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VOL. 107
P u b l is h e d e v e r y S a t u r d a y m o r n i n g b y W I L L I A M B . D A N A C O M P A N Y :
J a c o b S e ib e r t J r . , P r e s i d e n t a n d T r e a s u r e r ; A r n o l d G . D a n a , V i c e - P r e s i d e n t
a n d S e creta ry.
A d d re s se s o f b o t h , O ffic e o f th e C o m p a n y .
NO. 2767
JULY 6 1918
CLEARINGS—FOR JUNE , SINCE JAN. 1, AND FOR WEEK ENDING JUNE 29.
Six Months
June
Clearings at—
1918.
1917.
S
$.
1 4 ,8 5 7 ,< 5 5 4 ,5 2 0 1 6 .0 9 9 ,0 7 8 ,2 6 7
1 ,5 0 3 ,8 0 6 ,0 5 3
1 ,7 0 0 ,3 0 0 ,1 7 3
3 5 4 ,1 1 2 ,6 7 7
5 0 7 ,8 2 5 ,6 8 1
2 0 2 ,3 1 8 ,7 1 1
2 9 3 .8 2 0 ,8 2 9
8 5 ,7 3 5 ,2 3 7
8 2 ,9 1 5 ,2 1 3
6 2 . 7 0 9 ,9 9 8
5 1 ,6 6 5 ,9 0 3
2 1 ,1 7 3 ,7 7 8
1 8 ,4 8 9 ,7 5 1
3 0 .9 1 2 ,0 9 8
3 5 ,8 9 7 ,0 6 5
1 6 .2 2 5 ,0 9 9
1 5 ,0 3 5 ,3 2 5
1 9 ,2 5 0 ,0 0 0
2 0 ,5 3 7 ,5 5 0
1 1 ,9 0 7 ,3 9 3
1 1 ,1 8 1 ,7 1 3
1 6 ,6 4 8 ,9 6 7
1 8 ,1 2 9 ,4 4 1
1 1 ,7 8 6 ,6 9 2
1 1 ,6 9 0 ,7 7 4
1 4 .4 0 0 ,3 4 2
1 4 ,0 6 3 ,2 3 2
9 ,3 4 3 ,1 0 3
8 ,7 8 1 ,6 6 7
W i lk e s B a r r a ................
1 3 ,3 0 1 ,3 5 1
1 1 ,7 9 3 ,2 7 1
4 ,8 5 5 .7 2 5
5 ,3 1 9 ,2 9 1
6 ,3 6 7 ,4 1 3
5 ,2 0 9 ,8 1 0
Y o r k ...............................
8 ,8 3 7 ,0 0 0
7 ,6 8 9 ,5 8 6
K r lo ............................... ..
6 ,8 4 5 ,3 6 5
0 ,3 9 4 ,7 0 0
3 ,2 3 4 ,7 3 5
3 ,3 6 4 ,0 9 3
3 .4 4 6 ,6 0 0
4 ,3 6 6 ,9 0 0
1 0 ,9 6 7 ,3 1 3
9 ,3 9 3 ,8 6 5
3 . 0 7 8 ,6 8 5
3 ,3 1 4 ,2 1 0
B eaver C ou n ty , P a ..
3 ,2 5 9 ,4 3 3
3 ,0 2 3 ,7 3 0
1 ,9 8 0 ,0 4 1
1 ,7 9 2 ,6 0 9
1 ,1 9 2 ,8 9 0
1 ,9 0 3 ,7 6 8
F r a n k l i n _______________
1 ,8 3 2 ,6 6 7
2 ,4 0 8 ,6 0 9
M o n t c l a i r _____________
4 ,2 4 5 ,9 2 0
4 ,2 9 2 ,7 8 9
O r a n g e s ------------------------3 ,9 4 3 ,4 2 3
2 ,7 2 2 ,6 4 7
H a g e r s t o w n __________
T ota l
M i d d l e ........... 1 7 ,8 0 0 ,9 4 3 ,0 1 0 1 8 ,5 2 3 ,0 3 3 ,6 8 7
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 o w H a v o n ____________
S p r i n g f i e l d ____________
P o r t l a n d _______________
W o r c e s t e r _____________
F a l l H l v c r ........................
N o w B e d f o r d _________
H o l y o k o ________________
L o w e l l _________________
B a n g o r ---------------- ----------W a t e r b u r y ------------------S t a m f o r d _______________
1 ,5 3 1 ,4 9 5 ,1 2 1
4 7 .6 4 7 ,1 0 0
3 4 ,6 5 4 ,0 0 9
2 1 , 7 0 2 ,0 6 6
1 7 ,3 0 6 ,7 4 3
1 1 ,5 0 8 ,0 0 8
1 5 ,8 6 1 ,0 6 3
8 ,6 6 8 ,2 8 7
6 ,8 3 7 ,4 2 8
3 ,3 3 0 ,0 6 9
4 ,9 8 0 ,0 0 0
3 ,3 5 3 ,5 6 2
9 ,8 5 6 ,0 0 0
2 ,8 2 4 ,2 6 9
Inc or
D ec.
%
— 7 .7
+ 1 3 .7
+ 6 0 .4
+ 4 5 .2
+ 3 .4
+ 2 1 .5
— 1 2 .7
4 - 2 .8
+ 7 .9
— 6 .3
4 - 6 .5
■ 8 .2
—
+ 0 .7
+ 2 .4
+ 6 .4
+ 1 2 .8
+ 9 .6
+ 2 2 .2
+ 1 4 .9
+ 7 .1
— 3 .8
— 2 1 .1
+ 1 6 .8
— 7 .1
+ 7 .8
+ 1 0 .5
— 3 9 .3
— 2 5 .8
— 1.1
+ 4 4 .9
1918.
$
8 5 ,3 2 9 ,5 6 7 ,1 0 2
9 ,1 6 5 ,3 8 6 ,0 9 4
2 ,3 0 3 ,0 9 1 ,8 2 0
1 ,3 8 6 ,7 0 8 .3 2 5
5 2 0 ,0 8 4 ,5 7 5
3 3 7 ,0 3 3 ,1 9 6
1 2 2 ,2 4 6 ,0 9 0
1 8 8 ,4 4 9 ,9 7 0
9 0 ,7 5 5 ,8 0 0
1 1 1 ,5 4 9 ,6 8 6
6 8 ,1 3 9 ,6 0 2
9 9 ,1 0 0 ,5 2 1
6 9 ,3 3 0 ,9 0 6
7 8 ,3 0 1 ,9 8 9
5 3 ,5 2 2 ,5 5 5
7 2 ,3 4 5 ,0 9 9
2 8 ,7 2 5 ,3 9 8
3 4 ,8 3 7 ,4 5 7
5 0 ,6 0 9 ,9 9 4
3 5 ,3 1 8 ,7 3 6
1 8 ,4 0 2 ,5 4 2
2 2 ,4 4 7 ,1 0 0
7 6 ,5 2 3 ,4 4 1
1 7 ,4 7 5 ,0 3 3
1 8 ,0 0 5 ,8 2 4
1 3 ,7 5 4 ,3 9 1
1 0 ,9 7 0 ,6 9 7
1 1 ,3 1 9 ,2 8 5
2 4 ,8 5 9 ,2 5 3
1 8 ,3 3 4 ,7 7 4
1917.
S
8 8 ,4 8 5 ,3 3 7 ,2 8 0
8 ,5 0 8 ,0 6 5 ,5 3 5
2 ,0 1 0 ,3 1 7 ,1 9 2
1 ,1 0 7 ,0 6 3 ,8 2 8
4 6 8 ,1 1 8 ,4 0 4
2 7 3 ,0 5 4 ,6 1 9
1 2 6 ,1 7 4 ,2 5 4
1 8 2 ,2 7 4 ,6 1 8
9 0 ,7 2 1 ,4 1 5
1 0 8 ,3 9 0 ,6 4 5
6 5 ,8 0 8 ,9 9 5
9 4 ,0 5 8 ,8 1 4
6 9 ,1 7 1 ,6 1 5
8 2 ,3 1 5 ,7 5 7
5 0 ,3 4 8 ,5 6 1
5 8 ,9 9 9 ,8 2 4
2 4 ,2 8 7 .0 0 8
3 0 ,8 4 2 ,8 0 5
4 3 ,0 1 0 ,4 8 9
3 0 ,0 2 4 ,4 1 1
1 7 ,6 2 4 ,5 9 9
2 4 ,5 2 6 .9 0 0
0 2 ,1 0 1 ,1 0 1
1 8 ,1 0 7 ,7 1 3
1 5 ,1 4 9 ,5 5 5
1 2 ,0 4 1 ,3 9 6
1 1 ,6 2 4 .9 3 7
1 3 ,1 3 7 ,3 4 9
2 4 ,5 5 9 ,9 7 8
1 0 ,5 7 5 ,6 3 2
— 4 . 0 1 0 0 ,4 4 3 ,9 1 7 ,9 8 7 1 0 2 ,1 3 0 ,4 3 5 ,2 9 5
1 ,0 5 8 ,2 3 4 ,2 2 3
4 4 ,1 3 7 .4 0 0
3 6 ,7 3 3 ,8 3 9
2 0 ,8 9 9 ,9 0 2
1 8 ,1 0 1 ,7 3 6
1 2 ,0 8 8 ,3 7 0
1 6 ,1 0 3 ,3 4 0
8 ,4 7 9 ,5 3 3
0 ,8 9 5 ,6 6 3
3 ,8 7 9 ,1 5 2
4 ,5 1 3 ,1 7 2
2 ,7 5 8 ,7 4 4
1 0 ,1 2 4 ,9 0 0
2 ,0 9 1 ,9 7 3
+ 4 4 .7
+ 7 .9
— 5 .7
— 1 9 .3
— 4 .4
— 4 .8
— 1 .5
+ 2 .2
— 0 .8
— 1 4 .4
+ 1 0 .3
+ 2 1 .6
— 2 .6
+ 4 .9
7 ,3 9 0 ,7 6 3 ,0 1 1
2 9 4 ,7 9 1 ,0 0 0
2 0 0 ,9 0 7 ,5 4 3
1 2 6 ,0 1 4 ,7 0 8
9 0 ,8 8 2 ,7 8 0
6 4 ,3 2 6 ,5 1 3
9 1 ,3 8 3 ,2 5 3
5 4 ,9 4 2 ,3 0 2
4 6 ,8 4 1 ,1 0 8
1 9 ,0 0 3 ,9 4 2
3 0 ,4 3 3 ,8 3 4
1 9 ,5 8 0 ,9 9 0
5 0 ,1 3 9 ,6 0 0
1 3 ,8 5 4 ,6 2 7
Week ending June 2 9 .
Inc or
D ec.
%
— 3 .6
+ 7 .7
+ 1 7 .6
+ 2 5 .3
+ 1 1 .2
+ 2 3 .4
— 3 .1
+ 3 .4
+ 6 .7
+ 2 .9
+ 3 .5
+ 5 .4
+ 0 .2
— 4 .9
+ 6 .3
+ 2 2 .3
+ 1 8 .3
+ 1 3 .0
+ 1 6 .2
— 2 .0
+ 4 .4
+ 2 3 .2
+ 1 8 .9
+ 1 4 .2
— 5 .6
— 1 3 .8
+ 1 .2
+ 1 0 .6
— 1 .6
5 ,9 8 7 ,2 9 7 ,9 0 4
2 6 5 ,9 4 2 ,9 0 0
2 1 8 ,4 4 0 ,7 1 1
1 3 2 ,5 8 6 ,7 3 7
1 1 0 ,6 7 6 ,1 7 2
7 0 ,7 7 4 ,2 1 1
9 4 ,9 7 0 ,7 6 4
4 8 ,6 0 8 ,1 2 5
4 2 ,0 0 7 ,0 9 9
2 3 ,3 1 9 ,1 8 5
2 7 ,7 8 8 ,3 4 0
1 0 ,8 0 9 ,1 8 4
5 9 ,3 1 6 ,5 7 8
1 3 ,8 8 8 ,6 2 5
+ 2 3 .4
+ 1 0 .8
— 8 .0
— 5 .0
— 1 2 .5
— 9 .1
— 3 .8
+ 1 3 .0
+ 1 1 .3
— 1 8 .5
+ 9 .5
+ 1 6 .5
— 1 5 .5
— 0 .2
1918.
$
1917.
S
3 ,6 9 1 ,6 3 2 ,0 6 2 3 ,5 0 7 ,0 8 3 ,5 0 4
4 1 2 ,4 5 2 ,1 8 3
3 3 9 ,0 0 3 ,3 5 8
1 4 3 ,3 2 5 ,8 8 0
8 2 ,2 5 9 ,1 5 2
6 8 ,0 0 5 ,0 6 2
4 5 ,3 4 3 ,3 3 8
1 9 ,0 7 2 ,5 1 5
1 6 ,7 3 8 ,8 6 2
1 3 ,8 1 4 ,1 3 7
1 0 ,3 5 4 ,7 9 7
3 ,9 8 4 ,0 4 7
4 ,1 0 9 ,6 1 1
6 ,0 9 5 ,5 7 2
6 ,6 5 3 ,1 9 1
3 ,6 0 0 ,0 0 0
3 ,3 6 1 ,4 0 6
5 ,0 0 0 ,0 0 0
5 ,3 0 0 ,0 0 0
2 ,7 3 5 ,5 7 6
2 ,3 0 2 ,4 0 0
4 ,0 8 9 ,0 3 2
4 ,1 9 4 ,9 1 8
2 ,6 2 1 ,8 3 0
2 ,5 4 2 ,7 0 6
3 ,2 1 9 ,8 6 4
3 ,4 1 3 ,4 3 3
1 ,7 6 8 ,2 6 4
2 ,0 7 1 ,6 6 3
In c. or
D ec.
%
1916.
5
1915.
$
+ 5 . 2 2 ,9 9 3 ,8 6 9 ,2 2 8 2 ,3 1 2 ,2 0 9 ,2 1 3
+ 2 1 .(1
2 5 0 ,8 1 2 ,3 9 6
1 9 8 ,9 7 4 ,7 3 7
+ 7 4 .2
7 3 ,6 3 2 ,4S9
5 7 ,2 5 9 ,7 8 8
4 5 ,3 5 3 ,7 7 4
+ 5 0 .0
5 0 ,9 8 5 ,8 7 2
+ 1 3 .0
1 2 ,6 5 5 ,9 0 7
1 2 ,8 7 6 ,5 3 8
+ 3 3 .4
9 ,0 4 8 ,9 2 1
8 ,4 0 4 ,7 9 1
— 3 .0
8 ,2 6 6 ,8 6 4
5 ,1 7 6 ,5 8 8
+ 9 .2
6 ,2 1 0 ,4 4 6
6 ,6 2 3 ,2 2 3
+ 7 .1
3 ,0 0 3 ,9 5 8
3 ,4 4 8 ,2 5 6
— 5 .7
3 ,7 5 6 ,5 7 2
4 ,3 8 0 ,5 0 9
+ 18 8
2 ,1 9 8 ,9 8 3
2 ,0 9 2 ,0 7 9
— 2 .5
2 ,9 4 8 ,8 9 5
2 ,4 2 6 ,0 0 5
+ 3 .1
2 ,4 8 5 ,9 3 5
2 ,0 0 5 ,8 4 6
+ 6 .0
3 ,2 6 9 ,2 6 0
2 ,6 5 0 ,9 7 3
+ 1 7 .1
1 ,5 3 1 ,3 6 3
1 ,5 1 9 ,6 6 9
1 ,6 0 0 ,0 0 0
1 ,3 7 6 ,2 4 2
1 ,9 8 6 ,8 4 3
1 .6 0 3 ,2 6 1
7 0 6 ,3 7 5
7 3 3 ,7 0 0
2 ,2 8 2 ,0 4 9
1 ,5 2 4 ,4 1 2
1 ,1 7 9 ,7 6 0
1 ,6 4 4 ,7 5 5
1 ,4 2 7 ,2 1 7
7 0 3 ,1 7 7
8 5 3 ,4 0 0
1 ,8 7 9 ,5 0 2
+ 5 .0
+ 1 6 .7
+ 2 0 .8
+ 1 4 .2
+ 0 .5
— 1 4.1
+ 2 1 .5
9 5 5 ,3 8 4
9 0 9 ,6 0 9
1 ,2 2 2 ,7 0 3
1 ,1 7 6 ,3 8 9
6 2 9 ,9 8 5
7 2 4 ,3 0 0
1 ,5 1 9 ,3 1 3
6 9 3 ,6 3 3
9 3 1 ,7 8 8
1 ,1 2 3 ,6 1 6
1 ,0 1 4 ,8 9 7
6 2 1 ,4 1 0
7 9 4 ,4 0 0
1 ,6 9 2 ,2 1 6
3 5 9 ,6 8 6
4 6 0 ,7 5 1
— 2 1 .9
3 4 4 ,6 4 3
4 6 3 ,2 6 7
4 ,3 9 3 ,1 4 0 ,7 6 7 4 ,0 4 3 ,3 5 0 ,7 4 0
3 6 5 ,9 0 3 ,3 7 4
1 1 ,1 6 5 ,3 0 0
7 ,5 4 4 ,4 0 8
4 ,8 9 9 ,6 4 9
4 ,0 5 0 ,2 6 9
2 ,2 0 0 ,0 0 0
3 ,4 0 4 ,4 5 3
2 ,0 3 5 ,9 1 6
1 ,6 0 3 ,4 9 6
8 1 6 ,3 4 3
1 ,0 7 0 ,0 0 0
6 7 5 ,9 4 8
2 4 0 ,0 8 4 ,8 7 4
9 ,7 3 2 ,7 0 0
7 ,3 8 4 ,3 4 1
4 ,6 9 7 ,3 6 9
3 ,8 3 1 ,1 7 2
2 ,7 8 9 ,4 9 4
3 ,9 8 7 ,2 0 6
2 ,0 2 4 ,5 7 4
1 ,4 8 4 ,1 6 1
8 2 6 ,8 8 9
9 8 3 ,0 1 1
7 1 1 ,2 6 1
+ 8 6 3 ,4 2 9 ,0 6 9 ,1 3 9 2 ,6 7 5 ,8 2 7 ,7 9 0
+ 5 2 .4
+ 1 4 .7
+ 2 .2
+ 4 .3
+ 5 .7
— 1 1 .6
— 1 4 .6
+ 0 .5
+ 8 .2
— 1 .3
+ 8 .8
— 5 .0
1 9 4 ,2 2 9 ,0 4 7
9 ,9 0 6 ,9 0 0
7 ,3 S 9 ,3 6 5
4 ,7 4 7 ,2 0 6
3 ,5 8 8 ,6 5 8
2 ,4 5 0 ,0 0 0
3 ,9 4 7 ,7 9 4
1 ,1 4 1 ,4 6 6
1 ,1 4 4 ,0 2 4
1 ,1 9 9 ,3 7 1
8 2 8 ,4 8 8
6 8 1 ,9 9 2
1 7 5 ,5 3 5 ,9 7 0
1 2 ,5 3 8 .8 0 0
7 ,6 5 8 ,5 8 9
4 ,8 5 3 ,0 9 0
3 ,1 4 5 ,2 4 2
2 ,6 2 2 ,0 7 3
3 ,2 7 1 ,3 7 2
1 ,0 3 6 ,6 0 8
1 ,2 1 2 ,8 7 6
9 3 4 ,6 0 0
8 3 0 ,6 4 0
6 6 4 ,8 4 2
T o t a l N e w E n g la n d
1 ,7 2 0 ,0 2 9 ,7 2 5
1 ,2 5 1 ,6 0 1 ,9 4 7
+ 3 7 .4
8 ,4 9 9 ,9 2 7 ,2 1 1
7 1 1 2 ,4 9 2 ,5 3 5
+ 1 9 .5
4 0 5 ,3 6 9 ,1 5 6
2 7 8 ,2 3 5 ,0 5 2
+ 4 5 .7
2 3 1 ,2 5 4 ,3 1 1
2 1 4 ,2 0 4 ,7 0 2
C h i c a g o ________________
C i n c i n n a t i _____________
C l e v e l a n d _____________
D e t r o i t ________________
M i l w a u k e e ____________
I n d i a n a p o l i s __________
C o l u m b u s _____________
T o l e d o __________________
P o o r l a __________________
G r a n d R a p i d s _________
D a y t o n _______ _______
E v a n s v l l l o ........ ........... ..
F o r t W a y n e _________
S p r in g f i e ld , 111_______
Y o u n g s t o w n _________
A k r o n _________ ________
R o c k f o r d _____________
L e x i n g t o n ____________
C a n t o n ______________
S o u t h B o n d . . ...............
D e c a t u r ---------------------Q u i n c y ------------ --------- -S p r in g f i e ld , O . . ..........
B l o o m i n g t o n ............. ..
M a n s f i e l d ___________
D a n v i l l e _____________
2 ,0 7 6 ,7 0 5 ,8 8 3
2 3 9 ,0 9 6 ,8 2 9
3 8 6 .8 9 7 ,4 5 5
2 8 6 ,5 2 5 ,7 1 1
1 1 4 ,5 9 2 ,8 8 2
6 4 ,7 4 2 ,0 0 0
4 3 ,8 7 5 ,2 0 0
4 1 ,7 0 0 ,0 0 0
1 9 .0 5 1 ,4 3 2
2 2 ,1 9 4 ,1 0 6
1 5 ,8 5 6 ,0 7 9
1 5 .8 4 3 ,3 6 6
5 ,9 4 4 ,0 5 9
8 .9 4 6 ,1 3 8
1 5 ,2 0 0 ,0 0 0
2 5 , 6 1 0 ,0 0 0
7 ,7 0 0 ,0 0 0
3 ,7 4 6 ,0 5 3
1 1 ,3 8 8 ,5 6 0
7 ,9 0 0 ,0 0 0
4 ,0 6 8 ,1 4 8
4 .8 5 7 ,6 3 6
4 ,7 8 3 ,6 3 1
4 ,8 0 0 ,0 0 0
4 , 5 3 1 ,6 8 4
2 ,5 0 1 ,9 1 5
2 ,1 1 7 ,6 9 8 ,0 7 2
1 0 7 ,4 2 1 ,5 6 0
3 3 1 ,9 8 4 ,2 0 3
2 3 4 ,1 5 6 ,3 2 0
1 1 0 ,3 3 4 ,5 7 9
6 0 ,2 8 4 ,9 7 5
4 4 ,4 5 6 ,4 0 0
4 4 ,2 1 1 ,7 1 6
2 3 ,5 9 7 .0 2 9
2 0 ,9 5 8 ,3 3 5
1 3 ,8 4 9 ,9 8 3
1 1 ,8 4 6 ,5 2 7
6 ,1 7 2 ,9 1 9
8 ,7 5 4 ,2 3 1
1 4 ,8 3 4 ,8 9 4
2 7 ,7 2 9 ,0 0 0
6 ,5 8 4 ,0 8 0
2 ,6 0 4 ,1 4 0
1 6 ,2 5 8 ,9 9 2
5 ,0 8 7 ,5 1 8
3 ,9 1 5 ,9 4 9
4 ,7 4 0 ,7 8 3
5 ,3 2 4 ,8 0 1
5 ,2 7 6 ,5 5 3
4 ,1 3 2 ,8 8 2
2 ,8 0 2 ,6 7 0
— 1 .9
+ 4 2 .8
+ 1 6 .5
+ 2 2 .4
+ 3 .9
+ 7 .4
— 1 .3
— 5 .7
— 1 9 .3
+ 5 .9
+ 1 4 .5
+ 3 3 .7
— 3 .7
+ 2 .2
+ 2 .5
— 7 .0
+ 1 0 .9
+ 4 3 .9
— 3 0 .0
+ 5 5 .3
+ 3 .9
+ 2 .3
— 1 0 .2
— 9 .0
+ 9 .7
— 1 2 .0
1 2 ,6 1 0 ,4 1 1 .6 0 9
1 ,3 2 2 ,1 4 8 ,3 4 1
1 ,9 6 6 ,0 1 1 ,1 3 5
1 ,4 0 5 ,7 5 3 ,6 7 6
7 0 2 ,2 5 5 ,0 1 3
3 0 1 ,9 3 9 ,0 0 0
2 5 6 ,3 9 2 ,3 0 0
2 4 7 ,2 5 5 ,3 8 9
1 2 0 ,9 2 8 ,6 4 3
1 2 7 ,4 7 1 .8 8 0
1 0 1 ,5 0 7 ,2 8 0
9 0 ,1 9 3 ,0 3 2
3 2 ,5 3 4 ,8 1 4
5 5 ,9 5 0 ,6 7 7
9 1 ,1 2 6 ,7 6 0
1 3 9 ,5 7 2 ,0 0 0
4 6 ,7 0 8 ,7 8 7
3 6 ,3 5 5 ,6 3 9
7 8 ,9 2 0 ,3 7 1
3 2 ,3 1 0 ,5 8 1
2 0 ,3 3 2 ,9 9 6
3 5 ,0 4 4 ,5 9 2
3 1 ,4 9 3 ,5 0 9
3 6 ,2 9 0 ,1 0 2
2 7 | 2 0 3 ;6 3 8
1 6 ,7 7 3 ,4 6 3
1 2 ,4 8 5 ,2 6 9 ,3 8 8
1 ,0 0 1 ,1 9 0 ,1 4 7
1 ,6 9 3 ,2 8 1 ,1 4 6
1 ,3 7 5 ,5 7 1 ,4 0 6
6 2 4 ,4 7 5 .5 1 1
3 3 8 ,4 2 8 .7 6 4
2 5 7 ,7 4 4 ,6 0 0
2 7 0 ,1 5 7 ,1 6 8
1 3 3 ,0 9 0 ,8 5 0
1 2 4 ,3 1 7 ,9 6 4
9 1 ,7 5 1 ,6 0 6
6 5 ,2 8 8 ,8 7 4
4 1 ,3 1 8 ,8 4 1
4 8 ,7 7 4 ,1 8 8
8 8 ,4 1 8 .8 5 2
1 4 6 ,2 1 9 ,0 0 0
3 7 ,9 5 9 ,2 6 7
2 2 ,3 1 0 ,4 0 6
8 8 ,1 1 0 ,0 3 5
2 7 ,3 0 4 ,1 2 0
2 2 ,2 9 0 ,6 5 0
2 9 ,5 0 5 ,2 1 7
3 0 ,5 5 9 ,8 7 5
3 0 ,8 9 8 ,6 1 7
2 3 ,2 2 8 .9 9 4
1 5 ,7 5 8 ,3 5 3
+ 1 .0
+ 3 2 .1
+ 1 6 .1
+ 2 .2
+ 1 2 .5
+ 6 .9
— 0 .5
— 8 .5
— 4 .6
+ 2 .5
+ 1 0 .6
+ 3 8 .1
— 2 1 .3
+ 1 4 .7
+ 3 .1
— 4 .5
+ 2 3 .0
+ 6 3 .0
— 1 0 .4
+ 1 8 .4
+ 1 8 .1
+ 1 8 .8
+ 3 .1
+ 1 7 .5
+ 1 7 .1
+ 6 .4
5 4 9 ,3 9 5 ,6 4 9
6 1 ,9 9 7 ,4 5 4
1 0 9 ,1 2 5 ,0 1 8
6 5 ,7 6 5 ,7 7 6
2 4 ,5 4 1 ,8 2 9
1 5 ,4 4 9 ,0 0 0
9 ,4 3 2 ,0 0 0
9 ,2 9 4 ,0 8 3
4 ,0 0 3 ,1 0 5
4 ,7 3 6 ,2 9 1
3 ,2 9 1 ,0 6 9
3 ,9 1 7 ,4 9 0
1 ,3 0 2 ,5 8 0
1 ,6 0 2 ,4 4 2
3 ,5 4 4 ,6 6 8
6 ,5 7 7 ,0 0 0
1 ,9 7 4 ,5 6 2
8 6 4 ,9 4 2
2 ,5 0 0 ,0 0 0
1 ,2 0 0 ,0 0 0
8 9 4 ,4 2 6
9 4 6 ,8 2 4
1 ,1 0 0 ,2 6 0
1 ,1 5 3 ,6 6 7
1 ,0 5 3 ,9 9 4
6 7 0 ,9 2 2
4 8 9 ,0 8 5 ,2 0 0
3 6 ,4 2 2 ,9 8 6
8 0 ,2 4 3 ,2 6 5
5 0 ,0 9 0 ,9 0 8
2 4 ,0 6 2 ,6 7 0
1 3 ,4 8 3 ,7 7 1
1 0 ,2 3 2 ,2 0 0
9 ,2 8 9 ,4 6 2
5 ,3 6 3 ,3 6 1
4 ,3 6 4 ,5 6 7
2 ,8 3 7 ,4 6 2
2 ,1 5 6 ,5 6 9
1 ,3 2 7 ,2 9 1
1 ,7 2 9 ,1 4 7
3 ,4 1 7 ,2 9 8
7 ,4 0 5 ,0 0 0
1 ,4 9 7 ,9 8 5
5 7 5 ,3 0 1
3 ,3 5 4 .2 2 8
9 4 3 .4 6 3
8 0 3 ,8 2 1
1 ,1 3 8 ,5 4 4
1 ,2 8 9 ,7 6 2
1 ,0 5 8 ,3 7 8
8 9 3 ,7 4 6
7 6 9 ,1 9 4
+ 1 2 .3
+ 7 0 .2
+ 3 6 .0
+ 3 1 .3
+ 6 .1
+ 1 4 .6
— 7 .8
+ 0 .0 5
— 2 5 .4
+ 8 .5
+ 1 6 .0
+ 8 1 .7
— 1 .9
— 7 .3
+ 3 .7
— 1 1 .2
+ 3 1 .9
+ 5 0 .3
— 2 5 .5
+ 2 7 .3
+ 1 1 .3
— 1 6 .9
— 1 4 .7
+ 9 .0
+ 1 7 .9
— 2 5 .9
3 5 5 ,7 1 2 ,9 2 2
3 3 ,9 4 5 ,0 5 0
4 0 .7 9 4 ,8 3 4
4 2 ,9 5 7 ,9 2 7
1 9 ,3 0 8 ,7 1 0
1 1 ,0 8 6 ,7 5 3
1 1 ,3 3 7 ,1 0 0
8 ,3 6 2 ,7 2 8
3 ,6 0 0 ,0 0 0
3 ,9 0 9 ,0 6 9
3 ,2 0 5 ,7 4 8
1 ,7 8 3 ,0 2 7
1 ,6 8 0 ,9 9 6
1 ,3 2 1 ,2 4 8
2 ,3 9 3 ,6 9 3
5 ,3 7 8 ,0 0 0
9 9 5 ,0 3 9
7 5 0 ,4 3 9
2 ,7 7 2 ,5 1 6
1 ,0 6 7 ,8 8 7
7 0 3 ,1 2 8
9 0 0 ,0 0 0
9 7 0 ,7 8 8
8 1 9 ,7 8 6
6 2 9 ,2 8 9
5 5 2 ,2 1 4
3 2 7 ,8 6 6 ,8 7 0
2 8 ,3 9 2 ,8 0 0
3 3 ,8 9 3 ,1 3 3
3 0 ,2 8 5 ,0 4 6
1 7 ,4 0 3 ,4 8 5
9 ,5 1 4 ,7 0 4
6 ,8 7 3 ,0 0 0
5 ,8 5 7 ,7 7 9
2 ,9 4 8 ,2 6 8
3 ,5 2 8 ,2 0 2
1 ,9 0 5 ,2 7 8
• 1,5 98 ,29 0
1 ,2 6 3 ,6 5 3
9 5 1 ,0 8 7
1 ,5 3 5 ,9 2 6
2 ,2 1 9 ,0 0 0
8 0 4 ,2 1 4
7 3 7 ,0 7 0
1 ,9 2 5 ,0 0 0
8 0 9 ,3 7 3
4 8 2 ,2 4 0
7 1 9 ,6 6 1
8 3 4 ,8 6 3
8 1 0 ,7 2 7
5 2 0 ,0 9 3
5 5 0 ,5 7 5
J n c k s o n v l ll o , i l l _____
P a d u c a h -------------------L a n s i n g ----------------------
2 ,1 9 1 ,7 0 7
6 ,5 0 0 ,0 0 0
5 ,4 9 1 ,2 6 2
1 ,6 9 2 ,8 9 3
4 ,9 8 4 ,7 9 4
4 ,8 4 4 ,9 8 0
+ 2 9 .5
+ 1 0 .4
4* 1J -4
1 4 ,0 8 0 ,8 9 0
3 5 ,2 1 4 ,0 2 9
2 5 ,6 3 8 ,1 0 7
1 0 ,4 5 3 .7 8 8
3 2 ,4 7 4 ,6 6 3
2 8 ,9 8 7 .2 7 6
+ 3 4 .7
+ 8 .4
5 0 3 ,2 1 6
2 9 6 ,9 6 9
+ 6 9 .4
2 6 0 ,0 5 6
2 4 1 ,6 6 5
— 11.6
O w e n s b o r o ---------------F l i n t __________________
L o r a i n ________________
A n n A r b o r ____________
A d r i a n ________________
G a r y __________________
N o w A l b a n y _________
H a m i l t o n _______________
A u r o r a _____ ____________
2 , 8 4 5 ,8 9 4
7 ,2 1 6 ,8 8 5
1 ,0 2 6 ,0 3 9
1 ,3 5 5 ,0 9 1
3 4 6 .5 7 4
4 ,2 0 0 ,0 0 0
7 1 8 ,5 7 7
1 ,7 1 3 ,5 6 5
2 ,7 (5 2 ,1 1 4
2 ,1 1 4 ,1 8 1
7 ,1 3 2 ,6 3 9
1 ,0 8 5 ,2 5 7
1 ,5 9 4 ,2 6 1
3 1 2 ,3 5 4
3 5 9 4 814
7 0 9 ,6 7 4
1 ,4 5 4 ,9 2 8
2 ,4 9 1 ,8 9 4
+ 3+6
+ 1 .2
— 5 .5
— 1 5 .0
+ 1 1 .0
+ 1 0 .9
+ 1 .2
+ 1 7 .8
+ 1 0 .9
2 7 ,7 6 9 ,8 8 4
3 8 ,0 9 6 ,8 1 2
5 ,7 4 0 ,2 2 9
8 ,9 7 2 ,8 1 0
2 ,2 2 9 ,5 5 0
2 2 ,0 9 4 .2 1 6
3 ,8 7 6 ,4 2 9
1 0 ,1 5 8 ,2 5 3
1 7 ,7 7 9 ,3 5 8
1 8 ,3 0 2 ,6 0 0
3 9 ,5 2 9 ,2 6 0
4 ,9 8 3 ,4 7 5
9 .5 8 ,0 8 5
2 ,5 5 3 ,3 0 1
1 8 ,4 7 5 ,4 4 4
3 ,8 2 4 ,1 8 6
9 ,7 9 6 ,0 7 3
1 5 ,4 8 5 ,4 9 0
+ 3 5 .3
— 3 .8
+ 1 5 .2
— 6 .0
— 1 2 .7
+ 1 9 .6
+ 1 .4
+ 3 .7
+ 1 4 .7
9 5 4 ,9 4 8
9 0 8 ,9 2 4
5 6 3 ,0 7 0
1 ,0 2 0 ,9 3 7
7 1 6 ,8 1 8
3 8 5 ,9 0 9
— 6 .5
+ 2 6 .8
+ 4 6 .1
8 7 0 ,9 6 1
6 2 0 ,1 1 2
3 3 7 ,2 8 8
5 0 0 ,0 0 0
4 7 5 ,0 0 0
3 3 0 ,7 7 6
2 9 9 ,3 7 0
7 6 ,9 6 7
3 2 1 ,8 7 8
6 3 ,4 1 9
— 6 .8
+ 2 1 .4
3 6 4 ,9 8 3
6 0 ,4 1 0
2 5 3 ,2 0 1
6 9 ,6 9 6
T o t a l M id d le W e s t .
3 ,4 8 3 , 2 2 2 ,4 4 9
3 ,3 3 5 ,4 0 2 ,3 3 7
+ 4 .4
2 0 ,2 6 8 ,8 0 0 ,4 4 2
1 9 ,3 5 5 ,0 7 5 ,6 4 2
+ 4 .7
8 9 0 ,6 4 0 ,5 4 6
7 5 6 ,6 4 1 ,5 0 9
+ 1 7 .7
5 5 9 ,4 5 2 ,6 9 2
4 8 6 ,1 0 0 ,6 7 5
S a n F r a n c i s c o _________
L o s A n g e l e s ____________
H o a t t lc __________________
S p o k a n e ________________
P o r t l a n d _______________
T a c o m a .............................
S a lt L a k e C i t y ________
O a k l a n d ________________
S a c r a m e n t o ____________
S a n D i e g o _____________
P a s a d e n a _______________
S t o c k t o n _______________
F r e s n o ---------------------------S a n J o s e ______ __________
Y a k i m a ________________
B o i s e ___________________
O g d e n ---------------------------R e n o ..................................
L o n g B e a c h ......................
B a k e r s f i e l d -------------------
4 0 1 , 1 3 1 ,3 4 0
1 1 9 ,9 7 0 ,0 0 0
1 5 2 , 5 3 2 , 4 1L
33 412 954
1 0 9 ,2 8 0 .4 4 6
1 9 ,4 7 5 ,7 4 3
4 9 ,5 2 3 .4 6 1
2 5 ,8 1 6 ,0 6 9
1 4 ,1 9 3 ,7 1 3
8 ,2 5 6 ,7 1 8
3 ,9 2 3 ,9 2 1
7 ,4 7 2 ,0 7 1
7 . 6 0 1 ,9 7 6
4 ,0 5 6 ,8 7 4
2 ,9 0 3 ,9 9 2
6 ,0 0 0 ,0 0 0
8 , 0 0 0 ,0 0 0
2 ,5 0 0 ,0 0 0
4 , 2 6 6 ,5 6 4
4 ,2 8 3 ,7 9 9
4 1 5 ,5 0 4 ,1 8 9
1 2 6 ,1 9 3 ,0 0 0
9 5 ,3 7 2 ,9 8 5
26 0 34 746
6 7 ,3 2 6 ,9 4 3
1 3 ,6 8 4 ,2 8 9
5 4 ,6 5 8 ,5 1 9
2 2 ,5 4 8 ,1 6 5
1 1 ,8 5 3 ,2 2 0
9 ,2 3 0 ,0 4 3
4 ,4 7 3 ,4 7 0
6 ,7 3 1 ,8 0 9
6 ,9 8 5 ,9 3 0
3 ,4 6 2 ,3 6 2
2 ,7 1 4 .7 3 9
6 ,6 6 8 ,6 5 3
7 ,2 8 5 ,2 1 9
2 ,3 6 5 ,5 3 1
2 ,9 7 5 ,1 5 3
3 ,3 0 9 ,7 4 1
+ 1 1 .0
— 4 .9
+ 5 9 .9
+ 2 8 .3
+ 0 2 .3
+ 4 2 .3
— 9 .4
+ 1 4 .5
+ 1 9 .7
— 1 0 .6
— 1 2 .3
+ 1 1 .0
+ 8 .8
+ 1 7.1
+ 7 .0
— 1 0 .0
+ 9 .8
+ 5 .7
+ 4 3 .4
+ 2 9 .4
2 5 5 7 ,5 8 8 ,8 0 5
7 3 5 ,9 4 0 ,0 0 0
8 0 6 ,0 4 5 ,0 9 1
1 94 3 7 9 174
5 4 9 ,9 3 2 ,4 1 6
1 0 8 ,0 6 7 ,8 6 3
3 1 4 ,9 6 0 ,2 2 5
1 5 0 ,9 7 7 ,2 3 5
8 8 ,9 7 3 ,2 3 6
5 1 ,7 0 0 ,1 2 3
2 6 ,6 9 1 ,4 2 7
4 9 ,4 4 0 ,5 8 6
5 3 ,1 1 7 ,5 9 0
2 4 .7 0 3 ,6 0 8
1 8 ,8 8 5 6 7 9
3 6 ,1 5 8 ,5 0 7
4 5 ,2 6 3 ,2 5 1
1 4 ,2 0 4 ,5 0 3
2 5 ,4 5 8 ,5 8 5
2 3 ,4 7 2 ,9 8 3
2 2 2 4 ,8 8 2 ,2 8 1
7 7 5 ,5 4 2 ,9 0 0
5 0 7 ,6 2 4 ,3 3 7
151 1 4 6 ,2 7 0
3 9 0 ,9 7 2 ,0 2 0
7 1 ,3 6 1 ,7 2 7
3 2 0 ,4 8 2 ,8 4 9
1 3 1 ,4 1 7 ,7 2 1
6 2 ,1 1 9 ,6 6 9
6 2 ,8 6 5 ,4 3 2
3 2 ,1 9 4 ,6 9 4
4 0 ,2 8 9 ,0 8 6
4 2 ,6 4 0 ,0 5 1
2 0 .3 2 9 .6 3 8
15 618 767
3 4 ,0 7 6 ,3 5 7
4 1 ,7 3 3 ,1 6 2
1 2 ,5 6 7 ,0 7 9
1 7 .5 1 1 ,4 2 4
1 8 ,6 7 9 ,1 2 4
+ 1 5 .0
— 5 .1
+ 5 8 .8
+ 2 8 .6
+ 4 0 .7
+ 5 1 .2
— 1 .7
+ 1 4 .9
+ 4 3 .2
+ 1 7 .8
— 1 7 .1
+ 2 2 .7
+ 2 4 .6
+ 2 1 .8
+ 2 0 .9
+ 6 .1
+ 8 .5
+ 1 3 .0
+ 4 5 .4
+ 2 5 .7
1 0 9 ,1 4 8 ,0 8 3
2 8 ,2 7 5 ,0 0 0
3 7 ,1 3 8 ,1 9 8
8 ,4 1 3 ,9 1 0
2 3 ,6 3 2 ,7 6 6
4 ,3 8 1 .6 2 5
1 2 ,1 6 2 ,5 7 0
6 ,0 2 6 ,6 2 1
3 ,1 6 3 ,6 2 3
1 ,7 9 1 ,9 3 0
8 1 5 ,9 8 7
1 ,8 4 3 ,7 0 3
1 ,6 4 3 ,5 5 1
8 1 4 ,8 9 9
6 0 8 ,2 9 2
9 8 ,9 6 4 ,7 2 6
2 8 ,0 6 6 ,0 0 0
2 1 ,0 3 3 ,1 6 1
5 ,5 0 1 ,7 1 8
1 3 ,6 3 6 ,0 2 1
2 ,6 0 4 ,6 4 8
1 2 ,0 3 7 ,6 2 6
5 ,1 0 4 ,3 4 5
2 ,4 4 1 ,8 0 6
2 ,1 2 8 ,3 8 6
8 6 6 ,7 3 3
1 ,4 3 7 ,2 8 7
1 ,4 0 9 ,9 2 1
8 0 1 ,6 5 9
5 8 0 ,3 6 9
+ 1 0 .3
+ 0 .7
+ 7 6 .6
+ 5 2 .9
+ 7 3 .3
+ 6 8 .2
+ 1 .0
+ 1 8 .1
+ 2 9 .6
— 15 8
— 5 .9
+ 2 8 .3
+ 1 6 .6
+ 1 .6
+ 4 .8
6 0 ,1 6 2 ,3 8 8
2 3 ,6 8 9 ,9 6 2
1 4 ,9 4 1 ,8 3 9
4 ,1 0 6 ,1 3 8
1 0 ,0 7 8 ,9 4 2
2 ,3 1 0 ,9 2 3
8 ,0 0 0 ,0 0 0
4 ,0 6 0 ,0 7 1
1 ,9 6 5 ,4 3 7
2 ,1 1 2 ,5 1 4
7 8 9 ,9 7 5
1 ,1 1 4 ,6 4 2
8 7 7 ,7 5 4
6 7 5 ,7 6 6
2 7 8 ,3 2 1
5 3 ,7 4 8 ,6 3 2
2 1 ,5 7 6 ,9 5 7
1 2 ,4 7 5 ,3 0 1
3 ,4 9 3 ,0 3 1
8 ,5 0 0 ,0 0 0
1 ,7 2 5 ,9 1 9
6 ,3 8 2 ,4 6 6
3 ,3 5 2 ,6 1 8
1 ,5 6 9 ,3 5 4
1 ,8 5 4 ,3 4 5
8 7 3 ,9 7 1
7 4 5 ,2 2 7
7 1 5 ,2 1 2
7 2 4 ,7 1 3
3 4 2 ,5 3 3
6 0 0 ,0 0 0
9 7 9 ,1 8 8
4 3 0 ,0 0 0
6 3 9 ,1 9 8
+ 1 6 .3
+ 5 3 .2
3 3 0 ,0 0 0
6 4 6 ,2 8 7
3 0 0 ,0 0 0
5 8 1 ,5 0 8
T o t a l P a c i f i c ------------
1 ,0 4 4 ,6 0 2 ,0 5 2
8 8 9 ,3 7 8 ,7 0 0
+ 1 7 .5
5 ,8 7 6 ,0 2 7 ,0 0 7
4 ,9 7 4 ,0 5 4 ,6 8 8
+ 1 8 .1
2 4 1 ,3 3 9 ,9 4 6
1 9 7 ,6 8 3 ,6 0 4
+ 2 2 .1
1 3 6 ,0 4 0 ,9 5 9
1 1 8 ,8 8 1 ,5 8 7
D e t a i l s o f o t h e r W e s t o r n a n d S o u t h o r n w ill b o fo u d o n p a g o . 5 5 .
T o ta l oth er W e s t ..
1 ,4 3 0 ,2 2 0 ,1 1 0
1 ,2 4 1 ,7 5 8 ,4 5 8
+ 1 5 .2
9 ,8 6 8 ,1 8 2 ,2 2 2
7 ,4 2 3 ,5 0 9 ,8 8 8
+ 3 2 .9
3 3 7 ,0 1 9 ,4 7 4
2 6 1 ,4 2 5 ,8 0 8
+ 2 8 .9
1 8 4 ,8 1 9 ,2 9 1
1 6 2 ,6 6 2 ,1 1 4
IT: T o t a l S o u t h e r n _____
1 ,8 4 2 ,5 8 8 ,3 1 3
1 ,4 9 5 ,0 3 2 ,5 0 7
+ 2 3 .3
1 2 ,0 0 9 ,8 1 1 ,8 7 3
9 ,1 3 9 ,9 3 2 ,6 7 5
+ 3 1 .4
4 1 1 ,5 2 1 ,2 1 9
3 1 9 ,9 5 2 ,9 5 7
+ 2 8 .9
2 3 3 ,9 1 1 ,4 6 5
1 9 2 ,0 0 2 ,8 4 3
+ 2 .2 1 5 6 ,9 6 6 ,6 6 6 ,7 4 2 1 5 0 ,1 3 5 ,5 0 0 ,7 2 3
+ 4 .6
6 ,6 7 8 ,9 3 2 ,1 0 8 5 ,8 5 7 ,2 8 9 .6 7 0
+ 1 4 .1 4 ,7 7 4 ,5 4 7 ,8 5 7 3 ,8 4 9 ,6 7 9 ,9 1 1
6 1 ,6 5 0 .1 6 3 .4 3 7
+ 1 6 .2
2 .9 8 7 .3 0 0 .0 4 6 2 ,3 5 0 .2 0 6 ,1 6 6
+ 2 7 . 1 1 .7 8 0 .6 7 8 .6 2 9 1 ,5 3 7 ,4 7 0 ,6 9 8
'
T o t a l a l l --------------------- 2 7 , 3 2 1 , 6 1 2 ,6 6 5 2 6 ,7 3 6 ,3 4 7 ,7 0 2
O u t s i d e N o w Y o r k . 1 2 ,4 6 3 ,9 5 7 ,1 4 5 1 0 ,6 3 7 ,2 6 9 .4 3 5
+ 1 7 .2
7 1 ,6 3 7 ,0 9 9 .6 4 0
Clearings by Telegraph and Canadian Clearings on page 65.
THE CHRONICLE
2
THE FINANCIAL SITUATION.
The order, issued by the head of an outside organ
ization, for a strike on next M onday by the operators
of the Western Union Telegraph Company, is the
immediate occasion for taking up the impending
movement for Governmental control of wire service.
The controversy came into the light of publicity
some weeks ago, ostensibly starting over the
action of the company in discharging some em
ployees who, in the company’s view, had violated
their working agreement by joining a union that
employs the strike as a weapon. At about the same
time, the company submitted to its employees, at
the reported request of some oith em , a tentative plan
for organizing its employees into an association of
their own, to be officered and controlled by them
selves and not by any outsiders. Inevitably, this
was denounced (most loftily by the outsiders) as an
attempt to interfere with individual liberty, but the
question whether the company had a business and
moral right to depart from the strict “ open shop”
so far as to decide that it has found a necessity of
making non-union a condition of employment is
not one to be decided offhand and on impulse. The
company says this has been for ten years its known
policy; that persons who accepted its service were
properly understood to know it and to have accepted
it; that there has been and is no dispute between it
and its employees; and that the union which is mak
ing the disturbance is an outside one “ carrying on
a propaganda to induce our employees to become
members.” Apropos of this, some readers have
probably not forgotten the traction trouble here, a
year or two ago, which came from the determined
attempt of an outside union to bring into member
ship and control the traction line employees; then,
as apparently now also, the disturbing cause was
outside interference and no other. Writing to
President Wilson, the head of the Western Union
urges that “ the quality of telegraph service depends
absolutely on the spirit of individual employees.”
There is no timetable, he adds, by which the in
dividual patron can test the expedition of handling
his message, nor can even the management deter
mine certainly whether small delays or inaccuracies
are warranted by circumstances and human imper
fections; therefore it is “ essential that every em
ployee sustain an attitude of loyalty to the manage
ment and of desire to co-operate with the others.”
On the broad ground of liberty, it is self-evident
that employer and employee are competent and
should be allowed to make any terms on which they
can agree. Admitting, if one pleases, that this is
subject to some qualifications which need not be
discussed now, the question whether the company
has a right, in its own and the public interest, to say
that no employee can be a member of an outside
organization is not one to be decided negatively as
coercive; it depends on what reasons exist for such
a rule. As for the natural assertion, from the out
sider, that the company offered a union of its own
and sought to compel membership therein, no evi
dence of attempt or desire for compulsion has ap
peared; the terms of the tentative plan suggested are
fair, resembling in spirit the recent movement in
the Standard Oil Company for an inside organiza
tion, and were offered without any hint of pressure.
“ It is not a fight,” said the head of the company,
‘but an effort, to^give our people what they want
[Von. 107.
and what they have not had, a voice against petty
tyranny and the opportunity for collective bar
gaining.” Whatever may have been the power of
employers over employees and of capital over labor
in the past, in the situation of to-day the power to
coerce the employee is gone, even if a desire remained;
and if the employer and employee cannot get to
gether and agree there is little good to be expected
from an outside intervention. The probabilities are
that the telegraph companies and their force would
get on amicably if let alone.
But the outside influences, now more than ever
before, are not willing to let them do so. Replying
to President Wilson, the head of the company says
there has been no refusal to accept the award of the
War Labor Board, for there has been no award, but
only a ruling that the ban on the outside union be
withdrawn and the discharged persons reinstated,
leaving the outside disturber to continue a propa
ganda which is regarded as certainly disturbing and
destructive. Therefore the company maintains its
position, and on the whole seems to be clearly right.
Then came the strike order from the head of the
outside union, who declares that it “ will be justified
to the boys at the front” because “ it is the last
resort to preserve our organization from annihila
tion” and is necessary because of the Western
Union’s “ continued determination to destroy our
organization.” A similar declaration was made
by the outsider in the traction lines trouble, and
both agree with the proposition that a nation-wide
union must be dominant or it cannot exist. Whether
the strike order would be obeyed by Western Union
employees nobody can say, but the situation offers
the occasion (which is promptly seized) for bringing
forward a resolution authorizing the immediate
taking over of telegraphs and telephones. Behind
it is clearly the same influence which has long been
urging Governmental operation and ownership of
both; the same hand is observable which seems to
have been behind the recent strange incident of the
vetoing of an appropriation bill in order to continue
a determined opposition to the pneumatic tubes for
mails-carrying within several of the largest cities.
As submitted, the resolution named no date for re
turning the property to the owners, and whether
the attempt to amend by naming such a date will
succeed is yet to be fought out. One wrong step
leads to another and another. A drifting policy,
taking the line of apparent least resistance, prefer
ring what is easiest to-day and leaving to-morrow to
take care of itself, is a step downward; each one pre
pares for the next and makes that harder to resist.
We all know this is true of individual conduct, and
it is equally true of the collective conduct of a peo
ple. Persistent mis-handling of transportation led
to a situation, precipitated and emphasized by a
war which nobody had thought of, and then the
plunge to Governmental taking-over was made,
although even then that could have been avoided.
This emboldened organized labor still further, and
naturally led to efforts to create a colorable pretext
for seizing other public utilities.
In case of the railroads, a date for returning to
the right path is set, but that binds nobody and con
cludes nothing; it is a resolution for smoothing over
scruples, and can be altered or rescinded at any time.
One end of a wedge is always thin; it enters and drives
the easier thereby. Whether a date of return is
attaehedjto the taking of the telegraph and tele-
July 6 1918.]
THE CHRONICLE
phone may not be of importance, except that the
lack of it will indicate another step already made
towards reconcilement to the idea of socializing
everything under cover and pretext of a war emer
gency.
The results of these bold advances may decide the
question of return and of its date; now, everything
is involved in clouds of uncertainty before us. We
have not yet begun to learn those results, and we
seem about to rush into a further step before the
terms of the first are adjusted, in each case labor
showing a potent influence immediately. Yet ex
perience with Governmental expansions and inter
ventions may perhaps convince a hitherto apathetic
public.
Bank clearings returns for June and for the first
half of the year 1918 simply continue to reflect the
business activity in this country that has resulted
from the tremendous conflict in Europe now approach
ing the end of its fourth year. But, in the huge
totals of bank exchanges, high prices for almost
every article, whether of major or minor importance
in trade, have played no unimportant part. In
some lines of industry it is to be said, of course, that
there has been relatively less activity than a year
ago, but easing up in production has been more than
compensated for by greater financial returns. As a
single example take cotton goods; our own returns,
confirmed by those of the Census Bureau, show a
moderately smaller consumption of the raw material
than last year, and, consequently, a reduced output
of finished products, but against this place the 14c.
per yard now quoted for printing cloths as contrasted
with 73^c. at this time in 1917 (a rise of 86 2-3% ),
and it becomes clear how increased value has much
more than offset decreased production and infcrentially stimulated bank clearings.
It is to be noted that the latest exhibit of bank
clearings exceeds that of all preceding months of
1918 except M ay, notwithstanding that a fewer
number of business days were included in June than
in all months but February, and the favorable show
ing at New York is not to be credited to activity on
the Stock Exchange. On the contrary, the volume
of share sales for the month was much less than a
year ago and even a little below that of 1916. More
over, at other centres of speculation, the result was
much the same. Time was when stock speculation
and other financial transactions played an important
part in the making of bank clearings, but that has
not been so recently. In reality speculation as a
dominant factor in these compilations has been
superseded by trade and industrial activity, assisted
by high prices, and this statement finds confirmation
in the many very heavy gains shown in localities
where stock or commodity exchanges are an un
known quantity. For example, there are no less
than 39 cities in our current compilation which for
the half-year of 1918 exhibit increases of 30% or
over as contrasted with the like period of 1917, and
at only two or three of them is there any such or
ganization as a stock exchange. Furthermore, 14
cities show for June the largest monthly totals in
their history and the same is true of upward of 140
cities for the six months.
The aggregate of clearings for the month in 1918
at 175 cities is 827,321,612,665, an augmentation
of 2.2% over June of 1917 and of 32.3% over 1916,
while for the first half of the current calendar year
3
there ar
creases of 4.6% and 30.9% , respectively.
At Ne
ork the decline for the month reaches
7.7% as contrasted with last year, and there is an
improvement of 18.4% compared with two years ago,
with the six months’ aggregate exhibiting a loss of
3.6% and a gain of 17.3% , respectively. Outside of
this city the June total is 17.2% heavier than that
of last year and 54.0% above 1916, and for the six
months there are increases of 16.2% and 51.7% . As
regards the individual cities, it is to be stated that
for the first half of 1918 all but 38 record increases
over 1917 and conspicuously large gains are not un
common. Among those showing augmentation in
excess of 25% we note Baltimore, Cincinnati, Evans
ville, Lexington, Jacksonville (111.), Owensboro,
Seattle, Portland (Ore.), Spokane, Tacoma, Sacra
mento, Bakersfield, Long Beach, Kansas City (M o.),
Omaha, Denver, Sioux City, Wichita, Topeka,
Sioux Falls, Fremont, Aberdeen, Lawrence, New
Orleans, Richmond, Atlanta, Nashville, Norfolk,
Chattanooga, Augusta, Little Rock, Oklahoma City,
Macon, Columbia, Wilmington (N . C .), Columbus
(G a.), Vicksburg, Tulsa, Muskogee, Meridian,
Dallas, Newport News, Montgomery, Texarkana,
Raleigh and Shreveport. Analyzed by groups, the
six months’ totals are in all cases much heavier than
a year ago. The Middle Division, exclusive of New
York, exhibits an increase of 10.8%; New England,
19.5%; the Middle West, 4.7% ; the Pacific Slope,
18.1%; the “ Other Western,” 32.9% , and the South,
31.4% . Finally the second quarter of the year
makes a better showing than the first three months,
and, moreover, its total is the high record for any
quarter in our history by some 74 million dollars,
that being the gain over the fourth quarter of 1917.
Stock transactions at the New York Exchange in
June were of considerably smaller volume than in
M ay, very much less than in June 1917 and below
the totals for the like period of either 1916 or 1915.
The dealings totaled 11,772,261 shares, against
19,092,653 shares last year, while for the six months
the sales were only 73,769,440 shares, against 101,
891,387 shares a year earlier, and 85,055,650 shares
in 1916. Bonds, on the other hand, were much
more actively dealt in than in June of 1917, but the
augmentation was due entirely to the heavy trans
actions in Liberty Loan issues— railroad and indus
trial securities and foreign also being comparatively
neglected. The turnover of Liberty bonds alone
was no less than 9 9 ^ million dollars out of a total
of all kinds of 138 millions. For the six months the
transactions in all classes of bonds, due to the large
sales of Liberty bonds, were well above last year,
reaching 742 million dollars par value, against 508
millions. At Boston the dealings in stocks were
also much smaller than in 1917, covering for the
month 296,311 shares, against 459,907 shares, and
for the six months 1,796,920 shares, against 3,272,
446 shares.
Canadian bank clearings in June were moderately
above those for the period a year ago with all the places
but eight contributing to the gain. The increase in
the aggregate for the 25 cities reporting comparative
figures is 5.8% over last year, while contrasted with
1916 the augmentation reaches 29.2% . For the
six months since Jan. 1 the total exceeds that of
1917 by 3.1%, with Vancouver, Victoria, Edmonton,
Halifax, Fort William and New Westminster leading
in percentages of increase.
4
THE CHRONICLE
[Vol. 107.
The cotton crop report of the Department of bama is placed at 30% ; Mississippi, 16% ; Califor
Agriculture, issued on Tuesday, was somewhat of a nia, 25% , and Arizona (a district devoted to Egyp
factor in the markets for the staple, although less tian staple) 100%. A condition of 85.8 on June 25,
so than would have been the case had it not been in according to the Department, forecasts a total pro
quite close agreement with the generally accepted duction of about 15,325,000 bales of 500 lbs. each,
trade view of the,situation this spring. Private ad the final outturn, of course, being dependent upon
vices, including those of our own correspondents, as whether weather conditions hereafter are better
set forth in our acreage and condition report issued or worse than the average. The total above com
June 22, had indicated further improvement in the pares with 11,300,254 bales of like weight last years
status of the crop during June, and, consequently, 11,449,930 bales two years ago, 11,191,820 bales
a better outlook at the close of that month than in three years ago, and 16,134,930 bales four year,
most recent years. These are now confirmed by ago, the last named being the high record in produc
the Government’s report, which, in addition to tion.
showing that the favorable weather of the month had
Last week’s indirect advices from Berlin suggested
inured to the benefit of a plant already well condi
tioned, indicated a substantial increase in the planted a disposition there to await the replies of London,
area. In fact, condition as of June 25 was stated as Paris and Washington to the war aims of the Central
the best since 1911, and higher than in all but four Powers as expressed by the German Chancellor and
of the twenty years 1898 to 1917, inclusive. Fur Foreign Secretary. The celebration of Indepen
thermore, the forecast of the report as to the proba dence Day has furnished oportunity for President
ble production of the season, if realized, leaves no Wilson to frankly meet these expectations. In a
doubt as to the adequacy of supplies much more speech at Mount Vernon the President left no
shadow of doubt as to the attitude either of our own
than to meet consumptive requirements.
Explaining the addition to area, the Crop Report country or of our Allies. There would, he de
ing Board of the Department of Agriculture refers clared, be no sheathing of the sword in the war
to the fact brought out in our Acreage Report, that against the Central Powers until there had been
the high prices prevailing for cotton this spring en settled “ once for all” for the world what was
couraged farmers all over the cotton-producing States settled for America in 1776. “ Washington and his
to plant as much cotton as possible. It is intimated, associates, like the barons at Runymede, spoke and
however, that shortage of labor was somewhat of a acted not for a class but for a people,” the President
drawback, the drafting of men for military service said. “ It has been left for us to see to it that it shall be
having taken many from the farms. In addition, understood that they spoke and acted not for a
wages are decidedly high at the sawmills and ship single people only, but for mankind. We, here in
building plants, and this has caused many to desert America, believe our participation in this present
the farms for the higher pay obtainable in those in war to be only the fruitage of what they planted.
dustries. Counteracting this to a greater or lesser There can be but one issue. The settlement must be
extent, the farmer and his wife and children have final. There can be no compromise. What we
worked harder than ever before, and Saturday holi seek is the reign of law, based upon the consent of
days have been quite generally abolished. Further the governed and sustained by the organized opinion
more, it is stated, labor saving devices have been of mankind.” The President reiterated that peace
introduced, and by their aid not only has an increased could be made only when the Central Powers agreed
planting of cotton been possible, but also additions to the destruction of militarism, the consent of the
to the area of food and feed crops. The favorable governed for all readjustment, the sacredness of
weather is likewise referred to as of great assistance treaty and the organization of a league of peace.
as under other conditions it would have been im He forestalled any offer of peace by compromise
possible to work the acreage planted with the labor which the Central Powers might make by announcing
available. It is noted, too, that in the older boll that the purposes for which the United States was
weevil districts farmers are getting back into cotton > sending millions of its men to the trenches could not
area in the southern portions of Alabama and Mis be fulfilled around a council table. “ These great
ends cannot be accomplished by debating,” the
sissippi having been largely increased.
Condition of cotton in the belt as a whole for President asserted, “ and seeking to reconcile and
June 25 this year is put at 85.8% of a normal, accommodate what statesmen may wish with their
an improvement of 3.5 points since the M ay report, projects for balances of power and of national op
and contrasting with 70.3 on the corresponding date portunity. They can be realized only by the de
last year, 81.1 in 1916 and a ten-year average of termination of what the thinking peoples of the
79.8. The report indicates a situation better than world desire, with their longing hope for justice and
a month ago in every important producing State, for social freedom and opportunity.” The Presi
with the improvement most marked in North Caro- dent referred a number of times to the “ peoples”
ina and Arkansas. As compared with a year ago who were fighting against autocracy, emphasizing
a higher status is indicated in every instance and the thereby the unity of purpose which actuate the Allied
contrast is especially favorable in the two States nations. Conversely he differentiated between the
mentioned above and in Alabama, Mississippi, “ people” of Germany and their rulers, speaking of
Oklahoma, Tennessee and Missouri as well. Texas the “ isolated, friendless group of governments”
also reports a very satisfactory outlook. In the whose peoples are fuel in their hands. M r. Wilson’s
matter of acreage, the Government makes the in reference to Russia proclaimed to the world that
crease 6.2% and this, applied to its revised figures the United States still regarded the peoples of the
for 1917, gives a total of about 37,073,000 acres youngest democracy as allies. He enumerated the
under cotton now. Decreases in area are confined opponents of Germany as peoples of many races,
to Florida and Missouri, States of very limited pro the people of stricken Russia still remaining among
duction. On the other hand, the addition in Ala them although they are for the moment unorganized
July 6 1918.]
THE CHRONICLE
5
and helpless. We give the President’s speech in amounts of potatoes to Germany and to the Allied
full on another page.
Governments and is prepared to devote 50,000 tons
to these trades. The Allies, however, neither need
That the corner has been turned and the point nor desire any such amount of potatoes and the
reached at which a full year’s efforts and plans for situation, therefore, becomes an ingenious and
quantity production of war materials, as well as delicate one. Dispatches from Germany have re
organized troops is bearing fruit, is suggested by cently announced a decision to reduce the potato
two developments of the week; first, the report of ration from 7 to 3 pounds weekly. The most critical
Secretary Baker of the War Department, and, stage in the German food situation will continue until
second, the launching of practically 100 ships on Aug. 15, when the new harvest will be in some
Indepedence Day. Secretary Baker’s announce measure available, the Ukraine supplies having thus
ment was in the form of a letter to Chairman Dent far been unexpectedly disappointing to the German
of the House Military Committee. In brief, he food department. Holland is receiving wheat from
showed that we have now 160,400 officers anc the United States under the terms set forth by
2,010,000 men in the army, as compared with 9,524 President Wilson in his proclamation taking over the
officers and 202,510 men fifteen months ago. More 500.000 tons of Dutch shipping, and was to
than a million men had gone overseas. He said that receive approximately 100,000 tons of wheat. Only
a sufficient number of rifles were being turned out to 20.000 tons of this have gone out. It has been the
equip a full army division every three days. A total intention of the United States Government to enter
of 1,300,000 rifles had been produced up to June 1. into a new agreement with Holland under which
N o less than 286 combat airplanes had been delivered that nation would receive in addition to the 100,000
to June 8 and these machines were being produced tons of wheat already allotted, a ration sufficient
at the rate of 80 a week. Of Liberty motors more to maintain its people. Germany, it appears, is
than 2,000 had been delivered and the weekly rate exerting every influence to force a condition of strain
of production was set at 115. The Secretary said between Holland and America.
that 900 heavy Browning machine guns and 1,800 of
the light type were delivered in M ay. The artillery
As to the military situation, chief interest attaches
program, too, was approaching a point where quan to the impending resumption of the enemy drive in
tity production was beginning.
Sixteen artillery Fiance and Flanders. In view of the well-known
plants had to be built from the ground up after the tendency of the German leaders to strike out on
United States entered the war. Motorizing of field ar
spectacular lines, there was quite a noticeable dispo
tillery to minimize delay in getting guns to the front to sition both at our own army headquarters and those
support advancing troops was a problem which was of our Allies to look for a smashing demonstration on
being met. Hundreds of miles of railway for the July 4, Independence Day, which was being so
transportation of troops and supplies have been widely observed at home and abroad. However, no
constructed in France by army engineers and 22,000 such demonstration developed, so far as the enemy
freight cars and 1,600 locomotives have been pro is concerned, though our own troops in France, act
duced for use on the double track railroad from the ing with the Australian troops, planned a surprise
French coast to the battle front. These are a few attack on the German lines as an Independence Day
indications of the general character of Secretary celebration. The American and Australian troops
Baker’s report.
wrested from the Germans the village of Hamel, east
On Thursday, if the full program was carried out, of Amiens, and occupied Vaire and Hamel Woods,
between 95 and 100 hulls of steel and* wooden ships south of that village, and captured 1,500 prisoners.
were launched at the various shipyards throughout The Australians advanced under cover of a smoke
the country. Definite announcement of the number barrage and were led by tanks in the breaking of the
or the full tonnage will not be made by the Emergency enemy’s lines over a front of more than four miles.
Fleet Corporation until official reports are available. The attackers penetrated more than a mile and a half
The Bureau of Navigation has announced this week into the German positions. I he Germans delivered
that the American merchant tonnage had passed the a counter-attack without success. Meanwhile the
10,000,000 mark. This total does not include French have struck severely against the German lines,
200,000 tons of the requisitioned Dutch ships, 404, cutting through the enemy ranks south of Moulin700 tons of hospital ships, transports and other sous-Touvent. In these two operations the Allied
auxiliary craft operated by the army and navy and troops have improved their positions by gaining high
smaller craft under 500 tons employed in considerable ground which can be more readily defended when the
numbers in military and naval service. The fiscal Germans launch their expected offensive.
year’s output, the Bureau said, was the greatest in
The Italians continue to advance to a position
our history.
near the mouth of the Piave. Scattered machine
gun emplacements have been cleaned out, while
New strain has developed between Washington light boats from the Italian Navy have enteredTKe
and The Hague. The Dutch Government has . agoon on the left flank of the Austrian armies and
begun to make large shipments of potatoes into have been able to give valuable assistance to the
Germany at a time when the armies and civilian and forces. The Italians have won ground, too, on
population of the Central Powers are most in need
the San Lorengo Valley east of the Brenta River.
of food supplies. As a result President Wilson is
Air battles continue in the various sectors. Ameri
considering the necessity of refusing to permit 1can, British and Irench forces which have been
further shipments of wheat from America to Holland,
landed at Kola on the Murmansk Coast to protect
on the ground that these shipments are in fact taking vast stores of supplies transported there before the
the place in the Dutch internal situation of the pota collapse of Russia, will probably be called upon to
toes sent to our enemy. Holland, it is reported, face a serious attack in the near future. German
proposes as a mark of fair dealing to send equal rpM Finnish tioops are said to be pushing northward
6
THE CHRONICLE
toward the coast. The British hospital ship Llando
very Castle, bound from a Canadian port for Eng
land, was sunk without warning early this week by
a German submarine at about 70 miles from the
Itish coast. Allied air machines are raiding German
towns, attacking railway stations and military estab
lishments. The Air Ministry at London announces
that these raids will be continued. An official state
ment declares that on the night of June 30-July 1,
further attacks were made on the enemy airdrome
at Doulay and on railroad works and stations at
Thionville, Rcmilly, Landau, Zwiebrucken and
Saarsbrucken. The chemical works at Mannheim
have again been attacked. On July 1 the railway
and workshops at Karthaus, the station at Preves,
and the railway triangle at Metz Sablons were
bombed with good effect. There is a widespread
exodus from Rhine towns and house rents have
depreciated, it is stated, 35% . The death of the
Sultan of Turkey is announced. Rumors have
reached London that the Turkish ruler was killed
by revolutionists who are opposing the continuance
of the war. It is possible that the incident may
have an important bearing on the entire situation.
In London the financial markets remain steady,
but very quiet, awaiting, as one cable correspondent
putsit, “ a renewal of the Hun offensive.” The Italian
victories and the serious economic conditions in
Austria-Hungary which have been accentuated by
these victories, appear to have produced a feeling of
underlying confidence. Nevertheless, there is not
unnaturally a degree of anxiety when the extent of
the] gains achieved by the enemy in his previous
drives before they could be completely checked, is
taken into consideration. Austria’s distress at home
isjalso emphasized by the cable correspondents as an
important factor in the financial situation. “ Finan
cial, London,” to quote one correspondent, “ prefers
to take the cautious view even of the Italian develop
ments, first, because of the possibility of German
reinforcements and reorganization; and, second,
because all news regarding Austrian or German in
ternal economic and political conditions is dis
trusted.”
As yet no indication appears of a determination of
the Chancellor to abandon the present plan of con
tinuous sale of war bonds for a more definite and
immediate issue of a specific amount. A gradual
decrease is evident in the weekly sales, last week’s
total subscriptions, for instance, being £17,496,000,
which compares with £22,427,000 for the week pre
ceding. The aggregate of sales to June 29 is £817,
552,000 through the banks. The post offices for the
week ending June 22, reported sales of bonds amount
ing to £590,000, bringing the total up to £21,579,000.
The previous week’s record was £601,000. It is
obvious that unless the daily sales can be stimulated
some new form of borrowing will soon be necessary.
The national revenue return for the quarter ending
June 30 suggests the same idea. It registers expendi
tures of £728,978,000— an increase of £57,689,000,
compared with the corresponding period last year.
The total includes the expenditures for war pur
chases £634,903,000, which is an increase of £23,
906,000 and in war debt interest of £87,731,000.
This represents an increase of £33,891,000. The
revenue for the quarter amounted to £155,753,000
(an increase of £39,794,000), which includes the in
come tax of £27,237,000 (an increase of £3,283,000)
[Vol. 107.
and the proceeds of the excess profits tax of £62,
965,000 (an increase of £21,869,000). The expendi
ture exceeds the revenue by £573,222,000, which,
of course, had to be met by borrowing.
There is very little in the way of corporate or other
private financing in London at the present time,
British financial machinery being entirely given up
to the Government’s war requirements. Capital
applications for the quarter ending with June, ac
cording to the usual compilation of the London
“ Economist” (as reported by cable), amounted to
£222,921,000. Of this amount no less than £218,
278,000 represented Government borrowing. The
capital issues for the preceding quarter were £475,
259,000, and for the second quarter of last year
they were £221,254,300.
The idea of an after-war boycott of Germany still
continues to bristle out in English trade circles. It is
more than likely, however, that the entire matter
will be arranged fully in the terms of peace when that
stage of negotiation finally arrives; and the various
meetings and resolutions which are becoming of such
frequent occurrence may, therefore, be considered
more in the light of a register of trade sentiment and
desire rdther than possessing any actual value of a
practical character. At a general meeting of the
members of the Liverpool Cotton Exchange on Tues
day it was resolved unanimously “ that no member
or members of a firm shall trade either directly or
indirectly with the present enemies of Great Britain
for a period of ten years after the war.” On the
same day, at a meeting of the Board of Control and
W ool Advisory Committee, Sir Arthur Goldfinsh,
British Director of War Materials, spoke on the
desirability of keeping wool prices within the British
Empire at a moderate level. He said that so long
as the present very high prices are paid in America it
will not be possible to reduce the price of wool for
civilian use in England. Sir Arthur said an approxi
mation between American and British prices must
take place sooner or later, and he hoped it would
take the form of reductions in America. In his
opinion a steady reduction in America would create
a healthier position and would permit of a common
level being established in both countries next year
on a basis rather lower than the present Bradford
range of prices. Bonar Law, Chancellor of the
Exchequer, announced in the House of Commons
early in the week that important decisions had been
reached by the Imperial War Conference regarding
the best methods of obtaining the command of
essential war materials produced within the British
Empire with a view of safeguarding the interests of
the Empire and the Allies during the period of re
construction. The speaker did not announce the
substance of the decisions.
There appears a possibility that the shortage of
harvest hands may reduce the wheat prospects of
England below the recent very favorable promises.
Walter F. Roch, member of Parliament for Pem
brokeshire, in moving the adjournment of the
House of Commons on Monday night, drew attention
to the serious effect of combing out for the army
the agricultural laborers at harvest time.
He said
that he had been inundated with letters from farmers
bewailing the probable disastrous effects of the Gov
ernment’s action and threatening to turn the cattle
into the harvest fields unless they got the needed
July 6 1918.]
THE CHRONICLE
labor. Several of the members •criticised the Gov
ernment for sending men to the front after onlythree months training. A. Bonar Law, speaking
for the Government, said that the Government
recognized that the men and boys wci e handicapped
by having to fight with such short training, but that
Great Britain throughout the war had been handi
capped by having to create an army from its founda
tion. Thirty thousand men representing that vital
force necessary to supply three or four fighting
divisions were wanted. The difficulties of securing
man power were becoming greater every month.
It was impossible to decide such difficulties by dis
cussion in the House of Commons which must give
the Government “ a blank check.” The Roch
motion was defeated.
7
tion, which is now being restricted by increased
costs. One of the difficulties is that the high cost
of materials is adverse to the exchanges which are
based on the gold supply. At the meeting of the
Central Mining Corporation held in London last
Thursday, Lionel Phillips of the Wernher Beit in
terests, and identified for many years with the W itwatersrand gold industry in the Transvaal, said
that the question of checking the diminution of the
gold output of the British Empire could scarcely
be further postponed without serious consequences.
The Transvaal output, he said, for the first five
months of 1918 had fallen £1,250,000 compared with
the same period of 1917. Large quantities of ore,
he urged, do not yield the same product. The speaker
added that if South African mines were not allowed
to sell gold at whatever price they chose, other
The British Treasury statement for the week methods should be devised to prevent further dimi
ending June 29, made a rather poor showing, there nution of production.
having been a substantial increase in expenses, and
only a small gain in revenue. New issues of Treasury
The day-to-day financial reports cabled from
bills exceeded those of a week ago, though they were Paris all have noted dulness on the Bourse, though,
below those repaid. The Exchequer balance for the as was the case in London, there was no indication
week registered a decrease. Expenditures for the of liquidation of securities or price weakness. Fourth
week totaled £67,628,000 (against £44,818,000 for of July was observed as a legal French holiday by
the week ended June 22), while the total outflow, Act of the Chamber of Deputies. The postal check
including repayments of Treasury bills and other system has just been introduced by French banks,
items, was £255,628,000, as compared with £106, and is expected to result in a minor revolution in the
001,000. This unusually heavy expansion is un French banking system. The plan places the French
doubtedly due in part to the fact that advances were Government frankly in the banking business on a
repaid to the amount of £125,771,000, against only wholesale scale. In a short time more than 13,000
£12,500,000 last week. Repayments of Treasury post offices throughout the country will be handling
bills totaled £59,081,000, against £45,870,000 a a banking business. Drawing accounts may be
week ago.
Receipts from all sources were £254, opened hereafter by any person at any post office,
407,000, which compares with £106,846,000 in the subject to a deposit of cash, the account to remain
preceding week. Of this total, revenues contributed alive so long as there is a balance of the equivalent
£13,992,000, against £12,765,000 last week. Sales of $10 left available as a guarantee. Depositors are
of Treasury bills were £60,831,000, against £52,507, furnished free with a check book and a deposit book.
000 a week ago; war savings certificates amounted to The object, of course, is to decrease the demand for
£1,300,000, against £3,300,000, and other debts actual money. Heretofore checks have had vir
incurred £21,385,000, against £1,049,000. War tually no recognition whatever outside of large busi
bonds were £21,761,000, against £35,904,000. Ad ness circles in France.
vances reached the large total of £134,885,000,
The return of the former Russian Dictator and
as contrasted with only £1,000,000 the week previous. Foreign Minister Kerensky to the arena of active
Treasury bills outstanding amounted to £1,060, politics is spoken of as a happy event by leading
180,000. A week ago the total was £1,058,430,000. French newspapers. Marcel Sembat, former Minis
The Exchequer balance now stands at £11,705,000, ter of Public Works and United Socialist Deputy
in contrast with £12,926,000 last week.
from Montmartre, writing in “ Humanite,” says that
Kerensky’s reappearance is likely to greatly facilitate
Agitation for a decimal coinage for England is con Allied intervention and a rehabilitation of Russia.
tinuing. The Government has appointed a Royal
Commission with a] view of drawing up plans for such
The “ British Board of Trade Journal” publishes
a system. There is no intention of changing the basis the summary of the statements of the seven leading
of the gold sovereign, but the] smaller denomina Vienna banks for 1917. It quotes the “ Neue Freie
tions will, it is understood, if the present plans Presse” as taking the report of the premier insti
carry, be adjusted to provide the subordinate pieces. tution, the Creditanstalt as typical. All the banks,
Meetings of chief representatives of the gold pro it said, had exceeded the dividends of the peace
ducers of the British Empire are being held in Lon period; the Creditanstalt has paid more than 12%
don to formulate and submit their case with regard for the first time in fifteen years. Banking business
to the value received by them from the Government in Austria, as in Germany, the paper says, has been
for their gold. The conferences thus far have been illuminating. The capital and declared reserves
private. On Thursday the producers at their meet of the Creditanstalt amount to 285,000,000 kronen
ing selected a committee of six to prepare their case and the gross profits as in the case of the Deutsche
for a readjustment of the fixed price of gold. It is Bank, work out at 22% %- The net profits are 10%
argued that it is not fair that gold must be sold in the case of the German Bank and only 9.7% for
compulsorily to the Government at an ante-bellum the Austrian, while the dividend works out at 7.26%
price, despite the increased cost of freight, in of the capital for the Creditanstalt and 7.7% for the
surance and refining. Plans are under consid Deutsche Bank. The larger part of the year’s profits
eration for submission to the Government, ask is derived from interest; the Creditanstalt profited
ing the latter to assist in maintaining produc from this source 40.69 million kronen, o r 40% of
8
THE CHRONICLE
its total turnover, as compared with 11.4% in the
case of the Deutsche Bank. Banking appears to be
more expensive in Germany than in Austria. Of its
gross takings the Creditanstalt required 40% and
the Deutsche Bank 53% for administrative ex
penses. The percentage is a little higher for some
of the other Vienna banks than the Creditanstalt,
but it exceeds the percentage for the Berlin insti
tution. On the other hand, the Austrian banks are
burdened to a greater extent by taxes and dues. No
less than 22% of the Creditanstalt’s gross profits was
paid out in taxation, whereas the Deutsche Bank
paid out 6.3 % .
A bill for a fresh war credit of 15,000,000,000
marks to be covered by loans has been introduced
in the German Reichstag. All the stock exchanges
in Germany are abstaining from business until the
question of the contemplated new duties against
which they have protested to the Government has
been settled. The Government proposed to increase
the stamp duty on the Boerse transactions from
30 pfg. to 2 m. with an additional war duty of 2 m.
on every 1,000 m.
Official discount rates at leading European centres
continue to be quoted at 5 % in London, Paris, Ber
lin, Vienna and Copenhagen; 6 % in Petrolgrad and
Norway; 6M>% in Sweden, and 4 ^ % in Switzerland,
Holland and Spain. In London the private bank
rate has not been changed from 33^% for sixty days
and 3 9-16% for ninety days. Money on call in
London is still reported at 3 % . No reports have been
received by cable of open market rates at other Eu
ropean centres, as far as we have been able to ascertain.
A further increase in gold of £105,401 was shown
by this week’s statement of the Bank of England.
N ote circulations was expanded £1,228,000; hence
the total reserve declined $1,123,000. Phenomenally
heavy increases were announced in the deposit items,
and in consequence the proportion of reserve to
liabilities was reduced to 15.18%, as compared with
18.22% last week and 19.40% a year ago. In the
corresponding week of 1917, there was also a sub
stantial decline, in round numbers from 27.27% to
19.40% . The expansion in public deposits totaled
£2,400,000, in other deposits no less than £23,218,
000, while Government securities increased £14,586,
000. Loans (other securities) were increased £12,
137,000. Threadneedle Street’s stock of gold on
hand aggregates £65,333,558. Last year it was £55,
242,729, and in 1916 £60,321,767. Reserves total
£28,880,000, compared with £33,498,574 in 1917 and
£42,405,582 the year previous. Loans now stand at
£112,936,000, in comparison with £111,080,511 last
year and £95,806,787 in 1916. Clearings through
the London banks for the week were £419,650,000,
comparing with £387,190,000 for the same week last
year. Our special correspondent is no longer able
to give details by cable of the gold movement into
and out of the Bank for the Bank week, ipasmuch as
the Bank has discontinued such reports. We ap
pend a tabular statement of comparisons:
B A N K O F E N G L A N D ’S C O M P A R A T IV E
1918.
1917.
1916.
July 3.
July 4.
Jttly 5.
£
£
£
Circulation________ , 54.902.000 40,202,705 36,360,185
Public deposits____ 38,179,000 41,672,768 58,949,045
Other deposits_____ 152,067,000 130,579,220 103,606,994
G overn’t securities. 66,237,000 45,500,261 42,187,454
Other securities.___ 112,936,000 111,080,511 95,806,787
R es’vo notes & coin . 28,880,000 33,489,574 42,405,582
Coin and b u llio n ... 65,333,558 55,242,279 60,321,767
Proportion of reserve
to liabilities_____
15.20%
19.40%
26.08%
Bank rate_______ _
6%
6%
6%
STATE M EN T.
1915.
1914.
July 7.
July 8.
£
£
35,073,135 29,531,190
67,898,980 12,580,196
139,859,352 43,788,365
51,043,491 11,005,126
137,918,307 34,832,469
38,641,012 28,518,780
58,204,147 39,599,970
17.63%
5%
50.58%
3%
[Vol. 107.
The Bank of France in its statement this week
shows another gain in its gold item, the increase
amounting to 948,000 francs. Total gold holdings
now aggregate 5,424,796,350 francs (including 2,
062,108,000 francs held abroad). This compares
with 5,290,788,881 francs (including 2,034,774,686
francs held abroad) in 1917 and with 4,769,701,111
francs (including 271,055,668 francs held abroad)
the year previous. Silver increased 4,506,000 francs
and Treasury deposits rose 17,754,000 francs, while
bills discounted fell off 90,325,000 francs, and general
deposits declined 180,469,000 francs. Note circula
tion was expanded to the extent of 401,763,000 francs.
Notes in circulation now amount to 28,952,188,995
francs as against 20,112,053,875 francs last year and
16,046,210,545 francs the year before. On July 30
1914, the period just preceding the outbreak of the
war, the amount was 6,683,184,785 francs. Com
parisons of the various items with the statement of
last week and corresponding dates in 1917 and 1916
are as follows:
B A N K O F F R A N C E 'S C O M P A R A T IV E S T A T E M E N T .
-------------------------- Status as of-------------------------Changes
for Week.
July -1 1918.
July 5 1917.
July 0 1910.
Gold Holdings—
Francs.
Francs.
Francs.
Fruncs.
Ia France................ Inc.
948,000 3,362,688,350 3,256,014,195 4,498,045.442
A broad...................... N o change.
2,062,108,000 2,034,774,686
271,055,068
T o t a l ....................In c.
948,000 5,424,796,350 5,290,788,881 4,769,701,111
Silver.........................Inc. 4,506,000
263,832,000
262,739,403
343,948,682
13111s d is c o u n te d ...D e c . 90,325,000 1,267,714,326
087,298,240
410,763,702
Advances..................
(7)
(7)
1,137,757,571 1,214,368,581
N oto c ircu la tio n ...In c.4 0 1 ,763,000 28,952,188,995 20,112,053,875 16,046,210,545
Treasury d e p o sits..In c. 17,754,000
54,879,000
42,711,461
42,086.691
General d e p o s its .._ D e c l8 0 ,469,000 3,828,847,610 2,528,019,556 2,123,192,125
The Imperial Bank of Germany in its statement
for the week, issued as of June 29, shows the follow
ing changes: Total coin and bullion increased 177,000
marks; gold increased 140,000 marks; Treasury notes
expanded 157,866,000 marks; notes of other banks
declined 3,661,000 marks; bills discounted showed
the remarkable increase of 1,838,904,000 marks,
as also did deposits, which registered an expansion
of 1,063,125,000 marks. Advances increased 907,
000 marks; investments decreased 1,274,000 marks;
other securities were reduced 203,261,000 marks;
notes in circulation gained 462,831,000 marks; and
other liabilities 263,702,000 marks. The ‘ Bank’s
stock of gold is given as 2,364,204,000 marks, which
compares with 2,457,200,000 in 1917 and 2,465,660,
000 marks the year preceding.
Saturday’s statement of New York Clearing
House members, banks and trust companies, which
will be found in more complete form on a later page
of this issue, showed further spectacular changes in
principal items, due to Treasury operations and a
large increase in Government deposits with the
banks, these deposits having risen from $371,786,000
to $506,930,000. Both aggregate and surplus re
serves registered phenomenal gains (in excess of
$100,000,000), while the reserve of member banks
in the Federal Reserve Bank showed a corresponding
increase. The loan item was reduced $66,891,000.
Net demand deposits expanded $27,815,000, to
$3,700,076,000 (Government deposits of $506,930,
000 deducted), although net time deposits declined
$444,000. Cash in vaults (members of the Federal
Reserve Bank) was reduced $2,722,000, to $96,513,
000 (not counted as reserve). Reserves in the
Federal Reserve Bank of member banks showed the
unusually large increase of $128,844,000, thus
bringing up the total to $639,725,000. Reserves
in own vaults (State banks and trust companies)
Ju l y
6 1918.]
9
THE CHRONICLE
indebtedness. Last year sixty and ninety day
funds were quoted at 4J^@ 4 y2% and four, five and
six months at 4 3 ^ @ 4 ^ % . Mercantile paper was
not active, and transactions were of small propor
tions. The tone was steady with sixty and ninety
days’ endorsed bills receivable and six months’
names of choice character still quoted at 5 % @ 6 % .
Names not so well known still require 6% .
Banks’ and bankers’ acceptances were in good
demand from both local and out-of-town banks.
In the opinion of some brokers, the supply of prime
bills is wholly inadequate to meet the inquiry.
Some relief to this state of affairs, however, is
expected in the agreement of the Raw Silk Association
to finance current business by the use of trade accept
ances commencing in July.
It is thought that
this will pave the way for a still broader use of
Though call loans have continued to rule high,
the money situation has responded to the deposits of acceptances. Quotations ruled firm, and practically
Government funds in the banks by a perceptible unchanged. Rates in detail are as follows:
-------------- Spot Delivery-------------Delivery
easing up of the market for specific maturities.
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
Rates in these instances have been reduced by lenders
Eligible bills of member banks...............454 @ 4 )4 4 % ® 4 %
4 M @4
4)4 bid
fractionally. The bank statement (the actual figures) Eligible bills of non member banks------4 % @ 4 5 & 4 5 4 @ 4 )4 4 % ,@ 4 )4 454 old
recorded the very large increase of over $124,000,000 Ineligible b ills ..............................................554 @454 6)4 @ 4 5 4 6>4@454 6 bid
in its surplus above reserve requirements. The
No change in rates, so far as our knowledge goes,
Government, of course, will draw out its funds as
needed. The first offering of $750,000,000 Treas have been made the past week by the Federal Reserve
ury certificates of indebtedness was heavily oversub banks. Prevailing rates for various classes of paper
scribed, and subscriptions are now solicited for a at the different Reserve banks are shown in the
second offering of $750,000,000. The advance in following:
Discounts—
Within 15days, Incl. member
banks' collateral n o t e s ___
16 to 60 days’ m a t u r it y ...
61 to 90 days' m a tu r ity ...
Agricultural and live-stock
paper over 90 d ays--------Secured by U . S. certificates
of Indebtedness or Lib
erty Loan bonds—
W ithin 15 days, including
member banks' collat
eral notes______________
16 to 90 days’ m a tu rity .. Trade Acceptances—
1 to 60 days’ maturity_____
61 to 90 days’ maturity.........
I
|
Atlanta.
S
<
C
a.
Richmond.
CLASSES
OP
DISCOUNTS A N D LOANS
New Y ort.
DISCOUNT R AT ES OF FEDERAL RESERVE BANKS.
Boston.
call money rates on Wednesday to 6 % was in large
measure attributable to the closing of the subscrip
tion lists the day before for the first offering of $750,
000,000 certificates. Announcement is made by the
Capital Issues Committee of the appointment of Dud
ley Cates of San Francisco as Secretary and Chief Ex
aminer of the Committee and the creation under him
of a new bureau of examiners to consider applica
tions for approval of security issues. This bureau,
the announcement says, will gather “ informa
tion of these issues from local capital issues
committees in each Federal Reserve district and from
the Fuel, Food and Railroad Administrations, the
War Industries Board and other Government depart
ments which can throw light on the war necessity of
the project covered by proposed securities issues.”
Referring in greater detail to rates, loans on call
covered a range for the week of 3 ^ @ 6 % comparing
with 3 @ 5 % last week. On Monday 5% was the
high, 3 y2% low and 4 % for renewals. Tuesday
the maximum was advanced to 6 % and the minimum
to 4 % , although 4 % was still the renewal basis.
There was no range on Wednesday, 6 % having been
quoted all day. Thursday was a holiday (Independ
ence D a y ). On Friday rates again touched 6% and
remained at that figure throughout the day. These
rates apply to mixed collateral, all-industrials being
quoted
higher. For mixed maturities the
situation is still about the same, though towards
the close of the week a further slight easing was
noted, mainly as a result of the redeposit of July
disbursements in the banks, and rates declined
to 5 H @ 5M % for sixty and ninety days, against
5 )^ @ 6 % , and to 5 % @ 6 % for four, five and six
months, against 6 % last week. Funds were in more
plentiful supply than for some time, so far as shorter
periods were concerned. The temporary hardening
in call rates late in the week was attributed, as al
ready stated, to heavy demands on the banks in con
junction with the closing of subscriptions the day
before to $750,000,000 4 ^ % Treasury certificates of
|
|
25
l
1
3
?
1
3
4
1
| San FrancUco. |
declined $339,000, to $14,308,000, and reserves in
depositories (State banks and trust companies),
$48,000.
The expansion in aggregate reserves
amounted to $128,457,000, which carried the total
to $663,143,000. This compares with $692,858,000
in the preceding year. Reserve requirements in
creased $3,630,450; hence the gain in surplus aggre
gated $124,826,550, and the total of excess reserves
now stands at $171,971,680, on the basis of only
13% reserves for member banks of the Federal
Reserve system (but not counting $96,513,000 cash
in vaults held by these banks). At the correspond
ing period in 1917 surplus reserves were $104,814,320,
on the basis then current of 18% reserves, including
cash in vault of member banks.
•
4
4
4
4
4)4 4
4
4
4
4)4 454 4
454 454 454 454 5)4 454 454
454 454 454 454 5
454
454 6
5)4 5
454 5
454 454 454 454 6
5
5
5
6)4 6)4 5
5)4 5)4 6)4 6)4 5)4 5)4
4
4
4
4
4
4
4
4
iH 4
4)4 4
4)4 4)4 4 H 4)4 4)4 4)4 4)4 4)4 4)4 4)4 4)4 4)4
4)4 4)4 4H 4)4 4)4 4)4 4)4 4)4 4)4 454 4)4 U2a
4)4 4H 4)4 4)4 454 4)4 4)4 4)4 4)4 454 4)4 4)4
* Rato of 3 to 4 )4 % for 1-day discounts in connection with the loan operations
o f the Government.
a 15 days and under 4 % .
Note 1. Acceptances purchased In open market, minimum rate 4 % .
Note 2. Rates for com m odity paper have been merged with those for com m ercial
paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate Is higher than the 15-day dlscount rate, trade acceptances maturing within 15 days will bo taken at the lower rate.
Note 4. Whenever application Is made b y member banks for renewal o f 16-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of tho samo class.
The sterling exchange situation remains a purely
arbitrary one with no important changes recorded
for the week. Dealings continue to be confined
to merely troutine business, and speculative in
terests are for the time being out of the market.
The Independence Day holiday on Thursday, which
was widely observed on both sides of the Atlantic,
served to accentuate the dulness. No arrangements
for imports or exports of gold are announced during
the week.
As regards day-to-day rates, sterling exchange on
Saturday, in contrast with Friday of last week, was
quiet but fairly steady; demand bills ranged at
4 75 5-16@ 4 7535, cable transfers at 4 76 7-16, and
sixty days at 4 7 2 ^ @ 4 72H- On Monday no in
crease in activity was noted; the volume of trading
was light and rates remained at 4 75 5-16 and
4 7535 for demand, 4 76 7-16 for cable transfers
and 4 7 2 ^ @ 4 7 2 ^ for sixty days. Dealings on
Tuesday were exceptionally dull, so much so that
10
THE CHRONICLE
the market at times was almost at a complete stand
still; consequently, quotations remained pegged at
the preceding day’s levels. Pre-holiday conditions
ruled on Wednesday and very little business was
transacted; the undertone, however, was steady,
and quotations, though these were hardly more
than nominal, were maintained unchanged. On
Friday the market was somewhat irregular, although
actual rates were still without change. Closing
quotations were 4 7 2 % @ 4 72% for sixty days,
4 75 5-16@4 7535 for demand and 4 76 7-16 for
cable transfers. Commercial sight bills finished at
4 75@ 4 7534, sixty days at 4 7 1 % @ 4 71% , ninety
days at 4 70@ 4 70% , documents for payment
(sixty days) 4 71 @ 4 71% , and seven day grain
bills at 4 7 4 % @ 4 74% . Cotton and grain for pay
ment closed at 4 75@ 4 75% .
Dulness was again the outstanding feature of the
week’s operations in the Continental exchanges and
transactions were exceptionally light in volume, with
only slight variations in rates recorded. Observance
of the Independence holiday both here and abroad
was an additional factor in the general inactivity.
Exchange on Rome was firm and advanced another
5 points, chiefly on the increasingly favorable char
acter of the war news from the Italian front and the
successful working of the plan recently promulgated
for the stabilization o f Italian exchange. The Fed
eral Director of the Division of Foreign Exchange
has ordered a further rise in the official rate for cables
to 8 80. It is understood that arrangements have
been made by the United States with the British Gov
ernment for a supply of rupee exchange sufficient
to finance for an indefinite period imports from India
that are required for civil or military purposes. Un
der this agreement the price will be 35.73 per rupee
for telegraphic transfers. The sale of rupee exchange
for the purposes above specified will be administered
through the Federal Reserve Board. Francs were
well maintained and remained practically unchanged.
Ruble exchange has failed to reflect any of the recent
changes reported in Russian affairs, the quotation
being entirely nominal, with no business transacted.
Quotations for German and Austrian exchange are
not available, as all transactions have of necessity
been suspended. A cable dispatch from Berne dated
June 29 states that the German exchange rate at that
centre has again been decreased, the rate now being
66.67 francs for 100 marks. The Austrian crown col
lapsed to below 40 francs for 100 crowns. The
unofficial London check rate in Paris closed at 27.16
(unchanged). In New York sight bills on the French
centre finished at 5 71% , against 5 71% ; cables at
5 69% , against 5 70; commercial sight at 5 72% ,
against 5 72% , and commercial sixty days at 5 77% ,
against 5 78 last week. Lire closed at 8 81 for bank
ers’ sight bills and 8 80 for cables, as compared with
8 86 and 8 85 in the week previous. Rubles have not
been changed from 14 for checks and 15 for cables.
Greek exchange continues to be quoted at 5 13%
for checks and 5 12% for cables.
In the neutral exchanges trading has been dull and
uninteresting. Fluctuations were for the most part
meaningless and confined to fractions. The under
tone was somewhat easier, and pesetas and Scan
dinavian rates registering slight declines.
Swiss
exchange was relatively firmer. As has been pointed
out in this column, any favorable development
likely to result in a material shortening of the duration
[V o l .
107.
of the war would undoubtedly be followed by a
pronounced advance in all Allied exchange, which
would inevitably militate toward a corresponding
decline in neutral rates. Bankers’ sight on Amster
dam closed at 50% , against 50% ; cables at 51% ,
against 50% ; commercial sight at 50 11-16, against
50 5-16, and commercial sixty days at 50 9-16,
against 50 3-16 on Friday of a week ago. Swiss
exchange finished at 3 99 for bankers’ sight bills
and cables at 3 95, comparing with 4 00% and
3 96 last week. Copenhagen checks finished at
30.80 and cables at 31.20. Checks on Sweden
finished at 34.90 and cables at 35.30, against 35%
and 35% , and checks on Norway closed at 31.20
and cables 31.60, against 31.30 and 31.70 the week
preceding. Spanish pesetas finished at 27% for
checks and 27% for cables. The previous close was
27.45 and 28.
In South American quotations, the rate for checks
on Argentina is now 44.90 and cables 45.00, against
44.85 and 45.00. For Brazil the check rate is 25.15
and cables 25.25, against 24.90 and 25. The Chilean
rate has not been changed from 17 9-32 and for
Peru 57. Far Eastern rates are as follows: Hong
Kong, 78.65@78.85, against 79@79.15; Shanghai,
113% @ 114% , against 114@114% ; Yokohama, 53@
53% , against 53@53.15; Manila, 49% @ 5 0 (un
changed); Singapore, 5 6 % @ 5 6 % (unchanged); Bom
bay, 36% @ 37 (unchanged), and Calcutta (cables),
35.73 (unchanged).
The New York Clearing House banks, in their oper
ations with interior banking institutions, have lost
$1,708,000 net in cash as a result of the currency
movements for the week ending July 5. Their receipts
from the interior have aggregated $5,588,000, while
the shipments have reached $7,296,000. Adding the
Sub-Treasury and Federal Reserve operations, which
together occasioned a loss of $116,463,000, the com
bined result of the flow of money into and out of the
New York banks for the week appears to have been a
loss of $118,171,000, as follows:
Week ending July 5.
Out o f
Banks.
Into
Banks.
85.588.000
Net Change in
Bank Holdings.
$7,296,000 Loss
$1,708,000
Sub-Treasury and Federal Reserve
40.731.000
T o t a l ......................................... ..........
157.194.000 Loss 110.403.00(1
810,319,000 $164,490,000 Loss$118,171,000
The following table indicates the amount of bullion
in the principal European banks:
Julg 4 1918.
Cold.
E n gla n d..
France a . .
Germany .
Russia * . .
Aus-IIun c
S p a in ____
Ita ly_____
N etherl’ds
N a t.B e l.h
Swltz'Iand
Sweden . .
D enm ark.
N o r w a y ..
|
Silver.
|
July 5 1917.
Total.
£
1
£
|
£
05,333.558
................ 05,333.558
134.507,614 10,300,000 144,807,014
117,303,200 0,037,300123,340,500
129,650,000 12.375,000 142,025.000
11.008.000 2,289,000 13,297,000
83.818.000 2S. 102,000 111,980.000
33.449.000 3,205.000 30,714,000
59.840.000
000,000 00,440,000
15.380.000
600,000 15,980,000
15,380,000,
15,380,000
14.362.000
................1 14,362,000
10.228.000
136,000 10,364,000
6,615,000
6,615,000
Cold.
Silver.
|
Total.
£
I
£
£
55,242,279
........... I 55,242,279
130,240,573 10.509,000140,749,573
122,864,950 3,189,750126,054,700
148,117,000 11.907.000160.114.000
16,000,000 3.800.000 19,800,000
00,347,000 30.166.000
90,513,000
33.304.000 2.590.000 35,900,000
50.203.000
030,700 GO,893,700
15.380.000
600.000 15,980,000
13.622.000
............ 13,022,000
11.270.000
......... .[ 11,270,000
9.996.000
130.000 10,132,000
7.100.000
............[ 7,100,000
T o t. w eek. 696,874.372 63,824.300 760,698,672 673,866,802 63,624,460737,491,252
Prov.week 696,292,971 63.810,300 760,109,271.676,576,137 63,318,200 739,894,337
a G old holdings of tho Bank of Franco this year nro excluslvo of £82,484,320
held abroad.
* N o figures reported since October 29 1917.
c Figures for 1918 thoso given by "British Board of Trado Journal” for D eo. 7
1917; figures for 1917 estimated on tho basis of tho D eo. 7 1917 totals,
b August G 1914 In both years.
THE AMERICAN ARMY IN FRANCE.
The stirring celebrations on the Fourth of July, at
home and abroad, found for their theme a host of
considerations, all bound up with the momentous
decision of the United States in participating in the
European war for the future of civilization, and with
the manner in which our Government’s pledge of
April 1917 has been redeemed. But nothing could
possibly have contributed more meaning to the cele
bration than the news that our army in and on the
way to Europe had crossed the million mark.
Ju l y
THE CHRONICLE
6 1918.]
The announcement regarding the number of our
soldiers transported to France, made by the Secre
tary of War in his letter to the President last Tues
day, gives the specific data of an achievement unprece
dented in history. Transportation of troops in large
numbers across the ocean is of itself an episode
familiar enough. The British attack on Napoleon
by way of Spain and Portugal necessitated transfer
of what were then considered large bodies of troops
from England to the peninsula, and this was done in
the face of hostile frigates on the sea. Transport of
armies by the long sea route was the primary con
sideration in England’s Crimean war against Russia,
and in the war of 1899 with the Transvaal. In this
present war also, military forces running well up
towards the million mark have been carried across
the ocean from Canada and Australia to France, and
from England and France to the Eastern Mediter
ranean. In all these previous episodes, as in that of
our own army’s during the past fourteen months,
losses of transport ships and of the soldiers on them
were extraordinarily small.
But the achievement described by Secretary Baker
stands for many reasons in a place of its own in
military history. The armies transported overseas in
earlier wars were small enough to detach only a few
vessels from the Admiralty service. Transportation
of the Canadian and Australian troops in this war
occupied in all a period of two or three years, and
a large number of those troops were carried over at
a time when German submarine activities had not
developed to their present stage. In the case of our
own army the problem was such as seemed, even six
months ago, to render physically impossible the
placing of more than a million American soldiers in
Europe almost within a year after our own declara
tion of war.
The submarine campaign was at its height of
achievement at the time. The supply of shipping
available for army transport was heavily curtailed
through losses by submarines, and what was left
appeared to be inadequate even to carry the urgently
needed food to Europe— this irrespective of ship
ments of munitions and of the ordinary commercial
service. Yet what our Army and N avy Depart
ments have done in the face of these formidable
handicaps may be seen by the following numerical
table, submitted this week by the War Department,
of troops embarked in each month since our declara
tion of war in April 1917:
1017- —M a y _____________
J u n o _____________
J u ly .........................
A u g u s t --------------S e p te m b e r --------O c t o b e r .................
N o v e m b e r ----------
.............1,718
.......... 12,261
-----------12,988
.............18,323
.............3 2 .5 2 3
.............38.2 5 9
.............2 3 ,016
1917— D e c e m b e r ............ ........... 4 8 ,8 4 0
1918— J a n u a r y _______ ........... 4 6 ,7 7 6
F e b r u a r y ______ _______ 4 8 ,027
M a r c h _________ ............ 83.811
April___________ _____ 117,212
M a y ___________ ............ 2 4 4 ,3 4 5
J u n o ___________ ............ 2 76 ,372
The achievement cannot be properly appraised by
the total figure. As will be seen from the above
table, the rate of shipment, prior to the beginning
of the German offensive the present year, in March,
was comparatively small. By the end of last Octo
ber, when we had been at war six months, only 11G,072 troops of all sorts had been sent abroad; by the
end of 1917 only 187,928; at the end of last February,
after ten months of belligerency, only 282,731. The
number sent out in any one month of that ten-months
period had never exceeded 50,000, and on an average
below 1,500 per day.
Such was the speeding-up process after that time,
however, that in May 7,882 men per day were sent
out for Europe, and in June, 9,212 per day; the total
for the four past months being two and a half time
11
as great as in the ten months which preceded them.
This occurred not only during the acute shortage of
shipping, but in face of a submarine activity extended
even to American waters. Yet of this great total of
more than a million men transported, only 291 were
lost at sea, and those on returning transports.
It is entirely probable that even our own Govern
ment regarded any such achievement as impossible
until the urgent need for it developed last March.
Among the military critics it had been the common
estimate that one million trained American troops
could not be placed in France until well on in 1919.
A very few months ago, Secretary Baker informed
the Congressional Committee, as his best estimate,
that half a million men could be placed in France
early in the present year, and, perhaps, 1,500,000
by 1919.
But it is now known that the War Department is
prepared, if necessary, to have the million and a half
of troops at the front before September. That
Germany was wholly skeptical as to the possibility
of anything of this sort has been proved not only by
official and semi-official comments on the American
effort, but by the well known fact that Hindenburg
and Ludendorff expected to complete their campaign
by 1918 before American reinforcements of any
magnitude could arrive. The fact that our troops
had reached the front in any number was never
admitted publicly in German official circles until
last week’s speech by Foreign Secretary von Kuehlmann and that was based on an estimate that 700,000
were accounted for.
The two questions now uppermost in the matter
are, first, how troops could have been transported
with such immunity from attacks by the enemy,
and second, just how much their arrival means to
the rest of the campaign in France. The answer to
the first question is that the problem of naval
escort has been solved with unprecedented efficiency.
That our destroyer fleet has absolutely driven away
the submarines from the transport convoys— in
some of which 10,000 men or thereabouts were carried
on a single ocean ship— illustrates not only the skill
and care of our naval service, but the fact that the
submarine commanders, however bold in the general
risks which they take, are in mortal terror of an
armed destroyer. For that state of mind their own
experience has given abundant reason, and the pub
lished narratives and memoirs of German submarine
officers provide additional proof of their attitude.
It is, perhaps, too early to say with confidence
how far these American reinforcements will serve
to turn the scale of battle. The general estimate is
that 700,000 out of the million men already sent
constitute the strictly fighting units; the others being
various classes of auxiliary forces. Even if we take
the largest estimate of Allied losses in the present
campaign through killed, wounded and prisoners—
which is 500,000— it would then appear that the
Allied army is now stronger than on March 21.
The German losses can hardly have been less than
the figure named for the Allies; as the attacking force,
they have probably lost much more, and it is quite
impossible that half a million new and effective
troops could have been added to the German forces
during the past four months.
Apparently, then, the statement of Lloyd George
in March that the Allies were numerically the
stronger on the Western front— a statement not
borne out by immediately subsequent events— is
12
THE CHRONICLE
now actually correct. It would remain, however,
to determine just how effective as fighting men the
American reinforcements are. Thus far they have
stood the test brilliantly and in some particulars—
such as coolness, dash, accuracy of rifle and artillery
fire— have attracted the warmest public approval
of the French commanders. It is also true that the
responsibility placed on the American troops and
the actual defensive positions assigned to them show
that a far greater reliance on their fighting efficiency
is now being taken by the Allied commanders than
any one had supposed possible within so short a
time.
No doubt, the achievements at Cantigny and at
Chateau-Thierry and at Vaux, in which the Germans
were repeatedly worsted by the American attack,
were helped by the fact that our best troops— the
men with the longest training, such as the marines—
were the first to be assigned to responsible positions.
Nevertheless, it is evident that many of the men
enlisted last autumn have taken part in these success
ful engagements and have individually acquited
themselves with notable distinction. This is suffi
ciently proved by the record of medals and distinc
tions conferred, in which case the names can be
identified. Furthermore, even in the case of divi
sions not yet adequately trained for active service
at the battle-front, it must be remembered that their
presence in France or England releases a given number
of Allied troops which have had a longer and more
thorough preparation. '
It is best not to expect too much at once, and the
policy of the defensive, pursued by General Foch
ever since the German attack began in March, is
not likely to be abandoned until our entire reinforce
ment can be classed as seasoned troops. But the
men are there, we have more to send, and in any
event, the chance of Hindenburg’s army driving its
way through, by pure force of numerical superiority,
from the present line to Paris or the Channel ports,
appears to have vanished with the new American
man-power in the ranks.
THE MILITARY PRODUCTION OF FRANCE.
As, after some delay, America has now got her
stride in the production of war material, it is in
teresting to see what France is doing. We have
before us the semi-official report made last Decem
ber in Boulogne by Lieutenant Maury of the Commit
tee on “ The Work of France and Her Allies.” It
covers the earlier and most distressing period of the
war, the three and a half years following the passion
ate uprising of the nation to preserve its existence,
a period during which it has shown a strength of
purpose, a fertility of effort and an abundance of
resources which have surprised the world.
The German army entered Belgium with an un
paralleled equipment; “ infantry with a long train
of machine guns and cannon of every kind; cavalry
with automatic rifles and guns mounted for recon
naissance and advance-guard actions; engineers pro
vided with every implement for destruction and
construction; artillery of every calibre with both
horse and automatic traction,; aviation with all the
apparatus for assembling, taking apart and repairing;
signal corps with balloons and dirigibles.”
T o meet this France sprang to creating her material
of war. In September 1914 the Government gath
ered the heads of the metal industries for conference
in Bordeaux. The invasion had already deprived
[Vol. 107.
France of three-fourths of her resources and indus
trial plants; the coal mines of the Departments of
the North and the East, the military shops of Douai,
the great factories of Lille, of the valley of the Marne
and of the region of Brey. In January 1915 the
Germans boasted that “ of the 127 chief furnaces
which were at work in 1913, out of the 170 existing in
all France, not less than 95 were in the war zone and
in German possession. The remaining 30 could
hardly supply France.” France had lost 50% of her
coal, 90% of her iron ore, 80% of her furnaces and
her steel.
Despite the terrible losses France organized her
industries to meet the need. Vast establishments
were improvised or re-created on all sides. Even
though England could send only 100,000 soldiers to
her assistance, and Italy had not entered the war,
she called back her skilled workmen from the front
and, in face of the German hordes, set herself to
produce all the materials of war not only for herself,
but for the Belgians, the Serbs and the Russians, for
all of whom she had from that hour to set apart a
considerable portion of her production.
Her soldiers faced the enemy in 1914 with the
minimum of even the most necessary material; with
out barbed wire, with but few machine guns, with
out trench mortars, without fuses and search-lights to
guard supplies, with a limited supply of airplanes and
balloons, with only the aid of their effective “ 75s,”
and of some heavy guns mounted in their forts.
They saw in the months following a stream begin
of barbed wire, machine guns, trench mortars, shells,
search-lights, aeroplanes, balloons, hand grenades,
self-operating bombs, anti-airplane guns, and, above
all, of heavy field guns, and at last monster cannon
and tanks. To-day her equipment for observa
tion and destruction is not inferior to that of the
enemy.
For every 100 machine guns of 1914 her infantry
had 9,000 in 1916. For each 100 bombs available
for the artillery in 1914 there were 3,000 in 1916.
Since that date her resources have not ceased to
grow. A few facts may be given. At the opening
of the war she produced 13,000 shells for the 75s a
day, in June 1917 she was making 250,000 daily,
besides 100,000 heavy bombs. To understand the
significance of these figures it may be said that in
some of the battles of last year every metre of Ger
man trench received the shock of 1,500 kilos of pro
jectile, 200 discharged by the trench guns, 450 by
the 75s, 700 by the heavy artillery, and 150 by the
great guns at the remote rear.
The discharge of shells, necessarily small at the
opening of the war, has attained to from six to seven
millions monthly. In a great offensive prolonged
through seven weeks it rises to double that number.
This is required by the weight of the enemy’s attack.
The loss of men by the French has diminished as
the use of shells has increased. The size of the
French army has grown in marked degree.
To what has been said is to be added the list of
small arms by the million automatic rifles and pistols,
37’s, &c., made for the infantry, enormous amounts
of munitions and supplies, metal helmets, gas masks,
and, not less all the chemicals of war, of which
the development and production have been mar
velous.
All this has been possible only because the women
of France have entered the factories by the hundreds
of thousands.
Ju l y
6 1918.]
THE CHRONICLE
Furthermore, since the opening of 1915,. France
has re-equipped the infantry, artillery and aviation
of Russia with rifles by the 100,000, machine guns,
automatic pistols, cannon of all sizes by the thousand,
aeroplanes by the hundred, motors by the thousand
and munitions unlimited (of which unfortunately
Russia has made pitiful use). At certain periods
the mass of material sent to Russia has represented
in weight more than sixteen million kilogrammes,
and in volume more than 20,000 cubic metres.
For a long time France has supplied Italy also
with a vast amount of war material. She has
given her an important stock of implements for
aviation, and a not less important quantity of
material of heavy artillery, with hundreds of trench
mortars; and she keeps up the supply of shells and
bombs necessary for these guns. She has contribu
ted also to the replacement of the enormous loss of
material on the Isonzo and the Tagliamento. Be
sides all this she has not ceased to send her a great
tonnage of coal, of steel, of aluminium and of
chemicals, and all the supplies necessary for the
conduct of war.
To the other Allies, Serbia and Rumania, France
has supplied all sorts of war material, arms, equip
ment, munitions, telephones, telegraph, aeroplanes,
automobiles, ambulances. Of heavy guns, of which
at the opening of the war France had the greatest
lack, she had furnished to the Allies up to the
opening of 1917 no less than 800; and of the 75s,
which are so famous, she has produced thousands,
supplying them to the new armies of the Allies, and
to the Americans.
This splendid industrial effort she keeps up without
diminution, rather increasing it daily as the need
increases. She promises that it will increase until
it ends in the destruction of the enemy.
This enormous production of the material of war
requires a vast machinery of transport, of liaison,
of observation, of combat, which necessitates an
army of specialists requiring equally complete organi
zation. The use of all devices must be taught;
and men of all ages and of all conditions, young
recruits, reservists, convalescents, territorials, and
all who as a result of wounds, illness or displacement,
must be instructed and made serviceable.
Formerly an infantry company was composed of
approximately 200 men who received the same train
ing, the same equipment, the same weapons, and in
action all had the same part. This has entirely
changed. An infantry company now resembles
the personnel of a modern factory with many kinds
of mechanics, employees and laborers, all with
special tasks. It embraces from fourteen to sixteen
groups of machine gunners, each group having a
gunner and two assistants to secure a rapidity of
fire otherwise impossible. It has sixteen gunners
with as many assistants whose task is to lay a
barrage 150-200 metres in advance. It has four
squadrons of grenade men, throwers and assistants,
carriers of grenades and extra weapons, chiefly
automatic pistols. It has signalmen and telephones,
trained observers to report their discoveries by maps,
liaison men, pioneers competent to direct work,
cooks, stretcher bearers and first aid men. All
these specialists, and still others, are trained and
equipped, and there remains only a handful of men
similar to the infantry of former days. It follows
that the officer of any grade has to possess a variety
of detailed knowledge hard to grasp. It is com
13
pressed in a textbook of 500 pages of solid matter
which he must master and have at instant com
mand.
All this shows what is before our young men in
the way of training as soldiers ready for service,
what need and opportunity there is for men of every
variety of gift or experience, and why so much time
and intensive work are required before they are
prepared for actual warfare. It furnishes also an
explanation of the statement that 5 tons of material
have to be sent over with every soldier, as it gives
the measure by which we may judge the efficiency
and the extent of the production of men and muni
tions which our Government and country are set
to achieve, and of which we already have such
inspiring evidence.
THE COMING CONGRESSIONAL ELECTIONS—
THE KIND OF MEN NEEDED.
In the Philadelphia “ Public Ledger” Mr. Taft
begins a statement of his views concerning the policy
and possible achievements of the Republican party
as to the next Congress by remarking that Demo
cratic Congressmen are urging the President “ to
consent that they have a recess to go home and see
to their fences.” He does not add (what possibly
many persons do not know or may not remember)
that such a consent is not necessary, since Con
gress has constitutional power to please itself in
such a matter, except that the consent of both
branches must be had for an adjournment of more
than three days.
It has been a not rare experience in the past for
an Administration to lose party control in the Con
gress chosen for the second half of the Presidential
term. The question whether this shall be so now,
and whether it ought to be so, is an interesting
problem. No distinct party policy exists. The
Democracy of to-day is that of Hamilton rather than
of Jefferson; the rights and the sovereignty of the
States are a subject either dead or sleeping, and it
has actually been said on the floor of the Senate
that there is no longer any necessity for a State
Government. The only present phase of the old
Free Trade issue concerns the freeing of trade from
Governmental ligatures under the name of regula
tion. There is no “ party” and no “ party policy”
now; the shrewdest publicist could not clearly point
out either. “ D em .” and “ R ep.” are now only
marks of designation between the Ins and the Outs,
between the supposed supporters and the supposed
opponents and critics of the Administration.
But there are no such opponents, and as for
critics and criticism the number of the one is not too
large and the courage of the other is not too great.
Partisanship should of course be held as intolerable
and as inimical to the country; they who indulge
in it themselves while accusing others of it declare
it such. Yet there has been almost no persistent
objection in Congress to anything Mr. Wilson has
demanded, and what objection has been made and
waived has been as much by those who are rated
his party followers as by the others. It is only
bare justice to say that the record shows the Re
publicans in Congress to have stood loyally by him,
putting the country first and recognizing that he is
the official instrument with which the cause must be
fought and won.
Repeating his strikingly pat phrase of several
months ago, Chairman Hays of the Republican
14:
THE CHRONICLE
National Committee, says that the one important
thing now is to win the war and “ all else is chores;”
behind that, he says, every party and every party
man “ must stand firmly and with a willingness to
sacrifice all political advantage.” This is because
to do otherwise would be to sacrifice everything.
M r. Taft correctly says that Democratic candidates
will plausibly argue that M r. Wilson must be backed
up by a Congress of his own political complexion
in order to carry on the war; in districts hopelessly
Republican, he says, the Democrats will offer no
opposition, thus stimulating an apparent non
partisanship, but wherever there is a chance of
getting in a Democrat, because of party divisions
or otherwise, “ party lines are to be drawn and full
effort made.” This sounds like assuming a virtue
while lacking it; push for a deserving Democrat
wherever it looks possible, and wherever it does not
look so, hold aloof and claim the credit of putting
country before party.
As to what Republicans should do, M r. Taft says
the next Presidential term is two years ahead, and
it is no time now to criticise the lack of war prepara
tion before the war, for “ that water has run over
the wheel.” Nor will it be helpful to emphasize
past defects in preparation since the war, “ unless
accompanied by constructive criticism showing that
the Republican party in legislative control, by
supervision and investigation, can secure avoidance
of such defects in the future.” But, he adds:
“ Loyal Republican candidates may well urge
their election if they can prove from the course of
the Administration and the action of the two parties
in the present Congress that a Republican Congress
will more certainly secure consistent adherence to a
win-the-war policy and will remove any possible
danger of a change to acquiescence in a less con
clusive peace.”
The great need now is for a Congress of genuine
and full-sized men, not of marionettes to whom can
be sent ready-made bills, with a request for imme
diate passage; men of serious thought rather than
voluble tongue; men of large mold who care nothing
for their own political future; men fit to grapple
with the present problems of far-reaching moment
and the still greater problems which are likely to
arise in the next two years. This is our supreme
need: not of party men, but of men, and it is un
happily true that the growth of aggressiveness and
domination in the Executive and the decline of Con
gress in ability and in exercise of its clearly-stated
constitutional functions have gone along together;
it is no exaggeration to say that Congress has ceased
to initiate, it merely assents.
Custom has insidiously blunted us all to perceiv
ing this, or, if we do perceive it, to realizing its
significance for evil. It will be urged (because it is
the greatest “ talking-point” ) and it will be put
plausibly, that what is labeled a Democratic Ad
ministration is, for the time being, the country and
carries the country’s cause and fortunes; that no
distinction can be drawn between the “ Government”
which we all see a duty in supporting and the hand
ful of persons constituting that Government; that
if a Democratic Congress is not elected that will
mean a want of confidence, and that it will be said
that a division exists and the country is drawing
back. This will not be a just deduction; yet it can
be too easily made to appear so, and the more be
cause we are all so absorbed in watching the fields
[Vol. 107.
in Europe that there is danger of having the party
bosses feel safe in trusting to the old habit of accept
ing names for substance and falling in line again
under the party emblem on the ballot.
The danger is that old voters will mechanically
follow their old habit and that the newer ones
(including, of course, the great number of the newlyenfranchised sex) will assume, or be easily persuaded,
that to carry on the war it is necessary to “ sustain
the President” and there is only one way of doing
that. Yet the best wisdom and the highest duty of
all persons who have minds of their own and use
them is to recognize that it is no exaggeration to
say that the country has practically ceased to have
a Congress and that its greatest need now is to ob
tain one.
We must “ sustain the President;” of this there
can be no question, and from this there can be no
drawing back. But it is not true that there is only
one way of sustaining him and that way is to con
tinue him in the practically absolute power he is
now using. On the contrary, the best way to sus
tain him is to strengthen and help him. That will
be best done by sharing initiative and responsibility
with him. Mere partisanship gives him his wish,
secretly hoping he may come out ill in it and ready
to proclaim the fault and turn it to account of party
capital. It is not clarifying his judgment and
holding up his hand to have Congressmen become
and avow themselves rubber-stamps and say that
whatever he asks shall be given him, “ because he
knows what he wants and I don’t .”
If we are at once candid, just and fearless we shall
see the difficulty of showing that a Republican
Congress will avoid such mistakes and defects as
have occurred, nor will it be easier to “ prove from
the course of the Administration and the action of
the two parties in the present Congress” that
with a Republican Congress there will be less
danger of an inconclusive peace. This is not why,
in our judgment, it will be best for the country to
choose a Congress, not merely of unmistakably
higher average quality, but one with a nominally
Republican majority; the reason is that such a re
sult will or should strengthen Mr. Wilson’s hands,
however it may disappoint his wishes. His tasks
of the present hour and the tasks probably before
him are mightier than Lincoln had to deal with, and
he has less help than Lincoln had; the men around
him are of far smaller stature than were those around
Lincoln, and he is less disposed to distrust of him
self than Lincoln was.
A Congress that will recognize and insist upon its
constitutional share in governing and in responsi
bility should be demanded, sought, and chosen by
the American people in November. Such a Con
gress will be above partisanship; at least, it will not
dare to be factiously obstructive. It will furnish
constructive help, instead of really tending to im
pair the President’s judgment by an attitude of
complaisant acceptance of that in advance.
A DEMAND FOR A SIX-HOUR DAY.
And now, good sirs, let us to the task in hand.
True, there is a disturbance in Europe, but that
need not engage our exclusive attention when there
are weightier matters on board. Utopia is still a
delectable land. though far away. Once there, how
ever, we can “ lie in the lap of a rainbow— and read
Tom M oore.” N ay. Why read at all ? It consti-
J u l y 6 1918.]
THE CHRONICLE
tutes eye-strain. Indeed, it is a form of work. And,
pray, why work? Our duty is plain. We should
lose no opportunity to eradicate this evil and scourge
from mankind. Useless, ignoble, ordained by moneydevils to oppress the poor, we shall devote ourselves
to exorcising “ labor” from the black annals of a
convulsed and dying world. Others may war
against autocracy and human fiendishness but for
ourselves we will war against work. And we have
just begun to fight. We will take two hours from
the work-day this year; another two next year; then
again, and again; and presto there is no more!
Man is free.
The Socialist Party of the State of New York is
to be highly commended for including in its reso
lutions or platform a declaration for a six-hour day.
It shows the utter selfishness and absurdity of this
whole “ scheme of life” — and there is virtue in con
sistency. True, there is the great struggle for “ hu
manity” going on “ over there,” taxing every energy
of the liberty-loving peoples of the earth, but what
a poor thing it is in face of a “ six-hour day” for
workingmen. Some, even, profess to believe it is a
harlequin, masquerading under the guise of freedom
and justice, when in fact it is but a capitalistic
scheme for enslaving the earth. Work, at such a
time? What a poor deluded mass the American
people have come to be! And one says if we (the
Socialists) are “ worth our salt,” “ we must lead.”
Yes, to be sure. Lead down the flowery paths of
progress to the “ land of the heart’s desire,” where
never any toil, and manna falls for all, and life is
song, and ease, and dream.
Yes— commendable, nothing else,— the New York
State Socialists’ Convention, meeting in the metro
polis of the country, spoke in a hearty and timely
manner. Why worry about increasing production
to win the war? Let us have a six-liour day — this
is the in hoc signo vinces with which we shall conquer
the hosts of deceit and destruction. True, there
are days ahead, when a heavy pall of debt will have
to be lifted, and we should prepare now. The
nations have expended more than a hundred billions
(if it will serve your understanding better, this is onetenth of a trillion of dollars) in the war, which
sometime must be paid. But why worry? And
why work? Let us shorten the day, and all will be
well. To work more hours rather than less in the
face of the direst need ever known— that would be
folly.
Talk of the dignity of labor, the divinity of the
creative power, the sublime blessing of “ self-expres
sion,” what solemn nonsense. And what ancient
jester was it who sent forth that farcical decree,
“ thou shalt eat thy bread in the sweat of thy
brow” ? And nature— how stupid nature is, dividing
the light and the darkness, and bringing on the night
when “ no man can work.” As if the day should be
delivered over to toil, when we have only to decree
it shall be for dallying, and “ capitalistic wars”
will be no more, and there will be “ a loaf of bread,
a jug of wine and thou” (Thou, 0 Socialist Party)
under every tree in every wilderness. What a poor
groggy old world anyhow, staggering along under
its burdens and crying for more, when we can abolish
it all by law— beginning with a “ six-hour day.”
How precious, how powerful, are ideas. How
consecrated is leadership. Just send the little timid
thought of a “ six-hour day” forth into the world and
\,he millenium approaches. Great oaks from little
15
acorns grow, you know. Edison trying to invent
something to increase destruction on a “ holy cru
sade,” Hoover trying to conserve the production of
a loyal and energetic people to the success of a
valiant army and the sustenance of the oppressed,
President Wilson trying to think sagely on questions
of war and peace that the destiny of mankind may
be bettered, and each working overtime and regardless
of time, oh how puerile, how silly, when a “ six-hour
day” would cure all the ills that flesh is heir to,
bring plenty to every home, and dower the world
with endless ease. The Socialist Party in the
Empire State of New York has not lived in vain.
W hy, bless us all, what are food, clothing, and
shelter, that we should regard them so highly?
With one sweep of the pen strike one-fourth of
“ production” from the world by instituting a uni
versal “ six-hour day” and we are twenty-five per
r
cent nearer the time when we shall have nothing to
fight over, when the arch fiends of destruction will
be without an occupation. And to think that there
are starving mothers and skeleton babes “ over
there,” and brave men dying to deliver them, and
we never knew before that the sure way to save them
all was to work two hours less every day.
There are crucial moments as there are historic
epochs in the changing story of this old world of ours.
Long, long, have men labored with might and mind
to make this earth a place “ fit to live in.” And all
because they did not know any better. But in some
far time when, perchance, the citizen of the future
shall look down on the “ ruins” of this “ civilization”
of ours, he will note in the dim dark past a little
point of light, and know that then, in a state Social
ist Convention held down on the East Side in the
City of New York, there was born the “ great idea”
which was to lead the world to victory, harmony,
peace and plenitude, and that that idea, spreading
and flowering even as that other sublime edict “ Let
there be light” instituted in the Beginning, was
known as the principle of the “ Six-Hour D a y .”
POLITICS AND PATRIOTISM.
There is no particular place for politics in patriot
ism, but abundant room for patriotism in politics.
Just now, at least, we can dispense with platforms
made to “ get in on.” Embracing lofty ideals with
world-wide scope, we may reasonably be spared the
petifogging for party advantage. Having under
taken a task of tremendous extent and vital import,
we may well forego the feinting and fencing for
position in the “ coming contest.” And we may
avoid for our own dignity as a self-respecting people,
the petty partisanship that indulges in charlatanism
and calumny.
But we are not sure that politics, of the right sort,
should be or can be entirely “ adjourned.” And
by the “ right sort” we mean that order of statesman
ship which advocates principles of high constructive
value to the Government and the people. It is
conceivable, that, though we are at war, we have a
civil State to preserve and protect. N ot only does
this, rightly construed, not interfere with the con
duct of the war, but the preservation of a liberal
State, embodied in our conception of a free repub
ic, is necessary to success in the war itself, and alone
will render possible a complete fruition of the ideal
of “ liberty, justice, humanity,” for which the war
is fought. And though the great “ business of life”
be now war, we cannot forget that the instrument
16
THE CHRONICLE
we use, our Government, is the one antecedent need
to all other needs for the triumph of our cause.
It follows that the very essence of patriotism is
devotion to that Government— to its integrity,
functioning and perpetuity, and in this, as a part of
its being, its present use as an instrumentality of
war. If this is so, such use, by a “ party in p ow er/’
entitles it to no special claim for a continuance
“ in office.” Duty is its own reward and excuse
for being.
Politics “ adjourned,” one party is as
much compelled to carry a righteous war to a suc
cessful conclusion as another, and this basis for a
plea for continuance would fall to the ground. It
is true that we do and should reward our public
servants for the faithful performance of duties.
But there must be reasons embodied in the nature
of the duties performed, aside from the mere fact
that they were performed. And there is much to
be said as to the inadvisability of “ swapping horses
while crossing a stream,” especially when we con
sider the administrative character of duties per
formed. But the truth seems to stand out clear,
that merely to “ carry on” a war, which all have
agreed should now be prosecuted energetically
and efficiently, is not justification for requiring a
political allegiance of the citizen, regardless of his
prime and paramount duty to the Government it
self.
We are compelled, then, under our system, in an
election year, to reflect upon our civil Government,
and to test all parties by their attitude to that
Government. And when we attempt to do this we
find, fortunately or unfortunately as the case may
be, that zeal and earnestness in the prosecution of
war has given an iridescent hue to patriotism that
conceals the very substance of the State, that
envelops the mind with a fervor of imagery which
prevents clear thinking, almost indeed prevents
thinking at all. We become indifferent, in the first
place, to the vast changes going on in our civil
processes. And, secondly, we are so enthused, so
obsessed, with the prosecution of the war, that we
come in a measure to condemn as unpatriotic all
examination of the effect of the means employed
upon the structure of our laws and liberties. Yet
“ the Government” must live through the war, and
after the war, or all is lost!
In one sense of the word, and we qualify the term
again by saying for better or worse, politics of the
high order referred to, the advocacy of constructive
principles of statecraft, is adjourned. It may be
only sleep, or it may be coma. From the days of
Federalists and Republicans there have been two
great opposing parties, under changing names,
but with general policies consistently maintained.
Where are they now? What has become of those
centripetal and centrifugal forces we were wont
to conjure up on all occasions? Who now refers
to that shining maxim, “ the largest personal liberty
consistent with the general welfare,” or that other,
“ local self-government?”
Who argues now over
the correct interpretation of the phrase “ rights not
delegated are reserved to the States and the people?”
Now an “ indissoluble union of indestructible
States,” established by a civil war and confirmed
by a Spanish-American war as far as fellowship of
sections and citizens was concerned, gave us no
reason to suppose that all questions of the “ balance
of power” had been settled for all time. We still
had what was known as the “ Force Bill” and the
[V o l .
107.
ever-ready and interminable “ Tariff Question.”
A measure of financial expediency, unrelated to
the “ great issue” which made the great parties,
known as the “ Silver Issue” or “ Gold Question”
created a violent diversion for several campaigns.
The acquirement of the Philippines did rouse us
temporarily to a study of “ Imperialism,” but we
quieted our souls with the assurance that worldconquest did not enter into our wildest dreams.
And we soon fell back to the “ current issues” painted
in florid colors against the old dull background of
Federalism and “ Democracy.” Then the world war
came.
To come quickly to our point. We do not say
that the centralizing practices by our Government
are not necessary as temporary expedients to winning
the war upon which the nation is now embarked.
We may question some of them both as to need and
efficiency. But the fact remains that if we com
pletely adjourn politics and refuse to relate principles
to the perpetuity of the Republic we have reared and
revere,a Republic unchanged in its autonomy, they,
in effect, become thereby permanent. And since
the two old leading parties are alike responsible for
the new war-laws in industry and finance, if by their
tacit acceptance of them as permanent through
refusal of the right of question and analysis, these
parties become “ at one,” they nullify their right to
existence; and we are confronted with the formation
of new parties after the war that shall endeavor to
draw the line between property rights and personal
liberty as heretofore conceived and a new regime
of paternalism or socialism, as you may choose to
define the issue. The question then is, are we to
ignore the tendencies now being created by raising
up a barrier of so-called patriotism when as political
principles they have nothing whatever to do with
winning the war or its conduct on the field of battle or
the admitted needs of preparation behind the lines.
Is this not the apathy of neglect, albeit in the devotion
of service, which may work us ill in the future?
May we not pull a little at our anchors to see if
indeed they are fast ?
We cannot believe that true patriotism requires,
even now, a refusal to think on the great principles
embodied in our form of government. We cannot
believe that it is opposition to this or to any ad
ministration, to try to test our conduct by the
continuous civil welfare of the people. Admitting
the necessity of expedients now resorted to as needs,
needs that inure because modern warfare so imposes
its huge requirements on industrial effort, we cannot
believe that patriotism requires us to accept them
without analysis and without test. No party has
a right to ask that the people endorse what it does,
simply because it does it. Just as habit is “ a cable
in which we weave a thread day by day,” so new
laws, lacing and interlacing, weave a chain by which
we are bound. We are in duty required to live
obediently under law while it is law; we should not
let what is known as partisanship veer us from an
acceptance of laws on their merits; we should throw
no obstacles in the way of those we have charged
with the administration of our civil affairs; we should
support in fact and in feeling our armies in the field;
but above all and before all stands the old Republic
to which we have sworn our allegiance and to which
we give our undivided fealty.
There is then as we view it room for a proper
kind of politics in our patriotism. And as we look
July 6 1918.]
THE CHRONICLE
at the vast changes taking place, however necessary
they may be, we should strive to relate them to our
conceptions of human government and individual
liberty. If they are to be temporary in their tenure
we should not ignore the fact. If they are to become
permanent because they are right and for the best
we should know the reason and be convinced. It is
not that our old principles may not be changed for
better ones, it is not that the structure of our Gov
ernment may not be altered to meet new demands
and advances in and for a new epoch, but that we
shall not by indifference to their underlying meaning
and their future portent fasten upon ourselves new
laws and policies that may swerve us from a democracy
toward a despotism. And if our elections be not in
truth a farce they are the time when we should
think. All citizens now wish the war vigorously
pursued to a successful end, and tender their imme
diate obeisance to all efforts to that end. But it is
far from patriotic to demand or consent to the
abolition of all study of government, and of our
Government. We should adjourn politics of the
old sort, but there is a crying demand for the new
sort. And it consists in the application of old
principles to the new occasions. And as we have
said if the two old parties confuse and convict
themselves in this regard by false views of patriotism,
there will be others.
17
search for foreign business would proceed on a more
intelligent and determined basis.
At present Canadian foreign trade has neither
Government direction nor private unity of action.
For example, the shipping of timber to Great Britain
and France, while in many cases most successful and
satisfactory, has given rise to recriminative charges
of bad specifications and unfair filling of orders.
The export of fish is only now emerging from un
skilled and indifferent methods of curing and pack
ing. Canadian sales of pulp for paper manufacture
are not uniform in quality and cheese and apples
have violated foreign specifications times without
number. It is to remove such clumsy handicaps as
these, as well as to advertise the country’s industrial
capabilities that the Trade Corporation has been so
vigorously projected.
(U A tvrjent g i x c n t s
a n il J J is c u s s in u s
CONTINUED OFFERING OF BRITISH TREASURY
BILLS BY J. P. MORGAN & CO.
The
u s u a l o ffe r in g o f n in e t y -d a y B r itis h
w a s d isp o se d o f th is w e e k b y
d is c o u n t b a s is .
T r e a s u r y b ills
J . P . M o r g a n & C o ., o n a - 6 %
T h e b ills are d a te d J u ly 2 .
REPORT OF PROPOSED CREDIT TO UNITED STATES
BY URUGUAY.
“ F in a n c ia l A m e r ic a ” o f J u n o 2 7 , in r e p o r tin g a d is p a tc h
f r o m M o n t e v i d i o a s s a y in g t h a t th e U r u g u a y a n C h a m b e r o f
CANADA AIMING TO SECURE TRADE AFTER
THE WAR.
Ottawa, Canada, July 5 1918.
D e p u tie s h a d a p p r o v e d th e o p e n in g o f a c r e d it to th e U n it e d
S ta t e s
o f 2 0 ,0 0 0 ,0 0 0
U ruguayan
pesos,
q u o te d
a
p r iv a te
c a b le f r o m M o n t e v i d i o as s a y in g :
T h e U n ite d S tates c r e d it fs t o b e sim ilar t o th e o n e arran ged w ith A r g e n
tin a
e
p rte
o
th
N
r
age
t
p s
A new movement is stirring within the ranks of w ith. thT hN r e b yY oerxk oF edrs w o uelde rvrd e ra n k eiro te se wr Y o e k s u r y nbtillso o d es oomit
e
ew
era l R s
e B
n
o Tr a
n
e
Canadian manufacturers, the object of which is to b a n k in N e w Y o r k a g reeable t o th e B a n k o f th e R e p u b lic a a ga in st w h ich
th e la tte r in s titu tio n c o u ld m ak e loan s u p t o a to ta l o f 2 0 ,0 0 0 ,0 0 0 p e s o s
create a “ Canadian Trade Corporation” to go after a t 5 % , t o b e r e p a y a b le a t th e term in a tio n o f th e w a r th r o u g h th e m e d iu m
o f g o ld e x p o r ts und er th e a u th o r ity o f th e U n ite d S tates G o v e rn m e n t.
foreign business the moment peace is in sight. To
insure the widest support, this corporation would
promote the interests not only of Canadian manu FRENCH DENIAL OF REPORTED AMERICAN LOAN.
A c c o r d in g to a P a r is c a b le g r a m o f J u ly 3 , a n o ffic ia l n o te
facturers but agriculturists, mine owners and lum
bermen. The Canadian Manufacturers’ Association issu e d a t th e M i n i s t r y o f F in a n c e is sa id to s ta te th a t
c e rta in n e w s p a p e rs h a v e a llu d e d to th e p o s s ib ility o f a n
has given the proposal thorough discussion and ap
A m e r ic a n lo a n b e in g issu e d in F r a n c e a t a n e a r ly d a t e .
The
parently is prepared to adapt itself to the unorthodox n e w s p u b lis h e d o n th is s u b je c t , th e n o te is re p o r te d a s s a y
necessities of the future.
in g , is e n tir e ly w ith o u t f o u n d a t io n .
From the Dominion Government has come not a
little encouragement; it has insisted that organiza BRITISH GOLD PRODUCERS SEEK READJUSTMENT
tion for after-war trade must commence with the
OF PRICES.
industries and that the Government at best must act
A c c o r d in g to a c a b le g r a m to th e “ J o u rn a l o f C o m m e r c e ”
as a sympathetic auxiliary. We may also note that fr o m L o n d o n o n J u ly 4 , g o ld p ro d u c e rs a t a m e e tin g o n th a t
British manufacturers have been urging upon the d a y e le c te d a c o m m it te e o f six to p re p a re th e ir ca se fo r a r e
Canadian Cabinet to provide protection against un a d ju s tm e n t o f th e fix e d p ric e o f g o ld . T h e c a b le s a y s :
I t is a rgu ed t h a t g o ld is so ld c o m p u ls o r ily t o t h e G o v e rn m e n t a t an a n te
fair competition by foreign countries and to conserve b e llu m p r ic e d e s p ite th e in crea sed c o s t o f fre ig h t , in su ra n ce an d r e fin in g .
A n a d d itio n fo r h igh e r w o rk in g c o s ts is n e ce s s a ry t o m a in ta in p r o d u c t io n ,
the interests of Imperial trade.
b e ca u s e g o ld is th e b asis o f c r e d it , w h ich is in fla te d e v e r y w h e r e . T h e s u b
The suggested “ Canadian Trade Corporation” je c t is a m o s t c o m p lic a t e d o n e an d n o im m e d ia te a c t io n is e x p e c te d .
takes its pattern from the Imperial Munitions Board,
which under Sir Joseph Flavelle, the Chairman, has ITALIAN DEPUTY ON PROPOSED INTERNATIONAL
RESERVE BOARD.
brought into existence and maintained a shell-making
W e r e p rin t th e fo llo w in g c o p y r ig h te d c a b le fr o m R o m e o n
industry that utilizes more than five hundred fac
tories. The advertisement accruing to Canada from J u ly 4 t o th e N e w Y o r k “ T i m e s ,” a n e n t th e p r o p o s a l of
D a v i d L u b in (referred t o in o u r issu e o f S a tu r d a y la s t) to
such a successful achievement is counted upon to c re a te a n In te r n a tio n a l R e s e r v e B o a r d :
create a favorable reception should a body of highD e p u t y D o n C o lo n n a d i C e s a ro , a lea d in g p o litic ia n h e r e , sp e a k in g t o
th N w
T
es
o
p o n d n t, s t r n
up
ub
class trade scouts go into French and Belgian and p r e je ce s foYrocrrk a“tiniman ”incter reastio n a lereserveob ogaly dso n p o r te d D a v id eLA minr’s
o
t
e
g
rn
r
th e basis o f th
e
Italian markets after the war with an aggressive plan ica n F e d e ra l R e s e r v e B o a r d . H e sa id h e w as n o t a fin a n c ie r an d h a d n o
te ch n ica l ba n k in g k n o w le d g e , a n d th u s c o u ld n o t express an o p in io n o n th e
of Canadian industrial assistance. Two or three p r a c tic a l w o rk in g o f th e p ro p o s e d o rg a n iz a tio n , b u t h e w as fir m ly c o n v in c e d
million dollars capital is regarded as sufficient to set th a t w h a te v e r s o lu tio n c o u ld b o g iv e n t o th e presen t sta te o f uneasiness a n d
a n x ie t y a b o u t fin a n c ia l co n d itio n s in b e llig e re n t c o u n tr ie s w o u ld b e o f g re a t
the scheme in action. Co-operation of banks and a d v a n ta g e t o a ll.
L u b in 's p r o je c t im p lie s a s y s te m o f c o m p e n s a tio n b e tw e e n c o u n tr ie s
Federal Government would, of course, be a first p a r t ic ip a t in g in th e n ew b o a r d th a t w o u ld b o c e r ta in e ith e r t o su p p ress o r
g r e a t ly d im in ish th e p re se n t in d iv id u a lism a m o n g th e E n te n te , te n d in g t o
essential, and with public control of land and water
d r a w th e A llie s m o r e c lo s e ly t o g e th e r a n d fo rm in g also in th e fin a n cia l fie ld
transportation, such as seems likely to materialize, c o m p a c t p a rtn e rs h ip . T h e re fo r e , t h e a c tu a liz a tio n o f th e p r o je c t w o u ld
ha
re t m
and the great prestige incident to united support, the schveemalsof gth ea L e a o r ael orfe su lts,nfa. c ilita tin g th e c a r r y in g o u t o f th a t b ro a d e r
e o
gu
n a tio s
18
[V ol . 107.
THE CHRONICLE
N E W
C R E D IT
EX TEN D E D
TO
T R E A S U R Y D E P A R T M E N T 'S A N N O U N C E M E N T
FRANCE.
A new credit of 8100,000,000 was extended to France on
July 3 by the United States, making the total credits to
that country 81,765,000,000. The total credits to the Allies
established b y the United States since our entry into the
w ar now reach 86,081,590,000, apportioned as follows:
Great Britain, 83,170,000,000; France, 81,765,000,000;
Italy , 8650,000,000; Russia, 8325,000,000; Belgium, 8131,
800,000; C u b a, 815,000,000; Serbia, 89,000,000; Greece,
815,790,000.
CONFERENCE
IN
N E W
E X T E N D IN G
YORK
LOAN
ON
TO
Q U E ST IO N
OF
C H IN A .
Conferences on the question of extending a 850,000,000
loan to China were held in this city on July 1 at the offices
J. P . M o rgan & Co. There were two conferences, at one
of which Breckenridge Long, Third Assistant Secretary of
State, joined the bankers in their deliberations. Those
participating in the conference with Assistant Secretary
L ong included J. P . M organ and Thomas W . Lam ont, of
the firm of J. P . M organ & Co.; M ortim er L . Schiff, of
K uhn, Loeb & Co.; Frank A . Vanderlip, President of the
N ational C ity Bank; Charles E . M itchell, President of the
N ational C ity Co.; Francis L . Hine, President of the First
N ational Bank; Charles H . Sabin, President of the Guaranty
Trust C o.; Edw ard R . Tinker, Vice-President of the Chase
N ational B ank, and A . J. Sheldon, of Lee, Higginson & Co.
N o information regarding the deliberations has been made
public. W e referred last week to a Washington conference
on the same subject, at which M r . M o rgan was one of the
participants.
T E M P O R A R Y S U SP E N SIO N OF G E R M A N E X C H A N G E S .
According to advices to the daily press under date of
July 4 from Amsterdam, all the stock exchanges in Germany
are abstaining from business until the question of the con
templated new duties, against which they have protested
to the Government, has been settled. It is added that:
“ The Government proposed to increase the stamp duty on
Boerse transactions from 30 pfennigs to 2 marks, with an
additional w ar duty of 2 marks on every thousand marks.”
IN T R O D U C T IO N
OF
POSTAL
CHECK
SYSTEM
IN
FRANCE.
The introduction of a postal check system in France
whereby drawing accounts may bo opened by any one at a
post office on condition that a balance of 810 is left as a
guarantee, is made known in a copyrighted cable from Paris
to the N e w Y o rk “ Times” published in its issue of July 2
as follows:
A m in o r r e v o l u t i o n i n F r e n c h b a n k in g m e t h o d s w a s i n a u g u r a t e d t o - d a y
b y t h e f o r m a l i n t r o d u c t i o n o f w h a t is k n o w n a s t h e p o s t a l c h e c k s y s t e m .
T h i s s y s t e m m e a n s , in b r i e f , t h a t t h e F r e n c h G o v e r n m e n t h a s g o n e i n t o
t h e b a n k in g b u s in e s s o n a w h o le s a l e s c a l e , a n d t h a t v e r y s h o r t l y m o r e t h a n
1 3 ,0 0 0
p o s t o f f i c e s t h r o u g h o u t t h e c o u n t r y w il l b e h a n d li n g a b a n k in g
b u s in e s s .
T h e s y s t e m is e x t r e m e ly s i m p le .
D ra w in g a c c o u n ts m a y b e o p e n e d
h e n c e fo r th b y a n y p e r s o n a t a n y p o s t o ffic e s u b je c t t o a d o p o s it o f c a s h , th e
b a s i c c o n d i t i o n b e i n g t h a t t h e a c c o u n t r e m a in s a l i v e s o l o n g a s t h e r e is a
b a la n c e o f $ 1 0 le ft a v a ila b le a s a g u a ra n te e .
O n c e t h e a c c o u n t is o p e n e d
t h e d e p o s i t o r r e c e iv e s a c h e c k b o o k , a d e p o s i t b o o k , a n d a b o o k o f b la n k
d r a fts .
S u p p o s in g t h a t a c u s t o m e r h a v i n g a n a c c o u n t in P a r i s w is h e s t o p a y a b ill
w h i c h h o o w e s a m e r c h a n t in M a r s e ille s w h o h a s a s im ila r a c c o u n t In t h a t
. c i t y ; h e m e r e ly s e n d s a d r a f t t o t h e p o s t a l c h e c k b u r e a u In P a r i s , d i r e c t i n g
t h a t p a y m e n t b e m a d e t o t h e a c c o u n t o f t h e M a r s e il l e s m e r c h a n t .
I f th e
h o ld e r o f a n a c c o u n t b e a b s o n t in th e c o u n t r y , h e c a n m a k e th e s a m e p a y
m e n t m e r e ly b y h a n d lin g t h e s a m e k i n d o f a d r a f t t o t h e p o s t m a n w h o
d e l i v e r s h is le t t e r s .
I f th e p a y e e has n o p osta l ch e ck a cco u n t, p a y m e n t ca n b e m a d e b y an o r
d i n a r y m o n e y o r d e r , t h e a m o u n t o f w h i c h is d e b i t e d t o t h r p a y e r ’s a c c o u n t .
T h e c o s t c a n n o t e x c e e d 6 c e n ts , n o m a tte r w h a t th e a m o u n t in v o lv e d
m ay be.
A s t a r t w a s m a d e t o - d a y in P a r is , L y o n s , M a r s e il l e s , B o r d e a u x , N a n t e s ,
a n d C l e r m o n t - F e r r a n d , a n d t h e o t h e r t o w n s a n d v i ll a g e s o f t h o c o u n t r y w ill
f o l l o w in d u e c o u r s e .
I t is e x p e c t e d t h a t t h e s y s t e m , w h i c h h a s e x i s t e d in
m a n y o t h e r c o u n t r ie s , w ill b o e x t e n s i v e ly a d o p t e d b y b a n k s a n d in s u r a n c e
c o m p a n i e s f o r t h e p a y m e n t o f c o u p o n s a n d p r e m iu m s .
T h e d e p a r t u r e is
r e g a r d e d a s f u r t h e r e v i d e n c e t h a t F r a n c e is d e t e r m in e d t o m a k e e v e r y
e ffo r t t o m o d e r n iz e h e r co m m e r c ia l sy s te m .
THOSE L E A V IN G FR AN CE O N LY A LL O W E D
8200
U N LESS O T H E R W IS E
TO C A R R Y
P E R M IT T E D ,
A paris cable to the N e w Y o rk “ Times,” on Juno 27 says:
T h e F r e n c h G o v e rn m e n t fin d s it n e ce s s a ry t o ca ll p u b lic a t t e n t io n t o th o
f a c t t h a t u n d e r a la w p a s s e d la s t A p r i l n o p e r s o n l e a v i n g F r a n c o is a l lo w e d
w i t h o u t s p e c i a l p e r m is s io n f r o m t h e F i n a n c o M in ls t o r , t o t r a n s p o r t m o r o
t h a n t h e v a l u e o f $ 2 0 0 in c a s h , n o t e s , o r s e c u r it ie s o f a n y k i n d .
T r a v e lle r s
o n w h o m m o r o t h a n t h is s u m is f o u n d a r e c o m p e l l e d t o d e p o s i t t h e s a m e
i n a F r e n c h b a n k a n d le a v e i t b e h i n d .
T h e la w d o e s n o t a f f e c t l e t t e r s o f c r e d i t , b u t p e r s o n s b r i n g i n g m o n e y o r
s e c u r it ie s i n t o F r a n c e a r e p r o h i b i t e d f r o m t a k i n g a w a y a t o n e d e p a r t u r e
m o r o t h a n 1 ,0 0 0 f r a n c s .
R E G A R D IN G
RUPEE
EXCH AN GE.
In referring on July 2 to an arrangement entered into
with Great Britain by the United States Government for
the sale of rupee exchange through the Federal Reserve
banks, the “Journal of Commerce” in special Washington
advices said:
T h i s is t h e s e c o n d s t e p t a k e n b y t h e U n i t e d S t a t e s t o s t a b i li z e e x c h a n g e .
E f f o r t s h e r e t o f o r e e x p e n d e d h a v e b e e n i n c o n n e c t i o n w it h n e u t r a l c o u n
t r ie s .
F o r I n s t a n c e , a c r e d i t l o a n w a s p l a c e d w it h A r g e n t i n a t o p r o v i d e
f o r a s t a b i li z a t i o n o f e x c h a n g e .
E n g la n d , a t th e s u g g e s tio n o f th e U n it e d
S t a t e s , i t is u n d e r s t o o d , m a d e e f f o r t s t o p l a c e a c r e d it l o a n w it h S p a in w i t h
o u t su ccess.
T h e s a le o f r u p e e s b y t h e R e s e r v e b a n k s h a s b e e n m a d o p o s
s i b le t h r o u g h t h e B r i t is h .
T h i s is e s p e c i a ll y s i g n if i c a n t in a s m u c h a s I n d i a
is a B r i t is h p r o t e c t o r a t e a n d m u s t b e h e l d a s a b e l li g e r e n t .
E x ch a n g e re
la t io n s t h e r e f o r e a r e m o r e o r le s s u n d e r G o v e r n m e n t c o n t r o l d u r i n g t h e
p e r io d o f th e w a r.
The following is the Treasury Department’s announce
ment:
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 h a s m a d e a r r a n g e m e n t s w it h t h o B r i t is h
G o v e r n m e n t f o r a s u p p l y o f r u p e e e x c h a n g o s u f f i c ie n t f o r a n i n d e f in i t e
p e r i o d t o f in a n c o i m p o r t s f r o m I n d i a r e a s o n a b l y r e q u i r e d f o r c i v i l o r m il i
t a r y p u r p o s e s o f i m p o r t a n c e i n c o n n e c t i o n w it h t h e p r o s e c u t io n o f t h o
w ar.
T h o s a le o f r u p e o e x c h a n g o f o r t h e p u r p o s e s a f o r e s a id w i l l , a s h e r e t o
fo r e , b o a d m in is te re d t h r o u g h th o F e d e ra l R e s e r v e B o a r d .
T h o p r i c o w ill
b e 3 5 .7 3 c e n t s p e r r u p e e f o r t e le g r a p h i c t r a n s f e r s .
GOVERNM ENT
OF N E W F O U N D L A N D 'S
“ V IC T O R Y
L O A N ."
The “ Victory L o an ” of 82,000,000 referred to in these
columns on June 22, which the Government of N ew foun d
land was asked to raise in six weeks was obtained, it is said,
by popular subscriptions in six days.
N E W
GERM AN
W AR
C R ED IT.
A n Amsterdam cablo of July 4 reports a telegram from
Berlin as saying that a bill for a fresh w ar credit of 15,000,
000,000 marks, to be covered by loans, was introduced in
the Reichstag on that day.
E S T IM A T E
OF G E R M A N Y 'S
W EALTH .
The following appertaining to a new estimate of Geram y’s national wealth, was published in the N e w York
“ Times” of Juno 29:
P r o f e s s o r B a l l o d , a G e r m a n s t a t is t i c ia n , h a s m a d e a n e s t im a t e o f G e r
m a n y ’ s n a t i o n a l w e a lt h .
H e p l a c e s i t s i n t e r e s t - b e a r i n g p r i v a t e w e a lt h a t
$ 9 0 ,0 0 0 ,0 0 0 ,0 0 0 .
T i l ls f ig u r e is b a s e d u p o n p r e s e n t i n f l a t e d v a l u a t i o n s ,
a n d t h o p r o f e s s o r e x p e c t s t h a t t h e r e w ill b e a r e d u c t i o n in t h e t o t a l a f t e r
th e w a r.
B a s e d o n 1914 v a lu a tio n s , t h o v a lu e o f p r o d u c t iv e a n d ta x a b le
p r o p e r t ie s in t h a t y e a r , h e e s t im a t e s , w a s a s f o ll o w s :
L a n d e d e s t a t e s a n d b u i l d in g s ___________________________________ $ 1 9 ,5 0 0 ,0 0 0 ,0 0 0
T o w n p r o p e r t y a n d b u i l d i n g s __________________________________ 1 8 ,0 0 0 ,0 0 0 ,0 0 0
S h a r e s , b o n d s , & c ________________________________________________
8 ,7 5 0 ,0 0 0 ,0 0 0
S t a t e a n d o t h e r p u b l i c d e b t ......... ................
8 .7 5 0 ,0 0 0 ,0 0 0
P r o p e r t i e s a b r o a d _________________________________________________
6 ,2 5 0 ,0 0 0 ,0 0 0
P r i v a t e i n d u s t r ie s , m in e s , &c____________________________________
3 ,7 5 0 ,0 0 0 ,0 0 0
M e r c h a n t s ’ s t o c k s ___________________________________________________
2 ,5 0 0 , 0 0 0 , 0 0
T o ta l
......... ......................................................- - - .......................................$ 6 7 ,5 0 0 ,0 0 0 ,0 0 0
O n th e t h e o r y th a t th e y a re n o t e c o n o m ic a lly p r o d u c t iv e , o r b e c a u s e th e y
a r e n o t t a x a b l o , D r . B a l l o d d o e s n o t i n c lu d e f u r n it u r o a n d h o u s e h o l d e f f e c t s ,
p u b l i c b u ild in g s o r S t a t e r a ilw a y s .
H o a d d s $ 2 2 ,5 0 0 ,0 0 0 ,0 0 0 o f S t a t e a n d
o t h e r p u b l i c d e b t s , $ 5 , 0 0 0 , 0 0 0 ,0 0 0 f o r p u b l i c a c c o u n t s n o t y e t s e t t le d , a n d
$ 5 , 0 0 0 , 0 0 0 ,0 0 0 o f a d d o d a g r ic u lt u r a l v a l u e .
T h e n h e s u b tr a c ts $ 7 ,5 0 0 ,
0 0 0 ,0 0 0 f o r c o n s u m p t i o n o f s t o c k s , $ 2 ,5 0 0 , 0 0 0 ,0 0 0 f o r lo s s o f p r o p e r t ie s
a b r o a d . T h e r e s u lt is t h e $ 9 0 ,0 0 0 ,0 0 0 ,0 0 0 .
D r . K a r l H e lf f e r i c h in 1911 e s t im a t e d G e r m a n y ’s w e a lt h a t a b o u t $ 8 3 .
7 5 0 ,0 0 0 ,0 0 0 .
D r . B a l l o d ’s f ig u r e f o r t h a t y e a r w a s $ 8 2 ,5 0 0 ,0 0 0 ,0 0 0 .
S t e i n m a n n - B u c h e r in 1 9 1 4 e s t im a t e d i t a t $ 9 4 ,0 0 0 ,0 0 0 ,0 0 0 t o $ 9 9 ,2 5 0 ,0 0 0 .
0 0 0 , b u t t ills e s t im a t e w a s g e n e r a l l y d i s r e g a r d e d .
T R A N S A C T IO N S I N
GERM AN
M AR K S IN
U . S.
IL L E G A L .
A decision declaring contracts involving transactions in
German currency or paper in the United States to bo illegal,
and maintaining that were the principals in such transactions
citizens they would have rendered themselves liablo to a
charge of treason, was handed down in this city by Justice
Allen in the City Court on June 27. In rendering the de
cision Justice Allen dismissed a complaint entered by Jacob
Khannengeeser against Adolph Israelowitz, his former
partner in the money brokerage businoss, in which ho sought
tho recovery of 81,320 alleged to have been givon the de
fendant on account for 50,000 German marks, the contract
having been entered into, it is said, prior to tho entry of tho
United States into the war. In his findings Justice Allen,
according to the N e w York “ Sun,” said:
I f d u r i n g t h is w a r G e r m a n p a p e r m o n e y m a y b o s o l d In t h is c o u n t r y a n d
e x c h a n g e d f o r o u r g o l d a n d o u r f o o d a n d r a i m e n t a n d m u n i t io n s o f w a r ,
t h o n G e r m a n y ’ s r e s o u r c e s a n d c o n s e q u e n t r e s is t a n c e t o o u r n a t i o n a l e f f o r t s
a g a in s t h e r w i l l b o m e a s u r e d w e r e l a r g o l y b y t h o c a p a c i t y o f lio r p r i n t in g
p r e s s e s a n d h e r a b i l i t y t o f i n d t h o s e In t h i s c o u n t r y w i l li n g t o g i v o t h e s o
m a t e r ia l t h i n g s , a l l e s s e n t ia l t o h e r p r o s o c t l o n o f t h o w a r , in e x c h a n g e f o r
m o r e p r o m is e s t o p a y .
O u r g o l d s u p p l y m ig h t t h u s b o d e p l e t e d a n d o u r n a t i o n a l c r o d i t im p a ir e d
a n d o u r m a t e r ia l r e s o u r c e s r e n d e r e d a v a i l a b l e t o t h o s o a g a in s t w h o m o u r
A r m y a n d N a v y a r o c o n t e n d i n g w it h a ll o f t h o f o r c o a t t h o n a t i o n ’s c o m
THE CHRONICLE
July 6 1918.]
—
m and.
I t w o u ld b e p r e p o s te r o u s f o r a n a tio n t o s t r ik o th e „e n e m y w it h o n e
h a n d a n d t h u s f e e d a n d s t r e n g t h e n h i m w it h t h e o t h e r .
T h e c o n t r a c t s i n v o l v e d a ls o t e n d t o m a k e i t t o t h e i n t e r e s t o f t h e p u r
c h a s e r t o s u p p o r t t h o c a u s e o f G e r m a n y In o r d e r t o a v o i d lo s s t h r o u g h a
f u r t h e r d e c l i n o in h e r c u r r e n c y .
I n d e e d , I t h i n k t h a t t h o t r a n s a c t io n s
f u r t h e r e d b y t h e s e c o n t r a c t s a r e o f s u c h a n a t u r o a n d t h a t t h e i r i n e v i t a b le
o f f o c t is s u c h t h a t i f t h e y h a d b e e n e n g a g e d in b y c i t i z e n s o f t h e U n i t o d
S t a t e s i t is a s e r io u s q u o s t i o n w h e t h e r t h o y w o u l d h a v e r o n d e r e d t h e m s o l v o s a m e n a b le t o a c h a r g e o f t r e a s o n .
I f t h e c o n t r a c t s h a d p r o v i d e d f o r t h o s a le a n d d e l i v e r y o f b o n d s o f t h o
I m p e r i a l G e r m a n G o v e r n m e n t , t h e e v i l t e n d e n c y o f t h o t r a n s a c t io n s w o u l d
b o m o r e r e a d i ly a p p a r e n t , a n d I c a n n o t s e e a n y d i f f e r e n c e , in p r i n c i p l e ,
b e t w e e n t r a n s a c t io n s in p a p e r m o n e y o f t h a t G o v e r n m e n t , o n e f o r m o f it s
p r o m i s e t o p a y , a n d b o n d s o f t h a t G o v e r n m e n t , a n o t h e r f o r m o f Its p r o m is o t o p a y .
I n e a c h i n s t a n c e , m o n e y o f t h e U n it e d S t a t e s , c a r r y i n g i t s f a i t h a n d
c r e d i t a n d b a c k e d b y o u r le g a l t e n d e r a c t s , w o u ld b o e x c h a n g e d f o r m e r e
p a p e r t o k o n s o f v a lu o , h a v in g n o w o r t h b e y o n d t h e f a it h a n d c r e d it o f th o
G o r m a n I m p e r ia l G o v e r n m e n t .
M o r e o v e r , th o c o n t r a c ts te n d t o e n
c o u r a g e th e im p o r t a t io n o f m o n e y fr o m G e rm a n y o r f r o m s o m e n e u tra l
c o u n t r y w i t h w h ic h s h e is in c o m m u n i c a t i o n a n d t h u s t o f o s t e r t r a d e w it h
a n a lie n e n e m y .
T h o y a ls o t e n d t o m a k e It t o t h o i n t e r e s t o f t h o p u r c h a s e r
t o s u p p o r t t h e c a u s e o f G e r m a n y in o r d e r t o a v o i d l o s s t h r o u g h a f u r t h e r
d e c lin o o f h e r c u r r e n c y .
S in c e c o m m e r c i a l I n t e r c o u r s e b e t w e e n c it i z e n s o f b e l li g e r e n t c o u n t r ie s is
p r o h i b i t e d , b o t h b y t h e r u le s o f i n t e r n a t io n a l u s a g e a n d u n d e r t h e c o m m o n
l a w , a f o r t i o r i , i t c a n n o t b o t o l e r a t o d b e t w e e n a lie n s t r a d i n g u p o n o u r s o i l
w h o n t h e d i r e c t o r u l t i m a t e e f f e c t o f t h o i r t r a n s a c t io n s is t o a id
a n d s t r e n g t h e n a n e n e m y in w h o s e o v e r t h r o w t h o n a t i o n a l m i g h t is e n
lis te d .
The “ Sun” also says:
U n d o r t h e c o n t r a c t s i t w a s a l le g e d t h a t I s r a o l o w i t z w a s t o h a v e d e l iv e r e d
t o K h a n n o n g e c s o r 2 5 ,0 0 0 G e r m a n m a r k s a t 7 9 c e n t s f o r e a c h f o u r , a n d t h o
r e m a in in g 2 5 ,0 0 0 a t 6 9 M c e n t s f o r e a c h f o u r .
T h o d e c i s i o n is e x p e c t e d t o
p u t a s t o p t o a n y a t t o m p t s a t s im ila r t r a ffic k in g .
■
19
1 ............
1
.........
The N e w Y o rk “ Sun” of M arch 31 printed the follow
ing, received in special correspondence to it from Paris under
date of M arch 15, announcing the proposal to terminate the
French moratorium affecting house rents:
T h e m o r a t o r i u m a p p l y i n g t o h o u s e r e n t s w h i c h h a s e x i s t e d in F r a n c ®
s i n c e t h e b e g i n n i n g o f t h e w a r is t o b e a b r o g a t e d .
