r a te o rg a n iz a tio n , be co m e s in m a n y cases w orth less
a n d m eaningless. N o o n o c a n foretell w h a t th o D ir e c to r-G e n e r a l m a y
A m e e tin g o f ra ilro a d e x e c u tiv e s , a tto r n e y s a n d b a n k e rs
h e re a fte r regard as p ro p e r m a in te n a n ce , n o r w h e n this u n k n o w n fa c to r w ill
w a s b e ld y e s te r d a y (J u ly 1 2 ) a t th e G r a n d C e n tr a l T e rm in a l
b e d e te rm in e d . M o a n tim o th o co m p a n ie s c a n n o t k n o w w h e th e r o r w h a t
to c o n sid e r th e p ro p o se d fo r m o f c o n tr a c t b o tw e e n th o G o v ­
p a r t o f th e stan d ard retu rn b e lo n g s t o th em o r t o th o G o v e rn m e n t.
S o m o road s c a n n o t a ffo r d an d c o u ld n o t bo o p e ra te d u nd er th e stan dard
e r n m e n t a n d th e ra ilro a d s p ro v id in g fo r th e c o m p e n s a tio n to
o f m a in te n a n ce a p p lic a b le to o th e rs. I f a ro a d has boon p o o r ly m a in ta in e d ,
b e p a id th e carriers w h ile u n d e r F e d o ra l c o n tr o l.
W h i le a
th a t c o n d itio n Is re fle cte d in its higher o p e ra tin g co s ts an d low er not o p e r ­
fo r m o f c o n tr a c t w a s d ra w n u p so m o tim o a g o , it h as u n d e r­ a tin g r e v e n u e , w h ich m ean s th a t th e G o v e rn m e n t p a y s ren tal b y w a y o f
g o n e a lte r a tio n f r o m tim o to tim e , a n d a n u m b e r o f ch a n g e s sta n d a rd retu rn fo r th e test p e rio d Just so m u ch lo ss, an d s h o u ld n o t be

c o u n s e l w ill b e r e c o g n iz e d .
,
E n tir e ly a p a rt fro m th e loss th o e n fo rce m e n t o f th e p r o p o s e d p ro v is io n s
o f th o c o n t r a c t w o u ld en tail o n th o o w n ers o f r a ilro a d se cu ritie s, it has
b e e n th o o p in io n o f th ese c o m m itte e s th a t sh o u ld th o G o v e rn m e n t rep re­
s e n ta tiv e s m a in ta in th eir a ttitu d e th o im p a irm e n t o f c r e d it w o u ld b o
gen era l. T h o c o m m itte e s fe lt th a t in th is e m e rg e n cy th e y sh o u ld ask th a t
th eir resp on sib ilities b o sh ared b y o th e rs o f th o A s s o c ia tio n , w h o are
r e p res en ta tiv e o f t h o s e e q u a lly co n c e r n e d in p r e v e n tin g th e u n fo rtu n a to
resu lts w h ich th o co m m itte e s b e lie v e w o u ld fo llo w th o e x e cu tio n b y th o
r a ilroa d s o f a c o n t r a c t c o n ta in in g th o o b je c tio n a b lo p r o v is io n s p r o p o s e d .
A t a jo in t m e e tin g o f th ese t w o co m m itte e s it w a s, th e re fo re , d e c id e d t o
s e le ct a fin a n cia l c o m m it t e o o f s e v e n t y , fr o m a m o n g th e m e m b e rsh ip o f th o
A s s o c ia tio n , w h ic h w o u ld b o t r u ly an d fu lly r e p re s e n ta tiv e o f t h o s o w h o are
tru stees s o t o s p ea k , fo r th e o w n ers o f railro a d se cu ritie s, a n d w h o , b y
rea son o f th is fid u cia r y r e la tio n , are ch a rg e d w ith lo o k in g a fte r th e ^ v e s t ­
m en ts o f oth ers an d h a v o th e r e b y im p o s e d u p o n th e m th o o b lig a tio n o f
a p p ea rin g in th eir b e h a lf in s u ch q u a rte rs o r in s u ch d ir e ctio n s as th o
exigen cies o f th o s itu a tio n m a y n o w a n d h e re a fte r d e m a n d ,
t h is c o m ­
m itte e w as n a m ed fro m a m o n g th o m e n w h o it w ill b o g e n e ra lly re c o g n ize d
aro e n title d t o sp ea k a u th o r ita tiv e ly in re sp e ct o f w h a t is essential t o
m ain ta in ou r n a tion a l c r e d it in o rd e r th a t a m p le fu n d s m a y , fro m tim e t o
tim e , b o re a d ily fo rth c o m in g fo r th o w in n in g o f th o w a r . I t is also e x p e cte d
t h a t th is c o m m it t e e w ill b o h e lp fu l in c o -o p e ra tin g w ith th o G o v e rn m e n t in
th o fu tu r e fin a n c in g o f th o r a ilro a d s . T h o fin a n cia l c o m m itte o has been
s e le cte d fro m o ffic ia l rep rasen tativos o f th e life in su ra n ce co m p a n ie s w ith
th eir th irty -th r e e m illion (u n d u p lica te d ) p o lic y -h o ld e r s w it h 2 5 % o f th eir
to t a l assets s ecu rin g su ch p o licie s in v e s te d in r a ilro a d se cu ritie s a m o u n tin g
t o h u n d red s o f m illion s o f d olla rs in v a lu e ; fro m th o sa v in g s b a n k s w ith
th eir ten m illion d e p o s ito r s , h a v in g m illio n s o f d o lla rs o f in v e s tm e n ts in
ra ilroa d s ecu rities; fro m th e u n ive rsitie s an d co lle g e s w h o s o e x iste n ce is
d e p e n d e n t la r g e ly u p o n th e in c o m e fr o m their se c u r ity in v e s tm e n ts ; fro m
n a tion a l an d sta te b a n k s , tru s t co m p a n ie s , fir e , m a rm o a n d s u r e ty c o m ­
pa n ies an d fid u c ia r y in s titu tio n s g e n e ra lly , a lso re p re se n tin g m a n y hun­
d red s o f m illion s o f d olla rs o f secu rities o f th o ra ilr o a d s , all sc a tte re d th ro u g h ­
o u t th o v a rio u s s e c tio n s o f th e c o u n t r y .
..
I t is c o n te m p la te d th a t th is c o m m it t e e w ill b o a v a ila b le fo r co n s u lta tio n
w ith th o t w o a b o v e -n a m e d sm aller c o m m itte e s a n d th a t its m o m b e rs wi
p e r fo rm su ch s e r v ic e in fu rth e ra n ce o f th o c o m m o n p u rp o s e as m a y b e
d e e m e d ex p e d ie n t, n o t o n ly d u rin g th o p re se n t n e g o tia tio n s in r e s p e c t t o
th e c o n t r a c t, b u t d u rin g th o p e r io d o f F ed era l c o n t r o l an d o p e r a tio n and
as th e railroa d s aro b ein g retu rn e d t o th eir o w n e rs.
... .
W ith o u t en terin g in to th o d e ta ils o f th o la st d r a ft o f c o n t r a c t (J u ly 5 )
s u b m itte d b y th o G o v e rn m e n t re p re se n ta tive s a fte r p r o lo n g e d n e g o tia tio n s,
in w h ic h y o u r t w o c o m m itte e s an d co u n se l h a v o tak en an im p o rta n t p a r t,
y o u r a tte n tio n is h erew ith a sk ed to a s u m m a ry o f th o o p in io n a c c o m p a n y in g
th is le tte r t h a t w as ren d ered b y co u n se l M a y 21 1918, de a lin g w ith w h a t
v o u r c o m m itte e s c o n s id ered m o s t seriou s o b je c tio n s t o th o c o n t r a c t p r o ­
p o s e d b y th o G o v e rn m e n t rep re se n ta tiv e s fro m th o p o in t o f v ie w o f th o
ow n ers o f railroa d secu rities. S in ce th a t tim o an im p o rta n t m o d ific a tio n
has b e e n secu red in th e co m p e n s a tio n cla u se o f th o c o n t r a c t r e m o v in g ,
h o w o v e r , o n ly p a rt o f t h e o b je c tio n t o th a t cla u se, b u t o th e r o q u a lly fu n d a ­
m en ta l o b je c tio n s still rem ain in th e la st d r a ft o f th o c o n t r a c t, as w i 1
a p p e a r fr o m th o n o ta tio n s o n th o m a rgin o f th e a c c o m p a n y in g o p in io n or




THE CHRONICLE

July 13 1918.]

a llo w e d t o p u t u p o n th e p r o p e r ty b y w a y o f m a in ten a n ce a t t h e e x p e n se o f
th e lessor a greater su m th a n th a t o n w h ic h th e n e t o p e r a tin g increase—
th a t Is, th e m easure o f th e rental— w as ba se d .
4 . In te r -S ta te C o m m e r c e C o m m issio n P o w e rs , S ec. 5, S u b . (h) p r o v id e s
th a t a ll d isp u ted q u estio n s o f u p k e e p shall b e referred t o th e C o m m is s io n ,
w h oso d e cis io n s h ou ld b e fin a l e x c e p t o n q u e stio n s o f la w . T h is m ig h t
p la c e th e Issue o f th e fin a n cia l lifo o r d e a th o f th e c o m p a n y in th e h a n d s o f
th e C o m m is s io n w ith o u t th e rig h t o f r e v ie w . O ih e r p r o v is io n s o f th e c o n ­
t r a c t dea l in like m an n er w ith c o n tro v e rsie s that m a y arise
N o w a n t o f c o n fid e n ce in th e C o m m issio n is in d ica te d in a sk in g t h a t its
c o n clu s io n s shall a t least b e s u b je c t t o th e review o f a ju d icia l trib u n a l o n
q u es tion s o f fa c t as w ell as o f law . T iie U n ite d States C ir c u it C o u r t s o f
A p p e a ls are su ggested as th e p r o p e r a p p e lla te tribu n al a n d t h e c o m m itte e s
are q u ite w illin g th a t its d e te rm in a tio n shall b e fin a l.
5. I t con ta in s n o assurance th a t p a y m e n ts o f regular d iv id e n d s h e r e to fo r e
p a id w ill b e co n tin u e d , fo r , in a d d itio n t o th e expenses a n d d e d u ctio n s
m e n tio n e d a b o v e w ith regard t o in te re st, there m a y also b e d e d u cte d ah ea d
o f d iv id e n d s all a m o u n ts n e ce ssa ry t o reim bu rse th e U n ite d S tates fo r a d d i­
tion s a n d b e tte rm e n ts , in u n co n tro lle d a m o u n t, w h ich t h e G o v e rn m e n t
o ffic ia ls m a y p la ce u p o n th o p r o p e r ty o f th e c o m p a n y (o th e r th a n r o a d
exten sion s a n d a d d itio n s a n d b e tte rm e n ts m a d e so le ly fo r w a r p u r p o s e s ).
I t is tru e th a t th o c o n tr a c t declares th a t it w ill b e th o p o lic y o f th e G o v e r n ­
m en t t o p erm it th e p a y m e n t o f regular d iv id e n d s h e r e to fo r e p a id , i f th is
c a n b e d o n e a n d th o a d d itio n s a n d b e tte rm e n ts p a id fo r w it h o u t resort t o
th e c o m p e n s a tio n o f th e carrier, b u t th is is a m ere d e c la r a tio n o f p o lic y n o t
b in d in g u p o n th e G o v e rn m e n t an d is n o t e x p e c te d t o b e fo llo w e d w h ere a
r o a d c a n n o t fu rn ish fu ll se cu rity p r o m p t ly t o reim bu rse th o G o v e rn m e n t
f o r th o c o s t o f th o a d d itio n s a n d b etterm en ts fo r c e d u p o n it b y th e D ir e c t o r G en eral.
6 . I t con ta in s n o re strictio n o n th e a m o u n t o f a d d itio n s a n d b e tte rm e n ts
(w h eth er fo r w a r p u rp oses o r ro a d exten sion s o r oth e rw ise ) ch a rg e a b le
aga in st th e r o a d ’s fu n d s a n d c o r p o r a te p r o p e r t y . T h e a m o u n ts s o t o b e
e x p e n d e d a n d ch a rged are le ft e n tire ly t o th e u n c o n tr o lle d d is cre tio n o f th e
D ir e c to r-G e n e r a l. E x p e n d itu re s f o r w a r p u rp o se s a n d fo r r o a d e xten sion s
m a y n o t b e s u b tr a c te d fr o m th e c o m p e n s a tio n , b u t t h e y are neverth eless
t o b e ch a rg ed against th e o th e r fu n ds o f th e ca rrie r, o r th e carrier lo a d e d
w ith in d eb ted n ess t o th o U n ite d States t o p a y fo r th e sa m e . T h e o n ly
recou rso o f th e carrier t o o ffs e t th e im p o s itio n o f th eso ch a rge s fo r a d d itio n s
a n d b e tte rm e n ts , w h ich it m a y n o t w a n t a n d c a n n o t a ffo r d a n d m a y b e
o f n o b e n e fit t o it, is t o " c la im ” a “ lo s s " in a litig a tio n a g a in st th e G o v e rn ­
m e n t w h ere it has th e b u rd e n o f p r o v in g th o n e g a tiv e p r o p o s itio n th a t
th ese u n d esired m atters are o f n o b e n e fit t o it.
7 . I t d e p a rts fr o m th e p ro v is io n s o f th e A c t a n d d o e s n o t assure th e
rea s on a b le r a to o f In terest c o n te m p la te d b y th e A c t t o b e fix e d b y th e D lr c c to r -G o n e r a l o n th o c o s ts o f a d d itio n s , b e tte r m e n ts , a n d ex te n sio n s w h ich
m a y b e m a d e b y o r ch a rg e d t o th e ca rrie r, b u t , o n th e c o n t r a r y , c o n ta in s
la n g u a g o in te n d e d t o p e r m it th e re d u c tio n o f s u ch r eason able r a t o o f in te re st
as d e te r m in e d b y th e v a lu e o f m o n e y , b y ce rta in o th e r f a c t o r s , b e in g c e r ta in
e c o n o m ic th eories, th e e ffe c t o f w h ich w o u ld b o t o cau se t h o ca rrie r t o re ­
c e iv e n o r a to o f r etu rn o n p a r t o f th e a m o u n ts in v e ste d o r , w h e n a v e r a g e d ,
a less a v e r a g e ra te o f in te re st o n th o ca sh used th a n th o ca r r ie r w ill h a v e t o
p a y in b o r r o w in g th e v e r y fu n d s fr o m th e G o v e rn m e n t o r fr o m o th e r
s o u r c e s . I f this p o w e r is s o e x e rcise d , th o carrier w ill b e s u b je c t t o a c o n ­
tin u a lly Increasing loss, as th e a m o u n t o t su ch c a p ita l ex p e n d itu re s a c c u m u ­
la t e , w h ic h w ill g o fu rth e r t o r e d u c e ea ch y e a r t h e n e t a m o u n t a v a ila b le o u r
o f th o s ta n d a rd retu rn fo r th e p a y m e n t o f Its e x p e n se s a n d ch a r g e s .

The

R a ilw a y

E x e c u tiv e s ’ A d v is o r y

c o n fe re n ce y e s te r d a y a d o p te d

a

C o m m it t e e

re so lu tio n

w h ic h

at
in

th eir
e ffe c t

s ta te s th a t th o c o n tr a c t o f J u ly 5 is in th e m a in sa tis fa c to r y
to it a n d a u th o r iz e d th e C h a ir m a n o f th e c o m m it te e to ta k e
su ch s te p s a s w ere n e ce ssa ry to e ffe c t m in o r c h a n g e s w h ich
m ig h t b e co n sid ered d e sira b le .
A f t e r d e lib e r a tin g b e h in d clo se d d o o rs fo r s e v e r a l h o u r s ,
T h o m a s D o W i t t C u y lo r , C h a ir m a n o f th e R a ilw a y E x e c u ­
tiv e C o m m it t e e , g a v e o u t th is s ta te m e n t:
T o - d a y ’s m eetin g w as fo r th e p u rp o s e o f r e ce iv in g th e r e p o r t o f o u r c o u n ­
sel a n d o f recon sid erin g th e G o v e rn m e n t’s p r o p o s e d c o n t r a c t d r a ft , d a t e d
J u ly 5.
T h e C o m m itte e feels th a t th o p r o p o s e d c o n t r a c t is in th e m a in a c c e p t a b le .
T h e re are som e p o in ts , h o w e v e r, w h ic h th e C o m m itte e desires t o discus.-;
fu rth er w ith th o G o v e rn m e n t’s re p re se n ta tive s.
T h e so w ill b o ta k e n up
as s o o n as p r a c tic a b le .

A c c o r d in g to la s t n ig h t’ s “ E v e n in g S u n ” i m m e d ia t e ly a t
th e c o n c lu sio n o f th is m e e tin g th o tw o c o m m it te e s re p re ­
s e n tin g

th e

N a t io n a l

A s s o c ia tio n

of

O w n e rs

of

R a ilr o a d

S e c u ritie s w ith d re w to a n o th e r r o o m a n d th ere a d o p t e d th e
re so lu tio n in o p p o s itio n to th e G o v e r n m e n t ’ s p r o p o s e d c o n ­
tr a c t .
I t rea d :

Resolved, T h a t in th o ju d g m e n t o f th o c o m m itte e s rep resen tin g t h e N a ­
tion a l A s s o c ia tio n o f O w ners o f R a ilr o a d Secu rities, th o t e n t a t iv e d ra ft o f
th o co m m itte e o f J u ly 5 s u b m itte d b y th o re p re se n ta tive s o f th o G o v e r n ­
m en t Is u n a cc e p ta b le In th o p articu lars set fo rth in th e le tte r o f tho c o m ­
m itte e o f J u ly 11, add ressed t o th e C h airm an o f th e R a ilw a y E x e cu tiv e
A d v is o r y C o m m itte e , an d th a t it is th e fu rth e r ju d g m e n t o f th o c o m m itte e
th at th o associa tion p r o c e e d b y fu rth e r n e g o tia tio n a n d b y a p p e a l t o th o
D ir e c to r-G e n e r a l w ith th e e ffo r t t o s ecu re th e m o d ific a tio n s there d e­
scrib ed .
Resolved, T h a t t o th a t e n d co u n se l f o r th e c o m m itte e b e In stru cted t o
p rep a re as p r o m p t ly as p o ssib le a m e n d m e n ts c o v e r in g th e d e sire d ch an ges
fo r th o c on s id era tion o f th o co m m itte e .
Resolved, T h a t in m ak in g su ch e ffo r ts th o c o m m itte e c o -o p e r a te w ith th o
R a ilw a y E x e cu tiv e s ’ A d v is o r y C o m m itte e .

LIST OF 5 5 9 ROADS RETAINED IN FEDERAL CONTROL
*
A S OF JULY 3 1 9 1 8 .
T h e U n it e d S ta t e s R a ilr o a d A d m in is tr a ti o n , r e p ly in g o n
J u ly 3 to a r e q u e st f r o m th o “ C h r o n ic le ” fo r a lis t o f th e ra il­
ro a d s re lin q u ish e d to d a te fr o m F e d e r a l c o n tr o l, s ta te s t h a t n o
s u c h lis t is a s y e t a v a ila b le .

I n lie u o f th o s a m e , h o w e v e r ,

th e A d m in is tr a tio n h a s fa v o r e d u s w ith th e fo llo w in g s ta te ­
m e n ts c o n ta in in g th o n a m e s o f 5 5 9 ro a d s w h ic h w e re b e in g
re ta in e d in F e d e r a l c o n tr o l a s o f J u ly 3 .
L is t N o . 1 e m b r a c e s th e n a m e s o f 1 6 5 c o m p a n ie s w h o se
e m p lo y e e s w ere




in c lu d e d

in G e n e ra l O rd e r N o . 2 7 , d a te d

M ay

2 5 , fix in g

147
th e

w a g e s o f ra ilro a d

e m p lo y e e s .

3

T h ese

r o a d s , n o t e w o r th y a s r e p re s e n tin g th e m o re im p o r ta n t ra il­
r o a d s y s t e m s o f th e c o u n t r y , a re a s fo llo w s :

(1)RAILROADS D EFIN ITELY RETAINED I N FEDERAL CONTROL
M A Y 25 1918.
Alabama & Vicksburg R y . C o.
Louisiana & Arkansas R y . C o.
Alabama Great Southern R R . C o.
Louisiana R y . & Navigation C o.
Ann Arbor R R . C o.
.
Louisiana Western R R . C o.
Arizona & New M exico R y . C o .
Louisville & Nashville R R . C o.
Arizona Eastern R R . C o.
Louisville Henderson & St. Louis R y . C o.
Atchison Topeka & Santa Fe R y . C o.
M aine Central R R . C o.
Atlanta & W est Point R R . C o.
M idland Valley R R . C o.
Atlanta Birmingham & Atlantic R y . C o . Michigan Central R R . C o.
Atlantic Coast Line R R . C o.
M inneapolis & St. Louis R R . C o.
Atlantic & St. Lawrence R R . C o.
Minneapolis St. Paul & S. Ste. M arie R y
Atlantic C ity R R . C o.
Co.
Baltimore & Ohio R R . Co.
Missouri Kansas & Texas R y . C o.
Bangor & Aroostook R R . C o.
Missouri Kansas & Texas R y . C o. of
Bessemer & Lake Erie R R . C o.
Texas.
Boston & MaineJRR.
Missouri Pacific R R . C o.
Buffalo & Susquehanna R R . Corporation M obile & Ohio R R . C o.
Buffalo Rochester & Pittsburgh R y . C o . M onongahela R y . C o.
Carolina CllnchMeld & Ohio R y .
M organ’s Louisiana & Texas R R . & S3.
Central o f Georgia R y . C o.
C o.
Central New England R y . C o.
Nashville Chattanooga & St. Louis R y .
Central R R . C o. of New Jersey.
New Orleans & Northeastern R R . C o.
Central Vermont R y . C o.
N ew Orleans Texas & M exico R R . C o.
Charleston & Western Carolina R y . C o . N ew Y ork Central R R . C o.
Chesapeake & Ohio R y . C o.
New Y ork Chicago & St. Louis R R . C o.
Chicago & Alton R R . C o.
New Y ork N ew Haven & Hartford R R .
Co.
Chicago & Eastern Illinois R R . C o.
Chicago & Erie R R . C o.
New Y o r k Ontario & Western R y . C o.
Chicago & Northwestern R y . C o.
New Y o rk Philadelphia & Norfolk R R .
Co.
Chicago Burlington & Quincy R R . C o.
Chicago Great Western R R . C o.
New Y ork Susquehanna & Western R R .
C o.
Chicago Detroit & Canada Grand Trunk
Junction R R . C o.
1Norfolk & Western R y . C o .
Chicago Indianap. & Louisville R y . C o . N orfolk Southern R R . C o.
Chicago Milwaukee & St. Paul R y . C o. Northern Pacific R y . C o.
Chicago Peoria & St. Louis R R . C o.
Northwestern Pacific R R . C o .
Chicago Rock Island & Gulf R y . C o.
Oregon Short Line R R . C o.
Chicago Rock Island & Pacific R y . C o. Oregon-Washington R R . & N av. C o.
Chicago St. Paul Minneapolis <fc Omaha Panhandle & Santa Fe R y . C o.
R y . C o.
Pennsylvania Co.
Chicago Terre Haute & Southeastern R y . Pennsylvania R R . C o.
C o.
Pere Marquette R R . C o.
Cincinnati Indianapolis & Western R R . Philadelphia & Reading R y . C o.
C o.
Philadelphia Baltimore & Washington
R R . C o.
Cincinnati New Orleans & Texas Pacific
R y . C o.
Pittsburgh & Lake Erie R R . C o.
Cincinnati Northern R R . C o.
Pittsburgh & Shawmut R R . C o.
Cleveland Cincinnati Chicago & St. Louis Pittsburgh <fc W est Virginia R y . C o.
R y . C o.
Pittsburgh Cincinnati Chicago & St.
Coal & Coke R y . C o .
Louis R R . C o.
Colorado & Southern R y . C o.
Port Reading R R . C o.
Cumberland Valley R R . C o.
Richmond Fredericksburg & Potomac
Delaware & Hudson C o.
R R . C o.
Delaware Lackawanna & Western R R . Rutland R R . C o.
C o.
Seaboard Air Line R y . C o.
Denver & R io Grande R R . C o.
San Antonio & Aransas Pass R y . C o.
D etroit & M ackinac R y . C o.
Southern Pacific C o.
Detroit & Toledo Shore Line R R . C o.
Southern R y . C o.
D etroit Grand Haven & Milwaukee R y . Southern R y . C o. In Mississippi.
C o.
Spokane International R y . C o.
D etroit T oledo & Ironton R R . C o.
pokane Portland & Seattle R y . C o.
Duluth & Iron Range R R . C o.
' Staten Island Rapid Transit R y . C o.
Duluth Mlssabe & Northern R y . C o .
St. Joseph & Grand Island R y . C o.
Duluth South Shore & Atlantic R y . C o. St. Louis Brownsville & M exico R y . C o.
Elgin Joliet & Eastern R y . C o.
St. Louis-San Francisco R y . C o.
El Paso & Southwestern C o.
St. Louis San Francisco & Texas R y . C o.
Erie R R . C o.
St. Louis Southwestern R y . C o .
Florida East Coast R y . C o.
St. Louis Southwestern R y . C o . of Texas
Fort Smith & Western R R . C o.
Tennessee Central R R . C o.
Fort W orth & Denver City R y . C o.
Texarkana & Fort Smith R y . C o.
Fort W orth & R io Grande R y . C o .
Texas & New Orleans R R . C o.
Galveston Harrisburg & San Antonio R y . Texas & Pacific R y . C o.
Co.
Toledo & Ohio Central R y . C o.
Georgia R R . Lessee Organization.
Toledo Peoria & Western R y . C o.
Georgia Southern <& Florida R y . C o.
Toledo St. Louis & Western R R . C o.
Grand Rapids <fc Indiana R y . C o.
Ulster & Delaware R R . C o.
Grand Trunk Western R y . C o.
Union Pacific R R . C o.
Great Northern R y . C o.
Utah R y . C o.
Gulf & Ship Island R R . C o.
Vicksburg Shreveport & Pacific R y . C o.
Gulf Colorado & Santa Fe R y . C o.
Virginian R y . C o.
Gulf M obile & Northern R R .
W abash R y . Co.
Hocking Valley R y . Co.
Washington Southern R y . C o.
Houston & Texas Central R R . C o.
W est Jersey & Seashore R R . C o.
Houston East & West Texas R R . C o.
Western Maryland R y . C o.
Hudson & Manhattan R R .
Western Pacific R R . C o.
Illinois Central R R . C o.
Western R y . of Alabama.
International & Great Northern R y . C o. Wheeling & Lake Erie R R . C o.
Kanawha & Michigan R y . C o.
W ichita Falls & Northwestern R y . C o.
Kansas C ity Southern R y . C o.
W ichita Valley R y . C o.
Lake Erie & Western R R . C o.
Yazoo & Mississippi Valley R R . C o.
Lehigh & Hudson River R y . C o.
And all terminal, union station, and
Lehigh & New England R R . C o.
switching companies, all or a majority of
Lehigh Valley R R . C o.
whose stock Is owned b y railroads .named
Long Island R R . C o.
above.
Los Angeles & Salt Lake R R . C o.
T h e o r d e r o f M a y 25 a d d e d : " S u c h o th e r r a ilro a d s as m a y b e r e ta in ed in
F e d e ra l c o n tr o l o n J u ly 1 1918 w ill b e a d d e d t o th e fo re g o in g lis t b y o r d e r
o f th e D ir e c to r-G e n e r a l.
“ T h e P u llm a n C o m p a n y , w h o se s ta tu s is n ow b e in g co n s id e re d , w ill also
b o a d d e d b y o r d e r t o th e fo re g o in g lis t, i f d e c is io n sh a ll b e re a c h e d t o
re ta in it in F e d e ra l c o n t r o l.”
[S u p p le m e n ta l O rd er N o . 2 , issu ed J u ly 3 ,
p r o v id e d t h a t t h e P u llm a n C o m p a n y s h o u ld be a d d e d t o th e fo re g o in g lis t,
th e o p e r a tin g d e p a rtm e n t t o b e s u b je c t t o th e te rm s a n d c o n d itio n s o f th e
w age o r d e r , w ith c e r ta in s tip u la tio n s as t o c o n d u c to r s , p o r te r s a n d m a id s l.

T h e fo llo w in g 3 9 4 ra ilro a d s w ere o n J u ly 3 o ffic ia lly a d d e d
to a n d m a d e a p a r t o f A r tic le I o f G e n e r a l O r d e r N o . 2 7 , as
b e in g a ls o re ta in e d u n d e r F e d e r a l c o n tr o l:
(2) FURTHER ROADS RETAINED I N FEDERAL CONTROL JU LY 3
1 91 8.
Abilene & Southern
Bath & Hammondsport R R .
Ahnapee & Western R y .
Battle Creek & Sturgis R R .
Akron & Barberton Belt R R .
B ay C ity Belt Line R R .
Akron Union Passenger D epot C o .
B ay City Terminal C o.
Albany Railroad Bridge C o.
Beaumont & Great Northern R R .
Allegheny Terminal Co.
Beaumont Sour Lake & Western
Allentown Terminal R R .
Beaumont W harf & Terminal C o.
Alton & Southern R y .
Bellingham & Northern R y .
Arkansas Central R R . C o.
Belt Railway of Chicago.
Arkansas & Memphis R y . Bridge & T er­ Bethel Granite R y .
minal C o.
Big Fork & International Falls R y .
Arkansas Western R y . C o.
Blue Ridge R y .
Arminlus Branch
Boonville St. Louis & Southern R y .
Asheville & Craggy Mountain R y .
Boston Terminal C o.
Asheville & Southern R y .
Bowling Green R R .
Ashland Coal & Iron R y .
Brandon D evil’s Lake & Southern R y .
Atchison & Eastern Bridge C o.
Brooklyn Eastern District Terminal R R .
Atchison Union D epot & R R . C o .
Brownwood N orth & South R y . C o.
Atlantic & Yadkin R y.
Buffalo Creek R R .
Baltimore & Ohio Chicago Terminal R R . Buffalo Union Terminal R R .
Baltimore & Sparrows Point R R .
Butte Anaconda & Pacific R y . C o.
Baring Cross Bridge C o.
Cairo & Thebes R R .
Barre & Chelsea R R .
Calumet Western R y .

148
C a m a s P rairie R R .
C a n a d a S outhern B rid g e C o .
C a n a d a S outhern R R .
C a rolin a & N orth w estern R y .
C a rolin a & T en n essee Sou th ern R y .
C en tralla E astern R R .
C en tral Indiana
C en tra l T erm in a l R y .
C en tral U nion D e p o t o f C in cin n a ti, O .
C h erry T r e e & D ix o n v llle R R .
C h esapeake & O hio N o rth e rn R y .
C h esapeake & O hio R y . o f In d ia n a
C h ica g o H eig h ts T erm in a l T ra n sfer R R .
C h ica g o J u n ction R y .
C h ica g o K a la m a zo o & Saginaw R R .
(C on trolled b y M . C . & N . Y . C . R R .
C h ica g o K a la m a zo o & Sagina w R R .)
(O perated b y G ra n d T ru n k R R .)
C h ica g o & K a la m a zo o T erm in a l R y .
C h ica g o M ilw a u k ee & G a ry R R .
C h ica g o R iv e r & In dian a
C h ica g o U n ion S ta tion C o .
C h ica g o & W estern In d ia n a R R .
C in cin n a ti Bu rn side & C u m b erlan d R iv e r
Ry.
C in cinnati & D a y t o n R R .
(T h e) C in cin n a ti In ter-T erm in a l R R .
C in cin n a ti L eb a n on & N orth ern R y .
C in cinnati Sagina w & M a ck in a w R R .
C o a l R iv e r R y .
C oeu r D ’ A lene & P en d O reille R y .
C o lo r a d o Springs & C rip p le C reek D is ­
trict R y .
C olu m b u s F in d la y & N orth ern R R .
C on n ecticu t R iv e r R R .
C on n ectin g T erm in a l R R .
C op per R ange R R .
(T h e) C o v in g to n <fe C in cin n a ti E lev a ted
R R . & T ran sfer & B rid g e C o .
C u m b erlan d & P en n sy lv a n ia R R .
C u m b erlan d R y .
D a lla s T erm in a l R y . & U n ion D e p o t C o .
D a n v ille & W estern R y .
D a v e n p o r t R o c k Isla n d & N orth w estern
R y . C o.
D a y t o n & U n ion R R .
D a y t o n U n ion R y .
D e e p C reek R R .
D e lt a S outhern R y .
D en ison & P a cific S u b u rban R y . C o .
D e n v e r U nion T erm in a l R y .
D e s M oin es U n ion R y .
D e s M oin es W estern R y .
D e tr o it B a y C it y & W estern R y .
D e tr o it & H u ron R y .
D e tr o it M a n u fa ctu rers R R .
D e tr o it R iv e r T u n n e l C o .
D e tr o it T erm in a l R y . & T ra n sp orta tion
C o.
D e tr o it T erm in a l R R .
D e tr o it T o le d o & M ilw a u k ee R R .
D ir e c t N a v ig a tion C o .
D o v e r & R ocka w ay R R .
D u lu th & Superior B rid g e R R .
D u lu th T erm in a l R R .
D u lu th U n ion D e p o t & T ra n sfer C o .
D u n lelth & D u b u q u e B ridge C o .
E a sto n & W estern R R .
E a st S t. L ou is B e lt R R .
E a st S t. L ou is & C a ron d elet R y .
E a st S t. L ou is C on n ectin g R y .
E a st S t. L ou is N a tio n a l S to ck Y a rd s C o .
— E a st S t. L ou is.
E a st S t. L ou is & S ub urban
E d g ew a ter C on n ectin g R y .
E d g ew a ter T erm in a l R R .
E lk H orn & B ea v er V a lley R y .
E n g le w o o d C on n ectin g R y .
E n sle y Southern R y .
E rie T erm in a ls R R . C o .
E s ca n a b a & L a k e S up erior R R .
E v a n sv ille & In d ia n a p olis R R .
F a rm er’s G rain & S hipping C o . ’s R R .
F o r t D o d g e D es M o in e s & Southern R R .
F o r t Sm ith S u b u rb a n R R .
F o r t Sm ith & V a n B u ren R R .
F o r t Street U n ion D e p o t C o .
F o r t W o r th B elt R R .
F o r t W o r th U n ion Passen ger S ta tion C o .
G a llatin V a lley R R .
G a lv eston H o u sto n & H en derson R R .
G a u ley & M e a d o w R iv e r R y .
G ilm ore & P ittsb u rg h R R .
G ra n d C a n y on R y . C o .
G ra n d R a p id s T erm in a l C o .
G ra n d T ru n k J u n ction R y .
G ra n d T ru n k M ilw a u k ee C a r F erry C o .
G ra n ite C it y & M a d iso n B elt L ine R R .
G ra y ’s P o in t T erm in a l R y .
G rea t F alls & T e t o n C o u n ty R y .
G rea t N orth ern T erm in a l C o .
G reen B a y & W estern R R .
G reen w ich & J oh n son v llle R R .
H a m ilton B e lt R y .
H a n n ib a l U nion D e p o t C o .
H arrlm an & N orth ea stern R R .
H a rtw ell R y .
H a w k in sv llle & F lo rid a Southern R y .
H elen a T erm in al
H ib ern ia M in e R R .
H ig h P o in t R a n d lem a n A sh eb oro &
S outhern R R .
H o u s to n B e lt & T erm in a l R y .
H ou ston & B ra zos V a lle y R y .
H ou ston & S h revep ort R R .
H u n tin g ton & B r o a d T o p M o u n ta in R R .
Iberia & V erm illion R R .
Illin ois T erm in a l R R .
Illin ois T ran sfer R R .
In d ia n a H a rb or B e lt R R .
In d ia n a p olis & F ra n k fort R R .
In d ian ap olis U n ion R y .
In tersta te C a r T ra n sfer C o .
In tersta te R R . C o .
Io w a & S t. L ou is R y .
Io w a T ran sfer R y .
Isla nd C reek R R .
J a y Street T erm in a l
J oliet & N orth ern In d ia n a R R .
J op lin U n ion D e p o t C o .
K a n a w h a B rid g e & T erm in a l C o .
K a n a w h a & W e s t V irg in ia R y .
K a n k a k ee & S en eca R R .
K a n sa s C it y C lin to n & S p rin g field R y .
C o.
K a n sa s C it y C on n ectin g R R .
K a n sa s C it y S h rev ep ort & G u lf T erm in al
Ry.
K a n sa s C it y S to c k Y a rd s C o .— K a n sa s
C it y , M o .
K ansas C it y T e rm in a l C o .
K ansas Sou th w estern R y . C o .
K een ey s C reek R R .
K e n tu c k y & In d ia n a T erm in a l R R .
K e o k u k & D es M o in e s R y .
K e o k u k & H a m ilto n B rid g e C o .
K e o k u k U n ion D e p o t C o .




[Vol. 107

THE CHRONICLE
K ew a u n ee G reen B a y & W estern R R .
K io w a H a rd tn er & P a cific R R .
L a ck aw an n a & M o n tr o s e R R .
L a ke C harles & N orth ern R R .
L a k e E rie & E a stern R R .
L a k e E rie & P ittsb u rg h R y .
L a k e Superior & Ish p em in g R y .
L a k e Superior T erm in a l R y .
L a k e Sup erior T erm in a l & T ra n sfer R y .
C o.
L ansing M a n u fa ctu rers R R .
L ansing T ra n sit C o .
L a w ren cev llle B ra n ch R R .
L ea v en w orth D e p o t & R R . C o .
L ea v en w orth T erm in a l R y . & B rid g e C o .
L eh igh & Susquehanna R R .
L ew iston & A u b u rn R R .
L im a B elt R y .
L itch field & M a d is o n R y .
L ittle K a n a w h a R R .
L ittle R o c k J u n ction R y .
L og a n & Southern R y .
L ora in A sh lan d & Southern R R .
L ora in & W est V irgin ia R y .
L ou isiana
Southern
Ry.
L ou isv ille B rid g e C o .
L ou isv ille & J efferson v ille B rid g e C o .
M a ck in a c T ra n sp orta tion C o .
M a c o n D u b lin & S avannah R R .
M a n lstiq u e & L a k e S u p erior R R .
M a rq u e tte <& B essem er D o c k & N a v . C o .
M a u m ee C on n ectin g R y .
M a y w o o d & Sugar C reek R y .
M em p h is U n ion S ta tion C o .
M ich ig a n A ir L ine
M ilw a u k ee T erm in a l R y .
M in n ea p olis B elt L in e C o .
M in n ea p olis & E astern R y .
M in n ea p olis W estern R y .
M in n esota & In tern ation al R y .
M in n esota N orth w estern E lectric R y .
M in n esota T ran sfer R y .
M ississip p i C en tra l R R .
M issouri & Illin ois B rid g e & B e lt R R .
M issou ri P a cific C o r p . In Illinois
M issou ri P a cific C o r p . In N ebraska
M issou ri V a lley & B lair R y . & B d g e . C o .
M o n ta n a E astern R y .
M o n tp elier & W ells R iv e r R R .
M oren cI Southern R y .
M orris T erm in a l R y .
M u n cle B e lt R y .
N arra gansett P ier R R .
N a tch ez <fe L ou isiana R y . T ra n sfer C o .
N a tch ez & Southern R y .
N e w Ib eria & N orth ern R R . C o .
N e w Jersey & N e w Y o r k R R .
N ew O rleans G rea t N orth ern
N e w R iv e r H o lsto n & W estern R R .
N e w Y o r k C on n ectin g R R .
N ew Y ork D o ck C o. R R .
N e w Y o r k & L on g B ran ch R R .
N e w W estm inster Sou th ern R y .
N o r fo lk & P ortsm ou th B elt L in e R R .
N o rfo lk T erm in a l R y .
N orth ern A laba m a R y .
N orth ern M a in e S eap ort R R .
N orth ern O h io R R .
N orth ern P a cific T e r m . C o . o f O reg on
N o rw a y B ran ch R R .
N orth w estern T e rm in a l R y .
O gden M in e R R .
O gden U n ion R y . & D e p o t C o .
O kla hom a B elt R y .
O k la h om a C it y J u n ction R y .
O n ton agon R R .
O ra nge B ran ch (Southern R y .)
O range & N orth w estern R R .
O regon E lectric R y .
O regon T ru n k R y .
P a cific C oa st R R .
Paris & G rea t N orth ern R R . C o .
P en nsylva nia T erm in a l R y .
P eoria & Bu reau V a lley R R .
P eoria & P ek in U n ion R y .
P eoria R a ilw a y T erm in a l C o .
P h iladelph ia B e lt L ine
P ierre & P o rt P ierre B rid g e R y .
Pierre R a p id C it y & N orth w estern R y .
P in o B lu ff, A rka nsas R iv e r R R .
P in ey R iv e r & P a in t C reek R y .
P iq u a & T r o y B ran ch R R .
P ittsbu rgh Chartiers & Y o u g h lo g h e n y R y
P ittsbu rgh O h io V a lle y & C in cin n a ti R y .
P o n d F ork R y .
P o n tia c O x ford & N orth ern R y .
P o r t H u ron Southern R y .
P ortla n d T erm in a l C o .
P o r t T ow n sen d & P u g et Soun d R y .
P otea u V a lley R R .
P u eb lo U n ion D e p o t & R R . C o .
P u g et Sou n d & W llla p a H a rb or R y .
Q uanah A c m e & P a cific R y . C o .
Q u in cy O m a ha & K ansas C it y R R .
R a ilw a y T ra n sfer C o .
R io G ra nde E l P a so & San ta F e R R .
R io G ra n d e J u n ction R y .
R io G ra n d e S outhern
R io G ra n d e Southw estern
R iv ersid e R ia lt o & P a cific R y .
R o c k Isla nd A rka nsas & Lou isiana R R .
R o c k Isla n d & D a rd a n elle R R .
R o c k Isla n d -F rlsco T erm in a l R y .
R o c k Island M em p h is T erm in a l
R o c k Island S tu ttg a rt & Southern R y .
R o s ly n C on n ectin g R R .
R o sw ell R R .
S t . C harles A ir L in e
S t. C lair & W estern R R .
S t. J oh n sb u ry & L a k e C h am p la in R R .
S t. Joseph B e lt R y .
S t. Joseph & C en tra l B ra n ch R y .
S t. Joseph S ou th B en d & S outhern R R .
S t. Joseph T erm in a l R R .
S t. J osep h U n ion D e p o t C o .
S t. L ou is B elleville E lectric R y .
S t. L ou is B e lt & T erm in a l R y .
S t. L ou is B rid g e C o .
S t. L ou is M erch a n ts B rid g e T e r m . R y .
S t. L ou is N a tion a l S to ck Y a rd s C o .
S t. L ou is & O ’ F a llon R y .
S t. L ou is T erm in a l R y .
S t. L ou is T ran sfer R y .
S t. L ou is T r o y & E a stern R R .
Salnte M a rio U n ion D e p o t C o .
S t. P a ul B rid g e & T erm in a l R y .
S t. P a ul & K an sas C it y S hort L ino R R .
S t. P a u l U n ion D e p o t C o .
Salt L a k e C it y U n ion D e p o t & R R . C o .
San A n to n io B e lt & T erm in a l R R .
San A n to n io U v a ld e & G u lf R R .
S an dy V a lley & E lkhorn & L on g F ork R R
S an dy V a lley & E lkhorn R y .
Sapulpa & OH Field R R .
Sau lte S to. M a rio B r id g e C o .
S eattle P o r t A n geles & W estern R y .
Sharpsvlllo R R .

Shreveport Bridge & Terminal Co.
Slevern & Knoxville R R.
Sioux City Bridge Co.
Sioux City Terminal Ry.
South Chicago & Southern RR.
South Dayton RR.
Southern Illinois & Missouri Bridge Co.
Southern Pacific Electric R y.
State University RR.
Stock Yards Terminal R y. Co. of St. Paul
Sullivan County R R.
Sulphur Mines RR.
Sunday Creek R R.
Sunset Railway
Sweet City Bridge Co.
Sweet City Terminal Ry.
Sylvanla Central Ry.
Tacoma Eastern R R.
Tallulah Falls Ry.
Tennessee & Carolina Southern Ry.
Terminal RR. Association of St. Louis
Terminal R R. of East St. Louis
Terminal RR. of St. Louis
Texas Mexican Ry.
Texas Midland RR.
Tidewater Southern Ry.
Toledo Saginaw & Muskegon Ry.
Toledo Terminal RR.
Trans-Mlsslsslppl Terminal R R.
Troy Union RR.
Tug River & Kentucky RR.
Tunnel RR. of St. Louis
Tylerdale Connecting RR.
Union Depot Co. of Columbus
Union Depot Co. of St. Louis (The).

Union Freight R R .
Union Ry.
Union R y. & Transit Co. (of Illinois)
Union RR. of Baltimore
Union R R. (Pennsylvania)
Union Stock Yards Co. of Omaha
Union Terminal Co. of Dallas, Texas.
Van Buren Bridge Co.
Vermont Valley RR.
Virginia Air Line Ry.
Vlrglnia-Carollna Ry.
Washington Terminal RR.
Waterloo Cedar Rapids & Northern Ry.
Waupaca Green Bay Ry.
Weatherford Mineral Wells & Northwest­
ern Ry.
Wellston & Jackson Belt RR.
West Side Belt RR.
West Tulsa Belt Ry.
Wheeling Terminal Ry.
White & Black River Valley R R .
White Oak Ry.
Wichita Union Terminal R y.
Wiggins Ferry Co.
Wilkes-Barre & Scranton RR.
Williamson & Pond Creek R R.
Winona Bridge R y. Co.
Winston-Salem South Bound Ry.
Wood River Branch RR.
Wyoming & Northwestern Ry.
Yadkin RR.
York Harbor <fc Beach RR.
Zanesville Belt & Terminal RR.
Zanesville & Western Ry.
Zanesville Terminal RR.

[A s t o a d d i t i o n o f P u l l m a n C o m p a n y , s e e f o o t n o t e t o T a b l e (1 ).J

P R E S ID E N T

W ILSO N

E X T E N D IN G

T IM E

SHORT

VETOES

R E S O L U T IO N

FOR R E L I N Q U I S H I N G

LIN E

R AILR O A D S.

President Wilson on July 11 vetoed the resolution extend­
ing from July 1 to Jan. 1 next the period in which the Rail­
road Administration would be required to decide its course
with regard to short lino railroads. The legislation extend­
ing the period within which the Government might relin­
quish the short lines not desired to be retained under Federal
control was passed b y Congress on June 29; the resolution
was introduced at the instance of Director-General of Rail­
roads M cA doo on his representation that tho Railroad
Administration had had insufficient time to consider its
policy toward many short lines. A n amendment providing
that lines in completion or in physical connection with rail­
ways operated by the Government should not be turned
back to private management against their will was added
before the adoption of the resolution b y Congress, friends
of the lines having insisted that they could not operate
profitably in competition with Government-operated rail­
ways. This provision was construed as meaning that the
Government would have to resume possession of" a large
number of short lines relinquished just before Congress
passed the bill. Almost coincident with the adoption of
the resolution the Railroad Administration had turned back
to private management some 1,300 short lines. In his
veto message President W ilson said that many, if not all,
feeders, to main lines are very important and essential, but
there are about 1,700 short lines which aro merely private
conveniences of logging, commercial and othor companies,
which have not been taken into tho Federal system. Some
of tho ossential short lines, ho added, should be given a
fairer division of joint rates, and ho plodgod the Railroad
Administration to a policy which will not be unfair to the
essential short linos. Tho following is the veto message:
I r e g r e t t o b e o b lig e d t o r e tu rn w it h o u t m y s ig n a tu r e S e n a te J o in t
R e s o lu tio n 159.
I d o s o b e c a u s e I v o r y r e s p e c t fu lly b u t v e r y e a r n e s tly d is s e n t f r o m t h e
p o l i c y w h ic h i t e m b o d i e s .
U n d e r it s t e r m s t h o G o v e r n m e n t w o u l d b o
o b l i g e d t o a s s u m e t h o c o n t r o l a n d a d m i n i s t r a t i o n o f a ll s h o r t lin e s r a i lr o a d s ,
w it h o u t d i s c r i m in a t io n . I r e s p e c t f u l l y s u b m i t t h a t t h i s is n o t i n t h e p u b l i c
in te re s t.
T h e r e a r o t e r m in a l s h o r t lin e s a t m a n y c e n t r e s o f f r e i g h t s h i p ­
m e n t a n d s o m e 1 ,7 0 0 s h o r t lin o s w h ic h w o r e b u i l t a n d c o n t r o l l e d b y m a n u ­
f a c t u r i n g , m in in g , l u m b e r in g a n d o t h e r c o m p a n i e s a n d w h i c h a r o o p e r a t e d
m e r e ly f o r t h o c o n v e n i e n c e o f t h o s e c o m p a n i e s w h i c h w o u l d b e i n c lu d e d
u n d e r t h o la n g u a g e o f t h is r e s o lu t i o n , v o r y f o w o f w h i c h i t s e e m s t o m e , I f
a n y , o u g h t t o b e ta k e n o v e r a n d a d m in is te re d b y t h e G o v e rn m e n t.
T h o r e m a in in g s h o r t r o a d s a r o f e e d e r s t o t h o m a i n t r u n k l in o s , a n d m o r e
t h a n m e r e fe e d e r s , m o s t o f t h e m , f o r t h o y h a v e in m o s t in s t a n c e s p l a y e d a
v e r y i m p o r t a n t p a r t in b u i l d in g u p t h o i n d u s t r ie s o f t h e c o m m u n it i e s t h r o u g h
w h ic h t h e y r u n a n d h a v e b e c o m o e s s e n t ia l t o t h o p r o s p e r i t y o f h u n d r e d s
o f t o w n s a n d n e i g h b o r h o o d s a ll o v e r t h o U n i o n .
I q u lto a g re o t h a t p r a c ­
t i c a l l y a ll o f t h e s e s h o u l d b e r o t a in e d a n d t h a t t h o y s h o u l d n o t o n l y b e r e ­
t a in e d , b u t th a t th o y s h o u ld b o a c c o r d e d a fa ir d iv is io n o f jo in t ra te s—
a fa ir e r d i v i s i o n t h a n s o m e o f t h e m h a v e b o o n a c c o r d e d h i t h e r t o — a n d
e q u i t a b l e a l l o t m e n t o f c a r s a n d m o t i v o p o w e r a n d f o r r o u t in g a r r a n g e m e n t s .
S o m e o f t h e m c o n s t i t u t e c o n n e c t i n g lin k s b e t w e e n t w o o r m o r o t r u n k lin e s
system s.
T h o s e w h o p l a y t h is p a r t in t h e s y s t e m o f r a i lw a y s s h o u l d b e a c ­
c o r d e d a s f u l l a s h a r o in t h r o u g h s h i p m e n t s a s is c o n s i s t e n t w i t h t h o g e n ­
e r a l in t e r s t s o f t h o s h i p p e r a n d t h e p u b l i c .
T h i s is t h e p o l i c y w h ic h t h o R a i l r o a d A d m i n i s t r a t i o n w il l p u r s u e t o w a r d
th eso ro a d s.
T h o y w il l n o t b e p u t a t a n u n f a i r o r r u in o u s d i s a d v a n t a g e .
T h o G o v e r n m e n t o w e s a r e c o g n iz e d o b lig a t io n t o t h o c o m m u n it ie s w h ic h
t h e y s e r v e , b u t i t Is n o t , i n m y j u d g m e n t w is e t o o b l ig e t h o G o v e r n m e n t t o
d e a l in t h e s a m o w a y w it h a ll o f th o r n r o g a r d le s s o f a v e r y g r o a t v a r i e t y
o f c ir c u m s t a n c e s w h ic h a f f e c t t h e i r f a c il i t i e s a n d t h e i r a d m i n i s t r a t i o n .
I
b e g t h a t t h e C o n g r e s s w ill l e a v e t h o G o v e r n m e n t f r e o t o e n t e r i n t o a r r a n g e ­
m e n t w it h t h e m w h ic h w ill in e a c h c a s e b o t o t h o i n t e r e s t a l lk o o f t h o r o a d
d e a l t w it h a n d o f t h e l o c a l p u b l i c .

The message was laid on tho table, and, it is stated, that
there probably will bo no further effort, for the present at
least, to legislate on the subject.

. July 13 1918.]
DEFERRED

D IV ID E N D

D E LA Y

IN

OF

R AILR O A D S

E X E C U T IO N

OF

NOT

D U E

TO

CONTRACTS.

In a statement issued on July 10 explaining that dividends
of tho Pennsylvania and Baltimore & Ohio Railroads had not
been deferred on account of delay in completing the form
of contract governing compensation to railroads under Fed­
eral control, Director-General of Railroads M cA do o stated
that pending tho execution of the contracts the Railroad
Administration is advancing funds to tho roads wherever
necessity is shown. Tho following is tho announcement:
U N IT E D

S T A T E S R A IL R O A D A D M IN IS T R A T IO N .
O f f i c e o f D ir e c t o r - G e n e r a l .

Washington, July 1 0 1 9 1 8 .
D i r e c t o r G e n e r a l M c A d o o t o - d a y a u t h o r i z e d t h o f o ll o w i n g :
I n s o m e i n e x p l a i n a b l e w a y a r e p o r t h a s g a in e d c ir c u l a t i o n t h a t t h e
P e n n s y lv a n ia R a il r o a d a n d t h o B a lt i m o r e & O h io R a i l r o a d h a v e d e f e r r e d
t h e ir r e g u la r d i v i d e n d s b e c a u s e o f t h o c o n t r a c t b e t w e e n t h o
G overn m en t
a n d t h e r a ilr o a d u n d e r F e d e r a l c o n t r o l h a s n o t b e e n s i g n e d .
T h e r e is n o
b a s is f o r t h is r e p o r t .
T h e P e n n s y lv a n ia R a il r o a d , f o ll o w i n g t h o la s t J u n o m e e t in g o f it s b o a r d
o f d i r e c t o r s , is s u e d t h e f o l l o w i n g s t a t e m e n t :
“ A t t h e c lo s e o f t h e r e g u la r m e e t in g o f t h o b o a r d o f d i r e c t o r s o f t h e
P e n n s y lv a n ia R a il r o a d C o m p a n y h e ld t o - d a y , t h o f o ll o w i n g a n n o u n c e m e n t
w as m ade:
“ ‘ I n v i e w o f t h e f a c t t h a t t h o b o a r d o f d i r e c t o r s h a s d e t e r m in e d n o t t o
a d jo u r n o v e r th e su m m e r m o n th s , a s h a s b e e n u su a l h e r e to fo r e , it w a s n o t
n e c e s s a r y t o d e c l a r e a t t h o m e e t in g h e l d t o - d a y a d i v i d e n d o n t h e s t o c k
p a y a b lo A u g . 3 1 .
T h e d e c l a r a t io n w a s d e f e r r e d u n t il t h o m e e t in g o f t h o
b o a r d t o b e h e ld in J u l y . ”
T h o B a lt i m o r e & O h io , a f t e r t h o J u n o m e e t in g o f it s b o a r d o f d i r e c t o r s ,
is s u e d t h e f o ll o w i n g :
“ T h o c iu c s t io n o f d i v i d e n d s w a s n o t g i v e n c o n s i d e r a t io n a t t h o b o a r d
m e e t in g o f t h o B a lt i m o r e & O h io R a il r o a d C o m p a n y , h e l d t o - d a y .
O r­
d i n a r i ly t h o m e e t in g s o f t h o b o a r d h a v o b e e n s u s p e n d e d d u r i n g t h o m o n t h s
o f J u l y a n d A u g u s t , a n d in v i e w o f t h is s u s p e n s io n a c t io n o n t h o d i v i d e n d s
h a s b e e n t a k e n a t t h o J u n e m e e t in g .
I n v i e w o f t h o p r e s e n t s i t u a t io n ,
h o w e v e r , it is a n t i c ip a t e d t h a t t h o m e e t in g o f t h o b o a r d w ill b o h e l d in
J u ly .”
T h o R a il r o a d A d m i n i s t r a t i o n , u p o n s h o w in g o f r e a s o n a b l e n e c e s s it y ,
is m a k i n g a d v a n c e s t o r a i lr o a d s o n a c c o u n t o f ju s t c o m p e n s a t i o n u n t i l
th o co n tra ct ca n b o a greed u p o n an d ex ecu ted .
I t is m y d e s ir o a n d p l a n
t o d o e v e r y r e a s o n a b le a n d j u s t t h i n g f o r r a i lr o a d s e c u r i t y h o l d e r s p e n d in g
th o e x e c u tio n o f th o c o n t r a c ts .

C R E A T IO N

OF

AG R IC U LT U R A L

R AILR O A D

SE C T IO N

OF

A D M IN IS T R A T IO N .

Announcement of the creation of an agricultural section
of the Railroad Administration, with J. L . Edwards as
M anager, was mado as follows by tho Railroad Administra­
tion on July 9:
U N IT E D S T A T E S R A IL R O A D A D M IN IS T R A T IO N .
W m . G . M c A d o o , D i r e c t o r - G e n e r a l o f R a il r o a d s .

Washington, July 9 , 1 9 1 8 .
O n J u l y 1 0 t h e r e w ill b e e s t a b lis h e d b y t h e D i v i s i o n o f T r a f f i c o f t h o
U n it e d S t a t e s R a il r o a d A d m i n i s t r a t i o n a d e p a r t m e n t t o b o k n o w n a s t h e
A g r i c u l t u r a l S e c t i o n , w h o s o p a r t i c u la r d u t y w ill b o t o l o o k a f t e r t h o r e la ­
t io n s b e t w e e n t h o r a ilr o a d s a n d t h o D e p a r t m e n t o f A g r i c u l t u r e in o r d e r
t o g i v e a ll p o s s i b lo a s s is t a n c e t o t h o g e n e r a l a g r i c u lt u r a l d e v e l o p m e n t o f
ou r cou n try .
M r . J . L . E d w a r d s , o f A t l a n t a , G a . , w h o h a s h a d l o n g e x p e r i e n c e in
a g r ic u lt u r a l d e v e l o p m e n t w o r k , h a s b e e n a p p o i n t e d m a n a g e r , a n d h is
f a m il i a r it y w it h t h e g e n e r a l a g r i c u lt u r a l c o n d i t i o n s e m in e n t ly f i t s h i m f o r
h is n o w d u t i e s .
I t is e x p e c t e d t h a t t h r o u g h t h o a s s ig n m e n t o f M r . E d w a r d s
t o t ills p a r t i c u la r w o r k t h o c n c o u r a g e m o n t a n d e x t e n s i o n o f a g r i c u lt u r e ,
e s p e c i a ll y t h r o u g h o u t t h o S o u t h a n d W e s t , w il l b o a c t i v e l y s t im u l a t e d In t h e
r e la t i o n o f t r a n s p o r t a t io n t o t h is m o s t i m p o r t a n t i n d u s t r y .

M ETHOD

OF

A C C O U N T IN G
R AILR O A D

FOR

BACK

P A Y

DUE

WORKERS.

The Railroad Administration, through its Division of
Public Service and Accounting, makes known as follows the
method of accounting back pay duo railroad workers under
tho now wage scale.
U. S. R A IL R O A D A D M IN IS T R A T IO N ,
D iv is io n o f P u b lic S e r v ic e a n d A c c o u n t in g ,

Washington, July 9 1 9 1 8 .
P . S . & A . C ir c u la r N o . 1 4 .
T h o a m o u n t s d u o e m p l o y e e s f o r b a c k p a y in a c c o r d a n c e w i t h G e n e r a l
O rd e r N o . 2 7 , issu e d b y t h o D ir e c t o r -G e n e r a l u n d e r d a t o o f M a y 2 5 , o r
s u p p l e m e n t s t h e r e t o , f o r t h o f i v e m o n t h s e n d e d M a y 3 1 1 9 1 8 s h a ll b o
a c c o u n t e d f o r in t h o f o l l o w i n g m a n n e r :
T h e e n t i r e a m o u n t o f s u c h b a c k p a y s h a l l , u n le s s p r e v i o u s l y t a k e n i n t o
t h o a c c o u n t s , b e in c lu d e d in t h o a c c o u n t s f o r t h o m o n t h o f J u n o 1 9 1 8 , a n d
s h a ll b o d i s t r i b u t e d a s f o l l o w s :
First. T l i c r o s h a ll b o d e t e r m in e d t h e a m o u n t c h a r g c a b l o t o a d d it i o n s
a n d b e t t e r m e n t s , a n d t h o a m o u n t t h e r e o f s h a ll b o d i s t r i b u t e d t o t h o a p p r o ­
p r ia te a c c o u n t s .
Second. T h e r e s h a ll b e d e t e r m in e d t h e a m o u n t s c o l l e c t i b l o f r o m i n d i­
v i d u a l s a n d c o m p a n i e s ( e x c e p t f o r u s o o f j o i n t f a c il i t i e s b y r o a d s u n d e r
F e d e r a l c o n t r o l ) a n d d e f i c i e n c y b i ll s s h a ll do r o n d o r e d t h e r e f o r .
Third. T h o a m o u n t r e p r e s e n t in g o p e r a t i n g e x p o n s o s s h a ll b o d i v i d e d
a m o n g a p p r o p r i a t e o p e r a t i n g e x p e n s e s u b p r i m a r y a c c o u n t s in d e t a i l b y
th o u s o o f o n e o f th o t w o fo llo w in g m e th o d s :
(a) B y d i s t r i b u t i n g t h o i n c r e a s e s s h o w n b y t h o s u p p l e m e n t a l p a y r o lls
f o r e a c h m o n t h o n t h e b a s is o f t h o d i s t r i b u t i o n o f t h o o r ig in a l r o ll f o r t h o
s a m o m o n t h , in c lu d in g in t e a c h p r i m a r y a c c o u n t t h o a m o u n t o f t h o p a y - r o l l
in c r e a s e p r o p e r l y a p p li c a b l e t h e r e t o .
f t (6 ) B y a g g r e g a t i n g t h o o p e r a t i n g e x p e n s o p a y - r o l l c h a r g e s f o r t h o f i v e
m o n t h s e n d e d M a y 31 1 9 1 8 , s e p a r a t e l y b y g e n e r a l a c c o u n t s , a n d a p p o r t i o n ­
i n g t h o w a g e in c r e a s e s a p p li c a b l e t o e a c h g e n e r a l o x p o n s o a c c o u n t a m o n g t h o
a p p r o p r i a t e p r i m a r y a c c o u n t s f o r t h a t p e r i o d o n t h o b a s is o f t h o d i s t r i b u ­
t io n d e t e r m in e d b y t h e f i v e m o n t h s ’ p a y - r o l l c o m p i l a t i o n .




149

THE CHRONICLE

I f d e f i c i e n c y b i ll s f o r in c r e a s e d p a y r e n d e r e d t o i n d i v id u a l s a n d c o m ­
p a n ie s c a n n o t b e c o l l e c t e d , t h e a m o u n t t h e r e o f s h a ll b e c h a r g e d t o a n
a c c o u n t s t y l e d “ b a c k - p a y b i ll s d u e f r o m i n d i v id u a l s a n d c o m p a n i e s u n ­
c o l l e c t i b l e , ” a n d t h o b a l a n c e t h e r e in s h a ll b e c h a r g e d t o t h o i n c o m e f r o m
F e d e ra l o p e r a tio n s .
I n t h o e v e n t t h a t i t is n o t p r a c t i c a l t o d e t e r m in e t h e a c t u a l f ig u r e s f o r
i n c lu s i o n i n 't h e a c c o u n t s f o r t h e m o n t h o f J u n e 1 9 1 8 , a n e s t im a t e o f t h e
a m o u n t c h a r g e a b l e t o t h e v a r i o u s o p e r a t i n g e x p e n s e a c c o u n t s s h a ll b e
m a d o a n d i n c lu d e d in t h o a c c o u n t s a n d in t h e s t a t e m e n t o f o p e r a t i n g e x ­
p en ses fo r th a t m o n th .
S u b s e q u e n tly , w h en th e a c tu a l a m o u n ts are
d e t e r m in e d , a d j u s t m e n t s h a ll b e m a d e t o t h e c o r r e c t f ig u r e s in t h e a c c o u n t s
o f t h e m o n t h in w h ic h t h e a c t u a l f i g u r e s a r e d e t e r m in e d .
C l a s s I c a r r ie r s , in r e n d e r in g t h e m o n t h l y i n c o m o a c c o u n t s t a t e m e n t f o r
J u n o 1 9 1 8 s h a ll a t t a c h t h e r e t o a s t a t e m e n t s h o w in g t h e a m o u n t o f b a c k p a y
f o r t h e m o n t h s o f J a n u a r y t o M a y 1 9 1 8 , i n c lu s i v e , i n c lu d e d in e a c h o f t h e
g e n e ra l o p e r a tin g a c c o u n t s e n u m e r a te d o n th e m o n t h ly in c o m e a c c o u n t
sta tem en t.
C . A . P R O U T Y . Director.

R EG U LA TIO N S
R AILR O A D

G O VER N IN G

R EVEN U ES FROM

A P P O R T IO N M E N T
T IC K E T

SALES,

OF
& c.

The Railroad Administration has made public as follows
the rules and regulations which will govern the apportion­
ment of revenues from tho sale of tickets, collection of excess
baggage revenues and other revenues from inter-line passen­
ger service:
U N IT E D S T A T E S R A IL R O A D A D M IN IS T R A T IO N ,
O ff ic e o f D ir e c t o r -G e n e r a l.

Washington, June 2 9 1 9 1 8 .
General Order N o. 3 2 .
E f f e c t i v e w it h t h o s e t t le m e n t o f i n t e r - l in e p a s s e n g e r a c c o u n t s f o r t h e
m o n t h o f J u n o 1918 a n d th e r e a fte r , d u r in g t h e p e r io d o f F e d e ra l c o n t r o l,
t h o f o l l o w i n g r u le s a n d r e g u l a t io n s s h a ll g o v e r n t h e a p p o r t i o n m e n t o f
r e v e n u e s f r o m t h o s a le o f t i c k e t s , c o l l e c t i o n o f e x c e s s b a g g a g e r e v e n u e s
a n d o t h e r a n a lo g o u s r e v e n u e s d e r i v e d f r o m i n t e r - l i n o p a s s e n g e r s e r v ic e
b y o n e r o a d u n d e r F e d e ra l c o n t r o l t o o th e r r o a d s u n d e r s u c h c o n t r o l:
(1 ) I n t e r - l i n e p a s s e n g e r r e v e n u e s h a ll b o a p p o r t i o n e d t o i n t e r e s t e d c a r r ie r s
u n d e r F e d e r a l c o n t r o l b y t h o i n it ia l c a r r ie r o n b a s e s o f m il e a g e a p p l y i n g
v i a r o u t e o v e r w h ic h t h o s e r v ic e is p e r f o r m e d .
(2 ) E a c h s e llin g c a r r ie r s h a ll d e t e r m in e m o n t h l y :
(a ) T h o t o t a l p a s s e n g e r s c a r r ie d 1 m il e s e p a r a t e l y f o r e a c h c a r r ie r o v e r
w h o s e l in e t ic k e t s a r e s o l d .
( b ) T h o t o t a l r e v e n u e a p p li c a b l e t o t h o t o t a l p a s s e n g e r s c a r r ie d 1 m il e ,
a s d e t e r m in e d b y ( a ) .
( c ) T h o a v e r a g e r e v e n u e p e r p a s s e n g e r p e r m il e b y d i v i d i n g t h e t o t a l
r e v e n u e ( b ) b y t h o t o t a l p a s s e n g e r s c a r r ie d 1 m il e ( a ) ; s u c h a v e r a g e t o b e
e x te n d e d t o f o u r p o in ts b e y o n d th o d e c im a l.
( d ) T h o r e v e n u e a c c r u in g t o e a c h c a r r ie r b y m u l t i p l y i n g t h o p a s s e n g e r s
c a r r ie d 1 m il e f o r e a c h c a r r ie r (a ) b y t h o a v e r a g e r e v e n u e p e r p a s s e n g e r
p e r m il e ( c ) .
(3 ) T h e r e v e n u e s d e r i v e d f r o m t h e v a r i o u s c la s s e s o f t r a f f i c , s u c h a s
m il e a g e a n d s c r ip e x c h a n g o p a s s a g e t i c k e t s , e x c e s s t r a in f a r e t ic k e t s o r
c o u p o n s , & c . , w h ic h a r e b a s e d u p o n r a t e s o t h e r t h a n t h r e e (3 ) c e n t s p e r
m il o , s h a ll b e e l im i n a t e d f r o m t h o r e g u la r s a le s a n d a p p o r t i o n e d s e p a r a t e l y
o n t h e p a s s e n g e r - c a r r io d - o n e - m il e b a s i s .
T h is s h o u l d a l s o b e d o n e in t h e
c a s e o f s p e c i a l e x c u r s io n , m il i t a r y o r o t h e r t r a f f i c in t e r c h a n g e d b e t w e e n
t w o o r m o r e c a r r ie r s w h e r e , i f i n c lu d e d , i t w o u l d s e r v e t o d i s t o r t t h o a v e r a g e
r e v e n u e p e r p a s s e n g e r p e r m il e t h a t w o u l d o b t a i n f o r o t h e r c a r r ie r s i n t e r ­
e s t e d i n t h o d i s t r i b u t i o n o f t h e e n t i r e s a le s .
(4 ) E x c e s s b a g g a g e r e v e n u e s h a ll b e d i v i d e d o n t h o s a m e g e n e r a l b a s i s .
(5 ) A c a r r ie r w h ic h , o n a n d a f t e r J u n o 10 1 9 1 8 , m a y h a v e a s t a n d a r d
r a t e o f f a r o in e x c e s s o f t h r e e (3 ) c e n t s p e r m il e s h a ll b o a l lo w e d , in t h e
a p p o r t i o n m e n t o f r e v o n u o o n i n t e r - l in e t i c k e t s , a c o n s t r u c t i v e m ile a g e ; s u c h
c o n s t r u c t i v e m il e a g e s h a ll b e b a s e d o n t h e r a t i o t h a t t h o o x c e s s r a t e b e a r s
t o t h e s t a n d a r d r a t e o f t h r e e (3 ) c e n t s p e r m i l e .
C a r r ie r s s h o u l d n o t c la im
c o n s t r u c t i v e m il e a g e w h e n f a r e s t o b e d i v i d e d a r e n o t m a d o a c o m b i n a t i o n
o f t h e l o c a l f a r e s b a s e d o n t h e h i g h e r r a t e p e r m il o .
R e v e n u e d e r iv e d fr o m
s u c h t r a f f i c s h o u l d b o a p p o r t i o n e d a s p r o v i d e d in p a r a g r a p h 3 .
(6 ) T h e s e llin g c a r r ie r s h a ll b e h e l d r e s p o n s i b le f o r t h e c o r r e c t n e s s o f
r a t e s a n d t h e c o l l e c t i o n o f t h o p r o p e r r e v e n u e s d e r i v e d t h e r e fr o m .
(7 ) T h e in it ia l o r r e p o r t in g c a r r ie r s h a ll b e h e ld r e s p o n s ib le f o r t h e
p r o m p t a n d p r o p e r r e p o r t in g a n d d i s t r i b u t i o n o f in t e r lin e r e v e n u e s c o l l e c t e d
b y It in t h o m a n n e r h e r e in p r e s c r ib e d .
C la im s s h o u ld b e m a d e fo r u n re ­
p o r t e d tic k e t s .
C la im s f o r s u b s t a n t ia l e r r o r s in a p p o r t i o n m e n t , d u e t o
t h o u s o o f e r r o n e o u s m ile a g e o r e r r o n e o u s a v e r a g e r e v e n u e p e r p a s s e n g e r
p e r m il e , s h a ll, i f c o r r e c t , b o a c c e p t e d a n d a d j u s t e d in r e p o r t s f o r t h e
su bsequ en t m on th .
C la im s f o r a r i t h m e t i c a l e r r o r s , s u c h a s e r r o r s in
c a l c u l a t i o n , a d d i t i o n , & c . , w h i c h a f f e c t a s in g le c a r r ie r ’s p r o p o r t i o n t o
t h o e x t e n t o f S 5 in a n y o n e i t e m , s h a ll lik e w is e b e m a d e , a n d i f c o r r e c t ,
a d j u s t e d ; n o a d j u s t m e n t s s h a ll b e m a d e f o r s u c h e r r o r s u n d e r S 5 .
(8 ) L a n d - g r a n t r e v e n u e s a n d r e v e n u e s a f f e c t e d b y la n d - g r a n t e q u a li z a ­
t io n s s h a l l , u n t il o t h e r w is e o r d e r e d , b e r e p o r t e d a n d a p p o r t i o n e d s e p a r a t e l y
o n b a s e s h e r e t o fo r e a p p li c a b l e .
(9 ) A r b i t r a r ie s o n a c c o u n t o f w a t e r t r a n s f e r s , b r i d g e t o ll s , o m n i b u s
a n d b a g g a g e t r a n s fe r s , a n d o t h e r s im ila r a r b it r a r ie s h e r e t o f o r e c o n s i d e r e d
in t h o d i v i s i o n o f i n t e r lin e f a r e s , s h a ll b e a l lo w e d t o t h e c a r r ie r t o w h ic h
s u c h a rb itra rie s a c c r u e .
P r o p o r t i o n s a c c r u in g t o c a r r ie r s n o t u n d e r F e d e r a l
c o n t r o l , in c lu d in g b o a t a n d s t a g e lin e s , & c . , s h a ll a l s o b e d e t e r m in e d a n d
a l lo w e d o n r e g u la r b a s e s h e r e t o f o r e in e f f e c t , a n d r e p o r t e d d i r e c t t o s u c h
lin e s ; s u c h a r b it r a r ie s a n d p r o p o r t i o n s s h a ll b e d e d u c t e d f r o m t h e g r o s s
r e v e n u e a n d t h e r e m a in d e r s h a ll b e u s e d in e s t a b lis h in g t h o a v e r a g e r e v e n u e
p e r p a s s e n g e r p e r m ilo f o r a p p o r t i o n m e n t o f r e v e n u e s t o c a r r ie r s u n d e r
F e d e ra l c o n t r o l.
(1 0 )
I n t e r lin e p a s s e n g e r r e v e n u e s s h a ll b o r e p o r t e d t o i n t e r e s t e d c a r r ie r s
in s u c h m a n n e r a n d o n s u c h f o r m s a s m a y b e p r e s c r ib e d b y t h e D i r e c t o r
o f P u b l i c S e r v ic e a n d A c c o u n t i n g , in i n s t r u c t i o n s t o b o is s u e d b y h i m ,
w h ic h i n s t r u c t i o n s s h a ll b e c o m p l i e d w it h .
F o r th e p re se n t, th o sta n d a rd
a s s o c ia t i o n f o r m o f b l a n k s m a y b e u s e d .
(1 1 ) T h e m e t h o d s h e r e in p r e s c r ib e d f o r a p p o r t i o n i n g i n t e r lin e p a s s e n g e r
r e v e n u e s s h o u ld b e e x t e n d e d t o c a r r ie r s n o t u n d e r F e d e r a l c o n t r o l a s f a r
a s p r a c t ic a b le ; t h e r e fo r e , s h o u l d c a r r ie r s n o t u n d e r s u c h c o n t r o l d e s ir e t o
a v a i l t h e m s e lv e s o f t h e s i m p li fi e d b a s e s f o r a p p o r t i o n i n g in t e r lin e p a s s e n g e r
r e v e n u e s , a s h e r e in p r e s c r ib e d , in c o n j u n c t i o n w it h c a r r ie r s u n d e r s u c h
c o n t r o l , a r r a n g e m e n t s m a y b e m a d e b e t w e e n s u c h i n t e r e s t e d c a r r ie r s fo r
t h e e x te n s io n o f s u c h m e th o d s .
IV . G . M c A D O O ,

General-Manager of Railroads.

150
SE R IO U S
B Y

UNREST

IN

M IL IT A R Y

SOUTH
A N D

A F R IC A

PO LIC E

D EALT

W IT H

M EASURES.

A statement indicating the existence of serious unrest in
South Africa has been issued by Premier Botha of the Union
of South Africa. The Premier announces that had not
prompt and effective military and police measures been
taken the situation would have culminated in grave dis­
turbances and probably serious loss of life. His statement,
as contained in newspaper dispatches from Pretoria on
July 5, follows:
A s P r i m e M i n i s t e r o f t h e U n io n , I f e e l i t t o b e m y d u t y t o p l a c e b e f o r e
t h e p e o p l e a s t a t e o f a f f a i r s in o u r U n io n o f w h i c h e v e r y o n e s h o u l d k n o w .
T h e p e o p l e m u s t b e a w a r e o f t h e s t a t e o f t e n s i o n n o w p r e v a i l in g — a t e n s io n
n e c e s s a r il y f o l l o w i n g o n t h e p o l i t i c a l a c t i v i t i e s o f t h e v a r i o u s p o l it i c a l
o r g a n i z a t io n s .
B u t o t h e r a g e n cie s h a v e f o r s o m e tim e b e e n a t w o r k t o
b r in g a b o u t t r o u b le .
I n v i e w o f t h e d i s t u r b e d p o l i t i c a l a n d in d u s t r ia l s i t u a t io n o f t h e c o u n t r y ,
I t h e r e f o r e d e s i r e t o i n f o r m t h e p e o p l e t h e r e is g o o d r e a s o n f o r s u s p e c t in g
t h a t e n e m y a g e n c i e s a r o a t w o r k in t h is c o u n t r y , a n d t h a t t h e y a r e s t ir r in g
u p s t r ife , n o t o n ly a m o n g E u ro p e a n s , b u t a ls o a m o n g th e n a t iv e s , a n d n o
m e a n s o r m e t h o d s a r o d e e m e d t o o d e s p ic a b le s o lo n g as th e y c a n a tta in
t h e ir o b je c t .
W h i l o i t is n o t d e s i r a b l e in t h e p u b l i c i n t e r e s t t o p u b li s h t h e e v e n t s
w h i c h in t h e l a s t f e w d a y s h a v e n e c e s s it a t e d p r o m p t a n d e f f e c t i v e m il i t a r y
a n d p o lic e m e a s u re s , a n d w h ic h , h a d s u c h m e a s u re s n o t b e e n ta k e n , w o u ld
h a v e c u l m i n a t e d in g r a v e d i s t u r b a n c e s a n d p r o b a b l y a s e r io u s lo s s o f l if e ,
I m a y s t a t e t h a t th o G o v e r n m e n t h a d in fo r m a t io n p o in t in g t o th o e x is te n ce
o f a m o v e m e n t h a v in g f o r its o b j e c t th e s u b v e r s io n o f t h e C o n s tit u t io n b y
m e t h o d s o f v io le n c e .
I a m c o n v i n c e d t h a t S o u t h A f r i c a is n o m o r e l i k e l y t o b e I m m u n e f r o m
in s id io u s a t t e n t i o n s o f e n e m y a g e n t s t h a n a r e o t h e r d o m i n io n s o f t h e c o u n ­
t r ie s o f t h e A l l i e d o r n e u t r a l P o w e r s .
T h o re s u lts o f th e a c t iv it ie s o f s u ch
i n s t r u m e n t s o f t h e e n e m y h a v e f r o m t i m e t o t i m e b e c o m e c le a r l y a p p a r e n t ,
a n d t h e c i r c u m s t a n c e s a t t e n d i n g t h e d i s t u r b a n c e s in I r e la n d in 1 9 1 6 p r e ­
s e n te d s o v e r a l fe a tu r e s w h ic h w e re t o b e o b s e r v e d in th e m o v e m e n t o n f o o t
in S o u t h A f r i c a .
T h o p e o p le o f S o u th A fr ic a a ro n o s tra n g e rs t o t r o u b le a n d d iffic u lt ie s ,
w h ic h t h e y h a v e o f t e n o v e r c o m e b y r e v o lu t io n a n d s e lf-c o n t r o l, a n d th o
G o v e r n m e n t m a k e s t h i s s t a t e m e n t in o r d e r t h a t a ll o r d e r l y , p e a c e - l o v i n g
c i t i z e n s m a y b o w a r n e d t h a t m is c h i e v o u s e le m e n t s a r e a t w o r k a m o n g t h e m
a n d t h a t i t is t h e i r d u t y n e i t h e r t o c o u n t e n a n c e n o r e n c o u r a g e , e v e n i n ­
d i r e c t l y , s u c h a t t e m p t s a t m is c h i e f .
I h a v o b e e n g r a t i f i e d t o s e e t h a t a p p e a ls h a v e b e e n m a d e b y t h e le a d e r s
o f p o l i t i c a l a n d i n d u s t r ia l o r g a n i z a t io n s t o t h e i r s u p p o r t e r s t o a b s t a in f r o m
v io lo n c o .
T h e s o s h o u l d a s s is t t h e c o u n t r y a n d t h e p e o p l e t o w it h s t a n d
t h e a t t e m p t s t o c r e a t e d is o r d e r .
A s t h e P r i m e M i n i s t e r o f t h o U n io n I w is h in t h o m o s t e a r n e s t a n d e m ­
p h a t i c m a n n e r t o a d d m y a p p e a l t o e a c h a n d e v e r y o n o , f r o m t h e h ig h e s t
t o th o lo w e s t , o f w h a t e v e r p o lit ic a l p e rs u a s io n h e m a y b e o r t o w h a to v o r
i n d u s t r ia l o r g a n i z a t io n h e m a y b e l o n g , t o r e g a r d t h is m a t t e r a s o f t h e u t m o s t
i m p o r t a n c e t o h i m s e l f a n d t o t h e c o u n t r y a n d t o b e c o n t i n u a l l y o n h is g u a r d
a g a i n s t t h is d e m o n o f i n t r i g u e a n d t o u s o h is u t m o s t e n d e a v o r s t o c u r b
t h e p a s s io n s o f t h o s e w h o t h i n k s o m e t h in g is t o b e g a i n e d b y s o w i n g d i s ­
c o r d a n d s t r lf o .
W h i l e t h e A d m i n i s t r a t i o n o f t h e c o u n t r y is c o m m i t t e d t o m y G o v e r n ­
m e n t i t is d e t e r m in e d t o t a k e a ll n e c e s s a r y m e a s u r e s t o c o u n t e r a c t t h e s o
I n t r ig u e s , a n d I f e e l c o n f i d e n t t h a t i n t h i s t a s k i t w il l h a v e t h e a s s is t a n c e
a n d s u p p o r t o f a ll g o o d c it i z e n s .

