Full text of Commercial and Financial Chronicle : July 20, 1918, Vol. 107, No. 2769

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fin a t t r ia l

o m m a tiH
I N

B a n k

&

C

L

U

D

I N

Q u o t a t io n

S e c tio n

R a ilw a y

E a r n in g s

S e c tio n

B a n k e rs*

R a ilw a y

VOL. 107

G

&

In d u s tr ia l

C o n v e n t io n

S e c tio n

E le c tr ic

S e c tio n

S ta te

PU BLISH ED W E E K L Y .

1918.

F o r O n e Y e a r ....................... .......................
®i 0
F o r S ix M o n t h s ............................................... ...................................................................... * g
E u r o p e a n S u b s c r i p t io n (I n c l u d i n g p o s t a g e ) ....................................................... 1 3
E u r o p e a n S u b s c r i p t io n s i x m o n t h s ( i n c l u d i n g p o s t a g e )
.......................
7
A n n u a l S u b s c r i p t io n in L o n d o n ( i n c l u d i n g p o s t a g e ) .......................... &2
S i x M o n t h s S u b s c r i p t io n in L o n d o n ( in c l u d i n g p o s t a g e )
£1
C a n a d ia n S u b s c r i p t i o n ( i n c l u d i n g p o s t a g e ) ...................................................... $ n

oo
oo
00
50
14a.
1 1 a.
50

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W IL L IA M
B . D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t . P in o a n d D e p e y a t e r S t s ., N e w Y o r k .
Published ev ery S atu rd a y m ornin g b y W I L L I A M B . D A N A C O M P A N Y .
J a co b Seibert J r ., President an d T reasurer; A rn old O . D a n a , V ico-P resld on t a n d
S ecreta ry . Aildrossoss o f b o t h , O ffice o f the C o m p a n y .

CLEARING HOUSE RETURNS.
T h o follo w in g ta b le , m a d e u p b y teleg ra ph , A c . , ind ica tes th a t th o t o ta l b a n k
clearings o f a ll the clearing houses o f th e U nited States fo r th e w eek en d in g t o -d a y
h a v e been 3 6 ,7 2 5 ,7 0 5 ,0 5 7 , again st $ 6 ,3 5 6 ,4 6 3 ,8 4 2 la st w eek an d $ 6 ,2 8 3 ,5 1 9 ,6 2 8
th e corresp on d in g w eek last y ea r.

Clearings—Returns by Telegraph.
Week ending July 2 0 .

1918.

1917.

N e w Y o r k ________________ ______ _________
C h i c a g o ........................................................
P h ila d e lp h ia ..............................................
B o s t o n _______________________________
K a n sa s C i t y __________________________
S t. L o u is ____________________________
San F ra n cisco _____________ __________
P it t s b u r g h ____________________________
D e t r o i t _____ __________________________
B a ltim o re _____________________________
N e w O rlea n s_________________________

$ 3,068 ,826,498
447 ,812,956
370 ,902,752
286 ,541,248
*148, 000 ,0 0 0
133, ,043.364
102, 9 06 ,048
106, 348,983
62, 190,917
59, 7 30 ,015
41, 24 9 ,7 0 6

$ 3 ,1 3 8 ,0 6 2 ,2 6 9
4 3 8 ,2 0 3 ,7 5 0
2 6 5 ,9 7 0 ,8 5 4
2 2 3 ,520 ,65 1
1 2 2 ,342 ,16 0
1 0 9 ,529 ,61 8
8 7 ,0 8 6 ,3 8 9
6 1 ,949,312
5 0 ,6 7 8 ,9 7 4
3 0 ,1 2 3 ,2 5 7
3 3 ,2 5 6 ,4 6 9

— 2 .2
+ 2 .2
3 9 .5
28 .3
2 1 .0
2 2 .0
18.2
+ 7 .2
+ 22 .7
+ 0 5 .4
+ 2 4 .0

E lev en cities, 5 d a y s __________________
O th er cities, 6 d a y s ______________________

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

$ 4 ,5 6 6 ,7 2 3 ,7 0 9
6 6 0 ,2 4 1 ,7 6 3

+ 5 .7
+ 2 1 .5

T o t a l a ll c ities, 5 d a y s .......... .........
A ll cities, 1 d a y _____________________

$ 5 ,6 3 0 ,4 8 6 ,1 1 1
1 ,0 9 5 ,2 1 8 ,9 4 0

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

Ter
Cent.

+
+
+
+
+

+ 7 .7
+ 3 .6

T o t a l a ll cities
fo r w eek — .................... $ 6 ,7 2 5 ,7 0 5 ,0 5 7
_____________
_________________________________
$ 0 ,2 8 3 ,5 1 9 ,0 2 8
+ 7 .0
♦P artly estim a ted .
T h e full d etails for tho w eek co v e re d b y th o a b o v e w ill b e g iv e n n ex t S a tu rd a y
W o ca n n o t furnish them t o -d a y , clearings b ein g m a d e u p b y th o clearing house
a t n oon on S a tu rd a y , an d h en ce in th e a b o v o tho last d a y o f th o w eek has t o b o In
all cases estim a ted , as w o g o t o press F rid a y n ig h t
D eta llod figures for th o w eek en din g J u ly . 13 s h o w

Week ending July 13.

Clearings at—
1918.

1917.

N ew Y o r k .............
P h ila d e lp h ia ____
P ittsb u rg h _______
B a lt im o r e .............
B u f f a l o _________
A lb a n y ___________
W a s h i n g t o n ____
R o c h e s t e r _______
S cra n ton ________
S y r a c u s e _______
W h e e lin g ............. ..
R e n d in g _________
W ilm in g to n _____
W ilk es-B a rro . . .
T r e n t o n __________
Y o r k .......................
E r i e .........................
L a n c a s t e r _______
B in g h a m to n '____
G re e n sb u rg ______
C h e s t e r _________
A l t o o n a _________
M o n t c la i r _______

,393,899,531 3 ,7 2 8 ,6 2 7 ,6 4 9
3 9 0 ,878 ,30 3
3 1 5 ,711 ,47 2
119 ,391 ,73 5
7 8 ,083,651
7 1 ,601,469
4 6 ,4 1 5 ,8 2 0
2 2 ,8 5 3 ,9 6 0
21,398,702
5 ,5 5 0,538
5 ,4 0 0 ,3 4 5
13,841,682
1 2 ,953,032
8 ,5 0 3 ,2 6 9
7 ,4 4 6 ,7 7 3
4 .1 0 0 .0 0 0
3 ,7 4 6,913
4 ,8 0 0,574
4 .5 0 0 .0 0 0
4 ,5 2 2 ,8 6 7
3 ,9 80,653
3,061,381
3 ,0 5 3 ,8 5 7
3 ,2 0 0 ,4 7 8
3 ,7 3 1 ,9 8 7
2 ,1 36,392
2 ,3 5 9 ,2 0 0
2 ,5 9 9,561
2 ,9 0 6 ,0 9 4
1,539,904
1,252,946
2 ,0 1 2 ,5 4 3
2 ,4 0 1 ,7 5 6
2 ,0 6 5 ,6 7 4
2 ,2 25,193
1,000,000
1,031,600
1.350.000
1 ,2 00,000
1,704,737
1,670,212
9 00 ,485
698 ,124
422 ,849
583,769
T o t a l M id d le - 4 ,0 6 2 ,0 8 7 ,2 0 2 4 ,2 4 6 ,6 6 0 ,4 7 8

Inc. or
Dec.

1 91 6:

1915.

%
— 9.0 1,952,474,104 1,902,801,262
+ 2 3 .8
2 5 4 ,8 7 2 ,7 3 7
168 ,801,777
+ 52.9
6 8 ,9 5 5 ,7 0 2
51,927,822
+ 54.2
4 7 ,0 9 1 ,4 4 7
34 ,4 1 2 ,0 3 2
+ 6 .8
16 ,7 1 6 ,0 0 9
12,741,129
+ 2 .8
5 ,4 6 8 ,0 1 0
5 ,2 3 6 ,2 7 0
+ 6.9
1 0 ,0 0 2 ,0 4 0
8 ,0 8 8 ,7 6 7
+ 14.2
5 ,8 7 9 ,7 3 3
4 ,9 8 5 ,0 3 8
+ 9 .5
3 ,1 0 5 ,6 8 6
3 ,0 8 1 ,4 6 8
— 6 .3
3 ,0 2 9 ,4 5 6
3 ,3 4 0 ,0 5 9
— 12.0
3 ,0 1 0 ,6 0 0
2 ,0 2 4,381
— 0.2
2 ,7 4 8 ,2 7 8
2 ,0 9 0 ,0 0 0
+ 16.6
3 ,4 5 0 ,6 9 4
2 ,2 5 3 ,9 9 0
+ 10.4
1 ,8 31,944
1 ,6 83,813
+ 11.8
2,296,811.
1 ,9 40,314
+ 22 .9
1,0 1 8 ,0 6 0
1 ,0 02,816
+ 19.3
1,4 8 6 ,4 5 0
1 ,0 91,527
+ 7.7
1,718,743
1 ,3 0 8 ,7 8 0
— 3 .0
922 ,7 0 0
7 75 ,400
+ 12.5
1 ,5 48,905
65 0 ,0 0 0
+ 2.1
1,392,474
795,191
+ 29 .0
708 ,407
5 61 ,655
— 2 7 .6
446 ,2 6 9
474 ,4 8 8
— 4.3 3 ,3 9 0 ,8 0 5 ,4 0 9 2 ,2 1 2 ,0 2 7 ,9 7 9

B o s t o n ___ . . . ___
P r o v i d e n c e ______
H a r t f o r d ________
N e w H a v e n ...........
S p r i n g f ie l d ...........
P o r t l a n d ________
W o r c e s t e r .............
F a ll R iv e r .............
N ew B e d fo r d ___
L o w e l l ___________
H o l y o k e . . .............
B a n g o r ....................

3 3 0 ,430 ,11 7
12,095,500
8 ,4 2 0,561
5 ,5 5 9 ,2 9 3
3 ,9 8 5 ,5 2 5
3 .3 0 0 .0 0 0
4 ,2 4 4 ,8 1 8
2 ,3 7 5,551
2 ,2 2 9 ,4 5 5
1 .2 0 0.000
789,356
933,414

2 77 ,933 ,60 1
10,886,400
8 ,5 6 8 ,0 8 1
5,395,881
4 ,2 3 2 ,1 6 3
3 ,0 0 0 ,0 0 0
4 ,5 6 6 ,6 8 0
1,993,766
1,922,829
1,257,782
831,941
794,731

+ 18.9
+ 11.1
— 17.3
+ 3 .0
— 5.8
+ 10.0
— 7.1
+ 19.2
+ 16.0
— 4 .6
— 5.3
+ 17.5

2 3 3 ,0 6 4 ,4 2 3
10,5 3 3 ,1 0 0
8 ,3 0 9 ,7 2 8
4 ,8 9 5 ,3 7 1
4 ,8 1 7 ,5 0 2
2 ,8 0 0 ,0 0 0
4 ,4 5 9 ,4 5 9
1 ,5 7 4 ,3 7 0
1 6 ,04,690
1 ,1 08,118
100,000
857,541

T o t. N ow E n g .

375 ,5 6 3 ,5 9 0

3 2 1 ,3 8 3 ,2 5 5

+ 16.9

2 7 5 .0 8 4 ,3 0 2

1 7 1 ,806 ,60 4
8 ,9 7 2 ,7 0 0
6 ,1 9 4 ,7 1 5
4 ,7 5 5 ,3 8 0
3 ,4 9 7 ,3 7 6
2 ,3 0 1 ,8 0 7
3 ,2 7 8 ,3 3 8
1 ,1 59,046
1,243,227
878 ,027
721 ,3 0 4
531 ,8 0 8
2 0 5 ,3 4 0 .3 3 2

Note.— F o r C a nadian clea ring see "C o m m e rcia l an d M iscella n eou s N e w s ."

S e c tio n
S e c tio n

NO. 2769
Week ending July 13.

Clearings at—

Terms of Subscription— Payable in Advance




C it y

SA T U R D A Y , JULY 20 1918

(&hva

B
R

R a ilw a y

a n d

1917.

Inc. or
Dec.

1916.

191 5.

3
5 0 9 ,833 ,71 9
68,1 5 4 ,6 1 6
89,1 5 2 ,6 3 8
62,2 0 0 ,2 9 2
2 9 ,5 4 4 ,2 5 3
1 9 ,341,000
1 1 ,855,400
1 0 ,457,634
4 ,5 2 7 ,7 5 3
5 ,1 8 3 ,7 6 8
4 ,8 5 9 ,7 6 0
4 ,8 5 1 ,6 6 5
2 ,0 0 2 ,5 9 7
1 ,4 3 4 ,5 3 6
4 ,9 8 4 ,8 6 1
5 ,0 8 6 ,0 0 0
2 ,0 2 6 ,7 0 9
75 0 ,0 0 0
1 ,4 4 0 ,5 8 6
1 ,1 6 5 ,5 3 9
2 ,9 7 2 ,6 7 0
1 ,1 4 8 ,3 5 6
1 ,0 5 0 ,0 0 0
1 ,4 20,723
1 ,9 41,375
1,103.481
743,293
774 ,5 8 7
1 ,1 1 8 ,8 1 8
54 5 ,4 4 3
3 0 4 ,7 6 4
8 2 ,2 7 6

$
%
5 0 4 ,136 ,68 5
+ 1.1
42 ,3 4 9 ,8 7 5 + 37.3
8 5 ,267,361
+ 4.6
5 5 ,246,121 + 12.2
30,7 2 2 ,1 3 6
— 3.8
15,569,368 + 2 4 . 3
10,902,100
+ 8 .7
1 2 ,364,208 — 15.5
6 ,7 4 2 ,1 4 3 — 32 .9
4 ,5 8 5 ,9 2 2 + 13.0
3 ,3 3 6 ,1 2 5 + 45 .7
4 ,9 9 3 ,5 2 5
+ 8 .0
2 ,0 3 9 ,1 7 8
— 1.8
1,503,271
— 4.6
4 ,3 8 3 ,4 4 3 + 13.7
6 ,9 0 7 ,0 0 0 — 2 6 .4
1,625,413 + 2 4 . 7
651,875 + 15.2
1,038,471 + 3 8 . 7
1,129,845
+ 3.2
3 ,7 4 7 ,6 3 4 — 20 .7
9 20 ,213 + 2 4 . 8
9 69 ,463
+ 8 .4
1,340,071
+ 6 .0
1 ,3 9 9,576 + 3 8 . 7
7 00 ,000 + 57.6
6 56 ,924 + 13.2
542,939 + 4 2 . 7
1,155,823 — 3 2.0
366,853 + 4 8 . 8
350 ,324 — 10.2
117,411 — 2 9 .9

$
386 ,823 ,56 6
37,396,050
47,866,270
4 4 ,634,673
19,805,094
11,713,783
11,198,400
12,841,995
4 ,0 0 0 ,0 0 0
4 ,0 8 8 ,9 3 9
1,793,775
3 ,6 6 2 ,0 8 8
1 ,6 70,814
1 ,6 70,219
2 ,7 7 4 ,4 7 4
4 ,5 5 6 ,0 0 0
1 ,0 7 6 ,4 2 9
778,157
9 15 ,876
9 21 ,437
2 ,8 2 1 ,5 3 3
7 01 ,638
648,233
1,075,913
1 ,3 49,368
614 ,911
8 10 ,734
3 88 ,990
1 ,1 3 6,193
3 48 ,207
259,852
63,182

T o t .M id .W est

8 4 2 ,0 5 9 ,1 1 2

8 0 7 ,2 6 1 ,2 9 6

+ -4 .3

6 1 0 ,406 ,79 3

San F ra n cis co ___
L o s A n g e le s ..
S e a ttlo _______
P o r t l a n d ____
Salt L a k e C i t y . .
S p o k a n e _____
T a c o m a ______
O a k la n d ..,___
San D ie g o ___
S a c r a m e n t o ..
P a sa d e n a ____
S to c k to n ____
F r e s n o _______
San J o s e _____
Y a k im a _____
R e n o ________
L o n g B e a ch _____
T o ta l P a c ific ..

1 1 7 ,931 ,89 3
3 1 ,1 6 3 ,0 0 0
3 6 ,3 6 6 ,6 9 2
2 4 ,3 5 7 ,0 6 6
12 ,4 6 2 ,7 6 7
8 ,3 0 0 ,0 0 0
5 ,2 9 7 ,1 4 2
6 ,7 8 1 ,0 4 6
2 ,4 0 0 ,0 0 0
4 ,2 1 5 ,0 3 0
1,089,586
1,939,297
2 ,0 0 0 ,4 6 9
1,264.534
72 5 ,0 0 0
6 6 0 ,0 0 0
1 ,1 4 4 ,8 5 6

9 9 ,8 3 7 ,3 0 4
3 1 ,7 3 3 ,0 0 0
25 ,1 0 4 ,8 8 1
1 6 ,441,949
13,273,627
5 ,2 0 0 ,0 0 0
3 ,2 4 4 ,5 5 8
5 ,7 0 2 ,2 4 9
2 ,4 9 7 ,3 0 0
3 ,6 9 3 ,4 2 3
1,148,301
1 ,9 6 3,690
1,714,379
9 50 ,000
643,195
600 ,000
746,981

+ 18.1
— 1.5
+ 4 4 .9
+ 4 8 .1
— 6.1
+ 59 .6
+ 63.3
+ 18.9
— 3 .9
+ 4 1 .1
— 5.1
— 1.2
+ 16.7
+ 33.1
+ 12.8
+ 10.0
+ 5 3 .3

71,579,181
2 5 ,2 2 1 ,8 1 8
1 5 ,303,569
1 1 ,661,584
7 ,8 7 3 ,8 4 3
5 ,5 3 5 ,7 4 6
2 ,5 0 6 ,2 4 6
4 ,8 8 8 ,5 1 6
2 ,2 6 7 ,1 3 6
2 ,7 6 8 ,6 2 5
9 53 ,672
1 ,3 9 9,118
1,268,041
867 ,9 1 4
366,671
40 5 ,6 3 7
6 32 ,306

2 5 8 ,0 9 8 ,3 7 8

2 1 4 ,4 9 4 ,8 3 7

+ 20.3

1 5 4 ,999 ,62 3

5 3 ,6 7 6 ,2 5 0
2 3 ,8 3 8 ,4 7 8
1 2 ,5 6 4 ,1 0 4
1 0 ,0 6 3 ,7 1 4
5 ,1 1 3 ,2 6 1
4 ,0 9 9 ,0 0 0
1 ,8 9 0 ,1 2 2
3 ,7 3 8 ,6 3 2
2 ,3 7 3 ,4 8 2
2 ,1 2 6 ,9 0 7
9 7 5 ,6 5 7
8 9 7 ,8 9 0
931 ,6 5 1
6 1 5 ,0 7 6
3 2 3 ,0 0 0
2 7 7 ,3 8 6
5 8 8 .2 8 3
1 2 3 ,6 4 2 ,8 9 3

1 8 9 ,096 ,26 8
2 7 ,9 5 5 ,5 8 6
5 1 ,6 5 9 ,5 9 8
15,1 5 2 ,3 0 5
17,1 9 6 ,6 6 0
1 5 ,193,252
9 ,9 1 0 ,1 2 2
8 ,6 6 1 ,4 7 2
10,7 1 0 ,8 5 8
4 ,2 6 4 ,0 5 7
4 ,1 8 6 ,5 5 4
3 ,0 0 0 ,0 0 0
2 ,5 7 2 ,6 4 2
7 4 9 ,9 9 7
1 ,9 7 0 ,3 0 5
7 28 ,349
1 .9 0 0 .0 0 0
2 ,4 9 0 ,7 8 9
1 ,9 1 4,173
1 .3 0 0 .0 0 0
770 ,397
4 2 5 ,0 0 0
1 ,0 8 5 ,3 3 0
3 7 2 ,8 9 3 ,7 1 4

143 ,019 ,33 7
26,941,921
3 1 ,9 7 2 ,7 2 3
1 4 ,820,210
1 5 ,022,620
1 4 ,060,983
7 ,8 5 2 ,7 2 2
6 ,4 5 5 ,6 3 4
6 ,3 0 3 ,3 9 5
4 ,5 2 9 ,8 8 8
4 ,0 2 5 ,4 3 9
3 ,3 9 5 ,5 7 7
2 ,1 3 1 ,6 3 7
891 ,5 0 8
2 ,3 3 7 ,9 6 3
647,977
1 ,8 05,214
2 ,7 8 0 ,1 9 3
2 ,3 5 7 ,4 9 0
1,104,779
700,684
404 ,8 1 7
1,257,153

+ 3 2 .2
+ 3 .8
+ 61 .6
+ 2 .2
+ 14.5
+ 8 .1
+ 2 6 .2
+ 3 4 .2
+ 69 .9
— 5 .8
+ 4 .0
— 11.7
+ 2 0 .7
— 15.9
— 15.7
+ 12.5
+ 5.3
— 10.4
— 18.8
+ 17.6
+ 10.0
+ 5 .0
— 13.7
+ 2 6 .5

8 4 ,7 5 3 ,1 6 3
2 5 ,5 6 7 ,9 2 6
2 1 ,3 4 3 ,2 8 5
15,9 9 1 ,3 4 9
1 1 ,947,117
9 ,5 0 0 ,9 1 7
6 ,2 9 7 ,6 4 4
4 ,3 5 5 ,4 5 7
4 ,9 3 0 ,2 0 0
4 ,9 1 6 ,7 0 5
3,0 0 6 ,3 8 1
1 ,8 2 1 ,8 0 7
1 ,7 1 2 ,0 7 5
1 ,2 5 2 ,2 1 6
1 ,8 81,083
687 ,0 1 6
1,3 2 5 ,7 4 7
1 ,9 0 6 ,6 8 2
1 ,5 58,980
9 92 ,203
486 ,0 5 5
2 74 ,347
7 84 ,158

6 4 ,3 7 1 ,9 6 8
1 9 ,5 4 7 ,1 8 0
1 7 ,5 9 9 ,3 1 6
1 3 ,6 6 0 ,7 9 8
1 0 ,3 4 4 ,8 9 1
5 ,7 3 8 ,6 1 9
5 ,1 0 1 ,5 1 6
3 ,4 7 8 ,9 1 0
3 ,4 4 4 ,9 3 8
2 ,8 6 5 ,5 9 8
2 ,4 5 9 ,8 7 4
1 ,6 5 9 ,7 5 6
1 ,3 3 9 ,2 8 5
7 8 3 ,2 6 1
1 ,8 6 1 ,9 3 0
3 9 1 ,8 7 9
1 ,2 8 8 ,0 9 3
1 ,5 4 1 ,2 2 4
1 ,1 7 1 ,4 1 7
6 4 0 ,4 7 0
3 6 3 .0 6 2
197 ,9 5 4
5 9 5 ,0 8 6

C h ic a g o ................
C in cin n a ti______
C le v e la n d ______
D e t r o i t _________
M il w a u k e e _____
I n d ia n a p o lis ___
C o lu m b u s ______
T o l e d o __________
P e o r i a __________
G ra n d R a p id s ...
E v a n s v ille ______
D a y t o n _________
S pringfield, 111.
F o r t W a y n e ___
Y o u n g s t o w n ___!.
A k r o n __________
R o c k fo r d ________
L e x in g t o n ______
Q u in c y __________
B lo o m in g t o n ____
C a n t o n _________
D e c a tu r _________
M a n s f ie l d ______
S o u th B e n d _____
Sp rin g field , O . . .
L i m a ___________
D a n v i l l e ________
O w e n s b o r o _____
L a n s in g _________
J a ck on sv llle, 111.
A n n A r b o r ______
A d r ia n ___________

K a n sa s C it y ____
M in n e a p o lis ____
O m a h a ___________
S t. P a u l..................
D e n v e r _________
S t. J o s e p h _______
D e s M o in e s _____
S iou x C it y _______
W i c h it a ..................
D u lu th ....................
L i n c o l n _____
T o p e k a _________
D a v e n p o r t _____
C o lo r a d o Springs
C ed ar R a p i d s . . .
P u e b lo _______
F a r g o ____________
W a t e r lo o ................
H e le n a _______
A b e rd e e n ____ . . .
F r e m o n t _____
H a s t in g s _____
B i l li n g s ...........
T o t . O th . W est
S t. L o u is ________
N e w O rlean s____
L o u ls v i ll o _______
H o u s t o n ________
G a lv e s t o n _______
R ic h m o n d _______
F o r t W o r t h _____
M e m p h is ________
A t l a n t a _________
N a s h v ille ________
S av annah _______
N o r f o l k ..................
B ir m in g h a m ____
K n o x v i l l e _______
J a c k s o n v ille ____
C h a t ta n o o g a ____
M o b ile ....................
A u g u s ta ............... ..
C h a r le s t o n ______
O k la h o m a .............
L ittle R o c k ______
M a c o n ___________
A u s t i n ....................
V ic k s b u r g .............
Jack son _________
T u l s a .......................
M u s k o g c o _______
D a l l a s ....................
S h rev ep ort ...........
T o t a l S outhern
T o t a l a ll.............

1 44 ,738 ,88 7
4 9 ,2 8 4 ,5 3 9
2 4 ,1 5 6 ,0 2 4
1 0 ,579,848
4 ,5 4 5 ,6 7 9
4 4 ,2 9 7 ,3 0 2
12 ,9 4 7 ,4 8 3
10 ,5 0 1 ,5 3 7
4 0 ,2 8 9 ,6 6 4
14 ,7 7 0 ,8 1 5
5 ,9 0 3 ,0 0 4
8 ,4 9 5 ,6 7 4
4 ,0 8 6 ,1 6 1
2 ,6 8 4 ,6 6 7
4 ,7 8 9 ,6 2 3
4 ,2 6 9 ,4 9 8
1 ,5 50,268
2 ,5 4 5 .3 0 7
3 ,5 0 0 .0 0 0
9 ,3 1 2 ,3 5 8
5 ,3 3 9 ,9 7 6
1 ,8 0 0 ,0 0 0
2 ,6 4 8 ,8 2 3
34 8 ,1 4 6
4 5 0 ,0 0 0
11,4 1 1 ,6 4 8
2 ,1 0 4 ,4 9 2
16,559,032 !
2 ,0 6 1.391!

29 4 ,8 1 9 ,8 6 4
1 3 5 ,421 ,28 8
34 ,5 5 8 ,7 1 8
2 1 ,3 3 4 ,8 7 8
1 1 ,500,000
5 ,6 0 0 ,0 0 0
2 7 ,2 6 3 .0 8 0
11,701,432
10,553,736
27,7 2 4 ,2 9 6
9,1 1 3 ,3 9 6
6 ,3 9 7 .5 9 9
6 ,2 9 3 ,3 6 5
3,106,631
2,6 1 8 ,3 0 4
3 ,5 96.888
3 ,7 6 3 ,5 2 5
1,419,059
1,808,147
3 ,2 46,257
7 ,1 53,772
3 ,5 6 9 ,9 0 8
1 ,5 00,000
1,750,000
3 89 ,187
504 ,0 0 9
6 ,7 0 8 ,2 6 5
1,573,952
12,1 3 6 ,2 9 7
1 ,7 16,099
3 6 4 .0 2 4 .0 8 8

4 45 ,161 ,84 6]
3 5 6 ,4 6 3 ,8 4 2 6 ,248,633,818

O u tsid e N . Y . 2 ,9 6 2 ,574 ,31 1 2 ,520,004,169

S
3 0 6 ,6 3 6 .6 1 7
2 9 ,5 7 2 ,2 0 0
3 6 ,4 6 5 ,1 0 9
3 4 ,6 3 2 ,2 9 2
1 5 ,8 9 8 ,0 7 3
1 0 ,4 2 4 ,4 4 1
7 ,2 6 2 ,2 0 0
7 ,6 7 5 ,3 6 8
2 ,6 8 9 ,0 9 7
3 ,3 8 3 ,9 3 9
1 ,2 5 4 ,8 5 2
2 ,4 8 9 ,7 4 9
1 ,2 2 6 ,4 9 3
1 ,2 5 9 ,2 1 3
2 ,0 3 3 ,9 2 4
2 ,7 5 8 ,0 0 0
9 2 4 ,7 8 5
6 6 3 ,3 7 3
6 1 0 ,8 4 3
7 0 3 ,0 4 1
2 ,4 8 2 ,4 2 6
5 0 8 ,4 9 7
5 9 8 ,9 4 8
8 4 8 ,8 6 5
8 2 0 ,8 4 7
5 6 7 ,6 5 7
5 0 1 ,6 7 6
3 0 9 ,7 7 4
7 3 1 ,1 5 3
187 ,3 4 0
2 2 2 ,9 6 7
8 5 .4 2 5
4 7 6 ,4 2 9 ,1 8 4

2 0 7 ,3 4 7 ,1 1 3

1 6 0 ,5 3 7 ,0 2 5

+ 7 .7
+ 4 2 .6
+ 13.2
— 8 .0
— 18.8
+ 62 .5
+ 10.6
— 0 .5
+ 45 .3
+ 6 2 .1
— 2 0 .4
+ 3 5 .0
+ 3 1 .5
+ 2 .5
+ 3 3 .2
+ 13.4
+ 9.2
+ 4 0 .8
+ 7 .8
+ 3 0 .2
+49 6
+ 2 0 .0
+ 5 1 .4
— 10.5
+ 10.7
+ 7 0 .1
+ 3 3 .7
+ 36 .5
+ 2 0 .1

100 ,529 ,18 1
20,4 9 7 ,4 5 6
1 8 ,249,778
9 ,5 0 7 ,1 2 4
3 ,4 6 3 ,7 1 9
1 7 ,211,205
8 ,8 6 9 ,5 2 3
6 .4 9 0 ,7 4 2
14,5 0 1 ,5 6 7
7 ,2 3 3 ,9 7 4
4 ,5 8 0 ,1 1 8
4 ,5 4 5 ,0 0 7
2 ,4 1 2 ,3 7 8
2,4 6 1 ,2 1 6
3,5 7 9 ,7 1 5
3,8 9 2 ,9 9 3
855 ,404
1 ,5 84,135
2 ,3 5 5 ,7 7 4
4 ,2 3 7 ,7 3 7
2 ,2 5 4 ,7 2 9
3,1 0 9 ,0 0 4
1 ,8 00,000
235,051
430,121
3 ,9 6 2 ,5 6 5
1 ,3 11,395
6 ,0 0 0 ,0 0 0

7 7 ,5 5 3 ,1 0 4
1 6 ,8 7 4 ,8 9 3
1 5 ,9 5 2 ,6 1 8
7 ,1 7 2 ,2 0 2
4 ,2 6 6 ,5 7 9
9 ,4 9 2 ,5 1 2
8 .2 6 0 ,3 6 3
4 ,6 3 9 ,2 4 9
1 1 ,9 1 0 ,4 4 7
5 ,7 7 1 ,6 0 3
3 ,2 9 1 ,8 6 5
3 ,8 6 1 .1 6 2
2 ,1 1 7 ,9 8 1
1 ,8 5 6 ,1 2 3
2 ,6 3 6 ,1 8 0
2 ,5 5 9 ,1 4 9
1 ,0 5 0 ,9 8 9
1 ,2 7 7 ,4 8 3
1 ,5 0 4 ,9 9 6
2 ,4 2 9 ,3 6 0
1 ,9 9 4 ,5 6 1
2 ,2 2 0 .5 4 8
1 ,5 7 8 ,2 1 3
184 ,9 1 5
3 0 3 ,2 8 8
1 ,8 6 0 ,0 0 1
7 4 3 ,5 4 6

+ 2 2 .3

2 5 6 ,161 ,15 1

1 93 ,336 ,93 0

+ 1.7 4,894,8647391 3 ,3 7 1 ,3 1 4 ,3 4 3
+ 17.6 1,9 4 2 ,3 9 0 ,2 2 7 1 ,4 6 8 ,4 5 3 ,0 8 1

THE CHRONICLE

208

INDEX TO CHRONICLE VOLUME.
With this issue of the “ Chronicle” we send to our
subscribers an index covering the numbers of the
paper that have appeared in the three months
ending With June 30 1918.

THE FINANCIAL SITUATION.
The joint resolution authorizing the President to
seize “ any telegraph, telephone, marine cable, or
radio system or any part thereof” has gone swiftly
through Congress at his request, has been signed,
and now only the order of seizure remains to be
issued before the country will again leap first and
discover its landing-place afterwards. We have not
been able to believe the seizure of the railways
unavoidable, had a real disposition to avoid it
existed, and the occasion for this later step was far
less serious. The telegraph and telephone were in
a high state of efficiency; their finances were not in
trouble; they have not been beset by constricting
regulation; their difficulties with employees were
not discouraging as to solution, and the threat of a
strike was probably made for the purpose of furnish­
ing the pretext of a war emergency for which alone
the determined advocates of governmental control
now and governmental ownership finally have been
waiting.
Does this seem possibly an overstatement? We
read in a morning journal that in the offices of the
three concerns on Dey Street “ there was an air of
expectancy” on Wednesday, expectancy about the
order of seizure, of course; also that a concerted
demand for an increase of wages “ is expected to
follow as a natural consequence of the Government
acquisition.” W hy not; how could it be otherwise?
The course of the assault upon the railways by the
Big Four in Washington through the last half of
1916 and the first quarter of 1917 was certainly
followed with keen interest by these other employees,
and when the seizure of the instrumentalities of
transportation occurred and then one of the very
first steps taken after that was to announce another
wage increase and tell the public to pay for it, while
arrangements with the owners of those private proper­
ties took a later place in time and are not completed
even now, the employees of the telegraph and tele­
phone companies could not be either so dull or so
unselfish as not to argue that their hour had come
and now they will get things made up to them.
M r. Burleson, it is positively and justifiably said
from Washington, will be put in charge, and next
in command is to be former Congressman Lewis of
Maryland; the former has been urging governmental
oontrol of wires as a post office branch for years,
beginning this before war was dreamed of, and Mr.
Lewis has had the same fad. So we are now told,
unofficially yet with a justifiable assurance, that
the present organization of the Post Office Depart­
ment is to be utilized; the postmaster everywhere
will be the agent, and payments will be made through
him, “ thus utilizing the careful and thorough system
of checking up post office accounts.” The pushers
of this scheme come from sections where the use of
the wires is least, and Congressman As well of
Louisiana, who presented the seizure resolution,
says the cost of telephoning will fall soon, and will
go from a nickel to a cent if the system stays in
effect a few years. This vision concerns a depart­
ment which is perhaps the most slipshod and most




[Vol. 107.

barren of real accounting in the entire list, and this
step is proposed at a time when the postal service is
disturbingly below its average efficiency. That its
work is done at a money loss we might almost say
is its normal and desirable condition, since it is a
means and an outlay, not a business; but it juggles
figures to make a deficit look like a surplus; it does
not do its own distinctive work as well as it should
and might; and now the vision is that to load upon
it another vast and complex undertaking will some­
how evolve efficiency and economy and low costs to
the public. It is not long since a report of a joint
Congressional committee unemotionally declared
that “ under such a system [i. e., lack of system] a
large railroad, commercial, or industrial business
would inevitably go into bankruptcy, and the
Post Office has averted that fate only because the
United States Treasury has been available to meet
deficiencies.”
“ But the country is in for it,” as even the “ Times”
of this city, which stands by the Administration
when it can, is compelled to say. According to
deductions from past experience, the country will
get a decrease of efficiency and an increase in cost,
although the latter may be concealed under the kind
of “ careful and thorough system” of accounting we
have long had in postal matters. We are not with­
out some warning testimony. Four years ago,
M . Guyot, editor-in-chief of the “ Journal des
Economistes,” and a competent observer and
publicist in the capital of a country which is a pretty
good world-exemplar of republicanism and thrift,
issued a volume giving 237 pages to governmental
and municipal ownership, and after being himself
Minister of Public Works in Paris he condemns
public ownership as doomed by human nature itself
to inefficiency and waste. The telephones in Great
Britain, he said, are 1.4 per hundred of population,
against 8.1 here, and London itself has only 2.8,
while Los Angeles has 24. In 1912, the ratios of the
several types of message were, in Europe, 71.2%
by first-class mail, against 39.4% here; by telegraph,
1.5% , against 0.4% here; by telephone, 27.3% ,
against 60.2% here. Both telegraph and telephone
are of American origin; and both are American in
expansion and utility. The development of the
latter particularly is a marvel of which only custom
has dulled our appreciation. It is practically, if
not literally, true that one may sit in office, home,
or casual hotel room in New York and speak with
anybody else in the city, may call any part of the
country, and but for the interruptions of war could
call up the civilized and modern world. The tele­
phone is the most efficient and most highly-perfected
instrumentality we have. We have grown so
accustomed to it that we neither stop to think how
the world got on without it nor to imagine that any­
thing could deprive us of it.
Yet we are faced with the possibility of losing it,
although that will not be so much noticed and much
missed in Texas and Maryland as in this city. Five
years ago nearly M r. Burleson was riding his hobby
and declared that private ownership of the telegraph
and telephone “ infringe upon a function reserved by
the Constitution to the National Government,” and
that the “ principle” of government control of these
utilities “ finds its greatest strength in the Consti­
tution,” an instrument constructed when nobody
had conceived the thought of even the railroad.
“ The greatest strength” must be found in the men-

July 20 1918.]

THE CHRONICLE

tion of “ the general welfare” in the preamble, for
it is not discoverable by a vivid imagination any­
where else in that document.
However, as was reluctantly remarked, “ the
country is in for it,” or seems to be. We should like
to hope the authority to seize will be left in abeyance,
but this is not probable. The bolus of governmental
handling of everything seems about to be tried, and
possibly the country may gain, in the end, by
reaction from an overdose of socialism.

209

they not alone broke down the violent attack by the
enemy but drove him back several hundred yards
and only returned to their former positions when the
advance of the Germans southeast of ChateauThierry across the Marne made the reoccupation
o f their trenches of strategic value. Along the
Marne between the town of Fossoy and the river
Surmelin where the Germans crossed the Marne,
the Americans in a strong counter attack forced back
the enemy to the right bank of the stream. At other
points along the river they used with the greatest
Transvaal gold mining results for June 1918, while advantage their machine guns against enemy ele­
exhibiting a moderate gain in the per diem output ments which were crossing the river on pontoon
of the workings as compared with the previous bridges. Nowhere did the enemy find it possible
month, show, as did all preceding periods since and in the initial stage of this battle to press forward and
including June 1917, a decrease from the corre­ secure positions of vantage chosen as objectives.
sponding period of the previous year. For the half True, some gains were made, but they were trivial
year ended with June 30, moreover, the yield of the when compared with their cost. Instead of miles
metal is well below last year and less than for any they could be reckoned almost in yards, and from
similar six months’ period since 1914. Briefly, pro­ some of the positions captured they were ejected
duction in June 1918 was 727,696 fine ounces, or a summarily under vicious counter attacks delivered
daily average of 24,256 fine ounces, against 759,724 by American troops fighting alone as a unit and
fine ounces and 25,324 fine ounces last year and Americans fighting shoulder to shoulder with the
761,764 fine ounces and 25,392 fine ounces in 1916. French comrades-in-arms.
For the six months of 1918 the output of the Trans­
While on Wednesday it was evident that the drive
vaal at 4,256,334 fine ounces contrasts with 4,572,936 had become a failure, it was not until Thursday
fine ounces in 1917 and 4,631,867 fine ounces two that the full measure of General Foch’s strategy be­
years ago, the decline from last year equalling a came apparent. Under cover of the forests in
value of nearly six and a half million dollars. It is regions west of Soissons to northwest of Chateauto be noted that in other fields of Africa also produc­ Thierry, General Foch had been able to prepare a
tion is running behind last year, according to the huge counter-attack. He had, it is reported, definite
latest returns at hand, indicating that the result information of the German plans and waited for
for the country as a whole for the full year will fall them to develop. Having checked the advance and
quite appreciably below 1917. From India, too, worn out the advance troops of the enemy he ordered
advices arc to the effect that there is a contraction along a 25-mile front a concerted attack. The
in the gold yield and the same tendency is to be French and American troops dashed forward, cap­
observed in the most recent returns from Australia. turing thousands of the enemy, who were taken
entirely by surprise, and towns, villages and large
The long-awaited German drive on the Western quantities of guns and other war supplies. Nowhere
front began at daybreak on Monday morning. along the entire line was the enemy able to stay the
With characteristic German love of the spectacular progress of the assault although counter-attacks were
the plans had been arranged for the move to begin resorted to on some important sectors after the first
on the day preceding, i. e., Bastile Day, the-great stages of surprise had worn away. The fight is still
French holiday. This was evidenced by orders and on, the blow being aimed at territory vital to the
other papers found on prisoners. Weather con­ Germans, the capture of which not only would mean
ditions and prospects, however, were deemed to be forced retirement for them from the entire salient
unfavorable and delay of 24 hours accordingly was extending southeast to eastward across the occupied
ordered. I he attack had been one of long prepara­ region from Soissons to Itheims, with Chateaution and in the very nature of things, some progress Thierry its southern apex, but possibly would result
was inevitable at specific places. But taken al­ in the capture of thousands of Germans operating
together, it was nipped in the bud. The famous there. The French and American troops already
cathedral city of Rheims was the first objective of have reached or are astride several of the important
the enemy and fierce battles soon were in progress on roads of supply for the German armies in the south,
both sides of this city, which since the preceding particularly the line running from Soissons to
offensive along the Marne has stood the apex of a Chateau-Tliierry. Last evening’s reports noted the
sharp salient into the German line. West of Itheims, capture of Soissons and stated that 30,000 Germans
the Germans under the pressure of large numbers had at that time been taken prisoner.
of troops, the unleashing of which was preceded by
Latest advices indicate that all along the fronts
a veritable hail of high explosives and gas shells, on both sides of Rheims the Entente troops continue
were enabled to cross the Marne at several points. to hold the Germans wherever the latter have seen
Altogether, the two battle fronts at the outset aggre­ fit to launch attacks. East of Rheims the French
gated in length about 65 miles.
have recaptured Prunay but south of the Marne in
The new drive will possess historical significance local fighting they have lost some further ground.
from the fact that American troops were engaged From the heights west of Soissons the Allies now
in a large way for the first time. The behavior of command the railway lines to that base. Cannon
these troops, their dash, courage and resourceful­ brought up elsewhere dominate the important
ness has already secured for the American army the communication and transport lines in the triangle
generous and honest admiration of our allies and of Chateau-Thierry, Soissons and Rheims. All
not unnaturally has been the basis for expression of accounts agree that the smash planned by General
the greatest pride in our own country. At Vaux Foch was a complete surprise to the enemy all




310

THE CHRONICLE

along the front involved. It stopped the German
offensive. Rlieims is safe for the Allies apparently
for the time being and a continued Franco-American
advance between the Aisne and the Marne would
compel the German Crown Prince to withdraw
his armies along the Marne. Even without a
further advance the German positions in the
triangle are imperiled.
With more Allied gains
the enemy will be in danger of losing many troops,
to say nothing of great quantities of supplies
and guns. Berlin has not reported fully on the
fighting. A brief statement Thursday night said
that the Allied attack had resulted in the cap­
ture of “ some ground.” It added that German
reserves had been thrown into the conflict. Mili­
tary authorities are now looking for important
action by the British armies on their line from Flan­
ders to the Somme. It is believed that immediate
action will be considered necessary in order to hold
the German troops in those locations from re-en­
forcing the Crown Prince or it may be that Prince
Rupprecht of Bavaria, commanding the group of
armies against the British front may decide upon
an attack in order to prevent the British sending
re-enforcements to the French and Americans.
It is known that Rupprecht has b een , preparing
another wide offensive against the British front with
a view of reaching the Channel. Naturally with
such a major operation under way very little atten­
tion has been made to more minor happenings on
the battle fronts.
German submarines have had two noteworthy
successes this week. The first was the sinking of
the American armored cruiser San Diego, off the
Long Island shore. This furnishes renewed evidence
that U-boats still are a menace to shipping on the
direct route to New York. The second success
was the British transport Carpathia, a former
Cunard liner, which was outward bound from a
British port.
Associated Press Advices from Tokio quote Japan­
ese newspapers as publishing the terms of an Ameri­
can proposal to send American troops to Siberia.
The newspapers declare that the Japanese Govern­
ment has decided to accept the suggestion made by
the American Government that Japan also send
troops. The dispatch says that the plans of the
United States in Russia are twofold: First military
assistance to the Czecho-Slovaks and, second, giving
general economic help to Russia. The United States
is described as “ being of the feeling that Czecho­
slovaks should not be abandoned while they are
striving to reach their aim.” It is said that there
is no desire on the part of the American Govern­
ment to intervene in Russian affairs, but that it
favors the dispatch of sufficient forces to leave the
Czecho-Slovaks free to insure the safe arrival of
their comrades from the interior. The impression
at Tokio is that Japan in a spirit of co-operation to
her allies will follow the suggestion and, like the
Americans, send troops. Great Britain and France,
it is said, also will send small contingents so as to
make the movement an inter-allied one.
English bankers appear to be taking a more sen­
sible view of after-war conditions, so far as Ger­
many may be a party to them. One London cor­
respondent wires that there is a strong body of
opinion in financial London holding that Germany




[Vol. 107.

can avoid virtual bankruptcy after the war only
through her inclusion in an international credit
system of which the pivots will be in New York and
London. Germany, the correspondent says, her­
self is obviously relying on full resumption of finan­
cial intercourse with a possible inflow of money as a
consequence of depreciated German exchange. It is
therefore felt, the correspondent adds, that a con­
tinuance of the present regulation restricting finan­
cial transactions with Germany for a fixed period
after the war would spell inevitable disaster to Ger­
many. That is why many people in the City now
are asking whether the threat could not be usefully
employed in advance, especially as Germany by
her war declaration nearly wrecked the international
credit system. It seems to us that this talk of
formal post-war boycott of Germany, financial and
commercial, is ill-advised except as to its possible
effect in advance of peace upon the German business
community.
When negotiations looking to defi­
nite peace treaties finally are undertaken officially
it appears very reasonable to assume that all the
various questions affecting trade for the future will
be thoroughly threshed out and that whatever
after-war penalties may be imposed upon our enemies
will be duly settled in the peace conferences and will
not be left to private concerted action. The treaties
of peace may, we believe, be depended upon to
cover this entire important matter.
Conditions in the London stock market have not
been essentially different from those existing at our
own centre this week. All eyes of course have been
centred on the momentous events in France, and
sentiment has risen and fallen in consonance with
the fluctuations in the prospects of the titanic battle
which is now in progress. The remarkably favorable
news on Thursday arrived rather late to make its
full influence felt on the British markets, but on
Friday the position became a firm and confident one.
In fact, throughout the entire week the undertone
displayed was substantial, and any misgivings that
in the early days were intermittently felt were re­
flected more in the form of dulncss and inaction
rather than in any lowering of quotations. Argen­
tine railway securities have been under pressure.
The companies have begun publishing their net as
well as their gross weekly traffic returns. These
indicate such high working costs as to suggest that
the Central Argentine road has not earned the divi­
dend on the preferred stock for the fiscal year ending
June, and that the Buenos Aires Western & Great
Southern has probably not earned 1% on the com­
mon. Notwithstanding the increase in traffic rates
of 22% in November, the Argentine roads have now
applied for permission for a further 10% increase,
effective next September. The Government has
not committed itself in favor of such a rise.
All financial news at the British centre has, of
course, been overshadowed by the events in France.
Parliament, it is expected, will on Aug. 8 adjourn
for about two months and may possibly vote another
credit, as last M ay's is expected to be exhausted
before the time for re-assembling. The Marconi
parent company has declared a dividend of 20% ,
against 10% for the previous period. The company's
profits were £884,000 as compared with £318,000.
British banking consolidations which have in view
the expansion of London financial ability to aid
export trade, seem to have entered on a new period of

July 20 1918.]

THE CHRONICLE

activity, notwithstanding that such amalgamations
are admittedly unpopular among business men as a
whole and particularly among discount brokers. It
is announced that Lloyd’s Bank will be permitted to
absorb the Capital & Counties Bank, the basis being
one Lloyd’s share plus £2 cash for each Counties
share, the consolidation to include also the National
Bank of Scotland and the London & River Plate
Bank. The National Bank of Scotland has £1,000,­
000 capital, £863,000 reserves and deposits of £29,­
000,000. It has 124 branches. The stockholders
will receive eleven Lloyds shares plus £75 in war
bonds for £100 of their stock. The London & River
Plate Bank has £1,800,000 capital, £2,293,000 re­
serves and deposits of £25,000,000. It has thirty
branches. The terms in this case are two Lloyds
shares for one of the London & River Plate Bank.
A few months ago there were eleven big London joint
stock banks, but through mergers the number has
now been reduced to five. The Capital & Counties
Bank’s capital is £1,750,000, the reserves are £1,150,­
000, and the deposits £60,000,000. Lloyds Bank’s
capital will be £9,000,000, reserves £9,000,000, and
deposits about £240,000,000. The branches number
1,350. The Treasury has vetoed the recent plan for
the absorption by Lloyds Bank of the National
Bank of India, but has sanctioned the merger
of the London City & Midland Bank with the
London Joint Stock Bank, which, as a result, be­
comes what is unquestionably the largest of British
banks. The deposits of the former at the end
of June amounted to £236,200,000, while those
of the latter aggregated about £60,000,000, making
a total of £296,200,000, against £220,000,000
as the deposits carried by the London County,
Westminster & Parr’s Bank, which is in second
place, with Barclay’s standing very close in the
third place.
Shipping shares have enjoyed a rather better
market in London. Peninsula & Oriental preferred
stock recently has risen about 30 points and Cunard
shares are reacting from the depression which
followed the publication of the disappointing annual
report. Rumors have been revived of the proposed
consolidation of these two concerns, but it is believed
that the strength in the former is based more upon
improved confidence in the after-war shipping out­
look. A rather good indication that the recent
petition of gold producers for a readjustment of the
fixed price of gold is not to receive favorable action
at the moment is contained in the news that the
Government of the Australian Commonwealth has
refused to grant a subsidy or bonus to encourage
the production of the precious metal.
There was a further increase in British war bond
sales for the week ending July 13, the banks reported
takings totaling £25,190,000, which compares with
£20,141,000 for the preceding week. The aggregate
sales to July 13 were £862,853,000. This satisfactory
result through the banks followed a systematic push
in several large provincial cities. The post offices
for the week ending July 6 reported sales of these
bonds amounting to £486,000 bringing their total up
to £32,675,000. The previous week’s record by the
post offices was £610,000. War savings certificates
disposed of in the week of July 6 totaled £2,218,000,
making the aggregate indebtedness at maturity
under this head £212,635,000.




211

The British revenue statement for the week end­
ing July 13, showed a slight increase in expenses,
though revenues were maintained. Treasury bills
outstanding continue to mount, the increase for the
week being nearly £5,000,000. New Treasury
bills issued registered a slight falling off, although
the amount was far in excess of those repaid. Ex­
penditures totaled £51,601,000 (against £50,904,000
for the week ended July 6), while the total outflow,
including repayments of Treasury bills and other
items totaled £129,394,000, compared with £154,­
190,000 a week ago. Treasury bills repaid were
£65,051,000, against £96,314,000. Receipts from
all sources were £129,327,000, against £154,988,000.
Of this total, revenues contributed £17,094,000,
comparing with £17,302,000. Sales of Treasury
bills amounted to £70,277,000. The preceding
week the total was £96,780,000; war savings cer­
tificates were £2,200,000, against £1,200,000, and
other debts incurred £17,917,000, against £12,­
592,000. War bonds £18,639,000, compared with
£19,014,000, while advances totaled £3,000,000,
in comparison with £8,000,000. Treasury bills
outstanding aggregate £1,065,862,000, which com­
pares with £1,060,777,000 the week before. The
Exchequer balance now stands at £12,436,000, a
decrease of £67,000 for the week.
The monthly trade statement of the British Board
of Trade indicated for June a further increase of
imports (£15,538,000 for the month) and also of
£1,374,000 in exports. The main increases in the
export list included £4,000,000 in food; £3,000.000
in cotton; £4,000,000 in oils and feed and £7,000,000
in manufactured articles, decreases in other items
having, of course, made up for the apparent incon­
sistency in the comparison with the total increase.
An increase of £5,000,000 in the export of cotton
manufactured goods was offset by the decrease of
other manufactured articles. While there was an
increase of value in cotton exports the actual
volume was somewhat smaller, amounting to only
363,246,000 yards, against 394,594,000 yards in
June 1917 and 500,831,600 yards in June 1916.
The British exports of yarns amounted to 11,000,000
pounds, against 12,000,000 lbs. in June 1917 and
17,964,300 lbs. the year preceding. For the first
six months of 1918 the shipments of cotton cloths
aggregated 2,225,000,000 yards. In the correspond­
ing month of 1917 the total was 2,490,237,000
yards and in 1916 2,672,403,700 yards. The com­
parative figures of all imports and exports for June
and for the six months ending with June follow:
---------------- J u n e -------------------------J a n . 1 to J u n e 30------1918.
1917.
1918.
1917.
Imports................ £101.606,000 £86,068,342 £652,721,945 £500,928,914
Exports.................
45.025,000
43,651,663 246,830,731 251,149,574
Excess of Imports £56,581.000

£42,416,679 £405,891,214 £249.779.370

The proposal to carry on economic warfare against
our present enemies, even after peace has been de­
clared, has been brought into greater prominence this
week by a statement issued in London by Lord
Robert Cecil, British Under Secretary of State for
Foreign Affairs and Minister of Blockade. Lord
Cecil announces that twenty-four nations, com­
prising the Entente Allies, are already members
of an international economic association. Whether
Germany eventually shall be admitted, the
British Minister says, will be determined by
the test established by President Wilson when

212

THE CHRONICLE

the President said on July 4 that if the German
people should still, after the war is over, “ continue
to be obliged to live under ambitious and intriguing
masters interested to disturb the peace of the
world,” it might be impossible to admit them to the
partnership of the nations or to free economic inter­
course. Lord Robert described this statement by
the President as a definition of the qualification for
membership “ in the Association of Nations,” and
added: “ To these declarations we give our warmest
assent.” Germany, Lord Robert continued, was the
one obstacle to this economic association of nations
— the Germany described by President Wilson— a
“ Germany living under ambitious and intriguing
masters.” “ Germany’s economic policy toward all
the groups of peoples from the Arctic Ocean to the
Black Sea is absolutely contrary to our principles.
Economic independence and free choice are the last
things which Germany will ever allow to the peoples
within her reach. So long as this is the policy of
Germany, how can we admit her to membership in
the free association of nations to which we already
belong?” asked Lord Roberts. “ Before we can offer
her any participation in our resources we must re­
lease her victims from the economic slavery which
she is imposing upon them.” After giving warmest
assent to the declarations of President Wilson, Lord
Robert added: “ But do these declarations necessarily
mean that we— the Association of Nations— are to
have no protective tariff and international competi­
tion in trade after the war? No. Every one is
agreed to that. In the words of the program of the
Inter-Allied Labor Conference, ‘The right of each
nation to the defense of its own economic interests
and to the conservation of a sufficiency of foodstuffs
and materials cannot be denied.’ ” Lord Robert
concluded with the expression of the hope that the
time was not far off when the Allies would meet at
the Council Board to discuss in detail the economic
association which will combine the resources of the
civilized world in the joint work of reconstruction
and the restoration of prosperity.
Food control in Great Britain is undoubtedly to
continue for some time after the ending of hostilities.
John R . Clynes, the new head of the Food Ministry,
subscribed to this view in an interview early in the
week published in the London “ Daily Telegraph.” ’
“ Whether the Food Ministry,” he said, “ will be
continued after the war depends on how long the
war lasts. But it is clear that the conditions cre­
ated will not suddenly disappear when it is ended
and for a considerable time the Allied nations will
be required to act in co-operation both as regards
supplies and prices until normal conditions reappear.
Unfortunately these conditions will be delayed until
the forces of food production can be brought to a
point where all kinds of necessities again are bounti­
ful. When that time arrives it will be for the nation
to say whether it is prepared to go back and pursue
the usual channels.” The policies of the late Vis­
count Rhondda will be continued by the Ministry,
M r. Clynes declared. The Ministry will try to
maintain the population in the highest state of effi­
ciency, making distribution as equitable as possible.
“ The best and inferior grades of meat,” continued
M r. Clynes, “ alike now go to the well-to-do districts
and poorer districts and all classes are paying the
same price for an equal share of the best and worst
portions.




[Vol. 107.

The British grain authority, Beerbohm, reports
favorably on allied crop conditions. Cablegrams
quote him as foreshadowing good crops in the un­
invaded part of France with an average yield in
Holland and Spain. Italy, it is anticipated, will
produce 164,000,000 bushels of wheat as against
140,000,000 bushels last year. On the other hand,
this authority says, crops in the Central Empires
promise badly, the Austrian harvest having been
delayed two weeks by cold weather, while the out­
look in Germany is doubtful, and in Rumania,
which Germany controls, distinctly bad. As against
this a cable received by our Food Administration
from the British Ministry of Food indicates that the
British season of anxiety is not yet over. Drought,
early frosts and labor shortage will, it is stated, cut
home production below previous estimates.
M . Duval, Director of the Germanophile news­
paper, “ Bonnet Rouge,” was duly executed on
Wednesday after having been convicted of treason­
able actions against the Government. This is the
second execution growing out of the German propa­
ganda of “ Boloism” or “ Defeatism” in France, the
first having been that of Bolo Pasha. The death
sentence was imposed upon Duval, six of his associ­
ates receiving only sentences of prison terms ranging
from two to ten years. Joseph Caillaux, former
Premier, who is in prison on similar charges, has
written to Paul Deschanel, President of the Chamber
of Deputies, renewing his request that the Govern­
ment hasten his trial on charges of communicating
with the enemy. The former Premier complains of
“ certain falsifications in telegrams,” probably allud­
ing to those sent by Count von Bernstorff, former
German Ambassador to the United States, to a
German agent in Argentina. M . Caillaux adds: “ I
shall have occasion soon to enlighten my colleagues
in regard to the police machinations to which men
have sunk anti arc sinking in an effort to reach
me.”
That economic conditions in France are much im­
proved is indicated clearly by a decree appearing this
week in the “ Official Journal” of Paris. The com­
munication abolishes meatless days in France after
July 20, and restrictions on the consumption in
restaurants of milk and cheese are likewise to bo
abandoned. Economies effected by three meatless
days per week during two months have amounted
to an average saving, comparing with 1916 when
there were no restrictions, of 25% .
Very little is passing in the way of investment
purchases or speculation on the Paris Bourse, though
the military successes were responsible during the
closing days of the week for a confident and firm
market. Bastile Day, July 14, was made the
occasion of a patriotic drive for the sale of bonds
throughout France. During the day the total sub­
scriptions at booths located at the principal centres
in Paris exceeded $22,000,000. The results of the
experiment were so successful that the booths were
opened the day following. The Paris correspondent
of the New York “ Times” cables that he has wit­
nessed many Fourteenths of July in Paris, but never
has he seen a celebration characterized with such
deep real patriotic feeling which was all the stronger
because it was deprived of most of the possibilities
of displaying itself which were available in pre­
war days.

July 20 1918.]
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THE CHRONICLE

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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 .
1916.
1915.
1917.
1918.
1914.
July 19.
July 2 1 .
July 17.
July 18.
July 2 2 .
£
£
£
£
£
C ircu la tio n ________ . 5 5 ,3 6 8 ,0 0 0 3 9 ,5 1 7 ,0 0 0 3 5 ,9 6 0 ,2 4 0 3 3 ,7 7 4 ,3 1 0 2 9 ,3 1 7 ,2 9 0
P u b lic d e p o s its ___ . 3 8 ,2 1 2 ,0 0 0 4 7 ,7 5 5 ,0 0 0 5 8 ,0 6 8 ,0 7 8 1 0 9 ,2 2 0 ,3 3 5
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O th er d e p o s its ____ .1 3 4 ,7 9 7 ,0 0 0 1 2 4 ,711 ,00 0 8 6 ,4 4 3 ,0 5 0 1 3 4 ,620 ,42 8 4 2 ,1 8 5 ,2 9 7
G o v t , s e c u r it ie s .. . - 5 5 ,7 7 0 ,0 0 0 4 5 ,4 8 7 ,0 0 0 4 2 ,1 8 8 ,1 8 5 5 3 ,1 5 7 ,9 1 0
1 1 ,005,126
O th er s e c u r it ie s .- . .1 0 5 ,5 2 7 ,0 0 0 1 1 2 ,604 ,00 0 80,7 8 8 ,3 5 2 1 0 4 ,507 ,21 0 33,0 3 2 ,7 6 2
R e se rv e n otes & co in 2 9 ,5 8 0 ,0 0 0 3 2 ,1 2 5 ,0 0 0 39,4 4 0 ,8 9 3 4 4 ,1 0 1 ,9 1 6 2 9 ,297,051
C o in an d b u l l io n .. . 0 0 ,4 9 8 ,8 7 2 6 3 ,1 9 2 ,5 5 0 5 6 ,9 5 1 ,1 3 3 5 9 ,4 2 6 ,2 2 0 40 ,1 6 4 ,3 4 1
P ro p o rtio n o f reservo
t o lia b ilities------ 1 7 .1 0 %
1 8 .6 2 %
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[V ol . 107.

THE CHRONICLE

214

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4
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c o m p a r a t iv e ly

3

3
|

Trade Acceptances—
in s t a llm e n t ,

^5
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§

I

Discounts—
W i t h in 15 d a y s . I n c l. m e m b e r
b a n k a ' c o lla t e r a l n o t e s
.
4
16 t o 6 0 d a y s ’ m a t u r i t y . .
44
61 t o 9 0 d a y s ' m a t u r it y .
44
A g r ic u lt u r a l a n il l i v e -s t o c k
p a p e r o v e r 9 0 ( l a y s . ........... 5
S e c u r e d b y U . S . c e r t ifi c a t e s
o f I n d e b t e d n e s s o r L ib ­
erty L oan b on d s—
W i t h in 15 d a y s . I n c lu d in g
m e m b e r b a n k s ' c o l ln t 16 t o 9 0 d a y s ' m a t u r i t y . . .

A

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D IS C O U N T R A T E S OF FE DE RA 1. RE SE R V E HANKS.

th is

d is c o u n t

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is

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as

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in

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w h ic h

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w ith

r u le d

a ll

July 20 1918.]
w e e k .
a n d

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tio n s
4

5 -1 6

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4

7 2 % @ 4

7 2 %

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a n d

C o m m e r c ia l

4

7 5 3 4 ,

s ix ty

7 0 @ 4

7 0 % ,

4

4

71 @ 4

7 4 % @ 4

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4

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d a y s

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in

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p a y m e n t

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to

4 4 .4 0 ,

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to

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in

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a n d

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F in a n c e
p re v e n t
S ta te s.
w ill

p u rp o se

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a b le .

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o ffic ia l

2 7 .1 6 ,

In

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N e w

fin is h e d

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as

co m p a re d
s ig h t

5 .7 1 % ,

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5 .6 9 % ;

5 .7 2 % ,

a n d

5 .7 7 %
a t

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8 .8 1

th e

F r id a y

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In

fro m

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a g a in s t

15

fe a tu r e s

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d ro p

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w e re

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p r a c t ic a l
a

B e fo r e
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m a in ta in e d

o n

A m s te rd a m
5 1 % ,

c lo s e d

a g a in s t

5 2 ;

a g a in s t 51

7 -1 6 , a n d

a g a in s t

5 -1 6

a t

3

A

w e e k

9 4 %

fo r
a g o

t iv e ly .
c a b le s

a

a n d

w h ile

3 1 .2 0 ,

c lo s e

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h o w e v e r,
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a g o .

w a s

b ills

a n d

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ch e ck s

3

91

a n d

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3 0 .8 0 I a n d

3
a t

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in

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cu r­

J u ly

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w h ile

th e

A d d in g

th e

in te r io r

h a v e

1 9 .

s h ip m e n ts

h a v e

S u b -T r e a s u r y

w h ic h

to g e th e r

th e

c o m b in e d

o u t

o f

a g g re g a te d
re a ch e d

a n d

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r e s u lt

$ 6 ,­

F e d e ra l R e ­

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a

th e

lo s s

flo w

in to

a n d

th e

N e w

Y o r k

b a n k s

fo r

o f
th e

fo r
9 4 ,

w ere

s ig h t
c a b le s

51

3 -1 6 ,
1 - 1 6 ,"

fin is h e d
c a b le s .
re sp e c­

3 0 .8 0

3 1 .2 0 .

a p p e a rs

to

h a v e

b e e n

a

lo s s

o f

$ 7 7 ,2 0 7 ,0 0 0 ,

a s

Into
Banks.

Out o f
Banks.

|

$ 7 ,3 2 5 ,0 0 0 I

$ 6 ,2 9 7 ,0 0 0 G ain

4 9 ,7 4 9 ,0 0 0
T o t a l ....................................

Net Change in
Bank Holdings.
$ 1 ,0 2 8 ,0 0 0

1 2 7 ,9 8 4 ,0 0 0

$ 5 7 ,0 7 4 ,0 0 0 $1 3 4 ,2 8 1 ,0 0 0

T h e

fo llo w in g

ta b le in d ic a te s

th e

p r in c ip a l

E u ro p e a n

th e

a m o u n t o f b u llio n

July 18 1918.

Banks o f

E n gla nd . .
F r a n c e a ..
G erm a n y .
R u ssia
A u s-IIu n c
S p a in ____
I t a ly ..........
N e th e rl’ds
N a t . B el. h
S w ltz'la n d
Sw eden . .
D en m ark.
N o rw a y . .

b a n k s:

July 19 1917.

Gold.

Silver.

Total.

Gold.

Silver.

£

£

£

£

£

66 ,4 9 8 ,8 7 2
135,784,251 id ,7 6 b ’,666
117 ,320 ,95 0
6 .0 4 5 .0 0 0
129 ,650 ,00 0 1 2 .375.000
11,008,000
2 .2 8 9 .0 0 0
8 4 .0 4 8 .0 0 0 2 8 .1 6 3 .0 0 0
3 3 .4 8 0 .0 0 0
3 .1 4 5 .0 0 0
5 9 .8 3 4 .0 0 0
600 ,0 0 0
15.3 8 0 .0 0 0
600 ,0 0 0
15,345,000!
1 4 .342.000
1 0 .228.000
’ 136’,666
6 ,6 1 3 ,0 0 0

6 6 ,4 9 8 ,8 7 2
146,544,251
123,365,950.
1 4 2 .025 .00 0
13.2 9 7 .0 0 0
1 1 2 .2 11.0 0 0
3 6 .6 2 5 .0 0 0
6 0 .4 3 4 .0 0 0
15.980.000
1 5 .345.000
1 4 .342.000
10 .3 6 4 .0 0 0
6 ,6 1 3 ,0 0 0

1

Total.

£
53,1 9 2 ,5 5 0
..................! 5 3 ,1 9 2 ,5 5 0
130 ,453 ,73 3 1 0 ,4 5 9 ,0 4 0 1 4 0 ,9 1 2 ,7 7 3
122 ,886 ,05 0
3 ,3 3 2 ,4 5 0 1 2 6 ,2 1 8 .5 0 0
147 ,891 ,00 0 1 2 .8 0 4 .0 0 0 1 6 0 .6 9 5 .0 0 0
15.500.000
3,640,000; 1 9 ,140,000
61 .6 8 3 .0 0 0 3 0 .2 8 0 .0 0 0
91,9G 3,000
3 3 .3 3 5 .0 0 0
2 ,6 3 6 ,0 0 0 3 5 ,9 7 1 ,0 0 0
52.1 3 9 .0 0 0
607,200; 5 2 ,7 4 6 ,2 0 0
1 5 .380.000
6 0 0 ,000| 1 5 ,9 8 0 ,0 0 0
13.606.000
.................. 1 3 ,6 0 6 .0 0 0
11.267.000
................. 1 1 ,2 6 7 ,0 0 0
9 .9 9 6 .0 0 0
136 ,000 1 0 ,1 3 2 ,0 0 0
7 .1 5 9 .0 0 0
---------------1 7 ,1 5 9 ,0 0 0

T o t .w e e k . 6 9 9 ,532 ,07 3 6 4 ,1 1 3 ,0 0 0 7 6 3 ,6 4 5 ,0 7 3 6 7 4 ,488 ,33 3
6 4 ,4 9 4 ,6 9 0 7 3 8 ,9 8 3 ,0 2 3
P r e v .w c e k 6 9 7 ,783 ,40 5 6 3 ,9 8 5 ,3 0 0 7 6 1 ,7 6 8 ,7 0 5 : 6 7 5 ,286 ,51 6 6 4 ,4 2 5 ,7 5 0 7 3 9 ,7 1 2 ,2 6 6
a G o ld hold in gs o f the R a nk o f F ra n ce this y ea r are ex clu siv e o f £81 414 340
held a b ro a d .
’
• N o figu res rep orted sin ce O cto b e r 29 1917.
, „ ? , FI£ ures for 19 18 those glven b y “ Britlah B oa rd o f T r a d e J o u r n a l" fo r D ee. 7
1917; figures for 1917 estim ated on th e basis o f the D e o . 7 1917 tota ls,
h A u gust 0 1914 In b o th y ea rs.

fir m ­

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s ig h t

a n d

9 7 %

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3

a

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S u b -T roa su ry an d F ed era l R eserve:

FR AN CE

r e m itta n c e s

in a c t iv e

5 1 % ,

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to

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c o m m e r c ia l s ix ty d a y s a t 51

w e e k

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3 5 .7 3

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e x ch a n g e s
h a v e

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H o u se

b a n k in g

Week ending July 19.

w e e k

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14

n e u tra l

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17

a b ­

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2 7 .1 5 %

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5 .7 1 % ;

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$ 1 ,0 2 8 ,0 0 0

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215

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a t

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4
a t

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75

THE CHRONICLE

a n d

C h e ck

I t
o f

A N D

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to

TH E
b e

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F r a n co a tta c k —

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W e a k e n e d

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d e fe a t—

c o u n te r

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g e n e ra l ju d g m e n t,

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e n ts

o f

a s

a b o v e

c o n t in u a n c e

w e

o f

th e

a ssu m e

th a t

o c c u r re d ,
th e

fro m
T w o

21

m o re
o f

fir s t

th e

s u b se q u e n t

M a r c h

c lo s e

th e

th a t

m u st

(a n d

c o n fid e n t

u s

a n

A llie d

T h e

to

m o n th s

S e p te m b e r,

m a g n itu d e

F re n ch

a n

fo u r th .

w a s

I t

o b s e r v a n c e

o f

s id e r a tio n s
o f

o r

v e r y

th e

F ra n ce

G e rm a n

a tte m p t

n a tio n s .
h e ld

in

T h e
th is

s id e r a tio n ,

b lo w

A m o n g
n a tio n s

b r o u g h t
w h ic h

th e

th e

to

d e t e r io r a t io n

o f

o f F r a n ce , e a ch
th e m

in

th e

a m o u n te d
m u ch

so

in

a

th e




th e

k n o w

th e

p r io r

o f

th e

in

w a s

la id
it—

a t

F re n ch
J u ly

o u r

o w n

o n

co n ­

th e

co n ­

p o lit ic a l

in

o u r

o w n

o p p o s in g
r ig h ts

w h ic h
a

h a d

a c h ie v e m e n ts

in

th e

1 4 ,

o n

t o

th e

h e r

o f

th e

o th e r

F ra n ce

fo re m o s t

w a s

h a s
c o n ­

o b s e rv e d

e n e m y

fo r

h is

a t

th ir d

a n d

s tr ik in g
w h ic h

o u ts id e
a ll
a n d

t o

th e

w a r

w o r ld ,
a re

th e

th e

m o ra l

s ta rt,

a n d

1 9 1 4 .

th a t

a re a

h a v e

o f

n e a r ly

p o p u la tio n

e ith e r
s h o u ld

it

is

n a tio n s ,
o f

a

h is to r y

w a r

o f

A s

a

lo n g e r

v e r y

m o re

b y

q u ic k e s t
su re st

n a tio n ,

sh e

In

h e r

th e

tr y in g

o f

h e r
it

w a s
th a n
th e

Y e t

3 0

is

w e

y e a rs

fa c ility .
n a tio n

n a tu ra l

th a t

ta g e s

a

th e re

is

o f

m e n ts

o f

F ra n ce

th e

w ill

c o m m o n
p la c e

w ill

th e

a n d

y e a rs

its

p la c e
le s s

o c c a s io n s

ch a ra cte r
t h r ift ,

n o t

g o o d

o f

th e ir

p r o d u c e

w h ic h
ste a d

w ith

w ill

sta n d

d u r in g

th e

w h ic h

w ill

d iffic u lt y

to

n a tio n

in

re st

p r e s tig e

b e

p r e c e d in g

T h e

th e

th e r e fo r e

o f

v ic to r y ,

d is c o u r a g e ­

h er
in

w h ic h

o n ly

w h ic h

h o n o r a b le
v a s tly

to

in te r ­

p r o b le m s

w o r ld ;

m o re

p r e s tig e

a n d

h er

b o rn e

h a s

co n fro n t

th e

a d v a n ­

rea l

h a s

a n d

d o u b ts

w ill

o f

th e

w h ic h

th e

th e

g re a t
sh o w n

e n jo y

c iv iliz a tio n

fa c e

h e r

a n d

in v a r ia b ly

m o m e n t.

to

c e r ta in ly

t in g u is h e d ,
th e

th e
fo r

p re se n t

w ith

b o th
th e

n a tu ra l

h a s

o ffs e t

h a v e

p la y e d

n in e te e n th

re s t o f th e w o r ld n e e d e d ,

e c o n o m ic

p la c e

to

b e e n

ce n tu r y ,

a n d

q u a litie s

th e se

fig h t

m u ch

v e r y

h a d

w h a t

O n

c o u ld

h e r e a fte r

p a ra m o u n t
is

a n d

p a s t.

b e e n

p a rt

th e

o ld

c r u s h in g

h a d

th e

w a s

h e r

p r e s tig e .

ce n tu r y

o f

o f

w a r.

to

h is to r y

th e

a re

a n d

p r e s t ig e
o f

S e d a n .

p a r tic u la r ly

F ra n ce

b u rd e n

d is ­

ra v a g e s

tw o

a

tw e n tie th

w h a t th e

p re se n t

w h ic h

n a tio n a l

h a d

in

th e

th e

co u rse

to

w a s

in d u s tr y

T h e se

a d d it io n

p o sse ss,

o f

E u ro p e a n

in d e m n ity

W a t e r lo o ,

o f

c o u n tr ie s

p o lit ic a l

th is
in

th e
m a le

e c o n o m ic

m id d le

e x p la n a tio n

p ro d u ce

I f,

th e

fro m

a ll

d u e

th a n

w h a t

th e ir

o th e r

fo llo w

p ro ­

y o u n g

fro m

in

m o n e y

a fte r

p o s s ib le

o f

a n d
w it h

t e s t im o n y

o f

m a n -p o w e r

th e

a fte r

a n d

p e r io d

r e c o v e r

o f

in

th e

s u b je c te d

k n o w

c a p a c ity to

a n y

th a t

m o re

h u g e

n a tio n

p o p u la t io n ,

w h a t

lik e

s u b d u e d .

e le m e n ts

F r a n ce ,

r e g a in

b e e n

o p e n in g

th ir ty

e q u a l

fa c t

little

a

y e a rs

th e

o n ly

h a s
in

e a ch

F re n ch

a t

th a n

w h ic h ,

s h o u ld e r s

c o n ta in

t o

t o

a c t u a l lo s s

in

ce n tu r y ,

h e

e n e m y ,

o f p o lit ic a l, in d u s tr ia l a n d

im p o s e d .

fu tu r e ,

p ro sp e ro u s
th e

in ju r e d ,

th a t

th e

d e fe a ts

b y

u s

th e

a n d

to

p h y s ic a lly

h e r

s tr ik in g

te a ch e s

m ilit a r y

g re a t

is

a s

.

is

b o th ,

F r a n ce ,

C le m e n c e a u

th o s e

t o

a n d

p o s it io n

th e

w h a t

a fte rm a th

c o u ra g e m e n t.
Y e t

t o

co u ra g e o u s

fa c t,

m o s t

o r

.

th e

o n e -fo u r th

se e m

th e

a n d

e x c e p t

o n

k ille d

as

e n co u ra g e m e n t

b e e n

h e r

fig h tin g

w ith

in

o v e rru n

th e

a n d

g re a te r,

in
h er
d is ­

th a n

1 9 1 4 .

L e t
w e

u s

a lw a y s

it

o w n

b o th

o p in io n —

h a s
so

b e co m e

sp e a k

co n fe s s

a b o u t

In

B U R EA U C R A C Y

A U TO CR ACY

tw o

e x a lta tio n

h a s

SH ALL

h a s

o f
it

S e r b ia ,

th e

fu tu r e

is ,

fro m
in

s a y .

n a tio n

te r r ito r y
o f

m o ra l

w o r l d 's i d e a s

re v e rsa l

F r a n ce

h u g e

in

M

c o n c e r n in g

o th e r

b u t

P r e m ie r

o f

t o

in te r v e n in g

p u rp o se s

w a r,

v e te ra n

n o th in g

o n

c o n c e p tio n s

th is

o th e rs

F ra n ce ,

a

b ru n t

in

P a r is .

lig h t o f t h e

d r a m a tic
ca se

d e ­

J u ly

D a y

F re n ch

p la c e

o f

n e w

th e

o n

c itiz e n s

to

n a tu r a lly

b y

o f

th a t,

o n

d o w n

G e rm a n y

p e r io d

to

b y
th a n

b e y o n d

in

b e fo r e

o c c a s io n

b y

o b s e rv a n t

o u t

to

in t e n t io n ­

o u r

D a y ”

g o v e rn m e n ts

th e

sta n d

T h e
a n d

“ B a s tile

g a te s

m a n y

a n d

n ig h t

a n n iv e r s a r y

s e le c te d

a t

th e

su g g e ste d

w a s

th e

h a v e

p e rh a p s

stress

n o ta b le

c o n flic t

co m e

a p p e a r

d e p e n d

re sp o n se

s tr ik e

v e r y

w h e n

m o m e n t

g re a t

o n

le s s

n o w
to

n o t
to

e x p e d i­

w ill

w in t e r .

p la y e d

w e

th e

in

o f

a n d

d u c tiv e

th e

b e g u n ,

s tr u g g le —

as

t o

a re

n o te w o rth y

fir s t

p a rt

R e v o lu t io n a r y

in s ta n c e ,

In d e p e n d e n ce

d a y ,

c le a r ly

R e ic h s ta g — -

w ill

a r m ie s

o w n

th e

fo r

d id

a n n iv e r s a r y .
o u r

o u r

th e

th e

1 9 1 9 ,

w a s

o b v io u s ly

t r ib u tio n
lib e r t y ,

in

w in

w a s

a n y th in g

w e

o n ly
u n d e r

th e

a g a in

w h e th e r

a p p r o p r ia te

o f

to

b e e n

n o t

is t h a t

su ch

S e cre ta ry

c o m in g

b y

c e le b r a tio n

w e e k s,

ca se—

W h e th e r

n a tio n a l

w ith

W ith

o r

s c a n d a l,

th e

h e r

s u b je c t.

m e ssa g e s

p ro s p e cts ;

B e lg iu m

t o

F r a n ce

h is

a n y

a s

s to u t-h e a r te d

th a t

w it h

d e s p o n d e n c y

o f

lit t le
ca se

o f

o f

c o n d it io n

h a s

o f

s t r a in

n o te

th e

m ilita r y

th a t

a

p re se n t

y e a rs

C a illa u x

o f

th a t

fo u r

in v a s io n .

is s u e s

th e

in

p a st

te m p e ra m e n t w a s th o u g h t

im m e n s e

th e

107.

s e lf-r e s t r a in e d jjm d

th e

G e rm a n

b e e n

d is c u s s e s

h a d

o f

o f d e s p o n d e n c y

th e

o p tim is t,

a re

th ir d

h a s

d e c is iv e ly

sp e e ch

a c c id e n t,

c e le b r a te d

fe w

a tta c k

th e

w h ic h

G e rm a n y ,

re co u rse

o ffe n s iv e
b y

th is ,

K u e h le m a n n ,

o r

th e

o f

v ie w

p a st

a n y

o ffe n s iv e

p e rh a p s

h o m e

T h e

F o r e ig n
it ),

o f

n e w

b e e n

In

h a v e

o f

r e s u lt

th is

v o n

th e

v e lo p m e n ts

a lly ,

o f

th e

b u t in

n e g o tia tio n .

b e

o f

o f

m u c h -d is c u s s e d

G e rm a n y

th e

d iv is io n s

d ir e c tio n

th e n ,

th e

th e

ca n

G e rm a n y .

re ce n t

o f

th e

ra n

1 9 1 8 .
in

c ir c u m s ta n c e s

th e

a

th e

E v e n

T h e

a lr e a d y

to

see

c o u n t r ie s

o f

b y

b e

r a r e ly

s e r io u s ,

u n s a v o ry

th e

h a s

to

in c r e a s in g

a tta c k

th e m ,

a s

w a r.

a ll

ta k e n

th e

h is

o f

in c lu d in g

m o v e m e n ts

in

th e

c o n ­

sh a tte re d

m o n th s .

n e a r ly

in c r e a s in g ly

w a r

fa c t,

p re se n t

m e r e ly

I f,

h a v e

fo u r

o f

tw o

b e g u n .

W e

n o

o f

w it h

s h ifte d .

o r

th e

d e m o n s tr a tio n s ,

s e c o n d ,

b r in g

m a tte r

s e co n d

re p re se n te d

b y

a

o r

w o u ld
o f

in

n o t

th e

o f

th e re

F ra n ce ;

a s s a u lt.

r e h a b ilit a t io n ,

m ilit a r y

r a r e ly

n e w

o ffe n s iv e s

o c c u p ie d

p a u se s

a s

a s

th e

fo u r th

m e r e ly

g ra n d

tim e

a

a c t u a lly

m o v e m e n t
tw o

fr o m

fo r

s e co n d

d e s c r ib e d ,

o f

in

e v e

t im e s ,

w a r

th e

re n e w a l

c o n s titu te d

r e c o n s tr u c tin g

p r e p a r in g

T h e

B u t

a c t u a lly

se p a ra te d ,

se p a ra te d

p e r io d

a n d

A t

th e

p e o p le

w h o s e fr iv o lo u s

ty p ifie d

v e r y

p e r io d ,

d is t in c t

a r m y ,

th e

b e

th e

c a m p a ig n

B r itis h

A p r il,

t o

tim e

m ilit a r y

fo u r

id e n tify

p a tr io tic

th e F re n ch

o f

a tta c k .

G e rm a n

th e

in

C o m p ie g n e .

o ffe n s iv e s ;

b e e n

la r g e

g ra n d

t o

in te n s e ly

t h e lin e o f R h e im s , a n d t h e s u b s e q u e n t

th e se

h a s

fo r

d iffic u lt

a re

n in e ty

r e m a in

c o m p r is e d

o n

fr o n t

o r

te r m in a tio n

n o t

th e

h a s

a tta c k

m o v e m e n t
fo u r

th e

a n o th e r

th a t

F ra n ce

F re n ch

t h a t a s s a u lt o n

fo r

s a id

fir s t

a fte r

e ig h ty

a v a ila b le

p re p a re

in

o f

p o s s ib ly

se a so n

t o

r e in fo r c e m e n ts

ra te

th a t

w ill

o c c a s io n a lly

th is

th e

a n d

th e re

m a n o e u v re s ,

o f

A m e r ic a n

a t

w e e k ly ,

e n o u g h ,

is

w h e n

F ra n ce

b a ttle ,

I t

i Vo l .

THE CHRONICLE

316

ta k e n

g o v e rn m e n t

a s

S ta te s.

le s s

th e

w h a t

c o n c e p t io n

U n ite d

n o t

b e fo r e

o f

w e

o f

to

th a n

tr u ly ,

p u b lic

o p in io n ,

w a s

a

ju s t

m e a n in g

a n d

fe lt

th e

BOTH

D E M O C R A C Y?

t e m p e r a t e ly

b a r

e m b o d ie d
A n d

SU P P LAN T

A N D

in

th a t

th e

w e

p r id e

in

o u r

p u rp o se

R e p u b lic

G o v e rn m e n t

o f
w e

fo r

h a v e

o f
th e

h a v e

July 20 1918.]
a lw a y s
a n d

g iv e n

o u r

b e a c o n

I t

to

b e

h a v e

to

n o t

a n d

fo r

th e

e d u c a tio n
th e

b e ca u se
o f

u s

a n d

a n d

th e

n a tio n

th e

fro m

th e

o f

a n y

ch o o s e

tim e

b y

o u r

th e

o f

co n s e n t

th e ir

a ll

p e o p le

m ig h t y

it

o f

fo rm ,

h a s

W a s h in g ­

to

th is

n o

th e y

is

p o w e r

tr a d itio n

h a v e

h o u r

r ig h t

e v e n

so

w e

p r o b le m s ,

to

th e

m a y
th e

p a rt

o f

a n d

s u ffe r in g s

n a tio n s .

g ro w n

o f

o f

a n d

O u r

o f

fa te

m is s io n

w o r k in g

fe a tu r e

h a v e

o u r

d o m e s tic

th e se
la w ,

o u t

w e

G o v e rn m e n t,

tu r m o ils

o f

p r o b le m s

in

th e

h a v e

fo rm

h a s

b e e n

h a v e

fid e lity

b e lie v e d

a

o u r

h u m b le

d e e m e d

o u r

lib e r t y

u n d e r

to

p a tr io tis m —
tr u s t,

A n d

a n

a s

c e r ta in

w e

la w ,

v e r y

a s

a n d

lo o k e d

g o v e r n m e n t
a n d

s o u l,

a n

“ co n se n t

m e re

e x p re ss

a re

w o r ld
a s

th e

a

n e e d s

a s to

in

p u t

th e

la w

a n d

m e a su re
a n

o f

b e ,

a n d

w a s

is s a fe g u a r d e d

a n d

te rm s

o f

th e

w h ic h

s e n ta tiv e

a n d

a n d

w e

h a v e

a n d

in te r e s ts

fe lt
o f

s p e c ific a lly

o f

d e g re e

o f

in itia tiv e

a n d

A n d

w o u ld

d e fe n d

d is a s te r
th e

m a y

te r r ib le

p e o p le

b e ,

a

re p re ­
o f

th e

o f

“ c o n s is te n t
fe lt

fro m

o f

a ll

th is

lib e r t y
in

th e

a n d

th e

r ig h ts
n o t

to

th e

in a lie n a b le

in h e r e n t

w ith

th a t

fo r.

c o u ld

re se rv e d

“ life ,

m a n ’s

th e

to

a n d

th e

la r g e s t

w e l­

d e s t r u c t io n

fro m

■w i t h i n

o u r

d e v o tio n ,

b e g in s ,

s e iz e s
th a t

w o r ld -w a r .

W h a te v e r

th e

s lu m b e r in g

te n d e n c ie s ,

w e




o n

a n d
a

s o o n

h a d

n o

o u r

in to

ca u se s,

p a rt

w e

is ,

a s

P r e s id e n t

it

in

lo o k

th e
a n d

o f

n o

A n d

u s

a n d

a s

w e

a n d

p re ­

o u r s e lv e s

a n d

th e

g iv e

a n d

n a tio n s ,

w ith

r e lie v e

o u r

tru e

o th e r .

o f

o u r

if

th e

n a tio n ,

o f

a n

G o v e rn ­
u n d iv id e d

s till, o u r

te rro rs,

its

b u r n in g

c o n s u m p tio n

th e re

o n

th e

th e

th e

th e

c o m e ,

to

a re

w in

s t ill

G o v e r n ­

a re

p a rt,

s o u l,

w e

th e

h a v e

c a n n o t

g iv e

w e

s h o u ld

g iv e

w ith in

its e lf

d o m e s tic
w a r.
u s

is

R e p u b lic ,

a
to

o f

o rd e r

w h ic h
D o

u p .

a

m u st

d e m o c r a c y ,
in

o u r

o f

C o n g re ss ,

a

e v e n t

a n d

w e
o f,

o u tlin e d .

it

w in

to

fe a r fu l,

th e

u s ?
r e m a in

d e e p ly

fo r
d o
in

th e

a ll
w e

th e

sh a d o w

C a n
lo y a l

w e
to

co n ce rn e d

o f
th e

b e fo r e

b e lo v e d

th e

p e o p le ,

M u s t

s y s te m ,

w e
b y

a

id e a l p u r p o s e
p e o p le s ?
g iv e

“ a id

a n d

c o n s id e r a t io n

s u c c e s s fu l

th ro u g h

s in is t e r

w e

b e

w a r, th e

w h e n ,

u p o n

C a n

a

n o t

o r

o n ”

o u r

b y

w h y

is

lib e r t y

a u to c r a c y ?

its

o w n

re a so n

“ ca rry

a n d

in

o u r

a n d

r e p r e s e n t a t iv e

m e a n s

g ro w

re sts

n o t

a

e n e m y ,”

th a t

fo r

d o ,

th e m .

o n

je o p a r d iz e

le s s ,

a

m e n t,

m u st

o f

o v e r ­

o u r G o v e rn ­

g o o d

w a r—

o u r

m a y

fo r

is

h u m a n

la w ”

a n te ce d e n t

n o w

o f

u n d e r

F r a n ce ,

th in k ?

th e

o f

to

m a n

th is

a n d

b a ttle

s o ld ie r s

d o n e

n o

is

c o u n tr y

m e re

n o t

to

in a d e q u a te ly

a n

o rd e r to

“ lib e r t y

w e

m a n

is

fo r c e ,

w h ic h ,

k n o w

W e

o v e r c o m e

lo v e

o f

W a r

g o v e r n m e n t

is

w e

its
b u t

g r e a te s t g o v e r n m e n ta l q u e s tio n

th is —

in

a n d

le g io n s

th a t
b e

th a t

a n d

c o n c e p t io n

B u t th e

a ll

m u st

lin e a ­

p e a ce —

th e

th a t

a n d
o v e r­

o f

it

th e

e x e rt

w e

g o v e r n m e n t.

to -d a y

is

c o n s t it u t io n a l fo r m , a n d

u p —

it

“ fo r c e

u n s p e a k a b le

o f

th e n ,

a

w a r.

h o r r id

its

y o u t h ,”

c o n c e p tio n

it

a

S o

to

b r ie fly

W e

its

b r o th e r h o o d

A n d

its

is ,

o n

o f

e n e m y

p u r s u its

c o n s c io u s

in

it

a ll

F ra n ce

d e m a n d s,

w e

in

w a r,

a ls o

b e re a v e m e n ts ,

o u r

s e n t,

m e n t, u n ch a n g e d
e s s e n t ia l

o f

o f

a t

th e

p r o p e r ty ,

th e

v ic to r y .

c itiz e n s h ip

A n d

w a r

“ th e

fie ld s

s a id

u n til

w o r ld .”

“ flo w e r

R e p u b lic

th a t

h a s

a n d

o f

b e y o n d

o f

b lo o d y

a r m ie s ,

c o n c e p t io n

h e a r t-b r e a k in g

s h in e s

.fe d e r a t io n

r e p u b lic

a

see

o f life

in

th e m .

in to

p r e s s in g

w e

m o r e ,

W e

w a ste

o f

th e

o u r

sta n d

e m ­
b a d e

w o r ld ,
it

fe e lin g

o u r

h a v e

s t ill

b a ttle .

m e n t s ,-it s

u p o n

to

d re a m

c o n tin e n t,
g ro w s

b e g in n in g

a rm s,

c o m fo r t

w it h o u t .
o f

is

k n o w

w h ic h

ju d g ­
ta k e n ,

g o v e r n m e n t,
th e

fo llo w

G o v e rn m e n t

w e

b u r e a u cr a c y ,

a e g is

to

u s

n o w

o u r

fid e lit y

o u r

co n ce rn —

in

p o w e r
p u b lic

a n d

g o v e r n m e n t

g ro u p s

c a n n o t

a s

s u p p la n t

g litte r in g

a n d

s e lf-g o v e r n ­

o r

a g a in s t

w h o

B u t

in d iv id u a l
fo r

o u r­

o r ste p s

a n d

s till

th e

w e

th e

o ld

o f

it
in

n a tio n

s p e c ific
a

p r in c ip le s ,

a n d

c o n c e iv e d

o r

s u b m itte d

w h e re

n o t

w e re

w o rd s
as

c o n v u ls io n

c o n flic t

th a t

w ere

th e y

th e

h a v e

fro m

th e

fir s t

s e lf-g o v e r n m e n t,

u s

m id s t

sa v e

in te r p r e ta tio n

e x e r c is e

w e

th e
b y

r e p r e s e n t a t iv e s

b e lie v e d

in

s e lf-d e v e lo p m e n t,
fa r e .”

fa c t

co n se n t

o f a n a m e n d m e n t, p r o v id e d

h a p p in e s s ,”
lo ca l

th e
th is

e x ce e d e d

b e

fir s t

th a t

C o n s titu tio n
b e

p e o p le ,

th a t

e x p re sse d

p u r s u it

p e rh a p s

a fte r

it—

in v o lv e d ,

a n d
th e

a

b y

s ta te d ,

u n d e r

fre e d o m

o r

th e fo rm

A n d

b y

th e

n o t

c o u ld

p e r m a n e n tly

w e

ju s tic e

m e n t.

in

c o n s t it u t e

fo rm s

n e v e r

sta n d s

b e fo re

n e v e r

p r a c tic e

t h e p e o p le in

p e o p le

b u t

m a y

s y s te m ,

G o v e rn m e n t
p o lic y ,

fa c t,

w e

co m e

o f

th a t

A n d

d o m e s tic
w a r,

h o p e s
a cts

it

w e ll-d e fin e d

th e

o u r

b a d e

a n d

is s u e ,

fo r c e ”

c o n s c io u s

b e e n

d id .

p e o p le s ,

is

o v e r ­

a u to c r a c y ,

a n d

w a s
fo r

p a tr io tis m ,

a t

o f

o f

L a n e

w e re

w h ic h

r ig h t

lo y a lty

d u ty

d o m in a t in g

m o re

o f

o f

in

A n d

c o n c e p t io n

I t

th e m

o u r

p u re

o u r

b e in g

w ith

n o w

fo r

c o n c e p tio n

to -d a y ,

lib e r ty -lo v in g

g r ie v a n c e s

S e cre ta ry

“ lib e r ty ,

d o w n fa ll

b e e n

a s id e .

a re

a s

th e

q u e s tio n

o u r

w e

th e re

s ta n d

h a v e

sen se

A n d

th e

u s

in t h e c h a n g in g

m ilita r is m .

a n d

o u r

o u r

u n s h a k a b le

u n ta in te d

a d m in is tr a tiv e

g o v e r n e d ,”

o f

th e m

c o u n tr y ,

o f

m e a su re

b e g in n in g .

g r ie v a n c e s

a n d

r e p u b lic ,

u n ta r n is h e d

A t a n y ra te ,
a n d

g a v e

it

n a tio n

n e w
its

fro m
B u t

o w n

a

in

A n d

fa r

u s.

o u r

o n

ca u se

ca u se

m e n ,

o f

to

o u r

a lle g ia n c e ,

fe e lin g —

a ll

m a y

c lin g in g

b o d ie d

th e se

g re a te r

is s u e s in

m e n t

a n

to o k

c o n flic t,

o u t,

p e o p le s ,

a n d

th is

m u st

a ll

W h a te v e r

o u r

a n d

p ro c e e d e d ,

th e

fo re v e r

a n d

to

h a v e

th e se

b e ca u se

it

fo r

e n d

u s

it

th e

fo r

G o v e rn m e n t,

w e re m a k in g

p r in c ip le s

a n d

A m o n g

o f

w e

b y

h u m a n it y ”

s t ill

it

tit a n ic

e n te re d ,

u s,

th e

u p o n

s h in in g

w h ic h

fu lly

c o n tr o v e r t.

In

s e lv e s

g o v e r n m e n t

a lle g ia n c e ,

p r iv ile g e ,

h a v e

g re a t

n e v e r

a n d

s h a d o w e d

m e n ts

o n

se e m e d

in v o lv e

c o n te m p la te d

a s

th e

w a r.

w e

s tr u g g le

p o in te d

o v e r p o w e r in g

a n d

o b e is a n c e

o f

a n d

w e

th o u g h t

u n d iv id e d

g lo r io u s

r e p u b lic a n

b e

a sp e cts

th e

fir s t ,
n o t

b e b o r n e , if b o r n e a t a ll.

r e c e n tly

m e n t

a t

m ig h t

w e n t

n o t

s tr u g g le ,
to

a n y

fe a lty .

its

T h a t
h a rd

fre e

p e o p le s

a b s o rb e d
o f

th e

b e

a n d ,

to

o th e r

in

it

tim e

m e a n in g ,

b y

to

n a tio n s ,

im p o r ta n t c o n t r ib u tio n to h u m a n d e s tin y .
s u ch
w e

a n d

tu r m o il,

th a t

a s

n e e d

a s

in d iffe r e n t

o th e r

fa te fu l
h o p e d

A n d

w h ile

A n d

217

a

m u st

a s

fre e .

in

d id .

lit t le

s o ,

g o v e r n m e n t,

o w n

b y
o u r

to o

is

d o w n

th a t

o u r

in

ca re d

th e

w e

n o t
h a v e

w ith o u t

th e

th is

w a r n in g s

th a t

p e o p le —

h a v e

so

in s titu te d

o w n

J e ffe r s o n

fo rm

o th e r

if

h a v e

W e

“ o f

a d ­

e v e n

w ith

h a v e

O u r

o f

o f

w e

w e

e v e r

b e lie f in

W ils o n

im p o s e

o n

w e

a d e ­

th is

p r o v in c ia l

B u t

e x a m p le .

p r in c ip le s

w o rd s
to

th a t

w o r ld .

in e r a d ic a b le
b y

th e

m e a n s,
to

a t t it u d e ,

b e st

a

e n g a g e d
in

p o s s ib le

b e e n

u s

n o w

Y e t

b e lie v e d

th e

h a v e

W e

th a t

g o v e rn m e n t

w a s

th e

u s.

p e r fe c tio n .

h a v e

th is

A n d

to

tru st.

fa u lts ,

a s

lo y a lty ,

a n d
n o t

id e a .”

to

id e a l

o u r

s e lfis h

g o v e rn m e n ts

w e

o f

o f a n

to n

“ fix e d

w e

th a t

a n d

te a c h in g

ta u g h t

a n

p e o p le ,”

rest

o u r

b e e n

o b liv io u s

B u t

P e rh a p s

a re

c o n c e p t io n —
a

p e r fe ct

id e a l,

W o r d s

h a v e

o w n

b e e n

so u l

o u r

d e v o tio n ,

w e

b e c o m e

m e n .

m a n .

fo r

o u r

s u p p o r t,

b e e n

w o r ld .

th a t

d e e m e d

a n d

th e

w o r s h ip p e d

p e rfe ct
h e a rt

h a s

o u r

it

b lin d ly
n o t

to

to

a llo w e d

u n d iv id e d

I t

e x p re ss

m a y

h e re n ce

w e

o u r

lo v e .
lig h t

q u a te

THE CHRONICLE

fig h tin g

s u c c e e d in g
o f

th is

r e m a in
th is
o v e r

a cts

c o m in g
fre e

a n d

o u r G overn ­
its

s lo w ly

318

THE CHRONICLE

[V o l . 107.

fevered by passion for a cause. Yet there is but one
course open— and that the course of devotion and
love to and for a Republic to which we give our last
ounce of reason and respect.. Above all let us not
blame each other harshly. Let us realize that our
views are not those of all others. They, too, are
loyal to the Republic; and it is theirs, as it is ours.
The war we must all support. But there is no call
that we sacrifice the very Government itself in the
prosecution of the war. Let us stop short of that.
Let us see the precipice before we fall over it. Let
us be earnest and honest. Our own individual
interest in a perpetual republic as conceived in a
“ I cannot follow that road. To me it means the sublime wisdom, cannot be unfaithful to the interests
eventual breaking down of our system of govern­
_____ .__________
ment. It means a bureaucracy. It means Govern­ of all men.
ment control of the working activities of a great
T H E P E N D IN G R A IL R O A D C O N T R A C T S .
proportion of our people. I do not think a govern­
It is not very many years ago that a law was
ment can survive which puts more than half of its
working population under its own control.”
passed affixing a' penalty for sla n d erin g a corpor­
“ But does not the Senator believe that the Govern­ ation or business. A good name was thus declared
ment,” suggested Senator Hitchcock of Nebraska, an asset— that is to say, its goodwill, or reputation,
“ after testing this control in wartime, would be able could not, wantonly, be assailed without constituting
to form a judgment as to its practicability in peace
a loss. And there can be no question that the costly
time?”
“ I fear that bureaucracy, once it is established, and futile attempt to find a physical valuation of
will not let go,” Senator Wadsworth answered. the railroads has resulted in a general belief and
“ After the war there will be other problems, such as conviction that a railroad does have a “ goodwill”
we cannot now foresee, to occupy the public mind. that is of value and therefore worthy of recompense.
The Government needs, then, only to say to the Although the “ slander” law arose more particularly
people to let things stand as they are, to allow the in the interest of banks and similar institutions, it is
control we have put in the Government’s hands to
remain until after war conditions are adjusted. And not at all doubtful that as citizens we have been too
the people will not oppose it. They will have their careless of right and justice in our animadversions
minds bent upon restoring the balance overthrown against “ the railroads.” Yet it is equally clear that
by the war. And so Government control of public constant analysis and comment has taught us
utilities will be made permanent.”
respect and sympathy.
Impartial citizens “ looking on” must be pained
It seems of no moment to repeat the charge openly
and
surprised to find the bondholders obliged to
made in the Senate that not one reason was offered
take
exception to the “ contracts” proposed by the
showing the need for enacting the power to control.
Government
in the following language:
One reads without any quickening of the pulse the

changing form? Can it change its old and essential
form as an expression of its very soul, and not lose
that soul? And strange as it is, in the very midst
of these changes we are not unconscious of their
import, and while deploring their need, tendency,
and permanent influence, we make the very laws
which may undo us.
Here is a report of the recent debate on the Wire
Control Bill which was passed. Senator Wads­
worth is speaking. He is deploring the growth of
the “ taking over” process, and the extension of
control once entered upon. He says:

statement of Senator Reed: “ there is coming a day
when another party will be in power,” coupled with
the wish that there “ may be evolved a system of
control of public utilities that will be of advantage
to the people, but I am afraid the working out of
that problem is a long way off.” The bill is passed
— a fitting culmination of a long line of similar
“ control” bills. Parties are nothing; and principles
go unheeded.
Again we may be pardoned for confession. We
are opposed to bureaucracy, even as we support a
war intended to banish autocracy. Our conception
of duty and loyalty bids us defend our Republic
against those insidious encroachments on the liber­
ties of the people. An asserted need must never
be an excuse. We do not believe that in all these
Acts need has been clearly shown. Why then err
on the side of doubt, if it be error, when the Govern­
ment, in its old and honored and efficient form, is at
stake? As we have said, we have had our own
conception, and it has led us to certain convictions.
These we espouse now, as we have in the past. We
cannot do less. There is doubt, and there is danger.
We firmly believe, despite war and war’s end, if the
soul of this Republic passes, liberty will be dead in
the world. It is not pleasant to oppose measures
that some demand because they see in them a need
in a dire extremity that nothing else will fill. It is
more unpleasant to feel that there is a growing in­
tolerance to opposition to anything and everything
which Representatives and Executives ask for and
enact, due to an unquestionable loyalty though




“ The contract requires that the company in order
to secure the standard return which is given it by the
Act of Congress by way of rental for the use, posses­
sion and control of its physical properties during
Federal control, and for nothing else, shall at this
time accept that standard return (in the words of
the contract):
.
“ in full adjustment, settlement, satisfaction and
discharge of any and all claims and rights at law or
in equity which it now has or hereafter can have—
under the Constitution and laws of the United
States— for any and all loss and damage to its
business or traffic by reason of its diversion or other­
wise which has been or may be caused by said taking
or by said possession, use, control and operation.”
It thus strips the company at the outset of every
vestige of right to complain of the destruction of
its goodwill and business without compensation.
It is a blind blanket warrant to the Government that
permits it, in the process of unifying the railway
systems of the country, to abandon the operation
of any portion of a transportation system, sever and
cancel its contract agreements and connections,
divert, disrupt, and destroy the business that has
taken generations and millions to upbuild, and to
hand back the physical property, which is the mere
empty shell of what was surrendered to the Govern­
ment, stripped of everything that was of value.”
It is not our purpose to attempt to discuss the
“ terms” of these contracts, for they arc at present
in a tentative state. But it must appear strange
that there should be evidenced, on the part of the
Government, the “ spirit” here indicated. There are

July 20 1918.]

THE CHRONICLE

two sides to every controversy— but in this instance
there cannot be in the usual sense two interests at
stake. It appears beyond question that the rail­
roads have been “ taken over” for emergency use
to a mighty end. The law sets a date for their
return to the owners. And no interpretation can
justly be put upon this than that it is a command
to use the roads for the purpose of winning the war,
pay a fixed rental for that use, and return them in
good condition. And any change permissible, for
a more effective operation, is warranted only by war
needs, and does not contemplate the creation of a
“ unified” system looking to Government owner­
ship. This much seems absolutely plain. Now
“ war needs” are not common carrier needs. And
we pass by the repeated assertion that doubt exists
as to power to take over the common carrier business
of the roads under the law of seizure. This has been
done, and the interpretation of the powers of the
Executive under that law are not now open to dis­
cussion; and it is recognized that it m a y be impossible
to separate the common carrier business from the
war business. But, where war business impinges
on common carrier business, and where changes are
thus made under the justification, it m u st be d one at
the exp en se o f, or harm to, sa id com m on carrier tra ffic —
and no other tenant than a Government would for
one moment be adjudged privileged to make such
change and cause such confusion and loss, except
payment be made therefor and a case of damages
would lie in court. None, absolutely none. And
more, an ordinary tenant would be required to obtain
specific permission before doing so. Why then is it
that a Government should apparently seek undue,
or at least selfish, advantage, and strive to free itself
from obligations any other rightful tenant would
incur, in fact, seek other than pure plain justice,
at an y c o s t ?
It is this attitude with which we are concerned.
We recognize and acquiesce in the dire needs of the
Government. The people have never directed that
the roads be operated so that they cannot be turned
back. The Government knows, and admits, this.
Why then seek to make the Government immune
from the ordinary results of its acts? By no con­
ception is the Government warranted in “ driving a
bargain,” in its usual sense. On the contrary
representing our highest conception of equal and
exact justice it should be eager to su bm it to a court
any and every possible question which now arises
or may hereafter arise by reason of this momentous
act. No other tenant would be allowed even to
enter upon property before contracts are signed.
This has been done, and its “ need” has been recog­
nized, even though disputed in the individual
mind. But surely this renders it more liable rather
than immune for acts done pending the completion
of the contract. Why then should the Government
(apparently) demand that it be allowed to do as it
pleases now and hereafter with property it does not
own, and without payment of damages?
If our Government officials are acting from an
excess of zeal, this attitude is no less a matter for
regret. Have they unconsciously come to believe
that w hatever is done is right because it is done in
the name of and on behalf of “ the Government.”
It is almost akin to that old idea: “ The king can do
no wrong.” Yet a representative republican form
of Government must in its very nature be subject
to^tlie errors and [frailties of those who administer^.




'

219

Especially is this so in time of stress. There is a
domain, call it prerogative, discretionary power, or
interpretive discrimination, that cannot be covered
by specific statutes. And so the “ Government”
ca n do wrong; and those who have upon them the
burden of its conduct should have ever in mind the
fact that the act must first be unquestionably right
and just, as well as permissible, before it is done.
Our “ Government,” possibly through necessity,
is becoming all the time more powerful. And such
are the calls, emergencies, and needs, that “ the
people” cannot first be consulted by Congress or the
President. It follows that a growing obsession
(that because the “ Government” must act and act
quickly, it cannot be blamed or criticised, or made
to pay an y damages for its acts) of the inherent
right and righteousness of power, should be especially
guarded against. And the “ taking over” of the
railroads is an example. Great and complicated
questions arise. Always there should be a clear
provision that the rights and interests of citizens
should be safeguarded— always a provision for
ultimate adjustment through our constituted courts.
And not one of these “ control” laws should be
administered save with the thought that they are
in terferen ce w ith ou r n orm a l life an d b u sin ess rela tion s,

and should disappear when the cause that brought
them forth is gone, and that there m ay be error and
injustice, and when so, should be paid for.
W H A T LABOR W A N T S .

The Labor League of New York City sent to the
press, for release on Wednesday last, some mimeo­
graphed pages announcing its intention “ to take a
definite stand in the coming fall campaign to insure
the welfare of its members and their fellow-workers
in this State.” It was organized in last January,
it says, its purpose being “ the general advancement
of health and welfare of the workers,” and it “ in
no way infringes upon the rights of any central body,
board of business agents, district council, or other
organizations affiliated with the American Federa­
tion of Labor.” The increase and variety of or­
ganizations is somewhat confusing; how they lap on
one another, agree or disagree with one another,
and fuzzily though always loudly propose to achieve
the general advancement of health and happiness
for everybody, is beyond the grasp of the worker
who sticks to his job and makes noise with his work­
ing tools and not with his tongue.
The old textbooks on natural mechanics used to
contain a little woodcut of a man who thought to
propel his small sailboat more easily by working a
bellows from which he directed a blast upon his
sail; he succeeded only in learning that action and
reaction are equal, and in opposite directions. It
has also been declared impossible for a man to lift
himself over a fence by pulling on his own boot­
straps; yet dreamers go on, calling themselves by
some stripe of socialism, proposing to let the horse
ride in the carriage which he draws, and to bring in
a new social day in which consumption shall steadily
increase and production steadily diminish and thus
mankind shall rise in happiness. This Labor League,
which does not seem to bear any mark to clearly
distinguish it from other vociferous organizations,
purposes general advancement and welfare of
workers. Since most people are and all people
ought to be workers in some place and to some
useful end, this seems to offer something for us all;

THE CHRONICLE

220

but a closer reading shows that the thing is for “ the
many unions” only; whoso would be advanced must
get in under cover and out of the storm of life, and
as for the stupid or scabby who prefer personal in­
dependence and stay outside, there is no redemption
offered. The millennium is for the organized only.
Well, there is a “ State” and also a “ Federal”
program set forth in a number of propositions. Un­
conditional loyalty is No. 1. There is some prac­
tical sense in the Federal program, mingled with a
demand for a “ system of life insurance of all kinds,”
Government ownership of railroads, telegraphs and
telephones, coal mines, and water powers, and
“ establishment of a universal eight-hour day.”
The State program calls for State ownership of trans­
portation and of natural resources, State control of
markets, State administered health insurance, an
eight-hour day “ for all workers” and the highest
prevailing wages for State workers; pensions for
persons who at 60 are without income and have been
residents for 25 years; “ election by popular vote
of all judges, with a provision for their recall,”
something, we might add, which always exists under
an elective judiciary scheme. Some of this matter
is good, if kept within moderate bounds, and some
is of cotemporary wildness. The whole is sub­
mitted “ to the working people of this city” (that is,
those who are unionized) as the program “ which
we will submit to all candidates for office so that
they may understand.” The Labor League says
it “ is preparing to take a definite stand in the cam­
paign,” and it has begun by forwarding this matter
to all Republican county chairmen in advance of
the Saratoga convention, to be followed by a like
movement upon the other convention on the 23 d,
in order to see which will offer the higher bid for the
“ vote.”
It is the old story: labor persisting in calling itself
a distinct class and determined to remain so; de­
claring that there is an irreconcilable conflict be­
tween employer and employee; looking to combina­
tion instead of co-operation; trying to contribute less to
atid draw more from the fund which labor alone can
begin or maintain; and always planning, through
the subserviency of politicians, to promote happiness
by statute instead of by individual energy.
T H E Q U E S T I O N O F B E T T E R P A Y FOR F I R E M E N
A N D P O L IC E M E N .

A few weeks ago, the “ Sun” took up the cause of
the policemen for an increase of pay, and the matter
went to the Board of Estimate, a like case on behalf
of the firemen going with it, and yesterday the
Board adopted a resolution of its Committee on
Finance recommending that the Board of Aidermen grant a raise. It must be admitted that both
these classes of public employees are the more
entitled to a patient hearing because they have not,
like some others, been getting periodical advances
and have gone on doing their work without com­
plaint, nor can any question be raised concerning
the value and indispensableness of that work. The
firemen have long been our quiet and uncelebrated
heroes; as for the policemen, there has not yet been
time for impairing the effectiveness and morale
which grew under the late administration, and we
may hope it will sustain no impairment.
It is urged for the policemen that their work was
never more needed, more difficult, and never better
performed; this must be admitted, and also that the




[V o l . 107.

preservation of order never depended more than
now on courage, discipline, judgment and vigilance
in dealing with the first intimation of outbreak. It
is urged for the firemen that the constant peril of
conflagration is one as to which New York (and, it
should be said, the country also, which has a great
though dimly sppreciated stake upon its chief city)
cannot afford to relax its vigilance. Protection
against disorder and against fire are paramount
necessities, and no consideration of an unavoidable
cost can be permitted to weigh against it. The
contention is unanswerably sound; the city must
save itself somehow from the disorder that always
menaces it and from the conflagration which has
long been “ due” according to the apparent run of
disasters, yet has been prevented by the effective­
ness of preparation that is at once a marvel and a
reproach, from reaching overwhelming size.
No commitment having been given by the Board
of Estimate until yesterday, the Uniformed Fire­
men’s Association on Monday took a step that
had already been intimated by voting to join the
International Association of Fire Fighters, which
is affiliated with Mr. Gompers’s American Federation
of Labor. The resolutions adopted set forth that
for more than twenty years the firemen of New York
have worked under a requirement of 20 hours a day
and that they want the relief of better pay and of
the platoon system which their brethren in other
cities enjoy.
It is impossible to deny to either the firemen or the
policemen their right to a hearing in the court of
public opinion, or to deny that they make out a
“ case.” The request for increased pay is not un­
reasonable in itself, as the times go, and is not ac­
companied by threats, but it encounters the financial
difficulty. The city’s finances are not easy. Real
estate is heavily burdened, tenants are grumbling,
and some of them have been talking about appealing
to the Government, in the old familiar manner, to
bring some regulative compulsion upon landlords
which shall relieve them. This cry against real or
alleged rapacity has been raised in Washington,
which is under direct control of Congress, and it is
inevitable that the same cry for relief shall be raised
elsewhere, under a growing habit of Governmental
controlling. But the Mayor’s remark to the Board
of Estimate that he would be glad to have anybody
point out where the needed funds for the relief
asked can be found was inevitable, and thus far
nobody has been able to answer it satisfactorily.
So the matter rests just at present. And while it
rests, as well as after it is somehow settled or de­
ferred, we may well draw the moral that here is
another warning against our habits which depend
upon insurance instead of upon fire prevention and
upon the enforcement of personal responsibility
through which that prevention can most effectively
come. The swiftness of response to alarm and of
getting into action upon a fire has long been a sub­
ject of wonder to visitors from European cities and
of some boastfulness by ourselves; but the physical
hazards of conflagration in our cities are so great
that to spring quickly upon the little fire is our only
escape from suffering from a big one, and the fact
is more to our shame than to our glory. When we
go on, disapproving yet placidly enduring a destruc­
tion of say a quarter-billion a year in the whole
country, most of it preventable, we do not note at
all that the cost of fire departments is both large

July 20 1918.]

THE CHRONICLE

and additional. Our building construction is far
from what it should be; our habits of occupancy are
very bad, because insurance is taken as a license to
do just as one pleases or as one thinks the cheaper;
and we have not yet brought public opinion to suf­
ficient virility on the subject. Construction can
be bettered only gradually, but habits can be altered
much more speedily. So shape the law (as can and
will be done when public opinion is ready and calls
for it) that each occupant shall decide that he can­
not afford to have a fire; then we shall be able to
get on with fewer firemen and need not hold them
to such long days of duty.
B U S I N E S S T O -D A Y A S C I E N T I F I C
P R O F E S S IO N .

The rapidity and the extent of the changes of
view which have taken place in recent times in regard
to both the conduct and the nature of business are
to be seen in the array of books to be found on the
library shelves in any of the schools of business
administration which are now opened in not a few
universities.
Alongside of those put forth by professional stu­
dents of economics the most significant are some
written by business men or by men long and closely
associated with them, men just now especially
prominent because called to positions of great
responsibility. They present the views of practical
men who because of the responsibility of their position
feel called upon to state the views which in these
positions they have obtained or have had confirmed.
They are so important that we call attention to
several of them.
“ T h e A w a k e n in g o f B u s in e s s ’ ’ (Doubleday, Page
& Co., 1917) is by Mr. Edward N. Hurley, who
after developing a great business in the Pneumatic
Tool Industry and serving as U .S. Commissioner to
the Latin American Republics, and as Chairman of
the Federal Trade Commission, is now the head of
the National Shipping Board. When he turns
aside as he does from his great duties to make this
“ effort to assist the small manufacturer and merchant
to better his condition,” it is worth while to note
the lines of his effort; which is ^11 we have space for.
One would expect the book to be closely technical
as well as wide-visioned. Scientific and thorough
methods of estimating cost both of marketing and
of manufacturing are indispensable. These must be
extended to take exact regard of depreciation and
the inevitable limit of life of all machinery. Private
initiative will continue to be the great motive force.
Business men must aid themselves; they should
scrap forever unsound methods, and adopt those
which are thorough and will reveal true conditions.
They must give large place to co-operation as repre­
sented by Trade Associations, and put a stop to
ignorant competition and unworthy jealousy and
distrust. They must aim at standardized products
and perfected methods. The Government furnishes
facts, but these have to be wisely interpreted.
The markets of the world must be reached and under­
stood. Provincialism is no longer justifiable.
Preferential markets are in danger of being secured
by loans of foreign capital pledged to be spent in
the country of their origin, shutting out others.
Efficient production coupled with forehanded and
exact knowledge, in other words, scientific approach,
is the condition of “ a place in the sun” for the mer­
chant. A ll that the Government can do is to be




221

sympathetic and constructive, stopping or prevent­
ing injurious competition, aiming to make business
fair, and giving to all the information that will enable
them to act intelligently. This will indicate the
line of his thought. “ One of the crying needs
among American business men to-day,” he con­
cludes, “ is a broad view of business in general and a
comprehensive grasp of the needs of industry as a
whole. They need to appreciate the fact that their
plant is a part of a great industry; that their in­
dividual industry depends very largely upon the
welfare and progress of the industry as a whole and
of industry in general.”
Mr. William C. Redfield, former President of the
American Manufacturers’ Export Association, and
of the National Society for the Promotion of Indus­
trial Education, and now the Secretary of Commerce,
gives us “ T he N e w In d u s tr ia l D a y ” (The Century
Co. 1913). His aim is “ to help men more clearly
to see right values, and so to be able to use and
conserve them.” In successive chapters he dis­
cusses wealth and waste; the end of the rule of
thumb; the value of world trade; the methods of
estimating cost; improving the conditions and treat­
ment of labor, showing that high wages and low cost
of labor are not antagonistic; the new appreciation of
the human element; the cultivation of the scientific
spirit; and the need of the personal adjustment of the
man to his task;'discussing all out of a large and in­
timate experience, illustrating his positions with
many instances, and leading up to the recognition of
the new order both of knowledge and of character, to
which he holds that the world*has already come. The
business world cannot go on as it has gone heretofore.
It cannot “ stand pat.” It must acquire the larger
spirit and face the larger individual responsibility.
“ Y o u m a y b .-ln g t o y o u r o f f i c e a n d p u t in a f r a m e
A m o t t o a s f in e a s it s p a i n t B u t i f y o u 'r e a c r o o k w h e n y o u 'r e p l a y i n g t h e g a m e .
T h a t m o t t o w o n ’t m a k e y o u a s a in t;
Y o u c a n s t ic k u p t h e p la c a r d s a il o v e r t h e w a il.
B u t h e r e is t h e w o r d I a n n o u n c e .
I t i s n ’t t h e m o t t o t h a t h a n g s o n t h e w a ll,
B u t t h e m o t t o y o u live t h a t c o u n t s . ”

Mr. James Hartness, the President of the Jones &
Lamson Machine Co., and of other large concerns, a
widely known inventor and engineer, in a little book,
“ T he H u m a n F a ctor in W o rk s M a n a g e m e n t ,” (Me
Graw-Hill Co., 1912) restricts himself to considering
the human element, “ especially as regards modes
of employment of mind and body.” The scope of
the book and the novelty of its point of view are in­
dicated in the closing paragraph of the foreword:
“ The main purpose is to build up a standard by
which all ideas of management may be measured.”
This points at once to the truly scientific side of
business which has been little regarded. It seeks to
establish measures and tests which are of general
application and which are necessary to the true
estimate of facts and outside suggestions, and also to
show the importance of those influences which lie
wholly within the mind of the employer and of the
employee; “ standards that will measure an ordinary
suggestion for change that may come during the
day, or one that determines equally well the real
character of some of the greater policies or systems.”
Mental poise based on co-ordinated knowledge is the
aim, rather than the suggestion of new schemes.
This leads him to what is really a psychological
study. He discusses the value of habit in what are
fresh relations; its value in securing progress and ob­
viating dulness; the various measures of progress and
the capacity for new ideas; the power of assimilating

222

THE CHRONICLE

new methods and adopting new instruments; and
the ways of getting out of the ruts mentally and
physically. In all of which the employee has a large
part, and to which the employer must be always
alert. He shows the prime importance of directness
of purpose, simplicity and clearness of thought, and
particularly of adaptability to the habit of thought
of the workers. “ It is the obvious,” he says, “ that
offers the least resistance to progress. The hin­
drance to all suggestion lies in features that must be
covered up or are obscure.” The plan that is most
readily grasped is the surest of being promptly
adopted.
Through all and in all runs the need of that keen­
ness of interest which is found when a man looks
upon his work as worthy of his best ability, and
appreciates its thoroughly scientific character; and
when he has acquired the ability to fix his mind upon
the fundamental features of his problems. It is,
while thoroughly fresh and intelligent, a book of the
hardest common sense.
We can speak of only one more volume: “ In d u s ­
tria l L e a d e r s h i p (Yale University Press 1916) is
by Mr. Henry L. Grant, an engineer and specialist
in modern methods. It is a record of tested experi­
ments and approved methods, ranging from the
effect of bonuses in stimulating interest and efficiency
to the influence of selling price on consumption, with
especial testimony to the value of task work as
compared with day wages, as well in the effect upon
the morale and interest of the worker as upon the
productiveness of the business. It is a valuable
contribution to the scientific and satisfactory solution
of difficult problems.

C A N A D IA N

[V o l . 107.

TR A D E W IT H W E ST IN D IE S .

O ttaw a, C an ad a, J u ly 19 1918.
A great growth of direct trade between Canada
and the West Indies is the aim of negotiations in
which the Dominion Government, Maritime Pro­
vince Boards of Trade, the banks, railway and
shipping companies are actively represented. Re­
cently the Royal Bank of Canada added a score of
branches in the West Indies and Venezuela, an
unheralded step which was understood to be favored
by the British and Canadian Governments as a
means of expelling German trade, and strengthening
Imperial commercial facilities for the future. It is
commonly recognized that no betterment of the
trade relations can be effected until the Government
of Canada vigorously takes hold of second-rate
shipping schedules, freight rates that often exceed
those over United States routing, and the sbsence
of advertising and detailed study of local require­
ments. Until these things are done the competition
of this country in West Indian trade will always be
handicapped.
Up to 1914, signs of progress in the volumes of
exports and imports between the Caribbean and
Canada were regarded as auguries of immense trade
developments. Shipping troubles interfered very
seriously, but even then, each year has shown an
increase. In 1916 the West Indian colonies sold to
Canada $6,354,000 worth of goods, against Canada’s
exports to the islands of $4,134,000, in foodstuffs,
chiefly. Last year we bought from the West Indies
goods worth $14,239,000 and sold to them goods
worth $5,179,000. The Maritime Boards of Trade,
which hold out great hopes of having Halifax and
St. John borrow a share of the West Indian com­
T I M I D I T Y I N F O R E IG N T R A D E B Y
merce of the United States’ Atlantic cities, demand a
C A N A D IA N S .
quicker and more frequent ship service, a close co­
O ttaw a, C an ad a, J uly 19 1918.
Sir Edmund Walker, who is just now celebrating operation of railways, and through freight rates and
___________ _
the 50th anniversary of his introduction to Canadian charges.
banking, and who has international standing as an
H O W G O V E R N M E N T R A IL R O A D C O N TR O L I N
authority on foreign exchange, comes forward with
U N IT E D S T A T E S A F F E C T S C A N A D IA N
some stimulating advice to industrial companies
ROADS.
expecting to transact foreign business after the war.
O ttaw a, C an ad a, J u ly 19 1918.
Predicting a general and severe lessening of industrial
The railroad companies of Canada are passing
activity on the approach of peace, Sir Edmund dis­
through
a midsummer in which the pyramid of
cusses the reluctance of Canadian manufacturers
internal
troubles
appears almost to overtop itself.
to enter foreign markets, apparently under the
With
the
Grand
Trunk,
Grand Trunk Pacific, and
impression that a foreign buyer is not as reliable as
Canadian
Northern
partially
or totally in the hands
a domestic customer, and lays down the rule that
of
the
Federal
Government,
the Canadian Pacific
the prevailing custom in the matter of generous
credit must be allowed. Business reports are has been in the position of waging a lone battle as a
usually available as to credit standing and foreign private railway manager against union demands
merchants are, as a rule, most jealous of their good and drastic taxation. It has protested without
name. “ I have in mind a recent order for over avail against the rigid limitation of its profits when
$100,000 which might have been filled in this country such profits were the direct outcome of a policy of
but which went abroad simply because cash was conservation of company resources during half a
century. In common with the Grand Trunk and
insisted upon before the goods were shipped.”
Canadian Northern representatives on the Railway
“ The formation of numerous export companies
owned and controlled by various manufacturing War Board, it has claimed the sympathy of the
Canadian people in opposing the demand of the
concerns is one of the logical developments of afterCanadian shopmen’s union that the McAdoo wage
the-war trade. In this connection, an export
association has been formed in Canada, the functions award for United States railways was not satis­
of which are to secure detailed information and factory for this country. D ay after day of the
actual orders for its members, to introduce buyers, present week, business has been unnerved by rumors
to find reliable agents where representation is re­ of general strikes and by the quarrels of the com­
quired,'to collect, finance and make shipments, and panies and union agents in which the Government
to assist in organizing production in Canada so as to Department of Labor acted occasionally as referee.
Seventy million dollars will be added to the pay­
make possible the successful execution of largo
list of the Canadian railroads by adopting the
export orders.”




July 20 1918.1

THE CHRONICLE

McAdoo scale. There is a further assurance that
any upward revision of the McAdoo scale will become
automatically operative in this country. President
Lord Shaughnessy of the Canadian Pacific promptly
announced that the additional burden can only be
borne by an increase of freight rates if the corpor­
ations are to clear themselves of bankruptcy, and
for this unwelcome advance the Canadian shippers
are being prepared. It is pointed out by the com­
panies that they are now carrying on business on a
25% lower income than is allowed in the United
States. Even the addition of 15% to the freight
and passenger rates established by the Dominion
Board of Railway Commissioners recently has not
sufficed to stop the decline in the net returns of all
the roads. This is shown by the statement of earn­
ings for the first six months of 1918. The attitude
of the Dominion Government’s representation in the
railway wage dispute has favored the contention of
the Railway War Board that to create a wage scale
higher than that of the American roads would prove
disastrous to export business and could not be
justified by the cost of living or any other consider­
ation.
T H E H A L F -Y E A R 'S F A IL U R E S RECORD.
The commercial failures statement for June is an
even more favorable one than the returns for pre­
ceding months of 1918, and consequently the result
for the current half-year discloses an exceptionally
satisfactory situation in the United States. Specifi­
cally the showing for the month is better than for the
corresponding period of any year since 1903 as re­
gards number, with liabilities the smallest in twelve
years, and for the six months we must go back to
1907 for a more gratifying exhibit. This in a brief
way tells the story of the elapsed portion of 1918 in
one important particular— the exceptionally low mer­
cantile and industrial mortality— and, as Messrs.
R. G. Dun & Co. remark, affords concrete evidence
that the varied and radical wartime readjustments
have not generally or seriously deranged business, and
it is not clear that commercial insolvencies, remark­
ably light as they have been, have yet reached the
minimum, as recently suggested in some quarters.
But there is an even brighter side to the story
which a little analysis brings to view. Year by year
the population of this comparatively young country
increases appreciably, and with that increase the
number of firms in business naturally expands.
Therefore, in making comparison with former years,
the ratio of casualties to number in business rather
than the actual totals of failures should be the true
basis. As legards the population of the country, we
note that, according to the estimates of the Govern­
ment, there was an increase from 80,000,000 to
100,000,000 between 1907 and 1917, or 20,000,000_
equaling 233^%. At the same time the number of
firms in business, according to R. G. Dun & Co.’s
compilations, from which all of our deductions are
drawn, rose to 1,733,225 from 1,418,075, or an aug­
mentation of 22}^%. It will be observed, therefore,
that the one bears very close relation to the other.
The main point, however, is that the ratio between
number in business and those that have been forced
to the wall thus far in 1918 is probably the lowest on
record. In fact,it is just a little under 0.34 against 0.43
in 1917 and 0.395 in 1907, the latter the previous low
mark. This showing is all the more gratifying as of
late years the allurement of riches quickly made from




negligible capital investments has been instrumental
in causing many concerns to start in business that
have been unable to withstand even a short period
of slow business or adversity.
The business casualties in all lines in June 1918 are
reported by Messrs. Dun & Co. as only 804, covering
liabilities of 810,606,741, against 1,186 and $18,­
055,153 last year, 1,227 and $11,929,341 in 1916 and
1,160 for no less than $57,881,664 in 1914. In all
the various divisions into which the failures are
classified the showing not only as regards number
but volume of indebtedness is distinctly favorable.
Manufacturing debts stood at only $4,697,733,
against $9,425,189 in 1917, with such important lines
as lumber, milling and bakers and iron foundries
prominent in the matter of contraction. Trading in­
debtedness of $4,225,484 compares with $4,809,368,
a majority of the lines sharing in the improvement
recorded, and brokers, agents, &c., debts of but 1 %
million dollars contrast with an aggregate over 2
million dollars greater.
For the half-year the defaults and the liabilities
resulting therefrom have reached only 5,889 and
$87,793,562, respectively, contrasting with 7,488
and $94,721,356 last year, 9,495 and $111,241,421 in
1916 and 12,740 and $188,587,535 in 1915— these
latter totals running ahead of those for any preceding
similar period.' Manufacturing disasters for the six
months number 1,578, against 1,888 a year ago and
2,247 in 1916, with the liabilities $35,093,969 and
$40,440,908 and $38,897,742, respectively. In 1915,
moreover, with the M. Rumely Co. collapse, the
immediate cause of the greatly expanded total, the
aggregate was no less than $70,243,928. In the
trading division 3,911 were unable to withstand the
stress of adverse developments and in succumbing
confessed debts of $32,283,344, but both items were
the smallest in some years. Moreover, in 1917, the
failure of 5,239 involved> total of $37,604,559, and
two years earlier the respective figures were 9,337
and $97,368,432. Among brokers, agents, &c.,
however, the number of insolvencies was greater than
last year’s, and the debts they covered in excess of
either of the two preceding years, 400 for $20,416,249,
comparing with 361 for $17,275,889 and 501 for
$16,249,809, the unfavorable outcome being reflected
in much the greatest measure in Massachusetts and
New York.
Geographical analysis of the failures statistics dis­
closes the fact that in all but two of the divisions into
which the returns are segregated— in New England
and the Western States— insolvencies were less
numerous in the six months of 1918 than in the like
period of 1917, with the best exhibits made by the
Middle Atlantic, South Atlantic and South Central
groups. As regards the amounts involved, decreases
are in evidence in all divisions except the Central
West and Western. Going a little more into detail,
we find an exceptionally good situation in Connecti­
cut, Kansas, New Jersey, Washington, most of the
South Atlantic States, and all of those in the South
Central Division. On the other hand, the debts in
Massachusetts, Michigan, Missouri and Oregon show
somewhat noticeable expansion due to a few large
disasters and mainly in the brokerage, &c., class.
In the Dominion of Canada, also, the first half of
1918 witnessed an important diminution in the num­
ber of failures as compared with all earlier years back
to and including 1904, and the volume of indebted­
ness falls below all years since 1912^ and very appre”

224:

THE CHRONICLE

ciably in most cases. Specifically, there were but
501 insolvencies involving $8,654,694, this comparing
with 618 and $10,336,703 last year, 1,031 and
$15,868,941 in 1916 and 1,450 and $23,421,615 in
1915. In the manufacturing division the aggregate
of liabilities was greater than last year, $5,460,936
contrasting with $3,707,934; but traders confessed
debts of only $2,962,352, against $4,696,772, and
among brokers, &c., the debts were extremely light,
but $231,406 against $1,931,997.
R A I L R O A D GROSS E A R N I N G S FOR J U N E .

Judging by the early returns, gross earnings of
United States railroads for the month of June are
likely to show only a moderate ratio of gains, as
compared with the corresponding month last year.
Y et it is possible that these early returns like the
early returns for M ay may not be conclusive of the
general results, since among the roads contributing
these early returns are the Canadian Pacific, the
Great Northern Railway and some others which
the present year found their grain tonnage down to a
minimum owing to the exhaustion of wheat supplies.
In the case of the roads running through the manu­
facturing and mineral districts the traffic must have
run considerably in excess of a year ago and that
fact ought to be reflected in the revenue statements
of the roads.
On the other hand, there have been offsetting dis­
advantages. Thus the month had five Sundays
this year as against only four Sundays last year,
leaving therefore only 25 working days in 1918, as
against 26 in June 1917. That was an adverse
factor applying to all roads. Possibly it will be
supposed that the roads derived considerable benefit
from the higher schedules of rates which the Direc­
tor-General of Railroads ordered to go into effect
during the month. But these higher rates did not
become operative early enough in the month to
count for a great deal in the revenues of the roads.
The advances in the passenger schedules did become
effective as early as June 10, but it is the increases
in the freight rates that are of most consequence
in the revenues of the roads and these did not be­
come operative until June 25— only five days before
the close of the month.
It should also be remembered that for June we
are comparing with unusually large gains in earnings
for the month both in 1917 and in 1916. Our present
compilation covers only 57,174 miles of road (in­
cluding the three large Canadian systems) and on
this mileage the aggregate increase is no more than
$2,294,163 or 4.27% . In June last year our early
statement comprised 83,103 miles of road and showed
no less than $11,655,676 gain, or 16.62%. And
this followed $16,034,919 (or 25.91%) gain in June
1916 over June 1915, on 92,587 miles of road. Bear­
ing in mind, therefore, these heavy antecedent
gains in the two years preceding, and the fact that
the month had one less working day and further­
more that several of the large wheat-carrying sys­
tems suffered a considerable reduction in grain ton­
nage because of the exhaustion of wheat supplies,
no special significance evidently attaches to the
circumstance that the present year’s gross earnings
register on the whole only a relatively moderate
further improvement.
With reference to the strikingly large gains in
earnings last year and the year before it should of
course be remembered that in part these gains repre­




[V o l . 107.

sented merely a recovery of previous losses.
Both
in 1915 and in 1914 our compilation registered a
falling off in earnings. In June 1915 our early
statement showed a loss of $5,866,524, or 8.91% ,
and in June 1914 on substantially the same roads
there was a decrease of $4,739,136, or 7.15 % .
Prior to 1914,however,our early figures on the whole
recorded satisfactory results. For instance, for
June 1913 the comparison registered a gain in the
aggregate of $5,074,935, or 7.44%. In June 1912,
too, there was a fair amount of improvement, our
statement at that time having shown an increase
of $4,152,922, or 6.38%. In June 1911 the increase
amounted to only $357,396, and more than the
whole of this was contributed by the Canadian
lines. In 1910 we had a strikingly large increase,
namely $8,356,824, or 15.14% , and this followed
$4,737,537 gain in 1909, or 10.45%. Of course, in
1908 (the year after the 1907 panic) there was a
very heavy loss— $12,284,972, or 20.89%. In the
following we show the June comparisons as disclosed
by our early compilations for each year back to 1897,
the Canadian roads being included in all the years:
Mileage.

June.

Year.
1897____
1898____
1899____
1900____
1901____
1902____
1903____
1904____
1905____
1906____
1907____
1908____
1909____
1910____
1911____
1912____
1913____
1914____
1915____
1916____
1917____
1918____

Gross Earnings.

Year Yr .pre­ InOlven. ceding. cr*se.

Roads Miles.
115
125
117
107
97
81
71
69
58
67
66

51
50
53
49
49
44

45
41
46
38
23

90,703
97,221
98,375
95,337
97,010
85,554
95,013
86,085
81,192
92,655
93,851
78,614
77.47S
87,924
88,195
89,764
90,012
84,515
88,031
92.587
83,103
57,174

Miles.
90,139
96,213
92.266
93,004
94,048
S3,996
93,013
83,568
79,345
90,469
92,803
77,214
76,232
85,487
86,262
88,193
87,715
83,210
86,468
90,638
81,651
56.505

%

0.62
1.05
6.60
2.51
3.15
1.85
2.15
3.01
2.32
2.41
1.13

1.81
1.65
2.85
2.25
1.7£
2.62
1.57
1.81

2.15
1.75
1.20

Year
Given.
S

30,558,554
42,217,558
46,170.085
50,104,955
51,573,897
50,238,273
61,930,417
54,682,684
54,139,005
72,708,902
82,467,706
46,515,462
50,036,163
63,572,503
64,144,486
68,820,679
73,194,701
62,280,987
59,955,244
77,907,360
81,760,407
50,052,557

Increase ( + )
or
Decrease (— ) .

Year
,
Preceding.
S

30,251.840
39,035,817
40,480,015
46,051,607
47,975,122
40,882.292
54,316,982
55,193,667
50,961,464
64,205,232
72,923,683
58,800,434
45,298,626
55,215.679
03,787,090
04,667,757
68,119,766
67,026,123
65,821,768
61,872,441
70,110,791
53,758,394

$
+ 306,714
2,581,751
5,090,070
4,053,348
3,598.775
3,355,981
7.614,436
— 510,983
+ 3,777,541
+ 8,503.670
+ 9,544,023
— 12,284,972
+ 4,737,537
+ 8.356,824
+ 357,396
+ 4.152,922
+ 5,074,935
— 4,739.136
— 5.860.524
+ 16,034,919
+11.655.076
+ 2,294,163
+
+
+
+
+
+

%
7.5
14.0 •
8 .8 '
7.5
7.114.00.9 •
6 .2 *
13.2 13.0 j
20.8.,
10.4,
15.1*
0.5 0
6.3«
7.4*
7 .I 5
8.9?
25.97
16.6.7
4 .2 "
0 .8

N o te .— Neither the earnings of the Mexican roads nor tho mining operations of

tho anthracite coal roads are Included In this tablo.

In the case of some of the separate roads or com­
panies, there is ample evidence of large earnings
and very satisfactory gains even the present year.
For instance, the Southern Railway System reports
an increase of no less than $2,142,292 or over 22%,
and this follows successive large increases in the
years immediately preceding. In another part of
the country, the Buffalo Rochester & Pittsburgh,
a bituminous coal carrying road, has $206,968 in­
crease, or over 14%, and this, too, follows succes­
sive gains in the years immediately preceding. In
the following we show all changes for the separate
roads for amounts in excess of $30,000 whether
increases or decreases.
P R IN C IP A L C H A N G E S

IN

G R O S S E A R N IN G S

IN

JU N E .

Decreases.

Increases.
S o u t h e r n R a il w a y S y s t e m . $ 2 , 1 4 2 ,2 9 2 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 . ( 4 )7 3 1 ,2 3 0 G r e a t N o r t h e r n ____________
M is s o u r i K a n s a s & T e x a s .
2 7 8 ,7 0 0 M o b l l o & O h i o _____________
B u ffa lo R o c h & P i t t s b . . .
2 0 0 .9 0 8 D u l u t h S o S h o r o & A t l a n .
C h i c a g o I n d i a n a p & L o u is
1 8 5 ,8 4 3
0 2 ,4 2 0
C o l o r a d o & S o u t h e r n _____
6 2 ,3 9 0
G e o rg ia S o u th e rn & F la _ _
R e p r e s e n t i n g 10 r o a d s
in o u r c o m p i l a t i o n ___ $ 3 , 6 6 9 ,9 0 3

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

R e p r e s e n t i n g 4 r o a d s In
o u r c o m p i l a t i o n ______ $ 1 , 3 7 7 , 4 5 5

We have spoken above of the contraction in the
wheat movement. For the five weeks ended June
29 the present year the wheat receipts at the Western
primary markets aggregated only 7,439,000 bushels,
against 17,233,000 in the corresponding five weeks
of 1917 and 23,016,000 bushels in the five weeks
of 1916. But the corn movement was also on a
reduced scale and there was likewise a falling off
in the receipts of barley and rye, though an increase
n the oats movement. Combining wheat, corn,

July 20 1918.]

THE CHRONICLE

oats, barley and rye, the receipts of the five cereals
at the Western primary markets for the five weeks
of 1918 were only 51,030,000 bushels, as against
63,682,000 bushels in the five weeks of 1917. The
details of the Western grain movement in our usual
form are set out in the table which we now present.
R E C E IP T S A T W E S T E R N P R IM A R Y M A R K E T S .
F iv e weeks
Flour.
W heat.
Barley.
Corn.
Oats.
e n d . J u n e 29.
( bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago—
1918................ 584,000
1 ,344,000
143,000 8 ,2 4 9 ,0 0 0 9,6 8 3 ,0 0 0
1917
. 825,000 2 ,9 4 7 ,0 0 0 9,7 7 5 ,0 0 0 9,9 5 1 ,0 0 0 1 ,701,000
Mllicaukee—
1918
.
98,000
107,000
4 5 0 ,000 1,056,000
5 9 8 ,000
1 9 1 7 ..
. 146,000 1 ,714,000 1 ,750,000 2 ,2 7 6 ,0 0 0
7 4 7 ,000
St. Louts—
1918................ 228,000
2
,3
6
7
,0
0
0
197,000 1,5 8 5 ,0 0 0
7 1 ,000
1917
. 286,000 1 ,897,000 1,759,000 2 ,3 6 9 ,0 0 0
5 5 ,0 0 0
Toledo—
1918
........................................................................
2 3 9 ,000
2 66 ,000
6 5 ,000
106 ,000
1917
..................
253 ,000
103,000
107,000
Detroit—
1918
.
3,000
53,000
2 42 ,000
160,000
1917
24,000
193,000
156,000
2 3 1 ,0 0 0
Cleveland—
23.000
1918...............
29,000
141,000
4 2 5 ,000
6 ,000
1917.
.
85,000
2 6 .000
111,000
4 0 1 ,000
1,000
Peoria—
1918
. 120,000
2 8 ,000 3,6 0 3 ,0 0 0
976 ,000
51,000
1917
. 115,000
2 87 ,000 3 ,7 1 3 ,0 0 0
1 ,1 4 2,000
167,000
Duluth—
1918
......................
146,000
11,000
4 5 ,000
1917......... ........................ 1 ,727,000
6 1 ,000
141,000
Minneapolis—
1 9 1 8 ..
. ................ 5.8 7 2 .0 0 0
9 2 3 ,000
1 ,763,000
9 7 9 ,000
1917.................................. 5.7 8 1 .0 0 0
5 1 1 ,000
80 3 ,0 0 0
1 ,1 9 6,000
Kansas City—
1918.
..................
180,000 2 ,0 8 8 ,0 0 0
8 3 8 ,000
1917
............................ 1............................
............................4 4 9 ,000
,596,000
1 ,008,000
Omaha—
1918
..................
6 2 5 .000 2,8 1 6 ,0 0 0
1 ,396,000
1917....................... ..........
958 .000 3,9 4 1 ,0 0 0
9 9 5 ,000

129.000
3 0 0 .000

.

118,000
6 7 ,0 0 0
14,000
2 ,0 0 0
6,000

.

Total o f A ll —
191 8................. 1,0 6 2 ,0 0 0 7 ,4 3 9 ,0 0 0 2 0 ,3 3 6 ,0 0 0 19,541,000
1917..................1 ,481,000 17,2 3 3 ,0 0 0 2 2 ,9 7 7 ,0 0 0 18,781,000

2 ,0 0 0
8,0 0 0
8,0 0 0
57,000
15.000
2 0 .0 0 0
2 2 2 ,0 0 0
2 2 9 ,0 0 0

FROM

G a lv e s t o n __________________
54,551
T e x a s C ity , A c _____________
1,348
N e w O rleans............................. 116,265
M o b i le .........................................
3 ,588
P en sa cola , A c ______________
1,450
S a v a n n a h __________________
38,983
B ru n s w ick ..................................
4 ,0 0 0
C h a rleston ................... ..............
1,910
G e o rg e to w n _________________
W ilm in g to n ................................
2,189
N o r f o l k _____________ _______
5,112
N e w p o r t N ew s, A c _________
T ota l .

93,681
856
70,235
7,000
50,246
2 1 ,000
5,443

80,292
9,035
73,046
16,581
9,006
33,465
9,700
1,445

537 ,718
72,8221
784,002!
35,400)
2 1 ,4 3 7
4 0 6 ,700
41,100!
45,908;

84 6 ,7 0 6
6 1 ,529
486 ,633
29,915
24,333
164,674
6 5 ,670
39,341

404
22,923
639

8,501
2 6 ,939
554

35 ,0 8 U
105,900
3 ,035

" 9',009
177,657
3 ,738

1918.

1917.

1916.
9 7 5 ,058
176,173
5 67 ,515
88,341
4 8 ,075
359 ,386
8 0 ,4 0 0
63,617
101
78,116
3 1 4 ,196
4 9 ,419

2 2 9 ,396 272 ,427 268 ,56712,089.163 1 ,9 0 9,205 2,8 0 0 .6 9 7

l o complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
E A R N IN G S O F S O U T H E R N G R O U P .
June.

1918.

1917.

1916.

8
S
S
A la b a m a & V ick s
135,825
161,117
166,788
M o b ilo A O h i o . . 1,142,357 1,234,519 1,021,010
S outhern I t y ___1
A la G rea t Sou l
C in N O A T P ) 11,567,913 9 ,425,621 7,6 2 2 ,8 8 2
N e w O r lA N E
N orth ern A la)
157,705
V ick s S h rcv A P .
152,868
127,572
T o t a l .................. 13.029.092 10,979,796

8 .9 0 7 ,2 8 9

1915.

1914.

1913.

§
8
\
S
125,261
142,597
144,869
882 ,449 1,082,345 1,070,683
(4 ,7 4 3 ,5 6 0 5,2 3 2 ,4 0 0 5 ,1 4 7 ,0 9 8
| 3 9 2 ,280
431,321
4 2 6 ,793
( 737,248
873 ,183
8 3 5 ,368
| 296,948
319,613
340 ,393
l
43,003
41,889
41,427
120,031
110,994
124,386
7 ,3 4 0,780 8,2 3 4 ,3 4 2

8 ,1 3 1,017

E A R N IN G S O F S O U T H W E S T E R N G R O U P .
June.
C o lo A S ou th ern .
M o K an A T e x .a
St L o u is S o W est
T e x a s A P a c i f ic ..

1918.

1 91 7.’

1910.

1915.

1914.

1913.

$
8
S
S
S
$
1,529,342 1,466,922 1 ,188,850 1,008,211
9 8 6 ,108 1,104,945
3 ,735,744 3 ,456,984 2,6 4 4 ,0 4 7 2,379,131 2,335,461 2,3 5 1 ,5 8 8
1,323,000 1 ,317,000
959 ,429
813,662
861,287
9 6 0 ,049
51,760,742 1,760,742 1,458,834 1,320,919 1 ,280,813 1 ,2 0 3,513

T o t a l ..................

8,3 4 8 ,8 2 8 8 ,001,648 6,251,160! 5 ,521,923
a In clu d es T e x a s C en tral A W ich ita Falls line.
6 M a y n o t y e t rep orted ; taken sam e ns last y ear.




5 ,463,669

5,6 2 0 ,0 9 5

AND

1917.

NORTH

P A C IF IC

GROUP.

1915.

1914.

1913.

1916.

$
$
S
S
$
$
C a n adian P a cific 12,048,000 1 3 ,0 2 6 ,0 0 0 11,892,610 7 ,5 1 2,034 10,054,421 11,6 7 4 ,4 3 0
C h ic G rea t W est* 1 ,434,595 1,427,841 1,261,659 1,182,131 1,165,829 1,2 2 4 ,8 4 3
D u l S o Sh A A t l .
363,752
4 05 ,750
342 ,832
294 ,792
2 7 7 ,650
3 4 2 ,642
G rea t N o rth e r n . 8 ,2 4 5,734 8 ,5 1 1 ,0 2 9 7 ,1 3 3 ,0 7 8 5,1 9 3 ,6 2 3 6,0 7 2 ,0 8 5 6 ,7 9 7 ,7 0 0
M in n A St L . a . .
6913,342
913,342
8 3 2 ,757
815 ,624
786,906
7 7 0 ,024
M i n n S t P A S S M . 63,021,009 3,0 2 1 ,0 0 9 2 ,8 1 2,157 2 ,0 9 1 ,2 1 7 2 ,1 9 2 .4 1 5 2 ,3 4 2 ,6 5 5
2 6 .0 2 6 .4 3 2 2 7 ,3 0 4 ,9 7 1 2 4 ,2 75,093 17,089,421 2 0 ,5 4 9 ,3 0 6 2 3 ,1 5 2 ,2 9 4

* In clu d es M a s o n C it y A F o r t D o d g e a n d the W iscon sin M in n e so ta A P a cific .
a In clu d es I o w a C en tra l.
6 M a y n o t y e t r ep orted ; ta k en sam e as la st y ea r.
E A R N IN G S O F M ID D L E A N D M ID D L E W E S T E R N G R O U P .
June.

1918.

1917.

1916.

1915.

S
1,6 5 7 ,6 4 6
8 9 8 ,866

S
1 ,450,678
713 ,023

S
1 ,056,363
669 ,609

S

6 ,2 2 7 ,1 1 9

1914.

1913.

86 5 ,7 4 6
553 ,408

S
8 1 1 ,1 7 0
571 ,614

$
1 ,0 1 5,458
5 6 2 ,638

5 ,1 0 9,033

4,4 0 3 ,6 1 3

4 .5 4 3 ,6 8 6

5,0 4 8 ,5 4 1

119,794
560 ,635

102,362
4 9 6 ,570

93,142
40 3 ,6 4 0

104,059
3 9 6 ,220

131 ,209
3 69 ,976

T o t a l _________ 1 0,195,290 9 ,0 7 1 ,2 4 9

7 ,4 3 3 ,9 4 3

0 ,3 1 9 ,5 4 9

6 ,4 2 6 ,7 4 9

7 ,1 2 7 ,8 2 2

B u ff R o c h A P itts
C h i In d A L ou isv
G ra n d T r u n k . . )
G r T r W e s t . . ) 6 ,9 5 8 ,3 4 9
D e t G I I A M il |
C a n a d a A tl__J
T o l Peo A W est.
6119,794
T o l St L A W e s t .
6560,63 5

b M a y n o t y e t rep orted ; ta k en sa m e as la st y ea r.

We now add our detailed statement for the month
of June, comprising all the roads for which it has
been possible to procure returns for that period up to
the present time. In a second table we furnish a
comparison for the same roads for the six months
ending June 30 of this year and last.
E A R N IN G S A N D

M IL E A G E

IN

JU N E .

Gross Earnings.