T h e F r e n c h P a rlia m e n t
h a s l i v e l y d i s c u s s io n s o n t h e s u b j e c t d a i l y w i t h o u t a r r iv in g a t a n y t h i n g
d e f in it e f o r a n e x c u s e f o r e i t h e r a b o l i s h in g o r s u s t a in in g i t .
T h e p u b li c —
a n d t h e r e a r e t w o d i s t i n c t e l e m e n t s o f t h o p u b l i c — t h a t w h ic h c o l l e c t s r e n t s
a n d t h a t w h i c h p a y s r e n t — h a s i t s o w n v i e w s a n d e x p r e s s e s t h e m . T h iS
w il l d o u b t l e s s a i d t h e l e g is la t o r s .
F o r t h e m o m e n t r e n t s in F r a n c o a r e lik e b a d p l a y s a t t h e t h e a t r e — t h e y
d o n ’ t p r o d u c e r e c e ip t s .
T h e s m a ll la n d lo r d s a y s h e c a n ’t p a y ta x e s a n d
m a k e r e p a ir s i f h e d o e s n o t g e t h is r e n t s , a n d m a n y o f t h e s m a ll r e n t e r s
s a y th a t th e y h a v e n o re s o u rce s w it h w h ic h t o p a y t h e r e n t .
T h e G overn
m e n t , o r ig in a ll y r e c o g n i z i n g t h e p o s s i b i l i t y o f t h is a s a r e s u l t o f t h e w a r ,
c l a p p e d o n t h e m o r a t o r i u m , a n d a ll b u t t h e l a n d l o r d s w e r e s a t i s f i e d .
T h e m o r a t o r i u m a p p li e s a s w e ll t o b u s in o s s o r m a n u f a c t u r in g r e n t a ls a s
It d o e s t o d w e ll i n g s .
T h is h a s b r o u g h t u p a d e b a te as t o w h ic h o f th e s e
c la s s e s s h o u l d b e s u s t a i n e d i f t h o o t h e r w a s t o b e a b o l i s h e d .
T h e s m a ll
s h o p k e e p e r o r m a n u f a c t u r e r m a n i f e s t l y m ig h t ^ f in d h i m s e lf in a p o s i t i o n
w h e r e h e c o u l d m a k e e n o u g h t o b u y f o o d a n d c l o t h i n g f o r h is f a m i l y a n d
e v e n t o p a y h o u s e r e n t , b u t i f h e h a d t o p a y r e n t f o r h is b u s in e s s p r e m is o a
h e c o u ld n o t p a y t h e h o u se re n t.
L a n d lo rd M a y P r o te st E ith e r
N A T IO N A L IZ A T IO N
B Y
OF
IN D U S T R IA L
E N T E R P R ISE S
SO V IE T G O V E R N M E N T OF R U S S IA .
Wireless reports received at London on July 3 stated that
a decree had been issued by the Soviet Government of
Russia, nationalizing all important industrial enterprises,
within the jurisdiction of the Government. Included in the
decree, it is said, are all coal, iron, copper, silver, lead, and
salt mines, nearly all the gold mines, all metallurgic, textile,
electrical, explosive and wood enterprises, and the tobacco,
rubber, glass, pottery, leather, and steam mill trades.
M unicipal undertakings, gas and water supply systems,
canals and railways, whether in use or in the course of con
struction, will also come under the provisions of the order.
OLD
GOLD
A N D
SIL V E R
COST
C O IN E D
B Y
M IN T
A T
TO O W N E R .
The following statement, according to the “ Official Bulle
tin” of Juno 26, has been authorized by the Office of the
Director of the M int:
T o p e r s o n s w h o h a v e o l d g o l d o r s i lv e r w h ic h t h e y w is h t o c o n v e r t i n t o
c a s ii f o r w a r o r o t h e r p u r p o s e s , t h o G o v e r n m e n t o f f e r s a n o p p o r t u n i t y .
O ld g o l d a n d s ilv e r in q u a n t it ie s a p p r o x i m a t in g $ 1 0 0 i n v a l u o m a y b o s e n t
t o t h e U n it e d S t a t e s A s s a y O f f i c o In N e w Y o r k , o r t o a n y o n e o f t h e G o v e r n
m e n t a s s a y o f f i c e s in P h il a d e l p h i a , D e n v e r , o r S a n F r a n c i s c o .
T h o sen d ers
w ill r o c o iv o in r o t u r n a c h e c k o n t h e U n it e d S t a t e s T r e a s u r y f o r t h e v a l u o
o f t h e m a t e r ia l lo ss t h e c h a r g e s f o r f i t t i n g s u c h m a t e r ia l f o r c o i n a g o p u r
poses.
T h o s e ch a rg e s a r c n o m in a l.
N o i n s t it u t i o n u n d e r t h o G o v e r n m e n t
i n W a s h i n g t o n r e c e iv e s t h is m a t e r ia l , a s n o n e h a s f a c il i t i e s f o r d e p o s i t in g
o r t r e a t in g i t .
T o s o c ie t i e s r a is in g f u n d s f o r w a r r e li o f w o r k , t h o s u g g e s t i o n Is m a d o
t h a t in d i v id u a l c o l l e c t i o n s o f o l d g o l d a n d s i lv e r b o g a t h e r e d t o g o t h e r i n
s o m o c e n tra l d e p o s ito r y a n d w h o n th e n e ce ssa ry a m o u n t h a s b e e n o b ta in e d
t h a t i t b e s e n t t o t h o a s s a y o f f i c e in t h e o n e o f t h o f o u r c it i e s m e n t io n e d
w h ic h is m o s t c o n v e n i e n t l y s i t u a t e d f o r t r a n s p o r t a t io n .
T E R M IN A TIO N
OF
A F F E C T IN G
FRENCH
HOUSE
M O R A T O R IU M
RENTS.
W hile a law requiring tho payment of rent by Paris tenants
will go into effect on July 15 the full letter of tho law will
not be enforced, since tho Ministry of Justice has directed
that as much leeway as possible bo given in requiring ad
herence to it so as to prevent undue hardship. Tho N e w
Y o rk “ Times” in a copyrighted cablegram from P an s on
Juno 28, from which the foregoing information is learned
had the following to say regarding the new law:
T h o u s a n d s o f P a r is ia n s a r e l o o k i n g f o r w a r d w it h a g r e a t d e a l o f a n x i e t y
t o t h o c o m i n g r e n t d a y , J u l y 1 5 , o n w h ic h d a t e a n o w l a w p a s s e d in M a r c h
l a s t t o s e t t le t h o r e n t q u o s t io n w il l c o m e i n t o f o r c o .
O n l y t h o s o w h o d o n o t l iv e in P a r is w ill r e g a r d a s i n c r e d ib l o t h e s t a t e
m e n t t h a t a t le a s t 7 5 % o f te n a n ts h e ro h a v e n o t p a id a fr a c t io n o f re n t
s in c e m o b iliz a t io n b e g a n fo u r y e a rs a g o .
T o th e v a s t m a jo r it y o f th oso,
b o t h p r i v a t e h o u s e h o ld e r s a n d b u s in o s s p e o p l e , p a y m e n t o f r e n t h a s b e e n
r e n d e r e d a b s o l u t e l y I m p o s s ib le t h r o u g h t h e w a r , w h ic h h a s d e p r i v e d t h e m
o f a ll r e s o u r c e s e x c e p t t h e ir s o l d ie r s ’ p a y o f 1 c e n t p e r d a y , i n c r e a s e d d u r i n g
t h o l a s t t w o y e a r s t o 5 c e n t s , p lu s a l lo w a n c e s b a r e l y s u f f i c i e n t t o p r o v i d e
f o o d f o r t h e i r w iv e s a n d c h i ld r e n .
T h o e x p e rie n ce o f o w n e rs o f h o u s o p r o p e r t y d u r in g th e f o u r y o a n T n a t u r a l ly h a s b e e n f r i g h t f u l .
M a n y o f th e m h a v e b e e n r e d u c e d t o a b s o lu te
p o v e r t y , a n d c a s o s a r o r e c o r d e d w h e r o w o m e n o w n in g la r g o b l o c k s o f
p r o p e r t y a n d w it h n o o t h e r s o u r c e o f i n c o m o h a v e b e e n g l a d t o e a r n s o v o n
c o a t s a n h o u r a s s c r u b w o m e n b y w o r k in g f o r t h e ir o w n t e n a n t s .
T h e l a w p a s s e d in M a r c h is a n a t t e m p t t o r e d u c e t h o p r e s e n t c h a o s t o
s o m e t h in g l i k e o r d e r b y f ix i n g a d a t e w h e n t e n a n t s m u s t b e g i n t o p a y r e n t
a g a in u n le s s t h o y c a n p r o v e m a t e r ia l i m p o s s i b i l it y t h r o u g h l a c k o f m e a n s .
T h e M i n i s t r y o f J u s t i c e h a s lg iv e n .d ir e c t io n s if o r ^ t h o l a w , t o j b o , o n f o r c e d w it h
--a
as m u c h e la s t ic ity as p o s s ib le , a n d e v e r y e f fo r t m a d e t o a v o id ca se s o f
h a rd s h ip .
T h e n e w r e a l t y l a w d e a ls o n l y w i t h c u r r e n t a n d f u t u r e r e n t s .
T h e ques
t io n o f m e t h o d s o f p a y m e n t o f b a c k r e n t s is p r o v i d e d f o r , b u t t h e u n r a v e l m e n t o f t h e p r a c t i c a l l y i n e x t r ic a b l e t a n g l e i n t o w h ic h t h in g s h a v e g o n e
t h r o u g h d e a t h , d i s a p p e a r a n c e , a n d s c o r e s o f o t h e r v ic is s i t u d e s in t h e l a s t
fo u r y e a rs w ill o c c u p y th e c o u r ts fo r s o m e y e a r s .
B r o a d ly s p e a k in g , th e
te n a n ts w ill h a v e t o p a y a p r o p o r t io n o f b a c k r e n t.
T h e c o u r t s w il l d e c i d e
In a c c o r d a n c e w i t h t h e c ir c u m s t a n c e s o f t h e p a r t i e s w h a t th is p r o p o r t i o n
s h a ll b e .
W ay.
T h e l a n d l o r d i n e it h e r c a s e is h a r d l y lik e l y t o a p p r o v e o n e r u l in g o r th ®
oth er.
A s i t is u n d e r t h o t e r m s o f t h e m o r a t o r i u m n e it h e r t h e d w e ll i n g
h o u s e l a n d l o r d n o r h e o f t h e b u s in e s s p r e m is e s c a n c o l l e c t i f t h o l o c a t a ir e
c a n m a k e a g o o d ca se as t o w h y h e s h o u ld n o t p a y .
T h e la n d lo r d c a n
t a k e m e a s u r e s t o g e t h im o r h e r o u t . t o b r e a k t h e l e a s e , b u t t h e c o u r t
j u d g e s a r e n o t lib e r a l l y d i s p o s e d t o t h e l a n d l o r d ’ s s i d e o f t h e c a s e , a n d
a c c o r d i n g l y h e h a s n o t a l w a y s f o u n d t h i s p r a c t i c a b l e , a n d t h e n a g a in h e w a s
in m a n y c a s e s h e l d b a c k b y t h o f e a r t h a t h e m ig h t n o t f i n d a n o t h e r t e n a n t .
M o r e t h a n a ll e ls e , i f t h e t e n a n t w a s m o b i li z e d — a n d a b o u t f i v e m illio n
o f h im a r e — h e c o u l d n o t b e t o u c h e d u n t i l a f t e r t h e w a r , w h e n i f h e c o u l d
p a y h e c o u l d b e c a l le d i n r e fe r e e a n d m a d e t o p a y a t l e a s t a p a r t o f w h a t
h o m a y h a v e o w e d in b a c k r e n t.
W i t h t h e p o s s i b i l i t y o f t h is i n v i e w m a n y l a n d l o r d s f o r e s a w a d i m in u t i o n
p o s s i b le in t h e r e n t s t h a t t h e y m i g h t h a v e c o n s i d e r e d d u e a s a w h o l e a n d
l ia v o s o u g h t t o b a r g a i n a n d m a k e n e w le a s e s s i n c e t h o m o r a t o r i u m , w h ic h
a f f e c t e d o n l y t h e o r ig in a l c o n t r a c t , w e n t i n t o e f f e c t .
I f t h is b a r g a i n w a s
m a d e s i n c e t h a t f a t e f u l A u g u s t d a y in 1 9 1 4 t h e t e n a n t w a s b o u n d t o a d h e r e
t o Its p r o v i s io n s a s h e w o u l d a n y o t h e r c o n t r a c t i n p e a c e f u l t im e s .
A cu t
o f a q u a rte r o r a th ird o r e v e n a h a lf g a v th e la n d lo r d a su re c h a n g e o f
g e t t in g i n s o m e t h in g r e g u l a r ly e a c h q u a r t e r .
T h is a s th e b e t t e r p a r t o f v a lo r m a n y la n d lo r d s a d o p t e d .
N o t a lw a y s
w a s i t p o s s i b le , a n d n o t a l w a y s c o u l d t h e s m a ll l a n d l o r d , w h o s e s o l e i n c o m e
p e r h a p s w a s f r o m t h o r e n t a l o f h is s in g le t e n e m e n t h o u s o , d o t h is a n d s t ill
b o in a p o s i t i o n t o b u c k l e t h e b u d g e t h i m s e lf .
B u t it w a s d o n e in m a n y
ca s e s a n d s e e m s b y fa r t o h a v e b e e n th e b e s t s o lu t io n .
H o w l b y R e a lty M e n
P r o b a b le .
A l l r e n t p a y i n g a n d r e n t c o l l e c t i n g P a r is is a g o g a s t o w h a t t h e p r o v i s io n s
o f t h e d e c r e e w ill b e w h ic h w ill a b r o g a t e t h e m o r a t o r i u m .
I f i t w ip e s o u t a ll
p a s t d e b t s f o r r e n t t h e r e w ill b e a h o w l f r o m t h e l a n d l o r d s , t h o u g h i t is a s in e
q u a n o n o f t h e r u le s o f w a r f in a n c e t h a t e a c h h a s t o p a y h is p a r t .
O n e p o s s i b le s o l u t io n o f t h e c o n t e n t i o n b e t w e e n l a n d l o r d a n d t e n a n t in
t h e n e w l a w , w h ic h h a s a l r e a d y p a s s e d t h e C h a m b e r o f D e p u t i e s , is t h a t
t h e t e n a n t is f r e e t o d e p a r t i f h e c h o o s e s , w h e t h e r b a c k r e n t b e p a i d o r n o t ,
l e a v i n g t h e a c t u a l s e t t le m e n t t o b e a r r a n g e d in c o n f o r m i t y w it h t h e f u t u r e
r e g u l a t io n .
T h is g iv e s th e te n a n t a c h a n c e t o m o v e in t o m o r e m o d e s t a n d
le s s e x p e n s i v e q u a r t e r s i f h is l a n d l o r d w ill n o t c o m e d o w n , w h i c h is m a n y
c a s e s is a p h y s i c a l I m p o s s ib i l it y I f t h e l a t t e r i n t u r n Vs t o m e e t h is o w n
o b l ig a t io n s .
D u r in g t h e F r a n c o - P r u s s i a n w a r t h e r e w a s a c o m p l e t e e x o n e r a t i o n o f
r e n t s i n P a r is d u r i n g t h o s ie g e , a n d i t is p o s s i b le t h a t t h e r e a r e s o m e w h o
m a y b e in a p o s i t i o n t o p a y u n d e r t h e p r e s e n t m o r a t o r i u m b u t w h o h a v e
n o t p a i d in t h e h o p e t h a t s o m e t h in g m a y t u r n u p t o f a v o r o f t h e m .
F rom
i n d i c a t i o n s a n d f r o m t h e a c c e p t e d s t a n d a r d o f f in a n c ia l e c o n o m i c s i t d o e s
n o t a p p e a r , t h o u g h , t h a t a n y b u t t h o s e w h o a r e a c t u a l l y m o b i li z e d o r t h e ir
w id o w s h a v e a n y c h a n c e n o w o f p r o f i t i n g b y a c o m p l e t e e x o n e r a t i o n .
In
f a c t t h e w h o le b a s e o f t h e d is c u s s io n in t h e p r e s e n t la w lie s w it h t h o s e w h o
m a y h a v e t h e m a n ife s t r ig h t t o e x e m p t i o n a s c o m p a r e d w it h t h o s e w h o h a v e
o n l y a q u a s i r ig h t o r n o r i g h t a t a l l t o c o n s i d e r a t io n i n t h is n e w m o r a t o r i u m
l e g is l a t i o n .
_______________________________________
C A N A D IA N
BANKERS
B A N K IN G
URGED
TO
CONSERVE
C R ED IT.
A circular to Canadian bankers regarding the urgency of
conserving credit has been issued by E . L . Pease, President
of the Canadian Bankers’ Association. The M ontreal
“ Gazette” quotes from the circular as follows:
I t is c le a r t h a t i f t h e W a r r e q u i r e m e n t s o f t h e G o v e r n m e n t a r e t o b e
f i n a n c e d w i t h o u t u n d u e e x p a n s io n o f b a n k in g c r e d it s n o t o n l y m u s t t h e r e
b o s o m e r e d u c t i o n o f e x i s t i n g c r e d i t s , b u t t h e r e w ill h a v o t o b e a p p li e d a
r ig id c h e c k u p o n t h e f u r t h e r e x p a n s io n o f c r e d i t i n d i r e c t i o n s n o t c le a r l y
e s s e n t ia l f o r t h e p r o s e c u t io n o f t h o w a r a n d f o r t h e h e a l t h a n d t h o n e c e s s a r y
c o m fo r t o f th e p e o p le .
I t is n o m o r e p o s s i b le t o s u p e r i m p o s e u p o n t h e v o l u m e o f p r e - w a r c r e d i t s
t h e im m e n s e v o l u m e o f a d d it i o n a l c r e d i t r e q u i r e d b y t h e G o v e r n m e n t
f o r w a r p u rp o s e s th a n t o s u p e r im p o s e u p o n th e v o lu m e o f p r e -w a r p r o
d u c t i o n o f g o o d s t h e i m m e n s e v o l u m e o f a d d it i o n a l g o o d s r e q u i r e d b y
th o G ov ern m en t to p rosecu te th o w a r.
O u r p r o b l e m is t o c o n v e r t le ss
e s s e n t ia l i n t o m o r e e s s e n t ia l c r e d i t , a n d t o c o n v e r t le ss e s s e n t ia l t o m o r e
e s s e n t ia l p r o d u c t i o n a n d d i s t r i b u t i o n o f g o o d s .
T h e s a v in g o f c r e d it
a n d m o n e y g o e s h a n d in h a n d w it h t h e s a v i n g o f l a b o r a n d m a t e r ia ls
i n t h o p r o g r a m o f a d j u s t in g t h e b u s in e s s o f t h e c o u n t r y t o a w a r b a s i s , a n d
o u r b e s t h o p e o f a v o i d i n g c o m p e t i t i o n b e t w e e n t h e G o v e r n m e n t a n d it s
c it i z e n s f o r c r e d i t , m o n e y , l a b o r a n d m a t e r ia l s , w h ic h c a n o n l y r e s u l t . In
c r e d i t a n d p r i c e i n f l a t i o n a n d h i g h e r c o s t s o f l i v i n g , is s a v i n g .
THE CHRONICLE
30
The specific ways of conserving credit says tko “ Gazette”
are left to the judgment of the bank managers. In general
terms, however, M r. Pease urges that loans for productive
purposes, particularly loans to incroaso production on the
farm, must have the right of way. A lino must be drawn
between essential and non-essential industries, and all
manufacturers must bo urged to carry as small inventories
as possible. The payment of large dividends is deprecated.
The circular concludes:
T h e c o n s e r v a t i o n o f c r e d i t a n d m o n e y w ill r e s u l t in t h e s a v i n g o f l a b o r
a n d m a t e r ia ls w h ic h t h e G o v e r n m e n t n e e d s f o r t h e p r o s e c u t i o n o f t h o w a r ,
a n d e v e r y i m p r o v e m e n t o r e x p e n d it u r e w h ic h a n i n d i v i d u a l , a c o r p o r a t i o n ,
o r a m u n i c i p a l i t y r e fr a in s f r o m m a k i n g d u r i n g t h o w a r r e p r e s e n t s a r e q u i r e
m e n t t o b o f u l f i l l e d w h e n t h o w a r is o v e r .
M e r c h a n t s a n d m a n u f a c t u r e r s w ill r e a d i ly u n d e r s t a n d t h a t p r e s e n t
s a v i n g is l a y i n g u p f o r t h o f u t u r e a n i m p o r t a n t r e s e r v e p u r c h a s i n g p o w e r
w h ic h t h e y m a y c o u n t o n d u r i n g w h a t e v e r p e r i o d o f r e a d j u s t m e n t m a y
fo llo w th o e n d o f th e w a r; a n d it m u s t b o a p p a r e n t t o o v e r y b a n k e r t h a t
t h e l a r g e r t h e s a v i n g s h is c u s t o m e r s m a k e t h e la r g e r t h e d o p o s i t s s u c h s a v
in g s w ill i n e v i t a b l y c r e a t e .
C O M P A R A TIVE
FIG U R E S
■ C A N A D IA N
OF
C O N D IT IO N
OF
BAN K S.
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with tho
return for June 30 1914:
q u e s t i o n o f e s t a b l is h i n g a b r a n c h b a n k a t o n e o f t h o t w o O k la h o m a c it i e s .
W h o n i t t r a n s p ir e d t h a t O k la h o m a h a s 8 0 0 S t a t o b a n k s , o n l y o n e o f w h ic h
h a s b e c o m o a m e m b e r o f th e F e d e ra l R e s e r v o S y s te m , o ffic ia ls exp re sse d
o p p o s i t i o n t o p l a c in g a b r a n c h b a n k in t h o S t a t o .
R i v a l c la im s f r o m e a c h o f t h e t w o c it ie s w e r o g i v e n a h e a r in g a n d t h o
g e n e r a l b a n k in g s i t u a t i o n in O k la h o m a w a s r e v i e w e d .
BRANCH
$
I n C a n a d a ......................................
E l s e w h e r e ......................................... ..
$
5 4 ,7 9 4 ,7 5 3
2 1 ,7 7 5 , 8 3 0
T o t a l .................................................
7 6 ,5 7 0 ,5 8 3
7 8 , 2 8 3 ,3 0 2
D o m i n i o n n o t e s ...................................
1 7 7 ,6 5 5 ,4 7 7
1 6 9 ,3 4 5 ,0 7 5
D e p o s i t w it h M in is t e r o f F i n a n c o
f o r s o c u r it y o f n o t e c ir c u l a t i o n
5 ,7 7 9 , 5 1 8
5 ,7 7 9 ,5 6 7
D e p o s i t in c e n t r a l g o l d r e s e r v e s
7 9 ,8 7 0 ,0 0 0
8 0 ,4 7 0 ,0 0 0
1 5 9 ,7 5 3 ,2 2 0
1 6 8 ,1 0 8 ,7 0 9
D u e f r o m b a n k s .................................
L o a n s a n d d i s c o u n t s ..........................1 , 0 5 7 ,2 6 4 ,0 2 2 1 ,0 4 4 ,6 9 5 ,0 5 8
B o n d s , s e c u r it ie s , & c ......................
4 2 7 ,3 8 7 ,6 6 7
4 1 9 ,7 9 1 ,7 6 6
C a ll a n d s h o r t lo a n s in C d n a d a .
7 8 ,4 6 6 ,5 8 2
7 7 ,4 9 7 ,3 6 0
C a ll a n d s h o r t lo a n s e ls e w h e r o
t h a n in C a n a d a ..............................
O t h e r a s s e t s ........... ...............................
1 7 2 ,2 5 9 ,8 7 9
8 4 ,5 8 9 ,2 7 9
1 7 9 ,8 1 8 ,5 3 1
8 8 ,4 8 1 ,6 2 1
T o t a l ...................................................... 2 . 3 1 9 . 9 5 8 , 2 2 7 2 ,3 1 2 , 2 7 0 , 9 8 9
2 8 ,9 4 8 ,8 4 1
1 7 ,1 6 0 ,1 1 1
4 6 ,1 0 8 ,9 5 2
9 2 ,1 1 4 ,4 8 2
6 ,6 6 7 ,5 6 8
3 ,0 5 0 ,0 0 0
1 2 3 ,6 0 8 ,9 3 6
9 2 5 ,6 8 1 ,9 6 6
1 0 2 ,3 4 4 ,1 2 0
6 7 ,4 0 1 ,4 8 4
1 3 7 ,1 2 0 ,1 6 7
7 1 ,2 0 9 ,7 3 8
1 ,5 7 5 ,3 0 7 ,4 1 3
C.
T.
a u t h o r i z e d ..........................
s u b s c r i b e d ..........................
p a id u p .................................
f u n d ..............................
$
1 8 9 ,8 6 6 ,6 6 6
1 1 2 ,0 9 7 ,0 6 6
1 1 1 ,7 3 5 ,6 1 5
1 1 4 ,3 3 3 ,5 1 8
C i r c u l a t i o n ......................................
G o v e r n m e n t d e p o s i t s ......................
D e m a n d d e p o s i t s ...............................
T i m o d e p o s i t s ............................
D u e t o b a n k s .......................................
B ills p a y a b l e .....................................
O t h e r l ia b il i t i e s ....................................
1 8 1 .8 9 9 .9 5 9
1 3 6 ,6 8 2 ,3 9 4
7 3 9 ,8 2 9 ,0 1 6
9 4 7 ,7 5 7 ,3 3 7
3 7 .9 9 6 .9 8 4
1 ,8 9 3 ,4 8 9
2 4 ,4 9 4 ,4 6 3
C a p it a l
C a p it a l
C a p it a l
R eserve
T o ta l,
8
1 8 9 ,8 6 6 ,6 6 6
1 1 2 ,0 9 5 ,0 6 6
1 1 1 ,7 3 1 ,6 3 3
1 1 4 ,3 2 9 ,7 1 8
1 8 0 ,6 5 4 ,9 6 4
1 1 2 ,6 1 7 ,9 7 1
7 6 1 ,9 8 2 ,6 6 9
9 3 3 ,6 4 4 ,6 6 8
4 3 ,3 7 8 ,1 9 3
2 ,4 5 1 ,0 6 7
2 8 ,8 2 5 ,2 5 9
$
1 9 2 ,8 6 6 ,6 6 6
1 1 5 ,4 3 4 ,6 6 6
1 1 4 ,8 1 1 ,7 7 5
1 1 3 ,3 6 8 ,8 9 8
9 9 ,1 3 8 ,0 2 9
4 4 ,4 5 3 ,7 3 8
4 9 5 ,0 6 7 ,8 3 2
6 6 3 ,6 5 0 ,2 3 0
3 2 ,4 2 6 ,4 0 4
2 0 ,0 9 6 ,3 6 5
1 2 ,6 5 6 ,0 8 5
n o t i n c lu d in g c a p i t a l
o r r e s e r v e f u n d ......................... 2 , 0 7 0 , 5 4 3 , 6 4 2 2 ,0 6 3 ,5 5 4 ,7 9 1
1 , 3 3 0 ,4 8 8 ,6 8 3
Note.— O w in g t o t h e o m is s i o n o f t h o c e n t s in t h o o f f i c i a l r e p o r t s , t h o
f o o t i n g s in t h o a b o v o d o n o t o x a c t l y a g r e e w it h t h o t o t a l g i v e n .
R E S IG N A T IO N
FEDERAL
N E W
OF
F.
A.
RESERVE
DELANO
BOARD
AS
M EM BER
OF
A C C E P T E D -
C A P IT A L IS S U E S A P P O IN T M E N T .
The resignation of Frederic A . Dolano as a member of tho
Federal Reserve Board, roferred to in our issue of Saturday
last, has been accepted by President Wilson. M r . Dolano,
who resigns from tho Reserve Board to enter tho Arm y, also
has given up his membership on tho Capital Issues Com
mittee.
The Capital Issues Committee announces tho appoint
ment of Dudley Cates, of San Francisco, as Secretary and
Chief Examiner, and the creation under him of a new bureau
of examiners to digest applications for approval of proposed
securities issues. This Bureau will assist in gathering in
formation on these issues from local Capital Issues com
mittees in each Federal Reserve district and from the Fuel,
Food, and Railroad Administrations, W a r Industries Board,
and other Government departments which can throw light
on tho w ar necessity of tho project covered by proposed
securities issues.
O KLAH O M A
REFUSED
BRANCH
OF
FEDERAL
RESERVE B A N K .
According to a special dispatch to the “ Oklahoman”
from Kansas City June 25 Oklahoma is not yet ready for a
Reserve Branch Bank in tho opinion of officials of the
Kansas City Federal Reserve District. The papor also
says:
T h is b e l i e f w a s e x p r e s s e d b y F r e d D e l a n o , m e m b e r o f t h o F e d e r a l R e
s e r v e B o a r d , a f t e r a c o n f e r e n c e t o - d a y w it h a b o u t s i x t y r e p r e s e n t a t iv e
b a n k e r s a n d b u s in e s s m e n f r o m O k la h o m a C i t y a n d T u ls a r e la t i v e t o t h o
JA F F R A Y
B A N K
TO A S S I S T
IN
RESERVE B A N K A T
M IN N E A P O L IS
TREASURY
RESERVE
C E R T IF IC A T E
D IS T R IB U T IO N .
The amount of work in connection with tho sale and
distribution of United States certificates of indebtedness
has made it necessary for tho Government to request tho
services of additional men. C . T . Jaffray, President of
the First and Security National Bank of Minneapolis, has
consented to assist the Federal Reserve B ank in tho distribu
tion of these Treasury certificates. Through his recom
mendation Governor W old of tho Federal Reservo Bank
of Minneapolis announces district chairmen will bo appointed
in tho near future.
N E W
ASSO C IA TIO N
STATE
LIA BILITIE S.
FEDERAL
A branch of the Atlanta Federal Reserve Bank, it is re
ported, is to bo established at Jacksonville. Tho directors
named by the board will be J. C . Cooper, Chairman, and
Fulton Saussy. M r. Cooper is a lawyer and M r. Saussy
a merchant. Tho directors named by the Atlanta Bank
for the Jacksonville branch are: E . V . Lane, President of
the Atlantic National Bank at Jacksonville; B . P . Barnett,
of tho Barnett National Bank of Jacksonville, and Giles L .
Wilson, Vice-President of the Florida National Bank of
Jacksonville. George R . Do Saussour will bo manager of
the branch. Ho was a national bank examiner and at
present is Vice-President of tho Barnett National Bank,
which he is leaving to becomo manager of the new branch.
$
5 3 ,1 2 3 ,9 2 7
2 5 ,1 5 9 .3 7 5
OF A T L A N T A
JA C K S O N V ILL E .
ASSETS.
May 31 1 9 1 8 . Apr. 3 0 1 9 1 8 . June 3 0 1 9 1 4 .
G o ld a n d s u b s id ia r y c o in —
[Vol. 107.
FORMED
BY
P E N N S Y L V A N IA
IN S T IT U T IO N S .
The proposed organization of an Association ombodying
the Stato banks of Pennsylvania, was effected at a meeting
in Philadelphia on July 2 of officials representing Stato banks
and trust companies of the Commonwealth. A preliminary
meeting had been held in Philadelphia on Juno 14, and an
account of this meeting was given in our issuo of June 22,
pago 2605. The officers of the new State Association,
chosen at the meeting on the 2nd, to servo for one year, aro:
President, George II. Earle Jr., President of tho Real Estato
Trust Co. of Philadelphia; Secretary, George D . Edwards
of tho Commonwealth Trust Co., Pittsburgh; Treasurer,
George W . Roily of the Harrisburg Trust Co., of Harris
burg. Tho following wero named as a committee on organ
ization and drafting by-laws: Georgo H . Earle, Jr., Chairman,
ex-officio; W . Frederick Snydor, Philadelphia; W . F . D ay
Stewart, York; T . II. Given, Pittsburgh; E. M . Young,
Allentown; and J. A . G . Campbell, Chester. Tho members
of the committee of nine delegates to tho St. Louis con
vention to bo held July 15, are: M r. Earle, Stato Bank Com
missioner Daniel F . Lafean, J. A . M cCarthy, Philadelphia;
Dimnor Beebor, Philadelphia; Malcolm M cGiffin, Pitts
burgh; J. W . B . Bailsman, Lancaster; B . M . M arlin, Dubois;
L. A . Watres, Scranton; and John W . Little, Erie. M r.
Earlo acted as Chairman of tho meeting. In its report con
cerning the deliberations of this week’s gathering tho Phila
delphia “ Ledger” , said:
T h e m e e t in g y e s t e r d a y b r o u g h t i n t o h ig h r e li e f t h o q u e s t i o n o f S t a t o
b a n k s j o i n i n g t h e F e d e r a l R e s e r v e b a n k s y s t e m , a n d b y i n fo r o n c o r e v e a l e d
t h o f a c t t h a t t h o a m a l g a m a t io n o f S t a t o b a n k s i n t o a s o l id , w o r k a b l o b o d y
is p r im a r ily i n t e n d e d t o p e r m it i n s t it u t i o n s o f t h is c h a r a c t e r t o e n t e r t h o
F e d e ra l R e s e r v e s y s te m o n a fo o tin g p o sse sse d b y th o n a tio n a l b a n k s .
S e n t im e n t e x p r e s s e d w a s s t r o n g ly in f a v o r o f g o i n g i n t o t h o F e d e r a l s y s t e m ;
p r o v i d e d , h o w e v e r , a m e n d m e n t s t o t h o p r o s e n t la w s e l im i n a t e d r e s t r ic t io n s
o n th o S ta te b a n k s.
T h e s e r e s t r i c t io n s , s a id t o b o m a n y in n u m b e r , lia v o
b e e n a c t in g a s a b a r a g a in s t S t a t o b a n k s , t a k i n g w h o le h e a r t e d ly t o t h o
i d e a , It w a s s t a t e d .
A s a g a u g e o f t h e f in a n c ia l i m p o r t a n c e o f t h o S t a t o b a n k s a n d t r u s t
■ c o m p a n i e s it w a s p o i n t e d o u t t h a t t h o r e s o u r c e s o f t h o s o in s t it u t i o n s in
P e n n s y lv a n ia e x c e e d e d b y 8 1 , 0 9 4 , 0 0 0 ,0 0 0 t h o s o o f t h o n a t i o n a l b a n k s in
t h is C o m m o n w e a l t h .
I n t h a t r e s p e c t , a c c o r d i n g t o C o m m i s s io n e r L a fe a n ,
it w a s a c a s e o f t h e “ t a il w a g g i n g t h o d o g , " s o fa r a s P e n n s y lv a n ia w a s
con cern ed.
T h o s t r e n g t h o f P e n n s y lv a n ia in s t it u t i o n s , M r . L a fe a n p o i n t e d o u t b y
q u o t i n g t h o f o ll o w i n g s t a t is t i c s o f g r o w t h in t h o p e r i o d f r o m M a r . 2 2 1 91 7
t o A p r . 15 1 9 1 8 : A s s e t s g a i n e d 8 8 4 ,9 1 1 ,5 2 6 . s a v i n g s f u n d s a c c o u n t s g a in e d
8 3 8 ,2 0 9 ,8 9 9 .
T h e n u m b e r o f d e p o s i t o r s In t h o 5 2 9 S t a t o in s t it u t i o n s i n
c r e a s e d 1 4 2 ,8 5 5 a n d t r u s t f u n d s I n c r e a s e d 8 1 1 8 ,8 1 7 ,3 5 1 .
T h o q u e s t i o n o f t h o p o s s i b il i t y o f t h o G o v e r n m e n t f o r c i n g t h o S t a t e
b a n k s in t o th e F ed e ra l R e s e r v e s y s te m w a s a g ita te d a n d s o m e re s e n tm e n t
w a s e x p r e s s e d o v e r t h e m a n n e r o f t h e F e d e r a l R o s o r v o B a n k o f P h ila
d e l p h i a n o t i f y i n g S t a t e b a n k s n o t u n d e r it s ju r i s d i c t i o n t h a t t h o “ m u s t ”
t a k e a c e r t a in s p e c i fi e d a l lo t n i o n t o f T r e a s u r y C e r t i f i c a t e s .
July 6 1918.]
THE CHRONICLE
D im n e r B e e b e r , P r e s id e n t o f t h o C o m m o n w e a l t h T r u s t C o . , p r o t e s t e d
a g a in s t t h o b a n k s b e in g u r g e d t o j o i n t h e s y s t e m o n t h e g r o u n d o f p a t r i o t
is m .
“ I w a n t t o p r o t e s t , ” M r . B e e b e r s a i d , “ a g a in s t t h e i d e a t h a t j o i n i n g
t h o F e d e r a l B e s e r v o B a n k is a m a t t e r o f p a t r i o t i s m .
L ess th a n t w o w eek s
a g o M r . H a r d in g , G o v e r n o r o f t h o F e d e r a l K e s c r v o B o a r d , m a d o t h o
s t a t e m e n t h e r o i n a n a d j o i n in g r o o m t h a t t h o S t a t e b a n k s h a d d o n o t h e ir
f u ll s h a r e t o w a r d h e lp in g f in a n c e t h o G o v e r n m e n t .
A t t h a t t i m e lie s a id
it w a s n o t a q u e s tio n o f p a tr io tis m .
L e t us g o s lo w ly b e fo r e w o a d o p t a
l in o t h a t w ill m a k e S t a t e b a n k in g c o m m i s s i o n s a ll o v e r t h o c o u n t r y n o
m o r e th a n th o fift h w h eel t o a w a g o n .
" T o j o i n t h e F e d e r a l B e s e r v o b a n k s y s t e m o n t h e p r o p e r b a s is w e m u s t
h a v e a n a t i o n a l a s s o c ia t io n t h a t c a n s a y t o C o n g r e s s : ‘ I f y o u w a n t u s t o
c o m e i n t o t h o F e d e r a l B e s e r v e s y s t o m y o u m u s t s e e t o i t w o c o m e in o n a
b a s is o f e q u a li t y w it h t h o n a t i o n a l b a n k s . ’ ”
B AN K S NEED
ON
NOT P A Y
P R IV A TE
FUN DS
IN T E R E S T
P E N D IN G
TO G O V E R N M E N T
L IT IG A T IO N .
A ruling requiring national banks named as Federal de
positaries to pay to tho Treasurer of the United States in
terest at tho rate of 2 % on all private funds held by them
ponding litigation, has been set asido under a decision of
Judge M anton of tho U . S. Circuit Court of this city. The
ruling is one put into force by tho Treasury Department in
April 1913, and tho banks in paying interest to the Govern
ment have been returning to the owners of tho funds only
tho principal. Judge M anton’s decision was handed down
in a suit brought by one Arditi, who, according to tho
N o w Y ork “ Times,” claiinod that $73,815 87 which the
Kingdom of Rumania had on deposit with tho Guaranty
Trust Co. bolongod to him as part paymont of a contract
for shoes. Tho “ Times” says:
P e n d in g t r ia l o f t ills a c t i o n t h o m o n e y w a s d e p o s i t e d b y o r d e r o f t h o
c o u r t w it h t h o C h a t h a m & P h e n ix N a t io n a l B a n k , Rum ania h a v i n g w o n
t h o s u i t , a n o r d e r w a s is s u e d t h a t t h o m o n e y , w i t h i n t e r e s t , b o r e t u r n e d
to th o G u a ra n ty T ru st C o .
T h e n t h e C h a t h a m & P h e n ix p c o p l o a s k e d f o r
a r e s e t t le m e n t o f t h e o r d e r s o t h a t in t e r e s t n e e d n o t b o p a i d .
T h e d e c i s io n
w a s o n t h is c o n t e n t i o n .
T h o c o u r t r e fu s e d t o r e s o t t l o t h o o r d e r a n d
d e c l a r e d t h a t in t e r e s t m u s t a c c o m p a n y t h o p r i n c ip a l.
The Guaranty Trust Co., tho defondant in the action, was
represented in tho proceedings by Frank M . Patterson;
K ayo & Scholor appeared as counsel for tho Chatham &
Phenix National Bank, and Francis G . Caffoy represented
tho Treasury Department. M r . Patterson is said to have
contended that tho Government had no right to recoivo in
terest earned by privato funds arbitrarily placed in certain
banks by designation of tho various courts, and that what
ever intorest was duo rightfully bolonged to tho real ownors
of tho money and not to tho Government.
Tho “ W all Street Journal” quotes Judgo M anton as
saying in his decision:
N o r u lo o f e q u i t y c o u l d t r a n s fe r t h o in c r e m e n t o n t h e s e f u n d s t o th e
U n it e d S t a t e s T r e a s u r y in a d d it i o n t o t h o s t a t u t o r y f e e p a y a b l o t o th e
C le r k .
I t m a k e s l it t l o d i f f e r e n c e w h o a r o t h o p a r t ie s t o t h o lit i g a t io n .
T h e q u e s t i o n is t h e c h a r a c t e r o f t h o f u n d a n d it s o w n e r s h ip .
W h ile th e
T r e a s u r y D e p a r t m e n t m a y m a k e t e r m s u n d e r w h ic h i t w ill r e c o g n i z e b a n k s
a s it s d e p o s it a r ie s a n d t h o b a n k s m a y a c c e p t s u c h t e r m s i f t h e y w is h t o
a c t a s s u c h d e p o s it a r ie s , it Is e q u a ll y c le a r t h a t s u c h r e g u l a t io n w ill n o t
f o r m t h o b a s is o f a la w fu l c la im t o t h o i n t e r e s t o f t h o f u n d w h ic h is n o t
p u b li c m o n e y b u t t h a t o f p r i v a t o lit i g a n t s .
I n d e e d , t h o r u lo o t h e r w i s e
w o u ld b o t o d o p r i v o t h o o w n e r o f t h o f u n d s o f h is p r o p e r t y w i t h o u t d u o
p r o c e s s o f la w .
T o p e r m it t h o G o v e r n m e n t t o c o l l e c t i n t e r e s t p a i d b y t h o
b a n k u p o n t h is f u n d w o u ld b o p e r m it t i n g t h o G o v e r n m e n t t o b e c o m e
u n j u s t l y e n r i c h e d a n d t o d e p r i v e t h o o w n e r o f t h o m o n e y h is r ig h t t o s u c h
in te re s t.
I t h in k t h o r e g u l a t io n b y t h o T r e a s u r y D e p a r t m e n t r e q u i r in g t h o p a y
m o n t o f 2 /o s h o u l d n o t b o e x t e n d e d t o c o v e r in t e r e s t e a r n e d o n a f u n d o f
p r i v a t o lit i g a n t s , n o r d o I t h i n k t h a t t h is c o u r t is w it h o u t p o w e r t o d i r e c t
t h o T r e a s u r y D e p a r t m e n t t o p a y b a c k in t e r e s t m o n o y e a r n e d .
O H IO
D E C ISIO N
U P H O L D IN G
OF
DOUBLE
L IA B IL IT Y
STOCKHOLDERS.
Tii a recent decision of tho Court of Appeals of the Second
Judicial District at Xenia, Greene County, Ohio, Stato
Superintendent of Banks, Philip C. Berg, was sustained in
an action against tho stockholders of tho Bank of Osborn,
Osborn, Ohio, to enforeo tho doublo stock liability of indi
vidual stockholders, under tho provisions of Article 13,
Section 3, of tho Ohio Constitution of 1912. This decision'
wo aro informed, affirms tho judgment of tho Court of Com
mon Pleas of Greeno County, Ohio, tho syllabus of which is
substantially as follows:
T h o S u p e r i n t e n d e n t o f b a n k s is a p r o p e r p a r t y t o e n f o r e o t h o in d i v id u a l
l i a b i l i t y o f s t o c k h o l d e r s in a n y S t a t o b a n k t a k e n p o s s e s s io n b y h i m f o r
liq u id a tio n .
T h o p r o v i s i o n s o f t h e C o n s t i t u t io n a d o p t e d in 1 9 1 2 p r o v i d i n g f o r a d o u b le
l i a b i l i t y o f t h o s t o c k h o l d e r s in b a n k in g c o m p a n i e s a r o s e l f - e x e c u t in g a n d
d o n o t r e q u i r e a n y l e g is la t io n t o m a k o t h e m e f f e c t i v e .
T h o s t o c k h o l d e r s o f a S t a t o b a n k o r g a n i z e d in 1 8 8 9 , a r o lia b le t o a d o u b lo
a s s e s s m e n t f o r d o b t s n o w o x i s t l n g w h ic h w e r e m a d o p r i o r t o N o v 2 3 1 9 0 3
a n d s u b s e q u e n t t o J a n . 1 1 9 1 3 , b u t n o t f o r d e b t s c r e a t e d a n d a c c r u in g b e
tw e e n N o v . 23 1903 a n d J a n . 1 1 9 1 3 , w h e n th o ro w a s n o c o n s t it u t io n a l
p r o v is io n f o r s u c h lia b ility .
Tho rulo of law laid down by tho court, Suporintondent
Berg announced, on Juno 27, not only affects tho creditors
of tho Bank of Osborn, but also those of tho Putnam County
Banking Co, at Ottawa, Ohio, and tho German-American
21
Commercial & Savings Bank of Cincinnati, Ohio, where
similar actions by the Superintendent of Banks are pending.
Tho amount of stock involved in this litigation by the
Superintendent of Banks aggregates $80,000, which, if col
lected, will very materially affect the amount of dividends
paid to the depositors.
W IL L IA M
P.
B O N B R IG IIT
AFTER
THE
ON
W AR
BOND
IS
C O N D IT IO N S
OVER.
A n unprecedented demand for good bond issues after the
war, resulting from cessation of Government borrowing and
the requirements of repaid Government bondholders is
anticipated by W illiam P . Bonbright, President of B onbright & Co., Inc., investment bankers, of this city. M r .
Bonbright is quoted as follows:
P r u d e n t i n v e s t o r s in s t u d y i n g s e c u r it i e s s h o u l d c o n s i d e r t h e e f f e c t u p o n
i n v e s t m e n t m a r k e t s o f t h e r e p a y m e n t o f t h e U n it e d S t a t e s W a r L o a n s
w h i c h a r e o f r e la t i v e l y s h o r t m a t u r it i e s .
T h e fir s t l o a n is d u e i n 3 0 y e a r s , c a l la b le in 15 y e a r s ; t h e s e c o n d i n 2 5
y e a r s , c a l la b le in 10 y e a r s ; a n d t h e t h i r d is d u e in 10 y e a r s .
W i t h w a r t a x a t i o n p r o d u c i n g u p w a r d s o f 5 4 ,0 0 0 , 0 0 0 ,0 0 0 a n n u a l ly , i t is
r e a s o n a b l e t o a s s u m e t h a t i t w ill n o t t a k e t h is c o u n t r y m a n y y e a r s t o r e p a y
a ll t h e m o n e y b o r r o w e d , e s p e c i a ll y a s t h e s u m s l e n t t o o u r A l lie s m a y b e
r e p a i d m o r e p r o m p t l y t h a n is g e n e r a l l y a n t i c ip a t e d .
A f t e r t h e w a r , w it h t h e c e s s a t io n o f G o v e r n m e n t b o r r o w i n g t h e i n v e s t
m e n t r e q u i r e m e n t s o f a p o p u l a t i o n o f r e p a i d G o v e r n m e n t b o n d h o l d e r s w ill
p r o b a b l y c r e a t e a n u n p r e c e d e n t e d d e m a n d f o r g o o d is s u e s .
T h is m u lti
p l i c a t i o n o f b o n d i n v e s t o r s w ill c o n t i n u e d u r i n g t h o w a r , t h r o u g h t h e i n
t e n s i v e e d u c a t i o n a l w o r k b e i n g c a r r ie d o n b y G o v e r n m e n t a g e n c i e s t o s e ll
t h o L i b e r t y is s u e s t o 1 0 0 % o f t h e p e o p l e .
T h e r e w e r e 4 , 5 0 0 , 0 0 0 b u y e r s o f t h e F ir s t L o a n , 9 ,5 0 0 , 0 0 0 o f t h e S e c o n d
L o a n a n d 1 7 ,0 0 0 ,0 0 0 o f t h e T h i r d L o a n .
T h o e c o n o m i c r e s u lt s w ill b e r e m a r k a b l e a n d t h e e f f e c t p e r m a n e n t .
W i d e s p r e a d t h r if t a n d e c o n o m y w ill b o o n e o f t h e f r u it s a n d t h e c r e a t io n
o f a p r u d e n t in v e s t m e n t c la s s o f s m a ll h o l d e r s w ill p r o f o u n d l y a f f e c t t h e
m e t h o d o f t h o d i s t r i b u t i o n o f s e c u r it i e s i n t h i s c o u n t r y .
W ith th e se n ew
a n d p e r m a n e n t c o n d i t i o n s in m in d , s e c u r it i e s w i t h l o n g m a t u r it i e s s e e m
v e r y a ttr a c tiv e t o -d a y .
L IM IT
ON
U N IT E D
P O SIT S
STATES
POSTAL
IN C R E A S E D
TO
SA V IN G S
DE
$2,500.
A n announcement that the limit of postal savings deposits
has been increased from $1,000 to $2,500 has been sent as
follows to Postmasters at Postal Savings depositaries by the
Post Office Department:
Office of Third Assistant Postmaster-General,
Washington, D . C., July 2 1 9 1 8 .
To Postmasters at Postal Savings Depository Offices:
' T h e l im i t o n t h o a m o u n t t h a t a p o s t a l s a v i n g s d e p o s i t o r m a y h a v e t o
h is c r e d i t a t in t e r e s t h a s b e e n in c r e a s e d f r o m 8 1 , 0 0 0 t o $ 2 , 5 0 0 .
N on
in t e r e s t - b e a r in g d e p o s i t s c a n n o t b e a c c e p t e d .
I t is r e q u e s t e d t h a t P o s t
m a s t e r s n o t i f y d e p o s i t o r s w h o h a v e $ 1 ,0 0 0 t o t h e ir c r e d it t h a t $ 2 , 5 0 0 m a y
n ow b o a ccep ted .
T h o a u t h o r i t y f o r a c c e p t i n g l a r g e r d e p o s i t s is c o n t a i n e d
In t h e P o s t a l S e r v ic e A p p r o p r ia t i o n A c t f o r 1 9 1 9 , a p p r o v e d J u l y 2 1 9 1 8 .
A . M . D O C K E R Y , Third Assistant Postmaster-General.
S U B SC R IP T IO N S
TO
FIR ST
C E R T IF IC A T E S I N
FOURTH
O FFE R IN G
OF
TREASURY
A N T IC IP A T IO N
L IB E R T Y
OF
LOAN.
Subscriptions to the first block of Treasury certificates
of indebtedness offered in anticipation of the Fourth Liberty
Loan were considerably in excess of the minimum of $750,
000,000, and an allottment of $838,553,500 is reported by
tho Secretary of the Treasury. These certificates are dated
Juno 25 and are payable October 24. Subscriptions to the
offering closed on July 2. Tho following shows the quota
and the amount of subscriptions receivod and allotted, ac
cording to districts:
U.
Quota.
S. Treasury’ .
.................................- ...............................................$ 7 " o , o o o , o o o
♦ F in a l f ig u r e s f r o m A t l a n t a n o t y e t r e c t v v e d .
SECOND
O FFE R IN G
A N T IC IP A T IO N
A llo tm en t.
$ 1 1 ,9 3 8 ,0 0 0
5 6 8 .0 0 0 .
0 0 0 6 4 .5 9 0 .0 0 0
2 5 1 .0 0 0 .
0 0 0 3 1 2 .8 4 4 .5 0 0
5 3 .0 0 0 .
0 0 0 5 3 .0 0 0 .
000
6 8 .0 0 0 . 00 0
8 0 .0 0 0 .
000
2 6 ,0 0 0 ,0 0 0
1 9 . 0 1 3 .0 0 0
2 2 ,0 0 0 ,0 0 0
1 6 .1 4 0 .5 0 0
1 0 5 .0 0 0 .
0 0 0 1 3 1 .4 8 1 .5 0 0
3 0 .0 0 0 .
0 0 0 3 4 .6 5 4 .0 0 0
2 6 .0 0 0 .
0 0 0 2 0 .0 0 0 ,0 0 0
3 0 .0 0 0 .
0 0 0 2 8 .4 1 0 . 5 0 0
1 8 .0 0 0 . 0 0 0
1 8 .4 8 1 .5 0 0
5 3 ,0 0 0 ,0 0 0
4 8 ,0 0 0 ,0 0 0
__________
B oston
N ew
Y o r k ___
P h il a d e l p h i a
__
C le v e la n d
_____
R ic h m o n d
_____
♦ A t la n t a
_______
C h ic a g o
________
S t . L o u is _______
M in n e a p o l is ____
K an sas C ity . . .
D a ll a s ___________
S an F r a n c is c o ...
" 3 8 ,5 5 3 ,5 0 0
OF T R E A SU R Y C E R T IF IC A T E S IN
OF FOURTH
LIB ER T Y
LOAN.
A second offering of Treasury certificates of indebedness
in anticipation of tho Fourth Liberty Loan was announced
by Secretary of the Treasury M cAdoo on July 2 | The
prosent offering, like tho first, referred to in our June 2 2
issue, calls for subscriptions to $750,000,000 or more of
certificates; tho certificates in this weeL ’ 3 offering will bo
dated July 9, and will bo payablo N o v , 7. They will bo
issued in denominations of $500, $1,000, $5,000, $10,000
and $100,000, payable to bearer. The announcement of
the offering was made as follows b y Secretary M cAdoo:
S e cre ta ry M c A d o o , u n d e r th e a u th o r ity o f th e A c t a p p ro v e d S e p t. 24
1 9 1 7 , a s a m e n d e d b y th o A c t a p p r o v e d A p r il 4 1 9 1 8 , o f fe r s f o r s u b s c r ip tio n ,
a t p a r a n d a c c r u e d in te r e s t, t h r o u g h th e F e d e r a l R e s e r v e b a n k s , $ 7 5 0 ,
0 0 0 ,0 0 0 o r m o r e T r e a s u r y c e r t i f i c a t e s o f i n d e b t e d n e s s , S e r ie s I V B , d a t e d
a n d b e a r in g in te re s t f r o m J u ly 9 1 9 1 8 , p a y a b le N o v . 7 1 9 1 8 , w it h in te re s t a t
th o r a te o f 434 % p o r a n n u m .
A p p lic a t io n s w ill b e r e c e iv e d a t th e F e d e ra l
R eserve ban ks.
S u b s c r i p t io n b o o k s w i l l c l o s e a t t h o c l o s o o f b u s in e s s
J u l y 16 1 9 1 8 .
C e r t i f i c a t e s w i l l b o is s u e d in d e n o m i n a t i o n s o f $ 5 0 0 . $ 1 ,
0 0 0 . $ 5 , 0 0 0 , $ 1 0 ,0 0 0 a n d $ 1 0 0 ,0 0 0 .
S a id c e r t i f i c a t e s s h a ll b e e x e m p t , b o t h a s t o p r i n c ip a l a n d i n t e r e s t , f r o m
a ll ta x a t io n n o w o r h e r e a fte r im p o s e d b y th e U n it e d S ta te s , a n y S ta te o r
a n y o f t h e p o s s e s s io n s o f t h e U n i t e d S t a t e s , o r b y a n y l o c a l t a x i n g a u t h o r i t y ,
e x c e p t (a ) S t a t e o r in h e r it a n c e t a x e s , a n d (6 ) g r a d u a t e d a d d it i o n a l i n c o m e
t a x e s , c o m m o n ly k n o w n a s s u r ta x e s , a n d e x ce s s p r o f it s a n d w a r -p r o fit s
t a x e s , n o w o r h e r e a ft e r im p o s e d b y th e U n it e d S ta te s , u p o n th e in c o m e o r
p r o f i t s o f i n d i v id u a l s , p a r t n e r s h i p s , a s s o c ia t i o n s o r c o r p o r a t i o n s .
T h e i n t e r e s t o n a n a m o u n t o f b o n d s a n d c e r t i f i c a t e s a u t h o r i z e d b y s a id
A c t a p p r o v e d S e p t . 2 4 1 9 1 7 , o r b y s a id A c t a s a m e n d e d b y A c t a p p r o v e d
F e b . 4 1 9 1 8 , t h e p r i n c i p a l o f w h i c h d o e s n o t e x c e e d in t h e a g g r e g a t e $ 5 ,0 0 0
o w n e d b y a n y i n d i v i d u a l , p a r t n e r s h i p , a s s o c i a t i o n , o r c o r p o r a t i o n , s h a ll
b e e x e m p t f r o m t h o t a x e s p r o v i d e d f o r in c la u s e (£>) a b o v e .
U p o n t e n d a y s ’ p u b l i c n o t i c e , g i v e n in s u c h m a n n e r a s m a y b o d e t e r
m in e d b y 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 , t h e c e r t i f i c a t e s o f t h i s s e r ie s m a y
b e r e d e e m e d a s a w h o le a t p a r a n d a c c r u e d in te re s t o n o r a fte r a n y d a te
o c c u r r in g b e fo r e th e m a t u r it y o f s u c h c e r tific a t e s s e t fo r t h e p a y m e n t o f
t h e f i r s t i n s t a ll m e n t o f t h e s u b s c r i p t i o n p r i c e o f a n y b o n d s o f f e r e d f o r s u b
s c r ip t io n b y th e U n it e d S ta te s a ft e r th o o ffe r in g a n d b e fo r e th o m a t u r it y
o f s u c h c e r tific a t e s .
T h e c e r t i f i c a t e s o f t h i s s e r ie s , w h e t h e r o r n o b c a l le d f o r r e d e m p t i o n ,
w il l b e a c c e p t e d a t p a r , w i t h a d j u s t m e n t o f a c c r u e d i n t e r e s t , i f t o n d e r e d
o n s u c h i n s t a ll m e n t d a t e in p a y m e n t o n t h o s u b s c r i p t i o n p r i c e t h e n p a y a b lo
o f a n y s u ch b o n d s s u b s c r ib e d f o r b y a n d a llo t t e d t o h o ld e r s o f s u c h ce r
t ific a t e s .
, „
.
...
T h o c e r t i f i c a t e s o f t h is s e r ie s d o n o t b e a r t h o c i r c u l a t i o n p r i v i l e g e a n d w ill
n o t b o a c c e p t e d in p a y m e n t o f t a x e s .
T h e r ig h t is r e s o r v e d t o r e j e c t a n y s u b s c r i p t i o n a n d t o a l l o t le s s t h a n t h o
a m o u n t o f c e r t i f i c a t e s a p p li e d f o r a n d t o c l o s e t h e s u b s c r ip t i o n s a t a n y t im e
w ith o u t n o t ic e .
. . . .
. .
P a y m e n t a t p a r a n d a c c r u e d In te re s t f o r c e r tific a t e s a llo t t e d m u s t b e
m a d o o n a n d a f t e r J u l y 9 a n d o n o r b e f o r e J u l y 1C.
A f t e r a llo t m e n t a n d
u p o n p a y m e n t F e d e r a l R e s e r v e b a n k s w i l l is s u e i n t e r i m r e c e ip t s p e n d in g
d e liv e r y o f th e d e f in it iv e c e r tific a t e s .
Q u a l if ie d d e p o s i t a r ie s w i l l b o p e r m i t t e d t o m a k o p a y m e n t b y c r e d i t t o r
c e r t i f i c a t e s a l l o t t e d t o t h e m f o r t h e m s e lv e s a n d t h e i r c u s t o m e r s u p t o a n
a m o u n t f o r w h ic h e a c h s h a l l h a v e q u a l i f i e d in e x c e s s o f e x i s t i n g d e p o s i t s
w h en s o n o tifie d b y F e d e ra l R e s e r v e b a n k s .
A s f i s c a l a g e n t s o f t h o U n it e d S t a t e s , F e d e r a l R e s e r v e b a n k s a r e a u
t h o r iz e d a n d r e q u e s t e d t o r e c e i v e s u b s c r i p t i o n s a n d t o m a k o a l l o t m e n t in
f u l l in t h e o r d e r o f t h e r e c e i p t o f a p p l i c a t i o n s u p t o t h e f o l l o w i n g a g g r e g a t e
a m o u n t s In t h e i r r e s p e c t i v e d i s t r i c t s :
B o s t o n ___ _________________ $ 6 5 ,0 0 0 ,0 0 0
P h i l a d e l p h i a .......................
5 3 ,0 0 0 ,0 0 0
R i c h m o n d ............................
2 6 ,0 0 0 ,0 0 0
C h i c a g o ................................. 1 0 5 .0 0 0 ,0 0 0
M i n n e a p o l i s ____________
2 6 ,0 0 0 ,0 0 0
1 8 , 0 0 0 .0 0 0
D a l l a s ...................................
N e w Y o r k ______ _______- 2 5 4 ,0 0 0 .0 0 0
C l e v e l a n d _______________
6 8 ,0 0 0 ,0 0 0
A t l a n t a .................................
2 2 ,0 0 0 .0 0 0
S t . L o u i s __________________
3 0 ,0 0 0 ,0 0 0
3 0 ,0 0 0 ,0 0 0
K a n s a s C i t y _______ - —
S a n F r a n c i s c o ___________
5 3 ,0 0 0 ,0 0 0
T ota l
C O N V E R SIO N OF F IR S T A N D
BO N D S IN T O
T H IR D
............................... $ 7 5 0 ,0 0 0 .0 0
LOAN
IS S U E S .
L i b e r t y b o n d s o f t h e F i r s t I s s u e . L i b e r t y b o n d s o f t h e S e c o n d Issu e a n d
L i b e r t y b o n d s o b t a i n e d b y c o n v e r t i n g b o n d s o f t h o F i r s t Issu e i n t o b o n d s
o f t h e S e c o n d i s s u e , c a n b e c o n v e r t e d i n t o b o n d s o f t h e T h i r d is su o d u r i n g
t h o s ix m o n t h s ’ p o r l o d b e g i n n i n g M a y 9 a n d e n d in g N o v . 9 1 9 1 8 .
D e l i v e r y o f t h e b o n d s is s u e d in c o n v e r s io n c a n n o t b e m a d e p r i o r t o J u l y 1 ,
b u t b o n d s p r e s e n t e d f o r c o n v e r s i o n o n o r b e f o r o t h a t d a t e w il l b e r o t a in e d
b y th e T r e a s u r y a n d a n o n -n e g o t ia b le r e c e ip t Issu ed t h e r o fo r .
In terest
w i l l b o a d j u s t e d In e a c h c a s e b e t w e e n t h e G o v e r n m e n t a n d t h o b o n d h o l d e r .
A f t e r N o v . 9 1 9 1 8 n o f u r t h e r r ig h t s o f c o n v e r s io n w il l a t t a c h t o t h e 4 %
b o n d s , e i t h e r t h e o r ig in a l b o n d s o f t h e S e c o n d l o a n o r t h o s e o b t a i n e d b y
c o n v e r s io n o f b o n d s o f th e F ir s t lo a n .
B o n d s o f th e F ir s t issu e , h o w e v e r ,
w i l l s t il l h a v e t h e p r i v i l e g e o f c o n v e r s i o n i n t o a n y b o n d s is s u e d a t a h ig h e r
r a t o o f in te re s t th a n 3 3 4 % . b e fo r e th e t e r m in a tio n o f th e w a r.
A ll o f th e
4 3 4 % b o n d s a r e n o n -c o n v e r t ib le .
, „
.
,
B o n d s f o r c o n v e r s io n m a y b e s u r r e n d e r e d a t a n y F e d e ra l R e s e r v e b a n k
o r a t th e T re a su ry D e p a rtm e n t.
R e g i s t e r e d b o n d s m u s t b e a s s ig n e d t o
t h e S e c r e t a t y o f t h e T r e a s u r y , b u t s u c h a s s ig n m e n t n e e d n o t b o w it n e s s e d .
O n c o n v e r s i o n o f r e g i s t e r e d b o n d s , r e g i s t e r e d b o n d s o n l y w il l b o d e l i v
e r e d . n e i t h e r c h a n g e o f o w n e r s h ip n o r c h a n g e i n t o c o u p o n b o n d s b e i n g p e r
m itte d .
_ .
.
C o u p o n b o n d s , h o w e v e r , m a y b e c o n v e r t e d In to r e g iste re d b o n d s u p o n
req u est.
C o u p o n b o n d s m u s t h a v e th e M a y 15 o r J u n e 15 1918 c o u p o n s
a n d a ll s u b s e q u e n t c o u p o n s a t t a c h e d .
C o u p o n b o n d s is s u e d f r o m c o n v e r
s i o n w il l h a v e o n l y f o u r i n t e r e s t c o u p o n s a t t a c h e d , a n d l a t e r m u s t b e e x
c h a n g e d f o r n e w b o n d s w it h t h e f u l l n u m b e r o f c o u p o n s a t t a c h e d .
A l l b o n d s is s u e d u p o n c o n v e r s i o n i n t o 4 H % b o n d s w i l l b o d a t e d M a y 9 .
T h e b o n d s s e c u r e d u p o n c o n v e r s io n o f b o n d s o f t h e F i r s t lo a n a n d b o n d s
o b t a i n e d b y c o n v e r s i o n o f b o n d s o f t h e F i r s t lo a n i n t o 4 % b o n d s w ill c a r r y
i n t e r e s t f r o m J u n e 1 5 . B o n d s is s u e d u p o n c o n v e r s io n o f 4 % b o n d s o f t h e
c a r r y In terest fr o m M a y 1 5 .
P R IN T IN G
FOURTH
LIB E R T Y
k
LOAN
:B 0 N D S J £
A n Associated Press dispatcli from Washington July 2
states that Fourth Liberty Loan bonds are being turned out
T h e y a r e I d e n t ic a l in f o r m a n d d e s ig n w it h t h o s e o f t h o T h i r d L o a n ,
b u t s p a c o h a s b e e n l e f t o n e a c h b o n d f o r la t e r e n g r a v i n g o f t h e e x a c t t e r m s .
T h r e e s h i ft s o f w o r k m e n , i n c lu d in g m a n y w o m e n a n d g i r ls , a r e e m p l o y e d
b y t h e B u r e a u o f E n g r a v in g a n d P r i n t in g , a n d J a m e s T . W i l m o t h , t h e
D i r e c t o r , h a s p r o m is e d t o f u r n is h a f u l l s u p p l y o f b o n d s b y t h e t i m e t h e
fo u rth
The
t io n o f
record
c a m p a ig n
T reasu ry
bonds b y
n ecessary
open s.
Ls t r y in g t o d e v i s e a s c h e m e o f s i m p l i f y i n g t h o r e g is t r a
t h e a t t a c h m e n t o f a c o u p o n , o n w h ic h t h e p u r c h a s e r m a y
i n f o r m a t i o n t o b e m a i le d t o t h e T r e a s u r y .
N o p la n h as
y e t been a d o p te d .
F L O A T IN G
OF
FOURTH
C O N F IN E D
LIB E R T Y
TO
LOAN
NOT
TO
BE
D E P O SIT A R IE S.
According to Washington dispatches of July 4 the assist
ance of all banking institutions, whether Treasury deposi
taries and fiscal agents or not, is desired in floating the Fourth
Liberty Loan next October. The Treasury Department is
reported as announcing this in denying reports that only
trust companies and banks qualified as depositaries would be
allowod to take subscriptions.
USE
TO
OF
FR AN KED
LIB E R T Y
ENVELOPES
BOND
FOR
SU B S C R IB E R S
N O T IF IC A T IO N
U N LAW FU L.
The Federal Reserve Bank of Minneapolis, through Curtis
L , Mosher, Assistant Federal Reserve Agent, in calling
attention to the order of the Postmaster-General that the
use of penalty envelopes or franked notico cards for notifica
tion to subscribers of payments due on Liberty Loan bonds
is unlawful, and the Treasury Department’s notice that it
is compelled to suspend its previous authority for the use of
franked notice cards or cards enclosed in penalty envelopes
and requests that the use of such cards bo immediately dis
continued, adds:
I a m t h e r e fo r e o b lig e d t o a d v is e th a t u se o f th e s e c a r d s b y a n y b a n k in
t h i s d i s t r i c t w ill b o a n u n la w fu l a c t , a n d I b e g t o r e q u e s t t h a t b a n k s t o
w h i c h c a r d s u p p lie s a n d e n v e l o p e s h a v e b e e n f o r w a r d e d r e t u r n t h o f r a n k e d
e n v e lo p e s a t o n c e t o m e .
T h e s o m a y b o r e tu rn e d u n d e r fr a n k , a n d if
w r a p p e d in a p a c k a g e w it h a n a d d r e s s e d f r a n k e d e n v e l o p e o n t h o o u t s i d e
c a n b e r e t u r n e d w it h o u t p a y m e n t o f p o s t a g o .
T h e u s e o f t h o T r e a s u r y D e p a r t m e n t n o t i c o c a r d s Is n o t a f f e c t e d b y t h e
ra ilin g r e fe r r e d t o a n d t h e s e c a r d s m a y b e u s e d b y t h e b a n k s i f t h e y s o d e
s i r e , b u t It w il l b e n c e s s a r y t o e n c l o s e t h e m In e n v e l o p e s u p o n w h ic h p o s t a g e
Is p a i d .
N o t i c o c a r d s w it h r e fe r e n c e t o r e m a in in g p a y m e n t s , d e l in q u e n t
s u b s c r ip t i o n s , a n d r e q u e s t i n g s u b s c r ib e r s t o c a ll f o r t h e ir b o n d s , w ill b e
p r o v i d e d a s u s u a l, u p o n a p p li c a t io n o f b a n k s w is h in g t o u s o t h e m .
They
c a n n o t , h o w e v e r , b e s e n t e x c e p t w h e n e n c l o s e d in a n e n v e l o p e .
S U B S C R IP T IO N S
statement is as follows:
will
b y the thousands daily from the Government’s engraving
plant, in preparation for the Fourth Loan campaign in
October. W e also quote from the dispatch as follows:
SECOND LIB E R T Y LO A N
LIB E R T Y
T he Treasury Department on July 1 in an announcement
relative to the conversion of First and Second Liberty Loan
bonds into tho Third Liberty Loan issue, stated that holders
of First and Second issues may convert them into bonds of
the Third Loan, bearing 4 K % interest, at any time up to
N o v . 9 b y presenting them to banks and filling out applica
tion blanks. Interest at tho higher rate will be allowed from
Juno 15 on the First Liberty Loan bonds and from M a y 15
on those of tho Second Liberty Loan. The Department s
S e c o n d is s u e
[Vol . 107.
THE CHRONICLE
22
OF
IN ST IT U T IO N S
N E W
TO
YORK
T H IR D
STATE
L IB E R T Y
B A N K IN G
LOAN.
Total subscriptions of $599,522,500 to the Third Liberty
Loan came from institutions and individuals under the
supervision of the N e w Y o rk State Banking Department,
including those made for their patrons. According to
statistics prepared by State Superintendent of Banks,
George I. Skinnor, the amount of subscriptions to the three
Liberty Loans by these institutions and individuals was
$1,707,661,073, or over one-sixth of the total amount sub
scribed for the ontire country. This record, he points out,
again demonstrates the devotion of such institutions and
individuals to their country and their support of the National
Government in the present crisis. Superintendent Skinner
also says:
A s w a s e x p e c t e d , t h e t r u s t c o m p a n i e s w o r e t h o l a r g e s t s u b s c r ib e r s t o a ll
t h r e e is s u e s , t h e ir s u b s c r ip t i o n s f o r t h e m s e lv e s a n d f o r th e ir p a t r o n s t o
t h e t h ir d is s u e b e i n g $ 3 3 8 ,8 5 1 ,0 5 0 , w h ile t h e ir s u b s c r ip t i o n s t o t h e t h r e e
lo a n s t o t a le d $ 1 , 0 8 3 , 0 7 9 ,8 5 0 .
B a n k s o f d e p o s i t a n d d i s c o u n t f o l l o w , t h e y h a v i n g s u b s c r ib e d f o r t h e m
s e lv e s a n d p a t r o n s t o t h o t h ir d is s u e t o t h e a m o u n t o f $ 1 8 5 ,6 2 6 ,6 0 0 , w h ile
t h e ir t o t a l s u b s c r ip t i o n s t o t h o t h r e e Issu es w e r o $ 4 3 9 ,1 7 0 ,0 6 0 .
S a v in g s
b a n k s s u b s c r ib e d f o r t h e m s e lv e s a n d t h e ir p a t r o n s t o t h o t h i r d is s u o t o t h e
e x t e n t o f $ 5 9 ,7 1 6 ,7 0 0 a n d a t o t a l o f $ 1 5 1 ,3 9 1 ,9 5 3 f o r t h o t h r o e I ssu e s.
T h o f o l l o w i n g t a b l e s g i v e t h o s u b s c r ip t i o n s o f t h e I n s t it u t io n s u n d e r
S u p e r i n t e n d e n t S k in n e r 's s u p e r v i s io n t o t h o T h i r d L i b e r t y L o a n is s u o ,
t o g e t h e r w it h t h e t o t a l s u b s c r ip t i o n s f o r t h e t h r e e Issu es:
S U B S C R IP T IO N S T O
T H IR D
L IB E R T Y
LOAN.
Amount
Subscribed by Subscriptions
Institution. .from Patrons.
.
P r iv a te b a n k e rs.
In v e s tm e n t c o m p a n ie s ..
S a fe d e p o s it c o m p a n ie s .
P e rs o n a l lo a n c o s . a n d
C r e d i t u n i o n s .........................
.
.
.
.
.
Total.
$ 5 7 ,3 7 9 ,0 5 0 $ 2 8 1 ,4 7 1 .4 0 0 $ 3 3 8 ,8 5 1 ,0 5 0
1 8 5 ,6 2 0 .6 0 0
1 4 9 ,1 8 2 .8 0 0
3 6 ,4 4 3 .8 0 0
5 9 .7 1 6 ,7 0 0
3 6 ,9 7 8 ,9 0 0
2 2 ,7 3 7 ,8 0 0
2 ,2 1 9 ,3 5 0
1 ,5 9 9 ,7 0 0
6 1 9 ,6 5 0
8 ,5 2 1 ,8 5 0
5 ,8 7 6 ,8 5 0
2 ,6 4 5 ,0 0 0
2 ,0 6 5 .5 5 0
1 ,3 1 9 ,0 0 0
7 4 0 ,5 5 0
1 ,7 9 9 .0 0 0
1 . 3 4 9 .3 5 0
4 4 9 ,6 5 0
3 9 2 ,6 5 0
2 0 9 ,8 0 0
1 8 2 ,8 5 0
1 8 .3 0 0
6 .8 5 0
1 1 ,4 5 0
3 1 1 .4 5 0
3 0 9 ,0 5 0
1 .8 0 0
$ 1 2 1 ,2 1 8 ,2 0 0 $ 4 7 8 ,3 0 4 ,3 0 0 $ 5 9 9 ,5 2 2 ,5 0 0
July 6 1918.]
TOTAL
THE CHRONICLE
S U B S C R IP T IO N S
TO
THREE
IS S U E S .
Amount
•
Subscribed by Subscriptions
Institution, from Patrons.
Total.
---------------------- . . $ 2 1 4 , 7 1 6 , 5 0 0 $ 8 6 8 ,3 6 3 ,3 5 0 8 1 0 8 3 ,0 7 9 ,8 5 0
T r u s t co m p a n ie s
B a n k s o f d e p o s i t a n d d i s c o u n t ___ .
7 9 ,7 8 3 ,5 7 5
3 5 9 ,3 8 6 ,4 8 5
4 3 9 ,1 7 0 ,0 6 0
S a v in g s b a n k s ---------------------------------- .
7 7 ,4 5 0 ,5 9 0
7 3 ,9 4 1 ,3 6 3
1 5 1 ,3 9 1 ,9 5 3
P r i v a t e b a n k e r s ........................ ............. .
1 ,8 0 8 ,5 0 0
3 ,0 9 8 ,6 6 0
4 ,9 0 7 ,1 6 0
A g e n c ie s o f fo r e i g n c o r p o r a t i o n s . 8 ,8 5 0 ,3 0 0
8 ,9 3 6 ,1 5 0
1 7 , 7 8 6 ,4 5 0
S a v in g s & l o a n a s s o c ia t i o n s ______ _
2 ,5 8 2 ,0 0 0
2 ,6 4 9 .7 0 0
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2 ,2 3 8 ,4 5 0
2 ,0 7 7 ,2 5 0
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6 2 5 ,6 5 0
3 4 2 ,6 0 0
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3 3 ,7 5 0
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T h e l im i t e d s a le s o f W a r S a v in g s a n d T h r i f t s t a m p s i n d i c a t e t h a t , a l
t h o u g h t h e p u b l i c s u b s c r ib e d l ib e r a l l y t o t h e t h r e e L i b e r t y L o a n s , i t h a s
n o t y e t r e a liz e d t h e i m p o r t a n c e o f t h is f o r m o f G o v e r n m e n t f in a n c e .
I t is
o n l y b y c o n s t a n t l y p r a c t i c i n g s e lf- d e n ia l i n t h e p u r c h a s e o f lu x u r ie s a n d
t h e c u r t a il m e n t o f a l l u n e s s e n t ia l s p e n d i n g t h a t t h o p e o p l e c a n a c c u m u l a t e
t h e s u r p lu s s a v i n g s n e c e s s a r y t o s u p p l y t h e in c r e a s e d a m o u n t o f m o n e y
n eed ed b y th e G o v e rn m e n t.
W a r S a v in g s a n d T h r i f t s t a m p s , b e i n g In
s m a ll d e n o m i n a t i o n s a n d p u r c h a s a b le a l m o s t a n y w h e r e , fu r n is h a c o n
v e n i e n t m e a n s f o r t h o p r o m p t I n v e s t m e n t o f t h e a m o u n t s r e a l iz e d t h r o u g h
s m a ll e c o n o m ie s .
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s h o u l d b u y $ 8 ,7 5 0 , 0 0 0 o f s t a m p s e a c h m o n t h .
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4 ,1 0 6 ,3 5 1 59
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SUCCESS OF W AR SAVINGS DRIVE.
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o n J u n e 2 9 t h a t th e q u o ta o f 2 , 0 0 0 , 0 0 0 sig n ers o f p le d g e s to
s a v e s y s t e m a tic a lly fo r
th e
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fin al to ta l w a s e x p e c te d to re a c h 2 , 5 0 0 , 0 0 0 .
O n J u ly 1 it
u n d er d a te o f M a y 2 3 re g a rd in g w a r s a v in g s in G r e a t B r ita in :
w a s s ta te d t h a t re p o rts w h ic h h a d u p to th a t d a te re a ch e d
T h e B r i t is h a r e s a v i n g m o n e y a s t h e y n e v e r h a v e , n o t w it h s t a n d i n g t h e
in c r e a s e d c o s t o f e v e r y t h i n g .
S ir R o b e r t K i n d e r s l e y , C h a ir m a n o f t h e N a t i o n a l W a r S a v in g s A s s o c i a
t i o n , s t a t e d t h a t i t is “ r e m a r k a b l e ” t h a t t h e r e a r e 1 6 ,7 5 0 ,0 0 0 h o l d e r s o f
B r i t is h w a r s e c u r it ie s a n d m o r e t h a n 1 3 ,0 0 0 ,0 0 0 a c c o u n t s in s a v i n g s b a n k s .
“ I t m a y b e s a f e ly a l le g e d , n o t o n l y t h a t s a v i n g h a s b e e n c o m m e n c e d b y
m a n y m il l io n s , w h o b e f o r e t h e w a r n e v e r s a v e d , b u t t h a t t h e r e is e v e r y
e v i d e n c e t h a t t h e e f f o r t o f t h e s e s a v e r s in c r e a s e s in i n t e n s i t y a s t h o w a r
p r o c e e d s .”
T h i s s i t u a t io n is a s c r ib e d t o t h e f a c t t h a t t h o u s a n d s a r e r e c e iv i n g m o r e
p a y th a n e v e r a n d th o u s a n d s o f w o m e n w h o p r io r t o th e w a r , e a rn e d n o th in g
a r e n o w e n g a g e d i n r e m u n e r a t iv e w a r w o r k .
A ls o th e in c e n t iv e t o s p e n d
m o n e y h a s b e e n r e m o v e d t o a c o r t a in e x t e n t b y t h e r e g u l a t io n o f f o o d a n d
d r i n k i n g p u r c h a s e s a n d c u r t a il m e n t o f a m u s e m e n t s .
h e a d q u a r te r s c o n fir m e d
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p e r s o n s 'p le d g e d th e m se lv e s to b y W a r S a v in g s a n d T h r i ft
S ta m p s in th e d r iv e .
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w ore e n ro lle d in th e W a r S a v in g s S o c ie tie s o r g a n iz e d in th e
sc h o o ls, c lu b s a n d b u sin e ss h o u se s o f th e c i t y .
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re p o r te d th e la r g e st n u m b e r o f in d iv id u a l p le d g e s w ith an
e s tim a te d to ta l o f 5 0 0 ,0 0 0 , w ith Q u e e n s , w ith 2 5 0 ,0 0 0 in d i
v id u a l p le d g e s in a p o p u la tio n o f 4 0 0 ,0 0 0 , a s th e b a n n e r
b o ro u gh .
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p le d g e s h a d b e e n r e c e iv e d .
O n th e 2 9 t li D ir e c to r F re d eric
W . A lle n , in a n n o u n c in g th e to ta l o f 2 ,2 0 0 ,0 0 0 p le d g e s , s a id :
T h e s u c c e s s o f t h e c a m p a i g n f o r e n lis t m e n t w h ic h h a s j u s t e n d e d w it h
m o r e t h a n 2 , 2 0 0 , 0 0 0 p l e d g e s in G r e a t e r N o w Y o r k is t h e b e s t e i v d o n c o
o f t h e l o y a l t y a n d c o - o p e r a t i o n o f t h e p e o p l e in w in n in g t h e w a r .
O u r p e o p l e , a s w e ll a s o u r a r m y , a r e m o b i li z e d a n d h a v e b e g u n in a n
e a r n e s t w a y t h e t r a in in g in w a r s a v i n g s s c r v ic o .
T h i s t r a in in g w ill r e s u lt in
a s g r e a t b o n o f i t s t o t h e i n d i v id u a l a s t o t h e r e c r u it e n lis t e d in t h e a r m y o r
navy.
I t w ill b u i l d u p a c o u n t r y o f s t r o n g , d i s c ip l i n e d a n d I n d e p e n d e n t
p e q p lo , f i t f o r w in n in g t h e w a r a n d p r e p a r e d f o r t h o r e a d j u s t m e n t In t im e
o f p eace.
N e w Y o r k C i t y ’ s re sp o n se to th e a p p e a ls o f P re s id e n t
W ils o n a n d S e c r e ta r y M c A d o o , fo r e v e r y o n e w h o c o u ld d o
so to p le d g e h im s e lf to p u rc h a se th e lim it— $ 1 ,0 0 0 — o f W a r
S a v in g s s ta m p s b r o u g h t th e to ta l o n J u n o 2 9 o f L im it C lu b
m e m b e r s to 2 ,4 5 0 .
T h r o u g h o u t th e d a y a n u m b e r o f c o m
m itte e s a n d in d iv id u a l firm s a n d fin a n c ia l in s titu tio n s re
p o r te d a d d itio n a l m e m b e r sh ip s to th e c lu b .
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D e p a r t m e n t , te le g ra p h ic re p o rts to it s u m m in g u p th e re su lt
o f th o W a r S a v in g s c a m p a ig n th r o u g h o u t th e c o u n tr y in d i
c a te d a c o m p le te su c c e ss. N o fig u res u p o n to ta ls su b sc rib e d
to d a te w e re a v a ila b le .
A n u m b e r o f S ta te s w ere re p o r te d
NOV.
18
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COUPON OF SECOND LIBERTY BONDS M U S T
BE ATTACHED I F CONVERTED.
A t t e n t i o n to th e f a c t th a t o w n e rs o f S e c o n d L ib e r t y L o a n
B o n d s w ill b e d e p r iv e d o f th e p riv ile g e o f c o n v e r tin g th o se
b o n d s in to 4
b o n d s u n le ss th e N o v . 1 5 1 9 1 8 c o u p o n is
a tta c h e d to b o n d s p re se n te d fo r c o n v e rs io n is c a lle d b y th e
F e d e ra l R e s e r v e B a n k o f N e w Y o r k in th e . fo llo w in g le tte r
s e n t to b a n k in g in s titu tio n s in th e D is t r ic t o n J u n e 2 8 :
Dear Sirs. = I t h a s c o m e t o o u r a t t e n t i o n t h a t in m a k i n g d e l i v e r y o f b o n d s
o f t h o S e c o n d L o a n w h ic h h a v e b e e n p a i d f o r o n t h e w e e k l y o r m o n t h l y
i n s t a llm e n t p l a n , b a n k s a n d o t h e r s h a v e , i n s o m e i n s t a n c e s , d e t a c h e d
fir s t t w o c o u p o n s fr o m th o b o n d s .
In a sm u ch as S e co n d L ib e r ty L o a n
b o n d s p r e s e n te d f o r c o n v e r s io n in to 4 X % b o n d s m u s t h a v e th e N o v . 15
1 9 1 8 c o u p o n a t t a c h e d , t h e o w n e r s in a l l s u c h c a s e s w il l b o d e p r i v e d o f t h e
c o n v e r s io n p r iv ile g e .
Y o u w i l l , t h e r e f o r e , s e e t h e n e c e s s it y o f d e l i v e r i n g in a l l c a s e s b o n d s w it h
t h e N o v . 1 5 1 9 1 8 c o u p o n a t t a c h e d , a n d w h e r e i t is n e c e s s a r y , d u o t o d e
la y e d p a y m e n t s , t o c o lle c t a n in te re s t a d ju s t m e n t a m o u n tin g t o m o r e th a n
th e v a lu e o f th e f ir s t c o u p o n o n th e b o n d th a t t h e e x ce s s b e c o lle c t e d f r o m
t h e s u b s c r i b e r in c a s h .
W i l l y o u p le a s e c a l l t h is m a t t e r t o t h e a t t e n t i o n o f a ll e m p l o y e r s o f l a b o r ,
a s s o c ia t i o n s o r o t h e r s s u b s c r ib in g t h r o u g h y o u w h o a r e h a n d li n g s u b s c r i p
t io n s t o t h e S e c o n d L o a n o n t h e I n s t a l lm e n t p l a n .
Y o u w ill r e a d i ly a p p r e c i a t e t h e n e c e s s it y f o r c o - o p e r a t i o n in t h is r e s p e c t
to th e e n d th a t th o s m a ll h o ld e r s m a y h a v e n o c a u s e f o r c o m p la in t d u e to
t h e ir I n a b i l it y t o c o n v e r t t h e i r S e c o n d L o a n b o n d s i n t o b o n d s b e a r i n g 4 \i%
in te re s t.
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as h a v in g e x c e e d e d th e ir p le d g e s.
N o r t o n B u r g e s s , D ir e c to r o f W a r S a v in g s fo r N e b r a s k a ,
w h o a rriv e d in N e w
Y o r k on June 2 8
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OSCAR T. CROSBY TO HEAD STAFF TO STU D Y FOREIGN
EXCHANGE I N NEUTRAL A N D ALLIED COUNTRIES.
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W a s h in g t o n o n J u n e 3 0 h a d
th e
to s a y re g a rd in g th o e a r ly re tu rn t o E u r o p e o f
S ta te .
O sc a r T . C r o s b y , w h o c a m e to th e U n it e d S ta t e s in M a y fo r
N e b r a s k a , h o s a id , is th e o n ly S ta t e th a t h a s a c tu a lly p u r
a co n fe re n c e w ith S e c r e ta r y o f th e T r e a s u r y M c A d o o , c o n
c h a se d its a llo tte d q u o ta o f W a r S a v in g s s t a m p s .
c e rn in g th e fu tu r e fin a n c ia l re la tio n s b e tw e e n
S ta te s a n d th e A llie s :
th o N e w
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s ta m p p u rc h a se s to d a to ox ce ed $ 3 0 ,0 0 0 ,0 0 0 , w ith $ 5 ,0 0 0 ,0 0 0
a d d itio n a l p le d g e d .
H e is q u o te d a s s a y in g :
O u r s i t u a t io n In N e b r a s k a w a s a lit t l e less c o m p l e x t h a n t h e s i t u a t io n
here.
T h e r o , t h r o u g h o u t t h o e x t e n s i v e a g r ic u lt u r a l d i s t r i c t s , e v e r y b o d y
k n o w s e v e r y b o d y e ls e , a n d t h o p o p u la r p r e s s u r o w h ic h a r o s e f r o m t h o i n t i
m a t e c o m m u n i t y s p i r it p r e v a i l in g t h e r e d i d m u c h t o a s s u r e t h o s u c c e s s o f
o u r ca m p a ig n .
W h a t w e d i d w a s t o c a l l m e e t in g s in e v e r y t o w n t h r o u g h o u t t h e S t a t e f o r
M a r c h 2 2 , a n d lo t e v e r y I n h a b it a n t k n o w t h a t h o w a s e x p e c t e d t o a t t e n d
a n d p l e d g o h i m s o lf t o s a v e , t o r e fr a in f r o m c o m p e t i t i o n w it h t h e G o v e r n
m e n t t h r o u g h o u t t h o w a r , a n d t o p u r c h a s e W a r S a v in g s s t a m p s t o t h o
l im i t o f h is m e a n s .
I f a m a n s h o w e d s ig n s o f b e i n g a s l a c k e r , h is n e i g h b o r s s a w t h a t h e w a s
b r o u g h t t o a p r o p e r r e a l iz a t i o n o f h is d u t y .
T h o r e s u lt w a s t h a t w o
p l e d g e d $ 2 6 ,0 0 0 ,0 0 0 in less t h a n t w o h o u r s .
O n N a t io n a l W a r S a v in g s D a y , y e s t e r d a y , w o c o n c e n t r a t e d u p o n t h o
o r g a n i z a t io n o f W a r S a v in g s s o c ie t i e s , t h r o u g h w h ic h w o h o p o t o d o u b le
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ou r q u ota .
SALE OF WAR SAVINGS AN D THRIFT STAMPS IN
SAN FRANCISCO FEDERAL RESERVE DISTRICT.
W i t h re g ard to th e sales o f W a r S a v in g s a n d T h r i ft s ta m p s
in th e S a n F rn a c isc o F e d e ra l R e se r v e D is t r ic t , th o S a n F r a n
cisco F e d e ra l
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B o a r d fo r th e J u ly “ B u lle t in ” s a y s :
th e U n it e d
T h o e a rly re tu rn t o E u r o p e o f O sca r T . C r o s b y , A s s is ta n t S e c r e ta r y o f
t h o T r e a s u r y , a t t h e h e a d o f a s t a f f o f e x p e r t s in f in a n c e a n d o t h e r e c o n o m i c
s u b j e c t s a n d w it h a n e w t i t l e o f C o m m i s s io n e r o f F i n a n c e f o r t h e U n it e d
S t a t e s , w ill m a r k a n e w p h a s e i n t h is c o u n t r y 's e f f o r t s t o u n i f y t h e r e s o u r c e s
o f t h o A llie s a n d t o m in im i z e t h e w a r ’s e f f e c t o n n e u t r a ls .
B e s id e s r e t a in in g h is p o s i t io n a n d w o r k a s P r e s id e n t o f t h e I n t e r - A ll i e d
C o u n c i l , w h ic h v i r t u a ll y is a p r i o r i t i e s b o a r d f o r A m e r i c a n l o a n s , M r .
C r o s b y , o r m e m b e r s o f h is s t a f f , e x p e c t t o v i s it t h e A l l ie d a n d s o m e n e u t r a l
c o u n t r ie s t o s t u d y fo r e i g n e x c h a n g e , e x p o r t a n d i m p o r t , a n d o t h e r f in a n c ia l
a n d e c o n o m ic p r o b le m s .
U lt i m a t e l y t h is Is e x p e c t e d to ' le a d t o m e a s u r e s
f o r s t a b iliz in g e x c h a n g e r a t e s a n d t h e r e la x in g o f s o m e e x p o r t a n d i m p o r t
r e s t r i c t io n s .
M r . C r o s b y ’ s s t a f f , t o b e a n n o u n c e d s o o n , w ill b e e q u i p p e d w it h f u ll
I n f o r m a t i o n f o r d e a lin g w it h fin a n c ia l p r o b l e m s w h ic h m a y a r is e o u t o f
a n y c h a n g e o f r e la t io n s w it h R u s s i a .
M r . C r o s b y , in t h e t w o m o n t h s s in c e
h o r e t u r n e d f r o m E u r o p e , h a s d is c u s s e d w it h P r e s id e n t W i ls o n a n d o t h e r
G o v e r n m e n t o f f i c i a l s t h e U n it e d S t a t e s ’ r e la t io n s w it h o t h e r A l l ie s a n d
n e u t r a l c o u n t r ie s , a n d is t h o r o u g h l y a c q u a i n t e d w it h t h e G o v e r n m e n t ’s
p o l ic i e s .
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c o m m i s s i o n w it h t h a t o f o t h e r r e p r e s e n t a t iv e s o f t h e U n it e d S t a t e s w h o w ill
b e s e n t t o E u r o p e t o t a k e u p q u e s t i o n s r e la t in g t o f o o d d i s t r i b u t i o n a n d
s im ila r p r o b l e m s .
T e n t a t i v e p la n s f o r d e a l i n g w it h t h o c h a o t i c f o r e i g n e x c h a n g e s i t u a t io n
t h r o u g h t h is c o m m i s s i o n a r e b e l ie v e d p a r t l y r e s p o n s i b le f o r t h e T r e a s u r y ’ s
r e lu c t a n c e t o a p p r o v e a t t h i s t im e t h e o r g a n i z a t io n o f a G o v e r n m e n t fo r e i g n
" e x c h a n g e , p r o p o s e d in a b i ll p o n d in g in C o n g r e s s .
A ft e r e x te n s iv e s t u d y
o f e x c h a n g e r a t e s a n d i n flu e n c e s a f f e c t i n g t h e m b y e x p e r t s o f t h e T r e a s u r y ,
F e d e r a l R e s e r v e B o a r d a n d W a r T r a d e B o a r d , a n o w p o l i c y o f r e m o v in g
THE CHRONICLE
24
d r a s t i c e m b a r g o e s o n c e r t a in e x p o r t s a n d I m p o r t s h a s b e e n f o r m u l a t e d .
T h i s w il l b o p u t i n t o e f f e c t g r a d u a ll y In t h e l ig h t o f i n f o r m a t i o n a n d a d v i c e
t o b e f u r n is h e d b y M r . C r o s b y ’s c o m m i s s i o n .
I n g e n e r a l , t h is n e w p l a n p r o v i d e s f o r p e r m it t i n g t h o e x p o r t o f m a n u f a c
t u r e d p r o d u c t s r e g a r d e d a s s o m e w h a t n o n - e s s e n t ia l, s u c h a s
je w e lr y
o p t i c a l g la s s a n d m u s ic a l in s t r u m e n t s .
T h e s e p r o d u c t s , i f s e n t t o c o u n t r ie s
e x p o r t i n g q u a n t it i e s o f m a t e r ia ls t o t h o U n it e d S t a t e s , w o u ld s e r v o a s
e ffe c t u a lly a s a c tu a l m o n e y t o p re s e rv e e x c h a n g e ra te s a t p a r , o ffic ia ls s a y ,
w i t h o u t r e s o r t t o t e m p o r a r y e x p e d i e n t s f o r m a i n t a in in g d o l la r e x c h a n g e .
JOINT CONTROL OF SECURITIES ISSUES BY C AN A
D I A N A N D U. S. CAPITAL ISSUES COMMITTEES.
I t w a s m a d e k n o w n a t W a s h in g t o n o n J u n o 2 9
th a t a
re c ip r o c a l a g r e e m e n t w a s a b o u t to b e e n te re d in to b y th e
C a p it a l Issu e s C o m m itt e e a n d S ir T h o m a s W h i t o , C a n a d ia n
M in is t e r o f F in a n c e , fo r th o j o in t c o n tr o l o f th e sa le o f
p u b lic o r p riv a to secu ritie s o f o n e c o u n tr y to th o o th e r .
It
w a s s ta te d t h a t th e first tr a n sa c tio n u n d e r th e a g r e e m e n t,
now
t e n t a t iv e ,
C o m m it t e e
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$ 5 , 0 0 0 ,0 0 0
6%
e q u ip m e n t tr u s t c e rtific a te s o f th e Im p e r ia l R o llin g S to c k
C o m p a n y o f C a n a d a , to b o flo a t e d m a in ly in th is c o u n tr y ,
to
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p r e v io u s ly h a d b e e n sa n c tio n e d b y S ir T h o m a s W h i t e , w h o
exercises th e s a m e c o n tr o l o v e r th o c a p ita l issu es in C a n a d a
th a t th e C a p it a l Issu e s C o m m itt e e d o e s in th o U n it e d S ta t e s .
A n a n n o u n c e m e n t a t W a s h in g t o n sa id :
U n d e r t h o p r o p o s e d a g r e e m e n t , b o t h a g e n c ie s w ill u n d e r t a k e t o o b t a i n
a s su ra n ce s f r o m th o In v e s tm e n t h o u s e s a n d b ro k e rs h i th e ir r e s p e c t iv e
ju r i s d i c t i o n s t h a t n o s e c u r it ie s w ill b e s o l d o r o f f e r e d f o r s a le a c r o s s t h o
b o u n d a r y w i t h o u t f ir s t o b t a i n i n g t h o a p p r o v a l o f t h o c o n t r o l l i n g a u t h o r i t y
I n t h o j u r i s d i c t i o n w h e r e t h o s e c u r it ie s a r e t o b o s o l d .
I t is p o in te d o u t th a t o n e re a so n p r o m p tin g th e C a p it a l
Is s u e s C o m m it t e e to a p p r o v e C a n a d ia n se cu ritie s
at
th is
tim e is th o b e n e fic ia l e ffe c t o n th e C a n a d ia n e x c h a n g e r a te s .
RULES A N D REGULATIONS A N D GENERAL POLICIES
OF CAPITAL ISSUES COMMITTEE.
I n th o first so t o f ru les a n d r e g u la tio n s to b o p ro m u lg a te d
by
th o C a p it a l Issu e s C o m m itt e o c r e a te d u n d e r th e W a r
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C o r p o r a tio n A c t
o f A p r il 5 ,
th o
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o u tlin in g its go n e ra l p olicies sta te s t h a t it w ill e n d e a v o r n o t
o n ly to re str ic t th o u se o f c a p ita l fo r n o n -o sso n tia l p u rp o s e s ,
b u t a lso to e n c o u ra g e its u se fo r e sse n tia l p u rp o se s.
The
c o m m it te o n o te s th a t:
T h o r e a s o n s f o r c o n s e r v in g c a p i t a l f o r w a r p u r p o s e s a p p l y a l w a y s ,
w h e t h e r t h o a m o u n t s i n v o l v e d a r e la r g o o r s m a l l, a n d w h ile i t is w h o ll y
I m p r a c t i c a b l e f o r a n y G o v e r n m e n t a l a g e n c y t o p a s s u p o n a ll is s u e s o f
s e c u r it i e s s e p a r a t e l y t h o p r in c ip le s i n v o l v e d a f f e c t a ll a lik o .
P a tr io t ic
c it i z e n s s h o u l d n o t p e r m it c a p i t a l u n d e r t h e i r c o n t r o l t o b o w a s t e d , o r u s e d
f o r a n y p u r p o s e s n o t c o n t r i b u t o r y t o t h o p r o s e c u t io n o f t h o w a r , n o m a t t e r
h o w s m a ll t h o a m o u n t , a n d t h e y s h o u l d b o e v e n m o r o d i li g e n t w h e n t h e y
m u s t d e c i d e f o r t h e m s e lv e s w i t h o u t t h e b e n e f i t o f s p e c i f i c a d v i c e f r o m t h e
G ov e rn m e n t.
I n s ta tin g t h a t th e re is n o d is tin c tio n b e tw e e n “ p u b lic ”
issu es a n d “ p r iv a to ” issu e s, th o c o m m it te e a d d s t h a t “ tv h en o v e r se cu ritie s or shares o f a n y k in d aro issu o d to o b ta in
fre sh c a p ita l, th e tr a n sa c tio n c o m e s w ith in th o p ro v in c e o f
th o c o m m it t e e .
.
.
. T h e a p p r o v a l o f th o c o m m itte o is
re q u ire d re g a rd in g a ll issues s o ld , o ffe r e d fo r sale or s u b
s c r ip tio n , in oxcess o f 8 1 0 0 ,0 0 0 , re g ard le ss o f Avhether th o
tr a n s a c tio n is p u b lic o r a m o n g in d iv id u a ls p r iv a t e ly .”
As
to m u n ic ip a l e x p e n d itu re s, th e c o m m it te o s a y s in p a r t:
T h e r e a r o c e r t a in c la s s e s o f m u n i c ip a l i m p r o v e m e n t s a n d e x p e n d it u r e s
w h ic h s h o u l d w h o l l y c e a s e , s u c h a s p a r k s a n d b e t t e r m e n t s s o l e l y d e s ig n e d
fo r p u rp o se s o f a p p ca ra n co o r a rc h ite c tu r e .
A l l o t h e r s s h o u l d b e c u r t a il e d
a n d p o s t p o n e d u n t il a f t e r t h o w a r w h o n o v e r p o s s i b lo .
T h i s a p p lie s t o
p u b l i c b u ild in g s , h o s p i t a l s , s t r e e t a n d r o a d c o a s t r u c t i o n , w a t e r w o r k s e x
t e n s i o n s , s e w e r a g e a n d d r a ln a g o I m p r o v e m e n t s , s i d e w a l k s , & c .
O r d in a r i l y
o n l y a s m a ll p o r t i o n o f t h o I m p r o v e m e n t s p l a n n e d b y a m u n i c i p a l i t y a r o
o f s u c h a c h a r a c t e r t h a t t h e y c a n n o t b o p o s t p o n e d f o r a p e r i o d w it h o u t
e n d a n g e r in g t h o h e a l t h o r w e lfa r e o f t h o c o m m u n i t y .
F o r o x a m p l o , it is s a i d t h a t n o s c h o o l h o u s e s h a v e b e e n b u i l t in E n g la n d
s i n c e t h o w a r e x c e p t in m u n i t io n c e n t r e s , w h e r e t e m p o r a r y a n d i n e x p e n s i v e
s tru ctu re s h a v o b e e n e r e c te d .
I n t h is c o u n t r y , i f s u c h a d d it i o n a l fa c il i t i e s
a r o n e c e s s a r y , s u c h te m p o r a r y s tr u c tu re s s h o u ld b e r e s o r te d t o .w h e n e v e r
p o s s i b lo .
The circular detailing tho policies of tho committeo and
setting out tho rules and regulations which aro to apply,
is given in full hereAvith:
CAPITAL ISSUES COMMITTEE.
A V a s h in g to n .
[ C r e a t e d b y A c t o f C o n g r e s s K n o w n a s t h o AVar F i n a n c o C o r p o r a t i o n A c t ,
A p p r o v e d A p r i l 5 1 9 1 8 .]
[V o l . 107.
p o r a t i o n o r a s s o c ia t i o n w i t h o u t n o m i n a l o r f a c o v a l u o a r o d e e m e d t o b o
o f th o f a c o v a lu o o f $ 1 0 0 e a ch .
A n y s e c u r it ie s w h ic h u p o n A p r i l 5 1 9 1 8 , w e r e in t h o p o s s e s s io n o r c o n t r o l
o f t h o c o r p o r a t i o n , a s s o c ia t i o n , o r o b l i g o r is s u in g t h e s a m o , s h a ll b e d e e m e d
t o h a v e b e e n is s u e d a f t e r t h a t d a t o .
T h e t e r m “ s e c u r it i e s ” a s u s e d h e r e in in c lu d e s s t o c k , s h a r e s o f s t o c k ,
b o n d s , d e b e n tu re s , n o t e s , c e r tific a t e s o f in d e b te d n e s s , a n d o th e r o b lig a
t io n s .
T h e C o m m i t t e e is n o t a u t h o r i z e d t o p a s s u p o n (1 ) a n y b o r r o w i n g b y a n y
p e r s o n , f i r m , c o r p o r a t i o n , o r a s s o c ia t i o n , in t h o o r d i n a r y c o u r s e i f b u s in e s s
a s d is t in g u is h e d f r o m b o r r o w i n g f o r c a p i t a l p u r p o s e s ; ( 2 ) ) t h o r e n e w in g
o r r e fu n d i n g o f i n d e b t e d n e s s e x i s t i n g u p o n A p r i l 5 1 9 1 8 ; (3 ) t h e r e s a lo o f
a n y s e c u r it i e s , t h e s a le o r o f f e r i n g o f w h ic h t h o C o m m i t t e o h a s d e t e r m in e d
t o b e c o m p a t i b l e w it h t h e n a t i o n a l in t e r e s t ; ( 4 ) a n d s e c u r it ie s is s u e d b y a n y
r a ilr o a d c o r p o r a t i o n , t h o p r o p e r t y o f w h ic h m a y b e in t h o p o s s e s s io n a n d
c o n t r o l o f t h o P r e s id e n t o f t h o U n it e d S t a t e s : o r ( 5 ) a n y b o n d s is s u e d b y
t h e AVar F i n a n c o C o r p o r a t i o n .
N o t h i n g d o n o o r o m i t t e d b y t h o C o m m i t t e o u n d e r t h o A c t s h a ll b o c o n
s t r u e d a s c a r r y in g t h e a p p r o v a l o f t h o C o m m i t t e o o r o f t h o U n it e d S t a t e s
o f t h o l e g a l i t y , v a l i d i t y , w o r t h , o r s e c u r it y o f a n y s e c u r it ie s .
2 . Object of the Committee.— T h o o b j e c t o f t h o c r e a t io n o f t h o C o m m i t t e e
is t o a s s is t in t h e c o n s e r v a t i o n o f f in a n c ia l r e s o u r c e s , l a b o r , a n d m a t e r ia l ,
s o t h a t t h e y m a y b o a v a i l a b l e f o r u se s e s s e n t ia l t o t h o p r o s e c u t io n o f t h o
w ar.
T h e n e c e s s it y o f s u c h c o n s e r v a t i o n h a s o f t o n b e e n m a d o k n o w n a n d t h o
G o v e r n m e n t h a s a d o p t e d v a r i o u s m e t h o d s o f a c c o m p li s h i n g I t , o n e o f t h o
m o s t i m p o r t a n t o f w h fc h is t h r o u g h t h o r e g u l a t io n o f t h o is s u o o f s e c u r i
t ie s .
I n o r d e r t h a t t h is m e t h o d m a y b o p u r s u e d w i t h d u o r e g a r d t o t h o
r e q u ir e m e n t s o f t h e N a t io n a l G o v e r n m e n t , a s w e ll a s t o p r i v a t o i n t e r e s t s ,
C o n g r e ss h a s c r e a te d th e " C a p it a l Issu es C o m m it t e o .”
In ord er to p er
f o r m i t s d u t ie s a n d f u lf i ll it s r e s p o n s ib ilit ie s in t h e fa ir e s t a n d m o s t c f f e c t l v o
m a n n e r , t h o C o m m i t t e o lia s p r e s c r ib e d t h e s o r u le s a n d r e g u l a t io n s , n o t
o n l y e s t a b lis h in g f o r m s f o r p r o c e d u r e , b u t a ls o d e f in in g g e n e r a l p r in c ip le s
o f c o n s t r u c t i o n a n d p o l i c y w h i c h i t w ill a p p l y e q u a ll y a n d u n i f o r m l y
t h r o u g h o u t t h o U n it e d S t a t e s .
3 . Interpretation of the Act.— T h o p r o v i s io n s o f t h o A c t a p p l y i n g t o t h o
C o m m i t t e o w ill b o i n t e r p r e t e d b y i t in a m a n n e r t o e n a b le t h o C o m m i t t e o
t o p e r f o r m it s d u t i e s in a b r o a d a n d c o m p r e h e n s i v e m a n n e r , in a c c o r d a n c o
w it h t h e i n t e n t o f C o n g r e s s .
T h e s e p r o v i s io n s m a y b o c o n s i d e r e d w it h
r e s p e c t t o ( a ) t h e c la s s e s o f s e c u r it ie s (6 ) t h o c la s s e s o f p e r s o n s a n d c o r
p o r a t i o n s is s u in g s e c u r it ie s , a n d (c ) t h o c la s s e s o f fin a n c ia l t r a n s a c t io n s
i n v o l v e d in t h o is su o o f s e c u r it ie s , w h ic h c o m e w it h i n t h o s c o p e o f t h o A c t .
W i t h r e g a r d t o ( a ) , t h e d e s c r ip t i o n o f s e c u r it i e s is t h o b r o a d e s t p o s s i b lo ,
a n d i n c lu d e s e v e r y c la s s o f s e c u r it ie s t h a t c a n lie is s u e d a n d s o l d o r o f f e r e d
f o r s a lo o r s u b s c r ip t i o n , w h e t h e r t h o is su o is m a d o b y a n e x i s t i n g c o r p o r a
t io n o r o t h e r is s u in g p r i n c ip a l o r b y o n e o r g a n i z e d o r c r e a t e d a f t e r t h o
p a ssa g e o f th o A c t .
T h o f o r m o r le n g t h o f t im e f o r w h ic h n o t e s o r o t h o r
s e c u r it ie s a r e t o r u n is n o t a n y c r it e r i o n .
O r ig in a l issu es, o f s t o c k a n d s e
c u r it ie s a r o i n c lu d e d a s w e ll a s a ll in c r e a s e s t h e r e o f .
AVith r e g a r d t o ( 6 ) , t h o A c t a p p li e s t o e v e r y c la s s o f p e r s o n , a s s o c ia t i o n ,
a n d c o r p o r a t i o n w h ic h c a n is s u e s e c u r it i e s , w h e t h e r n o w e x i s t i n g o r h e r e
a fte r cr e a te d o r o rg a n iz e d .
AV ith r e g a r d t o ( c ) , t h e r o a r o s e v e r a l c la s s e s o f f in a n c ia l t r a n s a c t io n s
w h ic h d o n o t c o m o w it h i n t h o p r o v i n c o o f t h o C o m m i t t e e , t o w it :
( 1 ) B o r r o w in g in t h o o r d i n a r y c o u r s o o f b u s in e s s , a s d i s t in g u is h e d f r o m
b o r r o w in g fo r c a p ita l p u rp o s e s ;
(2 ) R e n e w i n g o r r e fu n d i n g in d e b t e d n e s s e x i s t i n g o n A p r i l 5 1 9 1 8 ; a n d
(3 ) T h e s a lo o f s e c u r it ie s u p t o b u t n o t e x c e e d i n g $ 1 0 0 ,0 0 0 in a m o u n t
s in c o A p ril 5 191 8.
I n c o n s t r u in g t h e s o e x c e p t i o n s , t h o n a t u r e o f t h o t r a n s a c t io n a n d n o t t h o
f o r m o f s e c u r it y is t o g o v e r n .
B o r r o w in g in t h e o r d i n a r y c o u r s o o f b u s in e s s is u s u a l l y d o n o f o r s e a s o n a l
r e q u i r e m e n t s , t h r o u g h b a n k lo a n s , a d v a n c e s , o r t h r o u g h t h o is s u e o f s h o r t
t im e n o t e s , b u t b o r r o w i n g m a y b o d o n o in t h o s a m o m a n n e r f o r c a p i t a l
p u r p o s e s , a n d in s u c h c a s e s b a n k l o a n s , a d v a n c e s , o r s h o r t - t i m o n o t e s c o m o
w it h i n t h o p r o v i n c o o f t h o C o m m i t t e e .
A s t o s e c u r it ie s is s u e d t o r e fu n d o r r e n e w in d e b t e d n e s s e x is t in g o n
A p r i l 5 1 9 1 8 , t h o C o m m i t t e e c o n s t r u e s t h o A c t t o m e a n t h a t in
t h o o p i n i o n o f C o n g r e s s , t h o is s u o o f s u c h s e c u r it ie s is c o m p a t i b l e w it h
t h o n a t i o n a l in t e r e s t , a n d t h a t t h o C o m m i t t e o is n o t t o p a s s u p o n t h o
s a m o f o r t h o p u r p o s o o f d e t e r m in i n g t h a t f a c t .
B u t b e fo re a n y s u ch
is s u o is m a d e , a p p l i c a t i o n s h o u l d b e m a d o t o t h o C o m m i t t e o s t a t in g
t h o a m o u n t o f t h o in d e b t e d n e s s e x i s t i n g o n t h o s a id d a t o , a n d t h o a m o u n t
o f s e c u r it ie s n e c e s s a r y t o r e n e w o r r o fu n d t h e s a m e .
T h o C o m m itte o
b e in g s a t i s f i e d o n t h e s o t w o p o i n t s w ill p a s s t h o Issu o a s a m a t t e r o f
cou rse.
T h is p r o c e d u r e is d e s ig n e d t o g i v o r e fu n d i n g s e c u r it ie s t h o o f f i
c ia l s a n c t i o n t o w h ic h t h e y a r o e n t i t l e d , a n d t o s a v e i n v e s t o r s d e s ir in g t o
p u r c h a s o t h e m f r o m t h o b u r d e n o f m a k i n g u n n e c e s s a r y i n v e s t ig a t i o n .
I t is n o t I n t e n d e d t o e x t e n d t h o ju r i s d i c t i o n o f t h o C o m m i t t e o b e y o n d t h o
l im it s d e f in e d b y t h o A c t .
T h o f in d in g g i v e n b y t h o C o m m i t t e o o n r e
f u n d i n g is s u e s , f o r t h o s a k o o f c o n v e n i e n c e , w ill b o in t h o s a m e f o r m a s u s e d
f o r o t h e r is su e s ( s c o P a r a g r a p h 21 h e r e o f ) , u n le s s s o r n o d i ff e r e n t f o r m is
r e q u e s te d b y th e a p p lic a n t .
I t w il l b o u n d e r s t o o d , h o w e v e r , t h a t t h o
e x p r e s s io n t h a t s u c h is su e s a r o n o t i n c o m p a t ib l e w it l i t h o n a t i o n a l I n t e r e s t ,
is m a d o b y t h o C o m m i t t e o in e x e c u t i o n o f t h o C o n g r e s s i o n a l i n t e n t , a n d
is n o t a n in d e p e n d e n t d e t e r m in a t i o n o f t h o C o m m i t t e o In e x c e s s o f it s
a u th o r ity .
AV ith r e s p e c t t o t h o l im i t a t io n o f $ 1 0 0 ,0 0 0 , it is t o b o o b s e r v e d t h a t a f t e r
a n is s u in g p r i n c ip a l h a s I s s u e d s e c u r it ie s o f a ll c la s s e s o f a m o u n t i n g t o
$ 1 0 0 ,0 0 0 , s i n c o A p r i l 5 1 9 1 8 , a ll f u t u r e is su e s o f a n y a m o u n t c o m o w it h in
th o p r o v in c o o f th o C o m m itte o .
T h o C o m m itte o , h o w o v e r , d o e s n o t pass
u p o n I s s u e s o f $ 1 0 0 ,0 0 0 o r le s s , u n le s s a d i s t r i c t c o m m i t t e o f o r s p e c ia l
r e a s o n s s h a ll r e c o m m e n d a c t i o n b y t h o C o m m i t t e e .
In ca so a d is tric t
c o m m i t t e e s h o u l d fe e l t h a t a n is s u in g p r in c ip a l is r e s o r t i n g t o s u c c e s s iv e
s m a ll is su e s f o r t h o p u r p o s o o f o v a d i n g t h o s p ir it o f t h o A c t , t h o in a t t o r
s h o u ld b o b r o u g h t t o th o a t t e n t io n o f th o C o m m it te o .
I t s h o u l d b o r e m e m b e r e d , h o w o v e r , t h a t t h o r e a s o n s f o r c o n s e r v in g
ca p ita l fo r w a r p u rp o s e s a p p ly a lw a y s , w h e th e r th o a m o u n ts in v o lv e d aro
l a r g o o r s m a ll, a n d w h ilo i t is w h o ll y i m p r a c t i c a b l e f o r a n y G o v e r n m e n t a l
a g e n c y t o p a s s u p o n a ll is su e s o f s e c u r it ie s s e p a r a t e l y , t h o p r in c ip le s i n v o l v e d
a f f e c t a ll a lik o .
Patriotic citizens should not permit capital tinder their
control to be wasted or used for any purpose not contributory to the prosecution of
he war, no matter how small the amount, and they should be even more diligent
Rules and R egulations
\AU communications intended for the Committee must be addressed to when they must decide for themselves without the benefit of specific advice from
he Government,
“ Capital Issues Committee, National Metropolitan Dank Building, Washing
4.
States and Subdiatsions Thereof.— I n d e f in in g t h o is su e s o f s e c u r it ie s
ton, D . C."]
w
1.
The Act.— T h o AVar F i n a n c e C o r p o r a t i o n A c t a u t h o r i z e s t h e C a p it a l h ic h t h o C o m m i t t e o w a s a u t h o r i z e d t o i n v e s t ig a t o a n d p a s s u p o n . C o n
I s s u e s C o m m i t t e e , u n d e r r u le s a n d r e g u l a t io n s t o b o p r e s c r ib e d b y It f r o m
t i m e t o t i m e , t o i n v e s t ig a t e , p a s s u p o n , a n d d e t e r m in e w h e t h e r i t is c o m
p a t i b l e w it h t h o n a t i o n a l i n t e r e s t t h a t t h e r e s h o u l d b o s o l d o r o f f e r e d f o r
s a le o r f o r s u b s c r ip t i o n a n y is s u o , o r a n y p a r t o f a n y Is s u o , o f s e c u r it ie s
I s s u e d a f t e r A p r i l 5 1 9 1 8 , b y a n y p e r s o n , f i r m , c o r p o r a t i o n , o r a s s o c ia t i o n ,
t h o t o t a l o r a g g r e g a t e p a r o r f a c e v a l u o o f w h ic h is su o a n d a n y o t h e r s e
c u r it i e s i s s u e d b y t h o s a m e p e r s o n , f i r m , c o r p o r a t i o n , o r a s s o c ia t i o n , s in c e
t h o s a i d d a t e m a y b o In e x c e s s o f $ 1 0 0 ,0 0 0 .
S h a res o f s t o c k o f a n y c o r
g r e s s d i d n o t in e x p r e s s t e r m s r e fe r t o S t a t e s , c o u n t i e s , o r m u n i c ip a li t ie s .
T h e r e a s o n f o r t h i s o m is s i o n Is p r e s u m e d t o b o b e c a u s e C o n g r e s s d i d n o t
w is h o v e n i n d i r e c t l y t o a p p e a r t o r c g u l a t o t h o a f fa ir s o f t h o s o v e r e ig n
S ta te s.
O n th e o th e r h a n d . C o n g re ss d id n o t fo r b id th o C o m m it te o t o
p a s s u p o n s u c h is s u e s , a n d i t is s o o b v i o u s t h a t t h o p u r p o s o a n d o b j e c t o f
t h e A c t o f C o n g r e s s w ill n o t b o e f f e c t i v e t o a v e r y la r g o e x t e n t u n le s s t h o
C o m m i t t e o d o e s s o , t h o C o m m i t t e o w ill e n t e r t a in a n d a c t u p o n t h o a p p li
c a t io n s o f S t a t e s a n d a ll s u b d i v i s io n s .
July 6 1918.]
THE CHRONICLE
With respect to the position o f the States and subdivisions, the Com
mittee, for convenience, repeats the views it has expressed in response to
many official inquiries, as follows:
Tho purpose o f the Act of Congress is clear— to conserve national re
sources. Its appeal is addressed to all patriotic citizens, in whatever ca
pacity they may bo acting. All are expected to co-operato in giving effect
to tho Act “ for the purpose o f assisting in the prosecution of the war.”
The same reasons and tho same inducements applicable to the officers of
private corporations and to individuals in their private capacity apply
with oven greater force to the officers of States, counties, and municipali
ties, and they should be tho leaders in tho national effort to conserve re
sources. Every issue o f bonds and securities o f States and all subdivisions
should bo submitted to the Committee before being sold or offered for
sale.
General Policies.
5. War Work.— With regard to issues for the purpose o f aiding war
operations, war contracts, production of war materials, or intended to assist
the National Government in tho prosecution o f tho war, th e.Committee
will feel free to consult and avail itself o f the advice o f tho departments
or officers of tho National Government having knowledge o f tho require
ments, conditions, or facts affecting the Government. The Committee
will endeavor not only to restrict tho use of capital for non-essontial pur
poses, but also to encourage its use for essential purposes.
6. Issues of Shares for Properly.— Tho issue of securities in exchange for
property or for other shares, may or may not constitute a sale or offer of
such securities within the meaning o f tho Act. N o general rulo can bo
laid down and each case must bo considered by tho Committeo separately.
Applications for such issues should bo made in the usual manner.
7. Stock Dividends.— Tho issue o f shares through a stock dividend should
bo made only from bona fide surplus earnings or profits to present
shareholders, without payment by them, and must not require the uso of
additional capital. All such issues should bo submitted to tho Committee
by applications in tho usual manner.
8. Private Issues.— There is no distinction between “ public” issues and
“ private” issues. Whenovor securities or shares o f any kind aro issued
to obtain fresh capital, tho transaction comes within tho province of tho
Committee. It is not important whether the fresh capital is obtainod
from the public, or from any portion of it— that is, from private individuals.
The approval o f the Committee is required regarding all issues sold, offered
for sale or for subscription, in excess o f $100,000, regardless o f whether the
transaction is public or among individuals privately.
9. Merits.— The Committeo will not express any opinion upon tho intransic merits of securities to bo offerod for sale. It is authorized to ex
amine into two questions:
(1) Whether tho Issuo is timely with respect to the financial operations
to bo undertaken by the Government from time to time, and
(2) Whether tho objects for which the funds aro to bo ralsod aro com
patible with tho national interest.
Intending purchasers o f securities which have been passod by the Com
mittee must thoroughly understand and appreciate tho above statement.
Tho fact that securities have been passed is no criterion whatever as to
their vaiuo or standing as an investment in any respect. Tho favorable
action o f tho Committeo is not even amy criterion as to tho merits of an
Issue in a national or patriotic sense. In some cases tho Committeo feels
obliged to pass issues on account o f local or special circumstances, when
it would not do so if such reasons did not exist. While it will, o f course,
result that patriotic citizens will purchase only securities that have been
passod by the Committee, nevertheless tho decision whether to make any
such purebaso must bo mado by tho purchaser without being influenced
in any manner by tho favorable acction of the Committeo.
10. Roads.— It is recommended that all State authorities (including
counties, districts, commissions, and municipalities, shall undertake
only such paving and other road improvement work as may be actually
necessary to be undertaken at this time, thereby avoiding tho use of men
and money needed for tho service o f tho National Government. • In ordor
to Justify tho construction of roads, either military necessity or unusual
economic necessity must be clearly proved.
11. Municipal Expenditures.—Tho amount o f capital invostod in munici
pal bonds ovory year is very large, and if this amount, or a substantial
portion thereof, could be saved, the funds o f investors and savings banks
would be available in corresponding amounts for tho use o f the National
Government. There aro certain classes o f municipal improvements and
expenditures which should wholly cease, such as parks and betterments
solely designed for purposes o f appearance or architecture. All others
should bo curtailed and postponed until after tho war whenever possible.
This appllos to public buildings, hospitals, street and road construction,
waterworks extensions, sewerage and drainage improvements, sidewalks,
&c. Ordinarily only a small proportion o f tho improvements planned by a
municipality aro o f such a character that they can not be postponed for a
period without endangering tho health or welfare o f the community.
For example, it is said that no schoolhousos have been built in England
slnco the war excopt in munition centres, where temporary and inexpen
sive structures have been erected. In this country, if such additional
facilities are necessary, such temporary structures should be resorted to
whenovor possible.
Tho fact that tho expense is to bo repaid wholly or in part by special
assessments does not make any difference.
Tho fact that there appears to bo labor available is not a true criterion,
bccauso war industries in many parts o f tho country aro in such need of
labor that labor organizations aro making comprehensive efforts to trans
port surplus labor wherever most needed.
12. Elections Authorizing Issues.— In cases whero tho opinion of the
Committeo is desired before the proceedings authorizing the issuo have
been completed, caution will bo exercised so that tho action o f tho Com
mittee can not bo used to influence tho decision as to tho issuo. Whenever
tho decision of tho Committee can bo postponed until after tho completion
of such proceedings, without involving unduo delay, oxpenso, or hardshlpl
it will bo tho policy of tho Committee to do so. This is especially truo in
cases o f popular elections bccauso tho limited scope o f tho Committee’s
action cannot be Justly appreciated by oloctors and it might influence
their vote.
In cases, howover, whore the Committee is clear that its opinion would
bo unfavorable, it is not improper that suggestion to that effect should bo
made in order to save tho oxpenso o f calling and holding a popular election.
Instructions to Applicants.
13. Applications.— Applications respecting tho proposed issue or offering
of any securities shall bo executed in triplicate, tho original and one copy
transmitted to tho Capital Issues Committee, National Metropolitan
Bank Building, Washington, D . O ., and tho other copy to tho district
committoe in caro of the Federal Rsorvo Bank in tho district o f tho appli
cant.
Tho Committeo has prepared a form o f application and all applicants are
urgod to obtain such forms from tho Committeo or a district committeo,
and mako their applications on thorn. In addition the applicant must
provido all the information which will enablo the Committeo to perform
25
it s d u t i e s w i t h a f u l l k n o w l e d g e o f a ll c ir c u m s t a n c e s
p r o p r ia te th e r e to .
and
c o n d it io n s a p
T h e fo llo w in g s u g g e s tio n s a r e m a d e w it h re g a rd t o a p p lic a t io n s , a n d
t h e a d d it i o n a l i n f o r m a t i o n r e q u i r e d :
(a)
T h o p u rp ose o f th o p r o p o se d
d e s c r ib e d .
i s s u e s h a ll b e f u l l y
and
a c c u r a t e ly
(&) I f t h e p u r p o s e o f t h e is s u o is t o r e n e w o r r e f u n d i n d e b t e d n e s s c r e a t e d
b e f o r e A p r i l 5 1 9 1 8 , d e s c r ib e f u l l y t h e n a t u r e a n d c h a r a c t e r o f s u c h in
d e b t e d n e s s a n d t h e t i m e o r t im e s a n d t h e g e n e r a l p u r p o s e s f o r w h i c h i t
w a s in c u r re d .
(c ) I f t h e is s u e is t o b o c r e a t e d w h o l l y o r p a r t l y f o r w a r p u r p o s e s , o r t o
r a is o c a p i t a l o r s e c u r e a d v a n c e s In c o n n e c t i o n w it h w a r c o n t r a c t s o r w a r
s u p p l i e s , o r t o p r o v i d e e q u i p m e n t , b u i l d in g s , m a t e r ia l s , o r f a c i l i t i e s o f a n y
k i n d f o r w a r w o r k , f u l l d e t a i ls t h e r e o f , a n d o f t h e k i n d s a n d in g e n e r a l
t h e q u a n t i t y o f s u p p l i e s o r m a t e r ia ls t o b e f u r m i s h e d , a n d t h e a m o u n t s
n e e d e d t h e r e fo r , s h o u l d b e s t a t e d a s w e ll a s t h e p r o p o r t i o n w h ic h s u c h w a r
w o r k b e a r s t o t h e t o t a l b u s in e s s o f t h e a p p li c a n t .
W h ere a n y w ar pu rpose
e x is t s , m e n t io n s h o u l d b e m a d o o f t h e c o n t r o l l i n g G o v e r n m e n t a l a u t h o r i t ie s
a t W a s h i n g t o n a n d e ls e w h e r e in o r d e r t h a t t h e C o m m i t t e e m a y o b t a i n
f r o m s u c h a u t h o r i t ie s a n y f u r t h e r i n f o r m a t i o n i t m a y d e s i r e .
(d ) I f t h e is s u e is d e e m e d n e c e s s a r y b y r e a s o n o f a n y G o v e r n m e n t a l
r e q u i r e m e n t , n a t i o n a l . S t a t e , o r m u n i c ip a l, o r o n a c c o u n t o f t h e r e q u i r e
m e n t o f a n y c o m m is s io n o r o t h e r a u t h o r it y , th e a p p lic a t io n s h o u ld g iv e
c o m p l e t e d e t a i ls .
(e) I f t h e is s u e is d e e m e d n e c e s s a r y f o r p u b l i c h e a l t h o r f o r e d u c a t i o n a l
o r r o a d p u r p o s e s o r o t h e r p u b l i c n e c e s s it y , t h e a p p l i c a t i o n s h o u l d d e s c r ib e
t h e s a m e in f u l l .
•
( / ) I f t h e is s u e is d e s i r e d f o r p r i v a t e p u r p o s e s a n d n o p u b l i c n e c e s s i t y o r
r e q u i r e m e n t e x is t s , v e r y c o m p l e t e e x p o s i t io n o f p u r p o s e a n d n e c e s s i t y
s h o u ld b e s t a t e d .
(g) T h e c o n s i d e r a t io n , s t a t in g a m o u n t a n d c h a r a c t e r , f o r w h i c h t h e
p r o p o s e d s e c u r it ie s a r e t o b e is s u e d , t h o p r i c e o f s a le , a n d t h e a m o u n t s
t o b o r e c e iv e d b y t h e a p p l i c a n t , s h o u l d b e s h o w n .
(h) In all cases, except for war work, explicit reasons must be given why the
proposed issue can not be postponed until after the war, or why the necessity
of the issue is greater than the paramount need of the National Government
to conserve the financial resources, materials, and labor of the country for the
prosecution of the war.
1 4 . Identification.— I t is n e c e s s a r y t o I d e n t i fy t h e is s u e s a c c u r a t e l y .
T h e f o l l o w i n g I n f o r m a t i o n m u s t b o fu r n is h e d :
With Regard to Proposed Issues of Bonds, Notes, Certificates of Indebtedness
and Other Securities.
(a )
N a m e o r d e s i g n a t i o n o f t h e p r o p o s e d is s u e , a m o u n t , d a t e o f is s u e ,
d a t e s o f m a t u r i t y , a n d r a t e o f in t e r e s t .
T h e s e r ia l n u m b e r s s h a ll b e g i v e n
w h e n e v e r p o s s i b le .
T h o s e r ia l n u m b e r s a r e n e c e s s a r y w h e n t h e p r o p o s e d
is s u o is p a r t o f a la r g e r a u t h o r i z e d a m o u n t , e i t h e r t h e n o u t s t a n d i n g o r
i s s u a b le In f u t u r e .
(&) A m o u n t o f t o t a l a u t h o r i z e d I ssu e o f w h ic h p r o p o s e d is s u e is p a r t .
(c ) A t t e s t e d c o p i e s o f t h e v o t e s , o r d i n a n c e s , o r r e s o l u t i o n s a u t h o r i z i n g
t h e p r o p o s e d is s u e .
(d ) I n c a s e t h e p r o p o s e d is s u e is t o b e m a d e u n d e r o r s e c u r e d b y a m o r t
g a g e , d e e d o f t r u s t . In d e n tu re , o r s im ila r in s tru m e n t, a t t e s t e d c o p y o f s u c h
in s tru m e n t.
(e) C e r t i f i e d c o p i e s o f t h e la s t b a l a n c e s h e e t o f a p p l i c a n t , i n c l u d i n g a
s t a t e m e n t o f b ills p a y a b l e a n d i n c o m e s t a t e m e n t f o r t h r e e y e a r s p a s t , i n
c lu d in g la s t p r e c e d i n g 1 2 m o n t h s .
(T h is d o e s n o t a p p ly t o S ta te s o r
m u n i c ip a li t ie s .)
With Regard to Proposed Issues of Shares of Stock.
(f) T o t a l c a p i t a li z a t i o n o f t h e c o r p o r a t i o n .
( g) C e r t i f i e d c o p i e s o f t h e la s t b a l a n c e s h e e t o f a p p l i c a n t , i n c l u d i n g a
s t a t e m e n t o f b ills p a y a b l e a n d i n c o m o j s t a t o m e n t f o r t h e la s t p r e c e d i n g 12
m on th s.
(h ) T o t a l a u t h o r i z e d is s u e o f s t o c k o f w h i c h p r o p o s e d is s u e is p a r t .
(i) N a m e s o r d e s i g n a t i o n a n d a m o u n t o f t h e p r o p o s e d is su e ; t h e m e t h o d
a n d d a t e s o f is s u e , s t a t in g w h e t h e r t h e i s s u e is t o b e m a d e b y o f f e r t o s h a r e
h o l d e r s , b y s a le , p u b l i c s u b s c r ip t i o n , o r o t h e r w i s e .
( j ) A t t e s t e d c o p i e s o f t h e v o t e s o r r e s o lu t i o n s a u t h o r i z i n g t h e p r o p o s e d
is s u e .
1 5 . Time of Application.— A p p l i c a t i o n s w it h r e s p e c t t o p r o p o s e d is s u e s
s h o u l d b o m a d e a s e a r l y a s p o s s i b le in o r d e r t o e n a b le t h e C o m m i t t e e t o
c o -o p e r a te m o s t e ffe c t iv e ly .
M u n i c ip a li t ie s s h o u l d f o r e c a s t e x p e n d it u r e s
f o r t h o y e a r , a n d a g r e e w it h t h e C o m m i t t e e u p o n n e c e s s a r y i t e m s w i t h o u t
w a it i n g u n t i l a n is s u e o f b o n d s is a b o u t t o b e a d v e r t i s e d o r s o l d .
T h is
p r o c e d u r e h a s a lr e a d y b e e n fo llo w e d in se v e ra l im p o r t a n t in s ta n c e s w it h
s a tis fa c tio n , b o t h t o t h e m u n ic ip a lit y a n d t o th e C o m m it t e e .
A program
o n c e d e c i d e d e n a b le s a g r e e d is s u e s o f b o n d s t o b e e x p e d i t e d w h e n r e a d y
f o r s a le .
District Committees and Auxiliary Committees.
1 6 . I n e a c h F e d e r a l R e s e r v e D i s t r i c t t h e r e s h a ll b e a d i s t r i c t c o m m i t t e e
o f t h e C a p it a l I s s u e s C o m m i t t e e , w it h h e a d q u a r t e r s a t t h e F e d e r a l R e s e r v e
B a n k o f th e d is tric t.
E a c h d i s t r i c t c o m m i t t e e s h a ll c o n s i s t o f t h e F e d e r a l R e s e r v e A g e n t a s
C h a ir m a n , t h o G o v e r n o r o f t h o F e d e r a l R e s e r v e B a n k a s V i c e - C h a i r m a n ,
a n d th re e o r m o r e o t h e r m e m b e r s c h o s e n b e c a u s e o f s p e cia l q u a lific a t io n s
t o a id t h o d i s t r i c t c o m m i t t e e i n i t s w o r k .
B a n k e r s a n d o t h e r s h a v i n g e x p e r i e n c e in m u n i c i p a l , m a n u f a c t u r i n g , o r
p u b l i c u t i li t ie s s e c u r it i e s m a y b e i n v i t e d t o b e c o m e a f f i l i a t e d w it h a d i s t r i c t
c o m m i t t e e a s a n a u x i l ia r y c o m m i t t e e , t h e m e m b e r s o f w h ic h , f r o m t im e
t o t i m e , a s t h e i r a d v i c e a n d e x p e r i e n c e m a y b e u s e fu l o r h e l p f u l, m a y b e
a s k e d t o j o i n i n I n v e s t ig a t in g a n d m a k i n g r e c o m m e n d a t i o n s r e g a r d i n g
s p e c i f i c a p p li c a t io n s .
N o m e m b e r o f a d i s t r i c t o r a u x i l ia r y c o m m i t t e e s h a ll in a n y m a n n e r ,
d i r e c t l y o r i n d i r e c t l y , p a r t i c i p a t e in t h e d e t e r m in a t i o n o f a n y q u e s t i o n
a f f e c t i n g h is p e r s o n a l I n t e r e s t s o r t h o I n t e r e s t o f a n y c o r p o r a t i o n , p a r t n e r
s h i p , o r a s s o c ia t i o n in w h i c h h e is d i r e c t l y o r I n d i r e c t l y i n t e r e s t e d .
1 7 . T h e d i s t r i c t c o m m i t t e e s u p o n r e c e ip t o f a p p li c a t io n s w ill e x a m i n e
t h e m in o r d e r t o d e t e r m in e w h e t h e r t h e n e c e s s a r y i n f o r m a t i o n h a s b e e n
f u r n is h e d b y t h e a p p l i c a n t in a c c o r d a n c e w i t h t h e s e r u le s a n d r e g u l a t i o n s ,
a n d w i t h o u t w a it i n g f o r t h e d i r e c t i o n o f t h e C o m m i t t e e w il l a d v i s e t h e
a p p li c a n t t o s u p p l y s u c h a d d it i o n a l i n f o r m a t i o n a s m a y a p p e a r t o b e
n e ce s s a ry o r d e s ira b le .
F r o m t im e t o t im e t h e C o m m i t t e e w ill a d v i s e t h e
d is t r ic t c o m m it t e e s w h e n t h o la tte r s h o u ld t a k e fu r th e r a c t io n u p o n s u c h
a p p li c a t io n s , a n d in a c c o r d a n c e w it h s u c h a d v i c e s t h e d i s t r i c t c o m m i t t e e s
w ill m a k o f u ll a n d c o m p l e t e i n v e s t ig a t i o n i n t o a ll m a t t e r s c o n n e c t e d w it h
t h o a p p li c a t io n a n d i n t o a ll c o n s i d e r a t io n s b e a r i n g t h e r e o n .
T h e d is tr ic t
c o m m i t t e e s w ill m a k e a n a n a ly s is o r s u m m a r y o f t h e a p p l i c a t i o n , v e r i f y
in g t h e d e t a i le d d e s c r i p t i o n o f t h e s e c u r it ie s t o b e is s u e d a n d e s p e c i a l l y
d e s c r ib in g t h e p u r p o s e o r o b j e c t o f t h e is s u e .
T h e d is t r ic t c o m m it t e e w ill
c o m p l e t e Its a n a ly s is w it h a r e c o m m e n d a t io n t o t h e C o m m i t t e e g i v i n g a n
a c c u r a t e a n d f u ll s t a t e m e n t o f it s r e a s o n s f o r s u c h r e c o m m e n d a t i o n , a n d
t h e d i s t r i c t c o m m i t t e e w ill t h e r e u p o n s e n d f o r w a r d t o t h o C o m m i t t e e i t s
a n a ly s i s , s u m m a r y , a n d r e c o m m e n d a t io n s , t o g e t h e r w it h a ll o r ig in a l d o c u
m e n t s , c e r t i f ic a t e s , a n d o t h e r p a p e r s n o t a l r e a d y f i l e d w it h t h e C o m m i t t e e .
1 8 . T h o a p p li c a n t s h a ll n o t b e i n fo r m e d o f t h e r e c o m m e n d a t io n s o f t h e
d i s t r i c t c o m m i t t e e u n le s s a n d u n t il s u c h r e c o m m e n d a t io n s s h a ll h a v e b e e n
[V o l . 107.
THE CHRONICLE
26
a d o p te d b y th e C o m m itte e .
T h e fin a l a c t i o n o f t h o C o m m i t t e e w ill in
ge n e ra l b e s e n t to th e d is tric t c o m m it t e e a n d th o a p p lic a n t a t th e s a m e t im e .
I n s p e c ia l c a s e s t h o C o m m i t t e e w ill C o m m u n ic a t e w it h t h e d i s t r i c t c o m m i t
t e e , r e q u e s t in g t h e l a t t e r t o i n fo r m t h e a p p li c a n t .
1 9 . D is t r ic t c o m m i t t e e s a r e r e q u e s t e d w h e n e v e r p o s s i b le t o d i s c o u r a g e
o r p o s t p o n e f o r t l i e j p e r i o d o f t h e w a r p r o p o s e d is su e s o f s e c u r it ie s a n d a ll
e x p e n d it u r e s ? ,f o r n o n - e s s e n t ia l p u r p o s e s , w h a t e v e r t h o a m o u n t .
I f th e y
a r e s u c c e s s fu l in d i s c o u r a g in g o r p o s t p o n i n g a n is su e o r e x p e n d it u r e , t h a t
f a c t s h a ll b e r e p o r t e d p r o m p t l y t o t h e C o m m i t t e e .
D is t r i c t c o m m i t t e e s
a r o a ls o c h a r g e d w it h t h e d u t y o f fu r t h e r i n g t h o p u b li c u n d e r s t a n d in g o f
t h o f u n c t io n s a n d p u r p o s e s o f t h o C o m m i t t e e in t h e ir d i s t r i c t s , e s p e c i a ll y
w it h b a n k e rs a n d p u b lic o ffic ia ls .
2 0 . C a s e s r e fe r r e d t o d i s t r i c t c o m m i t t e e s b y t h e C o m m i t t e e s h a ll e a c h
b e t h o s u b j e c t o f s e p a r a t e c o r r e s p o n d e n c e , in o r d e r t h a t o f f i c e file s m a y b e
k e p t in ta c t.
2 1 . F o r m o f fa v o r a b le o p in io n :
C A P IT A L
IS S U E S C O M M IT T E E .
W a s h in g to n .
I s s u e o f ___________________________________________________________________________________
[ H e r o f o ll o w s a n a c c u r a t e d e s c r ip t i o n o f t h o s e c u r it ie s p a s s e d u p o n .]
A f t e r d u e in v e s t ig a t i o n i n t o t h e p u r p o s e o f t h e is s u o a b o v e d e s c r ib e d , w e
h a v e d e t e r m in e d t h a t t h e s a le t h e r e o f Is n o t i n c o m p a t i b l e w it h t h e n a t io n a l
in te re s t.
T h i s f i n d i n g c o n s t it u t e s n o a p p r o v a l o f s u c h is s u o a s r e g a r d s it s l e g a lit y ,
v a l i d i t y , w o r t h , o r s e c u r it y in a n y r e s p e c t .
I n a n y p u b li c o f f e r o f t h o s a i d is su e f o r in v e s t m e n t b y a d v e r t is e m e n t
o r c ir c u l a r , a n d w h e n e v e r r e fe r e n c e is m a d e t o t h is f in d in g , it is r e q u e s t e d
t h a t t h o s t a t e m e n t q u o t e d b e l o w s h a ll b o i n c o r p o r a t e d in f u ll .
C A P IT A L IS S U E S C O M M IT T E E ,
B y .............. ................................................. ...............
Chairman.
“ P a s s e d b y t h o C a p it a l I s s u e s C o m m i t t e e a s n o t i n c o m p a t i b l e w it h t h e
n a t i o n a l i n t e r e s t , b u t w i t h o u t a p p r o v a l o f l e g a l it y , v a l i d i t y , w o r t h , o r
s e c u r it y .
O p in io n N o . ________________ ”
[Note.— T h is o p i n i o n c a n n o t b o g i v e n u n le s s a n a c c u r a t e a n d c o m p l c t o
d e s c r ip t i o n o f t h o s e c u r it ie s n e c e s s a r y f o r i d e n t if i c a t io n h a s b e e n fu r n is h e d ,
a s h e r e i n b e f o r o p r e s c r ib e d .
A p p li c a n t s w ill save delayihy c a r e fu ll y r e g a r d
i n g t h is r e q u i r e m e n t .]
2 2 . F o r m o f u n fa v o r a b le o p in io n :
C A P I T A L IS S U E S C O M M I T T E E .
W a s h in g to n .
R e f e r r in g t o t h o p r o p o s e d is s u o o f t h o f o l l o w i n g s e c u r it ie s , t o w i t : _________
[H e r e f o l l o w s a [ b r ie f d e s c r ip t i o n o f t h e s e c u r it ie s .]
I n a c c o r d a n c e w it h t h e a u t h o r i t y v e s t e d in j,th e C a p it a l I s s u e s C o m m i t t e o
b y A c t o f C o n g r e s s , a p p r o v e d A p r i l s 1 9 1 8 , t h is C o m m i t t e e h a s in v e s t i
g a t e d t h e p r o p o s e d is s u o o f s e c u r it ie s a b o v e m e n t io n e d a n d h a s d e t e r m in e d
t h a t t h o s a lo , o r o f f e r f o r s a le o r s u b s c r ip t i o n t h e r e o f a t t h is t im e , is n o t
c o m p a t i b l e w it h t h e n a t i o n a l in t e r e s t .
C A P IT A L IS S U E S _C O M M IT T E E ,
By
Chairman.
C A P IT A L IS S U E S C O M M IT T E E ,
B y C H A R L E S S . H A M L I N , Chairman.
I n re g ard to th o n a v a l b u ild in g p r o g r a m , w h ich h as fo r
so m e tim e b e e n s u b o r d in a te d , a s to its larger u n its , to th e
n e c e ssity
fo r
tu r n in g
out
tr a n sp o r ts
and
s u p p ly
sh ip s ,
a
s ta te m e n t issu ed b y S e c re ta ry o f th e N a v y D a n ie ls sa id :
M o n e y is n o t o n l y p r o v i d e d f o r c o m p l e t i n g t h e b i g t h r e e -y e a r p r o g r a m ,
b u t a n a d d it i o n a l SIOO.OOO.OOO is m a d e a v a i l a b l e f o r a d d it i o n a l t o r p e d o b o a t d e s t r o y e r s , s u b m a r in e c h a s e r s a n d o t h e r n a v a l c r a f t , a s t h o e x ig e n c ie s
o f th o w a r m a y m a k e n ece ssa ry .
T h o b ill m a k e s i t o b l i g a t o r y t o b e g in t h e
c o n s t r u c t i o n o f a ll o f t h o f o r t y - e i g h t v e s s e ls o f t h o 1 5 6 v e s s e ls c o m p r is i n g
t h e t h r e e -y e a r p r o g r a m , a u t h o r i z e d in t h e A c t o f A u g . 2 9 1 9 1 6 , t h e c o n
s t r u c t i o n o f w h ic h h a s n o t p r e v i o u s ly b e e n s p e c i f i c a ll y d i r e c t e d t o b e
begun.
I a m k e e n l y in t e r e s t e d in t h o e a r l y e x e c u t i o n o f t h is p r o g r a m , a n d
h a v e r e g r e t t e d t h a t la c k o f fa c il i t i e s d u e t o t h o b i g d e m a n d f o r d e s t r o y e r s ,
t r a n s p o r t s a n d c a r g o s h ip s r o n d c r c d i t n e c e s s a r y t o s o m e w h a t a b a t e t h e
f in e p r o g r e s s t h a t w a s b e in g m a d e .
H o w e v e r , I r e q u e ste d th a t th o A c t
b e w o r d e d in t h is m a n d a t o r y w a y , f o r i t is m y e a r n e s t d e s ir e a n d e x p e c
ta t io n t o c a r r y it o u t , a n d I h a v e a lr e a d y ta k e n s to p s t o e x p e d ite c o n s t r u c
t io n a s m u c h a s p o s s i b le .
PRESIDENT WILSON A T M T. VERNON DECLARES
AGAIN ST H A L F -W A Y SETTLEMENT OF WAR.
In
e n u n c ia tin g a n e w
th e e n d s fo r w h ich th o a sso c ia te d
p eo p le s o f th e w o rld aro fig h t in g , a n d w h ic h m u s t b e c o n
c e d e d th e m b e fo ro th e re c a n b o p e a c e , P re s id e n t W i ls o n a t
a F o u r th o f J u ly c e le b r a tio n d e c la re d t h a t “ th e re c a n b e
b u t o n e is s u e .
T h e s e ttlo m o n t m u s t b o fin a l.
bo n o c o m p r o m is e .
T h e r e ca n
N o h a lf -w a y d ec isio n w o u ld b e to le r a b le .
N o h a lf -w a y d ec isio n is c o n c e iv a b le .”
S ta tin g in a sin g le
se n te n c e th e o b je c t s s o u g h t, th e P re s id e n t s a id : “ W h a t w e
se ek is th e re ig n o f la w , b a s e d
g o v e rn e d a n d su s ta in e d b y
k i n d .”
upon
tho c o n s e n t o f th e
th o o rg a n iz e d o p in io n o f m a n
T h e P r e s id e n t’s a d d re ss w a s d e liv e re d a t th e T o m b
o f G e o r g e W a s h in g t o n a t M t . V e r n o n , w h ere fo re ig n -b o rn
citiz e n s o f th o U n it e d S t a t e s , re p re se n tin g m o r e th a n th ir ty
n a tio n a litie s , h a d g a th e re d
to p la c e w re a th s o n th e to m b
in e x p re ssion o f th e ir l o y a lt y to th e p rin cip les laid d o w n b y
th e
fa th e r
of
his
co u n try .
“ It
is
s ig n ific a n t ,”
said
th e
P re s id e n t in his a d d r e s s , “ th a t W a s h in g t o n a n d h is a s s o c ia te s ,
lik e th e B a r o n s a t R u n n y m e d o sp o k e an d a o te d , n o t fo r a
c la s s , b u t f o r a p e o p le .
I t h a s b e e n lo ft fo r u s to see to it
JULY FOURTH GREETINGS TO PRESIDENT WILSON
FROM PRESIDENT CARRANZA OF MEXICO.
fo r sin g le p e o p le o n ly , b u t fo r a ll m a n k in d .”
B e sid e s th o g re etin gs re ce iv ed b y P re sid e n t W ils o n fro m
o th e r c o u n tr ie s, tho fo llo w in g In d e p e n d e n c e D a y m e ssag e
o f S e c ro ta r y o f S ta t e L a n s in g , A t t o r n e y -G e n e r a l G r e g o r y
a n d P o s tm a s te r -G e n e r a l B u r le s o n w ith th e fo re ig n d ip lo m a ts
w as se n t to h im b y P re sid e n t C a r r a n z a o f M e x ic o , ac cord in g
c o n tr ib u te d in g iv in g th o M t . V e r n o n ce le b ra tio n a n in te r
to a sp ecial c a b le f r o m M e x ic o C it y to th e N e w Y o r k “ T im e s ” :
n a tio n a l
I t is v e r y g r a t i f y i n g t o m o t o s e n d y o u r E x c e l l o n c y a n d t h o A m e r i c a n
p e o p l e o n t h is g l o r io u s a n n iv e r s a r y t h a t y o u a r o t o - d a y c e le b r a t i n g t h e
m o s t c o r d ia l c o n g r a t u l a t io n s f r o m . t h e M e x i c a n p e o p l e a n d G o v e r n m e n t .
A t t h o s a m o t im e I a m p le a s e d t o e x p r e s s t o y o u r E x c e l l e n c y m y m o s t
s i n c e r o , s t r o n g w is h e s f o r t h o p r o s p e r i t y o f t h o U n it e d S t a t e s , -w ish in g t h a t
p e a c e a n d ju s t i c e w ill r e ig n s o o n f o r e v e r in b o t h c o n t i n e n t s .
C o n ce rn in g
c a b le
th e
M e x ic a n
c e le b ra tio n
of
th e
day,
the
sa id :
S e c r e t a r y G u illa r a t t e n d e d t h e c e le b r a t i o n t o - d a y a s t h o r e p r e s e n t a t iv e
o f P r e s id e n t C a rr a n z a .
M a n y o f t h e G o v e r n m e n t o f f i c ia ls w o r e p r e s o n t ,
a s w e ll a s a la r g e n u m b e r o f M e x i c a n a r m y o f fi c e r s in fu ll u n i f o r m .
T h o A m e r i c a n c e le b r a t i o n w a s t u r n e d i n t o .a n A l l ie d a f fa ir .
A ll sto re s
o f t h o A l l ie d p e o p l e s w e r o c lo s e d .
PRESIDENT SIGNS HUGE N AVAL APPROPRIATION
BILL.
T h e N a v a l A p p r o p r ia tio n B ill, sig n e d b y P re sid e n t W ils o n
o n J u ly 1 , carries a to ta l o f $ 1 ,5 7 3 ,4 6 8 , 4 1 5 8 5 , th e largest
s u m e v e r v o te d fo r n a v a l p u rp o se s in a sin gle m e a s u r e , b u t
fa llin g sh ort b y a little o v e r a h u n d re d m illio n o f th e a m o u n t
p ro v id e d in th e fiv e se p a ra te n a v a l b ills e n a cte d la s t y e a r .
T h o p resen t a p p ro p r ia tio n b rin gs u p to $ 3 ,2 5 0 ,0 0 0 ,0 0 0 tho
to ta l o f th e n a v a l a p p ro p r ia tio n s m a d e in th e la st tw e lv e
m o n th s .
Am ong
.
o th e r p ro v isio n s in
th e p re sen t m e a su re is on e
in cre asin g th o p e r m a n e n t e n liste d str e n g th o f tho n a v y fro m
8 7 ,0 0 0
to
1 3 1 ,4 8 5 .
T h is
in cre ase ,
w h ic h w ill c a rry
over
in to p eace tim e , is e x p e c te d to p ro v id e th e officers a n d m e n
n e e d e d fo r th o c o n s ta n tly in creasin g n u m b e r o f vessels in
th o n a v y .
At
th o p re sen t tim e , a n d in c lu d in g th e N a v a l
R e se r v o fo rc e s, th ere are o v e r 4 5 0 ,0 0 0 m e n in th e en listed
p e r so n n e l, a c c o rd in g to a re ce n t a n n o u n c e m e n t b y th e N a v y
D e p a r tm e n t.
A n increaso in th e M a r in e C o r p s fr o m 3 0 ,0 0 0
to 7 5 ,0 0 0 is also carried in th e b ill, fo r w h ic h e n lis tm e n ts
h a v e b e e n g o in g on fo r so m e tim e .
P ro v isio n is m a d e fo r
in cre ase d tra in in g fa cilities fo r th o M a r in o C o r p s a n d fo r
a b u ild in g a t A n n a p o lis fo r in stru c tio n in se a m a n sh ip an d
n a v ig a tio n .
is
p ro v id e d .
For
th o
A
n ow
naval
d ry
a v ia tio n
dock,
sorvice
c a p a b le
of
$ 2 2 0 ,0 0 0 ,0 0 0
re c e iv in g
th e
la r g e st b a ttle s h ip s , is to bo co n str u c te d a t C h a r le s to n , S . C . ,
a n d large a p p ro p r ia tio n s aro m a d e fo r n a v a l o r d n a n c e , in
c lu d in g p ro v isio n fo r a n itra te p la n t a n d a largo iso la te d
p la n t fo r th o sto ra g e o f h ig h e x p lo siv e s.
A fu rth e r su m o f
$ 1 0 ,0 0 0 ,0 0 0 is p ro v id e d fo r c o n tin u in g y a rd e x p a n sio n .
th a t it s h a ll b e u n d e r s to o d th a t th o y sp o k e a n d a c te d n o t
s ig n ific a n c e .
Tho
P r e s id e n t’ s
T h o p re sen ce
sp e e c h
w as
as
fo llo w s :
Gentlemen of the Diplomatic Corps and M y Fellow Citizens.— I a m h a p p y
t o d r a w a p a r t w it h y o u t o t h is q u i e t p l a c o o f o l d c o u n s e l in o r d e r t o s p e a k
a lit t l e o f t h o m e a n in g o f t h is d a y o f o u r n a t i o n 's i n d e p e n d e n c e .
Tho
p l a c o s e e m s v e r y s t ill a n d r o m o t e .
I t is a s s e r e n e a n d u n t o u c h e d b y t h e
h u r r y o f t h e w o r l d a s i t w a s in t h o s e g r e a t d a y s lo n g a g o w h e n G e n e r a l
W a s h i n g t o n w a s h e r o a n d h e ld le is u r e ly c o n f e r e n c e w it h t h o m e n w h o w e r e
t o b o a s s o c ia t e d w it h h im In t h o c r e a t io n o f a n a t i o n .
F r o m th e s e g e n tle
s lo p e s t h o y l o o k e d o u t u p o n t h o w o r l d a n d s a w i t w h o le , s a w i t w it h t h o
l ig h t o f t h o f u t u r e u p o n i t , s a w it w it li m o d e r n e y e s t h a t t u r n e d a w a y f r o m
a p a s t w h ic h m o n o f lib e r a t e d s p ir it s c o u l d n o lo n g e r o n d u r o .
I t is f o r t h a t
r e a s o n t h a t w e c a n n o t f e e l, o v e n h e r e , in t h o i m m e d i a t e p r e s e n t o f t h is
s a c r e d t o m b , t h a t t h is is a p l a c o o f d e a t h .
I t w a s a p la c e o f a c h lo v o m o n t.
A g r e a t p r o m is e t h a t w a s m e a n t f o r a ll m a n k in d w a s h e r o g i v e n p l a n a n d
r e a l it y .
T h o a s s o c ia t i o n s b y w h ic h w o a r o h o r o s u r r o u n d e d a r o t h e i n s p i r
in g a s s o c ia t i o n s o f t h a t n o b l e d e a t h w h ic h is o n l y a g lo r io u s c o n s u m m a t io n .
F r o m t h is g r e e n h i lls id e w o a ls o o u g h t t o b o a b l o t o s e o w it h c o m p r e h e n d i n g
e y e s t h e w o r l d t h a t lie s a r o u n d u s a n d c o n c e i v o a n e w t h o p u r p o s e t h a t
m a s t set m e n fre o .
I t is s i g n if i c a n t — s i g n if i c a n t o f t h e ir o w n c h a r a c t e r a n d p u r p o s e s a n d o f
t h e in flu e n c e s t h e y w e r e s e t t in g a f o o t — t h a t W a s h i n g t o n a n d h is a s s o c ia t e s ,
lik e t h o l la r o n s a t R u n n y m e d o , s p o k e a n d a c t e d , n o t f o r a c la s s , b u t f o r a
p e o p le .
I t h a s b e e n l e ft f o r u s t o s e o t o It t h a t It s h a ll b e u n d e r s t o o d
t h a t t h e y s p o k e a n d a c t e d , n o t f o r a s in g le p e o p l o o n l y , b u t f o r a ll m a n
k in d .
T h o y w e r e t h i n k i n g n o t o f t h e m s e lv e s a n d o f t h o m a t e r ia l i n t e r e s t s
w h ic h c e n t r e d in t h e lit t le g r o u p s o f l a n d h o l d e r s a n d m e r c h a n t s a n d m e n
o f a f fa ir s w it h w h o m t h o y w e r o a c c u s t o m e d t o a c t , in V ir g in ia a n d t h o
c o lo n ie s t o t h o n o r t h a n d s o u t h o f h e r , b u t o f a p e o p l o w h ic h w is h e d t o b o
d o n o w it h c la s s e s a n d s p e c i a l in t e r e s t s a n d t h o a u t h o r i t y o f m e n w h o m t h o y
h a d n o t t h o m s e lv c s c h o s e n t o r u le o v e r t h e m .
T h o y e n t e r t a in e d n o p r i v a t o
p u r p o s e , d e s ir e d n o p e c u lia r p r i v il e g e .
T h e y w e r o c o n s c io u s ly p la n n in g
t h a t m e n o f e v e r y c la s s s h o u ld b o f r e e a n d A m e r i c a a p l a c o t o w h ic h m e n
o u t o f e v e r y n a t i o n m ig h t r e s o r t w h o w is h e d t o s h a r e w it h t h e m t h o r ig h t s
a n d p r iv ile g e s o f fr e o m e n .
A n d w o ta k e o u r c u e fro m th e m - d o w e n o t ?
W o in t e n d w h a t t h e y in t e n d e d .
W o h e r o in A m e r ic a b e lie v e o u r p a r t i c i p a
t i o n in t h is p r e s e n t w a r t o b o o n l y t h o fr u it a g e o f w h a t t h o y p l a n t e d .
O ur
c a s e d i ff e r s f r o m t h e ir s o n l y in t h is , t h a t i t is o u r in o s t im a b lo p r i v il e g e t o
c o n c e r t w it h m o n o u t o f e v e r y n a t io n t o m a k e n o t o n l y t h o lib e r t ie s
o f A m e r i c a s e c u r o b u t t h o lib e r t ie s o f e v e r y o t h e r p e o p l o a s w e ll.
W o aro
h a p p y in t h o t h o u g h t t h a t w o a r e i> e r m ittc d t o d o w h a t t h o y w o u ld h a v e
d o n e h a d t h e y b e e n in o u r p l a c e .
T h e r e m u s t n o w b o s e t t le d , o n c e f o r
a l l, w h a t w a s s e t t le d f o r A m e r i c a in t h o g r e a t a g o u p o n w h o s o in s p ir a t io n
w e d raw to -d a y .
T h i s is s u r e ly a f i t t i n g p l a c o f r o m w h ic h c a l m l y t o l o o k
o u t u p o n o u r t a s k , t h a t w o m a y f o r t i f y o u r s p ir it s f o r it s a c c o m p li s h m e n t .
A n d t h is is t h o a p p r o p r i a t e p l a c o f r o m w h ic h t o a v o w , a lik o t o t h o f r io n d s
w h o l o o k o n a n d t o t h o f r io n d s w it h w h o m w o lia v o t h o h a p p in e s s t o t h o
a s s o c ia t e d in a c t i o n , t h o f a it h a n d p u r p o s e w it h w h ic h w o a c t .
T h i s , t h e n , is o u r c o n c e p t i o n o f t h o g r o a t s t r u g g lo in w h ic h w o a r o e n
gaged.
T h o p l o t is w r i t t e n p la in u p o n o v e r y s c e n o a n d o v e r y a c t o f t h o
su p rem e tra g ed y .
O n t h o o n e h a n d s t a n d t h o p e o p le s o f t h o w o r l d — n o t
o n l y t h o p e o p l e s a c t u a l ly e n g a g e d , b u t m a n y o t h e r s , a l s o , w h o s u f fe r u n d e r
m a s t e r y b u t c a n n o t a c t ; p e o p le s o f m a n y r a c e s a n d in o v e r y p a r t o f t h o
w o r l d — t h e p e o p l o o f s t r ic k e n R u s s ia s t ill, a m o n g t h o r e s t , t h r o u g h t h e y
a r o f o r t h e m o m e n t u n o r g a n iz e d a n d h e lp le s s .
O p p o s e d t o th e m , m a sters
o f m a n y a r m ie s , s t a n d a n is o la t e d , f r ie n d le s s g r o u p o f G o v e r n m e n t s , w h o
speak n o com n n .
p u r p o s e , b u t o n l y s e lfis h a m b i t io n s o f t h e ir o w n , b y
1 w h ic h n o n e c a n p i
it b u t t h e m s e lv e s , a n d w h o s o p e o p le s a r o fu e l in t h e ir
Ju l y
6 1918.]
TI-IE C H R O N IC L E
27
h a n d s ; G o v e r n m e n t s w h ic h fe a r t h e ir p e o p l e , a n d y e t a r e f o r t h e t im e
re p o r t fro m th e c o m m is s io n n e x t D e c e m b e r re g ard in g
s o v e r e ig n l o r d s , m a k in g e v e r y c h o i c e f o r t h e m a n d d i s p o s in g o f t h e ir liv e s
w h e th e r th e tu b e s sh o u ld b e p u rc h a s e d , th e ir lea se c o n tin u e d
a n d f o r t u n e s a s t h e y w ill, a s w e ll a s o f t h e l iv e s a n d f o r t u n e s o f o v e r y p e o p l e
w h o fa ll u n d e r t h e ir p o w e r — G o v e r n m e n t s c l o t h e d w it h t h e s t r a n g e t r a p
or a b a n d o n e d .
D u r in g th e in v e s tig a tio n th e tu b e s w o u ld b e
p i n g s a n d t h e p r i m i t i v e a u t h o r i t y o f a n a g o t h a t is a l t o g e t h e r a lie n a n d
c o n tin u e d in o p e ra tio n u n til M a r . 4 1 9 1 9 .
h o s t i le t o o u r o w n .
T h e P a s t a n d t h e P r e s e n t a r o in d e a d l y g r a p p l e , a n d
T h e co n ferees v o te d six to tw o o n th is p ro p o s a l.
T h ose
t h e p e o p l e s o f t h e w o r l d a r o b e in g d o n e t o d e a t h b e t w e e n t h e m .
'
T h e r e c a n b e b u t o n e is s u e .
T h e s e t t le m e n t m u s t b e f in a l.
T h ere can
w h o v o te d to re ta in th e ^ tu b e s fo r a n o th e r y e a r w h ile th e
b o n o c o m p r o m is e .
N o h a l f w a y d e c i s io n w o u ld b o t o le r a b le .
N o h a lfw a y
C o m m is s io n p a sse d u p o n th e ir p u rc h a se w ere S e n a to rs
d e c i s io n is c o n c e i v a b l e .
T h e s e a r o t h e e n d s f o r w h ic h t h e a s s o c ia t e d p o o p l e s
B a n k h e a d , T o w n s e n d a n d H a r d w ic k a n d R e p r e s e n ta tiv e s
o f t h o w o r l d a r o f ig h t i n g a n d w h ic h m u s t b o c o n c e d e d th o r n b e f o r e t h e r e c a n
b o peace:
M adden,
S te en e rson
and
B e ll.
R e p r e s e n ta tiv e
M oon,
I . T h o d e s t r u c t io n o f o v e r y a r b i t r a r y p o w e r a n y w h e r e t h a t c a n s e p a r
C h a ir m a n o f th e P o s t O ffic e a n d P o s t R o a d s C o m m itt e e o f
a t e l y , s e c r e t l y , a n d o f it s s in g le c h o i c o d i s t u r b t h e p e a c e o f t h o w o r l d ; o r ,
i f i t c a n n o t b o p r e s e n t ly d e s t r o y e d , a t t h o le a s t its r e d u c t i o n t o v i r t u a l
th e H o u s e , w h o h a d b een o p p o s e d to th o tu b e se rv ice an d
im p o te n ce .
R e p r e s e n ta tiv e R o u s e v o te d a g a in s t th e p r o p o s a l.
The
I I . T h o s e t t le m e n t o f o v e r y q u e s t i o n , w h e t h e r o f t e r r i t o r y , o f s o v e r e ig n t y
S e n a te a g re e d to th o co n fe re n ce re p o rt o n J u n e 2 6 .
O n th e
o f e c o n o m i c a r r a n g e m e n t , o r o f p o l it i c a l r e la t i o n s h i p , u p o n t h o b a s is o f t h e
f r e e a c c e p t a n c e o f t h a t s e t t le m e n t b y t h o p c o p l o i m m e d i a t e l y c o n c e r n e d ,
fo llo w in g d a y th o H o u s e r e je c te d t h e ’ S e n a te p ro p o s a l to
a n d n o t u p o n t h o b a s is o f t h o m a t e r ia l in t e r e s t o r a d v a n t a g e o f a n y o t h e r
re ta in u n til n e x t M a r c h th e tu b e se rv ice a n d th e p ro p o sa l for
n a t i o n o r p e o p l e w liic h m a y d e s ir e a d i f f e r e n t s e t t le m e n t f o r t h e s a k e o f
th e I n te r -S t a te C o m m e r c e C o m m is s io n t o d e te r m in e th e
i t s o w n e x t e r io r in fl u e n c e o r m a s t e r y .
III.