From Johannesburg on July 7 a dispatch said:
T h e fir s t a n n o u n c e m e n t w a s m a d e t o -d a y o f c o n c r e te a c t io n ta k e n b y
t h o G o v e r n m e n t s i n c e t h e c r is is o f l a s t w e e k , w h e n t h o f a c t w a s p u b lis h e d
th a t th ree m en h a d b een a rrested .
T h o p r i s o n e r s a r e S . P . B u n t in g , e x ­
P r o v i n c i a l C o u n c i l l o r ; S . I l a n s c o m b , d e s c r ib e d a s a b u t c h e r , w h o a r r iv e d
f r o m A m e r i c a s i x m o n t h s a g o , a n d a t h i r d m a n o f w h o m l i t t l e is k n o w n .
I t is a l le g e d t h e m e n a r e i n t e r n a t io n a l S o c i a l is t s .
S e a r c h e s h a v e b e e n m a d e o f t h e o f f i c e s , w o r k s h o p s a n d C d w e llin g s o f t h e
accu sed.
T h e u tm o st secrecy has been p reserved .

G E R M A N Y REPORTED A S H A V IN G N O IN T E N T IO N OF
U N D E R T A K IN G

C A M P A IG N

IN

IN D IA .

' Germ any’s Foreign Secretary, Von Kuehlmann, accord­
ing to an Amsterdam dispatch of July 6, told a questioner in
the Reichstag that the German Government had no inten­
tion of undertaking a campaign in India. The dispatch
quotes him as saying:
“ A s r e g a r d s a c a m p a i g n in t h e d i r e c t i o n o f I n d i a , I r o g r o t t o h a v e t o t e ll
t h e in q u i r e r t h a t , b r i l l i a n t a s a r e t h e p r o s p e c t s w h ic h h e t h in k s m ig h t b e
o p e n e d u p fo r o u r f o o d s u p p ly , a n In d ia n c a m p a ig n fo rm s n o p a r t o f o u r
o f f i c i a l ^ p o li c y . "
■
. S&iM

__The Foreign Secretary’s .remarks'are said to havo been
greeted with laughter.
D E A TH

[Vol. 107

THE CHRONICLE

OF

T U R K ISH

SU LTAN — N E W

SU LTAN

PRO­

C L A IM E D .

Following the death on July 3 of Mohammed V , Sultan of
Turkey, Moham m ed V I was proclaimed Sultan in the throneroom of the T op Kahu Palace on July 5, according to a Con­
stantinople dispatch received at Amsterdam on July 6. A
London dispatch of July 5 said:
R e p o rts h a v e rea ch ed L o n d o n fro m D u tch sou rcos th a t th o d e a th o f th o
S u l t a n o f T u r k e y , M o h a m m e d V , w h ic h o c c u r r e d W e d n e s d a y n i g h t , w a s
n o t d u e t o n a tu ra l c a u s e s , a n d p r e s u m a b ly w a s p a r t o f a r e v o lu t io n a r y
m o v e m e n t In t h e O t t o m a n E m p i r e .

Mohammed V , who was born in Constantinople N o v . 3
1845, ascended the throne b y a coup d ’etat on April 27 1909,
after having been held a prisoner for thirty-three years by
his brother, Sultan A bdul I I , in the royal palace and gardens
in Constantinople. A bdu l I I intended that his own son,
Prince Burhan Edine, should succeed him. Tho plan was




thwarted, however, when Parliament deposed A bd u l and
placed his prisoner brother, M oham m ed Reschad Effendi,
on the throne as Moham m ed V .
U . S. S. C O V IN G T O N

TORPEDOED

A N D

SU N K .

Announcement that the U . S. Steamer Covington had been
torpedoed and sunk on the night of July 1 was made at
Washington on July 5. The Covington was attacked in the
w ar zone on her w ay to the United States after having
landed several thousand soldiers in France. Those on board
the vessel when she was torpedoed were its officers and crew.
The statement issued b y the Committee on Public Instruc­
tion on July 5 said:
T h e N a v y D e p a r t m e n t h a s r e c e i v e d d i s p a t c h e s f r o m V i c e - A d m i r a l S im s
s t a t in g t h a t th o U . S . S . C o v in g t o n w a s s t r u c k b y a t o r p e d o o n th o n ig h t o f
J u l y 1 a t 9 :1 7 o ’ c l o c k .
T h e t o r p e d o s t r u c k ju s t fo rw a r d o f th o e n g in e r o o m
b u lk h e a d a n d th o e n g in e r o o m a n d fir e r o o m w e re r a p id ly f lo o d e d .
W i t h i t s m o t o r p o w e r g o n e t h e v e s s e l w a s h e lp le s s a n d . f a c i n g t h o p o s s i ­
b i l i t y o f t h o t o r p e d o i n g o f a n o t h e r s h i p in t h o c o n v o y , t h o C o v i n g t o n w a s
t e m p o r a r i l y a b a n d o n e d . T h i s w a s d o n e in e x c e l le n t o r d e r a n d t h o o f f i c e r s
a n d cre w ta k e n o n b o a rd a d e s tro y e r.
T h o s u b m a r in e w a s n o t s e e n .
A t d a y b re a k th e c a p ta in , se v e ra l o ffic e r s a n d a n u m b e r o f m e m b e rs o f
th e c r e w re tu r n e d t o s u p e r v is e s a lv a g in g o p e r a tio n s .
A n o th e r vessel a n d
t w o t u g s t o o k t h o C o v i n g t o n in t o w , in t h e e f f o r t t o g e t h e r t o j> o r t, b u t s h e
w as to o b a d ly d a m a g e d t o k eep a flo a t a n d sa n k .
A l l t h e o f f i c e r s a n d c r e w e x c e p t s ix w e r e t a k e n t o a F r e n c h p o r t , n o n e o f
t h o s e l a n d e d b e i n g s e r io u s l y i n ju r e d .
S ix m e n o f t h o c r e w , a t l a s t a c c o u n t s ,
w e r e s t il l m is s i n g .
T h e C o v i n g t o n w a s o n e o f t h e G e r m a n s h i p s t a k e n o v e r b y t h is G o v e r n ­
m e n t a n d w a s f o r m e r l y t h o C i n c i n n a t i , h a v i n g b e e n r e -n a m e d w h e n s h e
w a s p u t i n t o t h e U n it e d S t a t e s s e r v i c e .
S h e w a s 60 8 fe e t lo n g , 65 fe e t _
b e a m ; g r o s s t o n n a g e , 1 6 ,3 3 9 ,.
S he w as u sed as a tra n sp ort, b u t h a d n o
a rm y p erson n el o r p assen gers a b o a rd w h en sh e w a s to r p e d o e d .
V e s s e ls h a v o b e e n s e a r c h i n g f o r t h e m is s in g m e n , a n d t h o N a v y D e p a r t ­
m e n t a w a i t e d t h o r e p o r t o f t h e n a m e s o f t h o s e m is s i n g , w h i c h w a s n o t r e ­
c e i v e d u n t i l t o - d a y , b e f o r e a n n o u n c in g t h e s i n k i n g o f t h o s h i p .

A IR P L A N E

M A IL

S E R V IC E

IN

S P A IN .

Cable advices from M adrid July 9 (Associated Press) have
the following to say regarding an airplane mail service in
Spain:
E s t a b li s h m e n t o f a n a ir p la n e s e r v ic e b e t w e e n M a d r i d , B a r c e l o n a a n d t h o
B a le a r i c I s la n d s is p r o p o s e d b y a n e w ly f o r m e d c o m p a n y w h i c h h a s m a d e
a p p li c a t io n f o r o f f i c i a l a u t h o r i z a t io n t o t h e M i n i s t r y o f P u b l i c W o r k s .
T h o c o m p a n y w o u ld f ir s t s t a r t a m a ll s e r v ic e , a n d o v o n t u a l l y w o u l d c a r r y
passon gers.
O n o t r ip f r o m M a d r i d t o t h o is la n d s w o u l d c o n s u m e f o u r
h ou rs.
T h e c o m p a n y , a c c o r d in g t o a n a n n o u n c e m e n t b y t h o M i n i s t r y o f
P u b l i c W o r k s , p r o p o s e s a l s o t o e s t a b lis h o t h e r a i r p la n o r o u t e s b e t w e e n
M a d r i d a n d p o i n t s in t h e n o r t h o f S p a in .
I t a s k s n o s u b s i d y , b u t m e r e ly
w a n t s l a n d i n g p l a c e s a n d t h e r ig h t t o p u t s t a m p s o n t h o m a il c a r r ie d .

A IR

M A IL

BETW EEN

V IE N N A

A N D

BUDAPEST.

The following copyrighted cable from The Hague, July 3,
appeared in the N e w York “ Times” of July 4:
T h e “ P e s t e r L l o y d " p u b lis h e s a n i n t e r v ie w w it h t h e H u n g a r ia n M in i s t e r
o f C o m m e r c e r e s p e c t in g t h e n o w p o s t a l a ir s e r v i c e b e t w e e n B u d a p e s t a n d
V ie n n a , w h ic h sta rts T h u r s d a y :
T h o M i n i s t e r s a id t h a t t h o d i f f i c u lt i e s o f d e l iv e r i n g t o le g r a m s in B u d a p e s t
h a d c o m p e l l e d h im t o r e s t r ic t t h e t r a f f i c .
T h is h a d c a u s e d g r a v e in c o n ­
v e n i e n c e b y t h e p r a c t ic a l a b o l i t i o n o f t h o t e le g r a p h p o s t in V i e n n a .
T h is
i n c o n v e n i e n c e t o B u d a p e s t a n d H u n g a r y g e n e r a l l y w a s s t ill w o r s e .
He
t h e r e fo r e u n d e r t o o k t o e s t a b lis h a p o s t a l a ir s e r v ic o b e t w e e n B u d a p e s t a n d
V ie n n a w h ic h w o u ld b e t h e f ir s t c i v i l p o s t a l a ir s e r v ic o b e t w e e n t h e s o c it i e s .
T h e d i s p a t c h o f m a il f r o m B u d a p e s t is s t a r t e d b e t w e o n 4 a n d 5 p . m .
T h e r e t u r n d i s p a t c h f r o m V i o n n a b e g in s t h e n o x t m o r n in g , t h o a r r iv a l
t a k i n g p l a c e b e t w e e n 7 a n d 8 a . m . in B u d a p o s t .
T h o m a ils w ill b e c o n ­
v o y e d f r o m t h e p l a c o o f a r r iv a l t o t h e g e n e r a l p o s t o f f i c e b y m o t o r c a r .
S p e c ia l s t a m p s a r o t o b e Is s u e d f o r t h is s e r v ic e .
T h o sta m p s sh ow th e
P a r l i a m e n t b u i l d in g s a n d b e a r a n i n s c r i p t i o n .
B e s id e s t h is s e r v ic e t h e r e w ill b o e s t a b l is h e d w it h i n s ix w e e k s a n e w a i r
p o s t a l lin e i n H u n g a r y .
T h e r e is a l r e a d y s u c h a lin o b e t w e o n V i o n n a .
L e m b o r g a n d K ie v .
T h e M i n i s t e r , t h e r e fo r e , h a s s u g g e s t e d w it h a v i o w t o e q u a li t y , a s im ila r
s e r v ic e b e tw e e n B u d a p e s t a n d O d e s s a .
T h i s s e r v ic o w ill b o e s t a b l is h e d f o r
t it e lin e f r o m B u d a p o s t t o A r a d a n d K o l o s z v a r .

GERM AN

V IC E -A D M IR A L

VON

CAPELLE

ON

U -B O A T

IN C R E A SE S.

A n assertion that U -boat lossos have been exaggerated by
the Allies was made by tho Minister of the Gorman N a v y ,
Vice-Admiral von Capelle, in the debate on tho third reading
of the naval estimates in the Reichstag, in which ho also
stated that tho German submarines aro increasing both in
number and quality. According to an Amsterdam dispatch
of July 7, von Capelle’s statement was made in response to
a reference by a Deputy of the Centre to the assertion of tho
French Under-Secretary of the N a v y that two-thirds of the
German U-boats had beon sunk whilo twice tho number that
Germany was able to build were boing destroyed. Adm iral
von Capelle is quoted as saying:
T h o s e f ig u r e s a r o i n c o r r e c t , a s is a l s o t h o r o c o n t s t a t e m e n t b y t h o B r i t is h
M i n i s t e r o f M a r i n o t h a t s i n c e J a n u a r y la s t t h o n u m b e r s u n k o x c o e d o d n o w
co n s tr u c tio n .
T h o fa c ts a ro q u ite th o r o v o rs o .
A ll r e p o r t s a b o u t U - b o a t
lo s se s s p r e a d b y th e e n e m y a ro e x a g g e r a te d .
A s fa r as th o n u m b e r a n d
q u a l i t y o f o u r U - b o a t s a r o c o n c e r n e d o u t w e a p o n is i n c r e a s in g in s t r e n g t h .
M a n y o f y o u g e n tle m e n r e c e n t ly a tto n d e d a le c t u r e b y o n o o f o u r s u b ­
m a r in e c o m m a n d e r s w h o h a d J u st r e t u r n e d f r o m t h o b a r r e d z o n o .
He
d e s c r ib e d in d e t a i l a ll t h e d e f e n s i v e m e a s u r e s w h ic h o u r o n o m io s e m p l o y
a g a in s t t h o U - b o a t .
H is u t t e r e n c e s t h a t o u r s p l e n d i d U - b o a t c r o w s h a v o

151

THE CHRONICLE

July 13 1918.]

s t o o d t h o i r g r o u n d h i t h e r t o a g a i n s t a ll t h e s e m e a s u r e s , a n d I h a v e e v e r y
r e a s o n t o b e l i e v e t h e y w il l c o n t i n u e t o d o s o in t h e f u t u r e .
.
O f f i c i a l p u b l i c a t i o n s b y t h o A d m i r a l t y s t a f f a r o t h e m o s t r e li a b l o b a s e s f o r
ju d g in g t h o m ilit a r y re s u lts o f th o s u b m a r in e w a r .
A b o u t 1 8 ,0 0 0 ,0 0 0 t o n s ,
w h ic h w e r e a t t h e d i s p o s a l o f t h o e n e m y , a l r o a d y h a v e b e e n d e s t r o y e d a n d
t h o s i n k i n g o f a n a v e r a g e o f f i v e b i g v e s s e ls is s t il l r e p o r t e d d a i l y . T h i s is
a g u a r a n t e e t h a t t h o e f f i c a c y o f t h o s u b m a r i n e w a r r e m a in s u n a lt e r e d .

Von Capelle then, it is said, cited the statement by Vice­
Adm iral Sims in London on M a y 8 that tho ascending curve
of ship construction, within about a fortnight, would cut the
descending curve of submarine sinkings so that the Allied
Powers would be able fully to replace their losses. Continu­
ing, Admital Von Capelle said:
A l m o s t s i m u lt a n e o u s l y E d w a r d A . F i l e n e , P r e s i d e n t o f t h o S h i p p i n g
C o m m i t t e e o f t h e U n it e d S t a t e s C h a m b e r o f C o m m e r c o , s a i d : “ T h o s p r i n g
o f 1 9 1 9 w i l l h a v o a r r iv e d b e f o r e o u r c u r v e o f s h i p p i n g c o n s t r u c t i o n c u t s t h o
c u r v e o f U -b o a t s in k in g s .
A l l s t a t e m e n t s p u b li s h e d in n e w s p a p e r s a b o u t a
d e c r e a s e in s in k in g s a r o b a s e d o n h o p e s a n d d r e a m s .
T h is s o u n d s q u it e d iffe r e n t , a lth o u g h F ile n e , as a n A m e r ic a n , c e r ta in ly
w o u ld n o t s a y t o o lit t le .
I h o p e t h a t n e x t s p r i n g , i f t h o w a r c o n t in u e s
t h e n , h is h o p e s w il l p r o v e t o b e i n c o r r e c t .
W h a t , t h e n , is t h o p r e s e n t
p o s it io n ?
F o u r t o f i v o b i g v e s s e ls w i t h v a l u a b l e c a r g o e s o f m a t e r ia l f o r
t r o o p s , r a w m a t e r ia l s , a n d f o o d s t u f f s a r o s u n k d a i l y f o r w h ic h a n a p p r o x i ­
m a t e s i m i l a r c o m p e n s a t i p n in n o w c o n s t r u c t i o n c a n n o t b o p r o d u c e d w it h i n
a m e a s u ra b le t im e .
T h e r e is , th e r e fo r e , a c o n t in u a lly d e c r e a s in g a m o u n t
o f t o n n a g e a t t h e d i s p o s a l o f o u r e n e m ie s .
T h i s c o n t i n u a l d e c r e a s e is c o n f r o n t e d b y c o n t i n u a l l y in c r e a s in g r e q u i r e ­
m en ts.
W .it h e v e r y A m e r i c a n s o l d ie r w h o s t e p s o n E u r o p e a n s o i l t h e
d e m a n d f o r t o n n a g o in c r e a s e s b y a b o u t s ix g r o s s r e g i s t e r t o n s .
T h i s is t h e
m a in p o in t .
T h o d e m a n d in cre a s e s p e r m a n e n tly b y a b o u t th r e e g ro s s
r e g i s t e r t o n s p e r h e a d t o s u p p l y t h o m e n w it h a ll t h a t is n e c e s s a r y .
T h o e n e m y p r e s s h a s s p r e a d t h e r e p o r t e v e r y w h o r e t h a t t h e s u b m a r i n e is
n o l o n g e r e f f e c t i v e a n d , t o r e p e a t L l o y d G e o r g o , is n o w n o l o n g e r a d a n g e r ,
b u t o n ly a n u is a n c e .
W o s h o u l d n o t a l lo w o u r s e l v e s t o b e i n f l u e n c e d b y
su ch c o n fid e n t sp eech es o f th e e n e m y .
T h e r e s u lt o f th o s u b m a r in e w a r
m u s t o n e d a y n a tu r a lly d e cre a s e w h e n th o se a t r a ff ic a ls o d e c r e a s e s , b u t
t h i s c a n a s l i t t l e a l t e r t h o fin a l r e s u lt a s t h e c ir c u m s t a n c e t h a t u n d e r s p e c i a ll y
f a v o r a b l o c o n d i t i o n s a g r e a t e r lo s s o f s u b m a r in e s c a n t e m p o r a r i l y o c c u r
th a n n o r m a lly .
T h o f ir m w ill t o v i c t o r y w h ic h l e d o u r a r m y i n t h e W o s t
f r o m v i c t o r y t o v i c t o r y is a l s o a l i v e i n o u r n a v y a n d t h o U - b o a t w a r , t o o ,

A L L IE S N A V IE S H A V E
C O R D IN G

TO

CHECKED

FRENCH

S U B M A R IN E S , AC­

M IN IS T E R

OF

M A R IN E .

The declaration that the Allied navies had checked the
submarine war was attributed to George Leygues, French
Minister of Marine, in the following Paris cablegram of
June 25:
G e o r g e s L e y g u e s , M in i s t e r o f M a r i n e , in r e p l y t o q u e s t i o n s in t h o C h a m ­
b e r o f D e p u t ie s t o - d a y , s a id t h a t t h e F r e n c h N a v y le d a n e n c h a n g e d lif e
a n d w a s s u r p r is in g t h e w o r l d a t la r g e b y i t s m a g n i f ic e n t a c c o m p l i s h m e n t s .
T h o r e a l s e a p e r il w a s in 1 9 1 6 , b u t t h e a llie d n a v i e s h a d c h e c k e d t h e s u b ­
m a r in e w a r .
S o ld ie r s a n d f o o d s t u f f s w e r e n o w p o u r i n g i n t o F r a n c e .
The
G e r m a n s h a d b o a s t e d t h a t A m e r i c a n a r m ie s w o u l d n e v e r a p p r o a c h t h e
F r e n c h s h o r e s a n d b r i n g v i c t u a ls a n d r e i n fo r c e m e n t s t o F r a n c e .
The
G e r m a n s c a m e n e a r f u lf i ll i n g t h e ir d r e a m , b u t t h a n k s t o t h e im m e n s e
e f f o r t s p u t f o r w a r d b y t h e F r e n c h N a v y t h e G e r m a n p l a n h a d e n d e d in
f a il u r e .
A d m i r a l B i e n a i m e , D e p u t y f o r t h e S e in e , a l s o g a v e p r a i s e t o t h e F r e n c h
a n d a llie d n a v i e s .
l i e s a id G e r m a n y ’s s u b m a r i n e w a r w a s d e a d .
A c c i­
d e n t s m ig h t s t ill h a p p e n , h e a d d e d , b u t G e r m a n p i r a c y h a d b e e n v a n ­
q u is h e d .

U -B O A T

ST IL L

TO

A

B R IT ISH

PE R IL, A C C O R D IN G
M IN IS T E R

OF

TO S E C R E T A R Y

M U N ITIO N S.

Frederick George Kellaway, Secretary to Great Britain’s
Minister of Munitions, discussing the submarine warfare, is
quoted in a London cablegram of July 8, printed in the
N e w Y o rk “ Sun,” as saying:
T h e g r e a t b o d y o f t h e E n g li s h n a t i o n f a il s t o r e a liz e h o w n e a r E n g la n d
c a m e t o i r r e t r i e v a b l e d is a s t e r b e c a u s e o f t h o G e r m a n U - b o a t s .
T h o U - b o a t is s t ill o n e o f t h e g r e a t e s t p e r ils a g a i n s t w h ic h t h e A l l ie s h a v e
t o fig h t.
T h o s e w h o s u p p o s e t h a t w e s h a ll e v e r b e a b l e t o a b o l i s h t h e s e
r is k s a r o l iv i n g in a f o o l ’s p a r a d is e .
B u t . t h a n k s t o t h o n a v y , o u r lo s s e s a r e
b e i n g b r o u g h t w it h i n l im i t s w h ic h t h e A l l ie s c a n b e a r w i t h o u t f l i n c h i n g .
R e c e n t r e t u r n s s h o w t h e lo s s o f m u n i t io n s h ip s f r o m s u b m a r i n e w a r fa r e
a ro o n ly a b o u t a q u a rte r o f w h a t t h e y w e re w h e n th e U -b o a t c a m p a ig n w a s
a t it s h e i g h t .
T h e r e h a v e b e e n w e e k s r e c e n t ly w h e n th e G e rm a n s fa ile d
t o s i n k a s i n g le t o n o f m u n i t io n s .

w il l r e a c h i t s a i m .

B R IT IS H
ED W AR D

A.

CAPELLE

FILE N E
W ITH

CHARGES

V IC E -A D M IR A L

D IS T O R T IN G

S H IP P IN G

H IS

ADDRESS

VON
ON

OUTPUT.

E dw ard A . Filene in Boston on July 8 denied tho truth
of statements attributed to the German Vice-Admiral von
Capelle, quoting M r. Filene as having assorted that ship
construction would not equal or exceed submarine sinkings
before the spring of 1919, and that reports of reductions
in the number of sinkings were based on hope. M r . Filene
said:
I n t h e u s u a l m e t h o d o f m a n u f a c t u r in g p r o p a g a n d a t o m is lo a d t h e G e r m a n
p e o p l e w lt n w h ic h w o h a v e b e c o m e f a m il i a r , V i c e - A d m i r a l v o n C a p e ll e
t r ie d t o b o l s t e r u p h is c a s e b y t e a r in g t lir e o o r f o u r lin e s f r o m t h e c o n t e x t
o f m y a d d r e s s b e f o r e t h e M e r c h a n t s ’ A s s o c i a t io n o f N e w Y o r k o n M a y 7 .
I s a id in t h a t a d d r e s s : " B y N o v e m b e r o f t h is y e a r w e s h a ll b a t u r n i n g o u t
s o m c t n ln g lik e 5 0 0 ,0 0 0 , 6 0 0 ,0 0 0 o r 7 0 0 ,0 0 0 t o n s o f s h i p p i n g p e r m o n t h ,
w n ic h is m o r e t h a n w e t u r n e d o u t i n t h o o r d i n a r y y e a r s b e f o r e t h o w a r ; a n
i n c r e d ib l y g r e a t q u a n t i t y a n d a t r iu m p h .
W h e n I s a id t h a t i t w o u ld b e in t h o s p r in g o f 1 9 1 9 b a f o r e w o c o u l d c a t c h
u p w i t h lo s s e s (a s t h e o u t l o o k w a s t h e n ) , t h e w h o le c o n t e x t o f m y a d d r e s s
m a d o it c le a r t h a t I r e fe r r e d n o t t o c u r r e n t lo s s e s m o n t h b y m o n t h , b u t t o
o u r t o t a l lo s s o s — w h ic h is a v e r y d i f f e r e n t s t o r y .
I w a s s p e c i f i c a l l y u r g in g a c o - o p e r a t i o n o f b u s in e s s m e n t o t h e e n d o f
in s t a llin g t w o s h ift s o f w o r k m e n In e v e r y s h i p y a r d w h e r e b u t o n e w a s
w o r k in g .
I n t h e a d d r o s s I a s s e r t e d e m p h a t i c a ll y m y c o m p l o t o c o n f i d e n c e
t h a t t h o s u b m a r i n e w o u ld b o d e f e a t e d b y t h o u n i t e d w ill a n d a c t i o n o f
A m e r i c a n p r o d u c t i v e g e n iu s .
S in c e t h a t t im e t h o i n c r e a s in g c o n c e n t r a t i o n
o f o u r b e s t m in d s u p o n s h i p b u i l d in g u n d e r t h o le a d e r s h ip o f M r . S c h w a b
is b r i n g i n g in in c r e a s in g m ia s u r e r e s u lt s t h a t m a y w e ll m a k e t h e G e r m a n
M in is t e r o f t h o N a v y h u n t f o r i s o la t e d s e n t e n c e s w h i c h h o c a n m i s q u o t e
t o b o l s t e r u p h is c a s e .

W A S H I N G T O N 'S

V IE W

OF A D M IR A L

V O N C A P E L L E 'S

A SSE R TIO N S.

Associated Press dispatches from Washington on July 8
dealing with the assertions of Admiral von Capelle said:
O p t im i s t i c s t a t e m e n t s o n s u b m a r in e a c c o m p li s h m e n t s m a d e b y A d m i r a l
v o n C a p e ll e , G e r m a n M in is t e r o f M a r i n e , b e f o r o t h o R e i c h s t a g la s t S a t ­
u r d a y , w e r e d e s c r ib e d t o - d a y b y n a v a l o f f i c i a l s h e r e a s t y p i c a l o f t h o m is ­
i n f o r m a t i o n w h ic h is b e i n g g i v e n t h o G e r m a n p e o p l e .
S e c r e t a r y D a n i e ls ,
a f t e r r e a d i n g t h e c a b l e d e x t r a c t s f r o m A d m i r a l v o n C a p e ll o ’ s s p e e c h t h is
m o r n in g , r e m a r k e d t h a t h e p r e f e r r e d t o t a k o A d m i r a l S im s ’ s v i e w o f t h o
s i t u a t io n .
“ A d m i r a l S im s a l w a y s is s u r o o f h is f a c t s b e f o r e s p e a k i n g , ” M r . D a n i e ls
s a id .
“ Y o u h a v e n o t ic e d th a t h o m a k e s v e r y fe w s t a t e m e n t s .”
I t is f r a n k l y a d m i t t e d in n a v a l c ir c l e s t o b o i m p o s s i b l e t o s e c u r e a b s o ­
l u t e l y a c c u r a t e f ig u r e s o n t h e d e s t r u c t io n o f s u b m a r in e s .
R ep orts o f e n ­
c o u n t e r s a r o c a r e f u ll y s i f t e d , t h e b e n e f i t o f t h o d o u b t a l w a y s o e in g g i v e n
t o t h o e n e m y , a n d in m a n y c a s « w h e r o e v i d e n c e s e e m s t o s h o w t h a t t h o
U - b o a t w a s d e s t r o y e d i t is m a r k e d d o w n a s “ p o s s i b ly s l ig h t l y d a m a g e d . ”
B u t o v e n a f t e r t h e s o d e d u c t i o n s a r o m a d o A l l ie d o f f i c i a l s h a v e r e a s o n t o
b e lie v e t h a t t h o r a t o o f s in k in g s h a s d e f i n i t e l y o v e r t a k e n t h o m a x i m u m
p o s s i b io G e r m a n c o n s t r u c t i o n .
V o n C a p e llo ’s s ta te m e n t th a t a n a v e r a g e o f " f i v e b ig ste a m e rs ” a d a y
is b e i n g d e s t r o y e d w a s b r a n d e d a s a g r o s s e x a g g e r a t i o n .
T a k i n g 3 ,0 0 0 t o n s
a s t h o a v e r a g e p e r s h i p , a lo w f ig u r e , t h is w o u l d m e a n t h a t t h e G e r m a n s u b ­
m a r in e s a r o a c c o u n t i n g f o r 4 5 0 ,0 0 0 t o n s a m o n t h .
S o m o o ffic e r s su g g e ste d
t h a t t h e G e r m a n M in is t e r o f M a r in o e v i d e n t l y is f o r c i n g h i m s e lf t o b e l ie v e
t h a t s u b m a r in e s fa il i n g t o r e p o r t o v e r a n e x t e n s i v e p e r i o d h a v o s i m p ly
b e e n d e l a y e d in t h e ir r e t u r n .
I n t h o c o u r s e o f t i m e , h o w o v e r , t h o fa ilu r o
o f i n d i v id u a l m e m b e r s o f t h e ir c r o w s t o r e t u r n h o m o w o u l d f o r c o a n a d ­
m is s io n o f t h o lo s s o f t h o b o a t s .




R E G U L A T IO N

OF

R A IL W A Y

T R A F FIC .

The following on the above subject is taken from the June
5 issue of “ Commerce Reports,” published by the Bureau
of Foreign and Domestic Commerce, Department of Com­
merce, Washington, D . C .:
U n d e r a n e w r e g u l a t io n , p u b li s h e d in t h o L o n d o n " G a z e t t e ” o f A p r i l
3 0 , t h o B r i t is h ( G o v e r n m e n t ) B o a r d o f T r a d e is g i v e n w i d e p o w e r s f o r
r e s t r i c t in g r a i lw a y t r a f f i c — b o t h p a s s e n g e r a n d f r e i g h t .
T h e B o a r d Is
em p ow ered :
( 1 ) T o p r e s c r ib e t h e c o n d i t i o n s o n w h ic h t i c k e t s m a y b e is s u e d a n d t h e
p a s s e n g e r s c a r r ie d , c i t h e r g e n e r a l l y o r in s p e c i f i e d l o c a li t ie s o r f o r jo u r n e y s
e x c e e d i n g s p e c i f i e d d i s t a n c e s ; t o g i v e p r i o r i t y o n r a i lw a y s t o a n y p a s s e n g e r s
o r c la s s e s o f p a s s e n g e r s ; t o a u t h o r i z e r a i lw a y s t o r e fu s e t o c a r r y p a s s e n g e r s !
a n d t o r e fu s e a c c e s s t o s t a t io n s o r t r a in s in o r d e r t o g i v e p r i o r i t y t o o t h e r
passen gers;
( 2 ) T o a b r o g a t e a n y s t a t u t o r y o r o t h e r o b l i g a t i o n t o is s u e s e a s o n t ic k e t s
a n d t o l im i t t h e n u m b e r o f s u c h t i c k e t s t h a t m a y b e I s s u e d b y p r e s c r ib i n g
t h e p e r s o n s t o w h o m o r t h e c o n d i t i o n s u p o n w h i c h s u c h t ic k e t s m a y b e
is s u e d o r r e n e w e d ;
( 3 ) T o c a ll in a n d c a n c e l s e a s o n t i c k e t s o f a n y d e s c r ip t i o n ;
( 4 ) T o r e s t r i c t o r p r o h i b i t t h r o u g h b o o k i n g f a c il i t i e s a n d t h e I s s u a n c e
o f r e t u r n t ic k e t s ; a n d
( 5 ) T o a u t h o r i z e r a i lw a y c o m p a n i e s t o r e fu s e t o a c c e p t g o o d s f o r c a r r ia g e
b y r a il w h e r e o t h e r m e a n s o f t r a n s p o r t e x is t s .

IT A L Y

R E Q U IS IT IO N S

CROPS O F O A T S

,

BEAN S

A N D

CAROBS.

The following advices concerning the rquisitioning of
Italy ’s crops of oats, beans and carobs have been received
b y the State Department at Washington from Consul
General W ilber, at Genoa:
T h e “ G a z c t t a U ff ic ia le ” o f M a y 18 c o n t a in e d a d e c r e e in re g a r d t o th e
r e q u i s it i o n i n g o f t h i s y e a r ’ s I t a li a n c r o p s o f o a t s , b e a n s a n d c a r o b s .
The
p r o d u c e r s h a v o b e e n n o t i f i e d t o h o l d a t t h e d i s p o s a l o f t h e a u t h o r i t ie s t h e
a m o u n ts o f o a ts , b ea n s (b r o a d b ea n s, h o rse b e a n s, c o o k in g b e a n s, & c .) .
a n d o f c a r o b s h a r v e s t e d in 1 9 1 8 , w i t h t h e e x c e p t i o n o f t h e a m o u n t s s t r i c t l y
n ecessary fo r th e p rodu cers.
T h o e x e m p t io n s a r e as fo llo w s :
(а ) T h e a m o u n ts o f c o o k in g b e a n s n e c e s s a r y fo r fo o d fo r th e o w n e r , fo r
h is f a m i l y , f o r h is p a i d e m p l o y e e s , r e g u l a r a n d c a s u a l , t o w h o m a r e d u e
f o o d o r p a y m e n t in k i n d :
(б ) T h o a m o u n t s o f o a t s a n d o f b e a n s d e s t i n e d f o r s o w i n g t h e la n d s o f t h e
ow n er;
(c )
T h e a m o u n ts o f o a t s , o f b e a n s f o r fo r a g e , a n d o f c a r o b s in d is p e n s a b le
f o r f o o d f o r t h e b e a s t s o f b u r d e n p o s s e s s e d b y t h e o w n e r o f t h e g o o d s l ia b le
t o r e q u is it io n .
O w n e r s a r e f o r b i d d e n t o e f f e c t a n y s a l e o r c e s s io n f o r a n y r e a s o n w h a t
e v e r , o f o a t s , o f b e a n s , o r o f c a r o b s c o m in g fr o m th e h a r v e s t o f 1 9 1 8 .
A l l c o n t r a c t s r e fe r r i n g t o o a t s , b e a n s a n d c a r o b s a r e c a n c e l e d w i t h
r ig h t t o in d e m n ity .

BANKING AND FINANCIAL NEWS.
N o bank or trust company stocks were sold this week
either at the Stock Exchange or at auction.
The seventh annual convention of the Investment B ank­
ers Association of America will be held in St. Louis on N o v . 18
19 and 20. This was decided upon at a conference held in
St. Louis M onday, at which were present Wairren S. H ayden,
President of the Association; Frederick R . Fenton, Secretary;
W illiam E . Compton, and the local convention committee.

152

THE CHRONICLE

[Vol. 107.

The suspension from the Stock Exchange for a period of
one year of John M u ir and his son Edwin H . M u ir of the firm
of John M u ir & C o., was announced from the rostrom of the
Exchange on July 11. The Governing Committee’s action
followed an inquiry into a partnership arrangement between
Charles A . B urbank and the firm. The complaint charged
that:

The Guaranty Trust Co. of N e w Y o rk has issued a folder
giving a list of the booklets and pamphlets containing infor­
mation on subjects of general business and financial interest
recently put out b y its publicity department. Copies of the
folder can be obtained on application to the company at
140 Broadw ay.

S a id J o h n M u i r , t h r o u g h s a i d f i r m o f J o h n M u i r & C o . , n o t i f i e d t h e
N e w Y o r k S t o c k E x c h a n g e t h a t s a id C h a r le s A . B u r b a n k h a d b e e n a d ­
m i t t e d t o m e m b e r s h ip in s a id f i r m a n d h e l d h i m o u t a n d r e p r e s e n t e d h im
a s a m e m b e r o f s a id f i r m a n d c a u s e d h i m t o e x e c u t e o r d e r s o n t h e f l o o r
o f th e N o w Y o r k S t o c k E x ch a n g e fo r J o h n M u ir & C o . a n d its c u s to m e rs
w i t h o u t c h a r g o t o s a id f i r m o f J o h n M u i r & C o . , o r i t s s a id c u s t o m e r s f o r
b r o k e r a g e o r o t h e r w i s e , a l t h o u g h s a i d C h a r le s A . B u r b a n k w a s o n l y a n
o s t e n s ib le m e m b e r o f s a id f ir m a n d h a d n o t in t e r e s t in t h e c a p i t a l , a s s e t s ,
p r o f i t s o r lo s s e s o f s a i d f i r m , a n d b y t h e a c t s a f o r e s a id J o h n M u i r w a s
g u i l t y o f a n a c t d e t r im e n t a l t o t h o in t e r e s t o r w e lf a r e o f t h e E x c h a n g e .

August Soniat, Chief Accountant of the Foreign Depart­
ment of the Guaranty Trust Co. of N e w York, has been
appointed an Assistant M anager of that department. M r .
Soniat was bo m in Iberia Parish, L a ., in 1878. H e began
his banking career in the N e w Orleans branch of the Comptoir Nationale d ’Escompte de Paris, of which Vice-President
Albert Breton of the Guaranty Trust Co. of N e w Y o rk was
then M anager, and remained there several years. Later he
went to the Germania N ational Bank of N e w Orleans and
the Commercial National B ank of Shreveport, La. Leaving
the banking business, M r . Soniat was for several years with
Penick & Ford, Ltd., and the Jancke Navigation Co. of N e w
Orleans. H e came to tho Guaranty in August 1917 as an
accountant in the Foreign Department and was soon ap­
pointed Chief Accountant.
.

M r . B urbank, who has also been suspended from the
Exchange for one year, became a member of the firm about
a year ago, but withdrew in M a y . M r . M u ir has issued the
following statement relative to the action of the Exchange:
A l i t t l e o v e r a y e a r a g o I w a s a p p o i n t e d C h a ir m a n o f t h e L i b e r t y L o a n
B a b y B o n d C o m m itte e .
I m a d e u p m y m in d t o g i v e m y e n t i r e t i m e t o
t h is w o r k a n d d i d s o .
I t w a s e x p e c t e d t h a t m y s o n , E d w i n IL. M u i r , t h e
o t h e r f lo o r m e m b e r o f m y fir m , w o u ld g o in to th o a r m y .
H e has d on o so.
T h o s e f a c t s n e c e s s it a t e d o u r h a v i n g a n o t h e r f l o o r m e m b e r o f t h e E x c h a n g e .
I a d v a n c e d M r . C h a r le s A . B u r b a n k SCO,0 0 0 t o e n a b lo h im t o b u y a s e a t
an d h e w as m a d e a flo o r m em b er.
H o w as a n n o u n ce d as a go n o ra l p a rtn e r
a n d g iv e n f u ll a u t h o r it y t o a c t a s s u c h .
T h e s u s p e n s io n o r d e r e d b y t h e
G o v e r n o r s o f t h e N e w Y o r k S t o c k E x c h a n g e is b a s e d o n t h o f a c t t h a t M r .
B u r b a n k , i n s t e a d o f r e c e i v i n g a p e r c e n t a g e o f t h o p r o f i t s o f o u r b u s in e s s ,
r e c e i v e d a m in im u m g u a r a n t e e a n d h is o u t s i d e c o m m i s s i o n s .
T h is a rra n g e ­
m e n t th e G o v e rn o rs o f th o S to c k E x ch a n g e h a v e d is a p p r o v e d .
I d o not
a g r e e w it h t h o i r r e a s o n i n g o r c o n c l u s i o n , a n d c o n s i d e r t h o a c t i o n o f t h o
G o v e rn o rs u n w a rra n ted .
N o c r i t i c i s m h a s b e e n m a d e o f o u r r e la t i o n w i t h o u r c u s t o m e r s .
C o p ie s o f t h e c h a r g e s a n d m y a n s w e r m a y b e h a d a t m y o f f i c e .
I s h a ll
h a v e m o r e t o s a y a t a la te r d a te .

The Public National B ank of this city has signed a lease
for new quarters for its M adison Square branch at the
northwest corner of B roadw ay and 25th Street.

The Irving National B ank of this city has been awarded
the first prize by the Associated Advertising Clubs of the
W orld in their convention at San Francisco for tho year’s
best advertising and publicity display and also the best single
piece of copy in the entire exhibit. In awarding the prize, the
judges said: “W e want to say that this award was made to
the Irving by reason of the magnificont completeness of its
display. Too much praise cannot bo given to Irving for
the thoroughness with which they have taken up and carried
out their department of advertising, and also the committee
wants to compliment the Irving upon tho exceptional w ay
in which its advertising was displayed.” The judges also
recommended that in the future American banks follow the
Irving style of arranging exhibits. Tho exhibit as a whole
was turned over to the American Institute of Banking at
San Francisco for display in their rooms.

Tho opening of permanent quarters at Ram bla do los
Estudios and Canuda Street, Barcelona, Spain, b y the
Mercantile B ank of the Americas, was announced b y that
institution on July 6.

A n increase of $125,000 in the capital of the Socond N a ­
tional Bank of Hoboken, N . J., raising it from $125,000 to
$250,000, has been approved by the Comptroller of the
Currency.

It is understood that tho firm of W are & Leland will
handle orders for M u ir & Co. during the suspension of its
members.

The Fulton Trust Co. of this city (H enry C . Swords,
President) paid a regular semi-annual dividend of 5 %
(number 52) and an extra dividend of 2 % (number 9) to
stockholders on July 1.
Brian G . Hughos has been elected President of the Dollar
Savings B ank of the City of N e w Y ork (at 148th Street and
Third Avenue), succeeding George E . Edwards, whose
death occurred on April 16.
The Harriman National Bank of this city declared its
semi-annual dividend of 5 % at a meeting of its directors
July 5, payable July 6 to holders of record July 5. In
accordance with the general request of the Comptroller of
the Currency, J. Skelton Williams, the Harriman National
B ank dividend declarations are not made until the actual
close of each half-year from earnings of that period, which
were in this instance, it is announced, at an annual rate
exceeding 50% of the capital of $1,000,000. It is pointed
out that such increased earnings, whether for banks or indus­
trial corporations, are only in line with increased expenses,
for a dollar of earnings to-day as compared with a dollar of
earnings, say five years ago, has probably not more than
50% purchasing power.
John W . Kilbreth, President of the Union B ank of this
city before that institution was merged in the Columbia
Trust Co., died suddenly at Southampton, L . I., on July 10.
M r . Kilbreth, who was in his eighty-first year, was born in
Cincinnati. A t the close of the Civil W a r, in which he
served as a captain in the 79th Ohio Infantry, he came to
N e w Y o rk and organized the brokerage house of Hewson,
Kilbreth & Co.
About thirty years ago M r . Kilbreth
accepted the presidency of tho Louisiana State National
B ank at N e w Orleans, later returning to this city to become
President of the Union Bank, a position ho continued to
hold until his retirement from business upon tho taking over
of the Union Bank by the Columbia Trust Co.




W alter C . Fonda was this week elected Vice-President of
the Merchants National B ank of Poughkeepsie, N . Y .
M r. Fonda had been Cashier of the Merchants Bank, suc­
ceeding his lather, James II. Fonda, who was the first Cashier
of tho institution, which began business in 1845, succeeding
the old Dutchess County Bank, the first bank organized in
Poughkeepsie. Together the active service of W . C . Fonda
and James H . Fonda as Cashiers span seventy-three con­
tinuous years of the bank’s history. W alter C . Fonda, tho
new Vice-President elect, was Teller of tho bank up until
1858. H e then went to N e w Y o rk and was connected with
the Importers & Traders National Bank, but returning to
Poughkeopsio in 1865 he was appointed Assistant Cashier of
the Merchants Bank. In January 1869 ho was elected
Cashier of the bank, which office he has held until his present
promotion. Polton Cannon, Assistant Cashier, has boen
appointed Cashier, succeeding M r. Fonda. The President
is I. Reynolds Adriance and Herbort R . Gurnoy is the other
Vice-President. H . B . Fonda of N e w Y ork is W altor C .
Fonda’s son.
On July 2 John 0 . Enders, heretofore Vico-President,
was elected President of tho United States Bank of H art­
ford, Conn. M r . Enders succeeds the late Honry L . Bunco,
who had been the successor in the presidency to M r . Enders’s
father, Thomas Ostrom Enders.
The Comptroller of the Currency has approvod an in­
crease of $250,000 in the capital of tho City National Bank
of Bridgeport, Conn., raising it from $250,000 to $500,000.
A new financial institution, tho Parkway Trust Co. of
Philadelphia, with capital of $125,000 and surplus of $20,000,
was formally opened on June 24. The homo of tho new
company is at the northwest corner of Fifteenth and Race
streets. The officers aro H. F. Sieber, President’ Rufus W .
Miller, D .D ., Vice-President’ A . C . Young, Secrotary and
Treasurer, and James L. Fra vol, Assistant Secretary and
Treasurer. The institution is open on M onday and Friday
evenings until 8 o’clock.

J uly

13 1918.]

A t a mooting of the directors of tho
National Bank of Philadelphia on July 2
passed expressing tho sense of their loss in
John S. Wentz, who had been a director
sixteen yoars.

Corn Exchango
a resolution was
tho death of D r.
of the bank for

A charter for tho National Contra! Bank of Baltimore,
representing a conversion of the German Bank of Baltimore,
has been issued by tho Comptroller of the Currency.
A n increaso of 8200,000 in tho capital of the Commercial
National Bank of Youngstown, Ohio, raising it from $300,000
to $500,000, has been approved by tho Comptroller of the
Currency.
M r . H arry H . M errick has been elected a Vice-President of
tho Central Trust Co. of Illinois at Chicago. M r . Merrick
has been Credit M anager with Arm our & Co. for sixteen
years and is Vice-President of the Chicago Association of
Commerce in charge of tho Foreign Trado Division— Chair­
man of the D raft Board Officials of Northern Illinois, and
prominent in other business activities.
A t tho regular monthly meeting on July 1 of tho directors
of tho Merchants’ Loan & Trust Co. of Chicago $1,000,000
was transferred from undivided profits to surplus account,
making tho latter $9,000,000. Tho capital of the M erchants’
Loan & Trust Co. is $3,000,000.
Tho Farm M ortgage Trust Co. of Topoka, Kansas, whoso
organization to succeed tho Farm M ortgage Co. of that city
was referred to in our issue of M arch 9, opened for business
on July 1 with paid up capital of $350,000. For tho time
boing tho now company will bo located in tho officos formerly
occupied by its predecessor, tho Farm M ortgago Co. at
Fifth and Jackson Sts., Topoka. Tho officers are: J. P Slaughter, President; J. H arry Collingwood, First Vico;
J. E . Griost; Vice-Pres., Secretary and Treasurer, and
Charles W . Garrison, Trust Officer.
Tho institution has
a surplus of $7,500. Its stock is in shares of $100 each.
Tho National Bank of Commoreo of Louisvillo, K y ., has
boon authorized by tho Comptroller of tho Currency to in­
creaso its capital to the oxtont of $200,000, raising it from
$800,000 to $1,000,000.
A t a meeting of tho directors of tho Merchants’ National
Bank of Richmond, V a., on Juno 24, II. W . Chadduck was
eloctod Vice-President of tho institution, and Lucion B .
Thomas was made Assistant Cashior. A t tho same time
the directors granted a leavo of absence for one year to VicePresidont G . Jotor Jonos in order that ho might tako charge
of a special w ar work unit of tho Y . M . C . A . for immediate
sorvico overseas. M r. Chadduck had heretofore boon ViceProsidont of tho Grafton (W . V a.) Banking & Trust Co. and
is a mombor of tho Executive Council and Ex-Prosident of tho
American Bankors’ Association of that Stato. M r. Thomas
has been connected for a number of yoars with the Merchants’
National and has served in various departments. Tho
regular semi-annual dividend of 10%, payablo June 30, was
declared.
Tho Comptroller of tho Cm-roncy has approved a change in
tho name of the Anniston City National Bank, of Anniston,
A la., to tho Anniston National Bank.
W illiam L . Dewoody, Vice-President of tho Merchants &
Plantors Bank of Pino Bluff, Arkansas, died at his homo in
that city on Juno 30.
Tho Hibernia Bank & Trust Co. of N e w Orleans makes
tho following announcement under dato of July 3 concerning
tho oponing of its now industrial branch:
I t w a s b u t a fe w w e e k s a g o t h a t t h o G o e t h a ls E n g in e e r i n g C o . b e g a n
t h o c o n s t r u c t i o n o f t h o N o w O r le a n s I n d u s t r i a l C a n a l , w h ic h w ill c o n n e c t
t h o M i s s i s s i p p i I t i v o r w it h L a k e P o n t c h a r t r a i n , a n d a l r e a d y t h e r o is t r e ­
m e n d o u s a c t i v i t y in t h o d i s t r i c t t h r o u g h w h ic l i t h o c a n a l w il l p a s s .
A lo n g
it s b a n k s w ill b o l o c a t e d g r e a t s h ip b u i l d in g p l a n t s a n d o t h e r k i n d r e d i n d u s ­
t r ie s .
T h e F o u n d a t i o n C o . o f N . Y . , f o r i n s t a n c e , h a s it s g r e a t s t e e l
s h i p p l a n t w e ll u n d e r w a y , a n d t h o G o v e r n m e n t h a s b e g u n t h o c o n s t r u c t i o n
o f o n o o f it s $ 1 0 ,0 0 0 ,0 0 0 m il i t a r y w a r e h o u s e s .
T h o D o u l l u t & W i ll ia m s C o .
o f N o w O r le a n s is o r c c t i n g a b i g p l a n t f o r t h o c o n s t r u c t i o n o f s t e e l s h ip s
u n d e r a $ 1 5 ,0 0 0 ,0 0 0 c o n t r a c t j u s t r e c e n t ly o b t a i n e d f r o m t h o U . 8 . G o v e r n ­
m en t.
T h e H ib e r n i a B a n k & T r u s t C o . o f N e w O r le a n s w a s l a r g e ly I n s t r u ­
m e n t a l in f in a n c in g t h o I n d u s t r ia l c a n a l , a n d t h is b a n k is t h o t r u s t c o u n d e r
t h o b o n d is s u e w h ic h lia s b e e n a u t h o r i z e d in c o n n e c t i o n w it h t h o e n t e r p r is e .
I t is b u t n a t u r a l , t h e r e f o r e , t h a t t h o H ib e r n i a B a n k s h o u l d e s t a b lis h a
b r a n c h in t h o c a n a l z o n o f o r t h o p u r p o s o o f s e r v in g t h o v a r i o u s c o r p o r a t i o n s
i d e n t if i e d w it li t h o c o n s t r u c t i o n a n d o p e r a t i o n o f t h o c a n a l , a n d t h o t h o u -




153

THE CHRONICLE

s a n d s o f w o r k m e n w h o w il l b e e m p l o y e d in t h o v i c i n i t y b y t h o m a n y i n d u s ­
t r ie s w h i c h w i l l l o c a t e a l o n g t h o c a n a l .
T h o H ib e r n ia ’s In d u s tria l B ra n ch
w a s o p e n e d t o t h o p u b l i c o n S a t u r d a y , J u n e 2 9 , w i t h R . G . F i t z g e r a ld ,
A u d i t o r o f t h o b a n k , in c h a r g e .
P r e s i d e n t J o h n J . G a n n o n , o f t h e H ib e r n i a ,
r e p o r t e d t h a t t h o b u s in e s s t r a n s a c t io n s o n t h e o p e n i n g d a y w e r e c o n s i d e r ­
a b l y la r g e r t h a n h a d D een e x p e c t e d , a f a c t w h ic h a u g u r s w e ll f o r t h e f u t u r e
s u c c e s s o f t h is o f f i c e .
I t is b e l ie v e d b y t h o o f f i c i a l s o f t h o H ib e r n i a B a n k
t h a t t h e c o n s t r u c t i o n o f t h e in d u s t r ia l c a n a l is t h e m o s t s i g n i f i c a n t a n d
m o m e n t o u s e n t e r p r is e i n a u g u r a t e d in t h o N e w O r le a n s d i s t r i c t f o r m a n y
y e a r s , a n d t h a t i t w il l m e a n t o N e w O r le a n s a n d s u r r o u n d i n g c o u n t r y a n
u n e x p e c t e d l y la r g e d e v e l o p m e n t in p o p u l a t i o n a n d w e a l t h .

On June 18 Judge John T . Nourse of the Superior Court of
California granted a petition of tho German Savings & Loan
Society of San Francisco to change its corporate title to the
San Francisco Savings & Loan Society. Judge N ourse’s
decision was rendered after a two-days hearing of objections
to the proposed change in a suit brought by the Savings
Union B ank & Trust Co. of San Francisco on the ground,
we understand, that confusion and inconvenience due to the
miscarraige of mail would result if the German Savings
& Loan Society were allowed to adopt the proposed title,
inasmuch as the Savings Union Bank & Trust Co. is known
to large numbers of its out-of-town depositors as the San
Francisco Savings Union, the Savings Union Bank of San
Francisco and by its present name; the bank had originally
been incorporated under the name of the San Francisco
Savings Union; the name was later changed to the Savings
Union Bank of San Francisco and finally to the Savings
Union Bank & Trust Co. Judge Nourse, in his decision, it is
said, held that no corporation has the exclusive right to any
name descriptive of its business and that no firm has a right
to drop any part of its name “ with a string to it” and that
when the Savings Union Bank & Trust Co. dropped “ San
Francisco” from its corporate title it relinquished all right
in tho future to use the word as part of its name. A peti­
tion has been filed, we understand, by the Savings Union
Bank & Trust Co. for permission to change its name to the
San Francisco Savings Union Bank & Trust Co.
Under plans now under consideration by the First National
Bank of Murfreesboro, Tenn. (capital $200,000) and the
Stone’s River National Bank (capital $150,000) two new
institutions are to be organized, one to be known as the First
National Bank with a capital of $200,000 and surplus of
$50,000 and the other as the State Bank & Trust Co. with
a capital of $50,000. The basis on which the new arrange­
ment is to bo effected is one share of stock of the new bank
and one-fourth of a share of stock of tho new trust company,
togethor with a stock dividend, for each share of First
National Bank stock or Stone’s River National Bank stock.
Georgo W . Howse, President of the Stone’s River National
Bank is to be President of both the new institutions.
T H E E N G L I S H GOLD A N D SIL V E R M A R K E T S .
W o reprint the following from tho weekly circular of
Samuel M ontagu & Co. of London, written under date of
June 13 1918:
GOLD.
T h e B a n k o f E n g la n d g o l d r e s e r v e a g a i n s t its n o t e i s s u e s h o w s a t r if l in g
i n c r e a s e o f £ 4 4 ,7 4 5 , a s c o m p a r e d w it h la s t w e e k ’s r e t u r n .
I n f o r m a t i o n h a s c o m e t o h a n d f r o m N e w Y o r k t h a t g o l d t o t h e v a lu e
o f $ 1 5 ,0 0 0 ,0 0 0 h a s b e e n r e c e iv e d f r o m C a n a d a , f o r a c c o u n t o f t h o B r i t is h
G o v e rn m e n t.
T h o T r a n s v a a l g o ld o u t p u t fo r M a y 1 91 8 a m o u n te d t o £ 3 ,1 4 8 ,9 1 5 a s
c o m p a r e d w it h £ 3 , 3 1 0 , 6 1 8 in M a y 1 9 1 7 a n d £ 3 , 0 4 6 , 0 4 5 in A p r i l 1 9 1 8 .
S IL V E R .
N o c h a n g e h a s t a k e n p l a c e in t h e p r i c e .
T h e t o n e c o n t in u e s g o o d ,
e s p e c i a ll y n o w t h a t t h e S h a n g h a i e x c h a n g e h a s r is e n t o a p o i n t c l o s e l y
a p p r o x i m a t i n g t h a t a t w h ic h s i lv e r p u r c h a s e s f o r C h in a m ig h t b e c o m e
p r o fit a b le .
T h e s c a r c i t y o f s i lv e r o n t h o C o n t i n e n t is s u g g e s t e d o y a r e p o r t t h a t
c u r r e n t s i l v e r c o i n is b e i n g m e lt e d d o w n in H o ll a n d in o r d e r t o p r o v i d e
m a t e r ia l f o r in d u s t r ia l p u r p o s e s .
I n n o r m a l t im e s , s u c h a n o p e r a t i o n
c o u l d n o t h a v e b e e n p r o f i t a b l e In H o ll a n d u n le s s t h e lo c a l q u o t a t i o n f o r
s ilv e r h a d e x c e e d e d t h e p a r i t y o f 6 0 K d . p e r o z . s t a n d a r d .
T h e r o is a r e d u c t io n o f 91 la c s in t h e s ilv e r h o l d i n g o f t h e I n d i a n T r e a s u r y
(a s g i v e n in t h e I n d i a n C u r r e n c y R e t u r n s t h a t f o l l o w ) , b u t t h o a m o u n t o f
s ilv e r o n t h e w a y f r o m t h o U n it e d S t a t e s is c o n s i d e r a b l y le s s , a n d t h e
t o t a l w it h in I n d i a h a s I n c r e a s e d b y a c o u p l e o f c r o r e s .

(In Lacs of Rupees)

May 22.

May 31.

June 7.

1 1 ,1 5 3
1 1 ,1 6 2
N o t e s in c i r c u l a t i o n ......... ...................................... .......... 1 0 ,7 9 2
R e s e r v e in s i lv e r c o i n a n d b u l l io n ( w i t h in a n d
w i t h o u t I n d i a ) ____________________________________ 1 ,3 1 1
1 ,5 5 6
1 ,4 6 5
G o l d c o i n a n d b u l l io n In I n d i a ___________________ 1 ,9 4 5
1 ,9 1 1
1 ,9 0 9
G o l d o u t o f I n d i a ___________________________________
270
270
270
T h e s t o c k in S h a n g h a i o n t h e 1 s t J u n e c o n s i s t e d o f a b o u t 2 9 , 5 0 0 ,0 0 0
o u n c e s in s y c c o a n d 1 5 ,3 0 0 ,0 0 0 d o l la r s , a s c o m p a r e d w it h a b o u t 3 1 . 3 0 0 , 0 0 0
o u n c e s in s y c e e a n d 1 5 ,9 0 0 ,0 0 0 d o l la r s o n t h e 2 5 t h M a y .
Q u o t a t io n s f o r
b a r s i lv e r p e r o u n c e s t a n d a r d :
Juno
7 ...............................
4 8 K d . c a s h J u n e 1 3 -------------------------------4 8 % d . c a s h
J u n o 8 .....................
48K d.
A v e r a g e ------------------------------- 4 8 .8 7 5
J u n o 1 0 ..................................... 4 8 1 :,d.
B a n k r a t e ____________________________ 5 %
J u n o 1 1 ..................
48K d.
B a r g o l d p e r o z . s t a n d a r d ___ 7 7 s . 9 d .
J u n e 1 2 ................
- 4 8 74 d .
N o q u o t a t i o n f ix e d f o r f o r w a r d d e l iv e r y .
T h e q u o t a t i o n t o - d a y f o r c a s h d e l i v e r y is t h e s a m e a s t h a t f ix e d a w e e k
ago.

W e have also received this week the circular written under
date of June 20 1918:
GOLD.
T h e B a n k o f E n g la n d g o l d r o s e r v o a g a in s t Its n o t e is s u e s h o w s a n i n c r e a s e
o f £ 3 6 0 ,3 4 5 , a s c o m p a r e d w it h l a s t w e e k ’s r e t u r n
CURRENCY
O n t h e 1 4 t h J u n e la s t t h e I n d i a n G o v e r n m e n t is s u e d a n o t i f i c a t i o n
p r o v i d i n g f o r t h e m in t i n g a n d is s u e o f g o l d m o h u r s , o f t h e s a m e w e ig h t
a n d fin e n e s s a s t h o s o v e r e ig n , a s le g a l t e n d e r
T h is a c t w a s p r e c e d e d b y a n o t ific a t io n , u n d e r t h o a u t h o r it y o f th o G o ld
(I m p o r t ) A c t o f 1 9 1 7 , t o th e e ffe c t t h a t o n a n d a fte r 1 3 th A p ril 1 9 1 8 im ­
p o r t e d s o v e r e ig n s w o u ld b e c r e d it e d a t t h o r a t e o f R s 13 1 2 0 p e r s o v e r e ig n ,
a n d g o l d b u l l io n a t t h e r a t e o f R s 1 f o r e v e r y 8 2 1 8 3 0 g r a in s t r o y o f g o l d
con ten ts
T h o f o l l o w i n g c h a n g e s h a v e b e e n a u t h o r i z e d in t h o lim it s o f t h e f i d u c i a r y
r e s e r v e s h e l d a g a i a s t t h o I n d i a n n o t 8 is s u o s , u n d e r v a r i o u s o r d i n a n c e s a n d
c o n s o lid a tin g a c t s , s in ce J u ly 1 91 4:

Total,
Sterling
Govt of India
Crores of
Securities
Securities
Crores of Rs. Crores of Rs. Crores of Rs.
A c t V . o f 1 9 1 5 - ..............................______
O r d in a n c e 1 o f 1 9 1 6 __________ ______
A c t I X . o f 1 9 1 6 .............................. ______
O r d in a n c e 6 o f 1 9 1 6 __________ ______
O r d in a n c e 7 o f 1 9 1 6 __________ ______
A c t X I X . o f 1 9 1 7 ......... ............... ______
A c t o f 1 2 t h M a r c h 1 9 1 8 ____ ...........
No
good.
to 4s.

(In

[V o l . 107

THE CHRONICLE

154

20
20
26
38
50
62
86

4
10
16
28
40
52
76

16
10
10
10
10
10
10

B re a d s tu ffs fig u re s b r o u g h t from p age 198.— The
statements below are prepared by us from figures collected by
tho N o w Y ork Produce Exchange. Tho receipts at Western
lake and river ports for tho week ending last Saturday and
since Aug. 1 for each of the last throo years liavo been: _____

N o te s
R e s e r v e in s ilv e r c o i n a n d b u l l io n ( w i t h in a n d
1 4 ,9 9
1 4 ,6 5
w i t h o u t I n d i a ) ____________________________________. 1 5 ,5 6
1 9 ,1 0
1 9 ,0 9
G o l d c o i n a n d b u l l io n in I n d i a ___________________. 1 9 ,1 1
2 ,7 0
2 ,7 0
G o l d o u t o f I n d i a ___________________________________.
2 ,7 0
T h o s t o c k in S h a n g h a i o n t h o 1 5 t h in s t . c o n s i s t e d o f a b o u t 2 8 , 0 0 0 , 0 0 0
o u n c e s in s y c e e a n d 1 4 ,4 0 0 ,0 0 0 d o l la r s , a s c o m p a r e d w it h a b o u t 2 9 , 5 0 0 , 0 0 0
o u n c e s in s y c e o a n d 1 5 ,3 0 0 ,0 0 0 d o l la r s o n t h e 1 s t J u n o .
Q u o t a t io n s f o r b a r s i lv e r p o r o u n c e s t a n d a r d :
J u n o 1 4 ......................................4 8 K d . c a s h |J u n e 2 0 .......................................4 8 % d . c a s h
“
| A v e r a g e ...................................... 4 8 . 8 7 5
J u n e 1 5 ...................................... 4 8 % d .
J u n o 1 7 ______________________ 48% d. “
| B a n k r a t e -------------------------------------------- 5 %
J u n e 1 8 ______________________4 8 J 3 d . “
|Bar g o ld p e r o z . s t a n d a r d - - 7 7 s . 9 d .
J u n e 1 9 ______________________4 9 % d . “
I
N o q u o t a t i o n f ix e d f o r f o r w a r d d e l iv e r y .
T h o q u o t a t i o n t o - d a y f o r c a s h d e l i v e r y is t h o s a m e a s t h a t f i x e d a w e e k
_______________________

bbls.lOGlbs bush. 6 0 lbs bush. 5 6 lbs .bush. 3 2 lbs bushAHlbs bush.UCylbs
20,000
9 1 .0 0 0
2 ,3 7 5 ,0 0 0
1 ,5 7 5 ,0 0 0
8,000
8 0 ,0 0 0
C h l c a g o ............
M i n n e a p o l is D u l u t h ........... ..
M i lw a u k e e . .
T o l e d o ________
D e t r o i t _______
C l e v e l a n d ___
S t . L o u i s _____
P e o ria .
K ansas C lty .
O m aha.

L ondon,
W eek ending July 1 2 .

July 6 .
Sal.

July 8.
M on.

July 9 . July 1 0 . July 1 1 . July 1 2 .
T ues.
W ed .
T hurs.
F ri.

S il v e r , p e r o z ............................. d 4 8 1 3 - 1 6 4 8 1 3 -1 6 4 8 1 3 -1 6 4 8 1 3 -1 6
C o n s o l s , 2 ) 4 p e r c e n t s ________H o l i d a y
5 6 )4
5 5 )4
5 5 )4
B r it i s h , 5 p e r c e n t s __________ H o l i d a y
9 3 )4
9 3 )4
9 3 )4
B r it i s h , 4 ) 4 p e r c e n t s _______ H o l i d a y
9 9 )4
9 9 )4
9 9 )4
F r e n c h R e n t e s (In P a r i s ) , f r . C l o s e d
_____
6 1 .5 0
6 1 .8 6
F r e n c h W a r L o a n ( l n P a r ls ) f r . C l o s e d
_____
8 8 .4 5
8 8 .4 5

4 8 1 3 -1 6 4 8 1 3 -1 6
5 5 )4
56
9 3 )4
9 3 )4
9 9 )4
9 9 )4
6 1 .8 0
6 1 .8 0
8 8 .4 5
---------

9 9 )4

9 9 )4

9 9 )4

9 9 )4

9 9 )4

T R A D E A N D T R A F F IC M O V E M E N T S .
U N F I L L E D O R D E R S O F S T E E L C O R P O R A T IO N
The United States Steel Corporation on Wednesday, July
10, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
Juno 30 1918, aggregating 8,918,806 tons. Compared
with 8,337,023 tons, the amount on hand as of M a y 31 1918,
the current figures show an increase of 581,243 tons. A t this
time last year the amount was 11,383,287 tons. Tho cur­
rent figures aro tho first to register an upward trend since
January of this year and in fact there have boon only two
other instances in which an increase over the previous month
has been recorded since April 30 1917. In trado circles
the prevalent bolief appears to bo that further increases in
unfilled tonnage may be lookod for, as it is thought that
some unusually large rail orders will bo placed by tho G o v­
ernment in tho near future.
In tho following wo give the comparisons with tho provious
months:
Ton s.

T on s.
June
M ay
A p r il

M ar.
F eb.
Jan.
D eo.
N ov.
O ct.
S en t.
A ug.
J u ly
June
M ay
A p r il
M a r.
F eb.
Jan.
D ec.
N ov.
O ct.
S en t.
A ug.
J u ly
Juno
M ay
A p r il
M a r.
F eb.
Jan.
D eo.
N ov.

3 0 1 9 1 8 . . 8 ,9 1 8 , 8 6 6
31 1 9 1 8 . . 8 , 3 3 7 , 0 2 3
3 0 1 9 1 8 . . 8 ,7 4 1 ,8 8 2
3 1 1 9 1 8 . . 9 ,0 5 6 , 4 0 4
2 8 1 9 1 8 . . 9 ,2 8 8 , 4 6 3
31 1 9 1 8 . . 9 ,4 7 7 ,8 5 3
31 1 9 1 7 . . 9 ,3 8 1 , 7 1 8
3 0 1 9 1 7 . . 8 .S 9 7 .1 0 6
3 1 1 9 1 7 . . 9 ,0 0 9 , 6 7 5
3 0 1 9 1 7 . . 9 ,8 3 3 ,4 7 7
31 1 9 1 7 . .1 0 ,4 0 7 ,0 4 9
31 1 9 1 7 . . 1 0 , 8 4 4 .1 6 4
3 0 1 9 1 7 . . 1 1 , 3 8 3 ,2 8 7
31 1 9 1 7 . . 1 1 . 8 8 6 ,5 9 1
3 0 1 9 1 7 . .1 2 ,1 8 3 ,0 8 3
31 1 9 1 7 . .1 1 , 7 1 1 ,6 4 1
2 8 1 9 1 7 . .1 1 , 5 7 6 ,6 9 7
31 1 9 1 7 . . 1 1 , 4 7 4 ,0 5 4
31 1 9 1 6 . . 1 1 , 5 4 7 ,2 8 6
3 0 1 9 1 6 . . 1 1 , 0 5 8 ,5 4 2
31 1 9 1 6 . . 1 0 , 0 1 5 ,2 6 0
30 1 9 1 6 . ..9 ,5 2 2 ,5 8 4
31 1 9 1 6 . . . 9 . 6 6 0 , 3 5 7
31 1 9 1 6 . 9 ,5 9 3 ,5 9 2
30 1 9 1 6 . _ .0 ,6 4 0 ,4 5 8
31 1 9 1 6 . . . 9 , 9 3 7 , 7 9 8
3 0 1 9 1 6 . ..9 ,8 2 9 .6 5 1
31 1 9 1 6 . ..9 ,3 3 1 ,0 0 1
20 191 6. -.8 ,5 6 8 ,9 6 0
31 1 9 1 6 . - . 7 , 9 2 2 , 7 6 7
31 1 9 1 5 . . 7 , 8 0 6 , 2 2 0
30 1915. ..7 ,1 8 9 ,4 8 9

O ot.
S ep t.
A ug.
J u ly
Juno
M ay
A p r il
M ar.
F ob.
Jan.
D eo.
N ov.
O ct.
S ep t.
A ug.
J u ly
June
M ay
A p r il
M ar.

31
30
31
31
30
31
30
31
28
31
31
30
31
30
31
31
30
31
30

Fob.

28
31
31
30
31
30
31
31
30
31
30
31

Jan.
D eo.

N ov.
O ct.
S ep t.
A ug.
J u ly
Juno
M ay
A p r il
M ur.




31

1915.
1915.
1915.
1915.
1915
1915.
1915.
1915.
1915.
1915.
1914.
1914.
1914.
1914.
1914.
1914.
1914.
1914.
1914.
’911.
<914.
1914.
1913.
1913.
1913.
1913.
1913
1913
1 91 3
191 3
191 3
1 91 3

..6 ,1 6 5 .4 5 2 F e b . 28
. . 5 . 3 1 7 . 6 1 8 J a n . 31
. . 4 , 9 0 8 , 4 5 5 D e o . 31
..4 ,9 2 8 ,5 4 0 N o v . 30
. . 4 , 6 7 8 . 1 9 6 O o t . 31
-.4 ,2 0 4 ,5 9 8 S e p t. 30
. . 4 , 1 6 2 , 2 4 4 A u g . 31
. . 4 , 2 5 5 . 7 4 9 J u ly 31
- . 4 ,3 4 5 , 3 7 1 J u n o 3 0
- . 4 .2 4 8 , 5 7 1 M a y 31
..3 .8 3 6 .6 4 3 A p ril 3 0
- . 3 , 3 2 4 , 5 9 2 M a r . 31
-.3 ,4 6 1 ,0 9 7 F e b . 29
. . 3 , 7 8 7 . 6 6 7 J a n . 31
. . 4 , 2 1 3 , 3 3 1 D e o . 31
..4 ,1 5 8 .5 8 9 N ov . 30
. . 4 , 0 3 2 , 8 5 7 O c t . 31
-.3 ,9 9 8 ,1 0 0 S e p t. 30
. .4 , 2 7 7 , 0 0 8 A u g . 31
. . 4 , 6 5 3 , 8 2 5 J u ly 31
..5 ,0 2 0 ,1 1 0 J u n e 30
. . 4 . 6 1 3 , 6 8 0 M a y 31
-.4 .2 8 2 .1 0 8 A p ril 30
- . 4 , 3 9 0 . 3 4 7 M a r . 31
..4 ,5 1 3 ,7 6 7 F e b . 28
. . 5 . 0 0 3 . 7 8 5 J a n . 31
. . 5 . 2 2 3 , 4 6 8 D e o . 31
..5 ,3 0 9 ,3 5 0 N o v . 30
. . 5 . 8 0 7 , 3 1 7 O o t . 31
..0 ,3 2 4 ,3 2 2 S e p t. 30
. . 6 , 9 7 8 . 7 6 2 A u g . 31
. . 7 . 4 6 8 , 9 5 6 J u ly 31

T on s.
1 9 1 3 . ..7 ,6 5 6 .7 1 4
1 91 3. - .7 .8 2 7 ,3 6 8
1 9 1 2 . -.7 ,9 3 2 .1 6 4
1 9 1 2 . -.7 ,8 5 2 ,8 8 3
1912. ..7 ,5 9 4 ,3 8 1
191 2 . . 6 , 5 5 1 , 5 0 7
1 91 2. - .6 ,1 6 3 ,3 7 5
1 9 1 2 . - .5 ,9 5 7 ,0 7 3
1 9 1 2 . - .5 .8 0 7 ,3 4 9
1 91 2. - .5 .7 5 0 .9 8 6
1 9 1 2 . -.5 ,6 6 4 ,8 8 5
1 9 1 2 . - . 5 ,3 0 4 , 8 4 1
1 9 1 2 . -- 5 .4 5 4 .2 0 1
1 9 1 2 . ..5 .3 7 9 .7 2 1
1 9 1 1 . - .5 .0 8 4 ,7 5 5
1 91 1. ..4 .1 4 1 ,9 5 8
1 9 1 1 . ..3 .6 9 4 .3 2 7
1911. ..3 .6 1 1 ,3 1 5
1 91 1. ..3 ,6 9 5 .9 8 5
1 91 1. ..3 .5 8 4 .0 8 8
1 9 1 1 . ..3 .3 6 1 .0 3 7
1 9 1 1 . ..3 .1 1 3 ,1 5 4
1 91 1. ..3 .2 1 8 .7 0 0
1 91 1. ..3 .4 4 7 ,3 0 1
1 91 1. ..3 ,4 0 0 .5 4 3
1 91 1. ..3 ,1 1 0 ,9 1 9
1 91 0. ..2 ,6 7 4 ,7 5 0
1 91 0. ..2 .7 6 0 413
1010. ..2 ,8 7 1 ,9 1 9
1 91 0. ..3 ,1 5 8 .1 0 6
1910 ..3 .5 3 7 ,1 2 8
1910. ..3 .9 7 0 .9 3 1

3 0 3 .0 0 0

9 8 .0 0 0

2 5 ,0 0 0

1 8 2 ,0 0 0

3 8 ,0 0 0

9 ,0 0 0

2 4 4 .0 0 0
5 5 3 .0 0 0
1 ,7 0 1 ,0 0 0

2,000

9 2 8 ,0 0 0
5 3 ,0 0 0

2 2 1.00 0
2 7 2 ,0 0 0

2 ,0 8 6 ,0 0 0
1 .7 9 9 .0 0 0
4 .1 4 4 .0 0 0

3 .5 0 5 .0 0 0
3 .7 3 5 .0 0 0
3 .7 3 1 .0 0 0

4 .5 2 4 .0 0 0
3 .8 5 5 .0 0 0
3 .4 0 4 .0 0 0

20,000
3 1 .0 0 0
4 4 .0 0 0
3 3 3 .0 0 0
6 5 4 .0 0 0

2 7 7 ,0 0 0

1 5 2 .0 0 0
1 9 9 .0 0 0
3 0 7 .0 0 0

1 7 3 ,0 0 0

4 9 7 .0 0 0
1 8 ,0 0 0
5 0 .0 0 0
4 3 .0 0 0
4 8 4 .0 0 0
5 4 2 .0 0 0
5 7 .0 0 0
9 3 .0 0 0

3 3 .0 0 0
2 9 .0 0 0

S in c e A u g . l 1 9 1 7 - 1 8 . . . 1 4 .9 5 9 .0 0 0 1 6 7 .3 8 5 .0 0 0 2 3 1 .7 1 8 .0 0 0
1 9 1 6 - 1 7 . . . 1 7 .8 7 2 .0 0 0 3 4 5 .3 1 5 .0 0 0 5 0 8 .7 5 5 .0 0 0
1 9 1 5 - 1 6 _____ 1 9 .3 1 3 .0 0 0 4 9 0 ,6 4 8 ,0 0 0 2 1 7 ,5 4 6 ,0 0 0

2,000
1 5 ,0 0 0

5 4 .0 0 0
9 0 .0 0 0
1 6 2 ,0 0 0

3 0 8 ,9 5 9 ,0 0 0 5 2 ,5 4 8 ,0 0 0 2 3 ,1 2 1 ,0 0 0
2 6 0 ,9 0 0 ,0 0 0 ,8 2 ,8 5 1 ,0 0 0 2 1 ,8 7 1 ,0 0 0
2- 0‘ 9" ,5 7 5 ,0 0 0 1 1 1 1 9 8 6 0 0 0 2 2 ,1 8 5 ,0 0 0

Total receipts of flour and grain at tho seaboard ports for
the week ended July 6 1918 follow:_______________________ __
R eceipts at—

F lou r.

W heat.

Corn.

Oats.

B arley.

Rye.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

9 ,0 0 0

2 6 ,0 0 0
3 ,0 0 0
1 8 ,0 0 0

1 0 8 ,0 0 0
2 ,0 0 0

1 ,0 0 0

8 6 ,0 0 0

4 5 .0 0 0
4 4 .0 0 0
5 4 .0 0 0

5 ,6 6 6
2 4 0 ,0 0 0

2 5 ,0 0 0
3 .0 0 0
4 .0 0 0

2 0 0 ,0 0 0
3 2 7 .0 0 0
4 5 1 .0 0 0
8 5 6 .0 0 0
2 8 ,0 0 0
2 6 ,0 0 0
3 1 9 .0 0 0

4 6 2 ,0 0 0
T o t a l w k . ’ IS
S in c e J a n .1 ’ 18 1 3 ,4 1 0 ,0 0 0

3 0 5 ,0 0 0
1 4 ,2 8 2 ,0 0 0

1 5 0 ,0 0 0
1 3 ,9 6 1 ,0 0 0

2 ,2 0 7 ,0 0 0
5 8 ,0 0 3 ,0 0 0

2 0 5 ,0 0 0 *
4 8 ,0 0 0
6 ,9 6 5 ,0 0 0 : 2 ,7 8 4 ,0 0 0

4 ,1 4 6 ,0 0 0
4 3 8 ,0 0 0
W eek 1917—
S ln c o J a n . 1 ’ 17 1 1 ,4 4 4 ,0 0 0 1 3 2 ,8 8 4 .0 0 0

1 ,4 1 5 ,0 0 0
3 6 .7 3 7 ,0 0 0

4 ,8 8 4 ,0 0 0
7 5 ,7 3 5 ,0 0 0

7 9 6 ,0 0 0
9 ,5 9 0 ,0 0 0

1 6 8 ,0 0 0
8 9 .0 0 0
6 2 .0 0 0

N e w Y o r k ___
P h il a d e lp h ia .
B a l t i m o r e ___
N ’ p ort N ew s.
N e w O r le a n s *
M o n t r e a l _____
B o s t o n ________

2 9 .0 0 0
1 9 .0 0 0
7 0 ,0 0 0

2 ,0 0 0
5 8 ,0 0 0

1 4 5 ,0 0 0
6 ,4 0 9 ,0 0 0

* R e c e i p t s d o n o t i n c lu d e g r a in p a s s in g t h r o u g h N o w O r le a n s f o r f o r e ig n p o r t s
o n t h r o u g h b il ls o f la d in g .

The exports from tho several seaboard ports for tho week
ending July 6 aro shown in tho annexod statement:_________
Corn.
Bushels.

W heat.
Bushels.

P ea s.
BarleyRye.
Bushels. Bushels. Bushels.

Oats.
F lou r.
Barrels. Bushels.

N e w p o r t N e w s _____

2 3 ,6 4 2

9 0 ,2 8 2
1 1 ,2 5 7

1 0 ,5 4 2 1 6 3 ,0 1 8 1 ,5 0 0 ,1 0 7
3 0 ,0 0 0
2 2 0 ,0 9 1
8 5 6 ,0 0 0
1 ,9 2 1 ,0 0 0
4 0 4 ,0 0 0
..............

2 8 ,5 4 5

N e w Y o r k ...................

1845000
2 3 ,6 4 2
4 ,3 3 5

1 9 4 65 3 9
4 7 4 ,5 4 2 1 6 3 ,0 1 8 3 ,1 8 3 ,1 9 8
8 9 ,2 2 9 1 5 2 ,2 3 4 4 ,5 4 9 ,2 8 4 2 8 3 ,7 0 0 3 0 4 ,0 2 4

2 8 ,5 4 5
T o t a l w e e k ______
W e e k 1 9 1 7 - . ........... 2 ,2 4 5 ,0 2 2

The destination of those exports for tho week and since
July 1 1918 is as bolow:
___________________________

The price of silver in N e w Y ork on tho same days has been:
S il v e r In N . Y . , p e r o z ___ c t s . 9 9 ) 4

7 9 6 ,0 0 0
3 .0 0 0
3 .0 0 0
1 5 ,0 0 0
3 .0 0 0

10,000

E N G L I S H F I N A N C I A L M A R K E T S — PER C A BL E .
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows tho past week:

R ye.

Barley.

Oats.

W h eat.

Receipts a t-

T o t a l w k . '1 8
S a m e w k . ’ 17
S a m e w k . ’ 16

S IL V E R .
c h a n g e h a s t a k e n p l a c o in t h o p r i c e , a n d t h e m a r k e t t o n o c o n t in u e s
T h o S h a n g h a i e x c h a n g e e a s e d t e m p o r a r il y M d . , b u t s o o n r e c o v e r e d
7 ) £ d . p e r t a e l.
T h o In d ia n C u rr
June 1 5 .
Jay 3 1 .
June 7 .
Lacs of Rupees) —
1 1 3 ,3 2
1 1 1 ,6 2
.1 1111 ,,5
53
in c i r c u l a t i o n _________________________________1

ago.

©jermmer ciaX <ui tIJH i s cell an em ts Uctxxs

Corn.

W heat.

F lo w .
Exports fo r W eek ,
and Since
July 1 to —

Since
July 1

W eek
July 6

Since
July 1

W eek
July 6

Since
Jyly 1

W eek
July 6

1918.

1918.

1918.

1918.

1918.

1918.

Barrels.

Barrels.

Bushels.

Bushels.

Bushels.

Btishels.

1 7 ,9 0 2
U n it e d K i n g d o m .
C o n t i n e n t ................. 1 1 4 ,1 1 2
5 ,2 5 4
S o . & C e n t .A m e r .
2 0 ,9 7 5
W e s t I n d i e s ...........
B r it .N o .A m .C o ls .
4 ,7 7 5
O th er C o u n t r ie s ..