Name of Road.
1918.

1917.

Mileage.

Inc. ( + ) or
| Dec. (— ) .
1918.

1917.

•8
$
A l a b a m a & V i c k s b u r g ___
1 6 1 ,1 1 7
1 6 6 ,7 8 8
— 5 ,6 7 1
141
142
A n n A r b o r _______________
3 1 7 ,9 7 7
2 9 7 ,9 3 0
+ 2 0 ,0 4 7
293
293
B u f f a l o R o c h & P i t t s b ___
1 ,6 5 7 ,6 4 6
1 ,4 5 0 ,6 7 8
+ 2 0 6 ,9 6 8
584
586
C a n a d i a n N o r t h e r n ______
4 ,0 3 1 ,1 0 0 4 , 0 4 8 , 6 0 0
— 1 7 ,5 0 0 9 ,4 2 5 9 , 2 9 6
C a n a d i a n P a c i f i c _________ 1 2 ,0 4 8 ,0 0 0 1 3 ,0 2 6 ,0 0 0
— 9 7 8 ,0 0 0 1 3 ,3 8 8 1 2 ,9 2 1
C h ic a g o G re a t W e s t e r n ..
1 , 4 3 4 ,5 9 5
1 ,4 2 7 ,8 4 1
+ 6 ,7 5 4
1 ,4 9 6 1 ,4 9 6
C h ic a g o I n d & L o u is v ille .
8 9 8 ,8 6 6
7 1 3 ,0 2 3
+ 1 8 5 ,8 4 3
657
654
C o l o r a d o & S o u t h e r n _____ 1 , 5 2 9 ,3 4 2
1 , 4 6 6 ,9 2 2
+ 6 2 ,4 2 0
1 ,9 2 2 1 ,9 2 4
D e t r o i t & M a c k i n a c ______
1 1 4 ,6 4 2
1 0 6 ,2 4 2
+ 8 ,4 0 0
381
382
D u lu t h S o S h o re A A tla n
3 6 3 ,7 5 2
4 0 5 ,7 5 0
— 4 1 ,9 9 8
601
599
G e o rg ia S o u th e rn & F l a . .
2 7 4 ,5 8 2
2 1 2 ,1 9 2
+ 6 2 ,3 9 0
402
402
G ra n d T ru n k o f C a n a d a '
G ra n d T ru n k W estern
6 ,9 5 8 ,3 4 9 6 , 2 2 7 , 1 1 9
+ 7 3 1 , 2 3 0 4 ,5 3 3 4 , 5 3 3
D e t G r a n d H a v & M il
j
C a n a d a A t l a n t i c ______
G r e a t N o r t h e r n __________ _ 8 ,2 4 5 ,7 3 4 8 , 5 1 1 , 0 2 9
— 2 6 5 ,2 9 5 8 ,2 6 1 8 , 1 9 3
M in e r a l R a n g e ____________
8 0 ,5 0 5
1 0 0 ,8 9 1
— 2 0 ,3 8 6
100
120
M is s o u r i K a n s a s A T e x . a
3 ,7 3 5 ,7 4 4 3 , 4 5 6 , 9 8 4
+ 2 7 8 , 7 6 0 3 ,8 6 1 3 , 8 6 4
M o b i l e A O h i o _____________
1 ,1 4 2 ,3 5 7
1 , 2 3 4 ,5 1 9
— 9 2 ,1 6 2
1 ,1 5 9 1 ,1 6 0
S t L o u is S o u t h w e s t e r n ___
1 , 3 2 3 ,0 0 0 1 ,3
. 1 7 ,0
. 00
+ 6 ,0 0 0
1 ,7 8 3
1 .7 5 3
S o u t h e r n R y S y s t e m _____ 1 1 ,5 6 7 ,9 1 3 9 , 4 2 5 ,6 2 1 + 2 , 1 4 2 , 2 9 2 7 ,9 2 1
7 ,9 2 1
T e n n A l a b a m a A G e o r g ia
9 ,6 3 1
1 0 ,3 9 7
— 766
95
95
V i c k s S h r o v e A P a c i f i c ___
1 5 7 ,7 0 5
1 5 2 ,8 6 8
+ 4 ,8 3 7
171
171
T o t a l (2 3 r o a d s )
------- 5 6 , 0 5 2 .5 5 7 5 3 , 7 5 8 , 3 9 4 + 2 , 2 9 4 , 1 6 3 5 7 ,1 7 4 5 6 ^ 5 0 5
N e t in c r e a s e ( 4 . 2 7 % ) ____

a I n c lu d e s T e x a s C e n t r a l in b o t h y e a r s .
G ROSS

E A R N IN G S

Name of Road.

Since Jan. 1.
1916

1918.

514.000
683.000

R E C E IP T S O P C O T T O N A T S O U T H E R N P O R T S IN JU N E A N D
J A N U A R Y 1 T O J U N E 30 1918, 1917 A N D 1916.
•

1917.

June.

GROSS

3 .2 0 0 .0 0 0
4 .0 0 8 .0 0 0

The Western live stock movement seems to have
run somewhat larger than last year. At all events,
at Chicago the receipts of livestock for the even
month in 1918 aggregated 19,685 carloads, as against
17,894 carloads in June 1917, while at Omaha the
receipts were 9,060 carloads, as against 7,878.
The cotton movement at the South did not equal
that of last year, though we are at the fag end of
the cotton season and the movement is never of
very striking dimensions in June. The shipments
overland for June 1918 were 187,986 bales, against
172,468 bales in 1917 and 149,066 bales in 1916.
On the other hand, at the Southern outports the
receipts were 229,396 bales in June 1918, against
272,427 bales in 1917 and 268,567 bales in 1916, as
will be seen by the following:

1918.

E A R N IN G S O F N O R T H W E S T E R N

T o t a l ...............
Rye.
(bush.)

225

FROM

JAN U ARY

1918.

1

TO

JU N E

30.

Increase.

Decrease.

S
1 , 0 8 9 ,1 2 4
1 , 5 8 2 ,3 4 7
8 ,1 0 2 ,9 0 9
2 0 ,5 9 3 ,8 0 0
7 1 ,1 9 2 ,8 8 3
8 ,4 1 6 , 0 6 5
4 ,5 0 4 , 5 0 8
9 , 7 0 2 ,8 6 1
6 7 9 ,2 9 3
1 ,9 6 8 ,9 8 8
1 ,6 7 6 ,8 9 4

$
9 6 2 ,8 7 5
1 ,5 2 9 ,4 5 8
6 ,8 8 8 ,8 8 0
1 9 ,6 1 3 ,2 0 0
7 0 ,5 3 8 ,6 4 6
7 .8 3 4 ,8 7 7
4 ,3 9 2 ,2 2 8
8 ,5 7 8 , 1 2 3
6 3 7 ,9 7 6
2 ,0 6 0 ,6 2 2
1 ,3 6 0 ,3 1 3

S
1 2 6 ,2 4 9
5 2 ,8 8 9
1 ,2 4 1 ,0 2 9
9 8 0 ,6 0 0
6 5 4 ,2 3 7
5 8 1 ,1 8 8
1 1 2 ,2 8 0
1 , 1 2 4 ,7 3 8
4 1 ,3 1 7

$

3 2 ,5 1 8 ,6 2 4

3 0 ,5 0 1 ,5 6 4

2 ,0 1 7 , 0 6 0

3 9 ,5 6 5 ,2 6 3
5 2 7 ,5 2 4
2 3 ,4 1 6 ,1 7 1
6 ,6 6 9 , 4 1 5
9 ,2 5 6 , 7 9 0
6 7 ,5 3 6 ,9 0 9
5 5 ,0 6 5 j
1 ,1 7 6 ,5 1 6

4 0 ,0 0 2 , 4 8 7
6 0 0 ,4 5 3
1 9 ,6 3 0 ,7 0 5 3 ,7 8 5 ,4 6 6
6 ,6 4 2 ,2 8 6
• 2 7 ,1 2 9
7 ,9 7 2 ,7 9 7
1 , 2 8 3 ,9 9 3
5 3 , 8 3 7 , 1 5 9 1 3 ,6 9 9 ,7 5 0
6 0 ,5 8 9
___________
9 8 3 ,6 2 8
1 9 2 ,8 8 8

4 3 7 ,2 2 4
7 2 ,9 2 9

„ T o t a l (2 3 r o a d s ) . . . ............ 3 1 0 ,2 3 1 ,9 4 9 2 8 4 ,6 2 8 ,8 6 6 2 6 ,2 1 0 , 3 9 4
N e t in c r e a s e ( 9 . 1 7 % ) ............
......................1 ____________ 2 5 , 6 0 3 , 0 8 3

6 0 7 ,3 1 1

A l a b a m a A V i c k s b u r g _____
A n n A r b o r _____________
B u ffa lo R o c h A P itts b u r g h
C a n a d i a n N o r t h e r n ___
C a n a d i a n P a c i f i c ______
C h i c a g o G r e a t W e s t e r n ___
C h ic a g o In d A L o u is v i ll e ..
C o l o r a d o A S o u t h e r n ______
D e t r o i t A M a c k i n a c _______
D u lu t h S o u S h o r e A A t l a n .
G e o r g ia S o u t h e r n A F lo r id a
G ra n d T ru n k o f C a n a d a . .
G ra n d T r u n k W estern .
D e t r o i t G r d H a v A M il
C a n a d a A t l a n t i c _______
G r o a t N o r t h e r n ____________
M in e r a l R a n g e _______________
M is s o u r i K a n s a s A T e x a s . a
M o b i l e A O h i o _______________
S t L o u is S o u t h w e s t e r n _____
S o u th e rn R a ilw a y S y s t e m .
T erm A la b a m a A G e o r g i a . .
V ic k s b u r g S h re v e A P a c ific

1917.

9 1 ,6 3 4
3 1 6 ,5 8 1

5 ,5 2 4

a I n c lu d e s t h e T e x a s C e n t r a l in b o t h y e a r s .

<£uvvent E v e n ts a n d g t s c u s s t n u s
RESOURCES A N D LIABILITIES OF THE ALLIES A N D
THE CENTRAL POWERS.
The Treasury Department made public the following
on July 15:
■
T h e E n t e n t e A l l ie s — e x c l u d i n g R u s s i a a n d i n c lu d in g o n l y t h o s e B r i t is h
d o m i n io n s w h ic h a r e s e l f - g o v e r n i n g a n d o n l y t h e U n it e d S t a t e s p r o p e r —
h a v o 1 1 ,0 0 0 .0 0 0 s q u a r e m ile s o f t e r r i t o r y , 3 0 3 ^ 0 0 0 ,0 0 0 p e o p l e a n d $ 4 9 5 , ­
0 0 0 ,0 0 0 ,0 0 0 o f n a t i o n a l w e a l t h .
T h e C e n t r a l P o w e r s h a v e 1 ,2 5 0 .0 0 0 s q u a r e m il o s o f t e r r i t o r y , 1 4 7 ,0 0 0 ,0 0 0
p e o p l o a n d S 1 3 4 ,0 0 0 ,0 0 0 ,0 0 0 o f n a t i o n a l w e a l t h .
T h e E n t e n t e o w e a n a g g r e g a t e d e n t o f $ 6 9 ,0 0 0 ,0 0 0 ,0 0 0 , w h ic h is a b o u t
1 4 % o f t h e ir t o t a l a s s e t s .
T h o C e n t r a l P o w e r s o w o $ 3 7 ,0 0 0 ,0 0 0 ,0 0 0 , o r
2 8 % o f t h e ir n a t i o n a l w e a lt h .

[V o l . 107.

THE CHRONICLE
CONTINUED OFFERING OF BRITISH TREASURY BILLS
BY j . P. MORGAN & CO.

WAR

CREDITS VOTED BY GERMAN REICHSTAG—
ADJOURNMEN T UNTIL NOVEMBER 5.

J.
P . M o rgan & Co., both this week and last week, dis­ Amsterdam cablegrams of July 15 roported a dispatch from
posed of their usual offering of ninoty-day British Treasury Berlin as stating that tho Roichstag had adjourned until
bills. Last week’s bills were dated July 9 and this week’s N o v . 5. One of its last acts on July 13 was to pass all
July 16. The rate of discount is the same as that recently taxation bills, which the Financo Minister said were more
extensive and more important than any since tho foundation
prevailing, namely, 6% .
of tho Empire. The cablegram says:

CREDITS TO GREAT BRITAIN A N D BELGIUM.
A credit of 1175,000,000 was extended to Great Britain
by the United States on July 13, making the total advanced
to it $3,345,000,000. On July~16 “a credit of $1,680,000
was advanced by the United States to Belgium. A further
credit of $2,770,000 was extended to Belgium on July 18
and on the 19th $9,000,000 more was advanced to it, the
total to that country theroby being raised to $145,250,000.
On the 19th inst. also an additional credit of $100,000,000
was advanced to Italy, making the total credits to that
country $760,000,000. The total credits to the Allies
established by the United States sinco our entry into the
w ar now reach $6,380,040,000, apportioned as follows:
Great Britain, $3,345,000,000; France, $1,765,000,000;
Italy, $760,000,000; Russia, $325,000,000; Belgium, $145,­
250,000; Cuba, $1570007000; Serbia, $970007000; Greece',
$15,790,000.
______________ _______________

REPORTED

SUSPENSION OF
HAVANA.

IIISPANO

B AN K ,

According to dispatches from H avana July 16, the Hispano
Bank has suspended payments and its President, Arturo
Beale, has been arrested at Antilla. The depositors, it is
said, are for the most part Chinese colonists.

UNITED STATES MEASURES TO PREVENT
SPECULATION I N I T A L IA N EXCHANGE.
W ith regard to measures to prevent speculation in Italian
exchange in the United States, Romo cablegrams (Associated
Press) of July 15 said:
A n o t e I s s u e d b y t h o s e m i - o f f i c i a l S t e f a n i A g e n c y s a y s t h a t W i ll ia m G .
M c A d o o , S e c r e t a r y o f t h o U n it e d S t a t e s T r e a s u r y , h a s a d v i s e d t h o I t a li a n
M in is t r y o f F in a n ce th a t m e a su re s h a v o b e e n ta k e n t o p r o v o n t s p e c u la t io n
in I t a li a n e x c h a n g e in t h e U n it e d S t a t e s .
A l l m a t t e r s c o n c e r n in g I t a li a n p u r c h a s e s in A m e r i c a a ls o h a v o b e e n
s e t t le d f o r a l o n g p e r i o d .
C r e d i t s w il l b e o p e n e d in t h o U n it o d S t a t e s w it h
t h e o b j e c t o f a b s o r b i n g o f f e r s o f I t a li a n l ir e t h e r e i n a c c o r d a n c e w i t h r u le s
rea ch ed b y c o m m o n a g reem en t.

LOAN TO 1CH IN A AGREED TO BY UNITED STATES.
According to press dispatches from Washington July 18,
tho United States Government has agreed to a loan to China
by American bankers provided China cancols all outstanding
loans and that all loans bo shared by tho bankers of the
United States, Great Britain, France and Japan. Tho
dispatches add:
D e t a i l s o f t h e lo a n h a v e n o t b e e n c o m p l e t e d , b u t 8 5 0 ,0 0 0 ,0 0 0 is t h o
a p p r o x i m a t e f ig u r e u n d e r c o n s i d e r a t io n t o b o a d v a n c e d f r o m t h is c o u n t r y .
I t is u n d e r s t o o d t h o S t a t e D e p a r t m e n t i n s is t e d u p o n t h o q u a d r u p l e
fin a n c ia l a l li a n c o s o t h a t n o o n e c o u n t r y s h o u l d g a in a p r e d o m i n a n t f in a n c ia l
I n f lu e n c e in C h in a .
T h is w ill n o c o s s it a t o t h o c a n c e l la t i o n o f t h o 8 1 0 ,0 0 0 ,0 0 0
l o a n a d v a n c e d r e c e n t l y b y J a p a n in a g r e e m e n t w it h E n t e n t e b a n k e r s .
B c c a u s o o f w a r c o n d it io n s it w a s s a id t h a t b a n k e rs o f t h o U n it o d S ta te s a n d
J a p a n f o r t h o p r e s e n t w ill a d v a n c e t h e lo a n s f o r G r e a t B r i t a i n a n d F r a n c e .
N o w Y o r k a n d C h ic a g o b a n k e r s , w it h S t a t o D o p a r t m o n t o f f i c i a l s , a r o
n o w w o r k in g o u t d e t a i ls o f t h o l o a n t o b o m a d o b y A m e r i c a n f in a n c ia l in ­
te re s ts .
T h o p r i n c ip l e o f t h o l o a n h a s b e e n a p p r o v e d b y t h o S t a t o D e p a r t ­
m e n t , a n d t h e A m e r i c a n b a n k e r s a r e s a t i s f i e d w it h t h e r e g u l a t io n s la id
d o w n b y th e G o v e rn m e n t.
A c o m m i t t e e o f p r o m in e n t b a n k e r s , h e a d e d b y J . I ’ . M o r g a n , o f N o w
Y o r k , c a m e t o W a s h i n g t o n , r e c e n t l y t o d is c u s s t h o l o a n w it h S t a t o D e p a r t ­
m e n t o ffic ia ls .
L a t e r t l i o y m e t in N e w Y o r k , w it h B r c c k e n r i d g o L o n g ,
T h i r d A s s i s t a n t ^ S e c r e t a r y o f S t a t o , in w h o s o s p e c i a l p r o v i n c e a r o F a r
E a s t e r n a f fa ir s .
I t is u n d e r s t o o d t h a t t h o g e n e r a l p r i n c ip l e s u p o n w h i c h
t h e U n it e d S t a t e s G o v e r n m e n t i n s is t e d w e r e a g r e e d t o a t t h o s e m o o t in g s .

AUSTRALIA

REFUSES BONUS TO RAISE GOLD
PRODUCTION.

A special cable to tho “Journal of Commerce ancl Com­
mercial Bulletin’’ from London July 12 says:
T h e G o v e r n m e n t o f t h o A u s t r a l i a n C o m m o n w e a l t h lia s d e f i n i t e l y r e fu s e d
t o g ra n t a s u b s id y o r b o n u s t o e n co u ra g e g o ld p r o d u c tio n .
A t a m o o t in g o f g o l d p r o d u c e r s h e r o o n J u l y 4 a c o n u n i t t e o o f s i x w a s
a p p o in t e d t o p r e p a r e th e c a s e fo r a r e a d ju s tm e n t o f th o fix e d p r ic e o f g o ld .

SUBSCRIPTIONS TO FRENCH NATIONAL DEFENSE
BONDS.
Paris cables report that tho M inistry of Finance an­
nounced on July 14 that tho subscriptions to the National
Dofense bonds received at the public booths oponed that
day as part of tho celebration of the Fourteenth of July,
aggregated more than 110,000,000 francs. Owing to tho
success of the plan, despito the uncertain weather, tho booths
remained open the following day for furthor subscriptions.




A ft e r t h o R e ic h s ta g h a d v o t e d t h o w a r c r e d it s , P r e s id o n t F c h r e n b a c h
s a i d t h a t i t c o u l d l o o k b a c k w i t h s a t i s f a c t i o n o n t h o p a s t s e s s io n , a n d t h a t
t h e p e o p l e c o u l d a ls o r e g a r d t h o p e a c e t r e a t ie s in t h e E a s t w i t h s a t i s f a c t i o n ,
l i e h o p e d t h a t t h o G o v e r n m e n t w o u ld s u c c e e d in o p e n i n g a w a y t o t h e
E a s t , e n t e r in g i n t o f r i e n d l y r e la t i o n s , b r i n g i n g o r d e r w h e r e d i s o r d e r r e ig n s ,
a n d c o n c lu d in g e c o n o m ic a g r e e m e n ts .
“ W o c a n n o t to ll o u r c o n s t i t u e n t s , ” h o s a i d , “ t h a t t h o e n d o f t h e ir s a c r i ­
f ic e s h a s c o m e , b u t i t Is t o b e h o p e d t h a t a s t h o t r ia ls o f la s t w in t e r w e r e
b o r n e b e t t e r th a n th o s o o f t h o p r e v io u s o n o , a n d a s I le a v o n h a s p r e s e r v e d
u s f r o m c r o j) fa il u r e s , o u r s t a u n c h a n d f a i t h f u l p c o p l o w ill a lp o b o a b l o t o
b e a r t h e h a r d s h ip s o f t h o c o m i n g w i n t e r . ”
H e r r F e h r o n b a c h a s s e r t e d t h a t a s t h o g u i l t o f t h o w a r d i d n o t r e s t w it h
G e r m a n y , a n d t h a t a s t h o e n e m y p e r s i s t e d in t h o d o s i r o t o a n n ih ila t e t h e
G e r m a n p e o p l e , n o t h i n g r e m a in e d f o r G e r m a n y b u t t o b r e a k t h is d o s i r o f o r
a n n ih i l a t io n .
H e c o n c lu d e d :
“ W o p l a c e o u r f a i t h in G o d 's p r o t e c t i o n o f o u r v a l i a n t a n d i n c o m p a r a b l e
a r m y , s o t h a t w it h v i c t o r i e s t h is s u m m e r i t w ill l a y t h o f o u n d a t i o n s o f a n
h o n o r a b lo a n d la s t in g p o a c o . ”

F IN LAND

SEEKS LOAN

FROM GERMANY.

From tho “ Financial Amorica” of July 15 wo tako the
following cablegram from London:
T h o I lo ls in g fo r s (ca p it a l o f F in la n d ) G o v e r n m e n t, a c c o r d h ig t o a d is ­
p a t c h f r o m S t o c k h o l m h a s a s k e d G e r m a n y f o r a l o a n o f 1 0 0 ,0 0 0 .0 0 0 m a r k s
( 8 2 5 ,0 0 0 .0 0 0 ) " t o r e li o v o d i s t r e s s in F i n l a n d c o n s e q u e n t t o c i v i l w a r . ”

OVERSUBSCRIPTION TO JAPANESE LOAN.
Tho following advices from London concorning tho latost
Japanese Loan, appoarod in tho “ Financial Amorica” of
July 15:
A d v i c e s r e c o iv e d f r o m T o k i o s a y t h a t t h e B a n k o f J a p a n r e p o r t s t h a t
a p p li c a t io n s f o r t h e l a t e s t n a t i o n a l l o a n o f 8 2 5 .0 0 0 ,0 0 0 o x c o e d 8 0 7 ,5 0 0 ,0 0 0 .
T o k i o b o u g h t 8 3 5 ,0 0 0 ,0 0 0 , O s a k a , 8 1 5 .0 0 0 ,0 0 0 a n d t h o r e m a in in g s u b s c r i p ­
t io n s c a m e f r o m a ll p a r t s o f t h e E m p i r e .
O n l y t h o m a x i m u m lim it: o f 5 0 , ­
0 0 0 ,0 0 0 y o n ( 8 2 5 ,0 0 0 ,0 0 0 ) w il l b o a c c e p t e d .

AUSTRALIA DECLINES TO GRANT SUBSIDY
ENCOURAGE GOLD PRODUCTION.

TO

A London cablegram, printed in tho “ Financial Am onca”
of July 13, says:
T h o G o v e r n m e n t o f t h o A u s t r a l i a n C o m m o n w e a l t h h a s r o fu s o d t o g r a n t
a s u b s id y o r b o n u s t o o n c o u r a g o th o p r o d u c t io n o f g o ld .

I N D E M N IT Y FROM RUSSIA D EM AN D ED BY
GERMANY.
A cablegram coming from tho H avas agency at Paris on
July 12 through tho Associated Pross says:
G e r m a n y ’s c l a i m f o r i n d e m n i t y f r o m R u s s i a a m o u n t s t o t h o r o u n d
s u m o f 7 , 0 0 0 , 0 0 0 , 0 0 0 r u b l e s , a c c o r d i n g t o a r o p o r t p r i n t e d in t h o B e r l i n
“ V o s s is c h o Z o i t u u g ” o f t h o w o r k d o n e b y t h o m ix e d c o m m i s s i o n n a m e d t o
t a k o u p c o n s i d e r a t io n o f c l a i m s g r o w i n g o u t o f t h o c o n c l u s i o n o f t h o B r c s t L ito v s k p e a co .
T h i s C o m m i s s io n h a s c o n c l u d e d i t s s e s s io n s , d u r i n g w h ic h
t h o G o r m a n r e p r e s e n t a t iv e s , s a y s t h o n o w s p a p o r , p r e s e n t e d c la im s a g g r o ­
g a tin g th o a m o u n t n a m o d fo r w a r d a m a g e s .
I m m e d ia t e s e t t le m e n t o f t h o
c l a i m is a s k e d , i t is s t a t e d .

ARGENTINA BONDS OFFERED BY BANKERS.
Harris, Forbos & Co. of N o w Y ork City aro offoring to
investors, at 96)<t and interest, yielding 8M % > $800,000
(£163,000) 6% Treasury gold bonds of tho Argentine G o v­
ernment. The bonds are in sterling denomination and aro
dated M a y 15 1915. Tlioy aro duo M a y 15 1920 and tho
principal and somi-annual interest is payable oither in N o w
Y ork or London at tho option of tho lioldor.
Theso bonds were originally issued in pound sterling form
in London, during tho early part of 1915, boing part of
£5,000,000 placed thoro at that time. This £5,000,000 in
turn was one-half of a total issuo of about $50,000,000, of
which $25,000,000 was placed in tho Unitod States by a
representative syndicate of N ow York, Philadelphia, Pitts­
burgh and Chicago invostmont banking concerns. Undor
the terms of the loan, after M a y 15 1917, or two years
after the date of tho bonds, tho dollar bonds wero to be
payable in London at a fixed rato of oxchange of $4 86,
and likewise tho sterling bonds wero to bo payable, prin­
cipal and intorest, in N o w Y o rk City at tho same fixed
rate, i. o., £100 has a fixed par valueof $486, and£200, $972.
The 6s, due 1920, aro now tho only short-term bonds of tho
Argontino Govornmont held in this country, more than
$60,000,000 of other short-torm Argontino bonds placed in
the Unitod States during tho past four years having been
paid off in cash. Tho long term 5 % issuo, part of which
was placed in this markot. is being steadily reduced through
annual sinking fund paymonts.

July 20 1918.]

THE CHRONICLE

Wiiilo Harris, Forbes & Co. are now offoring the present
block of bonds in sterling form at 9634 and interest, netting
as alroady statod 8 34 %> tho dollar bonds of tlio same issue
aro soiling at from 97 34 to 9734 and interest, or closo to a
734% basis.
____________________________

INTERNAL

WAR LOANS OF BELLIGERENT
COUNTRIES.

Beginning with a foreword b y C . E . Mitchell, President
of tho Company, “ Internal W a r Loans of Belligerent Coun­
tries” is the titlo of a book just issued by The National City
Co. of N o w Y ork. Tho methods of financing internal war
loans in tho different countries engaged in the world struggle
are clearly described in tho work. The information has been
gathored from original Government prospectuses and many
foreign journals by tho Foreign Department of Tho National
City Co. In all fifteen countries have been covered and
sixty-seven loans described. Complete details of all war
loans of the Allied countries including our Liberty and W a r
Savings Certificates are given. The book also contains tho
details of Germ any’s eight w ar loans and loans of Austrian
and H ungary. Descriptions of Spain’s Consolidation Loan
and tho Mobilization Loans of Switzerland and Holland are
likewise included in the publication. A genoral analysis of
w ar finance forms an introduction, then follows by countries
tho w ar loans in detail, and finally a comprehensive and
convenient table showing interest rates, maturity dates,
amounts subscribed, and other data, giving a clear and con­
cise view of tho internal w ar loan situation. A copy of this
book will be furnished free to any officer of any bank upon
roquost. In writing the company ask for “ F .E . 88.”

L I M I T ON UNITED STATES POSTAL SAVINGS DE­
POSITS INCREASED TO $2,500.
Mention was mado in these columns July 6, page 21, of
tho announcement by tho Post Office Department that the
limit of postal savings deposits had beon increased from
$1,000 to $2,500. Authority for accepting larger deposits is
contained in tho Postal Sorvico Appropriation A ct for 1919,
approved July 2 1918, from which we quote as follows:
S e c t i o n 1 2 . T h a t h e r e a f t e r t h o b a l a n c e t o t h o c r e d i t o f a n y o n e p e r s o n in
a p o s t a l s a v i n g s d e p o s i t o r y , e x c l u s i v e o f a c c u m u l a t e d in t e r e s t , s h a ll n o t
e x c e e d $ 2 ,5 0 0 .
N o n - i n t e r e s t - p a y i n g d e p o s i t s s h a ll n o t b o a c c e p t e d .
A ll
l a w s i n c o n s is t e n t h e r e w it h a r o h e r e b y r e p e a l e d .
S o c . 1 3 . T h a t S e c t i o n 6 o f t h o A c t a p p r o v e d J u n o 2 5 1 9 1 0 Is h e r e b y
f u r t h e r a m e n d e d s o t h a t t h o p r o v i s o in s a id s e c t io n s h a ll r e a d a s f o l l o w s :
“ Provided. T h a t in o r d e r t h a t s m a l le r a m o u n t s m a y b o a c c u m u l a t e d f o r
d e p o s it , a n y p e rs o n m a y p u r c h a s e fo r 10 c e n ts , f r o m a n y p o s t a l s a v in g s
d e p o s i t o r y , e s p e c i a ll y p r e p a r e d a d h e s i v e s t a m p s t o b o k n o w n a s ‘p o s t a l
s a v i n g s s t a m p s , ’ a n d a t t a c h th o r n t o a c a r d w h ic h s h a ll b o f u r n is h e d f o r
th o p u rp ose.
A c a r d w i t h t e n p o s t a l s a v i n g s s t a m p s a f f i x e d s h a ll b o a c ­
c e p t e d a s a d e p o s i t o f $1 c i t h e r in o p o n i n g a n a c c o u n t o r in a d d i n g t o a n
e x i s t i n g a c c o u n t , o r m a y d o r e d e e m e d in c a s h . ”

CHICAGO CLEARING HOUSE ADOPTS RESOLUTION
FOR SLIDING INTEREST RATE ON DEPOSITS.
The Clearing IIouso Committeo of tho Chicago Clearing
IIouso adopted on July 15 a resolution similar to that of the
N o w Y o rk Clearing House, providing for tho paymont of a
sliding scale of intorest on bank deposits, with local institu­
tions. Under tho resolution tho maximum rato that may
bo paid on deposits is 234%. The Chicago “ Tribune” says:
C h i c a g o b a n k s w e r o o p p o s e d t o in c r e a s in g t h o r a t o a b o v e 2 % .
T hey
h a v e f o u n d , h o w e v e r , t h a t w it h N o w Y o r k in c r e a s in g it s r a t o , i t w a s
e x p e d ie n t t o d o th e s a m e th in g h e ro .
I t Is e x p e c t e d t h a t s i n c e S t . L o u i s
h a s a l r o a d y t a k e n a c t i o n , t h a t o t h e r c le a r i n g h o u s o c it i e s w ill b o f o r c e d t o
d o s o in o r d e r t o h o l d t h e ir c o u n t r y p a t r o n s .

M U T U A L LIFE INSURANCE COMPANY NOT I N ­
TERESTED I N TRANSATLANTIC TRUST CO.
Statomonts regarding tho taking over of tho Transatlantic
T rust Co. of this city by the Alion Property Custodian,
which appeared in the morning7papors of tho 12th inst., had
reported M utual Life interests as boing roprosonted in the
newly constituted board of the trust company by H arry B .
Fonda. M r. Fonda, in correcting this report, issuos this
statement:
I n c o r r e c t i o n o f a m is s t a t e m e n t c o n t a i n e d in t h o m o r n in g p a p e r s , I
d e s ir e t o s t a t e t h a t t h o M u t u a l L ife I n s u r a n c e C o . o f N o w Y o r k h a s n o
I n t e r e s t a t t h is t im e in t h o T r a n s a t l a n t i c T r u s t C o . , a n d n e v e r h a s h a d ,
o t h e r t h a n t h o r e la t i o n o f la n d l o r d t o t e n a n t .

A similar statement has been issued by A . Mitchell Palmer,
tho Alien Property Custodian.

B A N K CLERKS NOT INCLUDED IN ,(W 0R K OR FIGHT ”
ORDER.
Tho Federal Reserve Board has recoived advices from
M ajor-General E . H . Crowder, Provost M arshal G eneral,
in which ho states that “ bank clerks are excoptod from^tho




227

operation of the regulations which provide for the withdrawal
of deferred classification and order number of registrants
found to be idlers or engaged in non-productive occupations
or employments.”

MOVING

PICTURE ACTORS NOT INCLUDED
NON-ESSENTIAL CLASS.

IN

The office of Provost M arshal General Crowder author­
ized on July 8 the announcement that “ skilled men, including
legitimate performers, engaged in the production and pre­
sentation of motion pictures, will not be placed in classes
designated in the selective service regulations as being en­
gaged in non-esseptial industries.” This, it was stated,
would include musicians who are actual performers in legiti­
mate concerts. Adolph Zukor, President of the Famous
Players-Lasky Corporation, in expressing his thanks to
Provost M arshal General Crowder for his decision not to
list the moving picture industry as non-essential, was cred­
ited b y the N e w Y o rk “ Times” of July 9 as saying that, in
his opinion, the industry would demonstrate to any one who
might be skeptical that the Provost M arshal General was
right. According to the “ Tim es,” M r . Zukor said:
T l i o m o t i o n p i c t u r e i n d u s t r y is a l r o a d y o n a w a r b a s is .
I t is i n t e r p r e t i n g
t h e id e a ls a n d a im s o f A m e r i c a n d e m o c r a c y t o t h o r e s t o f t h e w o r l d , a n d
t o a i d t h o G o v e r n m e n t in t h is d i r e c t i o n t o o u r f u ll e s t a b i l i t y t h e c o m p a n y
w i t h w h ic h I a m a s s o c ia t e d h a s d e c i d e d t o s e l e c t o n l y s u c h s u b j e c t s f o r
p r o d u c t i o n a s w ill i n d i c a t e t o t h o p c o p l o s o f f o r e i g n n a t i o n s t h e q u a li t ie s
a n d s p ir it u a l t e x t u r e w h ic h h a v e b e o n d e v e l o p e d i n A m e r i c a n m a n h o o d
a n d w o m a n h o o d b y t h o i n s t it u t i o n s w h ic h w o a r e n o w s t r i v i n g t o p r e s e r v e .
T h e A m e r i c a n m o t i o n p i c t u r e w ill b a t t l o o n t h o s c r e e n s o f t h e w o r l d
fo r th e d e fe a t o f G e rm a n a u to c r a c y .

U. S. COUNCIL OF STATE B A N K IN G ASSOCIATIONS
FORMED A T ST. LOUIS BY REPRESENTATIVES
OF STATE B AN KIN G INSTITUTIONS.
A t tho meeting held’ in St. Loui3 on Tuesday last, July
16, at the instance of the State Banking Departments of a
number of States the organization was effected of the United
States Council of State Banking Associations.
According
to the articles of association adopted at the meeting “ the
objects of this organization shall be to promote the general
efficiency and welfare of the American Banking system,
to obtain co-operation between States and with the National
Government in securing sound, uniform and constructive
legislation, both State and national, and to bring about
a general strengthening of the banking, financial and gen­
eral economic condition of the nation.” The proposal for
the formation of a body to be composed exclusively of State
banks and trust companies was mado at a meeting a year
ago of State banking heads and in H o t Springs last M a y a
resolution was adopted by them asking that the various
heads call meetings for the purpose of choosing delegates
to attend the St. Louis convention to bring about the crea­
tion of a national association of State institutions. A gen­
eral form of letter, it is said, was sent to the bankers, the
St. Louis “ Republican” recently publishing this letter as
follows:
A t t h e p r e s e n t t im e t h e S t a t e i n s t it u t i o n s a r e d i v i d e d i n t o m o r e t h a n 4 0
d i f f e r e n t d e p a r t m e n t s o r s y s t e m s , n o o n e o f w h ic h h a . a n y d i r e c t r e la t i o n t o
t h e o t h e r s , a n d t h e r u le s a n d r e g u l a t io n s g o v e r n i n g t h e m a r e in n o w a y
u n ifo rm .
I t h a s , th e r e fo r e , b e e n p r a c t ic a lly im p o s s ib le f o r tn e m t o ta k e
u n i t e d a c t i o n in a n y m a t t e r s t h a t m ig h t b e o f v i t a l i m p o r t a n c e t o t h e ir
in te re s ts .
A s y o u k n o w , th ere a rc a n u m b e r o f m easu res n o w b e fo r e C on g ress, a n d
t h e r e p r o b a b l y w il l b o m o r e , w h ic h p e r t a i n t o n a t i o n a l b a n k s o n l y , b u t i t
is f e l t t h a t t h e S t a t e in s t it u t i o n s s h o u l d r e a l iz e t h a t t h is l e g is l a t i o n m a y a f ­
f e c t t h e m j u s t a s m a t e r ia l l y a s i t d o e s t h e n a t i o n a l b a n k s , a n d t h a t t h e y
s h o u ld b o p r e p a r e d t o m e e t a n y c o n t in g e n c y th a t m a y a ris e .
I t is , t h e r e f o r e , t h o u g h t d e s i r a o lo t o f o r m a n o r g a n i z a t io n w h ic h w il l e m ­
b r a c e a ll t h e S t a t e s y s t e m s , w it h a v i e w t o b r i n g i n g t h e m i n t o c l o s e r a f ­
f i l i a t i o n , s o t h a t t h e y w ill b o in a b e t t e r p o s i t i o n t o l o o k a f t e r a n d p r o t e c t
t h e ir c o m m o n I n t e r e s t s .

The resolutions adopted by the newly formed association
state that it is not its purpose to oppose or in any way
antagonize tho Federal Reserve System as at present con­
stituted, but that it is its desire to aid and assist the Federal
Reserve Board in every w ay possible for the promotion of
safo and sound banking. Tho resolutions also declare it
be the intention of the Council to co-operate with the Ameri­
can Bankers’ Association and the bankers’ associations of
the several States in all matters affecting banking interests,
and they set out that “ it is not out purpose to withdraw in
any w ay support from either of said associations.” F . H ,
Sisson, Vice-President of the Guaranty Trust Company
of N e w Y ork, who has been chosen Secretary of the Council,
is said to have emphasized on Wednesday the fact that the
organizers of the newly created association are not hostile
to the American Bankers’ Association. The N e w Y o rk
“ Times” reports him as pointing out that the new associa­
tion had been formed at the suggestion of State Banking

228

Superintendents and that it was thought that the organiza­
tion was in a position to do more effective work in relation
to legislation affecting State chartered institutions than were
the Trust Companies and State bank Sections of the Ameri­
can Bankers’ Association.
In a special dispatch from Cincinnati July 10 the New
York “ Tribune” referred as follows to what President
Charles A . Hinsch of the American Bankers’ Association
had to say when asked what ho thought would be tho effect
upon existing banking organizations of the foundation of
the new body:
1 anticipate the most friendly relations between thoso directing the
activities o f the National Council o f State Bank Associations and tho
American Bankers’ Association. I hopo for co-operation and co-ordination
of effort in connection with State and Federal legislation and other subjects
in which tho bankers of the nation are vitally interested.
Never in tho historyjof our country was unity of purpose so necessary.

The following are the resolutions adopted at this week’s
meeting at St. Louis:
Whereas, tho extraordinary conditions through which tho world is now
passing has developed new problems and greater responsibilities which
must bo met and solved by the Bankers of the United States, and fully
realizing that tho welfare of the nation can best bo served by tho fullest
extension o f both the national and State bank systems, neither system
conflicting with tho other, but each co-operating with and assisting tho
other in financing the war, in developing our natural resources and in
extending our commerce: therefore, bo it.
Resolved, by the representatives of State banks, trust companies and
private banks in association assembled in tho City o f St. Louis, Missouri
on July 15 1918, as follows:
1. That we approve the call for this meeting, which was made by the
supervisors of State banks and trust companies;
2. That we recommend that State banks, trust companies and private
banks, savings banks, located in the several States form a State organization
for the purpose o f conserving and protecting thoso local privileges and
interests which have been developed and becomo inherent in State financial
institutions; and for tho further purpose o f securing such legislation as may
bo necessary to perfect the Stato banking systems.
3. Wo recommend that such Stato bank sections o f organizations co­
operate with existing State bank organizations in so far as their interests
do not conflict.
4. It is not tho purpose o f this association to oppose or in any way an­
tagonize tho Federal Roservo system as at present constituted, but it is
our desire to aid and assist tho Federal Reserve Board in every way possible
for tho promotion of safe and sound banking.
5. That this Council co-operate with the American Bankers Association
and tho Bankers Associations o f tho several States in all matters affecting
banking interests, and it is not our purpose to withdrow in any way support
from either of said associations;
6. That we renew and re-dcclaro our allegiance to Woodrow Wilson,
tho Commander-in-Chief o f our army and navy. Wo pledgo “ all thai< wo
are and all that wo have” to a victorious termination o f tho great conflict
between medieval autocracy and tho free peoples of tho world. In our
organized capacity we stand ready to respond in tho future as Stato banks
have responded in tho past to overy call made by our Government for
either moral support of financial aid.
7. That the Secretary o f this association be and ho is directed to forward
a copy o f thse resolutions to tho President of tho United States and to tho
Secretary of tho Treasury; also a copy to the President of the American
Bankers’ Association and to tho President of the several State Banking
Associations and to tho Chairman of tho Federal Reservo Board.

The officers of tho now organization are as follows:
W . H . Booth, President, Los Angeles, California (Vice-President Se­
curity Trust & Savings Bank).
W m. MacFerran, Vice-President, Topeka, Kansas (President Stato
Savings Bank;.
Geo. W. Rogers, Vice-President, Littlo Rock, Arkansas (Vice-President
Bank of Commerce).
F. II. Sisson, Secretary, New York (Vice-President Guaranty Trust C o ).
W m. B. Boulton, Treasurer, Morristown, Now Jersey (Vice-President
Morristown Trust Co.)

The following are members of tho Executive Committee:
First District— Albert O. Brown, Manchester, Now Hampshire, Treas­
urer Amoskeag Savings Bank.
Second District— Charles II. Sabin, President, Guaranty Trust Co. of
New York.
Third District— George II. Earle, Jr., President Financo Co. of Phila­
delphia, Pa.
Fourth District— Malcolm M cGiffin, President Fidelity Title & Trust
Co., Pittsburg, Pa.
Fifth District— Emory L. Coblentz, President Coatral Trust Co., Fred­
erick, M d.
Sixth District— Forrcct Lake, President Seminolo County Bank, San­
ford, Florida.
Seventh District— II. A. Moohlenpah, Clinton, Wisconsin, President
Citizens Bank.
Eighth District— Chas. C. McCain, Vice-President & Secretary Bankers’
Trust C o., Littlo Rock, Ark.
Ninth District— George G. Johnson, Vice-ProJdont First & Peoplos
State Bank, Thief River Falls, Minnesota.
Tenth District— Chas. L. Englo, President Commercial Bank, El Reno,
Okla.
Eleventh District— Travis Oliver, Vice-President Central Savings Bank
& Trust Co., Monroe, La.
Twelfth District— John S. Drum, President Savings Union Bank &
Trust C o., San Francisco, Cal.

The New York bankers who attondecl tho St. Louis con­
vention included Edwin G . Morrill, Vice-Presidont of the
Central Union Trust Company; Charles II. Sabin, President
of the Guaranty Trust Company; P . H . Sisson, Vice-Presi­
dent of tho Guaranty Trust Company; and Walter E .
Frew, President of tho Corn Exchange Bank.




[Vol. 107

THE CHRONICLE
JEROME

THRALLS

ON

P R O P R IE T Y

OF

A L L O W IN G

B A N K S F A I R C O M P E N S A T I O N FOR C O L L E C T IO N S .

Last week we gave in largo part (pago 126) tho address
delivered by Jerome Thralls, Secretary of tho Clearing House
and National Bank Section of tho American Bankers’ Asso­
ciation, before tho convention of tho North Dakota Bankers’
Association at M andan on July 12. W h at we quoted
had to do with trade acceptances. M r . Thralls also had
something to say concerning collection charges by banks;
we have reserved for publication this week his remarks on
this point, and wo give tho samo herewith:
We beliovo that tho banks throughout tho country aro entitled to a
fair compensation for their services and that this problem should bo thor­
oughly considered and solved during the initial stages of tho introduction
of tho Trade Acceptance in order that abuses may not creep in which will
be detrimental to tho interests of tho banks or which will hinder tho progress
of the Trade Acceptance.
Since I have been hero a number of gontlomen have inquired of me as to
what progress is being mado by tho Committeo of Fivo in its efforts on tho
Exchange and Collection question. You aro familiar with tho report
made by tho Committeo of Twenty-fivo at tho annual convention of tho
American Bankers’ Association at Atlantic City, September last. That
Committee reported that through its efforts an amendment to Sections 13
and 16 of tho Federal Reserve Act had boon obtained. Tho amendmont,
however, was not entirely satisfactory to the Committeo, but tho Com­
mittee felt that progress had been mado and that a smaller committeo
should bo appointed with authority and instructions to carry tho work
assigned to the Committeo of Twenty-fivo to a conclusion.
The Committee of Five was accordingly appointed. It is not a betrayal
of confidence to tell you of tho progress that has been mado by tho Com­
mitteo of Fivo. Wo hold a conforonco in Washington with tho Federal
Reserve Board on Jan. 16 at which wo submitted a plan to tho Board, pro­
viding for a schedule of per item servico charges, based upon population
and so devised as to yiold a rovenuo to tho banks on a graduated scalo in no
caso exceeding 1 0 cents per hundred dollars or fraction thereof, &c.
Tho basis of our argument was tho precedent established by tho Federal
Reserve banks in making servico charges, ranging from 1H to 3 cents per
item for handling checks doposited by thoir members. Wo contended
that if tho Federal Roservo banks liavo a right to charge— for illustration:
we will say 2 cents per item for tho service involved in tho physical handling
of checks in the Federal Roservo banks; through tho samo line of reasoning
tho Federal Reserve banks could mako a servico charge of 4, 5 or 6 cents,
according to the schedule, and divklo that servico charge in such way as
would allow tho country banker fair compensation for tho servico and oxpenso which ho incurs in remitting to cover tho checks presented to him
through tho Federal Reserve banks.
In support of our views wo submitted an opinion rendered by Judgo
Baton, General Counsel of tho American Bankers’ Association, which
showed conclusively that under tho law as amended Juno last, tho Clearing
members of tho Federal Resorvo System havo a right to mako a chargo not
to oxceed 1 0 cents per hundred or fraction thereof to cover the servico and
expenso involved in collecting and remitting to cover checks presented
through tho Federal Reserve banks and which aro handled by tho Federal
Reserve banks as agents, tho member banks not boing privileged to mako
a chargo on any checks, ownership of which rests in tho Federal Reserve
Bank and tho Federal Reservo Board having tho right to regulato all
charges mado.
The Board was courteous to us and requested that wo reduce our propo­
sition to tho form of a brief and submit it together with the written opinion
of General Counsel Baton. This was done under date of March 12. Wo
anticipated an early response from tho Board. Our answer came in the
form of an opinion rendered by the Attorney-General of the United States and
which was published in the May issue of the Federal Reserve Board's "Bulle­
tin," and which it seems makes it clear that the Federal Reserve Board has
exceeded its authority in making a service charge against the member banks.
Whether this opinion is designed to kick out from under tho Committeo
of Fivo tho basis of its contention is not known, but coming in tho way
it has, it would seem that such a conclusion might be justified. Tho
Attorney-General takes tho unusual position that tho Federal Reserve
banks arc owners of tho checks which tiioy collect for tho members. Wo
are confident that tho Federal Resorvo banks will not want to assume any
such position. The liability and responsibility of ownership of tho vast
volumo of checks is a burden certainly that the Federal Roservo baulks
would not want to assume.
As to what the next move of the Committeo will bo, I cannot say. Tho
Committee, however, is still confident that tho courts would decree that
the law as it now stands, while confusing, provides definitely that tho
country banks shall have a right to receive a fair compensation not to oxceed
1 0 cents por hundred or fraction therefor for collecting and remitting for
checks presented through tho Federal Reserve banks as agents.
It is charged generally that this whole muddle is duo to tho abuses on
the part of a few banks, that charged as high as $ 2 50 por thousand dollars
under tho old systom for remitting to cover check drawn by their cus­
tomers .
Our investigation showed conclusively that 85% of the banks remitted
on a basis of not to exceed $ 1 per thousand, a largo number charged only
50 cents, another largo number mado a chargo of 5 cents per hundred with
a maximum of 25-50 or 75 cents; some charged but 5 or 10 cents per letter
regardless of its total; still another largo number remitted beforo the in­
auguration of tho Federal Reserve Clearing Systom without any chargo.
So the abuse was really on tho part of only a few, and it is certainly not
right that all of tho country banks should bo obliged to rondor a servico
entailing labor, time and expense, without tho right of compensation be­
cause of tho wrong doings of a few, and I am confident that if the public
understood the situation it would not demand freoservice.
I can say that tho Committeo of Fivo Is still on the job, and is going to
do everything in its power to the end that tho question may yet bo solved
in a way that will bo satisfactory to tho banks and to the business Interests.
This it can do only when you gentlemen anil tho bankers in all other States
stand squarely behind the Committeo and do your part.

The opinion to which M r . Thralls refers above was printed
in our issuo of M a y 11. As wo noted at that time tho A t­
torney-General expressed tho viow that tho limitations
contained in Section 13 of tho Federal Resorvo A ct relating
to charges for tho collection and payinont of taxes did not
apply to Stato banks not connected with tho Federal Re­
serve system as members or depositors. Tho opinion

THE CHRONICLE

July 20 1918.]

pointed out, liowovor, that checks on banks making such
charges could not be cleared or collected through Fedrral
Reserve banks. In further advices to Governor Harding
of the Federal Reservo Board on April 30 the AttorneyGeneral stated that he construed “ the first paragraph of
Section 13 as prohibiting momber banks under any circum­
stances from making tho charges therein referred to against
tho Federal Reserve banks.” The Board’s recommenda­
tion to suspend or eliminate for tho time being service
charges for tho collection of cash items— such elimination
to apply to checks received from member banks and from
other Federal Reserve banks, and becoming effective June
15 was printed in the M a y issue of the Federal Reserve
“ Bulletin” in which the Attornoy-General’s opinion ap­
peared.

REQUEST

TO

B AN K S

BY

GOVERNOR

H A R D IN G

TO

A S S IS T C O N SE R V A T IO N B Y R E S TR IC T IN G CR E D ITS.

A request that tho banks co-operato in an effort to conserve
essential resources by the exercise of discriminating judg­
ment in granting credits has been addressed to the banking
institutions by W . P . G . Harding, Governor of the Federal
Reservo Board. Governor Harding states that “ there is not
an unlimited supply of credit or goods, or of man power,”
and adds that “ wherever possible all such resources should
bo conserved and set aside for the use of the Government.”
Unrestricted credit,” ho says, “ involves unnecessary com­
petition with tho Government, and needlessly advances
prices, besides impeding and delaying Governmental opera­
tions. The letter says:

229

end of tho war will find itsolf in tho bost strategic position for controlling
the markets of the world.
•
The Board wishes to point out, also, that by refraining from buying
luxuries, and by restricting the use of necessities to the actual requirements
of health and reasonable comfort, wo can create a reserve purchasing power
which will bo of the greatest value in bridging over our industries during
the period of reaction and reconstruction which must follow when war
industries are transformed into peaco industries. An intelligent an
prudent use of credit, therefore, will be an important factor in strenthening
tho national resources during tho period of tho war, in aiding Rs successful
prosecution, and in maintaining the economic strength of the country
for tho time of rapidly changing conditions which will come when the war
has been won and the millions of men in our armies are returning to the
employment of peace.
Thus, by giving your co-operation now in tho effort to conserve national
resources by the exercise of discriminating judgment in granting credits,
you will also do your part in averting the danger of unemployment which
is apt to follow a treaty of peace. The Board appreciates the difficulty
of laying down a general rule for defining essentials or the degree in which
any enterprise is essential, and requescs that its remarks on this subject
in tho April issue of the bulletin bo read again. Tho Board can not suggest
specific ways in which credit should be conserved or unnecessary expendi­
tures curtailed, as each banker must determine this for himself after con­
ferring with the business men of his community and after a creaful study
of his local situation. Reasonable discretion should be exercised, and
drastic steps calculated to bring about hardship or embarrassments or
work injustice should be avoided, but the banks should divert the use of
their credit more and more into productive fields, where its employment
will result in augmenting the national resources.

PERM AN EN T

O R G A N IZ A T IO N

C O M M IT T E E

OF

RESERVE

OF

V A R IO U S

C A P IT A L

IS S U E S

FEDERAL

D IST R IC T S.

Permanent organization of the Capital Issues Committees
in the twelve Federal Reservo districts was announced on
July 14 by Charles S. Hamlin, Chairman of the Capital
Issues Committee of tho W ar Finance Corporation at
Washington. The district committees now announced
roplaco tho temporary committees which have been serving
since February. Each new District Committee is composed
of fifteen or more bankers and business men of the district.
Appointments have been 'm ade, Chairman Hamiln said,
with a view to obtaining the widest possible representation
both geographically and with respect to the many interests
concerned. The Chairman of the Federal Reserve Board
in each district will act as Chairman of tho Committee and
tho Governor of the Federal Reserve Bank will act as Vice­
Chairman. A n executive committee of not more than seven
members of the District Committee residing within reach
of the Federal Reserve Bank will meet regularly to consider
applications referred to it by tho Capital Issues Committee
in Washington. M r. Hamlin in announcing the District
Committee organization stated that there had been a wide
range of applications, the applicants coming from every
field of industry as well as from public utilities and municipal
corporations. Every section of the country is represented
in the applications received. M r. Hamlin’s statement said:

In tho “ Bullotin” for April 1918, tho Federal Reserve Board published
a statement setting forth tho reasons why, in its opinion, a gradual but
consistent curtailment of non-essential credits is necessary, and urging
tho banks and trust companies of tho country to do whatever they could
in tho oxerciso of a reasonable discretion to restrict credits Which are clearly
not needed i'or tho prosecution of the war or for the health and necessary
comfort of the pcopio.
On Juno 12, tho Secretary of the Troasury addressod a letter io all
banks and trust companies, announcing his financial program for the en­
suing six months which involves tho sale to and through banks of approxi­
mately $6,000,000,000 o f Treasury certificates of indebtedness, in install­
ments o f not less than $750,000,000 overy two weeks between June 25 and
the first of November. In this letter each bank and trust company was
requested to invest in these certificates an amount equal to approximately
2Ut% of its gross resources, or a total of 5% for oacli month. Announce­
ment was mado at tho same timo that there was in contemplation an issuo
of $2 ,0 0 0 ,0 0 0 , 0 0 0 o f certificates of appropriate maturities in anticipation
of incomo and excess profits taxes, for sale more particularly to taxpayers,
and that amount o f tho regular somi-monthly sales of cortficates of
indebtedness would be reduced in proportion to the extent to which those
tax certificates are taken by tho public.
Tho banking institutions liavo responded most genorously to tho appeal
of tho Secretary of tho Treasury. Throughout tho country they havo
plodged themselves, without hesitation to subscribe to their allotmon t
and tho result of the initial offering whicn lias just been closed— a subscrip­
tion of $838,000,000 in response to a request for not loss than $750,000,000—
Since the Capital Issues Committee was reorganized in M ay in con­
is ovidonco o f the splendid patrotism of thoso who direct our national and
State banking institutions. Tho Board liopos that succeeding lssuos will formity with tho Act of Congress creating it, hundreds of applications from
both public and private corporations havo been acted upon. With the
bo subscribed as readily and in tho same patriotic spirit.
Tho Federal Roservo banks will bo prepared to placo their facilities di­ help of tho old district subcommittees, tho issuance and sale of millions
rectly or indirectly— at tho disposal of such subscribing banks as ma of dollars of securities for purposes regarded as not contributing to the
legitimately need assistance in taking their allotments. Tho Board prosecution of the war have been postponed for the period of the war.
howover, fools in duty bound to reitcrato that the banks can render a greater Issues which meet a real military or economic necessity have been en­
servico to tho country in this connection, not merely by subscribing their couraged. The effectiveness of the war program depends not only upon
allotments and by using tho rediscounting facilities of tho Federal Roservo tho nation's military strength but upon a sound economic readjustment
banks in making payments, but by providing tho necessary funds for meet­ on a basis of war business first— a readjustment that will release workers
ing payments for certificates of indebtedness purchased, by employing and raw materials for war industries by curtailing unessential operations.
Tho object of the Capital Issues Committee in passing upon all issues of
for this purpose tho accretion of now deposits, and by utilizing tho funds
that may bo made available by a judicious curtailment of credits asked for now securities to determine their compatibility with the national interest is
non-ossontial purposes.
to secure tho postponement until after the war of tho use of capital, mate­
In order to prosocuto tho war successfully, the Govornmont is compelled rials, and labor in order to give tho right of way to the Government’s
to issuo obligations to provide for its largo expenditures which nvolvo financial requirements and to tho production of war necessities.
Tho district committees, whose appointments are announced will here­
wasto and destruction rather than a permanent addition to tho nationa
wealth. This process in itsolf tonds to Inflation, and contributes to after act definitely upon all applications to issue securities amounting to
rapid incroaso in tho prico o f necessities. Abnormal domands by the $100,000 or less, and in advisory capacity to the main committee at Wash­
Government', unavoidable and nocossary In tho present circumstances, ington in the matter of applications involving larger amounts. The
must bo counteracted by greater economy on the part of tho civilian popula­ Capital Issues Committee also lias tho benefit of the advice of all other
tion which must decrease, by combined effort, tho normal waste incident departments and branches of the Government, including tho Food, Fuel
to domestic lifo and business pursuits. There is not an unlimited supply of and Railway Administrations, the War Industries Board and other agencredit or goods, or of man power. Whorovor possible all such resources cios having knowledge of tho requirements of essential war industries.
should bo conserved and sot asido for tho use of tho Government. Credit
Tho following is the District Committee in Federal Reserve
oxtondod for non-ossontial purposes involves tho use of labor, of transporta­
tion, of material and resorvos which ought to bo kopt freo for the uso of the District of Now York:
Government. Unrestricted credit involves unnecessary competition with
Pierre Jay, Chairman, Federal Reserve Agent, Federal Reserve District
tho Government, and noodlessly advancos prices, besides impoding and No. 2, New York.
do laying Governmental operations.
Bonjamin Strong, Vice-Chairman, Governor Federal Reserve Bank,
“ Business as usual” and "lifo as usual” are impossible at a timo when New York City.
tho supremo business of tho country is war, and can not bo approximated
Frederick Strauss, Vice-Chairman, J. & W . Soligman & Co., New York
without interfering with the work of tho Government and inflicting serious City.
harm upon tho nation as a whole. The staying power of tho country in
Franklin Q. Brown, Redmond & C o., Now York City.
this emergency depends upon the extent of its resources in men, goods, and
John R. Morron, President Atlas Portland Cement C o., New York
gold. An unnecessary uso of credit, a ncodloss rocourso to the discounting City.
facilities of tho Federal Reserve banks, weakons proportionately tho gold
Martin Vogel, Assistant Treasurer, United States Sub-Treasury, New
roservo of the United States—tho financial backbono of tho entire Allied York City.
group. Whoever wastes tho raw material and manufactured product
Charles A. Stone, President American International Corporatiou, New
of tho country adds to our financial burden by increasing tho amount tho York City.
United Statos must import from other countrios and by doercasing, at tho
S. Reading Bertron, Bretron, Griscom & C o., Now York City.
same time, tho volume of goods that should bo available for export business
Harry Bronner, Chairman of Finance Committee Missouri Pacific Rail­
— tho bost moans of paying for tho goods acquiroil from abroad.
way Co. and Director Bethlehem Steel Corporation, New York City.
Conservation of our commodities and of our gold— prosorvation of our
Newcomb Carlton, President Western Union Telegraph C o., New York
economic strength— is o f the greatest importance in making provision for City.
tho period of readjustment which will follow tho re-establishment of peaco.
Walter P. Cooke, Kenefick, Cooke, Mitchell & Hass, Buffalo, N. Y .
Tho country having tho largest supply of goods and gold available at tho
George B. Cortelyou, President Consolidated Gas C o., New York City.




330

THE CHRONICLE

[Vol. 107.

Allen B. Forbes, Harris, Forbes & Co., New York City.
passed the House June 29 and tho Senate July 5. Its text
\V. T . Graham, President Goldschmidt Detinning Co., Now York City.
was given in our issue of Saturday last.
George E. Hardy, Holdenpyl, Hardy & C o., Now York City.
Alvin W. Krech, President Equitablo Trust Co., Now York City.
Thomas W. Lamont, J. P. Morgan & C o., Now York City.
FOURTH LIB E R T Y LO A N C A M P A IG N .
E. G. Merrill, President Union Trust Co., Now York City.
E. H. Outorbridge, President Chamber of Commerce State of New
A selling campaign period for tho Fourth Liberty Loan in
York, Now York City.
October, shorter than the four weeks heretofore devoted to
' Cahrles V. Rich, Exocutivo Manager National City Bank, New York
it, was favored by the publicity managers from each of the
City.
Walter T . Rosen, Ladenburg, Thalmann & Co., Now York City.
twelve Federal Reserve Districts, during a conference in
Charles H. Sabin, President Guaranty Trust Co., New York City.
Washington, July 17, with Frank R . W ilson, Director of
W.
L. Saunders, Chairman Board o f Directors Ingersoll-Rand Co.,
Publicity for the Liberty Loan. Tho publicity men are
New York Cicy.
Mortimor L. Schift of Kuhn, Loeb & C o., New York City.
said to have represented that a tliree weeks’ period would
Arthur Sinclair, Jr., Estabrook & Co., Now York City.
Henry R. Towno, Chairman Board of Directors Yale & Towne M fg. Co., eliminate the usual relaxation of effort evident in tho middle
New York City.
of the three loan campaigns. It is stated that September 28
James N . Wallace, President Central Union Trust C o., New York City. has been mentioned as tho possiblo dato for tho opening of
Albert H. Wiggin, President Chaso National Bank, Now York City.

From the above,all of whom constitute tho District Com ­
mittee on Capital Issues for this district, there has been
chosen an executive committee, composed of tho following:
Messrs. Jay, Strong, Strauss, Brown, Stone, Morron and
_________
Vogel.
D I R E C T L O A N S TO I N D U S T R I E S TO B E M A D E B Y W A R
F I N A N C E CORPORA T IO N O N L Y I N R A R E I N S T A N C E S .

A statement relative to the primary purpose of the W ar
Financo Corporation, was printed as follows in tho “ Official
Bulletin” of July 11:
Tho War Financo Corporation was designed primarily to extond credit
through the banks o f tho country, and not directly to borrowers, to in­
dustries which aro necessary or contributory to winning tho war. Only
in exceptional cases, in raro instances, will loans bo mado directly to
industries.
War conditions have brought to boar a very heavy burden on tho banks
of tho country. They aro called upon to assist largoly in financing the
Government, as well as to meet tho increased legitimate financial demands
of tho industries of the country. Tho War Financo Corporation was
created to enablo thorn to continue to furnish essential credits for war
industries and enterprises necessary or contributory to tho prosecution of
tho war.
Tho corporation, therefore, is an instrumentality to which tho banks
can resort to obtain assistance to finance war industries and is not intended
to bo a direct lender to corporations or individuals.
C A P IT A L

ISS U E S

ON

N E W

C O M M IT T E E
FORMS

OF A T L A N T A

D IST .

FOR A P P L I C A T I O N .

The Capital Issues Committee for the Atlanta Federal
Reserve District has announced that beginning July 15,
all applications will have to be made out on special forms
provided for that purpose. Under the Capital Issues law,
it is necessary that there bo submitted to this Committee
all proposed issues of bonds, sales of stock, and expenditures
of permanent nature such as city improvements, school
houses, good roads, &c.
N E W B A N K E X A M I N E R S FOR B O S T O N , M I N N E A P O L I S
A N D S A N FR AN CISCO F E D E R A L R ESERVE D IST R IC T S.

The Comptroller of tho Currency announced on July 16
the appointment of tho following Chief National Bank
Examiners for the Boston, Minneapolis and San Francisco
Federal Reserve Districts, effective at on ce:
Federal Reserve District No. 1 (Boston).— Daniol C. Mullonoy, Chief
National Bank Examinor, headquarters Boston.
Federal Reserve District No. 9 (Minneapolis).— Fred Brown, Chief
National Bank Examiner, headquarters Minneapolis.
Federal Reserve District No. 12 (San Francisco).— Walter E. Wilcox. Chief
National Bank Examiner, headquarters San Francisco.
Chief Examiner Daniel C. Mullonoy of Maino was appointed as a
National Bank Examinor on Feb. 21 1913. For somo years prior to his
appointment as Examiner ho had been attached to tho Comptroller’s
offico at Washington. Upon appointment ho was first assigned to tho
Stato of Maino and later was givon an assignment of banks in tho larger
cities (other than New York City) in tho States o f Now York and New
Jersey. On Jan. 1 1918, following tho resignation of former Chief Examiner
James D. Brennan, M r. Mullonoy was appointed Acting Chief National
Bank Examiner for tho First District.
Chief Examiner Fred Brown, native o f Colorado, was appointed a Nati­
onal Bank Examiner Dec. 1 1911. Prior to his appointment ho had had
seventeen years banking experience in tho Stato o f Idaho, to which Stato
ho was assigned as Examiner. On Jan. 1 1918, Mr. Brown was appointed
as Acting Chiof National Bank Examinor for tho Ninth District, succeeding
M r. P. M . Kerst, resigned.
Chief Examinor Walter E. Wilcox was commissioned as a National
Bank Examiner on Jan. 30 1911, having previously been Cashier of a
national bank in Kansas. Ho was first assigned to a district in Kansas,
but later was designated as Examiner at Largo to undertake special work,
and subsequently was placed in chargo of tho Log Angolos Cal., territory.
On Feb. 20 1918 Mr. Wilcox was appointed as Acting Chief Examiner for
tho Twelfth District, succeeding Mr. Claud Gatch, resigned.
F O U R T H L IB E R T Y B O N D B IL L S IG N E D B Y P R E S ID E N T
W ILSO N .

The Fourth Liberty Bond Bill providing for $8,000 ,­
000,000 of Liberty bonds, in addition to those already
authorized, and also providing for additional loans to the
Allies, was signed by President Wilson on July 9. Tho bill
was referred to in our issue of June 28 and July 13. It




the campaign.
T H IR D

IN ST A L L M E N T

ON

T H IR D

LIB E R T Y

LOAN

BONDS.

The third installment on subscriptions to tho Third
Liberty Loan bonds fell duo July 18. A payment of 3 5 %
was called for; under the offering, 5 % was payablo by M a y 4
and 2 0 % was called for M a y 28. The final payment of 4 0 %
is duo A u g. 15. Tho total subscriptions to tho Third
Liberty Loan bonds amounted to $4 ,176,516,850. It was
stated on July 17 that millions of purchasers of tho bonds
had on that day paid to banks tho 3 5 % installment and that
indications were that most of the $930,000,000 (approxi­
mately) still due would be paid into the Treasury at this
installment, leaving comparatively little to be paid Aug. 15.
TREASURY

C E R T IF IC A T E S OF IN D E B T E D N E S S .

The last block of $500,000,000 Treasury Certificates of
Indebtedness issued April 22 in anticipation of tho Third
Liberty Loan was redeemed July 18 out of tho receipts from
Liberty Loan installment paymonts. Tho $750,000,000
issue of Troasury Certificates (issued in anticipation of
the Fourth Liberty Loan) which closed July 16 was fully
subscribed, it was indicated by partial roports to tho Treas­
ury on tho 17th.
The subscriptions in tho Chicago Federal Reserve District
to the Treasury Certificates, when books closed on tho 16th,
are reported to have been $95,540,000, whereas the district’s
quota was $105,000,000. Tho Chicago “ Tribuno” of July 13
stated that M . A . Traylor, director of sales of Unitod States
Treasury Certificates for the Chicago district, fearing that
a few banks might bo forced to assumo a harmful burdon
to make a success of tho current flotation, issued an appeal
on tho 12th, in which ho asks why it should bo necessary
“ for us to bo eternally hounding bankers” in an effort to
mako them do their full patriotic duty in the matter of
Government financing. Yesterday’s dispatches from Chi­
cago said that M r. Traylor in letters to sales directors in
each of tho counties of tho fivo Statos in tho district deploring
tho failure of banks to take their full quota of tho last offer­
ing, suggested that instead of begging money of tho banks
in future, sales directors will simply inform bankors of their
quota and leave tho rest as a matter between the banker
and his country, his subscription to be measured by his
patriotism.
According to telegraphic press advices from Chicago
July 18, banks of tho Chicago Federal Reserve district aro
adopting tho policy of placing the Troasury Certificates of
Indebtedness on a par with tho short-term omissions of
corporations, and are offering them publicly in denomina­
tions of $500 up. Tho certificates are handled on a par
basis, tho cost of handling being a further contribution to
winning the war. Tho Harris Trust & Savings Bank, it is
said, was tho first to mako a public offering of tho certificates
in tho Chicago field.
Last night’s “ W all Streot Journal,” in advices from Bos­
ton, said:
Tho Treasury Department, which recently inaugurated a program o f
fortnightly issues of blocks of 8750.000,000 -1H % Certificates of Indebted­
ness, has cut tho amount of offering by 33 1-3% in announcing tho third
lot, for which tho minimum is sot at 8500,000,000. In vlow of tills reduction
banks aro expected to make a pronounced oversubscription.
First block was oversubscribed somo $80,000,000. Results of tho second
lot, for which books closed Tuesday last, have not been announced, and
tho lnferenco from tho present reduction in minimum is that results woro
somewhat disappointing.
TREASURY

C E R T IF IC A T E S

B A N K S

OF

A N D

RESERVE

N O N -M E M B E R

SYSTEM .

Concerning contentions of non-mombor Federal Reserve
banks in Chicago regarding borrowings on subscriptions

THE CHRONICLE

July 20 1918.]

to Treasury Certificates, the Chicago “ Tribune” of July
12 said:
Local Stato banks not members of the Fcdoral Roservo bank systom
think tho Federal Reserve Bank o f Chicago should permit them to borrow
on subscriptions to Treasury certificates and socure tho same discount to
which member banks o f tho Reserve bank systom are entitled.
Tho Government has asked tho banks o f tho country to subscribe for
$6,000,000,000 of Treasury certificates between now and about Oct. 25.
Tho Stato banks not members o f tho Reserve system aro under present
regulations barred from discounts. Tho banks which havo not entered
tho Roservo system think that on tho Treasury certificates they should bo
accorded tho accommodation o f tho Roservo bank.
Before borrowing on tho Treasury certificates tho banks must give their
own promissory note. This is seen rod by tho certificates. Sinco tho
interest rate on tho certificates is tho same as the Reservo bank’s established
lending rate of 4)4 % , it is thought tho Roservo institution should bo em­
powered to grant tho non-member banks tho privileges accorded to inomber
institutions.
.
Tho Roservo bank purchases in tho open market bank acceptances from
trustworthy sources. It is argued that it should bo authorized to discount
tho Treasury certificates offered by any Stato bank.
Othenvlso it may
bo nccossary to call for tho payment of individual customers’ loan.
It is possiblo to non-momber banks to borrow from member institutions,
a roundabout way of doing what it is thought might bo properly directly
done.

TREASURY

231
C E R T IF IC A T E S

ACCEPTABLE

FOR

M A T U R IN G
SE R IE S

JU LY

4- B .

18

The Federal Reserve Bank of Now York on July 12 an­
nounced that it had received word from the Treasury D e­
partment that Treasury certificates maturing July 18
would bo accepted in payment for certificates of Series 4-B
subscribed for on or before July 1G. In any such case, said
tho Bank’s statement in tho matter, certificates will be
exchanged par for par and accrued interest will bo paid on
certificates surrendered to July 9, from which date the new
certificates bear interest.
P R E S ID E N T W IL S O N SIG N S R E S O L U T IO N
FOR

CONTROL
GRAPH

BY

A N D

GOVERNM ENT
TELEPHONE

OF

P R O V ID IN G
TELE­

LIN E S.

The joint resolution authorizing the President, in time of
war, to take over all telegraph, telephone, cable and radio
systems of tho United States, was signed by President
W ilson on July 16. The House had passed the resolution on
July 5 by a vote of 222 to 4 , while tho Senate passed it on
L IS T IN G OF N E W L IB E R T Y BO N D S.
An announcement concerning tlio listing of now Liberty July 13 by a vote of 46 to 16. A ll attempts to amend or
Loan bonds was mado as follows by tho Committee on m odify the Administration measure were defeated by the
Senate in a session lasting until 9 o ’clock at night. Amend­
Cloaring House of tho Stock Exchange on July 13:
ments by Senator W atson of Indiana to except telephones
July 13 1918.
Tho Committee on Clearing IIouso directs that tho following bo added and press wires from the resolution were defeated, respec­
to tho United States Liberty Loan Bonds to bo cleared, beginning with
tively, 41 to 20 and 39 to 21. A n amendment by Senator
contracts duo Monday, July 15 1918:
U. S. First 4'A % Liberty Loan Bonds, converted (abbreviation: L io -l-lk O . Gore of Oklahoma, Democrat, to limit action regarding tele­
U. S. Second 4)4% Liberty Loan Bonds, converted (abbreviation: Lib-2- phones to long-distance wires, was likewise voted down,
4)4).
Rulos and regulations stated in Cloaring Houso circulatar dated April whilo an amendment by Senator Reed of Missouri, designed
to insure unrestricted public use of facilities, was twice re­
17 1918 will apply to above.
jected. Among those who voiced their opposition in the
Senate to Government control of the telegraph lines was
IN S T A L L M E N T ON
T H IR D
LIB E R T Y
LOAN BONDS
Senator Harding, who, during the discussion on the 13th,
D U E J U L Y 18.
said in part:
Tho following notico calling attention to tho fact that tho
I will say to tho Senator from Colorado that I am opposed to tho experi­
noxt installment on account of subscriptions to tho Third ment now, because the Government has already undertaken so much that
it is not doing the work as it ought. I do not mean to criticise. I have no
Liborty Loan would bo duo July 18 was issued on July 13
desire at any timo to rend tho confidence of this country in its Government.
by tho New York Federal llosorvo Bank:
Tlio revelations have been sufficient. Nobody has had a word to say

.

July 13 1918.
The Federal Rescrvo Bank o f Now York has notified tho banks through­
out tho district and also individual subscribers to tho Third Liberty Loan
that tho noxt installment on account of subscriptions will do duo on July 18,
tho installment being 35%.
Thoy aro also notified that payment in full may bo made by remitting
tho 7 5 % remaining unpaid on subscriptions, together with tho accrued
interest on the amount unpaid from May 9 1918. As payments cannot bo
accoptod between installment dates, no full payments can bo mado be­
tween July 18 and Aug. 15.
Tho banks aro notified that Treasury certificates of indebtedness of tho
lssuo of April 22 1918, maturing July 18 1918, may bo used in making
______________________________
payments.
SA LE S OF W A R SA V IN G S C E R T IF IC A T E S A N D
STAM PS

A T

FIFT Y

POST

T H R IF T

O FF IC E S.

Tho following showing sales of W ar Savings Certificates
and Thrift Stamps aggregating 887,492,119, at fifty post
officos having tho largest postal recoipts, was issued by tho
Post Office Department at Washington July 10:
OFFICE T H IR D ASSISTANT POSTM ASTER-GENERAL,
Washington, D. C., July 10 1918.
Tho following is a statement showing tho sales o f War Savings Certifi­
cates and Thrift Stamps for 24 consccutivo weeks (Jan. 19 to Juno 29 1918)
at tho fifty post offices having tho largest postal receipts, together with the
per capita sales based on tho population as estimated by tho United States
Census Bureau as of July 1 1916 (latest published estimates):
P o st O ffic e s —

A m ount
o f S a les .

Omaha, Neb---------- SI,787,942
Syracuse, N. Y ------ 1,130,826
Pittsburgh, I’a ------- 3,857,109
844,120
Dayton, Ohio--------1,721,642
Indianapolis, Ind —
701,232
Hartford, Conn----713,630
Nashville, Tcnn----903,648
Memphis, Tenn----St. Louis, M o--------- 3,468,353
848,830
New Haven, Conn..
661,651
Salt Lake City,Utah
Milwaukee, Wls. . . 2,438,133
563,193
Albany, N. Y ........ Baltimore, Mil........ 3,149,167
1,143,332
Columbus, Ohio___
Seattle, W ash......... 1,806,005
978,968
Toledo, Ohio . __
Kansas City, M o__ 1,478,032
Cincinnati, Ohio__ 1,957,884
1,174,087
St. Paul, Minn____
Buffalo, N. Y .......... 2,199,431
1,344,826
Portland, Ore_____
490,816
Houston, Tex..........
443,715
Dcs Moines, Iow a..
Minneapolis, Minn. 1,570,316
530,629
299,963
Jacksonville, F la ...*

P er
C a p ita
S a les .

S10 83
7 25
6 60
6 65
6 33
0 32
6 10
6 06
5 90
5 66
5 65
5 58
5 41
5 34
5 32
5 17
5 10
4 96
4 77
4 75
4 69
4 56
4 38
4 35
4 33
4 24
3 95

P o s t O ffic e s —

A m ount
o f S a les.

Worcester, Mass__
633,721
Akron, Ohio_______
331,811
Providence, It. I
981,274
Cleveland, Ohio.
2,550,218
Los Angeles, Cal. . 1,882,741
Louisville, K y .
878,267
Boston, Mass. (Postal District)......... 5,147,703
Detroit, Mich____
l ,986,522
San Francisco, Cal. 1,588,194
New York, N. Y.a__ 10,772.103
Washington, D. C .. 1,198,161
Richmond, Va____
512,574
Chicago, 111_______ 7,858,064
Newark, N. .1_____
1,142,984
Jersey City, N. J __
791,472
Springfield, M ass..
274,689
Philadelphia, Pa.
4,193,464
Brooklyn, N. Y.6
4,241,796
Denver, C olo..
564,680
Atlanta, Ga__
391,968
Rochester, N. Y
497,370
Grand Rapids, Mich
239,256
New Orleans, La. .
625,817
Total.................... S87.492.119

P er
C a p ita
S a les .

3
3
3
3
3
3

89
86
85
78
74
67

3 67
3 47
3 42
3 36
3 29
3 26
3 15
2 79
2 59
2 59
2 45
2 20
2 16
2 05
1 94
1 87
1 68
$3 75

a Based on population o f Boroughs o f Bronx and Manhattan.
b Based on population o f Borough o f Brooklyn.
Tho forogotng statement tolls a story of patriotic activity by the post­
masters and postal employees at theso offices. Whilo commondablo results
havo already been .accomplished, intensive and continuous efforts to soli
tho stamps will surely result in still larger sales, which will bo shown.In
our noxt statement.
A. M . D O O K Y R Y .
uniti! U




about tlio failure of tho Railway Administration except as it applied to the
transportation of fuel last winter. But it is a fact, nevertheless, that tho
handling of tho railway problems in this country right now is little less
than a scandal; not in any manner of dishonesty, not entirely along tho
lines ol inefficiency, but inability to grasp tho great task undertaken and
to carry out tho work as tho Government ought to be able to do. I am
not finding faul; with it. It is too big a tiling for any human agency un­
familiar with the task to grapple with and handle perfectly in so short a
timo. M y objection is, expressed as a question, when there is not any
necessity, why in this time undertake tho things that wo aro not fitted to
do? W hy, M r. President, with tho undertakings incident to the AVar
Risk Bureau, with tho expansion of tho War Department, with the addition
of Government forces that come of railroad control and operation, with
water transportation undertaken, we aro overrun with a Federal organiza­
tion that is not 40% efficient. . . . There are perfectly appalling
tilings undertaken in this hour of experiment and adventure in Government
control. I imagine that Senators, notwithstanding their sympathy with
tho housing movoment, for example, will bo utterly amazed when they
learn what tho day dreamers havo undertaken at the expense of tho Ameri­
can public. I had my attention called tho other day to a housing movo­
ment in a section of tho United States several miles from any civic or
municipal centre where wo were building houses costing as high as $5,000
to $8 ,0 0 0 each, equipped with tho most modern and complete and extrava­
gant equipment that tho most fortunato man in material affairs in tho
United States could wish for. I do not say that tho man who toils for a
daily wage is not entitled to all tno comforts that any man can have, but
my complaint is that in this great emergoncy, in this turmoil of tho world
in this anxiety of the republic, this saturnalia of expenditure for which
somebody must pay, wo are having the dreamers and tho reformers and
tho idealists spending from tho public treasury in this very impractical
way. Now. that is only a phaso. If we take over the telegraph and
tolephone systems, I do not know but that somebody will come along with
an enormous Government expenditure that will very much improve the
personal convenience of tho man who seeks communication over tho lines;
but tho problems involved are too enormous to divert the attention of the
executive heads of tho Government at this time.

Senator Reed likeAviso entered a protest against the enact­
ment of tho legislation, saying:
Mr. President, I havo no quarrel with those gentlemen who proposed to
pass this joint resolution before tho President has asked it. I am going
to ask to amend tho joint resolution; and if I can got it amended, well and
good; but If I can not, I may voto for the joint resolution anyway. I
am, howover, going to voto for it with my eyes open and with a full cer­
tainty— at least to my own satisfaction— that, without waiting for any
now emergoncy to arise, the powers under this joint resolution will bo
exercised; the telephone and telegraph linos will be taken over; and when
they are taken over there will begin the process of tho scrambling together
of tho eggs— if I may employ tho metaphor of another—just as to-day the
railroad management has so intermixed the business of the railroads that
I do not bolievo it can ever bo unscrambled.
So I think, in tho first instance, vho telephone and telegraph business
will in liko manner be intermixed and scrambled, so that it will with diffi­
culty, and perhaps under no circumstances, can it over bo unscrambled.
I will hazard tho guess that within ninety days from this timo the telegraph
and telephone offices and the railroad offices will all be found to a large
oxtont in tho same building and under one common and general manage­
ment, or, at least, there will be an allianco of management that will bo
very close. So, at tho end of a few months’ or a few years’ time, when tins
war is over, we shall havo a system of railroads that will be pracically one
system, and as a part of that system of transportation will be tho tolephone
and tho tolegraph, all under governmental control and management. Tho
final result will bo, in my opinion, that thoso utilities will never go back

233

THEICHRONICLE

to their present owners; that whon we vote for tho joint resolution to-day
wo are voting for tho acquisition and control of these lines for all time.
I am not fooling myself a bit about it. I really think that tho only
redeeming feature thero is about tho whole business in that out of it all
there may como in tho end a complete control of public utilities by tho
public. What I regret is— and I most seriously regret it— that, instead
of taking theso utilities over ono at a time and gradually absorbing thorn
and placing them in charge o f some independent tribunal as far removed
from politics as possible, wo are taking them over in tho lump, and wo aro
about to throw them into tho hands of officers who, howover patriotic they
may bo at this time, will at somo time in the futuro have other interests
than the winning o f tho war. They will have tho interest o f perpetuating
their party in power, and theso groat instrumentalities may bocome great
political agencies. That hour may como, not when Mr. M cAdoo and
M r. Burleson aro holding those offices, not whon tho Democratic Party is
in control, but it may come when somo other party and when somo other
men aro in control, and it may bo tho occasion of profound regret to us that
theso great instrumentalities havo been takon over in this haphazard way
and placed in tho hands of men who hold more political positions.
That is the regret I feel; but I say that, in my humblo judgment, thero is
no uso of our trying to fool ourselvos at all. Wo havo takon over tho rail­
roads and takon them over for all time. They will novor go back to tho
ownership that controlled them whon tho Government laid its hand upon
them. Wo are now taking over tho telephones and the telegraphs by this
joint resolution; and whon thoy havo beon taken over, whother you call it
a lease or by whatsoever namo you call it, it will bo a permanent taking
and, in my opinion, a permanent holding.

Senator Lowis, in speaking in behalf of the adoption of
tho resolution on tho 12th, indicated that even if tho resolu­
tion were defeated, tho President, if the situation should
arise, would seize the property and supervise and control it
with every agency ho could bring to boar.
Mr. President, we must all see that thero is nothing in this joint resolu­
tion calling for tho President to tako tho properties of theso companies.
Let us banish that delusion. There is no command here to the President
to tako the telephone companies. Lot us end that illusion. Thero is no
law proposed hero embarking tho Govo.mmont upon what is termed Govern­
ment ownership o f these utilities. Thoro is nothing in tho joint resolution
which has not beon expressed in several resolutions of similar tonor, whother
thoy related to our difficulties with Mexico, with tho littlo countries of
Nicaragua, Ilaiti, and Santo Domingo, or in many other instances con­
nected with tho presont war.
Tho joint resolution is that wo merely empower tho President when, in
his judgment, and whon from facts which ho shall know, and when from
facts to bo brought to his knowledge, ho shall find it necossary to tako
control. This is not to empower him to tho object, only that he may con­
trol it. Senators, it is not that ho mignt have to supervise it for supervision
sako, but only to control it to tho end and to the oxtent solely o f tho neces­
sary national defenso, and tnon only is ho permitted to operato to tho extent
and in the way that would bo essential, in his judgment, upon tho informa­
tion ho has, to tho national defense.
_ I must differ from eminent Sonators, whose sincerity can not be ques­
tioned, to whose capacity it is always a privilego o f any man to pay tribute,
to make tho charge tnat tho resolution vests at onco in the President of tho
United States the control o f tho celegraph and tclophono property as
property. I deny absolutely that thero is a foundation for tno charge
mado that tho joint resolution authorizes tho President to operato tho
properties to tho exclusion of tho companies which own them. Sir, I do
hold, and present to these honorable Senators this thought, that, whon wo
have passed the joint resolution, tho President undor no wise takes pos­
session o f this property; under no circumstances but one does ho assume to
operate it. The power to him granted by tho joint resolution is nover to
bo exercised until subsequently to its passago thero aro circumstances
manifest to him, from ovidenco incontrovertible, provod, and evident, that
for tho national security or for the defenso of tho country he should stop in
and assumo that control.
Senators, this joint resolution authorizes tho Prosidont, whonover tho
necessities of national defense shall justify, to tako control of tho telegraph
and telephone. Let us assumo, sir, that thero is a cable in Newfoundland,
not under the jurisdiction of tho United States as a country but owned by
American proprietors. Let us assume tnat there is anothor cabio in Cuba,
not under the jurisdiction o f America as a country but owned by American
proprietors.
Let us assumo that there is a cable in Moxico, a country not undor tho
supervision or control of our land or our officials, but which cabio is ownod
by American proprietors; and, sir. let us assume that there are connections
by telephone scrvico in all parts of our country loading up to tho telegraph,
or from tho telegraph to the tolephono, communicating mossagos to Florida
wliich may bo sent to Cuba, to bo thon sent over a cable; messages to
Newfoundland which, under tho supervision o f Canada, aro sent from
Newfoundland; messages from Mexico by wireless to Hawaii, and from
nawaii to cabio; and, sir, from theso let us assumo that tho information as
to tho departure o f every ship which has gono from tho ports of our land
laden with tho sons o f American mothers has boon communicated, and tho
description o f every pound as well as tho quantity and quality of its cargo—
having for its object tho preservation of our men from hunger and our
nation from dishonor— all has boon communicated, and information by
which submarine commanders making their way to this land from Prussia
knew the exact division of tho Atlantic coast, whore 13 ships lay in silence,
their crow resting themselves to strength by resting in quiet waters
through which the submarines wore ablo to make tho raid that occurred
boforo tho eyes and knowledge o f America hero but a short while ago.
Thon, sir, let us assumo othor information, through tho forms of cable
communication and tclophono attachments, that enabled tho onemy to
know as each transport put out that when it reached noar the waters of
Europo it could bo hovored about with tlioso wator fowls of ovil omon
which wo speak o f as tho submarlno, and our ship’s very destiny and tho
lives homo by it threatened with destruction with overy wash of tho waves
that swashod its hull. Will Senators thon say, if such a condition did
exist, that tho American Government should not havo the right. If tho
condition shall continue to exist, to havo overy supervision of the employer
and tho operator of tho tolephono and tolograph that ho as well as our lives
and property should bo protected?
I say to this honorablo body that if you defeat this joint resolution, if
you say you will not accept this joing resolution for its faco, vesting in tho
President tho right to tako over this property in tho event that an emer­
gency shall arise to justify, to his mind, that necessity for tho security of
your Union,-you may defoat the joint resolution; but, Sonators, you can
not defeat tho purpose. Tno President, whon that situation will ariso,
secure in his knowledge, if ho does his duty as Commander-in-Chief. will
seizo tho property by whatever power he may command, superviso and
control it with overy agency he can bring to bear; for, failing to do that,
ho would surrender his office, and surrender you to tho ravages of your




[Vol. 107.

onemy, to tho restruction of tho foo; and if ho did it, as I hopo ho would
I adviso you ho would appeal to tho American pooplo for justification; and
I am bold enough to call your attention to tho fact that there never has
beon a time when ho has appealed to tho Amorican peoplo that thoy havo
not sustained him as against any opposition, whother born of political
advantage or commercial profit.

Tlio following is the resolution as passed by Congress
and signed by the President:
JOINT RESOLUTION, To authorizo tho President, in time of war, to
supervise or take possession and assumo control of any telegraph,
telephone, marino cabio, or radio system or systems or any part
thereof and to operato the same In such manner as may bo needful or
dosirablo for tho duration of tho war, and to provido just compensation
therefor.
Resolved by the Senate and House of Representatives of the United States
of America in Congress assembled. That the President during tho continu­
ance o f tho present war is authorized and empowered, whenever ho shall
deem it necessary for tho national security or defense, to supervlso or to
tako possession and assume control of any telegraph, tclophono, marino
cabio, or radio system or systems, or any part thereof, and to operate tho
same in such manner as may bo needful or desirablo for tho duration of tho
war, which supervision, possession, control, or operation shall not extend
beyond tho date of tho proclamation by tho Prosidont of tho exchange of
ratifications of tho treaty of peace: Provided, That just compensation shall
bo mado for such supervision, possession, control, or operation, to bo
determined by tho President; and if tho amount thereof, so determined
by the President, is unsatisfactory to tho person entitled to receive the
same, such person shall bo paid soventy-fivo per centum of the amount so
determined by tho President and shall bo entitled to sue tho United States
to recover such furthor sum as, added to said seventy-fivo por centum, will
make up such amount as will bo just compensation therefor, in tho mannor
provided for by Section 24, paragraph 20. and Section 145 of tho Judicial
Code; Provided further. That nothing in this Act shall bo construed to
amend, repeal, impair, or affect existing laws or powers of tho States in
relation to taxation or tho lawful polico regulations of tho soveral States,
except wherein such laws, powers, or regulations may affect tho trans­
mission of Government communications, or tho issuo of stocks and bonds
by such system or sy.Joms.

Nowcomb Carlton, Prosidont of tho Western Union
Tolegraph System, was croditod in Choyonno (W yo .) dis­
patches of July 14 as saying ho would not relinquish his
position unless requested to do so by Prosidont W ilson, whon
told that the Senate had passed tho wire control resolution.
He said ho had expected tho action would bo takon shortly.
M r . Carlton, in a statement to tho Associated Press, said ho
still held to tho position he outlined to the Senate Committeo
that it was not imporativo for tho Government to take over
the telegraph wiros, and added according to tho despatches:
However, I believe tho President sees farther in these matters than can I
or any other man who does not know all the facts in the case, and since he
has seen fit to tako over tho linos and tho two houses of Congress have
yielded to his wishes, I will, of course, comply and do my best so long as
my services aro desired.
Tho telegraph business will not bo materially upset by tho action of tho
Government, for our employees aro capable, and tho Government will
keep them and will get tho benefit of their training and our organization.
So far as I know, thero will be but ono salary that will be cut under
Government control— that will bo my own.

Sixteon delegates, representing 20,000 operators employed
by tho Westorn Union Telegraph C o ., mot at Chicago on
July 12 to organize a national association, which, it is said,
will havo no connection with tho Commercial Telegraphers’
Union of America or tho American Federation of Labor.
The delegates woro chosen by employees in each division of
the service by secrot ballot. Tho now organization, which
was fostered by tho company, lias beon promised all tho
rights of collective bargaining with the company possessed
by any labor union, but tho constitution will contain pro­
vision against strikes and in favor of settling all wago dis­
putes by arbitration. B . E . Black, of St. Louis, was chosen
permanent chairman of tho organization mooting.

A R M Y A P P R O P R IA T IO N B IL L S IG N E D B Y P R E S ID E N T
W ILSO N .

The S12,0(10,000,000 army appropriation bill was signed by
President Wilson on July 10. Tho bill had passed tho House
M a y 31 and was adopted by tho Senate Juno 29. Tho confer­
ence roport on tho moasuro was accopted by both tho House
and Senate on July 6. M ost of tho Senate amendments, in­
cluding that for organization of a volunteer Slavic legion
and to base army draft quotas on tho number of men in
Class 1 instead of Stato populations, woro retained by tho
conferees in their agreement reached on July 5 as was tho
House provision giving tho President unlimited authority
to increase tho army by calls under tlTo draft law. A t tho
suggestion of Provost Marshal General Crowder tho amend­
ment of Senator MoKollar, of Tonnossoo, which tho Senate
had adopted, authorizing the President to promoto General
Crowder to be a lieutenant general, was dropped from tho
bill. Genoral Crowder wrote a letter stating that credit
for administration of tho draft law belonged not to him
alone, and lU’god that ho bo not singlod out for recognition.
The Sonato amendment authorizing tho Prosidont to appoint
two major gonorals “ at largo” designed for General Crozier,
chief of ordnance, and Quartormastor General Sharpe, was

July 20 1918.]
a c c e p te d
carries

by

H ou se

a p p ro p r ia tio n s

$ 4 4 ,0 0 0 ,0 0 0
The

th e

THE CHRONICLE
c o n fe re e s.

of

The

b ill,

$ 1 2 ,0 8 5 ,0 0 0 ,0 0 0 ,

as

an

r e v is e d ,

in crease

o v e r th e a g g r e g a te a u th o r iz e d b y

th o H o u s e .

O r d n a n c e a n d a m m u n itio n ,

$ 3 , 0 0 0 ,0 0 0 , 0 0 0 ; c lo th in g ,
$ 5 7 5 ,0 0 0 ,0 0 0 ; a r m o r e d

ca rs,

That exemptions allowed before war taxes are imposed should be ade­
quate for the safe conduct of business enterprises and that power to make
adjustments that will prevent inequities should be given to the administra­
tive authority under the tax law.
That liberal provisions for amortization of plant used upon war work
should be made, with opportunity for subsequent readjustment to correct
errors.
That there should be a limited number of regional boards of review,
appointed by the administrative authority and making recommendations
upon appeals from preliminary assessments.
That there should bo equalization of Federal taxes.
That in computing taxable income corporations should be allowed to
make two deductions (interest and charitable gifts) which they are now
deniod.
On condition that proper exemptions and opportunities for adjustment
are allowed, that a war-profits tax should bo imposed at a high rate, and
should be levied when it would exceed the excess-profits tax.
That, upon the present general basis but with inequalities removed,
the excess-profits tax should be increased.
That rates of incomes taxes should be increased and unearned incomes
should be taxed at least as much as earned.
Heavy taxes upon a few articles of wide-spread consumption.
Heavy taxes upon a selected list of luxuries.
Heavy taxes upon a selected list of war extravagances.

of

p rin c ip a l a p p r o p r ita io n s, a ll lo ft u n c h a n g e d , in c lu d e :

2 3 0 ,0 0 0 ,0 0 0 ;

m a c h in e g u n s ,

$ 3 4 7 ,0 0 0 ,0 0 0 -

a v ia t io n ,

tr a n s p o r ta tio n ,

$ 8 8 4 ,0 0 0 ,0 0 0 .

H ou se

$ 1 ,­

m o to r

$ 1 ,5 3 2 ,0 0 0 , 0 0 0 ,

con fe re e s

and

a c c e p te d S e n a te

a m e n d m e n ts to c h a n g e th o b a sis o f S t a t e ’ s d r a ft q u o ta s fr o m
to ta l p o p u la tio n s to th o n u m b e r o f m e n in C la s s 1 .

A ls o

w r itte n in t o th e b ill are S e n a te a m e n d m e n ts p r o v id in g fo r
r e g istra tio n o f su b je c ts o f th e A llie s m a d e lia b le to m ilita r y
se rv ice b y

tre a tie s lik e th e re c e n t B r itis h re c ip ro c a l d r a ft

tre a ty , an d

c a n c e lin g a p p lic a tio n s o f n e u tr a l s u b je c ts a p ­

p ly in g fo r A m e r ic a n citizen sh ip w h o se t u p th e ir fo re ig n n a ­
tio n a lity a s a c la im fo r e x e m p tio n fr o m

th e d r a ft .

O th e r

S e n a te a m e n d m e n ts re ta in e d in c lu d e a p r o v isio n fo r b o n u s
a llo w a n c e s

to

w ork m en

to

sp e e d

up

p ro d u c tio n

and

on e

ra isin g to 5 5 y e a r s th e a g e lim it fo r v o lu n te e r a r m y s ta ff
se rv ic e .
A m o n g S e n a te a m e n d m e n ts re je c te d b y th o H o u s e
m a n a g e r s a n d strick e n fr o m th e b ill w e re :
A u th o r iz in g

th e

P re sid e n t

to

com m andeer

tim b e r

and

lu m b e r a n d c o n d u c t lo g g in g o p e r a tio n s ; e x te n d in g
D e p a r tm e n t a u t h o r ity to c o n d e m n p r o p e r t y .
A u th o r iz in g
assu rin g

th ree

m on

in

th o

r e g im e n ts
se rv ice

of

of

m o u n te d

th e ir fo rm e r

W ar

v o lu n te e r s ;
G overn m en t

p o sitio n s a fte r th o w a r ; e x te n d in g w a r risk in su ra n ce b e n e fits
to w o m e n te le g ra p h a n d te le p h o n o o p e ra to r s o v e r s e a s , a n d
p r o v id in g se rv ic e b a d g e s to m e n d isc h a rg e d fr o m th e a r m y
o r r e je c te d b y th o d r a ft .

SUMMER RECESS OF CONGRESS-WORK OF SESSION.
U n d e r a n a g r e e m e n t re a c h e d b y e a c h h o u se in d e p e n d e n t
o f th o o t h e r , th o S e n a te a n d H o u s e h a v o a r ra n g e d a m id ­
su m m er

v a c a t io n .

The

u n a n im o u s

consent

a g reem en t

e n te re d in to b y th e S e n a te o n J u ly 13 p ro v id e s th a t th e re w ill
bo

no

b u sin e ss tr a n sa c te d

u n til A u g .

26,

e x c e p t fo r

p er­

fu n c to r y se ssion s M o n d a y s a n d T h u r s d a y s , as re q u ire d b y
la w .

_ R e fe r r in g to th e $ 2 4 , 0 0 0 , 0 0 0 , 0 0 0 to b e ra ise d d u rin g th e
fisc a l y e a r , th e C o m m it t e e su g g e s ts t h a t th e b e s t p o s s ib le
sc h e m e o f ta x a tio n s h o u ld b e s o u g h t in th e h o p e i t w ill ra ise
a t le a s t $ 8 , 0 0 0 , 0 0 0 , 0 0 0 .
T h e rep ort sa y s:

It is important in considering present taxation to remember that the
heavier tho taxes which are now imposed the more rapidly can taxation be
decreased after the war and tho more advantageous the position of our
country will be in that period of keen, international commercial compe­
tition when countries then bearing heavy burdens of taxation will be cor­
respondingly handicapped. At present, however favorably tho ratio
of our taxes to our expenditures compares with the ratios of other coun­
tries, in such countries as England tho rates of tax imposed are very con­
siderably higher than our rates.
Tho Committee points out that the excess-profits tax, although fruitful
in revenue, and apparently efficient as to four-fifths of our business con­
cerns, has failed adequately to reach large profits directly duo to the war
of the other fifth.
For this reason it is proposed to enact a war profits tax with exemption
of a fair return as earned on capital or turnover, of sufficient spread as a
fair and oquitabia basis, but with a very high percentage of the excess
turned over to the Government in taxes. This would not be additional
to the existing excess profits tax but in each case one or the other would
apply accordingly as the result in taxes would bo greater. . . . W e
suggest the desirability of maintaining the general basis of the present
excess profits tax but with increased rates, perhaps as high as 80% instead
of the present 60%.

A sim ila r a d jo u r n m e n t o n th o p a r t o f th e I Io u s o u n til

A u g . 19 w a s d ec id e d u p o n o n J u ly 1 5 .

T h e S e n a te u n d or

its a g r e e m e n t d efe rred u n til A u g . 2 6 fu rth e r c o n s id e r a tio n
o f th e $ 1 1 ,0 0 0 ,0 0 0 e m e r g e n c y fo o d p ro d u c tio n b ill, c o n ta in ­
in g th o a m e n d m e n t for “ b o n e -d r y ” w a r -tim e p r o h ib itio n ,
e ffe c tiv e N o w Y e a r ’s D a y .
A s a p a r t o f th e a g r e e m e n t,
h o w e v e r , th o p r o h ib itio n a d v o c a te s se cu re d th o d efin ito
p le d g e th a t th e b ill sh a ll h a v e r ig h t o f w a y w h e n th o v a c a tio n
re ce ss p eriod
b rief r e s t,

o f th e S e n a te e n d s.

le a d o rs v ie w e d

w ith

In

p re p a rin g fo r

sa tisfa c tio n

their

th e re c o rd

of

le g isla tio n e n a c te d sin ce th e se c o n d session o f th e 6 5 t h or
“ W a r ” C o n g r e s s , b o g a n D e c . 3 1 9 1 7 , b e g in n in g w ith a d o p ­
tio n o f th e r e so lu tio n fo r a d e c la ra tio n o f w a r o n A u s t r ia H u n gary on D e c . 7 .
,
I n a d d itio n to th o w a r re so lu tio n a n d a p p r o p r ia tio n bills
to ta lin g b illio n s o f d o lla rs th e p rin c ip a l m e a su re s e n a c te d
a t th is se ssion o f C o n g re ss w e re :

To placo railroads under Government control during tho war.
Authorizing the President to control tolegraph, telephones, cable and
radio lines until peace is declared.
Creating a war financo corporation with funds to aid tho Government
and private business during tho war.
mo
Extending esplonago and sedition laws

233

T h e c h ie f sou rce s o f n e w r e v e n u e a s o u tlin e d b y th e C o m ­
m it te e s h o u ld b e th e in c o m e t a x , a ta x o n th e exce ss o f p r o fits
o v e r th e p re se n t e x e m p tio n a n d a d r a s tic ta x o n a ll w a r
p ro fits a b o v e a ce rta in r e tu rn s u ffic ie n t to p e r m it a b u sin e ss
to b e c a rr ie d o n w ith s a f e t y .
th e r e p o r t s a y s :

R e g a r d in g c o n s u m p tio n ta x e s

For the purpose of enforcing reduction in unessential consumption and
economy, which is by all students of war finance deemed of vital impor­
tance, taxes on certain articles of general consumption and taxes on a var­
iety ot articlos of luxury are proposed. There is a threefold purpose in
theso taxes: the first obvious purpose is to secure revenue; the second is
that taxes will result in less waste, by inducing a more economical use of
commodities thus taxed, and rosult in a greater margin of earnings over
expenditure, which savings can be invested in Liberty Bonds; the third
purpose is to reduce demand for articles thus taxed so that materials
equipment and labor which otherwise would be employed to produce these
commodities will naturally turn toward more essential employment.
I t is s u g g e s te d th a t b o t h c o n s u m p tio n ta x e s a n d th e ta x
o n lu x u rie s b e p la c e d u p o n a fe w a rtic le s a n d th a t t h e y b e
m a d e h e a v y r a th e r th a n th a t lig h t ta x e s b e p u t u p o n a la rg e
num ber

of

c o m m o d it ie s .

Som e

s u g g e s te d

c o n s u m p tio n

ta x e s are te a tw e n t y c e n ts a p o u n d , c o ffe e e ig h t c e n ts , to ­
b a c c o f i f t y c e n ts , b e e r te n d o lla rs a b a r r e l.
ta x is p r o p o s e d o n th e u se o f g a s o lin e .

A

en^HnC! r rr an
Biv,n^ tho * * » * * » « authority to reorganize and
co-ordlnato Government departments.

lu xu rie s in c lu d e je w e lr y a n d m u s ic a l in s t r u m e n ts .

Q „hW sdof
nf1
?tho
hnhAinraft
^ certain
t0 youths
attaining their majority and also to
subjects
Allies and
neutrals.
Authorizing additional Liberty bonds of over £12 000 non non fthn an**,**

a llo w a n c e s

fr o m

ea rn in g s

fo r

m o d e r a te

A r tic le s c la sse d a s

a m o r t iz a t io n ,

P ro p e rty

e s p e c ia lly

of

p la n ts c r e a te d fo r w a r w o r k , th e C o m m it t e e c o n sid e rs o f
g r e a t im p o r ta n c e .

I t s u g g e sts tw o m e t h o d s .

I n th e fir s t

p la c e , it th in k s th a t if a ta x p a y e r e n g a g e d u p o n w a r w o rk
I n a d d itio n to th ese m e a su r e s, C o n g re ss a lso a d o p te d th e

w a s n o t s a tis fie d w ith th e p e r c e n ta g e a llo w e d b y th e T r e a s u r y

re so lu tio n s u b m ittin g to th o S ta te s a p ro p o se d n a tio n a l p r o ­

D e p a r t m e n t fo r a m o r t iz a t io n h e m ig h t b e p e r m itt e d to ta k e

h ib itio n a m e n d m e n t to th e F e d e ra l C o n s titu t io n , w h ile th o

a n y h ig h e r p e r c e n ta g e h e c h o s e , e ith e r g iv in g b o n d fo r th e

H o u s e a d o p te d an d th o S e n a te is e x p e c te d to a c t so o n a fte r

d iffe re n c e in ta x e s o r p a y in g th o d iffe re n c e to th e T r e a s u r y

th e h o lid a y o n th a t for a sim ila r w o m a n su ffra g e a m e n d m e n t.

D e p a r t m e n t w h ere i t c o u ld b e h e ld in a tr u s t f u n d , in e ith e r
e v e n t th e p ro p e r a m o r iz a tio n to b e d e te r m in e d a c c o r d in g

UNITED STATES CHAMBER OF COMMERCE ON WAR
TAX PROPOSALS.
H e a v y in cre ase s in w a r ta x e s w ith , a n exce ss p r o fits ta x
a s h ig h as 8 0 %
F in a n c in g

are p ro p o se d b y a S p e c ia l C o m m it t e e o n

th o W a r o f th o C h a m b e r o f C o m m e r c e o f tho

U n it e d S ta t e s in a r e p o r t j u s t s e n t o u t to th o C h a m b e r ’ s
m e m b e r sh ip fo r a r e fe r e n d u m v o t e .

A f t e r r e p e a tin g earlier

d e c la ra tio n s a g a in s t sp e c ia l p ro fits a risin g o u t o f th o w a r ,
e m p h a s iz in g a n e w
tio n

of

w a s te

and

th o n e c e s s ity o f e c o n o m y a n d e lim in a ­
o x tr a v a g a n c e ,

and

q u o tin g

m it t e e ’ s s t a te m e n t o f la s t y e a r re g a rd in g

th e

Com ­

th o a d v a n ta g e s

o f h e a v y ta x a tio n in w a r t im e , th o r e p o r t p re se n ts e le v e n
s p e c ific re c o m m e n d a tio n s a s fo llo w s :




to th o f a c t s d isc lo se d a fte r th e e n d o f th e w a r , w h e n a p ­
p ro p r ia te

a d ju s tm e n t s m ig h t b e

m ade.

The

se c o n d

su g­

g e s tio n is th a t th e a llo w a n c e fo r a m o r iz a tio n m ig h t b e w h o lly
in

th e

ta x p a y e r ’ s

d is c r e tio n ,

w ith

th e

im p o r ta n t

c o n d i­

tio n th a t w h e n h e h a d c h o s e n th e r a te h e w o u ld h a v e to
k e e p to i t in s u b s e q u e n t y e a r s , a n d w h e n h e h a d ch a rg e d
o ff 1 0 0 %

o f th e o rig in a l c o s t th e p la n t w o u ld b e c o m e th e

p r o p e r ty o f th e U n it e d S ta te s G o v e r n m e n t , w ith a n o p tio n
in th o o rig in a l o w n e r to p u rc h a so i t b a c k u p o n p a y in g a p ­
p ro p r ia te ta x e s .
gu ard
tim e

B o t h o f th e se p la n s a re in te n d e d to s a fe ­

th e in te r e sts o f th e
to

p r o v id e

assu ra n c e

G o vern m en t and
th a t

c a p ita l

at

th e

in v e s te d

p la n ts w ill n o t in e ffe c t b e ta k e n b y ta x a tio n .

in

sa m e
w ar

A s a n o th e r

s u b je c t fo r d isc u ssio n th e C o m m it t e e p u ts fo rw a r d “ e c o n -

•

o m y b o n d s .”
A n e x tr a in c o m o t a x , s a y o f 1 0 % , w o u ld bo
im p o s e d , w ith a p riv ile g e in tb o ta x p a y e r to a v o id th is a d d i­
tio n a l

ta x

by

b u y in g

“ e c o n o m y b o n d s .”

th re e

o r fo u r

tim e s

its a m o u n t

in

T h e s e b o n d s w o u ld b o re g iste re d a n d

n o n -tr a n s fe r a b le u n til a fte r th e w a r , w o u ld b e in e lig ib le fo r
re d is c o u n t a t R e s e r v e b a n k s , & c .

T h e w h o le p u rp o s e o f

th e p la n fox e c o n o m y b o n d s w o u ld b o to in d u c e a c tu a l a n d
u n e s c a p a b le

sa v in g s

fo r r e la t iv e ly

in d u c e m e n t c o m in g in
ta x .
th e

The

C h am b er’s

la r g e

th e o p p o r tu n it y
sp e c ia l

in v e s t m e n t s ,
to a v o id

c o m m it te e

is

th e

a heavy

com p osed

of

aro anticipating a crop of approximately 900,000,000 bushels of whoat,
this increase would bo equivalent to tho immonso sum of $387,000,000.
Such an increase of the prico of wheat in the United States would forco
a corresponding incroaso in tho prico of Canadian whoat. Tho Allied
Governments would, of course, bo obliged to make all of their purchases
at tho increased figure, and tho wholo scalo of their financial operations
in this couutry, in which tho Government of tho United Statos is directly
assisting, would be thereby correspondingly enlarged. Tho increase
woidd also add very materially to tho cost of living, and thoro would
inevitably ensuo an increaso in tho wages paid in practically every In­
dustry in tho country. Thoso added financial and economic difficulties,
affecting practically the whole world, cannot, I assume, liavo been in
contemplation by tho Congress in passing this legislation.
WOODROW WILSON.

fo llo w in g :

John V. Farwell, Chairman, Chicago,
Edward A. Fileno, Boston, Mass.
P. W . Goobel, Kansas City, Kansas.
John H. Gray, Minneapolis, Minn.
Edmund D. Hulbert, Chicago, 111.
Stoddard Jess, Los Angeles, Cal.
Hugh McK. Landon, Indianapolis, Ind.
J. Lawrence Laughlin, Chicago, 111.
Robert F. Maddox, Atlanta, Ga.
J. K. Grr, Atlanta, Ga.
John T. Scott, Houston, Tex.
Oliver M . W . Spraguo, Cambridgo, Mass.
Jesse Isidor Straus, New York, N. Y.

DETAILS OF FOOD ADMINISTRATION’S PLANS FOR
CONTROLLING 1 9 1 8 WHEAT AND FLOUR CROP.
A s ta te m e n t d e ta ilin g th o p la n o f w h e a t a n d flo u r c o n tro l
fo r th e 1 9 1 8 c ro p h as b e e n issu ed as fo llo w s b y th o C e re a l
D iv is io n o f th e U . S . F o o d A d m in is tr a tio n :

HOUSE DECLINES TO PASS OVER PRESIDENT’S VETO
APPROPRIATION BILL FIXING 8 2 4 0 WHEAT PRICE.
P re sid e n t W i ls o n ’ s v e to o f th o A g r ic u ltu r a l A p p r o p r ia tio n
B ill, referred to in ou r issu o o f S a tu r d a y la s t , p ag o 1 3 6 , w as
su s ta in e d b y th o I Io u s o o n J u ly 1 3 , w h e n it r e fu s e d , b y a
v o t e o f 1 7 2 to 7 2 to pass th o b ill o v e r th e v e t o .

T h e b ill

w a s referred b a c k to th o A g r ic u ltu r a l C o m m it t e o , a n d IIo u s o
lo a d e rs, it is s a id , p la n n e d to p a ss it w ith o u t th o w h o a t prico
fix in g p ro v isio n w h ic h o c c a sio n e d th e v o t o .

I n a n a tta c k

in th e S e n a te o n P re sid e n t W i ls o n b e c a u se o f th o la t te r ’ s
o b je c t io n to th o p ro v isio n in th o b ill fix in g th o G o v e r n m e n t
g u a ra n te e d m in im u m w h e a t price a t 8 2 4 0 a b u s h e l, S e n a to r
G o r e of O k la h o m a o n J u ly
w as

[Vol. 107.

THE CHRONICLE

334

sw ayed

by

1 8 d ec la re d th a t th o P re sid e n t

th e v o te s of “ c o u rtier

f a r m e r s .”

“ They

w h isp e re d to h i m ,” ho s a id , “ w h a t w a s p le a sin g to h is e a r,
a n d d id n o t tell h im th o t r u th .

T h o tr u th is th a t in N o r t h

D a k o t a it c o sts 8 2 19 a n d in M in n e s o t a 8 3 0 6

a b u sh e l to

p ro d u c o w h o a t , w h ile th o fa r m e r ca n o n ly secure 8 2 0 5 an d
8 2 10 a b u sh e l in th e o p e n m a r k e t .

T h e s e cour tie r-fa r m o rs,

sw in g in g in ce n se b o fo re th e P r e s id e n t, to ld h im it w a s tho
e ssen ce o f ju s tic e a n d fairn ess t h a t th e fa rm e r b e g iv e n e ig h ty
co n ts less a b u sh o l th a n h e co u ld g e t in th o m a r k e t .”

S e n a to r

G o r e w a s also q u o te d in th o N e w Y o r k “ T im e s ” as s a y in g :

Thero scorns to bo ono thing about cotton and ono tiling about whoat.
Cotton is now around 30 cents. But wheat costs 80 conts more to mako
than is paid for it.
There also sooms to bo ono codo of morals for tho cotton men and packers
and another for tho wheat farmers. Now that the President lias vetoed
$2 40 wheat, thero seems only one thing to do, and that is to reduce, by
25% from tho prices of August 1917 everything that tho farmer buys. This
seems ot mo doubtful wisdom, but it is tho only remedy.
T h e fo llo w in g is th o v e t o m e ssa g e :

I regret to roturn without my signature so important a measure as
II. R. 9054, entitled, "An Act making Appropriations for tho Department
of Agriculture for tho fiscal year ending Juno 30 1919,” but I feel con­
strained to do so because of my very earnest dissent, from tho point of
view of principle as well as wise expediency, from the provisions of that
part of Section 14, which prescribes a uniform minimum price for No. 2
Northern spring wheat of $2 40 a bushol.
I dissent upon principle because I believo that such inelastic legisla­
tive price provisions aro insusceptible of being administered in a way
that will be advantageous either to the producer to to tho consumer,
establishing as thoy do arbitrary levels which aro quite independent of
tho normal market conditions, and because I believo that tho present
method of regulation by conference with all concerned has resulted in
tho most satisfactory manner, considering tho complexity and tho variety
of tho subject-matter dealt with.
It is evident that tho present method of determining tho price to bo
paid for wheat has had tho most stimulating effect upon production, tho
estimated crop of spring wheat for this year exceeding all high records
in a very remarkable and gratifying way. By an overwhelming majority
of the fanners of tho United States tho prico administratively fixed has
been regarded as fair and liberal, and objections to it have como only from
thoso sections of tho country where, unfortunately, it has in recent years
proved impossible to rely upon climatic conditions to produco a full crop
of wheat and where, therefore, many dLappointments to tho farmer havo
proved to bo unavoidable.
Personally. I do not believo that tho farmors of the country depend
upon tho stimulation of prico to do choir utmost to servo tho nation and
tho world at this time of crisis by exerting themselves to an extraordinary
degree to produco tho largest and best crops possible. Their patriotic
spirit in tnis matter has been worthy of all praiso and has shown them
playing a most admirable and gratifying part in tho full mobilization of
tho resources of tho country. To a very greatly increased production of
wheat thoy havo added an increased production of almost overy other
important grain, so that our granaries aro likely to overflow, and tho
anxiety of the nations arrayed against Germany with regard to their
rood supplies has been relieved.
Tho administrative method of agreeing upon a fair prico has this very
great advantage, which any element of rigidity would in largo part destroy
— namoly, tho advantage of flexibility, or rendering possible at every
stago and in the view of overy change of experience a readjustment which
will be fair aliko to producor and consumor.
A fixed minimum price of $2 40 a bushol would, it is estimated, add $2
a barrel to the price of flour— in other words, ralso tho prico of flour from
the present price of $10 50 to $12 50 at tho mill— and inasmuch as wo




Tho following has been issuod by the Cereal Division of tho United
States Food Administration:
It is of course generally known that tho valuo of wheat of various grades
and varieties doponds upon tliroo factors: First, tho relative distanco from
tho consuming markets, because of tho differences in freight ratos to tho
points named below; second, tho varioty of tho whoat and its rolativo valuo
for flour production; third, tho grade of tho whoat as to quality and im­
purities within tho various varieties.
Thoso differences have been established by years of custom and exporienco, and it is tho object of tho Food Administration, in giving effect to
tho law, to equably reflect these differences in valuo as far as physically
possible.
G r a in C o r p o r a tio n .

In ordor to simplify accounting and to avoid “red tapo,” tho President
authorized the creation of tho United Statos Food Administration Grain
Corporation as an instrilmont of tho Food Administration to carry out tho
financial details of buying and selling wheat and various cereal commodities.
Theroforo contracts and payments aro made in tho name of tho United
Statos Food Administration Grain Corporation, which operates without
profit, charging such differentials as will cover risks, storage and insurance.
Likewiso, the United States Department of Agriculture, acting undor
tho Grain Standards Act, has endeavored to establish wheat grade defini­
tions according to relative merits of various qualities and varieties of wheats.
P r i c e s , C la s s e s a n d G ra d es.

Tho following are tho fair prico bases and whoat classos and grades on
which tho Food Administration Grain Corporation will buy whoat in clovators at tho points named:
1. Tho wheat grades aro thoso adoptod by tho United Statos Dopartmont
of Agriculture undor tho Grain Standards Act. (Itovisod grades effective
July 15 1918.)
2. The Food Administration "fair prices” aro namod below for “ basic”
wheats, ami the market relations fixed as follows:
New York____ $2 39)4 |Chicago - . ...............$2 26|Tacoma .................$2 20
Philadelphia.-. 2 39 |St. Louis................ 224|Seattlo.......................... 220
Baltimore______ 2 38?4| Kansas City_____2 181Portland----------------2 20
Newport Nows. 2 38J4|Omaha__________ 2 181Astoria------------------2 20
Duluth________ 2 22 ) 4 INow Orleans______ 2 28 jSan Francisco------ 2 20
Minneapolis____2 21)4 IGalvcston............... 228|Los Angolcs----------- 2 20
Basic Wheats.— No. 1 Northern Spring, No.I Hard Winter, No. 1 Red
AVinter, No. 1 Durum, No. 1 Hard Whito.
Intermountain basis f. o. b. outgoing car $2. Tho above are for "basic’
wheats. Certain other classes and varieties of wheats will bo dealt in at
premiums over, and others at discounts under tho abovo prices.
Tho "premium” wheats aro as follows:
P r e m iu m .
P r e m iu m . I
____ $0.02
No. 1 dark hard winter_______ $0.02 No. 1 amber Durum.
No. 1 dark northern spring___
.021
Tho “discount” wheats aro as follows:
D is c o u n t .

D is c o u n t .

___ $0.07
No. 1 yellow hard winter______$0.02 No. 1 red Durum
............. 02
No. 1 red spring______________ .05 No. 1 soft whito.
.04
No. 1 red Walla_______ _____ _ .07 No. 1 whito club.
Discounts for other grades than No. 1:
No. 2 wheat, 3 conts under No. l.|No. 3 wheat, 7 cents under No. 1.
Grade below No. 3 will bo dealt in on samplo on merit.
N o t e . — Tho grade discounts for No. 2 and No. 3 aro made with tho
expectation that mills and dealers will absorb tho bettor qualities of these
grades at a premium over tlicso fixed differences at which tho Government
will buy, and with tho exceptation that tho qualities tendered to tho Govern­
ment will approach tho minimum of tho grade. It is also oxpectcd that tho
character of the wheat going into No. 4 and No. 5 grades will bo of such
wido range that it would not bo fair to tho producer to name a fixed prico
at which tho Government will buy. It has, therefore, been left to tho
discretion of tho Government representatives to buy the wheat which is
represented by tho No. 4 and No. 5 grades, as well as wheat which is repre­
sented by “sample,” on tho basis of their judgment as to its proper value.
Whore tho term "primary markets" is used in this statement it refers to
points at which tho Grain Corporation maintains buying agencies, as
named abovo.
D e t a i l s o f llu y i n g P la n .

Tho Food Administration Grain Corporation will buy on tho abovo fairprice bases at tho principal primary markets as named.
Tho Food Administration Grain Corporation will buy warehouse receipts
in approved elevators at tho principal primary markets as named abovo.
In the inter-mountain territory, where thero aro no public storago facilities
available, an adjustment will bo made to mako effective tho $2 minimum
for tho No. I grado f. o. b. outgoing car, available for transportation to a
public terminal elevator. Tho intermountain region comprises Southern
Idaho, Western Montana, Western Wyoming, Novada, Utah, Western
Colorado, New Mexico and Arizona. Further details can bo obtained at
Grain Corporation offices.
At all these principal primary markets thero is an open market whero al
classes of buyers aro well ropresonted, and tho producer and tho consumer
will be amply protected through tho competitive activities of tho several
ntercsts, the Food Administration Grain Corporation being prepared to
ibuy and protect tho "fair prico” basis.
As the miller Is restricted to a "fair prico” basis for his flour, ho can not
pay more for wheat than the expense of milling and a reasonable profit
will allow.
F a r m e r C a n P r o te c t J l im s e i f.

Tho farmer can protect himself by tho study of tho primary prices, de­
ducting intermediate charges, or ho can ship to the Food Administration
grain corporation, or ho may ship to a commission merchant at a terminal
market and through him secure tho benefit of competitive buying.

July 20 1918.]

THE CHRONICLE

There is nothing in the “ 1918 plan" -which prevents a buyer at point of
origin from placing his own grade upon tho wheat which ho purchases.
If by the buyer’s act the grade is raised, it is equivalent to an increase in
tho price. If the buyer lowers the grade, the producer or dealoc’s protec­
tion is to ship to the Food Administration grain corporation.
M a r k e t in g D i r e c t to G ra in C o r p o r a t io n .

Producers or dealers have the right to bill cars of whoat direct to the Food
Administration grain corporation at any of tho principal primary market
named above. When tho wheat is unloaded in tho elovator and weight
and grado returns aro made to tho Food Administration grain corporation
remittance will bo mado on tho basis of weight and grados so reported, and
on tho basis of the Government price less 1% administration charge for
the service.

■

T ra n sp o rta tio n .

The Government does not discriminate between shippers In matters of
transportation.
T r a ffic B u rea u .

.

•

Tho Food Administration maintains a traffic bureau for the purpose of
assisting shippers of grain and flour in securing their car supply and also
In expediting the movement of shipments to destination. Application
for assistance can be made in Food Administration Grain Corporation
offices to each primary market.

A number of changes have been made by the Food Administration in
the maximum margins allowed over cost on cold-storage butter and on
American or Cheddar cheese. The revised rules allow a little larger
margins on small sales to take care of the small wholesale dealer.
According to tho amended rules on cold-storage butter the maximum
margin that may be taken on car lots is 1 cent a pound; on sales of 7,000
pounds or more, 1J4 cents; on quantities between 3,500 and 7,000 pounds,
2 cents a pound; 700 to 3,500 pounds, 2
cents a pound, 100 to 700
pounds, 3 cents a pound, and on sales less than 100 pounds, 3 H cents a
pound if conditions justify it.
Similar changes have beon made In the cheese margins. As the rules
now stand a dealer may, if conditions warrant, add the following margins
over his cost: Thfee-fourths of a cent a pound on carlot sales, \ % cents on
sales of 7,000 pounds up to a carload, 1 % cents on 4,000 to 7,000 pound
sales, 2 M cents on sales of 1,000 to 4,000 pounds, 3 cents on sales between
100 and 1,000 pounds, and 3J4 cents on sales less than 100 pounds.
These are the maximum margins that may be added. They are made
wide to provide for exceptional cases where the cost of doing business is
high. A dealer can not charge the limit given here if by doing so he makes
an excessive profit.

TOBACCO REQUIREMENTS OF ALLIES.

C h a r g e s f o r H a n d l in g .

Country elevators and buyers aro entitled to receive fair compensation
for their services in tho handling and marketing of wheat, and tho charges
for such service are necessarily a deduction from the terminal prico of wheat.
Thoso charges or margins are well established by custom and vary in differ­
ent sections of the country according to local conditions.
In su ran ce.

Tho Government carries no insurance on the property which it owns. It
does, however, require ohat the elevator operators shall oxerciso duo dili­
gence in protecting grain stored in their warehouses from ordinary hazards.
Owners of grain stored in warehouses or elevators should therefore protect
their grain so stored which has not been delivered to or paid for by tho Food
Administration Grain Corporation.
I n s p e c tio n .

Shippors to any of the principal primary markets should insist that their
grain bo inspected and graded by inspectors licensed by the Secretary of
Agriculture.
Producers and dealers, In shipping grain to said primary markets, should
advise their Commission man to seo that their grain is correctly inspected
and graded, and that if in his judgment tho grain has beon improperly
graded, an appeal should bo taken to the Federal Supervisor.
It is policy of tho Food Administration and of its agents and represen­
tatives to work in entire harmony with tho Department of Agriculture in
maintaining the integrity of grados named and defined by them under the
grain standards act, in order that the producer, the consumer, and all
interests handling grain may bo properly protected.
Tho producer or dealer should always keep in mind that if ho is not
satisfied with the prices paid by individual buyers or with the grading of
wheat, his protection lies in his being able to ship to the Food Administra­
tion Grain Corporation at the various terminal markets namod above.
F lo u r M i l l i n g P r o f it C o n tr o l.

Tho plan for the profit control of flour milling for tho 1918 crop Is for­
mulated on the basis of naming a maximum “fair price” at which any miller
may sell flour and feed.
This maximum “fair prico" Is based upon a reasonable allowance above
tho fair prico for basic whoat, for handling, milling and marketing expenses,
freight charges on products, and profit. It is anticipated that competition
will eventually reflect reductions from those prices.
A temporary plan has been published along these lines, which will be
supplemented in tlio near future by the naming of detailed maximum
prices, at which It will bo considered fair for each mill of the country to sell
its flour and feed.
This plan, as soon as completed, will be given general publicity.
Tho “ 1918-19 plan of control” and this statomont liavo beon prepared
with the approval of the Agricultural Advisory Committee and with their
______________________________
•
co-operation.

NEW WHEAT CURTAILMENT ORDER IN CANADA.
An o r d e r p r o v id in g a d d itio n a l r e g u la tio n s in o r d e r to

235

A s t a t e m e n t , re la tiv e to a n in v e s tig a tio n in to th e to b a c c o
r e q u ir e m e n ts o f th e A llie s to d e te r m in e h o w m u c h m u s t b e
co n served

in

th e

U n it e d

S ta t e s

to

fill

th e ir w a n t s ,

w as

issu ed a s fo llo w s b y th e W a r In d u s tr ie s B o a r d o n J u ly 1 4 :

Investigations have been carried on under the direction of the Tobacco
Section of the War Industries Board into the tobacco requirements of the
allied nations, to find how much tobacco must be conserved in this country
to supply their needs.
Comparisons have been made of the tobacco rations Issued by Great
Britain, France Italy and Belgium with the proposed ration for the United
States forces.
In tho United Kingdom tho British War Mission reports the manufac­
tured output o£ tobacco products for 1917 was 177,000,000 pounds—29%
tobacco and 70% cigarettes. The military forces consumed 40% of this
output. _ It is essential that shipments from tho United States keep pace
with the' present estimated consumption. Taxes on tobacco in Great
Britain have been materially increased.
The French Minister of Finance has estimated that in 1918 the output
of manufactured tobacco would be approximately 135,000,000 pounds,
providing shipments of raw materials go forward from tho United States in
sufficient quantities. Of this output about 40 % is apportioned to the military
forces. There have been large increases in tho prices of tobacco products
in France.
Tho Italian Minister of Finance reports that the total consumption in
Italy in 1918 will be about 75,000,000 pounds of leaf tobacco. Of this
about 75% is American grown. Consumption by the army and navy is
about 45% of the total. Of this amount probably one-third is issued free
to the men, either in the form of tobacco, cigarettes or cigars, but only
those actually at the front or under fire are allowed free rations of tobacco.
Soldiers and sailors in the zone of operation, but not actually at the front,
or those on leave pay for their tobacco.
The Belgian Commission for the Purchase of War Supplies is buying
tobacco, cigarettes and cigars from manufacturers in this country for ship­
ment to Belgian troops.
The per capita consumption of tobacco products in the United States is
7 H pounds per annum, in Great Britain 6 pounds, in France 3 H pounds and
in Italy 2 pounds.
In 1917 the United States raised 1,196,000,000 pounds of leaf tobacco.
Figures show an increase of 50% in prices of leaf tobacco in tho United
States between 1914 and 1917. The 1912-15 crops averaged 10.6 cents
per pound, the 1916 crop 14.7 cents and the 1917 crop 24.9 cents.
The estimate of the amount of tobacco available for 1918 for United
States manufacturers from the 1917 crop, is 850,000,000 pounds.

CHARGE THAT BIG BUSINESS HAS DEALT UNFAIRLY
WITH AGRICULTURAL INTERESTS,
A n A g r ic u ltu r a l C o m m itt e e o f f iv e m e m b e r s w a s a u th o r iz e d

c o n se r v e w h e a t , b y re q u irin g th o u se o f s u b s titu te s in th e

on June 2 8 b y

m a n u fa c tu r e

o r in

C o m m e r c e o f th e U n it e d S t a t e s , its m e m b e r s to b e se le c te d

1 0 b y th e C a n a d ia n

fr o m th e S ta t e s o f M i n n e s o t a , G e o r g ia , I o w a , P e n n s y lv a n ia

p a r t fr o m
Food

o f b r e a k fa s t fo o d s , n o w

w h e a t w a s issu e d o n J u ly

B oard .

The

ord er

p ro v id e s

m a d e w h o lly

th a t

no

p e rso n

shall

a n d Illin o is .

th o b o a r d o f d ire c to rs o f th e C h a m b e r o f

T o b e e lig ib le , m e m b e r s m u s t h a v e b ig fa r m

m a n u fa c tu r e a n y r o lle d w h e a t, w h e a t fla k e s , w h e a t m e a l

in te r e sts in th e fie ld o f p r a c tic a l fa r m in g — a n d m u s t h a v e

o r c r a c k e d w h e a t c o n ta in in g m o r e th a n 8 0 % , b y w e ig h t, o f

h a v e b u sin e ss re la tio n s h ip

w h e a t.

in q u irie s fr o m th e jo in t v ie w p o in t o f b u sin e ss a n d a g r ic u ltu r e .

M a n u f a c t u r in g a n y o f th e se p r o d u c ts o f th e w h o le

of

th e

C ham ber

in

A p r il,

th e

board

d ir e c t a n y

Tho

b y w e ig h t o f w h e a t

by

to

g ro w s o u t o f a n a r g u m e n t p re s e n te d a t th e a n n u a l m e e tin g

80%

o u tlin e d

th e m

w h e a t , fr o m w h ic h th e b r a n a n d sh o r ts a re n o t r e m o v e d ,
ra isin g flo u r c o n ta in in g m o re th a n

(as

e n a b le

n o s u b s titu te s n e e d b o a d d e d .

N o a lim e n t a r y p a s te o r se lf­

c o m m it te e

to

in d ic a tin g

th a t

of

d ire c to rs )

th e

N a tio n a l

N o n -P a r t is a n L e a g u e h a d p r e d ic a te d its c a m p a ig n in p a r t

flo u r m a y b e m a n u fa c tu r e d .
T h e m a n u fa c tu r e o f b u c k ­
w h e a t flo u r c o n ta in in g m o re th a n 3 5 % o f w h e a t flo u r is

a t le a s t o n th e a c c u s a tio n t h a t “ b ig b u s in e s s ” w a s d e a lin g

p r o h ib it e d .

above

u n fa ir ly w ith a g ric u ltu ra l in te r e s ts a n d t h a t ce rta in a b u se s h a d

o f w h e a t or

b e c o m e s u ffic ie n tly p ro n o u n c e d to a r o u se th e s p ir it o f th e

O n o r b o fo re A u g . 1 ,

fa rm e r s to th e p o in t o f o r g a n iz in g a s tr o n g c a m p a ig n , e v e n

E xcept

fo r

th o se

p r o d u c ts

m e n tio n e d

n o b r e a k fa s t f o o d c o n ta in in g m o ro th a n 5 0 %
w h e a t flo u r m a y b e m a n u fa c tu r e d .

e v e r y m a n u fa c tu r e r o f a n y of, th o p r o d u c ts m e n tio n e d in th e

p o litic a l if n e c e ssa r y t o c o rr e c t th e a b u s e s .

o rd e r m u s t file w ith

d ire cto rs o f th e C h a m b e r h a s b e fo re it m a n y o f th e a r g u m e n ts

s h o w in g

th e

th e F o o d B o a r d a sw o rn s ta te m e n t,

in g re d ie n ts a n d

th e

p r o p o r tio n

c o n s tit u tin g e a c h su c h p r o d u c t m a d e b y h i m .

of

th e sa m e

V io la t io n o f

a n y o f th e p r o v isio n s o f th o o rd er m a k e s th e o ffe n d e r lia b le

T h e board of

o f th e L e a g u e , it is s t a t e d , a n d fe e ls th a t a n in q u ir y in to
th e ir tr u th or f a ls it y is a b s o lu te ly n e c e s s a r y .

T h e c o m m it te e

h a s b e e n in s tr u c te d to e m p lo y w h a te v e r in v e s tig a to r s a r e

to a fin e o f n o t less th a n $ 1 0 0 a n d u p to $ 1 , 0 0 0 o r to im p ris o n ­

n e c e s s a r y to c o n d u c t a th o ro u g h in q u ir y in th e S ta t e s o f

m e n t f o r a p e r io d u p to tw o m o n t h s , o r to b o th fin e a n d im ­

M i n n e s o t a , I o w a , K a n s a s a n d C o lo r a d o .

p r is o n m e n t.

w ill b e in s tr u c te d

_______________ _________________

to v is it f a r m s ,

to

T h e in v e s tig a to r s

a t te n d

th e

L eagu e’s

c o u n c ils a n d m e e tin g s , b o th c o u n ty a n d S ta t e a n d to fo llo w

CHANGES IN MARGINS ALLOWED ON STORAGE
BUTTER AND CHEESE.
S lig h tly

la r g e r

m a rg in s

on

s m a ll sa le s

of

c o ld

s to ra g e

c o m p la in ts th a t se e m w e ll fo u n d e d in o rd e r th a t t h e y m a y
p re s e n t t o th e p u b lic th e f a c t s g a th e r e d w ith o u t r e g a rd to
th e e ffe c t o n th e in te r e sts c o m p la in e d a g a in s t .

T h e board

b u t t e r a n d A m e r ic a n ch e e so to ta k e ca re o f th e s m a ll w h o le s a le

o f d ire c to rs b e lie v e th a t if th e a lle g e d a b u s e s e x is t b u sin e ss

d e a le r

its e lf w ill b e fir s t to e n d e a v o r to fin d a r e m e d y a n d to jo in

are

p r o v id e d

in

ch a n g e s

ann ounced

A d m in is tr a tio n o n J u ly 1 5 , a s fo llo w s :




by

th e

Food

th e a g ric u ltu ra l in te r e s ts in w h a te v e r a c tio n

is n e c e s s a r y

to b r in g a n im p r o v e m e n t.

I t is p ro p o se d t h a t th e p e r io d

o f th e in q u ir y sh a ll b e fr o m th o p re se n t u n til th e clo s e o f
th e m e e tin g s o f a g ric u ltu ra l a sso c ia tio n s in th e fa ll a n d e a rly
w in te r .
m it t e d

[Vol. 107

THE CHRONICLE

236

R e p o r t s o f th e c o m m it t e e ’ s fin d in g s w ill b e s u b ­
to

th e a g ric u ltu ra l c o m m u n itie s a n d w ill b o m a d e

p u b lic a t a tim e a n d in a m a n n e r b e s t c a lc u la te d to sorve
th e in te r e sts o f th e a g ric u ltu ra l c o m m u n itie s in w h o se b o h a lf
in th e in q u ir y is to b e c o n d u c te d .

CACAO (COCOA BEANS) ON THE LIST OF RESTRICTED
IMPORTS.
C a c a o (c o c o a b e a n s ) h a s b e e n p la c e d b y th e W a r T r a d e
B o a r d u p o n th e L is t o f R e s tr ic te d I n m p o r t s .

T h e B oard

says:

Tho importation of an amount not to oxcood 30,000 tons during the re­
mainder of tho calendar year will be permitted. Out of tho amount so
licensed, tho requirements of the Army and Navy will bo mot in full, and
tho remainder will be allocated by the Bureau of Imports of tho War Trado
Board. In addition, shipments from Moxico may bo liconsed when
brought forward by other than ocean transportation.
To effect this regulation, all outstanding licenses for tho importation of
cacao (cocoa beans) have been revoked as lo ocean shipments after July
20 1918.
An investigation of cocoa stocks in this country, conducted by tho War
Trado Board as a preliminary to this regulation of imports, showed stocks
on hand sufficient, together with tho 30,000 tons of permitted inports, to
last until Juno 1919, so that tho restrict on will not interfere with the nor­
mal consumption of cacao in this country.

PROPOSED CONSERVATION OF SWEATER INDUSTRY.
I n a n n o u n c in g th e c o n s e r v a tio n in th o sw e a te r in d u s tr y
w ill fo llo w

th o p la n a d o p te d in o th e r in d u s tr ie s , th o W a r

In d u s trie s B o a r d s a y s :

Representatives of the sweater industry mot yesterday with representa­
tives of the knit goods and woolens sections and tho Conservation Division
of tho War Industries Board. The conference resolved itself into a dis­
cussion of various methods of conservation of oqulpmont, materials, and
labor in the sweater manufacturing industry. Soveral suggestions for­
mulated will be taken up by tho War Scrvico Committee of tho industry,
and a report made as soon as possible. Questionnaires will bo sent out
to tho induscry as soon as this report is made. Conservation in this in­
dustry will follow the plan carried out in other industries.
Representatives of tho industry who wero prosont wero; Sidney Warren,
Chairman, and S. Rottenberg of tho Sweater and Fancy Knit Goods
Manufacturers’ Association; Fred Mayer and II. Bachrach of tho Phila­
delphia Sweater Manufacturers’ Association; M. Reinthal of tho Cleveland
Knit Goods Manufacturers’ Association; Richard Loronz and I. G. Strauss
of tho Sweater Manufacturers’ Association of the Middlo West.

OCEAN FREIGHT RATES ON COTTON TO PORTUGAL
LIMITED, OTHERWISE NO LICENSES.
T k o W a r T r a d o B o a r d o n J u ly 1 2 a n n o u n c e d t h a t a ru lin g
e ffe c tiv e im m e d ia te ly p ro v id e s th a t h ore aftor th a t all licenses
fo r fo r th o e x p o r ta tio n o f ra w c o tto n to P o r tu g a l sh all b e
issu e d

o n ly

upon

th e

c o n d itio n

th a t

th o

c o tto n

sh a ll bo

carriod fr o m th o U n ite d S ta te s to P o r tu g a l a t a fro ig h t r a te
not

e x ce e d in g

$9 25

per

h u n d re d

pounds

g ro ss

w o ig h t,

in c lu d in g p r im a g e , o n sta n d a rd b a le s , a n d $G 2 5 p er h u n d re d

GOVERNMENT SEEKS CO-OPERATION OF WOOLEN
ORGANIZATIONS TO CURB SPECULATION.
The

c o -o p e r a tio n

o f a n u m b e r o f w o o lo n

o rg a n iz a tio n s

in c u r b in g sp e c u la tio n in w o o l g o o d s h a s b e e n u rg e d in a
c o m m u n ic a tio n ad d re sse d to th e m b y
B oard .
B oard

th o W a r

In d u s trie s

A n n o u n c e m e n t o f 't h i s w a s m a d e as fo llo w s b y th o
on

J u ly

5:

The woolens section of tho War Industries Board has sent to a number
of organizations representing dealers in woolens and woolon clothing the
following letter:
Tho War Industries Board is advised that speculation in woolon piece
goods persists.
It is therefore desired that you communicato to tho members of tho in­
dustries represented by you that profiteering in cloth or clothing in detri­
mental to tho public wolfaro and is contrary to tho industrial policy as out­
lined by tho President.
Pleaso urge that trading should bo confined to thoso who aro known to
servo in some generally recognized way as distributers. If speculation is
allowed to continuo it is bound to react upon all concerned.
Your co-oporation in spirit and act to help correct this situation is re­
quested.
HERBERT E. PEABODY,
C h i e f W o o le n s S e c tio n , W a r I n d u s t r ie s H o a rd .

T h e o r g a n iz a tio n s to w h ic h th e le tte r w a s se n t:

The National Garment Retailers Association.
National Association of Garment Manufacturers.
National Cloak, Suit and Skirt Manufacturers' Association.
Children's Dress Manufacturers’ Association.
International Ready-to-Wear Corporation.
Mutual Cloak, Suit and Skirt Manufacturers’ Association.
Merchants’ Ladies’ Garment Association.
Cloak, Suit and Skirt Manufacturers’ Protective Association.
Dress and Waist Manufacturers’ Association.
Chicago Designers’ Association of Women’s Wearing Apparel.
War Service Committeo of the Wool Manufacturing Industry.
National Retail Clothiers’ Association.
War Servlco Committee of Retail Clothiers.
National Customs Tailors’ Association.
Wholesale Jobbers of Woolen for Custom Tailors.
War Servlco Committee of tho Clothing Industry.

th o

s u b je c t

B oard

issu e d

of

w o o lo n
th o

m a n u fa c tu r e ,

fo llo w in g

th a t p ra c tic a l w o rk in g
issu e s p re se n te d .

th e

o n J u ly
W ar

ann ouncem ent

a g re e m e n ts

wero

to

•

re a ch e d

in c lu d in g p r im a g e ,

c o tto n

to

P o r tu g a l,

on

h ig h

d o n s ity

th o

B oard ,

say s

m u s t th e refo r c o n fo rm to th o fo llo w in g p ro c e d u r e .

On every shipment of raw cotton to Portugal the Shipper’s Export
Declaration, which accompanies tho goods to tho Customs Inspector on
tho dock, shall havo attached thereto the original dock permit or a truo
copy of tho same bearing an endorsement signed by tho steamship company
to tho effect that tho rato of freight to be paid on that particular shipment
will not exceed tho rates as stated abovo.
Customs Inspectors will not allow any raw cotton dostinod to Portugal
to bo delivered at any dock against licenso dated July 13 1918 or later,
unless a dock permit endorsed as prescribed abovo is presented to thorn.
Such endorsed dock permits thereafter aro to be mado a part of tho records
of tho War Trado Board.
Hereafter all licenses for tho exportation of all raw cotton to Portugal
shall bo issued upon tho condition that tho cotton shall be carriod from
tho United States to Portugal on steamship.

RETAIL SHOE DEALERS ASKED TO ASSIST IN
CONSER VA TION PROGRA M .
In

a n n o u n c in g

th a t

tho

re ta il

sh oo

d ea lers

havo

b oen

C.
F. C. Stout, Chief of tho Ilido, Leather, and Tanning Materials
Section of tho War Industries Board, has sent to tho shoo retailors of the
United States a lotter requesting them to assist in carrying out the program
of conservation in the manufacture and distribution of shoes for tho spring
season of 1919, as rocontly outlined to shoo manufacturers and jobbers.
Tho purposo of the program is to eliminate noodloss use of materials,
equipment, and capital in order to meet war requirements. Mr. Stout
explains that excessive multiplicity of styles of shoes involves noodloss
work and ties up largo amounts of capital and materials. Ho asks that in
tho genoral plan for conservation in tho industry tho retailers of shoos
give wholehearted co-operation in reducing tho varioty and amount of
stock which they havo heretofore carried. There is no intention, of
courso, to interfere with the disposal of stocks now on hand or with thoso
that have boon ordered for tho fall season in accordance with tho recom­
mendations of tho Commercial Economy Board. Such stocks may bo
sold in tho ordinary courso of business.

1 2 on
e ffe c t
on

a ll

After conferring on Friday witii representatives of tho War Industries
Board and other Government representatives, tho Sub-Committee of tho
War Industries Board and other Government representatives, tho Sub­
committee of tho War Service Committeo of the Wool Manufacturing
Industry return to Now York and will issuo from thero a statoinont to tho
trado covering all phases of tho subject of woolon manufacture, together
with recommendations to be followed by tho industry until further notice.
The committeo representing the wool manufacturers consisted of George
B. Sanford, Frederick S. Clark, and J. J. Nevins. The Government
representatives were George N. Peek, Director of Finished* Products of
tho War Industries Board; John W . Scott, Director of tho Textiles Division;
H. E. Peabody, Chiof of the Woolen Section; Louis Penwell, Chief of tho
Wool Section; A. M . Patterson, Chief of tho Foreign Wool Section; A. W.
Shaw, Chairman of tho Conservation Division; John Cutter of the Conserva­
tion Division; and Dean Gay, Representative of tho Shipping Board.
Subjects discussed at tho conference witii decisions to be made tho basis
of recommendations to the wool manufacturing industry included detailed
figures as to stocks on hand and where and how hold; questions of distribu­
tion of stocks and working plans for mills and factories; plans for stabiliz­
ation of fabrics under observation of a fabrics committeo, which the War
Service Committee is to re-establish and facts and statistics concerning
the present statuts of tho rag situation. Leading rag dealers aro protesting
against a possible embargo on all woolen rags.
Practical working agreements were reached at tho conference on all tho
issues presented. Theso agreomenis will be developed under tho recom­
mendations to tho industry to bo worked out by tLo War Scrvico Com­
mittee of tho manufacturers.




of

B o ard sa y s:

In d u strie s
th o

gross w o ig h t,
S h ip p e rs

ask e d to aid in th o c o n s e r v a tio n p r o g r a m , tho W a r In d u s trie s

PRACTICAL WORKING AGREEMENTS REACHED ON
WOOL INDUSTRY ISSUES.
C o n c e rn in g a co n fe re n ce in W a s h in g t o n

pounds
b a le s .

REQUEST FOR REDUCTION IN BAGGAGE OF SALES­
MEN BECAUSE OF CAR SHORTAGE.
A

re q u e s t th a t w h o lesa lo

d r y g o o d s h o u se s re d u c e

th o

q u a n tit y o f b a g g a g o ca rried b y tr a v e llin g s a le s m e n o n a c ­
c o u n t o f th o sh o rta g o o f b a g g a g o ca rs lia s b e on m a d o b y th o
W a r In d u s trie s B o a r d , w h ic h la s t w e o k issu e d th o fo llo w in g
a n n o u n c e m e n t in th o m a tte r :

The Conservation Division of tho War Industries noard has requested
all dry goods wholesalers to reduce tho quantity of baggage carried by
their traveling salesmen in order to moot tho shortago of baggago cars.
Thero aro only 9,700 baggage cars in the country. On thoso cars, it is es­
timated, 21,000,000 sample trunks wero chockod last year. This was
equivalent to 30% of tho total baggago carriod free by tho railroads.
During the last few months many baggago cars havo been converted into
dining cars for tho movomont of troops to cantonraonts and embarkation
points. Tho shortago of baggago cars has bocomo so sorious that it has
beon necessary in somo instances to attach freight cars to troop trains to
tako caro of troop equipment. Froight cars, howover, aro not mado to
travel over 20 or 25 miles an hour, ahd their use on troop trains has resulted
in dolays caused by hot boxes. Consoquontly a reduction in tho number
of salesmen’s trunks handled will facilitate the inovoment of troops.
The baggage of tho traveling salesman employed by dry goods whole­
salers makes up so largo a part of tho whole movomont of salesmen’s trunks
that attention has first been directed to that trade. Tho Conservation
Division has mado a caroful investigation of tho number of trunks carried
by these traveling salesmon and of tho means whoroby their baggago can bo
reduced.
Tho division has found that photographs, lithographs, catalogues and
other sampling dovices aro being utilized so successfully that their uso
should bo widely oxtonded. Ono firm has reported, for oxampio, that
each of its salesmon carried 22 trunks in 1915. By tho use of theso sampling
devices each salesman carrying tho same linos now uses from 12 to 15
trunks. In another caso the reduction has boon from 10 trunks to 3 trunks

237

THE CHRONICLE

July 20 1918.]

por salesman. In general, tho wholesalers who aro using sampling dovices Board and the bureaus, and that ordinary orders for railroad maintenance
should go direct to the vendor.
havo cut in half the number of their sainplo trunks.
Aside from the explanations hero mado, all the rules and regulations as
Tho Conservation Division further recommends that ono full-size model
only should be used for each stylo of merchandise shown and that all ar­ to Southern pine lumber will remain unchanged until further notice.
ticles sold in pairs, such as garters, hosiery, and gloves, should bo sampled
IMPORTATION OF COPRA PERMITTED.
one-half pair for each model.
Tho reduction in tho quantity of baggago carriod by traveling salesmen
T h o lim ita tio n s im p o s e d b y th e W a r T r a d e B o a r d b y a
Is also being reduced by other means. Tho plans that the Conservation
Division has put into effect for reducing tho numbor of stylos and sizes of r u lin g , W . T . B . R . 1 4 , d a te d J u n e 2 5 1 9 1 8 , u p o n th e im ­
many kinds of merchandise result in a material decrease in salesmen’s p o r ta t io n o f c o p r a (c o c o a n u t m e a t b r o k e n , b u t n o t s h r e d d e d ,
samplo baggago. Ono shoo manufacturer, for instance, reports that as a d e s ic c a te d , o r p re p a re d ) h a v e b e e n r e s c in d e d , a c c o r d in g to
result of tho docroaso in tho numbor of stylos of shoes that he manufactures
L i­
each of his salesmen now carries ono trunk instoad of three. This is typical a n a n n o u n c e m e n t o f th e W a r T r a d e B o a r d J u ly 1 / .
of tho saving that is being made by manufacturers and wholesalers as an ce n se s w h ic h w ere th e n re v o k e d h a v e n o w b e e n r e in s ta te d ,
incidental result of tho reduction in tho variety of their production.
a n d n e w a p p lic a tio n s fo r lice n se s to im p o r t c o p r a w ill b e
T h o fo llo w in g is tlio C o n s e r v a tio n D iv is io n ’s le t te r to d r y
goods

w h o le sa le rs:

Replies to tho inquiry as to tho practical moans for roducing tho numbor
of trunks carried by your salesmen show that, while tho saving has boon
notoworthy, there is still opportunity for sunstantial savings by almost
ovory dry goods wholosalor. It is apparent that a more general reduction
can bo effected and transportation conditions mako this imperative.
It appears to bo unfair, in fact impossible, to apply uniform reductions.
It is, howovor, clearly tho duty of ovory dry goods wholesaler to mako all
tho savings that ho can in order to facilitate tho execution of tho war pro­
gram.
Tho successful use of photographs, lithographs and catalogues is reported
by many, with tho consoquont reduction of trunks carriod from 9 to 10 to
each salesman to 3 or 4. It is very apparont that thoso sampling dovices
should bo much more widoly used.
It further appears that in most instances ono full-size model only is
necessary for each stylo of morcliandiso shown. All articles sold in pairs,
such as garters, hosiery, and gloves, should bo sampled one-half pair for
each model, using swatches of fabrics and colors in connection with pho­
tographs, where necessary for other styles.
As a majority roported that they aro using trunks 40 inches or less ex­
treme moasuromont, it would scorn practical for each dry goods wholesaler
to limit his salesmen’s trunks to 40 Inches oxtromo measurement.
With tho contemplated general reduction in tho number of styles, not
only of fabrics but of knit goods and othor morchandiso, it should bo pos­
sible for salesmen ordinarily to carry not inoro than ono trunk only during
tho "filling In” season.
.
There is a marked shortage of baggago cars bocauso of the necessity
of using thorn on troop trains. Under tho circumstances every dry goods
wholesaler should make all possiblo reductions in tho amount of baggago
carried by his salesmen. Will you tako time to satisfy yoursolf that you
havo made a genorous contribution to tho redaction of tho travelers’
trunks ?
^
___

c o n s id e r e d .
O n th e o t h e r h a n d , th e r e s tr ic tio n th e n im p o s e d u p o n th e
im p o r ta tio n o f s h r e d d e d , d e s ic c a te d , o r p re p a re d c o c o a n u t
m e a t (o th e rw ise k n o w n a s “ C e y lo n c o p r a ” ) re m a in s in fo r c e ,
and

in

and

S o u th

A f r ic a .