— T h e c o n s e n t o f a ll n a t i o n s t o b e g o v e r n e d in t h e ir c o n d u c t t o w a r da lu e o f th e tu b e s .
v
T h e v o t e w a s re p o r te d as 1 5 0 to 1 4 9 .
e a c h o t h e r b y t h o s a m e p r in c ip le s o f h o n o r a n d o f r e s p e c t f o r t h o c o m m o n
I n a re c h e c k in g on J u n e 2 8 o f th e p re v io u s d a y ’ s v o t e o f th e
l a w o f c iv il iz e d s o c i e t y t h a t g o v e r n t h o i n d i v id u a l c it i z e n s o f a ll m o d e r n
H o u s e o n th o bill th e re p o r t w a s a d o p t e d .
R e p r e s e n ta tiv e
S t a t e s in t h e ir r e la t io n s w it h o n o a n o t h e r ; t o t h o e n d t h a t a ll p r o m is e s a n d
c o v e n a n t s m a y b e s a c r e d l y o b s e r v e d , n o p r i v a t e p l o t s o r c o n s p i r a c ie s
R o s e o f P e n n s y lv a n ia h a d b e e n re co rd e d e rro n e o u sly a g a in st
h a t c h e d , n o s e lfis h i n ju r ie s w r o u g h t w it h i m p u n i t y , a n d a m u t u a l t r u s t
th e r e p o r t, m a k in g th o v o t e 1 5 0 to 1 4 9 a g a in s t i t , th e rep ort
e s t a b lis h e d u p o n t h e h a n d s o m e f o u n d a t i o n o f a m u t u a l r e s p e c t f o r r ig h t .
IV .
— T h o e s t a b lis h m e n t o f a n o r g a n i z a t io n o f p e a c o w h ic h s h a ll m a k e in s te a d b e in g a d o p te d b y a v o te o f 1 5 0 to 1 4 9 .
it
T h e bill th e n
c e r t a in t h a t t h o c o m b in e d p o w e r o f f r e e n a t i o n s w ill c h e c k o v e r y i n v a s i o n
w e n t to th e P r e s id e n t, his v e t o , as in d ic a te d a b o v e , fo llo w
o f r ig h t a n d s e r v e t o m a k e p e a c o a n d j u s t i c e t h o m o r e s e c u r o b y a f f o r d i n g
in g , a n d th e bill b e in g p a s s e d a n e w b y C o n g re s s o n J u n e 2 9
a d e f in it e t r ib u n a l o f o p i n i o n t o w h ic h a ll m u s t s u b m i t a n d b y w h ic h e v e r y
in t e r n a t io n a l r e a d ju s t m e n t t h a t c a n n o t b o a m i c a b le a g r e e d u p o n b y t h o
w ith th e p ro v isio n re g a rd in g th e tu b e s e lim in a te d .
The
p e o p l e s d i r e c t l y c o n c e r n e d s h a ll b o s a n c t i o n e d .
P o s t O ffic e p la n s to s u b s titu te m o to r tr u c k s in p la c e o f th e
T h e s e g r e a t o b j e c t s c a n b o p u t I n t o a s in g le s o n t o n c o .
W h a t w o s e e k is
tu b e s .
B e lo w is th e P r e s id e n t’ s v e to m e s s a g e :
t h o r e ig n o f la w , b a s e d u p o n t h o c o n s e n t o f t h o g o v e r n e d a n d s u s t a in e d b y
t h o o rg a n iz e d o p in io n o f m a n k in d .
To the House of Representatives—
T h e s e g r e a t e n d s c a n n o t b o a c l ii o v e d b y d e b a t i n g a n d s e o k in g t o r e c o n c il e
I a m t a k i n g t h e l i b e r t y o f r e t u r n in g I I . I I . 7 2 3 7 , m a k i n g a p p r o p r i a t i o n s
a n d a c c o m m o d a t e w h a t s t a t e s m e n m a y w is h w it l i t h e ir p r o j e c t s f o r b a la n c e s
f o r t h e s e r v i c e o f t h e P o s t O f f i c e D e p a r t m e n t f o r t h e f is c a l y e a r e n d i n g
o f p o w e r a n d o f n a tio n a l o p p o r t u n it y .
T h e y c a n b o r e a liz e d o n l y b y t h o
J u n o 3 0 1 9 1 9 a n d f o r o t h e r p u r p o s e s , w i t h o u t m y s i g n a t u r e , b e c a u s e the
d e t e r m in a t i o n o f w h a t t h o t h i n k i n g p e o p l e s o f t h o w o r l d d e s i r e , w i t h t h e ir
b i l l c o n t a i n s a p r o v i s i o n w h ic h I v e n t u r e t o t h i n k i t w o u ld b o w is e s t to
l o n g i n g l io p o f o r j u s t i c e a n d f o r s o c ia l f r e e d o m a n d o p p o r t u n i t y .
o m it .
I r e f e r t o t h e p r o v i s i o n w it h r e g a r d t o t h o r e n t a l o f p n e u m a t i c t u b e s .
•I c a n f a n c y t h a t t h o a ir o f t h is p l a c e c a r r ie s t h o a c c o n t s o f s u c h p r in c ip le s
I a m c o n v i n c e d t h e r e is n o m o r a l o r le g a l o b l i g a t i o n r e s t in g o n the
w it h a p e c u lia r k in d n e s s .
H e re w e re s ta r te d fo r c e s w h ic h th o g r o a t n a tio n
G o v e r n m e n t t o c o n t in u e t h o u s e o f t h e s e t u b e s b y r e n t a l .
A t t h e t im e t h e y
a g a in s t w h ic h t h e y w e r e p r i m a r i l y d i r e c t e d a t f ir s t r e g a r d e d a s a r e v o l t
w o r e in s t a ll e d t h e y m a y h a v e h a d s o m o v a l u o a s a p o s t a l f a c i l i t y , b u t that
a g a in s t it s r ig h t fu l a u t h o r i t y , b u t w h ic h i t h a s l o n g s i n c e s e e n t o h a v e b e e n
w a s b e f o r e t h e v o l u m e o f m a il h a d r e a c h e d t h o e n o r m o u s p r o p o r t i o n s which
a s t e p in t h e l ib e r a t i o n o f it s o w n p e o p l e a s w e ll a s o f t h o p e o p l e o f t h o U n it e d
i t h a s t o - d a y a n d b e f o r e t h o d e v e l o p m e n t o f t h o u s e o f m o t o r v e h i c le s .
S ta te s; a n d I sta n d h ero n o w t o s p e a k — s p e a k p r o u d ly a n d w it h c o n fid e n t
T h e s e d e v e lo p m e n t s h a v e m a d e th e tu b o s p r a c t ic a lly o b s o le t e , q u ite u n
h o p e — o f t h o s p r e a d o f t ills r e v o l t , t h is l ib e r a t i o n , t o t h o g r e a t s t a g e o f t h o
n e c e s s a r y , a n d in f a c t a h i n d r a n c e t o t h o e f f i c i e n t o p e r a t i o n o f t h e P o s t a l
w o rld its e lf.
T h e b l in d e d r u le r s o f P r u s s ia h a v e r o u s e d f o r c e s t h e y k n o w
S e r v ic o .
T h i s is i ll u s t r a t e d b y t h o f a c t t h a t in 1 9 1 3 i t w a s e s t im a t e d that
l it t l e o f — f o r c e s w li ic h , o n c o r o u s e d , c a n n e v e r b o c r u s h e d t o e a r t h a g a in ;
5 , 3 7 3 , 1 4 7 l e t t e r s w e r e d i s p a t c h e d d a i l y b y t h e u s o o f t h o t u b e s , w h ile in
f o r t h e y h a v e a t t h e ir h e a r t a n in s p i r a t i o n a n d a p u r p o s e w h ic h a r e d e a t h le s s
1 9 1 7 o n l y 2 .8 3 7 , 6 3 8 , o r a p p r o x i m a t e l y o n e - h a l f t h a t n u m b e r , w e r e d i s
a n d o f t h e v e r y s t u f f o f t r iu m p h .
p a tch ed b y th a t m ean s.
I f t h i s r a t io o f r e d u c t i o n c o n t i n u e d , f e w , i f a n y .
l e t t e r s w o u ld n o w b o s e n t in t h a t w a y .
L e s s ^ t h a n 5 0 % o f t h e l e t t e r m a i l,
o r 5 % o f t h e e n t i r e v o l u m e o f m a i l, h a n d le d a t l t h e s t a t i o n s u s i n g t h e p n e u
PRESIDENT WILSON’ S VETO OF POST OFFICE APPRO- m a t i c - t u b e s e r v ic e , is t r a n s p o r t e d b y t h o t u b e s .
PRIA TION BILL RETAINING PN EU M A TIC TUBES.
T h e r e s e e m s t o b e a n im p r e s s i o n t h a t i f t h o t u b e s w e r e a b a n d o n e d t h e s e
B e c a u se o f its p ro v isio n p r o v id in g fo r th e r e te n tio n o f th e l e t t e r s w o u ld b e d e l a y e d . T h i s is a n u n f o u n d e d i m p r e s s i o n , b e c a u s e p r a c t i c
a l ly a ll t h i s m a il c o u l d b o h a n d le d a t le s s c o s t a n d m o r e e x p e d i t i o u s l y b y
p n e u m a tic tu b e se rv ice in N e w Y o r k a n d fiv e o th e r c itie s, o t h e r m e a n s .
P resident. W ils o n o n J u n o 2 9 v e to e d th e P o s t O ffic e A p p r o
T h e r e a r o m a n y r e a s o n s w h y t h o p r e s e n u p n e u m a t i c t u b o s y s t e m s a r e no*
p ria tio n B i ll.
T h o H o u s e o n th o sa m e d a y d ec lin ed to p ass e f f i c i e n t d e v i c e s f o r t h e t r a n s m is s io n o f m a i l. A m o n g t h e s e r e a s o n s is their
l im i t e d c a p a c i t y , w h ic h m a k e s i t i m p o s s i b l e t o u s o t h e m t o m e e t c o n d i t i o n !
th o b ill o v e r tho P r e s id e n t’s v e t o , as p ro p o se d b y R e p r e s e n o f e m e r g e n c y . F u r t h e r m o r e , e x p e r i e n c e h a s d e m o n s t r a t e d t h a t t h e t u b e s
ta tiv e S te e n e r so n , a n d th o C o m m itt e e o n P o s t O ffic e s a n d a r o u n r e l ia b le , b e c a u s e o f b r e a k d o w n s a n d s t o p p a g e s . D u r i n g s u c h b r e a k P o s t R o a d s im m e d ia t e ly p re se n te d to th e H o u s e a n ow bill d o w n s .t h e y c e a s e o p e r a t i o n f o r h o u r s a n d e v e n f o r d a y s t o g e t h e r . A n d it
is o f t o n .n e c e s s a r y t o d i g u p t h e s t r e e t s t o o b t a i n t h o m a i l c l o g g e d in the
w ith th o p ro v isio n o b je c te d to b y th e P r e sid e n t str ic k e n o u t .
tu bes.
W h e n t h o s e b r e a k d o w n s o c c u r i t is n e c e s s a r y i m m e d i a t e l y t o s u b s t i t u t e
T h e m o tio n to ov errrid o w a s re jo c te d b y a v o t e o f 1 8 6 n a y s
v e h i c u l a r s e r v i c e , w h ic h r e s u lt s in a c o n f u s i o n o f s c h e d u le s a n d d i s o r g a n iz a
to
114 y eas.
W ith
th o o b je c tio n a b lo p ro v isio n e lim i
t io n o f t h o t r a n s p o r t a t io n a n d d e l i v e r y s e r v ic o a n d d e l a y in t h e f o r w a r d i n g
n a t e d , th o H o u s e p a sse d th o b ill w ith o u t a r o l l ’ c a ll, a n d
o f la r g o n u m b e r s o f l e t t e r s .
N o t o n l y a r e l o i t e r s d e l a y e d in t h is w a y , b u t
it w a s la te r p asse d b y th o S e n a te .
I n h is v e to P re si b e c a u s e o f d e f e c t s in t h e t u b e s , c a r c le s s n c s s ) o n £ t h e p a r t o f o p e r a t o r s , a n d
a c c id e n t s o f v a r i o u s s o r t s , t h o t u b e s . s o i l o r d a m a g o m a n y t h o u s a n d le tt e r *
d e n t W i ls o n su p p o rte d P o s tm a s to r -G o n e r a l B u r le s o n , w h o a n d in s o m e in s t a n c e s d e s t r o y t h e m .
h a s u rg e d th e a b o litio n o f th e tu b e s y s t o m as o b s o le te
T h o P o s t O ffic e D e p a r tm e n t h a s fo u n d it n e ce ssa ry b e ca u se o f th e u n
r e li a b i l it y a n d i n e f f i c i e n c y o f t h o t u b e s 2 t o £ d i v c r t a la r g e q u a n t i t y o f n o t
a n d useless b e ca u se o f th o g r o w th o f th o v o lu m o o f m a il a n d
f o r m e r l y d i s p a t c h e d b y t h e i r u s o t o a u t o m o b i l e s , w h e r e v e r 'c l o s e c o n n e c t 5
*)*!*
th o d e v e lo p m e n t o f a u to m o b ile tr u c k s.
I n h is v e to m e ssa g e
a ro r e q u ir e d .
I t h a s b e e n f o u n d t h a t l a t e r c lo s in g s o f t h e m a i l c a n b e
P re sid e n t W ils o n e xp ressed h im se lf as “ c o n v in c e d th a t there a r r a n g e d a n d c lo s e r c o n n e c t i o n s a s s u r e d b y t h is m e a n s . I a m in fo r m e d
t h a t t h is is t r u e e v e n in t h e c o n g e s t e d s e c t io n s o f N e w Y o r k C i t y .
is n o m o ra l or leg al o b lig a tio n re stin g o n th e G o v e r n m e n t to
S o m o o f t h o p r i n c ip a l o b j e c t i o n s t o t h e t u b e s in a d d i t i o n . t o t h o s e I h a v e
co n tin u e th o use o f th e se tu b e s b y r e n t a l.”
H o a d d e d : a l r e a d y e n u m e r a t e d a r e t h e i r in s u i t a b il i t y t o c a r r y m a n y s p e c i a l d e liv e r y
“ A t tho tim e th e y w ero in sta lle d th e y m a y lia v o h a d so m o p a r c e l s ; t h e n e c e s s a r y r e la y in g o f c o n t a i n e r s a t w a y s t a t i o n s , i n v o l v in g »
v a lu o as a p o sta l f a c ilit y , b u t th a t w a s b e fo re th o v o lu m o o f lo s s o f t i m e a n d r e q u i r in g t h a t a ll L n te r m e d ia t o ’ s t a t io n s b e k e p t o p e n , w it h
a t t e n d a n t s o n d u t y ; t h e i r i n a b i li t y t o d i s p a t c h j m a i l t o l i n t e r m e d i a t e s t a
m a il h a d reach ed th o e n o r m o u s p ro p o rtio n s w h ic h it h as t io n s d u r i n g c o n t in u o u s t r a n s m is s i o n b e t w e e n a n y t w o p o i n t s ; t h e i r u n
t o -d a y a n d b e fo ro th o d e v e lo p m e n t o f th o u se o f m o to r s u i t a b i l i t y J t o t h e d i s p a t c h o f m a i l t o t h e p o i n t w h e r e i t is r e c e iv e d b y o r
v o h ic lc s.
T h e se d e v e lo p m e n ts lia v o m a d e th e tu b e s p ra c t a k e n f r o m t h e r a i lr o a d c o m p a n i e s w i t h o u t a d d it i o n a l h a n d li n g , a n d t lw
i m p o s s i b i l it y o f p r e v e n t i n g d a m p n e s s a n d o i l in t h e t u b e s a t c e r t a in t im e * ,
tic a lly o b s o le t e .”
w h ic h r e s u lt s in d a m a g e t o t h e m a i l.
I t w il l b e n o t e d t h a t t h o t u b e s , w h e n w o r k in g a t t h e ir b e s t , p e r f o r m o n l y
T h o IIo u so in D e c e m b e r la s t (1 4 ) h a d p a sse d th o P o s t
O ffic e A p p r o p ria tio n B ill w ith o u t a n y a p p ro p r ia tio n fo r th e o n e s t e p in t h e t r a n s m is s io n o f t h o m a il f r o m t h e s e n d e r t o t h e a d d r e s s e e ,
a n d t h e a d v a n t a g e o f t h e i r u s e is la r g e ly t h e o r e t ic a l .
p n e u m a tic service tu b o se rv ic e ; th e b ill re p o r te d b y the
T h i s c o n c lu s io n w a s r e a c h e d b y S t o n e & W e b s t e r , a m o n g o t h e r s , a f ir m
S e n a te C o m m itt e e on P o s t O ffic e s a n d P o s t R o a d s o n A p r . 2 o f e n g in e e r s e m p l o y e d b y t h e C o n g r e s s i o n a l C o m m i s s io n w h ic h r e c e n t ly
i n v e s t ig a t e d t h is m a t t e r .
I n s p e a k i n g o f t h o s e r v ic e s p e r f o r m e d b y t h o
in clu d e d a n a p p ro p ria tio n fo r th e p u rcliaso a n d o p e ra tio n b y
tu b es th e y sta te—
th e G o v e r n m e n t o f th o m a il tu b e se rv ico in N e w Y o r k ,
“
.
.
. b u t , b e i n g o n l y o n e s t e p in t h e m o v e m e n t o f t h e m a i l , a n d
B r o o k ly n , B o s to n , P h ila d e lp h ia , C h ic a g o a n d S t . L o u is ; b e i n g p r e c e d e d a n d s u c c e e d e d b y o t h e r s t e p s in w h i c h , b y t h e e x i g e n c ie s o f
e c o n o m i c a l m a i l h a n d li n g , i n t e r m i t t e n t m o v e m e n t is n e c e s s a r y , t h e a d
on M a y 1 4 th o S e n a te b y a v o te o f 3 3 to 2 3 re co rd e d itse lf
v a n t a g e o f t h e t u b e s is o f t e n l o s t , a n d a t t im e s t h e t u b e s b e c o m e e n t ir e t y
in fa v o r o f in clu d in g in th o b ill an a p p ro p r ia tio n o f 8 4 ,4 3 2 ,6 2 2
i n a d e q u a t e t o h a n d le t h e b u l k o f m a il w h ic h h a s b e e n a c c u m u l a t e d in s o m e
fo r th o purcliaso o f th e tu b e s , a n d o n M a y 1 6 th e b ill e m p r e c e d i n g s t e p . ”
I h a v e b e e n g u i d e d i n m y c o n c l u s i o n s b y t h o s e w h o h a v e e x p e r t postal
b o d y in g this p ro v isio n w a s p a sse d b y th o S e n a te ; o n J u n e 1 3 , k n o w l e d g e a n d w h o s e e m t o m e t h o s a f e s t j u d g e s a s t o w h e t h e r t h e s e tube*
w h en th o b ill ca m e fr o m c o n fe re n c e , th e H o u s e b y a v o te of c o n s t i t u t e a d e s ir a b le p o s t a l f a c i l i t y . I n t h e A c t o f A p r i l 2 1 1 9 0 2 t h e Con
1 8 2 to 1 3 8 re je cte d th o a p p r o p r ia tio n fo r th e p u rc h a se o f th e g r e s s , r e a liz in g t h a t t h e P o s t m a s t e r -G e n e r a l c o u l d n o t b e e x p e c t e d t o b e
a n e x p e r t o n p o s t a l a f f a i r s , p r o h i b i t e d h im b y la w f r o m is s u in g a n adver
tu b o s , a n d th o bill w a s ag a in se n t to c o n fe re n c e .
U n d e r a t is e m e n t f o r p n e u m a t i c m a i l s e r v ic e u n t i l a c o m m i s s i o n o f p o s t a l expert*
c o m p r o m ise in th e c o n tr o v e r s y re a ch e d b y th o co n ferees on h a d g i v e n it s a p p r o v a l.
W h e n t h e la s t r e n t a l c o n t r a c t e x p i r e d , s u c h a c o m m i s s i o n w a s appointed
J u n o 2 1 it w a s ag reed to s u b m it th e ontiro m a tte r to th e
in a c c o r d a n c e w it h t h is l a w .
I t s r e p o r t , a s w e ll a s s u b s e q u e n t reports by
I n t e r -S t a t e C o m m e r c e C o m m is s io n w ith a re q u ire m e n t fo r a e x p o r t s , o n t h e v a l u o o f t h is s e r v i c e , is b e f o r e m e , a n d n o o n e who read
[Vol. 107.
THE CHRONICLE
28
those reports can escape the impression that the conclusions reached by
these experts are sound and that the use of the tubos should bo abandoned.
I am informed that during the past ten years many offorts have boon made
to extend the present system of pneumatic tubes, but that these extensions
have invariable been advised against by tho Departmental commissions
of postal experts who investigated the matter, and that tho reports of those
experts invariably call attention to tho development of tho automobile as
a factor which would have to be considered at tho close of the present rental
contracts. Tho Postmasters of various cities where tho tubes aro in use
have spoken agaisnt thorn, and urged that they bo abandoned.
These reasons seeming to mo conclusive and compelling, I have not folt
at liberty to acqulosce in this feature of the bill, which I herewith re
___
luctantly roturn.
e a r n in g s o f th e c o p p e r co m p a n ie s aro referred to as fo llo w s
in th e re p o r t:
The Commission’s figures show that twenty-one companies, Including a
large proportion of high cost companies, mado profits in 1917 which ranged
from 1% to 107% on their Investments. The average profit was 24.4%.
Probably over 70% of the production is marketed at profits over 20% on
investment. These samo companies show an average profit of only 11.7%
hi 1913, which may bo considered to be a normal year. Thus tho averago
profit in the indsutry has more than doubled. Tho range of profits in 1913
was from 1 to 56 % .
The profits used in these computations do not includo Federal income or
excess profits taxes, and, therefore, represent sums actually retained by tho
companies for addition to surplus or dividends.
O th e r
E X -P O S T M A S T E R E . M . M O R G A N DISAPPROVES D IS
C O N T I N U A N C E OF M A I L TUBE S.
C o n tr a r y to th o v ie w s o f T h o m a s G . P a t t e n , P o s tm a s te r
n ic k e l,
in d u strie s
s u lp h u r,
c o v e re d
lu m b e r ,
by
th e
p e tr o le u m ,
C o m m is s io n
le a th e r,
on
z in c ,
can n ed
m ilk
a n d c a n n e d s a lm o n ; p a y m e n t s in salaries a n d b o n u se s fo r
serv ices re n d e re d b y th e A m e r ic a n M e t a l C o ., L t d ., o f N e w
E dw ard M .
Y o r k are a lso referred to in th e r e p o r t.
M o r g a n b e h o v e s t h a t th o d isc o n tin u a n c e o f th e tu b e s is in
s ta te m e n t re g a rd in g th e re p o rt fo llo w s :
a d v is a b le .
To the President of the United States Senate:
at N ew
Y ork,
The
th e c i t y ’ s fo r m e r P o s t m a s t e r ,
N ew
Y ork
“ T im e s ”
o f J u ly
2
gave
th o
fo llo w in g a c c o u n t o f M r . M o r g a n ’ s v ie w s :
I think tho dropping of tho tubes was a great mistake, and I am sure tho
coming winter will provo it. Even now tho streets of New York aro so
congested with traffic that any wagon must movo slowly, oven tho mall
trucks with their right of way over non-Governmental traffic, getting to
their destination slowly. In the winter months when tho stroets aro
clogged with snow and drivers havo to go cautiously because of the danger
of skidding, tho mail will go from sub-station to trains very slowly. Under
tho pneumatic tube system, as I found it while in offico, the mall was always
on tho movo, and there nover was any waiting for trucks to back in and
tako away mail. As fast as the letters came into the offico they were
packed into bundles, slipped into tho tubos, and were off on their way at
once. Lottors nover stayed in sub-stations longer than four minutes while
tho tubos were In action.
Under this system of motor transportation, howovor, tho mail, I am
sure, will be delayed. In this connection, it will be necessary to consider
tho length of time it takes to load and unload tho motor trucks. I figure
that fully forty minutes— nearly an hour— will be lost in filling and dis
charging trucks. Using tho tubos, with their maximum dolay in transit
of four minutes, from thirty-five to forty minutes would bo saved mer
chants anxious to get their mail to its destination quickly.
T h e C o m m is s io n ’ s
S i r .— Tho Federal Trade Commission submits tho following report in
response to the direction under Senato resolution 255 that it furnish tho
Senate with any and all facts, figures, data, or information now in posses
sion of tho Federal Trade Commission relative to profiteering which would
in any way enable Congress to deal with tho matter either through tho
present proposed resolution or through enactment of more effective criminal
statutes.
Information upon tho present rango of profits in various Industries in tho
Fedoral Trado Commission arises from threo activities:
T h re e R ec e n t A c t i v it i e s .
First. Cost finding by the Commission for the War Industries Board,
tho Food Administration, the Fuel Administration, and other executive
departments which have called upon tho Commission for this work.
Second. Industrial surveys undertaken by tho Commission at tho direc
tion of the President or upon its own initiative.
Third. Enforcement of tho law against unfair methods of competition.
Under tho first activity the Commission has had recent viow of many
industries handling basic materials, including steel, copper, zinc, nickel,
sulphur, lumber, coal, and petroleum and its products.
Under tho second activity tho Commission has recently dealt with moats,
leather, flour and canned goods.
Under tho third activity the Commission has daily contact with the
tendencies of trado as they are revealed through tho numerous complaints
filed with it for tho application of remedies which aro statutorily invested
F E D E R A L T R A D E C O M M I S S I O N ’ S REPORT ON
in the Commission.
Tho outstanding revelation which accompanies tho work of cost finding is
P R O F IT E E R IN G .
the heavy profit made by tho low-cost concern under a Governmental fixed
I n a le n g th y re p o r t o n p ro fite e rin g s u b m itte d to th o S e n a to price for the whole country.
The outstanding fact in tho industrial surveys which tho Commission has
b y th e F e d e ra l T r a d e C o m m is s io n on J u n e 30, th e C o m m is
recently mado is tho heavy profit mado by the meat packers and by thoso
sio n s ta te s th a t it “ h a s re a so n to k n o w t h a t p ro fitee rin g allied with them and by the flour millers.
Tho outstanding feature on tho scoro of profit revealed in tho regular
e x is t s .”
I t fo llo w s u p th is s ta te m e n t b y s a y in g : “ M u c h of
it is duo to a d v a n ta g e s ta k e n o f th e n e cessities of th o tim e s , work of the Commission under tho statute creating It and tho Clayton Act
is the trade tendoncy to increase and to maintain prices against tho forces
a s e v id e n c e d in th e w a r pressu re fo r h e a v y p ro d u c tio n . of competition.
Tho various items of Industry herein aro treated separately below.
S o m e o f it is a t tr ib u ta b le to in o rd in a te greed a n d b a re
The Commission has reason to know that profiteering exists. Much of
fa c e d f r a u d .”
T h o re p o r t w a s p re se n te d to th e S e n a te b y
it is duo to advantages taken of the necessities of tho times, as evidenced
th e C o m m is s io n in re sp o n se to S e n a to re so lu tio n N o . 255, in tho war pressure for heavy production. Somo of it is attributable to in
ordinate greed and bare-faced fraud.
a d o p t e d Ju n o 6 , a n d referred to in o u r issu e o f J u n o 8 .
A
In summarizing the Information at hand, certain features appear which
s im ila r re so lu tio n ( N o . 253) also c a lle d fo r in fo r m a tio n fr o m
it is well to note.
th e S e c ro ta ry o f th o T r e a s u r y re g a rd in g p ro fite e rin g a n d
In the caso of basic metals, as in steel, when tho Government announced
h is s ta te m e n t t h a t “ th o w o r k o f g a th e rin g a n d c o m p ilin g a fixed price, it was mado so high that it would insure and stimulate pro
duction. This has resulted in giving a wldo range of profits. Under tho
th e in fo r m a tio n w o u ld be p ro se c u te d w ith th e u tm o s t device of cost, plus a margin of profit, thoso profits are necessarily great in
v ig o r ” w a s p rin te d in ou r issu o o f J u n e 22, p a g e 2607.
The
tho caso of the low-cost mills. Thus, while tho markot was prevented from
running away, as It would havo done undoubtedly if It had not boon regu
F e d e r a l T r a d e C o m m is s io n sta te s in its re p o r t t h a t:
In submitting tho subjoined memoranda on tho Industries under con lated by a fixed price, tho stronger factors in tho industry aro further
sideration, the Commission expresses tho opinion that general trade, as tho strengthened in their position and enriched by profits which are without
Commission has opportunity to viow it, is in a high state of prosperity. precedent.
Flour Milling.
With somo exceptions that condition has continued for sevoral years past.
Again, in tho caso of flour milling, it Is apparent that whllo a GovernmentMany of the industries are making unusual profits, some are showing out
rageous ones. In an hour of national service and self-sacrifice, profiteering fixed price for wheat and an allowance of maximum margin of profit ovor
may be defined not only as the taking of an exorbitant profit, but should cost on flour have had tho virtue of stabilization, nevertheless tho profits
includo a refusal to sharo in bearing the burdens of war in the form of a re resulting are heavy. Before tho Government interfered flour sold in 1917
with an average profit as high as 52 cents a barrel. After tho fixation of
duction in profits when tho profits havo been largo In pre-war times.
tho prico of wheat and tho determination of a maximum profit of 25 cents
T h e C o m m is s io n sta te s t h a t th o o u ts ta n d in g f a c t in its por barrol of flour, tho very high averago profit per barrel dropped toward
in d u stria l su r v e y s “ is th e h e a v y p r o fit m a d o b y th o m e a t tho maximum. Where this decline in price did not bring tho prico down
to tho maximum— that is, whero tho millers continued to exceed the
p a ck e rs a n d b y th o se a llie d w ith th e m a n d b y th e flo u r m ill
Government maximum, as they did In many instances— many of tho millers
e r s .”
C o n c e rn in g th o m e a t p a c k in g s itu a tio n it sa y s in p a r t: wore actuated by tho hope that they would bo allowed to includo incomo and
Five moat packers. Armour, Swift, Morris, Wilson and Cudahy, and excess profit taxes in their costs and pass these taxes on to tho consumer.
their subsidiary and affiliated companies, havo monopolistic control of tho However, if there had been a fairly general compliance witli tho maximum
meat industry and aro reaching for llko domination In other products. of 25 cents tho profits of tho least efficient mills would havo been consider
Their manipulations of the market embrace every device that is useful able and thoso of tho most efficient mills proportionately heavier. To tho
to them without regard to law. Their reward, expressed in terms of profit, extent that tho maximum prico was exceeded tho profits woro largor and in
reveals that four of these concerns have pocketed in 1915, 1916 and 1917 general were in fact very great.
S140.000.000.
A s to flo u r m ille r s, th e C o m m is s io n in p a r t s a y s :
The flour millers havo had unusual profits for considerably more than
a year. Information collected and verified by tho Commission shows for
tho four years ending June 30 1916 a profit of 1314 cents on each barrel of
flour and 12% on tho capital investment. These figures came from ac
counts covering nearly 40,000,000 barrels output annually. This is some
what less than 40% of the annual output of tho whole country, but a very
much largor part of the flour sold In tho regular commercial market. . . .
In tho year ending June 30 1917 those samo mills made an average of
52 cents on each barrel of flour sold, and nearly 38% on their invostmont—
profits that aro indefensible, considering that an average of tho profit of
ono mill for the six months of tho year shows as high as $2 per barrel.
C o n c e r n in g s te e l, flo u r a n d c o a l, th e C o m m is s io n s a y s :
The experience with stool, flour and coal shows that a high stimulating
fixed price, while stabilizing an asconding market, produces an economic
situation which Is fraught with hardship to tho consuming public and with
ultimate peril to the high cost companies through increasing power of thoir
low cost competitors.
T h e re p o rt sta te s t h a t th o p r o fits o f th o U . S . S te e l C o r
p o r a tio n in cre a se d fr o m 4 .7 % in 1912 to 2 4 .9 % in 1917 . T h e
Situation in Coal.
The situation in coal gives still another angle of viow to tho samo problem.
Maximum prices were fixed by territorial divisions. Many of tho coal
producers havo not taken tho maximum, but, duo to tho fact that in a given
fiold there is a very wide range in tho cost of tho coal produced in that
field, it follows that certain low-cast producers havo mado very largo
margins under the system of governmental fixed prices for tho field. Many
high-cost producers havo mado small margins. Tho bulk of tho production,
of course, enjoys tho large margin. Information on tho return on tho
nvestment, now being collated, will roveal tho exact amount of profit.
Percentages of profit worked upon investment will obviously bo very largo
in the caso of low-cost companies.
Tho experience with steel, flour and coal shows that a high stimulating
fixed price, while stabilizing an asconding markot, produces an economic
situation which is fraught with hardship to tho consuming public and with
ultimate peril to tho high-cost companies through increasing tho power of
their low-cost competitors.
Survey of Petroleum Field.
In this connection a survey of tho petroleum fiold shows that tho market,
when under tho control of dominating factors, such as Standard Oil, can
bo ono of huge profits without tho device of tho high fixed prico. No prico
July 6 1918.]
THE CHRONICLE
29
.
.
far tho public has been fixed upon petroleum and its products by tho a refusal to share in tho bearing tho burdens of war in tho form of a reduc
Govommont. Unliko tho situation in steel, flour and coal, thoro has boon tion in profits when tho profits havo been large In pre-war times.
as yet no Government interference with tho law of supply and demand
STEEL.
except in tho instanco of Govommont purchases. Under that law largo
profits may ovontuato through tho bidding up of prices by anxious buyers.
In 1917 tho steol companies mado abnormal profits in tho period prior to
And, moreover, oven in tho absenco of tills element, prices may bo forced tho Government price-fixing policy, and a number havo continued to make
up by spreading flaso and misleading information concerning tho con unusually hoavy profits since that policy was inaugurated. In finding
dition of supply and domand. Itoports, for instanco, have boen circulated costs in this industry for tho War Industries Board the Commission divided
that tho supply of gasoline was endangered for tho purposo of maintaining tho steel makers into four groups: (1) Tho fully integrated mills; (2) tho
tho high prico of that product and tho heavy profits from it. At different mills which start with tho manufacture of pig iron; (3) tho mills that start
stages of tho oil industry different products of petroleum havo yielded tho with stoei furnaces; and (4) tho mills that make rolled products from pmheavy profits. Kerosene was onco tho chief profit producer. Gasolino chased semi-finished steel. The United §tates Steel Corporation is in
followed and superseded it as tho chief producer of profits. Enormous cluded in Class 1. Its profits expressed in terms of tho total amount
profits aro now being mado in fuel oil, with tho advantage to tho refiner invested in tho business shows net earnings as follows:
that tho high prico of that product moots no popular challenge. Gasolino
P e r c e n t.
Per Cent.
is maintained at its present high prico and produces hoavy profits for tho 1912
------5.2
-------4.7 1915
low-cost refinors.
1913
-------5.7 1916
____15.6
Meat-Packing Situation.
1914
--------2 .8
1917
___ 24.9
Similarly tho power of dominant factors in a given industry in maintain
Tho figures as to the net income of the Steel Corporation, as shown by
ing high prices and harvesting unprecedented profits is shown in a survoy tho company for tho years 1912, 1913, 1914, 1915, 1916 and 1917, before
of tho moat-packing situation. Fivo meat packers, Armour, Swift, Morris, deducting Federal income and excess-profits taxes in 1917, follow:
Wilson and Cudahy and tlicir subsidiary and affiliated companies havo
1912
$77,075,217
1915 ................
$97,967,962
monopolistic control of tho meat industry and aro reaching for like domin
1913
.......
105,320,691 1916 ------------------------- 294,026,564
ation in other products. Their manipulations of tho markot embraco
1914
46,520,407
478,204,343
1917 ....
overy dovico that is useful to them without regard to law. Their roward,
Tho Federal income and excess-profits taxes of the Steel Corporation for
expressed in terms of profit, reveals that four of theso concerns havo
1917 were $233,465,435, which leaves from net income $244,738,908, of
pocketed in 1915, 1916 and 1917 $140,000,000. Comparisons botweon their
present profits and those of tho pro-war period aro given below. Ilowover which about ono-tonth was applicable to interest on bonds of tho corpor
dolicato a definition is framed for “profiteering” those packers havo preyed ation and tho rest availablo for dividends and surplus.
From information in possession of tho Commission mills in Class 2 appear
upon tho pooplo unconscionably. They aro soon to como under further
to havo mado heavy profits in 1917. Recently, mills in Class 3 mado
governmental regulation approved by Executive order.
objection that tho Government prices were too low for them. A special
In cases whero tho Government fixes a definito margin of profit abovo examination of their profits by tho Federal Trade Commission showed that
costs, as in tho case of flour, thero is a considerable incentivo to a fictitious in almost every case these objecting mills wero enjoying unusual returns.
enhancement of costs through account juggling. This has added to tho Tho following table of percentage of return on investment in 10 mills in
volumo of unusual profits. Increase of cost showing on tho producers’ Class 3 will show tho profits in 1917:
books can bo accomplished in various ways. Tho item of depreciation
P e r c e n t.
can bo padded. Officers’ salaries can bo increased. Interest on invest Allan Wood, Iron & Steel Co___________________________________
52.63
ment can bo included in cost. Now construction can bo recorded as re Allegheny Steel Co____________________________________________
78.92
pairs. Fictitious valuations on raw material can bo added, and inventories American Tubo & Stamping Co________________________________
40.03
can bo manipulated.
Central Iron & Steel Co________________________________________
71.35
Tho Federal Trado Commission has been vigilant and untiring in its Eastern Steel Co______________________________________________
30.24
exclusion of theso practices. An instanco of this practice was afforded by Forged Stool Wheel Co.................................... ...................................... 105.40
tho Ismert-IIincko Milling Co. of Kansas City, Mo. This company paddod Follansboo Bros. Co_____________________________________________ 112.48
its costs by heavily increasing all its officers’ salaries and manipulating tho Naglo Steel Co........................ ........................... ........................... ..
319-67
Inventory valuo of flour bags on hand. As cvidonco of tho length to which West Penn Steol Co____________________________________________
159.01
padding can bo carried, it may bo added that this company oven included Wost Leechburg Steol Co_______________________________________ 109.05
in its costs tho gift of an automobilo, which It charged to advertising cxMills in Class 4, which buy the semi-finished steel and convert it into tho
ponso. This case was heard by tho commission for tho Food Administra moro highly developed steel products, havo enjoyed substantial profits.
tion. Tho commission recommended revocation of licenso and tho recom
COPPER.
mendation was followed.
Very largo earnings havo been mado in tho copper industry on tho whole,
Extraordinary Salaries.
although it should bo noted that they have boon duo in part to an unusually
Payment of extraordinary salaries and in somo Instances bonuses to heavy domand for this motal, which is used almost exclusively for war pur
oxccutivcs of corporations havo been found by tho commission during its poses directly and indirectly. Tho Commission’s figures show that 21
investigations. An illuminating oxamplo of high remuneration charged companies, including a largo proportion of high-cost companies, mado
to tho oxponso account, is that given by tho American Metal Co. (Ltd.), profits in 1917 which ranged from 1% to 107% on their investments. Tho
of Now York, tho chief dealings of which aro in zinc. Appended aro tho average profit was 24.4%.
Probably over 70% of tho production is
salaries and tantieme (French— an interest, commission, or proportional marketed at profits over 20% on investment. Theso samo companies show
an average profit of only 11.7% in 1913, wliich may bo considered to bo a
amount) of somo of tho chief officials:
B. Tlochschild, Chairman of board of directors---------------------- $179,663 36 normal year. Thus the average profit in tho industry has moro than
C. M. Locb, President...........................................- ....................... 364,326 73 doubled. Tho range of profits in 1913 was from 1 to 56%.
Tho profits used in theso computations do not includo Fodcral income or
Otto Sussman, Vice-President_______________________________ 221,596 04
J. Loch, Vice-President______________________________________ 147,930 69 excess profits taxes, and, therefore, represent sums actually retained by
Sol Roos, Manager St. Louis offico---------------------------------------- 148,530 69 tho companies for addition to surplus or dividends.
Thero does not appear on tho whole to havo been any concerted action in
M . Schott, Manager Denver offico----------------------------------------- 136,553 12
Tho complete list of salaries and bonuses to officers and employees of this this industry in putting prices up in tho first instance. Tho war scramble
among tho Allies shot tho prices of copper and other metals to almost un'
company is given later in this report.
In addition to tho Information abovo given, tho Federal Trado Commis hcard-of levels. But thero are certain strong interests among the pro
sion occupies an advantageous position, where it is possiblo to view certain ducers and marketers which predominate in certain stages of production,
tendencies in trado which boar upon tho problem of profiteering. Under and theso appear to havo taken steps to maintain prices at unnecessarily
tho law tho Commission has power to prevent unfair methods of com high lovols. In tho first place, tho smelters, and notably tho American
petition, and it is daily in receipt of complaints, which it investigates, and Smelting & Refining Co., havo continued to hold in force certain deductions
if it has reason to beliovo that an unfair method has boon used, arraigns for risk of carrying copper bought from mines, wliich risks have ceased to
tho party complained against for a hearing of tho issue. It has developed exist. Theso deductions wero put in force during tho early period of tho
that outsido legitimate increases in prico duo to higher costs and other war, before prico was fixed by agreement with tho War Industries Board.
oconomic elements, certain members of trado havo preyed with shameless Their present maintenance amounts to profiteering at tho expense of tho
avarico upon the consumers. Two classes of cases handled by tho Com miners, especially the small producers. On tho other hand, somo of tho
larger and richer mines havo contracts entered into before tho war running
mission will bo citod.
for periods as long as 20 years, which aro extremely advantageous to them
Vegetable Canning Concerns.
and which aro now causing somo refineries to operato at a loss.
Concerns bottling or canning vegetables which mado contracts for futuro
ZINC.
deliveries during tho year 1917. in somo instances, meotlng a condition of
Most of tho evidence in tho Commission’s possession indicates no un
inadequate crops and seduced by rising prices, withheld portions of their
contract dolioveries and sold spot on the market at tho higher price. Thero usual profits in tho zinc industry, with the exception of tho operations of
wero varying degrees in this practice. Somo of tho instances wore flagrant tho Now Jersey Zinc Co.
Basing percentage on tho capital stock issuo of $35,000,000, the following
and in tlioso cases tho Commission recommended tho revocation of liccnso
of tho offender to tho Food Administration and those recommendations net earnings and dividends aro shown for tho New Jersey Zinc Co., accord
wero acted upon. A great number of complaints of failure to deliver futures ing to iniblishod statistics: 1916, profits 72.5%, dividends 76%; 1917, profits
wero mado wlicroin action was not taken as tho ovidonco showed that tho 56%, dividends 46% . Tho Federal Trado Commission's figures as to theso
canncr was unable to secure supplies by reason of crop failures.
Tho Food samo not earnings and dividends aro available only for 1916, and indicate
Administration has endeavored to meet this situation the present yoar by profits of 95.9%, with dividends of 76%.
These largo earnings do not indicate excessive profits on metallic zinc.
a delivery limitation on tho amount named in tho contracts for futuro
Tho company's profits on common spelter aro very low, and on grade A
delivery.
Another trado practico has developed in which tho consigneo refuses spelter while high aro duo to tho fact that it possesses a natural monopoly
goods after shipment because tho market has fallen, and vico versa tho of a certain high grade ore, tho product of which can not sell for loss than
consignor refuses to ship on a rising markot. These Instances, which in the tho zinc produced by competitors. In fact, tho whole explanation of the
knowlodgo of tho Commission havo not been numerous, have been handled New Jersey Zinc Co.'s largo profits lies in its possession of an oro body of
by tho Commission in connection with tho Food Administration and its unusual richness and purity.
NICKEL.
power of revocation of licenso.
Still another trado practico which has increased tho prico of supplies to
Tho dominating factor in the nickel industry is tho International Nickel
tho consumer has been that of commercial bribery, upon which subject this Co., which produces practically tho entire output of the metal is this
body recently addressed tho Congress, suggesting remedial legislation.
country. Tho profits of tho International Nickel Co. in 1916 wero $13,
Again tho trade tendency of manufacturers maintaining tho resale prico 557,000, and tho dividends wero $10,575,000, which sums amounted to
of wares, has contributed to holding high tho general price level and in 40% and 31% respectively, based upon tho investment as computed by tho
nstancos has increased profits without question. Tho action of tho courts Commission. Taking the total capitalization and surplus of tho company
and tho Federal Trado Commission in prohibition of this policy is becoming as a basis, tho net earnings would bo 20% and tho dividends 15.6%. In
generally known to tho trades and will in our opinion work a correction 1917 tho profits on the Commission’s basis wero 30% and tho dividends
by oponing up somo of tho closed channels of competition.
24% , and on tho basis claimed by tho company tho profits were 15% and
In submitting tho subjoined memoranda on tho industries under consider tho dividends 12%.
ation tho Commission expresses tho opinion that goneral trado, as tho Com
This company has a natural monopoly based on tho ownership of tho
mission has opportunity to view it, is in a high stato of prosperity. With Canadian mines from which the nickel ore is derived. It has, however,
somo exceptions that condition has continued for several years past. Many maintained prices on a pre-war basis. Consequently, while prices aro
of the Industries aro making unusual profits, somo aro showing outrageous high and tho profits very large, the increase in profits has been duo to tho
ones. In an hour of national service and self-sacrifico profiteering may increased war output rather than to advances in prices. Therefore, It
bo defined not only as tho taking of an exorbitant profit, but should includo docs not seem that any profiteering can be charged, unless in a negative
30
THE CHRONICLE
sense, I. e., the company might have been satisfied with smaller profits In
war times.
This is especially worthy of consideration, inasmuch as
practically the entire output of the company Is taken for war uses.
SULPHUR.
Two companies produce all the sulphur In this country— the Freeport
Sulphur Co. and the Union Sulphur Co.
The cost of the Freeport Co in 1917 was $6 15 per ton; In 1918 it Is
estimated that increases will bring the cost up to not over $9 50 per ton.
In the first half of 1917 the Union Co.'s costs were $5 73 per ton. The
average realization of the Union Co. In the first half of 1917 was $18 11
per ton, making a margin of $12 38 per ton. The manufacturers of sul
phuric acid are paying in the Neighborhood of $25 per ton, and some as
high as $35 per ton, making margins of over $15 per ton for sulphur com
panies. The Freeport Co.’s balance sheets show an operating profit for
the eleven months ending Oct. 31 1917 of $4,301,310, or 236% on invest
ment. On Nov. 30 1916 the company’s balance sheet shows dividends
declared of $925,000; on July 31 1917. $1,850,000; and Oct. 31 1917,
$2,600,000. Its surplus Increased from $1,254,000 hi November 1916 to
$2,543,000 in October 1917.
These companies may be said to have a natural monopoly of sulphur.
Since they have placed their operations upon an established basis, they
have always made largo earnings. They have taken advantage of the
existing situation to raise their prices.
LUM BER.
Information in the Commission’s possession does not indicat'o any exces
sive profits in the lumber industry on the west coast, although it is under
stood that producers of aeroplane spruce in that region have in tho past
taken advantage of Allied Governments. Information in tho Commis
sion’s possession does indicate unusually and "unnecessarily large profits
on the part of the Southern pino producers. Forty-eight Southern pine
companies producing 2,615,000,000 feet of lumber In 1917, made an average
profit on the net investment of 17%. This is unusually large for tho indus
try, as is indicated by tho fact that the average profit in 1916 was only
5.2%. In 1917 47% of tho footage of tho companies covered was produced
at a profit of over 20%. Tho range of profits was from a small loss to
over 121% on the not investment.
The margin of profit per thousand board feet in 1917 was nearly double
that in previous years, tho figuro being $4 83 as compared with $2 11 in
1916. A fair margin per thousand feet in the past has been recognized as
being $3.
Theso figures for 1917 are the more notable for the reason that the
profits shown do not include any payments of Federal Income and excess
profits taxes, but are the sums actually available for additions to surplus
or dividends. Information secured from the companies concerning their
dividends and income taxes supports the preceding statements.
COAL
Generally speaking, tho bituminous coal operators In 1917 had very
much larger margins than in previous years. While in 1916 tho margins
(what operators actually received for coal sold over f. o. b. mine cost)
may be regarded In some cases as lower than normal, yet tho margins of
1917 wero often two or three times the normal return. In tho figures for
1916 and 1917 mentioned below, return on investment must bo covered in
margins shown. The increase of margins is illustrated by an examination
o f the returns for 1916 and 1917 of 23 typical bituminous coal companie
In tho Central Pennsylvania field. Tho averago margin of theso com
panies in 1916 was 20 cents per ton and in 1917 was 90 cents. The highest
margin for any company of the 23 companies in 1917 was $1 85. The
corresponding margin for this company in 1916 was 41 cents. Similarly
the lowest margin for any of theso companies in 1917 was 27 cents, tho
corresponding margin for the same company in 1916 being 13 cents.
Maximum coal prices f. o. b. mines were authoritatively fixed Aug. 21-23
1917, by Executive order, and subsequently modified by the Fuel Adminis
tration. Contracts made before that time were not invalidated. In some
fields as high as 90% of possible production was sold under contract prices.
While some contracts wero below maximum prico, probably much the
greater the part of the coal sold under contract went at prices substantially
In excess of legal maximum prices fixed for current sales.
April realizations contain relatively little coal sold on contracts made
prior to Aug. 21, since most such contracts expired April 1 1918.
Sample
reports for April operations, covering 12,619,274 tons actually mined in
West Virginia, Pennsylvania, Ohio, Indiana, Illinois and Kentucky show
an average margin between claimed f. o. b. mine cost and actual realization
from sales of about 54 cents, as against a pre-war margin of an averago of
10 to 15 cents.
In anthracite the average receipts per ton, including all sizes, during the
year 1914 (13 companies, producing 79% of tho total tonnage In 1916)
were $2 86 per ton. The average receipts per ton of anthracito, Including
all sizes, allowing for later obligatory summer discounts on proparod sizes,
during the period January-March 1918 (six companies, producing 50% of
the tonnage in 1916), were $4 26 per ton. The average labor cost increase
per ton since 1914 was 76 cents, and if this is deducted from tho 1918
average roceipts per ton an increase of 64 cents per ton (or 22%) in average
receipts is indicated, without allowance for increased cost of supplies and
general expense.
In connection with the distribution of coal it may bo pointed out that
prior to the official regulation of jobbers’ and of retailors’ margins in
August 1917, there was evidence that many of tho margins wero unduly
high when compared to tho pre-war margins. Details can be found in the
report of tho Federal Trade Commission on anthracito and bituminous
coal, Juno 20 1917. Since tho regulation was established most of tho
jobbers’ transactions havo been carried on within the fixed margin and
whenever violations have been detected tho jobbers have been forced to
refund the overcharges. It should be understood that jobbers’ and
retailers’ margins do not represent net profits alone, but also include all
expenses incurred by them from tho time coal is purchased until it is sold.
PETROLEUM AND ITS PRODUCTS.
Tho data secured by the Federal Trade Commission for 106 refining
companies for the first quarter of 1918, supplemented in certain cases by
returns for the second six months of 1917, indicate that tho average profit
in tho oil industry is about 21 % on the investment. This is a considerable
Increase over the rate of profits indicated for pre-war years, as the Com
mission’s gasoline report indicates an averago profit for the years 1913,
1914 and 1915 of 15% on tho investment. In 1917 over 50% of tho esti
mated production was produced by companies having a profit of over 20%
on tho investment. Rates of profit ranged from losses up to 122%.
The profits of tho Eastern refiners have been relatively larger than those
on tho Pacific Coast. Tho situation in tho East is duo to tho fact that
while gasoline prices have been but slightly advanced, tho prices of other
products havo been increased greatly, especially tho prico of fuol oil. Tho
public knows little about prices oxcopt tho prico of gasoline, and, to a lossl
extent, keroseno. Formerly refineries operated for tho sako of tho gasolino
almost exclusively, and fuol oil was commonly sold at a loss, but now fue
011 is a very^profltable product.
[Vol. 107.
N e t E a r n n ig s .
Tho following table will show tho per cent of net earnings on investment
for a series of years. The earnings for 1918 are estimated on tho basis of
the second six months of 1917 or the first quarter of 1918.
1st Q u a r .
1913.a 1914.a 1915.0 1918.
1918.6
Atlantic Refining C o _________ ------ 16.4
—3.7 21.7 C15.0 30.0 +
Standard of Indiana_________ ------ 36.5
14.5 36.0 c21.7 43.3 +
Standard of New Jersey______ ------ 9.7
7.8 20.6
c9.1 18.2 +
Standard of New York________ ------ 21.2
8.1
16.0 c6.6 13.3
Standard of Ohio ____________ ........23.4
13.8 23.9 C14.3 28.6 +
Standard of Kansas. ________ ------ 91.6
1.0 17.9 d25.6 51.3 +
Magnolia Petroleum C o_______ ........19.2
4.4 17.6
16.5 14.2
Standard of California_______ ........16.8
6.5 25.9 +
12.5 10.6
Continental Refining C o ______ ........ 1.6 —7.8
1.2 4.7 +
3.3
Empire Oil Works ____ ______ ........ 4.4 —3.1
5.6 17.6 70.4 +
Penn American Refining C o ___ ........35.3
13.3 12.3 15.8 63.1 +
Cosden & C o . . _____________
5.9 23.5
30.6 —50.7
Muskogee Refining C o _______ ........ 8.7
6.2 24.8 +
6.9 18.8
National Refining C o_________ ------ 24.9
2.3 9.2
8.0 20.4
The Texas C o. _ ___________ ------ 17.1
13.3 12.7 C13.3 26.7
a See pages 108-109 of Report on tho Price of Gasolino in 1915.
6 Estimated; based on figures for last six months of 1917, or first quarter
of 1918.
c Six months period, July-December 1917.
d Last six months of 1917.
MEAT PACKING.
An exposition of the excess profits of four of the big meat packers (Ar
mour, Swift, Morris, Cudahy, omitting Wilson as not comparablo) is
given in tho fact that their aggregate averago pre-war profit (1912, 1913,
1914) was $19,000,000; that in 1915 thoy earned $17,000,000 excess profits
over tho pre-war period; in 1916, $36,000,000 more profit than In the
pre-war period; and in 1917, $68,000,000 more profit than in tho pro-war
period. In tho three war years, from 1915 to 1917, their total profits have
reached the astounding figure of $140,000,000, of which $121,000,000
represents excess over their pre-war profits.
Theso great increases in profits aro not duo solely to Increased volumo of
business. Tho sales of these companies in this period increased 150%,
much of this increase being due to higher prices rather than to increased
volumo by weight; but tho return of profit increased 400%, or two-and-ahalf times as much as tho sales.
Tho profit taken by Morris & Co. for tho fiscal year ended Nov. 1 1917,
is equal to a rate of 18.6% on tho net worth of tho company (capital and
surplus) and 263.7% on tho three millions of capital stock outstanding.
In tho case of the other four companies, the earned rate on common capital
stock is much lower— from 27% to 47%— but tho reason for this is that
those companies havo from time to tlmo declared stock dividends and in
other ways capitalized their growing surpluses. Thus Armour in 1916
raised its capital stock from twenty millions to one hundred millions
without receiving a dollar more of cash. If Swift, Wilson, Cudahy and
Armour had followed tho practice of Morris in not capitalizing their sur
pluses (accumulated from excessive profits), they, too, would now show
an enormous rate of profit on their original capital.
Rates of profit earned by these five companies In war years compared
with the pro-war averago, based on net worth (capital and surplus) and on
common stock aro as follows;
A rm ou r.
S w ift. M o r r i s . W ils o n C u d a h y .
Actual profit on net worth:
(a )
Pre-war average, 1912, 1913, 1914-- 6.2
6.8
7.3
8.3
21.0
(o)
14.1
War averago, 1915, 1916, 1917______ 14.6
13.5
23.8
18.7
Year 1917__________
616.8
26.7
18.6
Rate on common stock, 1917______ 627.1
47.2 263.7
42.5
47.0
a Figures not available.
6 Foreign business not included; would undoubtedly ralso percentages.
Tho independent packers, as measured by results compiled for 65 of tho
largest of them, earned during 1914, 1915 and 1916 a rato of profit as high
or slightly higher than that earned by the big packers in those years. The
profits of these Independent companies for 1917 aro not as yet available.
LEATHER AND LEATHER GOODS.
During the year 1917 a large proportion of tho tanners in the United
States made unusual profits. As the Commission reported in January last
reports of a number of the larger companies show that net profits in 1916
were in several instances two, three, four, or oven five tlmos as largo as in
1915, and tho 1915 net profits in turn showed increases of from 30% to
more than 100% over those of 1914. Ono striking instanco is a company
whose net profits wero reported as follows:
1914...........$644,390 9011915______ $945,051 3711916........... $3,576,544 27
Tho tannors took advantage of tho onormous demand for leather and took
very high prices. During 1917 the prices of hides, particularly packer
hides, wero advanced very rapidly, notwithstanding that during tho period
of advance great supplies of hides wero withhold from tho public.
Many shoo manufacturers in 1917 mado larger profits than usual.
Wholesale shoo dealers secured wider margins of profit In 1917 than thoy
had been accustomed to receive. The margins of retail shoe dealers widened
greatly during 1917, especially upon fancy shoes. This was truo to a less
oxtent on staple shoes. It appears that tho retailer has profited more In
proportion than the wholesaler.
As an indication of earnings of the big packers in the selling branch of
their leather business, tho following is quoted from a lottor of Jan. 17 lol i
by tho Eastern Leather Co., an Armour soiling subsidiary, to Mr. F. W .
Croll, of Armour & Co.:
Wo aro enclosing our check on the National City Bank, Now York City,
payablo to Mr. J. Ogden Armour, for $915,787, same being a dividend of
63% on the 17,279 shares of common stock standing in his namo. In
addition to this, and in accordance with our conversation when In Chicago,
we have set aside as a surplus $250,000, which represents 10% on the
common stock.
Wo aro also enclosing a check on tho National City Bank for $202,145 62,
payable to Mr. Armour, this being tho balance duo on 6,020 shares of
common stock held for employees.
Here is a memorandum of May 15 1917 from J. D. Murphy to Mr. II. W.
Boyd, President of the Armour Leather Co.:
M a y 15 1917.
M r . I I . W . B oyd :
Herewith comparative statement of results in tho leather business for the
three months ending April 28, showing earnings of $1,964,945 18. This
does not include Woodstock, as wo havo not finished enough of our own
leather up there to make a loss and gain result of any value as indicating
the possibilities of tho plant.
As per Mr. Armour’s instructions, given through Mr. Stull, wo are
charging off in reduction of tho above tho following reserves:
Earnings as above_____________ _____ ________ _________ -.$1,964,945 18
Reservo for income tax threo months ending
April 29 1917__________ _____ ________ ______ .$36,915 61
Reservo for estimated excess profits tax, six
months ending April 28 1917_________________423,620 84
---------------460,536 45
Not earnings.
............ $1,504,408 7J
J. D. MURPHY.
Here Is another letter In which'Mr. II .',W .7Boyd{writes Mr. Armour
comparing the results for the Armour Leathor'Co. with the Central Leather
Co.’s statement:
October 31 1917.
Dear Mr. Armour.— In reference to the Central Leather Co.’s statement,
would say that it does not compare favorably with ours. You will notice
that after deducting interest and dividends they only have $40,000 to add
to the surplus. We mado $600,000 and thoy are doing four times the
amount of business and only made $1,900,000, and, as stated above, after
deducting interest on tho bonds and paying dividends they only had
$40,000 left to add to their surplus.
1 think, considering their lumber business, which is wonderful (the
manager of the Pennsylvania Lumber Co. told mo that they never expected
to realize the profits they were making on hemlock lumber and that they
were doing an enormous business), that our statement is a great deal
better than theirs.
Yours truly,
H. W . BOYD.
Mr. J. OGDEN ARMOUR, City Office.
The way in which Swift & Co. proceeds when a Government limitation
of profits is expected is shown by tho following letter in which Louis F.
Swift -writes to his brother, Edward F. Swift, stating that ho has learned
that the Government expects to establish profit control in\tho leather indus
try and suggesting tho advisability of re-appraising their properties in
certain companies. Edward F. Swift replies:
I approve, if done quietly and promptly.
E. F. S.
The letter, with marginal direction, is as follows:
Government Control—Leather Companies.
Chicago, November 26 1917.
Mr. Edward F. Swift, Second Floor:
We have had a virtual statement from Mr. Cotton that the Government
expects to establish profit control In tho leather industry. With this
notice, I think we should at least consider tho advisability of re-appraising
the properties of tho following companies: A. C. Lawrence Leather Co.,
National Calfskin Co., Winchester Tannery Co., St. Paul Tannery Co.,
Ashland Leather Co., St. Joseph Tanning Co. (in which wo have only
60% ownership).
If it is agreoablo to you, will arrange with Mr. Moon to go into the
matter and submit figures.
Awaiting your reply.
LOUIS F. SWIFT.
I approve, if done quietly and promptly.
E. F. S.
FLOUR.
Tho flour millers have had unusual profits for considerably more than a
year. Information collected and verified by the Commission shows for
tho four years onding June 30 1916 a profit of 13
cents on each barrel
of flour and 12% on tho capital investment. These figures came from
accounts covering nearly 40,000,000 barrels "'output annually. This is
somewhat loss than 40% of tho annual output of the whole country, but a
very much larger part of tho flour sold in tho rogular commercial market.
In other words, these figures apply to mills that in large part supply the
demand for flour in inter-Stato commorco and for oxport. Tho years cov
ered, 1913, 1914, 1915, 1916, should probably bo accepted as fairly repre
sentative in spite of tho fact that tho war domand in 1915 and 1916 would
lead one to expect them to show an abnormally high profit.
In the year ending June 30 1917 those same mills mado an,'average',of
52 conts on each barrel of flour sold, and nearly 38% on their investment—
profits that are indefensible, considering that an average of tho profit of
one mill for six months of tho year shows as high as $2 per barrel.
Tho Commission has tabulated returns covering tho sale of something
over 4,000,000 barrols of flour made and sold under the Food Adminis
tration’s regulations from September, 1917, to March, 1918, Inclusive.
In face of tho regulation of 25 conts per barrol maximum, tho average
profit per barrol on this flour was about 45 conts, or ovor three times tho
normal profit por barrol referred to abovo. Tho return on investment was
apparently between 25 and 30%. However, with prices maintained at tho
same level, cost would probably have increased and profit would have been
somowhat reduced in April, May and June, 1918, because of the smaller
output in those months. Tho averago net profits of jobbers'reporting to
the Commission was about 15 conts per barrio, for 1913 and 1914, but
Increased to nearly 50 cents in tho first half of 1917. Thoso profits in
clude all the pay received by the proprietors of tho business for their ser
vices. It is clear that if the profit abovo such pay was reasonably high in
1913 and 1914, it was exorbitant In tho first half of 1917. Tho Food Ad
ministration has succeeded in reducing tho profit of these concerns, but for
tho year 1917 it was still over twice as high as in the earlier years.
CANNED M ILK.
About tkreo-quartors of tho total canned milk (ovaporatod and condonsod)
is produced by 10 companies. Nearly one-half of tho total pack is
produced by three companies— Borden’s Condonsod Milk Co., Helvetia
Milk Condensing Co., Carnation Milk Products Co. Thoso three compan
ies occupy a strong position in the trade. Tho price statistics botween
1907 and 1917 show that practically ovory rise and every decline was in
augurated by either Borden or Helvetia, and the small manufacturers fol
lowed. In 1916 and 1917 tho war domand caused prices to ascend so rapidly
that tho problem of declines was obviated until tho beginning of 1918.
In 1917, according to tho statement of tho company, Helvetia made over
20% on cost and over 65% on investment. Tho Borden Co. mado approx
imately 18% on cost. Tho Bordon Co.’s costs aro relatively high.
Tho Helvetia Co. In a lottor to the Commission under dato of March 19
1918 says:
Wo desire to say, however, in connection with the total earnings of tho
company and tho margin of profit shown during the yoar, that it was our
Judgment at all times during tho year that we woro making a larger profit
on our goods than wo wero entitled to make. * * *
Wo dosiro to say in explanation of tho yora’s profit— but not in defense
of it— that the profit which tho company mado during the year was regu
lated by condltions.entirely boyond tho^control of tho directors and officer*
of tho company.
„ , ,
, ,
,
During a large part of tho year tho domand on tho market was so strong
that it was with great.difficulty that tho price was kept from going much
higher than any point reached during 1917. * * * Most of tho price
advance:* during the year were mado by us in solf-protoction and in an effort
to koop orders from piling up,on us boyond our capacity to fill. Wo wero
compelled on one or two occasions to withdraw prices and refused to take
orders except at prices to bo determined at tho date of shipment (which in
a rising market would naturally bo higher), this plan being adopted on
account of the necessity for protecting ourselves against the unusual and
abnormal buying.
In extenuation, this letter goes on to say that in estimating costs for tho
purpose of announcing its prices, tho company had overestimated its In
crease in cost. During 1917 the cost of producing evaporated milk (tails)
was in some months but a little moro than $4, and even in tho high-cost
months not much moro than $4 50. Tlieso figures represent the costs of
most of the manufacturers. Tho prico of evaporated;milk (tails) prevail
ing In tho market during most of the year ranged from about $5 to $5 50.
Tho unprecedented increase in tho canned milk businoss, due to tho war
domand, enabled tho milk manufacturers— with such margins botween
sales and prices— to make unusual profits.
31
&THE CHRONICLE
July 6 1918.]
SALMON CANNERS.
Approximately 90% of the salmon packedfin 1917Ewas^produced at a
cost under $7 25 per case. To this should be added selling expense. This
item, as reported by 24 companies packing practically 50% of the year’s
production, was 28 cents per case. However, the 28 cents does not include
brokerage and cash discounts in all cases, and it is estimated that 50 cents
per case would be a fairer allowance. This would bring tho representative
high cost up to $7 75.
Tho weighted average of the 1917 oponing'prices for different grades of
salmon was $8 29 per full case, but more!salmon|was*soldjabove than below
this price during the year. This indicates a margin for a high-cost canner
of 54 cents per case and larger margins on the bulk of the production*
The average investment per case in 1917 was $4 32.
It follows that the marginal percentage earnedluponTaTreasonable in
vestment by the high-cost canners J
was'; approximately 1 2H % . Several
canners having costs In the vicinity of $7 25, which might be taken as con
crete illustrations, made profits as follows:
Cost. Profit.
Cost. P rofit.
Alaska Salmon Co____ S7 12 19% Cascade Packing C o .--$7 13 62%
Everett Packing Co___ 7 43 5% Ocean Food Packing Co. 7 58 14%
31%
San Juan Packing Co_ 7 02 24% Salina Packing Co--------- 7 71
_
The foregoing statements are based upon the representative high-cost
company— one whose cost would cover 90% of the total pack. The fol
lowing figures concern the average:
In 1917 the average net profit on investment of 90 companies, packing
7,426,678 full cases (87% of the total year’s pack) was $2 28 per case, or
52.8% on the net investment in the salmon-canning business proper. This
average of 52.8% does not reveal the fact that some of the low-cost com
panies included in the average made over 200%. It is significant that some
of these low-cost companies are thoso allied with the big meat packers.
SALARIES AND BONUSES.
Below are given the payments in salaries and commissions which were
made in 1917 for services rendered by the American Metal Co. (Ltd.), New
York. These payments are reported as being made exclusively for ser
vices in their capacity as described below and charged in all cases to ex
pense account:
O ffic e r s a n d M a n a g e r s — S a la r ie s a n d T a n tie m e .
T o ta l
N a m e o f P a y e e , A d d r e s s a n d P o s i t io n —]
P a y m e n t.
B. Ilochschild, 61 Broadway, New York, Chairman of board of
.$179.663 36
directors .......
C. M . Loeb, 61 Broadway, New York, President-------------------- 364,326 73
Otto Sussman, 61 Broadway, New York, Vice-President, Chief
mining department-------------22 i.o»o u*
J. Loeb, 61 Broadway, New York, Vice-President, Chief sales
department_______________________________________________ 147,930 69
T. Stemfold, 126 West 74th Street, director (and Treasurer to
June 30 1917)...................... - --------- ---------------- ------- ---------- 86’24£
Henry Bruere, 61 Broadway, Now York, Vice-President--------- 82,810 23
Julian B. Beaty, 61 Broadway, New York, director and Treas
urer since June 30 1917------------------------------------------------------ 77,710 23
n . K. Ilochschild, 61 Broadway, New York, Vice-President.
Chief South American department--------- --------- — ................ bi.Hiu 23
H. V. Putzel, 61 Broadway, New York, director and Chief of
zinc ore department.......................- ----------- -------------------------- 52,710 23
M . Roos, 61 Broadway, New York, Cashier and custodian of
securities_________________________________________________ 79,065 35
S. Adler, 61 Broadway, New York, Chief Auditor and Ac
countant_________________________________________________ 79.065 35
II. Bernstorff, 61 Broadway, New York, Chief ore department. 52,410 23
Sol Roos, 1625 Boatman’s Bank Building. St. Louis, M o., M an
ager St. Louis office--------------------------------------M . Schott. 825 A. C. Foster Building, Denver, Colo., Man
ager Denver office-------------------------------------------------------------- 130,003 iz
Wm. Simon, 1625 Boatman’s Bank Building, St. Louis, M o.,
Assistant Manager St. Louis office----------------- ------------------ 38,100 11
W . E. Brady, 61 Broadway, New York, Manager of trans
portation department (now American Metal Transportation ^ ^ ^
W . H. Brady, 61 Broadway, Now York, Assistant Cashier------9,300 00
H. M . Burkey, 61 Broadway, New York, metallurgical dept—
5,200 00
M . Fauquembergue, 61 Broadway, New York, chief clerk sales
department-------- ------ ------------------------------------------------------9 -*°° 00
John Fomfinne, 61 Broadway, New York, Assistant Traffic
M anager.................... ....................... ............... ............. — .........
*,400 00
Gustav Loers, 61 Broadway, New York, Traffic Manager------9.150 00
B. F. Phillipson, 61 Broadway, Now York, Assistant Manager
ore department-----------------------------------------------------------------9,600 00
E. T. Villareal, 61 Broadway, New York, Manager foreign
metals department------------------------------------------------------------- 12,200 00
Hans Schild, 61 Broadway, New York, bookkeeper-----------------6,19000
Wm. Weidowke, 61 Broadway, New York, clerk, zinc ore de
department______________ - ................................... - ......... ........
5,850 00
John MacLetchie, 61 Broadway, New York, Auditor for subsldlary corporations----------------------------------------------------------- 12,800 00
B. N . Zimmer, 2287 Henry Oliver Building Pittsburgh, Pa.,
Manager Pittsburgh office and Langoloth W orks---------------- 10,800 00
II. L. Brown, 825 A. C. Foster Building, Denver, Colo., mining
engineer, Denver office-----------------------------------------------------6,350 00
D. D. Weeks, Canandaigua, N. Y ., chief mining engineer (re
signed).............................. - ......... - ........... - - - --------- --------------- 23,500 00
C. E. Kayser, 406 First National Bank Building, Bartlesville,
7,000 00
Okla., manager gas operations-------------------------------------------The foregoing is as complete a reply to the Senate’s question as tho Com
mission lias been able to prepare during the time at its disposal. It must
be stated that the instances cited are by no means a complete catalogue.
All of which is in support of the statement of the President, when In
his address to a joint session of Congress on M ay 27 1918 he said:
The profiteering that cannot be got at by tho restraints of conscience
and love of country can be got at by taxation. There is such profiteering
now and the information with regard to it is available and indisputable.
FEDERAL TRAD E COMMISSION,
W ILLIAM B. COLVER, C h a ir m a n .
JOHN FRANKLIN FORT, V ic e -C h a ir m a n .
VICTOR M URDOCK.
PACKERS
PROTEST
A G A IN S T
FEDERAL
TRADE
C O M M IS S IO N 'S R EPO R T O N P R O F IT E E R IN G
.
F o r m a l p r o te s t a g a in s t th e r e p o r t o n p r o fite e r in g , m a d e
p u b lic b y th e F e d e r a l T r a d e C o m m is s io n o n J u n e 2 9 , w a s
te le g ra p h e d to t h a t b o d y b y L o u is
S w ift & C o . , o n J u ly 1 .
F.
S w if t , P re s id e n t
of
T h e p r o te s t sa id in p a r t:
Swift & Co. protest against certain unwarranted statements in the re
port issued by the Federal Trade Commission on war profits, in that
they give the public a false impression regarding the profits and the con
duct of the packing business.
148,53069
THE CHRONICLE
32
Swift & Co. can justify its profits as not only reasonable, but necessary
for efficient conduct of the business, to finance largo inventories at high
prices and to expand facilities at increasing costs.
Tho report states that the five largo packers have a monopoly of tho
meat industry and manipulate the market without regard to the law. This
is a serious charge, unsupported by the facts. Swift & Co. is in compe
tition with all other packers, has no control over prices, and tho policy of
the company is to obey tho law.
Packers’ profits aro unjustly exaggerated by tho statement that four
large packers made a profit of $140,000,000 during the three war years, as
against an averago annual profit of $19,000,000 for tho three years before
the war. This compares a three-year profit with a one-year profit, and tho
$19,000,000 should have been $57 ,000,000 to make the comparison just.
Tho impression has gone broadcast that license control has been flouted
by tho packers. Swift & Co. has at all times endeavored to live up to all
regulations of the Food Administration, both as regards the handling and
marketing of food products and also as to profits.
M r . S w ift a lso issu e d
Y o r k on June 2 9 :
th e fo llo w in g s ta te m e n t in N e w
Swift & Co. absolutely deny tho sensational charges made. We hope
that tho public will at least roservo judgment until the complete facts of tho
situation are put forth and until those accused have had a chance to ex
plain these facts in their true light. To accuse essential industries of
manipulating prices and of using illegal devices is a serious charge, and one
that should not be carelessly made by a Government department.
Swift & Co. stand ready to convince any unprejudiced person that it is
in activo competition with all other packers, that it has no power over
prices, that it could not manipulate prices, even if it desired to do so, and
that it has carefully observed tho law in every respect. As for the accu
sation that the largo packers have been profiteering. Swift & Co. admits
that its profit lias been much greater during the last two or three years
than previous to the war, but it is ready to defend those profitses not only
fair and reasonable, but as absolutely essential to tho proper and efficient
conduct of the packing business.
A distinction should be mado between industries which mako a clear
cash profit that can bo distributed in the form of dividends and an indus
try that pays only reasonable cash dividends and has to put the rest of its
profit back into the business. In tho case of Swift & Co. a large propor
tion of the profits has had to remain in tho business in order to financo
operations and to maintain efficiency by tho addition of facilities and im
provements. This has been particularly necessary during tho past year
or two, because of tho increased volume of business and tho large stocks of
meat carried duo to war conditions and demands. Even with theso larger
profits it has been difficult to financo our business at the extremely high
prices prevailing for live stock, labor, and supplies, and wo have recently
had to issuo moro capital stock for the sole purpose of raising more money.
Tho Trade Commission has made ono very serious error in tho figures it
presents, which gives tho public a totally wrong impression of tho recent
profits in tho packing business and does the packers a great injustice. Tho
roport says that tho five largo packers made a profit of $140,000,000 during
the threo years 1915-16-17. as against $19,000,000 during tho tlireo years
before tho war, thus showing an increasoof $121,000,000, Tho Commis
sion has compared a three-year profit with a one-year profit, and the
$19,000,000 should have been $57,000,000. thus showing an increase of
$83,000,000, instead of $121,000,000.
This profit is not out of line with the increase in sales due to the high level
of prices and increased output of meat products. Thero might be some
justice in saying that the packers had preyed upon tho people unconscion
ably if it coidd bo shown that their profits had raised prices of moats to
consumers or lowered the prices of livestock to producers.
Swift & Co. marketed over five billion pounds of all kinds of products in
1917 at a net profit of a fraction of a cent a pound. If this profit had been
eliminated altogether there would have been practically no offect on prices,
and since only reasonable dividends were paid out of this profit and tho rest
remained in tho business, we do not feel that wo can bo accused of profiteer
ing. Swift & Co. has been co-operating with tho Government in every
possiblo way to help win the war, and since November, 1917, wo have been
operating under Government license and under the supervision of the Food
Administration. With the profits in our meat departments limited to
9% per annum on tho capital employed, or about 2 cents of each dollar
of sales, no profit is guaranteed.
Swift & Co. are living up to this regulation conscientiously. It shoidd bo
borne in mind that the profit limitation applies only to tho meat business,
and that part of Swift & Co.’s profit is derived from outside industries
which tho Government is not regulating. The reference in tho Trado Com
mission’s report to extremely high salaries does not apply to tills concern.
We are willing to defend tho salaries paid to our officials at any time, and
to prove that they aro reasonable as compared with thoso paid in other
businesses of equal magnitude and responsibility.
Neither do the statements that commercial bribery has been resorted to,
that fictitious values aro put on raw materials, and that inventories have
been manipulated, apply to Swift & Co. We have developed as complete
and as scientific an accounting system as wo coidd, and wo havo nothing to
gain by falsifying our accounts.
Tho insinuations that tho packers havo mado enormous profits In hides
and havo manipulated the price of leather is also misleading and untrue. In
tho first place, the largo packers have no monopoly power over tho hide
market or the leather market, and henco cannot manipulate prices. Dur
ing 1917 tho supply of hides was larger than over before in tho history of tho
country, and tho demand did not Increase space. As a result, tho prices of
hides fell greatly during 1917, and many hides were sold by tho largo pack
ers at a loss. Swift & Co. has not hoarded hides, but has sold them as
rapidly as the market could absorb them.
Swift & Co. deeply resents tho spirit and tho manner In which tills report
has been issued. It was issued for release at noon Saturday, a time whon
the officials in many businesses havo closed their desks for tho week and
aro usually not on hand to answer sensational and unfounded charges. It
is intended to throw suspicion about an essential Industry which it is pub
licly recognized has fulfilled tremendous war demands from the beginning,
perhaps better than any other industry in tho country. It is not fair to
harass an honestly conducted industry that is straining every effort to
meet theso tremendous obligatlosn to our own and Allied Governments.
LOUIS F. SWIFT.
E d w a r d M o r r is J r ., P re sid e n t o f M o r r is & C o ., issu ed tho
fo llo w in g s ta te m e n t a t C h ic a g o o n J u n o 2 9 :
The Federal Trade Commission figures as to the profits of Morris & Co.
aro misleading and aro absolutely incorrect. The profit of 263.7% for tho
three-year war period is evidently figured on a nominal capital of $3,000,000 and not tho capital invested, while the pre-war profit of 8.6% was fig
ured on total investment.
During 1917 our investment was in excess of $38,000,000, and our profit
was 1414% on this investment, and not 263.7%, as stated. The average
profit on investment for the last three years was 10.94%.
[Vol. 107.
I know of no other business with so small a percentage of profit handling
highly perishable products where it is necessary to reinvest so much of
profits.
J . O g d e n A r m o u r m a d e th e fo llo w in g s ta te m e n t co n ce rn
in g th e F e d e ra l T r a d o C o m m is s io n ’s ch a rg es:
These charges, like tho previous ones of this same body, are designed to
impress tho headline readers; they will not stand up under honest investiga
tion. Profits are largo or small only when considered in relation to tho
magnitude of tho business transacted and the servico rendered. Profits
which seem huge when described by the Commission appoar in their true
light when brought down to the basis of a dollar’s wortli of business or a
pound of product.
It is a fact known to tho Government auditors, who have constant access
to our books, that our company’s profit on each pound of product in tho
meat food lines is only one-fourth of one cent,. Wo havo dovoloped our
business to a point where theso quarters of pennies aro brought in fast
enough to mako millions of dollars. Even so, the return on tho investment
is not unreasonable; in fact, it is now less than 9% .
If a profit of a quarter of a cent a pound of product is profiteering, as
charged by tho Federal Trado Commission, then there is no business In
tho world that is honest, for thero is no successful man in tho world who
makes a smaller profit per unit of product than docs tho packing industry.
II. BR UERE T A K E S E X C E P T I O N TO F E D E R A L T R A D E
C O M M I S S I O N ’ S ST R IC T U R E S R E G A R D I N G LARG E
S A L A R Y P A Y M E N T S TO A M E R I C A N
M E T A L OFFICERS.
T h e im p lic a tio n o f tlie F e d e ra l T r a d o C o m m is s io n in its
re p o r t o n p ro fitee rin g t h a t th o A m e r ic a n M e t a l C o . , L t d .,
h ad en deavored
to co n ce al its p ro fits b y
th e p y a m e n t o f
sala ries a n d ta n tie m o to o ffice rs h a s b e e n ch a ra cte rize d as
u n fa ir b y H e n r y B r u e r o , fo rm e r ly C i t y C h a m b e r la in , a n d a
d ire cto r
Ju n o
29,
of
th e
w h ich
c r e d its h im
com pany.
re p o r ts
th is
Tho
Now
Y ork
d e c la ra tio n
w ith s a y in g th a t n o n e w
by
“ T im e s ”
M r.
of
B ruore,
d op artu ro h a d boon
m a d o in th is re s p e c t fr o m th e p o lic y o f th e c o m p a n y sinco
its o rg a n iz a tio n th ir ty y e a r s a g o , a n d fu rth e r q u o te s h im as
s a y in g :
“All tho mon mentioned are very largo stockholders in tho company,
whoso stock has always been vory closely hold,” ho said, “and to a largo
extent their returns ropresont profits on capital investment. But, beyond
this, it has always been tho policy of tho company, and part of tho agreomont into which it entered with its oxecutivo officors, in lieu of salaries,
to pay them a proportional share of tho profits earned under their manage
ment each year. Whon the eoinpany has a good year they profit vory
largely, and when it has a poor ono tlioy do not do so well. Ilut this plan
of proportional division of profits is a very old ono. and certainly was not
adopted, as tho Commission Implies, merely in order to hldo oxecssivo war
profits.”
SE NATORS' V I E W S ON C H A R G E S OF F E D E R A L T R A D E
C O M M ISSIO N A G A IN S T PACKERS.
T h o v ie w s o f so m e o f th e S e n a to rs o n th e a lle g a tio n s o f tho
F e d e ra l T r a d o
C o m m is s io n w ith
re sp ec t to
th e p ro fits o f
p a c k e rs a n d o th e r in d u strie s co v e re d in its re p o rt o n p ro fitee r
in g h a v e b e e n g iv e n in th e N o w
Y ork
“ T im e s ”
fr o m
th o
J u ly 1 issuo o f w h ic h we ta k o th o fo llo w in g o x tr a c t:
In tho opinion of Senator Smoot, Republican member of tho Financo
Committee, the report could havo been made vory helpful if it had been
drawn in a "less socialistic manner and had not boon conceived in preju
dice.” lie said that above everything elso the report proved that price
fixing was a failure and tonded to confirm ills conclusions arrived at whon
the last revenue bill was being framed— that there should bo a tax of from
10 to 80% on war profits solely.
"The report does not cover tho business of ttio country and therefore Is
of little valuo to Congress," said Senator Smoot. "It is a sensational
report intended to hit tho packers which tho Federal Trado Commission
has been investigating. It tries to make tho peoplo boliovo that tho pack
ers have mado great profits. They havo had groat returns bccauso tho
volume of their business has been greatly increased. In my opinion there
is notiiing new in tho report except its sensational presentation. Tho only
thing it does Is to convinco mo that profit-fixing is a failure, and that thero
should bo a war profit tax which would givo tho Government a goodly
amount of tho war profits.”
Senator Penrose, another Republican member of tho Financo Committee,
expressed a similar opinion. Ho said that tho report had no valuo in
aiding tho tax-framing committees of Congress, but was a convincing
argument against prico-fixing. As to placing a heavy tax on war profits
in tho bill now being framed, Mr. Penroso said that Congress should not
make the mistako of placing tho limit of taxes on concerns engaged in
making munitions of war. Ho docs not favor a tax of moro than 70% on
war profits, and is not certain that this is necessary if other taxes, such as
consumption taxes, are found so as to distribute tho taxes among a very
largo number of persons.
“ In my opinion,” he said, "tho report is misleading and calculated to
convey a wrong impression, although I do not mean to say that tho Federal
Trado Commission intentionally meant any such result. Tho Federal
Trado Commission during its whole oxistenco has been on many occasions
misguided, and, next to the Intor-Stato Commerce Commission, has done
more to injure tho structure of business in this country than any other
single causo.
“ I havo long thought, and the belief is becoming stronger with mo overy
day that this war is being conducted, so far as tho United States is con
cerned, on false and fallacious methods. Tho taking over of tho railroads
is an instance of this. Tho Inter-Stato Commereo Commission refused to
givo tho carriers permission to increase their rates, and after they had como
under Government control tho rates are Increased and tho roads aro now
largely run by men who havo no railroad experience.
"Business must proceed at tho top-notch of productivity," ho said. "And
this cannot bo if it is taxed to such an extent that no money is allowed for
expansion and credits. I do not think that tho Democrats of tho Senato
mean to mako a drivo on business.”
j
Ju ly
6 1918.]
THE CHRONICLE
g r a d o , w h ic h , b e fo re th e in cre a se in fr e ig h t r a te s , b r o u g h t
PROPOSED REGULATION OF W H E A T FLOUR
MILLING INDUSTR Y.
$ 2 2 8 a b u s h e l a t N e w Y o r k , h a s b e e n in cre a se d to $ 2 3 9 ^
A n n o u n c e m e n t o f th o fo r m u la tio n o f a p la n fo r th e r e g u la
tio n o f th o w h e a t flo u r m illin g in d u s tr y fo r th e 1 9 1 8 crop
a n d th o in te n tio n to p r o m u lg a te th o s a m e a t th o oa rlie st
p o ssib le d a t e , w a s m a d e in N o w Y o r k C i t y b y th o M i lli n g
D iv is io n o f th o U n it e d S ta t e s F o o d A d m in is tr a tio n o n J u n o
28.
T h e p la n , i t is a n n o u n c e d , c a lls fo r th o w o rk in g o u t
f o r e a c h m ill in th o c o u n tr y o f a d e fin ite sc h e d u le o f p rices
fo r flo u r a n d fe e d — b u lk e a c h m ill— c o n sid e rin g th e re c e n t
advan ce
in
r e a d ju s te d .
fr e ig h t
ra te s
w h ic h
in
som o
in sta n c e s
w ore
I t is fu rth e r s ta te d t h a t th o c h a n g e h a s m a d e
i t im p o ssib le to w o rk o u t b a sic w h e a t p rices in tim o to a llo w
th e p u ttin g in to e ffe c t o f a d e ta ile d flo u r a n d fe e d p rice
s c h e d u le .
T h e a n n o u n c e m e n t c o n tin u e s:
T h o o p era tion o f m ills m u st n o t , o f co u rs o , b e in te rru p te d a n d it th e re fo re
seem s a d v isa b le th a t a t e m p o r a r y p la n o f p rice c o n t r o l, o r s u p e rv isio n , bo
u sed .
T h o F o o d A d m in is tra tio n re gu lation s p r o h ib it th o taking, o f u n roa son a b lo
p r o fits . P o n d in g th o issu in g o f th o fin a l p la n , th e F o o d A d m in is tra tio n ,
fo r th o p u rp oso o f en fo rcin g those re gu la tio n s, w ill regard a n y sales o f flo u r
o r feed a t p rices in excess o f th o so in d ica te d b e lo w as u n re a so n a b le a n d as
retu rn in g an excessive p r o fit .
F o o d A d m in istra tion sch ed u lo o f fa ir flo u r a n d fe e d p rice s — b u lk basis—
w h ere sales aro m a d e b y w h eat flo u r m ills in c a r lo a d lo ts o n b asis o f cash
o r d ra ft w ith b ill o f ladin g a tta ch e d is as fo llo w s :
F lo u r
M ix e d
P er
F eed
B a rr e l. P e r T o n
P o r t l a n d . . ............... - .$ 1 0
B o s t o n ____________ . . 10
N o w Y o r k _________
10
P h ila d o lp liia _______ . . 10
10
B a lt im o r e __________
N o r f o l k ........ .............. . . 10
N e w p o r t N e w s ____ - . 10
W ilm in g to n , N . O . - . 10
C h a r le s t o n ________ - . 10
Sav an n ah _________ . - 1 0
J a c k s o n v ille _______ . . 10
T a m p a ____________ . . 10
$26 88
26-88
26 71
26 59
26 53
26 53
26 53
26 84
26 96
26 96
26 96
27 03
83
83
77
73
71
71
71
84
85
85
85
88
F lo u r
M ix e d
P er
F eed
B a rr e l. P e r T o n
P e n s a c o la _______ ------ $10 53
M o b ilo ................. ------ 10 47
N e w O rle a n s____ ------ 10 27
G a lv e s t o n _______ ------ 10 35
San A n t o n io ____ ------ 10 35
B r o w n s v i ll o ____ - - - 10 35
E l P a s o _______
- - - 10 35
San D ie g o _______ - - 9 95
L o s A n g e le s ____ - - .
9 95
San F r a n cis c o ____ . . .
9 95
P o r t la n d _________ - - 9 95
S e a ttlo ____________ - - .
9 95
$26
25
25
25
25
25
25
24
24
24
24
24
05
89
33
59
59
59
59
44
44
44
44
44
U n til th o sch edu les fo r o p e r a tio n o f th e s o -ca lle d 1918 c r o p plans c a n be
w ork ed o u t It w ill b e co n sid e re d " fa ir p r a c tic e ” fo r a n y m ill in th o c o u n tr y
t o sell flo u r in a n y o f th o a b o v e m ark ets a t p rice s— b u lk basis— n o t t o ex ce e d
th o flo u r a n d feed p rices n a m e d a b o v e .
I n m ak in g salos a t p o in ts o th e r th a n th o s o n a m e d a b o v o , th o m ill ca n
fig u re th o p rop er r o la tiv o rea so n a b le p r ice b y d e d u ctin g th o re g u la rly used
lo ca l freigh t ra te betw e e n th eir m illin g p o in t a n d a n y o f th o a b o v e -n a m e d
term inal poin ts o n w h ic h th eir fre ig h t rates in m illin g aro n a tu ra lly b a s e d .
T h is d e d u ctio n o f fre ig h t w ill g iv e a p r ico , b u lk m ill, fo r ca rlo a d ca sh or
d r a ft sales. T h e n th o a d d itio n to th is b u lk m ill p rico o f th o r e g u la rly used
lo ca l freigh t ra te fro m th o m ill t o d e stin a tio n w ill g iv o th e r o la tiv o m axim u m
rea son a b le b u lk selling p r ice a t d e stin a tio n .
Illu stra tion : O n basis o f p rices n a m e d a b o v o , u sin g N o w Y o r k , n a m e ly ,
$10 7 7 , s u p p o s in g freig h t fro m m illin g p o in t is 50 ce n ts p er b a rre l. T h is
w ou ld fig u re th o r ela tiv e m a xim u m b u lk m ill p rico $10 2 7 . T h e n s u p p o sin g
a m ill is m ak in g a sale a t a p o in t ta k in g a fre ig h t ra te fr o m m ill o f 25 cen ts
p er barrel: this w o u ld g iv e a ro la tiv o m a xim u m re a so n a b le p rico a d e s tin a
tio n o f $10 52.
T h o sam o ru le fo r figu rin g m a xim u m “ re a s o n a b le ” fo o d p ricos w ill a p p ly .
T h e sch ed u le s h ow s m a xim u m re a son able p rico fo r m ix e d fe e d a t th o v a rio u s
p o in ts . O n th is basis th o m a xim u m reaso n a b le p rico fo r b ra n w o u ld be
$1 25 p er to n u n d er m ix ed fe e d , an d m id d lin gs 75 ce n ts p e r to n o v e r m ix e d
fe e d .
J o b b in g o r less-ca rlo a d bu sin ess.— W h e r e sp e cia l jo b b in g retail s e r v ic o
Is p e r fo rm e d , th o present sch e d u le o f reaso n a b le a d d itio n a l ch a rg e s o v e r
th o c a r lo a d basis w ill b o co n sid e re d as re a so n a b le .
In a rriv in g a t th o perm issible p e r barrel p a ck a g o c o s t c h a rg e o v e r th o
b u lk p ricos th o m iller sh o u ld uso th o cu rro n t c o s t o f t w o 9 8 -p o u n d c o t to n
sack s o f sta n d a rd size an d g ra d o , as q u o t e d fo r lo ts o f 1,000 b a g s, plus a n y
fre ig h t o r tra n s p o rta tio n ch a rge s, a n d sh o u ld ch a rg e fo r sizes a n d k in d s o f
p a ck a g es o th e r th an 9 8 -p o u n d c o t t o n , in a c c o r d a n c e w ith p a ck a g o d iffe r
en tials as p ro m u lg a te d b y U n ite d S tates F o o d A d m in is tra tio n in e ffe c t at
d a to o f salo.
In in v o icin g flo u r o r m ill fe e d u n d er th is te m p o r a r y p lan m ills s h o u ld sh o w
th o follow in g sch ed u lo o n th o fa c e o f e a ch in v o ice :
C lass o f Sale— N a m o w h eth er c a r lo a d o r loss c a r lo a d .
F lo u r p er barrel, feed p er to n .
B a sin g P rico— N a m o b a sin g p o in t.
F reigh t m ill t o basing p o in t.
R esu ltin g t o d estin a tio n — re a son able— m a x im u m sch e d u le b u lk p rice .
T h o in ten d ed p erm an en t s o -ca lle d 1918 c r o p p la n w ill b o fo rm u la te d
an d p rom u lg a ted at th e earliest p o s s ib le m o m e n t, b u t m ills m a y p ro ce e d
u n d er th o a b o v e t e m p o r a r y p la n u n til fu rth er a d v is e d . A ft e r Ju n o 30 it is
p erm issible th a t m illers secu re w h ea t su p p llso fr o m a n y a v a ila b le so u rce s.
W ith th o e x ce p tio n o f general a n d sp ecial rules w h ic h w o u ld bo a ffe c te d
b y th o a b o v o , an d also w ith th o e x c e p tio n o f rulo 24 in M in in g D iv is io n
C ircu la r N o . 8 , n a m ely , th o s o -ca lle d 7 0 % d is trib u tio n ru lo, all general an d
sp ecial rules rela tin g t o flo u r m illin g m a n u fa ctu re a n d d is trib u tio n are still
_________________________________
in e ffe c t .
HIGHER
N ow
W H E A T PRICES ANNOUNCED
AD M IN ISTRATIO N.
w h e a t p ric e s, e ffe c tiv e J u ly
BY
FOOD
1 , re su ltin g fr o m
th e
in cre ase d fre ig h t r a te s , w ero a n n o u n c e d b y th e U n it e d S ta te s
F o o d A d m in is tr a tio n o n J u n o 3 0 .
A u t h o r it y to g u a ra n te e
th o m in im u m prico a t a le v e l to in clu d o th e in cre a se d fre ig h t
c h a rg e s
w a s g r a n te d
to
th o F o o d
A d m in is tr a tio n
in
th e
P r e s id e n t’s p r o c la m a tio n p e r m ittin g th o G r a in C o r p o r a tio n
to in crease its c a p ita l sto c k fr o m $ 5 0 ,0 0 0 ,0 0 0 to $ 1 5 0 ,0 0 0 ,0 0 0 .
T h is p ro c la m a tio n w a s p rin te d in o u r issu o o f S a tu r d a y la s t ,
page
2705.
U nder
th o
n ow
p rice
sch e d u lo
ann ounced
J u n o 3 0 , N o . 1 N o r t h e r n S p rin g a n d o th e r w h e a t o f tho sa m o
33
a t th a t te r m in a l.
fo llo w s :
T h e F o o d A d m in is tr a tio n ’ s a n n o u n c e m e n t
T h e e sta b lish m e n t o f n e w fre ig h t rates b y th o R a ilw a y A d m in is tra tio n
has n ecessitated a ch a n g e in th o G o v e rn m e n t p rice basis fo r w h e a t. A ft e r
co n s id e ra tio n o f all fa c to r s , th o F o o d A d m in is tra tio n a n n o u n ce s th o p r ice
basis a t v a rio u s m a rk e ts fo r th e gra d e s o f N o . 1 N o rth e r n S p rin g , N o . 1
h ard w in te r, N o . 1 r e d w in te r, N o . 1 d u r u m . N o . 1 h a rd ■winter, in s to r e in
p u b lic e le v a to rs a p p ro v e d fo r s to r a g e b y th e G ra in C o r p o r a tio n (s ea b oa rd
o r in s to r e in e x p o r t te r m in a ls ), as fo llo w s , e ffe c t iv e J u ly 1:
$2 3 9 ]/ M in n e a p o lis ___________________ $2 21>6
%
N e w Y o r k ............. .................
P h ila d e lp h ia ___________________ 2 39
K a n sa s C i t y _____________________2 18
B a ltim o re _____________________ 2 3 8 % O m a h a __________________________ 2 18
N e w p o r t N e w s _____________ . 2 38M San F r a n c is c o __________________ 2 20
C h i c a g o ________________________ 2 26
L o s A n g e le s _____________________2 20
N e w O rlea n s___________________ 2 28
P o r t la n d _________________________2 20
G a lv e s to n _______________________ 2 28
T a c o m a _________________________2 20
S t. L o u is _______________________ 2 24
S e a t t l e __________________________ 2 20
D u lu t h ________________________ 2 22
A s t o r ia __________________________ 2 20
T h e basis fo r N o . 2 w h e a t w ill b o 3 ce n ts b e lo w N o . 1, a n d th e basis f o
N o . 3 , 7 ce n ts b e lo w N o . 1. G ra d es b e lo w N o . 3 w ill b e d e a lt in o n s a m p le.
I t is e x p e c te d th a t th o ch a n g e s in F e d e ra l gra d in g sta n d a rd s w ill th ro w
m o r e w h e a t in t o h igh e r gra d e s th a n la st y e a r . T h e ch a n g e s in p r ice are
w o rk e d o u t as n e a rly as p o s s ib le t o c o m p e n s a te fo r in crea ses in ra ilw a y
a n d sea freigh ts.
T h o o th e r classes o f w h e a t th a n th o s o m e n tio n e d a b o v e as e q u iv a len ts
w ill b e d e a lt w ith o n th e fo llo w in g basis:
T h o cla ss o f d a rk h a rd w in te r w ill b e b o u g h t a t 2 c e n ts a b o v e h a rd
w in te r; d a rk N o rth e r n sp rin g a t 2 ce n ts a b o v e N o rth e r n sp rin g ; a m b e r
d u ru m a t 2 ce n ts a b o v e d u ru m ; w h ite y e llo w h ard w in te r w ill b o b o u g h t
a t 2 ce n ts u n d e r h a rd w in te r; red sp rin g a t 5 ce n ts u n d e r N o rth e r n sp rin g;
re d w alla a t 7 ce n ts u n d e r red w in te r; re d d u ru m a t 7 c e n ts u n d e r d u ru m ;
s o ft w h ite a t 2 c e n ts u n d e r h a rd w h ite , a n d w h ite c lu b a t 4 ce n ts u n d er
h ard w h ite .
C e rta in p a rts o f th e In term ou n ta in te r rito r y d o n o t re ce iv e fu ll c o m
p e n sa tio n fo r fre ig h t increases u n d er th e a b o v o a rra n g e m e n t, a n d , th e r e
fo re , sp ecial arran gem en ts b y w h ic h th o G ra in C o r p o r a tio n assum es th e
co m p e n s a tio n d ir e ctly in th is te r rito r y w ill b o a n n o u n ce d in a fe w d a y s .
W o w ish t o e m p h asize t h a t th o a b o v e is th o basis u p o n w h ic h th e G ra in
C o r p o r a tio n is p rep ared t o b u y w h e a t a t th o a b o v e m a rk e ts:
P rice s e stablish ed b y P resid en tial p r o c la m a tio n o f F e b . 2 1 , w h ic h are
su p ersed ed b y th e n ew s ch e d u le , fo llo w :
C h ic a g o .............................................. $2 20 S e a t t l e ___________________________ $2
O m a h a ________________________________2 15
San F r a n c is c o ____________________ 2
K a n sa s C i t y .................._ .................. 2 15
G a lv e s to n __________________________ 2
M in n e a p o lis __________________________ 2 17 e w O rlea n s______________________ 2
N
D u lu t h ________________________________ 2 17
Salt L a k e C i t y ___________________ 2
N e w Y o r k ........................................ 2 28 G re a t F a lls ________________________ 2
P h ila d e lp h ia __________________________2 27 p o k a n e ___________
S
2
B a ltim o re _____________________________ 2 27 o c a t e llo ___________________________2
P
N e w p o r t N o w s ______________________ 2 27 o r t W o r t h _______________________ 2
F
C h a r le s to n ____________________________2 27 k la h o m a C i t y ___________________ 2
O
S a v a n n a h _____________________________ 2 27 ic h it a ____________________________ 2
W
P o r t la n d ______________________________ 2 05 t. L o u is __________________________ 2
S
JULY
M IL K
PRICES F IXE D BY
COMMISSION.
FEDERAL
05
10
20
20
00
00
00
00
09
05
08
10
M ILK
S lig h t ch a n ges^w ere m a d e in th e J u ly m ilk p rices b y th e
F e d e ra l
M ilk
C o m m is s io n
fo r
th o
M id d le
S ta t e s
in
th e
sch ed u lo a n n o u n c e d o n J u n e 2 5 .
U n d e r th is sc h e d u le th e
D a ir y m e n ’s L e a g u e a n d th o M i l k
D is tr ib u te r s A s s o c ia tio n
aro to re c e iv e n o t less th a n $ 2 2 5 p e r h u n d re d p o u n d s fo r
3%
m ilk in th e 1 5 0 m ile z o n e .
T h e m in im u m p rice fix e d
in th o s a m e are a in J u n e w a s $ 1 8 0 p e r h u n d re d p o u n d s .
R e ta ile rs w ere a u th o r iz e d to a d d 1 c e n t m o ro a q u a r t o r a
p in t to J u n e p rices fo r G r a d o A
salers are p e r m itte d to a s k
Yi
b o ttle d m ilk , a n d w h o le
c e n t a d d itio n a l fo r lo o se m ilk .
T h o fo llo w in g are th e J u ly p ric es:
G ra d e A b o t t le d m ilk , d e liv e re d t o c o n su m e rs, 16 ce n ts a q u a rt; 9 cen ts
a p in t; G ra d e B b o t t le d , a llo w e d t o c o n su m e rs, 13 c e n ts a q u a rt, 7 c e n ts a
p in t; G ra d o B b o t t le d , so ld t o s to re s, 1 1 H c e n ts a q u a r t a n d 6 H ce n ts a
p in t; G ra d e B b o t t le d , so ld b y sto re s, 12 c e n ts a q u a rt a n d 7 ce n ts a p in t ;
lo o s e m ilk , so ld t o s to re s, 8 c e n ts a q u a rt; lo o s e m ilk , so ld b y s to re s, 9 cen ts
a q u a rt; lo o s e m ilk , so ld a t w h olesa le In q u a n titie s o f ten g a llo n s o r o v e r ,
10 ce n ts a q u a rt; lo o s e m ilk , s o ld a t w h olsea lo in q u a n titie s u n d e r ten gal
lon s, 1 0 H cen ts a q u a rt.
A
p r o te s t a g a in s t th o p rices w a s re g iste re d o n J u n e 2 6
b y th o N o w Y o r k M i l k C o n fe re n c e B o a r d ,
its S e c r e ta r y , I . E lk in N a t h a n s :
I n c .,
th r o u g h
T h e d e cis io n o f th e C o m m is s io n w as a gre a t su rprise t o o u r m em b ers .
T h e p r ice o f G ra d o " A ” m ilk Ls a d v a n c e d o n e c e n t p e r q u a rt b u t G ra d e
“ B , ” b o t h in b o ttle s a n d sto re tr a d e , rem ain s u n ch a n g e d .
I t is tru e th e
p rico t o th o p r o d u c e r go e s u p o n e c e n t p e r q u a rt a n d th a t th e fre ig h t r a tes,
as in crea sed b y M r . M c A d o o , a d d an e xtra ch a rg e o f o n e -fo u r t h o f a c e n t
p e r q u a rt. C o n s e q u e n tly an a d v a n c o all a lo n g th e lin o m ig h t h a v e been
e x p e c te d . B u t t o raise G ra d o " A ” a n d Ieavo th o o th e rs u n ch a n g ed is, in
th o o p in io n o f dealers, u n w ise. P erh a p s th o C o m m is s io n b e lie v e d th is
m ilk is larg e ly p u rch a se d b y th o w ell t o d o , t o w h o m th e in crea sed c o s t
w o u ld n o t b o a b u rd e n , b u t re a lly G ra d e “ A ” is an in fa n t fe e d in g m ilk a n d
|; used in co n s id e ra b le v o lu m e b y th o s o w h o c a n least a ffo r d t o s ta n d th e
in c re a s e d c o s t.
T h e d ealers aim t o p u t o u t G ra d o " A ” m ilk a t th e lo w e st p r ice co n s iste n t
w ith th o h igh sta n d a rd o f q u a lity essential t o th o p r o te c tio n o f th e y o u n g
a n d b e lie v e It Ls u n n ecessary t o ch a rg e m o r e th a n th e p resen t d ifferen ce
b o tw e e n G ra d o “ A " a n d G ra d o “ B ” m ilk t o a c c o m p lis h th is resu lt. W e
h a v e p r o te s te d th o d e cisio n o f th e C o m m is s io n a n d h a v e boen g ra n te d a
rehearing a n d w ill req u est th o C o m m is s io n t o re d u ce its p r ice o n G ra d e " A ”
m ilk.
I t is a p p a re n t, h o w e v e r , t o th o s e w h o h a v e s tu d ie d th e s itu a tio n , th e
C o m m is s io n h a s k e p t th e p r ic o o f d ip p e d m ilk t o o lo w — a t least th e p rice
a t w h ic h it is t o b e so ld t o th e sto re s. W ith an in crea se o f 1 X c e n ts p e r
q u a rt in th e c o s t o f m ilk a n d fre igh t in J u ly , a c o n tin u a n c e o f th e Ju n e
p rice s m ean s a v e r y h e a v y loss.
P erh a ps th e y w e re in flu e n ce d in th e m a t te r ro r s t o r o lm ilk L b y ith e i.fact_tU a t^ aln ew lyL organ ized4com p an y_.cu t b elow
THE CHRONICLE
34
th o p rices fix e d b y th e C o m m is s io n fo r J u n o , b u t it is q u lto e v id e n t th o
m o t iv e o f th is c o m p a n y w as t o g e t n ew business a t a n y c o s t . AVhllo this
is a n o ld tr ic k o f n ew ly org a n ize d c o n c e r n s , it Is u n s o u n d business p o lic y ,
a n d th o M ilk C o m m is s ion o u g h t n o t t o b o m isled b y su ch ta c t ic s . T h e re Is
n o m o n o p o ly in N o w Y o r k C it y m ilk d is trib u tio n . T h o c o m p e t it io n Is
v e r y k een . N e ith e r is th ero a n y p r o fite e r in g , as s o m o p ro fe s s t o b e lio v o ,
sin ce th e G o v e rn m e n t w ith o u r c o n s e n t, fix e s th o p r ice a t w h ich w e b u y
t h o m ilk a n d a t w h ic h w o sell it.
F o r y e a rs a n d rig h t n o w th o p e o p le o f
N o w Y o r k C it y secu re th eir m ilk s u p p ly a t a m u ch lo w e r p rice th a n a n y
o th e r im p o rta n t c it y In th e c o u n tr y .
[Vol. 107
fairer ran ge o f p rices m a y c o n fid e n tly b o a n tic ip a te d w ith th e c o m p le tio n
an d fu rth e r o p e r a tio n o f G o v e rn m e n t c o n tr o l in w o o l a n d w o o lo n s.
P la n s are be in g m a d o fo r th o s ta b iliz a tio n o f prices fr o m th o fix e d w o o l
basis, th ro u g h th e v a rio u s processes u p t o th o fin ish e d g a rm e n t, a n d t o
e ffe c t an e q u ita b le d is trib u tio n t o a v o id h o a rd in g o r largo a ccu m u la tio n s.
T h e re is n o o ffic ia l w arra n t fo r ru m ors o r sta te m e n ts t o th o e ffe c t th a t it
w ill s o o n b e im p o ssib le t o b u y w o o le n s o r w o o le n clo th in g s u ffic ie n t t o m oot
a ctu a l req u irem en ts o f th o c iv ilia n p o p u la tio n .
RESTRICTIONS
FOOD ADM IN ISTRATIO N TO ABOLISH M I N I M U M
RATE ON RAIL M I L K SHIPMENTS.
Tho
Food
A d m in is tr a tio n
in
an
a n n o u n c e m e n t,
pub
ON
TAILORS' SAMPLES
CLOTH.
OF
WOOL
T h e W a r In d u s trie s B o a r d a u th o riz e s p u b lic a tio n o f th e
fo llo w in g s u p p le m e n ta r y r e c o m m e n d a tio n s to ta ilors to th e
lish e d in th o “ O ffic ia l B u lle t in ” o f J u n e 2 5 , s a y s :
tr a d e ,
S h ippers o f m ilk a n d crea m th r o u g h o u t th o c o u n t r y w ill b o re lie v e d o f th e
m in im u m ch a rg e o f 50 ce n ts o n ea ch s h ip m o n t, esta b lish e d Ju n o 25 b y th e
R a ilr o a d A d m in is tra tio n w h en a gen eral in crea so o f 2 5 % in rates w o n t
in to e ffe c t .
T h is w as e ffe c te d th rou gh c o -o p e r a tio n o f th e F o o d A d m in is tra tio n w ith
th o R a ilr o a d A d m in is tra tio n , w h ic h h a d re c e iv e d p r o te s ts fr o m d a iry m e n
t h a t th e m in im u m , w h ic h h a d t o b o p a id o n sh ip m en ts e v e n s o sm all as a
sin gle c a n o f m ilk , n o m a tte r h o w s h o rt th o h a u l, w o u ld w o rk h ard sh ip ,
p a r ticu la r ly in su b u rb a n te r rito r y n e a r large citie s.
T h o m in im u m w ill b o d o n o a w a y w ith o n tlro ly as s o o n as th o ta riffs c a n b e
a m en d ed s o fa r as m ilk a n d crea m aro c o n c e r n e d , b u t th o goneral in crea so
w ill s ta n d .
____________________________________
m e n ts o f w h o lsa le c lo th in g m a n u fa c tu r e r s :
LIVERPOOL COTTON EXCHANGE NOT TO TRADE W IT H
E N E M Y FOR TEN YEAR PERIOD AFTER W A R WOOL PRICES I N GREAT BRITAIN.
T h e m e m b e r s o f th e L iv e r p o o l C o t t o n E x c h a n g e u n a n i
m o u s ly re so lv e d a t a ge n o ral m e e t in g o n J u ly 2 “ th a t n o
m e m b e r or m e m b e r s o f a fir m sh a ll tr a d e , e ith e r d ir e c tly or
in d ir e c t ly , w ith th o p re se n t e n e m ie s o f G r e a t B r ita in fo r a
p e r io d o f te n y e a r s a fte r th o w a r .”
had
th e f o llo w in g
m a te r ia ls
in
to
p ric es a n d
ra w
G r e a t B r ita in :
A t a m e o tln g o f t h o B o a rd o f C o n tr o l an d W o o l A d v is o r y C o m m itte e ,
S ir A r t h u r G o ld fin c h , D ir e c t o r o f R a w M a te r ia ls , sp oa k in g o n th o d e sir
a b ilit y o f k e e p in g w o o l p r ic e s w ith in th o B ritis h E m p ir e a t a m o d e r a to lo v e l,
sa id th a t as lo n g as th e p re se n t v e r y h igh p r ice s a ro p a id in A m e r ic a it w ill
n o t b o p o s s ib le t o r e d u c e th o p rice s o f w o o l fo r civ ilia n u so in th is c o u n tr y .
S ir A r t h u r said an a p p ro x im a tio n b e tw e e n A m e r ic a n an d B ritis h p rico s
m u s t ta k e p la c o s o o n o r o r la te r, a n d h o h o p e d b y re d u c tio n s in A m e rica .
I n h is o p in io n , a s te a d y re d u c tio n in A m e r ic a w o u ld c r e a to a h ealth ier
p o s itio n a n d w o u ld p e r m it o f a c o m m o n io v o l b e in g establish ed in b o th
c o u n tr ie s n e x t y e a r , o n a basis r a th o r lo w o r th a n th o p ro so n t B r a d fo r d
issu o o f p r ico s .
MODIFICATION I N COTTON GRADES REQUIREMENTS
IN GOVERNMENT CONTRACTS.
In
m a k in g
know n
a
u se d
in
fillin g
m o d ific a tio n
G overn m en t
in
th o
c o tto n
o rd ers,
th e
re q u ire m e n ts
w h ich
W ar
m ay
bo
In d u strie s
B o a r d o n J u n e 2 7 issu ed th o fo llo w in g s ta te m e n t:
G o v e rn m e n t p u rch a sin g d e p a rtm e n ts h a v o re co iv e d earnest r e c o m m e n d a
t io n fr o m th e c o t t o n g o o d s s e ctio n o f th o B o a r d t o refrain fr o m stip u la tin g
a n y s p e c ific g ra d o o f c o t t o n in c o t t o n fa b r ic s w h ich th e G o v e rn m e n t m a y
b o o rd e rin g . I t Is a d v is e d th a t th o o n ly re q u ire m e n t im p o s e d b o th a t tho
g o o d s shall b o re a s o n a b ly fre o fro m lo a f a n d m o te s , o f p r o p e r co n s tr u c tio n ,
a n d o f a s tip u la te d stren g th in ord o r th a t, w ith p r o p e r b le n d in g a n d carefu l
m ech a n ica l clea n in g o f th e raw m a te ria l, th o m a n u fa c tu r e r w ill b o fre o t o
u so his d is cre tio n as t o th e grades o f c o t t o n used in th o fa b r ic .
T h e r o a p p ea rs t o b o w id e sp re a d b e lie f th a t th e G o v e rn m e n t stip u la tes
th e uso o f h ig h g ra d o w h ite c o t to n in all fa b r ic s w h ich it o rd e rs. T h is Is
n o t tr u o . A v e r y fo w G o v e rn m e n t s p e c ific a tio n s fo r c o t t o n fa b rics d o
s tip u la te th o g ra d o t o b o u se d , b u t m o s t c o n tr a c ts h a v o fo llo w e d t h e al
m o s t In va ria b le c u s to m in G o v e rn m e n t p u rch ases sin ce th o b e g in n in g o f
th o w a r o f c on s id erin g offe rin g s b a se d o n sa m p les. F u rth e rm o re , a n y
c o n t r a c to r h a v in g d iffic u lt y in m a in ta in in g his o rig in a l sta n d a r d , eith er
as p er s p e c ific a tio n s o r s a m p lo , w ill r e c e iv e c o n s id e r a tio n i f h o requ ests a
s u p p le m e n ta r y ag reem en t t o p r o v id e fo r th o uso o f s u ch grad es o f c o t to n
as h o c a n rea d ily ob ta in .
A n y a c cu m u la tio n o f largo s to c k s o f c o t t o n o f th o low er grades is n o t ,
th erefore, a ttr ib u ta b le t o G o v e rn m e n t de m a n d s fo r th o h igh er gra d e s.
WAR INDUSTRIES BOARD INDICATES THAT WOOL
SUPPLY IS AM PLE.
In
a n n o u n c in g
on June 21
th a t
thero w as
“ n o officia l
w a r r a n t fo r s ta te m e n ts o r ru m o r s to th o e ffe c t th a t i t w ill
soon
be
im p o s s ib le
to
buy
w o o le n s
or
w o o le n
c lo th in g
s u ffic ie n t to m e e t a c tu a l re q u ire m e n ts o f th e c iv ilia n p o p u a t i o n ,”
th e W a r In d u strie s B o a r d s ta te d th a t p la n s w ere
b e in g m a d o fo r th o sta b iliz a tio n o f pricos a n d a n e q u ita b le
d is tr ib u tio n
to
a v o id
h o a r d in g .
Wo
q u o te
its
ann ounce
m e n t h e re w ith :
G o v e rn m e n t c o n tr o l o f w o o l an d w o o lo n s has re a ch e d a s ta g e w h ich
akes p o s s ib le th o assurance to c lo t h m ills an d t o clo th in g m a n u fa ctu re rs,
o b b e r s a n d retailors th a t w o o l w ill b o e q u ita b ly d is trib u te d t o m e e t b o th
G o v e r n m e n t a n d civ ilia n requ irem en ts. T h o p rice w ill b o re g u la te d t o
ssure a fa ir an d rea son a b le p r o fit t o th o in d u s tr y , b u t a ra n ge o f prices
w ill n o t b o p e rm itte d w h ich w ill a llow a b n o rm a l p r o fits w ith th o co n s e q u e n t
u n ju s tifia b le hardship t o tho c o n s u m in g p u b lic.
T h o presen t sp e c u la tiv e m o v e m e n t in c lo th a n d clo th in g w ill u n d o u b te d ly
o m p e l d o fin lto p en a lizin g a c tio n i f p ersisted in . T h e re aro at present
a m p le s to c k s o f c lo t h a n d clo th in g an d th erefore n o excu se fo r in fla tio n .
R u m o r s h a v o b een circu la te d w h ich te n d t o stim u la te a b n o rm a l b u y ip g
o f clo th in g s to c k s w ith th e in e v ita b le sp e c u la tiv e e ffe c ts . N o reason
xists fo r clo th in g dealers t o h asten o r en large their pu rch ases a b o v e n o r
m a l. In fa c t th o sp e c u la tiv e c o n d itio n s aro s u ch th a t a s ta b le m ark et at a
w o o le n
h o u so s,
and
sp e c ia l-o rd e r
d e p a r t
In o rd e r t o b rin g a b o u t fu rth e r co n s e r v a tio n in th o uso o f c lo t h fo r sa m
p les an d so in crea se, as far as p o ssib lo , th o y a r d a g e a v a ila b le fo r civ ilia n
c lo t h in g , th e W o o le n s S e ctio n o f th o W a r In d u stries B o a rd m a k e s th e fo l
lo w in g s u p p le m e n ta ry re co m m e n d a tio n s fo r fall 1918:
1. N o g o o d s sh o u ld b o sa m p le d w h ich are n o t in s to c k .
2 . S am ples, b o o k s , o t c ., sh o u ld o n ly b o sent o u t o n re q u e st.
3 . In n o e v e n t sh o u ld th o q u a n tity o f g o o d s used fo r sam ples fo r the
h e a v y w e ig h t se ason , fa ll, 1918 ex ce e d G 0% o f th o q u a n tity used fo r th e fall
season o f 1917.
4 . In n o o v e n t sh o u ld a n y sa m p lo e xceed 6 in ch es b y 9 in ch es o r e q u iv a
le n t in squ are in ch e s, and it is v e r y s tr o n g ly u rged th a t sa m p le s sh o u ld n o t
exceed 4J4 in ch es b y 6 M Inches o r e q u iv a le n t in sq u a re Inches.
5. T a llo r in g -t o -th c -t r a d o hou ses an d sa m p lo w o o le n hou sos sh o u ld talco
p re ca u tio n again st agen ts re c e iv in g linos w h oro th o sizo o f th eir business
d o e s n o t w arra n t th o n ecessary a m o u n t o f sa m p lo ya rd a g e .
6 . In s o fa r as p o ssib lo th o sa m p lin g fo r th o fa ll season o f ligh tw e igh t
fa b r ic s sh o u ld b o a v o id e d .
P lease g iv o us y o u r assu ran co o f y o u r fu rth e r c o -o p e r a tio n in o b se rv in g
th ese requ ests.
W OOLENS
S E C T IO N ,
AVAR I N D U S T R I E S B O A R D .
T h o sa m e c a b le g r a m
sa y re g a r d in g w o o l
re g a rd in g p a r tic u la r gra d e s o f ra w
s a m p le
LIKELIHOOD CONCERNING INCREASE IN VOLUME
OF WOOL IMPORTS.
The problems which must bo faced Avith regard to a v o o I
were the subject of a conference last Aveek betAveen the
W ar Industries Board and representatives of Avoolen manu
facturers. Tho Board in its announcement concerning the
conference states that the “ army requirements look very
large,” and that “ at present tho supply from abroad is
limited by shipping conditions.” Arrangements may be
mado, says tho Board, to increaso tho volume of imports
beyond Avhat is noAV counted upon, but no substantial
change is expected in the immediate future. Tho following
is the statement issued by tho Board:
T h o w ar so r v ic o c o m m itte e s o f th o N a tio n a l A s s o c ia tio n o f AVoolen M a n
u fa ctu re rs a n d th e A m e rica n A s s o c ia tio n o f AVooIon an d AVorsted M a n u
fa ctu rers m e t w ith th o AVar In d u stries B o a r d . R e p re s e n ta tiv e s o f th e
S h ip p in g B o a rd , AVar T r a d e B o a r d , an d th o A r m y a n d N a v y w e ro p re sen t
t o co n tr ib u te t o th o discu ssio n o f p ro b lo m s w h ich m u s t b o fa c e d in regard
t o w o o l. T h o p o lic y o f th o AVar In d u stries B o a rd is t o re g u la te p rices an d
d is trib u tio n o f p r o d u c ts w h e n a s c a r c ity arises d u o t o do m a n d s o f th o G o v
e rn m en t.
A r m y req u irem en ts lo o k v e r y largo. B esld os clo th in g fo r th o s old iers in
F ra n ce a n d h ero, su ffic ie n t roservo m u st b o a cc u m u la te d t o ca r o fo r a n y
e m e rg e n cy . O rd in a rily o u r d o m e s tic s u p p ly c a n b o s u p p le m e n te d fro m
a b r o a d . A t p resen t th o s u p p ly fr o m a b r o a d is lim ite d b y s h ip p in g c o n
d itio n s.
H o w e v e r , rep re se n ta tiv e s o f th e S h ip p in g B o a rd s ta te d th a t th o
m o v e m e n t o f w o o l fr o m th o A rg o n tin o I lo p u b llc b o tw o e n A p ril 1918, and
A p ril 1919, w o u ld b e gre a te r th an th o to ta l m o v o m o n t o f a n y o n e y ea r
h e re to fo re .
R e p re se n ta tiv e s o f th o in d u s try w ore re q u e s te d t o c o n sid e r a n u m b e r o f
pro b le m s a n d fu rn ish th o B o a rd w ith th oir v io w s o n thorn a t a later d a te .
A largo p o r tio n o f th o raw w o o l s to c k n o w in this c o u n t r y a n d all t o b o
p ro d u c e d o r im p o rte d p rio r t o a b o u t Jan . 1 1920, w ill b o re q u ire d fo r m ili
ta r y uses. T h e ro aro , h o w o v e r , largo s to c k s o f m a n u fa c tu r e d clo th in g
a n d c lo th o n h a n d , w h ich will b o a d o q u a to fo r ossentlal civ ilia n n eed s.
A rran g em en ts m a y b e m a d o t o incroaso th o v o lu m o o f w o o l im p o rts b o y o n d w h a t is n o w c o u n te d u p o n , b u t n o s u b sta n tia l ch a n g o is e x p e c te d in
th o im m e d ia te fu tu r o .
DENIAL OF REPORTS THAT PHILADELPHIA CON
TRACTS FOR UNIFORM CLOTII ARE NOT TO BE
RENEWED BY GOVERNMENT.
In denying reports to tho effect that contracts Avith Phila
delphia mills for tho manufacture of uniform cloth aro not
to be renoAved, the W ar Department authorizes the following
statement from the Quartermaster’s Corps:
In q u irie s h a v o b o o n re c o iv e d b y th o Q u a rte rm a ste r’s C o r p s regardin g
r e p o rts e m a n a tin g fr o m P h ila d e lp h ia th a t c o n t r a c ts w ith m ills in th o P h ila
d e lp h ia d is tric t fo r th o m a n u fa c tu r e o f u n ifo rm c lo t h aro n o t t o b o ro n e w ed .
T h e se r e p o r ts sta te d th a t e n o u g h u n ifo rm c lo t h w as a lre a d y o n h an d o r
o rd e re d an d th a t th o c o n t r a c ts w o re t o b o p e r m itte d t o o xp iro .
T h e ro is n o tr u th in tlioso re p o r ts . Inasm uch as new c o n t r a c ts w ill b o
issu ed in a c c o r d a n c e w ith th e d e m a n d . AVhilo th o now z o n in g plan p u t
in to o p e r a tio n b y th o Q u a rto rm a ste r C o r p s w ill h a v o th o b e n e ficia l e ffe c t
o f d is trib u tin g c o n t r a c ts m o r e w id e ly th a n b e fo r e , it w ill h a v o n o a p p re
c ia b le e ffe c t o n th o P h ila d e lp h ia d is t r ic t , as an Increase in th o a r m y w ill
ca ll fo r la rgo r r e q u ire m e n ts in u n ifo rm s as w e ll as in o th e r e q u ip m e n t.
U n d er th o d ir e c tio n o f C o l. G o o rg o F . D o w n e y , d ir e c t o r o f q u a rte rm a ster
p u rch a se s, th o d e p o t q u a rte rm a ste rs o f th o v a rio u s zo n e s in to w h ich tho
c o u n t r y has b e e n d iv id e d h a v o be e n m a k in g su r v e y s o f th e ir d is tric ts t o
sh ow th o p r o d u c t iv it y o f each z o n e . T h o a llo tm e n ts fo r p u rch a se s w ill
b o m a d o o n th o basis o f theso s u r v e y s , w ith th e resu lt th a t m a n u fa ctu rers
I hi a ll lo ca litie s w ill h a v o an o p p o r tu n ity t o s u p p ly th o n eed s o f th o a r m y .
Ju l y
FIN E
THE CHRONICLE
6 1918.]
R E S T R I C T I O N S R E D U C E BEER
F I F T Y PER C E N T .
PRO D U CTIO N
U n d e r a jo in t ord er issu e d o n J u ly 3 b y U n it e d S ta te s F u e l
A d m in is tr a to r H . A . G a r fie ld a n d B e r n a r d B a r u c h , C h a ir m a n
o f th e W a r In d u strie s B o a r d , th e b r e w in g o f b e e r a n d th e
m a n u fa c tu r e o f “ n e a r -b e e r ” w ill b e cu r ta ile d 5 0 %
fu e l re str ic tio n s in
r e s tr ic tio n s ,
th e y e a r b e g in n in g J u ly
a m o u n tin g
to
50% ,
w ill
1.
th r o u g h
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b e tw e e n J a n . 1 1 9 1 5 a n d D e c . 3 1 1 9 1 7 .
T h e o rd e r a p p lie s
to b rew e rs o f b e e r, a le , p o r te r a n d o th e r ce re al b e v e ra g e s
a n d to th e m a n u fa c tu r e o f n o n -a lc o h o lic cereal b e v e r a g e s .
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lin se e d
h a v e 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 lis t
o f re str ic te d im p o r ts .
A ll o u ts ta n d in g lice n se s fo r th e im
p o r ta tio n o f fla x se e d a n d lin se e d h a v e b e e n r e v o k e d , e x c e p t
fo r th a t w h ic h is n o w in tr a n sit or is to b e tr a n sp o r te d u p o n
v e sse ls w h ic h are n o w lo a d in g .
N o lice n se s w ill b e issu e d
h e re a fte r e x c e p t u p to a n d in c lu d in g J u ly 1 0 , w h e n lice n se s
w ill b e issu e d fo r th e im p o r ta tio n o f th e c a rg o e s w h ic h are
n o w in tr a n sit a n d fo r th e c a rg o o f v e sse ls w h ic h are n o w
lo a d in g .
F o llo w in g a m e e tin g o f th e P ric e F ix in g C o m m it t e e o f th e
W a r I n d u s tr ie s B o a r d o n J u ly 2 to re c o n sid e r th e p ric e o f
c o p p e r , i t w a s a n n o u n c e d th a t th e p ric e h a d b e e n fix e d a t
2 6 % c e n ts a p o u n d , a n a d v a n c e
oi 2%
c e n ts o v e r th e p re
T h e W a r In d u s tr ie s B o a r d , in m a k in g k n o w n
th e n e w p r ic e , s a id :
S u b je c t t o th e a p p ro v a l o f th e P re sid e n t, th e P r lc o F ix in g C o m m itte e
o f th e W a r In d u stries B o a rd , in c o n fe re n ce w ith re p re se n ta tive s o f th e In
d u s tr y , t o -d a y (J u ly 2) fix e d th e p r lco o f c o p p e r at 26 ce n ts p e r p o u n d ,
a n a d v a n c o fr o m 23
ce n ts , th e p r lco fo rm e r ly fix e d .
T h e new p r lco goes in to e ffe c t t o -d a y (J u ly 2) a n d w ill c o n tin u e u n til
A u g u s t 16.
T h e a p p r o v a l o f th e n o w p ric es b y P r e s id e n t W i ls o n w a s
a n n o u n c e d o n J u ly 3 .
T h e c o n d itio n s o n w h ic h h te p ric e
in cre ase w a s g r a n te d w ere a n n o u n c e d b y th e B o a r d a s f o llo w s :
T h a t p ro d u ce rs w ill n o t r e d u ce th e w ages n o w b e in g p a id ; th a t th e y w ill
sell t o th e U n ite d S tates G o v e rn m e n t, th o p u b lic a n d t o th e A llie d G o v e r n
m en ts a t n o t a b o v e th o m a x im u m p rices; th a t th e y w ill ta k e th e n e cessary
m easures, u n d er th o d ire ctio n o f t h e W a r In d u stries B o a r d , fo r th e d is
tr ib u tio n o f c o p p e r t o p re v e n t it fr o m fa llin g in to th e h an ds o f sp e cu la to rs
w h o m ig h t in crea so th e p rice t o th e p u b lic , a n d th a t th e y w ill p le d g e t h e m
selves t o exert e v e r y e ffo r t n e cessary t o k e e p u p p r o d u c tio n s o as t o in su re
a n a d e q u a te s u p p ly d u rin g t h e w ar.
F o llo w in g th e c o n fe re n c e s in M a y b e tw e e n re p re s e n ta tiv e s
o f th e c o p p e r p ro d u c e rs a n d rofin ers a n d th e W a r In d u s tr ie s
B o a r d , th e r e c o m m e n d a tio n w a s sa id to h a v e b e e n m a d e th a t
th e p rice o f
23%
c e n ts a p o u n d p r e v io u s ly in fo rc e b e c o n
tin u e d fo r 7 5 d a y s b e g in n in g J u n e 1 , d e sp ite th e e ffo r ts o f
th o
A d m in is tra tio n . A ll in v o ice s fo r ca n n e l co a l fo r w h ic h a d d itio n a l ch a rge
is m a d e m u st bear th o n u m b e r o f th e p e rm it o f th e p r o d u c e r o f su ch c o a l.
C a n n el c o a l lo a d e d in b o x ca rs m a y b e a r an ad d itio n a l ch a r g e o f 50 cen to
a t o n t o c o v e r th e c o s t o f lo a d in g .
P A I N T A N D V A R N I S H M A K E R S A S K E D TO REPORT
STOCKS O N H A N D J U L Y 1.
A c c o r d in g to a n a n n o u n c e m e n t m a d e b y th e W a r In d u strie s
B oard ,
R.
S.
H ubbard,
C h ie f o f th e P a in t a n d
P ig m e n t
S e c tio n , h a s se n t th e fo llo w in g le tte r to th e p a m t a n d v a rn ish
m a n u fa c tu r e r s , re q u e s tin g a s ta te m e n t re g a rd in g s to c k s on
h a n d J u ly 1 :
In o rd e r t o a id in p u ttin g in to e ffe c t th e p ro g ra m a n n o u n c e d J a n . 21 anti
M a r c h 11 b y th e C o m m e rcia l E c o n o m y B o a r d , n o w th e C o n s e rv a tio n
D iv is io n o f t h e W a r In d u stries B o a r d , all m a n u fa ctu re rs are h e r e b y r e
qu e ste d t o sen d u s an a ccu ra te sta te m e n t as t o a n y s to c k s o n h a n d J u ly 1
o f th o s e ite m s w h ic h h a v e b e m d r o p p e d in a c c o r d a n c e w ith its r e co m m en d a
tion s.
T h is sta te m e n t s h o u ld b e p re p a re d as p r o m p t ly as p o ssib le a n d t o inlcudfi
th e fo llo w in g :
1. C o m p le te a c c o u n t o f s t o c k o f shades o r c o lo r s , grad es, a n d sizes o f
p a ck a g e s , w h ich , a c c o r d in g t o th e B o a r d ’s re c o m m e n d a tio n s , w ill b e
d r o p p e d , a n d t h e d ates o n w h ic h th e se w e re p u t u p .
2. C o m p le te a c c o u n t o f s t o c k o f th e u n fille d lia lf-g a lle n ca n s a n d sm aller
sizes w h ich are t o b e e lim in a ted in a c c o r d a n c e w ith th e B o a r d ’s re co m m en d a
tio n s a n d th e d a te s w h e n th e se w ere m a n u fa ctu re d o r re ce iv e d .
M a y w e h a v e y o u r r e p ly o n o r b e fo r e J u ly 10.
2 0 ,0 0 0 ,0 0 0 TONS OF A N T H R A C I T E A N N U A L
OUTPUT
LOSS OF D R A F T .
E v e r y m in e -w o r k e r lo s t t o th e a n th r a c ite in d u s tr y , now
I N C R E A S E I N COPPER P R IC E B Y W A R I N D U S T R I E S
BOARD.
v io u s p r ic e .
35
p ro d u c e rs fo r
h ig h er
p ric es
to
m e e t in c re a se d
c o s ts .
T h o “ W a l l S tr e e t J o u r n a l” o f J u ly 3 , c o m m e n tin g u p o n th e
n e w p r ic e , sa id :
T h o b ig g e s t fa c to r s w h ic h a p p a r e n tly in flu e n ce d th e P r ic e F ix in g C o m
m itte e in Its d ecision w ere th o 2 5 % fre ig h t ra te increaso a n d th e a d v a n cin g
p rices f o r all su p p lies an d e q u ip m e n t. A s p r e v io u s ly p o in te d o u t , th o fre ig h t
ch argo a d d e d a t lea st o n e c e n t a p o u n d t o o p e ra tin g c o s ts.
B o t h item s
c o m b in e d h a v e Increased c o s ts s o m e th in g lik e 2 K ce n ts a p o u n d th ro u g h
o u t th e en tire in d u stry .
U n d o u b te d ly th e g o v e r n in g m o t iv o o f th e W a r In d u stries B o a rd is th e
o b ta in in g o f all th o c o p p e r th a t ca n b o tu rn e d o u t fo r G o v e rn m e n t r e q u ir e
m en ts w h ilo th o w ar lasts a n d a t a fa ir p r lco , a p o lic y th a t s h o u ld stim u la te
p r o d u c t io n a n d p a v o th o w a y fo r a re co rd -b re a k in g o u tp u t fro m n o w o n .
W h ile p rod u cers feel th a t th o B o a rd b y fix in g a p rlco o f 26 cen ts a p o u n d
d isrega rd ed th o a lleg a tion s o f p ro fite e rin g m a d o in th o r e p o rt o f th o F ederal
T r a d e C o m m is s io n , o n th o o th e r h a n d , It is p o in te d o u t , this w as t o b o
ex p ected .
" T h o F ederal T r a d o B o a r d ,” sa id th o re p resen ta tive o f o n e
p r o d u c e r , “ a p p a re n tly o v e r lo o k e d th o fa c t th a t t h e m e ta l p r ice has be e n
fix e d sin ce la s t S ep tem ber b y th o G o v e rn m e n t.
H a d it n o t be e n fo r th is ,
c o p p e r w o u ld u n d o u b te d ly b o se llin g In th o o p e n m a rk e t a t aro u n d 35
a n d p o s s ib ly 4 0 cen ts a p o u n d .”
W h ilo th o increaso a m o u n ts t o 2 H ce n ts a p o u n d , c o p p e r interests s a y
th a t th is w ill n o t accru e t o p ro d u ce rs in th o s h a p o o f a d d itio n a l reven u e.
In crea sed o p e ra tin g c a s ts , a d d itio n a l sm e ltin g charges an d th e fre ig h t ra te
a d v a n c o w ill ea t u p th o increaso.
T w e n ty -s ix cen ts a p o u n d fo r c o p p e r s o u n d s b ig , b u t in th e la st ana lysis
it m erely allow s a b o u t th o sa m o m argin o f p r o fit w h ich resu lted fro m th o
a g reem en t en terod in to la st S e p to m b cr w h en th o p rico w as first fix e d a t
2 3 H cen ts a p o u n d . _____________
M A X IM U M
PR IC ES FOR L U M P
CANNEL
COAL.
T h e F u e l A d m in is tr a tio n m a k e s th e fo llo w in g a n n o u n c e
m e n t co n ce rn in g p rices fo r c a n n e l c o a l:
A regu la tion o f th e U n ite d S tates F u el A d m in is tra tio n p r o v id e s th a t
m in es p r o d u c in g can n el c o a l, b y re ce iv in g a p e rm it th e re fo r, m a y sell
lu m p can n el c o a l at a su m n o t t o e x ce e d $1 p er t o n in a d v a n c o o f th o m in e
p r lco fo r ru n -o f-m ln o b itu m in o u s c o a l a t m in es w ith in their d istrict.
A n y p r o d u c e r desiring t o o b ta in a p e rm it t o m a k o th e a d d itio n a l ch a rge
s h ou ld m ak o a p p lica tio n t o th o B u rea u o f P rices o f th o U n ite d S tates F u el
s h o r t h a n d e d to a d eg re e se rio u s ly c u r ta ilin g o u t p u t o f co a l,
m e a n s lo ss o f a p o te n tia l p ro d u c tio n o f 6 0 0 to n s p e r an n u m ,
a c c o r d in g to th e A n th r a c it e C o m m it t e e , w h ie h s a y s :
T h a t p re s e n ts th e s itu a tio n w h ich n o w c o n fr o n ts m illio n s o f con su m ers
o f a n th ra cite m o r e s e rio u sly th a n it d o e s th e in d u s tr y . F o r co n su m ers
it m ea n s s h o r ta g e o f c o a l a n d d is c o m fo r t , i f n o t a c tu a l s u ffe r in g . F o r th e
in d u s tr y , it m eans o n ly co n c e r n a t in a b ility t o d o w h a t c o u ld b e d o n e
w ith greater la b o r -p o w e r a n d s h o rte n e d business p r o fits .
L a st m o n th th e a v e ra g e p r o d u c tio n o f a n th r a c ite , p e r m in e w ork er*
a v a ila b le t o th e in d u s tr y , w a s 48 to n s . T h a t is a t a ra te o f n e a rly 600 to n .
a y e a r p e r m a n . T h u s e v e r y m a n lo s t t o th e in d u s tr y n o w m ean s lo s s ’ o f
la b o r -p o w e r t o s u p p ly te n fa m ilie s w ith a n th r a c ite . T h e m a g n itu d e o f
th e loss an d th o b a n e fu l e ffe c t s f o r o u t p u t a p p e a rs in th o f a c t th a t 33.000
m in e w o rk e rs h a v e b e e n ta k e n a w a y fr o m th e a n th r a c ite re g io n sin ce the
w a r b e g a n . T h a t m ean s a n an n u al loss o f n e a rly 2 0 .0 0 0 ,0 0 0 a n th ra cite
to n s o f m a r k e ta b le c o a l.
W ith de cre a se o f m in o w o rk e rs fr o m 177 ,000 to th e p re s e n t w ork in g
fo r c e o f 144 ,000 m e n th e in d u s tr y is n o w a p p re h e n siv e o f th e resu lt t o c o n
sum ers o f c o a l o f th o s till fu r th e r d r o p , n e x t m o n th , w h e n th e new d r a ft
w ill tak e fr o m th e S ta te 17,000 m o r e m e n .
T h e L a ck a w a n n a is s h o r t 2 ,8 0 0 m e n an d c a n u se a t o n c e 609 m in ers an d
2 ,1 8 9 m e n . T h o H illsid e C o a l an d Ir o n C o m p a n y w a n ts 950 m e n a t ita
14 c o llie rie s an d ca n use 286 m in ers a n d 505 la b o r e r s an d m o t o r ru nners.
T h e L e h ig h C o a l an d N a v ig a tio n C o m p a n y , th e L e h ig h a n d W ilk e s B a rr e C o a l C o m p a n y , th e L e h ig h V a lle y C o a l C o m p a n y , th e P en n sylva n ia
C o a l C fom pan y, th e Susq u eh an n a C o lle rie s C o m p a n y a n d th e D ela w a re
an d H u d s o n C o m p a n y a re all h a r d p ressed f o r h e lp an d n eed all th e c e r
tified^ m in ers an d m in e w o rk e rs t h e y ca n g e t . A b o u t 6 ,5 0 0 m in e w ork er*
a re n e e d e d rig h t n o w b y a ll th o s e co m p a n ie s .
T h is illu stra te s th e s tra its th e m in in g co m p a n ie s are in a n d show s th e
v it a l reason w h y th o o p e r a to r s a r e ask in g fo r e x e m p tio n o f m in e w ork er*
o n th e g r o u n d th a t th e ir se rv ice s are m o r e v ita l t o th e n a t io n ’s n eeds t o
g e ttin g o u t c o a l th a n s e rv in g as so ld ie rs fig h tin g th e H u n .
P R O C L A M A T I O N TO M I N E R S R E Q U E S T I N G T H A T THE
J U L Y 4 H O L I D A Y BE L I M I T E D TO T H A T D A Y .
A n a p p e a l to c o a l m in e rs n o t to e x te n d th e J u ly 4 h o lid a y
th is w e e k b e y o n d th a t d a y w a s m a d e in a p ro c la m a tio n issued
b y th e U . S . F u e l A d m in is tr a tio n o n J u n e 3 0 .
I n a n n o u n cin g
th e p r o c la m a tio n th e F u e l A d m in is tr a tio n s a id :
T h e U . 8 . F u e l A d m in is tra tio n d e e m s it s o im p o rta n t th a t e v e r y p ou n d
o f c o a l t h a t c o n s ta n t e f fo r t c a n m in o s h o u ld b e p r o d u c e d t h a t it is m akin g
a s t r o n g a p p e a l t o t h o m in e w o rk e rs e v e r y w h e r e t o c u t d o w n th e ir h o lid a y
m a k in g ju s t s o fa r as is c o n s iste n t w ith t h e sp ir it o f t h e tim e s . U . 8 .
F u e l A d m in is tra to r G a r fie ld , w h ile re a lizin g th a t d u r in g w a r tim e th e ce le
b r a tio n o f In d e p e n d e n c e D a y , J u ly 4 , h as a d e e p e r s ig n ific a n c e th a n e v e r ,
is a n x io u s th a t th e h o lid a y m a k in g o f th a t p e r io d shall n o t e x te n d b e y o n d
th e sin gle d a y . I t is o n ly b y th e sp e e d in g u p o f p r o d u c t io n th a t th e n a tion
m a y h o p e t o k e e p p a c e w ith t h e e x ce s s iv e d e m a n d fo r c o a l b r o u g h t a b o u t
b y th e w a r.
T h e fo llo w in g is th e p r o c la m a tio n to th e m in e rs :
To the Coal Miners of the United States:
E v e r y c o a l m in e r is ask ed t o b e a t h is p la c e r e a d y fo r w o r k o n t h o m orn in g
o f th e 5 th o f J u ly . Y o u w ill re m e m b e r P re s id e n t W ils o n ’s w o rd s t o th e
m e n w h o m in e c o a l: " T h e w o r k o f th e w o rld w a its o n y o u . ”
W e a re fa llin g s h o r t in o u r c o a l n e e d s e v e r y w e e k . W e fa c e n o w a
s h o r ta g e o f 1 ,0 0 0 .0 0 0 to n s a w e e k a n d , unless th e o u t p u t is in cre a sed b y
1 0 % , n e ce ssa ry w a r w o rk w ill b e h a m p e re d . C a r s e r v ic o is im p ro v in g a n d .
w h ere th ere are en o u g h c a r s , e v e r y m in e r s h o u ld e x e rt h im s e lf t o Jhe u tm o s t
s o th a t n o e m p t y c a r s a re a b o v e th o t ip p le w h en th e d a y ’s w o r k is d o n e .
N e v e r b e fo r e in t h e h is to r y o f o u r c o u n t r y h as I n d e p e n d e n c e D a y .
J u ly 4 , h a d a d e e p e r s ig n ifica n ce th a n th is y e a r , w h ich fin d s us fo rc e d t o
ta k e p a r t in a w o rld w a r.
O n o u r p a r t , as P r e s id e n t W ils o n h a s s o a b ly p o in te d o u t , it is a w a r fo r
fre e d o m — fre e d o m o f t h o u g h t, o f id e a ls, o f o p p o r t u n it y . A s in th e d a y *
o f o ld w e fo u g h t t o m a k o th e n a tio n fr e e , s o to -d a y w o fig h t t o m a k e th e
w o rld fre e . W o fig h t fo r n o se lfish p u r p o s e . W e fig h t o n ly t o insure to
a ll p e o p le , g r e a t a n d s m a ll, th o rig h t t o e n jo y th a t c iv iliz e d fre e d o m o f
t h o u g h t an d a c t io n w h ic h o u r fo re fa th e rs b r o u g h t in to b e in g .
I a p p e a l, th e n , w ith th o u tm o s t c o n fid e n c e t o t h e c o a l m in e rs o f th o
c o u n t r y t o see th a t th o c e le b ra tio n o f J u ly 4 Is n o t ca r r ie d o v e r in to u n
n e ce ssa ry h o lid a y s . W e h a v e p le d g e d o u r n a tio n t o a r ig h te o u s ca u se a n d
n o n e o f u s m u st tu r n b a c k .
II. A . G A R F IE L D ,
United States Fuel Administrator.
THE CHRONICLE
36
REGULATIONS TO GOVERN ALLOCATION OF STEEL
PRODUCTS.
T e n t a t i v e r e g u la tio n s w h ic h aro t o g o v e r n th e a llo c a tio n
o f s te e l p r o d u c ts u n d e r th e a g r e e m e n t e n te re d in t o b e tw e e n
th e W a r In d u s tr ie s B o a r d a n d th e A m e r ic a n I r o n & S te e l
I n s t i t u t e , w h e r e b y th e G o v e r n m e n t exercises c o m p le to c o n
tr o l o f th e d is tr ib u tio n o f th e c o u n tr y ’ s o u t p u t o f iro n a n d
s te e l, w ere a n n o u n c e d b y th e W a r In d u s tr ie s B o a r d o n J u ly 4 .
T h o a g r e e m e n t, d a te d J u n e 6 , w a s g iv e n in o u r issu e o f
June 8 .
T h e fo llo w in g are th e r e g u la tio n s m a d e p u b lic th is
w eek:
1. A ll p ig ir o n an d s too l m a n u fa c tu r e d p r o d u c t s a ro n o w b e in g s h ip p e d
a n d d e liv e re d b y th o p r o d u c e r o r m a n u fa c tu r e r in a c c o r d a n c e w ith th o
r e s o lu tio n o f th e W a r In d u s trie s B o a r d a d o p te d Ju n o 6 1918.
2 . P r io r it y O rd ers. I t w ill b o n o t e d t h a t u n d e r th o re s o lu tio n o f Ju n o 6
1918 a ll or d e r s c o v e r e d b y p r io r it y c e r tific a t e s sh all b o fir s t p r o v id e d fo r
o r fille d an d th e re a fte r o r d e r s e m b r a c e d w ith in th e s ch e d u lo o f p u rp o se s
e n title d t o p r e fe re n tia l treatm en t; as d e te r m in e d b y th o p r io ritie s b o a r d
m a y b e fillo d w ith o u t o t h o r s p e c ific p r io r it y in s tru ctio n s an d w ith o u t th o
fu r th e r a p p r o v a l o f a n y G o v e rn m e n ta l a g e n c y .
T h o p u r p o s o w as t o p e r m it d o liv o rie s o f p ig Ir o n a n d o f steel m a n u fa c
tu r e d p r o d u c t s u n d or th o s ch e d u lo o f p u rp o s e s n o t o n ly a fte r o r d e r s c o v e r e d
b y p r io r it y c e r tific a t e s sh all h a v e b e o n fille d b u t a t a n y t im e to th o e x te n t
t h a t s u ch d e liv e rie s w ill n o t in te rfe re w ith th e fillin g w h e n a n d as re q u ire d
o f o r d e r s c o v e r e d b y p r io r it y c e r tific a t e s .
T h o P r io r itie s C o m m it te e is n o w Issuing c e r tific a t e s o f th re e cla sses,
n a m e ly . C lass A A , C lass A a n d C la ss B .
O n e e ffe c t o f th is r e s o lu tio n is
t o p u t all o r d e r s n o t c o v e r e d b y p r io r it y c e r tific a te s b u t e m b r a c e d w ith in
t h o sc h e d u lo o f p u rp o s o s e n title d t o p r e fe re n ce tr e a t m e n t, in a fo u r th class
w h ic h w o d es ig n a te C la ss C , a n d t o g iv o s u c h o r d e r s p r io r it y a n d p r e c e d e n c e
o v e r a ll o t h e r o rd ors n o t c o v e r e d e ith e r b y p r io r it y c e r tific a te s o r o m b r a c e d
w ith in th o said s ch ed u lo o f p u r p o s e s , w h ich o t h o r o rd o rs w ill b o d esign a te d
C la ss D .
I f re a s o n a b ly s a t is fa c t o r y d e liv e r y c a n b o s e cu re d o n C lass C o r d e r s , n o
a p p lic a t io n fo r a h ig h er p r io r it y ra tin g n e e d o r s h o u ld b o m a d o t o th o
P r io r itie s C o m m it te e .
3 . C lass D O rd ers. P e r m it t o S h ip . O rd ors fa llin g w ith in C lass D
m a y b o fille d fr o m su rp lu s s t o c k s , i f a n y r o m a in , a fte r o rd e rs c o v e r e d b y
p r io r it y c e r tific a t e s o r fa llin g in C lass C , h a v e b e e n p r o v id e d fo r o r fille d ,
s u b je c t , h o w o v e r , t o th o a p p r o v a l in w ritin g o f th o D ir e c t o r o f Steel S u p p ly
fir s t h a d a n d o b ta in e d .
T o F i l l S m a ll O rd ers.
I n o r d e r t o a v o id d e la y s in th e fillin g o f sm a ll o rd e rs u r g e n tly requ ired
fo r essen tia l c iv ilia n u ses, th o d ir e c tio n o f stool s u p p ly d o e s h e r e b y a p p ro v o
In w ritin g th o fillin g o f s u ch o r d e r s fa llin g in C lass D o n th o c o n d itio n s
fo llo w in g :
(а) T h a t th o o r d e r in th o a g g re g a te s h all n o t o x c e e d in q u a n t it y f lv o to n s .
(б) T h a t th o m a n u fa c tu r e r shall o n o r b o fo r o t h e 10th o f e a ch m o n th
r e p o r t t o th o D ir e c to r o f Steel S u p p ly a ll o r d o r s fille d d u r in g th o p r e c e d in g
m o n th u n d o r th is a u t h o r it y , an d sh all c e r tify th a t h o b o lio v e s th a t it w as in
th e p u b lic in terest th a t s u ch o r d e r s sh o u ld b o fille d .
A p p lic a t io n s fo r p e r m it t o m a n u fa c tu r e o r sh ip C la ss D o rd o rs w h ich
c a n n o t b o s h ip p ed u n d or th o fo re g o in g a u th o r ity m u s t b e fille d o u t and
m a ile d in d u p lic a te t o th o D ir e c t o r o f Stool S u p p ly o n b la n k s w h ic h w ill b o
fo rw a r d e d e a ch m a n u fa c tu r e r ; su c h a p p lic a tio n s m u s t b o m a d o b y th e
m a n u fa c tu r e r o n ly an d n o t b y th o p u r c h a s e r . U p o n r e c e ip t o f s u ch a p p li
c a t io n it w ill h a v o p r o m p t a n d c a r e fu l co n s id e r a tio n a t t h e h a n d s o f th o
D ir e c t o r o f S teel S u p p ly , w h o w ill en d o rse o n th o b o t t o m o f t h o a p p lic a tio n .
In a s p a c o p r o v id e d th e r o fo r , th o w o rd “ g r a n t e d ” o r th e w o rd “ d e c lin e d ,"
an d r o t u m o n o c o p y to th o a p p lic a n t. I f g r a n te d , th o m a n u fa c tu r e r m a y
sh ip o n s u ch torm s an d u n d e r s u ch c o n d itio n s a s m a y b o im p o s e d b y th o
D ir e c t o r o f S teol S u p p ly .
4 . A llo c a t io n s . T h o d ir e c t w a r r e q u ire m e n ts o f iro n an d o f iro n an d ste e l
p r o d u c t s o f a ll d e p a rtm e n ts an d a gen cies o f th o U n ite d S tates G o v e rn m e n t
a n d o f its allies w ill b o a llo c a t e d t o th o v a r io u s m a n u fa c tu r e r s b y th o
D ir e c t o r o f S teel S u p p ly .
D ir e c t i o n s f o r C o n s u m e r s .
A ll o t h e r o r d o r s f o r d ir e c t an d in d iro c t w a r re q u ir e m e n ts fo r iro n an d
iro n -s te e l p r o d u c t s sh ou ld b e p la c e d b y th o c o n s u m e r w ith his re gu la r s o u r c o
o f s u p p ly . I n th o o v o n t co n s u m o r is u n a b le t o fin d .a p r o d u c o r o r m a n u fa c
tu r e r w h o w ill a c c e p t th is o r d e r , a p p lic a tio n fo r a llo tm e n t sh o u ld b o m a d e
t o th o D ir e c t o r o f S teel S u p p ly o n ly w h e n s u p p o r te d b y s tr o n g o v ld e n c o
in w ritin g th a t th o p u b lic in te re st re q u ire th a t s u ch o r d o r sh all b o p la ce d
a n d fille d .
5 . J o b b e r s ’ S to c k s .— I t is in th o p u b lic in to re s t th a t jo b b o r s d o a lin g in
p la te s , s h eets, b a r s a n d sh ap es, str u c tu ra l sh ap es, tu b u la r p r o d u c ts ,
w ir o an d w ir o e q u ip m e n t, o il w e ll su p p lio s a n d sim ila r p r o d u c t s , s h o u ld b o
p e r m it t e d t o m a in ta in rea so n a b le s to c k s fr o m w h ic h G o v e rn m e n t a gen cies,
w a r in d u stries an d th e c iv ilia n p o p u la tio n m a y d ra w t o m e e t essontlal
re q u ire m e n ts . T h o jo b b e r s re c o g n izo th o n e ce s s ity fo r rig id ly re strictin g
all iro n , stool and tin p r o d u c t s t o essential uso an d h a v o p le d g e d th e ir w h o le
h e a r te d c o -o p e ra tio n t o a p r o g r a m t o p r e v e n t h o a r d in g o n th o p a r t o f eith er
th o jo b b o r s o r th e ir cu s to m e rs , an d t o re d u c e t o an a b s o lu te m in im u m
b o t h jo b b in g an d re ta il s to c k s . O n th o fa it h o f this p le d g e o n th o p a r t
o f th o jo b b e r s a p la n has b e e n a d o p te d as fo llo w s :
(A ) E a ch jo b b e r sh all n o t la te r th a n th e f if t h o f ea ch m o n th f ilo w ith th o
D ir e c t o r o f S teel S u p p ly , o n fo rm s t o b o fu rn ish e d b y h im , a c e r tifie d s ta te
m e n t c o v e r in g sh ip m en ts m a d o b y th o jo b b e r d u r in g th e p r e c e d in g m o n th .
(B ) T o th o o x to n t th a t su ch s h ip m e n ts fa ll w ith in p r io r it y cla ss A A ,
cla ss A , cla ss B o r cla ss C , as h o r o in b o fo ro d o fin e d , o r b y p e r m its Issued
b y th o D ir o c t o r o f S teel S u p p ly , th o jo b b e r sh all b o e n title d t o p la c e w ith
th o m a n u fa c tu r e r o r m a n u fa ctu re rs c o n s titu tin g h is re g u la r s o u r c o o r so u rce s
o f s u p p ly , o rd ers fo r th o r e p la ce m e n ts o f sh ip m e n ts so m a d o ; p r o v id e d ,
t h o to t a l to n n a g o o r q u a n t it y o f e a ch c o m m o d it y o rd e re d fo r re p la ce m e n t
sh all n o t b e in excess o f th o a m o u n t o f s u ch c o m m o d it y sh ip p e d b y h im
d u r in g th o p r e v io u s m o n th an d e m b r a c e d w ith in th o p r io r it y classos
m e n t io n e d .
(C ) T h o m a n u fa c tu r e r w ill, u p o n r e c e ip t o f su ch o r d o r , s cru tin iz e it
c a r e fu lly In th o lig h t o f th o o t h e r d o m a n d s t o th e s u p p ly g o n o ra lly an d th o
p a r ticu la r r eq u irem en ts an d d o m a n d s fo r th o p r o d u c t s o r d o r e d In th o
t e r r it o r y s erv ed b y th e jo b b e r p la c in g th o o r d o r t o g u a rd a g ain st h o a rd in g
o r an In eq u ita b le d is trib u tio n o f th o s u p p ly a v a ila b le t o m e e t a ll d o m a n d s
f o r osson tia l u ses. T h o G o v e rn m e n t is d e p e n d in g u p o n th o exp e rie n ce
an d p a tr io tis m o f th e m a n u fa c tu r e r s t o assist It in so cu rln g an e q u lta b lo
d is trib u tio n o f all p r o d u c t s an d th e ir r e s tric tio n t o osson tia l uses.
(D ) A ll o rd ers f o r s to c k s p la c e d in a c c o r d a n c e w ith th o fo re g o in g rules
sh all b e an d aro h e r e b y ra te d as cla ss B -4 an d e n title d t o p r io r it y and p r e c e
d e n c e a c c o r d in g ly ; c o n d it io n e d , h o w o v e r , u p o n th o jo b b e r p la c in g th o o r d o r
[Vol. 107
h a v in g f ir s t file d w ith th e P r io r itie s C o m m it te o a n d a lso w ith th o D ir e c t o r
o f S teel S u p p ly a p lo d g o in w ritin g as fo llo w s :
“ I d o h o r o b y p le d g e m y s e lf n o t t o u so o r s o fa r as lies w ith in m y p o w e r
p o r m it th o u s o o f a n y s to c k s n o w o r w h ich m a y h o r e a fte r c o m o in to m y
po sse ssio n o r c o n t r o l, s a v e (1) fo r essen tia l uses as th a t to r m m a y b o d o fin e d
fr o m tim e t o t im o b y th e P r io r itie s D iv is io n o f th o W a r In d u s trie s B o a r d ,
o r (2) u n d o r p e r m its in w ritin g sign ed b y th o D ir o c t o r o f Sceol S u p p ly ;
th a t I w ill m a k o n o salo o r d e liv e r y fr o m s u ch s to c k s t o a n y c u s to m e r o r
ro ta ile r b e fo r e h is filin g w ith m o a sim ila r p le d g e in w ritin g ; an d th a t I w ill
u s e m y u t m o s t e n d e a v o r t o p r e v e n t th o h o a r d in g o f s to c k s an d t o insure
th a t t h o y a ro d is trib u te d s o le ly fo r ossontia l u s e s .”
W h e r e s u ch p lc d g o has b e e n o n c e file d in a c c o r d a n c e w ith th o a b o v o
p a r a g r a p h , th o jo b b e r sh o u ld s o c e r t ify t o th o m a n u fa c tu r e r w h e n p la cin g
h is o r d o r a n d th o o r d e r sh all n o t b e a c c e p t e d b y th o m a n u fa c tu r e r in th e
a b s o n co o f su ch c e r tific a t io n .
5 . E x p o r ts .— N o a p p lic a tio n fo r a licon so t o o x p o r t iro n o r iro n an d steol
p r o d u c t s (sa v e o n d ir e c t o r d e r s o f th o U n ite d S tates an d its A llie s) sh ou ld
b o m a d o o f th o W a r T r a d e B o a r d unless th o o rd e rs fa ll w ith in p r io r it y class
A A , cla ss B o r cla s s C as h o r e in b o fo ro d e fin e d , o r aro c o v e r e d b y a p e r m it
b y th o D ir e c t o r o f Steel S u p p ly .
A ll c o m m u n ic a tio n s w ith r e s p e ct t o p r io r it y m a tte rs d e a lt w ith heroin
s h o u ld b o a d d ressed t o th o P r io r itie s C o m m it te o . A ll c o m m u n ic a tio n s
w ith r e s p e ct t o a ll o th e r m a tte rs d e a lt w ith h eroin s h o u ld b o a d d ressed t o
th o D ir e c t o r o f Steel S u p p ly .
QUESTIONNAIRE TO MANUFACTURERS OF TRACE
CHAINS.
The
fo llo w in g
q u e stio n n a ir e
to
m a n u fa c tu r e r s
of
trace
c h a in s re g a rd in g th o d is c o n tin u a n c e or r e s tr ic tio n o f c e rta in
o f th e ir m a n u fa c tu r e s h a s b e e n issu e d b y th o W a r In d u s trie s
B oard :
C O N S E R V A T IO N D IV IS IO N , W A R IN D U S T R IE S B O A R D .
W a sh in g to n , D . C .
S ch e d u lo fo r m a n u fa c tu r e r s o f t r a c e ch ain s:
1. N o . 3 t r a c e ch a in s.— S h a ll th o m a n u fa c tu r e o f th ese c h a in s b o elim i
n a te d ? _____________
2 . T w is t-lin k t r a c e s .— Shall th o m a n u fa c tu r e o f a ll tw is t-lin k tra ces b o
_____________
d is c o n t in u e d ?
3 . L e n g th o f lin k s.— Shall th ese b e m a n u fa c tu r e d in t w o len gth s o n ly ,
n a m e ly , 8 and 10 link s p e r fo o t a c tu a l m e a su re m e n t an d a c tu a l c o u n t ? ------4 . Sizes o f t r a c o ch a in s .— Shall th o m a n u fa c tu r e o f th o se ch ain s b e re
s tr ic te d t o 3 size s, as fo llo w s :
(a) 5-16 in c h , o r N o . 0 . (b ) 9-32 in ch , o r N o . 1. (c) H In ch , o r N o . 2 ?
5. W r o u g h t “ T ” h o o k s .— Shall th e m a n u fa c tu r e o f th ese h o o k s b o e lim i
n a te d ? _____________
6 . W r o u g h t “ T ” b a rs .— Shall th o m a n u fa c tu r e o f theso b a r s b o e lim i
n a te d ? _____________
7 . B u t t o r h a lf t r a c e s .— Shall th o m a n u fa c tu r e o f those tra ce s b o re
s tr ic te d t o th e sam e sizes a n d Units p e r f o o t ns lo n g tr a c e s an d o n ly in
-------------------s tr a ig h t lin k , w ith b r ig h t o r ja p a n n e d fin is h ?
8 . S ta ge tra ce s , regu lar o r b u c k e y e p a tte r n .— Shall th o m a n u fa c tu r e o f
s ta g o tr a c o s , eith e r s tra ig h t o r tw iste d lin k , sm a lle r th a n N o . 2 , o r s h orter
th a n 10 link s t o th e f o o t , a c tu a l c o u n t , b o e lim in a te d ?
-------------------9 . B re a st ch a in s, s in g le .— Shall th o m a n u fa c tu r e o f th eso ch ain s in oith or
s tra ig h t o r tw is t lin k b e re s tric te d t o 8 an d 10 lb ik s p e r f o o t , a c tu a l c o u n t,
-------------------.
a n d m a d e o n ly o f N o . 0 , N o . 1 o r N o . 2 w ir o ?
10. B ro a s t c h a in s , d o u b le s la c k .— Shall th o m a n u fa c tu r e o f th ose chains
b o r e s tric te d t o 2 p a tte r n s o n ly , re gu la r an d h e a v y , an d in 3 len gth s o n ly ,
n a m e ly , 2 6 -in c h , 2 8 -in ch a n d 3 0 -in c h ?
........ ................
11. B re a st ch a in s , p a tte r n .— Shall ea ch m a n u fa c tu r e r r e s tric t h is o u t
............... ........
p u t o f th ese b re a st ch ain s t o “ P e n n s y lv a n ia ” t y p e ?
12. I lo b b lo ch a in s .— Shall th o m a n u fa c tu r e o f theso ch ain s b o re s tricte d
t o “ C o a s t ” p a tte r n In 1 0-in ch len gth s o n l y ?
........................
13. C a rt b a c k c h a in s .— Shall e a ch m a n u fa ctu re r re s tric t h is o u t p u t t o
o n o p a tte r n o n ly , oith e r in 5-16 in ch o r y% in ch w ir o ?
-------------------.
14. H e e l c h a in s .— (a) Shall e a ch m a n u fa c tu r e r re s tric t h is o u t p u t t o th o
N o . 4 0 , N o . 45 an d N o . 50 c h a in s in 4 , 6 . 8 an d 10 lin k s ?
-------------------(b ) Shall th e m a n u fa c tu r e o f N o . 99 ch ain b e r e s tric te d t o s tra ig h t link
o n ly ?
____________ .
(c ) Shall th e m a n u fa c tu r e o f a ll N o . 55 and N o . 70
p a tte r n , as w e ll as a ll N o . 3 size h eel c h a in s in o v e r y s t y lo b o d is c o n
t in u e d ?
_____________
15. W e ll ch a in s.— Shall ea ch m a n u fa c tu r e r r e s tric t his o u t p u t o f these
ch a in s t o N o . 5 w ir o o n l y ?
-------------------16. P a ssin g lin k ch a in s .— Shall ea ch m a n u fa c tu r e r re s tric t h is o u t p u t t o
th r e o ch ain s In th e fo llo w in g sizes an d lin k s ?
-------------------:
2 - 0 ( N o . 6 w ire) 14 link s p o r f o o t , a c tu a l m e a su re m e n t.
3 - 0 ( N o . 5 w ire) 13 link s p o r f o o t , a ctu a l m e a su ro m o n t.
4 - 0 ( N o . 4 w ir e ) 12 lin k s p e r f o o t , a c tu a l m e a su re m e n t.
17. R e p a ir lin k s.— Shall th o m a n u fa c tu r e o f th ese link s b o re s tricte d
t o th o fo llo w in g th r e e s iz e s ?
-------------------:
14-inch ( N o . 2 w iro ) 10 link s t o th o f o o t , a c tu a l m e a su re m e n t.
9 -3 2 -ln ch ( N o . 1 w ire ) 10 link s t o th o f o o t , a ctu a l m e a su ro m o n t.
5 - 1 6 -in ch ( N o . 0 w ire) 8 link s t o th o f o o t , a ctu a l m e a su re m e n t.
18. L a p lin k s.— Shall th o m a n u fa c tu r e o f lap link s in 1 % -In ch an d 3 ) 4 Inch le n gth s b o d is c o n t in u e d ?
-------------------19. C lin k s.— Shall th e m a n u fa c tu r e o f th eso link s b o r e s tric te d t o on o
s izo , n a m e ly , in )4 and 2 )4 in c h ?