1 7 ,9 0 2
1 1 4 ,1 1 2
5 ,2 5 4
2 0 ,9 7 5

T o t a l ____________ 1 6 3 ,0 1 8
T o t a l 1 9 1 7 _______ 1 5 2 ,2 3 4

1 6 3 ,0 1 8
1 5 2 ,2 3 4

1 6 0 ,0 0 0
3 0 4 ,0 0 0
1 ,2 0 0
7 ,7 0 2

2 8 ,5 4 5

2 8 ,5 4 5

1 6 0 ,0 0 0
3 0 4 ,0 0 0
1 ,2 0 0
7 ,7 0 2
‘ V .o io

1 *6 4 0

2 8 ,5 4 5
2 ,2 4 5 ,0 2 2

2 8 ,5 4 5
2 ,2 4 5 ,0 2 2

4 7 4 ,5 4 2
8 9 ,2 2 9

4 7 4 ,5 4 2
8 9 ,2 2 9

4 ,7 7 5

The world’s shipments of wheat and corn for tho week
ending July 0 1918 and since July 1 1918 and 1917 aro
shown in the following:________________________________________ _
Corn.

W heat.
1918.

E xp orts.

a l9 1 7 .

1918.

a l9 1 7 .

W eek
July 0 .

Since
July 1 .

Since
July 1.

W eek
July 6.

Since
July 1.

Since
July 1 .

Bushels.

Bushels.

Bushels.

Bttshels.

Bushels.

Bushels.

N orth A m er*
R u s s i a ----------D a n u b e -------A r g e ttln e —
A u s t r a lia —
I n d i a ________
O t h .c o u n t r ’s

1 .7 1 9 .0 0 0

1 ,7 1 9 ,0 0 0

7 ,0 8 8 ,0 0 0

5 3 1 ,0 0 0

4 .4 2 3 .0 0 0
7 2 0 .0 0 0
2 4 0 .0 0 0
3 8 ,0 0 0

4 ,4 2 3 ,0 0 0
7 2 0 ,0 0 0
2 4 0 ,0 0 0
3 8 ,0 0 0

1 8 4 .0 0 0
1 ,6 5 2 ,0 0 0
5 6 0 .0 0 0
1 6 ,0 0 0

...................

T o t a l -------

7 ,1 4 0 ,0 0 0

7 ,1 4 0 .0 0 0

9 ,5 0 0 ,0 0 0

0 3 7 ,0 0 0

5 8 1 ,0 0 0

8 7 8 ,0 0 0

7 7 9 ,0 0 0

" " so",6 6 6

"

5 6 *0 0 0

‘ "8 *4*6 66

6 3 7 ,0 00 '

1 ,7 4 1 ,0 0 0

* N o r t h A m e r i c a .— T h o C a n a d ia n G o v e r n m e n t h a s o f f i c i a l l y p r o h ib it e d t h e
I s s u a n c e o f b o t h m a n ife s t s a n d e x p o r t s u n t il a f t o r t e n d a y s .
T h i s Is e f f e c t i v e
d u r in g t h e c o n t i n u a n c e o f t h e w a r .
a R e v is e d .

The quantity of wheat and corn afloat for Europo on dates
mentioned was as follows:
_________________________
Corn.

W heat.

J u ly
6 1 9 1 8 ..
J u n e 29 1 9 1 8 ..
J u ly
7 1 9 1 7 ..
J u ly
8 1 9 1 6 ..

United
K in gd om .

Continent.

Bushels.

Bushels.

N o t a v a il a b le
N o t a v a il a b le
N o t a v a il a b l o
__________

T otal.

United
K in gd om .

Continent.

Total.

Bushels.

Bushels.

Bushels.

Bushels.

5 4 ,6 2 4 ,0 0 0

1 5 ,0 5 7 ,0 0 0

S T O C K OF M O N E Y I N T H E C O U N T R Y .— Tho follow­
ing table shows tho general stock of money in tho country, as
well as the holdings by tho Treasury and tho amount in cir­
culation on tho datos given.

J uly

-Stock of Money July 1 ’ 18 -----------Money in Circulation-----in U. S. aHeld inTreas. July 1 1 9 1 8 . July 1 1 9 1 7 .
$

$

S

.

_

_

G o l d c o i n (I n c lu d in g b u ll io n
in T r e a s u r y ) ........................ 3 ,0 7 6 ,4 8 2 ,5 1 5 2 4 5 , 6 0 2 , 7 5 3 b l , 1 0 7 ,5 3 1 ,2 4 3
G o l d c e r t i f i c a t e s .....................................................................................
8 2 8 ,2 3 1 ,7 4 4
3 8 ,6 8 5 ,5 0 8
7 7 ,3 4 1 ,5 4 5
S t a n d a r d s i lv e r d o l la r s 4 9 9 ,6 8 4 ,9 5 9
S ilv e r c e r t i f i c a t e s ____________
_____________
___________
3 8 1 ,8 0 6 ,7 7 6
S u b s id ia r y s i l v e r ___ 2 3 2 ,1 4 7 ,3 6 4
1 4 ,9 4 0 ,8 0 4
2 1 7 ,2 0 6 ,5 6 0
T r e a s u r y n o t e s o f 1 8 9 0 _____
______________
___________
1 ,8 5 1 ,1 3 0
6 ,7 4 4 ,7 8 3
3 3 9 ,9 3 6 ,2 3 3
U n it e d S t a t e s n o t e s _ 3 4 6 ,6 8 1 ,0 1 6
F e d e r a l R e s e r v e n o t e s c l , 8 4 7 ,5 8 0 ,4 4 5
2 9 ,9 8 2 ,4 0 0 1 ,7 1 1 ,4 1 1 ,6 9 5
F ed eral R eserv e B a n k n otes
1 5 ,4 4 4 ,0 0 0
1 0 0 ,0 2 5
1 5 ,3 4 3 ,9 7 5
N a t i o n a l b a n k n o t e s . 7 2 4 ,2 0 5 ,4 8 5
2 0 ,0 6 8 ,4 7 7
7 0 4 ,1 3 7 ,0 0 8

S
7 6 4 ,4 1 2 ,1 5 6
1 ,7 4 7 ,8 9 1 8 2 9
7 1 ,8 2 9 ,9 6 1
4 7 7 ,5 0 7 ,1 3 6
1 9 4 ,4 1 5 ,1 0 4
1 ,9 7 0 ,4 1 4
3 3 6 ,2 5 1 ,8 5 4
5 4 4 ,7 4 9 ,2 1 5
1 2 ,6 9 9 ,6 6 0
6 9 8 ,0 3 2 ,3 9 1

T o t a l .......................................... 0 ,7 4 2 ,2 2 5 ,7 8 4 3 5 6 ,1 2 4 ,7 5 0 5 ,3 8 4 ,7 9 7 ,9 0 9 4 ,8 5 0 ,3 5 9 ,7 2 0
P o p u l a t i o n o f c o n t i n e n t a l U n it e d S t a t e s e s t im a t e d a t 1 0 5 ,8 6 9 ,0 0 0 .
C i r c u la t io n
p e r c a p ita , $50 8 6 .
a T h i s s t a t e m e n t o f m o n e y h e ld In t h e T r e a s u r y n s a s s e ts o f t h e G o v e r n m e n t
d o e s n o t I n c lu d e d e p o s i t s o f p u b l ic m o n e y In F e d e r a l R e s e r v e b a n k s , a n d In n a t io n a l
b a n k s a n d s p e c ia l d e p o s i t a r ie s t o t h e c r e d i t o f t n e T r e a s u r e r o f t h e U n i t e d S t a t e s ,
a m o u n t in g t o 5 1 ,5 6 1 ,6 7 5 ,8 8 3 7 6 .
b I n c l u d e s 5 5 2 4 ,9 3 0 ,1 5 7 5 0 F e d e r a l R e s e r v e G o l d S e t t le m e n t F u n d d e p o s i t e d
w it h T r e a s u r e r o f U n it e d S t a t e s .
c I n c l u d e s o w n F e d e r a l R e s e r v e n o t e s h e ld b y F e d e r a l R e s e r v e b a n k s
Note.— O n J u ly 1 1918 F e d e r a l R e s e r v e b a n k s a n d F e d e r a l R e s e r v e A g e n t s h e ld
a g a in s t F e d e r a l R e s e r v e n o t e s S08 6,8 38,4 55 g o l d c o i n a n u b u ll io n , 5 2 0 8 ,2 7 8 ,3 2 0
o ld c e r t if i c a t e s a n d 5 1 0 6 ,1 8 6 ,3 5 0 F e d e r a l R e s e r v e n o t e s , a t o t a l o f 5 1 .0 0 1 ,3 0 3 ,1 2 5
a g a in s t $ 3 7 5 ,9 7 8 ,5 5 0 o n J u l y 1 1 9 1 7 .
________________________

A u c tio n Sales.— Among other securities, tho following
not usually dealt in at the Stock Exchangeworo recently sold
at auction in N o w York. Boston and Philadelphia:
B y Messrs. Adrian II. M uller & Sons, N e w York:
Shares.

155

THE CHRONICLE

13 1918.]

Stocks.

Bonds.
"

Percent.

1 5 S p r in g fie ld C o a l M g . , p r e f --------2 05 1
1 0 S p r in g fie ld C o a l M g . , c o m ------- 15
1 0 0 K n lc k e r . - W y o . O I l. , p f .,$ 1 0 e a .S 3 p e r s h

C a n a d ia n B a n k C learin gs.— The clearings for the week
ending July 4 at Canadian cities, in comparison with the
same week in 1917, show an increase in the aggregate of
18.3%.
Week ending July 4 .

Canada—
M o n t r e a l ___________________
T o r o n t o . . ................................
W i n n i p e g ...... .........................
V a n c o u v e r ________________
O t t a w a .....................................
Q u e b e c ............. .. ....................
H a l i f a x _________ ___________
H a m i l t o n ______ ___________
S t . J o h n ___________________
L o n d o n _____________________
C a l g a r y .....................................
V i c t o r i a ____________________
E d m o n t o n _______________
R e g in a ______________________
B r a n d o n ______ ____________
S a s k a t o o n __________________
M o o s e J a w ________________
L e t h b r i d g e ..........................
B r a n t f o r d ......................... .......
F o r t W i l l i a m _____________
N e w W e s t m i n s t e r _______
M e d icin e H a t ...... .................
P e t e r b o r o u g h _____________

$ 3 6 ,0 0 0 W m . R . J e n k in s C o . 6 s ,
1 9 3 3 ...................................$ 1 ,0 0 0 l o t

S
1 0 3 ,5 7 7 ,6 0 3
6 9 ,9 0 1 ,5 4 6
3 5 ,2 4 1 ,0 0 8
1 0 ,2 4 8 ,7 7 2
6 ,8 8 3 ,0 1 8
4 ,6 4 8 ,6 3 3
5 ,0 0 0 ,0 0 0
4 ,7 2 8 ,1 1 8
2 ,4 2 3 ,3 6 4
2 ,9 7 2 ,8 7 0
5 ,5 3 4 ,3 4 1
1 ,9 4 1 ,1 2 2
2 ,8 7 8 ,2 1 0
3 , 2 6 5 ,8 0 4
5 5 3 ,8 4 6
1 ,5 9 5 ,4 0 8
1 ,2 1 2 ,5 6 6
7 5 0 ,0 0 0
1 ,0 1 5 ,9 4 8
7 5 7 ,5 0 8
4 6 9 ,6 0 8
3 1 3 ,2 9 2
7 7 7 ,6 3 9
8 2 2 ,5 0 8
5 0 0 ,0 0 0

Inc. or
Dec.

1917.

1918.

5
7 1 ,0 8 8 ,9 9 3
5 8 ,9 3 5 ,9 1 0
4 1 ,5 4 5 ,2 2 6
7 ,5 0 9 ,5 9 1
6 ,3 1 0 ,9 S 0
4 ,6 9 8 ,4 8 1
4 ,3 7 0 ,0 1 2
5 ,0 2 9 ,8 7 0
1 ,9 2 4 ,2 8 4
2 ,4 3 5 ,5 7 8
7 ,3 2 7 ,3 6 6
1 ,7 6 3 ,4 4 2
2 ,4 3 6 ,6 6 8
3 ,0 7 1 ,3 4 6
4 9 8 ,7 6 6
1 ,5 5 4 ,9 2 3
9 9 3 ,8 5 5
7 3 1 ,3 5 5
7 8 0 ,6 7 7
7 7 3 ,2 2 3
3 7 8 ,3 9 2
4 8 3 ,5 9 7
6 8 8 ,8 7 6
6G 3.0G 1
5 4 4 ,0 9 9

T o t a l C a n a d a __________ 2 6 8 ,0 1 2 ,7 3 2 2 2 6 ,5 3 7 ,5 7 1

%
+
+
—
+

4 5 .7
1 8 .6
1 5 .2
3 6 .5
+ 9 .1
— 1.1
+ 1 4 .4
— 6 .0
+ 2 5 .9
+ 2 2 .0
— 2 4 .5
+ 1 0 .1
+ 1 8 .1
+ 6 .3
+ 1 0 .1

+ 2 .6
+ 22 .0
+ 2 .5
+ 3 0 .1

— 1 .6
+
—
+
+

2 4 .1
3 5 .2
1 2 .9
2 4 .0

— 8 .1

1916.

1915.

$
7 4 ,5 4 2 ,5 4 8
5 7 ,7 4 5 ,6 0 0
3 4 ,2 5 4 ,4 4 1
6 ,5 2 6 ,6 7 9
5 ,7 3 9 ,3 3 3
4 ,3 1 7 ,9 5 1
2 ,9 9 3 ,7 4 6
4 ,4 7 7 ,6 4 7
1 ,6 5 3 ,5 2 3
2 ,5 6 9 ,4 5 3
4 ,5 4 3 ,6 2 2
2 ,0 1 1 ,3 3 5
2 ,0 1 8 ,4 4 8
2 ,1 1 5 ,5 5 7
5 4 9 ,7 2 6
9 6 5 ,5 7 1
8 6 6 ,8 4 0
4 6 2 ,9 8 0
6 9 3 ,0 7 6
5 8 2 ,6 6 7
3 1 9 ,7 5 5
3 2 9 ,8 8 1
5 2 0 ,4 2 9
0 2 0 ,2 6 5
5 0 1 ,3 1 5

$
5 5 ,4 9 4 ,4 7 6
4 1 ,4 5 6 ,5 2 7
1 9 ,7 2 8 ,8 5 4
6 ,7 7 9 ,1 7 9
4 ,9 5 2 ,5 5 8
3 ,9 9 8 ,8 0 7
3 ,0 8 1 , 1 9 0
2 ,9 9 9 ,4 5 1
1 ,9 0 9 ,5 1 8
2 ,2 5 8 , 8 4 4
2 ,9 9 0 ,7 5 0
2 ,0 2 2 ,2 3 3
2 ,8 1 2 ,8 0 7
1 ,4 3 0 ,7 8 2
6 0 9 ,2 2 8
7 8 1 ,0 2 6
7 0 1 ,6 0 1
3 0 5 ,4 9 3
8 0 3 ,8 3 3
4 7 8 ,9 2 8
2 8 9 ,0 1 0
2 2 8 ,8 5 1
4 7 7 ,6 6 9

+ 1 8 .3 2 7 1 ,9 2 2 ,3 8 8 1 5 6 ,5 9 1 ,6 1 5

B y Messrs. R . L . D a y & Co., Boston:
Shares.
4
2
4
12
35
2
2

Stocks.
S per sh
W e b s t e r & A t la s N a t . B a n k ------- 2 0 6 5 1
N a t i o n a l S h a w m u t B a n k ------------196
G e o r g e to w n (M a s s .) N a t . B a n k . 78
G r ln n e ll M f g . C o r p . , N . B c d f ’ d _ 1 4 7
U n io n C o t t o n M f g . , F a l l R i v e r . 2 5 4
L a w r e n c e D u c k _____________________9 4
B e r k s h ir e C o t t o n M f g ____________ 1 66

Shares.

Stocks.

$ persh.

2 W a lt h a m W a t c h , c o m m o n ______ 1 5 5 1
1 P l y m o u t h C o r d a g e , c x - d l v ______ 3 1 0
6
E d i s o n E l e c . 111. o f B r o c k t o n . . . 1 0 6 %
3 U . S . W o r s t o d , 1 s t p r e f ________
95

Bonds.

per cent.

Stocks.

5

per sh. I Shares.

Name o f Company.

Stocks.

§

per sh.

4
B e r k s h ir e L o a n <fc T r u s t .............. 2 0 5
5 D u b u q u e E l e c t r i c , p r e f e r r e d _____ 6 5
0 U n io n C o t t o n M a n u f a c t u r i n g — 2 6 0 5 1 1

B y Messrs. Barnos & Lofland, Philadelphia:
Shares.

Stocks.

$

per sh.

Shares.

Stocks.

g

per sh.

10 F ir e A s s o c i a t i o n o f P h il a .,
251 S t . P e t e r s b u r g C o u n t y C l u b ,
$ 2 5 e a c h ..................................... $ 1 i 0 t
$ 5 0 e a c h ...................... 3 0 0 5 1 -3 0 1 5 1
L o cu st G a p I m p r o v e m e n t ...
6
529 F . A . D a v is , c o m ., $ 50 ea ch
L o c u s t G a p C o a l . . ......................
9 51
(a m a jo r it y o f t h o c o m .s t k .) 51
F . A . D a v is , p r e f., $ 5 0 e a c h . 3 5
4 0 0 R i g h t s t o s u b s c r i b e t o P h il a .
T a m p a B a y T r a n s p o r ta tio n .
151
N a t . B a n k a t $ 2 0 0 ............... 1 0 0
P in e lla s R e a l t y & S . C . , $ 2 5
6 1 s t N a t . B k . ,W o o d b u r y , N . J . . . 1 4 5 5 1
e a c h _______________________________$ 9 l o t 4 0 M a r k e t S t r e e t N a t . B a n k ___ 1 80
1 0 P o n c e d e L e o n S a n a t o r iu m ,
5 0 I n t e g r it y F . I . & T .$ 5 0 c a . 2 1 0 -2 1 1 5 1
$ 1 0 e a c h ----------------$ 1 lo t
17 I ’ h lla . L ife I n s u r ., $ 1 0 e a c h . . 10
10 P in e lla s
F r u it
&
T ru ck ,
5 U n it e d G a s & E l e c . , 1 s t p r e f . 4 0
$ 5 0 e a c h ........... ......................... $ 5 l o t
3 J o h n C . W i n s t o n , p r e f ..............2 0
5 0 0 E m ig r a n t
G u lc h
C o n s o l.
2 P h il a . B o u r s e , p r e f . , $ 2 5 c a . 19
P la c e r M i n e s , $ 2 5 e a c h ___ $ 5 lo t
Bonds.
per cent.
1 0 0 P in e lla s L u m b e r & D e v e l o p .
$ 2 ,0 0 0 M o n t g o m e r y
T ra n s it
1 st
$ 2 5 e a c h . . ................ ............... $ 5 l o t
a n d r e f u n d . 5 s , 1 9 4 6 ______
5
-9 ,2 0 0 K i m b e r l y C o n s . M in e s , $1 e a .. l i e .
23
11
3
20
309

N a t io n a l
n a tio n a l

B a n k s .— T h o

banks

C u rren cy,

is f r o m

T reasu ry

th o

fo llo w in g
o ffic e

of

in fo r m a t io n
th o

r e g a r d in g

C o m p tr o lle r

of

th o

D e p a rtm e n t:

A P P L IC A T IO N S F O R C H A R T E R .
F o r o r g a n i z a t io n o f n a t i o n a l b a n k s :
Capital.
T h o F a n n e r s & M e r c h a n t s N a t io n a l B a n k o f B e n t o n , A r k ________.$ 2 5 ,0 0 0
T h o F a n n e r s N a t io n a l B a n k o f B a r n o s v il l o , M i n n __________________
2 5 ,0 0 0
T h e A m e r i c a n N a t io n a l B a n k o f F o r t T o w s o n , O k l a _______________
25 000
T h o F i r s t N a t io n a l B a n k o f A l e x a n d r ia , P a .....................................
5 0 .0 0 0
T h e F ir s t N a t io n a l B a n k o f S a n J u a n , T e x a s ______ ________________
2 5 ,0 0 0
T h o F ir s t N a t io n a l G a n k o f N il a n d s , C a l ________________________
25 000
T h o F ir s t N a t io n a l B a n k o f C o n y e r s , G a ............. ...........................
7 5 ,0 0 0
F o r c o n v e r s io n o f S t a t e b a n k s :
T h o F ir s t N a t io n a l B a n k o f M a n t e c a , C a l ____________________________
5 0 ,0 0 0
C o n v e r s io n o f th o F ir s t S ta te B a n k o f M a n t e c a .
T h o L i b e r t y N a t io n a l B a n k o f D a w s o n , T e x a s ______________________
5 0 ,0 0 0
C o n v e r s i o n o f t h e F ir s t S t a fo B a n k o f D a w s o n .
T h o A m e r i c a n N a t io n a l B a n k o f L o n g m o n t , C o l o _________ ________
5 0 ,0 0 0
C o n v e r s i o n o f t h o E m e r s o n & B u c k in g h a m B a n k & T r u s t C o .
o f L o n g m o n t.
T h o F ir s t N a t io n a l B a n k o f C o l l e g e S p r in g s , I o w a ............................
5 0 ,0 0 0
C o n v e r s i o n o f t h o F a r q u h a r S a v in g s B a n k o f C o l l e g o S p r i n g s .-----------------T o a l .............................................................................. .................. ..........................$ 4 5 0 ,0 0 0
C H A R T E R S IS S U E D .
O r i g i n a l o r g a n i z a t io n s :

. . . . . . .

.

. - anK o f Rodeo Cal

a n k o f S w eetw a ter
ank o f R u dyard, A
___________________
_
d al N a t io n a l B a n k , V a l l e jo , C a l
_____ lOOlOOO
S u c c e e d s C o m m e r c ia l D e p a r t m e n t o f V a ll e jo C o m m e r c ia l
B a n k , V a l l e jo , C a l.
T h o F i r s t N a t io n a l B a n k o f T i m b l t n , P a ......................... ..
2 5 ,0 0 0
T h e F a r m e r s N a t io n a l B a n k o f A p p o m a t t o x , V a . .
'
5 0 ,0 0 0
C o n v e r sio n o f S ta to B a n k :
N a t io n a l C e n t r a l B a n k o f B a lt i m o r e , M d _____________
4 0 0 ,0 0 0
C o n v e r s i o n o f t h o G o r m a n B a n k o f B a lt i m o r e C i t y , B a lt i m o r e ,
M d.
----------------T o t a l ........................... - ................- .......................................................................... $ 6 8 5 ,0 0 0
CH ARTER EXTEN D ED .
T h o F ir s t N a t io n a l B a n k o f N o w B l o o m f i e l d , P a . , u n t il c l o s e o f b u s in e s s
J u l y 11 1 9 3 8 .

in c r e a s e s

o p

C A P IT A L A P P R O V E D .

.
„ „ , ,
„
Amount
T h o C i t y N a t io n a l B a n k o f B r i d g e p o r t , C o n n . , f r o m $ 2 5 0 ,0 0 0 t o
$ 5 0 0 ,0 0 0 ........................
- - - - - - - - - - - - - - ...................................................$ 2 5 0 ,0 0 0
T h o C o m m e r c ia l N a t io n a l B a n k o f Y o u n g s t o w n , O h io , f r o m .
$ 3 0 0 ,0 0 0 t o 8 5 0 0 ,0 0 0 .........................
..
. - .................... 2 0 0 .0 0 0
T h o N a t io n a l B a n k o f C o m m e r c e o f L o u is v i ll e , K y . , f r o m $ 8 0 0 ,0 0 0
t o $ 1 .0 0 0 ,0 0 0 ...................... - V T - f V ------------------------------------ --------------2 0 0 ,0 0 0
T h e S e c o n d N a t io n a l B a n k o f H o b o k e n , N . J . , f r o m $ 1 2 5 ,0 0 0 t o
$ 2 5 0 , 0 0 0 -------------------------, - - - V N i ............... .................................. .......................... 1 2 5 ,0 0 0
T h o F ir s t N a t io n a l B a n k o f C l a r e m o n t , C a l . , f r o m $ 2 5 ,0 0 0 t o
$ 5 0 , 0 0 0 .............. ....................................................................................- - - .....................
2 5 ,0 0 0
T o t a l .................................................................................................................................$ 8 0 0 ,0 0 0
C H A N G E S O F T IT L E A P P R O V E D .
T h o A n n is t o n C i t y N a t io n a l B a n k , A n n is t o n , A l a . , t o “ T h o A n n is t o n
N a t io n a l B a n k .”
„
,
, „
■
„ . ,,
„
.
T h e G e r m a n -A m o r i c a n N a t i o n a l B a tik o f A r l i n g t o n , I o w a , t o
Tho
A m e r ic a n N a t io n a l B a n k o f A r lin g to n .
’
T h e G c r m a n - A m e r l c a n N a t io n a l B a n k o f S h a w a n o , W i s . , t o “ T h o
W i s c o n s i n N a t io n a l B a n k o f S h a w a n o . ’
V O L U N T A R Y L IQ U ID A T IO N S .
F o r ’" c o n s o li d a t i o n w i t h o t h e r n a t io n a l b a n k s :
T l i e C l a r e m o n t N a t io n a l B a n k , C la r o m o r it , C a l ----------------------------- $ 3 0 ,0 0 0
IB L i q u i d a t i n g a g e n t : J . T . B r o o k s , C l a r e m o n t .
C o n s o li d a t e d
M lw l t h lt h o F i r s t -N a t io n a l B a n k o f C l a r e m o n t .




Dividends announced this week are printed in italics.

$ 5 ,0 0 0 T h e W a t e r & L ig h t C o . , H o t
S p r in g s , S o . I l a k . , 5 s , 1 9 2 7 ............ 9 0 X

B y Messrs. Millott, Roe & Hagen, Boston:
Shares.

D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations.
When
Per.
Cent. Payable.

Railroad* (Steam).
Alabama Great Southern, preferred------ $ 1 .5 0 A u g . 2 8
S ep t. 3
Atch.Top.&SantaFe,com.(qu.) (N o.53)
1> 1
A ug.
1
2>1
Preferred (No. 40)___________________
Canada Southern_______________________
IX A ug. 1
2
A ug.
1
Central RR. of New Jersey (quar. ) . . . .
3>1 J u ly 2 0
Chicago Rock Island & Pacific, 7% pref.
3
J u ly 21 )
Six preferred_________________________
Cln. N . O. * Tex. Pac. Pref. (quar.) . .
We A u g . 31
Clov. Clno. Chlo. & St. L ., pref. (q u .)~
We J u ly 2 0
A ug.
1
Cuba R R ., preferred___________________ 03
Delaware Lackawanna & West. (quar.). $ 2 .5 0 J u ly 2 0
3
J u ly 15
Detroit River Tunnel__________________
151 A u g .
1
Great Northern, preferred (quar.)-------Kanawha A Michigan (quar.)_______ _
We J u ly 30
J u ly 15
1
Kansas City Southern, pref. (quar.) —
l.lltle Srhuvklll Nav . RR. A Coal------ $ 1 .2 5 J u ly 15
A u g . 10
3 )1
Louisville & Nashville_________________
A ug.
1
Mahoning Coal R R ., common__________ $ 5
J u ly 29
2
Michigan Central______________________
Mine Hill & Schuylkill Haven________ $ 1 .5 0 J u ly 15
New York Central RR. (quar.)------------We A u g . 1
A u g . 19
1
Norfolk & Western, adj. pref. (quar.) —
$2
J u ly 15
Northern Central ____________________
1
151 A u g .
Northern Pacific (quar.)_____________
Pere M arquette, prior preferred (q u a r .)..
Pittsburgh & West V irginia, p ref. (quar.)

Reading Company, common (quar.)___
First preferred (quar.).......................
Street <c Klectric Railways.
Brooklyn City RR. (quar.)................—
Capital Tract. ( W ashington, D . C .) (extra.)

151
151
$1

50o.

1
A ug.
A u g . 31
A ug. 8
S ep t. 12

2 5 c . J u ly
A ug.
*51
A ug.
J u ly
J u ly
A ug.
A ug.
J u ly
A ug.
J u ly
J u ly
J u ly
J u ly
A ug.
J u ly
J u ly
J u ly
J u ly
J u ly
A ug.
A l lg .
J u ly
J u ly
June
J u ly
J u ly
J u ly
A ug.
J u ly

Carolina Power & Light, com. (quar.)..
51
Cine. N ewport & Co v . L . & T r., com. (qu.)
151
Preferred (quar.)_______ ____________
151
Cities Service com. A Pref. (monthly)..
*51
Common (payable In com. stock)____
•fYe
2
Consolidated Traction of N . J ........... ..........
Duquesno Light, pref. (quar.) (No. 14)
151
Georgia Ry. A Power 1st pref. (quar.)..
151
Kentucky Securities, p ref. (q u a r .) ----------151
Milwaukee Elec. Ry. A Lt., pref. (qu. .
151
Monongahela Valley Trac., com. (quar.) 3 151c.
X
Montreal Light, H t. A Pow. Cons, (qu.)
1
N ew Orleans City R R ., com m on --------------251
P r e f e r r e d ..............................................—
Ottumwa Ry. A Light, pref. (quar. —
151
Philadelphia C o ., com. (qu.) (No. 147). 7 5 c .
Philadelphia A Western Ry., pref. (qu.) 6 2 51c.
3
Railway A Light Securities, com . (N o . 18)
3
P referred (N o . 2 7 ) ....................................
1
Republic Ry. A Light, com. (qu.) (No.7)
151
Preferred (quar.) (No. 28)----------------Springfield A Xenia R y., pref. (quar. . .
151
50c.
United Ry. A Elec., Balt., com. (q u .)..
3
Virginia Ry. A Power, preferred----------2
Wash. Balt. A Annap.El.RR.,com.(qu.)
West Penn Power, pref. (quar.) (No. 10)
151
York (Pa.) Railways, preferred (quar.). 6 2 5 1 c .

Books Closed.
Days Inclusive.
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u n o 18
H o ld e r s
H o ld e r s
H o ld e r s
J u n e 22
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

15 J u l y
4
I ♦ H o ld e r s
1
H o ld e r s
15 J u n e 3 0
15 J u n e 30
1 • H o ld e r s
1 ♦ H o ld e r s
15 H o l d e r s
1
H o ld e r s
20
H o ld e r s
15 H o l d e r s
31 H o l d e r s
15 H o l d e r s
15 H o l d e r s
10
J u n e 30
10
J u n e 30
15 H o l d e r s
31 H o l d e r s
15 H o l d e r s
1
H o ld e r s
1
H o ld e r s
15 H o l d e r s
15 H o l d e r s
29 H o l d e r s
15 H o l d e r s
20
H o ld e r s
15 H o ld e r *
1
H o ld e r s
30 H o ld e r s

rec.
rec.
rec.
rec.
reo.
rec.
rec.
reo.
rec.
rec.
rec.
rec.
rec.
rec.
reo.
to
rec.
rec.
rec.
to
rec.
rec.
reo.
rec.
rec.
rec.
rec.
rec.

J u ly
A ug.
June
June
J u ly
J u ly
J u ly
A ug.
June
June
J u ly
J u ly
J u ly
J u ly
June
J u ly
J u ly
J u ly
June
J u ly
J u ly
J u ly
June
J u ly
J u ly
A ug.
J u ly
Aug.

20a

to
o f rec.
o f rec.
to
to
o f reo.
o f rec.
o f rec.
o f rec.
o f rec.
o f rec.
o f rec.
of rec.
o f rec.
to
to
o f rec.
o f rec.
o f reo.
o f rec.
o f rec.
o f rec.
o f reo.
o f rec.
o f re c.
of rec.
o f re c.
o f rec.
o f rec.

J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
June
J u ly
J u ly
J u ly
J u ly
June
J u ly
J u ly
J u ly
June
J u ly
June
J u ly
J u ly
J u ly
J u ly
June
June
J u ly
June
J u ly
J u ly

15
24
15
15
15
15a
15a
29a

of
of
of
of
of

J u ly
J u ly
J u ly
J u ly
J u ly

of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of

9a
27a
28a
19a
5a
5a
24a
28a
29a
5a
Ga
3a
1 5a
29a
15
19a
15a
28a
14
9a
31a
29a
5a
15a
15
18a
27 a

1
10 a
11a
20a

27a
31a
9
9
29
la
29a
15a
15a
1
1
22a

29
la
29a
20
20a

Ranks

CUy, N ation al (Brooklyn) (q u a r.) ----------Corn Exchange (q u a r.) ................................
Ilarrim a n N a tion al ____________________
M ech a n ics A M etals N ation al (quar.) —

Produce Exchange, New York (quar.)..
Fire Insurance.
H om e (N o . 126)............................................

$ 1 .7 5
4
5
4
3

J u ly 15
A ug.
1
J u ly
6
J u ly 15
J u ly 15

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

1251

O ndem .

H o ld e r s o f r e c . J u l y

Miscellaneous.
$1
Air Reduction, common (quar.) (No. 5)
Preferred (quar.) (No. 5 ) -------------------151
Alliance Realty (quar.)-------------------------151
151
Allis Chalmers M fg.. pref. (quar.)------hVe
Pref. (account of accumulated dlvs.).
Amer. Agricultural Chem., com. (q u .)..
151
Preferred (quar.) (No. 52)......... ..........
151
2
American Beet Sugar, common (quar.).
American Cigar, common (quar.)........... *151
75c
Amer. Gas A Elec., pref. (qu.) (No. 46)
4
American Glue, preferred---------------------151
American Ice, preferred (quar.)..............
151
Am. La France Fire En., Inc., com.(qu.)
151
Amer. Laundry Machinery .pref. (qu.).
251
American Light A Traction, com. (quar.
Common (payable In common stock). /2 5 1
151
Preferred (quar.)------------------------------American Locomotive, pref. (quar.)-----151
American Malting, 1st A 2d pref. (quar.
151
A m erican Navigation (q u a r.) ...................... * 1 5 c .
50c.
American Rolling Mill, common (quar.)
25c.
Common (extra)------------------------------Preferred (quar.).....................................
m

J u ly
J u ly
J u ly
J u ly
July
J u ly
J u ly
J u ly
A ug.
A ug.
A ug.
J u ly
A ug.
J u ly
A ug.
A ug.
A ug.
J u ly
A ug.
J u ly
J u ly
J u ly
J u ly

15
15
16
15
15
15
15
31
1
1
1

25
15
15
1
1
1

22
1
20

15
15
15

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
♦ H o ld e r s
H o ld e r s
J u ly 21
H o ld e r s
H o ld e r s
J u ly
6
J u ly 12
J u ly 12
J u ly 12
H o ld e r s
H o ld e r s
• H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

of
of
of
of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
to
o f rec.
o f rec.
to
to
to
to
o f reo.
o f rec.
o f rec.
o f rec.
o f rec.
o f rec.

June
June
J u ly
June
June
June
June
J u ly
J u ly
J u ly
A ug.
J u ly
A ug.
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
June
June
June

9a
31
5
Ga
10
1

30a
30a
10

29a
29a
24a
24a
13
15
15a
4
15a
9a
15
28
28
28
5a
15a
10

29a
29a
29a

156
Name of Company.
M is c e lla n e o u s ( C o n t i n u e d ) .
A m erica n S h ip b u ild in g , c o m . ( q u a r .) ___
C o m . (ex tra ) (p a y . In 3 4 4 % L .L .b d s .)
P referred ( q u a r .)______________________
Amer. Sumatra Tobacco, com. (.quar.)____
A m er. S u m atra T o b a c c o , p ro t________ .
A tner. T e le p . <fc T e le g . ( q u a r .) . ________
A m e r. T y p e F ou n d ers, c o m m o n (q u a r.)
P referred (q u a r .)______________________
A m erica n W o o le n , c o m m >n (q u a r .)____
P referred ( q u a r . ) ....................... _ ..............

Amer. Zinc, Lead & Smell., pref. (quar.).

THE CHRONICLE
Per
When
Cent. Payable
Aug
Aug
IX A u g
244 A u g
3 y-2 s e p t .
2
Ju ly
1
July
IX Ju ly
IX July
IX July
$1.50 A u g
32
A ug.
J u ly
15
♦50c. J u ly
IX July
Aug.
5
144 A u g .
5 0c. J u ly

IX

5

A n a c o n d a C o p p e r M in in g (q u a r .)_______
A n g lo-A m erica n OH______________________
Arizona Commercial Mining_____________
A ssocia ted O il ( q u a r .) .......... ......................
A t l. G u lf & W . f. SS Lines. c o m m o n ___
A tla s P o w d e r, p referred (q u a r .) ________
A u tosa les C o rp o ra tio n , p referred _______
B a rn h a rt B ro s. & Splndler—
1 st and 2d preferred (q u a r .)_________
154
B a rrett C o . , preferred (q u a r .)___________
IX
B ell T ele p h o n e o f C a n a d a ( q u a r .).............
2
B e ll T ele p h o n e o f P en n sy lv a n ia ( q u a r .).
144
Borden's Condensed Milk, common_______ *4
B ro w n S h oe, preferred ( q u a r .)___________
IX
Burns Bros., com. (quar.) (No. 2 0 ) _______
244
Preferred (quar.) (No. 2 2 ) .........................
IX
Bu rn s B ros., I c e , first p ref. (q u a r .)____
IX
F irst p ref. (a cco u n t o f a ccu m . d l v s .) . A3 44
B u sh T erm in a l, c o m m o n ________________
244
C o m m o n (p a y a b le In c o m m o n s t o c k ) . /2 4 4
P r e fe r re d _______________________________
3
B u tte C o p p e r & Z in c ................................ .......
5 0 c.
C a n a d a C em en t, L t d . (q u a r.) ( N o . 9 ) .
144
C a n a d ia n C a r & F o u n d ry , p referred____
344
C a n a d ia n C on v erters’ , L t d . (q u a r .)____
l X
C a n a d ia n F a lrb a n k s-M orse, p r e fe r r e d ..
3
C a rb o n S teel, co m m o n (q u a r .)_________
2
C o m m o n (e x t ra )______________________
10
C a rb o n Steel 2d pref. ( a n n u a l) .. _____
6
C e d a r R a p id s M fg . & P ow er (q u a r .)___
X
C en tral C o a l & C o k e , c o m m o n (qu ar.)
144
P referred ( q u a r . ) ______________________
IX
C en trat F o u n d ry , ord in a ry p ref. ( q u a r .).
IX
F irst preferred ( q u a r .)_______________
2
C en tra l Illinois P u b lic S o r v ., p ref. ( q u .)144
C en tra l K e n tu c k y N a tu ra l G as ( q u a r .).
144
C en tra l L ea th er, c o m m o n (q u a r .)_______
IX
Central Sugar Corp., pref. (quar.)_______ *IX
Chevrolet Motor (quar.)____________________ ♦3
C h ica g o P n eu m a tic T o o l ( q u a r .)_______
144
Cleveland & Sandusky Brewing, common.
1
Preferred______________ ______ __________
3
C lu e tt, P e a b o d y & C o ., I n c ., c o m . (q u .) 144
C o lo r a d o F u el * Iro n , c o m . ( q u a r .)____
X
P referred (q u a r .)______________________
2
C o lo r a d o P ow er, c o m m o n (q u a r .)_______
44
C o m m on w ea lth E d iso n (q u a r .)_____ . . .
♦ 2
C om m on w ea lth G as & E l. C o s . ,p f . ( q u .) .
144
Consolidation Coal (quar.)________________
144
C on tin en ta l M o t o r s C o r p ., p ref. (q u a r.)
154
C o rn P ro d u cts R c f g ., p ref. (q u a r .)____
154
C osd en & C o ., c o m . (p a y . In c o m . stock */244
C ra m p (W m .) & Sons Ship & E n g . B ld g .
3
Crocker-Wheeler Co., com. (quar.).. ____
2
Preferred (quar.)_______________________
154
C u m b erla n d P ip e L in o__________________
6
C u rtiss A erop la n e & M o t o r , p r e fe r r e d ..
344
D ela w a re L a ck a . & W e st. C oa l ( q u i r . ) .
$1.25
Del. Lack. & West. Coal (special)............... nr>m
D e tr o it E d ison (q u a r .)_________________
2
D e tr o it Iro n & S teel, co m m o n ( q u a r . ) . .
25c
P referred (q u a r .)______________________
1744c
D istillers S ecurities ( q u a r .) _____________
X
E x tr a _______________ . . .
.. .....
144
Dominion Coed, Ltd., pref. (No. 5 1 ) ..........
344
D o m in io n P ow er & T ra n s., pref. ( N o .38)
344
Dominion Steel, Ltd., pref. (quar.)_______
144
D o m in io n T ox ttle, L t d ., p ref. ( q u a r . ) . .
154
d u P o n t ( E . I .) deN etn ,& C o . ,d eb .s t k . ( q u .)
144
d u P on t (E l .) (le N em . P ow d.. c o m .( q u )
U4
Preferred ( q u a r .) ______________________
144
E a stern S teel, co m m o n ( q u a r .) _______ .
2 44
E a stm an K o d a k , c o m m o n (extra ) . .
10
E d ison E le c. 111., B o sto n (q u a r .)(N o . 117)
3
Elsenlohr (Otto) & Bros., Inc., common.. ♦ 1
Elec. Bond & Share, com. (qu.) (No. 3 7 ) .
2
Preferred (quar.) (No. 5 3 ) _____________
144
E lectrica l Securities, preferred ( q u a r .).
144
E lectrica l U tilities C o r p ., pref. ( q u a r . ) . .
144
E lg in N a tion a l W a t c h __________________
2
Elk Basin Petroleum (quar.)______________ 1244c.
E u rek a P ip e L ine (q u a r .)_______________
5
F a ja rd o Sugar ( q u a r . ) . . .................... ............
244
Falls Motors Corp., pref. (In cash).......... ..
154
Pref. (acct. accilm. dlvs., pay. in scrip). 17544
F ed era l Steel F o u n d ry , c o m m o n ________
10
Federal Sugar Refining, pref, (quar.)____
144
F ireston e T ir e A R u b b e r , p re f. ( q u a r . ) . .
1 4-,
Fisher Body Corp., pref. (quar.)..................
154
Fort Worth Power A Light, pref. (quar.).
154
G alen a-S ign al O il, c o m . (q u a r .) _________
6
P referred ( q u a r .) ................. .......................
2
G eneral E lectric ( q u a r .) ____________ . . .
2
E x tra (o a y a b lo In s to c k ) .......... . . .
21
G eneral M o t o rs , co m m o n ( q u a r .)_______
3
P referred ( q u a r .)______________________
144
Gillette Safety Razor_______________________ $2
Globe Oil (monthly)________________________ 144c.
G lo b e -W e rn lck e , preferred (q u a r .)_____
144
I
G o o d r ic h (B F ) o . ) . c om m on (<|it;»r )
G ra n b y C on sol .M i n ..S m e lt.& P o w . (q u .)
244
H a rb lson -W a lk er R e fra ct., p f .( q u . ) . . . .
l x
D o lly Sugar C o r p .. p ref. (q u a r.) (N o . !)>
154
H om esta k o M in in g (m o n th ly ) ( N o . 527)
»5 0 c.
Illin ois B rick (q u a r .)_____________________
144
In d ia n a P ip e L ine ( q u .) ________________
$2
In sp ira tion C o n s o l. C o p p e r C o . ( q u a r .). $2
In tern a t. A g ricu ltu ra l C o r p ., p ref. (q u .)
144
In tern a t. B itton h olo Sew ing M a c h , (q u .)
1
I n t.H a rv e s te r o f N . J .,c o m .( q u .) (N o .3 4 )
154
3
In tern a tion a l M erca n tile M a rin e , p r e f ..
In tern a tion a l N ic k e l, preferred ( q u a r .).
144
In tern a tion a l P a p e r, p re f. (q u a r .)______
154
Jon es B ro s. T e a , I n c . (q u a r .)___________
5 0c.
Kamlnlstlqula Power, Ltd. (quar.)_______ ♦ 2
K a y s e r (Julius) & C o ., 1st & 2d p f. (q u .)
154
K e lly -S p rln g field T ir e , c o m m o n (q u a r.) SI
Kerr Lake Mines, Ltd. (quar.) (No. 4 ) ___
2 5c.
K ress (S H i v ;t.> com ( q i i . f ! ( N " li
1
L eh ig h C o a l * N a v ig a tio n (q u .) ( N o . 159) $1
L in d sa y L ig h t, c o m m o n (q u a r .)________
♦5
P referred (q u a r .)______________________
*154
M a cA n d re w A F orb es, c o m . q u a r . ) ____
244
P referred (q u a r .)_____________________
144
M a n u fa ctu rers’ L ight A H e a t ( q u a r .)___ $1
M a p le Leaf M illin g , co m m o n (q u a r .)___
244
C o m m o n (b o n u s )______________________
1
Preferred ( q u a r .)______________________
154
M a r c o n i W ireless T e l. o f A m er. (N o . 2 ) .
2 5c.
M a ssa ch u setts G a s C o s ., c o m . ( q u a r . ) . .
154




Books Closed.
Days Inclusive.

Name of Company.

[V o l . 107
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

M is c e lla n e o u s (C o n c lu d e d ).

1 H old ers o f rec. J u ly
1 H old ers o f rec. Ju ly
1 H old ers o f rec. Ju ly
1 H old ers o f rec. Ju ly
2 H old ers o f reo. A u g .
15 H old ers o f rec. June
15 H old ers o f rec. Ju ly
15 H old ers o f rec. Ju ly
15 June 15
to
June
15 Juno 15
to
June
1 H old ers o f rec. Ju ly
2£ H old ers o f rec. Ju ly
16 H old ers o f c o u p . N o
31 ♦H olders o f rec. Ju ly
15 H o i lers o f rec. Juue
1 H old ers o f reo. June
1 J u ly 21
to
Ju ly
15 H old ers o f rec. June

15a
15a
15a
22a
iO'J
20a
10a
10a
26
20
19
20 a
15
20
29 a
2 4a
31
29

A u g . 1 H old ers o f reo. J u ly 27a
July 15 H old ers o f rec. July
la
J u ly 15 H old ers o f re c . J u n e 29
Ju ly 15 H old ers o f rec. Ju ly
5a
A u g . 15 ♦H olders o f rec. A u g . 1
A u g . 1 H old ers o f rec. Ju ly 20a
A u g . 15 H old ers o f r c c . A u g . 1
A u g . 1 H old ers o f rec. Ju ly 20
A u g . 1 H old ers o f r c c . J u ly 15a
A u g . 1 H old ers o f re c . Ju ly 15a
Ju ly 15 H o ld e rs o f reo. Ju ly
6a
J u ly 15 H old ers o f rec. Ju ly
6a
Ju ly 15 H old ers o f rec. Ju ly
6a
J u ly 3(J J u ly 16
to
Ju ly 29
Ju ly 16 I lo ld o r s o f reo. Juno 30
J u ly 15 H old ers o f rec. June 15a
A u g . 15 H old ers o f rec. Ju ly 31
Ju ly 15 H olders o f rec. Juno 29
Ju ly 15 H old ers o f rec. J u ly 10
Ju ly 15 H old ers o f rec. J u ly 10
July 3C H olders o f rec. July 20a
A u g . 15 H old ers o f rec. Ju ly 31
Ju ly 15 H old ers o f roo. Juno 29a
July 15 H old ers o f reo. Juno 29a
Ju ly 15 H old ers o f rec. Juno 29a
Ju ly 15 H old ers o f re c . Jun o 29a
Ju ly 15 H old ers o f rec. Juno 29a
Ju ly 15 H old ers o f r c c . Juno 30
A u g. 1 H old ers o f rec. Ju ly 10
A u g . 1 ♦H olders o f rec. J u ly 15
A u g. 1 ♦H olders o f rec. Ju ly 15
Ju ly 25 H old ers o f re c . J u ly 15a
J u ly 31 H old ers o f rec. Ju ly 15
J u ly 31 H old ers o f rec. Ju ly 15
A u g . 1 H old ers o f rec. J u ly 20a
July 25 H old ers o f reo. July 5a
J u ly 25 H old ers o f reo. J u ly
5a
Ju ly 15 H old ers o f re o . June 29
A u g . 1 ♦H olders o f re c . J u ly 15
Ju ly 15 H old ers o f rec. J u ly
la
Ju ly 31 H old ers o f r c c . Ju ly 20
Ju ly 15 J u ly
7
to
J u ly 15
J u ly 15 H old ers o f rec. J u ly
6
A ug. 1
A u g . 1 J u ly 21
to
A ug. 1
J u ly 15
J u ly 15
Ju ly 15 H old ers o f rec. Juno 29
J u ly 15 H old ers o f r c c . Ju ly
2
J u ly 15 H old ers o f rec. Ju ly
la
J u ly 22 ♦H olders o f rec. Ju ly
8
Ju ly 15 H old ors o f ro c . Ju ly
la
Ju ly 15 J u ly
6
to
J u ly 15
Ju ly 15 J u ly
6
to
J u ly 15
Juiy 13 H old ers o f rec. July
2a
Ju ly 13 H old ers o f reo. July
2a
A u g . 1 H old ers o f r c c . Ju ly 13
J u ly 15 Jun o 20
to
Ju ly
1
A u g. 1 J u ly 16
to
Aug. 1
Ju ly 15 H old ers o f reo. Jun o 29
Ju ly 25 H old ers o f reo. July 10 a
A u g . 1 H olders o f reo Ju ly 20a
A u g . 1 H oldors o f rec. Ju ly 20a
July 15 H olders o f rec. July
1
A u g. l H oldors of reo. June 29a
A u g . 1 H old ers o f roo. July 15
A u g. 15 ♦H olders o f rec. A u g . 1
J u ly 15 H olders o f rec. J u ly 12
A u g. 1 H old ers o f rec. J u ly 17
A u g . 1 H olders o f rec. Ju ly 24a
J u ly 15 H old ors o f rec. J u ly
6
A u g. 1 H olders o f re c . Ju ly 24
A u g. 1 H old ers o f rc c. Ju ly 15
A u g . 1 H old ers o f rec. Ju ly 15
A u g . 1 H old ers o f rec. Ju ly 18
Ju ly 20 Jun e 30
to
Ju ly 14
Ju ly 20 Jun e 30
to
Ju ly 14
J u ly 15 Juno 30
to
Ju ly 15
A u g . 1 H old ers o f rec. Ju ly 20a
July 15 H oi lers o f reo. Julv
la
A u g . 1 H olders o f rec. J u ly 23a
A u g. 1 H olders o f r c c . J u ly 20
July 31 H oldors o f reo M a y 31
July 31 H olders o f rec M a v 31
July 15 H olders o f reo. June 8 a
July 15 H olders o f reo. June Ha
A u g . 1 H old ers o f rec. Ju ly 15a
A u g . l H old ers o f rec. Ju ly 15 a
A u g . 31 H old ers o f rec. A u g . 1
A u g . 10 H old ers o f rec. J u ly 20a
Ju ly 15 H old ors o f rec. Jun e 30
A u g. 15 H olders o f reo. A u g . 2a
A u g . 1 H old ers o f reo. Ju ly 19 a
July 20 H olders o f reo. July 10a
A u g. 1 H olders o f reo. J u ly 15
Ju ly 25 ♦H olders o f rec. Ju ly 20
Ju ly 15 J u ly
4
to
J u ly 15
A u g. 15 H old ers o f reo. Ju ly 20
lu ly 29 H old ers o f rec. Ju ly 1 2 a
Ju ly 31 H old ers o f rec. Ju ly 15a
J u ly 15 H old ers o f r c c . J u ly
1
July 15 H olders o f rec. June 25a
A u g . 1 H old ers o f r c c . Ju ly 15a
A u g . l H o ld o rs o f reo. July 16a
J u ly 15 H old ers o f rec. J u ly
8a
J u ly 15 H olders o f rec. Ju ly
1
A u g . 15 ♦H olders o f rec. J u ly 31
A u g . 1 H olders o f reo. Ju ly 18a
A u g. 1 H old ers o f reo. Ju lv 15a
S ep t. 16 H olders o f rec. A u g . 31a
Aug
1 l Iold ers o f rec July 20a
A u g . 31 H old ers o f r c c . J u ly 31
A u g . 31 H old ers o f reo. A u g . 1
A u g . 31 H o ld e rs o f roo. A u g . 1
July 15 H old ers o f r e c . Juno 30a
July 15 H old ers o f rec. June 30a
Ju ly 15 H old ers o f re c . June 28a
July 18 H old ers o f rc c. Ju ly
3
July 18 H old ers o f rec. Ju ly
3
J u ly 18 H old ers o l rec. J u ly
3
A u g . 1 J u ly 10
to
A ug. 1
A u g . 1 H old ers o f rec. J u ly 15

M a ssa ch u setts L ig h tin g C o s ., p f. (q u .)
M e x ica n T eleg ra p h (q u a r .)____________
M ia m i C o p p e r (q u a r.) ( N o . 2 4 ) ________
M id v a le Steel A O rd n an ce (q u a r .).
M id w e st O il, p referred (q u a r .)____
M o h a w k M in in g (q u a r .).
M on trea l T eleg ra p h (q u a r .).
M orris P lan C o ............... .........
N ational B iscu it, c o m . (q u a r n N u
N a tion a l B iscu it, c o m . (q u a r.) (N c
P referred (q u a r.) ( N o . 8 2 ) ___
N a tion a l Fuel G as (q u a r .)_______
N a t . L ea d , c o m . (R e d C ross d lv . N o . 2)
P referred (q u a r .).
N ew E n gla n d C o m p a n y , 2d p r e f_____
N e w E n gla n d P ow er, preferred (q u a r.)
N e w Jersey Z in c (q u a r .)_________________
N e w Y o r k D o ck , p referred ______________
N e w f o r k I'rauslt ( q u a r .)_____________
N lplssln g M in es (q u a r .)_____ ___________
.N orth ern States P o w e r, p ref. ( q u a r . ) . . .
Preferred (q u a r .)........ .............
O h io Brass, preferred (q u a r .).
O h io F u el S u p p ly (q u a r .)____
O k la h om a N a tu ra l G as ( q u a r .).
O tis E le v a to r , c o m m o n (q u a r .).
P referred ( q u a r .)________________
Pacific Development (quar.)________

Pacific Mali SS., preferred (quar.).
P a cific T e le p h . A T e l e ? ., pref. (qu
P en m a ns L im ited , c o m . ( q u a r .).
P referred (q u a r .)______________
Penn Traffic_______________________
Extra_____________________________
P en n sy lv a n ia S alt M fg . ( q u a r .).
P e o p le ’s N a tu ra l G as A P lpeago i.„ ____
P ierce-A rrow M o t o r C a r c o m . ( q u a r .).
P ittsb u rg h C o a l o f P e n n ., c o m . (q u a r.)
P referred (q u a r .)_______ ______ _______
P ittsb u rg h C o a l o f N . J ., p re f. ( q u a r . ) . .
Plant (Thomas G.) Co., pref. (qu.) (No.08)
P rairie O il A G a 3 (q u a r .)________________
E x t r a ___________________________________
P rairie P ip e L ine (q u a r .)_________________
P rocter A G a m b le, c o m . (q u a r .)_______
C o m m o n (e x tra ,p a y a b le Incom .stock )
Preferred ( q u a r .)______________________
P u b lic S erv . C o r p . o f N o r . 111., co m . (q u .)
P referred (q u a r .)______________________
Q uaker O ats, c o m m o n ( q u a r .) _________
C om m on (e x t ra )_______________
Preferred ( q u a r .)_______________
R ea lty A ssociates (N o . 3 1 ) . . .......... ............
R e e c e B u tto n h o le M a c h , (q u .) (N o . 129)
R e e c e F old in g M a ch in e (q u .) ( N o . 37) R ep u b lic Iron A Steei. c o m . (q u .) ( N o . 7)
San ta C ecelia Sugar C o r p ., p referred ___
Securities C o m p a n y ______________________

Securities Corporation General, pref. (qu.)
Sua ltucK A rizon a C o p p e r C o _________ .
E x t r a . . . . . . . ___________ . .
Southern C a liforn ia E d ison , 1st p f. (q u .)
Sou th ern N . E . T e le p h o n e (q u a r .)_____
S tan d ard M illin g , c o m . (extra ) ( N o . 8) .
S ia n lar 1 M it >r C o n s tr u c tio n _________
Standard Oil (Calif.) (quar.).........................
Extra (pay. In L. L. 444 % bonds)____
Steel C o . o f C a n a d a , c o m m o n ( q u a r . ) . .
Preferred ( q u a r .)_______________
Stetson (J . B . ) , c o m m o n _________
P re fe r re d ________________ ______ _________
S u p erior S teel, c o m m o n ( q u a r .)________
F irst a n d secon d preferred ( q u a r .)___
Swan A Finch (extra)__________________
S w lf t A C o .,s p e c la l( p a y .ln s t k .) (N o . 130)
T o n o p a h M in in g o f N e v a d a ........................
T o o k e B ro s ., pref. (a c ct. a ccu m . d l v s .) .
T ra n su c A W illia m s Steel F o r g . ( q u . ) . .
T u ck e tt T o b v c c o , preferred (q u a r .)____
U n d erw ood T y p e w r ite r , co m m o n (q u a r.)
P referred (q u a r .)______________________
U nion N a tu ra l G as C o r p . (q u .) (N o . 60)
U n ion OU o f C a liforn ia (q u a r .)_________
E x t r a ___________________________________
U n ited A llo y Steel (q u a r .)...........................
U n ited C oa l C o r p ., p referred (q u a r .)___
U n ited D ru g , first p ref. (q u .) ( N o . 1 0 ).
S econ d preferred (q u a r .)_____________
U n ited F ru it (q u a r.) ( N o . 7 6 ) ___________
U nited G as A E le c. C o . o f N . J ., p r e f . .
U nited G as Im p ro v e m e n t (q u a r .)_______
U nited P a p erboard, pref. ( q u a r . ) . . —
U n ited V erd e E x ten sion M in in g ( q u . ) . .
E x tra __________________________________
U. S. Glass (quar.)_______________________
U . S . Industrial A lco h o l, p ref. ( q u a r . ) . .
U n ited S ta tes R u b b e r , first p re f. (q u a r.)
U . S . S m e lt., R e fg . A M in ., c o m . ( q u . ) .
P referred (q u a r .)______________________
U ta h C on solid a ted M in in g (q u a r .)_____
V ic to r T a lk in g M a ch in e, c o m . ( q u . ) ___
P referred (q u a r .)______________________
V irg ln la -C a rolin a C h em ica l, c o m m o n ..
C o m . (ex tra p a y ’le In 444 % L . L . b d s.)
P referred (q u a r.) (N o . 9 1 ) ____________

Warner (Charles) Co., of Del., common..
First and second pref. (quar.) (No. 62)

W ells, F a rg o A C o . (q u a r .)_____________
W estern P ow er C o r p ., preferred (q u a r .).
W estern P ow er C o ., preferred ( q u a r . ) . .
W estern S ta tes G as A E le c ., p ref. (q u .)
W estern U nion T e le g . (q u a r.) ( N o . 197)
W estln g h ou se Air B ra k e ( q u a r .)...............
W estlng house E lec. A M fg ., c o m . ( q u . ) .
Preferred ( q u . ) ________________________
W ey iu a n -ririu .m C o . n o u u i m .
W llly s O verlan d C o ., co m m o n ( q u a r . ) . .

Woolworlh (F. W.) Co., com.(qu.)(No.25)

J u ly 15 H old ers o f rec J u n e 25
J u ly 17 H old ers o f rec . J u ly
6a
A ug 15 H old ers o f rec A u g . l a
Aug
1 H old ers o f rec . J u ly 15
J u ly 15 J u ly
2
to
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A ug
1 H old ers o f rec . J u ly 15a
J u ly 20 H old ers o f rec . J u ly
2a
A u g . 1 H old ers o f rec . J u ly 15a
A u g . 1 ♦H olders o f rec . J u ly 15
A u g . 15 I lo ld o r s o f roo . J u ly 31
J u ly 15 H old ers o f rec Jun e 29a
A u g . 1 ♦H olders o f rec. J u ly
1
Ju ly 15 H old ers o f rec. J u n o 2 9 a
Inly i.i H old ers o f rec June 29a
IX O ct. IB H old ers o f rec. S e p t. 30
IX A u g . 31 H old ers o f roo. A u g . 17a
IX lu ly 15 H olders o f roc. Ju ly 8a
1 H old ers o f rec. A u g . 2 1 a
144 Sept
244 Ju ly 15 H old ers o f rec. Jun e 29a
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Juiy 25 H old ers o f rec. J u ly
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2
Ju ly 15 H old ers o f reo. Juno 29a
144 Ju ly 15 H old ers o f reo. Jun e 2 9 a
144 July 30 Ilold ors o f rec. Jun o 29a
2
Ju ly 15 H o ld e rs o f reo. J u ly
la
144 Ju ly 15 H olders o f reo. J u ly
la
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A u g . 10 ‘ H old ers o f rec. J u ly 31
244 J u ly 15 H old ers o f reo. J u ly
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4
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25C. J u ly 20 J u n o 30
to
J u ly 17
2 5c. Ju ly 29 H old ers o f rec. J u ly 12a
3
Ju ly 15 H old ers o f reo. J u n o 30a
144 Ju ly 20 H old ers o f reo. J u n o 29
144 J u ly 15 H old ers o f reo. Jun o 29a
2
Ju ly 15 H o ld e rs o f reo. Jun o 29
144 Julv 15 H old ers o f reo. Jun o 30a
62 44 c J u ly 15 H old ers o f reo. June 29a
/i50 o. July 15 H old ers o f reo. Jun o 29a
5 0 c. Ju ly 20 J u ly 10
to
J u ly 21
144 July 15 H old ers o f rec. Juu e 29
1 44 July 15 H old ers o f reo. June 29
♦8744c .A u g . 15
J u ly 31
*144 S ep t. 1
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144 Ju ly 15 Jun e 30
to
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1^4 A u g . 15 H old ers o f reo. A u g . 5
144 A u g . 1 H old ers o f reo J u ly 20
*744 c. A u g. 1
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*244c. A u g. 1
J u ly 15
144 J u ly 15 H old ers o f rec. J u ly U a
$1.25 Ju ly 15 H old ers o f rec. J u n e 29
5 0 c. J u ly 25 H o ld e rs o f reo. J u ly 20a
$ 1 .25 A u g . 1 H old ers o f rec. J u ly 15a
*144 J u ly 25 ►Holders o f rec. J u ly 10
144 J u ly 25 H old ers o f rec. J u ly 10a
♦144 J u ly 25 ►Holders o f r c c . J u ly 10
144 J u ly 31 H old ers o f rc c. J u ly 17
3
Ju ly 31 H old ers o f reo. Jun e 29a
2
Ju lv 31 H old ers o f rec. J u u e 29a
5
Ju ly 31 H o ld e rs o f reo. Jun e 29a
5
A u g . 15 J u ly 21
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1
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144 A u g . 31 ilo ld o r s o f roo. A u g . l a
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5
3
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J u ly 15 H old ers o f reo. J u ly
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144 A u g . 1 H old ers o f reo. J u ly 20a
344 A u g . 1 H old ers o f rec. J u ly 15
244 July 15 H old ers o f rec. JUno 29a
144 Ju ly 15 H old ers o f rec. J u ly 11a
2 oo July 20 H old ers o f reo. Jun e 29a
2.5c July 20 H olders o f reo. June 29a
144 Ju ly 15 H old ers o f rc c. J u n e 30
144 J u ly 15 H old ers o f rec. J u n o 29a
2
J u ly 31 H old ers o f rc c. J u ly 20
$2
July 15 H old ers o f rec. J u n e 3
*244 S ep t. 16
A u g . 15
A u g . 15
♦m2 44 S ep t. 10
144 A u g . l H old ers o f rec. J u ly 10
144 A u g . 1 H old ers o f r c c . J u ly 10
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J u ly 15 "H olders o f rc c. J u ly
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144 A u g . 1 H old ers o f rc c. J u ly 15a
2
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to
Jun e 30
7 4 4 c. J u ly 20 J u n e 30
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7
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$ 1 .25 J u ly 15 H old ers o f reo. J u ly
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July 15 H old ers o f rec. June 30
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1 H old ers o f reo. S e p t. 16a
144 O c t .
1 H old ers of roo. S e p t. 16a
144 O c t .
244 J u ly I f Jun o 30
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144 J u ly 20 Ju ly lOd to
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1
J u ly 20 J u ly lOd to
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81
J u ly 20 I lo ld o r s o f reo. J u ly 10a
IX J u ly 25 J u ly 16 to
J u ly 24
8744c A u g . 1 H old ers o f rec. J u ly 15a
IX S e p t. 3 I lo ld o r s o f rc c. A u g . 15a
2
July 15 H ol lers o f rec. J u n o 20a
2X J u ly 15 I lo ld o r s o f roo. Jun o 29a
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5 0c. A u g . 1 I lo ld o r s o f reo. J u ly
3a
25o. A u g . 1 H old ers o f reo. J u ly
3a
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Ju ly 15 H old ers o f reo. Ju ly
la
I X
2
J u ly 31 H o ld e rs o f roo. J u ly 15a
S I .25 J u ly 15 H old ers o f rec. J u ly
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87 4 4 c J u ly 15 H old ers o f reo. J u ly
500. J u ly 17 H old ers o f roo. J u ly
6
5
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J u ly
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IX Ju ly 20 Jun o 30
J u ly 18
1
J u ly 15 H old ers o f r c c . Jun o 29a
IX Ju ly 15 H old ers o f reo. Jun o 29a
IX J u ly 15 Ilo ld o r s o f reo. Jun o 29
IX July 15 H olders o f roc. Jun o 20a
$1.75 Ju ly 31 J u ly 16
to
J u ly 31
874 4c. J u ly 31 Ilo ld o rs o f r c c . J u n e 29a
874 4c. Ju ly 15 H olders o f rc c. Jun o 29a
o.n.
1 H oi tors o f roo. d e n i 16a
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♦ F r o m u n officia l sou rces, a T ra n sfer b o o k s n o t closed for this d iv id e n d , b Less
B ritish Incom e ta x . d C o r r e c tio n , e P a y a b le In s t o c k . / P a y a b l e In co m m o n
s t o c k , g P a y a b lo In scrip , h O n a c c o u n t o f a ccu m u la ted d iv id en d s, i P a y a b lo In
L ib e r ty L oa n b o n d s. I R e d C ross d iv id en d , m P a y a b lo In T h ir d U . S . L iberty
L oa n 4 4 4 % b o n d s, n P a y a b le In U . S. L ib erty L oa n b on d s at p a r, a m ou n ts less
th a n $50 t o b e paid In cash .

J uly

13 1918.]

THE CHRONICLE

157

Member B an ks o f th e Federal Reserve S y stem .— Following is the weekly statement issued by the Federal ReserveBoard giving the principal items of the resources and liabilities of the Member Banks and dated July 6. Because of the large
number of banks for whioh returns are furnished the statement is not issued until a week later than that for the Federal
Reserve banks of the same date. Definitions of the different items contained in the statement were givon in the weekly state
mont issued under date of Deo 14 1917 and whioh was published in the “ Chronicle” of Deo. 29 1917, page 2523.
STATEMENT SHOW INQ PRINCIPAL RESOURCE AND LIA BILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 28 1918.

^ .W 5 r s r « J f

10

RESERVE

o' Gov„»m„„t socuh-

i n f p n r tifI o n r e o o f In d oK fm l nAnn ,i „ ,. i ; *)0 .Vds,.'sll<?w, ^ <ic(:rfia so_ o f ^ i l j o u t ,1 9 .3 m il l io n s , l a r g e ly a t t h e b a n k s o u t s i d e t h e 3 C e n t r a l R e s e r v e c it i e s . H o l d -

lX

o

^ U . y w a r s e ^ r i t i e s a n d 'T o a n s ^ r o ^
l o r t h o C e n t r a l R e s e r v e c i t y b a n k s t h is r a t io d e c l in e d f r o m

t h e w e e k r r o jn 1 ; ^ J ^ ,1 > L 6 % ;

1 8 .4 t o 1 5 . 8 % .

iu r in e r a e cn n e
'

» - - « ---------

«■v»v»V/

\JM.

UlVPOVUlUil''* "■

mmimitno *-

-- *- -*----- MM-—

t . D a t a f o r a ll r e p o r t i n g b a n k s In e a c h d i s t r i c t .

Member Banks.

Boston.

N u m b e r o f re p o rtin g b a n k a . . .

New York.

Phlladel. Cleveland. Rlchm’d.

Atlanta.

---

—m

T w o c i p h e r s (0 0 ) o m i t t e d .

Chicago.

42

98

49

81

S
1 4 .0 2 1 .0

65

36

S
5 1 ,3 0 7 ,0

S
1 2 .9 7 0 .0

S
4 2 .5 3 1 .0

91

$
2 1 .7 3 6 .0

S
1 3 .6 9 0 .0

S
1 6 .0 7 6 .0

U . S . b o n d s t o s e c u r e c l r c u ln t ’ n
O t h e r U S . b o n d s , in c lu d in g
L i b e r t y b o n d s ........................
1 3 .5 1 5 .0
2 6 8 .4 3 5 .0 2 3 .0 2 6 .0
U . S c e r t lf s . o f I n d e b t e d n e s s . .
3 3 9 .0 7 5 .0 3 0 .4 3 1 .0
3 0 .8 9 7 .0
T o t a l U . S . s e c u r i t ie s ________
5 9 .0 3 3 .0
0 5 8 .8 1 7 .0 6 6 .4 2 7 .0
L oans sec b y U . S . b on d s, A o .
2 6 6 .6 2 2 .0 3 8 .5 4 3 .0
5 2 .2 7 3 .0
A ll o t h e r lo a n s A I n v e s t m e n t s . 7 9 3 .9 1 0 .0 4 .3 7 2 .6 4 8 .0 6 3 0 .1 3 0 .0
R e s e r v e w it h F e d . R e s . B a n k .
7 6 1 .5 0 0 .0 5 3 .3 0 0 .0
5 7 .3 8 2 .0
C a s h In v a u l t ____________________
1 9 .8 4 1 .0
1 2 3 .0 6 7 .0
2 4 .0 5 1 .0
N e t d e m a n d d e p o s i t s ...... ............ 6 3 7 .9 9 4 .0 4 .3 0 1 .4 3 8 .0 5 6 4 .8 6 5 .0
T i m e d e p o s i t s ____________________
1 4 .4 2 7 .0
2 6 6 .4 4 2 .0
9 3 .9 2 0 .0
G o v e r n m e n t d e p o s i t s ................... 1 2 9 .7 8 7 .0
5 9 2 .6 0 8 .0 7 6 .3 1 3 .0

t h e d e c r e a s e f o r t h e b a n k s in t h e
I G o v e r n m e n t d e p o s it s , la r g e ly r e ­
s h o w s s o m o lo s s .

St. Louis. M inneap. Kan. City
32

Dallas.

San Fran.

31

71

41

44

S
3
1 7 .4 1 7 .0 - 5 , 6 1 9 , 0

S
1 3 .9 4 3 .0

3
1 7 .3 7 6 .0

S
3 4 .2 3 0 .0

Total.
681
S
2 6 1 .5 1 6 .0

5 8 .2 8 9 .0 2 3 .2 5 2 .0 2 1 .5 2 6 .0
7 7 .5 3 7 .0 2 2 .8 9 7 .0
9 .4 7 3 .0
1 7 .2 2 2 .0
1 5 .8 7 5 .0 2 2 .3 4 8 .0
5 7 3 .3 9 5 .0
2 9 .6 4 0 .0
9 ,6 7 7 ,0
1 6 .3 1 0 .0
5 7 .9 1 4 .0 2 6 .7 4 1 .0
1 3 .6 8 3 .0
1 8 .2 8 1 .0
1 1 .3 4 5 .0 2 8 .3 6 2 .0
6 1 2 .3 6 2 .0
1 3 0 .4 6 6 .0 5 4 .6 6 5 .0 5 1 .5 2 6 .0
1 5 1 .5 2 7 .0 6 7 .0 5 5 .0 2 8 .7 7 5 .0 4 9 ,4 4 6 ;0 4 4 .5 9 6 .0 8 4 .9 4 0 .0
1 .4 4 7 . 2 7 3 . 0
3 4 .0 7 4 .0
6 ,4 3 0 ,0
1 5 .8 4 4 .0
4 2 .9 9 2 .0
1 4 .8 8 1 .0
4 .8 7 5 .0
4 ,5 8 7 ,0
5 .5 8 6 .0
7 ,4 1 2 ,0
4 9 4 .1 1 9 .0
9 4 0 .2 5 9 .0 3 1 8 .4 8 7 .0 2 4 7 .8 7 3 .0 1 , 3 2 6 ,9 5 3 ,0
3 7 9 .0 7 0 .0 2 3 5 .0 8 6 .0 4 6 2 .7 5 6 .0 1 6 4 .5 2 8 .0 5 0 9 .0 2 9 .0 1 0 ,3 8 0 ,7 2 9 .0
7 5 .5 5 8 .0 2 3 .8 2 5 .0 2 1 .4 0 9 .0
1 3 0 .4 9 5 .0 3 2 .6 6 2 .0
1 6 .5 0 9 .0 3 8 .9 1 7 .0
1 5 .9 2 6 .0 4 3 .4 1 3 .0
1 .2 7 0 .8 9 6 .0
2 8 .6 6 1 .0
1 3 .9 8 5 .0
1 3 .0 6 6 .0
5 8 .3 7 3 .0
1 3 .0 4 0 .0
6 .9 7 5 .0
1 5 .4 6 4 .0
1 0 .9 8 2 .0
1 8 .6 1 1 .0
3 4 6 .1 1 6 .0
6 4 1 .0 7 8 .0 2 3 1 .7 9 3 .0 1 7 1 .8 8 8 .0
9 7 2 .4 3 4 .0 2 4 2 .6 4 0 .0 1 5 2 .8 2 9 .0 3 4 9 .9 8 2 .0 1 3 8 .2 5 1 .0 3 6 7 .0 6 2 .0 8 .7 7 2 . 2 5 4 . 0
2 2 6 .4 9 6 .0 3 5 .4 3 2 .0 7 5 .7 2 8 .0
3 3 5 .3 6 8 .0 8 3 .0 1 9 .0 3 8 .0 9 2 .0 6 2 .0 4 1 .0 2 2 .7 6 4 .0 1 0 6 .4 2 3 .0
1
.3
6 0 .1 5 2 .0
1 1 6 .0 9 1 .0
1 6 .9 9 0 .0 2 8 .6 5 7 .0
1 4 9 .2 8 8 .0 3 4 .1 2 1 .0 2 0 .9 3 9 .0 3 4 .8 9 8 .0
4 .9 2 2 .0
4 6 5 ,0
1 .2 0 5 .0 7 9 .0

2. D a t a f o r b a n k s I n e a c h C e n t r a l R e s e r v e c i t y , b a n k s I n a l l o t h e r R e s e r v e c i t i e s a n d o t h e r r e p o r t i n g b a n k s .
Neto York.
Two ciphers omitted.
June 2 1 .

June 2 8 .
N u m b e r o f r e p o r t i n g b a n k s ___

66
3
3 7 ,4 6 3 ,0

Chicago. St. Louts. Total Central Res. Cities.

Other Reserve Cities.

June 2 8 .

June 2 8 .

66
3
3 7 ,4 6 3 ,0

U 8 . b o n d s t o s c c u r o c l r c u la t ’ n
O t h e r U . 8 . b o n d s , I n c lu d in g
2 4 1 .6 9 6 .0
2 4 5 .2 5 9 .0
L i b e r t y b o n d s .............................
3 2 4 .4 3 6 .0
5 1 5 .3 5 1 .0
U . 8 . c e r t lf s . o f I n d e b t e d n e s s ..
6 0 3 .5 9 5 .0
7 9 8 .0 7 3 .0
T o t a l U . 8 . s e c u r i t ie s _______
2 4 1 .4 3 4 .0
2 4 6 .7 8 0 .0
L oans sec. b y U . 8 . bon d s. A o .
A ll o t h e r lo a n s A in v e s t m e n t s . 4 .0 2 9 .2 0 3 .0 3 .8 6 2 .6 5 9 .0
7 3 6 .3 5 9 .0
R e s e r v e w it h F e d . R e s . B a n k .
5 7 5 .5 1 2 .0
1 0 5 .8 9 5 .0
1 0 7 .2 3 8 .0
C a s h In v a i d t ____________________
N e t d e m a n d d e p o s i t s ---------------- 4 .0 0 6 .6 5 9 .0 4 .0 2 5 .8 0 7 .0
2 1 7 .4 6 6 .0
T i m e d e p o s i t s ____________________
2 1 7 .8 5 9 .0
5 5 2 .8 5 4 .0
G o v e r n m e n t d e p o s i t s ----------------3 4 7 .5 9 0 .0

June 2 8 .

40
$
1 ,4 6 9 ,0

14
3
1 0 .3 9 2 .0

June 2 8 .
1 20
3
4 9 ,3 2 4 ,0

June 2 1 .

Country Banks.

June 2 1 .

June 2 8 .

Total.

June 2 1 .

June 2 8 .

June 2 1 .

1 20

410

423

151

3
4 9 ,3 2 4 ,0

1 52

$
1 6 6 .4 2 3 .0

6 81

S
1 7 1 .5 2 0 .0

3
4 5 .7 6 9 .0

3
4 7 .8 6 1 .0

$
2 6 1 .5 1 6 .0

695
3
2 6 8 .7 0 5 .0

4 9 .7 3 0 .0
1 6 .4 7 7 .0
3 0 7 .9 0 3 .0
3 1 3 .6 4 5 .0
2 1 8 .0 1 2 .0
2 2 9 .7 5 7 .0
3 2 .8 8 5 .0 2 2 .3 9 1 .0
3 7 9 .7 1 2 .0
5 3 9 .2 0 0 .0
2 0 1 .4 8 6 .0
1 6 1 .5 7 2 .0
8 4 .0 8 4 .0 4 9 .2 6 0 .0
7 3 6 .9 3 9 .0
9 0 2 .1 6 9 .0
5 8 5 .9 2 1 .0
5 6 2 .8 4 9 .0
3 1 .8 3 5 .0
1 1 .9 8 9 .0
2 8 5 .2 5 8 .0
2 8 4 .0 1 2 .0
1 8 0 .1 6 0 .0
1 9 6 .8 5 2 .0
8 3 7 .3 4 0 .0 2 7 4 .4 1 5 .0 5 .1 4 0 .9 5 8 .0 4 .9 7 8 .6 5 3 .0
4 .4 5 8 .5 1 4 .0 4 .5 5 5 .8 9 3 .0
9 3 .3 1 5 .0 2 4 .6 7 5 .0
8 5 4 .3 4 9 .0
6 9 6 .0 4 9 .0
3 6 8 .3 3 5 .0
3 9 9 .6 8 2 .0
3 5 .0 9 6 .0
7 ,0 8 0 ,0
1 4 8 .0 7 1 .0
1 4 9 .1 5 2 .0
1 6 1 .1 9 7 .0
1 8 8 .4 2 0 .0
6 7 6 .3 4 4 .0 1 7 2 .4 9 5 .0 4 .8 5 5 .4 9 8 .0 4 .9 0 2 .3 0 4 .0
3 .3 1 3 .1 6 3 .0 3 .4 3 4 .6 2 3 .0
1 4 0 .0 3 8 .0 6 2 .0 4 0 .0
4 1 9 .5 4 4 .0
4 0 1 .4 8 2 .0
7 6 6 .8 5 6 .0
7 9 9 .5 8 0 .0
1 1 3 .0 3 4 .0 2 6 .7 4 3 .0
6 9 2 .6 3 1 .0
4 3 7 .3 2 5 .0
4 4 9 .2 3 8 .0
3 8 9 .8 1 0 .0

4 7 .4 8 0 .0
3 1 .1 6 4 .0
1 2 4 .4 1 3 .0
2 8 .7 0 1 .0
7 8 1 .2 5 7 .0
4 8 .2 1 2 .0
3 6 .8 4 8 .0
6 0 3 .5 9 3 .0
1 7 3 .7 5 2 .0
6 3 .2 1 0 .0

4 9 .3 0 0 .0
2 0 .0 3 2 .0
1 1 7 .1 9 3 .0
3 0 .9 2 5 .0
7 9 4 .0 7 1 .0
5 1 .6 9 0 .0
3 7 .8 5 6 .0
6 1 0 .1 7 1 .0
1 6 8 .7 4 7 .0
5 9 .4 9 0 .0

5 7 3 .3 9 5 .0
6 1 2 .3 6 2 .0
1 .4 4 7 .2 7 3 .0
4 9 4 .1 1 9 .0
1 0 3 8 0 7 2 9 .0
1 .2 7 0 .8 9 6 .0
3 4 6 .1 1 6 .0
8 .7 7 2 .2 5 4 .0
1 .3 6 0 .1 5 2 .0
1 .2 0 5 .0 7 9 .0

5 9 2 .7 0 2 .0
7 2 0 .8 0 4 .0
1 .5 8 2 . 2 1 1 . 0
5 1 1 .7 8 9 .0
1 0 3 2 8 6 1 7 .0
1 .1 4 7 . 4 2 1 . 0
3 7 5 .4 2 8 .0
8 .9 4 7 . 0 9 8 . 0
1 .3 6 9 . 8 0 9 . 0
8 8 6 .6 2 5 .0

♦ A m o n d e d fig u r e s

T h o Federal Reserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on July G
reserve n o te
■vo b a n k s s h o w a n in c r e a s o f o r t h e w e e k o f 2 0 7 .6 m il l io n s a ll t h o " b a n k s M t i h i v C v r f
s ’ d is c o u n te d b ills o n h a n d a t th e F e d r e p o r t in g l a r g o ly I n c r e a s e d h o l d i n g s o f d i s c o u n t e d p a p e r .
O f th e t o t a l sh o w n
C l e v e l a n d , B o s t o n a n d P h il a d e l p h i a ,
i . o . , m o m b o r s ’ c o l l a t e r a l n o t e s a n d c u s t o m e r s ’ p a p e r s e c u r e d b y U 8 w a r n h liv a ? in n »
t h e w e e k b e f o r e is r e p r e s e n t e d b y w a r p a p e r ,
t h o l a r g e s t d e c r e a s e s b e i n g s h o w n f o r t h o N e w Y o r k , P h il a d e l p h i a a n d C le v e la n d h a n k s ' TTC^ Pv ^ ? f n ^ n i ! i a n d s h o w a f u r t h e r d e c r e a s e o f 4 . 9 m il l io n s ,
b a n k r e p o r t i n g a n e v e n la r g e r I n c r e a s o .
S h o r t - t e r m s e c u r it i e s o f t h o G o v e r n m e n t s h o w a ^ w n ^ ^ r o n r^ cnKSin CnC HP,? * 50.111 2 . 5 m il l io n s , t h e B o s t o n
G o v e r n m e n t o f t h o 1 9 5 m il l io n s o f T r e a s u r y c e r t i f i c a t e s r e p o r t e d l a s t
- i n i t l Z im S ^ m 0/
t i ? m il l io n s f o l l o w i n g t h e r e d e m p t io n b y t h o
s h o w a n in c r o a s o f o r t h o w e e k o f 3 . 7 m il l io n s .
1
u u s t w c o k a m o n g th 0 I n v e s t m e n t s o f t h e N e w Y o r k b a n k .
T o t a l e a r n in g a s s e t s

o u t s t a n d i n g c i r c u l a t i o n o f F e d e r a l R e s o r v o n o t e s b y 0 9 4 'm i l l i o n s ' a n d s llir h t lv in c r e a s e d t h o u r ’l l a t b u i v n n 1
d en otes.
T h e b a n k s in c r e a s e d t h e i r
C A P I T A L . — A t o t a l in c r e a s o o f § 3 0 5 ,0 0 0 in p a i d - in c a p i t a ? r e p o r t e r ^ h v e lv h t
o u t s t a n d ?1,K F o d e r a l R e s e r v e b a n k n o t e s ,
a d m itte d m e m b e r s , t h o N o w Y o r k , R ic h m o n d a n d C h ic a g o b a n k s r e p o r t i n g V i o ^ l ^
f o r R e s e r v o B a n k s t o c k b y n e w ly

The figuros of tho consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of tho seven preceding woeks, together with those of the corresponding week of last year thus
furnishing a useful comparison. In tho second table we show the resources and liabilities separately for each
of t io twolve Fodoral Reserve banks. The statement of Federal Roserve Agents’ Accounts (the third table following) gives
details regarding the transactions in Federal Reserve notes between tho Comptroller and the Reserve Agents and between
the latter and tho Federal Reservo banks.
C

o m b in e d

R

e so u r c e s

a n d

RESOURCES.
G o l d c o i n a n d c e r t if i c a t e s In v a u l t ...........
C o l d s e t t l e m e n t fu n d — F . R . B o a r d —

T o t a l g o ld h e ld b y b a n k s . . ...........
G o l d w it h F e d e r a l R e s e r v e A g e n t ...........