A fte r

J u ly

of

th o

A rm y.

fo llo w in g

of

F re d e r ic

A.

D e la n o

of

C h ic a g o ,

W ar

E n g in e e r C o r p s

D e p a r tm e n t

on

J u ly

R eserve w as announced
15.

M r.

D e la n o

by

re sig n ed

CHANGE IN POSTAGE RATES FOR AEROPLANE MAIL.
T h e fo llo w in g o rd er a n n o u n c in g a c h a n g e in th e p o s ta g e
ra te o f a e ro p la n e m a il, e ffe c tiv e J u ly 1 5 , h a s b e e n issu e d b y

28

th e s e c o u n tr ie s

Tho

o c e a n s h ip m e n ts

a p p r o v a l to jo in th e a r m y fo r ra ilro a d w o rk in F r a n c e .

w ill b o issu e d , fo r th o re m a in d e r o f th e y e a r , o n ly to th e
Q u a r te r m a s te r -G e n e r a l

e x c e p t su c h

la s t m o n th f r o m th e R o se rv e B o a r d "with P re s id e n t \\ ils o n ’ s

1 1 , w ill ta k o o v e r th o im p o r ta tio n o f w o o l f r o m
U ruguay

a p p o in t m e n t

th o A r m y

th o

I n o rd er to in su ro c o m p le te c o n tr o l o v e r ra w w o o l s u p ­

lice n se s fo r th o im p o r ta tio n o f w o o l f r o m

a d m it te d

fo rm e r m e m b e r o f th e F e d o ra l R e s e r v e B o a r d , to b e a M a j o r

p lie s , th e W a r T r a d e B o a r d , a c c o r d in g to a n a n n o u n c e m e n t
o n J u ly

w ill b e

F. A. DELANO APPOINTED MAJOR IN ARMY.
The

WOOL IMPORTS FROM URUGUAY, ARGENTINE AND
SOUTH AFRICA TO BE DIRECTED TO U. S.
ARMY NEEDS.

A r g e n t in a ,

none

a s w ere m a d e o n o r b e fo r e J u n e 3 0 1 9 1 8 .

is

th e B o a r d ’s a n n o u n c e m e n t:

th o P o s tm a s te r -G e n e r a l:

Mail carried by aeroplane shall be charged with postage at the rate of
16 cents for the first ounce or fraction thereof and 6 cents for each addi­
tional ounce or fraction thereof, of which 10 cents shall be for specialdelivery service. Such mail shall consist of matter of the first class,in­
cluding sealed parcels not exceeding 30 inches in length and girth combined.
Tho postage on aeroplane mail shall be fully prepaid with special aeroplane
postage stamps or with ordinary postage stamps. When tho latter are
used the mail should be indorsed "B y Aeroplane.”__

IMPORTATION OF CONCENTRATES OF COPPER.
The

fo llo w in g ru lin g

on

c o n c e n tr a te s

o f copper

is a n ­

n o u n c e d b y th e W a r T r a d e B o a r d :

Owing to some uncertainty regarding the application of the restriction
Imposed by the War Trade Board upon the importation of copper ore, tho
Board has, by a new ruling, No. 169, altered tho original ruling to read
that hereafter no licenses will be issued for rhe importation of copper con­
centrates containing less than 60% of copper, except for shipments from
Cuba, Canada and Mexico. All outstanding licenses for the importation
of copper concentrates containing less than 60% of copper have been
revoked as to shipments from abroad after July 20 1918, except for ship­
ments from the three countries above specified, from which copper ore may
be imported.
This restriction is not to be construed as affecting tho Importation from
any non-enemy country of copper matte or blister copper, or copper con­
centrates containing 60% or more of copper.
Tho purpose of the new ruling, as of the former one, is to bring about the
ocean transportation of copper in a concentrated form rather than as the
bulkier o r e . _________

Tlio supply of wool in the United States has boon gradually decreasing
owing to enormous demands for military requirements, and bocauso of tho
shortage in ocean tonnage for transporting wool to this country and it
is ovidont thero will not bo sufficient wool to tako care of both civilian and
military neods unless somo comprohonsivo plan is adoptod for purchasing
and importing tho necessary supply.
It is apparont that under tho presont system of private transactions in CONTROL OF CHLORINE PLANTS TAKEN OVER BY
wool it is difficult to insuro tho utilization thereof in tho best interests of
GOVERNMENT.
the country; and likewise difficult for individuals to securo the’ nocossary
I n a n n o u n c in g o n J u ly 1 6 t h a t th e G o v e r n m e n t h a d ta k e n
tonnage bocauso of lack of assurance to tho Shipping Board that tho wools
imported will bo used for tho national interests.
o v e r c o n tr o l o f c h lo rin e , th e W a r In d u s tr ie s B o a r d s a id :
Tho War Trado Board, after consultation with the War Industries Board
Owing to the shortage of chlorine in tho United States, the War Industries
and tho War Department, have therefore adoptod tlio following ruling Board, with tho approval of the President, has passed a resolution taking
(W. T. B. K. 166):
over control of its production and distribution. For tho present, however,
1. All outstanding liconsos for tlio importation of wool from Uruguay, tho Board is doing no more than allocate the product, and this is being
Argentina and South Africa aro rovokod as to ocean sliipmonts from abroad done under tho direction of II. G. Carrell, Chief of the Alkali and Chlorine
after July 28 1918.
Section of the War Industries Board.
2. Hereafter no licenses for tho importation of wool from tho countries
Chlorine has a wide range of uses, the most important from the present
abovo referred to for shipment from abroad after July 28 1918, will bo Government point of view being In tho manufacture of gas shells and in
lssuod for tho remainder of the present calendar year, except to tho Quartcr- carbon tetrachloride, which is the basis of ono of tho most effective smoke
master-Gonoral of tho United States Army.
screens and also of the best fire extinguishers.
One of tho most Important commercial uses of chlorine is in tho bleaching
DECISIONS CONCERNING PRICE-FIXING ORDER FOR of paper and various cloth fabrics.

SOUTHERN PINE LUMBER.
C e r ta in d ec isio n s a s to

th e in te r p r e ta tio n o f th o p rice­

fix in g o rd e r fo r S o u th e r n p in o lu m b e r w ero a n n o u n c e d as
fo llo w s b y th e W a r In d u strie s B o a r d o n J u ly 1 5 :

After conferences between somo of tho representatives of tho Southern
Pino Association and a sub-committeo of tho War Industries Board, certain
decisions as to tho interpretation of tho prico-fixing order mado offectivo
Juno 15 aro announced.
Ono question raised concerned the price on Government orders placed
prior to midnight on Juno 14, when tho old schedule expired. It has been
decided that on such orders tho old price shall govern. On all future
business, however, it has been agreed that whatever price rules at tho time
of shipment shall bo applied.

WAR REVENUE LEGISLATION— PLATINUM SUPPLY.
H e a r in g s b y th e H o u s e W a y s a n d M e a n s C o m m it t e e o n
th o p ro p o se d w a r re v e n u e leg is la tio n w ero b r o u g h t to a c lo s e
o n J u ly 1 5 .

T h e r e -e x a m in a tio n o f C h a r le s J o h n s o n P o s t ,

re p re s e n tin g m a g a z in e a n d p e r io d ic a l p u b lis h e rs , a n d Jesse
I I . N e a l , r e p re se n tin g p u b lish e rs o f tr a d e p a p e r s , fig u r e d
in th o p ro ce ed in g s o f th o fin a l d a y s ’ h e a r in g s , th eir p re sen ce
b e fo re th o C o m m itt e e o n J u ly 1 2 b e in g fo r th o p u rp o s e o f
s u b m ittin g
sy stem

of

fin a l
r a te s

a r g u m e n ts — fo r
fo r

second

class

th o

re p e a l

m a il.

of

B o th

th o
urged

zone
th e

C a sh D is c o u n t C la u s e .

a d o p tio n o f a f la t r a t e o f tw o ce n ts a p o u n d , o r a n y o th e r

Anothor point raised was as to tho interpretation of tho cash discount
clauso in tho new ruling. That has boon interpreted to moan 2% off for
cash In ton days.
On tho question of a sub-committeo to roprosont tho manufacturers in
tho territory covered by tho Southern Pino Association, tho sub-committeo
of tho War Industries Board expressed tho opinion that a committoo or fivo
should bo choson to roprosent all tho manufacturers of tho district and not
any association, group of mills, or any faction of tho industry.
On tho question of placing large railroad orders through tho bureaus,
tho.sub-committeo docidod that such largo orders as that recently placed
for cars should pass through tho regular cliannols of tho War Industries

f la t r a te t h a t w o u ld a p p ly e q u a lly to a ll p u b lic a tio n s a n d n o t




d is c r im in a te a g a in s t th o s e o f n a tio n -w id e c ir c u la tio n .

M r,

P o s t , w h o is D ir e c to r o f th e P u b lish e rs A d v is o r y B o a r d ,
is sa id to h a v e sp e c ific a lly d isc la im e d s p e a k in g fo r th e n e w s­
paper
on

th o

p u b lish e rs
part

of

and
th o

d is a v o w e d
m a g a z in e

any

and

lo b b y in g
p erio d ica l

o p e ra tio n s
p u b lis h e rs .

C h a ir m a n K itc h in o f th e C o m m itt e e sa id th ero h a d b o en n o
in d ic a tio n o f a n y a t t e m p t to c o r r u p t , b u t t h a t th e re h a d

238

THE CHRONICLE

been lobbying. M r. Kitchin said nowspapor publishers
and magazine publishers differed as to the zone system,
tho former favoring it, but desiring to limit the rates so
that they would not affect themselves, and is reported to
have intimated that tho Committee has no idea of changing
the zone law.
D r. F . W . Taussig, Chairman of the Federal Tariff Com­
mission, who is said to have been requested to sit with the
W ay s and M eans Committee, while tho new revenue bill is
being drafted, is reported to have urged the inclusion by
tho Committee of a “ padlock” clause, making the taxes
and duties in the proposed bill effective from the time the
measuro is reported to the House. On July 17 tho Com­
mittee considered a tentative draft of the new $8,000,000,000
rovenue bill as framed by Chairman Kitchin and others.
There was a general discussion of tho tax on incomes, excess
profits and luxuries, but no conclusion upon any particular
item was reached. Tho draft considered is a composite
of tho present tax laws with a number of changes, particu­
larly in rates, proposed. The only now suggestion in the
confidential print of tho tentative bill is as to taxes on candy
and firearms, but no rate of taxation is proposed. None
of tho long list of luxuries which tho Treasury proposed for
taxation]?is included in the draft. They will bo taken up
later.
AccordingMo tho “Journal of Commerce” prliminary to
the executive session tho Committee granted a hearing to
tho W a r Industries Board on the platinum question. Tho
papor quoted says:
T h o o f f i c i a l s o f t h o B o a r d d o n i c d t h a t t h o G o v o m m o n t is s h o r t a n y
p l a t i n u m s t o c k s , b u t i t d e v e l o p e d t h a t C o l o m b i a is p l a n n i n g t o l o v y a t a x
o n th e m e t a l.
C o l o m b i a is p r o b a b l y t h o m o s t i m p o r t a n t s o u r c o o f s u p p l y
f o r n o t o n l y t h o U n it e d S t a t e s b u t a ll t h o A l l ie s .
L . Li. S u m m e r s , o f t h o C h e m i s t r y D i v i s i o n o f t h e W a r I n d u s t r i e s B o a r d ,
a p p e a r e d b e fo r o th e C o m m it t e o .
I f o w a s a c c o m p a n i e d b y C . L I. C o n n e r ,
t h o h e a d o f t h o p l a t in u m s e c t i o n .
A c a b le w a s re a d t o th o C o m m itte o
s t a t in g th a t th o C o lo m b ia H o u s o o f K cp ro s e n ta tiv c s h a d ju s t v o t e d t o lo v y
a t a x o n p l a t i n u m , a n d t h a t t h o C o l o m b i a n S c n a t o w o u ld u n d o u b t e d l y
a p p ro v o th o ta x .
M r . C o n n e r d e n i e d t h a t t h o r o is a n y s c a r c i t y o r l a c k o f p l a t in u m f o r t h e
G o v e rn m e n t’s n e e d s.
l i e s ta te d th a t t h e G o v e r n m e n t h a s 2 5 ,0 0 0 o u n c e s
o f p l a t in u m in h a n d d e p o s i t e d w i t h t h e m i n t s , a n d h a s u n d e r it s c o n t r o l
1 5 ,0 0 0 o u n c e s m o r o w h ic h is h e l d b y t h e in d u s t r y t o t h o c r e d i t o f t h o
U n it e d S t a t e s G o v e r n m e n t .
T h o w it n e s s e s d e c l a r e d t h a t t h e y s a w n o
r e a s o n w h y j e w e l e r s s h o u l d n o t b o a l lo w e d t o s e ll t o c o n s u m e r s a ll t h o
p l a t in u m j e w e l r y w h ic h is a l r e a d y m a d o u p .
T o p r e v e n t t h o s a le o f th is
s t o c k o f j e w e l r y w o u ld o n l y b e a h a r d s h i p u p o n t h e s m a ll b u s in e s s m o n w h o
h a v e t i e d t h e i r f u n d s u p in t h e p r o d u c t s .
O n th o o th e r h a n d e v e n s h o u ld
t h o p l a t in u m j o w e l r y g e t i n t o t h o h a n d s', o f c o n s u m e r s t h o G o v e r n m e n t
c o u l d a d o p t s o m o m e a n s o f g e t t i n g t h o p l a t in u m s h o u l d t h o e m e r g e n c y
e v e r a r is e .
I t w as d o u b tfu l, h o w o v e r , w h eth er a n y su ch g re a t em e rg e n cy
w o u l d a r is e .

BREWERS M A Y COUNT ON ONLY ENOUGH FUEL
TO UTILIZE M ATERIALS IN PROCESS
OF MANUFACTURE.
Advices to brewers that they will not be ablo to count
on a supply of coal beyond that needed to use up the ma­
terials in tho process of manufacture, including malt al­
ready manufactured, were issued by tho Federal Fuel
Administration on July 10. The reasons therefore, the
Administration announced, is “ the present coal, transpor­
tation and other shortages,” A n order curtailing the con­
sumption of fuel by brewers to 50% of tho average annual
amount of fuel consumed at such brewery during the period
from Jan. 1 1915 to Dec. 31 1917 was issued by the Fuel A d ­
ministration on July 3. The regulations affect tho browing
of alcoholic or non-alcoholic cereal beverages, including
beer, ale, porter, and beer substitutes for a period of twelve
months from July 1 1918 to June 30 1919. The following
is the announcement issued by the Fuel Administration
on tho 10th:
R e f e r r in g t o t h o o r d e r o f J u l y 3 , c u t t i n g d o w n f u e l g o i n g t o b r e w o r io s ,
M r . G a r f i e ld s t a t e s t h a t in v i e w o f t h o p r e s e n t c o a l t r a n s p o r t a t io n a n d o t h e r
s h o r t a g e s , a n d u n t il t h o p r o s p e c t o f la r g e r s o r v ic o is a s s u r e d , b r e w e r ie s w ill
n o t b o a b l o t o c o u n t u p o n a s u p p l y o f c o a l b o y o n d t h a t n e e d e d t o u t iliz e
t h e m a t e r ia ls in t h o p r o c e s s o f m a n u f a c t u r e , i n c lu d in g m a lt a l r e a d y m a n u ­
fa c tu re d .
T h is is m e r e ly a n o t h e r s t o p In t h o p r o g r a m o f c u r t a il m e n t o f n o n - w a r
in d u s t r ie s b e g u n s o v e r a l m o n t h s a g o , a n d is n c e s s a r y in o r d e r t h a t c o a l m a y
b o i m m e d i a t e l y d e l iv e r e d t o w a r i n d u s t r ie s a n d t o s e c t io n s o f t h o c o u n t r y
r e m o t e f r o m t h e m in e s .
A t t h o p r e s e n t t i m e , f o r o x a m p l o , t h o r a ilr o a d s r e p o r t t h a t 2 0 0 m o r o
c a r s c a n b o p a s s e d d a i l y t h r o u g h t h e N e w E n g la n d g a t e w a y s , p r o v i d e d t h e
c o a l c a n b o f u r n is h e d .
I t is i m p e r a t i v e t h a t a d v a n t a g e b o t a k e n o f th is
o p p o r t u n i t y , b e c a u s o t w o - t h i r d s o f N o w E n g l a n d 's c o a l s u p p l y g o e s in b y
w a t o r a n d a f t e r w in t e r s e t s in s h i p m e n t s a r e g r e a t l y r e d u c e d .
M oreover,
t h o d o l i v e r y o f t h o N e w E n g la n d a l lo t m e n t b y w a t e r is s e r io u s l y b e h i n d
s c h o d u l o , b u t c o a l f o r 2 0 0 a d d it i o n a l c a r s c a n b o h a d o n l y b y d i v e r t in g
f r o m o t h e r in d u s t r ie s , a n d o b v i o u s l y i t s h o u l d b o t a k o n f r o m n o n - w a r in ­
d u s t r ie s .
B e f o r o is s u in g t h o o r d e r o f J u l y 3 t h e F u e l A d m i n i s t r a t o r c o n f e r r e d w i t h
a s p e cia l c o m m it t e e a p p o in t e d b y th o P r e s id e n t, c o m p o s e d o f M r . B a r u c h ,
M r . H o o v e r . M r . M c C o r m ic k a n d M r . G a r fio ld , t o c o n s id e r th e r e d u c t io n
o f a c t i v i t i e s in n o n - w a r in d u s t r ie s t o s a v e t h o c o n s u m p t i o n o f r a w m a t e r ia ls
f o o d , l a b o r , a n d t r a n s p o r t a t io n , a n d t h a t t h o o r d e r h a d t h e ir a p p r o v a l .




[V o l . 107.

T h i s c o m m i t t e o h a s r e c o m m o n d e d t h e a p p o in t m e n t o f a s p e c i a l c o m m i t ­
te o , c o m p o s e d o f M e s s rs . C la re n co M . W o o lle y , E d w a r d C h a m b o r s , P . B .
N o y e s , T h e o d o r o F . W h l t m a r s h , a n d E d w i n B . P a r k e r , o f t h o P r i o r it i e s
B o a r d , a n d P r o f . E d w i n F . G a y , s t a t is t i c ia n , t o s t u d y e a c h i n d u s t r y w it h a
v i e w t o a s c e r t a in in g w h a t c u r t a il m o n c c a n b e m a d e , a n d t o r e p o r t t o t h o
P r i o r it i e s B o a r d f r o m t i m e t o t im e , t h e P r i o r it i e s B o a r d in t u r n a d v i s i n g
t h o v a r i o u s a d m i n i s t r a t i v e d e p a r t m e n t s t o t a k e s u c h a c t i o n a s w ill e f ­
f e c t u a t e it s r e c o m m e n d a t io n .

The order of July 3 and the announcement relativo thoreto
follows:
T h e U n it e d S t a t e s F u o l A d m i n i s t r a t i o n a f t e r c o n s u l t a t io n w ith , t h o W a r
I n d u s t r ie s B o a r d h a s is s u e d a r e g u l a t io n c u r t a il i n g t h o c o n s u m p t i o n o f
f u o l in b r e w e r ie s t o 5 0 % o f t h e a v o r a g o a n n u a l a m o u n t o f f u o l c o n s u m e d
a „ s u c h b r e w e ry d u rin g th o p e r io d fr o m J a n . 1 1 9 1 5 , t o D o c . 31 1 9 1 7 .

The following is tho text of the order:
U.

S. F U E L

A D M IN IS T R A T IO N ,

W ashington, D . C ., July 3 1 9 1 8 .
Regulation R estricting F u el C onsum ption by Brewers.
I t a p p e a r in g t o t h o U n it e d S t a t e s F u e l A d m i n i s t r a t o r , a f t e r c o n s u l t a ­
t i o n w i t h t h o C h a ir m a n o f t h e W a r I n d u s t r ie s B o a r d , in v i e w o f t h e n e ­
c e s s it y f o r c o n s e r v in g t h o c o u n t r y ’s r e s o u r c e s f o r t h o p r o s e c u t io n o f t h o
w a r a n d In c o n s i d e r a t io n o f t h o in c r e a s e d d e m a n d f o r f u o l f o r in d u s t r ie s
e n g a g e d in t h o p r o d u c t i o n o f m u n i t io n s a n d c o m m o d i t i e s r e q u i r e d o f
t h o c o n d u c t o f t h o w a r , a n d t h o f a c t t h a t o w in g t o t h o l im i t a t io n s u p o n
t r a n s p o r t a t io n f a c il i t i e s a n d o t h e r c a u s o s r e s u lt in g f r o m t h o w a r , t h e r e is a n
i n s u f fi c ie n t s u p p l y o f f u e l f o r t h o s e p u r p o s e s , a n d a ls o f o r a ll t h o o t h e r p u r ­
p o s e s o x i s t i n g in n o r m a l t im e s , t h a t i t is e s s e n t ia l t o t h o n a t i o n a l s e c u r i t y
a n d d e f o n s o f o r t h o s u c c e s s fu l p r o s e c u t io n o f t h e w a r , a n d f o r t h o s u p p o r t
a n d m a in te n a n ce o f t h o A r m y a n d N a v y , t o re s trict th o c o n s u m p tio n o f
f u e l in c e r t a in lin e s o f i n d u s t r y ; a n d t h a t a m o n g s u c h in d u s t r ie s is t h a t o f
t h o b r o w in g o f b e e r , a l e , p o r t e r , a n d o t h e r c e r e a l b o v e r a g e s , a s d e f in e d
in t h o r e g u l a t io n h e r e in a f t e r p r e s c r ib e d ; a n d t h o U n it o d S t a t e s F u e l A d ­
m in is t r a t o r h e r e b y f in d in g t h a t t h o r e s t r i c t io n o f fu o l c o n s u m p t i o n t o t h o
e x t o n t s p e c i fi e d in s a id r e g u l a t io n is r e a s o n a b l e , a n d t h a t s u c h r e s t r i c t io n
w ill c o n t r i b u t e t o t h e s u c c e s s fu l o u t c o m e o f t h o w a r t li r o u g h t h o r e le a s in g
o f f u e l a n d o t h o r r e s o u r c e s f o r w a r p u r p o s e s , a n d w ill r e s u lt , w it h o t h e r
l im i t a t io n s u p o n t h o u s o o f f u e l In v a r i o u s o t h o r lin o s o f i n d u s t r y t h r o u g h
t h o e s t a b lis h in g o f s im ila r r e g u l a t io n s , in a n e q u i t a b l e d i s t r i b u t i o n a n d
a p p o r t i o n m e n t o f f u o l a m o n g c o n s u m e r s , in a c c o r d a n c e w i t h t h o r e la t i v e l y
c s s o n t ia l n a t u r o o f t h o ir p r o d u c t t o t h o p r o s e c u t io n o f t h o w a r .
T h o U n it e d S t a t e s F u e l A d m i n i s t r a t o r , a c t in g u n d e r a u t h o r i t y o f a n
E x e c u t i v e o r d e r o f t h o P r e s i d e n t o f t h o U n it e d S t a t e s , d a t e d A u g . 2 3 1 9 1 7 ,
a p p o in t i n g s a id A d m i n i s t r a t o r , a n d o f s u b s e q u e n t E x e c u t i v e o r d e r s , a n d
in f u r t h e r a n c e o f t h e t h e p u r p o s e o f s a id o r d o r s a n d o f t h o A c t o f C o n g r e s s
t h e r e in r e fe r r e d t o a n d a p p r o v e d A u g . 1 0 1 9 1 7 ,
H e r e b y m a k e s a n d e s t a b lis h e s t h o f o l l o w i n g r e g u l a t io n e f f e c t i v e u n t il
fu r th o r o r o th e r o r d e r , a n d s u b je c t t o g e n e ra l o r s p e c ific m o d ific a t io n h ere­
a f t e r f r o m t i m e t o t im e , a n d a t a n y t im e ;

Regulation R estricting F u el Con su m ption by Brewers.
1 . T h a t t h o t e r m “ b r e w e r ” in t ills r e g u l a t io n s h a ll b o c o n s t r u o d t o i n c lu d o
a n y p e r s o n , f i r m , a s s o c ia t i o n , o r c o r p o r a t i o n , e n g a g o d in t h o b r o w in g o f
a l c o h o l i c o r n o n a lc o h o l i c b e e r , a l e , p o r t o r , o r o t h e r c e r e a l v o b o r a g e s .
2 . T h a t t h o t e r m “ b r e w e r y ” s h a ll b o c o n s t r u e d t o m o a n a n y b u i l d in g ,
p r i v a t o o r p u b l i c , i n w h ic h a r t if i c ia l h e a t is u s e d t o a i d in t h o p r o d u c t i o n o f
a lc o h o lic o r n o n a lc o h o lic b e e r , a lo , p o r t o r , o r o th e r ce re a l b o v o r a g o s .
3 . T h a t n o b r o w e r , a s d e f in e d a b o v e , s h a ll a t a n y o f i d s b r e w o r io s c o n ­
s u m e , b u r n , o r u s o f u e l o f a n y d e s c r ip t i o n , in c lu d in g c o a l , c o lc o , n a t u r a l g a s ,
f u o l o i l , o r o t h e r p e t r o le u m p r o d u c t s , o r u s o p o w o r d e r i v e d f r o m a n y s u c h
f u e l, f o r o r in c o n n e c t i o n w i t h t h o b r o w in g o f e it h e r a l c o h o li c o r n o n a l c o h o l i c
c o r o a l b o v o r a g e s , in c lu d in g b o o r , a lo , p o r t e r , a n d b e e r s u b s t i t u t e s , a s a b o v o
d o fin e d , d u r in g th e y e a r b e g in n in g J u ly 1 1 9 1 8 , a n d e n d in g J u n o 3 0 1 9 1 9 ,
t o a n a m o u n t In e x c e s s o f 5 0 % o f t h o a v o r a g o a n n u a l a m o u n t o f t h o f u o l
c o n s u m e d a t s u c h b r e w e ry d u r in g th o p e r io d fr o m J a n . 1 1 9 1 5 , t o D e c .
31 1 9 1 7 .
4 . T h a t w h e r e i t a p p o a r s t h a t a n y p a r t i c u la r b r e w e r y w a s n o t in e x is t ­
e n c e o n J a n . 1 1 9 1 5 , t h o n a n d in s u c h c a s o t h o p e r i o d d u r i n g w h ic h it h a s
b e e n in o x is t o n c o p r i o r t o J a n . 1 1 9 1 8 s h a ll b o c o n s i d e r e d a n d u s e d a s a b a s is
in d e t e r m in i n g t h o q u a n t i t y o f fu o l t h a t m a y b o c o n s u m e d u n d e r t h is
r e g u la t io n d u r i n g t h o y e a r b e g i n n i n g J u l y 1 1 9 1 8 .
5 . T h a t a n y b r o w e r a s a b o v o d e f in e d o w n in g a n d o p e r a t i n g m o r o t h a n
o n o b r o w e r y f o r t h o b r o w in g o f a l c o h o l i c o r n o n a l c o h o l i c b e e r , a le , p o r t o r ,
o r o t h e r c e r e a l b o v e r a g e s , m a y c o m b i n o s u c h b r o w o r l c s a n d u s o in s u c h c o m ­
b in e d b r e w e r y t h o f u e l a l lo t t e d t o e a c h o f s u c h b r o w o r io s b y t h is r e g u l a t io n ,
p r o v i d o d t h o t o t a l a m o u n t o f f u o l s o u s o d a t s u c h c o m b i n e d b r o w e r y s h a ll
n o t b o in o x c e s s o f t h o a m o u n t o f f u o l p e r m it t e d t o b o u s o d b y a ll o f s u c h
b r e w e r ie s w h e n o p o r a t e d s e p a r a t e l y .
6 . T h a t w h e n e v e r t w o o r m o r e b ro w o rs fin d t h a t a fu r th e r fu o l o c o n o m y
w o u l d r e s u lt f r o m u s in g in o n o b r e w e r y t h o a l lo t m e n t s o f f u o l a s p r o v i d o d
f o r b y t h is r e g u l a t io n t o t w o o r m o r o b r o w e r ie s t h o n , u p o n a p p li c a t io n t o
t h o U n it o d S t a t e s F u o l A d m i n i s t r a t i o n a n d u p o n r o c e ip t o f a p e r m it t h o r o f o r ,
s u c h b r e w e r s m a y u s o t h o a g g r e g a t e a l lo t m e n t s o f f u o l t o t h e ir r e s p e c t iv e
b r e w e r ie s a t o n o o r m o r o b r o w e r ie s o p o r a t o d j o i n t l y b y t h e m , p r o v i d e d t h o
a m o u n t o f f u e l s o u s e d s h a l l n o t e x c e e d t h o a m o u n t o f f u o l p e r m it t e d t o b o
u s e d b y a ll s u c h b r o w e r ie s w lio n o p o r a t o d s e p a r a t e l y .
7 . T h a t a n y s u c h b r e w e r v i o l a t i n g o r r e fu s in g t o c o n f o r m t o t h o a b o v o
r e g u l a t io n s h a ll b e l ia b lo t o t h o p o n a l t y p r o s c r ib e d In t h o a f o r e s a id A c t o f
C on gress.
II. A . G A R F IE L D ,

United States Fuel Administrator.

NATIONAL COAL ASSOCIATION URGES PROHIBITION
IF COAL REQUIREMENTS ARE TO BE M ET.
According to tho National Coal Association immodiato
nation wide prohibition is necessary if tho oxtra 100,000,000
tons of coal a year needed by tho country is to bo mined.
A statemont to this offect issuod by tho Committeo has boon
sont to Fuel Administrator Garfiold, who is said to have
laid its recommendation before Prosidont Wilson. In tho
statement to M r. Garfiold tho Association said:
R e g a r d le s s o f p o l it i c a l a f fi l ia t i o n s o f t h o m e m b e r s o f t h o a s s o c ia t i o n , a n d
l e a v i n g o u t o f c o n s i d e r a t io n t h o m o r a l is su e s i n v o l v e d , a n d b a s in g i t s
o p i n i o n e n t i r o l y o n e c o n o m i c a n d p a t r i o t i c g r o u n d s , t h o c o m m i t t e o u n a n i­
m o u s l y a n d u n q u a l if ie d ly b o lio v e s t h a t n a t i o n a l p r o h i b i t i o n f o r t h o p e r i o d
o f t h o w a r is a b s o l u t e l y n e c e s s a r y t o m a k e o f f c c t l v o t h is o r a n y o t h o r p la n
f o r in c r e a s e d c o a l p r o d u c t i o n .
t3 |
A c o m p a r is o n o f t h e r e c o r d s o f p r o d u c t i o n o f m in o s in w e t a n d d r y t e r r i ­
t o r y fu r n is h e s a m p l e p r o o f o f t h o n o o d o f p r o h i b i t i o n .
T h o v a r io u s In ­
s ta n ce s c it e d t o y o u n e e d n o t b o ro p o a te d h e re , b u t t h o y t y p ify th e o x p e r le n c o o f o p e r a to r s th r o u g h o u t t h o e n tire c o u n t r y .

A . R . Hamilton, Chairman of tho Coal Production Commitooe of tho Association, in a statement to tho public, said:
O u r c o m m i t t e e is c o m p o s e d o f p r a c t ic a l o p e r a t i n g m e n , r e p r e s e n t in g a ll
t h o p r i n c ip a l p r o d u c i n g d i s t r i c t s o f t h o c o u n t r y .
T h o y a r o m o n o f a ll
sh a d e s o f p e rso n a l o p in io n .
S o m o c o m o fr o m w o t S ta to s, s o m e c o m o fr o m
d r y S ta to s, a n d s o m o fro m S ta to s p a r tly w o t a n d p a r tly d r y .
T h o y a ll
t o l d t h e ir s t o r ie s a n d p r o s o n t o d t lio ir f ig u r e s t o s h o w , n o t o n l y t h e r o la t i v o
e f f i c i e n c y o f t h o m in e s a s b e t w e e n w o t a n d d r y S t a t e s , b u t t h o d i f f i c u lt i e s
o f w o r k in g o u t a n y p r a c t ic a l b e n e f i t s f r o m d r i n k r e s t r i c t io n a l o n g t h o
b o r d e r lin o b o t w e e n w o t a n d d r y t e r r i t o r y .
T h o r e s u lt w a s a d e t e r m in e d
a n d u n q u a l if ie d s t a n d f o r n a t i o n a l p r o h i b i t i o n .
T h e c o m m i t t o e fe e ls t h a t t h e d r i n k i n g e v i l h a s b o c o m o s o r a m p a n t i n t h o
m in in g c o m m u n it i e s t h a t it s c o m p l e t e e l im i n a t i o n is f u n d a m e n t a l l y n e c e s ­
s a r y in t h o e f f o r t t o s p o e d u p t h o m in e s s u f f i c i e n t l y t o g e t t h o 1 0 0 ,0 0 0 .0 0 0
a d d it i o n a l t o n s o f c o a l t ills c o u n t r y w ill r e q u ir e t h is y e a r .
I t is n o w u p t o
C o n g r e s s t o m a k e a c le a n c u t c h o i c o b o t w e o n b o o z o f o r t h o m in in g c o m ­
m u n it ie s a n d c o a l f o r t ii o w a r a n d t h o p u b li c .

DISCUSSION OF METHODS OF INCREASING OUTPUT
OF M A C H IN E TOOLS.
Announcement concerning a conference held to discuss
mothods of increasing tho output of machine tools was made
as follows by tho W a r Industries Board on July 7:
M e t h o d s o f in c r e a s in g t h o o u t p u t o f p l a t o - w o r k i n g m a c h i n o t o o l s t o m e e t
t h o u n u s u a l d e m a n d s , p r i n c ip a ll y o f t h o N a v y a n d t h o E m e r g e n c y F l o e t
C o r p o r a t i o n , w o r o d i s c u s s e d a t a m e e t in g o f s u c h t o o l b u ild e r s w i t h r e p r e ­
s e n t a t i v e s o f t h e W a r I n d u s t r ie s B o a r d , a r m y a n d n a v y o n g i n c o r s , t h o
E m o r g o n c y F l e o t C o r p o r a t i o n , a n d s o m o o f it s s u b - c o n t r a c t o r s .
P r o b a b ly
9 5 % o f t h o m a n u f a c t u r e r s o f p u n c h in g a n d s h e a r in g m a c h i n e r y , b o n d in g
r o ll s , p l a t e p la n e r s , s p a c i n g t a b l e s , & c . , w e r o r e p r o s o n t o d .
S u g g e s t io n s f o r in c r e a s in g t h o o u t p u t i n c lu d e d : M o r o i n t e n s iv e m a n u ­
f a c t u r i n g b y e l im in a t in g f r o m c e r t a in s h o p s t h o b u i l d in g o f t h o u s u a l la r g o
v a r i o t y o f t o o l s a n d c o n c e n t r a t in g o n t h o p r o d u c t i o n o f a lim i t e d v a r i e t y
a n d th o d is trib u tio n o f c o n t r a c ts t o c o n c o r n s th a t h a v e n o u rg e n t w a r
c o n t r a c t s , b u t w h ic h , w it h t h o a i d o f p a t t e r n s , d r a w in g s , a n d t h o c o ­
o p e r a t i o n o f r e g u la r m a n u f a c t u r e r s , c o u l d p r o d u c e s t a n d a r d e q u i p m e n t .
I t Is h o p o d in t h is w a y t o a d v a n c o t h o g e n e r a l w a r p r o g r a m .
T o c a r r y o u t t h o s u g g e s t io n s a d o p t e d b y t h o m o o t in g a c o m m i t t e o o f
m a n u fa ctu re rs w a s a p p o in t e d t o w o r k in c o n ju n c t io n w it h G . E . M e r r y w e a th e r , C h ie f o f th o M a c h in o T o o l S e c tio n o f t h o W a r In d u s trie s B o a r d .
T h i s c o m m i t t e o i n c lu d e s : I I . J . B a i l o y o f I l i l l e s & J o n e s , W i l m i n g t o n , D e l . ,
a s C h a ir m a n ; W . I t . B e a t t y o f t h o B e a t t y M a c h i n o & M a n u f a c t u r i n g C o . ,
I la m m o n d , I n d .; W . I I . H a r m a n o f th o S o u th w a r k M a c h in o C o . , P h ila ­
d e l p h i a ; W a l t e r D . S a y lo o f t h o C l e v e l a n d P u n c h & S h e a r W o r k s , C l e v e ­
l a n d , O h io ; F r e d C . A v e r y o f t h o L o n g & A l l s t a t e r C o . , H a m i l t o n , O h io .

COAL OPERATORS OPPOSED TO BONUS SYSTEM
TO MINERS.
In making known that coal oporators aro opposed “ to
tho bonus system” to miners, tho Federal Fuel Administra­
tion issued tho following statement:
C o a l o p e r a t o r s o f c e n t r a l P e n n s y lv a n ia , in a c o n f e r e n c e h o ld in W a s h i n g ­
t o n , t o o k c o g n i z a n c e o f t h o w a r n in g o f t h e U n it e d S t a t e s F u o l A d m i n i s t r a ­
t io n t h a t t h o p r a c t i c e o f p a y i n g “ b o n u s e s ” t o m in e r s t h r e a t e n e d t o u n s o t t l o
t lie e n t ir o l a b o r s i t u a t io n t li r o u g h o u t t h o s o f t c o a l f ie l d s o f t h e c o u n t r y .
T h o c o n f e r e n c e a d o p t o d a r e s o lu t i o n r e q u e s t in g t h o F u o l A d m i n i s t r a t i o n
t o c lo s o d o w n a n y m in o t h a t p e r s is t s in t h e p a y m o n t o f b o n u s e s o r o t li o r
v i o la t i o n s o f t h e W a s h i n g t o n w a g o a g r e e m e n t s a t id t h e r u le s a n d r e g u la t io n s
o f t h o F u e l A d m in is tra tio n .
T h o c o n fe re n ce w a s a tte n d e d b y m o r o th a n 150 o p o r a to r s .
A ll o f th o
sp e a k e r s w h o a d d re s s e d th o c o n fe r e n c e e m p h a s iz e d th e fa c t th a t c o m p e t it io n
f o r l a b o r b y t h o p a y m e n t o f b o n u s e s , p r o m iu m s , p r iz e s , & c . , h a d a d i s o r ­
g a n i z i n g e f f e c t , s o m o m in e s g e t t i n g m o r o t h a n t h e i r s u p p l y o f l a b o r , w h il e
o t h e r s w e r o r e n d e r e d id le o r n e a r l y s o o n t h a t a c c o u n t .
T h o n e t re s u lt,
t h e y c o n t e n d e d , w a s d i s s a t is f a c t io n a m o n g t h e m in e r s a s a w h o le a n d lo s s
o f p r o d u c t i o n t h r o u g h t h o s h i ft i n g o f t h o m o n f r o m o n o m in e t o a n o t h e r
i n c o m p e t i t i o n f o r t h o h ig h e r w a g e s .
I I . A . G a r f i e ld , U n it e d S t a t o s F u o l A d m i n i s t r a t o r , t o l d t h o o p e r a t o r s
t h a t t h o F u o l A d m i n i s t r a t i o n w a s o p p o s e d t o a n y p r a c t i c o w h ic h r e s u lt e d
In d i s t u r b in g l a b o r c o n d i t i o n s a n d c u r t a il o d p r o d u c t i o n a t a t im e w h e n t h o
c o a l o u t p u t w a s v i t a l t o t h e s u c c e s s o f A m e r i c a a n d h e r a llie s .
T h o r e s o lu t i o n a d o p t e d b y t h o c o n f e r e n c e r o c o m m o n d in g t h a t t h o F u o l
A d m i n i s t r a t i o n t a k e v i g o r o u s s t o p s t o s u p p r e s s t h o s o - c a ll e d " b o n u s s y s t o m ”
w a s t r a n s m it t e d a t o n c o t o a ll o f t h o o p o r a t o r s In t h o c o n t r a l P e n n s y lv a n ia
fio ld .

Text of Resolution.
T h o r e s o lu t i o n r o a d :
W h o r o a s , it h a s b e e n b r o u g h t t o o u r a tt e n t io n b y th o F u o l A d m in is tra ­
t io n t h a t m a n y c o a l o p e r a t o r s a r o g r a n t i n g b o n u s e s a n d o t h e r in d u c e m e n t s
f o r l a b o r , t h e r e b y c a u s i n g u n r e s t , u n u s u a l l a b o r t u m o v o r , a n d i n t e r f e r in g
w it h m a x i m u m p r o d u c t i o n o f c o a l :
I t o s o l v c d , T h a t w o r e c o m m e n d t h o F u o l A d m i n i s t r a t i o n c lo s e d o w n c o a l
m in e s in c e n t r a l P e n n s y lv a n ia a s b e i n g w a s t e f u l a n d u n e c o n o m i c f o r w o r k in g
in t h o p r e s e n t w a r e m e r g e n c y , w h o r o t h o w a g o r a t o s o r c o n d i t i o n s o f f e r e d
a t t h o s a m o e x c e e d t h e r a t e s a n d c o n d i t i o n s in e f f e c t u n d e r t h o W a s l ii n g t o n
a g r e e m e n t , a s a p p li e d t o t h o c o n t r a l P e n n s y lv a n ia f i e l d , o r d e c i s io n s o f
t h o U n lt o d S t a t o s F u e l A d m i n i s t r a t i o n t h e r e u n d e r .
T h a t a b o a r d o f f iv o m e m b e rs b o c o n s t it u t e d b y t h o A s s o c ia t io n o f
B i t u m i n o u s C o a l O p e r a t o r s o f C o n t r a l P e n n s y lv a n ia , s u b j e c t t o a p p r o v a l
o f t h o U n it e d S t a t o s F u e l A d m i n i s t r a t i o n , t o d e t e r m in e In e a c h c a s e u p o n
h e a r in g t o t h o o p e r a t o r t h o q u e s t i o n o f w h o t h o r a n y o p e r a t o r b e l o n g s in
t h o c la s s o f s u c li w a s t e fu l a n d u n e c o n o m i c m in o s f o r w o r k in g a t t h is t im e .
T h o f in d in g s a n d r e c o m m e n d a t io n s o f s u c li b o a r d t o b o s u b j e c t t o a p p e a l
t o t h O iF u o l A d m i n i s t r a t i o n b y a n y a g g r i o v e d p a r t y .

$ 5 5 0 ; r u n o f r e t o r t s s c r e e n e d a b o v e t h r e o - f o u r t h in c h s i z o , SO; s c r e e n e d
a n d s iz e d a b o u t t h r o e - f o u r t h i n c h , S6 5 0 ; s c r e e n e d a n d s iz e d b e t w e e n o n e ,h a lf a n d t h r e e -fo u r t h in c h , 84 5 0 .
T h o p r i c e s o f g a s c o k o , a t t h o p l a n t in d i s t r i c t s w h e r e a n t h r a c i t e c o a l is
o b t a i n a b l e , s o l d t o d e a l e r s f o r d i s t r i b u t i o n in l c s s - t h a n - c a r l o t s , o r d e l i v ­
e r e d d i r e c t t o c o n s u m e r s f o r h o u s e h o l d p u r p o s e s , a r e f ix e d a s f o l l o w s :
S c r e e n e d a n d s iz e d a b o v e t h r e e - f o u r t h i n c h , t h o s a m o p r i c o e s t a b l is h e d
f o r s t o v o a n t h r a c i t e in t h e s a m o l o c a l i t y ; r u n o f r e t o r t s s c r e e n e d a b o u t
t h r o e - f o u r t h i n c h , 2 5 c e n t s le s s t h a n t h o p r i c o o f s t o v o a n t h r a c i t e ; r u n o f
r e t o r t s n o t s c r e e n e d , 7 5 c e n t s le s s t h a n t h o p r i c o o f s t o v e a n t h r a c i t o .
C oko
s o l d f o r p u r p o s e s o t h e r t h a n t h o s e j u s t m e n t io n e d w il l t a k e s a m o p r i c o a s
g a s c o k o in l o c a li t ie s w h e r e a n t h r a c i t e is n o t o b t a i n a b l e .
T h o m a x i m u m p r i c e f o r b r e e z e s h a ll b o o n o - h a l f t h o p r i c e e s t a b l is h e d f o r
r u n o f r o t o r t s c o k o u n s c r e o n o d m a d e in g a s r e t o r t s w h e r o s u c h b r e e z e is
p rodu ced.
T h o o r d e r r e la t i n g t o c o k e m a d e in b e e h i v e o v e n s p r o v i d e t h a t t h o p r i c o
p o r t o n f . o . b . t h o o v e n s f o r c r u s h e d c o k o o v e r t h r e e - f o u r t h i n c h s iz o s h a ll
b o th o m a x im u m p r ic e fo r 7 2 -h o u r s e le cte d f o u n d r y c o k e , p lu s 3 0 c e n t s .
A l l p r e p a r e d s iz o s o f c lo a n d r y - s c r e o n o d c o k o u n d e r t h r e e - f o u r t h i n c h s iz o
s h a l l b o S I le s s t h a n t h o p r i c o f o r b l a s t f u r n a c e c o k o m a d e a t b e e h i v e o v e n s
s u c l i c o k o is p r o d u c e d .
T h o m a x i m u m p r i c o f o r b r e e z o s h a ll b o o n - h a l f
t h e p r i c o e s t a b l is h e d f o r b l a s t - f u r n a c o c o k o m a d e in b e e h i v e o v e n s w h e r e
s u c h b r o o z o is p r o d u c e d .
T h o m a x b n u m p r ico fo r c o k e p e r to n f. o . b . ca rs a t o v e n s fo r cru sh ed
c o k e o v e r th r e o -fo u r th in c h s iz e p r o d u c e d a t a n y b y - p r o d u c t o v e n p la n t
s h a ll b o t h o m a x i m u m p r i c o f o r r u n - o f - o v o n s c o k e , p l u s 5 0 c e n t s .
T h is
s h a ll in c lu d o a l l p r e p a r e d s iz e s o f c le a n h a r d c o k o o v e r t h r e e - f o u r t h i n c h
s iz o , w h o th o r c r u s h e d o r s cre o n e d m e c h a n ic a lly o r s c r e e n e d b y h a n d .
T h o m a x i m u m p r i c o p e r t o n f . o . b . c a r s a t o v o n s f o r a ll p r e p a r e d s iz e s o f
c lo a n d r y - s c r e o n o d c o k o u n d e r t h r e o - f o u r t l i i n c h s iz o s h a ll b o $ 1 p e r t o n le s s
t h a n t h o p r i c o f o r r u n - o f - o v e n s m a d o in b y - p r o d u c t o v e n s w h e r e s u c h c o k e
is p r o d u c e d .
T h o p r i c o p o r t o n f o r b r e o z o s h a ll b o o n e - h a l f t h o p r i c o o f
r u n - o f - o v o n c o k o m a d o in b y - p r o d u c t o v e n s w h e r o s u c h b r e e z o is p r o d u c e d .
P r i c e s f o r c o k o p r o d u c e d in t h o S t a t e o f U t a h w e r e e s t a b l is h e d a s f o l ­
l o w s : $ 8 5 0 p o r t o n f o r s m e lt i n g o r f u r n a c o c o k o ; 8 9 5 0 p e r t o n f o r 7 2 - h o u r
s o lo cto d fo u n d r y c o k e .

Tho Fuol Administration also mado public at the same
time tho following [with reference to tho prices established:
I t a p p e a r in g t o t h o U n it e d S t a t e s F u e l A d m i n i s t r a t o r t h a t a s a n t h r a c i t o
c o a l is n o t o b t a i n a b l e in c e r t a in d i s t r i c t s w h e r e , g a s c o k o is p r o d u c o d , a n d
t h a t t h o r e a r o n o p u b li s h e d r a i lr o a d f r e i g h t r a t o s o n a n t h r a c i t o c o a l t o s u c h
d i s t r i c t s , t h e r e f o r e v a r i o u s a d d it i o n a l r e g u l a t io n s s h o u l d b o p u t in f o r c e
fo r th o b e t t o r c o n t r o l o f d is t r ib u t io n o f g a s c o k o , a n d o f th o p r ice s a t w h ic h
it s h o u ld b o s o ld .
•
T h e U n it o d S t a t o s F u e l A d m i n i s t r a t o r , a c t i n g u n d e r t h o a u t h o r i t y o f a n
E x o c u t i v o o r d e r o f t h e P r e s i d e n t o f t h o U n it e d S t a t e s , d a t e d A u g . 2 3 1 9 1 7 ,
a p p o in t i n g s a i d a d m i n i s t r a t o r , a n d o f ‘S u b s e q u e n t E x e c u t i v e o r d o r s , a n d
in fu r t h e r a n c e o f t h e p u r p o s e o f s a id o r d o r s a n d o f t h o A c t o f C o n g r e s s
t h e r e in r e fe r r e d t o a n d a p p r o v e d A u g . 10 1 9 1 7 .
H e r e b y o r d e r s a n d d i r e c t s t h a t u n t i l f u r t h e r o r o t h e r o r d e r s o f s a id F u e l
A d m in is tra to r , s u b jo c t t o m o d ific a t io n b y h im a t a n y tim e a n d f r o m t im e
t o t u n e h e r e a f t e r , t h o f o l l o w i n g r e g u l a t io n s s h a l l b o in e f f e c t b e g i n n i n g a t
7 a . m . J u ly 9 1918:
(1 ) T h o p r i c o o f c o k o s h a ll b o u n d e r s t o o d a s t h e p r i c o p e r t o n o f 2 , 0 0 0
p o u n d s , f . o . b . c a r s a t t h e p l a n t w h e r e t h e c o k e is m a n u f a c t u r e d .
(2 ) A l l t h o m a x i m u m p r i c e s m e n t io n e d h e r e in s h a ll a p p l y t o c a r l o t s s o l d
t o c o n s u m e r s o r t o d e a le r s f o r w a g o n d e l i v e r y ; a n y c o m m i s s i o n s p a i d t o
s o ilin g a g e n c i e s o r m a r g in s a l lo w e d t o j o b b e r s s h a ll b o p a i d b y t h e v e n d o r s ,
a n d s h a ll n o t b o a d d e d t o t h e p r i c e s e s t a b l is h e d h e r e b y .
(3 ) I n a l l c a s e s w h e r e w a g o n d e l iv e r i e s a r e m a d o b y t h e c o k o p r o d u c e r
a r e a s o n a b l e c h a r g e f o r s u c h h a n d li n g a n d d e l i v e r y m a y b e m a d o s u b j e c t
t o a p p r o v a l o f t h e F e d e r a l F u o l A d m i n i s t r a t o r f o r t h o S t a t o in w h ic h s u c h
d o l i v o r y is m a d e .
(4 ) I n t h o s e l o c a li t ie s w h e r o a n t h r a c i t e c o a l is n o t o b t a i n a b l e t h e m a x i ­
m u m p r ic o o f e a c h g r a d o o f g a s c o k o , p o r t o n o f 2 ,0 0 0 p o u n d s f . o . b . c a r s
a t t h o p l a n t w h e r o ls u c h c o k o is p r o d u c o d , s h a ll b o t h o b a s e p r i c e f o r s u c h
g r a d o , p l u s t h o l o w e s t p u b li s h e d c o k o f r e i g h t r a t o t o s u c h p o i n t f r o m a n y
b o o h iv o c o k o d is t r ic t .
T h e b a s o p r i c e s h a ll b o a s f o l l o w s :
R u n o f r o t o r t s ___________________________________________________________________ $ 5 5 0
R u n o f r o t o r t s s c r e e n e d a b o v e M -i n c h s i z e ----------------------------------------------------- 0 0 0
S c r e e n e d a n d s lz o d a b o v e J ^ -in c h s i z o ----------------------------------------------------------- 6 5 0
S cro o n o d a n d s lz o d b e tw e e n
. a n d J f - i n c h -------------------------------------------------4 5 0
(5 ) W h e r e a n t h r a c i t e c o a l is o b t a i n a b l e t h e m a x i m u m p r i c e s o f v a r i o u s
g r a d o s o f g a s c o k o p e r t o n o f 2 ,0 0 0 p o u n d s , f . o . b . c a r s a t th o p la n t a t
w h ic h i t is p r o d u c o d , s o l d t o d e a le r s f o r d i s t r i b u t i o n in l e s s - t h a n - c a r l o a d
l o t s , o r d e l iv e r e d d i r e c t t o c o n s u m e r s f o r h o u s e h o l d p u r p o s e s , s h a ll b e a s
f o ll o w s : S c r e e n e d a n d s iz e d a b o v e t h r e e - f o u r t h i n c h , t h e s a m e p r i c e a s
t h a t e s t a b lis h e d b y t h o U n it e d S t a t e s F u o l A d m i n i s t r a t o r f o r s t o v o a n t h r a ­
c i t e in t h e s a m o l o c a l i t y ; r u n o f r e t o r t s s c r e o n o d a b o u t t h r o e - f o u r t h i n c h ,
2 5 c o n t s le s s t h a n t h e p r i c e o f a b o v e a n t h r a c i t o ; r u n o f r e t o r t s n o t s c r e e n e d ,
7 5 c e n t s lo s s t h a n p r i c o o f s t o v e a n t h r a c i t e .
T h o m a x im u m p r ic o o f g a s
c o k o s o l d f o r o t h e r p u r p o s e s t h a n t h o s e h e r e t o f o r e m e n t io n e d in t h i s p a r a ­
g r a p h s h a ll b o t h o p r i c e s e s t a b l is h e d in p a r a g r a p h ( 4 ) o f t h is o r d e r . ’
(6 ) T h o 'm a x i m u m p r i c e , p e r t o n o f 2 , 0 0 0 p o u n d s , f . o . b . c a r s a t p l a n t
a t w h ic h i t is p r o d u c e d , f o r b r e o z e s h a ll b e o n o - h a l f t h e p r i c o e s t a b l is h e d b y
t h o U n it o d S t a t o s F u e l A d m i n i s t r a t o r f o r r im o f r e t o r t s c o k e u n s c r e e n e d
m a d e iu g a s r o t o r t s w h e r o s u c h b r e o z e Ls p r o d u c o d .
T h o t e r m b r e e z e s h a ll
b o u n d e r s t o o d t o I n c lu d e : ( a ) A l l s m a ll c o k o t h a t i f l o f t a f t e r l o a d i n g c o k o
i n t o c a r s b y m o a n s o f f o r k s , i f s h i p p e d w i t h o u t f u r t h e r s c r e e n in g o r s iz i n g ;
(6) a n y p o r t i o n o f t h is c o k o t h a t is l o f t a f t e r r e m o v i n g t h o p r e p a r e d s iz e s ;
(c )
a n y u n d e r s i z e d c o k o t h a t is l e f t a f t e r r e m o v i n g t h o m e t a ll u r g i c a l c o k o , t h e
f o u n d r y c o k o ^ o r ^ t h e ’ p r c p a r e d j s i z o s l b y s c r e e n in g .
...
Id .
_
H. A.
G A R F IE L D ,
-

CAR
N E W COKE PRICES ANNOUNCED BY FUEL
ADMINISTRATION.
N o w prico regulations, effective on July 9 for crusliod
and scroonod coke and breoze produced in by-product and
boohivo ovens bavo boon announced by tlio U . S. Fuel
Administration as follows:
B y o r d o r s o f t h o U n it o d S t a t o s F u o l A d m i n i s t r a t i o n , o f f o c t l v o J u l y 9 ,
p r i c o r e g u l a t io n s h a v e b e e n e s t a b l is h e d o n c r u s h e d a n d s c r o o n o d c o k o a n d
b r o o z o p r o d u c e d in b y - p r o d u c t o v e n s , o n c r u s h e d a n d s c r e e n e d c o k e a n d
b r o o z o m a d e in b o o h i v o o v e n s , o n b e e h i v e c o k o In t h o S t a t o o f U y t a h , a n d
on gas cok o.
A s a n t h r a c l t o c o a l is n o t o b t a i n a b l e in c o r t a ln d i s t r i c t s w h o r o g a s c o k o Is
p r o d u c e d , a n d a s t h e r o a r o n o p u b li s h e d r a i lr o a d f r e i g h t r a t o s o n a n t h r a ­
c lt o c o a l t o s u c h d is t r ic t s , th o b a s o p r ic o f o r s u c h c o k o a t t h o p la n t p lu s th o
lo w e s t p u b li s h e d c o k o f r e i g h t r a t o t o s u c h p o i n t s h a l l b o :
R u n o f retorts.




339

THE CHRONICLE

July 20 1918.]

gd

-A f l U nited States F u el Administrator.

LOADKCHARCOAL PRICES FIXED
ADMINISTRATION.

BY

FUEL

The followingfannouncement was issued last week by the
Fodoral Fuol Administration concerning maximum prices
fixed for charcoal in carload lots:
T o p r o v id e * f o r ’ t h o b e t t e r d i s t r i b u t i o n o f c h a r c o a l t h e U n it e d S t a t e s F u o l
A d m i n i s t r a t i o n h a s p r o m u l g a t e d r e g u l a t io n s c o v e r i n g t h e d i s t r i b u t i o n o f
c a r lo a d l o t s , t o g e t h e r w it h t h e m a x i m u m p r i c e s w h ic h m a y b e c h a r g e d
b y th e p r o d u c e r th e r e fo r .
U n d e r t h o r e g u l a t io n s t h e m a x i m u m p r i c e s o f c h a r c o a l i n c a r l o t s s h a ll b e :
L u m p in b u l k , 2 0 c e n t s p e r b u s h e l ; l u m p in b a g s , 2 2 c e n t s p e r b u s h e l;
s c r e e n in g s In b a g s , 2 0 c e n t s p e r b u s h e l .
A ll th e m a x im u m p r ice s a p p ly t o
c a r l o t s s o l d t o c o n s u m e r s o r t o d e a le r s f o r w a g o n d e l i v e r y .
A n y c o m m is ­
s i o n p a i d ! t o s e l li n g a g e n c ie s o r m a r g in s a l lo w e d t o j o b b e r s s h a ll b e p a i d
b y t h o v e n d o r s a n d ^ s h a ll n o t b e a d d e d t o t h e e s t a b l is h e d p r i c e s .
W h ere
w a g o n d o llv e r ie s > r e ” m a d e b y th e ’ p r o d u c e r t o th e p u rch a s e r a r e a s o n a b le

340

THE CHRONICLE

c h a r g o f o r s u c h h a n d li n g m a y b o a d d e d s u b j e c t t o t h e a p p r o v a l o f t h e
F e d e r a l F u e l A d m i n i s t r a t o r f o r t h e S t a t e in w h i c h s u c h d e l iv e r i e s a r e m a d e .
W h e r e c h a r c o a l is s h i p p e d in b a g s t h e a c t u a l c o s t o f t h o b a g s m a y b e
a d d e d t o th o p r ice s g iv e n .
T h e p u r c h a s e r m a y re tu rn b a g s s u ita b le fo r
r e f i l l i n g t o t h o p o i n t o f L h ip m e n t w it h i n 6 0 d a y s a f t e r d a t e o f s h i p m e n t , in
w h ic h c a s o t h o p r i c e c h a r g e d f o r t h o b a g s s h a ll b e r e f u n d e d .

“ MODIFIED RUN OF M I N E ” COAL PRICES.
Tho following statomont by tho United States Fuel A d ­
ministrator announcing the issuance of regulations fixing the
prices of “ modified mine run,” effective July 5, was pub­
lished in the “ Official Bulletin” of July 11:
A n o r d e r o f t h o U n it e d S t a t e s F u e l A d m i n i s t r a t i o n , e f f e c t i v e t o - d a y
( J u l y 5 ) , p r o v i d e s r e g u l a t io n s f i x i n g t h e p r i c e s o f “ m o d i f i e d m in e r u n ” c o a l
f . o . b . t h e m in e s .
“ R u n o f m i n o ” c o a l d e s c r io e s t h o p r o d u c t a s i t c o m o s
f r o m t h o m in o w it h o u t g o i n g t h r o u g h t h o p r o c e s s o f s e p a r a t i o n i n t o s iz e s .
“ M o d i f i e d m in o r u n ” c o a l is d e s c r ib e d a s “ r u n o f t h o m in o f r o m w h ic h a
c e r t a in p o r t i o n o f l u m p h a s b e e n s c r e e n e d . ” ■
T h o r e g u l a t io n f ix e s t h o p r i c e s f o r " m o d i f i e d m in o r u n ” a t n o t t o e x c e e d
t h e a p p l i c a b l e G o v e r n m e n t m in e p r i c e s f o r s c r e e n in g s a t t h o m in o w h e r o
s u c h " m o d i f i e d m in o r u n ” c o a l is p r o d u c e d p lu s t h o f o l l o w i n g p e r c e n t a g e s
o f t h e m a r g in o r d i f f e r e n c e o c t w e e n t h e a p p l i c a b l e G o v e r n m e n t m in o
p r i c e s f o r m in e r u n a n d s c r e e n in g s a t s u c h m in e s :
R u n o f m in e p a s s e d t h r o u g h 2 - i n c h o p e n i n 's , 4 0 % o f s u c h m a r g i n .
R u n o f m in o p a s s e d t h r o u g h 3 - i n c h o p e n i n g s , 8 5 % o f s u c h m a r g i n .
R u n o f m in o p a s s e d t h r o u g h 4 - i n c h o p e n i n g s , 9 0 % o f s u c h m a r g i n .
R u n o f m in o p a s s e d t h r o u g h 5 - i n c h o p e n i n g s . 9 5 % o f s u c h m a r g i n .
R u n o f m in o p a s s e d t h r o u g h 6 - i n c h o r l a r g e r o p e n i n g s s h a ll t a k o t h o
a p p lic a b le G o v e r n m e n t p r ic o f o r ru n o f m in o .

WARNING BY SUB-COMMITTEE ON PIG TIN W IT H
REGARD TO PERMITS FOR EXPORT SHIPMENTS.
John Hughes, Chairman of tho Sub-Committee on Pig
Tin of tho American Iron & Steel Institute, has issued to the
tin trado a warning against permitting the uso of their names
for applications for permits for exports of pig tin from
Groat Britain, as proposed in a lotter circulated by a firm
of. importers and dealers in that commodity. W e give
M r . Hughes’s warning herewith:
A M E R IC A N IR O N A N D S T E E L IN S T IT U T E .
S u b -C o m m it t e e o n P ig T in .

New York, July 1 0 1 9 1 8 .
•C i r c u l a r L e t t e r N o . 6 .
•
T h o a t t e n t i o n o f t h e S u b - C o m m l t t e o o n p i g t in w a s d r a w n t o a c ir c u l a r
l e t t e r s e n t o u t in t h o l a t t e r p a r t o f J u n e l a s t t o a la r g e n u m b e r o f c o n ­
s u m e r s b y a f i r m o f i m p o r t e r s a n d d e a le r s in p i g t i n .
W i t h r e fe r e n c e t o e x p o r t p e r m it s f o r t h e s h i p m e n t o f p i g t in f r o m G r o a t
B r i t a i n a n d P o s s e s s io n s t o t h e U n it e d S t a t e s , t h o c ir c u l a r l e t t e r in q u e s t i o n
c o n ta in s t h e fo llo w in g p a r a g r a p h :

To the Tin Trade:

“ P e r m i t s t o s h ip S t r a it s t in h a v e b e e n is s u e d t o o u r L o n d o n f r i e n d s q u i t e
fre e ly .
S h o u ld y o u r r e q u ir e m e n t s f o r t h o b a l a n c e o f t h o y e a r s t ill b o u n ­
c o v e r e d , w e w o u l d a p p r e c i a t e b e i n g a l lo w e d t o a p p l y f o r a p e r m it in y o u r
nam o.
W h e n t h o p e r m it is is s u e d , w o w o u l d t h e n o f f e r y o u t h o t in a n d
y o u w o u l d n o t b o o b l ig a t e d t o b u y u n le s s y o u w e r o in t h o m a r k e t a n d t h o
p r ic e r ig h t .”
B ills o f l a d i n g h a v e b e e n f r e q u e n t l y p r e s e n t e d t o t h e I n s t i t u t e b y s h i p p e r s
f r o m G r e a t B r i t a i n a n d P o s s e s s i o n s , o r t h e ir r e p r e s e n t a t iv e s in th is c o u n t r y
i n d i c a t i n g u l t im a t o c o n s ig n e e s w h o h a d n o k n o w l o d g o o f t h o p a r c e l s o f t in
c o n s i g n e d t o t h o I n s t i t u t e f o r t h e ir a c c o u n t s .
T h o d e c la r a t io n o f th o n a m e o f an A m e r ic a n co n s u m e r o n a n a p p lic a t io n
f o r a n e x p o r t lic e n s e f r o m G r e a t B r i t a i n a n d P o s s e s s io n s b a s e d u p o n a n
u n d e r s t a n d in g s u c h a s t h a t q u o t e d in t h o a b o v e p a r a g r a p h , Is c a l c u l a t e d t o
d e c e i v e t h e l ic e n s i n g a u t h o r i t ie s o f t h o B r i t is h G o v e r n m e n t .
I t is a ls o
c o n t r a r y t o t h o s p i r it a n d l e t t e r o f t h o r e g u l a t io n s o f t h o W a r T r a d o B o a r d
r e g a r d i n g a p p l i c a t i o n s f o r i m p o r t l ic e n s e s a n d c o n s t it u t e s a v i o l a t i o n o f
s u c h r e g u l a t io n s .
A l l A m e r i c a n c o n s u m e r s a r e h e r e b y w a r n e d a g a i n s t p e r m it t i n g t h o u s o
o f t h e i r n a m e s in t h is w a y , a s t h e p r a c t i c e is c o n s i d e r e d r e p r e h e n s iv o a n d
w il l n o t b e c o u n t e n a n c e d n o r p e r m i t t e d b y t h e W a r I n d u s t r i e s B o a r d n o r
th e W a r T ra d o B oa rd .
Y o u a r e r e q u e s t e d t o r e p o r t a ll s u c h o v e r t u r e s p r o m p t l y t o t h o I n s t i t u t e ,
a n d i f y o u h a v o r e c e i v e d a c o p y o f t h e a b o v e - m e n t i o n e d c ir c u l a r l e t t e r , o r
a n y s im ila r p r o p o s a l fr o m a n y s o u r c o , a n d h a v o a c c e p t e d a n y s u c h p r o ­
p o s a l, y o u a re r e q u ir e d t o c a n c e l t h e a g r e e m e n t a n d r e p o r t th o fa c t s t o
th o I n s t it u t e .
T h i s c i r c u l a r l o t t e r Is s e n t o u t u n d e r t h o a u t h o r i t y a n d w i t h t h o a p p r o v a l
o f th o W a r In d u s tr ie s B o a r d a n d th o W a r T r a d e B o a r d .
Y o u r s v e r y t r u ly ,
J O H N H U G H E S , , Chairman,

Sub-Committee on Pig Tin.

WARNING AGAIN ST RESELLING OF STEEL TO NON­
W AR INDUSTRIES— INVENTORIES OF STOCKS.
A t last Tuesday’s meeting of the W a r Industries Board
action was taken to prevent steel from reaching through
reselling, industries not holding w ar contracts. M a n u ­
facturers were warned that those who havo obtained steel
on priority orders for w ar work and later wore found to be
reselling it to non-war manufacturers would havo their
supply out off. Tho following is the warning issued b y the
Board:
T h o a t t o n t io n o f t h o W a r In d u s tr ie s B o a r d h a s b e e n c a lle d t o th o f a c t
t h a t c e r t a in m a n u f a c t u r e r s n o w o n t h o p r o f o r e n c o l i s t f o r s t o o l s u p p l y
a r o r e s e llin g s t e e l t h a t h a s b e e n d e l i v e r e d t o t h e m a s a r e s u l t o f G o v e r n ­
m e n t p r io r it y a s s is ta n ce .
I n o r d e r t o p r e v e n t a b u s e s o f t h is p r i o r i t y p r i v i l e g e , t h o B o a r d h a s
p a s s e d a r e s o lu t i o n t h a t , i f a n y s u c h s a le s a r o m a d e h e r e a f t e r w i t h o u t t h o
a p p r o v a l o f J . L e o n a r d R e p lo g lo , d ir e c t o r o f s to o l s u p p ly o f th o W a r I n ­
d u s t r i e s B o a r d , t h e m a n u f a c t u r e r w h o is r e s p o n s i b le f o r t h o s e r e s a lo s w ill
b o d r o p p e d f r o m t h o p r e f e r e n c e l is t a n d w il l n o t r e c e i v o f u r t h e r p r i o r i t y
a s s is ta n ce .




[V o l . 107.

It is reported that becauso of fears that tho presont sources
of steel supply will prove inadequate for tho Government
demands. A ll private consumers of steel and steel products
may be required to submit sworn inventories of thoir stocks
on hand. B y means of the inventories, J. Leonard Roplogle, Director of Steel Supply of the W a r Industries Board,
it is pointed out would bo able to keep a close check on all
steel in the country. A n inventory of stocks was taken
with a view to equalizing tho supply of material, but no
great help, it is said, was forthcoming from tho facts re­
vealed, and Chairman Hurley has ordered another inven­
tory as a check on the first. Other departments of the
Government also are checking up their supplies of material.

PRESIDENT WILSON AUTHORIZES $6,000,000
PURCHASE OF SWEDISH IRON ORE.

FOR

Under tho authority conferred on him in tho Urgent
Deficiency Bill, President Wilson has issued tho following
Executive order authorizing tho expenditures of $6,000,000
for the purchaso of iron ore from Sweden:
B y v ir tu o o f t h o a u t h o r it y v e s t e d in m o b y “ A n A c t m a k in g a p p ro p r ia ­
t io n s t o s u p p l y d e f i f i e n c i e s in a p p r o p r i a t i o n s f o r t h o f is c a l y e a r e n d in g
J u n o 3 0 1 9 1 7 , a n d p r i o r f is c a l y o a r s , a n d f o r o t h e r p u r p o s e s , ” a p p r o v e d
A p r i l 17 1 9 1 7 , a p p r o p r i a t i n g t h o s u m o f 8 1 0 0 ,0 0 0 ,0 0 0 , “ f o r t h o n a t i o n a l
s e c u r it y a n d d e fe n s e , a n d fo r e a c h a n d e v e r y p u r p o s o c o n n e c t e d t h e r e w ith ”
( a n d w h ic h a p p r o p r i a t i o n w a s b y A c t o f C o n g r e s s a p p r o v e d D e c . 1 5 1 9 1 7 ,
“ c o n t in u e d a n d m a d e a v a ila b le u n til J u n o 3 0 1 9 1 8 ” ) , I h e r e b y o r d e r , th a t
o u t o f s a i d s u m s o a p p r o p r i a t e d t lie r o b o a l l o t t e d $ 6 , 0 0 0 , 0 0 0 t o b o o x p o n d o d
b y t h o S e c r e t a r y o f C o m m e r c e in p a y m e n t t o t h o p r o p e r a u t h o r i t ie s o f t h o
G o v e r n m e n t o f G re a t B r ita in o f o n e -t h ir d p a r t o f th o p u rch a s o p r ic o ( t o ­
g e t h e r w it h t h o s t o r a g e a n d t r a n s p o r t a t io n c h a r g o s a n d a n y o t h e r o x p o n s o s
in c u r r e d in c o n n e c t i o n w it h t h o p u r c h a s o , s t o r a g e , a n d o r t r a n s p o r t a t io n
t o t h o U n it e d S t a t e s ) o f 2 , 0 0 0 , 0 0 0 t o n s o f S w e d is h ir o n o r o , t h o p u r c h a s e o f
w h ic h is p r o v i d e d f o r in t h o a g r e e m e n t o f M a y 2 9 1 9 1 8 , b e t w e e n t h o G o v ­
e rn m e n ts o f G re a t B r ita in , F r a n co , a n d I t a ly , a n d th o G o v e r n m e n t o f
Sw edon.
W OODROW
W IL S O N .
The White House, June2$ 1 9 1 8 .

PROPOSED CONSERVATION IN MANUFACTURE
OF REFRIGERATORS.
Tho W a r Industries Board this wook mado tho following
announcement:
O n a c c o u n t o f t h o s h o r t a g e in t h o s u p p l y o f s h e e t s t e o l a n d in o r d e r t o
m e e t i n c r e a s e d n e e d s o f t h o G o v e r n m e n t f o r c e r t a in o t h e r m a t e r ia l s , t h o
W a r S e r v i c o C o m m i t t e e o f t h o r e fr i g e r a t o r m a n u f a c t u r e r s o f t h o U n it e d
S t a t e s h a s b e e n in c o n f e r e n c e w it h r e p r e s e n t a t iv e s o f t h o W a r I n d u s t r i e s
B o a r d t o w o r k o u t a p r o g r a m o f c o n s e r v a t i o n a n d s u b s t i t u t i o n o f m a t e r ia l s
T h o c o m m i t t e e ’s r e p o r t o f a p l a n t o e lim i n a t e v a r i o u s s iz e s a n d s t y le s o f
r e fr i g e r a t o r s f o r t h e p u r p o s e o f s a v i n g n o t o n l y m a t e r ia l s , b u t l a b o r a n d
c a p i t a l a s w e l l , w il l b e s u b m i t t e d w it h i n a f e w d a y s t o t h o C o n s e r v a t i o n
D iv is io n o f th o W a r In d u s trie s B o a r d .
I t Is o x p e c t c d t h a t t h o i n d u s t r y w il l c o n c o n t r a t o p r o d u c t i o n o n c e r t a in
s t a n d a r d i z e d s iz e s a n d s t y le s t o b o a g r e e d u p o n a n d e l im i n a t e s u r p lu s s t y le s
t h a t c o n s u m e m a t e r ia l t h o G o v e r n m e n t r e q u i r e s . T h i s w il l m a k o 11 p o s s i b le
t o p r o v i d e t h o r e fr i g e r a t o r s t h a t a r o r e q u i r e d f o r t h o p r e s e r v a t io n o f f o o d ,
w it h t h e m a x i m u m e c o n o m y o f m a t e r ia l s .
T h o W a r S e r v ic o C o m m i t t e e o f t h o r e f r i g e r a t o r m a n u f a c t u r e r s o x p r o s s o d
t h o d e s l r o o f t h e in d u s t r y t o c o m p l y w i t h t h o r e q u i r e m e n t s o f t h o G o v e r n ­
m e n t in i t s c o n s e r v a t i o n p r o g r a m .

CREATION BY DEPARTMENT OF LABOR OF UNITED
STATES HOUSING CORPORATION.
Tho creation by tho Dopartmont of Labor of tho United
State Housing Corporation is announced as follows by tho
Department:
T h o D e p a r t m e n t o f L a b o r a n n o u n c e s t h o c r o a t l o n o f t h o U n it e d S t a t e s
H o u s in g C o r p o r a t i o n , w h ic h w il l, in a l a r g o m o a s u r o , t a k o o v e r t h o f u n c t io n s
t h a t a r o n o w b e i n g p e r f o r m e d b y t h e B u r e a u o f I n d u s t r i a l H o u s in g a n d
T r a n sp o rta tio n .
I t is o x p e c t c d t h a t t h is n o w v e h i c l e w il l a f f o r d m o r o
f a c i l i t y In o p e r a t i o n t h a n w o u l d b o p o s s i b lo u n d e r t h o u s u a l G o v e r n m e n t a l
agen cy.
T h o ch a r te r w a s ta k e n o u t u n d e r th o la w s o f th o S ta to o f N o w Y o r k , a n d
t h o a r t ic l e s o f I n c o r p o r a t io n p r o v i d o f o r t h o i s s u a n c o o f 1 ,0 0 0 s h a r e s o f
s t o c k w it h o u t p a r v a lu o .
T h o e x e c u tiv e o ffic e r s o f th o c o r p o r a t io n a r e : P r e s id e n t, O t t o M . E ld litz ;
V lc o -P r e s id o n t, J o s e p h D . L e la n d ; T r e a s u r e r , G o o r g o G . B o x ; S e c r e t o r y !
B u rt L . F en ner.
T h e y , in c o n j u n c t i o n w i t h A l b o r t B . K e r r , J o h n W .
A l v a r d , a n d W i ll ia m E . S h a n n o n , s e r v o a s d i r e c t o r s .
T h o s t o c k is h e ld o n b o h a l f o f t h o G o v e r n m e n t b y t h o S o c r t o a r y o f L a b o r ,
w h o Is c r e d i t e d w it h 9 9 8 s h a r e s , a n d O t t o M . E l d l i t z a n d G o o r g o G . B o x ,
_______________
w it h o n e s h a re a p ie c e .

MANUFACTURERS TO GUARD AGAINST CONSUMP­
TION OF BRICK PRODUCTS I N DEFERABLE USES.
Manufacturers of firo, paving and common brick bavo
pledged themselves, according to tho W a r Industries Board,
to oxorciso such oversight of tho usos to which thoir products
aro put so as to guard against tho consumption of tho prod­
ucts in any deforablo usos. Tho B oard’s announcement says:
R e p r e s e n t a t i v e s o f a p p r o x i m a t e l y 15 o f t h o 18 z o n e s I n t o w h ic h t h o 7 ,0 0 0
m a n u fa ctu re rs o f th o fir o b r ic k , p a v in g b r ick a n d c o m m o n b r ic k h a v o
d i v l d o d in t h o U n it o d S t a t e s , m o t w it h t h o P r i o r it i e s C o m m i s s io n e r a n d
o t h e r r e p r e s e n t a t iv e s o f t h o W a r I n d u s t r i e s B o a r d a n d o u t l in e d t h o f o l ­
l o w i n g I n d u s t r ia l c o n d i t i o n s a n d a g r e e m e n t s :
( 1 ) T h a t , w it h t h o e x c e p t i o n o f t h o z o n o s In t h o d i s t r i c t n o r t h o f t h o
P o t o m a c R i v e r a n d o a s t o f t h o A l l e g h e n y M o u n t a i n s , I n c lu d in g N o w E n g ­
l a n d a n d t h o z o n o w h ic h i n c lu d o s t h o B i r m in g h a m d i s t r i c t , t h o s h o r t a g e s

THE CHRONICLE

July 20 1918.]

In c o a l a n d d i s t u r b a n c e s in d e l iv e r i e s h a v e n o t b o o n s u f f i c i e n t l y s o r io u s ,
g o n o r a l l y s p e a k i n g , t o d i s t u r b m a n u f a c t u r in g .
(2 ) I n t h e g r o a t e r n u m b e r o f t h o z o n e s m a n u f a c t u r e d o u t p u t w a s m a ­
t e r i a l l y le s s in 1 9 1 7 t h a n in 1 9 1 6 , a n d m a t e r ia l l y lo s s d u r i n g t h o f i r s t s ix
m o n t h s o f 1 9 1 8 t h a n d u r i n g t h o f i r s t s ix m o n t h s o f 1 9 1 6 .
T h is r e s u l t w a s
a t t r i b u t e d in p a r t t o d im in i s h i n g d o m a n d f o r g e n e r a l p o a c o - t i m o u s e s a n d
in p a r t t o l a b o r s h o r t a g e , w h ic h in m a n y z o n e s h a v e b e e n q u i t e n o t i c e a b l e .
( 3 ) T h o n e c e s s it y o f c u r t a il i n g a l l u s e s w h ic h c o u l d b o d o f o r r e d w i t h o u t
i n t o r f o r o n c o w i t h t h o w a r p r o g r a m o r a r o v i t a l l y e s s e n t ia l f o r t h o c iv il ia n
w o l f a r o w a s u n a n im o u s l y r e c o g n i z e d a s b e i n g u n a v o i d a b l e .
T ho m anu­
f a c t u r e r s p r o s o n t p le d g e d t h o m s o lv o s t o o x c r c is o s u c h o v e r s ig h t o f t h o u s e s
t o w h ic h t h o i r p r o d u c t s w o r e t o b e p u t a s t o g u a r d a g a in s t it s t ie in g c o n ­
s u m e d in a n y d e f e r a b l e u s o s .
(4 ) T h o P r i o r it i e s C o m m i s s io n e r u n d e r t o o k t o g i v o a p p li c a t io n s o f i n d i ­
v i d u a l b r i c k m a n u f a c t u r e r s f o r p l a c e s o n t h o p r o f o r o n c o l is t f a v o r a b l o c o n ­
s i d e r a t io n , u p o n c o n d i t i o n t h a t s u c h i n d i v id u a l s a n d t h o in d u s t r y w o u l d
d e v o t o t h o ir o u t p u t t o v i t a l w a r n e e d s , d i r o c t a n d i n d i r e c t , a n d t o in d i s p e n s a b lo a n d n o n -d o fe r a b lo u se s.

DISCONTINUANCE OF BRASS BEDS PROPOSED
CONSERVE METAL — 0 TIIER ECONOMIES.

TO

Among tho conclusions reachod between manufacturers of
metal bods and representatives of tho W a r Industries Board
on July 5 with a viow to conserving motal, it was decided
that tho manufacture of brass bods should bo discontinued
during tho war, as tho brass is needed to moot war require­
ments. It was also decided that not a bed should bo manu­
factured during tho war to roplace ono that can be mado to
last until aftor tho war, and that tho civilian population
must roalizo that it must got along with tho beds and furnituro it has, drawing upon supplies which have boon discarded
and stored in attics. Announcement of the conclusions was
mado as follows by the W a r Industries Board on July 5:
A c o m m i t t e e r e p r e s e n t in g t h o m a n u f a c t u r e r s o f m o t a l b e d s a n d s u p p lie s
m o t 'i n c o n f o r o n c o w it h t h o P r i o r it i e s C o m m i s s io n e r a n d r e p r e s e n t a t iv e s o f
o t h o r d i v i s i o n s o f t h o W a r I n d u s t r i e s B o a r d F r i d a y , w h e n ch o f o l l o w i n g
c o n c lu s io n s w o ro r e a c h e d :
1 . T h a t t h o q u a n t i t y o f s t o o l u s e d in t h o m a n u f a c t u r e o f m e t a l b e d s c a n
a n d s h o u ld b e s u b s t a n t i a l ly r e d u c o d a s a w a r m e a s u r e b y c u t t i n g d o w n t h o
h e i g h t o f t h o f r a m e s b o t i i h e a d a n d f o o t ; b y s t a n d a r d i z i n g t h o s iz o s o f
t u b e s , e l im i n a t i n g o d d s iz o s ; b y l im i t in g t h e d i a m e t e r o f t u b o s t o 2 in c h e s ;
a n d b y th o s ta n d a r d iz a tio n o f m o d o ls .
2 . T h a t t h o m a n u f a c t u r e o f b r a s s b e d s s h o u l d b o d i s c o n t in u e d d u r i n g
t h o w a r , a s t h o y a r o a l u x u r y , a n d a s t h o b r a s s is n e e d e d t o m o o t w a r
r o q u ir o m o n ts .
3 . T h a t th o d om a n d b y th o G o v e rn m e n t fo r b ed s fo r ca n ton m on ts,
m o b i li z a t io n c a m p s , t r a n s p o r t s , f o r u s e o n t h o W e s t f r o n t , f o r u s o in c o n ­
n e c t i o n w it h h o u s in g p r o g r a m s , m u s t b o m o t , a n d a r e a s o n a b l e s u p p l y
p r o v i d e d t o m o o t t h o r e q u i r e m e n t s d u o t o t h o s h i ft i n g o f l a b o r t o w a r
in d u s t r ia l c o n t r o s .
4 . T h a t n o t a b e d s h o u ld b o m a n u fa c tu r e d d u r in g th o w a r t o r o p la c o
o n o t h a t c a n b o m a d o t o la s t u n t i l a f t o r t h o w a r , a n d t h a t t h o c iv il ia n
p o p u l a t i o n g o n o r a l l y m u s t c o m o t o r o a l iz o t h a t t h o y m u s t g o t a l o n g w it h
t h o b o d s a n d o t h o r f u r n i t u r o w h ic h t h o y n o w h a v o , d r a w in g u p o n t h e s u p ­
p l ie s w h ic h h a v o b o o n d i s c a r d e d a n d s t o r e d in a t t i c s a n d e ls o w h o r o , a s w e ll
a s s p a r o a r t ic l o s n o t in u s o .
5 . T h a t r e g io n a l a n d l o c a l r o p r o s o n t a t iv o s o f t h o W a r I n d u s t r i e s B o a r d
t h r o u g h o u t t h o U n it e d S t a t e s , r o p r o s o n t a t iv o s o f t h o C o u n c i l o f N a t i o n a l
D o f o n s o , t h e w a r -s a v i n g s o r g a n i z a t io n s , a n d o t h o r G o v e r n m e n t a g e n c ie s
s h o u l d u r g e a ll p a t r i o t i c c it i z e n s e v e r y w h e r e t o d r a w f r o m t h o ir a t t i c s a p d
o t h e r h i d i n g - p la c e s s t o c k s o f s u r p l u s f u r n it u r o w h ic h c a n , t h r o u g h s e c o n d ­
h a n d d e a le r s o r o t h e r w i s e , b o m a d o a v a i l a b l e t o m o o t t h o c s s o n t ia l r e q u ir o .m o n t s o f t h o c iv il ia n p o p u l a t i o n d u r i n g t h o w a r .

It was mado known on July 12 that it had been tentatively
agrood that at a meeting of representatives of davenport and
motal bod industries, manufacturers roduco thoir lino of
dosigns of beds, restrict tho uso of matorial for covering,
discontinue tho uso of mohair and wool fabrics, confino tho
uso of tapestries, damasks and velours to those of cotton or
silk, &c. Announcement of this was mado as follows by tho
W a r Industries Board on July 12:
A t m o o t in g s o f r o p r o s o n t a t iv o s o f t h o d a v e n p o r t a n d m e t a l - b e d I n d u s t r ie s
w i t h t h o c o n s e r v a t io n d i v i s i o n t o d is c u s s e c o n o m ie s t h a t m ig h t b o c a r r ie d
o u t d u r in g t h o w a r p e r i o d , t e n t a t i v o p la n s w o r o m a d e t o r o d u c o t h o n u m b e r
o f s t y lo s a n d v a r i o t ie s in o r d e r t o c o n s c r v o l a b o r a n d m a t e r ia l s .
Tho
m a t e r ia l s i n v o l v o s t o o l, g e n u i n o a n d a r t if i c ia l le a t h e r , w o o l e n , c o t t o n , a n d
s i lk f a b r i c s , a n d l u m b e r .
O n o m a n u f a c t u r e r 's lin o w a s f o u n d t o I n c lu d e a b o u t 1 0 0 d e s ig n s .
It w as
t e n t a t i v e l y a g r e e d t h a t e a c h m a n u f a c t u r e r s h o u l d r e d u c o h is l in o o f b e d s t o a d s a n d c r ib s t o 3 0 d o s ig n s , t h a t t h o n u m b e r o f b r a s s b e d s t e a d d e s ig n s
s h o u l d b o r e d u c e d t o 1 5 , a n d t h o n u m b o r o f s t y lo s o f w o v e n , s p ir a l a n d lin k
f a b r i c s p r in g s t o 6 .
I t w a s r e c o m m e n d e d t h a t m a n u f a c t u r e r s d i s c o n t in u e t h o u s o o f r o u n d
t u b o s la r g o r t h a n 2 in c h e s in d i a m e t e r , s q u a r e t u b e s l a r g e r t h a n 2 A in c h e s ,
a n d s u b s t i t u t e lig h t - a l l t u b i n g f o r h e a v y w h o r o v e r p r a c t i c a b l e .
M a n u fa c tu r e r s o f b e d d a v e n p o r ts h a v o b o o n m a k in g f r o m 2 5 t o 75
p a ttern s.
T h o y w ill p r o b a b l y b o r e q u e s t e d t o r e d u c o t h e ir lin o s t o n o t m o r o
th a n 20 p a tte rn s.
S t o o l c a n b o s a v e d b y d i s c o n t in u in g t h o u s e o f s p r in g s
f o r t h o b a c k s o f d a v e n p o r t s a n d t h o u s o o f b a n d - i r o n s u p p o r t s o r s la t s f o r
a ll s p r in g s .
E i t h e r w o o d o r w ir e c o u l d b o s u b s t i t u t e d .
A c c o r d i n g t o t h o p r o s o n t p l a n s , t h o m a n u f a c t u r e r s w ill a l s o b o r e q u e s t e d
t o r e s t r i c t t h o u s o o f m a t e r ia l f o r c o v e r i n g t o o n o g r a d o o f s p i l t l e a t h e r a n d
t w o g r a d o s o f a r t if i c ia l l e a t h e r , b o t h t o i n c lu d e o n l y s h a d e s o f b l a c k a n d
b r o w n S p a n is h .
T h o u s o o f w o o l o r m o h a i r f a b r i c s is t o b o d i s c o n t in u e d .
T h o u s o o f t a p o s t r io s , d a m a s k s a n d v e l o u r s w ill b o c o n f i n e d t o t h o s e m a d o
o f c o t t o n o r s ilk in n o t m o r e t h a n f o u r g r a d o s o f t h r e o p a t t e r n s e a c h .
M any
o t h o r u n n e c e s s a r y f e a t u r e s a r o t o b o e l im i n a t e d in o r d e r t o c o n s c r v o m a ­
t e r ia ls a n d r e d u c o s t o c k s .
M a n u fa c tu r e r s h a v e b e e n r e q u e s te d t o a id in c o n s e r v in g s h ip p in g s p a c e
b y a d o p t i n g m o s t c a r e fu l m e t h o d s o f p a c k i n g a n d b y s h i p p i n g a ll g o o d s
“ k n o c k e d d o w n .”
F o l l o w i n g is a l e t t e r f r o m

th o C o n s e r v a tio n D iv is io n :

" I n t h o p r e s e n t e m e r g e n c y i t is a p r i m a r y n e c e s s it y t h a t t h o c o u n t r y ’s
r e s o u r c e s b o u s e d t o f u ll a d v a n t a g e f o r c a r r y in g o n t h o w a r a n d t h a t w o
c a r e f u l l y h u s b a n d o u t s u p p l i e s o f m a t e r ia l s , e q u i p m e n t a n d c a p i t a l .
Tho




341

C o n s e r v a t i o n D i v i s i o n is m a k i n g a n i n q u i r y t o le a r n w h a t s a v i n g s In
m a t e r ia ls , la b o r ,a n d e q u ip m e n t m a n u fa c tu r e r s o f m e ta l b e d s te a d s c a n
e f f e c t a n d t o w h a t e x t e n t t h e a m o u n t o f c a p i t a l i n v e s t e d in m a n u f a c t u r e r s ’
an d m erch a n ts' sto ck s ca n b e red u ced .
“ T h o D iv is io n h a s b e e n t o ld t h a t a g r e a te r v a r ie t y o f ste e l a n d b ra s s b e d s t o a d s , c r ib s a n d s p r in g s is n o w b e i n g o f f e r e d t h a n is n e c e s s a r y t o m e e t t h e
e s s e n t ia l n e e d s o f t h o c i v i l i a n p o p u l a t i o n in t i m e o f w a r .
I t is a l s o p o i n t e d
o u t t h a t s o m e m a n u f a c t u r e r s a r o u s i n g la r g e r a n d h e a v i e r t u b i n g t h a n is
n e c e s s a r y a n d t h a t th o h e ig h ts o f th o h e a d a n d f o o t e n d s a n d th e n u m b e r o f
fille r s c a n b o s u b s t a n t i a l ly r e d u c e d .
I t is b e l i e v e d t h a t b y t h e s e m o d i f i c a ­
t io n s a n d t h r o u g h o t h e r e c o n o m i e s , i m p o r t a n t s a v i n g s in m a t e r ia ls a n d l a b o r
c a n b o e f f e c t e d , a n d t h e a m o u n t o f c a p i t a l t ie d u p i n m a n u f a c t u r e r s ’ a n d
m e r c h a n t s ’ s t o c k s s u b s t a n t i a l ly r e d u c e d .
“ T h o D iv is io n fu r th e rm o r e r e q u e s ts m a n u fa c tu r e r s t o d is c o n t in u e t h o u s e
o f D a m a r w h it e e n a m e l .
T h o D a m a r g u m r e q u ir e d in th o m a n u fa c t u r e o f
t h is e n a m e l is i m p o r t e d o v e r s e a s f r o m t h o F a r E a s t .
I t Is n e c e s s a r y a t t h e
p r e s e n t t i m e t o u t i li z e t h is s h i p p i n g s p a c e f o r i m p o r t i n g o t h e r r a w m a t e r ia l s
o f m o r o v ita l im p o r t a n c e t o o m - w a r p r o g r a m .
I t Is b e l i e v e d t h a t i t is e n ­
t ir e l y p r a c t i c a b l e t o u s e a s u b s t i t u t e f o r f in i s h i n g a ll s t e e l b e d s t e a d s , e i t h e r
in t h o f o r m o f e le c t r o -g a lv a n iz in g o r J a p a n .
W h e r e w h i t e Is r e q u i r e d , a
g lo s s p a i n t e n a m e l c a n b e m a d e f r o m a z i n c o x i d e o r l i t h o p o n e p i g m e n t
w i t h a v a r n i s h v e h i c l e c o m p o s e d o f C h in a w o o d o il a n d A m e r i c a n r o s in .
T h o C o n s e r v a t i o n D i v i s i o n , w it h t h o a s s is t a n c e o f t h o B u r e a u o f S t a n d a r d s ,
w ill g l a d l y a i d m a n u f a c t u r e r s in f i n d i n g a s a t i s f a c t o r y s u b s t i t u t e f o r D a m a r
e n a m e l , s h o u l d t h e r e b e a n y d i f f i c u l t y in t h is d i r e c t i o n .
“ T h o D i v i s i o n w is h e s t o h a v e t h e b e n e f i t o f y o u r e x p e r i e n c e a s a m a n u ­
f a c t u r e r in o r d e r t o l e a r n , b e f o r e d e f in it e r e c o m m e n d a t i o n s a r e is s u e d , h o w
th e s e e c o n o m ie s c a n b e s t b o e ffe c t e d .
T h o a t t a c h e d s c h e d u l e is d r a w n u p
in a c c o r d a n c e w it h t h o p la n s t h a t a r e b e i n g p u t i n t o e f f e c t i n n u m e r o u s
in d u s t r ie s in o r d e r t h a n t h e c o u n t r y ’s r e s o u r c e s a n d f a c il i t i e s m a y b e u s e d
t o f u ll a d v a n t a g e i n c a r r y in g o n t h o w a r .
W i l l y o u , t h e r e f o r e , k i n d l y f il l
in t h o e n c l o s e d b l a n k f o r m a n d r e t u r n i t t o u s p r o m p t l y , w it h a n y a d d i t i o n a l
in fo r m a t io n o r s u g g e s tio n s t h a t y o u ca ro t o g iv o u s .
A n y in fo r m a t io n t h a t
y o u s e n d u s r e g a r d i n g y o u r o w n b u s in e s s w i l l , o f c o u r s e , b o k e p t s t r i c t l y
c o n fid e n tia l.”

RECOMMENDATIONS FOR STABILIZING PRICES FOR
CRUDE OIL.
Recommendations for tho stabilizing of prices paid for
crudo oil and for the maintenance and uninterrupted flow
of oil in its present channels wero adopted at a meetingiof
tho National Petroleum W a r Servico Committee on July 13.
This is mado known in letters addressed to M . L . Requa,
Director-General of the Oil Division of the U . S. Fuel
Administration, by A . C . Bedford, Chairman of tho National
Potroleum Committee. It is proposed that tho recom­
mendations of the Committee which affect the Appalachian
Division, the Mid-Continent Division and the G ulf Coast
and Northorn Louisiana Division would remain in force until
N o v . 1. Tho letters embodying the recommendations are
given in tho following announcement by tho Committee:
Washington, D . C., July 1 7 1 9 1 8 .
A . O . B e d f o r d , C h a ir m a n o f t h e N a t i o n a l P e t r o l e u m W a r S e r v i c e C o m ­
m i t t e e , litis f o r w a r d e d t h e f o l l o w i n g l e t t e r s o n b e h a lf o f t h e C o m m i t t e e , t o
M r . M a r k L . R e q u a , D i r e c t o r - G e n e r a l o f t h e O il D i v i s i o n o f t h o U / S .
F u e l A d m in is tra tio n :

M . L. Re\,ua, Director-General,
Oil Division, U. S. Fuel Administration,
Washington, D . C.
“ Dear M r. Requa:

“ A ir .

“ R e f e r r in g t o y o u r f a v o r o f M a y 1 7 t h r e l a t i v e t o c r u d e o i l p r i c e a n d
y o u r r e q u e s t t h a t t h e m a t t e r s t h e r e in r e fe r r e d t o b e t a k e n u p b y t h 6 N a ­
t io n a l P e t r o l e u m W a r S e r v i c o C o m m i t t e e f o r f u l l c o n s i d e r a t io n a n d r e p o r t ,
I b e g t o a d v i s o y o u t h a t in a c c o r d a n c e w i t h y o u r r e q u e s t t h e s e v e r a l
A d v is o r y c o m m it t e e s o n P r o d u c t io n a n d o n R e fin in g a n d D is t r ib u t io n o f
t h e A p p a l a c h ia n , M i d - C o n t i n e n t , G u l f C o a s t a n d R o c k y M o u n t a i n
D iv is io n s , h a v e g iv e n e a rn e s t a n d th o u g h tfu l s t u d y t o tn e m a t t e r .
" T h e s e s e v e r a l A d v i s o r y C o m m i t t e e s a s w e ll a s in c e r t a in in s t a n c e s
s e v e r a l a s s o c ia t i o n s o f p r o d u c e r s a n d r e fi n e r s , h a v e c a r e f u l l y d e l ib e r a t e d
o n t h o q u e s t i o n s i n v o l v e d , o o t h s e p a r a t e l y a n d in j o i n t s e s s io n , a n d h a v e
p r e s e n t e d t h e i r v a r i o u s r e p o r t s t o t h is C o m m i t t e e s e t t in g f o r t h t h e ir c o n ­
c lu s io n s .
T h e s e r e p o r t s h a v e h a d t h e c o n s i d e r a t io n o f t h e m e m b e r s o f t h is
C o m m i t t e e a t s e v e r a l o f it s s e s s io n s , a n d 1 h a n d y o u h e r e w it h t h e i r c o n ­
c lu s io n s a s e m b o d i e d in t h o e n c l o s e d r e c o m m e n d a t i o n s .
“ I n h a n d in g y o u t h e s o r e c o m m e n d a t io n s f o r y o u r a p p r o v a l , I w is h t o
p o i n t o u t t h a t t h e C o m m i t t e e h a s h a d in m in d t w o u n d e r l y i n g p r i n c ip l e s
o r o b je c t s , t o w it :
“ (1 ) T h e s t a b i li z i n g o f p r i c e s o f c r u d e o i l t h r o u g h o u t t h e v a r i o u s p r o ­
d u c in g fie ld s ; a n d
“ (2 ) T h o c o n t in u o u s a n d u n i n t e r r u p t e d f l o w o f c r u d e o i l in i t s p r e s e n t
c h a n n e ls .
" A n y s o l u t io n o f t h o c o m p l i c a t e d p r o b l e m s i n v o l v e d in c a r r y in g o u t
t h o s e p r i n c ip l e s , e s p e c i a ll y in a n i n d u s t r y w it h s o m a n y c o n f l i c t i n g in te re s ts ^
n e c e s s a r ily e n t a ils s a c r if i c e s .
O u r C o m m it te e h a s , h o w e v e r , s o u g h t a lw a y s
t o k e e p in m in d a s t h e s u p r e m o f a c t o r t h e n a t i o n a l p u r p o s e a n d e s p e c i a ll y
t h o t h o u g h t t h a t t h o e f f i c i e n c y a n d p r o s p e r i t y o f e v e r y e l e m e n t in t h e I n d u s ­
t r y s h o u l d b o p r o t e c t e d t o t h e u t m o s t . T h e s o l u t io n s u g g e s t e d i t is b e l i e v e d ,
is in t h o n a t i o n a l i n t e r e s t .
I t m a y n o t o e a p e r fe c t p la n .
It m ay n ot be
a b s o l u t e l y f r e e f r o m c r it i c is m .
O n ly b y e x p e r i e n c e c a n t h e b e s t p l a n b e
e v o l v e d t h a t w il l a d e q u a t e l y m e e t t h o e n t i r e s i t u a t io n .
F o r th is r e a s o n ,
y o u w ill n o t e , t h a t t h o s u g g e s t i o n h a s b e e n e m b o d i e d in t h e s e r e c o m ­
m e n d a tio n s t h a t t h e p la n p r o p o s e d , as s o o n as it h as y o u r a p p r o v a l, b e
p u t in t o e f fe c t u n til N o v . 1 1 9 1 8 .
U n d o u b t e d l y , d u r i n g t h is p e r i o d o f
t r ia l s u g g e s t io n s a n d I d e a s f o r it s i m p r o v e m e n t w il l b e p r e s e n t e d w h i c h
c a n b e i n c o r p o r a t e d r e s u l t i n g f in a ll y in a c o d e o f p r i n c ip l e s t h a t w il l m e e t
th e s itu a t io n .
“ T h o N a t io n a l P e tr o le u m W a r S e r v ic e C o m m it te e h a s th e u t m o s t c o n ­
f i d e n c e , a s s u m in g t h e a p p r o v a l b y t h o O il D i v i s i o n o f t h e U . S . F u e l
A d m i n i s t r a t i o n , t h a t t h o o i l i n d u s t r y w ill c o n f o r m p a t r i o t i c a l l y a n d l o y a l l y
t o t h e r e c o m m e n d a t io n s h e r e in s e t f o r t h .
“ In o r d e r , h o w e v e r , th a t b e fo r e a c t in g u p o n th o r e c o m m e n d a t io n s th e re
m a y b e t h e f u ll e s t u n d e r s t a n d in g , n o t o n l y o n t h e p a r t o f t h e i n d u s t r y ,
b u t a ls o o n t h e p a r t o f y o u r D e p a r t m e n t , o f a ll t h e p h a s e s g o v e r n i n g t t h e
s i t u a t io n , t h e N a t i o n a l P e t r o l e u m W a r S e r v i c o C o m m i t t e e d e e m s i t h i g h l y
d e s i r a b l o t h a t y o u s h o u l d v i s i t , i f p o s s i b le , b o t h t h e M i d - C o n t i n e n t a n d
G u l f C o a s t r e g i o n s , w it h a v i e w t o m e e t in g p e r s o n a l l y t h e p r o d u c e r s a n d
e f in e r s In t h o s e t w o d i v i s i o n s .
T h i s , w e u n d e r s t a n d , y o u a r e q u i t e w illin g

THE CHRONICLE

24:2

t o 'd o a n d a r r a n g e m e n t s t o a f f o r d y o u a n o p p o r t u n i t y t o m e e t t h e in t e r e s t e d
p a r t i e s In t h e s e t w o p a r t i c u l a r f ie l d s w ill a c c o r d i n g l y b e m a d e .
" M e a n w h ile , T fe e l p e r s o n a lly c o n v in c e d t h a t y o u c a n b e a s s u re d th a t
t h o i n d u s t r y w il l o b s e r v e t h o s p i r it o f y o u r l e t t e r o f M a y 1 7 u n t i l fin a l
c o n c lu s io n s h a v e b e e n r e a c h e d .
V ery
t r u ly y o u r s ,
( S ig n e d )
A. C. BEDFORD,

Chairman.”
I 'M r. M . L. Requa, Director-General.
Oil Division, U. S. Fuel Administration,
Washington, D. C.
"Dear M r. Requa:
“ A t a m e e t in g o f t h o N a t io n a l P e t r o l e u m W a r S e r v i c e C o m m i t t e e h e l d
S a t u r d a y , J u l y 1 3 1 9 1 8 , t h e f o ll o w i n g r e c o m m e n d a t i o n s w o r e a d o p t e d :
(1 )
f o r t h o s t a b i li z i n g o f p r ic e s p a i d f o r c r u d e o i l ; a n d ( 2 ) f o r t h e m a in ­
t e n a n c e a n d t h e u n i n t e r r u p t e d f l o w o f o il in it s p r e s e n t c h a n n e ls , a n d a r e
r e s p e c t f u l l y s u b m i t t e d t o y o u f o r y o u r a p p r o v a l.
“ R e c o m m e n d a t i o n s a d o p t e d a t m e e t in g o f N a t i o n a l P e t r o l e u m W a r
S e r v i c e C o m m i t t e e , J u l y 13 1 9 1 8 .

For the Appalachian Division.
“ ( 1 ) T h a t t h e la r g e p u r c h a s i n g c o m p a n i e s c o n t i n u e t o p u r c h a s e c r u d e
o il a t t h e i r p o s t e d m a r k o t p r i c e , a n d t h a t a ll o t h e r p u r c h a s e r s w h o n o w p a y
a p r e m iu m f o r c r u d e o il b e h e r e a f t e r p e r m it t e d t o p a y a p r e m iu m n o t t o
e x c e e d t o n c e n t s ( 1 0 c .) p e r b a r r e l a b o v e t h e p o s t e d p r i c o s f o r t h e v a r i o u s
g r a d o s o f c r u d e o il .
“ ( 2 ) T h a t a ll p r o d u c e r s a r e r e q u e s t e d t o m a k e m o n t h l y s a le s o f t h e ir
c r u d e o i l.

For the Mid-Continent Division.
“ (1 ) T h a t t h e la r g e p u r c h a s i n g c o m p a n i e s c o n t l n u o t o p u r c h a s o c r u d e
o i l a t t h o i r p o s t e d m a r k e t p r i c e , a n d t h a t a ll o t h e r p u r c h a s e r s w h o n o w p a y
a p r e m iu m f o r c r u d o o il b o p e r m it t e d h e r e a f t e r t o p a y u p t o a m a x i m u m
p r e m iu m a b o v e p o s t e d m a r k e t p r i c e s a s f o ll o w s :
F or
For
F or
For

C u s h in g c r u d o a m a x i m u m p r e m iu m o f ________________ 7 5 c . p e r b a r r e l
F a r b e r a n d a ll B i llin g s c r u d o a m a x i m u m p r e m iu m o f - S i
“
“
K a y C o u n t y c r u d e a m a x i m u m p r e m iu m o f .............. ...........6 0 c . “
“
H e a i d t o n c r u d e a m a x i m u m p r e m iu m o f _______________ - 3 0 c . "
“

a n d f o r a ll o t h e r c r u d e s f o r t h e w h o io M i d - C o n t i n e n t D i v i s i o n , in c lu d in g
K a n s a s , O k la h o m a a n d N o r t h e r n T e x a s , a m a x i m u m )} p r e m iu m n o t t o
e x c e e d t w o n t y - f i v o c e n t s ( 2 5 c .) p e r b a r r e l, w it h t h e s t r i c t u n d e r s t a n d in g
t h a t in n o d i s t r i c t in w h ic h p r e m iu m s a r e b e i n g p a i d o f le s s t h a n t w e n t y f i v e c e n t s ( 2 5 c .) p o r b a r r e l w ill t h e O il A d m i n i s t r a t i o n p e r m it t h o p a y i n g
o f a lilg h e r p r e m iu m t h a n is n o w in e f f e c t .

For the Gulf Coast and Northern Louisiana Division.
“ ( 1 ) T h a t t h e la r g h p u r c h a s in g c o m p a n i e s in t h e G u l f C o a s t t e r r i t o r y
b e r e q u e s t e d t o e s t a b lis h a p o s t e d p r l c o f o r c r u d o o i l o f o n o d o l la r a n d
e i g h t y c e n t s ($1 8 0 ) p e r b a r r e l, a n d c o n t i n u e t o p a y s a i d p r i c o u n t il N o v . I
1 9 1 8 ; a n d t h a t a m a x i m u m p r o m iu m b o e s t a b l is h e d a b o v e t h o p o s t e d p r i c e
o f t e n c e n t s ( 1 0 c .) p o r b a r r e l, w it h t h e s t r i c t u n d e r s t a n d in g t h a t i n n o
d i s t r i c t in w h ic h p r e m iu m s a r o b o in g p a i d o f loss t h a n t o n c e n t s ( 1 0 c .)
p o r b a r r e l w ill t h o O il A d m i n i s t r a t i o n p e r m it t h e p a y i n g o f a h ig h e r p r o m iu m
t h a n is n o w in e f f e c t " ( 2 ) T h a t a d i ff e r e n t i a l o f t w e n t y - f i v e ( 2 5 c .) p o r b a r r e l b e e s t a b lis h e d
b e t w e e n t h e G u l f C o a s t O il a n d N o r t h e r n L o u is i a n a h e a v y o il b e lo w
3 4 d e g r e e s g r a v i t y a n d t h a t a p r o m iu m o f t e n c e n t s ( 1 0 c . ) p e r b a r r e l b e
p e r m it t e d o n t h i s g r a d o o f o i l; t h a t o n lig h t c r u d e o il a p r o m iu m o f t w e n t y f i v e c e n t s ( 2 5 c .) p e r b a r r e l b o p e r m it t e d , w it h t h o s t r i c t u n d e r s t a n d in g
t h a t in n o c a s e w h e r e p r e m iu m s o f le s s t h a n t e n c e n t s ( 1 0 c .) a n d t w e n t y f i v e c e n t s ( 2 5 c .) p e r b a r r o l r e s p e c t iv e l y h a v o b e e n p a i d w ill t h e O il A d m i n ­
i s t r a t i o n p e r m it t h e p a y i n g o f h i g h e r p r o m iu m s t h a n a r o n o w in e f f e c t .

General Recommendations.
“ T h o f o l l o w i n g g e n e r a l c la u s o s s h a ll a p p l y t o a ll d i v i s i o n s h o r o l n b e f o r o
nam ed:
“ ( 1 ) T h a t n o p u r c h a s e r o f o il w ill b o p e r m it t e d t o t a k o a w a y f r o m a n y
o t h e r p u r c h a s e r s u c h r u n s o f o il a s t h o l a t t e r lia s b o o n r e c e i v i n g w it h o u t
f ir s t s e c u r in g t h o c o n s e n t o f t h e O il A d m i n i s t r a t o r t o s u c h t r a n s f e r .
(T h is
d o e s n o t a p p l y o r r e fe r t o p r o d u c t i o n o w n e d o r p r o d u c e d b y p u r c h a s in g
c o m p a n i e s .)
" ( 2 ) T h o f o r e g o i n g r e c o m m e n d a t io n s a r o n o t t o e f f e c t a n y e x i s t i n g c o n ­
t r a c t s f o r c r u d o o il e x c e p t s u c h c o n t r a c t s a s h a v o b e e n r e c e n t ly e n t e r e d
i n t o w h i c h t h e O il A d m i n i s t r a t o r fe e ls a r e c o n t r a r y t o t h o p o l i c y o u t l in e d
i n h is l e t t e r o f M a y 17 1 9 1 8 ; p a r t i e s t o a n y s u c h c o n t r a c t m a y b o r e q u e s t e d
t o r e s c in d s a m e .
“ ( 3 ) T h o f o r e g o in g r e c o m m e n d a t io n s s h a ll, u p o n t h e a p p r o v a l o f t h o
O il A d m i n i s t r a t o r , b e c o m e i m m e d i a t e l y e f f e c t i v e a n d c o n t in u e in f o r c o
u n t il N o v . 1 1 9 1 8 , a n d t h e r e a f t e r f o r s u c h p e r i o d a s m a y b o d e t e r m in e d
b y th e N a t io n a l P e tr o le u m W a r S e rv ice C o m m it te e a n d a p p r o v e d b y th o
O il A d m i n i s t r a t o r .
“ N o r e c o m m e n d a t io n s a r e m a d o w i t h r e fe r e n c e t o t h e R o c k y M o u n t a i n
a n d P a c i f i c C o a s t t e r r it o r ie s a t t h is t im e .
Y o u r s v e r y t r u ly ,
( S ig n e d )
A. C. BEDFORD,

Chairman."

In addressing a full meeting of the National Petroleum
W a r Service Committee in Washington on July 1G, M . L.
Requa, Director-General of tho Oil Division of the United
States Fuel Administration, stated that he believed it to
be highly desirable that the oil industry attain the plane of
stabilization where certain differentials are fixed and where
the various parts of the industry realize that they each have
their place. W e quote what ho had to say below:
T h e o n e g r e a t i n d i c t m e n t w h ic h D e m o c r a c y lia s a l w a y s t o c o n f r o n t is
t h a t it is i n e ff i c ie n t t h a t it c a n n o t g o v e r n w it h t h e s a m o d o g r e o o f s u c c e s s
a s a m o n a r c h ia l f o r m o f G o v e rn m e n t.
I h a v e a l w a y s b e l ie v e d t h a t t h a t
t h e o r y w a s a b s o l u t e l y w r o n g ; I h a v o a l w a y s b e e n o f t h o o p i n i o n t h a t a fr e o
a n d e d u c a t e d p e o p l e c a n , i f t h o y w il l, s u p p l y t o t lio m s e lv e s , t h r o u g h
t h e m s e lv e s , a v e r y m u c h b e t t e r f o r m o f G o v e r n m e n t t h a n c o u l d a n y i n ­
d i v i d u a l w h o e v e r liv e d a n d s a t u p o n a t h r o n o .
A n d s o I b e l ie v e t h a t t h e o il i n d u s t r y c a n g o v e r n i t s o l f w is e ly a n d w e ll,
i f It w il l; t h a t i t c a n f o r m u l a t e it s o w n r u le s a n d r e g u l a t io n s f a r m o r e s a t is ­
fa c t o r ily b y v o lu n t a r y e ffo r t th a n t h r o u g h G o v e rn m e n t m a n d a to .
It
n e e d s b u t a r e a liz a t io n o f t h o c r is is c o n f r o n t i n g u s , a v i s io n s u f fi c ie n t l y
b r o a d t o s e e b e y o n d m e r e p e r s o n a l a n d s e lfis h i n t e r e s t s , a n d t h e u n d e r ­
s t a n d i n g t h a t t h e p r o b l e m s o f p e t r o lo u m a s r e la t e d t o t h e w a r a r e n a t i o n a l ,
a n d m u s t b e s o l v e d in t h o n a t io n a l I n t e r e s t, b y t h o I n d u s t r y a s a w h o io ,
r e g a r d lo s s o f t h o s e lfis h in d i v id u a l — i f a n y t h o r e b e — w h o c a n n o t s e e b e y o n d
b i s o w n i m m e d i a t e s u r r o u n d in g s .




[V ol . 107

P o t r o l o u m is t o - d a y o n o o f t h e m o s t v i t a l l y n e c o s s a r y p r o d u c t s .
I
t h i n k y o u w il l a ll a g r e e w it l i m e t h a t b e c a u s o o f e x is t in g c o n d i t i o n s i t is
n e c e s s a r y t o s t a b i li z e n o t o n l y t h e p r i c e o f p o t r o le u m b u t t h a t i t is n e c o s s a r y
t o d e t e r m in e a f a i r d i ff e r e n t i a l f o r t h e c o n v e r s io n o f p o t r o lo u m i n t o it s
v a r i o u s p r o d u c t s a n d t o d o t e r m in o a r e a s o n a b l e d i ff e r e n t i a l f o r t h o d i s t r i b u t ­
in g o f t h o s e p r o d u c t s t o t h o u l t im a t e c o n s u m e r .
I a m n o t d is c u s s in g n o r
a d v o c a t i n g t h e s e p r i n c ip l e s a t t h e p r e s e n t t im e o t h e r t h a n a s a w a r m e a s u r e ,
b u t i t is o n t i r e l y o b v i o u s t h a t t h o la w o f s u p p l y a n d d e m a n d h a s b r o k o n
d o w n in t h o f a c o o f a d e m a n d f a r e x c e e d i n g t h o a v a i l a b l e s u p p l y ; a n d i f y o u
a r e t o j u s t i f y t h e b e s t t r a d i t i o n s o f a n i n d u s t r y p e c u l ia r l y A m e r i c a n y o u
m u s t t a k e s o m o v o l u n t a r y a c t i o n t o c o n t r o l p r ic e s .
I d o n o t b e l ie v e t h e r e w o u l d b e a n y s t im u l a t i o n o f m o m e n t t o t h o p r o d u c ­
t i o n o f p e t r o lo u m b y a n I n c r e a s e in t h o p r i c e o f c r u d o o i l , b u t I d o b o l ie v o
i t t o b o h i g h l y d e s ir a b le t h a t t h e o il i n d u s t r y a t t a i n t h o p l a n e o f s t a b i li z a ­
t i o n w h o r e c e r t a in d i ff o r o n t i a ls a r o f i x e d a n d w h o r o t h o v a r i o u s p a r t s o f t h e
i n d u s t r y r e a liz e t h a t t h o y e a c h h a v e t h o ir p l a c e .
T h a t t h e y h a v e c o r ta in
r ig h t s , a n d t h a t t h o s e r ig h t s m u s t b e r e s p e c t e d b y o t h e r t h o b r a n d i e s o f
th o in d u s try .
W e k n o w th a t a n In d u stry m u s t, t o b o h o a lth y , oa rn a
p r o f i t ; a n d w e k n o w t h a t t h e G o v e r n m e n t r e q u ir e s t h o m a x i m u m q u a n t i t y
o f p e t r o lo u m p r o d u c t s a t t h e p r e s e n t t im o a n d h a s , I a m s u r o , n o i n t e n t io n
o f t a k i n g a n y a c t i o n t h a t w ill c a u s e d i m in u t i o n o f t h o f l o w o f c r u d e o r f i n ­
is h e d p r o d u c t s .
I f w o c l e a r l y r e a liz e t h e s o t h i n g s , I t h i n k w e s h a ll h a v e
ta k e n a lo n g s t o p fo rw a r d .
I t h i n k i t is a n a b s o l u t e l y fu n d a m e n t a l p r i n c ip l e , a t t h i s t im o , t h a t u n ­
r e s t r i c t e d c o m p e t i t i o n in t h o p u r c h a s e o f p o t r o lo u m is n o t i n t h o n a t i o n a l
in te re sts.
I t is n o t m y t h o u g h t t h a t t h is p r o p o s e d a c t i o n is g o i n g t o a l t e r
m a t e r ia l l y t h e p r e s e n t a v e r a g e p r i c e p a i d t o t h o p r o d u c e r ; i t is i n t e n d e d t o
p r o v e n t f u r t h e r a d v a n c e s u n le s s c o n d i t io n s m a t e r ia l l y c h a n g o .
N or do I
b o l ie v o t h a t i t w il l a l t e r t h e s t a t u s o f t h o r e fi n e r , o x c o p t p e r h a p s t o m a k e
h is p o s i t io n m o r e s e c u r e ; a n d , t o m o , t h a t is t h e c u r io u s p s y c h o l o g y o f t h e
s i t u a t io n , t h a t t h e c la s s o f m e n w h o w o a p p a r e n t ly a r o t r y i n g t o p r o t e c t
( a n d t h a t is in t h is p a r t i c u la r c a s o t h e r o fi n o r ) m o s t s t r o n g l y o b j e c t t o s o m o
c o n c r e t e a n d d o f in it e p r o g r a m u n d e r w h ic h w o c a n p r o c e e d .
N o t t li r o u g h
n o r m a l c h a n n e ls , b e c a u s e n o t h i n g is n o r m a l t o - d a y .
W o a r o l iv i n g a n d
w o r k in g u n d e r a n a b n o r m a l c o n d i t i o n , w h o r o t h o w o r l d is u p s i d e d o w n ,
w h e r e s t r o s s a n d t r ia l a n d t r ib u la t i o n a n d f r i c t i o n a r o t h o o v e r y d a y n o r m a l
occu rren ce.
W o c a n n o t a p p ro a ch th e s o p r o b le m s f r o m th o s ta n d p o in t o f a n o r m a l
a t m o s p h e r o o f b u s in e s s ; i f w o d o , t h e n e e d e d s o l u t io n is lio p o l e s s l y h a n d i ­
c a p p e d a n d w o s h a ll n o t i n t h e le a s t u n d e r s t a n d w h a t It is a ll a b o u t .
In ­
d i v i d u a l is m m u s t b e , f o r t h e t i m o , s w e p t a s id e b e c a u s e o f t h o p a r a m o u n t
n o o d s o f n a t i o n a l w e lf a r e .
I t h in k t h a t is o n e o f t h o t h in g s n o c o s s a r y t o
I m p r e s s u p o n y o u , t h o p r o d u c e r s , t h a t in d i v id u a l is m is f o r t h o t im o s u b ­
m e r g e d ; a n d t h is is t h e g r e a t e s t t e s t D e m o c r a c y c a n u n d e r g o — f o r t h o
in d i v id u a l v o l u n t a r i l y t o g i v o u p h is f r e e d o m a n d s u b j e c t h i m s e lf t o a
d i s c ip l i n e a s r ig id a s a n y t h a t c h a r a c t e r iz e s t h o G e r m a n E m p i r e , i f n e c e s s a r y
t o a s s is t in t h o w in n in g o f t h is w a r .
A fte r th o w a r h as boon w o n , he m a y g o
b a c k t o h is r ig h t o f in d i v id u a l f r e e d o m a n d i n it i a t i v e — b u t n o t u n t il t h e n .
I t is e n t i r e l y e l e m e n t a r y t o s a y t h a t n o I n d u s t r y c a n p r o s p e r w i t h o u t f a ir
p r o f it s ; a n d y e t I c a n s e e e v id e n c e s th a t th e re a re p a r ts o f th e p e t r o le u m
i n d u s t r y c o n s t a n t l y in f e a r t h a t s o m e t h in g w il l b o d o n e t o r u in t h e ir p a r ­
t ic u la r b r a n c h .
I d o n ’t k n o w h o w w e are to g o t th a t o u t o f th e h ea d s o f
t h o p e o p l e e x c e p t b y a c a m p a i g n o f e d u c a t i o n , a n d y e t i t sc o r n s a p i t y
t h a t t h e r e is n o t s u f f i c i e n t f a i t h t o m a k e s u c h a n e d u c a t i o n a l c a m p a i g n
u n n ecessa ry.
I w as ju s t a lit t lo b it s h o c k e d t o h a v e u s e m a d e o f th o
p h r a s e t h a t w o c o u l d n o t h a n d le t h o i n d u s t r y n o r a c c o m p l i s h w h a t is s o
n e c e s s a r y b y " p u t t i n g t h e a n im a l b e h i n d t h o b a r s . ”
I d o n ’t k n o w o f a n y ­
t h i n g t h a t I h a v o s a id t h a t w o u l d c o n v e y t o a n y o n o t h e o p i n i o n t h a t I
w a s in a n y w a y in s y m p a t h y w it h a s c h e m e t h a t w o u ld p u t a n y i n d u s t r y
e u m a s s e b e h in d th e b a r s .
I s h o u l d b e v e r y m u c h in s y m p a t h y w it h p u t ­
t in g b e h i n d t h o b a r s s o m e i n d i v id u a l s w h o d i d n o t p l a y t h o g a r r o p r o p e r l y
a n d f a i r l y a n d s q u a r e l v ; a n d i t is b e c a u s o t h o s e in d i v id u a l s t o e x is t in e v e r y
l in o o f t r a d o t h a t I b t l i e v e t ills o n e m u s t v o l u n t a r i l y l a y d o w n a n d f o l l o w
d e f in it e r u le s t h a t w ill m a k o i t i m p o s s i b l e f o r a n y i n d i v id u a l t o p r o f i t a t
th e e x p e n s e o f th e re s t o f th o in d u s tr y .
U p t o d a to , th o F o o d A d m in is ­
t r a t io n h a s s e c u r e d m o r e t h a n e i g h t h u n d r e d c o n v i c t i o n s .
I h a v e f a it h
e n o u g h t o b e l ie v o t h a t w h e n i t is a ll o v e r t h e r e w il l n o t h a v o b e e n a n y
e i g h t h u n d r e d c o n v i c t i o n s n o r fin e s in t h o p o t r o le u m i n d u s t r y , b u t I a m
n o t s u f f i c i e n t l y i d e a l is t i c t o b e l ie v e t h a t t h e r e w ill b o n o n o — a n d t h a t is
t h o m a n I a m l o o k in g f o r w h e n I s u g g o s t t o y o u t h a t y o u f o r m u l a t e r u le s
a n d r e g u l a t .o n s s o d r a w n t h a t t h o h o n a s t m a n c a n p l a y f a i r l y a n d s o t h e
o t h e r fe llo w m u s t p l a y f a ir l y .
T h e r e is n o t h i n g m o r e i n s id io u s a n d h a r m f u l t h a n k l l j r u m o r .
I f th e
i n d u s t r y is t o b e l ie v e e v e r y r u m o r t h a t c ir c u l a t e s , w it h o u t t a k i n g t n o
t r o u b l o t o v e r i f y i t , t h e y w ill g e t a l m o s t a n y k i n d o f d i s t o r t e d p i c t u r e t h a t
t h e y m a y w a n t t o c o n j u r o u p f o r t h o m s o lv c s ; a n d t h a t s o m o o f t h e s e r u m o r s
a r o n o t c ir c u la t e d w i t h o u t m a l ic e a f o r e t h o u g h t g o e s , I t h i n k , p e r f e c t l y
w e ll w it h o u t s a y i n g .
I b e l ie v o t h a t w o a r o p a s s i n g t h r o u g h a p e r i o d o f n a t i o n a l l i f o f r a u g h t
w it h a ll s o r t s o f d i r o p o s s i b il i t ie s .
I f a n y m a n h a d in 1 9 1 4 p r o p h e s i e d o n o
s m a ll p a r t o f t h o t h in g s w h ic h h a v o h a p p e n e d h o w o u ld h a v o b e e n c o n ­
s id e r e d t h o r o u g h l y a n d h o p e l e s s ly in s a n o ; a n d b e c a u s e t h o s e t h in g s h a v o
h a p p e n e d I b e l i o v e t h a t o t h e r t h in g s e q u a l l y a s p o r t e n t o u s m a y h a p p e n ;
s o i t b e h o o v e s t h o A m e r i c a n c it iz e n t o k e e p h is f e e t s q u a r e ly u p o n t h o
g r o u n d , t o d i s b e l ie v e a ll I d le r u m o r .
T h o d o b a c l o o f t h o I t a li a n a r m y l a s t
y e a r w a s s o fa r as I k n o w a b s o lu te ly th e r e s u lt o f G e rm a n p r o p a g a n d a ; I
c a n c o n c e i v e o f n o t h i n g m o r o s a t i s f a c t o r y t o t h e K a is e r t h a n p r o p a g a n d a
w h ic h w o u l d d i s r u p t t h e u n is o n o f a c t i o n th a t - n o w c h a r a c t e r iz e s t h e
p e t r o le u m I n d u s t r y o f t h e U n i t e d S t a t e s .
T h e r e is a lw a y s a w a y o u t o f e v e r y p r e d i c a m e n t , n o m a t t e r h o w c o m p l e x
It m a y b e .
W o a r e c o n f r o n t e d w it h a p e r f e c t l y o b v l u s c o n d i t i o n r e q u i r in g
im m e d ia te a c t io n .
I t m e a n s th a t th e p e t r o le u m in d u s tr y s h o u ld s o s t a ­
b i li z e t h e v a r i o u s b r a n d i e s t h a t t-hero c a n b o n o q u e s t i o n a s t o w h a t a r e f a ir
a n d c o r r e c t p r i c e s ; a n d i t m e a n s t h a t i t is c e r t a in l y , a s a w a r - t i m e m e a s u r e ,
t h e o b l ig a t io n o f m e m b e r s o f t h a t i n d u s t r y t o s e e t h a t t h o e n t i r o i n d u s t r y ,
a s a w h o le , r e c e iv e s s o n e a r l y a s p o s s i b le e q u a l a n d j u s t t r e a t m e n t .
I t m a y b e e n t i r e l y p o s s i b l e t h a t w e a r e in t h o f u t u r e g o i n g t o u n d e r t a k e
s o m e v e r y m u ch m o r e d r a s tic m ea su res.
C e r t a i n l y w o s h a ll i f t ills w a r
la s t s l o n g e n o u g h . N a t i o n a l n e c e s s it y k n o w s n o i n d i v i d u a l .
If necossary,
t h e p e t r o le u m i n d u s t r y ^ v ill b o u n i f ie d t o a n o x t e n t n o t n o w d r e a m e d o f ;
b u t n o m a t t e r w h a t t h a t u n i f ic a t i o n m a y b o , h o w c o m p l e t e i t m a y b e ,
o v e n t o t h e p o i n t o f h a n d lin g i t a s a b s o l u t e l y o n e u n i t , I s e e n o r e a s o n
w h y , o n t h o w h o le , t h e m e m b e r s o f t h a t I n d u s t r y s h o u l d b e s e r io u s l y i n ­
ju r e d b e c a u s o o f t h o t ig h t e n in g o f G o v e r n m e n t c o n t r o l .
I s h o u ld b o v e r y u n w i ll i n g t c b o o b l ig e d t o a d m i t t h a t t h o i n d u s t r y h a s
f a ile d in fin d in g s o m e s o l u t io n t o t h is q u e s t i o n , s o m e m e t h o d o f d e t e r m in i n g
w h a t is J u st a n d r ig h t , w h ic h w ill p r e v e n t u n n e c e s s a r y a n d h a r m f u l c o m p e ­
t it io n . I c a n c o n c e i v e o f n o t h i n g le s s t o b e d e s i r e d t h a n t h o n e c e s s it y f o r
t h o O il D i v i s i o n o f t h e F u e l A d m i n i s t r a t i o n b e i n g c o m p e ll e d t o i n i t i a t e s u c h
p rocedu re.
B u t I w a n t t o s a y , w it h e q u a l e m p h a s is , t h a t u n n e c e s s a r y a n d
u n ju s t if i e d c o m p e t i t i o n f o r r a w m a t e r ia l , w h ic h e f f e c t s n o u s e f u l p u r p o s e ,
m u s t in s o m e w a y b o b r o u g h t t o a h a lt ; a n d i f t h o i n d u s t r y i t s o l f c a n n o t
o r w ill n o t d o i t — a n d I b e l io v e i t c a n a n d w il l — -th e n t h e r e is o n l y o n e o t h e r
c o u r s e o p e n , a n d t h a t Is f o r t h e G o v e r n m e n t i t s e l f t o p r o m u l g a t e r u l e s a n d
r e g u la t io n s w h ic h w ill m a k o e f f e c t i v e t h o p r o v i s io n s o f t h e L e v e r B i l l.

July 20 1018.]

THE CHRONICLE

WARNING THAT STEPS TO ENFORCE CONSERVATION
OF GASOLINE MA Y BE TAKEN IF WASTE
IS NOT CURTAILED.
I n w a rn in g t h a t th e a b n o r m a l w a s te w h ic h c h a ra c te rize s
th e

u se

of

g a so lin e

in

m o to r -p r o p e lle d

v e h ic le s

m u st

be

b r o u g h t to a n im m e d ia te h a lt , th e U . S . F u e l A d m in is tr a tio n
o n J u ly 8 s ta te d t h a t u n le ss a ll w a sto is e lim in a te d th e p re se n t

343

u tm o s t th e in terests o f b o t h th e la rg e an d sm a ll fa c to r s in th o in d u s tr y ;
in o t h e r w o rd s, t o p r e s e r v e th o in d u s tr y in th o h igh e st s ta te o f e ffic ie n c y
an d p r o s p e r ity n o t a lo n o f o r th e w a r its e lf b u t fo r w h a te v e r o p p o r tu n itie s
an d o b lig a tio n s th o a fte r-w a r p e r io d m a y d e v e lo p .
T o su m u p , th o N a tio n a l P e tr o le u m W a r S e rv ice C o m m it te e is c a r e fu lly
co n s id e r in g t h e w h o le p r o b le m in co n s u lta tio n w ith th e G o v e r n m e n t, an d
w ith th o in terests o f b o t h th o n a tio n a n d th o t r a d o a lw a y s in m in d . U n til
a s o lu tio n is w o rk e d o u t , th e c o m m itte o is s t r o n g ly o f t h e o p in io n th a t a n y
d is tu r b a n c e s o f th o p re se n t p r ico basis w o u ld b o c o n t r a r y t o e v e r y in terest
I n v o lv e d .

s u p p ly o f g a so lin o m a y in a sh o r t tim e b e c o m e a n a c tu a l
sh o r ta g o .

T h e p o s s ib ility o f e n fo rc e d c o n se r v a tio n is in d i­

c a te d in th e w a rn in g , w h ic h w o g iv e h e re w ith :
T h o c o n s ta n tly g ro w in g d e m a n d fo r gasolin o t o s u p p ly airpla n es an d
m o t o r tra n sp orts n o w w ith th o A m e rica n overseas fo rc e s In F r a n ce w ill
n ecessitate c o n tin u a lly in crea sed sh ip m en ts t o th o A in o rica n E x p e d itio n a r y
F o rce s . P resen t s tock s o f gasolin e, h o w o v e r, aro n o w a m p lo t o su p p ly
th o w a r d om a n d an d t o allo w th e n orm al ra tio n a l c o n s u m p tio n in this
c o u n t r y t o con tin u e.
T h o abn orm a l w aste w h ich ch aracterizes th o use o f ga so lin o In m o t o r p rop elled voh iclos, h o w e v e r, m u st b o b ro u g h t t o an im m e d ia te h a lt. L e ­
g itim a te use o f gasolin o fo r intern al co m b u s tio n en gin e fu el d o e s n o t m oan
th a t gasolin o m a y b o h a n d le d w a s tc fu lly . T h o p re se n t m e th o d o f d istri­
b u tion o f gasolin e is ex tre m e ly w a ste fu l, th o p r o d u c t b e in g h a n d le d ca ro lessly an d w ith o u t th o sligh test regard fo r co n s e r v a tio n in th o u sa n d s o f
garages an d su p p ly s ta tio n s th r o u g h o u t t h e c o u n t r y . T h o F u el A d m in is ­
tr a tio n is urgin g ev e ry o n e co n c e r n e d in th o p r o d u c tio n , d is trib u tio n an d
c o n s u m p tio n o f g asolin e t o elim in ate e v e r y p ossible p o in t o f w a s te . U nless
tills is d o n e , th e present s u p p ly m a y in a sh o rt tim e b o c o m o an a ctu a l
sh orta go. I f this c o n d itio n d o v e lo p s th o F u el A d m in is tra tio n w ill n o t
h esitate t o m a k o e ffe c tiv e e n fo r ce d co n s e r v a tio n m o th o d s , w h ic h , h o w o v e r ,
u p t o th e present h a v e n o t boon nocossary.

OIL CONSERVATION URGED.
I n a le tte r m a d e p u b lic J u ly 8 u r g in g refin ers to c o -o p e r a te
w ith th e G o v e r n m e n t b y e lim in a tin g w a s te o f p e tr o le u m ,
W . C h a m p lin R o b in s o n , D ir e c to r o f O il C o n s e r v a tio n , s a id :
T h e con serv a tion o f p o tro lo u m an d its p r o d u c ts has b e co in o n o co ssa ry ,
an d i f n o t p r o m p tly u n d erta k en a seriou s sh o rta g o in th o s u p p ly m a y fo llo w .
T h u s w ill a great h a n d ica p b o p la co d o n th e p ro s o cu tio n o f th o w a r a n d o n
th o gonoral oil con su m ers o f th o c o u n tr y .
T h o Oil D iv is ion o f th o F u el A d m in is tra tio n dosiros t o brin g th o se fa c ts
t o y o u r atten tion and t o ask y o u r a id in s to p p in g th o w asto o f o il in all fo rm s.
T h o p r a ctice o f ca tch in g leakin g oil a b o u t an oil r o fin o ry h as, g e n e ra lly ,
boon t o dop on d on tra p s, b u t th o tra p is n o t as o ffe c tiv o as th o Stillson
w ren ch . A n o th e r sou rco o f loss has be e n e v a p o r a tio n , th ro u g h careless­
ness in n o t closin g ta n k op e n in gs.
S to p th o leaks at th e ir so u rce . A n y e ffo r t th a t y o u ex p o n d in p ro v o n tin g
w asto w ill n o t o n ly bring p r o fits t o y o u r c o m p a n y b u t w ill b o o f m aterial
assistance in th o co n s e r v a tio n o f o il w h ich th is A d m in is tra tio n is m o s t
a n xiou s t o p r o m o to .
G o fu rth er. E n cou ra g e y o u r cu sto m e rs t o s to p all leak age, a v o id a ll
w a ste, an d pass o n th o w o rk o f o il co n s e r v a tio n b y th o u ltim a te co n s u m e r .
W e ask y o u r p r o m p t a n d h e a rty c o -o p e r a tio n .

CLOSING OF AUTOMOBILE SALESROOMS AND REPAIR
SHOPS NIGHTS AND SUNDAYS TO
CONSERVE MAN-POWER.
T h e e lim in a tio n o f S u n d a y a n d n ig h t w o r k b y a u to m o b ile
d ea lers in th e N e w Y o r k te rr ito ry w a s u rg e d b y F . W . A .
V esp er,

P re s id e n t

of

th e

N a t io n a l

A u t o m o b ile

o f th a t o r g a n iz a tio n a t a lu n c h e o n o f th o a s s o c ia tio n in th is
c it y o n J u ly 1 .

M r . V e s p e r referred to co n fe re n ce s w h ic h

ho a n d o th e r m o to r ca r d e le g a te s h a d re c e n tly in W a s h in g t o n
w ith C o n g re s s io n a l c o m m itte e s r e g a rd in g th e p r o je c te d ta x
o n m o to r v e h ic le s fo r th e n e w re v e n u e b ill.
“ T im e s ”

A s ta te m e n t w ith re g a rd to th e e ffo r ts o f th o p e tr o le u m
in d u s tr y to w o rk o u t a s y s te m o f s ta b iliz in g th o p rice o f cru d e

The N ew Y ork

q u o te d M r . V e s p e r a s s a y in g :

N o o r d e r s h a v o b o e n issued fr o m a n y o f th o d e p a rtm e n ts a t W a s h in g to n
t o th o a u to m o b ile in d u s tr y t o d o a n y th in g , b u t s e v e ra l r e c o m m e n d a tio n s
havrf be e n m a d o , a n d d ea lers an d m a n u fa c tu r e r s a ro p r e p a r in g t o m e e t
th ose su ggestion s. O n e o f th e g r e a te s t th in g s w o fe lt w o c o u ld d o w as t o
c o n s e r v e m a n -p o w e r, an d w o h a v e tlio r e fo re r o c o m m o n d e d th a t a ll a u to ­
m o b ile sa le sro o m s, t ir e ro p a ir sta tio n s, s e r v ic e s ta tio n s, and ga solin o s u p p ly
hou ses b o c lo s e d o n S u n d a y . S t. L o u is a d o p te d th e p la n la s t S u n d a y .
C in cin n a ti w ill fa ll in lin o J u ly 15, and o th e r c itie s th a t h a v e a d o p te d th e
S u n day clo sin g o f s e r v ic e and ga solin o sta tio n s a r e M ilw a u k e e , C h ic a g o ,
L o u is v ille , D e n v e r , S a n A n to n io , C le v e la n d , an d A tla n ta .
In m ost o f
th ose c itie s s o rv ico sta tio n s a r e a ls o c lo s e d a ft e r 7 o ’c lo c k a t n ig h t. T h e
p lan e n ta ils n o h ard sh ip u p o n th e m o to r is t , as h o ca n ju s t as w e ll b u y h is
gasolin e f o r S u n day to u r in g o n S a tu r d a y .

A c c o r d in g to th e

T im e s

M r . V e s p e r said t h a t th o m o to r

ca r d ea lers w ere w illin g to p a y a p ro p e r t a x , b u t o b je c t e d
to b o in g d isc r im in a te d a g a in s t o n th o g r o u n d th a t i t w as a
b u sin e ss d e v o te d to lu x u r y , a lth o u g h th e re w ere m a n y d e­
tails w h ic h c o u ld b e d isp en se d w ith d u rin g th e w ar w ith o u t
in ju r y to oither d ealers or o w n e rs.

EFFECT

OF

STEEL

SHORTAGE
INDUSTRY.

ON

AUTOMOBILE

T h o G o v e r n m e n t p olicies w ith re g a rd to ste e l c u r ta ilm e n t
in th e ca se o f less essen tia l in d u strie s is g iv in g c o n sid e ra b le
co n ce rn to a u to m o b ile m a n u fa c tu r e r s .

EFFORTS OF PETROLEUM INDUSTRY TO ARRANGE A
SYSTEM OF STABILIZING CRUDE OIL PRICE.

D e a le r s ’

A s s o c ia tio n a n d C h a ir m a n o f th o W a r S e rv ic e C o m m it t e e

J u ly

17

re p re se n ta tiv e s

of

th o

I t is s ta te d th a t o n

a u to m o b ilo

in d u s tr y

w ere

in fo rm o d b y th e W a r In d u strie s B o a r d t h a t n o assu ra n c es
o f steol fo r p a sse n g e r cars co u ld b e g iv e n .

I n in d ic a tin g th a t

th o G o v e r n m e n t w o u ld req u ire all th o ste e l p ro d u c e d in th e

o il w a s issed as fo llo w s o n J u n o 2 9 b y A . C . B e d f o r d , C h a ir ­

n e x t six m o n th s , it w a s a n n o u n c e d t h a t its re q u ire m e n ts fo r

m a n o f th o N a t io n a l P e tr o le u m W a r S e rv ic e C o m m it t e e :

th a t p oriod b e g in n in g A u g .

T h o N a tio n a l P etro le u m W ar S o rvico C o m m itte e fo r th o last few d a y s
has been con sid erin g m e th o d s o f c o m p ly in g w ith th e re q u e st o f M . L .
R o q u a , D ir e c to r o f th o O il D iv is io n , F u ol A d m in is tra tio n , th a t th o p o ­
trolou m in d u stry w ork o u t so m e sy sto m o f sta b iliz in g th o p rlco o f cru d o
o il. T li§ special p oin t is h o w t o p r e v e n t th o p a y m e n t c o m p o t it iv e ly o f
p rem iu m s o v e r an d a b o v o th o e stablish ed p rice o f c r u d o in o rd e r t o o b ta in
proforon tial d e liv e ry .
In v io w o f th o fa c t chat th o p o in t a t issiio p r im a rily In v o lv e d th o p r o d u c ­
tio n a n d d is trib u tio n o f p o tr o lo u m in th o K a n sas an d O k la h o m a fie ld s .
It w as d e cid e d t o rofor th o v a rio u s su ggestion s m a d e t o th o a sso cia tio n s o f
rofin ors and p rod u cers in th a t fie ld w ith th o re q u e st th a t th ro u g h their
c o m m itto o and th eir a sso cia tio n s an a g re e m e n t b o re a ch e d u p o n a plan
w h ich c o u ld b o ro co m m o n d e d fo r a d o p tio n b y th o N a tio n a l P o tr o lo u m
W a r S orvico C o m m itto o an d p u t in to o ffo c t w ith th o s a n ctio n o f M . I,.
R e q u a . T h o associa tio n s and c o m m itte e s o f th o O k la h o m a and K an sas
C it y fie ld s w ore r equ ested t o m ak e th eir d e fin ito re p o r t b a c k t o th o N a tio n a l
P o tr o lo u m W a r S orvico C o m m itte e o n F r id a y , Ju n o 2 8 . M r . R e q u a had
in a lo tto r d a te d M a y 17, la st, s ta te d th a t th o F u e l A d m in is tra tio n w o u ld
view w ith d is fa v o r a n y fu rth e r in crea se in th o p r ico o f c r u d o o il. S lnco
th a t d a to a fow cases h a v o boon r e p o rte d o f a d d itio n a l p re m iu m s b o in g
o ffo r o d . A rep resen ta tiv e o f tho F uol A d m in is tra tio n w as in a tte n d a n ce
a t th o m ootin g s o f th e N a tio n a l P e tr o le u m W a r S e rv ice C o m m itto o an d th o
c o m m itte e w as requ ested b y th o F uol A d m in is tra tio n t o n o t ify th o w liolo
o il in d u s try th a t th o G o v e rn m e n t w o u ld regard w ith seriou s c o n c e r n and
d is a p p r o v a l a n y fu rth e r a c tiv itie s o f th a t kin d ; in o t h e r w o rd s, th at u n til a
d e fin ito plan o f sta b iliza tio n is w o rk e d o u t th ere shall bo n o ch a n g o in th o
sca lo o f p re m iu m s n ow be in g p aid.
T h o m a s A . O 'D o n n e ll, represen tin g th o F u ol A d m in is tra tio n , stated
th a t w h ile th o G o v ern m e n t w as o x tr o m o ly a n xiou s th a t th o p e tro le u m
In du stry sh ou ld regu late its e lf d u rin g th o w ar th a t th e G o v e rn m e n t w as
n ovorth oless in sisten t th a t a t th e p resen t tim e a t a n y ra to th ere sh o u ld b e
n o in croa so in th o p r ice o f p o tro lo u m p r o d u c ts an d th a t th ere sh o u ld b o
n o b id d in g a m o n g refin ers fo r th o existin g s u p p ly o f c r u d e o il w h ich w ou ld
te n d t o cau se a d is lo c a tio n in th o p resen t basis o f s u p p ly . T h e G o v e rn m e n t
has m a d e It v e r y clea r th a t it w ill se rio u sly o b je c t t o a n y d iv e rs io n o f o il
fr o m its p reson t ch an n els.
T h o fa c t Is fra n k ly re co g n ize d th a t a t th o p re so n t tim e th o ro is an oxcoss
o f refin in g c a p a c ity in th o U n ite d S tates o v o r th o c u r r e n t p r o d u c tio n o f
cr u d o o il. T h e N a tio n a l P o tro lo u m W a r S o rv ico C o m m itto o , w ith tho
c o r d ia l co -o p o ra tlo n o f th o O il D iv is io n , is a c c o r d in g ly s tr iv in g oa rn ostly
b o t h t o s tim u la te th o m a xim u m p r o d u c tio n o f c r u d o an d a t th o sa m e tim e
insure t o a ll r efin ers, b o th la rgo an d sm a ll, th a t th e ir s u p p ly o f c r u d o In
re la tio n t o th o q u a n tity a v a ila b le as a w liolo sh all n o t s u ffe r d im in u tio n .
T h o p o lic y o f th o N a tio n a l P o tro lo u m W a r S o rv ico C o m m it te e is in its
c o -o p e r a tio n w ith th o G o v e rn m e n t, in d e a lin g w ith th is d o lic a to p ro b lo n i,
sock in g t o d e v e lo p th o la rg e st p ossib lo s u p p ly fo r th o uso o f th o n ation
an d o u r allies, as w ell as fo r tho co m m e r c ia l n eed s o f th o c o u n t r y , t o a c t
w ith th o F u ol A d m in is tra tio n in s ta b iliz in g p rlco s an d t o p r o t e c t t o th o




1 c a ll fo r 2 0 ,0 0 0 ,0 0 0

to n s o f

s te e l, w h erea s th e c a p a c ity o f th o ste e l m ills is o n ly a b o u t
1 0 ,5 0 0 ,0 0 0

to n s .

T h e “ J o u rn a l o f C o m m e r c e ” in a s p ecial

d isp a tc h fr o m W a s h in g to n o n J u ly 1 7 , s ta te d t h a t d e sp ite
th o w a rn in g o f a u to m o b ile m a n u fa c tu r e r s , in c o n fe re n c e w ith
th o W a r In d u strie s B o a r d o n J u ly
o f m o ro
m oan

th a n

fin a n c ia l

40%

in

d isa ste r

1 0 , t h a t a c u r ta ilm e n t

th e ir ste e l s u p p ly
to

th o

in d u s tr y ,

p r o b a b ly w o u ld
offic ia ls

of

th e

B o a r d see n o a lte r n a tiv e o th e r th a n c o m p le te c u r ta ilm e n t, in
vio w o f th o G o v e r n m e n t ’s g ro w in g ste e l n e e d s .

T h o paper

q u o to d fu rth e r s a id :
W h ile h e re to fo re a u to m o b ile m an u factu rers h a v e been u n d e r th e im ­
pression th a t a t least 2 5 % o f th eir steol s u p p ly w o u ld b o g iv e n b y th e
W a r Industries B o a rd , th o B o a rd has a c q u a in te d th e m akers w ith th e new
tu rn in th o s itu a tio n , a n d th e p r o b a b ility th a t u n til steel p r o d u c tio n has
b e e n su b sta n tia lly en larged , n o steel w o u ld b o fu rn ish ed fo r th e m a n u fa c ­
tu re o f pleasure a u to m o b ile s.
R og ard less o f th e co n c lu s iv e figu res o f th o W a r Industries B o a r d , th a t
w a r requ irem en ts w ill co n s u m e m o ro th a n th e en tire steel p r o d u c tio n d u rin g
th o n o xt six m o n th s an d th a t a n y steel fu rn ish ed less essential industries
a t tliis tim e w ill je o p a r d ize th e su ccessfu l A m e rica n w a r p a rticip a tio n , th e
a u to m o b ilo m a n u factu rers aro m ak in g an in sisten t d e m a n d fo r a p p ro x i­
m a te ly 6 0 % o f th eir usual steel su p p ly . T h is d e m a n d is b ein g m a d e in
d ire ct o p p o s itio n t o th o stand o f th o B o a rd th a t e v e r y o u n c e o f th o c o u n t r y 's
resou rces, fin a n cia lly , c o m m e rcia l an d in raw m aterials, w ill b e u sed in
su p p o r t o f th o A m erican fo rce s a b ro a d i f n ocossary.
W h e n t o ld o f th e e ffe c t u p o n th eir in d u s try o f fillin g th o G o v e rn m e n t's
v a st steol requ irem en ts, th e m an u factu rers refu sed t o agree w ith th e virtu al
cu rta ilm e n t o f steel fo r a u to m o b ile s . W h e th e r th o y agree w ith th o cu r ta il­
m en t o r n o t , o ffic ia ls o f th o B o a rd d e cla re d t o -d a y th a t th ere is n o p ossib le
ch a n co o f th o a u to m o b ile in d u s try r e ce iv in g m o ro th a n a sligh t pe rcen ta g e
o f th e ir fo rm e r s u p p ly .
In co m p lia n c e w ith th e requ est o f th o W a r In du stries B o a rd fo r a d d ition a l
d a ta u p o n w h ich to m a k e a d ecision as t o th e fa to o f th e in d u s tr y , th e
m an u factu rers h a vo retu rn ed t o their p lan ts t o m a k e an in v e n to r y o f all
s to c k s on h a n d .
I f d e m a n d e d b y a n y e m e rg e n cy , th e G o v e rn m e n t p r o b ­
a b ly w ill a o m m a n d e e r th e m a n u fa ctu re rs' steel stores t o fill o u t a n y p h a se
o f its b u ild in g p rogram d e la y e d b y a sh o rta g e o f th o p r o d u c t.
W h e n in c o n fe re n ce w ith th e B o a rd , th o m a n u factu rers expressed o p p o ­
s itio n t o th o p la cin g o f a d e fin ito cu rta ilm e n t ord e r u p o n th eir in d u stry .
In s te a d , th o y d eclared th e y w o u ld ra th e r ta k e th eir ch a n c e o f o b ta in in g
tiio necessary m a n u fa ctu rin g m aterials w ith o th e r less essential in d u s tr y .
T h o o n ly d e fin ite ste p ta k e n thus fa r b y th o G o v e rn m e n t t o cu rta il a u to ­
m o b ilo p r o d u c tio n , th a t o f th o F u el A d m in istra tio n g iv in g o n ly 2 5 % o f
c o a l t o th o a u to m o b ilo in d u s tr y , w ill b o o f o ava il in c h e ck in g m o t o r p r o ­
d u c tio n b oca u so th e pla n ts m a y o b ta in th eir fu el o n o th e r g ro u n d s.