-------------------2 0 . L a p lin k s.— Shall ea ch m a n u fa c tu r e r ro s tric t h is o u t p u t o f theso
links t o six n u m b e rs , 2 , 2 )4 an d 3 -in ch d ia m o to rs in )4 an d 54-inch w ir o ?
2 1 . C o w tie s .— Shall each m a n u fa ctu re r ro s tric t his o u t p u t o f theso ties
t o s tra ig h t-lin k t y p e a n d n o t less than six link s p e r f o o t ?
-------------------2 2 . F in ish .— Shall a ll c o p p e r and b r o n z e fin ish es fo r harness chains
e n u m e ra te d h e re in b o e lim in a te d ?
-------------------2 3 . D a t o o f e n fo r ce m e n t.— I f th o fo re g o in g su g g e stio n s aro a d o p te d ,
shall it b e u n d e rs to o d th a t n o a d d itio n a l m a te ria l fo r elim in a te d lin es shall
b e o r d e r e d e x c e p t t o o v e n u p s t o c k s In p r o c e s s o f m a n u fa c tu r e a n d th a t
n o c h a in s o f e lim in a te d sizes sh a ll b o m a n u fa c tu r e d a fto r A u g . 1 1 9 1 8 ? ------F irm n a m e , ____________ ____________ _
A d d r e s s , _______________________________ _
C i t y , ____________ _ S t a t o , ____________ _
RESULTS EFFECTED I N CONSERVING TIN FOR
GOVERNMENT.
T h o p la n s a d o p te d b y th e W a r In d u s tr ie s B o a r d to c o n
se rv e th o tin s u p p ly fo r th o G o v e r n m e n t h a v o b o o n o u tlin e d
as fo llo w s b y th e W a r In d u s tr ie s B o a r d :
T h o p la n u p o n w h ich th o W a r In d u strie s B o a rd Is w o rk in g fo r th o c o n
s erv a tion o f tin is b a s o d o n th o c o n v ic tio n th a t n o G o v e rn m e n t o ffic ia l,
d e p a rtm e n t o r bu rea u c a n b o in p o s itio n t o .apply restrictio n s t o indu stries
as w isely as th o m en w h o h a v o sp e n t their lives in th o in du stries a ffo c te d
a n d are th o r o u g h ly a c q u a in te d w ith th o tech n ica l d e ta ils a n d th o business
con s e q u e n ce s in v o lv e d .
T h o B o a rd calls m ootin g s o f re p resen tatives o f eacli im p o rta n t tr a d o
u sin g tin , states th o n ece ssity fo r e c o n o m y , asks fo r p a tr io tic c o -o p e r a tio n
a n d seeks a d v ic e as t o h o w t o g o t th o results d esired . E a ch in d u s tr y is
ask ed t o o rg a n lz o, t o c on sid e r th o p r o b le m an d s u b m it s p e c ific r e c o m m e n
d a tio n s . T h o so r ecom m e n d a tio n s aro d ig e ste d a n d sen t t o o v e r y o n e in
e a ch tr a d e c o n c e r n e d . C o n fe re n ce s aro h e ld w itli th o s o w h o m a y n o t agreo
w ith th o re co m m e n d a tio n s s o as t o g e t as c o m p lo to u n a n im ity as p o ssib le .
A s ot o f re co m m e n d a tio n s o r regu lation s is th e n d ra w n u p fo r e a ch in d u stry
a n d th ese aro en fo r ce d b y th o a u r th o r ity o f th o W a r In d u stries B o a rd .
T h o v a riou s uses o f tin b y d iffe re n t trades aro cla ssifie d in an asce n d in g
s ca lo o f im p o rta n ce .
F ir s t.— W a stefu l uses d u o t o carelessness, ig n o ra n ce , o r in d iffe re n ce .
W a stes d u o t o fa u lty p r a c tic e w h ich m ig h t b o c u t o f f n o t o n ly w ith o u t in
ju r y t o a n y b o d y , b u t rath er t o th o d e fin ito p e cu n ia ry a d v a n ta g e o f m a n u
fa ctu rers.
S e c o n d .— U ses n on -essen tia l in ch a r a c te r , s u ch as th o c o a tin g o f a rticles
w ith tin fo r orn a m on ta l p u rp oses s o le ly . U ses w h ic h c o u ld b o c u t o f f
w ith o u t in ju ry t o a n y in d iv id u a l o r fir m , p r o v id e d all a c te d a lik e.
T h ir d .— T h e em p lo y m e n t o f tin fo r p u rp oses w h ich in tliem solv os aro
useful a n d d cs ira b lo, s o th a t th eir elim in ation w o u ld in v o lv e a ce rta in
a m o u n t o f s a crifice o n th o p a rt o f m a n u fa ctu re rs o r c o n su m e rs, b u t w liich
a ro in n o w a y c o n n e c te d w ith th o v ita l needs o f th o c o u n t r y in re la tio n t o
th o w a r.
F o u r th .— U ses d ir e ctly fo r w ar p u rp oses cith e r b y t h o G o v e rn m e n t its e lf
as a m a n u fa ctu rer o f w ar m aterials o r b y m a n u fa ctu re rs w h o aro m ak in g
w a r m aterials fo r th o G o v e rn m e n t.
U sos u nd er “ fir s t” a n d " s e c o n d ” c a n , an d sh o u ld , b o c u t o f f a t o n c o .
U n d er “ t h ird ” cu rta ilm e n t is n o t in its e lf d esirablo. I t w ill resu lt in a
ce r ta in d isorg a n iza tion o f in d u stry an d r e d u c tio n in e c o n o m ic e ffic ie n c y
a n d o u g h t t o b o a v o id e d , i f p o ssib lo . B u t th o s a c r ifice w ill p r o b a b ly h a v e
t o b o m a d o . L a s tly , c o m o th o d ire ct w a r re q u ire m e n ts, w h icli m u st bo
m e t in fu ll o r m ilita ry e ffic ie n c y w ill su ffe r.
T h o fo llo w in g results h a v e a lre a d y bo o n a cc o m p lis h e d :
1. S old er, bea rin g m o ta ls, & c .:
S ta n d a rd izin g .— T h e re a rc scores o f c o m p o s itio n s u sed in b e a rin g m e ta ls
a n d sold er. T h o B u rea u o f S tan d ards has c o m p le te d an in v e s tig a tio n o f
b ea rin g m ota ls an d has su ggested e lim in a tio n o f all b u t fo u r gra d es. T h is
re c o m m e n d a tio n w as a d o p te d b y th o m e e tin g a n d it is s ta te d th a t a sa v in g
o f a b o u t 2 5 % in a m o u n t o f tin w ill b o e ffe c te d . T h o B u re a u o f S tan d ards
Is m a k in g sim ilar in v e stig a tio n s co n c e r n in g so ld e r.
T h o c a n c o m p a n ie s
h a v o r e d u c e d th o p erce n ta g e o f tin in their so ld e r t o 4 0 , th u s sa v in g fro m
8 % t o 1 0 % w ith o u t in ju r y t o th o in d u s try .
2. B rass a n d b ron z o in g o ts a n d ca stin gs:
M o s t o f th is business Is d ir e ctly o r in d ire c tly fo r G o v e rn m e n t a c c o u n t .
C o n s id e ra b le r e d u c tio n c o u ld b o m a d o in tin c o n te n t w ith o u t re d u c tio n o f
e ffic ie n c y .
L a rg o sa vin gs h a v o a lre a d y b o o n m a d o b y a u to m o b ilo an d
o th e r m a ch in e m a n u fa ctu re rs b y s u b s titu tin g fo r all m e ta l be a rin g s, case
b earin gs w ith th in lin in g shell (1-1 6 o f an in ch t o 1-32 o f an in ch ) o f h igh g r a d o b a b b it t . S traits tin is o fte n s p e c ifie d o n th o a s s u m p tio n th a t it is
th o p u rest tin .
B a n ca is o v e n p u rer th a n S traits o r A u stra lia n , an d
e le ctr o ly tic tin is as pu re.
M a n u fa ctu re rs o f tin fo il a n d c o lla p s ib le tin tu b o s h a v o e ffe c te d largo
sa vin gs b y red u cin g th o tin c o n t e n t an d b y s u b s titu tio n o f o th e r m a
terials fo r co n ta in e rs . A p la n w as su ggested a n d is n o w b o in g p e r fe cte d
fo r th o re c o v e r y o f a la rg o p a r t o f th o tin used in fo il a n d t u b o s . T h ro u g h
a c a m p a ig n o f a d v ertisin g , th ro u g h n o tico s o n th o p a c k a g e s , a n d o th e r
m e th o d s con su m ers o f articles p a c k e d in fo il o r tu b e s w ill b o in d u c e d t o
s a v e thoso a rticles a n d tu rn th e m i n a t th o n earest R e d C ross ce n tre as
d o n a tio n s . S m oltors an d o th e r users o f tin w ill th e n p u rch a so a t m a rk e t
rates th o lo ts c o lle c te d b y th o ltocl C r o s s . I t is o stim a to d th a t th is w ill
r e c o v e r s o m o 3 ,0 0 0 t o 5,0 0 0 to n s o f tin p e r a n n u m a n d bring th o R e d C ross
an a d d e d in c o m o o f fr o m $ 4 ,0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 .
3 . T in p la te:
P la n s fo r th o c o n s e r v a tio n o f tin p la to h a v o lo n g b e e n in th o h an d s o f tlfo
C o m m itte e o n th o C o n s e rv a tio n o f T in IMato. I n c o -o p e r a tio n w ith th o
trad es co n c e r n e d largo e co n o m ie s h a v o a lre a d y b e e n e ffe c t e d . T h o m a n u
fa c tu re o f p la to fo r m a n y loss essential usos, s u ch as r o o fin g , fo r sto ro
b o a r d s , fo r fir o d o o r s , & c ., has bo o n elim in a te d b y a g re e m e n t. T o b a c c o
m a n u fa ctu rers h a v o Just re a ch e d an a g reem en t b y w h ich b la c k p la to w ill bo
su b s titu ted fo r tin p la to fo r m o s t t o b a c c o c a n s , e ffe c tin g a sa v in g o f p r o b
a b ly 7 5 0 ,0 0 0 b ase b ox e s o f tin p la to p e r a n n u m . In a d d itio n th o q u a n
t it y o f p la to req u ired fo r e x p o rt lias been g r e a tly cu rta ile d b y th o re gu la
tion s fo r th o W a r T r a d o B o a rd re strictin g e x p o r t t o p la to w h icli is t o b o
u sed fo r s p e c ific w a r p u rp o se s.
FUEL
Tho
AD M IN IST RAT IO N CREATES
BUREAU.
Fuel
A d m in is tr a tio n
ann ounces
GAS
th o
PLANTS
c r e a tio n
of
a
B u r o a u o f G a s P la n ts u n d o r th o d iro o tio n o f J a m o s T . L i n d .
I t s a n n o u n c e m e n t fo llo w s :
A n n o u n c e m e n t is m a d o t o -d a y b y U n ite d S ta te s F u o l A d m in is tra to r
I I . A . G a rfie ld o f th o a p p o in tm o n t o f Jam os T . L in d , o f D e tr o it , M ic h .,
as d ir e cto r o f th o bu reau o f gas p la n ts in th o F u ol A d m in is tra tio n .
T h is Is a n o w ly crea te d b r a n c h o f th o F u e l A d m in is tra tio n w h ich w ill
h a v o s u p e rv is io n o f th o r e g u la tio n o f th o a rtific ia l gas in d u s tr y , in so fa r
as it a ffe cts th o con s u m p tio n o f fu o l.
M r . L in d has fo r a n u m b e r o f ye a rs b o o n th o P re sid e n t o f th o N a tio n a l
C o m m e r c ia l G a s A s s o c ia tio n . I I o has w id o cx p o r ie n c o in th o bu siness,
h a v in g been a ssocia ted w ith th o in d u stry o n b o t h te c h n ica l a n d c o m m e rcia l
sides sin co 1880. H o Is th o r o u g h ly fa m ilia r w ith e v e r y b r a n c h o f th o bu si
n ess, a n d is w id e ly k n o w n an d g e n e ra lly r e c o g n iz e d as an a u th o r ity u p o n
s u b je c ts r o la tiv o th e re to .
H o r e c e n tly retired fr o m a c tiv o b u s in e s s p u rsu its, b u t fre e ly co n se n te d
t o ron ow his a c tiv itie s t o re s p o n d t o th o c a ll o f th o G o v e rn m e n t.
ROSIN A N D TURPENTINE NOT TO BE CLASSED AS
NON-ESSENTIALS.
R e p o r t s th a t ro sin a n d tu r p e n tin e m ig h t b o cla sso d b y th o
G o v o r n m o n t a s a “ n o n -e sse n tia l in d u s t r y ”
h a v o b e o n d e
n ie d b y th o W a r In d u strie s B o a r d , w h ic h s ta te s th a t o n th o
c o n tr a r y a largo p ro p o rtio n o f b o th is n e e d e d to m e e t th o
w ar
re q u iro m o n ts
of
th o
U n it e d
S ta t e s
I n c id e n ta lly i t is n o te d t h a t “ ra p id a n d
37
THE CHRONICLE
July 6 1918.]
and
th o
A llie s .
u n w a r ra n te d a d
v a n c e s ” in th o p ric es o f th e tw o p r o d u c ts h a v e r e s u lte d fr o m
th o r u m o r s .
T h e s ta te m e n t o f th e W a r I n d u s tr ie s B o a r d ,
m a d o p u b lic J u n e 2 8 fo llo w s :
R a p id a n d u n w a rra n te d a d v a n c e s in th o p rice s o f ro sin a n d tu rp e n tin e
a n d co n s id o ra b lo d is tu r b a n c e in th o tr a d o h a v e re su lte d fr o m th e w id e ly
c ir c u la te d r e p o r t th a t th o p r o d u c t io n o f th ese a rticles m ig h t b o cla ssed b y
th e G o v e rn m e n t as a “ n on -essen tia l in d u s t r y .”
I t is n o t . O n t h e c o n
tr a r y a large p r o p o r tio n o f th o to ta l p r o d u c t io n o f b o t h ro sin a n d tu r p e n
tin e is n e e d e d t o m e e t th e w a r re q u ire m e n ts o f th o U n ite d S tates a n d th e
A llie s.
T h o id e a th a t th o in d u s tr y m ig h t b o cla ssod as n on -e sse n tia l aro se fro m
th o c a llin g o f a m e e tin g o f tu rp e n tin e a n d rosin p r o d u c e r s b y M r . C liff
W illia m s , C o m m issio n e r o f L a b o r fo r M is sissip p i, A la b a m a , L o u is ia n a ,
G e o rg ia , a n d F lo r id a . T h is m e e tin g w as h e ld in N e w O rleans o n Ju n e 10.
I t w as C o m m issio n e r W illia m s ’s p u rp o s e in ca llin g th e m e o tin g t o discu ss
w ith th o p r o d u ce rs la b o r c o n d itio n s in t h e in d u s try a n d t o d e term in e
w h e th e r th e re w as a n y su rplu s la b o r w h ic h m ig h t p r o p e r ly b e relea sed fo r
o th e r w o rk .
M r . R u sse ll 8 . H u b b a r d , c h ie f o f th o P a in t a n d P ig m e n t S e c tio n o f th e
W a r In d u stries B o a r d , has b e e n assured b y C o m m is s io n e r W illia m s th a t
h o w ill n o t ta k e a n y a c t io n th a t w o u ld le a d t o th o w ith d ra w a l fr o m th e
in d u s tr y o f a n y la b o r re q u ire d t o p r o d u c e t h o n e e d e d su p p lie s o f th ese
____________________________________
co m m o d itie s .
LIKELIHOOD OF APPEAL FROM NEWSPRINT PAPER
PRICES FIXED BY FEDERAL TRADE COMMISSION.
I n in d ic a tin g th a t a n a p p e a l m ig h t b e ta k e n in C a n a d a
fr o m th e n e w sp rin t p a p e r p ric es fix e d b y th e F e d o ra l T r a d e
C o m m is s io n o n J u n e 1 9 (g iv e n in ou r issue o f J u n o 2 2 ) F .
J.
C a m p b e ll, P re s id e n t o f th o C a n a d ia n P u lp & P a p e r A s s o c i
a tio n o n J u n o 2 5 s ta te d t h a t th o C a n a d ia n p a p e r -m a k in g
in d u s tr y w ill lose 8 1 0 ,6 6 0 ,0 0 0 a y e a r , a n d C a n a d a ’s fo re ig n
trad o b a la n co w ill be th a t m u c h w orse o ff,' as a re su lt o f th e
fin d in g s o f th e F e d e r a l T r a d o C o m m is s io n o n th e p rice o f
C a n a d ia n
n e w sp rin t
paper
so ld
in
th e
U n it e d
S ta t e s ,
as
c o m p a r e d w ith w h a t th o p rice sh o u ld b o , if th e fin d in g s are
a llo w e d to s ta n d .
T h e M o n tr e a l “ G a z e tte ” of June 2 6 gave
th e fo llo w in g fu rth e r s ta te m e n t b y M r . C a m p b e ll:
C a n a d a e x p o r ts t o th o S tates a b o u t 5 7 5 ,0 0 0 . to n s o f n e w sp rin t p a p er
a n n u a lly . O n th o basis o f $80 a t o n , w h ich t h e m a n u fa ctu re rs u rg ed as a
fa ir a n d re a so n a b le p rico fo r th eir p r o d u c t so ld in th e S tates, th is sh ou ld
b rin g in to th is c o u n t r y $ 4 6 ,0 0 0 ,0 0 0 a y e a r . In s te a d o f th is a m o u n t, h o w
e v e r , u n d e r t h o p r ice fix e d b y th e C o m m is s io n , w o shall g e t a t m o s t o n ly
$ 3 5 ,3 4 0 ,0 0 0 , a d iffe re n ce o f $ 1 0 ,6 6 0 ,0 0 0 .
T h o m a n u fa ctu re rs co n te n d e d , an d th eir c o n te n tio n s w e re b a s e d u p o n
a m p le o v id e n c o an d s u p p o r te d b y u n c o n t r o v e r t c d fa c ts , fo r a p r ice o f $80
a t o n fo r n e w sp rin t p a p e r in rolls s h ip p e d in c a r -lo a d lo ts . T h o C o m m is
s io n has fix e d a p r ico e q u iv a le n t t o $62 a t o n . I t is tru o th a t th is is an
in crca so o f $2 a t o n o v e r th o p r ice a rb itra rily fix e d b y th o U . S . G o v e rn m e n t
fo r th o fir s t th re e m o n th s o f th is y e a r , b u t th o in crca s o has b e e n a b s o r b e d ,
a n d m o r e th a n a b s o r b e d , b y th e in crea sed c o s t o f p r o d u c t io n . U n d e r th e
c o n d itio n s a t p resen t p re v a ilin g , n ew sp rin t p a p e r c a n n o t p r o fit a b ly b o
p r o d u c e d in C a n a d a a n d s o ld a t $62 a t o n . T h e fin d in g s w ill w o rk a
sp ecial h ard sh ip u p o n th o s o -ca lle d h ig h -c o s t u n b a la n c e d m ills, su c h as t h e
B r o m p t o n I’ u lp & P a p e r C o . , th o E . B . E d d y C o . , t h o C a n a d a P a p e r C o .,
th o N o w s P u lp & P a p e r C o . a n d o th e rs . T h e in v e s tig a tio n in c lu d e d ten
c o m p a n ie s , o f w liich th re e w ere A m e rica n a n d se v e n w e re C a n a d ia n . O f
th o la tte r o n ly o n e , th o B r o m p t o n C o m p a n y , b e lo n g s t o t h o c a t e g o r y m en
t io n e d , a n d o f th is t h e C o m m is s io n says in its r e p o r t, th a t it w as n o t
a llo w e d t o c o n tr o l In th e d e te rm in a tio n o f th e p r ic e fix e d . T h a t is, th e
C o m m is s io n c o n s id e re d o n ly t h e m ills m o s t fa v o r a b ly s itu a te d w ith reg a rd
t o e c o n o m ic a l m a n u fa c tu r e , th e in fe re n ce b e in g th a t th e loss fa v o r e d m ills
c a n e ith e r.m a n u fa c tu r e p a p e r a t a loss o r g o o u t o f bu sin ess.
T h o m a n u fa ctu re rs are n o t o b lig e d t o a c c e p t t h o fin d in g s o f t h e C o m
m issio n . T h e y h a v e th e rig h t t o app eal th e m t o t h o U . S. C ir c u it C o u r t .
W h e th e r s u ch an app eal is ta k e n o r n o t d e p e n d s in p a r t u p o n t h e a ttitu d e
o f th o A m e r ic a n m a n u fa ctu re rs w h o aro c o n c e r n e d w ith o u r o w n , in th e
p r o c e e d in g s . A n app eal is n o t u n lik e ly .
I t is p r o b a b ly n o t w ith in t h e p r o v in c e o f th e C a n a d ia n m a n u fa ctu rers
t o q u e s tio n th o m o tiv e s w h ic h Im pelled t h o F ed eral T r a d o C o m m is s io n t o
fix s u ch an e x tr e m e ly lo w p r ico , n o r t o im p u g n th e ir g o o d fa it h . I t is
sin gu lar, h o w e v e r , t h a t th e p r ico fix e d fig u re s o u t a t Just $5 a t o n m o r e
th a n th o p r ico a rb itra rily fix e d b y o u r o w n G o v e rn m e n t fo r th e sale o f n ew s
p r in t p a p e r m a d o in C a n a d a a n d so ld t o C a n a d ia n pu b lish e rs. I n an
earlier r e p o r t, b a s o d o n c o n d itio n s in 1896, th e F ed era l T r a d o C o m m is s io n
d e cla re d th a t it c o s t th o U n ite d S tates m ills $4 50 a t o n m o r e t o p r o d u c e
p a p e r th a n it c o s t th e C a n a d ia n m ills. T h is is a s ta te m e n t n e v e r a d m itte d
b y th o C a n a d ia n m a n u fa ctu re rs a n d is re g a rd e d b y th e m as a fa lla c y . B u t
h a d th o F ed era l T r a d e C o m m issio n ta k e n th is as a b asis an d ig n o re d all o f
th o o v id e n c o r e c e n tly s u b m itte d t o th e m , a n d a d d e d th e a lleg ed d iffe r e n c e
in th o p r o d u c t io n co s ts o f th e t w o c o u n trie s t o th e p r ice n o w p r e v a ilin g in
C a n a d a an d a rb itra rily fix e d b y th e C a n a d ia n G o v e r n m e n t, t h e y w o u ld
h a v o re a ch e d a p p ro x im a te ly th o sam e resu lt as t h e y d id re a ch .
I f , in fa c t , t h e y d id re so rt t o th is m e th o d o f d isp o sin g o f a t r o u b le s o m e
issu o, th o rosu lt w o u ld s h o w th a t th e C a n a d ia n G o v e r n m e n t’s in te rferen ce
w ith t h o p a p e r-m a k in g In d u stry o f C a n a d a has r e d u ce d th o v a lu e o f th is
p a rticu la r e x p o r t tr a d o b y ju s t $ 1 0 ,6 6 0 ,0 0 0 a y e a r , a t a tim e w h en w e aro
b o n d in g e v e r y e ffo r t t o in crca so t h a t tr a d o , e v e n g o in g t o th o len g th o f
s h u ttin g o f f v a rio u s im p o rta tio n s in o r d e r t o h e lp t o r e a d ju s t o u r tra d e
b a la n co .
B u t , i f th o p rice s fix e d fo r C a n a d ia n p a p e r in th o S ta te s, aro d is a p p o in t
in g t o th o C a n adian T m a n u factu rers, t h e y a t a n y ra te v in d ic a te th e s ta n d
ta k e n b y th oso m a n u fa ctu re rs in regard t o th o p rice s ch a rg e d fo r p a p er s o ld
t o C a n a d ia n n e w sp a p e r p u b lish ers. A lth o u g h it co s ts Just as m u c h t o
m a n u fa ctu re a t o n o f p a p e r in C a n a d a fo r c o n s u m p tio n in C a n a d a as it
d o e s t o m a n u fa c tu r e o n e fo r c o n s u m p tio n in th e U n ite d S ta te s, th e m a n u
fa ctu re rs aro co m p e lle d u n d e r G o v e rn m e n t o rd e r t o sell th eir p r o d u c t In
C a n a d a a t $5 a t o n b e lo w e v e n th e lo w p rice fix e d b y th o F ed era l T r a d e
C o m m is s io n . In ju s tic e t o th e m a n u fa ctu re rs, th e G o v e rn m e n t s h o u ld
a t o n c o roviso th o p rice In C a n a d a a t least t o m e e t th a t fix e d b y th o F ed era l
T r a d o C o m m is s io n .
O n e th in g is c e rta in , a n d t h a t is th a t th e C a n a d ia n p a p e r-m a k in g In
d u s tr y c a n n o t a ch ie v e its fu ll a n d n ecessary d e v e lo p m e n t i f it c o n tin u e s t o
b o h a n d ic a p p e d in th e fu tu r e as it has b e e n fo r m a n y m o n th s p a s t b y
u n ju s tifia b le G o v e rn m e n t in te rfe re n ce .
C o n c e rn in g th e C a n a d ia n p rices fo r p a p er th e T o r o n t o
“ G lo b e ” in C a n a d ia n p ress a d v ic e s f r o m O t ta w a o n J u n e 2 0 ,
s a id :
■
k
,
THE CHRONICLE
38
C o m m is s ion er P rln g io s ta te d th a t th e re is n o lik e lih o o d o f t h o p r ice o f
n ew sp rin t in C a n a d a b e in g im m e d ia te ly fix e d a t $3 10 p e r h u n d re d as th o
result o f t h e fix in g o f th is p r ice in t h o U n ite d S tates.
C om m is s io n e r P rin g le s ta te d t o -d a y th o p resen t fig u r e w ill h o ld till
J u ly 1, w h en it m a y b o e x te n d e d till th o e n d o f A u g u s t , b y w h ic h tim e
In vestig ation as t o th o c o s t o f p r o d u c t io n w ill b e c o m p le t e . T h e p rice
w i I/then b e d e fin ite ly d e c id e d .
T h e lik e lih o o d o f m a n u fa c tu r e rs o f n o w sp rin t p a p e r ta k in g
a n a p p e a l t o th e th ree C ir c u it C o u r t J u d g e s a c tin g a s u m
p ires fr o m th e prices fix e d b y th o F e d e ra l T r a d e C o m m is s io n
was
n o te d in
th e N e w
Y ork
“ T im e s ”
o f J u n e 2 6 , w h ich
c re d ite d a n a sse rtio n to th is e ffe c t to C la u d e T h o m p s o n , w h o
was
a sso c ia te d
w ith
e x -U n ite d
S ta te s
D is t r ic t
T h e “ T im e s ” sa id :
“ W e shall req u est th o C ir c u it C o u r t Ju d ges t o f ix a d a te fo r th e a p p e a l,”
oatd M r . T h o m p s o n , “ b u t w o d o n o t e x p e c t t h a t th e a p p e a l w ill b e h eard
b e fo r e A u g u s t o r t h e r e a b o u t.”
N o now e v id e n c e w ill b e in tro d u c e d , a c c o r d in g t o M r . T h o m p s o n , unless
eith er th e m a n u fa ctu rers o r th o G o v e rn m e n t asks p e rm issio n o f th e Jud ges
w h o w ill listen t o t h e a p p e a l. T h e p ro ce e d in g s w ill c o n s ist, it w as sa id ,
o f a d e ta ile d sta te m e n t b y co u n sel fo r th o m a n u fa ctu re rs a tte m p tin g t o
sh ow w h y th e y th in k th e p r ice s e t b y th e F ed ora l T r a d e C o m m is s io n is t o o
low . T h o Ju d ges w ill th en re v ie w th e r e c o rd o f th e ca se a n d m a k e their
d ecision .
T h e J u d ges w ill s it o n th e app eal n o t as G o v e rn m e n t o ffic ia ls , b u t in their
p r iv a te c a p a c it y as u m p ires, a n d th e ir d e cisio n w ill b e b in d in g o n b o t h sides.
T h e m a n u fa ctu rers feel th a t th e y d e s e rv e a p r ice n earer t o 4 ce n ts a p o u n d
than th o 3 .1 0 cen ts set b y t h e F ed ora l T r a d e C o m m is s io n .
O rigin a lly th o
pub lishers a sk ed th a t t h e p r ice b o fix e d a t 2 H ce n ts a p o u n d .
A s to th o a t tit u d e o f th e In te rn a tio n a l P a p e r C o . to w a rd
th e C o m m is s io n ’s p ric es, P h ilip T . D o d g e , P r e s id e n t, w a s
q u o te d in th e “ T im e s ” o f J u n e 2 5 a s s a y in g :
I a m u n a b le t o s a y as y e t w h e th e r this c o m p a n y w ill a c c e p t th e p r ice
fix ed b y th e F ed era l T r a d e C o m m is s io n o r n o t . I d o n o t th in k th o p rice
ithigh e n o u g h , b u t th e or d e r is t o o r e ce n t f o r m e t o g o fu r th e r. T h e m a tte r
w J" r e c e iv e o u r earn est a tte n tio n .
T h e “ T i m e s ” a lso sa id :
M r . D o d g e sa id y e s te r d a y th a t i f s o m e th in g w as n o t d o n e s o o n th e p rice
o f n ew sp rin t p a p e r w o u ld soa r t o u n p re ce d e n te d h eigh ts.
l i e said th a t in
riie case o f his c o m p a n y n ow sp rin t p a p e r co n s titu te d a b o u t tw o -th ird s o
th e c o m p a n y ’s to n n a g e , th o p r o fit o n w h ic h w as less th a n o n o th e r pap er.
T h e p r ice o f $3 10 w as d isa p p o in tin g t o th e m a n u fa ctu re rs, w h o e x p e cte d
c o n s id e r a b ly m o r e . T h e y asserted t h a t th e m a n u fa ctu rin g co s ts to -d a y
w ere g r e a tly in excess o f th o se a y e a r a g o , a n d th a t th o o u tlo o k w as fo r
s till h igh er prices In la b o r a n d m a te ria ls. M r . D o d g e asserted th a t b e
ca u se o f t h e w a r th ere h a d be e n o f la te g re a t d iffic u lt y in o b ta in in g trans
p o r ta tio n f o r th e w o o d a n d o th e r m aterials g o in g t o th o m ills a n d fo r tho
p a p er le a v in g th e m ills.
F o r m e r ly , M r . D o d g e s a id , th e w o o d w as d e liv e re d p a r t ly b y steam ers
a n d p a r tly b y rail, b u t th e G o v e rn m e n t h a d co m m a n d e e re d p ra c tic a lly
a " o f th e s tea m ers. A s a re su lt, m o s t o f th e w o o d o f n e ce s s ity m u st b e
tra n sp orted b y rail fr o m d is ta n t p o in ts a t a large e xp en se. I n m a n y cases,
b e sa id , m ills h a d b een co m p e lle d t o d is co n tin u e o p e ra tio n s f o r th e tim e
being b e c a u s e th e y w ere u n a b le t o o b ta in cars fo r th e d e liv e r y o f w o o d t o
their d es tin a tion a n d th e d is p a tc h o f p a p e r fr o m th e m ills.
“ Y o u c a n a p p re cia te o u r b u sin e ss,” co n tin u e d M r . D o d g e , " w h e n y o u
con sid er t h a t th o w o o d c o n s u m e d in th e last y e a r , p ile d in co r d s e n d t o e n d ,
w o u ld e x te n d fro m N e w Y o r k t o 340 m iles b e y o n d C h ic a g o .
I t a m o u n ts
t o 1,8 0 0 to n s o f p a p er a d a y . ”
In his la st r e p o r t t o th o s to c k h o ld e r s, w h en th e F ed era l T r a d e C o m m is
s io n ’s r e p o r t w as still p e n d in g , .M r . D o d g e sa id : " U p o n t h o a c t io n o f tho
T r a d e C o m m is s io n w ill d e p e n d la rge ly th e co u rse o f th o in d u s tr y , th e v o lu m e
o f p r o d u c t io n a n d th e d e v e lo p m e n t o r n o n -d e v e lo p m e n t o f m ills in th e
U n ite d S ta te s .”
I n th e r e p o r t M r . D o d g e sa id th a t , w ith s lig h t w a rn in g , th e la rge m ills
a IN iaga ra F a lls, p r o d u c in g m o r e th a n 160 to n s o f n e w sp rin t p a p e r a d a y ,
w as s u m m a rily s to p p e d b y t h e d iv e rsio n o f Its w a te r t o o th e r users w h o w ere
p ro d u c in g ch em ica ls fo r G o v e rn m e n t p u rp o se s. B y th is a c t th e m a rk e t,
h e sa id , w a s d e p r iv e d o f 5 0 .0 0 0 to n s o f n e w sp rin t p a p e r a y e a r , alth o u g h
a s h orta g e o f p r o d u c tio n w as c la im e d b y s o m o bra n ch e s o f th o G o v e rn m e n t.
“ M o s t seriou s is th o m a tte r o f p u lp w o o d , fr o m w h ich p a p e r is m a d e ,”
M r . D o d g e c o n tin u e d . " T h o fo re sts o f th e U n ite d S tates a r e in gre a t m eas
u re e x h a u sted , b u t In C a n a d a th ere is a v a s t s u p p ly , la rge ly o n C r o w n lands.
F o r yea rs th is c a m e fre e ly t o th e U n ite d S ta tes, b e in g c u t u n d er expen sive
leases, b u t ex p o r ta tio n fr o m th e im p o rta n t s e ctio n s is n o w p r o h ib ite d an d
th e m ills o f th is c o u n t r y aro p la c e d a t a gre a t d is a d v a n ta g e .
“ T h e C a n a d ia n m ills h a v e in crea sed ra p id ly in n u m b e r a n d s ize , w hilo
d e v e lo p m e n t in th e U n ite d S tates has b e e n slig h t. B a ch y e a r th e U n ite d
States p r o d u c e s a sm aller p r o p o r t io n o f th e d o m e s tic c o n s u m p tio n th a n in
p reced in g y e a rs .
“ P erh a p s, w h en t o o la te , th e p o w e rs in W a s h in g to n w ill aw ak e t o th e
n ecessity o f fo llo w in g th e e x a m p le o f o th e r n a tio n s a n d g iv e reason able
assista n ce a n d p r o t e c tio n t o h o m o in du stries. I f o th o r c o u n trie s aro t o
sen d in th e ir c o m p e t it iv e m a n u fa ctu re d p r o d u c ts th e y s h o u ld b e p r o h ib ite d
fro m s h u ttin g o f f th e s u p p ly o f ra w m aterials t o m ills o f th e U n ite d S ta te s .”
A s t a te m e n t re g a rd in g th e p ric e o f n e w sp rin t p a p e r issu ed
fey th e P u b lis h e r s ’ A s s o c ia tio n o f N e w Y o r k C i t y o n J u ly 3
w a s p u b lish e d in p a r t as fo llo w s in th e N e w Y o r k “ T i m e s ”
o f th e 4 t h :
U n til a p p ro x im a te ly tw o y e a r s a g o n e w sp rin t p a p e r w as sellin g a t a b o u t
32 p er 100 p o u n d s d e liv e re d a t th e p u b lis h e r ’s sid e w a lk , a n d it w o u ld seem
th a t th e p r ic e o f $3 10 fre e o n b o a r d m ills represen ts an in crea se o u t o f p r o
p o r t io n t o th e in crea sed c o s t o f m a n u fa c tu r e p r e v a ilin g s in ce th a t tim e .
T h e r e p o r t o f th e a c c o u n ta n t fo r th e F e d e ra l T r a d e C o m m is s io n as t o th e
m a n u fa c tu r in g c o s ts o f th e In te rn a tio n a l P a p e r C o . f o r th e y o a r 1917 show s
th a t f o r t h e tw e lv e m o n th s en d ed D e c . 31 1917 th o In te r n a tio n a l P a p e r
C o . , o n an a v e r a g o sellin g p r ic e o f 361 84 p e r t o n , o r 33 09 p e r 100 p o u n d s ,
realized a n e t in c o m e fr o m n ow s p r in t p a p e r o f $ 6 ,6 1 6 ,8 5 7 2 4 . e q u iv a le n t
t o $16 52 a t o n . T h o p r ic e fix e d w o u ld th e re fo re a p p e a r t o b e v e r y fa v o r
a b le t o th e m a n u fa ctu re rs .
. . . R e c o r d s o f th o p a p e r m a n u fa ctu re rs
m a d e la st N o v e m b e r an d D e c e m b e r d o n o t In d icate th o y e x p e c te d a b e tte r
G o v e rn m e n t p r ic e th a n $3 p o r 100 p o u n d s . I f th e p a p e r m a n u fa ctu o rrs
h a d e x p e c te d a b e tto r p r lc o fr o m th o G o v e rn m e n t, th o y w o u ld c e r ta in ly
a c t h a v e p r o p o s e d th o c o n tr a c ts th e y sign ed a t th a t fig u ro .
A lth o u g h th e p r ic e o f $3 10 p e r 100 p o u n d s is th o m a x im u m se llin g p r ic e ,
it c a n b e e x p e c te d t h a t th is p r ic e w ill a t o n c e b e c o m e th e m in im u m soiling
p r ic e .
T h e d e cisio n a ls o p r o v id e s fo r t h e u s e o f th e s o -ca lle d sta n d a rd fo r m o f
c o n t r a c t m o d ifie d t o p r o v id e f o r a d e fin ite to n n a g e s p e c ific a tio n an d passage
o f fu ll an d u n r e s tr ic te d tit le t o th o c u s to m e r u p o n d e liv e r y , a n d th a t th e
m a n u fa c tu e r e r s sh all c r e d it c u s to m e rs fo r o v e r w e ig h t a b o v o th o ba sis o f
t h ir t y -t w o p o u n d s fo r 500 s h e o ts o f a size 2 4 Inches b y 36 in ch es, co m p u te d
b y t a k in g th e a n n u a l a v e r a g e o f th o t o t a l to n n a g e d e liv e re d o n th o c o n
t r a c t.
T h is p r o v is io n as t o w e ig h t r e q u ire s a s e ttle m e n t b y th o m a n u fa c tu r e r a t
t h e e n d o f th e c o n t r a c t p e r io d in e v e r y ca s e w h e re th e a v e r a g o w o ig h t o f
th e e n tire q u a n t it y o f p a p e r d e liv e re d o v e r th o c o n t r a c t p e r io d ex ce e d s th e
th ir t y -t w o -p o u n d b a s is . U n d o u b t e d ly m a n y p u b lish e rs w ill a c c o m p lis h a
v e r y su b s ta n tia l s a v in g b y a n e n fo r ce m e n t o f th is p r o v is io n .
A tto rn e y
H e n r y A . W i s e as co u n sel fo r th e n e w sp rin t p a p e r m a n u
fa c tu r e r s.
[Vol. 107
INCREASES I N PRICES OF BRITISH PUBLICATIONS.
“ C o m m e r c e R e p o r t s ” o f M a r c h 2 9 p u b lish e s th e fo llo w in g
in f o r m a t io n ,
A m e r ic a n
re ce iv ed
fr o m
A lfr e d
N u ttin g ,
C o n s u la te -G e n e r a l’ s O ffic e ,
C le rk
in
th e
L o n d o n , u n d e r d a te
o f F e b . 1 4 , re g a rd in g in creases in p rices o f B r itis h p u b lic a
tio n s :
T h e r e s trictio n s o n th o q u a n t it y o f p a p e r an d p a p e r-m a k in g m aterials
p e r m itte d t o b e im p o rte d in to th e U n ite d K in g d o m , o w in g t o th e n e ce s s ity
o f s a v in g to n n a g e f o r o th e r m e rch a n d ise an d c o m m o d it ie s , h as h ad th e
e f fe c t o f c re a tin g a sh o rta g e in a ll k in d s o f p a p e r, w ith a c o n s e q u e n t rise in
th e c o s t . T h is s itu a tio n h a s b e e n r e fle c te d in th o n ew sp a p er w o r ld .
In
L o n d o n o n ly o n e m o r n in g d a ily p a p e r is n o w issued a t th e p r ic e o f 1 c e n t ,
o th e r s p r e v io u s ly p u b lis h e d a t th a t fig u ro b e in g n o w 2 c o n ts , w h ile th e
“ T im e s ” h as b e e n raised fr o m 2 t o 4 c e n ts . In a d d itio n , th ero has b e e n a
m o r e o r less e x te n s iv e r e d u c tio n in th e n u m b e r o f p a g e s. T h e e ve n in g
jo u r n a ls are n o w a ll o n e p r ice — 2 c e n ts .
T h r o u g h o u t th e c o u n t r y 102 d a ily n e w sp a p e rs h a v o b e e n fo r c e d t o in
cre a se th e ir p r ice s , w h ile 676 w e e k ly p a p e rs h a v o fo llo w e d s u it, th o te rm
" w e e k ly p a p e r s ” In clu din g p e rio d ica ls as d is tin c t fro m n ew sp ap ers p r o p e r .
Cost of Magazines and Books.
T h e m o n t h ly m a ga zin es a ls o h a v e risen , th o so selling b e fo r o th o w a r a t
9 c e n ts n e t be in g n o w 16 t o 18 c e n ts n o t. T h o p re -w a r m agazin e p r ic e d o n
th e c o v e r a t 12 ce n ts w as so ld a t a d is c o u n t o f 2 6 % ; u n d e r p ro se n t c o n d i
tio n s , h o w e v e r , th e p r ico s ta te d o n th o c o v e r is th e .actual c o s t t o th e
p u r c h a s e r . In a d d it io n , t h o c o s t o f a ll n o v e ls an d b o o k s h as la rg e ly in
c r e a s e d , o v e n th e p o p u la r , ch e a p an d w id e ly so ld cla sses h a v in g risen fr o m
50 t o 1 0 0 % , a n d in s o m e Instances e v o n h ig h e r.
REVISED PAPER RESTRICTIONS I N GREAT BRITAIN.
A re v ise d lis t o f re g u la tio n s g o v e rn in g th e im p o r ta tio n ,
d is tr ib u tio n a n d p r io r ity o f s u p p ly o f p a p e r a n d p a p e r -m a k in g
m a te ria ls in G r e a t B r ita in fo r th e y e a r b e g in n in g M a r c h 1
w a s issu ed b y th e R o y a l C o m m is s io n o n P a p e r .
T h o re g u
la tio n s p ro v id e th a t—
N o licen ses w ill b e g ra n te d fo r th o I m p o rta tio n o f p r in t e d 'fo r m s , w ritin g
p a p e r w ith p r in te d h e a d in g s , ca le n d a rs, sh o w ca r d s , p o s te r s an d c o lo r
o r lith o g ra p h ic p r in tin g , p r in t e d a n d c o a te d p a p e r o th e r th an a brasive
p a p e rs , an d p a p e r h a n g in g s.
N o licenses w ill b o g ra n te d f o r th e im p o rta tio n o f s u ch p r in te d m a tte r as
b o o k s , n ew spapers, m a ga zin e s, p e r io d ic a ls , ca ta lo g u e s an d p r lc o lists
e x c e p t in sp e cia l c a s e s . S in gle c o p ie s o r pa rce ls n o t e xce e d in g 7 p o u n d s
in w o ig h t o f s u ch m a tte r m a y b e se n t b y p o s t w ith o u t licen so.
L ice n se s m a y b e g ra n te d t o im p o rte r s o f w ra p p in g an d p a ck in g p a p e r,
s tr a w b o a rd , m illb o a r d , w o o d p u lp b o a r d , c a r d b o a r d , p a s te b o a rd an d b o x e s
an d c a r to n s o f p a p e r, c a r d b o a r d , & c ., t o im p o r t d u rin g th o tw e lv e m o n th s
begin n in g M a r c h 1 191 8, tw o -th ird s o f th o w e ig h t o f su ch m a tte r as th e y
Im p o rte d in th e y e a r e n d e d F e b . 28 1918 o n o th o r than sp e c ia l licenses.
L icenses m a y b e g ra n te d t o im p o rte rs o f p a p e r o th e r th a n th a t w h ich is
in clu d e d in R e g u la tio n s 1 a n d 2 t o im p o r t d u rin g th e tw e lv e m o n th s b e g in
n in g M a r c h 1 1918, o n e -h a lf o f th e w o ig h t o f p a p e r w h ich th e y im p o rte d
In th o y o a r e n d e d F o b . 28 1918 o n o th e r th an sp e cia l licenses.
L icenses m a y b e g ra n te d t o p ap orm ak ers t o im p o r t d u rin g th o tw e lv e
m o n th s b egin n in g M a r c h 1 1918, o n e -h a lf o f th o w e ig h t o f p a p e r-m a k in g
m a terial w h ich th e y Im p o rte d in th o y e a r o n d o d F e b . 28 1918, o n o th o r th an
sp e cia l licenses.
Im p o r te r s an d m a n u fa ctu re rs o f , o r dealers in , p a p e r o r p a p e r-m a k in g
m aterials shall, i f r e q u ire d , s u p p ly su ch p a p e r o r th e p r o d u c ts o f su ch
m aterials t o th ose pe rso n s w h o m th o y s u p p lie d in th o y e a r en d ed F e b . 28
1918, t o th o sam e e x te n t as th o im p o rte r Is allo w e d t o im p o rt u n d er th e
last three o f th e a b o v e cla u se s. T h is re q u ire m e n t app lies t o all p r o d u c ts ,
w h eth er m a n u fa ctu re d fro m im p o rte d o r h o m o -p r o d u c e d m a te ria l. W h e r e ,
h o w e v e r , b y m ea n s o f p r io r it y c e r tific a te s , a p e rso n o b ta in e d in th o y o a r
en d ed F e b . 28 1918 s u p p lie s o f p a p e r o r m a te r ia l in excess o f th e q u a n tity
t o w h ich h o w as e n title d u n d e r th o re gu lation s th en in fo r c e , s u ch excess
w ill g iv e h im n o cla im t o c o rre s p o n d in g su pplies d u rin g th e y e a r c o m m e n cin g
M a r c h 1 1918.
I t is fu r th e r laid d o w n th a t n o a llo w a n ce o f e x tra -w e ig h t p a p e r o r m a
terials ca n b e m a d e fo r n e w bu sin esses, n o w n ew sp ap ers, in crea sed business
o r in crea sed cir c u la tio n sin c e M a r c h 1 1916.
A c c o r d in g t o th e a b o v o o r d e r th o w e ig h t o f p a p e r su lta b lo fo r n ow spaper
an d o th e r p r in tin g t o b o im p o rte d d u rin g th e y o a r b egin n in g y e s te r d a y is
re d u ce d t o o n e -h a lf o f w h a t w as iin p o rto d In th e y o a r o n d o d F e b . 28 last.
In th a t y e a r p a p e r im p o rts w e ro re d u ce d t o 33 1 -3 % o f th o im p o rts o f 1914,
s o th a t th e a m o u n t a v a ila b lo d u rin g th o c o m in g y e a r w ill b o o n ly o n o -six th
o f p re -w a r su p p lies.
NEWSPAPER CONDITIONS I N SOUTHERN I N D I A .
F r o m C o n s u l L u c ie n M e m m in g o r , a t M a d r a s , th e fo llo w
in g w a s re ce iv ed b y th e S ta te D e p a r tm e n t a t W a s h in g to n
u n der
d a te
of J a n .
23,
r o la tiv e
to
n o w sp ap or c o n d itio n s
in S o u th e r n I n d ia ; it w a s p u b lis h e d in “ C o m m e r c e R e p o r t s ”
of M arch 25:
T h e a d m in is tr a tio n r e p o r t o f th e M a d r a s P re s id e n c y fo r 1916-17 states
th a t thero w as a s lig h t in cre a so in th e n u m b e r o f n ew sp ap ers pu b lish e d in
th o P r e s id e n c y , 211 b e in g in e x iste n ce a t th o end o f th o y e a r , b u t a t th o
sam e tim e th ere w as a fa ll in th o n u m b e r o f su b scrib e rs t o m o s t jo u r n a ls .
T h e new spapers w ith th o la rg e st p r in tin g pressos are p u b lis h e d in E n g lis h ,
b u t m a n y sm a ll jo u rn a ls aro p r in te d in th e vern a cu la rs.
In th e N a t iv e S ta te o f M y s o r o th ero w e ro 10 n ew sp ap ers and 32 p e r io d i
cals in circu la tion in 191 5-1 6, e x clu d in g th o “ M y s o r o G a z e t t e ,” w h ich Is
th e G o v e rn m e n t g a z e tte , an d th e “ P o lic o G a z e t t e " an d th e “ M y s o r e
E c o n o m ic J o u r n a l,” w h ich aro p u b lic a tio n s issu e d , r e s p e c tiv e ly , b y th o
p o lic e d e p a rtm e n t an d th o M y s o r o E c o n o m ic C o n fe r e n c e . I n c lu d in g th o
tw o G o v e rn m e n t presses th o ro w ero 59 p rin tin g prossos in M y s o r e S ta te
a t th e end o f 1 91 5-1 6, a gain st 51 a t th o en d o f 191 4-1 5.
R E C O M M E N D A T I O N S TO N E W S P A P E R P U B L I S H E R S
TO E F F E C T E C O N O M Y OF P A P E R .
I n a le tte r to n e w sp a p e r p u b lish e rs u r g in g e c o n o m y o n
a c c o u n t o f th e sh o r ta g e in th o p a p e r s u p p ly th o W a r I n
d u strie s B o a r d s a y s :
O n a c c o u n t o f th o s h o rta g e o f m aterials th o q u e s tio n o f th e s u p p ly o f
p a p er is b e c o m in g a c u te an d th o u se o f p a p e r m u s t b o e c o n o m iz e d t o the
greatest p os s ib le ex ten t.
I t is n ecessary th a t all new spapers w h ich p u b lish a d a ily a n d w e ek ly
e d itio n p u t th o fo llo w in g p re lim in a ry e c o n o m ic s in t o e ffe c t J u ly 15 1918:
D is c o n tin u e th e a c c e p ta n c e o f th o retu rn o f u n so ld co p ie s :
D is c o n tin u e th e u se o f all sam ples o r fre o p r o m o tio n co p ie s;
D is c o n tin u e g iv in g co p ie s t o a n y b o d y e x c e p t fo r o ffic e w o rk in g co p ie s
o r w here req u ired b y s ta tu te law in th o ca se o f o ffic ia l ad v e rtisin g ;
D is c o n tin u e g iv in g fre o co p ie s t o a d v e rtise rs, e x c e p t n o t m o re th a n ono
c o p y each fo r ch e c k in g pu rp oses;
D is c o n tin u e th e a rb itra ry fo rc in g o f co p ie s o n n ew s dealers (i. o ., c o m
p ellin g th em t o b u y m o ro c o p ie s th a n th e y c a n legitim ately sell, in ord e r t o
h o ld certa in t e r rito r y );
D is c o n tin u e th o b u y in g b a c k o f pap ers a t eith er w h olesa le o r retail
sellin g p rico fro m dealers o r a g e n ts, in ord e r t o se cu ro pre fe re n tia l re p re
sen ta tion ;
D is c o n tin u e th e p a y m e n t o f salaries o r c o m m is s io n s t o a g en ts, dealers
or n ow sb oys fo r th o p u rp o s e o f secu rin g th o e q u iv a le n t o f retu rn privile ge s;
D is c o n tin u e all fre o exch an g es.
SURVEY
In
OF
C O M M O N LA BO R R E Q U I R E M E N T S
W A R IN D U ST R IE S.
a n n o u n c in g la s t w e e k
th a t
th e
U.
S.
OF
E m p lo y m e n t
S erv ic o o f th o D e p a r t m e n t o f L a b o r h a d b e g u n a n a p p ro x
im a tio n o f th e c o m m o n la b o r re q u ire m e n ts o f w a r in d u s tr ie s ,
th e D e p a r t m e n t sa id :
T lio U n ited S tates E m p lo y m e n t S e rvico o f th o D e p a r tm e n t o f L a b o r h a s
begu n an a p p ro x im a tio n o f th o c o m m o n la b o r requ irem en ts o f w a r in d u s
tries o f th o c o u n tr y fo r th o n e x t th ree m o n th s an d o f th e c o m m o n la b o r
reserves in e a ch S tato w h ich m a y b e u tilize d fo r w a r p r o d u c tio n .
W ith
th oso t w o n a tion a l estim ates as a basis th o I c d c r a l E m p lo y m e n t S e rv ico
w ill a llot th e q u ota s o f un sk illed w ork ers w h ich ea ch S ta to w ill b o ca lle d
u p o n t o furnish .
S p ood b y w ar indu stries in tu rn in g in th eir e s tim a te d needs a n d b y th o
S ta to o ffic ia ls o f th e F ed era l E m p lo y m e n t S e rvico a n d its p u b lic se rv ico
roservo in r e p o r tin g th eir S ta to 's reserves is u rge d b y th o D e p a r tm e n t o f
L a b o r , sin ce th o in d ep e n d e n t re cru itin g o f u n sk illed la b o r b y w a r co n c e r n s
w ith m oro th a n 100 w ork ers coasos o n A u g . I , a n d t h e F ed era l E m p lo y
m en t S orvico desired t o h a v e th o S ta te q u o ta s s e ttle d b y th o m id d lo o f n oxt
m o n th . W h ile p ro ce e d in g w ith these tw o s u rv o y s th e E m p lo y m e n t
S ervico is p u sh in g th o p e rfe ctin g o f its n a tio n a l w a r la b o r re cru itin g an d
p la cin g m a ch in ery .
T h o w ar indu stries w ill r o p o rt th eir needs t o th o E m p lo y m e n t S ervico b y
m oan s o f a sp ecial fo rm issu ed t o each in d u stry th ro u g h th o p a rticu la r
G o v e rn m e n t d ep a rtm e n t o r b o a r d w ith w h ich its c o n t r a c t is p la c e d . T h e
fo rm asks th o im m ed ia to c o m m o n la b o r requ irem en ts, a n estiin ato o f th o
w e e k ly requ irem en ts fr o m J u ly 15 th r o u g h A u g u s t, a n d a lu m p estiin ato
o f its needs fro m S ep t. 1 t o O c t . 1.
O th er in fo r m a tio n , w ith o u t w h ic h it w ill b o im p o ssib le fo r t h o -E m p lo y
m en t S orvico t o fu rn ish c o m m o n la b o r , w ill b o r e q u e ste d th ro u g h th o fo rm .
T h o fo rm w ill b o filled in d u p lic a to an d w ill b o retu rn ed t o tho S ta to D ir e c
t o r o f th o U n ited S tates E m p lo y m e n t S e rvice fo r th o S ta to in w h ic h th o
w a r Industry is lo ca te d . T h e S ta to D ir e c to r w ill k c o p o n o c o p y a n d solid
th o oth er t o th o c o m m o n la b o r s e c tio n o f th o E m p lo y m e n t S e rvico at
W a s h in g to n .
T h o estim ato o f th o n u m b e r o f un sk illed laborers n o t en gaged in w ar w o rk
w ill b o m ado th ro u g h th o S tato d ir e cto r s o f th o E m p lo y m e n t S o rvico a n d its
p u b lic s orv ico roservo a n d o th e r a gon cies. E a ch e stim a to m u st rea ch th o
D iroctor-G on era l o f th o E m p lo y m e n t S o rvico a t W a sh in g to n b y m all or
telegra ph b o fo r o J u ly 10. T h o qu estion n aire t o b o fo llo w e d b y th o in
v estig a tors ask s, in s u b s ta n c e , w h a t p e rce n ta g o o f th o to ta l o f c o m m o n
la borers in ea ch S ta to in 1914 is n o w e n g a g e d in a g ricu ltu ro , tr a n s p o r ta
t io n , o r m in in g o r o th e r w a r w o r k .
I th en asks th e e stim a te d n u m b e r o f
c o m m o n lab orers n ow in e a ch S ta to w h o aro n o t en gag ed in w a r w o rk .
D Ifforon ces in p o p u la tio n , g r o w th o f w a r bu siness, a n d o th e r in fo rm a tio n
also aro ask ed .
Immediato and full return of tho requirement blanks is urged upon overy
war industry rocoiving them. Any concern engaged in war work which
does not receive Its forms should apply at onco to tho Stato Director of tho
Employment Service for tho Stato in which it is operating.
Although exclusively Federal common labor recruiting contrallzod in the
United States Employment Servico does not begin until Aug. 1, it is tho
dcslro of tho servico to have its machinery by tho middlo of noxt month.
T h o full c o -o p e ra tio n o f e m p lo y e rs a n d e m p lo y m e n t m an agers is asked
b y th o D ep a rtm en t o f L a b o r a n d o th e r d e p a rtm e n ts an d b o a r d s repre
sen ted In th o W a r L a b o r P olicie s H oard in th o o x o cu tio n o f th o ce n tra lize d
la b o r recru itin g p rog ra m . A lr e a d y e m p lo y e rs in soveral cities h a ve d is
cu ssed tho qu estion w ith represen tatives o f th o E m p lo y m e n t Servico a n d its
p u b lic sorvico roserve an d p rom ised th eir w h o le -h e a rte d su p p o rt.
C O M M O N LABOR SH O R T AG E P O I N T E D O U T B Y
D E P A R T M E N T OF LABOR.
A c c o r d in g to th o D e p a r t m e n t o f L a b o r a sliorta go o f b e
tw e e n 3 0 0 ,0 0 0 a n d 4 0 0 ,0 0 0 e x ists a m o n g c o m m o n la b o re rs,
a n d th e la c k o f w o rk e rs in th o c o a l m in in g in d u strie s is im
p erilin g a ll o th e r Avar p r o d u c tio n .
s a y b e lo w :
39
THE CHRONICLE
July 6 1918.]
W o q u o te w h a t it h a s to
t o c o m p le te its recru itin g m a ch in e ry so th a t w h olesa le r e lie f m a y b e g iv e n
b e fo r e th e b a n a g ain st p r iv a te la b o r recru itin g goes in to e ffe c t o n A u g . 1.
T h o situ a tio n w ith re sp e ct t o skilled la b o r is n e a rly as seriou s. O n e o f
th e largest m u n itio n p la n ts, tu rn in g o u t h o a v ily c a lib re g u n s, is s h o rt 2 ,0 0 0
m ach in ists, w h ile th o w a r p la n ts o f C o n n e c tic u t a n d M a r y la n d a lo n e are
u n d erm a n n ed b y 3 5 .0 0 0 sk illed m achinists.
T h e s o lu tio n lies in th e recru itin g b y a ce n tra liz e d G o v e rn m e n t a g e n c y ,
o f w ork ers fo r w a r w o rk fr o m th o non -essen tia l indu stries as q u ic k ly as
p o s s ib le . T h is w o rk has b e e n assign ed t o th o U n ite d S tates E m p lo y m e n t
S e rvico b y t h e P resid en t a n d t h e P r o d u ctio n B o a rd s a n d d e p a rtm en ts o f
th e G o v e rn m e n t.
T h o E m p lo y m e n t S e rv ice estim ates th a t its e m p lo y m e n t o ffic e s m u st
b o in crea sed a t th e earliest p o ssib le m o m e n t t o a t least 700 a n d its c o r p s o f
lo ca l agen ts a n d tra v e llin g exam in ers m u st b e g r e a tly a u g m e n te d in o r d e r
th a t e v e r y c o m m u n ity m a y b e c o m b e d fo r w ar w o rk e rs.
L A U N C H I N G OF 8 9 N E W S H I P S B Y U N I T E D S T A T E S
ON J U L Y 4 .
T h e U . S . S h ip p in g B o a r d in a n n o u n c in g la s t w e e k th a t
8 9 n e w sh ip s w o u ld b e la u n c h e d o n J u ly 4 sa id :
O n J u ly 4 A m e rica n s h ip y a rd s o p e ra tin g u n d e r th o U n ite d S ta tes Ship
p in g B o a rd a n d E m e r g e n c y F le e t C o r p o r a tio n w ill c e le b ra te th e d a y b y
la u n ch in g 89 hu lls h a v in g a to t a l d e a d w e ig h t to n n a g e o f 4 3 9 ,8 8 6 . T h is is
a b o u t o n o -th ir d m o r e th a n w as th o p r o d u c tio n o f se a -b o rn e to n n a g e fr o m
A m e rica n s h ip y a rd s in th e fisca l y e a r 191 5-1 6, a n d ex ce e d s b y 4 2 ,0 5 0 d e a d
w e ig h t to n s th e la u n ch in g s fo r th e en tire y e a r 1901, w h ic h w as th e r e c o rd
p re -w a r y e a r in A m e rica n s h ip b u ild in g . T h o lau n ch in gs set fo r th e F o u rth
w ill e x ce e d b y 18 th e n u m b e r o f hulls a n d b y 9 5 ,4 3 6 d e a d -w e ig h t t o th e
a m o u n t o f to n n a g e la u n ch e d d u rin g th e m o n th o f M a y , w h e n 71 h u lls,
to ta lin g 344 ,4 5 0 d e a d -w e ig h t to n s , t o o k th e w a te r, se ttin g a n e w h ig h m a r k
f o r lau n ch in gs in th o U n ite d S tates.
In a d d itio n , w o rk o n six o th e r hu lls is b e in g ru sh ed a n d r e p o rts in d ica te
th a t t h e y m a y b e re a d y in tim e t o slide d o w n th o w a y s w ith th e oth e rs .
T h o s e w o u ld a d d 3 0 ,7 0 0 to n s t o th o t o t a l.
T h o 37 steel hu lls w h ic h h a v e b e e n d e fin ite ly sch e d u le d t o 'g o o v e r b o a r d
o n th e F o u rth h a v e a to t a l to n n a g e o f 2 5 4 ,6 8 6 , a n d w ill in clu d e th e 1 2 ,5 0 0 to n c a r g o carrier W illia m P e n n , th o 1 2 ,0 0 0 -to n C h a llen ger o f th e sam e t y p e ;
th o th ree b u r ly sisters— In d e p e n d e n c e , V ic to r io u s an d D e fia n c e — a ll o f
th o 1 1 ,8 0 0 -to n cla ss; th re e refrigeratin g sh ips o f 9 ,4 0 0 to n s e a ch ; e ig h t o f
th e 8 ,8 0 0 -to n fre ig h te rs, a n d so o n d o w n th o lis t. T h o L a k e P e a rl, a 2 ,3 0 0 to n ve sse l, w h ic h is t o glid e in to th e w aters o f L a k e M ic h ig a n , w ill h a v e th e
b a b y h o n o rs o f th e d a y . T h e a vera ge to n n a g e o f th o steel v essels is 6 ,8 8 3 .
W ith th e e x c e p tio n o f th o 4 ,7 0 0 -to n B e e c h la n d , a n d t w o o th e rs o f 4 ,0 0 0
t o n s , th o 52 w o o d e n hulls w h ich are t o b o la u n c h e d are o f th e 3 ,5 0 0 -to n
t y p e . T h e ir to t a l to n n a g e is 185 ,200 .
T h o P a c ific C o a s t y a r d s w ill la u n ch 26 w o o d e n a n d 17 steel vessels, t o
ta lin g 2 5 0 ,7 0 0 d e a d -w e ig h t to n s . T h e se y a rd s w ill le a d b o t h in n u m b e r a n d
to n n a g o th o y a r d s o f th o A t la n tic a n d G u lf C o a s t; also th o s e o f th o G rea t
L a k es.
T h o E a s t w ill b e a clo s e s e c o n d t o th o W e s t , w ith its y a r d s m a k in g re a d y
fo r 38 la u n ch in g s, 27 o f w h ich w ill b e w o o d e n v e sse ls, totalin gJ 95,7 00 d e a d
w e ig h t to n s , a n d 11 steel vessels to ta lin g 7 6 ,4 8 6 d e a d -w e ig h t t o n s , m a k in g
a g r a n d to ta l o f 172 ,186 d e a d -w e ig h t to n n a g e . T h o G re a t L a k es w ill
la u n ch 14 steel sh ips to ta lin g 4 7 ,700 d e a d -w e ig h t to n s .
T h o P e th le h e m U n ion P la n t a t San F ra n cis c o w ill h a v e th e h o n o r o f
la u n ch in g th o b ig g e s t in d iv id u a l to n n a g o o f a n y y a r d in’ tlio c o u n t r y w h e n
th ree steel sh ip s to ta lin g 3 5 ,4 0 0 d e a d -w e ig h t to n s w ill slid e fr o m th e ir
w a y s . T h o M o o r e S h ip b u ild in g C o . a t O a k la n d , C a l., w ill also la u n ch
th ree h u lls, b u t its to ta i to n n a g o w ill o n ly re a ch 2 8 ,2 0 0 d e a d -w e ig h t t o n s .
S e a ttlo , lik ew ise, w ill be th e sce n e o f a trip le la u n ch in g , b u t th o th ree h u lls
w ill b o d is trib u te d a m o n g th ree d iffe re n t y a rd s.
T h o G re a t L a k es C o . a t th eir E c o r s e , M ic h ., p la n t w ill la u n ch th ree h u lls
to ta lin g 8 ,9 0 0 d e a d -w e ig h t t o n s , an d w ill likew ise la u n ch a n o th e r vessel
a t th eir A s h ta b u la y a r d . P u se y & J on es y a r d a t G lo u c e s te r , N . J ., w ill
la u n ch th o largest sin gle h u ll, w h e n th o c a r g o stea m er W illia m P e n n , 12,500
d e a d -w e ig h t to n s , ta k es th e w a te r.
A b e rd e e n , W a s h ., w ith th o la u n ch in g o f fo u r hu lls d is trib u te d e q u a lly
b e tw e e n th e y a rd s o f G ra n t S m ith -P o r te r S h ip C o . a n d th e G ra y s H a r b o r
C o r p o r a tio n , w ill h a v e th e h o n o r e d p o s itio n a m o n g th e w o o d e n sh ip b u ild
ers. T a c o m a , W a s h ., an d P o r tla n d , O r e ., w ill w itness th re e w o o d e n hu lls
slid o in to th o w a te r, a n d th e I I . L . S h a ttu ck y a r d a t P o r ts m o u th , N . H . ,
w ill u p h o ld th e pre stig e o f th e E a s t w ith a lik e n u m b e r .
M o b ile , A la ., M o s s P o in t, M is s ., an d O ra n go, T e x ., w ill le a d th e S o u th
ern y a r d s w ith ea ch c it y h o ld in g a d o u b le la u n ch in g .
Su ch is th e re sp on se w h ich ith clsh ip b u ild e rs o f A m e r ic a h a v e g iv en t o th e
su g g e stio n o f E d w a r d N . H u r le y , C h a irm a n o f th o U n ite d S tates S h ip p in g
B o a r d , th a t th e y co m m e m o r a te this y e a r ’s F o u rth o f J u ly b y la u n ch in g
fro m th eir w a y s as m a n y sh ips as p o ssib le o n th a t d a y .
T h e su ggestion h a d th e en th u sia stic s u p p o r t o f D ir e c to r-G e n e r a l S c h w a b ,
w h o th row a ll o f his a m a zin g e n e rg y in t o th o w o rk o f m a k in g th e F o u r th o f-J u ly la u n ch in gs th e m o s t n o ta b le o f a n y .
OVER A M I L L I O N A M E R I C A N SOLDIERS I N F R A N C E W A R D E P A R T M E N T ’ S RECORD OF A C H I E V E M E N T . ’
F u r th e r in fo r m a tio n
o f th o m o s t e n c o u ra g in g
k in d w a s
m a d o p u b lic b y S e c re ta ry o f W ar B a k e r th is w e e k a s to th e
p ro gress b e in g m a d e in th o ra isin g , e q u ip p in g a n d tr a n s p o r t
in g o f th e A m e r ic a n A r m y for se rv ice o v e r s e a s .
to
In a le tte r
P re sid e n t W ils o n , m a d e p u b lic o n th e 2 d , M r . B a k e r a n
n o u n c e d t h a t o v e r a m illio n A m e r ic a n sold iers h a d a lr e a d y be e n
d is p a tc h e d to F r a n c e , a n d th a t in sp ite o f th e b e s t e ffo r ts o f
G e r m a n y ’ s s u b m a rin e s o n ly 2 9 1 m e n h a d b e e n lo s t a t s e a .
S u p p lie s a n d e q u ip m e n t, th e S e c re ta ry s a id , aro a d e q u a t e ,
a n d th e o u tp u t o f o u r w a r in d u strie s sh ow s m a r k e d im p r o v e
m e n t in all lin e s .
S e c re ta ry B a k e r ’s le tte r w a s m a d e p u b lic
in a s ta te m e n t issued b y P re sid e n t W ils o n as fo llo w s :
I h a v e t o -d a y re ce iv e d th e fo llo w in g letter fr o m th o S e cre ta ry o f W a r ,
w h ich seem s t o m e t o co n ta in in fo rm a tio n w h icli w ill b e so s a tisfa c to r y
t o th o c o u n t r y th a t its p u b lica tio n will b o w e lco m e d a n d w ill g iv e a d d ition a l
zost t o o u r n ation a l c e le b ra tio n o f th o F o u rth o f J u ly :
W a r industries o f th o U n ite d S tates aro a t th is m o m e n t sh o rt o f b etw een
“ W ar D ep artm en t, W ashington, July 1 1918.
300 ,0 0 0 a n d 4 0 0 ,0 0 0 c o m m o n laborers a n d th o la ck o f w ork ers in th o co a l
“ M y D ea r M r . President
m in in g in d u stry is im p erilin g all o th e r w a r p r o d u c tio n .
So seriou s is th e
“ M o r o th a n o n e m illio n A m erica n sold iers h a v e sailed fr o m t h e p o r ts
situ a tion c on s id ered , th a t th o U n ite d States E m p lo y m e n t S e rv ico , in w h ich
in this c o u n tr y t o p a rticip a te in th o w ar in F ra n ce .
In re p o r tin g th is
c o m m o n la b or recru itin g fo r w ar w o rk has b e e n c e n tra liz e d Is e n d e a v o rin g
40
THE CHRONICLE
fact to you. I feel that you will be interested in a few data showing the
progress of our overseas military effort.
“ The first ship carrying military personnel sailed May 8 1917, having
on board Ease Hospital No. 4 and members of tho Reserve Nurses Corps.
“ General Pershing and his staff sailed on May 20 1917. Tho embarka
tions in the months from May 1917, to and including Juno 1918, are as
follows:
1917M a y ___________ _____ .................
1,718
J u n o ____________ . . ---------------12,261
J u l y ________________ --------------- 12.988
A u g u s t ........ ................ --------------- 18,323
S e p t e m b e r __________ .......... ..
3 2 ,523
O c t o b e r ___________ --------------- 3 8 ,2 5 9
N o v e m b e r __________ ...............
23,0 1 6
D e c e m b e r ________ .......... ..
4 8 ,8 4 0
1918—
J a n u a ry ___________
F e b ru a ry _________
M a r c h ____________
A p r i l _ _ ___________
M a y ____________ _
J u n o _______________
.................... 4 6 ,7 7 6
............... .. 4 8 ,0 2 7
-----------------83,811
............... . .1 1 7 ,2 1 2
.................... 244 ,3 4 5
........ ............2 7 6 ,3 7 2
"Tho total numbor of our troops returned from abroad, lost at sea and
casualties is 8,165, and of these, by roason of tho superbly efficient protec
tion which tho navy has given our transport system, only 291 have been
lost at sea.
“ Tho supplios and equipment in Franco for all troops sent is, by our
latest reports, adequate, and the output of our war industries in this
country is showing marked improvement in practically all lines of necessary
equipment and supply.
“ Respectfully yours,
Newton D. Baker,
To which I replied:
" The W h ile H o u s e , W ash ington, July 2 1918
" M y H ea r M r . Secretary.
“Your letter of July 1 contains a very significant piece of news and an
equally significant report of tho forwarding of troops during tho past year
to the other sido of tho water. It is a record which I think must cause
universal satisfaction, because tho heart of tho country is unquestionably
in this war and the people of tho United States rejoice to seo their forco
put faster and faster into tho great struggle which is destined to redeem
the world.
“ Cordially and sincerely yours,
“WOODROW WILSON."
S u p p le m e n tin g th e a b o v e , a n d e v id e n tly tim e d fo r p u b
lic a tio n o n th o F o u r th , S e e ro ta ry B a k e r , in a lo n g le tte r to
C h a ir m a n D e n t o f th e H o u s e M i li t a r y C o m m it t e e , g a v o a
f u ll, th o u g h in fo r m a l, re v ie w o f th o a c c o m p lis h m e n ts o f tho
W a r D e p a r t m e n t fr o m o u r e n tra n c e in to th o w a r d o w n to
M r . B a k e r ’s le tte r w a s s e n t in re sp o n se
to a re q u e st fr o m th o H o u s e C o m m it t e e e a r ly la s t w e e k , a n d
w a s in se rte d in th e “ R e c o r d ” b y C h a ir m a n D e n t .
sam e
tim e M r .
A t th e
D e n t s e n t a le tte r o f th in k s to S e c re ta ry
B a k e r , a c c o m p a n ie d b y a m e ssa g e o f c o n g r a tu la tio n fr o m
th o C o m m it t e e o n th e y e a r ’ s a c c o m p lis h m e n ts .
M r . B a k e r ’s
le t te r re v e a le d th a t th o A m e r ic a n A r m y n o w n u m b o rs o v e r
tw o m illio n — 1 6 0 ,4 0 0 office rs a n d 2 ,0 1 0 ,0 0 0 m e n —
as co m
p a r e d w ith 9 ,5 2 4 office rs a n d 2 0 2 ,5 0 0 m e n fifte e n m o n th s
ago.
R if le
p r o d u c tio n
has
to ta le d
1 ,3 0 0 ,0 0 0
sin co
we
e n te re d th e w a r , a n d rifles are n o w b e in g re co iv e d a t a ra to
s u ffic ie n t to e q u ip a n a r m y d iv isio n e v e r y th roe d a y s .
liv e ries
of
B r o w n in g
m a c h in e
guns
d u rin g
M ay
D e
reach od
9 0 0 o f th e h e a v y ty p e a n d 1 ,8 0 0 lig h t g u n s , w ith th o r a te o f
p r o d u c tio n r a p id ly in c re a sin g .
S ix te e n c o m p le te p la n ts fo r
tu r n in g o u t a r tille ry are n o w re a c h in g q u a n t it y p r o d u c tio n ,
w ith p la n s a b o u t c o m p lo te fo r m o to r iz in g th e m o b ilo field
a r tillo r y .
A ir p la n e p r o d u c tio n a lso is in cre asin g a t a sa tis
f a c t o r y ra to , w ith d eliv eries o f 8 0 c o m b a t p la n e s a n d a large
n u m b e r o f tra in in g p la n e s in th o w e e k on d in g J u n o 8 .
H os
p ita l fa c ilitie s t o ta l 7 2 ,6 6 7 b e d s , w ith a d d itio n a l p ro v isio n
f o r 8 7 ,3 4 4
b e d s u n d er c o n s tr u c tio n .
And
th o lo n g list o f su p p lie s a n d e q u ip m e n t.
so
on
th ro u g h
A m o s t g r a tify in g
fe a tu r e o f th o re p o r t is th e s a tis fa c to r y h e a lth c o n d itio n s ,
a s re v e a le d b y a d e a th ra te f r o m disoaso a m o n g a ll tro o p s
in th o U n it e d S ta te s o f o n ly 3 .1 6 p er th o u sa n d in th o first
w e e k in J u n o .
M r . B a k e r ’ s re p o r t th a t th o m o ra le o f tho
tr o o p s in th o field is o f th o h ig h e st o n ly bo ars o u t th o re p o rts
c o m in g fr o m th o fr o n t in e v e r y d a y ’ s n e w s .
th o fu ll te x t o f th o S e c r e ta r y ’ s le t te r :
W o g iv e b e lo w
WAR DEPARTMENT,
M y D e a r M r . D en t:
W a sh in gton , J u n e 28 1918.
I havo received your letter of Juno 27, reminding mo that just a yoar has
elapsed sinco the first American troops wero landed in Franco, and suggest
ing that I furnish the Committeo on Military Affairs of tho House a sum
mary of tho development of tho military establishment in tho fifteen months
sinco Congress declared war against tho Imperial Gorman Government.
Any such report might go into almost limitloss detail. I am happy, how
ever, to havo an opportunity to comply with your request and will do so as
fully as tho compass of a letter will permit.
1. Since April 6 1917, tho rogular army has Increased from 5,791 officers
and 121,797 enlisted men to 11,365 officers and 514.376 enlisted men; tho
National Guard in Federal servico from 3,733 officers and 76,713 enlisted
mon to 17,070 officers and 417,441 enlisted men; tho Resorvo Corps in
actual service has increased from 4,000 enlisted mon to 131.968 officers
and 78,560 enlisted mon; tho National Army has been created with an
enlisted force of approximately 1,000,000 men.
Tho Army has hicreased in fourteen months from 9,524 officers and 202,
510 enlisted men to approximately 160,400 officers and 2,010,000 enlisted
mon.
The numbor of mon in Franco or en rOuto to France, including com
batants, medical servico, servico for supply and all tho units which go to
make up an entire army, is on July 1 practically 1,000,000 men.
2. Supplies for soldiers:
T h o size o f th is u n d e rta k in g m a y b e s t b o seen b y th ese t y p ic a l p u rch ases
b y th o Q u a rte rm a ste r C o r p s fr o m th e b e g in n in g o f th e w a r t o Ju n o 15 1918:
Hardware and Metals.
Articles and Unit.
Quantity.
2 .5 6 7 ,0 0 0
H a m m o r s . e a c h .......... ..................................................
A x e s , e a c h ..........................
5 ,1 2 1 ,7 2 9
F ile s , e a c h ............... - .....................- ................................................................ 1 0 ,8 7 0 ,0 0 0
Vehicles and Harness.
H a lte r s , e a c h _________________________________ ____ ____________ _
E s c o r t w a g o n s ______________________________________________________
C o m b a t w a g o n s ____________________________________________________
j 700 000
120 000
26 000
Animals.
H o rs e s an d m u le s ___________________________________________________
339 393
Clothing and Material for Clothing.
■ Marines________________________________
14,644
................................. ...........1,019,116
Aggregating
th e p re se n t t im e .
[Vol. 107.
S h o e s , p a ir s .......................
2 7 .2 4 9 ,0 0 0
B o o t s (ru b b e r , h ip ) p a ir s ............. ................ ............................................ 2 ,3 4 0 ,0 0 0
O v e rsh o e s (a r ctic ) p a ir s _________________________________________”
4,'oio!oO O
C o t t o n u n d o rsh irts, e a c h _______________________________________ " * 4 3 ,9 2 2 000
D e n im c lo t h , y a r d s ............. ................................................... I I I I I I Z I I Z l 0 3 i o 2 8 !0 0 0
S to ck in g s (w o o l) p a ir s .......... ......................... ........... ................ .................. 1 0 4 .3 3 3 ,0 0 0
3 . H e a lth o f m en in ca n to n m e n ts :
T h o d e a th s p er th o u sa n d fro m all causes in th o regu lar a r m y o f th o
U n ited S tates h a v e been as fo llo w s :
1 8 9 8 . . . -------2 0 .1 4 11900--------------- 7 . 7 8 1190 1.................. 6 . 9 0 1191 6........... . . . 5 . 1 3
T h e d e a th ra to p er 1,000 a m o n g all tr o o p s — regu lar, n a tio n a l a r m y , an d
n a tio n a l gu a rd — in th o U n ite d S tates fo r th e w eek e n d in g M a y 31 w as
4 .8 9 , a n d fo r th o w eek e n d in g Ju n o 7 , 4 .1 4 . T h o d e a th ra to fo r diseaso
o n ly a m o n g all tro o p s in th e U n ite d S tates fo r th o w eek e n d in g Ju n o 7 w as
3 .1 6 , w h ich is still low er th a n th a t o f th o p r e c e d in g w e e k , 3 .2 , w h ic h w as
then th e re c o rd low ra to s in co th a t o f N o v . 2 1917.
H o s p ita l a c c o m m o d a tio n s in F r a n co an d th e U n ite d S tates a n d supplies
th erefor:
T h o b e d c a p a c ity o n Ju n o 5 in. all d e p a rtm e n t hosp itals In t h o U n ited
S tates w as 7 2 ,6 6 7 . N e w c o n s tr u c tio n n o w u n d e r w a y w ill p r o v ld o fo r a
to t a l o f 8 7 ,3 4 4 b e d s. T h o n u m b e r o f b aso a n d general hosp itals in this
c o u n t r y has increased fro m 7 t o 7 2 , a n d w ill b o fu rth e r in cre a se d . V a st
h o sp ital fa cilitie s h a v o been org a n ize d an d aro b e in g o rg a n iz e d in F ra n ce,
p r o v id in g b e d s n u m berin g fr o m 5 % t o 1 0 % o f th o n u m b e r o f m o n in th o
A m erica n E x p e d itio n a r y F o rco .
P s y c h o lo g ic a l exam in ation s, o f w h ich m o r o th a n 500 ,0 0 0 h a v o boon
m a d o , result in th o w eed in g o u t o f a b o u t M o f 1 % o f th o m en exam in ed .
N u tritio n a l s u rv e y s, in 270 m esses in 50 c a m p s , h a v e resu lted in a re
a d ju s tm e n t o f ration s a n d a co n s e r v a tio n o f f o o d .
T h o n u m b e r o f o ffic e r s in th o M e d ica l C o r p s has Increased fr o m 900 t o
2 4 ,0 0 0 ; th e n u m b er o f en listed m on fr o m 8 ,0 0 0 t o 1 48 ,000 . T h o se figu ro s,
o f co u rs e , aro exclu sive o f th o S a n ita ry C o rp s a n d o f th o a r m y nurses. ’
4 . T r a n sp o rta tio n in F ra n ce :
W ith th o co m p le tio n o f th e o rg a n iz a tio n o f f lv o n o w regim en ts an d
19 b a tta lio n s o f ra ilw a y engineers, th o ro w ill b o o v e r 4 5 ,0 0 0 A m e rica n s
e n ga g ed In railroad c o n s tr u c tio n a n d o p e r a tio n in F ra n co . N in o regim en ts
o f ra ilw a y engineers h a v e b e e n in F ra n co sin co last A u g u s t.
T h e re h a v e been p r o d u c e d fo r th o railro a d o p e ra tio n s o f th o W a r D e p a r t
m en t in F ra n ce m o re th an 2 2 ,0 0 0 sta n d a rd -g a u g o a n d 60 c m . fre ig h t ca rs,
and m o ro th a n 1,600 sta n d a rd -g a u g o a n d 60 c m . lo c o m o tiv e s . In a d d itio n
t o th is, purch ases o f b o th cars a n d lo c o m o tiv e s h a v o been m a d o a b r o a d .
A d o u b le line o f railroad c o m m u n ic a tio n has been secu red fr o m th o
F ren ch b y a r m y engineers, e x te n d in g fr o m th o c o a s t o f F ra n co t o th o b a ttle fr o n t, in clu d in g th e c o n s tr u c tio n o f h u n d red s o f m iles o f tra ck a g o fo r y a rd s
a n d th o n ecessary sidin gs, sw itch e s , & c.
5 . A ir c r a ft p r o d u c tio n (tra in in g p la n e s, b o m b in g p la n e s, c o m b a t p lan es,
an d gu n s th e re fo r; a n d p r o d u c tio n o f L ib e r ty en gin es):
D elive rie s o f elom on ta ry train ing plan es t o Ju n o 8 , 4 ,4 9 5 .
D e liv e rie s o f a d v a n ce d tra in in g plan es t o Ju n e 8 , 820 .
T h e a vera ge w e e k ly p r o d u c tio n o f a d v a n c e d train in g p lan es d u rin g A p ril
was 22; d u rin g M a y , 453^; w eek e n d in g Ju n o 8 , 78.
T o Ju n e 8 , 286 c o m b a t plan es w e ro d e liv e re d . T h o w e e k ly av e ra g o o f
this t y p e o f m ach in o in A p ril w as 5; in M a y , 3 8 , an d fo r th o w eek o n d in g
Jun o 8 , 80.
Six th o u sa n d eight h u n d re d a n d e ig h ty e lo m o n ta ry tra in in g engines w ere
deliv e re d t o Ju n e 8.
T w o th o u sa n d o n o h u n d re d a n d th lrty -th r c o a d v a n c e d tra in in g engines
were deliv e re d t o sam e d a te .
M o r o th an 2,0 0 0 L ib e r t y engines h a v o n o w b e e n d e liv e re d to th o a r m y
and n a v y . T h o a ve ra go w e e k ly p r o d u c tio n in A p ril w as 96; in M a y , 143
and in th o firs t w eek o f Ju n o, 115.
T h ir ty -se v e n th ou san d t w o h u n d re d a n d f if t y m a ch in o guns w e ro d c iv e re d fo r use o n airplanes b e fo ro Ju n o 8.
6 . R ifle s a n d a m m u n itio n :
M o r e th an 1 ,300,000 rifles w e re p r o d u c e d in A m e r ic a a n d d eliv e re d
etw e e n th o de cla ra tio n o f w a r a n d Ju n o 1 o f this y e a r.
D e liv e rie s o f new U n ited S tates m o d e l 1917, th o s o -ca lle d m o d ifie d
E n fie ld , h a v o passed th o m illion m a rk . In th o t w o w eeks p re ce d in g Ju n o l
m oro th an 66.0 0 0 rifles w ere d e liv e re d . S u fficie n t rifles aro be in g re ce iv e d
n o w t o e q u ip an a rm y d iv isio n e v e r y three d a y s .
7. O rd n a n ce su pplies, a rtille ry , B ro w n in g gu n s, & c .:
A s t o m a ch in o gu n s, h e a v y B ro w n in g gu n s fo r in s tru ctio n p u rposes aro
in e v e r y n ation al gu ard c a m p an d n ation a l a r m y c a n to n m e n t in this
c o u n t r y w h ere tro o p s are in train in g . D u r in g M a y m o ro th an 900 o f theso
h e a v y m a ch in e guns w ero de liv e re d .
M o r o th an 1,800 ligh t B ro w n in g m a cliin o gu n s w ere d eliv e re d In M a y .
P r o b a b ly th e m o s t d iffic u lt u n d e rta k in g in th o o u t fit t in g o f an a r m y is
th o m a n u fa ctu re o f h e a v y artille ry . N o t o n ly aro th o fo rg in g an d m a ch in
in g processes e xtro m e iy d iffic u lt , b u t it has been n ecessary to cro a to m a n u
fa c tu rin g fa cilitie s fo r th o v a s t p r o p o r tio n o f th o p r o g ra m . S ixteen p lan ts
h a d t o b o p ro v id e d fo r th o m a n u fa ctu re o f m o b ilo artille ry c a n n o n .
In
p r a c tic a lly all cases these p lan ts h ad to b o r e -t o o le d , a n d in s o m o cases th e y
w ero b u ilt fr o m th e g ro u n d u p . T h o sam o d iffic u lt y is m o t in th o design
a n d m a n u fa ctu re o f a rtille ry carriag es, b u t th o a rtillery p r o g r a m Is n ow
a p p ro a ch in g a p o in t w h ero q u a n tity p r o d u c tio n Is begin n in g.
T h e first o f fo u r G o v e rn m e n t-o w n e d s h e ll-fittin g p la n ts lias been c o m
p le te d an d is begin n in g t o p r o d u c e . I n a d d itio n a n u m b o r o f p riv a te p lan ts
aro a t w o rk lo a d in g sh ells. V a st as w ero th o p r iv a te ly -o w n e d fa cilitie s fo r
th o m a n u fa ctu re o f p o w d o r a n d high e x p lo s iv e s, th o G o v e rn m e n t has p r o
v id e d a d d itio n a l facilities w h ich aro v e r y m u c h larger th an th o so w h ich
p r iv a te enterprise h ad cr e a te d .
O rd n a n c o en gin eers. It s e e m s, a ro w e ll o n th o w a y t o a so lu tio n o f th o
p r o b le m o f th e m o to riz a tio n o f fie ld a r tillo r y . T h o p r o b le m o f m o t o r iz a
t io n o f lig h t a r tille r y has be e n a c o n s ta n t fa c to r in s lo w in g th o a d v a n c e
o f t r o o p s t o aw ait th o b rin g in g fo rw a r d o f th e ir su p p o r tin g g u n s. T r a c to r s
h a v o be e n used b y all n a tio n s , o f c o u r s o , t o h au l h e a v y p ie c e s a lo n g g o o d
r o a d s , b u t th e y h a v o b e e n u n a b lo t o d o v e lo p tr a c to r s f o r h a u lin g ligh t
p ie c e s o v e r sh e ll-sh a tte re d g r o u n d . O n Ju n o 3 th o O rd n a n co D o p a r tm o n t
July 6 1918.]
THE CHRONICLE
d e m o n s tra te d a f iv e -t o n a rm o re d a r tille r y tr a c to r , w h ich p r o v e d ca p a b le
o f n e g o tia tin g th e m o s t d iffic u lt te rra in , h au ling a 4 .7 h o w itz e r , w h ich
w olg h od a p p r o x im a t e ly 9 ,0 0 0 p o u n d s .
A p p r o x im a te ly $ 9 0 ,0 0 0 ,0 0 0 is b e in g s p e n t t o p r o v id e fo r th e m a n u fa ctu re
o f n itra tes, w h ich are essential in tlio m a n u fa ctu re o f o x p lo s lv o s b u t w h ich
h e r e to fo r e h a d t o b o p r o c u r e d fr o m C h ile . T h o b u ild in g o f th e s o -p la n ts
w ill a d d t o o u r p o w d e r o u t p u t , w ill s a v e largo a m o u n ts o f c a r g o s p a c e ,
an d it is su p p osed a fto r th o w a r w ill p r o d u c e n itra te fo r fe rtiliz in g A m e rica n
fa r m s .
8 . P o r t fa c ilitie s in F ra n ce :
A m o n g th o m o s t d ra m a tic sto rie s o f th o w a r is th a t o f th e d o v o lo p m o n t
b y A m e rica n engineers an d A m e rica n e n terp rises o f p o r t fa cilitie s o n th o
F r e n c h c o a s t.
I t is n o t pe rm issib le t o sa y w h ere th is d e v e lo p m e n t has
ta k en p la c o , b u t tho s c o p o o f it m a y b o ju d g e d b y th o f a c t th a t it w o u ld
b o p os s lb lo t o h an dle d u rin g th o m o n th o f J u ly a m a x im u m o f 7 5 0 .0 0 0 to n s
a t tho p o r t s o f th o A m erica n A r m y In F r a n co .
I t w as n ecessa ry b o fo r o t r o o p s o f th o A m e rica n E x p e d itio n a r y F o r c e
c o u ld b o la n d ed t o sen d an o rg a n iz a tio n o f fo re ste rs in to th o w o o d s o f
F ra n co to sen d k n o c k e d -d o w n sa w m ills a fto r thorn, t o c u t d o w n tr e e s , t o
sh a p e th em in to tim b e r s , an d t o b u ild th e m in to d o c k s in o r d o r th a t o u r
t r o o p s m ig h t le a v e th e ir sh ip s. F a st as th is w o rk w a s. a n d la rg o as th o
flo w o f t r o o p s has b o o n a c c e le r a te d , th o fa cilitie s fo r d o c k a g e h a v e k e p t
p a c o w ith th o sh ip m en ts o f t r o o p s a n d s u p p lio s.
9 . M o r a ls o f th o a r m y :
C on sen su s o f o p in io n is th a t dru n k en n oss in th o a r m y is c o m p le t e ly u n d e r
c o n t r o l, b o t h in th o U n ite d S tates an d F r a n co . G e n e ra l P e rsh in g sta te s:
“ A s th oro is little b e e r s o ld in F r a n co , m e n w h o d r in k a r e th u s lim ite d t o
th o lig h t n a tiv e w in e used b y a ll F re n ch p e o p le . E v e n this is d is c o u r a g e d
a m o n g o u r t r o o p s in e v e r y p o ssib le w a y .”
Y o u m a y tr a v e l fo r w eeks in F ra n co w ith o u t seein g an in to x ic a te d A m e r i
ca n so ld ie r .
In th o “ C on g re ssio n a l R e c o r d ” o n o r a b o u t M a r c h 31 th oro
Is a rep rin ted s ta te m e n t o f a jo u r n a lis t in F r a n ce , b e g in n in g :
“ E v e r y o n o is on th o w a te r w a g o n a t th o A m o r ic a n f r o n t .
D u r in g th o
la st m o n th I lia v o been a t th o fr o n t d a ily a n d o fte n t w ic o a d a y , seein g
th ou sa n d s o f A m e r ic a n s o ld ie r s . In th a t tim o I s a w e x a c t ly o n o m an
d r u n k , an d o n o o th e r w h o w as u n d e r th o in flu e n c e o f l iq u o r .”
T h o T h ir d A s s is ta n t S e c r e ta r y o f W a r in to n d a y s a t a N a tio n a l A r m y
c a m p a d ja c e n t t o C h ic a g o saw t w o m e n in to x ic a te d .
T h e r e is n o p o r m a n o n t m ilita r y c a m p in th o U n ite d S ta te s w ith a ro d lig h t d is t r ic t in its v ic in it y .
T h o C o m m is s ion o n C la s s ific a tio n o f P e rs o n n e l re p o rts th a t a su r p r isin g ly
la rg o p r o p o r tio n o f recru its ask t o b e p la c e d in th o m o s t h a z a rd o u s b ra n ch e s
o f th o m ilita r y s e r v ic e . I f a r e p ly Is n e e d e d to th o s e w h o s a y t h a t th o m en
in th o N a tio n a l A r m y a r o in c a m p b e c a u s o th e y h a v o t o b o it is th is— th a t
th os e sa m o m en a r o g o in g o v e r th o to p b e c a u s o th e y w a n t to g o .
T h o desire a m o n g m en in th o m ilit a r y s e r v ic e t o g o t t o F r a n co an d t o th o
fr o n t is u n iv ers a l. T h o S e c r e ta r y o f W a r sta te d b o fo r o th o S en a to M ilit a r y
A f f a ir s C o m m itto o th a t h o h ad seen g rizz le d m on o f th o a r m y tu r n a w a y
fr o m h is d e s k t o h id e th o ir te a rs w h en t h e y w o ro o s k o d t o d o o rg a n iz a tio n
w o rk in A m e r ic a ra th or th a n g o t o F r a n co , w h e re th o g lo r y o f th o ir p r o
fession lies. W h o n th o S e c r e ta r y o f W a r sta r te d fo r E u r o p o an d w as on
th o o c e a n h o w as a p p ro a ch e d , in a n u m b e r o f Instances, b y s e a m e n , re
q u e s tin g tran sfers t o th o a r m y in o r d o r th a t th e y m ig h t seo s e r v ic e w h ich
soom od m o r e a c t iv o an d clo s e r t o th o f r o n t .
In F ra n co it w a s n ecessa ry t o ch a n g e th o n a m o o f tho z o n e b o liin d th o
a rm ies fr o m th o S e r v lc o o f th o R e a r t o S e rv ice o f S u p p ly , b e ca u so o f th o
d i ff i c u lt y in g e ttin g m o n t o se r v o in a region h a v in g th o s h e ll-p r o o f c o n n o
t a tio n o f th o w o r d “ r e a r .”
E v e n a t th e a c tu a l fr o n t th o ro 1s s o m e th in g o f
a tr a d itio n a ga in st th o uso o f th o te rm N o M a n ’s L a n d . O u r m e n p r e fe r
t o c a ll It— an d t o m a k e It— Y a n k e e L a n d .
•
I h a v o w ritten th o a b o v e in a s o m e w h a t in tim a te a n d f r o o w a y , b o t h
b eca u s o I k n o w th a t as t o m a n y o f these sta te m e n ts fu ll a n d a m p le d o ta ils
a ro in tho h an d s o f t h o c o m m it t o o , a n d a ls o be ca u se I a m so d e e p ly g r a te fu l
t o th o c o m m itto o fo r its s y m p a th y an d c o -o p e ra tio n d u rin g a ll these m o n th s ,
a n d I w ish t o exp ress t o th e m in s o m e d e g re o m y o w n h a p p in e ss an d s a tis
f a c tio n a t th o resu lts w h ich th o W a r D e p a r tm e n t has b e e n a b lo t o a ch io v o
w ith th o c o r d ia l s u p p o r t It has re c e iv e d fr o m C o n g re ss.
C o r d ia lly y o u r s ,
N E W T O N D . B A K E R , Secretary o f W a r.
B I L L G I V I N G P R E S I D E N T CONTROL OVE R M A R I N E
FREIGH T RATES A N D CHARTERS
PASSED B Y HOUSE.
F u ll c o n tr o l o v e r c h a r te r a n d fro ig h t ra te s fo r
se a g o in g
to n n a g o is g r a n te d to th o P r e sid e n t fo r th o p e r io d o f th o w a r
b y a b ill ( H . R . 1 2 0 9 9 ) p a sse d b y th o H o u s e o n J u n o 2 0 a n d
n o w p o n d in g b o fo ro th o C o m m e r c e C o m m it t e e o f th o S e n a te .
T h o m e a su ro a lso e m p o w e r s th o P re sid e n t to p re scrib e th o
ord er o f p r io r ity in w h ic h g o o d s sh a ll b o tr a n sp o r te d a n d to d o te rm in o w h a t v e sse ls aro su ita b le fo r u se in th o d a n g e r z o n e s
a n d th o p r o te c tiv e d e v ic e s to b o u se d a g a in s t m in e s a n d s u b
m a r in e s .
T h o p o w e r o f th o P r e s id e n t to r e q u isitio n v e s
sels f o r m ilit a r y a n d o t h e r p u rp o se s in c o n n e c tio n w ith th o
w a r is dofin od a n d a m p lifie d , a n d th o m o th o d o f d o to r m in in g c o m p e n s a tio n a n d a d ju s tin g d iffe re n ce s p r e sc r ib e d .
Tho
r ig h t o f re q u isitio n a n d c o n tr o l is a lso e x te n d e d to in c lu d e
d r y d o c k s , w h a r v e s , lig h te r a g e s y s t e m s a n d te r m in a l fa c ili
tie s , in c lu d in g ste v e d o r in g a n d h a n d lin g o f c a r g o e s , d is p a tc h
in g a n d b u n k e rin g o f v e s s e ls , a n d f o r all th e so se rv ic e s th o
P r e s id e n t m a y p rescrib e ra te s a n d d e te r m in e th o o rd or o f p ri
o r ity o f se rv ic o .
F u n d s d e r iv e d fr o m th o u se o f re q u isitio n e d
ve sso ls o r fa c ilitie s aro to b o d e p o site d in a sp e c ia l a c c o u n t
a n d m a y b e u se d in c a rr y in g o u t th o p ro v isio n s o f th o A c t
o r fo r th o re q u isitio n in g or c o n str u c tio n o f v o s s e ls .
V e s s e ls
o f fo re ig n re g istry aro b r o u g h t u n d e r th o te r m s o f th o A c t
b y a p ro v isio n t h a t n o c itiz e n o f th o U n it e d S ta t e s sh a ll ch a r
te r a n y v e sse l o f fo re ig n r e g istr y u n le ss th o c h a rte r sh a ll first
h a v o b o on a p p r o v e d b y th o P r e s id e n t.
T h o p o w e rs c o n fe rre d
m a y b o oxercised b y th o P r e sid e n t th r o u g h su c h a g e n c ie s as
h o m a y d e te r m in e .
M a n y o f th o p ow ers c o n fe rre d b y th o b ill aro a lr e a d y b e in g
e xorcised
in d ir e c tly b y
th o
C h a r te r in g
C o m m it t e e
of
th o
41
S h ip p in g B o a r d , th r o u g h th o c o n tr o l o f b u n k e rs a n d s to r e s ;
it w a s c o n sid e re d b e s t , h o w e v e r , th a t th e r ig h t o f c o n tr o l
sh o u ld b o c le a r ly d e fin e d b y d ire c t s t a t u t o r y a u t h o r it y .
NEW
WAGE
S C A L E FOR OFFICE R S I N
M AR IN E .
MERCHANT
A n e w a n d m u c h h ig h e r sc a le o f p a y fo r lic e n se d o ffic e r s ,
to a p p ly o n a ll m e r c h a n t sh ip s o p e r a te d b y th e E m e r g e n c y
F le e t C o r p o r a tio n , w a s a n n o u n c e d b y th o S h ip p in g B o a r d o n
J u n o 1 7 , th e n e w sca le to b e r e tr o a c tiv e fr o m M a y 4 , th e la s t
d a y o f th o m a rin e c o n fe re n c e h e ld to co n s id e r th e s u p p ly a n d
tr a in in g o f s e a m e n .
The
o b je c t
of
th o in c re a se d
pay
is
fr a n k ly s ta te d to b o to a t tr a c t m e n to th e se as a n d h e lp in
b u ild in g u p a p e r m a n e n t fo rc e w illin g to fo llo w th e m a r in e r ’ s
c a llin g in th e m e r c h a n t m a r in e .
I n a d d itio n to th e h ig h e r
p a y , b o n u s e s w ill b e p a id fo r g o in g in t o th e w a r z o n e .
The
n e w w a g e sca le is a s fo llo w s :
-----------------------------Grade----------------------------A
B
D
C
E
F
M a s t e r s __________________ p e r m o n th J $300 $270 $260 $250 $240 $230
C h ie f e n g in e e rs___________________ __ 230
215
200
185
170
160
F ir s t o ffic e r s an d fir s t assista n t e n g in e e rs _____________________________ 165
160
153
150
145
140
S e co n d o ffic e r s a n d se c o n d a ssista n t
e n g i n e e r s ___________________________ 150
145
140
135
130
125
T h ir d o ffic e r s an d th ird assista n t e n g i n e e r s _____________________________ 135
130
125
120
115
110
F o u rth o f fic e r s an d fo u r th assista n t
____
____
e n g i n e e r s __________________________ 120
115
J u n io r e n g in e e rs_____________________ 100
T w e n t y - fiv e p e r c e n t b o n u s fo r a ll co a s tw is e , W e s t In d ie s a n d S o u th and
C o n tr a l A m e r ic a tr a d e ; 5 0 % b o n u s fo r tr a n s -A tla n tic w a r z o n e tr a d e .
A
s ta te m e n t b y th o S h ip p in g B o a r d e x p la in in g th e n e w
p o lic y s a id :
T h e fo re g o in g w a g e scale a n d b o n u s fo r lice n se d o f fi c e r s sh all a p p ly t o
a ll A m e r ic a n vessels o p e ra tin g fr o m A t la n t ic a n d G u lf p o r t s , w ith th e ex
c e p t io n o f vessels sailin g e x c lu s iv e ly in h a r b o r s , b a y s , riv e rs an d s o u n d s.
I t d o e s n o t a p p ly t o vessels o p e r a te d b y th e N a v y . T h e R a ilr o a d A d
m in is tr a tio n w ill its e lf ta k e a c tio n r e la tiv e t o vessels u n d e r its c o n t r o l.
T h e s o w a ges s h a ll b e in e f fe c t an d p a id r e tr o a c tiv e ly fr o m M a y 4 1918.
tho la st d a y o f t h e re ce n t m a rin e co n fe re n ce h e ld t o c o n sid e r th o s u p p ly
an d tra in in g o f s e a m e n . T h e s e w ages d u r in g th e w a r e m e rg e n cy sh all re
m a in in fo r c e , in clu d in g th o b o n u se s, u n til in th e ju d g m e n t o f th e U n ite d
S ta te s S h ip p in g B o a r d c o n d itio n s w a r ra n t a ch a n g e .
T h o fo r e g o in g w a ges are a n n o u n ce d w ith th o u n d e rsta n d in g th a t n o e x
istin g w agos sh all b e th e r e b y r e d u ce d fo r a n y lice n se d o f f i c e r so lo n g as h o
co n tin u e s in th o sam o ra n k o f e m p lo y m e n t a n d in th e sam o c o m p a n y .
W h e r e e m p lo y e r s h a v e in fo r c e a s y s te m o f se n io r ity o r lo n g e v ity p a y
m e n ts , s u ch s y s te m s m a y b e m a in ta in e d .
O w in g t o th o g r e a t v a r ia tio n in e x is tin g w a ges a n d b o n u se s p a id , an d
o w in g t o th o in h eren t d iff ic u lt y o f e sta b lish in g u n ifo rm sta n d a rd s w h ere
th o t y p e o f vessel an d o f th o se r v ic o is s o v a r ie d , th e S h ip p in g B o a r d fo u n d
its o lf c o n fr o n te d w ith a v e r y d iff ic u lt ta sk in u n d e rta k in g t o d e te rm in e a
n ew c la s sific a tio n a n d t o esta b lish a fa ir w a g e .
B e fo r e a rriv in g a t its c o n c lu s io n , v e r y c a r e fu l co n s id e r a tio n a n d s tu d y
w e re g iv e n t o th e fo llo w in g m a tte rs:
1. T e s t im o n y s u b m itte d a t th e r e c e n t N a tio n a l M a r in o C o n fe r e n c e .
2 . S u g g e stio n s a n d cr itic is m s s u b m itte d b y vessel o w n e rs.
3 . P r e v io u s an d e x is tin g scales o f engin eers an d d e c k o ffic e r s e m p lo y e d
b y v a r io u s c o m p a n ie s a n d G o v e rn m e n t d e p a rtm e n ts .
4 . P a c if ic C o a s t w age sca le s.
5 . D e m a n d s file d b y th e v a rio u s lic e n s e d o f fic e r s ’ o rg a n iz a tio n s .
In d e te r m in in g the b asis f o r th e n e w c la s sific a tio n o f v e sse ls, a ca r e fu l
s tu d y w as m a d e o f th e p o w e r to n n a g o o f e x istin g d e e p sea a n d co a s tw is e
vesse ls, an d o f th e v a r io u s ty p e s o f n o w vessels u n d e r c o n s tr u c tio n . A ll
th o c la s sific a tio n s p r o p o s e d b y v a r io u s p a rtie s a t th o re ce n t m a rin e c o n
fe re n ce w e re g iv e n d u e co n s id e r a tio n . I t w as fo u n d u n n e ce ssa ry u n d er
ex istin g co n d itio n s t o p r o v id e a cla ss f o r th e s m a lle st b o a t s , s o th a t th e y
sh all n o t b e fo r c e d t o su spon d o p e r a tio n s b y h a v in g t o p a y w ages e q u a l t o
th o s o p a id u p o n m u c h la r g e r v e s s e ls. In th o a n n o u n ce d c la s sific a tio n
a su b s ta n tia lly u n ifo rm p e r c e n ta g e o f in crea se o f p o w e r to n n a g o w as m a in
ta in e d as b e tw e e n o n e cla ss a n d t h e n e x t.
T h o fo llo w in g a r o s o m e o f th e im p o r t a n t c o n d itio n s w h ich w e re c o n s id
e r e d in d e te rm in in g th e n e w s c a le :
1. In c r e a s e d c o s t o f liv in g .
2 . C o r r e s p o n d in g w a ges o n s h o re .
3 . N e ce s s ity o f h o ld in g o f fic e r s n o w in s e r v ic o an d re c a llin g m e n w ith
m a rin e e x p e rie n ce t o th e s e a .
4 . A t t r a c t in g new m e n in to p e rm a n e n t s e r v ic o in th e m e rch a n t m a rin e .
5 . P a c if ic C o a s t w ages.
V e r y c a r e fu l c o n s id e r a tio n w as g iv e n t o th o b o n u s q u e s tio n . I t w as d e
c id e d th a t u n d e r ex istin g c o n d itio n s it w o u ld b o u n w ise t o m a k e a n y r a d i
c a l ch a n g e in r e s p e ct th e r e t o . C o n s e q u e n tly , th o p re v a ilin g co a s tw is e
b o n u s w as m a d o u n ifo rm a n d th o o v e rs e a s b o n u s w as c o n tin u e d u n ch a n g ed .
A v e r y c a r e fu l s tu d y o f d iffe r e n tia ls b e tw e e n w a ges o f v a r io u s g ra d e s o f
o ffic e r s in th o sa m o a n d d iffe r e n t cla sses o f vessels w as m a d e b e fo r e th e
n e w s ca le w as d e c id e d u p o n . T a b u la t io n s w e re p r e p a r e d s h ow in g e x ist
ing a n d p r o p o s e d d iffe r e n tia ls b e tw e e n m a ste rs a n d m a te s an d b e tw e e n th o
c h ie f e n gin eers a n d assista n t e n gin eers. T h o n e w w a ges p r o v id e th a t a
p r o m o t io n in ra n k , a lth o u g h c o m b in e d w ith a tra n s fe r t o a vessel o n o o r
t w o cla sses lo w e r , w ill n o t re su lt in a n y de cre a se o f s a la r y . T h e s u b sta n
tia l in c e n tiv e t o p r o m o t io n h e r e b y p r o v id e d w as c o n s id e r e d im p o rta n t in
v ie w o f the n o e d f o r m o r e o ffic e r s o f th e b e s t q u a lit y .
In d e te r m in in g d iffe r e n tia ls , d u o c o n s id e r a tio n w as g iv e n t o th o ex istin g
p r a c t ic e . T h is w a s fo u n d t o b e so m e w h a t v a r ie d , a n d o u r co n clu s io n s
w e re b a s e d u p o n w h a t a p p e a r e d t o b o th e b e s t p r in c ip le s u n d e r ly in g th e
v a r io u s p r a c t ic e s n o w in fo r c e .
I n v ie w o f th o d e sire g e n e r a lly exp re sse d b y a ll th o p a r tie s a t th o re ce n t
m a rln o c o n fe r e n c e t o c o -o p e r a te w ith th e G o v e rn m e n t fo r th o p u r p o s e o f
m a in ta in in g an u n in te r r u p te d a n d r a p id sea s e r v ic e d u r in g th o w a r , th o
S h ip p in g B o a r d re q u e s ts th a t a ll d iffe r e n c e s w h ich m a y ariso in r e la tio n t o
th e a p p lic a tio n o r in te rp re ta tio n o f th e n e w w a ges a n d a w a rd s b e re fe rred
t o th o S h ip p in g B o a r d f o r s e ttle m e n t, w ith o u t a n y in te rr u p tio n o f w o rk .
T h is is e ssen tia l t o th e m o s t e ffe c t iv e uso o f o u r m e r ch a n t m a rin e d u rin g
th o p re se n t g re a t n a tio n a l cris is . I f o u r tr a n s -A tla n tic to n n a g o is t o bo
m a n n e d b y c iv ilia n c r e w s , u n in te rru p te d and e ffe c t iv e s e r v ic o m u s t b o
n su red.
T h e fo re g o in g sta te m e n t and cla s sific a tio n o f w a ges d o n o t c o n te m p la te
a n y ch a n g o in th o c o m p le m e n t o f s h ip s ’ o ffic o r s as o f M a y 4 1018. T h e
B o a r d ’s d e c is io n as t o ru les a n d o th o r m a tte rs s tib m itte d fo r d e c is io n a t th o
r o co n t co n fe re n ce w ill b e issu ed s h o r t ly .
A P P L I C A B I L I T Y OF “ W O R K OR F I G H T ” ORDER— N E W
Y O R K L A W C O M P E L L I N G I D L E R S TO W O R K P U T
I N O PERATION .
A n n o u n c e m e n t to th o e ffe c t th a t th o
w o rk o f fig h t
o rd er
d o e s n o t a ffe c t m e n o u tsid e th e d r a ft a g e w a s m a d e b y P r o
v o s t M a r s h a l G e n . C r o w d e r o n J u ly 2 .
B e c a u se o f th e f a c t
th a t s o m e c o m m u n itie s h a v e a p p a r e n tly c o n fu se d th e o rd er
w ith
a n ti-lo a fin g la w s in s o m e
S ta te s,
G en.
C r o w d e r ex
p la in e d t h a t th e w o r k o r fig h t o rd er is p u r e ly a m ilit a r y sto p
and
th a t
re g u la tio n s
re g a rd in g
e m p lo y m e n t
or
m ilit a r y
se rv ic e fo r u n re g iste re d m e n are n o t e m b r a c e d in h is fu n c
tio n s .
[Vol. 107.
THE CHRONICLE
42
T h e o n ly e ffe c t th e o rd er h a s u p o n p erson s n o t s u b
je c t to d r a ft is th a t i t o ffe rs th e m m o r e o p p o r tu n itie s o f
e m p lo y m e n t .
P la c e s v a c a te d b y m e n lia b le to d r a ft n eces
s a r ily are le ft o p e n fo r m e n o u tsid e o f th e d r a ft , h e e x p la in e d .
C o n c e rn in g th e se rv ice to b e p e r fo rm e d b y m e n w h o le a v e
n o n -e s s e n tia l
p u rsu its
to
ta k e
up
e sse n tia l
C r o w d e r s a id :
w ork ,
G en.
u
„
T h o a rm y a n d n a v y aro ta k in g th o m e n w h o aro b e st able p h y s ic a lly to
d o th o fig h tin g . B u t th a t is o n ly o n o p a r t o f th o n ation a l ta sk im p osed
b y th o w ar
T h e o th e r p a r t, th o p a r t th a t falls o n th e o th o r m e n . is t o
set free these m en w h o aro t o d o th o fig h tin g .
E v e ry m a n w h o h elps t o
sot fre e a fig h tin g m a n is h e lp in g to fig h t a n d w in th o w ar
N o w m a n y o f th e m en o f d ra ft a go in d e fe rre d classes 2 , 3 a n d 4 , d e fe r re d ,
th a t is ’ on th o g rou n d s o f d e p e n d e n c y , aro n o t e n ga g ed in e ffe c t iv e in d u s
tries. T h o sp e c ta c le is n o t a sa tisfy in g o n o o f a c o n tin g e n t o f d ra fte d m en
fr o m C lass 1 b e in g m a rch e d d o w n th o stre e t t o ca m p w h ile o th e r m en o f
th eir ow n a g o , w a tch in g th e m fr o m th o w in d o w s , rem ain b e h in d t o sell
cig a rettes o r dispen so s o d a fo u n ta in d rin k s, s o le ly b e ca u so t h o y h a v e r e
c e iv e d d eferm en t o n g rou n d s o f d e p e n d e n c y .
■
I f these m en o f th o sam e a go aro t o s ta y b e h in d , let th em a t least g e t
in to w ork m oro e ffe c tiv e t o h e lp th o w a r. T h e ir d e fe rm e n t ta k e s th e m o u t
o f m ilitary serv ice a n d y e t serves n o e c o n o m ic w a r p u rp o se w h a ts o e v e r.
T h o y are o f m ilita ry ago a n d th e re fo re h a v e th o p rim a ry d u t y o t d o w ar
w ork
I f th eir d e p e n d e n c y g iv e s th e m d e fe rm e n t fro m im m e d ia te m ilita ry
w ar w ork let th em a t least d o so m e th in g e c o n o m ic a lly useful t o m ain tain
th o n a tio n 's w olfaro w h ilo a t w ar. T h o y s h o u ld g o t in to s o m o useful a n d
e ffe c tiv e o c c u p a tio n s o r else fo rfe it th eir d e fe rm e n t fro m m ilita ry s e r v ic e .
T h o a ltern a tiv e is a fa ir on o .
T h e s o c ie t y ’ s p u b lic a tio n s w ere cir c u la te d n o t o n ly a m o n g
its o w n m e m b e r s , b u t also in m ilit a r y c a m p s a n d c a n to n
m e n ts.
T h e S ta t o D e p a r t m e n t a t W a s h in g t o n fu r th e r m o r e
re v e a le d th a t i t h a d re c e iv e d fo r m a l c o m p la in ts fr o m
I ta lia n
th e
G o v e r n m e n t th a t largo q u a n titie s o f th o s o c ie t y ’ s
a n ti-w a r p r o p a g a n d a h a d b e e n cir c u la te d in I t a l y a n d a m o n g
th e I ta lia n a r m ie s a t th e fr o n t .
T h o a n n o u n c e m e n t b y th e
S ta t e D e p a r t m e n t s a id :
U n d e r th e guiso o f religiou s w o rk , J . F . R u th e rfo r d , w h o w a s t o -d a y
sen ten ced t o tw e n ty y e a rs ’ im p riso n m e n t, a n d his asso cia te s, c ir c u la te d
th ro u g h o u t th e c o u n tr y , an d also in several ca n to n m e n ts o f th o a r m y , a
large a m o u n t o f v ic io u s a n ti-w a r p r o p a g a n d a .
S h o rtly p rio r t o th eir tria l, this G o v e rn m e n t re ce iv e d fo rm a l c o m p la in t
fro m th o Ita lia n G o v e rn m e n t t o th o e ffe c t th a t th o W a tc h T o w e r B ib lo an d
T r a c t S o c ie ty , m a n a ge d b y R u th e rfo r d an d his a ssocia tes, h a d s u cceed ed
in cir c u la tin g in th e Ita lia n arm ies a q u a n tity o f a n ti-w a r p r o p a g a n d a
w h ich h a d been m a ile d in to I t a ly fro m G reeco.
T h o fa c ts a n d d o c u m e n ts p resen ted t o this G o v e rn m e n t b y th o I t a lia n
G o v e rn m e n t, to g e th e r w ith th o fa c ts disclo se d in th o trial c o u r t , d e m o n
strated c le a rly th a t R u th e rfo r d a n d his a ssocia tes, w h ilo Issuing w h a t w ere
o s te n s ib ly p u b lic a tio n s o f a s tr ic tly religiou s c h a ra cte r, w ero, in fa c t , u sin g
certa in o f th ose p u b lic a tio n s as a m e d iu m fo r cir c u la tin g v ic io u s p r o p a
g a n d a s o le ly in te n d e d t o h am per th o p ro se cu tio n o f th o w a r b y th o U n ite d
S tates.
I n p a ssin g se n te n c e u p o n th o a c c u s e d , a fte r th o ju r y h a d
re n d e re d a u n a n im o u s v e r d ic t o f g u i lt y o n a ll fo u r c o u n ts o f
th e in d ic t m e n t, J u d g e H o w o s a id :
In th e o p in io n o f th e C o u rt, th e relig io u s p r o p a g a n d a w h ic h th oso d e
fen dan ts h a v o v ig o r o u s ly a d v o c a te d an d sp re a d th r o u g h o u t th o n a t io n ,
as w e ll as a m o n g o u r allies, is a greater d an ger th an a d iv isio n o f th o G er
m an A rm y.
I f th e y h a d ta k en guns an d sw ord s an d jo in e d th o G e rm a n
A r m y th o h arm th e y c o u ld h a v e d o n e w o id d h a v o bo o n in s ig n ifica n t c o m
p ared w ith th o results o f their p ro p a g a n d a . A p e rso n p re a ch in g r e lig io n
u su a lly has m u c h in flu e n ce , an d if h e is sln ccro h o is all th e m o ro e ffe c t iv e .
T h is a ggra va te s ra th e r th an m itigates th o w ro n g th o y h a v o d o n o . T h e re
fo re , as th e o n ly p ru d e n t th in g t o d o w ith s u ch pe rso n s, t h o C o u r t has
c o n c lu d e d th a t th o pu n ish m e n t sh o u ld b o severe.
P R E S I D E N T W I L S O N ’ S ORDER A U T H O R I Z I N G A D
V A N C E F U N D S TO M I L I T A R Y A T T A C H E S ON
D I S T A N T STATIO N S.
In
an
E x e c u tiv e
O rd e r issu e d
u n d e r d a te
of June
25,
P re s id e n t W i ls o n h as d ire c te d th a t m ilit a r y a tta c h e s o f th e
U n it e d
S ta te s
and
th eir
a s s is ta n ts
e m p lo y e d
on
d is ta n t
s ta tio n s , w h ere th o d isch a rg e o f th oir p a y c a n n o t b e re g u la rly
O n th e d a y th e “ w o rk o r f ig h t ” o rd er o f th o F e d e r a l A d
m in is tr a tio n w e n t in to e ffe c t th e N o w Y o r k S ta t e la w c o m
p e llin g id lers to w o rk b e c a m e o p e r a tiv e .
e ffe c te d , s h a ll b o g r a n te d a d v a n c e s w h e r o v e r a u th o r iz e d b y
th e S e c re ta ry o f W a r .
A s a re su lt o f th e
T h e ord er fo llo w s :
E X E C U T IV E O R D E R .
o p e r a tio n o f th e R o b in s o n o r S ta t e la w , a b o u t 1 0 0 arrests
W h erea s, S e ctio n 3648 o f th o R o v ls c d S ta tu te s o f th o U n ite d S tates
p ro v id e s as fo llo w s:
.
" N o a d v a n c e o f p u b lic m o n e y s sh all b o m a d o in a n y c a se w h a te v e r, . . .
w a s e s tim a te d th a t 4 , 0 0 0 m e n h a d re g iste re d u n d e r th e la w .
I t shall, h o w e v e r , bo la w fu l, und er sp ecial d ir e ctio n o f th o I’ rcs ld on t, t o
I n a s ta te m e n t issu e d o n J u n e 2 7 p o in tin g o u t th e c o n flic t m a k o s u ch a d v a n ce s t o th o disbu rsin g o ffic e r s o f th o G o v e rn m e n t as m a y
b o necessary t o th o fa ith fu l and p r o m p t d isch arge o f their re s p e c tiv e d u ties
in th e p ro v isio n s o f th e n ow S t a t e l a w , c o m p e llin g all a b lo a n d t o th o fu lfillm e n t o f t h e p u b lic en gag em en ts. T h e P resid en t m a y also
b o d ie d citiz e n s fr o m 1 8 to 5 0 y e a r s o f a g e to e n ago in s o m e
d ire ct su ch a d v a n ce s as he m a y d o o m necessary a n d p ro p e r t o persons in
u s e fu l o c c u p a t io n , a n d th o “ w o rk or fig h t
o r d e r , A s s is ta n t th o m ilita ry an d n a va l sorv ico e m p lo y e d o n d ista n t s ta tio n s w h ere th e
d isch arge o f th e p a y a n d em o lu m e n ts t o w h ich th o y m a y b o e n titled c a n
D is t r ic t A t t o r n e y J . H . B a n t o n o f N e w Y o r k sa id :
n o t b e regu larly e ffe c t e d ;" and
T h o co n fu s io n in th e p u b lic m in d arising fr o m th o p ro v isio n s o f law s d e
W hereas it has be e n fo u n d th a t m ilita ry a tta ch e s a b r o a d an d thoir
sign ed to p rov on t lo a fin g an d idlen ess is d u e t o th o f a c t th a t th o S ta te law
assistants w h o h a v e been allo w e d to e xp e n d u p t o $150 p er m o n th for
has t o d o w ith m en o f all ages fr o m 18 t o 5 0 , w h ile th a t o f th o m ilita ry
e x tra o rd in a ry expenses in ca rry in g o n their w o rk in th o p resen t e m e rg e n cy
refers o n ly t o m en o f th e d r a ft a g o , th a t is, 21 t o 3 1 .
are o fte n u n a b le t o ta k e a d v a n ta g e o f this a llo w a n ce a n d aro , th e refore,
M a n y o f th o o c c u p a tio n s a ffe c tin g m en o f th e s e le ctiv e d ra ft a g e , w ld ch
o fte n p re v e n te d fr o m ca rry in g o n their w o rk t o th o b e st interests o f th o
G en . C row d er has ru led are t o b o in clu d e d in th o n o n -p r o d u c tiv e class are
m ilita ry s e rv ico , be ca u so th o present requ irem en ts call fo r th oir first m a k in g
h eld t o bo usefu l, p r o d u c tiv e a n d law fu l e m p lo y m e n t under th o S ta to la w ,
th o e x p en d itu res a n d then p u ttin g in fo rm a l re q u e st fo r re im b u rse m e n t a n d
b u t fo r m en o n ly w h o are u n d er o r o ld e r th a u th o d r a ft agoin m a n y in stan ces, th o y h a v o n o t tho necessary fu n d s o f th oir o w n fo r m a k
I t w ill th u s b o soon th a t, w h ilo a m an b e tw e e n th e ages o f 21 an d 32 m a y
in g su ch e x p en d itu res in a d v a n c e : an d
n o t a c t as a w a iter, e le v a to r o p e r a to r , usher o r a sales cle rk , o r e n ga g ed in
W hereas I d o o m it necessary a n d p ro p o r t o d ire ct ce rta in a d v a n c e s , as
a n y o f th o n o n -p r o d u c t iv e o c c u p a tio n s o r e m p lo y m e n ts m e n tio n e d in th e
herein after p r o v id e d , t o su ch persons in th o m ilita ry s o rv ico , e m p lo y e d o n
ord er o f th o P r o v o s t M a rs h a l G e n e ra l, y o t su c h o c c u p a tio n s an d e m p lo y
dista n t s ta tio n s, w h ero th o disch arge o f th e p a y an d e m o lu m e n ts t o w h ich
m en ts m a y b o co n tin u e d u n d er th o S ta to law i f th o m a n b o u nd er 21 an d
th e y m a y b o en title d c a n n o t b o re gu la rly e ffe c te d , a n d I d o o m that su ch
a b o v o 32 years.
a d va n ce s t o su ch disb u rsin g o ffic e r s o f th o G o v e rn m e n t aro necessary t o th o
fa ith fu l an d p r o m p t d isch arge o f their re s p e c tiv e du ties a n d t o tho fu l
R E L IG IO U S C O N V I C T I O N S NO E X C U S E FOR URGING fillm e n t o r th o p u b lic en gag em en ts:
R E S I S T A N C E TO D R A F T .
I t is o rd e re d an d sp e c ia lly d ir e cte d , a t th o re q u e st o f th o S e cre ta ry o f
W a r , th a t m ilita ry a tta ch e s o f th o U n ited States a n d th eir a ssista n ts,
T h a t a n t i-w a r p r o p a g a n d a a n d re sista n ce to th o d r a ft la w
o m p lo y e d o n dista n t sta tio n s, w h ero th o disch a rge o f th o p a y a n d e m o lu
m u s t n o t b e c a rried o n u n d e r th e gu ise o f religiou s te a c h in g m en ts t o w h ic h th o y * m a y bo en title d c a n n o t b o re gu la rly e ffe c te d , shall
w a s e m p h a siz e d b y J u d g e H . B . H o w e in th o U . S . D is t r io t bo p r o v id e d w ith fu n d s up t o an a m o u n t p er m o n th , t o bo fix e d b y th o
S ecrotary o f W a r , fo r ex tra o rd in a ry oxpensos in ca rry in g o n their w o rk , an d
C o u r t in B r o o k ly n o n J u n o 2 1 w h e n im p o s in g h e a v y p en a ltie s
fo r th o fa ith fu l an d p r o m p t d isch arge o f th eir re s p e c tiv e d u tie s a n d th o
u p o n J o se p h F . R u th e r fo r d , th o P r e s id e n t, a n d se ve ra l fu lfillm e n t o f th o p u b lic e n gag em en ts, b y a d v a n ce s o f p u b lic m o n e y s , to
m e m b e r s o f a re ligiou s s e c t , k n o w n a s th o In te rn a tio n a l B ib lo b o m a d o o u t o f th o law fu l a p p ro p ria tio n s fo r su c h oxpensos o f m ilita ry
a tta ch e s , w h erover a u th o rize d b y th o S ecretary o f W ar.
S tu d e n ts ’ A s s o c ia tio n , fo llo w e r s o f th o la te P a s to r R u sse ll of
W O O D R O W W IL S O N .
h a d b e e n m a d e in N e w Y o r k C i t y u p to th o 3 d i n s t ., a n d it
B r o o k ly n .
on
an
T h e c o n d e m n e d m e n w ere c h a rg e d w ith c a rry in g
e x te n siv e
p ropaganda
th r o u g h
p eriod ica ls
an d
T h o W h lto H o u se ,
Ju n e 2 5 1918. __________________________
p a m p h le t s , in w h ic h w a r w as o p p o s e d o n ge n e ra l re ligiou s
g r o u n d s a n d d r a fte d m e n w ere u rg e d to re fu se m ilita r y ser
v ic e
and
c la im
e x e m p tio n
as
“ c o n sc ie n tio u s
o b je o t o r s .”
T h e in d ic tm e n t c o n ta in e d fo u r c o u n ts , a lle g in g c o n sp ira c y to
I N C R E A S E D P E N S I O N S FOR SO LDIERS A N D SA ILOR S
OF C I V I L W A R .
P r e s id e n t
W i ls o n
on June
10
sig n e d
th o
S m o o t -B la n d
c a u se in s u b o r d in a tio n , o b s tr u c t th e d r a ft a n d in terfe re w ith
b ill, g r a n tin g a m in im u m
re c r u itin g , a n d th o C o u r t im p o s e d a se n te n ce o f 2 0 y e a r s o n
m o n th to sold ie rs w h o se rv e d in th e C iv il W a r a n d a m a x i
e a ch c o u n t, th o se n te n c e s, h o w e v e r , to ru n c o n c u r r e n tly .
m u m o f 8 4 0 , g r a d u a te d a c c o r d in g to ago a n d le n g th o f s e r v
I n his c h a rg e to th o j u r y J u d g e H o w e sa id :
A ll th e d efen d a n ts h a v o te stifie d th a t in s a y in g w h a t th e y d id , in w ritin g
w h a t th oy d id , an d In p u b lish in g w h a t th o y d id , th e y a cte d w illin g ly an d
p u rp osely ; th a t th o y d id n o th in g a c c id e n ta lly o r in a d v e rte n tly ; th a t th e y
in ten d ed , h o p e d an d ex p e c te d th a t w h a t th o y sa id , w ro te a n d p u b lish e d
w ou ld be b e lie v e d , a d o p te d a n d fo llo w e d b y persons in th o m ilita ry forces
as w ell as oth ers; an d th a t th e m o ro w h o b o lio v e d , a d o p te d an d fo llo w e d
y io ir d octrin es a n d a d v ic e , th o m o ro g r a tify in g It w o u ld b o t o th e m .
ic e .
T h o H ou se on M a y
m o n t h ly w a r p e n sio n o f § 3 0
a
G h a d p a sse d th e S h e r w o o d b ill
p ro v id in g fo r a m in iu m p on sio n o f 8 2 5 a m o u th to C iv il W a r
v e te r a n s .
I t w a s d e sig n e d to m e e t th o in e q u a litie s b e tw e e n
p e n sio n s to so ld ie rs a n d th o so to sold ie rs
w hom
have
Sh erw ood
been
g e ttin g
m o ro
b ill p r o v id e d g r a d u a te d
th a n
w id o w s , so m o ^ o f
tho
s o ld ie rs.
p ay m en ts
fr o m
Tho
825
to
July G 1918.]
$39
a m o n t h , a c c o r d in g to a g e a n d le n g th o f se rv ic e , a n d
| PROPOSED
CONTROL BY GOVERNMENT OF TELE
GRAPH A N D TELEPHONE LINES.
w o u ld h a v e re p re se n te d a n in cre ase o f a b o u t 5 0 % fo r s h o r t
te r m so ld ie rs a n d a b o u t 3 0 % fo r lo n g -te r m .
T h e s u b s titu te
b ill o f th e S e n a te , m a k in g th e m in im u m p e n sio n $ 3 0 , w a s
p a s s e d b y t h a t b o d y o n J u n o 4 a n d o n J u n e 7 th e H o u s e co n
cu rre d in th e S e n a te p r o v isio n s.
T h e fo llo w in g is th e te x t
-of th e S m o o t -B la n d b ill as p a sse d b y C o n g re ss a n d sig n ed
b y P r e s id e n t W i ls o n o n J u n e 1 0 :
A N A C T in crea sin g rates o f pen sion s o f soldiers a n d sailors o f th e C iv il W a r.
B e it e n a c te d , & c . , T h a t th o general p en sion A c t o f M a y 11 1912 is h e re b y
a m e n d e d b y a d d in g a n ew s e c tio n t o read as fo llo w s :
" S e c . 6 . T h a t fr o m an d a fte r th e p assago o f th is A c t th o ra te o f p en sion
fo r a n y p erson w h o served 90 d a y s o r m o ro in th o m ilita ry o r n a va l s e rv ice
o f th o U n ited S tates d u rin g th o C iv il W a r , n o w o n th o roll o r h e re a fte r to
b e p la c e d o n th e p en sion r o ll a n d en title d t o r e c e iv o a less ra to th a n herein
a fte r p r o v id e d , shall b o $30 p e r m o n th .
In case su ch p e rso n has reach ed
t h o a go o f 72 yea rs a n d se rv e d six m o n th s th e ra to shall b o $32 a m o n th ;
o n o y e a r , $35 p er m o n th ; o n o a n d a h a lf y e a rs , $38 p e r m o n th ; t w o years
o r o v e r , $40 p er m o n th :
‘ ‘ P r o v id e d , T h a t this A c t shall n o t b o so co n s tr u e d as t o re d u c e a n y
p en sion u n d er a n y A c t , p u b lic o r p r iv a te : P r o v id e d f u r th e r . T h a t n o p en sion
a t to r n o y , cla im a g en t o r o th e r p erson shall b o e n title d t o r e c e iv e a n y c o m
p en sa tion fo r p resen tin g a n y cla im t o th o llu r o a u o f P en sion s u n d e r th is
A c t , e x c e p t in a p p lica tio n s fo r o rig in a l p e n sion s b y person s w h o h a v e n o t
h e re to fo re re ce iv e d a p e n s io n ."
F o llo w in g
th o e n a c tm e n t o f th e b ill, S e n a to r O sc a r E .
B la n d a d d re sse d a c o m m u n ic a tio n a s fo llo w s to th e sold ie rs
o f h is d istr ic t c o n c e rn in g th o a p p lic a tio n o f th e b ill:
T h e A c t o f Ju n o 10 1918, am en d in g th o S h e rw o o d p en sion law o f M a y 11
1912, p r o v id e s th e ra to o f $30 p er m o n th fo r sold iers a n d sailors o f a n y
a go w h o s erv ed n in e ty d a y s an d loss th an six m o n th s d u rin g t h o C iv il W a r
a n d w ere h o n o r a b ly d isch a rg e d , an d w h o are n o w r e ce iv in g a low er ra to .
T h o s e w h o aro 72 years o f ago o r o v e r a n d w h o s e rv e d six m o n th s aro e n
title d t o re ce iv e $32 p er m o n th ; th o se w h o s e rv e d o n e y e a r, $35 p e r m o n th ;
o n o a n d o n e -h a lf years, $38 p er m o n th , and t w o years o r o v e r , $40 per
m o n th . T h e se increases w ill b o g ra n te d a u to m a tica lly , a n d w ith o u t a p p li
c a t io n o f a n y k in d t o th o P en sion B u re a u , t o all s old iers an d sailors n o w
p en sion ed u n d er th o A c t o f M a y 11 1912, a n d w h o h a v e a tta in e d th o re
q u ire d ago an d served th e necessary le n gth o f tim e .
S oldiers an d sailors w h o se rv e d d u rin g th e C iv il W a r a n d aro p en sion ed
a t lo w e r rates u n d er s om e o th e r la w , b u t w h o aro o n titlc d t o p en sion u n d er
th o A c t o f M a y 11 1912, w ill b o requ irod t o filo an a p p lic a tio n u n d er th a t
A c t in o rd er t o receiv o th e b e n e fits o f th o new law .
T h o P en sion B u rea u w ill m ak e th ose allo w a n ce s w ith all th o d is p a tc h
p ossib lo u n d er existing c o n d itio n s . A special fo r c e fo r th o a d ju s tm e n t o f
cases w ith in th o p rov ision s o f th o n ew law has be e n o rg a n iz e d , w h ich w ill
h a n d lo those cases e x clu siv e ly .
I t sh o u ld b o b o r n e in m in d b y th o s e c o n
cern ed th a t th ere aro n ow n early 2 6 8 ,0 0 0 p e n sion s u n d e r th e A c t o f M a y 11
191 2, a n d all aro u rged t o oxerclso p a tie n ce a n d c o n s id e r a tio n .
W h ile
o v o r y e ffo r t w ill b o m a d e t o h asten th is w o r k , tliero w ill b o n o a v o id a b le
in terferen ce w ith th o progress o f c la im s n o w o n file o r h ereafter file d u nd er
o t h e r law s. A special e ffo r t w ill b o m a d o n o t t o in te rfe re w ith th o a d ju d i
c a tio n o f w id o w s ’ cla im s.
I t w ill b e w h o lly im p ra ctic a b le t o m ak e a n y p a y m e n ts at th e in crea sed
ra to o n J u ly 4 1918, b u t it is h o p e d th a t p a y m e n ts d u o A u g . 4 1918 m a y b o
m a d o a t th o ra te p r o v id e d b y th o now la w . I t w ill n o t b o n ecessary t o
w rite th o B u rea u a b o u t these in crea ses. L e tte rs o f in q u ir y w ill s im p ly
d e la y th o w o rk o f m a k in g a llow an ces.
N o a tto r n e y s ’ fees w ill b o a llo w e d o r p a id fo r se rv ice s in se cu rin g in
crease o f p en sion u n d er th o A c t o f Ju n o 10 1918.
N E W YORK STATE SOCIALISTS D E M A N D SIX-HOUR
DAY.
O n e o f th o p la n k s in c o rp o r a te d in tlio p la tfo r m
o f th e
N e w Y o r k S ta t e S o c ia list P a r t y a t its c o n v e n tio n in N e w Y o r k
C i t y o n J u n e 3 0 c a lls fo r a six -h o u r d a y fo r w o rk e rs in tho
S ta te .
A
p ro p o sa l fo r a f i v e -d a y w e e k o f e ig h t h o u rs w as
m ado b y A brah am
P a n k e n , M u n ic ip a l C o u r t J u s t ic e , b u t
th is s u b s titu te w a s ru le d o u t of o r d e r .
a
s ix -h o u r
day
w as
su g g e ste d
by
T h o p la n k p ro p o sin g
A ld e r m a n
B aru ch
C.
V la d e c k , a n d its a d o p tio n w a s e n d o rse d b y a v o t e o f 8 6 to 2 0 .
A ld e r m a n A b r a h a m B e c k e r m a n , s p e a k in g in su p p o r t o f th e
m o t io n , w a s q u o te d in th e N e w Y o r k “ T im e s ” as s a y in g :
T h o R e p u b lic a n an d D e m o c r a t ic p a rtie s w ill p r o b a b ly ask fo r an eig h th o u r d a y . I t is fo r u s , i f w o aro w o r t h o u r sa lt, t o m a k o a d e m a n d fo r a
s ix -h o u r d a y . B e fo r e e le ctio n tim e s co m e s aro u n d th e G a r m e n t W o r k e r s '
U n io n an d th o A m a lg a m a te d C lo th in g W o r k e r s w ill h o v e a fo r t y -fo u r -h o u r
w eek , s o th a t o u r d em a n d s aro n o t a t a ll o x co s s iv o .
The
c o n v e n tio n
also
a d o p te d
a
p la n k
d e m a n d in g
“ rep ea l o f th o P ru ssia n iz in g c o m p u ls o r y m ilit a r y
th e
train in g
la w s o f th e S ta t e a n d o f th e re c e n t la w w h ic h , u n d e r th e
p re to n se o f p u n ish in g w ilfu l id le r s,
th r e a te n s
th o w ork e rs
w ith in d u stria l co n sc r ip tio n fo r th e b e n e fit o f th o e m p lo y in g
A c c o r d in g
to
th o
N ew
Y ork
“ T r i b u n e ,”
a
m o tio n
to
e m b o d y a d e m a n d fo r fo u r te e n d a y s v a c a tio n w ith p a y fo r
a n y o m p lo y e e w h o w o rk e d six m o n th s or lo n g e r ivas d e fe a te d
a fto r J o se p h D . C a n n o n h a d sa id t h a t “ if y o u g a v o th o S ta to
th e r ig h t to re g u la te y o u r v a c a tio n y o u a lso g a v o it th o r ig h t
to s a y w h e n y o u c o u ld o r c o u ld n o t w o r k .”
“ W o aro d riftin g n o w fr o m th o c a p ita lis t s y s t e m to a S ta to
so c ia lism s y s t e m , or s ta te is m as it is c a lle d , a n d i t m a y bo
m o ro d iffic u lt fo r u s to g o t a n y th in g f r o m s ta te is m th a n it is
fr o m
c a p ita lis m ,”
said M r .
C annon.
“ L ot us
keop
a w a y fr o m th is d a n g e ro u s le g is la tio n .”
Tho
F o llo w in g th e a n n o u n c e m e n t o n J u n e 3 0 o f th e is s u a n c e
o f a c a ll fo r a s trik e o n J u ly 8 o f m e m b e r s o f th e C o m m e r c ia l
T e le g r a p h e r s ’ U n io n o f A m e r ic a e m p lo y e d b y th e W e s t e r n
U n io n T e le g r a p h C o m p a n y , it b e c a m e k n o w n t h a t P r e s id e n t
W i ls o n h a d e n d o rs e d a re s o lu tio n p r o p o s e d b y
R epresen
t a tiv e A s w e ll, g iv in g th e P r e s id e n t a u t h o r it y t o ta k e o v e r
th e te le g r a p h a n d te le p h o n e lin e s o f th e c o u n t r y .
A
su b
s tit u te fo r th e A s w e ll r e s o lu t io n , o ffe r e d b y R e p r e s e n ta tiv e
S a n d e rs o f L o u is ia n a w a s a d o p t e d o n J u ly 3 b y th e H o u s e
C o m m itte e
5)
it w a s
on
I n te r -S ta te
ann ounced
th a t
C om m erce.
Y e ste rd a y
P r e s id e n t W i ls o n
(J u ly
had
se rv e d
n o tic e o n C o n g r e s s t h a t h e d esire d th e A s w e ll
re s o lu tio n
p a sse d b e fo re a re ce ss w a s ta k e n b y C o n g r e s s .
N o lim it
as to th e p e r io d o f G o v e r n m e n t c o n tr o l o f th e w ire lin e s is
p ro v id e d fo r in th e A s w e ll r e s o lu tio n ; th e S a n d e rs r e s o lu t io n ,
a s o r ig in a lly o ffe r e d , w o u ld h a v e re q u ire d th e G o v e r n m e n t
to r e lin q u is h c o n tr o l o n e y e a r a fte r th e w a r e n d s ; d e s p ite
p r o te s ts f r o m s o m e m e m b e r s o f th e c o m m it t e e i t w a s a m e n d e d
s o a s t o p r o v id e fo r c o n tr o l o n ly fo r th e d u r a tio n o f th e w a r .
T h e te x t o f th e A s w e ll r e s o lu tio n fo llo w s :
J O I N T R E S O L U T I O N t o insure th e c o n tin u o u s o p e r a tio n o f e le ctr ic a l
c o m m u n ic a tin g s y s te m s, t o gu a rd th e s e c r e cy o f w ar d is p a tch e s a n d
p r e v e n t c o m m u n ic a tio n s b e tw e e n p u b lic en em ies.
R esolv ed , B y th e S en a te a n d H o u s e o f R ep re s e n ta tiv e s o f th e U n ite d S tates
o f A m e r i c a , in C o n g r es s A s s e m b le d , T h a t th e P re sid e n t, i f in his d is cre tio n
it is d e e m e d desira b le, in o r d e r t o insure th eir co n tin u o u s o p e r a tio n , o r t o
gu a rd th e s e c r e cy o f m ilita ry a n d G o v e rn m e n ta l c o m m u n ic a tio n s , o r t o
p re v e n t c o m m u n ic a tio n s b y spies an d o th e r p u b lic enem ies th e re o n , o r fo r
o th e r m ilita ry o r p u b lic reason s, shall h a v e p o w e r t o ta k e posse ssio n , an d
c o n tr o l o f a n y teleg ra p h , te le p h o n o , m arin e c a b le o r r a d io sy ste m s, an d
o p e r a te th e sa m e s u b je c t t o th o s e co n d itio n s o f la w , s o fa r as a p p lic a b le ,
w h ich are in fo rc e as t o s te a m ra ilroad s w h ile u n d e r F ed era l c o n t r o l.
T h e S an d e rs r e s o lu tio n , a s ag re e d to in c o m m itte e o n th e
3 r d , re a d :
T h a t th e P residen t in tim e o f w a r is a u th o rize d an d e m p o w e re d t o s u p e r
v ise o r ta k e possession a n d assum e c o n tr o l o f a n y te le g ra p h , t e le p h o n e ,
m arin e ca b le o r ra d io sy ste m o r s y s te m s o r a n y p a rt th e r e o f, an d t o o p e r a te
th e sam e in su ch m anner as m a y b e n eed fu l o r d esirable fo r th e d u r a tio n
o f th o w a r, w h ich su p e rv isio n , p o ssession , c o n tr o l o r o p e r a tio n shall n o t
e x te n d b e y o n d th o d a te o f th o p r o c la m a tio n b y t h e P resid en t o f th e e x
ch a n g e o r r a tific a tio n s o f a tr e a ty o f p e a c e , p r o v id e d th a t ju s t co m p e n s a tio n
shall b e m a d o fo r s u ch s u p e rv isio n , p o ssession , c o n tr o l o r o p e r a tio n .
W ith
lo w in g
th e in tr o d u c tio n o f th e A s w e ll r e s o lu tio n , th e fo l
le tte r
C o m m it t e e o n
eral
w as
sen t
to
C h a ir m a n
S im s
I n t e r -S t a t e C o m m e r c e b y
of
th e
H ou se
P o s t m a s t e r -G e n
B u r le s o n :
O F F IC E O F T H E P O S T M A S T E R -G E N E R A L ,
W a s h in g t o n , D . C . , J u n e 28 1918.
H o n . T h etu s W . S im s , C h a ir m a n , C o m m itte e o n I n te r -S ta te a n d F o r e ig n
C o m m e r c e , H o u s e o f R ep re s e n ta tiv e s
M y D e a r M r . C h a ir m a n .
A n sw e rin g y o u r in q u ir y re q u e stin g m y " o p i n
io n as t o th e d e sira b ility a n d a d v is a b ility o f th o im m e d ia te p a ssa g e ” o f th e
A sw ell jo in t r e so lu tio n H . R . 30 9 , g iv in g th o P resid en t p o w e r “ i f in h is d is
cr e tio n it is de e m e d de sira b le ” t o assum e c o n tr o l o f th e co m m u n ic a tin g
syste m s b y e le ctr ic ity “ in o r d e r t o insure th eir c o n tin u o u s o p e r a tio n ”
d u rin g t h o o c c a s io n o f th e w a r, a n d “ t o gu a rd th o s e c r e cy o f th e m ilita r y
a n d G o v e rn m e n ta l c o m m u n ic a tio n s , o r t o p r e v e n t c o m m u n ic a tio n b y spies
an d o th e r p u b lic e n e m ie s,” I b e g t o s a y th a t s u ch p o w e r a n d d is cre tio n t o
a c t seem s im p e ra tiv e t o safegu ard p u b lic in terests.
A t th is m o m e n t paralysis o f a la rg e p a rt o f th e sy s te m o f e le ctrica l c o m
m u n ica tio n is th re a te n e d w ith p o ssib le c o n s e q u e n ce s p r e ju d icia l t o o u r
m ilita ry p re p a ra tio n s an d o th e r p u b lic a c tiv itie s , th a t m ig h t p r o v e serious
o r disastrou s. W e are rem in d ed th a t th ere is n o t a n a tio n en ga g e d in th e
w ar th a t in tru sts its m ilita ry o r o th e r c o m m u n ic a tio n s t o u n o ffic ia l a g en
cies.
I d e e m it th e re fo re m y d u t y n o t m e re ly t o a p p r o v e b u t t o u rge th e p a s
sa ge o f t h e r e s o lu tio n , in o r d e r th a t th e P re sid e n t m a y a c t , i f n ecessa ry
t o safegu ard th o in terests o f th e c o u n t r y d u rin g t h e p r o s e c u tio n o f th o
w a r.
R e s p e ctfu lly ,
A . S. B U R L E S O N .
P o s tm a s te r -G e n e r a l.
P o s tm a s te r -G e n e r a l
B u r le s o n ’ s
le tte r
w as
referred
by
C h a ir m a n S im s to P re s id e n t W i ls o n , w h o re p lied as fo llo w s :
T h e W h i te H o u s e , W a s h in g to n , J u n e 29 1918.
M y D e a r M r . S im s : T h a n k y o u fo r c o n s u ltin g m o a b o u t t h e In closed .
I in d o rse e n tire ly th e in clo s e d le tte r fro m th o P o s tm a s te r-G e n e ra l, w h ic h
I h erew ith retu rn a n d th in k th a t th e reasons aro s ta te d b y h im t r u ly a n d
co m p r e h e n s iv e ly . C o r d ia lly a n d s in ce re ly y o u r s ,
W O O D R O W W IL S O N .
T o H o n . T h etu s W . S im s .
T h e fo llo w in g le tte r o f in d o r s e m e n t fr o m S e c re ta ry B a k er
c la s s .”
now
43
THE CHRONICLE
S o c ia list tic k e t fo r th e c o m in g S ta to
n a m e d a t th o m o o tin g .
e le c tio n
w as
w a s a lso re a d to th e C o m m it t e e :
W a r D e p a r tm e n t , W a s h in g to n , J u ly 1 1918.
D e a r M r . S im s :
I th o u g h t it b o t h ex p e d ie n t a n d w ise th a t th e P resid en t
sh o u ld h a v e co n fe rre d u p o n h im th o p ow ers w h ic h h e is g iv e n u n d e r th e
p ro v isio n s o f H o u s e J o in t R e s o lu tio n N o . 3 0 9 . C o r d ia lly y o u rs .
N EW TON D. BAKER,
S e c r e ta ry
T o th e H o n . T h etu s W . S im s , H o u s e o f R e p re s e n ta tiv e s .
of
W ar.
S e c re ta ry D a n ie ls se n t th is le tte r to C h a ir m a n S im s :
T h e S ecreta ry o f th e N a v y , W a s h in g to n , J u ly 1 1918.
M y D e a r M r . C h a ir m a n :
I h a v e re ce iv e d y o u r le tte r o f Ju n e 28 ask in g
m y o p in io n as t o th o d e sira b ility a n d a d v is a b ility o f th e im m e d ia te passage
o f H o u se J o in t R e s o lu tio n N o . 309 : “ T o insure th o c o n tin u o u s o p e r a tio n
o f olectrical c o m m u n ic a tin g sy ste m s, t o gu ardjth ejsecrocy o f w a r d is p a tc h e s ,
a n d p re v e n t c o m m u n ica tio n s b etw een p u b lic e n e m ie s .”
I b e lie v e th a t s u ch a resolu tion is o f h igh m ilita ry im p o rta n ce , a n d th a t
d u rin g this p e rio d o f w a r th e C o m m a n d e r-in -C h ie f o f th o A r m y a n d N a v y
44
[Vol. 107.
THE CHRONICLE
o u g h t t o h a v e th o p o w e r t o ta k e p o ssession a n d c o n t r o l o f a n y te le g ra p h ,
t e le p h o n e , m a rin e c a b le , o r ra d io s y s te m s, a n d o p e r a te th o sa m o s u b je c t
t o th o s e co n d itio n s o f la w , s o fa r as a p p lic a b le ,' w h ic h are in fo r c e as t o
stea m railroa d s w h ile u n d e r F ed era l c o n tr o l.
I t w as fo u n d a b s o lu te ly n ece ssa ry ea rly in th o w a r t o ta k o c o n tr o l o f
ra d io s y s te m s, a n d I th in k it is a lm o st as im p o rta n t t h a t th o P re sid e n t
s h o u ld h a v e th o p o w e r t o c o n tr o l all m e th o d s o f co m m u n ic a tio n . S in
c e r e ly y o u r s .
JO SE P H U S D A N IE L S .
To Hon. Thetus W. Sims, M . C.
A n n o u n c e m e n t o f th e ca ll fo r a strik e o f m e m b e r s o f th o
s o c ia tio n In m a tters re la tin g t o w a g e s , co n d itio n s o f e m p lo y m e n t, sickness
b e n e fits , pen sio n s, lifo in su ran ce a n d a n y o th e r m a tters a ffe c tin g th o in
terests o f e m p lo y e e s .
M e a n w h ilo , y o u m a y b o u rg e d t o d o so m e th in g fo o lis h b y so lf-scek in g
in d ivid u a ls w h o h o p o t o im p ro v e th eir o w n p o s itio n , a n d su ch an in d iv id u a l,
rep resen tin g a sm all u n io n o f .about 2 ,5 0 0 m e m b e rs, la rg e ly C a n a d ia n ,
p ro p o s e s o n his o w n a u th o r ity t o ca ll y o u — lo y a l m en a n d w o m e n o f th o
W e s te rn U n io n — fr o m y o u r w o rk in ord e r t o d e fe a t th o a sso cia tio n w h ich
y o u aro a b o u t t o fo rm .
I a m c o n fid e n t y o u w ill an sw er this a tte m p t b y
an a d d itio n a l d e m o n s tr a tio n o f y o u r lo y a lty t o y o u r G o v e rn m e n t b y c o n
tin u in g a t y o u r p o s t o f d u t y w ith o u t fe a r o f cr itic is m b y r ig h t-m in d ed
p e o p le .
C o m m e r c ia l T e le g r a p h e r s’ U n io n e m p lo y e d b y th e W e s t e r n
U n io n
w as
m ade
K onenkam p.
by
th e
P re sid e n t
of
th e
fo r m e r ,
S.
J.
T h e a n n o u n c e m e n t said in p a r t:
T h e s tr ik e a g ain st th o W e s te rn U n io n T e le g r a p h C o . w ill b o e ffe c t iv e
a t 7 A . M . , E a s te r n t im e , an d t h o c o r re s p o n d in g h o u r o f 6 A . M . , C e n tra l
t im o , M o n d a y , J u ly 8 1918. O ffic ia l a n n o u n ce m e n t o f th o tim o h as been
s e n t t o th e O rd er o f R a ilr o a d T o lo g ra p h e rs an d th o In te r n a tio n a l B r o th e r
h o o d o f E le c tr ic a l W o r k e r s fo r th e ir in fo r m a tio n an d g u id a n ce .
T h o g r ie v a n c e s t o b o a d ju s te d a ro t h o s e s e t fo r t h in P re s id e n t W ils o n ’s
le tte r t o th o W o s t e m U n io n T e le g r a p h C o . as (1) th o r e in s ta te m e n t o f o v e r
800 W e s te rn U n io n e m p lo y e e s lo ck e d o u t c o n t r a r y t o th o te rm s o f his
p r o c la m a tio n o f A p r il 8 1918. a n d (2) t o e n fo r c e th o d e c is io n o f th o N a tio n a l
W a r L a b o r B o a r d , d a te d Ju n o 1 1918. I n th is le tte r t o th o W e s te rn U n io n
P r e s id e n t W ils o n asked th o o ffic ia ls o f th a t c o m p a n y t o c o -o p c r a t o w ith h im
b y a c c e p t in g th o L a b o r B o a r d ’s d e c is io n . T h is th o c o m p a n y d e c lin e d t o d o .
S im ila r tettors a d d ressed t o th o P o s t a l T e le g r a p h C o . , a n d t o y o u r u n io n
b r o u g h t fo r t h a re a d y exp re ssio n o f th e ir w illin gn ess t o c o m p ly w ith his
r e q u e s t.
T h o s tr ik o a gain st th o W e s te rn U n io n a lo n o is n e ce ssa ry b e ca u s e o f th a t
c o m p a n y ’s c o n tin u e d d e te r m in a tio n t o d e s t r o y o u r o r g a n iz a tio n . I t is a
c o n tin u a tio n o f th o str u g g lo th a t has g o n o th r o u g h m a n y y e a r s , d u rin g
w h ic h w o h a v e re p e a te d ly a p p e a le d t o th e G o v e rn m e n t an d w o ro su stain ed
b y th o in v e s tig a tio n o f 1908, th o U . S . C o m m is s io n o f In d u s tria l R e la tio n s
in 1916, an d th o M a s s a c h u s e tts S ta te B o a r d o f L a b o r an d I n d u s tr y in 1916,
as w e ll as b y th o N a tio n a l W a r L a b o r B o a r d , a ll o f w h ic h has b e e n o f n o
a v a il, e x c e p t t o in te n s ify th o s tr u g g le . Y o u k n o w h o w ea ch y e a r has
a d d e d t o th o h o s t ilit y sh o w n b y P re s id e n t C a r lt o n , w h o has te r m e d u n io n
ism a t y r a n n y , a n d s a y s : “ I f a n y b o d y is g o in g t o b o t h o t y r a n t , I w a n t
t o b o th o t y r a n t .”
A s A m e rica n s , w o h a v o n o do siro t o b o s u b je c ts o f ty r a n n y , an d this
s tr ik o w ill b o ju s tifie d t o th o b o y s a t th o fr o n t b e c a u s o o f its p u r p o s e . I t
Is n o t o f o u r s e ek in g . I t is th o la st re so rt t o p re se rv e o u r org a n iz a tio n
f r o m a n n ih ila tio n . W ith n e a r ly a th o u sa n d m e m b e rs d e n ie d th o rig h t t o
w o rk a t th oir tr a d o , w ith th o d a n g e r o f m o re e x te n siv e lo c k o u ts c o n fro n tin g
u s , th ere is n o th in g lo ft o c x e p t t o s ta n d u p in d e fe n se o f lib e r t y , fre e d o m ,
and d e m o c r a c y a t h o m o , as w e ll as a b r o a d . T h is s tr ik o asks fo r n o th in g
e x c e p t fu n d a m e n ta l A m e r ic a n ism , an d It is g o in g t o b o w o n o n th a t g ro u n d
a lo n o .
N e w c o m b C a r lto n , P re sid e n t o f th e W e s t e r n U n io n , w h o
w a s q u o te d in th e N e w Y o r k “ T im e s ” o f th o 1 st in s t. a s s a y
in g w ith re g a rd to th e strik o ca ll o f th o C o m m e r c ia l T e l
e g r a p h e r s’ U n io n , “ N o n e o f o u r e m p lo y e e s is a m e m b e r o f
th a t u n io n , so I d o n o t see h o w th e strik e a ffe c ts u s ,” issu ed
th e fo llo w in g s ta te m e n t o n th o 1 st i n s t .:
T h o c o n c r o to s itu a tio n Is th is : T h o W e s te rn U n io n T e le g r a p h C o m p a n y
has so fa r n o t d eclin ed t o fo llo w th e in s tru ctio n o f t h o N a tio n a l W a r L a b o r
B o a rd . T h e re has b e e n n o d e cis io n b y th a t B o a rd w ith w lilch w o aro at
v a ria n ce .
A n o rd e r has b een issu ed t o W e s te rn U n ion e m p lo y e e s t o strik o J u ly 8.
T h e ro w ill b e n o resp on se t o th is o rd e r fo r th o re a so n th a t o u r e m p lo y e e s
c a n n o t b o m isled at s u ch a tim o as this an d b e ca u so th e y are n o t m em bers o f
th o u n io n . I t is s ta ted t h a t u n d er th e d ir e ctio n o f th o O rd er o f R a ilw a y T e l
egraph ers th o G o v e rn m e n t e m p lo y e e s h a n d lin g co m m e r c ia l m essages at
ra ilw a y sta tion s w ill d e clin e t o h a n d io s u ch m essages. T h o W e ste rn
U n io n has n o d ifferen ces w ith th o O rd er o f R a ilw a y T o lo g ra p h e rs: tlio y h a v o
w orkqcl fre e ly fo r years in o u r fo rc e s a n d w ith o u r e m p lo y e e s . T h e c o n
tr a c ts fo r h a n d lin g co m m e r c ia l m essages a t ra ilw a y o ffic e s aro n o w w ith
th o U n ite d S tates G o v e rn m e n t a n d w o h a v o n o d o u b t th a t t h o y w ill bo
ca rried o u t.
I t w o u ld th e re fo ro a p p e a r th a t th o situ a tio n su m s u p a b o u t llk o th is: A
u n ion w ith o u t m em b ersh ip in o u r fo rce s p ro p o s e s t o d eclaro a s trik o in ord e r
th a t G o v e rn m e n t em p lo y e e s h a n d lin g co m m e r c ia l m essages m a y s y m p a
th e tic a lly s trik o. T h is s itu a tio n has n o Im p o rta n co sa v o In its n o v e lt y .
T h o p rim e o b je c t w ld c h th e u n ion seeks t o a c c o m p lis h is th o d e fe a t o f tho
p la n o f org a n iz a tion w h ic h is n o w b e in g ca rried fo rw a r d b y W e s te rn U n io n
em p lo y e e s , c rea tin g their o w n a sso cia tio n w ith u n re stricte d rig h ts as t o
c o lle c t iv e b a rg a in in g , w o rk in g c o n d itio n s , c o m p e n s a tio n , & c.
M r . C a r lto n w a s a lso q u o te d in th o “ T im e s ” a s s a y in g :
P e r c y T h o m a s , E a s te r n R e p r e s e n ta tiv e o f th o C o m m e r c ia l
T e le g r a p h e r s ’ U n io n , w a s sa id to h a v o s ta te d o n th e 1 s t in s t .
th a t th ero w o u ld b o n o s trik e in th e e v e n t t h a t th o G o v e r n
m e n t to o k o v e r th o W e s t e r n U n io n lin e s .
R e p r e s e n ta tiv e A s w e ll, in e x p la in in g th o p u rp o s e o f h is
re s o lu tio n , w a s q u o te d to th o fo llo w in g e ffe c t in th e N o w
Y o r k “ T im e s ” o f th e 2 d i n s t .:
M y p u r p o s e in in tro d u c in g th o re s o lu tio n w as t o g lv o th o P r e s id e n t fu ll
a u th o r ity t o a c t in a n y e m e r g e n c y th a t m a y arise. T h o e m e r g e n c y , I
th in k , has n o w a rison . T h o E x e c u tiv e o f o v o r y c o u n tr y a t w a r has c o n tr o l
o f th o to lc g r a p h an d te le p h o n e s y s to m s, an d o u r s y s te m s sh o u ld b o taken
o v e r im m e d ia te ly t o assure th o p r o p e r c o n d u c t o f th o w a r . T h o ca llin g
o f th o s trik o a c c e n tu a te s th o n e c e s s ity o f ta k in g o v e r th o lin os.
T h e e c o n o m ic s ig n ific a n c e o f th o s te p p r o p o s e d b y th is r e s o lu tio n is
a s to u n d in g . I f I w o ro t o s a y th a t p u ttin g th o fla g o n th o r a ilr o a d s o f tho
U n ite d S ta te s, as th o P re sid e n t has d o n o . en ab les h im t o m o v e tw ic o as
m a n y ton s o f fre ig h t w ith o u t a d d itio n a l e m p lo y e e s I s h o id d b o m a k in g a
gro ss m is s ta te m e n t o f th o p o s s ib ilitie s , g re a t as th o p o s s ib ilitie s o f im p ro v e
m e n t a c tu a lly a ro . B u t w h en I m o k e th e sam o sta te m e n t as t o th o results
o f th o u n ific a tio n o f th o te le g ra p h an d te le p h o n o w ir e s . I a m m a k in g an
u n d e rs ta te m e n t o f th o fa c ts . T h e G o v e r n m e n t, b y t h o u n ific a tio n o f theso
lin os, c a n roleaso m o s t o f th o e m p lo y e e s o f th o te le g ra p h c o m p a n ie s b y
sen d in g te leg ra m s o v e r th o te le p h o n e w ire s, as is d o n o su c c e s s fu lly In oth or
co u n trie s w h ere tlieso fa c ilitie s a re u n d e r G o v e rn m e n t c o n t r o l. T o lo p lio n o
w ires a ro b e tte r th a n to lo g ra p h w ires, a n d aro s u s co p tib lo o f uso fo r b o th
te le p h o n e a n d te le g ra p h co m m u n ic a tio n s im u lta n e o u sly .
T h o W a r D e p a r tm e n t is in g r a v e n e e d o f tra in e d te le g ra p h e rs, te le p h o n
ists, a n d e le ctr ic a l m e n . I f th o te le g ra p h a n d te le p h o n e s b o c o m b in e d , at
least 1 0 ,000 teleg ra ph ers w o u ld b o relea sed a t o n c e fo r tho m ilita r y s e r v ic o .
M o r e o v e r , it is n ece ssa ry t o c o n tr o l th e w ires in o r d e r to p r e v e n t th o ir uso
fo r tr a ito r o u s p u r p o s e s , as a ll o th e r b e llig e re n ts aro n o w d o in g . A t p resen t
th e r e is n o th in g t o p r e v e n t a 6py se n d in g a te le g ra m to E l P a s o , T o x a s ,
w h ic h , be in g re c e iv e d b y a co n fe d e r a te th e r o , c a n b o ca r r ie d a cro ss tlio
riv e r in to M e x ic o a n d th en tr a n s m itte d t o G e rm a n y . T h o Im p e r ia l G or
m a n G o v e rn m e n t p r e v e n ts th is s o r t o f th in g b y c o n tr o llin g its o w n w ires
an d fu rn is h in g its o w n e m p lo y e e s w h o c e n so r a ll c o d o an d d o u b tfu l m a tte r.
A t p re se n t in th is c o u n t r y th e re is n o c h e c k w h a te v e r o n th o tr a ito r o u s uso
o f th o te le p h o n e an d to le g ra p h w ire s , w h ic h in orlie r b e llig e r e n t co u n tries
a ro p o s ta l in stru m e n ta litie s o f c o m m u n ic a tio n s .
T h o P o s ta l T o le g r a p h C o ., w ith fe w o x c o p tio n s , d u p lic a te s th o W estern
U n io n , an d c o u ld g iv e all o f its e m p lo y e e s im m e d ia te ly t o th o G o v e rn m e n t
fo r Its s e r v ic o , an d th o W e s te rn U n io n , w h e n Us m essages h a v o boon sh ifte d
to th o lo n g -d is ta n c e te le p h o n e w ire s , c o u ld also g iv o a ll o f its e m p lo y e e s ,
e x c e p t teleg ra ph ers a n d m ossen gors, t o th o m ilita r y s e r v ic o . I t is an
u n d e rs ta te m e n t t o s a y th a t w ith fe w e r e m p lo y e e s tlio G o v e rn m e n t ca n
tr e b lo th o n u m b e r o f m essages n o w h a n d le d d a lly b y a ll o f th o to le g ra p h
an d te le p h o n e c o m p a n ie s c o m b in e d .
I n th o U n ite d S tates y o u see th re e p o lo lin os, th re e sots o f o ffic e r s , th reo
sets o f o v e r h e a d d o in g less w o r k th an o n o p o le lin o , o n o set o f o ffic o r s , and
o n o o v e r h e a d a ro d o in g in o ch e r b e llig e r e n t c o u n tr ie s , and p a r ticu la r ly in
e n o m y co u n tr ie s . T h o tra in e d m a n -p o w e r en ga g e d in th o te lo g ra p h ic
s e r v ic o se n d in g m essages sen t o v e r th e te le p h o n e w ire s in o th o r co u n tries is
s im p ly w a s te d e n e rg y ta k in g p la c o in th o U n ite d S ta te s, w h en w o so g r e a tly
need th is tr a in e d m a n -p o w e r w ith w h ic h t o w in th o w a r s p e e d ily and
d e c is iv e ly .