L

ia b il it ie s

o p

t h e

F

e d e r a l

R

e se r v e

B

a n k s

a t

t h e

C

lo se

o f

B

u s in e s s

u l y

5

1918.

3
4 2 1 .9 2 7 .0 0 0
5 2 4 .3 0 3 .0 0 0
1 6 ,2 7 2 ,0 0 0

3
4 1 9 .9 0 7 .0 0 0
4 9 1 .4 2 5 .0 0 0
1 6 ,2 7 5 ,0 0 0

3
4 3 8 .7 7 3 .0 0 0
4 3 1 .0 2 3 .0 0 0
1 7 ,0 0 8 ,0 0 0

3
4 3 2 .5 5 7 .0 0 0
4 8 9 .0 1 0 .0 0 0
4 4 ,0 8 4 ,0 0 0

S
4 6 3 .6 2 2 .0 0 0
4 1 7 .6 7 5 .0 0 0
5 1 ,2 8 0 ,0 0 0

$
4 5 6 .1 7 7 .0 0 0
4 2 5 .2 3 7 .0 0 0
5 2 ,5 0 0 ,0 0 0

S
4 7 8 .4 6 0 .0 0 0
4 0 7 .7 6 7 .0 0 0
5 2 ,5 0 0 ,0 0 0

S
4 7 9 .5 2 9 .0 0 0
4 1 8 .3 3 7 .0 0 0
5 2 ,5 0 0 ,0 0 0

S
4 7 0 .3 6 0 . 0 0 0
3 7 1 .3 8 0 . 0 0 0
5 2 ,5 0 0 , 0 0 0

9 6 2 .5 0 2 .0 0 0
9 6 2 .0 7 5 .0 0 0
3 4 ,5 3 3 ,0 0 0

9 2 7 .6 0 7 .0 0 0
9 8 7 .8 7 0 .0 0 0
3 3 ,5 4 4 ,0 0 0

9 3 6 .8 5 4 .0 0 0
9 5 7 .2 3 8 .0 0 0
3 0 ,3 3 1 ,0 0 0

9 6 6 .2 5 1 .0 0 0
9 5 1 .1 4 5 .0 0 0
2 9 ,5 0 7 ,0 0 0

9 3 2 .5 7 7 .0 0 0
9 5 8 .2 5 5 .0 0 0
2 S ,4 3 1 ,0 0 0

9 3 3 .9 1 4 .0 0 0
9 5 5 .9 1 9 .0 0 0
2 7 .9 9 3 ,0 0 0

9 3 8 .7 2 7 .0 0 0
9 3 0 .1 8 1 .0 0 0
2 9 ,1 1 5 .0 0 0

9 5 0 .3 6 6 .0 0 0
9 1 5 .5 3 6 .0 0 0
2 8 ,5 0 2 ,0 0 0

8 9 4 .2 4 0 . 0 0 0
4 1 3 .7 1 5 . 0 0 0
9 ,7 4 8 , 0 0 0

1 .8 9 4 ,4 0 4 ,0 0 0
5 8 ,3 0 8 ,0 0 0

1 ,3 1 7 ,7 0 3 ,0 0 0
3 8 ,3 1 4 , 0 0 0

1 ,9 5 2 ,7 1 2 ,0 0 0
8 4 2 .2 6 5 .0 0 0
2 7 9 .8 8 6 .0 0 0

1 ,3 5 6 ,0 1 7 , 0 0 0
1 2 9 .8 5 3 .0 0 0
2 0 1 .6 6 4 . 0 0 0

1 .1 2 2 ,1 5 1 ,0 0 0
4 1 .0 4 1 .0 0 0
7 3 .0 4 3 .0 0 0
1 .4 9 2 ,0 0 0

3 3 1 ,5 1 7 ,0 0 0
4 2 .9 3 5 . 0 0 0
2 8 .6 5 9 . 0 0 0
2 ,6 7 4 , 0 0 0

1 ,2 3 7 ,7 2 7 ,0 0 0

4 0 5 .7 8 5 . 0 0 0

3 8 4 ,3 9 1 .0 0 0

2 7 0 .8 3 9 .0 0 0

5 3 0 ,0 0 0
7 7 ,0 0 0

5 0 0 .0 0 0
6 1 9 .0 0 0

1 o t a l g o ld r e s o r v e s . .................. .
■ 1 ,9 5 9 ,1 1 0 .0 0 0 1 .9 4 9 ,0 2 1 ,0 0 0 1 .9 2 4 .3 7 3 ,0 0 0
1 ,9 4 6 ,9 0 3 ,0 0 0 1 ,9 1 9 ,2 6 3 ,0 0 0 1 ,9 1 7 ,8 2 6 ,0 0 0 1 .8 9 8 ,0 2 3 ,0 0 0
L e g a l t e n d e r n o t e s , s i lv e r ,
_________
5 6 ,0 5 3 ,0 0 0
5 7 ,1 7 8 ,0 0 0
5 6 ,7 3 8 ,0 0 0
5 8 ,3 6 0 ,0 0 0
5 8 ,4 6 1 ,0 0 0
5 7 .8 S 3 .0 0 0
5 8 ,0 3 3 ,0 0 0
T o t a l r e s e r v e s ..
_____________ 2 .0 1 5 .1 0 3 .0 0 0 2 ,0 0 6 ,1 9 9 ,0 0 0
1 ,9 8 1 ,1 1 1 ,0 0 0 2 .0 0 5 .2 6 3 .0 0 0 1 ,9 7 7 ,7 2 4 ,0 0 0 1 .9 7 5 ,7 0 9 ,0 0 0
1 ,9 5 6 .0 5 6 .0 0 0
B ills d i s c o u n t e d — m e m b e r s . . ___________ 1 .0 7 6 .7 8 2 .0 0 0
8 6 9 .1 7 5 .0 0 0
9 3 1 .2 7 0 .0 0 0 1 .0 1 6 .0 3 1 .0 0 0
9 8 4 .4 9 2 .0 0 0
8 9 7 .3 5 7 .0 0 0
9 2 3 .2 9 9 .0 0 0
B ills b o u g h t In o p e n m a r k e t ........................
2 1 1 ,9 4 7 ,0 0 0
2 1 6 .8 4 8 .0 0 0
2 3 2 .4 7 2 .0 0 0
2 4 2 ,9 2 3 ,0 0 0
2 4 8 .5 4 2 .0 0 0
2 5 6 .3 7 3 .0 0 0
2 7 8 .2 2 1 .0 0 0
T o t a l b il ls o n h a n d
1 ,2 8 8 ,7 2 9 ,0 0 0 1 ,0 8 6 .0 2 3 ,0 0 0 1 ,1 6 3 ,7 4 2 ,0 0 0
1 ,2 5 8 ,9 5 4 ,0 0 0 1 ,2 3 3 ,0 3 4 ,0 0 0 1 ,1 5 3 ,7 3 0 ,0 0 0 1 ,2 0 1 ,5 2 0 ,0 0 0
U . 8 . G o v e r n m e n t lo n g - t e r m s e c u r i t ie s .
4 2 .7 4 9 .0 0 0
4 0 ,2 2 7 ,0 0 0
4 0 .8 7 7 .0 0 0
4 0 .6 8 3 .0 0 0
6 4 .4 8 4 .0 0 0
5 4 .8 4 2 .0 0 0
4 2 .0 6 7 .0 0 0
U . 8 . G o v e r n m e n t s h o r t - t e r m s e c u r it ie s
1 7 .3 5 0 .0 0 0
2 1 8 ,8 3 9 ,0 0 0
3 5 .8 8 3 .0 0 0
3 3 .1 7 9 .0 0 0
3 2 .6 0 1 .0 0 0
9 2 .0 8 2 .0 0 0
3 2 .4 7 6 .0 0 0
A ll o t h e r e a r n in g a s s e t s __________ ________
2 6 ,0 0 0
2 3 ,0 0 0
1 0 0 ,0 0 0
5 9 4 ,0 0 0
6 9 4 ,0 0 0
7 3 6 ,0 0 0
1 ,1 5 1 ,0 0 0
T o t a l e a r n in g a s s e t s __________________ 1 ,3 4 8 ,8 5 4 ,0 0 0 1 .3 4 5 ,1 1 2 ,0 0 0
1 .2 4 0 ,6 0 2 ,0 0 0 1 ,3 3 3 ,4 1 0 ,0 0 0 1 ,3 3 0 ,8 1 3 ,0 0 0 1 ,3 0 1 .3 9 0 ,0 0 0
1 ,2 7 7 ,2 1 4 ,0 0 0
U n c o ll e c t e d I te m s ( d e d u c t e d fr o m g r o s s
d e p o s i t s ) __________ ___________
6 6 9 ,2 5 7 ,0 0 0
5 3 0 ,7 1 9 ,0 0 0
5 8 8 ,8 5 9 ,0 0 0
5 2 9 ,6 5 3 ,0 0 0
4 0 0 ,9 2 4 ,0 0 0
4 2 7 .3 3 1 ,0 0 0
3 6 5 ,4 4 0 ,0 0 0
6 % r e d e t n p . fu n d n g s t . F . R . b a n k n o t e s
7 2 5 ,0 0 0
7 3 5 ,0 0 0
7 3 5 ,0 0 0
7 3 5 ,0 0 0
6 3 7 ,0 0 0
6 2 6 ,0 0 0
5 3 7 ,0 0 0
A ll o t h e r r e s o u r c e s ........................
1 0 ,1 6 3 ,0 0 0
9 0 ,0 0 0
4 3 8 ,0 0 0
8 9 ,0 0 0
T o t a l r e s o u r c e s ...........................
4 ,0 4 4 ,1 0 2 ,0 0 0 3 ,8 7 2 ,1 3 3 ,0 0 0 3 ,8 0 6 .6 9 2 ,0 0 0
3 .8 4 9 ,7 1 1 ,0 0 0 3 .7 1 1 ,7 0 3 ,0 0 0 3 ,6 8 6 ,3 0 0 ,0 0 0 3 .5 8 5 .3 0 3 .0 0 0




J

July 5 1 9 1 8 . June 2 8 1 9 1 8 June 2 1 1 9 1 8 .
June 14 1 9 1 8 . June 7 1 9 1 8 . May 31 1 9 1 8 . May 2 4 1 9 1 8 . May 1 7 1 9 1 8 .
J u ly 6 1917.

3 ,5 7 3 ,5 5 5 .0 0 0 2 .0 3 3 ,7 6 0 , 0 0 0

[Vol . 107

THE CHRONICLE

158
July

5 1918. June 28 1918 June 21 igi8. June 14 1918. June 7 1918. M a y 31 1918. M a y 24 1918. M a y 17 1918. July 5 1917

$
3
$
S
*
$
$
$
$
57,657,000
75.315.000
75,465,000
75,711,000
75,662,000
75,546,000
75,770,000
76,163,000
75.858.000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
48.753.000 143.626.000
84.535.000 159.457.000 155.532.000 179.876.000 166.191.000 122.350.000
128.398.000
Government deposits_____ ___ —
Due to members— reserve account___ 1,369,697,000 1,557,587,000 1,464,986,000 1,555,434,000 1,449,480,000 1,440,413,000 1,436,284,000 1,401,138,000 1,112,347,000
527.580.000 286.302.000 287.769.000 264.887.000 239.971.000 278.698.000 242.488.000 282.475.000 164.588.000
Collection Items................................
26,000,000
Other deposits, lnol. for. Gov’t credits. 117.509.000 121.482.000 117.345.000 123.221.000 109.560.000 109.443.000 107.903.000 114.596.000
Total gross deposits............ ........ 2.143.184.000 2.049.906.000 2.029.557.000 2.099.074.000 1.978.893.000 1,994,745,000 1.909.025.000 1.906.962.000 1,446,561,000
F. R. notes In actual circulation......... 1.791.569.000 1.722.216.000 1.677.951.000 1.651.500.000 1.639.579.000 1.COO,90S,000 1.578.621.000 1.509.445.000 527,459,000
1,175,000
7,878,000
7,764,000
10,001,000
9,580,000
8.324.000
9,945,000
10.390.000
10.635.000
F. R. bank notes In circulation, net Uab.
908,000
12,821,000
13,294,000
12,201,000
5.583.000
0,855,000
12,335,000
12.629.000
21.477.000
All other liabilities_____________
L IA B IL IT IE S .

Capital paid In___ ____________

Surplus______ _________ ________________

Total liabilities........................... 4,044,162,000 3,872,133,000 3,806,692,000 3,849,711,000 3,711,703,000 3,686,300,000 3,585,303.000 3,673,555,000 2,033,760,000
76.1%
62.3%
60.3%
64.8%
60.8%
59.2%
t59.7%
65.3%
60.4%
Gold reserve against net deposit llab..
80.3%
61.2%
60.1%
59.4%
60.2%
t61.5%
58.9%
55.6%
59.3%
Gold res. agst. F. R. notes In act. clro'n
Ratio of gold reserves to net deposit and
77.3%
61.2%
59.2%
61.6%
60.1%
60.2%
60.5%
59.9%
60.0%
Fd. Res. note liabilities combined..
Ratio of total reserves to net deposit and
79.6%
63. \ %
61.9%
62.4%
63.4%
61.0%
62.0%
61.7%
61.7%
Fed. Res. note liabilities combined-.
D istribu tion by M atu rities —

1-15 days bills discounted and bought.
1-15 days U. 3. Govt, short-term secs.
1-15 days municipal warrants_____
16-30 days bills discounted and bought.
16-30 days U. 8. Govt, short-term secs.
16-30 days municipal warrants.......
31-60 days bills discounted and bougbt31-60 days U. 8. Govt, short-term secs.
31-60 days municipal warrants............
61-90 days bills discounted and bought.
61-90 days U. 8. Govt, short-term secs.
61-90 days munlolpal warrants............
Over 90 days bills dlso’ted and bought.
Over 90 days U.8.Govt.short-term secs
Over 90 days municipal warrants___

$
719.715.000
2,784,000
5,000
139.892.000

S

648.873.000
200.241.000
6,000
136.574.000
1,31 3 ,0 0 0

5,000
268,832,000

5,000
256,050,000

119,723,000
4,059,000
_______
40.567.000
10.507.000

101,227,000
965,000

S

S

635.228.000 750.382.000
12,737.000
19,587.000
42,000
499.000
130.497.000 104.181.000
1,693,000
5,901,000
6,000
6,000
239.678.000 247.652.000
238,000
175.000
5,000
110.420.000 116,472,000
1,416,000

5
729.429.000
3,043,000
456,000
103.784.000
13,655,000
43,000
198,720,000
1,536,000

*
661.804.000
62,120,000
457,000
110.168.000
10,185,000
43,000
187.415.000
5,411,000
1,000
169.874.000

S

$
713.043.000
2.292.000
32.000
118.118.000
204.000
455.000
191.411.000
15.615.000
44.000
148.054.000
3.397.000

641.734,000
41,976,000

S
106,557,000
417,666
47,412,000

119.788.000
1,000
31.000
195.208.000
16.527.000
455,000
131.138.000
3,311,000
45.000
34.194.000
11.228.000

923,000
98,797,000
1,079,000
74,323,000

162,771.000
1,660,000
1,000
■ 43.299*660 ■ 4 1 ,9 *1 9 ",666
4*0'.267.665
38.330.000 *3*4,469*656 *3*0*,*8*94*666
14,305,000
10.968.000
16,320,000
12,950,000
12.707.000
14,366,000
_________ _________
Federal Reserve N otes —
Issued to the banks____________ 1,917,152,000 1,848,823,000 1,805,518.000 1,793,393,000 1,769,876,000 1,736,547,000 1.724,685,000 1,710,240,000
Held by banks------------------------------- 125,583,000 126,607,000 127,567,000 141,893,000 130,297,000 135,679,000 146,064,000 140,795,000

570,725,000
43,266,000

In circulation_____________

1,791,569,000 1,722,216,000 1,677,951,000 1,051,500,000 1,639,579,000 1,600,908,000 1,578,621,000 1,669,445,000

527,459,000

Received from the Comptroller____
Returned to the Comptroller----------

2,607,120,000 2,535,820,000 2,520,120,000 2,492,820.000 2,440,720,000 2,405,420,000 2,382,660,000 2,362,820,000
445,138,000 439,802,000 428,292,000 420,077,000 407.164,000 398,733,000 389,075,000 377,381,000

944.100.000
159.949.000

Amount chargeable to Agent-----

2,161,982,000 2,096,018,000 2,091,828,000 2,072,743.000 2,033,556,000 2,006,687,000 1,993,585,000 1,985,439,000
244,830,000 247,195,000 286,310.000 279,350,000 263,680,000 270,140,000 268,900,000 275,199,000

784.151.000
213.426.000

Issued to Federal Reserve banks.

1,917,152,000 1,848,823,000 1,805,518,000 1,793,393,000 1,769,876,000 1,736,547.000 1,724,685,000 1,710,240,000

570,725,000

F ed. R es. N otes (A g en ts A ccounts )-

In hands ol Agent_________ ___
H ow Secured —

20,000
4,428,000
3,000

214,944,000

223,945,000

215,445,000

225,444,000

228,446,000

232,448,000

228,449,000

236,950,000

203,120,000

955,077.600
56,873,000
690,258,000

8 6 0 ,9 5 3 ",666

848.280.000
54.587,000
687.206.000

8*4*2*,'2*48',6‘)6
61,994,000
073,707,000

8*ll*,62*l",666
52,221,000
677,588,000

780.028.000
53,428.000
670.043.000

7*9*4*,*5*04*666
53,080,000
648,652,000

7*9*4*,7*0*4*666
60,004,000
628,582,000

157.010.000
22,805,000
187.790.000

1,917,152,000 1,848,823,000 1,805,518,000 1,793,393,000 1,769,876,000 1,730,547,000 1,724,685,000 1,710,240,000

570,725,000

1,224,983,000 1,031,612,000 1,127,797,000 1,219,848,000 1,193.629.000 1,112.323.000 1,155,877.000 1,081,095,000

162,733,000

By gold coin and certificates-----------By lawful money------------------------By eligible paper-------------------------Gold redemption fund__________
With Federal Reserve Board...........-

Net amount due to other Federal Reserve banks,

55,404,000
708,521,000

b

This Item Inoludes foreign Government credits,

t Revised figures.

WEEKLY STATEMENT of RESOURCES and LIABILITIES of EACH of the 12 FEDERAL RESERVE BANKS ot CLOSE of BUSINESS JULY 5 1918.
T w o ciphers

(00) om itted.

Boston.

N ew Y ork.

P hiladel. Cleveland. Richm ’ d.

A tla n ta .

C h icago . St. L outs. M inneap. K a n . City

S

D allas.

San F ran.

$

%

T otal.

J

Gold coin and certlfa. In vault...
Gold settlement fund------------Gold with foreign agencies........

3.619.0
61,019,0
1.132.0

S
5
S
S
S
302.005.0
67,0 31.002.0 0,430,0 6,799,0 26.929.0 1,591,0
204.277.0 47,019,0 45.145.0 14,077,0 17,042,0 65.889.0 23,314,0
566,0
485,0 2,264,0
647,0
5,579,0 1,132,0 1,455,0

258.0 0,084,0 28,562,0
8.581.0
5.418.0 26,642,0 10,996,0 3,465,0
889,0
910.0
600,0
647,0

421.927.0
624.303.0
10,272,0

Total gold held by banks.......
Gold with Federal Res. Agents. .
Gold redemption fund------------

65.770.0
62.053.0
2,726,0

511.861.0 48.218.0 77,602,0 21.073.0 24.326.0 95,082,0 25.552.0 14.640.0 27.810.0 17.646.0 32.916.0
280.678.0 95.637.0 119,584,0 33.250.0 29.464.0 154,045,0 26.124.0 25.852.0 33.651.0 14.045.0 87.092.0
24,0
195,0 2,718,0 3,064,0 1,946,0 1,723,0 1,036,0 1,251,0
15,000,0 3,500,0 1,350,0

902.602.0
902.076.0
34,533,0

RESOURCES.

$

S

%

S

Total gold reserves............... 130,549,0
2,687,0
Legal-tender notes, silver, & o...

807,539,0 147,355,0 198,536,0 54,518,0 56,508,0 252,191,0 53,622,0 42,221,0 62,497,0 32,942,0 120,632,0 1,959,110,0
56,053,0
323,0
358,0
401,0
596,0 4,081,0
779,0
89,0
247,0 1,816,0
534,0
44,142,0

Total reserves------------------- 133,236,0
Bills discounted for members and
Federal Reserve banks--------- 72.507.0
Bills bought In open market----- 22.241.0

851,081,0 147,889,0 198,894,0 54,919,0 57,104,0 256,272,0 54,401,0 42,310,0 62,744,0 34,758,0 120,955,0 2,015,163,0

94.748,0
3.240.0
1.416.0

474,438,0 88,002,0 85,366.0 62,095,0 36,430,0 171,645,0 67,430,0 51,805,0 60,750,0 29,588,0 60,432,0 1,288,729,0
42.749.0
3981,0 3.401.0
730.0 7.090.0 2,233,0 1.338.0 8.877.0
1.515.0 1.747.0 7.304.0 1.233.0
17.350.0
936,0 1.533.0
996.0 2.112.0
321,0 1.229.0 1.536.0
2.670.0 1.287.0 2.029.0 1.285.0
20,0
12,0
10,0
4,0

Total earning assets.............. 99,404,0
Uncollected Items (deducted from
gross deposits)..................... 46,278,0

478,623,0 91,036,0 94,699,0 64,613,0 38,166,0 180,847,0 69,984,0 54,376,0 71,163,0 34,517,0 71,426,0 1,348,854,0

Total bills on hand............ -U. 8. long-term securities-------U. S. short-term securities------All other earning assets............

362.022.0 71.240.0 72.560.0 58,477,0 32,499,0 152,814,0 64,482,0 50,980,0 60,747,0 27,958,0 50,490,0 1,070,782,0
3,0 1,030,0 5,942,0 211,947,0
825,0
112.416.0 16.756.0 12.806.0 3,018,0 3,931,0 18,831,0 2,948,0

175,098,0 80,021,0 59,397,0 46,101,0 29,519,0 96,707,0 27,153,0 14,481,0 42,988,0 19,293,0 32,145,0

5% redemption fund against Fed­
eral Reserve bank notes-------All other resources...................

£ ,1 0 8 .0

1,40*0*,6

1,418*6

*674,6

*639*6

14,0
591,0

100,0
1,136,0

*711*6

‘ *21*3*6

390.0
344.0

Total resources....... ......... . 280,026,0 1,506,862,0 320,304,0 353,664,0 160,272,0 125,394,0 635,138,0 152,249,0 111,380,0 177,629,0
L IA B IL IT IE S .
19,954,0 0,939,0 8,585,0 3,898,0 3,053,0 9.834,0 3,607,0 2,818,0 3,532,0
6,474,0
38,0
116,0
40,0
216,0
......
649,0
75,C
15,042,0 10.773.0 17.684.0 10.131.0 9,253,0 15.512.0 9,917,0 7.185.0 6,118,0
Government deposits_______ 14.979.0
173,096,0
35,980,0
55.477.0
40.642.0
37.717.0
42.838.0
103,428,0
85.422.0
610.251.0
86.811.0
Due to members— Reserve aco’t.
Collection Items....................... 51,733,0 150.802.0 62.731.0 55.669.0 33.848.0 17.832.0 65.056.0 27.182.0 8.016.0 20.992.0
—
Due to other F. R. banks— Net.
- .......
.......... 110,'71*7*6 ..........
3,602*0
***7.6
*1*19*6
* *1*01*6 '"4*9*6
Otb. deposits lnol. for Gov’t ored
Total gross deposits------------ 153.523.0 886,812,0 158.920.0 176.900.0 84.021.0 64.809.0 257.266.0 80.098.0 61.230.0 88.587.0
F. R. notes In aotual circulation. 118.328.0 591,791,0 153.360.0 166.778.0 76.478.0 50.826.0 263.271.0 67.617.0 66.478.0 75.871.0
95,0 2,000,0
8,000,0
F. R. bank notes In clro’n— Net.
571,0 2,551,0
816,0 1,639,0
927,0
7,650,0 1,139,0 1,401,0 1,159,0
1,626,0
All other liabilities----------------

137.0
535.0

84,0
1,334,0

669,267,0
725,0
10,163,0

89,240,0 225,944,0 4,044,162,0
76,163,0
4,477,0
1,134,0
4,359*6 7,445*6 128.398.0
35.760.0 02.275.0 1,369,697,0
12.020.0 15.099.0 527.580.0
2,992,0

'**1*3*6

2,841,0

117,509*6

52.152.0 88,260,0 2.143.184.0
33.328.0 131,443,0 1.791.509.0
10,635,0
540,0
21,447,0
768,0 1,224,0

Total liabilities....... - ........... 280,026,0 1,506,862,0 320,364,0 353,664,0 106,272,0 125,394,0 635,138,0 152,249,0 111,380,0 177,629,0 89,240,0 225,944,0 4,044,162,0
•Difference between net amounts due from and net amounts due to other Federal Reserve banka. • Net amount due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS JULY 5 1918.
Two

c ip h e rs

(00) om itted.

Boston.

S
Federal Reserve notes—
Received from Comptroller— 163,040,0
Returned to Comptroller....... 33,347.0
Chargeable to F. R. Agent-------- 129,693,0
7,700,0
In hands of F. R. Agent............

N ew Y ork .

P hiladel. Cleveland. Richm ’d .

A tlanta.

C -ic a g o . St. L ou is. M in n ea p . K a n . City

San F ran.

Total

741,567,0 181,237,0 191,764,0 87,919,0 77,820,0 332,320,0 77,245,0 61,553,0 89,157,0 62,111,0 139,596,0 2,101,982,0
105,200,0 13,040,0 12,700,0 0,485,0 19,075,0 47,100,0 4,160,0 3,955,0 7,320,0 18,095,0
......... 244,830,0
636,307,0 168,197,0 179,064,0 81,434,0 58,745,01285,220,0 73,085,0 67,698,0 81,837,0 34,016,0 139,596,0 1,917,152,0

Issued to F. R. Bank---------- 121,993,0
Held by F. R. Agent—
2,504,0
n|non
n 168,740,0
15,017,0
UUU|U
Gold coin and certificates— - - U
2,390,0
*323*6
' 7 5 6 ', 6
13,938,0 8,96*0,6 9,567,0
6,553,0
Gold redemption fund..........
Gold Sett. Fd., F. R. Board.. 49,500,0 1 0 0 ,0 0 0 ,0 86,731,0 95,000,0 32,500,0 24,570,0 153,722,0
Eligible paper, min. req’d----- 59,940,0 355,689,0 72,500,0 59,480,0 48,184,0 29,281,0J131,175,0
121,993,0 030,367,0 168,197,0 179,064,0 81.434.0 68,745,0|285.220,0
Total_______________ _
Amount of eligible paper deliv­
94,748,0 474,438,0 77,950,0 85,130,0 01,170,0 30,007,0 162,010,0
ered to F. R. Agent------- —
F. R. notes outstanding....... . . . 121,993,0 036,367,0 168,197,0 179,064,0 81,434.0 58,745,0 285,220,0
44,670,0 14,837,0 12,280,0 4,956,0 1,919,0 21,949,0
3,065,0
F. R. notes held by banks.........
F. R. notes In actual olroula’n. 118,328,0 691,791.0 153,360,0 160,788,0 70,478.0 66,826,0'263,271,0




D allas.

*
S
S
S
$
S
S
S
%
1
»
5
956,480,0 218,240,0 209,800,0 1 1 2 ,2 2 0 , 0 96,740,0 353,520,0 94,200,0 76,980,0 107,700,0 68,500,0 150,700,0 2,607,120,0
214,913,0 37,003,0 18,030,0 24,301,0 18,920,0 2 1 ,2 0 0 ,0 16,955,0 14,427,0 18,543,0 16,389,0 11,104,0 445,138,0

11,581,0
13,102,0
1,964*6 1,250,0 2,291,0 1,880,0 7,001,0
584,0 80,631,0
24,160,0 11,500,0 31,360,0
40,961,0 31,756,0 48,186,0 19,971,0 61,904,0

214,944,0
66,873,0
690,258,0
955,077,0

73,085,0 57,598,0 81,837,0 34,016,0 139,596,0 1,917,162,0
60,539,0 40,837,0 54,650,0 29,588,0 57,850,0 1,224,983,0
73,085,0 57,598,0 81,837,0 34,010,0 139,590,0 1,917,152,0
5,960,0
088,0 8,153,0 125,583,0
5,468,0 1 , 1 2 0 , 0
67,017,0 56,478,0 75,871,0 33,328.0 131,443,0 1,791,569,0

July 13 1918.]

THE CHRONICLE

159

Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House members for the week ending July 6. The figures for the sep­
arate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
NEW
C L E A R IN G HOUSE
M EM BERS.

Net
Profits.

Capital.

|Nat. Banks M ar. 4f
<State Banks M ar. 14{
<Trust C o’s M ar. 141

W eek E n d in g
J u ly 6 1918.

Members o f Federal
Reserve Bank.
Bank o t N Y . N B A .
Bank of Manhat C o.
Merchants’ National.
Mech & Metals Nat.
Bank of America___
National City_______
Chemical National..
Atlantic National . . .
Nat Butch & Drovers
American Exch N at.
Nat Bank of Com m ..
Pacllio..................
Chat & Phenlx N a t..
Hanover National__
Citizens' National__
Metropolitan_______
Corn Exchange____
Importers & Trad Nat
National Park__
East River Nutlonal.
Second National___
First National_____
Irving National____
N Y County National
Continental.........
Chase National____
Filth Avenue___
Commonwealth..
Lincoln National___
Garfield N ational...
Fifth N ational...
Seaboard National..
Liberty National___
Coal & Iron National
Union Exchange Nat
Brooklyn Trust C o ..
Bankers Trust C o ..
U S Mtgo & Trust Co
Guaranty Trust Co
Fidelity Trust C o ...
Columbia Trust Co
Peoples Trust C o___
Now York Trust C o.
Franklin Trust C o ...
Lincoln Trust Co___
Metropolitan Trust..
Nassau Nat, B’klyn.
Irving Trust Co____
Farmers Loan & Tr_.

YORK

Loans,
Discounts,
Investments,
&c.
Average.

W EEKLY

C L E A R IN G

Cold.

Legal
Tenders.

Silver.

Average.

Average.

Average.

H OUSE

National
Bank
and
Federal
Reserve
Notes.
Average.

RETURN.

Reserve
with
Legal
Deposi­
taries.
Average.

S
$
$
*
$
$
5.395.200
43.248.000
24.000
139.000
73.000
91.000 .4,527,000
2,341,800 6.619.400 60.258.000 1.109.000 385.000 587.000 1.039.000 10.549.000
2.635.500
2,000,000
27.950.000
71.000
257.000
50.000
101,000 2.489.000
6,000,000 10,706,600 160.759.000 7.706.000
150.000 1.895.000
526.000 21.477.000
1.500.000 6.530.700 33.251.000
356.000
212.000
353.000
365.000 4.331.000
C49.995.000
25.000.
000
675.372.000 8.325.000 3.032.000
798.000 1.594.000 117,038,000
9.132.400
3.000.
000
73.672.000
197.000
519.000
309.000
618.000 7.439.000
872.100
1.000.
000
15.284.000
86.000
165.000
56.000
129.000 1.694.000
87,700
300.000
2.931.000
20,000
36.000
61.000
8,000
261,000
5.450.700
5.000.
000
112.464.000
464.000
201.000
416.000
738.000 11.333.000
21,019,900
25.000.
000
343.093.000
94.000
478.000 1.184.000 40.461.000
184.000
500.000 1.038.100
58.000
14.413.000
229.000
426.000
173.000 1.650.000
3.500.000 2,665,800 85.755.000 712.000 491.000 1.232.000 1.656.000
8.762.000
16,713,300
3.000.
000
134.186.000 5.200.000
834.000
345.000
639.000
15.162.000
2.550.000 2.916.900 44.726.000
102.000
717.000
38.000
323.000 5.437.000
2.227.700
2.000.
000
26.271.000
657.000
719.000
520.000 3.570.000
3.500.000 7.536.500 106.048.000 413.000 256.000
192.000 2.155.000 3.699.000 15.654.000
1.500.000 7.784.900 34.050.000
70.000
36.000
369.000
211.000 3.312.000
17.620.000
5.000.
000
201.876.000
25.000
294.000
436.000
771.000 19.945.000
250.000
89,800
2.951.000
2,000
86.000
29.000
42.000
451.000
1.000.
000
3,890,300
18.788.000
57.000
341.000
49.000
362.000 1.970.000
10.000.000 30.889.000 277.154.000
10.000
721.000
320.000
427.000 22.841.000
4.500.000 6.581.400 97.260.000 924.000 404.000 1.682.000 989.000 13.378.000
322,500
1.000,000
105.000
10.314.000
155.000
30.000
504.000 1.300.000
1,000,000
643.100
6.121.000
20,000
32.000
14.000
85.000
773.000
10.000,000 12,278,200 290.502.000 2.612.000 1.916.000 1,739,000
854.000 27.216.000
200.000 2.411.100
461.000
15.768.000
794.000
123.000
521.000 1.870.000
400.000
834,200
40.000
5.990.000
177.000
26.000
110.000
964.000
1,000,000 2.008.900
151.000
17.180.000
315.000
144.000
949.000 3.633.000
1.000,000 1.364.500
1,000
11.733.000
188.000
23.000
140.000 1.474.000
404,000
7.440.000
250.000
37.000
18.000
170.000
79.000
626.000
365.000
47.731.000
1.000,000 3.597.000
274.000
212.000
244.000 6.836.000
3.900.000
110.000
71.465.000
3.000.
000
33.000
128,000
377.000 10.296.000
945,800
12.597.000
6,000
1.000. 000
62.000
106,000
468.000 1.405.000
1.298.000
13.056.000
14.000
1,000,000
22,000
197.000
276.000 1.744.000
06.000
1.500.000 2.175.400 34.391.000
140.000
27.000
422.000 2.559.000
62,000
11,250,000 13,932,100 247.946.000
143.000
156.000
615.000 21.998.000
340.000
59.578.000
4.605.000
2,000,000
111.000
115.000
481.000 6.971.000
25,000,000 26,270,700 424.324.000 1.789.000
163.000
325.000 2.661.000 56.456.000
90.000
11.317.000
1,000,000 1.267.000
72.000
50.000
118.000 1.166.000
38.000
80.245.000
6.502.500
5.000.
000
479.000
96.000
482.000 8.193.000
23.048.000
47.000
1.284.700
1.000.
000
232.000
82.000
478.000 1.958.000
29.000
89.785.000
3.000.
000
10.533.000
9,000
18.000
253.000 8.168.000
83.000
19.413.000
1.000. 000 1.089.700
157.000
40.000
225.000 1.939.000
15.229.000
11.000
1,000,000
566.100
22.000
124.000
239.000 1.856.000
297.000
51.651.000
2,000,000 4.168.900
41.000
66,000
479.000 4.774.000
11,000
13.653.000
1.000,000 1.167.200
118.000
226.000
73.000 1.195.000
1.500.000 1.020.100 38.488.000 137.000 239,000 619,000 1,356,000 4.997.000
5.000,000 10.706.000 135.332.000 3.814.000
60,000
24.000
211.000 15.431.000
Averago for week.. 192,541,800 333,196,700 4,246,057,000 37,418,000 12,046,000 21,563,000 28,905,000 529,529,000

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
actual

$

2,000,000

condltl on July
condltl
condltl
condltl

o

4.239.701.000 36.545.000 12.501.000
5.235.733.000 36.917.000 11.410.000
4.302.237.000 37.141.000 11.515.000
4.432.660.000 37.448.000 12.433.000

Totals,
Totals,
Totals,
Totals,

actual
actual
actual
aotual

740.000
44,000
285.000
244.000
1.270.000
2.527.000

3,650,000

condltl on July
condltl
condltl
condltl

5,257,900

T otals, avge for wk
actual
actual
actual
actual

6

9,000,000 10,921.000

condltl
condltl
condltl
condltl

National
Bank
Circula­
tion.

Average.

Average.

Average.

*
30.842.000
56.059.000
19.889.000
139.580.000
27.184.000
564.488.000
52.271.000
12.361.000
2.033.000
82.198.000
302.878.000
12.632.000
67.141.000
121.861.000
33.066.000
26.022.000
104.295.000
24.558.000
151.642.000
2.930.000
13.326.000
151.412.000
94.387.000
9.442.000
5.114.000
242.361.000
16.959.000
6.090.000
16.813.000
9.718.000
5.452.000
45.332.000
64.523.000
10.547.000
12.573.000
25.366.000
194.856.000
48.662.000
366.513.000
8.901.000
60.540.000
20.764.000
55.379.000
14.054.000
11.985.000
34.975.000
9.180.000
34.645.000
110.782.000

S
*
1.985.000
791.000
100,000
263.000 1,862',655
14,209,000 3.778.000
1,535*,555
438.000
144.000
293.000
6.032.000 4.942.000
5.028.000
50,000
7.310.000 2.189.000

7,465', 666

3.617.000
564.000

470,000

294,000 1.016.000
10,000
51.000
3,838,000 4.724.000
50.000
900.000

2,992,000 8.477.000
883,000
637.000
66,000
199.000
11,589,000 1,300,000
100,000
24,000
209,000
2.375.000
470.000
417.000
5.181.000
22.165.000
3.711.000
24.131.000
506.000
12.252.000
1.582.000
3.745.000
1.627.000
1.795.000
1.201.000
700.000
955.000
10.031.000

250.000
398.000
248.000
70,000
996.000
412.000
397.000

50,000

3,534,581,000 159,472,000 36,617,000
36.608.000
36.631.000
36.573.000
36.754.000

113,000
98.000
57.000
68,000
113,000
4,382,000

142.000
180.000

232,000
60,000

503.000
155.000

681,000
413,000

292,000

658,000

340.000
334.000
321.000
327.000

113,000

3,594,000 1,464,000

35,806,000

1,094,000

1.234.000
856,000
1.807.000
2.599.000

35.976.000
35.746.000
35.166.000
35.863.000

,097,000
,096,000
,340,000
,344,000

,038,000 13,504,000
-602,000 +352,000

July

6 ...

,378,088,000
— 15,466,000

,987,000
514,000

Juno 29 .
June 22 I
June 15 1 "
Juno 8III

,393,554,000
.460,445,000
,597,312,000
,493.719.000

,501,000
,865,000
342.000
364.000

113,000
113.000
112.000
112,000

327,000

condition
condition
condition
condition

77,290,000

2.401.000
2.918.000
3.240,010
3.113.000

506.000
506.000
510.000
504.000

Grand
Grand
Grand
Grand

336,000

1.504.000
2.471.000
2,312,004
2.629.000

510,000

condition

a U . 8 . deposits deducted, $438,453,000.

842.000
314.000
256.000
100.000
380.000
388.000

1.193.000
1.173.000
1.201.000
1,255.000

62.171.000
63.741.000
63.237.000
63.413.000

Grand ag'gate, actual
Comparison prev w k.
actual
actual
actual
actual

152.000
21,000
8,000
40,000
522.000
388.000

62,295,000

Grand aggregate,avge 205,191,800 355,376,600 4,385,430,000
Comparison prev w k.
— 33,466,000

ag’gate,
ag'gate,
ag’ gate,
ag'gate,

Net
Time
Deposits.

30.446.000
27.491.000
29.434.000
28.815.000

77,084,000 5,110,000 1,131,000 1,441,000 2,280,000

T r u s t C om pa nies.
T itle Guar & T r u s t Lawyers T itle & T r . .

Totals,
Totals,
Totals,
Totals,

S

Net
Demand
Deposits.

Bank.

S ta te B a n ks.
Greenwich_______
People’s . . ..............
B ow ery_____________
Commercial E x c h ...
N Y Produce E x c h ..
S t a t o .............. ..............
T otals, avge for wk

Additional
Deposits
with
Legal
Deposi­
taries.
Average.

.............. ..

1.800.000 a3,647,677,000
— 582,000 — 58,253,000

,679,000 36,617,000
,013,000 + 39,000

23,379,000 33,583,000
— 64,000 + 2623 000

1,624,000 b3,601,866,000
+375,000 — 98.210.000

,527,000
,390,000

23.443.000 30,960,000 648.835.000
23.745.000 33,235,000 520.039.000
24.202.000 32,579,000 561.871.000
23.811.000 33,304,000 525.261,000'

1,249,000
3,573,000
3,003.000
1.572,000

b U . S. deposits deducted, *366,540,000.

3.700.076.000
3.672.261.000
3.821.352.000
3,737,884,000

137.000
581.000
,767,010
,298,000
c Includes capital set aside for foreign branches, $6,000,000.

S T A T E M E N T S O F R E S E R V E P O SITIO N .
Averages.
Cash
Reserve
In Vault.

M em bers Federal
Reserve Bank.
State banks_____
Trust companies*
T otal
T otal
T otal
T otal

July 0 .
June 29.
June 22.
June 16.

Reserve
in
D ep ositaries

A c tu a l F igu res.
a

Total
Reserve.

Reserve
Required.

*
$
S
*
a
529,529,000 529,529,000 464,279,690
9.962.000
4.382.000 14,344,000 13,912,200
1.787.000
3.594.000
5,381,000
5,370,900
11.749.000
14.531.000
14.582.000
16.197.000

537.505.000
619.271.000
547.165.000
639.133.000

549.254.000
633.802.000
561.747.000
554.330.000

Surplus
Reserve.

I n c . or D ec.
from
PreviouslVeek

S
$
65,249,310 — 75,787,450
431,800
— 427,200
10,100
+ 25,650

483.562.790 65,691,210 — 76,189,000
491.921.790 141,880,210 + 76,235,680
496,102,470 65,844,530 + 11,396.660
600.082,130 54,247,870 + 16,756,070

Cash
Reserve
in Vault.

Reserve
in
D ep ositaries

b
Total
R eserve.

Reserve
Required.

*
S
*
*
b
483,803,000 483,803,000 458,284,220
10,034,000
4.943.000 14,977,000 13,972,140
1,911,000
3.455.000
5,366,000
6,396,400
11.945.000
14.308.000
14.647.000
15.120.000

492.201.000
648.835.000
520.039.000
661.870.000

504.146.000
663.143.000
534.686.000
576.990.000

Surplus
Reserve.

I n c . or D ec.
from
P reviousW etk

S
*
25,518,780 -145,455,940
1,004,860
+ 20,000
def30,400
-—42,500

477,652,760 26,493,240 -145,478,440
491,171,320 171,971,680 + 124826550
487,540,870 47,145,130 — 22,451,400
607,393,470 69,596,630 +25,478,320

• N o t members of Federal Reserve Bank.
a T his Is the reserve required on net demand deposits In the case o f State banks and trust companies, but in the case o f members o f the Federal Reserve Banks
Includes also amount of reserve required on net time deposits, which was as follows: July 6, *4,784,160; June 29, *4,717,650: June 22, *4,724,250; June 15, 4,683,570.
b This Is tho reserve required on net demand deposits In the case of State banks and trust companies, but In the case of members of tbe Federal Reserve Bank Included
also amount of reserve required on not tlmo deposits, which was as follows: July 6, 54,809,510; June 29, *4,707,870; June 22, *4,713,870;£June 15, $4,764,300.
c Am ount of cash In vault, which Is no longer counted as reserve for members o f the Federal Reserve Bank, was as follows:
July 6, *99,932,000; June 29, *98,591,000; Juno 22, *100,082,000; Juno 15, $101,200,000.
d Am ount of cash In vaults, which Is no longer counted as reserve for members o f the Federal Reserve Bank, was as followsJu ly 6, *101,038,000; June 29, *96.513.000; June 22, *99,235,000; Juno 15, *100,018,000.
re se rve n a n s, was as rouows.

I




S T A T E B A N K S A N D T R U S T C O M P A N IE S IN N E W Y O R K C I T Y .

T h e S ta te B a n k in g D e p a r tm e n t rep orts w e e k ly figu res
s h o w in g th e c o n d itio n o f S ta te b a n k s an d tr u st co m p a n ie s
n N e w Y o r k C i t y not in the Clearing House, as fo llo w s :

T o ta i ...................................................$28,054,400

22.71%

S104,972,900

C O M B IN E D RESU LTS OF BA N K S A N D T R U S T C O M P A N IE S IN
G R E A T E R N E W Y O R K . (Two ciphers omitted.)

Mar.

9 ..................
16...... ...........
23..................
30..................
6 _________
13..................
20..................
27..................
4 ..................
I 1..................
IS ..................
25..................
1 ..................
8 ..................
15..............
22..................
29..................
July 6 ..................

Loans
and
Investments

Demand
Deposits.

$
5,127,304,4
5,061,330,8
5,034,741.0
5,089,258,3
5,055,925.8
5,120,263,0
5,203.030,0
5,276,947,7
5,286,093.4
5,306.250,9
5,363,727,3
5,335,545,7
5,290.958,7
5,255,139.0
5,293,378,3
5,242,919,0
5,147,055,5
5,107,950,8

$
1,319,035.1
4,369,257.5
4,409,310,1
4.446.491,7
1,468.927,4
4,400,133,2
4,487,319,0
4,454.190, S
4,482,747.3
1,415.207,5
4,302,189,7
4.305,620,5
4,422,114,8
4,454,909,7
4,473,266,0
4,433,580,1
4,401,117,1
4,335,634,9

Specie.

•
Legal
Tenders.

Total
Cash In
Vault.

Reserve in
Deposi­
taries.

$
90.537,4
90.131.4
00.664,8
91,070,7
91,749,8
92,493,5
92,009,3
92,079,0
90.948,5
91,076,0
89,363,8
87,653,3
85,129,9
81,594,4
82,146,6
80,450,7
80,119,9
78,499,8

*
83,762,0
81,255,4
84,264,8
80,187.0
86,601,0
85,430,6
83,894,9
86,019,3
85,057,7
85,279,8
83,001,4
86,740,1
SI ,442,7
87,724,4
86,257,3
88,787,6
89,726,9
88,070,0

$
174,300,0
171,380,8
171,929,0
177,203,7
178,351,4
177,924,1
175,964,2
178,098,3
176,006,2
170,355,8
172,305,2
174,393,4
109,572,6
169,318,8
168,403,9
169,238,3
169,846,8
107,175,8

$
560.387,6
574,445,1
569,773,5
578,017.3
003,729.1
590,421,2
594,991,3
592,019,7
588,899,3
573,373.4
507,941,1
570,237.7
575,891,0
570,049,4
581,941,7
594,047,9
669,593,9
586,136,5

•Included with "Legal Tenders” are national bank notes and Fed. Reserve notes
held by State banka and trust oos.. but not those held by Fed. Reserve members.

I n a d d itio n to th e retu rn s o f “ S ta te b a n k s an d tru st c o m ­
p an ie s in N e w Y o r k C it y not in the Clearing House," fu rn ish ed
b y th e S ta t e B a n k in g D e p a r tm e n t, th e D e p a r tm e n t also
p re sen ts a s ta te m e n t c o v e rin g all th e in stitu tio n s o f thi*
class in th e C i t y o f N e w Y o r k :
F or d e fin itio n s a n d ru les u n d er w hioh th e va rio u s ite m s
are m a d e u p , see “ C h o r n io le ,” V . 9 8 , p . 1 6 6 1 .
T h e p ro v isio n s o f th e la w g o v e rn in g th e reserv e re q u ire ­
m e n ts o f S ta te b a n k in g in stitu tio n s as a m e n d e d M a y 2 2
1 9 1 7 w ore p u b lish e d in th e “ C h r o n ic le ” M a y 19 1 9 1 7 ( V .
104, p . 1 9 7 5 ).
T h e re g u la tio n s re la tin g to c a lc u la tin g the
a m o u n t o f d e p o sits a n d w h a t d e d u c tio n s are p e r m itte d in
th e c o m p u ta tio n o f the reserves w ere g iv e n in th e “ C h r o n ic le ”
A p ril 4 1 9 1 4 ( V . 9 8 , p . 1 0 4 5 ) .
,. —

■■■

1

■—

Capital as of M ar. 14
Surplus as of M ar. 14
Loans and lnvestm’ts
Specie_____ _______ Currency A bk. notes
Deposits with the F.
R. Bank of N . Y _ .
D oposits......................
Reserve on deposits.
P . O . reserve to dep.

July 6
1918.

Differences from
previous week.

July 6
1918.

Differences from
previous week.

$
$
S
95,050,000
23.618.400
163.861.000
41,225,300
404,522,400 Inc. 2 ,171,800 1,865,651,400 D ec.
17,164,600 D ec.
614,900
14.139.400 D ec.
17,173,200 Inc.
250,700
24,406,600 D ec.
41,921,700
592,094,600
101,279,300
22.9%

1
4,510,100
600,300
1,900

195,094,800 D ec. 18,998,200
D ec. 2,412,600
Inc. 13,378,400 2,018,630,800 Inc. 9,137,800
300.179.000 D ec. 20,386,800
D ec. 4,411,100
1.2%
19.5% D ec.
D ec.
1.4%

Boston Clearing House Banks.— W e g iv e b e low a su m
m a r y sh o w in g th e to ta ls for all th e ite m s in the B o s to n
C le a rin g H o u s e w e e k ly s ta te m e n t for a series o f w eek s:

21.12%

T h e a v e r a g e s o f th e N e w Y o r k C it y C le a rin g H o u se b a n k s
an d tr u st c o m p a n ie s combined w ith th o se for the S ta t e b a n k s
a n d tr u s t c o m p a n ie s in G r e a te r N e w Y o r k C it y o u tsid e of
th e C le a rin g H o u s e are as fo llo w s:

Week
Ended—

Trust Companies.

State Banks.
Week ended July 6

U M M A R Y OF S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K . N O T IN C L U D E D IN C L E A R IN G HOUSE S T A T E M E N T .
(Figures Furnished by State thinking Department.)
Differences from
July 6
previous week.
Loans anil nvestmenta------------- -------- ----------------------- 8722,529,500 D eo. $5,623,700
483,100
0 p e o l e ............................................................................
..
12,165,800 Dec
121,300
Currency and bank notes--------------------------- -------- 13,763,500 Inc.
869,200
D eposits with the F. R. Bank of New Y o r k ..................
58,470,500 D ec.
1,665,200
Total deposits____________________ ________________ 800,324,200 D ec.
Deposits, eliminating amounts due trom reserve de­
positaries and from other banks and trust com­
panies in N . Y . C ity, exchanges and U. S. deposits. 687,957,900 D ec. 7,229,200
Reserve on deposits_________________________________ 133,031,300 D ec. 2,922,400
Percentage of reserve, 2 1 .4 % .
RESERVE.
— Trust Companies—
-------State Banks------$71,061,700 14.30%
Cash in vaults________ ___ _________ $13,338,100 10.80%
33,911,200
6.82%
Deposits in banks and trust cos------ 14,720,300 11.91%

tiyxj —

[Vol . 107

THE CHRONICLE

160

BOSTON C L E A R IN G HOUSE M E M B E R S .
July 6
1918.

Change from
previous week.

June 29
1918.

June 22
1918.

$
$
$
$
4,983,000
4.980.000
603,000
5,583,000 Inc.
Circulation.................................
Loans, dlsc’ ts A Investments. 485.764.000 D ec. 8,994,000 494.758.000 503.058.000
Individual doposits, Incl.U.S. 450.284.000 D ec. 24,322,000 474.606.000 460.834.000
Due to b a n k s _____ _________ 128.251.000 Inc. 4,564,000 123.687.000 125.823.000
815,000 15.105.000 15.475.000
Tim e deposits........... - ............ 14.350.000 D ec.
21.517.000 Inc. 2,465,000 19.042.000 15.410.000
Exchanges for Clear. House
Due from other banks........... 89.847.000 D ec. 10,564,000 100.911.000 84.586.000
Cash In bank A In F.R . Bank 61.969.000 Inc. 6,092,000 . 55,877,000 60.874.000
Reserve excess In bank and
7.538.000 11.744.000
Federal Reserve B ank------ 14.822.000 Inc. 7,284,000

Philadelphia Banks.— T h e P h ila d e lp h ia C le a rin g H o u s e
s ta te m e n t for th e w ee k e n d in g J u ly 6 , w ith c o m p a r a tiv e
figu res for th e tw o w eek s p re c e d in g , is as fo llo w s .
R eserve
r e q u ire m e n ts for m e m b e rs o f the F e d e ra l R e so rv o s y s te m
are 1 0 % on d e m a n d d op osits an d 3 % o n tim e d e p o s its , all
to be k e p t w ith the F e d e ra l R o se rv o B a n k .
“ C a s h in
v a u lt s ” in n o t a p art o f legal re se rv e .
F o r tr u st co m p a n ie s
n o t m e m b e rs o f th e F e d e ra l R oserv o s y s t e m the reserve
re q u ire d is 1 5 % on d e m a n d d e p o sits an d in clu d e s “ R e se r v e
w ith legal d ep o s ita r ie s ” a n d “ C a s h in v a u l t s .”
Week ending July 6 1918.
Two ciphers (00) omitted.

Capital......... ......... .......
Surplus and profits___
Loans, dlsc'ts A in vestin’ts
Exchanges for Clear.House
Due from banks________ _
Bank deposits-----------------Individual deposits______
Tim e deposits......................
Total deposits__________
U.8. deposlts(not Included)
Rns've with Fed. Res. B k.
Res've with legal deposit’s
Cash In vault*..................
Total roservo A .cash held
Resorve required.............
Excess res. A cash In vault

Memb'rs of
F. R. Syst.
$25,975,0
68.386.0
667.944.0
27.917.0
137.365.0
160.604.0
417.076.0
4,448,0
582.128.0
41,284,0
16.293.0
57.577.0
41.372.0
16.205.0

Trust
Cos.

June 29
1918

June 22
1918.

$31,475,0
81.634.0
018.757.0
27.801.0
134.853.0
161.702.0
443.165.0
4,430,0
012.297.0
68.379.0
44.860.0
4,980,0
17.795.0
67.635.0
40.184.0
21.451.0

$31,475,0
81.904.0
623.872.0
25.631.0
133.664.0
170.239.0
449.988.0
4,529,0
024.757.0
07.028.0
53.231.0
5,072,0
18.142.0
70.445.0
47.752.0
16.693.0

Total.

$31,475.0
82.249.0
614.209.0
28.437.0
137.501.0
101.808.0
448.380.0
4.448.0
32,508,0 614.636.0
52.643.0
41.284.0
5.603.0
5.603.0
18,000,0
1.767.0
64.947.0
7.370.0
40.149.0
4.777.0
18.798.0
2.593.0

85.500.0
13.863.0
46.265.0
520.0
130.0
1,204,0
31.301.0

•Cash In vault Is not counted as resorve for F . R . bank members.

---------------- ~

Non-Member Banks and Trust Companies.—

F o llo w in g is th e re p o rt m a d e to th e C le a rin g H o u s e b y cle arin g n o n ­

m e m b e r in s titu tio n s w hioh are n o t in clu d e d in th e “ C le a rin g H o u s e r e tu r n ” on th e p re ce d in g p a g e :
RETURN

O F N O N -M E M B E R

Loans.
Discounts,
Investments,
&c.
W eek E n d in g J u ly 6 1918. /N a t. banks M ar. 4)
(State banks Mar. 14/
C L E A R IN G
N O N -M E M B E R S .

Capital.

IN S T IT U T IO N S

OF

NEW

Net
Profits.

Cold.

Legal
Tender $.

Silver,

YORK

C L E A R IN G

National
Bank
<ft Federal
Reserve
Notes.

Reserve
with
Legal
Deposi­
taries.

Additional
Deposits
with Legal
Deposi­
taries.

H OU SE.
Natlona
Bank
Circula­
tion.

Net
Demand
Deposits.

Net
Time
Deposits.

Average.
Average.
%
$
395,000
1,150,000
929.000
488.000
582.000
918.000
553.000
971.000 4,364,000
929.000
413.000
832.000
326.000
786.000
278.000

Average.
?
7.318.000
2.642.000
5.369.000
5.106.000
7.370.000
4.150.000
2.830.000
2.811.000

Average.
t
94,000
1,220,000
570.000
409.000
471,000
3.551.000
2.607.000

302.000
119.000
895.000
190.000
219.000
99,000
1,525,000

Aevrage.
S
195,000

Average.
$
8.574.000
5.411.000
7.113.000
6.307.000
8.722.000
5.037.000
7.352.000
5.725.000

Average.
$
82,000
3.000
10,000
3.000
212,000
01,000
7.000
10,000

Average.
S
17,000

Average.
S
49,000

11,000
27.000
106,000
0,000
2,000
52.000

115.000
64.000
111.000
78.000
32.000
79.000

Average.
$
108,000
2,000
118,000
154.000
302.000
117.000
131.000
18,000

2.495.000

5,489,500 54,241,000

388,000

281,000

528,000

950,000

5,202,000

8,712,000

37,562,000

8,922,000

2.505.000
480,300
9.410.000
1,003.400
620,S00 13.605.000
5.649.000
146,900
8.378.000
523,000
3.761.000
213.700
7.099.000
663,400
798.700 22.174.000
4.490.000
174,800

73.000
723.000
054.000
154.000
3,000
45.000
268.000
136,000
11.000

5,000
117,000

M echanics’ BaDk, Brooklyn.
North Side Bank. B rook lyn ..

100,000
500.000
1,000,000
500.000
200.000
200,000
100,000
1.600.000
200,000

16,000
49.000
31.000
117.000
345.000
15.000

38.000
110,000
362.000
52.000
225.000
218.000
386.000
650.000
114.000

153.000
391.000
473.000
317.000
113.000
143.000
138.000
1,063,000
258.000

129.000
600.000
761.000
291.000
930.000
215.000
436.000
1,405,000
213.000

136.000
270.000
242.000
7,000
83.000
18.000
40 >,000
304.000
343.000

2.148.000
10.147.000
12.688.000
4.847.000
7.814.000
3.949.000
7.208.000
23,409,000
3.920.000

342.000
121.000
40.000
71.000
07.000
400,000

T o t a l_____________________

4,400,000

4,625,000 77,069,000

2,067,000

688,000

2,103,000

3,079,000

4,989,000

1,898,000

76,196,000

1,046,000

................

7.570.000
7.548.000
15,118,000

375.000
15,000
390.000

19.000
12.000
31,000

23.000
82.000
105,000

79,000
149.000
228.000

284.000
442.000
726.000

387.000
263.000
650.000

5.676.000
4.421.000
10,097,000

1.024.000
3.175.000
4.199.000

................

146,428,000

2,845,000

1,000,000

2,796,000

4,257,000 10,917,000 11,260,000 nl23,855,000 14,107,000

1,525,000

M em bers o f
Federal R eserve Bank
Battery Park N at. B ank-----W . R . Grace & C o .’s b a n k ...
First N at Bank, B rook ly n ..
N at. City Bank, B r ook ly n ..
Flrsi N at. Bank, Jersey City
Hudson C o. N at., Jersey City
First N at. Bank, H ob ok en ..
Second N at. Bank, H oboken

$
400.000
500.000
300.000
300.000
400.000
250.000
220.000
125,000

T o ta l--------------------------------Statu B anks.
Not Members o f the
Federal Reserve Bank.
Bank of Washington H eights.

T r u s t C om p a n ies.
Not Members of the
Federal Reserve Bank.
Hamlb on Trust C o..Brooklyn
M echanics' T r. C o ., Bayonne

S
527,900
642,400
670,500
604,100
1,320,900
782,700
632,800
302,200

500.000
200.000

1,007,800
344,000

700,000

1,351,800

7.595.000 11.466.300
Comparison previous w eek ..
Grand
Grand
Grand
Grand

aggregate
aggregate
aggregate
aggregate

June
June
June
June

29-----22-----15------8 ------

' 239',020
7.595.000
7.595.000
7.595.000
7.595.000

decrease
11.466.300
11.346.600
11.346.600
11.346.600

n U . S. deposits deducted, $10,406,000




— 1,345,000

+ 51,000

147.773.000
148.014.000
149.494.000
151.208.000

2.794.000
2.878.000
3.299.000
3.438.000

+ 2,000 — 294,000 + 148,000

+ 58,000

+ 605,000

4.109.000
4.031.000
3.992.000
4.070.000

10.859.000
11.052.000
10.709.000
10.194.000

10.655.000
13.040.000
10.940.000
10.330.000

998,000
1,121,000
1.253.000
1.235.000

3.090.000
3.221.000
3.193.000
3.290.000

+ 1,305,000 — 117,000
122.550.000
123.544.000
125.949.000
127.119.000

14.284.000
14.254.000
14.252.000
14.240.000

+ 2,000
1.523.000
1.520.000
1.509.000
1.512.000

IB a u h c t s '

L . L . 1 st 4 s a t 9 3 .9 4 to 9 4 .1 8 ; L . L . 2 d 4 s a t 9 3 .9 6 to 9 4 .1 8
a n d L . L . 4 % s a t 9 5 .8 4 to 9 6 .2 6 .
For to-day's prices for all
the different issues and for the week’s range, see third page

( g a z e t t e

Wall Street, Friday Night, Jidy

12 1918.

T h e M o n e y M a r k e t a n d F i n a n c i a l S i t u a t i o n . — S a tu r­
d a y ’s b a n k s ta te m e n t, d isclo sin g a sh rin k a g e o f $ 1 4 5 ,0 0 0 ,0 0 0
in th e su rp lu s re se rv e o f th e N e w Y o r k C i t y b a n k s , h a s b e e n
fo llo w e d b y a firm e r m o n e y m a r k e t a n d re str ic te d o p e ra tio n s
a t th e S to c k E x c h a n g e th r o u g h o u t th e w e e k .
O th o r c a u ses th a n th a t referred to h a v e d o u b tle s s c o n ­
tr ib u te d to th e re su lt m e n tio n e d b u t th e y are n o t n e w a n d
n o t w ell d e fin e d .
T h e lo n g d e la y e d G e r m a n o ffe n s iv e in
W e s t e r n E u ro p o is , p e r h a p s, o n e o f t h e m , b u t a n e x te n d e d
v io w

of

th e

situ a tio n

a b ro a d

is ra th e r

e n c o u r a g in g

th a n

o th e r w ise , a n d so o n e in s tin c tiv e ly tu rn s to d o m e s tic a ffa irs
fo r fu r th e r in flu en c e u p o n th e m a r k e t .

C o n sid e r a b le a t te n ­

tio n h a s b e e n g iv e n th is w e e k to th e im p e n d in g G o v e r n m e n t
c o n tr a c t w ith th e ta k e n -o v e r ra ilro a d s a n d s o m e s o lic itu d e
is a p p a r o n t.

T h e m o n th ly crop r e p o r t w a s , a s e x p e c te d ,

s o m e w h a t less fa v o r a b le th a n fo rm e r r e p o r ts , b u t a n e s tim a te
o n sp rin g w h e a t 9 %
a p p o in tin g .

161

THE CHRONICLE

J uly 13 1918.]

low ^r th a n th a t issu e d in J u n e w a s d is­

W in t e r w h e a t is o n ly 4 %

lo w e r , h o w e v e r , a n d

ollowing.
R a i l r o a d a n d M i s c e l l a n e o u s S t o c k s .— T h e s to c k m a r ­
k e t h as a g a in b e e n d u ll a n d a t tim e s s h o w e d a d e c id e d te n ­
d e n c y to w e a k n e s s .
T h e r e w a s , h o w e v e r , v e r y litt le c h a n g e
in th e to n e fr o m d a y to d a y .
L ib e ra l sales o n T h u r s d a y ,
sa id to h a v e b e e n fo r a c c o u n t o f a p ro fe s s io n a l tr a d e r , w ere
in s u ffic ie n t v o lu m e to d e p r e s s th e m a r k e t a n d m a k e i t th e
m o s t a c tiv e o f th e w e e k .
T o - d a y th e p e n d u lu m s w u n g
b a c k in a n e g a tiv e fa s h io n a n d o p e ra tio n s w ere th e s m a lle s t
to ta l o f th e w e e k .
'
A s a r e s u lt o f th e w e e k ’s tr a n s a c tio n s a lis t o f th e sh ares
o f 1 2 p r o m in e n t r a ilw a y s s h o w s 6 h ig h e r a n d 6 lo w e r th a n
la s t w e e k a n d a c o rr e s p o n d in g lis t o f in d u s tr ia l issu e s h a v e
a ll d e c lin e d fr o m 1 to 13 p o in t s .
R e a d in g h a s l o s t 3 % p o in ts
o f its r e c e n t a d v a n c e a n d N e w Y o r k C e n tr a l is 2 p o in ts
lo w e r th a n la s t w e e k .
A m . S u m . T o b . h a s c o v e r e d a r a n g e o f 1 4 % p o in t s a n d
clo se d n e a r th e lo w e s t .
B a l d . L o c . is 4 % p o in t s lo w e r ,
G e n e ra l M o t o r s 4 , U . S . S te e l 4 % a n d C r u c ib le S te e l,
B e t h .S t e e l , A m . S m e l t .& R e f . a n d A m . L o c o m . fr o m 3 t o 4 .
For daily volume of business see page 1 6 9 .
T h e fo llo w in g sales h a v e o c cu rre d th is w e e k o f sh ares n o t
re p re se n te d in o u r d e ta ile d lis t o n th e p a g e s w h ic h fo llo w :

th e to ta l ot b o t h , it is e s tim a te d , w ill b o o n e o f th e la r g e s t,
if n o t th e la r g e st, e v e r h a r v e s te d .

A s to c o r n , a lt h o u g h th e

a c re ag e is sm a lle r, it n o w p ro m ise s to o q u al la s t y e a r ’ s re co rd
crop o n a p re sen t p e rc e n ta g e fa r a b o v e th e a v e r a g e c o n ­
d itio n fo r a series o f y e a r s .
T h e S te e l C o r p o r a tio n ’s r e p o r t o f u n fille d ord ers sh o w s
th a t th e y in creased a b o u t 5 8 0 ,0 0 0 to n s d u rin g th o m o n th
of Juno.

T h is is th e first in cre ase sh ow n in a n y m o n th since

e a r ly in th o y e a r a n d b rin g s th e to ta l u p to n e a r ly 9 ,0 0 0 ,0 0 0
to n s .
A s n o t e d a b o v e , th e m o n e y m a r k o t h a s c o n tin u e d f ir m .
C a ll lo a n ra te s h a v e h e ld m u c h o f th e tim e a t 6 to 6 % %
tim e fu n d s

have

n ot been ve ry

fre e ly

offe re d

and

a t cu rre n t

ra te s .
F o r e ig n
im p o r ta n t

E x c h a n g e .— S te rlin e x c h a n g o re m a in s w ith o u t
fe a tu r e .

The

C o n tin e n ta l

E xchanges

lik ew ise

a re la c k in g in p o in ts o f in te r e st.
T o - d a y ’ s ( F r id a y ’s) a c tu a l ra te s fo r ste rlin g e x c h a n g e w ere
4 7 2 % @ 4 7 2 % fo r s ix ty d a y s , 4 7 5 5 - 1 6 @ 4 7 5 3 0 fo r ch e q u e s
a n d 4 7 6 7 -1 6 fo r c a b le s.

C o m m e r c ia l o n b a n k s , sig h t 4 7 5 @

4 7 5 % , s ix ty d a y s 4 7 1 % @ 4 7 1 % , n in e ty d a y s 4 7 0 @ 4 7 0 %
a n d d o c u m e n ts fo r p a y m e n t (six ty d a y s ) 4 7 1 @ 4 7 1 %
to n fo r p a y m o n t
4 75@ 4 75% .

4 75@ 4 75%

and

g rain

fo r

C o t­

paym ent

T o - d a y ’ s (F r id a y ’ s) a c tu a l ra te s fo r P a ris b a n k e r s ’ fran cs
w ere 5 7 7 % fo r lo n g a n d 5 7 2 % fo r s h o r t.

G erm an y bank­

e rs’ m a rk s w ere n o t q u o te d .
A m s te r d a m b a n k e r s ’ gu ild ers
w ore 5 1 7 -1 6 fo r lo n g a n d 5 1 % fo r s h o r t.
E x c h a n g o a t P a ris o n L o n d o n , 2 7 .1 5 fra n c s; w e e k ’s r a n g e ,
2 7 . 1 5 % fra n c s h igh a n d 2 7 .1 6 lo w .

E x c h a n g e a t B e r lin o n

L o n d o n n o t q u o ta b le .
T h e ra n g e fo r fore ig n e x c h a n g o fo r th e w e e k fq llo w s :
S te r lin g , A c t u a l — S ix ty D a y s .
High for tho week__ 4 7 2 %
Low for tho week— 4 7 2 %
P a r is B a n k e r s' F r a n c s —
High for tho week.. .5 77 %
Low for tho week— 5 7 7 %
G er m a n y B a n k e r s ’ M a r k s —
High for the week___ ______
Low for the week__ ______
A m s te r d a m B a n k ers' G u ild e r s —
High for tho week
51 5-16
Low for tho week
50 13-16

C a b les.

C h eq u e s.

4 7532%
4 75 5-16

4 76 7-16
4 76 7-16

5

5
5

71%
5 71%

52

51 7-16
51

51%

D o m e s t i c E x c h a n g e — C h ic a g o , p a r .
L o u is , 1 5 c . por 8 1 ,0 0 0 d isc o u n t b id .
M o n t r e a l,

$23 1 2 %

por

$ 1 ,0 0 0

1 0 c . p er $ 1 ,0 0 0 p r e m iu m .
S ta te
th e

and

B oard

R a ilr o a d

in clu d e

m %
m %

B o sto n , p ar.

p r e m iu m .

M in n e a p o lis ,

C in c in n a ti, p a r .

B o n d s . — S a le s o f S ta t e

$ 2 ,0 0 0

S t.

S a n F r a n c is c o , p a r .

N ew

Y ork

4s,

1960,

bonds at
at

98% ,

$ 2 , 0 0 0 N e w Y o r k 4 s , 1 9 6 2 , a t 9 8 % , a n d $ 1 ,0 0 0 N . Y . C a n a
4s,

1961, at 9 8 % .

The

m a r k e t fo r ra ilw a y a n d in d u str ia l b o n d s h a s b e e n

m o re a c tiv e an d sh ow e d a b r o a d e n in g te n d e n c y , b o t h a s to
th o n u in b o r o f issues tr a d e d in a n d p ric e s.

A s to th e la t te r ,

o f a lis t o f 1 8 re p re se n ta tiv e issu e s, 1 0 h a v e a d v a n c e d a n d
o n ly
No.

4

d e c lin e d .

P ac.

3s have

B r o o k ly n
m ovod

R a p id
up

a

T r a n s it 5 s ,

fu ll

p o in t a n d

1918,

and

A t c h is o n ,

B a lt . & O h io , R o c k Is la n d , M o . P a c ., S t . L o u is & S a n F r a n ,
a n d S o . R y s . h a v e boon o n th o u p w a rd te n d e n c y , w h ile a ll
d eclin os are re p re se n te d b y m in o r fr a c tio n s .
I n a d d itio n to th e a b o v e th o a c tiv e list in clu d e s N e w Y o r k
C e n tr a l, P e n n s y lv a n ia , U n io n P a c ific a n d U . S . S te e l issu e s.
U n i t e d S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s a t
th o B o a r d in clu d o $ 1 0 0 ,0 0 0 2 s , r e g ., a t 9 8 % , $ 1 1 ,0 0 0 4s
r e g ., a t 1 0 6 % to 1 0 6 % , $ 1 ,0 0 0 4 s , c o u p ., a t 1 0 6 % ; L ib e rty
L o a n 3 % s a t 9 9 .5 2 to 9 9 .6 6 ; L . L . 1 st 4 s a t 9 3 .9 4 to 9 4 .1 6 ;




STO C K S.
Week ending July 12.
Par.
American Snuff___.100
Am Sumatra T o b p f. 100
Assoc D ry G oods___100
Batopilas M ining____20
Bethlehem Steel pref 100
Bklyn Union G a s .. . 100
Brown Shoe In c____100
Brunswick T e r m 'I...1 0 0
Cent Foundry p r e f.. 100
Cent & So Am Teleg.100
Certain-Teed Prod no par
Chic St P M & O m .-lO O
Cluett. Peabody & C o 100
Com puting-Tab-Rec 100
Cons Interstate C a ll.. 10
Continental Can pref 100
Elec Storage Battery 100
Elk Horn C oal______ i50
Federal M g & Sm elt. 100
Preferred ............. .100
Fisher B ody C orp.n o par
P referred ________ 100
General Cigtir I n c . . .100
P referred________ 100
Int Harvester C orp.100
Preferred________ 100
Jewel Tea, pref......... 100
K C Ft S & M em pf.100
Kelly-Springf p r e f...1 0 0
Kress (S H) & C o . . . 100
Laclede G a s ...............100
Loose-W iles Bis 1st pf 100
M anhat’n (Elev) R y .1 0 0
G uaranteed______ 100
M ay D ept S t o r e s ... 100
M St P & SS M arie. 100
Morris & Essex______ 50
National A cm e_____ .50
National R ys 2d pref 100
New York D o ck ____100
Norfolk & W est pref. 100
N ova Scotia S & C ..1 0 0
Ohio Fuel Supply____25
Owens B ottle-M ach . .25
Rensselaer & S a r a ...100
Savage Arms C o r p .. 100
So Porto R ico Sug rights
So Porto R ico Sug p f. 100
Standard M illin g ... 100
Stutz M otor C a r. .n o par
T ol St L & W est pref 100
T o l St L & W est tr rects.
Preferred tr rects____
Transue & W ’ m s .no par
United Drug 1st pref. 50
U S Realty & Im pt-.lO O

Sales
for
Week.

Range fo r Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

Shares 9 per share. S per share. S per share. $ per share.
July 9 S9% Jan 100
July 9 98
200 98
M ay
July 10 81
Jan 103
100 100 July 10 100
June
July 8 12
M ay 15
200 14 M July 8 15
July
Jan
1
500
1% July 8 1 % July 6
1% M ar
July 8 90
Jan 92
July 8 90
100 90
M ar
July 10 80
M ar 85
July 10 80
100 80
Feb
July|12 62
June 68
July 12 68
July
150 68
July 8 13% July 10
800 12
6H Jan 16% June
Jan 53
July 11 46% July 8 41
300 46
Apr
July 6 zl03 July 110
2 104
July 6 104
M ar
July 6 34
July 38
July 6 34
100 34
June
July 11 70
Jan 74
July 11 74
100 74
July
July 12 45
Jan 56
July 12 52
100 52
Feb
July 6 30
Jan 39
July 6 39
100 39
July
July 11 10% July 10
June
200 10
7% Apr 13
July 11 9914 June 105
July 11 101
100 101
M ar
Apr 56
700 52 % July 6 56
July 9 48
July
Jan 28% M ar
300 25% July 10 25% July 10 22
100 12>* July 6 12% July 6
9% Apr 13% Jan
July 11 27
Jan 36% Feb
July 11 34
100 34
July 6 26
July 6 39
Jan 43
100 39
June
200 •89 July 6 89 J* July 10 70% Jan 89 % June
July 6 34
1,000 46
July 9 48
Jan 58
June
200 99% July 8 99& July 6 96% M ar 100
June
M ar 72
100 64 % July 10 64 J* July 10 53
Feb
July 12 95
100 100
July 12 100
M ay 102% Feb
July 11 88
Apr 97% Jan
July 11 91
100 91
July 9 59
July 9 59
July 65
100 59
Apr
July 8 85
July 8 76% Feb 76% Feb
40 85
July 8 50
July 8 55
100 55
Jan 57% M ay
July 10 82% July 10 82
July 90
200 82
M ar
July 111 82% Jan 86
100 86
July 11 86
July
July 8 97
July 8 94
M ar 100
23 95
M ay
July 8; 95
July 8 95
July 96
50 95
Apr
200 51% July 12 52% July 10 47
Jan 54% Apr
July 10 88 JS July 10 80 % Jan 90
200 88
M ar
July 9 67
July 9 67
17 67
July 75
M ar
400 30% July 11 30% July 6 26% Jan 33
M ay
400 5 % July 10 5% July 10, 4 % M ay
7% Jan
100 23 % July 8 23 % July 8 18% Jan 27
M ay
July 9 76
July 9 76
100 76
Apr 79
M ar
100 55% July 11 56% July 111 56% July 69
Jan
July 111 41% M ar 46% June
100 43
July 11 43
July 8 55% Jan 65
200 61
July 6 61
Feb
7 100
July 9 100
July 9 100
July 100
July
300 72% July 12 73
July 9 53
Jan 80% M ay
1,300 3 % July 12 5% July 9
3% July
7% July
July 6 107
July 6| 102
100 107
Jan 107
July
July 10 84
100 110
July 10 110
Jan 110
July
400 40% July 8 40% July 6 38 % Jan 47% Feb
July 10 11
100 11
July 10 11
July 11
July
July 9 6Vs July 12
4
1,400 5
June 6% M ay
July 12j 8 % M ar 12% Jan
600 10% July 9 12
300 39 % July 11 40
July 9 37% June 42
M ay
100 49% July 10 49 % July 10 46
Jan 50
M ar
400 13% July 6 13% July 111 8
M ar 17
Apr

O u t s i d e M a r k e t .— L ig h t tr a d in g a n d u n c e r ta in p rice
m o v e m e n ts w ere th e c h ie f ch a ra c te ris tic s o f “ c u r b ” tr a d in g
th is w e e k .
F lu c tu a tio n s a s a ru le w e re n o t la r g e .
A etn a
E x p lo s iv e s , c o m ., w a s u n d e r p re ssu re , d r o p p in g fr o m 1 3 %
to 1 2 % .
B u r n s B r o s . Ic o d is p la y e d c o n s id e r a b le s tr e n g th
a n d a c t i v i t y , a d v a n c in g , a fte r e a r ly lo ss o f a p o in t to 2 7 , to
3 1 % , a n e w re c o r d , w ith a fin a l r e a c tio n to 3 0 % .
M o to r
sh are s d e y e lo p e d co n s id e r a b le w e a k n e s s , C h e v r o le t M o t o r
m o v in g d o w n fro m 1 3 6 % to 1 3 1 a n d U n it e d M o t o r s o v e r
tw o p o in ts to 3 1 % .
I n t o - d a y ’ s tr a d in g a h ig h e r le v e l o f
v a lu e s w a s re a c h e d , th e fo r m e r c lo s in g a t 1 3 3 a n d th e la tte r
at 3 2 % .
C u r tis s A e r o p l. & M o t . g a in e d a b o u t a p o in t to
40%
w ith th e fin a l figu ro 4 0 % .
W r i g h t - M a r t i n A i r e .,
c o m ., s o ld d o w n fr o m 1 0 % to 1 0 % a n d u p to 11 a n d e n d s
th e w e e k b a c k to 1 0 % .
G e n e r a l A s p h a lt , c o m ., lo s t 3 p o in ts
to 3 4 .
S u b m a rin e B o a t a fte r a fr a c tio n a l a d v a n c e to 17
fe ll to 1 6 , w ith th e c lo se t o -d a y a t 1 6 % .
O il s to c k s w ere o n ly
m o d e r a te ly a c tiv e w ith p rice c h a n g e s fo r th e m o s t p a r t fr a c ­
tio n a l.
H o u s t o n O il c o m . lo s t tw o p o in ts to 6 6 b u t d e v e l­
o p e d s tr e n g th a n d rose to 7 4 , th e fin a l fig u re t o -d a y b e in g
73% .
M e r r i t t O il d e c lin e d fr o m 2 7 % to 2 5 a n d e n d s th e
w eek a t 2 5 % .
M i d w e s t O il c o m . w a s o f f f r o m 1 .0 9 to 1 .0 3 ,
th e fin a l fig u re t o -d a y b e in g 1 .0 4 .
A m o n g S ta n d a r d O il
issu es A t la n t ic R e fin in g w a s c o n s p ic u o u s fo r a s u d d e n rise
fr o m 9 4 5 to 1 0 1 8 .
M i n i n g s to c k s d u ll a n d w ith o u t fe a tu r e .
B o n d s fa ir ly a c tiv e w ith o n ly s lig h t p ric e c h a n g e s .
R u s s ia n
G o v t . 6 % s d e c lin e d fr o m 4 6 % to 4 4 , th e n a d v a n c e d to 5 0 ,
w ith th e fin a l tr a n s a c tio n a t 4 9 .
T h e 5 % s im p r o v e d fr o m
4 3 to 4 6 % a n d c lo s e d t o -d a y a t 4 6 % .
A c o m p le te re c o rd o f “ c u r b ” m a r k e t tr a n s a c tio n s fo r th e
w e e k w ill b e fo u n d o n p a g e 1 7 0 .