PRICES AGREED ON FOR CAST IRON SCRAP, WIRE
NAILS, CASTINGS, &c.
A

series o f c o n fe re n c e s b e tw e e n tb e G e n e r a l C o m m it t e e

o n S te e l a n d S te e l P r o d u c ts o f tk o A m e r ic a n I r o n & S te e l
I n s t it u t e a n d J . L e o n a r d R e p lo g lo , D ir e c to r o f S te e l P u r ­
c h a se rs o f th e W a r I n d u s tr ie s B o a r d w a s fo llo w e d o n T u e s d a y
la s t

(J u ly

p ric es
w ire

and

16) b y

th e issu a n c e o f a s t a t e m e n t co n c e rn in g

d iffe re n tia ls

n a ils , h o rse

shoes,

fix e d

fo r

c a lk s

m e n t s a id :

and

scrap ,

cast

c a s tin g s .

ir o n

sc r a p ,

T h is

s ta te ­

_

R eferrin g* tcT previou s sta te m e n ts o f th e C h a irm a n o f th o C o m m itte e on
S teel a n d S teel P r o d u c ts o f th o A m e rica n I r o n a n d Steel In s titu te r e c o m ­
m e n d in g p r ice s fo r c e r ta in s te e l p r o d u c ts t o b e a d o p te d as m a xim u m
p r ice s , to', ta k e e ffe c t, im m e d ia te ly , to , a p p ly t o th o r e q u ire m e n ts o f th o
U n ite d S tates G o v e rn m e n t, t o th o w a r req u ire m e n ts o f th o A llies an d fo r
d o m e s t ic c o n s u m p tio n w ith in th o U n ite d S ta te s, th o c o m m itte e n o w m akes
sim ila r re c o m m e n d a tio n in r e s p e c t o f th o p rice s a n d d iffe re n tia ls b e lo w
sta ted .
tr hr fc- I* ft« % i
.

--------------------------------------- Cents p e r pou n d -------26 to 100 101 to 250 251 to 500 Over 500
6 to 25
1 to 5
p ie ce s .
p ie ce s .
p ie ce s .
p ie ce s .
p ie ce s .
Q uantity. p ie c e s .
.1100
.1025
.1250
.1700
U n d or 2 lb s_ _ .2625
.2125
.0925
.0975
.1225
.1025
.1700
2 t o 7 l b s ____ .2125
.0850
.0875
.0925
.1150
.1025
7 t o 15 lb s ___ .1475
.0800
.0825
.0875
.0975
.1075
15 t o 25 lb s __ .1225
.0800
.0775
.0850
.0900
O v e r 25 l b s ._ .1150
.1025
O n m isce lla n e o u s re q u isitio n s a b o v o p rice s are f. o . b . fo u n d r y .
O n c a r o rd e rs a b o v e p rice s aro d e liv e re d re a so n a b le d e stin a tio n fo r lo ts
o f 200 cars o r o v e r .
A n y p a tte n e q u ip m e n t n e ce s s a ry t o b o fu rn ish e d b y o r a t th o expen se
o f c u s to m e r u n less to n n a g e in v o lv e d w ill w a rra n t a b s o r p tio n o f th is expen so
A n y ca stin gs o f in tric a te de sign o r n e ce s s a rily o f v e r y lig h t s e c tio n w ill
b e s u b je c t t o s p e cia l n e g o tia tio n .

JUDGE GARY’S STATEMENT CONCERNING RECOM­
MENDATIONS FOR REDUCTION IN MANGANESE
CONTENT IN FERRO MANGANESE.
tio n s o f la s t M a y

S crap.

o f th o s u b -c o m m itte o o f th o A m e r ic a n

I r o n a n d S te e l I n s t it u t e fo r a re d u c tio n in m a n g a n e s e c o n ­

S u b s titu te th o fo llo w in g fo r 't h o 'c o r r e s p o n d in g paragrap h s in th o r e c o m m c n d a t io n s lo f F e b . 21 1918, as s h o w n .o n /p a g o s . 1 4 a ,,1 4 b .a n d 14c o f th e
In s t it u t e p a m p h le t o f J a n . 1 9 1 8 .'
eL*- u.
u..
.

te n t in fe r r o -m a n g a n e s e a n d s p ie g e le ise n , w a s issu e d o n J u ly
1 6 b y J u d g e G a r y o f th e I n s tit u te C o m m itt e o o n S te e l a n d
S te e l P r o d u c ts :

N o . 2 Low Ph osphorus Slcel_Scrap.
(c) S teel k n u ck les a n d c o u p le r s , ro lle d stcclT w h co ls, raU w ay steel *j
s p rin g s , c a r b o n t o o l s tc o l a n d sim ilar m a te ria l in q u a lity an d
ch a r a c te r w h ich w ill a n a ly z o .06 an d u n d e r in p h o sp h o ru s an d su l­
p h u r m a y b o d e a lt in fo r use in s u ch p la n ts a t a d iffe re n tia l o f n o t
e x ce e d in g $5 00 p e r g ross to n a b o v e , th o /b a so p rice o f h e a v y m o ltin g
s te e l, m a x im u m ________________________________________________________ $34 00
N o . 3 s tc o l rails 3 fe e t a n d u n d e r, ste e l s p lic e bars* a n d ste o l rails
s tru ctu ra l steel o r sim ila r scra p w h ich h as b e e n e s p e cia lly sh eared t o
(<,
t o s h o r t len gth s f o r u se In c u p o la s , h a n d -ch a rg in g fu rn a ce s o r fo r
rerollin g p u rp o s e s , m a y b o d e a lt In a t a d lffe r e n t la l/o f n o t e x c e e d ­
in g S5 above/, th o b aso p r ic o o f h c a v y im o ltin g s te e l, m a x im u m -------* 34 00
N o . 8 Cast Ir o n Scrap.
(а) A ll c a s t 'ir o n s c r a p , w h eth e r b r o k e n o r u n b ro k e n . In clu d in g c a s t
!;
Iron c a r w h eels, m a y b o d e a lt in a t a m a x im u m p r ic o o f n o t e x - _
c e e d in g t h a t o f h e a v y m e ltin g ste e l,' e x c e p t as n o t e d in .C la u s o B
m a x im u m _______________________________________________________________ 29 00
N o te— B u rn t iro n , b u r n t g r a t e 'b a r s , s t o v o 'p l a t o , b ra k e sh o e s, soil
p ip e an d all o th e r in fe rio r gra d e s o f c a s t scra p m a y n o t b e d e a lt in
a t a n y p r ice in excess o f t h o m axi mum* p r ic o o f h e a v y m o ltin g s te o l.
(б) S tr ictly N o . 1 c a s t iron scra p in c u p o la sh a p e , In pie ce s n o t e x ­
c e e d in g 150 l b s ., w h en s u ita b le for*and.to bemused o n ly in cu p o la s o r
In p u d d lin g fu r n a c e s , m a y b e d e a lt in a t a d iffe re n tia l o f n o t e x ­
c e e d in g S5 00 p e r t o n o v e r th o'.m axim u m ', p rice s o f h e a v y m e lt­
in g s te o l, m a x im u m ____________________________________________________ 34 00
W ir e N a ils .

I n a sta te m e n t Issued b y m o u n d o r d a to o f M a y 16, tho C o m m itte o on
Stool a n d Steel P r o d u cts re c o m m o n d e d t o th o tra d o th a t a m an gan ese c o n ­
te n t o f 7 0 % fo r fe rro -m a n g a n e se , a n d 1 6 % fo r sptogoleison b o a d o p te d as
sta n d a r d , an d th a t deliv eries o f m aterial o f th o now r e c o m m o n d e d sta n d a rd
b o a c c e p te d as g o o d deliv eries o n existin g c o n t r a c ts , w ith p r o p e r a d ju s t­
m e n t o f to n n a g e a n d p rices.
I n o rd e r t o a v o id p o ssib le m isy n d o rsta n d in g th o C o m m itte e n o w desires
t o m a k o it cle a r th a t its re c o m m e n d a tio n th a t d eliv eries o f m aterial o f th o
n ow re c o m m e n d e d sta n d a rd b o a c c o p te d as g o o d d eliv eries o n existin g
c o n tr a c ts w as in te n d e d t o refer t o existin g c o n tr a c ts fo r ferro -m a n ga n e se
o r sp iegel o f d o m e s tic m a n u fa ctu re o n ly , a n d th a t th o C o m m itte e is o f
o p in io n th a t c o n tr a c ts fo r fo re ign fe rro -m a n g a n o so o r splogoleisen in e f­
fe ct o n M a y 16 sh o u ld b o fille d in a c c o r d a n c e w ith th o term s o f th o c o n ­
t r a c t a n d c u rre n t c u s to m s o f th o tra d o a t th o t im o th o co n tr a c ts w ero e n ­
te r e d In to.
T h o C o m m itto e re co m m e n d s th a t im p o rte rs a n d dealers in fo ro ign fe rr o m an gan oso a n d spiegel an d pu rch asers th e r e o f b o g o v o r n o d a c c o r d in g ly .

GAS WARFARE UNDER CONTROL OF CHEMICAL
WAR SERVICE COMMANDED BY GEN. SIBERT.
T h e c o n tr o l o f a ll p h a so s o f g a s w a rfa ro h a s b e e n p la c e d
u n d e r th o c o n tr o l o f th e

C h e m ic a l W a r f a r e

m a n d e d b y M a j . - G e n . W i ll i a m

L . S ib e r t .

S e r v ic e c o m ­
T h o S e c ro ta r y

o f W a r o n J u ly 2 m a d e th o fo llo w in g a n n o u n c o m o n t re g a rd ­
in g th o u n ific a tio n o f g a s w a r fa r e :

R e fe r r in g t o th o an n ou n cem e n t o f N o v / 1 3 ’ l 9 1 7 ,rp a g o 61 o f th o In s titu te
p a m p h le t o f J a n u a ry 1 9 1 8 / ca n c e l the* following:.;.
B a s e p r ico 2 0 d . t o 6 0 d . c o m m o n 'f .o .b . P itts b u r g h , p e r 100 lb s -------------$3 50
a n d in p la c e 't h e r e o f in sert th e f o ll o w i n g :i- ► •'■
_
B a s e p r ico 2 0 d . t o 6 0 d . c o m m o n f .o . b . P itts b u r g h , p e r 100 l b s ., in
c a r lo a d l o t s _______________________________________________________________ 3 50

For less than carload lots add per. 100 lbs--------- ---------------------------

.05

H o rs e and M u le Shoes.
E x tr a sw a g e d , ex tra lig h t, lig h t, m e d i u m /h e a v y , lo n g h e e l, sh o rt
h e e l, c it y p a tte r n a n d sn ow sh o e s, also m u le .s h o e s '.N o . 2 .an d larger
p e r 100 lb s ., b a s o , f .o . b . P itts b u r g h ______________________ ____________ $5 .7 5
S u b je c t t o th e fo llo w in g lis t o f extras (in ce n ts p e r lb . t o .b c /a d d e d t o th o
b aso p r ic o p er l b .)
I
l.
E x tra s for. sizes a n d q u a lity —
1
l
.'
.
H o rs e s h oes, sizes N o . 1 a n d sm a lle r______________________________________
.25
M u lo s h oes ,1N o . 1 __________________________________________________________
.25
M u lo sh oes N o . 00 an d 0 __________________________________________________ 1-50
L ig h t d r iv in g h orse sh oes N o . 2 an d la rg e r______________________________ 1 .0 0
C ou n tersu n k N o . 2 an d la rg er_____________________________________________ 1.00
C ou n tersu n k N o . 1 an d s m a lle r___________________________________________ 1.25
E x tr a for, assortin g—
.
If 1
I
,
j. >
A ll assorted k eg s, o th e r th an fro n ts an d .h in ds o f th o sam o siz e _________
.15
Calks.
P rices p e r 100 lb s . f .o . b . P itts b u r g h .
L ess than
200 tons
Less
than
200 ton ' to”carlots &
loads, in carover.
elu sive.
loads.
aro
r 11 ^ i
- - S 5 50
$5 75
$5 90
6 25
6 40
. . . 6 00
? Eh
M
V L M
L . k,.
6 25 t . 6 40
. . . 6 00
6 50
6 90
1. 6 75
M alleable Castings— Freight Car C astings.
--------------------------- Cents p er poun d------------------------------Q uantity O rdered.
U nder 2 5 . 26 to 100. l O l’ to '2 5 0 . 251 to 500 . OcerSQO.
.0800
.0735
.0715
D r a ft lu g s _______________ .0890
.0700
.0735
.0715
J . B . w e d g e s______________ .0890
.0800
.0700
S p rin g s e a ts ____________ .0890
.0735
.0715
.0800
.0700
S trik in g p la te s ___________ .0890
.0735
.0715
.0800
.0700
T r u c k c o lu m n s __________ .0890
.0800
.0735
.0715
.0700
.0735
R a il b r a c e s _______________ .0890
.0800
.0715
.0700
C e n tr o p la te s _____________.0900
.0810
.0740
.0725
.0710
C e n tr e p la to s u p p o r t s .. .0900
.0725
.0810
.0740
.0710
.0740
C e n tr o sill s e p a ra tors___ .0900
.0810
.0725
.0710
.0740
C o u p le r ca rriers ___ ______ .0900
.0810
.0725
.0710
P u sh p o lo p o c k e t s _______ .0900
.0740
.0810
.0725
.0710
.0810
.0740
S id o bea r n g s_________ i-. .0900
.0725 fc .0710
B a c k s t o p c a s tin g s ______.0905
.0815
.0750
.0735
.0720
B o ls te r co n tro fille rs ____ .0935
.0845
.0775
.0760
.0745




A l l Other M iscella n eo u s Freight Car C astings.

T h e fo llo w in g s ta te m e n t w ith re g a rd to th o r e c o m m e n d a ­

T h e n o w p ric es a g re e d o n fo llo w :

H e e l calk s—

[Vol. 107

THE CHRONICLE

344

J

T h o o rg a n iz a tio n o f th e C h e m ica l W a r fa r o S c r v ico has boon c o m p le t e d .
H e n c e fo r th all pha ses o f gas w a rfa ro w ill b o u n d o r th o c o n tr o l o f tho C h e m i­
c a l W a r fa r e S e rvice c o m m a n d e d b y M a j.- G e n . W illia m L . S ibert.
H e re to fo r e ch e m ica l w a rfa ro has b o o n ca rrie d o n b y d iv isio n s in th o
M e d ica l D e p a r tm e n t, th o O rd n a n co D e p a r tm e n t, a n d th o B u rea u o f M in e s .
A ll o ffic e r s an d m e n w h o h a v e been c o n n e c te d W ith o ffe n s iv e o r d e fe n siv e
gas w a rfa ro hero w ill b o resp o n sib le t o th o C h e m ica l W a r fa r o S o rv ico.
T h o fie ld train in g s e ctio n a t presen t is u n d o r th o C o r p s o f E n gin eers.
D e fe n s lv o w arfare has been u n d or th o c o n tr o l o f th o M e d ic a l D e p a r t ­
m e n t . T h is w o rk has co n siste d o f th o design in g a n d m a n u fa ctu re o f m ask s
b o t h fo r m e n a n d a n im als a n d th o p r o cu re m e n t o f a p p lia n ce s fo r clea rin g
tre n ch e s a n d d u g o u ts o f ga s.
O ffe n siv o gas w arfaro co n sists p r in cip a lly o f m a n u fa ctu rin g gases a n d
fillin g gas shells. T h e w o rk has b e e n u n d e r th o d ir e ctio n o f th o O rd n an ce
D e p a r tm e n t '
T h e n ow d e p a rtm e n t w ill ta k e o v e r th o w o rk o f ch o m lc a l resoarch fo r
now gasos an d p r o te c tio n again st k n o w n gasos w h ic h has b e e n ca rried o n
b y th o B u roa u o f M in o s . A ll te stin g a n d ox p o rim o n t s ta tio n s w ill b o u n ­
d e r th o d ir e ctio n o f th o C h o m ica l W a r fa r o S e rvico .
T h o re s p o n s ib ility o f p r o v id in g ch em ists fo r all bra n ch o s o f th o G o v ­
e rn m en t an d assisting in tho p r o cu ro m o n t o f ch o m ists fo r industries o sso n tial t o th o su ccess o f th o w ar an d G o v e rn m e n t has bo o n in tru ste d t o th o
C h e m ica l W a rfa ro S e rvice .
A ll ch om ists n o w in th o A r m y w ill b o r e m o v e d fr o m th o ir u n its and p ia cod
u n d e r th e a u th o r ity o f th o C h o m ica l W a rfa ro S o rv ico . N o w ly d ra fte d
ch e m ists w ill bo assigned t o th o C h e m ica l W a r fa r e S o rvico .
A u th o r it y t o assign en listed o r c o m m issio n e d ch o m ists t o establish m en ts
m a n u fa ctu rin g fo r th o G o v e rn m e n t lias boon g ra n te d t o th o n ow s e c tio n .

A s in d ic a te d a b o v e , th e C h o m ic a l S e c tio n o f th e B u r e a u
o f M i n e s is a m o n g th o d iv isio n s ta k e n o v e r b y th o C h o m ic a l
W a r f a r e S e r v ic e .

T h e fo llo w in g le tte r a d d re sse d b y P re si­

d e n t W ils o n to D r . V a n H . M a n n i n g , C h ie f o f th e B u r e a u
o f M i n e s , n o t ify in g th o la t te r o f th o c h a n g e a n d ox p ressin g
a p p re c ia tio n o f th o w o rk d o n e b y h im h a s b e e n m a d e p u b lic
a s fo llo w s :
The W h ite H o u s e, W ashington, Jun e 26 1918.
M y D ea r D r . M a n n in g .— I h a v o , h a d b o fo ro m o fo r so m o d a y s th e
q u e stio n p roson ted b y th o S e cre ta ry o f W a r in v o lv in g th o tran sfer o f th o
C h e m ica l S ection e stablish ed b y y o u at th o A m e rica n U n iv e rs ity fro m th o
B u roa u o f M in o s t o 't h o n o w ly org a n ize d d iv isio n o f gas w a rfa ro , in w h ich
th o W a r D e p a rtm e n t is n o w co n c e n tr a tin g all th o v a rio u s fa cilitie s fo r
o ffe n s iv e a n d d efen sive gas o p e ra tio n s.
I a m satisfied th a t a m o r e e fficie n t
orga n iza tio n can b o e ffo c te d b y h a v in g th ese v a rio u s a c tiv itie s u n d or o n e
d ire ctio n a n d c o n t r o l, a n d m y h esita tio n a b o u t a c tin g in th o m a tte r has
g ro w n o n ly o u t o f a re lu cta n co t o t a k e a w a y fr o m th o B u rea u o f M in o s a
p ie ce o f w o rk w h ic h th u s fa r it has so e ffe c tiv e ly p e rfo rm e d
T h o S ecre­
ta r y o f W a r has assured m o o f his o w n re c o g n itio n o f th o sp le n d id w o rk
y o u h a v o be e n a b lo t o d o , a n d 1 am ta k in g th o Ilb orty o f in clo sin g a lotter
w h ich 1 h a v e r e c e iv e d fr o m h im , in ord e r th a t y o u m a y seo h o w fu lly th o
W a r D e p a r tm e n t reco g n izo s th o v a lu o o f th o sorv lco s.
I am t o -d a y sign in g th o o rd e r d ire ctin g th o tran sfer. I w a n t, h o w o v o r ,
t o express t o y o u m a y o w n a p p re cia tio n o f th o fin o an d holpful p ie c o o f
w o rk w h ich y o u 4 a v e d o n o , an d t o s a y th a t this so rt o f te a m w o rk b y th o
bu reau s o u tsid e * .' t h o d ir e ct w a r-m a k in g a g o u c y Is o n e o f th o ch o crin g

a n d g ra tify in g e v id e n ce s o f t h e w a y o u r o ffic ia l fo rc e s aro in sp ired b y t h e
p reson co o f a g re a t n a tion al ta sk .
.
C o r d ia lly y o u r s ,
W O O D R O W W IL S O N .
D R . V A N . n . M A N N IN G ,
C h ie f, B u rea u o f M in e s ,
D e p a r tm e n t o f th e I n te r io r .

S e c r e ta r y B a k e r ’ s le t te r to P re sid e n t W ils o n fo llo w s :
W AR DEPARTM ENT.
W ashington', J un e 25 1918.
M y B e a r M r . P resid en t.— I n c o n n e c tio n w ith th e p r o p o s e d transfer o f th o
C h em ica l S ection a t A m e r ic a n U n iv e rs ity fr o m th e B u rea u o f M in o s t o th e
n e w ly co n s titu te d an d c o n s o lid a te d gas se rv ice o f th o W a r D e p a r tm e n t,
w h ic h y o u are con s id e r in g , I a m s p e cia lly c o n ce rn e d t o h a v e y o u k n o w h o w
m u c h th o W a r D e p a r tm e n t ap p re cia te s th e sp lon d id se rvice s w h ic h h a v e
been ren d ered t o th o c o u n t r y an d t o th e a rm y b y th o D e p a r tm e n t o f th e
I n to r io r , a n d e s p ecia lly b y th o B u re a u o f M in e s u n d er th e d ir e ctio n o f
D r . M a n n in g . I n th o e a rly d a y s o f prep a ra tion a n d o rg a n iz a tio n D r . M a n ­
n in g ’s c o n t a c t w ith s c ie n tific m o n th ro u g h o u t th e c o u n t r y w as in d isp e n sa b ly
v a lu a b le . l i e w a s a b le t o su m m o n fro m th o u n iversities a n d th e te ch n ica l
la b ora tories o f t h o c o u n t r y m en o f th e h igh est q u a lity a n d t o in spire th e m
w ith en th u sia stic zeal in a tta c k in g new a n d d iffic u lt p r o b le m s w h ic h h ad
t o b e s o lv e d w ith th e u tm o s t s p e e d . I d o n o t see h o w th o w o rk c o u ld h a v e
b een b e tto r d o n e th an h o d id it, a n d th e p resen t su g g e stio n th a t th e s e c tio n
n o w pa ss u n d er th o d ire ctio n a n d c o n tr o l o f t h e W a r D e p a r tm e n t g row s
o u t o f th e f a c t th a t th o w h o le s u b je c t o f gas w arfa ro has a ssu m ed a fresh
pressure an d in te n s ity , a n d th e d ir e cto r o f it m u s t h a v e th o w id e s t c o n t r o l
s o as t o b e a b le t o use th e resou rces a t his c o m m a n d in th o m o s t e f fe c t iv e
w a y p o ssib le. T h o p ro p o s a l d o e s n o t in v o lv e th e d is r u p tio n o f t h e fin e
g r o u p o f s c ie n tific m on D r . M a n n in g has b r o u g h t t o g e th e r , b u t m e r e ly
th oir tran sfer t o G en eral S ib e rt’s d ir e ctio n .
R e s p e c tfu lly y o u r s ,
NEW TON D . BAKER.
T H E P R E S ID E N T .

A c c o r d in g t o th e N e w Y o r k “ T i m e s ” o f J u n e 2 9 a m o n g
th e

c h e m is ts

w h o se

se rv ic e s

have

been

u tiliz e d

by

th e

B u r e a u o f M i n e s in its C h e m ic a l S e c tio n in th e g a s e x p eri­
m e n ta tio n a ro :

245

THE CHRONICLE

July 20 1918.]

Sw an sea V a le S m elter C o . in E n g la n d a n d w as a s s o cia te d w it h Q u in n a n ,
fo rm e r ly a n A m e rica n m in in g en gin eer n o w d ir e cto r o f th e e x p los iv es
p la n ts o f E n g la n d , in d e v e lo p in g p lan s fo r a c id u n its in c o n n e c tio n w ith
ce rta in e x p lo siv e s p la n ts. Sin ce last D e ce m b e r M r C h a se h as b e e n d ir e c ­
t o r o f th e U n ite d S tates exp lo siv e s p la n ts w ith D . O . J a c k lin g . H e w ill g iv e
his e n tire t im e t o d ire ctin g th e w o rk o f t h e E x p lo s iv e s D iv is io n .

RESTRICTED IMPORTS— EXTENSION OF B AC K-H AU L
PRIVILEGE BY W AR TRADE BOARD.
T h e W a r T r a d e B o a r d b y a n e w ru lin g ( W . T . B . R . 1 5 5 )
has

e x te n d e d

th e

b a c k -h a u l

p riv ile g e

under

th e

g e n e ra l

p o lic y o f r e s tr ic te d im p o r ts , h ith e r to a p p ly in g o n ly to c o n ­
v e n ie n t p o r ts in E u r o p e , to a p p ly u n d e r th e s a m e c o n d itio n s
to c o n v e n ie n t M e d ite r r a n e a n p o r ts in A f r i c a .

The

S h ip ­

p in g C o n tr o l C o m m it t e e w ill d e te r m in e w h a t p o r ts are to
be

c o n s id e r e d

r e g u la tio n .

as

The

c o n v e n ie n t w ith in
B oard

th e

m e a n in g

of

th is

say s:

F u rth e r m o r e , in In terpretin g th e list o f c o n v e n ie n t p o r t s fo r s h ip m en ts
fr o m E u r o p e , a n y Spanish o r P o rtu g u e se p o r t m a y b e c o n s tr u e d t o In clu d e
a d ja c e n t islan ds in t h e M e d ite rra n e a n Sea o r in th e A t la n t ic O ce a n n o r th
o f th e G ra n d C a n aries b e lo n g in g t o th o s e co u n tr ie s . W e s t I ta lia n o r
Sicilian p o r t s m a y b e co n s tru e d as In clu din g p o r ts in Sardin ia a n d o t h e r
I ta lia n islan d s ly in g t o t h e w estw ard o f th e W e s t c o a s t o f I t a ly .

GRAPHITE CRUCIBLES PLACED ON LIST OF
RESTRICTED IMPORTS.
T h e W a r T r a d e B o a r d h a s p la c e d g r a p h ite cru c ib le s u p o n
th e lis t o f r e s tr ic te d im p o r ts .

A

s ta t e m e n t issu e d J u ly 11

say s:
A ll o u ts ta n d in g licenses fo r th e im p o rta tio n o f g ra p h ite c r u cib le s h a v e
b e e n r e v o k e d as t o o ce a n sh ip m en ts a fte r J u ly 15 191 8, a n d n o licen ses
fo r th e im p o rta tio n o f th is c o m m o d it y fo r sh ip m e n t a fte r t h a t d a t e w ill b e
g ra n te d f o r th e rest o f th e ca le n d a r y e a r.
I m p o r ts o f g ra p h ite are a lre a d y p r o h ib ite d , t h e result o f th is r e s tric tio n
h a v in g b e e n t o d e v e lo p an a d e q u a te s u p p ly o f g ra p h ite w ith in th e c o u n t r y .
T h e a c tio n o f th e W a r T r a d e B o a rd in re strictin g th e im p o rta tio n o f g r a p h ­
ite c ru cib le s is c o m p le m e n ta r y t o t h e r e s trictio n u p o n th e im p o rta tio n o f
g ra p h ite .
__________________________

D r . W illia m H . N ic o lls o f 25 B r o a d S t ., N . Y . , P re sid e n t o f th e G e n e r a l
C h em ica l C o .
D r . F . C V en a b le o f th o U n iv e rs ity o f N o r t h C a ro lin a .
P rofessor E . O . F ra n k lin o f L e la n d S ta n fo rd U n iv e rs ity .
W illia m H o s k in s , C h e m ica l E n gin e e r o f C h ic a g o .
P rofessor H . P . T a lb o t o f th e M a ssa ch u se tts I n s titu te o f T e c h n o lo g y .
D r . Ira R om s o n , P re sid e n t E m e ritu s o f Joh n s H o p k in s U n iv e rs ity .
TA NN IN G MATERIA LS ON LIST OF RESTRICTED
P ro fe s s o r F . W . R ic h a r d s o f H a rv a rd .
D r . C h arles L . P a rso n s o f th o B u re a u o f M in o s .
IMPORTS.
D r . R e e d H u n t o f Joh n s H o p k in s .
T a n n i n g m a te r ia ls h a v e b e e n p la c e d o n th e l is t o f r e s tr ic te d
P rofessor W . D . B a n c r o ft o f C o rn e ll.
P rofessor A . B . L a m b o f th o Ila v o m o y e r L a b o r a t o r y , N . Y . U n iv e rs ity .
im p o r ts b y a n e w ru lin g o f th e W a r T r a d e B o a r d .
The
W.
IC. L e w is, C h e m ica l E n gin e e r o f th e M a ssa ch u se tts In s titu te o f
B o a rd ’s ann ouncem ent o f June 3 0 say s:
T e c h n o lo g y .
H e re a fte r n o licneses fo r th e im p o rta tio n o f ta n n in g m aterials w ill b e
P ro fe s s o r C . A . H u lo tt o f P r in c e to n .
issu ed fo r th e rem ain der o f th e ca le n d a r y e a r o f 1918, e x c e p t as t o :
Y a n d e ll n o n d o r s o n o f th e Y a le M e d ic a l S ch o o l.
1. S h ip m e n ts fr o m a n y s o u rce o f a n y .t a n n in g m aterials n o t oth erw ise
D r . F . B . U n d erh ill o f Y a lo .
r e s tric te d , w h ere o c e a n s h ip m e n t is m a d e o n o r b e fo r e J u ly 10 1918.
2 . (a) S h ip m en ts o f ta n n in g m a te ria l o f C a n a d ia n o r M e x ic a n orig in
CHEMICALS A N D EXPLOSIVES DIVISIONS CREATED n o t s p e c ific a lly re s tricte d , w h en c o m in g fo rw a r d fr o m th o s e c o u n tr ie s b y
o
th
e r th a n o c e a n tra n s p o rta tio n .
BY WAR INDUSTRIES BOARD.
(5)
S h ip m e n ts o f a n y ta n n in g m a te ria l n o t oth e rw ise s p e c ific a lly re ­
T h e c r e a tio n b y th e W a r In d u s tr ie s B o a r d o f tw o n e w str ic te d w h e n c o m in g fr o m E u ro p e , w h en s h ip p e d fr o m a c o n v e n ie n t p o r t
d iv is io n s , th e C h e m ic a ls D iv is io n a n d th e E x p lo s iv e s D i ­ w h ere lo a d in g c a n b e d o n e w ith o u t d e la y .
3 . S h ip m en ts o f a lim ite d q u a n tity o f s o lid q u e b ra ch o e x tr a c t, o f m a n v is io n s , w a s a n n o u n c e d a s fo llo w s b y th e B o a r d o n J u ly 9 :
g r o c c b a rk fro m C e n tra l a n d S o u th A m e r ic a , o f d i v i-d iv i, a n d o f w a ttle b a r k .
T h e W a r In d u stries B o a r d has c re a te d t w o now division s— th e C h e m ica ls
T h e a llo c a tio n o f ta n n in g m aterials c o v e r e d b y t h e last p a ra g ra p h w ill
D iv is io n a n d t h e E x p lo s lv o D iv is io n , fo rm e r ly org a n iz e d as th e ch e m ic a ls
b e m a d e in a c c o r d a n c e w ith th e re co m m e n d a tio n s o f th e T a n n in g M a ­
a n d exp losiv es s e c tio n in th e g r o u p o f c o m m o d it y se ctio n s.
terials S e ctio n o f th e C h e m ica l D iv is io n o f th e W a r In d u stries B o a rd .
C h arles I I . M a c D o w e ll, fo rm e r ly c h ie f o f th e ch e m ica ls s e c t io n , has been
T h is r e s tric tio n d o e s n o t in a n y w a y a ffe c t th e re gu la tio n s n o w In f o r c e
m a d e d ir e cto r o f th e C h e m ica ls D iv is io n a n d M . F . C h a s e , d ir e cto r o f th e
re ga rd in g th o im p o rta tio n o f q u e b ra ch o logs o r w o o d .
E x p lo s iv e s D iv is io n .
T h e C h em ica ls D iv is io n is s u b d iv id e d in to th e fo llo w in g s e ctio n s t o h a n ­
d le th o va riou s c o m m o d itie s w ith w h ich It is co n c e r n e d :
RESTRICTION ON IMPORTATION OF PLUMBAGO
A c id s a n d h e a v y c h e m ica ls .— A lb e r t R . B ru n k o r, C h ie f; R u ssell S.
OR GRAPHITE EXT EN D ED .
H u b b a r d , A s s o cia te ; A . E . W e lls , A s s o cia te .
A r tific ia l a n d v e g e ta b le d y e .— D r . J . F . S c h o e llk o p f, J r ., C h ie f.
T h e re s tr ic tio n u p o n th e im p o r t o f p lu m b a g o o r g r a p h ite
A lk a li a n d c h lo rin e .— I I . G . C a rre ll, C h ie f.
h a s b e e n e x te n d e d b y th e W a r T r a d e B o a r d , to b e e ffe c tiv e
A s b e sto s .— (S ee ch e m ica l glass an d sto n e w a re s e c tio n .)
fo r th e e n tire c a le n d a r y e a r o f 1 9 1 8 .
A n n o u n c e m e n t to
C h e m ic a l glass a n d sto n o w a ro .— R o b e r t M . T o r r e n c e , C h ie f.
C o a l gas p r o d u c ts (b e n z o l, t o lu o l, & c ., in clu d in g c o m m a n d e e rin g an d
th is e ffe c t w a s m a d e J u ly 2 , th is a n n o u n c e m e n t s a y i n g :
a llo c a tio n o f t o lo u l.— J . M . M o r e h e a d , C h ie f; I r a C . D a r lin g , A s s o c ia te .
U n d e r th e L is t o f R e s tr icte d Im p o r ts N o . 1 this re strictio n w as m a d e
R a re gases (n itrog o n a n d o x y g o n ) .--------.
a b s o lu te u n til J u ly 1 o f this y e a r , th e p o s s ib ility o f im p o rtin g n o t t o e x ceed
C r e s o te .— I r a C . D a r lin g , C h ie f.
5,000 lo n g to n s fo r th e rem ain der o f th e y e a r b e in g le ft o p e n s h o u ld in v e s ­
E le c tr o d e s a n d a b r a s iv e .— H e n r y C . D u B o is , C h io f.
tig a tio n p r o v e th a t s to ck s in th is c o u n t r y w e re In a d e q u a te t o m e e t th e h o m o
E th y l a lc o h o l (m olasses a n d g r a in ).— W illia m G . W o o lfo lk , C h ie f.
re qu irem en ts fo r th e e n tire ye a r. A s a resu lt o f th e In v e stig a tion , it has
F e rroa lloy s (ch ro m e , m an gan ese, a n d tu n g ste n o r e s .)— H u g h W . S an ­
be e n fo u n d th a t p resen t s to c k s , to g e th e r w ith th e h o m e p r o d u c t io n , s u ffic e
fo r d , C h ief; C . B . T r ip p , A s so cia te ; J . I I . M c K o n z io , A s s o c ia te .
t o m eet th e h o m e requ irem en ts u n til w ell in t o 1919. T h e re striction has
F in o c h e m ic a ls .— A . G . R o s e n g a r to n , C h ie f;
th erefore been co n tin u e d in e ffe c t, a n d th e B u rea u o f Im p o r ts has been
N itr a te s .— C h arles I I . M a c D o w e ll, C h ie f; J . A . B e c k o r , A s so cia te .
in stru cted t o Issue n o licenses fo r th e im p o rta tio n o f p lu m b a g o o r g ra p h ite
P a in t a n d p ig m e n t.— R u ssoll S . H u b b a r d , C h ie f.
fo r t h e re st o f th e ca le n d a r y e a r.
P la tin u m .— C .
C o n n e r , C h ie f; R . I I . C a rle to n , A s s o c ia te ; G . E . D e
N ik e , A s s o c ia te .
R e fr a c to r ie s .— C h arles C a tlo t t , C h ie f.
INDUSTRIAL BOARD N A M E D BY MERCHANTS'
|> S ulphu r an d p y r ite s .— W illia m G . W o o lfo lk , C h ie f; A . E . W e lls , A s s o ­
ASSOCIATION A T REQUEST OF WAR
c ia te .
INDUSTRIES BOARD.
► T a n n in g m a teria l (in clu d in g in e d ib lo o ils , fa t s , a n d w a x e s ).— E . J.
H a le y , C h io f; E . A . P rosser, F ra n k W h it n e y , a n d n a r o l d G . W o o d , A s s o ­
T h e a p p o in t m e n t b y W i lli a m F o llo w e s M o r g a n , P r e s id e n t
cia tes.
o f th e M e r c h a n t s ’ A s s o c ia tio n o f N e w Y o r k , o f a R e g io n a l
T e c h n ic a l a n d c o n s u ltin g .— D r . E . R . W e id le in , C h ie f; D r . I le r b o r t E .
M o o d y , D r. T h om a s P . M cC u tch oon .
I n d u s tr ia l C o m m is s io n fo r th e N e w Y o r k M e t r o p o lit a n Z o n e
T o lu o l.— (S c o coa l gas p r o d u c ts .)
w a s a n n o u n c e d o n J u ly 8 .
T h e C o m m is s io n , w h ic h w a s
W o o d c h e m ic a ls — C . I I . C o n n e r , C h io f; A . n . S m ith , R . D . W a lk e r a n d
n a m e d in a c c o rd a n c e w ith th e re q u e s t o f th e W a r In d u s trie s
F ra n k W h lt n o y , A ssocia tes.
S ta tistics, ch e m ica l (jo in t o f fl c o .) — C a p t. W illis B>. R ic o , A r m y ; L ie u t.
B o a r d , c o n sists o f tw e n ty -fo u r m e n a s fo llo w s :
M . It. G o r d o n , A r m y ; A s s t. P a y m a s te r R a y m o n d P . D u n n in g , N a v y ;
R ic h a r d B . A ld c r o ft. N e w Y o r k C it y , a d ir e cto r o f th e B r o n x B o a r d o e
A r th u r M in n lc k , C h e m ica ls D iv is io n .
T r a d e D o R iv a s an d H arris C h a u n c e y C . B a ld w in , P e rth A m b o y , N . J..
A rep resen ta tiv e o f th o A r m y , th o N a v y , t h e M a r in o C o r p s , a n d o th er
V ic e -P r e s id e n t o f th e S ta n d a rd U n d ergrou n d C a b le C o m p a n y .
d e p a rtm en ts aro assigned t o e a ch s e ctio n a n d w ith th o C o m m o d it y C h ie f,
W.
D . B a ld w in , N e w Y o r k C it y , a m e m b e r o f th e C o m m itte e o n F ire
co n s titu te th o s e c t io n ’s m em b e rsh ip .
P r e v e n t io n a n d In su ra n ce o f th e M e r ch a n ts ’ A s s o c ia tio n , P re sid en t o f th e
► I n th e E x p lo s iv e s D iv is io n M r . C h ase c o -o r d in a te s w ith represen tatives
O tis E le v a t o r C o m p a n y .
o f th o A r m y , th o N a v y a n d o th e r d ep a rtm e n ts c o n c e r n e d , a n d con su lts
P e te r C a m p b e ll, K e a r n y , N . J . , N a ir n L in o le u m C o m p a n y .
w ith th o v a rio u s sectio n s ch iefs o f th e C h e m ica ls D iv is io n .
W illia m V . C a m p b e ll, Y o n k e r s , N . Y . , W a r in g H a t M a n u fa c tu r in g
M r . C h aso w a s a pio n e e r in the d e v e lo p m e n t o f th e c o n t a c t p rocoss o f
C
o
m pany.
m a n u fa ctu rin g su lph u ric a c id , a n d is k n o w n t o b o o n e o f th e w o r ld ’s e x ­
T . F . C h a d w ic k . N e w b u rg h , N . Y . , N e w b u rg h B le a c h e r y C o m p a n y .
p orts in a c id c o n s tr u c tio n . H o p la n n e d th o A v o n m o u t h S m olter o f th e

n.




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THE CHRONICLE

[Vol. 107.

W illia m H a m lin C h ild s, N e w Y o r k , T h ird S v ice -P ro sid e n tJ fo f t h e -M e r ­
T h o a im in general w ill b o t o h a v e su r v o y o f th o R o g io n s , n o t o n ly o f p la n t
c h a n t s ’ A s s o c ia tio n , fre s id e n t o f th e B a rro tt C o m p a n y .
c a p a c it y b u t person al o rg a n iz a tio n , w h ich m ean s m o r o th an th o b lu e p r in t
J am es E a s tw o o d , P a te rs o n , N . J ., V ice -P re s id e n t o f th o P a te rso n C h a m ­
o f th e sh op.
b e r o f C o m m e r c e , P resid en t o f th o B e n ja m in E a s tw o o d C o m p a n y .' I
T h is , a ll w ill g r a n t , I feel su re, c a n o n ly b o d o n o b y th o m en in th e
W illia m G o ld m a n , N e w Y o r k , a m e m b e r o f th o M e r c h a n ts ’ A s s o c ia tio n ’
R e g io n s k n o w in g e a c h o th e r an d r e c o m m e n d in g th ro u gh th e R e s o u rc e s an d
C o m m itte e on F a c t o r y L a w s a n d R e g u la tio n s , P resid en t o f C o h e n , G o ld ­
C o n v e r sio n S e c tio n , t o b o tra n s m itte d t o th o G o v e rn m e n ta l d e p a rtm e n ts ,
m an & C o .
th o w o rk th a t th eir R e g io n is c a p a b le o f d o in g a n d r e c o m m e n d in g th o d is ­
C h a rles H a y d e n , N e w Y o r k /l T a y d e n , S to n e & C o .
tr ib u tio n o f orders an d d e v e lo p m e n t o f resou rces t o th o g re a te st de g re e .
A . H . J a m eson , B a y o n n e , N . J ., V ic e -P r e s id e n t a n d G enoral^ M an ag er
L e t it b o d is t in c t ly p o in te d o u t th a t th o v o lu n te e r o rg a n iz a tio n s o f b u si­
o f th e B a y o n n e Steel C a stin g C o m p a n y .
ness m e n in th e R e g io n s are in n o w a y c o n n e c te d w ith th o G o v e rn m e n t
C h arles F . H . J oh n son , P a ssa ic, N . J ., P resid en t o f th e P a ssa ic B o a rd
o x c e p t as bureau s o f in fo r m a tio n a n d re c o m m e n d a tio n . O b v io u s ly , as
o f T r a d e , P resid en t o f the R o w la n d -J o h n s o n C o m p a n y .
th o y aro th e sellers an d th e G o v e rn m e n t th o b u y e r , n o o th e r s itu a tio n c o u ld
W a rren C . K in g , P resid en t o f th e In d e p e n d e n t C h e m ica l C o m p a n y ,
exist.
P resid en t o f th e M a n u fa c tu r e r s ’ C o u n c il o f th e S ta te o f N e w J ersey.
W h e n th o R e g io n s aro o rg a n iz e d a n d d iv id e d in to s u b -R c g io n s as t h o
J o h n W . L ie b , J r ., N ow Y o r k , V ice -P re sid e n t o f th e N o w Y o r k E d iso n
lo ca l m en a gree and fin d m o s t e ffe c t iv e , th e y sh all m e e t .and re co m m e n d
C om pany.
th o n a m e s o f th ree o r fo u r m e n w h o m u s t g iv e th e ir tim e , p o s s ib ly a ll o f it,
W illia m F ollow es M o r g a n , N e w Y o r k , P resid en t o f th e M e r ch a n ts ’
rep resen tin g th o R e so u rce s a n d C o n v e r sio n S e c tio n in th e ir R e g io n s as t h o
A s s o c ia tio n , P resid en t o f th o B r o o k ly n B r id g e F reezin g a n d C o ld S to ra g e
C o m m is s io n e r o f this S e c tio n . T o theso m e n m y S e ctio n w ill lo o k fo r in ­
C om pany.
fo rm a tio n w h ich he gains fr o m th o businoss m e n ’s o rg a n iz a tio n s .
I I o sh all
C la ren ce M . O w en s, H o b o k e n , P re sid e n t o f O w ens & T ra e g e r.
in n o w a y in te rfe ro w ith th e p re se n t c h ie f o f th e p r o d u c t io n o f o r d n a n ce
R a y P a lm er, N o w Y o r k , C h a irm a n o f th o M a n u fa c tu r in g an d In du strial
n o w o rg a n iz e d in v a rio u s d is tricts o f th o c o u n t r y u n d e r this d e p a rtm e n t.
C o m m itte e o f t h e C h a m b e r o f C o m m c r c o o f th e B o r o u g h o f Q ueens, P resi­
T h e so ch ie fs w e ro esta b lish e d b y C o lo n e l G u y T r ip p , h ead o f th o P r o d u c ­
d e n t o f th e N e w Y o r k and Q ueens E le c tr ic L ig h t an d P o w e r C o m p a n y .
tio n D e p a r tm e n t o f O rd n a n ce , an d th o resu lts h a v o been v e r y e ffe c t iv e f o r
I I . A . S ch a tz , rb u g h k e e p s ie , V ice -P re s id e n t o f th e P o u g h k e e p sie C h a m ­
this d e p a rtm e n t. T h o C o m m issio n e r w ill c o -o p e r a to in e v e r y w a y w ith
b e r o f C o m m e r c e , S ch atz M a n u fa c tu r in g C o m p a n y .
su ch C h ie fs a n d d e v e lo p in fo r m a tio n fo r o th e r d e p a rtm e n ts .
I t is t o h im
W illia m S e fto n , E liz a b e th , N . J ., C h airm an o f th o M a n u fa c tu r in g
th o W a s h in g to n end w ill lo o k , as s ta te d , fo r in fo r m a tio n a n d 't h c r e c o m ­
D iv is io n o f th e E liz a b eth C h a m b e r o f C o m m e r c o , P resid en t o f H itch in g s
m e n d a tio n s o f th o business o rg a n iz a tio n s .
& C o.
H.
S o y d ol, Jersey C it y , N . J ., P re sid e n t o f th o S eyd el M a n u fa c tu r in g
C om pany.
EXPORTS TO CERTAIN “ENEMIES” IN SWITZERLAND
L o u is B . S ch ra m , N o w Y o r k , a m o m b e r o f th o M e r c h a n t s ’ A s s o c ia t io n ’s
AUTHORIZED.
C o m m itte e o n F a c t o r y L a w s a n d R e g u la tio n s , P re sid e n t o f th o In d ia
T h e W a r T r a d o B o a r d m a d e k n o w n o n .In ly 1 th o in te n ­
W h a r f B row in g C o m p a n y .
R o b e r t A lfr e d S h a w , N ow Y o r k , V ic o -P r o s id o n t o f th o N a tio n a l A n ilin e
tio n to p e r m it th e e x p o r ts to c e rta in e n e m ie s in S w itz e r la n d
a n d C h em ica l C o m p a n y
narry W o id a , N o w B run sw ick, N . J., C h airm an o f th o C o m m itte e o n in th e fo llo w in g a n n o u n c e m e n t:
O w in g t o th o fa c t th a t th e r a tio n in g a g reem en t o f D o c . 5 1017, rotatin g
M a n u fa c tu r in g In terests o f th o N o w B ru n sw ick B o a rd o f T r a d o , G e n e ra l
t o ox p o rts fro m th e U n ited S tates t o S w itz e rla n d , p r o v id e s th a t th o d is ­
M a n a g e r o f th o In d ia R u b b o r C o m p a n y .
tr ib u tio n in Sw itzerland o f th o a rticles e x p o r te d u n d e r th o agreom on t sh all
Ja m es N e w t o n G u n n , N o w Y o r k , P residen t o f th o U n ite d S tates T ir o
b o g o v e r n e d b y th o ruios an d sta tu tes o f the S o cie to Suisse d o S u rv e illa n ce
C om pany.
(u su a lly referred t o as th o S. S. S .), an d o w in g t o th o fu rth or fa c t th a t c e r ­
T h is zo n e fo r m s D is t r ic t N o . 3 in th o p la n o f in d u stria l ta in Sw iss firm s, w h o und er th o rules o f th e S. S. S. aro e n title d t o r e c e iv e
o r g a n iz a tio n u n d e r th e S e c tio n o f R e so u r c e s a n d C o n v e r ­ sh ip m en ts o f A m erica n g o o d s , fall w ith in th o d e fin itio n o f " E n o m io s ,”
w ith w h o m tra d in g is p r o h ib ite d b y th o T r a d in g w ith th o E n e m y A c t o x sio n o f th o W a r In d u strie s B o a r d .
I t e x te n d s to th o n o r th ­ c o p t u n d or licen se fro m th o W a r T r a d o B o a rd , th o W a r T r a d o B o a rd has
issued a gen eral iiconse p e rm ittin g A m e rica n e x p o rte rs t o m a k e sh ip m o n ts
e r ly lim its o f C o lu m b ia a n d G r e e n e c o u n tie s, in th e H u d s o n
to su ch firm s o f ra tio n e d co m m o d itie s w ith o u t o b ta in in g an In d iv id u a l
V a l l e y , in c lu d e s O ra n g e a n d R o c k la n d c o u n tie s o n th e w e s t
E n o m y T r a d o L icen se c o v e r in g th o tra n s a ctio n , p ro v id e d ce rta in c o n d i­
b a n k o f t h e H u d s o n a n d a ll th o c o u n tie s b e lo w C o lu m b ia
tio n s aro c o m p lie d w ith . T h is a u th o riz a tio n is set fo r t h in tho W a r T r a d o
B o a rd ruling (W . T . B . R . 1 5 3 ), w h ich fo llo w s :
o n th o e a ste rn b a n k , as w ell as N e w Y o r k c it y a n d L o n g
“ A general license is gra n te d t o all p erson s, firm s, o r c o r p o r a tio n s in th o
I s la n d in N o w Y o r k S t a t e .
I t a lso in c lu d e s th e n o r th e rn
U n ite d States t o trado ( b y e x p o rtin g m erch an d ise t o su ch ’ E n o m y ’ p e r­
p a r t o f N e w J e rse y a s fa r as M e r c e r a n d O c e a n co u n tio s. s o n s, firm s, o r c o rp o ra tio n s a n d b y ro c o iv in g p a y m e n t th orofor) w ith , fo r ,
o r o n a c c o u n t o f such ‘e n o m y ’ p e rso n , fir m , o r co r p o r a tio n as b y th o term s
I t is th e m o s t im p o r ta n t in d u stria l d istr ic t in th o U n it e d
o f A r tic le 3 o f th o statu tes o f th e S. S. S. m a y n o t b o o x clu d e d fro m th o
S ta tes.
b e n e fit o f re ce iv in g c o m m o d itie s fro m th o S. S. S.
‘+This license shall b e s u b je c t t o e a ch o f th o fo llo w in g co n d itio n s :
A t th o o r g a n iz a tio n m e e tin g o f th o C o m m is s io n on J u ly
" ( a ) T h o e x p o rta tio n o r s h ip m e n t o f a n y s u ch m erch a n d ise o u t o f t h o
9 C h a rle s A . O t is , o f C le v e la n d , C h ie f o f th o R e so u r c e s an d
U n ite d States shall b o a u th o rize d b y a d u ly issued e x p o r t license;
C o n v e r s io n S e c tio n o f th e W a r In d u strie s B o a r d e xp la in e d
“ (6) S uch p a y m e n ts shall bo m a d o t o th o pe rso n , fir m , o r c o r p o r a tio n
w h a t his se c tio n is tr y in g to ^ a c c o m p lish .
H o m a d e it cloar in th o U n ite d States en title d th o r o to o n ly th ro u g h a d ea ler d u ly liconsod
b y th o F ed eral R e se rv o B o a rd p u rsu an t to th o E x o cu tiv o O rd er o f Jan . 26
t h a t th o o r g a n iz a tio n o f in d u str y w h ic h is n o w ta k in g p la ce
1918;
th r o u g h o u t th o c o u n tr y in tw e n ty so p a ra to R e g io n s u n d or
“ (c) S uch trad in g shall b o lim ite d t o th o d e liv e ry t o su ch ‘E n e m y ’ o f
th o d ire ctio n o f h is B o a r d , is w h o lly a p a tr io tic a n d u n ­ c o m m o d itie s o r articles en u m erated in th o several sch ed u les an n oxod t o
said M e m o ra n d u m o f D o c . 5 1917, s u b je c t t o th o c o n d itio n s o f said M o m se lfish m o v e m e n t , d esig n e d to b rin g a b o u t a c o -o p e r a tio n
o ra n d u m , a n d th e re ce ip t o f p a y m o n t th orefor;
" (d ) P rio r to re ceip t o f p a y m e n t b y th o p e rso n , fir m , o r co r p o r a tio n in
o f in d u s tr y w h ic h w ill g iv e th e G o v e r n m e n t th o m a x im u m
th o U n ite d S tates, a c o r tific a to shall b e issued in d u p lic a te eitiior b y th o
p r o d u c t.
I n p a r t ho sa id :
S. S. S. o r b y a dealer o n ly licensed b y th e F ed era l R e s c r v o B o a rd p u r ­
T h o id ea o f th o R e g io n a l org a n iz a tio n s o f busin ess m e n is in n o w a y n ew .
su an t t o th o E x e cu tiv o O rd er o f Jan . 26 1918, o r b y a fo ro ign co r re s p o n ­
I t has b e e n in th o m in d s o f all su ch org a n iz a tio n s as y o u r s an d tho v a rio u s
d e n t o f su ch dealer, w h o has sign ed th e d e cla ra tio n requ ired t o b o sign ed
o r g a n iz a tio n s s u ch as C h a m b e r s o f C o m m c r c o th r o u g h o u t th o c o u n t r y .
b y sa id o rd e r , ce rtify in g th a t s u ch ‘ o tio m y ’ pe rso n , fir m , o r c o r p o r a tio n is
T h e U n ite d S ta tes C h a m b er o f C o m m e r c o has o rg a n iz e d W a r S e rvico C o m ­
en title d t o re ce iv e and has re ce iv e d o r w ill ro ce iv o d o liv e ry o f said c o m m o d ­
m itte e s w h ic h in th em selves a r c ge n e ra lly d e v o t e d t o th o en tire represen ­
i t y pu rsu a n t t o th o p ro v is io n s o f said A r t ic le 3 , a n d s p e c ify in g th o d e s crip ­
t a t iv e o f an in d u s tr y , s u ch as th o w a g o n in d u s tr y , th o h ard w are in d u s try ,
tio n , c h a ra cte r, and v a lu e th e r e o f, a n d sta tin g th a t n o o th e r c e r tific a te
&C. T h e s o s e r v ic o c o m m itte e s aro g o in g t o b o o f v e r y gre a t ad v a n ta g e in
has been issued c o v e r in g th o sam o tra n sa ctio n ;
c o n n e c t io n w ith th o R eg ion a l o rg a n iz a tio n s , an d assu re d ly th o R e g io n a l
“ (e) T h o p e rso n , fir m , o r c o r p o r a tio n in th o U n ited S tates re ce ivin g
o rg a n iz a tion s w ill b e o f m aterial a d v a n ta g e t o th e m .
p a y m o n t o r on gag in g in said tra n sa ctio n shall retain o n o o f said d u p lic a te
I t is based on th o fa c t th a t m a n y o f th o sm aller co n co rn s o f th o c o u n tr y ,
co p ie s an d fo rw a r d th e o th e r c o p y t o tho F ed era l R o s o rv o B o a r d fo r filin g .”
w h o s e lifo is im p o rta n t to th o general in du stria l h e a lth , aro n o t m e m bers
o f th o n a tion a l org a n iz a tion s, b u t it ca n b o fo u n d b y o u r R e g io n a l o rg a n iz a ­
POSTPONEMENT OF REVOCATION DATE OF CERTAIN
tion s an d d e v e lo p e d in to a u sefu l w a r in d u s try in c o n n e c tio n w ith th o re ­
q u irem en ts fr o m W a s h in g to n .
EXPORT LICENSES FOR UNITED KINGDOM
L o t it b o th o r o u g h ly u n d e rs to o d th a t th o se le ctio n o f th o v a rio u s R e g io n s
FRANCE, ITALY AND BELGIUM.
a n d th o o rg a n iz a tion s p ic k e d o u t t o o rg a n iz e thorn w e ro m o r o o r less ar­
T h e fo llo w in g a n n o u n c e m e n t w a s m a d o o n J u ly 1 b y th o
b it r a r y , fr o m th o o b v io u s f a c t th a t w o h a d t o sta r t s o m e w h e re t o begin t o
g o t t h o idea t o th o v a riou s businoss o rg a n iz a tio n s , b u t this m ean s in n o
W a r T rado B oard:
w a y th a t a n y org a n iz a tion is o f Its e lf im p o rta n t o x c e p t in s o m u c h as th o
T h o W a r T r a d o B o a rd a n n o u n co (in a new ru lin g , W . T . B . R . 156)
on es s e le cte d w ero t o sta rt th o w o rk .
th a t all o u ts ta n d in g e x p o rt iiconsos g ra n te d o n o r b e fo re M a y 14 1918, f o r
T h is a w o rk o f n a tion a l u n ity o f in du stria l a n d bu sin oss m e n . E v e ry o n o
sh ip m on ts to th o U n ited K in g d o m , F ra n co , I t a ly a n d B o lgiu m (e xclu d in g
is in v ite d t o jo in th o org a n iz a tio n o f his R e g io n w h e th e r h o bo a m e m b e r o f
th eir co lo n ie s possession s a n d p ro te cto ra te s ) w ill n o t b o ro v o k o d o n J u ly
a n y o rg a n iz a tio n o r n o t . I t is cle a rly s ta te d t o th o s o assign ed t o orig in a to
1 1918, as an n o u n ce d o n M a y 13 1918 (W . T . B . It. 104 ), b u t in ste a d w ill
th o org a n iz a tion s an d d ev e lo p th e m in th e ir R e g io n s th a t th o y aro t o ta k e
b o ro v o k o d o n J u ly 14 1918. T h e re fo r e , Ilconses t o e x p o r t t o th o a b o v o
a d v a n ta g o o f a ll.
m e n tio n e d territories w h ich w ero gra n te d o n o r b o fo ro M a y 14 1918, m u st
In sen d in g o u t th o d a ta an d p la n , I feel sure I c a n b o p a rd o n e d fo r u sin g
b o used o n o r b oforo J u ly 14 1918, a fto r w h ic h th o y w ill n o t bo va lid . S u ch
t h a t o f th o C lev ela n d D is t r ic t , as w ith th a t I w as c o n n e c te d an d fa m ilia r,
licenses shall bo d eem ed t o h a v o been u sed w ith in th o p e r io d o f th oir v a l­
an d I a m fo rtu n a te in fin d in g th a t y o u r org a n iz a tio n a n d m a n y o th e rs in
id it y i f th o sh ip p in g d o c u m o n ts c o n fo r m t o th o p r o v is io n s o f th o re gu la ­
th o c o u n t r y h a v e b een establish ed a lo n g th o sam o lin es.
tio n s g o v e r n in g th o ox p ira tio n d a te o f e x p o rt licenses as a n n o u n ce d Ju n o
I t a p p ea red o v id e n t w ith th o tre m e n d o u s d ista n ce s in th o c o u n t r y th a t
29 1918 ( W . T . B . It. 152).
lit t le p erson a l o r lo ca l to u c h w as b e in g o b ta in e d in W a s h in g to n o f th o in­
O n a n d a fte r J u ly 15 1918, liconses t o e x p o r t t o th o a b o v o m o n tio n e d
d u stries fo r th e d is trib u tio n o f w o rk in th o c o u n t r y , an d th a t g ro w in g
territories m a y bo used o n ly p r o v id e d th e y h a v o boon issued o n o r a fte r
te n d e n c y o f th e s u p p ly and p u rch a sin g a gen cies o f th o G o v e rn m e n t w as
M a y 15 1918. S team ship co m p a n ie s a n d o th e r carriers s h o u ld p r o t o c t
n a tu r a lly t o uso th e larger c o n co rn s a n d in crea se th e ir o u t p u t . T h is in
th em solves b y de m a n d in g fro m e xp orters s a tisfa c to r y o v id o n c o th a t a ll
th o b e g in n in g w as th o o n ly th in g th a t c o u ld b o d o n o , a n d u p t o a p o in t w as
liconses fo r sh ipm on ts to th e a b o v o m o n tio n e d territories w h ich aro t o 1)0
th o w ise w a y ; b u t as se ctio n s o f th o c o u n t r y b e c a m e c r o w d e d a n d p o w e r
used o n o r a fte r J u ly 15 1918, w e ro g ra n te d o n o r a filer M a y 15 1918. T o
lim ite d , it w as m o s t o v id e n t th a t a m o ro gen eral d is trib u tio n o f orders
o b v la t o d o la y s it is su ggested th a t sh ippers sh o w o n all fo u r co p ie s o f th oir
sh ou ld b o r e c o m m e n d e d t o th eso s u p p ly a n d p u rch a sin g d e p a rtm e n ts . I t
“ S h ip p e r's E x p o r t D e cla r a tio n ” th o d a te o f the Issuance o f th o liconso as
is o v id e n t th a t ev e r y th in g p o s s ib lo m u st b o d o n o t o k e e p th o va rio u s c e n ­
w ell as th e e xp iration d a to th e re o f. I f licenses issu ed p rio r t o M a y 14
tres o f th o c o u n t r y e m p lo y e d s o fa r as it is w ith in re a so n .
1918, aro n o t t o b o used b e fo re J u ly 14 1918, e x p o rte rs m a y m a k e a p p li­
I t is e v id e n t th a t th ero aro m a n y lo ca litie s in th o c o u n t r y w h ere indus­
ca tio n fo r now licenses.
In su ch cases a p p ro p ria te su p p loin on tal in fo r m a ­
tries h a v o been establish ed fo r m a n y yea rs an d th eir w o rk m o n h a v o b e e n in
tio n shoots m ust bo a tta c h e d , an d th o a p p lic a tio n filo d th ro u g h th o M is s io n
th o sa m o e m p lo y m e n t, ow n th eir h o m o s an d u n d e r th eso c o n d itio n s on e
in th o U n ite d S tates o f th o c o u n tr y t o w h ic h th o e x p o rta tio n is t o bo m a d o ,
o f th o im p o rta n t d u tios o f this S e c tio n w ill b o th o e ffo r t t o k e e p s u ch c o n ­
in th e m an n er p rescribed b y th o W a r T r a d o B o a rd in th o a n n o u n c e m e n t o f
d itio n s In ta ct, s o fa r as p o s s ib lo .
M a y 13 1918 ( W . T , B . R . 104 ).




July 20 1918.]

A t t e n tio n is ca llod t o th e a n n o u n ce m e n t m a d e M a y 15 1918 ( W . T . Ti.
I t. 113 ), w ith resp ect t o sm all sh ip m e n ts o f less th a n $100 in v a lu e t o th o
U n ite d K in g d o m , F ra n ce , I t a ly a n d B e lg iu m (e x clu d in g th eir c o lo n ie s ,
possession s a n d p r o t e c to r a t e s ). T h o d a te o f th o w ith d ra w a l o f th o a u th o r ­
i t y o f C o lle c to r s o f C u s to m s t o licen se sh ip m en ts has likew ise Jteon p o s t­
p o n e d fo r a p eriod o f t w o w ook s.
L icen ses o f tin s ch a ra cte r issu ed b y
C o lle c to r s o n o r b o fo ro J u ly 14 1918, -shall b o do o m o d t o lia v o b e e n used
w ith in th o p er io d o f th eir v a lid it y i f th o sh ip p in g d o c u m e n ts c o n fo r m t o
th o p rov is ion s o f th o re gu lation s g o v e rn in g th o ex p ira tio n d a te o f e x p o r t
liconsos, as a n n ou n ced Ju n o 29 1918 (W . T . B . R . 152).
T h o a tte n tio n o f exp orters o f c o t to n Is c a llo d t o th o fa c t th a t tho AVar
T r a d o B o a rd h a v e likow iso p o s tp o n e d fo r a p e r io d o f t w o w eeks th e e x­
pira tion d a to o f th o sp ecial lieonse issuod th ro u g h th o C u s to m s S e rvice ,
u n d er w h ich sh ipm en ts o f raw c o t t o n , e x ce p tin g Sea Isla n d a n d E g y p tia n
c o t t o n , liav o been p ro ce e d in g t o th o U n ite d K in g d o m , F ra n co a n d J a p a n .
T h is special licenso n o w oxpiros o n J u ly 14 1918. R a w c o t t o n sh all bo
deem ed t o h a v e boon s h ip p o d w ith in th o p e r io d o f th o v a lid it y o f this
sp ecial licenso i f th o sh ip p in g d o c u m e n ts c o n fo r m t o th o p ro v is io n s o f th e
regu lation s g ov ern in g th o ex p ira tio n d a to o f licenses as a n n o u n ce d Jun o
29 1918 (AV. T . B . R . 152 ).
*
S hipm ents o f raw c o t to n w h ich c a n n o t b o sh ip p e d a ga in st th is sp ecial
licon so u n d er th o a b o v e p ro v is io n s w ill requ ire in d iv id u a l licen ses. A p p li­
c a tio n s for su ch liconsos t o ship t o th o U n ite d K in g d o m o r t o F ra n co m ust
b o a c c o m p a n ie d b y a p p ro p r ia te su p p lem en ta l in fo r m a tio n sh oots a n d m u st
b o filod th r o u g h th o M is s io n in th o U n ite d S tates o f th o c o u n t r y t o w h ich
th o e x p o rta tio n is to be m a d e , in tho m an n er p re scrib e d b y th o AVar T r a d o
B o a rd in th o an n ou n ce m e n t o f M a y 13 1918 (AV. T . B . R . 104 ).
P a rticu la r atten tion is d ire cte d t o th o fa c t th a t th o a n n o u n ce m e n t o f
M a y 13 1918 (AV. T . B . R . 10 4 ), refers o n ly t o s h ip m e n ts t o th o U n ited
K in g d o m , F ra n co, I t a ly a n d B o lg iu m (e x clu d in g th eir c o lo n io s , p osses­
sions an d p r o te c to r a te s ).
S u m m arizin g th o fo re g o in g , th e re v o c a tio n o f liconsos w h ic h w ill ta k e
p la c e o n J u ly 14 1918, u n d er this ru lin g a ffe cts o n ly :
(1) A ll liconsos g ra n to d o n o r b e fo re M a y 14 1918, t o oxp’o r t t o th o
U n ited K in g d o m , F r a n ce , I t a ly o r B e lgiu m (e x clu d in g th e ir c o lo n io s ,
possession s an d p r o t e c to r a t e s ).
(2) T h o sp ecial liconso issued th ro u g h th o C u s to m s S ervico u n d e r w h ich
sh ip m en ts o f raw c o t to n h a v e been p ro c e e d in g t o th o U n ite d K in g d o m ,
F ra n ce an d Jap an an d th eir c o lo n io s , possession s an d p r o te c to r a te s . T h e re
lias been n o m o d ific a tio n o f th o ru lin g issued o n M a y 31 1918 (AV. T . B . R .
122) , w h ic h re v o k o d th is sp ecial licenso so fa r as co n c e r n e d e x p o rts o f raw
c o t to n to I ta ly .
(3) T h o licenses issu od th ro u g h th o C u s to m s S ervico t o e x p o r t sh ip ­
m en ts o f less th a n o n o h u n d re d d olla rs in v a lu o t o th o U n ite d K in g d o m ,
F ra n ce, I t a ly a n d B elgiu m (e x clu d in g th oir c o lo n ie s , possession s a n d p r o ­
te c to r a te s ) .
___ _________________________________

PARTIAL SHIPMENTS ON EXPORT LICENSES.
T h o W a r T r a d e B o a r d d ire cts th e a t te n tio n o f s h ip p e rs
to th o fa c t th a t th o noAv p ro ce du ro c o v e rin g p a r tia l sh ip ­
m e n ts o n e x p o r t lice n se s as a n n o u n c e d in
R e g u la tio n s

of

th o W a r

T ra d o

b e c a m o o p e r a tiv e o n J u ly 1 0 .

B oard

th e

N o.

2

R u le s a n d
M ay

1918,

T h is p ro ce d u ro Avas fir s t a n ­

n o u n c e d as b e in g e ffe c tiv e J u n e 1 , b u t th o d a to Avas c h a n g e d
to J u ly 1 0 .

M7

THE CHRONICLE

T h o B oard says:

.

H e re to fo r e partial sh ip m en ts fro m in terior p o in ts , o r a t p o r ts o f oxit
w hore th e licon so itself c o u ld n o t b o r e a d ily p re se n te d , lia v o be e n m a d e b y
m oan s o f a sp ecial p a rtia l sh ip m e n t c e r tific a te sw o rn t o b e fo r e a N o t a r y
P u b lic o r a C e r tific a te o f T ra n sfe r draw n b y a C o lle c to r o f C u s to m s . T h o
uso o f th oso fo rm s , E A B -2 3 a n d AV TB -176, w ill b o d is c o n tin u e d , a n d on
an d a fter J u ly 10 p artial s h ip m e n ts a ga in st e x p o r t liconsos m a y b o m a d e
in th e fo llo w in g m anner e x ce p t m in stan ces w h e n th o licenso its e lf ca n bo
p resen ted a t th e p o r t o f o xit:
T h e sh ip p er w ill prepare a S h ip p e r's E x p o r t D e cla r a tio n in q u a d ru p lica te
a n d w ill in dorse u p on th o b a c k o f th o licen so in th o s p a co p r o v id e d fo r th o
p u r p o s e th o full details o f the p a rtia l s h ip m e n t h o desires t o m a k e . I I o
w ill th on p resen t th o D e cla ra tio n (4 c o p ie s ) a n d th o liconso (w ith th o p a r ­
tia l sh ip m en t in d orsem en t o n th e b a c k ) t o a n y p o stm a ste r o f th o firs t o r
s e c o n d class o r t o a C o lle c to r o f C u s to m s . T h o p o stm a ste r o r c o lle c to r
t o w h o m th o pap ers aro presen ted w ill c o m p a r e th e m , a n d if th o y agree
in f a c t, th a t offic ia l w ill cou n tersign an d d a to th o p artial sh ip m o n t e n d orse­
m en t on th o b a c k o v th o licenso and w ill s ta m p all fo u r co p ie s o f th o S h ip ­
p e r 's E x p o r t D ecla ra tio n w ith an o ffic ia l p artial sh ip m en t s ta m p a n d sign
an d p la ce his seal on su ch s ta m p . H o w ill th e n retu rn th o liconso a n d all
fo u r co p ie s o f th o D e cla r a tio n t o th o sh ip p er. T h o C o lle c to r o f C u sto m s
a t p o r t o f oxit w ill allo w th o p artial sh ip m e n t t o p r o c e e d u p o n p resen tation
o f th o D e cla r a tio n , s o sta m p e d , sign ed an d sealod.
S h ippers lo ca te d in cities w h ere th e re aro n o C o lle c to r s o f C u sto m s,
b u t w h ere th o p o s t o ffic e s aro o f th o first o r s e co n d cla ss, m a y co m m u n i­
c a t e w itli th eir p ostm a ste r a n d ascertain at w h ich p o s t o ffic o sta tio n , if
m o r o th a n o n o , an d at w h ich w in d o w th is s e rv ico w ill b o ren d ered . T h o
a tte n tio n o f sh ippers is ca lled t o th e fa c t th a t po stm a ste rs in citie s w herein
aro lo ca te d C o lle c to r s o f C u s to m s w ill n o t oxerciso this a u th o r ity .
Ship­
pers in su ch cities m a y a p p ly t o a C o lle c to r o f C u sto m s.

I n ta k in g th is fr ie n d ly p o s itio n r e w a rd M e x ic o th o U n ite d S ta te s G o v e r n ­
m e n t has n o d o u b t th a t th o M e x ica n G o v e r n m e n t w ill co n tin u e t o a llo w
co m m o d itie s n o t im p e ra tiv e ly n eeded in M e x ic o t o b e e x p o r te d t o th e U n ited
S tates a n d w ill n o t p e r m it th e c o m m o d it ie s an d fo o d re c e iv e d f r o m th e
U n ito d S ta te s n o r s im ila r c o m m o d itie s an d fo o d t o b e e x p o r te d t o o th e r
c o u n tr ie s .

T h e fo llo w in g is th e a n n o u n c e m e n t m a d e b y

th e S t a t e

D e p a rtm e n t:
In g iv in g c o n c r e te exp ression t o th e fr ie n d ly s e n tim e n ts expressedT in
b e h a lf o f th e G o v e rn m e n t o f th o U n ito d S tates b y P re s id e n t AVilson’ in
his a d d ress t o th e M e x ica n jo u rn a lis ts a t th o AVhite H o u se o n Ju n o 7 la s t,
th e D e p a itm e n t o f S tate has a rran ged th a t e x p o r t licen ses w ill b o f r e e ly
g r a n to d fo r s h ip m e n ts t o M e x ic o o f th e c o m m o d itie s h e re in a fte r en u m er­
a t e d , s u b je c t o n ly t o th o re s trictio n s im p o s e d b y th o la w s an d re g u la tion s
o f th e U n ito d S tates r e sp e ctin g tra d in g w ith th e e n e m y :
1. C o r n , 1 ,5 0 0 ,0 0 0 bu sh els, a p p ro x im a te ly 3 0 ,0 0 0 to n s , b e tw e e n n o w
an d N o v e m b e r . I f purch sases aro in co n s id e ra b le q u a n titie s th e y s h o u ld
b o m a d o th ro u g h U n ite d S tates F o o d A d m in is tra tio n .
2 . C o k e w ill b e licen sed i f d ra w n fr o m c e r ta in s p e c ifie d d is tric ts .
3 . A m m o n ia w ill b e su p p lie d t o M e x ic o fo r ice -m a k in g , re fr ig e r a tin g
and f o o d s t u ffs , b u t n o t fo r b e e r-m a k in g . In o t h e r w o rd s , M o x ic o w ill b e
tre a to d in e x a c tly th e sam e w a y as all o th e r C e n tra l A m e r ic a n co u n tr ie s .
4 . A g ric u ltu ra l m a ch in e ry licon ses w ill b e g ra n te d lib e r a lly .
F o r m in in g
m a c h in e r y , w h ere re q u ire d fo r p r o d u c tio n o f m e ta ls , licen ses w ill be g r a n te d
lib e r a lly .
5. A r tic le s o f iro n an d steel m a n u fa c tu r e , g e n e r a lly s p e a k in g , th is
c o u n tr y w ill license f r e e ly all a rticle s o f steel and iro n m a n u fa c tu r e w h ich
aro t o b e used fo r th o p u r p o s e o f p r o d u c in g w a r m a te ria l fo r th is c o u n t r y .
In o th e r cases th is c o u n t r y , o n a c c o u n t o f th o n e ce ssity fo r c o n s e r v a t io n ,
r e stricts th e e x p o r ta tio n o f iro n an d ste e l t o all co u n tr ie s .
6 . A r tic lo s fo r th o e x p lo ita tio n o f m in e s, e s p e c ia lly c y a n id e , d y n a m ite ,
ca p s an d fu se s. M e x ic o is n o w g o ttin g c y a n id e fo r h e r g o ld p r o d u c t s .
A ll co u n trie s h a v e be e n ra tio n e d w ith ro sp o e t t o c y a n id e sin ce th e re is n o t
on ou gh to g o a ro u n d . E x p o r t licon sos a ro g ra n te d fo r d y n a m ite t o M e x ic o
as re q u ire d fo r m in in g p u rp o se s. T h o sam e a p p lies t o ca p s and fu ses.
7. C o m m o n so a p , licen se w ill b o g r a n te d fo r t w o th o u s a n d to n s .
8 . L icen ses w ill bo g ra n te d fo r c o p p e r in m a n u fa c tu r e d fo r m to as g re a t
an e x te n t as th e c o n s e r v a tio n m easu res o f th o U n ite d S tates w ill p e r m it.
T h e sam e a pp lies t o z in c. T h e U n ito d S tates is sh o rt o f ferro-m em ganese
a n d . a c c o r d in g ly , w ill n o t b o a b le t o g ra n t e x p o r t licen ses fo r th is c o m ­
m o d ity t o a n y g re a t e x te n t.
,
9. L ice n se w ill fre e ly b e g ra n te d fo r th o fo llo w in g fo o d s t u ffs to M e x ic o :
C a n n e d h e rrin g , can n ed sa rd in es, b u t t e r , c o c o a , c o n d e n s e d m ilk , c o r n ,
c o r n m e a l, c o r n flo u r , c o n fe c t io n a r y , in clu d in g c h o c o la te c a n d y , b arreled
b e e f, d rie d fr u it, la rd , m u tto n o il, o a ts , p o r k , p o rk p r o d u c t s , o le o o il, peas
(n o t s e e d ).
P u rch a se s in co n sid e ra b le q u a n titie s t o b o m a d e t h r o u g h F o o d A d m in is ­
tr a tio n . T h e U n ited S tates wHl fre e ly licen se a ll p o r k p r o d u c ts t o M e x ic o .
T h e U n ite d S .a te s is also p re p a re d t o licen so fo r e x p o r t to M o x ic o a c o n ­
sid erable am ou t o f ra ilw a y e q u ip m e n t, th o ch a r a c te r o f w h ich has been
co m m u n ic a te d t o th e M e x ica n G o v e rn m e n t.
T h o a b o v e list o f a rticle s is n o t m ean t t o b o e x c lu s iv e . T h e G o v e rn m e n t
o f th o U n ite d States w ill b e g la d t o c o n sid e r c a r e fu lly and in th e m o s t
frie n d ly s p ir it any requ ests w h ich th e M e x ica n G o v e rn m e n t m a y m a k e fo r
th o In clu sion o f o th e r a r tic lo s in th is lis t.
T h o U n ito d States lias lxien c o m p e lle d t o co n s e r v e ce r ta in c o m m o d itie s
in d isp e n sa b ly requ ired fo r its o w n use an d fo r uso o f th e G o v e rn m e n ts
a sso cia te d w ith it in th e w a r , w h ich in n o rm a l tim e s w o u ld be p e r m itte d
t o b o fr e e ly e x p o rte d fr o m th o U n ited S tatos t o M e x ic o , b u t as th e resu lt
o f th e e ffo r ts o f th e U n ited S tates G o v e rn m e n t t o stim u la te p r o d u c tio n i h o ’
list o f su ch co n se rv e d a rticle s w ill g r a d u a lly c o n t r a c t an d c o n d i t io n s jo f
tra d e and in te rco u rse b e tw e e n th o t w o co u n tr ie s w ill, it is h o p e d , soon
b e c o m e n o rm a liz e d .
In ta k in g th is frie n d ly p o s itio n to w a rd M e x ic o th e U n ite d S tates G o v e r n ­
m e n t has n o d o u b t that th o M e x ic a n G o v e rn m e n t w ill co n tin u e t o a llow
co m m o d itie s n o t im p e ra tiv e ly n eed ed in M e x ic o t o b e e x p o r te d t o th e
U nited S tates and w ill n o t p e r m it clie c o m m o d it ie s an d fo o d re ce iv e d fr o m
th o U n ite d S tates n o r s im ila r c o m m o d it ie s a n d fo o d t o b e e x p o it e d t o o th e r
c o u n tr ie s .
____________________________________

NEW YORK LABOR PROGRAM FOR FALL CAMPAIGN.
T h a t th e L a b o r L e a g u e o f th e C i t y o f NeAv Y o r k “ is pre­
p a r in g to ta k e a d e fin ite s ta n d in th e c o m in g fa ll c a m p a ig n
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th o p ro g ra m s Avent th e re q u e s t t h a t th e

vioAvs o f th e L e a g u e re c e iv e c a re fu l c o n s id e r a tio n in th e fo r ­
m u la t io n o f th e S ta te p la t f o r m , Avhen th e p a r t y c o n v e n tio n
a s s e m b le s a t S a r a to g a o n J u ly 1 8 .

C o p ie s o f th e p r o g r a m s

MODIFICATION OF EMBARGO ON EXPORTS TO
MEXICO.

Avill a lso b e s e n t th e D e m o c r a tic C h a ir m e n fo r u se a t th e ir

A m o d ific a tio n o f th o e m b a r g o o n e x p o r ts to M e x i c o Avas

th o L e a g u e in te n d s th a t a ll p a rtie s a n d c a n d id a te s sh a ll k n o A v

c o n v e n tio n , Avliich w ill b e h e ld a t S a r a to g a o n J u ly 2 3 .

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a n n o u n c e d b y S e c re ta ry o f S ta t o L a n s in g o n J u ly 1 0 , th e

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la t t e r ’ s a n n o u n c e m e n t s ta tin g t h a t “ in g iv in g co n c r e to e x ­

m e n a n d b o d ie s Avho are u n s y m p a th e tic is th e a n n o u n c e m e n t

p re ssio n o f tho fr ie n d ly s e n tim e n ts e x p re sse d in b e h a lf o f

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th o G o v e r n m e n t” b y P re sid e n t W i ls o n in h is a d d re s s to th o

p a n ie d th e p ro g ra m s :

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T h o L a b o r L ea gu e o f N e w Y o r k C it y , b e lie v in g th a t n o w is th e p r o p e r
tim e t o p la c e b e fo re th e w o rk in g p e o p le o f th is c it y im p o rta n t p ro b le m s
w h ich th e y m ust c o n s id e r in th o se le ctio n o f ca n d id a te s fo r C o n g ress a n d
fo r th e va rio u s c it y an d S tate o ffic e s t o b e e lected this fa ll in th e S ta te o f
N o w Y o r k , a n d be lie v in g th a t w e sh o u ld express t o th e m o u r view s b e fo r e
P rim a ry D a y , w o th e re fo re fo rm u la te a n d a n n o u n ce th e fo llo w in g p rog ra m
w h ich w o w ill s u b m it t o all ca n d id a te s fo r o ffic e s o th a t th e y m a y u n d er­
sta n d o u r v ie w s an d th e re fo re h a v e fu ll o p p o r tu n ity t o a n n o u n ce th eir
a ttitu d e a n d p o s itio n o n these v ita l qu e stio n s, w e h erew ith p lo d g e ou rselves
t o su p p o r t th o s o ca n d id a te s w h o fa v o r this pro g ra m a n d p le d g o o u rselv es
also t o use o u r best e ffo r ts t o p re v e n t th e e le ctio n o f a n y ca n d id a te w h o d o e s
n o t agree t o w o rk fo r th o a cco m p lish m e n t o f this p ro gra m .

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b u sh e ls o f c o rn , m a n u fa c tu r e d a rtic le s o f ir o n , s te e l, zin c
a n d c o p p e r , a g ric u ltu ra l m a c h in e r y a n d c e rta in fo o d s tu ff s .
T h o S ta to D e p a r tm e n t a n n o u n c e d th a t th o list o f a rtic le s
fo r o x p o rt m a d o p u b lic b o th in th o U n it e d S ta t e s a n d b y
th o A m e r ic a n A m b a s s a d o r a t M e x ic o C i t y , “ is n o t m e a n t
to b o e x c lu s iv e .”

T h o G o v e r n m e n t o f th o U n it e d S t a t e s ,

s a y s th o a n n o u n c e m e n t, “ Avill b o g la d to co n sid e r c a re fu lly
a n d in a m o s t fr ie n d ly sp irit a n y re q u e sts Avhich th o M o x ic a n
G o v e r n m e n t m a y m a k o fo r th e in c lu sio n o f o th e r artic le s
o n th is l i s t .”

T h o a n n o u n c e m e n t a lso s a y s :




T h e S ta te p ro g ra m o f th e o rg a n iz a tio n is a s f o ll o A v s :
1. U n co n d itio n a l lo y a lty and s u p p o rt t o P residen t AATilson a n d his
p ro g ra m fo r th e pro se cu tio n o f the w ar.
2 . E le c tio n b y p o p u la r v o t e o f all ju d g e s w ith p r o v is io n fo r th eir recall.

24c 8

THE CHRONICLE

3 . E x t e n s i o n o f S t a t e e m p l o y m e n t e x c h a n g e s t o a ll c it i e s .
S ta te co n tro l
o f p r i v a t e e m p l o y m e n t a g e n c ie s .
4 . S t a t o a n d m u n i c ip a l o w n e r s h ip o f t h e t r a n s p o r t a t io n , e l e c t r i c , g a s a n d
w a t e r p o w e r r e s o u rce s o f t h e S ta te a n d th e im m e d ia te a c q u is itio n b y th e
S t a t o o f a ll th e s e r e s o u r c e s a n d t h e a d o p t i o n o f p l a n s f o r t h e ir s e r v ic e a n d
d is trib u tio n t o t h e p e o p le a t c o s t .
5 . C o n t r o l a n d lic e n s in g o f f o o d a n d f u e l s t o r a g e a n d s a le , t h e S t a t e t o
r e s e r v e t h o r ig h t s t o p u r c h a s e f o r d i s t r i b u t i o n , t h e e s t a b l is h m e n t o f S t a t o
a n d m u n i c ip a l m a r k e t s a n d t o f i x p r i c e s , i n e n c o u r a g e m e n t o f p r o d u c t i o n ,
d is trib u tio n a n d c o n s u m p tio n .
6 . R e v i s i o n o f t h e w id o w e d m o t h e r s ’ p e n s i o n l a w s o t h a t a ll r e s id e n t
w i d o w s a n d c h i ld r e n m a y c o m e w i t h i n i t s p r o v i s io n s .
7 . E x t e n s i o n o f t h e w o r k m e n ’ s c o m p e n s a t i o n la w t o in c lu d e a ll w a g e
e a r n e r s ; r e d u c t i o n o f m o n e y n o n - b e n e f i t p e r i o d , a n d p r o h i b i t i o n o f a ll f o r m s
o f i n s u r a n c e t h e r e u n d e r o x c e p t i n e x i s t i n g S t a t e I n s u r a n c e F u n d ; w it h
p r o v i s i o n t h a t a ll p a y m e n t s d u o t o n o n - r e s id e n t e n e m y a lie n d e p e n d e n t s
s h a ll b e p a i d i n t o a s p e c ia l r e li e f f u n d c r e a t e d b y S e c t i o n 7 o f A r t i c l e 2
o f t h e la w .
8 . E s t a b li s h m e n t o f S t a t o a d m in is t e r e d h e a l t h i n s u r a n c e , a n d t h e c r e ­
a t i o n o f a B u r e a u o f S ic k n e s s P r e v e n t i o n a n d H e a lt h P r o m o t i o n w it h i n
th e S ta te L a b o r D e p a rtm e n ts.
9 . E r e c t i o n a n d m a i n t e n a n c e o f a t u b e r c u l o s is s a n i t a r iu m in e a c h
c o u n t y , w i t h c o u n t y m a n a g e m e n t a n d S t a t e s u p e r v i s io n .
1 0 . O ld a g e p e n s i o n s f o r c it i z e n s w h o a t s i x t y y e a r s o f a g e a r e w it h o u t
i n c o m e s a n d h a v e b e e n r e s id e n t s o f t h o S t a t e f o r t w e n t y - f i v o y e a r s .
1 1 . C o m p l e t e s e c u r i t y o f f r e e d o m o f s p e e c h , o f p r e s s a n d o f a s s e m b la g e ,
a n d i m m e d i a t e , u n b ia s e d , p r o s e c u t io n o f a b u s e o f t h e s e r ig h t s i n a c i v i l
c o u r t b y a ju r y .
1 2 . P a y m e n t o f h ig h e s t p r e v a i l in g w a g e s f o r s u c h w o r k a n d t h o o b s e r v ­
a n c e o f w o r k i n g c o n d i t io n s o f t h e t r a d e t o a ll p e r s o n s e m p l o y e d o n S t a t o
W ork d ir e c t ly o r b y c o n t r a c to r s , a n d re s to ra tio n o f S ta to la w t h a t o n ly
c it i z e n s s h a ll b o e m p l o y e d o n S t a t e w o r k .
1 3 . A n e i g h t - h o u r d a y f o r a ll w o r k e r s w i t h S a t u r d a y h a l f - h o l i d a y a n d
t w o n t y - f o u r c o n s e c u t i v e h o u r s r e s t in e a c h c a l e n d a r w e e k .
1 4 . E l e c t i o n b y p o p u l a r v o t e o f a ll l o c a l s c h o o l b o a r d s .
C o m p u ls o r y
e d u c a t io n , w it h fr e e s c h o o ls , fre o t e x t b o o k s , fre e c o n tin u a tio n a n d p a rt
t im e d a y s s c h o o l s f o r e m p l o y e d m in o r s , o p t i o n a l v o c a t i o n a l i n s t r u c t i o n f o r
p u p il s o v e r f o u r t e e n y e a r s o f a g e .
1 5 . F r e o p l a y g r o u n d s , g y m n a s i u m s a n d s w i m m in g p o o l s f o r c h i ld r e n
I n a ll c o m m u n it i e s .

The announcement from the Leaguo also says:
T h e F e d e r a l p r o g r a m in c lu d e s t h e g r a d u a t e d in c r e a s e o f i n c o m o , i n h e r i­
t a n c e a n d e x c e s s p r o f i t s t a x e s a n d t h e ir p a y m o n t in i n s t a llm e n t s ; t h o t r a in ­
i n g o f n u r s e s t o l o o k a f t e r s i c k a n d w o u n d e d s a ilo r s a n d s o l d ie r s ; t h o t r a in in g
o f m e m b e r s o f t h o f i g h t i n g f o r c e s s o t h a t t h e y m a y r e t u r n t o r e m u n e r a t iv e
e m p l o y m e n t a f t e r t h e w a r ; F e d e r a l lif e in s u r a n c e ; n a t i o n a l w i d o w s ’ p e n ­
s i o n s y s t e m ; t h e im p r o v e m e n t o f t h e P o r t o f N o w Y o r k ; t h e c o n v e r s i o n o f
G o v e r n o r ’s I s la n d i n t o a s u m m e r r e s o r t a f t e r t h o w a r ; g o v e r n m e n t o w n e r ­
s h ip o f t e le p h o n e s , t e le g r a p h s a n d r a i lr o a d s a u n iv e r s a l e i g h t - h o u r la w
a n d t h e e s t a b l is h m e n t o f a s y s t e m t o c o m p o l f o r e ig n e r s t o s t u d y t h e A m e r i ­
c a n l a n g u a g e , g o v e r n m e n t , h i s t o r y a n d id e a ls .

The President of tho Leaguo is Thomas B . Clark, Business
Agent of tho Electric Workers of Greater N e w Y ork. Tho
Vice-Presidents are: Jamos P . Holland, Georgo Behronds,
W . P . Butler, J. F . Riley, E . W . Edwards, Ernest Bohm,
M . J. Cashal, Charles Burns and M rs . Sara Conboy, all of
whom are identified with leading labor organizations.

INSTRUCTIONS REGARDING RECRUITING OF LABOR
THROUGH UNITED STATES CENTRAL AGENCY.
Instructions to war-industrial plants with regard to tho
methods for tho recruiting of labor, beginning A ug. 1,
through a central agency— viz., the United States Em ploy­
ment Service of the Department of labor— havo been issued
b y the Department of Labor, in an announcement made
public this week, which said:
A t t h o c lo s e o f a th re e d a y s ’ c o n fe r e n c e o f e m p lo y m e n t m a n a g e rs , S ta to
e m p lo y m e n t a g e n ts , a n d o ffic ia ls o f th o U . S . E m p lo y m e n t S e r v ic e in s tru c ­
t io n s w e r e s e n t o u t t o w a r -in d u s t r ia l p l a n t s c o n c e r n i n g m e t h o d s b y w h ic h
t h o c e n t r a l r e c r u it i n g o f l a b o r w ill b o p u t i n t o e f f e c t .
T h o c o n f e r e n c e , in
w h i c h b o t h S t a t o a n d F e d e r a l a g e n t s a s w e ll a s in d u s t r ia l m a n a g e m e n t
w e r e r e p r e s e n t e d , d e v o t e d i t s e l f t o a c o n s i d e r a t io n o f m e t h o d s b y w h ic h
t h e n a tio n a l s y s t e m m a y b e m a d e m o s t u s e fu l.
T h e i n s t r u c t i o n s w h ic h
w e r e s e n t o u t a u t h o r i z e u n d e r c e r t a in c o n d i t i o n s w a r i n d u s t r ie s w i t h f ie l d
f o r c e s f o r r e c r u it i n g l a b o r t o c o n t in u e t h e i r u s e a f t e r A u g . 1 , w h e n r e ­
c r u i t i n g a n d d i s t r i b u t i n g u n s k ille d l a b o r w i l l , in a c c o r d a n c e w i t h t h o
P r e s i d e n t ’s s t a t e m e n t , b e u n i f ie d in t h o n a t i o n a l s e r v i c e .
T h e la b o r
r e c r u i t i n g o r g a n i z a t io n s o f p r i v a t e i n d u s t r y w i l l , h o w e v e r , a f t e r t h a t d a t o
o p e r a t e o n l y u n d e r t h e s u p e r v i s io n o f t h e n a t i o n a l s e r v i c e .

The instructions are as follows:
1 . O r d e r b la n k s a r e i n c lo s e d w h ic h y o u a r o r e q u e s t e d t o f i l l o u t a n d
r e t u r n , in a c c o r d a n c e w i t h t h o p r in t e d i n s t r u c t i o n s t h e r e o n , w it h i n 2 4 h o u r s
a f t e r r e c e i p t , t o t h o m a n in c h a r g e o f t h o w o r k in t h o S t a t e w h e r o y o u r
p l a n t Is l o c a t e d .
T h e I n f o r m a t i o n s o u g h t is n e c e s s a r y t o a s c e r t a in t h o
t o t a l r e q u i r e m e n t s o f i n d u s t r y f o r u n s k il le d l a b o r a n d t h e r e q u ir e m e n t s
b y S t a t e s f o r y o u r p a r t i c u l a r in d u s t r y a s w e ll a s f o r y o u r p l a n t .
F i l li n g
o u t a n d f o r w a r d i n g t h o b l a n k d o e s n o t i m p l y a t t h is t i m e a p r o m is e t h a t
y o u r l a b o r r e q u i r e m e n t s c a n o r w il l b o s u p p l i e d p r o m p t l y — t h a t is t h e
g o a l a im e d a t .
2 . S h o r t l y a f t e r t h e f i l i n g o f y o u r o r d e r y o u w il l b e n o t i f i e d b y t h o U . S .
E m p l o y m e n t S e r v i c e o f t h e o f f i c e a n d a g e n t a s s ig n e d t o c o - o p e r a t e w it h
y o u In g e t t i n g y o u r u n s k il le d l a b o r .
Y o u s h o u l d p r o m p t l y g e t in t o u c h
w it h h i m .
3 . T h e t o t a l o f t h o p r e s e n t n e e d s o f t h e c o u n t r y ’s w a r in d u s t r ie s f o r
u n s k il le d l a b o r is t o b e d i v i d e d i n t o q u o t a s a m o n g t h o S t a t e s a n d s u b ­
d iv id e d a m o n g c o m m u n it ie s .
V i g o r o u s e f f o r t s w il l b o m a d e in e v e r y c o m ­
m u n i t y t o s e c u r e t h o a l l o t t e d q u o t a o f c o m p e t e n t m e n in s u c h a w a y a s
n o t t o t a k e l a b o r f r o m o t h e r w a r in d u s t r ie s o r f r o m t h o f a r m s , o r n e e d l e s s ly
t o c r i p p l e le s s e s s e n t ia l in d u s t r ie s .
S o f a r a s p o s s i b l e r e c r u it i n g f o r y o u r
p l a n t w ill b o c e n t r e d In c e r t a in d e f i n i t e S t a t e s a n d l o c a l i t i e s .
4 . I f y o u h a v e a f i e l d f o r c e f o r r e c r u it i n g l a b o r , y o u m a y o n r e q u e s t b o
a u t h o r iz e d t o c o n t in u e u s in g y o u r o w n f o r c e , u n d e r th e d ir e c t io n o f a n d
s u o j e c t t o t h o r e g u l a t io n s o f t h e U . S . E m p l o y m e n t S e r v i c e .
A p p l y f o r a u t h o r i z a t io n t o t h o m a n In c li a r g o o f t h e w o r k o f t h e U . S .
E m p lo y m e n t S e r v ic e f o r y o u r S ta to .
(S e e l i s t i n c l o s e d . )
W h i l e t h is a u t h o r i z a t io n is s u b j e c t t o w it h d r a w a l a t a n y t i m e , i t is t h e
I n t e n t io n ti> c o n t in u e It a s l o n g a s I t w o r k s s a t i s f a c t o r i l y .

*



[V o l . 107

5 . I n o r d e r t o s t a b i li z e l a b o r r e c r u it i n g a n d d i s t r i b u t i o n a s f a r a s p o s s i b l e ,
a c o m m u n i t y l a b o r b o a r d w il l b e o r g a n i z e d in e a c h c o m m u n i t y .
T h is
b o a r d w il l b e m a d e u p o f a r e p r e s e n t a t iv e o f t h o U . S . E m p l o y m e n t S e r v i c e ,
a r e p r e s e n t a t iv e o f w o r k e r s , a n d a r e p r e s e n t a t iv e o f e m p l o y e r s .
I t w ill
a s s is t in r e c r u it i n g l o c a l l a b o r , b u t it s p r i n c ip a l w o r k w ill b o t o d e c i d e o n
t h e r e la t i v e n e e d s o f l o c a l e s t a b lis h m e n t s a n d p r o - r a t e l a b o r s u p p l y w h o n
t h e s u p p l y is le s s t h a n n e e d e d .
•
6 . N o n - w a r in d u s t r ie s s h o u l d n o t o f f e r s u p e r i o r i n d u c e m e n t s o r in a n y
o t h e r w a y u n d e rta k e t o c o m p e t e w it h th o G o v e r n m e n t f o r la b o r .
7 . T h o r e q u i r e m e n t t h a t u n s k il le d l a b o r m u s t b e r e c r u it e d t h r o u g h t h e
s o le a g e n c y o f t h o U . S . E m p lo y m e n t S e r v ic e d o e s n o t a t p r e s e n t a p p ly
in t h e f o l l o w i n g f i v e c a s e s :
(1 ) L a b o r w h ic h is n o t d i r e c t l y o r i n d i r e c t l y s o l i c i t e d .
(2 ) L a b o r f o r t h e r a i lr o a d s .
(3 ) F a r m l a b o r t o b o r e c r u it e d In a c c o r d a n c e w i t h e x i s t i n g a r r a n g e m e n t
w it h th e D e p a r t m e n t o f A g r ic u ltu r e .
(4 ) L a b o r f o r n o n - w a r w o r k .
(5 ) L a b o r f o r e s t a b l is h m e n t s w h o s o m a x i m u m f o r c e d o c s n o t e x c e e d 1 0 0 .
T h e p l a n a s o u t l i n e d is t h o r e s u l t o f t h e u n i v e r s a l d e m a n d o f i n d u s t r y
t h a t th o G o v e rn m e n t re g u la te t h o d is trib u tio n o f la b o r .
I t is a p p a r e n t t h a t t h e p l a n is b a s e d v e r y l a r g e l y o n t h o c o - o p e r a t i o n
w h ic h e m p l o y e r s a r e in a p o s i t i o n t o g i v e .
T h o s u c c e s s w h i c h t h e p l a n w il l h a v e d e p e n d s u p o n t h e m e a s u r e o f c o ­
o p e r a t i o n i t r e c e iv e s f r o m e m p l o y e r s .
U . S. E M P L O Y M E N T S E R V IC E ,
J . B . D E N S M O I t E , Director-General.

W AR LABOR BOARD ANNOUNCES DECISIONS
AFFECTING M I N I M U M WAGE A N D
BASIC HOUR D A Y QUESTIONS.
The readjustment of wage scales at eight w ar supply
plants at Waynesboro, P a ., fixing 40 cents per hour as the
minimum wage to be paid any class of workers, was announ­
ced b y the N ational W a r Labor B oard on July 12. A t
the same time it was made known that the application of
the basic eight-hour day was ordered in tho settlement of
the controversy between tho Worthington Pum p & M a ­
chinery Co. and its employees in tho Blake-Knowles plant
at East Cambridge, M ass., and in the Snow plant at B uffalo,
N . Y . Tuesday, July 23, is fixed b y tho B oard as tho dato
for final consideration as to what is a minimum living wage
for workers generally, and as to tho gonoral application of
the eight-hour standard for a day’s work. W o give the
B oard’s announcement of tho 12th inst. herewith:
T h o N a t i o n a l W a r L a b o r B o a r d lia s a r r iv e d a t t w o i m p o r t a n t d e c i s io n s
a ffe c t in g th o q u e s tio n s o f th o liv in g w a g e a n d th e b a s ic o lg h t -h o u r d a y .
I n t h o f ir s t d e c i s io n t n o B o a r d r e a d j u s t e d t h e e x i s t i n g w a g e s c h e d u l e s in
e ig h t p la n t s , e m p lo y in g 3 .0 0 0 m e n , a t W a y n e s b o r o , P a ., fix in g 4 0 c e n ts p e r
h o u r a s t h e m in im u m r a t e t o b o p a i d a n y cla ^ s o f w o r k e r s , i n c lu d in g c o m ­
m o n l a b o r e r s , a n d a n n o u n c e d t h a t i t n o w h a s j n d e r c o n s i d e r a t io n t h o
q u e s t i o n o f d e t e r m in i n g t h e l i v i n g w a g e w h i c h , u n d e r i t s p r i n c ip l e s , m u s t
b o t h e m in im u m r a t e o f w a g o t o p e r m i t t h e w o r k e r a n d h is f a m i l y t o s u b ­
s is t in h e a l t h a n d r e a s o n a b le c o m f o r t .
F in a l d e t e r m in a t i o n o f t h o q u e s t i o n
w a s m a d e a s p e c i a l o r d e r o f b u s in e s s f o r T u e s d a y , J u l y 2 3 .
I n th e W a y n e s b o r o c a s e th o a w a rd o f t h e B o a r d g iv e s m a n y o f th o
w o r k e r s w a g e i n c r e a s e s g r e a t l y in e x c e s s o f t h e i r d e m a n d s , t o g a in w h ic h
t h e y w e r o r e c e n t l y o n s t r ik e .
F o r i n s t a n c e , t h o m in im u m r a t e is f i x e d a t
4 0 c e n t s p e r h o u r , w h il e m in im u m r a t e d e m a n d e d w a s 3 0 c e n t s p e r h o u r .
U n t il n o w c o m m o n l a b o r e r s a t W a y n e s b o r o h a v e b e e n r e c e i v i n g a s l i t t l e a s
22 ce n ts p e r h o u r.
T h o in c r e a s e t o t h o l o w e s t - p a i d m e n , t h e r e f o r e , w il l
bo 8 1 % .
S k i l le d w o r k e r s w e r o a w a r d e d t h o i n c r e a s e s t h e y d e m a n d e d .
T h e s e c o n d d e c i s io n w a s m a d e in t h o c o n t r o v e r s y b e t w e o n t h o W o r t h i n g ­
t o n P u m p & M a c h i n e r y C o . a n d it s e m p l o y e e s in t h e B l a k o - K n o w l e s p l a n t
a t E a s t C a m b r i d g o , M a s s . , a n d In t h o S n o w p l a n t a t B u f f a l o , N . Y .
Tho
E a s t C a m b r i d g e p l a n t h a s b e e n t ie d u p f o r s e v e r a l d a y s b y a s t r ik e o f 1 ,0 0 0
w ork m en .
A t b o t h p l a c e s t h o p a r a m o u n t is s u e w a s t h o a p p l i c a t i o n o f t h o
b a s ic e ig h t-h o u r d a y .
A w a g o d ls p u to fo r m e d a p a r t o f t h o c o n t r o v e r s y
a t E a s t C a m b rid g o .
T h o s e c t io n o f t h o B o a r d a s s ig n e d t o t h o c a s e , c o m ­
p o s e d o f L o y a l A . O s b o r n e a n d F r e d H e w i t t , r e p r e s e n t in g , r e s p e c t i v e l y ,
c a p i t a l a n d l a b o r , r e a d i ly c a m e t o a g r e e m e n t o n t h e q u e s t i o n o f w a g e s , b u t
d is a g re e d o n th e q u e s tio n o f t h o a p p lic a tio n o f th o b a s ic o ig h t-h o u r d a y ,
M r . H e w i t t h o l d i n g t h a t t h e b a s i c o l g h t - h o u r d a y s h o u l d b o a p p li e d , M r .
O s b o rn e ta k in g th e o p p o s it e p o s it io n .
T h o c o n t r o v e r s y w a s r e fe r r e d b y t h o s e c t i o n b a c k t o t h o e n t i r e B o a r d ,
w h ic h a p p r o v e d t h e s e c t i o n 's a w a r d a s t o w a g e s a t t h e p l a n t a t E a s t C a m ­
b r i d g e , a n d d e c i d e d u p o n a r e s o lu t i o n o f f e r e d b y F r a n k P . W a l s h , o n o o f
t h o t w o j o i n t C h a ir m e n , t h a t t h o b a s i c o i g h t - h o u r d a y b e in s t a lle d a t o n c o
a t b o t h p l a n t s , a t t h o s a m o t i m e a n n o u n c in g t h a t t h o B o a r d is c o n s i d e r in g
t h o m a t t e r o f t h o d e t e r m in a t i o n o f w h a t s h o u l d b o f i x e d a s t h o p r o p e r
w o r k in g d a y .
A s in t h o m a t t e r o f t h o l i v i n g w a g o , f in a l c o n s i d e r a t i o n o f
t h e q u e s t i o n o f t h o b a s i c w o r k d a y w a s f ix e d a s a s p e c i a l o r d e r o f b u s in e s s
fo r T u e s d a y . J u ly 2 3 .

HENRY FORD HEADS LIST OF M E N TO ACT AS U M ­
PIRES TO SETTLE LABOR CONTROVERSIES.
Tho appointment by Prosidont Wilson of ton porsons who
aro to act as umpires in labor controversies which cannot bo
settled by agreement of the momborship of tho W a r Labor
Board was mado known by tho Board on July 14. Ilonry
Ford’s name appears at tho head of tho list, which is mado
public in tho following lottor addressed by Prosidont Wilson
to the W a r Labor Board:
The White House, Washington, July 12 1 9 1 8 .
Hon. Wm. H . Taft,
Hon. Frank P. Walsh,
Chairmen, National War Labor Board,
Department of Labor Building, Washington, D . C.:
Gentlemen: I n a c c o r d a n c e w it h P a r a g r a p h D o f t h o r o p o r t o f t h o W a r
L a b o r C o n fe r b n c o B o a r d , I h e r e b y n o m i n a t o t o n d i s in t e r e s t e d p e r s o n s
s u i t a b l o t o a c t a s u m p ir e w h e n d r a w n b y l o t a s p r o v i d o d in s a id p a r a g r a p h :
H e n ry F o r d , D e tr o it , M ic h .
M a t t h o w H a lo , B o s t o n , M a s s .
J a m e s H a r r y C o v in g t o n , W a s h in g t o n , D . C .
C h a r le s C a ld w e l l M c C h o r d , W a s h i n g t o n , D . C .

July 20 1918.]
—

i

:

~

THE CHRONICLE
—

■

V . E v rit M a c y , N e w Y o r k C it y .
J u lia n W i ll ia m M a c k , C h i c a g o , H I.
H e n r y S u z z a llo , S e a t t l o , W a s h .
J o h n L in c l, M i n n e a p o l i s , M i n n .
W i ll ia m I t . W i l c o x , N e w Y o r k C i t y .
W a l t e r C l a r k , R a le i g h , N . C .
C o r d ia lly y o u r s ,

249

M a j o r B . F . W a l t o n is a s s ig n e d t o t h e G e n e r a l S t a f f , c o - o r d i n a t i o n
s e c t io n , fo r t h o p e r io d o f t h e p re s e n t e m e r g e n c y .
H e w il l, in a d d i t i o n ,
r e m a in i n c li a r g o o f t h o d e t a i ls o f t h o c o n f e r e n c e s i n d i c a t e d a b o v e .
A t t h e s o c o n f e r e n c e s L i e u t . - C o l . A y r o s o r o t h e r r e p r e s e n t a t iv e s o f t h e
s t a t is t i c s b r a n c h , a n d C a p t . M a r t i n w il l c o n t i n u e a s a t p r e s e n t t h e ir e x p o ­
s i t i o n o f t h e i n f o r m a t i o n a v a i l a b l e p e r t a in in g t o t h o c o n d u c t o f t h e w a r .
W OODROW

W IL S O N .

In its announcement, besidos giving tko President’s letter,
tho Board said:
T h e P r e s i d e n t h a s a d v i s e d t h e N a t i o n a l W a r L a b o r B o a r d o f h is s e l e c t i o n
o f t e n d i s t in g u is h e d c it i z e n s t o a c t a s u m p i r e s in c o n t r o v e r s i e s w h ic h c a n n o t
b o s e t t le d b y a g r e e m e n t o f t h o m e m b e r s h ip o f t h o W a r L a b o r B o a r d .
The
P r e s i d e n t ’ s a c t i o n is in a c c o r d a n c e w it h t h e r e p o r t o f t h o W a r L a b o r C o n ­
f e r e n c e B o a r d , u p o n w h i c h t h e e s t a b l is h m e n t o f t h o W a r L a b o r B o a r d
w as based.
U p t o t h i s t i m e t h o r o h a s b e e n n o f in a l d e c i s io n o f t h e N a t i o n a l W a r
L a b o r B o a r d u p o n w h ic h t h e e n t i r e m e m b e r s h ip h a s n o t b e e n iu c o m p l e t e
a g r e e m e n t ; a n d t n e n e c e s s it y f o r t h e s e l e c t i o n o f o n e o f t h o P r e s i d e n t ’s
n o m i n e e s t o a c t a s u m p i r e is n o t i m m e d i a t e l y in v i e w ,
n o w o v e r , as th e
P r e s id e n t ’s le tt e r in d ica te s , th o r e p o r t o f th o W a r L a b o r C o n fe r e n c e B o a r d ,
a n t i c ip a t i n g t h o p o s s i b i l i t y o f a f a ilu r e o f t h o t w o l v o m e m b e r s o f t h e AVar
L a b o r B o a r d t o c o m e t o a g r e e m e n t in o n e o r i n o r o o f t h o c o n t r o v e r s i e s
w h ic h m a y c o m e b e fo r e it f o r s e t t le m e n t , p r o v id e d ;
( c ) i f t h e s i n c e r e a n d d e t e r m in e d o f f o r t o f t h o N a t i o n a l B o a r d s h a ll fa il
t o b r i n g a b o u t a v o l u n t a r y s e t t l e m e n t a n d t h o m e m b e r s o f t h e b o a r d s h a ll
b o u n a b le u n a n im o u s l y t o a g r e e u p o n a d e c i s i o n , t h e n a n d in t h a t c a s e a n d
o n l y a s a l a s t r e s o r t a n u m p i r e a p p o i n t e d in t h o m a n n e r p r o v i d e d in t h e n e x t
p a r a g r a p h s h a ll h e a r a n d f in a ll y d e c i d o t h e c o n t r o v e r s y u n d e r s i m p le r u le s
o f p r o c e d u r e p r e s c r ib e d b y t h e N a t i o n a l B o a r d .
( d ) T h o m e m b e r s o t t h e N a t io n a l B o a r d s h a ll c h o o s e t h o u m p i r e b y
u n a n im o u s v o t e .
F a il in g s u c h c l i o i c o t h o n a m e o f t h e u m p i r e s h a ll b o
d r a w n b y l o t f r o m a l i s t o f t e n s u i t a b l o a n d d i s in t e r e s t e d p e r s o n s t o b e
n o m i n a t e d f o r t h e p u r p o s e b y t h o P r e s i d e n t o f t h o U n it e d S t a t e s .
I l e n r y F o r d is t h o la r g e s t m a n u f a c t u r e r o f a u t o m b o i l e s in t h o c o u n t r y ,
n o w a s o n c e a m a c h i n is t a n d l a t e r c h i e f e n g in e e r o f t h o E d is o n I l l u m i n a t i n g
C o.
I n J a n u a r y 1 9 1 4 h e s e t a n e w p r e c e d e n t f o r i n d u s t r ia l r e la t i o n s w h e n
h o e s t a b l is h e d a p l a n o f p r o f i t s h a r in g i n v o l v i n g t h o a n n u a l d i s t r i b u t i o n
o f $ 1 0 ,0 0 0 ,0 0 0 a m o n g h is e m p l o y e e s a n d f i x i n g a m in im u m w a g e b a s e d
u p o n th e c o s t o f liv in g .

J. II. ROSSETER SUCCEEDSE. F. CARRY A S DIRECTOR
OF OPERATIONS I N SHIPPING BOARD.
In announcing on July 1 the appointment of J. H . Rosseter
as Director of the Department of Operations of the United
States Shipping Board to succeed E dw ard F . Carry, the
Board on July 1 said:
C h a ir m a n H u r l e y o f t h o S h ip p in g B o a r d a n n o u n c e s t h e a p p o i n t m e n t o f
J . H . R o s s e t e r a s D i r e c t o r o f t h e D e p a r t m e n t o f O p e r a t io n s t o s u c c e e d
E d w a r d F . C a r r y , w h o r e s ig n s t o b e c o m e C h a ir m a n o f t h e P o r t a n d H a r b o r
C o m m i s s io n .
T h e a p p o i n t m e n t is i n l in e w i t h t h e S h i p p i n g B o a r d ’ s
p o l i c y o f d r a f t i n g m e n o f la r g o p r a c t ic a l e x p e r i e n c e a n d a b i l i t y f o r t h e
t a s k s a n d p r o b l e m s a r is in g i n c o n n e c t i o n w i t h o u r r a p i d l y e x p a n d in g
m e rch a n t fle e t .
A ir . R o s s e t e r b r in g s t o th o S h ip p in g B o a r d a w id e e x p e rie n ce a n d k n o w l­
e d g e o f i n t e r n a t io n a l s h i p p i n g g a in e d in a l o n g a n d s u c c e s s fu l c a r e e r o n t h e
P a c i f i c C o a s t , w h e r e h e w a s t h o V i c e - P r e s id e n t a n d G e n e r a l M a n a g e r o f
th e P a c if ic M a il S te a m s h ip C o .
•

CURTAIL MENT I N STAFF OF C H A IR M A N CREEL’S
COMMITTEE ON PUBLIC INFORMATION.
A s a result of the cutting dotvn b y Congress of the appro­
priation for tho Committee on Public Information and the
adoption of a provision that employees of the Committee
within the draft ago should not receive any salary unless
rejected for military service because of physical disability,
Chairman Creel of the Committee made the following an­
nouncement on July 9 relative to the curtailment in his staff:

M a t t h e w l l a l o o f B o s t o n Is a d i s t in g u is h e d l a w y e r a n d n e w s p a p e r p u b ­
l is h e r .
H e h a s b een an A ld e r m a n a n d a m e m b e r o f t h o C it y C o u n c il o f
B o s t o n ; C h a ir m a n o f t h o P r o g r e s s i v e P a r t y S t a t e C o m m i t t e e o f M a s s a ­
ch u s e tts a n d a m e m b e r o f th o P r o g r e s s iv e N a t io n a l C o m m it te e fr o m th a t
S ta te.

C o n g r e s s c u t t h e c o m m i t t e e ’s a p p r o p r i a t i o n f o r d o m e s t i c w o r k f r o m
$ 2 ,0 9 8 ,0 0 0 t o $ 1 ,2 5 0 ,0 0 0 .
T h i s , o f n e c e s s it y , h a s c o m p e l l e d a c u r t a i l m e n t
in a c t i v i t y , a s w e ll a s r e d u c t i o n in p e r s o n n e l .
T h o D i v i s i o n o f A V o m e n ’s
AV'ar A V ork h a s b e e n d i s c o n t in u e d ; a ls o t h o D i v i s i o n o f S y n d ic a t e F e a t u r e s .
I d o n o t c o n t e m p l a t e o t h e r o r g a n i z a t io n c h a n g o s , a l t h o u g h m a n y p l a c e s
J a m e s H a r r y C o v in g t o n , n o w a n a t t o r n o y -a t -la w , w a s f o r m e r ly C h ie f
w il l h a v e t o b o g i v e n .up e n t i r e l y o r e ls e n a r r o w e d d o w n .
A c c o r d in g to th e
J u s tic e o f th o S u p re m o C o u r t o f th e D is t r ic t o f C o lu m b ia a n d a m e m b e r o f
M a d d e n a m e n d m e n t , n o n e o f t h o c o m m i t t e e ’ s a p p r o p r i a t i o n is t o b e u s e d
C on g ress fro m th o S ta to o f M a r y la n d ,
n o w a s a m e m b e r o f t h o r a i lw a y
f o r t h e p a y m e n t o f s a la r ie s o f m e n b o t w c o n t h o a g e s o f 21 a n d 3 1 , s a v e in
w a g e a d ju s t m e n t b o a r d .
th o c a s e o f th o s e e x e m p to d f o r p h y s ic a l d is a b ilit y .
T h is a f fe c t e d f o r t y - t w o
C h a r le s C a ld w e l l M c C h o r d Is a m e m b e r o f t h o I n t e r - S t a t e C o m m e r c o
m e n , a l t h o u g h t h o m a j o r i t y w o r e a ll in d e f e r r e d c l a s s i f i c a t i o n s b y r e a s o n
C o m m i s s io n a n d o f t h e r a i lw a y w a g e a d j u s t m e n t b o a r d .
H e h ad been a
o f d ep en d en ts.
I d i d n o t t r y t o h a v o t h o a m e n d m e n t c h a n g e d in a n y
m e m b e r o f t h e K e n t u c k y S e n a t e a n d C h a ir m a n o f t h o R a i l r o a d C o m m i s s io n
d e g r e e , a n d a m a b id in g b y it a b s o lu t e ly .
o f th o S ta te o f K e n tu c k y .
I n t h o D i v i s i o n o f F o r e i g n E d u c a t i o n a l A V o r k , w h ic h o p e r a t e s f r o m t h e
V.
E v e n t M a c y , o f N o w Y o r k , is C h a ir m a n o f t h o L a b o r W a g o A d j u s t P
­ r e s id e n t’s fu n d , I a m a ls o o b o y in g t h o d ir e c t io n o f C o n g r e s s , o v e n th o u g h
m e n t B o a rd o f th o E m e r g e n c y F le e t C o r p o r a t io n ; T r e a s u r e r o f th e N a t io n a l
th o a m e n d m e n t h a s n o a p p lic a t io n t h o r o .
O n l y in t h e s e i n s t a n c e s h a s a
C h il d L a b o r C o m m i t t e e , a n d a m e m b e r o f t h e E x e c u t i v e C o m m i t t e e o f t h o
d e f e r r e d c l a s s i f i c a t i o n b e e n r e q u e s t e d — t h o p r i n c i p a l o n e in t h o c a s e o f
N a t io n a l C i v i c F e d e r a t i o n .
H o is a d i r e c t o r in n u m e r o u s b a n k s a n d i n ­
C a r l B y o i r , w h o h a s c h a r g e o f w o r k in c o n n e c t i o n w i t h t h e t h i r t y - t h r e e
d u s t r ia l in s t it u t i o n s .
f o r e i g n la n g u a g e g r o u p s in t h i s c o u n t r y , a s w e ll a s b o i n g a s s is t a n t t o t h e
J u lia n W i ll ia m M a c k , o f C h i c a g o , is a J u d g o o f t h o U n it e d S t a t e s C i r c u i t
D i r e c t o r o f t h e F o r e i g n E d u c a t io n a l A V o rk .
I h a v o k e p t M r . B y o i r w it h
C o u r t a n d a, p r o m in e n t e d u c a t o r .
H o h a s b e e n p r o f e s s o r o f la w a t N o r t h ­
t h o c o m m i t t o o o v e r h is o w n p r o t e s t , b e c a u s o h is d u t i e s a r e o f t h e u t m o s t
w e s t e r n U n iv e r s i t y a n d n o w h o l d s t h o c h a i r o f l a w a t t h o U n i v e r s i t y o f
i m p o r t a n c e , b e c a u s e h e h a s p r o v e d h is e x c e p t i o n a l q u a l i f i c a t i o n s , a n d
C h ic a g o .
H o w a s J u d g o o f t h o C i r c u i t C o u r t o f C o o k C o u n t y , I llin o is ,
b e c a u s e t h o w o r k c o u l d . n o t j j o c a r r ie d o n w i t h o u t h i m .
f r o m 1 9 0 3 t o 1 9 1 1 ; a s s ig n o d a s J u d g o o f t h o J u v o n il o C o u r t f r o m 1 9 0 4 t o
1907.
H e n r y S u z z a llo is P r e s i d e n t o f t h o U n i v e r s i t y o f W a s h i n g t o n , Is a p u b ­
lis h e r , l o c t u r e r , a u t h o r a n d c o n t r i b u t o r t o e d u c a t i o n a l m a g a z in e s .
R ocon tl y D r . S u z z a llo w a s c h a ir m a n o f t h o b o a r d o f a r b i t r a t i o n w h ic h s e t t l e d t h o
s t r e e t r a i lw a y c o n t r o v e r s y in t h o c i t y o f S e a t t l e .
.
J o h n L i n d w a s f o r m e r l y G o v e r n o r o f t h o S t a t o o f M in n e s o t a , is a l a w y e r ,
f o r m e r m e m b e r o f C o n g r e s s , w a s o n v o y a n d p e r s o n a l r o p r o s o n t a t iv o o f
P r e s i d e n t W i ls o n t o M e x i c o in 1 9 1 3 .
W i ll ia m I t . W i l l c o x , o f N o w Y o r k , is a l a w y e r , f o r m o r C h a ir m a n o f t h e
R e p u b l ic a n N a t io n a l C o m m i t t o o , f o r m o r C h a ir m a n ( f o r N o w Y o r k C i t y )
o f t h o P u b li c U t ilit ie s C o m m i s s io n o f N o w Y o r k S t a t o .
W a l t e r C la r k is C h i e f J u s t i c o o f t h o S u p r o m o C o u r t o f N o r t h C a r o l i n a , is
a h is t o r ia n , a u t h o r a n d t r a n s l a t o r .
W a s l io u t o n a n t - c o l o n o l in t h o C o n f e d e r ­
a t e A r m y a t 17 y o a r s o f a g o , b e i n g t h o y o u n g e s t o f f i c e r o f t h i s r a n k in
e it h e r a r m y d u r i n g t h o C i v i l W a r .

WAR COUNCIL ABOLISHED BY SECRETARY BAKER.

REMITTANCES OF FUNDS A N D CLOTHING TO
PRISONERS OF WAR A N D INTERNED ALIE NS.
The W a r Trade Board, according to an announcement on
July 5, has authorized persons in the United States to send
foodstuffs, funds, clothing and other articles of personal use
to Germans or Austrians interned or held as prisoners of
war in tho United States b y the W a r Department, provided
that tho consent of tho W a r Department is first obtained
and tho regulations of tho W a r Department are observed.
This authorization applies only to persons held Avithin the
United States by the W a r Department. It does not apply
to any prisoners of Avar held b y tho United States forces in
foreign countries. In accordance with this ruling (W . T . B .
R . 158), hereafter persons desiring to send funds, foodstuffs,
clothing or other articles for personal use to interned aliens
and prisoners of Avar in this country should apply directly
to the W a r Department.

Announcement was made on July 8 that tho W a r Council
had formally been abolished b y Secretary of W a r Baker
and that its principal functions had been turnod over to tho
Assistant Secretaries of W a r, Goneral M arch, Chiof of Staff,
and Major-Gonoral Goethals, Assistant Chief of Staff in
charge of purchases, storage and traffic. Tho Council was
composed of tho lioads of departmental bureaus, tho Assist­
ant Secretaries and staff officers. It was formed to aid the
Secretary in dealing with war probloms, but reorganization
of tho staff and various other changes had left little for it to
do. Tho following announcement was mado by tho Secre­
tary of W a r:

The July 1 “ Bulletin of the Investment Bankors Associa­
tion of America” contained the following bearing upon the
suggestion that future issues of municipal bonds be made
subject to Federal Incomo Tax:

T l i o AVar C o u n c i l , w h ic h w a s c r e a t e d u n d e r G e n e r a l O r d e r s , N o
160,
AVar D o p a r t m o n t , 1 9 1 7 , is a b o l i s h e d .
T h o r o o m n o w o c c u p i e d b y t h o AVar C o u n c i l f o r it s m e o t in g - p l a c o w il l b o
t u r n e d o v e r t o t h o s t a t is t i c s b r a n c h o f t h e G e n e r a l S t a f f a n d w ill b o u t l li z o d
f o r t h o M o n d a y m o o t in g s o f t h o h e a d s o f b u r e a u s a s a t p r o s e n t ; t h o W e d n e s ­
d a y c o n f e r e n c e s w it h t h o r e p r e s e n t a t iv e s o f t h o S h i p p i n g B o a r d , E m e r g e n c y
F l e e t C o r p o r a t i o n , AVar I n d u s t r ie s B o a r d , & c . , a n d f o r t h o m e e t in g s w i t h
t h o S e n a to a n d I I o u s o M ilit a r y C o m m it to o s .

T h o n e e d s o f t h e F e d e ra l G o v e r n m e n t f o r la r g e ly in c re a s e d r e v e n u e s a n d
t h e g e n e r a l n e w s p a p e r d i s c u s s io n s a s t o w h a t f o r m s o f t a x a t i o n s h a ll p r o ­
v i d e s u c h r e v e n u e s , h a v o c a r r ie d in t h e i r w a k e a n u m j e r o f n e w s p a p e r
e d i t o r i a l s o n t h e s u b j e c t o f m a k i n g f u t u r e Issu e s o f m u n i c ip a l b o D d s s u b j e c t
to F ed era l In co m e T a x .
T h e s e a r t ic l e s , e v e n t h o s e o s t e n s i b l y w r it t e n b y
p e r s o n s s u p p o s e d t o b e m o r e o r le s s e x p e r t in t h e s e m a t t e r s , i g n o r e c e r t a in
f u n d a m e n t a l f a c t o r s l y i n g m u c h d e e p e r t h a n t h o w r it e r s s e e m e d t o a p p r e ­
c ia te .

A t t h o A V e d n o s d a y m o o t in g s t h o AVar D e p a r t m e n t w ill b o r o p r o s e n t o d b y
t h o S e c r e t a r y o f AVar, t h o A s s i s t a n t S e c r t o a r y o f AVar, M r . C r o w e l l , a n d t h o
S e c o n d A s s i s t a n t S e c r e t a r y o f AV ar, M r . S t o t t in iu s , t h o C h i o f o f S t a f f
a n d th o D ir e c t o r o f P u rc h a s e , S to ra g e a n d T r a f f ic
T h o m e e t in g s w it h t h o S e n a t o ’ a n d I I o u s o M i l i t a r y C o m m i t t o o s w i l l b o
u n d e r t h o d i r e c t i o n o f t h o A s s is t a n t S o c r o t a r y o f A V ar, M r . C r o w o l l , a n d
w il l b e a t t o n d e d w h e n p r a c t ic a b le b y t h o C h i o f o f S t a f f .
A l l r e c o r d s o f t h o AVar C o u n c il w ill b o f i l e d w it h t h e r e c o r d s o f t h o AV ar
P la n s D i v i s i o n , G e n e r a l S t a f f .

T h o f r e q u e n t I n q u ir ie s f r o m m e m b e r s , o n d i f f e r e n t p h a s e s o f t h e s u b j e c t ,
w h ic h a r e r e c e i v e d b y t h e C o m m i t t e e , l e a d s t o a r e it e r a t i o n o f t h e s t a t e ­
m e n t s p r e v i o u s l y m a d e t o t h o e f f e c t t h a t in t h e p r a c t i c a l l y u n a n im o u s
o p i n i o n o f a t t o r n e y s e x p e r t in q u e s t i o n s o f c o n s t i t u t i o n a l l a w . C o n g r e s s is
w it n o u t p o w e r t o im p o s e ta x e s u p o n S ta te s o r t h e ir s u b d iv is io n s , a n d th a t
th e 1 6 th A m e n d m e n t d o e s n o t p r o v id e th e p o w e r t o le v y a n y s u c h t a x .
o ff
T h e o n l y n e w d e v e l o p m e n t Ls t h e U n it e d S t a t e s S u p r e m o C o u r t d e c i s io n
o f M a y 2 0 1 9 1 8 — P e c k v s . L o w e , w h ic h c o u n s e l h a s c a l le d a t t e n t i o n t o .
T h o l a n g u a g e u s e d b y t h e C o u r t is d o e m e d v e r y s i g n i f i c a n t a s I n d i c a t in g




EXEMPTION FROM FEDERAL TA XATIO N OF STATE
A N D M U NIC IPA L BONDS.

350

THE CHRONICLE

Its v i e w s o n t h e q u e s t i o n a s i t s a y s t h a t t h e a m e n d m e n t “ ( lo o s n o t e x t e n d
t h e ta x in g p o w e r t o n e w o r e x c e p t e d s u b j e c t s ," a n d t h a t an in c o m e ta x
" c a n n o t b e a p p l i e d t o a n y i n c o m e w h ic h C o n g r e s s h a s n o p o w e r t o t a x . ”
A d i s c u s s io n o f t h e m a t t e r w it h a n u m b e r o f a t t o r n e y s w h o h a v e p r e ­
v i o u s l y e x p r e s s e d t h e ir o p i n i o n s , in d i c a t e s t h a t t h e y n a v o n o t c h a n g e d t h e ir
p o i n t o f v i e w t h a t C o n g r e s s is w i t h o u t p o w e r t o l e v y a t a x o n S t a t e a n d
m u n i c i p a l b o n d s a n d in a n u m b e r o f c a s e s s u c h a t t o r n e y s h a v e i n d i c a t e d
t h a t fu r th e r t h o u g h t o n th e s u b je c t h a s o n ly c o n fir m e d th e ir p r e v io u s ly
e x p re sse d v ie w s .
________________________________________

REPORT ON D EATH OF E X -M A Y O R MITCHEL.
Tho result of an investigation into the death of M a jo r
John Purroy Mitchel, former M a y o r of N e w Y o rk , who was
killed in a fall from an airplano at Gorstner Field, Lake
Charles, L a ., on July 6, was made public on July 12 b y the
W a r Department. According to the B oard of Officers ap­
pointed to inquire into the accident, the consensus of opinion
of witnesses was that M a jo r M itchel had failed to buckle
the safety belt, “ and upon nosing over for glido was thrown
out by the peculiar snap of the scout when the stick pushed
too far forw ard.” Tho roport was forwarded to Gen.
Konly, Director of M ilitary .Aeronautics, b y Commander
K irb y , in charge of the flying field. Tho W a r Department’s
announcement of the investigation follows:
T h o D i r e c t o r o f M i l i t a r y A e r o n a u t ic s h a s r o c o i v e d ] f r o m t h o C o m m a n d e r
o f G o r s t n e r F i o l d , L a k e C h a r lo s , L a . , t h o f o ll o w i n g o f f i c i a l r o p o r t :
“ T h o B o a r d f o u n d t h a t M a j . J . I’ . M i t c h o l , I t . C . A . S . , w h il e f l y i n g a
s c o u t a i r p la n e . S ig n a l C o r p s , N o . 4 1 , 3 7 2 , a t G o r s t n e r F i e l d , L a k o C h a r lo s ,
L a . , a t a b o u t 8 a . m . o n J u l y 6 1 9 1 8 , f o il o u t o f s a id a ir p la n o a t a n a l t it u d o
o f a b o u t 5 0 0 f o o t w h e n s a i d a ir p la n o n o s e d d o w n s h a r p l y a n d w a s k ille d
in s t a n t a n e o u s l y .
S a id a ir p la n e w a s f o u n d a b o u t h a l f m ilo s o u t h o f h a n g a r
N o . 2 4 , a t o t a l w r e c k , a n d M a j . M i t c h o l ’s b o d y w a s f o u n d a b o u t 5 0 0 y a r d s
n oaror h an gar N o . 2 4 .
T h o B o a r d a ls o f in d s t h a t d e a t h o c c u r r e d in lin o o f
d u t y a n d n o t t h o c a u s o o f h is o w n m i s c o n d u c t .
T h o a c c i d e n t i n v e s t ig a t i o n
o f fic o r re p o rts t h a t s a fo t y b o lt w a s fo u n d u n b u c k lo d a n d in ta c t w it h n o
e v i d e n c e o f a n y s t r a in h a v e i n g b o o n p l a c e d u p o n i t .
T h o f ir e o x t ln g u is h e r
w a s f o u n d 7 0 y a r d s f r o m b o d y o n lin e w i t h s h i p .' j ; B o d y b o u n d e d 10 fo o t
i n o p p o s i t e d i r e c t i o n t o s h ip o n lin o w it h i t .
T h o co n so n su s o f o p in io n o f
w it n e s s e s is t h a t h o f a il e d t o b u c k t o s a f o t y b e l t a n d u p o n n o s in g o v e r f o r
g l id e w a s t h r o w n o u t b y t h o p e c u l ia r q u i c k s n a p o f t h o s c o u t w h e n t h o
s t ic k p u s h e d t o o fa r fo rw a r d .
“ K I R B Y .”

E x -M a y o r M itchel’s deatcb came as a shock, not only to
his native city and State, but to the entire'nation. His body
was brought to N e w Y o rk City from Louisiana, and with its
arrival here on July 9 was taken to his mother’s residence.
In the afternoon of the following day it was escorted to tho
City H all, lying in state there until tho funeral on^Thursday
morning. Full military honors wero accorded the late
M ay o r, and tho funeral procession from the City H all to
the Cathedral, where a solemn requiem mass was held,
included representatives of tho city andjStato, tho Adminis­
tration at Washington, tho Allies, delegations from various
civic organizations, &c. Joseph P . Tumulty^represented
President W ilson and Frederick P . Keppol represented the
Secretary of W a r. Representatives of the foroign nations
included:
L i e u t . - G e n . G . T . M . B r i d g e s , r e p r e s e n t in g t b o E a r l o f R o a d i n g ; G o n o r a l
V i g n a i, r e p r e s e n t in g t h e F r e n c h A m b a s s a d o r ; G e n o r a l G u g l i o l m o t t i , r e p ­
r e s e n t in g t h o I t a lia n A m b a s s a d o r ; C o n s u l- G o n o r a l O . Y a d a , r e p r e s e n t in g
t h o A m b a s s a d o r o f J a p a n ; G a s to n L ie b e r t , th o F r e n c h C o n s u l-G e n e r a l;
C a p t a in D u c r o s t d o V i l lo n e u v e , r e p r e s e n t a t iv e o f A d m i r a l G r o u t o f t h o
F r e n c h A t l a n t i c S q u a d r o n ; D r . L o o p o l d D o l z , C o n s u l- G e n e r a l o f C u b a ;
H . I I . T o p a k y a , C o n s u l- G e n e r a l o f P e r s ia .

The honorary pallbearers wero the following:
T h e o d o r e R o o s o v e lt,
C o lo n e l E . M . H o u se ,
G . W . W i c k c r s h a in ,
F ra n k L . P o lk ,
A d m ir a l N . R . U sh o r,
C a p t a in G . v o n L . M e y e r J r . ,
J oh n G . A g ar,

C le v e la n d I I . D o d g e ,
D r . N . M . B u tle r ,
G e o rg o W . P e rk in s ,
J a c o b H . S c ld ff,
G o n o r a l W i ll ia m A . M a n n ,
L t o u t .C o l. A . W o o d s .

Besides a platoon of mounted police, a police regiment, and
a firomen’s regiment of 700 mon, there was a battalion of
22d U . S. Infantry, a naval division and a State Guard
division, hoaded by B rig.-Gen. Georgo R . D yer, including
the 7th Infantry, the 9th Coast Artillery, the 22d Engineers,
and Squadron A .
Squadrons of air planes floated over the funeral procession,
dropping flowers over the flag covered coffin. In tributo
to tho late M a y o r the Stock andfotlier Exchanges closed
between 11 and 12 o’clock the morning 'of'ithe funeral, and
traffic on tho subway, elevated andfsurface lines of the
Interborough Rapid Transit Co., the^Brooklyn Rapid
Transit Co. and tho N . Y . Railways Co. was stopped for
one minute at noon in honor of M a jo r Mitchel.
Steamers
of the Hudson River D a y Line werejstopped for ono minute
at 11 o’clock likewise.
M a jo r M itchel, who at the time of his death was in hi3
thirty-ninth year, was N o w Y o rk ’s youngest M ayo r; his
term of office was from Jan. 11914 to'Dec. 31jl917. H e was
born at Fordham July 19 1879, and was educated at St.
John’s College, Fordham, and Columbia University. In
1901 he was admittod to tho bar. From Deo. 190G until




[V

o l

.

107.

A pril 1907 ho was special counsol to tho City of N e w Y o rk
and for the two succeeding years was Commissioner of
Accounts in N e w Y ork. From 1909 to 1913 ho was Presi­
dent of tho Board of Aldermen, and served as Acting M a y o r
in 1910 during the time M ay o r Gaynor was disabled when
shot by a fanatic. M a jo r Mitchell was Collector of tho Port
of N e w Y o rk from June to Doc. 1913. M a jo r Mitchell was
defeated for re-election in tho M ayoralty campaign at the
last Novem ber election. Following his defeat he sought a
commission in tho United States A rm y Aviation Service;
he attained his commission in January.

FINANCES OF CITIES : 1917.
In 129 of tho 219 American cities of moro than 30,000
population, tho excess of expenditures for Governmental
costs, including interest and outlays for poi’manent improvomonts, over rovenues during the fiscal yoar 1917, amountod
to $69,461,352, or $3 90 per capita. In the remaining
90 citios tho excess of rovonues over oxpondituros was $26,­
976,929, or $1 75 por capita. Taking tho ontiro 219 citios
as a group, the excess of oxpondituros amounted to $42,484,­
423, or $1 28 per capita. Tho not indobtodnoss of those
cities aggregated $2,587,082,507, or $77 78 per capita.
Ninoty-six cities, or 44% of the total number, aro operating
under tho commission form of government.
Theso facts,
togothor with many others of a relatod character, aro brought
out in a report entitled “ Financial statistics of citios having
a population of over 30,000: 1917,” soon to bo issued by
Director Sam. L . Rogers, of tho Buroau of tho Census,
Department of Commerce. This roport, which was com­
piled under tho direction of M r . Starko M . Grogan, Chiof
Statistician for statistics of Statos and cities, gives dotailod
data in rospect of tho revenues, tho expenditures, tho assess­
ments, the taxes and tho indobtodnoss and assots of tho 219
Amorican citios each of which, on tho modial dato of its last
fiscal yoar terminating prior to July 1 1917 had an estimated
population of more than 30,000.
Tho aggregate population of these 219 citios is estimated
at 33,260,000, or more than 32% of tho total population of
the country. Ton cities are estimated to have moro than
500,000 population oach: 11, from 300,000 to 500,000: 45,
from 100,000 to 300,000: 62, from 50,000 to 100,000: and
91, from 30,000 to 50,000.
Revenues.
T h e t o t a l r e v e n u e s o f t lio 2 1 9 c it i o s d u r i n g t h o y o a r w o r e S I , 0 6 5 , 5 3 7 , ­
1 4 2 , o r $ 3 2 0 4 p e r c a p it a ; th e a g g r e g a te p a y m e n t s fo r e x p e n s e s a n d In te r e s t,
$ 8 2 1 ,4 9 1 ,5 7 5 , o r $ 2 4 7 0 p e r c a p i t a ; a n d t h o a g g r e g a t e o u t l a y s , $ 2 8 6 ,5 2 9 ,9 9 0 ,
o r $ 8 61 p e r c a p i t a .
O f t h o t o t a l r o v o n u o s , S 7 4 2 .3 2 0 .8 7 8 , o r a l m o s t 7 0 % , r e p r e s o n t o d r e c e ip t s
f r o m v a r io u s k in d s o f ta x e s .
T h e b u l k o f t h is a m o u n t , $ 6 6 6 ,4 0 2 ,6 3 7 , w a s
d e r iv e d fr o m th o “ g o n ora l p r o p o r ty t a x ,” m a d e u p o f ta x o s o n r o a l a n d
p orson al p r o p o r ty .
O f t h e r e m a in d e r , t h o la r g e s t I t e m , S 3 6 .9 7 4 .7 9 7 ,
w as c o n t r ib u te d b y ta x o s o n th e liq u o r t r a ff ic .
T i l l s a m o u n t w a s s m a lle r
th a n th e c o r r e s p o n d in g s u m s r e p o r t e d fo r th o fis c a l y e a rs 1915 a n d 1916—
$ 3 9 ,6 0 6 ,9 5 6 a n d S 3 8 .0 2 4 .5 4 2 , r e s p e c t i v e l y — a l t h o u g h t h o t o t a l n u m b e r o f
c it i o s c o v e r e d b y t h o i n q u i r y h a s b o o n i n c r e a s in g f r o m y e a r t o y o a r .
N e x t t o t a x o s , t h o la r g o s t s o u r c e o f r e v e n u o w a s f o u n d in t h o e a r n in g s
o f p u b li c s e r v ic e e n t e r p r is e s , w h ic h a m o u n t e d t o S 1 0 6 , 1 5 8 ,7 8 3 .
T h is s u m
is c o n s i d e r a b l y m o r o t h a n d o u b l o t h o a m o u n t o f p a y m o n t s f o r o x p o n s o s
o f p u b l i c s e r v ic e e n t e r p r is e s , $ 4 6 ,6 2 5 ,4 2 1 .
T h o b u l k o f t h o e a r n in g s o f
t h e s o e n t o r p r is o s c a m o f r o m w a t e r s u p p l y s y s t e m s , f r o m w h ic h t h o r e ­
c e ip t s a g g r e g a t e d $ 8 3 ,8 5 8 ,4 4 0 .
A n o th e r im p o rta n t s o u r c e o f ro v o n u o co n s is ts o f s p o cia l assessm en ts a n d
s p e c ia l c h a r g e s — le v ie d m a i n ly t o d e f r a y t h o c o s t o f o u t l a y s — w h ic h
a m o u n t e d t o $ 8 3 ,1 9 5 ,5 9 6 .
'
.

Expenditures.
A n e x a m i n a t i o n o f t h e p o r c a p i t a f ig u r e s f o r t h o c it i o s c o v e r e d b y t h o
r o p o r t b r in g s o u t t h o s o m o w l i a t s u r p r i s i n g f a c t t h a t , a l t h o u g h t h o p o r
c a p i t a e x p e n d it u r e s f o r n o t G o v e r n m e n t a l c o s t s in i n d i v id u a l c it i e s v a r y
g r e a t l y , t h e r e is lit t l e d l ff e r e n c o in t h o a v e r a g e s f o r t h o s o v o r a l s I z e -g r o u p 3
o f c it i o s h a v i n g f o w o r t h a n 3 0 0 ,0 0 0 in h a b i t a n t s .
T h q a v e r a g o f o r t h o 91
c it ie s h a v i n g f r o m 3 0 ,0 0 0 t o 5 0 ,0 0 0 i n h a b i t a n t s w a s $ 2 5 1 1 ; f o r t h o 6 2
c it i e s o f 5 0 ,0 0 0 t o 1 0 0 ,0 0 0 , $ 2 4 7 5 ; a n d f o r t h o 4 5 c it i o s — o f 1 0 0 ,0 0 0 t o
3 0 0 ,0 0 0 , $ 2 6 3 9 .
F o r t h o l a r g o r c it i e s , l io w o v o r , c o n s i d e r a b l y h ig h e r
f ig u r e s a r o s h o w n — $ 3 7 5 0 f o r t h o 3 0 0 ,0 0 0 -5 0 0 ,0 0 0 g r o u p , a n d $ 3 8 17 f o r
t h e g r o u p h a v i n g m o r o t h a n 5 0 0 ,0 0 0 I n h a b it a n t s o a c h : b u t t h o d i ff e r e n c e s
b o t w e e n t h e s e f ig u r e s a n d t h o s o f o r t h o o t h e r t h r o o g r o u p s a r o d u o in
p a r t t o t h o f a c t t h a t p e r c a p i t a c o u n t y o x p o n d it u r o s a r o in c lu d e d in t h o
f ig u r e s f o r s u c h o f t h o l a r g o r c it i e s a s a r o s i t u a t e d in c o u n t i o s .
T h is h as
b e e n d o n o in o r d e r t o p r o v i d o a f a ir b a s is o f c o m p a r a b i l i t y in t h o c a s o o f
t h o la r g o r c it i e s , in s o m e o f w h ic h t h o f u n c t io n s u s u a l l y p e r t a i n in g t o c o u n ­
t ie s a r e d i s c h a r g e d b y t h o m u n i c ip a li t ie s , w h il e o t h o r s a r o s i t u a t o d in
c o u n t i o s a n d a r o d e p e n d e n t u p o n c o u n t y o r g a n i z a t io n s in t h is r e s p e c t .
T h o r e p o r t s h o w s , u n d o r p r i n c ip a l h e a d s , t h o a m o u n t s o f c o u n t y r o v o n u o s
a n d c o s t s s o i n c lu d e d .
A c o m p a r is o n o f t h e f ig u r e s f o r t h o 1 4 6 c it i o s in r e g a r d t o w h ic h d a t a a r o
a v a i l a b l e f o r e a r lie r y e a r s a s f a r b a c k a s 1 9 0 3 , s h o w s t h a t t h o p o r c a p i t a
G o v e r n m e n t a l c o s t p a y m o n t s in c r e a s e d f r o m $ 2 4 6 4 in t h a t y o a r t o $ 3 3 2 6
in 1 9 1 7 , o r a b o u t 3 5 % .
T h i s i n c r o a s o a p p o a r s m a i n ly in t h o it e m s f o r
e x p en ses o f g o n e ra l d e p a r tm e n ts a n d in to ro s t, th e fo r m e r h a v in g a d v a n c e d
fr o m $1 3 2 5 t o $ 1 9 5 3 , a n d th o la tte r f r o m $2 0 6 t o $ 3 6 6 .
T h o per
c a p i t a l e x p e n d it u r e s f o r o u t l a y s f o r p e r m a n e n t im p r o v o m o n t s w o r o o n l y
s l ig h t l y g r e a t e r in 1 9 1 7 t h a n in 1 9 0 3 — $ 8 6 8 in t h o l a t e r y e a r a s a g a in
$ 8 2 3 in t h o e a r lio r ; a n d t h o 1 9 1 7 f ig u r e s h o w s a d o c l ln o f r o m $ 1 0 6 0 in
1 9 1 5 t o $ 8 91 in 1 9 1 6 .
T h o p o r c a p i t a o x p o n s o s o f p u b l i c s o r v lc o o n t o r p r is e s in c r e a s e d m o d o r a t o l y f r o m $1 10 in 1 9 0 3 t o $ 1 3 9 in 1 9 1 7 .
T h oso
o x p o n s o s , h o w o v e r , a r o le ss t h a n h a l f a s g r e a t a s t h o n o t r o v o n u o s f r o m
s u c h e n t e r p r is e s , w h ic h i n c r e a s e d f r o m $ 2 4 2 p o r c a p i t a in 1 9 0 3 t o $ 4 13
in 1 9 1 7 .

S in c o t h o n u m b e r o f c it i e s c o v e r e d b y t h e s t a t is t i c s is i n c r e a s in g f r o m
y e a r t o y e a r , c o m p a r is o n s w i t h o a r lie r p e r i o d s a r e m o s t r e li a b l e w h e n l i m ­
i t e d t o t li o s o c it i e s f o r w h i c h f ig u r e s f o r t h o e a r lie r a s w e ll a s t h e l a t e r y e a r s
a r e a v a i l a b l e . A c o m p a r is o n o f t h is k i n d , e m b r a c in g 1 4 0 c it i e s a n d c o v e r i n g
t h o p e r i o d 1 9 0 3 -1 9 1 7 s h o w s a c o n t in u a l i n c r o a s o in t h o e x p e n d it u r e s f o r
G o v e r n m e n t a l c o s t s , i n c lu d in g o u t l a y s , t h o t o t a l f o r t h o l a t e r y e a r , $ 1 , ­
0 0 7 ,2 9 0 ,3 4 6 , b e in g n e a r l y d o u b l e t h a t f o r t h e e a r lie r , $ 5 1 4 ,1 8 9 ,2 0 6 .
Tho
t r u e s i g n if i c a n c e o f t h o in c r e a s e , h o w e v e r , is b e t t o r m e a s u r e d b y t h o p e r
c a p i t a e x p e n d it u r e s , w h ic h i n c r e a s e d f r o m $ 2 4 6 4 in 1 9 0 3 t o $ 3 3 2 6 in
1 9 1 7 , t h o l a t t e r f ig u r e e x c e e d i n g t h o f o r m e r b y n e a r l y 3 5 % .
T h o 1917
fig u r e , it m a y b o n o t e d , a lth o u g h s lig h t ly e x c e e d in g th a t fo r 1 9 1 6 , $ 3 3 13,
w a s s o m e w h a t le s s t h a n t h e c o r r e s p o n d i n g o n o f o r 1 9 1 5 , $ 3 4 5 3 .
D u r in g
th o s a m o t im e th o c o r re s p o n d in g p e r c a p it a fo r th o n a tio n a s a w h o le in ­
c r e a s e d f r o m $ 7 91 t o $ 2 3 4 0 .
T h o f ig u r e f o r t h e f is c a l y e a r 1 9 1 7 , d u r i n g
a p a r t o f w h ic h t h o c o u n t r y w a s e n g a g e d in t h o w a r , w a s , o f c o u r s e , m u c h
g r e a te r th a n d u r in g n o rm a l tim e s .
D u r in g t h o p r e c e d in g y e a r s , th o p e r
c a p i t a e x p e n d it u r e s o f t h o c it i e s w e r o r o u g h l y t h r e e t im o s a s g r e a t a s t h o s e
o f th o n a tio n .
T h e p e r c a p i t a e x p e n d it u r e s o f t h o 1 4 6 c it i e s in c r e a s e d d u r i n g t h e p e r i o d
1 9 0 3 -1 9 1 6 b y 3 4 . 5 % , a r a t e s o m e w h a t g r e a t e r t h a n t h o c o r r e s p o n d i n g o n o
f o r t h o F e d e r a l G o v e r n m e n t , 31 % .