W h i le c o n s id e r a tio n w a s b e in g g iv e n b y th o H o u s e C o m
m it te e o n I n t e r -S t a t e a n d F o r e ig n C o m m e r c e to th o A s w e ll
re s o lu tio n o n J u ly 2 , R e p r e s e n ta tiv e G o r d o n a s k e d c o n s e n t
to re -ro fe r th e r e s o lu tio n fr o m
th o c o m m itto o in ch a rg e o f
th o re s o lu tio n to th o c o m m it to o o n M i li t a r y A ff a ir s .
o b je c t io n to th is w a s v o ic o d .
No
L a t e r R e p r e s e n ta tiv e
S im s
m o v e d to re co n sid o r th o ro-reforon co o f th o r e s o lu tio n , a n d
th is m o tio n w a s a d o p te d b y a v o t e o f 1 8 7 to 1 0 7 .
A v o te on
th e origin al m o tio n o f R e p r e s e n ta tiv e G o r d o n w a s th e re u p o n
ta k e n , a n d h is p ro p o sa l fo r rc -r o fe r e n c e w a s ro jo c te d b y a v o to
I th in k it is p e r fe ctly p ro p e r fo r th o P re sid e n t t o ta k o s u ch steps as ho
d eem s fit t o o b ta in fr o m C on gress th o p o w e r th a t w o u ld g iv e h im th o o p tio n
o f ta k in g o v e r th o lines o r le a vin g th e m u n d e r th o c o n tr o l o f th o present
m a n a g em en t. T h e c o m p a n y ’s a ttitu d o has n o t c h a n g e d in th o least fro m
its orig in a l co n te n tio n th a t it c a n n o t o p e ra te its lines e ffic ie n tly an d t o tho
h igh est p u b lic g o o d unless th o a n te -b e llu m c o n d itio n is c o n tin u e d .
I f it
b e c o m e s a m a tter o f c h o ic o as t o w h e th e r th o s e rv ice Is t o b o harassed b y
th e d a n ger o f strik es a n d th e terrorizin g m e th o d s o f th o u n io n o r b e ta k en
o v e r b y th o G o v e rn m e n t, th o c o m p a n y w o u ld m o s t ce r ta in ly prefer th o
la tter a n d b o reliev ed fr o m fu rth e r r e sp o n sib ility .
s ig n e d to p r e v e n t th e r e lin q u is h m e n t o f c o n tr o l b y th o G o v
I n still a la te r s ta te m e n t, issu e d o n J u ly 4 to e m p lo y e e s of
e r n m e n t o f c e rta in o f th o sh o r t-lin o ra ilro a d s , th o R a ilr o a d
o f 9 6 to 6 1 .
SHORT-LINE RAILROADS FREED FROM FEDERAL
CONTROL JUST BEFORE ADOPTION OF LEGIS
LATION INTENDED TO PREVENT ACTION.
1 ,3 0 0
J u s t b e fo re th o c o m p le tio n o n J u n o 2 9 o f le g is la tio n d e
tlio W e s t e r n U n io n , P re sid e n t C a r lto n sa id :
A d m in is tr a tio n tu rn e d b a c k
I n o rd er th a t e m p loy ee s m a y h a v o a full u n d ersta n d in g o f presen t c o n
d itio n s , it seem s p ro p e r fo r m o t o s a y th a t o n th e o v o o f th o fo rm a tio n o f a
W estern U n ion E m p lo y e e s ’ A s s o c ia tio n th e G o v e rn m e n t is con sid erin g
ta k in g o v e r th o teleg ra p h lines b eca u se o f th o th rea t o f an o u ts id e o rg a n
iz a tio n w ith o u t m em b ersh ip in o u r fo rc e s . . N o o n o w o u ld p a y a n y a tte n
tio n t o s u ch a th rea t w ero n o t th o n a tio n a t w a r. I t is, th e re fo ro , p e rti
n en t t o call a tte n tio n t o th o G o v e rn m e n t’s p o in t o f v ie w o n o u ts ld o u nions
as expressed b y P os tm a s te r-G e n e ra l B u rleson b e fo r e th o H o u s e C o m m itte e
o n T u e s d a y last, as fo llo w s " I h a v o n ever o p p o s e d th e G o v e rn m e n t e m p lo y e e s o rg a n iz in g , b u t i f tho
teleg ra p h an d telep h on e lines aro ta k en o v e r th o e m p lo y e e s sh o u ld n o t bo
a ffilia te d w ith a n y o u ts id e o rg a n iz a tio n . T h o so lo a ffilia tio n sh o u ld b o
w ith th e G o v e rn m e n t an d n o o u ts id e o rg a n iz a tio n s h o u ld b o a llo w e d t o in
flu e n ce th eir a c t io n .”
F rom th o fo re g o in g it w o u ld a p p e a r th a t th e p o lic y o f th o c o m p a n y is
p recisely th a t o f th o P o s tm a s te r-G e n e ra l.
W h e n y o u r a ssocia tion Is fo rm e d it is p r o p o s e d th a t th e c o m p a n y m ak e an
exclu sive c o n tr a c t w ith it u n d e r w h ich th o c o m p a n y w ill deal w ith th e as
th a n 1 ,0 0 0 sh o r t-lin o r a ilro a d s .
to p riv a to m a n a g e m e n t m oi’O
B o tw e o n 3 0 0 a n d 4 0 0 o f th o
ro a d s r e lin q u is h e d , it is s t a t e d , h a d s o u g h t to re m a in u n d er
G overn m en t
m a n a g e m e n t.
Tho
R a ilr o a d
A d m in is tr a tio n
w ith h e ld th e a n n o u n c e m e n t o f its a c tio n u n til less th a n an
hour
b e fo re
la tio n
w h ich
th e
w o u ld
co u rse ta k e n b y i t .
m a d e n e c e ssa r y b y
ap p ro va l
havo
by
p r e v e n te d
C o n gress
th o
of
a d o p tio n
leg is
of
tho
I t w a s e x p la in e d th a t its a c tio n w as
th o p r o v is io n in th o R a ilr o a d A c t re
q u ir in g th o G o v e r n m e n t to d ec id o b o fo ro J u ly 1 w h ic h s h o r t
linos w o u ld b o re ta in e d a n d w h ic h r e lin q u is h e d .
R a ilr o a d
A d m in is tr a tio n o ffic ia ls also e x p la in e d t h a t , sin co th o legis
la tio n w a s n o t ta k e n u p b y oith e r I Io u s o o f C o n g re s s u n til
a b o u t 4 o ’c lo c k S a tu r d a y a fto r n o o n , th o y c o u ld n o t k n o w
.
July 6 1918.]
45
THE CHRONICLE
w h e th e r i t w o u ld b o e n a c t e d .
T h e le g is la tio n ,
th e r e fo r e ,
a d v a n c e d d u rin g th e m o n th o f J u n e to n in e te e n ra ilro a d s
it is s ta to d , is v ir tu a lly n u llifie 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 f th o R a ilr o a d A d m in is
w a s $ 3 6 ,1 9 5 ,0 0 0 .
tr a tio n o n J u ly 3 , 5 5 3 sh o r t-lin e ro a d s are re ta in e d u n d er
D u r in g th o m o n th o f Ju n o th o R a ilr o a d A d m in is tra tio n a d v a n c e d t o 19
d iffe re n t railroad s in th o ag g re g a te $ 3 0 ,1 9 5 ,0 0 0 : th e a m o u n t a d v a n c e d t o
all ra ilroad s p r io r t o Ju n e 1 1918 w as $ 1 2 4 ,3 1 4 ,0 0 0 : s o th a t th e to t a l su m
a d v a n c e d t o th o railroads th r o u g h o u t th e c o u n t r y b y th e D ir e c to r-G e n e r a l
o f R a ilr o a d s u p t o J u ly 1 is $ 1 6 0 ,5 0 9 ,0 0 0 .
T h e se fu n d s w ere o b ta in e d as fo llo w s : F r o m su rplu s b alan ces o f certa in
ra ilro a d s, $ 1 8 ,7 4 5 ,0 0 0 : fr o m th e U n ite d States T r e a s u r y (re v o lv in g f u n d ) ,
$ 1 4 1 ,7 6 4 ,0 0 0 : t o ta l, $ 1 6 0 ,5 0 9 ,0 0 0 .
T h o railroad s t o w h ich a d v a n ce s w ere m a d o d u r in g th e m o n th o f Ju n o
w ero:
N e w Y o r k C e n tra l L in e s _____________________________________________ $ 6 ,5 0 0 ,0 0 0
4 ,5 0 0 .0 0 0
F rio R R .................................. - ............................................. .............. ........... ..
C h ic a g o M ilw a u k e e & S t. P a u l R R ________________________________
4 ,0 0 0 ,0 0 0
P e n n sy lv a n ia R R _________________________________________ ;___________ 3 ,0 0 0 ,0 0 0
N e w Y o r k N e w I la v e n & H a r tfo r d R R ____________________________ 3 ,0 0 0 ,0 0 0
Illin ois C e n tra l R R ..................................................... ....................... .............. 2 ,7 5 0 ,0 0 0
S ou th ern P a cific R R _________________________________________________ 2 ,0 0 0 ,0 0 0
D e la w a re & H u d s o n R R ____________________________________________ 2 ,0 0 0 ,0 0 0
C h e sa p e a k e & O h io R R _____________________________________________ 2 ,0 0 0 ,0 0 0
C h ic a g o B u rlin g to n & Q u in cy R R _________________________________ 1,5 0 0 ,0 0 0
D e n v e r & R io G ra n d e R R __________________________________________ 1 ,200,000
S ea b o a rd A ir L in e R y ________________________________________________ 1 ,0 0 0 ,0 0 0
S t. L o u is-S a n F ra n cis co R y _________________________________________
7 5 0 ,0 0 0
H o ck in g V a lle y R R __________________________________________________
5 00 ,000
C h ic a g o In d ia n a p o lis & L o u is v ille _________________________________
500 ,0 0 0
N o r fo lk Sou th ern R R ________________________________________________
3 5 0 ,0 0 0
C e n tra l V e r m o n t R y _________________________________________________
285 ,0 0 0
B u ffa lo R o c h e s te r & P itts b u rg h R R _______________________________
2 0 0 ,0 0 0
Illinois S ou th ern R R _________________________________________________
160 ,000
G o v e r n m e n t c o n tr o l; a ll e m p lo y e e s o f th e se lin e s, i t is s ta te d ,
w ill re ce iv e th o w a g e aw a rd s m a d o to e m p lo y e e s oi th o s te a m
r o a d s , a n d ow n ers w ill b e c o m p e n sa te d u n d e r th e gen eral
c o n tr a c t.
C o n tr o l o f a p p r o x im a te ly 1 ,3 0 0 sh o rt lin e s , ter
m in a l ro a d s a n d m a in lin e fee d ers h a s b e e n re lin q u ish e d b y
th o
R a ilr o a d
tu r n e d
A d m in is tr a tio n .
back
to
p r iv a te
A
num ber
m anagem ent
of
th o
w ero
ro a d s
in d u stria l
o r p la n t f a c ilit y lin e s, or o th e rs w h ic h d id n o t se e k t o re m a in
u n d e r G o v e r n m e n t c o n tr o l, a n d o v e r w h ic h n o issu e e x is te d .
M a n y o f th e se re lin q u ish e d , i t is s a id , m a y b e ta k e n b a c k
la t e r , a n d a ll w ill re ce iv e fa ir d iv isio n o f jo i n t r a te s , in su red
a re a so n a b le ca r s u p p ly , a n d p r o te c te d a g a in s t u n d u e d is
tu r b a n c e in tr a ffic r o u tin g .
S p e c ia l s t u d y w ill b o g iv e n to
th e ir p ro b le m s b y a n e w sh o r t lino se c tio n o f th o R a ilr o a d
A d m in is tr a ti o n .
S h o r t lin es re p re se n t a b o u t 3 0 ,0 0 0 m ile s
o f tr a c k in th e U n it e d S t a t e s , o r a b o u t o n e -s e v e n t h o f th e
to ta l r a ilw a y m ile a g e .
T h o a c tio n o f C o n g re ss w a s in th e
f o r m o f a r e so lu tio n e x te n d in g fr o m J u ly 1 to n e x t J a n . 1 ,
th o p e rio d in Avhich th e R a ilr o a d A d m in is tr a tio n m u s t d e c id e
its co u rse a ffe c tin g sh o r t lin e s, w ith a n a m e n d m e n t p ro
v id in g t h a t lin es in c o m p e titio n o r in p h y s ic a l c o n n e c tio n
w ith ra ilw a y s o p e r a te d b y th e G o v e r n m e n t sh o u ld n o t b o
tu rn e d
back
to
p r iv a te
m anagem ent
a g a in s t
th o ir
w ill.
T h o o rigin al re so lu tio n w a s in tr o d u c e d b y re q u e st o f D ir e c to r G en eral M c A d o o
A d m in is tr a tio n
o n h is re p re se n ta tio n
had
had
in su ffic ie n t
p o lic y to w a rd m a n y sh o r t lin e s.
t h a t th o R a ilr o a d
tim o
to
c o n sid e r its
T h e am en d m en t w as added
b y frie n d s o f th e lin es w h ic h h a v e in siste d t h a t th o y c o u ld
not
o p e r a te
p r o fit a b ly
in
c o m p e titio n
w ith
G o v e rn m e n t-
o p e r a te d r a ilw a y s , c o n sid e rin g re r o u tin g a n d o th e r p ra c tic e s
in itia te d
by
th o
R a ilr o a d
A d m in is tr a tio n .
On
J u ly
3
a
d e le g a tio n o f S e n a to rs, h e a d e d b y M r . S m ith o f S o u th C a r o
lin a , c a lle d o n P re sid e n t W ils o n to urgo h im n o t t o v e t o th e
jo in t r e so lu tio n ,
w h ich
now
is a w a itin g
his
a c tio n .
Tho
P r e sid e n t w as u n d e r sto o d to h a v o to ld th o S o n a to rs t h a t ho
h a d n o t re a ch e d a fin a l d e c isio n , a n d th a t ho w o u ld firs t c o n for w ith R a ilr o a d A d m in is tr a tio n o ffic ia ls.
W i t h 1 6 7 m a in
lino ro a d s a lr e a d y h a v in g b e e n r e ta in e d , th o n u m b o r n o w
u n d e r G o v e r n m e n t c o n tr o l is fix e d a t 7 2 0 .
T h o y in clu d o
b o lt lin e s, w h a r f c o rp o r a tio n s, su b u r b a n ele ctric lin e s, u n io n
d o p o ts a n d b rid go c o rp o r a tio n s.
T h e fo llo w in g is th o R a il
ro a d A d m in is tr a tio n ’s a n n o u n c e m e n t issu od o n J u n o 2 9 :
U n d er th o A c t o f M a r c h 21 1918 it b cco m o a n ecossary fo r th o U n ite d
S tates R a ilroa d A d m in is tra tio n , p rio r t o J u ly 1 1918, t o exerciso th o re
sp o n s ib ility crea ted b y S e ctio n 14 o f th a t A c t o f d e te rm in in g w h a t rail
roa d s o r p a rts o f railroads it is n o t n e e d fu l o r desira b le sh all co n tin u e
u n d er F ed eral c o n tr o l.
So fa r as it has been p r a c tic a b le , in s u ch a co m p lic a te d m a tte r, t o d e v e lo p
th o fa c ts up t o th e p resen t tim e , it has b e c o m e a p p a re n t th a t th e re aro a
la rg o n u m b er o f th e s h orter railroad s w h o so F ed era l c o n tr o l is n o t n eed fu l
o r desirable.
T h o R a ilroa d A d m in istra tio n lias, th e re fo re , p r o v id e d th a t all s u ch rail
roa d s be relin qu ish ed , e x c e p t in cases w liero it has a lre a d y boon ascertain ed
th a t it is n eedfu l an d d e sirablo th a t s u ch railroads shall b o u n d e r F ed eral
c o n tr o l.
I n ta k in g th is a c tio n th e R a ilr o a d A d m in is tra tio n is m in d fu l o f th o p a r a
m o u n t im p o rta n ce o f p reservin g u n im p a ired th o lo ca l p u b lic s e rv ice p e r
fo rm e d b y th o railroad s w h ic h m a y th u s b o re lin qu ish ed , a n d is also s o lic i
tou s th a t n o in ju stice shall b o d o n e t o th o o w n ers o f su ch railro a d s. I t m a y
b e th a t th o c re a tio n o f F ed era l c o n tr o l o v e r railroad syste m s in general
w ill ten d t o ch a n g e u n fa v o r a b ly th o s itu a tio n o f m a n y o f th e se sm aller
railroad s, unless sp ecial ca re shall b o ta k e n t o a v o id s u ch u n fa v o ra b le
results, w ith con seq u en ce s d e trim e n ta l b o t h t o th o loca l p u b lic s e rv ice a n d
t o th o ju s t interests o f th o ra ilro a d ow n ers.
T o a v o id th o con seq u e n ce s a n d preserve in o v e r y re ason able re sp e ct a
statu s fo r th e railroad s s o relin qu ish ed as fa v o r a b le as th a t w h ich th o y
e n jo y e d du rin g th o th re e -y e a r test p e r io d (th o th re e years en d ed Ju n o 30
1917) g reat care w ill b o ta k e n t o seo th a t th o railroads so relin qu ish ed aro
g iv e n fa ir division s o f jo in t ra te s, aro in su red a re a son able ca r s u p p ly —
circu m sta n ces c o n s id ere d — an d aro p r o te c te d again st a n y u n d u e d is tu r b
a n ce in th o rou tin g o f tr a ffic .
In o rd er t o m ake sure th a t a c o n tin u in g s t u d y a n d su p e rv isio n shall b o
p r o v id e d fo r th e ca rry in g o u t o f th o p o lic y th u s o u tlin e d , there w ill b o
c rea ted a t o n c e in th e R a ilro a d A d m in is tra tio n D iv is io n o f P u b lic S crv ico
a n d A c c o u n tin g a S h ort-L in e R a ilr o a d S e ctio n , th o m an ager o f w h ich w ill
b o ch a rg ed w ith th o special d u t y o f a scertain in g w h a t Is necessary in ord e r
t o g iv o as t o theso m a tters reaso n a b le p r o te c tio n t o th o ra ilroad s relin
q u ish ed .
I t m a y b e th a t in stan ces w ill a p p e a r w h ere F ed era l c o n tr o l o f railroads
n o w relin qu ish ed is in fa c t n eedfu l o r desira b lo.
In s u ch cases th e ro w ill
b o n o h esita tion in tak in g th o a c tio n n ecessary t o p u t s u ch ra ilroad s u nd er
F ed era l c o n tr o l.
I n gen eral, it is th e d e fin ite p o lic y o f th o R a ilr o a d A d m in is tra tio n t o seo
th a t all sh ort-lin e railroads re ce iv e fa ir a n d co n s id e ra te tre a tm e n t.
I a p p ro v e t He a b o v o p o lic y a n d a n n o u n ce m e n t.
W O O D R O W W IL S O N .
ADVANCES
The
TO RAILROADS BY GOVERNMENT.
to ta l a d v a n c e s
by
tlio R a ilr o a d
A d m in is tr a tio n
to
th e ra ilro a d s u n d e r G o v e r n m e n t co n tr o l u p to J u ly 1 a g g re
g a te d
on
$ 1 6 0 ,5 0 9 ,0 0 0 ,
Juno
30
by
a c c o rd in g to a n a n n o u n c e m e n t m a d e
D ir e c to r -G e n e r a l
M cA doo.
Tho
am ount
T h e fo llo w in g is th e s ta te m e n t issu e d b y
D ir e c to r -G e n e r a l M c A d o o :
O f th o a d v a n ce s m a d e d u rin g t h e p a s t m o n th t o th e ra ilro a d s, $ 1 6 ,6 1 0 ,0 0 0
w as lo a n e d th e m o n d e m a n d a t 6 % p e r a n n u m in te re st, a n d th e rem ain in g
$ 1 9 ,5 8 5 ,0 0 0 w as p a id o n a c c o u n t o f ren tal o r c o m p e n s a tio n t o th e fo llo w in g
lin es: E rie , $ 4 ,5 0 0 ,0 0 0 ; S t. P a u l, $ 4 ,0 0 0 ,0 0 0 ; N o w Y o r k C e n tra l L in es,
$ 3 ,0 0 0 ,0 0 0 ; S ou th ern P a cific , $ 2 ,0 0 0 ,0 0 0 ; D e la w a re & H u d s o n , $ 2 ,0 0 0 ,0 0 0 :
C h ic a g o B u rlin g to n & Q u in cy , $ 1 ,5 0 0 ,0 0 0 ; D e n v e r & R i o G ra n d e , $ 1 ,2 0 0 ,
000; S t. L o u is-S a n F r a n cis c o , $75 0 ,0 0 0 ; N o r fo lk S o u th e rn , $ 3 5 0 ,0 0 0 , an d
C e n tra l V e r m o n t, $28 5 ,0 0 0 .
T h o to t a l a d v a n ce s m a d e t o d a te , eith er in th o s h a p e o f loan s o r on a c
c o u n t o f c o m p e n s a tio n , ag g re g a te $ 1 6 0 ,5 0 9 ,0 0 0 , as fo llo w s :
N o w Y o r k N e w H a v e n & H a r tfo r d R R _________________________ $ 4 6 ,9 6 4 ,0 0 0
N e w Y o r k C e n tra l L in o s ____________________________________________ 3 5 ,0 0 0 ,0 0 0
P e n n sy lv a n ia R R . C o ______________________________________________ 2 5 ,0 0 0 ,0 0 0
B a ltim o re & O h io R R ______________________________________________
9 ,0 0 0 ,0 0 0
C h ic a g o M ilw a u k e e & St. P a u l R y ________________________________
9 ,0 0 0 ,0 0 0
Illin ois C e n tra l R R ................................................................ ......... ........... .. 7 ,7 5 0 ,0 0 0
E r i o R R . . . ........................................................................................................... 7 ,5 0 0 ,0 0 0
C h ic a g o R o c k Isla n d & P a cific R y ________________________________
3 ,0 0 0 ,0 0 0
D e n v e r & R io G ra n d e R R ________________________ '________________
2 ,7 0 0 ,0 0 0
S ou th ern P a c ific R R ________________________________________________ 2 ,0 0 0 ,0 0 0
D e la w a re & H u d so n I1 R ____________________________________________ 2 ,0 0 0 ,0 0 0
C h e sa p e a k e & O h io R y _____________________________________________
2 ,0 0 0 ,0 0 0
C h ic a g o B u rlin g to n & Q u in cy R R _________________________________
1,5 0 0 ,0 0 0
W a b a s h R R ______________
1,3 0 0 ,0 0 0
C h ic a g o In dia n a p o lis & L o u is v ille R y ____________________________
1 ,0 0 0 ,0 0 0
S ea b oa rd A ir L in o R y ______________________________________________
1,0 0 0 ,0 0 0
S t. L o u is-S a n F ra n cis co R y ________________________________________
7 50 ,000
7 50 ,000
M in n e a p o lis & S t. L ou is R R ______________________________________
B u ffa lo R o c h e s te r & P itts b u r g h R y _______________________________
6 0 0 ,0 0 0
H o ck in g V a lle y R y _________________________________________________
500 ,000
N o r fo lk S ou th ern R R ................
3 5 0 ,0 0 0
C en tra l V e r m o n t R y _______ J_______________________________________
2 85 ,000
D e tr o it T o le d o & Ir o n to n R R _____________________________________
200 ,0 0 0
200 ,0 0 0
A n n A r b o r R R ______________________________________________________
Illin ois S ou th ern R R ________________________________________________
160,000
T h e re is a t th o p resen t tim e an en co u ra g in g d im in u tio n in th e pressure
t o b o r r o w fr o m th e G o v e rn m e n t t o m e e t th e fin a n cia l needs o f th o railroad s.
O w in g t o im p ro v e d m o n e y co n d itio n s a n d b e tte r earn in gs, th e railroads
o f th e c o u n t r y a re s h o w in g in crea sed a b ilit y t o p r o v id e fo r th eir o w n fin a n
cia l req u irem en ts b o t h in th o m a tte r o f m e e tin g m a tu rin g b o n d issues an d
in se cu rin g fu n d s n eed ed fo r im p ro v e m e n ts a n d a d d itio n s t o th eir p r o p e r ty .
NATIONAL WAR LABOR BOARD FINDS TH AT PRESI
DEN T WILSON HAS POWER TO CONTROL FARES
OF ELECTRIC RAILROAD SYSTEMS.
T h a t P re s id e n t W i ls o n h a s a m p le p o w e r a n d a u t h o r ity
u n d e r e x istin g la w to a s s u m e c o n tr o l o f th e ele ctric r a ilw a y
s y s t e m s o f th e c o u n tr y to th e e x te n t o f re g u la tin g fa re s fo r
th e d u r a tio n o f th e w a r , is th e c o n c lu s io n re a c h e d b y W i lli a m
H.
W ar
T a f t a n d F r a n k P . W a l s h , jo in t C h a ir m e n o f th e N a t io n a l
L abor B o ard .
An
a n n o u n c e m e n t to
th is e ffe c t w a s
m a d o as fo llo w s b y th o B o a r d o n J u n e 2 7 :
I n a b r ie f s u b m itte d t o fo rm e r P re sid e n t W illia m H . T a ft an d F ran k P .
W a ls h , jo in t ch a ir m e n o f th e N a tio n a l W a r L a b o r B o a r d , c o u n se l re p re
se n tin g th e A m e r ic a n E le c t r ic R a ilw a y A s s o c ia tio n an d a n u m b e r o f
in d iv id u a l e le c t r ic ra ilw a y c o r p o r a t io n s , as w e ll as c o u n se l re p re sen tin g
th o A m a lg a m a te d A s s o c ia tio n o f S tre e t a n d E le c t r ic R a ilw a y E m p lo y e e s
o f A m e r ic a , h e ld th a t th e P r e s id e n t o f th o U n ite d S tates has a m p le p o w e r
an d a u th o r ity u n d e r e x istin g law t o assu m e c o n t r o l o f th o e le ctr ic ra ilw a y
s y s te m s o f th o c o u n t r y t o th o e x te n t o f re g u la tin g th o ra to s o f fa re fo r th e
d u r a tio n o f th o w a r .
T h o fin d in g w as a ffir m e d b y M e s s rs . T a f t an d W a ls h , w h o th e re u p o n
a n n o u n c e d th a t s h o u ld it b o fo u n d n e ce ssa ry th e y w o u ld n o t h e s tita te t o
in v ito th e a tte n tio n o f t h e P re sid e n t t o th e w is d o m o f in v o k in g th e se p ow ers
t o th o e n d th a t su ch w a g e -in cre a se aw ard s as aro m a d e in th e s tr e e t ra ilw a y
in d u s tr y sh all n o t h a v e th e e ffe c t o f im p a irin g th o s o lv e n c y o f th e o p e r
a tin g c o m p a n ie s . T w e n t y -fo u r c o m p a n ie s a ro n o w b e fo r e th o B o a r d as
p a rtie s t o w a g e d is p u te s .
In a d e c is io n a n n o u n ce d Jun o 25 M e s s rs . T a f t an d W a ls h , t o w h o m , as a
s o c tio n o f th e N a tio n a l W a r L a b o r B o a r d , h a v e b e e n assign ed a ll o f th e
p o n d in g c o n tr o v e r s ie s , h e ld th a t th e q u e s tio n o f p r o v id in g a fa ir and
liv in g w .igo fo r th o w o rk e rs h as p r io r it y o v e r a ll o th e r q u e s tio n s , in clu d in g
th o fin a n c ia l c o n d itio n s o f th e e m p lo y in g c o m p a n ie s . I t w as d e e m e d ,
h o w o v o r . n e ith e r w lso n o r in k e e p in g w ith th e p u r p o s e o f th o W a r L a b o r
B o a r d ’s e x iste n ce , n a m e ly th e co n tin u a tio n o f t h e m a x im u m o f p r o d u c t io n ,
th a t in fix in g a fa ir ra te o f w a ges th o s e c tio n sh o u ld ig n o re th o c o n te n tio n
o f s tr e o t ra ilw a y c o r p o r a tio n s th a t th o n e ce s s ity o f p a y in g w a g e increa ses
w o u ld d r iv e th e m in to b a n k r u p t c y .
C o n s e q u e n tly , in o r d e r b o t h t h a t th e rig h t o f th o w o rk e rs t o a w a g
co m m e n s u ra te w ith p r e v a ilin g liv in g c o s t s b o p r o t e c te d a n d th a t th e c o
t in u ity o f e ffic ie n t o p e r a tio n o f th o s tr e e t ra ilw a y s y s te m s b o assu red
M e s s rs . T a ft and W a ls h r e q u e ste d c o u n se l o n b o t h sides to c o -o p e r a te
an o ffo r t t o a scertain th e sp e e d ie st lega* m e a n s o f s o lv in g th e p r t b i 3m.
4:6
RAILROAD AD M IN IST RAT IO N ’S NOTICE CONCERN
ING WAR DEPARTMENT FREIGHT A T
RESTRICTED PORTS.
T h e fo llo w in g circu la r r e la tiv e to W a r D e p a r t m e n t fre ig h t
a t re str ic te d p o r ts h a s b e e n issu e d b y th e R a ilr o a d A d m in is
tr a tio n
[Vol. 107
THE CHRONICLE
th ro u g h
its
D iv is io n
of
O p e r a tio n ,
Car
S erv ic e
S e c tio n :
B U L L E T I N N O . 26.
t h e y u n ite w ith y o u in m a k in g th o In d e p e n d e n c e D a y o f th is y o a r w h en
all th o p r in c ip le s t o w h ich w o s ta n d p le d g e d aro o n trial th o m o s t s ig n ific a n t
in o u r n a tio n a l h is t o r y .
A s J u ly 4 1776 w as t h e d aw n o f d e m o c r a c y f o r this n a tio n , lo t us o n J u ly
4 1918 c e lo b r a to th o b ir th o f a n o w a n d g re a to r s p ir it o f d e m o c r a c y , b y
w h o s o in flu e n c e w o h o p e a n d b e lie v e w h a t th o sign ers o f th o D e c la r a tio n
o f I n d e p e n d e n c e d r e a m e d o f fo r th e m s e lv e s a n d th e ir fe llo w c o u n t r y m e n
shall b o fu lfille d fo r all m a n k in d .
I h a v e askoti th o C o m m itte e o n P u b lic I n fo rm a tio n t o c o -o p e r a te w it h
y o u in a n y arra n ge m e n ts y o u m a y w ish t o m a k o fo r th is c e le b ra tio n .
W O O D R O W W IL S O N .
As
W a s h in g to n , D . C . , J u n e 22 1918.
T o A l l R a ilr o a d s :
C a r se r v ic e s e c tio n circu la r C . S. N o . 3 , d a te d F e b . 2 5 , in c o n n e c tio n
w it h ord ers N o s . 1 an d 2 , issu ed b y th e D ir e c to r o f In la n d T r a n s p o rta tio n ,
W a r D e p a r tm e n t, p r o v id e s th a t G o v e rn m e n t fre ig h t d e stin e d t o certa in
p o r ts w ill m o v e o n ly o n tra n s p o rta tio n orders issu ed b y th e D ir e c to r o f
I n la n d T r a n sp o rta tio n (C h ie f In la n d T r a ffic S e r v ic o ), W a r D e p a r tm e n t.
W a r D e p a r tm e n t fre ig h t is a rriv in g a t restricted p o r ts w ith o u t b e in g
a u th o r iz e d b y tr a n s p o r ta tio n o rd e rs, in d ica tin g t h a t s o m o agon ts aro
fa ilin g t o o b s e r v e in s tru ctio n s co n ta in e d in o u r circu la r C . S. 3 and orders
N o s . 1 an d 2.
P lease reissue in s tru ction s t o all co n c e r n e d a t o n c e s o th a t c a r lo a d W a r
D e p a r tm e n t freig h t d estin e d t o re s tricte d p o r ts , w h ich m a y b o o ffe r e d fo r
tr a n s p o r ta tio n , w ill b e refu sed u n til p r o p e r tra n s p o rta tio n o rd e r is r e c e iv e d .
I t is o n ly b y s u ch h a n d lin g th a t th e W a r D e p a r tm e n t w ill b o a b le t o
c o n tr o l th e m o v e m e n t o f their fre ig h t a n d p ro v e u t a c c u m u la tio n s at p » r t s .
W . C. KEN DALL*
M a n a g e r C a r S e r v ic e S e c t io n .
AM ERIC AN S A N D FOREIGN BORN CITIZENS
U NIT E I N JULY A CELEBRATION.
N o t e w o r t h y d e m o n s tr a t io n s , n o t o n ly o n th is sid e o f th e
A t l a n t i c , b u t in G r e a t B r it a i n , F r a n c e a n d I t a l y , m a d e p ar
tic u la r ly m e m o r a b le th is y e a r ’ s c e le b ra tio n o f o u r I n d e p e n
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T h o m o v e m e n t t o w h ich th is oxch a n g o o f le tte rs g iv o s fo r m w as s ta r te d
a b o u t a m o n th a g o b y several o f th e s o -ca lle d fo re ig n g r o u p s in th is c o u n
t r y , w h o h a v e fe lt th a t th e ir a c tiv itie s h a v o s o fa r e s ca p e d gonoral n o t ic e
a n d th a t th o G e rm a n lie t o t h o e ffe c t th a t th o fo re ig n -b o r n in A m e r ic a
a ro g ra n tin g o n ly su llon h e lp in t h e w ar s h o u ld b o g iv e n s o m o o p e n d e n ia l.
T h o s o c ie tie s r e p r e s e n te d b y th e sign atu res t o this p o titio n p r o b a b ly in
clu d e a b o u t a m illio n p e r s o n s . In e v e r y c a s o w h e ro t h o fo re ig n g r o u p has
a n a tio n a l o rg a n iz a tio n its re s p o n s ib le o ffic e r s h a v o s ig n e d , w ith t h o h e a r ty
a p p ro v a l o f th o ir p e o p le s o r th e ir d ir e c to r s . I n o t h e r cases s u ch a genoral
re p re s e n ta tio n w as im p o s sib le . T h e D u t c h , fo r e x a m p le , h a v o n o n a tion a l
b o d y , a n d th o n a m e s o f several p r o m in e n t citiz e n s In th o lo a d in g D u t c h
c o lo n ie s w e ro a p p e n d e d in s te a d . T h o R u ssian s aro o n ly in p ro c e s s o f o r
g a n iz a tio n , an d th o p o titio n is m e r e ly sign ed b y th o R u ssian n e w sp a p er
in N e w Y o r k , u n d e r w h o s e au sp ice s t h o o rg a n iz a tio n is g o in g fo rw a r d .
T h o p r o m in e n t R u s sia n -A m e rica n s Id e n tifie d w ith th is m o v o m o n t a r e
h e a r tily in fa v o r o f th o p e t itio n a n d h a v o e xp ressed th o ir h o p o a n d e x p e c
t a tio n th a t it w ill b o sign e d la te r b y t h o w h o le o r g a n iz a tio n . S im ilarly
it w as im p o s sib le t o sign u p th o P o r tu g u e s e in o n o g r o u p , a lth o u g h th a t m a y
b o a rra n g e d la te r.
P la n s aro a fo o t fo r o x to n s iv o c e le b ra tio n s in all th o citie s w ith a large
fo re ig n p o p u la tio n . In c a rry in g o u r th o P r e s id e n t’s w ish es th o C o m m it te e
o n P u b lic In fo rm a tio n w ill p r o b a b ly ask th o M a y o r s o f th o p rin cip a l c itie s
to o rg a n iz e c o m m itte e s a m o n g th o p r o m in e n t fo r e ig n -b o r n re s id e n ts, and
th o S ta te C o u n c ils o f N a tio n a l D e fe n s e h a v e p ro m is e d th o ir c o -o p e r a tio n .
dence D a y .
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re q u e s t ad d re sse d
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c o u n tr y o f fo re ig n b o r n e x tr a c tio n , a n n o u n c in g th e ir in te n
tio n to m a n ife s t o n J u ly 4 b y sp ec ia l c e le b ra tio n o u r “ lo y a lt y
to th is c o u n tr y a n d to th e c a u se fo r w h ic h w e f i g h t ,” P re si
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dence D a y
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th is y e a r “ th e m o s t sig n ific a n t in o u r n a tio n a l
An
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A m e r ic a n s a n d A m e r ic a n s o f fo re ig n o r ig in , r e p re se n tin g 4 2
n a t io n a litie s ,
w as
th e
p rin c ip a l
e v e n t w h ic h
J u ly 4 c e le b r a tio n in N e w Y o r k C i t y .
m a rk ed
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B e s id e s o v e r 1 0 0 ,0 0 0
m a r c h e r s , s o m e in th e p ic tu re sq u e c o s tu m e s o f th e c o u n trie s
f r o m w h ic h th e y s p r a n g , n u m e ro u s b a n k s a n d f lo a t s se rv e d to
m a k e th e p a r a d e a g o rg e o u s a n d a n in sp irin g sp e c ta c le .
T h e C o m m it t e e o n P u b lic I n fo r m a tio n in m a k in g k n o w n
o n M a y 2 5 t h a t “ T h e F o u r th o f J u ly th is y e a r w ill b e m a r k e d
b y a c e le b r a tio n u n iq u e in
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c iv iliz a t i o n ,”
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th e co rre sp o n d e n c e b e tw e e n
th e citiz e n s o f fo re ig n b ir th a n d th e P r e s id e n t.
T h o fo rm e r
in th e ir a d v ic e s to P r e sid e n t W ils o n s a id :
T o th e P r e s id e n t o f th e U n it e d S ta tes:
O n t h e F o u r th o f J u ly 1776 th o fo u n d e r s o f th is R o p u b lic b e g a n th e m o v e
m e n t fo r h u m a n lib e r t y a n d th e rig h ts o f n a tio n s t o g o v e r n th e m s e lv e s .
O n o h u n d r e d a n d fo r t y - t w o y e a r s la te r w o fin d t h o w o rld d e m o c r a c y , o f
w h ic h th is n a tio n w as a p io n e e r , fo r m id a b ly a ssailed b y t h o p o w e r s o f re
a c t io n a n d a u t o c r a c y .
W e r e p r e s e n t th o s e p e o p le s w h o so son s and d a u g h te rs c a m o t o th is lan d
la te r th a n t h o fo u n d e r s o f th o R e p u b lic , b u t draw n b y th o s a m e id e a ls. T h o
n a tio n s an d ra ce s an d p e o p le s w h ic h w o re p re s e n t a r o ta k in g th e ir p a rt in
o n o w a y o r a n o th e r in t h o s tr u g g le . S o m e , h a p p ily e n jo y in g a p o litic a l
e n t ity , a re fig h tin g o p e n ly a n d w ith a rm s a gain st th o en em ies o f pro g re ss.
O th e rs , u n h a p p ily s u b m e r g e d , c a n g iv e b u t a p a ssiv o o p p o s it io n .
O th ers
h a v e b e e n fo r c e d a g a in s t th e ir w ill in t o t h o a rm ies o f th o c o m m o n e n e m y .
F in a lly , a fo w still rem a in o u ts id e , h a rd p re sse d , th re a te n e d b y th o m a ile d
f is t , d r e a d in g a lik e t o b e d ra w n in a n d t o b o f o u n d a p a rt fr o m th o re st w hen
th o h o u r o f s e ttle m e n t a r r iv e s. B u t a l l , th ro u g h in fin ito su ffe r in g , stru ggle
e ith e r b lin d ly o r o p e n e y e d to w a rd th o sam e e n d , th o rig h t o f p e o p le s t o
g o v e r n th e m s o lv o s as t h e y th e m s e lv e s s e e f it , a n d a ju s t an d la stin g p e a c e .
T h o h igh er in te re s ts o f th o ra ce s w h ic h w o le ft b e h in d h a v e b e c o m o
id e n tic a l in th is s ig n ific a n t y e a r w it h t h e h ig h e r in terests o f th o U n lto d
S ta te s . W o reg a rd o u r s e lv e s n o w n o t o n ly as m e m b e r s o f an A m e rica n
c o m m o n w e a lth , o n e an d in d iv is ib le , b u t o f a w o rld c o m m o n w e a lth , e q u a lly
In d iv isib le . U n ite d fo r th e p r in c ip le s o f th a t d e m o c r a t ic w o rld -s ta to
w h ic h is fig h tin g n o w fo r its b e in g o n th o b a t t le fie ld s o f E u r o p o .w o in ten d
o n J u ly 4 1918 t o m a n ife s t b y s p e cia l ce le b ra tio n s o u r lo y a lt y t o th is c o u n
t r y an d t o t h o ca u s e fo r w h ich w o fig h t; a n d w o r e s p e c tfu lly re q u e s t th a t y o u
call th o a tte n tio n o f y o u r fe llo w citiz e n s t o this f a c t, in o r d e r th a t t h e y
m a y jo in w ith u s in c o m m e m o r a t in g th is , th o a n n iv e rs a ry n o t o n ly o f n a
tion a l fr e e d o m b u t o f u n iv e rsa l fre e d o m .
P r e s id e n t W i ls o n in h is r e p ly sa id :
T o O u r C i t iz e n s o f F o r e i g n E x t r a c t io n :
I h a v o rea d w ith g r e a t s y m p a t h y th o p e t itio n a d d re sse d t o m o b y y o u r
r o p r e s o n t a t iv e b o d ie s reg a rd in g y o u r p r o p o s e d c e le b ra tio n o f In d e p e n d e n c e
D a y , a n d I w ish t o c o n v o y t o y o u . In r e p ly , m y h e a r tfe lt a p p r e c ia tio n fo r
its ex p ression s o f lo y a lty a n d g o o d w ill. N o th in g in th is w ar has be e n m o ro
g r a t ify in g th a n th o m a n n e r in w h ic h o u r fo re ig n -b o r n fe llo w -c itiz e n s
a n d t h e s on s an d d a u g h te rs o f th o fo re ig n b o r n h a v o risen t o th is g re a to s t
o f all n a tio n a l o m e r g e n c io s . Y o u h a v o sh ow n w h e ro y o u s ta n d , n o t o n ly
b y y o u r fre q u e n t p ro fe s s io n s o f lo y a lt y t o th e ca u s e fo r w h ic h w o fig h t b u t
b y y o u r ea g er r esp on se t o ca lls fo r p a t r io tic s e r v ic o , in c lu d in g th o su p re m e
s e r v ic e o f o ffe r in g life its e lf in b a t t lo fo r ju s tic e , fr e e d o m , an d d e m o c r a c y .
B e fo r o s u ch d e v o t io n as y o u h a v o sh o w n all d is tin c tio n s o f ra ce v a n is h ,
a n d w o feel o u r s e lv e s citiz e n s in a R o p u b lic o f fre e s p irits .
I t h o r o fo r o ta k e p lea su re in ca llin g y o u r p e t itio n , w ith m y h e a r ty c o m
m e n d a tio n , t o th o a t t e n t io n o f all m y fe llo w c o u n t r y m e n , a n d I ask t h a t
FOREIGN
NATIONS JOIN I N CELEBRATING
AM ERIC AN FOURTH.
THE
W id e s p r e a d re c o g n itio n o f a n d g r a titu d e f o r th o tr o m o n d o u s
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P r u s s ia n m ilita r is m are in d ic a te d b y th o s p o n ta n e o u s a o tio n
in m a n y co u n tr ie s in jo in in g in th o ce le b ra tio n o f ou r n a
tio n a l In d e p e n d e n c e D a y o n J u ly 4 .
I n s e v e ra l in s ta n c e s
th e d a y h a s b e e n a d o p te d as a p e r m a n e n t n a tio n a l h o lid a y ; in
o th e r c o u n trie s th e p re se n t F o u r th w as sot asid o fo r n a tio n a l
o b s e r v a n c e , w h ile m u n ic ip a litie s in large n u m b e r arra n g e d
fo r lo c a l c e le b r a tio n s , a c c o m p a n ie d in a n u m b e r o f in s ta n c e s
b y th e r e n a m in g o f stre o ts o r p la z a s in h o n o r o f P re s id e n t
W i ls o n .
A m i d sce n e s o f in te n s e e n th u s ia s m th o F ro n c h C h a m b e r o f
D e p u tie s o n J u n o 2 8 a d o p t e d u n a n im o u s ly re s o lu tio n s p ro
v id in g th a t th e F o u r th o f J u ly sh o u ld h e n c e fo rth b o o b
se rv e d as a leg a l h o lid a y in F r a n c e .
P ro m ie r C le m e n c e a u
a n d th o m e m b e r s o f th e M i n i s t r y w ere p re s e n t a t th o s o ssio n ,
w h ic h w a s sa id to h a v e b e e n m o re la r g e ly a tte n d e d th a n a n y
h o ld sin ce th e w a r b e g a n .
P a r t y lines w ore o b lite r a te d , a n d
all th e D o p u tie s jo in e d in a p p la u d in g th o sp ee ch e s e u lo g iz in g
th e U n it e d S ta te s a n d ex p re ssin g th o u n d y in g g r a titu d e o f
F r a n c e fo r A m e r ic a n a id in her h o u r o f tr ia l.
A c o m m it te e
o f S e n a to rs w a s a p p o in te d to ta k e ch a rg e o f th o a r ra n g e m e n ts
fo r m a k in g th e A m e r ic a n fe te d a y th e o c c a sio n o f a g r e a t
n a tio n a l d e m o n s tr a tio n in F r a n c e .
J o in t ro vio w s o f A m e r i
c a n a n d F r e n c h tr o o p s w ero h e ld a t th o fr o n t , a n d A m e r ic a n
u n its w h ic h p a r tic ip a te d in th o r e c e n t sov ere fig h tin g o n th e
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d e c o r a tio n s
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r e n a m e d A v e n u e d u W i ls o n , a n d th e s a m e a c tio n w a s ta k e n
in n u m e ro u s o th e r F re n c h citie s in th o ca se o f p r o m in o n t
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issu e d
a u th o r iz in g th e U n iv e r s ity o f P a ris to co n fe r th o d eg re e o f
D o c t o r H o n o r is C a u s a , w h ich w ill, a s a sp ec ia l m a r k o f h o n o r ,
b e c o n fe rre d first u p o n P re s id e n t W i ls o n .
I n E n g la n d , t o o , e x te n s iv e p la n s w ore m a d o to ce lo b ra te
th e F o u r t h .
A t L o n d o n th e b e ll o f S t . P a u l’ s w a s ru n g as on
im p o r ta n t B r itis h
h o lid a y s , w h ile
th o o ffic ia l o b s e r v a tio n
o f th o d a y c e n tre d in a m a s s m e e tin g a t C e n tr a l I l a l l , W e s t
m in s te r , w h e r o , it is s a id , p la n s w ero la u n c h e d fo r a n A m e r i
c a n m e m o r ia l, p r o b a b ly in th o fo r m o f a s ta tu o o f W a s h in g
to n ,
to b e p la c e d
n e ar th o H o u s e s o f P a r lia m e n t.
K in g
G e o r g e a tte n d e d a b a s e b a ll g a m e b o tw e e n A m o r ic a n te a m s .
I n b o th E n g la n d a n d F r a n c e sp ec ia l exorcises w ero h e ld fo r
th o e n te r ta in m e n t o f sold ie rs in c a m p s a n d h o s p ita ls .
E d i
to ria ls in th e E n g lis h p ress c o m m e n te d u p o n th o h isto ric a l
s ig n ific a n c e o f th e d a y , a n d e m p h a s iz e d th o im p o r ta n c e to
th e fu tu ro p ea ce a n d d e v e lo p m e n t o f tho w o rld o f th o c e m e n t
in g o f tho b o n d s o f frie n d sh ip b e tw e e n tho tw o g r o a t b r a n c h e s
o f th e E n g lis h sp e a k in g ra c e .
A u s tr a lia ce le b ra te d th e d a y w id o ly , e v e r y c itiz e n b o in g
ca lle d u p o n to w e a r th o A m e r ic a n co lo rs o n th o F o u r th in
r e c o g n itio n o f th is c o u n tr y ’ s se rv ice s to th o A llie d c a u s e .
47
THE CHRONICLE
July 6 1918.]
m a n ife s ta tio n , lio w o v e r , w a s a ffo r d e d b y th o S o u th A m e r ic a n
f r o m C a n a d a to E n g la n d w ith 2 5 8 p erso n s o n b o a r d , in
c lu d in g 1 4 w o m e n n u rses a n d 8 0 m e n o f th e C a n a d ia n A r m y
In
m any
re sp e c ts
th e
m ost
g r a t ify in g
and
sig n ific a n t
c o u n tr ie s , w h ere d istr u st o f th e U n it e d S t a t e s , w h ic h h as
M e d ic a l C o rp s.
u n fo r tu n a t e ly sh o w n itse lf to so m e e x te n t in fo r m e r y e a r s ,
B r itis h d e s tr o y e r , a fte r 3 6 h o u rs in a n o p e n b o a t , b u t o f th e
O f th o se o n b o a r d 2 4 w ere re sc u e d b y a
s e e m s to b e g iv in g w a y to a m o re ge n e ro u s r e c o g n itio n o f th e
re m a in in g 2 3 4 , in c lu d in g a ll th e w o m e n n u r s e s , n o t a trac e
s in c e r ity o f o u r m o tiv e s a n d p u rp o se s in in te r n a tio n a l d e a l
h as been fo u n d .
in g s.
th e C a p t a in o f th e L la n d o v e r y C a s t le , se v e ra l o f h is o ffic e rs ,
The
N a t io n a l
L e g isla tu re
of
U ruguay
ad o p ted
m e a su r e m a k in g th e F o u r th o f J u ly a p e r m a n e n t
h o lid a y
a
n a tio n a l
and
M a jo r
T h e s u b m a r in e c o m m a n d e r , w h o o rd ered
Lyon
o f th e M e d i c a l C o r p s a b o a r d , d ec la re d
in
th a t h e h a d s u n k th o sh ip b e c a u s e sh e w a s c a r r y in g A m e r ic a n
T h o B r a z ilia n G o v e r n m e n t a n n o u n c e d th a t th e
in
a v ia t io n offic e rs a n d o th e r s in th e f ig h tin g se rv ic e o f th e
th a t
N ic a r a g u a .
c o u n tr y .
S im ila r
a c tio n
w as
ta k e n
F o u r t h w o u ld b o o b se r v e d as a n a tio n a l h o lid a y in B r a z il.
A llie s .
I n C h ilo th o d a y w a s ce le b ra te d w ith fe te s in h o n o r o f th e
w a s c a rr y in g m u n itio n s to r e s , b e c a u s e o f a n e x p lo s io n w h ic h
U n it e d S t a t e s , a n d th o P re sid e n t o f th e R e p u b lic a tte n d e d
h a d o c cu rre d w h e n th e to rp e d o s tr u c k .
a b a n q u e t g iv e n b y A m e r ic a n A m b a s s a d o r J o se p h S h e a .
t h a t a fte r th o sh ip s a n k , th e s u b m a r in e r a n to a n d fro a t
I n I t a l y , a g r e a t ce le b ra tio n w as h o ld a t F lo r e n c e , p a r
tic ip a te d in b y re p re se n ta tiv e s o f a ll th e m u n ic ip a litie s in
T u s c a n y , in th o co u rse o f w h ic h th e citiz e n sh ip o f F lo r e n c e
w a s c o n fe rre d u p o n P re sid e n t W i ls o n .
T h e d e le g a te s fro m
H o a d d e d to th is la te r b y a s s e r tin g t h a t th e v e sse l
S u r v iv o r s r e p o r te d
fu ll sp e e d a m o n g th e w r e c k a g e , as if w ith
th e d e lib e r a te
p u rp o s e o f r u n n in g d o w n a n d sin k in g a n y w h o s u r v iv e d .
T h e h o s p ita l sh ip w a s r u n n in g w ith a ll lig h ts b u r n in g ,
a n d w ith th e re q u ire d
R e d C r o s s m a rk in g s o u tlin e d w ith
o th o r citie s b r o u g h t w ith th e m th e fla g s a n d b a n n e rs b e lo n g
lig h ts p la in ly in v ie w o n b o t h s id e s .
in g to th o m e d ie v a l g u ild s .
T h e d a y w a s also p ro c la im e d a
th ero w ere n o A m e r ic a n a v ia to r s or o th e r f ig h tin g fo rc e s
I t is n e e d le ss to s a y
n a tio n a l h o lid a y , w h ic h is said to h a v e b e e n u n p re c e d e n te d
o n b o a r d , b u t th e s a m e ch a rg e h a s b e e n u se d b y th e G o r m a n
in I ta lia n h is t o r y , so fa r as h o n o rin g th e E x e c u tiv e o f a n y
G o v e r n m e n t to c o v e r o th e r s in k in g s o f h o s p ita l s h ip s .
A m bassad or
C o m m e n t in th e B r itis h p ress is b it te r in th e e x tr e m e , a n d
T h o m a s N e ls o n P a g o ad d re sse d a n o ta b le m e e tin g h e ld u n d e r
s a r c a s tic re feren ces h a v e b e e n m a d e to th o p a s s a g e in F o r
fo re ig n
c o u n tr y
is
c o n c e rn e d .
A m e r ic a n
e ig n M in is t e r v o n K u e h lm a n n ’s r e c e n t sp e e c h a s to th e n e
I ta lia n a u sp ic e s a t R o m e .
c e s s ity o f “ m u t u a l c o n fid e n c e in e a c h o t h e r ’ s h o n e s t y a n d
AM ERICAN
TROOPS JOIN FRENCH A N D ENGLISH
FORCES A T KOLA.
I t w a s m a d e k n o w n a t W a s h in g to n o n J u ly 1 t h a t A m e r i
c a n m a rin e s a n d b lu e ja c k o ts h a d b e e n la n d e d so m e w ee k s
a g o a t th o p o r t o f K o l a , o n th o W h i t o S e a , in R u s s ia , to
a s s is t F r e n c h a n d E n g lis h forces in p ro te c tin g th o im m e n se
m ilit a r y sto re s a c c u m u la te d tliero .
A t K o la a n d fo r m ile s
in la n d a lo n g th o ra ilro ad th e re aro said to b o acres o f m ili
ta r y
su p p lie s, ru n n in g all th e w a y fr o m
cannon
to
c lo th in g
and
p ro v isio n s.
lo c o m o tiv e s a n d
M ost
of
th e se
w ere
s h ip p e d fr o m A m e r ic a a n d fr o m E n g la n d w h e n th e R u s s ia n
a r m ie s w ero still fig h tin g th o G e r m a n s a n d w ere sh o r t o f
s u p p lie s.
T h o g o o d s a c c u m u la te d w h ile th e ra ilro ad fr o m
c h i v a lr y .”
T h e fo llo w in g f r o m th e L o n d o n “ D a i l y C h r o n i
c le ” is ty p ic a l:
In th e pre se n ce o f s u ch u n sp e a k a b le in fa m y d e lib e ra te ly re p e a te d It is a
w a ste o f b rea th t o re ite ra te th e a b h o rre n ce w iiich e v e r y b o d y w ith a sp ark
o f c iv iliz e d sense m u st feel.
B u t w o w o u ld in v ite th e G e rm a n p e o p le t o ask
th e m se lv e s w h a t is th e use o f th eir statesm en a p p e a lin g , lik e F o re ig n S ecre
ta r y v o n K u e h lm a n n , t o be c r e d ite d w ith “ p r o b it y an d h o n o r ” w h ile crim es
so o d io u s , d ish o n o ra b le , a n d u n a sh am ed c o n tin u e t o b o e a r n e d o u t b y th e
ord e rs o f th eir G o v e rn m e n t.
A n d r e w B o n a r L a w , C h a n c e llo r o f th e E x c h e q u e r , in th e
c o u rse o f a s p e e c h in th e H o u s e o f C o m m o n s , is q u o te d as
s a y in g :
T h e w ild b e a st is a t la rge . T h e re is n o use argu in g o r rea son in g a b o u t it.
T h o o n ly th in g t o d o is t o d e s tr o y it. T h a t is th o d u t y a n d it is u p t o all
th e A llie s t o s e t th eir te e th u n til th a t end is a ch ie v o d .
N o t w it h s t a n d in g
th e
c ir c u m s ta n tia l
t e s tim o n y
of
th e
th e A r c tic p o r t w a s b e in g ru sh ed to c o m p le tio n a s a m ilita r y
s u r v iv o r s a s to th e p re sen ce o f th e s u b m a r in e , a n e ffo r t is
m e a su r e .
a p p a r e n tly b e in g m a d e b y G e r m a n y to d e n y th a t th e L la n
W h e n th o lino w as o p e n e d , b u t b e fo re a n y largo
q u a n tit y o f su p p lie s c o u ld b o sh ip p ed s o u th w a r d , th o B r e s t -
d o v e r y C a s tle w a s s u n k b y a s u b m a r in e .
L ito v s k p ea ce w a s d ec la re d a n d th e m o v e m e n t c e a se d .
d is p a tc h f r o m B e r lin re c e iv e d a t A m s t e r d a m J u ly 3 s a id :
S e v e ra l m o n th s a g o th e F in n s sta rte d to seize th o K o la
ra ilro a d a n d th o te rr ito ry th r o u g h w h ich it ru n s , cla im in g
title
to
it u n d er
th e ir a n c ie n t s ta tu s a s o v e rlo rd s o f th o
P r o v in c e o f C a r e lia , e m b r a c in g th o la n d ly in g w e stw a rd o f
th o W h i t o S e a u p
to th o F in n ish b o rd e r .
T h o A llie s in
s ta n tly g a v e w a rn in g to F in la n d th a t th is m o v e m e n t w o u ld
n o t bo p e r m itte d , a n d it w as a b a n d o n e d u n d e r p r o te s t.
In
th o m e a n t im e , to p re v e n t th o a c c u m u la te d sto re s fro m fa llin g
A
s e m i-o ffic ia l
L ik o all sim ilar assertions o f th e B ritish A d m ir a lty , th e a ssertion in this
c a so th a t a G erm an su bm arin e w as resp o n sib le fo r th o fa t e o f th e L la n
d o v e r y C a stle is also p r o b a b ly in c o rr e c t.
I t ap p ears fr o m th o later new s
th a t n o o n e o n b o a r d th o steam er o b s e r v e d a U -b o a t o r a to r p e d o .
In all
p r o b a ility th o ca u se o f th e loss w ill b e fo u n d t o b o a ttr ib u ta b le t o a B ritish
m in e .
T h e r o h a s b e e n s o m e ta lk sin ce th o s in k in g o f th e L la n
d o v e r y C a s tle o f c h a n g in g th e p la n s fo r s e n d in g th e A m e r i
can
h o s p ita l
sh ip
C o m fo r t
th r o u g h
th e
s u b m a r in e
zone
u n c o n v o y e d , b u t n o o ffic ia l a n n o u n c e m e n t h as b e e n m a d e .
in to G o r m a n h a n d s , a force o f F re n c h a n d E n g lish tro o p s
w a s la n d e d a t K o la a n d to o k p ossession o f th e p o rt a n d o f a
c o n sid e ra b le
se ctio n
E v id e n t ly
it
m ovom ont
a
w as
of
th o
lino
co n sid ered
m o re
ru n n in g
b e st,
in te r n a tio n a l
so u th
h ow ever,
c h a ra c te r
to
by
fr o m
it .
g iv e
th o
in c lu d in g
A m e r ic a n tr o o p s a lso .
p o r t o f K o la is o f th o g r e a te st im p o r ta n c e as b e in g th o o n ly
port
th ro u g h
O ffic ia l
re p o r te d
d is p a tc h e s
th a t
g r a d u a lly
In a d d itio n to th e p ro te c tio n o f th e su p p lie s th e r e , th e
ico-froo
REPORTED SEIZURE OF VLADIVOSTOK BY CZECHO
SLOVAKS.
w h ic h
w ith th o in terior o f R u s s ia .
th e
A llie s
can
c o m m u n ic a to
W h e n o v o r , or if o v e r , p la n s sh all
had
w o rk in g
fin a lly
re ce iv e d
C z e c h o -S o lv a k
re a ch e d
th e ir
w ay
at
W a s h in g t o n
tr o o p s ,
acro ss
V la d iv o s t o k ,
on
w h ic h
R u s s ia
d e fe a te d
J u ly
have
and
th e
3
been
S ib e ria ,
B o ls h e v is t
fo rc es th e ro , a n d ta k e n p o sse ssio n o f th e c it y a n d v ic in it y .
G r e a t im p o r ta n c e is a tta c h e d to th is d e v e lo p m e n t , n o t o n ly
b e ca u se o f th o v a s t m ilit a r y su p p lie s s till s u p p o s e d
to b e
b o w o rk e d o u t fo r m ilita r y c o -o p e r a tio n w ith R u ssia a g a in st
sto re d th e r e , b u t b e c a u s e o f its p o ssib le e ffe c t o n th e sp re a d
th o c o m m o n e n e m y , posse ssion o f K o la w ill b o o f su p re m o
o f G e r m a n in flu e n c e in S ib e ria .
u sefu ln e ss
to
th o A llie s .
T lie r o
have
been
rop orts la te ly
T h e s e C z e c h o -S lo v a k b a n d s are th e r e m n a n ts o f th e large
t h a t F in n ish W h i t e G u a r d tr o o p s , in c o n ju n e c tio n w ith a
forco
G o rm a n
A u s tr ia n s u b je c ts w h o w ere fig h tin g w ith th o R u s s ia n arm ie s
fo r c e ,
w ero
m o v in g
to w a rd
th o
K o la
ra ilro a d .
(a t o n e
tim e
e s tim a te d
at
1 0 0 ,0 0 0
m en)
o f fo rm e r
S h o u ld th is p ro v e tr u e , a c la sh w ith th e A llie d a n d A m e r ic a n
b e fo ro th o R u s s ia n c o lla p s e .
fo rc e s w o u ld bo in e v ita b le .
T h e a ttit u d o o f th e B o ls h e v ik
C z e c h s re sid in g in R u s s ia , b u t th e re w ere a lso c o n sid e ra b le
G o v e r n m e n t a t M o s c o w in t h a t e v e n t is p r o b le m a tic a l, a n d
n u m b e r s o f d ese rters fr o m th e A u s tr ia n a r m y a n d p rison ers
I n p a r t th e y w ere m a d e u p o f
th o s itu a tio n m ig h t v e r y w ell b o th o m e a n s o f d efin in g tho
ta k e n b y th o R u s s ia n s w h o p referred to th r o w in th e ir lo t
re la tio n s to e x ist in fu tu r e b o tw e e n th o A llie s a n d th e S o v ie t
w ith
G o v o r n m o n t.
e ith e r c a s e , th e y w ero s u b je c t to s u m m a r y e x e c u tio n if th e y
O n J u ly 1 it w as a n n o u n c e d a t M o s c o w th a t
th o
R u s s ia n s a g a in s t
th e ir A u s tr ia n
o p p re s s o r s .
In
th o P ro v in c e o f A r c h a n g e l, in w h ic h K o l a is lo c a te d , h ad
fell
boon
o f th o tr e a ty o f B r e s t -L it o v s k , th e se tr o o p s w ere le ft in a
p ro c la im e d
in a sta to o f w a r .
No
e x p la n a tio n
w as
g iv e n as to th o im m e d ia te re a son fo r th is s te p .
in to
m ost
th o
hands
p re ca rio u s
of
th e
p o s itio n .
A u s tr ia n s .
A bandoned
W ith
by
th e
th e
sig n in g
R u s s ia n s ,
a n d n o t d a rin g to re tu rn to th e ir fo r m e r h o m e s , th e y h a v e
SINKING OF C A N A D I A N HOSPITAL SHIP
LLANDOVERY CASTLE.
a p p a r e n t ly
sought
e sc a p e
by
w ay
of
V la d iv o s t o k .
At
d iffe re n t tim e s th e re h a v e b e e n re p o r ts o f c la sh e s b e tw e e n
In to n so in d ig n a tio n h a s b e e n c a u se d in E n g la n d b y tho
B o ls h e v is t fo rc e s a n d C z e c h o -S lo v a k b a n d s , a n d co n s id e r a b le
s in k in g o f a n o th e r h o sp ita l sh ip b y a G e r m a n su b m a r in e .
s tr e tc h o f th e S ib e ria n R a ilr o a d w ere said to b e c o n tr o lle d
T h i s o c cu rre d o n tho n ig h t o f J u n o 2 7 , w h e n th e 1 1 ,0 0 0 -
b y th o la t te r .
to n ste a m e r L la n d o v e r y C a s tle , u n d e r c h a rte r to th e C a n a
d ia n
G o v e r n m e n t , w as s e n t to th e b o t t o m
m ile s o f f th o c o a s t o f I r e la n d .
a t a p o in t 7 0
T h e v e sse l w a s o n its w a y
'» •
T h o C z e c h o -S lo v a k s h a v e a p p a r e n tly k e p t u p th e ir m ilita r y
fo r m a tio n s a n d se e m to b e w ell s u p p lie d w ith a r m s .
I f it is
tr u o , a s r e p o r te d , th a t th e y h a v e se ized V la d iv o s t o k , a n d
THE CHRONICLE
48
[Vol. 107.
h a v e a c c e ss to th e m ilit a r y sto re s th e r e , th e p o ssib ilitie s o f
fo r th e b e n e fit o f th e R e d C r o s s .
th e s itu a tio n a re to s a y th e le a s t in te r e s tin g .
le t te r s a id :
T h e r e w ere
r e p o r ts s o m e d a y s sin ce t h a t le a d e rs o f th e C z e c h o -S lo v a k s
w ere n e g o tia tin g w ith th e J a p a n e se G o v e r n m e n t fo r tr a n s
p o r ts to c o n v e y th e m fr o m V la d iv o s t o k to s o m e p o in t fr o m
w h ic h t h e y c o u ld g e t to th e W e s t e r n f r o n t .
T h is w o u ld
s e e m to in d ic a te th a t th e o n ly o b je c t o f th e ir p re se n t m o v e
m e n t w a s to e sca p e fr o m
R u s s ia .
B u t in th e e v e n t o f a
se rio u s e ffo r t to o v e r th r o w th e B o ls h e v ik r e g im e , th e C z e c h o
s l o v a k s , in
c o tr o l
of
V la d iv o s t o k , w o u ld b e in a p o s it io n
t o exercise g r e a t in flu e n c e o n th e R u s s ia n s itu a tio n .
CHANGE I N DEFENSIVE AREA A T ENTRANCE TO
CHESAPEAKE.
B y a n e x e c u tiv e o rd e r issu e d o n J u ly 2 th e d e fe n siv e area
a t th e e n tr a n c e to C h e sa p e a k e B a y , e sta b lish e d o n A p r il 5
1 9 1 7 w a s a b o lis h e d , a n d a n e w d e fe n siv e a r e a c r e a te d in th e
s a m o g e n e ra l lo c a lit y .
T h e fo llo w in g is th e E x e c u tiv e ord er
e s ta b lis h in g th e n e w a re a :
E xecutive Order Establishing D efen sive Sea A r e a .
In a c c o r d a n c e w ith th e a u th o r ity v e s te d in m e b y S e ctio n 44 o f t h o A c t
e n titled “ A n A c t to c o d ify , r o v ise , an d am en d th e p en a l law s o f th o U n ite d
S ta te s ,” a p p r o v e d M a r c h 4 1909, as a m e n d e d b y th o A c t “ M a k in g a p p ro
p ria tion s fo r th e n a v a l s e rv ice fo r th e fisca l y e a r e n d in g Ju n e 30 191 8, and
fo r o th e r p u r p o s e s ,” a p p ro v e d M a r c h 4 1917, I , W o o d r o w W ils o n , P resi
d e n t o f t h e U n ite d S tates, d o o r d e r th a t th o d e fo n siv o sea area a t C h e sa
p e a k e en tra n ce a n d th e d e fe n siv e sea area at H a m p to n R o a d s , e stablish ed
b y E x e c u tiv e o rd er u n d er d a te o f A p ril 5 1917, b e h e re b y ab o lish e d .
A n d fu r th e r, I d o or d e r e stablish ed , s u b je c t t o th e sa m o d is c la im e r o f
re s p o n s ib ility fo r d a m a g o In flicte d as p r o cla im e d in said o r d e r o f A p ril 5
191 7, a d e fo n s iv o sea area, t o b e m a in ta in ed u n til fu rth er n o t ific a t io n , a t
th o p la c e a n d w ith in th o lim its d e scrib e d as fo llo w s — th a t is t o say:
L o w e r C h esa p ea k e:
Older L im it.— L in o parallel t o th a t jo in in g C a p e H e n r y L ig h t a n d C a p e
C h arles L ig h t an d 4 n au tical m iles t o eastw a rd th e r e o f, a n d th e lines f r o m
C a p e C h arles L ig h t a n d fro m C a p e H e n r y L ig h t pe rp e n d icu la r t o th is lin e .
In n e r L im its .— L in e ta n g e n t t o e n d o f w h a r f o n w est side o f O ld P o n t
C o m fo r t a n d F o r t W o o l , a n d a lino ru n n in g fr o m B a c k R iv e r L ig h t t h r o u g h
t h o L ig h t V essel m a rk in g th e s o u th e r n e n d o f th e 3 5 -fo o t c u t k n o w n as th o
B a ltim o re C h a n n e l, th en ce t o th o eastern sh o re o f V irgin ia .
A n d I d o fu rth er o rd er th a t th e “ R e g u la tio n s fo r C a rry in g in to E ffe c t th o
E x e c u tiv e O rd er o f th o P resid en t E sta b lish in g D e fo n s iv o Sea A r e a s ,” a p
p r o v e d b y m e A p ril 5 1917, d u ly p ro m u lg a te d a n d p u b lis h e d , are a n d shall
b o c on sid ered as o f fu ll e ffe c t a n d b in d in g o n all person s a n d vessels w ith in
th o lim its o f th e d efen siv e sea area h e r e b y establish ed .
T h e d esig n a ted p o in ts fo r sh ips en terin g a n d le a v in g th o d e fo n s iv o sea
area herein establish ed shall b o as follow s:
E a stern L im it.— C h esap eak o B a y m a in sh ip ch a n n el e n tra n ce b u o y .
W estern L im it.— I n ch an n ol t o n o rth w e stw a rd o f e n tra n ce b u o y o f dre d g e d
ch a n n el, E liz a b e th R iv e r .
N orthern L im it.— L ig h t vessel m a rk in g th e so u th e rn e n d o f th e 3 5 -fo o t
c u t k n o w n as th e B a ltim o re C h a n n e l, th e n ce t o th e eastern sh o re o f V ir
g in ia .
.
W O O D R O W W IL S O N
The W h ite H o u s e. Jun e 29 1918.
ESTABLISHMENT OF AIRPLANE M A I L SERVICE IN
THE UNITED STATES.
A t th e c o n c lu sio n o f th e fir s t m o n t h ’ s o p e r a tio n o f th e
a e r ia l m a il se rv ic e in
th e U n it e d
S t a t e s , th e P o s t O ffic e
D e p a r t m e n t issu e d th e fo llo w in g s ta te m e n t:
I n th o fir s t m o n t h ’s o p e r a tio n o f th o aerial m a il s o r v lc e b e tw e e n N e w
Y o r k , P h ila d e lp h ia a n d W a s h in g to n , a t o t a l o f 5 2 -5 to n s o f le tte r m a il w as
tr a n s p o r te d . T h e p la n es c a r r y in g m a il c o v e r e d 11,109 m ile s a n d h ad a
t o t a l o f 157 h o u r s 59 m in u te s in t h e a ir . T h o a v o r a g o sp e e d th ro u g h
s t o r m a n d fa ir w ea th er f o r th o m o n th w as s lig h tly in o xcoss o f 70 m iles an
h o u r . T w e n t y -o n e o u t o f 26 flig h ts w o re c o m p le te d a t B e lm o n t b o fo r o
4 o ’c lo c k in t h o a fto r n o o n , 12 o f thorn b o in g b e tw o o n 2:3 0 a n d 3 o ’c lo c k .
L ie u t . E d g o r to n has t o his c r e d it 20 p e r fe c t flig h ts o f 130 m ile s, n o v e r
h a v in g t o m a k e a s t o p on r o u te , an d w ith o u t d a m a g in g a p ia n o . L ie u t.
C u lv e r , fly in g b etw een N e w Y o r k a n d P h ila d e lp h ia , has 13 p e r fe c t flig h ts
t o h is c r e d it , n e v e r h a v in g t o s to p on r o u te , an d h a v in g n o d a m a g o t o his
p ia n o . L ie u t . W e b b has 11 p o r fe c t flig h ts t o h is c r e d it . L ie u t. K ilg o r e
m a d e 9 n o n -s t o p flig h ts a n d 2 In terru p ted flig h ts . L lo u t. B o n sa i m a d o
15 n o n -s to p a n d 4 in te rr u p te d flig h t s , an d 1 d a m a g e d p la n e . L ie u t. M illo r
m a d e 11 n o n -s t o p flig h t s , 4 in te rr u p te d flig h ts an d 2 pla n es d a m a g e d .
I n v ie w o f th o su ccess o b ta in e d in th o fir s t m o n t h ’s o p e r a tio n o f th e
s e r v ic e , an d th e fa c t th a t th o c a p a c it y o f th o m ach in os is n o t b o in g fu lly
u tiliz e d , th e D e p a r tm e n t has u n d er c o n s id e ra tio n a r e d u c tio n o f th e p o s ta g e
r a te o n a e r o p la n e m a il.
F o llo w in g th e in a u g u r a tio n o f air p la n e m a il serv ico in
th e U n it e d S ta te s o n M a y
15 b e tw e e n W a s h in g t o n , P h ila
d e lp h ia a n d N e w Y o r k , aerial m a il se rv ice w a s e stab lish ed
b e tw e e n N e w Y o r k a n d B o s t o n o n J u n e 6 .
T h e P o s tm a s te r -G e n e r a l’s
M a y 15 1918.
H o n . T . I I . Patten, Postm aster N ew Y ork City:
M y D ea r M r . Patten— W ith th is le tte r t h o P o s t O ffic o D e p a r tm e n t in
au gu ra tes a regular a e ro p la n e m ail s e rv ico .
In th is im p o rta n t w o rk o f
d e v e lo p in g a n a d v a n c e d m e d iu m o f p o s ta l tr a n s p o r ta tio n I feel th a t th o
P o s t O ffic e D e p a r tm e n t w ill h a v e th o fu llest c o -o p o r a tlo n o f th o N e w Y o r k
P o s t O ffic e in m a k in g it a su ccess.
T h is lo tte r w ill be d is p a tc h e d u n d er th o firs t a erop la n o p o s ta g o s ta m p t o
b e so ld b y th e d ep a rtm e n t a n d c a n ce le d a n d a u to g ra p h e d b y t h o P re sid en t
o f th o U n ite d States. P lease d e liv e r th o e n v e lo p e t o M r . N o a h T a u s ig g ,
111 W a ll S tre e t, N e w Y o r k C it y , w h o w ill arran go t o h a v e it so ld a t a u ctio n
fo r th e b e n e fit o f th e R e d C ro ss, a n d w h o w ill sta rt th o b id d in g a t $ 1 ,0 0 0 .
S in ce re ly , y o u r s ,
A . S . B U R L E S O N , P ostm aster-G eneral.
T h e fo llo w in g o fficia l o rd er re g a rd in g th e n e w air m a il
se rv ice w a s issu e d o n M a y 1 5 :
A irp la n e m ail se rv ice b e tw e o n W a s h in g to n , P h ila d e lp h ia , a n d N o w Y o r k
w as establish ed M a y 15 1918— th o ra te o f p o s ta g e is 24 co n ts p e r o u n c e o r
fra ctio n th e r e o f. In clu din g sp e cia l d o liv e ry se rv ico .
M a il b y airpla ne fro m N e w Y o r k a rriv in g a t P h ila d e lp h ia n o t later th a n
1:30 p . m . w ill c o n n e c t w ith oarlier train s th a n th o s e c o n fo rm in g t o train
sch edu les fo r A tla n tic C it y an d C a p e M a y , N . J .; C h e ste r, R e a d in g an d
P o tts v ille , P e n n .; W ilm in g to n , D e l., a n d P o r t D o p o s lt , M d .
M a ll b y airpla n e a rriv in g a t W a s h in g to n b y 3:3 0 p . m . w o u ld m a k e c o n
n e ctio n s w ith th o B a ltim o re & O h io tra in le a v in g W a s h in g to n a t 4 p . m .
fo r C u m b e rla n d , G ra fto n , W h e e lin g , P itts b u r g h , C in c in n a ti, a n d S t.
L o u is . I t w o u ld also m a k e c o n n e c tio n w ith th o S o u th orn R a ilr o a d tra in
lea vin g W a s h in g to n a t 4:1 5 p . m . fo r C h a r lo tte v illo , L y n c h b u r g , a n d D a n
v ille , V a .; G re e n sb o ro , S alisbu ry a n d C h a r lo tte , N . C .; A tla n ta , G a .;
B irm in g h a m , A la ., a n d in te rm e d ia te p o in ts .
M a il b y a irpla n e fr o m W a s h in g to n w ill c o n n e c t a t P h ila d e lp h ia w ith
earlier train s fo r T r e n to n , A t la n t ic C it y , a n d C a p o M a y , N . J .; E a st
S trou d sbu rg," C h e ste r, R e a d in g , P o t t s v illo , a n d B o th lo h e m , P e n n ., an d
W ilm in g to n , D e l., a n d in te rv e n in g p o in ts .
M a il b y airpla no fr o m W a s h in g to n a n d P h ila d e lp h ia arriv in g a t N o w
Y o r k b e fo r e 3:30 p . m . w ill m a k o co n n e c tio n s fo r B r id g e p o r t a n d N e w
H a v e n , C o n n .; S prin gfield a n d B o s to n , M a s s .; A lb a n y , S yra cu se , R o c h e s te r ,
a n d B u ffa lo , N . Y . ; C le v e la n d a n d T o le d o , O h io ; E lk h a rt, I n d ., a n d C h ic a g o
a n d in te rv e n in g p o in ts .
T h e fa ste st tim e b e tw e e n W a s h in g to n a n d N e w Y o r k b y tra in is fiv e
hou rs; b y a irpla n o t w o an d a h a lf t o three h ou rs.
M a il c a n b e sont b y airpla n o fr o m N e w Y o r k t o a n y c it y w h ich has m ail
c o n n e c tio n w ith P h ila d e lp h ia o r W a s h in g to n , fro m W a s h in g to n t o a n y c it y
w h ich ca n b e reach ed b y m all c o n n e c tio n fr o m P h ila d e lp h ia o r N o w Y o r k ,
a n d fro m P h ila d e lp h ia t o a n y c it y w h ic h c a n b o re a ch e d th ro u g h m all
co n n e ctio n s a t N o w Y o r k o r W a s h in g to n .
OTTO PRAEGER,
Second A ssista n t Postm aster-G eneral.
T h e “ O ffic ia l B u lle t in ” o f M a y 1 5 h a d th e fo llo w in g to s a y
re g a rd in g th e se rv ic e :
T h e tim e ta k e n fo r th e tra n s p o rta tio n o f m ail fr o m W a s h in g to n t o N e w
Y o r k b y tra in , in clu d in g th e d o liv e ry a t th e p o s t o ffic o , is fro m six t o seven
h o u rs. T h o tim e re q u ire d fo r th o tra n s p o rta tio n b y a irpla n e w ill n o t
e x ce e d 3 J4 h o u rs, in clu d in g an a llo w a n ce o f 30 m in u tes fr o m th o lan d in g
H old a t B e lm o n t P a rk t o th e N e w Y o r k p o s t o ffic o .
T h o air r o u te w ill m a k e a sa v in g o f a t least t w o h ou rs In th e d e liv e ry
o f m ail a t term in als. B u t a m u ch greater sa v in g o f tim o th a n th is in d ica ted
w ill b e m a d e o n a c c o u n t o f th e sp e c ia l-d e liv e ry features in th o citie s an d
earlier train co n n e c tio n s . T h e sa v in g in s o m e in stan ces m a y a m o u n t t o
as m u ch as 12 h ou rs b y m a k in g co n n e c tio n w h ic h w ill a v o id th o d e liv e ry
g o in g o v e r t o th o n ext d a y .
P ro v isio n s h a v e be e n t o gu ard again st d o la y s in d e liv e ry resu ltin g fro m
a ccid e n ts t o th e plan es. T o m e e t s u ch an e m e rg e n cy r e lie f plan es w ill b e
p r o v id e d an d e m e rg e n cy lan d in g fie ld s h a v e be o n e stablish ed a t B a ltim o re ,
H a v r e d e G ra co , W ilm in g to n , a n d N e w B ru n s w ick . I n caso o f a n y th in g
g o in g w ro n g w ith a p la n e , lan d in g w ill b o m a d o a t th o n earest o f those
e m e rg e n cy fie ld s , an d If th o tr o u b le requ ires m o re th an a fe w m in u tes t o
b e c o r re c te d , th o m ail w ill b e tran sferred to a r e lie f p ia n o a n d ca rried on
w ith o u t loss o f tim o .
T h c r o are 12 planes n o w in th e se rvico — 3 at N o w Y o r k , 6 a t P h ila d e lp h ia ,
a n d 3 at W a sh in g to n .
T h e ra to o f p o s ta g e fo r airpla ne m ail s o r v lc e is 24 co n ts an o u n c e o r fr a c
t io n th e r e o f, all m ail bein g carried as firs t cla ss an d g iv e n sp ecial d o liv e ry
s e rv ico a t th o c it y o f d e stin a tio n . P a rcels se n t b y a irpla n o m u st n o t ex ceed
30 in ch es in girth an d len gth c o m b in e d , a n d m u st n o t e x ce e d 2 p o u n d s in
w e ig h t.
A re co rd trip to P h ila d e lp h ia w as m a d o o n Ju n o 1 2 , w h o n
th e flig h t w a s m a d o in f o r t y - t w o m in u t e s .
T h o flig h t to
B o s t o n w ith th e in a u g u r a tio n o f th o se rv ice b ( tw co n th a t c ity
and N e w
Y o r k w a s m a d o in th re e h ou rs a n d 2 2 m in u te s ;
L ie u t. T o r r e y K . W e b b w a s th e p ilo t o f th o p la n e , w h ich
h a d a n u p s e t a t th e c o m p le tio n o f th e trip a t S a u g u s , M a s s .
T h e m a il w a s tran sfe rre d fr o m
th a t p o in t to B o s t o n b y a
w a itin g a u to m a il w a g o n .
A
b ill a u th o r iz in g th e P o s t O ffic e D o p a r t m o n t to ch a rg e
n o t m o re th a n 2 4 ce n ts a n o u n c e or fra c tio n th e re o f fo r th e
tr a n s p o r ta tio n o f m a il b y a irp la n o w a s p a sse d b y th e S e n a te
o n M a y G a n d b y th o H o u s e o n M a y 7 .
P ilo te d b y a r m y
O n J u n e 2 8 th e P o s t O ffic e D e p a r t m e n t a n n o u n c e d th a t
a v ia t o r s , th e fir s t m a il air p la n e s o p e ra tin g in th is c o u n tr y
a fte r J u ly 1 5 th e p o s ta g e on a irp la n e m a il w o u ld b e re d u ce d
m a d o th e ir in itia l trip o n M a y 1 5 , ca rr y in g co n sig n m e n ts o f
fro m 2 4 c e n ts to 1 6 c e n ts fo r th e firs t o u n c e a n d 6 ce n ts fo r
m a il fr o m N o w Y o r k a n d P h ila d e lp h ia fo r W a s h in g t o n an d
e a c h a d d itio n a l o u n c e or fr a c tio n .
fr o m
p o s ta g e a n d th e u s u a l 10 ce n ts fo r sp ec ial d o liv e r y .
P h ila d e lp h ia
S u n d a y , fr o m
fo r
N ew
Y ork.
e a ch e n d o f th e N o w
m a il r o u to are m a d e .
D a ily
trip s ,
excep t
T h i s is a 6 c e n t r a te fo r
Y o r k -W a s h in g t o n air
T h o p u rc h a se a t a c o s t o f 8 2 0 ,0 0 0 o f a sh e et o f 1 0 0 o f th e
E a c h m a ch in o flie s o n ly h a lf th e la p
n e w a irp la n o s ta m p s , o n w h ic h th e a irp la n o w a s p rin te d u p
o f th e jo u r n e y , th o m a il b e in g tran sferred to o th e r p la n e s a t
sid e d o w n w a s a n n o u n c e d se v e ra l w e e k s a g o .
P h ila d e lp h ia .
T h o m a il o n th o airp la n e le a v in g W a s h in g to n
G r e e n , s o n o f th e la te M r s . H e t t y G r e e n , w a s th o p u rc h ase r
o n th o in itia l trip in c lu d e d a le tte r fr o m P o s tm a s te r -G e n e r a l
o f th e s ta m p s , w h ic h h a d p r e v io u s ly b e e n sold a t th o W a s h in g
C o l. E . I I . R .
B u r le so n to th e P o s tm a s te r a t N e w Y o r k , o n th e e n v e lo p o f
to n P o s t O ffic e fo r $ 2 4 .
w h ich w a s a ffix e d
d e lp h ia s ta m p d e a le r , w h o p rio r to C o l. G r o o n ’s o ffe r h a d re
th e first airp la n e p o sta g e
s ta m p
a u to
g r a p h e d b y ^ P residen t W ils o n a n d w h ich w a s so ld a t a u c tio n
c e iv e d a b id o f $ 1 2 ,5 0 0 .
3 & e>
T h o y fell in to th o h a n d s o f a P h ila
July 6 1918.]
THE CHRONICLE
L O N D O N A N D P A R I S A I R M A I L SE R VICE.
T lie first trip to b o m a d e in a n aerial p o s t se rv ice p la n n e d
b e tw e e n E n g la n d a n d F ra n c e occu rre d on M a y 2 8 , w h e n tw o
a v ia to r s c a rr y in g m a il fle w fr o m P a ris to L o n d o n a n d b a c k
in threo h ou rs a n d te n m in u te s .
A I R M A I L S ER VICE TO N O R T H S E A .
D is p a tc h e s to L o n d o n o n M a y
1 2 fr o m
C h r is tia n ia a n
n o u n c e d th a t aerial service b e tw e e n A b e r d e e n , S c o t la n d , an d
S ta v e n g o r , N o r w a y , w a s e x p e c te d to o p e n so o n fo r c a rry in g
m a il.
I t w as fu rth e r sa id :
I t is su ggested th a t e c o n o m ic in te re sts be tw e e n G re a t B rita in a n d N o rw a y
a re so g r e a t th a t im p ro v e d p o s ta l an d p a ssen ger s e r v ic e is a n e c e s s ity .
A new N orw eg ia n a ir t r a ffic c o m p a n y in te n d s also t o establish ro u te s
b e tw o o n t h o m o s t im p o rta n t N o rw e g ia n c itie s an d C o p e n h a g e n , G o th e n
b u r g an d S to c k h o lm .
L E T T E R PO STAG E I N C R E A S E D B Y G R E A T B R I T A I N .
P e n n y p o s ta g e ce a se d in G r e a t B r ita in o n J u n e 3 a fte r it
had
p re v a ile d
fo r s e v e n ty y e a r s .
B e g in n in g o n
th e
d a te
in d ic a te d th e o r d in a r y le tte r p o s ta g e w a s in c re a se d to three
h a lfp e n c e .
T h e P o s t O ffic o D e p a r t m e n t a t W a s h in g t o n h as
issu e d th e fo llo w in g a n n o u n c e m e n t r e g a rd in g th e n e w r a te :
O F F IC E S E C O N D A S S IS T A N T P O S T M A S T E R G E N E R A L .
W a shington, M a y 29 1918.
T h is d e p a rtm e n t h a s b e e n a d v is e d b y t h o p o s ta l a d m in is tra tio n o f G ro a t
B rita in th a t c o m m e n cin g Ju n o 3 1918 th o ra te o f p o s ta g e o n le tte r s m ailed
in th o U n ite d K in g d o m an d a d d ressed fo r d e liv e r y in th o U n ite d S tates
w ill b e in crea sed t o o n e an d a h a lfp e n c e ( l H d . ) fo r tho fir s t o u n c e o r fra c
tio n t h e r e o f an d o n e p e n n y fo r e a ch a d d itio n a l o u n c e o r fr a c tio n th e r e o f.
T h e item “ G re a t B r ita in ” p r in te d in the fo re ig n p o s ta g e ta b le o n p a g e s 126
t o 129 o f th o P o s ta l G u id e fo r J u ly 1917 is m o d ifie d a c c o r d in g ly .
1’o stm a stors w ill p lease ca u se d u o n o t ic e o f t h o fo ro g o in g t o b o ta k e n at
th eir offic e ., an d th o w id e s t p o s s ib lo p u b lic it y t o b o g iv e n th e r e to .
O T T O l ’ R A E G E R , Second A s s t. P ostm aster-G en eral.
U K R A IN IA N A IR M A IL .
A n A m s te r d a m c a b le o f J u n o 2 8 to th e d a ily press h as tho
fo llo w in g to s a y re g a rd in g th e U k ra in ia n A ir M a i l S e r v ic e :
A c c o r d in g t o a d v ic e s re ce iv e d h ero, th o U krain ian A ir P o s ta l S ervice
w as s ta rte d this w eek . Its lines ra d ia te fro m K ie v , w ith exten sion s in to
C rim ea .
Stages a b o u t 100 m ilos a p a rt h a v e boon e stablish ed , w ith in ter
v e n in g su b sta tion s, w ld c h a rc e q u ip p e d w ith m aterials an d spare p a rts fo r
uso in case landings betw e e n stages are n ecessary.
T h o system in clu d es a lin o fr o m K ie v t o B re s t-L ito v s k , 300 m iles a w a y ,
w h ich d ista n ce is c o v e r e d in fo u r h ou rs. T h o line fro m K io v t o O dessa is
o f th o sam e len gth , a n d , in a d d itio n , th o o n e fro m K io v t o Y e k a te rin s la v
lias been sot u p . N e x t w eek o n o w ill bo o p e n e d fro m O dessa t o N ik o la y e v
a n d K h erson and fr o m O dessa t o B u ch a re st. T h e n ext w e e k th o lino fro m
K io v t o K h a r k o v , S e v a sto p o l, an d I'e o d o s ia w ill b o o p e n e d . T h e w h o le
d ista n co c o v e r e d b y these linos w ill b o 1,125 m iles.
T h o Y ek a terin s la v line w ill run to R o s t o v - o n - D o n .
A trial flig h t fro m
B r e s t-L ito v s k t o S e v a sto p o l, a d ista n co o f 750 m iles, w as d o n e in th irteen
h ou rs . T h e m ach in es w ill each c a r r y 200 p o u n d s o f p o sta l m a tte r, w ill
b o eq u ip p e d w ith engines d e v e lo p in g 200 h orso p o w e r , an d will b o m a n n ed
b y tw o a v ia to rs .
T E X T OF U. S. N O T E P R O T E S T IN G A G A I N S T M E X I C A N
O I L D ECR EE.
T h e to x t o f a “ so le m n p r o te s t” m a d e b y th o U n it e d S ta te s
G o v e r n m e n t a g a in s t th o M o x ic a n d ecree o f F o b .
19
1918
e s ta b lish in g a ta x o n oil la n d s a n d o n oil c o n tr a c ts e x e c u te d
p rio r to M a y 1 1 9 1 7 w a s m a d e p u b lic b y th o S ta t o D e p a r t
m e n t a t W a s h in g t o n o n J u n o 2 9 w h e n a s ta te m e n t w a s issu ed
in r o p ly to press c o m m e n t in M e x ic o to th e e ffe c t th a t th o
n o te
o f p r o te s t w a s in c o n siste n t w ith
P re sid e n t W i ls o n ’ s
ad d re ss to th e M e x ic a n e d ito rs o n J u n o 7 .
T h e la t te r w a s
p u b lish e d in o u r issue o f J u n o 1 5 , p a g e 2 5 1 7 .
T h e s ta te m e n t
issu e d b y th e S ta t o D e p a r t m e n t sa y s th e n ow ta x a m o u n ts
p r a c tic a lly to c o n fis c a tio n o r , a t le a s t, u n fa ir im p o s itio n ,
and
cites e x tr a c ts fr o m
P r e sid e n t W i ls o n ’ s sp ee ch
to
tho
M o x ic a n e d ito rs o n th o fu tu r e re la tio n s o f n a tio n s as fo llo w s :
A s lon g as th ere is su sp icio n th ere is g o in g t o b o m isu n d e rsta n d in g, an d
as lo n g as th ere is m isu n d ersta n d in g th ere is g o in g t o b o tro u b le .
If you
o n c e g e t a situ a tion o f tru st tlion y o u h a v o g o t a situ a tio n o f p erm an en t
poaco.
T lio S ta t e
D e p a r t m e n t a lso sa y s
th a t “ a n
e x a m in a tio n
o f th o n o te p ro v e s th a t a ll th a t th o U n it e d S ta t e s a sk s for
its citiz e n s w h o h a v o m a d e in v e s tm e n ts in M e x i c o , re ly in g
o n th o g o o d fa ith a n d ju s tic e o f th o M o x ic a n G o v e r n m e n t
a n d M o x ic a n la w s , is ju s tic e a n d fa ir d e a lin g .
T h e r o is n o
d is p o sitio n o n th e p a r t o f th o U n it e d S ta t e s G o v e r n m e n t to
in te rfe re
in
th o
in tern a l
a ffa irs
of
M e x ic o .
H ow ever,
th o soizuro o f p r o p e r ty a t th o w ill o f th o so v e r e ig n w ith o u t
duo
le g a l
p ro c e ss,
e q u ita b ly
a d m in is te r e d ,
and
w ith o u t
p ro v isio n fo r j u s t c o m p e n s a tio n , h a s a lw a y s b e e n re g a rd e d
as a d en ia l o f ju stic o a n d a ca u se o f d ip lo m a tic re p re se n ta
t io n s .”
W o q u o te th o a n n o u n c e m e n t o f th e S ta to D e p a r t
m e n t g iv in g th e te x t o f tho n o te (d a te d A p r i l 2 ) a s fo llo w s :
T h o S ta to D e p a r tm e n t’s a tte n tio n lias bo o n c a lle d t o press co m m e n t
p u b lis h e d in M e x ic o t o th o e ffe c t th a t th o A m b a s sa d o r F le tc h e r 's n o te o f
A p ril 2 1918, r es p ectin g th o M e x ica n d e cre e o f F o b . 19 1918, e stablish in g a
ta x on oil la n d s is in con siste n t w ith th o P re s id e n t’s add ress t o th o M e x ica n
ed itors n ow v is itin g this c o u n tr y . T h o U n ited S tates G o v e rn m e n t w o u ld
49
h a v o a p p re c ia te d b e in g ask ed fo r its c o n s e n t t o th e p u b lic a t io n o f th is n o te
n a sm u ch as th is p r o c e d u r e is u su a lly fo llo w e d in d ip lo m a tic dea lin gs b e
tw een fr ie n d ly n a tio n s .
S u ch co n s e n t w o u ld o f co u r s o h a v e b e e n r e a d ily
g iv e n i f th e M e x ic a n G o v e rn m e n t h a d in tim a te d th a t it b e lie v e d th e n o te
s h o u ld b o p u b lis h e d .
A n e x a m in a tio n o f th e n o t e p r o v e s th a t all th a t th e U n ite d S tates asks
fo r its citiz e n s w h o h a v o m a d e in v e s tm e n ts in M e x ic o r e ly in g o n th e g o o d
fa ith a n d ju s tic e o f th e M e x ica n G o v e rn m e n t an d M e x ica n law s is ju s tic e
a n d fa ir d e a lin g . T h e re is n o d is p o s itio n o n th o p a r t o f th e U n ite d S ta tes
G o v e rn m e n t t o in te rfe re in th e in tern al a ffa irs o f M e x ic o .
H ow ever,
th e seizu re o f p r o p e r t y a t th e w ill o f th o so v e re ig n w ith o u t d u e legal p rocess
e q u ita b ly a d m in iste re d a n d w ith o u t p r o v is io n fo r ju s t co m p e n s a tio n has
a lw a y s been rega rd ed as a d e n ia l o f ju s tic o a n d a ca u s e f o r d ip lo m a tic
re p re se n ta tio n .
T h e P re sid e n t in his s p e e ch re fe rrin g t o M e x ic o 's fu tu r e said:
“ I t m u s t d e p e n d u p o n e v e r y n a tio n th a t h a s a n y re la tio n s w ith h er, and
th o citize n s o f a n y n a tio n th a t h as r e la tio n s w ith h e r, k e e p in g w ith in th e
b o u n d s o f h o n o r a n d fa ir dea lin g a n d ju s tic e , b e c a u s e s o s o o n as y o u ca n
a d m it y o u r o w n c a p it a l a n d th e c a p ita l o f th e w o rld t o th e fre e uso o f th e
resources o f M e x ic o it w ill b e o n o o f th o m o s t w o n d e r fu lly r ic h a n d pross
p e ro u s c o u n trie s in th e w o r l d .”
T h o P resid en t fu r th e r p o in te d o u t th a t th e b asis fo r th e fu tu r e r e la tio n o f n a tio n s w as tru st, a n d said:
‘ ‘ A s lo n g as th e re is su sp icio n th e re is g o in g t o b o m isu n d e rsta n d in g , an d
as lo n g as th ero is m isu n d e rsta n d in g th e re is g o in g t o b o tr o u b le .
I f you
c a n o n c e g e t a s itu a tio n o f tru s t th en y o u h a v e g o t a s itu a tio n o f p e rm a n e n t
p e a c e .”
N o te o f A p r i l 2.
T h o U n ite d S tates a lw a y s d esires t o a c c o r d t o th e M e x ica n G o v e r n m e n t
an d p e o p le ju s tic o a n d fa ir d e a lin g , an d it is c o n fid e n t th a t it w ill b o a c
c o r d e d th e sam e ju s tic o a n d th e sa m e fa ir d e a lin g in re tu rn .
T h e n o te o f A p ril 2 is as fo llo w s :
_
„
M e x ic o , A p r i l 2 1918.
E xcellency:
T h o d e cre o o f F e b . 19 1918, w h ich w as p u b lish e d in th o “ D ia r io O ffic ia l’
o n F e b . 27 la s t, establish in g a ta x o n o il lan ds a n d o n o il c o n t r a c ts e x e cu te d
p r io r t o M a y 1 1917, & c ., has been b r o u g h t t o th o a tte n tio n o f m y G o v e r n
m e n t, a n d I ain u n d er in s tru ctio n s t o sta te t o Y o u r E x c e lle n c y th a t m y
G o v e rn m e n t has g iv e n m o s t ca re fu i c o n s id e r a tio n t o th e e ffe c t w h ic h th is
d e cre e , i f ca rrie d in to o p e r a tio n , w ill h a v e u p o n A m e r ic a n in terests an d
p r o p e r t y rig h ts in M e x ic o .
•
P rovision s o f the D ecree.
T h e said d e cre e p ro v id e s fo r th e im p o s itio n o f c e r ta in ta xe s o n th e su rfa ce
o f oil la n d s, as w ell as o n th e re n ts, r o y a ltie s , an d p r o d u c t io n d e r iv e d fr o m
th o e x p lo ita tio n th e r e o f.
I t is n o t e d a ls o t h a t a m o n g th o p r o v is io n s fo r
th o c o lle c tio n o f s u ch taxes is o n e re q u irin g th a t p a y m e n t in k in d shall b e
d e liv e re d t o th o M e x ica n G o v e rn m e n t a t th e s to ra g e s ta tio n s o f th e op e r
a to r s , A r tic le s I V , X I I I , a n d X I V o f th o said d e c r e o seem t o in d ica te
an in te n tio n t o s e p a ra te th e o w n ersh ip o f th e s u rfa ce fro m th a t o f th o
m in era l d e p o s its o f th e s u b s u rfa ce , a n d t o allo w th o o w n e rs o f t h e s u rfa ce
a m ere p re fe re n ce in so fa r as co n c e r n s th o rig h t t o w o rk th e su b soil d e
p o s its u p o n c o m p lia n c e w ith ce rta in c o n d itio n s w h ich are s p e c ifie d . W h ile
th o U n ite d S tates G o v e rn m e n t is n o t d is p o s e d t o re q u e s t fo r its citiz en s
e x e m p tio n fr o m th e p a y m e n t o f th eir o rd in a r y a n d ju s t share o f th e b u r
den s o f ta x a tio n s o lo n g as th e ta x is u n ifo rm an d n o t d is c rim in a to ry in its
o p e r a tio n , a n d ca n fa ir ly b o c o n s id e re d a ta x an d n o t a c o n fis c a tio n o r u n
fa ir im p o s itio n , a n d w h ile th e U n ite d S tates G o v e rn m e n t is n o t in clin ed
t o in te rp o so in b e h a lf o f its citiz e n s in case o f e x p r o p r ia tio n o f p riv a te
p r o p e r ty fo r s o u n d reason s o f p u b lic w e lfa re , a n d u p o n ju s t co m p e n s a tio n
a n d b y legal p ro c e e d in g s b e fo r e trib u n a ls, a llo w in g fa ir a n d e q u a l o p p o r
tu n ity t o b e h e a rd and g iv in g d u e c o n s id e r a tio n t o A m e r ic a n r ig h ts, n ev er
theless th e U n ite d S tates c a n n o t a cq u ie s ce in a n y p r o c e d u r e o s te n s ib ly o r
n o m in a lly in th o fo rm o f ta x a tio n o r th o e xorcise o f e m in e n t d o m a in , b u t
re a lly re su ltin g in c o n fis c a tio n o f p r iv a te p r o p e r t y a n d a r b itra ry d e p r iv a
tio n o f v e s te d r ig h ts.
Y o u r E x c e lle n c y w ill u n d e rsta n d th a t th is is n o t an assertion o f a n y
n e w p r in c ip le o f in te rn a tio n a l la w , b u t m e re ly a reite ra tio n o f th o s e r e c o g
n ize d p rin cip le s w h ic h m y G o v e rn m e n t is c o n v in c e d fo r m th e basis o f in
te r n a tio n a l r e s p e c t a n d g o o d n e ig h b o r h o o d . T h e seizu re o r s p o lia tio n of
p r o p e r ty a t th e m ere w ill o f th e so v e re ig n a n d w ith o u t d u e le ga l p rocess
fa ir ly a n d e q u it a b ly ad m in istered , has a lw a ys been r e g a rd e d as a d en ial of
ju s tic e a n d as a ffo r d in g in te r n a tio n a lly a basis o f in te rp o s itio n .
M y G o v e rn m e n t is n o t in a p o s itio n t o sta te d e fin ite ly th a t th e o p e ra tio n
o f th e a fo r e m e n tio n e d decree w ill, in e ffe c t, a m o u n t t o c o n fis c a tio n o f A m er
ica n in terests. N e v e rth e le ss, it is d e e m e d im p o rta n t th a t th e G o v e rn m e n t
o f th e U n ite d S ta te s s h o u ld s ta to a t this tim e th e rea l a pp reh en sion w h ich
it e n tertain s as t o th e p o s s ib le e ffe c t o f th is d e cre e u p o n th o v e s te d rig h ts
o f A m e rica n c itiz o n s in o il p ro p e rtie s in M e x ic o . T h e a m o u n t o f taxes
t o be le v ie d b y th is decree are in th em selves a v e r y g re a t b u rd e n o n th e o il
in d u s try , a n d i f th e y are n o t c o n fis c a t o r y in e ffe c t— a n d as t o this m y
G o v e rn m e n t reserves o p in io n — th e y a t le a st in d ica te a tre n d in th a t d irec
tio n .
I t is re p re se n te d t o th e S ta to D e p a r tm e n t th a t th e ta x a tio n b orn e
b y th o o il fie ld s o f M e x ic o v e r y g r e a tly exceeds th a t im p o se d o n th o in
d u s try a n yw h ere else in th e w 'orld. M o r e o v e r , it w o u ld b o p o s s ib lo u n d er
th o term s o f th e d e cre e , in v ie w o f th o f a c t th a t th e M e x ic a n G o v e rn m e n t
has n o t sto ra g o fa c ilitie s fo r th e taxes o r ro y a ltie s requ ired t o b e p a id in
k in d , b y s to rin g th o s a m e in th e ta n k s o f th o o p e ra to rs , t o m o n o p o liz e su ch
s to ra g o fa cilitie s t o th e p o in t o f th e p r a c tic a l c o n fis c a tio n th e r e o f u n til
e m p tie d b y o rd e r o f th e M e x ica n G o v e rn m e n t o r b y th o fo r c e d salo o f th e
sto re d p e tro le u m t o th e o p e ra to rs a t e x tra v a g a n t rates.
I t is, h o w e v e r , t o th e p r in c ip le in v o lv e d in th e a p p a re n t a tte m p t at
se p a ra tio n o f s u rfa ce a n d su b su rfa ce righ ts u n d e r th is d e cre e th a t m y
G o v e rn m e n t desires t o d ir e ct sp ecial a tte n tio n .
I t w o u ld a p p e a r th a t th e
d e cre e In q u o s tio n is an e ffo r t t o p u t in to e ffe c t as t o p e tro le u m lands P a ra
gra p h 4 o f A r tic le 27 o f th e C o n s titu tio n o f M a y 1 1917, b y s everin g a t on e
stro k e th o ow n e rsh ip o f th e p e tro le u m d e p o sits fr o m th e ow n e rsh ip o f th e
su rfa ce , n o tw ith s ta n d in g th a t th e C o n s titu tio n p ro v id e s th a t “ p r iv a te
p r o p e r ty sh all n o t be ex p ro p ria te d e x ce p t b y reason o f p u b lic u t ilit y an d
b y m ean s o f in d e m n ific a tio n .”
S o fa r as m y G o v e rn m e n t is aw are n o
p r o v is io n has be e n m a d e b y Y o u r E x c e lle n c y ’s G o v e rn m e n t fo r ju s t c o m
p e n s a tio n fo r su ch a r b itra ry d iv e s tm e n t o f rig h ts n o r fo r th e establish
m e n t o f a n y trib u n a l in v e ste d w ith th e fu n c tio n s o f de te rm in in g ju s tly an d
fa ir ly w h a t in d e m n ific a tio n is d u e t o A m e rica n in terests. M o r e o v e r , there
app ears n o t th o slig h te st in d ica tio n th a t th e se p a ra tio n o f m in era l rights
fro m s u rfa ce rig h ts is a m a tte r o f p u b lic u tility u p o n w h ich th o rig h t o f
e x p ro p ria tio n d e p e n d s , a c c o r d in g t o th e term s o f th o C o n s titu tio n its e lf.
In th e a b s e n co o f th e e sta b lish m e n t o f a n y p ro ce d u re lo o k in g t o th e p re
v e n tio n o f sp o lia tio n o f A m e rica n citize n s an d in th e a b s e n ce o f a n y as
s u ra n ce , w e re su ch p r o c e d u r e e sta b lish e d , th a t it w o u ld n o t u p h o ld in
d e fia n c e o f in te rn a tio n a l law an d ju s tic e th o a rb itra ry co n fis c a tio n s o f
M e x ica n au th o ritie s, it b e c o m e s th e fu n c tio n o f th o G o v e rn m e n t o f th o
U n ite d S tates m o s t ea rn e stly a n d re s p e c tfu lly t o ca ll th e a tte n tio n o f the
M e x ica n G o v e rn m e n t t o th e n e ce ssity w h ic h m a y arise t o Im pel it to p r o te c t
th o p r o p e r ty o f its citize n s in M e x ic o d iv e s te d o r in ju rio u s ly a ffe c te d b y th e
d e cre o a b o v e c ite d .
T h e In vestm en ts o f A m e r ic a n citiz e n s in th e o il p ro p e rtie s In M e x ic o
h a v e b e e n m a d e In rella n co u p o n th e g o o d fa ith a n d ju s tic e o f th o M e x ica n
G o v e rn m e n t a n d M e x ica n la w s , an d m y G o v e rn m e n t ca n n o t b e lie v e th at
th o e n lig h te n e d G o v e rn m e n t o f a n e ig h b o rin g R e p u b lic a t p e a c e an d a t a
s ta g e in its p rogress w h en th o d e v e lo p m e n t o f its resou rces s o g r e a tly d e
p en d s on its m a in ta in in g g o o d fa it h w ith in v e sto rs a n d o p e r a to r s , w h o m
it has v ir tu a lly in v ite d t o sp e n d their w e a lth a n d e n e rgy w ith in its b ord ers,
w ill d isregard its clea r an d ju s t o b lig a tio n s to w a r d th em .
A c t in g u n d er in s tru ctio n s , I h a v e th o h o n o r t o re q u e st y o u r E x ce lle n c y
t o b e g o o d e n o u g h t o l a y b e fo r e H is E x ce lle n c y th o P re sid e n t o f M e x ic o
this fo rm a l a n d s olem n p r o te s t o f th o G o v e rn m e n t o f th o U n ite d S tates
a gain st th e v io la tio n o r in frin g e m e n t o f le g itim a te ly a c q u ir e d A m erican
p r iv a to p r o p e r t y rig h ts in v o lv e d in th o e n fo r ce m e n t o f th o s a id decree.
A c c e p t , E x c e lle n c y , th e re n e w e d a ssu ran ce o f m y h igh e st c o n s id e r a tio n .
H E N R Y P. FLETCH ER.
VETO OF L E G I S L A T I V E A N D J U D I C I A L S U P P L Y BIL L
B Y P R E S ID E N T W IL S O N — BILL REPASSED
AMENDED.
B e c a u s e o f tlie B o la n d A m e n d m e n t , re q u irin g G o v e r n m e n t
e m p lo y e e s to w o r k e ig h t h o u rs a d a y in ste a d o f s e v e n , P re s i
d e n t W i ls o n o n J u ly 1 v e to e d th o L e g is la t iv e , E x e c u tiv e a n d
J u d ic ia l S u p p ly B i ll.
An
e ffo r t in th e H o u s e to o v errid e
th e v e t o fa ile d b y a v o t e o f 2 4 6 to 5 0 , a n d it w a s la te r re
p a s s e d b y th e H o u s e w ith th o p r o v is io n o b je c t e d to e lim in
ated .
A p r o v is io n c a llin g fo r s a la r y in cre ase s fo r a ll in th o
e m p lo y
Jan.
of
b ureaus
of
th o
G overn m en t
1 1 9 1 6 , is ca rried in
e sta b lish e d
th e b ill as f in a lly
sin ce
passed.
In
v e to in g th e b ill th o P r e s id e n t s a id :
T o the H o u se o f R epresentatives: .
T h o u g h I realize v e r y k e e n ly th o In co n v o n lo n co t o t h o G o v e rn m e n t o f
retu rn in g w ith o u t m y sign a tu re H . R . 1 0 ,3 5 8 , m a k in g a p p ro p r ia tio n s fo r
t h o leg isla tiv e, e x e c u tiv e a n d ju d icia l expenses o f th o G o v e rn m e n t fo r th o
fisca l y e a r en d in g Ju n o 30 1919, a n d fo r o th o r p u rp o so s, I feel co n stra in e d
t o d o s o beca u se o f th o p r o v is io n co n ta in e d in th o last p aragrap h o f th o b i ll ,
w h ich increases th o h ou rs o f w o rk fo r th o o m p lo y c o s o f th o G o v e rn m e n t
w ith in th o D is tr ic t o f C o lu m b ia fr o m seven t o eigh t hou rs p er d a y . '
A t th o o u ts e t o f th o w a r I Telt it m y d u t y t o urge all th o e m p lo y e rs in
th o U n ited S tates t o m a k e a sp ecial e ffo r t t o see t o It th a t t h o c o n d itio n s
o f la b o r w ere in n o resp ect a ltered u n fa v o r a b ly t o th o la b o re r.
It has
been e v id e n t fr o m th o first h o w d ir e ctly th o strain o f th is w ar is t o bear
u p o n th os e w o d o th e la b o r w h ic h underlies th o w h o lo pro ce ss o f m o b iliz in g
th o n a tio n , a n d it scorned t o m o a t th o o u ts e t, as it soom s t o m o n o w , th a t
it is o f th e highest im p o rta n ce th a t th o a d v a n ta g e s w h ich had been a cc o r d e d
la b o r b e fo r e th o w a r b egan sh o u ld n o t b o su b stra e te d fr o m o r a b a te d .
H a v in g ta k en th is p o s itio n in an earnest ap p ea l to o th e r o m p lo y e r s, I
d o n o t feel ju s tifie d in assen tin g t o a m easure in w h ich th o U n ite d States
as an o m p lo y e r ch an ges th o co n d itio n s o f th o la b o r o f its o w n e m p lo y e e s
u n fa v o r a b ly t o th e m , a n d I feol th o freer t o tak o this p o s itio n be ca u se I
h a v e n o t learn ed fro m a n y q u a rte r th a t th o e m p lo y e e s o f th o G o v e rn m e n t
in th o D is tr ic t h a v e b een sla ck in th eir la b o r o r h a v e d em u rred fro m d o in g
a n y o f th o n ecessary a d d itio n a l tasks w h ic h th o tim e a n d th o e x ig e n c y
requ ire. O n th o c o n tr a r y , I h a v e learned th a t th e y h a v o ch e e r fu lly d o n o
a d d itio n a l la b o r an d h a v o n o t n e e d e d th o c o m p u ls io n o f th o law .
W O O D R O W W IL S O N .
The W h ite H o u se, July 1 1918.
R E T U R N S FR O M I N C O M E A N D E X C E S S PRO FITS
TAXES.
T o t a l re tu rn s o f § 3 , 6 7 1 ,9 1 8 ,2 3 6 in in te rn a l re v e n u e co lle c
tio n s d u rin g th o fisca l y e a r 1 9 1 8 w ero a n n o u n c e d th is w ee k
by
D a n ie l C .
w h ile
th e
re p o r te d
w a s p a id
R op er,
y ie ld
as
fro m
C o m m is s io n e r o f In te r n a l R o v o n u o ,
in c o m o
§ 2 ,8 2 1 ,3 4 0 ,8 0 1 .
in in
th e S e c o n d
and
Of
N ew
excess
th o
p ro fits
la tte r
Y ork
ta x e s
th e p re v io u s y e a r .
In
s ta n d a n d a p p re c ia te m o r o th an o v e r b e fo r e th o m e th o d s and o b je c tiv e s
o f t h e In te rn a l R e v e n u o B u re a u an d w ill b e m o s t e ffe c t iv e in assistin g us
in o u r c a m p a ig n fo r d e lin q u e n t ta x p a y e r s as w o ll as th o s o w h o h a v o file d
d e fe c tiv e r e tu rn s . I t is o u r p u rp o s o t o e q u a liz o th o ta x b u rd e n b y co lle c tin g
fr o m o v e r y p e rs o n an d e v e r y in d u s try th o fu ll a m o u n t o f ta x th a t is d u o to
t h o G o v e rn m e n t an d n o t o n e c o n t m o r o , an d o n th o o th o r h a n d t o retu rn
a n y o x co ssiv o ta xes w h ich m a y h a v o boon c o lle c t e d .
O u r e ffo r t s c o u ld n o t h a v o be e n s u cce ssfu l w ith o u t th o c o -o p o r a tio n o f a
v e r y o f f iclo n t g r o u p o f assista n ts w ith in o u r o rg a n iz a tio n an d o f a m o s t lo y a l
p e rso n n e l th r o u g h o u t th o s e r v ic o . O u r m e n h a v e n o t o b s e r v e d an eigh th o u r d a y b u t h a v o w o rk e d b o t h d a y an d n ig h t t o b rin g a b o u t th o result
w o h a v o a c c o m p lis h e d . T h e y h a v o r o n d c r c d a rea l w a r so r v ic o t o th oir
cou n try .
T h o fo llo w in g ta b le sh o w s th e re v e n u o ro tu rn s b y d is tr ic ts ,
in c lu d in g th e m isc e lla n e o u s ta x e s p a id b y
fo r th o p e rio d o f te n m o n th s :
th e P h ilip p in e s
In com e and
P rofits Tax.
$ 2 3 ,1 7 4 ,9 5 6
5 ,7 3 1 ,3 9 8
5 9 ,4 8 2 ,1 7 2
1 7 ,798,130
2 5 ,2 7 5 ,7 9 2
7 8 .7 0 9 ,0 9 7
4 ,6 3 9 ,7 1 7
16,230,449
8 ,9 6 1 ,8 6 8
2 5 1 ,576 ,06 1
5 ,7 3 4 ,2 6 3
18,0 9 7 ,6 5 8
8 ,7 6 0 ,6 0 9
2 1 ,5 7 6 ,8 4 2
7,4 4 8 ,7 6 7
1 4 ,034,525
2 6 ,1 2 5 ,1 6 6
1,981,606
1 0,488,025
3 ,3 4 0 ,3 9 4
2 ,8 1 1 ,4 2 9
2.2 5 0 .4 8 2
2 1 ,807,341
7 5 ,4 5 6 ,8 0 5
166 ,598 ,75 2
5 8 ,6 1 0 ,2 6 3
1 2,451,044
5 8 ,2 1 8 ,1 3 4
4 3 .9 5 6 ,2 4 7
1 6 ,056,705
7 ,2 8 5 ,2 4 9
11,335,081
2 1 ,9 2 4 ,5 9 8
17,575,683
5 4 ,2 3 6 ,5 5 4
7 ,982,321
3 6 ,1 8 8 ,2 1 2
4 14 ,608 ,90 7
123 ,756 ,44 3
3 4 ,6 9 8 ,9 9 7
2 4 ,3 0 4 ,7 1 0
5 6 ,3 5 0 ,7 0 2
6,8 8 2 ,0 4 1
1 3 ,369,662
4 ,3 0 7 ,8 2 8
4 0 ,9 9 4 ,6 0 6
12,344,727
1 7,355,970
1 6 0 ,342 ,03 4
18,263,347
10,070,079
1 6 2 ,897 ,78 2
14,691,012
2 5 ,9 2 2 ,1 0 5
29 2 ,5 7 6 ,3 6 2
7 ,8 8 4 ,7 4 0
1 4 ,1 6 7 ,9 7 8
2 4 ,4 1 5 ,9 6 4
1 0 ,195,698
1 1 ,205,216
17.701.482
4 5 ,7 1 7 ,6 4 5
3 1 ,4 3 4 ,3 9 0
7 ,7 5 8 ,1 8 0
(N o t taxed)
Total.
$ 2 4 ,4 6 9 ,0 5 3
6.3 1 2 ,6 1 1
8 6 ,1 5 3 ,0 1 9
2 4 ,6 8 8 ,6 3 0
2 8 ,6 9 5 ,1 2 2
94,9 7 0 ,1 8 1
7 ,8 0 5 ,5 3 9
1 9 ,015,700
9 ,6 8 6 ,8 4 0
3 0 4 ,3 7 4 .9 3 0
28,9 1 3 ,9 8 3
18,694,619
10,932,925
35,9 9 5 ,2 2 1
21,5 8 5 ,1 5 4
17,123,177
2 9 .2 8 8 .8 3 7
11,7 0 7 ,5 9 8
5 3 ,1 9 3 ,9 5 4
11,463,451
14,366,202
7 ,9 6 4 ,4 5 0
35,1 6 6 ,4 1 7
106 ,368 ,08 9
191 ,814 ,29 7
8 5 ,3 0 1 ,5 1 6
15,377,251
7 0 ,7 0 6 ,0 9 5
66.3 5 1 .7 4 3
22,2 0 8 ,2 1 3
12,267,851
13,875,814
24,9 4 8 ,5 0 7
2 3 ,8 8 1 ,3 6 8
7 9 ,3 9 5 ,9 1 9
9 ,2 5 1 ,4 6 3
6 3 ,0 2 6 ,9 0 8
4 5 7 ,0 5 8 ,2 5 0
170 ,0 0 0 ,0 0 0
4 5 ,2 6 6 ,4 5 4
3 1 .9 1 3 .7 4 4
7 1 ,0 1 4 ,1 3 3
19,777,663
4 9 ,8 0 8 ,8 4 0
4 ,9 1 7 ,0 4 9
6 9 ,6 2 2 ,0 4 4
2 0 ,0 8 9 ,5 9 5
22,2 7 0 ,4 0 0
1 7 9 ,076 ,22 0
19,535,021
11,473,091
2 00 ,509 .67 1
20.8 8 4 .8 3 7
3 5 ,5 1 9 ,4 1 2
3 3 2 ,159 ,70 1
8 ,4 5 1 ,7 8 5
17,993,697
3 4 ,6 1 0 ,0 5 0
23,2 5 6 ,9 3 7
12,635,207
1 9 ,427,046
4 8 ,1 8 1 ,1 7 9
4 7 ,5 4 0 ,1 6 6
1 1 ,277,536
616 ,717
$ 2 ,8 2 1 ,3 4 0 ,8 0 1
$ 3 ,6 7 1 ,9 1 8 ,2 3 6
D is t r ic t —
A la b a m a _______________________________
A r k a n s a s ______________________________
1, C a lifo r n ia __________________________
6, C a lifo r n ia _________________________
C o lo r a d o _______________________________
C o n n e c tic u t ----------------------------------------F lo r id a ________________________________
G e o rg ia ________________________________
H a w a ii_________________________________
1, Illin o is ___________________________
5, Illin o is ____________________________
8 , Illin o is ..................................................
13, Illin o is ____________________________
6, In d ia n a ___________________________
7, In d ia n a ___________________________
3 , I o w a ______________________________
K a n s a s________________________________
2, K e n t u c k y _________________________
5 , K o n t u c k y _________________________
6, K e n t u c k y _________________________
7 , K e n t u c k y _________________________
8 , K e n t u c k y --------------------------------------L o u is ia n a ____________________ ________
M a r y la n d _____________________________
3 , M a s s a c h u s e tts ------------------------------1, M ic h ig a n _________________________
4 , M ic h ig a n __________________________
M in n e s o t a ____________________________
1, M is s o u r i__________________________
6, M is s o u r i__________________________
M o n t a n a ______________________________
N e b r a s k a _____________________________
N o w H a m p sh ire --------------------------------1, N e w J e rs e y ------------------------------------5, N o w J e r s e y ------------------------------------N e w M o x i c o _________________________
1, N o w Y o r k ________________________
2, N e w Y o r k ________________________
3, N o w Y o r k ------------------------------------14, N o w Y o r k ________________________
21, N o w Y o r k ________________________
28, N o w Y o r k ________________________
4 , N o r t h C a ro lin a --------------------------5, N o r t h C a ro lin a --------------------------N o r t h an d S o u th D a k o t a ----------------1, O h io ...................... ......... .......................
10, O h io ______________________________
11, O h io _______ _______________________
18, O h io ----------- ---------------------------------O k la h o m a _____________________________
O r e g o n ________________________________
1, P e n n s y lv a n ia ____________________
9 , P e n n s y lv a n ia ------------------------------12, P e n n s y lv a n ia ____________________
23, P e n n s y lv a n ia ___________________
S ou th C a ro lin a ______________________
T en n essee_____________________________
3 , T e x a s______________________________
2, V irg in ia ____________________________
6 , V ir g in ia ____________________________
W a s h in g to n ___________________________
W e s t V irg in ia ________________________
1, W is c o n s in _________________________
2, W is c o n s in _________________________
P h ilip p in e Is la n d s ------------------------------T o ta l
is
§ 4 1 4 ,6 0 8 ,9 0 7
D is t r ic t , c o v e rin g
lo w e r M a n h a t t a n , th e a m o u n t c o m p a r in g w ith § 4 3 ,0 3 5 ,9 3 1
p a id
[Vol. 107.
THE CHRONICLE
50
a s ta te m e n t a n n o u n c in g
C H A N G E S I N T A X A T I O N P R O V IS IO N S OF R E V E N U E
A C T PROPOSED B Y N E W Y O R K B A N K I N G IN T E R E S T S .
A n o r g a n iz a tio n , r e c e n tly fo r m e d in N o w Y o r k C i t y u n d e r
th o
re tu rn s fr o m th e in te r n a l re v e n u e ta x e s , C o m m is s io n e r R o p e r
th e n a m o o f th o A s s o c ia tio n o f T r u s t C o m p a n y
o n J u ly 1 s a id :
h a s p re se n te d th r o u g h a c o m m it te o a p e titio n to th o W a y s
W e h a v o g o n o o v e r th o t o p w ith th e L ib e r t y ta x fo r th o fis c a l y e a r 1918.
C on g ress e s tim a ted w hon th o W a r R e v e n u e A c t w a s u n d e r con sid e ra tio n
th a t iu w ou ld y ie ld in c o n n e c tio n w ith existin g law s 8 3 .4 0 0 ,0 0 0 ,0 0 0 In tho
fis ca l y ea r 1918, as c o m p a r e d w ith S 80 0.0 00.0 00 c o lle c te d in th o fis c a l yo a r
1917. T h e a m o u n t o f taxes c o lle c t e d an d tu rn e d in to th o ban ks fr o m all
in tern al reven u e law s t o th o c lo s e o f th e fis c a l y e a r 1918 is S 3 ,0 7 2 ,0 0 0 .0 0 0 .
o r $ 2 7 2 ,0 0 0 ,0 0 0 m o r o th a n e stim a te d b y C o n g re ss. T h o a c c u r a c y o f the
estim a te m a d e a y e a r a g o as t o th o y ie ld fo r 1918 is m o s t r e m a rk a b le .
T h is estim a te w as m a d o b y J . S. M c C o y , A c tu a r y o f th o T r e a s u r y D e p a r t
m e n t. an d is fu r th e r ev id o n c o o f th o f a c t , fre q u e n tly exp ressed , th a t ho is
th o g rea test f is c a l sta tisticia n in th is c o u n tr y an d p r o b a b ly In th o w o rld .
O n O c t . 3 1917, C on g ress e n a cte d a v e r y co m p re h e n s iv e an d c o m p lic a te d
w a r reven u e la w , w h ich d e m a n d e d th o m o s t c a r e fu l an d pa in sta k in g in ter
p r e ta tio n .
I t in v o lv e d th o c o n s tr u c tio n o f h u n d re d s o f rulings and n u m er
ou s co m p r e h e n s iv e fo r m s an d sch ed u les fo r th e u so o f ta x p a y e r s . T h is
m a d e n ecessary a c a m p a ig n o f e d u c a tio n a m o n g ta x p a y e rs and re q u ire d a
la rg ely in crea sed fo r c o o f re ve n u o o ffic e r s an d e m p lo y e e s In o r d e r t o a d
m in ister th e law e q u ita b ly and w ith th e least a m o u n t o f f r ic t io n . '
T h o fo r c o o f o f f i c e an d fie ld e m p lo y e e s has been Increased fr o m a b o u t
4 ,0 0 0 t o a p p ro x im a te ly 8 ,0 0 0 . T h o c o s t o f c o lle c tin g th o $ 3 ,6 7 2 ,0 0 0 ,0 0 0
r e c e iv e d in 1918 w as a b o u t $ 1 2 ,0 0 0 ,0 0 0 .
A m o n g th o fa c to r s th a t h a v o been m o s t h e lp fu l in adm in isterin g th e law
m a y b e m e n tio n e d th e u n u su a lly a b le g r o u p o f legal and ta x a dvisors
assem b led w ith th o g re a te s t c a r e fr o m a ll p a rts o f th o c o u n t r y . T h e so
m en w ere se le cte d w h o lly b eca u so o f th olr a b ility an d th e ir k n o w le d g e o f
ta x a tio n and in du stria l m e th o d s an d p r o c e d u r e . T h e y h a v o la b o r e d d a y
a n d n ig h t, s a c r ificin g th em se lve s p h y s ic a lly and fin a n c ia lly t o s o rv o their
c o u n t r y in th is w a r crisis. T h e ir w o rk has boon th a t o f in te rp re ta tio n ,
c o n s t r u c tio n o f r e g u la tio n s, an d th e a p p lic a tio n o f th e law in th o ligh t o f
in d u stria l k n o w le d g e t o s p e c ific p ro b le m s b r o u g h t to the d e p a rtm e n t o f
ta x p a y e r s .
N a t io n a l p a t r io tis m and s o lid a rity e n gen d ered b y th e w a r h as c o n tr ib u te d
la r g e ly t o o u r su ccess. T h o w a y in w h ich th e ta x p a y e r s h a v o ge n e ra lly
assisted a n d c o -o p e r a te d h a s been a co n s ta n t s o u r c e o f in sp ira tio n . I
b o lie v e th a t th e m a jo r it y o f h o n e st ta x p a y e rs in th is c o u n tr y n o w u nd er
and
in
M eans
th e
C o m m it t e e
R evenue
o lim in a to
of
th o
A c t d e sig n e d
in e q u a litie s .
sp ec ia l c o m m it te e
Tho
c o n s is tin g
H ou se
to
p ro p o s in g
s tr e n g th e n
p e titio n
w as
o f A lfr e d
P.
C o u n c il,
changes
th o la w
d r a fte d
W .
and
by
a
Seam an
of
G if f o r d , H o b b s & B e a r d ; W a l t e r F . T a y lo r o f C a r te r , L o d y a r d & M ilb u r n ; O t t o M . S ta n fie ld o f D e a n , T r a c y & S ta n
fie ld ,
and
R u s s e ll.
Thom as
G a r r e tt
J r .,
of
S te ts o n ,
J o n n in gs
&
I t w a s p re se n te d to C h a ir m a n K it c h in o n J u n o 2 4
b y M r . G a r r e t t, w h o w ith M . F . F r y o f th o G u a r a n ty T r u s t
C o . a n d W . S . O rr o f tho F ir s t N a t io n a l B a n k , w a s d ele
g a te d
to
s u b m it
th o
su g g e s tio n s .
Wo
g iv o
tho
p e titio n
h e re w ith :
A D M IN IS T R A T IV E R E C O M M E N D A T IO N S AS TO F E D E R A L
T A X A T IO N M E A SU R E S.
C o p y P e t it io n F ile d w ith W a y s an d M e a n s C o m m ltto o o n Ju n o 24 1918.
To the W ays and M e a n s Com m ittee o f the H o u se o f R epresentatives o f tht
U nited Stales—
T h o u n d ersign ed tru s t co m p a n ie s an d b a n k in g in stitu tio n s, p u rsu a n t to
an in v ita tio n g iv e n t o th e p u b lic , d o h o r o b y requ est fa v o r a b lo c o n sid e ra tion
fr o m y o u r c o m m itte o o f th e fo llo w in g s p e c ific su ggestion s as t o c h a n g e !
p r o p o s e d t o th o legisla tion co v o r in g m a tto rs o f ro vo n u o n o w e m b ra ce d in
th o p re se n t in c o m o ta x , w a r ta x , e states ta x an d o xccss p r o fit s tax law s.
1.
'
R o tu r n s as t o p a y m e n ts in oxcess o f $800 (o r su ch o th o r a m o u n t as C o n
gress m a y fix ) p e r ann um sh all b o m a n d a to r y o n ly w h on s u ch p a y m e n ts
aro m a d o t o in d iv id u a ls b y th o fo llo w in g p e rso n s an d r e p re se n t re s p e ctiv e ly
as fo llo w s :
T e n a n ts — r e n t .
M o r tg a g o r s — in to re st.
E m p lo y e r s — sa la ry an d w ages.
THE CHRONICLE
July 6 1918.]
I n a d d it io n t o th o fo re g o in g m a n d a to r y re tu rn s, fo r th e p u r p o s o o f assist
ing t h o D e p a r tm e n t in ch o c k in g in c o m e ta x rotu rn s b y th o ta x p a y e rs ,
t h o C o m m is s io n e r o f In tern al R e v e n u e sh o u ld b o e m p o w e re d t o req u ire
a n y o n o t o m a k o ro tu rn s as t o a n y p a y m e n ts in excess o f $800 t o a n y ta x
p a y e r ; b u t th o p ers on w h o m ak es s u ch p a y m e n t shall b o u n d er n o o b lig a
tio n to fu rn ish th o in fo r m a tio n in q u e s tio n unless s p e c ific a lly re q u e ste d so
t o d o b y th o C o lle c t o r o f In te rn a l R e v e n u o .
T h o roa son fo r th o fo re g o in g su ggestion is th a t a t p re se n t th o a tte m p t
t o m a k o th o req u trom on t as t o in fo r m a tio n re tu rn is s o d r a s tic and sw oop in g
th a t th o la n gu ag e used is in d o fin ito an d u n ce rta in , t o w it : p r a c t ic a lly an y
p ors on w h o m ak es a n y p a y m e n t w h ich represen ts " fi x e d and d e te rm in a b le
g a in s ” is u n d er a d u t y t o filo re tu rn s. N o t o n ly d o e s th o cla u se " fi x e d and
d e to r m in a b lo g a in s” g iv e riso t o p e r p le x ity , b u t theso rotu rn s aro p r a c tic a lly
va lu eless t o th o G o v e rn m e n t.
E v e r y p u r p o s o w o u ld b o se rve d if th o C o m m issio n e r w e ro g iv e n th o n e ce s
s a r y in q u is ito r ia l p o w e r as t o e ith e r s p e c ific ta x p a p e rs o r as t o a s p e c ific
cla s s o f p a y e r s o f in c o m o w hoso p a y m e n ts th o C o m m is s io n e r m ig h t d e t e r
m in e t o b o d e s ir a b le t o c h e c k u p .
2.
T h o law sh ou ld p o r m it th o ta x p a y e r t o d e d u c t a ll a ctu a l losses a s ce r
ta in e d an d a c t u a lly rea lized in a ll tra n sa ctio n s en gag ed in f o r p r o fit w h e th e r
o r n o t s u ch losses w o re su sta in ed In c o n n e c tio n w ith h is u su a l busin ess o r
o c c u p a t io n .
U n d e r th e p resen t r u lin g s o f th o C o m m is s io n e r it has b o o n h o ld th a t
in cid en ta l losses fr o m tra n s a ctio n s n o t c o n n e c te d w ith th o re g u la r business
o f th o ta x p a y e r c a n o n ly b o d e d u cte d fr o m th o gain s o f th o ta x p a y e r in
s u c h in cid en ta l tr a n s a c tio n s. E v e r y citiz e n sh o u ld b o p e r m itte d t o indulge
in tr a n s a c tio n s n o t c o n n e c te d w ith his business o r o c c u p a t io n , and sh o u ld
losses onsu o h is in com o is c o r re s p o n d in g ly d e c r e a s e d . F o r in s ta n co , a
la w y e r is e n title d t o b u y real cs ta to , and sh o u ld h o s u ffe r a loss u p o n a
ro-sa lo th e r e o f ho sh ou ld h a v o as m u ch rig h t t o d e d u c t th o sam o fr o m his
In com o as a real cs ta to s p e c u la to r w h o engages In n o o th e r business w h a t
soever.
3.
T h o law s h o u ld p r o v ld o fo r th o c o n s titu tio n o f a c o m m is s io n o f th reo
in d op on d en t o ffic e r s , n o t ch a rg e d w ith th o d u t y o f ta x c o lle c tin g , t o hear
c la im s fo r d im in u tio n o f assessm ent o r r e cla m a tio n o f ta xe s e rro n e o u s ly
o v e r p a id , an d a lso t o fu rn ish in fo rm a tio n t o th o p u b lic u p o n th o c o n s tr u c
tio n o f th e law a n d r eg u la tio n s o f th e C o m m issio n e r o f I n te rn a l R c v o n u o ;
it bein g a n ecessa ry p a r t o f th o m a ch in e ry o f su ch co m m issio n th a t a hoarin g
s h ou ld bo a c c o r d e d t o ta x p a y e rs u p o n all cla im s fo r d im in u tio n o f assess
m en t o f re c la m a tio n o f taxes.
It seem s certa in th a t n o o f fi c e r ch a rg e d w ith tho d u t y o f c o lle c tin g taxes
a n d m a k in g r eg u la tion s g o v e r n in g th o m a ch in e ry o f su ch c o lle c tio n is an
u n b iased trib u n a l fo r th o d e cisio n o f s u ch m a tte rs an d fo r th o s u m m a ry
d o to r m in a tio n o f in trica to q u e stio n s u n d e r b o t h th o law and th o re gu la tio n s
w h ich tho sa id C o m m is s io n e r has liim s o lf p r o m u lg a te d . A s a p r a c tic a l
q u o s tio n it lias been th o exp e rie n ce o f m o s t in qu irers fo r rulings th a t th o
C o m m is s io n e r lias ru led u p o n q u e stio n s in a m a n n er s tu d io u s ly c a lcu la te d
to s u b je c t t o th o least p o s s ib ility o f cr itic is m in his (th o C o m m is s io n e r ’s)
c a p a c ity as ta x -g a th e re r. T h e re is a largo p o r tio n o f th o p u b lic u n w illin g
to s u b m it s u ch ru lin g s t o th o c o u r ts fo r re v ie w , an d th oro is a la rg e r p o r tio n
to w h om th o c o s t o f s u ch su bm ission w o u ld p r a c tic a lly p r o h ib it th o s u b m is
s io n o f th o sa m o. T h o olo m o n t o f tim e in d e te r m in in g a ll th oso q u e stio n s
is so im p o rta n t th a t a c o m m is s io n w ith p o w e rs t o g r a n t a s u m m a r y h oarin g
on these qu estion s w o u ld p r o v e o f th o g re a te st s e r v ic e in assisting ta x p a y e rs
w h o aro a n xiou s t o d o th oir d u t y b y th o G o v e rn m e n t, an d in r o tu rn aro
e n title d t o fa ir tre a tm e n t fr o m th o G o v e rn m e n t, t o th e o x to n t, a t le a st,
o f p la cin g thorn u p on a fo o tin g e q u a l t o th a t a c c o r d e d la rg o in terests
prep a red to litig a to a ll d o u b tfu l q u e s tio n s .
.
4.
T h o law s h ou ld d e fin it e ly sh o w th at in th o c aso o f a ll fid u cia r ie s th o in co m o
w h ich is ta x a b lo is th o a m o u n t o f in c o m o a c c r u e d an d d is trib u ta b le as d is
tin gu ish ed fr o m th e a m ou n t o f in c o m o a c tu a lly p a id .
I t is n o t b eliev ed th a t th o p u b lic a t la rgo ge n e ra lly realizes th is e x ce p tio n
to th o gen eral ru le , th a t g e n e ra lly th o basis o f in c o m o ta x is r e ce ip ts an d n o t
a ccru a ls .
In th o caso o f fid u cia r ie s , th o ru lo seem s t o b o th a t th o ta x sh ou ld
b o b ased u p on th o a ctu al re ce ip ts o f th o fid u cia r y a n d n o t th o re ceip ts o f
th o b e n e fic ia r y . T h is p ro p o s itio n is th o resu lt o f n u m e ro u s rulings o f th o
T roa su ry D e p a r tm e n t, an d th o sam o sh o u ld b o cle a rly set fo r th in th o law
In o r d e r t o p r e v e n t fu tu r e co n fu s io n o f th o p u b lic .
.
5.
T h o law s h o u ld sot fo r th w ith cx a c titu d o th o tr e a tm e n t o f o a ch cla ss o f
p i y m o n t t o o r fo r th o a c c o u n t o f n o n -re sid e n t a lien s. T h a t a persona^
retu rn s h o u ld b o r e q u ir e d o f a n o n -re sk lo n t alien o n ly w h en his to t a l ta x
Is n o t p a id a t th o s o u r c o an d his in c o m o is ta x a b lo .
I t is b o llo v c d th a t th o re g u la tio n s n o w in fo rc o p r o v ld o th a t d iv id o n d
p a y m o n ts a r o m a d e b y th o c o r p o r a tio n s u b je c t o n ly t o th o o b lig a tio n o f th o
la tte r t o r e p o r t su ch p a y m e n t u p o n req u est o f th e C o m m is s io n e r; th a t th o
c o u p o n and registered in te re s t p a y m e n ts aro m a d o s u b je c t o id y t o oho d e d u c
tio n o f th o n o rm a l Incom o ta x , and th a t th o p a y o rs o f r e n t, Intorost, w ages
and o th e r " f i x e d an d d e te r m in a b le g a in s” w h o m a k o p a y m e n ts t o th o n o n resklon t alien aro re q u ir e d t o d e d u ct th o n orm al tax and t o filo a roturn w ith
th o C o lle c to r .
W hen p a y m e n ts a ro c o lle c t e d fo r n o n -re sid e n t alien s b y a
r e s 'd o n t a g en t, th o la tte r w ith h o ld s a n d p a y s th o ta x o n ly u p o n th e in co m o
pa ssin g th rou gh th o h an d s o f su ch a g e n t.
6.
T h o In terest on d e p o s its o f alien c o r p o r a tio n s sh o u ld b o e x c o p to d fro m
th e e x cess p r o fit s ta x unless said alien c o r p o r a tio n s b e o th e rw ise Ilablo to
th o o x c c s s p r o fit s ta x.
It is b clte v o d th a t con s id e r a b le ba la n ce s o r cash a ro h eld In th is co u n tr y
fo r a c c o u n t o f alien co r p o r a tio n s w h ich d o n o business in this c o u n tr y .
T h e s o d e p o s its a re o f g re a t assista n ce t o th o fin a n cia l o p e ra tio n s o f d o m e s tic
I n s titu tio n s , an d fu r th e r th e y fu rn is h an e c o n o m ic a d v a n ta g e t o th o c o u n
try .
S u b je c tin g th o sam o t o th o excess p r o fit s ta x n o t o n ly m ig h t d r iv o
th eso d e p o s its fr o m th is c o u n t r y , b u t in caso it fails t o d o so a t this tim o
th oro is n o d o u b t th a t a ft e r th o e x igen cies o f th o w a r h a v o r e m o v e d th o
s p e c ia l ca u se for tho d e p o s its in this c o u n t r y th a t said d e p o s its w ill b o w ith
d r a w n as q u ic k ly as possib le o n a c c o u n t o f th o in ju stic e in n o w s u b je c tin g
th o in terest th ereon t o th o excess p r o fit s ta x . T h e a m o u n t o f re ve n u o
w h ich th o G o v e rn m e n t ca n re ce iv e fr o m th is o x ccss p r o fit s ta x is Incon
s id e r a b le , esp e c ia lly in v ie w o f th o fa c t th at th o ta x is fig u re d u p o n th o
p r o p o r t io n o f business d o n o b y th o alien c o r p o r a tio n in this c o u n t r y w ith
roforon co t o th o to t a l business o f su ch c o r p o r a tio n . A s a c o r o lla r y t o th o
fo ro g o in g it m ig h t b o fu r th e r su ggested th a t if su ch alien c o r p o r a tio n b o
Ilablo In a n y w a y t o th o o x ccss p r o fit s ta x , then th o p r o p e r basis o f a p p o r
tio n m e n t w o u ld b o , n o t tho p r o p o r tio n o f to ta l business o f th o c o r p o r a tio n
In th is c o u n t r y as c o m p a r e d w ith its to ta l business olso w h cro , b u t th o va lu o
o f its p h y s ic a l tan gible p r o p e r ty in th is c o u n t r y c o m p a r e d w ith its to ta l
p h y s ic a l ta n g ib lo p r o p e r t y .
51
7.
T h o tim e w ith in w h ich th o ro tu rn o f a ta x p a y e r m a y b o re o p e n e d fo r re
a ssessm en t, an d th o tim e w ith in w h ich th e G o v e rn m e n t m a y su e fo r th e
c o lle c t io n o f a ta x n o t assessed in th o n o rm a l tim e sh o u ld b o lim ite d t o t w o
years.
I t seem s m o s t u n fa ir t h a t th o ta x p a y e r sh o u ld c o n tin u e In g o o d fa ith
m a k in g re tu rn s o f in c o m o u p o n a c e r ta in basis, an d th a t a n y a t tim e th e r e
a fte r th e G o v e rn m e n t sh o u ld b o a t lib e r t y t o a tta c k t h a t basis an d p la c e
( ho ta x p a y e r in a p o s itio n w h ere h e m ig h t n o t b e a b le t o s u p p o r t th e fig u re s
used b y h im in m a k in g u p his r e tu r n . T h o G o v e rn m e n t sh o u ld b e e s to p p e d
fr o m s u b je c tin g th e ta x p a y e r t o th is d a n g e r a fte r a re a so n a b le le n g th o f
tim e has e la p s e d , an d it is v e r ily b e lie v e d th a t t w o y e a r s Is a reason b a le
u o rio d fo r s u ch p u r p o s e .
8.
D iv id e n d s p a id t o c o r p o r a tio n s sh o u ld b o tr e a te d fo r th e p u r p o s o o f th e
n o rm a l in c o m e ta x in t h o sam o m a n n er as fo r th o p u rp o se s o f th o w a r in c o m e
ta x .
T h e r e is n o r eason w h y th o c o r p o r a tio n s sh o u ld b o d is crim in a te d a gain st in
th o m a tte r o f s u ch d iv id e n d s .
A ll in torost p a id b y c o r p o r a tio n s sh o u ld b o d e d u cte d fr o m its earn in gs
fo r th o p u r p o s o o f c o m p u tin g its n e t ta x a b lo earn in gs.
In te re s t is as le g itim a te an ite m o f e xp en se as w ages, m a te ria ls , in su ran ce
o r ta x e s . T h o p re s e n t fe a tu r e o f th e law lim itin g th e a m o u n t w h ic h ca n
b o d e d u c te d t o in te re st o n th o in d e b te d n e ss n o t e x ce e d in g th e su m o f th e
p a id -in ca p ita l p lu s o n e -h a lf o f th e in te re st-b e a rin g in d e b te d n e ss o u t
s ta n d in g a t th o c lo s e o f th e y e a r sh o u ld b o r o m o v o d . T h o p re s e n t lim it
u p o n th o a m o u n t o f s u ch in terest is in d e fe n sib le in p r in c ip le . T h e r e ca n
b o n o r oason fo r m easu rin g th e te rm s o f a c o m p a n y ’s b o rro w in g re q u ire m en ts
b y a n y e q u a tio n w h ich in clu d es as n e ce ssa ry fa c to r s th o c a p ita l s t o c k o f
th e c o r p o r a tio n an d th o o u ts ta n d in g in d e b te d n e ss a t th e end o f th e y e a r .
T h o ca p ita l s t o c k o f c o r p o r a tio n s is in n o w a y b a se d o r u n ifo r m ly fix e d
w ith r e sp e ct t o earn in gs o f c o r p o r a tio n s .
T h e ca p ita liz a tio n is o fte n an in h e rita n ce fr o m p r e v io u s m a n a g e m e n t,
an d o fte n th o re su lt o f sp ecial sta tu te s in d iffe r e n t ju r is d ic tio n s . F u rth e r ,
th o a m o u n t o f in d e b te d n e ss o u ts ta n d in g a t th o en d o f a n y y e a r sh ou ld
p r o v o n o cr ite r io n fo r th o o p e ra tio n s o f th o e n tire y e a r in th o m a tte r o f
in terest w h ich th o c o r p o r a tio n m ig h t b o re q u ire d t o p a y .
T h o r o is n o th in g in h e r e n tly w ro n g in a c o r p o r a tio n w ith a ca p ita liz a tio n
o f $ 1 0 ,0 0 0 h a v in g a b o n d issu e o f $ 1 0 ,0 0 0 ,0 0 0 . B y th o sam e to k e n th ero
is n o th in g in h e re n tly w ro n g In su ch c o r p o r a tio n p a y in g o f f $ 5 ,0 0 0 ,0 0 0 o f
su ch b o n d e d in d e b te d n e ss b e fo r o th o en d o f its fis c a l y e a r . N e v e r th e le s s ,
u n d e r tho law as it n o w sta n d s , s u ch c o r p o r a tio n is n o w p e r m itte d t o d o d u c t
th o in torost o n $ 5 ,0 1 0 ,0 0 0 o n ly , w h ereas it m ig h t h a v o p a id th o in te rest on
$ 1 0 ,0 0 0 ,0 0 0 fo r 11 m o n th s an d 29 d a y s .(
10.
T h a t as t o th o esta te s ta x , th o ta x sh all n o t b o p a y a b lo u n til th o sam o has
bo o n assessed an d a ten d a y s ’ n o t ic e o f su ch assessm en t g iv e n . H o w e v e r ,
th o assessm en t shall b o m a d e w ith in a rea so n a b le tim o (sa y 60 d a y s ) a fte r
th o filin g o f th o fin a l r e tu r n , an d th o assessm en t, w h e n m a d e , shall release
th o lion o f th o G o v e rn m e n t o n a ll p r o p e r t y re p o r te d in said re tu rn .
U n d o r th o law as it n o w sta n d s , e x e c u to r s an d a d m in is tra to rs h a v o n o
m oan s o f d e te rm in in g as t o w h e th e r o r n o t th e y are ju s tifie d in relea sin g
esta te s h old b y thorn t o d is trib u te e s o f th o e states w h ich th e y r e p res en t.
I t seem s th a t th o u n iversal rulo g e n e ra lly a p p lic a b le t o ta x a tio n sh ou ld
a p p ly , t o w it: a ta x sh o u ld b o assessed b e fo r o it is p a y a b lo .
11.
P r o v is io n sh o u ld b o m a d o in th e E s ta te s T a x L a w fo r th o a p p o rtio n m e n t
o f th o ta x an d e x e m p tio n o n th e o n o h a n d , as b e tw e e n real an d p e rs on a l
p r o p e r t y , and o n th o o th e r h a n d , as b e tw e e n th o v a r io u s classes o f lega tees
and d e v is e e s u n d o r w ills.
U n d e r tho p re se n t la w , th ere seem s t o b e n o c e r ta in ty as t o w h e th e r o r
n o t a s p e c ific d e v is e o f real e sta te sh o u ld b o ch a rg o d w ith th o p a y m e n t o f
a n y share in tho ta x . F u rth e r , th e re is n o p r o v is io n as t o w h e th e r o r n o t
s p e c ific legatoos sh o u ld b o ch a rg o d w ith a p r o p o r t io n o f th o to t a l ta x . In
p r a c t ic e an d o n a c c o u n t o f th o d o u b ts e x istin g , re sid u a ry lega tees h a v e been
b e a rin g th o bu rd e n o f th e en tire t a x , an d th is d o e s n o t seem t o b e fa ir and
in a c c o r d a n c e w ith th o usual p r o v is io n s o f th o In h e rita n ce T a x L a w s o f
th o re s p o c tiv o S tates o f th e U n io n .
12.
T h a t u n d o r th o E s ta te s T a x L a w , tra n sfe rs o f s t o c k h e ld b y n o n -re s id en t
alien d e c e d e n ts s h o u ld b e p e r m itte d u n d o r a sy s te m o f w a iv e rs sim ilar t o
t h a t n o w used in th e a d m in istra tio n o f In h e rita n ce T a x L a w s in N o w Y o r k
and o th e r S tates.
U n d o r th o p re se n t la w , an u n d u e b u rd e n is p la c e d u p o n tra n s fe r a gen ts
w h ich p r a c tic a lly p la ce s th e m in th o p o s itio n o f an e x e c u to r o r a d m in is tra tor
o f a d e c e d e n t ’s o s ta te . T h e s to c k b e lo n g in g t o a d e c e d e n t is u su a lly an d
p r o p e r ly th o f ir s t p r o p e r t y d is p o s e d o f in a d m in iste rin g th o e s ta te , an d
tlio ro fo ro said s t o c k sh o u ld l>o so ld lo n g b e fo r e th o a m o u n t o f ta x is k n o w n
and d e t e r m in e d . T h e r e soom s t o b e n o p re se n t w o rk a b le m e th o d o r m a k in g
a c o m p u t a t io n o f th o a m o u n t o f ta x a t a tim o w h en it is e x tr e m e ly a d v a n
tageous fo r th o re pre se n ta tiv e s of a n o n -re sid e n t d e c c d o n t t o sell s u ch s t o c k .
13.
In c o m p u tin g th o esta te s ta x th ero sh o u ld b o a llo w e d as a d e d u ctio n
a ll p a y m e n ts m a d o t o S tates u n d e r th e ir r e s p e c tiv e tra n sfe r ta x law s.
T h is q u e s tio n h a s b e e n th e s u b je c t o f d iv e r g e n t ru lin g s b y th e C o m
m ission er an d has cau sed a g re a t d e a l o f d iffic u lt y in c o n fo r m in g t o th o
law s o f th e v a rio u s S tates o f th o U n io n .
In p r a c tic e an d a d m in istra tion
in h e rita n ce ta xos im p o se d b y law s o f th o v a rio u s S ta te s o f th o U n io n are
g e n e ra lly p a id p r io r t o th e F ed era l E s ta te s T a x , and c r e d it s h o u ld b e
a llo w e d fo r s u ch p a y m e n t in d e te rm in in g n e t e sta te s u b je c t t o ta x .
17.
T h a t b a n k in g in stitu tio n s re p o r tin g Interest earned o n d e p o s its o f n o n resid on t alien s shall r o p o r t o n ly th e n e t in terest earn ed u p o n th e a c c o u n t
o f s u ch n o n -ro s id e n t alien .
In b a n k in g tra n sa ctio n s it is c o m m o n p r a c t ic e th a t th o c o r re s p o n d e n t
m ig h t h a v e a d e b it b a la n ce u p o n w h ich h o is re q u ire d t o p a y in te re s t.
T h e re fo r e h o sh o u ld h a v o c r e d it fo r su ch in te re st w h ich h o is o b lig e d t o p a y
o n s u ch d o b it b a la n ce t o th o en d th a t h e sh o u ld b o ta x e d o n ly u p o n th o net
in te re ste d earn ed b y h im u p o n his c r e d it b a la n ce s.
18.
T h a t fo r th o p u r p o s e o f d e te rm in in g excess p r o fit ta x e s , b o r r o w e d m o n e y
b o a llo w e d as a p a r t o f t h o in v e ste d ca p ita l.
T ills q u e s tio n d o c s n o t p r im a rily e ffe c t tru st c o m p a n ie s , b u t d o e s ap p ea l
t o bu sin ess g e n e ra lly .as o n e o f th e in e qu alities u n d e r th e p re se n t s y s te m
o f d e te r m in in g in v e ste d c a p ita l u n d e r th o E x ce ss P r o fit s T a x L a w . T h e
ro tu rn a llo w e d is b a se d u p o n th o in v e s tm e n t, a n d s u r e ly b o r r o w e d c a p ita l
sh o u ld b o a llo w e d a fa ir re tu rn in d e te rm in in g in v e s te d .c a p ita l e m p lo y e d
pi th o bu sin ess.
THE CHRONICLE
53
19.
T h a t th o sta tu s o f th o V ir g in Isla n d s an d th o C a n a l Z o n o b o c le a rly
d e fin e d in referen co t o th o in c o m e ta x , w a r ta x , e xce ss p r o fit s law and
e sta tes ta x .
20.
T h a t co r p o r a tio n s an d pa rtn e rsh ip s filin g re tu rn s fo r a fis c a l y o a r ,
o t b o r th a n th o c a le n d a r y e a r , b o a llo w e d t o sh o w w h e n p o s s ib le , a ctu a l
ea rn in gs a p p lic a b le t o e a ch ca lo n d a r y e a r , in stead o f b o in g re q u ire d t o p r o
r a te ea rn in gs a c c o r d in g t o th o n u m b e r o f m o n th s , as u n d e r th o p re se n t la w .
In s om o cases th o earn in gs o f a c o r p o r a tio n aro la r g e ly c o n fin e d t o a
fe w m o n th s in th o y o a r , a n d th o b o o k s o f th o c o r p o r a t io n m a y b o k e p t in
such a w a y , as to sh ow su ch e a rn in gs m o n th b y m o n t h . I n s u ch cases a
g r e a t in ju stic e m a y b e d o n e a c o r p o r a tio n b y c o m p e lin g it t o p r o ra te its
ea rn in g s , in stead o f a llow in g it/ t o s ta te a c tu a l e arn in gs w h en it is in a
p o s it io n t o d o so .
21.
T h a t t h o p r o v is io n a llo w in g d e d u ctio n s fo r c o n tr ib u tio n s an d g ifts t o
ch a r ita b le o rg a n iz a tio n s , & c ., a llo w e d t o in d ivid u a ls b e e x te n d e d to in clu d e
c o r p o r a tio n s .
C o r p o r a tio n s in w h ic h th e o w n e rsh ip is g e n e r a lly d is trib u te d a m o n g a
la rgo n u m b e r o f p e o p lo , an d w h ich f r e q u e n t ly e m p lo y a la rg o n u m b e r o f
p e o p le , sh ou ld be e n title d t o in clu d e c h a r ita b le c o n tr ib u tio n s a m o n g th eir
d e d u c tio n s , es p e c ia lly in tim e s lik e th o p r e s e n t. I t w o u ld also stim u la te
g ift s on th o p a r t o f c o r p o r a tio n s w h o h ad n o t m a k o a n y d u r in g th o p a s t.
[Vol. 107.
2 . A n y o f th e fe m a le rela tives en u m e ra te d in P a ra g ra p h 1 w h o h a v o r e
c e n t ly b e e n t o E u ro p o b u t aro a t p resen t in th o U n ite d S tates fo r a n y r e a
s o n w h a te v e r are n o w in clu d e d in th o re strictio n s im p o s o d b y P a ra g ra p h 1.
3. I t is q u ito useless fo r a n y o n o b e lo n g in g t o th o re stricte d classes, cite d
a b o v e , t o requ est an e x c e p tio n in her ca s o , as n o e x c e p tio n w ill b o m a d e.
B A N K IN G AND
FIN A N C IA L NEW S.
N o sa le s o f b a n k o r tr u s t c o m p a n y s to c k s w ere m a d o a t
th e
S to c k
E xch an ge
or a t a u c tio n
th is w e e k .
E x to n s iv o
ta b le s re p o r tin g b id a n d a sk e d q u o ta t io n s , d e p o s its , s u r p lu s ,
& c ., o f b a n k s a n d tr u s t c o m p a n ie s in a ll im p o r ta n t citie s in
th e U n it e d S ta te s are p u b lis h e d m o n t h ly in th o “ B a n k a n d
Q u o t a t io n ”
t o - d a y ’s
N ew
S e c tio n , th o J u ly issu e o f w h ic h a c c o m p a n ie s
“ C h r o n ic le .”
Y ork
B id
C ity ba n k and
and
ask ed
q u o ta tio n s
fo r
all
tr u s t c o m p a n y s to c k s aro also
p u b lis h e d w e e k ly in a n o th e r d e p a r tm e n t o f this p a p e r , a n d
w ill b e f o u n d t o -d a y o n p a g e 7 1 .
I n a d d itio n to y e s te r d a y ’ s h o lid a y (J u ly 4 ) the N o w Y o r k
22.
T h a t c o lle c t o r s b o g iv o n a u th o r ity to g r a n t re a so n a b le e x te n sio n s o f
tim o fo r filin g retu rn s in m e r ito r io u s ca se s.
I t is fre q u e n tly p o s s ib le t o p re se n t t o c o lle c t o r s e v id o n c o th a t ce rta in
p a rtie s are e n title d t o an e x te n sio n o f tim o , o r th a t it is d e sira b le fr o m
th o p o in t o f v iew o f th e c o lle c t o r t o a llo w th e e x te n sio n o f tim o w h ere it
w o u ld b o d iffic u lt t o p rese n t su ch e v id e n c e t o th o C o m m is s io n e r . U n d er
s u ch c ir c u m s ta n c e s it w o u ld seem th a t c o lle c t o r s sh o u ld b o e m p o w e re d
t o g r a n t su ch exten sion s.
23.
C o ffe o J a n d
Sugar
E xchange
re m a in e d
closed
S e c tio n 2 0 7 , S u b -D iv is io n A , sh o u ld b o am e n d e d in su ch m a n n er as to
a llo w a fa ir m e th o d o f v a lu in g g o o d w ill, p a te n t r ig h ts, c o p y r ig h t s , & c .,
in cases w h ere th ere h a v e b e e n n o tra n sfe rs t h e r e o f. I t is s u gge ste d th a t
s u ch a m e n d m e n t sh ou ld ta k e th o fo rm o f p e r m ittin g th o c o r p o r a t io n a
rotu rn o n th o a m o u n t o f these ite m s w h ic h h a v o b e e n c a r r ie d as th o v a lu o
t h e r e o f o n its b o o k s , p r o v id e d su ch g o o d w ill and o th e r In tan giblo ite m s
h a v o , t o g e th e r w ith its ta n g ib lo assets, d u rin g a p e r io d o f tlir c o y e a rs,
earn ed a rotu rn t o th o c o r p o r a t io n a t le a st e q u a l t o 8 % .
A lth o u g h th is d o e s n o t p e c u lia ry a ffe c t tr u s t c o m p a n ie s , it is u r g e d o n
b e h a lf o f business g e n e r a lly th a t th o in ju stice o f th o p re se n t law is a p p a re n t
t o o v e r y o n o . It d iscrim in a te s in fa v o r o f th o s e co r p o r a tio n s w h ich h a v o
b e e n reorga n ized o r h a v o tra n sfe rre d th e ir assets. G o o d w ill, p a te n ts ,
c o p y r ig h t s , & c ., rep resen t ca p ita l u p o n w h ic h a c o r p o r a tio n sh o u ld be
a llo w e d a rotu rn in th o sa m o m a n n e r as a n y o t h e r ite m o f a sse ts. O f
c o u r s e , it is realized th a t th o tim o is d iffic u lt o f a p p ra ise m e n t, b u t if th o
c o m p a n y ’s s ta te m e n t o f o p e r a tio n s ca n s u p p o r t th o v a lu e w h ic h th o c o m
p a n y h as p la c e d th e r e o n , th ere sh o id d b o n o o b je c t io n w h a ts o e v e r t o a
p r o v is io n a llow in g c o r p o r a tio n s a r o tu rn u p o n th is ite m o f in v e s tm e n t.
Ju n o 19 1918.
C o u n te rp a r t orig in a ls o f th e fo re g o in g p e titio n file d w ith th o W a y s and
M e a n s C o m m itte e w ore sign e d b y fo llo w in g :
G u a r a n ty T r u s t C o . o f N o w Y o r k
F ra n k lin T r u s t C o .
C o lu m b ia T r u s t C o .
B a n k ers T r u s t C o .
T it le G u a ra n te e T r u s t C o .
C e n tr a l-U n io n T r u s t C o .
L a w y e rs T it lo & T r u s t C o .
E q u it a b io T r u s t C o . o f N e w Y o r k
L in c o ln T r u s t C o .
F a rm ers L o a n & T r u s t C o .
P e o p le s T r u s t C o .
F ir s t N a tio n a l B a n k
B r o o k ly n T r u s t C o .
L ib o r t y N a tio n a l B a n k
H a m ilto n T r u s t C o .
F u lt o n T r u s t C o .
K in g s C o u n ty T r u s t C o .
M e t r o p o lit a n T r u s t C o .
B o n b r ig h t & C o .
E in p ir o T r u s t C o .
U n ite d S tates T r u s t C o .
C o m m it te e o f B a n k in g In s titu tio n s re p re se n tin g th o fo llo w in g :
G u a r a n ty T r u s t C o . o f N e w Y o r k
F ifth A v e n u o B a n k
M a n u fa c tu r e r s T r u s t C o .
F ir s t N a tio n a l B a n k
K n a u th , N a c h o d & K u h n o
B a n k ers T r u s t C o .
I r v in g N a tio n a l B a n k
C o r n E x ch a n g e B a n k
C o lu m b ia T r u s t C o .
C h a se N a tio n a l B a n k
C h e m ica l N a tio n a l B a n k
T h o L ib o r t y N a tio n a l B a n k
G o ld m a n , S achs & C o .
M e t r o p o lit a n T r u s t C o .
B a n k o f th o M a n h a tta n C o .
F a rm ors L o a n & T r u s t C o .
H o ld e lb a c h , Ic k o lh o im e r & C o .
L a y w e r s T it lo & T r u s t C o .
M e c h a n ic s & M o t a is N a tio n a l B a n k
E q u it a b io T r u s t C o . o f N e w Y o r k
U n ite d S tates M o r tg a g e & T r u s t C o . T it lo G u a ra n te e & T r u s t C o
G a r fie ld N a tio n a l B a n k
S p ey or & C o .
P u b lic N a tio n a l B a n k
K uhn, Loeb & C o.
F ra n k lin T r u s t C o .
B o n b r ig h t & C o .
A m e r ic a n E x ch a n g o N a tio n a l B a n k .
se rv o s y s t e m th o b a n k in cre ase d its c a p ita l fr o m $ 1 0 0 ,0 0 0 to
te m b e r , th e m e m b e rs h a v e th is w e e k b e e n e n jo y in g a recess
e x to n d in g ^ fro m W e d n e s d a y la s t u n til M o n d a y n e x t.
A n n o u n c e m e n t w a s m a d o o n J u ly 2 t h a t th o F if t h A v o n u o
B a n k o f th is c it y h a d b e e n a d m it te d to m e m b e r s h ip in th e
F ederal R eserve sy ste m .
P r e p a r a to r y to e n te rin g th o R e
$ 2 0 0 ,0 0 0 , th e sto c k h o ld e r s ta k in g a c tio n to th is en d a t a m e e t g n o n M a y 2 7 ; th o a p p lic a tio n for th o lis tin g o f tho a d d itio n a l
s h a r e s "o n th o S to c k E x c h a n g e w a s a p p r o v e d b y th e G o v
e rn in g C o m m itt e e o n J u n e 2 0 .
T h o S to c k E x c h a n g o c irc u
la r w ith re g a rd to th e lis tin g o f th o n e w s to c k g iv e s tho te x t
o f tw o re so lu tio n s a d o p t e d a t th o s to c k h o ld e r s ’ m e e tin g in
M a y , a n d fr o m th e se it a p p e a rs t h a t th o n ow s to c k w a s is
su e d a s “ a r e a d ju s tm e n t o f its c a p ita l a n d n o t a g a in s t a n y
a c c u m u la te d e a r n in g s , a n d t h a t th o o rig in a l p re m iu m p a id
in
by
th o s to c k h o ld e r s a t
th o o r g a n iz a tio n
of
p a y m e n t fo r th o sa id s t o c k , w h ic h said sh ares o f n ow s to c k
sh a ll b e (w e re ) th e n d is tr ib u te d to th e s to c k h o ld e r s in p ro
p o r tio n to
th e ir re s p e c tiv e h o ld in g s .”
T h o F if t h A v o n u o
B a n k w a s o rg a n iz e d J u ly 1 1 8 7 5 a n d c o m m e n c e d b u sin e ss
O c t. 13 1 8 7 5 .
T h o d ire ctors o f th o N e w N e th e r la n d B a n k , o f th is c it y ,
h avo ap p roved
th o r e c o m m e n d a tio n
o f P re sid e n t W illia m
F . I I . K o o ls c h , a n d ta k e n fo r m a l a c tio n lo o k in g to w a rd th o
a d m is s io n to
th o F e d e ra l R e s e r v e S y s to m .
T h o d ire ctors o f th o M e r c a n t ile T r u s t & D e p o s it C o . , o f
th is c it y , h a v o e le cted as m e m b e rs o f tho b o a rd H a r r y B r o n n e r, P re sid e n t o f th e M is s o u r i P a c ific R R . , a n d J . J . R a s k o b , V ic e -P r e s id e n t o f th o E . I . d u P o n t do N e m o u r s C o .
J a m e s M . W a d o h a s b e e n a p p o in te d A s s is ta n t T re a s u r e r.