162

INew York StooK Qxotiaa^e —Stoolf Recorl. Daily. Weekly and Yearly
O C C U P Y IN G TW O PA G B 3
P a r

r a a o rd

o l

d u r in g

tb a

a iO H A N D LOW SALE PRICES— PER SHARE, NOT PER CENT.
Saturday
July 6

Monday
July 8

Tuesday
July 9

Wednesday
July 10

Thursday
July 11

Friday
July 12

« « « k

o f

otoa h r

S*U8fOT
Week
Shares

u a u a llv

l a « o i l » .

STOCKS
H E W Y O R K STOC K
EXCH AN GE

•

p r r o a d l m

p a s *

PHIi SHAKE
Kant* Sine* Jan. 1.
On basis 0/ 100-share lot).
Lowest.

HIqbest.

PER SHARE
Range for Previous
Year 1917
Lowest

Hightsl

R a ilroads
Par 2 per tStare.
J per share.
$ per short 8 per shaft
$ per share S per share S per share
81 M ar23
107% Jan
88 M a y l5
75 Deo
85
85
3,700 Atoll T opeka A Santa F e.-lO O
84% 85%
8134 85
Do
prof______________ 100
85 June26
80 Jan 30
75 Deo 100% Feb
*82%
300
82% 82% *82% 84
89% Apr 22
119 Jan
95 June22 *79% Deo
*90
900 Atlantlo Coast Una R R ___100
*91% 94
91%
91 i 91
57 M ay20
86 Jan
49 Jan 24
38% Deo
5434 55%
9,000 Baltimore 4 Ohio_________ 100
54% 1 5458 54%H 54%
57% Jan 5
707* Jan
Do
pref_______________100
63 Apr 25
48% D oc
*55
57
57
300
56
56
*55
82 Jan
Brooklyn
Rapid
T
ran
sit--100
48%
Jan
2
30
Juno2G
30
Deo
39%
39%
2,500
38% 38%
38%
38
135 Mar25 150 M aylO
120 Deo 167*8 M ar
2,400 Canadian Pacific.............. _.100
147% 148% 1403,1 147% 147 147
603$ M arl !
4954 Jan 15
42 N ov
06*4 J»a
*56% 57%
3,000 Chesapeake A O hio.............. 100
57
57
56% 57
« Deo
0 Apr 9
14% Jan
8% Jan 2
*734
83,1 1,000 Chicago Great W estern.-.1 0 0
*7%
8%
7%
7%
41*4 Jan
Do
pref...........................100
25 Jan 3
24
17% Deo
1S*2 Apr 9
24
700
*23% 24%
24% 24%
92 Jan
47% Jan a
37% Apr 22
42*4
41% 42%
35 N ov
42% 43
4,200 Chicago MIIw A St P a u l.. 100
42
Do
pref______________ 100
OOU Apr 11
126% Jan
79% Jan 5
02% D eo
75% 77
7534 76%
7,500
7538 76%
89t2 Mar25
95 Jan s
92% 92%
93
85 Deo 124% Jan
800 Chicago Sc N orthw estern..100
92% 92% *92
Do
pref______________ 100 137 Jan 29 137 Jan 29 137% Deo
172% Fob
130 *120 130
*23
23"% 23
24% M ay 15
23%
23% 2334
2334 213,
18 Apr 22
38% June
23% 2334 15,000 Ohio Rock Isl & Pao tomp otfs.
10 D ec
23% 2334
73
73
70 Juno27
7% preferred temp o t fs ___
84% Apr
73
73%
74
70
50% Jan 15
743.1 7 5 % 75
3,100
41 Dec
75
75% 75%
62
62
6234 64
65 June27
0 % preferred temp otfs____
71 Apr
62
40 Jan 15
35*4 Dee
03%
4,900
62% 62%
63% 64%
63%
03
32
32
32
38 M ay 14
*30
*30
32
61 Jan
32
32
32
32
20 Feb 21
*30
24 N ov
300 Clev Cln Chic 4 St L o u is.. 100
*30
0334 *00
0334 *60
05 JunelO
*00
Do
pref______________ 100
033.1
80 Jan
5834 M ay 7
0334 *60
63% *60
65
61*1 Oel
*00
*21
23% *21
30 Jan
23% M ay29
Colorado 4 Southern......... 100
18 Apr 22
23% *21
23% *21% 23% *22
*21
23
23
18 N ov
5 7 % Jan
50% Jan 4
*48% 51
Do
1st pref___________100
47 Apr 3
*48% 51
*48% 51
4473 N ov
*48% 51
51
*49
51
*49
45 Mur 14
*43
48
40 M ar
*13
Do
2d pref__________ 100
40 Apr 4
48
*43
48
*43
*43
41 Sept
48
48
48
*44
110 *108 110 *108 109% *108 110 *100 110 *10S 10!)%
*108
100% Apr 11 115% Feb l
Delaware * Hudson______ 100
87 N ov 1617* Jan
*160 162
161 161 *160 102
162 162 *160 164% *160 164%
200 Delaware Lack 4 W e ste rn ..50 160 Apr 17 xl80 Jan 4 107% Deo 238 M ar
*4
6 Jan 3
5
*4
5
*4
5
Denser 4 Rio Grande____100
17 Jan
2% Jan 4
*4
*4
5
5
5
5 Deo
*4
*7
8
41 Jan
7
13% Jan 2
5 Apr 23
7
7
7
Do
pref........................... 100
*6
73.t
*6
300
9% Dec
8
7%
7%
*15% 1534 *15% 15%
17'% M ay 15
34% Jan
14 Apr 17
15% 15%
13% Deo
15% 15%
5,300 Erie.......................................... 100
15% 15%
15% 15%
*32
32%
35 M ay 14
32% 32%
32
33
323S 32%
49% Jan
Do
1st pref___________100
33
33
323.i 33
2,452
23% Jan 10
18*4 Deo
23
2434 M ay 14
*21
39*4 Jan
*21% 23
23
23
18% Jan 25
Do
2d pref__________ 100
23
23
23
*23
300
*22
23%
15*s Dec
93% M ay 14
118 % Jan
90
90%
90% 90%
903.1 91
91
91%
79% Deo
80 Jan 15
90% 90%
2,800 Great Northern pref______ 100
90% 90%
32% 323.1
343s M aylO
32% 32%
32% 32%
3134 313.1 3,100
38%
M ar
25% Jan 15
Iron Ore properties..iVo par
313.1 32%
32% 32%
22*3 N ov
97%
97% M ay 14
*96
90
96
*96
97%
97
92 Jan 7
973S *90
97% *96
97%
300 Illinois Central___________ 100
100% Jan
85*4 Deo
8
17 % Jan
Vs
*734
8
9% Jan 3
*734
8
73.1
*73.i
800 Interboro Cons Corp._lW> par
8
*758
8
034 Mar25
73.1
5*4 Dec
30% 37
47% Jan 3
*36*2 38%
*36% 38
Do
pref_______________100
*30% 38
72% Jan
300
35% May29
37
37
3912 Deo
*30 >2 38
*18
18% *18
19
*18
19
20 M aylO
257g Jan
15% Apr 17
18% 18%
18
18
400 Kansas City Southern____100
18% 18%
13% N ov
52
*49
*5034 52
*50
52
*49
52
52
52
53 M ay20
68% Jan
Do
pref_______________100
*5 Jan 5
*49
*49
40 N ov
*8% 10%
10%
*9%
*9% 10%
10% Feb 19
8% M ay 1
*9% 10%
9%
25% Jan
*8%
9%
100 Lake Erie 4 Weetern.......... 100
9%
8% N ov
21
21
*10
*16
*16
21
63*4 Jan
21
21 Feb 25
18 Apr 23
*16
Do
pref_______________100
27
*17% 21
*17
23 Oct
58% 58%
58% 58%
59
59% *58
62% M a r ll
59
59
79% Jan
59
*58
1,600 Lehigh Valley_____________ 80
55 Jan 15
*58
50*8 Deo
110%
*115%
*115% 116% 116% 116% *11534 116% 110% 116% *115% 116%
200 Louisville 4 Nashville____100
110 Jan 2 118 M ar 14 103 Deo 133*4
11
*10
*9% 10% *10
11%
11% *10% 11% *10% 11%
11
7% Apr 17
11% July 10
32% Jan
400 Mlnneap 4 St L ( » » « ) ) . _ . 100
078 Deo
5%
5%
5%
5%
534 *5l.i
5%
5%
534
5%
1,100 Missouri Kansas 4 Texan .100
6% Jan 2
11 Jan
4% Jan 5
5%
5%
3% Deo
*8%
9
*8%
9
*8%
9
2 0 % Jan
*8%
9
9% Jau 7
0% Jan 29
9
*8%
9
Do
pref........................... 100
*8%
7 N ov
233* 23%
23
23%
23% 23%
23% 24%
24% Jan 2
34 Jan
20 Jan 15
23% 2334 23% 233,1 19,600 M issouri Pacific tr o tfs____100
19% N ov
*55
55%
55% 56%
55% 55%
56
56
543.1 55
56 JulytO
01 Jan
Do
pref tr o t f s . . .........100
55% 55%
1,000
41 Jan 15
37% Deo
72% 73%
7234 71% 72
73
73
x72% 72%
72
7534 M ay 14
7,000 New York Central...............100
07% Jan 15
71% 713.,
02% Dec 103% J»n
38% 3834 37% 38%
373.1 38%
45% May29
527g Jan
38
39%
6,100 N Y N H 4 H artford_____ 100
27 Apr 11
37s8 38%
37% 38
21% Sept
*21
22% *21
22%
2134 23
21% 2134 *21
29% Jan
*21
23 July .9
24
22l,i
400 N Y Ontario 4 W e s t e r n ...100
18% Jan 22
17 Nov
103 103 *103
101% 104 104% *103 101% 102% 103% ♦103%' 104%
102 Jan 24 108% M a y l4
800 Norfolk 4 W estern______ 100
02% Deo 138% Jan
87%
87
86% 8034 87
87%
2,710 Northern Pacific__________ 100
87
87%
89 M a y l4
81% Jan 24
873s ; 87%
87% 87%
76 Deo 110 % Jan
44
44
4373 44
437s 44
44
44
47% Jan 2
67% Jan
43% 44
2,635 Pennsylvania....... ................... 60
43% 44
43% June27
40% Deo
14
14
1378 13%
14
14
14%
14
1,000 Pere Marquette v t « _____ 100
14
14
10% Juno27
30*4 Jan
9% M ay 1
14% 14.2
12 Deo
5734 58
5831 Keb 19
200
5«% Apr 3
73% Jan
D o prior prel v t o____100
45 N ov
37% 37%
57 June
100
37% JulylO
Do
pref v t c __________100
80 Apr 5
37 Oct
35% 3034 3534 36%
36
36%
36% 37
35% 36
5,400 Pittsburgh 4 West V a____100
3 5 * 4 June
38% June21
223s Jan 2
35% ' 36
18*4 Deo
79
79
79
79
79
79% *7734 70
783.1
783,1
*7734 80
70C
80% Junc27
01 Jan 10
Do
preferred__________100
68 J«n
63% Apr
92% 93*4
91% 93
92% 93%
91% 92%
70% Jan 15
89% 913g 883.1 90% 85,000 H eading___________________ 50
95 June27
00% N ov 104% Jan
*37
38*4 *37
38% *37
40
*38% 38% *38% 38% *37
39 M a y l5
35 Jan 12
38%
Do
1st pref......................60
46 Jan
34 N ov
40
40
*37
40
*37
40
*37
40
40
100
40 July 6
*37
D o 2d pref______ ______60
85 Mar30
45ti Jan
39% *37
337s Dee
*12
12%
12% 12%
12% 12%
12% T23S 12
12% *11% 12
14 Jan 2
2 6 % June
1,000 St Loufs-San Fran tr otfs. 100
P’ s Apr 3
12 Dec
23% *20
*20
23% * 2 1
23% *20
23% *21% 22% *20
23%
23% M a yl5
St Louis Southwestern____100
19% M arl2
32 Jan
22 Deo
37
37
37
37
*35
40
*35
38
*35
40
500
D o pref_______________lo o
*35 - 40
84% Feb 13
40% Jan 3
53 Jan
34 Deo
8
*712
*7%
8
7%
7%
7%
73,1
*7%
1,710 Seaboard Air U ne_________ 100
7’ 4
57% V 73g
7 Apr 17
8% Jan 4
18 J*n
7% Deo
*18% 18**4
1834 1834
19
19%
18>2 19
19
19% *19% 193.1
1,300
16% Apr 19
21% Junol7
D o pref...................
100
891] Jan
10 7s Deo
83% 83%
83
83
83% 8378 84
84%
83% 83%
2,800 Southern Pacific C o ........... 100
0 8 % M ar
83% 833.i
8834 Feb 27
80t2 Jan 24
75*4
Deo
2378 24
23% 24
2378 241.1
233,1 24
23% 24%
233.1 233,i
10,410 Southern Railway.................100
203s Apr 30
20 M ay 15
33% Jan
21% Dec
6178 62
*62
62%
62% 62%
02% 62%
02% 6234
1,400
62% 62%
57 Jau 21
03 M ay 15
Do
pref........................... 100
70% Jan
61% M ay
16
16
16
16
*15% 17
*15% 10% *15% 16%
15% 15%
300 Texas 4 Pacific..................... 100
19% Jan
14 M ay 4
19% Feb 20
11% N ov
*41
42
41%
*41
41
41
*41
44
44
*41
41
41
300 Twin City Rapid T ran sit.. 100
05% Jan 31
39% Junel3
05 Jan
62 Deo
122
12238 12138 122% 122 12234 122% 123% 121% 122% 122 122
9,000 Union Paclllo______________100 10934 Jan 15 12012 M ay 14 101% Deo
140% Jan
*70% 72
*70% 72
*70% „7l
70% 70%
200
70% 70% *70
70%
74% M a r ll
D o pref............................100
85 Jan
69 Jan 3
69% Dee
*9
912
*9
9‘2
*9 ]l 9%
*0
9%
9%
*9
9%
200 United Railways I n v e s t ... 100
11 % Jan
9*2
12 June27
4*4 Jan 15
4% Deo
*1034 18
*16% ' 18
*16 I f 17% *16% 18
*16% 18
10% 16%
100
20 M ay 7
D o pref..........................1 0 0
10% Apr 9
23% Jan
11% Deo
I l k 1138
11% 11%
11% 113.1
10% U%
11% 11%
10% 10% 13,600 W abash __________________ 100
11% July 8
7 Apr 20
16*4 Jan
7
N
ov
42% 42%
42% 42%
423,!
42% J:,43
42
41% 41%
9,000
41% 42%
44% Jan 2
Do
prof A ............ ......1100
89% Apr 12
68 Jan
36% Deo
26
26
25% 25%
26
26
26
25
25%
25% 25%
25
5.50C
26% Juno20
8 0 % Jan
Do
pref B ......................100
20% Jan 15
18
Dec
1412 143.1
14% 14%
1434j 14%
1434 15
*14% 15
*14% 15%
900 Western Maryland (now ). 100
17% Feb 15
23 Apr
13 Jan 15
12 Dec
32
*27
33
*27
*28 3 , 33
32
32
*28
*27
31
*28
32 Juno22
Do
2d pref.......... ........... 100
41 M a r
20 Jan 29
20 Deo
22% 2 2 % 22 , 22
22% f 22%
21% 21% *21% 22% *21% 22>2
500 Western Pacific___________ 100
24% Junc20
18 % M ay
13 Jan 2
10% D ec
63
63
*02 i 63%
62 ,'j 02
03
62
03
62
*62
60C
03%
Do
preferred..................100
01 Juno27
46 Jan 3
48 July
35% Dee
934
*9
9%
*9 )
* 8 % : 9%
93.1 *9
93.1
9%
9%
30C Wheeling 4 Lake E U y . . . 100
*9%
10% Jan 2
227* Jan
8 Apr 22
7%
Deo
22
*19
21
*19
19% 19% *19% 21
193,1
*19
*19% 21
100
D o preferred................... 100
17% Apr 17
2234 Feb 18
60% Jan
16% N ov
*35% 37
*35% 37
♦35%: .37
36% 3034 *35% 37
*35
37
200 Wisconsin Central......... ...100
64% Jan
34 M ay 2
39% Jan 3
33 Deo
V,
in d u s tr ia l A M lacellanaoiit
16% 17
*16
17%
17 % r 17 %
17% 17-2
800 Advance llu m e ly ..............100
15% 15% *15% 10.2
11 Jan 19
17% JulylO
18% Jan
7% N ov
4U 2 41%
40% 40%
40% : 40%
41
11
39% 40%
1,600
39% 40
D o pref_______________ 100
25% Jan 15
41% Juno28
19 Oct
37% Jan
63
63
*61
64
*61 £04
64
*63
64
*63
63i.i
600 Ajax Rubber Inc.....................60
49 Jan 2
01% July 12
45% Dee
80 Jan
378
3^4
3
3%
3 % 3%
3%
3%
3%
3
3
11,400 Alaska Gold Mlnee_________ 10
2%
1% Apr 27
4% July 5
1 Dec
11% Jan
2%
2
13,t
1%
2%
2%
13,1
131 2%
13,1
1%
1% 54,200 Alaska Juneau Gold M ln 'g.10
1% Apr 1
3% Juno21
8% M ar
1*4 Dao
3373 34*4
33% 33% *33%? 34 , 33% 3334
323i 323.t
32% 33%
3,500 Altls-Cbalmers M fg v t O ..100
37 May24
17’ 4 Jan IS
82% M ay
15 Dec
*81
83
*80% 84% *80% n83
*82
823.i 823.1
83
823.1 823.i
200
72% Jau 4
8012 May24
Do
preferred v t 0 ___ 100
807* M ar
65 Deo
91
*88
*88
91
9034 903.1 8934 893.i *88
91
91
91
300 Amer Agricultural C hem ._100
78 Jan 2
91 Junc20
72 Dec
06% M ay
93*4 93*4 *93% 96% *92
96
*93
90
*93
96
*94
94%
100
D o pref............................ 100
89% Jan 17
90 M ay 21
91 Deo 103% Jan
713l
*71
70% 70%
70% 70%
71
71
7031 71
*08% 69%
1,400 American Uect Sugar_____ 100
84 Feb 27
64 JunelO
63 Doc 102% Feb
*75
85
*75 ; 85
*75
85
*75
85
*75
85
*75 i 85
91% M ay 8
83 June22
D o prof.................
too
78% Dec
08 Jan
4578 47
46% 48%
47% • 483S 48
49%
403.1 •48
64,100 American Can................
47% 48
5034 M ay 17
345s Jan 15
100
29% N ov
53 M ay
*92% 94
93% 93% }93% 931i
94% 9438 94
94
*93% 94.2
690
97 Apr 30
89% Jan 23
D o pref............................ 100
111% June
87
Deo
85
8412
84% 84%
84% ii.81%
84% 86%
8234 84%
83% 84% 10,100 American Car 4 Foundry 100
68% Jau 14
87 Juue26
67 Feb
80% June
110*4
M
ay
1
106
Jan
3
D o pref............................ 100
100 N ov 118 % M ay
*4034 42
*40% *".,42
*403.1 42
*40% 4134
39% - 403.1 39% ' 39%
1,400 American Cotton O il_____100
43*8 May23
25 Jan 10
50% Jan
21 Deo
*72
82
581% 81% *72
80
78
78
*70 '1 82
*70
80
210
84 May22
78 M ay 10
101 % Jan
D o pref........ ....................too
80 Dec
18% 187s
18
18%
17% r IS
17% 17%
16% 17%
16% 17
5,200 American Hide 4 Leather 100
17 % M ar
11%Jan 10
20-% June26
10 Feb
783.4 79
78% 79
773,t 78%
7738 7734
77%
70
75
76%
4,700
82 June26
D o pref------------------------ too
60 Jau
43% Deo
75 Jan
*30
32*2 *30
31%
30% 30%
30
31%
293i 30
30
30%
1,400 American Ice______________ 100
85% M ay 13
107* AU8
11%Jan 2
8% July
*47
50
*47
50
50
50
52
*49
493.1 4934 *493,1 50%
300
53 M a yl3
D o preferred................... 100
S834 Jan 16
65 July
36 Deo
54
*5312 54*2
54
54 l: 54
54% 54%
53% •54
*53
54
1,500 Amer International Corp . 100
68% Feb 1
62 Apr 25
62% Aug
40 Oct
41
41
41
41
41 r, 41
*403.1 f ;4 13.4 40
403.1 40 -1 40%
4,350 American Linseed______
42% May24
100
27 Jan 7
16*1 Feb
20% Aug
*7934 80%
80% 80% * 79 % ; 81
*79% , 80% *79U 480*2 *79% 80%
100
81% Junol3
D o pref............................ 100
00% Jan 7
48
Feb
76 NOV
67^4 68%
67
67
67% 67%
06% 07%
05 1 653.1 65
65%
7,200 American L ocom otive___ 100
71*4 M aylO
63% Jan 16
82% Jan
46% Deo
98% 98% *98 100
*98 1, 99% *98
99% *98% 99%
98% ' 98%
200
D o pref............................ 100 *95 Jan 4 100 Feb 18
93 Dee 1067* Jan
834
*7i2
8
8%
*71.1
8%
7% -- 7%
7%
6
7
6
1,000 American M alting________100
13% Feb 0
6 Julyl2
10% M ar
8% Dee
46
48
48
48%
46 j : 4753
40
40
44
44
43% '4 4
2,100
71 % July
D o 1st pref..................... 100
68% Feb 0
42% Apr 26
50 Deo
*118 130 *118 130 *118 ' 130 *118 ' 130 *118 130 *127 130
American Shipbuilding...1 0 0
90 Feb 21 144 M a yl4
03 N ov
88 N ov
80% 80%
78341 7 9 %
78% 81%
78% 79%
703,1 77% 21,060 Amer Smelting 4 Refining. 100
76% 773g
73 M ay28
80% Feb 19
07% Dec 112% June
*10512 106 *105 106 *105 v 106 *105% >100
*105 106
104 Jan 5 106*4 M ar 2 <99% N ov 117%Jan
D o pref............................ 100
67% 6778
67% 68
073.i1 69%
09% 70%
68%
68
68% 68% 13,700 Amer Steel Foundries......... 100
58
Jan
15
75 June
70%
JulylO
60%
Deo
113 113
112% 114
112 »T 12
111
111
111 111% 111% 111%
1,700 Atnrrlcan Sugar Refining... 100
98 Jen 10 110 M uyl6
89% Nov 126% June
*10938 112
109% 109% *109% 110
109% 109% 109 1091.1
400
Do pref............................ 100
108% M ar23 113% M ay 8 100 D ec 121%Jan
138*2 140
131% 138% 132% 135
129 130% 125% 127% 1263.1 130
83,700 Am Sumatra T o b a cco____100
003,1 Jan 5 145 M ay21
3(1 May 02% Deo
96% 97%
95% 90%
96 41 96%
90% 903.1 95% 96%
95% 9534 6,100 Amer Telephone 4 Teleg._100
95 June25 109% Feb 1
06*4 Deo 128% Jan
160 100 *160 162
160 1 100
100 100
100% 161 *160 162
600 American T ob a cco________100 140%Jan 5 170 M ay 13 123 Deo 220 M ar
*94l2 98
♦94% 98
95 t| 95
*94%; 98
*94% 98
94% 94%
200
D o pref (new).................100
99 Feb 23
93 M ay27
89 Doe 109% Jan I
* 57 % 58
57% 57%
57% 58
58%. 58%
58% 60% 13,000 Am W oolen of Maes........... 100
57% 58%
00% M ay24
44% Jan 16
68% Juua
87% Feb
*93
95
*93% 94%
93% 93% *93% 94% 594
94
94% 94%
225
D
o
pref...........................
io
o
92
Jan
4
95%
M
url2
87 N ov 100 June
*24% 2i>
*22
25
*23%J 25
24% 2534 *24% 20
25
26%
1,700 Am Writing Paper prof. . .100
31% F«b 5
64% M a r
20% Apr 11
17 N ov
20
2038
19% 20
19% 19%
18% 1834
18% 18%
18% 183.1 5,300 A h f.lnc Ivtad 4 8 ................ 28
41% Jan
21'% July 3
12% Jan 18
10% Deo
53
53
53
53
*51 11 54
*51
53
53
*51
*51
53
500
D
o
pref.......
.............
25
7
2 % Jan
53%
July
1
41
Jan
2
39%
Dee
687s 69%
67% 69%
07% 1 68%
67% : 68%
6634 67%
67% 67% 29,500 Anaconda Copper M in in g ..60 *59% Jan 18
71% M aylO
87 M ay
61% N ov
104 104
105 150
104% ;i0433 *102 108
102 103
101% 103
2,300 A tl Oulf 4 W I s a L i n e ... 100
120%
Feb
18
121%
Jan
07*4
Jan
6
87%
Sept
*64*2 66
*64
66.
*03
04
04
*63
*03
65
*63
64%
D o p r e f............................100
04% M ar 18
00 Jan
64 Fob
68 Jau 6
93
93%
90% 9234 91
92%
90% 92%
87% 893.1 87% ' 89
72,700 Baldwin Locom otive W ka.100
70% July
50% Jan 15 101»4 M aylO
43 Feb
Do
pref........................... 100
03 Jan 2 100 Fob 28
93 Deo 102% Jan
*93 ~ 95
*93
94% ♦93
95
94% 94%
923s 9238 93
93
400 Barrett Co (T h e ).................100
86 Jan 4
95 Juno27
82 Doc 180 Jan
Bethlehem Steel C orp ____100
90 MaylO
74% Jan 15
60%
Deo 616 Jan
84% 84%
82% 84
82% 83
82% 83%
80% 82
80% *81% 52,500
D o Claes B com m on___ 100
72 % Jau 15
94 M aylO
166 Juns
*60% Dec
*lUO iuo
105 105% 105% 105% 105% 106
105% 105% 105% 1053,1
1,500
D o cum conv 8% pref____
90% Jan 15 1007s Apr 29
93 Deo 101% O ct
23- ifl -23*4
23
23
*23
23%
23% 23%a 23
23
23% 233,1 l^
—
-----“
u u Booth Fisheries_______ No par
1.200
21 Jan 21
20 Feb 18
• Bid and sailed urh)*«, no ealos on this day. t I5x-rlghca. i Less than iuo sfcaroe.
a Rx-dlv. and rights
1 E r-dlvldass. a uetore payment ol drat laetalltaeat.
$ per share S ;per share S per share
84
8434
84% 84%
84% 84%
82% 82%
82% 82%
*81% 83
91% 91%
91% 92
91% 91%
54% 54%
54% 54%
54% 55%
56
56
55% 55% *547S 56
38
38
38
38%
♦38% 39
147% 147% 146% 147
147% 147%
56% 57%
56% 56%
57
57%
8
*8
8
8%
8%
8%
2434 2434
24% 24%
24% 24%
*41% 43
42
42
42% 43
7434 7434
74%
74
75% 77
923.1 *92
92 % 92% *92
9234




New York Stock Record—Concluded—Page 2

163

f o i fOCOfd o f sale* d u r in g th e w e e k o f s to c k s u su a lly In activ e, see «e c * n d o< 4 « • r e c e d ln it

Saittfor

etw u AND LOW SAXjK PAtCSS—PBR PHAAS, NOT PBS CUNT.
Saturday
July 6

M on d ay
July 8

Tuesday
July 9

W ednesday
July 10

Friday
July 12

Thursday
July 11

W eek
Shares

5 per share S per share $ per share $ per share S per share S per share
124
121
12 1 % 12 1 %
121
120 % 122 t2 121 121 *120 124 *121
12 % 12 %
12 % 1234
12 % 12*4
12*2 12 %
12*2 12*4
1234 12*4
297g 30
28% 29*4
41*4 41*i
*40*8 41*4
19*4 20
1912 19*2
*59*2 02
*59>4 62
71
69*2 71
71%
107
*103
107 *103
34
34
*3312 34*2
83
83
*81
*81
16% 17%
17
17
41
41
40% 41%
48*2
*47
48*2 *47
32% 32*2
32U 32%
85
84'g 84*s *84
♦09«8 72*2 *09*8 72%
41*i 42%
423g 42*2
*99*4 101*2 *99% 101*2
07*2 69
68% 69%
91*1
*89
91*4 *88
32
31% 31%
32
81% 81 >4
*81
81*2
57*4 58%
58*2 59*4
8
8%
*7*4
8
30
*29
29*4 29%
____
14912 149*2 ____
152
150*2 158
1553i
82
82
817g 82
45 34i 45*m
45*8 45%
*97*4 100
*97U 100
*76
78*2
78*2 *70
-14*4
*43*4 44^2 *43
*84
88
88
*84
* ____ 1 102*2 * 102*2 ____
43
42*i 43
43
55*8 50
56
56*8
17*1 *16*4 17*i
17
61*4
00
59*4 00%
127
*127
12712 127
273.1 28
27*4 28*4
1027g
102*4 104
10 1 %
30*4 31%
30*4 31%
36
36
30
30%
04
*62
*00
03
*48
52
*48*2 52
33*8 33%
33% 33%
84*8 84*4
84
84
*19
19*2 *18% 19*2
*24*2 26
*24*4 20 %

*66

*74
64
31*8
57*8

21*4

99*8
*94l 2
297g
5278
65lg

*00
75%
64
31%
58
22 *i
1017g
98
2!)78
53*8
60
____

*74
*64
*30
57

21*8

75%
64%
31
57%

22

99*4 103
*94% 97
29*4 29%
52*4 53*2

28*2
*40%
19*4

00

69%
*103
34
82
16*1
40*4
*47
32*2
*84
*70
41*8
*99*2
67*4
*90
31*2
81*2
54*4
7*2
29%
*146%
153
81%
*44*4
*97*4
*77%
*43
*81

*

43%
55*2
16*2
59*4
*125
27%
102%
30*2
35

♦ 01
*48
33%
84*2
19
25
*07
*74
04
30
50

21
100

*94*2
29*4
52%
*05

00
00
*101
101
*101
20*2 21*8
18*4 20 %
18*2
52*4
52 14 52*1
52% 53*2
100
*94
100
*95
*95
00
00
00
59%
60*2
104 *101
101 *101
*101
201.1 20*2
20
20*4
20*8

*123
129
*42
45
37*2 37*2

12

12

29
92*i
43
29*2
40%
97
52%
81%
07*4
96
*100 104
*113*2 115
01*4 02%
*98
101
24*4 25
1)3
94
*287g
*90*4
43
*2812
40*8
*95
52*8
81*8
67*8
*93*2

100
106
* 8%
*134
1078
33
03*2
40*4
84'g
431,1
*95
20*2
1513,1
64*4
*92
*100
*7312
*39*4
102
*102
*148
*1512
*43
124*1
*93

CO
104*,i
43*.i
*42%
108*4
*1107g
*82
13
50's
109*2
____
88
42*.i
*59
41%
20*8
*81*2
63
*112
*112
1 57*2
*86
08*2

100
100
—
140
1678
34
63*2
-1678
84*8
437s
21
153
9G
107*2
77
40
102*2
____
150
15*1
45
125*2
97
00*2
104*4
43*4
50
10878
111*4
83
13
50*4
109*2
____
88
42*i
65
41%
20*i
83
03%
114
110
57*2
91
08%

125
125
*42
45
37*4 37%
11*1 11*4
29
20
*91
92*4
*43
45%
♦28*2 30
39% 40*2
97
*95
*52% 52*i
*81% 83
08*4
*07
*9312 90
*100 l o t
*113% 115
01
02*4
*98*2 101
24% 2 1 %
92*2 03%
*99*2 100
105
105*2
8%
8*8
*133
139
10 % 10 %
34
O.H4 03*4
45 % 47
*84*8 90
433.1 44*4
*95
97
20
20*2
153
153*2
03% 05
*91
90

*100 100
* 73 % 77
39*2
99*8
*102
124
15-2
*42
124
*93
59*1
105
43
*42%
105*1
111*8
81%
13
50
*104
*71
88
42*4
*59
*41
19*i
*81%
01
♦112
♦112
57%
*80
*07%

39*2
102*8
—
124
15*2
45
125%
97
00*2
105
-13*4
50
108*4
111%
83
13
50*2
109
73
88
43
05
42
20*8
83
02
111
110
57%
91
09%

•Cerilflcatoa of deposit.




29
41*4
19%

29%
27%
41*i *41
19
*18
0 1 % *00
00
*00
68*i
00*i
70*2 x 68
105 *103 ! 105 *102
34%
34
34
34
82
83
*81
81
10 % * 10*2 17
10 %
-10
40*4
401.1
39%
46
47
4S*4
45%
32%
3234 33%
32%
85
*84
85
84%
72
72%
72*4 *69
42
41% 42%
41%
101 *100
10 1 % *99-2
68 %
003.1 68 %
04
91*4 *89
91*4 *89
31*4
31*4 32%
31%
81*2
81*2 81%
81%
67%
57
57*1
64*4
7%
7%
7*4
*7i,i
29%
28% 29
28
149*2 140*2 146*2 140%
150
155
157
150*4
82
*81*4 82
81%
40% *44*1 45*1
100
*97% 100
*97%
78% *77% 78%
77
4-1*4 *43% 44% *43
80*4 *84
85%
84%
102 *
102% *
43*2
43*4 43%
43
50
55
55% 55%
10*2 * 10*2 17*i
16%
00%
59*4 00%
58%
128% 127% 127% 125
27% 28
20 %
28*4
103% 101 4 103%
97%
30% 30%
30%
29%
34%
35*8
35*2 30*4
*01
03
03
*01
52
*48
52
*48
33% 33*4
33
33*4
84% 84*s *79
84*2
19
*18*2 19%
18%
*24% 25*4 *23*1
25
*07
*07
*71%
75*2 *71% 75
64
*64
*03%
65
27
28
30%
30
55
54%
55%
50*2
21 % 22 % 20%
21*4
99
101 % 97%
101 %
90
90
*95%
97
29
29*4
29% 29%
53%
52% 53%
51%
67
05%
*05% 07

101

19
52%

100
59%

28*4
*41
19

*100

19
19%
51% 51%
*95
100
*58% 00

28
41%
19%

01
08
104
34
81
16%
39%
40
32%
84%
73
42
101%
05%
91%
31%
81%
50

8

29%
146%
155
82
45
100
77
44%
8-1%
102 %
43
55%
10%
59%
125
27%

100*1

30%
35
03
52
33%
84
18%
20 %
75
65
28
55%

21

99%
90
29%
52
65%

*100

27%
41
.19
* 00%
67

101

27%
41
19
0 1%
07%

101

200
1,000
100
8,300
155
900
400
3,500

341.1 34%
*S0
83
16% 10 %
39% 39%
2,000
45% 40
2,000
*32
33%
1,800
*84
85
500
71% 71%
1,300
41% 42% 15,800
*99% :i01%
65
05% 23,900
91
*89
31% 3134
7,400
81
81
900
55*4 503g 44,200
8
*7%
500
29
*28
4,400
119
*140
300
152% 1531.1
7,500
1,900
81*4 82
*45
700
4 512
*97% 98%
*75
77
100
43
43
500
*83% 85-%
200
*
102 %
-13
43
1,400
z53
53% 19,400
*16
17%
1,100
59
59
5,300
*125
120
300
27%
27
8,725
99
99-14 98,600
30% 30% 17,340
35
30*4
4,000
*62
03
50
50%
400
33% 33%
9,200
8334
83
1,500
*18% 19
300
25
25
300
*08
*73
75
*63% 05
200
27% 28
2,100
*54% 55
2,300
2 1 % 211,4
4,600
98
99% 70,400
*92
97
200
*29
29%
2,300
51*4 52% 28,700
*05
08
400

*100

18% 19%
51% 51%
100
*94
*58*1 59%

1,000
3,700
4,600

100

18% 18%
51% 51%
*94
100
58% 58%

101 *101
101 *101
101 *101
101
20*8 20*8
20*2
19% 20 %
19% 19%

13,100
3,400
500

3,700
*123
130 *123
130
123% 123% *123
130
200
*42
45
*42
45
*42
45
*42
45
37% 37*4
37% 37%
30% 371.1
30% 30-%
7,100
11% 11%
11,2 11*2
1 1 % 11 % § 11 % 1 1 %
920
28% 28% *29
29%
28% 29
*28% 29
500
*90*4 92*4 *90*4 92*! *90*1 92*4
92% 92-1.4
300
44% 40%
43
43*2
44
44
*43 • 45
1,400
29
29*2
28*2 291o *28% 29% *28
29%
1,300
30%
39%
39%
40% *391,4 40
40
39
4,700
97
*90
97
98
97
*90
*95
97
100
x51% 51% *49% 51
*51*2 52
50% 50%
500
*79
82
82
*81*2 82
*79 ■ 83
*79
100
07%
67
07
*64% 00
07
04% 00
1,900
*93% 95
*93*2 90
*93% ' 90
*93% 90
*100 101 *100 l o t
100 100
*100 104
100
114% 114% 113%',.113% *112% 115
*113% 115
224
00
0 1 % 00*4 0 1 % 59% 1 00
59% 00% 16,200
98*2 98-2 *98*2 99% *98
99% *98% 99%
200
24% 24%
24,2 2-1*4
24% 24%
24% 24%
2,800
92% 93*4
92% 93%
90% 91% 57,000
90% 91%
*99*4 100
♦99*4:100
100 100
*99%! 100
■ 200
*100 100 *100 105
100 , 100
*99 0 105
'1,500
*7%
*7%
8*2
8%
7%
*7
7%
7%
200
*134
140 *135
140 *134
140 *138
140
*10
17
*16% 17
*10
10
17
10
300
32% 33%
32
32%
32
31 ; 31% 15,000
63% 03% *50
02
02
04
*00
05
000
-to
■10
45% 45*4
44*i 45%
45
45
5,900
*84*8 90
*84% 90
*84% 90
*84% 90
100
543% 43*2 *43
43%
42*i 43%
43% 43%
1,950
*95
97
*95
97
*95
97
*95
07
20% 20%
195* 193, 11,900
19*4 20%
19*8 19%
*152
153
150% 151% 147%' 150
1401* 148
8,400
03% 04%
03% 64%
02% 03%
03% 04
15,200
*91
90
*91
94
♦91
94
*91
*100
109
*101
109 *102% 100*1 *100
109
*73*2 77
75
75 *
75
*00
100
39*4 40
*38
40
*38% -10
39
39
1,100
99% 100%
99
101%
90*i 99
90% 985s 20^300
112 *102
*102
112 *102
112
*123% 124
121
124
124
124
125
125
500
15% 15*8 *15% 15*i *15% 15*4 *15% 1534
200
*42
45
*43
45
*43
45
*42
45
124
124% 12434 124% 121*4 12234 123 123I-,
4,400
*93
97
*93
97
*93
97
*93
97
59% 00*4
59% 00
59
59%
59% 01
13,800
*10-1% 106*2 105% 105% *105 >106% *105
100 %
500
43%
*42*4
*42% 43*i
•12% 42%
42
42
800
*43
*43*2 50
50
*43
45
*42% 50
105*4 107% 105% 107% 103%" 105
103%*lOl3.i 533,800
111*4 111% 111
111
110% 111
111
111
800
82
82
82
82
80% 81*i *80% 82
1,800
*1234 13*4 *12*4 13*i *12% 13% *12% 13%
200
49% 49*j
49*4 49*4
4934 49*4
-19
49%
2,000
109 *105
*105
109 *104
109 *101
109
100
73
*71
71% 71% §72
72
71% 72
070
*80*2 88*4 *80% 89
87% 87%
87
87
500
42% 42%
42>2 42%
42% 42%
421.4 42%
3,500
05
*00
*60
05
♦60
05
*00
05
42
*41
*41
42
4134 41*4
♦41% 42
200
19% 20
19% 20
19% 19%
19% 19% 11,800
83*2 *81% 83% *81% S3
*81
81% 81%
100
01
00% 01%
61
00*8 02*4 *00% 021-,
1,700
113% *112
*112
113% * m % : 113
1123* 1123*
100
110 *112
110 *112
*112
110 *112
110I-,
50
*55% 57
50*4
55 % 65*4 *55% 50
1,100
91
♦80
90
*80
*80
91
*86
91
69
*08
509
09% ♦07% 69% *60
69%
212

* Ex-dividoud.

I shares,

t E x-righ ts,

PER S H A R E
Rang 1 Since J a n . 1 .
On basis o f iOO-thare lo ti.

ST OC KS
IfE W Y O R K S T O C K
EXCHANGE

Lowest.

l n d u « t r l a l & M I « e . ( C o n . ) Par
B u r n s B r o s ____________________1 0 O
B u t t e C o p p e r & z i n c v t c ___ 5
B u t t e & S u p e r i o r M i n i n g . . 10
C a li f o r n ia P a c k i n g _____ N o par
C a li f o r n ia P e t r o l e u m ______ 100
Do
p r e f __________________ 1 0 0
C e n t r a l L e a t h e r ____________ 1 0 0
Do
p r e f __________________ i o o
C e r r o d e P a a o o C o p ___ N o par
C h a n d le r M o t o r C a r ________1 0 0
C h il e C o p p e r _________
25
C h in o C o p p e r _______________I 5
C o l o r a d o F u e l A I r o n ______ 1 0 0
C o lu m b i a Q a a A E l e c ........... 1 0 0
C o n s o lid a t e d G a s ( N Y ) . _ 1 0 0
C o n t in e n t a l C a n , I n c ______ 1 0 0
C orn P ro d u ct* R e fin in g .. .1 0 0
Do
p r e f . . . .............. ........... 1 0 0
C r u c ib l e S te e l o f A m e r i c a . 1 0 0
Do
p r e f ........... ..................... 1 0 c
C u b a C a n e 8 u g itr ______ N o par
Do
p r e f ---------------------------- 1 0 0
D is t il le r s ' S e c u r it ie s C o r p . 1 0 0
D o m e M i n e s . L t d ____________ 10
G a s t o n W A W I n o . . N o par
G e n e r a l E le c t r i c ____________ 1 0 0
G e n e r a l M o t o r s C o r p ______ 100
Do
p r e f __________________ 100
G o o d r i c h C o ( B F ) ..................i o o
Do
p r e f .............................. . 1 0 0
G r a n b y C o n s M 8 A P _____1 0 0
G reen e C a n a n ea C o p p e r .. 100
G u lf S t a t e s S t e e l t r c t f s . . . l 0 0
Do
1st p r e f t r c t f s _____ICO
H a s k e ll A B a r k e r C a r . . N o par
I n s p ir a t i o n C o n s C o p p e r . . . 2 0
I n t e m a t A g r i c u l C o r p _____1 0 0
Do
p r e f ........... .....................1 0 0
I n te r n H a r v e s t e r o f N J . . 1 0 0
I n t M e r c a n t il e M a r in o _____ 1 0 0
Do
p r e f _______ __________ t o o
I n t e r n a t io n a l N i c k e l ( T h e ) . 2 5
I n t e r n a t io n a l P a p e r ________1 0 0
Do
s t a m p e d p r e f _____100
K e ll y -S p r i n g fie l d T i r e ______ 25
K e n n e c o t t C o p p e r _____ N o par
L a c k a w a n n a S t e e l__________
L e e R u b b e r A T i r e ___ N o par
L o o s e - W ll e a B is c u it t r c t fa .1 0 0
Do
2 d p r e f _______________ 100
M a e k a y C o m p a n ie s ..............100
Do
p r e f ....................
100
M a x w e l l M o t o r , I n c ________100
Do
1 s t p r e f ______________ 1 0 0
Do
2 d p r e f _______________1 0 0
M e x i c a n P e t r o l e u m _______ 1 0 0
Do
p r e f . . . ...................... . 1 0 0
M ia m i C o p p e r __________________ 5
M id v a l e 8 t e e l A O r d n a n c e .1 5 0
M o n t a n a P o w e r ____________ 100
Do
p r o f __________________ i o o
N a t C o n d u it A C a b le N o p er
N a t K n a r n 'g A S t a m p 'd - - - 1 0 0
Do
p r e f ---------------------------- 1 0 0
N a t i o n a l L e a d _______________ 1 0 0
Do
p r e f ................................ 1 0 0
N e v a d a C o n s o l C o p p e r ______ 6
N e w Y o r k A ir B r a k e ______ 1 0 0
N o r t h A m e r ic a n C o ________IOO
O h io C it i e s G a s ( T h e ; _____2 5
O n t a r io S liv e r M i n i n g . . . 1 0 0
P a c i f i c M a i l 8 S .............................. 6
P a n - A m P e t A T r a n s . p r e f . 100
P e o p le ’ s G L A C ( C h i c ) . . 1 0 0
P h il a d e l p h i a C o ( P l t t s b ) . . 6 0
P ie r c e -A r r o w M C a r . . . N o par
Do
p r e f ......... ................. . . 1 0 0
P it t s b u r g h C o a l o f P a _____ 1 0 0
Do
p r e f __________________ 1 0 0
P re-w ed S t e e l C a r ___________ IOO
Do
p r e f __________________ 1 0 0
P u b li c B e rv C o r p o f N J ___ 1 0 0
P u llm a n C o m p a n y _________ l o o
R a il w a y S te e l S p r i n g ______ 1 0 0
Do
p r e f __________________ 1 0 0
R a y C o n s o lid a t e d C o p p e r . . 10
R e p u b lic I r o n A S t e e l ______ ICO
Do
p r e f _________________l c o
R o y a l D u tc h C o e tfs d e p . . .
S a xon M o t o r C a r C o r p . . . 100
S ears, R o e b u c k A C o . . . .1 0 0
S h a t t u c k A ria C o p p e r ........... 10
S in c la ir O il A R e f g . . . N o p a r
S lo s s -S h e ffle ld S t e e l A I r o n 1 0 0
S tu d eb a k er C o r p ( T h e ) .. .1 0 0
Do
p r e f __________________ 1 0 0
S u p e r i o r S t e e l C o r p 'n _____1 0 0
Do
1 s t p r e f _____________. 1 0 0
T e n n C o p p A C t r 0 t f s . N 1> par
T e x a s C o m p a n y ( T h e ) _____100
T o b a c c o P r o d u c t * C o r p ___ 1 0 0
Do
p r e f ....................
100
U n d e r w o o d T y p e w r i t e r ___ 100
U n io n B a g A P a p e r C o r p . .1 0 0
U n i t e d A l l o y S t e e l______ N o par
U n i t e d C ig a r S t o r e s ________ 1 0 0
Do
p r e f ......... ................ . . I C O
U n i t e d F r u i t _________________ 1 0 0
U S C a s t I P ip e A K d y _____1 0 0
Do
p r e f --------------100
U S I n d u s t r ia l A l o o h o l _____1 0 0
Do
p r e l .................................i o o
U n i t e d 8 t a t e s R u b b e r _____ 1 0 0
Do
1st p r e f e r r e d ________ 1 0 0
U S S m e lt in g R e f A M ______ 6 0
Do
p r e f ____________
so
U n i t e d S t a t e s S te e l C o r p . . 1 0 0
Do
p r e f _________ _________1 0 0
U t a h C o p p e r __________________ 1 0
U t a h S e c u r itle e v t o ________1 0 0
V lr g ln la -C a r o l ln a C h e m ___ 1 0 0
Do
p r e l ....................
100
V ir g in ia I r o n C A C ________1 0 0
W e s t e r n U n io n T e l e g r a p h . 1 0 0
W e s t ln c h o u s e E le c A M f g . . 6 0
Do
1st p r e fe r r e d _________ 5 0
W h i t e M o t o r __________________6 0
W U ly a -O v e r la n d ( T h e ) ______ 2 6
Do
p r e l ( n e w ) . . .............. 1 0 0
W i ls o n A C o , I n o . v t c ____ IOO
W o o l w o r t b ( F W ) . . ............... 1 0 0
Do
p r e f . . . ......................... 1 0 0
W o r th in g to n P A M v t e .1 0 0
Do
p r e f A . . . ................... 1 0 0
Do
p r e f B . . ..................... i o o

a B x-d lv. and righ ts.

H igh est.

PER SH A R E
Previous
1917

Range fo r
Year
Lowest

per thare.

% p er share.
%per shari
108 F eb 5 134 M a y 8
89 Jan
8% A p r 25
12% Ju IylO
161* Jan 2
33% M a y l4
12*4 D e o
30*2 Jan 3
45% M a y lO
33*4 N o v
12 Jan 7
21*s Junel7
10U D e o
30 Jan 5
637g Junel2
2 9 i 2 N ov 61% Jan 15
73*8 F e b 27
65
D eo
102ii M a r l4 1107 M a r 8
97
D eo
29% M a r 0
3512 M a y lO
25 D e c
68% Jan 2
95 F eb 25
56
N ov
14% A p r 4
17*8 Jan 2
III4 N ov
36% JunelO
47U M a y lO
3512 N o v
3434 Jan 29
5412 M a y2 4
29*4 N o v
35 Jan 30
28-14 M a r t 5
257* N o v
8312 June27
9212 F eb 7
7 0 ij D e o
95 F eb 19
67% M a y lO
76
N ov
43*4 M a y 13
29% Jan 15
18 F e b
x90% Jan 7 102 J u ly 2
88% N o v
747j M a y l6
52 Jan 12
< 5*4 D e o
91*4 June 4
80 Jan 31
83
D eo
337g F eb 20
271a A p r 10
24% N o v
83 F eb 18
78ig M a r t 5
747* D e o
64*4 M ay2 4
x33 Jan 2
11*4 M a y
6 Junel9
10 Jan 4
0 ij N o v
2634 JunelD
39 F eb 13
28
F eb
127*4 Jan 7 153 M a y 16
118 D e o
IOO84 Jan 15 158 Ju ly 6
74% N o v
79 A p r 17
88 F e b 1 72*4 D e o
38 Jan
x50% F e b 5
32U D e o
90 Jan 10 100 F eb 19
i9 1 * s D e o
74 Jan 25
80 M a y l6
85
N ov
45 F eb 6
3812 Jan 17
34
N ov
84 M ay28 11U2 A p r 25
77
N ov
102 Jan 10 102 Jan 10
1 0 11j N o v
34 Jan 5
4312 July 9
27*2 N o v
42% Jan 13
56*4 M a y lO
38
N ov
10 Jan 8
19 June20
7*4 N o v
38 Jan 5
65 Junel8
26U N o v
111%Jan 2 131*4 M a y 8
100*4 N o v
21 Jan 15
31*4 F eb 23
1 7 is D e o
83*g Jan 2 109i2June 1
62*8 F e b
27 Jan 15
31*8 J u ly 8
24*2 D e c
2412 Jan 15
4512 M a y 15
181* N o v
68 Jan 22
0512 Jan 3
5 OI4 N o v
41 A p r 2
51 June22
36 % D ec
347s M a y lO
• 29 Mar-25
26
N ov
73*4 Jan 12
91*8 M a y lO
68
N ov
12 A p r 2
19U June28
10*8 N o v
17i2Jan 8 2678 June29
12 14 N o v
53 F eb 15
63 M a y l4
55
Jan
71*4 Junel8
7812 F eb 28
70
N ov
57 Jan 4
65 M ay2 8
67% D e c
23% Jan 15
3 2 ig F e b 19
1 9 ig N o v
51 A p r 24
04*4 Feb
49
D ec
19 M ay27
26 Feb
13
N ov
79 Jan 5 103 Ju ly 8
67
D ee
87 Jan 15
96 JulylO
847* N o v
26% June 7
3318 Jan 31
25
N ov
43% M ar23
61 M a y lO
3912 D e c
01 June25
73 Jan
*58*4 D e c
95 M a r l9 100% Jan
9512 D e c
13i2Apr 8 21*8 J u ly 5
1 3 ij D e o
37U Jan 7
54i2 M ay20
24
F eb
9412 JunclS
99% F eb 20
90% M a y
6134 A p r
43U Jan 7
377* D e c
99*4 M a r 2 IO 0I 2 M a y l8
99
D ec
217g M a y 16
17*4 M ar25
16
N ov
117is Jan 12 139 M ay2 2
98
N ov
41*4 M a y 23
4612 F eb 23
39
D eo
35ig M a r ts
42*4 M a y l6
31% O ct
4i4Jan 22 13 Ju n el7
3*8 N o v
2313 Jan 21
32*8 A p r 19
18 F eb
80 Jan 8
96 F eb 27
87
N ov
39% Jan 2
65 Jan 31
35
D ec
21 A p r 12
31 M ay2 4
241* D e c
34 Jan 10
4 3 '8 M a r 1
25 D eo
89*4 Jan 20
98 June24
88
N ov
42 Jan 15
58*4 F eb 28
3 7 i2 D e o
79*4 Jan 2
84 F eb 19
74 D eo
56% M ay2 8
6912 F eb 19
49 D eo
93 A p r 27
9778 Feb 13
*90
N ov
98 A p r 17 109i2 M a r 5
99
D eo
lOOigJan 7 119 M a y lO
106U D e c
4512 Jan 7
62*4 July 8
3 0 i* N o v
95 Jan 2
9812 June26
88% D eo
22*g Jan 15
26>4 M a y l6
191* N o v
*72% Jan 15
96 M a y 16
60
F eb
92*8 Jan 2 100 M ay2 0
89
D eo
70ig M ar23 117 Ju n el7
59 M a y
6% A p r 17
11 Jan 31
47* N o v
133*4 June 8 150 F eb 15
1231* D e o
15*g Jan 17
18U F eb 19
15
D ec
25% A p r 11
39 Feb 5
25U D e c
39 Jan 24
71U M ay2 4
331* N o v
337* A p r 24
5612 F eb 19
33*8 N o v
80% Ju ly 3
95 F eb 6
85
N ov
34U M ar25
45*8 M a y 3
3 0 '* N ov
95 F eb 10
95 F eb 10
00
D eo
1213 Jan 2
21 Ju ly 6
11
N ov
13012 Jan 7 160*4 F e b 2
114*4 D e o
4812 M ar25
67*2 June24
42% D ec
18714 M a r ly
95*8 June'24 * 8 6 D e c
100 A p r 9 105 June24
*83
D ec
65 Jan 24
80 M a y l3
59*8 D e c
37 Jan 2
44>2 M a y lO
3 4 i* D e c
83*4 M a r ts 10512 June24
8U * N ov
IO U 4 Jan 6 106 A p r 10
98% D e c
I I 6 I 4 Jan 1C 133 F eb 18 * 1 0 5 D e c
llig A p r 0
19 M a y 7
10
N ov
41 Mar2C
47*4 F eb 1
42
D eo
114 Jan 5 137 M ay2 4
9 8 i« N o v
9478 M a y 1
99 M a r t i
88
N ov
51 Jan 15
61 J u ly l2
45
D eo
r95 Jan 15 10512 Ju ly 5
91
D ee
3212 A p r 12
48*4 Feb 19
<0 D eo
42*8 A p r 12
45*4 F eb 1
43*8 N o v
80ig M ar25 113*4 M a y lO
79*2 D e o
108 M a r t s 112*8 Jan 31
102*4 D e o
70*4 M a r t 5
87*8 M a y lC
70% D e o
I I I 2 Jan 2
1512 F eb 18
9 !8 D e c
33*4 Jan 2
52*8 June27
20
N ov
08 Jan 16 10912 Ju ly 6
97
D eo
50 Jan 5
73 M ay2 4
46
F en
85*8 Jan 2
95*8 A p r 15 * 7 6 D e o
88% Jan 17
47% M a y lO
33*4 D e c
59 Jan 11
6412 F eb 20
6 2 i4 D e c
30*4 Jan 2
45 >2 Feb 20
83*4 N o v
15% Jan 15
22 Jan 3
15
N ov
75 Jan 3
8278 June26
69
N ov
45% Jan 2
6012 M ay2 4
42
N ov
110 M&T25 12()i* Jan 3
997* D e c
113*i Junel3 114*4 M a y l7
113
D ec
34 Jan 4
5712 Ju ly 5
3 3 ij F eb
9U2Apr 6 8 8 N o v
85*8 Feb 5
59 Jan 18
69 Junel9
50 M a y
$

» P a r 910 por share.

n Par

J io o

Highlit
$ per share
125% Apr
52U Jan

42<4 Aug
3012 Jan
62U Jan
10Ug Jun
1157* Jan
41 F eb
1 0 4 *4 M ar
27*8 M a t
63*4 M a r
58 June

477* Apr

134*8 Jan
103U June
37U J u ly
112*8 Jan
917* July
117*4 Jan
55% Jan
W4i* Jan
4 4 1 4 O ot
24*4 Jan
4 U * A ug
171*4 Jan
140 i 8 Jan
93 Jan
01 U Jan
112 Jan
92*8 Jan
47 Jan
137 Jan
110 June
40 June
661* June
217* M a y
60 it J u ly
123 Jan
307* M a r
1001* O ct
47*8 M a r
49*8 Jan
771 * June
641* Jan
50ig M a 7
103% June
80 Jan
27ig Jan
64 Jan
89*4 F eb
671* J*n
61*4 Jan
74ig Jan
40 Jan
1031* J * n
077* J u w
4314 A p r
671* June
109UJan
117is M a r
39 June
48*4 O et
9 9 * 4 J u ly
63U M a r
114 Jan
26*8 June
158 M a r
721* M a r
1437* A p r
7*4 Sept
30!* June
98 Jan
10014 Jan
42 Jan
41*4 June
081* A u g
6 4 ii Sept
90 Au g
83% Jan
*107 Jan
131 Jan
1671* Jan
58 June
101 Jan
32U A p r
941 * June
1057* M a y
731* N o v
68 Jan
238i* Jan
29*4 M a r
69*4 M a r
74*4 M a r
1101 * Jan
108*8 J »n
61*4 June
102i* July
19i* June
243 Jan
80«* Au g
105 M a r
107 Aug
112 Jan
49% June
1277* Au g
120*4 M a r
154*s Jan
24i* June
63 Jan
17U* June
106 June
67 A u g
114*4 Jan
67*4 Jan
6214 Jan
136*8 M a y
121U Jan
118*4 M a y
24*4 Jan
46 M a y
11214 Jan
77 M a r
99*4 Jan
66 M a y
70ig Jan
62i* Jan
381* Jan

100 Ma

84U M a
161 Jan
126ig Jan
37*8 Jun.
9714 J u n

63

J u ii-

per share.

In

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

Jan

1909

th e E x c h a n g e m e th o d o f q u o tin g b o n d s w a s c h a n g e d a n d p r ic e s a r e n o u t— " a n d

BONOS

Y. 8TO O K E X nH A N Q E
Week ending J u l y 12

a **

Price
Friday
July 12

W eek' e
Ranqe or
L atl Sale

Range
Since
Jan. 1.

in te r e s t''-— e x c e p t f o r

BONOS
N . Y . STOCK EXCH A N G E
Week ending July 12

l l

in ter es t a n d

P rice
Friday
July 12

d e fa u lte d

W eek'e
Range or
L a it Sale

bon d s

Range
Since
J a n . 1.

5*

1

N .

S '3

Boude
Sold

164:

Bid
U. S. Q ov a rn m en t,
O 8 S V fs L i b e r t y L o a n . . 1 9 3 2 -4 7 J -D
U a te e o n v e r t e d f r o m 1 s t L i b ­
e r t y L o a n _______________ 1 9 3 2 -4 7 J - D
U 3 4 s 2 d L i b e r t y L o a n . 1 9 2 7 -4 2 M - N
U S
4 * 4 a c o n v e r t e d f r o m 1st
L i b e r t y L o a n ..................1 9 3 2 -4 7 J -D
U S
4 )4 3 e o n v e rte d fr o m
2d
L i b e r t y L o a n ___________ 1 9 2 7 -4 2 M - N
U 3 4 )4 8 3 d L ib e r ty L o a n . 1928 M - S
U S 2a c o n a o l r e g is t e r e d ___<11930 Q - J
U 8 2 s o o n a o l c o u p o n ______<11930 Q - J
U S 3 s r e g i s t e r e d ___________ * 1 9 1 8 q - f
U S 3 s c o u p o n ______________ * 1 9 1 8 Q - F
U 8 4 s r e g i s t e r e d _____________ 1 9 2 5 Q - F
U 8 4 s c o u p o n ________________1 9 2 5 Q - F
U S P a n C a n a l 1 0 - 3 0 - y r 2 a .* 1 9 3 rt Q - F
U S P a n C a n a l 1 0 - 3 0 - y r 2a r e g ’ 38 Q -N
U 8 P a n a m a C a n a l 3 s g _____198 1 Q -M
R e g i s t e r e d ....................
1901 Q -M
U S P h ilip p in e I s l a n d 4 8 .1 9 1 4 - 3 4 Q - F

Ask Low

99.58 Sale 99.52
94.00 Sale 93.91
94 00 Sale 93.95

Utah

N o . Low

99.66 4466

Htuh

97.20 99.93

94.16 683 93.00 98.40
94 18 6812 93.00 97 98

9734
251
Sale 971*
923* 697
Salo 92i*
851* 8 2 1 4 Juno' 18
Salo 915*
92>2
25
65 June’ 18
70
991.1 2 2
Sale 983*
9234 94U May’ 18
84 Apr ’ 18
82
12
95 J-9512
96
92
3
9312 927*
21
917*
Sal? 9H 2
Sale 98
98'* 270
857* July’ 18
87
873.1
88
2
89
41
80!i
Salo 80*4
737* Juno’ 18
92
Salo 91
49
92>2
89
Sale 913*
40*2 Juno'18
33i* Dec ’ 17 ____
40
827* 1 0 2
Sale 821*
8213 31
Sale 82
997* 573
Sale 9934
164
98
Sale 973.1
95
585
Sale 943*
993* 115
Sale 99U

99.10
98*2
97*4
99*2
99**
1053*
106**
98
97**
85
81

9412 973.1
8 8 1 4 93
83*2
78
92*2
84
53<2 65
90*2 1 0 0
90*4 9 U 4
84
80
93U 9634
907* 9534
887* 91
98**
94
80*2 92*2
831* 927*
81
77
737* 76
92
84
84
92*2
423*
40
- -.
813* 89i2
68
82*2
997*
97
95*4 98 —
913* 9512
917* 1 0 0

$ T ie te are priete on l i e baeie o f J5fo£

R a ilr o a d ,

g 4 8 ______
R e g is t e r e d

q- J

51

A- O
A- O
Nov
Nov
M -N
J -D
J - I)

81
—
----

R o c k y M t n D l v 1 s t 4 s ___ 198 5 J - J
T r a n s C o n S h o r t L 1 st 4 s . 1958 J - J
C a l- A r l x 1 st A r e f 4 ) 4 s “ A ’ T 9 6 2 M - 8
8 F e P re s A P h 1st g 5 s . . . 1942 M - 5
m - a
A t l C o a s t L 1 s t g o l d i s ___ _
G e n u n if ie d 4 ) 4 s __________ 196 4 J -D

M- N
J - J
M -N
S1I S p O c a A G g u g 4 s ___

96
96-7* 96
961.1
95*i ____ 963.1
907i
901.1
96l.i
95%
IOU4 Sale IOU4
1015*
10 1
1017*
101*4 101
902 Sale 911*
91*2
9113 0 1 i2 907,1 July’ 18
91** Salo Oil*
OH*
90U 90 >2 89<4 June 18
10 1
Kill* 1017* July’ 18
10 1
IOU2 1 0 U 2
10 1*2
8134 8 17* 82182*2
991* 9912 101 July'17
99'* 1 0 1
98I2
O8 I2
9918
100 Nov’ 17
991*
95 M ay'18
108>2 1 1 2
1073.1 Juno’ 18
IO3 14 105 1 0 l >2 June’ 18
lOSU
105 Apr '18
103*2 105 1001* June’ 18
74 D e o ’ 17
79
481* 49
50 May’ 18

J - J
J - J
Q- J
A -O

J -D
J - J
P it t s J u n e l o t g o l d 6 s . . .
P J u n o A M D i v 1 st g 3 ) 4 _______ M - N
P L E A W V a S y s r e f 4 s . . 1941 M - N
j - j
A- O
F- A
J -D
A-O
A- O
M- S
M -N
A -O
j - j
F- A
J- D
A -O
J -D
F-A
M- N
C h a t t D lv p u r m o n e y g 4 s 1951 J -D
M a c A N o r D l v 1 st g 6 s . . 1 9 46 j - j
M i d G a A A t l D l v 6 o........... 1 9 4 7 j - J
s - j
M -N
D e n t o f N J g e n ’ l g o l d 6 s _____1 9 8 7 J - J
R e g i s t e r e d ......................... * 1 9 8 7 Q - J
A m D o c k A I m p g u 6 s ___ 1921 J - J
L e h A H u d R l v g e n g u g 6 s . *20 J - J
N Y A L o n g B r g e n g 4 s . . 1941 M - S
C e n t V e r m o n t 1 st g u g 4 s . . « 1 9 2 0 q - F
C h e s a A O fu n d A lm p t 6 s . . 1929 j - j
1 s t c o n s o l g o l d Be___________ 1 9 3 9 M - N
R e g i s t e r e d ___________
1039 W - N

50

52

June’ 18

7
53
17
34
28
14
____

873.4
877*
377*
931.1
93
85
85
1
85
____ 85
____ 933*
1 . 9312
l 76

9012
963.1
96*4
1017*
1017*
91*2
9034
91**
89*4
1017*
10 1*2

82*2

1

94*4 98*2

____

96
1073i
104*2
107*2

94*4
105
____ 101*2
____ 104*2
____ 1 0 0 **

10 1*4

____

44

52

—
....
84
—
—
—

52

59

80
80
713i
73*2
713*
81*2
82

85**
80
70
73*2
78
87
8734

81 i*
Salo 80i2
Apr ’ 18
8 OI3 80
74*2 74 Juno’ 18
7 3 * 2 Juno'18
74
75
6
74i2 745*
84 Juno’ 18 —
8*1
4
84
85
85
91*2 91>2 Oct ’ 17
—
79 June’ 18 ____
79
7 5 1 1 70*2 77
Juno’ 18
83i2
83'2 July’ 18 ____
86 ioo
9 9 1 4 July’ 17
785.1 Sale 77
7912
10
8
79*2 Sale 781.1
7£>2
95^4 99
955* Juno’ 18 . . . .
7 6 I4 80
85 Sopt’ 17
1075*
12973 Aug T5
71
9
Sale 7012
71
1 1 .,
July’ 17
953, 971* 105 July’ 15
____
99*2 M ay’ 18 ____
14
8 6 I2 87*2 86187
901- sept’ 17
24
78
7712 Salo 77*2
92'ii Mar’ 17
17
79 14
Salo 79
79
47
7934
78
783* 78
112 Jan ’ (2
97
8 lit
2
81*4 8 OI4 813.1
741* Juno’ 18
75
19
8373 82
83
82
100 Apr ’ 17
93 ____ 96*2 June’ 18 —
101U Nov'16
9S*2
9 9 1 4 Oct ’ 17
915*
88 May’ 18 ____
88
75
..
99>8 Mar’ 18
997* June’ 18 . . . .
991* 107
87*2 99'2 99i2 Oot ’ 17
97
Nov’ 16
743.1
1031* Fob ’ 16
101 M ay’ 18 ____
1007*
101 107 103'2 Apr ’ 18 ____
91*2 9 0 1 4 June’ 18
84 D e o '17 . . . .
84
78
971.1 ___ , 97U May’ 18 —
5
887* 85
85
85
78 A u g’ 17
85 ____ 90 May’ 18 —
85 10l's
841.1 90 10412 Apr ’ 17
93
83 June’ 18 —
83
28
101 Salo 100*2
101
1
lot
1007* 101
2
0312
98*2
98*2
94 I O U 4 100 Apr ’ Is
92
67 July’ 18 ____
67
75
91 ____ 90 Juno’ 18 '---96116
9614 957*
104>2 Jan ’ 17

79
79
70*2 80*2
79
85
77
84*4
75
82*2
953* 953*
70

737*

99
99*2
85*2 89*2
75

78**

76*2 S0%
78
83*2
813.4 83*2
72
76
81
85
9512 9612
88
88
99** 99*8
99
997*

U tah

2d consol gold 4s______ 1989
Greenbrier Ry 1st gu g 4s. 1940
Warm Springs V 1st g 5 s .. 1941
Oblo A Alton HR ref g 3s___1949
R a tlw iy 1st lien 3)4s_____ 1950
Chicago Burlington A Quincy
Denver Dlv 4s___________1922
Illinois Dlv 3 X s _________ 1949
Illinois Dlv 4s......................1949
Iowa Dlv sinking fund 58.1919
Sinking fund 4s_______ 1919

Nov’ 17
Oct T7
Hopt’ 18
93*2 113*4 Feb ’ 15
5012 5 n 2 51 July’ 18
37*2 40
38
38

F-A
J - J
J - J
A -O
A -O

99*s 101
7U 2 73*8
82
82*8
99
97*2

Nebraska Extension 4s___1927
Registered____________ 1927
General Is_______________ 1958
Ohio A E III ret A Imp 4s g . . 1955

M -N
M -N
M- 8
J - J

9012 92
91*2
8 1** 82*2
2812 29*4
29
29*4

1st consol gold 6 s________ 1934 A - O
General consol 1st 5s......... 1937 M -N
U 8 Mtg A Tr Co otfs of dep

76*4
Mar’ 17
75
75*4 75
75*2
81*4 Salo 80*2
81*2
78
84 Apr ’ 17
66 *4
85*2 Nov’ 16
90^4 Feb *16
73

0 2 **

9 9 * 2 Apr ’ 1,8
72 July’ 18
82*s
'82*8
98 M ay’ 18
98 Juno’ 18

90*3
90**
91
Mar’ IS
80*2
81*3
28*4 Juno’ 18
28*2
28*2
100
10 1
100 June’ 18
84*2 87 Juno’ 17
70
70 Feb '18
85
76 July'17
50
9 7 * 4 Feb '13
12
32 Mar’ 17
58 Salo
58
59**
99*2 101 1 0 0 * 2 Juno’ 18
80
96*8 1 0 0 * 2 Apr ’ 17
78

74*4 72*8
725*
925* F0b •!<}
82
82
67%
67*2
76*2
76*8
72*2 Aug ’ 17
81
81**
71 Juno’ 18
70
777*
97 Jan 18
92
92
9 7 * 2 M ay’ 18
747* June’ 18
9 9 * 2 M ay’ 18
108 1047* Sept’ 17
103*4 98 Jan T 8
99
100
100
9773 M ay’ 18
____ 85 Juno’ 18
____ 81% Feb '18
89 Jan ’ 18
8 OI2 Oct ’ 17
69 Is 71 M ay’ 18
70
81*2 Oot ’ 16
8 U*
821*
82
80*8 81 M ay’ 18
997*
007*
103*8 104 May'18
Salo
67*8
79*2
71*8
81
71
Salo
98
92
98*2
75

100

60
80
92*8
97
90
R1-N
56*8
Keok A Des Moines 1st 6s. 1923 A - O
67*2
1047*
78*4
Cons 6s reduced to 3)431.1930 J -D
Debenture fs____________ 1930 M- H 90
J - J 100**
St P A S City 1st g f l s .." l 9 1 9 A - O loo
80
50
Chlo T H A 8 0 -Eaat 1st 5s. 1960 J - D
Chlo A West Ind gen g 6 s . . *1932 Q -M 103
05*2
J “ J
57*2
Cin H A D 2d gold 4 H s .. 1937 j
J
M- N
80
Day A Mich 1st cons 4~)4s 1931 j - j
63*4
76
20-year deb 4H s..............11931 j - j
75
58*4
J - J
60**
Cln W A M Dlv 1st g 4 s .. 1991 j - j
66
St L Dlv 1st coll tr g 4 s .. 1990 M -N
68
Spr A Col Dlv lstg 4s
1940 M - S
50*4
J - J
99
M -N
75*2
Q -F
Q -F
80%
j - j
j - j 100*4
67*2
A -O
O Ind A W 1st pref 5 s . . . 61938 Q - J ____
49**
Peoria A East 1st cons 4s. 1940 A - O
13
87*2
Cleve Short L 1st su 4 X s . . . 1961 A - O

83
100
101
9812
100

83
104
104
99*2
100

Refund A Ext 4 1 4 s
io3« M -N
Ft W A Deu C 1st g 6S...1921 J -D
A-C
j - j
Del Laok A Western—
Morris A E*s 1st gu 3X 8.2000 J - D

65
80

07
90
100**

Construction fis_______ 1923 F - A
Term A Improve 4s____1923 M -N
- A

11

55

78

65*2 76
82%
70

5

50
35*4

52
47*2

i

975*
72
82
98
07

997S
76
87*2
99*2
98

90*8
91
80
25

94%
91
84*2
30
29

5
12
1

98

18

1

5
24
5
2

19
i

6

10 1

70

70

54
98

10 0 *2

71

79

00*4

76*2 82
61-*4 70
80
74
80i3
667*
71*4
97
92
95*2
747*
9912

84*2
74
78
97
94
98*2
747g
99*2

98
98
90 1 0 0
9718 977*
85 ' 85
81*4 81*4
89
89
70

73*s

5
81

81

104

104

2

104

Sopt'17
Apr ’ 16
95** M ay’ 18
100 Jan ’ 18
95*8 Juno’ 18
9 4 * 2 M ay’ 18
1 0 1 * 2 Oot ’ 16
. - - - 105 Apr ’ 18
88
Jan ’ 17
10 3 12

102
97
97
97

104*8
98
1117s
102*8
74*2 73
95
93

07** Sale 067*

90

H igh

70 Nov’ 16
96*2 Jan ’ 17
97*s Deo ’ 16

73*2 76

90

72

88*2

J - J
Refunding gold 4s......... ..193 4 A - O

103
103*2
9134

1

79
73
81*2 71

Railway general go!d~4a...l988 J - J

U 1 Ark A Louis 1st 4 )4 s .. 1934 IH- 8
Burl C R A N — 1st g 58..1931 A - O
C R 1 F A N W Iatgu 58. .1921 A - O

N o. Low

8 6 *4

F- A
J - J
M- S
J - J
J - J
J - J
J - J
7012
Ohio Ind A Sou BO-yr 4s____1956 J - J
Ohio L S A East 1st 4 X s ___1969 J -D
Chicago Milwaukee A St Paul—
73
Gen’l gold 4s Series A ...S 1989 J - J
*1989 Q - J
Registered______
82
Permanent 4s____________ 1925 J - D
67*4
Gen A ref Ser A 4)4s____a2014 A -O
76 %
Gou ref conv Ser B 6e...o2014 F - A
60
Gon’lgold 3H s Ser B ____«1989 J - J
80*i
' Ooneral 4H s Series C ...« 1 9 8 9 J - J
66*2
25-year debenture 4s......... 1934 J - J
76
Convertible 4 X s ................1932 J -D
95*4
Chic A L Sup Dlv g 5 s . . . 1921 J - J
91
Chlo A Mo Rlv Dlv 5 s . . . 1926 J - J
96*4
Ohio A P W 1st g 5s_____ 1921 J - J
70*4
C M A Puget Sd 1st gu 4s. 1949 J - J
97*2
Dubuque Dlv 1st a I 6 s . . . 1920 J - J
98*4
J - J
97
La Crosse A D 1st 5s......... 1919 J - J
95*4
Wla A Minn Dlv g 6 s____1921 J - J
9712
Wla Valley Dlv 1st 6 s____1920 J - J
85
Mllw A No 1st oxt 4X S ..1934 J -D
81*2
Cons extended 4)4s____1934 J -I )
87
Oblo A Nor West Ex 4s 1888-1926 F - A
86
Registered_______ 1886-1926 F - A
General gold 3 K s..............1987 M -N ___
Registered___________ P1087 Q - F ___ _
82
M - N *___
Stamped 4e........... .......... 1987 M -N
UU78
99
Sinking fund 6 s_____ 1879-1929 A - O
A -O
941*
Sinking fund 5s_____ 1879-1929 A - O
92*4
Registered_______ 1879-1929 A - O
961*
Debenture 6 s . ________
19 2 1 A -O
A - O ♦91
95
Sinking fund deb 6 s______ 1933 M - N
93
Registered....................... 1 9 3 3 M - N
77**
Des PlalnesVal 1st gu 4Hsl947 M- 8
From Elk A Mo V 1st 6 s.’ . 1933 A - O 104**
53
Man G B A N W ls t 3 X s 1941 J - J
J . J
Mil L 8 A West 1st g"6s..1921 M- 8 1 0 0 * 4
92*2
Ext A Imp s f gold 5 s . . . 1929 F - A
Ashland Dlv 1st g 6 s . . . 1925 M - 8 1 0 2 **
Mlcb Dlv 1st gold 6s. .1924 J - J 1 0 2 **
72*8
Mil Spar A N \V 1st gu 48.1947 M- S
93
St L Peo A N W 1st gu 6 s . 1948 J - J
Purch money 1st coal 5 s .. 1942
Chic A Ind C Ry 1st 5s. . . 1936
Obloago Great West 1st 4 s .. 1959
Ohio Ind A Loulsv— Ref 88.1947
Refunding gold 5s_______ 1947

101
99*2
807*
- -9612
85

97*4
90

Aik L ow
77 ** 777* 76*i

Bid

M- 8
M- S
F- A
A-O
J -D
J -D
J - J
J - J
J - J
J - J
M- N
M- 8
A -O
J - J

Potta Creek Br 1st 4s____1946
95.84 Sale 95 81 96.28 5980 95.32
93 >4 Salo 98*4
98<4 1 0 0 97
98
9 7< 4 Apr ’ 18
971*
99i2 M ay’ 18
99
9912
<193* May’ 18
937*
9 9 1 3 _____
1061*
1065*
10 0 *2
1 1 105
1003*
1063*
1 105
10 0 *2
98
98 Juno'18
98
971* Feb ’ 18
98
971*
85 ___ _ 85 June'18
85
83 M ay’ 18
85
83
100 Feb '15

P o n lg n Q ov ern m sn t.
971.1
A m r r F o r e ig n S e c u r 5 s ______ 1 9 1 9 V - A
92%
A n g l c - F r o n c b 5 - y r 5a E x t e r l o a n . A - O
8314
A r g e n t in e — I n t e r n a l 5a o f 1 9 0 9 . . M- S
9212
B o r d e a u x ( C i t y o f ) 3 - y r 6 a . 1 9 1 9 M- N
C h in e s e ( H u k u a n g R y ) — 58 o f ' l l J -D t 65>s
985*
C u b a — E xtern a l d e b t 5s o f 1 9 0 4 . M- 8
92
E x t e r d t 6a o f '1 4 se r A ___ 1 9 4 9 F - A
8012
E x t e r n a l lo a n 4 ) 4 s _________ 1 9 1 9 F - A
94
- D o m i n i o n o f C a n a d a g 5 s . . . 1921 A -O
92->*
Do
do
1920 A - O
91*2
Do
do
1931 A - O
98
F ren oh R e p u b 5 )4 a secu red lo a n .
J a p a n e s e G o v t — £ lo a n 4 H s . 1 9 25 F - A t 8 6
S e o o n d s e r ie s 4 ) 4 * __________1 9 25 J - J t 851*
80l2
Do
do
“ G erm an s ta m p ".
S t e r lin g lo a n 4 s ____________ 1931 j - j t 7412
92
L y o n s ( C i t y o f ) 3 - y r 0 s ............ 1919 M -N
92i2
M a r s e ille s ( C i t y o f ) 3 - y r 6 s . . 1 9 1 9 M - M
M e x i c o — E x t e r lo a n £ 6 s o f 1 8 9 9 Q - J t Hi*
30
G o l d d e b t 4 s Of 1 9 0 4 ............ 1 9 5 4 J - D
825*
P a r is , C i t y o f , 5 - y e a r 6 a _____1921 A - O
82
T o k y o C i t y — 5 s lo a n o f 1 9 1 2 _____ M - S
U K o f G t B r it 4 I 2 -y r 5 s . . 1918 M - S 9 9 %
97;*i
3 - y e a r 6 H % n o t e s ...............1 9 19 M -N
947*
5 - y e a r 6 ) 4 % n o t e s ...............1921 M -N
99%
C o n v e r tib le 5 ) 4 % n o t e s .1919 F - A

• la t a a n d C ity S a c u r lt le ,.
■ Y C it y — 4 )4 a C o r p s t o c k . 1980 M - 8
4 H e C o r p o r a t e s t o c k _____ 1 9 6 4 M- S
4 ) 4 s C o r p o r a t e s t o c k _____ 1 9 0 6 A - O
4 K s C o r p o r a t e s t o c k _____ 1 9 6 5 J -D
4 H s C o r p o r a t e s t o c k _____ 1 9 63 M- 8
4 % C o r p o r a t e s t o c k _______1 9 59 M - N
4 % C o r p o r a t e s t o c k _______1 9 58 M -N
4 % C o r p o r a t e s t o c k ............ 1957 M -N
M -N
4 % C o r p o r a te s to ck reg
N e w 4 ) 4 s .................................. 195 7 M -N
4 )4 % C o rp o ra te s t o c k ...1 9 5 7 M -N
3 ) 4 % C o r p o r a t e s t o c k ___ 1 9 54 M - N
■ Y S t a t e — I s ________________ 1901 IY1- 8
C a n a l I m p r o v e m e n t 4 s ___ 1961 j - j
C a n a l I m p r o v e m e n t 4 s ___ 1 9 8 2 J - J
C a n a l I m p r o v e m e n t 4 s ___ 1 9 6 0 j - j
C a n a l I m p r o v e m e n t 4 K S .1 9 6 4 j - j
C an al Im p rov em en t 4 )4 s .l9 0 5 j - j
H ig h w a y I m p r o v ’ t 4 ) 4 s . . l 9 6 3 M - S
H ig h w a y I m p r o v ’ t 4 t i e . . 1905 M- 8
V ir g in ia fu n d e d d e b t 2 - 3 a . . . l 9 9 1 J - .1
6e d e f e r r e d B r o w n B r o s o t f s ___

Chesapeake A Ohio (C on )—
General gold evfe_______ 1993
Registered . . . _______ 1992
20-year ooavertlols 4 t f s ..l9 3 0
30 year oouv seoured 5 a .. 1916
dig Sauly lot 4s________ 1944
Coal River Ry 1st gu 4 s ..1946

73*2

Juno’ IS
Juno’ 18
Deo ’ 15
May’ 18
73
Juno’ lS
74

90*2

on 2

97
94*2

10 1

98
98
■i
5

67i 2

60

Sale 06
60
90
06 Feb ’ IS
100
97*2 June’ 17

io

92
93
59*4 60

9.5

M ay’ 18
May’ 18

105
10 2 *2

98

1 0 2 1 a 1 0 2 *s

73
93

76*8
93

77*4
715* 71*8
62*a 08%
73

02
90

67*2
90

57

60

59

100*
8 II2 85*2
85t8 907*

84i2 Juno’ lS
____ 907* M ay’ 18
118 Nov’ 10
100*8 100 Juno’ 18
58
82
105 103
05*8
90
88
90
77*2
85
81*8
64*2
78

jaii'M 7
Juno’ 18
Muy’ 17
Mar’ ll
Jan ’ 17

761* Juno’ 18

837* Mar’ 17
02 Juno’ lS
68 June’ 18
73*2 June’ 17
84 Nov’ 16
101 102** oot ’ 17
87 Dec ’ 17
88*2 May’ 15
102*8 Jan ’ 17
107*8 A u g’ 17
91 July’08
____ ____
____ 40
40

90*8 87*s July’ 18
80
71*2 Salo 71*2
71*2
96** 98
98
08
85
__ 95
94
Feb ’ ie

74
86
101*2
93*8 96
88*8 - - - -

75*8 Apr ’ 18
90 July’ 18
93*4 Jan ’ 18
102*8 Feb ’08

100

100*4
95

103
04

104
001*

65*4 7Gi2
80
80
62
63

i

6
5

65
68

40

61*4

85

90 ^

90

73
98*2

73*s

751*

957g 98
93*4 93*4

♦No price Friday; latest this week, a Duo Jan, d Duo April, e Duo May. y Due June, h Duo July, * Duo Aug. o Duo Oct. o Duo Nov. q Duo Doo. s Option sale.