Indebtedness.
T h o a g g r e g a t e n e t i n d e b t e d n e s s — t h a t i s , f u n d e d a n d f l o a t i n g d e b t le s s
a s s e t s i n g e n e r a l s in k i n g f u n d s — f o r t h o e n t i r e 2 1 9 c i t i e s a m o u n t e d t o $ 2 , ­
5 8 7 .0 8 2 ,5 0 7 , o r $ 7 7 7 8 p e r c a p i t a .
T h e c o r r e s p o n d in g fig u r e fo r th o
F e d e r a l G o v e r n m e n t w a s $ 1 , 9 0 8 , 6 3 5 ,2 2 4 . o r $ 1 8 5 6 p e r c a p i t a .
Tho
F e d e r a l i n d e b t e d n e s s , a l t h o u g h g r e a t l y in c r e a s e d d u r i n g t h o f i s c a l y e a r
1917 as a re s u lt o f A m e r ic a ’s e n tr a n c e In to th o w a r , w a s th u s o n J u ly 1
1 9 1 7 , le s s t h a n o n o - f o u r t l i a s g r o a t p e r c a p i t a a s t h o i n d e b t e d n e s s o f t h o
c it i e s o f o v e r 3 0 , 0 0 0 ; a n d e v e n a s l a t e a s M a r c h 3 1 1 9 1 8 , a l i t t l e m o r e t h a n
a m o n t h b e fo r e th o Issu e o f th o T h ir d L ib e r t y L o a n , it w a s o n ly - s lig h t ly
g r o a te r th a n $ 9 0 p e r c a p it a , o r a b o u t o n e -s ix t h g re a te r th a n t h o p e r c a p it a
n e t in d e b t e d n e s s o f t h o c i t i e s .
A c o m p a r is o n f o r t h e l a t o s t n o r m a l y e a r
1 9 1 6 s h o w s th e n e t in d e b te d n e s s o f th e c it ie s h a v in g m o r e th a n 3 0 ,0 0 0
I n h a b it a n t s a s e q u a l t o $ 7 6 6 4 p e r c a p i t a , a f i g u r e n e a r l y o i g h t t im e s a s
g ro a t as th o co r re s p o n d in g o n o fo r th e F e d e ra l G o v e rn m e n t, $9 7 7 .
T h o n e t i n d e b t e d n e s s o f N o w Y o r k C i t y a l o n o , $ 9 8 7 ,3 4 7 ,6 1 0 , w a s m o r e
t h a n t h r e o - f i f t h s a s g r o a t a s t h o t o t a l f o r a ll o t h e r c it i e s o f o v e r 3 0 , 0 0 0
t a k e n t o g e t h e r , a n d m o r e t h a n o i g h t t im e s a s g r e a t a s t h o n e t i n d e b t e d n e s s
o f P h il a d e l p h i a , w h ic h r a n k e d Second in t h is r e s p e c t w it h $ 1 2 1 ,3 1 6 ,2 3 4 .
T h o p e r c a p ita in d e b te d n e ss o f N o w Y o r k C it y , $1 7 6 2 2 , w as g re a te r
t h a n t h a t o f a n y o t h e r la r g e c i t y , b u t t h o c o r r e s p o n d i n g p e r c a p i t a f o r
P h il a d e l p h i a , $ 7 0 9 7 , n o t o n l y w a s m u c h b e l o w t h o a v e r a g o f o r t h o la r g o
c it i e s b u t w a s le s s o v e n t h a n t h o a v e r a g o f o r a ll c it i e s o f o v e r 3 0 , 0 0 0 .
In
p e r c a p it a n e t in d e b te d n e s s , h o w e v e r , C h ic a g o a n d S t. L o u is , w it h $ 2 8 7 0
a n d $ 2 5 0 7 , r e s p e c t i v e l y , s t o o d f a r b o l o w a ll t h o o t h e r la r g o c it i o s a n d m o s t
o f t h o s m a ll o n e s .
S e v e n t y - e i g h t o f t h e c it i e s d e c r e a s e d t h e i r i n d e b t e d n e s s d u r i n g t h e y e a r ,
w h il e 141 r e p o r t e d a n i n c r e a s e .
T h e p r o p o r t io n o f t h o s e d e c r e a s in g in ­
d e b t e d n e s s is s o m e w h a t l a r g e r t h a n in 1 9 1 5 o r 1 9 1 6 , d u e in p a r t a t l e a s t t o
d e f e r r i n g i m p r o v e m e n t s a n d t h e i r a c c o m p a n y i n g b o n d is s u e s b e c a u s e o f
w a r c o n d i t i o n s , w h il e m a t u r in g o b l i g a t i o n s w e r e m e t a s u s u a l.

Commission Form of Government.
T h o c o m m i s s i o n f o r m o f g o v e r n m e n t p r e v a i l s in 9 6 o f t h o 2 1 9 c it i e s
cov ered b y th o re p o rt.
T h e s e c i t i e s , o f w h ic h t h o la r g e s t is l l u f f a l o , N . Y . ,
a r o d i s t r i b u t e d t h r o u g h o u t 2 8 S t a t e s , a n d in c lu d o a l s o t h o D i s t r i c t o f C o l ­
u m b ia .
O f 15 c it i e s o f o v e r 3 0 ,0 0 0 I n h a b it a n t s in w h ic h t h e m a t t e r o f a d o p t i n g t h o
c o m m is s io n f o r m o f g o v e r n m e n t h a s b e o n s u b m it te d t o p o p u la r v o t e d u r ­
in g t h e p a s t f o u r y e a r s , s e v e n a d o p t e d t h o p r o p o s e d c h a n g o a n d e i g h t
_____________
r e je c t e d it .

FEATURES OF GOVERNMENT W ITH RAILROADS
UNSATISFACTORY TO SECURITY
OWNERS ASSOCIATION.
'
_
A mooting of tho Committee of Sovonty, recently ap­
pointed by tho National Association of Owners of Railroad
Securities, was held on Thursday (July 18) to pass on cer­
tain amendments to tho form of contract to bo exocuted
botwoon tho railroads and tho Govornmont, providing for
tho compensation to bo paid tho carriers while under Federal
control. T w o other committeos of tho association mot tho
previous day (Wednesday) to considor tho contract. Tho
Committoo of Seventy is composed of officers of lifo in­
surance companies, savings banks, national banks, trust
companies and fiduciary institutions in various sections of
the country. It approved at Thursday’s meoting the amend­
ments proposod by the sub-committees, and adopted tho
following resolution calling for an application for a hearing
before tho Railroad Administration with regard to tho pro­
posals objected to:
Resolved, T h a t in t h o j u d g m e n t o f t h is c o m m i t t e e t h o e x e c u t i o n b y t h e
r a i lw a y s o f a c o n t r a c t in t h o f o r m n o w p r o p o s e d in t h o t e n t a t i v e d r a f t s u b ­
m i t t e d b y t h o G o v e r n m e n t r e p r e s e n t a t iv e s w o u ld n o t o n l y t h r e a t e n t h e
i n t e g r it y o f t h o i n v e s t m e n t o f t h o r a i lr o a d s e c u r i t y o w n e r s , b u t a l s o t h o
c r e d it s t a b i l i t y o f t h o c o u n t r y a n d t h a t s u c h a c t i o n s h o u l d b o p r e v e n t e d .
ISbResolvcd, T h a t t h is c o m m i t t e e , a s a c o m m i t t e e o f t h e w h o le , r e q u e s t , a n d
I f p o s s l b lo , s e c u r e a h e a r in g b e f o r e 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 io n in s u c h d i r e c t i o n s a s m a y b o d e e m e d fe a s ib io f o r t h o p u r p o s o o f
p r e s e n t in g t o t h o s e a u t h o r i t ie s t h o d a n g e r s t o t h e fin a n c ia l c r e d i t o f t h o
r a ilr o a d s o f t h o c o u n t r y I n v o l v e d in t h o e x e c u t i o n o f t h o c o n t r a c t in its
p resen t fo rm .

Last week, page 146, we roforred to tho meeting on
July 12 of tho Railway Executives Advisory Committee,
attendod by representatives of tho National Association
of .O w ners of Railroad Securities, and to the conclusions
reached as a result.
It was announced tho Railway Execu­
tives Advisory Committee had decided (in an informal
resolution, it is said) that in effect tho contract of July 5
was in tho main satisfactory to it, and had authorized
tlioiChairman of tho Committee to tako such steps as wero
necossary to effect minor changes which might bo con­




251

THE CHRONICLE

July 20 1918.]

sidered desirable. Besides tho resolution (which wo gave
last week) ^'adopted b y the two committees represent­
ing tho National Association of Owners of Railroad Se­
curities in opposition to the contract S. Davies W arfield,
Chairman of the Association, in a letter to T . D e W itt
Cuyler, Chairman of the Railway Executives’ Advisory
Committee, has outlined as follows the features of tho con­
tract which in its present form aro unsatisfactory to the
security holders:
R e f e r r in g t o t h e t e n t a t iv e d r a f t o f c o n t r a c t r e c e n t l y s u b m i t t e d b y t h e
r e p r e s e n t a t iv e s o f t h o G o v e r n m e n t f o r t h o F e d e r a l c o n t r o l a n d o p e r a t i o n
o f t h o r a i lr o a d s d u r i n g t h e p e r i o d o f t h e w a r , i n t h e n e g o t i a t io n s o f w h ic h
y o u r L a w C o m m i t t e e a n d t h e C o m m i t t e e s r e p r e s e n t in g t h e o w n e r s o f r a i l ­
r o a d s e c u r it i e s h a v e t a k e n p a r t , w h il e i t p r e s e n t s i m p o r t a n t m o d i f i c a t i o n s
in t h e c o m p e n s a t i o n c la u s e s o f t h o c o n t r a c t t h e r e s t il l r e m a in s t h e n e c e s s it y
f o r r e q u e s t i n g a f u r t h e r m o d i f i c a t i o n o f t h o t e r m s o f t h is p r o v i s i o n .
O th e r
p r o v i s io n s o f t h is c o n t r a c t , h o w e v e r , a r o r e t a in e d in t h e s a m e o b j e c t i o n a b l e
f o r m w h ic h t h e C o m m i t t e e s r e p r e s e n t in g b o t h y o u r C o m m i t t e e a n d t h e
A s s o c i a t io n o f S e c u r i t y O w n e r s h a v e c o n t e n d e d s h o u l d b e c o r r e c t e d a n d
w h ic h a r e s t il l in e x t r e m e l y u n s a t i s f a c t o r y s h a p e a n d d o n o t p r o t e c t t h o
c r e d i t o f t h e r a ilr o a d s n o r t h o o w n e r s o f t h e i r s e c u r it i e s t o t h e e x t e n t w h ic h
w e h a v e t h o r ig h t t o a s k a n d t o e x p e c t .
I t h a s b e e n g e n e r a l l y a s s u m e d t h a t in s o m e w a y t h e t e n t a t i v e d r a f t o f
c o n t r a c t p r o v i d e s a guaranty o f t h e p a y m e n t o f I n t e r e s t a n d r e g u l a r d i v i ­
d e n d s h e r e t o f o r e p a i d o n t h o s e c u r it ie s o f t h e r a i lr o a d s . T h e s e c u r i t y h o l ­
d e r h a s a l s o a s s u m e d t h a t a s t o t h o p r i n c ip a l o f h is i n v e s t m e n t h e w o u l d
b e a t le a s t a s s a f e a s b e f o r e ; s in c e i t h a s b e e n b e l i e v e d t h a t t h e G o v e r n m e n t
u n d e r t h e c o n t r a c t w il l o n l y u s e t h o r a i l r o a d ’s t r a n s p o r t a t io n s y s t e m a n d
t h a t a t t h o e n d o f t h e p e r i o d w o u ld r e t u r n in e a c h c a s e a g o i n g t r a n s p o r t a ­
t io n s y s t e m n o t le s s s o l v e n t o r le s s c a p a b l e o f p r i v a t e o p e r a t i o n t h a n w h e n
i t w a s r e c e iv e d b y t h e G o v e r n m e n t .
W o d o n o t n eed to p o in t o u t t o y o u
t h a t t h is w ill n o t b e t h o r e s u l t u n d e r t h e t e n t a t i v e f o r m o f c o n t r a c t w h ic h
is n o w s u b m i t t e d .
W h i le w e s h o u l d n o w a p p e a l t o t h e r e p r e s e n t a t iv e s o f t h e G o v e r n m e n t
w h o h a v e a p p e a r e d in t h e s e n e g o t i a t io n s , t h e y m a y f e e l t h a t f u r t h e r m o d i ­
f i c a t i o n o f t h is c o n t r a c t t h a t w o m a y d e e m e s s e n t ia l t o t h e p r o t e c t i o n o f
t h e r a i lr o a d s a n d t h e h o l d e r s o f t h e ir s e c u r it ie s m u s t 'b e o b t a i n e d t h r o u g h
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 M c A d o o .
W o h a v e a p p a r e n t l y a r r iv e d a t
t h e p o in t w h ic h it w as c o n t e m p la te d m ig h t r e s u lt a n d w h ic h y o u p r o v id e d
f o r in y o u r a n n o u n c e m e n t a t t h o l a s t m e e t in g o f y o u r f u l l C o m m i t t e e h e ld
J u n o 5 1 9 1 8 , t h a t s h o u l d t h is t im e c o m e y o u w o u ld n a m e s e v e r a l m e m b e r s
o f y o u r C o m m it te e a n d a s k us t o a p p o in t s e v e r a l m e m b e r s o f o u r C o m ­
m it t e o s t o la y d i r e c t l y b e f o r e M r >M c A d o o w h a t w o n o w f e e l t o b e t h e e s s e n ­
t ia ls .
R e p r e s e n t i n g t h o s o w h o o c c u p y p o s i t i o n s o f t r u s t t o m il l io n s o f p e o p l e
d e p m d e n t u p o n t h e i r r e t u r n s f r o m t h e s e c u r it i e s o f t h o r a i lr o a d s , w e w o u l d
b e d e r e l i c t in o u r d u t y d i d w o n o t p r e s e n t o u r c o n t e n t io n s b e f o r o t h o s e
w h o h a v e a s s u m e d t h e g r e a t r e s p o n s i b il i t y o f s e e in g t h a t t h e p r o p e r s a f e ­
g u a r d s a r o t h r o w n a r o u n d t h e o w n e r s o f t h o s e g r e a t p r o p e r t ie s a n d d i d
w o n o t e x h a u s t e v e r y m e a n s a n d e f f o r t a t o u r d i s p o s a l t o h a v e a f in a l d e ­
c is i o n m a d e o n t h e m o m e n t o u s q u e s t i o n s b y t h o s e w h o h a v e a s s u m e d t h e s e
r e s p o n s i b il i t ie s .
I t w a s t h e s e c o n s i d e r a t io n s t h a t n o d o u b t p r o m p t e d
y o u w h e n y o u r e a c h e d t h e d e c i s i o n t h a t , s t o p p i n g s h o r t o f a s u b m i s s io n o f
t h e s e q u e s t i o n s in t h e d i r e c t i o n s n a m e d , w o u ld b o a r e s p o n s i b il i t y y o u
w o u ld n o t c a r e t o a s s u m e .
.
.
.
W e a s k t h a t b e f o r e a n y d e f i n i t o a c t i o n is t a k e n in r e s p e c t t o t h is t e n t a ­
t iv e d r a ft o f c o n t r a c t b y y o u r fu ll c o m m it t e e t h a t a n o p p o r t u n it y b e
a f f o r d e d t o b r i n g t o t h e a t t e n t io n o f t h o D i r o c t o r - G o n e r a l a n d t h o s e in
h ig h a u t h o r i t y t h e d a n g e r s w e c o n t e n d w il l b e m e t in t h e e x e c u t i o n o f t h e
d r a f t o f c o n t r a c t n o w t o b e c o n s i d e r e d b y y o u r f u ll c o m m i t t e e a n d w h i c h
t h o r e p r e s e n t a t iv e s o f t h e G o v e r n m e n t in i t s s u b m i s s io n h a v e p r i n t e d
th ereon :
“ T e n ta tiv e D r a ft .”
C o n g r e s s e x p e c t e d t h a t t h is c o n t r a c t w o u l d b o m a d e b y t h o P r e s i d e n t
o r e ls e h is n o m i n e e , t h e D i r e c t o r - G e n e r a l , w h o is a ls o t h e S e c r e t a r y o f t h e
T r e a s u r y , a n d w h o d o u b t l e s s w o u ld b e g l a d t o h a v e t h o v i e w s o f t h o s o w h o
r e p r e s e n t s o v a s t a n o w n e r s h ip in t h e s e c u r it i e s o f t h e r a i lr o a d s , b e f o r e t h e
c o n t r a c t is f i n a l l y a g r e e d t o .
T h e s e c u r i t y h o l d e r s h a v e a r ig h t t o e x p e c t
t h a t t ills c o n t r a c t s h a ll b o f i n a l l y n e g o t i a t e d w i t h h i m b e f o r e a n y f i n a l
a c t i o n s h a ll b e t a k e n u p o n i t b y t h e d i r e c t o r s o r t h e e x e c u t i v e s o f t h e r a i l ­
ro a d c o r p o r a t io n s .

A summary of the objections set forth in a letter to tho
Railway Executive Advisory Committee by the association
ropresonting security ownors was given in those columns
____________________________
a week ago.

APPLICATION OF RAILROAD AD MIN ISTRATIO N'S
ORDER PLACING RAILROAD TRANSPORTATION
CHARGES ON CASH BASIS.
A statement dealing with tho application of the Railroad
Administration’s General Order N o . 25 (referred to in our
issues of M a y 25 and June 15) placing the collection of trans­
portation charges by railroads under Government control
on a cash basis A ug. 1 (tho original date had been July 1),
has been issued, as follows, by tho Railroad Administration:
P. S. & A . Circular No. 9 .
N u m e r o u s o b j e c t i o n s h a v e b o o n f il e d t o O r d e r N o . 2 5 a n d , in c o n s e q u e n c e ,
1 h a v e h e l d s o v e r a l c o n f e r e n c e s w it h s liip p e r s a n d r a i lr o a d a c c o u n t i n g
o f f i c e r s w i t h a v i e w t o d e t e r m in i n g t h e p r a c t ic a l q u e s t i o n s i n v o l v e d in t h e
e n fo rce m e n t o f th a t o r d e r .
A s a r e s u lt o f t h e s e c o n f e r e n c e s I a m n o t
s a t i s f i e d t h a t a n y c h a n g o s h o u l d b e m a d o in t h e o r d e r , b u t It is a p p a r e n t
t h a t f u r t h e r e x p l a n a t i o n o f t h o a p p li c a t io n o f t h e s a m e Is n e c e s s a r y .
1 . A r a i lr o a d h a s a lie n u p o n t h e p r o p e r t y f o r it s f r e i g h t c h a r g e s ; t h a t i s , i t
m a y d e m a n d p a y m e n t o f th e fre ig h t m o n e y a s a c o n d it io n p r e c e d e n t t o t h e
d e liv e r y o f th o p r o p e r t y .
T h i s r ig h t s h o u l d n e v e r b o w a iv e d i f t h e r e is a
r e a s o n a b l e p o s s i b il i t y t h a t t h o c a r r ie r w ill t h e r e b y lo s e i t s f r e i g h t m o n e y .
T h i s m u s t b o r e a d I n t o a n d c o n s i d e r e d a s a p a r t o f w h a t e v e r is s a i d in t h i s
c ir c u l a r .
T o w h a t e x t e n t p a y m e n t b e f o r o d e l i v e r y w ill b e in s is t e d u p o n is
u s u a lly a l o c a l q u e s t i o n a n d m u s t b o l e f t l a r g e ly t o t h e d i s c r e t i o n o f t h e
i n d i v id u a l c a r r ie r .
2 . W h i l e t h o c a r r ie r m u s t p r o t e c t i t s e l f in c a s e s w h e r e s u c h p r o t e c t i o n is
n e c o s s a r y i t s h o u l d a ls o t r e a t s h ip p e r s o r c o n s i g n e e s i n a b u s in e s s w a y .
T h o m a j o r i t y o f s h ip p e r s o r c o n s ig n e e s In t h e p a s t h a v e p a i d t h e ir f r e i g h t
w h e n t h o y r e c e iv e d t h e i r g o o d s a n d t h a t p r a c t i c e s h o u l d b o c o n t i n u e d f o r
t h o fu tu r e .
I n m a n y in s t a n c e s w i t h r e g u la r c u s t o m e r s t h e r e is n o n e c e s ­
s a r y c o n n e c t io n b e tw e e n t h e d e liv e r y o f th o fre ig h t a n d t h e p r e s e n ta tio n
a n d p a y m e n t o f t h o f r e i g h t b ill; t h a t is , t h o f r e i g h t w ill b e d e l iv e r e d t o o n e

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252

p e r s o n a t o n e t i m e a n d t h o b ill p r e s e n t e d t o a n d c o l l e c t e d f r o m s o m o o t h e r
p e r s o n a t s o m e o t h e r t im e .
I t is n o t t h e i n t e n t o f t h i s o r d e r t o i n t e r r u p t
r e a s o n a b l e a r r a n g e m e n t s o f t h a t s o r t w h ic h d o n o t i n v o l v e t h o g r a n t i n g o f
a p e r i o d o f c r e d i t , b u t s i m p ly t o p u t t h o t r a n s a c t io n u p o n a c a s h b a s is .
A s s u m o , f o r e x a m p l e , t h a t f r e i g h t is d e l iv e r e d t o s u c h r e g u la r c u s t o m e r
o n M o n d a y , a n d t h a t t h o f r e i g h t b ill is m a i le d o r d e l iv e r e d o n t h o s a m e d a y
t o t h o s h ip p e r o r c o n s i g n e e , b e i n g r e c e iv e d b y h i m in d u e c o u r s o u p o n t h o
m o r n in g o f t h o n e x t d a y .
I f , n o w , t h o s h i p p e r o r c o n s i g n e e r e m it s h is
c h e c k f o r t h o a m o u n t d u r i n g T u e s d a y , s o t h a t i t m a y b o r e c e iv e d b y t h o
c a r r ie r t h o m o r n in g o f W e d n e s d a y , t h a t is t o b o t r e a t e d a s a c a s h t r a n s ­
a c tio n .
T h o b i ll is p r e s e n t e d a n d - p a i d i n d u o c o u r s o o f b u s in e s s a n d n o
p e r i o d o f c r e d it in t h o o r d i n a r y a c c e p t a t i o n o f t h a t t e r m is g i v e n .
T h i s m i g h t , i n f a c t , a l lo w o n e d a y f o r t h o e x a m i n a t i o n a n d c o r r e c t i o n
o f t h o f r e i g h t b i ll b u t t h a t w o u ld n o t b o t h o p u r p o s e o f t h e t r a n s a c t io n .
In
s u c h c a s o n o b o n d w ill b o r e q u i r e d .
3 . I f i n a p a r t i c u la r c a s e It is i n t h o o p i n i o n o f t h o c a r r ie r n e c e s s a r y o r in
t h o in t e r e s t o f e c o n o m y t h a t a p e r i o d o f t w o d a y s in a d d it i o n t o t h a t a b o v e
p r e s c r ib e d s h o u l d b o a l lo w e d , t h is m a y b o d o n o u p o n t h o f il i n g o f t h o
n ecessary b o n d .
T h o c h e c k in t h is c a s e s h o u l d b o m a ile d o r p a y m o n t m a d e
on T h u rsd ay.
4 . A n y p la n m a y b o a d o p te d f o r t h o p a y m e n t o f th e s e fr e ig h t ch a rg e s
w h i c h is e q u i v a l e n t t o a c a s h t r a n s a c t io n ,
'f a k e f o r e x a m p l e t h o m o v e m e n t
o f o r e f r o m t h o m in e t o t h o d o c k a t t h o h e a d o f t h o la k e s .
T h o o r o is
w e ig h e d a t t h e d o c k a n d t h o c o n s i g n e e h a s n o r e p r e s e n t a t iv e t h e r e w h o c a n
c o n v e n ie n tly p a y th o fre ig h t.
A t t h o p r e s e n t t i m e , in s o m e in s t a n c e s a t
l e a s t , t h e r a i lr o a d a g e n t d r a w s a s ig h t d r a f t u p o n t h o c o n s i g n e o , a t t a c h i n g
t h e f r e i g h t b ills .
S u b s e q u e n t l y t lie s o f r e i g h t b i lls a r o c h e c k e d b y t h o
c o n s i g n e o , a s t a t e m e n t o f a lle g e d e r r o r s t r a n s m it t e d t o t h o c a r r ie r , w h ic h , i f
f o u n d c o r r e c t , it s t a k o n a c c o u n t o f in t h e d r a w in g o f s u b s e q u e n t d r a f t s .
T h o d r a f t is a l w a y s h o n o r e d .
T h i s a n d s im ila r p r a c t ic e s a r o t r e a t e d a s
cash p a ym en ts.
N o b o n d is r e q u i r e d in t h i s c a s o , b u t fa il u r o t o h o n o r a
d r a ft w o u ld a u t o m a t ic a lly c a n c e l th o a rra n g e m e n t.
5 . I n m a n y ca s e s a t th o p re s o n t tim o t h o s h ip p e r o r c o n s ig n e o c o r re c ts
h is f r e i g h t b ill b e f o r o p a y i n g t h o s a m e , a n d p a y s , n o t t h o b ill a s r e n d e r e d ,
b u t t h o b ill a s c o r r e c t e d .
T h e r e is n o o b j e c t i o n t o a c o n t in u a n c e o f t h is
p r a c t ic e , p r o v id e d t h a t t h o s h ip p e r o r co n s ig n e o d o c s n o t a b u s o it b u t
p r o c e e d s i u g o o d f a i t h w it h a r e v i s i o n o f t h o b ill b o t h f o r u n d e r c h a r g e s
an d overch arges.
T h o c h a n g e s h o u l d b o m a d e in r e d i n k a n d t h o t a r i f f
a u t h o r it y fo r th o c h a n g o in d ica te d u p o n t h o b ill.
T h o c a r r ie r s h o u l d a t
o n c e ch e ck th o co rre ctn e ss o f th o ch a n g o .
I f f o u n d c o r r e c t , t h o t r a n s a c t io n
is e n d e d ; i f n o t c o r r e c t , t h o b ill s h o u l d b o a t o n c o r e t u r n e d t o t h o s h ip p e r
o r c o n s i g n e o w it h a s t a t e m e n t o f t h o a m o u n t t h o c o l l e c t i o n o f w h ic h w ill
b o in s is t e d u p o n , in w h ic h c a s o t h is a m o u n t m u s t b o p a i d .
I t w ill b e u n d e r s t o o d t h a t a ll t h is r e fe r s t o q u e s t i o n s o f r a t e s a r is in g o u t
o f t h o in t e r p r e t a t i o n o f t h o t a r i f f .
A n y q u e s t i o n o f lo s s a n d d a m a g e ,
s h o r t a g e in s h i p m e n t , e t c . , is a n e n t i r e l y d i f f e r e n t m a t t e r w h ic h m u s t b o
s e t t le d t h r o u g h t h o r e g u la r c h a n n e l.
T h o a b o v e w ill s e r v o a s i llu s t r a t io n s o f t h o m a n y q u e s t i o n s w h ic h m a y
a r is o .
I n d i s p o s in g o f t h e s o q u e s t i o n s , r a i lr o a d o f f i c e r s m u s t r e m o m b e r
t h a t w o a r o in f a c t t h o s e r v a n t s o f t h o p u b l i c a n d t h a t i t s h o u l d b e o u r
e a r n e s t a n d h o n e s t e f f o r t t o a d m in is t e r o u r d u t y in t h o p u b l i c in t e r e s t .
T h e y s h o u l d a t t e m p t in a ll c a s e s t o g e t a t t h o v i e w p o i n t o f t h o s h i p p e r o r
c o n s i g n e o a n d t o w o r k o u t s o m e c o - o p e r a t i v e a r r a n g e m e n t u n d e r w h ic h t h o
b e s t r e s u lt s f o r a ll p a r t i e s c a n b e a t t a i n e d .
I a m s a t i s f i e d t h a t i f s h ip p e r s
o r c o n s i g n e e s a n d c a r r ie r s a p p r o a c h t h o a p p li c a t io n o f t h is o r d e r i n t h a t
s p i r it , i t w ill b e f o u n d p o s s i b le t o c o m p l y w i t h i t w i t h o u t u n d u e h a r d s h i p .
A l l p a r t i e s m u s t r e m e m b e r t h a t t h e s o a r o a b n o r m a l t im e s a n d a l lo w s o m e ­
th in g o n th a t a c c o u n t.
I n o r d e r t h a t w o r k in g a r r a n g e m e n t s m a y b o f u l l y c o n s u m m a t e d b e f o r o
t h e o r d e r g o e s i n t o f o r c e , t h o e f f e c t i v e d a t o h a s b e e n p o s t p o n e d u n t il
A u g . 1 1918.
I n a ll d o u b t f u l c a s e s t h o m a t t e r s h o u l d b o a t o n c o t a k e n u p
b e t w e e n t h e c a r r ie r a n d t h o s h i p p e r o r c o n s i g n e o .
E ith e r p a r t y m a y c o n ­
s u l t t h i s o f f i c o w h e r o a d o u b t f u l p r i n c ip l e is i n v o l v e d , b u t i t is m y d e s ir e
t h a t t h e s e q u e s t i o n s b o w o r k e d o u t l o c a l l y in a ll c a s e s .
B o t h c a r r ie r a n d
s h i p p e r o r c o n s i g n e o w ill u n d e r s t a n d t h a t t h o m a s s o f d o t a i l c a n n o t b o
d is p o s e d o f h e ro .
O. A. PK OU TY,

Director of Division of Public Service and Accounting.

Additional advices concerning the collection of transpor­
tation charges, have since been issued, the latest information
having to do with tho application for bonds for credit accom­
modations. A circular issued in tho matter by tho N o w Y o rk
Central said:
A d v i c e is h e r e b y g i v e n t h a t , e f f e c t i v e A u g . I 1 9 1 8 , t h o c o l l e c t i o n o f a ll
t r a n s p o r t a t i o n c h a r g e s a c c r u in g u n d e r c r e d i t a c c o m m o d a t i o n s a u t h o r i z e d
t h r o u g h t h i s d e p a r t m e n t is t o b o m a d o in a c c o r d a n c e w i t h t h o p r o v i s io n s
a s s e t f o r t h in G e n e r a l O r d e r N o . 2 5 , a s a m e n d e d b y G e n e r a l O r d e r N o . 2 5 A ,
I s s u e d b y H o n . W . 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 .
A s t h e t i m e p r i o r t o t h e e f f e c t i v e d a t e o f t h o o r d e r is i n s u f f i c ie n t in w h ic h
t o o b t a in n o w a p p lic a t io n s a n d b o n d s f r o m th o s e w h o a ro e n title d t o a n d
d e s iro c r e d it a c c o m m o d a t io n s c o v e r in g th o p a y m e n t o f fre ig h t ch a r g e s ,
a n d a s i t Is e s p e c i a ll y d e s ir o u s t h a t t h i s c h a n g o s h a ll r e s u l t In a s l i t t l e i n ­
c o n v e n ie n c e as p o s s lb lo t o t h e p u b lic , w o h a v o a u th o r iz e d o u r a g e n ts t o
c o n t i n u e in e f f e c t t h e a c c o m m o d a t i o n e x t e n d e d t o y o u , w i t h t h o u n d e r ­
s t a n d i n g , h o w e v e r , t h a t , e f f e c t l v o A u g . 1 , aU c h a r g o s a r o t o b o p a i d w it h in
4 8 h o u r s a f t e r r e c e i p t o f b i ll s , a n d fa il u r o t o m a k o s e t t le m e n t w it h i n t h o
p r e s c r i b e d t i m o w ill a u t o m a t i c a l l y c a n c e l t h o a r r a n g e m e n t .
N e w a p p li c a t io n s a n d b o n d f o r m s a r o b e i n g p r e p a r e d a n d w il l b e f o r ­
w a r d e d a s p r o m p t l y a s p o s s i b le t o l o c a l a g e n t s f o r d i s t r i b u t i o n , u p o n r e ­
q u e s t , a c c o m p a n i e d b y i n s t r u c t i o n s a s t o t h e i r o x e c u t i o n , a n d u n le s s s u c h
f o r m s a r o e x e c u t e d a n d f i l e d w it h i n a r e a s o n a b l e t i m o t h e r e a f t e r , f u t u r e
p a y m e n t s w ill b o r e q u ir e d a t t im o o f d e liv e r y , o r s h ip m e n t, a s th e c a s o
m ay
As
on a
cases

be.
t h e i n t e n t o f G e n e r a l O r d e r N o . 2 5 is t o h a v o a ll b u s in e s s c o n d u c t e d
c a s h b a s i s , t h o 4 8 - h o u r p r i v i l e g e s h o u l d o n l y b o a p p li e d f o r in s u c h
w h e ro s e t t le m e n t c a n n o t b o m a d o o t h e r w is o .

The following circular was likewise made public this week
b y the United States Railroad’s Division of Public Sorvioo
and Accounting:
Washington, D . C., Julg 11 1 9 1 8 .
P . S . & A . C IR C U L A R N O . 10.
A s t o t h o m a t t e r o f b o n d s t o b e r e q u i r e d in c o n n e c t i o n w i t h t h o e x t e n s io n
o f c r e d i t f o r t r a n s p o r t a t io n c h a r g e s , a s p r e s c r i b e d in p a r a g r a p h (2 ) o f
G en era l O rd er N o . 2 5 :
I t s h o u l d b e c a r e f u l l y n o t e d t h a t t h o g i v i n g o f a b o n d w ill o n l y b o p e r ­
m i t t e d o r r e q u i r e d in c e r t a in c a s e s .
I t Is n o t o p e n t o t h o s h i p p e r o r c o n ­
s ig n e e t o o b t a in c r e d it b y th o m e r o g iv in g o f a b o n d ; th o c a s h r u lo , as
e x p l a i n e d in I’ . S . & A . C i r c u l a r N o . 9 , m u s t b o o b s e r v e d u n le s s t h o c i r ­
c u m s t a n c e s o f e a c h c a s o a r o s u c h t h a t t h is c a n n o t p r o p e r l y b e d o n o .
A ll
b o n d s g i v e n f o r c r e d i t a c c o m m o d a t i o n s s h a ll b o t a k e n in t h e n a m e o f
W .
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 i l r o a d s , -------------------------------------------(N a m e o f R a ilr o a d .)




[V o l . 107

B o n d s c o v e r i n g t h o e x t e n s i o n o f c r e d i t w il l b o o f t w o c la s s e s , 1. o . :
(1 ) T o c o v e r p a t r o n s t r a n s a c t in g b u s in e s s a t o n e o r m O ro p o i n t s w it h
o n o c a r r ie r .
I n s u c h c a s e s a p p li c a t io n s f o r c r e d i t a c c o m m o d a t i o n s s h a ll b o
f i l e d w i t h a n a g e n t o f t h o c a r r ie r f r o m w ii ic h t h e c r e d i t is d o s i r e d .
S uch
a p p l i c a t i o n s s h a ll s h o w t h o s t a t io n o r s t a t io n s a t w h ic h t h o a c c o m m o d a t i o n
is d e s ir e d a n d t h e m a x i m u m a m o u n t o f c r e d i t a p p l y i n g t o e a c h s t a t i o n ; s u c h
a p p li c a t io n s s h a ll b e t r a n s m i t t e d t o t h o T r e a s u r e r h a v i n g j u r i s d i c t i o n b y
s u c h a g e n t w i t h h is r e c o m m e n d a t i o n s .
I f , in t h o j u d g m e n t o f t h o T r e a s ­
u r e r , c r e d i t s h o u l d b o g r a n t e d , h o s h a ll p r o p a r o a b o n d t o c o v e r t h o m a x i ­
m u m c r e d it d e s ir e d a n d p r o c e e d t o h a v o it e x e c u t e d .
W h en ex ecu ted , ho
s h a ll a u t h o r i z e t h o a g e n t o r a g e n t s a t t h o s t a t io n s a t w h ic h t h o a c c o m m o ­
d a t i o n is d e s ir e d t o e x t o n d c r e d i t t o t h o e x t e n t o f t h o a m o u n t a p p l i c a b l e t o
e a c h s t a t io n .
T r e a s u r e r s s h a ll b o t h o c u s t o d i a n s o f s u c h b o n d s .
(2 ) T o c o v e r p a t r o n s t r a n s a c t in g b u s in e s s a t o n o p o i n t w it h t w o o r m o r o
c a r r ie r s .
I n s u c h c a s e s a p p li c a t io n s f o r c r e d i t m a y b o f i l e d w i t h a n a g e n t
o f e it h e r o f s u c h c a r r ie r s .
S u c h a p p li c a t io n s s h a ll s t a t o t h o c a r r ie r s f r o m
w h ic h t h o c r e d i t is d e s i r e d a n d t h o m a x i m u m a m o u n t o f c r e d i t a p p l i c a b l e t o
e a c h c a r r ie r .
U p o n r e c e i p t o f s u c h a p p li c a t io n s b y a n i n d i v id u a l a g e n t , h o
s h a ll p r o c e e d t o o b t a i n t h o j o i n t r e c o m m e n d a t io n s o f t h o a g e n t o f e a c h
c a r r ie r i n t e r e s t e d , a f t e r w h ic h t h o a p p l i c a t i o n w i t h s u c h r e c o m m e n d a t io n s
s h a ll b e t r a n s m it t e d t o t h o T r e a s u r e r o f t h o c a r r ie r w i t h w h ic h t h o a p p l i c a ­
t io n w a s o r ig in a ll y f i l e d .
S u c h T r e a s u r e r s h a ll t h e r e u p o n a c t a s p r o v i d e d
in p a r a g r a p h (1 ) h e r e o f , a n d i f t h o a c c o m m o d a t i o n b o g r a n t e d o r d e c l in e d ,
h o s h a ll i m m e d i a t e l y n o t i f y t h o T r e a s u r e r o f e a c h i n t e r e s t e d c a r r ie r o f s u c h
a c t io n .
I f t h o a c c o m m o d a t i o n b o g r a n t e d , t r o a s u r o r s o f e a c h i n d i v id u a l
c a r r ie r i n t e r e s t e d s h a l l , u p o n r e c e i p t o f n o t i c e t h e r e o f , a u t h o r i z o t h o ir
r e s p e c t iv e a g e n ts t o e x to n d th o c r e d it .
(3 ) F a il u r o t o p a y f o r t r a n s p o r t a t io n s e r v ic e w it h in t h o p r e s c r ib e d c r e d it
p e r i o d s h a l l , a s p r e s c r ib e d In G o n o r a l O r d e r N o . 2 5 , a u t o m a t i c a l l y c a n c e l t h o
a c c o m m o d a t io n .
A d v i c e s o f s u c h f a il u r o s h a ll b o p r o m p t l y g i v e n b y t h o
a g e n t w it h w h ic h t h o d e f a u l t o c c u r s t o t h o t r e a s u r e r o f t h o c a r r ie r h o
rep resen ts.
I f t h o b o n d c o v e r i n g s u c h a c c o m m o d a t i o n b o in f a v o r o f t w o
o r m o r o c a r r ie r s , t h o t r o a s u r o r s o f a ll s u c h c a r r ie r s s h a ll b o I m m e d ia t e l y
a d v i s e d o f t h o d e f a u l t b y t h o t r e a s u r e r f i r s t r o c o iv l n g t h o i n f o r m a t i o n .
(4 ) I n t h o o v e n t o f d o f a u l t In p a y m o n t o f t r a n s p o r t a t io n c h a r g e s w it h in
t h e c r e d i t p e r i o d , a n d u n le s s s e t t l e m e n t is p r o m p t l y m a d o t h e r e a f t e r , t h o
t r e a s u r e r h a v i n g j u r i s d i c t i o n s h a ll t a k o l m m e d l a t o s t e p s t o r e a l iz o u p o n t h o
b o n d a p p lic a b le .
(5 ) T h o t r e a s u r e r o f o a c h c a r r io r s h a l l , a s o f t e n a s o n c o e a c h y e a r , r o v l o w
e a c h c r e d i t a u t h o r i t y a n d t h o b o n d in c o n n e c t i o n t h e r e w i t h in o r d e r t o
d e t e r m in e w h e t h e r o r n o t t h o c o n d i t i o n s u n d e r w h ic h t h o a u t h o r i t y w a s
g r a n t e d s t il l o x L t a n d t h a t t h o f in a n c ia l s t a n d i n g o f t h o p r i n c ip a ls a n d s u r o t lo s h a s n o t b e e n i m p a i r e d .
(6 ) B o n d s g i v e n t o c o v e r c r e d i t a c c o m m o d a t i o n s s h a ll n o t i n c lu d o l ia ­
b ilit y fo r t h e d e liv e r y o f fre ig h ts c o n s ig n e d t o o r d e r n o t ify p r io r t o s u rre n d e r
o f o r ig in a l b i ll s o f l a d i n g ; b o n d s f o r e a c h b ill o f l a d i n g t r a n s a c t i o n m u s t b o
g i v e n a s p r o v i d e d f o r in p a r a g r a p h ( 5 ) o f G e n e r a l O r d e r N o . 2 5 .
(7 ) P r e m i u m s o n a l l b o n d s t a k e n u n d e r t h e p r o v i s io n s o f G o n e r a l O r d e r
N o . 2 5 , a n d a ll e x p e n s e s I n c id e n t t h e r e t o , s h a ll b o b o r n o b y t h o a p p li c a n t
t o w h o m t h o a c c o m m o d a t i o n Is g r a n t e d .
(8 ) I t Is r e a l iz e d t h a t t h o i n s t r u c t i o n s c o n t a i n e d In t h is c ir c u l a r d o n o t
c o v o r t h o m a n y c o n t in g e n c ie s t h a t m a y a r is o in c o n n e c t i o n w it h t h e s o c r e d it
m a t t o r s , a n d a g e n ts a n d tre a su re rs a r o , th e r o fo r o , o x p o c t c d a n d a ro h o r o b y
d i r e c t e d t o t a k o w h a t e v e r s t o p s in t h e ir j u d g m e n t m a y b o n e c e s s a r y t o
p r o p e r ly a n d a d e q u a t e ly p r o t e c t th e In te re sts o f th o D ir e c t o r -G o n e r a l a n d
t o p r e v e n t m o n o y lo s s e s .
C.
A . P R O U T Y , Director.

The Towner Rating Bureau, in announcing this week a
rato of $5 per S I,000 with a minimum of S5 for railroad
freight bonds b y surety companies, said:
T h e f o r m o f t h o b o n d is p r o s c r ib e d b y t h o r a i l r o a d ’ s l e g a l d e p a r t m e n t :
“ C o n d i t i o n e d u p o n a n d p r o v i d i n g f o r p a y m o n t o f a l l c h a r g o s w it h in 4 8
h o u rs a ft e r fo rw a r d in g o r d e liv e r y o f th o f r e ig h t .”
T h o a m o u n t o f t h o b o n d is f i x e d b y t h o r a i l r o a d ’s t r e a s u r e r .
T h o r a il­
r o a d m a y a c c e p t f r o m a n y s h i p p e r o n o b o n d c o v e r i n g a ll i t s u n c o l l e c t e d
c h a r g e s a t a ll s t a t i o n s .
C r e d i t ( li m it e d t o 4 8 h o u r s o n e a c h s h i p m e n t )
ca n b o a llo w e d o n ly u p t o th o a m o u n t o f s u c h b o n d .
F a il u r e t o p a y s u c h
c h a r g e s w it h i n t h e t i m e p r e s c r ib e d w il l a u t o m a t i c a l l y c a n c e l s u c h c r e d i t .
R a t o , $ 5 p e r $ 1 , 0 0 0 p o r a n n u m ; m in im u m , $ 5 .
T h is r a t o d o e s n o t a p p l y t o s t e a m s h ip lin o s o r o t h e r c a r r ie r s n o t u n d e r
F e d e ra l c o n t r o l.

RAILROAD ADM IN ISTRATIO N TO P A Y EXPENSES
INCURRED BY CARRIERS I N M A K I N G
VALUATION.
The Railroad Administration, through C . A . Prouty,
Director of the Division of Public Sorvico and Accounting,
made known last weok that it would pay, as part of oper­
ating cost, whatovor exponsos may bo necessarily incurred
by carriers in making tho valuation now boing mado by tho
Inter-State Commorco Commission. Its circular in tho
matter follows:
Public Service and Accounting Circular No. 1 0 .
T h o D ir e c t o r - G o n e r a l w ill p a y a s a p a r t o f o p e r a t i n g c o s t w h a t e v e r e x ­
p e n s e s m a y b o n e c e s s a r ily i n c u r r e d b y c a r r ie r s in m a k i n g t h o v a l u a t i o n
w h ic h is n o w b e i n g m a d o b y t h o I n t o r - S t a t o C o m m o r c o C o m m i s s io n ; h o
w ill n o t p a y e x p e n s e s i n c u r r e d t o t o s t t h o a c c u r a c y o f t h i s v a l u a t i o n o r t o
c o n t e s t t h o s a in o b e f o r o t h o C o m m i s s io n o r t h o c o u r t s .
T h i s v a l u a t i o n is
o f g r e a t i m p o r t a n c e t o t h o c o r p o r a t i o n a n d i t is e n t i r e l y p r o p e r t h a t t h o
c o r p o r a t i o n s h o u l d a s s u r o i t s e l f o f it s c o r r e c t n e s s ; b u t i t is a ls o m a n ife s t
t h a t t h e c o r p o r a t i o n a n d n o t t h o D i r e c t o r - G o n e r a l m u s t d o t e r m in o t h o
m a n n e r a n d e x t e n t o f a ll t ills a n d t h a t i t s h o u l d d o c l d o u p o n t h o a m o u n t
o f th e o u tla y n e ce ssa ry t o te st s u ch co rre ctn e ss a n d p a y it.
I n t h o a p p li c a t io n o f t h is r u l o t h o f o ll o w i n g c la s s e s o f e x p e n d it u r o w ill b o
b o r n o b y t h o D ir e c t o r - G e n e r a l a s a n o p e r a t i n g c o s t .
1 . W h a t e v e r Is n e c e s s a r y t o c o m p l y w it h t h o v a l u a t i o n o r d e r s o f t h o
I n t e r - S t a t o C o m m e r c o C o m m i s s io n .
2 . W h a t o v e r is n e c e s s a r y t o p r o p a r o a n d f u r n is h t h o I n f o r m a t i o n r e q u ir e d
b y t h o B u r e a u o f V a lu a t i o n .
T h i s in c lu d e s r e q u ir e m e n t s b y it s e m p l o y e e s
w h o a r o c o n d u c t i n g t h o v a l u a t i o n in t h o s o v c r a l d i s t r i c t s .
3 . W h a t o v e r m a y b o n o c e s s a r y t o c o - o p e r a t o in t h o f ie l d b y t h o fu r n is h ­
i n g o f m e n t o p o i n t o u t t h o p r o p e r t y o f t h e c o m p a n y , t o a s s is t in t h o t a k in g
o f th e in v e n to r y , & c.
4 . F o r c o m p u te r s w h e n , a n d o n ly w h o n , t h o y w o r k w it h th o c o m p u te r s
o f t h o B u r e a u o f V a lu a t i o n o r u n d e r it s d i r e c t i o n o r o n p r e p a r a t i o n o f d a t a
r e q u i r e d b y t h o B u r e a u o f V a lu a t i o n .
5 . F o r la n d a p p r a is e r s p r o v i d e d t h o y p r o c e e d in t h o s a m o g o n e r a l m a n n e r
a s . t h o a p p r a is e r s o f t h o C o m m i s s io n In t h o c o l l e c t i o n o f f a c t s a n d o p i n i o n s

July 20 1918.]

THE CHRONICLE

353

b e a r i n g u p o n t h o v a l u o o f t h o l a n d s t o b o a p p r a is e d , a n d p r o v i d e d f u r t h e r
G ra d e L in o b e tw o o n E n o la Y a r d , n e a r H a rris b u rg a n d P a rk e rs b u r g , P a .,
t h a t t h e y w ill a ft e r s u c h i n f o r m a t i o n is a c c u m u l a t e d e x h i b i t t h o s a m o t o
o v e r w h ic h p r a c t i c a l l y a ll o f t h o t h r o u g h c a s t a n d w e s t b o u n d f r e i g h t is
t h o e m p l o y e e s o f t h o B u r e a u o f V a lu a t i o n i n a n e f f o r t t o a g r e e u p o n r e a ­
L i n o r o u t e f r e e f o r t h e h e a v y p a s s e n g e r t r a f f i c w h ic h i t c a r r ie s .
s o n a b le v a lu e s .
E x p e n s e s f o r e x p o r t o p i n i o n s w il l n o t in a n y c a s o b o
T h e g r e a t v o lu m o o f fre ig h t m o v in g th r o u g h C o lu m b ia in J u n e e x e m ­
p a id fo r .
p l if i e s t h o m a g n i t u d e o f t h o b u r d e n r e s t in g u p o n t h e P e n n s y lv a n ia R a i l r o a d
G.
W h e n t h o fie l d w o r k o f t h o B u r e a u o f V a lu a t i o n in a n y b r a n c h h a sb y r e a s o n o f it s g e o g r a p h ic a l p o s i t i o n , w h ic h h a s m a d e i t t h e p r i n c ip a l
b e e n c o m p l e t e d n o f u r t h e r o u t l a y b y t h o c a r r ie r f o r a c c o u n t o f t h e D i r o c t o r c a r r io r o f t h e n a t i o n ’s w a r f r e i g h t .
A n o v e r w h e lm i n g p r o p o r t i o n o f t h o
G c n e r a l in r e s p e c t o f t h a t b r a n c h w ill b e p a i d f o r a n d c h a r g e d t o F e d e r a l
e n o r m o u s o a s t b o u n d t r a f f i c r e c o r d e d o r ig in a t e d o n t h o P e n n s y lv a n ia R a i l ­
o p e r a t i o n w it h o u t s p e c i a l a u t h o r i t y o b t a i n e d f r o m t h is o f f i c e .
r o a d a n d it s b r a n c h e s b e t w e e n H a r r is b u r g a n d P i t t s b u r g h a n d w a s o f t h e
T h e a b o v e r u le s w ill a p p l y a s o f J u l y 1 1 9 1 8 , a n d t h e r e a f t e r , l e a v i n g o p e n
m o s t e s s e n t ia l c h a r a c t e r f o r t h o s u c c e s s fu l p r o s e c u t io n o f t h o w a r .
It co n ­
f o r f u r t h e r c o n s i d e r a t io n a n d i n s t r u c t i o n t h o s ix m o n t h s t h e n a l r e a d y
s is t e d In v e r y la r g o p a r t o f t h e i r o n a n d s t e e l p r o d u c t s o f t h e P i t t s b u r g h
e la p s e d .
i n d u s t r ia l r e g i o n , c o a l f r o m t h e m o u n t a i n s in c e n t r a l P o n n s y lv a n ia a n d c o k o
O. A. PROU TY,
f r o m t h o m a n y o v e n s in t h e s a m o r o g i o n .
I n c l u d e d w o r e s h i p - p la t e s a n d
Director Division of Public Service and Accounting.
o t h e r n e c e s s a r y m a t e r ia l f o r v e s s e l c o n s t r u c t i o n in t h o t id e w a t e r y a r d s ,
s u p p lie s f o r t h o b u i l d in g o f n e w s h ip y a r d s a n d o t h e r w a r in d u s t r ia l p l a n t s ,
r a w a n d s o m i- f in i s h o d m a t e r ia ls t o k e e p t h e e a s t e r n m u n i t io n p l a n t s In
INSTRUCTIONS BEARING ON SETTLEMENT OF
f u ll o p e r a t i o n , a n d f u e l f o r t h o e a s t e r n i n d u s t r ie s a n d f o r t h e s h ip s w h ic h
a r e k o o p i n g u p t h o v i t a l lin e o f c o m m u n i c a t i o n w it h E u r o p e .
T h o h e a v ie s t
RAILROAD LABOR CONTROVERSIES.
t o n n a g e o f t h o s o c la s s e s o f f r e i g h t c o n v e r g e s u p o n t h e P e n n s y lv a n ia R a i l ­
Tho following instructions relativo to tho settlement of r o a d , o a s t o f P i t t s b u r g h , a n d m u s t n e c e s s a r ily b o g i v e n p r e f e r e n c e o v e r
railroad controversies have been issued by tho Railroad c o m m e r c i a l a n d a il o t h e r le ss e s s e n t ia l t r a f f i c .

Administration:
U . S. R A I L R O A D A D M I N I S T R A T I O N .
O ffic o o f D ir e c t o r -G e n e r a l.

Washington, July 3 1 9 1 8 .
C IR C U L A R

N O . 39.

O r d e r N o . 13 c r e a t e d R a i l r o a d B o a r d o f A d j u s t m e n t N o . 1 , t o w h ic h
b o a r d a ll d i s p u t e s b e t w e e n r a i lw a y e m p l o y e e s , m e m b e r s o f c e r t a in o r g a n i z a ­
t i o n s , a n d t h o s o v e r a l r a i lr o a d s , t h a t c a n n o t b o s a t i s f a c t o r i l y a d j u s t e d ,
a r o t o b o r e fe r r e d f o r i n v e s t ig a t i o n a n d d i s p o s i t i o n .
O r d e r N o . 2 9 , c r e a t in g
R a i l r o a d B o a r d o f A d ju s t m e n t N o . 2 , c a r r ie s w i t h i t a lilco a s s i g n m e n t o f
d u tie s .
W lic r o c o n tr o v e r s ie s a ro n o t a m ic a b ly a d ju s t e d a n d w h e r e t h e y
d o n o t f a l l w i t h i n t h o p r o v i s io n s o f G e n e r a l O r d e r s 13 a n d 2 9 , t h e y a r o t o
b o r e fe r r e d t o t h o D i r e c t o r , D i v i s i o n o f L a b o r , U n it e d S t a t e s R a il r o a d
A d m in is tra tio n .
M y a t t e n t i o n lia s b e e n c a l le d t o a n a r b i t r a t i o n h e l d b y a g r e e m e n t b e t w e e n
t h o e m p l o y e e s a n d o f f i c i a l s o f a c e r t a in r a i lr o a d t o a d j u s t m a t t e r s in c o n t r o ­
v e r s y in a d i f f e r e n t m a n n e r t h a n t h a t p r e s c r ib e d h e r e in .
I n o r d e r t h a t u n i f o r m i t y o f a p p l i c a t i o n o f d e c i s io n s a f f e c t i n g l a b o r m a t ­
te rs m a y b o p r e s e r v e d , n o a g r e e m e n t s h o u ld b o r o a c h c d b e tw e e n o ffic ia ls
a n d e m p l o y e e s o f a n y r a i lr o a d t o a d j u s t t h e i r d i f f e r e n c e s in a n y o t h e r m a n n e r
t h a n p r e s c r ib e d in O r d e r s 13 a n d 2 9 , a n d b y o t h e r o r d e r s h e r e a f t e r i s s u e d .
W .
G . M cA D O O ,

Director-General of Railroads.

UNIVERSAL MILEAGE SCRIP ON SALE ABOUT
AUGUST 1.
A universal miloago scrip at tho basic rato of 3 cents a
milo will bo placed on sale about August 1, according to
tho following announcement of tho Railroad Administra­
tion:
T l i o r o w ill b o p l a c e d o n s a lo o n o r a b o u t A u g
1 a u n i v e r s a l m il e a g e
s c r ip a t t h o b a s i c r a t e o f 3 c e n t s p e r m ilo .
E a c h c o u p o n o f t h o t ic k o t w ill r e p r e s e n t t h o v a l u o o f 3 c o n t s a n d c a n b o
u s e d f o r t h o p a y m e n t o f s le e p in g a n d d i n i n g c a r c lia r g o s a n d t r a n s p o r t a t io n
o f e x c e s s b a g g a g o , a s w e ll a s t r a n s p o r t a t io n c h a r g e s o n a ll t r a in s o n r a i lr o a d s
u n d e r G o v e rn m e n t c o n t r o l.
T h o a d v a n t a g e s o f t ills s i m p le f o r m o f t i c k o t a r o o b v i o u s , a n d t h o c h a n g e
is o x p o c t o d t o r o lio v o t h e p r e s s u r e o n t i c k e t a g o n c i c s a t b u s y c o u t r e s .
T h e w a r t a x w ill b o c o l l e c t e d b y c o n d u c t o r s a t t h o t im e o f t h o p r e s e n t a t i o n
o f t h o m il e a g e s c r ip .

N E W RECORD ESTABLISHED BY PEN N SYLVAN IA
RAILROAD I N MOVEMENT OF FREIGHT CARS.
According to a statement mado public by tho Pennsyl­
vania Railroad on July 14 tho movement of froight cars
on its main lino on Juno 20 was tho heaviest on record, a
total of 9,531 cars having been moved past a given point on
that day. W o givo tho statement herowith:
C o m p l o t o fig u r o s w h ic h h a v e b e e n m a d o u p f o r t h o m o v e m e n t o f f r o i g h t
c a r s p a s t C o l u m b i a , P a . , o n t h o P e n n s y lv a n ia R a il r o a d , d u r i n g t h o m o n t h
o f J u n o , r o v o a l a n im in o n s o v o l u m e o f t r a f f i c , f a r o x c o o d i n g a n y t h i n g o v e r
p r e v io u s ly r e c o r d e d .
T h o t o t a l n u m b e r o f c a r s p a s s in g in t h o m o n t h w a s
2 5 0 ,3 2 2 — e n o u g h t o m a k o a c o n t in u o u s t r a in o v o r 2 ,0 0 0 m ile s in l e n g t h
o r s o l i d l y f il l u p a d o u b le t r a c k r a i lr o a d f r o m N o w Y o r k t o S t . L o u i s .
E a ch
d a y in t h o m o n t h 7 0 m ile s o f f r e i g h t c a r s p a s s e d , t h o d a i l y a v e r a g e m o v o m o n t b e in g 8 ,3 4 4 c a r s , w h i c h is t h o e q u i v a l e n t o f o n o c a r p a s s in g e v e r y
ton secon d s.
B o t h t h o m o n t h ’s t o t a l a n d t h e d a l l y a v o r a g o c r o a t c d n o w
h ig h m a r k s f o r t h o m o v e m e n t o f f r e i g h t t r a f i i c , n o t o n l y p a s t C o l u m b i a
b u t a t a ll t h o o t h o r o b s e r v a t i o n p o i n t s .
T h o h e a v ie s t m o v o m o n t f o r a n y s in g lo d a y w a s o n J u n o 2 0 w h e n 9 ,5 3 1
cars passed.
T h i s e x c e e d s a ll p r e v i o u s l y r o p o r t o d o n e - d a y m o v e m e n t s
a n y w h e r e o n t h e P e n n s y lv a n ia R a i l r o a d , a n d in a d d i t i o n u h d o u b t o d l y
s t a n d s a s t h o w o r l d ’s r e c o r d f o r t h o g r o a t o s t n u m b e r o f f r o i g h t c a r s o v e r
m o v e d p a s t a g i v e n p o i n t in t w o n t y - f o u r c o n s e c u t i v e h o u r s o n a n y r a i lr o a d ,
A m e r ic a n o r E u ro p e a n ,
T h o s e c o n d h ig h o s t r e c o r d e d in o v e m o n t w as
m a d o o n M a y 12 o f t h o p r o s o n t y e a r , a ls o a t C o l u m b i a , w i t h 9 ,1 7 3 c a r s
p a s s in g .
T h o t h ir d b e s t r e c o r d w a s m a d o a t L e w i s t o w n J u n c t i o n o n D o c .
7 1 9 0 7 , t h o m o v e m e n t o n t h a t d a y b e in g 9 .0 2 7 c a r s .
T h i s r o m a in o d u n ­
su rp a ssed fo r m o r o th a n te n y e a rs.
T h o f r o i g h t m o v i n g t li r o u g h C o l u m b i a in t h o 3 0 d a y s o f J u n o c x c o o d e d
G,0 0 0 ,0 0 0 t o n s , o r m o r o t h a n 1 ,2 0 0 o r d i n a r y s t o a m s h ip c a r g o e s o f 5 ,0 0 0
ton s ea ch .
R o u g h l y , 4 0 v o s s o l lo a d s o f f r e i g h t a d a y w o r o h a u lo d p a s t
t h is p o i n t d u r in g t h o m o n t h .
O f t h o 2 5 0 ,3 2 2 c a r s m o v i n g p a s t C o l u m b i a in J u n o , 1 3 8 ,5 3 2 w e r o l o a d e d
a n d 1 1 1 ,7 9 0 w o r o e m p t y .
T h o d i ff e r o n c o b o t w e o n t h o l o a d e d a n d e m p t y
m o v e m e n t s , o a s t b o u n d a n d w e s t b o u n d , w a s v e r y s t r ik i n g .
O u t o f 1 1 0 ,9 3 1
c a r s m o v e d e a s t b o u n d , 1 0 6 ,3 4 2 w e r e i o a d o d a n d o n l y 4 , 5 8 9 w e r o o m p t y ,
w h il o in t h o w e s t b o u n d m o v o m o n t o f 1 3 9 ,3 9 1 c a r s , t lio r o w o r o o n l y 3 2 ,1 9 0
l o a d s , a n d 1 0 7 ,2 0 1 c a r s w o r o e m p t y .
In o th e r w o rd s, fo u r o u t o f o v o ry
f i v o c a r s g o i n g w e s t w e r o " e m p t i e s , ” w h ile g o i n g e a s t t lio r o w o r o o n l y f o u r
" e m p t i e s ” in a h u n d r e d .
T h i s is a g o o d o x a m p l o o f t h o o x t r o m o ly u n b a l ­
a n c e d i o a d o d f r o i g h t m o v e m e n t o n e a s t e r n t r u n k lin o r a i lr o a d s , r e s u lt in g
f r o m t h o w a r c o n d i t io n s w h ic h h a v o g r e a t l y in c r o a s o d o x p o r t f r o i g h t t r a f f i c
a n d a t t h o s a m o t im e h a v o r o d u c o d i m p o r t f r e i g h t a l m o s t t o z e r o .
C o l u m b i a d e r i v e s it s i m p o r t a n c e a s a p a s s in g p o i n t f o r t h o o b s e r v a t i o n o f
f r o i g h t t r a f f i c o n t h o P e n n s y lv a n ia R a i l r o a d , f r o m it s s i t u a t io n o n t h o L o w




SECTION OF INSURANCE A N D FIRE PROTECTION
CREATED BY RAILROAD AD M IN IST RAT IO N .
The organization b y tho U . S. Railroad Administration
of a new section to be known as the Section of Insurance and
Fire Protection, with Charles N . Ram bo as M anager, was
announced on July 16. Under tho new section Govern­
ment insurance on all railroad properties under Federal
control will replace rail insurance heretofore held by private
companies. Tho following is the announcement made in
tho matter:
T h e 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 n n o u n c e d t o - d a y t h o o r ­
g a n i z a t i o n o f a n o w s e c t i o n , u n d e r t h e s u p e r v i s io n o f t h o D i r e c t o r o f F i n a n c o
a n d P u r c h a s e s , w h ic h s h a ll b o k n o w n a s t h o S e c t i o n o f “ I n s u r a n c e a n d
F ir e P r o t e c t io n .”
.
..
A s h e r e t o f o r e a n n o u n c e d , i t w ill b o t h e g e n e r a l p o l i c y o f t h o R a il r o a d
A d m i n i s t r a t i o n t o d o a w a y w i t h t h e f ir o in s u r a n c e p o l ic i o s h e r e t o f o r e
c a r r ie d , a n d t o h a v o t h o G o v e r n m e n t i t s e l f s t a n d d i r e c t l y r e s p o n s i b le t o
t h o r a ilr o a d s f o r f ir e lo s s e s o f p r o p e r t y in G o v e r n m e n t p o s s e s s io n .
T h i s S e c t i o n w ill t h e r e fo r e d e a l p r i m a r i l y w i t h t h o p r e v e n t i o n o f f ir e s
t li r o u g h r ig id a n d in t e ll i g e n t i n s p e c t io n , a n d b y in s is t in g u p o n t h o o b s e r v ­
a n c e o f r u le s a n d r e g u la t io n s i n t e n d e d t o p r e v e n t t h o u n n e c e s s a r y d e s t r u c ­
t i o n o f p r o p e r t y b y f ir e .
T h e I n s u r a n c e S e c t i o n w dll h a v e t h e b e n e f i t o f t h e a s s is t a n c e o f a n
a d v i s o r y c o m m i t t e e o f m e n e x p e r i e n c e d a n d s k ille d in t h e b u s in e s s o f f ir e
in s u r a n c e wrh o s e n a m e s w il l h o r e a f t e r b e a n n o u n c e d .
M r . C h a r le s N .
R a m b o o f P h il a d e l p h i a , S u p e r i n t e n d e n t a n d S e c r e t a r y o f t h e M u t u a l
F ir e , M a r i n o & I n l a n d I n s u r a n c e C o . , h a s b e e n s e l e c t e d a s M a n a g e r o f
t h o S e c t i o n , a n d w ill r e s ig n f r o m h is p r e s e n t p o s i t i o n .
M r . R a m b o b r in g s t o h is w o r k t w e n t y y e a r s o f e x p e r i e n c e in t h o in s u r ­
a n c e b u s in e s s , a n d f o r t h o p a s t f if t e e n y e a r s h a s d e v o t e d h is e n e r g ie s t o
t h o M u t u a l F ir e , M a r i n e & I n l a n d I n s u r a n c e C o . , w h i c h w a s o r g a n i z e d
b y a n d in t h o i n t e r e s t o f t h o r a i lr o a d c o m p a n i e s f o r t h e p u r p o s e o f m u t u a l
i n s u r a n c e a n d o f r e d u c i n g f ir o in s u r a n c e c o s t s a n d p r e m iu m s .
T h o I n s u r a n c e S e c t i o n w ill p r o v i d e a f o r c e o f s k ille d i n s p e c t o r s in e a c h
r e g i o n w h o s o d u t y i t w ill b o t o s e e t h a t t h o r u le s a n d r e g u l a t io n s i n t e n d e d
t o r o d u c o f ir e lo s s e s a r o r ig id l y o b s e r v e d .
T h o in s u ra n ce in s p e c to rs n o w
e m p l o y e d b y t h o v a r i o u s r a ilr o a d s w ill b e u t i li z e d a s f a r a s d e s ir a b le .
T h i s S e c t i o n w ill a ls o h a v e g e n e r a l c h a r g e o f t h o a d j u s t m e n t o f fir e lo s s e s .

RAILROADS AUTHORIZED TO SELL UNCLAIM ED
FREIGHT A T PUBLIC AUCTION.
Under an order issued by Director-General of Railroads
M cA doo July 10, roads under Federal control are authorized
to sell at public auction without advertisement non-perishablo freight remaining unclaimed for a period of sixty days.
Tho order follows:
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 t h o D ir e c t o r - G e n e r a l .

Washington, July 1 0 1 9 1 8 .
G e n e r a l O rd e r N o . 34.
C a r r ie r s s u b j e c t t o F e d e r a l c o n t r o l s h a ll s e ll a t p u b l i c a u c t i o n t o t h o
h ig h e s t b i d d e r , w it h o u t a d v e r t i s e m e n t , c a r l o a d .a n d le ss t h a n c a r lo a d n o n ­
p e r is h a b le f r e i g h t t h a t h a s b e e n r e fu s e d o r is u n c l a i m e d b y c o n s i g n e e a n d
h as b oon o n h a n d fo r a p e r io d o f s ix ty d a y s .
T h o c o n s i g n e e , a s d e s c r ib e d
in t h o w a y b i ll i n g , s h a ll b e g i v e n d u e n o t i c e b y m a il o f t h o p r o p o s e d s a l e .
P e r is h a b le f r e i g h t s h a ll b o s o l d w h e n e v e r in t h e j u d g m e n t o f t h e a g e n t
o r o t h o r r e p r e s e n t a t iv e o f t h e c a r r io r i t is n e c e s s a r y t o d o s o , s u c h r e a s o n ­
a b l e e f f o r t b e i n g m a d e t o n o t i f y t h o c o n s i g n o o a s d e s c r ib e d i n t h e w a y ­
b i ll i n g a s t h e c ir c u m s t a n c e s w il l p e r m it .
T h o p l a c e o f s a lo o f b o t h n o n - p e r i s h a b l e a n d p e r i s h a b l e f r o i g h t s h a ll b o
d e t e r m in e d b y t h e c a r r ie r .
T h o n e t p r o c e e d s , i f a n y , a fte r d e d u c t in g fro ig h t
a n d o t h e r l e g it i m a t e e x p e n s e s , wdll b e p a i d o v e r t o t h o o w n e r o n p r o o f o f
o w n e r s h ip .
W .

G. A .

G . M cA D O O ,

Director-General of Railroads.

TOMLINSON FEDERAL MAN AGER FOR N E W
YORK A N D N E W JERSEY CANALS.

G . A . Tomlinson, whose appointment as General M anager
of tho Erie Canal operations was announced in our issue of
April 20, has been made Federal M anager of the N e w Y o rk
and N o w Jersey canals. The following is tho order issued by
tho Railroad Administration placing M r . Tomlinson in
charge:
U N IT E D

STATES

R A IL R O A D A D M IN IS T R A T IO N ,
Washington, July 1 0 1 9 1 8 .
G e n e r a l O r d e r N o . 33.
M r . G . A . T o m lin s o n , G e n e ra l M a n a g e r o f th e N e w Y o r k C a n a l S e c tio n
o f t h o U n it e d S t a t o s R a il r o a d A d m i n i s t r a t i o n , is a p p o i n t e d F e d e r a l M a n ­
a g e r o f N e w Y o r k a n d N e w J e r s e y c a n a ls , e ffe c t iv e J u ly 15 1 9 1 8 , a n d as
s u c h w ill p e r f o r m t h e f u n c t io n s h e r e t o f o r e p e r f o r m e d b y h i m a s G e n e r a l
M a n a g e r o f N o w Y o r k C a n a l S e c t i o n o f t h e U n it e d S t a t e s R a i l r o a d A d ­

254

THE CHRONICLE

m in is t r a t io n , a n d in a d d it i o n \vill o p c r a t o f o r t h o D ir o c t o r - G o n e r a l u p o n
t h o D e la w a r e & R a r i t a n C a n a l a n d c o n n e c t i n g w a t e r s s u c h e q u i p m e n t
a s 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 n o w h a s i n i t s p o s s e s s io n
a n d c o n t r o l e n g a g o d in s u c h o p e r a t i o n , a n d s u c h a d d i t i o n a l e q u i p m e n t
a s m a y b o a s s ig n e d f o r t h a t p u r p o s e .
l i e is a u t h o r i z e d t o e n f o r c e a n d c o l ­
l e c t s u c h t o l l c h a r g e s a s a r e o r m a y h e r e a f t e r b o e s t a b l is h e d f o r t h e u s e o f
t h e D e la w a r e & R a r it a n C a n a l b y b o a t s o p e r a t e d b y o t h e r s a n d e m p o w e r e d
t o e n t e r i n t o c o n t r a c t s , e it h e r in h is o w n n a m o a s s u c h F e d e r a l M a n a g e r
o r in t h o n a m o o f t h 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 , f o r t h e p u r c h a s o o f
s u p p lie s n e e d e d in s u c h o p e r a t i o n , a n d f o r t h e t r a n s p o r t a t io n o f p r o p e r t y
u p o n s u ch ca n a l a n d o th e r w a ters.
W . G . M c A D O O , Director-General of Railroads.

SENATE RESOLUTION CALLING FOR IN Q U IRY INTO
TAKIN G OVER OF HUDSON TUBES BY RAILROAD
AD M IN ISTRATIO N .
A resolution directing that the Senate Committee on Inter­
State Commerce bo instructed to inquire into the taking over
b y tho Railroad Administration of the Hudson River or
M cA doo Tubes, connecting N e w Y ork with Jersey City and
N ew ark, was agreed to by the Senate on July 5. The follow­
ing is the text of the resolution as adopted by tho Senator
Whereas t h e U n it e d S t a t e s R a i l r o a d A d m i n i s t r a t i o n , o p e r a t i n g u n d e r t h o
p r o v is io n s o f t h e A c t o f M a r . 21 1 9 1 8 , h a s a s s u m o d ju r is d ic t io n o v e r th o
r a i lr o a d s y s t e m s o f t h o c o u n t r y f o r a n d d u r i n g t h o c o n t i n u a n c e o f t h o w a r ,
“ t o m e e t c o n d it io n s g r o w in g o u t o f w a r ;” a n d
Whereas it w a s t h o p u r p o s e o f t h o A c t in q u e s t i o n t o t a k e o v e r o n l y t h o s o
t r a n s p o r t a t i o n lin o s w h ic h o n g a g o in g e n e r a l t r a f f i c , p a s s e n g e r a n d fre ig h t,,
a n d n o t r o a d s o n g a g e d s o l e l y in l o c a l , u r b a n , o r in t o r u r b a n p a s s o n g o r
b u s in e s s ; a n d
Whereas t h o D i r c c t o r - G o n e r a l o f R a i l r o a d s h a s a s s u m e d j u r i s d i c t i o n o v e r
t h o s o - c a l l e d “ t u b e ” l in o s r u n n i n g u n d e r t h o H u d s o n R i v e r , b e t w e e n t h e
N o w Y o r k t e r m i n a l a n d t h o c it i e s o f J o r s o y C i t y a n d N e w a r k , N . J . , a
c la s s o f t r a f f i c h a v i n g n o r o la t i o n w h a t e v e r t o w a r c o n d i t i o n s ; a n d
Whereas b y o r d e r o f t h o D i r e c t o r - G o n o r a l o f R a i l r o a d s , t h o r a t e o f f a r o
b e t w e e n J o r s o y C i t y a n d N o w Y o r k w a s i n c r e a s e d 1 0 0 % , w h i c h in c r o a s o
w a s s u b s e q u e n t ly a n n u l l e d ; a n d
Whereas t h o r a t e o f f a r o b o t w e o n N o w Y o r k a n d N e w a r k , a p u r o l y l o c a l
b u s in e s s , h a s b o o n in c r e a s e d f r o m 17 c e n t s t o 2 7 c e n t s , o r 0 0 % , t h o u g h t h o
t r a f f i c o v e r s a id lin e s h a s n o r e la t i o n t o w a r c o n d i t io n s : t h o r o f o r o b o it
Resolved, T h a t t h o C o m m i t t e e o n I n t e r - S t a t e C o m m o r c o o f t h e S e n a t o
b o i n s t r u c t e d t o i n q u i r e i n t o t h o c o n d i t i o n s a b o v o s o t f o r t h , w it h a v i o w
t o a s c e r t a in in g w h y t h e s e p u r e l y l o c a l lin e s w e r o t a k e n o v o r ; w h e t h e r s u c h
t a k i n g o v o r w a s in a c c o r d a n c e w i t h t h o s p i r it a n d t h o l e t t e r o f t h o A c t in
q u e s t i o n ; w h y t h o o r d e r w a s is s u e d i n c r e a s in g f r o m 5 t o 10 c e n t s t h o f a r o
b e t w o o n N o w Y o r k a n d J o r s o y C i t y a n d w h y s a id o r d o r w a s c a n c o l l o d ; w h y
t h o fa r o b o tw e o n N e w Y o r k a n d N e w a r k h a s b o o n in c re a s e d 0 0 % .

The inquiry was proposed by Sonator Frelingkuysen of
N o w Jersey on July 2, who declared that the tubes do not
come within the provisions of the Railroad Act, since they
are not used to carry freight, soldiers or w ar supplies, but
that its passengers are wholly commuters, upon whom an
increase in fare will bear heavily. Senator Frelinghuysen
said:
I c a n n o t seo w h y f o r g o v e r n m e n ta l rea son s o r b e ca u s o o f th o w a r th e
D ir e c t o r -G e n e r a l o f R a ilr o a d s s h o u ld a s s u m e c o n t r o l o f th o s e lo c a l in te r ­
u r b a n lin e s , a n d in c r o a s o t h o r a t e s f r o m 6 0 t o 1 0 0 % .
T h i s a d d it i o n a l
r o v o n u o is n o t n e e d e d t o f u r t h o r d o v e l o p t h o s o r o a d s , o r f o r b e t t o r m e n t in
c o n n e c t i o n w it h t h e i r o p e r a t i o n s .
T h o r o w il l b o a v a s t l y in c r e a s e d r e v e n u o
f r o m t h is s c r v i c o o u t o f t h o p o c k e t s o f t h o c o m m u t o r s , f e w o f w h o m c a n
a f f o r d t h e a d d it i o n a l c h a r g e , b u t t h o m il l io n s o f d o l l a r s w h ic h t h o s o h a l f
m i l l i o n t o i l e r s w il l b o c a l l e d o n t o p a y t h o G o v e r n m e n t w il l d o u b t l e s s b o
e m p l o y e d in b u i l d i n g u p s o m o b r o k e n - d o w n r a i lw a y a t h o u s a n d m il e s
fr o m N e w Y o r k .
T h i s d o e s n o t s e e m c o m o f a ir o r w it h i n t h e s c o p o o f t h o
p o w e r w h ic h C o n g r e s s g r a n t e d t o t h o D i r e c t o r - G o n o r a l o f R a i l r o a d s w h e n
th e A c t o f M a r . 21 1918 w a s p a s s o d .

SENATE RESOLUTION FOR INQ U IRY INTO MOVE­
M E N T OF M A I L TO SOLDIERS I N FRANCE.
Tho Senate on July 5 adopted a resolution calling for a
report to tho Senato by the Secretary of W a r and tho Post­
master-General regarding the movement of the mails to and
from the United States troops abroad, and information as to
what steps are being taken to improvo the service. A n
investigation was undertaken somo weeks ago by the IIouso
Committee on Expenditures in the Post Office Department.
Tho Senate resolution follows:
Whereas t h o r o g u l a r d i s p a t c h a n d d e l i v e r y , s o f a r a s i t is h u m a n ly p o s s i b lo
u n d o r p re so n c w a r c o n d it io n s , o f le tt e r m a il o r o th e r n e ce s s a ry m a il m a tte r
t o a n d f r o m t h o s e w h o a r o in a n y c a p a c i t y a p a r t o f t h o A m e r i c a n E x p e ­
d i t i o n a r y F o r c e s o n f o r e i g n s o i l s h a s m u c h t o d o w it h t h o m o r a le o f o u r
t r o p p s a b r o a d , a n d c o n t r i b u t e s i m m e n s e l y t o w a r d t h o p o a c o o f m in d o f
r e l a t i v e s a n d f r i e n d s in t h o U n it e d S t a t e s , a n d
Whereas t h o c o m p l a i n t s h o r o a n d a b r o a d a r o p o r s i s t e n t t h a t t h o m a il
d e l iv e r i e s , b o t h a b r o a d a n d in t h is c o u n t r y , t o o u r s o l d ie r s t h o r e a n d t o t h o i r
f r i e n d s a n d r e la t i v e s h e r o a r o w r e t c h e d l y I n a d e q u a t e , m u c h o f t h e m a il
f a il i n g t o r e a c h it s d e s t i n a t i o n : t h o r o f o r e b o i t
Resolved, T h a t t h e S e c r e t a r y o f W a r a n d t h o P o s t m a s t o r - G o n o r a l b e , a n d
h e r e b y a r o , d i r c c t o d t o m a k o r r e p o r t t o t h o S e n a t o a t t h o e a r lie s t p r a c t i c a b l e
m o m e n t , o a c h c o v e r i n g t h o o p e r a t i o n s o f h is d e p a r t m e n t a s t o t h o m o v e ­
m e n t s o f t h o m a i ls t o a n d f r o m o u r t r o o p s a n d a u x ilia r ie s a b r o a d , a n d w h a t
s te p s a ro b o ln g ta k o n t o Im p r o v o th o s o r v ic e .

UNITED STATES JOINS W IT H FRANCE I N CELEBRA­
TION OF BASTILE D A Y ANNIVERSARY.
Just as Franco had signally recognized our Indepondonco
D a y , tho United States joined with France in celebrating
tho French National holiday, July 14— tho anniversary of
the fall of the Bastilo. A resolution calling on tho people
of this country to fittingly celebrate tho day was adopted




[V o l . 107.

by Congress, and an Executive ordor for tho French flag
to be flown from all public buildings and vessels was issued
by President Wilson. Besides this, a message to tho French
peoplo was sent by President Wilson to Ambassador Sharp
at Paris on July 13 for transmission by him to President
Poincare the following day, this message reading as follows:
A m e r i c a g r e o t s F r a n c e o n t h is d a y o f s t ir r in g m o m o r io s w it h a lio a r t f u l l
o f w a r m fr i e n d s h ip a n d o f d e v o t i o n t o t h o g r o a t c a u s o in w h ic h t h e t w o
p e o p le s a re n o w s o h a p p ily u n ite d .
J u l y 1 4 , lik o o u r o w n J u l y 4 , h a s t a k e n
o n a n e w s i g n if i c a n c e , n o t o n l y f o r F r a n c e , b u t f o r t h o w o r l d . A s F r a n c e
c e le b r a t e d o u r F o u r t h o f J u l y , s o d o w o c e lo b r a t o h o r F o u r t e e n t h , k e e n l y
c o n s c io u s o f a c o m r a d e s h i p o f a r m s a n d o f p u r p o s e s o f w h ic h w o a r o d o o p l y
p rou d.
T h e s e a s e e m s v e r y n a r r o w t o - d a y , F r a n c o is s o c lo s e a n e i g h b o r
t o o u r h ea rts.
T h e w a r is b e i n g f o u g h t t o s a v o o u r s o lv o s f r o m in t o le r a b l e
t h i n g s , b u t i t is a ls o b e i n g f o u g h t t o s a v o m a n k i n d .
W e ox ton d ou r h an d s
t o o a c h o t h e r , t o t h e g r e a t p e o p l e s w it h w h o r h w o a r o a s s o c ia t e d a n d t o t h e
p e o p l e s e v e r y w h e r e w h o l o v o r ig h t a n d p r i z o j u s t i c o a s a t h i n g b o y o n d
p r i c e , a n d c o n s e c r a t e o u r s o l v o s o n c o m o r e t o t h o n o b l e e n t e r p r is e o f p e a c e
a n d j u s t i c o , r e a liz in g t h o g r e a t c o n c e p t i o n s t h a t l ia v o l if t e d F r a n c e a n d
A m e r i c a h ig h a m o n g t h o fr e e p e o p le s o f t h o w o r l d .
T h o F r e n c h f la g flie s
t o - d a y f r o m t h o s t a f f o f t h o W h i t e H o u s e a n d A m e r i c a is h a p p y t o h o n o r
t h a t f la g .
W O O D R O W W IL S O N .

Tho President’s greeting to France was road at meetings
hold last Sunday in observance of tho French holiday by
tho Committee on Alliod Tribute to Franco in N o w York:
tho National Security Loague of Chicago and tho Societe
Franciaso do St. Louis, in St. Louis. Tho Prosidont’s flag
order for Bastilo D a y read:
I n r e c o g n i t i o n o f t h o v a l o r , c o u r a g e a n d h e r o is m w it h w h ic h t h o p o o p l o
o f F r a n c e h a v e f o r n e a r ly f o u r y e a r s d e f o n d o d t h o l ib e r t ie s o f t h e w o r l d , i t is
h e r e b y o r d e r e d t h a t t h o n a t i o n a l f la g o f F r a n c o b e d i s p l a y e d o n a ll p u b li c
b u i l d in g s a n d v e s s e ls o f t h e U n it e d S t a t e s a t h o m o a n d a b r o a d o n J u l y 14
1 9 1 8 , in h o n o r o f t h o F r o n c h n a t i o n a l h o l i d a y , B a s t i l o D a y .

A message to tho French Minister of Marino was sent as
follows by Secrotary of tho N a v y Daniels:
E v e r y s h ip a n d s t a t io n o f t h o U n it o d S t a t e s N a v y w ill c e lo b r a t o t h e 1 4 t h
o f J u l y in t h e s a m o m a n n e r a s w o d o o u r o w n n a t i o n a l a n n iv e r s a r y .
I
r e jo i c e t h a t o u r t w o r e p u b l i c s j o i n in t h o c e le b r a t i o n o f t h o 4 t h a n d 1 4 t h
o f J u l y — t w o d a y s t h a t o p e n t w o d o o r s t o in o n s o c k i n g f o r I ib o r t y .
T h is
m u t u a l r e c o g n i t i o n o f n a t i o n a l h o l i d a y s w ill b in d m o r o c l o s e l y t o g o t h o r t h o
p e o p lo s o f b o t h re p u b lics .

W o givo bolow tho resolution adoptod by tho Unitod Statos
Senato on July 12 urging citizens of tho Unitod States to
observe Bastilo D a y “ as a mark of special regard for our
ally” : the House passod a similar resolution July 13:
Whereas, 'T h e p e o p l e a n d G o v e r n m e n t o f F r a n c e h a v e e x p r e s s e d t h o ir
f r ie n d s h ip f o r t h o U n it o d S t a t e s b y c e le b r a t i n g o u r n a t i o n a l h o l i d a y , t h e
F o u rth o f J u ly ; a n d
Whereas, T h o 1 4 t h o f J u l y , F r a n c o ’s n a t i o n a l h o l i d a y , is s im ila r in
m e a n in g t o o u r 4 th o f J u ly ; a n d
Whereas, I t is f i t t i n g t h a t t h e A m o r i c a n p e o p l o s h o u l d e x p r e s s it s a p p r e ­
c i a t i o n f o r t h o c e le b r a t i o n in F r a n c o o f o u r I n d e p o n d o n c o D a y a n d t h o ir
a d m i r a t io n f o r t h o s u b l i m e c o u r a g e w i t h w h ic h t h o p e o p l o o f F r a n c e h a v e
f o r n e a r l y f o u r y e a r s d e f e n d e d t h o l ib e r t ie s o f t h o w o r l d a n d g i v o v o i c e
t o t h o u n a lt c r a b l o d e t e r m in a t i o n o f A m e r i c a c o s u p p o r t t h e c o m m o n c a u s e
o f fr e e n a t i o n s t o t h o u t m o s t lim it s o f o u r r o s o u r c o s ; N o w , T h e r e f o r e , b o i t
Resolved, T h a t t h o S e n a t o o f t h o U n it e d S t a t o s o f A m o r i c a l i o r o b y t e n d e r s
t h e f r a t e r n a l g r e e t in g s o f t h o A m o r i c a n p e o p l o t o t h o p e o p l o a n d g o v e r n ­
m e n t o f F r a n c e a n d u r g o a ll c it i z e n s o f t h o U n it o d S t a t e s t o o b s o r v o t h o
n a t i o n a l h o l i d a y o f F r a n c o , t h o 1 4 t li o f J u l y , a s a m a rie o f s p o c i a l r o g a r d f o r
o u r a l ly .
Resolved, Further T h a t t h o S e c r e t a r y o f S t a t e b o d i r e c t e d t o t r a n s m it a
c o p y o f t h is r e s o lu t i o n t o t h o G o v e r n m e n t o f t h o F r o n c h R e p u b l i c .

The celebration in N o w Y o rk was brought to a closo with
a monster meeting at M adison Squaro Garden on Sunday
night, at which somo of tho speakors wero Secretary of tho
N a v y Daniels, the E arl of Reading and County Macchi di
Cellero, Ambassadors respectively of Great Britain and of
Italy; Ambassador Jusserand of Franco, Admirals Gleaves
and Usher of tho U . S. N a v y ; Samuel Gompors, President of
tho American Federation of Labor; Charles E . Hughes, &c.
A t tho meeting a messago from President Poincare was read
as follows b y Ambassador Jusserand:
F r a n c e is p r o f o u n d l y g r a t e f u l t o t h e g r e a t s i s t e r r e p u b l i c f o r j o i n i n g w it h
h e r in t h e c e l e b r a t i o n o f t h o a n n iv e r s a r y o f t h o 1 4 t h o f J u l y , a s F r a n c o
h e r s e lf jo in e d A m o r ic a t o c e lo b r a to In d e p o n d o n c o D a y .
T h e se m u tu a l
t o k e n s o f f r i e n d s h ip l ia v o n o t t h o c o n v e n t i o n a l i t y a n d c o ld n e s s o f m e r o
o f fic ia l m a n ife s ta tio n s .
T h e y s p r i n g l i k o a l iv i n g f l a m e f r o m t h o h e a r t s
o f o u r t w o p e o p lo s a n d h a v e th o f o r c e a n d t h e s p o n t a n e it y o f g r o a t n a tio n a l
m ov em en ts.
A m e r i c a a n d F r a n c o f e e l c l o s e l y l in k e d a c r o s s t h o o c e a n b y t h e i r c o m m o n
a im s a n d h o p e s .
L i k o t h e i r A l l ie s , b o t h s e e k t o d e l iv e r t h o w o r l d o f
im p e ria lis tic t y r a n n y a n d a m b it io n .
F o r t h is s a c r e d c a u s o , t h e v a l i a n t
A m e r i c a n s o l d ie r s a r o f i g h t i n g t o - d a y o n F r o n c h s o i l a n d , o f l a t o , o n A l ­
s a tia n g r o u n d .
I s e n d t o t h e i r p a r e n t s , t h e i r m o t h e r s , t h e i r w i v e s , t h e ir c h i ld r e n , t o a ll
th o s o w h o m th e w a r h as m o m e n t a r ily s e p a ra te d fro m t h o s o b ra v o m e n ,
t h e a s s u r a n c e t h a t t h o y a r o a n d w ill b e t r e a t e d b y F r a n c e w i t h t h o s a m o
a f f e c t i o n a s h e r o w n c h i l d r e n , a n d t h a t w o w il l c o n s i d e r t h e m n o t o n l y a s
o u r b r o t h e r s in a r m s , b u t a s b r o t h o r s b y a d o p t i o n , f o r w h o m s h a ll b o
re s e r v e d fo r e v e r a p la c e a t th o fa m ily h e a r th .
T h o s o w h o w ill l ia v o f o u g h t t o g o t h o r f o r I i b o r t y , w ill r e m a in u n i t e d t o
e a c h o t h e r b y i n d i s s o l u b l e l in k s .
I e x p r e s s t o t h o w li o lo A m e r i c a n p e o p l e
m y a d m i r a t io n a n d m y w is h e s f o r v i c t o r y .
R A Y M O N D P O IN C A R E .

M r . Jusserand also announced the following cablegram
from General Focli:
W e a r o c e l e b r a t i n g t o - d a y t h o a n n iv e r s a r y o f o u r I n d e p e n d e n c e , a n d w o
a r e f i g h t i n g f o r t h a t o f t h o w li o lo w o r l d .
A f t e r f o u r y e a r s o f s t r u g g l o , t h o p la n s o f t h o e n e m y f o r d o m i n a t i o n a r o
sto p p e d .
H o s e e s t h o n u m b e r o f h is a d v e r s a r i e s in c r o a s o e a c h d a y a n d t h o
y o u n g A m e r ic a n a r m y b r in g in t o th e b a t t lo a v a lo r a n d a fa it h w it h o u t
e q u a l.
I s n o t t h is a s u r o p l e d g o o f t h o d e f i n i t i v e t r iu m p h o f t h e j u s t c a u s o ?

July 20 1918.]

THE CHRONICLE

General Pershing had issued an order decreeing the French
holiday as a day of celebration for the American Expedition­
ary Forces.
A message from the American people which tho FourM inute M on of tho Committee on Public Information,
transmitted through the Ambassador of the French R e­
public at Washington, M . Jusserand, to the French people
on tho anniversary of Bastile D ay , has been published.
Before being dispatched the message was presented for in­
dorsement by tho Four-M inute M en to all audiences through­
out the country which the members of that organization
addressed. Tho audiences which the Four-M inute M en
had facilities to reach approximated 25,000,000, and this
largo number of Americans was asked to subscribe by reso­
lution to the sentiments sot forth in the communication.
Tho message, which was translated for transmission by
Comte do Chambrun, a great grandson of Lafayette, fol­
lows:
L i b e r t y lia s t w o b i r t h d a y s , o n o in t h o N o w W o r l d a n d o n o i n t h o O ld .
O n o is m a r k e d b y t h o a n n iv e r s a r y o f o u r D e c l a r a t i o n o f I n d e p e n d o n c o o n
J u ly 4 1770.
I t is t h o b i r t h d a y o f a n a t i o n in t h o n o w w e s t e r n w o r l d
d e d i c a t e d t o t h e p r o p o s i t i o n t h a t a ll m o n a r e c r e a t e d f r e o a n d e q u a l.
Its
c r a d l e w a s I n d e p o n d o n c e l l a l l in P h il a d e l p h i a .
T h a t n a t i o n lia s b e c o m o a g r o a t p e o p l o , w h ic h h a s g a t h e r e d t o i t s i d o a l s
t h o s e lf-g o v e r n in g n a tio n s o f th o t w o A m e r ic a s , a n d fig h ts fo r th o p r e s e r v a ­
t i o n o f it s l if e , t h a t g o v e r n m e n t s o f t h o p e o p l e , f o r t h e p e o p l o , a n d b y t h o
p e o p l o s h a ll n o t p e r is h f r o m t h o f a c e o f t h o o a r t h .
T h o s e c o n d c r a d i o o f l i b e r t y w a s a m i d t h e r u in s o f t h o B a s t i l o in P a r is .
O n J u l y 14 1 7 8 9 . t h o p o o p l o o f P a r is d o s t r o y e d t h is g r e a t m e d i e v a l p r i s o n ,
t h o o m b lo m t o th e m o f t y r a n n y a n d o p p re s s io n a n d a u t o c r a t ic g o v e r n ­
m en t.
T h e y l ig h t e d t h o t o r c h o f l i b e r t y a t its s m o u l d e r in g r u in s a n d s e n t
t h e ir a r m ie s f o r t h f r o m t h o f ir s t g r o a t E u r o p e a n R e p u b l i c t o c a r r y t h i s
t o r c h i n t o a E u r o p e g o v e r n e d b y a b s o l u t i s m a n d c u r s o d w it h p r i v il o g o a n d
i n e q u a l i t y a n d i n ju s t l c o .
T h e s o t w o g r o a t R e p u b l ic s a r o c h i ld r e n o f t h o s a m o s p i r it .
T h e ir e s s e n ­
t ia l u n io n f r o m t h o d a y s o f L a f a y o t t e a n d W a s h i n g t o n t o t h o d a y s o f W i l ­
s o n a n d O lo m e n c c a u , o f P e r s h in g a n d F o c h h a s b e e n u n b r o k e n .
F r e n c h b l o o d a n d t r e a s u r e w o r e g i v e n s o t h a t w o m ig h t f o u n d t h o f i r s t
g r o a t o x p o r im e n t o f s e l f - g o v o r n m e n t .
A m e r i c a t o - d a y s e n d s h e r m illio n s in m e n a n d h e r b i ll i o n s in g o l d t h a t t h e
h o m o o f J o a n o f A r c a n d t h o t o m b o f L a f a y e t t e m a y r e m a in i n v i o l a t e .
F r a n co s ta n d s o r o c t t o -d a y , u n c o n q u o r e d a n d u n c o n q u e r a b le .
A m e r ic a
s t a n d s b o s id o h e r .
O u r b o y s in k h a k i s t a n d s h o u l d o r t o s h o u l d e r w it h t h o
h o r i z o n b l u e o f F r a n c o ’s b r a v o m o n .
O u r S t a r s a n d S t r ip e s o v o r t h o
t r e n c h e s b e s id e t h o t r i c o l o r o f F r a n c o p r o c la im t o t h o m il i t a r y m a s t o r s o f
G e r m a n y a u n io n w h i c h s h a ll c a r r y t h o c a u s o o f d e m o c r a c y t o t r iu m p h
a n d f o r m t h e b a s is o f g r e a t e r w o r l d f o d o r a t io n in t h o d a y s o f p e a c e .
T o - d a y w o aslc o f F r a n c o n o t h i n g b u t t h o p r i v il o g o o f r e p a y i n g t h o d e b t
w o o iv o .
W e , t o o , c o lo b r a t o t h e f a l l o f t h e B a s t i l o , t h o f ir s t s t r o n g h o l d o f
a b s o l u t i s m t o g o d o w n b e f o r o t h o r is in g p o w e r o f f r e e m e n .
W o s h a ll s t a n d
b e s id e h e r t ill t h o la s t s t r o n g h o l d o f a u t o c r a c y f a ll s in r u in s a b o u t t h o l l o h e n z o lle r n d y n a s t y .
Y o u , s is t e r R e p u b l i c , a r o g i v i n g e v e r y t h i n g , k e o p i n g o n l y t h e i m p e r i s h ­
a b l e h o p o , t h a t s p ir it o f s o l f - s a c r if lc o f o r t h in g s g r e a t e r t h a n t h o l iv e s o f
m e n a n d n a t i o n s , w h ic h is t h e c r o w n a n d g l o r y o f F r a n c e t h r o u g h a ll t h o
ages.
A c c o p t f r o m A m e r ic a , o n th o o n o h u n d re d a n d t w e n ty -n in t h a n n iv e r ­
s a r y o f y o u r d e d ic a t io n t o s e lf-g o v e r n m e n t, th e tr ib u te n o t o f o u r s o n tim o n t
a l o n e , b u t o f o u r s e lv e s .
T h e v o l c o o f A m e r i c a p r o c la im s t o - d a y w i t h o n o a c c o r d " L o n g l i v o , l o n g
llv o — F r a n c o .”

T o each audionco to which the mossago was read the FourM inute M e n presented tho following resolution for adop­
tion:
"Resolved, T h a t t h o 1 4 t h o f J u l y m e s s a g e y o u h a v e j u s t h e a r d b o t h o
s o n t i m o n t o f A m e r i c a ’ s m illio n s ; t h a t i t b o d e l iv e r e d t h r o u g h F o u r - M i n u t e
M o n o f th o C o m m it te e o n P u b lic I n fo r m a tio n t o th o F r e n c h A m b a s s a d o r
f o r t r a n s m is s io n t o t h o p e o p l o o f F r a n c e ; a n d t h a t t h is a u d io n c o ( o r c o n ­
g r e g a t i o n ) w i t h t h o u s a n d s o f o t h e r s , t h is d a y ( o r e v e n i n g ) s a l u t o a n d h o n o r
o u r n o b io a lly , t h o R e p u b lic o f F r a n c o .”

Tho French holiday was also celebrated in Cuba, Panama
and Groat Britain.

RESIGNATION OF GERMAN FOREIGN SECRETARY
RICHARD VON K U E IIL M A N N .
Among othor things, tho Imperial German Chancollor
Count von Ilortling, in opening debate on the gonoral polit­
ical situation in tho Reichstag on July 11, discussod tho rotiromont of D r. Richard von Kuohlmann, the Gorman
Foroign Secretary, and tho foreign policy of tho Govern­
ment. Announcement that tho German Emperor had
accoptod tho resignation of D r. von Kuehlmann was made
in Copenhagen and Paris cablegrams of July 9, which further
said that it was expected that Admiral von Hintzo, the
Gorman Minister at Christiania and formerly Minister to
Moxico, would succeed him. W ith regard to tho resignation
of D r. von Kuohlmann and the appointment of his successor
tho Gorman Chancellor on July 11 said:
T h o n a m e o f t h o m a n w h o is p r o p o s e d a s D r . v o n K u o h l m a n n ’s s u c c e s s o r
is k n o w n t o y o u .
A d m i r a l v o n H in t z o p o s s o s s o s a t h o r o u g h k n o w l o d g o
o f R u s s i a n a f fa ir s , w h ic h is a m a t t e r o f g r o a t i m p o r t a n c e in t h o p r e s e n t
s i t u a t io n .
B u t i t g o o s w it h o u t s a y i n g t h a t I w ill g l v o m y c o u n t e r s i g n a t u r e
t o t h o a p p o in t m e n t o f A d m i r a l v o n H in t z o o n l y o n c o n d i t i o n t h a t h e f o l ­
l o w s m y l in o o f p o l i c y a n d n o t h is o w n .
H o w e v e r , as fa r a s I a m c o n c e r n e d , I a lr o a d y h a v e a su re g u a r a n te e f o r
t h is in A d m i r a l v o n l l l n t z o 's p r o m is e .
I w ill d i r e c t t h o lin o o f f o r o i g n
p o l i c y , a n d t h o S e c r e t a r y o f S t a t e f o r F o r e ig n A f f a i r s h a s m c r o l y t o c a r r y
o u t m y p o lic y .
T h o p r o p o s e d S e c r e t a r y o f S t a t e f o r F o r e i g n A f f a i r s is
a b s o l u t e l y c le a r o n t h i s p o i n t .
T h e c o u r s e w i t h w h ic h t h o g r e a t m a j o r i t y o f t h o R e i c h s t a g d e c l a r e d
i t s e l f t o b o in a g r e e m e n t In N o v o m b o r o f la s t y e a r w ill s t ill b o f o l l o w o d .




255

Tlio change in the Foreign Ministry, the Chancellor is re­
ported to have stated, was not caused by any roal differences
of opinion, but arose out of porsonal discussions revealing
matters which should not be mado public.
Adm iral von Hintze was said on tho 12th to have made a
binding declaration to Count von Hertling that he was
willing in every w ay to follow tho Imperial Chancellor’s
policy. Following the speech of D r. von Kuehlmann in the
Reichstag on June 25, a London cablegram on June 27
announced that, according to an Amsterdam dispatch to
the Central New s, the German Emperor had sent the Im ­
perial Chancollor, Count Hertling, “ a furious telegram”
about D r. von Kuehlmann’s speech. Another London cable
of the same day said:
D r . v o n K u e h l m a n n , in r e p l y in g t o c r it i c s d u r i n g t h o c o u r s e o f y e s t e r ­
d a y ’s d e b a t e i n t h e R e i c h s t a g , s a id :
“ O n c e le g e n d s h a v e a r is e n t h e y a r e d i f f i c u l t t o d e s t r o y , b u t I m u s t
d o c l a r o , w it h a v i e w t o c o u n t e r a c t in g t h o g r o w t h o f a l e g e n d , t h a t t h e r e
c a n b o n o q u e s tio n o f m y h a v in g b o u n d m y s e lf t o t h e id e a o f a lo n g w a r .”
T h o f o r e g o i n g w a s e v o k e d b y a d e p u t y w h o r e fe r r e d t o “ D r . v o n K u e h l ­
m a n n ’s e x p e c t a t i o n o f a w a r o f v e r y l o n g d u r a t i o n . ”

One of the features of D r. von Kuehlmann’s speech last
month was his statement that “ in view of tho magnitude of
tho war, and tho numbor of Powers, including those from
overseas that are engaged, its end can hardly be expected
through purely military decisions alone and without re­
course to diplomatic negotiations.” W ith regard to the
resignation of Secretary von Kuehlmann, an Associated
Press dispatch from Washington July 10 said:
A c c o r d i n g t o a n o f f i c i a l d i s p a t c h f r o m S w it z e r la n d t o - d a y , t h e r e t ir e ­
m e n t o f V o n K u o h lm a n n as G e rm a n F o r e ig n M in is t e r a n d t h e a p p o in t m e n t
o f V o n H i n t z e t o s u c c e e d h i m is l o o k e d u p o n a s a v i c t o r y f o r t h e P a n G orm a n s.
I t is a l s o r e c a ll e d t h a t a f e w d a y s a g o t h e S o c ia l D e m o c r a t s
a n n o u n c e d i n t h e S o c ia lis t p a p e r “ V o r w a o r t s ” t h a t i f V o n K u e h l m a n n w a s
f o r c e d t o g o C h a n c e ll o r v o n H e r t l i n g w o u l d a ls o b o o b l i g e d t o r e t ir e .
The
S w is s v i e w , h o w e v e r , is t h a t t h e s i t u a t io n w ill n o t b o a l t e r e d in a n y w a y ,
f o r t h o m il i t a r y p a r t y is in r e a l it y g o v e r n i n g , a n d p a r t o f i t s p o l i c y is t o
m a k e a f o w c o n c e s s io n s in f o r m a n d in r e g a r d t o t h e s t a f f t o t h o L i b e r a l
P a rty .

A s to the acceptance of the Von Kuehlmann resignation,
H avas advices from Paris, July 11, forwarded through the
Associated Press, said:
D e c i s i o n t o a c c o p t t h o r e s ig n a t io n o f F o r e i g n S e c r e t a r y v o n K u e h l m a n n
w a s t a k e n M o n d a y a t a c o n f e r e n c e a t G o r m a n G e n e r a l H e a d q u a r t e r s w h ic h
w a s a t t e n d e d b y t h e E m p e r o r , C h a n c e ll o r v o n I l o r t l i n g a n d A d m i r a l v o n
H in t z e , s a y s a Z u r i c h d i s p a t c h t o t h e “ M a t i n . ”
T h o r e p o r t e d a p p o in t m e n t o f V o n H in t z e a s F o r o i g n S e c r e t a r y is c o n ­
s id e r e d b y F r e n c h p a p e r s t o b o t h e w o r k o f t h e G e r m a n G e n e r a l S t a f f , a
c h a l le n g e t o t h e m a j o r i t y in t h e R e i c h s t a g a n d a d o l ib o r a t o i n s u l t t o S o u t h ­
ern G e rm a n y .
“ L ’ H o m m o L i b r e ” s a y s t h e m il i t a r y p a r t y is s t r o n g e r i n
G e r m a n y t h a n t h e d i p l o m a t s a n d in o v e r t h r o w i n g V o n K u e h l m a n n t h e
m ilit a r is t s s h o w p l a i n ly t h a t t h e y w a n t a w a r t o t h e e n d . “ a n d w e m u s t
n o t fo r g e t th a t .”

In announcing that a secret trial had been decided upon
in the libel suit brought by D r. von Kuohlmann against two
Berlin editors, Amsterdam cables on July 5 said:
B e c a u s e p u b l i c i t y m ig h t e n d a n g e r t h o s e c u r it y o f t h e S t a t e , t h e P r e s i d e n t
o f t h o C o u r t w h i c h is t o h e a r t e s t i m o n y in t h o lib e l s u it o f D r . R i c h a r d v o n
K u o h l m a n n , t h e F o r e ig n S e c r e t a r y , a g a in s t t w o B o r lin e d i t o r s , a n n o u n c e d
a t t h o o p e n i n g s e s s io n o f t h e t r ia l T h u r s d a y t h a t t h e c a s e w o u l d b e h e ld in
se cre t.
T h i s a c t i o n w a s t a k e n a f t e r t h e P r e s i d e n t o f t h o C o u r t h a d f a il e d
to o b ta in a c o m p r o m is e b e tw e e n th o F o ro ig n S e c r e ta r y a n d th o d e fe n d a n ts .
M a x L o h a n , e d i t o r o f t h e “ D e u t s c h e Z e i t u n g , ” a n d J u liu s D u n c k e , e d i t o r
o f th e “ D e u ts c h e B la e t t e r .”
W h e n t h e c a s e w a s c a l le d f o r t r ia l a la r g e n u m b o r o f p r o m in e n t G e r m a n
p o l i t i c a l le a d e r s w e r e i n a t t e n d a n c e .
A m o n g t h e n u m b e r w e re F o re ig n
S e cre ta ry v o n K u e h lm a n n , V ic e -C h a n c e llo r v o n P a y e r , H e rr N o lle n b e r g ,
d i r e c t o r o f t h o D e u t s c h e B a n k , a n d M a j o r v o n K e s s le r o f t h e G e r m a n
F o r o ig n O f f i c e .
A d d r e s s in g th e a c c u s e d e d ito r s , th o P r e s id e n t o f th e C o u r t a s k e d w h e th e r
i t w a s n o t p o s s i b le t o s e t t le t h e m a t t e r b y l o y a l e x p l a n a t i o n s o n t h e p a r t o f
th o p la in t iff.
H e i r L o h a n r e p l ie d :
“ W o h a v e n o i n t e r e s t in w a s h in g d i r t y l in e n u n d e r t h e g a z e o f e n e m y
c o u n t r ie s .
A b o v e a ll i t is q u i t e r e m o t e f r o m o u r i n t e n t io n t o d i s h u p b e d ­
r o o m s e c r e t s , b u t in t h o i n t e r e s t o f t h o c o u n t r y a n d t h o F o r e i g n O f f i c e t h e
ca s e s h o u ld p r o c e e d .
“ T h e a r t ic l e I h a v e t o a n s w e r f o r a im s a t t h e r e m o v a l o f D r . v o n K u e h l ­
m a n n a s a p o l i t i c a l l y h a r m f u l p e r s o n a n d I p o s s e s s a c e r t a in g u a r a n t e e t h a t
a t n o d i s t a n t d a t e D r . v o n K u o h l m a n n w ill r e t ir o .
I a m r e a d y t o g i v e h im
a n e x p l a n a t i o n in h is p r i v a t e c a p a c i t y , a s I h a d n o i n t e n t io n t o a f f r o n t h im
i n h is p r i v a t e c a p a c i t y . ”
I l c r r D u n c k e s a i d h e a g r e e d w it h t h e s t a t e m e n t o f H e r r L o h a n .
The
P r e s i d e n t o f t h e C o u r t t h e n d e c l a r e d t h a t h is a t t o m p t t o m e d i a t e h a d f a i l e d ,
a s t h o F o r e i g n S e c r e t a r y c e r t a in l y w o u l d n o t g i v e a n e x p l a n a t i o n i n v i e w
o f th o a tt it u d e o f th e e d ito rs .
T h o p u b li c p r o s e c u t o r t h e n d e m a n d e d t h a t t h e c a s e b e h e a r d i n s e c r e t .
T h o m o t i o n w a s o p p o s e d b y c o u n s e l f o r t h e d e f e n d a n t s , a f t e r w h ic h t h e
C o u r t a d jo u r n e d t o c o n s id e r th e q u o s tio n .
W h e n t h o h o a r in g w a s r e s u m e d
t h o P r e s i d e n t a n n o u n c e d t h e p u b l i c w o u l d b e e x c l u d e d f r o m t h e t r ia l a n d
t h a t o n l y t h o I m p e r ia l C h a n c e ll o r o r h is r e p r e s e n t a t iv e w o u l d b o a l lo w e d
in t h o c o u r t r o o m .
T h e C o u r t t h e n a d j o u r n e d t h e t r ia l f o r a n i n d e t e r m i ­
____________
n a te p e r io d .

COUNT VON HERTLING ON GERMANY'S READINESS
TO CONSIDER PEACE OFFERS.
In tlio debate on the general political situation which was
oponed in the Reichstag by the Gorman Imperial Chancellor,
Count von Hertling, on July 11, the declaration was made
by him that “ as long as the desire for our destruction exists
wo must hold out, we will hold out with confidence in our

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THE CHRONICLE

troops, in our army administration and our magnificent
nation.” H e added, however, that ‘‘if in spito of those
hostile statements by theso statesmen, any serious offorts
or a paving of the w ay to peace were to show themselves
anywhere, then quite certainly wo would not adopt a nega­
tive attitudo.” In further indicating that Germany was
not averse to considering peace proposals— of tho Teutonic
kind— Count von Hertling said: “ W hen serious inclinations
toward peace show themselves on the other side, then we will
immediately go into them— that is to say, wo will not reject
thorn— and we will speak to begin, within a small circle.”
A n account of what he had to say is furnished in London
cablegrams of July 12, which wo quote herewith, and which
credits the information to a German official wireless message:
I m a i n t a in t h e s t a n d p o i n t o f t h o I m p e r ia l r e p l y t o t h o p e a c e n o t o o f P o p o
B e n e d ic t .
T h e p a c i f i c s p ir it w h ic h in s p i r e d t h is r o p l y lia s a ls o i n s p ir e d m o .
A t t h o t im o , h o w o v e r , I a d d e d t h a t t h is s p i r it m u s t n o t g i v e o u r e n e m ie s
fr e e c o n d u c t f o r a n in te rm in a b le c o n tin u a tio n o f th o w a r.
W h a t h a v o w e l iv e d t o s e e , h o w o v o r ?
W h ile f o r y e a rs th e ro c a n h a v o
b e o n n o d o u b t w h a t o v e r o f o u r w illin g n e s s t o h o l d o u t o u r h a n d t o w a r d a n
h o n o r a b l e p e a c e , w e h a v o h o a r d u n t il t h e s o la s t f e w d a y s i n c i t i n g s p e e c h e s
d e l iv e r e d b y e n e m y s t a t e s m e n .
P r e s i d e n t W i l s o n w a n t s w a r u n t il w e a r o
d e s t r o y e d , a n d w h a t M r . B a l f o u r , t h o B r i t is h S e c r e t a r y o f S t a t e f o r F o r e i g n
A f f a i r s , h a s s a i d m u s t r e a l ly d r i v o t h o f lu s h o f a n g e r t o t h o c h e e k s o f e v e r y
G erm a n .
W o fe e l f o r t h e h o n o r o f o u r F a t h e r l a n d , a n d w e c a n n o t a l lo w o u r s o lv o s
t o b e c o n s t a n t l y a n d o p e n l y i n s u l t e d in t h is m a n n e r , a n d b e h i n d t h e s o
i n s u lt s is t h o d e s ir o f o r o u r d e s t r u c t i o n .
A s l o n g a s t h is d e s ir e f o r o u r
d e s t r u c t io n e x is t s w o m u s t e n d u r e , t o g e t h e r w it h o u r f a it h f u l n a t i o n .
I a m a ls o c o n v i n c e d — I k n o w i t — t h a t in t h o w id o s t c ir c le s o f o u r n a t io n
t h o s a m o s e r io u s f e e li n g e x is t s e v e r y w h e r e .
A s l o n g a s t h o d e s ir o f o r o u r
d e s t r u c t io n e x is t s w o m u s t h o l d o u t , a n d w o w ill h o l d o u t , w it h c o n f i d e n c e
i n o u r t r o o p s , in o u r a r m y a d m i n i s t r a t i o n a n d o u r m a g n i f ic e n t n a t i o n ,
w h i c h b e a r s s o w o n d e r f u l l y t h e s o d i f f i c u l t t im e s w i t h t h e i r g r e a t p r i v a t i o n s
a n d c o n t in u o u s s a c r if i c e s .
I n t h e d i r e c t i o n o f o u r p o l i c y n o t h i n g w ill b o c h a n g e d .
I f , in s p i t o o f
t h o s e h o s t i l e s t a t e m e n t s b y t h e s e s t a t e s m e n , a n y s e r io u s o f f o r t s o r a p a v i n g
o f t h o w a y t o p e a c e w e r e t o s h o w t h e m s e lv e s a n y w h o r o , t h e n , q u i t e c e r ­
t a i n l y , w o w o u ld n o t a d o p t a n e g a t i v o a t t i t u d e f r o m t h o v e r y b e g i n n i n g ,
b u t w o w o u l d e x a m i n e t h e s e s e r io u s l y m e a n t — I s a y o x p r o s s l y s e r io u s l y — •
e ffo r t s im m e d ia t e ly w it h s c r u p u lo u s c a r e .
N a t u r a l l y , i t is n o t s u f f i c i e n t w h e n s o m e a g e n t o r o t h e r a p p r o a c h e s u s
a n d s a y s t o u s : “ 1 c a n b r in g a b o u t p e a c o n e g o t ia t io n s , th e n a n d t h e r e .”
B u t i t is n e c e s s a r y f o r t h e a p p o in t e d r e p r e s e n t a t iv e s o f t h o e n e m y p o w e r s ,
d u ly a u th o r iz e d b y th e ir g o v e r n m e n t , t o g iv o u s t o u n d e rs ta n d t h a t d is ­
c u s s io n s a r o p o s s i b l e , d i s c u s s io n s w h ic h f o r t h e t i m o b e i n g n a t u r a l l y w ill b o
w it n i n a l i m i t e d c i r c l e .
B u t t h o s t a t e s m e n w h o h a v o s p o k e n u p t o t h o p r e s e n t t i m e h a v o n o t s a id
a w o r d a b o u t s u c h p o s s i b il i t ie s .
W h e n s u c h p o s s i b il i t ie s m a n i f e s t t h e m ­
s e l v e s , a n d w h e n s e r io u s i n c li n a t i o n s t o w a r d p e a c o s h o w t h e m s e lv e s o n
t h o o t h e r s i d e , t h e n w o w il l i m m e d i a t e l y g o i n t o t h e m — t h a t is t o s a y , w o
w il l n o t r e j e c t t h e m — a n d w e w ill s p e a k , t o b e g i n , w it h i n a s m a ll c i r c l e .
I a l s o c a n t e ll y o u t h a t t h is s t a n d p o i n t is n o t m e r e l y m y o w n s t a n d p o i n t ,
b u t t h a t i t is s h a r e d e m p h a t i c a l l y b y t h o C h i e f o f t h o A r m y A d m i n i s t r a ­
t io n , w h o a ls o , d o e s n o t c o n d u c t w a r fo r t h e s a k e o f w a r , b u t h a s s a id t o
m o t h a t a s s o o n a s s e r io u s d e s i r o f o r p e a c e m a n i fe s t s i t s e l f o n t h o o t h e r
s id o w e m u s t f o llo w it u p .
Y o u w il l b e i n t e r e s t e d t o k n o w h o w w o a r o w o r k in g o n t h is s t a n d p o i n t
a n d c e r t a in p r o b l e m s w ill a p p o a r w h ic h t h o p r e s e n t t im o f o r c e s u p o n u s .
E x h a u s t iv e ) d i s c u s s io n s t o o k p l a c e r e g a r d i n g t h e s o q u e s t i o n s J u l y 1 a n d 2
a t G o n e r a l H e a d q u a r t e r s , u n d e r t h o P r e s i d e n c y o f t h o K a is e r .
N a t u r a l l y , 1 c a n o n l y a n n o u n c o h e r e q u i t e g e n e r a l l y t h o lin e s w h i c h w e r o
la id d o w n a t t h a t t im e .
R e g a r d in g t h e F .a s t , w o s t a n d o n t h o b a s i s o f t h o
p e a c o o f B r e s t - L i t o v s k a n d w e w is h t o s e e t h is p e a c o c a r r ie d o u t in a l o y a l
m an n er.
T h a t is t h e w is h o f t h e G e r m a n I m p e r ia l A d m i n i s t r a t i o n a n d
i t is s u p p o r t e d in t h is b y t h o c h i e f o f t h e a r m y a d m i n i s t r a t i o n .
H o w e v e r , th o d iffic u lt y o f th e e x e c u tio n o f th e p o a c o o f B r e s t-L ito v s k
d o e s n o t l io o n o u r s i d e , b u t in t h o f a c t t h a t c o n d i t i o n s in R u s s i a a r e s t ill
e x c e e d in g ly u n c e r ta in .
W o a r o in c li n e d t o b e l io v e in t h o l o y a l t y o f t h o
p r e s e n t R u s s i a n G o v e r n m e n t , a n d e s p e c i a ll y in t h e l o y a l t y o f t h o r e p r e ­
s e n t a t i v e o f t h o R u s s ia n G o v e r n m e n t in B e r l i n .
B u t w o m a y n o t a n d c a n n o t , a s s u m e u n c o n d it io n a lly t h a t th o p r e s e n t
R u s sia n G o v e r n m e n t h a s th o p o w e r t o c a r r y t h r o u g h e v e r y w h e r e th o lo y a l
p r o m is e s m a d e t o u s .
W o d o n o t a t a ll w is h t o c r e a t e d i f f i c u l t i e s f o r t h o
p r e s e n t R u s s ia n G o v e r n m e n t , b u t a s c o n d i t i o n s n o w a r o , t h e r o a r o in c e s ­
s a n t d e v e l o p m e n t a n d e n d le s s f r i c t i o n s in t h o f r o n t i e r r e g i o n .
H ow over,
o u r p r i n c i p l e is t h a t w o s t a n d o n t h o b a s is o f p e a c e m a d o a t B r e s t - L i t o v s k ,
a n d w o w il l c a r r y o u t t h is p e a c o l o y a l l y a n d w il l d e a l l o y a l l y w i t h t h o p r o s e n t
gov ern m en t.
T h e y a r e s t il l u n d e r t h o d e p r e s s in g I n f lu e n c e o f a t e r r i b l o c r i m e in M o s ­
cow .
T h o m u r d e r o f o u r A m b a s s a d o r t h e r e w a s a n a c t in v i o l a t i o n o f In­
t e r n a t io n a l l a w t h a n w h ic h a w o r s o c o u l d n e v e r c r y t o h e a v e n .
A l l i n d i c a t i o n s p o i n t t o t h o f a c t t h a t t h o a c c u r s e d d e e d w a s i n s t ig a t e d
b y t h o E n t e n t e A l l ie s in o r d e r t o i n v o l v o u s in f r e s h w a r w i t h t h o p r e s e n t
R u s sia n G o v e r n m e n t— a s t a t o o f th in g s w h ic h w e a re m o s t a n x io u s to
a v o id .
W o d o n o t w a n t f r e s h w a r w it h R u s s i a .
T h o p r e s e n t R u s s ia n
G o v e r n m e n t d e s ir e s p e a c o a n d n e e d s p e a c e , a n d w o a r e g i v in g i t o u r s u p ­
p o r t in t h is p e a c e f u l d i s p o s it i o n a n d a i m .
O n t h e o t h e r h a n d , i t is t r u e t h a t p o l i t i c a l c u r r e n t s o f v e r y v a r i e s t e n d e n ­
c ie s a r o c ir c u l a t i n g in t h o R u s s ia n E m p i r e , m o v e m e n t s h a v i n g t h o m o s t
d i v e r s e a i m s , i n c lu d in g t h o m o n a r c h i s t m o v o m o n t o f t h o C o n s t i t u t io n a l
D e m o c r a t s a n d th e m o v e m e n ts o f th e S o c ia l R e v o lu t io n a r ie s .
W o w il l n o t
c o m m i t o u r s e l v e s t o a n y p o l it i c a l c o u n t e r - c u r r e n t , b u t a r o g i v i n g c a r e fu l a t ­
t e n t i o n t o t h o c o u r s e R u s s i a is s t e e r in g .

A Paris cable in reporting Count von Ilortling as saying
thero would be no cliango in the foreign policy of tho empire,
announced him as citing as proof of this tho Gorman answor
to the note from Popo Benodict, according to advices from
Basel. IIo was quoted as saying:
B o f o r o t h o p e r s is t e n t w il l o f t h o o n e m y t o d e s t r o y h e r , m a n i fe s t e d r e ­
c e n t ly b y th o s p e e ch e s o f P r e s id e n t W ils o n a n d F o r e ig n S e c r e ta r y B a lfo u r ,
G e r m a n y , a l t h o u g h r e a d y t o a c c e p t a p r o p o s i t i o n f o r s e r io u s n e g o t i a t i o n s ,
m u s t g o o n f ig h t i n g .

Associated Press dispatches from Washington had tho
following to say concerning tho attitudo thero toward Count
von Ilertling’s speech rolativo to poaco proposals:




[Vol. 107

N o o f f i c i a l c o g n i z a n c e is b e i n g g i v e n h e r o t o t h o l a t e s t p o a c o s p o o c h o f
t h o G o r m a n C h a n c e ll o r , v o n I l o r t l i n g , b e f o r e t h o m a in c o m m i t t e e o f t h o
R o ic h s ta g .
A s is t h o c a s e w it h a ll p r o n o u n c e m e n t s o f t h o k i n d , t h o s p e e c h
is b e i n g c a r e f u ll y r e a d a n d s t u d i e d b y A m e r i c a n o f f i c i a l s , a n d in t im o t h o y
d o u b t l e s s w ill le a r n o f t h o o p i n i o n s o f t h o s t a t e s m e n o f t h o c o - b c l l ig o r o n t s .
T h e r o is n o t h i n g t o i n d i c a t o t h a t i t w ill b o m a d e t h o o c c a s i o n f o r a n y
s t o p t o w a r d p e a c e n e g o t i a t io n s , a s P r e s i d e n t W i l s o n ’s l a t e s t p r o n o u n c e ­
m e n t s o n t h o s u b j e c t a r o g e n e r a l l y a c c o p t o d a s t h o w a r a im s o f a ll t h o
A l l ie d b o llig e r e n t s .
T h o C h a n c e ll o r ’s d e c l a r a t io n t h a t G e r m a n y s i m p l y w a s h o l d i n g B e lg iu m
a s a p a w n f o r n e g o t i a t io n a t t r a c t e d m o s t i n t e r e s t .
T h e g o n e r a l im p r e s s io n
a m o n g d ip lo m a tis ts h a s b e e n t h a t B e lg iu m w o u ld b o u s e d b y G e rm a n y t o
r e g a in h e r l o s t c o lo n io s .

NO INTENTION ON GERMANY'S PART TO RETAIN
BELGIUM, ACCORDING TO COUNT VON HERTLING .
A denial that Germany intonds to retain Belgium was mado
by Count von Hertling, tho German Imperial Chancellor,
during his speech beforo tho Reichstag on July 11, according
to Associated Press dispatches from Copenhagen July 13,
which quoted him as follows:
T h e p r e s e n t p o s s e s s io n o f B e l g i u m o n l y m o a n s t h a t w o h a v o a p a w n f o r
f u t u r o n e g o t i a t io n s .
W o h a v o n o i n t e n t i o n t o k e o p B e l g i u m in a n y f o r m
w h a tev er.
W h a t w o p r e c is e l y w a n t a s o x p r e s s o d b y u s o n F o b . 2 4 is t h a t , a f t o r t h o
w a r , r o s t o r e d B e l g i u m s h a ll, a s a s o l f - d o p o m l e n t S t a t o , n o t b o s u b j e c t t o
a n y b o d y a s a v a s s a l a n d s h a ll l iv o w it h u s in g o o d f r i e n d l y r e la t io n s .
I h a v e h o ld t h is p o i n t o f v i e w f r o m t u o b e g i n n i n g in r e g a r d t o B e l g i u m ,
a n d I s t ill h o l d i t t o - d a y .
T h i s s id o o f m y p o l i c y is f u l l y in c o n f o r m i t y
w it h t h e g e n o r a l lin e s , t h e d i r e c t i o n o f w h ic h I y e s t e r d a y c l e a r l y l a id b o f o r o
you.
W o a r e w a g in g t h o w a r a s a w a r o f d c f o n c o , a s w e h a v o d o n e f r o m t h o
v e r y b e g i n n i n g , a n d e v e r y im p e r i a l i s t i c t e n d e n c y a n d o v e r y t e n d o n c y t o
w o r ld -d o m in a t io n h a s b e e n r e m o te .
W h a t w o w a n t is t h o i n v i o l a b i l i t y o f o u r t e r r i t o r y , o p o n a ir f o r t h e
e x p a n s io n o f o u r p e o p l o in t h o o c o n o m i c d o m a i n a n d , n a t u r a l l y , a ls o
s o c u r i t y In r e g a r d t o t h o f u t u r o .
T i l ls is c o m p l e t e l y in c o n f o r m i t y w it h
m y p o i n t o f v i o w in r e g a r d t o B e l g i u m , b u t n o w t h is p o i n t o f v i o w c a n b o
e s t a b lis h e d in d e t a i l d e p e n d s u p o n f u t u r o n e g o t i a t io n s , a n d , o n t h is p o i n t .
I a m u n a b lo t o g i v e b i n d i n g d e c l a r a t io n s .

The Copenhagen dispatch also said:
W i t h r e g a r d t o t h o s t a t e m e n t s m a d e o n T h u r s d a y b y t h o I m p e r ia l
C h a n c o ll o r in t h o m a in c o m m i t t o e o f t h o R o i c h s t a g r e g a r d i n g B e l g i u m , a
v i o w h a s s p r e a d a m o n g t h o p u b l i c w h ic h m a y g i v o r is e t o m is u n d e r s t a n d i n g ,
w o a r o , t h e r e fo r e , g i v i n g in f u ll t h a t p a r t o f t h o C h a n c e l l o r ’s s p o e c h .
no
s a id :
‘ ‘ T h e p r e s e n t p o s s e s s io n o f B e l g i u m o n l y m o a n s w o h a v o a p a w n f o r f u t u r o
n e g o t ia t io n s .
W o h a v o n o i n t e n t i o n t o k e o p B e l g i u m in a n y f o r m w h a t ­
e v e r .”
B y t h o e x p r e s s io n p a w n is m e a n t t h a t o n o d o e s n o t i n t e n d t o k e e p w h a t
o n e h a s in o n o ’s h a n d a s a p a w n , i f n e g o t i a t io n s b r i n g a f a v o r a b l o r e s u l t .

Furtlior quotations from tho spooch of County von Hert­
ling on the subjoct of Belgium in connection with tho peaco
situation aro printed by tho somi-official “ N orth Gorman
Gazetto” of Borlin, according to Copenhagen dispatches of
July 15, which reports tho paper as quoting tho Chancollor
as saying:
I t w a s n o v o r o u r i n t o n t l o n t o k e e p B o l g i u m e x c o p t a s a p l o d g o b y w h ic h
t o s e c u r e G e r m a n y a g a i n s t f u t u r o p o r i ls , a n d u n t i l t h o d a n g e r is r o m o v o d
w o c a n n o t su rre n d e r o u r p le d g e .
■
I n p e a c o w o m u s t b e g u a r a n t e e d a g a in s t B o l g i u m b e i n g u s e d f o r g r o u n d
o n w h ic h t o d e p l o y m il i t a r y f o r c e s , b u t a l s o f r o m t h o o c o n o m i c s t a n d p o i n t
w o m u s t h a v e g u a r a n t e e s a g a in s t b e i n g i s o la t e d .
I t m u s t b o m a d o t o t h o in t e r e s t o f B o l g i u m t o s e c u r e c l o s o o c o n o m i c
r e la t i o n s w it h G e r m a n y .
S h o u ld G e r m a n y s u c c e e d i n a t t a i n in g s u c h a n
i n t i m a t e c o m m e r c i a l c o n n e c t i o n , t h is w o u l d b r i n g a b o u t a p o l it i c a l a g r e e ­
m e n t w it h G e r m a n y in w h ic h w o s h o u l d s e c u r e t h o b a s t g u r a n t o c s a g a in s t
f u t u r o p e r ils f r o m E n g la n d a n d F r a n c o b y w a y o f B o l g i u m .

The “ N orth German Gazetto” is said to havo precedod
its quotation from tho Chancellor’s speech by stating that,
tho first part of tho speech regarding Belgium having already
been published, the lattor part of his observations was now
issued to tho press bocauso tho mombors of tho Roichstag
demanded it.
Tho N e w Y o rk “ Sun” in its issuo of July 13Jprinted the
following advices from Amsterdam July 12:
G o n . F r i e d r ic h v o n F a lk o n h a u s e n , t h e G e r m a n G o v e r n o r - G o n c r a l o f
B e lg iu m , h a s d e c id e d , s a y s t h o H a m b u r g e r “ N a c lir ic h t o n ,” th a t B o lg iu m
s h a ll b o t u r n e d i n t o a F e d e r a l S t a t o o n t h o lin e s o f A u s t r i a .
F la n d e r s a n d W a l l o o n , t h o n e w s p a p o r a d d s , w ill l iv e s o p a r a t o l y , u n d e r
o n o k in g o r a p re s id e n t u n d e r G o rm a n c o n t r o l.

AUSTRO-HUNGARIAN FOREIGN M IN ISTER READY
FOR PEACE W IT H IMPORTANT QUALIFICATIONS
A discussion of poaco, based upon President W ilson’s
July 4 speech, was addrossod by tho Austro-Hungarian
Minister, Baron Burian, to the Austrian and Hungarian
Promiers on tho evo of tho Roichrat’s mooting on July 16.
The statement that President W ilson’s “ four now points'of
July 4 shall not, apart from cortain exaggerations, arouso
our opposition,” is mado by tho Austro-Hungarian Foroign
Minister, who adds that “ on tho contrary wo aro ablo to
approve them heartily to a great oxtont.” “ N o bo d y ,” ho
says, “ would refuso homage to this gonius and nobody would
refuso his co-operation.” Foreign Ministor Burian sets out,
howover, that “ tho onomy’s obstinacy rogarding his terri­
torial demands rogarding Alsaco-Lorraino, Triesto, tho Trontino and the German colonios appears to bo insurmountable.
There lies the limit of our roadinoss for peaco. W o aro pro-

July 20 1918.]

THE CHRONICLE

pared to discuss everything except our own territory.” His
statement in full, as contained in Associated Press dis­
patches from Amsterdam July 1G, follows:
I t Is n o t e a s y t o d r a w a p i c t u r e o f t h o p r e s e n t w o r l d s i t u a t io n in v i e w o f
th e s w ift ly m o v in g n a t u r e o f e v e n t s .
E v e r y t h i n g is in f u l l s w i n g , a n d a
r e p e t it i o n o f w h a t h a s s o o f t e n b e e n s a i d r e g a r d i n g t h e c a u s e s a n d r e s p o n s i ­
b i li t i e s f o r t h o p a s t c a n n o l o n g e r i n f l u e n c e o u r j u d g m e n t , b e c a u s e o n t h a t
s u b j e c t e v e r y b o d y a l r e a d y lia s f o r m e d h is o w n v i e w .
T h o c o n s e q u e n c e s o f t h e w a r a lr e a d y h a v e g r o w n in fin it e ly a n d h a v o g o n e
f a r b e y o n d t h o o r ig in a l c a u s e s o f t h o w a r .
T h o p rosen t p h a se o f ev en ts
a n d d e v e l o p m e n t s , t o o , t h r o w a g l a r in g l i g h t o n t h o c o n f l i c t i n g in t e r e s t s o f
t h o d i f f e r e n t b e l l i g e r e n t g r o u p s w h i c h c la s h e d a t t h o b e g i n n i n g o f t h is
m u r d e r o u s s t r u g g l e , b u t t h e y , p e r h a p s , a r o n o t w it h o u t s l ig h t g a in s o f a n
in t e r n a l c h a n g e t a k i n g p l a c e i n t h e r e la t i o n s o f t h o g r o u p s .
I n t h o m i d s t o f t h e t e r r i b l e s t r u g g l o , a n d in e v e r y p h a s e o f t h i s w a r o f
s u c c e s s f u l d e f e n s e , t h o C e n t r a l P o w e r s h a v o h a d n o o t h e r a im in v i e w b u t
t o s e c u r e t h o o n e m y ’s w il l t o p e a c e .
I f w o s u m u p a ll t h a t h a s b e e n s a i d o n t h o e n e m y ’ s s i d e in r e g a r d t o t h e i r
w a r a i m s w o r e c o g n i z e t h r e e g r o u p s o f a s p i r a t io n s w h i c h a r o b e i n g s e t
f o r t h t o J u s t ify t h o c o n t i n u a t i o n o f b l o o d s h e d s o t h a t t h o id e a ls o f m a n k i n d
m a y b e r e a l iz e d .
T h o f r e e d o m o f a ll n a t i o n s , w h i c h a r o t o f o r m a l e a g u e o f n a t i o n s a n d
w h ic h in f u t u r o s h a ll s e t t l o t h e i r d i f f e r e n c e s b y a r b i t r a t i o n a n d n o t b y
a r m s , is t o r e ig n .
•
T h o d o m i n a t io n o f o n o n a t i o n b y a n o t h e r n a t i o n is t o b o e x c l u d e d .
V a r i o u s t e r r i t o r ia l c h a n g e s a r e t o b o c a r r ie d o u t a t t h o e x p e n s e o f t h o
C e n tra l P o w e rs.
T h e s e a n n e x a t io n i s t a i m s , t h o u g h v a r i o u s l y s h a p e d , a r o g e n e r a l l y k n o w n .
T h o i n t e n t io n , h o w e v e r , a l s o e x i s t s , e s p e c i a ll y in r e g a r d t o A u s t r i a H u n g a r y , t o c a r r y o u t h e r in t e r n a l d i s in t e g r a t i o n f o r t h e p u r p o s e o f t h o
fo r m a tio n o f n e w S ta te s .
F in a lly , o u r o p p o n e n ts d e m a n d o u r a to n e m e n t
b e c a u s e w o d a r e d t o d o f o n d o u r s e l v e s , a n d s u c c e s s f u l l y , a g a in s t t h e ir
atta ck s.
O u r a b i l i t y t o d e f e n d o u r s e l v e s is t e r m e d m il i t a r is m a n d m u s t ,
th e r e fo r e , b o d e s t r o y e d .
T e r r i t o r i a l a im s a r e , in f a c t , t h o o n l y t h in g s n o w s e p a r a t i n g t h o d i f f e r e n t
b e l li g e r e n t g r o u p s .
F o r t h o g r e a t in t e r e s t s o f h u m a n i t y a n d f o r t h o J u s t ic e , f r e e d o m , h o n o r
a n d p e a c e o f t h e w o r l d , a s s o t f o r t h in t h e la w s o f m o d e m p o l i t i c a l c o n ­
c e p t i o n , r e g a r d i n g w h ic h w e n e e d n o t a c c e p t a n y a d v i c e , w o a l s o a r e r e a d y

to right.
T l i o r o is h a r d l y a n y d i f f e r o n c o b o t w e o n t h o g e n e r a l p r i n c ip l e s e n u n c i a t e d
b y t h o s t a t e s m e n o f b o t h b e l li g e r e n t s , P r e s i d e n t W i l s o n ’s f o u r n o w p o i n t s o f
J u l y 4 s h a ll n o t , a p a r t f r o m c e r t a in e x a g g e r a t i o n s , a r o u s o o u r o p p o s i t i o n .
O n t h o c o n t r a r y , w e a r o a b l o t o a p p r o v o t h o r n h o a r t i ly t o a g r e a t e x t e n t .
N o b o d y w o u ld r o fu s o h o m a g e t o t h is g o n iu s a n d n o b o d y w o u ld r o fu s o h is
c o -o p e ra tio n .
T h i s , h o w o v o r , is n o t t h o m a i n p o i n t , b u t i t is w h a t c a n a l s o
b o u n d e r s t o o d In t h o in t e r e s t s o f m a n k i n d .
B o t h g r o u p s s h o u l d c e r t a in l y
h o n e s t l y a t t e m p t t o c le a r t h i s u p a n d s o t t lo i t b y m u t u a l a g r e e m e n t , b u t
n o t in t h o s a m e m a n n e r a s , f o r i n s t a n c o , o u r p e a c e t r o a t io s in t h o E a s t
w e ro ju d g e d .
T h o f a c t is t h a t a ll o u r o p p o n e n t s w o r o i n v i t e d t o j o i n in t h o s o p e a c e n e g o ­
t ia t i o n s a n d t h e y c o u l d h a v o c o n t r i b u t e d t h e i r s h a r o in b r i n g i n g th o r n t o a
d i f f e r e n t is s u o .
B u t n o w , w h e n i t is t o o l a t o , t h e ir c r it i c is m s t a n d s o n w e a k
g r o u n d s , f o r t h o r o is n o le g a l r ig h t w h i c h w o u l d h a v o o n t it l e d th o r n t o c o n ­
d e m n t h o p e a c o c o n d i t io n s w h ic h w e r o a c c o p t a b l o t o t h o c o n t r a c t i n g p a r t i e s
o r w h ic h c o u l d n o t b o a v o i d e d .
F r o m th o c o n fid e n t u tte r a n c e s o f o u r o p p o n e n t s it a p p e a rs t h e y h a v o n o
f e a r o f b e in g d e f e a t e d .
I f t h e y , n e v e r t h e l e s s , r e p r e s e n t t h o p o a c o t r e a t ie s
a s a w a r n in g o f o u r t r e a t m e n t o f a d e f e a t e d e n e m y , w o d o n o t c o n s i d e r t h e
r e p r o a c h ju s tifie d .
N o n e o f t h o b o liig e r o n t S t a t e s n e e d o v e r c o m o i n t o t h o
p o s i t i o n o f R u s s ia a n d R u m a n ia , a s w o a r o e v e r r e a d y t o e n t e r i n t o p o a c o
n e g o t i a t io n s w it h a ll o u r o p p o n e n t s .
I f o u r e n e m ie s c o n t i n u o u s l y d e m a n d a t o n e m e n t f o r w r o n g d o n e a n d r e s t i ­
t u t i o n , t h e n t ills is a c la im w h ic h w o c o u l d u r g o w i t h m o r e j u s t i f i c a t i o n
a g a in s t t h o r n , b e c a u s e w o h a v o b o o n a t t a c k e d , a n d t h o w r o n g d o n o t o u s
m u s t b o red ressed .
T h o e n e m y ’s o b s t i n a c y r e g a r d i n g h is t e r r i t o r ia l d e m a n d s c o n c e r n in g
A L s a c o -L o r r a in o , T r i o s t o , t h o T r o n t i n o , a n d t h o G e r m a n fco lo n io s a p p e a r s
t o b o in s u r m o u n t a b l e .
T h o r o lie s t h o l im i t o f o u r r o a d in o s s f o r p o a c o .
W o a ro p re p a ro d t o d iscu ss e v e r y th in g e x c e p t o u r o w n t e r r it o r y .
T h o o n o m y n o t o n ly w a n ts t o c u t f r o m A u s tr ia -H u n g a r y w h a t h o w o u ld
l ik o f o r h im s o lf , b u t t h o in n e r s t r u c t u r o , t h a t o f t h o m o n a r c h y i t s e l f , t o o ,
is t o b o a t t a c k e d , a n d t h o m o n a r c h y d i s s o l v e d , i f p o s s i b le , i n t o c o m p o n e n t
p a rts.
N o w t h a t i t is r e c o g n i z e d t h a t o r d i n a r y w a r m e t h o d s h a v o n o t s u f f i c e d
t o d o f o a t u s , in t e r e s t in o u r in t e r n a l a f fa ir s s u d d e n l y h a s b e c o m o s u p r e m o .
T h o E n t o n t o , h o w o v o r , d i s c o v e r e d it s s y m p a t h y in o u r in t e r n a l a f f a ir s s o
la to th a t m a n y a n e n e m y s ta te s m a n w h o n o w p ra te s a b o u t th o m o n a r c h y ’ s
n a t i o n a l q u e s t i o n s a s a w a r a i m h a d p r o b a b l y n o id e a o f t h o i r o x i s t o n c o a t
t h o b e g in n in g o f t h o w a r .
T i l ls f a c t c a n b o r e c o g n i z e d f r o m t h a t a m a t o u r is h a n d s u p e r f ic i a l m a n n e r
in w h ic h o u r o p p o n e n t s d iscu ss a n a t t e m p t t o s o lv e th e s e c o m p lic a t e d
p ro b le m s .
T i l ls m e t h o d , h o w e v e r , a p p e a r s t o t h e m t o b o u s e fu l.
T hey
t h e r e fo r e o r g a n i z e d it a s t h e y h a v o o r g a n i z o d t h o b l o c k a d o , a n d in E n g la n d
t h o y n o w h a v e a P r o p a g a n d a M in is t e r .
W o w is h t o p l a c o t h is a t t a c k o n r o c o r d w i t h o u t u s e le s s i n d i g n a t i o n o r
w h in in g .
T h o c h o i c o o f t h is n e w m o a n s o f f ig h t i n g u s d o e s n o t s h o w t o o
g r o a t a c o n f i d e n c e in t h o s u c c e s s o f t h o e n e m y ’s p r e v i o u s e f f o r t s .
W o aro
c e r t a in i t w ill b o u n s u c c e s s f u l.
O u r o p p o n e n t s s t a r t f r o m a c o m p l e t e l y m e c h a n i c a l m is j u d g m o n t o f t h o
c h a r a c t e r o f t h o A u s t r o - H u n g a r i a n m o n a r c h y , a n d p r o f o r in t h e ir s a t i s f a c t i o n
t o o v e r l o o k , in t h o p r e s e n t d i f f i c u l t in t e r n a t io n a l p r o b l o m s , t h o f a c t t h a t
t h o s o S t a t e s w it h t h o ir v a r i o u s n a t i o n a l it i e s a r o n o a c c id e n t a l s t r u c t u r o ,
b u t a p r o d u c t o f h i s t o r i c a l a n d e t h n o g r a p h ic a l n e c e s s it y , w h ic h c a r r y in
t h o m s o lv o s t h o f u n d a m e n t a l p r i n c ip l o o f lif o a n d r a c o .
T h o y , t h e r e fo r e , p o s s o s s , a n d t ills a p p lie s f u l l y t o A u s t r i a a n d H u n g a r y ,
t h o n e c o s s a r y e l a s t ic i t y a n d a d a p t a b i l i t y t o t h e c h a n g i n g o v o n t s o f t h o
t im e s , t h o a b i l i t y t o r e fo r m t h o m s e lv e s a c c o r d in g t o t h o n e c e s s it y o f t h e ir
s t a n d a r d o f d e v e l o p m e n t a n d t o s o l v e a ll i n t e r n a l c r is e s w i t h o u t u n c a l l e d - f o r
f o r e i g n in t o r f o r o n c o .
O u r e n e m ie s w a n t t o p a r a l y z e u s b y a n o f f o n s l v o o f i r r i t a t io n a n d t o r e n d e r
u s h e lp le s s .
T h o y w a n t t o c r u s h o u r v e r y p o w o r f u l o r g a n i s m in o r d e r t o
m a lc o w e a k p a r t s o n o a f t e r t h o o t h e r s e r v ic e a b le t o t h o ir o w n p u r p o s e s .
A c c o r d i n g t o t h e ir u n i n v i t e d p r o s c r ip t i o n s , o n o - h a l f o f A u s t r i a - H u n g a r y ’s
p o p u l a t i o n m a y p c r is li in o r d e r t o m a k e t h o o t h e r h a l f h a p p y .
F o r th a t
p u r p o s o t ills s e n s e le s s w a r m u s t b o c o n t i n u e d .
A s h a s a lw a y s b e e n t h o c a s o f o r c e n t u r ie s p a s t , t h o S t a t e s a n d r a c o s o f
t h o m o n a r c h y w ill s e t t lo t h e ir i n t e r n a l p r o b l e m s in a g r o o in o n t w it l i t h o ir
ru le r.
T h o m o n a r c h y r e s o lu t e l y d e c l in e s fo r e i g n i n t o r f o r o n c e in a n y f o r m
J u st a s i t d o o s n o t m e d d l e w it h t h o a f fa ir s o f f o r o ig n o r s .
W o h a v o n o v e r p r e s c r ib e d a p r o g r a m f o r o u r o n o m io s a s t o h o w t h o y
s h a ll d o a l w it h t h e ir d o m e s t i c q u e s t i o n s , a n d w h o n w o h a v o h a d o c c a s i o n
f r e q u e n t l y t o r e c a ll t h a t it is n o t a ll h a p p in e s s a n d h a r m o n y w it h o u r o n o m io s
i n t h o ir d o m e s t i c a f fa ir s , a n d t h a t t h e y h a v o t h e i r o w n p r o b l o m s in I r o la n d ,




257

I n d ia , & c ., w o d id s o o n ly b y w a y o f e x h o r ta tio n t o r e c ip r o c it y , g iv in g t h e
a d v ic e : “ S w eep b e fo re y o u r o w n d o o r .”
O u r o n e m y ’s i n f l a m m a t o r y a c t i v i t y is n o t c o n t e n t w i t h t r y i n g t o s t ir u p
o u r ra ce s a g a in s t o n o a n o th e r , b u t it d o e s n o t o v e n s c r u p le , b y m e a n s o f
c ir c u l a t i n g m o n s t r o u s a n d b a s e c a l u m n ie s , t o s o w d i s t r u s t b e t w e e n t h e
ra c e s o f th o m o n a r c h y a n d t h e h e r e d ita r y d y n a s t y .

In tho concluding portion of his address, received from
Amsterdam in cable advices to the daily press under date of
July 17, Baron Burian announced that the Austro-Hungarian
Government regards the w ar as “ senseless and purposeless
bloodshed” and believes it may be ended at the moment
when the Allies again manifest “ feelings of humanity.”
After declaring that the Allies would not succeed in their
purpose of sowing discord among the nationalities in the
D ual Monarchy, the Foreign Minister said:
I t is u n n e c e s s a r y f u r t h e r t o c h a r a c t e r iz e t h is m e t h o d o f f ig h t i n g .
Our
ra ce s in d ig n a n t ly d is a v o w i t .
T h o r e s o lu t e b a t t l e o f d e f e n s e m u s t n o w b e
c a r r ie d o n t o a g o o d e n d u n t il i t b r in g s u s t h e s e c u r i t y n e c e s s a r y f o r o u r
f u t u r e p e a c e fu l e x is te n ce .

The Foreign Minister also said, according to the July 17 '
cables, that warfare and diplomacy served the same end
in time of war, adding:
I n e v e r y s t e p i t t a k e s , d i p l o m a t i c a c t i v i t y w ill p a y d u e r e g a r d t o t h e w a r .
T h e r e s u lt s o f t h e c o n d u c t o f t h e w a r w ill h a v e a d e t e r m in i n g i n f l u e n c e o n
th e d iv is io n o f la b o r .
O n th o o th e r h a n d , d ip lo m a c y h a s a d u t y , b e in g
c o n t i n u a l l y o n t h e w a t c h a n d p a y i n g h e e d t o t h e p o s s i b il i t ie s o f e f f e c t i v e
a c t iv it y .
T h u s , a n d n o t o t h e r w i s e , s h o u l d t h e w illin g n e s s o f t h e C e n t r a l P o w e r s f o r
p e a c e b e c o n c e iv e d .
I t w ill n o t f o r t h e m o m e n t h a m p e r t h e i n v i n c i b l e
d e fe n s e , b u t a fte r v ic to r io u s b a ttle s , ju s t as d u r in g p a u se s in a b a t t le , it
w i l l , e v e n w i t h o u t n e w p e a c e o f f e r s , a l w a y s b e i n t e n t in r e c a ll i n g t h a t w e
r e g a r d t h is w a r a s s e n s e le s s a n d p u r p o s e le s s b l o o d s h e d w h ic h m ig h t a t a n y
m o m e n t b o e n d e d b y t h o r o -e m e r g e n c o o f f e e li n g s o f h u m a n i t y i n o u r
e n e m ie s .
I n s o f a r a s t h e y a r c n o t a i m in g a t t h e a c q u i s i t i o n o f t e r r i t o r y , t h e y a r e
f i g h t i n g a g a in s t a w in d m i l l.
T h e y a ro e x h a u s tin g th e ir s tr e n g th a n d o u r s
in o r d e r t o b u i l d o n t h e r u in s o f c iv il iz a t i o n a n e w a r r a n g e m e n t o f t h e
w o r l d , w h e r e a s t h e id e a s u n d e r l y i n g s u c h a n a r r a n g e m e n t , w h i c h a r o c a p a b l e
o f r e a l iz a t i o n a n d w h ic h a l s o a r e w a r m l y a p p r o v e d b y u s , m ig h t b e r e a liz e d
m u c h m o r o e a s i ly a n d m u c h m o r e c o m p l e t e l y b y t h e p e a c e f u l c o - o p e r a t i o n
o f a ll p e o p l e s .
I n s p i t e o f a l l, w e l o o k e v e r m o r o h o p e f u l l y t o w a r d t h b p e o p l e s n o w a t w a r
w i t h u s t o s e e w h e t h e r a t la s t t h o y h a v e b e e n d e l iv e r e d f r o m t h e b lin d n e s s
w h ic h , a f t e r f e a r fu l a f f l i c t i o n s in f o u r y e a r s o f w a r , is d r i v in g t h e w o r l d
o v e r f u r t h e r i n t o t h a t d e s t r u c t io n w h ic h t h e y c a n a v e r t i f t h e y o n l y w il l.