O n J u ly 2 4
th e s to c k h o ld e r s o f th o S ta te B a n k o f th is
c it y w ill m e e t
to
v o te
on
th o
q u e s tio n o f in creasin g
A
p a m p h le t e x p la in in g th o uso o f ow n e rsh ip ce rtific a te s
a n d in fo r m a tio n re tu rn s re la tin g to “ in fo r m a tio n a n d w ith
h o ld in g a t th o so u rc e ” u n d er tho F cd o ra l In c o m e T a x L a w ,
b een issu e d
by
th o B a n k e rs T r u s t
Com pany
th a t
th o
r e str ic tio n s
Tho
C o rp o r a tio n
issu a n c e o f p a s s p o r ts , p r e v io u s ly p la c e d b y
to
of
B o s to n
has
boon
a u th o r iz e d b y th o N e w Y o r k S ta te S u p e r in te n d e n t o f B a n k s ,
th o W a r D e
G e o r g e I . S k in n er, to op o n a b ra n ch offieo a t 1 4 W a l l S tr e e t,
w om en
tiv e s o f c iv ilia n s se rv in g a b r o a d , th o C o m m it t e e
on
th is c it y .
re la
Pub
lic I n fo r m a tio n , D iv is io n o f W o m a n ’ s W a r W o r k , a lso s t a t e s :
W o m e n rela tives o f m e n th u s cla ssified w h o h a v o b e e n a b ro a d an d aro
n o w in th o U n ited S tates w ill b o p r e v e n te d fro m retu rn in g t o E u ro p e b y
th is ru lin g . W o m e n u n d er 25 aro n o t g iv o n p a ssp o rts t o g o a b r o a d in
r e lie f w o rk .
T h o S ecretary o f W a r states th a t h e has w ritte n t o G e n . P e rsh in g o n this
s u b je c t, a n d th a t i f th o G eneral has a n y d e fin ito o p in io n c o n ce rn in g th e
w is d o m o f d ifferen t regu la tion s regard in g th o issu anco o f p assp orts his
o p in io n w ill b o g iv o n e ffe c t hero.
T h o R e d C ross has sent t o th o D iv is io n B u rea u s o f P ersonnel th o fo l
low in g co m m u n ic a tio n sign e d b y B rig . G o n . G ra v e s, assistant t o th o C h ie f
o f S ta ff:
1. U n d er no circu m sta n ce s w ill th e W a r D e p a r tm e n t a p p r o v o th o is
su a n co o f p assp orts t o g o t o E u ro p o fo r th o w iv e s, m o th e r s , sisters, or
d a u gh ters o f th o fo llo w in g classes o f p erson s: O ffice rs o r onlisted m en o f
th e U n ited S tates M ilita r y F o rce s ; m ale civ ilia n s e m p lo y e d w ith th o
R e d C ros s , Y o u n g M e n 's C h ristia n A s s o c ia tio n , o r o th e r o rg a n iz a tio n s o f a
sim ilar natu re th at m a y b o in E u ro p e ; civ ilia n s e m p lo y e d in o r a tta c h e d t o
th e A m erica n E x p e d itio n a r y F o rce s .
F ir s t -N a tio n a l
th e
g o v e r n in g
p a r tm e n t o n w o m e n re la tiv e s o f m e n se rv in g in th o A r m y
a n d N a v y h a v e n o w b e e n m a d e to a p p ly
of
C o p ie s m a y bo h a d u p o n a p p lic a tio n .
PA SSPO R T R E S T R I C T I O N S A P P L Y TO W O M E N
RE LA T I V E S OF C l VI L I A N S .
know n
th o
c a p ita l o f th o in s titu tio n fr o m $ 1 ,5 0 0 ,0 0 0 to $ 2 ,0 0 0 ,0 0 0 .
th is c i t y .
m a k in g
th o b a n k ,
a m o u n tin g to th e s u m o f $ 1 0 0 ,0 0 0 , bo (w a s ) a p p lie d in fu ll
h a s ju s t
In
y e s te r d a y .
A s th o E x c h a n g o is also closed o n a ll S a tu r d a y s u n til S e p
In c o m m e m o r a tio n o f its on e h u n d re d th a n n iv e r s a r y , th o
M e r c h a n t s N a tio n a l B a n k o f P r o v id e n c e , R . I . , h as p re se n te d
to
its
p a tr o n s
b roch u ro
an
e n title d
in te re stin g
“ O ld
and
a r tis tic a lly
P r o v id o n c o .”
Tho
illu stra te d
b roch u ro
con
ta in s , b e sid es a b rief o u tlin o o f th o h is to ry o f th o b a n k , a
c o lle c tio n
of
h istoric
fa c t s
and
tra d itio n s
c o n ce rn in g
a
n u m b e r o f th e o ld b u ild in g s a n d la n d m a rk s o f P ro v id o n c o
a n d is therefore a m o s t a p p ro p ria te so u v on ir o f tho co n to n a ry
o f th o M e r c h a n t s N a t io n a l, w h oso h is to ry is so c lo se ly allied
w ith th a t o f tho C i t y o f P ro v id o n c o a n d w ith w h oso g r o w th
a n d e x p a n sio n it h as s t e a d ily k e p t p a c e .
T h e M erch an ts
B a n k (its oxistonco as a n a tio n a l in s titu tio n d a te s fr o m 1 8 6 5 )
b e g a n b u sin ess o n M a y 2 0 1 8 1 8 w ith a c a p ita l o f $ 3 0 0 ,0 0 0 .
In 1 8 5 0 th e c a p ita l w as in creased to $ 1 ,0 0 0 ,0 0 0 , th o p re sen t
fig u r o .
I ts
su rp lu s a n d
u n d iv id e d
p ro fits
aro a t
p re sen t
$ 1 ,1 8 8 ,1 3 7 a n d its to ta l resou rces a m o u n t to $ 1 2 ,6 6 9 ,5 5 4 .
July 6 1918.]
THE CHRONICLE
Robert W . T aft is President of the Merchants National
with Charlos H . Newell and Moses J. Barber, Vice-Presi
dents, and Frank A . Greene, Cashier. Royal C . Taft
(at one time Governor of Rhode Island), whose picture
forms tho frontispiece of the brochure, and who died in 1912
at tho ago of eighty-nine, was President of the bank for over
forty years from 1868 to 1908.
Herbort W . Goodall, on July 1, was elected a director of
the Guarantee Trust & Safe Deposit Co. of Philadelphia.
The election will becomo effective A ug. 1.
53
The Liberty National Bank, a financial institution
recently organized in Oklahoma City, Okla., will, it is said,
bo opened for business on Sept. 1.
According to George L .
Browning, Vice-President, the new bank will occupy at
first temporary quarters in its own building at the northeast
corner of M ain Street and Robinson A ve., but later other
banking rooms in the same building will be handsomely
fitted up for a permanent home. The officers are: L. T .
Sammons, President, Geo. L . Browning and C . W . Gunter,
Vice-Presidents, and O. B . Tedrick, Assistant Cashier.
The institution has a capital of $300,000 and surplus of
$30,000.
Tho annual convention of the Ohio Bankers’ Association
will bo held at the Deshler, Columbus, on Sept. 4 and 5.
William W . W oods, general manager, and R . E . D obbs,
R . H . Shryver, Secretary of the Association, states that
Vice-President, and manager in charge of the Los Angeles
many problems of vital importance will bo discussed; efforts
branches, were elected directors of tho B ank of Italy, of San
aro being made to secure tho largest gathering of bankers
Francisco, June 11. They fill the vacancies created by
ever held in the State.
the death of Adolph Levy and the resignation of Niles
Thomas C . Stibbs, heretofore Assistant M anager of the Pease. M r. Pease will continue to be affiliated with the
Chicago Clearing-Houso Association, has been elected Bank of Italy as a member of its Los Angeles Advisory Board.
M anager to succeed tho late W illiam DoLatre Cameron
Street, mention of whose death was made in these columns
on Juno 8. W illiam Byrnes has been elected an Assistant
Manager.
Tho Illinois Trust & Savings Bank, of Chicago, announces
tho appointment of William L . Iloss as managor of tho bond
department. M r . Ross had beon Western manager for
Kean, Taylor & Co.
Charles P . Clifford, formerly Assistant M anager of tho
Foreign Exchange Department of the First-National Bank
of Chicago, has been elected M anagor to succeed John J.
Arnold. M r . Arnold was also a Vice-President of tho insti
tution, and that position he retains. lie will, moreover,
continue to be associated with tho Foreign Exchange D e
partment. H arry Salingor has been elected Assistant
Managor in liou of M r . Clifford.
Robert B . Um berger, horetoforo Secrotary and Credit
M anagor of tho Chicago M orris Plan Bank of Chicago, has
beon olected General M anager of the institution. M r . U m borger’s promotion has been brought about by tho resig
nation of J. Allen Haines, heretofore Vice-President and
active head of tho bank. M r . Haines relinquished his post
in order to sorve in the navy.
Robert I. H unt, a director
of tho bank, has been appointed advisory Vice-President,
and will represent tho Executive Committee of tho insti
tution in that capacity.
W . J. Doran, formerly general agent for the Union Pacific
at Los Angeles, has been elected a Vice-President of tho
Citizens’ National Bank of Los Angeles, California.
Tho annual report of the Home B ank of Canada (head
office Toronto) for tho fiscal year ending M a y 31, sub
mitted at tho annual meeting on June 25, shows net earn
ings for the period of $228,963. B y adding to this sum
($140,239) the balance brought forward from last year,
and also the small sum of $209, representing the premium
on the capital stock during the year, a total of $369,410,
tho report shows, was available for distribution. Out of
this amount $97,362 was appropriated for dividends; $19,
317 for Government war tax on note circulation; $90,000
for reservo depreciation of securities and contingencies;
$10,000 for bank premises account and $2,000 for Patriotic
Fund, leaving a balance of $150,732 to be carried forward
to new profit and loss account. The report shows total
assets of $23,675,773, as compared with $20,745,829 a year
ago, while deposits increased nearly $3,000,000 despite the
withdrawal of about $2,000,000 b y depositors for invest
ments in Victory Loan Bonds. The paid up capital of the
Homo Bank of Canada is $1,947,431 with Reserve Fund of
$300,000.
Tho sixtieth report of tho directors of Lloyds Bank, Ltd.
(head office, London) for the calendar year 1917, presented
to the shareholders at the ordinary general meeting, held
at Birmingham, Eng., on Feb. 5 last, has just come to hand.
Tho Van Sant Trust Co. of St. Paul, M in n ., a new bank It shows net profits for the twelve months, after allowing
ing institution, recently incorporated under tho laws of that for rebate, income tax, bad debts, contingencies, &c., of
Stato, was opened for business on July 1. The capital of £1,463,125 and making with £107,205, the balance brought
forward from 1916 the sum of £1,570,330 available for
tho now trust company is $200,000 made up of 2,000 shares'
of tho par value of $100, and its surplus $50,000. The distribution. Out of this an interim dividend of 14s. 6d.
per share, being at the rate of 18J^% per annum, and
officers aro: Samuel R . V an Sant, President; Philip W .
amounting, less income tax, to £340,433, was paid for the
Herzogg, Vice-Presidont; Grant V an Sant, Vice-President;
half-year ended June 30 last, £400,000 was added to the
C . E . M itton, Secrotary and C . R . Bcddall, Treasurer.
reserve fund, raising it to £4,000,000, £100,000 written off
A now Minneapolis banking institution, to bo known as tho bank premises account, and £100,000 set aside for
tho Penn Avonuo State Bank and located at tho corner of payment of a staff bonus during the current year. From
Ponn and Crystal Lako avenues, N o th Minneapolis, was tho balance remaining, £629,897 tho directors recommended
oponod for business on Juno 22 with a capital of $25,000 and that a dividend at the same rate, amounting, less income
surplus of $5,000. A general banking business with savings tax, to £340,433, be declared, and that the balance, £289,464,
and insurance departments will be conducted. Tho officors bo carried forward to the profit and loss account. During
of tho now bank aro: A . D . Rouillard, President; Herman tho year arrangements were made under which the National
Hanson, First Vice-Presidont; C . W . Ringer, Second Vico- Provincial Bank of England, Limited’ became joint proprietor
Presidont; M artin Strand, Cashier, and J. W . Carlson and with tho Lloyds Bank of London and Lloyds B ank (France)
Limited, tho title of the latter being altered to Lloyds B ank
R . A . Barthel, Assistant Cashiers.
(France) and National Provincial Bank (France), Limited.
Plans havo been completed for tho romodeling of tho City Tho retirement from the board, through ill-health, of Herbet
National Bank building at Twenty-third and M arket Wheoler Hind, formerly Chairman of the Liverpool Union
Streets, Galveston, and work will be commenced as soon as Bank Limited is announced. M r. H ind retains his position
building materials aro available. The ontiro threo floors as Chairman of the Liverpool Local Committee, and Arthur
of tho building will bo torn out so that the new structure E dw ard Pattinson, who is also a member of that committee*
whon completed will bo one story high with a mezzanino at has beon elected a director of the bank in his place.
Lloyds Bank reported on Dec. 31 1917 current deposit
tho front and rear. Tho ceiling will bo arched and formed
of paneling and art glass above which will bo a skylight. and other accounts, including rebate of bills and provision
Tho bank fixtures aro to bo of bronze, brass and marble. for contingencies of £174,068,046. The total assets on
that date were £194,082,153.
Tho cost of reconstruction, it is said, will bo $135,000.
Casey W ood has been elected a director of the Home
I.
R . Bordagos, a well known capitalist and oil operator, S.
has boon elected a director of tho Guaranty Bank & Trust B ank of Canada, Toronto, Canada, to fill the vacancy
Co. of Beaumont, Toxas, to succeed R . E . Hardwicke, croated by tho resignation of Hon. T . A . Crerar. M r .
W ood is a member of the Toronto firm of Rowell, Reid,
resigned.
W ood and W right.
Canadian Bank Clearings.
— The clearings of the Cana
dian banks for the month of June 1918 show an increase over
the same month of 1917 of 5.8% , and for the six months tho
gain reaches 3.1% .
Six Months.
June.
Clearings at—
Inc. or
Dec.
1917.
1918.
Inc. or
Dec.
1917.
1918.
S
3
%
%
+ 2.2
+ 7.9 2,10 7 ,2 0 7 ,7 6 1 2 ,0 6 1 ,1 2 9 ,0 6 9
+ 7 .5
+ 18.3 1,590,700,252 1 ,4 8 5,936,508
— 19.3 1,069,026,571 1 ,2 25,993,059 — 12.7
179,922,691 + 33.7
+ 29.2 240 ,0 1 7 ,3 4 0
158,300 ,21 3
141,803 ,73 9 + 1 1 .0
+ 9.3
+ 2 .6
103,228,526
105 ,948 ,25 0
— 0.8
7 1 ,2 31,894 + 11.7
100,943,927
+ 8 2 .1
+ 6.4
124,727 ,07 4
117,239,881
+ 1 .1
5 3,300,327
+ 0.1
5 5 ,4 07,889
+ 1.1
+ 7.7
+ 19.2
5 9 ,6 1 1 ,5 1 6
55,3 3 8 ,2 0 8
+ 7.3
148,260 ,38 4
159,104,911
— 15.3
39,207,201 + 20.2
4 7 ,1 3 4 ,1 3 4
+ 9.C
8 2,045,257
6 4 ,0 73,815 + 28.1
+ 1 8 .£
79,010,021
7 0 ,3 09,410 + 12.4
+ 1.2
14,088,303
12,239,027 + 15.1
+ 18.6
+ 1.0
— 0.2
41,708,644
4 1 ,3 0 7 ,8 6 9
27,505,081 + 11.3
3 0 ,6 80,892
+ 1 4 .C
18,957,392
— 1.2
18,722,342
— ll.C
20,0 7 2 ,0 3 0 + 14.9
+ 15.9
23,067,871
— 12.3
14,492,903 + 14.9
10,653,6 IS
7,5 0 8 ,7 9 3 + 37.5
10,322,314
+ 2 1 .6
12,052,691
1 4 ,8 02,860 — 18.6
— 2 1 .6
— 8.0
17,110,816
15,313,316 + 10.5
10,843,241 + 18.9
2 0 ,0 2 5 ,3 3 9
+ 17.6
+ 2.3
14,912,615
+ 3 .3
1 5,251,859
3
3
4 1 0 ,122 ,05 8 3 8 5 ,722 ,53 9
301 ,507 ,51 0 2 5 4 ,968 ,30 0
W in n ip e g _____ 163,760 ,07 5 2 0 2 .940 ,76 8
4 3 ,8 8 7 ,5 4 0 33,9 6 0 ,2 1 2
O tta w a ............... 32,9 3 4 ,2 5 7 3 0 ,1 39,687
Q u e b e c ............... 18,254,437 18,393,711
H a lif a x ............. 2 2 ,0 7 5 ,2 5 8 12,123,891
H a m ilt o n .......... 2 1 ,0 3 9 ,7 6 6 20,8 0 1 ,1 0 2
9,174,001
8,6 4 4 ,7 7 7
8,912,624
10,619,542
23.229.34S 27,412,174
7,9 8 0 ,2 9 2
7 ,323.56S
12,861,482 10,842,791
13,563,252 13,408,775
1,941,373
2,3 0 1 ,3 7 2
7,133,834
7,1 1 8 ,5 0 9
4,670,233
5,3 2 3 ,4 8 5
3 ,566,041
3,1 7 5 ,5 1 6
L e t h b r i d g e ___
3,3 8 7 ,2 4 2
3 ,9 2 6 ,14C
3,2 2 8 ,1 7 5
2,8 3 1 ,3 1 7
F o r t W illia m ..
1,474,393
1.792.36C
N e w W e stm ’ er
2,3 1 9 ,5 9 5
1,818,721
M e d icin e H a t .
2,8 5 8 ,5 9 7
2 ,013,977
P eterb orou g h .
2,7 1 5 ,1 5 2
3,1 9 2 ,4 9 5
S h e r b r o o k e ___
2,6 1 2 ,8 6 2
2,6 9 9 ,7 9 3
K it c h e n e r ____
+ 5.8 6 ,2 0 5 .5 4 8 ,4 3 2 6,021,012,0251
T o t a l C a n a d a . 11338092 47 107 1502411
+ 3 .1
The clearings for the week ending Juno 27 make a very
satisfactory comparison with the same week of 1917, the in
crease in the aggregate having been 6.9% .
Week ending June 27.
uieanngs ai—
1918.
C anada—
T o r o n t o ...................
W i n n i p e g ................
V a n c o u v e r ________
O t t a w a ...................
Q u e b e c ...................
H a m i l t o n .................
C a l g a r y ...................
M o o s e J a w ...........
L e t h b r i d g e ...........
F o r t W i l l i a m _____
N o w W e s tm ’te r .
M e d i c i n e H a t ___
P eterb orou g h —
K i t c h e n e r ___ T ota l C a n a d a .
1917.
Inc. or
Dec.
3
S
%
1916.
9 0 ,6 1 3 ,0 5 6
7 5 ,3 7 6 ,7 2 2
3 7 ,1 6 1 ,2 7 3
1 0 ,6 9 9 ,8 3 0
6 ,7 1 3 ,9 1 6
3 ,9 3 1 ,0 1 7
3 ,7 0 9 ,5 4 8
5 ,1 4 3 ,2 6 7
2 ,0 9 7 ,9 7 3
2 ,2 7 8 ,8 0 1
5 ,3 8 1 ,8 8 1
1 ,7 8 3 ,2 0 5
3 ,0 7 4 ,8 3 6
3 ,0 0 3 ,0 7 8
5 2 0 ,8 2 3
1 ,7 0 5 ,0 1 8
1 ,2 0 9 ,8 8 7
8 0 9 ,1 1 2
1 ,0 1 7 ,0 8 2
5 9 0 ,8 1 6
4 3 3 ,0 8 2
3 6 4 ,2 1 1
5 5 5 ,9 9 8
8 3 1 ,4 7 9
4 9 7 ,8 7 0
9 1 ,0 9 3 ,9 3 1
5 9 ,6 4 4 ,1 4 3
4 1 ,9 8 2 ,1 3 0
7 ,6 6 6 ,0 4 1
7 ,0 3 0 ,2 9 5
4 ,0 7 1 ,6 3 8
2 ,4 2 7 ,7 9 0
4 ,4 4 6 ,8 1 5
1 ,9 4 4 ,8 7 8
1 ,8 4 2 ,5 0 0
6 ,0 5 5 ,1 3 4
1 ,7 5 2 ,3 6 7
2 ,2 1 5 ,9 0 6
2 ,7 8 9 ,6 5 5
4 2 3 ,5 5 4
1 ,4 9 2 ,7 9 3
1 ,1 1 5 ,8 2 5
8 1 4 ,8 5 0
7 3 7 ,5 8 4
5 9 4 ,3 7 2
3 3 9 ,1 5 6
5 2 9 ,0 0 9
5 8 4 ,9 6 9
5 5 4 ,6 1 2
5 2 5 ,3 7 1
— 0 .5
+ 2 6 .4
— 1 1 .5
+ 3 9 .6
— 1.5
— 3 .4
+ 5 2 .8
+ 1 5 .7
+ 7 .9
+ 2 3 .7
— 1 0 .3
+ 1.8
+ 3 8 .8
+ 7 .0
+ 2 2 .9
+ 1 4 .3
+ 7 .2
+ 6 .7
+ 3 8 .0
— 0 .6
+ 2 7 .7
— 3 1 .1
— 4 .8
+ 5 0 .0
— 5 .3
$
7 1 ,1 4 3 ,6 7 7
5 6 ,3 2 0 ,1 5 4
3 2 ,4 2 1 ,8 7 6
5 ,9 4 0 ,9 4 2
4 ,9 1 9 ,4 0 2
3 ,4 0 8 ,2 1 5
2 ,0 3 3 ,3 7 4
3 ,1 9 9 ,5 0 0
1 ,4 6 4 ,0 8 0
1 ,6 0 9 ,0 5 3
3 ,8 7 3 ,0 5 2
1 ,3 8 4 ,6 4 5
1 ,7 6 2 ,0 8 3
1 ,7 8 1 ,7 0 7
4 9 6 ,1 0 5
9 7 0 ,5 0 7
7 9 4 ,9 6 1
4 2 6 ,3 1 1
5 4 4 ,0 6 0
4 7 0 ,5 2 4
3 0 5 ,7 1 2
2 9 8 ,9 1 4
5 0 3 ,4 1 5
4 5 4 ,5 4 0
5 6 0 ,9 6 7
2 5 9 ,3 6 3 ,7 8 1
2 4 2 ,6 7 2 ,4 8 4
+ 6 .9
1 9 7 ,3 4 7 ,2 1 2
1915.
$
3 3 ,1 8 5 ,9 0 7
2 8 ,1 9 0 ,2 9 5
1 2 ,6 7 8 ,6 1 1
4 ,3 9 2 ,5 0 8
2 ,6 2 5 ,9 5 0
2 ,3 5 4 ,0 6 7
1 ,3 3 0 ,1 5 6
2 ,5 8 0 ,2 6 4
1 ,0 3 9 ,1 4 6
1 ,2 3 4 ,9 3 0
3 ,1 3 2 ,5 6 8
1 ,0 3 2 ,8 7 4
1 ,3 9 1 ,9 4 2
8 8 7 ,9 7 2
3 0 6 ,6 5 3
5 2 3 ,9 1 0
5 0 0 ,6 8 1
2 0 7 ,1 9 4
3 5 8 ,7 8 2
2 9 4 ,8 2 8
1 8 4 ,7 6 6
1 5 6 ,2 5 1
3 0 0 ,4 4 0
9 8 ,9 4 7 ,7 5 5
Other Western and Southern Clearings
brought for
ward from first page:_____________________________________ _____
Week ending June 2 9 .
Clearings at—
or
Dec.
In c.
1918.
1917.
1916.
1915.
H a s t in g s ...............
B i l l i n g s ..................
$
1 6 2 ,4 1 7 ,3 0 1
2 6 ,6 7 3 ,8 6 1
5 1 ,1 1 3 ,5 7 0
1 5 ,3 2 0 ,1 3 4
1 8 ,0 7 2 ,2 3 1
1 4 ,7 7 3 ,3 7 5
9 ,2 1 7 ,3 3 1
7 ,8 0 1 ,8 /5
7 ,2 7 9 ,9 2 4
4 ,4 0 3 ,0 0 6
3 ,5 1 5 ,0 9 7
3 ,2 6 2 ,5 0 1
1 ,7 0 2 ,2 7 0
2 , 0 9 3 ,6 1 8
7 3 6 ,0 6 0
1 ,3 8 0 ,2 4 8
5 6 9 ,0 7 8
5 6 1 ,8 8 3
1 ,9 7 4 ,1 7 4
1 ,5 3 6 ,9 4 8
1 ,0 6 4 ,1 6 9
5 0 0 ,0 0 0
9 3 0 ,6 8 8
$
1 2 3 ,4 4 3 ,5 9 5
2 5 ,0 8 9 ,4 3 6
3 1 ,8 8 6 ,3 0 3
1 2 ,5 8 0 ,8 6 9
1 3 ,1 5 0 ,6 1 4
1 3 ,4 0 0 ,6 1 7
7 ,1 5 1 ,2 4 2
5 ,8 1 0 ,0 5 7
5 ,3 9 0 ,5 7 8
4 ,0 2 0 ,5 3 1
3 ,5 2 9 ,8 0 5
2 ,3 5 8 ,1 2 8
2 ,1 1 3 ,9 1 5
2 ,0 2 4 ,1 2 6
4 5 0 ,0 0 0
1 ,5 1 2 ,5 1 5
5 5 0 ,5 1 3
6 1 0 ,7 9 3
2 ,2 8 5 ,4 0 4
1 ,6 4 0 ,4 7 9
9 8 7 ,6 5 7
5 1 8 ,4 0 9
9 1 4 ,2 2 2
%
+ 3 1 .6
+ 6 .3
+ 6 0 .3
+ 2 1 .8
+ 3 7 .4
+ 1 0 .2
+ 2 8 .9
+ 3 5 .3
+ 3 4 .9
+ 9 .5
— 0 .4
+ 3 8 .3
— 1 0 .6
+ 3 .5
+ 6 3 .5
— 8 .7
+ 3 .4
— 8 .0
— 1 3 .6
— 6 .3
+ 7 .8
— 3 .5
+ 1 .8
$
7 4 ,0 1 3 ,2 4 4
2 1 ,8 6 0 ,4 2 4
2 0 ,1 2 5 ,8 3 4
1 5 ,6 3 0 ,9 1 9
1 1 ,7 4 8 ,8 5 9
9 ,3 3 7 ,4 0 2
5 ,5 0 4 ,7 0 1
3 ,7 2 5 ,0 1 5
3 ,9 1 4 ,6 9 0
3 ,7 0 0 ,1 0 8
2 ,5 2 9 ,3 3 3
1 ,5 0 1 ,8 2 0
1 ,5 7 0 ,3 2 0
1 ,5 8 8 ,8 8 2
5 0 0 ,0 0 0
1 ,3 2 6 ,2 7 4
4 3 1 ,0 3 4
3 7 7 ,3 8 9
1 ,9 0 4 ,7 5 3
1 ,2 8 4 ,3 1 5
7 4 6 ,4 4 2
2 9 2 ,1 5 6
5 3 8 ,7 0 5
3
0 0 ,9 8 3 ,5 6 8
1 9 ,3 9 4 ,2 0 2
1 8 ,6 3 0 ,8 6 1
1 3 ,4 1 6 ,7 0 6
1 0 ,3 8 8 ,2 5 2
0 ,5 9 3 ,2 8 8
5 ,8 9 1 ,5 9 4
2 ,6 0 0 ,0 0 0
3 ,3 9 0 ,7 6 3
2 ,3 1 4 ,4 7 8
2 ,5 0 8 ,3 5 5
1 ,3 1 9 ,0 0 0
1 ,8 1 5 ,3 7 4
1 ,6 3 0 ,7 0 4
4 1 5 ,0 0 0
1 ,0 8 3 ,3 8 4
4 0 7 ,2 9 4
3 2 8 ,8 6 3
1 ,2 5 4 ,3 3 3
1 ,0 1 6 ,3 8 9
5 0 3 ,5 4 9
2 3 6 ,2 4 3
4 7 9 ,9 1 4
T o t . o t h . W est
3 3 7 ,0 1 9 ,4 7 4
2 6 1 ,4 2 5 ,8 0 8
+ 2 8 .9
1 8 4 ,8 1 9 ,2 9 1
1 6 2 ,6 6 2 ,1 1 4
1 2 1 ,8 9 6 ,2 8 3
3 2 ,3 9 6 ,1 2 5
1 6 ,6 1 4 ,7 3 0
9 ,8 0 0 ,0 0 0
5 ,2 0 0 ,0 0 0
2 2 ,9 5 2 ,6 2 1
2 2 ,8 8 6 ,8 3 2
1 1 ,2 9 1 ,4 8 0
8 ,7 1 9 ,4 4 5
7 ,1 6 4 ,0 7 5
7 ,3 2 8 ,7 0 8
4 ,8 0 7 ,1 7 4
3 ,5 0 4 ,8 9 2
3 ,4 6 4 ,3 3 6
1 ,9 7 7 ,0 0 2
2 ,3 0 0 ,0 0 0
3 ,3 7 6 ,5 1 3
2 ,5 5 5 ,4 4 8
1 ,2 4 2 ,4 1 3
5 ,5 8 7 ,5 4 7
2 ,6 7 6 ,7 4 3
1 ,1 0 0 ,0 0 0
1 ,6 0 0 ,0 0 0
1 ,0 1 2 ,5 2 5
1 0 ,1 0 9 ,1 2 1
1 9 4 ,1 5 8
3 6 5 ,1 0 4
5 ,8 8 3 ,5 3 0
1 ,3 4 5 ,5 4 6
+ 1 4 .0
+ 3 5 .1
+ 2 6 .3
+ 1 7 .7
— 2 9 .7
+ 9 1 .9
+ 6 8 .2
+ 1 .2
— 2 .7
— 3 .2
+ 6 7 .3
+ 3 9 .4
+ 1 1 .2
+ 1 5 .9
+ 2 0 .4
+ 8 .7
+ 5 5 .0
+ 4 3 .2
+ 11 .1
+ 1 6 .6
+ 1 4.1
+ 2 0 .0
+ 1 8 .8
+ 1 8 .0
+ 2 1 .7
+ 3 3 .5
— 4 .9
+ 8 9 .4
+ 5 5 .2
9 4 ,4 1 4 ,4 1 4
2 0 ,8 3 5 ,3 3 1
1 0 ,9 0 0 ,1 3 0
7 ,8 4 2 .7 2 8
3 ,2 8 9 ,9 3 8
1 4 ,9 7 4 ,6 0 6
1 3 ,3 4 7 ,9 5 4
7 ,2 3 9 ,3 6 1
5 ,4 2 3 ,6 1 7
5 ,2 2 8 ,8 7 1
6 ,0 9 8 ,7 9 2
4 ,2 4 0 ,7 9 3
2 ,7 1 5 ,9 8 3
2 ,7 0 9 ,8 1 3
1 ,4 2 9 ,9 8 4
2 ,1 1 6 ,9 4 1
2 ,6 6 5 ,7 3 7
1 ,8 1 4 ,0 3 9
9 1 0 ,8 9 4
3 ,0 8 9 ,1 3 0
2 ,0 5 2 ,4 8 1
2 ,7 8 8 ,9 0 0
1 ,3 0 0 ,0 0 0
7 7 ,9 2 7 ,1 0 6
1 8 ,1 3 0 ,3 2 9
1 6 ,3 5 2 ,9 8 9
7 ,2 3 4 ,8 8 5
3 ,9 0 5 ,5 4 5
1 0 ,1 0 7 ,9 2 9
1 2 ,3 0 3 ,0 0 9
7 ,5 8 3 ,2 9 4
4 ,2 7 0 ,3 9 2
3 ,6 7 8 ,6 2 3
5 ,3 0 3 ,9 6 1
3 ,4 5 3 ,2 8 1
2 ,2 1 4 ,4 8 5
2 ,4 7 8 ,2 7 3
1 ,3 5 3 ,3 2 8
1 ,8 7 5 ,7 4 4
1 ,7 4 4 ,4 4 9
1 ,7 6 3 ,3 8 8
1 ,1 0 1 ,5 2 0
1 ,0 9 5 .8 5 7
1 ,3 0 9 ,1 4 6
1 ,8 8 4 ,7 0 8
1 ,7 7 3 ,7 9 1
V i c k s b u r g ---------J a ck son _________
T u l s a .......... ............
M u s k o g e e _______
1 3 8 ,9 9 6 ,8 8 8
4 3 ,7 6 5 ,8 5 3
2 0 ,9 8 0 ,9 5 3
1 1 ,5 3 6 ,2 3 9
3 ,6 5 7 ,6 3 1
4 4 ,0 4 8 ,3 6 3
3 8 ,4 8 9 ,9 1 4
1 1 ,7 6 9 ,9 4 1
8 ,4 8 3 ,1 7 7
6 ,9 3 3 ;4 8 3
1 2 ,2 5 7 ,9 8 5
6 ,7 0 9 ,8 7 2
3 ,8 9 7 ,4 8 8
4 ,0 1 3 ,5 4 0
2 ,3 8 0 ,7 6 0
2 ,5 0 0 ,0 0 0
5 .2 3 2 ,7 2 4
3 ,6 5 8 ,2 1 0
1 ,3 8 0 ,9 3 4
6 ,5 1 2 ,0 0 8
3 ,0 5 3 ,5 3 7
1 ,3 2 0 ,0 0 0
1 ,9 0 0 ,0 0 0
1 ,9 0 0 ,0 0 0
1 2 ,3 0 0 ,0 0 0
2 5 9 ,0 9 7
3 4 7 ,5 8 2
1 1 ,1 4 1 ,7 7 0
2 ,0 7 8 ,1 9 8
5 ,1 9 1 ,3 0 0
1 7 2 ,8 0 4
3 5 8 ,0 2 8
3 ,8 0 8 ,9 1 4
8 8 9 ,9 7 6
1 9 0 ,0 4 9
2 7 4 ,2 1 5
1 ,4 2 6 ,4 6 2
7 5 7 ,1 8 2
T o t a l Southern
4 1 1 ,5 2 1 ,2 1 9
3 1 9 ,9 5 2 ,9 5 7
+ 2 8 .0
2 3 3 ,9 1 1 ,4 6 5
1 9 2 ,0 0 2 ,8 4 3
K a n sa s C i t y ------M in n e a p o lis -------
S t. J o s e p h _______
D e s M o in e s _____
W i c h it a ............. ..
D a v e n p o r t -------C o lo r a d o Springs
N ew O rleans____
H o u s t o n ..................
G a lv e s t o n .............
R ic h m o n d _______
A t l a n t a ..................
F o r t W o r t h _____
M e m p h i s ........... ..
S av annah _______
N a s h v ille ...............
N o r f o l k ..................
B ir m in g h a m ____
J a c k s o n v ille ____
A u g u s ta .................
K n o x v ille ________
C h a t ta n o o g a ____
L ittle R o c k ..........
M o b l lo .......... .........
O k la h o m a .............
C h a rleston .............
M a c o n ....................
A u s t i n ....................
[V o l . 107
THE CHRONICLE
54
Six Months.
June.
Clearings at—
1918.
1917.
$
$
K an sas C i t y - . 567,174.145 5 5 4 ,039 ,98 8
M in n ea p olis . . 110,009,000 121,815,616
O m a h a ________ 203 ,481 ,63 6 146,215,044
S t. P a u l_______ 62,649,053 6 5 ,8 46,605
D e n v e r _______ 8 0 ,2 8 1 ,7 7 8 6 4 ,4 28,859
S t. J o s e p h ____ 6 2 ,7 71,846 60,503,802
D es M o in e s ___ 4 0 ,5 23,268 3 3,809,187
S ioux C it y ____ 3 1 ,4 46,354 2 6,461,283
D u lu th . _____ 19,781,688 23,329,871
W i c h it a _______ 3 2,723,988 24,1 6 5 ,5 1 2
T o p e k a _______ 13,421,788 10,639,983
9,5 8 3 ,3 8 6
D a v e n p o r t ___ 10 , 100,000
L in coln _______ 18,706,125 16,543,833
9 ,934,181
7 ,763,823
C ed a r R a p id s .
2,974,099
3 ,1 6 7,689
C o lo r a d o S p ’ gs
6,763,514
F a r g o _________
6 ,5 6 8,445
6 ,9 4 3,402
7,537,869
Sioux F a lls___
9 ,7 0 8,692
8 ,159,471
W a t e r lo o ...........
8,331,091
6,721,891
H e le n a ________
2,720,809
2,7 6 :,962
P u e b lo ________
8,3 5 6 ,6 4 4
J o p lin _________
7,197,583
4,2 6 5 ,7 4 5
4,778,000
A b e rd e e n _____
2,7 8 9 ,0 9 9
2,5 5 2 ,3 8 6
F r e m o n t _____
2,2 5 2 ,5 8 7
2 , 100,000
H a s t in g s ..........
4,4 2 4 ,9 3 2
4 ,088,109
B i l li n g s _______
5,516,006
G ra n d F o r k s . .
4,566,000
1,380,023
1,484,018
L a w ren ce_____
1,332,715
Io w a C i t y ____
1,623,468
2,0 8 6 ,3 0 7
O s h k o s h ...........
2 ,141,652
1,691,059
K a n . C it y ,K a n
2 ,000,000
2 ,7 1 1,000
L ew isto w n ____
2 ,1 3 5,668
623 ,562 ,56 2
186,581,754
93,374,598
47,233,158
15,857,551
174,197,492
167,187,192
48,017,553
37,429,553
24,394,850
4 1 ,0 38,492
3 2,452,777
16,425,871
18,942,074
9,986,270
10,933,826
19,968,384
17,621,837
6,167,871
30,0 9 7 ,7 8 5
11,285,924
7,5 4 4 ,1 2 5
6,664,241
11,079,158
5,541,248
17,994,813
2,579,541
3,015,638
1,156,000
1,792,333
47,082,0-15
8,312,068
2 , 100,000
67,043,821
3,853,791
5,3 9 0 ,5 9 7
5,3 6 9 ,0 1 2
2,097,631
3,0 1 9 ,0 3 5
8 ,175,177
1917.
1913.
Inc. or
Dec.
$
$
%
%
+ 20 .4 1,752,811,182 3,3 0 3 ,2 4 7 ,5 4 6 + 43.9
7 5 9 ,683 ,73 8
— 0 .6
— 9.7 754 ,9 9 6 ,7 9 5
+ 39.2 1,380,701,713 8 7 0 ,360 ,70 2 + 58.6
+ 0.3
— 4.9 3 0 7 ,2 8 1 ,3 6 9 3 6 0 ,323 ,08 9
3 7 3 ,417 ,47 0 + 40.8
+ 24.6 5 1 8 ,0 9 0 ,1 0 :
3 8 3 ,898 ,08 2 + 2 1 .1
+ 3.7 404 ,893 ,52 1
2 1 2 ,180 ,18 6 + 20.9
+ 19.9 2 5 6 ,520 ,01 7
152 ,920 ,08 5 + 45.8
+ 1 S.S 2 2 2 ,9 6 0 ,5 4 9
111,538,663
135,127,911 — 17.5
— 15.2
148,854 ,44 6 + 45.8
+ 35.4 2 1 6 ,961 ,34 3
0 3 ,4 9 1 ,9 4 0 + 37.0
+ 26.1
80,9 1 8 ,9 4 8
+ 8.3
+ 5.4
6 7 ,7 03,239
62,522,137
9 7 ,9 85,992 + 19.0
110,620,818
+ 13.1
6 2 ,5 19,114 — 17.5
— 21.9
5 1 ,5 78,009
— 9 .8
19,876,515
2 2 ,0 2 5 ,5 2 6
— 6.1
4 0 ,3 38,012 + 19.7
4 8 ,3 04,912
— 2 .9
5 0 ,7 10,897
3 9 ,6 1 1 ,7 8 0 + 28 .0
+ 8.6
5 8,944,482
+ 1.8
— 16.(1
60,043,911
4 5 ,8 6 0 ,0 5 9
+ 0 .5
— 19.2
4 0 ,0 9 5 ,9 9 8
17,799,094
15,860,993 + 12 .2
+ 1.8
— 0 .2
4 7 ,7 08,835
4 7,023,791
— 13.9
2 7 ,8 92,384
2 0 ,9 9 4 ,9 7 5 + 32.9
+ 1 2 .C
10,686,613 + 29.2
2 1 ,8 5 9 ,5 9 0
— 8 .5
13,435,232
+ 9.2
14,675,222
— 6.8
+ 5.3
25,7 2 2 ,7 3 4
24,435,201
— 7.6
+ 4 .3
2 7 ,9 6 5 ,0 0 0
2 9 ,1 68,000
— 17.2
7,6 5 0 ,2 9 9 + 2 7 .7
9 ,7 7 1,673
+ 7.5
9 ,035,053 + 13.3
10,918,756
+ 2 1.8
11,949,268
+ 9 .7
1 3,108,045
+ 2.6
13,291,631
12,198,667
+ 9.0+ 18.3
15,677,455 — 25.4
— 2 1 .2
11,703,500
+ 15.2 9 ,8 6 8 ,1S2,222 7,4 2 3 ,5 0 9 ,8 8 8
+ 32.9
545 ,466 ,06 3 + 14.3 3,77 9 ,9 5 8 ,2 4 2 3,2 8 8 ,0 3 0 ,5 3 7
879 ,6 6 3 ,8 3 3
146,337,316 + 28.2 1,314,244,110
76,705,992 + 21.7 588 ,7 1 8 ,0 4 5 514,421 ,48 1
+ 0.3 3 5 0 ,002 ,01 8 300 ,984 ,03 8
4 7,101,971
120,407,147
122,245 ,03 9
22,871,298 — 30.7
101,128,629 + 67.3 1,023,820,683 602,451,221
8 9 ,4 39,602 + 80.11 1,122,295,195 595 ,538 ,38 2
344,213,4.32 290,505 ,72 1
4 9 ,1 69,712
— 2 .1
3 1 7 ,302 ,21 3 2 6 9 ,389 ,86 5
4 3 ,9 56,057 — 14.8
172,838,750
146,885 ,94 9
2 9 ,9 86,797 — 18.7
2 3 5 ,406 ,00 5
36,290,414 + 13.1
323 ,3 8 9 ,0 4 8
198,325,105
142,871 ,60 5
25,964,848 + 25 .0
106,215,384
87,9 9 8 ,4 0 2
14,857,384 + 10 .6
122,700,003
102,325 ,67 6
16,493,408 + 14.8
8 4 ,8 7 2 ,4 4 5
5 4 ,8 0 5 ,92'J
9,104,95:1
+ 9.7
7 0 ,4 5 2 ,0 8 0
60,948,404
9,9 2 2 ,9 3 7 + 10.2
121,674 ,96 6
16,075,990 + 24.2
91,007,508
14,971,907 + 17.7
122 ,137 ,52 7
83,0.38,085
35,418,401
— 2.8
6,3 4 6 ,3 5 5
3 7 ,3 1 0 ,7 1 8
210 ,920 ,09 2
154.240.29S
25,556,000 + 17.8
60,115,681
12,115,605
— 0.0
8 0 ,8 0 7 ,6 3 7
28,661,972
48,523,543
4,533,750 + 00.4
3 8,252,502
5 2 ,0 0 3 ,7 9 5
5,411,170 + 23.2
114,028,522
98,1 1 4 ,2 8 3
9,471,581 + 16.0
3 3 ,7 3 8 ,8 8 6
28,6 3 2 ,8 7 7
4,306,000 + 24.7
102,334,183
106,418,191
+ 6.6
10,873,025
11,642,015
2,292,904 + 12.5
17,058,471
2 0 ,4 92,022
13,940,241
2,4 4 2 ,3 0 2 + 23.5
0,7 5 5 ,4 0 2
10,140,995
1,044,611 + 11.5
+ 8.0
1 3 ,3 5 4 ,12C
1,640,312
13,056,195
160,310,501
25,154,690 + 87.2 243,809,92£
6 0 ,9 9 0 ,3 7 5
38,490,321
6,2 1 9 ,9 8 7 + 33.6
1,765,228 + 19.0
12,500,451
9,947,102
48,111,990 + 39.3 465 ,1 4 0 ,6 1 7
312,809,132
21,5 2 7 ,8 7 5
14,641,951
2,216,098 + 73.8
38,6 9 3 ,0 8 7
2 5 ,2 6 0 ,2 9 9
4,1 2 9 ,1 5 7 + 30.5
3 1 ,0 81,024
+ 0.5
37,3 8 7 ,6 3 2
5,039,820
— 0.0
10,370,308
11,834,502
2,1 1 5 ,6 3 7
17,117,062
2 1 ,8 8 1 ,3 4 2
2,515,568 + 20.8
5 9,935,832
4 2 ,0 6 8 ,7 1 8
6,8 7 9 ,3 4 8 + 18.8
+ 15.0
+ 49.2
+ 14.4
+ 16.3
— 1.5
+ 69.9
+ 8 8 .5
+ 18.5
+ 17.8
+ 17.7
+ 37.4
+ 3 8 .8
+ 20.7
+ 19.9
+ 54.9
+ 15.6
+ 33.4
+ 47.1
+ 6.0
+ 40 .6
+ 22.3
+ 09.3
+ 36.1
+ 16.2
+ 17.8
— 3 .8
+ 5 1 .7
+ 47 .0
+ 49.9
+ 1.5
+ 46 .6
+ 58.4
+ 25.7
+ 48.7
+ 4 7 .0
+ 53.0
+ 20.3
+ 38.3
+ 27.8
+ 4 0 .5
+ 2 3 . 3 12009,811,873 9 ,1 3 9 ,9 3 2 ,6 7 5
+ 3 1 .4
T o t . o th . W est. 1430226116 124175845 8
S t. L o u is _____
N ew O rlea n s. .
L o u is v i ll e ____
H o u s to n _______
G a lv e s t o n ____
R ic h m o n d ____
A t l a n t a _______
F ort W o r t h ...
M e m p h is ...........
Sav annah ____
N a s h v ille _____
N o r f o l k _______
B irm in gham . .
Ja ck son v ille . .
A u g u s ta .............
K n o x v i l l e ____
C h a t t a n o o g a ..
L ittle R o c k ___
M o b llo ...............
O k la h o m a ____
C h a rleston ____
C o l u m b i a ____
M a c o n ________
A u s t i n ________
B e a u m o n t____
E l P a so _______
C olu m b u s, G a .
W llm ’ t o n .N .C .
V ic k s b u r g ____
Jack son _______
T u lsa .................
M u s k o g e o ____
M e r id ia n ______
D allas ...............
N ew p ort N ew s
M o n t g o m e r y ..
T a m p a ________
T e x a rk a n a ____
R a l e i g h .......... ..
S h r e v e p o r t ___
Inc. or
Dec.
T o t a l S o u th . 1842538313 1495032 567
Clearings by Telegraph—Sales of Stocks, Bonds &c.
on
— The subjoined table, covering cloarings for the current
week, usually appears on the first pago of each issue, but
account of tho length of the other tables is crowded out
once a month. Tho figuros aro recoived by tolograph from
other leading citios.
Clearings— Returns by Telegraph.
Week ending July 6 .
Per
Cent.
1918.
1917.
$ 2 ,9 0 1 ,4 5 0 ,3 4 8
3 8 0 ,3 3 1 ,7 0 4
3 0 3 ,8 5 3 ,0 3 2
2 0 0 ,6 0 6 ,1 8 3
* 1 1 6 ,0 0 0 ,0 0 0
1 0 0 ,5 5 1 ,8 7 8
1 0 0 ,0 7 9 ,0 3 2
9 2 ,5 7 3 ,9 0 9
* 4 6 ,0 0 0 ,0 0 0
5 5 ,3 5 3 ,5 5 4
3 6 ,7 5 1 ,2 0 6
$ 2 ,9 3 2 ,5 3 7 ,8 4 0
3 8 1 ,8 1 7 ,9 1 7
2 5 8 ,2 5 1 ,7 5 5
2 1 5 ,3 6 5 ,1 5 2
9 5 ,6 5 7 ,7 3 9
9 6 ,9 2 5 ,6 5 6
8 8 ,2 6 6 ,0 9 5
5 (.9 8 2 ,7 1 3
4 0 ,2 0 0 ,7 2 3
4 3 ,8 1 5 ,5 0 1
3 1 ,3 3 0 ,5 1 5
— 1 .1
— 0 .4
+ 1 5 .7
+ 2 1 .0
+ 2 1 .3
+ 9 .9
+ 1 3 .4
+ 5 7 .0
+ 1 4 .2
+ 2 0 .3
+ 1 7 .3
E le v e n c it i e s , 5 (la y s --------------------------------
$ 4 ,4 0 4 ,0 1 7 ,5 0 0
0 5 0 ,4 9 8 ,7 4 1
$ 4 ,2 4 3 ,2 1 1 ,6 0 6
0 0 2 ,4 6 4 ,3 8 9
+ 3 .8
+ 8 .0
T o t a l a ll c it i e s , 5 d a y s __________________
$ 5 ,0 5 5 ,1 1 0 ,3 0 7
1 ,1 0 2 ,3 7 8 ,4 1 9
$ 4 ,8 4 5 ,6 7 6 ,0 5 5
9 9 2 ,1 4 3 ,4 3 7
+ 4 .3
+ 1 1 .1
T o t a l a ll c it i e s f o r w e e k ______ __________
$ 0 ,1 5 7 ,4 9 4 ,7 2 6
3 5 ,8 3 7 ,8 1 9 ,4 9 2
+ 5 .5
♦ P a r t ly e s t im a t e d .
Our usual monthly detailod statement of transactions on
tho N o w Y ork Stock Exchange is appended. The results
for the six months of 1918 and 1917 aro given bolow:
Descrip
tion.
Six Months
Par Va ue
or Quantity.
1918.
Actual
Value.
Six Months
Aver. Par Value
Price. or Quantity.
1917.
Actual
Value.
Aver.
Price.
S t o c k /S h s .
1 0 1 ,8 9 1 ,3 8 7
7 3 ,7 6 9 ,4 4 o |
\ V a l. 3 8 ,8 9 4 ,8 1 0 ,4 0 0 $ 0 ,3 5 0 ,9 9 8 ,6 0 4 9 2 .1 $ 9 ,2 6 9 ,0 2 2 ,0 0 5 $ 8 ,8 8 4 ,5 0 2 ,6 5 7 9 5 .8
1 2 6 ,4 8 2 ,6 0 8 8 7 .1
2 7 8 ,3 4 1 ,5 0 2 9 0 .6
R R . bonds
1 4 5 ,2 2 1 ,5 0 0
3 0 7 ,2 5 6 .5 0 0
4 7 0 ,8 2 8 ,2 9 0 9 6 .8
9 ,0 0 1 ,7 0 0 1 0 0 .2
U .S .b o n d s
4 9 2 ,4 3 6 ,5 0 0
9 ,6 4 6 ,2 0 0
S t a t e ,c it y *
1 8 4 ,9 8 7 ,1 0 3 9 0 .7
9 7 ,7 3 9 ,4 4 3 9 3 .5
1 0 4 ,5 1 6 ,0 0 0
fo r ’ n bd s.
1 9 1 ,3 4 5 ,5 0 0
2 1 ,3 9 2 1 7 2 .5
1 0 6 ,0 5 2 1 9 5 .3
1 2 ,4 0 0
5 1 ,3 0 0
B ank stk s.
T o t a l ___ $ 7 ,6 3 7 ,0 0 2 ,8 0 0 $ 7 ,0 5 2 ,0 7 0 ,3 4 1
9 2 .3 $ 9 ,7 7 7 ,3 2 4 ,5 0 5 $ 9 ,3 5 7 ,5 9 9 ,1 3 4
9 5 .7
The volume of transactions in share proportios on the N e w
York Stock Exchange each month sinoo Jan. 1 in 1918 and
1917 is indicated in tho following:
Auction Sales.— Among
SALES OF S O C K S A T T H E N E W Y O R K ST O C K E X C H A N G E .
other securities, the following
were recently sold
at auction in N e w York, Boston and Philadelphia:
B y Messrs. Adrian H . M uller & Sons, N e w York:
n o t u s u a l l y d ea lt i n at th e S tock E x c h a n g e
1917.
1918.
Number
of
Shares.
Values.
Number
of
Shares.
Actual.
Par.
Values.
Par.
Actual.
$
$
$
$
J a n . 13,616,357 1,2 7 9 ,7 4 0 ,7 0 0 1,175,427,682 16,939,440 1,5 3 7 ,9 7 1 ,9 3 0 1 ,4 6 5 ,6 8 7 ,2 9 0
F e b . 11,418,079 1,083 ,2 1 6 ,9 0 0 9 9 6 ,548 ,28 9 13,588,465 1,2 1 9 ,2 8 0 ,1 3 0 1 ,1 7 0 ,5 0 0 ,0 8 8
7 1 0 ,581 ,41 7 18,658,267 1,6 5 4 ,1 9 7 ,4 7 0 1,5 8 8 ,4 3 7 ,2 6 3
8 ,4 1 9 ,4 7 7 7 7 2 ,4 7 5 ,9 5 0
M ar
ls t q r 33 ,4 5 3 ,9 1 3 3 ,1 3 5 ,4 3 3 ,5 5 0 2,8 8 2 ,5 5 7 ,3 8 8 4 9 ,186,172 4 ,4 1 1 ,4 4 9 ,5 3 0 4 ,2 2 4 ,6 9 4 ,5 4 1
A p ril 7 ,4 0 1 ,1 7 4 687 ,3 7 1 ,8 0 0 631 ,497,841 14,258,162 1,2 8 9 ,4 8 3 ,9 5 0 1 ,2 3 7 ,4 1 5 ,2 0 8
M a y 2 1 ,139,092 1 ,9 8 4 ,4 0 5 ,9 0 0 1 ,8 2 6 ,4 6 4 ,9 1 7 19,354,400 1,7.80,716,450 1 ,7 0 9 ,9 4 8 ,7 0 2
June 11,772,201 1 ,0 8 7 ,6 0 5 ,1 5 0 1 ,0 1 0 ,4 7 8 ,4 6 2 19,092,653 1,7 8 7 ,3 7 2 ,0 7 5 1 ,7 1 2 ,4 4 4 ,2 0 0
Shares.
5
33
3 ,5 0 0
20
6 m os 7 3 ,7 0 9 ,4 4 0 6,89 4 ,8 1 6 ,4 0 0 :6 ,3 5 0 ,9 9 8 ,6 0 8 101891387 9 ,2 6 9 ,0 2 2 ,0 0 5 8 ,8 8 4 ,5 0 2 ,6 5 7
The following compilation covers the clearings by months
since Jan. 1 1918 and 1917:
M O N T H L Y C L E A R IN G S .
Clearings Outside New York.
Clearings, Total All.
I
1917.
%
1918.
1917.
%
$
1
$
J a n ___ 2 6 ,5 4 0 ,5 7 4 ,0 1 8 25 ,6 4 2 ,5 0 5 ,4 0 5
F e b . . 2 2 ,2 5 9 ,3 5 8 ,8 6 6 2 1 ,6 3 0 ,4 7 3 ,3 8 9
M a r . . 2 6 ,0 8 0 ,7 9 9 ,5 7 9 24 ,7 9 4 ,4 1 4 ,5 6 6
$
$
+ 3 . 6 1 1,821,500 ,488 10 ,5 1 5 ,1 3 9 ,7 9 0 + 1 2 .6
+ 2.8 1 0 ,000,002 ,811 8 ,8 3 6 ,3 8 0 ,1 4 5 + 13.2
+ 5.2 12,2 4 6 ,5 1 8 ,1 9 8 1 0 ,5 0 5,287 ,306 + 15.9
1 st q u . 7 4 ,8 8 6 ,7 3 2 ,4 6 2 7 2 ,0 6 7 ,3 9 3 ,3 6 0
+ 3 .9 34 ,0 6 8 ,0 2 7 ,4 9 7 29 ,9 1 6 ,8 1 3 ,2 4 1 + 13.0
A p ril . 2 6 ,4 8 7 ,0 8 6 ,0 3 6 25 ,0 1 3 ,2 4 9 ,1 0 0
M a y . . 2 8 ,2 7 1 ,2 3 5 ,5 7 9 26,3 1 8 ,5 1 0 ,5 6 1
J u n e .. 2 7 ,3 2 1 ,0 1 2 ,0 6 5 26,7 3 6 ,3 4 7 ,7 0 2
+ 5.9 1 2 ,3 9 3 ,5 7 9 ,0 8 ) 10,3 6 1 ,0 2 7 ,2 0 3 + 19.6
+ 7.4 1 2 ,7 1 1,535 ,909 1 0 ,7 3 5,053 ,558 + 18.4
+ 2 .2 1 2,463,957 ,145 1 0 ,0 3 7,269 ,435 + 17.2
2 u q r . 8 2 ,0 7 9 ,935 ,280 ^ 78 ,06 8,10 7,3 63
+ 5.1 37,5 6 9 ,0 7 2 ,1 4 3 3 1 ,7 3 3 ,3 5 0 ,1 9 6 + 18 .4
6 m o s . 158966 66 6 ,7 4 2 150135,500,723
+ 4 . 6 71 ,6 3 7 ,0 9 9 ,6 1 0 61 ,6 5 0 ,1 6 3 ,2 3 7 + 16 .2
The course of bank clearings at leading cities of the coun
try for the month of June and sinco Jan. 1 in each of the last
four years is shown in the subjoined statements:
BANK
C L E A R IN G S A T L E A D IN G C IT IE S .
.June------------------------------------ Jan. 1 to June 301918.
1917.
1916.
1915.
1917.
1916. 1915.
1918.
omitted.)
S
3
$
3
$
$
$
$
N ew Y o r k _______ ..1 4 , 8 5 8 16,099 12,554 8 ,025 8 5 ,3 3 0 8 8 ,4 8 5 72,718 4 6 ,8 0 7
9,552
12,616
12,485
7 ,7 9 9
C h ic a g o .................. . . 2,077 2 ,118
1,625 1,301
5,987
5 ,2 7 0
3 ,8 8 6
B o s t o n ___________ . . 1,531
643
7,391
1,058
880
8 ,508
1,072
726
9,165
0 ,900
3 ,9 4 6
P h ila d e lp h ia ____ . . 1,700 1,504
624
545
441
341
3 ,780
3 ,288
2 ,459
2,002
S t. L o u is ________ . .
354
215
2 ,363
2 ,0 10
1,642
1,243
P i t t s b u r g h ........... . .
568
300
461
416
262
209
2 ,225
1,543
2,558
1,251
San F ra n cisco ___
239
167
151
107
1,322
842
642
C i n c i n n a t i ______
1,0 0 1
294
202
199
B a ltim o re _______
140
1,387
1,107
1,10 0
870
667
554
353
301
4,753
K a n sa s C it y ____ . .
3,303
2 ,104
1 ,824
387
332
184
C le v e la n d _______ . .
122
1,967
1,693
1 ,0 1 1
686
140
N e w O rleans------- . .
187
89
69
1,414
880
592
463
11 0
122
M in n e a p o lis ____ . .
100
80
755
759
642
609
93
L o u ls v lllo ............. . .
77
75
62
589
514
475
337
D e tr o it ................. . .
287
234
190
215
1,406
1,376
993
642
M ilw a u k e e --------- . .
115
110
83
67
702
624
483
415
120
126
103
1 os A n g eles------- . .
85
736
776
610
508
44
48
42
35
P r o v id e n c e --------- . .
295
266
249
194
146
95
203
81
1,381
870
485
O m a h a .................. . .
470
83
86
63
49
521
468
368
283
B u f f a l o .................. . .
63
66
65
53
367
366
370
298
S t. P a u l................. . .
60
05
47
38
362
330
In d ia n a p o lis ____ . .
264
207
64
80
58
42
548
373
D e n v e r _________ . .
300
229
104
174
70
40
1,024
602
R ic h m o n d _______ . .
410
234
44
27
37
20
M e m p h i s _______ —
317
269
174
196
153
95
65
52
806
S e a ttle ___________
508
349
296
37
37
26
35
201
H a r tfo r d ............. - —
218
204
164
50
55
36
27
315
S alt L a k e C i t y . . . .
320
217
152
(000,000s
T o t a l .................. . .2 5 ,2 1 2 24,962 19,266 13,081 144,371 139,619 111,049
O th er c itie s ........... . . 2 ,1 1 0
1,774 1,388 1,041
12,596
10,516
8 ,2 7 6
7 6,631
6 ,3 7 6
T o t a l a ll_____ ..2 7 ,3 2 2 2 6,736 2 0 ,6 5 4 14,122 156,967 150,135 119,925
O u tsid e N . Y . . . ..1 2 , 4 6 4 10,637 8 ,10 0 6 ,097 71,637 6 1 ,6 5 0 4 7,207
8 3 ,0 0 6
3 6 ,1 9 9
E N G L IS H
F IN A N C IA L
M A R K E T S — PER
CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cab’e, have been as follows the past week:
London,
W
eek, ending July 5 .
June 2 9 . July 1. July 2 . July 3 . July 4 . July 5 .
Sal.
Mon.
Tues.
Wed.
Thurs.
Frl.
Silver, per o z ........................... d . 4 8 X
------48 13-16 48 13-10 48 13-16 48 13-16
C o n so ls, 2 X per c e n ts .............H o lid a y
B ritish , 5 per c e n t s ..................H o lid a y
B ritish , i ' A per ce n ts .............H o lid a y
F re n ch R en tes (In P a ris ), f r . C losed
F ren ch W a r L o a n (ln P aris) fr C losed
C losed
C losed
C losed
6 0 .7 5
8 8 .3 0
56
9 3 V»
99X
0 0 .7 5
8 8 .3 5
56
93 K
99J4
6 0 .9 0
8 8 .3 5
56
93X
99X
C losed
C losed
50
93J*
9954
____
_____
The price of si ver in N e w York on the same day has been:
Silver in N . Y . , per o z — c t s . 9944
9944
99X
9944
9944
9944
C o m m e r c ia l art d p i is cellatxeaus fJLems
National Banks.
T h e fo1
lowing information regarding
national banks is from tho office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S F O R C H A R T E R .
For organization of national banks:
C a p it a l.
Tho First National Bank o f D utton, M o n t.......... ....................................$25,000
C H A R T E R S IS S U E D .
Original organizations:
Tho First National Bank o f S t. Helens, O r e g o n ................................. 25,000
IN C R E A S E S O F C A P I T A L A P P R O V E D .
A m o u n t.
Tho First National Bank of Hem et, C a l., from $25,000 to $ 5 0 ,0 0 0 .. 25,000
Tho Peoples National Bank of Ottaw a, K ansas, from $50,000 to
$ 1 0 0 ,0 0 0 ....................................................................................... ............................ 50,000
Stocks.
Per cent. Bonds.
B k ly n . A c a d e m y o f M u s i c . . 14
H a m ’ t o n B k .N o t e ,$ 5 e a .$ 4 .5 5 p .s h .
K n o x T e rp ezon e, $1 e a c h . .$ 3 7 6 lo t
U n ited G as A E le c . (C o n n .),
first preferred ............................ 4044
Bonds.
Per cent.
1.000 P h ila . & R ea d in g R R . tm p t.
4s, 1 9 4 7 . . . . ......................... 84
1 .000 C a m b ria & In d ia n a R R . ca r
tru st 444 s, series F , 1 9 2 4 . 80
1 .0 0 0 S outhern R y . eq u ip , tru st
4 44 s, series U , 1926........... 85
2d q r 40,3 1 5 ,5 2 7 3 ,7 5 9 ,3 8 2 ,85oj3,468,441,220 5 2 ,705,215 4 ,8 5 7 ,5 7 2 ,4 7 5 4 ,6 5 9 ,8 0 8 ,1 1 6
1918.
55
THE CHRONICLE
July 6 1918.]
B y Messrs. Millett, Roe & Hagen, Boston:
Shares.
3
10
25
25
75
4
10
20
25
X
Stocks.
$ per sh.
D w ig h t M fg ., $500 e a c h ............. 1220
A rlin g ton M ills ___________________ 123 'A
T re m o n t & S u ffolk M ills ..............15744
N o n q u lt t S p in n in g ...........................130
B a tes M a n u fa c tu r in g .....................270
M assach u setts C o t t o n M i l l s . . . 1 4 2
L a w rence M a n u fa c tu r in g _______ 130
G ra y & D a v is I n c ., c o m ., $25 e a . 1614
U . S . E n v e lo p e , p r e f_____ ______ 10444
M a ss. B o n d in g & In su ra n ce___ 15
Shares. Slocks.
$ per sh.
400 G reen e C o n s o l. G o ld , $10 e a c h . $3 lo t
20 A m erica n R o a d R o l l e r _________ $2 lo t
40 H o m e B a n k o f B k ly n ., N . Y ___ $5 lo t
10 H . B . C la flln C o . , c o m m o n ____ 5 5 c.
200 B k ly n . & N . Y . R y . S u p p ly ,
$10 e a c h ........ .............................$ 2 )4 lo t
4 T h u rb e r W y la n d C o . , p r e f..........$1 lo t
50 K n ick e rb o ck e r L ig h tera g e, $10
ea ch .................................................. $1 lo t
68 P ly m o u th C o r d a g e ................
2 0 5 )4
B y Messrs. R . L . D a y & Co., Boston:
Shares.
20
7
20
20
30
10
50
Stocks.
$ per sh. Shares. Stocks.
$ per sh.
M erch a n ts N a t . B a n k , e x -d lv . . 2 5 6
1 B o s t o n A th en a eu m , $30 0 p a r . . 414
W eb ster & A tla s N a t. B a n k ____205
9 M o r s e T w ist D rill & M a c h . 198-200
N ash aw en a M ills _______________ 117 )4
5 A m erica n G lu e , p r e f . ................ .1 3 6
A rlin g ton M ills ................................. 124
7 G rin n ell M a n u fa c tu r in g ________ 145
W ln n lslm m et R R ., $50 e a c h ___ 30
20 N o n q u ltt S p i n n i n g . . .......................128 )4
A m erica n G lu e , c o m m o n ............136 44
3 L a w ren ce G a s ____________________ 106
D ra p er C o r p o r a tio n ___________ U 0 H
B y Messrs. Barnes & Lofland, Philadelphia:
Shares.
Slocks.
$ per sh.
35 R e a l E sta te T r u s t , p r e f.............97
25 C o n t’ l-E q u lt. T r u s t, $50 e a c h . 86
10 G lou cester F e rry , c o m ., $50 e a .
1
53 G lou cester F erry , p r e f., $50 e a . 2 )4
200 S om erton H ills L a n d , $50 e a c h .
2
25 F arm ers N a t . B a n k , M u lllc a
H ill, N . J __________
180
4 M u tu a l T r u s t, $50 e a c h ................35
2 0 P ro v id e n t L ife & T r u s t ................425
10 R e a l E sta te T . I . & T . . . ........... 315
25 W est E n d T r u s t ________________ 160
10 P h ila . W a reh ou sin g & C . S ___ 8 2 )4
4 H e s to n v . M a n tu a & F . P a ss.
R y ., c o m m o n ________________ 3 2 )4
7 U n lt e d G a s & E I e c .C o r p .,l s t p f . 4 0 )4
Shares.
Stocks.
$ per sh.
4 J oh n C . W in s to n C o ., 1st p r e f. 30
7 S a n ita ry C o . o f A m e r ., p r e f___ 80
4 A u x ilia ry F . A . & T e le g ., p r e f.1 0 0
Bonds.
Percent.
$200 H a r w o o d E le c .ls t & r e f .6 s ,’ 42 98
100 G a rretson H o s p ita l o f P h ila .
gen . 6s, 1 9 2 8 _______________68
200 T e m p le U n iv ersity d e b . 6s, ’ 26 62
2 .0 0 0 N orth ern E le c. L t . 1st 5s, ’ 39 8 0 X
2 .0 0 0 J oh n W a n a m a k er 1st 5s,
1923, u n g u a ra n teed _______ 9 7 )4
5 .0 0 0 A lleg h en y C o u n t y ja il an d
cou rt-h ou se 4 s, 1 92 6........... 95
1.000 F lo rid a
A ssn ,
in stallm ent
m tg e . 6s ...................................$80 lo t
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
D iv id en d s
a n n ou n ced
th is
w eek
a re
Name of Company.
R a il r o a d s (S t e a m ).
A la b a m a G roa t S ou th ern , p referred ____
A t c h . T o p . A San ta F e , c o m . (q u .) ( N o . 53)
P referred (N o . 4 0 ) . . ..................................
A tla n tic C o a s t L in e R R . , c o m m o n ____
Belt RR. A Stk. Yds., Indianap.,com. (qu.)
Preferred (quar.)_________ _____________
C a n a d a S o u th e rn _________________________
C en tra l R R . o f N ew Jersey (q u a r .)____
C h ica g o R o c k Isla n d A P a cific , 7 % p ref.
Six preferred ...................................................
C ln . N . O . A T e x . P a c . P r e f. ( q u a r . ) . .
C le v . C in e . C h ic . A S t . L ., p re f. ( q u . ) . .
C u b a R R . , p referred ......................
D ela w a re L a ck aw an n a A W e s t. ( q u a r .).
D e tr o it R iv e r T u n n e l............. .......................
G rea t N orth ern , preferred (q u a r .)______
K a n a w h a A M ich ig a n ( q u a r .)....................
K a n sa s C it y S ou th ern , p ref. (q u a r .)___
L ittle S chuy klll N a v .. R R . A C o a l____
L ou isv ille A N a sh v ille ___________
M a h on in g C oa l R R . , c o m m o n ____
M ich ig a n C en tra l__________________
M in e H ill A Sch u y lk ill H a v e n ...
N ew Y o rk C en tral R R . ( q u a r . ) . .
N o rfo lk A W estern , a d j. p ref. (q u a r .)___
N orth ern C en tral ..........................................
N orth ern P a clfio (q u a r .)______________
R ea d in g C o m p a n y , com m on (q u a r .)___
F irst preferred (q u a r .)............... ...........
S econ d preferred ( q u a r .) ______________
U n ited N . J . R R . A C a nal C o s . (q u a r .).
p rin te d
in
ita lic s .
When
Per
Cent. Payable.
$ 1 .5 0
144
244
344
4
144
IX
2
344
3
1X
IX
03
$ 2.50
3
IX
IX
1
$1.25
344
$5
2
$ 1.50
IX
1
$2
IX
$1
5 0o.
5 0 c.
244
Books Closed.
Days Inclusive.
A u g . 28 H o ld e r s o f rec. J u ly 20a
S ep t. 3 H old ers o f r e c. A u g . 9a
A u g . 1 H o ld e rs o f re c . Jun e 27a
J u ly 10 H o ld e rs o f re c . Jun e 25a
Ju ly
J u ly
A u g . 1 H old ers o f re c . Jun e 28a
A u g . 1 H old ers o f r e c . Ju ly 19a
Ju ly 20 H o ld e rs o f re c . J u ly
5a
J u ly 20 H old ers o f re c . J u ly
5a
A u g . 31 H old ers o f reo. A u g . 24a
Ju ly 20 H old ers o f rec. Jun e 28a
A u g . 1 H o ld e rs o f r e c . Jun e 29a
Ju ly 20 H old ers o f re c . J u ly
5a
July 15 H old ers o f r e c . J u ly
6a
A u g . 1 H o ld e rs o f r e c . J u ly
3a
July 30 H old ers o f rec. J u ly 15a
Ju ly 15 H o ld e rs o f rec. June 29a
July 15 June 18
to
July 15
A u g . 10 H o ld e rs o f r e c . J u ly 19a
A u g. 1 H o ld e rs o f rec. J u ly 15a
July 29 H old ers o f re c . June 28a
July 15 Jun e 22
to
Ju ly 14
A u g. 1 H old ers o f rec. Ju ly
9a
A u g . 19 H o ld e r s o f reo. J u ly 31a
July 15 H old ers o f r e c. Jun e 29a
A u g. 1 H old ers o f r e c . J u ly
5a
A u g. 8 H old ers o f re c . J u ly 18a
S ep t. 12 H o ld e rs o f rec. A u g . 27a
d J u l y l l H o ld e rs o f re c . June 25 a
Ju ly 10 Jun e 21
to
Jun e 30
S t r e e t & E l e c t r ic R a ilw a y s .
Brooklyn City RR. (quar.)_________________
Carolina Power tfc Light, com. (quar.)____
C in e . N ew p ort A C o v . L . A T r ., c o m . ( q u .)
P referred (q u a r. ) _______ _______ _______
C ities S ervice c o m . A P ref. ( m o n t h l y ) . .
C o m m o n (p a y a b le In c o m . s t o c k ) ____
C on solid a ted T r a c tio n o f N . J ........ ...........
Dayton A Troy Elec. Ry., pref. (quar.)___
D u q u esn e L ig h t, p re f. (q u a r.) ( N o . 14)
E l P a so E le c. C o ., p re f. ( N o . 3 2 ).............
G e org ia R y . A P ow er 1st p ref. ( q u a r . ) . .
Lancaster Co. Ry. A Light, com. (quar.).
Preferred (quar.)_______________________
Milwaukee Elec. Ry. & Lt., pref. (qu.)___
M o n o n g a h e la V a lley T r a c ., c o m . (q u a r.)
P referred (q u a r .).......................... .
M o n tre a l L ig h t, H t . A P o w . C o n s , (q u .)
Nova Scotia Tram. A Power, pref------------
Omaha A Council Bluffs St. Ry., pf.(qu.)
Ottumwa Ry. A Light, pref. (quar.)..........
P h ila d elp h ia C o ., c o m . (q u .) ( N o . 1 4 7 ).
P h ila d elp h ia A W estern R y ., p r e f. (q u .)
R e p u b lic R y . A L ig h t, c o m . (q u .) (N o .7 ,
P referred (q u a r.) ( N o . 2 8 ) ------------------
Springfield A Xenia Ry., pref. (quar.)..
U n ited R y . A E le c ., B a lt ., c o m . ( q u . ) . .
V irgin ia R y . A P o w e r, p referred ...............
W a sh . B a lt. A A n n a p .E l.R R .,c o m .(q u .)
W est Pen n P o w e r, p ref. (q u a r.) ( N o . 10)
York (Pa.) Rys., preferred (quar.)_______
T o ta l........................................- ------------------- ----------------------- ------------------------$75,000
CHARTERS E X T E N D E D .
Tho First National Bank of Ford C ity , Pa.
Until closo of business Juno 23 1938.
First National (Brooklyn) (quar.)________
Produce Exchange, New York (quar.)____
CHARTERS R E E X T E N D E D .
The First National Bank of Deadvvood, S. D ak.
Until closo of business June 26 1938.
F ir e I n s u r a n c e .
C o n tin en ta l ( q u a r .)_________ ____________
F ld e llty -P h e n lx In su ra n ce............... .........-
Per cent.
$500 S ta n ley R e a lt y d e b . 6s, 1923 12
8 .0 0 0 U . S . S teel C o r p . 1st 5s,
series F , 1 95 1______________10044
16 .0 0 0 U . S . S teel C o r p . 1st 5s,
series D , 1 9 5 1 ____________ 10044
1 2.000 U . S . Steel C o r p . 1st 5s,
series B , 1 9 5 1 ____________ 10044
1 .000 O k la h om a P o w . & T r a n s -1
m ission 1st 6s, 1937,
te m p o ra ry r e c e ip ts ____ >$2,500
2 .0 0 0 C o n t ’ l P u b .U t l l .c o l l.6 s ,’ 1 9 1 lo t
3 .0 0 0 C o n t 'l P u b .U t i l .c o l l.6 s ,’ 18J
2 5 c. J u ly
A ug.
J u ly
Ju ly
*44 A u g .
A ug.
• fX
2
July
June
IX
A ug.
IX
3
July
Ju ly
IX
Ju ly
3 X
IX July
Ju ly
IX
3 l X c . July
3 7 « c July
1
A ug.
3
J u ly
July
IX
Ju ly
IX
7 5 c. Ju ly
62 H e . July
1
July
1 H Ju ly
Juno
IX
5 0 c. Ju ly
July
3
July
2
A u g.
IX
62 H o - Ju ly
X
IX
IX
15
1
15
15
1
1
15
29
1
8
20
1
1
31
16
8
15
2
1
15
31
15
15
15
29
15
20
15
1
30
J u ly
4
H o ld e rs
Ju n e 3 0
Jun e 3 0
♦H olders
♦H olders
H old ers
to
o f reo.
to
to
o f re c .
o f re c .
o f re c .
J u ly
J u ly
J u ly
J u ly
Ju ly
July
June
15
15
15
15
15a
15a
29a
H o ld e rs o f re c .
H old ers o f re c .
H old ers o f re c .
H old ers o f rec.
H old ers o f re c .
H o ld e r s o f re c .
H old ers o f r e c .
H old ers o f r e c .
H o ld e rs o f reo.
H o ld e rs o f rec.
J u n e 16
to
H old ers o f rec.
H old ers o f rec.
H old ers o f reo.
H old ers o f reo.
H old ers o f reo.
H o ld e rs o f rec.
H old ers o f re c .
H old ers o f re c .
H old ers o f r e c .
H o ld e rs o f r e c .
H o ld e rs o f r e c.
Ju ly
Jun e
J u ly
June
Jun e
J u ly
Jun e
Jun e
J u ly
June
Jun e
Jun e
Ju ly
June
J u ly
J u ly
Jun e
Jun e
J u ly
June
Ju ly
J u ly
1
26a
10a
29a
27 a
20a
27a
27a
31a
29a
30
29
la
29a
1
1
22a
29
la
29 J
20
20a
B anks.
2H
3
$2
12
Ju ly
Ju ly
6
15
H o ld e r s o f r e c. J u ly
H old ers o f r e c . J u ly
J u ly
Ju ly
10
10
H old ers o f reo. Jun e 29a
H o ld e rs o f rec. June 29
3a
10
56
THE CHRONICLE
Name of Company.
M is c e lla n e o u s .
A ir R e d u c tio n , co m m o n (q u a r.) (N o . 5)
P referred (q u a r.) ( N o . 5 ) . ............... —
A la b a m a C o m p a n y , c o m m o n _________
F irst an d secon d preferred ( q u a r . ) . .
A llia n ce R e a lt y (q u a r .)............................... ..
A llis C h alm ers M ig ., p re f. (q u a r .) _____
P r e f. (a cco u n t of a ccu m u la ted d l v s .) .
A m er. A g ricultu ra l C h e m ., c o m . ( q u . ) . _
P r e fe r ro l (q u a r.) ( N o . 6 2 ) ____________
American Beet Sugar, common (quar.)___
American Cigar, common (quar.)________
A m e r. G a s & E le c ., p re f. ( q u .) ( N o . 46)
American Glue, preferred_________________
A m erica n I c e , preferred (q u a r .)________
A m . L a F ra n ce Fire E n ., I n c ., c o m .( q u .)
A m e r. L a u n d ry M a c h in e r y ,p r e f. ( q u . ) .
American Light A Traction, com. (quar.).
Common (payable In common stock) —
Preferred (quar.)________________________
A m erica n L o c o m o t iv e , p ref. ( q u a r .) ------A m erica n M a ltin g , 1st & 2d p ref. (q u a r.
A m erica n R o llin g M ill, co m m o n (q u a r.)
C o m m o n (e x t ra )_____________________
P referred (q u a r .)_____________________
A m erica n S h ip b u ild in g , c o m . ( q u a r . ) . .
C o m . (extra ) (p a y . In 3 X % L .L .b d s .)
P referred (q u a r .)______________________
A m er. S u m atra T o b a c c o , p r e f__________
A m e r. T e le p . & T e le g . ( q u a r .). ............
A m e r . T y p e F ou n d ers, co m m o n (q u a r.)
P referred (q u a r .).................... .....................
A m erica n W o o le n , c o m m o n (q u a r .)____
P referred (q u a r .)______________________
A n a co n d a C op p er M in in g (q u a r .)---------A n g lo -A m e rica n OH______________________
A ssocia ted O il ( q u a r .)____________ ______
A tl. G u lf & W . I . S 3 . L in es, c o m m o n . . .
Atlas Powder, pref. (quar.).................... —
A u tosa les C o rp o ra tio n , p referred _______
B a rn h a rt B r o s . & Splndler—
1 st and 2 d preferred (q u a r .)-------------B a rrett C o . , preferred ( q u a r .)....................
B ell T e le p h o n e o f C a n a d a (q u a r .)_______
B e ll T e le p h o n e o f P en n sy lv a n ia ( q u a r .).
B o n b rlg h t & C o . , p referred (q u a r .)-------Brown Shoe, pref. (quar.)_________________
B u rn s B r o s ., I c e , first p ref. (q u a r .)------F irst p re f. (a cco u n t o f a c c u m . d l v s .) .
Bush Terminal, common______________
Common (payable In common slock) —
Preferred...................................................
Bush Terminal Buildings, pref. (quar.)..
Butte Copper A Zinc------------ ---------------
C a n a d a C em en t, L t d . (q u a r.) ( N o . 9 ) .
C a n a d ia n C a r Jk F ou n d ry , p referred------C a n a d ia n C o n v e r to r s ', L t d . (q u a r .)-----C a n a d ia n F a lrb a n k s-M orse, p r e fe r r e d ..
Canton Company__________________________
C a rb on S teel, c o m m o n ( q u a r .)...........—
C o m m o n (e x tra )______________________
C a rb on Steel 2d pref. (a n nua l) — -----C ed a r R a p id s M fg . A P o w e r (q u a r.) —
C en tra l C oa l A C o k e , c o m m o n (q u a r.)
P referred ( q u a r . ) ______________________
C en tra l F o u n d r y , ord in a ry p re f. ( q u a r .).
F irst p referred (q u a r .)---------------------C en tra l Illin ois P u blic S c r v ., p ref. ( q u . ) .
C en tra l K e n tu ck y N a tu ra l G as ( q u a r .).
C en tra l L ea th er, c o m m o n (q u a r.) —
C en tra l A S ou th A m er. T e le g ra p h ( q u . ) .
C h ica g o P n eu m a tic T o o l (q u a r.) —
Cluett, Peabody A Co., Inc., com. (qu.) —
C o lo r a d o F u el A Ir o n , c o m . ( q u a r .)------P referred (q u a r .)_________ ______
C o lo r a d o P o w e r, c o m m o n (q u a r.) —
C om m o n w e a lth E d ison (q u a r .)---------
Commonwealth Gas A Elec. Cos., pf. (qu.)
C om p u tln g -T a b u la tln g -R e c o r d ln g (q u .)
C on tin en ta l M o t o rs C o r p ., p ref. (q u a r.)
Continental Refining, com. (monthly) —
C o r n P ro d u cts R e f '. , p re f. (q u a r .)-------
Per
When
Cent. Payable.
$1
IX
6
IX
IX
IX
hX
IX
IX
2
*IX
75 c
*4
l'A
IX
IX
2X
f2X
IX
IX
IX
5 0 c.
2 5 c.
IX
IX
5
IX
2
1
IX
IX
ix
$2
15
IX
5
IX
5 0 c.
IX
IX
2
IX
♦IX
*IX
IX
h3X
2X
f2 X
3
IX
5 0 c.
IX
2X
IX
3
3
2
10
6
X
IX
IX
IX
2
IX
IX
IX
IX
IX
•IX
X
2
X
*2
IX
1
IX
g10c .
IX
Cosden A Co., com. (pay. In com. stock). *f2X
C ra m p (W in .) A Sons Ship A E n g . B ld g .
C rea m ery P a c k a g e M fg -.c o m .A p r . (q u .)
3
Cresson Cons. Gold Min. & Mill, (m'thly)
10 c.
6
C u m b erla n d P ip e I .in o __________________
C u rtiss A erop la n e A M o t o r , p r e fe r r e d -.
D ela w a re L a ck a . A W e s t . C o a l ( q u a r .).
D e tr o it E d ison ( q u a r .)_________________
D e tr o it Ir o n A S teel, c o m m o n ( q u a r . ) . .
P referred (q u a r .)---------------------------------Detroit Steel Products, pref. (quar.)--------D istillers Securities ( q u a r .) .........................
E x t r a ____________________ - --------- ----------D o m in io n P ow er A T r a n s., p ref. ( N o .38)
D o m in io n T e x tile , L t d ., p ref. ( q u a r . ) . .
(lu P on t (E .1.) d e N e m .A C o . ,d eb .8 t k . ( q u .)
d u P on t (E .I .) do N em . P o w d ., c o m .( q u )
P referred ( q u a r .)---------------------------E a stern S teel, c o m m o n ( q u a r .) -------E a stm an K o d a k , c o m m o n (extra ) —
E d ison E le c. 111., B o sto n (q u a r .)( N o .117)
E lectrica l Securities, preferred ( q u a r .).
Electrical Utilities Corp., pref. (quar.)...
E lg in N a tio n a l W a t c h ---------------------------E u rek a P ip e l i n e ( q u a r .)---------------------E v e re t t , H e a n e y A C o . , I n c . ( q u a r . ) . .
Fajardo Sugar (quar.)____________________
F ed era l Steel F o u n d r y , c o m m o n -----------F ireston e T ir e A R u b b e r , p re f. ( q u a r . ) . .
G alen a -S ign a l O il, c o m . (q u a r .)-------------P referred ( q u a r .)____ __ - ............... —
G en eral E lectric (q u a r .)---------- --------- —
E x tra (p a y a b le In s t o c k ) -------------- - G eneral M o t o r s , c o m m o n ( q u a r . ) . . ------P referred (q u a r .)______________________
G lo b e OH (m o n th ly )____________________
Globe-Wernlcke, preferred (quar.)-----------G o o d r ic h (B . F .) C o . , c o m m o n ( q u a r .).
G ra n b y C o n s o l .M in . .Sm elt .A P o w . (q u .)
H a r b ls o n -W a lk e r R e fr a c t ., p f .( q u . ) . —
H o lly Sug ar C o r p ., p re f. (q u a r.) ( N o . 9)
Homestake Mining (monthly)------------Illin ois B rick (q u a r .)-------------------------In d ia n a P ip e L ino ( q u . ) -----------------In sp ira tion C o n s o l. C o p p e r C o . ( q u a r .).
Internal. Agricultural Corp., pref. (quar.)
I n t c r n a t . B u tto n h o le Sow in g M a c h . ( q u .)
In t.H a r v e s te r o f N . J .,c o m .( q u .) (N o .3 4 )
In tern a tion a l M erca n tile M a rin e, p r e f . .
International Nickel, preferred (quar.) —
In tern a tion a l P a p er, p re f. ( q u a r . ) . .
Jon es B ros. T e a , I n c . (q u a r .) ----------K a y s c r (Julius) A C o . , 1st A 2d p f. (q u .)
Kelly Springfield Tire, common (quar.)..
K ress (S . n . ) A C o ., c o m .( q u a r .H N o .l)
L eh ig h C o a l A N a v ig a tio n (q u .) ( N o . 159)
Lindsay Light, common (quar.)-------------Preferred (quar.)______________________
M a c A n d ro w A F o rb e s, c o m . q u a r . ) ___
. P referred ( q u a r .) ____________________
IX
3X
S I .25
2
25c
17 Xc
3X
X
IX
3X
IX
IX
IX
IX
2X
10
3
IX
IX
2
5
*5 0 c.
2X
10
IX
3
2
2
2e
3
IX
IXo.
IX
1
2X
IX
IX
*5 0 c.
IX
$2
$2
IX
1
IX
3
IX
IX
5 0 c.
IX
1
1
$1
*5
*1X
2X
IX
Books Closed.
Days Inclusive.
Name of Company.
M is c e l la n e o u s ( C o n c l u d e d ) .
M a n u fa ctu rers’ L ight & H ea t (q u a r .)___
Ju ly
Ju ly
Ju ly
J u ly
J u ly
July
July
J u ly
J u ly
J u ly
A ug.
A ug.
A ug.
Ju ly
A ug.
Ju ly
A ug.
A ug.
A ug.
Ju ly
iVug.
J u ly
Ju ly
Ju ly
A ug.
A ug.
A ug.
Sept.
J u ly
Ju ly
July
July
July
A u g.
J u ly
July
A ug.
A ug.
Ju ly
H old ers o f re c . Jun e
H old ers o f re c . Jun o
to
Ju ly
Juno 30
to
July
Jun o 30
H old ers o f re c . J u ly
H old ers o f rec. Juno
H old ers o f rec. June
H old ers o f rec. June
H old ers o f rec. Juno
H old ers o f rec. J u ly
♦H olders o f re c . J u ly
H olders o f rec. July
♦H olders o f rec. J u ly
H olders o f re c . Ju ly
H old ers o f r e c . A u g .
J u ly
0
to
July
J u ly 12
to
J u ly
J u ly 12
to
Ju ly
J u ly 12
to
Ju ly
H old ers o f rec. J u ly
H old ers o f re c . J u ly
H old ers o f re c . June
H old ers o f re c . Juno
H old ers o f re c . Juno
H old ers o f re c . J u ly
H o ld e rs o f rec. J u ly
H old ers o f re c . J u ly
H old ers o f rec. A u g .
H olders o f rec. Juno
H old ers o f rec. Ju ly
H olders o f rec. Ju ly
Juno 15
to
Juno
June 15
to
June
H old ers o f re c . J u ly
H old ers o f c o u p . N o .
H old ers o f rec. June
H olders o f reo. June
J u ly 21
to
J u ly
H old ers o f re c . Jun o
A ug.
July
J u ly
Ju ly
J u ly
A ug.
A u g.
A ug.
J u ly
J u ly
Ju ly
Ju ly
Ju ly
J u ly
J u ly
A ug.
Ju ly
J u ly
J u ly
Ju ly
Ju ly
A ug.
J u ly
Ju ly
Ju ly
J u ly
Ju ly
J u ly
A ug.
Ju ly
Ju ly
A ug.
Ju ly
Ju ly
Ju ly
Aug.
Ju ly
Ju ly
J u ly
J u ly
J u ly
A ug.
Aug.
J u ly
Ju ly
Ju ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
July
July
Ju ly
J u ly
July
A ug.
Aug.
July
A u g.
Aug.
Aug.
J u ly
A ug.
A ug.
Ju ly
A ug.
J u ly
July
July
Ju ly
July
fu ly
A ug.
A ug.
J u ly
Ju ly
A ug.
A ug.
July
A ug.
Ju ly
Ju ly
Aug.
J u ly
J u ly
J u ly
Ju ly
A ug.
A ug.
J u ly
J u ly
Aug.
A ug.
A ug.
A ug.
A ug.
A ug.
Ju ly
Ju ly
H o ld e rs o f rec.
H olders o f rec.
H old ers o f roc.
H old ers o f rec.
♦ H olders o f rec.
♦H olders o f reo.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f reo.
H o ld e rs o f reo.
H old ers o f rec.
J u ly 16
to
H old ers o f reo.
H old ers o f rec.
H old ers o f rec.
H olders o f rec
H old ers o f roc.
H old ers o f re c .
H old ers o f rec.
H old ers o f rec.
H old ers o f roo.
H old ers o f reo.
H old ers o f reo.
H old ers o f rec.
H old ers o f rec.
H olders o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
♦H oldors o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f reo.
♦H olders o f rec.
H old ers o f rec.
H old ers o f reo.
J u ly
7
to
H old ers o f reo.
H old ers o f rec.
J u ly
Ju ly
Jun o
J u ly
Juno
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
Jun o
J u ly
June
Jun o
Ju ly
Jun e
Jun o
J u ly
J u ly
J u ly
J u ly
Jun e
Jun e
Jun e
Jun e
Jun e
June
J u ly
J u ly
J u ly
J u ly
July
J u ly
June
J u ly
J u ly
June
J u ly
Jun e
J u ly
J u ly 21
to
Jun e 30
to
H old ors o f reo.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
H old ers o f rec.
J u ly
6
to
J u ly
6
to
Jun o 27
to
H o ld e rs o f re c .
H o ld e rs o f reo.
J u n o 20
to
H o ld e rs o f reo.
H old ers o f rec.
H o ld e rs o f ree.
H o ld e rs o f reo.
H old ers o f reo.
H old ers o f reo.
H old ers o f reo.
H old ers o f rec.
H old ers o f rec.
H old ers o f re c .
H old ers o f rec.
♦H olders o f rec.
H old ers o f rec.
Jun e 30
to
H old ers o f reo.
H old ers o f rec.
H old ers o f rec.
H old ors o f rec.
H old ers o f rec.
H old ers o f rec.
H o ld e rs o f rec.
H o ld e rs o f reo.
H o ld e rs o f rec.
H o ld e rs o f reo.
H old ers o f rec.
H old ers o f rec.
H old ers o f reo.
♦H olders o f rec.
J u ly
4
to
H old ers o f reo.
H old ers o f rec.
H o ld e rs o f rec.
H old ers o f rec.
H olders o f rec.
H old ers o f rec.
H old ors o f rec.
H old ers o f rec.
H old ers o f reo.
H old ers o f reo.
H o ld o rs o f reo.
H old ors o f rec.
H old ers o f rec.
H old ers o f roo.
H old ers o f reo.
H old ers o f rec.
H old ers o f reo.
A ug. 1
J u ly 10
Jun o 30
J u n o 29
J u ly
2
J u ly
la
J u ly
la
J u ly 15
J u ly 15
J u ly
1
J u ly
2a
Ju ly
2a
J u ly
1
J u n e 29
J u ly 10a
Ju ly 20a
J u ly 20a
J u ly
1
Jun e 29a
Ju ly 15
J u ly 24a
J u ly
6
J u ly 24
J u ly 15
J u n e 28
J u ly 18
J u ly 15
J u ly
la
M a y 31
M a y 31
Jun e 8a
June 8a
J u ly 15a
J u ly 15a
Jun e 20
Jun e 30
A u g . 2a
J u ly 19a
J u ly 10a
J u ly 15
J u ly 20
J u ly . 15
J u ly 20
J u ly 12a
J u ly 15a
J u ly
1
Jun e 25a
J u ly 15a
J u ly 16
J u ly
8a
J u ly
1
J u ly 18s
J u ly 15
J u ly 20a
J u ly 31
A ug. 1
A ug. 1
J u n o 30a
J u n e 30a
Maple Leaf Milling, common (quar.)____
Common (bonus)_______________________
Preferred (quar.)_______________________
M arcon i W ireless Tel. o f A m e r .(.V o . 21.
Massachusetts Gas Cos., common (quar.).
M a ssa ch u setts L igh tin g C o s ., p f. ( q u . ) .
M exican Petroleum , co m m o n ( q u a r . ) . .
M ex lca n T eleg ra p h (q u a r .) ........................
M ia m i C o p p e r (q u a r.) (N 'o.2 4 ) ..................
M ich ig a n L im eston e & C h e m ., p f. (q u .)
Midvale Steel & Ordnance (quar.)________
M id w e st O il, preferred ( q u a r .)..................
Midwest Refining (quar.)_________________
M o h a w k M in in g (q u a r .).......... ..................
M on trea l L ig h t, H e a t & P ow er ( q u a r .).
M o n tre a l T eleg ra p h (q u a r .)_____________
M orris P lan C o ................................................
M o u n ta in States T e le p . A T e le g . ( q u . ) .
N ationa l B ls c u it .c o m . ( q u a r .jf w o -o n .
N a tion a l B iscu it, c o m . (q u a r.) ( N o . 8 1 ) .
P referred (q u a r.) ( N o . 8 2 ) ..................
N ational C loa k A S u lt, c o m . (q u .) ( N o .6 )
N a tion a l Fuel G as (q u a r .)...........................
N a t . L ea d , c o m . (R e d C ross d lv . N o . 2)
National Licorice, common (No. 3 2 ) ____
N a tion a l P a p er & T y p e , c o m . ( q u a r . ) . .
Preferred (q u a r .)....................................... ..
Nevada-Callf. Elec. Corp., pref. (quar.)..
27a
la
29
5«
29
20
15a
15a
6a
6a
6a
30a
29
30
15a
31
29
27
10
10
20a
31
29a
29a
29a
29a
29a
30
10
5a
15a
20
5a
5a
29
15
la
25a
15
29
5
N ew E n gla n d C o m p a n y , 2d p r e f.............
N e w E n gla nd P o w e r , preferred ( q u a r .).
N ew Jersey Z in c (q u a r .)_________________
N ew Y ork D o ck , p referred ______________
N . Y . M u tu a l G a s L ig h t_______________
N ew York T ra n sit (q u a r .)______________
N lplsslng M in es ( q u a r . ) . . _____ _________
N o rth B u tte M in in g (q u a r.) ( N o . 4 7 ) . .
Northern Ontario Light A Power, pref___
N orth ern States P ow er, p ref. (q u a r.) —
N o v a S co tia Steel & C o a l, L t d ., c o m . .
Preferred ( q u a r . ) . . ............... .....................
O h io B rass, preferred (q u a r .)___________
O h io F u el S u p p ly (q u a r .).................... —
E x tra (p a y a b le in L lb e rtv L oa n bon d s)
O k la h om a N a tu ra l G as ( q u a r .).
O tis E le v a to r , co m m o n (q u a r .).
Preferred (q u a r .) ............... .............
P a cific T e lc p h . & T e le g ., p ref. ( q u a r . ) . .
P a n -A m er. Petrol A T ra n s..co n i, (q u .)
P en m a ns L im ited , c o m . (q u a r .)_____
Preferred
( q u a r .).....................................
P en n sy lv a n ia S alt M fg . (q u a r .)_______
Peoples' Natural Gas A Plpeage (quar.)..
P ie rce -A rro w M o t o r C a r c o m . ( q u a r .).
P ittsb u rg h C o a l o f P en n ., c o m . ( q u a r .).
P referred (q u a r .)............... ..............
P ittsb u rg h C o a l o f N . J ., p ref. ( q u a r . ) . .
Poole Engineering A Machine (quar.)____
P rairie OH & G a s (q u a r .)________________
E x t r a _______ ___________ ________________
P ralrlo P ip e L ine (q u a r .)_________________
P ro cte r A G a m b le, c o m . ( q u a r .).............
C o m m o n (ex tra ,p a y a b le ln c o m .s to c k )
Preferred (q u a r .)______________________
P u b lic S erv . C o r p . o f N o r . 111., c o m . (q u .)
P referred ( q u a r . ) . . ............... ..........
Public Utilities Co. (Indiana), pref
Q uaker O a ts, c o m m o n ( q u a r .)____
C om m on (e x t ra )________________
Preferreil (q u a r .).............................
R e a lty A ssociates (N o . 3 1 ) ________
R e e c e B u tto n h o le M a c h , (q u .) (N o . 129)
Iteeco F old in g M a ch in e (q u .) (N o . 37)
R ep u b lic Iron A Steei, c o m . (q u .) ( N o . 7)
S t. L . R o c k y M t .& P a c . C o ., c o m . ( q u . ) .
San ta C ecelia Sugar C o r p ., p referred —
Securities C o m p a n y _______________
S h a ttu ck A rizon a C o p p e r C o _____
E x t r a ......................................... ...........
Shaw lnlgan W a te r A P ow er ( q u a r .)____
Sou th ern C a liforn ia E d ison , 1st p f. (q u .)
Sou th ern N . E . T e le p h o n e (q u a r.)
S tan d ard M illin g , c o m . (extra ) ( N o . 8) .
S tand ard M o t o r C o n s tr u c tio n _________
S tan d ard U nd ergrou n d C a b le ( q u a r . ) . .
Steel Co. of Canada, com. (quar.)_________
Preferred (quar.)_______________________
Stetson (J . B . ) , c o m m o n ________________
*>(P referred _______________________________
Sup erior S teel, co m m o n (q u a r .)________
F irst and secon d preferred (q u a r.) —
S w ift A C o .,s p e c ia l ( p a y .ln s t k .) ( N o . 130)
T o n o p a h M in in g o f N e v a d a _______
Tooke Bros., pref. (acct. accum. dlvs.)___
T ra n su c A W illia m s Steel F o r g . ( q u . ) _ .
T u ck e tt T o b a c c o , preferred (q u a r .)____
U n d erw ood T y p e w r ite r , co m m o n (q u a r.)
P referred (q u a r .)_______________
U n ion N a tu ra l G a s C o r p . (q u .) ( N o . 60)
Union Oil of Calif, (quar.).............
Extra___________________ ________
United Alloys Steel (quar.)________
United Coal Corp., preferred (quar.)____
U n ited D ru g , first p ref. (q u .) ( N o . 10)
United Drug, second preferred (quar.)___
U n ited F'rult (q u a r.) ( N o . 7 6 ) -----United Gas A Elec. Co. of N. J., com------Preferred_______________________________
U n ited G as Im p ro v e m e n t ( q u a r .)_______
U nited P a p erb oa rd , pref. ( q u a r .) _______
U n ited V erd e E x ten sion M in in g ( q u . ) . .
E x tra .................................. ............................
U . S . In du strial A lc o h o l, p ref. ( q u a r . ) . .
United Stales Rubber, ls f pref. (quar.)____
U . S . S m e lt., R e fg . A M in ., c o m . ( q u . ) .
P referred ( q u a r .).......... .................. ............
U ta h C on solid a ted M in in g (q u a r .)______
V ic to r T a lk in g M a ch in e , c o m . ( q u . ) ___
P referred (q u a r .)______________________
V lrg ln la -C a rolln a C h em ica l, c o m m o n ..
C o m . (extra p a y ’le In 4 M % L . L . b d s .)
P referred (q u a r.) ( N o . 9 1 ) ____________
W e lls , F a rg o A C o . (q u a r .)---------W estern P ow er C o ., preferred ( q u a r . ) . .
Western States Gas A Elec., pref. (quar.)
W estern U nion T e le g . (q u a r.) ( N o . 197)
IVeslinghouse Air Brake (quar.)--------------W estln g h ou sc E le c . A M fg ., c o m . ( q u . ) .
P ro f erred ( q u . ) ________________________
W e y m a n -B ru to n C o . , c o m m o n . . .............
Wlllys Overland Co., common (quar.)...
Winston (John C.) Co., 1st A 2d pref____
[V o l . 107
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Ju ly 15 H old ers o f re c . J u n e 28a
Ju ly 18 H old ers o f rec. J u ly
3
July IS H old ers o f rec. J u ly
3
IX Ju ly 18 H old ers ot rec. J u ly 3
2or
Aug
I J u ly 16
to
A ug. I
IX A u g . 1 H olders o f reo. J u ly 15
IX Ju ly 15 H old ers o f rec. J u n e 25
fu ly 10 H olders o f rec. June 15a
m2
2X Ju ly 17 H old ers o f re c . Ju ly 6a
A u g . 15 H old ers o f rec. A u g . l a
SI
43 M e. Ju ly 15 Ju ly
2
to
Ju ly 14
S 1.50 A u g . 1 H old ers o f re c . J u ly 15a
2c . J u ly 20 H old ers o f rec. J u ly
2a
♦ 1
A u g . 1 ♦H olders o f rec. J u ly 15
*5 0 c. A u g . 1 ♦H olders o f rec. Ju ly 15
2
A u g . l.) H old ers o f rec. Ju ly 31
2
Ju ly 15 H old ers o f re c . Jun e 29a
*3
A u g . 1 ♦H olders of rec. Ju ly
I
IX Ju ly 15 H old ers o f rec. Jun o 29a
IX July 15 H olders of rec. June 29a
IX O c t . 15 H old ers o f reo. S e p t. 30
IX A u g . 31 H old ers o f reo. A u g . 17a
8a
1 X Ju ly 15 H oldors o f rec. Ju ly
2X Ju ly 15 H old ers o f rc c. June 29a
ft
11
July 25 H olders o f reo. July
2X Ju ly 9 H old ers o f re c . July 3
2
Ju ly 15 H old ers o f reo. June 29a
IX Ju ly 15 H old ers o f r c c . June 29a
IX July 30 H old ers o f rc c. Jun o 29a
2
la
J u ly 15 H old ors o f roo. J u ly
IX Ju ly 15 H olders o f r c c . J u ly la
♦4
A u g. 1(1 ♦H olders o f r c c . Ju ly 31
2X J u ly 15 H old ers o f rec. Ju ly 5
5
Ju ly 10 H old ers o f rc c. Jun e 28a
4
July 15 H olders o f reo. June 22
25C. Ju ly 20 Jun o 30
to
J u ly 17
2 5 c. July 29 H olders o f re c . J u ly 1 2 a
3
J u ly 15 H old ers o f r c c . Jun o 30a
IX Ju ly 20 H old ers o f rec. J u n o 29
IX July 15 H old ers o f roo. Jun o 29a
2
Ju ly 15 H old ers o f reo. Jun o 29
IX July 15 H old ers of r c c . Jun o 30a
62 M e Ju ly 15 H old ers o f reo. Juno 29a
n 5 0 o. Ju ly 15 H old ers o f reo. Jun o 29a
50o. July 20 July 10
to
Ju ly 2 1
July 15 H old ers o f rec. June 29
IX
1 X July 15 H old ers o f r c c . Juno 29
Ju ly 15
IX Ju ly 15 Juno 30 t o
m jl . 2 5 July 10 H oldors o f reo. June 15a
IX A u g . 15 H olders o f rc c. A u g . 5
IX A u g . 1 H old ors o f roc Ju ly 20
S I . 25 Ju ly 15 H olders o f rec. Jun o 29
5 0 c . Ju ly 25 H old ers o f rec. J u ly 20 a
31.25 A u g . 1 H oldors o f rec. Ju ly 15a
*IX Ju ly 25 ♦H olders o f r c c . J u ly 10
*1X July 25 ♦H olders o f re c . Ju ly 10
* 1 X Ju ly 25 ♦H olders o f rec. Ju ly 10
IX July 12 H old ers o f r c c . J u ly 6a
3
Ju ly 31 H old ers o f r c c . Jun e 29a
2
July 31 H old ers o f r c c . Jun e 29a
5
July 31 H old ers o f reo. June 29a
5
A u g . 15 July 21
to
A u g . 15
A u g . 15 J u ly 21
to
A u g . 15
/4
2
July 16 H old ers o f rec. J u n o 25a
A u g. 1 ♦H olders o f r c c . Ju ly 15
♦ IX
*1X A u g . 1 ♦H olders o f r c c . Ju ly 15
3
Ju ly
1 H old ers o f rec. Jun e 28a
la
3
July 15 H oldors o f rec. July
la
1
July 15 H olders o f rec. July
IX A u g . 31 H old ers o f rec. A u g . l a
July 15 H olders o f rec. July
3
5
1
3
Ju ly 15 H old ers o f re c . J u ly
1
1
J u ly 15 H olders o f r c c . Ju ly
l X A u g. 1 H olders o f rec. Ju ly 2 oa
July 10 June 30
to
Ju ly
1
9
3X A u g . 1 H old ers o f rec. Ju ly 15
2X Ju ly 15 H oldors o f rec. Jun e 29a
2 5c. July 20 H olders o f reo. June 29a
2 5c. July 20 H olders o f roc. June 29a
Ju ly 10 H olders o f rec. Jun e 27a
IX
J u ly 15 H old ers o f re c . Jun o 30
IX
J u ly 15 H old ers o f re c . Jun o 29a
IX
2
Ju ly 31 H olders o f r c c . J u ly 20
*2
Ju ly 15 H olders o f rec. Juno 3
6
Ju ly 10 J u ly
5
to
J u ly 10
* 1 M A u g . 1 ♦H olders o f rec. Ju ly 10
A u g . 1 ♦H olders o f r c c . Ju ly 10
♦ IX
1
*10
Ju ly 15 ♦H olders o f rec. J u ly
1
♦4
Ju ly 15 ♦H olders ot rec. Ju ly
IX A u g . 1 H old ers o f r c c . Ju ly 15a
2
A u g . 15 H old ers o f re c . A u g . l a
to
June 30
e2i
July 15 M a y 19
J u ly
7Xc. Ju ly 20 Juno 30 t o
7
Ju ly 13 H old ors o f reo. Jun o 29
MX
$ 1 .25 Ju ly 15 H old ers o f rec. Julv
la
July 15 H old ers o f roo. Juno 30
IX
I X O c t . 1 H olders o f r c c . S e p t. 16a
O ct.
1 H olders of re c . S e p t. 16a
IX
to
J u ly 15
2X J u ly IP Jun e 30
J u ly 20
*1X Ju ly 20 ♦July 1 1 t o
Ju ly 20 ♦July 11
♦ 1
to
J u ly 20
J u ly 2(1 ♦H oldors o f r c c . J u ly 10
*31
Ju ly 25 J u ly 16
to
Ju ly 24
IX
8 7 X c A u g. 1 H olders o f r c c . J u ly 16a
IX Sept 3 H old ers o f r c c . A u g . 15a
2
Ju ly 15 H olders o f rec. J u n o 20a
X Juno 29 H old ers o f roo. Jun o 29a
2X J u ly 15 H old ers o f reo. Jun o 29a
Ju ly 15 H olders o f reo. J u n o 29a
SI
I X Ju ly 15 H old ers o f reo. July l a
3a
5 0c. A u g. 1 H old ers o f rec. J u ly
3a
2 5 c. A u g. 1 H olders o f r c c . J u ly
la
July 15 H old ers o f rec. July
IX
2
Ju ly 31 H o ld o rs o f rec. Ju ly 15a
5a
$ 1 .2 5 J u ly 15 H old ers o f r c c . Ju ly
5a
8 7 M c Ju ly 15 H olders o f reo. Ju ly
5 0c. Ju ly 17 H old ers o f re c . Ju ly
6
5
Ju ly 15 Ju ly
1
to
Ju ly
5
J u ly 15 J u ly
1
to
Ju ly
5
IX
1
A ug
1 H old ers o f r c c . July 15a
12
O ct.
1 H old ers o f rec. Sept 16a
8a
2
Ju ly 15 H old ors o f roo. Ju ly
to
Ju ly 18
I X Ju ly 21 Juno 30
1
J u ly 15 H old ers o f r c c . Jun e 29a
J u ly IP H old ers o f reo. J u n o 29a
IX
J u ly 15 H old ers o f r c c . Jun o 29
IX
1 X July 15 H old ers o f rec. Jun o 20a
S I .75 J u ly 31 H old ors o f rec. Ju ly 15
87Xo. Ju ly 31 H old ers o f reo. J u n o 29a
87Xo Ju ly 15 H old ors o f r c c . Jun o 29a
O ct.
1 H old ers o f roe. B ep t. 16a
fib
2 5 c. A u g . 1 H old ors o f roo. Ju ly 20
Ju ly
1
3
1 H old ers o f r c c . J u ly
SI
2X
1
* F rom u n officia l sou rces, a T ra n sfer b o o k s n o t closed for this d iv id e n d , b L c 33
B ritish in com e ta x . d C o rre ctio n , e P a y a b lo In s t o c k . / P a y a b l o In c o m m o n
s t o c k , g P a y a b le In scrip . A O n a cc o u n t o f a ccu m u la ted d iv id en d s. 4 P a y a b le In
L ib e r ty L oa n b o n d s . I R e d C ross d iv id e n d , rn P a y a b lo on e-h a lf In cash and o n eh a lf In 2d L ib e r ty L oa n b o n d s, n P a y a b lo In U . S . L ib e rty L oa n b on d s a t p a r ,
am ou n ts less than 850 t o b e paid In cash .
57
THE CHRONICLE
July 6 1918.]
Member Banka of the Federal Reserve System.— Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks and dated June 29. Because of the large
number of banks for whioh roturns are furnished the statement is not issued until a week later than that for the Federal
Reserve banks of tho same date. Definitions of the different items contained in the statement were given in the weekly state
ment issued under date of Deo. 14 1917 and whioh was published in the “Chronicle” of Deo. 29 1917, page 2523.
STATEMENT S H O W lN d PRINCIPAL RESOURCE AND LIA BILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 21 1918.
RESERVE
F u r t h e r r e d u c t i o n in t h o h o l d i n g s o f c e r t i f i c a t e s o f i n d e b t e d n e s s , a c c o m p a n i e d b y c o n s i d e r a b l e w it h d r a w a l s o f d e m a n d d e p o s i t s , is i n d i c a t e d in
t h o B o a r d ’s w e e k l y s t a t e m e n t s h o w in g c o n d i t i o n o n J u n o 2 1 o f 6 9 5 m e m b e r b a n k s in a b o u t 1 0 0 l e a d i n g c it i e s .
U.
S . b o n d s w i t h t h o c i r c u l a t i o n p r i v il e g e s h o w a n in c r e a s e f o r t h o w e e k o f a b o u t 2 m i l l i o n s , w h il e o t h e r U . S . b o n d s , i n c l u d i n g L i b e r t y b o n d s ,
w e n t u p a b o u t 6 m il l io n s .
R e d e m p t i o n o n J u n o 18 o f 4'A % T r e a s u r y c e r t i f i c a t e s a c c o u n t s a p p a r e n t l y f o r m o s t o f t h e r e d u c t i o n o f 2 2 4 .4 m il l io n s in
c e r tific a t e s h o ld .
O v e r 7 5 % o f t h e t o t a l d e c r e a s e is r o p o r t e d b y t h o c e n t r a l r e s o r v o c i t y b a n k s a n d a b o u t 2 0 % b y t h o b a n k s in t h e o t h e r r e s e r v e c i t i e s .
L o a n s s e c u r e d b y w a r b o n d s a n d T r e a s u r y c e r t i f ic a t e s s h o w a d e c l in e o f a b o u t 6 .6 m il l io n s n o t w i t h s t a n d i n g a s l ig h t in c r e a s e in s u c h lo a n s s h o w n f o r
th o ce n tra l raservo c ity b a n k s.
O t h e r lo a n s a n d i n v e s t m e n t s o f a l l r e p o r t i n g b a n k s in c r e a s e d 1 3 9 .4 m il l io n s , l a r g e l y a t b a n k s o u t s i d e t h o c e n t r a l r e s e r v e
c it ie s .
A s a r e s u l t o f t h o la r g o d e c r e a s e in t h o h o l d i n g s o f c e r t i f i c a t e s t h o r a t i o o f U . 8 . w a r s e c u r it i e s t o t o t a l l o a n s a n d i n v e s t m e n t s o f r e p o r t i n g b a n k s
s h o w s t h o v e r y s u b s t a n t i a l d e c l in e f r o m 1 6 .4 t o 1 3 . 9 % .
F o r t h o b a n k s in t h o t h r e e c e n t r a l r e s e r v e c it i e s t h i s r a t i o d e c l i n e d f r o m 2 0 . 6 t o 1 8 . 4 % .
A g g r e g a t e n e t d e m a n d d e p o s i t s f e ll o f f n e a r l y 3 0 0 m i l l i o n s , a p p a r e n t l y in c o n n e c t i o n w i t h t h e h e a v y t a x p a y m e n t s d u e a b o u t t h e m i d d l e o f t h e
m on th .
T i m o d e p o s i t s o f b a n k s o u t s l d o t h o c e n t r a l r e s e r v e c it i e s i n c r e a s e d a b o u t 4 6 . 4 m i l l i o n s .
G o v e r n m e n t d e p o s i t s w e n t u p 1 8 .3 m i l l i o n s , t h o u g h
t h e b a n k s in t h o c e n t r a l r e s e r v e c it i e s s h o w a d e c r e a s o u n d e r t h is h e a d o f 1 2 .4 m il l io n s .
A l o n g s i d e w i t h t h e r e d u c t i o n in d e p o s i t s t h e r e is s h o w n a d e
c r e a s e o f 7 8 . 9 m il l io n s in r e s e r v e s , l a r g e l y f o r t h o b a n k s in t h o c e n t r a l r e s e r v o c i t i e s .
C a s h in v a u l t s h o w s a g a in o f 2 1 . 5 m il l io n s .
F o r a l l r e p o r t in g b a n k s t h e r a t io o f i n v e s t m e n t s t o t o t a l n e t d e p o s i t s s h o w s a n in c r e a s e f r o m 1 1 9 t o 1 2 1 . 3 % .
F o r th e cen tra l reserv e c it y ban ks
t h i s r a t i o , o w in g t o t h o r e l a t i v e l y la r g e r d e c r e a s o in i n v e s t m e n t s , s h o w s a s m a l le r in c r e a s e f r o m 1 1 2 .4 t o 1 1 3 . 5 % .
T h e r a t io o f c o m b in e d re s e rv e a n d
c a s h t o t o t a l n e t d e p o s i t s s h o w s a d e c l i n o f r o m 15 t o 1 4 . 9 % f o r a l l r e p o r t i n g b a n k s , a n d f r o m 1 6 t o 1 5 . 6 % f o r t h o c e n t r a l r e s e r v e c i t y b a n k s .
E x cess
r e s e r v e s d e c l i n e d f r o m 1 2 9 .2 t o 8 2 . 9 m il l io n s f o r a l l r e p o r t i n g b a n k s , a n d f r o m 7 5 . 8 t o 4 6 . 7 m il l io n s f o r t h e b a n k s i n t h e c e n t r a l r e s e r v e c i t i e s .
1. D a t a f o r a ll r e p o r t i n g b a n k s I n e a c h d i s t r i c t .
New York. Phlladel. Cleveland. Rlchm’d.
Boston.
Member Banks.
N u m b er o f rep ortin g b a n k s—
U . S . b on d s t o seoure clrcu la t’ n
O th or U 8 . b o n d s. Including
L ib e rty b o n d s .........................U . 8 . cortlfs. o f in d e b t e d n e s s ..
T o t a l U . 8 . secu rities----------
s
42
98
1 4,621,0
S
5 1 ,7 2 9 ,0
49
S
12,970,0
83
s
4 3 ,5 2 8 ,0
71
8
2 4 ,2 0 8 ,0
Atlanta.
T w o cip h ers (00) o m it t e d .
Chicago.
95
S
1 9 ,2 5 6 ,0
35
S
13,055,0
St. Louts. Mtnneap. Kan. City Dallas. San Fran.
32
S
17,867,0
30
S
5 ,8 6 9 ,0
72
S
1 4,023,0
40
S
1 7,039,0
48
S
3 4 ,4 8 0 ,0
Total.
695
$
26 8 , 7 05 ,0
6 0 ,1 0 1 ,0 2 7 ,0 1 3 ,0 2 1 ,1 7 1 ,0
9 ,7 9 5 ,0 17,800,0 1 5,220,0 2 3 ,6 0 0 ,0
5 9 2 ,7 0 2 ,
8 2 ,4 0 8 ,0 2 4 ,4 1 7 ,0
2 5 ,1 1 2 ,0
9 ,2 7 9 ,0 1 1,566,0
9 ,1 4 1 ,0 12,717,0 12 ,1 0 7 ,0 2 4 ,7 7 4 ,0
7 2 0 ,8 0 4 ,0
2 6 ,4 1 2 ,0 1 6 ,079,0
128 ,741 ,0 6 0 ,5 6 0 ,0 4 5 ,7 9 2 ,0
128 ,0 7 6 ,0 5 8 ,3 6 3 ,0 2 4 ,8 0 5 ,0 4 4 ,5 4 0 ,0 4 4 ,3 6 6 ,0 8 2 ,8 5 4 ,0 1 ,5 8 2 ,2 1 1 ,0
4 4 ,3 9 0 ,0 1 7,446,0
4 ,7 4 5 ,0
4 ,5 8 1 ,0
5 ,9 1 3 ,0
7 ,5 6 5 ,0
5 ,9 8 9 ,0
3 8 ,6 3 1 ,0 14,733,0
5 1 1 ,7 8 9 ,0
9 5 9 ,7 5 0 ,0 3 5 1 ,2 0 0 ,0 2 4 4 ,4 2 5 ,0 1 ,3 8 0 ,2 7 3 ,0 3 8 1 ,8 8 5 ,0 232 ,6 7 1 ,0 4 6 1 ,0 3 7 ,0 1 6 4 ,329 ,0 5 2 0 ,7 7 7 ,0 1 0 ,3 2 8 ,6 1 7 ,0
8 4 ,2 9 7 ,0 2 0 , 11 2 ,0 2 2 ,7 1 3 ,0
137 ,4 4 6 ,0 3 0 ,8 1 8 ,0 1 6 ,331,0 4 1 ,8 8 7 ,0 1 6,320,0 4 6 ,7 9 4 ,0 1 ,1 4 7 ,4 2 1 ,0
3 4 ,5 1 9 ,0 1 5,367,0 1 2,071,0
7 ,0 5 2 ,0 3 4 ,7 8 7 ,0 1 0,591,0 1 9,847,0
5 8 ,0 1 1 ,0 1 3,706,0
3 7 5 ,4 2 8 ,0
7 0 0 ,1 3 0 ,0 2 5 8 ,2 8 7 ,0 1 68 ,353 ,0 1,0 1 0 ,4 8 5 ,0 2 5 7 ,4 8 2 ,0 1 55 ,743 ,0 3 5 3 ,7 3 1 ,0 1 41 ,127 ,0 3 6 5 ,8 5 2 ,0 8 ,9 4 7 ,0 9 8 ,0
2 2 8 ,4 3 9 ,0 4 4 ,1 9 6 ,0 7 2 ,4 5 2 ,0
3 4 5 ,9 1 1 ,0 7 4 ,4 6 5 ,0 3 8 ,1 0 0 ,0 6 0 ,7 9 9 ,0 2 3 ,6 2 5 ,0 1 11 ,422 ,0 1 ,3 6 9 ,8 0 9 ,0
8 7 ,5 6 7 ,0 2 2 ,6 1 4 ,0
3 ,8 2 8 ,0
6 ,6 5 8 ,0 13,495,0
8 8 6 ,6 2 5 ,0
9 3 ,4 6 6 ,0 3 7 ,7 9 1 ,0 2 3 ,9 6 2 ,0 2 6 ,5 9 9 ,0
0
1 4,044,0
2 7 2 ,8 5 8 ,0 23 ,6 7 5 ,0
2 1 ,2 9 4 ,0
5 2 4 ,1 6 2 ,0 28 ,1 0 1 ,0
50 ,5 5 9 ,0
8 4 8 ,7 4 9 ,0 6 4 ,8 0 6 ,0
5 4 ,8 7 5 ,0
2 7 4 ,1 2 8 ,0 38 ,7 9 3 ,0
A ll oth or loans & In vestm en ts. 7 8 9 ,6 9 4 ,0 4 ,2 0 3 ,2 5 3 ,0 0 39 ,317 ,0
63.5 3 7 ,0
603 ,5 0 7 ,0 57 ,6 5 9 ,0
122,982 ,0 20 ,1 7 4 ,0
26,291,0
647,820 ,0 4 ,3 2 4 ,3 9 3 ,0 557 ,6 9 5 ,0
2 6 2 ,6 1 7 ,0 13,820,0
93,963,0
G ov ern m en t d e p osits_________ 119 ,415 ,0 3 7 3 ,3 1 0 ,0 77 ,9 2 0 ,0
2 . D a t a f o r b a n k 9 In e a c h C e n t r a l R e s e r v e c i t y , b a n k s I n a ll o t h e r R e s e r v e c i t i e s a n d o t h e r r e p o r t i n g b a n k s .
Chicago. St. Louis. Total Central Res. Cities.
New York.
Two ciphers omilte .
June 14.
June 2 1 .
June 2 1 .
June 2 1 .
June 2 1 .
14
40
June 14.
120
Total.
Country Banks.
Other Reserve Cities.
June 2 1 .
June 2 1 . June 14.
June 14.
418
152
150
S
$
$
$
$
S
8
S
1 .469.0 1 0.392.0
37 ,5 5 3 ,0
4 9 ,3 2 4 ,0
1 6 9 .302 .0
4 9 ,4 1 4 ,0
1 7 1 .5 2 0 .0
3 7 ,4 6 3 ,0
U . 8 . b o n d s to secure clrcu la t’ n
O th er U . S . b o n d s, In clu d in g
2 4 0 .6 1 1 .0 5 1 .5 0 3 .0 1 6.883.0
3 1 3 .6 4 5 .0
2 2 5 .9 9 5 .0
3 1 0 .2 6 4 .0
2 2 9 .7 5 7 .0
2 4 5 .259 .0
L ib e r ty b o n d s ______________
9 .9 3 8 .0 1 3.911.0
6 7 0 .8 5 9 .0
5 3 9 .2 0 0 .0
5 1 5 .3 5 1 .0
2 1 0 . 11 2 .0
7 0 7 .1 2 8 .0
161 .5 7 2 .0
U . S . cortlfs. o f in d e b t e d n e s s ..
9 4 9 .0 2 3 .0 6 2 .9 1 0 .0 4 1 .1 8 6 .0
7 9 8 .0 7 3 .0
9 0 2 .1 6 9 .0 1 ,0 6 6 ,8 0 6 ,0
6 0 5 .9 0 9 .0
5 6 2 .8 4 9 .0
T o t a l U . 8 . secu rities----------2 5 3 .6 8 5 .0 2 5 .0 8 2 .0 1 2.150.0
2 4 6 .7 8 0 .0
196 .8 5 2 .0
2 8 4 .0 1 2 .0
2 8 3 .9 8 0 .0
2 0 3 .5 1 3 .0
L oa n s seo. b y U . S . b o n d s, A o .
A ll oth er loans A In v estm en ts. 3 .8 6 2 .0 5 9 .0 3 .8 4 9 .9 9 4 .0 8 3 9 .7 8 3 .0 2 7 6 .2 1 1 .0 4 .9 7 8 .6 5 3 .0 4 .9 5 8 .1 8 8 .0 4 .5 5 5 .8 9 3 .0 4 .4 2 9 .0 9 5 .0
6 1 8 .1 9 2 .0 9 7 .3 8 0 .0 2 3 .1 5 7 .0
5 7 5 .512 .0
6 9 6 .0 4 9 .0
7 4 7 ,0 0 0 ,0
4 2 5 .2 4 1 .0
3 9 9 .6 8 2 .0
R e se rv e w ith F e d . R es. B a n k .
1 07 .810 .0 3 4 .6 1 3 .0
1 07 .238 .0
7 ,3 0 1 ,0
167 .6 6 8 .0
1 4 9 .152 .0
1 50 .845 .0
1 8 8 .4 2 0 .0
N e t dom an d d e p osits_________ 4 .0 2 5 .8 0 7 .0 4 .1 7 0 .7 9 6 .0 6 9 1 .7 7 3 .0 184 .7 2 4 .0 4 .9 0 2 .3 0 4 .0 5 .0 7 1 .0 7 1 .0 3 .4 3 4 .6 2 3 .0 3 .5 3 0 .4 1 4 .0
2 1 7 .6 8 4 .0 130.208 .0 5 3 .4 1 5 .0
2 1 7 .8 5 9 .0
4 0 1 .4 8 2 .0
4 0 1 .5 7 2 .0
7 4 9 .0 1 4 .0
7 9 9 .5 8 0 .0
T im e d ep osits---------------------------3 4 6 .0 4 6 .0 5 8 .0 4 8 .0 3 1 .6 8 7 .0
3 4 7 .5 9 0 .0
3 6 6 .1 4 2 .0
4 3 7 .3 2 5 .0
4 4 9 .7 5 8 .0
3 8 9 .8 1 0 .0
G o v e rn m e n t d e p osits--------------
S
4 7 .8 6 1 .0
$
4 7 .5 2 4 .0
4 9 .3 0 0 .0
2 0 .0 3 2 .0
117 .193 .0
3 0 .9 2 5 .0
794 .0 7 1 .0
5 1 .6 9 0 .0
3 7 .8 5 6 .0
6 1 0 .1 7 1 .0
1 68 .747 .0
5 9 .4 9 0 .0
5 0 .4 4 6 .0
2 7 .9 2 2 .0
1 25 .892 .0
3 0 .9 1 4 .0
8 0 1 .9 1 9 .0
54 .0 4 7 .0
3 5 .3 9 0 .0
6 4 5 .4 0 5 .0
1 72 .837 .0
5 2 .3 8 4 .0
June 2 1 .
07
60
N u m b er o f rep ortin g b a n k s —
12 1
423
695
S
2 6 8 .7 0 5 .0
June 14.
689
$
2 6 6 .7 4 0 .0
5 8 0 .7 0 5 .0
5 9 2 .7 0 2 .0
9 4 5 .1 6 2 .0
7 2 0 .8 0 4 .0
1 .5 8 2 .2 1 1 .0 1 .7 9 8 .6 0 7 .0
5 1 1 .7 8 9 .0
5 1 8 .4 0 7 .0
1 0 3 2 8 6 1 7 .0 1 0 ,1 8 9 ,2 0 2 ,0
1 .1 4 7 .4 2 1 .0 1 .2 2 6 .3 4 8 .0
3 7 5 .4 2 8 .0
3 5 3 .9 0 3 .0
8 .9 4 7 .0 9 8 .0 9 .2 4 6 .9 5 0 .0
1 .3 6 9 .8 0 9 .0 1 .3 2 3 .4 2 3 .0
8 8 6 .6 2 5 .0
8 6 8 .2 8 4 .0
•Araoiuled figu res.
The Federal Reserve Banks,,—Following is the weekly statement issued by the Federal Reserve Board on June 29:
G a in s o f a b o u t 2 4 . 6 m il l io n s in g o l d r e s e r v e s a c c o m p a n i e d b y I n c r e a s e s o f 8 4 . 4 m il l io n s in n e t d e p o s i t s a n d o f 4 4 . 5 m il l io n s i n F e d e r a l R e s e r v e n o t e
c i r c u l a t i o n a r e i n d i c a t e d b y t h e F e d e r a l K e s e r v o B o a r d ’s w e e k ly b a n k s t a t e m e n t is s u e d a s a t c l o s e o f b u s in e s s J u n e 2 8 1 9 1 8 .
I N V E S T M E N T S . — N e t l i q u i d a t i o n o f d i s c o u n t e d b i l l s , a m o u n t i n g t o 1 2 4 m il l io n s , is r e p o r t e d b y t h e N e w Y o r k b a n k .
F o r t h o s y s t e m a s a w h o le
a d e c r e a s o o f b u t 6 2 .1 m il l io n s in d i s c o u n t s is s h o w n , C h i c a g o . S t . L o u is a n d M i n n e a p o l i s r e p o r t i n g c o n s i d e r a b l e in c r e a s e s in t h e ir h o l d i n g s o f t h is c la s s
o f p a p er.
O f t h o t o t a l d i s c o u n t s o n h a n d a b o u t 5 0 % , a s a g a i n s t 5 8 . 4 % t h e w e e k b e f o r e , is r e p r e s e n t e d b y w a r p a p e r , i . c . , m e m b e r s ’ c o l l a t e r a l n o t e s
a n d c u s to m e r s ' p a p e r s e c u r e d b y U . S . w a r o b lig a t io n s .
A c c e p t a n c e s o n h a n d fe ll o f f 1 5 .6 m i l l i o n s , N e w Y o r k , R i c h m o n d , C h i c a g o a n d S a n F r a n c i s c o
r e p o r t i n g t h e la r g e s t d e c r e a s e s .
U . S . s h o r t t e r m o b l i g a t i o n s s h o w a n in o r e a s o o f 1 8 3 m il l io n s , t h e N e w Y o r k b a n k h o l d i n g 1 9 5 m ill io n s ^ o f T r e a s u r y
c e r t i f i c a t e s p e n d in g t h o c o l l e c t i o n o f c h e c k s a n d o t h e r it e m s r e c e iv e d in p a y m e n t o f w a r t a x e s .
N o m a t e r ia l c h a n g e s a r e s h o w n in o t h e r e a r n i n g a s s e t s .
D E P O S I T S . — G o v e r n m e n t d e p o s i t s d e c l in e d a b o u t 7 4 . 9 m i l l i o n s , N e w Y o r k a n d C h i c a g o r e p o r t in g t h e l a r g e s t w it h d r a w a l s o f G o v e r n m e n t f u n d s .
M e m b e r s ’ r e s e r v o d e p o s i t s in c r e a s e d 9 2 . 6 m il l io n s , w h il e n e t d e p o s i t s s h o w a n i n c r e a s e o f 8 4 . 4 m il l io n s .
,
. . . .
R E S E R V E S . — T o t a l r e s e r v e s s h o w a g a in o f 2 5 .1 m il l io n s , t h e w e e k w it n e s s in g c o n s i d e r a b l e c o n c e n t r a t i o n o f f u n d s a t t h o N e w Y o r k b a n k . T h e
r a t i o o f c a s h r e s e r v e s t o c o m b i n e d n o t d e p o s i t a n d F e d e r a l R o s c r v o n o t e l ia b il i t i e s s h o w s a d e c l in o f r o m 6 3 .4 t o 6 1 . 7 % .
F E D E R A L R E S E R V E C l R C U L A T I O N . — A d d i t i o n a l n e t is su e s o f F e d e r a l R e s e r v e n o t e s d u r i n g t h o w e e k a g g r e g a t e d 4 3 . 3 m i l l i o n s .
F ed era l
R o s o r v o n o t e s in a c t u a l c i r c u l a t i o n in c r e a s e d 4 4 .3 m il l io n s .
F o u r b a n k s r e p o r t a n a g g r e g a t e l i a b i l i t y o n F e d e r a l R e s e r v e b a n k n o t e s in c i r c u l a t i o n o f
1 0 .4
m il l io n s , a s a g a i n s t 9 . 9 m il l io n s t h o w e e k b e f o r e .
,
,
,
,
,
.
C A P I T A L . — A n in c r e a s e o f 8 8 8 ,0 0 0 in p a i d - in c a p i t a l is d u o l a r g e l y t o p a y m e n t f o r F e d e r a l R e s e r v e b a n k s t o c k b y n e w l y a d m i t t e d m e m b e r s ,
t h o N o w Y o r k b a n k a l o n e r e p o r t in g a n in c r e a s o u n d e r t h is h e a d o f $ 6 0 ,0 0 0 .
The figuroe of the consolidated statement for the system as a whole are given in the following table, and in addition
we present tho results for each of the seven proooding woeks, togothor with those of the corresponding week of last year, thu8
furnishing a useful comparison. In tho second table wo show the resources and liabilities separately for each
of the twelve Federal Reserve banks. The statement of Foderal Reserve Agents’ Accounts (the third table following) gives
details regarding the transactions in Federal Resorvo notes botwoen the Comptroller and the Reserve Agents and between
the latter and tho Federal Reserve banks.
C
o m b in e d
R
e so u r c e s
a n d
L
ia b il it ie s
o f
t h e
F
e d e r a l
R
e se r v e
B
a n k s
a t
t h e
C
l o se
o f
B
u s in e s s
J
u n e
28
1918.
June 28 1918 June 21 1918. June 14 1918. June 7 1918. May 31 1918. May 24 1918. May 17 1918. May 10 1918. J u n e 29 1917
G o ld co in and cortifica tos in v a u lt -------G o ld settlem en t fu n d — F . R . B o a r d —
$
4 1 9 .9 0 7 .0 0 0
491 .4 2 5 .0 0 0
10,275.000
$
4 3 8 .7 7 3 .0 0 0
4 8 1 .0 2 3 .0 0 0
1 7,008,000
$
4 3 2 .5 5 7 .0 0 0
4 8 9 .0 1 0 .0 0 0
4 4 ,0 8 4 ,0 0 0
3
4 0 3 .0 2 2 .0 0 0
4 1 7 .0 7 5 .0 0 0
5 1 ,2 8 0 ,0 0 0
$
456 .1 7 7 .0 0 0
4 2 5 .2 3 7 .0 0 0
5 2 ,5 0 0 ,0 0 0
$
4 7 8 .4 6 0 .0 0 0
407 .7 6 7 .0 0 0
5 2 ,5 0 0 .0 0 0
$
4 7 9 .5 2 9 .0 0 0
4 1 8 .3 3 7 .0 0 0
5 2 ,5 0 0 .0 0 0
S
4 8 0 .5 8 0 .0 0 0
4 3 7 .4 4 4 .0 0 0
5 2 ,5 0 0 ,0 0 0
S
4 8 4 .1 2 6 .0 0 0
3 4 5 .8 4 5 .0 0 0
5 2 ,5 0 0 ,0 0 0
T o t a l g o ld hold b y b a n k s .......... ..
O o id w ith F ed eral R eserv o A g e n t -------G o ld red em p tion fu n d __________________
9 2 7 .6 0 7 .0 0 0
987 .8 7 0 .0 0 0
3 3 ,5 4 4 ,0 0 0
9 3 6 .8 0 4 .0 0 0
9 5 7 .2 3 8 .0 0 0
3 0 ,3 3 1 ,0 0 0
9 6 0 .2 5 1 .0 0 0
9 5 1 .1 4 5 .0 0 0
2 9 ,5 0 7 ,0 0 0
9 3 2 .5 7 7 .0 0 0
9 5 8 .2 5 5 .0 0 0
2 8 ,4 3 1 ,0 0 0
933 .9 1 4 .0 0 0
955 .9 1 9 .0 0 0
2 7 .9 93,000
9 3 8 .7 2 7 .0 0 0
930 .1 8 1 .0 0 0
29,1 1 5 ,0 0 0
9 5 0 .3 0 6 .0 0 0
915 .5 3 6 .0 0 0
2 8 ,5 0 2 ,0 0 0
9 7 0 .5 2 4 .0 0 0
8 8 5 .0 2 7 .0 0 0
2 7 .5 8 4 ,0 0 0
8 8 2 .4 7 1 .0 0 0
4 0 2 .6 3 9 .0 0 0
9 ,4 0 2 ,0 0 0
RESOURCES.
T o t a l g old reserves_________________ 1 ,9 4 9,021,000 1 ,9 24.373,000 1 ,9 4 0 ,9 0 3 ,0 0 0 1 ,9 1 9 ,2 0 3 ,0 0 0 1 ,9 1 7,820,000 1 ,8 98,023,000 1,89 4 ,4 0 4 ,0 0 0 1 ,8 8 3,135,000 1 ,2 9 4 ,5 1 2 ,0 )J
3 9 ,8 4 0 ,0
5 8 ,0 33,000
5 8 ,3 0 8 ,0 0 0
5 9 ,3 6 5 ,0 0 0
5 7 ,8 8 3 ,0 0 0
58,4 0 1 ,0 0 0
5 7 ,1 78,000
5 6 ,7 3 8 ,0 0 0
5 8 ,3 6 0 ,0 0 0
L eg a l ton d cr n otes, silv er, A o ---------------T o t a l reserves______________________ 2,0 0 6 ,1 9 9 ,0 0 0 1 ,9 81,111,000 2 .0 0 5 .2 0 3 .0 0 0 1,97 7 ,7 2 4 ,0 0 0 1,97 5 ,7 0 9 ,0 0 0 1,95 0 ,0 5 0 ,0 0 0 1,95 2 ,7 1 2 ,0 0 0 1,9 4 2 ,5 0 0 ,0 0 0 1 ,3 3 4 ,3 5 2 ,0
197 .2 4 2 .0
923 .2 9 9 .0 0 0
842 .2 6 5 .0 0 0
9 3 9 .0 4 1 .0 0 0
897 .3 5 7 .0 0 0
869 .1 7 5 .0 0 0
9 8 4 .4 9 2 .0 0 0
9 3 1 .2 7 0 .0 0 0 1.0 1 0 .0 3 1 .0 0 0
2 0 2 .2 7 0 .0
286 .0 3 6 .0 0 0
278 .2 2 1 .0 0 0
2 7 9 .8 8 6 .0 0 0
2 5 0 .373 .00 0
2 1 6 .848 .00 0
2 4 8 .5 4 2 .0 0 0
2 4 2 ,9 2 3 ,0 0 0
232 .4 7 2 .0 0 0
1 ,8 4 4,000
3 9 9 ,5 1 2 ,0
3 6 .4 2 6 .0
3 4 .3 0 2 .0
2 1 ,8
2 ,5 8 3 ,0
1 ,3 45,112,000 1 ,2 4 0,602,000 1 ,3 3 3 ,4 1 0 ,0 0 0 1,33 0 ,8 1 3 ,0 0 0 1,30 1 ,3 9 0 ,0 0 0 1 ,2 77,214,000 1 ,2 37,727,000 1,37 3 ,7 9 9 ,0 0 0
a 1,882.000
a l4 .0 3 3 ,0 0 0
a 6 ,494 ,000
a 19,194,000
a l0 ,0 3 2 ,0 0 0
1,0 0 5 ,0 0 0
n l 9 , 350 ,000
a l , 705 ,000
4 6 2 ,2 2 0 ,0 0 0
365 ,4 4 0 .0 0 0
384 ,3 9 1 ,0 0 0
427 ,3 3 1 ,0 0 0
5 3 0 ,719 ,00 0
4 0 0 ,9 2 4 ,0 0 0
529 ,6 5 3 ,0 0 0
5 8 8 ,8 5 9 ,0 0 0
4 9 4 .6 7 3 .0
1 ,4 4 8 ,0
2 2 1 .7 0 5 .0
T o t a l b ills on h a n d ................................ 1,086,023,000 1 ,1 6 3,742,000 1,2 5 8 ,9 5 4 ,0 0 0 1,23 3 ,0 3 4 ,0 0 0 1,153,730,000 1,20 1 ,5 2 0 ,0 0 0 1 ,1 22,151,000 1 ,2 2 5,077,000
4 0 ,1 1 6 ,0 0 0
4 1 .0 4 1 .0 0 0
5 4 .8 4 2 .0 0 0
4 2 .0 0 7 .0 0 0
6 4 .4 8 4 .0 0 0
U . S . G ov ern m en t lon g -term securities.
4 0 ,2 2 7 ,0 0 0
4 0 .0 8 3 .0 0 0
4 0 .8 7 7 .0 0 0
106 ,762 ,00 0
7 3 .0 4 3 .0 0 0
3 2 .4 7 6 .0 0 0
9 2 .0 8 2 .0 0 0
U . 8 . G ov ern m en t sh ort-term securities
2 1 8 .839 ,00 0
3 2 .6 0 1 .0 0 0
3 5 .8 8 3 .0 0 0
3 3 .1 7 9 .0 0 0
A ll o th o r earning assots-------------------------T o t a l earning a s s o t s .. ....................
D u o from o th er F . I t . ban ks— n e t -----T o t a l d c d u o ’ ns fro m gross dop oslts
6 % red em p . fund a g s t. F . R . ban k notes
All o th or resou rces________ _____________
” "2 3 .0 0 0
520 ,0 8 7 ,0 0 0
735 ,000
l b b 'o o o
5 8 4 ,1 5 4 ,0 0 0
735 ,000
9 0 ,000
T o t a l resou rces_____________ _______ 3 ,8 7 2 ,1 3 3 ,0 0 0 3 ,8 0 6 ,6 9 2 ,0 0 0
5 94 ,000
510 ,3 0 3 ,0 0 0
7 35 ,000
6 9 4 ,0 0 0
4 0 2 ,5 2 9 ,0 0 0
0 3 7 ,000
3,849,711,000 3 ,7 1 1 .7 0 3 .0 0 0
7 3 0 ,000
408 ,1 3 7 ,0 0 0
6 2 6 ,000
4 3 8 ,000
1 ,151,000
3 5 1 .4 0 7 .0 0 0
5 37 ,000
89,000
1,492,000
382 ,5 0 9 .0 0 0
5 3 0 .000
77,000
4 5 5 ,7 2 6 ,0 0 0
4 0 4 ,000
66,000
)
)
l
2 2 3 ,1 5 3 ,0 )
5 0 0 .0 >
6 6 2 .0 ')
3 .6 8 0 .3 0 0 ,0 0 0 3 .5 8 5 .3 0 3 .0 0 0 3 .5 7 3 .5 5 5 .0 0 0 3 ,7 7 2 .4 9 5 ,0 0 0 2 ,0 5 3 ,3 4 0 ,0
THE CHRONICLE
58
[V o l . 107
June 28 1918 June 21 1918. June 14 1918. June 7 1918. May 31 1918. May 24 1918. May 17 1918. May 10 1918. J u n e 29 1917
LIABILITIES.
5
3
$
S
5
S
S
{
$
5 7 ,1 7 6 ,0 0 0
7 5 ,1 1 8 ,0 0 0
7 5 .3 1 5 .0 0 0
7 5 ,4 6 5 .0 0 0
7 5 ,5 4 6 ,0 0 0
7 5 ,6 6 2 ,0 0 0
7 5 ,7 1 1 ,0 0 0
7 5 ,7 7 0 ,0 0 0
7 5 .8 5 8 .0 0 0
C a p ita l p a id In____________ ______ _______
1 ,134,000
1,134,000
1,134,000
1 ,1 3 4 ,0 0 0
1 ,134,000
1 ,1 3 4,000
1,1 3 4 ,0 0 0
S u r p lu s _______ ____________________________
1 ,1 3 4,000
300 .9 6 6 .0 0 0
138 .529 .00 0
4 8 .7 5 3 .0 0 0
1 7 9 .876 .00 0
160 .191 .00 0
1 2 2 .3 5 0 .0 0 0
155 .5 3 2 .0 0 0
159 .4 5 7 .0 0 0
8 4 .5 3 5 .0 0 0
G o v e rn m e n t d e p o s its ......................... ............
D u e t o m em bers— reserve a c c o u n t _____ 1 ,5 5 7 ,5 8 7 ,0 0 0 1,4 6 4 ,9 8 6 ,0 0 0 1 ,5 5 5 ,4 3 4 ,0 0 0 1 ,4 4 9 ,4 8 6 ,0 0 0 1 ,4 40,413,000 1 ,4 3 6 ,2 8 4 ,0 0 0 1 ,4 0 1 ,1 3 8 .0 0 0 1,5 4 8 ,1 3 7 ,0 0 0 1 ,0 3 3 ,4 6 0 ,0 0 0
1 4 9 .527 .00 0
3 0 9 .7 7 3 .0 0 0
2 8 2 .4 7 5 .0 0 0
278 .6 9 8 .0 0 0
2 4 2 .4 8 8 .0 0 0
2 3 9 .9 7 1 .0 0 0
2 8 7 .7 6 9 .0 0 0
2 6 4 .8 8 7 .0 0 0
2 8 6 .3 0 2 .0 0 0
C o lle c tio n I t e m s . . ..........................................
1 ,000,000
110 .611 .00 0
114 .596 .00 0
1 0 7 .903 .00 0
109 .443 .00 0
1 0 9 .560 .00 0
1 1 7 .345 .00 0
123 .2 2 1 .0 0 0
1 2 1 .482 .00 0
O th er d e p o sits, in cl. fo r. G o v ’ t c r e d its .
T o t a l gross d e p o s its ________ ______ _ 2 .0 4 9 .9 0 0 .0 0 0 2 .0 2 9 .5 5 7 .0 0 0 2 .0 9 9 .0 7 4 .0 0 0 1 .9 7 8 .8 9 3 .0 0 0 1 .9 94.745.000 1 .9 0 9 .0 2 5 .0 0 0 1.90 6 .9 6 2 .0 0 0 2 .1 0 7 .0 5 0 .0 0 0 1 ,4 8 4 ,9 5 3 ,0 0 0
5 0 8 ,7 5 3 ,0 0 0
F . R . n otes In aotu al c ir c u la t io n _______ 1 .7 2 2 .2 1 6 .0 0 0 1.6 7 7 .9 5 1 .0 0 0 1 .6 5 1 .5 0 0 .0 0 0 1 .6 3 9 .5 7 9 .0 0 0 1 .6 00.968.000 1.5 7 8 .0 2 1 .0 0 0 1 .5 6 9 .4 4 5 .0 0 0 1.50 9 .6 1 8 .0 0 0
9 3 4 ,0 0 0
7 ,878.000
7 ,7 6 4 ,0 0 0
7,8 7 8 ,0 0 0
1 0 ,001,000
9 .5 8 0 .0 0 0
8 .3 2 4 .0 0 0
9 ,9 4 5 ,0 0 0
1 0 .3 90.000
F . R . ba n k n otes In circu la tio n , n ot lla b .
1 ,5 2 4 ,0 0 0
1 1,097,000
1 2 ,8 21,000
1 2 ,201,000
1 3 ,2 9 4 ,0 0 0
6 .8 5 5 .0 0 0
5 .5 8 3 .0 0 0
12,3 3 5 ,0 0 0
1 2 .6 29.000
A ll o th or lia b ilities______________________
T o t a l lia b ilities_____________________ 3 ,8 7 2 ,1 3 3 ,0 0 0 3 ,8 0 0 ,6 9 2 ,0 0 0 3 ,8 4 9 ,7 1 1 ,0 0 0 3 .7 1 1 ,7 0 3 ,0 0 0 3 ,6 8 6 ,3 0 0 ,0 0 0 3 ,5 8 5 ,3 0 3 .0 0 0 3 .5 7 3 ,5 5 5 ,0 0 0 3 .7 7 2 .4 9 5 ,0 0 0 2 ,0 5 3 ,3 4 0 ,0 0 0
6 9 .9 %
0 2 .3 %
t 5 9 .7 %
6 0 .3 %
6 0 .8 %
5 9 .2 %
6 8 .9 %
0 4 .8 %
G o ld roserve against net d e p o s it l l a b . .
6 0 .4 %
8 1 .0 %
6 1 .2 %
6 9 .4 %
6 0 .1 %
5 8 .1 %
6 0 .2 %
6 8 .9 %
t 6 1 .5 %
G o ld res. a g st. F . R . n otes In a c t . c lr o ’ n
6 9 .3 %
R a t io o f g o ld reserves to n ot d e p o sit and
7 3 .1 %
6 1 .2 %
5 9 .2 %
6 0 .2 %
5 8 .5 %
6 0 .5 %
6 0 .1 %
0 1 .0 %
5 9 .9 %
F d . R e s . n ote lia b ilities c o m b in e d ..
R a tio o f to ta l reserves to net d e p o sit and
7 5 .4 %
6 2 .4 %
0 3 .1 %
0 0 .3 %
6 1 .9 %
6 2 .0 %
6 1 .0 %
6 3 .4 %
6 1 .7 %
F e d . R e s . n ote liab ilities c o m b in e d ..
§
$
$
%
S
S
Distribution by Maturities—
5
S
773 ,7 8 5 ,0 0 0
6 4 1 ,7 3 4 ,0 0 0
7 1 3 .0 4 3 .0 0 0
7 2 9 .4 2 9 .0 0 0
6 6 1 .8 0 4 .0 0 0
0 3 5 .2 2 8 .0 0 0
7 5 0 .3 8 2 .0 0 0
548 .8 7 3 .0 0 0
1 -1 5 d a y s b ills discou n ted an d b o u g h t .
7 5 ,4 7 4 ,0 0 0
4 1 ,9 7 6 .0 0 0
2 .2 9 2 .0 0 0
12.7 3 7 ,0 0 0
6 2 ,1 2 0 ,0 0 0
1 9 ,5 87.000
3.0 4 3 .0 0 0
1-15 d a y s U . S . G o v t , sh o rt-te n u s ees.
2 0 0 .2 4 1 .0 0 0
3 2 .000
45 7 ,0 0 0
4 5 6 ,000
4 2 ,000
4 9 9 .000
1-15 d a y s m u nicipa l w a rra n ts________
6,000
1 2 5 .590 .00 0
119 .7 8 8 .0 0 0
1 1 8 .1 1 8 .0 0 0
1 0 4 .181 .00 0
136 .4 9 7 .0 0 0
1 0 3 .784 .00 0
110 .1 0 8 .0 0 0
1 3 0 .574 .00 0
10-30 d a y s b ills discou n ted au d b o u g h t .
0 56 .000
2 0 4 .000
5,9 0 1 ,0 0 0
1,000
1.6 9 3 ,0 0 0
10,1 8 5 ,0 0 0
1 ,313,000
16-30 d a y s U . 3 . G o v t , sh ort-term s e c s .
1 3 ,6 55,000
3 1 .000
3 2 ,000
45 5 .0 0 0
4 3 ,000
6,000
0,000
4 3 ,000
10 -3 0 d a y s m u nicipa l w a rra n ts_________
5,000
183 .404 .00 0
195 .2 9 8 .0 0 0
1 9 1 .4 1 1 .0 0 0
2 4 7 .6 5 2 .0 0 0
198 .7 2 0 .0 0 0
2 3 9 .6 7 8 .0 0 0
187 .4 1 5 .0 0 0
256 .0 5 0 .0 0 0
31 -0 0 d a y s bills discou n ted an d b o u g h t .
1 5,744,000
175.000
1 0 .5 27.000
1 5 ,6 15,000
2 3 8 ,0 0 0
5 ,4 1 1 ,0 0 0
1 .536.000
31 -0 0 d a y s U . 3 . G o v t , sh ort-term s e c s .
7 3 0 .000
45 5 ,0 0 0
4 4 .0 0 0
5,000
1,000
31-0 0 d a y s m unicipa l w a r r a n t s ...
1 3 1 .1 3 3 .0 0 0
1 2 0 .498 .00 0
1 1 0 .420 .00 0
148 .0 5 4 .0 0 0
1 1 0 ,472 ,00 0
1 0 2 ,771 ,00 0
1 5 9 .874 .00 0
101 ,227 ,00 0
01 90 d a y s b ills d iscou n ted an d b o u g h t .
1 ,190,000
1,4 1 0 ,0 0 0
3 .3 9 7 .0 0 0
3 ,3 1 1 ,0 0 0
1 ,6 6 0 ,0 0 0
9 6 5 ,000
01-9 0 d a y s U . 3 . G o v t . Bhort-term soes
4 5 .0 0 0
1,000
01-9 0 d a y s m u nicipa l w a rra n ts_____ jk.
2 1 ,8 0 0 ,0 0 0
3 4 .1 9 1 .0 0 0
4 0 .2 6 7 .0 0 0
3 0 .8 9 4 .0 0 0
4 1 ,9 1 9 ,6 6 5
3 8 .3 3 0 .0 0 0
4 3 .2 9 9 .0 0 0
3 4 .4 6 9 .0 0 0
O v e r 90 d a y s bills d lsc’ ted an d b o u g h t .
14,3 0 5 ,0 0 0
1 2 .9 50.000
1 4 .3 00.000
1 0 .9 68.000
1 3,098.000
11.2 2 8 .0 0 0
1 6.320.000
1 2.707.000
O v er 90 d a y s U .3 .G o v t.s h o r t -t e r m sees
O v e r 90 d a y s m u nicipa l w a rra n ts___
Federal Reserve Notes—
1 ,8 4 8 .8 2 3 ,0 0 0 1 ,8 0 5 ,5 1 8 ,0 0 0 1,7 9 3 ,3 9 3 ,0 0 0 1,70 9 ,8 7 6 ,0 0 0 1,73 6 ,5 4 7 ,0 0 0 1,7 2 4 ,6 8 5 ,0 0 0 1,71 0 ,2 4 0 .0 0 0 1.70 7 ,5 2 2 ,0 0 0
Issued t o tho b a n k s------------ --------------140 .795 ,00 0
127 ,567 ,00 0
141,893 ,00 0
1 4 6 ,064 ,00 0
1 8 7 .904 ,00 0
120 ,007 ,00 0
130 ,297 ,00 0
135,579 ,00 0
H eld b y b a n k s _________________________
5 5 0 ,5 0 4 ,0 0 0
4 1 ,6 9 7 ,0 0 0
1 .7 2 2 .2 1 6 .0 0 0 1 .0 7 7 .9 5 1 .0 0 0 1.05 1 .5 0 0 .0 0 0 1.63 9 .5 7 9 .0 0 0 1.60 0 .9 0 8 .0 0 0 1.57 8 .6 2 1 .0 0 0 1 .5 6 9 .4 4 5 .0 0 0 1.56 9 .0 1 8 .0 0 0
In c ircu la tio n _____________________
Fed. Res. Notes (Agents Accounts) —
R e c e iv e d fro m tho C o m p tr o lle r ________ 2 .5 3 5 .8 2 0 .0 0 0 2 .020. 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 6 0 .0 0 0 2 .3 6 2 .8 2 0 .0 0 0 2 .3 3 5 .7 6 0 .0 0 0
3 6 9 ,4 6 8 ,0 0 0
3 7 7 ,3 8 1 ,0 0 0
3 8 9 ,0 7 5 ,0 0 0
4 2 8 ,2 9 2 ,0 0 0
420 .0 7 7 ,0 0 0
4 0 7 ,1 0 4 ,0 0 0
398 ,7 3 3 ,0 0 0
4 3 9 ,8 0 2 ,0 0 0
R etu rn ed t o th e C o m p tr o lle r ___________
9 2 4 .7 4 0 .0 0 0
1 5 5 .5 7 0 .0 0 0
A m o u n t ch a rg ea b le t o A g e n t______ 2 ,0 9 0 ,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 6 ,6 8 7 ,0 0 0 1.99 3 ,5 8 5 ,0 0 0 1,9 8 5 ,4 3 9 ,0 0 0 1,966,292,000
2 5 8 ,770 ,00 0
2 7 5 ,1 9 9 ,0 0 0
2 8 0 ,3 1 0 ,0 0 0
279 ,3 5 0 ,0 0 0
2 7 0 .1 4 0 ,0 0 0
208 ,9 0 0 ,0 0 0
2 4 7 ,195 ,00 0
203 .6 8 0 .0 0 0
I n h an ds o f A g e n t . . . ____ _______________
7 6 9 .1 7 0 .0 0 0
2 1 8 .6 6 6 .0 0 0
Issued t o Federal Itesorv o b a n k s .. 1,84 8 ,8 2 3 ,0 0 0 1 ,8 0 5 ,5 1 8 ,0 0 0 1,79 3 ,3 9 3 ,0 0 0 1 .7 0 9 ,8 7 0 ,0 0 0 1 .7 38,547,000 1,72 4 ,6 8 5 ,0 0 0 1,7 1 0 ,2 4 0 ,0 0 0 1 ,7 0 7 ,5 2 2 ,0 0 0
How Secured—
2 3 6 ,9 5 0 ,0 0 0
2 2 5 .4 4 4 .0 0 0
2 5 3 ,4 5 2 ,0 0 0
2 1 5 .4 4 5 .0 0 0
2 2 8 .4 4 6 .0 0 0
2 3 2 .4 4 8 ,0 0 0
2 2 8 ,4 4 9 .0 0 0
223 ,9 4 5 ,0 0 0
B y g old co in and cer tific a te s ____________
B y law ful m o n e y ________________________
7 9 4 .5 0 4 .0 0 0
822 .4 9 5 .0 0 0
842,248*.5*5
780 .0 2 3 .0 0 0
7 9 4 .7 0 4 .0 0 0
8
*lT.*0*
2*l*.666
848 ,280*666
860 .9 5 3 .0 0 0
B y eligible p a p e r ________________________
5 0 ,0 0 4 .0 0 0
4 8 ,5 5 4 ,0 0 0
5 3 ,4 2 8 ,0 0 0
5 3 ,0 3 0 ,0 0 0
5 2 .2 2 1 ,0 0 0
5 1 ,9 9 4 ,0 0 0
5 5 ,4 0 4 ,0 0 0
5 4 .5 8 7 ,0 0 0
G o ld redem ption fu n d __________________
583 .0 2 1 .0 0 0
0 7 3 .7 0 7 .0 0 0
670 .0 4 3 .0 0 0
6 4 8 .6 5 2 .0 0 0
6 2 8 .5 8 2 .0 0 0
677 .5 8 8 .0 0 0
7 0 8 .521 .00 0
6 8 7 .2 0 6 .0 0 0
W ith F ed era l R eserv e B o a r d ___________
5 5 0 ,5 0 4 ,0 0 0
T o t a l ________________ _______________ 1,8 4 8 ,8 2 3 ,0 0 0 1 ,8 0 5 ,5 1 8 ,0 0 0 1 ,7 9 3 ,3 9 3 ,0 0 0 1,769,876,000 1 ,7 36,547,000 1,72 4 ,6 8 5 ,0 0 0 1 ,7 10,240,000 1 ,7 0 7,622,000
5 5 0 ,5 0 4 ,0 0 0
E lig ib le pap er d eliv ered t o F . R . A g e n t . 1,03 1 ,6 1 2 ,0 0 0 1,1 2 7 ,7 9 7 ,0 0 0 1,219,84*8,000 1 ,1 9 3,029,000 1,11 2 ,3 2 3 .0 0 0 1.15 5 ,8 7 7 ,0 0 0 1.08 1 ,0 9 5 ,0 0 0 1.17 8 ,0 5 8 .0 0 0
1 5 3 ,3 9 8 ,0 0 0
N e t a m o u n t d u e to o th or F ed eral R o s e rv e b a n k s,
b T h is Item Inclu des fo reig n G o v e rn m e n t o red lts.
1 7 2 ,1 6 8 ,0 0 0
6 ,0 0 0
5 3 ,7 5 4 ,0 0 0
1 ,1 3 2 ,0 0 0
9 1 ,2 1 3 ,0 0 0
2 5 9 ,000
7 7 ,4 2 0 ,0 0 0
1,0 2 6 ,0 0 0
4 ,9 5 7 ,0 0 0
2 3 ,0 0 0
5 0 8 ,8 0 7 ,0 0 0
1 9 8 .2 3 9 .0 0 0
1 4 7 .8 6 5 .0 0 0
2 3 ,6 2 0 ,0 0 0
1 8 0 .7 8 0 .0 0 0
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 o 12 F E D E R A L R E S E R V E B A N K S a t C L O S E o f B U S IN E S S J U N E 28 1918
Phlladel. Cleveland Richm’d.
Atlanta.
Chicago. St. Louts \finneap. Kan. Clip Dallas. San Fran
3 0 0 .1 7 0 .0
2 2 2 .0 4 5 .0
5 ,5 7 9 ,0
$
158,0
4 6 ,8 9 2 ,0
1 ,1 3 2 ,0
$
2 2 .7 8 2 .0
4 6 .5 4 9 .0
1 ,4 5 5 ,0
S
6 ,4 9 0 ,0
16 ,3 8 2 ,0
570 ,0
8
6 ,7 6 5 ,0
19 ,2 0 7 ,0
4 8 5 ,0
S
2 7 ,4 8 9 ,0
7 ,9 6 9 ,0
2 ,2 6 3 ,0
S
1 ,7 4 2 ,0
2 2 .4 5 2 ,0
64 7 ,0
$
8 .4 6 3 .0
8 .1 2 5 .0
6 4 7 ,0
5 2 8 .3 9 4 .0
2 6 5 .7 9 5 .0
15,0 0 0 ,0
4 8 .1 8 2 .0 7 0 ,7 8 6 ,0
9 3 .0 5 3 .0 116 ,9 1 6 ,0
3 ,5 0 0 ,0
1 ,0 9 1 ,0
2 3 .4 4 2 .0
3 2 .2 8 7 .0
2 36 ,0
2 6 .4 5 7 .0 3 7 ,7 2 1 ,0
3 3 .2 0 2 .0 182.279 ,0
2,5 9 7 ,0 i 2 ,9 3 2 ,0
2 4 .8 4 1 .0
3 9 .0 0 4 .0
1 ,6 5 4 ,0
T o t a l g old reserv es____________ 130,084
2 ,828
L eg a l-ten d er n otes, sliv er, & o ___
8 0 9 ,1 8 9 ,0 1 44 ,735 ,0 1 88 ,793 ,0
5 52 ,0
3 5 2 ,0
4 3 ,9 3 4 ,0
55 ,9 6 5 ,0
498 ,0
62,256, 0 2 2 2 ,9 3 2 ,0
746, 0! 4 ,4 3 3 ,0
T o t a l r e s e r v e s _________________ 1 32 ,912 ,0
B ills discou n ted for m em bers and
F ed eral R eserv e b a n k s ________ 51,173
B ills b o u g h t In open m a rk e t____ 2 1 ,638
1 45 ,287 ,0 189 ,1 4 5 ,0
5 6 ,4 6 3 ,0
2 5 9 .2 6 5 .0
115 .8 1 3 .0
6 0 .2 1 7 .0
18 .1 0 4 .0
5 6 .1 7 8 .0
13 .9 8 0 .0
5 3 ,9 0 4 ,0
2 ,9 4 0 ,0
Two ciphers (00) omitted.
Boston.
RESOURCES.
G o ld co in and certlfs. In v a u lt —
G o ld settlem en t fu n d .......... ............
G o ld w ith foreign ag en cies_______
$
3,089
61,002
1,132
T o t a l g old held b y b a n k s _____
G o ld w ith F ed eral R e s . A g o n t s ..
G o ld red em p tion f u n d ___________
65,283,
6 2 ,348
2 ,453
$
Total.
70 ,0
2 7 ,4 8 0 ,0
9 10 ,0
$
*
6 .0 0 7 .0 3 6 ,6 8 2 ,0
8 .7 3 0 .0
3 ,9 2 6 ,0
666,0!
8 8 9 ,0
4 1 9 .0 0 7 .0
4 9 1 .4 2 5 .0
10 ,2 7 5 ,0
1 7.235.0
2 6 .0 1 2 .0
1 ,6 1 4 ,0
2 8 .4 6 0 .0
3 3 .6 7 9 .0
9 6 9 ,0
15,303,0! 4 1 ,4 9 7 ,0
14,045,0! 8 9 ,2 5 0 ,0
1 ,252,0;
2 16 ,0
9 2 7 .6 0 7 .0
9 8 7 .8 7 0 .0
3 3 ,5 4 4 ,0
6 5 ,4 9 9 ,0
1 ,0 1 1 ,0
4 4 ,8 9 1 ,0
80 ,0
0 3 ,1 1 4 ,0
333 ,0
3 0 ,6 0 0 ,0 130 ,9 0 3 ,0 1 ,9 4 9 ,0 2 1 .0
1 ,990,0
4 0 9 ,0
6 7 ,1 7 8 ,0
6 3 ,0 0 2 ,0 2 2 7 ,3 0 5 .0
0 6 ,5 1 0 ,0
4 4 ,9 7 7 ,0
03 ,4 4 7 ,0 - 3 2 ,5 9 0 ,0 1 3 1 ,3 7 2 ,0 :2 ,0 0 6 ,1 9 9 ,0
28,245, ,O’ 1 26 ,000 ,0
4,131, ,0 1 8 ,414,0
6 4 ,2 4 1 .0
3 ,1 2 1 ,0
4 4 ,5 5 0 ,0
7 95 ,0
6 0 ,3 9 0 ,0 ' 2 7 ,1 6 6 ,0
2 5 0 ,0 ' 1 ,0 5 0 ,0
32,376,
730,
1,171,
11,
1 4 4 ,414 ,0
7 .0 9 0 .0
2 .9 0 2 .0
0 7 ,3 6 2 ,0
2 ,2 3 3 ,0
611 .0
4 5 ,3 4 5 ,0
1 .338.0
3 .9 5 9 .0
4 ,0
5 6 ,6 4 6 ,0 ' 28,8 1 6 ,0 , 57 840, Oll.OSO,0 2 3 ,0
8 .8 7 7 .0
3 ,9 8 1 ,0
3 4 6 1 .0
4 0 ,2 2 7 ,0
1 ,4 0 5 ,0 ' 1 5 33 .0
2 1 8 ,8 3 9 ,0
1 .7 4 2 .0
2 3 ,0
8 ,0
. ...........