165

New York Bond Record— Continued—Page 2

J uly 13 1918.]
—i ------

II

BONDS
S . Y . STOCK E X C H A N G E
Week ending July 12

P rice
Friday
July 12
Bid

Dslawar* A Hudson—
1st Uen equip g 4% s_____ 1922
1st A ref 4a_______________1943
20-year conv 6s__________ 1935
▲lb A Susq oonv 3 Ha____ 1946
Bensa A Saratoga 1st 7 s ..1921
Denver & Rio Grande—

Bio Gr West 1st gold 4s.

do
Series B ____
Gen oonv 4s Series D .
Clev A Mahon Vail g 6s.

Mid of N J 1st ext 6s___

M t Vernon 1st gold 6 s ..

Debenture otfs " B "
Registered_________
Col A H V 1st ext g 4
Ool A Tol 1st ext 4s.

Registered

Registered _ . ...........
Bt Louis Sou 1st gu g 4s
Ind III A Iowa 1st g 4s . .

General eons 4 Ws .

J- J
J- J
J -D
F -A
J -D
J - J
J - J
j - j
A -O
J -D
J -D
M -N
J - J
A -O
A -O
j - j
M -N
M- S
M -N
M- O
M- S
A- O
J -D
M- S
J - J
J - J
i “ J
J - J
F- A
(A -O
A-O
1 A -O
M -N
J - J
j - j
j - j
A- O
M -N
j - j
M -N
i - J
F - A
) F-A
M -N
) A -O
J -D
3 j - J
j - j
2 A -O
A-O
3 A -O
1) J -D
1J - J
i J - J
J A -O
1J - i
Q- J
i *J
1J - J
3 j - j
3 j - j
1 j - j
i j - j
ij - j
7 J -D
7 J -D
0j - J
8 A -O
2J - J
7J - i
7J - J
7 j - j
8 J -D
. Feb
. Feb
2J - J
9J - J
9J - J
8 A -O
5F- A
7J - J
1J - J
1J- J
1J - J
1J - J
1 A -O

A ek lLow

H igh

Range
Since
Jan. 1.
Low

H igh

9 3 % ____ 93ig July’ 18
83
83
------- 82
867s
85% 87% 8878
70% 72% 7138 July’ 18
1 0 1 % ____

93%
80%
85%
71

94
86%
90
76

07%
07% Sale 0738
71'8 June'18
71% 73
74%
74
74% 74%
51% Juno’ 18
50
52
37 Aug *17
_____95
01% Apr ’ l l
39 July’ 17
04*4
6 4 % ____ 0131
50
50
Sale 50
82 Deo '10
____ 78
75% July’ 16
77
77
70
77
9034 Juno'18
94% 97
94% 95% 97 M ay'18
__________ 105i2 Mar '08
87 Mar’ 18
____ 83
8 7 % ____ 9 3 1 2 Juno'18
100 100% 100% July’ 18
7 9 % ____ 78 Apr '18
9 4 % ____ 90% Juno'18
93ii Jan 'is
9 5 % ____ 9 9 1 2 July'17
9434 N ov'15
97% 100% 100% July’ 18
00
00
Sale 60
84 Deo '10
53% 55
54%
53*4
73 June' U!
78
79% 78 Juno'18
49%
48
49% 48%
49
48% Salo 48 %
53%
53
52% 53
93 Juno’ ll:
90
94
1007g Jan '17
100 May’ 18
____ 100
90 103% 10334 Aug '17
99 ____ 11012 Nov’ 17
103 Jan '18
*80 ____ 10212 July'17
88 ____ 85 Jan '18
77
77
75
80
100U Deo '00
60 Juno'18
____ 60
108 Jan '17
81 ____ 103 Jan '17
03 Juno'18
62
66
23*2 Jan '17
97
Nov’ 17
87% 97_
51% . . . . 8512 June'17
108 N ov'11
95 Juno’ 12
79
92% 81 May’ 18
92 A u g'10
55 ------- 5012 Oot '17
85’ 2 June'10
____ 8 8
943g
94% Salo 9 4
9334
9334
85
95% 87 Juno'18
90 June’ 16
8 4 % ------- 89'2 Apr '18
101 113 108 Apr '18
9 9 % ------- 118 Apr '17
92
92'2
91% 95
85% 99 102% M ay'10
8312
83%
83% 89
81 ------- 95'2 M ar'10
85*2 Nov' 15
7 4 % ____ 80% Deo '17
101 ____ 100% May’ 18
105% ____ 113 June’ 17
136'4 May’06
9 4 % ____ 9312 Apr '18
9 3 % ____ 109’4 Aug '10
____ 79% 0934 Deo '10
83s M ay'18
7%
8%
77 July’ 18
75
79
75% 87
75U
75%
73 >2 Juno’ 18
69
87% 82% Aug '17
7 0 % ------- 75 Feb '18
90% Apr '17
80
95
93% Juno’ 18
82% 93
92 Sept’ 17
69
93
78% Doo '17
73
77
84 Nov’ 15
02% 81
625s------- 80 Juno’ 17

00%
08
72
48%

09
71%
76%
50

80 July'09
1 M- S
1 M- 8
77% Apr ’ 18
77% 81
2 A -O
6 5 % ____ 95% Sopt’ 12
2 A -C
78%
78% Salo 78%
5 M -N
71 May’ 18
05
08
2 J - J
72% 73% 71%
73%
3 M-N
72 Fob ’ 18
70
84
3 M- N
73 ____ 89 Apr '17
0 1 - C
5 6 % ____ 79 Fob '14
1J - J
6 0 % ------- 60 July’ 18
3J - J
83 Aug '12
3 J - J
1P- A
9 5 % ____ 102 June’ lfl
1F- A
5 8 % ____ 58% Apr '18
65
63
1J - J
02 Mar’ 18
05% 83% 03 Apr '18
1J - J
02 ____ 80 June'10
1J - J
1 J - J ____ 79% 803* N ov'10
1 F - A ____ 78% 79 Mar’ 18
1F-A
92
N ov'10
3 J -D
117% May'10
2 M- 8
90 Jan ’ 17
1 J -D * 9 7 % ____ 97 Mar’ 18
114 Fob ’ ll
1 J - I)
04
70
1J -L
05%
65%
1 J -D
3 J -D
80% 87% 86% July’ 18
1 J -O
08% 90
70% Nov’ 17
1J D
65 Nov’ 17
7 0 % ____ 89 Fob ’ 18
i M- s
74% 98
89 Apr ’ 17
nJ - J
93% 95% 93% M ay’ 18
9 M-N
78
85
9 J -C
82% Juno’ 17
60
01% 00%
00%
03 Oot ’09
79
79
78*4 80
0 J - J
74
75
74%
74*4
0 1 - j
83% 85
83% Juno’ 18
7 J - J
80% Fob '17
1 J - J ____ 80
6 A - C ____ 88
89% M ar'17
84
95
85 Apr '18
0 J - J
80%
93
89
’ 17
0 J j
74% 78
74% July’ 18
3 M N
88 101% 88 Juno’ 18
3 M N
oc

Regis te re d______
Ref A Impt 6s___

J - J
M -N
A -O
A -O
M -N

W tek 'e
Range or
Last Sale

63% 07%
50
55
73
77%
9634 97%
97
97
82
90
100
78
90%
93%

87
93-2
101
178
90%
95

100% 100%
05

09

49%

57%

75%
42
42%
48%
8734

79
50
49%
50
93

98% 100
103

103
85
80

60

01

02

03

81

81

92
94%
9134 9 3 3 4
80% 90
80% 89%
108 108
913*

05

81% 85

100% 100%
923* 93%
7
9%
75
83
74% 78
73% 73%
07%

75

87

95

72% 78%
78
83
70
71
71% 70%
72
72
04%

71

58%

58%

03

03

79

79

97

93

02

02

65% 05%
8534 91
80

80

90

93%

53

62%

’7 3 % "8 0
74% 78
78
92
85

91*4

74% 78
87
90%

BONDS
N . Y . STOCK EX C H A N G E
Week ending July 12

Price
Friday
July 12
Bid

Aek Low

H igh

£ Vi

Range
Since
Jan. 1.

H o . Low

H igh

102 102
Leh V Term Ry 1st gu g 5 s . . 1941 A - O ____ 101% 102 Mar’ 18 —
113 Mar’ 17
Registered_______________ 1 9 4 1 A - O ____ 100
96% 101
97 104 100 M ar'18 . . . .
Leh Val Coal Co 1st gu g 5s. 1933 J - J
105 Oot ’ 13
Registered_______________1933 J - J
77U _
1st lnt reduced to 4s_____ 1933 J - J
70
70
71 ____ 70 July’ 18 . . . .
Leh A N Y lac guar g 4s____1945 M - S
Registered_______________1945 M - S
91*4 95
Long laid 1st cons gold 5s. .61931 Q- J 91% 96% 95 Apr '18
94% June’ 16
1st consol gold 4s________51931 Q- J 81% 87
2 71% 71%
68
74
71%
71%
General gold 4s__________1938 J -D
90 July'17
Ferry gold 4 % s _________ 1922 M - S ____ 95
99% Oct ’00
Gold 4s...................
1932 J -D
71
71 June’ 18 ____ 71
71% 78
Unified gold 4s___________ 1949 IY1- S
97
97 Jan ’ 18 _ _ _ 97
Debenture gold 5s_______ 1934 J -D ____ 97
175 70
68% 71
75
70
70
20-year p m dob 5s..........1937 M -N
72
85
75 June’ 18 —
73
7912
Guar refunding gold 4s___ 1949 M- S
'9 5 Jan *11
Registered____________ 1949 M- 8
95 ____ 103% Apr '18
N Y B A M B 1st con g 5s. 1935 A - O
92% Apr ’ 18 . . . .
95 100
92% 92%
N Y A R B 1st gold 5s____ 1927 M - S
82
93% 100 A u g’ 16
Nor Sh B 1st con g gu 5s.ol932 Q- J
86
87% 90 Mar’ 18 ____ 87% 90
Louisiana A Ark 1st g 5 s ...192 7 M - S
Louisville A Nashv gen O s.. 1930 J -D 106*4 109% 110% July’ 18 ____ 109 110%
96% 109*4 94% Apr '18 ____ 1 93*4 94%
’ Gold 5s..................................1937 M -N
15 83
S4
S8%
83
Sale 83
Unified gold 4s___________ 1940 J - J
Registered____________ 1940 J - J * ____ 84% 96% Jan '17
96
99
99
Mar’ 18 . . . .
99
99
Collateral trust gold 5s___ 1931 M -N
E H A Nash 1st g 6s_____ 1919 J - D 1 00% ____ 103% July’ 17
87
87
90% 94*4 87 Apr ’ 18 . . . .
L Cln A Lex gold 4% s___ 1931 M - N
N O A M 1st gold 69......... 1930 J - J 102 112 106 Aug ’ 17
9 3 % ____ 104% Feb ’ 17
2d gold 6s........................ 1930 J - J
90% Apr ’ 12
A
72% 89
Paducah A Mem DIv 4 s ..1940
St Louis Dlv 1st gold 6 s ..1921 M - 8 100% 100% 100% Jan ’ 18 ____ 100% 100%
5 7 % ____ 58% Mar’ 18 ____ 58
58%
2d gold 3s........................ 1980 M - S
74
80%
Atl Knox A Cln Dlv 4 s . . . 1955 M -N
7714 7978 80 June'18 —
95
108*4 Jan '17
Atl Knox A Nor 1st g 5 s .. 1946 J -D
Header Bdge 1st s f g 6S..1931 M - S 1 0 1 % ____ 105% Aug ’ 17
74
74*1 81
73 Mav’ 18 ____ 73
Kentucky Central gold 48.1987 J
92% 94% 92*4 June'18 —
Lei A East 1st 50-yr 5s gu 1985 A - O
91*4 98
83% 91*4 94 A u g ’ 17
L A N AM A M 1st g 4 H9 1945 M- S
67% 68%
68% 81% 68% June'18 . . . .
L A N-South M Joint 4s. .1952 J - J
95 Feb '05
Registered....................41952 Q- J
92% 105% 96*4 Jan '18 ____ 96*4 96*4
N Fla A 8 1st gu g 5s......... 1937 F - A
_ __
8 2 % ____ 97% M ay'16 ____ _ _
N A C Bdge gen gu g 4 H a .1945 J - J
4 101% 102%
101%
Pensao A Atl 1st gu g 0 s .. 1921 F - A 100% 108% 101%
93% 100
99
99 Apr '18 ____ 99
S A N Ala cons gu g 5 s . . . 1938 F - A
86% 95
93% Jan ’ 18 —
93% 93%
Gen cons gu 50-year 58.1963 A -O
60 ____ 79 Apr ’ 17
L A Jeff Bdge Co gu g 4s__ 1945 M - 8
Manila RR— Sou lines 4 s ...1936 M -N
77 Mar’ 10
Mex Internat 1st cons g 4 s .. 1977 M - S
75 Nov’ 10
Stamped guaranteed......... 1977 M- S
Midland Term— 1st s f g 58.1925 J -D
Minneapolis A St Louis—
101 104
1st gold 7s.......................1 9 2 7 J -D 101 ____ 101 July’ 18 —
103 Oct ’ 16
Paclflo Ext 1st gold 6s____1921 A - O
2 74
74
74
76% 74
79*4
1st consol gold 6s________ 1934 M - N
45% 46
45%
46
46
7 41
1st A refunding gold 4s__ 1949 M - S
1 40
45% Sale 45%
45%
40
Ref A ext 50-yr 5s Ser A . . 1962 Q - F
00 Feb 15
Des M A Ft D 1st gu 4 s .. 1935 J - J
78
80*4 81% June’ 18
Iowa Central 1st gold 6S..1938 J -D
75*4 81%
45 40% 46%
44%
43% 44% 43*g
' Refunding gold 4s_____1951 M - 8
83
84% 84% June'18 —
83% 86%
M StP A SSM cong4sln tgu.l938 J
92 Jau ’ 17
1st Chic Term s f 4s_____ 1941 M -N
88 ____ 85% Nov’ 17
M S S M A A 1st g 4s lnt gu .’26 J - J
95 D e o '16
Mississippi Central 1st 5 s ...194 9 J - J ____ 94%
Missouri Kansas A Texas—
4 60% 64%
61
01% 61
61%
1st gold 4s_______________ 1990 J
30% 32% 31% June’ 18 ____ 28
35
2d gold 4s______________ gl990 F
32% Nov’ 17
1st ext gold 5s___________ 1944 M -N ____ 32
40
42
43% May'18
40
45
1st A refunding 4s_______ 2004 M - S
41
42
39% 47% 42 M ay’ 18 __
Trust Co certfs of dep
2 25% 34
25%
25% 20% 25%
Gen sinking fund 4% a.._1936 J - J
40 Nov'lb
St Louis Dlv 1st ref g 4 s ..2001 A - O ____ 37%
30
40
5% secured notes ’ ’ext" '16
69% Apr '17
Dali A Waco 1st gu g 6 s .. 1940 M -'fi
68 Jan ’ 18 ____ 58
58
Kan City A Pao 1st g 4 s .. 1990 F - A ____ 05
30 Apr ’ 18 —
37% 60
36
37
Mo K A E 1st gu g 6s____1942 A - O
56
87
55% Deo '17
M K A Okla 1st guar 5 s .. 1942 M -N
56*4
50
50% 50% June'18 ____ 49
M K A T o f T 1st gug 68.1942 M- S
61 Deo ’ 10
Sher Sh A So 1st gug 5 s .. 1942 J - D ____ 60
40 Jan ’ 18 —
40
40
Texas A Okla 1st gu g 5 s .. 1943 M- 8 ____ 50
Missouri Paclflo (reorg Co)
1 79
85
85
84
85
86
1st A refunding 5s Ser A . 1985 F - A
0 90
91
90% Sale 90%
92
1st A refunding 5s Ser Bal923
87% 88
87*4 June’ IS ___1st A refunding 6s Ser C.1920
86% 90
58% 189 55% 59*4
58% Sale 57%
General 4 s _______________ 1975 M
10 98% 99%
98% Sale 98%
98*4
Missouri Pac 1st cons g O s.. 1920 M
60
July'17
40-year gold loan 4s______ 1945 M- S
82 Apr ’ 17
3d 7s extended at 4 % ____ 1938 M -N
100 Feb '13
Boonv St L A S 1st 6s gu.1951 F - A
7 1 % ------- 97% Dec ’ 13
Cent B rU P 1st g 4s......... 1918 J -D
79% Sale 79%
79%
78% 80
Pao R of Mo 1st ext g 4 s .. 1938 F - A
100*4 Apr ’ 18 . . . ‘
2d extended gold 6s____1938 J - J
8 90% 95%
91% Sale 91%
91*2
St L Ir M A S gen oon g 5 s .1931
102 July' 14
Gen oon stamp gu g 5 s .. 1931
745* Sale 74%
31 72% 76
75%
Unified A ref gold 4 s . .. 1929 J - J
80% Oct '17
Registered__________ 1929 J
6 60% 72
71
72
70
72
Rlv A G Dlv 1st g 4 s ...1 9 3 3
78 Sept'15
Verdi V I A W 1st g 6 s . . . 1926 M1 0 2 % ____ 102% July’ 18 ____ 101% 102%
Mob A Ohio new gold 6s____1927
94% 106
95 May'18 ____ 92
95
1st ext gold 8s__________ *1927
65 ____ 05% Apr '18 —
65% 65%
General gold 4s__________ 1938
83
94‘2 93 July’ 17
Montgomery Dlv 1st g 68.1947
84
92
90 A u g ’ 17
St Louis Dlv 8s................... 1927
72
85
77 Deo '17
St L A Cairo guar g 4s____1931
100 103*2 98% Juno’ 18 . . . .
97% 101
Nashv Cbatt A St L 1st 5 s .. 1928
98% 103% 110% M ar’ 17
Jasper Branch 1st g 6 s .. 1923
____ 30
30 M ay’ 17
Nat Rysof Mex pr Hen 4 %s 1957
____
30
35 A u g '16
Guaranteed general 4 s . .. 1977
21 ____ 96% Feb '13
Nat of Mex prior lien 4 % s ..l9 2 6
____ 30
30 Oot ’ 16
1st oonsol 4 s . . ........
1951
03 ____ 63% June'14
60
64"
New Orleans Term 1st 4s. 1953
i 92
93
93% 93%
93%
94%
N O Tex A Mexico 1st 6 s . . . 1925
16 40
45% 45% 45%
46%
49%
Non-cum Income 6s A ____1935
New York Central RR— '
54 91% 95
94
Sale 94
94%
Conv deb 6s_________
1935
71% 73% 74 June'lj ____ 71% 75
Consol 4s Series A .............. 1998
31 80
81%
81*2 Sale 81%
85
Ref A Imp 4% s " A " _____ 2013
New York Cent A Had Rlv—
18 69% 74*4
70%
70% Sale 69%
Guar 3 H i ........................... 1997
69
73% 71% M ay’ IS
70
71%
Registered____________ 1997
77% Sale 77%
77*2
74*4 81%
Debenture gold 4s________1934
92 Deo '10
Registered____________ 1934
64
Sale 64
64
3 61
65%
Lake Shore ooll g 3 He____1998
____ 01% 01 M ay’ IS
61
61
Registered____________ 1998
03% 70% 63% June'18 —
62% 68%
Mich Cent ooll gold 8 % s .. 1998
75
M ar'17
Registered____________ 1998
Battle Cr AStur 1st gu 3s. 1989
80*4____ 96% Apr '17
Beech Creek 1st gu g 4 s .. 1936
__________ 95*4 Nov’ 16
Registered______ . . . . . 1 9 3 8
84i2 ____ 104 M ay'16
2d guar gold 6s________1936
____ _____
Registered__________ 1938
Beech Or Ext 1st g 3 % s .51951
6 5 % ------- 89
N ov'16
Cart A Ad 1st gu g 4s____1981
Gouv A Oswe 1st gu g 5s. 1942
79% Apr 'IS . . . .
72% 79
79% 79%
Mob A Mai 1st gu g 4 s . . .1991 M - S
67*4------- 89% Feb ’ 16
N J Juno R guar 1st «s___1986
6 6 % ------ 80 M ay'17
N Y A Harlem g 3 H i____2000
95% ____ 95% June’ 18
95% 96%
N T a Northern 1st ■ 6*. 1913

•Noprice Friday;lelwt bid and aakedtblaweok. aDuoJaa. 6 DuoFob. 0 DuoJune, hDueJuly. 0 DusOot. sOptionsale.



W ttk 'e
Range or
Laet Sale

..15

166
BONDS
I f . Y . STOCK E X C H A N G E
Week ending July 12
If Y Cent A H R RR (Co*.)—
N Y A Pu lot conn ffil ft 4s 1993 A - O
Pine Creek reg guar 6s____1032 J - O
R W 4 O con 1st ext 5a..41922 A - O
Rutland 1st con g 4 X s ___1941 J - J
Og A L Cham 1st gu 4s gl943 J - J
Rut-Canada 1st gw g 48.1949 J - J
StLawrA Adlrlstg58.~_1996 J - J
2d gold 6s......................... 1993 fi ~
Utica A Blk Rlv gu g 4 s ..1922 J
Lake Shore gold 3H s____1997 '
Registered____________ 1997
— debenture gold 4s......... 1 9 2 8
25-year gold 4s_________ 1931
Registered__________ 1031
Ka A A Q R 1st gu o 5S....1938
Mahon C'l RR 1st 5s____1934
Pitts A L Erie 2d g 5s___al928
Pitts McK A Y 1st gu 6 s .. 1932
2d guaranteed 6s______ 193-1
Michigan Central 5s_____ 1931
Registered____________ 1031
4s........................................1940
Registered____________ 1940
J L A S 1st gold 3 X S - - - 1951
1st gold 3 H s.............. --.1 9 5 2
3C-year debenture 4 a ... 1929
N Y Ohio A 8t L 1st g 4 s .. 1937
Registered........... ...1 9 3 7
Debenture 4s________1931
West Shore 1st 4s guar___2361
Registered.....................2361
N Y C Lines eq tr 5a.. 1918-22
Equip trust 4 14s.. 1919-1925
N YConnect 1st gu 414s A . . 1953
N Y N H A Hartford—
Non-eonv deben 4s______ 1947
Non-couv deben 3J4a___ 1947
Non-conv deben 314s___ 19.54
Non-conv deben 4a........... 1955
Non-conv deben 4«______1956
Conv debenture 314s.......... 1956
Cony debenture 6s.............. 1948
Cons Ry non-conv 4s____ 1930
Non-conv deben 4c____ 1954
Non-conv deben 4s____ 1055
Non-conv debon 4s____ 1955
Non-conv deben 4s____ 1956
Harlem R-Pt Ches 1st 4s. 1954
B A N Y Air Lino 1st 4a.. 1955
Cent New Ena let gu 4 s .. 1961
Hartford St Ry 1st 4s____1930
Housatonlo R cons g 5 s ... 1937
Naugatuck RR 1st 4s____1954
N Y Prov A Boston 4 s . .. 1912
N Y W ’chcsAB 1st ser l 414s’ 46
Boston Terminal 1st 4S ...1939
New England oons 5a____1945
Consol 4s_____________ 1945
Providence Secur deb 4 s .. 1957
Frov A Springfield 1st 5n.l922
Providence Term 1at 4 s .. . 1956
W A Con East 1st 4 14a.. . t9 43
N Y O A W ref let g 4s____01992
Registered $5,000 o n ly ..01992
General 4s_________
1955
Norfolk Sou 1st A ref A 6 s . . 1961
Norf A Sou 1st gold 5s............1941
Norf A West gen gold 8s____1931
Improvement A ext g 6 s ._ 1934
New River 1st gold 6s___ 1932
N A W Ry 1st cons g 4 s .. 1996
Registered........... .......... 1996
Dlv'l 1st lien A gen g H .1944 10-25-ycaroonv4s......... 1932 3 -D
10-20-year oonv 4s_____1932 M - S
10-25-year conv 4>4s___193.8 M- 3
Focah C A C Joint 4s__ 1941 J - Q
C O A T 1st guar gold 5 s .. 1922 J - J
Sclo V A N E 1st gu a 4s. .1989 M- N
Northern Pacific prior lien
rallwayA land grant g 4s. 1997 Q - J
Registered_____ _______ 1097 G • J
General Hen gold 3s_____<i2047 Q F
Registered....................o2047 Q • F
Ref & Imp 4123 scr A ____ 2047 3 - J
St Paul-Duluih Dlv g As. _ 1996 J - o
St P A N P gen gold 6 s . .. 1923 F - A
Registered certificates.. 1923
St Paul A Duluth 1st 5a... 1931
lot consol gold 4s............1968
Wash Cent 1st gold 4s____1948
Nor Pae Term Co 1st g 01...1933
Oregon-Wash 1st A ref 4 s...1981
Pacific Coast Co 1st g 6 s . . . 1948
Paducah A Ills 1st s f 4 His.. 1955
Pennsylvania RR 1st g 4 s ..1923
Consol gold 5s______ __ 1919
Registered....... ............ Il919
Consol gold 4s___________1943
Consol gold 4 s . . ..........
1948
Consol 4H «........................ i960
General 4 H s ...................... 1965
AHeg Vai gen guar g 4 s . . . 1942
D R R R A B ’gel3tgu4sg ..1936
Phda Balt A W 1st g 4 s .. 1943
Sodus Bay A Sou 1st g 5.3.1924
Sunbury A Lewis 1st g 4s. 1936
U N J R R A C a n g e n 4 s...194 4
Pennsylvania Co­
Guar 1st gold 4 H h............1921
Registered .......................1921
Guar 3 %s ooll trust reg A . 1937
Guar 3 %s coll trust ser B . 1941
Guar 3HJs trust otfs C ...1 9 4 2
Guar 3 %s trust otfs D . . 1944
Guar 15-25-year gold 4 s .. 1931
40-7«ar guar 4s otfs Ser E 1952
Cln Leb A Nor gu 4s g__.1942
Cl A Mar 1st gu g 4 U s .. . 1935
Cl A P gen gu 4Hs ser A 1942
Series B _______________1942
Int reduced to 3 H s ..l9 4 2
Series C 3H s...................1948
Series D 3Hjs................... 1 9 5 0
Erie A Pitts g u g 3 H s B ..1940
Sertee C ........................... 1940
Or R A le x 1st gu g 4HS.1941
Ohio Connect 1st gu 4 s . . . 1943
Pitta Y A Ash 1st cons 5s. 1927
Tol W V A O g u 4 K « A . .1931
Series B 4 % s ...................1933
Series C 4s......... ............. 1 9 4 2
P C C A St L gu 4H » A . .1940
Series B g u a r ............ .1942
Series C guar__________ 1942
Series D 4s guar______ 1945
Serlas E3K sguar gold. 1949
Series F guar 4s g o ld ... 1953

New York Bond Record— Continued—Page 3
Price
Friday
July 12
Bid

Cote

69*4

1007S ,
96*8
0814 .
60
55

8412
83

(V ie It’ i
Range or
Cait Sale
High

74*2 M ar'18
113 M ay'15
98 Mar’ 18
67% Juno'18
60 June’ 18
70 Jan T8
101 Nov'tO
103 Nov’ 16
94 Apr ’ 18
73%
73*4
72i4 73 M a y '18
85
85
85%
83%
84% 83*2
83% Nov’ 17

8 9 % ____ 101% Deo '15
91
103 M ay’ 17
IOH2 ____ 130% Jan '09
llUU___ 123% Mar’ 12
89 ____ 99*2 Aug T7
92 Apr ’ 18
------- 98
SO Nov’ 17
87 Feb '14
90 June’OS
70 ____ 79% July’ 17
74% 75*4 75 June’ 18
76
79
76%
76*2
7 5 % ____ 85 N ov’ 17
------- 63
63 July’ 18
73% 76
73% July’ 18
71% 75% 72 July’ IS
----- 100 100% Jan '17
98% Jul7%7
*77% “8512 85*2 M ay'18
51%
51%
61
59

5114
86
52%
51%
51%
51%
51%

51%
87

68

5Ui

56
50
51
61%
61
54
87%
50
91%
60

Cote

H igh

72% 74%
’ 9S"
67%
60
70

*98%
67%
63
70

92
71*4
72*2
82
81*4

94
75%
73
87*2
80*2

72*4 80*2
75*2 82
61 ” *61*
73
80
72
76*4
85*2 88

50%
52
55*8
52
83%

51
01*8
61
54
90

77% Aug ’ 17
79% Deo ’ 17
74 Apr ’ 17

GO

106% May’ 15
87 July’ l l
83 Aug ’ 13
52
52%
70
57
99%
83%

62%

8ept’ 17
Oct ’ 17
June’ 18
July l8
61
June’ 18
Juno’ 18
Oot ’ 17
Jan ’ 12
60

Range
Since
Jan. 1.

64 July’ 18
92*2 Juno’ 12
69 Apr ’ 18
62%
64
64
82
81% Juno’ 18
104*4 105% 106 Apr '18
106
122 Nov’ 16
103
107% Oct ’ 17
81% 82
81%
81%
94% Deo ’ 16
7 1 % ____ 78% June’ 18
123% May’ 17
117% M ay’ 17
104 June’ 18
79%
79%
79i.i
103 Sept’ 16
95*4
78% 79% 78%
78*2
81%

80*4
81%
78*4 July’ 18
59*2
60*2
61% June'17
84% 85% Juno'18
" 7 4 " 81% 75 Juno'18
101% Sale 101% 101%
100% 104 103*2 Sept’ 17
93*4
107 Oot '16
07%
8 8 % Mar’ 17
61
36*2 Deo ’16
109
108% June’ IS
72
71
71%
84% May’ 1 »
100's Feb ’ 17
93%
93*2
93*2
100
100 June’ 18
99%
85
* 8 8 " Jufy’ 18
84% 85% 85%
85%
94% 94% 94*4
96
88% Sale 8 8
89
82% 88% 89*2 Nov’ 17
80%
84% Sep '16
81
92 Aug ’ 17
10 2
Jan ’93
" 77 "%
84%
" 9 2 " Doo"'17
"60%
52%

98%

98%
July’ 18
FeD ’ 17
74%
July 17
Dee TO
82% 96
July’ lS
76 ____
June’ 18
80
87*4
Oct T7
92 ____
May’ 17
93 ____
May'18
8 9 % ____
Deo T5
86% . . .
Feb T2
80% ____
Oot T2
30% . . .
Feb T7
7 6 % ____ 8 8 Apr T7
7 6 % ____ 90's July'12
78% 89
99
Mar’ 18
90
91
93 May’ l l
02*4____ 93 May'10
87*2 98
98% Apr ’ 17
87% 92
92 Deo T7
7 0 % ____ 83*8 8ept’ l7
91*4____ 91*4 June’ 18
-------106
91*2 Juno'18
88*4____ 99 June'17
88%___ 8 8 Feb T 8
88%___ S8 May’ 18
88%___ 9 5 * 2 M ay’ 17
97*2

87
74%
8 U4
37-*i
82*s
84
80
96%
96*4
104
96%
90%
88%

52*8

Sept’17
Apr T6
Deo T3
Feb T4

66

93% 100
9 6 % ____
7 5 % ____
75% 78

45

64

68*2

6*0** *00 *

00
64
81*2 84*2
106 106
80

85

74% *78**s
101
79

105*2
85%

79
8 -D4
78*4 80
50% 61%
85% *85*3
75
75
100% 103

108% 108%
71
75
82
95
*93% *93%

100 100

" S ' " ”8 8 "
85
90
94*4 99
8 6 * 4 92

96*8 98%
95*4 97*2
70

74%

82% 84
84
84
96*4 96*4

91*2 92*2
91*2 91%

RONDS
If. Y . STOCK EXCH A NG E
Week ending July 12

P rice
Friday
July 12

[V ol . 107.
Wset’s

Range

Range or
L ait Sale

Ja n . 1

P C O A St L (.Con.)
Bid
A ik C o t e
High
Series O 4s guar.............. 1957
4
83% 96
91
Nov’ 17
Series I cons gu 4H S---1963
*
88*4 __ 92% Oct T7
C St L A P 1st cons g 5 s ..1932
)
96*4 —
100*2 May’ 18
Peoria A Pekin Un 1st 6s g . . 1921
*
100 June’ 17
2d gold 4H s...................... 61921
r
.
. 87 Mar’ lG
Pore Marquette 1st Ser A 5s 1956
S0% Sale 80
81
1st Sorlos B 4a..................... 1958
64*2 65^2 04*2
66
Philippine Ry lat 30-yr 3 f 4s 1937
.
44 Apr T8
46
Pitts Sh A L E 1st g od......... 1940
* 90
99 Jan T8
lat consol gold 5a________ 1943
90
97% Deo T7
Reading Co gen gold -la____1997
’
83
84
Sale 83
Registered_____ _______ 1997
75% 81% 81*2 June’ 18
Jersey Central coll g 4s. . . 1951
82*2 Sale 82
82*2
Atlautlo City guar 4s g___1951
St Jos A Gr Isl 1st g 4s......... 1947
63
60 Deo T7
70
St Louis A San Fran (reorg Co)—
Prior Lien ser A 4s......... -.19 50
59% Sale 591.1
59%
Prior lien ser B 5a________ 1950
75
75
Sale 74*2
Cum adjust ser A 6a____*1955
63
68%
Sale 67%
Inoome series A 6s______ *1960
49
49
Sale 48*4
St Louis A San Fran gen 63.1931
100*2
100*2 100*2
General gold 5s...............1931
97 —
97
97
St L A S F RR coos g 4S..1996
78 M ay’ 16
• ____
Southw Dlv 1st g 5 s . . . 1947
no May’ 17
K C Ft S A M cons g 6a.. 1928
100% Sale 100*4
101
K C Ft 3 A M Ry ref g 4s. 1936
60
6 6*4
60*4 6 6
K C A M R A B 1st gu 5a. 1929
81*2 85% 8 8
July’ 17
St L 3 W 1st « la bond ctfa.. 1989
67*2 63
68% 68*4
2d g 4u Income bond ctfs.pl989
55*2 60
55% Jan T 8
Consol gold 4a___________ 1 9 3 2
60*4 60*2 60 ’
60%
1st term! A unlf 5s_______ 1952
58
58
58*2 58
____
Gray’s Pt Tor 1st gu g 5s. 1947
98% Jan ’ l l
S A A A Pass 1st gu g 4s___ 1943
57
57
Sale 57
* ____ 100*2 100 June’ 18
8 F A N P 1st sk fd g 5s_____1919
Seaboard Air Line g 4s_____ 1 9 5 0
67
71*2 Mar’ 18
Gold 4a stamped________ 1 9 5 0
68% 70*2 70
70
Adjustment 5s......... ........ 0 1 9 1 9
55*2 Sale 55*2
56
Refunding Is....................... 1959
57
Sale 57
57
At! Blrm 30-yr 1st g ta. _el933
63
70
75 Mar’ 18
Car Cent 1st con g 4s___ 1949
____
75 June’ 18
99
Fla Cent A Pen 1st g 5 3 . .. 1918
99% June’ 17
90
lat land grext g 5s......... 1930
101 Deo T5
Consol gold 5s............... 1943
92*2
93*i June’ 18
Ga A Ala Ry 1st oon 5s..ol945
90*2 100*8 90*2 June’ 18
Ga Car A No 1st gu g 5 s ..1929
90
94
94 June’ 18
Seab A Roan 1st 5s____ 1926
94
95
91*4 Juno’ 18
Southorn Pacific Co—
____ 72% 72%
Gold 4s (Cent Pae coll)..*1949 J
72%
____
Registered.................... *1949 J
90 Fob ’ 14
78% Sale 78*2
20-year conv 4s................ 01929 5
79*4
91% Sale 91
20-year conv 5s__________ 1934 J
91%
78
Cent Pac 1st ref gu g 4a___1949 F
Sale 77%
78
Registered____________ 1949 F
87*2 SeptT 6
86
Mort guar gold 3 H is..*1929 J
86
80
87
Through St L lat gu 4s. 1
‘
70’S 76
76 June’ IS
G H A S A M A P 1st 5s... 1
90% 100
LOO Oot ’ 17
____
2d exten 5s guar_______ 1
97
96*4 Jsu* ' 18
Gila V O A N 1st gu g 5 s .. 1
95
I00*i Jan TG
85
Hous E A W T 1st g 5s.. .1
95
85*2 July’ 18
1st guar 5s red_________ 1».j<j .»
85
92
92% 104
H A T C 1st g 5a Int gu___1937 J
89% 99
Gen gold 4s Int g u a r... 1921 "
92 “ May’ 18
Waco A N W dlv 1st g 8s
_ . . . 93
A A N W 1st gu g 5s_____ lwai 98
Louisiana West 1st 8s____1921 J
Morgan’s La A T 1st 6 s ..1920 '
10 4%
No of Cal guar g 6s______ 1938
92*2
Ore A Cal lat guar g 5s.. . 1927
91% 95% 96% Feb T8
91%
So Pac of Cal— O u g 5 s ...l9 3 7
107% Sopt’ 16
So Pac Coast 1st gu 4s g_. 1937
90*8 94*.i 93% Aug T7
72% 77*4 78 June’ 18
San Fran Term! 1st 4 s . .. 1950
____ 85
Tox A N O con gold 5 s . . .1943
95 Nov’l6
So Pae RR 1st ref 4s......... 1955
78
Sale 78
78*2
Southern— 1st cons g 5s____ 1994
90
Salo 89*4
90
____
Registered....................... 1994
100*4 Aug TO
62%
Dovelop A gen 4s Ser A __ 1956
Salo 62%
62*2
Mob A Ohio coll tr g 4 s .. . 1938 M 67*2
65 M ay’ 18
92
Mem Dlv 1st g 4 4s-5s_. . 1996
87 Jan ’ IS
St Louis dlv 1st g 4s......... 1951
66% 69
00*2
06*2
Ala Cen 1st g 8 1 ............... 1918
102% Sept’ 16
Ala Gt Sou 1st cons A 5 s .. 1943
*84
87% Mar’ 1,8
Atl A Char A L 1st A 4)j>« 1944
81
87
90 July’ 17
1st 30-yr 5s ser B........... 1944
92% Sale 92*2
92*4
At! A DaDV 1st g 4s........... 1948
70*4 Mar’ 18
2d 4s.................................. 194S
80
—
81*2 Mar’ 16
Atl A Yad 1st g guar 4s___1949
75 Feb T7
E T Va A Ga Dlv g 6s____1930
92% 99%
ium to _
Con 1st gold 5s.............. 1956
91*2 94%!
01%I
E Ten reo lien g 5s________1938
90
92 I 99 July’ 17. _
Ga Midland 1st 3s............. 1946
40
M htT S j.
Oa Pac Ry 1st g 8s........... 1922
10 0 % 10 1*4 :
100*2
Knox A Ohio 1st g 6s____1925
99 ____ ■:
101*4
Mob A Blr prior lieu g 5s. 1945
95
106 Sept’ 18
Mortgage gold *«............ 1945
58
72
68 Jan T8
Rich A Dan dob 5sstmpd-1927 A - O
93 103
95 Jan TS
Rich A Meek 1st gu 4 s .. 1948 M- M
7.3 Sept,’ 12
So Car A Ga 1st g 5s_____ 1919 M - N
98%
98%
9812
Virginia Mid ser D 4-/>e.. 1921 hf- 8
I I I I 102*2 June’ i *
Series E 5 s . . ............... .1026 **- 8
93%
93 Apr T8
Series F 5s__________ ,1931 M- S
101*2 Deo Trt
93%
General5s. ........... ........ 1938 IW-N
94 July’ 18
Va A 8 0 ’w’n 1st gu 6 9 2003 J
80% LUO 105 Mar’ 17
1st cons50-year f-s ._ 1958 A - O
65
84
72% Jan ’ IS
W O A W 1st e.y gu 4s ..1 9 2 4 r - A
93% Mar’ l7
Spokane Internat 1st g 5s.... 1055 J —
95*4 Mar’ 17
Ter A of St L 1st g 4 !%•
ion2 A - O
" 9 % 85*2 M ay’ lS
lit con gold 5s........... 1894-1944 F - A
81% 94*4 95 Feb ’ 18
Gen refund s f g 4 - _______ 1958 J - J
79
7S%
7812
St L M Bridge Ter gu g 5s 1930 A - O ____ l(H% 95% July’ l7
Tot A Pac 1st gold 5«_____ 2000 J -D
83
81% 83
83
2d gold Inc 5s__________ 02000 M a r
___
40
40*3 Feb T8
93
La Dlv B L 1st g 5s___
1931 J
—
80 M ay’ 18
W Min W A N W 1st gu 6s1930 F
____ 106*2 Nov’04
Tol A O C Idt gu 5s...........
1935 J - J
88% 91*4 93 Apr T8
Western Dlv 1st g 6s......... 1935 A - O ____ 96*2 1
100 Jan T7
General gold 5 « . . ..............1935 J -D
90 Feb ’ 17
73% 80
Kan A M 1st gu g 4h......... 1990 A - O
79*| 70 Nov’ 17
67
2d 20-year 5s...................1927 J - J ____ 87% 91*4 Dec ’ 17
Tol P A W 1st gold i i ______ 1917 J - J
52 Aug T7
35
50
Tol St L A W pr lien g 3*4* 1925 J 77% July’ 18
77*2 SO
50-year gold is ________ .1950 A
Salo 46
47
46
Coll tr «s g Ser A . . . .1917 F - A
18% M ar’OG
Trust co ctfs of deposit........
13
Tor llam A Buff 1st g 4«._»1946 J - o
85
SO" Apr "l7
Ulster A Del 1st con g fis .,.1 9 2 3 J - D
90
95
90 N ov’ 17
1st refuod g 4 s ............... 1952 A - O
70
58 8ept’ 17
Ualon Pacific 1st g is ______ 1947 J - ‘
81% Salo 81%
85
Registered............. .........1947 J 81% 84*2 86 May’ 18
20-yoar conv 4s__________ 1927 J 83
81% 84
84
1st A ref i s .. ..................?2008 M - . ­
79
79
79
Ore RR A Nav eon g 4 * .. 1946 J - D
78% ____ 78% JulyT 8
Ore Short Line 1st g 6s... 1922 F • A 101
101% 1101
101%
1st consol g 5s_________1946 J - 3
96
LOO
95%
9.5%
Guar refund 4 « ............ 1929 J - O
81-*i 82*2 82*2
82*i
Utah A Nor gold V ___ 1926 J - J
90*2 98
93 Deo T7
1st extended i s .........1933 J - J
80% 89
89 Feb ’ is
Vandallacons g is 3er A____1955 P - A
77%
Consols 4 Series B ______ 1957 M - N
S0% —

* No price Friday; latest bid and asked, a Due Jan. 6 Due Fob. 0 Due Jan. A Due July, k Due Aug. 0 Due Oct. p Due Nov. 0 Duo Dec.




j

Since

Cow

100

H lg b

"

160%

79*2 82%
62*2 66
44
50
99
99
81 *80 ”
81% 81%
81% 86

5%
06

61
75

69 08*3
44
51
100% 101%
91

97%

100*4 102"%

02

09

65 "<J8 %
50*2 50*2
57
64
52
59%
67

60%
100
71*2 71%
70
71%
49
57
51*4 57
73
75
75
77

100,

93% 9 3 %
90*2 90*2
94
95
91% 91%
71%

76

75% "80%
8 6 *8

95

77% 82

90*4 96*4
85*2 85*2
87 " " 9 2 %

100 100"
*93% "96%
73 * ”81*2
*76*4 *S2%
88*4 93%
59 "<53*"
65
68 *2
87
87
64*8 09%
*87% " 8*7%
91 " 95 "
70*4 70*4
" 00" *90"
91% 97*2
5i

"ii:"

100% 100%
98% 101*4

90%

98*2

93"

"9 3

93'*

"9 4 12

*

72% "72%
8512 85%
95
95
78% 82*4
83 ‘ "86%
46*s 461s

86

86

90 * " 93 "

77% 80
45
53

84

89

82*t
75*2
78%
100%
94%
81%

89
81*4
82*2
104
97*2
85*2

86

Option sale.

86

89* *89**
80
80
80*3 80%

New York Bond Record—Concluded—Page 4

BONDS
Y . STOCK BXCHANG
Week ending July 12

IS

Price
Friday
July 12
Bid

Vera Criu A P lot an 4Ha
Virginian lat 6s Serleo A ____
Wabash lot gold 6s________
2d gold 6a_______________
Debenture Series B . .........
lot lien euulp a rd g 6s____
lot lion 60-yr a term 4a.. .
Dot A Ch Ext lot g 6a___
Dos Molnea Dir let g 4 s ..
Oin Dir 1st g 3Ha_______
Tol A Ch Dlv lnt g 4a____
Wash Terml 1st gu 3 H s____
1 s t 40-yr guar 4a...............
West Maryland 1st g 4a___
West N Y A Pa lot « 6a____
Qen gold 4o........................
Inoo me 6s________ _____ v
Western Pao 1st eer A 6 8 ...
Wneeling A L E 1st g us-----Wheel Dlv 1st gold oa-----Ezten A Impt gold 5a.......
Refunding 4i|s aeries A ._
UR 1st conao! 49------------Winston-Salem H B lat 4 s ..
WIs Cent 60-yr 1st gen 4s_ _.
Hup A Dul dlv A term 1st 4
Strict Railway

Bklyn Dn El let a 4-5s___

FtSmlth Lt A Tr lat g

Stamped tax-exempt..
Manila Elec Ry A Lt a t
Metropolitan Street R y Lex A t A P F 1st gu g 6s.

New Orl Ry A Lt gen 4 H a.,

Portland Ry 1st A ref 6s__
Portld Ry Lt A P 1st ref os
Portland Gen Elee 1st 6s
St Jos Ry L H A P let g 6s.
8t Paul City Cab oons g 5s.
Third Atc 1st ref 4s...........

Aik Low

89% 90%
9234 Sale
83% S4;{*
____ 90
97
Sale
65 ____
87% 102
____ 77
____ 747*
____ 80%
70% 80
801.1 847*
C0«2 Sale
,2 A -0
95% 104%
I? J • •
GU 68
3 A-(
40 ____
6 M - P 8173 821.
0 A - C ____ 90
___ _ 99%
6 P A ____ 98%
60
70
6 M- S
57% 62%
9 M- 3
0 J - J 65IS 89
72
72%
9J - J
72
75
6 M N
12 M -N
9 M -b
9 F- A
0 J -.
>i m - e
j4 J 1J - .

5 A- O
2J 8J - ■
1J - J
1 M -b
1J •*
0 P •A
0 F-/
9 F- A
9 P- A
1J- J
7 F -A
1J- «
l J - J
2 J -J
(] M - £
7 r -A
7 -- -2 F- A
6 A -O
bJ- J
0 A -O
o A-r
3 M -S

High

Range
Since
Jan. 1.

1 ?ro
(O
S>

N o . Low

13
89
89%
923$
923.
11
83%
83%
1
105 Oct lc
3
97
97
78 M ay'll
99% Sept’ l'
80 Aug '12
75 Apr '17
84% Jan ’ 17
76 Doc *17
85 D eo’ 17
60%
60%
J
99 Jan 'll ____
70 Apr ’ ll
30 Oct ’ 17
82
821.
10034 Apr '17
100 F e b '17
99% Mar’ 17
60 May’ 18
56% May’ If ____
85 M ay’ 17
72
72
8
76 May’ 18 ____

87%
92%
83%
97

58
99
70

o m -n
United Ilys 8t L 1st g 4s____19.1 4 J * J ____
St Louis Transit gu 6s___ 192 4 A - 0 ____
United UUa San Pr s f 4 s .. . 192 7 A -O * ____
Va Ry A Pow 1st A ref 6 s .. 192 4 J • J 77

69
52
09
30
79

Feb ’ 18
May’ 17

30
100%
81%
98%

Mar’ l l
June’ 17
July’ lf
Aug T7
July’ 17
A u g’ 17
May* 17
53
2312
66%
Nov’ 1*:
06%
Feb 17
July’ 17

9712

74
99
53
23
00%
88%
G6%
90%
95

Conv deb e

100%

62
99
70
Computing-Tab-Rec a f Os..

72“
72

73

81%

N Y Dock 50-yr 1st g 4 a..

7714

83%
69
98%

87%
85%
66
Manufacturing &

56
86%

Am Cot Oil debenture 5s.

85
77
62%
25
57%
85
80%
82
80
85

w.ntu ucu our CUUV ISC g Q
E I du Pont Powder 4 ^ s .

81%
lot Paper Co—

8 M- S
63%
5 M- S
25%
25
6 M- g
0 M-1S
9 J -D
83%
0 A-C
90%
1F- A
2 A-O
79
80
5 J - J
0 A-O
79%
7 A -O
3 J - J 87
3 M -N 107
78%
. A- O
79
2 A-O
80%
) J - J
96
S M-N
95
8 M -N
92
0 M-N
97%
IA-0
89
3J - I
81
9J - J

1
20
3

49
54
1734 24
66% 70

1

62% 68
....v . . . . . . . . .
ihd * jaw oa.
Nat Starch 20-yr deb 6 s ..

6
56%
58%
92
34%
36
1
90%
90%
92 June’ lS ____
70 Mar’ 18
56
Mar’ 18 . . . .

52%
27%
90%
91
76
56

57
38%
95
96
80
00

58
51
60
25
77

68
50%

00
55%

25
77

25
80%

Feb *18
July’ 18 ____
June’ 17
May’ 18 __
July’ 18 —

87

9534

89%
75

90%
80

99
92%
04
92
91%
94

102
92%
95%
98
92%
94

i. nil i>:onr i B U W t
Railway Steel Spring—
Interocean P 1st g f 5s.
Sinclair Oh A Refining-

' —
W
UUUT n
V-Car Chem 1st 16-yr 6a.
1

Weelc't
Range or
L att Sale

Aek Low

67
29%
30
Sale
91
85%
83%
82%
89'%
107%
79%
81
85%
107%
102
95
Sale
Sale
8934

2J - J
67
Sale
1P- A
2 J - J ____ 98%
2 A - O 10 0 % 10 1
4 M - N ____ 93%
8 5 3 4 Salo
1A-C
3 F- A
87
91
5 M -N ____ 95
9 A- C
81
Sale
94
95
5 M- h
9 0 % ____
9 J - J
93
94%
1A- O

High

6634
25%
25

603,
26
25

833.t

84

90 June’ 18
79 June’ lf
83 June’ lS
SO July’ IS
58 Mar’ 18
86% June’ If
10712
10S1.
7812
79
79
79
80
SO
90% June’ lf
95 Apr ’ is
90>s Apr ’ IS
9738
98%
88-14
89
00 July’ l '
83 Apr ’ 14
94 Jiine’ lG
67
67
95
95
1 0 5 1 2 Oct 'If
89% Oct T7
85%
86%
86% July’ IS
84 Juue’l*
79
81
93 July’ IS
10312 Jap '1*
9334
94%

il
3 A- O
96% 97
96%
96%
4 F- A
93% Sale 93%
93%
82
87
1 M -N
82 July’ 18
100% 101 July’ lf
9 m - a 100
88
Sale 8734
88
7 ------9 8 % ____ 99
9 J - J
99
4 A - O 117 ____ 117 M ay’ 18
1F- A
71-% 77% 7J%
71%
8514
9 J - J 84% Sale 84lg
0 M -N ____ 100% 100% Juno’ lf
76% 84% 84% June’ lf
1 F •A
93% Sale 93%
5 A-C
94%
1 F - A ____ 81
Mar’ If
81
99 100
9834
9S34
1 M -N
4 M -N
9 9 % ------- 99
99
80
Sale 8534
7 A- G
86
____ 100
0 J -r .
104 May’ 17
9G% 75 M ay’ IS
6 j -D
73
Sale 73
73
2P-f
2 M- 8
98% 100
97%
97%
. 98% 100 Oct ’ If
5 J - J
75% Sale 75
2 M -N
75%
9 3 % ------4 A - O 109% 112%
91
Sale
1F -A
4 A - O 110 112%
88% Sale
1F- A
1 A O 106 109
1 A - O 105% 109
9 J - D ____ 97
96
0 J - J 93
94% 96
2 M -N
8 M -N ____ 99
5 J - J

93 . . . . 103 Sept’ 15
3
87
Salo 87
87
------- 62
90
90% 90 Juno’ 18 ____
78
Salo 78
1
78
92% - . . . 97 Feb ’ IS
12
99%
- r 99 99% 99%
M- N ____ 93
92% Feb ’ Is
94% 96
1
IJ - i
95
95
2
95
9 4 % ------- 94%
> - j
M- a ____ 91
0H2 Apr 'IS ____
m- a
92 100% 94 Fob ’ 18 . . . .
i J -D
F-A
85
90
Hudson Co Gas 1st g 6s . . 1104; M -N ____ 95
Kan City (Mo) Oas lit g 6s. 192: A - O
8 1 % ____
Kings Co El L A P g 6a......... ]fl3 ; M
O
87 ____ 90 Dee 17
M -O
____ 100
99% May’ 18 ___
r/»- h
J - J
73% - - .
Q- F
08i.i Sale 98%
981.1
8
A-O
89% 93% 89% Juno'lf
M -N
8 5 % ------- 85% Juno'lf
J -D
104% Apr ’ 17
J -O
88
Salo 86%
88
3
P- A
68
7.8
08
July’ 18
J - J ------- 98
105% June’ 17
P - A ____ 101
96% Aug '17
Paelflo G A El Co—Oul O A E
9138 90%
Corp unifying A ref 6 s .. . 193 M - N 90
90%
20
19% 84
Pacific O A E gen A r*f 5s_. 194 J - J
79%
79%
1
?ac P ow A Lt 1st A ref 20-yr
P
A
95 Jan ’ 17
6e International •Merles...193
M- S
00
July’ 17
A-O
96 100
00
ioo
3
M- ft
73
75
73
75
7
M - ft ___ ____
J - J ____ 96
Cod G C o of Ch 1st gu g fial936 J - o ------- 92% 00 Apr '17
Ind Nat Gas A Oil 30-yr 6s 1936 M- N
Mu Fuel Gas 1st gu g 5a... 1047 M -N
94 July’ 17
92 ____ 99% Nov* 15
Philadelphia Co conv 6s___ 1919 P - A
78
85
Conv debsn gold .V i......... 1922 M- N
78 May’ 18
88
89% 90 June’ 18
Stand Oaa a El onnv « f Os.. 1920 J - o
8 1 % ------Byraotise Lighting 1 st g 5S..1951 J D
70 ____ 84 July’ 17
Syracuse Light A Power 6 s .. 1964 J - J
98% Oct ’ 17
Trenton O A El 1st g 6s___ 1949 M 8
92% Hopt’ 17
Union Elee Lt A P 1st g 6 « .. 1932 M - » ____ 98
Refunding A extension fla 1933 51 - N ____ 85 ; 0 1 % bfov'16
United Fuel Gas 1st s f Os. ..1936 J J x . . . . 97
93% Juno’ 18
83
Sale 83
83
Utah Power A Lt Itft 6§___ 1944 P A
9
Utica Kleo L A P 1st g 6 a ... 1950 J - J
Utlna Gas A Elee ref 6s......... 1957 J J ____ 03
96 Aug ’ 17
Wewtehetierf.rtf gold 5s _ i o.sn J - D ____ 92 llOS M ar'17 -

1 A •O

99

9334
—
91
1
89
) M- N
1 J - J 99%
83
0 J - J
0 J - J 83
89%
1J - J
52
J - J
J - D 100
79%
7J - J
95
F - A
93%
-O
9G!4
1A - O
96
J - J

96% June’ 18
111
111
91
91%
111%
111%
88%
88%
106 Apr ’ is
10634 June’ lS
98 May’ 18
03 Apr ’ 18
94%
94%
987$
99

N o . Low

1
7
1

93%
94
91
91%
98 June'18
98%
99%
82«4 Aug T7
38% May’ 17

H igh

63
18
18

66-34

30
28

26

82%

87%

____
____
____
____
____

89%
79
80
74
58
86%
102%
73
77%
78%
91
91
90%
90
8634

93
83
81%
80
58
90
108%
8034
79%
83
97
96
94
102%
92

9
1

65
95

67
98%

6

85%
85%

87%
87%

32

73%
88

82%
93

11

93% 9634

18
34
1
6

216
24

19

92%
90%
82
98%
86%
96%
117
7>
79
991*
80
93

100%
95%
83
101
89%
99
117
74%
87
101%
84%
97%

4
5
18

97%
05
75

98399
88

1
14
31
1
l
26

75
75
1 71
74
2j 9 4 3 4 1 0 0
13
i
8
1
11

2!
2

9912 99% June’ 18 . . . .
Sale
91%
____
Salo
89
____
94
55
100%
Sale
Sate
93%
OTU
06%

; Range
Since
Ja n . 1.

35
13
31

51 July’ 18
1
100
JL00
79%
7934 104
95
96
2
93 JulyT 8
96%
90%
1
96% July'18 —

68% 75%
96%
no
86
110
85
1053d
106
95
91%
93
98

99
117
95
115
93
106
107%
98
92%
90
100

96%

99%

86
S4%
8S
96%

94
92
93%
101%

45

52%
101
81
98
97%
98
98

10 0

76
92%
90
94%
95

Coal Iron & Steel

99

99%

97% 98%
88% 94%
86
86%
80% 90
73
08

86%
74%

92%
8034

981* 100
73
81

78
90

91%
80%

84
91

97%
34

..........

j J - J
M -N
j

■j

J -D
M- 3
J -D
F -A
F - A
J -D
J- O
A -O
A O
M- N
Jeff A Clear CJA I 2d*53 !
J-D
A-O
W- 3
M- ft
J - J
J - J
Repub I A S 10-30-yr 6s s
A-O
St L Rock M t A P 6s otmpu.ivoo J J
Tenn Coal I A RR gen 6 s..1951 J - J
U S Steel Corp— looup._
M- N
S F 10-60-yr 5»|reg
M -N
Utah Fuel 1st 8 f 5 s .........
M-N
Victor Fuel 1st s f 6s. . . I
J
J
M- H
Telegraph 4 Ttltphen
Am Telep A Tel coll tr i s . . .
Convertible 4s......... ..........
2 0 -yr convertible 4 He____
30 yr temp coll tr 5s_____
Registered____________
_um bT A T let A gen 5a__ 1937
Keystone Telephone 1st 6 s ._ 1935
Mich State Teleph 1st 5S...1924
Y A N J Telephone 6s g _ . 1920
Y Telep 1st A gen s f 4 H *. 1936
ac Tel A Tel 1st 6 « .............1937
juth Bell Tel A T 1st a 1 6e 1941
reet Union coll tr cur 6t__ 1938
j
Fd and real est g 4 Ha____1950
Mut Un Tel gu ext 6a____1941
Northwest Tel gu 4 H i g .1934

•Noprloe Friday: latest bid and asked, a Due Jan, d Due April. # Due May. g Due June. ADueJmy




167

P rice
Friday
July 12
Bid

Miscellaneous

93
95 >a
80%

60
60

70%

I I

H igh

GO

81 June’ lfl ____ 79%
65 July’ 18 ____ 65
13i 92%
9512
97
94 Oct ’ 17
80 May’ 12
101 M ay’ ll ____
78
783*
2 78
78%
78%
2 78%
00 M ay’ If
66
78 July’ 17
55%
55%
55
2
81
82i.
81
11
100% Fob ’ l;
85 Apr ’ IS
85
70
70
1 68
.
84 Jan ’ 159% Sale
59%
59%
55 48%
20 Sale 20
21
55 14-%
____ 90 1 0 0 Feb ’ 17
5178 Sale
25 5012
51
52
81 Sale 80%
85 79
81
73% 78% 74% June’ lf
74%
74% 80
7434
74 3 4
1 74%
80 ------- 80 July’ 18
80
85
95

BONDS
Y . STOCK EXCHANC
Week ending July 12

\

79% 84

81% 82%
____ 65
97 Sale
____ 94
____ 90
____ 90
------- 78%
78% Sale
64
00
64
65
55% Sale
80
82%
8 4 % ____
*83 ____
09% 71

70
79
3 J -D
3 M- S . . . . ____
3 M- t ____ 75
8 F -A
92 ------« F -A
1 J • J 8 1 % ____
9 J - J 99% 10034
1 J - J ____ 90%
5 J - J ____ su
fl J - J
51
52
2 J
J
23
Sale
2 A-0
6678 Sale
2 M- N
3 M - rj
69 ------2 F- A
66% 75%
5J - J
7 M- N
S3
95
7 J- J
56%
0 J - J 56
35
Sale
0 A-O
7 J - J 90% 92
3 A-O
U2
98
70 ____
3f- J
56
58
h ...

Oa* and EUctrl* Light
Atlanta O I. Co 1st g 6s____194 7 J -D
i m -N
7A-O
A O
7J - J
Columbus O m l e t gold 5s
J - J

YTeeffi
Range or
L a n Sale

2n

Bondi
Sold

J uly 13 1918.1

96
Sale
87 «8 Sale
80% Sale
------- 90
86% 89
____ _____
83% 86%
7434 75
____ 95

9534
96%
17
91
877g
88'2
80%
81%
8
90 M ay’ 18
85 Jan '18
101 Dec ’ 14
83%
83%
3!
1
75
75
90 May’ 18
98% Sept’ 17
94 Feb ’ 18
82
Sale 82
82
9
94
95
94
95
2
95 ____
95% 98% 90%
96%
16
90% 93
9134
92%
13
87% Sale 87%
88
7G%____
83
87
87% June’ 18
9234 94% 9234
9234
3|
77
83
SO Apr is _ |
95% 98
96%
96%
2
9S% Sale 98%
99% 144
97% June'18
8 6 % ____
SO !)♦** '16 . . .
____ 75
8534 89% 80 July’ IS

J 80% Sale
M - 8 ------- 86%
M •3
82
84
J D 87% Sale
J O ____ 100%
Q J
6 8 % ------Q J 6 8 % ------8934 90
i
j
j
j
____ 9Q34
F- A
88
90%
M- N
97 ____
8534 Sale
M H
J - 1
90% 91%
J - J
89
90%
J J
91% 92%
M- N
80% 82%
M- N ____ 101% ]
J - J
J

kDueAug. o Due Oct. yD ueN ov.

SO
80%
85% Feb 'is
84
84
87%
88%
99% May’ 18
73 Nov’ 17
68% Jan *18
92 June'18
9.8 Apr ’ 16
88 July’ 18
98 June’ 18
8534
8634
8934
90
90%
90%
93% June’ 18
8034
81%
94

Nov’ 16

93% 99
93%
87
78% 83%
90
90
85
85
83
73
83

86
79
90

94
81
94

94
851*
97

94%
88
80%

96%
96%
92

85% 87%
9234 98%
80
80
92% 97%
96% 100
9034 99%
83

80

86

80
8 134
4' 84
42 86%
---1 98%

83%
8512
91%
95%
99%

68%
90

68%
93%

86«4
97
34 85
6! 89%
6 90%
90
7 80

90
98
S9
92%
95
93%
38

1

DueDec. a Option sale

BOSTON STOCK EXCHANGE—Stock Record

168
8HARM

PKICMS— NOT

PAR

CHNTUM

PRICBS.

Sales
of the
Week
Shares

ST O C K S
BO STON STO C K
EXCHANGE

BONDI
Sea N i i t Page

Range Since Jan. 1.

132 132
72% 73
*82
85
33
33
'160 170
' ____
3
*14
....

131% 132
72% 73
*8
85
*32% 33
160 160
3
*____
*14
....

*30
*30
*138 145
*138
____
*85
*85
117 *110 117 *110 117
*60
62
63
*60
60
113% 113%
114 *113 115
*78
84
84
84
78
* 7 7 % ____ * 7 7 % ____
*2
2%
*2
2%
*2
2%
1834
18*4 19%
20% 20%
18
38
3734' 38
*38% 3834 *37
*80
*80
...
*80
93
93
*03
95
95
♦93
21
21
*20
*20
21
21
99
99
*90
*90
*90
99
49% 50
4912 50
4934 50
59
*57
59
*55
57
*56

*138
*85
*110
60
*113
*78

145

91%
*90
90
90
9334 94
93% 94%
.50
.60
.50
*.50
*134
5
*4%
5
113
114 114 *112
110 %, 108% 110
110
967*
96%
96
9534
9612 97
57% 57%
*57
58
*57% 58
93% 94
*93% 94
93l2 94
76
75
76
70
73
75
*77% 80
*77% 80
*77i2 80
17
18
17% 18
17l2 1734
10412 104i2 '►101 106 *104% 104%
*63 2 65
*63 2 65 I *63% 65
23% 23%
23% 23%
*2314 24
10 % 10 %
10 % 10 %
103* 10 %
*14
15
15
*14% 15 I *14
4%
*434
5
4%
5
*4%
139 140 *138 140
140 140
32% 34
32% 33
33% 33%
*148% 150 I 149l2 149% *147% 149%
6
6
*5%
*5
*5%
6
16
*15% 16%
16
* 1 5 % ____
4 At 47/,
4%
4%
4%'
4%
90
90
* 8 9 % ____| *89%
88
86
86
86
*84
86
*64
65
*63% 64%
63
63
112
112
110
110 I 109'2 110
* 8 8 % ____| 88 % 88 % *8 8 % ____
____
*88
*88
____ *88
85
85
*85
8534
85
85%
*55
58%
58
*55
58 I *55
*113 114 *113 115
34% 34%
34% 34-2 *32% 34
*13
____ *13
13% *13
10634 107% 106 106% 106 106%
50
50
* 4 9 > 2 ____ *49%
*125 12534 124 125li 124 124%
38% 3934
3934 40%
39% 39%
*25% 25%
251* 25%
25% 25%
106 106%
106 108
1107* 110*8 111 111 %
7%
7%
7%
7%
7%
7%
*90
91
*93l2 95
*.50
.75
*4U
5i 2

*.50
*77
3%
*.20
51%
*1934
53
14%
.30
*29%
*6834
*457
12%
49%
*134
6
*9%
*4%
*76
*43
7%

1 I
77341
3%
.30
51%
20%
54
14%
.30
31
69%
464
12%
50
2%
6

63
*81
28
*5%
*1
7
*2%
*4
6
3
*234
*61
*20
2%
*14
-----*8%
14%
* .6 0
.60
*42
53
*18%
*70
25%
*52
*.70
5%
*16%
*1%
.10

*5
23*
3%
.99
43%
*43
*1*4
10
*8234
2 ‘A e

3
1%
29%
►50

.75
77%.
3%
*.20

.75
77.?
3%
•3C
52
19%
53
14
30
30
69
464
12%
50
1*4
6%
9%
4%
78
44%

♦51
19%
*52
14
.25
*28%
69
457
12%
48%
134
6
934
9
4%
5
*75
79
44% *43
7%
♦612
.80
63
63
83
81%
27%
28
6
534
*1
13*
7
6%
2%
*2 %
5
3%
6%
5%
3%
3%
3
234
62
61
20% *20
*2 %
2%
*14
16
15
...
74
...
9
*8 %
1434
15
____
.65
.60
*.60
44
*41%
54%
52
19
18%
72
*70%
25%, *233*
5434I *51
.90.
.65
5%!
5
18 I *16
1%' *1%
.18, *.1 0
6
*5
2%
2*2
334 ' *3%
.99
1 |
433*
43%
44%
44
2
2%
10 | *93*
83% *81%

2%
3
1%
29%
75

8

131% 131% ------ -----72
72% j 72% 72%
80
80 ,
30% 32%; 30
31%
-----►151
Last Sale 3
June’ 18
Last Sale 15 June’ 18
Last Sale 4% N o v ’ 16
Last Sale 30 June’ 18
*30
Last Sale 138 July’ 18
*138
Last Sale 83% M ay’ 18
*85
115 115 I ............... ..
*110 117
60
60
------ . . .
62
*60
113 115 ►113 115 1*113 115
Last Sale 80 M ay’ 18
84
*78
Last Sale 77% June’ 18
* 7 8 % ____
2
2%
2
2%
*2
2%
17
18%
17% 18
18% 18%
37% 38 1 3734 3734
38
39
Last Sale 90
Jan’ 18
*80
*93
95 I .
*93
95
*20
21 | .
22
*21
Last Sale 88
Apr’ 18
99
*90
50
50
49% 50
*49
50
57
57%
59
*57
131% 132
72
74
*8
85
32% 33
*151
....
____
3
*14
___

*90
91%
91
91
91
91
*93% 94%
94
94
43% 94%
*.55
.75
.75
*.55
.40
.40
5
5
5
►11034 111%
111 111
109 109% 109 109%
95% 96%
96% 9634 9534 96%
*58
58% 5734 5734
59% 59%
93% 94
93% 93%
93% 94 |
76
76
76
76 | 75
75 j
*7712 80
Last Sale 78 July’ 18
!____
17 * ____
17 | ------ ------ 1
104 105
102% 102% 102% 1027*
*63% 65
Last Sale 61 June'18
23% 23%' 233* 233*
23% 24
10% 11% 11
11 %
11 % 11 %
*14
14% *14
14%
14% 14%
*434
5%
*434
5% ------ -----138 140 I 140 140
138 140
3534 36%
36% 38
34% 36
147% - ...................
147 *146
147
Last Sale 5% June’ 18
*5
6
16% *15% 1 6 % ............... ..
*16
*4%
4%
4 *As ‘1%, — .............
♦89% 90
....................
*89% 90
86 86% 86%
87
86
86%
65
66 I *65
67
*65
114
114
113
113
114
*113
* 8 8 % ------ 1 ....................
*88 %
Last Sale 92% Aug’ 17,
♦88
84
85 ' 85
85 |
85%
85
Last Sale 56 July’ 18
*55
60
114 114 *113 114 I .................... !
*32% 34% *32% 34% - ................. I
Last Sale 13 June’ 18
13%
*13
105% 106% 106 106% 10534 106%'
*50
____| ____
i
*50
124%
124 124% 124 124 124
3834 39
3834
39
38% 39i,i
25% 25%' 25% 251*
25% 25%
10534 107% 1033* 105 | 103% 10434
111 % 111 % 110% 1 1 0 % '................... I
73*
734
73*
7%
7%
7%
.55
.55
.60
.60.
77% 77%; 77% 771.1
2%
3
3%
3%|
.30
.15
.15, * 1 5
*51
52
*51
52
*18% 19
18
18
52
52
*52% 54'
1334 14
14
14
*.25
.32
*.25
.32
Last Sate 31 July’ 18
68% 68%
*68
69
455 455
*450 457
12% 12% *12% 13
4734 48
*4734 48
2
2
2
2
2
6%
6%
6%
6
6
9%
*9% 10
9%
9%
434 *4%
434
4%
*4%
79
77
*77
79
77
*42% 43%
44
*42
44
8
*6%
7%
8
*6%
Last Sale .50 June’ 18
.75
61
62
62
61% 62
82
82
*81
82
82
26% 26%
26
26
26%
53,1 534
5%
5%
5%
Last Sale 1% June’ 18
1%
*5%
6%
*5%
6
6
*2%
2%
2%
4%
*3%
*3%
♦53* 534
*534
5%
3%
3%
3%
3%
234
*234
234
234
59% 60
60
6034 61
60
*20
2034 *19% 20% ♦19% 20
*2
2%
*2
2%
2%
2%
Last Sale 16 June’ 18
►14
15
Last Sale 15 M ay’ 18
15
74
Last Sale 74 June’ 18
834 8»4
*8%
9
8*4
Zl4% 143*
15
15
15
15
.80
*.65
.80
*.65
.65
.65
.75
*.60
.75
*.65
.75
*.60
44
Last Sale 43% July’ 18
*42
52
52
53
*52
51
51
*18
19
19
19
70% 70% *70* 70
*70% 72
* 2 1 2434 *23% 243* *24% 25
52
50
50
51
51% *50
.70
.55
.55
*.65
*.65
.70
*41.1
4%
♦4%
4%
4%
4%
Last Sale 16% June’ 18
*16
17%
*13*
Last Sale 1% June’ 18
1%
.11
.11
*.10
.12
.18
*.10
6
5%
*5
*4t2
5%
2
2
2%
2'Ae 2%
*3%
3%
3%
3% 3 ‘A ,
1%
l% l A ,
l 'As 1 'As
423* 4234
*43
43%
42% 42%
*4312 44
43% 43%
43% 43%
13*
134
2
2
*1%
2
914
93* 9%
934
934
934
*81% 82
Last Sale 81June’ 18
2%
23*
2%
23*' 2% 2%
3
3
♦2%
3
*27*
3
*1%
2
1%
13*1 1% 1%
*28
30
*27
2834i 28
28
*50
1
.50
.50 *.50
1

1
*.50
*.50
*77
77% 78
3
3%
3
*.15
.30 *.15
*51
*51
52
19
19
18%
52% 52% *52%
14
14
14%
.*25
.32
*.25
*28
*28% 30
*6834 69
69
460 460 *450
*12% 1234
12 %
48-2 483.| 48%
* 1%
1«4
1«4
6
6
6
9%
9%
934
43.1 *4%
*4%
*77
80
*77
*42
44
44
8
*6%
*6%
.75 *.25
*.25
62
62
62
82
*81
*81
26%
26
27^2
5%
5%
5%
*1
*1
1%
6%
6
6
*23*
2%
*2%
*3l2 4%
*3%

.80
64
81%
28
5’ 4
1%
6%
2%
3%
*534
6
3%
3%
234
234
60
61%
20
20%
2%
2%
*14
15
15
..
74
8%
9
1434
15
*.65
.60
*42
43
53% *52
1834 *18%
72
*70%
23% *24it
5 434; 52
.70
•75|
5
5
17%' *16
1%
*13*
.18
.10
*4%
6%
23*
2%
3%
3%
1
*.99
433*' 42
„
44%
44
2
1*4
10
9%
82
*8134

6

3%
234
60
203*
2%
15
15
74
834
143,1
.70
.60
44
53
19
71
2434
52
.70
5
17%
1%
.181
6
2%!
3 %;
l At
43%’
44% I
2
912
82%'
23* 2%
2
2%
234 234
*234
►1%
1%
1%
29% 29% I *29
30 I
60
.60 *.50
1 '

* BIO and aa*wi pnoM.




a

1

77%
3%
.3(1
52
19
54
14%
.32
29%
69
460
12 %
49

Ex-.iividend auri ruuia.

d AS3u.M.ii.jut pa,a

Boston <fc Albany________ 100 122% Apr 17 135 June24
70% M ay29
37 Jan 2
Boston Elevated-------------- 100
80 J u ly ll 100 Jan 2
Boston
A
. .. 1 0 0
‘
* ’Low ell______
"
30 M ay29
19 Jan 23
Boston A M aine__________ 100
Boston A Providence_____ 100 150 Apr 15 108% Jan 17
3 Juno 5
2 Jan 26
Boston Suburban E leo. .n o par
15 Junel7
10% M ar 1
D o p r e f ........ ............ no par
Boston A W oro Eleo ..n o par
30 M ar 6
30 M ar 5
D o p r e t .................... no par
Ohio Juno R y & U 3 Y ------ 100 138 July 2 147 Apr 17
85 Jan 30
82% Apr 18
D o pref_______________ 100
Connecticut River________ 100 104 Feb 19 120 M ar 0
65 Jan 3
53 Jan 22
Fitchburg pref....................... 100
Georgia R y A Eleo stampd 100 112% Judbl5 116% Jan 9
81 Feb 25
80 M ar 8
Do
pref______ ________ 100
77% JunolS
85 Jan 3
Maine Central____________ 100
7% M a y l6
2 Jan 2
600 Mass Eleotrlo C os_________ 100
33 M aylO
8% Jan 22
Do pref stam ped________100
1,631
46 M ay29
27 Feb 25
119 N Y N H A H artford......... 100
90 Jan 10
90 Jan 10
Northern New Hampshire. 100
98 Jan 2
Old C olony_______________100 *88% J u n e ll
25 Jan 3
20 Jan 2
Rutland, prof____________ 100
88 Apr 18
83 Jan 24
Vermont A Massachusetts. 100
50 July 5
37 Feb 20
714 West End Street___________ 50
02 Apr 1
47 Jan 16
D o pref____ . . . . . . . . . 50
150
M iscella n eou s
91 JulylO
78% Jan 2
45 Araer Agrlcul Chem ical. . . 100
95% May21
88% Jan 2
Do
pref.......................... 100
113
2% M ar 2
.40 July 1
110 Amer Pneumatlo S ervice.. 25
1558 M ar 4
47* July 1
Do
pref_______________ 50
35
99 Jan 2 115% M a y l5
14 Amer Sugar Refining_____ 100
Do
pref______________ 100 107 June 4 113% M ay 9
143
95% Juno25 109 Fob 5
2,266 Amer Telep A Teleg........... 100.
603* M ay24
45% Jan 8
35 Amerloan Woolen of M ass.100
96*4 M a rl 2
90 Jan 3
Do
pref_____ _______ 100
255
77 M ay24
60% Jan 2
287 Amoskeag M anufacturing-----82 June 5
76 Jan 7
Do
pref_________________
18 July 8
11 Fob 21
563 Art M etal Construo In c___10
98 Jan 15 120% Feb 16'
45 A tlG u lf A W t 8 S L in es.. 100
63 M ay 11
58% Jan 17
Do
pref...................... ..1 0 0
25 Feb 10
21 Jan 25
738 Booth Fisheries_______ no par
117* July 12
10% M aylS
3,575 Century Steel o f Amer Inc 10
17% M ay 1
12 Jan 29
10 Cuban Port Cem ent---------- 10
534 M a y l5
4 Jan 31
200 East Boston Land_____. . . 10
145 Edison Electric Ilium _____ 100 134 June2t 151%Jan 2
38 Julyl2
27% June27
6,460 Fairbanks C o ______ _______25
40 General Eleotrlu__________ 100 128 Jan 16 151 »4 M aylO
6% Fob 6
5 Apr 3
Internat Port Cem ent-------- 10
16 July 8
12 Apr 23
Do
pref_____ ________ 50
75
6% M a r l8
3% Apr 29
835 Island OH A Trans C o r p ._ .1 0
92% Fob 28
89 M ay28
20 McElwaln (W H) 1st pref .100
91 MaylO
279 Massachusetts Gas C o s . . . 100 *77% Jan 15
70 Jan 3
62 Junel7
47
Do
pref.........................100
42 Mergeotbuler L in otyp e...1 0 0 107 J u n e ll 124 Jan 31
89% MaylO
88 Jan 15
20 New Eog C otton Yarn____100
Do
prof.........................100
July 1 100 Jan 3
196 New England T eleph on e.. 100
69 Jan 2
July 5
N ova Scotia Steel A C ____100
8 Pullman Com pany________100 102 Jan 7 119% M aylO
35 Fob 23
29 Jan 3
150 Punta Allegre Sugar______ 50
137* MarlO
11 Jan 29
Reece Button-H ole_______ 10
796 Swift A C o ............................. 100 102% J u n e ll 146% Apr 9
50% Jan 4
45 Jan 29
63 Torrlngton_________________25
518 United Fruit______________100 115% Jan 17 133 Fob 18
48% M ay 16
38% July 9
|4,107
United Shoe M ach C o r p .. 25
20% M ay28
25 Jan 19
396
D o pref.......... ................... 25
87 M ar25 113>4 M aylO
6,138 U S Steel Corporation____100
97
D o pref............................ 100 103 M ar25 *112 Feb
8 s4 June 4
5 Jan
1,490 Ventura Consol Oil Fields. 6
M ining
134 Jan 25
% June27
315 Adventure C o n ____________ 25
83 Jan 3
71 Junel3
45 Ahmeek__________________ 26
13* Apr 25
4% July 5
1,540 Alaska G o ld ............... ■_____ 10
.45 M ay 13
.15 J u ly ll
50 Algomah M ining_________ 25
54 Feb 27
120 Alloues________________
25 *47 Jun el4
123* Mar23
21% July 3
290 Amer Zinc. Lead A Sm elt. 25
51 July 6
41 Jan ‘
205
Do pref.................
25
14% Feb 18
11 Jan 5
966 ArlsonaComm ercial_____ _ 5
.45 Jau 7
.25 Feb
400 Butte-Balaklava C o p p e r .. -10
33 M a y l4
17 M ar25
Butte A Sup Cop (L td )___10
7 3 % MaylO
62% Jan 15
172 Calumet A A rliooa_______ 10
21 Calumet A Heola__________ 25 427 Feb 28 465 M ay 2 7
14% Fob 19
10%June27
120 Centennial_________________ 25
50 M aylO
433* Mar25
385 Copper Range C o _________25
23* Mar 1
1% Apr 10
320 Daly-W est............................... 20
67* M ar 8
5 Jan '
2,375 Davie-Daly Copper______ 10
10% Jan 2
5% Mar25
950
10
0 Feb 18
3 June2l
25
25
79 M ar’28
7.3% Juuel4
10
100
44% M ay 9
39 Jan 17
10
100
5 % June'il
10% Jan 2
23
10
% Apr 8
1 Jan 3
25
70 M ay 15
1 50 Jan 14
477 Island Creek C oal.
84 Feb IS
1 80 Jan 24
20
Do
pref______
29 July 3
19% Jan 14
267
25
6 Feb 19
5 Jan 2
120
5
1% M ay 15
.99 Jan 24
25
8% M ayl4
25
615
5 Mar25
3% Mar 5
2 Jan 2
40
25
0 Feb 13
28
5
3*s July 8
7 Jan 2
4% M ay 3
370
25
3% July 8
2,395
.66 Mar20
25
2% July 8
230
.40 June'28
60% MaylO
50 June25
100
26
20% M ayl4
18% Jau 30
60 Nevada Consolidated_____ 6
25
1% Apr 22
2% July 1
50
6
13% Jan 2
17 •« Mar 7
20 Jan 2
too
14 May23
80 Jan 31
73% M ay 3
100
Do
pref.
9 Apr 11
60
6
8% , Jan 11
1,177
13% Apr 17
17% M ay 16
15
95 MaM9
443
25
.25 Feb 14
1% Mar30
300
25
% June2l
45% Jau 3
39 May'28
. 25
05 Jan 9
176
25
46% J u n ell
20% Feb 20
50
t7% Jan 12
. 10
78 M ay 16
15
60 June26
. 25
25% May23
10
21% Mar22
. 10
67 Jan 2
80
46% J u n oll
. 25
1% Feb 21
390
% Juno'21
. 10
5% Jan 2
3 Apr 10
660
. 10
17 M ay 8
10 Jan 15
. 10
2 Jan 3
1% Apr 22
25
.20 Jau 8
.11 Jan 23
100
. 5
6% M aylS
4 Feb 19
50
25
3% Jan 3
2 M ay 3
1,180
. 10
4% Feb 13
445
3% Jan 14
. 25
1% Feo 21
2,500 Tuolumne Copper.
.85 M ay 1
1
49% Feb 19
55 U S Smelt Refln A
36 Apr 13
. 60
46 Jan 2
165
42% Aor 13
. 50
Do
pref--------1% May31
2% Feb 8
135
. 5
12 Jau 16
90 Utah Consolidated............... 5
8%Juno25
85 Feb 19
77% M ar2J
10
3 ^ Apr 8
1,150
l% June 5
. 1
3 Jan 3
150
2% Jan 20
160
1 Jan 10
2 Jan 3
. 25
23% JunolS
36 Jan 3
100
. 23
150
35
,4u MaylO
1 'A M ar 7

...
1,050
2
472
3

0

Ex-Stock dividend

AHx-rlc&ta

Range for Previou
Year 1917
Highest

Highest.