The Foreign Minister said that his confidence was based
on tho w ar alliances, particularly the old alliance with
Germany. H e asserted that Austria and Germany would
seek means of extending the alliance, so that it would be
adequate for all the requirements of new times. Continuing
he said:
I n t h e s e e n d e a v o r s t h o G o v e r n m e n t s k n o w t h e y a r e in a g r e e m e n t w it h
t h o d e s ir e s o f t h e p r e p o n d e r a t i n g m a s s o f t h e i r p e o p l e .
T h e a l li a n c e w ill
h o n c e f o r t h , a s h i t h e r t o , p r e s e r v e i t s e x c l u s iv e l y d e f e n s i v e c h a r a c t e r .
It
w ill a l s o r e s t f i r m l y o n t h e s a t i s f a c t o r y s o l u t io n o f a ll q u e s t i o n s a n d o n t h e
n e c e s s it ie s o f j o i n t c o n c e r n w h i c h h a v e a r is e n f r o m t h e w a r .
It m u st,
t h e r e f o r e , n o t o n l y c o v e r p o l i t i c a l r e la t io n s h ip s o f t h e t w o P o w e r s , b u t
m u s t a ls o l e a d t o c h a n g e s u n d e r a l t e r e d c o n d i t i o n s .
E c o n o m i c , m il i t a r y a n d o t h e r r e la t io n s in t h e f u t u r e a r e t o b e d r a w n
c lo s e r .
T h o a g r e e m e n t m u s t c o m p r is e a s o l u t i o n , w i t h d u e r e g a r d t o t h e
d e s ir o s o f t h e p o p u l a t i o n s , o f t h e q u e s t i o n s c o n n e c t e d w i t h t h e r e b i r t h o f
P o la n d .
H e n c e f o r t h , t h o a llia n c e w ill n o t m o a n a t h r e a t o r u n f r ie n d lin e s s t o w a r d
anyone.
N o t h i n g w ill b o in c lu d e d in i t c a l c u l a t e d t o o f f e r a s t im u l u s t o c h e
fo rm a tio n o f c o u n te r g ro u p s .
E v e r y t h i n g w h ic h in t h e f u t u r e c a n b e
r e a liz e d o f t h o s u b l i m e i d e a o f a u n iv e r s a l le a g u e o f n a t i o n s s h a ll f i n d i n o u r
a llia n c e n o o b s t a c l e , b u t a f a v o r a b l e n u c le u s a n d a p r e p a r e d g r o u p w h ic h
c a n e a s ily a n d n a t u r a l l y u n i t e w i t h e v e r y g e n e r a l c o m b i n a t i o n o f S t a t e s
r e s t in g o n c o n c r e t e p r i n c ip l e s .

Foreign Minister Burian also said that Austria expected
after the w ar to remain in closer relations with Turkey and
Bulgaria. After asserting that “ the continuance of the
war is due exclusively to the onesided and destructive aims
of the enemy, which can only be attained over the ruins
of the world” , tho Foreign Minister concluded by quoting
tho final words of the reply of Emperor Charles to the
Pope’s peace note.
The Washington viow of Baron Burian’s declarations was
set out as follows in press advices from Washington, July 17:
B a r o n B u r i a n ’s c a r e f u l l y f r a m e d d e c l a r a t io n o n p e a c e , i t is u n d e r s t o o d
h e r o , w ill e l ic i t n o r e p l y f r o m P r e s id e n t 'W ils o n o r a n y o f t h e A l l i e d s t a t e s ­
m e n , fo r th e p r e s e n t, a t le a s t.
O f f ic i a l c ir c l e s in W a s h i n g t o n a r e c o n ­
v i n c e d t h a t i t w a s i n t e n d e d t o o p e n t h e w a y f o r p e a c e n e g o t i a t io n s in t h e
e v e n t o f su cce s s f o r t h o p re se n t G e rm a n o ffe n s iv e , w h o n , it w a s h o p e d b y
T e u t o n s t a t e s m e n , t h a t t h o s p i r it o f t h e A llie s w o u l d b e b r o k e n .
A s s e r t i o n s b y B a r o n B u r i a n t h a t h e is a l m o s t i n a c c o r d w i t h t h e i d e a s
a d v a n c e d b y P r e s i d e n t W i l s o n w e r o c h a r a c t e r iz e d a s d e s i g n e d “ f o r h o m e
c o n s u m p tio n ” a n d t o “ d e c e iv e th e p e o p le o f A u s tr ia -H u n g a r y , w h o are
d is c o n te n te d a n d th r e a te n r e v o lu t io n ,” in a s ta te m e n t t o n ig h t b y P r o ­
f e s s o r V o y s l a v M . Y a v a n o w i t c h , w h o is in t h e U n it e d S t a t e s o n a s p e c i a l
m is s i o n f o r t h e S e r b ia n G o v e r n m e n t .
“ B a r o n B u r i a n , ” s a id t h e s t a t e m e n t , “ t r ie s n o t s o m u c h t o m a k e a s o r t
o f ‘ p e a c e o f f e n s i v e ’ i n t o o u r c a m p a s — d r i v e n w i t h h is b a c k t o t h e w a ll— ■
t o d e f e n d h i m s e lf a g a in s t t h o r is in g t i d e o f t h o p e a c e o f f e n s i v e c o m i n g f r o m
o u r s id e , th e g r o w in g m u r m u r o f d is c o n t e n t a n d a lm o s t o f r e v o lu t io n f r o m
t h e o p p r e s s e d n a t i o n a l it i e s o f A u s t r i a - H u n g a r y , t h e C z e c h o - S l o v a k s ,
S o u t h e r n S l a v s , I t a li a n s , R u m a n ia n s a n d P o l e s .
A s t u d y o f t h e B u r i a n n o t e b y t h e o f f i c ia ls h e r e r e v e a l s n o t h i n g n e w in
su b sta n ce.
A s id e fr o m th o e v id o n t p u rp o s e t o m a k e it e a s y f o r th e E n te n te
P o w e r s t o d is c u s s p e a c e b y m e a n s o f p o l it e la n g u a g e a n d a p p a r e n t ly r e a s o n ­
a b l e t e r m s , t h e n o t e is t a k e n t o i n d i c a t e a g r o w i n g f e a r o n t h e p a r t o f t h e
A u s t r i a n G o v e r n m e n t o f t h e s u b v e r s i v e e f f e c t o f t h e p r o p a g a n d a w h ic h

258

[V ol . 107.

THE CHRONICLE

A m e r i c a n a g e n t s , p a r t i c u la r l y , a n d t h o I t a li a n s a n d F r e n c h in a le s s d e g r e e ,
a ro c o n d u c t in g a m o n g th o J u g o s la v s , C z e c h o -S la v o k s , a n d o t h o r n a tio n a l­
it i e s in t h o D u a l E m p i r o , w h i c h h a v e l it t l o in c o m m o n w i t h t h o c o n t r o l l i n g
G e r m a n ic p a r t y .
T h u s B a r o n B u r i a n ’s a r g u m e n t is d i r e c t o d t o m o c t t h o A m e r i c a n a s s e r t io n
o f t h o r ig h t o f s e l f - r o g o n c r a t io n o f s m a ll n a t i o n s .
I t is g a t h e r o d f r o m
r e a d i n g b o t w c e n t h e lin e s o f h is n o t e t h a t h o is q u i t e w il li n g t h a t t h is
p r i n c ip l e o f s o i f- r e g o n e r a t io n s h o u l d b o a p p l i e d t o t h o p e o p l e s in E n t o n t o
c o u n t r ie s , b u t r e s e r v e s t o t h o A u s t r i a n a n d G o r m a n G o v e r n m e n t s t h o r ig h t
t o a b s o l u t e c o n t r o l o f t h e s u b j u g a t e d n a t i o n s w it h i n t h e i r b o r d e r s .
In
t h i s h o f o ll o w s t h e p r i n c ip l e la id d o w n b y t h o G e r m a n s w h o n e g o t i a t e d t h o
B r e s t - L i t o v s k t r e a t y b y w h ic h R u s s i a w a s t o r n t o p i e c e s .

PRINCE LICH NO W SKY’ S STATEMENT ON THE
RESPONSIBILITY FOR THE WAR.
A n Associated Press dispatch from Amsterdam under date
of July 19 reports that Prince Lichnowsky, German Ambassa­
dor in London at the outbreak of tho war, whoso disclosures,
attributing responsibility to Germany for tho bringing on of
the conflict, brought him into disfavor at home, has beon
permanently excluded from membership in tho Prussian
Houso of Lords, according to the Duesseldorf “ Nachrichten.” A minority of the members voted for the temporary
exclusion of tho Prince. These disclosures have attracted
wido attention and tho action of tho Prussian Houso of
Lords gives a new interest to them. The National City
B ank of N e w Y ork in its M a y circular had tho best account
wo have yet seon of Prince Lichnowsky’3 statement and wo
accordingly reproduce it herewith, as follows:
The neutral world made up its mind promptly whero the
responsibility for this war belonged. Tho public record of
Austria-Hungary’s ultimatum to Sei'bia, of the latter’s
nearly complete compliance, of tho efforts of Sir Edward
Grey, the British Foreign Minister, to secure a conference
of tho powers, and the German reply that it must support
its ally, furnished convincing evidence of an agreement
between tho two central powers to force the European
situation to a decisive issue. Tho Germanic governments,
however, in order to justify themselves to their people,
have had to maintain tho pretence that tho war on their
part was a defensive one and that England was tho arch­
conspirator.
This pretence is now completely exposed by German
testimony entitled to the highest credence, a statement
by Prince Lichnowsky, who was tho Ambassador of Ger­
many to Great Britain from Novem ber 1912 until war be­
tween the two countries was declared in August 1914.
W h at German official could be in better position than he to
know the attitude and purposes of tho British Government
or to fix tho responsibility for tho break in peaceful relations?
In 1916 Prince Lichnowsky, who is of a distinguished
Germanized Polish family, prepared a memorandum re­
view, entitled “ M y London Mission, 1912-1914,” in which
he gave a detailed account of his negotiations with the
British Foreign Office and of his relations with his homo
government during these important years, which covered
tho period from practically the beginning of the first Balkan
w ar to tho outbreak of the great war. Ho did not intond
that this paper should bo made public at tho present time,
but seems to have been impelled to write it for tho family
archives, in order that tho truth of his own relations to the
w ar and tho political history preceding might bo known at
least to those close to him and perhaps eventually to tho
public. Tho first publication was made in the Swedish
Socialist Journal, “ Politiken,” in M arch.
On M arch 16
tho matter was brought before the M ain Committee of tho
Reichstag, and tho Vice-Charicollor, H err von Payer, read
a letter of explanation and apology, which had been written
by Prince Lichnowsky to tho Imperial Chancellor, Count
Hertling, in which tho Prince said that these “ purely private
notes” had found their w ay into wider circles “ by an un­
precedented breach of confidence.” Ho said that he had
f e l t t h o n e e d In r e g a r d t o t h o f u t u r e a n d w i t h a v i e w t o m y o w n j u s t i f i c a t i o n ,
o f n o t i n g t h e d e t a ils o f m y e x p e r i e n c e s a n d im p r e s s io n s t h e r e b o f o r o t h o y
v a n is h e d fr o m m y m e m o ry .
T h e s e n o t e s w e r e i n t e n d e d in a c e r t a in d e ­
g r e e o n ly fo r fa m ily a r c h iv e s , a n d I w r o t e th orn d o w n w it h o u t d o c u m e n t a r y
m a t e r ia l o r n o t e s f r o m t h o p e r i o d o f m y o f f i c i a l a c t i v i t y .
I c o n s id e r e d I
m i g h t s h o w t h e m , o n t h o a s s u r a n c e o f a b s o l u t o s e c r e c y , t o a v e r y fo w
p o l i t i c a l fr ie n d s in w h o s o j u d g m e n t a s w e ll a s t r u s t w o r t h in e s s I h a d e q u a l
c o n fid e n c e .

So much for the origin of the paper, which is completely
authenticated. Tho paper itself supports all tho statements
of the British Foreign'Office as to its efforts to maintain tho
peace of Europo and to bring about a fair and permanent
adjustment of all matters which might bo tho cause of mis­
understanding and controvery.
M ENACE

OF

T IIE

BALKAN

W AR.

H e says that shortly after his arrival in London, in 1912,
“ Sir Edward Groy proposed an informal exchango of views,




in order to prevent a European war developing out of tho
Balkan W a r ,” and that
th e B r it is h M in is t e r b y n o m o a n s p la c e d h im s e lf o n t h o s id e o f t h o E n to n to
P o w e r s , a n d d u r in g t h o n e g o t ia t io n s , w h ic h la s te d a b o u t e ig h t m o n t h s ,
h o l e n t h is g o o d - w i l l a n d p o w e r f u l t n f lu o n c o t o w a r d t h o e s t a b l is h m e n t o f
a n u n d e r s t a n d in g .
I n s t e a d o f a d o p t i n g t h o E n g li s h p o i n t o f v i e w w o a c ­
c e p t e d t h a t d ic t a t e d t o u s b y V ie n n a .
C o u n t M c n s d o r f f le d t h e T r i p l o
A l i i a n c o in L o n d o n a n d I w a s h is s e c o n d .
.
.
.
O n e v e r y p o i n t , i n c lu d in g A l b a n i a , t h o S e r b ia n h a r b o r s in t h o A d r i a t i c ,
S c u t a r i , a n d in t h o d e f i n i t i o n o f t h o A l b a n ia n f r o n t i e r s , w o w e r o o n t h o
s id o o f A u s t r i a a n d I t a l y , w h il e S ir E d w a r d G r o y h a r d l y o v e r t o o k t h o
F r e n c h o r R u s s ia n p o in t o f v io w .
O n t h o c o n t r a r y , h o n e a r ly a lw a y s
t o o k o u r p a r t in o r d e r t o g i v o n o p r o t e x t f o r w a r — w h ic h w a s a f t e r w a r d
b rou gh t a b ou t b y a dead A rch d u k o.
I t w a s w i t h h is h e lp t h a t K i n g
N ic h o la s w a s in d u c e d t o le a v e S c u ta r i.
O t h e r w is e t h e r e w o u ld h a v o b e e n
w a r o v e r t h is m a t t e r , a s w o s h o u l d n e v e r h a v o d a r e d t o a s k " o u r a l li e s ” t o
m a k e c o n c e s s io n s .
S ir E d w a r d G r o y c o n d u c t e d t h o n e g o t i a t io n s w i t h c a r o , c a l m , a n d t a c t .
W h e n a q u e s tio n t h r e a te n e d t o b o c o m o in v o lv e d h o p r o p o s e d a fo rm u la
w h ic h m e t t h o c a s o a n d a l w a y s s e c u r e d c o n s e n t , h o a c q u i r e d t h o fu ll c o n ­
f id e n c e o f a ll r e p r e s e n t a t iv e s .

H e tells of tho conciliatory attitudo of tho British Govern­
ment in reaching an agreement as to territorial linos in Africa,
and as to the Bagdad Railway. The agreement upon tho
railway, ho says, aimed, in fact, at spheres of influonco in
Asia M inor, “ although this consideration was carefully
avoided, out of consideration for tho Sultan’s rights.”
This treaty, which was practically roady for signatures, was
arranged with the “ effective co-operation of H err von
Kuhlm ann,” who is now Foreign Secretary of tho Imporial
German Government, but notoriously viowed with suspicion
by tho military party.
During these critical years Princo Lichnowsky, himself
earnestly desirous of promoting peaco and completely
satisfied that the British Government had tho same purpose
in viow, labored to bring about a good understanding be­
tween the countries, but the policy of his homo government
made difficulties for him. H e was sanguine, howovor, of
success, and when in Germany, in June 1914, after tho
assassination of tho Austrian Archduko, ho was confident
there would bo no war.
THE

C R IS IS ,

1911.

I w o n t t o S ile s ia , a n d o n m y w a y b a c k t o L o n d o n I s p e n t o n l y a f o w
h o u r s in B e r l i n , w h e r o I h e a r d t h a t A u s t r i a i n t e n d e d t o p r o c e e d a g a i n s t
S e r b i a , in o r d e r t o p u t a n e n d t o a n i n t o le r a b l e s t a t o o f a f fa ir s .
U n fo r tu n a te ly I u n d e r e s tim a te d a t t h o m o m e n t th o im p o r t a n c e o f t h o
n ow s.
I t h o u g h t t h a t n o t i n g w o u l d c o m o o f i t a f t e r a l l, a n d t h a t , I f R u s ­
s ia t h r e a t e n e d , t h o t r o u b l e c o u l d o a s i ly b o c o m p o s e d .
N o w I rogrot th a t
I d i d n o t s t a y in B e r l i n a n d s a y a t o n c o t h a t I w o u l d h a v e n o s l ia r o in a n y
su ch p o lic y .
S u b s e q u e n t l y I l e a r n t t h a t a t t h o d e c l s i v o c o n v e r s a t io n a t P o t s d a m o n
J u l y 5 t h o I n q u ir y a d d r e s s e d t o u s b y V i e n n a f o u n d a b s o l u t e a s s e n t a m o n g
a ll t h o p e r s o n a g a s in a u t h o r i t y ; i n d e e d , t h o y a d d e d t h a t t h e r e w o u ld b o
n o h a r m i f a w a r w i t h R u s s ia w e r o t o r e s u l t .
S o , a t a n y r a t e , i t Is s t a t e d
in t h o A u s t r i a n p r o t o c o l w h ic l i C o u n t M o n s d o r f f ( A u s t r ia n A m b a s s a d o r )
r e c e iv e d in L o n d o n .
S o o n a f t e r w a r d s I l o r r v o n J a g o w w a s in V i o n n a , t o
d is c u s s e v e r y t h i n g w i t h C o u n t B e r c h t o l d ( A u s t r ia n F o r e i g n M i n i s t e r ) .
I t h e n r e c e iv e d i n s t r u c t i o n s t h a t I w a s t o i n d u c o t h o E n g li s h p r e s s t o
t a k e u p a frie n d ly a t t it u d o i f A u s tr ia g a v e th o " d e a t h b lo w ” t o t h o G ro a t
S e r b ia n m o v e m e n t a n d a s f a r a s p o s s i b lo I w a s b y m y i n fl u o n c o t o p r e v e n t
p u b lic o p in io n f r o m o p p o s in g A u s tr ia .
.
.
.
I g a v o a w a r n in g a g a i n s t t h o w h o l e p r o j e c t , w h i c h I d e s c r ib e d a s a d ­
v e n t u r o u s a n d d a n g e r o u s , a n d I a d v i s e d t h a t m o d e r a t io n s h o u l d b o r e c o m ­
m e n d e d t o t h o A u s t r i a n s , b e c a u s o I d i d n o t b e l i o v o in t h o l o c a li z a t io n o f
th o c o n flic t .
H e r r v o n J a g o w a n s w e r e d m o t h a t R u s s i a w a s n o t r e a d y ; t ii e r o w o u ld
d o u b t l e s s b o a c e r t a in a m o u n t o f b l u s t e r , b u t t h o m o r e f i r m l y w o s t o o d
b y A u s t r i a t h o m o r o w o u l d R u s s ia d r a w b a c k .
H e s a id t h a t A u s t r i a w a s
a lr e a d y a c c u s in g u s o f w a n t o f s p ir it , a n d t h a t w o s h o u ld n o t s q u e e z e h e r .
O n t h o o t h e r h a n d , f e e li n g in R u s s ia w a s b e c o m i n g o v e r m o r o a n t i - G e r m a n ,
a n d s o w o m u s t s i m p ly r is k i t .
T h is a t t it u d o , as I lo a rn t la t e r , w a s b a s e d u p o n r e p o r ts f r o m C o u n t
P o u r t a l e s (G e r m a n A m b a s s a d o r In P o t r o g r a d ) t o t h o e f f e c t t h a t R u s s i a
w o u ld n o t m o v e in a n y c ir c u m s t a n c e s ; t h e s e r e p o r t s c a u s e d u s t o s t im u l a t e
C o u n t B e r c h t o l d t o t h o g r e a t e s t p o s s i b lo e n e r g y .
C o n s e q u e n tly I h o p e d
f o r s a l v a t io n f r o m a n E n g lis h m e d i a t i o n , b e c a u s o I k n o w t h a t S ir E d w a r d
G r e y ’ s i n f l u e n c e in P o t r o g r a d c o u l d b o t u r n e d t o u s o in f a v o r o f p o a c o .
So
I u s e d m y f r l o n d l y r e la t i o n s w i t h S ir E d w a r d G r o y , a n d in c o n f i i l o n c o
b e g g e d h i m t o a c lv is o m o d e r a t i o n in R u s s i a i f A u s t r i a , a s i t s c o r n e d , d e ­
m a n d e d s a tisfa c tio n fro m th o S o rb s.
1 i
T h o S e r b ia n r e p l y w a s In a c c o r d a n c e w i t h B r i t is h e f f o r t s ; M . P a s h lt c h
h a d a c t u a l l y a c c e p t e d e v e r y t h i n g , e x c e p t t w o p o i n t s , a b o u t w h ic h h o d e ­
c la r e d h is r e a d in e s s t o n e g o t i a t e .
I f R u s s ia a n d E n g la n d h a d w a n t e d w a r ,
in o r d e r t o fa ll u p o n u s , a h i n t t o B e l g r a d o w o u l d h a v o b e e n s u f f i c i e n t ,
a n d t h o u n h e a r d - o f ( A u s t r ia n ) N o t e w o u l d h a v o r e m a in e d u n a n s w e r e d .
N O T H IN G

BUT

G O O D W IL L

R E Q U IR E D .

S ir E d w a r d G r o y w o n t t h r o u g h t h o S e r b ia n r e p l y w it h m o , a n d p o i n t o d
t o th o c o n c ilia t o r y a t t it u d o o f t h o G o v e r n m e n t a t B e lg r a d o .
W o th on
d i s c u s s e d h is m e d i a t i o n p r o p o s a l , w h i c h w a s t o a r r a n g o a n i n t e r p r e t a t i o n
o f th o t w o p o in ts a c c e p t a b le t o b o t h p a r tie s .
M . C a m b o n (F r e n c h A m ­
b a s s a d o r in L o n d o n ) , t h o M a r q u i s I m p e r ia l ! ( I t a l i a n A m b a s s a d o r in L o n ­
d o n ) , a n d I s h o u l d h a v o m o t u n d e r S ir E d w a r d G r o y ’ s p r e s i d e n c y , a n d it
w o u ld h a v o b e e n e a s y t o f i n d a n a c c e p t a b l e f o r m f o r t h o d i s p u t e d p o i n t s ,
w h ic h in t h o m a in c o n c e r n e d t h o p a r t i c i p a t i o n o f A u s t r i a n o f f i c i a l s in t h o
i n v e s t ig a t i o n a t B e l g r a d e .
O lv o n g o o d w i l l , o v o r y t h i n g c o u l d h a v e b o o n
s e t t l e d in o n o o r t w o s i t t i n g s , a n d t h o m o r o a c c o p t a n c o o f t h o B r i t is h p r o ­
p o s a l w o u ld h a v o r e li e v e d t h o t e n s i o n a n d w o u l d h a v o f u r t h e r i m p r o v e d
o u r r e la t i o n s t o E n g la n d .
I u r g e n tly r e c o m m e n d e d th o p r o p o s a l, s a y in g
t h a t o t h e r w i s e w o r l d - w a r w a s i in m i n o n t , in w h i c h w o h a d e v e r y t h i n g t o
lo s e a n d n o t h i n g t o g a i n .
In v a in .
I w a s t o l d t h a t it w a s a g a in s t t h o
d i g n i t y o f A u s t r i a , a n d t h a t w o d i d n o t w a n t t o i n t e r f e r e in t h o S e r b ia n
b u s in e s s , b u t l o f t i t t o o u r a l l y .
I w a s t o ld t o w o r k fo r " lo c a liz a t io n o f th o
c o n flic t .”
O f c o u r s o i t w o u l d o n l y h a v o n e e d e d a h i n t f r o m B e r lin t o m a k e C o u n t
B e r c h t o l d s a t i s f y h i m s e l f w it h a d i p l o m a t i c s u c c e s s a n d p u t u p w it h t h o

July 20 1918.]

THE CHRONICLE

S e r b ia n r e p l y .
B u t t h is h i n t w a s n o t g i v e n .
O n th o co n tr a r y , w o p ressed
fo r w ar.
W h a t a fin e s u cce s s it w o u ld h a v e b e e n !
A f t e r o u r r e fu s a l S ir E d w a r d a s k e d u s t o c o m e f o r w a r d w it li a p r o p o s a l o f
our ow n.
W o in s is t e d u p o n w a r .
I co u ld g e t n o o t h e r a n sw er (fr o m B e r ­
l in ) t h a n t h a t i t w a s a n e n o r m o u s " c o n c i l i a t o r i n o s s ” o n t h o p a r t o f A u s t r i a
t o c o n t e m p l a t e n o a n n e x a t io n o f t e r r i t o r y .

A t another place in tho memorandum ho says:
D u r in g t h o c r i t i c a l d a y s o f J u l y 1 9 1 4 , S ir E d w a r d s a i d t o m o :
“ I f over
y o u w a n t s o m e t h i n g d o n e i n S t . P e t e r s b u r g y o u c o m o t o m o r e g u l a r ly , b u t
i f o v e r I a p p e a l f o r y o u r i n fl u e n c e in V i e n n a y o u r e fu s o y o u r s u p p o r t .
. ”
E v e n a f t e r t h i s S ir E d w a r d G r e y s t ill l o o k e d f o r n o w w a y s o f e s c a p e .
I I o s a id t o m o r e p e a t e d l y :
“ I f w a r b r e a k s o u t i t w ill b o t h o g r e a t e s t c a ­
ta s tr o p h e th o w o rld h a s e v e r s e e n .”
G llE Y

AND

A S Q U IT Il M E N

OP

PEACE.

The attacks upon Sir Edward Grey in tho German press
offended his sense of justice, and he gives a personal sketch
of both Grey and Asquith, the British Prime Minister. Of
Grey ho says:
S ir E d w a r d G r e y ’ s i n fl u e n c e in a ll q u e s t i o n s o f f o r e ig n p o l i c y w a s a l m o s t
u n lim ite d .
T r u e , h o u s e d t o s a y o n i m p o r t a n t o c c a s io n s :
“ I m u s t la y
t h a t b e f o r e t h o C a b i n e t ; ” b u t i t is e q u a ll y t r u e t h a t t h o l a t t e r i n v a r i a b l y
t o o k h is v i e w .
.
.
.
S p r u n g f r o m a n o l d N o r t h o f E n g la n d f a m i l y o f la n d o w n e r s , f r o m w h o m
t h o s t a t e s m a n E a r l G r e y is a ls o d e s c e n d e d , h o j o i n e d t h o l o f t w in g o f id s
p a r t y a n d s y m p a t h i z e d w i t h t h o S o c ia lis t s a n d p a c i f i s t s .
H o c a n b o c a l le d
a S o c ia lis t .in t h o id e a l s e n s e , f o r lie a p p li e d Id s t h e o r ie s o v e n in p r i v a t e
l if e , w h i c h is c h a r a c t e r iz e d b y g r e a t s i m p l i c i t y a n d u n p r e t e n t i o u s n e s s , a l ­
t h o u g h h o is p o s s e s s e d o f c o n s i d e r a b l e m e a n s .
A ll d i s p l a y is f o r e i g n t o
h im .
I l l s s i n ip lo , u p r i g h t m a n n e r in s u r e d h i m t h o e s t e e m o v e n o f id s o p p o n e n t s ,
w h o w e r e m o r o e a s i ly t o b o f o u n d In h o m o t h a n in f o r e i g n p o l it i c a l c ir c l e s .
L i e s a n d in t r ig u e s w e r e f o r e i g n t o h is n a t u r e .
I lis w ife , w h o m h o lo v e d
a n d fr o m w h o m h o W as n o v e r s e p a r a t e d , d ie d as th e re s u lt o f an a c c id e n t
t o t h o c a r r ia g e d r i v e n b y h i m .
A s Is k n o w n , o n e b r o t h e r w a s k i ll e d b y a
l io n .
W o r d s w o r t h w a s id s f a v o r i t e p o e t , a n d h o C o u ld q u o t e h im b y t h o h o u r .
ITis B r i t is h c a l m d i d n o t l a c k a s e n s e o f h u m o r .
W h e n b r e a k fa s tin g w it h
u s a n d t h o c h i ld r e n a n d h o h e a r d t h e i r G e r m a n c o n v e r s a t i o n , lie w o u l d
s a y , “ I c a n n o t h e l p a d m i r in g t h o w a y t h e y t a l k G e r m a n , ” a n d l a u g h e d
a t h is j o k e .
T h i s is t h o m a n w h o w a s c a l l e d “ t h o L i a r G r e y ” a n d t h o
“ o r ig in a t o r o f t h o w o r l d w a r . ”

H e has tho following to say of Asquith:
A s q u it h is a m a n o f q u i t e d i f f e r e n t m o u l d . A j o v i a l , s o c i a b l o f e l l o w , a
f r i o n d o f t h o l a d ie s , e s p e c i a ll y y o u n g a n d b e a u t i f u l o n e s , h o lovers c h e e r y
s u r r o u n d i n g s a n d a g o o d c o o k , a n d is s u p p o r t e d b y a c h e e r y y o u n g w if e .
I I o w a s f o r m e r l y a w e ll k n o w n l a w y e r , w i t h a l a r g o i n c o m e a n d m a n y
y e a r s ’ P a rlia m e n ta r y e x p e rie n ce .
L a te r h o w a s k n o w n as a M in is t e r u n d e r
G l a d s t o n e , a p a c i f i s t lik e h is f r i e n d G r e y , a n d f r i e n d l y t o a n u n d e r s t a n d in g
w it h G e rm a n y .
I I o t r e a t e d a ll q u e s t i o n s w it h a n e x p e r ie n c e d b u s in e s s
m a n ’s c a l m a n d c e r t a i n t y , a n d e n j o y e d g o o d h e a l t h a n d e x c e l le n t n e r v e s ,
s t e e le d b y a s s i d u o u s g o l f .
I l l s d a u g h t e r s w e n t t o a G e r m a n b o a r d i n g s c h o o l a n d s p e a k f lu e n t G e r ­
m an.
W o q u i c k l y b e c a m o g o o d f r ie n d s w it h h im a n d h is f a m i l y , a n d
w e r o g u e s t s a t h is l i t t l e h o u s o o n t h o T h a m e s .
H e o t d y r a r e ly o c c u p i e d h i m s e lf w it h fo r e i g n a f fa ir s .
'W h e n I m p o r t a n t
q u e s t i o n s c r o p p e d u p , w i t h h i m l a y t h o u l t i m a t e d e c i s io n .
D u r in g t h o
c r it i c a l d a y s o f J u l y A s q u i t h o f t e n c a m e t o w a r n 11s , a n d h o w a s u l t i m a t e l y
in d e s p a ir o v e r t h o t r a g i c t u r n o f o v o n t s .
O n A u g . 2 , w h o n I s a w A s q u it h
in o r d e r t o m a k o a fin a l a t t e m p t , h e w a s c o m p l e t e l y b r o k e n , a n d a l t h o u g h
q u i t e c a l m , t e a r s r a n d o w n h is f a c e .
S U M M IN G

UP

G E R M A N Y ’S P O L IC Y .

Prince Liclinowsky sums up the situation which led to
w ar as follows:
A s a p p e a r s f r o m a ll o f f i c ia l p u b li c a t io n s , w i t h o u t t h o f a c t s b e i n g c o n ­
t r o v e r t e d b y o u r o w n W h i t e B o o k , w h ic h , o w in g t o it s p o v e r t y a n d g a p s ,
c o n s t i t u t e s a g r a v e s e l f- a c c u s a t io n :
1 . W o o n c o u r g c d C o u n t B e r c h t o l d t o a t t a c k S e r b ia , a l t h o u g h n o G e r ­
m a n in t c r o s t w a s i n v o l v e d , a n d t h o d a n g e r o f a w o r l d w a r m u s t h a v e b e e n
k n o w n t o u s— w h e t h e r w o k n o w t h o t e x t o f t h o u l t im a t u m is a q u e s t i o n o f
c o m p l e t o i n d i ff e r e n c o .
2 . I n t lie d a y s b e t w e e n J u l y 2 3 a n d J u l y 3 0 1 9 1 4 , w h e n M . S a z o n o f f
e m p h a t i c a ll y d e c l a r e d t h a t R u s s ia c o u l d n o t t o le r a t o a n a t t a c k u p o n S e r ­
b i a , w o r o jo c t e d t h e B r i t is h p r o p o s a l s o f m e d i a t io n , a l t h o u g h S e r b ia , u n d e r
R u s s ia n a n d B r i t is h p r e s s u r o , h a d a c c e p t e d a l m o s t t h o w h o lo ultimatum,
a n d a l t h o u g h a n a g r e e m e n t a b o u t t h o t w o p o i n t s in q u e s t i o n c o u l d e a s ily
h a v e b e e n r e a c h e d , a n d C o u n t B e r c h t o l d w a s e v e n r e a d y t o s a t i s f y h i m s e lf
w i t h t h o S e r b ia n r e p l y .
3 . O n J u ly 3 0 , w h o n C o u n t B e r c h t o ld w a n te d t o g iv e w a y w o , w it h o u t
A u s t r i a h a v i n g b e e n a t t a c k e d , r e p l ie d t o R u s s i a ’ s m o r o m o b i l i z a t i o n b y
s e n d i n g a n u l t i m a t u m t o S t . P e t e r s b u r g , a n d o n J u l y 31 w o d e c l a r e d w a r
o n t h o R u s s i a n s , a l t h o u g h t h o C z a r h a d p l e d g e d h is w o r d t h a t a s l o n g as
n e g o t i a t i o n s c o n t i n u e d n o t a m a n s h o u l d m a r c h — s o t h a t w o d e l ib e r a t e l y
d e s t r o y e d t h o p o s s i b il i t y o f a p e a c e f u l s e t t le m e n t .
I n v i e w o f t h e s e I n d is p u t a b le f a c t s , i t is n o t s u r p r is in g t h a t t h o w h o lo
c iv iliz e d w o rld o u ts id e G e rm a n y a t tr ib u te s t o u s t h o s o lo g u ilt fo r th o
w o rld w a r.
G E R M A N V IC E -C H A N C E L L O R O N L IC IIN O W S K Y .

The Vice-Chancellor, in discussing tho memorandum
beforo tho Reichstag Committee, said in part:
S o m o a s s e r t io n s in h is d o c u m e n t s m u s t , h o w e v e r , b o c o n t r a d i c t e d
e s p e c i a l l y h is a s s e r t io n s a b o u t p o l it i c a l o v o n t s in t h o la s t m o n t h s p r e c e d i n g
th o w ar.
P r i n c o L i c li n o w s k y w a s n o t o f h is o w n k n o w l e d g e a c q u a in t e d
t h o s e o v o n t s , b u t h o a p p a r e n t ly r e c e iv e d f r o m a t ld r d , a n d w r o n g ly in fo r m e d
q u a r t e r , in a c c u r a t e in fo r m a tio n .
T h o k o y t o t h o m is t a k e s a n d f a ls e c o n ­
c lu s io n s m a y a ls o b o t h o l ’ r i n c o ’ s o v e r e s t im a t i o n o f h is o w n s e r v ic e s , w h ic h
a r o a c c o m p a n i e d b y h a t r e d a g a in s t t h o s e W h o d o n o t r e c o g n i z e h is a c h i e v e ­
m en ts as h o ex p e cte d .
T h o e n t i r o m e m o r a n d u m is p e n e t r a t e d b y a ^ s trik l n g v e n e r a t i o n f o r f o r e ig n d i p l o m a t s , e s p e c i a ll y t h o B r i t is h , w h o a r e d e ­
s c r ib e d in a t r u ly a f f e c t i o n a t e m a n n e r , a n d , o n t h o o t h e r h a n d , b y a n
e q u a ll y s t r ik i n g ir r i t a t io n a g a in s t a l m o s t a ll G e r m a n s t a t e s m e n .
Tho
r e s u l t w a s t h a t t h o P r i n c o f r e q u e n t l y r e g a r d e d G e r m a n y ’s m o s t z e a lo u s
o n o m y a s h e r b e s t f r i e n d b c c a u s o t l i o y w e r o p e r s o n a l l y o n g o o d t e r m s w it h
h im .
jjgij

ITo characterized as false tho statements that Von Moltko
had urged war, that tho then Foreign Secrotary had visited
Berlin in 1914, and that tho German Ambassador at Petrograd had roportod that Russia would in no event movo.




259
VON

J A G O W ’S

REPLY.

Herr von Jagow, German Foreign Secretary in 1914, has
issued a statement commenting upon and denying some
of tho statements of Princo Lichnowsky’s paper, among
them that he visited Vienna in 1914. After taking account
of these, however, his admissions must be regarded as moro
important. H e confirms, “ as far as he remembers,” tho
expressions quoted from him. The reply is chiefly in de­
fense and vindication of himself. Of tho Bagdad railway
negotiations he says:
W h e n , in J a n u a r y 1 9 1 3 , I w a s a p p o i n t e d S e c r e t a r y o f S t a t e I r e g a r d e d a
G c r m a n - E n g li s h rapprochement a s d e s i r a b l e , a n d a n a g r e e m e n t a b o u t t h e
p o i n t s a t W h ic h o u r i n t e r e s t s t o u c h e d o r c r o s s e d a s o b t a i n a b l e .
In a n y case
I W a n t e d t o t r y t o w o r k in t h is s e n s e .
A m a in p o i n t f o r u s w a s t h e M e s o p o t a m i a - A s i a M i n o r q u e s t i o n — t h e s o - c a ll e d B a g d a d p o l i c y — b e c a u s e i t h a d
b e c o m e f o r u s a q u e s t i o n o f p r e s t ig e .
I f E n g la n d w a n t e d t o p u s h u s o u t
th e r e , a c o n f lic t s e e m e d , in d e e d , t o m e t o b o h a r d ly a v o id a b le .
A s soon as
p o s s i b le I t o o k u p in B e r l i n t h e s e t t l e m e n t a b o u t t h e B a g d a d r a i lw a y .
We
f o u n d t h e E n g li s h G o v e r n m e n t r e a d y t o m e e t u s , a n d t h e r e s u lt w a s t h o
a g r e e m e n t w h ic h h a d a lm o s t b e e n c o m p le t e d w h e n th e w o rld -w a r b r o k e
o u t.
.
A t t h e s a m e t i m e t h e n e g o t i a t io n s a b o u t t h o P o r t u g u e s e c o lo n ie s , w h ic h
h a d b e e n b e g u n b y C o u n t M e t t e m i c h a n d c o n t in u e d b y B a r o n M a r s c h a l l ,
w e ro re s u m e d b y P r in c e L ic h n o w s k y . I i n te n d e d t o b e g in la te r o n — w h e n
t h o B a g d a d r a i lw a y q u e s t i o n , in m y o p i n i o n t h e m o s t i m p o r t a n t q u e s t i o n ,
h a d b e e n s o t t l e d — f u r t h e r a g r e e m e n t s a b o u t o t h e r q u e s t i o n s , in t h o F a r
E a s t, f o r e x a m p le .

Referring to Prince Lichnowsky’s policy of developing
closer relations with England, instead of backing up to tho
limit tho aspirations of Austria in the Balkans, he says:
I a ls o p u r s u e d a p o l i c y w h ic h a i m e d a t a n a g r e e m e n t w i t h E n g la n d ,
b e c a u s e I w a s o f t h o o p i n i o n t h a t t h i s w a s t h o o n l y r o a d b y w h ic h w e c o u l d
g o t o u t o f t h o u n f a v o r a b l e s i t u a t io n i n t o w h i c h t h e u n e q u a l d i s t r i b u t i o n
o f s t r e n g t h a n d t h o w e a k n e s s o f t h e T r i p l e A l l ia n c e h a d b r o u g h t u s .
“ P o l i t i c a l m a r r ia g e s u n t i l d e a t h u s d o p a r t ” a r e , a s P r i n c e L i c h n o w s k y
s a y s , i m p o s s i b l e in in t e r n a t io n a l r e la t i o n s .
B u t in t h o e x i s t i n g s t a t e o f
a f fa ir s in E u r o p e i s o la t i o n s a r e e q u a ll y i m p o s s i b l e .
T h o h is to ry o f E u ro p e
is c o m p o s e d o f c o a l i t i o n s , s o m e o f w h ic h h a v e le d t o t h o a v o i d a n c e o f w a r s
a n d s o m o t o v io le n t c o n flic t s .
A l o o s e n in g a n d fin a l d i s s o lu t i o n o f o l d
u n io n s w h i c h n o lo n g e r s a t i s f y a il t h e c o n d i t i o n s c a n n o t b o r e c o m m e n d e d
u n t il n o w c o n s t e ll a t i o n s a r e w it h i n r o a c h .
T h a t w a s t h o a im o f o u r p o l i c y
o f rapprochement w i t h E n g la n d .
A s l o n g a s t h is p o l i c y d i d n o t p r o v i d o
t r u s t w o r t h y g u a r a n t e e s w e c o u l d n o t a b a n d o n t h o o l d s e c u r it ie s — a n d t h o
o b l ig a t io n s w h i c h t h e y i n v o l v e d .

Tho extreme policy of Germany in supporting Austria is
partially explained in this paragraph:
O u r M o r r o c c o p o l i c y h a s le d t o a p o l it i c a l d e f e a t .
H a p p i l y t liis h a d b e e n
a v o i d e d in t h o B o s n ia n c r is is , a n d a t t h o L o n d o n C o n f e r e n c e .
A fro sh
d i m in u t i o n o f o u r p r e s t ig o w a s i n t o le r a b l e f o r o u r p o s i t i o n in E u r o p e a n d
in t h o w o r l d .
T h o p r o s p e r ity o f S ta te s , a n d t h e ir p o lit ic a l a n d e c o n o m ic
s u c c e s s e s , d o p o n d u p o n t h o p r e s t ig o w h ic h t h e y e n j o y in t h e w o r l d .

H err von Jagow is fair enough to add his testimony to that
of Princo Lichnowsky, as to Sir Edward G rey ’s desiro^to
maintain peace. H e says:
I a m b y n o m e a n s w il li n g t o a d o p t t h o o p i n i o n , w h ic h is a t p r o s e n t
w i d e l y h o ld in G e r m a n y , t h a t E n g la n d la id all t h e m in e s w h i c h c a u s e d t h e
w a r : o n t h o c o n t r a r y , I b e l ie v e in S ir E d w a r d G r e y ’s l o v e o f p e a c e a n d in
liis s e r io u s w is h t o r e a c h a n a g r e e m e n t w i t h u s .
B u t h e h a d in v o lv e d
h i m s e lf t o o d e e p l y in t h e n e t o f l 'r a n c o - R u s s i a n p o l i c y .
H e c o u ld n o
lo n g e r f in d t h o w a y o u t , a n d h o d i d n o t p r e v e n t t h o w o r l d - w a r — a s h e c o u l d
havo done.
A m o n g t h e E n g lis h p e o p l e a ls o t h e w a r w a s n o t p o p u l a r ,
a n d B e lg iu m h a d t o s e r v o a s a b a t t le fie ld .

Just what more Sir Edward Grey might have done to
avert the war von Jagow does not say, but presumably he
means that the British Minister might have persuaded Serbia
to yield unconditionally, or Russia to refrain from intervening
in Serbia’s behalf. W h at he says corroborates the main
statements of Lichnowsky’s paper.
The Pan-German newspapers of Germany are demanding
that Princo Lichnowsky shall be tried for treason. Tho
Socialist papers give weight to his statements. The “ Vorwaerts,” although now supporting tho Government, says
that the efforts to discredit Lichnowsky’s ability and dis­
cernment merely means that the most important Ambassa­
dorial post that Germany had at her disposal was occupied
by a fool and a blockhead.
Tho “Mannheimo Volkstimmo” says that “ either Prince
Lichnowsky is tho most incurable idiot who ever sat in an
ambassador’s chair, or else not a shred remains of the fiction
that tho outbreak of war was caused by English intrigues.”
AN

H IS T O R IC A L

DOCUM ENT

OF

THE

F IR S T

IM P O R T A N C E .

Thero is no possible answer to this comment, and no room
to question that the Lichnowsky memorandum is an his­
torical document of tho first importance. The explanation
that ho was disappointed and aggrieved because the Berlin
Government did not accept his view as to the policies to be
pursued, does not break the force of his statements. As an
honest man sincerely desirous of promoting peace among
tho nations of Europe, he had good reason to feel indignant
and for wishing to put on record for the future an account
of his Ministry. If there are inaccuracies as to minor
details, such as von Jagow’s visit to Vienna, concerning
which he doubtless believed himself well informed, they do
not affect the validity of the main account, or the sincerity
of his purposes. Compared with the monstrous falsehoods
about tho origin of the war, which have been imposed upon

[V o l . 107.

THE CHRONICLE

360

tho people of Germany, his story is the veritable truth,
supported by abundant evidence. Together with H err
von Jagow’s reply it should be placed in every home in the
United States. It is a complete answer to the insidious pro­
Germ an propaganda which has been widely circulated, and
which has misled many credulous persons of anti-British
roclivities. It is of the utmost importance that our people
have a full appreciation of the responsibility which belongs
to the German Government for bringing on this war.
T E S T IM O N Y

FROM

A

KRUPP

D IR E C T O R .

PROPOSAL FOR L IM IT E D HOME RULE FOR I N D I A .
A recommendation for a limited home rulo for India and
tho creation of necessary legislative machinery in that
country is contained in a report prepared for presentation
to Parliament b y E dw in Samuel M ontagu, Secretary for
India, and Baron Chelmsford, Viceroy and Governor Gen­
eral of India, mado public by the Government on July 6.
Press dispatches from London in announcing this say:

_

In the same speech before the Reichstag Committee, in
which Vice-Chancellor von Payer discussed the Lichnowsky
memorandum, he also referred to a letter written b y a D r.
M uhlon, a German of high social and business standing now
living in Switzerland, but who at tho outbreak of the war
was a director in Krupps. Notwithstanding his connection
with tho great gun works, M uhlon seems to have compre­
hended tho awful crime against humanity involved in wan­
tonly bringing on the war. His statement, in part, was as
follows:
I n t h o m i d d l e o f J u l y 1 9 1 4 I h a d , a s I f r e q u e n t l y h a d . a c o n v e r s a t io n
w i t h D r . H e l f f e r i c h , t h e n d i r e c t o r o f t h o D e u t s c h e B a n k In B e r l i n , a n d n o w
V ic e -C h a n c e llo r .
T h o D e u t s c h e B a n k h a d a d o p te d a n e g a tiv e a t t it u d e
t o w a r d s c e r t a in la r g o t r a n s a c t io n s in B u lg a r i a a n d T u r k e y , in w h ic h t h o
f i r m o f K r u p p , f o r b u s in e s s r e a s o n s — d e l i v e r y o f m a t e r ia l — h a d a l i v e l y
in t e r e s t .
A s o n e o f t h o re a s o n s t o ju s t if y t h o a t t it u d e o f t h o D e u ts c h e
B a n k , D r . H e lffe r ic h fin a lly g a v o m o t h o fo llo w in g re a s o n :
“ T h o p o l i t i c a l s i t u a t io n h a s b e c o m e v e r y m e n a c i n g .
T h o D ou tscth
B a n k m u s t in a n y c a s e w a it b e f o r e e n t e r in g i n t o a n y f u r t h e r e n g a g e m e n t s
a broad .
T h e A u s t r i a n s h a v e j u s t b e e n w it h t h o K a is e r .
I n a w e e k ’s
t i m o V i e n n a w ill s e n d a v e r y s e v e r e u l t im a t u m t o S e r b ia , w i t h a v e r y s h o r t
in te rv a l f o r th o a n s w e r.
T h o u l t i m a t u m w il l c o n t a i n d e m a n d s s u c h a s
p u n is h m e n t o f a n u m b e r o f o f f i c e r s , d i s s o lu t i o n o f p o l it i c a l a s s o c ia t i o n s ,
c r im i n a l i n v e s t ig a t i o n s in S e r b ia b y A u s t r i a n o f f i c i a l s , a n d , in f a c t , a w h o le
s e r ie s o f d e f i n i t e s a t i s f a c t i o n s w ill b e d e m a n d e d a t o n c e ; o t h e r w i s e A u s t r i a H u n g a r y w ill d e c l a r e w a r o n S e r b i a . ”
'
D r . H e l f f e r i c h a d d e d t h a t t h o K a is e r h a d e x p r e s s e d h is d e c i d e d a p p r o v a l
o f th is p r o c e d u r e o n t h o p a r t o f A u s tr ia -H u n g a r y .
H o h a d s a id t h a t h e
r e g a r d e d a c o n f l i c t w i t h S e r b ia a s a n in t e r n a l a f f a i r b e t w e e n t h e s e t w o
c o u n t r i e s , in w h ic h h o w o u l d p e r m i t n o o t h e r S t a t e t o i n t e r f e r e .
I f R u s s lm o b iliz e d , h o w o u ld m o b iliz e a ls o .
B u t in t h i s c a s o m o b i li z a t io n m e a n t
im m e d ia te w a r .
T h is t im e th e r o w o u ld b o n o o s c illa t io n .
H e l f f e r i c h s a id
t h a t t h e A u s t r i a n s w e r e e x t r o m o l y w e ll s a t i s f i e d a t t h i s d e t e r m in e d a t t i t u d o o n t h e p a r t o f t h e K a is e r .
,
W h e n I th e r e u p o n s a id t o D r . H e lffe r ic h t h a t t h is u n c a n n y c o m m u n ic a ­
t io n c o n v e r t e d m y fe a r s o f a w o r ld -w a r , w h ic h w e re a lr e a d y s t r o n g , in t o
a b s o l u t e c e r t a i n t y , h e r e p l ie d t h a t i t c e r t a in l y l o o k e d l ik e t h a t .
B u t p er­
h a p s F r a n c e a n d R u s s i a w o u l d r e c o n s id e r t h o m a t t e r .
In a n y ca so th o
S e rb s d e s e r v e d a le s so n w h ic h t h e y w o u ld r e m e m b e r .
T h i s w a s t h o f ir s t
I n t im a t i o n t h a t I h a d r e c e i v e d a b o u t t h o K a i s e r ’ s d is c u s s io n s w i t l i o u r
a lli e s .
I k n o w D r . H o l f f e r i c h ’s p a r t i c u la r l y i n t i m a t e r e la t i o n s w i t h t h o
p e r s o n a g e s w h o w e re s u ro t o b o in it ia t e d , a n d I k n o w t h a t t h is c o m m u n i­
c a t io n w a s t r u s t w o r t h y .
A f t e r m y r e t u r n f r o m B e r l i n I i n f o r m e d n e r r K r u p p v o n B o h lo n a n d
H a lb a c h , o n e o f w h o s e d ir e cto r s I th e n w a s a t E s s e n .
D r . H e lffe r ic h
h a d g i v e n m o p e r m is s i o n , a n d a t t h a t t i m o t h o i n t e n t io n w a s t o m a k o h im
a d ir e cto r o f K r u p p s ’ .
H e r r v o n B o h lo n s e e m e d d i s t u r b e d t h a t D r . H e l f ­
f e r i c h w a s in p o s s e s s io n o f s u c h i n f o r m a t i o n , a n d h o m a d o a r e m a r k t o t h e
e f fe c t t h a t t h e G o v e r n m e n t p e o p le c a n n e v e r k e e p t h e ir m o u th s s h u t .
Ho
th e n t o ld m o t h e f o llo w in g .
H o s a id t h a t h o h a d h im s e lf b e e n w it h th o
K a is e r in t h o l a s t f e w d a y s .
T h o K a is e r h a d s p o k e n t o h im a ls o o f h is c o n ­
v e r s a t i o n w i t h t h o A u s t r i a n s , a n d o f i t s r e s u l t ; b u t h o h a d d e s c r ib e d t h o
m a t t e r a s s o s e c r o t t h a t h e ( K r u p p ) w o u l d n o t e v e n h a v o d a r e d t o i n fo r m
h is o w n d ir e c t o r s .
A s , h o w o v e r , I a l r e a d y k n e w , h o c o u l d t e ll m o t h a t
H e l f f e r i c h ’s s t a t e m e n t s w e r e a c c u r a t e .
I n d e e d , H e lf f e r i c h s e e m e d t o
k n o w m o r o d e t a i ls t h a n h o d i d .
H o s a i d t h a t t h o s i t u a t io n w a s r o a l ly v e r y
s e r io u s .
T h o K a is e r h a d t o l d h i m t h a t h o w o u l d d e c l a r o w a r i m m e d i a t e l y
i f R u s s ia m o b iliz e d , a n d t h a t th is t im o p c o p lo w o u ld s e o t h a t h o d id n o t
tu rn a b o u t.
T h o K a i s e r ’ s r e p e a t e d in s is t e n c e t h a t t h i s t i m e n o b o d y w o u ld
b o a b l e t o a c c u s e h i m o f i n d e c is i o n h a d , h o s a i d , b e e n a l m o s t c o m i c in Its
e ffe c t.

This is circumstantial, corroborative of tho Lichnowsky
statements, and in harmony with all tho known facts.
W h at Herr von Jagow says about tho loss of Gorman prestigo
in tho Morrocco case throws light upon what D r. M uhlon
says of the Kaiser’s almost comic insistence that nobody
would be able to accuse him of indecision this time. Thero
is an accumulation of evidence that tho situation, instead
of developing suddenly while the Kaiser was innocently
absent on a yachting trip, had been carefully planned in
conforenco by the responsible authorities of Germany and
Austria-Hungary. Tho time was judged to bo ripe to ex­
tend tho German-Austrian influence in the Balkan States,
thus opening up the way to Asia M inor, where Germ any’s
ambitions in recent years had beon centred. The assassi­
nation of the heir to the Austrian throne providod tho oc­
casion, Russia was not ready for war, England probably
would not como in, and, in tho words of the Gorman Foreign
Secretary, “ W o must simply risk it.”
This is tho inner history from Gorman sources of the be­
ginning of the w ar, which tho German Government repre­
sents as brought on by England and inspired by trade jeal­
ousy.
Von Payor’s commont upon the M uhlon disclosures was
that tho gentleman was suffering from nourasthenia, and
that no attention noed bo paid to his statements since tho
important gentlemen quoted by him denied having mado
tho statements attributed to them.




T h i s r e p o r t o n c o n s t it u t i o n a l r e fo r m s is t h e o u t c o m o o f M r . M o n t a g u ’ s
s ix m o n t h s ’ v i s i t t o I n d i a a n d c o v e r s a b o u t 3 0 0 o c t a v o p a g e s .
T h e docu ­
m e n t w a s s ig n e d a t S im la o n A p r i l 2 2 b y M r . M o n t a g u a n d B a r o n C h e lm s ­
fo rd a n d h a s th o c o n c u r r e n c e o f th o I n d ia n G o v e rn m e n t, th o In d ia n C o u n ­
c i l , a n d t h e m e m b e r s o f t h e m is s i o n w h ic h a c c o m p a n i e d M r . M o n t a g u o n
h is v i s i t .
T h o r e p o r t d e a ls w i t h e v e r y a s p e c t o f I n d i a n p r o b l e m s a n d d i f f i c u lt i e s
a n d is a v e r y g r e a t s t o p In t h o d i r e c t i o n o f I n d i a n h o m o r u l o .
I t s m a in
r e c o m m e n d a t io n s a r e :
C o m p le t io n o f th e e d ific e o f lo ca l s e lf-g o v e r n m e n t , g iv in g co n s id e r a b le
m e a s u r e o f r e s p o n s i b il i t y In v a r i o u s f ie l d s t o p r o v i n c i a l le g is la t u r e s , w h ic h
a r o t o b o c o m p o s e d o f d i r e c t l y e l e c t e d r e p r e s e n t a t iv e s a n d w h ic h w il l a c t
u n d e r t h e b r o a d e s t f r a n c h is e p o s s i b le u n d e r I n d i a n c o n d i t i o n s .
A v i c e r e g a l le g is la t u r e w h ic h w ill b o c o m p o s e d o f t w o c h a m b e r s , t h o
s e c o n d c h a m b e r b e i n g c a l le d " T h o C o u n c il o f S t a t e .
T h e c r e a t io n o f a n I n d i a n p r i v y c o u n c i l a n d a c o u n c i l o f p r i n c e s , w it h a
p r o v i s i o n f o r t h e e s t a b l is h m e n t o f m a c h i n e r y f o r t h o c o n d u c t i n g o f p e r i o d i c
i n q u ir ie s t o c o n s i d e r w h e t h e r o t h e r s u b j e c t s m a y b o t r a n s f e r r e d t o p o p u la r
c o n t r o l.
, ,,
_
A d i s p a t c h f r o m S im la t o R e u t e r s , L i m i t e d , s a y s t h a t t h o I n d i a n G o v e r n ­
m e n t h a s c a u s e d i t t o b e k n o w n t h r o u g h o u t t h o p r o v i n c e s t h a t i t is t h e
in t e n t io n , a s in d ic a te d in th o D e lh i c o n fe r e n c e , g r e a t ly t o in cre a s e th o
s tr e n g th o f t h e In d ia n A r m y .
T h o G o v e r n m e n t a ls o is s u g g e s t i n g u r g e n t
c o n s i d e r a t io n o f t h e p r o b l e m o f o b t a i n i n g a n a d d it i o n a l n u m b e r o f B r it is h
o f f i c e r s a n d s u b o r d i n a t e s , p r o p o r t i o n a t e t o t h o c o n t e m p l a t e d in c r e a s e in
t h o s i z e o f t h o I n d i a n A r m y , f r o m E u r o p e a n s o f a m il i t a r y a g o n o w e m ­
p l o y e d in c o m m e r c i a l b u s in e s s a n d o c c u p a t i o n s in I n d i a t h a t a r o n o t
e s s e n t ia l t o t h e w a r .
V i c e r o y B a r o n C h e lm s f o r d h a s e m p h a s i z e d t h a t a t t h e p r e s e n t t i m o t h o
d e v e l o p m e n t o f m a n p o w e r is t h o p a r a m o u n t c o n s i d e r a t i o n , a n d t h a t c o m ­
m e r c ia l I n t e r e s ts n o t d i r e c t l y e s s e n t ia l t o t h o p r o s o c u t io n o f t h o w a r m u s t
b o re g a rd e d as o f s e c o n d a r y im p o rta n ce .

#

A later account of the proposed homo rulo plan for India
wero furnished in British Wireless Servico advices from
London July 17, published as follows in tho “Journal of
Commerce” of July 18:
E v e n t u a l l y t o s e t u p in I n d i a a r e s p o n s i b le s o i r - g o v c r n m o n t is t h o a v o w e d
p u r p o s e o f t h o p la n o r l i m i t e d h o m o r u l o f o r t h a t c o u n t r y w h ic h h a s b e o n
p r e p a r e d f o r s u b m i s s io n t o t h e B r i t is h P a r l i a m e n t b y E d w i n S . M o n t a g u ,
S e c r e ta r y fo r I n d ia , a n d B a ro n C h e lm s fo r d , V ic e r o y a n d G o v e r n o r -G e n ­
eral o f I n d ia .
B e fo r e th is g o a l o f s e lf-g o v e r n m e n t c a n b o a tt a in e d , h o w o v e r , th o a u ­
t h o r s o f t h o n e w p l a n s a y t h o I n d i a n p e o p l e s h o u l d h a v o a p e r i o d o f t r a in in g .
T h e y a v o w t h a t t h o p r o p o s e d s c h e m e o f g o v e r n m e n t Is a t e m p o r a r y e x ­
p e d i e n t i n t e n d e d t o p r o v i d o a m e t h o d o f t r a in in g in g o v e r n m e n t , a n d s a y
th o u lt im a t e a t t a in m e n t o f t h o d e s ire d g o a l d e p e n d s u p o n th o I n d ia n p c o p lo
t h e m s e lv e s .
" I t w o u l d n o t b e f a ir t o g i v e i t t o t h e m u n t i l t h o y f u l f i l l t h o
n e c e s s a r y c o n d i t i o n s , ” s a y b o t h t h o S e c r e t a r y f o r I n d ia a n d t h o V i c e r o y .
T h o r o p o r t h a s b e e n m a d o p u b lic b y t h o G o v e r n m e n t fo r p u r p o s e s o f d is ­
c u s s io n a n d c r i t i c i s m .
I t h a s n o t b e o n d e f i n i t e l y a d o p t e d in a ll i t s d e t a ils
b y th o W a r C a b in e t.
L e a d in g u p t o a d e s c r i p t i o n o f t h e i r n o w p l a n , t h o o f f i c i a l a n n o u n c e m e n t
s a y s t h a t " d e c la r a t io n s o f b o t h o u r o w n a n d A m e r ic a n s ta te s m e n c o n c e r n ­
in g t h o l ib e r a l i z in g o f t h o a im s o f t h o A l l ie s h a v o g i v e n n o w f o r c o a n d
v i t a l i t y t o t h o g r o w i n g d e m a n d a m o n g t h e p r o g o s s l v o s e c t io n o f t h o ( I n ­
d ia n ) p e o p l e f o r s e l f - g o v e r n m e n t .

Plan of Government Proposed.
T h o V i c e r o y a n d S e c r e t a r y o f I n d i a p r o p o s o t h a t t h o n o w g o v e r n m e n t in
I n d i a s h a ll b o c o m p o s e d o f t h o f o l l o w i n g :
P r o v in c ia l L e g is la tu re s t o b o c o m p o s e d o f d ir e c t ly e lo c te d r e p re s e n ta ­
t iv e s .
A V i c e r e g a l L e g i s l a t u r e f o r a ll I n d i a t o b o c o m p o s e d o f t w o c h a m b e r s —
th o L e g is la t iv e A s s e m b ly o f In d ia a n d th o C o u n c il o f S ta to .
T h e I n d i a n P r i v y C o u n c i l , m e m b e r s o f w h ic h a r o t o b o a p p o in t e d b y t h o
K in g E m p e r o r .
A C o u n c il o f P r i n c e s .
A c c o r d i n g t o t h o o f f i c i a l a n n o u n c e m e n t o f t h e p r o v i s io n s o f t h o s c h o m o
a n i n c r e a s in g d e g r e o o f r e s p o n s i b il i t y is t o b o g i v e n t o t h o p r o v i n c e s .
T h ey
a r o t o h a v o t h o l a r g e s t m o a s u r o o f i n d e p e n d e n c e c o m p a t i b l e w it h t h o a u ­
t h o r i t y o f t h o V ic e r e g a l L e g is la t u r e .
C e r t a i n s u b j e c t s a r o t o b o r e s e r v e d f o r a c t i o n b y t h o E x e c u t i v e C o u n c il
o f th e s e p r o v in c e s , e x c lu d in g B u rm a .
T h o s o o x e c u t i v o c o u n c i ls w ill c o n ­
s is t o f t h o g o v e r n o r a n d t w o m e m b e r s , o n o o f t h e m t o b o a n I n d i a n .

System of Control,
" D e v o l u t i o n ," s a y s th o o ffic ia l a n n o u n c e m e n t, " I s t o ta k o th o fo r m o f
g i v i n g r e s p o n s i b il i t y in c e r t a in s u b j e c t s , t o b o k n o w n a s t r a n s f e r r e d s u b ­
j e c t s , t o t h e p r o v i n c ia l L e g i s l a t iv e C o u n c i l , w h ic h w il l h a v o a s u b s t a n ­
t ia l n u m b e r o f e l e c t e d m e m b e r s t o b e c h o s e n o n a s b r o a d a fr a n c h is e a s
p o s s ib lo .”
T h o s u b j e c t s o v e r w h ic h t h is p r o v i n c ia l e l e c t o r a l b o d y w ill
o x e r c is e c o n t r o l a r o d o f i n e d a s " t h o s o o f f e r i n g m o s t o p p o r t u n i t y f o r l o c a l
k n o w l e d g e a n d s o c ia l s e r v ic e w h e r e in I n d i a n s h a v o s h o w n t h e m s e lv e s t o b o
k e e n l y in t e r e s t e d ; t h o s o w h e r e t o m is t a k e s w o u l d n o t b o ir r e m e d i a b l e , a n d
t h o s o w h ic h s t a n d in n e e d o f d e v e l o p m e n t . ”
“ C o n tr ib u tio n s t o t h o G o v e r n m e n t o f I n d ia ,” a d d s th o a n n o u n c e m e n t,
“ a r o t o b o t h o f ir s t c h a r g e o n p r o v i n c i a l r e v e n u e s .
T h o r e m a in in g p r o ­
v in c ia l r e v e n u e s a r o t o b o a d m i n i s t e r e d b y t h o p r o v i n c ia l g o v e r n m e n t s . ”
T h o V ic e r e g a l L e g i s l a t u r e o f a ll I n d i a w il l b o c o m p o s e d o f t w o c h a m b e r s —
t h e L e g i s l a t iv e A s s e m b l y o f I n d i a a n d t h o C o u n c i l o f S t a t o .
T h o A ssem ­
b l y is t o h a v o a m e m b e r s h ip o f o n o h u n d r e d .
M o r o th a n h a lf th irty -s ix
o f t h o m e m b e r s o f th o p re s e n t L e g is la t iv e C o u n c il aro n o m in a te d b y th o
G o v e r n o r - G e n e r a l , b u t u n d e r t h o n o w p l a n t h is o f f i c i a l m a j o r i t y "w ou ld
d i s a p p e a r , a n d t w o - t h i r d s o f t h o 1 0 0 m e m b e r s o f t h o A s s e m b l y w o u ld b o
e le ctiv o .
T h e r e m a in in g o n e - t h i r d w o u ld b e n o m i n a t e d b y t h e G o v e r n o r G e n e r a l.
,
T h e s e c o n d c h a m b e r , o r C o u n c i l o f S t a t o , is i n t o n d e d t o ‘ d o v c l o p s o m e ­
t h in g o f t h o e x p e r i e n c e a n d d i g n i t y o f a b o d y o f o l d e r s t a t e s m e n .
I t Is t o
b o t h o f in a l l e g is l a t i v e a u t h o r i t y
in
m a tte rs w h ic h th e g o v e r n m e n t
r e g a r d s a s o s s e n t ia l.
B e s i d e s t l i e G o v o r n o r - G e n o r a l i t w ill c o n s i s t o f
f if t y m e m b e rs , o f w h o m tw e n ty -n in o a ro t o b o n o m in a te d a n d tw e n ty I o n o e le cte d .

July 20 1918.]

THE CHRONICLE

T o o b t a i n l e g is l a t i o n n e c e s s a r y f o r t h e c o n d u c t o f t h e G o v e r n m e n t , t h e
G o v e r n o r w il l h a v e p o w e r t o c e r t i f y t h a t e n a c t m e n t o f a c e r t a in m e a s u r e is
e s s e n t ia l t o t h e p e a c e o r t r a n q u i l i t y o f a p r o v i n c e .

Council of Princes’ Power.
T h e p r o p o s e d C o u n c i l o f P r i n c e s is t o c o n s i d e r q u e s t io n s a f f e c t i n g t h e
n a t i v o S t a t e s a n d t h o s e o f c o n c e r n e i t h e r t o t h e E m p i r e a s a w h o le o r t o
B r i t is h I n d i a a n d t h e n a t i v o S t a t e s in c o m m o n .
T e n y e a r s a f t e r t h e p r o p o s e d n e w g o v e r n m e n t is o r g a n i z e d a c o m m i s s i o n
is t o b o a p p o in t e d t o r o s u r v o y t h e w h o le p o l i t i c a l s i t u a t io n a n d j u d g e w h a t
fu r th e r p o w e r c a n b e tra n s fe rre d t o th e n a t iv o g o v e r n m e n ts .
S im ila r
c o m m i s s i o n s a r o t o f o l l o w a t in t e r v a ls o f n o t lo s s t h a n t w e l v e y e a r s .
A se­
l e c t C o m m i t t e e o n I n d i a is t o b o f o r m e d in e a c h s e s s io n o f t h e B r i t is h H o u s e
o f C om m on s.
T h r o u g h o u t t h e r e p o r t i t is p o i n t e d o u t t h a t t h e g r a n t in g o f f u r t h e r r e ­
s p o n s i b i l i t y t o t h e n a t i v e g o v e r n m e n t d e p e n d s u p o n a n a c t i v e a n d i n t e ll i ­
g e n t v o t in g b y t h e n a tiv e s .

LORD ROBERT CECIL'S STATEMENT ON ECONOMIC
ASSOCIA TION OF TWENTY-FOUR NATIONS.
The existence of an economic association of twenty-four
nations comprising the Allies was made known b y Lord
Robert Cecil, British Under Secretary of State for Foreign
Affairs and Minister of Blockade in a statement issued on
July 14 regarding the world’s trade after the war. The
question as to whether Germany eventually be admitted
to this economic association, will, according to Lord Robert,
be determined b y the test established b y President Wilson,
when the President said on Dec. 4 that if the German peo­
ple should still, after the w ar was over, “ continue to bo
obliged to live under ambitious and intriguing masters in­
terested to disturb the peace of the w orld,” it might be im­
possible to admit them to the partnership of the nations
or to free economic intercourse. Lord Robert described
this statement b y the President as a definition of the quali­
fications for membership in “ To these declarations we give
our warmest assent.” W ith regard to the economic prin­
ciples of the association of nations, Lord Robert said Prosident Wilson had on Jan. 8 “ stated them in memorablo word 3
when he advocated the removal so far as possible of all
economic barriers and the establishment of an equality of
trade among the nations consenting to peace and associating
themselves for its maintenance.” The text of Lord Robert’s
statement is furnished as follows in the Associated Press
dispatches:
I l ia v o b o o n m u c h i n t e r e s t e d in t h e s e r ie s o f a d d r o s s e s a n d d i s c u s s io n s
a t t h o r e c o n t m e e t in g s o f c o m m e r c i a l a s s o c ia t i o n s i n t h o U n it e d S t a t e s ,
s u c h as th o C h a m b e r s o f C o m m e r c e a n d th o F o r e ig n T r a d e C o u n c il, r e ­
g a r d in g tra d e a fte r th o w a r .
T h e t o n e o f t h e s e d is c u s s io n s s o e m s t o s h o w
c le a r l y a d o s ir o f o r s e t t le d a r r a n g e m e n t s f o r m u t u a l h e l p b e t w e e n a ll t h o
n a t i o n s n o w a s s o c ia t e d in t h e w a r a g a in s t G e r m a n y .
T h e s e are a ls o o u r
fe e lin g s In B r i t a i n , a n d I s h o u l d lik e t o m a k e s o m e a c k n o w l e d g m e n t o f
t h o s o r e c o n t u t t e r a n c e s o f p r o m in e n t A m e r i c a n c o m m e r c i a l m e n b y t r y in g
t o d e s c r ib o r o u g h l y t h e s t a t e o f B r i t is h p o l i c y a t t h is i n o m o n t in r o g a r d t o
su ch m a tters.
T h o r e s o lu t i o n s o f t h o P a r is E c o n o m i c C o n f e r e n c e h a v e b e e n m u c h d i s ­
c u s s e d d u r i n g t h o la s t t w o y e a r s .
W h o n t h e y w e re w ritte n w e h a d a n a ll ia n c o o f e ig h t n a t i o n s , s ix o f w h o m h a d s u f fe r e d t h e im m e d i a t e r a v a g e s o f
w ar.
T h o w o r l d o u t s i d e , i n c lu d in g t h e U n it e d S t a t e s w it h it s v a s t re­
sources, w a s n o u t r a l , a n d n o m i n a l ly , a t a n y r a t e , t h e n e u t r a l w o r l d a t t h o
c o n c lu s io n o f p e a c e w o u ld h a v e s o l d Its p r o d u c t s w h e r e t h e y w o u l d h a v o
fe tc h e d m o s t m o n o y .
T o b o r r o w t h e p la in w o r d s o f t h e r e c e n t I n t e r a ll i e d
L a b o r C o n f e r e n c e , a ll t h e s e v a s t r e s o u r c e s w o u l d h a v e g o n e t o t h o s o w h o
c o u l d p a y m o s t , n o t t o t h o s e w h o w o u l d n e e d m o s t , s o t h o P a r is c o n f o r e n c o
w a s a d e f e n s i v e a g r e e m e n t o f t h o s e t h e n e n g a g e d in t h o w a r t o s e c u r e t h e ir
o w n p e o p l e s a g a in s t s t a r v a t io n a n d u n e m p l o y m e n t d u r i n g t h o p e r i o d o f
r e c o n s t r u c t i o n , a n d t o p r o v i d e f o r t h o r e s t o r a t i o n t o e c o n o m i c l if o o f t h e
r a v a g e d t e r r it o r ie s o f B e l g i u m , P o l a n d , S e r b ia , F r a n c o a n d I t a l y .
T h e s e o b j e c t s r o t a in a ll t h e ir o l d i m p o r t a n c e .
T h e y a r e s i m p le m e a s u r e s
o f s e l f- p r e s e r v a t io n .
I t is , f o r e x a m p l e , s t ill o s s o n t ia l t h a t w o s h o u l d f o r e ­
s t a ll t h o a g g r o s s iv e e f f o r t s o f t h o C e n t r a l P o w e r s t o u s e t h e ir m o n o y p o w o r
t o s n a t c h o n t h o m o r n in g a f t e r t h o w a r t h o r a w m a t e r ia ls n e e d e d f o r t h e
r e c o n s tru ctio n o f th o p e o p le s in th o w e ste rn a n d ea ste rn th e a tre s o f w a r
w h o m t h e y h a v e t h e m s e lv e s d e s p o i l e d .
B u t , w h ilo t h o o s s o n t ia l n e e d s o f o u r s e lv e s a n d o f t h o n a t i o n s w h i c h a r o
f ig h t i n g w it h u s t h o b a t t l o o f l i b e r t y a n d j u s t i c e r e m a in u n a lt o r o d , t h o a l lla n c o o f e ig h t h a s e x p a n d e d i n t o t h o a s s o c ia t i o n o f t w e n t y - f o u r n a t i o n s , o f
w h i c h P r e s id e n t W i l s o n s p o k o i n h is r e c e n t a d d r e s s t o t h o R e d C r o s s . I t is
n o l o n g e r a q u e s t i o n o f f o r m i n g s o m o n a r r o w d o f o n s i v o a lli a n c o , b u t o f l a y ­
i n g d o w n t h e e c o n o m i c p r in c ip le s o f t h o a s s o c ia t i o n o f n a t i o n s w h ic h is
a l r e a d y in e x i s t e n c e , a n d t o m e m b e r s h ip o f w h ic h w o a r o c o m m i t t e d .
W h a t a r e t h o s o p r i n c ip l e s t o b o ?
T h e P r e s id e n t h a s s t a t e d t h e m in
m e m o r a b lo w o r d s .
O n J a n . 8 h o a d v o c a t e d “ t h e r e m o v a l s o f a r a s p o s s i b le
o f a ll e c o n o m i c b a r r ie r s , a n d t h o e s t a b lis h m e n t o f a n e q u a l i t y o f t r a d e
a m o n g a ll t h e n a t i o n s c o n s e n t i n g t o p o a c o a n d a s s o c ia t i n g t h o m s o lv o s f o r
i t s m a i n t e n a n c e . ’ ’ O n D o c . 4 h o h a d a l r e a d y d o f in e d t h e q u a li fi c a t i o n s f o r
m e m b e r s h ip in t h is a s s o c ia t i o n o f n a t io n s in w o r d s t h o w is d o m a n d i m p o r ­
t a n c e o f w h ic h h a v o b o o n r o n d o r e d d o u b l y o v i d o n t b y a ll w e k n o w o f t h o
p o l i c y o f d o m i n a t i o n , e x p l o i t a t i o n , a n d o x c lu s iv e n o s s i n t r o d u c e d b y G e r ­
m a n y i n t o a ll h o r p o a c o t r e a t ie s , a n d f o r c e d b y h o r u p o n h e r a llie s .
In
t h a t s p e e c h h o c o n s i d e r e d w h a t w o u ld b o t h e s i t u a t io n i f t h o G o r m a n p o o p l o " s h o u l d s t il l , a f t e r t h e w a r w a s o v e r , c o n t i n u o t o b o o b l i g e d t o liv o
u n d o r a m b i t io u s a n d i n t r ig u in g m a s t e r s i n t e r e s t e d t o d i s t u r b t h o p o a c o o f
t h o w o r l d , ” a n d p o i n t o d o u t t h a t It m ig h t t h e n b o i m p o s s i b l e t o a d m i t
t h e m e it h e r " t o t h o p a r t n e r s h ip o f n a t io n s w h ic h m u s t h e n c e f o r t h g u a r a n t e e
t h o w o r l d ’s p e a c o , ” o r " t o t h o f r e e e c o n o m i c in t e r c o u r s e w h i c h m u s t i n ­
e v i t a b l y s p r in g o u t o f t h e o t h e r p a r t n e r s h ip s o f a r e a l p e a c o . ”
T o t h e s o d e c l a r a t io n s w e g i v e o u r w a r m e s t a s s e n t .
B u t d o th o s e d e c la r a ­
t io n s n e c e s s a r il y m e a n t h a t w o — t h o a s s o c ia t e d n a t i o n s — a r o t o h a v e n o
p r o t e c t i v o t a r if f s a n d n o i n t e r n a t io n a l c o m p e t i t i o n in t r a d o a f t e r t h o w a r ?
N o.
E v e r y o n e is a g r e e d a s t o t h a t .
In th o w o rd s o f th o p r o g r a m o f th o
I n t e r - A l l i e d L a b o r C o n f e r e n c e , " t h o r ig h t o f e a c h n a t i o n t o t h o d e f e n s o o f it s
o w n e c o n o m i c i n t e r e s t s , a n d , in f a c e o f t h o w o r l d s h o r t a g o h e r e i n a f t e r m e n ­
t i o n e d , t o t h o c o n s e r v a t io n o f a s u f f i c i e n c y o f f o o d s t u f f s a n d m a t e r ia ls ,
c a n n o t b e d e n ie d ."




261

E a c h m e m b e r o f t h o a s s o c ia t i o n o f n a t i o n s m a y h a v e t o p r o t e c t i t s c i t i ­
z e n s in o n e w a y o r a n o t h e r a f t e r t h e w a r , b u t o u r a im m u s t b e a c o m p r e ­
h e n s i v e a r r a n g e m e n t o f lib e r a l I n t e r c o u r s e w i t h a ll m e m b e r s o f t h o a s s o c ia ­
t io n b y w h ic h e a c h o n e o f u s , w h il o p r e s e r v in g h is o w n n a t i o n a l s e c u r i t y ,
m a y c o n t r i b u t e t o m e e t t h e n e e d s a n d a i d in t h o d e v e l o p m e n t o f h is f e l l o w m em bers.
N o r , o f c o u r s e , c a n o u r a r r a n g e m e n t f o r m u t u a l a s s is t a n c e
e x c l u d e a ll c o m p e t i t i o n , t h o u g h w e a r e m o s t a n x i o u s t h a t c o - o p e r a t i o n
s h o u l d b e t h e k e y n o t e o f o u r c o m m e r c i a l r e la t i o n s .
O u r fe e li n g s in t h is
m a t t e r c a n n o t b e b e t t e r d e s c r ib e d t h a n in t h e w o r d s o f J a m e s A . F a r r e ll
t o th e F o r e ig n T r a d e C o u n c il, n a m e ly :
" T h o s a c r i f i c e s t h a t a r e b e i n g c h e e r f u ll y e n d u r e d t o - d a y b y m e n e n g a g e d
in f o r e i g n c o m m e r c e in t h e n e c e s s a r y c u r t a i l m e n t o f t h e i r b u s in e s s t h r o u g h
t h o c o n s e r v a t i o n o f s h i p p i n g a r e a n e a r n e s t o f t h e e l e v a t io n o f m e t h o d a n d
o f p u r p o s e w h i c h w i l l c o n t r o l t h e c o n d u c t o f o u r e x t e r n a l t r a d e in t h o f u t u r e . ”
T h e r e is b u t o n e o b s t a c l e t o t h i s e c o n o m i c a s s o c ia t i o n o f n a t i o n s .
That
o b s t a c l e is G o r m a n y — t h e G e r m a n y d e s c r i b e d b y P r e s i d e n t W i l s o n in t h e
w o r d s w h ic h I h a v o a l r e a d y q u o t e d — a G e r m a n y l iv i n g “ u n d e r a m b i t io u s
a n d in trig u in g m a s t e r s .”
Y o u h a v e se e n th e p r o v is io n s o f h e r c o m m e r c ia l
t r e a t ie s in t h o E a s t , a n d w it h a l l t h e g r o u p s o f p e o p l e s f r o m t h e A r c t i c
O cea n t o th o B la c k S ea .
H e r e c o n o m i c p o l i c y t o w a r d t h e s e g r o u p s is
a b s o l u t e l y c o n t r a r y t o o u r p r i n c ip l e s .
T h a t p o lic y b e g a n b y s y s t e m a t ic
a n d l a w le s s p l u n d e r i n g in P o l a n d , in t h o U k r a in e , a n d e ls e w h e r e .
N ow
e v e r y w h e r e s h e h a s l e g a l iz e d t h i s b l u n d e r b y p l a c i n g t h e w o a k e r n a t i o n s
u n d e r o n o r o u s c o m m e r c ia l t r ib u te t o h e r s e lf.
O n L i t h u a n ia s h e h a s i m ­
p o s e d h e r c o in a g o .
F r o m R u m a n ia a n d t h e U k r a in e s h e h a s e x a c t e d a
g u a ra n te e o f s u p p lie s ir r e s p e c t iv e o f t h e ir o w n n e e d s , a n d a t f la g r a n t ly
u n ju s t r a to s o f c o m p e n s a t io n .
S he h a s a p p ro p r ia te d th e n a tu ra l re so u rce s
o f R u m a n ia i n t h e f o r m o f a le a s e t o G e r m a n c o r p o r a t i o n s .
O n R u s s ia ,
F i n l a n d a n d t h o U k r a in e s h e h a s i m p o s e d u n f a i r a n d o n e - s id e d t a r i f f
a rra n g em en ts.
T h e p e o p l e o f F in l a n d , in f a c t , f i n d n o w t h a t t h e i r l i b e r ­
t ie s h a v o b e e n b a r t e r e d a w a y in a n a g r e e m e n t s ig n e d s e c r e t l y in B e r l i n ,
a n d i t is a c t u a l l y b e i n g p r o p o s e d t h a t t h o u s a n d s o f F i n n s s h o u l d b o ^ d e p o r te d t o w o rk fo r G erm a n m a sters.
H a v i n g e s t a b l is h e d c o n t r o l o v e r t h e D a r d a n e l le s a n d t h e B a l t i c , G e r m a n y
h a s n o w b r o u g h t u n d o r h e r o w n c o n t r o l th e t h ir d g r o a t h ig h w a y o f E u r o ­
p e a n t r a d o — t h e D a n u b e — b y d e s t r o y i n g t h e I n t e r n a t io n a l C o m m i s s io n
w h i c h h a d l o n g b e c o m e a n e s t a b lis h e d o r g a n o f E u r o p e a n p o l i t y , a n d n o w ,
in o r d e r t h a t t h e r e m a y n o t b e a n y m is t a k e a s t o t h o s i g n if i c a n c e o f t h o s e
a c t s , h o r F o r e i g n M i n i s t e r h a s d e c l a r e d t h a t t h i s R u m a n ia n t r e a t y in p a r ­
t ic u la r w ill b o m a d e th o p r e c e d e n t a n d fo u n d a t io n f o r t h e e c o n o m ic te r m s
t o b e d e m a n d e d b y th e C e n tra l P o w e rs a t th e gen era l p e a ce .
T h e s i g n if i ­
c a n c e o f t h is d e c l a r a t i o n is e v i d e n t f r o m v o n K u e h l m a n n ’s o w n w o r d s , t h a t
“ t h o d a m a g o s R u m a n ia w il l h a v e t o p a y w i l l a m o u n t t o v e r y c o n s i d e r a b l e
s u m s In t h o l o n g r u n , s u m s w h ic h p e r h a p s d o n o t v e r y s u b s t a n t i a l ly d i f f e r
f r o m c h a t w h i c h m ig h t p r e s u m a b l y h a v e b e e n o b t a i n e d b y o f f i c i a l l y d e ­
m a n d in g a w a r in d e m n it y .”
E c o n o m ic in d e p e n d e n c e a n d f r e e c h o ic o a r e th e la s t th in g s w h ic h G e r ­
m a n y w il l e v o r a l l o w t o t h e p e o p l e s w it h i n h e r r e a c h .
S o l o n g a s t h i s is t h e
p o l i c y o f G e r m a n y , h o w c a n w e a d m i t h e r t o m e m b e r s h ip in t h e f r e e a s s o c i ­
a t i o n o f n a t i o n s t o w h ic h w e a l r e a d y b e l o n g ?
B e f o r e s h e c a n c l a i m r ig h t s
f o r h e r s e l f s h e m u s t c o n v i n c e u s t h a t s h e a c k n o w l e d g e s a n d w il l r e s p e c t t h e
r ig h t s o f o t h e r s .
B e f o r e w e c a n o f f e r h e r a n y p a r t i c i p a t i o n in o u r r e s o u r c e s
s h o m u s t r e le a s e h o r v i c t i m s f r o m t h e e c o n o m i c s l a v e r y t h a t s h e h a s i m ­
p osed u p on th e m .
W h i l o t h o w a r c o n t in u e s w e m u s t t a k e a s m e a s u r e s o f
w a r a l l t h e s t e p s r e q u i r e d t o d e s t r o y t h e e c o n o m i c b a s i s o f h i e r m il i t a r y
e ffo r t.
W h e n p e a c e is r e s t o r e d t h e p l a c e o f G e r m a n y in t h e c o m m o n w e a l t h o f
n a t i o n s w i l l b e d e t e r m in e d b y t h o t e s t e s t a b lis h e d b y P r e s i d e n t W i l s o n .
If
s h o a b a n d o n s h o r o l d w a y s a n d h e r r e s t le s s a n d a g g r e s s i v e p o l i c y , i f s h e
c e a s e s t o u s e e c o n o m i c p o l ic i e s a s a p r e p a r a t i o n f o r f u r t h e r w a r , w e s h a ll n o t
b e s lo w t o r e c o g n iz e th e c h a n g e .
T h e s a c r i f i c e s f o r w h ic h t h i s w a r h a s
c a l l e d a r e t o o g r e a t a n d t o o b i t t e r t o p e r m i t o f o u r n e g l e c t in g t h o P r e s i d e n t ’ s
w a r n in g t h a t a c o m p l e t e c h a n g e o f m in d a n d p u r p o s e i n h e r G o v e r n m e n t
a r o t h o n e c e s s a r y p r e l im i n a r i e s t o h e r a d m i s s io n t o p a r t i c i p a t i o n in o u r
e c o n o m ic p a r tn e r s h ip s .
N e i t h e r t h o U n it e d S t a t e s n o r t h e B r i t is h E m p i r e h a s p u r s u e d o r w il l
p u rs u e a n y s e lfis h p o lic y .
T h e p r e o c c u p a t io n s o f o u r in te rn a l r e c o n s tru c ­
t io n w il l n e v e r b l in d u s t o t h e o b l i g a t i o n s w h i c h w e o w e t o o u r a s s o c ia t e s ,
o r l im i t t h e f u ll n e s s a n d fr a n k n e s s o f o u r d i s c u s s io n s w it h t h e m .
T h ere
m u s t b o n o J e a lo u s y b e t w e e n u s , a n d n o s u s p i c io n s .
I h o p e t h e t im e is n o t
f a r o f f w h o n w o s h a ll m e e t r o u n d t h e C o u n c i l b o a r d t o d i s c u s s in d e t a i l t h o
o c o n o m i c a s s o c ia t i o n w h ic h w il l c o m b i n o t h e r e s o u r c e s o f t h o c i v i l i z e d w o r l d
in t h o J o in t w o r k o f r e c o n s t r u c t i o n a n d t h o r e s t o r a t i o n o f p r o s p e r i t y .
eJ

DECLARATION OF WAR ON GER MANY BY H A IT I.
Acting in accordance with the legislative powers given it
under the new constitution, the Council of State of Haiti,
it was announced on July 15, has unanimously voted the
declaration of w ar on Germany demanded b y the President
of the Republic. Diplomatic relations between Germany
and Haiti were severed on June 8 1917, when the Haitian
Charge d ’Affairs at Berlin was handed his passports. The
Haitian diplomat had previously presented to Foreign
Minister Zimmermann a note protesting against unrestricted
submarine warfare and demanding compensation for losses
caused to Haitian commerce and life. A s long ago as M a y
4 1917 President d ’Artiguenave of Haiti had sent a message
to the Senate and Chamber of Deputies in Congress calling
for a declaration of w ar against Germany, in consequence
of the deaths of eight Haitians on the French steamship
M ontreal, torpedoed by a German submarine. The declara­
tion of w ar was not passed at that time, however, a commis­
sion appointed to consider the question having reported that
there was not sufficient reason for such action. H aiti is
the twenty-second nation to declare w ar against Germany.

PRESIDENT WILSON'S DETERMINATION AS TO
BELGIUM.
Tho determination of President W ilson not to “finish the
war before seeing Belgium restored to the plenitude of her
rights and her liberties” was the Independence D a y message
delivered to the Belgian people at H avre by Brand Whitlock,
tho American Minister, according to Washington dispatches
of-July 8.

TH E CHRONICLE

363

The address, the text of which was received at Washington
on that date by the Belgian Legation, was in response to
one from the societies of Havro. “ Belgium ,” M r . Whitlock
said, “ shall be restored and becomo again the powerful
nation which she was before. The Washington accounts say:
I n t h o ir a d d r e s s t o t h e M in i s t e r , t h e H a v r o s o c io t i e s o x p r o s s e d t h o i r
g r a t e f u l g r e o t in g t o t h e R e p u b l i c o f t h e U n it o d S t a t e s .
“ T o w a r d P r e s id e n t W i l s o n , t o w a r d t h o c it i z e n s o f t h e U n it e d S t a t e s , ”
s a id t h o a d d r e s s , “ g o e s u p t h o g r e a t e s t h y m n t h a t h u m a n g r a t i t u d e c a n
b re a th e .
E v e r y d a y w o s e o y o u r f in e A m o r i c a n s o ld ie r s m a r c h in g t o w a r d
t h o b a t t l e f i e l d , w h e r o o u r f a t e s w ill b o d e c i d e d .
A t s ig h t o f t h e m s o g r a v e
a n d c a l m , d e f y i n g d e a t h f o r t h e s a l v a t io n a n d f r a t e r n i t y o f t h o w o r l d , w o
are p r o fo u n d ly m o v e d .
“ T e l l t h e m t h a t t h e t o m b s o f y o u r d e a d w il l b o a lt a r s b e f o r o w h i c h o u r
c h i ld r e n w ill k n e e l t o le a r n t h o m o s t s u b l i m e lo s s o n w h i c h a g r e a t p o o p l o
h a s g i v e n t o t h e w o r l d in r is in g a s o n o m a n f o r t h o d e f o n s o o f j u s t i c e . ”
A s a p a r t o f t h o B o l g i a n c e le b r a t i o n o f A m o r i c a n I n d e p e n d e n c e D a y ,
t h e S t a r s a n d S t r ip e s w o r e r a is e d o v o r t h o f r e o c o r n o r o f B e l g i u m in t h o
p r e s o n c e o f h ig h G o v e r n m e n t o f f i c ia ls a n d u n it s o f t h o B e l g i a n a r m y .

ITEMS

ABOUT

BANKS, TRUST

COMPANIES, &c.

N o bank or trust company stocks wore sold this week
either at the Stock Exchange or at auction.
General T . Coleman du Pont was elected Chairman of
the board of the Em pire Trust Co. of this city last Tuesday.
This connection of so distinguished a personage as General
du Pont is considered highly complimentary to tho institution.
The German Bank of Baltimore City (Baltimore, M d .)
has formally announced that on July 12, under a charter
granted by the Comptroller of the Currency, it has been
converted into a national bank under tho name and title
of the National Central Bank of Baltimore. The capital
of tho institution is $400,000 with surplus and undivided
profits of $335,000. August W eber is President; John P .
Lauber, Vice-President, and George F . Lang, Cashier.
Lawrence J. Fitzgerald, a former Treasurer of the State
of N e w Y ork and for thirty years Vico-President of tho
National Bank of Cortland, N . Y ., died at his homo in A u ­
burn, N . Y ., on July 12. M r . Fitzgerald was born in Ire­
land, but camo to this country as a small boy and settled
at Skaneateles, N . Y . A s a young man ho moved to Cort­
land and there founded a wagon-making industry, which
eventually became tho Cortland W agon Co. and known
throughout the world and of which he was President for
thirty-seven years. For thirty years M r . Fitzgerald was
Vice-President of the National Bank of Cortland and he
also served as a director of tho M adison Squaro Bank of
N e w Y o rk (no longer in existence) and the Columbia Bank
of this city. In 1885 M r . Fitzgerald was elected State
Treasurer. The following term he was re-elected, serving
until 1890.
To meet tho demand for the establishment of a system
which should co-ordinate and render available in one place
for the benefit of the investing public tho largo and constantly
accumulating mass of useful legal data bearing upon municipal
bond issues, the Investment Bankers Association of America
in June 1917 appointed the United States M ortgage & Trust
Co., as the official depository for legal opinions, copies of
proceedings and other valuable documents in connection
with the issue of municipal bonds. Tho servico thus ren­
dered b y the company is of great and increasing value. A
pamphlet containing a complete list of opinions and papers
on file with the company as of M arch 30 1918 has just been
published under tho auspices of tho Investment Bankers
Association of America, giving information relative to a
very largo number of issues. This is the first time data of
this nature has been gathered together in such comprehensive
form as to be of practical service for tho purpose intonded.
It is accessible at all times to tho members of tho association
and copies of the pamphlet may be had at the office of the
Com pany, 55 Cedar St., at a charge of 50 cents each.
In Juno, the M orris Plan Company of N o w Y o rk mot tho
needs of 2,896 small borrowers, lending them, in tho aggreg­
ate, $519,420— over 50% of its actual capital— thus estab­
lishing, it is announced, a monthly record hitherto unattained
b y any of the 100 M orris Plan companies operating in the
United States. In three and a half years this company
lent $10,463,068 to 76,744 wage-earners, small salaried folk,
&c., including employees of the city, county, State and
national Governments. Tho N e w Y o rk company’s loans
at present outstanding amount to $4,341,466. Ono hundred
M orris Plan companies have now lent nearly $70,000,000
to over 475,000 borrowers.




[V o l . 1 0 7 .

Tho directors of tho Bankers Trust Co. of this city this
week elected H . Lowis an Assistant Secretary. This promo­
tion como3 after fifteen years of service with tho institution,
M r . Lewis having become connected with tho Bankers
Trust Co. in 1903 when its doors were first oponed for
business. During the past two years he has had charge of
the advertising and new business department of tho company.
M r . Lewis has been active in the various organizations having
to do with tho welfare of the company’s employees. During
1917 he was President of tho “ Bankers” Club, composed
of tho officers and clerks of tho company, and for over a
yoar has acted as Chairman of tho committee of senior
employees having to do with tho company’s compensation
plan to offset increased living costs.
H.
L . Tompkins was appointed an Assistant M anager of
tho Foreign Department of tho Guaranty Trust Co. of N e w
Y o rk on July 15. M r . Tompkins began his banking ex­
perience as a junior clerk in the W est Sido Bank in N e w
Y o rk City 22 years ago, remaining with that institution
for 13 years. In 1909, ho becamo an examiner for tho N e w
Y ork Banking Department, under M r . W illiams, the thon
Superintendent of Banks. During the last six or sevon
years of his activities in tho N e w Y ork Banking Depart­
ment, M r . Tompkins specialized in foreign oxchango exami­
nation.
A special meeting of tho stockholders of the Bank of
Flatbush (Brooklyn) has been callod for July 26 to ratify
the sale of tho institution to tho Peoples Trust Co., mention
of which was made in these columns Juno 22.
A t a recent meeting of tho directors of tho Citizens Bank
of W hito Plains, N . Y ., John Burling, formerly Cashier of
the Citizens, and Joseph H . M oad, formerly Secretary of
the County Trust Co. of W hito Plains, were elected Vice­
Presidents of tho Citizens Bank. George T . Burling is
President of the bank.
A special meeting of tho stockholders of tho Drovers’ &
Merchants’ Bank of Philadelphia will bo held on Sopt. 12
next, for tho purpose of voting on tho question of doubling
tho capital stock of the instituion, raising it from $100,000
to $200,000, and increasing its surplus b y tho addition of
$20,000. Samuel Graham, Jr., is President.
W illiam II. Smith, a former State Commissioner of Bank­
ing for the State of Pennsylvania, died in Philadelphia on
July 9. M r . Smith, who was in his sixty-seventh year, was
a nativo of Philadelphia. Aftor sorving as a State Bank
Examiner, M r . Smith was mado Stato Commissioner of
Banking by Governor Stuart in 1909. In 1913 ho was
reappointed by Governor Toner and again in 1915 under
Governor Brumbaugh. Subsequently, for political reasons,
ho was forcod to resign.
On July 10th tho board of directors of tho Colonial Trust
Co. of Philadelphia, deelarod a dividend of 4 % , payable
A ug. 1st to stockholders of record July 20.
A t a rccont meeting of tho directors of tho William Penn
Trust Co. of Pittsburgh, John Jackson was elected 2nd
Vice-Prosidont of tho institution to fill tho vacancy caused
by tho absence of 1st Vice-President Goorgo II. Chorrington,
who has been commissioned a M a jo r in tho Ordnance Depart­
ment of tho Unitod States Arm y. M r. Jackson is VicoPresident of tho Siinonds Manufacturing Co.
W illiam H . M cG regor has been elected a director of tho
Peninsular State Bank of Dotroit. M r. M cGregor is Presi­
dent of tho National Twist Drill & Tool Co. and also of the
National Machino Products Co. and is connected with other
large business interests. Tho Peninsular Stato B ank has a
capital of $2,500,000 and surplus and undivided profits of
$1,173,651 13.
W . C. Roborts, formerly Cashior of the First National
Bank of Atmoro, Alabam a, has beon apointed Vice-President
of the American National Bank of Nashville, Tenn. IIo
was formerly National Bank Examiner of tho Sixth Federal
Reserve District.
The directors of the Central National Bank of Topeka,
K an ., havo added $50,000 to tho surplus of tho institution
and declared a semi-annual dividond of 5% . Tho directors
of the Central Trust Co., an affiliated institution, havo added

July 20 1918.]

THE CHRONICLE

$ 2 ,0 0 0 to th e su r p lu s a n d d e c la re d a s e m i-a n n u a l d iv id e n d
of 3 % .
The

C o m p tr o lle r

of

th e

C u rren cy

has

ap p roved

th e

d o u b lin g o f th o c a p ita l o f th e N a t io n a l B a n k o f C o m m e r c e
o f W ic h it a F a lls , T o x a s . ra isin g it fr o m $ 1 0 0 ,0 0 0 to $ 2 0 0 ,0 0 0 .

263

London.
July 13. July 15.
Week ending July 19.
Sal.
M on.
Silver, per o z _ _ .................... d.48 13-16 48 13-16
Consols, 2 y , per cents............H oliday 56
British, 5 per cents________
"
93J£
British, 4 H Per cents______
••
99%
French Rentes (in P a r is )..fr . C l o s e d ____
French W ar Loan (In
“
____
Baris)................................. fr.

July 16.
Tues.
48 13-16
56
93 %
99Vs
61.80

July 17.
Wed.
48 13-16
56
93 H
99%
61.80

July 18. July 19.
Thurs.
Fri.
48 13-16 48 13-16
56
56 M
93 %
94
99%
100
61.80
—

88.50

88.55

88.55

....

T h e p ric e o f silv e r in N e w Y o r k o n th e s a m e d a y s h a s b e e n :
Sliver in N . Y ., per oz..cts.9 9 * S

99%

99%

99%

99%

99%

A re c e p tio n a t w h ic h n u m e ro u s v isito r s a n d w e ll-w ish e r s
h e lp e d th e o ffic e rs a n d d ire cto rs o f th e L o c k w o o d N a t io n a l

I M P O R T S A N D E X P O R T S FOR M A Y .

B a n k o f S a n A n t o n i o , T e x ., to ce le b ra te th e o p e n in g o f th e ir

T h e B u r e a u o f S ta tis tic s a t W a s h in g t o n h a s issu e d th e
s ta te m e n t o f th e c o u n tr y ’s fo re ig n tr a d e fo r M a y a n d fr o m
i t a n d p r e v io u s s ta te m e n ts w e h a v e p re p a re d th e fo llo w in g
in te r e s tin g s u m m a r ie s :

h a n d s o m e n e w b u ild in g , w a s h e ld la s t w e e k .

T h o str u c tu re

w a s e re c te d u n d e r th o H o g g s o n B u ild in g M e t h o d b y H o g g s o n
B r o th e r s o f N e w

Y o r k a n d A t l a n t a , a n d is a s tr ik in g in ­

d iv id u a l e d ific e , fo llo w in g in d esig n th o G r e o k -D o r ic p e rio d
o f a r c h ite c tu r e .
by

th o b a n k

N e ith e r e x p en se n o r e ffo r t h a s b e e n sp a re d

Exports.

to m a k e itis n e w q u a rte r s th e e q u a l o f a n y

fin a n c ia l in s titu tio n in th e S o u t h .

1918.

T h e L o c k w o o d N a t io n a l

B a n k w a s o r g a n iz e d in 1 8 6 5 , a n d h a s a c a p ita l o f $ 2 0 0 ,0 0 0 .
I t s p re se n t o ffic e rs aro J o se p h M u i r , P r e s id e n t; A . S . G a g e
a n d J . D . H o u s t o n , V ic e -P r e s id o n ts ; M . F r e e b o r n , C a s h ie r .
E . W . R ic h a r d s o n a n d T . V . M u ll e r , A s s is t a n t C a s h ie r s .
The

F O R E IG N T R A D E M O V E M E N T O F T H E U N IT E D S T A T E S .
(In the following tables three ciphers (000) are In all cases om itted.)
M E R C H A N D IS E .

S e c u rity N a t io n a l B a n k o f O k la h o m a C i t y ,

O k l a .,

h a s b e e n a u th o r iz e d b y th e C o m p tr o lle r o f th e C u r r e n c y to
incroaso its c a p ita l to th e e x te n t o f $ 1 0 0 ,0 0 0 , ra isin g i t fr o m
$ 2 0 0 ,0 0 0 to $ 3 0 0 ,0 0 0 .

January______
February_____
M a r c h _______
A p r i l ................
M a y __________
June................
J u ly ..................
August..............
September____
O cto b e r______
N ovem ber____
D ecem b er____
T o t a l ...........

$504,797
412,001
531.035
500,061
552.035

—

Imports.
1916.

1917.
$613,325
467,648
553,986
529,928
549,674
573,467
372.758
488,656
454,507
542,101
487,328
600,100

$330,036
401,784
410,742
398,569
474,804
464,686
444,714
510.167
514,924
492,814
516.167
523,234

$6,233,478 $5,482,641

1918.
$233,942
207,715
242,162
278,981
323,463

_____ $2,952,468 $2,391,635

Exports.

R oyal B ank

of

C anada

M a r . 16 an d 2 3 an d M a y

(referred

to

in o u r issu es o f

1 8 ) b e c a m e e ffe c tiv e a n d fo r t h ­

w ith 9 7 n e w b r a n c h e s w ere a d d e d to th o la tte r in s titu tio n ,
m a k in g

w ith

th e

424

b ra n c h e s

R o y a l B a n k , 5 2 1 in a ll.

a lr e a d y

o p e ra te d

by

th o

F ifte e n b ra n ch es o f th o N o r t h e r n

C r o w n B a n k w ere c lo se d , th u s re le a sin g a n u m b e r o f e m ­
p lo y e e s w h o se se rv icos w ore n e ed e d elsew h ere in th e o rg a n ­
iz a tio n to ta k o th e p la co o f th o se e m p lo y e e s w h o h a d on listed
or

had

been

c o n sc r ip te d

under

th e

M i li t a r y

S e rv ic e

A ct

1918.
J a n u a r y ...
February . .
M a r c h ____
A p r i l .........
M a y ............
June............
J u ly ...........
August____
Septem ber.
O c t o b e r ...
N ovem ber.
D e ce m b e r.

S3.746
6,084
2.809
3,500
3,599

Total.........

1916.

$20,720
22,068
17,920
16,965
57.698
67,164
69,052
46,049
31,333
11,154
7,223
4,538

$10,213
13,685
10,774
11,503
11,919
8,312
9,395
11,780
6,849
7,054
26,335
27,974

$371,884

$155,793

H ead

o ffic e ,

T H E E N G L I S H GOLD A N D SILV ER M A R K E T S .
Wo

re p rin t

th o

fo llo w in g

fro m

th e

w o e k ly

circu la r

of

S a m u e l M o n t a g u & C o . o f L o n d o n , w r itte n u n d e r d a te o f
Ju n o 2 7 1 9 1 8 :

$4,404
2,549
1,912
2.746
6,621

Exports.

T h o c a p ita l o f th o on largod R o y a l B a n k o f C a n a d a
H e r b e r t S . H o lt is P r e s id e n t.
____________ ___ _________________

1918.

1917.

1916.

$58,926
103,766
139,499
32,372
52,262
91,339
27.301
18,692
4,172
4.150
2.906
17,066

$15,008
6,016
9,776
6,122
27,322
122,735
62,108
41,239
92.562
97,509
46,973
158,620

$552,454

$685,990

S IL V E R .

n o w sta n d s a t $ 1 4 ,0 0 0 ,0 0 0 , w ith a re sorve fu n d o f $ 1 5 ,0 0 0 ,­
000.
Sir
M o n t r e a l.

Imports.

1917.

w h ich ta k e s in m e n b e tw e e n th e ag es o f tw e n ty a n d t w e n t y tw o .

1916.
S1S4.351
193,935
213,590
218,236
229,189
245,795
182,723
199,316
164,039
178,659
176,968
204,834

GOLD.

O n J u ly 2 n d th o m orgor o f th o N o r t h e r n C r o w n B a n k w ith
th e

1917.
$241,794
199,480
270,257
253,936
280,727
306,623
225,926
267,855
236.197
221,227
220,535
227,911

1918.
January............
February_____
M a r c h ..............
April_________
M a y ..................
June__________
J u ly ..................
August..............
September____
O cto b e r...........
N ovem ber____
D ecem ber____

$6,627
0,519
13,432
12,251
46,381

1917.

Imports.
1916.

$5,887
7,094
5,556
4,353
6,272
8,965
5,538
7,504
10.465
6,983
4,789
10,125

$4,636
4,947
5,748
4,856
6,212
4,644
4,336
5,815
6,530
6,016
7,847
9,008

1918.
$5,997
4,449
6,963
5,081
7,298

1917.
$3,346
2,478
2,977
2,376
4,741
2,235
3,420
5,681
5,796
5,050
9,086
6,155

1916.
$1,852
2,596
2,880
2,176
2,725
3,183
2,426
2,517
2,880
2.892
2.583
3,553

GOLD.
Tho Bank of England gold reserve against its note Issue shows an in­
Total.........
$84,131
$70,595
$53,341
$32,263
crease of £994,310 as compared with last week’s return.
E X C E SS O F E X P O R T S O R IM P O R T S .
Tho Chinese customs return gives tho following figures, as to tho imports
Merchandise.
Gold.
and exports of treasure during the last calendar year in Ilaikwan taels:
C o ld —
I n B a r s \ D u s t ,& c .
I n C o in .
T o ta l.
1910.
1918.
1918.
1917.
1918. I 1917.
Imports................................
711,036
13,160,742
13,871,778
$
$
$
$
$
Exports...................................
4,700,424
324,151
5,024,575
Jan__ +270,855 + 371.531 + 145,685
— 658 — 38,206
+ 630 + 2,541
S ilv e r —
i n B a rs & S ycee
Feb____ + 204.286 + 268.168 + 207,849
T o ta l.
I n C o in .
+ 2,635 — 81,698 +2,0701 + 5 ,2 1 6
M
arch
.
+
288,873
+
283.729
+
187,152
+ .8,916— 121.579 + 6,469! + 2 ,5 7 9
Imports............................
16,197,966
11,309,326
27,507,292
April . .
+ 221,030 + 275.992 + 180,333
+ 814 — 15,40
+7,170 + 1 ,9 7 7
Exports................................... 33,080,588
15,409,804
48,490,390
M a y ___ + 228,572
+ 268,947 + 245,615
-3,022
+ 5.4 36 + 39,083 + 1.531
+
266.844,
Tho abovo figures show a net i m p o r t of gold amounting to 8,847,203 June___
+218,891
— 24,175
+ 6,730
+ 146,832 + 261,991
+ 41,748
+ 2,118
Ilaikwan taels, and a net e x p o r t of silver amounting to 20,983,098. Theso July . . .
...
+ 220.8011 + 310,851
+ 27,357
+ 1,823
respective totals (calculated at the average valuo of tho ilaikwan tael SAug
e p t. . .
+ 218,310 + 350,885
+27,161
+ 4 ,6 6 9
during last year, given by tho abovo authority as 4s. 3 13-16d.) aro equal O ct____
+ 320.874 + 314,155
+ 7,004
+ 1,933
+ 266.793' + 339,199
to about £1,909,000 and £4,530,000. Although other factors ontor into N ov . . .
— 4,297
+ 4,317
+372,1891 + 318,400
— 12,528
+ 3 .9 7 0
the composition of the largo exports of silver, 'tho contrast between the Deo . . .
movements of tho two motals certainly indicates that tho Chinese con­
Total
............1— 180.5701 ............ + 30.790
............j+ 3 ,2 8 1 .010+3.091.0061
sidered gold cheap and sliver dear, at tho prices current during tho period
+ Exports. — Imports.
In question.
SILVER.
Another week has passed without an alteration in the price. Tho tone
11
Merchandise.
Gold.
Silver.
continues good, and tho Shanghai exchange has risen sharply to 4s. 8 % ( 1 . M os.
(0001
Excess
Excess
Excess
per tael.
Ex­
omit­
Im ­
Ex­
Im ­
of
of
Ex­
Im ­
of
The ‘‘Times” stated in its issuo of tho 22d inst that tho oxport of gold ted.) ports.
ports.
Exports. ports. ports. Exports ports. ports. Exports
and silver from Mexico is prohibited.
%
s
S
j
S
$
$
s
$
$
INDIAN CU RRENCY RETURNS.
•17-18 5,445,379 2,685,915 2,759,464188,148 92,521 95,627 130,615 64,977 65,638
(In L a c s o f R u p e e s )—
June 7.
J u n e 15.
,16-17 5,716,580 2,352,732 3,363,848 224,757 885,837 /661080 ' 69,315 ’ 32,768 36,547
J u n e 22,
,15-16
3,868,797,
1
1,952,088
l,916,709i
81,938
371,275
Notes in circulation------------------------- 111,62
£289337
(
65,147
i 30,971 24,176
113,32
113,51
,1+ 1 5 2,500,042 1,516,475 | 983,567,143,402 119,227 24,175 46,973 25,488 21,485
Resorvo in silver coin and bullion_____
14,65
14,99
14,51
,13-14 2,207,507, 1,736,396 j 471,111! 63,931 62,721
1,210 50,326 28,504 21,822
(Within and without India)
,12-13 2.302,479 1,681,762 ! 620,717> 77,193 65,807 11,386 66,882 38,903 27,979
Gold coin and bullion In In d ia................
19,09
19,10
21,31
/ Excess o f Imports.
Gold out of India
2,70
2,70
45
S im ila r to ta ls for th e fiv e m o n th s sin ce J a n u a r y 1 fo r n ine
Tho stock in Shanghai on tho 22d inst. consisted of about 27,800,000
ounces in sycoo and 14,700,000 dollars, as compared with 28,000,000 ounces y e a rs m a k e the fo llo w in g e x h ib it:
in sycee and 14,400,000 dollars on the 15th Juno.
5
Merchandise.
Gold.
Silver.
Quotations for bar silver per ounce standard:
M os.
Juno 21................ .......... A 8 % d . cash Juno 27............................48Kd. cash
(000J
Excess
Excess
Excess
Juno 22.......
48£|d.
Average............................48.875
omit­
Ex­
Im­
Im­
Ex­
Im of
Ex­
of
of
Juno 2 4 ..-------48Jijd.
5%
Bank rate.............................
ted.1
ports.
ports.
Exports. ports. ports. Exports ports. ports. Exports
Juno 25-------------------- 4 8 %d.
Bar gold per oz. standard..77s. 9d.
Juno 26----------------------------- \ 8 % d .
$
$
S
S
$
$
$
$
i $
1918.. 2,499,9291,286,264 1,213,665 18,799 18,232
567 85,211 29,789 55,422
No quotation fixed for forward dolivery.
2,714,560 1,246.19311,468,367 135,370 386,826/251456 29,762 15,917 13,845
Tho quotation to-day for cash delivery is tho samo as that fixod a week ago 1917..
1916.. 2,015,9351,039,301 976,634 58,094 1 64,245 /6.151 26,398 12,229 14,169
E N G L I S H F I N A N C I A L M A R K E T S — PER CA BLE.
T h o chaily c lo sin g q u o ta tio n s fo r se cu ritie s, & c ., a t L o n d o n ,
a s re p o r te d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :




1916.. 1,433,261 708,115
1914.. 889,771i 823,387j
1913.. 1,022.877, 748,341'
1912..1 961,382 753,621!
1911.. 846,114 640.939!
1910.J 694,547. 676,87l'
/ Excess of Imports.

725,146
05,384
254,536
207,761
205,175
17,676

4,761
35,868
63,165
26,228
10,1771
47,919

92,583/87.822 20,880
26,926 8,942 | 20,871
24,522 38,643 28,590
19,853! 6,573 ! 28,623
29,005/18.828 ; 28,665
14,812 33,107 . 22,467!

12,119 8,761
10,768 10,103
15,766 12,824
20,385 8,238
18,454 10,211
18,593 3,874

THE CHRONICLE

364:

TREASU RY CASH A N D CURRENT L IA B IL IT IE S
T h e c a sh h o ld in g s o f th e G o v e r n m e n t as th e ite m s s to o d
J u n o 3 0 are s e t o u t in th e fo llo w in g .
T h e fig u res are ta k e n
e n tir e ly fr o m th e d a ily s ta te m e n t o f th e U . S . T r e a s u r y fo r
June 3 0 .
C U R R E N T ASSETS A N D L IA B IL IT IE S .
Assets—
G old coin ..

Gold bullion___

GOLD.
Liabilities—
S
740.258.091 33 G old certfs. outstand’g.1,036,510,064
..........1,737,963,332 94 G old settlement fund.
Fed. Reserve B o a rd .. 1,196,108,607
G old reserve.................... 152,979,025
Avail, gold In gen’ l fund
92,623,727

00
50
63
14

Total ............................. 2,478,221,424 27
T o t a l .............................2,478,221,424 27
N ote.— Reserved against 8346,681,016 of U . S. notes and $1,851,927 of Treasury
notes of 1890 outstanding. Treasury notes are also secured by silver dollars In
the Treasury.
S IL V E R D O L L A R S .
Liabilities—
3
Assets—
S
Silver dollars..................... 422,343,414 00 Silver certfs. outstand’g 381,806,776 00
Treasury notes o f 1890
outstanding--------------1,851,130 00
Available silver dollars
In general fund______
38,685,508 00
Total.

422,343.414 00
422,343.414 001 T otal —
GENERAL FUND.
Liabilities—
Assets—
3
$
92,623,727 14 Treasurer’s checks out­
Avail, gold (see a b o v e ).
standing ......................
3,957,403 07
Avail, silver dollars (see
D
eposits
of
Government
38,685, ,508 00
a b o v e )..........................
officers:
6.744, ,783 00
United States notes____
29,982, ,400 00
Post O ffice D ep t_____
32,034,697 89
Federal Reserve n o te s ..
Board o f Trustees,
100, ,025 00
Fed. Res. bank notes___
Postal Savings Sys­
20,068 ,476 53
National bank notes___
7,378,748 03
24 ,201 86
tem (5% reserve). .
Cert, checks on b a n k s ..
Com ptroller of the
14,940 ,803 94
Subsidiary silver c o in s ..
Currenoy, agent for
3,161 ,962 44
M inor c o i n .. ........... —
creditors of Insol­
Silver bullion (available
1,945,167 74
vent banks..............
13,016,303 22
for subsld’ y coinage).
Postmasters, clerks of
Unclassified
(unsortcd
34,291,236 48
3,084,452 08
courts, & o________
ourrency, & o.)............
Deposits for:
D eposits In Fed'l Land
Redem ption o f Fed­
430,000 00
banks................ .............
eral Reserve notes
D eposits In Fed. Reserve
86,307,478 67
26,369,250 26
(5% fund)................
banks.............................
Redem ption of Fed’ l
D eposits In Special D e­
Reserve bank notes
positaries account of
583,700 00
(5% fund)................
sales of Liberty bonds
Redem ption of na­
and certificates of lntional bank notes
indebtedness, and In­
26,020,358 26
(5% fu n d)................
com e and excess prof­
Retirement o f addi­
its taxes.........................1 473,727,000 00
tional circulating
D eposits In Foreign D e­
notes, A ct M ay 30
positaries:
901,145 00
1903...........................
T o credit .of Treasurer
7,831,222 69
Exchanges o f curren­
United States_____
12,938,279 30
o y, coin, &o_______
Deposits In nat. banks:
44,405,336 73
T o oredlt o f Treas.U .S
T o credit of otherGov9,343,074 08
ernment officers___
D eposits In Philippine
206,358,214 44
treasury:
1,585.006,851 47
3,086,567 47 tN e t balance.
T o credit Treas. U . S .
T o credit other G ov­
3,739,971 47
ernment o ffic e r s ...

Total .............................1,791,365,065 91

T o t a l ..............................1,791,365,065 91
fT h o amount to the creditor disbursing officers to-day was $1,244,397,244 54.
This Is a book credit and represents the maximum amount for which disbursing
officers aro authorized to draw on the Treasurer o f the United States to pay Govern­
ment obligations as they becom e due. The net balance stated Is the amount avail­
able to pay Treasury warrants, disbursing officers’ checks and matured public-debt
obligations.
Under the A cts o f July 14 1890 and D e c. 23 1913 deposits o f lawful m oney for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid Into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part o f the public debt. T he amount o f such obli­
gations to-day was $36,875,032.00.
tExcesslvo Credits.

T R E A S U R Y C U R R E N C Y H O L D I N G S . — T h e fo llo w in g
c o m p ila tio n , m a d e u p fr o m th e d a ily G o v e r n m e n t s ta te ­
m e n t s , sh o w s th e c u rre n c y h o ld in g s o f th e T r e a s u r y a t th e
b e g in n in g o f b u sin e ss o n th e first o f A p r il, M a y J u n e a n d

Holdings in
Sub-Treasuries.

April 1 1918. M ay 1 1918. June 1 1918. July 1 1918.
3
S
3
$

N et gold coin and bullion.
N et silver coin and bullion
N et United States n o te s ..
N et national bank n o te s ..
N et Fed. Reserve n otes..
N et Fed. Res. bank notes
N et subsidiary silver-----M inor ooin, & o_________

234,610,242
44,459,026
11,485,378
15.094.480
31,449.191
67,570
10,667,733
8,475,069

239,947,082
22,386,270
8,334,715
16,549,875
26,480,570
161,570
12,772,325
6,870,615

Total cash In Sub-Treas
Less gold reserve f u n d ...

356,308,689
152,979,026

333,503,022 *360,928,127 *375,411,669
152,979,026
152,979,026
152,979,026

Cash balance In Sub-Treas
D ep. In special depos’rles:
Account certs, of Indebt
Liberty Loan deposlts.
Cash In Fed. Res. banks.
Cash In Fed. Land banks
Cash In national banks:
T o oredlt Treas. U . S . .
T o credit dlsb. officers.

203,329,663

180,523,996

T otal.............................
Cash In Philippine Isl’d s.
D ep’s. In Foreign D epts«

778,125,000

246,384,007
34,267,222
7,055,561
17,825,587
35,501,730
71,795
15,603,258
4,218,964

207,949,101

245,602,753
51,701,811

6,744,783

20,068,477
29,982,400
100,025
14,940,804
6,270,616

222,432,643

829,394,935 j 1341755,409 1,473,727,000

145,596.751
6,000,000

45,003,670
6,000,000

73,298,534
430,000

26,369,250
430,000

45,925,667
9,284,177

41,465,397
8,498,660

42,027,491
8,620,187

44,405,337
9,343,074

55,209,844
4,733,542

49,964,057
3,959,894

50,647,678
7,015,450

53,748,411
6,826,539
7,831,223

N et cash In banks, Sub­
Treasuries ................ 1,192,994,800 1,114,846,552 1,681,096,172 1,791,365,066
185,367,924
197,269,747 206,358,215
180,900,039
D eduot current liabilities.
Available cash balance. 1,012,094,761

929,478.628 1,483,826,425 1,585,006,851

•Includes Julv 1, $13,016,303 22 sliver bullion and $6,270,616 38 minor coin
& o., not Included In'State ment ’ ’Stock o f M o n e y.”

TRADE AND TRAFFIC MOVEMENTS.
L A K E S U P E R I O R I R O N O R E S H I P M E N T S .— T h e
s h ip m e n ts o f L a k o S u p e rio r iro n ore d u rin g th e m o n th o f
J u n e 1 9 1 8 w ere th e la r g e s t k n o w n fo r th a t m o n t h in th e
h is t o r y o f th e in d u s tr y , th e to n n a g e m o v o d a g g r e g a tin g
9 ,9 2 1 , 8 6 0 t o n s .
T h e a m o u n t m o v e d fo r th e s a m e m o n th
la s t y e a r w a s 9 ,6 3 9 ,9 9 1 to n s a n d th a t fo r th e p re v io u s y e a r




[Vol. 107

9 ,5 0 7 ,5 7 6 t o n s .
T h e to ta l s h ip m e n ts fo r th e s e a s o n to
J u ly 1 1 9 1 8 s h o w a n in cre ase o f 2 ,8 1 4 ,5 9 5 to n s , o r 1 . 7 4 %
o v e r th e s h ip m e n ts fo r th e co rr e sp o n d in g p e rio d la s t y e a r .
O n th e o th e r h a n d , th e c u r re n t s e a s o n ’ s s h ip m e n ts a re 6 6 5 ,­
8 3 7 to n s b e h in d th e a m o u n t m o v e d d u rin g th e s a m e p e rio d
in 1 9 1 6 . B e lo w w e c o m p a r e s h ip m e n ts fr o m d iffe r e n t p o r ts
fo r J u n e 1 9 1 7 , 1 9 1 6 a n d 1 9 1 5 , a n d fo r th e s e a s o n to J u ly 1 :
1916.
1,159,424
539,327
1,101,370
1,945,234
3,116,665
1,645,556

-Season to July 11916.
1917.
1918.
1,733,366 2,205,297 2,602,824
625,749 1,154,140
1,053,078
2,036,068 1,909,468 2,204,263
4,698,565 3,526,082 3,878,915
6,276,139 5,128,894 6,325,990
3,151,914 2,739,645 3,449,435

T o t a l ..............9,921,860 9,639,991 9,507,576

18,949,730 16,135,135 19,615,567

Port—
1918.
E scan aba.ton s. 1,077.871
M arquette......... 547,927
Ashland................1,137,921
Superior...............2,510,974
D uluth.................3,164,296
T w o H arbors.. 1,482,871

-June1917.
909,804
527,701
1,176,517
2,121,663
3,363,211
1,541,095

A N T H R A C I T E C O A L S H I P M E N T S . — T h e s h ip m e n ts
o f a n th r a c ite c o a l fo r th e m o n th o f J u n e , a s re p o r te d to th e
A n th r a c it e B u r e a u o f I n fo r m a tio n a t P h ila d e lp h ia , P a . ,
a m o u n te d to 6 ,8 6 7 ,6 6 9 to n s .
T h is c o m p a re s w ith 7 ,0 4 9 ,0 3 7
to n s la s t y e a r a t th is tim e (th e re w e r e , h o w e v e r , o n ly 2 5
w o rk in g d a y s in J u n e 1 9 1 8 a s a g a in s t 2 6 in J u n e 1 9 1 7 ) .
The
te x t o f th e B u r e a u ’ s r e p o r t, w h ic h is o f sp e c ia l sig n ific a n c e in
v ie w o f th o d ec lin e in th e o u t p u t o f c o a l fo r d o m e s tic c o n s u m p ­
t i o n , fo llo w s :

Tho average dally shipments wero 271,117 tons In Juno 1917, 264,894
tons in May and 274,707 tons In Juno of this year. Tho effect of the labor
scarcity is, however, being increasingly felt, as shown in the comparisons
of tho shipments of domestic sizes practically all of which are from freshmined coal.
In Juno 1917 the shipments of domestic sizes, including pea coal,
amounted to 4,781,969 tons; in Juno of tills year they foil to 4,498,976 tons,
a decreaso of 282,993 tons, or about 100,000 tons more than tho total
decrease last month as compared with a year ago.
In tho first three months of the present coal year, which began April 1,
the total shipments amounted to 20,123,298 tons, as compared with 19,­
558,861 tons for tho corresponding period in 1917, indicating an increase
of 564.437 tons. Tho shipments of domostic sizes, however, show a loss
of 95,908 tons from 13,375,797 tons in 1917 to 13,279,889 tons in 1918.
Tho shipments of steam coal, a goodly proportion of which is recovered
from culm banks, increased 660,345 tons, or over 10%.
B e lo w w e g iv e th e s h ip m e n ts b y th e v a r io u s carriors fo r
th e m o n th s o f J u n e 1 9 1 8 a n d 1 9 1 7 , a n d fo r th o r e s p e c tiv e
c o a l y e a r s to J u ly 1 :
------------ June----------------- 3 M os. o f Coal Year1918.
1917.
1918.
1917.
3,935,469 3,086,985
.,345,079 1,341,370
L,3 52,820 1,347,205
3,856,311 3,611,591
622,005
632,402
1,717,865 1,775,670
3,061,059 3,069,179
1,015,438 1,085,072
773,691
818,337
2,371,234 2,232,110
482,737
1,424,491 1,431,403
500,037
2,212,879 2,258,651
756,257
807,047
506,530
181,965
549,670
186,948
086,742
332,694
335,602
994,320

Road—

5,867,669 7,049,037

20,123,298 19,558,861

©ommerciul an d ■ Hits ceXXittxccrxxs JJc w s
Breadstuffs figures brought from page 305.— T h e
s ta te m e n ts b e lo w aro p re p are d b y u s fr o m figu ros c o lle c te d b y
th e N o w Y o r k P ro d u c e E x c h a n g o .
T h e re c e ip ts a t W o s te r n
la k o a n d riv e r p o r ts fo r th o w e e k e n d in g la s t S a tu r d a y a n d
sin ce A u g . 1 fo r e a ch o f th e la s t th ree y e a r s h a v e b e e n :
Barley.

Wheat.

Receipts at—

bbls.im bs, bush. 60 lbs bush. 56
58,000 2,390,
92,000
Chicago
126,
562.000
Minneapolis .
2,000
Duluth.
182,
5,000
5.000
Milwaukee . .
42,
9.000
T oledo.
42,
3.000
Detroit.
03
4.000
12,000
C le ve la n d ___
452,
25.000
1.364.000
St. Louis____
712,
5.000
15.000
Peoria .
209,
2.927.000
Kansas C ity .
449,
282.000
Omaha.
T otal wk. ’ 18
Same wk. ’ 17
Same wk. '16

149.000
213.000
287.000

5.221.000
1.812.000
5,610,000

4.673.000
3.454.000
4.355.000

bush. 32
3,659,
288,
2,
412,
51,
03,
87,
390,
137,
120,
170,

Rye.

bushASlbs bushM lbs.
10,000
115,000
26,000
48.000
5,000
18.000
T , 665
2,000
7,000

2,000
1,000

5.385.000
195.000
458.000
3.421.000
3.913.000 1,581,000

42.000
77.000
148,000

Since A u g .l—
1917-18____ 15.108.000 172.606.000236.391.000 314,344,00052,743,00023,163,000
512,209,000
264,321,000,83,309,000 21,948,000
1916-17____ 18.085.000 347.127.000
1915-16____ 19.600.000 496,264,000|221,901,000 213,488,0001113567000 22,333,000

T o t a l re ce ip ts o f flo u r a n d g ra in a t th o s e a b o a rd p o r ts fo r
th o w e e k e n d e d J u ly 1 3 1 9 1 8 fo llo w :
.
Receipts at—

Flour.

New Y o rk ___
Philadelphia .
B a ltim o re ___
N ’ port NewsNew Orleans*
M ontreal____
Boston

Barrels.
215,000
67.000
71.000
. 44,000
48.000
9,000
77.000

Wheat.
Bushels.
53.000
10.000
176,000

Corn.
Bushels.
28,000
15.000
32.000

Oats.

Barley.

Rye.

Bushels.
Bushels.
Bushels.
492.000
164,000
21,000
450.000
014.000
3,000
24,000

* "2 4'666
" ’ 81*656
5.000
80,000
60,000
339,000
1.000
387.000
................
678,000
103,000 2,060,000
227,000
48,000
T otal wk. '18
531,000i!
Since Jan.1'18 13,941,000i 14,860,000 14,064,000 60,063,000 7,192,000 2,832,000
377,000
82,000
Week 1 9 1 7 -.454,000 l1 3,415,000 2,214,000 4,830,000
Slnce Jnn.1’ 17 11,898,0001130,299,000 38,951,000 80,505,000 9,967,000 6,491.000
• Receipts (lo not Include grain passing through N ew Orleans for foreign ports
on through bills of lading. •

T h e e x p o r ts fr o m th e s e v e ra l se a b o a r d p o r ts fo r th e w e e k
e n d in g J u ly 1 3 aro sh o w n in th e an n e x e d s ta te m e n t:
Corn.

Exports from
New Y o rk ______
Boston_________
Baltim ore______
Newport N e w s ..
T otal w e e k ...
W eek 1917.........

Flour.

Oats.

Rye.

5,167,026

182,958 764,219
622,631 171,417 1,488,909

Barley.

Peas.

Bushels. Bushels.
4,130
80.000

Bushels. Barrels. Bushels.
138,958
78,000
655,700
30,519
44,000
22,720

80,000
70,455

4,136

July 20 1918.]

THE CHRONICLE

Tho destination of theso exports for tho week and sinco
July 1 1918 is as below:_____
Flour.
Exports for Week,
Week
and Since
Since
July 13
July 1 to—
July 1
1918.
1918.
Barrels.
United K ingdom . 58,193
Continent......... .. 124,765
So. & Cent.Am cr.
West Indies_____
Brit. N o.A m . Cols.
Other C ountries._ ............

Barre's.
76,095
238,877
5,245
20,975

T o ta l.................. 182,958
Total 1918............ 171,417

345,976
323,651

Corn.

Wheat.
Week
July 13
1918.

Week
July 13
1918.

Since
July 1
1918.

Bushels.
Bushe's.
28,545

Bushels.

............

4,775
28,545
7,412,048

5,167,026

622,631

Since
July 1
1918.
Bushels.
160,000
304,000
12,000
7,702
i',640
474,542
711,800

Tho world’s shipments of wheat and corn for tho week
ending July 13 1918 and since July 1 1918 and 1917 are
shown in tho following:
Corn.

Wheat.
Exports.

1918.
Week
July 13.

1917.

.

Since
July 1.

Since
July 1.

Bushels.
NorthAm cr* 2,055,000

Bushels.
Bushels.
3,774,000 16,760,000

D anubo____
A rgen tin a... 3',100,666
840.000
Australia___
310.000
India_______
40,000
O th .countr’s

7,583,666
1,560,000
550,000
84,000

1918.

1917.

Week
July 13.

Since
July 1.

Since
July 1.

Bushels.
402,000

Bushels.
1,043,000

Bushels.
2,229,000

496,000
2.928.000
1.536.000
56,000

48,000

104,000

T o t a l ____ 6,411,000 13,551,000 21,782,000

510,000

1,147,000

994,000
126,000

3,349,000
•N orth America.— Th o Canadian Government has officia lly prohibited the
Issuance of both manifests and exports until after ten days. This Is effective
during tho continuance o f the war. a Revised.

Tho quantity of wheat and corn afloat for Europo on datos
mentioned was as follows:
Wheat.
United
Kingdom.

Continent.

New Y o r k _________
B o s to n _____________
Philadelphia_______
N ewport N ew s.
New Orleans___
Galveston______
T oledo .
D etroit.
Chicago
M ilw aukee.
D u l u t h ___
St. Louis .
Peoria______________
Indianapolis________
O m a h a_____________
On Canal and R iver.

Total.

United
Kingdom.

Continent.

Bushels.

Bushels.

Total.

15,216,000

G R A IN ST O C K S.
Wheat.
Corn.
Oats.
bush.
bush.
bush.
12,000
255,000
772,000
2,000
120,000
256,000
7,000
203,000
392,000
138,000
282,000 1,894,000
708.000
5.000
137,000
938.000
3.000
20,000
117,000
901,000
772,000
13,000
76,000
103,000
24,000
58,000
77,000
29,000 4,574,000 2,480,000
31,000
246.000
2,000
448,000
228.000
6,000
07,000
139,000
219,000
349,000
40,000
390,000
220,000
334,000
958.000
446.000
5,000
309.000
122.000
12,000
739,000
136,000
38,000
480,000
424,000
25,000

Total July 13 1918--------925,000 10,200,000
Total July 6 1918--------554,000 10,883,000
Total July 14 1917.......... 9,984,000 3,296,000
Total July 15 1916...........39,879,000 5,219,000
N ote.— Bonded grain not Included abovo: Oats.
against 4.488 la 1917: and barley, 14,000
C a n ad ian —
M on trea l--------------------------- 2,288,000
Ft. William A Pt. A rth u r..
107,000
Other C a n adian ___________ 1,410,000

92,000

Barley.
bush.
67,000
40,000
91,000
59,000
5,000

2,000
58,000
10,000
384,000
20,000
1,000
05,000
2,000
8,000
1,000
6,000

83,000
127,000
239,000
43,000
62,000
596,000
2,000.

10,775,000 729,000 1,444,000
12,246 000 739 000 1 934 000
8.206,000 412,000 u f f i o o
11,186,000 435,000 1,570,000
4 000 New York- total 4 non
D u lS tS ^ U . O O ^ ' a ^ t

134,000 10.718 000
Jon’000 11 ■080,000
496,000 12,983 000
119,000 13.147.000

............
998,000
............ 1,282,000
213.000
564,000
47,000
250,000

American______ ..................- „ 925,000 10,200,000 10,775,000
Canadian______ ........ .............. 3,805,000
134,000 10,718,000

729.000 1,444,000
............
998,000

Summary—

Total
Total
Total
T otal

July
July
July
July

13
0
14
15

1918............. 4,730,000 10,334,000 21,493 OOO
1918---------- 5,460.000 11,019,000 23,326 000
1917............. 22,035,000 3,792,000 21 189 000
1910-----------60,111,000 5,338,000 24!333!oOO

729.000
739.000
025.000
482.000

2,042,000
3,216,000
2,012,000
1,820,000

othor securities, tho following
wero recently sold
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian H . Mullor & Sons, Now York:
A u c tio n

S a l e s . — Among

n o t u s u a l l y d ea lt i n at the Stock E x c h a n g e

Shares. Stocks.
Per cent.
6 Emplro A Bay State T elcg ____52
5 8 A Security Bank of N . Y ...S 1 0 1 lot
80 Firo Detecting w ire, In c........... $25 lot
150 N avy A Marino Press, In c., §5
e a c h ...................................... §200 lot
10 R oanoko
R ea lty_____________ §35 lot
, ,

Shares. Slocks.
p er ccnl
500 United M otors C orp......... §32 per sh!
Bonds.
Per cent
§5,000 10th & 23d St. Ferry 1st 5s,
*
1919.
25H
$17,250 Roanoke Realty ccrtffs." of
Indebtedness................................... $75 Iot

B y Mossrs.Tucker,Anthony & C o., Now Bedford,
Shares.
I
8 Holmes M anufacturing, preferred___- _________________________________

A P P L IC A T IO N S F O R C H A R T E R .
F o r o rg a n iz a tio n o f n ation a l ban ks:
T h o A m e rica n N a tio n a l B a n k o f Id a b e l, O k la . S u cce e d s th e
Id a b e l S ta te B a n k , Id a b e l, O k la . C a p i t a l . . . -------------------$25,000
F o r c o n v e r s io n o f S tate ban k s:
T h o F irst N a tio n a l B a n k o f C o ffe o Springs, A la . C o n v e r s io n o f
T h o B a n k o f C o ffe e S prin gs. C a p ita l_________ -----------------25,000
T o ta l

$50,000

O riginal o rg a n iz a tio n s :
T h o F irst N a tio n a l B a n k o f W e s t b y , M o n t . C a p i t a l . . .
T h o f i r s t N a tio n a l B a n k o f G rid lo y , C a l. C a p ita l
S u cceed s th o F a rm ers B a n k o f G rid lc y .
T h o S e y m o u r N a tio n a l B a n k , S e y m o u r , I o w a . C a p ita l
S u cceed s th e B a n k o f S e y m o u r .
•
T o t a l ___________
__

vr ’ *
X '

15

B y Messrs. Millott, Roe & Hagen, Boston:

. $25,000
. 30,000
.

50,000

$105,000

IN C R E A S E S O F C A P IT A L A P P R O V E D .

The Second N a tio n a l B a n k o f C u lp e p e r, V a .

F r o m $ 5 0 ,0 0 0 t o
$ 7 5 ,0 0 0 . A m o u n t ___________________________________________
§ 2 5 000
’
T h e F irst N a tio n a l B a n k o f F a ir fa x , S o. D a k . F r o m $ 2 5 ,0 0 0 t o
$ 5 0 ,0 0 0 . A m o u n t _____________________
__
25 000
T ,or
N a tio n a l B a n k o f C h a ffe e . M o .
F r o m 'S 2 5 " 6 6 o ~ t o
’
__
25 000
$ 5 0 ,0 0 0 . A m o u n t ______________________
T h e N a tio n a l B a n k o f C o m m e r c e o f AVichita F a lls, T e x a s . F r o m
’
$ 1 0 0,00 0 t o $ 2 0 0 ,0 0 0 . A m o u n t _____________ _
_ __ _
_ 100 000
T h o Security N a tio n a l B a n k o f O k la h o m a C it y , Okfa'.’ " F r o m
’
$ 2 0 0 ,0 0 0 t o $ 3 0 0 ,0 0 0 . A m o u n t ____________________________________ 100 ,000
T o t a I --------- --------------------------------------------------------------- ------------------- $ 2 7 5 ,0 0 0
V O L U N T A R Y L IQ U ID A T IO N S .
F o r co n s o lid a tio n w ith o th e r n ation a l ban ks:
T h e G ra n g o N a tio n a l B a n k o f M a n s fie ld , P a . C a p it a l_________ $50 000
’
L iq u id a tin g C o m m itte e : H . M . S h ep ard , M a n s fie ld , P a .; C . S.
R o s s a n d W . W . A lle n . A b s o r b e d b y th e F irst N a tio n a l B a n k
o f M a n s fie ld .
L ia b ility fo r c ircu la tio n n o t a ssu m e d u n d er
S e ctio n 522 3, U . S . R . S.

C a n a d i a n B a n k C l e a r i n g s .— The clearings for the week
ending July 11 at Canadian cities, in comparison with th e
samo week in 1917, show an increase in the aggregate of 5 .9% .
Week ending July 11.
1918.
C a n ada—•
M ontreal_______
T o r o n to ________
W innipeg..............
Vancouver______
Ottawa_________
Quebec__________
Halifax_________
C a lga ry________
H am ilton__ __ _
St. John________
V ictoria________
London ________
E d m onton______
R egina__________
B r a n d o n ______
Saskatoon______
M oose Jaw _____
L cth b r id g o _____
B ra n tfo rd ______
Fort W illiam ____
New Westminster
M cfllclno H at___
P eterborough___
Sherbrooke ___
K itch e n e r____
Total Canada.

1917.

Inc. or
D e).

1916.

S
100,999,995
79,124,381
35,950,449
10,855,937
6,755,441
5,136,060
4,956,532
5,543,971
5,442.962
2,561,910
2,787,761
2,915,113
3,521,277
3,049,935
620,704
1.772.S21
1,579,793
830,103
1,090,381
705,947
812,001
392,153
665,488
852,179
724,470

S
99,320,057
66,663,014
43,362,995
8,073,599
6,509,889
4,402,262
3,654,520
6,106,058
4,668,270
2,238,147
1,940,012
2,339,058
2,789,000
3,343,470
462,012
1,653,061
1,054,000
868,308
946,481
690,075
335,097
562,119
736,288
617,485
638,254

%
+ 1.1
+ 18.7
— 17.1
+ 34.5
+ 3 .8
+ 15.7
+ 35.6
— 9.2
+ 16.5
+ 14.4
+ 4 3 .6
+ 24.6
+ 26.2
— 8.8
+ 34.2
+ 6.6
+ 49.8
— 4.4
+ 15.2
+ 2 .3
+ 142.4
— 30.2
— 9.6
+ 38.1
+ 13.8

§
82,117,101
47,592,814
37,935,967
6,824,518
5,856,416
4,090,005
2,827,606
3,934,481
4,356,501
1,977,543
2,203,513
2,072.793
2,093,441
2,177,671
515,886
1,036,310
835,147
531,609
612,548
575,213
283,819
297,970
531,166

279,674,770

264,033,657

+ 5.9

212,299,538

509,750

1915.
$
47,150,503
36,623,246
17,366,483
5,020,890
4,032,160
3,456,680
2,091,243
2,778,648
3,152,013
1^676,968
1,591,666
1,747,230
l|833’414
1,153,549
417,262
712,005
532,873
297,150
512,940
389,145
289,775
187,704
442,338
............134,255,885

D IV ID E N D S .

Tho following shows all tho dividends announced for the
future by largo or important corporations.
D iv id e n d s a n n o u n c e d th is w ee k a r e p r in t e d in i ta li c s .

Mass •

Shares. Stocks.
S p ersh . Shares. Slocks.
$ per sh
30 U. S. W orsted, 1st pref__
95
200 Royal Oil & R ef., §1 ca._41o.-42c!
1 Now Eng. Fuel Oil, §10 each. 35
2 H ood Rubber, com m on_____ 130
260 S a n t a F o G o ld * C o p .,§ 10 ea. 61 c.
25 Gray A D avis, preferred___ 93 u
4,415 Butto Detroit Copper & Zinc
10 right Newburyport Gas & E l. 63c.
M ining, $1 each_______ 7 H c.-8 c. Bonds.
Percent.
315 Barnett Oil & Gas, §1 e a c h .. 65c. §1,800 Butte Cent. M ining & M ill­
500 Gila Copper Sulphide, $10 ea. 1.60
ing 1st 6s, 1934.................. 34




N a t i o n a l B a n k s . — The following information regarding
national banks is from tho office of the Comptroller of the
Curroncy, Treasury Department:

30,000

............
998,000
_____ _________
................................

July 13 1918---------- 3,805,000
July 6
}5 ............. to n n ’nnn
July 14 }R
1J17----------- 12,0ol,000
July 15 1910............. 20,232.000

134,000
............
............

Rye.
bush.
58,000
17,000

2,359,000
5,104,000
3,195,000

Total
Total
Total
Total

By Messrs. Barnes & Lofland, Philadelphia:
Shares. Slocks.
s per sh. Shares. Slocks.
S per sh.
100 K nlcker.-W yo. Oil, pref___ §50 lot
475 Rights to subscribe to Phila.
359 International T ext B o o k ____10A
N at. Bank at §200______ 80-90A
333 Intem at. Educat. P u b., pref. 1 A
1 M em bership In Phila. Stock
'
1,010 St. Petersburg Invest., pref.,
Exchange_________________ §2,000
$25 e a c h . . . ................................$61lot
2 Kensington N . B k ., §50 each.100
1,098 St. Petersburg Invest., com .,
1 Ninth N ational Bank________337
§25 each......................................$65lot
1 Land Title A Trust__________ 488
146 St. Petersburg Transport’ mS170 lot
2 Logan T r u s t ________________ 150
50 Johns Pass R ea lty___________ 15
5 M utual Trust, §50 each___ 35
42 A Pinellas Penln. Land............. §30 lot
3 W est End Trust_____________160Ji
128 Pinellas Fruit A T ruck.,com .,
40 Camden F. Ins. Assoc.,S5 e a . 10
S50 each___________
SS0 lot
8
Frankf. A So’wark Pass. R y.285J£
250 Pass-a-Grllle R ealty............ SI20 lot
10 2d & 3d Streets Pass. R y ____199
620 La Plaza D evelopm ent___ §190 lot
2 John B . Stetson, co m ________315
185 Lake Hart L a n d ........................S330lot 10 United Gas & E lec., 1st pref. iO A
20 Big Bayou R ea lty_____________ S10lot
3 John C . W inston, com ., §50
10 Central Land & T itle ______ §15 lot
1
each_________
50 Boca Clego B oa t_______________s i o lot 20 Am cr. Pipe & C on stru ction .. 4 A
77 A C offeepot Land......... .. . $50 lot
2 Farmers & M ech. N at. Bank.172
5 Fire Ass’n of Phila., S50 each
Bonds.
per cent.
„ _ ,
301 -302 §20,000 St. Petersburg & G ulf R y .
3 Delaware C o. N at. Bk.,Ches.283M
1st 6s, 1927____________________ 10

C H A R T E R S IS S U E D .

Iho visiblo supply of grain, comprising tho stocks in
granary at principal points of accumulation at lako and
seaboard ports July 13 1918 was as follows:
United States—

By Messrs. R . L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
§ per sh.
2 M erchants' National Bank__255
1 State Street Exchange_________32 A
10 Lawton M ills...............................137 A
2 Fiske R ubber, 1st pref_______ 102 A
10 Plym . Cordage,cx-div-_212^-217>^
1 Right Newbury port Gas & Elec 1
5 W alter Baker A C o ., L td _____ 111
1 Boston Atheneum, §300 par___410
Bonds.
Per cent.
2 Gillette Safety R a zor................ 94 A S3,000 C ity o f B angor, M e. 4s,1931 9 1 A
100 K nlcker.-W yo. Oil, pf., 510 ea. 3
$11,000 C ity o f A ugusta,M e.,4s '42 92

Corn.

Bushels.
Bushels.
Bushels.
N ot avail able
N ot avail able
N ot avail able
................ ................ 55,000,000

July 13 1918..
July 6 1918..
July 14 1917..
July 15 1910..

365

Name o f Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Alabama Great Southern, preferred____ S1.50 Aug. 28 Holders o f rec. July
Atch T op .A S a n ta F e.com . (qu.) (No.53)
1A Sept. 3 Holders o f rec. A ug.
Preferred (N o. 4 0 ) - - ............
2 A Aug. 1
Buffalo <fc Susquehanna, common.
* I A July 27 ♦Holders o f rec. July
Canada Southern______
1A Aug. 1
Central UU. of New Jersey (quar.)____
2
A ug. 1 Holders o f reo. July
Chicago Great Western, preferred
"
1
Aug. 15 Holders of rec. Aug.
Chicago R ock Island A Pacific, 7% pref.
3 A July 20 Holders o f rec. July
Six preferred___________
3
July 20 Holders of rec. July

20a
9a
20
19a
1
5a
5a

Name o f Company.

Cuba R R „ preferred..........................
Delaware Lackawanna & W est, (qu
Great Northern, preferred (quar.).
Kanawha A Michigan (quar.)-------Louisville & Nashville......................
M ahoning Coal R U ., com m on.........
M ichigan Central....... .........................
Nashville Chattanooga <fc St. L ou is..
N ew Y ork Central R U . (quar.)-----Pacific

(qu ar.).

Pittsburgh & Lake Erie.
First preferred (q u a r .)..
Utica Clinton & Binghamton.

When
ayable.

IK
IK
g3
32.50
1H
IK
3)4
$5
2
3)4
1K
1
IK
IK
2
*32.50
IK
SI
50o.
2

Vug. 31
uly 20
Vug. 1
[uly 20
Vug. 1
luly 30
\ug. 10
Aug. 1
(uly 29
(Vug. 1
(Vug. 1
(Vug. 19
(Vug. 1
(Vug. 1
ruly 25
Vug. 1
Vug. 31
Vug. 8
3cpt. 12
Vug. 10

H olders of reo.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
H olders of rec.
H olders of rec.
Holders of reo.
Holders of rec.
Holders of reo.
Holders of rec.
Holders o f reo.
Holders of rcc.
Holders o f rec.
♦Holders of rec.
Holders o f rcc.
Holders of roo.
Holders of reo.
A ug. 1 to

Vug. 1
Vug. 1
Vug. 1
Aug. 1
Aug. 1
Aug. 1
Sept. 1
Sept. 1
Aug. 1
Aug. 1
July 20
July 31
Aug. 15
July 31
July 31
Aug. 1
Aug. 1
Aug. 1
Juno 29
Aug. 1
July 20
A ug. 1
July 30

Holders of rec.
Holders o f rec.
July 25 to
Holders of reo.
Holders o f reo.
Holders of reo.
Holders of rec.
Holders of rec.
July 18
to
Holders o f reo.
Holders of reo.
Holders o f reo.
Holders o f reo.
Holders of rec.
Holders o f rcc.
Holders of reo.
Holders of rcc.
Holders of rec.
Holders o f reo.
Holders of rec.
Holders of rec.
Holders o f reo.
Holders of reo.

S treet & E lectric Railw ays.
2

Philadelphia Rapid Transit (.No. 4 ).
Preferred (N o. 2 7 ).
Virginia R y . & Power, preferred.

Books Closed.
Days Inclusive.

Per
Cent.

.
)
)
.
.
)
_
)
)
.
.
.
)
.

K

K
K
K
m
K
fK
a lK
IK
IK
IK
1
75o.
31.25
IK
3
3
IK
2
3
IK
62)4o.

B anks.
C ity, N ational (Brooklyn) ( q u a r .)... . $1.75 July 15 Holders of rec.
.
4
Aug. 1 Holders of rec.
Corn Exchange (quar.)-------------July 6 Holders o f reo.
.
5
liarrlm an N ational------------------4
July 15 Holders of rec.
M echanics & M etals National (quar.) .
Aug. 1 July 21
to
- $1
Pacific (q u a r .)..............................
3
July 15 Holders of reo.
Produce Exchange, New Y ork (q u a r.). .
to
Aug. 1 July 27
_
3
Twenty-Third Ward____________
T ru s t Companies.
Farmers’ Loan & Trust (quar.).
Hamilton (Brooklyn) (q u a r .)...

.
.

4K
3

Aug.
Aug.

F ire Insu rance.
Commercial Union Fire--------Pacific Fire.................................

.

5
5

July 17

M iscellaneous.
American Cigar, com mon (quar.).
American Glue, preferred..............
American Ice, preferred (quar.).

Preferred (quar.).
American Navigation (quar.).
Preferred (quar.)----------------Amer. Sumatra T ob a cco, com .
Am er. Sumatra T ob a cco, pref.

Anaconda Copper Mining (quar.).
Arizona Commercial M ining-------Atlas Pow der, preferred (quar.).
Barnhart Bros. A Splndler—
1st and 2d preferred (q u a r.)..
Brown Shoe, preferred (quar.).

Butte Copper A Zinc....................
Canadian Converters’ , L td. (qu
Carbon Steel 2d pref. (annual).
Central Leather, com m on (q u a r .)..
Central Sugar C orp., pref. (quar.).
Chevrolet M otor (quar.)--------------Chicago Pneumatic T ool (q u a r .)..
Cleveland-Cliffs Iron (quar.).
Preferred..............
Unchfield Coal Cor;
Preferred (quar.).
Preferred (quar.)........................
Columbia Gas & Electric (quar.).
Columbia Weighing Machine, com
Commonwealth Edison (q u a r .)..
Consolidation Coal (quar.).........
D el. Lack. A W est. Coal (special).

Preferred (quar.)---------------------Eastman K odak, com mon (oxtra).
Edison Elec. III. o f Brockton (quar.).

Elgin National W atch............
Elk Basin Petroleum (qu ar.).
Eureka Pipe Line ( q u a r .)...
Fajardo Sugar (quar.).............

First National Copper Co.




Name o f Company.

When
Per
Cent, i°ayable.

Books Closed.
Days Inclusive.-

M iscellaneous (C o n clu ded).

R a ilroa ds (Steam ) Con clu ded.