7 0 .1 0 6 ,0
4 1 ,8 4 0 ,0
1 6 ,0 0 6 ,0
8 6 9 ,1 7 5 ,0
2 1 6 ,8 4 8 ,0
T o t a l b ills on h a n d ____________
U . 8 . lo n g -te rm ' secu rities---------U . 3 . sh ort-term secu rities_______
A ll oth er earning a ssets--------------
72,811,
610,
1,416,
3 7 5 .0 7 8 .0
1 ,5 1 7 ,0
197 .9 9 5 .0
7 8 ,3 2 1 ,0
1 .7 4 7 .0
1 .0 4 3 .0
7 0 ,1 5 8 ,0
7 .4 0 4 .0
2 .9 2 9 .0
5 6 ,8 5 0 ,0
1 .2 3 3 .0
1 .513.0
T o t a l earning a sse ts________
D u e fro m oth er F . R . ban ks— N et
U n collected I t e m s . . _____ _______
7 4 ,843
5 7 4 ,5 9 0 ,0
1 4,334,0
1 0 3 ,687 ,0
8 1 .7 1 1 .0
6 ,1 0 6 ,0
4 4 .8 0 3 .0
8 0 .4 9 1 .0
4 ,4 1 5 ,0
4 7 .1 2 1 .0
6 9 ,5 9 6 ,0
34,288,1
2 7 ,6 3 4 0
36,355",6
32,081*1
1 54 .466 .0
1,130.0
1 07 .169 .0
34,013*6
5 0 ,6 4 0 ,0 6 7 ,2 8 5 ,0
3 4 0 ,0 ' 2 ,5 1 3 ,0
8 ,0 0 0 ,0 4 0 ,9 9 3 ,0
3 4 .2 7 0 .0
.............
2 3 .8 7 3 .0
6 2 ,* 4 0 ,0 T , 3 4 5 ,1 1 2 ,0
2 ,8 0 0 ,0
a lO ,0 32 ,0
2 4 ,0 8 5 ,0
5 3 0 ,7 1 9 ,0
T o t a l d c d u c 'n s from gross d e p .
5 % red em p tion fund against F ed
eral R eserv e ban k n o te s _______
A ll oth er resou rces______________
2 7 ,6 3 4 ,0
1 1 8 ,021 ,0
6 0 ,9 7 4 ,0
5 1 ,5 3 0 ,0
3 0 ,3 5 5 ,0
32,081 ,0 108,305 ,0
3 4 ,0 1 3 ,0
8 ,3 4 0 ,0 ; 4 3 ,5 0 0 ,0
2 3 ,8 7 3 ,0
27 8 45 .0
5 2 0 ,0 8 7 ,0
137,0
84 ,0
7 3 5 .0
T o t a l r e s o u r c e s -----------------------
14 0 1
2 3 5 ,3 8 9 ,0 ,1 ,5 4 5 ,7 3 4 .0 2 7 7 ,9 7 2 ,0 3 2 1 ,1 7 2 ,0 T 5 2 ,414 ,0 129 ,3 8 5 ,0 4 9 0 ,2 3 0 ,0 170 ,6 2 9 ,0 1 0 3 ,9 6 3 ,Oj 1 74 ,018 ,0: 9 0 .8 7 0 ,0 ,2 2 2 ,1 4 1 ,0 3 ,8 7 2 ,1 3 3 ,0
LIABILITIES.
C a p ita l paid In___________________
S u r p lu s __________________________
G o v e rn m e n t d ep o s its ___________
D u e t o m em bers— R eserv o a c c ’t
C o lle ctio n Item s__________________
D u e t o o th er F . R . ban ks— N e t .
O th . d ep osits lnel. for G o v ’ t cred
6,474,
75,
3,832,
8 2 ,724
20.411
9 ,048
1 9 .8 4 6 .0
6 4 9 ,0
2 1 .7 3 6 .0
7 6 7 ,0 1 3 ,0
5 3 .1 9 1 .0
6 ,9 3 9 ,0
8 ,5 0 1 ,o ' 3 ,8 2 4 ,0
............. 1
110,0
1 ,392,0 1 0 ,2 7 8 ,0 ' 0 ,3 1 9 ,0
8 6 .8 0 5 .0 1 1 0 ,8 8 6 ,0 4 1 ,8 6 8 ,0
3 5 .2 6 9 .0 2 7 ,2 0 0 ,0 , 2 2 ,0 4 9 ,0
.............
3 ,2 5 4 ,0
2 5 0 ,O'
....
3 ,0 4 5 ,0 ' 9 ,789,0
3 ,6 0 7 ,0
4 0 .0
216,
_______
7 .0 9 4 .0
6 ,2 49,0
5 ,0 8 9 ,0
3 5 .7 7 2 .0 177 ,921.0 4 8 ,1 8 0 ,0
2 5 .2 3 9 .0 35 ,778,0! 2 3 ,6 3 0 ,0
1 .9 4 7 .0
. .......... 2 3 ,5 3 0 ,0
1 2 .0
4 ,3 5 1 ,0 '
2 25 ,0
2 ,802,0!
3 ,5 3 2 ,0
2 ,9 9 1 ,0
4 ,4 4 8 ,0
7 5 .8 5 8 .0
............. |
1 ,1 3 4 ,0
3 8 ,0
2 .4 1 0 .0
4 ,0 0 0 ,0
0 ,2 0 1 ,0
9 ,8 9 3 ,0
8 4 .5 3 5 .0
3 6 ,9 9 8 ,0 0 5 ,7 2 3 ,0 3 0 ,2 1 4 ,0 0 7 ,4 8 3 ,0 1, 5 7 ,5 8 7 ,0
,5
5 .8 5 7 .0 17 ,8 7 0 ,0
2 8 0 ,3 0 2 ,0
7 .8 7 8 .0 11 ,9 2 4 ,0
4 .0 1 7 .0
............. 1 ..................
4 1 .0
............. I 2 ,5 7 8 ,o ! 1 2 1 ,4 8 2 ,0
7 0 ,0 6 4 ,0 224 ,2 99,0 1 0 0 ,6 5 4 ,0 ' 4 5 ,3 1 2 ,0 1 8 7 ,5 9 9 ,0
5 0 ,1 3 9 ,0 252 ,6 39,0 0 5 ,6 0 2 ,0 5 5 ,2 1 3 ,0 7 4 ,3 9 0 ,0
_______ I ..............I 8 ,0 0 0 ,0
5 0 ,0
2 ,0 00,0
7 0 0 ,0
5 9 8 ,0
1 ,0 9 1 ,0
4 7 ,0
1 ,293,0!
5 4 .9 1 0 .0 9 1 ,8 7 8 ,0 2 0 1 9 .9 0 0 .0
3 2 .0 2 0 .0 1 2 5 ,2 8 7 ,0 1 7 2 2 .2 1 0 .0
............. I
3 4 0 ,0
1 0 .3 9 0 .0
3 4 9 ,0
188,0
1 2 .6 2 9 .0
2 3 5 ,3 8 9 ,0 1 ,5 4 5 ,7 3 4 ,0 2 7 7 ,9 7 2 ,0 3 2 1 ,1 7 2 ,0 1 5 2 ,4 1 4 ,0 1 2 9 ,3 8 5 ,0 4 9 0 ,2 3 6 ,0 1 70 ,629 ,0 1 0 3 ,9 0 3 ,0 1 7 4 ,6 1 8 ,0
9 0 ,8 7 0 ,0 2 2 2 ,1 4 1 ,0 3 ,8 7 2 ,1 3 3 ,0
T o t a l gross d e p osits___________ 116,015, 0
F . R . n otes In actual circ u la tio n . 112,533 0
F . R . ba n k n otes In clro'n — N e t .
2 9 2 ,0;
A ll o th er liab ilities______________
T o t a l lia b ilit ie s _______________
400,0^
100,0
9 5 5 ,9 0 5 ,0 123,406,
5 0 2 ,8 4 8 ,0 147,430,
6 ,4 2 0 ,0
137 ,0
1 4 8 ,6 2 0 ,0 7 3 ,5 2 0 ,0
102 ,918 ,0! 7 4 ,5 2 5 ,0
1 ,0 7 3 ,0 !
4 2 9 .0
♦ D ifferen ce betw een net a m ou n ts d u e from and net a m ou n ts du e t o oth er Fedoral R eserve b a n k s.
< N et am ou n t du e t o oth er Federal R eserv e banks
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 N E 28 1918
Two ciphers
(0 0 )
omitted.
Boston.
New York. Phlladel. Cleveland. Richm’d.
S
F e d e r a l R e s e r v e n otes—
R e c e i v e d f r o m C o m p t r o l l e r ___ 1 6 0 ,6 4 0 ,0
3 2 ,6 6 7 ,0
R e t u r n e d t o C o m p t r o l l e r ______
S
S
S
9 3 7 .0 8 0 .0 2 0 8 ,2 4 0 ,0 2 0 9 ,6 0 0 ,0 1 1 1 ,9 2 0 ,0
2 1 4 .7 9 4 .0 3 5 ,5 8 7 ,0
1 7 ,7 0 4,0 2 3 ,8 2 3 ,0
C h a r g e a b l e t o F . R . A g e n t ------------ 1 2 7 ,9 7 3 ,0
1 1 ,3 0 0 ,0
In h a n d s o f F . R . A g e n t __________
I s s u e d t o F. R . B a n k ---------------- 1 1 0 ,6 7 3 ,0
H e ld b y F . R . A g e n t—
7 ,0 0 0 ,0
G o l d c o i n a n d c e r t i f i c a t e s ______
5 ,8 4 8 ,0
G o l d r e d e m p t i o n f u n d . _____
G o l d S e t t . F d . , F . R . B o a r d . . 4 9 .5 0 0 .0
E l ig ib l e p a p e r , m in . r e q ’ d _____ 5 4 .3 2 5 .0
T o t a l _______________________________ 1 1 6 ,6 7 3 ,0
A m o u n t o f e lig ib le p a p e r d e l iv
7 2 ,8 1 1 ,0
e r e d t o F . R . A g e n t ______ _____
_
F . R . n o t e s o u t s t a n d i n g ---------------- 1 1 6 ,6 7 3 ,0
4 ,1 4 0 ,0
F . R . n o t e s h e ld b y b a n k s ______ _
%
S
Chicago. St. Louis. Mlnneap. Kan. City Dallas. San Fran.
S
$
?
$
S
$
Total
t
7 8 ,7 4 ,0 3 4 1 ,7 2 0 ,0
1 8 ,6 8 2 ,0 2 0 ,8 0 6 ,0
9 3 .2 0 0 .0
1 0 .1 7 4 .0
7 5 .9 8 0 .0 1 0 4 ,7 0 0 ,0
1 8 ,1 0 5 ,0
1 4 .2 6 7 .0
0 8 .5 0 0 .0 1 4 5 ,5 0 0 ,0 2 ,5 3 5 ,8 2 0 , 0
1 0 .1 4 7 .0 1 1 ,0 4 0 ,0
4 3 9 ,8 0 2 ,0
7 2 2 ,2 8 6 .0 1 7 2 ,6 5 3 ,0 1 9 1 ,8 9 6 ,0 8 8 ,0 9 7 .0
1 3 ,0 4 0 ,0 22,000,0
7 ,7 0 5 ,0
1 1 0 ,0 0 0 ,0
60,058.0 3 2 0 ,9 1 4 ,0
4 4 ,4 6 0 ,0
7 7 ,0 2 6 ,0
5 ,9 0 0 ,0
0 1 ,7 1 3 ,0
5 ,2 5 5 ,0
8 0 ,5 9 5 ,0
7 ,0 2 0 ,0
5 2 .3 5 3 .0 1 3 4 ,4 5 4 ,0 2 ,0 9 0 ,0 1 8 , 0
1 8 .4 9 0 .0
2 4 7 ,1 9 5 , 0
6 1 2 ,2 8 6 ,0 1 5 9 ,6 1 3 ,0 1 6 9 ,8 9 0 ,0
2 ,0 2 5 ,0
8 0 .3 9 2 .0
6 8 .0 3 3 .0 2 7 0 .4 5 4 .0
7 1 .1 2 0 .0
5 0 .4 5 8 .0
7 9 .5 7 5 .0
3 3 .8 0 3 .0 1 3 4 ,4 5 4 ,0 1 .8 4 8 ,8 2 3 . 0
2 3 .0 1 8 .0
8 ,8 9 8 ,0
8 5 ,0 0 0 .0
5 2 .9 8 0 .0
7*87,6
3 1 .5 0 0 .0
4 8 .1 0 5 .0
2 .5 0 4 .0
6 3 0 ,0
2 .6 2 8 .0
2 8 .0 7 0 .0 1 8 1 .7 4 9 .0
2 4 .8 3 1 .0 9 4 ,1 7 5 ,0
1,*9*8*4,6
3 7 .0 2 0 .0
3 2 .1 2 2 .0
1 3 .1 0 2 .0
1 ,4 1 0 ,0
1 1 .5 0 0 .0
3 0 .4 4 0 .0
2*.*31*9,6
3 1 .3 6 0 .0
4 5 .8 9 0 .0
1 1 .5 8 1 .0
1 ,8 8 0 ,0
5 8 4 ,0
1 9 .8 1 8 .0
0 1 2 ,2 8 6 ,0 1 5 9 ,6 1 3 ,0 1 6 9 ,8 9 6 ,0
8 0 ,3 9 2 ,0
5 8 ,0 3 3 ,0 2 7 0 ,4 5 4 ,0
7 1 ,1 2 0 ,0
5 0 ,4 5 8 ,0
7 9 ,5 7 5 ,0
3 3 ,8 0 3 ,0 1 3 4 ,4 5 4 ,0 1 ,8 4 8 ,8 2 3 , 0
6 6 .1 8 5 .0
8 0 .3 9 2 .0
5 ,8 6 7 ,0
2 5 .5 3 5 .0 1 3 4 .5 1 1 .0
5 8 .0 3 3 .0 2 7 6 .4 5 4 .0
1 ,8 9 4 ,0 2 3 ,8 1 5 ,0
5 4 .5 7 0 .0
7 1 .1 2 0 .0
6 ,4 6 4 ,0
3 9 .2 4 2 .0
5 0 .4 5 8 .0
1 ,2 4 5 ,0
5 1 .5 0 9 .0
7 9 .5 7 5 .0
5 ,1 7 9 ,0
2 8 ,8 1 6 ,0 5 0 ,6 6 3 ,0 1 .0 3 1 .0 1 2 . 0
3 3 ,8 0 3 ,0 1 3 4 ,4 5 4 ,0 1 .8 1 8 .8 2 3 .0
9 ,1 0 7 ,0
1 2 6 ,6 0 7 ,0
1 ,2 3 7 ,0
7 4 ,5 2 5 ,0
5 6 ,1 3 9 .0 2 5 2 ,6 3 9 .0
6 5 ,6 6 2 ,0
5 5 ,2 1 3 ,0
7 4 ,3 9 0 .0
3 2 , 0 2 0 , 0 'l 2 5 , 2 8 7 ,0 ' l . 7 2 2 ,2 1 0 , 0
1 6 6 .7 4 0 .0
1 4 ,0 5 5 ,0
8 5 ,0 0 0 ,0
3 4 0 .4 9 1 .0
3 7 5 .0 7 8 .0
6 1 2 .2 8 0 .0
4 9 ,4 3 8 ,0
7 ,9 4 6 ,0
8 5 .1 0 7 .0
6 0 .5 0 0 .0
72,474,o! 70,158,0
159,613,0,169,896,0
12,183,0; 6,978,0
F . R . n otes In a c t u a l c l r c u la ’ n . 1 1 2 ,5 3 3 ,0 T 5 6 2 , 8 4 8 ,o ' 1 4 7 ,4 3 0 , o ' 1 6 2 ,9 1 8 .0
R
otes
actual clrcu
Atlanta.
7*.11*9,6
8 2 .1 3 1 .0
4 5 .2 0 4 .0
2 2 3 .9 4 5 . 0
6 5 .4 0 4 , 0
7 0 8 .5 2 1 . 0
8 0 0 .9 5 3 . 0
59
THE CHRONICLE
J uly 6 1918.]
Statement of New York City Clearing House Banks and Trust Companies.—The following detailed statement
ohows the condition of the New York City Clearing House members for the week ending June 29. The figures for the sep
arate banks are the averages of the daily results. In the case of totals, actual figures at end of the week are also given.
N E W 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 .
C L E A R IN G H O U SE
M EM BERS.
N et
P rofits.
C apital.
L oans,
D iscou n ts,
Investm ents,
N a t. Banks M a r. 4f
S ta te B a nks M a r . 14<
T r u s t C o ’ s M a r . 141
W e e k E n d in g
J u n o 29 1918.
Members o f Federal
Reserve Bank.
Bank of N Y , N B A
Bank o f M anhat Co
M e r ch a n ts ’ N a tion a l
M e c h & M o ta ls N a t
B a n k 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 lo n a l.
A tla n tlc N a tio n a l -
N a t B u t c h * D ro v e r s
A m erica n E x ch N a t
N at Bank o f C o m m .
P a c i f ic ............................
C h a t & P h on lx N a t .
H a n ovor N a t io n a l..
C itize n s’ N a t i o n a l . .
M e t r o p o lit a n -----------C o r n E x ch a n g e ______
Im p o rte rs A T r a d N a t
N a tio n a l P a rk ...........
E a s t R iv e r N a tio n a l
S e co n d N a tion a l —
F irst N a tio n a l______
Ir v in g N a t io n a l--------N Y C o u n ty N a tio n a l
C o n tin e n t a l-------------C h a se N a tio n a l------C o m m o n w e a lth --------L ln ooln N a t io n a l-----G a rfield N a t i o n a l . ..
F ifth N a tio n a l.............
S ea b oa rd N a t io n a l..
L ib e r ty N a t io n a l-----C oa l & Iron N a tio n a l
U n io n E x ch a n g e N a t.
B r o o k ly n T r u s t C o . .
B a n k ers T r u s t C o . . .
U S M tg e A T ru st C o
G u a r a n ty T r u s t C o .
F id e lit y T r u s t C o . .
C o lu m b ia T r u s t C o .
P eo p le s T r u s t C o ___
N ew Y ork T ru st C o .
F ra n k lin T r u s t C o ___
L in c o ln T r u s t C o ____
M e tro p o lita n T r u s t . .
N a ssa u N a t , B ’ k ly n .
I r v in g T r u s t C o _____
F a rm ers L oa n & T r .
Legal
T enders.
Cold.
N a tion al
Bank
and
Federal
Reserve
N otes.
Silver.
Ac.
A verage.
$
5
$
4 4 .9 4 4 .0 0 0
5 .3 9 5 .2 0 0
2 ,0 0 0 ,0 0 0
60.1 0 5 .0 0 0
6 .6 1 9 .4 0 0
2 ,3 4 1 ,8 0 0
2 7 .394.000
2 .6 3 5 .5 0 0
2 ,0 0 0 ,0 0 0
158 .119 .00 0
6 ,000,000 1 0 .706.600
32 .3 2 1 .0 0 0
6 .5 3 0 .7 0 0
1 .5 0 0 .0 0 0
5 0 5 .1 7 2 .0 0 0
c 4 9 ,995 .000
2 5 .0 0 0 .
000
75.5 3 0 .0 0 0
9 .1 3 2 .4 0 0
3 ,0 0 0 ,0 0 0
15.680.000
87 2 .1 0 0
1 ,0 0 0 ,0 0 0
2 .8 9 7 .0 0 0
8 7,700
3 00 .000
1 1 2 .540 .00 0
5 .4 5 0 .7 0 0
5 .0 0 0 ,0 0 0
36 6 .4 7 2 .0 0 0
2 1 ,6 1 9 ,9 0 0
2 5 .0 0 0 .
000
1 4 .227.000
1.038.100
5 00 .000
8 5 .1 9 1 .0 0 0
2 ,0 6 5 ,8 0 0
3 .5 0 0 .0 0 0
1 3 5 .113 .00 0
1 6 ,713,300
3 .0 0 0 .
000
4 6 .1 3 5 .0 0 0
2 .9 1 6 .9 0 0
2 .5 5 0 .0 0 0
25.2 2 1 .0 0 0
2 .2 2 7 .7 0 0
2 .0 0 0 .
000
1 0 6 .191 .00 0
7 .5 3 6 .5 0 0
3 .5 0 0 .0 0 0
33 .9 9 7 .0 0 0
7 .7 8 4 .9 0 0
1 .5 0 0 .0 0 0
20 2 .9 8 3 .0 0 0
5 ,0 0 0 ,0 0 0 17.620.000
2 .9 9 8 .0 0 0
89,800
• 2 50 ,000
1 8 .944.000
3 ,8 9 0 ,3 0 0
1,000,000
2 7 2 .566 .00 0
10 ,0 0 0 ,0 0 0 3 0 .8 8 9 .6 0 0
95 .5 6 6 .0 0 0
5 .6 8 1 .4 0 0
4 .5 0 0 .0 0 0
1 0 .447.000
322 ,6 0 0
1 ,0 00,000
5 .9 9 4 .0 0 0
8 70 ,900
7 50 .000
3 1 5 .6 9 8 .0 0 0
1 0 .000,000 12.2 7 8 .2 0 0
6 .0 6 8 .0 0 0
834 ,2 0 0
400 .0 0 0
1 6 .356.000
2 .0 0 8 .0 0 0
1 ,0 00,000
11.898.000
1,364,5001
1 ,0 00,000
7,406,000
4 0 4 ,0 0 0 '
250.000
4 7 .111.000
3 .5 9 7 .0 0 0
1 ,000,000
7 1 .676.000
3 .9 0 0 .0 0 0
3 .0 0 0 .
000
12.982.000
945
1 .0 0 0 .
000 ,800
13.333.000
1 ,2 9 8 ,6 0 0
1 ,0 0 0 ,0 0 0
3 6 .222.000
2 .1 7 5 .4 0 0
1 .5 0 0 .0 0 0
2 50 .795 .00 0
1 1 ,2 5 0 ,0 0 0 13.932.100
58.800.000
4 .6 0 5 .0 0 0
2 ,0 0 0 ,0 0 0
413 .4 8 1 .0 0 0
2 5 ,0 0 0 ,0 0 0 2 6 .2 7 0 .7 0 0
11.351.000
1 .2 67.000
1 ,000,000
8 1 .473.000
6 .5
5 .0 0 0 .
0000 2 .5 0 0
2 3 .201.000
1 .2
1 .0 0 0 .
0008 4 .7 0 0
0 0 ,016,000
10003 3 .0 0 0
0 .5
3 .0 0 0 .
20.9 7 1 .0 0 0
1.0 8 9 .7 0 0
1 .0 0 0 . 000
15.775.000
56 6 .1 0 0
1 ,0 00,000
5 2 .158.000
4 .1 6 8 .9 0 0
2 ,0 0 0 ,0 0 0
13.730.000
1 ,1 6 7 ,2 0 0
1,0 0 0 ,0 0 0
3 9 .906.000
1 .0 20.100
1 .5 00.000
134 .081 .00 0
5 ,0 0 0 ,0 0 0 10 .7 0 0 .0 0 0
A verage.
$
2 4.000
1 .2 0 3.000
7 1.000
7 .7 0 8 .0 0 0
354 .0 0 0
8 .2 6 2 .0 0 0
195.000
9 9.000
4 4.000
4 90 .000
8 9.000
5 3.000
717 .0 0 0
6 .2 0 9 .0 0 0
102.000
657.000
3 70 .000
7 0.000
39 .0 0 0
5 .000
57 .0 0 0
10.000
9 19 .000
4 7.000
19.000
2 .6 0 7 .0 0 0
40 .0 0 0
150.000
33*,6oo
364 .000
135.000
6.000
13.000
73.000
05.000
333 .000
1.787.000
90.000
37.000
5 1.000
2 8 .000
8 7.000
11.000
298.000
10,000
139.000
3 .8 1 4 .0 0 0
A verage.
A verage.
S
$
108,000
104.000
538 .000
348 .0 0 0
275 .0 0 0
5 2,000
142.000 2 .1 9 2 .0 0 0
3 58 .000
2 06 .000
8 57 .000
3 .0 4 3 .0 0 0
528 .000
319 .000
161.000
101.000
39.000
'< 4 9,000
j
407 .0 0 0
J 193,000
489 .0 0 0
142.000
3 56 .000
260 .0 0 0
f 4 98 ,000 1 .0 0 8 .0 0 0
854 .0 0 0
i 34 9 ,0 0 0
7 5 0 .0 0 0
' 3 0,000
088.000
207 .0 0 0
208 .000 2 .0 5 6 .0 0 0
3 4.000
' 3 8 5 ,0 0 0
245 .0 0 0
'I 4 0 3 ,0 0 0
98 .0 0 0
i 12:000
348 .000
; . 4 8 ,0 0 0
727 .0 0 0
: 37 3 ,0 0 0
3 7 4 .0 0 0 1 .7 83.000
155.000
2 9.000
14.000
35 .0 0 0
1 .7 7 2 .0 0 0 1 .8 1 3 .0 0 0
164.000
3 1.000
138 .000
242 .0 0 0
2 1 4 .0 0 0
11.000
203.000
2 2,000
224.000
2 78 .000
104.000
31.000
139.000
4 4.000
186.000
2 0 .000
141.000
3 6 .0 0 0
148.000
143.000
03.000
104.000
3 38 .000
102.000
6 3.000
3 8.000
526.000
9 2 .0 0 0
2 40 .000
8 2 .0 0 0
16.000
1 5.000
137.000
44 .0 0 0
9 3 .000
17.000
6 8.000
3 0 .0 0 0
237 .0 0 0
106 ,000
6 57 .000
244,000
61,000
24.000
Reserve
with
Legal
D ep o si
taries.
__________________
A dd itional
D ep osits
with
Legal
D e p o s i
ta ries.
N et
D em and
D ep osits.
N a tion al
Bank
Circula
tion .
N et
T im e
D ep o sits .
A vera ge.
A verage.
A vera ge.
$
$
$
1 .9 8 9 .0 0 0
7 9 1 .0 0 0
3 1 .3 8 3 .0 0 0
6 6 .7 9 2 .0 0 0
259’,666
19 .9 5 2 .0 0 0
1 4 2 .125 .00 0 1 3 ,8 7 2 ,0 0 0 3 .7 8 0 .0 0 0
2 5 .1 4 3 .0 0 0
6,744’ 666
5 8 1 .6 6 8 .0 0 0
3 .0 1 9 .0 0 0
5 8 .7 3 7 .0 0 0
441 .0 0 0
5 2 5 ,0 0 0
12.9 0 0 .0 0 0
144.000
2 .1 4 5 .0 0 0
293 .0 0 0
5 .9 5 0 .0 0 0 4 .9 4 7 .0 0 0
8 5 .0 0 7 .0 0 0
5 .1 6 4 .0 0 0
3 1 2 .4 6 2 .0 0 0
50 ,0 0 0
1 2 .944.000
7 .2 4 1 .0 0 0 2 .1 7 8 .0 0 0
6 7 .6 5 0 .0 0 0
470 ,0 0 0
1 2 7 .149 .00 0
2 9 8 ,0 0 0 1 .0 2 0 .0 0 0
31 .9 2 0 .0 0 0
2 4 .3 1 8 .0 0 0
1 05 .694 .00 0
5 1.000
10.000
2 4 .5 3 2 .0 0 0
3 ,8 6 1 ,0 0 0 4 .7 0 9 .0 0 0
1 5 4 .351 .00 0
5 0.000
3 .0 4 3 .0 0 0
893 .0 0 0
1 3 .382.000
2 .9 0 5 .0 0 0 8 .4 5 4 .0 0 0
1 5 0 .428 .00 0
952 .0 0 0
640 .0 0 0
9 2 .7 4 7 .0 0 0
6 1,000
199.000
9 .7 7 8 .0 0 0
4 .9 2 4 .0 0 0
2 5 3 .6 6 9 .0 0 0
6 .2 0 5 .0 0 0
1 4 .489.000
3 9 8 .0 0 0
30,000
1 0 .017.000
2 4 8 .0 0 0
21 0 .0 0 0
6 .7 9 5 .0 0 0
7 0 .0 0 0
4 4 .9 2 5 .0 0 0
2,574’ ,666
9 96 .000
6 6 .9 3 9 .0 0 0
4 1 3 .0 0 0
464 .0 0 0
1 0 .142.000
397 .0 0 0
413 .0 0 0
12.607.000
5 .0 9 3 .0 0 0
2 4 .6 6 8 .0 0 0
1 9 9 .597 .00 0 2 2 .4 7 5 .0 0 0
4 .2 3 9 .0 0 0
4 3 .6 4 0 .0 0 0
377 .1 2 9 .0 0 0 2 3 .9 0 3 .0 0 0
499 .000
8 .5 8 3 .0 0 0
6 0 .5 9 1 .0 0 0 12.2 3 9 .0 0 0
1 .5 53.000
2 0 .6 0 9 .0 0 0
3 .7 1 0 .0 0 0
4 9 .4 8 0 .0 0 0
1 .6 2 0 .0 0 0
14.381.000
1 .8 14.000
1 2 .226.000
1 .2 3 5 .0 0 0
3 5 .0 7 3 .0 0 0
50 ,0 0 0
691 .0 0 0
8 .8 1 1 .0 0 0
975 .0 0 0
3 4 .7 6 9 .0 0 0
9 .6 5 4 .0 0 0
1 10 .424 .00 0
A vera ge.
A vera ge.
A vera ge.
$
$
$
4 .4 3 8 .0 0 0
147.000
1 ,2 0 1 ,0 0 0 1 3 .113.000
2 .5 5 0 .0 0 0
9 8 .0 0 0
482 .0 0 0 2 3 .9 7 6 .0 0 0
3 .5 9 6 .0 0 0
3 64 .000
1.5 3 6 .0 0 0 146 ,515 ,00 0
8 .7 1 9 .0 0 0
774 .000
1 .7 89.000
137.000
339.000
8 ,0 0 0
7 50 .000 1 1 .936.000
1 .4 1 9 .0 0 0 48.4 3 0 .0 0 0
1 .7 0 1.000
24 5 .0 0 0
8 .6 5 2 .0 0 0
2 .0 3 8 .0 0 0
774.000 1 8 .952.000
4 .7 6 5 .0 0 0
305 .0 0 0
3 .4 0 2 .0 0 0
6 45 .000
3 .8 6 4 .0 0 0 1 8 .609.000
3 .5 6 9 .0 0 0
171.000
768 .0 0 0 2 0 .2 6 7 .0 0 0
4 27 .000
3 4.000
1 .9 9 5 .0 0 0
3 55 .000
5 74 .000 20 .7 4 7 .0 0 0
1 .0 61.000 1 3 .122.000
1 .3 44.000
5 01 .000
713 .000
8 8 .0 0 0
9 36 .000 3 9 .303.000
978 .000
130 .000
2 .4 8 9 .0 0 0
6 77 .000
1 .6 56.000
183.000
700.000
4 6,000
7 .7 99.000
262 .000
4 20 .000 15.569.000
1.250.000
472 .0 0 0
1 .7 23.000
26 3 .0 0 0
3 .3 7 3 .0 0 0
414 .0 0 0
733 .000 25 .6 7 8 .0 0 0
5 .7 6 8.000
497 .000
2 ,7 7 0 ,0 0 0 7 2 .774.000
1.108.000
140.000
8 .1 7 1 .0 0 0
450 .0 0 0
1.895.000
570 .0 0 0
7 .0 1 8 .0 0 0
247 .000
2 .0 1 6 .0 0 0
221 .000
1,801,000
2 87 .000
5 .1 7 4 .0 0 0
4 65 .000
1 .1 47.000
80,000
4.3 4 5 .0 0 0
179 .000
22 5 .0 0 0 15.226.000
1,858*666
1,5*3*8*666
11.874*666 1,3*0*0*665
100,665 2*5*0*666
28,9 0 6 ,0 0 0 6 1 0 ,6 2 7 ,0 0 0
A v e ra g o fo r w e e k .. 1 9 2 ,091 ,80 0 3 3 1 ,0 1 3 ,4 0 0 4 ,2 6 1 ,2 3 5 ,0 0 0 30,9 8 4 ,0 0 0 11,564,000 2 1 ,1 3 7 ,0 0 0
3 ,5 7 5 ,9 4 3 ,0 0 0 1 5 7 ,255 ,00 0 3 6 ,5 7 8 ,0 0 0
639 .7 2 5 .0 0 0
5 1 0 .8 8 1 .0 0 0
5 5 1 .9 0 7 .0 0 0
516 .0 9 0 .0 0 0
3 6 .6 3 1 .0 0 0
3 6 .5 7 3 .0 0 0
3 6 .7 5 4 .0 0 0
3 7 .1 6 4 .0 0 0
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 ctual
a ctu al
c on d ltl
c on d ltl
con d ltl
c on d ltl
S tn to B a n k s.
G re e n w ic h ____________
P e o p le ’ s ________
B o w e r y ................
F ifth A v e n u e ..
C om m ercia l E x c h ___
N Y P ro d u ce E x c h . .
S t a t e ___ _____________
on
on
on
on
June
Jun o
Jun e
Jun e
29
22
15
J 8
N o t M em bets o f Fed eral Reserve
15.217.000
1.433.100
5 00 .000
3 .6 8 0 .0 0 0
502 ,1 0 0
200 .0 0 0
4 .6 3 7 .0 0 0
8 16 ,900
250 .0 0 0
16.390.000
2 .3 9 2 .1 0 0
1 00 .000
6 .1 0 3 .0 0 0
8 08 ,700
2 00 ,000
2 1 .1 5 0 .0 0 0
1 ,1 1 0 ,7 0 0
1 .0 0 0 ,0 0 0
2 7 .0 2 7 .0 0 0
52 0 ,4 0 0
1 ,5 0 0 ,0 0 0
7 83 .000
196.000
260 .000
7 90 .000
350 .000
1 .2 72.000
1 .3 5 9 .0 0 0
6 ,0 1 0 ,0 0 0
8 0 ,0 0 0
8 7 ,0 0 0
7 46 .000
1 12 ,000
913 ,0 0 0
9 4 ,4 5 0 ,0 0 0
112,000
0 ,1 4 7 ,0 0 0
1,2 0 4 ,0 0 0
2 ,4 4 0 ,0 0 0
2 ,9 9 9 ,0 0 0
con d ltl
c on d ltl
con d ltl
co n d ltl
6 .0 7 8 .0 0 0
6 .2 1 4 .0 0 0
6.39C ,000
6 .3 7 1 .0 0 0
1 .1 73.000
1.201.000
1.255.000
1 .2 72.000
2 .4 7 1 .0 0 0
2.312.001
2 .6 2 9 .0 0 0
2 .6 2 5 .0 0 0
2 .9 1 8 .0 0 0
3 ,2 4 0 ,0 1 0
3 .1 1 3 .0 0 0
3 .1 7 5 .0 0 0
3 93 .000
1 ,7 66,000
4 0 4 .0 0 0
72 1 .0 0 0
9 4 .7 7 3 .0 0 0
9 4 .5 9 5 .0 0 0
10 2 .7 2 3 .0 0 0
1 0 1 .087 .00 0
112 ,000
112 ,000
113 .000
117 .000
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 y e rs T it le & T r . .
Bank.
eral Reserve
6 3,000
40.5 8 7 .0 0 0
4 40 .000
2 2 .8 1 0 .0 0 0
137.000
187.000
108 ,000
5 0 ,000
4 4 5 .0 0 0
149.000
1 ,2 0 7,000
26 2 ,0 0 0
2 2 .0 6 7 .0 0 0
1 3 .470.000
8 8 3 .0 0 0
4 1 6 .0 0 0
609 ,000
324 ,0 0 0
2 54 ,000
5 94 ,000
3,6 3 4 ,0 0 0
1 ,4 69,000
3 5 ,5 3 7 ,0 0 0
1 ,2 9 9 ,0 0 0
277 .0 0 0
288 .0 0 0
251 .000
218 .000
5 51 .000
501 .000
6 51 .000
678.000
3 .7 0 6 .0 0 0
3 .7 2 8 .0 0 0
3 .7 6 0 .0 0 0
3 .7 1 4 .0 0 0
T o t a ls , a v g e fo r w k
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
T o t a ls , a v g e fo r w k
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
c on d ltl
co n d ltl
c on d ltl
co n d ltl
3 ,7 5 0 ,0 0 0
9 ,0 0 0 ,0 0 0
on
on
on
on
7 ,6 5 0 ,0 0 0
1 6 ,921,000
9 4 ,2 6 4 ,0 0 0
03 ,4 0 3 ,0 0 0
606 ,000
5 1 0 ,0C0
6 04 .000
5C3.000
Jun e 29
Ju n o 22
Ju n e 15
Ju n e 8
3 34 .000
3 2 1 .0 0 0
32 7 .0 0 0
3 3 9 .0 0 0
G ra n d a g g reg a te,a v g e 2 0 4 ,8 4 1 ,8 0 0 35 5 ,5 8 4 ,4 0 0
C om p a rison p rev w k
Jun o 2 9 ___
43,5 0 1 ,0 0 0 12 ,9 1 7 ,0 0 0 2 3 ,4 4 3 .0 0 0
— 3 61 ,000 — 120,000 — 302 ,000
June 2 2 ___ 4 .4 6 0 .4 4 5 .0 0 0
J u n e 1 5 . . . 4 .5 9 7 .3 1 2 .0 0 0
Jun o 8 ___ 4 .4 9 3 .7 1 9 .0 0 0
Ju n e 1 ___ 4 .5 0 5 .5 2 8 .0 0 0
4 3 .8 8 5 .0 0 0
4 4 .3 4 2 .0 0 0
4 4 .3 6 4 .0 0 0
4 0 .1 3 3 .0 0 0
a 3 .7 0 5 .9 3 0 .0 0 0 158 ,066 ,00 0 3 6 ,5 7 8 ,0 0 0
— 8 ,0 0 0
— 2 6 4 ,0 0 0
— 3 1 ,1 5 1 ,0 0 0
4 3 ,6 4 0 ,0 0 0 13,1 5 2 ,0 0 0 2 3 ,8 3 1 ,0 0 0 32,4 9 9 ,0 0 0 6 1 9 ,271 ,00 0
— 271,000 — 520 ,0 0 0 — 103,000 — 5 49 ,000 + 72 1 0 6 0 0 0
G ra n d a g ’ g a te . actual
C o m p a riso n p rev w k
1 .0 9 6 .0 0 0
1.3 4 0 .0 0 0
1 .3 4 4 .0 0 0
1 .3 5 3 .0 0 0
G ra n d
G ra n d
G ra n d
G ra n d
a g ’ g a te ,
a g 'g a te ,
OB’ g a to,
a g ’g a te,
a ctu a l
a ctu a l
a ctu a l
a ctu al
con d itio n
c on d ition
con d itio n
con d itio n
a U . 8 . d ep osits d e d u cte d , $ 4 6 1 ,2 3 7 ,0 0 0 .
1 3 .037.000
14.015.000
14.3 7 0 .0 0 0
1 4 .550.000
b 3 ,7 0 0 ,076 ,00 0 1 5 8 ,1 3 7 ,0 0 0 36,6 3 1 ,0 0 0
+ 5 8 ,0 0 0
— 444,000
+ 2 7 ,8 1 5 ,0 0 0
b 3 ,6 7 2 ,261 ,00 0
3 .8 2 1 .3 5 2 .0 0 0
3 .7 3 7 .8 8 4 .0 0 0
3 .7 2 4 .6 1 7 .0 0 0
23 .7 4 5 .0 0 0
2 4 .2 0 2 .0 0 0
2 3 .8 1 1 .0 0 0
24.6 5 8 .0 0 0
b U . S . d ep osits d e d u cte d , $ > 0 6 ,9 3 0 ,0 0 0 .
1 5 8 .581 .00 0
160 ,267 .04 0
155.298.000
159.621.000
3 6 .5 7 3 .0 0 0
3 6 .7 5 4 .0 0 0
3 7 .1 6 4 .0 0 0
37 .2 1 8 .0 0 0
c In clu d es c a p ita l set asid e fo r 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 .
A c t u a l F ig u r e s .
A v era g es.
Cash
Reserve
in Vault.
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 com p a n ies*
T o t a ls Ju n e 29
T o t a l June 2 2 .
T o t a l Jun e 1 5 .
T o ta l June 8 .
Reserve
in
D epositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
I n c . or D ec .
from
PreviousiV eek
$
$
$
$
$
$
6 10 .627 ,00 0 610 ,6 2 7 ,0 0 0 4 6 9 ,5 9 0 ,2 4 0 1 4 1 ,036 ,76 0 + 7 0 ,5 6 8 ,6 0 0
a
6 ,0 1 0 ,0 0 0 17,800,000 1 7 ,001,000
— 182,420
85 9 ,0 0 0
12,850.000
3 ,6 3 4 ,0 0 0
6 ,3 1 5 ,0 0 0
— 150,500
6 ,3 3 0 ,5 5 0
d c fl5 ,5 5 0
1,681,000
14.531.000
14.682.000
1 5 .197.000
15.108.000
6 1 9 .271 .00 0
5 4 7 .165 .00 0
5 3 9 .133 .00 0
5 1 9 .907 .00 0
6 3 3 .802 .00 0
5 0 1 .747 .00 0
5 5 4 .330 .00 0
53 5 .0 1 6 .0 0 0
4 9 1 ,9 2 1 ,7 9 0 1 4 1 ,880 ,21 0 + 7 6 ,2 3 5 ,6 8 0
4 9 6 ,1 0 2 ,4 7 0 6 5 .0 4 4 ,5 3 0 + 1 1 ,390,660
5 0 0 ,0 8 2 ,1 3 0 6 4 .2 4 7 .8 7 0 + 1 0 ,756.070
4 9 7 ,6 2 3 ,2 0 0 3 7 ,4 9 1 ,8 0 0 — 0 ,6 2 3 ,5 2 0
Cash
Reserve
in Vault.
Reserve
in
D epositaries
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
I n c . or D ec .
from
PreviousiV eek
$
$
$
S
6 3 9 ,725 ,00 0 6 3 9 ,725 ,00 0 4 6 8 ,7 5 0 ,2 8 0 17 0 ,9 7 4 ,7 2 0 + 125332 590
b
— 385 .0 4 0
9 8 4 ,8 6 0
6 .4 0 4 .0 0 0 18,044,000 17,0 5 9 ,1 4 0
12 ,6 4 0 ,0 0 0
— 121,000
1 2,100
6 .3 7 4 ,0 0 0
5 ,3 6 1 ,9 0 0
3 .7 0 6 .0 0 0
1 ,6 0 8 ,0 0 0
14 .3 0 8 .0 0 0
1 4 .647.000
15.1 2 0 .0 0 0
1 5 .181.000
6 4 8 .835 .00 0
5 2 0 .039 .00 0
6 6 1 .870 .00 0
5 2 5 .2 6 1 .0 0 0
6 6 3 .1 4 3 .0 0 0
53 4 .6 8 6 .0 0 0
5 7 6 .990 .00 0
5 4 0 .442 .00 0
4 9 1 ,1 7 1 ,3 2 0 1 7 1 ,971 ,68 0
48 7 ,6 4 0 ,8 7 0 4 7 ,1 4 5 ,1 3 0
50 7 ,3 9 3 .4 7 0 6 9 ,5 9 6 .5 3 0
49 6 .3 2 3 .7 9 0 4 4 ,1 1 8 .2 1 0
+ 124826 550
— 2 2 .4 5 1 ,4 0 0
+ 2 5 ,4 7 8 .3 2 0
+ 11,1 6 5 .2 8 0
n T h is Is th o reserve required on net d em a n d d ep osits In th e ca se o f S ta te b a n k s and tru st com p a n ies. b u t *? _t* f
Includes^also a m ou n t of*reserve required on net tim e d ep osits, w hich w as as follow s: Jun e 2 9 , $4,7 1 7 ,6 5 0 : Jun o 2 2 . $ 4 ,7 2 4 ,2 5 0 : Ju n e 15. $ 4 ,6 8 3 ,5 7 0 : Ju n e 8 ,$ 4 ,6 4 7 ,9 9 0 .
b T h is Is th o reservo required on net dem an d d ep osits In the ca so o f S ta te b a n k s and trust com p a n ies, b u t In the case o f m em bera o f tlm F ederal R eserv e B a nk Includes
also a m ou n t o f irM erveirequired on n o t tim e d ep osits, w hich w as as follow s: Jun e 2 9 , $4,7 0 7 ,8 7 0 : Ju n e 2 2 , $ 4 ,7 1 3 ,8 7 0 : J u n e 15, $ 4 ,7 6 4 ,3 0 0 . Jun e 8 . $ 4 ,6 1 4 ,8 4 0 .
e A m ou n t o f cash In v a u lt, w hich Is n o longer co u n te d as reserve fo r m em bers o f th e Federal R e se rv e B a n k , w as as follow s:
Ju n e 2 9 . $ 9 8 ,591 ,00 0: Jun e 2 2 , $10 0 ,0 8 1 ,0 0 0 : Ju n e 15, $ 1 0 1 ,2 0 0 ,0 0 0 : Jun e 8 , $ 9 9 ,8 6 0 ,0 0 0 .
d A m ou n t o f cash In va u lts, w hich Is n o lon g er cou n ted ns reserve fo r m em b ers o f tho Federal R e s e r v e B a n k , w as as follow s:
Jun e 2 9 . $0 0 ,6 1 3 ,0 0 0 : Jun e 2 2 . $ 9 9 ,2 3 5 ,0 0 0 : Jun e 15. $ 10 0,01 8,0 00- Jun e 8 . $ 1 0 0 ,6 7 7 ,0 0 0 .
60
THE CHRONICLE
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
n New York City not in the Clearing H ou se, as follows:
[Vol . 107
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 .
State Banks.
June 2 9 Differences from
1918.
previous week.
Week ended June 29
U M M A R Y O P 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 .
(Figures furnished bj State Banking Department.)
Differences from
June 29
previous week.
L oa n s a n d in v estm en ts........ .................................................... 5 7 2 8 ,1 5 3 ,5 0 0 D e o . $ 3 ,8 5 8 ,5 0 0
B D e o le ..............................................................................................
1 2 ,6 4 8 ,9 0 0 I n c .
1 33 ,200
C u rren oy an d ban k n o t e s ........................................................
1 3 ,6 4 2 ,2 0 0 D e o . 1 ,8 2 6 ,9 0 0
D e p o s its w ith th e F . R . B a n k ot N ew Y o r k ..................
5 9 ,3 3 9 ,7 0 0 I n c .
3 ,3 8 7 ,2 0 0
T o t a l d e p o s its ................................................................................ 8 0 1 ,9 8 9 ,4 0 0 I n c . 16,3 4 1 ,1 0 0
D e p o s its , elim in atin g am ou n ts du e fro m reserve de
p ositaries an d fro m o th er ban ka an d tru st c o m p a n le s ln N . Y . C it y , exch an g esa n rt U . S . d e p o s it s . 6 9 5 ,1 8 7 ,1 0 0 D e c . 1 ,3 1 2 ,0 0 0
R e s e r v e o n d e p o s it s .......................
1 3 5 ,9 5 3 ,7 0 0 I n c .
5 ,1 3 3 ,5 0 0
P e rcen ta g e o f reserve, 2 1 .6 % .
'
RESERVE.
------- State B
anks------------ Trust Com
panies-----C a sh In v a u lts .............................................. 5 1 3 ,3 3 6 ,2 0 0 1 0 .9 6 %
$ 7 2 ,2 9 4 ,6 0 0 1 4 .3 2 %
D e p o s its In b a n k s a n d trust c o s -------- 1 4 ,4 3 9 ,0 0 0 1 1 .8 7 %
3 5 ,8 8 3 ,9 0 0
7 1 .0 %
T o t a l ...........................................................$ 2 7 ,7 7 5 ,2 0 0 2 2 .8 3 %
$ 1 0 8 ,1 7 8 ,5 0 0
C a p ita l as o f M a r . 14
S u rplus as o f M a r . 14
L o a n s an d In vestm ’ ts
S p e c ie ..............................
C u rren oy A b k . n otes
D e p o s it s w ith the F .
R . Bank o f N . Y . .
D e p o s it s _____________
R e s e r v o on d e p o s its .
P . C . reserve t o d e p .
2 1 .4 2 %
M ar.
M ar.
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
Jun e
Ju n e
June
Juno
Juno
•
2 ....................
9 ___________
1 0 ....................
2 3 ___________
3 0 ....................
0 ....................
1 3 ....................
2 0 ___________
2 7 ....................
4 .......... .........
1 1 ....................
1 8 ....................
2 5 ....................
1___________
8 ....................
1 5 ___________
2 2 ___________
2 9 . ............. ..
S
5 .1 5 0 .8 4 6 .2
6 ,1 2 7 ,3 0 4 ,4
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 6 .9 4 7 .7
5 .2 8 8 .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
5 .2 9 3 .3 7 8 .3
5 .2 4 2 .9 1 9 .0
5 .1 4 7 .0 5 5 .5
Specie.
$
4 .4 3 3 .2 8 0 .6
4 .3 1 9 .0 3 5 .1
4 ,3 6 9 ,2 5 7 ,5
4.4 0 9 .3 1 0 .1
4 .4 4 6 .4 9 1 .7
4 .4 6 8 .9 2 7 .4
4 .4 0 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 0 .0
4 .4 3 3 .5 8 0 .1
4.4 0 1 .1 1 7 .1
Legal
Tenders.
In c.
In c.
D ec.
In c.
June 29
2 ,2 7 9 ,8 0 0
2 1 4 .0 9 3 .0 0 0
13,500 2 ,0 0 9 ,4 9 3 ,0 0 0
2 8 3 ,4 0 0
3 2 0 ,5 6 5 ,8 0 0
0 .4 %
2 0 .7 %
Change from
previous week.
1918.
C ir c u la t io n .................. ................
L o a n s , dlso’ ts A In v estm en ts.
In d iv id u a l d e p o s its , 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 e s for C le a r. H o u s e .
D u e fro m o th e r b a n k s.............
C a sh In b a n k A In F . R . B ank
R e s e r v e excess In b a n k and
F ed era l R e se rv e B a n k ____
Total Reserve in
Cash in Deposi
Vault.
taries.
S
S
S
S
9 2 .6 5 5 .7 102 ,961 ,4 195,617,1 5 7 0 ,8 3 6 ,9
90 .5 3 7 .4 8 3 .7 6 2 .6 174 .300 .0 5 6 0 .3 8 7 .8
9 0 .1 3 1 .4 8 1 ,2 5 5 ,4 171.386 .8 5 7 4 .445 .1
9 0 .6 6 4 .8 8 4 .2 6 4 .8 174 .929 .8 5 8 9 ,7 7 3 ,5
9 1 .0 7 6 .7 8 0 .1 8 7 .0 177 .263 .7 5 7 8 ,0 1 7 ,3
9 1 .7 4 9 .8 8 6 .6 0 1 .6 178,351,4 003 .729 .1
9 2 .4 9 3 .5 8 5 .4 3 0 .6 177.924.1 59 0 .4 2 1 .2
9 2 .0 6 9 .3 8 3 .8 9 4 .9 175 .904 .2 59 4 .9 9 1 .3
9 2 .0 7 9 .0 8 6 .0 1 9 .3 178.098.3 59 2 .0 1 9 .7
9 0 .9 4 8 .5 8 5 .0 5 7 .7 176 .006 .2 5 8 8 .899 .3
9 1 .0 7 6 .0 8 5 .2 7 9 .8 170.355.8 5 7 3 .3 7 3 .4
8 9 .3 6 3 .8 8 3 .0 0 1 .4 172 .365 .2 567 ,941 ,1
8 7 .6 5 3 .3 86.740.1 174 .393 .4 5 7 0 .2 3 7 .7
85 .1 2 9 .9 8 4 ,4 4 2 ,7 169 ,572 ,6 5 7 5 ,8 9 1 ,0
8 1 .5 9 4 .4 8 7 .7 2 4 .4 169 .318 .8 5 7 0 .0 4 9 .4
8 2 .1 4 6 .6 8 6 ,2 5 7 ,3 168 .403 .9 5 8 1 .9 4 1 .7
8 0 .4 5 0 .7 8 8 ,7 8 7 ,6 169 .238 .3 5 9 4 .0 4 7 .9
8 0 .1 1 9 .9 8 9 .7 2 6 .9 169 ,846 ,8 6 6 9 .5 9 3 .9
I n c . 1 6 ,3 2 0 ,2 0 0
I n c . 4 0 ,5 5 2 ,6 0 0
I n c . 2 0 ,1 0 1 ,4 0 0
In c.
1 .2 %
$
4 ,9 8 0 ,0 0 0
4 9 4 .7 5 8 .0 0 0
4 7 4 .6 0 6 .0 0 0
1 23 .687 .00 0
15,1 6 5 ,0 9 0
1 9 .042.000
100 .911 .00 0
5 5 .8 7 7 .0 0 0
June 22
1918.
June 15
1918.
S
5
$
D ec.
3 ,0 0 0
4 ,9 8 3 ,0 0 0
v ,9 9 0 ,0 0 0
D e c . 8 ,3 0 0 ,0 0 0 5 0 3 .058 .00 0 4 9 9 .7 3 0 .0 0 0
Tnc. 1 3 ,772,000 4 6 0 .8 3 4 .0 0 0 4 5 8 .4 3 1 .0 0 0
D e c . 2 ,1 3 6 ,0 0 0 125,823 000 1 9 a 7 7 1 non
D ec.
3 10 ,000 15!475|000 1•*»# OU,UUU
•d 7 « n nnn
*.
In c.
3 ,6 2 6 ,0 0 0 1 5 .416.000 l e , 8 0 8 ,0 0 0
I n c . 15,8 2 5 ,0 0 0 8 4 .5 8 6 .0 0 0 8 1 .5 5 7 .0 0 0
D e c . 4 ,9 9 7 ,0 0 0 6 0 .8 7 4 .0 0 0 6 2 .0 3 2 .0 0 0
7 ,5 3 8 ,0 0 0 D e c .
4 ,2 1 6 .0 0 0
1 1 .7 4 4 .0 0 0
1 3 .2 0 5 .0 0 0
Philadelphia Banks.— The Philadelphia Clearing House
statement for the week ending June 29, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” in not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”
• In clu d ed w ith " L e g a l T e n d e r s " are na tion a l b a n k n otes a n d F e d . R eserv e n otes
h eld b y S ta te banka a n d tru st o o s ., b u t n o t th ose held b y F e d . R eserv e m em bers.
In addition to the returns of “ State banks and trust com
panies in New York City not in the Clearing H o u se ," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
olass in the City of New York:
For definitions and rules under whioh 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 ay 22
1917 were published in the “ Chronicle” M ay 19 1917 (V.
104, p. 1975). The regulations relating to oaloulating the
amount of deposits and what deductions are permitted in
the computation of the reserves wore given in the “ Chronicle”
April 4 1914 (V. 98, p. 1045).
4 4 .3 3 4 .3 0 0
5 7 8 ,7 1 6 ,2 0 0
1 0 5 ,090 ,40 0
2 4 .3 %
B O ST O N C L E A R IN G H O U SE M E M B E R S .
C O M B IN E D R E S U L T S O P B A N K S A N D T R U S T C O M P A N IE S IN
GREATER NEW YO RK .
(Two ciphers om
itted.)
Loans
and
Demand
Investments Deposits.
$
$
$
S
2 3 ,6 1 8 ,4 0 0
9 5 ,0 5 0 ,0 0 0
4 1 .2 2 5 .3 0 0
1 6 3 .861 .00 0
4 6 2 ,3 5 0 ,6 0 0 D e c . '*2*,520* 166 1 ,8 7 0 ,1 6 1 ,5 0 0 Dec. *2*5,059] 665
14 .7 5 4 .3 0 0 D e c .
152,000
1 7 ,764,900 I n c .
2 3 3 ,4 0 0
2 4 .6 6 3 .3 0 0 D e c . 1 ,4 93,800
1 7 ,171,300 I n c .
4 6 9 ,6 0 0
Boston Clearing House Banks.— We give below a sum
mary showing the totals for all the items in the Boston
Clearing House weakly statement for a series of weeks:
The averages of the New York City Clearing House banks
and trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
Week
Ended—
Trust Companies.
June 29 Differences from
1918.
previous week.
Two ciphers
(0 0 ) om itted.
W ee* ending June 29 1918.
M
emb'rs of Trust
f. R. S
psi
Cos.
Total.
C a p it a l_________________
$ 2 5 ,9 7 5 ,0
S u rplus and p r o fits .............
6 7 .7 5 6 .0
L o a n s, d lso’ ts A Investm ’ ts 5 7 2 .3 7 9 .0
E x ch a n g e s fo r C lea r .H ou se
2 6 .6 0 6 .0
D u o fro m b a n k a ___________ 1 3 4 .6 3 3 .0
B a n k d e p o s its _____________
1 6 3 .5 5 1 .0
In d iv id u a l d e p o s its _______ 4 1 2 .2 6 9 .0
T im e d e p o s its ........................
4 ,4 3 0 .0
T o t a l d e p o s its .................... 5 8 0 .2 5 0 .0
U .8 . d e p o s lts (n o t Inclu ded)
R o s ’ v e w ith F e d . R e s . B k .
4 4 ,8 6 0 ,0
R e s 'v e w ith legal d e p o s it’ s
C a sh In v a u lt * ......................
16 .0 4 1 .0
T o t a l reserve A .c a s h h e ld .
6 0 .9 0 1 .0
R e s e rv e req u ired ..................
4 1 .5 9 0 .0
E x cess res. A cash In vau lt
1 9 .3 1 1 .0
$ 5 ,5 0 0 ,0
1 3 .8 7 8 .0
4 6 .3 7 8 .0
1 .1 9 8 .0
2 2 0 ,0
1.1 5 1 .0
3 0 .8 9 6 .0
"m ,047*0
4 .9 8 0 .0
1.7 5 4 .0
6 .7 3 4 .0
4 .5 9 4 .0
2 .1 4 0 .0
June 22
1918.
5 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 1 .7 0 2 .0
4 4 3 .1 6 5 .0
4 .4 3 0 .0
0 1 2 .2 9 7 .0
6 8 .3 7 9 .0
4 4 .8 6 0 .0
4 .9 8 0 .0
17.7 9 5 .0
6 7 .6 3 5 .0
4 6 .1 8 4 .0
21,451,0.
.#1,475,1
81.904.1
623.872.1
25.631.1
133.664.1
170,239,(
449.988.1
4,529,1
024.757.1
67,0 2 8 ,(
5 3 ,2 3 1 ,(
5 ,0 7 2 ,(
18.142.1
76.445.1
47.752.1
15/,693,1
June 15
1918.
$ 3 1 ,5 7 4 ,0
8 1 .9 2 9 .0
6 3 0 .1 6 5 .0
2 2 .6 9 5 .0
1 2 9 .9 6 8 .0
1 6 7 .4 5 2 .0
4 6 6 .8 2 5 .0
4 .8 7 5 .0
6 3 9 .1 5 2 .0
6 0 .3 9 8 .0
5 3 .5 4 9 .0
4 .4 0 0 .0
1 7 .9 7 4 .0
7 5 .9 2 3 .0
4 9 .8 7 4 .0
2 6 .0 4 9 .0
•Cash In v a u lt Is n o t o ou n ted as reservo fo r F . R . b a n k m em b ers.
Non-Member Bank3 and Trust Companies.— Following Is the report made to the Clearing House by clearing non
member Institutions which are not inoluded in the “ Clearing House return” on the preceding page:
_________ RETU RN OF NON-M EM BER INSTITUTION S OF NEW Y O R K CLEARIN G HOUSE.
C L E A R IN G
N O N -M E M B E R S .
Week Ending June 29,1918.
Members of
Federal Reserve Bank
B a tte r y P a rk N a t . B o n k ____
W . R . G ra ce A C o . ’ s b a n k . . .
F irst 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 ..
F irst N a t . B a n k , J ersey C ity
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 , H o b o k e n
T o t a l ..............................
N et
P rofits.
C apital.
/ N a t . ban ks M a r . 41
(S ta te ban ks M a r . 1 4 /
*
$
L oans.
D iscou n ts,
Investm ents,
N a tion al
Bank
Ac.
Cold.
Legal
T enders.
A verage.
A verage.
$
A verage.
$
1
A Federal
Silver.
Reserve
N otes.
A vera ge.
$
A verage.
$
4 0 0 .0 0 0
6 0 0 .0 0 0
3 0 0 .0 0 0
3 0 0 .0 0 0
4 0 0 .0 0 0
2 5 0 .0 0 0
2 2 0 .0 0 0
1 2 5 ,0 0 0
5 2 7 ,9 0 0
6 4 2 ,4 0 0
6 7 0 ,5 0 0
6 0 4 ,1 0 0
1 ,3 2 8 ,9 0 0
7 8 2 ,7 0 0
6 3 2 ,8 0 0
3 0 2 ,2 0 0
8 .6 1 5 .0 0 0
5 .0 2 0 .0 0 0
7 .3 7 4 .0 0 0
6 .5 1 4 .0 0 0
8 .4 9 7 .0 0 0
5 .0 5 0 .0 0 0
7 .3 6 2 .0 0 0
5 .8 4 1 .0 0 0
8 1 ,0 0 0
3 .0 0 0
9 .0 0 0
2 .0 0 0
2 1 0 ,0 0 0
5 9 .0 0 0
6 ,0 0 0
1 0 .0 0 0
1 3 .0 0 0
2 6 ,0 0 0
1 0 .0 0 0
2 3 .0 0 0
1 6 3 ,0 0 0
9 .0 0 0
2 .0 0 0
4 1 .0 0 0
2 ,4 9 5 ,0 0 0
5 ,4 8 9 ,5 0 0
5 4 ,2 7 3 ,0 0 0
3 8 0 ,0 0 0
1 0 0 ,0 0 0
5 0 0 .0 0 0
1 ,0 0 0 ,0 0 0
5 0 0 .0 0 0
2 0 0 .0 0 0
2 0 0 ,0 0 0
1 0 0 ,0 0 0
1 ,6 0 0 ,0 0 0
2 0 0 ,0 0 0
4 8 0 ,3 0 0
1 .0 0 3 ,4 0 0
6 2 0 ,8 0 0
1 4 6 ,9 0 0
5 2 3 ,0 0 0
2 1 3 .7 0 0
6 6 3 ,4 0 0
7 9 8 .7 0 0
1 7 4 ,8 0 0
2 .4 9 4 .0 0 0
9 .4 1 3 .0 0 0
1 3 .7 1 5 .0 0 0
5 .7 8 5 .0 0 0
8 .3 5 9 .0 0 0
3 .7 6 8 .0 0 0
7 .0 9 9 .0 0 0
2 2 .8 3 5 .0 0 0
4 .4 3 9 .0 0 0
7 3 .0 0 0
7 0 0 .0 0 0
6 5 4 .0 0 0
1 5 4 .0 0 0
8 ,0 0 0
3 3 .0 0 0
2 6 7 .0 0 0
1 2 4 .0 0 0
6 ,0 0 0
Reserve
with
Legal
D ep o si
taries.
Additional
D ep osits
with Legal
D ep o si
taries.
N et
D em and
D ep osits.
N et
T im e
D ep osits.
N a tion a
Bank
Circula
tion .
A verage.
i
A verage.
A verage.
A verage.
A evrage.
*
S
4 3 1 .0 0 0
5 9 7 .0 0 0
3 ,6 2 7 ,0 0 0
7 6 7 .0 0 0
8 1 5 .0 0 0
6 8 8 .0 0 0
$
6 .8 6 3 .0 0 0
2 .3 9 9 .0 0 0
5 .3 1 8 .0 0 0
5 .2 6 7 .0 0 0
0 ,0 7 7 ,0 0 0
4 .2 5 4 .0 0 0
2 .8 0 9 .0 0 0
2 .7 0 0 .0 0 0
5 2 0 .0 0 0
3 .5 3 4 .0 0 0
2 .6 8 3 .0 0 0
2 9 6 .0 0 0
1 2 0 .0 0 0
3 9 5 .0 0 0
1 9 8 .0 0 0
2 1 8 .0 0 0
9 9 ,0 0 0
5 ,0 5 6 ,0 0 0
7 ,1 6 3 ,0 0 0
3 6 ,2 9 3 ,0 0 0
9 .0 6 2 ,0 0 0
1 .5 2 3 ,0 0 0
1 3 1 .0 0 0
1 0 7 .0 0 0
5 2 6 .0 0 0
4 0 7 .0 0 0
1 2 6 .0 0 0
1 9 0 .0 0 0
1 0 1 .0 0 0
1 ,1 0 8 ,0 0 0
2 7 8 ,0 0 0
1 3 2 .0 0 0
6 2 5 .0 0 0
7 8 2 .0 0 0
3 0 6 .0 0 0
9 6 5 .0 0 0
2 4 0 .0 0 0
4 2 9 .0 0 0
1 ,3 9 3 ,0 0 0
2 4 0 .0 0 0
3 0 9 ,0 9 3
2 7 0 ,0 ) 9
1 6 6 ,0 0 0
1 5 0 .0 0 0
1 6 6 .0 0 0
6 0 6 .0 0 0
5 4 9 .0 0 0
5 6 5 .0 0 0
2 .2 0 5 .0 0 0
1 0 .1 0 9 .0 0 0
1 3 .0 4 9 .0 0 0
4 .9 3 2 .0 0 0
7 .0 0 9 .0 0 0
4 .0 1 7 .0 0 0
7 .1 5 3 .0 0 0
2 3 .2 1 3 .0 0 0
3 .8 3 0 .0 0 0
*3*01*666
1 2 4 .0 0 0
3 9 .0 0 0
7 1 .0 0 0
6 7 .0 0 0
4 0 0 .0 0 0
1 0 8 ,0 0 0
6 5 .0 0 0
1 1 8 ,0 0 0
7 6 .0 0 0
3 8 .0 0 0
8 5 .0 0 0
1 1 5 .0 0 0
2 ,0 0 0
8 3 .0 0 0
1 2 3 .0 0 0
2 5 0 .0 0 0
1 1 9 .0 0 0
1 7 7 .0 0 0
3 5 .0 0 0
1 ,0 2 5 ,0 0 0
9 3 4 .0 0 0
5 6 8 .0 0 0
5 5 8 .0 0 0
9 7 8 .0 0 0
3 7 7 .0 0 0
3 2 5 .0 0 0
2 9 1 .0 0 0
2 6 1 ,0 0 0
5 1 6 ,0 0 0
9 0 4 ,0 0 0
5 ,0 0 0
1 1 3 .0 0 0
5 7 .0 0 0
3 6 4 .0 0 0
3 9 3 .0 0 0
4 7 .0 0 0
2 1 5 .0 0 0
2 2 6 .0 0 0
3 8 6 .0 0 0
6 4 5 .0 0 0
1 2 2 .0 0 0
2 3 8 .0 0 0
s
1 2 3 .0 0 0
1 ,2 2 0 ,0 0 0
5 7 9 .0 0 0
4 0 3 .0 0 0
1 9 7 .0 0 0
State Banks.
N ot M em bers o f the
Federal Reserve Bank.
B a n k o f W a sh in g ton H e ig h ts .
nnlPTlIftl T)nnV — m m m m —
VUlUUIal DalJA
mmmmm C o lu m b ia B a n k ______________
In tern 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 e c h a n ic s ' B a n k , B r o o k ly n .
N o rth Side B a n k , B r o o k ly n ..
T o t a l ____ : . H
***14*,6 o O
7 7 .0 0 0
4 1 .0 0 0
1 1 7 .0 0 0
3 2 2 .0 0 0
1 5 .0 0 0
..................
.......................
4 ,4 0 0 ,0 0 0
4 ,6 2 5 ,0 0 0
7 7 ,9 0 7 ,0 0 0
2 ,0 1 9 ,0 0 0
7 0 4 ,0 0 0
2 ,4 5 5 .0 0 0
2 ,9 7 4 ,0 0 0
5 ,1 1 2 ,0 0 0
2 ,7 8 1 ,0 0 0
7 6 ,1 2 3 ,0 0 0
1 ,0 6 2 ,0 0 0
T ru st C c u p in lc s .
N ot M en btrs o f the
Federal Reserve Bank.
H a m ilton T r u s t C o ..B r o o k ly n
M e c h a n ic s ’ T r . C o . , B a y on n e
5 0 0 .0 0 0
2 0 0 .0 0 0
1 ,0 0 7 ,8 0 0
. 3 4 4 ,0 0 0
7 .9 2 6 .0 0 0
7 .6 6 7 .0 0 0
3 7 4 ,0 0 0
2 1 ,0 0 0
1 5 .0 0 0
1 8 .0 0 0
1 8 ,0 0 0
1 0 1 ,0 0 0
6 8 ,0 0 0
1 6 3 ,0 0 0
2 7 4 .0 0 0
4 1 7 .0 0 0
3 7 8 .0 0 0
3 3 3 .0 0 0
5 , 4 0 ' POO
4 .0 3 .9 0 0
1 ,0 2 2 ,0 0 0
3 ,1 3 8 ,0 0 0
T o t a l ............................................
7 0 0 ,0 0 0
1 ,3 5 1 ,8 0 0
1 5 ,5 9 3 ,0 0 0
3 9 5 ,0 0 0
3 3 ,0 0 0
1 1 9 ,0 0 0
2 3 1 ,0 0 0
6 9 1 ,0 0 0
7 1 1 ,0 0 0
1 0 ,1 3 4 ,0 0 0
4 ,1 6 0 ,0 0 0
..................
7 .5 9 5 .0 0 0 1 1 .4 6 6 .3 0 0 1 4 7 ,7 7 3 ,0 0 0
— 2 4 1 ,0 0 0
2 ,7 9 4 ,0 0 0
— 8 4 ,0 0 0
9 9 8 ,0 0 0
— 1 2 3 ,0 0 0
3 ,0 9 0 ,0 0 0
— 1 3 1 ,0 0 0
4 ,1 0 9 ,0 0 0 1 0 ,8 5 9 ,0 0 0 1 0 ,6 5 5 ,0 0 0 a l 2 2 ,5 5 0 ,0 0 0 1 4 ,2 8 4 ,0 0 0
+ 7 8 ,0 0 0 — 1 9 3 ,0 0 0 - 2 , 3 8 5 . 0 0 0
— 9 9 4 ,0 0 0
+ 3 0 ,0 0 0
1 .5 2 3 ,0 0 0
— 3 ,0 »)
2 .8 7 1 .0 0 0
3 .2 9 9 .0 0 0
3 .4 3 8 .0 0 0
3 .5 2 8 .0 0 0
1 ,1 2 1 ,0 0 0
1 .2 5 3 .0 0 0
1 .2 3 5 .0 0 0
1 .0 6 2 .0 0 0
3 . 2 2 1 .0 0 0
3 .1 9 3 .0 0 0
3 j2 9 0 ,0 0 0
3 .1 6 7 .0 0 0
4 .0 3 1 .0 0 0
3 .9 9 2 .0 0 0
4 .0 7 0 .0 0 0
4 .2 0 6 .0 0 0
1 .5 2 6 .0 0 0
1 .5 0 9 .0 0 0
1 .5 1 2 .0 0 0
1 .5 0 8 .0 0 0
G ra n d a g g r e g a t e . . ___________
C o m p a rison p rev iou s w e e k ..
E x cess r e s e r v e _____ _______
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 _____
G ra n d ag g reg a te Jun e 8 ____
G ra n d a ggrega te’ J u n e 1____|
* * 62*830
d ecrea so
7 .5 9 5 .0 0 0
7 .5 9 5 .0 0 0
7 .5 9 5 .0 0 0
7 .5 9 5 .0 0 0
1 1 .4 6 6 .3 0 0
1 1 .3 4 6 .6 0 0
1 1 .3 4 8 .6 0 0
1 1 .3 4 6 .6 0 0
a U . S . d ep osits d e d u c t e d , $ 1 0 ,4 0 0 ,0 0 0
1 4 8 .0 1 4 .0 0 0
1 4 9 .4 9 4 .0 0 0
1 5 1 .2 0 8 .0 0 0
1 5 2 .4 6 6 .0 0 0
1 1 .0 5 2 .0 0 0 1 3 .0 4 0 .0 0 0 □ 1 2 3 ,5 4 4 ,0 0 0
1 0 .7 0 9 .0 0 0 1 0 .9 4 6 .0 0 0 8 1 2 5 ,9 4 9 ,0 0 0
1 0 .1 9 4 .0 0 0 1 0 .3 3 0 .0 0 0
1 2 7 .1 1 9 .0 0 0
1 0 .6 6 9 .0 0 0 9 ,1 5 1 .0 0 0
1 2 7 .6 8 4 .0 0 0
14.251.000
1 4 .2 5 2 .0 0 0
1 4 .2 4 6 .0 0 0
1 4 .2 4 3 .0 0 0
..................
61
THE CHRONICLE
J uly 6 1918.]
'j B i m h j c i v
( j f c ^ g t f r e . ____________
W a l l S tre et, F r id a y N i g h t , J u l y
5 1918.
The Money Market and Financial Situation. — The
security markets are beginning to reflect the conditions which
usually obtain during tho first weeks of the summer holiday
period. The annual exodus from tho city is well under way
and therefore the number of habitues of the financial dis
trict is steadily diminishing. This is shown in the volume
of business at the Stock Exchango, which has grown smaller
day by day throughout the week.
Tho Federal Trade Commission’s report on profiteering,
announced on Monday, and discussion as to what official
action might bo taken in regard thereto, had a tendency to
restrict operations at tho Stock Exchango on Monday. A
more careful analysis of tho matter, and later tho action of
the War Industries Board, fixing the price of copper at an
advance of 2 Y 2 cents per pound, has robbed it entirely of
influence, however, as a market factor.
Tho Government report as t6 cotton is exceptionally
favorable and foreshadows a crop socond only to the record
one of 1914. As to other crops it is not so exclusively favorablo, but the areas suffering from drought or low tempora'tures is relatively small and tho slight damago reported may
easily be repaired by a return to more normal climatic
conditions.
Statements given out referring to iron production show
that the output for June was somewhat smaller than it was
in May. Tho difference is only about 380 tons per day,
however, an insignificant amount when compared with a
total of nearly 111,000 tons.
The unprecedented number of ship launchings, which was
a feature of tho national holiday celebration, gives world
wide satisfaction; as do tho various naval and military
achievements by tho United States forcos overseas, where
about 1,000,000 of our troops aro making their influence felt
with both friend and foe.
Tho monoy market has boon stronger this week, call loan
rates touching W / 2 % .
Foreign Exchange.
United States Bonds.
— Sales of Government bonds at the
Board are limited to Liberty Loan 3%s at 99.48 to 99.64,
L. L. 1st 4s at 94.02 to 94.44, L. L. 2d 4s at 94 to 94.50,
and L. L. 4%s at96.08to 96.86. F o r t o - d a y 's p r i c e s f o r a ll th e
d i ff e r e n t i s s u e s , a n d f o r
w e e k 's r a n g e , s e e th ird p a g e f o l l o w i n g .
Railroad and Miscellaneous Stocks. — The
stock mar
ket has been exceptionally dull. It was weak on Monday,
in continuation of the movement just preceding, but became
steady on Tuesday and was stronger on Wednesday. The
transactions to-day were much more limited than on any
previous day of the week and the movement of prices was
correspondingly unimportant.
As a result of the week’s operations, of a list of 25 most
prominent issues 9 show an advance, 12 are lower than last
week and 4 unchanged.
As illustrating how narrow the market has been, it is
interesting to note that all except 9 of the changes men
tioned for the week are represented by minor fractions and
only 6 amount to as much as a full point. Of the railroad
list New York Central and Northern Pacific have been the
strong features.
Gen. Motors of miscellaneous stocks is unique in an ad
vance of 4 points. Am. Sumatra Tobacco, on the other
hand, has declined 2 points and Atlantic G. & W . I. almost
as much. U. S. Steel has covered a range of 4 % points and
closes at the highest.
F o r d a i ly v o lu m e o f b u s i n e s s s e e p a g e 69.
The following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:
STOCKS.
Week ending July 5.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares S per share.
A m erica n H ank N o t c . 5 0
A m B ra k e Sh & F d y .1 0 0
A m S m elteis Securities
p referred series A ____
A m Sum atra T o b p f .1 0 0
A m er T e le g & C a b le . 100
A ssets R e a liz a tio n ___10
A ssoc D r y G o o d s . . . 100
100 34
100 90
Range since fan 1.
Highest.
Lowest.
Highest.
S per share. $ per share. $ per share.
J u ly 1 34
J u ly 1 9 0
J u ly 2 89
95 89
J u ly 5 101
500 100
0 5 3 % J u ly 2 5 3 %
1 % J u ly 2
1%
100
J h ly 1 13
100 13
J u ly 3
14 62
A tla n ta B lrm & A t l ., 1 0 0
100
9 % June29
9%
1 % Ju ly 2
B a top ila s M in in g ____ 20 1,100
1%
B run sw ick T erm in a l .1 0 0
400 1 1 % J u ly 2 1 1 %
C a lu m et & A riz o n a ___ 10
300 6 7 % J u ly 2 69
C e n t F ou n d ry , n r e f.1 0 0
100 46 ( J u ly 5 46
C e n t < S o A m T e le g . 10G
fc
10 z l0 3 J u ly 5 z l 0 3
Ju ly 2 34
C erta in T e e d P rod no par
10 34
C lu e t t .P e a b o d y & C o lO O
100 5 0 % J u ly 2 5 0 %
C o n s In tersta te C a l l . . 10
10C 1 1 % June29 1 1 %
C on tin en ta l C a n pref 100
20C 1 01 % J u ly 3 1 01 %
C on tin en ta l In su r____ 25
100 5 3 % J u ly 5 5 3 %
D eere & C o p r e f____ 10C
20C 9 2 % J u ly 1 9 2 %
13 1 04 % June29 1 04 %
D e tr o it E d is o n _____ 10C
E lec S tora g e B a tte r y 10C
10C 5 1 % June29 5 1 %
E lk H o rn C o a l ............... 5C 1.10C 2 5 % J u ly 3 2 6 %
J u ly 5 34
F ed eral M * S, p r e f. 100
IOC 34
J u ly 2 38
F isher B o d y C o r p .n o par
10C 38
J u ly 1 48
G eneral C i g a r . .......... 10C 1.80C 4 6
Jun c29 70
Ilo m e s ta k e M in in g .. 10C
200 70
K e lse y W h eel I n c ___10C
140 2 4 % J u ly 2 2 4 %
J u ly 3 90
K resg e (S S) C o ____ 100
100 90
J u ly 5 103
K ress (S H )& C o , pref 100
100 103
L ig g ett & M y e r s p ref 100
100 1 0 2 % J u ly 2 1 02 %
J u ly 1 195
L orillard ( P ) . _ .......... 100
334 195
N a tio n a l A c m e _______50 1,100 3 0 % J u ly 3 3 1 %
J u ly 2 93
N a tion a l B is c u it____ 100
100 93
P r e fe r r e d _________ 100
100 1 07 % June29 1 0 7 %
N a t R y s M e x 2d preflOO
4 % June29
4%
100
J u ly 2 1 8 %
N O T e x & M e x v t c .1 0 0
770 18
N e w Y o r k D o c k ____ 100
June29 24
100 24
June29 57
N o v a S cotia S & C . . 1 0 0
200 57
J u ly 5 6 0 %
O w ens B o ttle M a c h . .2 5
300 60
P o n d C reek C o a l _____ 10
100 1 8 % J u ly 3 1 8 %
J u ly 2 73
S a v a g e A rm s C o r p . , 1 0 0
100 73
J u ly 5 127
S outh P o r to R ic o SuglOO
100 127
R ig h t s _________________
400
6
J u ly 5
7%
S tand ard M illin g ___100
500 105
J u ly 2 107
T h ird A v en u e R y ___100
100 1 8 % J u ly 1 1 8 %
U n ited D ru g 2d p r e f. 100
lOOf 7 7 % J u ly 2 7 7 %
U S R e a lty & I m p t -.lO O
200 1 3 % J u ly 1 1 3 %
J u ly
J u ly
1
1
31%
90
M ar 35% M ay
J u ly 90
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
2
2
2
2
1
89
81
51
1
12
M ay 94% M ar
Jan 103
Jun e
Jan 60
F eb
M ar
1 % J u ly
M a y 13
M ar
June29
J u ly 5
J u ly 1
J u ly 5
J u ly 5
J u ly 5
J u ly 2
J u ly 2
June29
J u ly 3
J u ly 5
J u ly 1
June29
June29
June29
J u ly 5
J u ly 2
J u ly 2
J u ly 3
J u ly 2
J u ly 3
J u ly 5
J u ly 2
J u ly 1
J u ly 3
J u ly 2
June29
June29
J u ly 3
June29
June29
J u ly 3
J u ly 3
J u ly 2
J u ly 5
J u ly 1
J u ly 2
J u ly 1
J u ly 2
J u ly 2
8%
1
6%
63%
41
z l0 3
35
45
7%
99%
44
90
98
48
22
27
26
34
68
24%
83
100
100%
160
26%
92%
107%
4%
17
18%
57
55%
18
53
127
6
84
16
77
8
Jan 1 0 %
Jan
1%
Jan 1 6 %
Jan 71
Jan 53
J u ly 110
June 38
Jan 56
A p r 13
Jun e 105
F eb 5 3 %
Jun e 96
Jan 105
Apr 51%
Jan 2 8 %
Jan 3 6 %
Jan 43
Jan 58
Jun e 89
J u ly 30
J u n e 90
Jan 1 0 3 %
June 1 07 %
Jan 200
Jan 33
M a y 100
Jun e 114
M ay
7%
Apr 24%
Jan 27
June 69
Jan 65
A p r 20
Jan 8 0 %
J u ly 162
7%
J u ly
Jan 107
Apr 21%
June 80
M a r 17
Jun e
M ar
Jun e
M ay
Apr
M ar
Jun e
F eb
June
M ar
J u ly
F eb
M ar
June
M ar
F eb
Jun e
June
Jan
M ar
J u ly
Jun e
M ar
M ar
M ay
Jan
M ar
Jan
M ay
M ay
Jan
F eb
June
M ay
Jan
J u ly
J u ly
Jan
Jan
Apr
— Sterling remains without new fea
ture and rates have scarcely varied during tho week. The
Continental exchanges, except for a rise in tho official price
of lire to 8 80 for cables, aro likewise without now develop
ment.
To-day’s (Friday’s) actual rates for sterling oxcliango wore
4 7 2 ^ @ 4 1 2 ] / 2 for sixty days, 4 75 5-16@4 7535 for checks
and 4 70 7-16 for cables. Commercial on banks, sight, 4 75
@ 4 75K: sixty days, 4 7 1 % @ 4 71 % ; ninoty days, 4 70@
4 70%. and documents for payment (sixty days), 4 71@
4 71%. Cotton for payment, 4 75@4 75% , and grain for
payment, 4 75@4 75%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
wore 5 77% for long and 5 72% for short. Germany bank
ers’ marks wore not quoted. Amsterdam bankers’ guilders
were 49 13-16 @50 9-16 for long and 49 15-16 @50 11-16 for
short.
Exchange at Paris on London, 27.16 fr.; week’s rango,
— Business in “curb” securities in the
27.16 fr. high and 27.15 fr. low.
forepart of the week was unusuually quiet with prices tend
ing to lower levels. In the later trading speculation broad
Exchange at Berlin on London, not quotablo.
ened and became more active, a firm tone developing,
The rango for foreign exchango for tho week follows:
considerable interest attaches to General Asphalt which
Sterling Actual—
Sixty Days.
~ •Checks.
Cables.
H ig h f o r t h o w e e k ___
4 72 %
4 7635
has become active recently in this market the com. ad
4 7 6 7 -1 6
T .m v fr>r t h o w e e k
4 7 9 $/.
4 7 5 5 -1 6
4 7 6 7 -1 6
vancing this week, after early loss of 1% points to 28%, to
Paris Hankers' Francs—
H ig h f o r t h o w e e k —
5 77 %
36%, the close to-day being at 36%. The preferred sold
5 71%
5 69%
L o w fo r th o w e e k —
5 77%
5 71%
5 69%
up from 66 to 70. Burns Bros. Ice, com. from 27% weak
Amsterdam Hankers’ Guilders— •
H ig h f o r t h e w e e k —
7)0 9 -1 6
ened to 26 and advanced to 28. Chevrolet Motor was
50%
51%
L o w fo r th o w e e k —
4 9 1 3 -1 6
49%
quiet and receded 10 points to 130 but recovered finally
— Chicago, par. Boston, par. St. to 136%. United Motors on the other hand was active
Louis, 15c. per SI,000 discount bid. San Francisco, par. and after a drop of over 3 points to 31% ran up to 34%,
closing to-day at 33%.
Curtiss Aerop. M .com. opened
Montreal, $23 75 per $1,000 premium. Minneapolis, 10c. tho weok at 38%, sank to 37% and recovered to 40 with a
per $1,000 discount. Cincinnati, par.
final reaction to 39%. Wright-Martin Aerop. com. after
— No sales of State bonds fluctuating between 9 % and 9% during the week advanced
to-day to 10% and finished at 10%. Oil stocks were ir
liavo been reported at tho Board this week.
regular and only fairly active. Houston Oil, com. after
In sympathy with other departments of the Exchango, and early loss from 69% to 64% advanced to 73% then reacted
as noted above, the market for railway and industrial bonds to 66. It moved upward again, resting finally at 67%.
has been dull and practically featureless. Only a small Merritt Oil declined from 27% to 26, but recovered to
number of issues have been mentioned in tho transaction 27%. Midwest Oil, com. from 1.14 weakoned to 1.07
and it is difficult to select a relatively active list, so evenly and closed to-day up to 1.09. Midwest Refining lost about
5 points to 114 and ends the weok at 115. Mining stocks
has tho business been distributed.
with few exceptions show very little chango. There was a
Changes in price aro equally unimportant. In only 2 or 3 good domand for bonds w.th prices about steady. Russian
cases have net results covered more than half a point. Government issues were materially lower, the 6%s losing
Among the latter Northern Pacific 3s aro conspicuous for an 4 points to 44 with a recovery to 46. The 5%s dropped
advanco of a full point and Balt. & Ohio gold 4s aro % higher from 47 to 42 and sold finally at 43.
than last week. Of a list of 16 well-known issues 8 aro
A complete record of “ curb” market transactions for the
highor, 3 aro lower and 5 unchanged from last weok.
week will be found on page 70.
Outside Market.
Domestic Exchange.
State and Railroad Bonds.
63
New Yuris: StouK Exchange—Stock: Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O
PAGES
Par rra o rd o f *■!•• dixrla s I h t ««<!■ o f utack* u a u illr
HIGH AND LOW 8ALP PRICES— PER SBARB, NOT PSR CBNT.
Saturday
June 29
July 1
July 2
$ per share S ver share S per share
*81
85
84
84%
84% 84%
*82
83
82
82
*81% 83
*91
92
92
*91
91%
*90
54%
54
54% 54%
543S 5433
•55% 57
56% 56% ♦55% 57
37
38%
39
3934
38% 39
147% 14712 146% 147% 146% 146%
56% 56%
5534 5638 ♦55% 50%
77S
77*
8%
8
8%
8%
24% 24%
2433 2434
24% 24%
4 2 1 4 2 14
8
41% 42
4 1 5g 41%
____
73% 7334
73% 73%
•91
93
*91
92% *92
93
130
*12 0
*2278 23%
2234 23
2 2 % 227g
7534 7534
7414 75
75
75%
*64
65
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Wednesday
July 3
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per share s ver share
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p r ie e o , uu «auu u a in is d a / ,
Friday
July 5
84% 84%
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84
Thursday
July 4
t E x -rlg u ts.
83%
____
*23%
1
Salesfo’
ih>
Week
Shares
1,800
100
1,20 0
400
3 ,3 7 5
1,300
1,400
3 ,1 1 0
2,317
1,554
950
100
3 ,6 6 5
2 ,900
1,600
100
I t u t iln ,
«« «
STOCKS
N EW YO R K STOCK
EXCHANGE
R a ilr o a d *
Par
A toh T o p e k a * fcUuta F e . . l 0 0
Do
p ro f________________ 100
A tla n tic C oa st Line R R ___ 100
B a ltim ore * O h io ...............1 0 0
Do
p ro f________________100
B rook ly n R a p id T r a n s it ..1 0 0
C a n adian P a clflo___________100
C h esapeake * O h io ________ 100
C h ica g o G rea t W e s t e r n .- . 1 0 0
Do
prof________________100
C h ica g o M llw A St P a u l . . 100
Do
o r e f________________100
C h i c a g o * N o r t h w e s t e r n .. 100
Do
p re l_____________ .1 0 0
O h io R o o k Isi * P a c tem p o t fs .
7 % p referred tem p o t fs ____
6 % preferred tornp o t fs ____
O lov O la C h i* A S t L o u is ..1 0 0
Do
p r e f............................. 100
C o lo ra d o A S ou th ern _____ 100
Do
1st p r e f____________100
D elaw are L ack A W e s t e rn ..5 0
D en v er A R io G ra n d e ____ 100
2 ,0 0 0 E r ie ________ ________________ to o
1,800
Do
1st p ref____________ 100
100
D o 2d p r e f____________100
1,000 G roa t N orthern p rof____ ..1 0 0
7 ,100
Iron O re p rop erties. . N * pur
341 In te rb o ro C on s C o r p . . N o par
100
Do
p ref________________100
100 K ansas C it y S ou th ern ____ 100
700 L ehigh V a lle y ................... .......50
100 Louisville A N a sh v ille ____ 100
M ln n ea p A St I, ( n e w ) .. . 1 0 0
400 M issouri K an sas A T e x a s . 100
4 ,4 0 0 M issou ri Paotfto tr o t fs ____ 100
300
D o pref tr o t fs ________ 100
2 ,100 Nevr Y ork C e n tr a l________ 100
11,200 N Y N H A H a r tfo r d .......... 100
100 N Y O n ta rio A W eetorn ___100
2,4 0 0 N orth ern P a clflo___________100
2 ,935 P en n sy lv a n ia ______________ 60
2 ,100 Pare M a rp u otte / t 0_____ 100
300
400
D o pref v t c ................... 100
8 ,400 P ittsbu rgh A W est V a ____ 100
1,000
D o p referred ___________100
5 0 ,300 Reading ...................................... 60
382 St L ouls-San Frail tr o tto . 100
St Louto S ou th w estern ____ 100
300
1,200
2 ,8 2 5
4 ,5 0 0
200
100
2 ,000
100
210
100
3 ,5 1 0
1,900
900
400
Seaboard A ir L lu a _________ l o o
Do
p r e f . .......................1 0 0
Southern P a clflo C o _______10*
Southern R a ilw a y .................104
Do
p re l............................. 104
Texan A P a clflo ______ _____I0 0
Twin C ity R a pid T ra n sit ..1 0 6
Ifuton P a clflo _____________.1 0 4
Do
pref.............................i o o
U nited R a ilw a ys In ven t___ 100
Do
p r e f............................. i o o
W abash
....... ................ .......100
D o pref A _____________ 100
D o prof B _____ . . . .1 0 0
W estern M a ry la n d ( n e w ). 100
400 W estern P a clflo ____________ 100
500 W heeling A L a ke E R y ___104
200
4 ,8 0 0
W isconsin C e n tra l___
104
I n d u s t r i e ! & M liM lI a flM U i
A d v a n ce R u /n a l y . . .......... .1 0 0
Do
p r e f................. ........1 0 4
A ja x R u b b er I n o ........ ..............50
Alaska G o ld M in e s ................. 10
Alaska, Juneau G o ld M ln 'g .1 0
Allto-Cbalraere M fg v t a . . 100
D o preferred v t 0 ____ 100
A m or A gricultu ral C h ern .-lO O
Do
p r e f_____ __________104
A m erican B oot S u g a r_____ 100
5 ,700
A m erican C a n _____________ 100
5 ,166
Am erleau C a r A F ou n d ry .IO O
1,100
25
,000
8 ,7 0 0
30
100
500
1,700
200
6 ,4 0 0
200
Am erican C o t t o n O il.........1 0 4
Do
p r e f_______________ 100
A m erican H id e A Leu tbcr . 100
Do
p r s f------------ ----------- 144
Am erican I c e ______________ 100
Do
p referred __________ 100
A m or Internation al C o r y . 144
A m erican L lneeed_________ IOO
Do
p r e f...................... .......104
A m erind* L oeom oU v c____ 14 4
Do
p r e f_______________ U 4
300
1,500
3 8 ,6 6 6
3 7 ,9 0 0
2 ,220
200
300
Do
le t p r e f . ....................16 6
A m erican S h ip b u ild in g ...1 0 0
3 5 ,1 5 0 Am or Sm elting A R e flu ln g . 104
200
Do
p ref............................. i s o
1,300 Am er Steel F ou n d ries_____ 100
2 ,700 A m erican Sugar R e fla la * . . 104
2 0 ,300
6 ,600
700
200
1,600
10
1,400
2 8 ,4 0 0
1,100
8 0 ,2 0 0
2,7 0 0
100
5 1 ,100
A m Sum atra T o b a e e o ____ 1C4
A m cr T e le p h o n e * T e l e * . . 1OS
A m erican T o b a c o o ............... 104
D o prof ( a n r ) _________ 104
A m VTaolen o f U na _______144
Do
p ref............................1 4 0
Via W riting P a per p e « f - . .1 6 4
Am Mae L aa4 A H_________ S3
Do
p r*l................. ..............S3
A n a con d a C op p er M in in g .. 5 4
A tl G u lf A W 1 6 8 L i n * . . .1 0 0
D o p r * f _____ __________ 100
B a ldw in L o c o m o tiv e W k s .1 0 0
95
o ra o a d in r
0
Btyhest.
Lowest.
$
per share.
$
per share.
88 M a y l a
81 M a r 2 3
85 Jiine26
8 0 Jan 30
95 Jun e22
89% A p r 22
57 M a y 2 0
49 Jan 24
57% Jun 5
53 A p r 25
18% J an 2
36 Juno26
135
M a r2 5 150 M a y lO
60% M a r l4
4 9 % J a u 15
8% J an 2
6 Apr 9
25 Jan 3
18% A p r 9
47% J a n 2
37% A p r 22
79% J a n 5
6 6 % A p r 11
95 Jan 3
89% M a r2 5
137 Jan 29 137 Jan 29
18 A p r 22
24% M a y lS
76 June27
56% Jan 15
6 5 June27
46 Jan 15
38 M a y i 4
26 F e b 21
65 Jun elO
58% M a y 7
23% M a y 2 9
18 A p r 22
50% J a a 4
47 A p r 3
45
M a r 14
40 A p r 4
100% A p r 11 115% F o b 1
160 A p r 17 *1 8 0 Jan 4
6 Jau 3
2% Jan 4
13% Jan 2
5 A p r 23
17% M a y l 5
14 A p r 17
35 M a y 14
2 3 % Jan 16
21% M a y 14
18% Jan 25
93% M a y 14
86 Jan 15
34% M a y lO
25% Jan 15
97% M a y l4
92 Jan 7
9% Jan 3
6% M a r2 5
47% Jan 3
35% M a y 2 9
20 M a y l 6
15% A p r 17
53 M a y 2 0
10% F eb 19
8% M a y l
21 F e b 25
18 A p r 23
62% M a r t i
55 Jan 15
110 Jan 2 118 M a r l4
11% M a y 15
7% A p r 17
O1 J an 2
*
4% Jan 5
9% Jan 7
6% Jan 29
24% Jan
!
20 Jan 15
55% JunelO
41 Jan 15
75% M a y 14
67% Jau 15
45% M a y a s
27 A p r 11
22% Juno27
1 8 % Jan 22
102 Jan 24 108% M a y 14
89 M a y 14
8 1% .Tan 24
47% Jan
2
4 3 % Juno27
16% Juno27
9% M a y 1
58% Feb 19
52% A p r 3
37 Jan 1 1
30 Apr 5
38% June21
22% Jan 2
80% June27
61 Jan 10
9 5 June27
7 0 % Jan 15
39 M a y 15
3 5 Jan 12
39% June27
35
M a r3 0
14 Jan 2
9% A p r 3
23% M a y 15
19% M a r 12
40% J.nn 3
34% F e b 13
8% Jan 4
7 A p r 17
21% J u n cl7
15% A p r 19
88% F eb 27
80% Jan 24
26 M a y lS
20% A p r 30
03 M a y l 5
57 Jan 21
19% F eb 20
14 M a y 4
65% J a * 31
39% Juno 13
109% Jan 15 126% M a y 14
74% M a r l !
69 Jan 3
12 Juuo27
4% J a n 15
20 M a y 7
10% A p r 9
1 1 % Jun c2 9
7 A p r 26
44% Jan 2
39% A p r 12
26% .Junc26
20% Jan 15
1 7% F eb 16
13 Jan 15
32 Juno22
24% June20
13 Jan 2
61 Juno27
46 Jan 3
10% Jan 2
8 A pr 22
22% Feb 18
17% A pr 17
39% Jan 3
34 M a y 2
11 Jan 19
25?g Jan 15
49 Jan 2
1% A p r 27
1% A p r 1
1 7 % Jan 15
72% Jan 4
78 Jan 2
89% Jan 17
01 JunelO
83 June22
34% Jan 15
89% Jan 23
68% J an 14
105 Jan 3
25 Jan 10
78 M a y lO
1 1 % Jan 10
50 Jan 2
11 % Jan 2
3 8 % Jan 16
52 A p r 25
27 Jan 7
69% Jau 7
63*2 J**1' 15
*95 Jan 4
42% A p r 26
90 Feb 21
73 M a y 2 8
101 Jan 5
68 Jan 15
9 8 Jan 10
108% M a r 2 3
60% Ja a
5
95 Ju n c2 5
140% Ja a 6
93 M a y 2 7
44% Jan 16
92 Jan 4
20% A p r 11
12% Jan 18
41 Jan 2
x59% Jan 18
97% Jan 6
68 Jan 6
66% Jan 15
1,100 B a rrow O * CTSn).......... . . . 1 * 0
85 Jau
(500
4 3 ,600
72% Jan
D o c l a n B n h m « . . 106
900
D o cum ounv 8 % p r o f____
90% Jan
800 B o o th Fisheries________ N par
21 Jan
(b a a uhi st>aroe. a E x-dlv. and rig ht*, * K x-dlvU loud.
84%
____
24
p a t.
PKR SBARM
Range Since Jan. 1.
On basis of 100-shor* loti.
4
17 June28
41% June2.3
64 Juno21
4% J u ly 5
3% Juue21
37 M a y 2 4
86% M a y 2 4
91 Juno20
96 M a y 2 1
84 F e b 27
01% M a y 8
50% M a y 17
97 A p r 30
87 Juno20
110% M a y 1
43% M a y 2 3
84 M a y 2 2
20% Juue20
82 June26
351* M a y 13
53 M a y 13
58% F e b 1
42% M a y 24
81% J u n e l3
71% M a y lO
100 Feb 18
13% Feb 0
58% Feb 6
14 4 M a y 14
86% F ob 19
106% M a r 2
03% F eb 19
116 M a y 15
113% M a y 8
145 M a y 2 4
109% F eb 1
170 M a y l 3
99 F ob 23
60% M a y 21
05% M ar 12
31% F( h 5
21% J u ly 3
53% J u ly l
71% M a y 16
120% F eb 18
04% M a r 18
101% M a y lO
ltM ( V 23
)W
05 Juno27
<jfl M a y 10
94 M a y lO
100% A p r 29
20 F eb 18
PUR an ASM
Many* for Previous
Year 1917
Lowest
Btyhest
%per share $ per share
75 D e o
75 D e o
*79% D eo
38% D e o
48% D o o
36 D e o
120 D e o
42
N ov
6 D eo
17% D e o
35
N ov
62% D en
85 D oo
137% D e o
16 D o o
44 D eo
35% D e o
24
N ov
01% O ct
IS
N ov
447g N o v
4 1 S ep t
87
N ov
167% D e o
5 D eo
9% D eo
13% D en
18% D e o
1 5*8 D oo
79% D eo
22% N o v
85% D eo
5% D oo
39% D o o
131* N o v
40
N ov
8% N o v
23 O ct
56% D eo
103 D oo
0% D eo
3% D o o
7 N ov
19?s N o v
37% D oo
Dea
21% S ep t
17
N ov
92% D eo
75 D eo
40% D o o
12 l>«o
45
N ov
37 O ct
18% D eo
53% A p r
60% N o v
34
N ov
33% D eo
13 D o o
23 D oo
34 D eo
7% D e o
16% D eo
75% D oo
21% Guo
51% M a y
11% N ov
63 D eo
101% D oo
69% D eo
4% D e c
11% D eo
7 N ov
36% D eo
18 D e c
12 D ec
20 D oo
10% D eo
35% D ec
7% D ec
16% N o v
33 D eo
7i*
19
45ig
1
1%
15
65
72
91
63
78%
89%
87
57
N ov
O et
21
80
10
43%
8%
35
46
15%
48
46%
93
8%
00
88
07%
*99%
60%
89%
106
30
95%
123
89
37%
87
17
10%
39%
61%
87%
54
43
U'i
82
D oo
D eo
Feb
D ec
J u ly
D oo
Out
F ob
F eb
D ec
D oo
D eo
pee
N ov
D ec
N ov
D oo
N ov
D oo
M ay
D eo
D oo
D oo
F ob
N ov
N ov
D ec
D oc
N ov
Sept
F eb
F eb
D eo
D eo
D oo
D oo
D ee
D o*
D o*
D ec
D ec
D oo
N ov
D o*
F eb
107% Jau
100% F eb
119 Jan
85 Jun
707* Jan
82 Jau
167% M a r
•55% Jan
14% Jan
41% Jan
92 Jan
125% Jan
124% Jan
172% Fob
38% Jun#
84% A p r
71 A p r
51 Jan
80 Jan
3 0 Jan
67% Jan
40 M a r
15H* Jan
238 M a t
17 Jun
41 Jan
34% Jan
49% Jan
39% Jun
118% Jan
38% M a r
106% Jan
17% Jan
72% Jan
257s Jan
58% Jan
25% Jan
53% Jan
79% Jan
133% Jan
32% Jan
1i
Jau
20 % Jan
34 Jan
01 Jau
103% J »u
6 2 ’* Jan
29% Jan
138% Jan
1 1 0 % Jan
6 7 % Jan
38% Jau
731* Jan
67 June
3 5 % June
08 J »u
104% Jan
45 Jan
45% Jan
2 6 % June
32 Jan
63 Jan
18 Jan
39% Jaa
98% M a r
33% Jan
70% Jan
19% Jan
05 Jan
149% Jan
85 Jan
11% Jan
23% Jan
15% Jan
58 Jan
30% Jan
23 A p r
41 M a r
18 % M a y
18 J u ly
2 2 % Jan
50% Jan
6 1 % Jan
1 8 % Jan
37% Jan
8 0 Jan
1 1 % Jaa
8% M a t
32% M a y
8 6?, M a r
95% M a y
103% Jau
102% Fob
98 Jan
53 M a y
1 1 1 % June
80% June
118 % M ay
60% J «n
1 0 1 % Jan
17 % M ar
75 Jan
107* Aug
65 J u ly
62% Aug
29% Aug
75 N ov
82% Jau
lOflf* Jan
19% M a r
7 i % J u iy
93
N ov
112% June
117% Jan
75 June
126% June
1 2 1 % Jan
62% D e o
1*8% Jan
2*0 M a r
109% J a n «
68% Juno
10(3 June
6 4 i. M a r
41% Jan
7 2 * Jaa
87 M a y
1 2 1 % Jan
66 Jan
76% J u ly
103% Jaa
130 Jau
516 Jan
156 Jua o
10 1 % O et
*66% D oo
1ft
93 D oo
15
21
0 B e f o r * p a y m en t o f d r a t In stallm en t.
63
New York Stock Record— Concluded— Page 2
t o t r o » n 4 o f *a la* d u r in g th e w eek o f «*nck* ' i n ' H »
Sals*for
JUJU A N O LOW SALU PIUCBH— PBR 8 B A R B , NOT PBR CUNT.
IV
Saturday
June 29.
Monday
July 1.
Tuesday
July 2.
Wednesday
July 3.
Thursday
July 4.
Friday
July 5.
$ per share
$ per share
S per share
S per share
$ per share
$ per share
♦120
122
11% 12
„„
28
*40%
19%
*59%
70%
*104
341$
*81
16%
40%
*48
32
*83%
*08
41%
29%
41%
19%
"
63
71%
106
34%
83
16%
40%
49%
32
80
71
42%
‘ 68 %
♦89%
32
*80%
58%
*7
*28%
*147%
153%
81%
45%
98
*747$
42%
*84
69%
90%
32%
81%
59
7%
29
149%
154%
82
45%
98
78%
42%
*120
122% *120% 122%
11%
11% 12
__ . 11%
2812
*40%
19
*59%.
69%
102%
*33
*81
16%
39%
47%
31%
837$
§70
41%
29
41%
19%
02
70
107
34%
83
167$
39%
47%
32
83%
70
41%
101% 101%
86
* ____ 102%
54%
* 10%
61%
120%
28
102 %
29
35%
*62
*49%
32%
84
55
18
62
126%
28
102%
29
35%
03
52
33
84
‘ 25% 26%
♦65
*72
75%
*64
64%
*27% 28%
*55
56
*19
21
99% 100%
*93
98
28% 28%
52% 62%
*63
67
*100
...
06%
*89
31%
81%
59
*7
28%
147%
151%
8 Hi
45
98
*747$
43
*84
34
34
*81
83
16% 16%
40% 40%
47% 47%
32
32%
*83% 85
69
69
41% 42%
101% 102
§101% 101%
*102
66 %
69
90%
91%
31%
32%
81%
81%
58
60%
7
7%
29
29
147% *146
154% 1527$
81%
81%
44%
45
*97%
98
78% *747$
*42
43
84%
86
* ____ 102%
31%
41%
19%
62
70
100
67
677$
90% *88
32%
32%
81%
81%
58%
59%
7%
7%
*28%
29
1485$
148
154% 152%
817$
81%
§455$
45
98
98
78%
80
43
44
85% §84%
* ____ 102%
43% 43%
537$ 55
*16% 18
59% 61%
127% 127>2
26% 271i
100% 102% 100% 1015$
28% 29%
28% 287$
34% 35
34% 35%
*62
64
*62
64
49
49
49% 49%
325$ 33 % 325$ 33 %
83
83%
*80
85
*19
19%
19
19
20% 20% *24% 26%
* 6 5 % ____
*72
72% *71% 75%
*64
04%
*64
65
28
28
27% 27%
55% 55%
55
55
20%
*19
20% *19
97% 98%
97% 99%
*93% 98
*93% 98
287$ 29%
287$ 29
515$ 52
51
52%
*65
68
*03
07
43
535$
* 10%
*60
1275$
27
*100
43%
54%
18%
62
127%
28
...
120% 120%
12
12%
29%
*405$
19%
60
69%
*103
33%
*81
16%
41%
48
*32
*83%
*69
42
28%
*40%
19%
*59%
' “
69%
♦100
31%
41%
19%
60
70%
106
34%
83
17%
417$
48%
32%
85
72
425$
07%
90%
32%
81%
58%
8%
29
1485$
154%
817$
45%
98
78%
43 >
2
84%
* ____
102%
42%
55%
16%
57
*126%
27
1007$
29%
35%
63
48%
33%
83
♦18%
§25
42%
56
16%
59%
128
275$
1015$
29%
30
63
49
33%
84
19%
25
120% 1201:
12%
123.
31
41%
2934
*40%
*19%
*60%
70
*103
34%
82
17
41%
*46%
*32
84
*69%
42
*99%
07%
91
32%
813$
58%
300
10,300
25,600
20%
600
62
71
106
34%
82
17%
41%
49
32%
84
72%
42%
102
100
8 ,1 0 0
8
68%
91
32%
81%
59
8%
29
29
*146 150
154% 157
81% 81-%
45% 45%
_
*97% 100
*77
78%
43% 44%
*84
88
1.300
100
10,800
2,900
1.300
900
300
131
4,500
560
25,600
300
14,5 0
1,010
41,550
1,400
700
200
12,800
1,350
810
300
100
2,000
225
* ____ 102%
*42%
55%
16%
58
127
27%
1007$
29%
36
*61
49
33%
843$
*19
*24%
43
800
56% 34,150
16%
600
58%
6,600
127
500
277$
7,200
101% 36,500
30% 15,900
36
5.100
63
114
49
900
337$
8 .100
34%
1,300
19%
200
26%
1,020
...
*66
...
*71%
04
28
545$
75%
64
30%
57 %
*72
♦61
30%
56%
75
05
32%
58%
20%
21%
21%
22%
98
99
*94% 98
29% 30
52
52%
§66% 06%
____ *100
-------
18
20 %
17% 18
17% 18
18%
*51
52
51
51
50% 50%
51%
96
96
*94 100
*95
97
97
595$ 5938 *58% 60%
595$ 60-%
59%
104 *101 101 *101 104 *101 104
19% 19%
19% 197$
20 % 20 %
19%
125 125l,i 125 125 *128 130
127
42% 42%
*42
45
*42
45
45
37% 37%
37% 37%
37% 37%
37%
117$ 12
12% ♦11% 12%
11% 11%
297$ 30
29% 30
28% 29%
29%
*90% 92
925$ *90% 92% *90% 92
421$ 42%
42% 42% *42
45%
43
29
isu |*27'%
29 |*27%
29 , *28
’ tn
zv
29 t
39% 39%
39% 39% 39% 39% 40%
98 I *95
97 j *95
97 I *95
97
53 ] 51%
52% 51
51% 51%
51%
81%
81% 81% *80% 81% *80
84
677$ 65%
60% 66
06 ! 66
66 %
-95% 1 “ ............
*93% 95% *93% 95% *93% 95
100
104 *100 104
104 1*100 105
112
115 *112 115
1131,1 *110 115
565$ 5734' 58%
597$
575$' 561i 57%
100
24%
___
917$ 89% 90%
*99% 100
100
*............ ..
103
98 100
8%
8%!
„
„
*8
9
136 136 i*134
140
136 136
16% 16% *16
16% *15
16
327$ 34%
32% 34%
32% 34
*64
65%
62
64
62% 62%
46
465$ 45% 46
45% 46
*80
90 j *80
90
*83
90
*41% 43%
42% 42%
42% 42%
*95
97
*95
97
*95
97
19% 19%
xjj. z
ii/’z 19
w
195$
19% 19%
iii-g
153% 153% 150 152% 151% 152% 152% 152%
64% 65 | 63% 64%
637$ 64%
645$ 65%
*93
96 I*93
96 I
93 93
1*93
96
* 102% 100% *100 109 ,*100 106% *100 106%
*73% 77 I*73% 77 I
75 75 j *73% 77
395$ 40 ! 39
39%
39 39%! 39% 40
102 1025$ 100 1017$
9S% 100% 100 101%
*102 115 *100 115 *102
------ *102
-------*123 125 *123% 126 \ 1247$ 1247$ 1257$ 1257$
15% 157$’ 15% 15%
15 15
*14% 15%
*42
46 1
*42
46 | *42 46
*42
46
124% 12 U- 122 124%, 122% 123% 123 123%
*95
97 *95
97 | *95 97
*93
97
58%
59% 58
59%
59 59
*58% 59%
*103% 104% *103% 105% *103% 105% 101 101
44%
45 | 43% 41 I
43% 44%
44% 44%
*4381
50
*43% 45
44% 44%: *43% 50 I
107«t 1081- 104% 107% 101 1057$ 105% 106%
111% 111% 110% niui in
in
817$ 82% 81% 82%
817$ 83%
*12% 13% *12
13%, *12% 13%
50%' 49
49%
49
507$ 51
105 110
*106 109 ♦105 110
*71
73
*71
73
72
72
87% 88
89
90% 90%, - 89
42% 42%
43
43 I42%
43
*59
05
*59
65 *59
65
*41% 42
*41
42 I*41
42
1934 20
197$ 20%
19% 20
.
*81
83 |
817$ 817$
82
82
61%
62% 61
01
61% 61%
*112 114 *112 111 [*112 114
*113% 117% *113% 117% *113% 117%
54%
54% 54
54
I 55
55
*88
89% 88
88
I *85
90
*07
08% *67
6778 *60
69
• lliil and ask* 1 prices; u o stie s on this d a / .
C e rtifica te s o t d e p o s it , * E x -d iv d e a d .
983,t 99%
*94% 98
297$ 30
523$ 527$
65
65
100
11,500
3,000
6,300
26,310
3,400
17,400
105
*100
____
20 % 21 %
23,500
52%
1.300
100
100
61
700
102%
50
20 %
3,600
129
600
45
125
37%
3.300
12%
1,200
29
1,900
9234
43
400
100
29
4034 5,600
97
52%
1,400
100
84
67
1,100
95
*100
104
*112 115
500
597$ 62
18,040
*98 101
24% 25
5,000
903| 93
21,800
*99% 100
1,600
100% 107-2
8%
8%
500
*134% 110
300
167$ 167$
1,100
32% 33% 49,900
*62
01
800
46% 46%
7,600
*75
90
150
*41% 43
300
♦95
97
195$ 20% 10,600
1,700
152% 152%
05
05% 17,300
100
*93
96
►100 106%
100
*73% 77
2,400
*39% 40
1007 102
$
19,400
►102
...
700
125 125
1,400
15
15%
43% 43%
100
123% 1247$
3,300
*93
97
4.900
59
60%
105% 105%
500
*43% 43%
2,300
*427$ 50
100
106% 1083$ 442 ,109
'110% 11131
900
83
83% 10,800
*13
13%
400
*50% 51
2.900
'106 109%
*71
73
200
86% 86%
1,600
♦42% 43
1,300
*59
65
*41% 42
20
20% 15,100
*81% 83
200
637$ 64
2,400
112 113%
200
'112
116
56
57%
3,200
*85
90
100
68%
08
600
513$
*94
*58
§ 102%
20 %
*123
*42
37%
11%
*283$
*90%
*42%
*28
40%
*95
52
*81
67
*93%
§ Less than 100 shares.
ST O C K S
N E W Y O R K ST O C K
EXCHANGE
S h a res
*66
18%
*51
*95
59%
*107
19%
127
*40
37%
*115$
*28%
*90%
*42%
29
z'j
39%
*95
53
*80%
67%
—
*93%
*100
112%
575$
*98
24%
90%
*99%
*100
Weelc
i n c u t * o x j e prac*41 a g .
t Ex-rlghts
ln d u ttr la i& H I» c .(C o n .) Par
Burns Bros_______________ 100
Butte Copper & Zinc v t e ___5
Butte & Superior M in in g ..1 0
California Packing____No par
California Petroleum_____ 100
Do
pref_______________100
Central Leather__________ 100
Do
prof_______________100
Cerro de Pasco C o p ___N t par
Chandler M otor Car______ 100
Chile Copper_______________25
Ctitno Copper..............
5
Colorado Fuel A Iron_____ 100
Columbia Gas AE lee......... 100
Consolidated Gas (N Y ) _ .l0 0
Continental Can, Inc_____ 100
Corn Products R fining___100
Do
pref_______________100
Crucible Steel of Am erica. 100
Do
pref______________ 100
Cuba Cane Sugar_____ No par
D o pref_______________ 100
Distillers' Securities C o r p .100
D om e M ines, L t d __________10
Gaston W & W In o ...V e par
General Electric__________ J00
General M otors C orp_____ 100
Do
p r e f______________ 100
Goodrich C o (B F )...............100
D o pref_______________ 100
Granby Cons M 8 A P ____100
Greene Cananea C o p p e r .. 100
Gulf States Steel tr ctfs_ 100
_
Do
1st pref tr ctfs___ 100
H a sk ell* Barker C a r...V o par
Inspiration Cons Copper___20
tnternat Agrlcul C orp____100
D o pref_______ ____
100
Intern Harvester of N J ..1 0 0
Int Mercantile M arine____IG0
Do
pref__________ . . 100
International Nickel (T h e ).25
International Paper______ 100
D o stamped p r e f_____ 100
Kelly-Sprlngfleid Tire......... as
Kenuocott C opper____N t pe,r
Lackawanna 8 tool________ 1A0
Lee Rubber % Tire_ V® rtar
_
Loose-Wiles Biscuit tr c t fs . .00
Do 2d pref____________ 100
M ackay Companies_______100
D o pref............. ............... 100
Maxwell M otor, I u c . . . . . . l 0 O
D o 1st pret..................... 100
D o 2d pref_______ ____ 100
Mexican Petroleum . . ._ . . 1 0 0
Do pref__________
100
Miami Copper_______________5
M idvale Steel & Ordnance. .50
Montana Power_________ 100
Do pref_______ _______ .100
N at Conduit < Cable No par
k
Nat Eaam’g A Stauap’g _ IOO
_
D o pref_____________ .100
National Lead____________ 100
D o prof............. ............... 100
Novada C om o! Copper______ 5
New York Air Brake_____100
North American C o ___ ..1 0 0
Ohio CItloa G m (T h e .____25
Ontario Silver Mlniosr____100
Pacific Mall 8 8 ......................... 5
Pan-Ain Pet A Trans, pref. 100
People'! O T - 4 C (Chlej .100
Philadelphia C - (P itts b i. .50
Pierce-Arrow M C a r. . . N t par
D o pref________________100
Pittsburgh Coal of P * ____10#
D o pref____ ___________ 100
Pressed Bteel C a r _________100
Do pref________________100
Public Sort Corp o f N J . . . 100
Pullman Com pany____. . . 1 0 0
Railway Steel Spring_____lo o
Do
pref____________ . UJ0
Ray Cona>|idat«d C o p p e r.. 10
Republic Iron A S teel_____160
Do pref
.
10a
Royal D utch C o etf* dep___
Saxon M otor Car C o rp _ 100
_
Soars, Roebuck A C o _____100
Shattuck Aria C op per. . . . 1 0
Sinclair Oil A R ef'g. ..V® par
Bless-Sheffield Steel A Iron 100
Scudebaker Corp (T h e ). . . 100
D o p re f________ ______100
Superior Steel Corp’ o ____ 100
D o 1st p r e f . . ________ 100
Tenn C opp A C tr e tfs.V # par
Texas Oomnauy (Tnci . .100
_
Tobacco Product® C orp _ 100
Do
pref_______________ 100
Underwood Typewriter. .100
Union Bag A Paper C o r p .. 100
United Alloy S t e - l ____ N* par
United Cigar Stores______ 100
Do
p r e f .. ____________ 100
United Fruit_____________ 100
U 8 Cast I Pipe A F a y ____100
Do
pref_ ____________ 100
_
U H Industrial Alcohol____100
Do
pref_______________ 100
Uni tod d u te s R obber____ 100
D o 1*t preferred______ 160
U 8 Smelting Ref A VC......... 60
Oo
pref__________
50
United Statee Steel Corp__JOO
Do
pref_______________ 100
Utah C op per____ _________ io
Utah Securities r 1 e ______ 100
Virginia-Caroliaa C h est___100
Do
pref_________
100
Vlrgluls Iron C A C _ . .. 1 0 0
_
Western Union Telegraph.100
Westlagnoiwe Eles A M fg ..6 0
Do 1st preferred________60
Whits M otor. ____________ 60
WIllya-OrefWMl (T h e)_____ 20
Do pref (new )_________ 100
Wtlsoa A C o, lac, v t C ...1 0 0
Woolwortb (F W ) . . . . . . . . l o 0
Do
pvttf______ ________ 100
Worthla-rtoo P A M V t 0 .100
D o pref A ...................... too
D o pref B ____________ l ie
OjEx-dlv. and rights.
PJCK SHAHS
Ranee Since Jan. 1.
On basis o f 100-share lots.
Lowest.
PUR 8HARB
Mange for
Y ear
Blohest.
Precious
1917
B ig h ts t
2 psr share 2 per shaft
$ per share.
S per share.
125% Apr
89 Jan
108 Feb 5 134 M a y 8
12% July 5
87$ Apr 25
52% Jan
12s® Deo
33% M a y l4
16% Jan 2
42% Aug
45% M aylO
333® N o v
36% Jan 3
30% Jan
12 Jan 7
21% Junel7
10% Deo
02% Jan
6378 Junel2
36 Jan 5
29% N ov
101% Jun
61% Jan 15
73% Feb 27
55 Deo
1157$ Jan
102% M arl4 *107 M ar 8
97 D eo
41 Feb
29% M ar 6
35% M a y l6
25 D eo
95 Feb 25
68% Jan 2
56 N ov 104% M a r
27% M a r
14% Apr 4
17% Jan 2
11% N ov
63% M ar
35% N ov
47% M a y l6
36% JunelO
293® N ov
58 June
54% May24
34% Jan 29
477$ Apr
257$ N ov
35 Jan 30
28-% Mar25
134% Jan
76% Deo
92% Feb 7
83% June27
677$ M aylO
95 Feb 19
76 N ov 103% Juno
43% M a yl3
18 Feb
37% July
297$ Jan 15
88% N ov 112% Jan
x90%Jan 7 102 July 2
917$ July
747$ M a y l6
52 Jan 12
45*® D eo
117%Jan
91% June 4
83 Dec
86 Jan 31
55% Jan
337$ Feb 20
24"$ N ov
27% Apr 10
94 % Jan
747$ D ec
83 Feb 18
78% Mar25
6H4 May24
11% M ay
44% Oot
*33 Jan 2
24% Jan
10 Jan 4
6 % N ov
6 Junel9
41% Augj
39 Feb 13
28 Feb
26% Junel9
171% Jan
118 Deo
127% Jan 7 153 M aylO
74% N ov 146% Jan
106% Jan 15 157 June28
93 Jan
88 Feb i
79 Apr 17
72% Deo
8 I 1 Jan
®
38 Jan 2 *50% Feb 5
32% D ec
90 Jan 10 100 Fob 19 »91*$ Deo 112 Jan
92 % Jan
80 M aylO
74 Jan 25
65 N ov
47 Jan
45 Feb 6
38% Jan 17
34 N ov
84 M ay28 111% Apr 25
77 N ov 137 Jan
102 Jan 10 102 Jan 10 101% N ov 110 June
40 June
43% June 5
34 Jan 5
27% N o v
66 % June
5634 MaylO
42% Jan 15
38 N ov
217, M ay
19 June20
7*® N ov
10 Jan 8
60 % July
65 Junel8
26% N ov
38 Jan 5
1003® N ov 123 Jan
111% Jan 2 131% M ay 8
367$ M a r
31% Feb 23
17% Deo
21 Jan 15
103% Oat
62% Feb
83% Jan 2 109% June 1
47% M ar
31 M ay 13
24% Dee
27 Jan 15
49% Jan
45% M ay 15
18% N ov
24% Jan 15
77% June
65% Jan 3
50% N ov
58 Jan 22
64% Jan
51 June22
367$ D eo
41 Apr 2
50% M ay
347$ M aylO
26 N ov
29 Mar25
91% MaylO
88 N ov 1037* June
73% Jan 12
30 Jan
19% June28
12 Apr 2
10% N ov
267$ June29
27% Jan
12% N o v
17% Jan 8
64 Jan
63 M a yl4
53 Fob 15
55 Jan
80% Feb
78% Feb 28
70 N ov
71% Junel 8
67i« Jan
65 May2S
57% Deo
57 Jan 4
81% Jan
32% Feb 19
19% N ov
23% Jan 15
74 % Jan
648® Feb 8
49 D ec
51 Apr 24
26 Feb 5
40 Jan
19 M ay27
13 N ov
87 Deo 100% Jan
79 Jan 5 102% M aylO
077$ Jum
847* N ov
95 Feb 23
87 Jan 15
43% Apr
33% Jan 31
25 N ov
267
8June 7
67% June
43% Mar23
01 M aylO
39% Deo
73 Jan 4 *58% D eo 109% Jan
61 June25
93% D ec 117% M ar
95 M arl9 100*3 Jan 3
39 June
21% July 5
13% Dnr
13% Apr 8
54% M ay20
24 Fob
46% Oot
371® Jan 7
99% Feb 20
99% July
90% M ay
94% Jun el 8
63% M ar
OH® Apr 4
377* Deo
13*® Jan 7
99% Mar 2 105% M aylS
99 Deo 114 Jan
26 % June
217$ M aylO
17% Mar25
18 N ov
117-« J.m 12 139 M ay22
98 N ov 158 M ar
46% Fob 23
72% M ar
41% M ay23
39 Dee
1437$ Apr
42 % M a yl6
35*t Mar25
317$ Oc»
7% Sept
13 Juuel7
4% Jan 22
3% N ov
30% June
32% Apr 19
23% Jan 21
18 Feb
90 Feb 27
98 Jan
83 Jan 8
87 N o v
55 Jan 31
39% Jan 2
38 Deo 108%Jan
42 Jan
31 M ay24
21 Apr 12
24% D s«
43% M ar 1
lit® June
34 Jan 16
2.5 Deo
98% Aug
98 Juno21
89% Jan 28
88 N o v
58% Feb 28
54% Sept
37% Deo
42 Jan 15
90 Aug
84 Feb 19
74 Deo
79% Jan
83% Jan
69% Feb 19
49 Dee
507$ M ay28
977$ Fob 13 *90 N ov *107 Jan
93 Apr 27
131 Jaa
93 Apr 17 109% M ar 5
99 Dee
106% Deo
100% Jan 7 119 M aylO
187% Jan
58 June
62 July 5
43% Jan 7
36% N ov
101 Jan
9812 June26
88 % Dee
95 Jan 2
32% Apr
26% M ay 16
23% Jan 13
19% N o r
94 % June
96 M a y l6
*72% Jan 15
60 Feb
92% Jan 2 100 M ay20
89 Dee 1057$ M ay
73% N *v
70% Mar23 117 Junel7
59 M ay
11 Jan 31
63 Jaa
47* N ov
6 % Apr 17
238% Jaa
133% June 8 156 Fsb 15 123% D m
23% M a r
18% Feb 19
15%Jan 17
15 D eo
59% M ar
39 Feb 5
25% Apr 11
25% Deo
74% M ar
71% M ay24
33% N ov
39 Jan 24
66% Feb 19
337» Apr 24
33% N ov 110% Jaa
95 Fob 6
80% July 3
85 N o r 108% Jan
51% June
45% M ay 3
30% N o r
34% Mar25
95 Feh 16
93 Feb 16
98 D ec 102% July
19% June
127$ Jaa 2
20% July 5
11 N ov
136% Jan
160% Feb 2
114*® Deo 243 Jan
67% June24
80% Aug
48% M ar25
43% Deo
9578 Junc24 *86 Daa 105 M ar
*87% M arl9
100 Apr 9 105 June24 *83 Dee
107 Aug
65 Jan 24
80 M a y l3
69% Dee 112 Jan
40% June
44% M aylO
34% Dee
37 Jan
81% N ov 1277$ Aug
83% Mar28 105%June21
106 Apr 10
191%Jan
98% Deo 12C% M ar
154% Jan
116% Jan 16 133 Feb 18 *105 Dee
24<$ June
19 M ay 7
11% Apr 6
10 N ov
S3 Jan
47*® Fob 1
41 M ar20
42 Dea
114 Jan 5 137 M ay24
98% N ov 171% June
99 M*r21
947* M ay
88 N ov 106 June
67 Aug
60*1 M arlO
51 Jan 15
45 Deo
*93 Jan 15 105% July 5
91 Dea 1 U % Jan
67% Jan
48% Feb 19
32% Apr 12
40 Deo
45% Fob 1
42% Apr 12
52% Jan
4S*s N o r
86 % M ar25 113% M ay 16
136% M ay
79 % Deo
103 Mar25 112% Jan 31 102% Deo 121% Jan
118% M ay
87% M a y ie
76% M »r25
70% Deo
15% Feb IS
11% Jan 2
24% Jan
9% Deo
45 M ay
33% Jan 2
52% June27
26 N o r
112% Jan
93 Jaa 16 109 M ay 2
97 D ec
77 M a r
30 Jaa 6
73 M ay24
46 Fen
99 % Jan
95% Apr 15 *78 Dee
85% Jan 2
56 M ay
47% M aylO
38% Jaa 17
33% Dee
70% Jan
64% Feb 20
69 Jan 11
52i® D eo
52% Jan
33% N or
45*2 Feb 20
36% Jan 2
38% Jan
22 Jaa 3
16% Jaa l i
15 N o r
75 Jaa S 8278 June26
69 N ov 100 M ar
84% M ar
66% M ay24
45% Jan 2
42 N ov
110 Mar2.5 120*2 Jan 3
997$ Deo 151 Jaa
126% Jan
113% Junel3 114% M a y l7
113 Deo
37% Jua
57% July 5
23% Feb
34 Jaa 4
97% June
91% Apr 6
85% Feb 5
88 N ov
69
• Par 910 pel share.
T 'n M h
V>
*»
fu L e
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
th e E x c h a n g e m e th o d o f q u o t in g b o n d s w a s c h a n g e d a n d
BONDS
N.
Y STO C K E X O H A N Q E
W eek ending J u ly 5
n
Pries
Friday
July 5
Bid
U.
Week's
Range or
Last Sals
Ask Lou)
p ric es a r e
Range
Sines
Jan. 1.
High No. Low High
S. G o v e rn m e n t.
O d 3 Vis L ib erty L o a n . . 1932-47
9 9 .6 0
O 8 4a co n v e rte d fro m 1st L ib
erty L o a n _______ ______ 1932-47
0 8 4s 2d L ib erty L o a n . 1927-42
U 8 4 VI3 c o n v e r te d fro m 1st
L ib erty L o a n .................1932-47
U 8 4 )4 8 c o n v e rte d fro m 2d
L ib e rty L o a n __________ 1927-42
U 8 4 )4 8 3d L ib e r t y L o a n . 1928
D 8 2a con sol r e g is t e r e d ...d l9 3 0
U 8 2s con sol c o u p o n ______ 31930
O S 3s reg istered ___________ *1918
V 8 3a c o u p o n ______________*1918
U 8 4a registered____________ 1925
D 8 4a c o u p o n ........ ............
1925
U 8 Pan C a nal 10-30-yr 2a.*1938
0 8 P a n C a n a l 1 0-30-yr 2a reg '38
U 8 P a n am a C a nal 3a g ____ 1901
R e g is te r e d ........................1 9 8 1
U 8 Ph ilip pin e Isla n d 43.1914 -31
F o r e ig n G o v e r n m e n t .
Acner F oreig n Secur 5a_____ 1919
A n glo-F ren ch 5 -y r 5s E x ter lo a n .
A rgen tine— Internal 5a o f 1 9 0 9 ..
B ordeaux (C it y oO 3 -y r 0 8.1919
C h inese (H uk uang R y ) — 5a o f ’ l l
O ib a — External d e b t 5a o f 1 9 0 4 .
E x ter d t 5 s o f ’ l l s e r A . . . 1949
External loan 4 X « ________ 1949
D om in ion o f C a n a d a g 5 a . . .1 9 2 1
Do
do
1920
Do
do
1931
F rench R ep u b 6 X n secured lo a n .
Japanese G o v t — £ loan 4 )4 8 .1 9 2 5
S econd aariea 4 X s ________ 1926
D o d o "G e r m a n sta m p ” .
Sterling loan 4 s ___________ 1931
L y on s (C ity o f) 3 -y r 0s .......... 1919
M arseilles (C it y o f) 3 -y r 0 s . . 1919
M ex ico— E x ter loan £ 5s o f 1899
G o ld d e b t 4s o f 1904........... 1954
Paris, C it y o f . 5 -y ea r 0 s ____ 1921
T o k y o C it y — 5a loa n o f 1 91 2____
0 K o f O t B rit 4 I 2 -y r 5 s . . 1918
3-year 6 X % n o t e s ............ 1919
5 -year 5 ) 4 % n o t e s .............1921
C on v e rtib le SX % n o t e s . 1919
1‘Tktu are pruts on lbs basis of
S t a t e a n d C it y S a e u r lt U v .
« Y C it y — 4 % s C o r p a to o k .1 9 0 0
4 X s C orp ora te s to c k __ 1904
4 X » C orp ora te s to o k ____ 1930
4 He C o rp o ra te stook ____ 1905
4 X * C o rp o ra te s to o k ____ 1963
4 % C orp ora te s t o o k .......... 1959
4 % C o rp o ra te s t o c k ______1958
4 % C orp ora te s t o o k .......... 1957
4 % C o rp o ra te stock reg .1 9 5 0
N ew 4 X 3 .................................1957
4 X % C o r p o r a ls s t o c k . . . 1957
3 X % C orp ora te s t o c k . . . 1954
W Y State— 4s............................ 19 51
C a nal Im p rov em en t 4 s. ..1 9 0 1
C anal Im p rov em en t 4 s___ 1932
C anal Im p rov em en t 4 s___ 1930
C anal Im p rov em en t 4 X 8 .1 9 3 4
C a nal Im p rov em en t 4 % s .l 9 0 5
H ig h w a y I m p r o v ’ t 4 X S ..1 9 6 3
H ig h w a y Im p r o v ’ t 4 X « - - 1 9 0 5
V irginia funded d e b t 2 - 3 s . . . I 9 9 l
fla deferred B row n B ro s otfs
Sale 99.43
9 9 .6 4 3987
N. Y
now— "and
in te r e s t" — e x c e p t fo r
BONDS
STOCK EXCH AN G E
W eek ending J u ly 5
C h esapeake 4 O b lo (C on )—
G eneral g old 4 X a ________ 1
97.20 99.98
2 0 year con v ertib le 4 X S --1 9 3 0
0 4 .06
9 4 .1 6
Sale 94.02
Sale 94 00
9 (f.l8 ’ Sale 90 03
98
98%
98
97%
9 9 i2
99%
9 9 i2
99%
100
105%
100
106%
98
98
98
97%
85
85
85
83
100
F -A
9712 Sale 90%
92% Sale 92
A -O
83
M- 8
80
82%
M -N
9 2 14 Sale 91%
J - D t 05% 68
65
98% 99% 100
(R - 8
92
93% 94%
F - A
80% 82
84
F - A
95% _____ 96%
A -O
92% 93
91%
A -O
91% Sale 91%
A -O
08% Sale 98
87
f’ - ’ a
l 8S’ 1 Sale 85%
87%
J - J X 89
80% Sale 80
X 74%
73%
91% Sale 90%
M -N
91% Sale 91
M -N
_____ 40%
Q - J t 41
30
40
33%
J -D
82% Sale 82%
A -O
80% Sale 80
M- S
M - S 9 9 % Sale 98
97% Sale 97%
M -N
94% Sale 94%
M -N
99% Sale 9 9 .i
F- A
«5 lo£
j’-*j
96% Sale
M- 8
96% Sale
(R - 8
95% _____
A -O
101% Sale
J -D
M - 8 101% 102%
91
91%
M -N
91
91%
M -N
91
_____
M -N
90% 91%
M -N
101% 101%
M -N
IR -N 101%
81%
M -N
98% 99%
M •8
S - J 98%
98% _____
J - J
98%
J - J
J - J 108% 112
99
_____
J - J
M - S 108% _____
99
_____
IR - 8
J - J ----- -- 79
46% 49
R a il r o a d .
50
A n n A rbor 1st g 4s.................. *1995 Q - J
A tch ison T o p e k a & S a n ta F e gen
80%
g 4 s----------------------1995 A - O
R e g is t e r e d ________ ______ .1 9 9 5 A - O - - - -- -A d ju stm en t g old 4 s______ *1995 N o v
R e g is t e r e d _____________ *1995 N ov
74%
S t a m p e d ________________*1995 M - N
O o o v g o ld 4 s ......................
1955 J - D
85
C on v 4s Issue o f 1 91 0_____ 1960 J - D
90%
S ia t O kla D lv 1st g 4 s . . 1928 M - 8
_____
R o c k y M t n D lv 1st 4 s . . .1 9 5 5 I - J
76%
T ran s C o n S hort L 1st 43.1 9 5 8 J - J
83%
O a l-A d j 1 s t A r e f 4 X s " A " 1 9 6 2 M - S
80
8 F e Pres 4 P h 1st g 5 s .
1942 M - S
75
A tl C oa st L 1st gold 4s____ *1952 M - 8
78%
Q sn unified 4 X s .................... 1934 J - D
95^4
Ala M id 1st gu g old 6 s___ 1928 M - N
70%
Bruns 4 W 1st gu g old 4 s . 1938 J - J
Charles 4 8 a v 1st g old 7S.1933 J - J 107%
70%
L 4 N OOll g old 4 s _____ 01952 M - N
107%
8 a v F 4 W 1st g old 0 s ____ 1934 A - O
95%
1st g old 5 s............................1934 A - O
911 d p O oa 4 Q gu g 4 s ____ 1918 J - J
80%
b a it 4 O h io prior 3 X s ____ 1925 J - J
R e g is t e r e d ____________ * 19 2 5 Q - I
77%
1st 60-year g old 4s_______ 41943 A - O
R e g is t e r e d _____________ *19 4 8 Q - J
1 0 -y r c o n v 4 X s __________ 1933
__ 79%
78%
R efund 4 gen 5s Series A . 1995 J - D
Pitta Jun o 1st g old 8s____ 1922 J - J ___ _
81%
t U u n o 4 M D lv 1st g 3 X s 1925 M - N
P L E 4 W V a S y a ref 4 s . . 1941 M -N
Bouthw D lv 1st g o ld 3 X 8 .1 9 2 5 J - *
82
80%
C en t O hio R 1st e g 4 X s - - 1930 M - S
C l L or 4 W e a n 1st g 5 s . . . 1033 A • O
95
M o n o n R iv er 1st gu g 5 s . . 1919 F - A
98%
91%
O hio R iv e r R R 1st g 5 s . . . 1938 J - D
G eneral g old 5s____
1937 A - O
75
P itts C lev 4 T o l 1st g 0 s . .1 9 3 2 A - O
99%
B u ffalo R 4 P gen g 5 s ____ 1937 M - S
9h%
O oaaol 4 X s ............................ 19 57 M -N
87*2
All 4 W est 1st g 4s g u . . .1 9 9 3 A - O
75
C lear 4 M ah I s t g u g 6a .1 9 4 3 J - J
85
R ooh 4 P itts 1st g old 0s . . 1921 F - A
100%
O oaaol 1st g 0 s . _ ..............1922 J - 0
101
C a n ada 8 ou oons gu A 5 s . . . 1932 A - O
J a r C llnoh 4 O h io 1st 3 0 -y r 5a '3 3 J - D
78
C entral o f G a 1st g old 5 s . .p l 9 4 5 F A
97%
_____
C on sol g old 5a........ ...............1915 M -N
O hatt D lv pur raoaey g 4s 1951 J - D
M a c 4 N or D lv 1st g 5 s . . 1943 1 - J
85
85
M id G a 4 A tl D lv 5 s .......... 1917 J - J
M o b ile D lv l a t g lie .......... 1913 J - J
84%
Cen R R * B o f G a c o l g 5 a . . 1937 M -N
83
Gant o f N J gen 'l g old 5 s ____1937 f - I
101
R e g is t e r e d ....................... S1987 *2 J 100
Am D o ck * Im p gu 5 s . . . 1921 J - J 98%
Lsh 4 H u d R lv g e o g o g 5 a .’ 20 J - J
94
93
N V 4 L on g 8 r gen g l a . . 1941 M - 8
07
Cent V erm on t 1st gu g 4 s . .s l 0 2 9 Q - F
91
Uhesa 4 O fund * leapt 5 s . . 1929 J - J
1st con sol g old 5s__________ 1930 IR N
95%
R eg iseerenl____ _______ i n t o nf V
52
Sale
80
74%
70%
80
91%
79
78
Sale
100
78
79%
99
80
71
108
93%
87
_____
Sale
Sale
Sale
.. ..
83%
_____
83
_____
____
88
_____
107
95
9 4 .4 4 561 9 3 .00 98.40
0 4 .5 0 6427 93.00 97 98
’ 96*86
J u n e’ 18
A p r 18
M a y ’ 18
M a y ’ 18
M a y ’ 18
J u n e’ 18
J u n e’ 18
F eb ’ i s
J u n e’ 18
M a y ’ 18
F eb ’ 15
5976 95.32 99.10
93%
97
____
97% 97%
,
99%
99
98% 99%
____ 105
105%
105 100%
- . . 93
98
97% 97*g
85
85
____
84
83
97% 483
92 % 239
J u n e'1 8
92%
80
J u n e’ IS
M a y ’ 18
M ayT8
A p r ’ 13
98%
6
92%
1
91%
31
98 Hi 113
85%
1
7
89
80%
19
Ju n e 18
91%
52
91%
70
J u n e’ 18 . . . .
D e o ’ 17 ____
93
83
5
80%
99% 144
285
98
94% 634
0 9% 270
96%
96%
90’ t
90t2
94% Ju n e’ 18
100%
101%
100%
100%
90%
91%
90 %
90%
91 J u n e’ 18
89% Ju n e 18
101%
101%
101
101
8078 Ju n e’ 13
101
J u ly ’ 17
94% A p r ’ 18
100
N o v ’ 17
95 M a y ’ IS
107% Ju n e’ 18
101>2 Ju n e’ 18
105 A p r ’ i s
100% Ju n e’ IS
74 D eo ’ 17
50 M a y ’ 18
10
9
___ .
40
1
11
2
____
3
2
....
___ _
____
....
____
____
....
....
....
—
94% 97%
88% 93
78
83%
92l,i
34
53% 05
90% 100
90% 94%
84
80
93% 96%
90% 95%
83 7 94
g
93%
94
80% 92%
83% 92%
77
81
73% 70
34
91%
84
92
40
42%
81% 89%
03
80%
99%
97
95% 98
91% 05(2
917g 100
87%
877g
87%
93%
93
85
85
85
85
93%
93%
70
90%
96%
917g
101%
100%
91%
90%
91
89%
101%
101
81%
94%
97%
9 4%
105
101%
104%
100%
90
107%
101%
107i2
101%
44
52
52
Ju n e’ 18
—
52
50
80%
80
74
73%
74%
84
85
91%
79
77
83%
99%
79%
78%
95%
85
1297$
71
115
105
99%
87%
90%
77
92%
78%
78%
112
83%
74%
82
100
90%
101%
9 9 ‘4
88
99%
937
8
81
A p r '1 8
Ju n e’ 18
J u n e'18
74%
J u n e’ 13
J u n e’ 18
O ct ’ 17
J u n e’ 18
Ju n e’ 18
83%
J u ly ’ 17
J u u e’ 18
78%
Jun e’ 18
S o p t’ 17
A u g ’ 15
71
J u ly ’ 17
J u ly ’ 15
M a y ’ 18
Ju n e’ 18
dept,’ 17
77%
M a r ’ 17
79%
79
Jan ’ 12
M a y ’ 18
J u n e’ 18
82%
A p r 17
Ju n e’ 18
N .iv ’ 10
O ct ’ 17
M a y ’ 18
M a r’ 18
J u n e’ 18
*40
....
—
____
4
....
____
80
SO
71%
7.3%
71%
81%
82
85%
80
70
7312
78
87
87%
____
79
79
7012 80%
85 ‘
79
3
____
5
....
—
3
____
36
79%
75
95%
84%
82%
95%
70
737g
99
85%
09%
89%
75
78%
5
19
- - --
70%
78%
80%
83%
....
2
82
72
81
83%
70
85
95%
96%
83
99%
99
88
99'g
99%
___.
....
____
....
---- ------- -
97
N o v ’ 16 ____
- - 103% F eb ’ 10 . . . .
. . . . 101 M a y ’ 18 . . . .
107
103% A pr ’ IS - . . .
91% 90% Ju n e’ 18 . . . .
81
84
D eo 17 . . . .
_____ 97% M a y ’ 18 . . . .
83% 90 M a y ’ IS . . . .
78
A u g ’ 17
90 M a y ’ 18 . . _ _
101% 97% June’ 17 . . . »
90
104% Apr ’ 17 . . .
93
8 3 Ju n e’ 18 ____
Hale 100%
101
7,
103
l o w s Ju n e’ 18
___ 99
M a y ’ lS . . . .
101% 100 A pr ’ 18 . . . .
. . . . 100% Jan 13 . . . .
___ _ 07
1
67
90 J u n e’ lSl ___
4
Sale 95%
90 %
]
_____1104% Jan ’ I7l ____ 1
101
103
99% 103%
86% 91%
96%
87%
97%
90
90
90
83
8i
10(1 104
101% 104
98% 99%
100
100
65
80
67
90
100%
in ter es t a n d
Pries
Friday
July 5
Bid
M- S
M- S
F -A
A -O
J D
J -D
J - i
J - J
J - J
J - J
M -M
M- S
A -O
J - J
76%
757g
81
66%
d efa u lte d
W««**»
Range or
Last Sale
Ask: Low
78
70%
8684
Sale1 75%
Sale1 80%
73
84
85%
96%
84%
82
73
82% 71
_____ 88%
93% 113%
51% 51
30
37%
bon d s.
Bonds
Sold
1909
Period
Jan
| Interest
In
Bonds
Sold
64
High1 No.
7614j
1
M a r ’ 17
13
76
81 • 53
A p r *17
N o v ’ 101 _ ___
..
F e b ’ 101
Jan '13
N o v ’ 17
O ot ’ 17
SoDt'10
F e b ’ 15
51
1
37%
2
Range
Sines
Jan. 1.
Low High
72
78
65%
70
70
82%
73
2d con sol g old 4S.............1939
0 2%
G reen brier R y 1st gu g 4 s . 1940
65%
W a rm Springs V 1st g 5 a ..1 9 4 1
_____
O hio 4 A lton R R ref g 3 s . . .1 9 1 9
50%
52
50
Railway 1st lien 3 X s .......... 1950
37%
35% 47%
C h ic a g o B u rlin g ton 4 Q u in cy
D en v er D lv 4 s_____________ 1922 F - A
99% 101
99% A p r ’ 18 ____
97% 997g
Illin ois D l v 3 X s .....................1949 J - J
71% 72
5 72
72
72
76
82
82% 83% Ju n e’ 18 ____
Illin ois D lv 4 s______________1949 J - J
82
87%
I o w a D lv slnklag fund o s . 1919 A - O
_____ 98 M a y ’ lS ____
99
99%
93
Sinking fund 4 s ............... 1919 A - O
9 0 % _____ 98 Ju n e’ 18 —
97
98
Join t b on d s.
See G rea t N orth
90% 92
90%
91
N eb ra sk a E x ten sion 4s___ 1927 M - N
6 90% 94%
*8 6 % 91% 91
M a r ’ 18
R eg istered ______________ 1927 M - N
91
91
G eneral 4 s .......... ..................... 1958 M - S
80% 81
80%
81% ’ _5 80
84%
O hio 4 E 111 ref 4 Im p 4s g . .1 0 5 5 J - J
28% 32
28% J u n e’ 18 ____
30
25
0 8 M t g 4 T r C o otfs o f d e p ._
28% 3412 28 J u u e ’ IS
29
22
1st con sol g old 6s__________ 1934 A - O
100
1 0 1 4 100
Jun o’ 18
101
98
G eneral con sol 1st 5 s.......... 1937 M -N
_____ 84%
87 Ju n e’ 17
0 8 M t g 4 T r C o otfs o f dep
--------73%
70 F o b ’ 18 ____
70
70
G u a r T r C o otfs o f d e p ..........
76
J u ly ’ 17
P u rch m on ey 1st coa l 5 s . .1 9 1 2 F - A
50 _____ 97% Fob 13
12
_____ 32
O h io 4 In d O R y 1st 5s . . .1930 J - J
M a r ’ 17
C h ica g o G rea t W est 1st I s . . 1959 M - S
59 Sale
59
59%
3 54
60%
O hio In d 4 L ou isv— R e f 0 s . 1917 J - J
99% 105
100% J u n e’ 18 . . . .
100%
93
R e fu n d in g g old 6s............... 1947 J - J
80
907g 100% A p r *17
R e fu n d in g 4s Series O ____ 1947 J - J
84% A p r ’ 17
In d 4 L ou lsv 1st gu 4 s . . . 1956 J - J
70
N o v '16
.... ....
O hio In d 4 Sou 5 0 -y r 4 s ____ 1956 J - J
71
78"
90% Jan '1 7
O hio L 8 4 E ast 1st 4 X 3 - - - 1 9 6 9 1 - D
97% D eo ’ 16
C h ica g o M ilw a u k ee 4 8 t P a u l—
72
73% 72% J u n e’ 18
G e n ’ l g old 4s Series A . . . « 1 9 3 9 J - J
79
71
R e g is te r e d _____________ «1989 Q - J . . . . _ _ _ _ 92% F eb ’ 16
79% 82
__ '76*% *82**
P erm an en t 4 s ......................... 1925 J - D
81 J u n e'18
07% Sale
G en 4 ref S er A 4 )< a ____ a 2 0 l l A -O
67 a 07%
31 6434 70
76% 78% 7012 J u n e’ 18 ____
G e n ref c o n v 8or B 5s___a2014 F - A
80
74
66
717g 72% Aim ’ 171
..
G e n ’ l g old 3 X s 8 er B ____ *1989 J - J
8 0 % _____ 80%
80%
G eneral 4 X s Sortes C . . . « 1 9 8 9 J - J
2 80% 84%
66% 71
71 J u n e’ 18
2 5 -y ea r deb en tu re 4s_____ 1934 J - J
007g 74
76% Sale 70
70% '
5 71% 78
C o n v e rtib le 4 X s .......... . . . 1 9 3 2 J - D
9 5 % _____ 97 Jan ’ 18 ____
O hio 4 L S up D lv g 5 s . . .1 9 2 1 J - J
97
97
8 5 % _____ 94 F o b '18 ____
O h io 4 M o R lv D lv 5 s . . . 1926 J - J
94
94
96
97% 97% M a y ’ lS ____
C h ic 4 P W 1st g 5 s_____ 1921 1 - J
95% 98%
70% 75
79
D e o '1 7
O M 4 P u g et 8 d 1st gu I s . 1049 I - J
97% 108% 99% M a y ’ 18 . . . .
D u b u q u e D lv 1st s f 6 s . . .1 9 2 0 J - J
99% 99%
98% 108
1017S S e p t’ 17
F a rg o 4 Sou asaum g O s .. 1924 J - J
97
103% 98 Jan ’ 18
L a C r o 8 s e 4 D 1st 5s_____ 1919 J - J
98
98
95% 99
96 M a y ’ 18 . . . .
W la 4 M in n D lv g 5 s____ 1921 J - J
96
96
9 7 % _____ 977g M a y '18 . . . .
W ls V a lley D lv 1st 0a____ 1920 J - J
97% 977g
85
_____ 85 Ju n e’ 18 . . . .
M llw 4 N o 1st ex t 4 X 3 -- 1 9 3 4 1 - D
85
85
8 1 % _____ 81% F eb ’ 18 . . . .
O on s e xten ded 4 X s ____ 1934 J - D
81% 81%
87
_____ 89 Jan '1 8
O hio 4 N or W est E x 4s 1886-1920 F - A
89
89
8 5 % _____ 86% Ont '1 7
R eg istered ............... 1886-1920 F - A
*70
70% 71
M a y ’ lS ___ _ 70
G eneral g old 3 X s ________ 1987 M -N
73%
81% O ot '1 6
R e g iste re d ......... ........... .p l0 S 7 Q - F -------- 70
80% 83
G eneral 4s_________________ 1987 M -N
80%
80%
1 797g 85%
80% 81
M a y ’ lS . . . .
S ta m p ed l a _____________ 1987 M -N
81
81
9 9 % _____ 997g M a y ’ 18
G en oral 5s sta m p ed _______1987 M -N
997* 103
Sinking fund 0 s...........1879-1929 A - o
99
103% 104 M a y ’ lS . . . . 104
104
109% A p r '1 0
R e g iste re d ............... 1879-1929 A - O
94’ % 100
104
S e p t’ 17
A
Sinking fund o s _____ 1879-1920 .. - O
9 2 % _____ 103% A p r ’ 10
R eg istered ................1879-1929 A - O
96% 102
95% M a y ’ 18 . . . .
D eb en tu re 6 s . . . __________ 1921 A - O
'
90%
95
91
97
100 Jan ’ 18 . . . . 100
R eg istered __________ . . . 1 9 2 1 A O
100
93
97
95% J u n o’ 18 . . . .
Sinking fund d e b 5s_______1933 ... - N
M
93% 97
89% 97
94% M a y ’ 18 . . . .
R eg is te re d ...........................1933 M - N
94% 04%
7 7 % _____ 101% O ot ’ 10 . . . .
___
D es PlalnesVal l s t g u 4 X s l 9 4 7 M - S
From Elk 4 M o V 1st 0 s . . 1933 A - O 1 0 4 % _____ 105 A p r ’ 18 . . . . 101* ' 105 *
53
____
88 Jan '1 7
M a n O B 4 N W 1st 3 X « . 1941 J - J
M llw 4 8 L I s t g u 3 X S . . . 1911 J - J
M il L 8 4 W est 1st g 0 s . .1921 M - 8 1 0 0 % _____ 101% Ju n e’ 18 ____
102%
08
9 2 % _____ 93 Ju n o’ 18 ____
F A
98
93
M - S 1 0 2 % _____ 11178 D o c ’ 15
I - J 1 0 2 % _____ 102% M a y ’ lS
102% 102%
73
74% 73%
73% ” ■ 5 73% 76%
M- S
03
95
------» lull «
T
v)3. I V tO J - J
93 J u n e ’ 18 —
93
93
C h ica g o R o o k Isl 4 P a o—
73% 74
73%
74
Railway general g old 4 s . . . 1988 J - J
9 73
77%
R e g iste re d ......................... 1983 J - J
71% M a y ’ 18 ___ 1 71% 71%
60% Sale 06%
07
R efu n d in g g old 4 s ________1934 A - O
41
62% 68%
70 M a y ’ 18
J - J
71
66
65% 06
60
07
11' 62
nv T7|d.. I
M- 8
07%
87
90
90 F o b ’ 18
B u rl O R 4 N — 1st g 5 s . . 1934 A O
90
90
92% 100
97% Jun e’ 17
C R I F 4 N W l s t g u 5 S . . 1921 A - O
97
_____ 97 M a y ’ 18 . . . .
100
C h o o O k la 4 G gen g 5s . . o l 9 l 9 J - J
95
90
92
C on sol g old 5 s ................1 9 5 2 M - N
93 M a y ’ 18 . . . .
93
93
55% 61
K e o k 4 D es M oin es 1st Os. 1923 A - O
60 M a y ’ 18 ____
00
57
07% 68% 68% Jun o’ 18
09
59
8 t Paul 4 K C Sb L 1st 4 X s H F - A
105% Sale 1051.1
105)1
10 102
O hio 8 t P M 4 O oons 8s ___ 1930 J - D
100%
7 8 % _____ 84% Ju n e’ 18 . . . .
C o n s 0s reduced to 3 X s . . 1930 J - D
81% 85%
8 7 % _____ 907g M a y ’ lS . . . .
D eb en tu re 5e_______ ______ 1930 M - S
85% 907g
N o v 10
N orth W isconsin 1st 6 a . . 1930 J - J 1 0 0 % ____ 118
100
100% 100 J u n o’ 18 ___ . 100
8 t P 4 3 C it y 1st g 0s ____ 1919 A - O
100%
80
_____ 95 M a y ’ 18 ____
S up erior S hort L 1st 5s g .p l9 3 0 M 8
95
95
50
58
O hio T H 4 80-E ast 1st 5 s . . I960 1 - D
82 Jan ’ 17
103 105
O hio 4 W est lu d gen g 6 s . .,1 9 3 2 Q - M
103 Ju n e’ 18
104
103
65% 00
C on sol 50-year 4s________ 1952 J - J
65% J u n e’ 18 ____
00%
64
CIn H 4 D 2d g old 4 X s ____1937 J
90 M a y ’ 17 ____
1
_____
O F ln d 4 F t W 1st g o 4s g 1923 M - N
D a y 4 M loh 1st oons 1 X s 1931 J - J "8 0 "
90 Jan 17
63
_____ 04
04
10 59
C le v CI q O h 4 St L gen 4s. 1993 1 D
64
70
77% 70% J u n e’ 181
20-y ea r d e b 4 X a ...................19)1 J - i
05% 76%
75
85
80
A pr 18 . . . .
a e o e r a l 5e Series B ____
1993 1 - D
80
80
58% 81% 837g M a r ’ 17
C a iro D lv 1st g old 4a_____1939 J
J
60% 61% 62 J u n e’ 18
CIn W 4 M D lv 1st g 4s . 1991 J - J
65
62
66
07
S t L D lv 1st co ll tr g 4s .1 9 9 0 M N
08 J u n e’ 18 - - - .
08
03
08
_____ 73% Jun e’ 17
8 pr 4 C o l D lv 1st j 4s . 1910 M - 5
5 6 % ____ 84
N o v ’ 10
W W Val D lv 1st g 4 s _____1940 J ■ J
99
101
102% Ont '17
C I St L 4 C con sol 3 s _____1920 M - N
7 5 % _____ 87
1 st g old 4 s _____________ *1933 Q - F
D eo ’ 17 . . . . . . . . - . . .
R e g iste re d ................... *1930 Q - F
88% M a y ’ 15
88
_____ 102% Jan 17
C In 8 4 C l con s 1st g 3 s . . 1923 i - J
O O C 4 I goa oons g 3 s . . 1934 1 - J 1 0 1 % _____ 107% Aug ’ 17
0 7 % _____ 94
J u ly ’08
In d B 4 W 1st pref 4 s_____1910 A O
O Ind 4 W 1st pref 5 s___ 81938 Q
J
4 9 % _____ 51% Jun o’ 18 ____
P eoria 4 East 1st co a s la . 1910 A - O
61%
46
13
_____ 13 J u n e’ 18 .
I n co m e 4 a . . ..............
1990 Apr
12% 13
87
90% 87%
87%
i
C lev e S hort L 1st gu 4 X s . . .1911 A O
85
90
85
80
85
85
1 82% 80%
C o lo r a d o 4 Sou 1st g i s . . .1 4 3 9 F A
71% Salo
70%
71%
73
R efu n d 4 E x t 4 X * _______ 1935 M -N
27 no
97% 102
98% M a y ’ lS
F t W 4 D e o C 1st g f l s . . .1921 J - O
98%
90
85
_____
C o n n 4 Pas Rlva 1st g 4s ..1 9 1 3 A - O
9 4 F e b ’ 16
C u b a R R l i t 50-year 5s g . _ l9 5 2 J - J _____ 05
D el L a ck * W estern-—
74
78
M orris 4 Ess 1st gu 3 X « - 3 0 0 0 J - O
75% A p r ’ 18
73% 76%
N If L ook 4 W 1st f ls ____ 1921 J - J 1 0 1 % _____ 1 0 1 % M a y ’ 18 . . . . 100% 102%
0 5 % _____ 90
1 957g 98
F - A
96
8 8 % _____ 93% Jan 18 . . . .
R -N
0334 93%
T ■»
..................... 102% Feb *08
*
1
-.--1
Nopl eFi a;l ts t i wk aDeJn d u Arl, sDeMy p u Jn. A uJly *DeAg 0 DeOt pDeNv qDoDo »Oto s le
ro rdy aet h e , u a. De pi u a. De ue De u . u u. u o. u o. u e. pi na .
s e
J uly 6 1918.]
New York Bond Record— Continued— Page 2
Price
BONDS
If. Y. STOCK E X C H A N G E
W e e k e n d in g J u ly 5
Friday
July 5
Week' 1
Range or
Lait Sale
A tic Love
High
D ela w a re A H u d son —
93%
l e t Uen equip i 4 ^ 9 _____ 1022 J - 3
93% Sale 93%
84
1st A ref 4 s............................. 1943 M - N
83
83
83%
88% Sale 88
2 0-year c o n v 6s __________ 193 5!A - O
88%
70% 73% 71%
A lb A Susq c o n v 3 H s ____ 1 9 Id A - O
71%
112% D e o 10
Ren ss A S aratoga 1st 7 s . . 1921 IW-N 101% —
D e n v e r & R io G ra n de—
67% 63
07 J u n o’ 18
1st co n s g 4 s . . .......... ......... 1930 J
71% 73
71% J u n o 'lS
C on sol g old 4 J^h___ _____ 1930 J - J
72% 747* 71%
74%
Im p rov em en t g old 5 s ____ 1928 J - D
48% 50
51% Ju n o'1 8
1st A refu nding 5s________ 1955 F - A
95
37
A ug '1 7
B io O r Juno 1st g u g 5a . . . 1939 J - D
77
01% A pr ' l l
—
BIO G r Sou 1st g old 4 s . . . 1910 J
39 J u l y '1 7
G u a ra n te e d ____________ 1940 J
01%
05
61%
Hto G r W est 1st g old 4 s . . 1939 J - J
68
6'J
55 M a y ’ 13
M t g e A c o ll trust 4s A . . 1919 A O
82
D e o '1 0
D e t A M a o k — 1st lien g 4a. .1 0 9 5 J - D
75% July '1 0
G o ld 4 a _________ __________199.5 J D
70
77
77 J u n e '18
D e t P.tv T u n — T e r T u n 4 % s 1001 M -N
94% _____ 90% J u n o’ lS
D u l M lssabe A N or geu 5s .1941 J - J
94% 97% 97 M a y ’ IS
D u l .fc Iron R ange 1st 6s . . . 193 A O
105% M ar '08
R eg istered ................ .............1937 a a
_
87
87
M a r '18
D u l Sou Shore A A tl g 5s . . 1937 j - j
88% ___ _ 93% J u n o’ 18
Elgin Joliet A East 1st g 5 s . 1941 M -N
101
100%
100%
E rie 1st consol g old 7s_______1920 M - S 100
80
78 A pr '1 8
N V A Erie 1st ext g 4 s___ 1947 M N
96% ........ 90% J u n o 'lS
i d ex t g old 5s___________ 1919
96
93% Jan '1 8
Sd ext g old 4 .% s_________1923 fll- 8
95% —
4tb ex t g old 5s__________ I92U A O
99% J u l y ’ 17
91% N o v '1 5
3th ex t g old 4 s _________ 1923 J - D
97%
100%
100%
N Y L E A W 1st g fd 7 s . . 1920
66
Sale 00
60
E rie 1st con s g 4s prior___1990 3 <
84 D e o '1 0
Registered ...................
1990 J - J
53% Sale 53%
54
1st consol gen Hen g 43.1993 J - J
73 J u n e’ 10
R eg istered ____________1990 J
78
71)12 78 J u n e’ 18
Penn co ll trust g old 4s . 1951 F - A
Sulo1 49
49
49
8 0-yoar c o n v 4s Series A 1953 A - O
48% 49% 48%
do
S o r l e s B . . . ___1953 A
49%
54
Sale 53%
54
G en c o n v 4s Series D . . . 1953 A
93
90
93 J u n o 'lS
O hio A Erie 1st g old 5 s . . . 1982 M
100% Jan ’ 17
O lev A M a h on Vail g 6s . . 1933 J
100
100 M a y ' 18
Brie A Jersey 1st s f 0 s___1955 J
96
I037g 103% Aug ’ 17
G enessoe R iv er 1st s f 0s . .1 9 5 7 J
102
—
110% N o v ’ 17
L on g O ook con sol g 0s ___193.5 A - O
103 Jail '1 8
G oal A R R 1st cur gu Os.192'2 M -N
80
102% J u l y '17
O ook A Im p t 1st ex t 5 s . . 1943 J - J
88
- .- 85 Jan '18
I f Y A G reen L gu g 5 s. .1 9 4 0 M - N
78% 80 Ju n e'1 8
77
W Y Susq A W 1st rer 5s . 1937 J - J
100% D eo '0 6
2d gold 4 4 < s ......................1937 F - A
00 Ju n o'1 8
G eneral gold 5 s ...............1940 F - A _____ 02
77 i2 _____ 108 Jan '17
T erm inal 1 st g old 5 s . . . 1943 « l -N
108 Jan '17
81
...
M id o f N J 1st e x t 5 s ____ 1910 A - O
03 J u n o’ lS
03
00
W llk A E a st 1st gu g 5s . .1 9 4 2 J - D
23% Jail 17
K v A Ind 1st con s gu g 0 s . . .1920 J - J
97
N o v ’ 17
■ v a n s v A T H 1st oons f l s . . 1921 J • J "8712 "9 7
8512 Jun e’ 17
5 1 % -----1st genoral g old 5 s ......... . . 1 9 1 2 A - O
108
N o v '11
M t V ernon 1st g old 0 s . . . 1923 4 - 0
95 Jun e’ 12
Bull G o B ranch lo t g 5 s___1930 A - O
7912 92% 81 M a y ’ 18
F lorid a S C oa st 1st 4 U s . . .1 9 5 9 J - D
92
A u g '1 0
P o r t S t O I) C o 1st g 4 % s
1941 J - J
55 ------- 50% G ot ’ 17
P t W orth A R io O r 1st g 4 s . 1928 J - J
85% J u u o’ lfl
G a lv H ous A Hen 1st 5 s ____4933 A - O
94%
G re a t N or C 8 A Q ooil 4s . . 1921 J - J ‘ 94% Sale 94
92% M a y ’ 18
R eg istered ........................ 41921 Q J
J " 8 5 “ "95% 87 Jun o’ lS
1st A ref 4448 Series A ___1931
J
96 J u n e’ 16
R e g is t e r e d ____________ 1901
J
8 4 % ------- 89% A p r '1 8
St Paul M A M a n 4s.......... 1933
J 108% U 3 108 A p r '1 8
1st con sol g old 0a_______1933
I
9 9 % ------- 118 A p r ’ 17
R e g is t e r e d ___________ 1033
J
92
92% 92%
92%
R ed uced t o g old 4 '><*. 1933
J
85% 99
10 2 % M a y ’ 16
R e g is t e r e d ________ 1933
83% Sale 83%
83%
M o n t ext 1st gold 4 s . . .1 9 3 7 J - D
81
R e g is t e r e d _________1937 J - D
95% M a r ’ 16
J
Pacific ext guar 4s t . 1940
8 5 ‘ 2 N o v ’ 15
O "74% . . . I
4 .Minn N or D lv 1st g 4s 1948
80% D o c '1 7
J 101
..
vllon U nion 1st g 0s_____ 1922
100% M a y ’ 18
J 105% —
M o o t G 1st gu g Ofl_______1937
113 J u n e’ 17
J
Registered . . . _____1937
136% M a y ’do
1st guar gold 6 s _____ 1937 J - J "94% I I
93% A p r '1 8
D
W ill A S F 1st g old 6s . . 1938
9 3 % _____ 109% Aug ’ 16
G reen B a y A W deb otfs •'■A"____ Feb
_____ 79% 09% D oe '1 6
D eben tu re otfs ••B"_________. . . Feb
7%
9%
8% M a y ’ 18
J 77
G u lf A 8 I 1st ref A t g 5 s. .6 1 9 5 2
83
77
77
H ookin g Val 1st con s g 4 H s . 1999
J
75
Salo 74%
75%
R e g is t e r e d ________________ 1999
J
73% Jun o’ lS
O ol 4 H V 1st ex t g 4s___ 1948
O
70% 87% 82% A u g ’ 17
C o ! A T o I 1st ex t 4 s _____ 1955
A
70%
75
Feb ’ 18
H ou ston B elt A T erm 1st 5s 1937
J
81)
95
90% A p r ’ 17
Illinois C en tral 1st g old 4s 1951
J
82% 95
93% Jun o’ lS
R i g l s t e r e d _____ ______
'1 9 5 1
93
J
09
92
Sept.’ 17
1st gold 3 44s----------1951
J
73
79
78% D eo ’ 17
R egistered . . . ____
1951
J
02% 81
84
N o v '1 5
E xtended 1st g o ld 3 X s II ~ lU 5 1
O
02%
80 June’ 17
R e g is t e r e d .........................19 51
O
02%
1st gold 3a s t e r lin g ..