Railroads

*130% 133
73
73
*82
33
*155

[Vo l . 107.

* Ex-dividend

m

Half-paid

120 Deo
27 Deo
70% Deo
15 Deo
150 Deo
2 July
9 June

176
79
133
45
213
3
30

Jan
Jan
M ar
M ar
Jan
July
July

30 Aug
148 N ov
83% Deo
102% N ov
44 Deo
116 Deo
83 June
78 Deo
1 D eo
0 Deo
21>4 Sept
90% Oot
85 Deo
16% Deo
83 Deo
34 Deo
*45 Deo

38 Feb
150 Jan
108 Jan
140 M ar
78% M ar
133 Jan
92% Jan
100% M ar
6% June
31% July
62»4 Jan
105 Apr
135 Jan
84% Feb
110 Jan
56% M ar
74 Jan

73 Deo
88 Deo
1 Deo
7% Deo
90 N ov
105 Deo
90 Deo
387* N ov
*87% Deo
60 Deo
75 Deo
6 Deo
88 Sept
65% Feb

91*4 M ay
103% Jan
2% Jan
14 M ar
126% June
121%Jan
123% Jan
58 June
100% June
75 July
97% Jan
14>4 Deo
1 21 % Jan
66 Jan

9 Deo
37* Deo
133% Deo

10
226

2 0 %June

Jan
JaD

11834 Deo
4 Deo
10 Deo

170% Jau

92% Deo
71 Deo
63 Deo
111) Deo
35 Jan
00 Jan
93 D eo
*59 N ov
107 Deo
29 Deo
10 Deo
116 N ov
40 N ov
•105 Dec
37% Deo
25 Oot
793* Deo
103% Deo
4% Deo

102 Jan
100% M ar
81 M ar
169 Jan
95 M ar
92% Aug
124% Mar
112 Jan
166% Jan
46 Jan
16 Mar
1627* Apr
68 June
155% Jaa
58% Jaa
30% Mar
135 May
121 Jan
87* Jan

1 Oot
70 Deo
1 Dec
% Sept
46 Deo
11 Deo
40 N ov
8% Nov
.25 Deo
12% Deo
65 Deo
411 Deo
11 Deo
39% Deo
1% Apr

4% Jan
108 Jan
11% Jan
1% Jan
70 M ar
41% Jan
73 Jan
16% June
2% Jao
52 Jan
86% Jan
590 Feb
27% Jan
63 Jao
3 Jan

8% Den
4 Deo
66 Deo
35 N ov
7 Deo
% Den
52 Nov
80 N )v
20 Deo
4% Apr
1% June
6 Oot
1% Deo
4% Nov
5 Nov
1 Nov
1% Aug
67 Deo
16 Nov
1% Dsn
10 Nov
22 Jao
65 Dso
0% July
11% Oot
.39 Nov
.98 Deo
33 Nov
63% Den
16 Nov
60 Nov
20 Nov
48 Dso
.63 Deo
5% Oot
19 Oot
.89 Deo
10 Deo
3% Deo
3% Deo
3 Nov
1 May
40% Deo
43% Nov
17* Mar
9% Deo
71. Deo
2% Doo
2 Oot
2 Oot
31 Deo
.15 Aug

18 % Jan
33% Jan

16 Jan
9 M at
92 Jan
40% Jan
20% Jan
4 Mar
76% June
94 Apr
36 Jan
6 Aug
4% Jan
18 Jan
5 Jan
8% Aug
15% Jan
3 May
5% Mar
98 Jao
26% M ar
6 Jan
17% Apr
30 Mar
92% Mar
9% Sept
21% M ar
2% Jao
2% Jao
67% M ar
95 Mar
28% June
94% Fab
32% Apr
89% Mar
2 Jan
19 Jan
3)% M ar
0% Jan
.31 Jan
16% Mar
8% Jan
8% July
2 ’/ , Jao
07% Jan
52% Jan
3% Sept
21% Feb
118% M ay
6% Jan
6 Jan
5% Jan
53% M ai
2% Jan

THE CHRONICLE

J uly 13 1918.]

Outside Stock Exchanges
S to ck s—

Boston Bond Record.—

T ra n s a c tio n s in b o n d s a t B o s ­
to n S to c k E x c h a n g e J u ly 6 to J u ly 1 2 , b o th in c lu siv e :
Friday
Sales
Last Week's Range
for
Week.
Sale
o f Prices.
Price. Low.
High.

B on d s—
U S Lib Loan 3 %s_ 1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4 s .. 1927-42
1st Lib Loan 4% sl932-47
2d Lib Loan 4% sl927-42
3d Lib Loan 4 % s . . 1928
Am Agrlc Chem 5s. .1928
Atl G & W I SS L S8..1959
Chic June A U S Y 53.1940
G t Nor— C B A Q 4s. -1921

99.34
94
93.90
95.74
74 %

Punta Alegre Sugar Os.1931
Swift A C o 1st 5s_____1944
United Fruit 4 % s ------1923
U H Smelt. R A M conv Os

99.34
93.34
93.84
95.90
93.84
95.04
95 %
74%
92
94
75
80
93 %
95%
95%

99.64 S07.550
94.12 21,950
94.12 77,150
50
95.90
94.10
000
90.22 53,000
1,000
95%
20,500
75
3,000
92
9,000
94%
3,000
75 A
0,000
80%
2,000
94
1,000
95%
4,000
95%

Range since Jan. 1.
High.

Low.
90.52 Jan
93
June
92.84June
95.90 July
93.84 July
95% Juno
92
Jan
74% July
87% Apr
92
M ar
75
June
77
M ay
92% M ar
93
Jan
94% Jan

99.80 M ay
98
Jan
97.90 M ar
95.90 July
94.10 July
101
M ay
99% Feb
79
Jan
92
Juno
94% June
79
Jan
81
Apr
95% Feb
95% Feb
97% June

Chicago Stock Exchange.— T h e c o m p le te record of
tr a n sa c tio n s a t th e C h ic a g o S to c k E x c h a n g e fr o m J u ly 6
to J u ly 1 2 , b o th in c lu siv e , c o m p ile d fro m th e officia l sales
lis ts , is g iv e n b e lo w .
P rices fo r sto c k s are a ll d ollars p er
s h a re , not per c e n t.
F o r b o n d s th e q u o ta tio n s are p er c e n t
o f p a r v a lu e .

S to ck s —

Par

Amor Shipbuilding.......100
Booth Fisheries—
Common new (no par)

Sales
Friday
for
Last Week’s Range
Week.
o f Prices.
Sale
High. Shares.
Price. Low.
130
23%

128
87
22%
83

23%
84

i%
14
70
13
1%
100
114
93
100
43
49
18
43
73
83
240
96%
136
69
88%

1%
14
70%
13
1%
102
114%
93%
107
43%
50
19
46%
73
83
240
97
137%
69
89

Cldc City A C R y pt sh
Chie Pneumatic T ool .100
Com m onw’ th-Edlson. .100
Cudahy Pack C o, com . 100

102

Diamond M a t c h .... ..1 0 0
Hartman Corporation. 100
Illinois Brick_________ 100
Lindsay L ig h t ...
.10
People's Gas Lt A Coke 100
Pub Sorv of N 111, com . 100

100
50
18%
73
96%

Sears-Rocbuck, com __ 100

130
90

Low.

H igh.

371
14

87
84%

Jan
Mar

144
20

IS A
80

Jan
Apr

144% M ay
93%
26
86

Feb
Feb

55
2%
1% Juno
12
Juno
45
18
120
47% Jan
71% Apr
Jan
10
8
16
50
1% July
2%
Juno 108
487 100
Feb
70 107% Jan 115
June
92
355
June
97
154 102
Jan 114
M ay
30
Jan
30
44
Jan
48
Apr
60
58
Jan
18
July
371
28
Jan
40% Apr
621
55
Jan
70
10
Juno
77
Feb
10
82
June
70
10 240
July 290
65
95
Jan 100
Jan
91 120
July 157
Feb
5
53 % Jan
69
80
88% July
91%

Stewart Warner Specdom
C o m m o n ____— . 100
Swift A C o ____________100

59
105%

58% 60
105% 107%
106
106

670
1,576
7

Union Carbide A Carbon
C o _____________ (no par)
Unit Pap Board, com 100

57%

50% 59
22
22
102
102
61
61%
96
97

14,140
170
19
225
16

86
59
82
93%
90%
99.24
93.92
93.90
95.80
49
75
93

$2,000
2,000
5,000
2,000
1,000
1,250
550
6,750
3,020
1,000
2,000
4,500

Wilson A C o, com m on. 100

Range since Jan. 1.

47
Jan
102% June
101
June
Apr
Feb

47%
14%
100%
46
95

Jan

60
146
108

July
Apr
June

59
22%
1 10
65%
99%

July
M ay
M ay
Mar

B on ds.
Chicago City Ity 5s. .1927
Cldc City A Con Ry 5sl927
93%
Chicago Telep 5 s .. . -1923
Commonw Edison 5s. 1943
Liberty Loan 3 % s . 1932-47 ______
_____
Lib Loan 2d 4s.
1927-42 ______
Liberty Loan 4 % s — 1928
M etr W Side El 1st 4s 1938
Swift A C o 1st g 5s. .1944 ______
x Ex-dlvldend.

86
59%
82
93%
90%
99.40
93.92
94
96.10
49
75
93%

84% Jan
52
Jan
82
92% June
Mar
90
Jan
97
93.30June
June
93
95.20Junc
Apr
45
75
92% Apr

88% Apr
60
June
88%
96% Jan
94% Mar
99.50June
97.50 Jan
97.52 Mar
98.10M ay
57
Jan
80
95% Jan

Pittsburgh Stock Exchange.— T h e c o m p lo te re co rd o f
tr a n sa c tio n s a t the P ittsb u rg h S to c k E x c h a n g e fr o m J u ly 6
to J u ly 1 2 , b o th in c lu siv e , c o m p ile d fr o m th e o ffic ia l sales
lis ts , is g iv e n b e lo w .
P rices for s to c k s are all d o lla rs per
s h a re , not per c e n t.
F o r b o n d s th e q u o ta t io n s are p or c e n t
o f p ar v a lu e .
Friday
Last Week’s Range
S to ck * —

Par. Price. Low.

Amcr Rolling M ill--------- 25
Amor Wind Glaas MachlOO ______
Amcr Wind Glass prcf.100 100
Harb-W alk Refrac, pf.100 —
Indep Brewing, com ------50
P referred____________59
Lone Star G as............... 100
Lone Star Gas rights--------49
M frs Light A H eat.........50
n%
Ohio Fuel O il.................... 1
Ohio Fuel Supply. - .... -25 .._____
23
Okla Natural G as______25
Plttsb Brewing, com ___ 50
Preferred......... ..
50 ______
31c
PIttsb-Jorome C opper__ 1
Plttsb M t Shasta C op .
1 30c
7%
Plttsb Oil A G a s .. . .100
Plttsb Plate Glass com . 100 110
2%
Riverside East Oil, p ref. 5
U S Steel Corp, c o m __ 100 104%
95
West’houso Mr B r a k e ..50
W est’houso Elec A M fg .50
B on d s—
36
Indep. Brewing 6s__ 1955

44
52%
99
100
1%
7%
142
8
49
14
41%
23
2%
9
x50%
28c
28c
7
110
2A
103%
95
A2A
30

Sates
for
Week.
High. Shares.

44%
53
100
100
1%
7%
142
8
49%
14%
42
23 A
2A
11
52%
35c
30c
/A
110
2%
107%
96%
42%
36

Range since Jan. 1.
High.

Low.

110
890
50
10
625
150
10
300
80
116
187
1,210
100
185
185
35,383
7,900
168
203
95
275
285
375

44
40
99
100
1%
6%
95
8
48%
14
41
23
1%
8%
45
28c
21c
bA
110
2%
87%
93
39

July
Jan
Jan
July
Apr
M ar
Juno
Jan

$1,000

34

Apr

July
Jan
June
July
Jan
M ar
Jan
July
June
July
Mar
July
Mar
Apr

63%
101
102%
2%
9%
165
8
53
16
46%
25
3%
f3
58%
1
48c
7%
117
2%
113%
97%
47
40

Apr
June
Feb
Feb
M ay
Jan
M ay
July
Jan
Jan
June
Jan
M ay
Jan
Feb
M ar
Mar
Jan
Feb
M ay
M ay
M ay
Jnn

Baltimore Stock Exchange.— C o m p lo te record o f th e
tr a n sa c tio n s a t tho B a ltim o r e S to c k E x c h a n g e fro m J u ly 6
to J u ly 1 2 , b o th in c lu siv e , c o m p ile d fro m th o o fficia l salos
lis ts , is g iv e n b e lo w .
P rices for sto c k s are all d o lla rs por
sh a ro , not por c o n t.
F o r b o n d s th o q u o ta tio n s are p e r c e n t
o f p ar v a lu e .




169
Sales
Friday
for
Last Week's Range
Week.
Sale
. o f Prices.
Par. Price. Low.
High. Shares.

.100
.100
__10
.100
Consol G , E L A Pow . .100
Consolidation C oa l__ .100
...5
Preferred__________ . . . 5
Davison Chemical .n o par
Elkhorn Coal C orp __ ..5 0
Houston Oil pref tr ctfs 100
M erAM iners Trans V T100
M onon Vail T ra c____ ..2 5 ______
M t V-W ood Mills v t r.100
.100
71
Northern Central____ ..5 0
I’ ennsyl W at A Power .100
..5 0
Wash Balt A A n n a p .. -.5 0
B on ds—
Atlanta Consol St 5s. 1939
Atl C I.(Conn) 5-20 4s 1925
City A Suburban 1st 5s '22
Consolidated Gas 5 s . . 1939
Consol G E LAP 4 % s 1935
Consol Coal ref 5s__ 1950
1923
Cosden A C o ser A 6s. 1932
1932
Elkhorn Coal Corp 6s. 1925
Houston OH dlv ctfs ’23-'25
K irby Lumber Contr 6s '23
M St A St p C Jt 5 s .. 1928
N orf A Atl Term 5 s . . 1929
Norfolk St R y 5s____ 1944
Pennsy W A P 5s____ 1940
Rich A Danv deben 5s 1927
St Jos L II A I> 5s___ 1937
United R y A E 4s____ 1949
Income 4s_________ 1949
Funding 5s small__ 1936
Wabash Equipment 5s____
Wash Balt A Annap 5sl941

95

87 A
76
2A
75 '
95
85%
6A
3%
35
26
72
65
14%
15%
75%
70%
65
20
29
96%
83
97%
98
81%
90%
88
98%
78%
78%
96
97%
97%
89%
84
95
85
95%
85
71%
53
74
97
82%

Range since Jan. 1.
Low.

High.

75 '
96
85%
b7
A
3%
35%
26
73
70%
15
15%
76
71
65
20 M
30 '

50
25
200
77
257
122
1,273
697
95
30
95
132
14
101
243
60
5
415
205

50
56
2A
73
94
84%
6A
3%
30
22%
64
65
14%
14%
68
70
60
17A
24

106
87
3%
87
Jan 102
106
June
July
8%
4
Jan
Jan
38%
29
Jan
Apr
80%
90
July
July
16%
June1 17%
76
74
Jan
Jan
67
24 U
Jan
30%

June

96%
83
97%
98
81%
91
88
98%
78%
79
96
97%
97 %
89%
84
95
85
95%
85
72
53
75%
97
82%

$1,000
3,000
1,000
1,000
3,000
6,000
1,000
1.000
21,000
20,000
1,000
5,000
1,000
2,000
3,000
5,000
1,000
5,000
1,000
7,000
16,000
2,700
1,000
2,000

95%
83
97%
98
81
90
81
98%
77
78
95%
88
95%
89%
84
95
84
95%
85
71%
52%
74
97
80

Mar
July
Jtdy
July
Jan

Jan
M ar
Feb
Apr
Feb

87 A
76^

98
84
100
100
84
95
Jan
89%
July 103 ^
June
82)4
83 A
July
98%
Jan
99
Apr
98%
July
95
84
July
July
97
Marl 87
Apr
95%
July
85
July
77%
June
58%
July
82%
July
97
Janl 83%

Feb
Feb
Jan
Jan
Jan
M ar
June
Mar
Jan
Feb
June
M ay

June
Feb
Jan
Jan
June
Jan
July
Feb
June
Apr
July
Feb
Jan
Feb
July
Feb

Philadelphia Stock Exchange.—
a t P h ila d e lp h ia J u ly
sales lists:

S to ck s—

6

to J u ly

R e c o r d o f tr a n s a c tio n s
1 2 , c o m p ile d fr o m o ffic ia l

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

American Gas of N J ..1 0 0
American M illing______ 10
Baldwin L ocom otive. 100
P referred_______
100
Cambria Iron ..................50
40
54
Elec Storage Battery. .100
General Asphalt______ 100
34%
P referred....................100
69%
Insurance C o of N A .10
26%
J G Brill C o ________ .100
24%
K eystone Telephone____50
Lake Superior C o r p ...1 0 0
20%
Lehigh N avigation_____ 50
69
Lehigh V a ll e y .._______ 50
M idvale Steel A O r d .. .50
Pennsylvania Saif Mfg__50
Pennsylvania....................50
44%
Philadelphia Co (P itts ).50
Prof (cumulative 6 % ) 50
34
Phil Electric of P a.
.25
24%
Phil Rap Tran vot tr rets. 50
27
Philadelphia Traction. . 50
R e a d in g _______________ 50
89%
Tono-Belm ont Devel
1
2%
Tonopah M i n i n g . . ____ 1
2%
Union T raction ________ 50
37%
United Cos of N J ___100
United Gas Im pt............. 50
64%
U S Steel C orporation.100 104%
Win Cramp A Sons____100
York Railways pref____50
B o n d s—
U S Lib Loan 3 % s. 1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s. 1927-42
3d Lib Loan 4% s._1928
A m G asAE lecSssm all 2007
Baldwin Locom 1st 5s 1940
Beth'm Steel pur m 5s 1936
Elec A Peo tr ctfs 4 s .. 1945
S m a ll___
1945
Inter-State Rys coll 4s 1943
Lake Superior Corp 5s 1924
Small ......................1924
Lehigh C A N cons 4 % s 1954
Lehigh Val cons reg 6s 1923
Pennsylv R R gen 4% s 1965
Consol 4 % s _______ 1960
P A W B ctfs 4s____1921
Pennsylvania Co 4s 1931
Philadelphia Co cons A coll
tr 5s stam ped______ 1951
Phtla Electric 1st 5s .1965
Small
.
1966
Pub Serv Corp N J 5s. 1959
Reading gen 4 s . . . . 1997
Spanish Amcr Iron 6s. 1927
United Rys Invest 5s. 1926
York Railways 1st 5s. 1937

94.10

57

95

93

99

Range since Jan. 1.
Low.
July
Jan
Jan

67%
10%
89% .
100
40
52%
34
69
26%
24%
8
19
68
58%
52
84
44
29
33%
24%
25
68
89%
2%
2%
37%
185
64%
103%
82%
32

68
10%
89%
100
40
55%
35%
71
27%
27
8
20%
69%
59%
52
84%
44%
29
34
24%
27
68
93
3
2%
37%
185
65%
108%
83%
32

27
10
10
30
130
5,164
5,241
1,825
12
355
25
11,751
341
142
100
60
1,008
40
213
2.462
1,330
42
610
965
890
300
12
1,024
10,595
80
15

67%
9%
58%
95%
40
48
14%
47
24
18
8
12
61%
55
43%
82
43%
21%
29
24
23%
66
71
2%
2%
37%
185
64%
86%
74
31

99.20
93.60
93.70
95.70
79
100
81
70
70
36
55
53
92
101%
75
88%
95
95
83%

99.60
94.14
94.10
96.20
79
100
81
71
70
36
57
53
92
101%
75
88%
95
95
83%

$6,350
11,300
44,750
39,350
500
3,000
2,000
15,000
500
5,000
13,000
500
1,000
1,000
2,000
1,000
1,000
3,000
4,000

97
Jan
93
June
92.80June
95.30June
77% Mar
99% Apr
79
Mar
70
Mar
70
36
July
47% Jan
48
Jan
92
June
100% Apr
75
July
87
June
95
July
95
Apr
83% July

78
93
93
79%
83
99
59%
89%

78
93
91
79%
83
99
59%
89%

1,000
33,000
700
1,000
3,000
1,000
10,000
2,000

73
92
93
78%
81%
99
54
89

Apr
Mar
M ay
Jan
Jan
Jan
M ay
Jan
Jan
Jan
Jan
Jan
June
Apr
Apr
June
M ar
Apr
Jan
July
July
June
July
July
M ar
Jan
Feb

July
July
June
July
Apr
M ay

High.
89
11
100%
100
43
55%
36%
71
27%
27
9
20%
69%
63
59%
90%
47%
39%
34
26
30
71%
94%
3%
4
42%
195
72%
113%
95%
33

Jan
M ay
M ar
July
July
July
July
July
Jan
July
July
M ar
M ay
Mar
Jan
M ay
M ay
M ay
Jan
Feb
June
M ar
Jan
Jan
Feb
Jan
M ay
June
Jan

99.70 M ay
97.91 Jan
97.60 M ay
98.52 M ay
82
Jan
M ay
101
83% M ay
73% M ay
74
Jan
42
57
July
July
53
95
Jan
101% July
80
Jan
92
98%
Apr
96
83% July
82
Jan
96
97
79% July
85
101
Feb
60
Jan
89% June

* Ex-dlvldend.

Volume of Business at Stock Exchanges
TR A N S A C T IO N S AT T H E N EW Y O R K ST O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .
Stocks.

Week ending
July 12 1918.
Shares.

W ednesday.............

T o t a l ___________

184,900
409,400
259,400
307,900
616,600
232,810

Par Value.

Railroad.
A c..
Bonds.

S16.306.000
37,053,500
22,386,500
28,429,000
58,213,500
21,014,000

$324,000
695,000
863,000
965,000
751,000
682,000

2,011,010 $183,402,500

$4,280,000

Stale, Mun
A Foreign
Bonds.
$381,000
392,000
947.000
407.000
639.000
594.000

U S.
Bonds.
$1,488,000
2.924.000
3.740.000
3,358,000
2,677,000
3,716,500

$3,360,000 $17,903,500

170

THE CHRONICLE

Sales at
New York Stock
Exchange.

Week ending July 12.
1918.

1917.

Stocks— N o. shares___
2,011,010
3,785,781
Par value . ................ 8183,402,500 8363,323,650
Bonds.
Government bonds___
State, m un., A c., b d s.
R R . and mlsc. bonds,
h*
Total bonds..............

Jan. 1 to July 12.
1918.

1917.

77,261,680
$7,201,949,000
S12.900

107,960,737
$9,851,426,555
$54,300

$17,903,500
3.300.000
4.280.000

$5,205,050
4,705,000
7,327,500

$524,288,500
110.198.500
152.366.500

$17,006,850
198,824,000
319,012,500

325,513,500

S17,237,550!

$786,853,500

$534,843,350

D A IL Y T R A N S A C T IO N S A T T H E BO STO N . P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .
Boston.
Week ending
July 12 1918.

Shares.

Bond Sales.

Philadelphia.
Shares.

Bond Sales.

Baltimore.
Shares.

Bond Sales.

Saturday................
M o n d a y .......... ......
T u e s d a y ........... ..
W ednesday............
Thursday................
F r id a y ___________

7,458
9,401
9,152
11,876
11,845
11,211

$28,000
29,600
94,950
39,300
61,600
27,000

5,466
9,285
9,362
5,665
8,415
3,173

$12,450
65,150
51,900
36,000
26,250
26,000

594
761
1,554
847
666
15

$12,500
16,500
59,000
32,700
8,000
6,800

T o t a l __________

60,943

$280,450

41,366

$217,750

4,437

$135,500

N e w Y o r k “ C u r b ” M a r k e t .— B e lo w w e g iv e a re co rd o f
th e tr a n sa c tio n s ih th e o u tsid e se c u rity m a r k e t fr o m J u ly 6
to J u ly 1 2 , b o th in c lu s iv e .

I t c o v e rs th e w e e k e n d in g F r i­

d a y a fte r n o o n .
I t sh o u ld b e u n d e r sto o d th a t n o su ch r e lia b ility a tta c h e s
to tr a n sa c tio n s o n th e “ C u r b ” a s to th o se o n th e re g u la rly
o r g a n ize d s to c k e x c h a n g e s.
On

th e N e w

Y ork

S to c k

E x c h a n g e , fo r in s ta n c e ,

o n ly

m e m b e r s o f th e E x c h a n g e c a n e n g a g e in b u sin e ss, a n d th e y

O th e r O il S to ck s
{.Concluded)—

[Vol . 107
Friday r
Sales
for
Last Week's Rangi’
<2'.H
/jla
IVfi
file
O
C•
VVCC
A..
o f Prices.
Price. Low.
High.. Shares.

Oosden A C o, oom .r_____ 5 <
6%
Crystal OH A R e f .r ......... 1
1%
Drillers Oil r
.
10c
Elk Basin P e tro le u m .r.. .5
6%
Esmeralda Oil C o r p .r ___1
6c
Federal O ll.r ..... .......... ......5
2%
Glenrook O ll.r ..................10
4%
Hanover Oil A R e f . r . . . 5
1%
H ouston Oil c o m .r ____luO
73%
Imperial Con Oil f . r ____ 1
%
Internal P e tr o le u m .r ..£ l
14%
Island OH A T r a n s . r .. . 10
4%
Kenova Oll_____________ 1
5-32
Kinney O ll.r ___________1
M erritt OH C o r p .r ......... 10 i 25%
M etrooolltan Petroleum .5 113-16
M ex-Eagle O ll.r ..................
12
M id Cont OonsOllAUt.r.lO'
7%
1.04
M idwest OH o o m .r ______ 1
Preferred r ____________ i
Midwest R efin in g.r____ 50
N Y-C hlno O l l .r . ..............1 " " 4 0 c '
Northwestern Oil c o m .r . 1
58c
Oklahoma Oil o o m .r ____1
2o
Preferred r ...................... 1
4e
Oklahoma Prod A R e f . . . 6
7%
Okmulgee Prod A R e f .. . 6
4%
Omar Oil A Gas oom ____1
30c
Pcnn-K entucky Oll _ . r . . 5
5%
Pennsylvania Gasoline___1
Picardy O ll.r ..... .......... ...... 1 " 2 5 c "
Rice O ll.r .......................... l
21c
R oyal D utch C o rights___
Sapulpa R efin in g.r_____6
8
Sequoyah OH A R e f......... 1 11-16
Sinclair Oil warrants_____
Southwest O ll.r ________ 1
45o
Stanton O ll.r ___________1
1%
Texana Oil A R e f .r ......... 1
70c
Tuxpara Star Oll r ........... 1
2c
United W estern OH n ew .r
Victoria Oll r _______ .10
3%
W ayland OH A Gas, c o m .5
3%

8,000
6%
7
1%
1% 11,400
4,000
%
%
6%
6%
400
13,500
5c
6c
2%
2% 12,700
4%
4% 20,600
1%
2
2,700
8,300
66
74
11-32 % 29,700
14
14%
3,800
4
4% 17,000
% 5-32 15,100
11-16 %
2,500
1,800
25
27%
1 9-16 1% 18,000
12
12
200
1,300
7
7%
1.03 1.09 18,000
1,000
1%
1%
114
116
180
1,925
39c
43c
57c
61c
19,700
1% 0 2 % c 56,500
7,200
3c
6c
7%
7% 12,300
4%
4% 11,600
19,000
23c
30c
3,125
5
5%
2,000
3-16 %
3,500
24c
25c
19c
25c
76,200
2,700
18
21
7,655
8
*8%
4,500
11- 6 11-16
17
22
25
32c
50c
25,000
5,600
1%
1%
10,000
50c
70c
35,000
2c 2 % c
1,740
1 3-16 1%
3,240
3%
3%
1,000
3%
3%

Range since Jan. 1.
Low.

High.

*6% July
8% Feb
1
June
1% July
3-16 June
% Juno
7
Feb
5% M ay
5-16 Jan
5c June
2% M ay
4
Feb
3 % Jan
5
Jan
1% July
7% Jan
39% Jan
86% June
% June
% June
12% Feb
14% July
1 % Jan
6% M ar
3-32 Jan
% Feb
l
Apr
% M ay
17% Mar
29% June
% Jan
1% July
12
July
12
July
6% M ay
7% July
87 c
Apr
1.24 Jan
1
Apr
1% Jan
97
Mar 120
June
39o
Apr
44o
Apr
56o
Jan
89o
Feb
l % c July 8 % o
3o July
16o
Feb
6% Apr
8
M ay
2 % Jan
11% Mur
21c
Apr
40o
Jan
5
Jan
5 % Feb
3-16 July
% Feb
24c Juno
27o June
3-32 Feb
%
Apr
18
July *22
July
8
Mar
10% M ay
% Jan
1% M ar
20
June
40
M ar
32o July
580 Juno
1% Mar
2% M ar
30 c July
1% M ay
22o . M ar
lo June
2 % Feb
% Apr
0% M ar
3% June
3
Feb
3% Feb

M in in g Stock*

Alaska-Brit C ol M e ta ls ..1
52,350
52c
5-16 Apr
500
60o
70o M ay
69c
9,500
60o Mar
71o July
65c
71c
are p e r m itte d to d ea l o n ly in secu rities re g u la rly liste d — th a t America M in e s .r_______ 1
Amer T in A T u n g s te n .r .l
9-16
5-16 M ay 11-16 June
%
% 42,900
14,375
is , se cu ritie s w h ere th e c o m p a n ie s re sp o n sib le fo r th e m h a v e
39c
Amina M in (p ro sp ).r.5 0 c
38c
40o
22o M ay
40o July
24,200
13n Feb
Atlanta M in es....................1 4%C
4% o
6c
4% o Juno
c o m p lie d w ith ce rta in str in g e n t re q u ire m e n ts b e fo re b e in g
1,000
Austin A m azon , r _______ 1
3-16 M ar
3-16 3-16
7-16 M ar
13,700
% Jan
Big Ledge C opper_______ 5 "l 1-16
1% M ar
1
1%
a d m it te d to d e a lin g s .
E v e r y p re c a u tio n , to o , is ta k e n to
Booth _r_________________1
3,000
3o
Jan
30
3c
6o
Apr
44,000
4Io
Jan
54o
96o M ar
Boston A M ontana D e v ..5
52c
550
in su re th a t q u o ta tio n s c o m in g o v e r th e “ t a p e ,” or re p o rte d
1,000
% Jan
1% Jan
Bradshaw C o p p e r.r_____ i
%
%
%
21,800
39o M ay
66o
Jan
Caledonia M ining..............1
45c
43c
46c
in th e o fficia l lis t a t th e en d o f th e d a y , are a u th e n tic .
Calumet A Jerome Cop r . l
1 1-16 1% 14,400
*1
Jan
1% M ar
1%
1,900 1 6-16 Jan
Canada Copper C o L t d ..5
1% 1 13-16
2% Jan
O n th e “ C u r b ,” o n th e o th e r h a n d , there are n o re stric­
Cash B o y ......... ...................1 "5 % o "
5c
5% o 19,100
3% o Jan
19o
Feb
tio n s w h a te v e r .
A n y se c u rity m a y b e d e a lt in a n d a n y on e Cerbat Silver M A M r . . I 13-16
3,000
42o
Jan
1% M ay
%
%
800
2
2
2
1% Mar
C oco River M in in g .r____ 1
2% Jan
ca n m e e t there a n d m a k e p rices a n d h a v e th e m in clu d e d in th e
1,300
Consol Arizona Sm elt____5
l% i Feb
2 % Jan
1 % 1 13-16 1 15-16
Copper M ines____fi
5
Jan
400
*7% M ay
5%
5%
6
lists o f th o se w h o m a k e it a b u sin e ss to fu rn ish d a ily reco rd s Consol
% 9-32
Consol-IIom estead. r ____1
22c
Feb
1,500
% M ar
%
Copper
Valley
Mining
r_
_
l
1,160
% Jan
2% M ar
%
%
%
o f th e tr a n s a c tio n s .
T h e p o ssib ility th a t fic titio u s tra n sa c­
4%
4%
4% Mur
Cresson Cons Gold M A M l
4%
2,300
5% Jan
13-16
13-10
% Jan
15-16 June
500
tion s m a y cree p in , or e v e n th a t d ea lin gs in sp u rio u s se cu ri­ Dundee Arizona C opper. 1
71c
75c
74c
76c M ay
El Salvador S llver.r_____ 1
9,300
65o Mar
20c
19c
25c
ties m a y b e in c lu d e d , s h o u ld , h e n c e , a lw a y s b e k e p t in m in d , , Emma C o p p e r .r ................ 1
15c Juno
Fob
84,300
Eureka Croesus M in r . . . 1 115-16 1 13-16
2
7,600
% Feb
2% June
p a r tic u la rly a s re g a rd s m in in g sh a r e s.
I n th e c ir c u m sta n c e s , First N at Copper _______ 5
2,325
1% Apr
1%
2%
2% Jan
Golden Rule M in e s.r ____1 ______
7-16
%
% M ay
3,600
% June
i t is o u t o f th e q u e stio n fo r a n y o n e to v o u c h fo r th e a b s o lu te Goldfield Consolidated. 10 20c
20o
22c
4,300
June
7-16 Jan
Goldfield M erger.r........... 1 2 % c
2c 2 % o
5o
Feb
6,000
l % c June
tr u stw o r th in e ss o f this re co rd o f “ C u r b ” tr a n sa c tio n s , a n d
Great Bend r
.
1
4c
3,000
3c Juno
3 % c 4c
10c
Feb
% 9-16
2,525
1
Apr
Green Monster r ........... 50c
9-16
% Apr
w e g iv e it fo r w h a t it m a y b e w o r th .
2% Jan
Hecla M ining..................25 o
4
5
Jan
3 15-16 4 9-16
2,970
330
29c
35c
14c M ay
H ypotheek M A M . r . . l 0 c
89,500
35o June
Friday
Sales
10c
9o
10c
8o
Jan
20c
Feb
40,000
international M ln e s .r . .1
Week ending July 12.
for
Last Week's Range
Range since Jan. 1.
1,200
5-16 Apr
Iron B lossom .r_______ 10c
11-16 Jan
%
%
Sale.
Week.
o f Prices.
9
Apr
1-16
1-16
%
3,000
% July
Jerome Prescott Cop r . . . 1
Stocks—
Par. Price. Low.
Low.
High. Shares.
High.
% 9-16
3,100
% June
% Jan
Jerome Verde C opper____1 9-16
55n
Jan
64c
68c
65c
Jim Butler r _ _ .................... 1
90o
Jan
17,700
Aetna E x ‘'1oh_ t___(no par)
12%
12% 13% 13,000
16% M ay
Jumbo Extension_______ 1
8o
9o
6% Feb
3,200
8c July
24o
Jan
Atlantic F r u it.r ______ 100
15
100
15
10% Jan
15% Feb
4c
3c
4c
K ew anu s.r______________ 1
5,000
2 % o Juno
90
Feb
Brlt-Amer T o b ord b e a r.£ l
14% Apr
500
18
Feb
16% 17
7-16 7-16
Lampazos SHver................ 1
2,600
7-16 Juno
2
M ay
%
Burns Bros Ice r ______ 100
30%
27
18% June
31% July
28o Feb
31% 14,600
56c
45o
56c
Liberty Sllv (p r o s p 't ) .r .-l
20,700
50o July
5
Carbon Steel c o m .r ___100
77
117
117
Jan 133
June
4 % c 8c 677,500
Lone Star C o n so l.r_____ 1 5% o
lo M ay
8o July
Chevrolet M o to r ______ 100 133
3,000 100
131
136
Jan 144
June
7-16 %
4,800
% July
Louisiana Consol_______ 1
% M ay
%
Cities Service c o m .r ___100
50 200
Fob 219% Jan
208
203
25c
25c
3,300
M agm a C h le f.r _________ 1
% Apr
% M uy
Cuprlte-Esmeralda Sul34
35
M agma Copper_________.5
400
27
M ay
42
Jan
1
M ay
6,000
1 3-16 1%
Marsh Minin# r ________ 1
4% o 4% c
1,000
1% July
3% cJune 8 % o M ar
1%
Cuprite Sulphur.r______ 1
M ay
6,200
%
2% Feb
800
M ason Valley......... .......... 5
4
4%
%
%
%
4%
3% July
6% Jan
Jan
25
Curtiss Aerop A M com (t)
2,800
42
Juno
39% 40%
7c
6o
8c
39,000
6 % o Apr
Monster Chief r ................1
6-16 Jan
4% M ay
Eastern V en din g.r......... .5
2,925
6
June
37c
35c
37o
25n
Ian
5%
5%
5%
M other Lode r . . ..............1
8,300
66o Apr
Emerson Phonograph____5
250
2o
1% June
4% Jan
l % c 2c
National Leasing r ______ 1
62,800
I % o July
1% *1%
8c
Feb
Freeport Texas S u lp .r .(t )
16c
100
31% July
39% A pr. Nat Zlno A Lead r ______ 1
13o
17c
31% 31%
13,000
13u July
38o
Feb
June
23%
37
General Asphalt c o m .r . 100
34
34
July
37
9,500
18% 18%
New C orn elia.r__________5
200
15% Jan
20
M ay
Proforred r
100
June
61
71
43c
45c
200
July
69% 71
Nixon N evada______
1
11,900
36c Juno
1% M ar
Gillette Safety R a z o r .r .(t l
Juno
96
550
77% Mar
97
95
Ohio Copper r ___________1 15-16
9,200
%
1
% Juno
1% M ar
Grape O l a _____ _________ 1
1,275
% June
6
5%
Onondago M ln e s.r______ 1
5%
%
% June
257,150
%
%
2
Jan
0
July
Preferred_____________ 1 111-16 1 9-16 1 11-16
1,575
2
1% June
1 % July
Paolflo T u n gsten .r______ 1
1%
2
181.000
2
July
l*/(e June
12% Jan
Ke.vst Tire A Rub, com . 10
900
20% June
19%
18% 19%
Ray Hercules Mining r ._ 6
4%
4%
3% Jan
3,700
4% Jau
K irby Lumber c o m . r . . 100
10% Jan
17
1,300
19% Juno
17%
% 7-16
Red Warrior Mining r ._ .1 ______
% M ar
800
•At July
P re fe rre d .r_________100
60
Jan
60
10
63
Jan
9C
60
Rex Consolidated M g .. 1
8o
9o
8o M ay
15c Fob
12,000
Lake Torpedo B o a t . r .. 10
42c
1,100
2% Apr
6
4%
M ay
4%
40o
42o
Rochester C o m b in e d .r ..l
42o July
51,100
39o July
Lima Locom otive com rlOO ” 44 %
42% Apr
576
44% *46%
50% M ay
Rochester Mines
1
36o
38o
fi4o M ay
27o
Jan
8,200
M arconi Wlrel Tel of A m .5
3% June
3%
1,900
3%
3%
3% Mar
12% M ay
Seneca C o p p e r ...(n o par)
11% 11%
300
7% Jan
M axim M u n ition s.r____ 10
1,000
7-16 7-16
1
Jan Senorlto C o p p e r________ 1
% June
% Jan
%
1
M ay
3,700
%
%
N Y Transportation____ 10
7,100
16
20
13% July
20
July Sliver Flssue Sliver r ____ 1 13-16 13-16 13-16
% M ar
X9M
% M ar
9,800
North Am Pulp A Pap (t)
2
Apr
600
2%
2%
3% M ay
SHver K ing of A rliona___X
62c
% 47,000
7-32 Apr
%
% June
43
Penn Seaboard Steel___(t)
2,525
55%
65% 56%
M ay
56% June
% 7-10
July
Standard Silver-Lead____1
2,000
% Apr
%
Penna Coal A C o k e .r_ .5 0
31
34
750
28% June
31
31
July
Stew art.. . .
1
16c
17o
16c July
10,000
% .lau
Poulsen Wireless r ____100
10
Apr
12% 14%
3,500
15% M ay
13 Vs
Success M inins .
. . 1
7o
Jan
9 % c 11c
5,300
16c
Apr
1%
1
Smith M otor Truok.
..
Jan
7,500
2
Jan
1%
2% Apr
3
Superior C op (prosp’ t) (t)
3
3%
1,700
3% M ay
Steel Alloys Corp r ______ 5
6
600
5
June
5%
6
5%
July
2 % June
2%
2%
200
Tonopah-Belm ont D ev r 1
3 % M ar
16
Submarine Boat v t o . . ( t )
16%
17
3,100
20% M ay
11% Mar
1% Jan
9,600
Tonopah ‘ Extension_____ 1 111-16 17-16 1 13-16
1% Jan
4
Thlosren Co of Amer r . . 5
Mar
5%
5%
6% 10,626
6% July
T onopab M in in g _______ 1
2 5-16 2 7-16
1,000 2 5-16 July
4
Jan
Triangle Film C orp v t c .5
200
1
Jan
10c M ay
% 7-16
% June
12c
12o
14o
6,000
T roy-A rlzon a.r..................1
24o M ay
Jan
rtnlted M otors.r. .(n o pari
32%
33%
29,500
34% June
31%
19%
United Eastern..................1
3 1-16 3%
7,895
3%
y / e Juno
5 % Feb
2
*2%
1
Mar
U S Light & H eat c o m .r . 10
2
2,610
2% M ay
23o *270
U 8 Lead A Zinc l . r ......... 1
26c
15,075
Do
Feb
60o M ar
0 8 Steamship.................. 10
6
8,400
4% Jan
5%
6%
7% M ay
10c
10c
12o
9,300
Ward M in A Milling r ___1
4o M ay
25c June
W rlgbt-M artln A lr o .r .. ( m
10%
10% 11
25,000
6% Jan
950 1 1-16
West End Consolidated 6
1
65o
Jan
7,500
t % Juno
11% M ay
Preferred.r.................. 100
64
64
65
250
45
Feb
69
June W hite Caps Extension. 10c
5o
4o
5c
5,000
4c July
18c
Feb
34o
28c
37c
41,800
White Caps M in in g ... 10c
27c June
% Jau
Form er S ta n d a rd Oil
S u b sidiaries.
B o n d s—
Atlantic R efin in g.r___100
945 1018
105 908
iu n e 1018
July
Galena-Signal Oil com rlOO
127
127
July 145
50 127
Jan
Ain Tel A Tel 1-yr 6s. 1919
99%
99% 99% $3,000
99% M ay
98% M ar
Ohio O ll.r .........................25 _____ 324
324
Jan 365
20 300
Jan
94% 94% 186,000
6s when issued__________
94%
95
June
91% July
Pierce Oil C o r p .r _____ 25
17
18% 76,200
13
June
18% July
17X
Armour A C o deb 6S--1919
99
99
99% 65,000
99
Juno 100
June
South .Penn O ll.r _____ 100
Jan 290
Jan
267
267
10 262
Dohentiirn fis
1020
97% 97% 45.000
97% June
98
June
Standard Oil of N J . r .. I 0 0
531
532
M ar 579
50 510
Feb
Debenture 6s_ . . 1921
96% 96%
96% June
96% June
4,000
Standard Oil of N Y.r.ICK) 280
273 . 280
Jan 285
255 252
Feb
95%
95% 95% 27.000
95% July
Debenture 6s............1922
96
June
95%
95% 95% 38,000
95
Juno
Debenture 6s______ 1923
95% June
O th e r OH S tock s.
95% 95% 60,000
95
June
Debenture 6s______ 1924
95%
95% June
Allen O ll.r ...........................1
5-16 M ay 11-16 Jan
725
96% Jan
%
%
Beth Steel 6% n o te s .. 1919
08% 99% 101.000
09% July
Amer Ventura O ll.r ......... 1
Jan
17c
15c
18o
6c
21c June
29,300
94% 90
Bklyn R ap T new 7s r ____
96
49,000
94% July
96
July
Appalachian Oil r _____ 10c
90
10c
60
Jan
8c
59,900
100 June
94% Jan
Canada (D om of) 6 s .. 1919
96% 97% 71,000
97% M ay
Barnett Oil A G a s.r......... 1
5-16 7-16 10,000
1 3-16 Jan
.. %
Erie R R 5 s .r ................1919
90% 96%
93% M ar
He June
3,000
97
M ay
Boston-W yom lna Oll.r
l
18c
20o
18o July
3,000
33c
Jan
Federal Farm Loan 5 s ___
102% 102% 102% 41,000 101% June 102% July




THE CHRONICLE

J u l y 1 3 1 9 1 8 .]
Friday
Sales
Last Week’s Range
for
Sale.
o f Prices.
Price. Low.
High. Shares.

B on d s—

Gen’l Elec 6 % n o te s .. 1920
6 % notes_________ 1919
Procter A Gamble 7s. 1921
Russian G ovt 6M 8.r_1919
5 H 3 - r _ - ....................1921
Sinclair Gulf conv 6s. 1927
Union Pacific 6s w i______
W est’house El A M fg—
1 year 6 % notes-----------

100 %
49
4GM
98 M

Range since Jan. 1.
Low.
98 %
99
99
38
32
76
97%

99% 100% 59,000
99% 100
4,000
100!$ 101
5,000
44
50
81,000
43
46 % 57,000
5,000
76 % 76 %
9814 98% 361,000
99%

99%

6,000

101 %
100!$
101 %
58
52
80 %
98 %

M ay
Apr
M ay
Jan
Jan
Juno
Juno

98 % M ay

9>%

Apr

* Odd lots, t N o par value, i Listed as a prospect. I Listed on the Stock E x­
change tills week, where additional transactions will bo found, o N ew stock,
r Unlisted, u Ex-cash and stock dividends, to W hen Issued, x Ex-dividend.
c Ex-riglits. 2 Ex-stock dividend.

B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , &c.— W o give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Bonds and Legal Tenders
on Deposit for—

Circulation AJloat Under—
Legal
Tenders.

Legal
Tenders.
S

June 30
M ay 31
Apr. 30
M a r .30
F e b . 28
Jan. 31
D eo. 31
N ov .30
Oot. 31
Sept .29
Aug. 31
July 31
June 30

1918.
1918.
1918.
1918.
1918.
1918.
1917.
1917.
1917.
1917.
1917.
1917.
1017.

36,878,979
35,989,575
36,189,817

690.384,150
691.579.160
688,969,710
688,060,510
085,349.410
684.508.260

36,262,360

679,440,210
678,134,370

39,573,272
41,396,305

673,121,730
671,333,060

45,416,747
47.749,577

37,047,275
36,311,670

683.681.260 37,307,649
681,666.810 38,103,287
677,818,430 43,223,059

687,326,508

36,878,977

687,908,070 35,989,575
686,098,360 36,189,817

684,667,147 36,252,360
680,992,730 37,047,275
681,621,645 36,311,670
681,814,981 37,397,649
678,948,778 38,103,287
676,703,103 39,573,272
675,182,077 41,398,305
074,514,656 43,223.059
670,367,175 46.416,747
667.670.433 47.749.577

724,205,485
723,987,615
722,288,177
720,919,507
718,010,005
717,833,215
719,212,630
717,052,065
710.270,375
716,578,382
717.737,715
715,783,922
715,420,010

§15,444,000 Federal Reserve bank notes outstanding July 1, o f which §14,533,000
covered by bonds and §911,000 by lawful money.

The following show the amount of each class of U . S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on June 30:
U. S. Bonds Held June 30 to Secure—
Bonds on Deposit
June 30 1918.

2s, U . S.
3s, U . S.
4s, U . S.
2s, U .S .
2s, U . S.
Ono-ycar

10

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

Consols of 1930____
Loan of 1908-1918.
Loan of 1925______
Panama of 1936____
Panama of 1938____
Treasury notes____

T otal .

S
14,137,250
825.000
304,500
156.000
2,874,000
18,296,750

Total
Held.

S
557,938,350
16,472,020
43,825,600
47,299,060
24,849,120

$
572,075,600
16,472,020
44,650,600
47,603,560
25,005,120
2,874,000

690,384,150

708,080,000

The following shows tho amount of national bank notes
afloat and tho amount of legal-tender deposits June 1 and
July 1 and thoir increase or decreaso during the month of
M ay:
National Bank Notes— Total Afloat—
Amount afloat June 1 1 0 1 8 .............................................................................$723,987,045
N
et amount
.............
........ issued■ during June.
..........................................................
217,840
Am ount of bank notes afloat July 1 1918
- $724,205,485
Legal-Tender Notes—
Amount on deposit to redeem national bank notes June 1 1918______ §35,989,575
N et amount of bank notes Issued In June................
...........................
889 402
Am ount on deposit to redeem national bank notes July 1 1918____ §36,878.977

Now York City Banks and Trust Companies
A ll p rice s n o w d o lla rs per sh are.
n ka—N .Y
lerioa * ___
ler E x c h ..
Iant ic .........
ttcry Park.
wory * -----onx B oro*,
onx N a t .. .
yant Park*
tch A D rov

BUI.
485
218
170
210
400
150
160
145

As*. li
B a n ks.
495 Lincoln____
225 IManhattan .
180 hMech & Met,
'M erchants
IM etropolitan1
200 Mutual
175
155
23 New Y o r k ..
350 |lPacific * ____
245 Parle---------IPeople’s •__
395 "
220 {Public____
378 {Seaboard .
215 Second __
'[Sherman .
170 " IState*____
174
410
United States1
190 Wash H ’ ts*_.
108 Westell Ave*.
324 Yorkviile * . . .
95
Brooklyn.

3To"
it A P iicn. 237
slsea Ex *. 120
sm lcal------ 385
Izens......... 210
y ................ 373
il A Ir o n .. 205
onial *____ (400
u m b ia * ... 160
nm eree__ 172
nm ’ l E x *, 390
mnoiimalth * ___ 180
itlncntal*. 102
n E xch *._ 318
imoplltan * 85
>& (BlS nl)
175
it River__
TT
15
:h A v e*___ (1800 2200 First...............
230 F latbu sh ___
215
900 Green point
875
170
185 j Hillside * - - . ,
lfomestead *
200
jnwlcb •
350 ' Mechanics’ *
330
665
650
im a n ____ 235
245 Nassau .
490
A T r a d .. 475
North Side*..
ing (tr
rtlflcates) 275
280 People’s ------385
395

Bid.
280
163
290
125
165
375
200
125
425
135
50
200
200
450
400
125
100
115
145
500
275
160
500
140
260
150
150
110

.43*.
300
167
290
135
175
215
135
505
65
215
470
425
135
108
130
155
175
575
155
270

165
120
110
57
62
____
95
200
207
133
138
175
200
130
140

1 T r u s t C o ’s.

Bid.

A i* .

! New York.
Bankers Trusl
Central Union
Colum bia____
C om m ercial..
Empire______
Equitable T r .
Farm L A T r .
F id e lity _____
Fulton . .
Guaranty T r
Hudson .
Irving Trust

357
365
t 885
392
248
110
290
300
335
340
370
300
200
270
250
320
325
135
145
(See Irving
\Nat Bank
Law T it ,t Tr
93
98
Uncoln Trust
105
97
Mercantile Tr
A Deposit
200
190
M etropolitan- 300
310
Mutual (W estChester)
105
125
N Y Life Ins
A T r u s t ..
900
875
N Y T r u s t ... 585
605
Scandinavian 260
270
Title Gu A Tr 245
255
Transatlantic 175
U S M tg A T r 400
410
United States 875
W estchester.. 130
140
Brooklyn.
Brooklyn T r . 495
510
i- ranklin......... 230
240
H am ilton____ 240
260
Klims County 620
650
Manufacturers 160
People’s ......... 263
273
Queens C o __
70
80

• Banks marked with a (•) are State banks, t Sale at auction or at Stock Ex­
change this week. { Includes one-third shore Irving Trust C o . t New stock.
vEx-rlghts,




New York City Realty and Surety Companies
All p rice s n o w d o lla rs per sh are.

High.

Jan
Jan
Mar
Mar
Apr
June
June

171

[ Bid
Alliance R ’ lty 1 55
Amer Surety.: 52
Bond A M G . 180
Casualty C o . ____
City Investing; 14
Preferred. _ 1 65

Ask
65
55
190
75
19
70

)
Bid
,,LawyersM tge
85
M tge B o n d ..
80
INat S u rety.. 166
N Y Title A
: M tge...........
50
l|

Bid
Ask ||
90 Realty Assoc
85 |t (B rooklyn).
60
170 U S Casualty. 175
lUS Title Guar 35
60 AVest A Bronx
II Title A M G 160

A it
70
190
50
175

Quotations for Sundry Securities
A ll b o n d p rices are “ a n d in te r e s t ” e x c e p t w h e r e m ark ed “ f
S tan d ard O il S to c k s P e fiSiari
r s ia n
Par Bid. Aik.
Anglo-Amerioan Oil n ew . £1
13
13U
985 1000
445 465
*92
94
315 330
40
10
445 465
38
Creaoent Pipe Line C o - . - 60 *35
Cumberland Pipe Line. .100 140 150
Eureka Pipe Line C o ____ 100 *190 197
Galena-Signal OH eom ___ 100 124 128
Preferred.........................100 125 145
Illinois Pipe Line.............. 100 163 167
98
Indiana Pipe Line C o _____ 60 *94
International Petroleum . £1 •1414 143-1
14
National Transit C o . -.1 2 .5 0 *13
200 210
New York Transit Co.
104 108
320 325
•32
35
Pieroe Oil Corporation___251 *1718 173a
Prairie OH A G as............. 100 495 500
Prairie Pipe Line............. 100 260 264
310 320
180 183
265 275
95 100
218 223
GI5 625
405 465
Standard Oil (Kansas). ..
320 330
450 470
530 534
278 282
400 410
98
SwanA F fr o h ________
100 94
99 101
Union Tank Line C o .-.-lO O
Vacuum OH______________100 336 345
34
Washington Oil_____ . . 10 *30
B o n d s.
Per Cent.
Pierce Oil C orp oonv 6a. 1924 84

80

O rd n a n ce S tock s— Per S kare.
65
69
Aetna Explosives p r e f.,.1 0 0
4
0
American A British M fg . 100
Preferred......................... 100 22 J30
Atlas Powder com m on__ 100 173 177
91
Preferred......................... 100 89
Babcock A W ilcox........... 100 111 115
Bliss (E W ) Co com m on . 60 •325 400
75
Preferred........................... 60 •65
Canada Fdys A Forgings. 100 140 160
Carbon Steel oom m on__ 100 *112 114
1st preferred__________ 100 95 100
2d preferred.....................100 70 74
Colt s Patent Fire Arms
65
M fg .................................. 25 •62
fluPont (E I) de Nemours
A C o com m on................ 100 273 278
89l2 91
Debenture stock______ 100
93
Eastern S t e e l....................100 88
50
Empire Steel A Iron 00 m . 100 45
SO
Preferred...................
100
Hercules Powder e o m .__ 100 240 245
Preferred______________100 100 110
Nllee-Bemont-Pond co m . 100 118 125
97
Preferred......................... 100 94
Penn Seaboard Steel (no par) *56U 56l2
Pbelps-Dodge C orp _____ 100 270 280
Soovlll M anufacturin g.. .100 455 470
30
60 *25
Thomas Iron................
Winchester Repeat Arms. 100 050 750
45
55
P u b lic U t ilit ie s
Araer G as A E lec 00m ____ 50
P re fe rre d ________________ 50
A m er L t A T ra o eo m ____ 100
P re fe rre d ........... .............100
A m er P o w er A L t c o m ._ .100
P referred _______________ ICO
A m er P ubllo U tilities oomlOO
P re fe rre d _______________ 100
C ities S ervice C o oom___100j
P re fe rre d ____ __________ 100
C o m ’ w 'lth Pow R y A L . 1 0 0
P referred ___ ___________ 100
E lec Bond A Share pref._100
Federal L ig h t A Traotlon.100
P re fe rre d _________
100
G rea t W est P o w 6s 1946.JAJ
M ississippi R Iv P o w co m . 100
P referred ___________
100
First M tg e 5s 1951 . . . J A J
N o r tli’ n States P o w 00m . 100
P referred _______________ 100
N o rth Texas E leo C o com 100
' P re fe rre d _______________ 100
Paoiflo Gas A E lec c o m .. 100
1st preferred.................. 100
P u get 8d T r L A P oom.100;
P r e fe r r e d ............. .........100!
R epubllo R y A L ig h t ____ 100
P re fe rre d _______________ 100
South C a lif Edison c o m . .100
P referred _______________ 100
Standard Gas A E l (D e l ) . 60
P re fe rre d .......................... 60
Tennessee R y L A P 00m 100
P re fe rre d _______________ 100
U nited Gas A Eleo C o rp . 100
1st preferred___________ 100
2d preferred___________ 100
U n ited L t A R y « 00m _____100
1st preferred___________ 100
W ee tern P ow er com m on . 100
P re fe rre d ....... .................100

*80
*39
184
92
40
66

83
40
187
94
43
69
20

45
206 208
741* 75l2
22
20
45
46*2
93
<191
7
10
35
40
78
80
14
17
4212
72
70
43
40
80l2 *2
52
57
70
76
3 6 '2 37*2
S0‘2 8134
12
10
46
42
18
20
57
59
77
79
96
99
•4
0
•19
22
21? 4
14
16
5
7
41
45
7
10
29
31
61
63
13
15
50
53

R R . E q u ip m e n ts— PerCt. !Basie |
Bid.\ Atk
6.12 5.75
6.00 5.50
6.00! 5.50
6.50 6.00
7.00 6.00
0.50 5.60
ft.50| 5.50
7.00, 6.00
7.75! 7.00
7.75, 7.00
6.50 6.00
6.00 5.50
5.75 5.25
7.00 G.00
6.50, 5.75
6.50 6.00
6.50 6.00
6.50 6.00
6 25; 5.75
6.25 5.75
6.00 5.60
6.00 5.50
6.50 6.00
6.00 6.50
6.25 6.75
6.00 5.50
7.00, 6.00
7.00' 6.00
6.50, 6.00
6 .SO! 6.00
6.25, 5.75
6.25 5.75
0.50 6.00
5.75 5.35
6.76 5.35
6.75 5.45
5.75! 5.45
7.001 6.00
6.75 6.00
7.00 6.00
7.00, 6.00
6.12 6.62
6.25 5.75
6.60 6.00

Baltimore A Ohio 4 % e ____
Buff Rooh A Pittsburgh 4%
Equipment 4s___________
Canadian Paoiflo 4 M s______
Caro Cilnchfleld A Ohio 6a_.
Central o f Georgia 5a____
Equipment 4% a............
Chicago A Alton is _____
Chicago A Eastern 111 6 M « -Equlpment 4M s________
Chic Ind A Louisv 4M s____
Chlo St Louis A N O 5s____
Chicago A N W 4 % b............
Chicago R I A Pao 4M s____
Colorado A Southern 5s___
Erie 5s_____________________
Equipment 4 M s_________
Equipment 4s___________
Hooking Valley 4s_________
Equipment 5s____________
Illinois Central 6s__________
Equipment 4M s_________
Kanawha A Michigan 4 M s.
Louisville A Nashville 6s___
Michigan Central 5 a _______
M inn St P A 3 S M 4 M s .. . .
Missouri Kansas A Texas 5s
Missouri Paoiflo 5s_________
M obile A Ohio 5s___________
Equipment 4M s............
New York Central Lines 5s. .
Equipment 4M a______
N Y Ontario A W est 4 M 8 --Norfolk A Western 4 M s___
Equipment i s ____________
Pennsylvania R R 4M s.........
Equipment 4s____________
St Louis Iron M t A Sou 6 s ..
8t Louis A San FranclBco 6a.
Seaboard Air Line 5s_______
Equipment 4 M s......... ........
Southern Paoiflo C o 4 M a ...
Southern Railway 4 M s_____
Toledo A Ohio Central 4s___

T o b a c c o S to ck s — Per Ska r e .
Par Bid.
American Cigar com m on.100 97
85
Preferred_____ ______ -.1 0 0
70
Amer M achine A Fdry__100
Britl8h-Amor T ob ac o r d ._ £ l *10
Ordinary, bearer______ £1 •151;
Conley Foil______________100 180
75
Johnson Tin Foil A M e t. 100
M acAndrews A F o r b e s .. 100 165
Preferred......................... 100 93
Reynolds (R J ) T o b a c co . 100 230
B com s t o c k __________ 100 200
Preferred..... ....................100 99
Young (J 8 ) C o _________ 100 125
Preferred..........................100 100

A$k.
101
90
80
17
1612
220
126
180
98
260
225
101
150
106

S h o rt-T e rm N otes— Per Cent.
9953 997g
Am C o t Oil 5s 1918 . .. M A S
97
5s 1919......................... M AS
973g
9953 998*
Amer TelA T el 6s 1919. _FAA
Balto A Ohio 5s 1814 ..J A J
98U 985s
Beth Steel 5s 1 9 1 9 ..FA A 15 99U 9912
99i2
Canadian Pao 6s 1924.MAS 2 99
Chic A W est Ind Os’ 18 .M AS
9S»2 90
Del A Hudson 6s 1920 FA A 97U 9712
Erie R R 6s 1919 .
. .. A - O
96i2 97
97
95
Fed Sug R fg 5s 1920. - -JA J
9978 100i8
Gen Eleo 6s 1920............JAJ
6% notes (2-yr) ’ 19. JA n 100 100U
993s 9958
General Rubber 5s 1918.JAD
97i8 973s
Great Nor Gs 1920......... M AS
9934 100
Hooking Valley 6a 1918 M AN
993s
99
K C Term R y 4 Ms *18.M A N
95
94
4 Ms 1921.......................JAJ
97l2 983s
Laclede Gas L 6s 1919 . .F A A
M organ A Wright 6a Deo 1 ’ 18 99
97"8 US18
N Y Cent 5s 1 9 1 9 ...M A S 1 5
9612
Penn C o 4M s 1 92 1..J A D 16 96
W712
96
Pub SerC orp N J 6s ’ 19.MAS
9612 97
Rem Arms U .M .C 5s’ 19PAA
Southern R y 5s 1 9 1 9 ..M-8 2 98U 98l2
87
Utah Sec Corp 6s ’ 22 M -S 16! 85
W ’ house El A M 6s ’ 19.F A A
99l2 993*
99U
Wlnoboa RepArma7s’ 19.MA3' 99
In d u s tria l
a n d M iscella n eou s
American Brass_________ 100 218 225
33
30
American Chlole 00m ____ 100
65
60
Preferred______________ 100
American Hardware_____ 100 125 129
Amer Typefounders oom .100
35l2 38
84
80
Preferred. ............
100
94
96
Borden’s Cond M ilk oom .100
94
Preferred______________100 90
Celluloid C om pany--------100 144 150
65
Colum bia Graphoph M fg (t) *62
70
Preferred ..............
100 65
32
Freeport Texas C o _____ (t) *30
Havana Tobaooo C o ____100
1
Hi
212 5
Preferred______________ 100
48
1st g 5s June 1 19 2 2 .. J-D /44
8
10
Intercontinen R u bb co m . 100
Intornat Banking C o ____ 100 160
64
International Salt________100
6712 69
1st gold 5a 1951............A-O
78
International Silver pref.lOOj
84
Lehigh Valley Coal Sales. 50i *82
50
Otis Elevator oomraon___100, 46
76
Preferred_____________ 1001 74
Remington Typewriter—
17
16
C om m on______________ 100
89
1st preferred................... 100 85
66
63
2d preferred__________ 100
Royal Baking Pow c o m .. 100i 120 130
Preferred_____ ________ 100 91
94
Singer M f g ______________100 168 172
685
700

•Per share, ft Basis, A Purchaser also pays accrued dividend, e New s tock .
f Flat price, • Nominal
t Ex-dlvldend. y Ex-rlghts. ft) W ithout par value.

[Vol. 107

THE CHRONICLE

172
lu x z s tm m t

ami §UxiIxmtI

RAILROAD

GROSS

% n \ z X li% z n tt.

EARNINGS.

The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric rail­
ways are brought together separately on a subsequent p a g e . _____________________________________________________________________________

Latest Gross Earnings.
Week or Current Previous
Year.
Year.
Month.

ROADS.

A la b a m a & V ic k s b .
A n n A r b o r _________
A t c h T o p e k a Sc S Fe
G u lf C o lo & S F e .
P a n h a n d le St S F e
A tla n ta B irm & A tl
A tla n ta St W est P t .
A t la n t ic C i t y _______
A t la n t ic C o a s t Line
A t la n tic St S t L a w r .
B a ltim o re St O h i o . .
B & O C h Ter R R
B a n g o r & A r o o s to o k
B e lt R y o f C h ic a g o .
B essem er Sc L E r le .
B ln gh a m & G a rfield
B irm in g h a m S o u t h .
B o s to n & M a in e ___
B u ff R o c h & P it t s . _
B u ffa lo Sc Susq R R .
C a n a d ia n N o r S y s t .
O a n ad ian P a c ific . .
C a r o C lin ch & O h io
C en tra l o f G e o rg ia .
C en tra l R R o f N J .
C e n t N ow E n g la n d .
C en tra l V e r m o n t ..
C h a rie s t & W C a r . .
C h os Sc O h io L in e s .
C h ic a g o St A lt o n ___
C h ic B u rl Sc Q u in cy
Ch D et & C G T rk .
C h ic a g o & E a st 111.
C h ic a g o G rea t W est
C h ic In d Sc L o u is v .
C h ic a g o Ju n e R R . .
C h ic M ilw & S t P . .
C h ic Sc N o rth W e s t C h ic P eoria St St L .
C h ic R I Sc P a c i f i c . .
C h ic a g o It £ Sc G u lf .
C h ic S t P M & O m .
C h ic T e r r e H & S E
C in e In d & W estern
C o a l & C o k e _______
C o lo r a d o M ld la n d .
C o lo r a d o Sc S o u t h . .
Ft W & D e n v C ..
T r in ity & B ra z V
C o l o & W y o m in g
C r ip C rk & C ol.S p g s
C u b a R a ilr o a d ..
D e la w a re & H udson
D e l L a ck & W e s t . .
D o n v & R io G ra n d e
D e n v e r Sc Salt Lake
D e tr o it Sc M a c k in a c
D e tr o it T o l St Iron t
D e t & T o l S hore L .
D u lu th & Iron R ___
D u l M is s a b o & N o r
D u l S ou S hore & A tl
D u lu th W in n & Pac
E a s t St L ou is C o n n
E lg in J oliet Sc E a s t.
E l P a so & S o W e s t .
E r le ................................
C h ic a g o & E r i e ..
F lo r id a E a st C o a s t .
F o n d a John s Sc G lo v
F t S m ith & W estern
G a lv e s to n W h a r f . .
G e o rg ia R a il r o a d ..
G ra n d T r u n k P a c . l
G ra n d T r u n k S y s t .
G ra n d T r u n k R y
G ra n d T r k W est
D e t G II & M il w .
G re a t N o rth S ystem
G u lf M o b ilo Sc N o r .
G u lf St S hip Is la n d .
H o ck in g V a lle y ____
Illin ois C o n tr a l____
I n te r n e t & G rt N or
K a n C i t y M e x & Ori
K O M & O of T ex.
K a n sa s C it y S o u t h .
T o x a rk Sc F t S m .
K a n sa s C it y T e r m .
L eh ig h & H u d R i v .
L eh igh & N e w E n g .
L oh igh V a lle y _____
L o s A n g & Salt L . .
L ou isia n a Sc A r k a n .
L ou isian a R y St N a v
L o u is v ille & N a s h v .
L o u H en d Sc S t L . _
M a in e C e n tr a l_____
M id la n d V a lle y ____
M in era l R a n g e ____
M ln n e a p & S t Louis
M in n S t P & S S M .
M ississip p i C e n tr a l.
M issou ri K an & T e x
M o St N o rth A r k ___
M o O k la Sc G u l f . . .
M is s o u ri P a c ific ___

M ay
4 th w kJu n e
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
1st w k J u ly
M ay
1st w k J u ly
1st w k J u ly
M ay
M ay
M ay
M ay
A p ril
M ay
M ay
M ay
M ay
M ay
M ay
3d wk Jun e
4 th w k Ju n e
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
4 th w kJune
M ay
M ay
M ay
M ay
A pril
A pril
M ay
M ay
M ay
4 th w kJune
M ay

May

M ay
M ay
4th w k Ju n e
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
2d w k Jun o
1st w k Ju ly
2d w k Jun o
2d w k Ju n o
2d w k Jun e
Jun o
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
A p ril
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
4 th w kJune
M ay
M ay
M ay
4 th w kJu n e
M ay
M ay
M a y ___

193.962
100,019
12888 506
1 .298,927
4 3 6 ,4 1 5
315 ,3 0 8
196,004
295,494
4 ,2 0 2 ,7 8 7
159,044
129 24480
167.619
373 ,878
349 ,092
1,140,182
300 ,740
124,581
5,7 0 6 ,0 8 7
361 ,009
175,899
821 ,7 0 0
2 ,7 8 7 ,0 0 0
356 ,1 1 8
1 ,412,662
3 ,7 2 8 ,6 2 8
4 89 ,327
4 5 1 ,4 9 9
211 ,215
5 ,7 5 3 ,1 3 0
1,810,848
10409901
132,914
2 ,0 7 0 ,1 8 5
370 ,1 9 5
287,164
321 .619
9,6 7 6 .1 3 3
9 .202,971
210 ,353
7 ,4 7 3 ,8 3 8
357 ,226
1,692,666
363 ,253
237 ,569
113,885
130,187
510 ,789
548 ,204
95,295
103,003
77,819
1,214.240
2 ,5 9 6 ,8 7 9
5 .4 9 8 ,3 5 4
2 ,2 0 1 ,8 0 7
215 ,339
36,398
232 ,864
186,590
1 ,181,255
2 ,3 1 9 ,5 5 9
110,343
145,832
91,572
1,612,206
1,146,642
6 ,7 7 1 ,2 1 2
800,091
840 ,9 4 0
90,813
9 5 ,3 7 4
104,407
439,151
109,102
1.500.596
1.236.597
238,444
66,298
8 ,2 4 5 ,7 3 4
207,080
221 ,8 6 8
1,067.946
7,981,741
1,014,377
97,7 9 8
9 2 ,227
1,354,877
93,979
90.1 6 5
178.525
322,711
5 ,4 4 9 ,5 4 5
1,112,817
132,338
218,562
7 ,3 0 0 ,4 4 3
206 .350
1.3 9 8 ,8 8 4
274 ,293
25.166
821 .5 2 5
1,988,342
82,392
1 ,086,872
130.553
130.553
6,7 I!), 160

$
159 ,879
95,916
11847 952
1,3 7 5 ,5 9 8
573 ,419
319 ,2 8 5
133.203
255 ,411
3 ,5 7 6 ,8 1 3
125,905
11473 255
180,597
390 .2 0 4
3 59 ,017
1 ,075,513
292 ,2 4 4
99,7 9 6
5 ,0 9 6 .8 2 0
3 3 2 ,3 4 5
152,762
902 ,3 0 0
3 ,1 0 1 ,0 0 0
3 5 7 ,1 1 0
1,171,474
3 ,1 9 0 ,3 3 4
514 ,697
375 ,5 8 3
190,450
4 ,5 0 9 .3 5 7
1,727,019
105 77859
98,663
1 ,767,630
382 ,9 1 0
210 ,454
280 ,786
9 ,917,911
9 ,3 2 8 ,9 4 8
181,710
7,022,641
317 ,665
1,757,186
312,251
2 20 ,798
112,392
505 ,3 3 0
500 ,433
80,0 9 8
102,259
96,742
520 ,5 8 4
2 ,2 9 4 .2 6 0
5 ,0 5 2 ,6 2 2
2 ,5 5 7 ,5 6 9
152,997
34,738
295 ,1 9 0
164,162
8 3 6 .2 3 0
1 ,250,804
149.341
181,651
89,753
1 ,409,242
1,182,239
6 ,4 1 0 .9 2 0
790.342
8 8 2 ,9 4 5
90,1 3 6
7 7 ,6 8 0
8 7 ,6 6 5
2 8 7 ,7 7 5
121,360
1,297,003
1,071,247

201,002

75,897
8 ,5 1 1 ,0 2 9
166,081
164,754
957 ,944
7 ,3 7 9 ,9 2 7
1,143,216
92,9 5 9
119,671
1,114,621
9 1 ,279
9 0 ,9 3 9
208 ,0 7 3
333 ,9 7 7
4 ,9 4 5 ,7 2 7
1,1 8 2 ,0 5 5
112,717
173,236
6 ,4 1 0 ,5 9 9
188,011
1 ,244,013
228,833
35,114
9 0 6 .2 3 0
3 ,0 0 5 ,7 6 3
52,752
1,060,766
155.795
155.795
6.738,961

to Latest Date.
Previous
Current
Year.
Year.

Jan. 1

*
7 93 .383
925 178
,529,458
1,582 ,347
,382,753
5 9 ,4 9 5 780
,646,131
7 ,4 5 5 146
2,4 0 2 573
,687,834
1,697 ,144
,597,319
901 ,565
661 ,7 7 0
1,105 .864
890.161
21,862 .461
,744,433
788 749
804 ,5 6 5
5 4 .1 3 8 764
,897.573
648 096
802 ,362
,081,610
1,871 608
1,471 ,393
,5 4 4 ,6 2 8
3,6 7 5 ,649
,400,547
1,298 ,081
,217,976
584 ,977
4 7 9 .1 6 2
24,491 ,487
,066,948
8,4 6 3 ,918
,2 21,225
901 ,540
672,887
,515,500
21.4 1 5 ,500
73,959 ,883
,619,646
1,716 ,170
,627,808
8,0 2 9 ,466
,926,783
15,339 ,393
,264,935
2 ,2 0 3 ,575
,213,654
1,423 ,776
.319,656
1,108 ,337
894 ,757
24,0 4 8 ,064
407 .8 0 2
8,1 7 5 ,578
909 ,374
51,289 ,223
,208,260
473 ,933
497 ,182
9,0 4 7 ,246
,249.484
8,0 8 3 ,917
,487,811
4,504 ,508
,392,228
,335.092
1,404 .813
44,454 ,637
,871,790
41,6 6 0 .711
,085,142
874 ,074
8 5 6 ,1 9 8
36,5 3 9 ,941
,365,097
1,775 ,731
,538,090
8,7 8 0 ,382
,076,525
1,572 ,955
,416.133
1,225 .123
,119,131
523 990
522,571
668 634
9.702 861
,578,123
2,991 .114
,437.412
474 ,792
388 .3 1 2
448 ,150
4 95 ,426
388 032
513 ,497
4 ,8 4 4 ,142
,907,442
9,2 1 6 ,505
,671,858
24,161 ,884
,484.766
11,256 ,399
,138,216
635 ,612
7 0 7 ,0 6 4
679 ,293
637 ,9 7 6
805 ,556
,013,167
801 ,107
786.901
1,706 ,085
,310,223
3 ,0 7 8 .664
,040,255
1,968 ,988
,060,622
707 578
991 ,349
403 .831
4 16 ,804
6,4 9 9 .996
,240,813
6,117 .205
,084,818
28,8 6 4 ,104
,836,053
3,6 9 6 ,103
,432,322
4,431 ,652
,210,978
425 .381
4 24 ,013
511 .287
415 ,5 0 5
528 ,691
445 .419
2,237 ,848
,458,335
2 17 ,320
2,6 2 0 ,988
34,0 1 9 ,220
,798,567
,214,007
22,851 ,286
4.341 ,430
,214,932
1,351 ,025
,495,416
3 9 ,5 6 5 263
,002,487
938 ,578
837 .3 1 2
1,005 ,965
803 ,2 0 0
4,071 .620
,733.582
38.892 ,812
,439,985
5,2 6 6 ,927
,667,237
493 ,726
460 ,787
498 .893
550 ,1 6 0
6,5 2 9 ,213
,315,781
490 ,571
437 ,392
358 ,848
3 72 ,690
828 ,944
9 1 0 ,7 2 5
1,291 ,449
,384,358
21.343 ,916
322 ,723
5,3 7 6 .794
082 ,5 3 7
722 ,948
561 ,563
1,183 .912
907,531
35.3 8 4 ,757
6 12 ,876
1,021 .828
858 ,772
607,331
5,7 2 6 .754
1.341 ,421
075 ,766
527 ,524
600 ,453
4,452 ,571
203 ,420
11,068 ,315
697 ,974
465 ,112
281,441
23.4 1 6 .171 19 630 ,705
732 ,941
756 .509
732 ,911
756 .509
33.7 8 2 .781 31 126,903

ROADS.

M o n o n g a h e la C o n .
N a s h v C h a tt Sc S t L
N e v a d a -C a l- O regon
N e v a d a N o r t h o r n ..
N o w b u rg Sc S o S h . .
N o w O rl G rea t N o r .
N o w O rl & N o r E ast
N O T exas & M e x ..
• B ea u m S L & W .
S t L B row n s Sc M
N e w Y o r k C e n tr a l.
B o sto n Sc A lb a n y
L a k e E rio Sc W _ .
M ic h ig a n C en tral
C lo v e C C & St L
C in cin n a ti N o rth
P itts & L a ke E rio
T o l & O h io C e n t.
K a n a w h a St M ic h
T o t all lines a b o v e
N Y C h ic & St L ou is
N Y N H & H a r tf..
N Y O nt & W e s t ...
N Y Susq & W e s t ..
N o r fo lk S o u t h e r n ..
N o r fo lk & W e s te r n .
N o rth e r n P a c ific ___
M in n St In te r n a t.
N o rth w e ste rn P a c .
P a cific C o a s t C o ___
P e n n sy lv a n ia R R - .
B a lt C h es & A t l . .
C u m b e rla n d V a l.
L o n g Is la n d ______
M d D el St V a ____
N Y P h ila & N o rf
W Jersey Sc Seash
P en n W estern Lines
G ra n d R a p Sc Ind
P itts C C & S t L .
P en n S y s te m —
L in es E a s t ____
L in es W e s t _______
L in es E & W . . .
P eoria Sc P o k ln U n .
P ero M a r q u e t t o ___
P itts St S h a w m u t ..
P itts Shaw St N o rth
Pitts Sc W e st V a . .
P o r t R e a d in g ____
R e a d in g C o —
P h ila St R e a d in g C o a l Sc Ir o n C o . .
T o t a l b o t h c o s ___
R ic h F reds Sc P o t .
W a sh S o u t h e r n ..
R u t la n d ____________
St J os Sc G rd I s l d . .
St L ou ls-S an F r a n .
F t W Sc R io G r . .
S t L S F Sc T e x . .
St L ou is S ou th w ost
St L S W o f T e x . .
San A n t Sc A r P a ss .
S ea b oa rd A ir L l n o . .
S ou th B u ffa lo ____
S ou th ern P a c i f i c . .
A riz o n a & E a s t . .
G a lv I lo u s Sc S A .
H o u s to n Sc T e x C
H o u s E Sc W T e x
L ou isia n a W e s t . .
M o r g a a s L a Sc T e x
T e x a s & N o w Orl
S ou th ern R y S y s t . .
A la G re a t S o u t h .
C in N O & T e x P
N ew Orl & N o r E
M o b ilo & O h io.
G e o rg ia S ou & Fla
S ou R y In M i s s . .
S p o k a n e I n t e r n a t ..
S p o k P o rt Sc Seattle
S taton Island It T - .
T e n n A la & G e o rg ia
T e n n essee C o n tr a l.
T e r m Assn o f S t L .
St L M e r B rg T o r
T o x a s Sc P a c ific ..
T o le d o P o o r Sc W est
T o le d o St L Sc W est
U lster Sc D e la w a r e .
U n io n P a c if ic _____
O re g o n S h o rt L . .
O ro -W a s h ItIt& N
U n ion R lt ( B a l t ) . .
U n lo n ItR ( P a ) ____
U t a h ..............................
V icks S h rev St P a c .
V irgin ia n R R ______
W a sb a sh R R _______
W estern M a r y la n d .
W e ste rn P a c if ic ____
W ostorn R y o f A la .
W h eel Sc L a ke E r ie .
W lch Falls Sc N W .
Y a z o o St M iss V a il.

Latest Gross Earnings.
Week or Current Previous
Year.
Year.
Month.

to Latest Date.
P r e v io u s
Current
Year.
Year.