Northern

[Vol. 107

THE CHRONICLE

366

2
1
IK
75o
4
IK
IK
2K
f2 K

24a
28a
29a
5a
3a
15a
19a
15a
28a
23
9a
31a
6a
15a
22
24
15a
18a
27a
9

July 20a
July 24a
July 31
July 15
July 15a
July 15a
Aug. 15a
Aug. 15a
Aug. 6
July 1
July 10a
July 20a
July 31a
July la
July! 25a
July 17a
July 15a
July 15a
Juno 22a
July 18a
July la
July 20
July 20a
July
July
July
July
July
July
July

9a
31a
5a
6a
31
10
31

1 Holders of rec. July 20a
1 Holders of rec. July 25a

July 31
Aug. 10
A ug. 1
Aug. 1
Aug. 1
July 25
Aug. 15
Aug. 1
A ug. 1
A ug. 1
.
I K July 22
r.
I K Aug. 1
. 15c. July 20
I K Aug. 1
Aug. 1
•)
6
.
I K Aug. 1
.
2 K Aug. 1
Sept. 2
Aug. 10
.
1
1K Aug. 15
. 31.50 Aug. 1
Aug. 26
. 32
. 50o. July 31
Aug. 1
..
5
..
I K Aug. 1
.
.
.
)
.
.)
'.
.

Aug.
June
Juno
July
July
July
July
July
June
July
July
July
July
July
July
July
Aug.
July
Aug.
Aug.

Holders o f rec. July 10
Holders o f rec.
Holders of reo.
Holdors o f reo.
Holders o f rec.
Juty 21
to
Holders of rec.
Holders o f reo.
July 12
to
July 12 to
July 12
to
Holders o f reo.
Holders of rec.
Holders o f rec.
Holders o f reo.
Holders of reo.
Holders of reo.
Holders o f reo.
Holders of reo.
Holders o f reo.
Holders o f reo.
Holders of rec.
Holders of rcc.
Holders o f rec.
Holders o f reo.
July 21
to

July
Aug.
July
July
A ug.
July
Aug.
July
July
July
July
July
July
July
July
July
July
Aug.
July
Aug.
July
July
July
Juno
July

13
1
15a
15a
4
15a
9a
28
28
28
5a
15a
10
15a
15a
15a
22a
16a
31a
10
19a
20a
20a
28a
31

I K Aug. 1 Holders of reo. July 27a
Aug. 15 Holders of rec. Aug. la
4
I K Aug. 1 Holders of reo. July 20a
~
2 K Aug. 15 Holders of reo. A ug. la
--I 1K Aug. 1 Holders of rec. July 20
1K Aug. 1 Holders of rec. July 15a
) - h3K Aug. 1 Holders of rec. July 15a
July 29
..
50c. July 3( July 16 to
1K Aug. 15 Holders of rcc. July 31
..
6
July 3( Holders of rec. July 26a
-K Aug. 15 Holders o f reo. July 31
..
I K Aug. 1 Holders of reo. July 10
..
I K Aug. 1 Holders o f reo. July 15
Aug. I Holders o f rec. July 15a
..
3
I K July 25 Holders of rec. July 15a
).
5
Aug. I Holders of reo. July 17a
..
I K Aug. 1 Holders of reo. July 17a
July 25
2)4 July 25 July 16 to
July 31 Holders o f rec. July 15a
..
1
July 3! Holders of rec. July 15a
3
I K Aug. : Holders of rec. July 26a
..
I K Aug. ; Holders o f reo. July 26a
Holders of reo. July 20a
l.)
I K Aug.
..
K July 2j Holders of reo. July 6a
July 21 Holders of rec. July 6a
..
2
1
Aug. li Holders o f rec. July 29
to
July 19
if.
40c .J u ly 2( July 9
•Holders of rec. July 15
. . *2
Holders o f rec. July 20a
-I K July 3
July 13 to
July 31
Aug.
-k f i K
July 21
to
Aug. 1
Aug.
g3
- - 315 m July 2‘ Holders of rec. July 8a
Holders of rec. July 13
..
3 K Aug.
July 16 to
Aug. 1
0
I K Aug.
i.)
I K July 2. Holders of reo. July 10a
Holders of reo. July 20a
u)
I K Aug.
Holders of reo. July 20a
..
I K Aug.
Holders of reo. Juno 29a
Aug.
.. 10
Holders of reo. July 15
Aug.
7)
3
nolders o f reo. July 18a
__
2
11.)
1
Aug. li Holders of rec. Aug. la
Holders of rec. July 17
>3)
I K Aug.
, Holders of rec. July 24a
)1 K Aug.
Holders o f reo. July 24
Aug.
..
2
Holders of rec. July 15
— 1 2 K o . Aug.
Aug. . Holders of rec. July 15
..
5
2 K Aug. . Holders of reo. July 18
to
July 14
I K July 2 0 June 30
July 14
ip) g3K July 2 ) June 30 to
..
I K Aug. l Holders of reo. July 20a
. Aug. 26 Holders o f reo. A ug. 6a
..
..

I K -Vug. 1 1
I K -Vug. 1 J
3
.July 31
2
.July 31
Preferred (quar.).
vu g. 15 :
51
G
1
vu g. i :
G
3
Aug. 1
G
I K Aug. 1
Preferred (quar.).
$2
.
A ug. 31
G
I K o . Aug. i o :
G
Vug. 16
l
(j
2 K Aug. 1
G
I K Aug. i :
G
July 20
IK ■
H
6
to
Aug. 14
.
I K Vug. 15 Aug.
11
I K Vug. 1
H
*
5
0
c
..July
25
*.
H
Aug. 1
IK ■
I
Vug. 15 :
IK ■
1
52
.v ug. 15 :
li
$2
.July 29 i
li
I K ■July 31 :
ii
3
.v u g. i :
Ii
I K Vug. l :
I
*2
Aug. 15 *.
K
I K Aug. 1
K
2
July 31
A
Aug. 1
51
h
1K Aug. 1 Holders of rec. July 20a
A
25o. Sept. 10 Holders of rec. Aug. 31a
K
2
Sept. 3 Holders of rec. Aug. 21
A
Aug. 1 Holders of reo. July 20a
1
I
s of reo. July 31
Aug. 31 ” ‘
$1
L
•s o f roo. Aug. 1
*5
Aug. 31
L
•s o f reo. A ug. 1
*154 Aug. 31
Preferred (quar.).
!I
to
Aug. 1
I K Aug. 1
L
■s o f roe. July 18a
2 K Aug. 1
L
.0
to
A ug. 1
25o. Aug. 1
A
•s o f roo. July 15
154 Aug. 1
A
Aug. 15 ___ v - f l of reo. A ug. la
51
A
20c. Aug. 1 Holders o f reo. July 15
A
51.50 Aug. 1 “ ■‘ s of reo. July 15a
A
•s of reo. July 2a
2c. July 20
A
Aug. 1 l u iu u S of reo. July 15a
SI
A
Holders
of rec. July 15a
152
Aug.
1
A
2
Aug. 15 Holders o f reo. July 31
A
July 1
3
Aug. 1 dJuno 27 to
A
154 Aug. 14 Holders of reo. July 20
a
154 O ct. 15 Holders of reo. Sept. 30
A
154 Aug. 31 Holders of reo. Aug. 17a
Preferred (quar.) (N o. 82 ).
Aug. 1 Holders of rec. July 20a
51
ATat. Carbon, Inc., o f N . Y ., com
2
Aug. 1 Holders of reo. July 20a
Preferred (quar.)-------------------154 Sept. 1 Holders of reo. Aug. 21a
I
I K A ug. 30 Holders of rec. Aug. 10a
/
July 25 Holders of reo. July 5
11
I K July 30 Holders o f roo. June 29a
i
4
Aug. 10 Holders of rec. July 31a
I
10
July 30 Holders of rec. July 22
July 17
25c. July 20 June 30 to
1
25c. July 29 Holders of rec. July 12a
1
154 July 20 Holders o f reo. Juno 29
to
July 21
600. July 20 July 10
(
1
Aug. 1 Holders of reo. July 27a
I
1)4 Aug. 1 Holders o f rec. July 27a
First preferred (quar.)..
1
Aug. 1 Holders of reo. July 27a
Second preferred (quar.).
87)4c Aug. 15 Holders of rec. July <fl5
]
154 Sept. 1 Holders of rec. Aug. 5a
]
154 Aug. 1 Holders of reo. July 22
i
2
July 31 Holders o f reo. July 15
j
I K Aug. 15 Holders of reo. Aug. 5
]
I K A ug. 1 Holders of reo. July 20
Preferred (quar.).
7 Ko . Aug. 1 Holders o f rec. July 15a
2 Ko . Aug. 1 Holders of reo. July 15a
E xtra50o. July 25 Holders o f roo. July 20a
]
51.25
A ug. 1 Holders of reo. July 15a
.
I K July 25 Holders of reo. July 10a
:
I K July 25 Holders of rec. July 10a
Preferred (quar.).
I K July 25 Holders o f reo. July 10a
;
2
Aug. 15 Holders of reo. July 31a
,
154 July 31 Holders of rec. July 17
154 Aug. 1 Holders o f reo. July 22
.
3
July 31 Holders of reo. June 29a
]
2
July 31 Holders of reo. June 29a
5
July 31 Holders of reo. Juno 29a
J
to
A ug. 15
5
Aug. 15 July 21
;
to
A ug. 15
Common (oxtra,payable lncom .stock i /4 . Aug. 15 July 21
*154 A ug. 1 4
ublic Serv. Corp. of N or. 111., com . (i ‘
*1)4 Aug. 1 4
Preferred (quar.)............................. .
*2
Aug. 15 4
to
July 31
250. Aug. 1 July 23
I K Aug. 31 Holders of rec. Aug. la
I K Aug. 1 Holders o f reo. July 20a
3 K Aug. 1 Holders of reo. July 16
to
Aug. 1
12 K c. Aug. 1 July 21
2
Aug. 15 Holders of reo. July 31a
*25c. O ct. 19 •Holders of reo. Sept. 30
*25c. Oct. 19 •Holders of reo. Sept. 30
Capital distribution (quar.)..................
250. July 20 Holders of reo. Juno 29a
250. July 20 Holders o f reo. June 29a
E x tra.
I K Aug. 1 Holders o f reo. July 20a
2
July 31 Holders of reo. July 20
2 K Sept. 16 Holders o f rec. A ug. 15
m 2K S e p t .16 Holders of reo. Aug. 15
Extra (pay. In L. L. 4 )4 % bonds) —
I K Aug. 1 Holders o f reo. July 10
teel C o. o f Canada, com . (qu.) (N o
154 Aug. 1 Holders o f reo. July 10
Preferred (quar.) (N o. 2 8 )---------3
July 20 Holders o f reo. July 5
I K Aug. 1 Holders of rec. July 15a
2
Aug. 15 Holders of reo. Aug. la
First and second preferred (q u a r .)..
2
Sept. 3 Holders o f reo. Aug. 1
to
July 31
154 Aug. 1 July 25
154 Aug. 1 Holders o f reo. July 20
July
7
7 Ko . July 20 June 30 to
1)4 O ot. 1 nolders o f reo. Sept. 16a
154 O ct. 1 Holdors of reo. Sept. 16a
Preferred (quar.)---------------------July 20
1)4 July 20 July 10 to
Union Oil of California (q u a r .)...
July 20
July 20 July 10 to
1
E xtra___________________ . . . . . . . . . . .
July 20 Holders of reo. July 10a
United Alloy Steel (q u a r .)....................... $1
July 24
I K July 25 July 16 to
United Coal C orp., preferred ( q u a r .)...
United Drug, first pref. (qu.) (N o. 10). 87 K<-) Aug. 1 Holders of rec. July 15a
1)4 Sept. 3 Holdors of roo. Aug. 15a
Second preferred (qu ar.)------------------60c . Aug. 1 Holders of reo. July 3a
United Verde Extension M ining ( q u .) ..
25c . Aug. 1 Holders o f reo. July 3a
Extra --------------- -------------------------------July 25
July 25 July 19 to
1
U . S. Glass (quar.).................... .............. ..
July 31 Holders of reo. July 15a
2
United States Rubber, first prof, (quar.)
Aug. 1 Holders o f reo. July 15a
1
Vlrglnla-Carollna Chemical, co m m o n ..
O ct. 1 Holders of reo. Sept.16a
C om . (extra pay’lo In 4)4 % L . L . bds.) <2
W arner (Charles) C o. of D e l....................
154 July 25 Holders of reo. June 30a
First A second prof, (quar.) (N o. 6 2 ).
July 18
to
I K July 20 June 30
W ells, Fargo A C o . (qu ar.)......................
July 31
Westlnghouso Air Brako (qu ar.).............. 51.7Ji July 31 July 16 to
Wcatlnghouse Elec. A M fg ., com . (q u .). 87)4o . July 31 Holders of reo. June 29a
O ot. 1 Holders o f reo. Sept 16a
W eym an-Bruton C o ., com m on ................ n o
Aug. 1
to
Aug. 1 July 23
Wheeling Mould A Fdy., com. (q u a r.).. 52
250 . Aug. 1 Holders of reo. July 20a
Wtllys-Ovcrland C o ., com mon (q u a r .)..
Aug.
10a
Holders
of
reo.
2
Sept.
1
W oolw orth(F .W .) C o . ,com . (qu .) (N o .25)
F
F
c

* From unofficial sources, a Transfer books not closed for this dividend. 6 Lees
British incomo tax. d Correction, e Payable In stock. / Payable in com mon
stock, g Payable In scrip, h On account of accumulated dividends. < P ayable In
Liberty Loan bonds. I R ed Cross dividend, m Payable In Third U . S. Liberty
Loan 4 )4 % bonds.

July 20 1918.]
Member Banka

of

THE CHRONICLE

267

the Federal Reserve System.— Following is the weekly statement issued by the Federal R e s e r v e
of th e M e m b e r B a n k s a n d d a te d J u ly 1 3 . B e c a u s e o f th e la r g e

B o ard g iv in g th e p rin cipal ite m s o f th e resou rces a n d lia b ilitie s

n u m b e r o f b a n k s for w h ich re tu rn s are fu rn ish e d th e s ta te m e n t is n o t issu e d u n til a w eo k la te r th a n th a t for th e F e d e r a l
R e serv e b a n k s o f th e s a m e d a t e .

D e fin itio n s o f th e d iffe re n t ite m s c o n ta in e d in th e s ta te m e n t w ere g iv e n in th e w e e k ly s t a t e ­

m e n t issu e d u n d e r d a te o f D e o . 1 4 1 9 1 7 a n d w hich w as p u b lis h e d in th e “ C h r o n ic le ” o f D e o . 2 9 1 9 1 7 , p a g e 2 5 2 3 .
S T A T E M E N T S H O W I N O P R I N C I P A L R E S O U R C E A N D L I A B I L I T Y IT E M S O F M E M B E R B A N K S L O C A T E D
A N D O T H E R S E L E C T E D C I T I E S A S A T C L O S E O F B U S I N E S S J U L Y 5 1918.

IN C E N T R A L

RESERVE

„
Withdrawals in some volunio of Government deposits accompanied by increases in investments and reductions in reserves are indicated by ohe
Boards weekly statement showing condition on July 5 of 696 member banks in leading cities.
y 5ne
.....>,P ° v5 n^ e" l 1socl.iritlIos 0,1 hand sh° w a slight decline since tho last Friday in June, though a decrease of 138.4 millions since June 21. when the
number o f reporting banks was about the same as shown In tho present statement. Treasury certificates show by far tho larger decrease esDeciallv
at tho Greater New York member banks, notwithstanding the taking by tho banks about tho end of Juno of 750 millions of Treasury certificate/
T,?«?ViCiw ° A biy
war obliBatians likowiso show some decr^so mainly at the New York banks. Total loans and investments increased sinSo
Juno 21 by 37.1 millions, notwithstanding a reduction, under this head of 34.6 millions shown for the New York banks. Tho share of war loans and
war paper in loans and investments given by all reporting banks shows a decline from 13.9% on Juno 21 to 13.6 on Juno 28 and to 13.3% on Julv 5
For the Now York banks this ratio declined during tho two weeks from 20.5 to 15.7%.
° '
u JU,y
Further reductions during tho week in total net demand deposits aro practically offset by increases in time deposits. For tho Central Reserve
S
S' notwithstanding tho increase in tho number of New York City member banks, net demand deposits show a decline for the week of about
J?11 ?,9PS’ and time deposits a decline of 11.5 millions. During -the week not -withdrawals of Government deposits totaled 290.3 millions of which
16m.5 millions represents the not amount withdrawn from banks in tho three Central Reserve cities. Reserves show a decline during the week of 164 5
millions, nearly all for tho New York banks, while cash in vault shows some gain.
AO* ,°
As tho result of considerable withdrawals of Government deposits, the ratio of total investments to net. including Government denosits rnsp dnr
ing the week from 118.7 to 123.6%. For the banks in the Central Reserve cities a corresponding rise from 109.2 to® 1l S T s T o t ^ T h e ra tio^ f
combined rcservo and cash to not deposits, owing to tho relatively larger fall in reserve, shows a decline from 15.3 to 14 2% for allrenortine banki
c t o e ^ ^ C e n f r a l 0 R e s o r v e ^ R y 1 b a n ta .1"4

7

^

T ° ta ’ “

d c c ,iu e d t o 3 8 .9 S o ^ o t w

l. D ata fo r a ll r e p o r tin g b a n k s tn ea ch d is tric t.
Member Bank*.

Boston.

Number of reporting banka___
O. S. bonds to secure clrculat’ n
Othor U S. bonds, Including
Liberty b o n d s _____________
U. S cortlfs. of Indebtedness..
Total U. S. securities______
Loans sec by U. 8. bonds, & o.
All other loans A Investments.
Rcservo wltli Fed. Res. Bank.
Cash In vault_________________
N et demand deposits________
Tlm o deposits_________________
Government deposits________

2.

New York.

42

Phlladel. Cleveland. Richm’d.

101

14,621,0

49

S

82

S

S

Atlanta.

71

52,080,0

12,970,0

43,242,0

24,733,0

12,883,0 257,464,0
28,439,0 325,327,0
55,943,0 634,871,0
52,346,0 250,441,0
784,842,0 4,418,765,0
61,931,0 572,881,0
24,291,0 122,373,0
0 50 ,'70,0 4,198,962,0
96,630,0 264,656,0
88,o02,U 445,167,0

22,502,0
30,817,0
66,289,0
39,383,0
619,972,0
46,863,0
20,284,0
567,514,0
14,337,0
58,014,0

57,885,0
31,120,0
132,247,0
32,325,0
972,692,0
80,888,0
32,345,0
684,294,0
227,375,0
86,611,0

25,617,0
14,393,0
64,743,0
17,281,0
349,894,0
25,561,0
16,510,0
254,751,0
42,807,0
15,270,0

Chicago.

38

93

14,190,0

S
18,376,0

S

h

i A

A

T w o ciphers (00) om itted.
St. Louis. M inneap. Kan. City
32

28

72

17,382,0

5,544,0

$
14,086,0

S

21,296,0
76,732,0 23,577,0
17,122,0
62,127,0 25,885,0
52,608,0 157,235,0 66,844,0
6,783,0
47,625,0 14,950,0
259,815,0 1,375,482,0 379,552,0
23,771,0 129,016,0 30,501,0
57,930,0 13,915,0
14,474,0
171,942,0 971,712,0 250,232,0
80,978,0 347,950,0 74,581,0
20,940,0 119,768,0. 27,523,0

S

8,700,0 17,509,0
14,289,0 19,556,0
28,533,0 51,151,0
5,034,0
4,G25,0
227,649j0 467,593j0
15,763,0 34,777,0
7,035,0 15,481,0
148,812,0 348,633,0
34,833,0 64,254,0
16,539,0 26,395,0

Dallas.

San Fran. [

42

Total.

46

35,151,0

696
$
269,954,0

15,859,0 21,212 0
12,141,0
45,579^0
5,562 0
1621570,’ 6 513,305 0
14,794jo 42,450,0
11,614 '6
135j928jo 367,328*0
25,699’0 109,446 0
9,800,0i
306 jo

"9141791 j>

S

17,579,0

S

Data for banks in each Central Reserve city, banka In ail other Reserve cities and other reporting banks.
New York.

Two ciphers (00) omitted.

July 5.
Number of reporting banks___

Chicago. St. Louis. Total Central Res. Cities.

June 28.

68
S
37,736,0

S

July 5.

66

s

40

0 S. bonds to secure clrculat'n
37,463,0
1,469,0
Other U. S. bonds, including
Liberty bonds_____________
229.923.0 241.696.0 48.319.0
O. 8. certlfa. of indebtedness..
310.075.0 324.436.0 32.705.0
Total U. S. securities______
577.734.0 603.595.0 82.493.0
Loans sco. by U. 8. bonds, & o.
225.637.0 241.434.0 33.388.0
All other Joans & Investments. 4.069.496.0 4.029.203.0 858.457.0
Reserve with Fed. Res. Bank.
547.212.0 *709,143,0 93.115.0
Cash In vault________ ________
108.447.0
105.895.0 34.690.0
Net demand deposits________ 3.898.195.0 4.006.659.0 667.506.0
Tim e deposits_______ _________
216.069.0 217.466.0 138.828.0
Government deposits________
413.989.0 552.854.0 88.308.0
♦Amended figures

July 5.

July 5.

14

June 28.

122

Other Reserve Cities.
July 5.

120

June 28.

Country Banks.
July 5.

June 28.

Total.
July 5.

June 28.

421

410

153

$
S
49,324,0 . 172,886,0

151

•S
166.423.0

S
47.491.0

696

S
45.769.0

$
269.954.0

681
S
256.516.0

16.380.0 294.622.0 307.903.0 217.593.0 218.012.0 49.021.0 47.480.0 561.236.0
21.323.0 364.103.0 379.712.0 214.652.0 201.486.0 33.854.0 31.164.0 612.609.0
48.095.0 708.322.0 736.939.0 605.111.0 585.921.0 130.366.0 124.413.0 1.443.799.0
11.988.0 271.013.0 285.258.0
184.524.0
180.160.0 28.241.0 28.701.0 483.778.0
274.263.0 5.202.216.0 5.140.958.0 4.529.274.0 4.458.514.0 800.641.0 781.257.0 105321310
22.382.0 662.709.0 *827,133,0 367.382.0 308.335.0 49.105.0 48.212.0 1.079.196.0
7,164,0
148.071.0
150.301.0
170.055.0 161.197.0 35.299.0 36.848.0 355.655.0
177.808.0 4.743.509.0 4.855.498.0 3.387.699.0 3.313.163.0 619.376.0 603.593.0 8.750.584.0
53.194.0 408.091.0 419.544.0 798.514.0 766.856.0 176.941.0 173.752.0 1.383.546.0
21.804.0 524.101.0 692.631.0 339.792.0 449.238.0 51.078.0 63.210.0 914.791.0

573.395.0
612.362.0
1.447.273.0
494.119.0
10,380,729,0
*1,243,680,0
346.116.0
8.772.254.0
1.360.152.0
1.205.079.0

S

10.392.0

S

49,597,0

The Federal Reserve Banks,— Following is the weekly statement issued by the Federal Reserve Board on July 13:
Substantial gains in earning assets, largely discounts and Treasury certificates, accompanied by increases in Government and members’ reserve
deposits, also in i<cderal Reserve note circulation aro indicated by the Federal Reserve Board’s weekly bank statement issued as at close of business
on July
lino.
. INVESTM ENTS.— Discounted bills on hand show an increase for tho week of 83.1 millions, largely at the Now York, Boston, Cleveland and
Chicago banks. Of tho total discounts 606.6 millions, as against 563.5 millions tho week before, is represented by war paper, i. c.. member banks'
collateral notes and customers’ paper secured by U S. war obligations. Acceptances on hand gained about 6.5 millions, largely at the Boston and
San hranclsco banks. Boston reports tho liquidation of 2.3 millions of U. S. bonds, whilo New York reports an increaso of about 15 millions in Treasw a;]CCrt flcat0fi,
e(iu v a o n ^
an amount temporarily advanced to tho Government. Total earning assets increased 101.8 millions during the

away from Now York and Chicago.
FEDERAL RESERVE CIRCU LATION .— During tho week tho agents issued 46.6 millions net of Federal Reserve notes. Tho banks report an
increaso of 21.9 millions o f Federal Roscrvo notes in actual circulation, besides a slight Increaso in their liability on Federal Reserve Bank notes in
circulation.
CA PITA L.— An increase o f $161,000 in paid-in capital, largely o f tho Atlanta and Chicago banks, is due primarily to payment by newly admitted
membors for Federal Roscrvo Bank stock.

Tho figures of tho consolidated statement for the system as a whole are given in the following table, and in addition
are presont the results for each of the soven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a usdful comparison. In the second table we show the resources and liabilities separately for eaoh
of the twolve Fodoral Reserve banks. The statement of Federal Reserve Agents’ Accounts (the third table following) gives
details regarding the transactions in Federal Reserve notes between the Comptroller and the Reserve Agents and between
the latter and tho Federal Reserve banks.
C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s o p t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o p B u s in e s s J u l y 1 2 1 9 1 8 .
July 12 1918. July 5 1918. June 28 1918 June 21 1918. June 14 1918. June 7 19 18. May 31 1918. May 24 1918. J u ly 13 1917.
RESOURCES.
Gold coin and oertlficates in vault.........
Gold settlement fund— F. U . Board___
G old with foreign agencies....... ...............

$
422.738.000
524.225.000
15,529,000

S
421.927.000
524.303.000
10,272,000

5
419.907.000
491.425.000
10,275,000

$
438.773.000
481.023.000
17,008,000

%
432.557.000
489.610.000
44,084,000

$
463.622.000
417.675.000
51,280,000

$
456.177.000
425.237.000
52.500,000

S
478.460.000
407.767.000
52,500,000

S
471.493.000
388.353.000
52,500,000

Total gold hold by banks________
G old with Federal Reserve A gent.........
G old redemption fund......... .. . .

962.492.000
963.147.000
34,413,000

962.502.000
962.075.000
34,533,000

927.607.000
987.870.000
33,544,000

936.804.000
957.238.000
30,331,000

966.251.000
951.145.000
29,507,000

932.577.000
958.255.000
28,431,000

933.914.000
955.919.000
27,993.000

938.727.000
930.181.000
29,115,000

912.346.000
428.338.000
12,687,000

Total gold reserves_______________ 1,960,052,000 1,959,110.000 1,949,021,000 1,924,373,000 1,946,903,000 1,919,263.000 1,917,826,000 1,898,023.000 1,353,371,000
Legal tonder notes, sliver. & o..................
56,053,000
55,932,000
57,178,000
58,738,000
58,360,000
57,883,000
58,461,000
58,033,000
47,545,000
Total reserves____________________ 2.015.984.000 2.015.163.000 2,000,199,000 1,981,111,000 2.005.263.000 1,977,724,000 1,975,709,000 1.956.056,000 1,400,916,000
Bills discounted— members____________ 1.159.882.000 1.070.782.000 869.175.000 931.270.000 1.016.031.000 984.492.000 897.357.000 923.299.000
140.163.000
Bills bought in open market....................
218,464,000 211,947,000 210.848.000 232.472.000 242,923.000 248.542.000 250.373.000 278.221.000
194.937.000
Total bills on hand________________ 1,378,340,000 1.288,729,000 1.080,023,000 1,163,742,000 1,258,954,000 1,233,034,000 1,153,730,000 1.201,520,000
335,100,000
U. 8. Government long-term securities.
40.273.000
42.749.000
40.227,000
40.877.000
40.683.000
64.484.000
54.842.000
42.067.000
43,961,00#
U. 8 . Government short-term securities
31.923.000
17.350.000 218,839,000
35.883.000
33.179.000
32.601.000
92.082.000
30,359,000
32.476.000
All other earning assets................
72,000
20,000
23,000
100,000
594,000
694,000
736,000
1,151,000
2,673,000
Total earning assets______________ 1,450,014,000 1.348,854,000 1,345,112,000 1,240,602,000 1,333,410,000 1.330.813,000 1,301,390,000 1,277,214,000
Uncollected items (deducted from gross
d e p o s it s ).................................................
640,410,000 069,257,000 530,719,000 588,859.000 529,653.000 400.924,000
427.331,000 365.440,000
0% redem p. fund agst. F . R . bank notes
All othor resources.................................
T otal resources___




735,000
9,979,000

725,000
10,163,000

735,000

735,000
90,000

735,000

637,000

626,000
438,000

412.093.000
260.727.000

537.000
89,000 3J

500,000
554,000

4,117,722,000 4,044,102,000 3,872,133,000 3,806.692,000 3,849,711.000 3.711,703,000 3.680.300.000 3.585,303.000 2,074,790,000

[Vol . 107.

THEECHRONICLE

368

May 31 1918. May 24 1918. J u l y 13 1917.
July 12 1 9 1 8 . |July 5 1918. June 2S 1918 June 21 1918. June 14 1918. June 7 1918.
s

L IA B IL IT IE S .

1

$

$

$

§

7 5 ,7 1 1 .0 0 0
7 5 ,7 7 0 ,0 0 0
7 5 .8 5 8 .0 0 0
7 6 ,3 2 4 ,0 0 0
7 6 .1 6 3 ,0 0 0
C a p ita l paid In --------------------------------------------1,134,000
1.1 3 4 ,0 0 0
1,131,000
1,1 3 4 ,0 0 0
1 ,134,000
S u r p lu s ___________________________________
155 .532 .00 0
159 .457 .00 0
8 4 .5 3 5 .0 0 0
1 6 9 .393 .00 0
1 2 8 ,398 ,00 0
G o v e rn m e n t d e p o s its -----------------------------1,4 0 4 ,9 8 6 ,0 0 0 1,5 5 5 ,4 3 4 ,0 0 0
1,55
7
,5
8
7
,0
0
0
1,43
9
,3
4
6
,0
0
0
1
,3
6
9
,6
9
7
,0
0
0
D u e t o m em bers— reserve a c c o u n t --------264 .8 8 7 .0 0 0
287 .7 6 9 .0 0 0
2 8 6 .3 0 2 .0 0 0
477 .5 2 0 .0 0 0
527 ,5 8 0 ,0 0 0
C o lle c tio n Item s ..................................................
123 .221 .00 0
117.345 .00 0
121.482 .00 0
1 0 7 ,8 0 9 ,0 0 0 j 117 ,509 ,00 0
O th er d ep osits, Incl. fo r. G o v ’ t cred its
2
.0
9 9 .0 7 4 .0 0 0
2
.0
2
9
.5
5
7
.0
0
0
2
.0
4
9
.9
0
0
.0
0
0
T o t a l gross d e p o s its ............... ............ 2 ,1 9 4 ,0 7 4 ,0 0 9 2 ,1 4 3 ,1 8 4 ,0 0 0
1 .7 2 2 .2 1 6 .0 0 0 1.677.951.000 1 .6 5 1.500.000
F . R . n otes In actu a l c ir c u la tio n ............ 1 ,8 1 3 ,4 2 5 ,0001 1,7 91,5 09,000
1 0 ,001.000
9 ,9 4 5.000
10.390.000
10.800.000
1
0,635,000
F . R . ban k n otes In circu la tio n , net llab.
1 2 .201.000
12,335,000
1 2.029.000
2 1 .9 6 5 .0 0 0
2 1 ,4 7 7 ,0 0 0
All o th er lia b ilities..........................................
3
,8
4
9 ,7 1 1 .0 0 0
3
,8
0
6
,6
9
2
,0
0
0
3
,8
7
2
,1
3
3
,0
0
0
4
,0
4
4
,1
6
2
,0
0
0
T o t a l liab ilities........ ............................... 4 ,1 1 7 ,7 2 2 ,0 0 0
6 0 .8 %
6 4 .8 %
0 0 .4 %
0 5 .3 %
6 1 .9 %
G o ld reserve a g a in st n et d ep osit l l a b . .
5 9 .4 %
5 8 .9 %
5
9
.3
%
5
5
.6
%
5
5
.0
%
G o ld res. a g st. F . R . n otes In a c t . clro'n
R a tio o f g old reserves to net d ep osit and
6 0 .1 %
6 1 .6 %
5 9 .9 %
6 0 .0 %
5 8 .2 %
F d . R e s . note liab ilities c o m b in e d .
.R atio o f tota l reserves t o net d ep osit and
6 1 .9 %
6
3
.4
%
6
1
.7
%
0 1 .7 %
5 9 .9 %
F ed . R e s . n ote liab ilities c o m b in e d ..

5
S
S
S
5 7 ,6 8 1 ,0 0 0
7 5 .4 0 5 ,0 0 0
7 5 ,5 4 6 .0 0 0
7 5 ,6 62,000
1 ,1 3 4,000
1,134,000
1 ,134,000
300 .8 7 2 .0 0 0
1 2 2 .350 .00 0
160 .191 .00 0
179 .876 .00 0
1,44 9 ,4 8 6 ,0 0 0 1,44 0 ,4 1 3 ,0 0 0 1,4 3 0 ,2 8 4 ,0 0 0 1,0 1 9 ,6 7 2 ,0 0 0
153 .363 .00 0
2 4 2 .4 8 8 .0 0 0
2 7 8 .6 9 8 .0 0 0
2 3 9 .9 7 1 .0 0 0
7,8 4 7 ,0 0 0
107 .903 .00 0
109 .443 .00 0
109.560 .00 0
1.97 8 .8 9 3 .0 0 0 1.99 4 .7 4 5 .0 0 0 1.9 0 9 .0 2 5 .0 0 0 1,4 8 1 ,7 5 4 ,0 0 0
5 3 2 ,5 0 8 ,0 0 0
1.63 9 .5 7 9 .0 0 0 1 .6 0 0.908.000 1.57 8 .0 2 1 .0 0 0
1 ,9 6 0,000
7,7 6 4 ,0 0 0
8.3 2 4 .0 0 0
9 .5 8 0 .0 0 0
8 8 7 ,000
13,294.000
5 .5 8 3 .0 0 0
6 .8 5 5 .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 2 ,0 7 4 ,7 9 0 ,0 0 0
7 4 .7 %
6 0 .3 %
t 5 9 .7 %
5 9 .2 %
7 2 .7 %
t 0 1 .5 %
6 1 .2 %
6 0 .2 %
5 9 .2 %

0 0 .2 %

0 0 .5 %

6 1 .0 %

0 2 .0 %

6 2 .4 %

7 7 .2 %
7 9 .9 %

$

S

635 .2 2 8 .0 0 0
548 .873 .00 0
7 1 9 .7 1 5 .0 0 0
772 ,0 7 2 ,0 0 0
1-15 d a y s bills d iscou n ted an d b o u g h t .
2 .2 9 2 .0 0 0
6 2 ,1 2 0 .0 0 0
3.0 4 3 .0 0 0
12.737,000
1 9.587.000
2 0 0 .241 .00 0
2 ,7 8 4 ,0 0 0
17,031,000
1-15 d a y s U . 9 . G o v t , short-terra secs.
32.000
4 5 7 .000
4 5 6 ,000
4 9 9 .000
42,000
6,000
5,000
118
.118 .00 0
1-15 d a y s m u nicipa l w a rra n ts...............
1
1
0
,168
,00
0
103.784
.00
0
104
.181
.00
0
136.497 .00 0
136.574 .00 0
139 .892 .00 0
1 8 1 .544 .66 6
10-30 d a y s bills discou n ted and b o u g h t.
204 .000
1 0,185,000
13,655,000
5,9 0 1 ,0 0 0
1,693,000
1,313,000
10,000
455 .000
16-30 d a y s U . 9 . G o v t , sh ort-term secs.
4 3 ,000
43,000
6,000
6,000
5,000
191 .411 .00 0
16-30 d a y s m u n icip a l w a rra n ts-------------187 .415 .00 0
193.720.000
2 4 7 .6 5 2 .0 0 0
239 .6 7 8 .0 0 0
2 5 6 .050 .00 0
2 6 8 .8 3 2 .0 0 0
2 5 6 .5 2 6 .6 6 6
15.615.000
31-60 d a y s bills d iscou n ted and b o u g h t.
5 ,4 1 1 ,0 0 0
1.536.000
175.000
2 3 8 .000
44.000
31-60 d a y s U . 9 . G o v t , sh ort-term secs
1,000
5,000
"so",666
148.054 .00 0
31-60 d a y s m u nicipa l w a rra n ts-----------1 5 9 .874 .00 0
1 1 6 ,472 ,00 0
110.420 .00 0
101,227 ,00 0
1 1 9 ,723 ,00 0
131 .354 ,00 0
61 90 d a y s bills discou n ted and b o u g h t
3 .3 9 7 .0 0 0
l,4 lt f,0 0 0
9
6
5
,000
4
,0
5
9
,0
0
0
4 .8 9 0 .0 0 0
61-90 d a y s U . 9 . G o v t , sh ort-term secs.
61-90 d a y s m u n icip a l w arra n ts.................
*30.894*566
3 4 .4 6 9 .0 0 0
*4*6.*287*.665
4 1 .9 1 9 .0 0 0
4 3 .2 99.000
4 0 .5 6 7 .0 0 0
*42,850*656
O ver 90 d a y s bills d ls c ’ ted and b o u g h t.
1 0 .9 6 8 .0 0 0
1 4.366.000
1 2,950.000
14.365.000
16.320.000
1 0.507.000
9.9 9 2 .0 0 0
O v er 90 d a y s U .9 .G ov t.sh o r t-te r m secs
O ver 90 d a y s m u n icip a l w a r r a n t s ..
Federal Reserve N otes —
1 .7 69,876,000 1,73 6 .5 4 7 ,0 0 0
1,96 3 ,7 2 9 ,0 0 0 1 ,9 1 7 ,1 5 2 ,0 0 0 1,84 8 ,8 2 3 ,0 0 0 1,80 5 .5 1 8 ,0 0 0 1,79 3 .3 9 3 ,0 0 0
Issued t o the b a n k s -------------------------135 ,579 ,00 0
130,207,000
141,893 ,00 0
127.507 .00 0
126,607 ,00 0
125 ,583 ,00 0
150,304 ,00 0
H eld b y b a n k s ............................................
1
,6
00.968,000 1,5 7 8 .6 2 1 ,0 0 0
1
.6
3
9
,5
7
9
.0
0
0
1
.6
51,500,000
1,07
7
.9
5
1
,0
0
0
1
,7
2
2,216,000
1,81 3 ,4 2 5 ,0 0 0 1,7 9 1 ,5 6 9 ,0 0 0
In c ircu la tio n .........................................
Fed. R es. N otes ( Aaents A ccou n ts)—
2 ,5 3 5 ,8 2 0 ,0 0 0 2 , » 2 0 , 120,000 2 .4 9 2 ,8 2 0 ,0 0 0 2 .4 4 0 .7 2 0 ,0 0 0 2 ,4 0 5 ,4 2 0 .0 0 0 2 ,3 8 2 ,6 0 0 ,0 0 0
2
,6
0
7
,1
2
0
,0
0
0
2
,6
9
1
,6
0
0
,0
0
0
R e ce iv e d from th o C o m p tr o lle r -----------3 8 9 ,0 7 5 ,0 0 0
398 ,7 3 3 .0 0 0
4 0 7 .1 0 4 .0 0 0
4 2 0 ,0 7 7 ,0 0 0
4 2 8 ,2 9 2 ,0 0 0
4 3 9 ,802 ,00 0
445 ,1 3 8 ,0 0 0
4 5 0 ,501 ,00 0
R etu rn ed t o the C o m p tro lle r----------------

1,117,000
5 9 ,3 8 0 ,0 0 0
222,000
8 0 ,9 95,000

...... *5*666

1 ,079,000
7 3 ,3 6 7 ,0 0 0
20,000
4,6 2 8 ,0 0 0
3 ,000
5 7 9 ,957 ,00 0
4 7 ,4 4 9 ,0 0 0
532 ,5 0 8 ,0 0 0
965 .4 6 0 .0 0 0
161.237 .00 0

1 ,9 9 3 ,5 8 5 ,0 0 0
2 ,1 6 1 ,9 8 2 ,0 0 0 2,0 9 6 ,0 1 8 .0 0 0 2 ,0 9 1 ,8 2 8 ,0 0 0 2 ,0 7 2 ,7 4 3 .0 0 0 2 ,0 3 3 .5 5 6 ,0 0 0 2 ,0 0 0 ,6 8 7 ,0 0 0
A m ou n t ch a rg ea b le t o A g e n t-------- 2 ,2 4 1 ,0 0 9 ,0 0 0
2 6 8 ,9 0 0 ,0 0 0
270 ,1 4 0 ,0 0 0
2 6 3 ,0 8 0 ,0 0 0
2 7 9 ,3 5 0 ,0 0 0
2 8 6 ,310 ,00 0
2 4 7 ,195 ,00 0
244 ,8 3 0 ,0 0 0
2 7 7 ,370 ,00 0
in han ds o f A g e n t -------------- --------------------1 ,7 3 6 ,5 4 7 ,0 0 0 1,72 4 ,6 8 5 ,0 0 0
1.7
6
9
,8
7
6
,0
0
0
1
,7
9
3
,3
9
3
,0
0
0
1.80
5
,5
1
8
.0
0
0
1,84
8
,8
2
3
.0
0
0
1
,9
1
7
,1
5
2
,0
0
0
Issued t o F ed era l R eserv e b a n k s .. 1 ,9 63,729,000
2 2 8 ,449 3)0 0
H ow Secured —
2 3 2 .4 4 8 .0 0 0
228 .4 4 6 .0 0 0
2 2 5 .4 4 4 .0 0 0
215 .4 4 5 .0 0 0
223 .9 4 5 .0 0 0
2 1 4 .9 4 4 .0 0 0
203 .4 4 4 .0 0 0
By g old coin and cer tific a te s ......................
B y law ful m o n e y ------------------ ----------------7*0*4,*5*0*4*666
7
8
0
,6
2
8
,6
6
6
81
*
1
,
02
V
.666
8 4 2 .2 4 8 ,6 *6
848,2*80*666
866,95*3*666
9 5 5 ,0 7 7 .6 6 6
5 3 .0 8 0 ,0 0 0
B y eligible p a p e r .............................................. 1,666,582*,666
5 3 ,4 2 8 ,0 0 0
5 2 ,2 2 1 ,0 0 0
5 1 .9 9 4 ,0 0 0
5 4 .5 8 7 ,0 0 0
5 5 ,4 04,000
5 6 ,8 7 3 .0 0 0
5 8 ,3 7 8 .0 0 0
G old red em p tion fu n d ................. - ..............
6 4 8 ,6 5 2 ,0 0 0
6 7 0 .0 4 3 .0 0 0
677
.5
8
8
.0
0
0
673
.7
0
7
.0
0
0
687
.2
0
6
.0
0
0
708
.5
2
1
.0
0
0
690 .2 5 8 .0 0 0
701 .3 2 5 .0 0 0
W ith Federal R e s e rv e B o a r d ....................

8 0 4 .223 .00 0
2 2 4 .266 .00 0
5 7 9 ,957 ,00 0
218 ,1 1 8 ,0 0 0
151 .619 .00 0
23,1 9 0 ,0 0 0
187.030 .00 0

1,769,876,000 1,7 3 8 ,5 4 7 ,0 0 0 1,7 2 4 .6 8 5 .0 0 0
1,9 6 3 ,7 2 9 ,0 0 0 1,9 1 7 ,1 5 2 ,0 0 0 1,84 8 ,8 2 3 ,0 0 0 1.80 5 ,5 1 8 ,0 0 0 1,7 9 3 ,3 9 3 ,0 0 0

5 7 9 ,957 ,00 0

1 ,1 2 7 ,7 9 7 .0 0 0 1 .2 1 9 ,8 4 8 .0 0 0 1.19 3 .6 2 9 .0 0 0 1 ,1 1 2 ,3 2 3 ,0 0 0 1 ,1 5 5 ,8 7 7 .0 0 0
E ligib le pap er d eliv ered t o F . R . A g e n t . 1 ,3 1 3 ,0 4 1 ,0 0 0 1 .2 2 4 .9 8 3 .0 0 0 1.03 1 .6 1 2 .0 0 0

158,473 ,00 0

T ota l

6 T h is Item Includes foreig n G o v e rn m e n t cre d its,

N et a m o u n t du e to o th er F ed eral R eserv e b a n k s.

t R e v is e d figu res.

W E E K L Y S T A T E M E N T o f R E S O U R C E S a n d L I A B I L I T I E S o f E A C H o f t h e 12 F E D E R A L R E S E R V E B A N K S
Boston, j N ew York.

Tw o ciphers (00) om itted.

Phlladel

Cleveland. Richm 'd.

$

a t

CLOSE o f

B U S IN E S S J U L Y 12 1918.

St. L outs. M inneap. K a n . City

D allas.

San F ran.

TOtcl.

A tlanta.

Chicago.
S
2 6 .9 4 0 .0
5 9 .9 3 2 .0
2 ,1 6 9 ,0

S
1 ,7 9 9 ,0
2 5 ,2 6 0 ,0
620 ,0

S
8 ,3 0 3 ,0
14 ,6 0 9 ,0
620 ,0

S
3 75 .0
3 3 ,6 0 0 ,0
8 08 .0

S
6 ,1 2 4 ,0
1 2,783,0
5 42 ,0

S
19.1 9 0 .0
2 5 .1 5 7 .0
8 52 ,0

S
4 2 2 .7 3 8 .0
5 2 4 .2 2 5 .0
1 5,529,0

4 5 .1 9 9 .0
9 2 .0 9 3 .0

9 0 2 .4 9 2 .0
9 6 3 .1 4 7 .0
3 4 ,4 1 3 ,0

%

RESOURCES.
G o ld co in and ce rtlfs. In v a u l t . . .
G o ld settlem en t fu n d ......................
O o ld w ith foreign ag en cies..........

S
8 .0 7 7 .0
73 ,3 6 5 ,0
1.085.0

S
3 0 3 .9 9 8 .0
1 19 .091 .0
5 ,3 4 6 ,0

94 ,0
5 4 ,5 9 0 ,0
1,085,0

3 4 .0 4 4 .0
6 4 .5 6 6 .0
1 ,395,0

0 ,3 8 4 ,0
2 0 ,5 0 4 ,0
542 ,0

$
6 ,8 1 0 ,0
2 0 ,7 6 8 ,0
4 65 ,0

T o t a l g old held b y b a n k s...........
G o ld w ith F ed era l R e s . A g e n t s ..

8 2 .5 2 7 .0
5 6 .9 6 4 .0
2 ,7 9 9 .0

4 2 8 .4 3 5 .0
2 8 0 .2 8 2 .0
15 ,0 0 0 ,0

5 5.769.0 1 00 .005 .0
9 9 .1 5 5 .0 115.611 .0
8 2 3 ,0
3 ,5 0 0 ,0

2 7 .4 3 0 .0
3 3 .1 1 5 .0
138,0

2 8 .0 4 3 .0 8 9 ,0 4 1 ,0
3 0 .2 5 0 .0 152,540 ,0
3 ,1 7 7 ,0
2 ,9 4 4 ,0

2 7 .6 7 9 .0
3 1 .5 9 9 .0
1 ,9 4 6 ,0

2 3 .5 3 2 .0
2 3 .8 5 2 .0
1 ,799,0

3 4 .7 8 3 .0
3 3 .6 5 1 .0
1 ,036,0

1 9.449.0
14 .0 3 5 .0
1 ,251,0

7 2 3 ,7 1 7 ,0 158,424 ,0 2 1 7 ,0 3 9 ,0
38 9 ,0
386 ,0
4 4 ,6 9 6 ,0

6 0 ,6 8 3 ,0
4 0 4 ,0

6 1 ,2 3 7 ,0 2 4 4 ,7 5 8 ,0
2 ,8 2 9 ,0
590 ,0

6 1 ,2 2 4 ,0
1,039,0

4 9 ,1 8 3 ,0
107,0

0 9 ,4 7 0 ,0
357 ,0

3 4 ,7 3 5 ,0 137 ,292 ,0 1,9 6 0 ,0 5 2 ,0
5 5 ,9 3 2 ,0
2 98 ,0
1 ,6 8 5 ,0

L eg a l-ten d er n otes, sliv er, & o . . .

142,290 ,0
3 ,1 5 2 ,0
1 45 ,442 ,0

Bills discou n ted for m em bers and
F ed era l R eserv e b a n k s ...............
Bills b o u g h t In op en m a rk et------

S

7 6 8 ,4 1 3 ,0 1 58 ,810 ,0 2 1 7 ,4 2 8 ,0

6 1 ,0 8 7 ,0

6 1 ,8 2 7 ,0 2 4 7 ,5 8 7 ,0

6 2 ,2 6 3 ,0

4 9 ,2 9 0 ,0

6 9 ,8 2 7 ,0

3 6 ,4 2 0 ,0 137,590 ,0 2 ,0 1 5 ,9 8 4 ,0

8 8 .0 5 4 .0
1 2.931.0

5 8 ,1 1 6 ,0
3 ,7 7 7 ,0

3 1 ,3 5 3 ,0 1 69 ,439 ,0
4 ,0 2 0 ,0 19,251,0

5 3 ,5 2 7 ,0
2 ,9 6 2 ,0

5 2 ,5 6 7 ,0
825 ,0

6 2 ,8 5 3 ,0
70,0

2 8 ,7 6 1 ,0
1 ,380,0

4 9 .1 0 3 .0 1,1 5 9 ,8 8 2 ,0
2 1 8 ,4 6 4 ,0
17 .0 9 2 .0

5 2 6 ,2 5 7 ,0
1 ,510,0
18 ,2 4 4 ,0
51,0

8 3 ,2 1 7 ,0 101 ,5 8 5 ,0
7 .1 5 4 .0
1 .748.0
1 .9 0 0 .0
1 .1 8 4 .0

6 1 ,8 9 3 ,0
1.233.0
1 .510.0

3 5 ,3 7 3 ,0 1 88 ,690 ,0
7 .0 9 0 .0
730 .0
2 . 11 2 .0
975 .0
5 ,0

5 6 ,4 8 9 .0
2 ,2 3 3 ,0
321 ,0

5 3 ,3 9 2 ,0
1.317.0
1 .1 1 3 .0

0 2 ,9 2 3 ,0
8 .8 7 7 .0
1 .217.0

3 0 ,1 4 1 ,0
3 ,9 7 9 ,0
9 01 ,0
16,0

6 6 ,7 9 5 ,0 1,3 7 8 ,3 4 6 ,0
4 0 .2 7 3 .0
3 .4 0 2 .0
3 1 .9 2 3 .0
1 .030.0
72 ,0

5 4 6 ,0 6 2 ,0

8 6 ,1 4 9 ,0 110,639,0

6 4 ,6 3 6 ,0

3 7 ,0 8 3 ,0 197 ,892 ,0

5 9 ,0 4 3 ,0

5 5 ,8 2 2 ,0

7 3 ,0 1 7 ,0

3 5 ,0 3 7 ,0

7 1 ,2 8 7 ,0 1,4 5 0 ,6 1 4 ,0

5 1 ,5 1 1 ,0

16 ,0 4 3 ,0

4 0 ,5 4 4 ,0

640 ,4 1 0 ,0

4 00 ,0
3 44 ,0

137,0
4 7 8 ,0

8 4 ,0
1 ,3 1 8 ,0

7 3 5 ,00
9 ,9 7 9 ,0

8 5 .3 2 4 .0
2 6 .2 6 7 .0

4 1 3 .0 0 1 .0
1 13 .256 .0

6 7 .1 8 4 .0
16 .0 3 3 .0

T o t a l b ills on h a n d ...................... 1 11 ,591 ,0
94 0 ,0
U . S. lon g -term secu rities_______
1 ,4 1 6 ,0
U . 3 . sh ort-term secu rities---------All oth er earning assets..................
1 13 ,947 ,0
U n c o iic c tc d Item s (d ed u cted from

4 2 ,1 8 4 ,0

169 ,3 0 8 ,0

6 2 ,8 5 4 ,0

4 0 ,0 7 4 ,0

3 9 ,5 9 8 ,0

3 1 ,9 6 3 ,0

9 1 ,5 7 8 ,0

3 4 ,4 5 6 ,0

13 ,6 9 7 ,0

1 ,173,0

1 ,590,0

1 ,113,0

6 0 0 ,0

8 06 ,0

14,0
6 00 ,0

100,0
1 ,155,0

55 3 ,0

24 9 ,0

6 % red em p tion fund against F ed -

1 31 ,487 ,0 5 3 8 ,3 1 2 ,0 1 56 ,315 ,0 119,058 ,0 195 ,099 ,0
3 0 2 ,7 4 6 ,0 1 ,4 8 5 ,3 7 3 ,0 3 0 8 ,9 2 6 ,0 3 7 5 ,3 4 1 ,0 1 66 ,127 ,0
L IA B IL IT IE S .
C a pital paid In-----------------------------G ov e rn m e n t d ep o s its ____________
D u e to m em bers— R eserv e a c c ’ t .
C o lle ctlo n Item s..................................
O th . d ep osits Incl. for G o v ’ t ored

1 9 ,9 5 4 ,0
6 49 ,0
7 ,5 0 8 ,0
6 5 1 .5 4 7 .0
9 8 ,0 7 7 ,0
1 0 2 .148 .0

6 ,4 7 4 ,0
7 5 ,0
16 ,1 6 6 ,0
8 7 .8 6 0 .0
6 9 .3 0 7 .0

T o t a l gross d e p o s its — ............. 1 73 .333 .0
F. R . n otes In actu a l c ircu la tion . 121.153 .0
F . R . ban k n otes In clro’ n — N e t .
1,7*11*6

6 ,9 3 9 ,0

8 ,5 9 5 .0

3 ,8 9 8 ,0
116,0

2,26*1,0 30,05*1*6
9 3 .6 3 0 .0 100,198 ,0
4 9 .7 8 6 .0 04,1 8 3 ,0
331,0

4 2 .8 4 9 .0
33 .0 8 6 .0
8,0

8 5 9 .2 8 0 .0 145.677 .0 194.763.0
5 9 8 .007 .0 155.357.0 170.477.0

84 .8 6 2 .0
76.128.0

1,500*6

1,123*6

7,483*6

*9 5 3 ,6

3 ,5 4 0 ,0

2 ,9 9 7 ;0

17,04*7*, 6
62 .4 8 4 .0
2 5.745.0
_______

2 ,7 6 4 ,6
35.2 5 0 .0
13.070.1
23,0

9 .8 8 6 .0
21 6 ,0
3 0 .7 4 3 .0
3 5 .4 0 8 .0 178 ,775 ,0
2 2 .8 2 0 .0 4 3 .5 5 0 .0
2 .4 8 5 .0
6,0

13,774,6
47 .6 9 8 .0
22 .1 7 2 .0
149,0

2 .8 2 9 .0
38.0
12.412.0
37 .1 6 7 .0
8 .8 2 2 .0
22.0

70 .9 1 6 .0 255 .5 5 3 .0
56 .7 0 9 .0 2 67 .879 .0
2 ,000,0
110 ,0
2 ,778,0
597,0

8 3 .793.0
07.932.0
............
982,0

57.883.0 105,270,0
57.430.0 76,553,0
8 ,000,C
1,730,1
■*8'7*8*,6

3 ,1 1 5 ,0
4 0 ,0

131,487,0 538 ,3 1 2 ,
3 02 .746 ,0 1,485,373,0 3 0 8 ,9 2 6 ,C 375,341,0 166,127,0
.D iffe r e n c e b e tw een net a m ou n ts d u e from an d n et a m ou n ts du e t o oth er F ed eral R eserv e b a n k s.

3 ,0 0 8 ,0

8 8 ,1 1 5 ,0 2 5 0 ,823 ,0 4 ,1 1 7 ,7 2 2 ,0

156,315,0 119,058,0 195,099,0

7 6 ,3 2 4 ,0
4 ,4 8 9 ,0
1 ,134,0
1 6 9 ,393 ,0
15,*0*0*6*,6
6 6.480.0 1,4 3 9 ,3 4 0 ,0
4 7 7 .5 2 6 .0
2 7.448.0
1 07 .809 .0
2 ,637,0

51.107.0 111.031.0 2 .1 9 4 .0 7 4 .0
33.190.0 132.010.0 1 .8 1 3.425.0
10,8 0 0 ,0
690,0
.............
2 1 ,9 6 5 ,0
1,403,0
821.C
—
8 8 ,1 1 5 , 2 5 0 ,8 2 3 .01 4,11 7,7 22.0

. N et a m ou n t d u e t o o th er F ed ora . R eserv e ban ks

S T A T E M E N T O F F E D E R A L R E S E R V E A G E N T S ’ A C C O U N T S A T C L O S E O F B U S IN E S S J U L Y 12 1918.
PhUadel. Cleveland. Richm 'd.

Tw o ciphers (0 0 ) om itted.

S

Federal R eserv e n otes—
R e ce iv e d from C o m p t r o lle r ... 1 7 4 ,8 4 0 ,0
3 3 ,4 3 6 ,0
. R etu rn ed to C o m p tr o lle r -------C h argeable t o F . R . A g e n t--------In han ds o f F . R . A g e n t...............
Issued t o F . R . B a n k -----------H eld b y F . R . A g en t—
G o ld co in an d ce rtifica te s------G o ld red em p tion f u n d . . . . .
G o ld S e tt. F d ., F . R . B o a r d .
E ligib le p a p er, m in . req ’ d . . .
T o t a l ........................................- - - ­
A m ou n t o f eligible pa p er d ellv
ered to F . R . A g e n t....................
F . R . n otes ou ts ta n d in g ------------F . R . n otes held b y b a n k s---------




I

A tlanta.

h i:a g o .
S

$

9 9 4 ,4 8 0 ,0 2 2 9 .5 2 0 .0 2 2 0 ,3 0 0 ,0 1 1 3 ,120 ,0
2 1 5 ,6 3 3 ,0 3 8 .4 8 5 .0 18 ,5 0 9 ,0 2 4 ,9 4 5 ,0

141,4 0 -l.o U 7 7 8 ,8 4 7 ,0 191 .0 3 5 .0 1
1 7 ,0 0 0 ,0 1119,00 0,0 2 2 .3 2 0 .0

St. L ou is. M in n ea p . K a n . Clip

D allas.

5

San Fran

S

5
9 8 .8 0 0 .0
1 7.495.0

$
S
7 7 .9 8 2 .0 107 ,7 0 0 ,0
1 4 .6 2 7 .0 1 8,721,0

6 8 .5 0 0 .0 1 55 ,380 ,0
1 6 .5 6 8 .0 1 1,203,0
5 1 .9 3 2 .0 144 ,1 7 7 ,0
17 .9 7 5 .0

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

7 7 .6 0 6 .0 3 3 2 ,4 9 5 ,0
18 .7 7 5 .0 3 5 ,7 8 0 ,0

8 1 .3 0 5 .0
8 ,8 0 0 ,0

0 3 .3 5 3 .0
4 ,5 5 5 ,0

1 2 4 ,4 0 4 ,0

0 5 9 .8 4 7 ,0 1 6 8 .7 1 5 ,0 1 81 ,791 ,0

8 1 ,6 3 0 ,0

5 8 ,8 3 1 ,0 2 9 6 ,7 1 5 ,0

7 2 ,5 0 5 ,0

5 8 ,7 9 8 ,0

8 2 ,3 5 9 ,0

3 3 .9 5 7 .0 1 44 ,177 ,0 1 ,9 6 3 ,7 2 9 .0

1 ,000,0
6 ,4 6 4 ,0
4 9 .5 0 0 .0
6 7 .4 4 0 .0

11 .5 1 8 .0
9 ,9 9 3 ,0
9 5 ,0 0 0 ,0
6 6 .1 8 0 .0

615 ,0
3 2 .5 0 0 .0
4 8 .5 1 5 .0

2 .5 0 3 .0
2 4 0 .0
2 .1 7 7 .0
2 5 .5 7 0 .0 152 .3 0 0 .0
2 8 .5 8 1 .0 144 .1 7 5 .0

1 ,9 6 8 ,0
2 9 .6 3 1 .0
4 0 .9 0 6 .0

13 .1 0 2 .0
1 .2 5 0 .0
9 .5 0 0 .0
3 4 .9 4 6 .0

2 ,2 9 1 .0
3 1 .3 6 0 .0
4 8 .7 0 8 .0

11.5 8 1 .0
1 ,870,0
584 .0
1 9.922.0

6 5 9 ,8 4 7 ,0 1 0 8 ,7 1 5 ,0 181 ,7 9 1 ,0

8 1 ,6 3 0 ,0

5 3 ,8 3 1 ,0 2 9 6 ,7 1 5 ,0

7 2 ,5 0 5 ,0

5 8 ,7 9 8 ,0

8 2 ,3 5 9 ,0

3 3 .9 5 7 .0 1 44 .177 .0 1 ,903,729.0

2 9 .7 4 7 .0 179 .265 .0
5 8 .8 3 1 .0 2 9 0 .7 1 5 .0
2 , 12 2 ,0 2 8 ,8 3 0 ,0

4 4 .4 6 2 .0
7 2 .5 0 5 .0
4 ,5 7 3 ,0

4 0 .8 3 7 .0
5 8 .7 9 8 .0
1 ,308,0

6 7 .0 8 4 .0
8 2 .3 5 9 .0
5 ,8 0 6 ,0

3 0 .1 4 1 .0 5 8 .1 0 9 .0
3 3 .9 5 7 .0 144.177 .0
7 6 7 .0 1 1 .567.0

0 7 ,9 3 2 ,0

5 7 ,4 3 0 ,0

7 6 .5 5 3 .0 1 3 3 ,1 9 0 ,0 1 3 2 ,610 ,0 1 ,8 1 3 ,4 2 5 ,0

1 2 4 ,4 0 4 ,0
111 .5 9 1 .0
1 24 .404 .0
3 ,2 5 1 ,0

1 6 3 .7 4 0 .0
16 ,5 4 2 ,0
10 0 ,000,0
3 7 9 .5 6 5 .0

8 ,9 0 0 ,0
9 0 .2 4 9 .0
6 9 .5 6 0 .0

5 2 6 .2 5 7 .0 7 1 .3 5 4 ,0 9 0 .7 0 5 .0
6 5 9 .8 4 7 .0 168 ,715 ,0 181 ,7 9 1 ,0
6 1 ,8 4 0 ,0 13 ,3 5 3 ,0 11.3 1 4 .0

0 1 .4 8 9 .0
8 1 .6 3 0 .0
5 ,5 0 2 ,0

0 ,9 6 2 ,0
8 5 .1 3 1 .0
5 2 .0 8 4 .0

J uly 20 1918.]'

THE CHRONICLE

269

Statement of New York City Clearing House Banks and Trust Companies.— T h e
s h o w s th e c o n d it io n o f th e N e w
a ra te b a n k s are

Y ork

C ity

C le a r in g H o u s e m e m b e r s fo r th e w e e k

th e a v e r a g e s o f th e d a ily r e s u lts .

____________________
C L E A R IN G H OU SE
M EM BERS.
W e e k E n d in g
J u l y 13 1918.

NEW

Capital.

Net
Profits.

[ N a t . B a nks M a r . 4 (
[S t a t e B a nks M a r . 141
[T r u s t C o ’ s M a r . 141

M em bers o f F ed era l
R eserve B ank.
B a nk o f N Y . N B A .
Bank o f M anha t C o .
M erch a n ts’ N a t io n a l.
M e c h & M e ta ls N a t .
B a nk o f A m e r ic a ____
N a tio n a l C i t y ...............
C h em ica l N a t io n a l..
A tla n tic N a tio n a l . . .
N a t B u tc h & D rov ers
A m erica n E x ch N a t .
N a t B ank o f C o m m ..
P a c if ic ..............................
C h a t & P h en lx N a t . .
H a n ov er N a t io n a l___
C itizen s' N a t i o n a l . ..
M e t r o p o lit a n ________
C orn E x ch a n g o ..........
Im p orters <fc T r a d N at
N a tion a l P a r k .............
E a st R iv e r N a t io n a l.
S econ d N a tio n a l____
F irst N a tio n a l_______
Irv in g N a t io n a l_____
N Y C o u n t y N ation a l
C o n tin e n t a l..............
C h ase N a tio n a l_____
F ifth A v e n u o ...............
C om m ercia l E x c h ___
C o m m o n w e a lth ______
L in coln N a tio n a l____
G a rfield N a t i o n a l . ..
F ifth N a t i o n a l . ..
Seab oard N a t io n a l..
L ib e rty N a tio n a l____
C o a l & Iron N a tion a l
U n ion E x ch a n g e N a t
B rook ly n T r u s t C o . .
B ankors T r u s t C o . . .
U S M t g o * T ru st C o
G u a ra n ty T r u s t C o . .
F id e lity T r u s t C o . . .
C o lu m b ia T r u s t C o . .
P eop les T r u s t C o ____
N ew Y ork T ru st C o .
F ran klin T r u s t C o ___
L in coln T r u s t C o ____
M e tro p o lita n T r u s t . .
N assau N a t , B ’k ly n .
Irv in g T r u s t C o _____
F arm ers L o a n & T r _ .

S
2 ,000,000
2 ,3 4 1 ,8 0 0
2 ,000,000
0 ,000,000
1.500.000
2 5 .0 0 0 .
3 .0 0 0 .
1 .000. 000
3 00 .000
5 .0 0 0 .
2 5 .0 0 0 .
50 0 .0 0 0
3 .5 0 0 .0 0 0
3 .0 0 0 .
2 .5 5 0 .0 0 0
2 .000.
3 .5 0 0 .0 0 0
1 .5 00.000
5 .0 0 0 .
2 50 .000
1 .000. 000
1 0 .000. 000
4 .5 0 0 .0 0 0
1 ,000,000
1 ,000,000
1 0 ,000,000
200.000
200,000
4 00 .000
1 ,000,000
1 ,000,000
250 .0 0 0
1 ,000,000
3 .0 0 0 .
1 .000.
1 ,000,000
1 .5 00.000
1 1 ,250,000
2 ,000,000
2 5 ,0 0 0 ,0 0 0
1 ,000,000
5 .0 0 0 .
1 .000.
3 .0 0 0 .
1 .000. 000
1 ,0 0 0,000
2 ,000,000
1 ,0 0 0,000
1 .5 0 0 .0 0 0
5 ,0 0 0 ,0 0 0

t h e c a s e o f t o t a ls , a c t u a l fig u r e s a t e n d

Loans,
Discounts,
Investments,

National
Bank
and
Federal
Reserve
Notes.
Average.

Reserve
with
Legal
Deposi­
taries.
Average.

Cold.

Legal
Tenders.

Silver.

Average.

Average.

Average.

$
9 5 .0 0 0
37 0 .0 0 0
5 0 .0 0 0
1 50 .000
210.00 0
3 .0 5 2 .0 0 0
309 .0 0 0
'1 1 5 ,0 0 0
4 9 .0 0 0
201.00 0
2 8 0 ,0 0 0
368 .0 0 0
4 9 9 .0 0 0
3 5 5 .0 0 0
3 2 .0 0 0
2 6 1 .0 0 0
219 .0 0 0
35 4 .0 0 0
53 0 .0 0 0
107 .000
4 1 .0 0 0
3 1 1 .0 0 0
4 5 4 .0 0 0
3 5 .0 0 0
3 4 .0 0 0
2 .5 1 1 .0 0 0
164 .000
3 4 .0 0 0
3 4 .0 0 0
2 9 8 .0 0 0
2 1.0 0 0
2 1,0 0 0
277 .0 0 0
2 8 ,0 0 0
5 5 .0 0 0
8 5 .0 0 0
3 1 .000
153.000
107.000
154 .000
5 0 .0 0 0
102.000
7 9 .0 0 0
13.000
3 7 .0 0 0
17.000
3 7.000
120,000
27 2 ,0 0 0
24 .0 0 0

$
$
$
68,000
148.000
5 .0 9 8 .0 0 0
742 .0 0 0 1 .3 6 2 .0 0 0
8 .5 0 6 .0 0 0
275 .000
9 8 .0 0 0
2 .4 4 4 .0 0 0
2 .3 2 9 .0 0 0
53 4 .0 0 0 2 1 .4 0 0 .0 0 0
343 .0 0 0
36 1 .0 0 0
3 .2 6 6 .0 0 0
8 2 6 .0 0 0 1 .9 1 1.000 9 6 .2 0 1 .0 0 0
5 1 7 .0 0 0
636 .0 0 0
7 .8 9 8 .0 0 0
179.000
• 164 ,000
1 .7 1 5 .0 0 0
66,000
8,000
30 7 .0 0 0
4 1 0 .0 0 0
782 .0 0 0 1 1 .251.000
590 .0 0 0 1 .6 4 8 .0 0 0 3 8 .9 8 0 .0 0 0
430 .0 0 0
379 .0 0 0
1 .6 6 2.000
1 .1 99.000 2 .0 8 8 .0 0 0
9 .5 5 0 .0 0 0
82 0 .0 0 0
752 .0 0 0 1 6 .539.000
7 32 .000
371 .0 0 0
5 .1 0 3 .0 0 0
7 40 .000
623 .0 0 0
4 .4 5 3 .0 0 0
2 .1 7 2 .0 0 0 4 .7 5 0 .0 0 0 1 7 .831.000
4 0 .0 0 0
2 2 6 .0 0 0
3 .6 5 4 .0 0 0
2 44 .000 1 .2 4 3.000 1 9 .490.000
14.000
3 7.000
4 9 1 .0 0 0
334 .0 0 0
4 7 4 .0 0 0
2 . 11 1.0 0 0
7 42 .000
5 60 .000 1 6 .187.000
1.912.000 1 .5 5 0 .0 0 0 12 .8 2 6 .0 0 0
136.000
522 .0 0 0
1 .4 4 3 .0 0 0
14.000
105.000
872 .0 0 0
1 .7 27.000
99 8 .0 0 0 3 7 .2 6 2 .0 0 0
6 97 .000
411 .0 0 0
2 .6 2 2 .0 0 0
88.000
8 3 .0 0 0
641.000
210.000
140.000
1 ,0 4 2 ,000i
115.000
645 .0 0 0
2 .3 1 1 .0 0 0
21 3 .0 0 0
230 .0 0 0
1 .7 0 3.000
28 3 .0 0 0
7 6.000
6 48 .000
2 03 .000
2 30 .000
6 .3 1 9 .0 0 0
153.000
5 01 .000
9 .8 2 4 .0 0 0
11 1.0 0 0
5 55 .000
1 .3 1 3 .0 0 0
281 ,0 0 0
28 8 .0 0 0
1 .7 70.000
140.000
47 6 .0 0 0
3 .1 2 6 .0 0 0
154.000
660 .0 0 0 2 6 .8 2 5 .0 0 0
112.0 0 0
49 6 .0 0 0
5 .9 7 9 .0 0 0
327 .000 2 .8 8 0 .0 0 0 54 .7 8 1 .0 0 0
5 5.000
132.000
1.352.000
487 .0 0 0
496 .0 0 0
8 .2 7 7 .0 0 0
2 39 .000
492 .0 0 0
2 .1 0 7 .0 0 0
12.000
2 66 .000
8 .2 0 5 .0 0 0
147.000
210,00 0
2 .2 6 6 .0 0 0
109.000
28 2 ,0 0 0
1.943.000
6 7.000
532 .0 0 0
4 .3 6 5 .0 0 0
2 60 .000
117.000
1.236.000
6 61 ,000 1 ,5 92,000
3 .7 5 8 .0 0 0
6 1.000
252 .0 0 0 16 .2 5 5 .0 0 0

tfee.

S
$
44.6 5 5 .0 0 0
2 4 .0 0 0
5 5 6 .0 0 0
58.1 9 8 .0 0 0
2 7 .5 6 4 .0 0 0
8 5 .0 0 0
163 .947 .00 0 7 .6 3 3 .0 0 0
3 2 .1 1 5 .0 0 0
3 4 8 .0 0 0
582 .8 4 3 .0 0 0 8 .3 1 0 .0 0 0
7 4 .4 2 4 .0 0 0
1 96 .000
1 5 .607.000
8 5 .0 0 0
2 .9 4 7 .0 0 0
2 8 .0 0 0
1 15 .527 .00 0
4 7 1 .0 0 0
3 4 0 .669 .00 0
7 3 .0 0 0
1 4 .606.000
5 8 .0 0 0
8 8 .8 4 3 .0 0 0
7 2 7 .0 0 0
1 3 0 .439 .00 0 5 .1 9 3 .0 0 0
4 5 .3 6 9 .0 0 0
110 .0 0 0
2 7 .4 6 6 .0 0 0
669 .0 0 0
1 07 .159 .00 0
264 .0 0 0
3 5 .2 7 9 .0 0 0
7 0 .0 0 0
2 0 6 .6 0 8 .0 0 0
3 1 .0 0 0
2 .866.000
2,000
1 9 .206.000
5 7 .0 0 0
2 7 3 .3 7 5 .0 0 0
10.000
9 7 .8 4 1 .0 0 0
9 2 0 .0 0 0
10 .5 4 4 .0 0 0
8 2 ,0 0 0
6 .0 4 7 .0 0 0
20,000
2 8 4 .7 5 6 .0 0 0 2 .6 0 2 .0 0 0
16 .9 7 1 .0 0 0
88,000
6 .0 3 0 .0 0 0
4 7 .0 0 0
6 .0 1 7 .0 0 0
4 2 .0 0 0
17.8 8 2 .0 0 0
1 52 .000
1 1 .427.000
1,000
7 .4 1 9 .0 0 0
3 5 .0 0 0
4 6 .8 2 0 .0 0 0
3 7 0 .0 0 0
69.5 5 9 .0 0 0
106.000
12.609.000
6,000
12.830.000
15.000
3 4 .1 3 9 .0 0 0
7 6 .0 0 0
2 5 2 .426 .00 0
66.000
60 .4 9 4 .0 0 0
343 .0 0 0
4 3 8 .7 1 3 .0 0 0 1 .7 8 9 .0 0 0
11.134.000
9 0 .0 0 0
7 8 .2 6 7 .0 0 0
4 0 .0 0 0
2 3 .3 3 3 .0 0 0
4 3 .0 0 0
9 3 .7 0 9 .0 0 0
2 3 .0 0 0
1 9 .697.000
7 4 .0 0 0
15.232.000
12.000
51 .1 8 0 .0 0 0
2 7 1 .0 0 0
1 3 .295.000
13,000
37.9 5 6 .0 0 0
1 39 .000
136 .660 .00 0 3 .8 0 9 .0 0 0

A v era g e fo r w e e k .. 192 ,741 ,80 0 33 4 ,0 6 5 ,4 0 0 4 ,2 8 2 ,6 9 9 ,0 0 0 3 6 ,2 7 4 ,0 0 0 1 3 ,205,000
2 2 ,7 8 6 ,0 0 0 3 4 ,3 7 2 ,0 0 0 5 1 5 ,2 6 2 ,0 0 0
a ctu a l c on d ltl
13.574.000
a ctu a l con d ltl
1 2 .501.000
a ctu a l con d ltl
11.410.000
a ctu a l con d ltl
1 1 .515.000

S ta te B an ks.
G re e n w ich ___________
P e o p le 's...........................
B o w e r y _______________
N Y P ro d u ce E x c h ..
S ta te ................................

150.000
22,000
9 ,000
576 .0 0 0
393 .000

T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

a ctu a l
a ctu a l
a ctu a l
a ctu a l

con d ltl
con d ltl
con d ltl
con d ltl

3 ,4 5 0 ,0 0 0
on
on
on
on

T o t a ls , a v g e for wk
a ctu a l
a ctu a l
a ctu a l
a ctu a l

con d ltl
con d ltl
con d ltl
con d ltl

J u ly 13
July
Jun e 29
June 22

Not Mem tiers

T r u s t C o m p a n ie s .
T it le G u a r & T r u s t . .
L a w yers T it lo & T r _ .

T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

4 ,3 8 9 ,2 0 0

7 0 ,5 9 4 ,0 0 0

4 ,9 5 8 ,0 0 0

7 1 .0 4 4 .0 0 0
7 6 .2 1 6 .0 0 0
94 .0 8 0 .0 0 0
0 4 .9 7 1 .0 0 0

4 .9 6 3 .0 0 0
4 .9 3 6 .0 0 0
6 .0 7 8 .0 0 0
6 .2 1 4 .0 0 0

of Fed eral Reserve

1 ,1 5 0 ,0 0 0

$

..................

Net
Time
Deposits.

National
Bank
Circula­
tion.

Average.

Average.

Average.

$
3 3 .2 3 4 .0 0 0
5 4 .4 7 6 .0 0 0
1 9 .785.000
1 3 5 .822 .00 0
2 5 .9 8 3 .0 0 0
5 4 8 .2 1 8 .0 0 0
5 4 .3 7 1 .0 0 0
12 .5 3 7 .0 0 0
2 ,022,000
8 3 .0 7 0 .0 0 0
2 9 6 .0 5 1 .0 0 0
12.9 5 3 .0 0 0
6 7 .6 6 5 .0 0 0
1 1 8 .434 .00 0
3 4 .8 6 0 .0 0 0
2 9 .3 6 6 .0 0 0
1 0 9 .836 .00 0
2 4 .3 7 2 .0 0 0
1 4 7 .7 4 5 .0 0 0
2 .8 5 3 .0 0 0
14.1 4 3 .0 0 0
134 .0 8 0 .0 0 0
9 6 .2 0 7 .0 0 0
9 .8 8 3 .0 0 0
5 .1 9 8 .0 0 0
2 4 8 .8 0 8 .0 0 0
17.8 3 7 .0 0 0
5 .2 1 6 .0 0 0
6 .2 6 4 .0 0 0
1 6 .3 8 8 .0 0 0
1 0 .149.000
5 .4 6 1 .0 0 0
4 4 .1 7 3 .0 0 0
6 0 .3 8 7 .0 0 0
1 0 .702.000
12.498.000
2 5 .5 8 1 .0 0 0
2 0 3 .4 0 3 .0 0 0
4 5 .4 6 7 .0 0 0
3 7 3 .6 6 8 .0 0 0
9 .0 7 7 .0 0 0
6 0 .4 3 3 .0 0 0
20 .6 9 6 .0 0 0
5 9 .4 0 5 .0 0 0
14.629.000
12.205.000
3 5 .2 3 1 .0 0 0
9 .5 2 0 .0 0 0
3 4 .2 0 9 .0 0 0
1 1 2 .668.000

s

<5,010*666
4 .9 7 2 .0 0 0
5 0,000
7 .3 0 5 .0 0 0
* 287^666

1 .5 3 5 .0 0 0
4 4 2 .0 0 0
1 48 .000
2 9 1 .0 0 0
4 .9 1 9 .0 0 0
2 .1 9 3 .0 0 0
4 7 0 ,0 0 0
1 .0 1 9 .0 0 0

2 ,9 6 4 ,0 0 0
8 7 1 ,0 0 0
9 1,000

5 1 .0 0 0
4 .8 0 5 .0 0 0
5 0 .0 0 0
9 0 0 .0 0 0
8 .4 8 3 .0 0 0
63 6 .0 0 0
199.000

11,7 0 6 ,0 0 0

1 ,3 0 0 ,0 0 0

100,000
2 4.000
200,000
4 0 .0 0 0
2 .2 9 4 .0 0 0
47 0 .0 0 0
4 17 .000
5 .0 0 2 .0 0 0
2 2 .3 3 5 .0 0 0
5 .1 6 3 .0 0 0
2 5 .0 0 3 .0 0 0
510 .000
12.1 4 8 .0 0 0
1 .5 57.000
3 .5 9 4 .0 0 0
1.6 6 3 .0 0 0
1 .7 97.000
1 .2 2 6 .0 0 0
709 .0 0 0
9 55 .000
1 0 .175.000

2 5 0 .0 0 0
399 .000
249 .0 0 0
70 ,0 0 0
9 96 .000
4 1 3 .0 0 0
3 98 .000

3 ,8 1 1 ,0 0 0

5 0,000

3 ,5 2 7 ,2 5 9 ,0 0 0 1 6 2 ,664 ,00 0 3 6 ,6 8 1 ,0 0 0
162 .507 .00 0
160 .317 .00 0
156 .929 .00 0
157 .129 .00 0

3 6 .7 5 4 .0 0 0
3 6 .6 0 8 .0 0 0
3 6 .6 3 1 .0 0 0
3 6 .5 7 3 .0 0 0

113,000

2 .4 7 2 .0 0 0
2 .4 0 1 .0 0 0
2 .9 1 8 .0 0 0
3 ,2 4 0 ,OIL

113.000
113.000
112.0 0 0
112 ,0 0 0

202,000
66,000

510 .0 0 0
1 99 .000

685 .0 0 0
349 .0 0 0

4 4 8 ,0 0 0

1,849*665
3 ,7 8 0 ,0 0 0

8 .0 7 5 .0 0 0
4 ,0 0 0 ,0 0 0
581 ,0 0 0

1 .3 41.000
1 .5 04.000
2 .4 7 1 .0 0 0
2.312.001

4 ,1 2 8 ,0 0 0

t
7 8 6 ,0 0 0

1 ,9 0 9 ,0 0 0
129 .000
2 8 1 .0 0 0
1 4 ,2 4 0 ,0 0 0

2 ,4 2 7 ,0 0 0

7 2 ,0 7 7 ,0 0 0

113,000

Bank.

3 9 .4 9 9 .0 0 0
2 3 .1 0 0 .0 0 0

7 9 ,0 0 0
4 4 7 ,0 0 0

9 ,0 0 0 ,0 0 0

1 6 ,921,000

6 2 ,5 9 9 ,0 0 0

52 6 ,0 0 0

332 ,0 0 0

26 8 ,0 0 0

709 ,0 0 0

3 ,7 6 8 ,0 0 0

6 2 .9 3 1 .0 0 0
6 2 .1 7 1 .0 0 0
63.7 4 1 .0 0 0
6 3 .2 3 7 .0 0 0

6 0 8 ,0 0 0
506 .0 0 0
5 06 .000
6 10 .000

326 .0 0 0
34 0 .0 0 0
334.000
3 21 .000

2 4 4 .0 0 0
32 9 .0 0 0
277.000
288.000

539 .0 0 0
736 .0 0 0
651 .000
561.000

3 .6 9 3 .0 0 0
3 .4 5 5 .0 0 0
3 .7 06.000
3 .7 2 8 .0 0 0

1 ,5 7 0 ,0 0 0

G ra n d a g g reg a te,a v g e 2 0 5 ,191 ,80 0 3 5 5 ,375 ,60 0 4 ,4 1 5 ,8 9 2 ,0 0 0 4 1 ,7 5 8 ,0 0 0
4 ,6 8 7 ,0 0 0 2 4 ,4 1 8 ,0 0 0 37,5 0 8 ,0 0 0 5 2 3 .1 5 8 .0 0 0
C om p a rison p rov w k .
+ 3 0 ,4 5 6 ,0 0 0 -1 ,2 8 0 ,0 0 0 + 1183000 + 1122000 + 5 6 6 5 0 0 0 -1 4 3 4 7 0 0 0
G ra n d a g 'g a te . actual con d itio n J u ly 1 3 . . . 4 ,4 9 0 ,9 4 3 ,0 0 0
4 1 ,4 5 0 ,0 0 0 1 4 ,918,000 2 4 ,7 6 5 ,0 0 0 3 0 ,5 7 2 ,0 0 0
C om p a rison p rev w k .
+ 6 2 ,8 5 5 ,0 0 0 — 537 ,0 0 0 + 88 4 ,0 0 0 + 1386000 + 2 9 8 9 0 0 0
G ra n d a g ’g a te , actual c o n d ition J u ly
6 ...
,3 7 8 ,0 8 8 .0 0 0 4 1 .9 8 7 .0 0 0 1 4 .034.000 2 3 .3 7 9 .0 0 0 3 3 ,5 8 3 ,0 0 0
G ra n d a g ’g a t e , a ctu al c o n d ition Jun o 29 . . .
.3 9 3 ,5 5 4 ,0 0 0 3 ,5 0 1 ,0 0 0 1 2 .917.000 2 3 .4 4 3 .0 0 0 30 ,9 6 0 ,0 0 0
G ra n d a g 'g a t e . actual con d itio n June 2 2 ___ .4 6 0 .4 4 5 ,0 0 0
4 3 .8 0 5 .0 0 0 1 3 .037.000 2 3 .7 4 5 .0 0 0 33,236.000|520,0 39 ,666
G ra n d a g ’ g a te , actual con d itio n J u n o 1 5 . . .
,5 9 7 ,3 1 2 ,0 0 0 4 4 .3 4 2 .0 0 0 14.015.000 2 4 .2 0 2 .0 0 0 3 2 ,6 7 9 ,OOOl6 6 1 ,871 ,00 0
a U . S . d ep osits d e d u cte d , $ 3 9 1 ,1 5 0 ,0 0 0 .

Net
Demand
Deposits.

1 ,3 64,000

000
11,751,800
5000
,1 6 9 ,2 0 0

J u ly 13
J u ly
0
Jun o 29
June 22

sta tem en t

a r e a ls o g iv e n .

7 3.000
32 5 ,0 0 0
5 0 .0 0 0

5 .0 0 0 .
4 .0 0 0 .

on
on
on
on

d e t a ile d

T h e fig u r e s f o r t h e s e p ­

o f th e w eek

Additional
Deposits
toith
Legal
Deposi­
taries.
Average.

T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

T o t a ls , a v g o fo r wk

fo llo w in g
13.

Y O R K W E E K L Y C L E A R IN G H O USE R E T U R N .

Average.
$
5 .3 9 5 .2 0 0
6 .6 1 9 .4 0 0
2 .6 3 5 .5 0 0
10.706.600
6 .5 3 0 .7 0 0
4000
9 .9 9 5 .0 0 0
9000
.1 3 2 .4 0 0
8 72 .100
8 7,700
5000
.4 5 0 .7 0 0
2000
1 ,6 1 9 ,9 0 0
1 .0 3 8.100
2 ,6 6 5 ,8 0 0
16,713,300
000
2 .9 1 6 .9 0 0
2000
.2 2 7 .7 0 0
7 .5 3 6 .5 0 0
7 .7 8 4 .9 0 0
000
1 7 .520.000
8 9,800
3 ,8 9 0 ,3 0 0
3 0 .8 8 9 .6 0 0
5 .5 8 1 .4 0 0
3 22 ,500
6 43 .100
12 ,2 7 8 ,2 0 0
2 .4 1 1 .1 0 0
868 ,7 0 0
834 ,2 0 0
2 .0 0 8 .9 0 0
1 .3 64.500
404 ,0 0 0
3 .5 9 7 .9 0 0
3000
.9 0 0 .0 0 0
000
915 ,800
1,298,600
2 .1 7 5 .4 0 0
13,932,100
4 .6 0 5 .0 0 0
2 6 ,2 7 0 ,7 0 0
1.267.000
6000
.5 0 2 .5 0 0
000
1.284.700
000
10
.533.000
1 .0 8 9.700
5 66 .100
4 .1 6 8 .9 0 0
1 .1 67.200
1 .020.100
1 0 .706.000

In

e n d in g J u ly

b U . S . d ep osits d e d u cte d , $ 3 5 8 ,9 0 9 ,0 0 0 .

3 6 ,5 7 3 ,0 0 0

1 ,0 3 4,000

a 3 ,6 3 5 ,909 ,00 0
— 11 ,7 6 8 ,0 0 0

3 6 ,6 8 1 ,0 0 0
+ 6 4 ,000

c In clu d es ca p ita l set aside for foreig n b ra n ch es. $ 6 ,0 0 0 ,0 0 0 .

S T A T E M E N T S O F R E S E R V E P O S IT IO N .

Cash
Reserve
in
Reserve
in Vault. Depositaries
M e m b e rs F ed era l
R eserv e B a n k .
S ta te b a n k s...........
T r u s t c o m p a n ies*
T ota l
T ota l
T ota l
T ota l

J u ly 1 3 .
J u ly
6.
Jun e 2U.
Jun e 2 2 .

$
9 .8 9 9 .0 0 0
1 .8 35.000
11.7 3 4 .0 0 0
11.749.000
14.631.000
14.582.000

•~
Mw
nw
f mnmlir
—V..IUVIO

Total
Reserve.

a

Reserve
Required.

$
S
$
5 1 5 ,262 ,00 0 5 1 5 ,2 6 2 ,0 0 0 4 6 3 ,4 2 3 ,5 9 0
4 .1 2 8 .0 0 0 1 4 ,027,000 1 2 ,973,860
3 .7 6 8 .0 0 0
5 ,6 0 3 ,0 0 0
5 ,4 8 5 ,9 5 0
5 2 3 .158 .00 0
5 3 7 .505 .00 0
6 19 .271 .00 0
5 4 7 .165 .00 0

5 3 4 .8 9 2 .0 0 0
5 4 9 .254 .00 0
6 3 3 .802 .00 0
5 6 1 .7 4 7 .0 0 0

Surplus
Reserve.

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

$
S
5 1 ,8 3 8 ,4 1 0 — 1 3 ,410,900
1 ,0 5 3 ,1 4 0
+ 621,340
117,050
+ 106,950

48 1 ,8 8 3 ,4 0 0 5 3 ,0 0 8 ,6 0 0
4 8 3 .5 6 2 .7 9 0 6 5 ,6 9 1 ,2 1 0
4 9 1 .921 .79 0 1 4 1 ,880 ,21 0
4 9 6 ,1 0 2 ,4 7 0 6 5 ,6 4 4 ,5 3 0

— 12 ,6 8 2 ,6 1 0
— 7 6 ,1 8 9 ,0 0 0
+ 7 6 ,2 3 5 ,6 8 0
+ 11,3 9 6 ,6 6 0

Total
Reserve.

b

Reserve
Required.

$
S
$
$
b
5 2 4 ,7 0 5 ,0 0 0 5 2 4 ,7 0 5 ,0 0 0 4 6 8 ,7 8 2 ,9 4 0
9 .7 9 4 .0 0 0
3 .8 1 6 .0 0 0 1 3 ,6 1 0 ,0 0 0 13 ,0 9 0 ,1 4 0
1 .7 1 7 .0 0 0
3 .6 9 3 .0 0 0
5 ,4 1 0 ,0 0 0
5 ,5 8 9 ,4 5 0
11 .5 1 1 .0 0 0
1 1 .945.000
14.3 0 8 .0 0 0
1 4 .647.000

5 3 2 .2 1 4 .0 0 0
492 .2 0 1 .0 0 0
6 4 8 .835 .00 0
6 2 0 .0 3 9 .0 0 0

1

5 4 3 .7 2 5 .0 0 0
5 0 4 .1 4 6 .0 0 0
6 6 3 .1 4 3 .0 0 0
5 3 4 .6 8 6 .0 0 0

Inc. or Dec.
Surplus
from
Reserve. PreviouslVeek
S
$
5 5 ,9 2 2 ,0 6 0 + 3 0 ,4 0 3 ,2 8 0
51 9 ,8 6 0
— 4 8 5 ,0 0 0
d e fl7 9 ,4 5 0
— 149,050

4 8 7 ,4 6 2 ,5 3 0 5 6 ,2 6 2 ,4 7 0
4 7 7 ,6 5 2 ,7 6 0 2 6 ,4 9 3 ,2 4 0
4 9 1 ,1 7 1 ,3 2 0 1 7 1 ,971 ,68 0
4 8 7 ,5 4 0 .8 7 0 4 7 ,1 4 5 ,1 3 0

. II n
___.
.U
. T
3 UO.
V* ’BUVIU
IVU
dU.Y
iJU

M o "“ B" m •*■*• * - ju iA r s iS S .& a ;




« —

*•

..............................

+ 2 9 ,7 6 9 ,2 3 0
-1 4 5 ,4 7 8 ,4 4 0
+ 124 8 2 6 5 5 0
— 2 2 ,4 5 1 ,4 0 0

[Vol . 107

THE CHRONICLE

270

The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
n Now York City n o t i n th e C le a r in a H o u s e , as follows:

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 .

(Figures Furnished by State Banking Department.)

Differences from

_

T o t a l ........................................................... $ 2 9 ,7 8 8 ,8 8 0 2 3 .6 2 %

$1 0 0 ,7 8 2 ,5 0 0 2 0 .1 6 %

1918.
C a p ita l a s o f M a r . 14
S u rplu s as o f M a r . 14
L oa n s a n d ln v e s tm ’ ts
S p e c ie ..............................
C u rre n cy A b k . notes
D e p o s its w ith th e F .
R . Bank o f N . Y „
D e p o s lt s _____ ______ R e se rv e o n d e p o s it s .
P . C . reserve t o d e p .

Loans
Demand
and
Investments Deposits.

Week
Ended—
M ar.
M ar.
M ar
A p ril
A p ril
A p ril
A p ril
M ay
M ay
M ay
M ay

1 6 ....................
2 3 ....................
3 0 ___
6 ....................
1 3 ....................
2 0 ....................
2 7 - ..................
4 ....................
11....................
1 8 ....................
2 5 ....................

Ju n e 2 2 ....................
J u n e 2 9 ___________
J u ly
0 ....................
J u ly 1 3 ....................

S
5 ,0 6 1 ,3 8 0 ,8
5 ,0 3 4 ,7 4 1 .0
5 ,0 8 9 ,2 5 8 .3
5 ,0 5 5 ,9 2 5 ,8
5 .1 2 6 .2 6 3 .6
5 .2 6 3 .0 9 6 .6
5 .2 7 0 .9 4 7 .7
5,2 8 6 ,6 9 3 ,4
5 ,3 0 6 .2 5 6 .9
5.3 6 8 ,7 2 7 .3
5 .3 3 5 .5 4 5 .7
5 .2 9 0 .9 5 8 .7
5 ,2 5 5 ,1 3 9 ,0
6 ,2 9 3 ,3 7 8 ,3
5 ,2 4 2 ,9 1 9 ,0
5 .1 4 7 .0 5 5 .5
5 ,1 0 7 ,9 5 0 ,8
5 .1 4 3 .0 9 4 .5

S
4 ,3 6 9 ,2 5 7 ,5
1,409,310,1
4 ,4 4 6 ,4 9 1 ,7
4 ,4 6 8 .9 2 7 .4
4 ,4 6 6 ,1 3 3 ,2
4 ,4 8 7 ,8 1 9 ,0
4 ,4 5 4 ,1 9 0 ,8
4 ,4 8 2 ,7 4 7 ,3
4 .4 1 5 .2 0 7 .5
4 .3 0 2 .1 8 9 .7
4 .3 6 5 .6 2 0 .5
4 .4 2 2 .1 1 4 .8
4 ,4 5 4 ,9 0 9 ,7
4 ,4 7 3 ,2 6 6 ,0
4.4 3 3 .5 8 0 .1
4.4 0 1 .1 1 7 .1
4 ,3 3 5 ,6 3 4 ,9
4 ,3 2 8 ,2 5 6 ,7

•

Specie.

Legal
Tenders.

$
9 0 ,1 3 1 ,4
90 ,0 6 4 ,8
9 1 ,0 7 6 ,7
9 1 ,7 4 9 ,8
9 2 ,4 9 3 ,5
9 2 ,0 6 9 ,3
9 2 ,0 7 9 .0
9 0 ,9 4 8 ,5
9 1 ,0 7 6 ,0
8 9 .3 6 3 .8
87 ,6 5 3 ,3
8 5 .1 2 9 .9
8 1 ,5 9 4 ,4
8 2 ,1 4 6 ,8
8 0 .4 5 0 .7
80 ,1 1 9 ,9
7 8 .4 9 9 .8
78,3 7 2 ,1

S
8 1 ,2 5 5 ,4
8 4 .2 8 4 ,8
8 6 ,1 8 7 .0
8 8 ,6 0 1 .6
8 5 ,4 3 0 ,6
8 3 ,8 9 4 ,9
88 ,0 1 9 ,3
85 ,0 5 7 ,7
8 5 ,2 7 9 ,8
8 3 ,0 0 1 ,4
86,7 4 0 ,1
8 4 ,4 4 2 ,7
87 ,7 2 4 .4
8 6 .2 5 7 .3
8 8 ,7 8 7 ,6
8 9 ,7 2 8 ,9
8 8 ,6 7 0 ,0
8 9 ,3 0 9 ,8

Total Reserve In
Cash in Deposi­
taries.
Vault.
$
171 ,388 ,8
174 ,929 ,6
177 ,263 ,7
178,351,1
177.924.1
175 .964 .2
178.098.3
176,008,2
176 .355 ,8
172 ,365 ,2
174 ,393 ,4
169 ,572 ,6
169 ,318 ,8
168 ,403 ,9
169 ,238 ,3
169 .840 .8
167 .175 .8
167 .681 .9

$
574 ,445 ,1
5 0 9 ,773 ,5
5 7 8 ,0 1 7 ,3
603 ,729 ,1
5 9 0 .421 .2
5 9 4 .9 9 1 .3
5 9 2 ,019 ,7
5 8 8 ,899 ,3
5 7 3 ,373 ,4
567 ,941 ,1
5 7 0 ,2 3 7 ,7
5 7 5 ,8 9 1 ,0
5 7 0 ,0 4 9 ,4
5 8 1 ,941 ,7
5 9 4 .0 4 7 .9
6 6 9 .5 9 3 .9
5 8 0 ,1 3 6 ,5
5 7 0 ,0 4 6 ,4

*In olu d ed w ith "L e g a l T e n d e rs” are na tion a l b a n k n otes and F ed . R eserv e notes
held b y S ta te b a n k s and tru st o o s ., b u t n o t th oso held b y F ed . R eserv e m em b ers.

In addition to the returns of “ State banks and trust comEanies in New York City n o t i n th e C le a r in g H o u s e , ” furnished
y the State Banking Department, the Department also
presents a statement covering a ll the institutions of this
olass in the City of New York:
For definitions and rules under which the various items
are made up, see “ Chorniole,” V . 98, p. 1661.
The provisions of the law governing the reserve require­
ments of State banking institutions as amended M a y 22
1917 were published in the “ Chronicle” M a y 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the “ Chronicle”
April 4 1914 (V . 98, p. 1045).

191 8.

$
$
9 5 ,0 5 0 ,0 0 0
163 ,8 6 1 ,0 0 0
880 ,7 0 0 1 .8 9 1 .1 7 9 .1 0 0 I n c . 2 5 ,5 2 7 ,7 0 0
6 3,800
1 7 ,100,800 D e c .
851 ,9 0 0
583 ,4 0 0
17 ,7 5 6 ,6 0 0 I n c .
2 ,1 6 0 ,2 0 0
$

S
2 3 ,6 1 8 ,4 0 0
4 1 ,2 2 5 ,3 0 0
4 6 5 .4 0 3 .0 0 0 I n c .
13,287,000 D e o .
2 6 .5 6 6 ,8 0 0 I n c .
4 2 ,0 9 8 ,5 0 0
5 7 7 .1 1 2 .0 0 0
1 0 5 ,187 ,60 0
2 3 .1 %

Differences from
previous week.

July 13

1 9 7 ,123 ,90 0
In c.
1 76 .800
D e c . 14,9 8 2 ,6 0 0 1.9 9 6 .3 0 6 .1 0 0
2 9 8 ,9 3 4 ,1 0 0
I n c . 3 ,9 0 8 ,3 0 0
1 9 .2 %
In c.
0 .2 %

In c.
2 ,0 2 9 ,6 0 0
D e c .2 2 ,3 2 4 ,7 0 0
D e c . 1 ,2 44,900
D ec.
0 .3 %

Boston C learing House Banks.— W e give below a sum ­
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

The averages of the New York City Clearing House banks
and trust companies c o m b i n e d with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
C O M B I N E D R E S U L T S O F B A N K S A N D T R U S T C O M P A N I E S IN
G R E A T E R N E W Y O R K . (Two ciphers omitted.)

Differences from
previous week.

July 13

S U M M A R Y O F 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 H O U SE S T A T E M E N T .

July 13.
previous week.
L oa n s a n d In v estm en ts__________ : ____________________$ 7 2 7 ,2 0 2 ,5 0 0 I n c . 4 ,6 7 2 ,7 0 0
S p e c ie .................................
1 2 ,1 9 6 ,1 0 0
In c.
3 0,300
C u rren cy an d b a n k n o t e s ______________
1 4 ,3 7 9 ,4 0 0
In c.
615,900
D e p o s its w ith th e I*'. R . D an k o f N e w Y o r k
5 7 ,1 0 7 ,4 0 0
D e c . 1,363,100
D e c . 14,519,500
T o t a l d e p o s it s ___________________________ 7 8 5 ,8 0 4 ,7 0 0
D e p o s its , elim in a tin g am ou n ts d u e fro m reserve d e ­
p ositaries a n d fro m o th e r b a n k s a n d tru st com ­
panies In N . Y . C it y , exch an g es a n d U . S . d ep osits 6 9 2 ,3 4 7 ,7 0 0 I n c . 4 ,3 89,800
R eserv e o n d e p o s it s ___________________________________ - 1 3 0 ,571 ,30 0 D e c . 2 ,4 6 0 ,0 0 0
P ercen ta g e o f reserve, 2 0 .9 % .
RESERVE.
------- State Banks------------- Trust Companies-----C a sh in v a u lts ..............................................$ 1 3 ,7 3 5 ,4 0 0 1 0 .9 0 %
$ 6 9 ,947 ,50 0 1 3 .9 9 %
D e p o s it s in b a n k s a n d tru st c o s ____ 16 ,0 5 3 ,4 0 0 1 2 .7 2 %
3 0 ,8 3 5 ,0 0 0
6 .1 7 %

Trust Companies.

State Banks.
Week ended July 13

BO STO N C L E A R IN G H O U SE M E M B E R S .

Change from
previous week.

July 13
1918.
C ir c u la tio n ____________________
L oa n s, d ls o 'ts A tn v estm en ts.
In d lv ld u a l d e p o sits, ln c l.U .S .
D u e t o b a n k s . . . . ____________
T im e d e p o s its ________________
E x ch a n g es fo r C le a r. H o u s e .
D u e from o th e r b a n k s .............
C a sh In b a n k A In F .R . B ank
R oserv e excess In ban k and
F ed era l R eserv e B a n k ____

$
4 ,9 6 7 ,0 0 0
4 8 3 .2 8 1 .0 0 0
4 3 2 .7 2 5 .0 0 0
12 8 .2 9 8 .0 0 0
14,0 4 0 ,0 0 0
1 8 .4 4 5 .0 0 0
8 9 .5 5 0 .0 0 0
6 0 .9 0 9 .0 0 0

D eo.
D ec.
D oc.
In c.
D ec.
D ec.
D ec.
D ec.

July 6

June 29

1918.

1918.

*
$
$
4 ,9 8 0 ,0 0 0
5 ,5 8 3 ,0 0 0
61 6 ,0 0 0
2 ,4 8 3 ,0 0 0 4 8 5 .7 6 4 .0 0 0 4 9 4 .7 5 8 .0 0 0
1 7 ,5 5 9 ,0 0 0 4 5 0 .2 8 4 .0 0 0 4 7 4 .6 0 6 .0 0 0
4 7 ,0 0 0 1 2 8 .251 .00 0 ,1 2 3 ,6 8 7 ,0 0 0
31 0 ,0 0 0 1 4 ,350,000 1 5 ,1 6 5 ,0 0 0
3 ,0 7 2 ,0 0 0 2 1 .5 1 7 .0 0 0 19.0 4 2 .0 0 0
2 9 7 ,0 0 0 8 9 .8 4 7 .0 0 0 1 0 0 ,9 1 1 ,0 0 0
1 ,0 6 0 ,0 0 0 0 1 .9 6 9 .0 0 0 5 5 .8 7 7 .0 0 0

15.1 8 6 .0 0 0 I n o .

3 6 4 ,0 0 0

1 4 .8 2 2 .0 0 0 1

7 ,5 3 8 ,0 0 0

P h ila d elp h ia B a n k s.— The Philadelphia Clearing House
statement for the week ending July 13, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Fodoral Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash In
vaults” in not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
Week ending July 13 1918.
Two ciphers (0 0 ) omitted.

C a p it a l_____________________
S u rplus and p r o fits _______
L o a n s , dlso’ ts & ln v e stm ’ ts
E x ch a n g es for C lear .H ou se
D u o from b a n k s ....................
B a n k d e p o s its _____________
In d iv id u a l d e p o s its _______
T im e d e p o s its -------------------T o t a l d e p o s its ....................
U .S . d ep osits (n ot Inclu ded)
R c s ’ v o w ith F e d . R e s . B k .
R c s ’ ve w ith legal d e p o sit's
C a sh In v a u lt * ......................
T o t a l reserve A .c a s h h e ld .
R eserv e re q u ire d .................
E x cess res. A cash In va u lt

Memb'rs of
F. R. Syst.
$ 2 5 ,9 7 5 ,0
6 8 .4 9 4 .0
5 6 0 .5 7 5 .0
2 4 .0 7 4 .0
130 .357 .0
160 .752 .0
4 1 8 .5 1 9 .0
4 ,3 7 9 ,0
4 8 3 .6 5 0 .0

Trust
Cos.
$ 5 ,5 0 0 ,0
1 3 .927.0
4 0 .4 1 0 .0
4 6 5 .0
168.0
1 ,2 0 8 ,0
3 0 .1 9 7 .0
*31,4*07*0

5 1 .7 3 3 .0
" l 6 , 556*0
6 8 .2 8 9 .0
4 2 .0 1 5 .0
2 5 .6 7 4 .0

” 4,617*6
1.7 7 2 .0
6 .3 8 9 .0
4 .0 1 5 .0
1.7 7 5 .0

Total.
$ 3 1 ,4 7 5 ,0
8 2 .4 2 1 .0
6 0 6 .9 9 1 .0
2 4 .5 3 9 .0
1 3 0 .5 2 5 .0
1 6 1 .9 6 0 .0
4 4 8 .7 1 0 .0
4 .3 7 9 .0
6 1 5 .0 5 5 .0
4 4 .1 8 5 .0
5 1 .7 3 3 .0
4 .6 1 7 .0
18 .3 2 8 .0
7 4 .6 7 8 .0
4 7 .2 3 0 .0
2 7 .4 4 8 .0

July 0

June 29

1918.

1918.

$ 3 1 ,4 7 5 ,0
8 2 .2 4 9 .0
6 1 4 .2 0 9 .0
2 8 .4 3 7 .0
1 3 7 .5 0 1 .0
1 6 1 .8 0 8 .0
4 4 8 .3 8 0 .0
4 .4 4 8 .0
6 1 4 .6 3 6 .0
5 2 .6 4 3 .0
4 1 .2 8 4 .0
5 .6 0 3 .0
18 .0 6 0 .0
6 4 .9 4 7 .0
4 6 .1 4 9 .0
18.7 9 8 .0

$ 3 1 ,4 7 5 ,0
8 1 .6 3 4 .0
6 1 8 .7 5 7 .0
2 7 .8 0 4 .0
1 3 4 .8 5 3 .0
1 6 4 .7 0 2 .0
4 4 3 .1 6 5 .0
4 .4 3 0 .0
6 1 2 .2 9 7 .0
6 8 .3 7 9 .0
4 4 .8 6 0 .0
4 .9 8 0 .0
1 7 .7 9 5 .0
6 7 .6 3 5 .0
4 6 .1 8 4 .0
2 1 .4 5 1 .0

•C ash In v a u lt Is n o t c o u n te d as reserve fo r F . R . b a n k m em b ers.

Non-Member Banks and Trust Companies.— Following Is the report made to the Cloaring House by olearing non­
member institutions which are not included in the “ Clearing House return” on the preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W Y O R K C L E A R IN G H O U SE .
Loans.
Discounts,
Investments,
W e e k E n d in g J u l y 13 1918. / N a t . banka M a r . 41
AS.
C L E A R IN G
N O N -M E M B E R S .

Capital.

Net
Profits.

aold.

Legal
Tenders.

Silver.

Average.
1

Average.
%

Average.

(S ta te ban ks M a r. 1 4 /
M em bers o f
F ed era l R e se rv e B a n k
B a tte r y P a rk N a t . B a n k -----W . R . G ra ce A C o . ’ s b a n k . . .
F lrst N a t . B a n k , B r o o k l y n . .
N a t . C it y B a n k , B r o o k l y n . .
First N a t . B a n k , J ersey C it y
H u d son C o . N a t ., Jersey C ity
F irst N a t . B a n k , H o b o k e n ..
S econ d N a t . B a n k , n o b o k e n

Average.
$
4 00 .000
5 00 .000
3 00 .000
300.000
400 .000
250.000
220.000
125,000

$
5 27 .900
642,400
670,500
604,100
1,326,900
782,700
632,800
302 ,2 0 0

$
8 .5 7 7 .0 0 0
6 .2 8 6 .0 0 0
7 .2 3 9 .0 0 0
6 .3 9 4 .0 0 0
8 .6 9 1 .0 0 0
4 .8 3 6 .0 0 0
7 .4 3 4 .0 0 0
5 .6 6 8 .0 0 0

2 ,4 9 5 ,0 0 0

5 ,4 8 9 ,5 0 0

B a nk o f W a sh in g to n H e ig h ts .
C olon ia l B a n k _______________
C o lu m b ia B a n k ...........................
Intern a tion a l B a n k __________
M u tu a l B a n k _________________
N ew N eth erla n d B a n k . . ____
Y o r k v llle B a n k ...........................
M ec h a n ic s ’ B a n k , B r o o k ly n .
N o rth S ide B a n k , B r o o k l y n ..

100,000
500.000
1 ,000,000
500.000
200.000
200,000
100,000
1,600.000
200,000

T o t a l ...........................................

T o t a l ..........................................

National
Bank
A Federal
Reserve
Notts.
A Hrage.

Reserve
with
Legal
Deposi­
taries.

Additional
Deposits
with Legal
Deposi­
taries.

Net
Demand
Deposits.

Net
Tims
Deposits.

Nationa
Bank
Circula­
tion.

Average.

Average.

Average.

Average.
*

Aevrags.

8 i*,6o 6
148.000
3 37 .000
152.000
195.000
4 4 ,0 0 0

S
1 ,1 59,000
705 .000
568 .0 0 0
5 91 .000
1 ,000,000
29 0 .0 0 0
3 45 .000
2 79 .000

5 67 ,000

1 ,0 69,000

15.000
5 8.000
3 1.000
110,00 0
346 ,000
19.000

60,000
4 19 .000
382.000
4 6,000
173.000
2 31 .000
4 36 .000
640.000
118.000

2 ,0 7 4 ,0 0 0

703 ,000

3 73 ,000
22,000

19.000
19.000

$
21 4 .0 0 0

$
1 93 .000

8 4 .0 0 0
3 .0 0 0
11.0 0 0
2.000
198 ,000
00,000
7 ,000
10,000

14.000
2,000
11.0 0 0
3 2.000
215 ,000
6,000
1,000
49 .0 0 0

$
3 9 .0 0 0

$
112,0 0 0

470*666
895 .000
2 ,1 2 8 ,0 0 0
705.000
7 97 .000
0 29 .000

$
7 .5 4 1 .0 0 0
3 .4 8 1 .0 0 0
5 .6 3 5 .0 0 0
5 .3 4 0 .0 0 0
7 .8 2 5 .0 0 0
3 .5 1 0 .0 0 0
3 .0 3 9 .0 0 0
2 .6 2 9 .0 0 0

l i V .o o o
6 0.000
105.000
7 8.000
4 3 .0 0 0
128.000

466*666
3 .5 3 5 .0 0 0
2 .5 7 3 .0 0 0

300 .0 0 0
120.000
397 .0 0 0
197.000
21 9 .0 0 0
100.000

5 5 ,1 2 5 ,0 0 0

3 75 ,000

330 ,0 0 0

4 ,9 3 7 ,0 0 0

5 ,8 3 8 ,0 0 0

3 9 ,0 0 0 ,0 0 0

8 ,8 4 6 ,0 0 0

1 ,5 2 6,000

480 ,3 0 0
1 .0 03,400
620 ,800
146,900
523 ,000
213 .700
663.400
798.700
174,800

2 .4 8 5 .0 0 0
9 .5 4 2 .0 0 0
1 3 .395.000
5 .3 3 5 .0 0 0
8 .1 8 3 .0 0 0
3 .6 7 1 .0 0 0
7 .0 8 2 .0 0 0
2 2 .3 7 9 .0 0 0
4 .5 3 6 .0 0 0

7 3.000
717.000
6 55 .000
154.000
2,000
53.000
2 67 .000
142.000
11.0 0 0

5 ,0 0 0
119,000

160,000
115.000
5 51 .000
3 55 .000
177.000
180.000
112,0 0 0
1 ,1 63,000
2 93 ,000

128,000
6 20 ,000
75+000
2 88 ,000
9 60 .000
225.000
44 7 .0 0 0
1 ,4 0 1,000
220.000

116,000
477 .000
181.000
2 9.000
248 .000
7 8.000
373.000
613.000
3 51 .000

2 .1 4 0 .0 0 0
1 0 .328.000
1 2 .604.000
4 .7 6 5 .0 0 0
7 .4 4 4 .0 0 0
4 .0 3 7 .0 0 0
7 .4 5 2 .0 0 0
2 3 .3 5 2 .0 0 0
4 .0 5 4 .0 0 0

337*566
136.000
46 .0 0 0
0 9.000
0 5.000
400 .0 0 0

4 ,4 0 0 ,0 0 0

4 ,6 2 5 ,0 0 0

7 6 ,6 0 8 ,0 0 0

2 ,5 0 5 ,0 0 0

3 ,1 0 6 ,0 0 0

5 ,0 4 5 ,0 0 0

2 ,4 6 6 ,0 0 0

7 6 ,1 7 6 ,0 0 0

1 ,0 5 3,000

500 .000
200.000

1,007,800
344 ,000

7 .9 9 2 .0 0 0
7 .6 4 4 .0 0 0

2 4 .0 0 0
96.000

8 7 ,0 0 0
193,000

2 89 .000
3 07 .000

406 .0 0 0
3 48 .000

5 .7 8 6 .0 0 0
4 .5 8 8 .0 0 0

1 .0 4 6.000
3 .1 8 8 .0 0 0

■700,000

1,351,800

15 ,6 3 6 ,0 0 0

39 5 ,0 0 0

3 8,000

120,000

7 .5 9 5 .0 0 0 11.466.300 1 4 7 ,369 ,00 0
+ 9 4 1 ,0 0 0
"$ 2 6 *1 8 6 decrease
7 .5 9 5 .0 0 0 11.466.300 1 4 6 .428 .00 0
7 .5 9 5 .0 0 0 11.346.600 147 .773 .00 0
7 .5 9 5 .0 0 0 1 1 .346.600 1 4 8 .014 .00 0
7 .5 9 5 .0 0 0 11.3 4 6.600 1 4 9 .494 .00 0

2 ,8 4 4 ,0 0 0
— 1,000

1,071,000
+ 71,00,1

3 ,1 9 2 ,0 0 0
+ 3 96 ,000

4 ,4 5 5 ,0 0 0 10.638,000 0 ,0 5 8 ,0 0 0 a l 2 5 , 5 50 ,000 1 4 ,133,000
+ 198,000 — 2 79 ,000 - 2 ,202,000 + 1,695,000
— 3 4,000

280 ,0 0 0

6 56 ,000

7 54 ,000

1 0 ,374,000

4 ,2 3 4 ,0 0 0
1 ,5 2 6 ,0 0 0
+ 1,000

2 .8 4 5 .0 0 0
2 .7 9 4 .0 0 0
2 .8 7 8 .0 0 0
3 .2 9 9 .0 0 0

1 ,000,000
9 98 ,000
1 , 12 1,00 0
1.253.000

2 .7 9 6 .0 0 0
3 .0 9 0 .0 0 0
3 .2 2 1 .0 0 0
3 .1 9 3 .0 0 0

4 .2 5 7 .0 0 0
4 .1 0 9 .0 0 0
4 .0 3 1 .0 0 0
3 .9 9 2 .0 0 0

11,260,000 a l2 3 ,8 5 5 ,0 0 0 1 4 .167.000
10.655.000 122.550.000 1 4 .284.000
1 3 .040.000 123 .544 .00 0 14.254.000
1 0 .946.000 1 2 5 .949 .00 0 1 4 .252.000

1 .5 2 5 .0 0 0
1 .5 23.000
1 .6 2 6 .0 0 0
1 .6 0 9 ,0 0 0

8 3,000
1 ,220,000
570.000
405 .000

S ta te B a n k s.

Not Members of the
Federal Reserve Bank.
.............

...........*

T r u s t C o m p a n ie s .

Not Members of the
Fe ral Reserve Bank.
H a m ■ o n T r u s t C o .,B r o o k ly n
M e ch a n ics’ T r . C o . , B a y on n e
T o t a l ______

.

G ra n d a g g r e g a te ........................
C om p a rison p rev iou s w e e k ..
l/vonca
rncnrim
I'jALUWij rr
a e r v u ---- --------------G ra n d a ggrega te J u ly 5 ------G ra n d a ggrega te J u n e 2 9 -----G ra n d a ggrega te J u n e 2 2 ____
G ra n d a ggrega te J u n e 1 5 _____

a U . S . d e p o sits d e d u e te d , $ 0 ,8 3 2 ,0 0 0 .




10.917.000
10.859.000
1 1 .052.000
10.709.000

THE CHRONICLE

J uly 20 1918.]

271
3

^au k cvs'

© a le tte .

Wall Street, Friday Night, July 19 1918.
T h e M oney M ark et a n d F in a n c ia l S itu a tio n .— Early
on M o n d ay of this week cables announcing the beginning
of a new German offensive in France onded the long wait for
that event. The effect in W a ll Street was a temporary
suspension of practically all demand for securities, some
liquidation “ at the market,” especially of several industria
stocks, and, of course, a substantial drop in prico^of the
latter. During the remainder of the week, however, the
futility of the German effort has become more and more
apparent, and the market has not only fully recovered from
M o n d ay ’s depression, but has made some progress in a
movement towards higher values than those of last week.
M oreover, it is a significant fact that nearly all foreign bonds
dealt in on this market have steadily advanced and others
have maintained a firm tone this week.
Little, if anything, except w ar news has perceptibly
affected financial affairs. The weather has again been
favorable for all growing crops and it is reported that spring
wheat, perhaps the most important, is now at a higher
percentage of condition than when the Government report
was made.
Practically the only change in the iron and steel situation
is the fact that the Government is still further encroaching
upon the small supply heretofore available for other than
w ar purposes.
A s might bo expected, in view of the enormous Treasury
and Federal Reserve financing now in progress, or this week
concluded, the local money market has been continuously
strong, and rates so high that actual transactions have
been limited.
F o re ig n E x ch an ge.— Sterling exchango remained with­
out new feature. The Continental exchanges wore quiet and
irrogular oxcopt that Swiss exchango closed liighor.
T o-d ay’s (Friday’s) actual rates for sterling exchange were
4 7 2 % @ 4 72% for sixty days, 4 75 5 -lG @ 4 7530 for checks
and 4 76 7-16 for cables. Commercial on banks, sight,
4 75 @4 75)4; sixty days, 4 7 1 % @ 4 71 %; ninety days, 4 70
@ 4 70% and documents for payment (sixty days), 4 70@
4 70%. Cotton for paymont, 4 75@ 4 75% and grain for
paym ent, 4 75@4 75%.
T o-d ay’s (Friday’s) actual rates for Paris bankers’ francs
were 5 77% for long and 5 72% for short. Germany bank­
ers’ marks wero not quoted. Amsterdam bankers’ guilders
were 51 1-1G for long and 51 3-16 for short.
Exchange at Paris on London, 27.16 fr., week’s rango
27.16 fr. high and also 27.16 fr. low.
The range for foreign exchange for the week follows:
S te r lin g A c t u a l—
High for tho week—
Low for tho week__

S ix ty D a y s ,

4 72 A
4 72%
P a r is B a n k e rs ' F r a n c s —
High for tho wM ck—
5 775*
Low for tho week__
5 77 %
A m s te r d a m B a n k e r s ' G u ild e r s —
High for tho week
51 5-16
Low for tho week
51 1-16

Checks.

4 75 5-16
4 7530
5 71*4

C a b les.

4 76 7-16
4 76 7-16
5 69

5 7 1 %

%
5 59 %

5 1 %
51 %

52
51 X

'

Dom estic E xch an ge.— Chicago, par. Boston, par. St.
Louis, 15c. per 81,000 discount bid and 5c. discount asked.
San Francisco, par. M ontreal, 820 31% per 81,000 pre­
mium. Minneapolis, 10c. per 81,000 premium. Cincin­
nati, par.
State a n d R a ilro a d B o n d s.— Salos of State bonds at tho
Board are limited to 810,000 N o w Y o rk 4% s, at 108%.
Tho market for railway and industrial” bonds w as un­
usually dull during tho early part of tho week but became
moro active on Thursday and so continued to-day. Prices
havo romainod relatively steady, fluctuations narrow and
final results almost equally divided between higher, lower
and unchanged quotations. Businoss in this dopartmont
has, howovor, been greatly ovorshadowed by enormous
transactions in tho various Liberty Loan bonds. Railway
bonds havo been relatively strong under load of the best
known issues.
U n ite d States B o n d s.— Sales of Government bonds at
tho Board havo been on a largo scale, but include only
Liborty Loan 3% s, at 99.58 to 99.66; L. L . 4s, 1932-1947, at
93.90 to 94.60; L. L. 2d 4s, 1927, at 93.90 to 94.14; L . L.
1st 4% s, 1932 ,at 93.90 to 94.56; L . L . 2d 4% s, 1927, at
93.80 to 94.14- and L. L . 3d 4% s, 1928, at 95.76 to 96.04.

For to-day's prices of all the different issues, and for the week’s
range, see third page following.
R a ilro a d a n d M iscellaneous Stocks.— As noted above
tho stock market has been dominated almost exclusively




by nows from the seat of w ar. The latter was such on
M onday as to cause liberal sales with very little regard for
prices. The transactions aggregated nearly 814,000 shares,
as against an average of a trifle over 300,000 shares last week
and some industrial issues declined from 6 to 8 points. On
Tuesday and Wednesday the market was much more quiet,
both as to volume of business and fluctuations. On Thurs­
day the reverse of M onday’s conditions prevailed, and last
week’s level of prices was recovered or surpassed.
Reading was the weak feature of the railways. It sold on
M onday 3 points below last week’s closing price, but re­
gained all tho loss.
W hen at the lowest General M otors showed a decline of
9 points, Am . Sum. Tobacco 8 % , and Baldwin Locom. 4.
U . S. Steel has covered a range of 7 points and closes near
tho highost. These, however, have been exceptional fea­
tures, a large proportion of the active list remaining com­
paratively steady throughout the week.
For daily volume of business see page 279.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.

Week ending July 19.

Sales
for
Week

Range for Week.

Par Shares $ xter share.

Highest.

Range since Jan. 1.
Lowest.

|

Highest.

% per share. S per share. %per share.

A lb a n y & S u sq u e h _ _ 1 0 0
5 180
J u ly 13 180
A m e r S m e lt e r s S e c u r it ie s
p r e f s e r ie s A _____
100 89 5* J u ly 16 89**
A m e r ic a n S n u f f ______ 1 00
100 99 % J u ly 16 99**
A m S u m a tra T o b p f.1 0 0
3 0 0 98
J u ly 17 9 9 J*
A m T e le g & C a b le . .1 0 0
50 51% J u ly 16 51%
A s s o c D r y G o o d s ___ 1 00
200 15
J u ly 15 15
B a r r e t t p r e f ___________ 1 0 0
100102
J u ly 18 102
B a t o p l la s M i n i n g _____2 0 1,100
1 'A J u ly 13
1**
B k l y n U n io n G a s . . . 1 0 0
100
9% J u ly 18 79**
B r u n s w ic k T e r r n ’ l ___ 1 00
100 12 % J u ly 15 12**
B u t t e r l c k ......................... 1 0 0
100[ 9% J u ly 17
9*4
C e n t r a l F o u n d r y _____100
6001 3 4 H J u ly 18 35**
P r e f e r r e d ___________ 1 00
100 4 5 % J u ly 17 45**
C c r t a l n - T c e d P r o d no par
100 33
J u ly 17 33
C o n s I n t e r s t a t e C a l l . . 10
900 10** J u ly 17 11**
C o n t i n e n t a l C a n p r e f 1 00
100 99
J u ly 19 90
E l k H o r n C o a l _______ 5 0
200: 24** J u ly 15 24**
F is h e r B o d y C o r p . n o par
400; 37** J u ly 17 38
P r e f e r r e d ___________ 1 0 0
100| 90
J u ly 18 90
G e n e r a l C i g a r I n c ___ 100
550! 46
J u ly 15 48
I n t H a r v e s t e r C o r p . . 100
‘400; 64** J u ly 19 65**
J e w e l T e a I n c ..............1 00
100 32 % J u ly 18 3 2 }*
K in g s C o E le c L & P .1 0 0
60 90
J u ly 18 90
K r e s g e (S S ) C o ........... 100
10(i 90
Jjuly 17 90
L a c le d e G a s ___________ 1 00
100! 82 J* J u ly 16 82**
L ig g e t t & M y e r s p r e f 100
100 1 0 4
J u ly 19 104
L o o s e - W i le s 1 st p r e f . 1 00
300' 86** J u ly 1 86*4
M a y D e p t S t o r e s . . . 1 00
1001 52 ** J u ly 19 52**
M ic h ig a n C e n t r a l ... 100
431 91** J u ly 16 91**
M S t P & S S M a r ie . 100
100 88
J u ly 18 88
N a t i o n a l A c m e ________5 0
100 30** J u ly 17 30*4
N a t i o n a l B i s c u i t _____1 00
100 97
J u ly 18 97
N a t K y s M e x 2 d p r e f 1 00
100
5** J u ly 18
5**
N Y D o c k .......................1 0 0
100 23
J u ly 17 23
N o v a S co tia S & C . . 1 0 0
lOOj 59
J u ly 19 59
O h io F u e l S u p p l y _____2 5
100 43
J u ly 16 43
P a c i f i c M a l l r i g h t s ______
328
** J u ly 19
**
P e o r i a & E a s t e r n ___ 1 00
100; 4** J u ly 17
4 ?*
P itts C in C & S t L . . 1 0 0
300! 50** J u ly 17 50*4
P it t s b u r g h S t e e l p r e f 1 00
25! 93
J u ly 13 93
S lo s s -S h e f f S & I p r e f 1 00
150 93
J u ly 17 93
S o P o r t o R i c o S u g a r . 1 00
150 125
J u ly 18 125
R i g h t s ......................
3 ,4 9 5
3** J u ly 13
7
S t a n d a r d M i l l i n g . . . 1 00
100110
J u ly 18 110
S t u t z M o t o r C a r . .n o par
100 40** J u ly 19 405*
T h ir d A v e n u e R y . , - 1 0 0
600 19% J u ly 19 19*4
Tol S tL & W trrcts . . .
1,000
6
J u ly 13 7
P r e fe r r e d t r u s t r e c t a . .
900! 12
J u ly 13 15
T r a n s u e & W ’ m s .n o par\
100! 39*4 J u ly 13 39*4
U n d e r w o o d p r e f _____1 00 '
100 1 0 4
J u ly 16 104

J u ly 13 180
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u lv
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly

16 89
16 89J*
19 81
16 51
18 12
18 99*4
18
1
18: 79**
15
6**
17
7*4
15 26
17 41
17 33
17
75*
19 99
15 22
15 26
18 70**
19| 34
19 53
18 30**
18 895*
17 83
16 82
19 100*4
17] 82*4
19 47
16; 80*4
18 80**
17 265*
181 92*4
18l
45*
171 18*4
19' 56*4
16 41*4
19
5*
17| 4*4
13 25 J*
13; 90
171 81
18 125
13
35*
18 84
19 385*
19 16
13
4
15
8*4
13 37*4
16, 104

J u ly 184*4 M a y
M a y 94*4
Jan 100
Jan 103
Jan 60
M a y 15
Jun e 102
Jan
15*
Ju ly 85
Jan 1 6 H
M a y 11*4
M a r 41*4
Jan 53
Ju ly 38
A p r 13
J u ly 105
Jan 285*
Jan 43
Jan 90
Jan 58
M a r 72
A p r 40
A p r 94
Jun e 90
J u ly 90
Jun e 1075*
Jan 86*4
Jan 54**
F eb 95
Jan 90
Jan 33
M a y 100
M ay
7*4
Jan 27
Ju ly 69
M a r 46*4
J u ly
5*
Apr
6
June 535*
A p r 98
F e b 93
J u ly 162
Julyj 75*
J a n lllO
Janj 475*
Apr. 215*
Ju n e
7
Mar| 15
June! 42
July! 112

M ar
M ay
Jun e
Feb
J u ly
Jun e
M ar
Feb
Ju n e
F eb
Apr
Apr
Jun e
Ju n e
M ar
M ar
Jun e
J u ly
Jun e
Feb
Feb
F eb
J u ly
M ar
M ar
J u ly
Apr
Jun e
M ar
M ay
Jan
Jan
M ay
Jan
June
J u ly
Jan
M ay
Jan
M ay
Jan
J u ly
J u ly
Feb
Jan
J u ly
J u ly
M ay
Feb

O u tside M ark et.— The favorable character of the w ar
news served to maintain a firm undertone in “ curb” securi­
ties this week though it failed to stimulate business to any
great extent while price fluctuations as a rule were narrow.
Oil shares were about the most active issues with Houston
Oil, com., conspicuous for a rise of some 7 points to 79,
though it reacted to-day, closing at 76% . M erritt Oil de­
clined from 25% to 24, then jumped to 26% , the final figure
to-day being 26. International Petroleum moved down from
14% to 13% and up to 14%. Some of the low-priced issues
wore in good demand. Northwestern Oil after an early
loss from 58c. to 57c. ran up to 73c. with the close to-day at
68c. Island Oil & Trans, was active though changes were
slight— between 3 % and 4 % — the close to-day being at 4 % .
M idwest Oil com., under pressure for a time, sold down from
$1 05 to 98c., but recovered to S I 06, closing to-day at 1.04.
M otor shares were irregular. Chevrolet M o tor from 133
improved to 135, sank to 130 and moved back again to 135,
the close to-day, however, being at 132%. United M otors
was erratic, moving between 32% and 33% , the final figure
to-day being 32% . Aetna Explosives com. lost over a point
to 11%, the close to-day being at 11%. Burns Bros. Ice
receded from 30% to 28% , recovered to 31 and ends the week
at 30. Trading in General Asphalt was smaller, the com.
after early improvement of about a point to 35, sold down
to 33. Lim a Locomotive com. was comparatively active
and gained over two points to 46% . W riglit-M artin Airo.
com. ranged between 10% and 10%, closing to-day at 10%.
Mines were almost at a standstill, except in a few of the lowpriced issues. There was an active market in bonds, the
new Bethlehem Steel serial 7s being traded in for the first
time. Russian G ovt, bonds show decided improvement.
The 5% s after a gain of over 5 points to 50 during the week
jum ped to 55% to-day and finished at 55. The 6% s moved
down at first from 49 to 48, but sold up finally to 55.
A complete record of “ curb” market transactions for the
week will be found on page 280.

212

New Turk Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S
d u r in g ( h a a a t k of ( to o k * u a u a llr

P e r ra a o rd e l

Salesfor
the
Week
Shares

HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday
July 13
3

Monday
July 15

Tuesday
July 16

per share s per share

85 iS 85*4
821* 82%
*9014 91%
55
55
57
*55
*3812 39%
147L 14714
*5614 57%
8
7*4
*24
24%
*41U 42%
75% 76
*9212 93
225* 22%
74
74%
62% 62%
32
32
6334
*60
*21
23
*48% 51
*43
48
*108
109*2
*101
164%
*4
5
*6
7%
15% 15%
*32% 33
*23
23*2
*90
91
*317* 32%
*96
97%
8
*7%
*36% 38
*18
18*2
52
52
* 8-2 10%
*17% 21
♦58% 59
11% 113.1
5%
*5%
9
*8%
23% 23*2
65%
*55
71% 7134
38
38
22
*21
103% 103%
*87% 88*4
44
44

35% 30
*77it 79
89% 89%
*37
38*2
40
*37
12
12%
*20
23%
37%
*35
*7%
7%
19% 19%
83% 83%
23% 23%
*02% 03
*15% 10%
43
*39
121% 121%
70% 70%
8%
8%
*16% 18
*10% 11
41% 41%
25
25
*14% 15
31
*27
*21% 22%
*02
03
*9
10
21
*19
*35
37
*15%
*40
*63
278
1%
*323.1
*82%
*8934
*93
68
*75
47%
*93
*83%
*39%
*70
17
76%
31
4934
*53
401*
80%
*65
*98
5%
*43*2
*127
*77
105*2
68%
*111%
110
123%
9578
*160
*93
.59%
*93%
20
18%
51%
6738
*102%
*63
87%

8434
*82%
*89%
54%
5634
39%
146%
*56*4
*7%
*23%
40%
743.J
*92%
125
23%
71%
61%
*30
*60
*21
*48*2
*43
*108*2
♦162
*4
*6
15*8
313.4
23
903.1
31%
96%
*7%
37%
18
*49
* 8%
*18
58
no
* 10*2
*5 %
♦8%
23
*55
71
36%
21
103
87%
44
14

3 per share
84% 8434
85
83% *82% 83%
91% *90*2 92%
54%
5458 55
5034 *55
57
393.4 40
40%
147% 147
147%
57
56% 57
*73.4
8%
8%
24% *23% 24%
41%
41% 41%
75%
75
75
93
*92
93
125
24
237S 24
73
73
74%
02%
62% 62%
32
32
*30
6334 *60
633.4
23
*22
23
51
*48% 51
48
*43
48
109% 108
108%
164% 162
162
5
*4
5
734
*6
7
15%
15% 15%
32 %
32% 32%
23
*2 2 i 2 23%
90*4 9034
903.|
31%
32
32%
90% *90
97%
8
*7%
8
37%
37% 37%
18%
18
18
52% *49
52
10 %
*8*4 10*2
21
21
21
58% *58
59
*11534 110%
110
113.4 *10% 11%
5%
5%
5%
9
*8%
9
23%
23% 23%
553.4 50 55%
71%
71% 71%
3734
38% 38%
21
*20% 21%
103
103
103
87% 877S
87%
44
44
44*
14
14% 14%

Wednesday
July 17
$

per share
84%

84%

91%
547S
*55
393i
147
56%
*734
*23%
41%
75
*92
*120
23%
73%
63
*30
*60
*21
*48%
*43
107%
*100
*4
6%
15%
*32
*23
91
32%
*96
734
371.4
*18
*49%
*83t
*20
*58

91%
55
57
40
147
56%
8%
24*2
41%
75%
93
140
24
74%
03%
32
0334
23
51
48
107%
102
5
6%
15%
32%
23%
91
32%
98
734
37L
18%
52
10 %
24
59

*10% 1134
5%
*5%
*8%
9
23% 23%
55% 50
71% 713.4
38% 383g
* 201.4 21%
104
*103
*871.4 881.4
437g 44

Friday
July 19

Thursday
July 18
$

per share S per share
85%
83%

85%
*82%
*91
543.4
*55
39%
147%
56%
*8
*24
42
75-2
9234
*125
24
*73%
03
32
*60
*21
*48%
*42
*107%
100%
*3
6%
15%
32%
*23
*90
32%
96%
7%
♦37
*18
*49
9%
*17
*58
116%
*11
*5%
*8%
233,4
56
72
3834
*20%
*1031.4
88
43%

55
57
39%
1493g
57
8%
24%
423.4
7614
92*4
140
24%
75
63%
32
633.4
23
51
48
109%
162
5
0%
15-2
32%
23%
91%
33%
96%
7%
38
18%
53
9%
22
59
116%
11%
5%
9
24%
5812
72%
38*4
22
104%
88%
44

58

58

851.4
*82%
*91
54%
57
39%
148%
57
8
24%
41%
75
*92%
*125
24
75
64
*30
*00
*21
*48*2
*42
*108
*100
*4
6%
15%
32%
♦23
90*4
33
*96
73.4
*37%
18%
*50
*834
*17%
58%
*113
11%
53g
*71.4
2334
57%
72%
38%
*20%
*103%
88
43%

85%
83%
____
55%
57
39%
149%
57
8
24%
42%
753.4
93 »
140
24%
75%
04
32
6334
23
51
48
109%
102%
5
6%
15%
32%
23%
91
33%
98
73,4
38%
I8 I.4
54
10 %
25
58%
118
11%
5%
9
241,4
57%
7234
40
21%
104
88%
44

58

58

2 ,2 0 0
100
100
3 ,600
200
2 ,6 0 0
4 ,7 0 0
1,800
400
400
3 ,300
5 ,400
100
200
6 ,000
2 ,300
1,300
200

400
300
800
2 ,3 0 0
2 ,400
100
800
6 ,650
200
400
300
600
100
100
100
600
400
500
200
9 ,0 0 0
2 ,900
3 ,8 8 0
7,5 0 0
300
300
1,700
7,200
400
300

34% 35%
78
78
86% 89%
38%
*37
40
*37
*11% 12%
*20
23 %
*35
37%
7%
7%.
*19
19*4
82% 83%
23% 2 3 ‘ 2
62% 02'%
15% 15%
*38% 44
120% 1215*
*70
71
*8%
9%
*10
17%
10% 10%
40% 41%
24
24
14% 14%
32
*27
*21% 22%
*02
03%
9%
9%
21
*19
37
*35

35
35%
*773.4 80
8734 89
*37
3812
*37
40
113.4 12
*20
21
*35
37%
*7%
7%
*19
193.4
83
83%
23% 237,,
02% 03
*15% 10
*40
44
12178 122%
*70
71
8%
8%
*10% 17%
10% 10%
41
417*
25
25
*14% 15
32
*28
*21% 22%
*62
03*2
93.4
*9%
*19% 21ft
*35% 37

*34% 35
797g 80
87% 883g
*37
38%
*37
40
*11% 12%
23%
*20
*35
37%
7%
7%
193.4
*19
83.%
83
23% 23%
62% 02 %
15% 15*2
44
*40
1213* 1217g
*70
71
8%
8%
*10
17
1034 10%
41%
41
*24% 25%
14% 141,4
32
*28
22% 22%
63% 03%
03.4
*9%
*19% 21
37
*35

351.4 35%
79
79
z88
90
*37
38%
*37
40
*11% 12%
*21
23%
*35
37%
*7
73t
1934 1934
83% 84
24
24%
62% 03
*15% 10
40% 40%
121% 1223,4
*70% 71%
8%
8%
16% 10%
11
11%
41% 41%
25% 2514
14*2 14%
32
*27
*21% 23
*02
03%
9%
*9%
*19% 2 l.i3 6 ^ 30%

35
35%
7934 793.4
88% 90
*37
38*2
*37
40
121,4 12%
*20
231.4
*35 '< 37%
73.4
73t
19*2 20
8334 84
24
24%
63
03
*15
10
*40
44
1213,4 1223.4
71
71
*8%
9'
*16% 18
10% 11%
40% 41
20
*25
14*4 143,4
32
*28
*21% 23
*62
73%
93g
0%
20% 20%
*35% 30%

4 ,4 0 0
900
8 3 ,2 0 0

*15
40

16%
40

2%
1%
31%
82%
*89
*93
GO
*75
45%
*93
823*

2*4
1*4
33
823.4
91
90
07
85
4734
94%
841*

♦15% 17
407g 41
64
64
2%
4
21.4
13.1
33
337*
823.4
*82
91
92
*92
96
*06% 69%
*75
85
463.4 47%
*93% 943.4
837g 84%

16%
41%
637S
3%
2
34
*82%
92
*92
*66%
*75
46%
943.4
84

171.4
42%
05
4%
2%
34
8234
92
95
68*4
85
47%
94%
84%

173g 187
‘16 2 45
04 . G5U
, 3% L 4
12% [* 2%
333.4 34%
82% 82%
921.4 92%
*94
94%
*00% 08
*75
85
47% 48%
943t 943,4
84% 85%

17 ’ 17%
45
45%
04
04
3%
4
2 % ;r 2%
34% 34%
*821.t 823.4
92% f 92%
94% 94%
08 . 68
*75 ' 85
47% 7 48%
*93% 95
84% 80<B

3 ,600
2 ,900
1,900
2 5 ,900
2 0 ,200
10,800
300
810
10
1,000

39% 39% *397S 42
40*2
*40
42 .
*70
80
580
*70
80
*70
80
17%
10% 1634
16% 17%
17% 17%
70%
75% 70
7034 77
77% 77%
31
3234
30% 31
31
32
31
50
*45
50
*47
50
*45
50
54
54
54% *53
54
53
53%
4034
42%
413.4
4134 417g
40
42
79% 80%
80%
S0% 80%
80% 80%
6334 643.4
67
65% 60% *65
07*,
99*2 *97t2 99% *98
99% *97% 99
0
*5
5
7-3
5
5
5%
44% *41
*41% 43% *42
48
44}
130 *111% 130
*115
130
*115
130
78
77% 78%
76% 77
7734 78%
105% 105
105
105
104% 104%
105
07% 08
68*2
68% 71
72
71
112% 111
111% 111
111% *110% 113
110 *109% 112
1103 4 111% *109% 112
126% 119
126% 123% 129% 117% 122%
95% 90%
95% 90%
95%
95% 901.4
162
100
100
100
1 0 0 * *158 , 102
98
*93
98
*93
9 8*
*93 : 98
59%
5878 59%
58
59%
59 ' 59%
94% *9312 94%
941.4 94%
9 4 % ' 94%
27%
26% 27*4
27% 28% *2 6 % ] 28
19
18% 19
18% 19
19% 1 20%
52% *51% 54
52
*50
51% 62%
07%
66% 07%
07% 08%
67% 68%
104% 101
103
*102
104% 103
103 .
04
64
64
*04
00
*64
06
88%
84
87%
86% 883.4
87% 881,4

41% 42%
*71) i 80
173g' 1834
77% 80%
32% 33
49% 1 49%
53
53%
42% 42%»
80 -J 80%
6G3g 6734
*98 4 9 9 ,
*5
0
*42 7 43%
*115 |139?.
7734 79%
*105 , 105%
713.4 >74%
111
111%
*109% 112 g
121% 127
9534 > 96%
*100
165.,
*93
98
59 ri 00%
94% 941,4
2 7 % ': 27%
19% 20 ■
*51
54T
08
09%
105
105
*04% 1 60 f
923.4

4134,1 4211
*70 •» 80
1838 19
79 r SOI32% [3 2 %
49 . 49
54 '< 54
42-% 42%
*801.4' 80%
67
68%
*98 t 99
5 1 5
*43 0 44
*115
128
79% 80
*105 1106
74
75
111 % '112
*109% ' 112
125
129
90
90%
*100
168
*93 ’ 98
5934' 003s
94% 94%
26% ! 27
19% 19%
*50
54
z67
67%
10134' 105%
65
65
9 0 % ' 9234

2 ,400

16%
40%
05
27S
1%
33%
83
91
94%
6834
85
473i
94%
84%

92% 92%
81
81
80% 81
*105
105%
24*8 26%

*9038 93“
____
____
79% 8078
105
105
2 5 ’ 4 27

*9 0 "
93~
81
81
803.4 82
104% 105%
26% 27%

*90*

80% 81%
IOU.4 104%
2 6 % '*2 7 %

• Bid and asked prtoes; no suiea on tuia day.




94~

88 J

*92 B 94% 1 94 *
04*
85
— - 1
85
8 1 % ' 83%
83% 84%
104%’ 104% 1104% ’ 104%
26%** 2 7 * * 26% '* 27%

t E x-nguis.

I .i.eaa man

700
000
800
4 ,000
5,000
1,175
200
100
11,800
400
500
100
4 ,3 0 0
4 ,900
1,400
1,600
100
100
200
100
500

3 1 ,000
300
9 ,700

8,000
4 ,000
2 ,000
400
700
8 ,000
1,800
6 ,000
2 ,800
11,300
500
2 0 ,9 5 0
2 ,3 0 0
300
100,800
5.9 1 0
200
9 ,0 2 5
500
4 ,2 8 0
7 ,400
1,500
5 0 ,350
3 ,000
* 300
6 7 ,800
"2 6 6
700
6 1 ,300
2 ,000
1.700

In a s t lr a ,

.
aaa

PER SHARE
Range for Previous
Year 1917

Highest.

Lowest.

R a ilr o a d *
Par
A to h T o p e k a A S a n ta F e . . l 0 0
Do
p r o f __________________ 1 00
A t l a n t l o C o a s t L in e R R . . . 1 0 0
B a lt i m o r e A O h i o ___________ 1 00
Do
p r e f __________________ 1 0 0
B r o o k l y n R a p i d T r a n s i t . . 1 00
C a n a d ia n P a c i f i c ____________ 1 00
C h e s a p e a k e A O h i o __________1 00
C h i c a g o G r e a t W e s t e r n ___ 1 0 0
Do
p r e f __________________ 1 00
C h ic a g o M llw A S t P a u l . . 100
Do
p r e f __________________ 1 00
C h ic a g o A N o r t h w e s t e r n .. 100
Do
p r e f __________________ 1 0 0
O h io R o c k I s l A P a c t e m p o t f s .
7 % p r e fe r r e d t e m p o t f s _____
0 % p r e fe r r e d t e m p o t f s _____
C l e v C ln C h l o A S t L o u i s . . 1 00
Do
p r e f . . . ......................... 1 00
C o l o r a d o A S o u t h e r n ______ 1 0 0
Do
1st
p r e f __________1 00
Do
2 d p r e f _______________1 0 0
D e la w a r e A H u d s o n ________ 1 00
D e la w a r e L a c k A W e s t e r n . . 6 0
D e n v e r A R .’ o G r a n d e _____1 0 0
Do
p r e f .................................1 0 0
E r i e ...................................................l o o
Do
1 s t p r e f ______________ 1 0 0
Do
2 d p r e f ........................... 1 0 0
G r e a t N o r t h e r n p r e f ________1 00
I r o n O r e p r o p e r t ie s . .N o var
I ll in o i s C e n t r a l ______________ 1 00
I n t e r b o r o C o n s C o r p __ N o par
Do
p r e f .......................... . . 1 0 0
K a n s a s C i t y S c u i h t r n _____1 0 0
Do
p r o f .................................1 00
L a k e E r ie A W e s t e r n _______1 0 0
Do
p r e f ........................... . . 1 0 0
L e h ig h V a l l e y _______________ 6 0
L o u is v i ll e A N a s h v i ll e _____1 00
M ln n e a p A S t L ( a c t r ) .._ 1 0 0
M i s s o u r i K a n s a s A T e x a s 1 00
Do
p r e f__________________ 1 00
M i s s o u r i P a o l fl o tr o t f s _____100
D o p r e f t r c t f s . ................ l o o
N e w Y o r k C e n t r a l ..................1 0 0
N Y N H A H a r t f o r d ______ 1 0 0
N Y O n t a r io A W e s t e r n ___ 1 0 0
N o r f o l k A W e s t e r n ________ 1 0 0
N o r t h e r n P a c i f i c ____________ 1 0 0
P e n n s y lv a n ia ___ ______________ 6 0
P e r e M a r q u e t t e v t o ........... 1 0 0
Do
p r io r p r e f v t o ______ 1 0 0
Do
p r e f v t c ........................1 00
P it t s b u r g h A W e s t V a _____100
D o p r e fe r r e d _____________ 100
R e a d i n g ________________________6 0
Do
1 s t p r e f _______________ 6 0
Do
2 d p r e f ............................6 0
8 t L o u ls -S a n F r a n tr o t f s . 100
S t L o u is S o u t h w e s t e r n _____1 0 0
Do
p r e f ................................. l o o
S r a b c a 'd A i r L o r ___________ 1 00
Do
p r » f .................
1 00
S o u t h e r n P a c lf o C < ________1 00
S o u t t e rn R a i l w a y _________ 1 00
Do
p r e f ................................. i o o
T e x a s A P a c l f l '______________ 1 0 0
T w in C it y R a p d T i a n s l t ._ 1 0 0
U n io n P a c i f i c _________________1 00
I3o
p r e f .................................1 00
U n it e d R a ll w a s I n v e s t ___ 1 00
Do
p r e f ___________
lo o
W a b a s h ______________________ i o o
Do
p re t A ........................ 1 00
Do
p r e t B ...........................i o o
W e s t e r n M a r y l a n d (n e w ) 1 0 0
Do
2 d p r e f ...........................i o o
W e s t e r n P a c i f i c ______________ 100
Do
p r e fe r r e d ____________ 1 00
W h e e lin g A L a k e E R y _ . . 1 0 0
Do
p r e 'e r r e d ____________ 100
W is c o n s in C e n t r a l . . ........... 1 00
I n d u i t r l a l & M l f c e l . 'a n a c u *
A d v a n c e R u t n e l y ___________ i o o
Do
p r e f ................................. i o o
A l a x R u b b e r l i . o ____________ 6 0
A la s k a G o l d M 'n e s ___________ i o
A la s k a J u n e a u G o l d M i n 'g . 1 0
A llis -C h a lm e r s M f g v t c . , 1 0 0
Do
p r e fe r r e d v t o ____ 1 00
A m e r A g r ic u lt u r a l C h e m . . l 0 0
Do
p r e l ................................. i o o
A m e i lc a n B e e t S u g a r _______1 00
Do
p r e i ................................. i o o
A m e r lo a n C a n _______________ 1 00
Do
p r e t ................................. 1 00
A m e r ic a n C a r A F o u t d ’ y 1 00
Do
p r e f ............................... i o o
A m e r ic a n C o t t o n O i l _____ i o o
Do
p r e f ______ ____________1 00
A m e r lo a n H i d e A l e a ' l l r 1 00
D o . p r e f __________________ i o o
A m e r ic a n I c e _________________ 1 00
Do
p r e fe r r e d ____________1 00
A m e r I n t e r n a t io n a l C o r p . 100
A m e r ic a n L in s e e d ___________ 1 00
Do
p r o f................................. i o o
A m e r ic a n L c o o m o t v e _____ 1 00
Do
p r e f .................................i o o
A m e r ic a n M a l t i n g ________ 100
Do
1 s t p r e f _____________ 100
A m e r ic a n S h i p b u i l d i n g . , i o o
A m e r S m e lt in g A R e f in i n g 1 0 0
Do
p r e f .................................i o o
A m e r S t e e l F o u n d r ie s _______100
A m e r ic a n S u g a r R e f i n i n g . . 1 00
Do
p r e f .................................. 1 00
A m S u m a t r a T o b a c o o _____ 100
A m e r T e le p h o n e A T e l e g . . 1 0 0
A m e r ic a n T o b a c c o _________ 1 00
Do
p r e f ( n e w ) ....................1 00
A m W o o l e n o f M a s s ________ 1 00
Do
p r e f___________ ______ 1 00
A m W r i t in g P a p e r p r e f . . . 1 00
A m t.In o L e a d A S ....................2 5
Do
p r e f ____________________ 26
A n a con d a C o p p e r M in in g ..6 0
A t l G u l f A W I 8 S L i n e . . . 100
Do
p r e f __________________ 100
B a ld w in L o c o m o t i v e W k s .1 0 0
Do
p r e f __________________ 100
B a r r e t t C o t T h e ) ................ . 1 0 0
B e t h le h e m S t e e l C o r p _____ 1 00
Do
cla s s B c o m m o n ___ 100
Do
c u m o o n v 8 % p r e f ____
B o o t h F is h e r ie s _________ No var

a

paga.

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

STO CKS
N E W Y O R K STOCK
EXCHANGE

too shares, s Ex-dlv. and fights,

p r a c a d ln g

{

per thare.

$

per thare.

88 M a y l S
81 M a r 2 3
85 Ju n c2 0
80 Jan 30
89% A p r 22
95 Jun e22
57 M a y 2 0
49 Jan 24
53 A p r 25
5712 J an 5
4 8 14 Jan 2
30 Juno26
135
M a r2 5 150 M a y lO
4!>t4 Jan 15
60*s M a r l l
6 Apr 9
8*4 Jan 2
18*2 A p r 9
25 Jan 3
37>4 A p r 22
47*4 Jan 2
66 I4 A p r 11
79U Jan 5
95 Jan 3
891s M a r2 5
125 J u ly lS 137 Jan 29
2412 M a y lS
18 A p r 22
70 Jun c2 7
56^4 Jan 15
65 J u n c2 7
40 Jan 15
38 M a y 14
20 F e b 21
05 Jun elO
58*4 M a y 7
18 A p r 22
23U M a y 2 9
5 0 i* J a n
4
47 A p r 3
45
M a r l4
40 A p r 4
IOOI2 A p r 11 1151* F e b 1
100 A p r 17 *1 8 0 Jan 4
0 Jan 3
2% J an 4
13*8 Jan 2
5 A p r 23
14 A p r 17
17*8 M a y l S
35 M a y 14
23<gJan 16
2 4 * 4 M a y l4
1812 Jan 25
9314 M a y l 4
80 Jan 15
251$ Jan 15
34*8 M a y lO
9712 M a y l 4
92 Jan 7
9*2 Jan 3
6*4 M a r25
47*2 Jan 3
3512 M a y 2 9
151* A p r 17
20 M a y lO
53 M a y 2 0
45 Jan 5
10*2 F e b 19
818 M a y 1
21 F e b 25
18 A p r 23
627* M a r l l
65 Jan 16
110 Jan 2 118 M a r l4
11*4 J u ly 13
7 i2 A p r 17
0 t2 Jan 2
4*8 Jan 5
9 t2 J a n 7
0 i2 J a n 29
247* Jan 2
20 Jan 15
5812 J u l y l 8
41 Jan 15
75*4 M a y 14
6 7 i2 Jan 16
457* M a y 2 9
27 A p r 11
18U J an 22
23 J u ly 9
102 Jan 24 108*3 M a y 14
89 M a y 14
8D 8 J a n 24
47U Jan 2
4314 June27
16U Jun c27
9 i2 M n y 1
58*4 F e b 19
52is A p r 3
37*8 J u ly lO
30 A p r 6
38*2 Junc21
22*8 Jan 2
61 Jan 10
8()l2 June27
95 Jun c2 7
7018 Jan 15
39 M a y 15
35 Jan 12
40
J u ly 0
35
M n r30
9*8 A p r 3
14 Jun 2
23*4 M a y l s
191* M a r l2
4012 Jan 3
3 4 12 F e b 13
8l 2 Jnn 4
7 A p r 17
21*2 J u n cl7
151s A p r 19
80% Jan 24
88*4 F e b 27
20*8 A p r 30
26 M a y l 5
63 M a y l 5
57 Jan 21
1978 F eb 20
14 M a y 4
6 5 i4 J a n 31
'3918 J u n e l3
109*4 Jan 15 1 2 0 l2 M a y l4
7414 M a r l 1
69 Jan 3
4*4 Jan 16
12 June27
10% A p r 9
20 M a y 7
7 A p r 20
11*4 J u ly 8
3918 A p r 12
4 4 i2 J a n 2
20i4 J a n 15
20*2 Jun c2 0
1734 F eb 16
13 Jan 15
32 Junc22
20 Jan 29
24*2 June20
13 Jan 2
64 June27
46 Jan 3
10% Jan 2
_ A p r 22
8
22*4 F e b 18
171* A p r 17
34 M a y 2
39I2 Jan

per share

75
75
*7978
38%
48%
36
126
42

D eo
D oc
D eo
D eo
D eo
D eo
D eo
N ov
6
D eo
171* D e o
35
N ov
621* D e o
85
D ec
1371* D e o
16
D eo
44
D eo
35*4 D e o
24
N ov
61*4 O c t
18
N ov
4478 N o v
41
Sept
87
N ov
10 712 D e o
5
D eo
97s D e o
1 3% D e o
18*4 D e o
lo t s D e o
79U D e o
22*8 N o v
85*4 D e o
6*4 D e o
3 9 12 D e o
131* N o v
40
N ov
81* N o v
23
O ct
60*8 D e o
103
D eo
678 D e o
31* D e o
7
N ov
197* N o v
371* D e o
621* D e o
2 11* Sept
17
N ov
92*8 D e o
75 D ec
40 14 D e o
12 D e o
45
N ov
37
O ct
18*4 D e o
63*8 A p r
601* N o v
34
N ov
337g D e o
12 D e o
22 D eo
34
D eo
714 D e o
1 6 78 D e o
76*4 D e o
2 1 l2 D e o
61*8 M a y
11*8 N o v
62
D eo
1 0 1 14 D e o
6 914 D e o
4% D e o
ID 4 D eo
7
N ov
30 14 D e o
18 D e o
12
D eo
20
D eo
IO I 2 DCO
3 5 i2 D e c
71* D eo
16*8 N o v
33
D eo

Highest
$

per share

107i* J an
1001* F e b
119 Jan
85 Jan
707* Jan
82 Jan
107*8 M a r
65*4 Jan
14i* Jan
41*4 Jan
92 Jan
1251* J an
124U Jan
1721* F e b
381* Ju n e
841* A p r
71 A p r
51 Jan
8 0 Jan
30 Jan
571* Jan
46 M a r
1517* Jan
238 M a r
17 Jan
41 Jan
34*4 Jan
4914 Jan
39*4 Jan
I I 8I4 Jan
381* M a r
100*8 J an
17i* Jan
7214 Jan
257* Jan
581* Jan
25U Jan
53*4 Jan
79 1* Jan
133*4 Jan
3214 Jan
11 Jan
201* Jan
34 Jan
61 Jan
103*8 Jan
627* Jan
2014 Jan
138*8 Jan
llO U J on
67*a Jan
36*4 J a °
731* Jan
67 June
35*4 June
68 Jan
104U Jan
45 Jan
46i* Jan
26*s J une
32 Jan
63 Jan
18 Jan
39>* Jnn
981* M a r
33*8 Jan
701* Jan
19*4 Jan
g s Jan
14918 Jan
86 Jan
11*8 Jan
23*4 Jan
16*4 Jan
68 Jan
301* Jan
23 A p r
41 M a r
181* M a y
48 J u ly
227* Jan
60*8 Jan
6 4 14 Jan

181* Jan
18 J u ly l8
7 i* N o v
45% Ju lylO
371* Jan
19 O c t
65% JulyLS
80 Jan
451* D e o
111* Jan
4*s J u ly 5
1 D eo
8i* M a r
312 Jline21
1*4 D e o
37 M a y 24
32*8 M a y
15
D eo
807* M a r
86% M ny24
65
D eo
951* M a y
92*8 J u ly lO
72
D eo
1031* Jan
90 M ny21
91
D eo
1021* F eb
84 F eb 27
03
D eo
98 Jan
O il* M a y 8
7 8 i* D e c
60*4 M a y 17
63 M a y
291* N o v
97 A p r 30
l l l i * June
87
D eo
87 June26
67
F eb
80*s Juno
118*4 M a y
11034 M a y 1
100
N ov
43 ls M a y 2 3
21
D eo
60i* Jan
lO U * Jan
84 M a y 22
80
D eo
10
F eb
20*8 June20
17U M a r
76 Jan
8 2 Jun c2 6
4 3 14 D e o
107* Aug
87* J u l y
351* M a y 13
63 M a y 13
65 J u ly
35
D eo
02*4 A ug
5812 F e b 1
40
O ct
4 2 78 M n y2 4
15*4 F e b
2918 A ug
8 D 2 J u n o l3
75 N o v
48
F eb
82*4 Jan
7 1*4 M a y lO
40*s D e o
1067* Jan
100 F eb 18
93
D eo
19*4 M a r
1312 F eb 0
8U D eo
7U * J u ly
581S F eb 6
60
D eo
144 M a y l4
93 N o v
88
N ov
112*4 June
8012 F eb 19
07*8 D e o
117*8 Jan
106*4 M a r 2
z99% N o v
75 June
75 Ju ly lO
6 0 ia D e o
126*8 June
110 M a y 16
8918 N o v
12U* Jan
1 1312 M a y 8
106
D eo
145 M a y 24
621* D eo
30
M ay
1281* Jan
109*4 F e b 1
96*4 D e c
220 M a r
123
D eo
170 M a y 13
99 F eb 23
89 D eo
109*4 Jan
68*4 June
60% M a y 2 4
371* F e b
9578 M a r 12
100 June
87
N ov
3U 2 F e b 5
541* M a r
17
N ov
41*8 Jan
21*8 J u ly 3
10** D e o
721* Jan
53% J u ly 1
391* D e c
87 M a y
7 D 2 M a y lO
51% N o v
12U * Jan
I 20 I4 F e b 18
87»* S e p t
00 Jan
64
F eb
05 JulyOO
761* J u ly
43
F eb
101*4 M a y lO
102i* Jan |
93
D ee
100 F eb 28
136 Jau
82
D ec
05 June27
516 Jan
60 U D e o
90 M a y lO
156 Jun
94 M a y lO
*00% D eo
1007s A p r 29
10D * O ot
93
D eo
271? JttlvlO
0 Before payment of first Installment.

11 Jan 19
26% Jan 15
49 Jan 2
l % A p r 27
H2 Apr 1
17*4 Jan 16
72U Jan 4
78 Jan 2
8 9 ig Jan 17
61 Jun elO
83 Juno22
34*8 Jan 16
89% Jan 23
6 SI4 Jan 14
106 Jun 3
25 Jan 16
78 M a y lO
117* Jun 10
60 Jan 2
11 % Jan 2
38*4 Jan 16
62 A p r 26
27 Jan 7
6914 J an 7
531* Jan 16
*95 Jun 4
5 J u ly 10
421* A p r 25
90 F o b 21
73 M a y 28
104 Jan 5
58 Jan 15
98 Jan 16
IO8I4 M a r 2 3
60*4 Jan 5
95 June25
14012 Jan 5
93 M a y 2 7
44*8 Jan 15
92 Jan 4
20U A p r 11
127* Jan 18
41 Jan 2
*5918 Jan 18
97*4 Jan 6
58 Jan 5
66% Jan 16
93 Jan 2
86 Jun 4
74'4 Jan 15
72*8 Jnn 15
90>* Jan 15
91 Jnn 2 1 1

Hx-dlvldoud.

Lowest
$

273

New York Stock Record— Concluded— Page 2
F o r H e a r d o f ga la * d u r i n g t h a w e a k o f s t o c k s u s u a l l y I n s c r t s e . ran s e c o n d p a g e p r e c e d i n g

H IG H A N D LOW SALE PRICES— PER SHARE, N OT PER CENT.
Monday
July 15

Saturday
July 13

Tuesday
July 16

Wednesday
July 17

Thursday
July 18

Friday
July 19

per share $ per share $ per share S per share
1 2 2 i2 1 2 2 1 2
122
1221? *12 1
1 2 U 2 1 2 H2 * 1 2 0 i 2 1 2 2
1 2 2 1 2 1 2 2 l2
*121
121*
12
1134 117*1 117* 117,
121*
12
123* 1234 111 3.1 117*
3012 3058
283* 28-34 285* 31
27*2 28
28l* 28'*
301.1 305*
*407* 4 2 * 4 ♦407* 42-34 407* 407* *407* 423,, *407* 4 1U *407* 4 u 4
19
19
183* 185,
*1812 1912
19
19
I 8 I4 1 SU
*1S‘4 1912
62
*60
607* 0 1 '*
62
601* 601*
6 H 2 013,1
60U *60
6 OI4
68-34 693*
695*
673* 08
061* 07U
67>4 07U
68
67U 07U
104
104 * 1 0 2
104
* 1 0 2 l2 lo t * 1 0 2
10412 * 1 0 2
103U 103U * 1 0 2
341* 3412
34-1* 3312 34
34
34
*34
34i4 34-3* 34l2 3412
853*
85
827*
82
83
8212 85
83
83
83
81
81
105* 1678
167* 107*
165* 165* *165* 167*
I 6 I4 16U
1612 IOI2
41
4U 2
397* 397* *39
397*
40
*39
39-74 40:,i
39U 40
47U 48li
45r>* 455*
44-3* 4512
46
47'4
4512 4512 445* 451*
331* 335*
335* 335*
*3214 3314 *32l4 3314
33
33l2
3312 3334
837* 85
837*
8234 8234 *8212 84l2 *82i2 841? *83
8412
83
72-3,1 72*^4
7234
7234
*69
72
72
72
*70
*69'* 72
*70
44-34 45 V* 447* 4 5 7 *
423* 447*
45-3* 44U 45'*
44
4212 43's
ion* 1 0 U 2 1 0 1 's 1 0 1 'g * 1 0 0 ' 2 1 0 1 1 2
*9912 IOU2 1 0 0 1 2 1 0 0 l2 * 1 0 0
1 0 U2
661* 68-3*
65-3* 6512 6712
64>4 05l2 65
65i2 65-34 0 3 14 655*
9U 2 9U2 *91-r>* 9134
*9012 91
*0 0 i2 91*2 *9012 9U2 *9012 0 U 2
307* 3 l'U
313* 313*
31-3* 3114 317*
3134 32
31l2 31V*
31
813*
81-3* 81-3*
*807* 813*
81
*8034 81-3*
81
81
81
81
565* 5 7 3 4
551* 5 5 1 2
5534 60 U 5314 55
5518 5534
55t4 5712
81*
81,4
8
St4
81*
73.1
8
*7t4
7i2 834
7-34
*7 14
307*
30
287* 29
29
30
2H
29
*28
*28
29
28
*140 147l2 145 1451* *14512 14712 14034 14634 147 147l2 146l2 1475*
152U 156
154 155
151 153
153% 15412 *144 15012 1497* 152
815* 82
8 lit 8 M4
82
*81
*817*
*8 lit 8 D2
81'2 81»2
4734 4612 4734
455* 47
47
40U 47
45
45U
45^2 4512
*97l4 100
*97U 1 0 0
*9 7 14 10 0
*9 7 1 . 1 1 0 0
*9 7 1 .1 1 0 0
*9714 1 0 0
*75
78'2 *7212 781*
77
78i2 *75
77
78l-> 76l2 701?
*77
43
42l2 42l2 4212 4212 4212 4212 43
*4212 43
43 14 4 3 1 4
*83'2 85
85-3.1 §84
84
84li 84li
*8312 85
*8312 85
*84
*
1021*
10212 * _____ 102l2
1021? *
102*2 *
4 4 -3 1
431~2 433*
451*
43U 43i2 437* 451*
43l2 4312
*4212 43 '2
5234 53l2 53
533i
53
531* 541.1
53%
52
531*
53 '4 5312
*16
17U 1712 *1012 1734
1734 *16
18
17 '1 *16i4 17
*16
59 '2 *58
59'* 00
*58
59
60
58
6012
*50
0012 *58
*1251* 1205* 126 126
12512 12512 *125 427-2 *125 12712 *125 12712
2734
*20-34 27-3.1 25-34 2012 2 634 27-3* 27
27li 273.4
2712 27
99-3* 985* 1001*
991* 99-34 *9312 96
97U 9834 98
95*4 991*
307* 3U*
303* 31
30-5* 29% 30
30
29*2 29-34 29-34 30
37-3* 36l4 37
36
351* 3512
37
37-l4 37
373.1
36
3612
03
63
617* 617*
*01
*61
63
63
01l2 *61
*61
6 U2
5()3,t 50-3.1
49
49
z48
*48
51
50
51
*491i 52
48>4
33-3* 33*4
333t 341*
335* 335*
33'4 32-34 33
331* 3334
§33
83
84
84
81
8314 8214 821.i
83
84l2 837* 8412
*81
19-34 20
19 >2 19
10
*18'2 19
18'2 18'2 *18
19U 20
26l4 20U
*24l2 20i4 *241* 2014 25l2 25*2 *24l2 26l4 25-34 26
*67
75
70
70
*67
*69'2 70
*60U 75
75
*7 1
*73
75
*74
*74
75
75
*73
7512 *74
75
*73
75
64
*64
65
*63i2 05
64
*6312 05
*63l2 65
*6312 65
29-3* 293.4
2!)
*28
29
27'* 28
20
2831 29
*27l2 28
56-34
56
50i2 55
56
5512 56U
56
55
5412 55
55
227*
227* 23-3*
22
22
22
22
*1912 20-34 21U 221*
*2 0 12
9734
973.4 991.1
9734 985*
9812 10 Hi 100'* 10134
98 14 98-34 96
07
*05
97
*92
297* 30
291* 293*
29
29
29
29*2 29 3 4
29
29U 29U
51-3* 503.1 51-34 51-2 521*
51
51*4 527*
52U 525* z49>2 51
677* 677* *67
61-34 6 5 1 4 *04
67
6912
*6512 08
*100
*100
*101
*100
19
187* 19
171* IS
18
18i2 1912
1914
19
I 8 I4 18U
51
5012 51
53
*51l2 53
51 >2 5U2
51*2 *5012 52 >2 *51
*94 100
*94 100
*94 100
*94 100
*94 100
*95 100
5912
*58l2 59l2 *5812 59i2 59'2 5912 *58I2 00
*58‘2 60U *59
*101 104 *101 1041.1 *10H2 10tl4 *101l2 104l4 104 I O H 4 *10312 1041.1
1934 19-34
195* 195*
197* 20U
19-3i 19*4
20li 2()l4 20U 20-3*
*123
123
+
123
123
125
*12312 130
125 *123 130 *123 130
*40
42
42
45
*40
4212 *40
*42
45
45
*42
45
36-34 3612 371.1
385*
39-3*
36
38
37>2 3V7*
38
*36*4 37
115*
107*
1
1
1
1
115*
11
111*
11
*11
11
* 1 1 '*
1U2
297* *291* 297*
2812 28’ 2 2312 281* *2812 2912 *2812 297* * 2 !)
___ _ _____
*92
93
* 9 U 2 94
*9212 93
94
94l2
* 9 1 12 94
*43
*43
45
4412
44
4418
45
*43
*43l2 45
4412 *43
S

ver share

395* 393*
*95
97
52
*50
*803* 8 H ?
* o n 2 0 0 12
* 9 3 l2 96
10 2
*99
*112-3* U 5
5934 5934
* 9 8 l2 9 91 2
2 4 I4
241.4
91
9 lit
* 9 9 l2 1 0 0
105
*10 0
812
*7
140
*135
*16
17
3112 3 2
05
*0 0
4434 4 5
♦841* 9 0
441 2 441 2
97
*95
l l ) 12 1912
1471 2 1 48
633* 637*
94
*91
*10214 1 07
75
*65
3934 393,4
973* 995*

$

per share

*27*2
*38
*957*
50
*803*
64
*9 3 1 2
*10 0
*112

571 2
*98*2
24
88*2

*10 2

112

991 2
98
* 7 '*
*135
16
301*
*60
4.3*2
*841*
*40
*95
1 9 lt
140
615*
*92
* 1 0 2 lt
*05
*3 9
955*
*105

*124
*15
*42
1231 2
*93
61)12
1061*
42
*427*
10U *
1103*
*80U

125

124 34

50
*104
7U 2
* 8 0 l2
*42
*60
*4 1 1 2
1 9 i2
*8 U 2
60-34
*112
*112

551*
*80
*60

291*
38-3*
97
50*8
8 U2
OU4
96
10 2

S

Week
Shares
' 300
3,770
5,700
100

750
900
8 ,0 0 0
100

1,900
1,800
3,500
2,300
6,600
2,700
1,400
500
137,900
500
2 2 ,2 0 0
100

12,700
600
23,900
5,500
3,400
2,400
12,500
1,400
4,700
200
1,200
111
2,915
15,990
200
2,300
200
8,100
70,400
11,700
9,800
200
900
7,805
2,000
1,900
400
100
200
1,500
4,300
2,500
47,200
1,300
23,900
400
3,800
1,400
100
200
1,200
100
10 0

13,600
3,100
528
300
300

10
1514
45
*40
1207*
1 24
97
§94
OOlt
593*
1001* * 1 0 0
42
*42
*427*
50
IO 434 I O U 2
110-3.1 1 1 1-34
813.4
80*2
12 * 2
*12
121*
5 0 l2 z 471 2 4 8 lt
49U
*104
*103
1 09
108
73
*7 1
71*2 *7 1
88
89
*87
871*
417* 4 2
4 21 2
42U
04
01
*60
*0 0
42
4 U 2 415* * 4 U 2
195*
11)1.4 195*
11)12
82-34
83
*81-14 8 3
60-3.4
60
60
6 OI2
113
1117* 1 1 2 L * 1 1 0
110
*112
116
*112
547* 5 5
5 5 lt
*54*2
91
*87
91
*87
0912 ♦06
69*2 * 0 7

no s a lo s o n t h is d a y ,
x E x -d lv d e n d .




STOC KS
HEW Y O R K S T O C K

§ L o s s t h a n 1 00 s h a r e s ,

t E x -r lg h t s .

Oa

PER SHARE
Range Since Jan. 1 .
basis of 100-share lot*.

PER SHARE
Range for Previous
Year 1 9 1 7

EXCHANGE

Highest.
l n d u « t r l a l & M l s c . ( C o n . ) Par
B u r n s B r o s ................................. 1 0 0
B u t t e C o p p e r & Z i n c v t o ___ 5
B u t t e & S u p e r io 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 ---------------------------- 100
C e n t r a l L e a t h e r ____________ l o o
Do
p r e f . . . ........... ............ i o o
C e r r o d e P a s c 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 __________________ 2 5
C h in o C o p p e r ______________ I 5
C o l o r a d o F u e l * I r o n ______ 1 0 0
C o lu m b i a G a s A E l e o ______ 1 0 0
C o n s o lid a t e d G a s CN Y 1 . . 1 0 0
C o n t in e n t a l C a n , I n c ______ 100
C orn P rod u cts U f i n i n g ... 100
Do
p r e f ................................. 1 0 0
C r u c ib l e S t e e l o f A m e r ic a 1 0 0
Do
p r e f ................................. 1 0 0
C u b a C a n e S u g a r ______ N o par
Do
p r e f ................................. 1 0 0
D is t ille 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 _____________1 0
G a s t o n W & W I n o ..A T o par
G e n e r a l E l e 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 _______1 0 0
Do
p r e f __________________ 1 0 0
G o o d r i c h C o (B F ) __________l o o
Do
p r e f ................................. 1 0 0
G r a n b y C o n s M S * P _____ 1 0 0
G r e e n e C a n a n e a C o p p e r . . 100
G u l f S t a t e s S te e l tr c t f s ___ 100
Do
1st p r e f tr c t f s _____ 100
H a s k e l l * 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 r n a t A g r lc u l C o r p _____100
Do
p r o f .................................100
In tern H a rvester o f N J ..1 0 0
I n t M e r c a n t il e M a r in e _____100
Do
p r e f . . . .........................100
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 ________100
Do
s ta m p ed p r e f ._ _ I lO O
K e lly -S p r ln g r ie ld 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'oO
L e e R u b b e r * T i r e ___ N o fiar
L o o s e - W il e s B is c u it tr c t f s . 1OO
Do
2 d p r e f _______________ 100
M a c k a y C o m p a n ie s ________1 0 0
Do
p r e f . . ............................ 1 0 0
M a x w e l l M o t o r , I n c _______ 100
Do
1st p r e f ______________ 100
Do
2 d p r e f _______________ 100
M e x i c a n P e t r o le u m _______ 1 0 0
Do
p r e f .................................i o o
M ia m i C o p p e r __________________ 5
M id v a le S te e l * O r d n a n c e .l50
M o n t a n a P o w e r _____________1 0 0
Do
p r e f ........... ..................... 1 0 0
N a t C o n d u i t * C a b le N o par
N a t E n a m ’ g * S t a m p g . . . 100
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 .................
io o
N e v a d a C o n s o l C o p p e r ______ 6
N o 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 _______ 100
O h io C it ie s G a s ( T h e '_____25
O n t a r io S ilv e r M in i n g
" ICO
P a c if i c M a ll S S .............................. 5
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 4 C ( C h i c ) . . 100
P h ila d e lp h ia C o ( P l t t s b ) . __5 0
P ie r c e - A r r o w M C a r ___ N o par
Do
p r e f __________________ 100
P it t s b u r g h C o a l o f P a _____100
Do
p r e f __________________ 100
P r e s s e d S t e e l C a r ___________ in n
Do
p r e f __________
100

*28
2 9 l 2 *2812 2 9 i 2
28*4 2834
100
387* 3 9 U
3814 3 9
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97
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971.4
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96
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100
99
99
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100
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10 0
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113
115
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100
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60
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94
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100
1 00
100
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200
Do
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100
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10 2
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7 i2
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1 40
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1 42
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_____
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17
16-34
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31-3.4
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90
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195* 197*
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93
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106
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75
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74
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74
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_____
40
40
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99
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1 15
1 15
110
110
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100
Do
p r o f ... ...................... . 1 0 0
12 4 3 4 * 1 2 4
1267* 127
1 27
1 28
128
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1434
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123
124
1261.4 1251.4 127
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* !)3 l 2 9 51 2 * 9 3 l 2 9 5
90
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1 50
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p r o f ........ ........................ 1 0 0
6 2 l 2 0314
621* 625*
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62
0 3 14 1 8 ,7 0 0 U n it e d S t a te s R u b b e r ____ 100
105
§105
10 112 10 ll2
106
1 0 4 1, 10 H i
310
Do
1st p r e fe r r e d ..............1 00
■137* 437* * 4 3 1 4
44
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43-3* 4 31 2
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*43
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50
50
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50
Do
p r e f ................................... 5 0
1051 2 1041* 1053* 1 05
10812 1 07
109
0 5 7 ,0 5 0 U n ite d S t a te s S te e l C o r p . . 100
112
111
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2 ,5 0 0 ,
Do
p r e f__________________ i o o
8 H2
8 2 34
8 0 t 2 81
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83-34
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13
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13
13
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493.t *4 9
50
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50
50*2
5 ,3 0 0 j V lr g ln la - C a r o lln a C h e m . . . 100
*104
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109
*104
108
*103
108
Do
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73
7 H 2 71 >2
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73
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871*
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64
64
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42
42
42
42
42-34 431*
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195* 19-3.4
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19-34
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l
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s
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v e r la n d ( T h e ) ______ 25
82-l4
82 It 8 21 , *8 2
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83
300
Do
p r e f ( n e w ) ....................i o o
6 D4
6 U4 I
601*
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61
62
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113
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113
113
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*112
116
116
116
*112
110
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p r e f ..................
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56
58
56
6
1
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591 2 597*
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91
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p r e f A ...........................1 00
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6912 * 6 7
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p r o f B ..................
io n

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2
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Jan
3
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1021* M a r l 4
29 14 M a r 6
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J u n e l9
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1273 4 J a n
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1063 4 J a n 15
79
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38
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96 J a n 1 0
74
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381* J a n 17
84
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34
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425* j a n 15
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Jan
8
38
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241* J a n 15
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89»4 Jan 26
42
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13334 J u n e 8
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1 16 4 J a il 16
ID * A p r
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321* A p r 1 2
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33*4 Jan
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9 8 J a n 16
50
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381* J a n 17
59
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F e b 20
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51
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3

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Jan
291* N o v
Jun
55 D eo
Jan
97 D ec
F eb
25 Deo
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56 N o v
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111* N o v
M ar
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Jan
103* N o v
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1214 N o v
64
Jan
55 Jan
8 9 *4 F e b
70
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61*4 J a n
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99 D ec
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38'4 N o v
101
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11
Nov
114«4 Deo
243
J »n
421* Deo
80»* A u g
1 05
M ar
*80 Dec
1 07
Aug
*83 Deo
112
Jan
59>* Deo
4 9 % June
34i* Deo

4 io n

per

52U
42U
301*
62U
10U *
1157*
41
1 04»4
275*
63*4
58
477*
1345*
103U
37U
112 5 *
917*
117*4

1277* Aug

120 *4 M a r

154**
24 1,
03
17U *
10 6

67
114 *4

67*4
5 2 14

1305*
1 2 U4

118*4
24*4

46
m i*
77
9934
66

7 0 '*
5 21*
3 8 i,
1 00
84U
161

Jan
June
Jan
June
Juue
Aug
Jan
Jan
Jan
M ay
Jan
M ay
Jan
M ay
Jao
M ar
Jan
M ay
Ja n
Jan
JaD
M *r
M tr
Jan

12618 JaD
373* J u r e
9 714 J u te

63
*l

JU Le

in Jan

New YorfcSt-oe* Qxcaia'H ~t\ »n i Record, Friday, Weekly and Yearly
1909

the Exchange method of quoting bonds tons chanted nod prices ire notp— and interest —except for interest and defaulted bonds

BOND*
N . Y (STO CK E X C H A N G E
W eek en d in g J u ly 19

interest
Period

274*

Price
Friday
July U
Bid

U . S. Q s v ir iu n t n t .

U S

4^8

c o n v e rte d

J -D

9 9 .6 6

Week,
Range or
Last Sale

BONDS
N . Y STOCK EXCH AN G E
W e e k e n d in g J u ly 19

! i

Ask Lois

High No.

Sale 99.53

9 9 .66 3705

J - D 0 4 .6 0
M N 9 4 00

Bale 93.90
Sale 93.90

9 4 .60 507
94.14 5790

J -D

Sale 93.93

9 4 .5 0

0 4 .5 0

349 93.90 91.56

fro m

M - N •93.96 Sale 93.S0
9 4 .14 3312 93.80 94*4
M - S 9 5 .9 1 Sale 95 76
96 0-1 7170 95.32 »U-IV
98*4 J u ly ’ 18 ____
98
97
98*2
U- J
97*« A pr ’ 18
US
97*« 97*4
Q- J
q- F
99*2 M a y ’ IS
99
99*2
99%
99% M a y ' 1{
98% 99%
q - F
99*4
105 103%
q - r 106*2 _____ 106% J u Iy 'lJ
105 1003a
106% J u ly ’ IS
Q - F 100*2
q- F
98
9 8 J u n e IS
98
98
q -N
98
97*8 F«*» l «
97*g 97*s
_____ 85 Jun e’ IS
85
85
85
U S P a nam a C a n a l 3a g ____ 1901 q - M
85
83 M a y 'IS
83
81
R e g is te r e d ...................
1961 Q - M
f
100
F rb 15
U S P h ilip pin e Isla nd 4a. n i l 4-34 q
F o r e ig n Q o v o r n m o n t .
Aiaer F oreign Secur 6 s .......... 1919
A n glo-F ronch 5 -y r 6s E x ter lo a n .
Argentine— Internal 6a o f 1909 ..
B ordeaux (C it y o f) 3 -y r 6 ___
C hinese (llu k u a n g R y ) — 6s o f ' l l

F - A
97*8
93*2
A O
83
m - e
93*s
M- N
J D : 65*2
98%
m- h
9 2 14
r - a
F - A
8OI2
95*s
D om inion o f C a n a d a g 5a ..1 9 2 1 A O
923s
A -O
Do
do
91%
A -O
Do
do
98*s
Frenoh Reput) 6 H a secured loa n .
F - A t 87
J - J t 89
80*4
J - J t 71*2
93*4
M- N
93*4
M -N
q - J t 41%
30
G o ld d e b t 4s o f 1 00 4........... 1954 J - D
87
Parte, C ity o f . 6-y ea r 6s ____ 1921 A - O
82
T o k y o C it y — 5s loan o f 1913____ M - S
99-*4
U K o f Q t B rit Ac I 2 -y r 5 s . .1 9 1 8 M - S
97%
M
N
3-year 5 H % n o t e s .............1919
95*4
6-year 5 H % n o t e s ______ 1921 M - N
99*8
C on v ertib le 8 H % n o t e s . 1919 F - A
IT t e n are prices on the basis of *5 la It
S ta ts a n d C ity S e c u r it ie s .

S Y C it y — I H s C o r p s t o c k . I960
4 H s C orp ora te s t o c k ____ 1964

4 % C orp ora te stock reg .1 9 5 6
N ew 4 H S ............................... 1957
4 H % C o rp o ra te s t o o k .._ l 0 6 7
3 H % C o rp o ra te s t o c k . . . 1954
S Y State— Is........................... 1961
C anal Im p rov em en t 4 .1 ...1 9 6 1
C anal Im p rov em en t 4 s . . . 1902
C anal Im p rov em en t 4 s___1960
C anal Im p rov em en t 4 H s . 1964
C anal Im p rov em en t 4 148.1065
H igh w ay I m p r o v 't 4 H s . . ! 9 6 3
H igh w ay Im p r o v ’ t 4 H i - - 1 9 6 «
Virginia funded d eb t 2 - 3 S ...1 9 9 !
6a deferred B row n B ros otfsR a lt r o a d .
A n n A rb or 1st g 4s
........... »1995
A tch ison T o p e k a St S an ta F e g e u
I 4 9 ....................................
R e g is t e r e d .......... ............... 1995
A d ju stm en t g old 4s.......... 41995
Registered ...................... 41996
S t a m p e d ............................41996
C on v g old 4 s ............................1956
O onv 4a Issue o f 1 9 1 0 ____ 1900
East O kla D lv 1st ( 4 s . . . 1928
R o ck y M tn D lv 1st 4 s . . . 1965
Trans C on S h ort L 1st 4 s. 1968
C al-A rlx 1st * ref 4 H a ’ A "1 9 0 2
S Fe P r e s * P h 1st g o s . . . 1942
4 t l C oa st L 1st g old i s ____ 41962
G en unified 4 H a ........... . . 1 9 6 1
Ala M id 1st gu gold 6s . . . 1928
Bruns 4 W 1st gu gold 4s. 1038
Charles * Sav 1st gold 7 s. 1936
L A N c oll g old 4 s ............ 01952
flav F * W 1st g old 8a ____1034
1st g old 5 s ............................1934
dll 8 p O ca * G gu g 4 s ____1918
Halt A O hio prior 3 H s ..........1925
R e g is t e r e d __________

(ft 8
- e
A - O
J -D
M- 6
M -N
M- N
ft! N
M -N
M- N
M -N
M -N
M- 9
I - J
J - J
J - J
m

90
06*a
96
101
101
91
91
91
90*4
101
101
81*2
98*2
98*2

98* a
J - t 108*2
J - J 103
M - 8 108
M - 9 100
J - J ----- -46*8

Q

J

A - O
A - O
N ov
N ov
M -N
j -n
J D
M 9
J - J
J- J
M 9
m - a
M- H
J D
M- N
J
J
J- J
M -N
A O
A O
J - i
J■J
q - j
A 0
q - j

51*8
81
79
... .
74*4
—
82
84*4
—
70*a
83*a
80
78*2
—
95*4
76*4
107)S
71
- - 95*4
—
86*4
_____
77*2
78
78*2
97
81*t
*75
82*2
83*2
91
9812
91%
83

J D
Pitts June 1st g old 0 s ....... 1922 J - J
PJuno * M D lv 1st g 3 H » 1925 M - N
i’ L E 4 W V a S y s ref 4 s. .1 941 M - N
J
J
M- 6
Cl L or * W con 1st g fis. _ 1933 A - O
M onou R iv er 1st gu « 5 s . . 1910 f - A
O hio R iv e r R R 1st g fis. . . 1936 J - D
G eneral g old 6 s.......... ..1 9 3 7 A - O
Pitta C lev 4 T o l 1st g 0s . 1922 A O
99*2
M- S
•u ffa lo R 4 P gen g 5 s____ 1937
C on sol 4 H s ........ ....................1957 M N
87*2
All 4 W est 1st g 4a g u ____ 1998 A - O
74*4
Clear * M a b 1st gu g 6s . . 1943 J - J
R o ch 4 P itts 1st gold 0 s . . 1921 P - A 100%
C o o e o l 1st 8 0 s .................. 1922 J - O 100%
a n a d a S o u con s gu A 6s . . . 1902 A O
73
Car C lin ch 4 O h io le t 3 0 -y r 6s ’ 38 J - D
97*4
ce n tra l o f G a 1st g old 6 s . .p l 9 4 5 F A
87
C on sol g old 6« ....................... 1945 M N
05
C b att D lv pur m on ey < 4s 1961 1 D
M a o * N o r D lv 1st ■ 58 .1 9 4 0 J - )
84*4
J J 85
M l d G a A A t l D l v S s ____ 1947
M ob ile D lv 1st g 5s.............194ii 1
J
84%
83
Osn R R A B o f G a co l g 5 s_. 1937 r e - N
OSDt o f N J gen ’ l g old 6s ____ 1987 j
J 10 1
R e g is t e r e d .................... .4 1 9 8 7 q - j 100*3
Am D o ck * fm p gu 5 S ...1 9 2 1 j
J
98*2
94
j
Leh 4 H u d R lv gen gu g 6 « .'2 0 j
92
N Y * L on g B r gen g 4a. .1 9 4 1 M - 3
Cant V erm on t 1st gu g 4 a ..« 1 9 2 0 q - f
07*8
◦ h e s a 4 O fu n * 4 lm p t < * ..1 9 2 9 j - j
1st con sol g old 5 a __________1939 M - N
95%
R egistered
............. . . . 1 9 3 9 AT N * -------

Sale
Sale
80
Sale
70
99%
93
82
Sale
Salo
Sale
Sale
Salo
Salo
Salo
Salo
Salo
-10
Sale
82*4
Salo
Salo
Salo
Sale

97*4
93*2
Jun o'IS
94*2
J u n olfc
98*4
93*2
Apr T 8
95%
93*2
9134
98%
87
89
81
Ju n e 18
94*4
94*2
J u n e'lS
D ec ’ 17
89%
82
99%
98
95*2
99*4

Sale
96*4
90*4
101*4
Salo
Sale
O l'i
91*2
91
101*4
101*4
Salo
99*4
101

96
96*4
95%
90%
90*4 J u ly '1 8
10 1%
101*2
100%
101*2
91
91%
91
91%
91% J u ly ’ 18
8 9 14 Ju n e’ lS
IOU4
lO U i
101*4
101%
81%
81'2
101
J u ly ’ 17
98*2 J u ly ’ 18
100
N«.v 17
99% 95 M a y 18
_____ 107*4 J u n e '18
104*2 Jun e’ lS
105 A pr '1 8
_____ 100*8 Ju n e’ lS
/9
74
D eo ’ 17
50
50 M a y ’ 18
53*2
Salo
80%
74*2
Sale
85
91*2
79
Salo
100
79%
78*4
09
80
_____
71*2
_____
97*2
Salo
Stile
Sale
Salo
83
_____
Sale
.- . .. .
- ..
.
.
83
107
09*2
.. .
107
89%
84
Sale
_____
101*8
90
93
102
101
99*2
101*4
94
Salo
97

•No price Friday; latest this weok. a Due Jan.




97
92%
82%
92
65
98*4
93
84
95%
92%
91
97%
85%
S8
80*t
73%
91*s
92
40*2
33%
82*2
82
09*4
07%
91*4
99*8

d

52

175
1139
182
3
11
8
12
25
308
4
8
39
275
183
____
478
40
188
253
72S]
10 1

30
7
10
20
11
25

94*8 97*4
88*4 93*2
83*2
78
94%
34
53*i 65
90*2 100
90*4 94*4
84
80
93*4 96*4
907, 95*4
88% 91
98%
94
S0% 92*2
•S3*, 92%
81
77
73% 76
94*4
84
94%
84
42%
40
81% 89*4
68
82*2
09%
97
95*4 98
91% 05*2
91% 100

87*4
87%
87%
93*4
03
85
85
85
85
93%
03*2
70

1
15
1
-..
____ '94*4
____
—
—
—
____

"94**4
105
10 1%
104*2
100%

08*2
96
107*4
104*2
107*2
101*4

4 4 " "52 "

— -

J u n e 'lS •- - -

59

52

80%
81*i
8 0 Apr 18
74 J u n e’ lS
73*2 JUno'18
73*2
74%
8 4 J u n e '18
85
85
91*2 O ct ’ 17
79 J u n e 'lS
76*2
76*2
83*2 J u ly ’ 18
99*1 J u ly 17
78%
'79
79*2 J u ly ’ IS
95% June' 18
85
S e p t '17
129% A u g '1 5
71
71
115
J u l y '17
105
J u ly '1 5
99*2 M a y ’ Is
8612
87
90*2 S e p t’ 17
77*3
77*i
02*4 M a r ’ 17
78 .
79
78
78%
112 Jan 12
81*4 J u ly ’ IS
74*s J u u o 'lS
82*2
82*3
100 Apr ’ 17
96*2 Ju n e’ 18
101*4 N o , TO
99*4 O ct '1 7
83
M a y ’ 18
99*8 M a r 'i s
99% J u n e 'lS
99*2 O c t '1 7
97
N o v ’ 10
103*8 Feb 10
lo i
M a y 'i s
103*2 Apr 'I S
90*4 J u n o '18
81
D ec 17
97*4 M a y 'IS
85%
87
73
A u « ’ 17
90
M a y '18
97% J u n o’ 17
84*i
84*i
83 Ju n o 18
10 1
102
100*3
100*8
98*2
98*2
100 Apr ’ la
100*2 Ian '*<
67
J u ly ’ 18
90
04
95%
96*i
101*2 Jan ’ 17

72
____
____

Dua April,

Due May.

e

96*2
06*4
06*4
10 1%
10 1%
91*2
91%
91*8
89*4
10 1 %
101*2
82*2

80
80
71*4
73*2
20 71%
___| 81*2
10 82

85*8
80
70
73*2
78
87
87*4

8
___ 1

79
79
7013 80*2
85
79

0
____
..

77 ; 84*4
82*2
75
95% 05%

___
l ' " 7*0 '

73%

09
99*2
39 85*3 89*2
___1
26 " 7 5 ' ~78%
_ |
8 70*2 80%
30 78
83*2
____
___ _
1
____
___ _
____
____
- ___
____
....
____

81*4
72
81

8312
70
85

95%

90*2

88
99*8
99

88
9 9 's
9 9 78

101
103
99*2 103*2
86% 91 >4

____

9012 *97*4
85
90

7
....

90

1

84*i
83
ii* KM)
3 100*3
10 9S 's
100
.. ..

07
01
100*8

2
ul
—

90
'81*4
83
1U4
104
99*i
100

l
g

| |

C h e s a p e a k e it O h io (Con)—
•Jeaoral g o ld « H * _________ 199 2 M - 8
R e g i s t e r e d ___ _ _______ 1 9 9 2
M- 8
2 0 y e a r o o n v e r t l o le 4 H S - - 1 8 3 0 F
A
3 0 - y e a r o o n v e e o u r e d o e . . 10-10 A O
B ig d a n d y 1 s t tn _____
.1 0 4 4 J
D
D
C o a l R iv e r K y l e t g u A s . . 1 94 6 J
C r a i g V a ll e y 1 st g 6 e ______ 1 04 0 J - J
P o t t s C r e e k B r 1 st 4 s _____1946 J - J
R A A D lv 1 st c o n g 4 s . . . 1 9 8 9 J - J
O/l cu
Annanl
Atn ______ lyrSV
1n jn J * J
u a o i (O ld *a_
G r e e n b r ie r R y 1 st g u g 4 s . 1 94 0 M - N
W a r m S p r in g s V 1 st g 5 s . . 1 9 41 M - 8
C h i c <fc A l t o n R R r e f g 3 s . . .1 9 4 9 A - O
Railway 1st Hen 3 H « ........... 1 95 0 J - J
C h i c a g o B u r li n g t o n A Q u in c y
D e n v e r D l v i a _____________ 1922 F - A
I ll in o i s D l v 3 H a ____________1949 J - J
I ll in o i s D l v 4 s ...........................194 9 J - J
I o w a D l v s in k in g fu n d 5 s . 191 9 A - O
S in k in g fu n d 4 s _________ 191 9 A - O
J o in t b o n d s .
See G r e a t N o r t h
N e b r a s k a E x t e n s io n 4 s . . . 192 7 M - N
R e g is t e r e d
1927 M - N
G e n e r a l 4 s ................ .................1958 M - 8
O h io A FI III r e f A I m p 4 s g . . l 9 5 5 J - J
U 8 M tg A T r C o ctfs o f dop
1 s t c o n s o l g o ld 0 s __________ 1 9 3 4 A - O
G e n e r a l c o n e o l l e t 6 s ______ 193 7 M - N
U 8 M tg A T r C o ctfs o f dep
G u a r T r C o c t f s o f d e p ...........
P u r c h m o n e y 1 st c o a l 6 s . . 1 94 2 F - A
C h i c A I n d C R y 1 st 5 s . . . 193 8 J - J
C h i c a g o G r e a t W e a t 1st 4 s . . 1959 M - S
O h io I n d A L o u ls v — R e t 0 s . 194 7 J - J
R e f u n d i n g g o ld 6 s _________ 194 7 J - J
R e f u n d i n g 4 s S e r ie s C _____1 94 7 J - J
I n d A L o u ls v 1 st g u 4 s . . . 1950 J - J
O h io I n d A S o u 5 0 - y r 4 s ____ 195 6 J - J
C h i o L 3 A E a s t 1 st 4 H 8 . . . 1 9 0 9 J - D
C h i c a g o M i lw a u k e e A S t P a u l—
G e n 'l g o ld 4 s S e rie s A _ . . e l 9 8 9 J - J
R e g is t e r e d .......................... « 1 9 8 9 q - j
P e r m a n e n t 4 s _______________1 9 2 5 J - D
G e n A r e f S e r A 4 H s _____a 2 0 1 4 A - O
G en ref co n v S er B 5 s ...a 2 0 1 4 F - A
G e n ’ l g o ld 3 H s e e r B _____« 1 9 8 0 J - J
G e n e r a l 4 H s S e rie s C . _ _ e l 9 8 9 J - J
2 5 - y e a r d e b e n t u r e 4 s ______ 1934 J - J
C o n v e r t i b l e 4 H s ...................1932 J - D
C h i c A L S u p D l v g 6 f ___ 1921 J - J
C b l o A M o R l v D l v 6 s . . . 1 92 0 J - J
C b l o A P W 1 st g 5 s ........... 1921 J - J
O M A P u g e t 8 d l e t g u 4 s . 194 9 J
J
D u b u q u e D l v 1st s f 6 S . . . 1 9 2 0 J - J
F a r g o A S o u Hseum g 6 s . . 1924 J - J
L a C roA se A D 1 st 5 s ........... 1919 J - J
W l s A M i n n D l v g 6 s _____1921 J - J
W ls V a ll e y D l v 1 st 6 s _____1 92 0 J - J
M l lw A N o 1st e x t 4 H * - - 1934 J - D
C o n s e x t e n d e d 4 H * _____1934 J - D
C h i o A N o r W e e t E x As 1 8 8 6 -1 0 2 0 F - A
R e g is t e r e d ................ 1 8 8 6 -1 9 2 0 F - A
G e n e r a l g o ld 3 H * — ............1 08 7 M - N
R e g is t e r e d ______________p l 9 8 7 Q - F
G e n e r a l 4 s __________ ________ i « s 7 M - N
S t a m p e d 4 s ........... ...............1987 M - N
G e n e r a l 5 s s t a m p e d _____
1 98 7 M - N
S in k in g fu n d 6 s ........... 1 8 7 9 -1 9 2 0 A - O
lS 7 0 -i!W Q A - O
R e g is t e r e d ___
S in k in g fu n d fie______ 1 8 7 9 -1 9 2 9 A - O
R e g is t e r e d ................ 1 8 7 9 -1 9 2 9 A - O
D e b e n t u r e 5 s _______________1921 A - O
R e g is t e r e d ......................
1921 A
O
S in k in g fu n d d e b fie_______ 1 9 3 3 M - N
R e g is t e r e d ............................1 0 3 3 M - N
D e e P la ln e e V a l le t g u 4 H 8 1 9 4 7 M - 8
F r o m E lk A M o V 1st 0 s . . 1933 A
O
M a n G B A N W 1st 3 H s 1941 J - J
M l lw A 3 L 1st g u 3 H * . - 1941 J - J
M i l L S A W e a t 1 st g 0 s * . 1021 M - 8
E x t A Im p s f g o ld 5 a . . 1929 F - A
A s h la n d D lv 1st g 6 s . . 1925 M - 8
M i c h D l v 1st g o ld 08 .1924 1
J
M i l S p a r A N W l s t g u 4 s . 1947 M - 8
S t L P e o A N W 1st g u fis . 1948 J - J
< h l o a g o R o e k Is! A P a e —
Railway g e n e r a l g o ld 4 s . . . 1988 J - J
R e g is t e r e d
.
198 8 J - J
R e f u n d i n g g o ld 4 « _________ 1934 A O
2 0 -y e a r d e b e n t u r e 6 s ........... 1932 J - J
H I A r k A L u l l s 1st 4 H » .1 9 3 4 M
8
B u r l C R A N — 1st g 6 s . 1934 A - O
O R l F A N W 1 s t g u fie . 1921 A - O
C h o e O k la A O g e n g f i s . . 1019 J
J
C o n e o l g o ld 6 e ................... 1052 M - N
K e o k A D e e M o i n e s 1st 6 d 1923 A
O
S t P a u l A K C S h L 1st < H s '4 l F - A
O h io Ht P M A O c o n s 0 s . . . 1 93 0 J - D
C o n s « s r e d u c e d t o 3 H * - - 103 0 J - D
D e b e n t u r e 5 e ._ __________ 1 93 0 M - 8
N o r t h W is c o n s in 1st 0 s . . 1 9 3 0 J
J
S t P A 8 C i t y 1st g f i s ____ 191 9 A - O
S u p e r io r S h o r t L I s t 6 s g . c l 9 3 0 M
8
C h i o T H A 8 0 - E a e t 1st fis . 1 90 0 J - O
C h l e A W e s t In d g e n g 0 s . . < 1932 q - M
C o n e o l O O -year 4 « ___ __
195 2 j - J
O ln H A D 2 d g o ld 4 H s ____ 1937 j
i
C F in d A F t W l e t g u 4s g 1 92 3 M - N
D a y A M i c h 1 s t c b n s 4 H « 1931 J - J
C l e v c m C h A S t L gi-n 4 s . 1993 J O
2 0 -y e a r d e b « % • ........... . . . 1 9 3 1 J
J
G e n e r a l fie S e rie s B _______ 1 9 9 3 J - D
C a ir o D lv 1st g o ld 4 s _____1939 J - J
C l n W A M D lv 1st g 4 S ..1 9 9 1 J - J
8 t L D lv 1st e o ll tr g 4 s . . 1990 M - N
S p r A C o l D l v l e t s 4 s . . .1 9 4 0 M - S
W W V a l D lv 1st g 4 s _____1 94 0 J
J
O I S t L A C c o n s o l 0 s _____1 92 0 M - N
1 s t g o ld 4 s . . ................... * 1 0 3 0 q - f
R e g is t e r e d .................... * 1 9 3 0 q - f
C m S A C l e o n s 1 st g 6 s .1 9 2 3 J
J
C C C A 1 g e n o o n s g 0 s . . 1934 j
j
l n <1 H A W l e t p r e f 4 s ____ 194 0 A - O
O In d A W 1st p r e f 6 s . . . 4193.8 q - J
P e o r ia A E a s t 1st e o n s 4 « 194 0 A - O
Apr
I n c o m e 4 s ..................... . . . 1 9 9 0
C l e v * S h o r t L 1st g u 4 H « - . - 1961 A - O
C o l o r a d o A S o il 1st g 4 s _____1 92 9 F
A
R e f u n d A E x t 4 H « _______ 1935 M - N
O
F t W A D e n C 1 st g 6 e . _ . 1921 J
C o n n A P m R iv e 1 st g 4 s ___ 194 3 A C
C a b * R R 1st fiO -y ear fis g * I i 9 6 2 J
1
D e l L e e k A W e s te r n —
•
M o r r is A T oe 1 ft g u 8 H i - 2 0 0 0 J
J
N Y L a c k A W 1 s t 0 8 _____1021 J
A
C o M t m e t l o M fie.................1 933 F
T s r m A I m p r o v e 4 a _____1 92 3 M - N
A
W a rren 1 st ref gu g S H S ..3 0 0 0 F

Week’s
Range or
Last Sals

P rice

Friday
July 19
Bid

A lt: Loto

75%

77

.
" 7 6 " "S a lei
8 1 % S ale i
00% 78

High

70
80*4
75
81
84
85*2
96*4
84*4
73
7MI

Rang,
Sines
Jan. 1

P
No

Lois

10
76*.;
M a r '17
34
76
75
81*j
A p r '17
N o v ’ 1C ____
F e b 1C ____
J a n ’ 13
N o v ' 17
UCCF *117*7

.
73 " * 7 9 *
AOl.
O
s'S o811.
l *2,!
05
_____
8 8 * 2 8 e p t ’ lfl
______93*2 ; 113*4 F e b ' I f
50*4 5 1% ; 5 1
J u l y ’ 18
37*4 39*4 3 8
J u l y ’ 18
99%
7 2 't
82*2
99
97%

1 01
7 3%
S a lo
_____
_____

9 9 * 2 A p r '1 8
71%
72
" l3
82
8 2%
7
98
M a y ' 18
98
J u n e ’ 18

90% 92
90%
91
81*2 S a lo 8 1 %
28*2 2 9 % 2 8 %
29
29%
29*8
99*8 101
100
_____ 8 4 %
87
---------7 0
70
76
66
_____
07*4
12
_____
32
5 8 % S a lo
58
99*2 101
10 0 *2
80
907s 1 0 0 %
_____ _______ 8 4 %
___ __ .
70
7 0 % 78
96*2
- - - - _____
97%

J u l y ’ 18
M a r ’ 18
8 1%
J u n e ’ 18
29*8
J u n e ’ lS
J u n o ’ 17
F e b ’ 18
J u l y ’ 17
F e b '1 3
M a r ’ 17
59i.|
J u n e ’ lS
A p r ’ 17
A p r ’ 17
N o v ’ 16
J a n ’ 17
D e o ’ 16

'" * 9
.
1

1 0 0 '% _____

05

io i%
98
111%
102*8
74*2 7 3
95
93

_____

72%
93

73% 70
74%
_____ _______ | 7 1 %
68
S a le 67* t
70
"6 0*4 *S a lo 6 0
80
90
00
9 2 % 1 00
97*2
97
_____
97
--------- 0 2
93
6 0 % 61
00
07*a 6 8 * 2 8 6 8 * 2
104*2 1 0 5 % 1 0 4 %
81
_____
84%
87*4 9012 9 0 %
10 0 %
..
1 18
9 9 % 1 00 % 1 0 0
_____
80
95
50
58
82
103
105
105
0 5 % S a lo 0 5 %
5 7 * 2 _____
90
------ -- . . . .
88
. . . . ....
90
6 3 % _____
03*i
70
771 2 70*2
75
85
80
58*4 81*4 8 3 %
62 j _____
02
_____
00
08
08
_____
73*2
6 8 * 2 _____
84
*99
101
102 %
7 5 * 2 _____
87
* 7 4 * 4 _____
88%
8 0 % -------- 1 02 %
1 0 0 * 4 _____ 107%
94
0 7 * 2 _____
_____ ______ _____
4 9 * t _____
40
13
. . . .
13
88
S a lo 8 8
85*2 80*8 8 5 * i
72
7212 7 1 %
0 0 % 0 7 % 96*8
85
______
--------- 9 5
94
7 7%
76*s
10 1
_____ 1 0 1 * 2
95
06
90
8 3 * 8 _____
03*4
-------- ----------- 102*8

Due June. A Due July, t Due Aug. oDuaOot.

74

v

Due Nov.

q

100

M a y ' 18
J a n '1 7
1 05
65*4
M a y ’ 17
M ar’ l l
J a n '1 7
J u l y ’ IS
J u n o ’ 18
A p r ’ IS
M a r ’ 17
J u n e ’ lS
J u n o '18
J u u e ’ 17
N o v ’ in
O c t ’ 17
D e o ’ 17
M a y 'i f .
Jan
17
A n a 17
J u ly '0 8

A p r ’ 18
10 1*2

J u l y ’ IS
J a il 18
F eb ’ 08

50
35*4

52
47%

97%
71%
82
98
97

99%
70
87%
99*2
98

90%
ymi
80
25

94-%
91
84%
30
29%
10 1

28
-.I .
_____
_____
_____

7
_____ 1
50
13
____

70

70
‘

‘
54
98

71

IIII
60U
10 0 12

_____
_____
_____
_____

79
.

*76%
04*4
74

83%
70
80

*80%
00%
71%
07
"9 2
95%
717,
9912

84%
74
78
97
04
08%
74%
99*2
. . . .
98

*9 8
10 0
90
97%
97%
85
85
81*4 8 1 %
89
89
. . .
697s 7 3 %
*7 9% *85*4
81
81
097 , 103
104
1 04

*95 * *96%
10 0

93*2
0 1*2
10 1

98
98

11 0

07
94%
1 05

10 2%

98

1 0 2 i» 1 0 2 %

73
93

70%
93

73
71
I i 8^*

77*4
71%

02 *2

68%

60

71
07*3
90

02

90

10 0
95
____
93
93
____
60
57
___ _
09
59
_____ 1 0 2
10 0 *2
85*2
81%
85*8 9 0 %

‘ l

10 0 * * 1 0 0 %
95
95
_.
.
' 103*" 1 0 5
4
0
0
%
04
_____
_____
____
_____
_____
...
_____
5 9 * 0 1*8
_____
0 5 % 76*3
80
80
____
. . . .
____
0 2 * 05
08
03
_____
_____
____
. . ..
____
_____
____
_____
_____
____
____" _____
....
_____

____
J u ly '1 8 ____
J u n e ’ lS ____
90
6
5
85i.i
72*2
35
2
00*8
F e b ’ 16

70
82%

98

J u n e '1 8
J u n o 'l S _____
D e o ’ 15
M a y ’ 18
J u l y ’ 18 ____
J u n e ’ lS
74*2
M a y ' 18
08
M a y ' 18
60*2
F e b ’ 18
J u n o '17
M a y '18
M a y ’ 18
M a y ' 18
J u n o ’ lS
J u l y ’ 18
J u n o ’ lS
M a y '18
N n v ’ 10

78

65**2
76

22

_____

73
7 4 % 7 2 % J u l y ’ 18 _____
________ 9 2 % F e b ’ ll)
. _
83*2 S a lo 8 3 %
83*2
2
67*2 S a lo 0 7
25
07*2
7 6 % 79*2 7 6 %
3
7012
66
72
7 2 % A u g ’ 17
--------- 8 0 % 8 0 %
80% " I I
60*2 71
71
J u n e 'l S
7 6 % S a lo 75*2
76*2 "~ 4 9
95*4 98
97
J a n '1 8 _____
01
93% 92
3
92
0 0 % 98*2 96*4
2
9 0*t
70*4 7 5
7 4 % J u n e 'l S ____
9 7 * 2 _____
9 9 * 2 M a y ’ 18 ____
. _
9 8 % 108
1 0 1 % 8 e p t '1 7
97
103% 9 8
J an ’ l «
9 5 % 101
100
J u l y ’ 18 _____
9 7 % _____
9 7 % M a y ' 18 ___ _
85
_____
85
J u n o 'l S . . .
8 1 % _____
..
81*4 F e b ' 18
87
_____
*«
J a n '1 8 ____
8 5 * 2 _____
8 6 * 2 O o t ’ 17 .
_____
70
69%
6 9%
1
--------- 7 0
81*2 O o t 16 ___
82
83
3
82
82*8
81
82
81
81
2
9 9 % _____
0 9 % J u l y ’ 18
99
103% 1 0 4
M a y ' 18
.
109*2 A p r '1 6
9 4 % 1 00
101
8 o p t ’ 17
0 2 % _____ 103*2 A p r '1 0 _____
0 0*8 1 0 2
9 5 % M a y ’ 18 _____
90
97
100
J a n ’ 18
95
9 5 % 96*2
2
96*2
93
97
04*2 M a y ' 18 _____
7 7 % _____ 101*2 O c t 10
____
1 04 % 109*2 1 0 5
A p r ’ 18
53
_____
88
J a n ’ 17

1 0 2 * 8 _____
1 0 2 * 8 _____

High

72

. .

.
*4*0 *
12 * 2

85
82*4
60
00

51*4
13
90
86*4
73
98*2
. . . .

73*8 7 fiia
19 1 0 0 % 1 0 2 >i
_____
98
95%
____
03*4 03*4
—
—

Duo Deo. s Option sale.

J uly 20 1918.1
BONOS
W. Y . S T O C K E X C H A N G E
W eek ending J u ly 10

New York Bond Record— Continued—Page 2
m et
Friday
July 19

AM
High
A H L ew
D ela w a re * H u d son
1st lien eq u ip g 4 Vis_____ 1922 J - J
9 3 1 * _____ 93% J u ly ’ 18
1st A ref 4 s ............................. 1943 M -N
83
J u ly '1 8
--------83
'40-year eon v 5 s __________ 1935 A - O
87U
8 7 't
807s J u ly ’ 18
A lb A Susq eon v 3V4s____ 1945 A - O
70%
727*
71-% J u ly ’ 18
Sense A S aratoga 1st 7 s . . 1921 M - N
1 0 1 % _____ 1127s D oo ’ 10
D en v er A R io G ra n d e—
1st con s a 4 s . _ .......... ......... 1936 3 - J
Sale 073S
68
68
71% J u n o'IS
O onsol g old 4 Vis_________ 1936 3 - J
71
73
74% J u ly ’ 18
Im p rov em en t g old 5 s ____ 1928 3 - D
72%
715*
1st A refu nding 5 s ________ 1955 P - A
51
51%
511* 52
37
A u g '17
95
B io G r Juno 1st gu g 5 s ___ 1939 J - D
01% Apr ’ l l
R io G r Sou lo t g old 4 s . ..1 9 4 0 J - J
39 J u l y ’ 17
G u a ra n teed ____________ 1940 J - J
64
6312 65>2 61
W o G r W eet 1st g old 4 s . . 1939 J - J
50
50
55
50
M t g e A ooll trust 4s A . .1 9 4 9 A - O
82 D o o '1 6
78
D e t A M a c k — 1st lieu g 4 s . . 1995 3 - D
75% J u ly '1 6
G o ld 4 s....................................1995 J - D
77
*Saio 77
77
D e tlR Ir T u n — T o r T u n 4 Vis 1961 K1-N
96-% J un o' 18
9414
D u l M lsea be A N o r gen 5 S ..1 9 4 1 J - J
97 M a y ’ 18
9 4 12
D u l A Iron R n n g e 1st 6s ____ 1937 A - O
105% M a r '0 8
R e g is t e r e d .............................1937 A - O
87
M a r ’ 18
*83”
D u l S ou S hore A A tl g 5 s . . .1 0 3 7 J - J
93% Jun o’ 18
87i4
E lgin Joliet A E ast 1st g 68.1941 M - N
io T 100% J u ly ’ 18
E rie 1st con sol g old 7s_______1020 M - S 100
78 A p r '1 8
791,4
N Y A Erie 1st ext g 4 s___ 1947 M - N
94%
96% Jun o’ 18
2 d ex t g old 6s ___________ 1910 M - 3
93% Jan ’ 18
Sd ex t g old 4 Vis________ 1923 M - S
99% J u l y ’ 17
9514 - 4tb ex t g old 5s__________ 1920 A - O
94 -% N o v ’ 15
5th ex t g old 4 s__________1928 J - D
97% .
100% J u ly ’ 18
N Y L K 4 W 1st g Id 7 s . . 1920 M - S
60
08
60
Erie 1st con s g 4s p rior___ 1996 3 - J
84 D e o ’ 10
R e g iste re d ______________ 1996 J - J
54
55
54%
54%
1st con sol gen Hen g 48.1996 J - J
73 J u n e '16
R e g is t e r e d .................... 1996 J - J
7 9 i 2 78
78
J u n o’ 18
Penn coll trust g old 4 s . . 1951 r - A
Salo 48
S48
49
6 0 -y ea r eon v 4s Series A 1953 A - O
48-1.1 Sale 48%
48%
do
Series D _______ 1953 A - O
53%
52-is Salo 53%
G en eon v 4s Serlee D ___ 1053 A - O
94
90
93 J u n o’ 18
O hio A E rie 1st g old 5 s___ 1982 M - N
1067* Jan ’ 17
O lev A M a h on Vail g 5a . . 1938 J - J
, 100
100 M a y ’ 18
E rls A Jersey 1st s f 6s ___1955 J - J
10378 103% A u g ’ 17
G enessee IUver 1st s f 6s . .1 9 5 7 J - J
110% N o v ’ 17
L on g D o ck con sol g 6s ___ 1935 A - O
103 Jan ’ 18
C oa l A U R 1st cur gu 6s . 1922 M - N
80
102% J u ly ’ 17
D o ck A fm p t 1st ext 6s . . 1943 J - J
88
85 Jan ’ 18
N Y A G reen L gu g 5 s . . 1946 M - N
65
75
75
« Y Susq A W 1st ref 5 s . 1937 J - J
100% D o o '0 6
2d g old 4 Vis....................... 1937 I* - A
60 J u n o’ 18
G eneral g old 6s _________1940 P - A
108 Jan '17
T erm inal 1st gold 5s___ 1943 M -N
108 Jan ’ 17
81
M id o f N J 1st ext 6s ____ 1940 A - O
62
63 Jun o’ 18
W ilk A East 1st gu g 6s . . 1942 J - D
23% Jan ’ 17
E v A Ind le t con s gu g 6 s . . .1 9 2 6 J - J
8 7 i2
97
N o v '1 7
■ v a n s v A T H 1st eons 6s . . 1921 J - J
85% J u n e’ 17
51U
1st general g o ld 5 s________ 1942 A - O
103
N o v '11
M t Vernon 1st g old 6s ___1923 A - O
95 June’ 12
Bull C o B ran ch 1st g 6s ___ 1930 A - O
82
9 2 i2 81 M a y ’ 18
F lorid a E C oa st 1st 4 Vis___ 1959 3 - D
92 A u g ’ 10
F ort St U D C o 1 st g 4 V i a . . 1941 J - J
55
_____ 56% O ot ’ 17
F t W orth A R io G r 1st g 4 s . 1928 J - J
85% J u n e’ 16
88
G a lv H ous A H en 1st 5s____ 1933 A - O
91%
G rea t N or C D A Q co ll 4 s . . 1921 J - J
94l8 Salo 91%
R eg istered_____________ 41921 Q - J
93% Sale 9.3%
93%
l i t A ref 4 Vis Series A ___ 1961 3 - J
88is 95-14 87 Jun o’ 18
96 Juu e’ 16
R e g is t e r e d ______________1961 J - J
89% A p r ’ 18
Bt Paul M A M a n 4s_____ 1933 J - J
84%
108 A p r '1 8
le t con sol g old 6s _______1933 J - J 101
Registered ...................1 9 3 3 J - J
118 A p r '1 7
9 0 's
9 U4 95
R ed uced to g old 4V4S.1933 J - J
92% J u ly ’ 18
R e g is t e r e d ................ 1933 J - 3
8 5 is 99
102% M a y '16
M o n t ext le t g old 4 s . . . 1937 3 - D
83%
83*8 84% 83%
81
R e g is t e r e d ________1937 3 - D
95% M a r ’ 16
P a cific ext guar 4s £ . 1940 J - J
85*2 N o v ’ 15
K M in n N o r D iv 1st g 4 s. 1048 A - O
74U
80% D eo ’ 17
M in n U nion 1st g 6 s..........1922 J - J 101
100% M a y '1 8
M o n t O 1st gu g 6s .............1937 J - J 105%
113 J un e'17
136% M a y ’ 06
R e g is t e r e d ................ 1937 J - J
95
93% A p r ’ 18
1st guar gold 5 s _____ 1937 J - J
931.1
109% A ug '1 6
W ill A S F 1st g old 5 fl.. 1938 J - D
791.1 69% D ee ’ 16
G reen B a y a W deh ctfs " A ” ____ Feb
812
"7 1 2
8 % M a y '1 8
D eb en tu re c tfs " B " ...................... Feb
75
7 7 78 77
J u ly ’ 18
G u lf A S 1 1st ref A t g 6s . .1 1052 J - 3
761.1
75% J u ly ’ 18
H ookin g Val 1st con s g 4 Vi s . 1999 J - J
7 .3 % Jun o’ 18
R e g is t e r e d ________________ 1999 J - J
69
87% 82% A u g '1 7
C ol A H V 1st ex t g 4a___1948 A - O
70-is
75
Feb ’ 18
C o l A T o l 1st ex t 4 s.......... 1965 F - A
80
'05
90% A p r ’ 17
H ou ston B elt A T erm 1st 5s 1037 J
8212 93
Illinois C en tral 1st gold 4s . . 1951 3
93% J u n o’ 18
69
03
Registered ...................
1951 3 - J
92
S op t’ L7
62% 90
1st gold 8 V is........................ 1951 J
77
77
R e g is t e r e d ...............
1951 J - J
02-s 81
84
N o v ’ 15
E x ten ded 1st g old 3 V is .. 1951 A - O
02%
80 Jun e’ 17
R e g is t e r e d ....................
1961 A - O
02% .
l i t g old 3s sterling.............1951 M
80 J u ly '0 9
R e g is t e r e d _____________ 1981 M - S
C ollateral trust g old 4 s . . .1052 A - O
77% 81
77% A p r ’ 18
0 5 1 .4
R e g is t e r e d _____________ 1952 A - O
9 5 % S e p t’ 12
1st refunding 4 s . ............
1955 M -N
77% 78% 77%
73
Purchased llnee 3 Vis.......... 1952 J 65
08
71
M a y '1 8
7 4 12 Salo 73%
b N O A T e x a s g o ld 4a . . . 1953 M - N
74%
R e g is t e r e d .......... .........
1953 M - N
70
84
72
F ob ’ 18
C a iro Bridge g old I s . . . 1950 J - D
73
89
A p r ’ 17
Litchfield D lv 1st g old 3 s. 1951 3 56%
79
F eb ’ 14
Loulsv D lv A T e r m g 3 U s 1953 J 66%
66%
66%
R e g is t e r e d ____ _____
1953 J 83
A ug ' l
95%
M id d le D lv reg 5 s............ 1021 F - A
102 Juu o’ 10
581.4
O m aha D iv 1st g old 3 s . . . 1951 V - A
58% A p r '1.8
55
61
i t Louis D lv A T erm g 3 s. 1951 J
62
M a r'1 8
05% 83% 63 A p r '1 8
Q o ld 3 Vis...........................1951 J
02
80 J u n e’ 16
R e g is t e r e d ................. 1951 J - 3
79% 80% N o v ’ 16
Spring! D lv 1st g 3 V i s . . . 1951 J •
7834 78%
78%
Western lines 1st « 4 s . . . 1951 P - A
92
N o v ’ lo
R eg istered ....................
1951 P - A
117% M a y ' 10
Beilev A C a r 1st « s .............1923 J - D
90 Jan ’ 17
G arb A Shaw le t g old 4 a .. 1932 M - 8
97
M a r ’ 18
98%
Ohio 8 t L 4 N O g o ld 5s
1951 3 - D
114 F o b ’ l l
R egistered ...............
1951 3 - D
G old 3 Vis............................ 1951 J - D
*03%
05% J u ly '1 8
R e g is t e r e d ...............
1951
D
Joint 1st ref 5s Series A 1963
85% 90
D
86%
86%
6 8 % 90
M eraph D lv 1st g 4s . 1951 J - D
70% N o v ’ 17
D
R e g is t e r e d ........ ............ 1951
65
N o v ’ 17
7 0 % _____ 89
8 t I.ouis Sou let gu g 4s 1931 M- S
F eb ’ 18
74% 98
Ind 111 A Iow a le t g 4 s ____ 1950
4
89 A p r '1 7
In t A G rea t N o r l i t g 3 * .
1919 M - N
90% 957a 93% M a y ’ 18
Jam es Frank A C lear 1st 4s 1959
SO
85
-D
82% J un e'17
60
61% 80% J u ly ’ 18
K an sas C ity S ou 1st g old 3s 19.50 A - O
R eg istered .............................. 1950 A - O
63
G ot ’ 09
79% Salo 78%
R c f A I m p t S e ...............A p r 19.50 J - 3
79%
75
J 74% Sale 74%
K ansas C it y T erm 1st 4 s . . . 1960
83% 85
83% Jun o’ 18
L a k e Erie A W est 1st » 5 s . . 1937 3 - J
_____ 80
80% F e b ’ 17
2d g old 5 s _______________1941
i
89% M a r ’ 17
N o rth O h io 1st guar g 5 s . . 1945
O _____ 88
84
85
85 A p r ’ 18
L eb Val N Y 1st gu * 4 V i * . . 1040
J
89 O et ’ 17
80% 93
R eg istered ............................ 1940
4
74% 78
74% J u ly ’ 18
L eh igh Val CPa) oons g 4 a _.2 0 0 3 M - N
G en eral oon s 4 V i s ............. 2 0 0 3 jM - N
88
101% 88
83

• No price Friday: latest bid and naked this week,




Rang»

f V e e t'l
Range or
L ett Sail

BONDS

Since
J a n . 1.

Y . STOCK E X C H A N G E
W eek ending J u ly 19

No. Low man
93%
80%
85%
71

94
8 6%
90
76

00%
68
72
48%

09
71%
76%
56

63%
50

07%
55

73
90%
97

77%
97%
97

82
87
90
9 3 .2
100 101
78 178
90% 96%
93% 95
100% 100%
05
69
49%

57%

75%
42
42%
48%
87%

79
50
49%
56
93

98% 100“
103

103
85
80

00

01

62

03

81

81

92
91%
86%

94%
93%
90

86% 89%
10.8 108
91%

95

81%

85

100% 100%
92%
7
75
74%
73%

93%
0%
S3
78
73%

67%

75

87

95

72%

78%

77%
70
71%
72

83
71
76%
72

64%

71

58%
62
03

58%
62
63

78%

70

97

98

65%

05%

85%

91

80

80

'OO'" ’ 03'%
53

62%

73%
74%
78

80
78
92

85

94%

74%
87

78
90%

a Duo Jan. 5 Due Fob.

a

L eh V T e r m R y 1st gu g 69. . 1941 A - O
R e g is t e r e d ________________ 19 4 1 A - O
L eh V al C oa l C o 1st gu g 6s . 1933 J - J
R e g is t e r e d .....................
1933 j - j
1st lnt reduoed to 4 s _____ 1933 J - J
L eh A N Y 1st guar g 4 s ____ 19 45 M - S
R e g is t e r e d ________________ 1945 M - S
L on g laid 1st oons g old 5 s . .4 1 9 3 1 Q - J
1st con sol g old 4a________ *1931 Q - J
G eneral g old 4s___________ 1938 J - D
F erry g old 4 Vis.....................1922 M - S
G o ld i s ........ .............................1932 3 - D
U nified g old 4 s____________ 1949 M - S
D eb en tu re g o ld 5 s_________1934 3 - D
2 0 -y ea r p m d o b 5 s ...........1937 M - N
G u a r refunding g old i s . . . 1949 M - 8
R e g is t e r e d ______________1949 M - S
N Y B A M B 1st c on g 5 s . 1935 A - O
N Y A R B 1st g o ld 5 s ____ 1927 M - S
N o r Sh B 1st c o n g gu 5 s .o l9 3 2 Q - J
L ou isiana A A rk 1st g 5 s . . . 1927 M - S
L ou isville A N a sh v gen 6s__193 0 3 -D
G o ld 5 s......................................19 37 m - n
U nified g o ld 4 s____________ 1940 J - 3
R e g is t e r e d ..................
1940 J - J
C olla tera l trust g old 5 s . . 1 19 31 M - N
E H A N ash 1st g 6s _____ 19 19 J - D
L C ln A Lex g o ld 4 V i s . . . 1931 M -N
N O A M 1st g old 6s .......... 1930 J - J
2d gold 6s ............................1930 J - J
P a d u ca h A M e m D lv 4 s . . 1946 F - A
S t Louis D lv 1st g old 6 s . . 1921 M - 8
2d g old 3 s............................1980 M - S
A tl K n o x A C ln D lv i s . . . 1955 M - N
A tl K n o x A N o r 1st g 5 s . . 1946 J - O
H en der B d ge 1st s f g 6s . . 1931 M - S
K en tu ck y C en tral g old 4 s. 1987 J - 3
Lex A East 1st 50 -y r 5s gu 1965 A - O
L A N A M A M 1st g 4 Vis 1945 M - S
L A N -S ou th M Joint 4 s . . 1952 J - J
R e g is t e r e d ____________ *1952 Q - J
N Fla A S 1st gu g 5 s.......... 1937 F - A
N A C B dge gen gu g 4 V is. 1945 J - J
Pen sao A A tl 1st gu g 6 s . .1 9 2 1 F - A
8 A N A la con s gu g 5 s . . .1 9 3 8 P - A
G en eons gu 5 0-year 5 s . 1963 A - O
L A J e ff B d ge C o gu g 4 s . . .1 9 4 5 M - S
M a n ila R R — Sou lines 4 s . . .1 9 3 0 M - N
M e x Internat 1st con s g 4 s . . 1977 M - S
Stam ped gu a ra n teed _____ 19 77 M - S
M id la n d T e r m — 1 st s f g 5 s. 1925 J - D
M in n eap olis A St L ou is—
1st gold 7 s.........................
1927 J - D
P a cific E xt 1st g old 6s____ 1921 A - O
1st con sol g old 5s.............
1934 M - N
1st A refunding gold 4 s . ..1 9 4 9 M - S
R e i A ext 50 -y r 5s 8 er A . . I 9 6 2 Q
D es M A F t D 1st g u 4 s . _ 1935 J
Iow a C en tral 1st g old 5s . . 1938 J - D
R efu n d in g g old 4 s_____ 1951 M
M S t P A S S M c o n g i s l n t g u .1 9 3 3 J - _
1st C h le T e rm s f 4 s.......... 1941 M - N
M S S M A A l s t g 4 s l n t g u . '2 6 J - J
M ississippi C en tra l 1st 5 s . . .1 9 4 9 J M issou ri K an sas A T exa s—
1st g old 4s............................ 1990 3 - D
2d g old 4 s............................. (71990 F - A
1st ex t g old 5s.................... 1944 M - N
1st A refunding 4s ...............2004 M - S
T ru s t C o certfs o f d e p ____
G en sinking fund 4 V is .. 1938 J - J
St L ou is D lv 1st ref g 4s 2001 A - O
.5% secured n otes ’ ’ e x t’ ” 16
D a li A W a co 1st gu g 6s . . 1940 m - ‘ n
K a n C ity A P a c 1st g 4 s . . 1990 F - A
M o K A E 1st gu g 5 s . . . 1942 A - O
M K A O kla 1st guar 5 s . . 1942 M - N
M K A T o f T 1st gu g 5s . 1942 M - S
Sher Sh A S o 1st gu g 6 s . . l 9 4 2 J - D
T e x a s A O kla 1 st g u g 5s . 1943 M - 8
M issou ri Paolfle (reora C o l
1st A refunding 6s Ser A . 1965 F - A
1st A refunding 5s Ser B a l9 2 3 F - A
1st A refu nding 5s Ser C 1926 F - A
G eneral 4 s ________________ 19 75 M - S
M issouri P a c le t con s g 6s " ' 1920 M - N
4 0 -y ea r g old loan 4 s . .
1945 M - S
3d 7s extended a t 4 % . .
1938 M - N
B o o n v St L A 8 le t 6s gu 1951 F
C en t Br U P 1st g 4s . .
1948 J - D
Pao R o f M o 1st ex t g 4s 1938 F - A
2d extended g old 5 s ____ 193s J - J
St L Ir M A S gen eon g 5s. 1931 A - O
G en 00a stam p g u g 5 s 1931 A - O
U nified A ref g old 4 s . . . 1929 J - J
R e g is t e r e d ____
*1929 J - J
R lr A G D lv 1st g 4 s . I 1933 M - N
Verdi V I A W 1st g 5 s . . . 1926 M - 8
M o b A O hio new g old 6s . .
1927 J - O
1st ext g old 6s _______I I *192 7 Q - J
G eneral gold 4 s_______
1938 M - S
M on tg om ery D lv 1st g 5« 1947 F - A
St Louis D lv 5s________
1927 J
St L A C a iro g u ar g 4 s I I ' 1931 J - J
N ashv C h art A St L 1st 5s 1928 A - O
Jasper Brunch 1st g 6s . 1923 3 - J
N a t R y s o t M ex pr lien 4 Vi* 1957 J - J
G uaranteed general 4s
1977 A - O
N a t o f M ex prior lien 4 Vis 1928 3 - J
1951 A O
1st con sol 4a________
N ew O rleans Terra 1st 4 s . " l9 5 3 J - J
N O T ex A M e x ico 1st 6s . . 1925 J - D
N ou -cu m Incom e 5« A .
1035 A - O
N ew Y ork C en tral R R —
C o n v d e b 8s ____________
1935 M - N
C on sol 4s Series A _____
1998 F A
R ef A Imp 4 Vis " A " . . .
2013 A O
N ew Y ork C en t * H ud R lv —
G u ar 3 V i e .............................1 9 9 7 J
R e g is t e r e d ................
1997 J
3
D ebenture g old i s ............ 1934 M N
R e g is t e r e d .......................... 1934 M N
Lake Shore e o l lg 3 V i s ..
199s F A
R e g is t e r e d ..........................1998 F - a
M ich C en t c o l! g old 3 V is .. 1993 F - A
Registered ......................... 1998 F - A
B a ttle C r A S tur 1st gu i t . 1939 J - O
Beech C reek 1st gu g 4< s..l9 3 6 J - 3
R e g is t e r e d _____________ 1936 J - J
2d guar g old 6* ................1938 J - 3
R egistered .................... 1936 J Beech C r E x t 1st g 3 V i«.»1 9 5 1 A - O
C a rt A Ad 1st gu g U ____ 1981 J - D
G o u t a O ewe 1st gu g 5 s . 1942 J - D
M o b A M a i 1st gu ( 4 s . . . 1991 M - 8
N J Jun o B guar 1st i s . . .1 9 8 6 F - A
N Y * H arlem g 8 Vi*____ 2000 M - N

N H Northern 1st « 3*. 1923 A - O

Duo Juno,

n

275
Weet' 1
Range or
Latt Sale

Price
Friday
July 19
Bid

Alt Low

High

_____ 101% 102
____ 100
113
97
101
100
105
77%
71
—
70

M a r ’ 18
M a r ’ 17
M a r ’ 18
O ot ’ 13

91%
81%
63%
—

A p r ’ IS
J u n e ’ 16
J u ly ’ 18
J u ly ’ 17
O ot ’ 06
J u n e’ 18
Jan ’ 18
72
J u n e’ 18
Jan ’ l l
A p r ’ 18
A p r ’ 18
A u g ’ 16
M a r ’ 18
J u ly ’ 18
A p r ’ 18
84
Jan ’ 17
M a r ’ 18
J u ly ’ 17
A p r ’ 18
A u g '1 7
F e b ’ 17
A p r ’ 12
Jan ’ 18
M a r ’ 18
J u n e’ 18
J a n ’ 17
A u g ’ 17
M a y ’ 18
93
A u g ’ 17
Jun o’ 18
F e b ’ 05
Jan ’ 18
M a y ’ 16
J u ly ’ 18
A p r '1 8
Jan ’ 18
A p r *17

71%
68%
72

96%
87
92
78
97
72
85

95
___
95
82
93%
86
87%
106% 115
96% 109%
85
85%
_____ 84
96
99
100%
90% 94%
102
112
93%
72% 89
100%
57%
77l.t 80
95
101%
74% 76%
92% 93%
83% 91*4
68% 81*s
92%
82%
100%
93%
85%
60

105%
___
108%
100
95
—

J u jy ’ 18

95
94%
71%
90
99%
71
97
72
75
95
103%
92%
100
90
110%
94%
84
96%
99
103%
87
108
104%
90%
100%
58%
80
108%
105%
73
93
94
68%
95
96%
97%
101%
99
93%
79

1*2

Range
Since
Jan. 1.
Low man
102

102

96% 101
70

70

91%

95

'715s "7 1 %
71
97
75
79%
92%

92%

87% 90
109
110%
93% 94%
83
88%
99

99

87

87

100% 100%
58
58%
74
80%
73
91%

74
96

67%

68%

96%

96%

101% 102%
99
99
93% 93%

77 M a r ’ 10
75
N o v ’ 10
91% J u n e’ 17
101
74
45%
41
43%
83
88
—
60%
30

101
103
74
45%
45%
60
81%
78
Salo 43%
84% 84%
92
85%
94% 9 5

—

76%
Sale
47

40
39%
25%
_____
30

Sale
Salo
32
42
47%
26%
37%
40

__ _
37%
56
49
---—

65
50
87
50%
60
50

81
90%
87%
58%
98%

85
91
87%
Sale!
99

J u ly ’ 1 8 ------- 101 104
O ct ’ 16 - - ­
J u ly ’ lS . . .
79%
46
"26
46
J u ly ’ 18 46
F eb ’ 15 Jun e’ 18 75*4 81%
44%
40% 46%
Jun e- 18 83% 8 6 %
j ltn ’ 17
N o v ’ 17
D e o ’ 16

60%
30
32%
43%
42
25%
40

61
30
N o v ’ 17
M a y ’ 18
M a y ’ 18
J u ly ’ 18
N o v '1 6

69%
58
36
55%
50
51
40

Apr
Jan
Apr
D ec

’ 17
’ 18
’ 18
’ 17
50
D e o ’ 16
Jan ’ 18

60%
28

64%
35

40
41
25%

45
42
34

58
37
49

56*4

40 "

40"

63
92%
45%

93'%
45%

85
J u ly ’ 18
79
86
90%
90%
90
92
87% J u n e’ 18
86% 90
58
58%
55% 59*4
98%
98%
98% 99%
60
J u ly ’ 17
82 A p r ’ 17
100 F e b ’ 13
97% D e o ’ 13
79% J u ly ’ 18 ------- 78% 80
100% Apr
25 90% 95%
91%
91%
102 J u ly ’ l l
18 72% 76
75
75
80% O ct ’ 17
70
71%
6 6 % 72
78
S ep t’ 15
102% J u ly ’ 18
1 0 1 % 102'%
95 M a y ’ 18
92
95
05% A p r ’ 18
65% 65%
93 J u ly ’ 17
9 0 A u g ’ 17
77
D e c ’ 17
98% Jun o’ 18
97% 101
10% M a r ’ 17
30 M a y ’ 17
35 A u g ’ 16
96% F e b ’ 13
30
O ct ’ 16
63% J u n e’ 14
60
64
93
93
92
94%
46
J u ly ’ 18
40
49%

94%
69%
79%

Sale
71%
82

94
94%
74 J u n o ’ 18
81% J u ly ’ 18

91%
71%
80

95
75
86

70%
71%
77
92
62
61
63%
75

69%
70
74%

74%
71%
81%

61
61
62%

65%
61
687g

79%

791?

95%

95%

_____
71%
79

83

91%

94

75

75%

70

Sale

II

102%
94% 106
66
83
94 *2
84
92
72
S5
98% 103%
98% 103%
_____ 30
—
30

~2l

'3 0 "

70% .
76"%
60
63%

73%
77%
65%
04%
70%

70%
M a y ’ 18
77%
D e c ’ 16
62
M a y ’ 18
Jun e’ 18
M a r ’ 17

80% .
96% A p r '1 7
95% N o v ’ 16
84% . — - 1
65% .

89

72% 79
67% .
66% .
95% .

79% A p r ’ 18

Due July 0 Due Oot. * Option sale.

N o v '1 6

Price
Friday
July 19

iV e ik 'i

Hange or
Latt Sale

3 v*

Ranoe
Since
Jan. 1 .

I I

BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g J u l y 19

[V ol . 107 .

Price
Friday
July 19

Week'i
Ranoe or
Latt Sale

Range
Since
Jan. 1

O 0

1

BONDS
If. Y . ST O C K E X C H A N G E
W e e k e n d in g J u ly 1 9

IalcrtH
\ Period

New York Bond Record— Continued— Page 3
Inlertu
Period

276

I f Y C a n t A H R R R (Con.)—
N Y A P u 1 st c o n e g u g 4a 1 99 3 \ - O
J - D
R W A O c o n 1st e x t 5 s . . * 1 9 2 2 A - O
J - J
J - J
R u t-C a n a d a le t gu * 4 3 .1 9 4 9 J - J
J - J
2 d g o ld fia
1996 A - O
U t lo a A B lk R l v g u g 4 s . . 1922 J - J
J -D
R e g i s t e r e d ______ ________ 199 7 J - D
M - S
2 5 - y e a r g o ld 4 s ........... . . . 1 9 3 1 M - N
M -N
J - J
J - J
A - O
J - J
J - J
VI- 8
R e g i s t e r e d _______________1931 (J -M
4 a ______ _____
1910 J - J
J - J
J L A S 1st g o l d 3 H s . . . 1 9 5 1 M - S
1 st s o l d 3 U s
’
1952 VI - N
2 0 - y e a r d e b e n t u r e 4 s . . . 1929 A - O
N Y O h io A .S t 1. 1st g 4 s . . 1937 \ O
O
R e g i s t e r e d ____________1937 4
D e b e n t u r e I s _________1931 M N
J
W e s t S h o r e 1st 4 e g u a r . . . 2 3 0 1 i
R e g i s t e r e d ...........................235 1 1
J
M- N
J - J
F - A
N Y N H A H a rtfo rd —
M- S
V1 < 9
N o n c o n v d e b e n 3 H s ____ 1954 A - O
N o n c o n v d o b e n 4 s ............. 1955 J - J
N o n o o q v d e b e n 4 s _______ 1950 M - N
C o n v d eb en tu re 3 H s
1950 1 - J
J - J
J - J
N o n - o o n v d e 'o e n 4 s _____1955 J - J
A - O
| - J
VI- N
B «fc N Y A ir L in a la t 4a
1955 p - A
J - J
M- S
\T- N
51 - N
A - O
N Y W ’ c h e s A B 1 st se r I 4 H e ' 40 j - j
A -O

W A C o n E a s t 1st 4 1 4 s
1943
N r O A W r e f 1st g 4 s ____ J 1992
R e g is t e r e d * 5 ,0 0 0 o n l y . . y l 9 9 2
Q o n e r a l 4 s ........... .. ............ . . . 1 9 5 5
N o r fo lk S o u 1st A re f A 6 a _ .l9 0 1
N o r f A S o u la t g o ld 6 3 ............. 1941
N o r f A W e s t g o n g o l d 0 s ____ 1931
im p r o v e m e n t A e x t g 0 a . .1 9 3 4
N A W R y 1st c o n s g 4 S .. 1 9 9 0
R e g i s t e r e d ____
.
1990
D l v '1 1st lie n A g e n g 4 s . 1944
1 0 -2 5 y e a r c o n v 4 a _____ 1932
1 0 -2 & -y e a r e o n v 4 H i s . . .
P o o a h C A C J o in t 4 s . . .
C O A T l i t g u a r g o ld 5 a . .
S o lo V A N E 1st g u g 4 s . .

1933
1941
1922
1989

r a i l w a y * la n d g r a n t g 4 s 1 9 9 7
R e g i s t e r e d _______________1997
G e n e r a l Hen g o ld 3 s ______ a 2 0 4 7
R e g i s t e r e d ................ . . . a 2 0 4 7
R e f A I m p 4 1 2 3 s e r A _____2 0 4 7
S t P a u l - U u iu t n D i v g t s . . t 9 9 b
S t P A N P g e o g o ld 6 s . . . 1 9 2 3
S t P a u l A D u lu t h 1st 5a

1931

W a s h C e n t 1st v o id 4 s
1948
N o r P a o T e r m C o la t g 0 S .. 1 9 3 3
O r e g o n - W a s h 1st A r e f 4 s . . . 1 9 0 1
P a e ift o C o a s t C o 1 s t g 5 s ____ 1910
P e n n s y lv a n ia R R l a t g 4 s . . 1923
C o n s o l g o ld 5 s ........................ 191 9
R e g i s t e r e d ...................
1919
C o n s o l g o ld 4 s . ......................1943
C o n s o l g o ld 4 s .
104 8
C o n s o l 4 H i ......... ...............
196 0
O e n e r a l 4 H a ......................
196 5

P b la B a lt A W 1 st g I s

191 3

Bid

Hloh No. Low

A lt

Low

96*i
OSI4

03

7 4 H M a r ’ 18
1 13
M a y ’ 15
98
98

00

65

69^4
1 0 0 78

55

91
73
85
8 4 is

95
S a le
72U
S alty
843s

70
101
1 03
94
73
73
84*2
84*s
8 3 7s

86*2

Bid

ICon.)

M
F
a S t L A P 1 s t e o n s g d a . . 193 2 A
q
2 d g o ld 4 H a .......................... 5 19 21 M
P e r e M a r q u e t t e la t S e r A 5a 195 6

-N
- A
- O
- f
-N

J
A
J
J
J
A
J
J

- J
- O
- J
- J
- I
-O
- i
- J

P it t a S h A L E la t g 5a ........... 191 0
R e a d i n g C o g e n g o ld 4 a _____1997
R o g i a t e r e d _______ _______1997
J e r s e y C e n t r a l c o l l g 4 i . . .1 9 5 1

a 4a "

1917

10 1*2

1 2 3 U M a r ’ 12
9 9 * 2 A u g ‘ 17
92
A p r '1 8 _____
98
80
N o v '1 7
87
F e b 14
90
J u n e '0 8
70
7 9 7s J u l y ’ 17
75
7534
75
J u n e ’ 18 _____
76*2
7 6 H J u l y '18
_____
70
85
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_____
63
J u l y 'I S
63
11
7 3 l2
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85
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60

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J u l y ’ 18
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_____
_____
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75*2

80*2
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83

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803s

R e f u n d i n g 4 a ____________ .1 9 5 9
A t l B lrm 3 0 - y r la t g 4a . < 1933
C a r C e n t la t c o u g 4 a ____ 1919
F la C e n t A P e n la t g 5 a . . .1 9 1 8
la t la n d g r e x t g 5 a ______ 193 0

60

60

G a C a r A N o 1st g u g 5 a . . 1929

88*2
8 2 14
8 0 14

84

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943s
S a le

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77H
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In t red u ced to 3 H s
1942
S e r ie s C 3 H a ........... .‘ . . . 1 9 4 8
S e r ie s D 3 H a ......................195 0
E r ie A P it t s g u g 3 H s B . 1 9 4 0
S e r e s C ........... ....................1 94 0
O r R A I e x 1 st g u g 4 H e . 1941
O h io C o n n e o t 1st g u 4 s . . . 1943
P it t s Y A A s h 1 i t ’cJona 5 s . 1927
T o l W V A O g u 4 H s A .1 9 3 1
S e r ie s B 4 H e ......................1933
S e r ie s C 4 s _______________1942
P C C A S t L g u 4 H s A . . 194 0
S e r ie s B g u a r ................
1942
S e rie s C g u a r ................
1942
8 e r le s D 4 s g u a r ............. 1945
S e r ie s E 3 H s g u a r g o ld 194!i
S e r ie s F g u a r 4 s g o l d . . . 1953

8 6*2

10 0

78
78
79
90
_____
8734
_____
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80H
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70*8
78H 89
90
91
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64
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75
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K C A M R A B la t g u 5 a . 1929
S t L S w 1st g la b o n d e t f a . . 1989
2 d g 4a I n c o m e b o n d c t f a . p l 9 8 9
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l a t te rr a l A u n it 5 a ................ 1952

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1921 J - J
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S o P a o o f C a l — Q u g 5 9 . . . 1937 M - N
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1913 J - J
S o P a o R R la t r e f 4 a ...........195 5 J - J
S o u t h e r n — la t o o n a g 5a_____1994 J - J
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M o b A O h io c o l l tr g 4 s . . . 1938 M - *
M a m D iv 1st g 4 H a - 5 e . . .1 9 9 0 J - J
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J - J
A la G t S o u la t o o a a A 5 a . . 1943 J - n
A tl A C h a r A L la t A 4 H a 1911 J - J
la t 3 0 - y r 5a aer B ............. 1944 J - J
J - J
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2 d t a . .....................................1948 J - J
A t I A Y a d la t g g u a r 4 ; ___ 1919 A O
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1938 M - 3
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4 0 - y e a r g u a r 4 s o t f s S e r E 1952 M - N
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C l A M a r 1st g u g 4 H i - - - 1 9 3 5 M - N
C l A P g e n g u 4 H a aer A . 1942 J
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• No price Friday: latest bid and asked. a Due Jan. &Due Feb.




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9 9 78 D e o ’ 13
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S u n b u r y A L e w is 1 st g 48 193 0 J * J
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67 U
60
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S t J o s A O r Ial" 1 st
8912
91

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P e n n s y lv a n ia C o —
O u a r 1 st g o ld 4 H s ............. 1921
R e g i s t e r e d ____________ .1 9 2 1

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N o v ' 16
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18
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la t e x t e n d e d 4 a _____1933
V a n d a ll a co n a g 4 a S er a .
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C o n a o la 4 S erlea B . . . 195 7

Due Jan. A Du* July, it Due Aug

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89
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89
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J uly 20 1918.1

New York Bond Record—Concluded—Page 4
Price
Friday
July 19

BONDS
N . Y . STOCK E X O « 4 NOB
W e e k e n d in g J u l y 19

Bid
V e r a C r u a A P 1 st g u 4 > * a . 1 9 3 1
V ir g in ia n la t 5 s S e rie s A . . . 1 9 0 2
W a b a s h 1st g o ld 5 a ___ __ . 1939
2 d g o ld 5 a . . .
______ . 1919
D e b e n t u r e S e rie s B _ _ . _ 1939
le t lie n e q u ip a fd g 5 i ___ 1921
.1 s t lie n 5 0 - y r g t e r m 4 s . . . 1 9 5 1
D e t A O b E x t 1st g 5 a ____ 19 41
D e » M o i n e s D lv 1st g 4 s . . 1939
O m D lv 1st g 3 v * s . ________1941
T o l A C O D lv 1st g 4a____ 19 41
W a s h T e r m ! iB t g u 3
____ 1945
1st 4 0 - y r g u a r 4 a ._ . _ . 1 9 4 5
W e s t M a r y la n d 1st g 4 s . . . . 1952
W e s t N V A P a 1st g 5 s . . . i9 3 7
G e n g o ld 4 s . . ..................... 1 9 4 3
I n c o m e 5 s __________ _______p ! 9 43
W e s t e r n P a o 1st ser A 5 i . . . l 9 4d
W n e e l ln g A L E 1st g 5 s . _ . 1 9 3 0
W h e e l D lv l a t g o ld 5 a ____ 1 9 2 n
E x t e n A I m p t g o ld 5 a . . . 1 9 3 0
R e f u n d i n g 4 % a a e rie s A . i9 6 0
H R 1st o o n s o l 4 s _____ . .1 9 4 9
W i n s t o n - S a le m 8 B la i la . I9d u
W la C e n t 5 0 - y r 1st g e n * s___ 1919
S u p A D u l d l v A terra 1st 4s 30
S t r e e t R a ilw a y
B r o o k ly n R a p id T ra n g 5 o ._ 1 9 4 o
la t r e f u n d c o u v g o ld 4 a . . .2 0 0 2
5 -v e a r se c u re d n o te s 5 s . . . 1 9 1 8
B k C i t y 1st c o n 4 s . . 19 1 6 -19 4 1
B k Q C o A 8 c o n g u g 5 s . . 1941
B fcly n Q C o A 3 la t 6 a ____ 1941
B k ly n U n E l 1 s t g 4 - 5 s . . _ 1 9 5 0
S t a m p e d g u a r 4 - 5 s ............ 1950
K in g s C o u n t y E 1 st g 4 s . . 1 9 4 9
S t a m p e d g u a r 4 s _______ 1919
N a s s a u E l e c g u a r g o ld 4 s . 1961
C h i c a g o R y a la t fig.................... 1927
C o n n R y A L 1 st A r e f g 4 4 * 9 10 5 1
S t a m p e d g u a r 4 > * s ...............1961
D e t r j n lt e d 1 s t c o n s g 4 4*s . . 1932
F t S m lt h L t A T r 1st g o s . . . 1930
H u d A M a n b a t 5 s S e r A _____1957
A d ju s t I n c o m e 5 s ___________ 1057
N Y A J e r s e y 1 st 5 s ..............1932
I n t e r b o r o - M e t r o p c o l l 4 4 * s .l 0 5 f l
I n t e r b o r o R a p T r a n 1st 5 s . . 1906
M a n b a t R y ( N Y ) o o n s g 4 s . 1900
S t a m p e d t a x - e x e m p t ____ w o n
M a n i la E l c c R y & L t s f 5 .1 .1 9 5 3
M e t r o p o l it a n S t r e e t R y —
B w a y A 7 t h A v 1 st 0 g 6 8 .1 9 4 3
C o l A 9 t h A v 1 st g u g 5 s . . 1993
L e x A V A P P l a t g u g 5 s . . 1903
M e t W S E l ( C h ic ) 1st g 4 a . . 1 9 3 8
M llv r K le o R y A L t c o n s g 6 s 1920
R e f u n d in g A e x t e n 4 4 * s . . l 9 3 1
M I n n e a p S t 1 st c o n s g 5 a . _ . 1 9 1 9
M o n t r e a l T r a m 1 st A r e f 5 a . 1941
N o w O r l R y A L t g e u 4 4 * s . . 1035
N Y M u n lo l p R 7 1 st a f 6 s A 1900
N Y R y a 1 st R K A r e f 4 S . . . 1 9 1 2
8 0 - y e a r a d j Ino 5 s ..............a 1942
N Y S t a t e R y s 1st c o n s 4 4 * 8 .1 9 0 2
P o r t la n d R y l e t A r e f 6 s _____ 1 93 0
P o r t ld R y L t A P 1 st r e f 5 8 .1 9 4 2
P o r t la n d G e n E l e c 1 st 6 s . 1935
S t J c s R y L U A P 1st g 5 8 . . 1937
8 t P a u l C it y C a b c o n s g 5 s . .1 9 3 7
T h i r d A v e 1st r t t 4 a __________1 900
A d j I n c 5 s ................................ ulOOO
T h ir d A v e R y 1 st g £><•.............1937
T r l-C it y R y A Lt 1 st s t 6 s . .1 9 2 3
U n d e r g r o f L o n d o n 4 4 < s _____ 1933
In com e 6s
........................ 1 9 4 s
O n io n E l e v ( C h ic ) 1st g 6 s . 1 1 949
U n it e d R y s I n v 5a P it t s Iss. 1 9 2 6
U n it e d R y e S t L la t r 4 s ____ 1934
S t L o u is T r a n s i t g u 5 s . .
1921
U n it e d R R a S a n P r s f 4 8 - . 1927
V a R y A P o w la t A ref £b..1 9 3 4

J - J
M -N
M -N
F
J
14
J
J
J
J
I
J
A
O
>4
F
A
F
A
A - O
J
J
A O
N ov
M ■8

\- O

J

i
F
A
M- S
M S
J
J - I
M -N

A- O
J - J
J - J
J
J
M -N
J
J
F - A
F - A
P * A
F - A
J - J
F- A
J - J
J - J
J
-J

J
A
A -O

J
M
M
P
F
J
J
J
J
J
J
A
M
M
F

- O
S
- 8
A
- A
- J
- J
- J
- J
- J
- J
- O
- N
- N
- A

J - J
M -N
J
J
A
J
A
J
A
M
J
A
A
J

* J
- J
- O
- J
-O
- J
- "6
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J
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- O
- t

Since
Jan. 1.

Auk Lo’i>

S a le 81%
81%
65
J u l y ’ 18
65
9 7 % S a le
97%
96%
_ _ _ _ 94
O c t '1 7
94
_ ____ 9 0
M a y ’ 12
80
__ ___ t-0
101
M a y ' 13
80
79
78%
78%
7 9% 79%
79
79%
64
GO
M ayTS
06
_____
61
J u l y ’ 17
78
GO
66
5 5 % J u l y ’ 18
80% 82
82
81%
8 2 > 8 _____ I 0 0 ia F e b ’ 17
85
A p r '1 8
69
69% 70%
7 0%
84
J a n '1 4
5 9 “ *59% 59
5 9 12
19% 2 0
1914
20 's
90
51% 52
51
51%
8 0 % S a le
80%
81
75
77
75
75
75
7 4 % J u l y '1 8
80
80
J u l y ’ 18

8734
9 2 14
83%

79

—

"7 5 ~
. . . .
92
8 1 % _____
99
99%
90%
80
—
52
24
69
60%

S a te
S a le
60
75%

83 ‘ *95~
"5 5%
35
90%
92%
70
50

50%

7 ;%

5S
S a le
92
S a le

85
95
80
30
100%
81%
9834
97%
74
99
52
23%
66
88%
0 0 i2
U012
95
102%
55
35
9012
9234

58
84
09
52
09
30
79

—
91
G2
90%
88

87
51
90
78
97
S a le 9914
93
924
90
95
95
9 l
914
100% 9 4
.0 0
90
924
95
904
9 0 7a
90% 90
99% 9 9 4
10
70
98% ' 9 8 4
93% j 8 9 4
354

Feb T 8
M a y ’ 17
S e p t '1 7
M a r '1 4
J u n e '1 7
J u l y ’ 18
Aug T7
J u ly '1 7
A u g '1 7
M a y ’ 17
52%
24
06
N o v - Iff
J u l y ’ 18
F e b 17
J u l y ’ 17
M a r ’ 12
50
35*8
J u l y ’ 18
92%
M a r ’ 18
M a r ’ 18
O c t *08
P eh T *
J u l y ’ 13
J u u e ’ lTM a y ’ IS
J u l y ’ 18

S o p t ' 15
J u l y ’ 18
J u n e '1 3 1
JunoT s]
J u l y ’ 18
F e b ’ l .»)
9 9 i2
F eb ‘ i
J u ly ’ 18
J u ly ’ 1 8
A p r '1
F o b '1 8
F e b 13
N ov ’ I7
D ec T7
D e c TO
D ec T 7
M ayTS
JunoT7
N o v * 17
98' 1
J u n o '1 8
J u n e ' 18

58
99
70

02
99
70

7 9 14

84

00

00

55%

00

797a

8314

05
92%

09
984

78
78%
66

8 7t2
R 5 i2
60
56

864

48%
1 134

62U
25

—
—

50%
79
7 4%
74%
80

57%
85
80%
82
80

....

76%

85

—

81%

81%

18
37
1

13
47
3

49
17%
06

54
24
70

624

68

624
274
904
91
70
56

57
384
95
90
80
60

J58 * *60* ‘
504 554
25
804

87

9534

894
75

904
80

9 9 ’ 10*2 '
9 2 l2 9 2 4
94
954
92
98
914 924
94
94

99

974

79>4

J a n ' 17
III I 1
J u ly T 7
-------- 1
J u l y ’ 18
75
75
S o p t '0 3
S e p t 17
92%^ 1
A pr T7
M a r *17
94
J u ly 17
9 9 4 N o v ’ 15
85
78
M ayTS
89% 90
J u n o ’ 18
9 7 4 M ay 17
____
J u ly ! 7
O c t '1 7
93
S ept I '
85
1
N o v ’ 10
97
Ju n e’ 13
83%
J u ly ’ 18
. 1(
Jun o'17
95%
A u g '1 7
92
if
M a r '1 7

• Noprlot Friday] latest bid and asked. aDuaJan.

J

994

984

887a

9138

85

804

87% '
74%
9 3 II
101 '
9 0 4 Aug T
92% '
S a le

93
95%
80%

9 6*" 1 6 o*U

81%

76

If

BONDS
N. Y STOCK EXCH AN G E
W e e k e n d in g J u l y 19

Price
Friday
July 19

Range
Since
Jan. 1

FPMJt'1

Range or
Latt Sale

Love High

High

35
S e p t ’ 17
■ ,'s T ‘ 8 9 % 8912
90
931 2 9 3
93
8 Jl2
84
" 8 3 '2 8 0
105
O c t ’ 15
90
" 9 6 ~ 100
90
96
78
M a y * 17
0 •
99*8 S e p t ’ 17
8 7 l 2 102"
80
A u g '1 2
73
Apr T7
" 7 4 12 7 5
8 P 4 J a n '1 7
80
80
70
D ec T 7
85
D oc 17
85
00
0 0 i2
6 0 % G 0i2
9o%
99
J an 'l a
70
A pr TR
* H)
30
O c t *17
82
8 2 14
S a le 8 2
IOOI 4 A p r '1 7
90
F e b '1 7
9 9 % 100
98-14 9 9 3 s M a r ’ 17
CO
60
S a le 0 0
5 7 % 6 2 % 5 6 i 2 M a y ’ 18
85
M a y ’ 17
89
05#
72
72
72
72
M ayTS
74% 76

<3ao a n d C f a c t r l c L i g h t
93
A t l a n t a Q L C o la t g 6 s _____1947 J
88
B k l y n U n G a s 1 st c o n s g 5 s _ 1 9 4 5 VI - N
B u f f a lo C i t y G a s 1 st g 5 s . . .1 9 4 7 A - O
CNnclu G a s A E l e c I s t A r e f 6a 1956 A - O
89%
C o l u m b i a G A E 1 s t 6 s ........... 1 927 3 - J
77
C o l u m b u s G a a 1 st g o ld 5 a . . 1932 J •
92
C o n s o l G n a c o n v d e b Os
1 02 0 Q - F
99%
O o n s G a a E L A P o f B a lt 6 -y r fie '2 1 M - N
D e t r o i t C i t y G a s g o ld 6 s . . . 1 92 3 J - J
94%
94%
D e t r o i t E d is o n le t c o l l tr 6 8 .1 9 3 3 J • J
1 st A r e f 5 s ser A _________ A 1 940 M K q G I, N Y 1 st c o n - g 6 s . . 1932 M - ri
92
G a s A E le c B e r g C o 0 g 5 a . . 1 9 4 9 4 - D
H a v a n a E le c c o n s o l g 5a_____1952 F - a
85
H u d s o n C o G a s 1st g 5 s _____1 94 9 M - N
K a o C U y ( M o ) G a a la t g 6 a . 1 92 2 A O
82
K i n g s CO E l r. A P g 6 s ........... 1 937 A - O
88
P u r c h a s e m o n e y fle..............1 097 A - O
—
C o n v e r t i b l e d e b fle_______ 1 925 M - 8
E d E l i l l B k n 1st c o n g 4 s . 1 93 9 J - J
73
L a c G n a L o t S t L 1st g 5 a . . e l 9 1 9 ‘T - F
98%
R e f a n d e x t 1 st g 5 a . . _____ 1 93 4 A 89%
M ilw a u k e e G a a L la t 4 s ____ 1 927 *
N e w a rk C o n G a s g 5s .
19 4 s J
N Y G E L H A P g f i s _______ 1 9 4 - J
‘ 86%
P u r c h a s e m o n e y g 4s . . . 1949 F
08
E d K ie o III 1 st o o n s g 6 s . . 1996 J N Y A Q E l L A P 1st c o n g 5 s 1930 F P a c ific G A E l C o — C a l G A E
90
C o r p u n ify in g A r e f 5s . . . 1937 M P a o iflo G A E g e n A re f 5 a . . 1 9 4 2 J 79 3
P a o P ow A L t le t A ref 2 0 -y r
Cs I n t e r n a t io n a l M erles
193u F —
P a t A P aa a alo O A E l 5 a _____1 949 M P o o p O a a A C 1 st c o n s g d a . _ 1943 A
90
R s f u n d l n g g o ld 5 s ...........
1947 M
71%
R e g is t e r e d ........................... 1 9 4 7 M
C b G - L A C o k e 1 st g u g fte 1937 J
C o n G C o o f C h l e t g u g 5 s 1 930 J
—
I n d N a t G a s A O il 3 0 - y r 5s 1 930 M M u F u e l G a a 1st g u g 6 s . . 1947 M P h ila d e lp h ia C o c o n v 6 s ______ 1919 F
*94%
C o n v d e b e o g o l d 5 a _________1922 M 7r
88
S t a n d G a s A E l c o n v s f O s . . 1920 J •
B y r a o u s e L ig h t in g ist g 5s
1961 J
81%
S y r a c u s e L ig h t A P o w e r 5 s . . 19.54 J
70
T r e n t o n G A E l 1 st g 6 s _____1919 01
U n io n E le c L t A P la t g 5 « . . 1032 M
R e f u n d l n g A •>xtensfon 5 s . 1933 M
U n it e d F u e l G a s 1 st s f 5 s . . . 1 930 J
U t a h P o w e r A L t le e 6 a _____1944 F 83
U t i c a E le c L A P 1 st B 5 a . . . I 9 6 0 J U t i c a G a s A P ic o r e f 5 s ........... 1 957 J ■
Wm rnt*Y>*ta* r r
9 0 | fl ^ ______ r o k O ’ —




Range

W e e*’ *
fla n g e or
Lmt Sale

277

90
73

804
7 4 78

924
8 0-4

98t2 100
73

81

84
91

914
804

974
84

M lt c a lla n a o u a
A d a m s E x c o l l tr g 4 s ..............1948 M - 8
A la s k a Q u id M d e b 0a A _____1925 M
S
C o n v d e b 6 s s e r ie s B ______ 1920 M S
A m S 3 of\ V V a 1st 5 s ........... 1 9 2 0 M - N
A r m o u r A C o 1st re a l eat 4V*a’ 3 9 J - D
B o o t h F is h e r ie s d e b s f d a . . . 1920 A - O
B r a d e n C o p M c o l l tr s f 6 s . 1 9 3 1 F - A
B u s h T e r m in a l 1st 4 s ..............1952 A - O
19 55 j - j
C o n s o l 5 a .........................
B ld g s 5 s g u a r ta x e x . ____ i9 6 0 A - O
C h ic C A C o n n R y s a f 5 s . 1927 A
C h i c U n S t a t ’ n 1st g u 4 t * s A 1963 J
C h i le C o p p e r 1 0 -y r c o n v 7 s . 1923 M
S u b s c r ip r e c t a c o n v 6 s s e r A . . A
C o l l t r & c o n v 6 3 s e r A . .1 9 3 2 A
O o m p u t i n g - T a b - R e o s f O a .,1 9 4 1 J
G r a n b y C o n a M 8 A P c o n 6 3 A *28 M
S t a m p e d ...................................... 1 9 2 8 M
G r e a t F a lls P o w 1st a f 5 s . . 1 94 0 M I o t M e r c a n M a r i n e s t 0 s . . . 1941 A
M o n t a n a P o w e r la t 5 s A . . . 1943 J
M o r r i s A C o 1st 3 f 4 Hi 8 _____ 1 93 9 J
M t g e B o n d ( N Y ) 4 a se r 2 . . 1 9 6 6 A
1 0 -2 0 -y r 5 s s e r ie s 3 ________ 1 9 3 2 J
N Y D o c k 5 0 - y r 1st g 4 s ____ 1951 F
N ia g a r a F a lls P o w e r 1st 5 a . . 1932
R e f A g e n 6 s . . ......................a 1 93 2 A
N la g L o c k A O P o w 1st 5 s
1954 M N o r S t a te s P o w e r 2 5 - y r 5 s A 1941 A O n t a r io P o w e r N F 1st 5 s . . .1 9 4 3 F •
O n t a r io T r a n s m is s io n 5 s _____1 94 5 IW P u b 3 e r v C o r p N J g e n 5 s . .1 9 5 9 A
T e n n e s s e e C n p 1 st c o n v 6 s . .1 9 2 5 M W a s h W a t e r P o w e r 1st 6 s . .1 9 3 9 J
W ils o n A C o 1 st 2 5 - y r s f 6 s . 1941 A M a n u fa c t u r in g & I n d u s tr ia l
A m A g C h e m 1st c 6 s ..............1928 A
O
C o n v d e b e n 5 s ........................1 924 F
A
A m C o t OH d e b e n t u r e 5 s ___ 1931
A m H i d e A L 1st s f g 0 s _____1 91 9 M A m 8 m A R 1 st 3 0 - y r 5 s s e r A d '4 7
A m T h r e a d 1st c o l l tr 4 a _ .
1 91 9 J - J
A m T o b a c c o 4 0 - y c a r g 0 s . . . 1 944 A O
G o ld 4 s ....................................... 1 9 5 1 p - a
A m W r it P a p e r 1 s t s f 5 s _____1 91 9 J - J
B
ld w L o vv
c o W o r k s 1st 5 s----. . . 1HJU
1940 M - N
„ a-------------C e n t F o u n d r y 1st • f 6 s . . . 1 9 3 1 _ - A
C e n t L eath er 2 0 -y e a r g 5 8 ..1 9 2 5 A - O
C o n s o l T o b a c c o g 4 s _________ 1 9 5 1 V - A
C o r n P r o d R e f s f g 5 s ........... 1 1931 M - N
1st
. . . 2- 5 - y e a r sa f■ 5
o sn..............
. . . . . . , ;: 1934
i# O i M
m -N
n
D is t i l Beo C o r c o n v I s t B 5 s 1927 A - O
E I d u P o n t P o w d e r 4 V i s - - . 19315 J - D
G e n e r a l B ahlO B 1st 2 5 - y r He 1936 J
D
O e n E le c tr ic d o b b 3 U s . .
1942 P - A
D e b e n t u r e 5 s . . . ................ 1 9 5 2 M - I
I n B e rs o ll R a n d 1 st 5 s . .
1935 j - j
l n t A u r lc u l C o r p le t 2 0 - y r 5s 1932 M - N
Iu t P a p er C c —
C o n s o l c o n v s f g 5 e ________1 9 3 5 J - J
L ig g e t t A M y e r s T o b a c 7 - . . 1944 A - O
5 s .................................................... 1 9 5 1 f - a
L o rlH a rd C o ( P ) 7 s ___________ 1 9 4 4 A - O
- - - ........................... 1951 P - A
M e x i c a n P e t r o l L t d c o n 0 s A 1921 A - G
la t Hen A r e f 6 s s e r ie s C . . 1921 A O
N a t E n a m A S t p g 1st 5 s . . . 1 92 9 3 - D
N a t S ta r c h 2 0 - y r d e b 5 s ____ 1 03 0 J - J
N a t i o n a l T u b e 1 s t 6 a _______ 1 9 5 2 M - N
N Y A ir B r a k e 1 st c o n v 0 9 . . 1928 M N
R a il w a y S te e l S p r in g —
I n t e r o c e a n P 1 s t u f 5 s ___ 1931 A - O
S in c la ir O f! A R e f in i n g —
1 s t • f 7s 1 9 2 0 w » r r ’ n t j a t t c h
....
d o w it h o u t w a r r a n ts a t t a c h
____
S ta n d a r d M i ll in g 1 s t 5 s . . . . 1 9 3 0 M H
T h e T exas C o con v deb 0s _ . 1931 J
J
U n io n B a g A P a p e r 1st 5 s . .1 9 3 0 I
>
S ta m p ed . .
___ _______. 1 9 3 0 J ■ >
U n io n O il C o . o f C a l . 1 st 5 3 .1 9 3 1 J - J
U S R e a lt y <* l c o n v d e o g
1921 J - J
U 8 R u b b e r 1 0 -y r c o l tr « s . 1918 J - O
1st A r e f 5 s s e r ie s A . _
19 47 I - J
U S S m e lt R e f A M e o u v 0 s 1920 F - A
V - C a r C h e m la t 1 5 -y r 5 * .
1923 J - O
t l 9 2 4 'A - 0
C o n v d e b 0 s _______
W e s t E le c t r ic 1st 5 s D e e ____ 1 92 2 J - J
C o a l I r o n efc l t . * |
B e t h S te e l la t e x t s f 5 s ______1920 J - J
la t A r e f degaur A _________1942 M - N
2 0 -y e a r p r a A I m p s 1 5 s 1930 J - J
B u f f A S u s q I r o n a f 5 s ........... 1 932 J - D
D e b e n t u r e 5 s ....................... a 1920 M - S
C a b a b a C M C o 1st g u o s . . 1 922 J - O
C o l F A 1 C o g e n s f 5 i ............. 1 9 4 3 F - A
C o l I n d u ? la t A c o l l 5 s g u
.1 9 3 4 F - A
C o n s C o a l o f M d IstA r e f is 1950 J - D
E lk H o r n C o a l c o n v 0 * ____ 1 9 2 5 J - d
G r R l v C o a l A C 1st g fH . .4 1 9 1 9 A - O
III S te e l d e b 4 >*a........................ 1940 A - O
I n d ia n a S te e l la t 5 s _______
1952 M - N
J e f f A C le a r CJ& I 2 d 5a . . . 1 9 2 0 J - D
L a c k a w S te e l 1 s t g 5 s .............. 1 9 9 3 A O
1st c o n s 5a S e rie s a . . . . 1 9 5 U M - S
M i d v a le S te e l A Q c o n v •' 5 - 1 9 3 0 M - S
P le a s a n t V a l C o a l 1st 9 f o s . 1928 J - J
P o c a h C o n C o l li e r 1st s f 5 s . 1957 J
J
R e p u b I A 8 1 0 -3 0 -y r 5 s s f . 1 9 4 0 A - O
S t L R o c k M t A P 5 s s t m p d . 1955 J
3
T e n a C o a l 1 A R R g e n 5 s . . 1951 J - J
U 8 S te e l C o r p — I c o u p . . u i J O i M - N
8 F I 0 - 0 0 - y r 5 s lr e g
.
-11903 M - N
U t a h F u e l 1 st s f 5 s ................ 1931 M - N
V i c t o r F u e l 1st s f 5 s . . . . 1 9 5 3 J
i
V a I r o n C o a l A C o k e 1 st g 5s 1949 M
8

T ilt g r a p n

A

Lore High
6 3 t2
28
25

6 6 i2
S a le

83U Sale
9 0 i2
79
80
7 9 !8
8 7 % S a le
1 07
S a le
79
80
79
81
81% 85%
90
1 07 %
95
102
_____
95
9 7 % S a le
89
S a le
______ 89*4

67
69
__ _ 98%
98
in o
_____
9 3%
85
86%
91
95
78%
79
95
97
90%
94
94%

83
90
91
79
83
80
58
8 7 78
1 0 6 78
79
80
80%
90 U
95
90%
96%
89
90
83
94
67
95
1 0 5 l2
89%
8534
86%
H4
7 8 78
95
103%
9 3 *2

96% 96%
96%
9 4 % S a le 9 4 %
82
82% 82
1 0 0 % 1 0 1 % 100%
88
S a le 88
9 8 % 9 9 % 98-34
117
117
7 1 % 7 71? 7 1 %
8 4 % S a le 8 4
100
1 00 % 1 0 0 %
76% 84% 8 4 %
9 4 % S a le 9 3 %
65
81
81
99
100
98%
9 9 % S a le 9 9 %
85% 87
SO
9 9 % 104
_____
96% 75
6R
73
73
96
100
9S
80
1 00
75
75% 75%

6G
23
25

63
18
18

60%
30
28

8334

82%
90
89%
79
80
74
58
86%

87%

F eb T 8
91
J u n e ’ 18
J u n e ’ 18
J u ly T 8

M a r ’ lS
877g

107
79%
80
80%
J u n e ’ 18
Apr T 8
A pr TR
97%
89
J u ly '1 7
Apr T 4
J u n e '1 6
67
J u l y ’ 18
O ot TO
O ct T 7
J u l y ’ 18
J u l y ’ 18
J u n e ’ 17
81
95
Jan T 4
93%

97
94%
82

101
88%
98%
M ayTS
J u ly T 8
84%
J u n e ’ 18
J u n e ’ lS
91%
M a r 'l R
J u ly T 8
9 9%
80
M a y ’ 17
M ayTS
J u ly T 8
98%
O ct T 3
75%

93%
9 6 % J u n e '1 8
1 1 1 % S a le 1 1 1 %
111%
9 0 % S a le 9 0
91
110
1 12 % 1 11 % J u l y T 8
87
88%
88%
8S%
100
Apr 1
109
105% 109
J u n e ’ 18
97
M a y ’ lh
93
96
A p r TR]
96
99%
9 1 % J u l y ’ l8
98
99
9 S 78 J u l y ’ 18
99

9 9%

99%

9 3 % S a le
93
9 0 % S a le 9034
89
98
98% 99% 98%
83
8 9 34
82%
83
94
38%
8 9 % 90%
5 3 % 0.1
51
100
10 0 % : 0 0
79-% S a le
79%
9 4 % 9434 | 9 5
93% 94% 94%
9 6 % S a le 1 9 0 %
9 6 % S a le 9 0%

94
91%
J u n e ’ 18
99%
Aug T7
M a y ’ 17

_____

96
80
81%
85
86%

S a le
87
S a le
96
89
_____ 1
85% 86%
74% 75
87
95

”81%
94%
95
95%
91
88%
70%
83%
92%
77
95%
98%

81%
S a le
96
93
S a le
86%
93%
83
98%
S a le

J u l y ’ 18
100%
79%
J u l y ’ lS
94%
96%
96’

96
87%
80%
81%
90
M a y ’ ls

86

80%

86%

82%

204
3

73
77%
78%
91
91
90%
90
102%
86% 9 2

67
98%

85%
85%

87%
87%

73%
88

82%
95

93%

96%

92%
90%
82
98%
80%
96%
117
71
79
99%
80
93

100%
95%
83

101
89%
99
117
74%
87

101%
84%
97%

97%
95
75

98%
99%
88

75
75
71
74
9 4 % 100
*68*% " 7 5 %
96%
110
86
110
85
105*4
106
96
91%
93
08

99
117
95
115
93
107%
98
92%
96
1 00

96%

99%

80
94
84% 92
88
93%
9 6 % 101%

45

100

52% -

101

76
92%
90
94%
95

81
98
97%
98
98

93%
86
78%
90
85

99
93%
83%
90
86%

01

D eo 11
8 3 % J u l y '1 8
74%
75
90
M a y ’ 18
9 8 % S e p t ’ 17
94
F e b '1 8
81%
82%
94%

86
76
90
” 94“
85%
97

91%

88%

99
98%

94%
8S
80%

96%
90%
92

85%
92*4
I 80
92%

87%
98%
80
97%

90% 100
1 96%

86%
75
89%

102%

90
93
83
84%
80
58
90
108%
80%
80
83
97
96
94

D ec T 6
J u l y ’ 18

99%

83

86

80
81*4
82
86%
98 'S

83%
85%
91%
95%
99%

T tU p h o nt

A m T e le p A T e l c o l l tr 4 a . . . 1929
C o n v e r t i b l e 4 s ...... ................ 193H
2 0 - y r c o n v e r t i b le 4 > * 1 _____ 1933
3 0 - y r t e m p c o l l tr 5 « . . . .1 9 4 0
C e n t D l.it T e l 1st 3 0 - y r 5 s . . 1943
C o m m e r c ia l C a b l e 1st g 4 s . . 2 39 7
R e g i s t e r e d ............. ................. 2 39 7
C u m b T A T 1st A g e n S S . . .1 9 3 7
K e y s t o n e T e le p h o n e la t 5 a . . 1935
M i c h rfta te T e le p h l a t 5 s ___ 1924
N Y A N J T e le p h o n e 5 s g . . 1920
N Y T e le p 1st A g e n s f 4 3 * s . 1939
Pan T e l A T e l la t 5 a ..................1937
S o u t h B el) T e l A T 1 st s f 5 s 1941
W e s t U u lo n c o l l t r c u r 5fl___ 1938
F d a n d re a l ear g 4 i * s _____ 1 9 5 0
M u t U n T e l g u e x t 5 s _____1941
N o r t h w e s t T e l g u 4 } * > I . . 1 93 4

N
M- N

j
J
M
M
J

J
- J
-N
-N
- J

80
S a le
86%
82% 8 )
8 7 % S a le
---------1 00 %
68%
6 8%
____
86
89
95
8 6 % 90%
97
86
86%
90% 90%
89
90%
90%
91%
81
82% I
_____ 1 0 1 % H

Dus April. 1 D u May. gDueJuae. ADueJuly. tD a 'A a a • Das Oct, 9
f Dae
D u* N
N ot
ot*
.

80%
82

88

68% *68%

93%

86*4

90
98
89
92%
95
93%

97
85
89%
89%
90

86%
90%
89%
90%
80%

DutDoo.

90

»

Option sate

BOSTON STOCK EXCHANGE—Stock Record

378

SHARE PRICES—NOT PER CENTUM PRICES.
Saturday
July 13

Tuesday
July 16

Monday
July 15

Wednesday
July 1 7

130% 132
♦130% 131% *130% 131
72%
72%
72
72
71% 72
85
83
*80
85
♦80
83
32
32
32
32
32
31
*151
*151
*151
*
3'
3 *
3 * ____
—
*14
—
*15
—
*14

131
131
72
7212
*82
85
3112 33
'155
____
3
14 i 2 14<2

28
28“
*25*
*36'
*25*
145
145' *138
145 *138
*138
*138
145
*82% 83% *82% 83% *821, 831,
*83%
2 83 2
115
117' *110
115 *110
*110
115
*62
62
63
63
*60
*60
*62
63
115
115 *113
*113
*113
115
113
115
84
84
84
*78
*78
*78
*78
84
79
81
79
78% 78% *79
*80
81
2%
2
2
*2
2
2%,
2
2
16
18
15% 17%
15% 16
1734 18U
38% *38
*3734 38%
37% 37% *38
3812
*80
*80
*80
____
95
94
95
*93
*93
95
+93
95
21
21
21
*20
*20
*2 H 8 25
99
99
99
*85
*90
*85
*85
90
4934
49%
49%
49% 50
49’ 4
4912 4912
56% 56% *55
*55 Y 59
57%
*55
57
*90
93%
*.5 5
4*2
*m
109%
95%
*59
*94
*75
*77>8
* ____ I
*102
*63l2
24%
12
*14
*434
140
3 8 i2
*1 4 5 l2

91
91
93% *93%
.75
* .5 5
4%
4%
112
*m
109% *109U
9 5 i2
90
5984' 59U
9412
94
76
75
80
*77U
17
* ____
103
102
65
*6312
2612
257s
1 2 13
12%
1412
14%
512
*434
140
*137
39 i2
3 7 i2
147
144
6
5
16i2 *1512
4U
*413
90
*88
*8434
87
66
"
67
113
*11012

91
94

91
91
94%
93%
. .75,
*.50
*412
4%
i i 2 i * n i t 4 11214
IIOI4I 10914 1091.1
90
9 5 ’ 4 9 6 i2
59U *5914 5978
94
9434
94%
*75
76
75
*7714 80
80
* ____
1534
16
10212 *103is 104
*6312 65
65
263s 273.1
27U
1212 13
12l2
14
1418
141.1
512
5
SU
137
137
140
38
3834
40
145
145
146
*434
5
0
____
* 1 6 * 2 ____
43s
43s
4U
*88
...
87
*8434 87
67
67
67
111% 114
113

*90I2
*933t
*.5 0
4 i2
I I 214
lit
a

,

Thursday
July 18

Salesfor
the
Week
Shares

132 I 132
132
72% ' 713.i 72%
83 I 83
8312
3413
3 4 i2 3 5 i2
Last Sale 160 J u ly ’ 18
Last Sale 3
Jun e’ 18
*14
- . . - I ......................
Last SaleAlt N o v ’ 10
*____
25 | 25
25
Last Sale 138 J u ly ’ 18
* 82'
2
‘
8
3
'
2
83,2
8312
r.nsl Sale
Snltt l115
i e J u ly ’ 18
Last
*62
63 | 63
63
Last Sale H 3 i4 J u ly ’ 18
Last Sale 80 M a y ’ 18
.....................
*79
81
*1%
2 I4 I * 1 %
2l 2
18
18 I 18
18
38% 38%
3334 4 0
Last Sale 90
J a n ’ 18
95
95 I
...
*21ta 25 I
.
. .
Last Sale 88 A p rll’ 18
4 9 i2 49%
50
50
,£ 2
57
56
56
132
72
83
33

+91
92%
9212
9412 94t2
94%
.50
.50
.62
412
1 x2
1 1 2 U, } } }
J }2
111
»

Friday
July 19

• $ ?,

a -i

923.4
9 4 l4
*.6 2

93
9434
.7 5

112%'
110 11034

iilu

96%
6
»0
»

97
60

75
75
78% 80
...
16
*102% 104
*63% 65

52- '

-is . -i,~ *«■’* g

ai

20
Do
p r e f.
31
600
1,927
1,115 V Y N H A H a r tfo r d .

66
1$

p ref____________
M U e a lla n a a u i

Do
p r e f.
.m er Pneum
Do
p r e f.

M in in g

Do

p ref.

I s la n d C r e e k C o a l .
Do
p r o f ___ . . .

K ew eenaw C o p p -r .

M ic h ig a n
M o h a w k ..

_
_

Do

p r e f.

Do

p r e f.

S'

• m o *na *--!«.«*i o n m * ,




a Ex-dlvldend and r U b t s .

e A s sessm en t p a id .

par
25 July 19 30 Mar 6
.100 138 July 2 147 Apr 17
.100 82% Apr 18 85 Jan 30
104 Feb 19 120 Mar 0
,10 0
10 0
53 Jan 22 65 Jan 3
uoo 112% Junel5 116% Jan 9
.100 80 Mar 8 81 Feb 25
.100 77% Junel8 85 Jan 3
7% MaylO
2 Jan 2
,100
8% Jan 22 33 MaylO
100
100 27 Feb 25 48 May29
.100 90 Jan 10 90 Jan 10
,100 1 8 8 % Junel4 98 Jan 2
,100 20 Jan 2 25 Jan 8
100 83 Jan 24 88 Apr 18
. 50 37 Feb 20 50 July 5
50 47 Jan 16 62 Apr t 1

.100 78% Jan 2
.100 88% Jan 2
40 July 1
. 25
. 50
4% Julyl3
.100 99 Jan 2
.100 107 June 4
Do
p r e f.
.100 95% June25
.100 45% Jan 8
.100 90 Jan 3
Do
p r e f.
60% Jan 2
m oekeag M
76 Jan 7
Do
p r e f.
11 Feb 21
..10
.100 98 Jan 15
.100 58% Jan 17
Do
p r e f.
vW'9'
ar
21 Jan 28
11,663
! 10
10% MaylS
10,652
. 10 12 Jan 29
4 Jan 31
. 10
310
.100 134 June21
93
25 27% June27
8 ,845
.100 128 “ Jan 16
181
5 Apr 3
. 10
210
. 50 12 Apr 23
Do
p r e f.
80
3% Apr 29
10
820
.100 89 May28
4
.100 *77% Jan 15
53
.100 62 Junel7
136
.100 107 Junell
96
.100 88 Jan 15
100
.100 84 July 1
237
.100 56 July 6
.100 102 Jan 7
47
. 50 29 Jan 3
155
. 10 11 Jan 29
5
.100 102% Junell
847 S w ift A C o .
. 25 45 Jan 29
15
.100 115% Ian 17
983
. 25 38% July 9
3 ,143
Do
p re f________
. 25 35 Jau 19
140
.100 87 Mar25
7 ,9 5 1 U 8 Steel CorporatU
D
o
p
r
e
f-----------.100 108 Mar26
70
5 Jan 2
1,160 V entura C on sol O il F ield s.. 5
170
117
100
525
30
125
1,724
20
260
138
2

Sf

....

H ig h e s t.

[V o l . 107.
R ange fo r
Y ear
L ow est

CJtab C o p p e r C o .

6 E x - j i o e x dividend

.
.
.
.
.
.
.
.
.
.

25 % June27
25 71 Junel3
1-%Apr 25
10
25
.15 Julyll
25 *47 Junell
25 12% Mar23
25 41 Jau 2
6 It Jan 5
10
.25 Feb 1
17 Mar25
10
10 62% Jan 15
25 427 Feb 28
. 25 10% June27
. 25 43% Mar25
1% Apr 10
. 20
10
5 Jan 2
5% Mar25i
. 10
. 25
3 Juno21
100 73% JuneM
.100 39 Jan 17
5 % June21
- 35
% Apr 8
. 25
1 50 Jan 14
. 1 80 Jan 24
. 25 19% Jan 14
5 Jan 2
. 5
.99 Jan 24
. 25
5 Mar25
25
2 Jan 2
5
37S July 8
478 May 3
25
. 25
.65 Mar26
. 25
.40 June‘28
25 50 June25
. 5 1 8 % Jan 30
1% Apr 22
. 25
. 5 13% Jan 2
100 14 May23
100 73% May 3
5 8*{« Jan 11
- 15 13% Apr 17
. 25
.25 Feb 14
- 25
% June21
25 39 May28
. 25 46% Junell
- 10 17% Jan 12
. 25 06 June26
. 10 21% Mar22
- 2.5 40% Junell
% June'21
. 10
3 Apr 10
. 10
. 10 16 Jan 15
. 25
1 Julyl7
. 6
.11 Jan 23
4 Feb 19
. 25
2 May 3
'. 10
3 Julyl8
. 25
. 1
.85 May 1
. 50 36 Apr 13
. 50 42% Apr 13
1% May31
- 5
8% June25
. a
1
77% Mar23
t%June 51
. 1
> 2% Jan 26;
i
1 Jan 1C1
. » i 23% Junol!1
.40 Maylt1
.. 271

ft Ex-rlghte

a Ex-dividend

93 Julyl9
95% May21
2% Mar 2
15% Mar 4
115% MaylS
113% May 9
109 Feb 5
00% May24
96% Marl2
77 May24
82 June 5
18 July 8
120% Feb 16
61 July 19
27% July 10
13% JulylO
17% May 1
5% May 15
151%Jan 2
43 JulylO
151% MaylO
6% Feb 6
18 Julyl9
5% MarlS
92% Feb 28
91 MaylO
70 Jan 3
124 Jan 31
89% MaylO
100 Jan 3
69 Jan 2
119% MaylO
35 Feb 23
1378 MarlO
140% Apr 9
51 Julyl5
133 Feb 18
48% MaylO
26% May28
113% MaylO
1121., Julyl7
8% Juno 4

P r e v io u

1917
H ig h e s t

120 Deo 175 Jan
79 Jan
27 Deo
70% Deo 133 Mar
45 Mar
15 Deo
150 Deo 213 Jan
3 July
2
July
9 June 30 July

par

Do
pref
hlo Jun o R ]
Do
p r e f.

05

2

1.

.100 122% Apr 17 135 June24
.100 37 Jan 2 78% May29
.100 80 July 11 100 Jan 2
.100 19 Jan 23 36 May29
.100 150 Apr 15 168%Jan 17
>p a r
3 June 5
2 Jan 26
par
10% Mar 1 15 Junel7

_

20

R a n g e S in ce J a n .

L o w est.

106
727
73
561

7 8 l2 78*2
18 ’fu ly ’ i.S
105 's 105*s i o 5 i s 1053s
*6 3 l2 65
64
64
26% 27%
2634 273s
12% -13%
f e
? ii?
13% 13%
is
u *l *13% 14
14
14 I *5U
5%
514
5% 137
137
139
140
137
137
40
42
42% 43
3934 40
14634 147% 147% 147l2
145 146
•*5
6
*5
6
*17
IS
16i2
18
18
*1612 ____
4%
4%
4%
4
4
4
4U
90
90
*8912
*88
____
85% 85%
*8 6 i2
86
86"
86
86
*64
65
66
65
65
65
66
114 11434 113
113
113
115 115
rZtt
S
i
f
'
88%
J
u
ly
’ 18
* 8 8 % ____
Last Sale 9 2 % A u g ’ 17,
*88
*88
*88
*8 8
____
85
85 j 3 5
g5 j
847g 85'
84
85
85
85
84
84%
60
*55
*55
60
*55
60
"OO
DO
??* e '5 6
J u ly ’ 18
*55
60
114
114
113% 114 I* } } 3
141 I 114
lit
34
34
*34
34%
34% 34% *34
34% '
34, . 34,?i 34% 34%
13% 13%
*13
1334' * 1 3
____ I
106
106% 105% 106%' 106% 106% j a m . 10 0 % 1 108
*50
-------j 51
51
* 5 0 ' -------1
100 2| 50
125
125 I 124
125
128
128%
3834 39
39
39
..................
«
41
40
*25% 25%
25% 25%
25 105%' x n ii, 1017,
“ :l i3 1 “
104% 10434 ' 10134 104%' 1033.1
107 109
*110% 111 |*111% 112 | 111% 111% K’ i ; 4 J'/o,* 111% l l l U
111% 111%
7%
7%
734
7%
7%
7%
7%
7%
7 >4
Sf
I
* .5 0
.75
* .5 0
1
* .5 0
1
1
* .5 0
*7’l
°
7
8
°
*
50
1
^20
*75
78
* 75 7S
*79
80 I 78
79 *76
77
77
77
334
3% 35. 35*
1,5 9 0
*3 : 3%
2%
3
2%
33,
4%
3*4
Last
Sale
15
J
u
l
y
*13
.............
* .5 0
.30, * .1 5
.30
* .1 5
.30
*.1 5
.30
*51
52 1 *50
51
51
* 5 x 52 I
148
52
50
50
52
*50
1834 18*4 *18
18%
18% 1834 l s , 2 20
t l ? ' 2 487*,
19 19%'
470
*51
53 |
I
895
51
61% *51
..
14
14 | 1334
13%
14
. 14’ 4 H i ' 14 !
900
Last Sale 30 Ju xy * is ----------* .2 5
.32
* .2 5
.32
* .2 7
.32
14
* .2 7 1 .30
Last Sale 31 J u ly ’ 18
*27% 29
*27%
29 *28
29%
*29
31
67% 69
68
68
327
68
68
68
68
68% 69%
68
68
4 6 0 4 0 0 I 459 46 0 I
4 6 0 460
469 4 6 0
457 460
17
460 460
*12
13 I 13% 14 I
*12% 13
123,
13 *12% 13
61
*12
13
47% 47%
48
48
48 % 48%
47% 48
318
48
48%
47% 48%
*2
2%
2
2
2
2 I *1%
2%
450
2
2 I
*1%
2 |
6%
6%i
6%
*6%
1,090
6% ' 6%!
6>4
6>4I
61,
61,
6%
6%
♦9%
93,'
934
934
*9%
93,
9%
9% '
225
*9%
93,'
9%
9>2
4%
4%
4%
*4 1,
4%
*4%
4%
*4%
100
*4%
4 3 ,’
4%
*4%
*77
79
5
*76
78 I 75
75 I *76
70 J |* 73,
;
777
7 ’|
H
*73%
7878 I * 78
*76
44
*43
*42
4 4 *42
43
*42%
423, J 'ast S2le.44J u ly ’ 18
*6%.
'" 5 0
*6%
7 ! *6%
7 | *6%
7%
7 I* 8
7~ J
7
7
.75 1 .7 5
110
* .5 0
.80, * .5 0
.80, * .5 0
.80, „ ,2 5
no7 5 i
50
59
61
’ 61
1,032
61
61 | 61
61 ! 61
61
61
00
83
83
*80
82
8Q
s
0
82
*81
*81
82
11
81% 81% *81
81%
26
26
253, 2534
26
26
190
28 I *26% 27% ' 261, 27
*27
53,
534
S’ , '
*5%
5%
5%
S3,
200
**5%
5%
5%
5%
5%!
*1
Last Sale x,4 j une’ 1 8 j .............
*1
*1
1%
1%'
1 v ,;
*1
1%
6 % ’ *5%
*5%
Last Sale 6
j uiy ' i 8 . .............
8 I *5%
6
*5%
6%
2%
2%
2%
2% ’
2%
2%
*2 '4
2%
3
3
2%
234
4%
*3%
37g
*3%
4%
4%
*3%
3%
4%'
*3%
*3%
4%
534 i *5%
6
*5%
5%
5%
5%
*53S
6
534! *5%
*5%
3
3
*3
3 Mi 3 lit
3 i
3%
3%
3
3
3 Mi
234
234
*234
*234
2*4
3
3
*2%
23,
*23,
3
*60% 61% *58 " 5 8
5934 60
*59
60 | 58
58
*58
60
*19% 20
*193g 20
*19% 20
Last Sale
J u ly ’ 18
*1934 20%
13,
134
2
+13,
2
*134
2
*
13.
2
345
*134
2
*14
*
*14
15
15
225
*1 *
43 I 14
14
*13
15
1
15 *
15
Last
Sale
1
5
M
a
y
’
18
*____
15
*____
15
1
74 *
74
>____
74
Last Sale 74 j Uno’ 18
74
"8 %
8%
*8%
9
*8%
9
*g%
9
8%
8%
65
9
*8%
*14% i 14%
14% 143,1 X4.% . 15
115
*14%
*.6 0
.80
Last Sale'
j uiy - i s .............
.80,
* .6 0
.75
*.6 5
* .5 0
.75
* .5o
.75
170
* .6 0
.60, *.5 0
.75
.55
*41% - 43
41
42% ' 42
42
I 42% 43 | 43
43%
*42
41
335
52
*50
52% ' 52
52
*51
52
22
19
*18
18% 18%'
18
18%
18%
18% 18%
815
18
18% ' 18
71% *09
*70
70 I *69% 70
70
70 | fi9% 69%
50
70
2434
*24
2434| *24
Last Sale 251,, J u ly ’ 18
2434!
54 | *5 0 ' 54
*50
54
52
52 | 52
52
*50
85
53
53
.75
* .6 5
* .6 5 7.90
*.6 5
130
* .6 5
-80
* .0 5
.67
.65 ” .65
*4%
4%
*4%
4%
4*2
4%
4%|
4%
4%
750
4%
4%
*15% 17
*15% 17
*15% 17 I
‘
Last Safe 10 % J u n e’ 18
*13s
1%
*13g
1%
*138
1%' - \ *1%
1%
25
* .1 0
.18,
.18
.18
.16
.16, * i 3
*.13
1,200
.18
*434
5% '
*4%
5Vi
43,
43, 1 *5
*43,
100
5%
*2 Mi 2 %| *2 Mi 2%
*2 Mi 21,1
2%
+2%
500
*2%
3%
3%
33s
3%
3%
3%
3 t,
1,161
3
3M i
3%
IM i l 1/ * 1 IM i
1%
IM i
1%
1%
1,800
1%_
1%
T%
OI»
,19.*^'
A
O
.401-'
.191.
.4
Oi
_
42% 42% ' 42
42%
345
43% 43%
43% 43% *42% 43%
4 3 % ' 43%
*43% 43%< 43
44
124
*43% 43%
43% 44
43% ’'4Vtl 4 4
44
*134
2%;
*134
2%
* 13,
2%
* 1*;
2
Last Sale 2
J u ly ’ 18
9%
9%
93, 10
934
934
540
10
10
9% 10
80% 80%
♦80% 81
20
83% 83%
81% *82% 83%
2
2
jc
2
2%
2
1,365
2%
2%
2%
3 1
3
2%
278
*2%
234
234
234
350
*2 %
278
27S
*2%
*1%
2
*1%
2
2
10
1%
* 1%
1%
2
*1%
2
*1%
*27 1 F28% *27.
28%
28
28 | +29
20
29
29
*29
30
30
* .5 0
1 I * .5 0
1
*.5 0
.60
300
.75
.50
.50 T * , 5 0
*.5 0
1

*13

STO CKS
BO STON ST O C K
EXOHANQE

BO N DI
Sea N «xt P a g *

30 Auk
148 Nov
83% Deo
102% Nov
44 Deo
116 Deo
83 Juno
78 Deo
1 Doo
6 Deo
21% Sept
90% Oot
85 Doo
10% Deo
83 Deo
34 Deo
*45 Deo

38 Feb
150 Jan
108 Jan
140 Mar
78% Mar
133 Jan
92% Jan
100% Mar
6% June
31% July
52% Jan
105 Apr
135 Jan
84% Feb
110 Jan
50% Mai
74 Jan

73 Deo
91% May
88 Doo 103% Jan
2% Jan
1 Deo
14 Mar
7% Deo
90 Nov 126% June
105 Deo 121%Jan
96 Doo 128% Jan
3S7s Nov
58 June
*87% Doo 100% June
75 July
60 Deo
97% Jan
75 Doo
0 Deo
14% Deo
88 Sept 121% Jan
66 Jan
55% Feb
0 Deo
378 Deo
133% Doo

20% June
10 Jan
226 Jan

118% Deo
4 Deo
10 Deo

170% Jan
1 8 % Jan
33% Jan

92% Deo
71 Deo
63 Deo
110 Deo
35 Jan
00 Jan
93 Deo
*59 Nov
107 Deo
29 Deo
10 Deo
HO Nov
40 Nov
• 105 Dec
37% Deo
25 Oot
79% DOO
103% Deo
4% Deo

102 Jan
100% Mar
81 Mar
169 Jan
95 Mar
92% Aug
124% Mar
112 Jan
160% Jan
40 Jan
16 Mar
1027* Apr
68 June
155% Jan
68% Jan
30% Mar
135 May
121 Jan
87a Jan

1% Jan 25
4% Jan
1 Oot
83 Jan 3
70 Doo 108 Jnn
4% July 5
11% Jan
l Deo
.45 May 13
1% Jan
% Sept
64 Feb 27
45 Deo
70 Mar
21% July 3
41% Jan
11 Deo
51 July 0
40 Nov
73 Jan
14% Feb 18
8% Nov
15% June
.45 Jan 7
.25 Deo
2% Jan
33 Mayl4
62 Jan
12% Deo
73% MaylO
65 Deo
85% Jan
465 May27 411 Deo 0 )0 Feb
14% Feb 19
27% Jan
l l Doo
50 MaylO
68 Jau
39% Deo
2% Mar l
3 Jan
1% Apr
67g Mar 8
3% Nov
71.1 Jan
10% Jan 2
3% Deo
10 Jan
6 Fob 18
4 Deo
9 Mar
79 Mar28
92 Jan
06
Deo
44% May 9
35 Nov
40% Jan
10% Jan 2
7 Deo
20% Jan
1 Jan 3
4 Mar
% Deo
70 Mayl5
52 Nov
76% June
84 Feb 18
80 Nov
94 Apr
29 July 3
30 Jan
20 Deo
6 Aug
6 Feb 19
4% Apr
1% May 15
4% Jan
1% Juno
8% May 14
18 Jan
5 Oot
3% Mar 5
5 Jan
1% Deo
6 Fob 13
4% Nov
s% Auk
7 Jan 2
15% Jan
5 Nov
3% July 8
3 May
1 Nov
2% July 8
5% Mar
1% Auk
66% Mayl6
67 Deo
98 Jan
20% Mayl4
26% Mar
10 Nov
2% July 1
6 Jan
1% Dm
17% Mar 7
17% Apr
10 Nov
20 Jau 2
22 Jan
30 Mar
80 Jan 31
92% Mar
65 Deo
9 Apr 11
9% Bopt
6% July
17% MaylO
21% Mar
ll%.Oot
.95 MarlO
.30 Nov
2% Jan
27g Jan
1% Mar30
.98 Deo
33 Nov
46% Jan 3
67% Mar
05 Jan 9
53% Deo
95 Mar
20% Feb 20
16 Nov
28% June
78 MaylO
00 Nov 94% Feb
25% May23
20 Nov 32% Apr
67 Jan 2
89% Mar
48 Doo
1% Feb 21
.58 Deo
2 Jan
5% Jan 2
19 Jan
5% Oot
30% Mar
17 May 8
19 Oot
.89 Deo
2 Jan 3
6% Jan
.20 Jan 8
10 Deo
.31 Jan
6% May 15
3% Dee
16% Mar
3% Jan 3
3% Doo
8% Jan
4% Feb 13
3 Nov
8% July
1% Feb 21
1 May
2 Mi Jan
49% Feb 19
07% Jan
40% Deo
62% Jan
40 Jan 2
43% Nov
37* Hept
2% Feb 8
178 Mar
21% Feb
12 Jan 10
9% Deo
71 Deo 118% May
85 Feb 19
6% Jan
2% Deo
3MiApr 8
0 Jan
2 Oot
3 Jan 3
2 Oot
5% Jan
2 Jan 3
31 Deo
30 Jan 3
53% Mai
IMi Mar 7 .15 A uk
2% Jan
• Half-paid

July 20 1918.]

THE CHRONICLE

B o sto n

Bond

R e c o r d .— 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 o J u ly 1 3 to J u ly 1 9 , b o th in clu siv o :
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.

Bonds—
U S L ib L oa n 3 ! * s . 1932-47
1st L ib L oa n 4 s . 1932-47
2 d L ib L oa n 4 s . . 1927-42
1st L lb L o a n 41*81932-47
2<1 L ib L oa n 4 >*81927-42
3d L ib L o a n 4 M s . . .1 9 2 8
A m T e l A T e l c o ll 4 s . . 1929
A n g lo-F ren ch 5-year 5s.
A t l G & W I S S L 5 s . . 1959
G t N o r -C 15 A Q 4 s . ..1 9 2 1
M a s s G as 4 J * s................ 1931
4 M s ...................
1929
N E T ele p h o n e 5 s____ 1932
P u n ta A le