Jan. 1

S
1 ,062,482
7 ,4 1 0 ,2 9 6
112,849
1 ,011,486
4 1 6 ,9 3 0
829 ,3 8 6
2 ,3 9 5 ,8 4 5
897 ,7 3 7
638 ,1 8 5
1 ,527,143
9 9 ,5 4 0 ,5 5 0
6 ,9 9 7 ,4 2 5
3 ,3 5 5 ,3 1 3
2 4 ,0 1 5 ,3 4 0
2 3 ,456,541
941 ,6 0 7
11,300,621
3 ,1 7 7 ,9 7 6
1 ,817,897
1 2 9 848492
7,231,051
3 5 ,2 3 0 ,5 7 4
3 ,7 4 5 ,4 9 0
1,551,323
2 ,140,401
28,242,901
3 4 ,4 8 0 ,4 4 0
443 ,162
1,8 6 1 ,6 3 9

$
8 6 0 ,0 9 2
5 ,9 7 5 ,4 1 0
151,108
9 62 ,466
3 8 5 ,1 2 3
6 59 ,265
1 ,8 7 9 .0 4 9
5 59 ,700
4 01 ,536
1,6 8 8 ,9 2 2
9 0 ,9 1 7 ,8 7 9
6 ,7 5 5 .4 6 7
3 ,2 9 2 ,6 6 1
2 0 ,5 9 4 ,9 1 7
2 0 ,0 8 6 ,1 0 0
881 ,8 4 0
9 ,5 3 6 ,1 3 9
2 ,6 6 6 ,5 3 2
1 ,302,512
1 1 5 870889
6 ,7 0 0 ,8 2 7
3 3 ,2 4 5 ,6 2 2
3 ,3 0 4 ,9 1 9
1 ,419,070
2 ,1 8 7 ,4 2 8
2 5 ,2 0 8 ,5 9 0
3 3 ,7 7 6 ,5 7 8
494,311
1,6 5 3 ,6 1 8

M ay
M ay
4 th w kJune
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
A p ril
M ay
M ay
M ay
M ay
M ay
M ay
M ay
A p ril
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

$
283 .7 8 8
1 ,587,616
11,142
201 ,5 3 0
124,757
177.073
4 7 3 ,6 6 0
143 .477
101.477
2 8 5 ,2 1 2
22464874
2 .0 4 5 .3 9 2
7 1 6 ,7 0 0
5 ,2 4 9 ,0 7 0
5 ,2 2 1 ,6 3 5
187,816
2 ,6 2 4 ,1 2 8
7 81 ,705
511 ,425
37338502
1 ,681,159
8 .0 0 1 ,9 8 2
767 ,287
391,221
411 .0 7 3
6 ,5 7 2 ,1 8 2
7 ,2 6 0 ,5 2 3
88,2 8 3
4 4 2 ,0 5 3
4 36 ,693
30,0710 22
115,541
4 3 8 ,9 9 8
1 ,8 8 2 ,3 9 9
8 6 ,1 2 5
6 6 4 ,9 0 6
7 9 0 ,9 7 0
7,5 2 5 ,5 0 1
5 43 ,643
6 ,8 5 4 ,7 6 0

189 ,0 6 0
1 ,272,286
8 ,6 4 3
222 ,148
94,5 1 0
149,184
401,421
119 ,647
83,2 0 5
299 ,652
20432826
1,8 7 2 ,7 1 9
687 ,2 2 4
4 ,5 2 2 ,3 3 5
4 ,4 6 6 ,3 1 9
181.913
2 ,1 7 7 ,9 9 3
6 1 3 ,7 9 8
320,271
30858418
1 ,449,539
7 ,3 3 8 ,6 1 7
756 ,263
302,657
4 3 6 ,5 7 6
5,522,881
7 ,7 7 2 ,1 2 3
104.914
3 97 ,402
343 ,447
25066 172
9 0 ,3 4 5
4 15 ,104
1,3 5 9 ,2 9 5
83.8 2 2
445 ,2 1 7
6 3 1 ,5 4 8
7 ,0 3 5 .0 5 9
519,361
6 ,3 0 2 ,1 1 0

M ay
M ay
M ay
M ay
M ay
M ay
M ay
A pril
M ay

341 78 634
15 1 0 9 1 4 4
49287779
103,474
2 ,4 3 2 ,3 9 5
108,865
101 ,877
2 3 7 ,8 7 6
108 .788

28200 869 137 0 3 3 9 7 7 126673 981
1 4 0 3 0 2 2 8 6 2 ,8 7 8 ,3 8 3 6 1 ,4 3 1 ,3 4 7
4 2 2 3 1 0 9 8 199 9 1 2 3 6 0 1 8 8 105327
4 8 7 ,9 6 9
5 18 ,168
97,9 2 4
2 ,0 8 6 ,3 0 8 9,8 4 1 ,4 0 3 9 ,4 9 7 ,5 0 3
4 5 9 ,6 2 2
493 ,2 4 4
8 8 ,1 2 5
5 30 ,207
552,964
9 2 .8 2 2
805 ,114
7 5 7 ,9 2 6
7 3 4 ,9 8 8
171,727

M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
4 th w k Ju n e
M ay
M ay
M ay.
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
4 th w kJu n o
M ay
M ay
April
4 th w kJuno
4 th w k Ju n e
M ay
M ay
M ay
M ay
4th w kJuno
M ay
M ay
M ay
4th w k M a y
M ay
1st w k J ’ne
M ay
M ay
M ay
M ay
M a rch
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay

6,9 1 9 ,4 6 1
4 ,5 4 3 ,3 5 7
11462818
5 7 1 ,0 7 5
3 07 ,137
371 ,3 1 7
2 0 7 ,2 5 0
5 ,3 7 2 ,4 3 7
71,272
9 2 ,1 7 6
3 5 4 ,0 0 0
4 6 0 ,1 9 5
2 3 3 ,6 5 5
3 ,0 0 6 ,7 6 8
170,717
122 74457
3 5 2 .3 7 5
1,6 1 5 ,4 4 4
6 6 7 ,6 6 9
170 ,484
3 5 0 ,8 0 5
621,771
591 ,1 6 6
3 ,7 5 1 ,7 2 9
682 ,9 0 4
1 ,312.508
5 03 ,175
318 ,6 3 3
8 7 ,9 2 6
92,891
92,161
6 65 ,185
177,723
3 ,5 7 9
262 ,299
3 0 6 ,3 1 9
2 9 7 ,0 2 5
6 5 4 .8 7 5
118,507
144,982
8 3 ,9 8 6
7 ,2 5 9 ,5 9 4
2 ,7 2 7 ,8 0 3
2 ,1 5 6 ,4 0 8
178,987
607,121
104,236
204 ,5 6 6
1,0 1 3 ,5 4 9
3 ,7 3 3 ,0 4 7
1 ,273,107
8 3 2 ,0 8 5
2 1 7 ,5 4 5
1 ,1 3 7 ,1 5 4
7 0 ,557
1 ,5 8 2 ,3 3 3

5 ,8 8 7 ,2 2 5
4 .1 7 5 ,6 0 8
10062 833
428 ,871
204 ,714
367 ,5 8 6
2 3 8 ,9 0 8
4 ,5 8 5 ,6 8 4
77,371
105,491
3 7 2 ,0 0 0
4 2 6 ,7 3 9
3 20 ,213
2 ,5 0 6 ,3 2 5
109,750
12 0 7 9 6 9 0
420,581
1,6 5 8 ,3 4 4
6 1 8 ,9 0 0
157,499
287 ,981
5 7 6 ,4 9 5
507 ,632
2 ,9 1 4 ,8 5 5
579 ,9 7 8
1,105,657
361 ,0 0 2
360 ,9 8 4
64,661
100,082
80,9 8 2
573 ,787
119,442
3 ,1 5 3
163,826
3 0 9 ,5 5 8
274 ,2 9 7
6 2 0 ,6 0 0
109,122
138,726
88,2 8 3
6 ,4 0 8 ,6 7 8
2 ,8 2 8 ,7 1 6
2 ,1 9 5 ,4 0 2
173,599
4 9 7 ,1 0 9

S

155.055
9 9 6 ,9 1 6
3 ,5 1 5 ,9 6 7
1,0 6 0 ,2 2 0
9 1 3 ,6 0 9
118,673
9 1 8 ,2 7 4
81,5 4 2
1.4 3 5 ,7 6 3

120830 660 112782091
3 5 7 ,0 5 0
366,721
1,8 1 5 ,9 6 9 1,8 5 2 ,9 1 3
7 ,0 8 9 ,6 6 6 5 ,5 7 4 ,6 9 0
3 20 ,239
278 ,5 4 2
2 ,4 3 5 ,6 1 7 1,9 5 1 ,3 2 5
3 ,0 5 6 ,1 3 4 2 ,8 2 7 ,8 8 4
2 9 ,7 0 4 ,4 8 0 2 8 ,7 7 5 ,8 3 3
2 ,5 0 4 ,9 8 7 2 ,5 2 6 ,4 2 6
2 9 ,8 2 8 ,4 4 2 2 9 ,2 8 5 ,7 0 4

,7 54,715
28,8 5 2 ,024
,7 57.138
21,411 ,789
.5 11,853
50,263 ,813
,9 43,773
2,2 0 2 .796
9 7 5 ,4 2 8
1,245 ,220
,6 8 9 ,0 4 7
1,727 ,418
9 9 7 ,9 5 5
1,092 .792
2 4 ,6 4 8 .061 21 ,9 97,617
438 121
3 40 ,989
4 8 2 ,8 9 9
630 329
,9 72.797
9 ,2 5 0 ,790
2 ,6 9 8 ,474
,0 51,754
,4 77,014
1,647 ,421
14,381 .919
,7 71,167
577 .957
641 .470
.2 83,345
58.4 8 9 .148
1,824 .471
,000,273
8 ,4 2 9 ,515
,960,045
3 ,4 9 0 ,676
,004,914
836 ,684
7 5 0 ,3 9 9
1,694 ,655
,382,091
3,2 0 2 ,671
,623,977
,476,342
2 ,9 4 5 ,139
,837,159
6 7 ,536 ,909
3,1 8 0 ,626
.641,456
5,375 ,373
,166,336
1.922 .185
.4 77,628
6,6 6 9 ,415
,642.286
1,676 ,894
,360,313
534 ,366
4 7 2 ,7 8 8
393 .162
4 3 9 ,9 9 7
3,091 ,226
,464,646
571 ,832
572 .6 1 7
55 .065
6 0 ,5 8 9
981 ,792
7 10 ,130
1,432 ,252
.4 25,293
1,308 ,689
,2 39,816
9.6 8 5 ,192
,782,739
581 ,794
5 05 ,214
3.0 3 6 .301
,842.389
3 2 7 ,0 3 2
325 ,571
,328,007
3 2 ,4 0 9 ,881
12,372 ,792
,730,034
,324,587
9 ,2 9 6 ,011
470.971
482 099
0 3 8 .1 5 9
2 ,1 9 1 . 714
497 , 211
1.018 811
8 3 0 ,7 6 0
4,1 6 4 246
,154,064
15,940 394
,901,619
5,422 619
,217,370
4 ,0 5 6 ,245
,544,444
959 ,172
6 2 4 .4 4 3
4,3 4 2 ,443
,614,949
407 ,118
4 2 5 ,4 5 0
8,151 ,696
.758,445

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
• W eekly Sum m aries.
4 th
1st
2d
3d
4 th
4 th
1st
2d
3d
4 th
1st

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

A pril
M ay
M ay
M ay
M ay
M ay
Jun e
Jun e
Ju n e
Ju n o
J in y

20
20
22
22
11
22
22
20
21
20
7

r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s ) ____
r o a d s ) ____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____




Current
Y ear.
$
17.140.721
11.031.713
11.027,569
11.019.020
13.718.831
17.085.317
10.548.151
10.904.800
1 1 ,307,025
1 4 ,504,177
5 .4 7 0 .3 0 5

Previous
Y ear.
S
13,673.863
10,147,753
10.383.341
10.384.272
12,620,962
15.798.665
10,386,171
10,410.847
1 0 ,285,268
1 3 ,642,174
5 ,6 3 2 .6 4 8

Increase or
D ecrease.

%

$
+ 3 .4 6 6 ,8 5 8 24.2 5
+ 8 83 ,960 8.71
+ 6 4 4 .2 2 8 6 .2 0
+ 6 3 4 ,7 4 8 6.11
+ 1,097,869 8.6 9
+ 1.286.652 8 .1 4
+ 161.980 1.57
+ 493 ,953 4.74
+ 1.0 2 1 ,7 5 7 9.9.3
+ 8 6 2 .0 0 3 6 .3 2
— 162.343 2 .8 8

• M onthly Sum m aries.

Current
Y ea r.

M ilea g e.
C ur. Y r. Prev. Y r.
3
244,921 3 5 3 ,2 1 9 .9 8 2
J u l y ............... 245 .699
246 ,1 9 0 3 73 ,326 .71 1
A u g u s t ...........217 ,099
S e p tem ber . .2 4 5 .1 4 8
243 ,027 3 6 4 .8 8 0 ,0 8 6
O c t o b e r ____ 247 .048
245,967 3 8 9 .0 1 7 .3 0 9
241 ,621 .360,062,052
N o v e m b e r .. 242,407
D e ce m b e r . .2 4 7 ,9 8 8
247 ,2 6 5 .343,875.052
J a n u a r y ____ 2 4 0 ,0 4 6
239 ,8 8 5 2 8 2 ,3 9 4 .6 6 5
F e b ru a r y ___ 230.3.36
2 2 8 ,8 3 5 3 6 2 ,7 6 1 ,2 3 8
M a r c h ............238.891
237 ,463 2 8 5 ,7 7 6 .2 0 3
A p r i l ............. 2 3 3 ,7 3 4
2 3 2 ,2 5 5 3 6 9 ,4 0 9 ,8 9 5
M a y ................2 30 .355
2 2 8 ,8 9 2 3 7 4 .2 3 7 .0 9 7

P revious
Y ea r.

In crea se or
D ecrease.

%

$
30 6 ,8 9 1 .9 5 7
3 3 3 .5 5 5 ,1 3 6
3 3 0 ,9 7 8 ,4 4 8
3 45 ,079 ,97 7
326 .7 5 7 ,1 4 7
3 1 7 ,8 3 6 ,3 8 6
29 4 .0 0 2 ,7 9 1
3 12 ,276 ,88 1
2 6 0 ,6 2 7 ,7 5 2
31 9 ,2 7 4 ,9 8 1
3 4 2 ,1 4 6 ,0 9 6

$
+ 4 8 ,3 2 8 .0 2 5
+ 3 9 ,7 7 1 ,5 7 6
+ 3 3 ,9 0 1 .6 .3 8
+ 43,9.37.3.32
+ .3 3 .3 0 4 ,9 0 5
+ 2 0 ,0 .3 8 .6 6 6
— 1 1,608,126
+ 5 0 ,4 8 4 ,3 5 7
+ 2 5,148.451
+ 5 0 .1 3 4 ,9 1 4
+ 32,0 9 1 ,0 0 1

15.09
11.92
10.24
12.73
10.19
8 .1 8
3 .9 5
16.22
9 .6 5
15.70
9 .3 8

Latest Gross Earnings by Weeks.

— In the table which
follows we sum up separately the earnings for the first week
of July. The table covers 7 roads and shows 2.88% de­
crease in the aggregate over the samo week last year.
First Week of July.
B u ffa lo R o c h e s t e r & P itts b u r g h
C a n a d ia n N o r t h e r n .
.
._
C a n a d i a n P a c i f i c . . . __________
G ra n d T ru n k o f C a n a d a .. . . )
G r a n d T r u n k W e s t e r n ______ JD e tr o it G r H a v e n & M ilw ._
C a n a d a A t l a n t i c _____________ J
T o t a l (7 r o a d s ) ------------------------N e t d o c r e a s o ( 2 . 8 8 % ) ------------------

Increase. Decrease.

.

1918.

1917.

S
3 6 1 ,0 0 9
8 2 1 ,7 0 0
2 ,7 8 7 ,0 0 0

$
3 3 2 ,3 4 5
9 0 2 ,3 0 0
3 ,1 0 1 ,0 0 0

$
2 8 ,6 6 4

1 ,5 0 0 ,5 9 6

1 , 2 9 7 ,0 0 3

2 0 3 ,5 9 3

5 ,4 7 0 ,3 0 5

5 ,6 3 2 ,6 4 8

2 3 2 ,2 5 7

S
8 0 ,6 0 0
3 1 4 ,0 0 0

3 9 4 ,6 0 0
1 6 2 ,3 4 3

For the fourth week of June our final statement covers
20 roads and shows G.32% increase in the aggregate over
the samo week last year.
Fourth Week of June.

1918.

P r e v i o u s l y r e p o r t e d (5 r o a d s ) . .
A nn

A r b o r -------------------------------------------

B u ff a l o R o c h e s t e r & P i t t s b u r g h
C a n a d i a n N o r t h o r n -----------C h ic a g o In d & L o u ls v ille .
C o lo r a d o

&

173

THE CHRONICLE

J uly 13 1918.]

S o u t h e r n --------

D e t r o i t & M a c k i n a c --------D u lu th S ou tti S h o re & A tla n t ic
G r a n d T r u n k o f C a n a d a ----------- '
G r a n d T r u n k W e s t e r n ---------

Increase. Decrease.

1917.

S
8 ,6 9 9 ,5 2 7
1 0 0 ,0 1 9
5 7 5 ,6 2 2
1 ,4 1 4 .6 0 0
2 8 7 ,1 6 4
5 1 0 ,7 8 9
3 6 ,3 9 8
1 1 0 ,3 4 3

$'
8 ,3 8 7 , 2 8 2
9 5 ,9 1 6
4 3 5 ,2 0 3
1 ,3 1 1 ,7 0 0
2 1 0 ,4 5 4
5 0 5 ,3 3 0
3 4 ,7 3 8
1 4 9 ,3 4 1

8 8 6 ,2 4 5
4 ,1 0 3
1 4 0 ,3 1 9
1 0 2 ,9 0 0
7 6 ,7 1 0
5 ,4 5 9
1 ,6 6 0

2 ,4 1 1 ,2 9 5

2 ,1 0 4 , 3 1 6

3 0 6 ,9 7 9

2 5 ,1 6 6
3 1 8 ,6 3 3
1 1 ,1 4 2
3 ,5 7 9

3 5 ,1 1 4
3 6 0 ,9 8 4
8 ,6 4 3
3 ,1 5 3

2 ,4 9 9
426

S
5 7 4 ,0 0 0

3 8 ,9 9 8

D o tr o lt G r H a v e n & M llw ._

C a n a d a A t l a n t i c --------------------,
M in e r a l R a n g e ____________________
M o b i l e & O h i o ----------------------------------

N o v a d a - C a l i f o r n i a - O r e g o n _____
T e n n e s s e e A la b a m a & G e o rg ia

9 ,9 4 8
4 2 ,3 5 1

6 6 5 ,2 9 7

1 4 ,5 0 4 ,1 7 7 1 3 .6 4 2 ,1 7 4

Net Earnings Monthly to Latest Dates.

— I n o u r “ R a il­
w a y E a r n i n g s ” S e c tio n o r S u p p l e m e n t , w h ic h a c c o m p a n i e s
t o -d a y 's i s s u e o f th e “ C h r o n i c l e w e g iv e the M a y f i g u r e s o f
e a r n i n g s o f all s t e a m r a ilr o a d s w h ic h m a k e it a p r a c tic e to i s s u e
m o n t h l y r e tu r n s o r a r e re q u ir e d to d o s o b y the I n t e r -S t a t e
C om m e rc e C o m m is s io n .
T h e re a d e r i s r e fe r r e d to that S u p p l e ­
m e n t f o r f u l l d e ta ils r e g a r d in g th e M a y r e s u lts f o r a ll th e s e p a r a te

Latest Gross Earnings.
Name of Road
or Company.

P a c i f i c G a s & E l e c t r ic
P a c ific P o w & L ig h t .
g P a du cah T r & L t C o
P e n s a co la E le c t r ic C o
P h ila R a p id T r a n s it .
P h ila & W e s t e r n _____
P o r tla n d G a s & C o k e
P o r t (O r e ) R y , L & P C o .
P o r to R ic o R a ilw a y s .
g P u get Sd T r, L & P
{ R e p u b lic R y & L ig h t
R h o d e I s la n d C o _____
R ic h m o n d L t & R R .
St L R o ck M tn & Par
S a n tia g o E l L t & T r
S a v a n n a h E le c t r ic C o
S econ d A v e n u e (R e c)
S ou th e rn B o u le v a r d .
S ou th ern C a l E d is o n .
S t a t e n I s ld M i d l a n d .
T a m p a E le c t r ic C o . .
T en n R y , L t & P C o .
T exas P ow er & L t C o
T h ir d A v e n u e R y ___
D D E B & B R R ..
4 2 S tM & S tN A v R y
U n io n R y C o ( N Y C )
Y o n k e r s R a ilr o a d .
N Y C ity In te rb R y
B e lt L in e R y C o r p .
T h ir d A v e n u e System
T w in C it y R a p T r a n .
V ir g in ia R y & P o w e r .
W a s h B a lt & A n n a p .
W e s tch e s te r E le c t r ic .
W ca tch es te r S tr e e tR h
Y o r k R a i l w a y s ________
Y o u n g s to w n & O h io .

Week or
Month.
A p r il

May

M ay
M ay
M ay
M ay
M ay
M ay
M ay
A p r il
M ay
D ecem b er
M arch
M ay
A p r il
M ay
M arch
M arch
M ay
M arch
M ay
M ay
M ay
M arch
M arch
M arch
M arch
M arch
M arch
M arch
A p ril
M ay
M ay
A p ril
M arch
1 le ce m b e r
M ay
M ay

Current
Year.

Roads.

$
P a c i f i c C o a s t C o . a ____ M a y
4 3 6 ,6 9 3
J u l y 1 t o M a y 3 1 ________ 5 , 5 7 6 , 1 3 4

Darnings-----Previous
Year.
S
3 4 3 ,4 4 7
5 ,5 2 1 ,4 3 6

------ Net

Current
Year.

Earnings-------Previous
Year.

S
4 0 ,6 9 5
9 0 4 ,9 9 7

$
4 6 ,3 9 4
8 8 8 ,4 3 2

a N o t e a r n in g s h e r o g i v e n a r e a f t e r t h e d e d u c t i o n o f t a x o s .

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.

A la b a m a P o w e r C o . .
A m er P ow er & L t C o
A t l a n t i c S h o r o R y ___
B a n g o r R y & E le c t r ic
B a to n R o u g e E le c R y
B e r k s h ir e S t r e e t R y .
B la c k s to n o V G & E l.
B r a z ilia n T r a c , L & P
B r o c k & P ly m S t I l y .
B k ly n R a p T r a n S y s t
C a p o B r e to n E le c C o
C e n t M is s V E l P r o p .
C h a tta n o o g a R y & L t
C i t i e s S e r v i c e C o _____
C l o v e P a in e s v & E a s t
g C o lu m b ia G a s & El
C o lu m b u s (G a ) E l C o
C o l u m (O ) R y . P & L
C o m ’ w ’ th P , R y & L t
C o n n e c tic u t P ow er C o
C on sum P ow (M ic h ).
C u m b C o ( M o ) P & I.
D a y t o n P o w & L ig h t
a D e t r o i t E d i s o n _____
D e t r o i t U n it e d L in e s
D u lu t h - S u p e r io r T r a c
E a s t S t L o u is & S u b ­
E a ste rn T e x a s E l e c ..
E l P a s o E l e c t r ic C o . .
g F ed era l L t & T r a c .
F t W orth P ow & L t .
G a lv -H o u s E le c C o . .
G r a n d R a p id s R y C o
G rea t W e st P ow S yst
H a r r i s b u r g R a il w a y s .
H avana El R y , L & P
H o n o lu lu R T & L a n d
H o u g h to n C o El C o .
H ou g h ton C o T r C o .
b lin d & M a n h a t R R I ll i n o i s T r a c t i o n ------In te rb o ro R a p T ra n .
J a c k s o n v ille T r a c C o
K e o k u k E l e c t r ic C o
K e y W e s t E l e c t r ic C o
L a k e S h o ro E le c R y .
L o w ist A u g & W a te rv
L o n g I s la n d E l e c t r i c .
L o u is v i ll e R a i l w a y . .
M a n h a t B d g o 3 c L in e
M I lw E l R y & L t C o .
M liw L t. l i t & T r C o
N a s h v i l l e R y & L ig h t
N e w p N & II R y G & E
N e v a d a -C a i El C o r p .
N Y & L o n g I s la n d ..
N Y & N o rth S h o r e ..
N Y & Q u e e n s C o ___
N o w Y o r k R a ilw a y s .
N Y W estch es & B ost
N i a g L o c k p 't & O n t .
N o rth a m p to n T r a c . .
N o r t h e r n O h io E l e c . .
N o r t h T e x a s E l e c t r ic
O c e a n E l e c t r ic ( L I ) .




Latest Gross Earnings.
Week or
Month.
M ay
M ay
M ay
M ay
M ay
D ecem b er
M ay
M ay
A p r il
M arch
M ay
M ay
M ay
M ay
A p ril
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M arch
M ay
M ay
A p ril
M ay
F eb ru a ry
M ay
M ay
M ay
M ay
A p r il

A p ril
M arch
M ay
M ay
A p ril
M ay
M ay
M ay
M ay
M ay
A p r il

M ay
M arch
M ay
M arch
M ay
M ay
M ay
M ay
M ay
M arch
M arch
M arch
M arch
D ecom b cr
M ay
A p r il
M ay
M ay

March

Current
Year.
$
2 3 9 ,4 0 8
1 0 1 9 ,9 2 6
1 7 ,2 2 5
7 1 ,1 9 0
2 0 ,4 5 6
5 8 .9 1 6
1 9 7 ,6 3 2
9 0 3 0 ,0 0 0
7 ,5 1 0
2 5 8 0 ,9 8 6
3 8 .9 1 7
2 6 ,7 7 1
1 4 7 ,8 0 8
1 9 2 5 ,2 8 5
4 1 .3 7 4
8 7 7 ,3 7 5
1 0 1 ,0 1 8
3 5 0 .8 1 4
1 7 0 9 ,8 6 0
7 3 ,8 7 8
5 0 3 ,0 9 6
2 5 4 ,4 3 8
1 7 5 ,8 6 1
1 0 3 0 ,4 0 8
1 4 7 3 ,5 7 3
1 4 2 ,1 8 0
3 3 7 .0 7 9
8 9 ,3 1 8
1 0 5 ,5 7 6
2 9 0 ,5 4 0
9 4 .7 0 8
2 0 9 ,7 6 5
1 0 5 .6 8 3
3 3 9 ,7 5 5
1 0 1 ,8 9 6
6 6 3 .3 4 5
6 1 ,1 2 5
3 1 ,7 6 9
2 5 ,1 2 2
5 7 7 ,8 9 8
1 1 6 9 ,8 1 0
3 5 2 4 ,4 3 2
8 3 ,2 1 1
2 1 ,1 0 5
1 4 ,8 8 5
1 6 2 ,9 8 3
7 3 .0 9 9
1 6 ,2 8 7
3 2 6 .1 5 6
1 2 .1 4 0
7 0 7 .8 1 4
2 3 1 ,0 1 3
2 3 2 .2 6 6
1 8 3 .1 9 6
1 7 8 ,2 4 7
3 4 .1 1 3
1 1 ,5 0 4
7 4 ,8 9 4
9 8 2 .6 8 4
4 5 ,8 4 4
2 6 7 .2 8 3
1 7 .6 7 8
6 0 9 ,3 9 5
2 4 7 .0 1 7
6 ,4 4 3

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

«
S
$
0 9 3 ,8 5 3
1 6 2 ,2 0 2
7 8 1 ,7 5 2
3 8 1 ,5 0 5 4 , 6 8 1 . 3 0 5
8 6 0 ,6 9 6
6 3 ,6 3 8
1 4 ,8 8 5
1 1 2 ,7 2 5
3 6 7 ,3 9 8
6 5 ,4 2 8
3 5 0 .7 2 3
1 0 2 ,9 7 1
1 7 ,7 9 3
9 4 ,3 2 6
0 5 8 ,7 2 9
8 7 ,4 7 8
9 9 9 ,8 8 6
9 2 7 ,1 0 4
1 5 2 ,3 6 2
7 9 4 ,7 9 7
7 8 6 4 ,0 0 0 4 0 ,6 0 6 ,0 0 0 3 7 ,0 0 4 ,0 0 0
3 0 ,2 3 9
8 ,7 8 3
3 3 ,9 2 5
,1 3 4 ,4 7 4 7 , 1 1 7 , 0 3 8
2 4 9 2 ,6 1 4
1 9 3 ,8 2 9
3 6 ,0 3 0
1 7 4 ,8 8 4
1 3 2 ,2 8 8
2 4 ,1 0 0
1 2 2 ,7 4 0
7 1 5 .7 5 4
1 1 7 ,8 4 0
5 4 6 ,0 1 4
,6 6 7 ,3 2 0 8 , 4 3 2 , 2 3 6
1 5 6 5 ,4 2 5
1 5 9 ,7 9 6
4 5 ,0 9 0
1 5 2 .1 4 3
,3 1 4 ,2 8 1 4 , 9 4 4 , 4 3 9
8 6 1 ,6 2 5
4 9 6 ,8 7 6
8 4 ,4 1 0
4 2 6 ,5 7 2
,7 7 5 ,3 6 4 1 ,6 0 7 ,3 7 1
3 1 6 ,2 7 4
1 5 1 2 ,0 1 4
,5 0 7 .5 7 1 7 ,7 2 1 ,9 6 6
3 8 5 ,6 5 9
6 8 ,2 6 7
3 4 5 ,3 8 9
,5 1 7 ,2 8 1 2 . 2 9 7 , 0 7 2
4 4 4 ,1 5 3
,1 8 8 ,4 7 7 1 ,1 6 2 ,5 4 8
2 3 6 ,7 2 8
9 4 7 ,7 1 9
1 3 6 .5 9 5
7 7 3 .2 0 8
6 8 1 ,2 1 3 5 ,1 2 8 ,7 3 4
9 6 2 ,6 3 0
1 3 7 0 ,4 4 7
6 9 9 .2 7 8
1 2 5 ,5 5 0
6 3 6 ,1 5 2
,5 9 7 ,0 8 3 1 ,4 4 7 ,7 4 1
3 0 1 ,6 4 5
7 5 .3 8 7
3 4 1 ,6 4 5
3 0 3 ,8 0 8
1 0 3 ,1 7 4
5 4 0 ,3 3 4
5 3 4 ,0 0 8
2 2 9 ,8 1 3
4 7 3 ,6 9 1
0 0 0 ,8 8 4
6 8 ,8 1 4
1 5 5 ,9 8 8
7 7 5 ,5 1 6
,0 0 6 ,4 4 4
1 0 7 ,6 1 8
5 4 0 .4 1 6
5 2 4 ,2 7 7
3 2 3 ,9 2 9
,7 2 7 ,9 5 2 1 ,6 3 7 ,4 4 0
9 0 .0 0 3
3 9 6 ,6 8 0
3 6 4 ,7 1 9
5 3 4 ,6 1 3
,5 6 7 .5 3 6 2 , 1 3 1 ,8 2 3
5 9 ,7 4 1
1 7 3 .9 9 2
1 7 0 ,7 9 1
3 2 ,6 4 0
1 7 9 ,6 2 7
1 7 3 ,5 1 5
2 6 ,4 6 6
1 4 2 ,5 0 1
1 3 8 ,9 2 4
5 2 4 ,0 5 3
.2 8 0 ,5 5 5 2 , 1 0 7 ,5 1 4
1 0 6 3 ,6 3 2
,9 4 3 ,9 0 3 5 , 4 3 1 .8 2 5
3 5 1 1 ,4 9 6 17 ,5 3 9 ,1 0 0 1 7 ,5 8 5 ,8 8 3
5 6 ,7 6 2
3 6 8 ,0 0 2
2 9 0 .0 4 0
1 9 .3 8 8
1 0 2 .5 0 1
9 7 .4 7 8
1 1 ,7 1 2
5 5 .8 3 1
7 1 ,4 4 8
1 3 8 ,1 0 5
6 1 0 .6 4 0
5 1 8 .3 9 5
7 1 ,8 2 2
3 0 0 .3 2 0
3 2 3 ,5 9 8
1 7 ,2 8 2
4 4 ,9 3 2
4 8 .3 0 9
2 6 8 ,6 7 5
, 4 6 5 ,2 8 8 1 , 2 7 1 ,7 8 8
1 0 ,5 2 5
3 3 .2 9 1
2 9 .5 0 5
6 4 4 ,4 9 4
,6 2 6 ,1 7 2 3 , 2 5 5 , 3 7 6
8 3 7 ,4 5 8
1 7 0 ,7 0 5
, 0 6 4 .9 4 0
1 9 8 .3 0 1
1 , 0 0 8 ,6 8 2
.0 7 3 ,1 6 1
9 2 ,8 1 2
4 4 1 ,7 1 8
7 4 8 ,3 6 7
1 6 1 ,1 1 7
8 2 5 ,0 3 4
7 1 4 .6 7 8
3 1 ,3 9 1
8 8 ,4 7 0
8 7 ,5 2 8
1 1 ,7 7 9
2 8 ,7 6 8
3 3 ,3 0 4
2 9 5 .5 4 2
9 8 .0 1 6
1 9 9 .4 5 7
1 0 5 1 .4 9 2
.6 7 8 ,4 2 0 2 ,9 6 2 .6 4 4
5 5 5 .4 1 4
5 6 4 .6 5 4
4 9 .1 5 5
. 2 4 6 ,2 3 8
9 4 1 ,8 9 0
2 0 1 ,6 8 6
1 7 .3 3 4
7 0 .6 8 7
6 8 .1 9 3
.8 7 4 .7 9 6 2 ,5 8 7 .0 7 5
5 3 9 ,6 2 0
1 8 0 ,2 3 8
. 3 0 1 ,7 6 8
8 8 4 .8 2 0
6 ,4 9 3
1 7 ,4 7 5
1 7 ,0 4 5

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

S
S
1 6 6 9 ,1 5 3 1 5 9 6 .9 1 7
1 4 8 ,4 1 7 1 2 7 ,0 5 5
1 2 7 ,1 9 6
1 2 6 ,8 6 3
2 3 ,2 6 5
2 4 ,2 1 9
1 8 3 ,0 2 1
1 2 8 ,5 4 8
2 5 ,3 1 3
3 8 ,6 0 6
2 6 9 6 ,6 2 6 2 5 7 0 ,4 4 0 1 2 ,7 2 6 ,7 1 6 1 2 ,1 7 0 ,6 8 9
5 2 ,1 0 9
4 7 ,7 7 8
1 4 1 ,6 3 1
1 0 2 ,6 1 7
6 2 0 .2 9 4 4 7 4 ,4 3 3 3 , 0 2 5 , 0 8 7 2 , 3 7 2 , 0 4 8
4 2 1 ,9 5 4
3 7 0 ,4 0 3
8 6 ,8 2 9
7 7 .5 4 1
9 0 3 ,6 5 6 7 5 4 ,6 8 7 3 , 7 4 8 , 9 4 6 3 ,0 3 1 , 1 5 4
4 6 9 ,1 4 2 3 7 1 ,7 4 6 2 , 3 5 8 . 7 9 5 1 ,8 5 4 .1 2 1
4 9 8 ,2 5 2 4 8 1 ,6 3 9 6 ,0 0 0 .6 0 2 5 . 8 1 1 . 9 9 6
9 4 ,0 4 1
9 3 ,6 6 7
3 4 ,6 8 1
3 3 ,3 2 9
1 , 4 4 3 .2 5 7
4 4 2 .0 5 9 3 3 0 ,6 6 2 2 .1 3 9 .3 4 9
1 7 4 ,4 0 7
2 1 5 ,0 8 5
4 0 ,9 6 3
5 3 ,2 1 9
3 7 2 ,7 8 1
4 5 8 ,5 5 1
9 3 ,0 2 2
7 4 ,2 1 3
1 7 9 .9 8 8
1 6 7 .2 5 4
6 3 ,1 8 4
6 1 ,9 8 7
4 6 ,7 0 1
4 9 ,7 8 3
1 7 ,6 1 9
1 7 ,1 9 5
6 5 3 .4 0 0 5 2 8 ,5 8 4 2 ,7 8 1 4 0 8 3 . 2 8 0 . 3 8 6
6 7 ,4 8 0
5 7 .8 2 7
2 1 .6 1 0
2 3 ,7 6 4
4 3 4 ,1 4 5
4 3 6 ,7 1 5
8 2 ,7 9 9
8 2 ,0 1 2
4 8 8 ,4 7 5 4 3 0 ,6 8 7
2 2 1 ,5 8 3
1 8 1 ,2 2 2
3 2 7 ,9 4 2 3 4 3 ,4 4 9
9 4 6 .6 7 6 1 ,0 1 1 ,7 9 4
1 0 4 ,6 8 2
3 7 .4 5 2
1 0 7 .5 3 1
3 9 ,4 8 1
3 6 9 .4 8 2
4 1 5 ,9 8 4
1 3 6 ,9 5 0 1 4 6 .9 3 6
5 9 4 ,0 8 2
6 7 7 ,0 4 4
2 1 5 ,1 2 4 2 3 2 .6 2 6
1 7 8 .0 2 9
1 8 4 ,7 3 3
6 6 ,0 7 3
6 3 ,2 0 8
1 8 0 .5 1 5
1 6 2 ,9 2 2
5 6 ,9 3 4
6 2 .4 4 7
1 6 8 ,9 2 8
5 9 .2 3 8
1 4 2 ,8 0 4
5 2 ,8 2 6
8 2 3 ,1 1 8 8 7 7 .2 0 6 3 . 0 8 7 .7 3 3 3 . 3 3 4 . 2 4 7
4 ,3 2 2 ,7 4 9
8 0 4 ,7 8 4 8 4 1 .7 6 5 4 .0 3 9 .1 4 1
6 6 8 .1 6 2 5 1 5 .2 5 0 3 . 1 8 2 . 8 1 8 2 , 5 4 1 . 0 3 7
3 1 4 .9 8 7
7 4 4 .0 7 4
2 1 4 .1 9 4
1 0 3 .6 6 1
1 1 8 ,6 9 5
4 0 ,5 9 1
1 2 3 .0 6 9
4 3 ,6 2 4
24 H 02
225 734
17 564
14 763
4 2 6 .0 3 0
4 4 4 ,0 6 6
8 0 ,8 8 9
8 2 .1 1 8
1 3 4 ,7 4 3
2 8 ,8 1 7
1 6 1 ,9 3 0
3 3 ,5 3 3

Electric Railway and Other Public U tility Net Earn­
ings. — The following table gives the returns of E L E C T R I C
railway and other public utility gross and net earnings with
charges and surplus reported this week:
---------Gross

Current
Year.

Companies.

Earnings------------------ N .t Earnings--------Previous
Current
Previous
Year.
Year.
Year.

$
-------- Gross

Prcviou
Year.

a N o w c o v e r s o n l y t h e lin e s e a s t o f Y o r k B e a c h . M e . ; In t h e f ir s t f o u r
m o n t h s o f 1 9 1 7 c o v e r e d a ls o t h e lin e s w e s t o f Y o r k B e a c h , M e .
6 R ep re­
s e n t s i n c o m e f r o m a il s o u r c e s ,
c T h e s e f ig u r e s a r e f o r c o n s o l i d a t e d c o m ­
p a n y , / E a r n in g s n o w g iv e n In m llr e t s .
g I n c lu d e s c o n s t i t u e n t c o m p a n i e s .

c o m p a n ie s.

Name of Road
or Company.

Current
Year.

$

A m e r ic a n T e l & T e l b _ . M a y 2 ,9 7 8 ,1 6 3
2 ,7 5 6 , 2 5 0
J a n 1 t o M a y 3 1 ________1 4 , 4 5 6 .8 0 7 1 3 , 3 8 2 . 6 5 0

$
1 , 5 5 1 .1 7 3
8 ,1 4 5 .6 8 2

}
1 ,4 0 1 ,6 5 6
7 ,4 1 2 ,1 1 1

B r a z ilia n T r a c . L & P . - M a y c 9 , 0 3 0 .0 0 0 c 7 , 8 6 4 , 0 0 J c 4 , 3 8 8 .0 0 0 c 4 , 2 8 9 . 0 0 0
J a n 1 t o M a y 3 1 ________c 4 0 , 6 0 6 , 0 0 0 c 3 7 , 0 0 4 , 0 0 0 c l 9 , 9 1 9 , 0 0 0 c 2 0 . 3 8 0 , 0 0 0
C e n t r a l U n io n T e l b ___ M a y
9 1 9 ,4 9 7
J a n 1 t o M a y 3 1 ............- 4 , 5 1 7 , 4 2 7

8 3 5 ,9 0 7
4 ,0 4 5 ,6 4 6

8 9 ,8 5 2
6 1 4 ,3 0 6

1 7 6 ,6 0 4
9 2 5 ,9 8 5

C o lo r a d o P o w e r C o . a - . M a y
1 0 6 ,5 7 6
J a n 1 t o M a y 3 1 ________' 1 , 2 4 3 ,2 4 3

9 6 ,3 7 5
1 ,1 2 4 ,6 2 8

6 2 .9 8 3
7 1 5 .7 1 1

5 4 ,9 0 0
6 2 6 ,9 3 0

C u m b e rla n d T e l e p . b . M a y
J a n 1 t o M a y 3 1 ________

8 2 0 ,9 5 6
3 , 9 9 3 ,1 7 1

7 6 5 ,3 1 0
3 ,7 3 1 , 4 1 3

2 4 5 .0 0 9
1 ,2 2 0 ,3 2 2

2 6 4 ,2 8 1
1 ,3 0 0 ,7 5 3

1 3 3 ,9 4 4
8 0 7 ,3 0 9

1 3 2 ,2 5 3
7 7 7 .8 2 7

5 4 ,4 8 9
3 4 3 ,7 4 6

6 2 .3 0 3
3 7 4 .8 7 3

K e y s to n e T e le p h o n e .a .J u n e
J a n 1 t o J u n o 3 0 ________

M o u n ta in S ta te s T e le p b M a y
8 6 8 ,7 6 9
J a n i t o M a y 3 1 _________ 4 , 1 9 4 , 1 4 5

8 2 9 ,8 3 8
3 .9 8 0 .7 1 6

2 9 0 ,5 7 8
1 ,4 2 7 .4 8 7

2 7 2 ,4 0 6
1 ,3 0 4 ,0 6 6

N e w E n g la n d T e l e p b . _ M a y 1 ,9 9 9 ,6 2 6
J a n 1 t o M a y 3 1 ________ 9 , 7 6 7 , 6 6 9

1 . 8 7 7 .7 1 6
9 ,1 6 9 ,3 7 2

5 7 4 ,2 0 5
2 ,7 5 1 ,0 1 2

5 6 6 ,4 7 5
2 ,4 9 3 ,8 7 6

S o u t h e r n B e ll T e l e p . b . M a y
J a n 1 t o M a y 3 1 ________

6 5 9 ,8 7 9
3 ,2 5 4 ,4 3 1

1 9 4 ,5 1 1
1 ,0 7 4 ,1 1 3

1 9 7 ,6 7 3
1 .0 5 3 .2 2 0

W e s t e r n U n i o n . b ______ M a y 7 , 3 9 1 , 9 3 8
6 ,3 7 1 ,8 6 5
J a n 1 t o M a y 3 1 ________ 3 4 , 6 2 4 , 3 0 2 2 9 ,3 1 2 ,1 4 1

1 ,7 3 7 ,5 3 1
8 ,3 6 9 ,6 0 0

1 ,3 7 6 ,8 2 2
8 ,8 4 3 ,3 9 2

7 3 0 ,5 4 3
3 ,6 2 5 .9 3 2

a N e t e a r n in g s h e r e g i v e n a r o a f t e r t h e d e d u c t i o n o f t a x e s ,
b N e t e a r n in g s h e r e g i v e n a r e b e f o r e t h e d e d u c t i o n o f t a x e s ,
c M ilr e is .

Gross
Earnings.

12 m os

12 m os

C u m b C o P & L C o .M a y
(P o r t la n d , M e .)

12 m os

12 m os

12 mos

’ 18
7 1 ,1 9 0
’ 17
6 5 .4 2 8
’ 18
9 0 2 ,7 9 4
17
8 6 1 .5 8 3
18
1 8 8 ,0 1 2
’ 17
2 0 8 ,6 3 7
’ 18 2 , 0 4 2 , 2 0 1
’ 17
’ 18
1 4 7 ,8 0 8
’ 17
1 1 7 ,8 4 0
’ 18 1 , 5 3 1 ,8 1 6
T7
1 ,2 8 2 ,0 2 0
’ 18
3 5 0 ,8 1 4
3 1 6 ,2 7 4
’ 17
’ 18 4 , 1 9 2 , 1 7 9
’ 17 3 , 7 1 5 , 8 6 6
’ 18 1 , 7 0 9 ,8 6 0
’ 17
1 ,5 1 2 ,0 1 4
'1 8 12 0 .5 0 9 ,3 4 1
’ 17 1 7 ,9 1 9 .0 3 5
5 0 3 ,0 9 6
’ 18
4 4 4 ,1 5 3
'1 7
’ 18 5 ,9 9 5 , 5 7 8
5 ,1 4 9 ,7 1 1
'1 7
’ 18
2 5 4 ,4 3 8
'1 7
2 3 6 ,7 2 8
'1 8 3 , 1 0 7 , 8 5 5
T7
2 ,9 7 3 , 2 1 5
’ 18
3 3 7 ,0 7 9
TV
3 0 1 ,6 4 5
•18 3 , 8 4 1 , 8 1 4
’ 17 3 , 3 0 9 , 7 4 0
’ 18
1 0 5 ,6 8 3
17
1 0 7 ,6 1 8
T 8 1 ,2 8 7 ,7 2 2
T7
1 .3 0 6 .9 6 4
’ 18
8 4 .5 1 1
'1 7
4 4 ,9 3 9
'1 8
8 1 6 ,3 4 1
5 2 7 .6 9 1
’ 17
1 3 3 .9 4 4
T 8
•17
1 3 2 ,2 5 3
•18
8 0 7 .3 0 9
7 7 7 .8 2 7
’ 17
7 3 .0 9 9
’ 18
7 1 .8 2 2
■17
•18
8 7 5 .0 9 6
8 4 2 ,4 9 3
’ 17

Net after
Taxes.
S
2 5 .1 9 7
2 5 ,4 4 9
3 6 6 ,7 2 1
3 7 4 ,0 2 8
6 0 ,5 9 0
5 0 ,9 3 5
6 7 5 ,3 2 3
3 2 ,2 0 7
3 9 ,4 5 3
2 1 6 ,3 7 9
3 8 4 ,7 4 5
1 0 8 .7 9 7
9 2 ,9 1 7
1 , 0 8 5 ,4 7 6
1 ,3 1 7 ,8 2 8
5 8 4 ,0 8 0
5 8 0 ,0 9 3
6 ,9 8 9 , 1 7 7
7 .5 5 2 .0 4 8
2 6 6 ,0 7 0
2 0 6 ,1 7 4
2 ,5 1 6 , 3 2 6
2 ,4 6 3 ,3 1 7
7 0 ,6 7 7
6 2 ,0 1 0
9 4 8 .5 4 4
1 ,0 4 1 ,2 3 6
9 7 ,0 1 0
9 8 ,8 4 0
1 ,0 7 5 ,7 6 1
1 ,2 5 9 ,2 3 9
2 4 ,0 6 2
3 0 ,2 6 3
3 5 3 ,1 8 3
4 4 1 ,2 9 9
3 5 ,5 3 6
2 6 .1 8 4
4 0 1 .5 5 8
3 0 9 ,0 3 3
5 4 .4 8 9
6 2 ,3 0 3
3 4 3 .7 4 6
3 7 4 ,8 7 3
1 2 .0 9 7
1 4 .8 3 4
1 4 2 .3 7 2
2 2 9 ,8 3 4

Fixed
Charges.
1 9 ,8 7 5
1 8 ,7 1 1
2 3 3 ,2 3 8
2 2 0 ,3 1 8
1 1 ,4 3 2
1 2 ,5 0 0
1 4 2 ,8 0 4

B a la n c e ,
S u r p lu s .
5 ,3 2 2
6 ,7 3 8
1 3 3 ,4 8 3
1 5 3 ,7 1 0
4 9 ,1 5 8
3 8 ,4 3 5
5 3 2 ,5 1 9

3 1 ,3 1 7
890
9 ,4 0 5
3 0 ,0 4 8
3 6 5 ,5 8 6 d e f l 4 9 , 2 0 7
3 5 7 ,3 8 7
2 7 ,3 5 8
5 3 ,0 0 8
5 5 ,7 8 9
4 7 ,1 0 9
4 5 ,8 0 8
6 0 7 ,2 7 8
4 7 8 ,1 9 8
5 2 7 ,1 3 8
7 9 0 ,6 9 0
5 0 2 ,4 3 0
8 1 .6 5 0
4 3 7 ,2 5 7
1 4 2 ,8 3 6
5 ,5 6 9 ,9 0 3
1 . 4 1 9 ,2 7 4
5 ,1 0 3 ,5 9 4
2 ,1 4 8 ,4 5 4
1 0 7 ,9 3 1
1 5 8 ,1 3 9
7 9 ,2 3 8
1 2 6 ,9 3 6
1 , 0 8 0 ,9 8 9
1 , 4 3 5 ,3 3 7
9 0 6 ,5 5 2
1 ,5 5 6 ,7 6 5
7 0 ,3 4 3
334
6 7 ,9 8 5
d e f5 ,9 7 5
8 4 3 ,7 3 4
1 0 4 ,8 1 0
8 1 2 ,4 3 1
2 2 8 .8 0 5
6 8 ,0 8 4
2 8 ,9 2 6
6 4 ,8 7 0
3 3 ,9 7 0
7 9 8 ,3 0 0
2 7 7 ,4 6 1
7 6 5 ,3 3 7
4 9 3 ,9 0 2
1 9 ,2 8 7
4 ,7 7 5
1 8 ,1 7 4
1 2 ,0 8 9
2 2 6 ,5 2 6
1 2 6 .6 5 7
2 0 5 .2 0 6
2 3 6 .0 9 3
1 6 ,1 3 3
1 9 ,4 0 3
1 5 .5 9 6
1 0 ,5 8 8
1 9 5 .3 6 8
2 0 6 ,1 9 0
1 7 6 ,7 8 7
1 3 2 .2 4 6
2 8 .5 5 2
2 5 ,9 3 7
2 7 ,7 9 2
3 4 .5 1 1
2 7 8 .0 9 4
6 5 ,6 5 2
2 2 4 ,8 5 6
1 5 0 .0 1 7
1 8 .4 4 5
d e f6 ,3 4 8
1 5 ,6 3 6
d e f8 0 2
1 9 7 ,5 7 6
d e f5 5 .2 0 4
1 8 5 ,1 0 2
4 4 ,7 3 2

174

THE CHRONICLE

G as

C itiz e n s G a s &
F uel C o
M a y ’ 18
( T e r r e H a u t e , I n c l.)
’ 17
1 2 m o s ’ 18
'1 7
C o l o r a d o S p r in g s
M a y ’ 18
L t, H t & P ow C o
'1 7
1 2 m o s ’ 18
’ 17
C o lu m b ia (P a )
M a y ’ 18
G as C o.
’ 17
1 2 m o s '1 8
’ 17
C o n e sto g a T r a c M a y ’ 18
t i o n C o ( L a n c a s t e r . P a ) ’ 17
1 2 m o s ’ 18
’ 17
C on su m ers E L
M a y ’ 18
& P C o ( N e w O r l)
’ 17
1 2 m o s ’ 18
’ 17
E d is o n E le c t r ic C o M a y ’ 18
(L a n c a s te r , P a )
’ 17
1 2 m o s ’ 18
’ 17
E l m i r a "W , L &
M a y ’ 18
RR Co
’ 17
1 2 m o s ’ 18
’ 17
H a r ris b u r g L t &
M a y ’ 18
Pow er C o
’ 17
1 2 m o s ’ 18
’ 17
H ou ston G as &
M a y ’ 18
Fu el C o
17
1 2 m o s ’ 18
’ 17
H o u s t o n H e ig h t s
M a y ’ 18
W & L A ssn
'1 7
1 2 m o s ’ 18
’ 17
In tern a t S y stem
M a y ’ 18
(B u ffa lo , N Y )
’ 17
1 2 m o s ’ 18
’ 17
L a n c a s t e r G , L & M a y ’ 18
F Co
’ 17
1 2 m o s ’ 18
’ 17
L e a v e n w o r th (K a n ) M a y ’ 18
L. H & P Co
’ 17
1 2 m o s ’ 18
’ 17
L o c k p o r t L , H & M a y ’ 18
P Co
’ 17
1 2 m o s ’ 18
’ 17
R ic h m o n d (V a )
M a y ’ 18
L, H & P C o
’ 17
1 2 m o s '1 8
’ 17
U n io n G a s & E l e c M a y ’ 18
C o ( B l l o m i n g t o n , 111) '1 7
1 2 m o s ’ 18
’ 17
W ilk e s -B a jT O C o
M a y *18

Net
Earnings.

Fixed
Charges.

Balance,
Surplus.

'

S
8 3 ,1 0 6
6 2 ,0 4 1
9 0 5 ,2 5 8
9 0 0 ,6 1 4
2 5 0 ,9 0 7
2 0 9 ,1 2 5
2 ,6 1 1 ,0 8 2
2 ,5 9 0 ,0 7 4
7 4 ,4 9 0
7 0 ,3 3 1
7 5 5 ,4 7 9
7 3 7 ,0 8 8
1 9 2 ,3 7 0
1 7 4 ,3 5 9
1 ,9 0 7 ,4 5 7
2 ,0 3 1 ,1 2 2

4 0 ,5 1 4
4 0 ,5 3 9
489 350
4 9 9 ,1 6 7
1 8 7 ,6 8 4
1 7 7 ,1 0 2
2 ,1 4 4 ,6 5 2
2 ,1 7 8 , 1 0 8
5 2 ,9 5 1
5 3 ,3 6 1
6 3 0 ,3 7 7
5 0 8 ,1 3 4
1 3 9 ,5 5 5
1 3 7 ,3 6 1
1 . 6 5 0 ,1 9 6
1 , 5 0 7 ,2 9 8

4 2 ,5 9 2
2 1 ,5 0 2
4 1 5 ,9 0 8
4 0 1 ,4 4 7
6 3 .2 2 3
3 2 ,0 2 3
4 6 6 ,4 3 0
4 1 1 ,9 6 6
2 1 ,5 3 9
1 6 ,9 7 0
1 2 5 ,1 0 2
2 2 8 ,9 5 4
5 2 ,8 1 5
3 6 ,9 9 8
2 5 7 ,2 6 1
5 2 3 ,8 2 4

$
2 3 2 ,2 6 6
1 9 8 ,3 0 1
2 5 2 2 ,8 0 0
2 ,4 2 7 ,2 0 2
6 2 0 ,2 9 4
4 7 4 ,4 3 3
6 , 6 7 6 .1 9 1
5 ,6 4 7 ,2 0 5
1 6 7 ,7 6 2
1 5 5 ,0 4 2
2 ,0 2 1 ,3 5 2
1 ,8 6 6 ,7 7 6
4 8 8 ,4 7 5
4 3 0 ,6 8 7
5 ,4 9 5 ,9 9 3
5 ,1 0 2 ,4 0 6

N a s h v i ll e R y & L t . M a y ’ 18
’ 17
1 2 m o s ’ 18
’ 17
P o r t l ( O r e ) R y , L & P _ M a y ’ 18
’ 17
1 2 m o s ’ 18
’ 17
T e n n P o w e r C o ___ M a y ’ 1 8
’ 17
1 2 m o s '1 8
’ 17
T e n n R y , L t & P - . M a y ’ 18
.
’ 17
1 2 m o s '1 8
’ 17

United

Gross
Earnings.

&

E le c t r ic

s

C o r p o r a tio n .

Gross
Earnings.

Net after
Taxes.

Fixed
Charges.

$
2 5 ,7 2 9
2 1 ,7 5 3
3 0 7 ,9 7 1
2 8 0 ,1 9 1
4 1 ,8 8 8
4 3 ,2 4 0
5 8 0 ,7 3 7
5 5 5 ,3 4 5
2 ,5 4 8
1 ,9 0 9
3 3 ,7 8 1
2 8 ,2 2 8
1 0 4 ,0 9 3
1 0 0 ,2 5 4
1 ,2 2 2 ,5 0 9
1 . 1 5 1 ,1 4 1
2 9 ,3 2 5
2 8 ,0 7 2
3 7 7 ,6 0 4
3 5 9 ,6 4 9
5 9 ,3 1 2
5 6 ,9 4 1
7 4 7 ,0 6 7
6 5 4 ,6 2 0
1 1 1 ,5 0 2
9 9 ,8 1 8
1 ,2 9 8 ,4 4 2
1 ,2 3 6 ,9 4 3
7 1 ,6 2 1
6 4 ,7 6 6
9 4 8 ,8 0 8
8 3 4 ,4 4 8
5 0 .S 7 1
4 7 ,2 2 0
6 2 5 ,3 0 4
5 5 1 ,2 4 9
2 ,5 1 5
2 ,5 3 0
31 901
2 8 ,4 1 9
6 4 0 ,6 4 2
6 7 2 ,1 5 2
7 ,9 7 0 ,5 3 8
8 .1 1 3 ,4 1 5
2 2 ,7 0 1
1 6 ,4 0 9
2 5 8 ,3 3 3
2 3 3 ,4 8 5
2 1 ,3 7 5
1 7 .9 2 9
2 5 1 ,6 8 9
2 1 6 ,8 2 7
3 4 ,1 1 8
2 8 ,7 5 5
4 0 8 ,2 1 0
3 5 5 ,6 5 1
1 7 ,3 7 7
1 8 ,1 4 1
1 8 3 ,9 3 9
1 7 3 ,4 1 5
1 8 ,3 2 3
1 3 ,9 0 1
1 9 3 ,3 3 1
1 8 1 ,1 7 3
6 9 ,2 0 6
5 9 ,1 6 0
8 7 9 ,6 0 1
7 6 5 ,2 6 9
1 ,3 2 3 ,1 4 5
1 , 2 9 2 ,9 5 1
1 6 ,3 1 9 ,7 6 4
1 5 ,7 1 9 ,4 6 5

1 1 ,0 9 2
9 ,9 7 0
1 3 9 ,7 7 9
1 1 4 ,4 7 5
1 2 ,7 1 6
1 5 ,6 7 6
2 0 2 ,9 6 1
2 1 3 ,2 8 6
333
129
6 ,8 5 0
6 ,4 9 7
4 0 ,9 2 2
4 5 ,0 9 3
4 9 6 ,5 8 5
5 1 8 ,5 4 2
1 2 ,5 0 1
1 2 ,0 7 6
1 7 2 ,0 9 2
1 7 2 ,2 3 8
2 5 ,1 3 5
2 4 ,6 8 9
3 3 3 ,4 4 1
3 1 8 ,6 5 6
3 3 ,0 4 6
3 8 ,1 1 2
4 6 2 ,5 2 0
5 1 3 ,7 6 7
2 8 ,9 4 3
3 1 ,5 3 4
4 0 4 ,6 0 9
4 7 1 .7 5 6
1 0 ,8 4 7
1 9 ,1 3 4
2 1 5 ,8 8 2
2 2 7 ,6 8 0
1 ,1 8 6
1 ,4 0 4
1 6 ,2 8 1
1 4 ,3 2 5
1 1 9 ,5 6 7
2 2 8 ,1 5 1
2 ,1 7 3 ,5 1 1
3 , 1 0 9 ,1 8 1
0 ,8 3 0
4 ,1 0 5
7 8 ,4 3 8
9 8 ,3 8 0
1 ,4 7 0
2 ,7 5 0
2 3 ,1 3 7
5 2 ,3 4 2
6 ,1 1 4
4 ,3 1 4
8 1 ,8 8 5
9 9 ,9 1 8
7 ,6 0 5
6 ,4 8 2
5 9 ,7 2 5
3 5 ,7 0 2
6 ,6 8 0
3 ,9 6 8
4 9 ,6 3 2
6 5 ,7 7 2
2 5 ,9 0 5
2 3 ,8 8 1
3 5 7 ,9 3 9
3 7 4 ,8 8 7
3 5 0 ,9 5 0
4 7 1 ,5 2 7
5 ,2 7 5 ,2 7 0
6 ,4 0 7 ,4 0 3

3 ,7 5 6
3 ,9 6 2
4 5 ,5 6 6
4 6 ,4 6 2
1 2 ,4 6 0
1 2 ,4 6 0
1 4 9 ,5 1 6
1 4 9 ,5 9 9
343
324
3 ,9 5 1
3 .8 8 3
2 7 .3 0 4
2 6 ,8 6 5
3 2 5 ,5 1 8
3 2 4 ,4 6 9
6 ,8 3 0
6 ,6 9 8
8 1 .3 3 6
7 9 ,3 5 3
9 ,5 6 8
8 ,7 1 7
1 1 2 ,6 1 0
9 9 ,0 5 6
2 0 ,3 9 7
1 9 ,2 3 3
2 3 9 ,4 4 0
2 3 4 ,2 5 8
1 5 ,7 6 9
1 3 ,6 7 7
1 7 7 ,6 9 2
1 6 3 ,1 0 5
6 ,8 9 2
6 ,8 1 4
8 2 ,0 8 8
8 2 ,0 0 7
130
128
1 ,5 5 8
1 .5 1 8
1 5 4 ,0 6 3
1 4 3 ,1 6 8
1 , 9 7 6 ,5 3 2
1 , 8 4 2 ,8 7 0
2 ,2 2 0
2 ,1 0 9
2 5 ,8 4 2
2 5 ,2 2 3
2 ,8 8 4
2 ,8 8 4
3 4 ,6 0 9
3 4 ,5 8 5
6 ,6 2 7
5 ,2 0 7
8 0 ,4 8 9 ,
6 5 ,3 1 8
4 ,5 9 4
4 ,6 9 4
5 5 ,8 2 8
5 7 ,2 1 9
3 ,5 5 0
3 ,3 5 6
4 3 ,1 4 4
4 1 ,2 9 3
2 1 ,5 7 4
2 0 ,0 9 6
2 5 0 ,3 4 9
2 4 0 ,2 3 1
2 9 8 ,9 6 1
2 8 0 .3 8 9
3 ,6 8 6 ,0 7 0
3 ,4 9 0 ,4 4 8

S

S

Balance,
$
7 ,3 3 6
6 ,0 0 8
9 4 ,2 1 3
6 8 ,0 1 3
256
3 ,2 1 6
5 3 ,4 4 5
6 3 ,6 8 7
d e f lO
d e fl9 5
2 ,8 9 9
2 ,6 1 4
1 3 ,6 1 8
1 8 ,2 2 8
1 7 1 ,0 6 7
1 9 4 ,0 7 3
5 ,6 7 1
5 ,3 7 8
9 0 ,7 5 6
9 2 ,8 8 5
1 5 ,5 6 7
1 5 ,9 7 2
2 2 0 ,8 3 1
2 1 9 ,6 0 0
1 2 ,6 4 9
1 8 ,8 7 9
2 2 3 ,0 8 0
2 7 9 ,5 0 9
1 3 .1 7 4
1 7 ,8 5 7
2 2 6 ,9 1 7
3 0 8 ,6 5 1
3 ,9 5 5
1 2 ,3 2 0
1 3 3 ,7 9 4
1 4 5 ,6 7 3
1 ,0 5 6
1 ,2 7 6
1 4 ,7 2 3
1 2 ,8 0 7
d e f3 4 ,4 9 6
8 4 ,9 8 3
1 9 6 ,9 7 9
1 .2 6 6 ,3 1 1
4 ,6 1 0
2 ,0 5 6
5 2 ,5 9 6
7 3 ,1 5 7
d e fl.4 1 4
d e fl3 4
d e f l 1 ,4 7 2
1 7 ,7 5 7
d e f5 1 3
d e f8 9 3
1 ,3 9 6
3 4 ,6 0 0
3 ,0 1 1
1 ,7 8 8
3 ,8 9 7
d e f2 1 ,5 1 7
3 ,1 3 0
612
6 ,4 8 8
2 4 ,4 7 9
4 ,3 9 1
3 ,7 8 5
1 0 7 ,5 9 0
1 3 4 ,6 5 6
5 1 ,9 8 9
1 9 1 ,1 3 8
1 , 5 8 9 ,2 0 0
2 ,9 1 6 ,9 5 5

[V o l . 107.

T h o a f o r e s a id d e c r e a s o o f $ 2 5 ,7 0 7 ,3 9 4 in t r e a s u r y b o n d s w a s o f f s e t t o
t h o e x t e n t o f $ 3 , 5 6 7 , 0 0 0 , ( m a k in g t h o n e t d e c r e a s o $ 2 2 ,1 4 0 ,3 9 4 ) , b y t h o is s u ­
a n c e o f t h a t a m o u n t o f F ir s t & R e f . M t g o . g o l d b o n d s , s e r ie s “ A ” \ 'A % ,
a g a in s t t h e a c q u i s i t i o n o f t h o f o l l o w i n g s e c u r it ie s : (a ) S t . R a u l M in n e a p o l is
& M a n i t o b a R y . C o . P a c i f i c E x t e n s i o n M t g o . 4 % b o n d s , $ 7 0 7 ,3 9 4 : ( 6 ) V a n ­
c o u v e r V i c t o r ia & E a s t e r n R y . & N a v i g a t i o n C o . c a p i t a l s t o c k ( 2 6 ,5 0 0
s h a r e s ) , $ 2 ,6 5 0 ,0 0 0 : (c ) C r o w ’s N e s t S o u t h e r n R y . C o . C a p it a l s t o c k
(8 5 0 s h a r e s ) , $ 8 5 ,0 0 0 .
New Construction, &c.— C h a r g e s o n a c c o u n t o f c o n s t r u c t i o n o f n e w lin e s
a g g r e g a t e d $ 1 5 8 ,8 0 7 , w h ic h h a s b o o n c h a r g e d t o ‘ ‘ c o s t o f r o a d . ”
[N e t
d e c r e a s o in e q u i p m e n t a c c o u n t , $ 4 6 0 ,6 2 8 .1
T h e r o w a s e x p o n d e d f o r a d d it i o n s a n d b e t t e r m o n t s t h o s u m o f $ 7 , ­
8 4 7 ,2 9 1 , w h ic h w a s c h a r g e d t o " c o s t o f r o a d . ”
O f t h e t o t a l, c o s t o f
b e t t e r m e n t s , $ 3 , 3 8 9 ,6 3 3 w a s p a i d f r o m a n d d e b i t e d a g a i n s t t h e “ f u n d f o r
p e r m a n e n t i m p r o v e m e n t s a n d b e t t e r m o n t s ” a n d w a s c r e d it e d t o " c o s t o f
a d d it i o n s a n d i m p r o v e m e n t s ” .
T h o e n tiro o u ts ta n d in g c a p ita l s t o c k o f th e fo llo w in g n a m o d c o m p a n ie s
w a s a c q u ir e d d u r in g th e y e a r a t p a r :

Great Northern Terminal Ry. Co. ( V . 1 0 4 , p . 5 5 9 ) ......... ............... - - . $ 2 , 0 0 0 , 0 0 0
T h is c o m p a n y w a s o r g a n i z e d o n J a n . 3 1 9 1 7 , t o c o n s t r u c t t e r m in a l a n d
t r a n s fe r fa c il i t i e s a t :S t . P a u l. T h o f i r s t u n i t o f t l i o s o fa c il i t i e s w ill b o p u t i n t o
o p e r a t i o n d u r i n g 1 9 1 8 , a n d w ill t a k e t h e p l a c o o f le s s a d v a n t a g e o u s f a c il i t i e s
a n d w h ic h i t is n e c e s s a r y t o a b a n d o n o n a c c o u n t o f c o n s t r u c t i o n o f t h o n o w
U n io n D e p o t a n d t r a c k s .
[ I n e r e c t i n g a f r e i g h t h o u s o 8 0 0 f t . in l e n g t h a n d
y a r d t r a c k s in v i c i n i t y o f E . 8 t h a n d P i n o S t s . , a n d p r o p a r i n g t o b u i l d
t r a c k c o n n e c t i o n w it h m a in lin o a t M is s i s s ip p i S t . b r id g e .]

Minneapolis Bell Line Co. ( V . 1 0 4 , p . 5 6 0 ) _________________________$ 2 ,0 0 0 , 0 0 0
T h is c o m p a n y w a s i n c o r p o r a t e d o n M a y 14 1 9 1 7 f o r t h e p u r p o s e o f c o n ­
s t r u c t i n g t e r m in a l a n d t r a n s f e r fa c il i t i e s t o r e li e v o t h o f r e i g h t c o n g e s t io n
a t t h o M in n e a p o l is t e r m in a ls b y m o v i n g b u s in e s s a r o u n d i n s t e a d o f t h r o u g h
th o c it y .
S o m o o f it s fa c il i t i e s a t F r i d l e y , M i n n . , [in c l u d i n g d o l i v e r y y a r d s
3 8 m ile s o f t r a c k , e n g in e h o u s o , & c . ] , a r e a l r e a d y c o m p l e t e d a n d in o p e r a t i o n .
Great Northern Dock Company_________________________________ _________ $ 5 0 0 ,0 0 0
T h is c o m p a n y w a s i n c o r p o r a t e d t o a c q u i r e b y p u r c h a s e , I c a s o o r o t h e r ­
w is e , w h a r v e s , d o c k s a n d o t h e r f a c il i t i e s .
I t has n o t as y o t c o m m e n ce d
a c t iv e w o rk .
T h o G re a t N o rth e r n R y . C o . a ls o a c q u ir e d a t p a r :
( a ) $ 3 0 ,0 0 0 (3 3 1 - 3 % ) s t o c k o f TwinCity Belt Ry. Co., i n c o r p o r a t e d o n J a n .
2 1 9 1 7 , t o c o n s t r u c t a t e r m in a l a n d t r a n s f e r r a i lw a y in R a m s e y , H e n n e p in
a n d o t h o r M i n n e s o t a c o u n t i e s , f o r t h e p u r p o s e o f c o n n e c t i n g v a r io u s lin es
o f r a i lw a y , n o w o r h e r e a f t e r t o b o o p e r a t e d m s a id c o u n t i e s .
[N o ta b ly fro m
n e a r H ig h w o o d o n C . B . & Q . R R . , t o a p o in t o n M in n . S t. P . & S . S to M .
R y . , n o r t h o f L a k o P h a le n .
C o n s id e r a b le r ig h t o f w a y h a s b e e n p u r c h a s e d ,
b u t n o a c tu a l c o n s t r u c tio n w o r k h a s b o e n d o n o .]
T h e N o r t h e r n P a c i f ic
R y . C o . , a n d t h o C h i c a g o B u r l i n g t o n & Q u in c y R R . C o . , a l s o e a c h o w n
a o n e - t h ir d i n t e r e s t .
(5)
$ 3 5 ,0 0 0 o f t h o c a p it a l s t o c k o f t h o Great Falls A Teton County Ry.
a n d p a id t h e b a l a n c o o f it s s u b s c r ip t i o n t o t h e $ 1 5 0 ,0 0 0 , m a k i n g it s t o t a l
i n v e s t m e n t $ 2 6 0 ,0 0 0 .
(c ) A l s o s u b s c r ib e d , a t p a r , f o r $ 3 , 1 5 0 , 0 0 0 o f t h o c a p i t a l s t o c k o f t h o
Montana Eastern Railway Co., p a y i n g 1 0 % t h e r o o n , m a k i n g t h o t o t a l o f
t h a t s t o c k s u b s c r ib e d f o r t o d a t e , $ 1 0 ,0 0 0 ,0 0 0 .
(d) $ 5 , 0 0 0 , 0 0 0 o f t h o c a p it a l s t o c k o f t h o Great Northern Equipment Co.
T h o c o m p a n y ’s in v e s t m e n t In C a n a d i a n c o m p a n i e s h a s b o o n i n c r e a s e d :
(a ) B y p u r c h a s e , a t p a r , o f $ 2 , 9 8 5 , 0 0 0 c a p i t a l s t o c k , a s f o ll o w s :
V a n c o u v e r V i c t o r ia & E a s t e r n R y . & N a v . C o ...................................$ 2 , 6 5 0 , 0 0 0
C r o w ’s N e s t S o u t h e r n R a il w a y C o ......... ....................................... ..
85 000
M id la n d R a i l w a y C o . o f M a n i t o b a __________________________________
2 5 0 ,0 0 0
(b ) B y a d v a n c e s a g g r e g a t i n g $ 2 , 9 9 9 t o s e v e r a l c o m p a n i e s :

T h e r o w a s re p a id t o G re a t N o rth e r n R y . C o . a d v a n c e s m a d o t o C a n a d ia n
c o m p a n ie s d u r in g p r e v io u s y e a r s t o th o a m o u n t o f $ 1 ,7 7 9 ,7 6 0 , lo a v in g as
t h o n e t in c r e a s e in t h o in v e s t m e n t t h e r e o n $ 1 , 2 1 9 , 5 2 0 .
T h o p r o c e e d s r e c e iv e d f r o m s a lo o f t h e ir s h a r e c a p i t a l b y t h o C a n a d i a n
c o m p a n i e s n a m e d h a s b o o n u s e d in m a k i n g r e p a y m e n t t o G r o a t N o r t h e r n ,
a s a b o v e , in p a y i n g c o s t o f c o n s t r u c t i o n a n d a d d it i o n a n d b e t t e r m e n t w o r k
d o n e d u r in g t h e y e a r , o r is in h a n d f o r p a y m e n t o f c o s t o f f u t u r e c o n s t r u c ­
t io n a n d a d d it i o n s a n d b e t t e r m o n t s .
Cottomcood Coal Co.— T h is c o a l c o m p a n y d u r in g t h o y e a r e x p o n d o d
$ 1 0 0 ,0 0 0 in t h e c o m p l e t i o n o f it s p l a n t a t L e h ig h , M o n t .
A n o w m in e ,
k n o w n a s L e h ig h M i n e N o . 2 , is b e i n g o p e n e d u p in F e r g u s C o u n t y , M o n t . ,
l o c a t e d s o u t h e r l y a b o u t t w o m ile s f r o m t h o p r e s e n t L e h ig h m in e .
A p p r o x i­
m a t e l y $ 1 6 0 ,0 0 0 h a s b e e n s p e n t in d e v e l o p m e n t w o r k a n d In t h o e r e c t i o n
o f b u i l d in g s a n d t ip p le .
T h is p l a n t , c a p a b l e o f m in in g 1 ,5 0 0 t o n s o f c o a l
p e r d a y , w ill b e c o m p l e t e d in t h o f a ll o f 1 9 1 8 a n d w ill r e p r e s e n t a n o u t l a y
o f a p p r o x i m a t e ly $ 3 5 0 ,0 0 0 .
Glacier Park liotel Co.— A f o u r - s t o r y 8 0 - r o o m a n n e x t o t h e h o t e l a t M a n y
G la c i e r C a m p in G la c i e r N a t io n a l P a r k w ill b o c o m p l e t e d a n d o p e n t o t h e
p u b l i c in t im o f o r t h o 1 9 1 8 t o u r is t s e a s o n .
T h o c o s t th e r e o f t o D e c . 31
1 9 1 7 w a s a b o u t $ 1 3 6 ,0 0 0 .
Steamships.— O n J a n . 2 0 1 9 1 7 t h o Great Northern SS. Co. s o l d t o t h o
A t l a n t i c T r a n s p o r t C o . it s s t e a m s h ip n a m e d M i n n e s o t a , a n d is t h e r e fo r e
n o l o n g e r e n g a g e d in b u s in e s s .
I n S e p t . 1 9 1 7 t h o s t e a m s h ip s G r e a t N o r t h ­
e r n a n d N o r t h e r n P a c i f i c , o w n e d b y t h e Great Northern Pacific SS. Co.,
w e r e c o m m a n d e e r e d f o r t h o U . S . m il i t a r y s e r v ic e , a n d t h o c o m p a n y h a s
t h e r e fo r e c e a s e d o p e r a t i o n s .
T h o Northern SS. Co. a l s o d i s p o s e d o f its
s t e a m s h ip N o r t h w e s t o n A u g . 2 8 1 9 1 7 .
St. Paul Union Depot Co.— Guaranteed Bonds.— T h e G r e a t N o r t h e r n R y .
C o . , w it h t h o o t h e r o w n in g c o m p a n i e s o f t h e S t . P a u l U n io n D o p o t C o . ,
e x e c u t e d a j o i n t a n d s e v e r a l g u a r a n t y o f p a y m e n t b y t h o S t . P a u l U n io n
D e p o t C o . o f b o t h p r in c ip a l a n d i n t e r e s t o f t h o b o n d s is s u e d b y t h a t c o m ­
p a n y u n d e r it s F ir s t & R e f u n d in g M t g o . d a t e d J a n . 1 1 9 1 7 .
T h o p r i n c ip a l
o f th e b o n d s o g u a r a n te e d w a s $ 6 ,5 0 0 ,0 0 0 .
T h i s b o n d w a s is s u e d t o s c c u r o
1 2 m a s ’ 18
fu n d s f o r t h o c o n s t r u c t i o n o f t h o n o w U n io n D o p o t in S t . P a u l , M i n n .
'1 7
( V . 1 0 4 , p . 2 1 1 9 , 2 3 4 4 : V . 1 0 5 . p . 2 5 4 3 .)
T ota l
M a y ’ 18
Extra 1 0 % Dividend on C. B. A Q. Stock.— T h o c o m p a n y r e c e iv e d a n
’ 17
ex tra d iv id e n d o f 1 0 % a g g r e g a tin g $ 5 ,3 8 5 ,6 3 5 f r o m th o C h ic a g o B u r lin g ­
1 2 m o s ’ 18
t o n & Q u in c y R R . C o . , w h ic h a m o u n t w a s a p p r o p r i a t e d a s a r e s e r v e f o r
’ 17
.fu n d in g c o m p a n y o b l ig a t io n s .
Tax Decision.— T h o S u p r e m o C o u r t o f M i n n e s o t a , In a c a s o o f g r e a t
I m p o r t a n c e t o t h o c o m p a n y , h a s d e c i d e d t h a t t h o r a i lw a y s e c u r it ie s ( s t o c k s ,
b o n d s a n d c r e d it s ) o w n e d b y t h o c o m p a n y a r o o w n e d a n d h e ld f o r r a i l w a y
p u r p o s e s a n d a r o c o v e r e d b y t h o g r o s s e a r n in g s t a x p a i d t o t h e S t a t o o f
M in n e s o t a : a n d h e n c e n o t s u b j e c t t o a d v a l o r e m t a x a t i o n .
In 191 5 R a m s e y
C o u n t y , M i n n . , u n d e r t o o k t o s u b j e c t s a id s e c u r it ie s t o t a x a t i o n , a n il lo v ie d
a t a x o f $ 1 , 6 0 3 , 9 6 5 a g a in s t t h e c o m p a n y o n a c c o u n t o f t h o o w n e r s h ip o f
r a i lw a y s t o c k s , b o n d s a n d c r e d it s .
T h o t a x t h u s l o v ie d b y R a m s e y C o u n t y
w a s s e t a s id e b y t h o D i s t r i c t C o u r t o f R a m s e y C o u n t y , M i n n ., a n d t h o
a c t io n o f t h o D i s t r i c t C o u r t h a s b e e n a f f i r m e d b y t h o S u p r e m o C o u r t .
not
H a d t h e d e c i s io n b e e n a g a in s t t h o c o m p a n y it w o u ld h a v o b o o n s u b j e c t t o
a d o m a n d f o r p a s t t a x e s a g g r e g a t i n g m a n y m illio n s o f d o lla r s .
New Collateral Trust Notes.— T h o m a n y im p r o v e m e n t s r e q u ir e d t o p l a c o
t h o p r o p e r t y in s h a p e t o a d e q u a t e ly m e e t t h o h e a v y a n d u n u s u a l d e m a n d s
m a d o u p o n it b y th o w a r -tim o c o n d it io n s re n d e re d it n e ce ssa ry t o o b ta in
f u n d s f o r t h a t a n d o t h o r la w fu l c o r p o r a t e p u r p o s e s .
T h o c o m p a n y , th ere­
f o r e , is s u e d a n d s o l d its $ 2 0 ,0 0 0 ,0 0 0 3 - y e a r 5 % C o l l a t e r a l T r u s t g o l d n o t e s
d a t e d S e p t . 1 1 9 1 7 a n d p a y a b lo S e p t . 1 1 9 2 0 , s e c u r e d b y p l e d g o o f $ 2 5 , ­
( 2 9 t h R e p o r t— Y e a r e n d e d D e c .
0 0 0 ,0 0 0 F i r s t & R e f u n d in g M t g o . 4 M % g o l d b o n d s .
T h e s e n o te s w o re s o ld
b y t h o c o m p a n y a t 9 6 , r e a liz in g $ 1 9 ,2 0 0 ,0 0 0 f r o m t h o s a lo t h o r o o f. ( V . 1 0 5 ,
p . 6 0 6 , 7 1 5 .)
Land Revaluation.— T h o c o m p a n y , t o m o o t t h o r c q u l r o m o n t s o f t h o F e d ­
e r a l i n c o m o t a x la w s , t o o k a ll o f it s m is c e lla n e o u s l a n d s ( p r in c i p a l l y g r a n t e d
la n d s ) h e ld f o r s a lo o n D e c . 31 1 9 1 6 a n d a c q u i r e d p r i o r t o M a r c h 1 1 9 1 3
Funded Debt.— A c o m p a r is o n w it h t h o f ig u r e s o f D e c . 3 1 1 9 1 6 , f o ll o w s :
„
,
„
„
Increase ( + ) , or i n t o it s a c c o u n t s a t t h e ir f a c o v a lu e a s o f M a r c h 1 1 9 1 3 , s a m e h a v i n g h e r e ­
Bonds, &c., on Dec. 3 1 —
1917.
1916.
Decrease (— ) .
t o f o r e b e e n c a r r ie d a t a n o m in a l v a l u e o n l y .
T h e d i ff e r e n c e b e t w e e n t h e
a m o u n t a t w liic h t h e y w e r e f o r m e r l y c a r r ie d o n t h o b o o k s a n d t h o a p ­
I n h a n d s o f t h o p u b l i c --------------------$ 1 6 3 ,1 4 0 ,5 1 5 $ 1 4 3 ,2 3 5 ,5 1 5 + $ 1 9 , 9 0 5 , 0 0 0
p r a is e d v a l u o w a s c o n c u r r e n t l y c r e d it e d in c o r p o r a t e s u r p lu s t o a n a c c o u n t
H e l d in t h e t r e a s u r y ..................
1 7 ,7 1 6 ,0 0 0
3 9 ,8 5 6 ,3 9 4 — 2 2 ,1 4 0 ,3 9 4
H e l d in p o n s i o n f u n d --------------------5 0 0 ,0 0 0
5 0 0 .0 0 0
______________
a p p r e c i a t io n o f v a l u o t o M a r c h 1 1 9 1 3 o f m is c e lla n e o u s la n d s — u n s o l d . ”
T h o a m o u n t s o c r e d it e d a g g r e g a t e d S 5 ,5 2 0 ,3 3 8 .
H e l d b y m o r t g a g o t r u s t e o s ------------3 9 ,8 1 3 ,3 9 4
1 4 , 1 0 6 ,0 0 0 + 2 5 . 7 0 7 , 3 9 4

ANNUAL

REPORTS

Annual Reports.

—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
havo been published during the preceding month will bo givon
on the last Saturday of each month. This index will
include rep