" 19.51
S
80 J u ly '0 9
R e g is t e r e d .................... " * 19 5 t IVI- 8
Collateral trust g old i s
" l0 5 2 A
77% A p r ’ 18
77% 81
R e g is t e r e d .............
" 19,52 A - O
95% S ep t’ 12
05%
1st refunding i s ............... ” 1955 M - fi
78
"Sale 78
78%
Purchased lines 3 : j a _____ 19.52 1
08
05
M a y ’ 18
71
L N O A T ex a s g old 4.1. 1 " 1953 M
71% 74% 74% Ju n o'1 8
R e g is t e r e d ..................
1953 M
84
70
72
Feb '1 8
C a iro Bridge gold 4 e . . . ” 19,50 J - D
73
89 A p r '17
L itchfield O lv Is! g old i s 1951 J - J
56%
79
F eb '1 4
Loulsv D lv A Torm g 3 % s 1953
- J
00%
00
60
R e g is t e r e d ____ _________1953
83
Aug '1 2
M id d le D lv reg 5 s _____
1921
95%
102 June'16
O m aha D lv 1st gold 3s . 19-5i
53%
58% A p r '18
d t L ou is D lv A Perm 3s 1951
57% 60
62
M a r ’ 18
G old 3 1 4 3 ......................... 195
05% 83% 63
Apr '18
R egistered . . . _____19.51
63
80
June’ 10
___
florln gf D lv 1st g 3 - 4 s .. 1951
79% 80% N o v ’ 16
W estern lines 1st g 4 s ____195)
72 i2 78% 79
M ar'18
R egistered ___________ 19:
92
N o v ’ 10
___ _
Bellev A O ar 1st 6 s . . . .1 9 2 3
117% M a y '1 0
G arb A Shaw 1st g old is
90 J in '17
9Q«4 - - - O hio St L A N O gold 5 » . . 1951
97
M a r’ 18
_
R e g is t e r e d ______________1951
111 F e b ’ l l
63% —
G old 3 % « - - ...................1951
90 O c t ’ 09
Registered ______ .1951
85% w
Joint 1st ref 6s Series A 1963
85%
"86%
M em ph D lv I at g 44 . 1961
0SU 90
70% N o v ’ 17
R egistered . . .
1951
05
N o v '17
St Louts Sou 1st gu « 4e 1931
77
89' F e b ’ 18
Ind III A Iowa 1st g 4s . .
74% 98
89 A p r *17
In t A G reat N or 1st g rts .
M
93
957* 93% M a y ’ 18
Jnm ee Prank A Clear 1st 4* 1969
78
85
82% J u n o’ 17
K ansas C it y Sou 1st gold 3s 1950
58
01% 00
01%
R e g is t e r e d __________ . . 1950
03 O et *09
R e f A Im pt 5 s............ .A p r 1950
J
78% 79
78%
79
J
K ansas C ity Terra 1st 4s . . 1900
74% Sale 71%
75%
L a k e Erie A W est 1st « 6s .1 9 3 7
J
83% 85
83% J u n o 'lS
2d g old 68................................ ..1 9 4 1J
SO
80% F eb '1 7
O ___
N orth O hio 1st guar ( 6 s . . 1945
83
89% M a r '17
J
84
Leh Val N Y 1st gu g 4 H s _ 1940
95
85 A p r '1 8
J
80% 93
R e g is t e r e d ____ _______ .. .1 9 4 0
89 O ot ’ 17
74% 78
L ehigh Val (P a) oon s g 4 s . .2 0 0 3 M - N
74%
74%
83
G eneral c o n s 4 4 4 s ___ . . . 2 0 0 3 M -N
101% 88 Jun o’ lS
Ms
-
M
3
Range
Since
Jan. 1.
Lou) High
93%
80%
85%
71
94
80%
90
76
60%
08
72
48%
69
71%
701.
50
03%
50
07%
55
73
90%
97
77%
97%
97
82
87
90
93-2
100 101
78
178
90% 96%
93% 95
100%100%
65
69
49%
57%
75%
42
42%
48%
87%
79
50
49%
50
93
9 8 i f 100
103
103
60
01
81
81
92
91%
80%
91%
93%
90
80% 89%
103 108
91%
95
81% ‘ 85’
100% 100%
92% "93%
7
75
74%
73%
9%
83
78
73%
07"%
75
87
95
72%
78%
'7 8 ' "83 *
70
71
74
70%
72
72
04%
71
58%
02
03
58%
02
63
85%
91
80
80
90 * "93"%
53
02%
73% *80
74% 78
78
92
85
91%
74%
87
78
9012
BONDS
N . Y . STO C K E X C H A N G E
W eek en din g J u ly 5
I
v
^
65
Price
Friday
July 5
!|
1
Range
Since
Jan. 1.
5 (1
Atk Low
Hig » .Vo Low High
L eh V T e r m R y 1st gu g 6s . . 1 9 4 1
O _____1013 8 102
M a r ’ l . . . - 102
102
R e g is t e r e d ________________ 19 *1
O . . _ 10 6
113
M ar’ l ’ . . .
L eh V al C o a l C o 1st gu g 5a. 1933
J
97
104
100
M ar’ 1 . . .
96% 101
R e g is t e r e d ________________ 1933
J ...................
1 ___
1st lnt reduoed t o 4 s_____ 1933
J
77% . . .
L eh A N Y 1st guar g I s ____ 1945
S
71
. . . . 70
70
l 70
70
R e g is t e r e d ________________ 19 15
S ...................
L on g laid 1st oons g o ld 5 s _ . 41931
J
92% 961 2 95 A p r '1 . . . -! 91% 95
1 st con sol g old 4 s ________ A1931
J
81% 87
94% J u n e’ l 5 . . .
G enera! g old i s ___________ 1933
D
71% 74
71% J u n e’ l — -! 71% 71%
P erry g old 4 % s ___________1922
S _____ 95
90
J u ly ’ l ’ . . .
G o ld 4s___________________ 1932
D ............. ..
99% O ot ’ 0 . . .
U nified g old 4 s ____________ 1949
S
71
78
71 J u n e 'l . . . .1 71
71
D eb en tu re g old 5s________ 1934
D _____ 97
97 Jan '1
97
97
2 0 -year p m d eb 5a_____ 1937
N
68
72
72% J u n e 'l i . . . - ! 72
75
G uar refunding g old 4 a . . . 1949
S
72
85
75 J u n e’ l? - - 73
79%
R e g is t e r e d ______________ 1949
S _________
____
N Y B A M B 1st cou g 5 s . 1935
O
95
...
103% Apr ’ 1 . . .
N Y A R B 1st g old 5 s ____ 1927
S
95
100
92% A p r ’ 15 . . .
92% 92%
N or 9h B 1st c o o g gu 5 s .o l9 3 2
J 82
931 100
A u g ’ It
L ou isiana A A rk 1st g 5s___ 1927
S
88% 871
90
M a r ’ 15 . . .
87% 90
L ou isville A N a sh v gea 6 s . . 1930
D 109% 115
110 %
110 %
109
1107*
G o ld 5 s . . __________________1937
N
96% 109-1
94% A p r ’ I93% 94%
U nified g old 4 s . . ...........
1340
J
83
Sal
83
83
83
88%
R e g is t e r e d ______ ____ 1 9 10
t * . . . 811
C olla tera l trust g old 5s . . . 1931
M _____ 99
99
M a r ’ l :> —
99
99
E H A N ash 1st g 6s ____ 1919
D 100% . . .
103% J u ly ’ l"
L C ia A Lex g old 4 X s _ . . l 9 3 1
N
90% 943
87 A p r ’ 15 —
87
87
N O A M 1st g old 6s _____ t930
J 102
112
100 A u g ’ 1
2d g old 6s _______________1930
J
9 3 % ____
P a d u ca h A Mena D lv 4 s . . 1946
A
72% 83
90% A p r ’ 12
S t Louis D lv 1st g old 6 s . . 1921
8 10 0 % ____ 100% Jan ’ 15 —
100% 100%
2d gold 3a______________ i930
S
57% . . .
58% M a r ’ l 5 ____
58
58%
A tl K n o x A CIn D lv 4 s . . . 1955
N
77i.i 80
80 J u n e’ IS —
74
80%
A tl K n o x A N o r 1st g 5 a . . 1946
t>
95
____ 108% Jan ’ 17
H ender B d ge 1st 3 f g 6a . . 1931
S 101% ____ 105% A u g ’ 17
K e n tu ck y C en tral g old 4 s . 1987
J
74% 81
73
M a y ’ 18
74
73
L ex A East 1st 5 0 -y r 5s gu 1965
O
92% 94% 92% J u n o 'lS
91% 96
L A N A M A M 1st g 4 % s 1945
S
83% 913
94
A u g '17
L A N -S ou th M Joint 4s. .1 9 5 2
J
68 % 81% 68 % J un e'18
67% 68%
R e g is t e r e d ____________ A1952
95
F eb ’ 05
N Fla A S 1st gu g 5 s .......... 1937
A
92% 105% 90% Jan ' i j . . . .
96% 96%
N A C B dge gen gu g 4 H s . 1945
J
82% . .
977* M a y '1C
Pensatt A A tl 1st gu g 6s . . 1921
A 100% 102% 102% F eb ’ 18 ____ i d 2 % 102"%
’
S A N A la con s gu g 5 s . ..1 9 3 6
A
95
100 I 99 A p r ’ IS
99
99
G en con s gu 5 0 -yea r 5s_ 1983
O
86% 95 1 93% Jan *18 —
93% 93%
L A J eff B d g e C o gu g 4s___ 1945
S
60
_____ 79 A p r '1 7
M a n ila R R — Sou lines 4s___1936
N _____ ______
M ex In tern a l 1 st con s g 4s . . 19 77
S ___________
77
M a r ' 10 . . . . —
—
S tam ped gu a ra n teed ___
19 77
S ..................... 75
N o v ’ 10
M id lan d T e r m — 1 st s f g 5 s . 1025
D _____ __
.
M in n eapolis A St L o u is —
1st g old 7a........ ................ . 1 9 2 7
D 101
105
1 101
101
101
104
P a cific E x t 1st g old 6s____ 192 i
O ___________ 103 O ot ’ 16
1 st oon so! g old 5 s_________ 1934
N
74
Sale 74
74
1 74
79%
1st A refunding g old Is . 1949
1 41
3
46
Sale 46
46
40
R e f A ex t 5 0 -y r 5s See A
1962
F
40
47
46 J u n e'1 8 —
40
46
D os M A Ft D 1st gu 4 s . . 1935
J ___________
00
F e b ' 15
Io w a C en tral 1st g old 5s .1 9 3 8
D
78
84% 81% J u n o 'lS
75% 81%
R efu n d in g gold 4s.......... 19 51
8
44
44% 44%
44%
i
40% 46%
M S t P A S S M o o n g l s I n t g u 1933
J
83
84% 84% J u n e 18 —
83% 86%
1st C h ic T erm s f 4 s.......... 1941
N ___________
92 Jan '1 7
M S S M A A 1st g 4 s ln t g u . ’ 28 J
J
88
_____
M ississippi C en tra! 1st 5s . . li)49 J
J _____ 94%
95
D e o '1 6
M issouri K ansas 4 T ex a s—
1st g old 4 s________________ 1390
O
60
61% 61%
61%
5 00%
2d g old 4s_______ ____
£1990
A
30
32% 31% J u n e'1 8
28
35
1st ex t g old 5 s________ 1 1 .1 9 4 4
N _____ 32
32^8 t f o v ’ 17
1st. A refunding 4s ___
2001
S
40
42
43% M a y ’ IS ____
40
45
T ru st C o certfs o f d e p ____
.
39% 47% 42
M a y ’ IS _ _ .
41
42
G en sinking fund 4 ^ s .
1936
J 25% 26% 20% Ju n e'1 8 ____ 26% 34
St Louis D lv 1st ref g 4a 20 0 !
3 _____ 37% 40
N o v '1 6
_____
5 % secured n otes ’ ’ e x t’ ' '1 6
.
30
40
3 ___________
D i l l A W a co 1st gu g 5 s 1940
09% A p r ’ 17
K a n C it y A P e c 1st g 4 s . . 1990
A _____ 65
58 Jan '19
58
58
3
37% 50
M o K A E 1st gu g 5 s ____1942
36 A p r ’ 18
36
37
M K A O kla 1st guar 5 s . . 1342
g
56
87
55% D e c '1 7
M K A T o f T 1st gu g 58 .19 4 2
5
50
52% 50% J u n e'1 8
56%
49
Slier 8 h A S o 1st gu g 5 s . . 1942
3 _____ 60
51
D e o '1 6
T exas A O kla 1st gu g 5a 1943
S _____ 50
4 0 Jan '1 8 —
40
40
M issouri Paclfto (reors C o ) ’
1st A refunding 5s Ser A 1965
V
81
85
83% J u n e'1 8
79
80
1st A refunding 5s Ser Bn 1923
V
90?t Sale 90%
91%
9 90
92
1st A refunding i* Ser C i ’>26
A
87% 88
87% Ju n e'1 8
86% 90
O enerai i s ________________ 19 75
3
57% Sale 57%
58
97
59%
M issouri P a c la t cons g 63
1920
98% 99
98%
98%
2 98% 99%
4 0 -y ea r g old ioan 4 s____
1945
..................... 60
J u l y '17
3d 7s extended at 4 % _____193S
___________
B o o n v St L A S 1st 5a gu 1951
___________ 100 F e b '1 3
C e n t Br U P 1st g I s ____ 1948
7 1 % _____ 97% D ec ’ 13
Pao R o l M o 1st ex t g 4 s . . 1933
79% 81
78% A p r '1 8 . . . .
78% 80
2d extended g old 6s ____ 1938
..................... 100% A p r '1 8
St L Ir M A S gen c o n g 5s. 1931
90% 93
93
93
i 1 '9 0 % '9 5 %
___________ 102 J u ly '1 4
G eu con stam p gu g 5s 1931
U nified A ref g old 4 s . . . 1929
74 i2 75
74% J u n e’ 18 . . . .
72% 76
___________
R e g is t e r e d _______
1929
80% O ct ’ 17
R lv A O D lv 1st g 4s
1933
70
72
71
Jun e’ 18
'6 6 % '7 2
V erdi V I A W 1 st g 6 s . . 1926 M
78
S e p t’ 15
M o b A O h io new gold f l s . .
1927
102
_____ 102%
2 101% 102%
102%
1 st ex t g old 6s .................. 5 19 2 7
95
106
95 M a y ’ IS
92
95
G eneral g old 4 s ............... 19.33
65 _____ 65% A p r '1 8 ____
65% 05%
M o n tg o m e ry U lv 1st g 5s. 1 9 i7
83
_____ 93 Ju ly 17
St Louis D lv 5s...............
1927
_____ 92
90
A u g '1 7
S t L A C a iro g u ar g 4 s . I ” 1931
72
85
77
D ee '1 7
N ashv C h a tt A St L 1st 6s . 1928
100
103% 98% Ju n e'18
Jasper Branch 1st g 8s . . 1923
98% 103% 110% M a r '1 7
N a t R y s o f M ex pr lieu 4 % 1957
_____ 30
30 M a y '17 — • . . . . . . . .
*
G uaranteed goneral 4s
1977
_____ 30
35
A u g '1 6
N a t o f M ex prior ilea i %s
1926
21
_____
1st oousal 4 s____________ .1951
_____ 30
30
Ont ’ 16
N ew O rleans T erm 1st i s "
1953
63
_____ 6312 J u n e’ 14
64
60
N O T ex A M e x ico lat 8e
1925
93
93% 93%
93%
1 92
94%
N on cum Incom e 5s A
45% 40 | 46
193
497g
46%
40
8,
New Y ork C en tra R R —
O o a v d e b 8s ________
133
94% Sale 94
44 01% 95
94%
C on sol 4s Series A ____ ‘ 139
71% 74% 74 J u n e'1 8 — 1 71% 75
R ef A Imp i % $ " A " . _ .2 013
81
82
80%
81
4 80
86
N ew York C en t A Hud R v
G uar 3 % s . . . _____
139.
69% 70
69%
70%
21 69% 74%
69
73% 71% M a y ’ IS . . .
R e g is t e r e d _______. . I . .1 9 9 ? J
71%
70
D ebenture g old 4 s ............I l 9 3 * M N
78
Sale 77%
78
2 74% 81%
R e g is t e r e d _____________ 1931 tl
1993 F
Lake Shore Oull g 3
60*
63% 01 J u n e’ 18
65%
61
R e g is t e r e d _____ __ .
1998
--------04%
01
M a y ’ IS
61
61
M ich C en t co ll g old 3 % s . 1998
63% 70% 63% Jun e’ 18 . . .
62% 6S7g
R e g is t e r e d ______________1998
75
M a r '17
B a ttle C r A 8 f u r l s c g u 3 r 1989
Beech Crook 1st gu g 4s . 1936 J
81
_____ 90% Apt '1 7
R e g is t e r e d ______________1936 J
2d guar g old 6s ________ 1938 I
1
8 4 % ____ : 04
M a y ’ 16
R e g is t e r e d ___________ 193c j
> —
......
... . ...
B eecb C r E xt 1st g 3 % s .619.5) A O
C a rt A Ad 1st gu g 4 e ____ 1931 J
O
60
_____ 89
N o v ’ 16 .
G ou v A O sw e 1st gu g i s . 1942 J l)
M o h A M a i 1st gu g 4 « ...1 9 9 1 M - 6 "72’ % ’ 7 9 " 79% A p r "'IS .
79"% " 79"%
N J June R guar 1st i s . . .1 9 3 8 F - A
68
____
89% Feb ’ 16 .
N Y A H arlem g S X s ____ 2006 W N
0 6 % ____
80
M a y ’ 17 .
N Y * N orthern 1st t 6 1 .1 9 3 3
95% . . .
O
95% Ju n e'1 8 .
95% 95%
" '1
• opieFi a;JK b adnkdh wk aDoJn 6 DoFb aDoJn. A u Jly 0 DeOt 1 Oto sl
N rc rdy * * i n ae t i e , u a. u o. u uo Do u . u c. pi n a
td
s e
e
Week’e
Range or
Latl Sale
[Vol . 107.
New York Bond Record— Continued— Page 3
66
lliyh No. Low man
.41* Low
U
N Y OWH A H R R B ( C » » .) —
74*2 M a r ’ 18 —
72*3 74*2
09% —
N Y A Fn le t e o * i gu ■ 4* 1*9 3 A - O
113 M » y M 5
PlnoC Teek ret guar 6 i ------ 1932 J - D
98
93*4
98
M arM 8
97*3
K W i O e o i l i t ext 5 l . . » l » 3 2
67*4 Ju u o'1 8 ____
67*4 07*4
03*4
R u t l a i g l i t ooa g 4 H i ___ 1941 J - J
63
60
60 Ju n e'1 8 ____
00
O g A L C k i a l i t (U 4* 11948 J - J
70
70
70 Jan 18 ____
55
I lu t-C a n a d * t i t i n | 41.1949 J - J
—
101
N o v ’ 10 —
—
—
J - J —
St L *w r A A d lr l i t | S i___1998
103
N o v ’ 10
2d (O ld 8i . ..........................1998 A - O
94
93
9 4 A p r M8 ____
91
U ttea A » l k n i v *a i 4 « ..1 9 2 2 J - J
71% 75%
73 Ju n o'1 8 ____
73%
L a k* Hkore c o ld ,1 % I_____1997 3 - D
72*2 73
72*t 73 M a y ’ 18 ___
R e a l i t i r e d .......................1 9 * 7 J - D
1 82
87*2
8 5 i2
85*2 Salo 85%
D ebenture c o ld 4 i _____ 1928 M - *
4 81% 86%
84
83% Salo 83%
2 5 -r » * r g old 4*__________1931 M - N
83% N o v '1 7
R e c ls t e r e d ___________ 1931 M - N
K a A A Q R le t c ' l « 5 s . . .1 9 3 3 J - J
104% D ee ’ 15
89%
M a h o n C ’ l R U le t fis____ 1934 J - J
103 M a y ’ 1 7
91
P itts A L E rie 2d c 5s___ a 1928 A - O
150*8 Jan ’ 09
P itts M o K A Y 1st gli fls .1 9 3 2 J - i 1 0 1%
12.H4 M a r ' 12
2d guaranteed 6 i _______1934 J - J 101*4
99*2 A ug M /
89
M ich ig a n C en tral 5s _____ 1931 Wl- 8
92
92
A p r M8 . . . .
92
85*4 OS
R e g li t e r e d ______________1931 Q - M
80
N o v ’ 17
75*4
4 s ............................................ 1940 J - J
87
F eb '14
R e g is t e r e d ______________1910 J - J
90 June'OS
J L A H 1st g old 3 m . . .1 951 M - S
79% Ju ly ' 17
70
1st g old 3 % * .................. -1952 M -N
10 72% 80%
75
73% 75% 75
3 0 -re a r d eb en tu re 4 «___ 1929 A - O
75*2 82
75% 81*8 81*8 J u n o'IS
N 7 C h ic A St I< 1st g 4 c . . 1937 A - O
- ___
85
N o v ’ 17 ____
75*4
A -O
R e c l s t e r e d __________ 1937
Ot
1 61
63
63
Salo 63
D ebenture 4 i .......... ..1 9 3 1 M -N
80
73U
73U
73% 75
5 73
W est Shore 1st 4 i g u a r ...2 3 8 1 J - J
3 72
76%
72
72
70*8 75
J - J
R e g li t e r e d _____________ 2381
100*2 Jan 17
N Y C Lines eq tr 5 i _ . 1918-22 M -N
98*8 Ju ly M7
E quip trust 4 V 4 l._ 1919-1925 J - J
85% 88
77% 80% 85*2 M a y '1 8 —
F- A
N Y C o n n e c t le t gu 4 % s A ..1 Q 5 3
N Y N H A H a rtford —
56
ffo o t’ 17
N o n -e o n v deben 4 s______ 1947
50 O ct ’ 17
51*8
N o n -c o n y dehen 3 His____1947 M - 8
51
Juu e’ lS ___ _ 50*2 51
51%
N o n -e o n r d eben 3V4s____195-1 A - O
1 52
61%
01*3
61%
61
N o n -e o a v d ehea 4 s ______ 1955 J - i
60 J u n e’ 18 ___ _ 55*8 60
61
N o n -e o n v d eben 4 i _______1950 M -N
54
54 J u n o’ 18 ____
52
51*4 54
C o n r ilsbea tu re 3 W l_____ 1956 3 - 3
87*2 Jun o’ 18 —
83
87
83% 90
C o n r debenture 8i ________ 1948 3 - J
50 O ot ' i7
52*2
C o n s R y a o n -e o u v 4 i ____1930 F - A
91% Jau M2
51*2
'lo n -e o n r d eb en 4 i ____ 1954 I - J
i 60
60
60
00
51*2
N on -eon v deben 4 s ____1955 I - J
51*2 ' c o '
TTon-eonr deben 4 »____ 1955 A - O
51%
W on -eon r deben 4 i ____1958 J - J
77*4 A ug ’ 17
70*4
H srlora R -P t Che* 1st 4 s . 1954 M -N
79% D e i M7
B * N Y Air Lino 1st t l .1 9 5 3 P - A
74 A p r M7
71
- i
C e n t N ew E n c 1st cu 4 s . .1 981
.... . .. . —
' H a rtford 8t R r l i t l i ____ 1930 M - S —
106% M a y " 15
H on ieton lo R con s c 5 s . ..1 9 3 7 M - N
_____
87
J u ly ’ 14
M -N
N au gatu ck R R 1st t s ____ 1931
, _, _
83
A ug M3 ____
N Y Prnv A B oston 4 s . . . 1942 A - O
20 45
52
51%
52
51*2 52
i
N 7 W ’ ch esA B l i t ser I * 14s ' 46
—
-- A -O
j ' oston T erm inal 1st 4 » . . . 1939
81
- 3
N ow E ngland cods 5 i ____ 1945
70
S o p t’ 17 . . . . . . . . . . . .
60
- 3
C on sol 4 s_______________ 1915
' 4 6 ' 57 A p r 16
P rovid en ce Hecur
4 s . . 1957 M -N
99% D e o M3
P rov A Springfield l i t 59.1922 J - 3
83% F eb ’ 14
Ftev id en ce Terra 1st 4s___1956 M - 9
W A C o n East l i t i H i . , . 1 9 4 3 3 - i
"04*4 * 2 "04"" "68*2
N Y O A W ref 1st c < s____ #1932 M - S " 02% * 6 6 " " f i l ’
_____
92*2 J u n e '12 ____
R egistered * 5 ,0 0 0 o n l y . . #1992 M - 9
60 A p r ' 18 ____
00
65
00
-D
a e n e r a l4 s _________________ 1955
2 00
64
61%
61% Sale 61%
N o rfo lk Sou lo t A rel A 5 . . . 1961 F - A
81% Juno'lH ____
82
81% 84%
N o r f A Sou tst gold 6s _______1941 M -N
106
N o r f A W est geri c o ld 8e ____ 1931 M - A 104 105% 106 A p r MS ____ 106
122
N o v ’ 16 —
—
—
Im provem en t A n*t z 0 1 ..1 9 3 4 r - a 104% —
104
107% O ot M7
N e w River 1st g old 8s ____1932 A - O
81
5 80
85
81
82U 81
N .4 W R y 1st c o m | 4 s . . 1966 A - O
R e c ls t e r e d .......... ..............1998 4 O
74*8 78*8
71*3 80% 78*3 J u n o’ 18 . . . .
- J
D lv ’ l Ist lien A g e a j 4 s . 1944
123% M a y 'l l
-D
10-25 year son v i s _____ 1932
117*4 M a y '17
110
10-30-ye«t todv 4 i _____ 1932 M - S 103
105%
101 J u n o’ 18
in t
1 0 -3 5 -y ia r o o n v 4 Hi I . . . 1938 M - S
79%
79%
1 79
85*s
79*4 83
D
P ocab C A C Joint 41. ..1 9 4 1
- --103 Sap e'ti
95%
J
C C A T 1st guar gold 5 s . . 1922
79
78
79
79*2 79 Jun e’ 18
Snlo V A N E let «u g 4 s . . 19S9 M -N
N orth ern P a cific prior lien
84%
17 79
81 Salo
80%
81
r a ilw a y * land gran t g 4 s . 1997 Q 78%
2 73% 80
78% Sale 78%
R e g is t e r e d _____ _______ 1997 Q 59*2 Salo 59*8
59*2
£ 50% 61*2
G eneral lien gold 3s.......... n2047 Q OU4 J u n e 'l 1 ____
52*8
R e c l s t e r e d ____________ a '.W Q 84% 85% JunoMS
85% 85%
R e f & Imp 4124 ser A ____ 2047 J 75
74
75
81% 75 J u a e ’ lf ____
•o
S t P a u l-D u liu a D lv g v> .1 9 9 6
100%
l 100% 103
8 t, P A N P c e a g old « * . . . 1 9 2 3 F - A 100% Sale 100%
103*2 B e p f 17
Registered c e r tific a t e s .. 1923 Q - A 1005s 102
9 3 t i _____ 107 Out ’ 16
S t Paul A D ulu th l i t 5 s . . 1931 P - F
83% M a r 17
67>4 83
1st oonsol co ld 4s............ 1938 J - D
36*2 D eo 10
61
83
W ash C en t 1st gold 4 s ____ 1948 Q - M
108% 108%
• J 109 _____ 108 *8 J u n e '18
N o r Pae T erm C o l i t g 8s . . 1933
71
75
71
7 D s 72 Jun e’ 18
- J
O regon -W ash le t A ref 4I . . . I M 1
84*2 M a y ’ 18
82
84
82
05
P a cific C oa st C o l i t g .Is____ 1946 J - D
100*1 Feb '1 7
- J _____ 100
P a d u ca h A Ills l i t i f 4 H s .1955
93*4 93*4
9 U i _____ 93*4 J u n e’ 18
Pen nsylva nia R R 1 st %4 a . _ 1923 M -N
100 100
9 9 % _____ 100 Ju n e'1 8
C on sol g old 5 s ...................... 1919 M - S
9 9 * 4 _____
R e g is t e r e d ........ ..............1919 Q -M
88
88%
88
88
85
88
C on sol gold 4 s ......................1943 M -N
85
90
87 M a y '1 8
84
86
C on sol c o ld 4 s ....................... 1948 M -N
95% 99
9513
9 5 i2
0512 96
C on sol 4 H a ......... .................. 1980 K - A
86I4
88 *t
86*4 92
88*4 Sale
G eneral 4 % g .................. . . . 1 9 8 5 I - D
8 5 * 2 ------- 89*2 N o v ’ 17
A lice Val gen g u a r g 4 s . . .1 9 4 2 M - 8
80*4___ 84% Sop ’ 16
D R R R A f V g e ls t g u 4 s g ..1 9 3 6 P - A
92
Aug ’ 17
81
N
P h i* Balt A W lit, g i s . . 1943
102 Jau ’ 93
1
S o d ill Bny A Sou 1st g 5 s . 1924
77*2
f
Sun bury A Lew is 1st g In. 1938
8 H ___
4
92
D e o ’ 17
8
O N J E R A C a n gen 4 s ___1944
P en n sy lv a n ia C o —
90*8 98%
08*s
OS's
J
98*4 100
G n sr 1st g old 4 % e ______ 1921
97*2
95
_____ 97*2
95*4 97*2
J
R e g is te r e d _____________ 1921
F ob 17
■S
G uar 3 % » eol! trust reg A . 1937
7 5 5 * _____ 87
74% 78
74*4 June’ 18
70
71*4
A
G u ar 3 Mu eoll trust ie r B . 1941
74
78
81*4 J u ly ’ 17
G u a r 3 Ha trust etfs n ___1942 J - D
37% D o c ’ 16
74*s 79
O u ar 3 Ms trust otfs D ___ 1944 J - D
82*g
82*4 85*2 82*s
82*s
G u a r 15-25-yenr g old 4 s . .1 931 A - O
84 Jun o’ 18
84
76
40-year guar 4s otfs Ser E 1952 M -N
80
87*4 86 O e l ’ 17
C ln Lob A N or gu 4s g ___1942 M -N
92 _____ 96*4 M a y ’ 17
C l A M a r l i t c u g 4 M s___1935 M -N
9*
_____ 96*4 M a y ’ 18
90*4 96*1
C l A P cen gu 4 H " »er A . 1942 i - J
8 9 * 2 _____ 1 0 1 D o c ’ 15
Series B ...............................1942 4 - 0
96*4 F eb ’ 12
A -O
86*2 ____
I n tr e d u c e d t o 3 H s . . l 9 4 2
8 0 * 2 ____ 90*8 O ot ’ 12
Series C 3 M e.....................1948 M -N
88*3 Feb ’ 17
80*2 . . .
S e r in O l i d .................... i9 6 0 P - A
E rie A P i t t ig u c * H s B ..1 9 4 0 I - J
7 6 % ------ 88 A pr ’ 17
Series C ________________ 1040 J - J
7 2 i s _____ 90% J u l7 ’ l 2
99
M a r’ 18
78*2 89
G r R & l e i 1st c u c 4 H « .1 9 4 I J 93
M a y 'l l
90
91
O h io C on n eet 1st gu 4a___ 1043 M - S
M a y '10
9 2 % _____ 93
Pitta Y A Ash 1st eons 6a . 1927 M -N
98% A pr '1 7
87*2 98
T o l VV V A O g u 4 H s A . .1 * 3 J - J
92
D i e ’ 17
8712 92
Berles B 4 % i ................ . .1 9 3 3 J
7 0 * 2 _____ 88% Bapt’ 17
Ferlos C 4 s ___________
1942 M - 5
91*2 92*3
9 M i _____ 91*i Jun e’ 18
P C C A fit L gu 4 Via A . .1 * 4 0 A - O
91*2 Jun e'18
9012 100
91*2 91*2
Sorias B g u a r ___________ 1942 A - O
99 Ju a e’ l7
Serlea C g u a r___________ 1*42 M H
88*4 . . .
Series D 4s g n a r_______1*45 M -N
8 8 5 8 _____ 88 F e b ’ 18
Series K 3 m *u ar g old I *49 r - a
8 8 5 s _____ 88 M a y ’ 13
aeries F cu a r 4 » g o ld ___ 1853 j - »
881*8_____ 95% M a y ’ 17
\ -o
m- e
1108*3
N . Y. STOCK EXCH AN G E
W eek ending J u ly 5
Price
Friday
July 5
1 1
W «e*’ i
Hanot or
Latl .Sole
p
f/ia h iV»
Bid
A>
k ow
P O C * St L {Con.)
N o v ’ 17 —
88% 96*2 91
Series G 4s g u a r________ 1957 M - N
88% _____ 92*g O ct ’ 17
8 orlM l eons gu 4 , H l . . . 1963 F - A
M a y ’ 18 . . . .
9 0 % _____
O St L S P 1st con s g o s . . 1932 A - O
c
..
Ju n e'1 7
P e e r la A Pekin On 1st 61 g . . 1*21 Q - F _____
87
M a r’ 16
2d g old 4 H a ......................... 51921 M - N
8 D 2 ‘ 13
81% Salo 80%
P ero M a rq u ette l i t Ser A 5a 1959
6
04
05
l i t Serlea B 4s____________ 1956
64 8 65
44
A p r 1.8 . . . .
Ph ilip pin e R y 1st 3 0 -y r a f 4a 1937 j - J _____ 46
Jan '1 8 —
96
_____ 99
Pitta Sh A L E 1st c 5a.......... 1910 A - O
90
_____ 071.1 D e c ’ 17
la t con sol g old 5s__________ 1*43 J - 3
32
83%
Salo 83
R ea d in g C o gen g old 4 s_____1997 J - J 83
81*2 Jun e’ 18 —
R e g is t e r e d ______________1997 J - J
83% Jun e’ 18 —
81% 84
Jorsoy C en tral co ll g ta____1951 A - O
A tla n tic C it y guar 4a g . _ 1931 J * J
00
D e o ’ 17 ~
63
70
St Jos A O r Isl 1st g 4 s............1947 J - J
St L ou is 4 San Fran (reorg C o ) —
28
59*2
59% Sale 59
P rior Lien ser A 4 s _________1950 J - J
14
75
P rior Hon ser B 5a________ 1959 J - J 74*2 Salo 74*2
15
67%
A -O
67% Salo 07
C u m a d ju st ser A 3 a ____*195
31
49
48% 4 9 m 48*2
In com e series A 6 s _______ft 1900 O ot
A p r *18 ____
S t Loula A San Fran gen 6 a . 1931 J - J 100*2 10 2 % 01
97
97*2 97 J u n e’ 18 —
G eneral g old 5s________ 1931 J - 1
78 M a y ’ 10
8 t L A S F R U c o n s * 4 s . . 1996 J - 1
90
M a y ’ 17
S oilth w D lv 1st g 6 s . . .1 9 4 7 A - O
5
01
101*8
fo f%
K C F t S A M cona g 6 s . . 1928 ftl - N 10 1
67% J u n e’ 18
06
63
K C F t S A M R y ref c 4 s . 1936 A - O
J u l y '17
A - O
81*2 85*3 88
K C A M R A B 1st gu 5 a . 1929
1
08
6 8 * 4 _____ 08
St L 9 tV 1st g 4s bon d c t f s . . 1939 M - N
55*2 Jan '1 8 - _ .
55
60
2d g 4a lucorao b on d ctfa.plO SD J - J
3
00
60
Sale 60
C on sol sold 4a____________ 1932 1 - D
4
58
58
Sale, 58
lat term l A unlf o s _________1952 J - J
98*2 Jan 14
G ra y 's P t T o r 1st gn g oa . 1947 J • D
2
58%
57
58%| 58%
- j
S A A A Pass lat gu g 4a____ 1943
.01) J u n e'1 8 —
6 F A N P la ta k f d g 5 a .......... 1919 j - j ------- 100%
67
_____ 71*2 M a r '18 ____
S eab oard Air L ine g 4 s _____ 1950 A - O
68% 72*4 71*2 M a r'1 8 . . .
G o ld la starapsd__________ 1950 A - O
3
50*i
56
Sale 50
A d ju stm en t 5s___________ o l9 4 9 F - A
2
57
57
Salo 57
R efu n d in g 4a_____ ________ 1959 A - O
75
M a r '1 8 —
03
70
Atl Birin 3 0 -y r 1st g l a . ..<1933 M> H
75 J u n o’ 18 —
C a r C e n : 1st oou * I s . . . 1919
97 > 100 ' 99*4 June 17
8
Pla C e n t * Pen lat g 5s . .1 9 1 8 j - j 90 _____ 01 D e c 'I —
Istianrl gr e.tt g 5s_____ 1930
9 2 % _____ 93*4 Jun e’ 18
C on sol g old 5 s __________1913 1 - j
90*2 100*8 90*2 J u n o '18 —
G a A Ala lty 1st c o n 5 o ..o l 9 4 5 j - j
94 Jun e’ 18
89% 94
■
G a C a r A N o lat gu g 5i__ 1929
93*4 96*2 91*4 Ju n e'1 8
S ca b A R oa n 1st 5 s .............1920 j - f
Sou th ern P a cific C o —
3
72%
72% Salo 72%
G o ld Is (C en t Pao c o l l ) . .1 1 9 4 9 j - 0
90 F o b ’ l l —
R e g is t e r e d ...................... U 9 4 9 j - 0
79
79
Salo 78*2
2 0-year c o n v 4 s __________<jl929 m - a
91
90''>8 00 8i 9 0 s
2 0 -y ea r c o n v 5 s ___________ 1931
78
78
Sale 78
C e n t Pao 1st ref gu g la ___1949 K - A
8 i *2 Sept.’ 10
R e g is t e r e d _____________ 1919 F - A _____
80
86
80*2 80
M o r t guar g old 3 H s ..*1 9 2 9 J - S
70% 70
70 J un e'18
T h rou g h St L tst g a 48.1951 A - O
100 O ot ’ 17
90*3 100
G H A S A M A P 1st 5 * ..1 9 3 1 M - N
96% Jau ’ IS
2d erton 6s guar_________1931 ; - j ------- 97
--------‘ o
J
OOU Jan ’ 16
G ila V G A V 1st gu g 5 a . . 1924 M - N
85
95
85*2
85*2
H oq a E A W T 1st g 5 a .
~ M -N
85
92
O ot 10
M -N
A u g ’ 17
92U 101
J - J
92 M a y ’ 18
89U 99
G en g old Is int g u a r___1021 A - O
..................... 109*2 N o v ’ 15
M -N
101*2 D eo ’ 10
A A N IV 1st gu g 59...........1941 J - J ------- 93
98 _____ 100*4 O ot ’ 17
L ou isiana W est lat 6 c____ 1921 J - J
J - 3 _____ 104% 100 A p r MS
9 2 * 2 _____ 102% O ot '17
A -O
J - J
91% 95% 90% Fell ' 18
92 _____ 107*2 S op t’ 16
M- N
1 - 3
90*s 94% 03*2 Aug ’ 17
A - O
72% 77U 78 June’ 18
95
N o v ’ 10
J - 3 _____ 85
78
3 - J 77% Salo 77%
90
S a le 1 89%
90*4
J - J
J • 1
100*4 A u g ’ 1
6212 Salo 02*s
02
A - O
\U 6
6 7 % _____ 05 M a y ' 13
_____ 87 Jan M8
92
J
J
04% 71
69 J u n o’ 18
; - j
10 2% Hep'.'10
J - J
J -D
84
_____ 87% M a r ’ 18
90
J u iy ’ 17
J - J
81
87
92*2 Salo 92%
J - J
9212
70*4 M a r ’ is
J
J
81*2 M a r’ 10
2d 4 a . . .
J 1 _____ 80
_____ 75
F eb ’ 17
A - O
M a r’ 18
92*i 99% 90
J - J
M -N
92% *11*2 92 Jun e’ 18
D'J J u ly ’ 17
90
92
M- B
E T eu reo lien g 5 s .
M a r ’ 18
40 _____ 51
it -O
D e e ’ 17
J - J 10 0 *2 _____ 103
A p r ’ 18
J - i 100 _____ 101
100
S e p t’ 10
85
95
J - 3
0.8 Jan ’ 18
62
72
53 -3
95 Jan '1.8
93 103
\ ■O
S e p t’ 12
73
M- N
9 M -N
98*8
9 8 % ------- OS's
102*2 J u n e’ 1
V irginia M id *?r D 4-6s____192 VIA p r ’ 18
9 4 * s ------- 93
Series E 63. . - . ________ 192iS M - 8
92
_____ 104*2 D en ’ 10
Series F 5 s_____________ 193 t A1 - fi
9 3 % _____ 04
94*2
G eneral 5 s ____________ ..1 9 3 i 6 M -N
lt)>
M i r '17
80*i 100
Va A S o’ w ’ n 1st gu 6 a ..2 9 0 5 3 - J
72*2 Jau '1 8
65
84
Lit ro n s5 0 -y e a r 6 ___ 195 - A - O
________ 93% M a r '17
•v O f t W t it l y gu 4s*- ..1 9 3 t F - A
95% M » r '1 7
S p c k a o e In tern et 1st g 5 '.. .. 1 0 5 -> - J
87% 99% 85*2 M a y ’ 18
2 A -O
T er A o f 3 t L 1st g 4 Vi*_____ Ivo
Feb M3
83% 94% 95
4 F - A
SO Jun e’ 18
G en refund a f g I s _____
3 J - J _____ 79%
89% 101*2 95*2 J u ly ’ 17
0 V -€
84 Ju n e'1 8
83
84
! -C
40 _____ 46% l'o b M8
9 M a
8 0 M a y ’ 18
1 3 - J _____ 93
100*2 N o v ’ 01
j F A
5 J - J 88% 92% 93 A pr MS
100 Jan ’ 17
- 90
a .4 - C
90
F ob M7
73
00
5 1 -r
N o v ’ 17
67
80*2 70
6 A -O
. . 83
91*4 D e o M7
7 i •J
52
A u g M7
35
60
T o ! P A W 1st g old 4s
7 J - J
77*2
77*2
77*2 80
5 1 - ■
47%
45% 49*2 47
C A -t
18% M&r'OO
7 f - *
. 18
T ru st eo ct fs o f d e p o s it____
80 A p r M7
70U 85
0 / - i
_____95
90
N o v '1 7
S I D
58
Sop*M 7
2 A - C _____ 70
85
Salo 84
85
7 1 - .
U nion P a cific 1st g 4 s ___
M a y 'I S
81*4 84% 86
7 1 - .
84%
84*4 Salo 84
r 1 •
78
_____ 79*8
79*4
8 M*
78%
7 8 % ------- 78%
6 1-1
1U1%
101%
2 f - 3 1 0 1 % 102
95%
95%
95
100
0 ; 82%
82*i Sale 82%
9 I -t
G nar rifn n d 41___. . . .
90% 03
98
D eo 17
Utah A N or g v l* * « . . .
6 J 89
Fob MS
80*3 S9
3 J - 1
77
------- 80 Jan M8
>6 V 80
_____ 80*s Jun o’ 18
Co»*0 * 1 4 Favt*« B_ _
_
7 M f
3
3
3
3
3
3 -0
•
Kanye
Since
Jan. 1 .
Mon
Lote
—
—
100
100%
79*2
02*2
44
99
82%
60
50
99
81
81%
81%
80
81*2
86
:::s
KV-
5 5 % 61
40
75
./
67%
44
51
101
101*4
91
9712
i 6 o *4
’
02
10212
09
68%
50*2
04
59%
05
50*2
57
52
57% 60*j
100
100
71*2 71*2
70
71*i
49
G7
51% 57
75
73
77
75
93*4 "93‘ li
90*2 90*2
94
94
91*4 91%
71*4
70
75%
80*8
77%
80*s
95
82
90%
9034
85*2 "851*2
87
100
92*2
100
93%
90*2
70%
88%
82%
93*4
59
05
87
63
0 8 tj
87
8 U2
61*8 69*2
87% *87%
91
*95 ’
70*4 70*4
96
91*2
90
9712
51
03
98% 101
90%
08*8
93
93
93
9H 2
72*2 "7212
85%
95
SO
85%
95
82*4
83
40%
80
867g
40*8
80
77*2
45
80
53
84
89
86
80
82-% 89
75*2 81%
78% 82*2
100% 104
91% 97*2
81% 85*2
• opieFi a:l ts b ad ao. aDeJn 6 DoFb 0 DeJn f DeJly fD*Ag eDeOt p u Nv 4 D*Dn 1 Oto sl
N rc rdy aet i n akd u a. u o. u a. t u u , t u u. u o. D* o. u e. pi n a
d
e
.1
3a
J *
.
f M l 'l
Hann or
Latl Sale
c r
Prite
Friday
July 5
fV N D I
N . T . (ST O C K E X C H A N G E
W eek crulln* J u ly 5
89
80
80*1
89
80
80*8
New York Bond Record—Concluded—Page 4
BONDS
N . Y . STOCK EX CH AN G E
W eek endlug J u ly 5
1 iaurcst
1 Period
J uly 6 1918.1
J - J
H -N
IV1-N
F - A
J - 1
m - e
j - j
.1 - i
J- J
A - O
rw- 0
F -A
F- A
W est M a ryla n d 1st g 4 s____ 1952 A - O
W est N T A P a la t g 6s ____ 1935 J - J
G en g old i s -------------------- 1943 A - C
V irginian 1st 5a Sorloe A ____ 1982
W abaab la t gold 5 «............... .1831
2d g old 5 a ________________ 1939
D ebenture Merles B _______1935
1st lien eaulp 0 fd g 5 s____ 1921
1st Hen 5 0 -y r g term 4 i ___1954
D ot A O b E x t lat g 5s____ 1941
W estern Pao 1st ser A 6s ___ 1948 W - 8
A- #
1
J - J
F -A
R efu n d in g i i j s aerie* A . . 1968 M - 3
U R 1st con sol 4s_________ 1849 M - S
W ls C en t 50 -y r 1st gen 4 a . . . 1949
8u p < D u ld lv S term 1st 4 a ' 36
fe
c
3 - J
fii -N
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 a . . 1915
1st refund cou v g old 4a___3001
6-year eccured no toe 5a___ 1*18
Bis C it y le t oon « s . 1918-1941
8 k t l C o * 8 con gu I 5 * ..1 9 1 1
BKlyn Q t jo <fc 8 le t 5a____ 1*41
D klyn U n El 1st g * - 5 a . . . l » 5 0
Btfunped gu ar 4-Se_____ 1*50
Kfnga C o u n ty E l i t g 4 * . . 1949
A- O
J - J
1 - J
J - »
f g -N
J - J
V- A
F - A
F -A
N assau E leo guar g o ld 4a. 1961 J - J
C h ic a g o R y e la t 5a_________ 1927 F - A
Stam ped guar 414a_______1951
D e t U nited la t o o m g 4 1 4 a .. 1*32
.1 - J
J -J
VJ- H
r - a
- -F - A
A- 0
J - J
A -O
A -O
M -8
H u d ,fe M anha t 5S Her A ____ 1*57
A d just lio o m e 5a_________ 1957
N Y A Jersey lat 5a______ 1932
In te rb o ro -M e tro p ooll 4 > 4 s.l9 5 t!
iUMirboro R a y T ra n 1st 5 a ..I .# 8ti
Sdaiihat R y (N Y ) oooe f 4 r . 1990
Stam ped ta x -e x e m p t_____ ifh n
M a n ila E lec R y & L t s f 5 i . 1953
M e tro p o lita n d irest ity —
Uway 4 7th A f lat 0 a ;> s.l9 43 J - O
M- 6
M- 8
F-A
M llw Elec R y A L t con s g 5s 192(1 e - a
U dundlnR A exten 4 1 4 1 .1 9 3 1 j - j
M ln n ea p a t la t oona g 5 s. ..1 9 1 9 i - j
J
J
J- J
J - J
N T R y s lr t R C * ref i s ___1*42 j - j
3 0 -y ea r ad j !no 5a_______« l* 4 2 A - O
N Y 8 tata R y s la t eon* 4 14«. 1982 M -N
P ortk l R y L t * P le t ref 5 a G *4 2 F - A
Bid
1 -J
i - J
A -O
J- i
A -O
1 - J
A -O
r.4-N
J- 3
A - O
A -O
J - J
Range
Since
Jan. 1.
I f
Hi)h N». Lets High
A l* Lew
89
Sale
9 2 ’ 8 Sale
2
8.U2 81 >
90
97
100
85
91
102
77
7412
80
(55ig 80
80
85
01
59
95'2 104*8
8518
40
82
S2 i2
9(5
90
9934
983i
00
75
5512 6212
C5ig 85*a
72 ' 73
75
72
87%
89
9 2 >s
9318
84% Jun e’ 18
105 O ct ’ 15
97 Jun o- 18
7,3 M a y ’ 17
9913 fie p t’ 17
75
84%
76 ’
85
59 is
99
70
36
83
100%
100 ’
9958
60 '
00%
85
72
76
A p r ’ 17
Jan ’ 17
D e o ’ 17
D e e ’ 17
J u n o’ 18
Jnn ’ 13
A p r ’ 13
O ot ’ 17
82%
A p r T7
F eb *17
M a r’ 17
M a y ’ 18
M a y ’ 18
M a y ’ 17
72
M a y ’ 18
7 87% 93
8 92% 95%
____
84% 8 6 %
___
---- _ - - ____
97
100%
.__
___ - _____
_____ . - - -
______ _
9
____
____
3
—
58
99
70
02
99
70
79%
84
60
55%
60
60
72_
72
73
77%
79% 83%
83
81 Jun e’ 18 ____
1 65
♦
v.»
65
65
65
95
96lj 443 92% 98%
98U Sale
------- ------P I O ot 17 —
94
_____ 90
80 M a y ’ 12
- „ 9!)lj 101 M a y ’ 13
3 78% 87*2
78%
79%
78<2 80
5 78% 85%
78%
7812 Sale 78%
66 M a y ’ 18 —
66
66
60
05
(56
78
I e !7 ’ 1 7
56 J u n e’ 18 ____
55
51
65*2 60
22 St
8 2 i2 8 2 ii 81%
82
86%
100% F eb ’ 17
85'2
85
85
85*2 _____ 85 ' Apr ’ 18
69% Jun o’ IS —
68
77
0')7S 72
84 Jan ’ l l
4 7 48% 0 2%
59%
59%
5 9 i3 Sale
32 14% 25
2012 ^ 1 0
20 %
21%
_____ 90
100 F eb ’ 17 — . ___ _
20 50% 57%
01*2 “ alo
50%
51%
81 Sale
80%
8 1 5g
90 79
85
731.1 78ig 7 l r J u n o’ IS ____
>s
71% 80%
5 74% M
75
2
75
75'2 75
—
1 80
80
80
80
80
81
77
80
80
95
F e b ’ IS
M a y ’ 17
76%
85
75
9 2 l2 ___ _
8 U 2 Sale
99
lOOH
96186 ~
53>i
2312
H
.s
09
99
0IV2 75 >
2
5U 2
2 2 's
95
8 t Paul C ity C a b corn g 5s . 1937
T h ird A r c lat ref 4 a ........... . I 9 6 0
A di Inc 5 s_______ ________n itfll)
T h ird A v e R y 1st * 6s...........1937
Trl-COry Up * L t 1st a 1 5 « ._ I9 2 3
U nilergr o f L on don 4 14a . . .1*33
I n c o w e 6* _________________1948
O nion Kiev (O hio) le t g 5 s . . 1*43
U nited K y s In v 64 P lti* tie . 1*26
U nited R y* Bt 1 . 1st g 4? ___1931
8 t Loula T ra oa lt gu 6 4 ___1* 2 1
U nited R R a flan r r a ! 4 a .. . 1*27
V a R y A P ow 1st S r*f fta . 1*31
t
P/eek’i
Hangs or
Last Bate
Pries
Fridav
JrUy 5
50] i
55
30 Sale
90U 101
98
92
7(1
58
50
___ _ 81
69
51
Sale
_____ 69
_____ 30
77-’ i
77
Q e a e n g E ls e t r l* L ig h t
A tla n ta O L C o lat a ft*
1947 l - D
93
D kiyn Un G aa 1st c o in j 8s . 1*15 •1 -N
87
A O
Oltvrtn Gaa * Eleo IstA ref 5s i*ft6 A - O
85
C olu m b ia G A E la l f t a ____ 1*3 7 i - 3
77is
J ' >
C on sol Qaa eonv d eb fla____ 1*2# q . jr
99
C ou sG eeU L * P o l B a ll 5-yri*T31 M - N
DettriHt C ity G a t g old S * _ ..1 9 3 3 i - J
95
D etroit Edison lat « o l) tr 5 i . 1*53 3 ■ J
9478
1st A ref 5« ser A ________ 41*46 M - a
89
92
E ij O t N V lat con* g 5 s . . l * 3 2 n - 8
J -D
F -A
85
» !- T t
A -O
81
K in g s C o El L & P a n.i "
ia37 A - O
87
I’ ui-cbase m on ey 8*_______ 1*97 A - O
M- 8
7 3 l2
J - J
981i
L a e G ag L Of 8 t L 1st 9 *s _e l* 1 9 Q - F
8 o12
R ef and ext 1st 3 f t s _____ 1*34 A - O
85*4
M ltw snkoe O u L lat * s ____1*37 U I-N
J -H
8fl7g
N Y G B I. I I * P g « * ______ 1*48 J -* »
OS
Purcnase m on ey g 4 3 . . _ .1942 V - A
93
E d Elea Til 1st 0003 g 5 * . . l**ft 1 ■ J
N Y A Q El L A P l i t a oa g 6s 1980 P - A
P a cific O A JU O o— O al O * B
OOTi
C o r p unifying A ref 5 * .. 1*87 M - «
79U
P a cific O A E gen A ref 8 3 . . 1*42 * - J
Pan Pow A L t 1st A ref 20-yr
V A
P a t A Pnainlo G A E) 6 * . . , 1*49 \1- 8
90
P e o p G ea A O 1st cons g da .1943 A -O
75
K ifn s d ln l gold 0» . . _ . l » 1 7 M - *
M- «
CD Q -L y C o k e la t gu g ft* 1937 J 1
C on G C o o f C h I ft g U f i s l* 3 6 3 -15
la d N a t G as A O il 30 r r ft*t*>8 M - N
M u Fuel G ns 1st gu g 8 * . . 1*47 M -N
02
Philadelphia C o eon v 6 1 ____1919 F - A
78
C o u v deben g old 5e ______1*32 \ t-N
90
Stand G as A El c o o v a f 6 » . . lt'2:i J - O
Byrnouse L ighting lat g to
1**1 j - r>
8 U2
72
Syracuse Light A Pow er in , IV tt j - j
fi
T ren ton G A El 1st f t a . . ..1 9 4 9
O nion Eleo Lt A ? la l $ 69.. 1*33 m - e
ft-N
U nited Fuel G as lat s f 4 a . . .1934 J - J ___ _
83
U tah Pow er A Lt la t *s____ 1*44 P - A
U tlcu Eleo L A P lei g N 1 ...1 9 3 0 J - J
U tica G as A Eioe ref 5 s ....... .1 9 5 7 ! - J
W esfeh etser l .'e unin «e____ l* s n j - n _____
30
M k r ’ 14
100% J u * e ’ 17
81%
81%
9 3 % A u g ’ 17
97% J u l / ’ IV
74 " A u g ’ 17
99 M a y ’ 17
52%
53
23
23%
63 J u n o’ 18
85% Pfov’ lO
68 ’ Jun o’ IS
!)()l2 Ftfta '17
05 " J u ly ’ 17
102% M a r ’ 12
55
56%
35
36%
90% M a y I a
92 J u n e’ 18
76
M a r’ 18
56
M a r ’ 18
84 G et ’08
58
F sb ’ 18
51
51
50 June 17
25 M a y ’ 18
77
77%
103
8 8 i2 87
52
90t2 90
75
88
07
99 ii 99%
92%
91
96
91
947*
91%
91
IDO'S 94
100
92%
95
96%
90%
90
to o
99%
Salo
93:4
_____
90
8012
93
101
S ep t’ 15
83%
Jun o’ 18
M a y ’ 18
V *b ’ 1
99 %
Tab 18
Jun e’ 18
J u n e’ 18
A pr ’ i s
Feb ’ 18
Feb ’ 13
N e v ’ 17
D ee ’ 17
D m ’ 18
D ee ’ 17
M a y ’ 18
76
N o v ’ 17
98%
98%
89% Jun o IS
85% J u n o’ IS
____
2 81% 81%
—
____ _____
22
39
—
49
17%
68
54
24
70
____
62%
08
.. _____ ___
73 52% 57
103 27% 38%
—
00% 9>
—
91
96
------- 76
80
____
50
60
____ - - .
____
5«
60
1 50% 55%
_ _
_
25
25
13 77
80%
4
15
---—
—
____
___
1
88% J u n o’ 18
68
08
i
105% J * n # ’ l7 ____
96% A u g ’ 17
9 2 l2 91% J u n e’ 18
80%
80% 79%
_____ 100
100
98%
78
73
99
96
96
9 2 li 100
S9
91
99%
85
78
100
90
90
97%
81
9S%
98
92%
85
10 1%
97
93%
8 M4 85
lo 1
927, 96
92
105
___
2
Jn ly '1 7
M a r ’ 18
J u n o’ 18
H ept’03
Begs 17
A » f '17
M g r ‘ 17
J h iy i7
N o v ’ 15
M a y ’ 18
J u n o’ IS
M ,* 1 ;
J a ly ’ 17
O et ’ 17
* j p t '» 7
N 0V I 6
Jun o’ IS
J u n o’ 13
J u n o l/1
A u g ’ 17
M a r ’ 171 ___ _
87
95%
89%
75
00%
80
99
102
92% 92%
94
95%
92
93
91% 92%
94
94
99
99%
97%
88%
85
98%
94%
86%
87%
03
90
73
86%
74%
92%
80%
93%
73
78
no
91%
80%
93%
81
84
01
07%
84
RONDS
t f. Y. STOCK EXCHANGE
Week ending July 5
Price
Friday
July 5
Bid
■ Uaatlleneeat
Adams Ex coll tr g U ....... .1948
Alaska Gold M deb C* A_ 1825
_
Cemr deb 0t aerie, B___ 1928
Ain 83 oIVV Va lat 5 a ___ 1920
Armour 4c Co lal real mi 4J4*’3»
Beoth riaberlM deb ■ t 8*...1*26
Braden Cop M ooll tr ■ f 6 «. 1 9 3 i
Buab Terminal lei U ____ 1 9 5 2
Cenaol 5e___ _______ 1 9 3 5
Bldg* 5a guar tax ex........i960
Chlo C 4c Conn Rya a t 5a. 1927
Ciilo On Htat'n lat gu 44$* A 1953
Chile Copper 10-jrr coot 7a. 1823
Subscrip recta conv 6 s ser A ..
Coll tr & conv O ser A ..1932
s
Computing-Tub-R.'o a r r,» ,ip * t
Granby Cone M 8 * P con 6 1 A ’28
Stamped_____ . . .
1928
Great Falla Pow 1st a 1 5a.. 1940
Int Korean Marine a f 8a...1941
Montana Power lat 6s A ...1943
_
Morrta & Co lat a f 4M e _ 1939
Mtge Bond (N Y) ta aer 2..19S3
10-20-yr 6a aeries 3____ 1932
N Y Dock 50-yr lat g 4a_ 1951
_
Niagara Falla Power lat 5a. . 1 9 3 2
Ref * gen fla________ al»32
Nlag Lock A O Pow lat 6a.. 1954
Nor State* Power 25-yr 6a A 1941
Ontario Power N F let 5a... 1943
Oatarto Trauimteeton 8a... 1 9 4 5
Pub Sere Corp N J gen 6a.. 1959
Tennaseee Cop lat conv Ba..l925
Wash Water Power let 5s.. 1939
WUaoa A Co 1st 38-yr * f fla. 1941
Week's
Range or
Latl Sale
AH Low
67
Sale
Sale
63
24
83
84%
Sale
90
79
80
80
91
83
84
83
74%
90
90
79
83
80
58
8 6 78
105%
79
70%
82
96%
95
90%
97%
88%
W
83
J u n e'1 8
30
28
4
8
M- 8
D
D
i
i
1
■J
N -N
M- W
J
J
>- J
s a -N
W -M
60%
30
28
1
65
97%
67
98%
2
86
85%
87%
87%
3
1
73%
83
82%
93
7
93%
96%
2 92%
21 90%
1 82
1 98%
12 S6%
2 90%
. . . . 117
....
71
1 79
99%
80
18 93
100%
95%
83
101
89%
93%
117
74%
87
101%
84%
97%
96% 97
93% 94
82
Sale
100 100%
88% Sale
98% 99
117
_____
71% 77%
81% 84%
_____ 101
79% 85%
94% Sale
_____ 81
98% 100
99
.
82
86%
_____ 100
_____ 93%
68
73
98 Sale
_____ 98
74% Sale
96%
93%
82
101
88%
9S%
117
71
83%
100%
84%
91%
SI
98%
99
86
104
75
73
93
100
74
96%
94
32
101
88%
98%
M a y ’ 18
A p r ’ 18
83%
J u n e '18
J u n e’ 13
94%
M ar’ is
Jun e' 13
Jun e’ 18
,80
M a y ’ 17
M a y ’ 18
Jun e’ 18
98
O ct '1 3
74%
75
75
74
71
2 94% 100
____ |
6 6S% 74%
9 3 % _____
110% 111%
90
91%
103 111%
89
Sale
106 1(19
105% 109
_____ 97%
93
96
94% 96
_____ 99
96%
111%
91
110%
89
U<6
106%
98
93
95
99
Jun e’ 18
111%
91
J u n e’ 18
89%
A p r l*
J u n c'1 8
M a y ’ 16
A p r ’ IS
J u n e’ 18
99
96%
10 n o
10 80
_ 1 110
io
85
____ 105%
____ 100
____
95
____
91%
93
1 98
99
94
91%
89
99
83
83
89%
52
100
79%
95%
93
96%
93
_____
80% 80%
_____ 87
84 Sale
88 Salo
_____ 100%
6 8 % _____
6 8 % _____
_____ 96%
88
90%
97
_____
85% Sale
89% 90
_____ 90%
92
03
80% 83%
------- l t .lt *
____
___ j
2
80
85%
84
86%
99%
73
68%
92
98
87%
98
85%
89%
90%
93%
89%
10112
94
94
92
J u n e’ 18
99
A u g ’ 17
M a y ’ 17
97%
95
73
98%
99
88
---
99% J u n e’ 18 —
Salo
93
Sale
91
_____ 98
Sale
98
89
82%
_____ 38%
94
-155
51
100% 100
Sale
79%
9612 95%
Sale 93
97% 96
96% 96
Caal Iran * Steel
Both Stavl 1st ett a f fie....... J933 i - J 9573 Sale 95%
1st A ref v s guar A _____ 1 * 4 2 M - N
87
89 8 89%
iO-yaau » taA Imp a I 5«.1*36 J - J 81
Sale 81
Baif a Bum ir»a a f fta___ 1 * 3 2 J - D _____ ytj
00
Debeaters m ___ ___ alC25 M - 8
88% 89
85
CababaC M C* lat ga
19 3 2 J -O
101
Cel f .V l Ca tts a f ie____ 1*4* F - A
83% 88% 84
75
76
Cal lad us lat A coll A g a ... 1934 r - a
a
75
87% 95
CeaiCoalol Md latAref 5 3 . 1 * 5 0 J -O
90
Sik flora Coal eoav ea___1926 J - V
98%
Or Mv Coal A O lr tg g e ...51*19 A - O
94
111 Steal deb 4 m ______ 1 9 1 0 A - O
81% 82
81%
ladt&aa Stacl lat is______ 1 * 5 2 K - N
95
Sale 95
Jeff A Clear CJA 1 2d 5s ...1926 J - I )
_____
95
Laataw Steel lat « Se____ 1 * 3 3 A - O
96% 99
96
1st ee*a in H
arley a ......... 1956 W - 8
91% 93
92
Midvale Steal A O h i t a f StlttO W - 5
87%
88% Sale
Pleasant Val Coal 1st s f 5s. 1928 J - J
7 5 % _____
83
87
recall Co* Collier lat a f is l*J 7 J - i
87%
Ropab 1 A a lR-30-yr 4 * a f.l»4n \ -Q
92
94% 91
77
83
St L Rock Mt AP5aatmpd.l*S5 3 - }
80
Salo 90
Teas Coal 1 * * r gas is. .1*31 J • J 97
99
Sale 98%
U 8 Steel Cor*— I*eu»...dl962 M - N
8 V 10-ftS-yr ftj|r» 5 _41*6? V I-N
97%
Utah Fuel 1st a f 5 s ..........1931 M - N
8 6 % _____
victor Fuel in * r **....... TlSi? 3 I _____ 75
80
85% 80% 86
Va Iron CualACoke let g 5it.lP49 A - 8
J- J
n- a
63
13
18
85
6 82'% 87%
un
F eb '18
90
J u n e’ 18
89% 93
J u n e’ IS
83
79
84%
J u n e’ IS __
SO
80
3 74
80
53
M e r 'IS
58
J u n e’ IS
86% 90
107%
19 102% 107%
80
20 73
80%
79%
9 77% 79%
M a v i s ____
78%
J u n o’ IS
97
9!
A y r ’ 1.3
96
91
A p r ’ IS
90% 94
98
86 90
102%
89
10 86% 82
J u ly ’ 17 . . . .
—
A p r ’ 14
66
68
67
67
_____ 95
98 J u n o’ IS
100% 10-2 105% O ct ’ 16
_____ 93% 39% O ct ’ 17
8 8 % _____ 86% J u n e ’ 18
-------- 91
8 6 !2
86^2
--------95
8-t J u n e ’ 17 _ _
78% Sale 78
78%
93
Sale 93
93
90% . . . . 103% Jan '1 4
93% 94% 91%
94%
Menwfaeturlng It Industrial
Am Ah Cham lat a 5a........ 182S A - O
Conv dcbea 6a_______ IV2 4 F - A
Am Cot Oil debenture 5a_1 9 3 1 m- n
Am Hide A I. lit a f g 8 s.. 1 9 : 9 W - H
Am 8 »A R | at xo-yf 3 , eerA g’47
m
A » Thread lat ooll tr 4a_ 1919 j * - ' j
_
Am Tobacco 40-rear g 6 1 _1944 A - O
Gold 4a..........
...1951 F - ft
A*a Writ Paper lat a f 6a_ 1919 J i
_
Raldw Loco Worka lat 6a...1940 M - N
Oam Feuhdrr lat • I 6a __mi r ■ a
»
Cant Leather 20-year g 5s. 1925 A - O
Coaaot Tobacco g t a . .._ 1 9 5 1 r - a
_
Cor* Prod Ref a f g 5s.........1931 M -N
W 25-year a f 5a............. 1 9 3 4 « - N
t
Distil See Cor aony lit f 5s. 1927 A - O
B l du Pont Powder *4^9... 1938 i - D
General Baking 1st 25-yr 6s. 1933 J - D
Gs* Electric deb g 5%i - 1942 F - A
Detweture fta... . . .
'1 9 5 3 U - «
Inasnwil Rand lat 5e_ . . 1 9 3 5 J - J
_
Int Agrtcul Corp lat 20-yr 6a 1932 M - N
Int Paper Co—
OojmoI 0 0 av a f g 5a____ 1 9 3 5 J - J
L<C 4t« A Myera Tobse 7a.. 1944 A - O
K
5 9 _____
I951 y - a
LorllUrd Co CP) 7a......... 1 9 4 4 A - O
. / • r — - - - ........................ 1951 y - a
Moxloaa Petrol Ltd con 6a A 1 9 2 1 A - O
1 1 1 Ilea A ref 8a yerlee o . . 1*31 A - O
Nat Ruatn A Stp* i*» 5a. . . 1 0 2 9 J - D
Nat Starch 30-yr deb fta... 1930 J - 1
Natloaai Tube lat fta........... 1 9 5 2 1 - N
N Y Air Brake lat eonv 6a.. 1023
Railway flteel Spring—
fnteroeeaa P lat a f tie_ 1931
_
Sinclair oil A Reflalag—
1st 1 f 7s Isa* wifr'ata atteh
da wlthoal warrants attach
Standard Mllltni lat * 9 ........1 9 3 0 M - N
The Tataa Co conv deb 61..1931 J - J
Oalea Bas A Paper lat fis..l930 } - I
8tamped ........................ i * jo J - I
Union O Co. of Cal. 1st 5s.1931 J - J
H
* 8 Realty « I coav deog 6s 1 9 1 1 J - J
>
O 8 Rubber le-yr ool Wfla.. 1918 J -O
r
lat A ref 6« aerlca A......... 1*47 J - J
U B Smelt Ref A M co«y 6s. 1920 F - A
V-Car Chew let 16-yr 6s...1923 J -D
Conv deb S a ....._
_ «l* 2 4 A - O
West EH
aetrie lit ft* Dee___1 * 2 2 J - J
Taltgraah * Telephone
Am Teiep * Tel ooll w 4a_1929
Convertible It_______ 1IS6
20-yr convertible 4 1 4 s___1*33
SO-yr temp aoll tr ie ___ 1*45
Coat Dtat Tel tat *8-yr 6s.. 1*43
Commercial Cable lat j 4* .22*7
Registered....................* 3 * 7
Oumb T A T US A gen
1*37
Key* tone Telepheea 1st i s .. 1*35
Mich State Teleph lat ie...l*24
M U N J Te1t*ho*e fta g._ 1920
N Y Telep Ut A gea a f 114s. 1*19
I'ta T o lA T il H SU___ t« 7
South Boll Tel * T HI a I As 1*41
West Union toll tr ear 3«__1*38
Fit av/3 teal »aI g 414*___1950
Mu6 On Tsl gu axt is___1*41
W U.wait Tal gu AHs g ..1924
ot s
High No Low High
64
30
26%
87% 90
107% Sale
80
Sale
79% 81
80
85%
96
107%
95
102
92
95
97% Sale
88% Sale
31
89%
Ranis
Since
Jan. 1.
f s
90%
85
35
7
52
8
2
100
79%
59
95%
1
6
94
J u n e’ 18 ____
98%
3i
99
117
95
115
93
106
1071*
98
92%
96
100
99%
94
86
84% 92
93%
88
90% 101%
52%
45
too
101
81
76
92% 98
90
97%
94% 93
98
95
9
96%
no
13
49
82
M a y '18 ____
Jan '1 8 . . . .
D o e 'l l
Jun e’ 18
75
8
M a y ’ 18 —
S e p t '17
F e b ’ 18
Jun e’ 18
95
6
03%
87
78%
uo
85
99
93%
83%
90
85
83
73
83
80
76
90
94
81
94
94
85%
97
J u n e’ 18
J u n e’ 18
88%
94%
88
80%
96%
9012
92
--17
Ju n e'1 8 ____
J u n e’ 18 ____
A y r '13 ___
4
97
99
118
Ju n e'1 8
85% 871,
93
93%
SO
30
92% 97%
00% 100
96% 99%
D e c ’ 16
86
83
86
19
___ j
10
37
—
80
81%
85
86%
83%
85%
91%
95%
99%
__ _
.. .
03%
90
68%
93%
2
86%
97
85
89%
90%
90
80
...
90
93
80
92%
95
93%
88
81
F e b '1 8
84
88
M a y ’ 18
N o v ’ 17
Jan ’ 18
J u n e '1 8
Ayi T 6
88
J u n e’ 18
86
90
90%
J u n e’ i s
J u n e’ 18
S e p t'1 7
N o v ’ 16
2
22
5
4
____ 1
____ ,
li'.N n >u yl tsb ad ae. « uJii, lO iA a u M . g.Mi. i . a uJly *DeAg « D*Ot fDe r . fDeDo a pi n,* .
.y • l l aet i nnkd De * u tftl. De a e
a
d
y
oo . e u. o o. ulft v u e. Oto i«
BOSTON STOCK EXCHANGE—Stock Record
68
S B ASM
Saturday
June 29.
PSICM 8 — NOT
r a n C E N TU M
Tuesday
July 2.
M o n lav
July 1-
W ednesday
July 3.
Friday
July
BOSTON STOCK
EXCHANGE
W eek
Shares
[Vol. 107.
BO N DI
N **t Pag«
Kano* Sine* Jan. 1.
STO CKS
S a if
P ltlC K S .
Thursday
July 4
I n
Lowest.
Highest.
Kano* Jar Preclou
Year 1917
Lofce.tt
Hip to n
R a ilr o a d *
132 132
131 131*4 130 130
130*2 131
733.1 72
72
73
73*2
73*4 73*4
73*2
87*2 *80
90
*80
87*2
*85
*80
85
33
33
32*2 32*2
32*2 32*2
*32*2 33
170 *151 160 *151 165
*151
«
*
3
3 *
3
*83
*110
*60
*113
*78
*77*2
2*i
23*4
*38
95
*21
*90
*48*2
*57
116
63
115
84
78
2%
2334
38*2
95
25
99
49
59
*89
91
*93*2 95
131
*1*4
103.1 11*2
113*4 113*4
110 110
95*4 9534
*57*2 58*8
94
94
*70
*77*4 80
15
15*4
*105 100
*64
65
2378 24
10*4 103*
*13*2 1434
*4%
5
140 110
31*2 32*2
*147*2 149*2
*5
6
13-34 14
4*2
4*2
89i2 89%
*84
86*2
63
63
*109 110
*88*2
*88
*83i2 85%
*55
57*2
*112
113
3438 34*8
+13
108*2 109
*49*2
124*2 125
40*.t 41
*25*3 25*2
10778 108*2
*111
111*2
*778
8
75
*21.1
*50
19
*51
14
*.27
29
*67*2
444
*9%
463,i
2
*110
61
*113
*78
*77*2
2*2
22-%
37*4
95
*22
*90
48*2
*57
*2
67g
*4U
*534
77
43
612
.65
63*2
82
25
6
1*4
6*2
2*2
5
5*2
2*2
2
*14
40c.
6034
20 j
2
16
15
83t
15*3
*.60
*2*2
59*i
19*2
2»3
14
8*2
151s
iM
42
51
*18*2
67*2
*23-%
52*2
*.6 5
4>
4
*16
*1*4
*.1 0
*4
+2
3%
.99
44
43*2
* 1%
10
*81*4
2*3
2*2
* 1*2
*26*2
*.50
.M
573
9
*4
*75
*4212
+5*2
...
62*4
62%
80
25
*5*2
*1
*5*4
*2*4
*4
*5*i
2*2
145
115
63
115
84
78
3
20*2
37*2
95
25
99
49
56
90
94*2
.75
5*4
113
110*2
97
58
94
80
17
104*1
65
24
10*2
14
5
140
33%
149
6
15*2
4%
131 131
73
73
85
85
33
33
Last Sale 165 June 18
Last Sale 3
June’ IS
*2
2*2
18*2 20
11
578
42 1
51 1
19 |
67*2
24*4
52*2
.75
4*2
17*2
IV ,
.20
5 |
2'4
3%
.99
44*2
43*2
2 j
10 1
81%
2 's
21*
2 1
28 I
.60
ir n .,
*.6 0
* .6 0
*41
49*2
*18*2
68
Last Sale
Last Sale
Last Sale
.90
.7 5
.75
42 I 43*4 43*ij
49*2
513.1 52
19 I 19
19 I
68
70*4 70*2
24*4' *245S 25*8’
52
|
.75
.75
4U '
17*2
*.1 0
.20,
*4*.i
*2*.s
*3*8
.9 6
44
44
*1*4
10
*82*4
2*3
*2%
1*2
27
.6 0
a
52
4
*1 6
43.i!
18
23S!
3*4
1*2
$
3
.981.06*41
44*2 4473 ■
14
44*4
V
23t
*1*4
10*4
*83*4
2».i
2*i
1*2
1*4
1 78
28
* .5 0
28*4
.7 5
I0*i
8234
2 Hi
27
.00
i
2 *s}
IO 34 !
831
4
2*2
3
.ii.iiim id a n d rl*titd.
%
____
14
11*4
.30
.31
*29*2 30*2
69
69
464 404
11*4 12
48*2 50
2
6
8*2
6*8
9«i
5
5 I
*77
80
Last Sale 42 June’ 18
I
6*4 7 I
Last Sale .50 June 18;
61*;
*62
82
*81
28
+27
53.1 5-*1*
Last Sale 1*4 J u n e ’ 181
|
I
62
*
*2*4
7
2*2
Last Sale 4*2 M a y ’ 18
5*4
234
*234
*61
* 2 0 li
Last Sale 16
Last Sate 1 5
Last Sale 7 4
6
3 I
3 I
61*2
20*41
J u n e ’ 18
M a y '18
J u n e '18)
82
*
j
*
I
143,1
9
15*3
Last Sale .75 M a y ’ IS
j
Last
.7 5 ’
* .1 0
5*2
2*8
3*2
895
136
10 0
100
100
M a in e C e n t r a l ...........
M a a s E le ctric C o s . .
D o o r e f sta m p ed
10 0
100
10 0
10 0
10 0
100
1 00
100
Wont End S t r e e t ___________ 6 0
Do
p r e f . ______ __________ 5 0
Juno24
M ay29
Jan
2
M a y 29
J a n 17
June 5
J u n e l7
120
27
70%
15
150
2
9
D eo
D eo
D eo
D eo
D eo
J u ly
Juno
175
79
133
45
213
30
M ar 5
138
J u ly 2
82*2 A p r 18
1 0 4 F e b 19
S 3 .Tan 2 2
112*2 J u n e l 5
80
M ar 8
77*2 J u n o 18
2 Jan
2
8 *2 J a n 2 2
27
F eb 25
9 0 J a n 10
2 8 8 *2 J u n o l4
20 Jan
2
8 3 J a n 24
37 F e b 20
4 7 J a n 16
30
M ar 6
1 1 7 A p r 17
85 J a n 30
120
M ar 6
65 Jan
3
116% Jnn
9
81
F e b 25
8 5 Jan
3
7*2 M a y 16
33
M a y 16
46
M ay29
90
J a n 10
98
Jan
2
25
Jan
8
88
A p r 18
50
J u ly 5
62
Apr
1
30
148
83*2
102%
41
116
83
78
1
6
21%
90*2
85
16*3
83
34
z45
Aug
N ov
D eo
N ov
D eo
D eo
June
D eo
D eo
D eo
Sept
O ct
D eo
D eo
D eo
D eo
D eo
38
F eb
150 J a o
1 08 J a n
140
M ar
78*2 M a r
1 33 J a n
921* J a n
1001, M u r
6% June
3 1 % J u ly
62% J an
1 05
Apr
135
Jan
84 l j F ob
110
Jan
56*8 M a r
74
Jan
78*2 J a n
2
88% Jan
2
4 0 J u ly 1
4 % J u ly 1
99 Jan
2
1 07 J u n e 4
95*8 J u n e 2 5
45*2 J a n
8
90 Jau
3
60*2 J a n
2
76 Jan
7
11
F e b 21
9 8 J a n 15
5 8 * 2 J a n 17
90%
9 5*2
2%
15%
115*2
113%
1 09
60%
96%
77
82
17%
120*4
63
26
11
17*2
5%
154*2
33*2
151%
6*2
15*2
6%
92*8
91
70
1 24
8 9 i,
73
88
l
7*8
90
105
96
38%
z 87*4
60
75
6
88
65*1
D oe
D ec
D eo
D eo
N ov
D eo
D eo
N ov
D eo
D eo
D eo
D eo
B cpt
F eb
94%
103%
23,
14
126*4
1 2 l* i
1231,
58
3
30
Jan
Jan
M ar
M ar
Jan
J u ly
J u ly
65 n e r A g r lc u l C h e m i c a l — 100
Do
p r e f ________________ _ 100
75
525 A m e r P n e u m a t ic 8 e r v t o e _ . 2 5
1,652
Do
p r e f _________________ 5 0
255 A m e r S u g a r R e f i n i n g ........... t o o
Do
p r e f _________________ 100
50
1,445 A m e r T e l e p A T e l e g _______ 100
100
25
100
Do
p r e f.
125
200
2,080
35
.m o s k e a g M i
Do
p r e f.
..1 0
100
100
Juue26
M ay2l
M ar 2
M ar 4
M a y 15
M ay 9
Feb
6
M ay24
M a r l2
M ay24
June 5
J u ly 5
F e b 16
M a y 11
F e b 16
M ay22
M ay 1
M a y l5
Jan
2
J u ly 5
M a y 16
F eb
6
J u ly 3
M a r lS
F eb 28
M a y 16
Jan
3
J a n 31
M u y li)
M ay
Jan
Jau
M ar
June
Jan
Jau
Juno
10 0 *4 J u n e
75
J u ly
97% Jan
1 4 , 4 I>P0
1211, Jan
66
Jan
2 0 % June
10
220
Jan
Jan
170% Jau
18% J a n
33*8 Ja**
102 Jan
100*i M a r
81
M ar
169 J a n
96
M ar
9 2> , A u *
1241, M a r
112 J a n
166% Jan
46
Jan
16
M ar
1 62 % A p r
68
June
1 5 6 % Jan
5 8 ‘4 Jan
3 0% M a r
J36
M ar
121
fa n
8% J * n
M in in g
•
%
77%
4*2
37,
.31
.30
50*2 51
20*2 20*2
70
A
*1*4
pref_______
135
76%
100
36
168%
3
15
645
10
1,675
10*i M a y l 8
12 J a n 2 9
9
D oe
220 C u b a n P o r t C e m e n t ___
10
4 J a n 31
3% D e o
____
____
20 E a s t B o s t o n L a n d _________
10
138% 138%
106 E d is o n E l e c t r i c I l i u m ____ lot* 1 3 4 J u n e 2 l
133% D e o
95
33
4,792 F a i r b a n k s C o _____________
33*2
1487 no 18 ............
8J
10O 1 28 J a n 16
1 18 % D o o
5 Apr 3
4
D eo
5*8 Juno'18
I n t c r n a t P o r t C e m e n t _____ 11
50
12 A p r 2 3
10
D eo
135
Do
p r e f _________
____
.1 0
3*2 A p r 2 9
2,645
____
100
31
89 M a y 2 8
92*8 D e c
86
86
100 z 7 7 % J a n 15
85
71
D eo
63
03%
41
11)0
62 J u n e l7
63
D ee
____
10 0
10
107 J u n o ll
1 10
D eo
88% June’ 18
100
8 8 J a n 15
35
Jun
92*2 Aug’ 17
Do
p r e f.
100
6 0 Jan
85% 85%
3
93
D eo
81
lo o
85
J u l y 1 100 J a n
24
69 Jan
2
Z59
N ov
50
56
100
56
J u ly 5
111 114
107
D eo
15 P u llm a n C o m p a n y . .
102 J a n
7 11 9 * 2 M a y 16
10 0
____
35 F e b 23
100 P u n t a A lle g r o S u g a r .
50
29 J a n
3
29
D eo
13 June 18
13 7s M a r * 6
11 J a n 2 9
10
D eo
10
Iteeee B u t t o n -H o ie ..
794
107 107*4
10'* 102*4 J u n o l l
1 46 % A p r 9
116
N ov
50
50
5
25
46 J an 29
40
N ov
50*8 J a n
4
124 125%
351
115** J a n 17 1 33
F e b IS < 1 0 5
100
D er
4 8 % M a y l6
1,315
40
25
40*.|
3 9 73 J u n e 2 8
37*2 D oc.
51
25*4 25*2
2 5 J a n 19
Do
p r e f . . . ........... .............
26*2 M a y 2 8
25
O ot
5,535,)U S S te e l C o r p o r a t i o n _____ 1 0 0
100% 108*1
1 1 3% M a y l 6
87
M a r2 5
79% D ee
361 D o
1
p r e f . ________________ 100 1 0 8
M a r 2 6 z l 12 F e b
ic n v n w
ft
490 V e n t u r a C o n s o l O il F ie l d s .
7%
7%
8% June 4
5 Jan
2
4 *4 D e o
17s|
6
*.65
*.60
* .7 0
4*4
*1 6
*U i
96
25
.1 0 0
100
122*2 A p r 17
37 Jan
2
85
J u ly 5
19 J a n 2 3
1 5 0 A p r 15
2 Jan 26
10*4 M a r 1
•MD c a l l a n a o u s
90
90
94*2 91*2
,!o
*.50
5
5*4
113*8 113%
109*4 n o
90%
ft96
*57*4 58
94
94
Last Sale 70*.i Juno’ 13
78
78
16-% 171,
*103 104
Last Sale 61 June 18
24
24
1012 10*2
11
9
1,696
4,180
538
92
22
Apr’ 18
4884 50
56
56
48%
17S
57S
Do
92
21
*u
1
1
*75
78
77
4
2*4
2*4
.30
.4C *.20
50
50
51
21
20*2 21*i
52
52
52%
14'h 14*i
14*4
.32 *.30
.35
313.1 31
31
6734
6 8 *2
09
450
451 460
48
p r e f __________
7
95
Last Sale 88
Last Sale
Last Sale
11
par
par
Do
03
63
Last Sale 112*2 J no* 18
Last Sale' 80 May’ 18
Last Sale ,77*2 June’ 18
85%
60
111
34*2
47
_
Last Salet83*2 May’ IS
86
63
109*2
103
50
126
40*2
25*2
106*2
111*2
734
1 00
1 00
1 00
100
1 00
par
10 O h io J u n o R y A U 9 Y _____. 1 0 0
9*4
9*4
4*2
4*2
77
77 I
77
44 | *42 <2 43*2
6
6
6* ,
2
.60 * ............ 80 “|
62*4 6312 63%'
82
82
80
26
25
29
0
5*2
5*21
1*8
1*8,
*1*4
6
6*2
6
2*2
2*2
*2%
*4
5
4*2
6
6
5%
3
2%
2%
3
2*i
*2%
*2*2
234
62
60*41 57*2 59 I 59
*20*4 20%
19*2 *19*2 20
*2*4
23S!
2%
2*2
*238
16
*14
16 ! *14
15*2
15
15 i* ____
15 * -----74
74 * ____
74 j*____
9
Sl2
8I2
8 *2
*8 *
.
15 i 15
15*3
15*3
14
*.60 ____
42
42
49
52
*18*2 19
67
67
2434
*24
52
52
.70
.70
4
■tu
*16
17*2
*1*4 l ’ (,
*
.21)
5
5*2
23s
*2*3
3*2
3*2
*.9 5
1
4434
*44
*43% 44*2
* 1%
2
*10
10*1
*82*4 82%
2*8
2 ',
2*2
2*2
2
* 1*2
*26
1
*.6 0
• M
2*2
6 |
53|
9*3
873
4*i
*4
77 !
*75
*42*2 43*2
6 !
*5*2
.60
63 |
63
83
*81
25*4 25*2'
6 1
*5*2
*1
1*1
*5*4
6*2
2*3
2*8
*4
5
5*2'
5*2
2*2
2*2
74
*8*4
153s
+140
*85
116
115
63
60
115 +113
84
*78
78
*77*2
2o,
2
18
22*2
37*4
36*4
*80
93
93
*22
25
*90
99
49
49
56
59
89
89
*87*2 90
933.1
9412
93*2 933i
.75
+.50
.75
*.50
*5
5
5*s
5*4
114
112*1 112*4 *112
n o *10013 110*2 110*2
963*
97
96*2 98
573.1
57& 57*3 +57*4
S
94
94
94
93*2
*70
*70
80
*77*4
*77*4 80
16
16
15*4 16
104 *103*2 104 *10312
65
*63*2 65
*63*2
9.4
24
24*4
24*3 24*3
10*4 10*2
1012
10*2 10*2
14
14
14
14
14
*434
43.,
434
4>l 4'K,
138
140 140*2 *138 140
32
32*3
32*2
32*2 33
*147 148 *147 148 *143
*5
6
*5
6
*5
*13*2
15*2
*13*2
*43s 4 V.
4 % 4%
438
+89*2
*89*2
*89*2
86
86
8'»
86
86
63
63*2
*62
63*2 *62
109*2
*109 110 *1093a n o
*88*2
*8 8 * 2
*88*2
*88
*88
*88
8534 *85
85
85
85
*55
58
*55
58
*55
*112 114 *112 114 *112
*32*2 34*2 *3212 34*2 *32t.
*13
*13
*13
106*2 108*2 10634 107*2 107
50
*49*2
*49*2
125
124 124*2 124 125
40
40
40*2
40*3 40*2
*25*1 25*2
25*4 25*4 *25*4
1043s 107*8 104*4 10534 10534
*110-74 m lo 110*2 11031 *110*2
734
778
73.1
773
77,
1
**2
75
*75
75
2
2 -|
1
2's
.41
*.30
*.30
52
*49
50
50
19-*4
19*4 20-38
20*4
| 52
14
14*8 *1378
I4*i
32 *.27
.32 i *.27
29
29
29
*30*2
673! 68*4 1 673.1
68
444
445 445 | 450
10*4
103i 10%
10
463.1
46*4 47
46 14
*75
*42
138
*86
*933.i
.40
478
112*2
no
95*4
573i
*93*2
*70
*77*4
1534
103*1
*63*2
1
75
2*2
578
*878
*63
82
25
*5-%
*1
*5%
*2 %
*4
514
2*2
40c.
60
*19%
138
*83
116 *110
63
61
115 *113
84
*78
78
*7712
3
2*4
23*2
17*2
38
363.1
*80
93
95
*22
25
99
*90
49
48*2
59
*55
40 B o s t o n A A l b a n y ____
637
25
240 B o s t o n A M a i n e .
IN D E PENDENCE
D AY
Last
Last
Last
100
57 A b m e e k . . .
5,500 A la s k a G o l d .
25
160 A llo u e *
2,585
40
Do
p r e f_________
995 Arizona C o m m e r c ia l.... . . .
25 B u t t e -B a l a k la v a C o p p e r_ _
ISO B u t t e A S u p C o p ( L t d ) . . .
550 C a lu m e t A A r i z o n a .
38
145 ’ento
1.074 Coppt
275 Ditly2,085! Dari; D a l y C o p p e r .
4 1 5 | H a u o o c k C o iis o U ila t e 'l___
2*4
.99
*4358
' *43
2*8
3%
■99.
44
4378'
Last Sale 1 % J u n e ’ 18
Last Sale 8 1
z 9 7s
10 j
J u n e ’ 18
2*2
23s
2*4
3*4
“
1*4'
30 1
.60 ,
1^4
30
*.50
a Aaaousment paid
6
1.0
10
10
25
26
25
20
10
10
26
100
100
26
25
1
i 7 5 ! Is la n d C r e e k G o a L
30
Do
p r e f . _____ _ . . . . . .
1
6 0 7 Is le R o y a le C o p p e r _________ 2 8
4 3 0 K e rr L a k e ________ ___________
5
K e w e o ca w C o u p , r . . . . . . 26
125. L a k e C o p p e r C o ___________ 15
2 0 !.n .Sidle C o p p e r . . . . . . . . 3 5
M a s o n VaM ey V f i n o ____
5
1 ,1 4 0 M a s s C o n s o l . . . . . . . .
26
1 ,0 3 5 v la y flo w e r - O M C o l o n y . ,
25
4 0 0 M ic h ig a n .................. .................. 28
9 5 3 M o h a w k . ...............................
26
5 N e v a d a C o n -.n ild A tud . _ .
6
3 8 0 N e w A r c a d i a n C o p p e r . . . 26
—
N e w I d r la Q u ic k s ilv e r . .
6
—
N ew R iv e r C o m p a n y . . . .. 100
. 10 c
1 20 N lp lie lu g M i n *
.................
6
8 1 7 N o r th B u t t e ........... ..............
N o r t h L a k e . . . . ..................... 3 6
2 0 0 . Q J lh w a y M i n i n g ..................
25
9 0 O ld D o m in i o n C o _______. 2ft
13 9 O S '-col;* ...........
....................... 2 6
10 P o n d C r e e k <'o a l ______ _____ 10
8 2 Q u i n c y ......................................... 2 6
- - -------- R a y C o n s '-ll latert C o p p e r
10
1 0 2 3 t M a r y 's M l n e i a l L a n d . , 26
3 5 0 ' ‘ a n t a F o G o l d A C u p p e r . . 16
1 ,3 5 7
.6 0
.6 0
*42
1 I
52
2*4'
*18*4
71
Sale 24*s J u n o ’ 18
I *5 2
54*2
.6 5
.6 5
5
5*8
Sale 16* 1 J u n e ’ 1 8 1 —
S'lle 1*2 J u n e ’ IS —
Sale .1 4 J u n e ’ 18
*3*4
26
10
26
25
25
S h a t t u u k -A r la o n a ..............
!ti
S m ith L a k e .
..................... . 2 5
-| S o u th U t a h M A 9 _______ .
5
l l O p u p e r l o r . .................................. .- 15
S u p e r io r A B o e t o n C o p p e r . 1C
.
185 T r i n i t y ....................
.
1
® 28 n fl S m e lt R e fill A M l o . . . 60
OU
95
Do
p r e f . . ___ . . . . . . . . . 5f>(
0
U t a h -A p o x M i n i n g . . . ____.
5
6
5 9 5 U ta h C o n s o l i d a t e d _________
6
.
U t a h C o p p e r C o ........... .............. It
. 10
.
1
1 one U tatl M o t a l A T u n n e l ______
l
1 , 4 2 5 - V i c t o r i a ........ .......................... , 4 5
It
5 4 5 W jn o n a
............................
, 35,
35
2i
1 0 9 w o l v e r i n e . ......................
25
100 W y a n d ot!
26
0 oXX T u o lu m n e C o p p o r
b H w t o n d lT ldoud
a K i.r i* n t ,
12 J u n o 2 7
71 J u n o 13
1% A p r 2 5
.2 5 J a n
7
z47
J u n e l4
1 2% M a r 2 3
41
Jan
2
11
Jan
5
.2 5 F e b
1
17
M a r2 5
62*8 J a n 15
427
F eb 28
10% Ju n e2 7
43% M a r2 5
1% A p r 10
5 Jan
2
5*2 M a r 2 5
3 June21
73*2 J u n e 14
39
J a u 17
5% June21
*2 A p r
8
50
Jan l*
8 0 J a n 24
19*2 J a u 14
6 Jan
2
.99 J a n 2 4
5
M a r25
2
J a il
2
4*2 A p r 3 0
4% M a y 3
.6 5 M a r2 fl
.4 0 I u n «2 a
76 June25
18*8 J a u 3 0
1*2 A|>r 2 2
13% J a n
2
14
M ay23
73*2 M a y 3
8 M i J a n 11
131- A p r 17
.2 6 F eh 14
*2 J u n e 2 1
39 M a y 28
46*2 J u n e l l
17*2 J a n 12
66 Ju n e26
21% M a r 22
46*2 J u n e l l
% Juno21
3
A p r 10
16 J a u 15
1*4 A p r 22
11 J a n 23
4
F e b 19
2
M ay 3
3*4 J a n 11
85 M a y I
36
A p r 13
42U A pr V
l* t M a v 3 1
8% J u n o2 5
77% M a r2 3
l% J u n o 5
2*3 J a n 2(3
1 J a n 1C
23*3 J u n c l 5
. 4 0 M a y 19
• K t-d lT ld a od
1% J a n 2 5
83
Jan
3
4*2 J u ly 5
.4 5 M a y 13
54
F e b 27
2 1 '4 J u l y 3
52*8 J u l y 3
14*4 F e b 18
.4 5 J a n
7
33
M a y l4
73*2 M a y 16
465
M ay27
1 4 % F e b 19
50
M a y ill
2% M a r 1
6% M a r H
10 *2 J a n
2
6
F e b IS
79
M a r2 8
44% M a y 9
10 ‘g J a n
2
1 Jan
3
7 0 M a y 15
84
F o b 1S
29
J u ly 3
6
F e b 19
1% M a y 15
8 % M a y 11
3 *4 M a r 6
0
F e b 13
7 Jan
2
3 Juno2l
2*2 F en
ft
6 6 * 2 M a y 16
20*2 M a y l 4
2*2 J u l y 1
17*4 M a r 7
JO J a n
2
8 0 J a n 31
9
Apr 1t
17% M a y 16
.9 5 M a r 19
1*2 M a r 3 ()
46% Jan
<
65 Jan
9
20% F e b 20
78
M a y lO
25% M ay23
57
Jan
2
1*4 F e b 21
5% Jan
l
17 M a y 8
2
Jan
3
.2 0 J a n
s
6 % M a y 15
3% Jau
3
4*2 F e b 13
1*4 F e b 2 1
4 9 % F e b 19
46
Jau
2
2% F eb 8
12 J a n 16
85
F e b 19
3 Vli A p r 8
3 Jan
3
2 Jan
3
36
Jan
3
1Hi M ar 7
a M ur-p a id
1
70
l
O oi
D eo
D or
*4 S e p t
45
D oo
11
D ec
4ft
N ov
S% N o v
.2 5 D e c
12% D o c
55
D ec
411 D ec
1 1 D eo
39% D e o
1*2 A p r
3*4. N o v
8% D e o
4
D ec
66
D ec
35
N ov
7
D er
*4 D e c
52
N ov
SO
N ov
20
D ec
4*4 A p r
1 -4 J u n e
5 O ot
1% D e c
1% N o v
5
N ov
l
N ov
1% Amt
57
D ec
16
No>
1*2 D e c
10
N ov
22
J »i»
hft
D ec
6 % J u ly
1 1% O ot
.3 0 N o v
.9 8 D u
33
N ov
5 3 % D ei
16
N ov
60
N ov
20
N ov
4S
D ec
.58 D e c
6 % Oo<
19
O ot
89 D er
10 |)H.
3*4 D e c
3 % D ec
3
N o*
1 M ar
D oo
43% N O!
1% M a t
9 *2 D e o
71
D eo
2*8 D e c
2
O ot
2
O ct
31
D eo
.1 3
Au*
4% lau
108
Jan
1 1 * 2 /a n
1* 4 Jau
70
41%
73
15*4
2*4
52
85%
599
27%
68
3
7%
16
9
92
46%
2912
4
76%
94
36
6
4%
18
5
8%
15%
3
M ar
Jan
Jan
June
J*a
Jan
Jao
F eb
Jan
Jan
Jao
Jan
Jnn
M a?
Jan
Jan
Jan
M ar
June
Apr
Jan
Aug
Jan
JftD
Jafi
AUg
Jnn
M ay
5 *2 M a r
08
Jan
26*2 M a r
6
Jan
17% A p r
30
M ar
92% M a r
9% B cpt
21*t M a r
2 % Jan
2% J a n
67% M a r
95
M ar
28% Juno
04*2 I 'e b
32% A p r
80% M ar
2
Jan
19
Jan
3 )% M a f
6 % J ud
l Jan
16% M a r
8*4 J a n
8 *2 J u ly
2 H i Jan
67% Jao
52*2 Jan
3 7s S e p t
21% F eb
118% M a y
6% Jan
6
Jau
5 % Jan
53% M a r
2% Jan
THE CHRONICLE
July 6 1918.]
69
Friday
Last
Sale
O u tsid e S to c k E x c h a n g e s
S tock s—
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Exchange June 29 to July 5, both inclusive:
Friday
Last W eek’s Range
o f P rices.
Sale
H ig h .
P rice. Low .
Bonds—
U S L ib L o a n 3 M s . 1932-47
1st L ib L o a n 4 s . 1932-47
2 d L ib L o a n 4 s . . 1927-42
3d L ib L o a n 4 }* S --1 9 2 8
A m T e l A T e l c o ll 4 s . . 1929
C olla tera l tru st 5 s . . 1940
A t l G & W I SS L 5s_ _ 1959
C h ic June & U S Y 5 s . 1940
K C M e m & B Inc 5 s . . 1934
N E T e le p h o n e 5 s ____ 1932
S w ift & C o 1st 5 s .......... 1944
U n ited F r u it 4 M s ____ 1923
4 M s . ..............................1925
U S S m elt, R & M c o n v 6s
W estern T e l A T e l 5 s . 1932
9 9.34
94.10
9 4.14
9 0 .20
74%
94
9 9 .2 4
9 3 .8 4
9 3.74
9 0 .0 4
80
86 H
74%
92
61
87 M
94
95
95
95M
83
Sales
fo r
W eek .
R ange sin ce J an . 1 .
L ow .
9 9 .62 $ 82 ,900
9 4 .34 2 5,000
9 4.50 0 7,950
90.72 4 3,350
81
4 ,0 0 0
1,000
80 %
75
14,000
92
1,000
61
4 ,000
2,000
87 M
6 ,0 0 0
91
3 ,0 0 0
95
1,000
95
90
2 ,0 0 0
83 % 10,000
9 6.52 Jan
93
June
9 2 .8 4 June
9 5 .1 4 J u n e
80
Ju ly
8 6 ?* Ju ly
74 % J u ly
87 M A p r
58 M A p r
8 6 M June
92?* M a r
93
Jan
91
Jan
94 M Jan
82 M Jun e
H ig h .
9 9 .8 0 M a y
98
Jan
9 7 .9 0 M a r
101
M ay
83
Jan
95 4
Feb
79
Jan
92
Jun e
61
June
91M F e b
95 M F e b
95?* F e b
95
97 M Jun e
90?* M a r
Chicago Stock Exchange.— The complete record of
transactions at the Chicago Stock Exchango from Juno 29
to July 5, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, n o t per oent. For bonds the quotations are per cent
of par value.
Friday
Stocks—
Par
A m erica n R a d ia t o r ____ 100
A m er S h ip b u ild in g ____ 100
P r e fe r r e d ....................... 100
B o o t h Fisheries, com m on
N e w .......... ........... (n o par)
Preferred . ..................... 100
C h ic P n eum T o o l .......... 100
C h ic R y s p a rt c t f ‘ '3 ” .
C h ic R y s p a rt c t f “ 4 ” .
C h ica g o T it le & T r u s t . 100
C o m m o n w ’ t h -E d ts o n . -1 0 0
C u d a h y P a ck C o c o m . . 100
D eere & C o , p r e f.............100
D ia m o n d M a t c h .......... .1 0 0
Illin ois B r ic k .......... .......... 100
L in d sa y L ig h t .....................10
P e o p le 's Q L & C o k e . . 100
Q uaker O ats C o , p r e f. .1 0 0
S ears-R oebu cfe, c o m . ..1 0 0
S tew a rt W a rn er S p eed om
C o m m o n ____________ 100
S w ift & C o . . ....................100
U n ion C a rb id e A C a rb on
C o .......................... (n o par)
U n it P a p er B oa rd c o m . 100
W a rd , M o n t g o m A C o , p f .
W H son A C o , c o m m o n . 100
B on ds.
A rm o u r A C o 4 M S ...1 9 3 9
B o o t h F isheries s f d 0 sl9 2 6
C h ic a g o C it y R y C S ..1 9 2 7
C h ic R y a d j Inc 4 s ____ 1927
C h ic a g o T e le p 5 s .......... 1923
L ib e rty L oa n 3 M s . 1932-47
L ib e r ty L oa n 1st 4 sl9 3 2 -4 7
L ib e rty L oa n 2 d 4S.1927-42
L ib e rty L oa n 4 M e ____ 1928
O g d en G as 5 s __________1945
S w ift & C o 1st g 5 s . . . 1944
Sales
fo r
Last W eek 's Range
o f P rices.
W eek .
Sale
H ig h . Shares.
P rice. Low .
R ange sin ce J an . 1.
L ow .
245
250
1 2 8 M 130
8 0 4 89?*
136
251
50
23%
83
71M
1%
1
165
100M
115
93
1074
60
19M
43
72
97 M
138
215
2C
795
40
25
10
531
220
115
15
115
1,101
55
7
00
321
18M
80
47 M
1M
1
165
100
107M
92
102
48
18
404
70
95
120
59 M
106M
58
59%
106
109
100M 106 M
574
130
89 4
83
70
100 %
115
181*
97
120
102
93 M
H ig h .
235
June
87
Jan
84 % M a r
265
144 M M a y
93 M M a y
Jan
Apr
Jan
Ju ly
M ay
Jan
June
Jan
Jun e
Jan
Apr
J u ly
Apr
June
Jan
J u ly
26
Feb
86
F eb
71M A p r
2 4 M ar
1 4 M ar
175
108
F eb
115
June
97
114
M ay
58
Jan
28
Jan
55
Jan
77
Feb
100
157
Feb
820
2,578
3
47
Jan
1 0 2 4 June
101
June
59 M J u ly
146
Apr
108
Ju n o
53% 5 7 4
22
22
101M 102 M
60M 02 M
90
90
12,000
10
174
405
5
Apr
47 4
1 4 4 F eb
100?* June
40
Jan
95
Jan
5 7 4 J u ly
22% M ay
110
Feb
65M M a y
99 M M a r
84
89
87 M
32 M
94 M
9 9 .30
94
94
90
75
93 M
$ 1 ,000
4 ,000
1,000
4 ,5 0 0
1,000
1 ,950
100
500
2 ,1 5 0
5 ,000
3 ,000
83
Apr
88
Apr
84 M Jan
27
Jan
92 4 Jun e
97
Jan
9 3 .3 0 J u n e
93
June
9 5 .2 0 J u n c
75
Jun e
9 2 % Apr
8 5 ?* F e b
90
Feb
88 4
Apr
3 3 % Jun e
96 % Jan
9 9 .5 0 J u n e
9 7 .5 0 Jan
9 7.52 M a
9 8 .1 0 M a y
Apr
80
95M Jan
23%
81
70
1%
1
105
100
113M
93
107 4
x49
18
42M
71*4
97
120
84
90
87 M
32 4
94 M
99.30
94
9 4 .20
9 6 .50
75
94
x E x -d lv ld c n d .
Pittsburgh Stock Exchange.— The complote record of
transactions at the Pittsburgh Stock Exchange from June 29
to July 5, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, n o t per cent. For bonds the quotations are per cent
of par value.
Stocks—
Fridai
Sales
Last W eek's Range
fo r
o f P rices.
Sale
W eek .
P a r.. P rice. L ow .
H ig h . Shares.
G o ld B a r M ln c s .
O h lo Fuel OH.
! " 53”
1 .............
1 .............
» _______
i
lie
)
2
) .............
) .............
1 .............
)
49 H
t .............
■
' '■1■
1 .............
1 .............
P lttsb J erom o C o p p e r ___ 1 3 0c
30c
P lttsb & M t Shasta C o p . . 1
P ltts b OH A G a s .............100
74
P lttsb P la to G lass c o m . 100
R iv ersid e E a st OH c o m . . 5
P r e fe r r e d _______________ 5
2M
U n ion N a tu ra l G a s ____ 100
U S Steel C o rp c o m ____ 100 107M
P r e fe r r e d _____ ______ 100
W e st'h ou so A ir B r a k e ..5 0
95 J*
W e st’ hou se E le c & M f g .5 0
42 %
Bonds—
C en t D Ist T e le p 5 S ...1 9 4 3
P ltts b B rew in g 0 s ____ 1949
45
40
5 0 4 53
76?*
70 4
32
32
90
90
10c
lie
2
2
81*
8?*
113M 113M
150
161
49
49?*
16
10
41?* 4 2 ?*
23?* 2 3 ?*
51?* 6 1 ?*
81M 81M
360
39c
3 0c
30c
7?*
74
110M 110?*
1?*
1?*
2M
2M
137M 137M
107 M 108?*
H I % 111?*
94 M 05?*
42 % 43
98 %
54
9 8 ?*
54
R ange sin ce Jan . 1.
Low .
H ig ft.
342
45
J u ly
55
Apr
655
40
Jan
0 3 H Ju n e
15
7 6 ?* Jun e
9 0 ?* Jan
10
28 % M a r
35
Jan
10
89
M ar
92
M ay
3 ,100
10c M a y
13c
Jan
85
1 % Jan
2 4 M ay
15
OH M a r
94
Jan
235 100
M a r 115
F eb
40
95
Jan 105
M ay
05
53
Jan
48 H J u n e
an
10
Jan
15
Jun e
144
41
M ar
40 H June
395
23 4 Juno
25
Jan
80
45
Jan
58 H F e b
10
79?* A p r
84
M ay
5 ,2 0 0
1
Feb
3 5 c Jun e
4 ,6 0 0
21c
Jan
48c
M ar
300
5 M Jan
7H M a r
20 1101* J u ly 117
Jan
200
11* A p r
1 >4 Jan
275
2'4 A p r
2 4
Feb
10 1371* Jun o 151
M ay
110
871* M a r 1 1 3 4 M a y
65 110
M a y 1 1 1 % Jun e
102
93
Jun o
97 H M a y
360
39
Jan
47
M ay
$1 ,0 0 0
1,000
98
50
M ay
Jan
98 4 Ju n e
52
Apr
B altim ore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchango from Juno 29
to July 5, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks aro all dollars por
share, n o t por cent. For bonds the quotations aro per cent
of par value.
Sales
Rangi;
fo r
ices.
W eek.
H igh. . Shares.
Price.
P a r.
B a ltim o re T u b e ________ 100
C elestln c O l l v t ____________
C o m m l C red it pref B ___25
C on sol G , E L A P o w .1 0 0
C o n so lid a tio n C o a l____ 100
C osd en & C o ......................... 5
P r e fe r r e d ....................... . . 5
D a v is o n C h e m lc a l_ .n o par
E lk h orn C o a l C o r p _____ 50
G a S o & F la 1st p r e f . . . 100
H o u sto n O il tru st c t f s . ,1 0 0
P referred tru st c t f s . . l 0 0
M c r & M in ers T r a n s . . . 100
M e r & M in ers T ra n s v tlOO
M o n o n V a il T r a c _______25
M t V -W o o d M ills v t r .1 0 0
P referred v t r .............100
N orth ern C e n tr a l.......... .5 0
P en n sy l W a t & P o w e r . 100
P o o le E n gin eering A M 100
U n ited R y A E le c _______50
W a sh B a lt A A n n a p ____ 50
W a y la n d O il & G a s .............5
90
854
64
75%
204
B on ds—
B a lt Spar P & C 4 M s . 1953
C a n ton C o d eb en 5 s . . 1920
C on sol G as gen 4 ? * s .. l 9 5 4
C on sol G , E L & P 4%s 1935
5% n o t e s ..............................
0 % n o t e s .............................
C o sd en & C o ser A Os. 1932
Series B 0 s __________ 1932
E lk h orn C oa l C o rp 0 s . 1925
F a ir A C larks T r a c 5 s . 1938
H o u sto n OH d lv c tfs ’ 2 3 -’ 25
K ir b y L u m b C o n tr 0s 1923
N o rfo lk St R y 5 s____ 1944
P en n sy W & P 5 s____ 1940
U n ited R y & E 4 s ____ 1949
I n c o m e 4 s ___________ 1949
F u n d in g 5s s m a l l. . 1930
W a sh B a lt A A n n 5 s . . 1941
95
"§2 ”
91
90
78 %
78%
05%
074
744
75%
> 1.55
25
96?*
85?*
6?*
3?*
3%
35
36 M
26?*
254
75
75
08
69?*
74
74
73 M
73 M
15
15
76
71
71M
04
64?*
03
63
19
21
28
29?*
34
00%
05
374
814
904
90
78 %
78%
05%
90
97
97
96
854
72
53
75
82%
Range sin ce Jan . 1 .
L ow .
H ig h .
73
M ay
1.45 J u ly
25
J u ly
94
Jan
8 4 ?* Jun e
6 ?* J u ly
Jan
3M
30
Jan
2 2 ?* Jan
75
June
40
Jan
64
Apr
50
Jan
70
Apr
15
M ay
14?* Jun e
68
Jan
70
Jan
60
Jan
53
M ay
17?* Jun e
24
Jan
3
Apr
90?* $3,000
95
2 ,000
8 7 ?*
1,000
82
3 ,000
91
14,000
2 ,0 0 0
96 M
79 M 146,000
79 M 4 8 ,0 0 0
95?*
3 ,000
90
1,000
97?* 13,000
3 ,0 0 0
97M
96
4 ,000
1,000
854
5 ,000
744
53
3 ,0 0 0
75
100
82 ?<
1,000
87
M ay
1.65 Jun e
25
J u ly
102
F eb
106
Jan
8 ? * Jan
4
Jan
Jan
38M
29
M ar
75
Jun e
86
Jun e
80M J u n e
92
Jan
90
M ar
16?* Jan
17?* F e b
76
J u ly
74
Jun e
67
M ay
6 3 ?* Jun e
24 M F e b
3 0 ?* Jun e
3?* Jan
90
95
80 M
81
90
94 M
77
78
95 M
90
88
9 5 ?*
96
84
72
5 2 ?*
75
80
55
200
10
48
265
3 ,497
450
440
285
30
55
150
6
34
45
70
465
17
202
20
735
295
50
9 3 ?* Jan
97 M F e b
88M F eb
84
F eb
95
Jan
9 7 M Jun e
8 2 ?* F e b
83 M Jan
98 M Jan
92
Jan
99
Jan
9 8 ?* Ju n e
97
Feb
87
Jun e
77 M F eb
58 M Jan
82 M F e b
83?* F e b
M ar
J u ly
M ar
Jan
Jun e
Jan
Jun e
Jun e
J u ly
Apr
Jan
Apr
J u ly
M ar
Ju n e
Jun e
Apr
Jan
Philadelphia Stock Exchange.— Record of transactions
at Philadelphia June 29
sales lists:
to July 5, compiled from official
Friday
Sales
Last W eek ’s Range
fo r
Saleo f P rices.
W eek .
P a r. P rice. Low .
H igh . Shares.
S tock s—
A m erica n G a s o f N J . . 1 0 0
08
68
B a ldw in L o c o m , p r e f . . 100 100
100
C a m b ria S te e l__________ 50
131
E le c S tora g e B a t t e r y . . 100 ” 5 2 '
51%
G eneral A s p h a lt.............100
30
28
P r e fe r r e d ...................... 100
61
71
J G B rill C o ...................... 100
26
K e y s to n e T e le p h o n e ____ 50
8
L a k e Su p erior C o r p . . . 100
17?*
194
L eh igh N a v ig a t io n .......... 50
66?*
68
L eh igh V a l l e y . . ............... 50
58?*
584
M id v a le Steel A O r d . . . 5 0
51M
P en n sy lv S alt M f g ...........50
85
P en n sy lv a n ia ...................... 50
43 M
44M
P h ila d elp h ia C o (P ltts b )
P re f (cu m u la tiv e 0 % ).5 0
33 M
Phtla E le ctric o f P e n n . . 25
24 M
P h lla R T v o t t r r e c t s ..5 0
25
254
P h ila d elp h ia T r a c t i o n . . 50
68
P h iladelphia A W e s t e r n .50
6
R ea d in g ................................50
91 %
T o n o B elm on t D e v e l____ 1
2 15-16
T o n o p a h M in in g __________ 1
21*
U n ion T r a c t io n ...........I I I 50
374
37M
U n ited G as I m p r o v t ____ 50
65
054
U S Steel C o r p o r a t io n . 100 108M 104?*
W a rw ick Iron & S t e e l .. 10
8
8
W Jersey & Sea S h o r e . . 50
39 M
W estm orela n d C o a l____ 50
74?*
W m C ra m p A S o n s ____ 100
82
Y o r k R a ilw a y s , p r e f____ 50
3 1 ?*
B on ds.
U S L ib L oa n 3 M s . 1932 47
1st L ib L o a n 4 s . 1932 47
2d L ib L o a n 4 s . . 1927 42
3d L ib L o a n 4 M s . .1 9 2 8
E le c & P e o p tr c t fs 4 s . 1945
do
s m a ll.......... 1945
L eh ig h C o a l A N a v ig a tio n
C on sol 4 M s ............... 1954
L eh ig h V a lley —
G en co n so l 4 M s ____ 2003
L eh igh V a l C o a l 1st 5s 1933
P en n R R gen 4 M s ____ 1965
P h lla E le c tr ic 1st 5 s . . 1960
do
sm a ll.......... 1960
S pa n ish A m er Ir o n 6 s . 1927
U n ite d R y s In v e s t 5 s . 1920
9 9 .0 0
9 4.06
Low .
H ig h .
69
100
131
52
36M
71
27
8
19M
68?*
59?*
51M
85
44 M
52
10
2
600
13,005
3,197
130
10
20 ,6 2 5
292
402
100
6
1,237
68
9 5 ?*
115
48
14?*
47
18
8
12
6 1 ?*
55
4 3 ?*
82
43?*
Ju ly
Jan
Jan
M ar
M ay
Jan
Jan
M ay
Jan
Jan
Jan
Jan
Jan
June
89
100
136
5 2 ?*
3 6 ?*
71
27
9
19?*
6 8 ?*
63
5 9 ?*
9 0 ?*
4 7 ?*
34
24 %
25%
68M
6
93
3 1-16
21*
37?*
6 5 ?*
108M
8
39 %
744
84
311*
20
580
550
50
7
155
1,900
240
142
405
8 ,1 3 0
6
10
25
259
15
29
24
2 3 ?*
66
5
71
2?*
2 ?*
37M
65
8 6 ?*
7%
39
69
74
31
Apr
June
M ar
Apr
M ay
Jan
June
M ay
June
J u ly
M ar
Apr
M ay
M ar
Jan
Feb
34
M ay
26
M ay
30
Jan
7 1 ?* F e b
8
Apr
9 4 ?* Jun e
3?* M a
4
Jan
42?* Jan
7 2 ?* J a n
113 ?* M a y
8 ?* M a r
48
M ar
76
Jan
95J* Jun e
33
Jan
97
Jan
93
June
9 2 .8 0 June
9 5 .3 0 J u n e
M ar
70
70
Apr
9 9 .7 0 M a y
9 7 .9 0 Jan
9 7 .6 0 M a y
9 8 .5 2 M a y
7 3 ?* M a y
74
Jan
9 9 .2 0 .9 9 .6 0 $ 13 ,250
9 3 .6 0 9 4 .4 0
4 .6 0 0
9 3 .7 0 9 4 .46 2 9 ,2 5 0
9 5 .9 0 96.72 14,400
711* 72?* 11,000
73
73
100
02%
92 M
1,000
89
89
100?* 100?*
87M 87?*
92
93
94
95
99
99
59 % 59 %
93
R ange sin ce Jan. 1.
1,000
1,000
9 ,0 0 0
4 1,000
1,900
3 ,0 0 0
16,000
92
June
88
Apr
9 9 ?* M a r
87
June
92
J u ly
94
Jan
99
J u ly
54
Apr
95
Jan
Jun e
Jan
M ay
J u ly
J u ly
J u ly
Jan
J u ly
J u ly
M ar
M ay
M ar
Jan
Jan
9 1 ?* F e b
101
M ay
92
Jan
96
Jan
97
M ay
101
Feb
60
Jan
x E x -d lv Id en d .
V o lu m e o f B u sin ess a t S to c k E x c h a n g e s
T R A N S A C T IO N S A T T H E N E W
YO RK STOC K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .
W eek ending
July 5 1918.
Stocks.
S a t u r d a y ..............
M o n d a y _________
T u e s d a y _________
W e d n e s d a y _____
T h u rsd a y ________
F r id a y ___________
T o t a l ..................
Railroad,
dkc..
Shares.
1 82 ,900
462 ,1 0 0
391 ,6 0 0
347 ,0 0 0
279 ,9 3 0
Par Value.
$ 3 ,2 5 2 ,0 0 0
W eek ending July 5 .
1 91 8.
1917.
S tock s— N o . shares___
1 ,0 0 4 ,1 3 0
2 ,6 8 8 ,3 6 9
P a r v a lu e ___________ $ 1 4 0 ,0 0 0 ,5 0 0 $ 2 5 8,21 6,4 00
B a n k shares, nar .
Bonds.
G o v e rn m e n t b o n d s . . . $ 1 0 ,0 6 5 ,5 0 0
$2,7 8 0 ,6 0 0
S ta to, m u n ., A c . , b d s .
2 ,5 0 9 ,5 0 0
3 .0 8 8 .5 0 0
R R . a n d m lso. b o n d s .
3 ,2 5 2 ,0 0 0
4 .9 3 9 .5 0 0
T o t a l b o n d s . . . ____
State, M u n
& Foreign
Bonds.
$ 1 5 ,7 7 0 ,0 0 0
$38 7,00 0
4 2 ,1 2 1 ,0 0 0
83 9 .0 0 0
3 4 .2 3 3 .5 0 0
7 02 .000
2 0 .3 1 1 .5 0 0
686 .0 0 0
HOLI D A Y
2 1 .5 6 4 .5 0 0
578 ,0 0 0
1 ,6 6 4 ,1 3 0 $ 1 4 0 ,0 0 0 ,5 0 0
Sales at
N ew Y ork Stock
E xchange.
Bonds.
$ 2 2 ,7 2 7 ,0 0 0
$ 1 0 ,8 0 8 ,6 0 0
U . S.
Bonds.
$1 8 7 ,0 0 0
4 0 0 .0 0 0
6 6 0 .0 0 0
765 ,0 0 0
3 .0 1 7 .0 0 0
3 .5 8 5 .0 0 0
3 .5 5 2 .0 0 0
4 .2 0 2 .0 0 0
497 ,5 0 0
2 ,6 0 9 ,5 0 0
$ 2 ,5 0 9 ,5 0 0 $ 1 6 ,9 6 5 ,5 0 0
J an . 1 to July 5 .
1918.
191 7.
7 5 ,2 5 0 ,6 7 0
$ 7 ,0 1 8 ,5 4 6 ,5 0 0
$ 1 2 ,9 0 0
1 0 4 ,174 ,95 8
$ 9 ,4 8 8 ,1 0 2 ,9 0 5
$ 5 4 ,3 0 0
$ 5 0 6 ,3 8 5 ,0 0 0
10 0 .8 3 8 .5 0 0
1 4 8 .086 .50 0
$ 1 1 ,8 0 1 ,8 0 0
1 9 4 .1 1 9 .0 0 0
3 1 1 .6 8 5 .0 0 0
$ 7 6 1 ,3 1 0 ,0 0 0
$ 5 1 7 ,6 0 5 ,8 0 0
D A IL Y
[V ol . 107
THE CHRONICLE
70
T R A N S A C T IO N S A T T H E B O ST O N , P H IL A D E L P H IA
B A L T IM O R E E X C H A N G E S .
Week ending
July 5 1918.
S a tu rd a y .................
M o n d a y ............... ..
T u e s d a y ---------------W e d n e s d a y _______
T h u r sd a y _________
F r i d a y ____________
T o t a l ....................
Shares. |Bond Sales.
9 ,1 0 8
13,032
1 4 ,675
21,123|
1 0 ,855
6 8 ,7 9 3
O th e r OH S to ck s
(Concluded) —
Baltimore.
Philadelphia.
Boston.
AND
Shares. Bond Sales. Shares. Bond Sales.
$ 3 1 ,000
4 9 ,8 0 0
8 7 ,6 0 0
6 6 ,250
4 4 ,700
960
664
1,920
2 ,5 1 0
$ 3 1 ,400
4 ,5 6 0
3 6 .3 5 0
14,311
4 1 .3 5 0
10,021
2 2 ,400
8 ,586
H O LI D A Y
15,000
14,894
$26 9 ,3 5 0
52,372
$ 3 ,000
1 4 ,200
5 0 .000
1 1 1 ,000
1,645
8 8 .0 0 0
7 ,599
$14 6,50 0i
$26 6 ,2 0 0
N ew Y o rk “ C u rb ” M arket. — Below we give a record of
the transactions in the outside security market from June 29
to July 5, both inclusive.
It covers the week ending Fri
day afternoon.
It should be understood that no such reliability attaches
to transactions on the “ Curb” as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed that
is, securities where the cotnpanies responsible for thorn have
complied with certain stringent requirements before being
admitted to doalings. Every precaution, too, is taken to
insure that quotations coming over the “ tape,” or reported
in the official list at the end of the day, are authentic.
On the “ Curb,” on the other hand, there are no restric
tions whatever. Any security may be dealt in and any one
oan meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fiotitious transac
tions may creep in, or oven that doalings in spurious securi
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the oiroumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
we give it for what it may be worth.
Sales
Friday
Last Week's Rang* for
Week.
of Prices.
Salt.
Par • Price. Low. High. Shares.
Week ending July 5 .
S tock s—
A etn a e * ins r — (00 pari
13*4
P referred r ----------------- 100
A m er T in S. T u n g s t e n .r . l
r
‘ "*4
A m W ritin g P a p er co m 100
A tla n tic F r u l t .r ---------- 100
B rlt-A m or T o b ord b e a r . £ l
Bu rn s B ros lee r ---------- 100
C a rb o n Steel c o m . r — 100
2*4
C a r L tg & P o w e r .r ---------25
C h e v ro le t M o t o r _______100 136*4
C ities S ervice c o m . r — 100
C u p rlte-E sm era ld a Sul
p h u r. r ---------- ------------------1 1 3-16
*4
C u p rite S u lp h u r .r ---------- 1
C u rtiss A erop A M co m (t )
5*4
E a stern V e n d in g .r _____ 5
30*4
G eneral A s p U a lt c o m .r .1 0 0
70
P r e f e r r e d .r __________ 100
G ille tte Safety R a z o r . r . ( t )
*4
G ra p e O l a ------------------------- 1
1 0 -1 6
P r e fe r r e d ____________
K e y s t T ir e A R u b , c o m . 10
17*4
K ir b y L u m b er c o m . r . -1 0 0
P r e f e r r e d .r __________ 100
M a r c o n i W ire! T e l of A m . 5
M a x im M u n it io n s .r ------ 10
14*4
N Y T r a n sp o rta tio n -------10
2*4
N o rth Ant P u lp A P ap ( t )
50 *4
P en n Seab oard S t e e l . . . ( t )
31*4
P eu n a C o a l A C o k e . r . .5 0
P ou lsen W ireless r . ___100
14 *4
S t Josep h L e a d .r -----------10
B in o h M o to r T ru ck r ___ 10
" I *4
6
Steel A llo y s C orp r .............5
S trom b erg C a r b u r 'r . - . ( t )
16 *4
S ub m a rine B oa t v t 0 - - ( t )
5 *4
T h lo g e n C o of A m er r . .5
33 *4
ru ltert M o to rs r (no par>
2
U S L ig h t A I lo a t c o m . r . 10
6*4
C S S tea m sh ip .....................10
J
10*4
W right.-M artin A l r o .r ..
67
P referred r ___________ 100
F o r tn e r S t a n d a r d O il
S t ih s ld ln r lc A n g lo A m erican O ll .r _ _ £ l
Illin ois P ipe L l n e .r — 100
O h io O l l . r ............................25
P lerco Oil C o r p . r -------- 25
P ralrlo P ipe Line r -------100
S tan d ard O il ( C a l i f ) .r . 100
S tan d ard O il of N J .r .- lO O
S tan d ard O il of N Y . r . 1 0 0
O t h e r O il S t o c k s
A m er V en tu ra O l l . r .......... 1
A p p a la ch ia n OH r ______10c
B a rn ett O il S G a s .r ---------1
c
B o s t o u -W y o w ln g O ll.r — 1
Cocrlen A C o , 00m .r --------- 5
P referred r ______________1
C ry sta l O il A R o f . r ______ 1
D rillers O l l .r ___________ lOo
E lk Basin P e t r o le u m .r ___ 6
E sm eralda Oil C o r p . r — 1
F ed era l O l l .r _____________ 5
G le u r o o k O ll.r -------------- 10
H a n o v e r O il A R e f . r _____5
H o u sto n Oil com r _____luO
Im p eria l C on Oil i _______ 1
In tern a t P o t r o l e u m .r . .£ l
Isla nd Oil A T r a n s .r . . . 1 0
K e n o v a OH___________ . . . 1
K in n e y O l l . r . . . ................1
17*4
257
213
18C
10c
6*4
3*4
1
*4
"O c
2*4
4*4
1*4
67*4
*4
14*4
4*4
5 -3 2
Range since Jan. 1.
Low.
F ob
Jan
A
‘ , M ay
Jan
2
10*4 Jan
14*4 A p r
18*4 June
Jan
77
Jan
2
Jan
100
Feb
200
High.
18*4
72
%
3*4
15*4
18
30*4
133
3*4
144
219*4
M ay
M ay
June
F’eb
F’eb
F ob
M ay
June
M ar
Juno
Jan
13
14*4
66
66
7 -1 6
*4
2*4
2*4
13*4 13*4
16*4 17
28
26
130
130
2*4
2*4
130
140
208
208
5 0 ,940
40
3 1 ,500
100
150
400
2 ,3 0 0
25
450
4 ,700
50
1*4
1*4
1*4
*4
37*4 40
5*4
5*4
28*4 36*4
66
70
94
96*4
1 3 -1 6
*4
1*4 1 9-1 6
19
18
17*4 19*4
63
62
3*4
3*4
*4 7 -1 6
13*4 15*4
2*4
2*4
54
66*4
32
31
14
14*4
14*4 14*4
IVa 1 9-16
.
6
6
26
25
16*4 17*4
0
5*4
31*4 34*4
2
2*4
6t4
6*4
9*4 10*4
67
67
3 ,300
3 ,640
5,500
2 ,675
11,800
400
360
1,000
1,025
500
3 ,7 0 0
12 1
2,200
3 ,000
600
200
3,325
1,000
8 ,900
300
7 ,000
200
200
4 ,2 0 0
6 ,600
7 0 ,700
4 ,800
13,900
10,200
51
1
*4
25
4*4
23*4
61
77*4
*4
1*4
12*4
10*4
60
3*4
*4
13*4
2
43
28*4
10
14*4
1
5
21
11*4
4
19*4
1
4*4
6*4
45
M ay
M ay
Jan
M ay
Juno
Juno
M ar
June
June
Jan
Jan
Jan
Juno
Juno
Ju ly
A pr
M ay
Jun o
Apr
Juno
Jan
Juno
Juno
M nr
M ar
■lull
M ar
Jan
Jan
F eb
1*44
2 *4
42
8
38*4
70
07
*4
l/4 «
20*4
19*4
03
3*4
1
19
3*4
56*4
33*4
15*4
17*4
2*4
0
20
20*4
6
34*4
2*4
7*4
11*4
69
12*4
167
324
16*4
257
212
522
268
13
167
324
18*4
257
213
526
270
700
24
25
7 9 .00c
1C
2C
35
30
11*4
165
300
13
253
210
510
252
Fob
June
Jan
June
Juno
Juno
(M a r
Jan
17*4 Jnn
192
Jan
365
Jan
18*4 Ju ly
279
M ay
237
Jan
679
F’eb
286
F’eb
16c
7c
5 -1 6
19c
6*4
3*4
1*4
7 -3 2
6
5C
2*4
4*4
1*4
64*4
11 -3 2
14*4
4*4
*4
1 1 -1 6
180
10C
7 -1 6
20 c
6*4
3*4
1*4
*4
6*4
Co
2*4
4*4
2
73*4
Jan
Jan
M, June
19a Ju ly
♦6*4 Ju ly
3*4 M a r
1
Juno
3-1 0 June
6*4 M a y
5C Juno
2*4 M a y
3*4 Jan
1*4 June
39 H Jan
*4 June
12*4 Feb
Jai
1*4
3-32 Jan
*4 M a y
21o Juno
10c June
1 3 -1 0 Jan
33c
Jan
8*4 F’eb
3*4 Jan
1*4 Ju ly
*4 Jun e
7
Feb
5 10 Jan
4
Feb
5
Jan
7*4 Jan
80*4 Juno
*4 June
14*4 July
6*4 M ar
*4 F o b
1
Apr
2 8 ,800
C6.50C
11.00C
C.50C
6,223
20C
9.10C
15.00C
30C
15.30C
3.30C
13.00C
2,225
21.50C
29,101
6,70(
14*4
4 *4 28,8<)(
5 -3 2
11,45C
1,100
*4
6*4
41*4
6c
60
M ay
Feb
Juno
Juno
Ju ly
J u ly
Juno
June
Ju ly
Juno
Jun o
Jan
M ar
Jan
F ob
M ay
June
June
M ay
F ob
A pr
Ju ly
Ju ly
M ay
June
Juno
M ay
M ay
M ay
Juno
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares
2 .700
26
27*4
M e r ritt Oil C o r p . r .......... 10
27*4
M etrop oU ta n P etroleu m . 5 1 9 -1 6
1*4
1*4 3 0 ,5 0 0
1.700
M id C o u t C o n sO llA U t.r.1 0
7*4
7*4
7*4
9 .5 0 0
1 .0 7 1.14
1.09
M id w e st O il e o m . r _______1
200
1 3-16 1 3-16
Preferred r ......................... 1
1,112
114
119
115
M id w est R e fin in g ________
1.700
43 c
42o
430
N Y -C h in o O l l .r ..................1
8 ,0 0 0
62c
59c
6 1c
N orth w estern O il c o m . r . l
2 *4 c 2 2 ,2 0 0
2C
2 *4 c
O k la h om a Oil e o m . r -------1
5,800
7*4
7*4
7*4
O k la h om a P r o d A R e f ___ 5
4*4 17,100
4*4
O km ulgee P r o d A R e f — 6
11,000
32c
25o
25o
O m a r O il A G a s c o m ____ 1
2 ,865
5
5*4
P e n n -K e n tu c k y Oil . . r . . l
5*4
8 2 ,4 0 0
21c
25o
25o
P.lee O ll.r . . .....................1
320
♦22
19
20*4
R o y a l D u t c h C o rig h ts___
1,200
8*4
8*4
8*4
S ap u lp a R e f i n i n g .r -------- 5
4 .500
*4
*4
S eq u oy a h O il A R e f _____ 1 1 1 -1 6
4 ,0 0 0
19*4 20*4
Sinclair G u lf C o r p r — (t )
318
35
20
23*4
Sinclair O il w arra nts_____
58o
23,700
450
S ou th w est O l l . r __________ 1
5,300
1*4
1*4
1*4
S ta n ton O l l . r . -----------------1
80 c
17,500
30o
52o
T ex a n a O il A R e f . r _____ 1
l * 4 o 2 *4 c 110,000
2c
T u x p a m Star O il r .............1
1*4 1 5-16 62,300
U n ited W estern O il n e w .r
3 ,1 9 0
3*4 3*4
3*4
V icto ria O il r ----------------- 10
Range since Jan. 1.
High.
Low.
29*4 June
1*4 Ju ly
7 *4 Juno
1.24 Jan
1*4 Jan
120
Jun e
4 4o
Apr
F eb
89 c
M ar
8*4o
8
M ay
11*4 M a r
40o
Jan
5*4 F e b
%
Apr
*22
Ju ly
10*4 M a y
1*4 M a r
23*4 F eb
40
M ar
680 Jun o
2*4 M a r
1 *4 M a y
22c
M ar
2*4 F eb
0*4 M a r
17*4 M a r
*4 Jan
6*4 M a y
87o
Apr
1
Apr
97
M ar
39o
Apr
660
Jan
2c M ay
6*4 A p r
2*4 Jan
21o
Apr
5
Jan
3-32 Feb
19
Ju ly
M ar
8
Jan
*
15
Jan
20
Jun e
45o
J u ly
1*4 M a r
3 0 o Ju ly
l c June
*4 A p r
3*4 June
M in in g S t o c k *
45o
53o
53o
A la sk a -B rlt C o l M e t a ls . .1
680
70c
69c
A m erica M in e s .r ------------- 1
36c
40c
40o
A m in a M in (p r o s p ).r .5 0 o
4 * 4 c 5c
6c
A tla n ta M in e s ____________ 1
1
1*4
1*4
B ig L ed g e C o p p e r ________ i
9*4
9*4
B in g h a m M in e s __________10
3o
3o
3o
B o o t h _ r ___________________1
45 c
52c
54c
B o s to n A M o n ta n a D e v . . 6
*4
*4
*4
B rad shaw C o p p e r .r _____ 1
45 c
43 c
44o
C a led on ia M in in g -------------1
1*4
1*4
1*4
C a lu m et A Jerom e C o p r . l
C a n a d a C o p p e r C o L t d . . 6 1 13-16 1*4 1 13-16
So
6 *4 c
5o
C a sh B o y .....................
1
1
*4
*
C erb a t S ilver M A M r . . l
2
2
2
C o c o R iv e r M in in g .r ____ 1
1 1 5 -1 6
1%
1%
C on sol A rizon a S m elt____ 6
6*4
5*4
6*4
C on sol C o p p e r M in e s ____ 6
*4 6 -1 6
*4
C o n s o l-H o m e s t e a d . r ____ 1
*4
*4
*4
C o p p e r V a lley M in in g r . _ l
4*4
4*4
4*4
C resaoa C o o s G old M A M 1
*4 1 5 -1 6
D u n d e e A rizon a C o p p e r .l
73 c
75c
73o
E l S a lv a d or S i l v e r .r ______1
2 0c
15c
2 0c
E m m a C o p p e r .r ............. . . 1
2*4
1*4
1*4
E u rek a C roesu s M in r . . '
3 0c
30 c
30o
F o rtu n a C on sol r ________ 1
7 -1 6
*4
*4
G o ld e n R u le M ln e s .r ------ 1
3 - 1 0 7 -3 2
21
G o ld field C o n s o lid a te d .1 0
2*4c
2c
2o
G old field M e r g e r .r .............1
3*4o
3o
3*4c
G rea t B e n d .r ____________ 1
*4 9 -1 6
G reen M o n s te r r _______50c
38o
38o
3 8c
H a ttie G o ld M l n . l . r ____ 1
H eola M in in g .................... 25e 4 3 -1 6 4 3 -1 6 4 5-16
31o
33o
33o
H y p o th e e k M A M . r . - l O c
9o
lOo
9o
In tern ation al M ln e s .r ___ 1
Ir o n B lo s s o m , r ________ 10c 1 3 -3 2 1 3 -3 2 1 3 -3 2
3 -1 6
*
3 -1 6
J erom e P rescott C o p r ___1
9 -1 6
*4
*
Jerom e V erde C o p p e r ____ 1
63 c
66c
64c
Jim Bu tler r _______________ J
8*40 9 c
9c
J u m b o E x te n sio n ________ 1
2*40 3e
3c
K e w a n a a .r ________________ 1
7 - 1 6 490
7 -1 6
L a m p azos S llv o r.
50c
4 6c
L ib erty Sllv (p rosp ’t ) . r . . l
4 *4 c
3o
4c
L ou o Star C o n s o l.r ______ 1
7 -1 0
7 -1 6
L ou isian a C o n s o l_________1
25o
25c
25c
M a g m a C h ief . r ___________ 1
33*4 35
M a g m a C o p p e r ___________ 5
4*4o
4c
4 *4 c
M a rsh M in in g r . . ........... 1
4*4
3*4
4*4
M a s o n V a llo y ____________ 5
1*4
1*4
M in e s C o o f A m e r ic a ___ 10
80
60
So
M on ster C h ief r __________ 1
37 c
3 5c
31o
M o th e r L o d e r ___________ 1
2c
20
2o
N a tion a l L easing r .
18c
14o
15o
N a t Z ln e A l.ea d r _____ 1
15o
150
15o
N e v a d a O p h l r .r _______ 10c
8*4
N lplssin g M in e s __________5
47o
40 c
43 c
N ix o n N e v a d a ____________1
1
1 5 -1 0 1 3 -1 6
O h io C op p er r
4*4
5*4
5*4
O n on d u g o M ln e s .r _______1
1*4 1 9-16
1*4
P a clflo T u n g s t e n .r _______ 1
4
4*4
R a y H eroules M in in g r . . 6
3 -1 6 7 -1 6
R e d W arrior M in in g r — 1
90
8c
80
R ex C on solid a ted M g ___1
41o
390
39o
R och ester C o m b i n e d . r . . l
390
37o
380
R och ester M in e s _________ 1
100
lOo
lOo
San T o y M in in g __________ 1
11*4
11
Seneca C o p p e r ___ (n o par)
*4
*4
*4
S en orlto C o p p e r ___ ______ 1
S ilver Flssuo Silver r ____ 1 1 3 -1 6 1 3 -1 0 1 3 -1 6
9 -1 0 1 5 -3 2
Silver K in g o f A rizo n a ___ 1
4o
4o
4c
Silver P ick C o n s o l. r ____ 1
5 -1 0 7 -1 0
*4
Stand ard S ilv e r -L e a f___
16o
16o
16o
Stew art
1
10c
9o
9*4o
Suocess M in in g ___________ 1
3
3*4
Sup erior C o p (p r o s p 't) ( t )
1*4
1*4 1 7-10
T o n o p a h E x te n sio n _____ 1
15o
12c
14c
T r o y - A r lz o n a .r ___________ 1
3*4
3*4
3*4
U nited E a ste rn .......... ..........1
27 c
200
24o
U S Lead A Z in c 1 r . „ _ _ . l
13o
90
100
W a rd M in A M illin g r . . . l
98o
94o
W est End C o n s o lid a te d . .6
30c
27o
W h ite C a n s M in in g ._ .1 0 e "29o"
10c
100
W ilb e rt M in in g ........ ............ 1
70o Maiy
5-16 A p r
2 9 ,2 0 0
70o June
50o
M ar
6 .300
40o
Ju ly
6,950
22o M a y
13o F’eb
4 *4 o Juno
11.500
Jan
2 5 .500
1*4 M a r
100
9*4 J u ly
10*4 M a r
Apr
Co
3c
Jan
3 .000
90o
M ar
Jan
4 4 .0 0 0
41c
2 ,8 0 0
1*4 Jan
*4 Jan
Jan
66 c
39o M a y
11.500
Jnn
*1
15.700
1*4 M a r
2.300 1 6-10 Jan
2*4 Jan
190
F eb
5 .200
3 *4o Jan
4 2o
Jan
6.400
1*4 M a r
425
1*4 M a r
2*4 Jan
7 .400
1 * 6 F eb
2*4 Jan
Jan
6
*7*4 M a y
5 .800
220
F eb
*4 M a r
4 .400
*4 Jan
2*4 M a r
850
Jan
6*4
1.800
4*4 M a r
15-16 June
800
*4 Jan
55o M a r
75c M a y
13.700
15c Jun o
71,150
M F eb
s
2*4 June
*4 F e b
7 .900
40o
Jan
30o Juno
1.000
0 ,700
*4 |J une
*4 M a y
‘ , Juno 7 -1 6 Jan
A
2 .9 0 0
5o
Feb
l * 4 o Juno
5 .0 0 0
lOo
F ob
3o June
4 .0 0 0
Apr
1
500
*4 A p r
65 c June
33o Juno
3 .0 0 0
Jan
2*4 Jan
5
2 ,6 2 5
35 c June
14o M a y
100.000
20c
F eb
’
Jan
80
2 7 .500
11-10 Jan
5 -1 6 A p r
1.200
Apr
9
* 6 Ju ly
3 .8 0 0
*4 Jan
*4 Juno
12,800
00c
Jan
S5o
Jan
8.300
24o
Jnn
8*4o June
4 .5 0 0
F eb
Oo
2 *4 o Jun e
4 ,005
M ay
2
7-10 June
5 .000
6 0 c June
2 8 o F’eb
15.700
60
F’ eb
lo M ay
4 2 .0 0 0
*4 M a y
2,01)0
*4 Ju ly
2 .700
*4 M a y
*4 A p r
42
Jan
27
M ay
1.000
M nr
3 t ic J u n e 8*4o
5.300
8 .500
6*4 Jan
3*4 J u ly
300
1*4 Juno
1*4 Juno
5 -1 6 Jan
6*40 A p r
3 8 .500
50o A p r
Jail
13,600
25o
80
F eb
2e
Jan
3 2 .0 0 0
3 80
F eb
14)
Ju ly
15.500
Jan
21o
F ob
13o
3 .7 0 0
M ay
Jan
9
1.400
8
3 0 c June
4 .300
1*4 M a r
17,300
*4 Juno
1 *4 M a r
2
Jan
59,185
6*4 Ju ly
2 1 .0 0 0
1 * 6 Jun e
1*4 June
4*ii Jan
3 to
Ion
900
400
* 6 J u ly
*4 M a r
15o F eb
8c M ay
5.500
410 June
39o
19.800
July
6 H M ay
I
Jan
27o
6,200
180
Jan
10c
Apr
3 .000
12*4 M a y
1.100
7*4 Jan
M ay
1
2 .500
*4 Jan
7.200
*4 M a r
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6.500
10c July
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Jan
2
Jan
1,600
3*4 M a y
4 ,420
1 *4 Jan
1*4 Jan
24c M a y
10 c M a y
8 ,750
7.0 0 0
8 * 6 June
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M ar
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250 June
4o M u y
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27o Jun o
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14o
Jan
Feb
80
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Am T e l A T e l 1-yr 6 3 .1 0 1 9
0s w hon Issued
R ig h ts ...............
A rm ou r A C o d o b 6 s . .1 9 1 0
D e b en tu re 6 s_______ 1920
D eb en tu re 6 s _______ 1922
D eb en tu re 6s_______ 1923
D eb en tu re 6 s_______ 1924
B «th Steel 6 % n o te s . .1 9 1 9
B k ly n R a p T new 7s r ------C a n ada (D orn o f ) 5s. . 1919
Federal F arm L oa n o s —
G en 'l E lec 6 % n o t e s . . 1920
0 % n o t e s ---------------- 1919
P a clflo M a ll rights
P ro cte r A G a m b le 7 8 .1 9 2 2
R u ssian G o v t 6 * 4 s . r . l 9 l 9
5 *4 s - r ........................... 1921
Sinclair G u lf c o n v 6 3.1927
U n ion P a cific 6s w I------W c s t ’ houso E l A M fg —
i year 6 % n o te s --------
98*4
99*4
04*4
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99
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95
05
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90*4
102*4
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99*4
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June
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* O d d lo ts , t N o oar v a lu e, i Listed as a p rosp ect. I L isted on the S tock i)x hange this w eek , w here a d d ition a l tran saction s w ill b o fou n d
N ew s t o c k ,
r U n listed , u E x -cash an 1 s to ck d iv id e n d s, to W h on Issued. * E x -d lv ld end
0
0 E x -rlg h ts .
* E x -s to c k d iv id e n d .
THE CHRONICLE
J uly 6 1918.]
C U R R E N T
N O T IC E
— A n o w is s u e o f it s c ir c u l a r o n “ I n v e s t m e n t s " is b e i n g d i s t r i b u t e d b y
t h e F u l t o n T r u s t C o . o f t h is c i t y .
I n p r e s e n t in g t h e c ir c u l a r t h o c o m
p a n y s a y s : “ W h ile t h e w a r la s t s w o h a v o n o i n v o s t m o n t d e m a n d s f o r a n y
s e c u r it ie s e x c e p t L i b e r t y b o n d s ; b u t t h e c ir c u la r s a r e p u b li s h e d a s w o s u p
p o s e o u r p e o p l o w o u ld lik e t o k e e p in t o u c h w it h t h o i n v e s t m e n t m a r k e t ,
f o r t h o c la s s o f s e c u r it ie s t h a t t h e y h a v o b o o n o r d i n a r il y b u y i n g .
Tho
i n v e s t o r s , a s r e p r e s e n t e d b y o u r d e p o s i t o r s , a r e u s in g t h e ir m o n e y t o b u y
L i b e r t y b o n d s , s u b s c r ib e t o t h o R e d C r o s s a n d p a y t a x e s .
N o th in g n o w
c o u n t s b u t i n v e s t m e n t s t o h e lp w in t h o w a r . ”
I n t h o lis t o f b o n d s s u b
m i t t e d t h e r e is s h o w n a c o m p a r is o n b e t w e e n t h o p r e s o n t p r i c e s a n d t h o s e
In t h e c ir c u l a r o f M a r c h 13 1 9 1 7 , I s s u e d j u s t p r i o r t o t h o e n t r a n c e o f t h is
co u n tr y in to th o w ar.
— I n v e s t o r s w it h J u l y f u n d s t o I n v e s t in w e ll-s e c u r e d b o n d s o f f e r e d a t
a t t r a c t i v e p r ic e s w ill b e in t e r e s t e d in r e fe r r in g t o t h o l is t o f J u l y i n v e s t
m e n t s w h ic h a r e a d v e r t i s e d o n a n o t h e r p a g e t o - d a y b y t h o N a t io n a l C i t y
B a n k o f t h is c i t y .
T h e s e l e c t e d l is t o f issu e s f e a t u r e d in t h e a d v e r t i s e
m e n t o n l y in d ic a t e s t h o d i v e r s if i e d c h a r a c t e r o f t h o c o m p l e t e o f fe r in g s
d e s c r ib e d in t h o c o m p a n y ’s “ C i r c u l a r A . B . 1 6 9 . ”
T h o bonds ow ned and
o f f e r e d s u b j e c t t o s a le a n d c h a n g o in p r i c e , y i e ld f r o m 4 . 3 5 t o 9 . 3 0 % .
G e n e r a l p a r t i c u la r s , m a t u r it ie s a n d y ie ld s a r e d e t a i le d in t h o c o m p a n y ’s
a d v e r tis e m e n t.
— A n o w is su e o f $ 5 0 0 ,0 0 0 S t a t e o f M is s is s ip p i s e r ia l 514% b o n d s , m a
t u r in g A p r i l 1 1 9 2 9 t o 1 9 3 4 , is a d v e r t i s e d in t o - d a y ’s is s u e o f t h e “ C h r o n i c l o ”
b y A . B . L o a c h & C o . , I n c . , a n d R . W . P r e s s p r ic h & C o . o f t h is c i t y .
P r i c e 1 0 2 .3 3 a n d in t e r e s t , y i e ld in g 4 J £ % t o t h o c a l la b le d a t o O c t . 1 1 2 9 3
a n d 514% t h e r e a f t e r .
T h o b o n d s , e x o m p t f r o m a ll F e d e r a l i n c o m e t a x e s ,
a r o le g a l I n v e s t m e n t f o r N e w Y o r k a n d R h o d o I s la n d s a v i n g s b a n k s a n d
e l ig i b l o a s s e c u r i t y f o r P o s t a l S a v in g s d e p o s i t s a t m a r k e t v a l u e n o t e x c e e d
in g p a r .
T o t a l d e b t o f M is s is s ip p i is loss t h a n 1 % o f a s s e s s e d v a l u a t i o n
a n d t h e b o n d s a r o a d i r e c t g e n e r a l o b l ig a t io n o f t h o S t a t o .
— L a d e n b u r g , T h a lm a n n & C o . a n n o u n c e t h a t t h e y is s u e b ills o f e x c h a n g e ,
t e le g r a p h i c t r a n s fe r s a n d le tt e r s o f c r e d i t o n t h o L o n d o n C o u n t y W e s t
m in s t e r a n d P a r r ’s B a n k , w it h b r a n c h e s in L o n d o n , P a r i s , B o r d e a u x
M a d r i d , B a r c e l o n a a n d 9 1 8 b r a n c h e s t h r o u g h o u t G r o a t B r i t a i n a n d Ire-’
la n d .
C o r r e s p o n d e n c e is i n v i t e d f r o m b a n k s , m e r c h a n t s a n d m a n u f a c
t u r e r s d o s ir in g t o a v a i l t h o m s o lv o s o f L a d e n b u r g , T h a l m a n n & C o . ’s
s o r v ic o s .
— E r n e s t T . R o s s , w h o h a s b e e n a s s o c ia t e d f o r t h o p a s t 2 0 y e a r s w it h
t h e f ir m o f D o v i t t , T r e m b l e & C o . , i n v e s t m e n t b a n k e r s , C h i c a g o , a n d f o r
t h o p a s t y e a r a s m a n a g e r o f t h e ir D e t r o i t o f f i c e , w h ic h h a s n o w b o o n c lo s e d
h a s b e c o m e a s s o c ia t e d w it h J o e l S t o c k a r d & C o . , i n v e s t m e n t b a n k e r s ,
D e t r o i t , M i c h . , a n d b e e n e l e c t e d m a n a g e r o f t h e ir b o n d d e p a r t m e n t .
'
— A ll t h o c e r t i f ic a t e s h a v i n g b e e n s o l d a t p r ic e s t o n o t 7 K % , '\ V m . A .
R e a d & C o . o f t h is c i t y a r o a d v e r t i s in g in t h o “ C h r o n i c l e . " a s a m a t t e r o f
r e c o r d o n l y , $ 5 ,0 0 0 ,0 0 0 C a n a d i a n N o r t h o r n R a i l w a y E q u i p m e n t T r u s t
6 % g o l d c e r t i f ic a t e s , S e rio s A 1 9 1 8 . is s u e d u n d e r t h o P h i l a d e l p h i a P l a n
M a t u r it i e s a u d o t h e r i n f o r m a t i o n a p p o a r in t h o a d v e r t i s e m e n t .
— T h o f ir m o f V ic k e r s & P h e lp s w a s d i s s o lv e d o n J u n e 3 0 b y m u t u a l c o n
s e n t , o w in g t o M r . V ic k e r s h a v i n g j o i n e d t h o B r i t is h W a r M i s s i o n
The
r e m a in in g p a r t n e r s . A n s e l P h e lp s a n d R u d o l p h N e o s e r , h a v o f o r m e d a
p a r t n e r s h i p u n d e r t h o n a m e o f P e h lp s & N e e s e r t o c a r r y o n t h o b u s in e s s .
— B o r t o n & B o r t o n , C l e v e l a n d , O . , h a v o is s u e d t h e f i f t h e d i t i o n o f t h e ir
" P o c k o t M a n u a l o f C l e v e l a n d S e c u r i t ie s ,” a b o o k l e t b r i e f l y d e s c r ib in g c o r
p o r a t i o n s t h o s e c u r it ie s o f w h ic h a r o b o u g h t a n d s o l d i n t h o C l e v e l a n d m a r
k e t a n d g i v i n g t h o r e fe r e n c e d a t a c o n c e r n i n g t h o s e c u r it i e s .
P a in e , W e b b e r & C o . o f B o s t o n , N o w Y o r k a n d C h i c a g o , a n n o u n c e t h is
w e e k t h a t L . B r o o k s L e a v i t t b e c a m e a s s o c ia t e d w i t h t h e m J u l y 1 a s M a n
a g e r o f t h e ir B o n d D e p a r t m e n t in N o w Y o r k .
M r . L o a v it t h as b o o n
c o n n e c t e d w it h B e r t r o n , G r i s c o m & C o . f o r t h o p a s t f o u r y e a r s .
K e a n , T a y lo r & C o . o f N o w Y o r k a n n o u n c e th o a p p o in t m e n t o f L o l t o y
W o o d la n d as W e ste rn m a n a g e r.
M r . W o o d l a n d h a s b e e n a s s o c ia t e d w it h
K e a n , l a y l o r & C o . s i n c e t h o e s t a b l is h i n g o f t h o C h i c a g o o f f l c o in 1 9 1 3 .
— M e s s rs . R e d m o n d & C o . , 33 P in o S t ., N . Y . , a r o o ffe r in g b y a d v e r tis e
m e n t o n a n o t h e r p a g e a n a t t r a c t i v e lis t o f m u n i c ip a l a n d r a i l r o a d b o n d s .
F o e f u r t h e r d e t a ils s e e a d v e r t i s in g p a g e .
— D a n ie l W . E v a n s r o t ir o d o n J u l y 1 a s a g e n e r a l p a r t n e r in t h o S t o c l
E x c h a n g e f ir m o f E v a n s , S t illm a n & C o . , 6 0 B r o a d w a y , t h is c i t y .
N e w Y o r k C it y R e a l t y a n d S u r e t y C o m p a n ie
A ll p rice s n o w d o lla rs p er sh are.
Bid
A llla n co R ’ lty
A m er S u r e ty .
B on d A M G .
C a su a lty C o .
C it y In vestin g
P re fe r re d . .
All p rices n ow d o lla rs per sh are.
change
t ills
w eek.
Bid.
Ask. | T r u s t C o ’s . | bid
300
New York.
280
162
295
120
105
375
200
130
415
135
490
50
200
200
450
400
125
110
115
150
500
275
160
525
175
575
140
255
150
150
110
____
65
___ _
200
133
175
130
155
270
—
165
120
no
60
95
207
138
200
140
■ '
167
300
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175
215
140
510
55
215
470
425
135
115
130
160
{B a n k ersT ru st 300
C en tra l U n i o n / 385
C o lu m b ia ____ 255
110
E m p ire _______ 290
E q u ita b le T r . 335
Farm L A T r
370
F i d e l i t y ____
200
P u lt o n _______ 240
G u a ra n ty T r . 320
H u d s o n .......... 135
I r v in g T r u s t (See
lN at
Law T i t A T r
95%
L incoln T ru st
97
M erca n tile T r
A D e p o s it
190
M etrop olita n
300
M u tu a l! W est
chester) ___ 106
N Y L lfo Ins
A T r u s t ___ 875
N Y T ru st.
585
S can d in a via n
200
Title G u A T r 250
T ran satlantic
175
• S M t g A T r 400
U
'"n lte d S la t
875
restchestcr.
130
Brooklyn.
1
300 "
340
390
210
255
325
145
Irv in g
Bank
105*
200
310
126
900
605
270
410
010
140
525
240
275
050
273"
80
«• uui/iiuu ur at mock Ej
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t in clu d es on e -th ird share Irv in g T r u s t C o .
l /E x - r ig h t s .
500
230
205
020
100
203
70
370
395
200
I N ew stocl
Ask
58
53
180
____
14
65
63
56
190
75
19
70
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L a w yers M t g e
M t g e B o n d ..
N a t S u r e t y ..
N Y T itle A
M t g e _______
Ask
85
80
168
95
85
173
60
60
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R ea lty A ssoc
( B r o o k ly n ).
U S C a s u a lty .
T it le A M G
55
176
35
65
190
50
160
175
Q u o t a t i o n s f o r S u n d r y S e c u r it ie s
A l l b o u d p r ic e * a r e “ a n d I n t e r e s t " e x c e p t w h e r e m a r k e d “ f .
S t a n d a r d O il S t o c k s
Per Start
Par Bid A ik.
A n g lo-A m erica n O il n e w . £1
A tla n tlo R e fin in g _________)00
B orn e-S ory m ser C o _____ 100
B u ck e y e P ip e L ino C o ___ 60
C h eseb rou gh M lg n e w . . .1 0 0
C o lo n ia l O il_______________ 100
C on tin en ta l O il.....................108
C roscen t P ip e L in e C o . . . 50
C u m b erla n d P ip e L i n e . . 100
E u rek a P ip e L ine C o ____ 100
G a len a-S ign al O il c o m ___ 100
P re fe rre d _______________ 100
Illin ois P ip « L in e ............. .1 0 0
In d ia n a P ipe Line C o ____ 50
In tern a tion a l P e tr o le u m . £1
N a tio n a l T ra n sit C o . . . 12.60
N ew Y o r k T ra n sit C o ___ 100
N o rth e rn P ip e L ine C o . . 100
O h io O il C o ..............................26
P e n n -M c x F u el C o _______ 25
P ierce OH C o r p o r a tio n ___ 25
P rairie O il A G a s ................ 100
P rairie P ipe L in e _________100
Solar R e fin in g _____ ______ 100
Sou th ern P ip e L ino C o . . 100
S ou th P en n O il___________ 100
S ou th w est P a P ip e L in e s . 100
S tand ard O il (C a liforn ia ) 100
S tand ard O il ( I n d i a n a ) .. 100
S tand ard Oil ( K a n s a s )... 100
Stand ard O il (K e n tu c k y ) 100
Stand ard Oil (N eb ra sk a ) 100
Stand ard O il o f N ew J e r .1 0 0
S tand ard OH o f N ew Y ’k 100
S tan d ard OH (O h io ).......... 100
S w an A F i n c h _________
100
U n ion T a n k Line C o ____ 100
V a cu u m OH_______________ 100
W a sh in g ton OH_____
. . 10
1234 13%
900 930
440 465
*92
94
315 330
10
40
435 460
*35
38
140 150
195 200
126 130
125 135
164 108
•94
98
*1412 1434
14
*13
200 210
105 108
320 325
34
*30
•17U 1712
490 500
255 200
300 310
178 182
200 270
95 100
214 218
615 625
450 470
320 330
450 475
525 530
269 272
405 415
90
95
90
98
335 340
•30
34
B on ds.
Per Cent.
82
P leroo O il C o r p oon v 6 s . 1924
84
O r d n a n c e S t o c k s — Per 8 bar*
64
69
A etn a E x p losiv es p r e f___ 100
4
6
A m erica n A B ritish M fg .1 0 0
22
30
P re fe rre d ...... ......................100
A tlas P ow d er c o m m o n ___ 100 172 176
89
91
P re fe rre d ......................... . 1 0 0
B a b cook A W ilc o x _______100 ■till 113
B liss (E W ) C o c o m m o n . 60 •325 400
75
P referred _________
s o •65
C a n a d a F d y s A F o r g in g s .100 140 160
C a rb on Steel oorn m on ___100 125 127
95 100
1 st p referred ___________ 100
69
72
2d p referred____________ 100
C o lt s P a ten t F ire A rm s
65
M f g ...................................... 25 ♦63
d u P o n t (E I ) de N em ou rs
A C o oorn m on __________100 273 277
89*2 91
D eb en tu re s t o c k _______100
88
93
E a stern S t e e l ____________ 100
45
50
E m pire Steel A Iron 00m . 100
75
80
P re fe rre d _____ _________ 100
H ercules P ow d er c o m ___100 232 237
P re fe rre d _______________ 100 100 110
N lles-B em en t-P on d c o m . 100 120 125
94
97
P re fe rre d ........ ................... 100
Pon n Seab oard Steel (n o par) *56% 5 0 l2
P lie lp s-D o d g e C o r p ______100 260 270
8 oov h l M a n u fa ctu rin g ___ 100 460 470
30
T h o m a s I r o n .......... .................60 •26
W in ch ester R e p e a t A r m s .100 650 750
48
55
W ood w a rd I r o n __________100
N o w Y o r k C it y B a n k s a n d T r u s t C o m p a n ie s
Iim ik ii— N.Y Bid. /l sk.
B an k s.
A m e r ic a * .
495
505
L in coln ____
A m er E x c h . . 218
225
A tla n tic
170
180
B a tte ry P a rk . 200
215
M e r c h a n t s ..
B ow ery
400
M e trop olita n
B ron x B o r o * . 150
2 0 0 ' M u t u a l* _____
B ron x N a t . .
100
175
N ow N e th * _ .
B r y a n t I’ ark* 145
155
B u tch A D r o v
23
C h a s o ____
340
350
C h a t A P b e n . 237
P a r k ____
242
C h elsea E x * . 100
110
P eo p le ’s •
385
C h em ical
395
210
P u b lic________
215
C it iz e n s ___
C i t y _______
377
382 S eab oard . . I I
C oa l A I r o n .. 205
216 S econd
1400
C olo n ia l * .
100 " S t a t o * ____
150
C o lu m b ia * ___ 1
175 23d W a r d * ___
C o m m e r c e ___ 171
C o m u i'l E x * . 390
410
U nion E x c h ..
C om m on
U n lted S ta tcs
w ealth * ___ 180
100
W ash i l ’ t s * . .
C on tin en ta l
102
108
W estch A v o * .
• C o rn E x c h * .. 315
325
Y ork v illo * ___
C osm op llta u
85
95
C u b a (B k o f ) . 175
Brooklyn.
E a st R iv e r ___
15
T s’ " C o n e y Island*
F ifth A v o * ___ 11700 2000 F ir s t..................
F i f t h ________ 215
230
F la tb u sh ____
First ................. 875
900
G r e e n p o ln t .1
G a r fie ld .......... 170
185
H lllsldo * ____
G o t h a m _____ 200
H om estead *_
G reen w ich * . . 310
315 ' M ech a n ics’ * .
H a n o v e r _____ 045
055
M o n ts u k * ___
245
H arrirn an ____ 235
N a ssa u _______
500
Im p A T r a d . , 480
N ation a l C ity
t Irv in g (tr
N orth S l d o * ..
280
certifica tes) 275
P e o p lo 's _____
L ib e r ty _______ 385
395
71
P u* lie U t i l it i e s
A m er G a s A E lec c o m ___ 60
P referred ________________ 50
A m er L t A T ra o 00m _____100
P re fe rre d ............................ 100
A m er P ow er A L t c o m ___ 100
P re fe rre d _______ ________100
A m er P u bllo U tilities oomlOO
P re fe rre d _______________ 100
C ities S erv ice C o 00m ___ 100
P re fe rre d _______________ 100
C o m ’ w ’ lth P ow R y A L . 1 0 0
P referred ............. ...............100
E loo B on d A Share p r e f .. 100
F ed eral L ight A T r a c t io n .100
P re fe rre d ...... ............
100
G rea t W est P ow 5a 1 9 4 6.JA J
M ississip pi R lv P ow c o m . 100
P re fe rre d ............................ 100
F irst M t g e 5s 1 9 5 1 . . -J A J
N o rt h ’ n States P o w c o m . 100
P re fe rre d _______________ 100
N orth T e x a s E leo C o 00m 100
P r e fe r re d ............................ l o o
P a cific G as A E leo c o m . .1 0 0
1st p referred .....................100
P u g e t Sd T r L A P com .lO O
P re fe rre d ......................... . 1 0 0
R e p u b lic R y A L ig h t____ 100;
P re fe rre d ............. ...............100|
S outh C a lif E d ison c o m . .1 0 0
P re fe rre d _______________ 100
Stand ard G a s A El ( D e l ) . 50
P r e fe r re d ______________ 60
Ten nessee R y L A P 00m 1ObP referred _______
100
U nited G as A E lec C o r p .1 0 0
1st p referred ___________ 100;
2d p referred ___________ 100;
U nited L t A R y s 00m _____100
1st preferred ___________ 100
W estern P ow er o o r n m o n .100
P re fe rre d _______________ 100
R K . E q u ip m e n t s — PerCt
BatU {
Bid Aik
B a ltim ore A O h io 4 M * _____
6 .2 0 5 80
B u ff U ooh A P ittsb u rg h 444s
0.10, 5 .6 0
E q u ip m e n t 4 s_________
6.10! 6.6 0
C a n a d ia n P a clfls 4 M « ___
6
c .5 0 6 .9 0
C a ro C lin oh lield A O h io 5# .
6 .7 5 6 .2 5
C en tra l o f G eorg ia 6 s .............
8.5 0 5.50
E q u ip m e n t 4 M s _______
0.50 6.50
C h ica g o A A lt o n 4 s_________
8 .7 5 6.0 0
C h ica g o A E a stern 111 6 M » - 7.75 7 .0 0
E q u lp m e n t 4 M s _________
7.7 5 7.0 0
C h lo In d A L o u isv 4 M s ____
6 .5 0 6 .0 0
C h ie 8 t L o u is A N O 6 s____
6 .0 0 5.50
C h ica g o A N W 4 M s .............
5 .9 0 5.40
C h ica g o U I A P a o 4 M s _____
6.75, 6.2 5
C o lo r a d o A Sou th ern 6 s ___
6.50: 5 .7 5
E rie 5 s ______________________
6.50, 6 .0 0
E q u ip m e n t 4 M s ___ I I I I I
6 .5 0 6 .0 0
E q u ip m e n t 4 s____________
6 .6 0 6 .0 0
H o ck in g V a lley 4 s __________
6.10| 5 .7 0
E q u ip m e n t 5 s .......... ............
6.10; 5.7 0
Illin ois C en tra l 5 s ___________
6 .1 0 6 .5 0
E q u ip m e n t 4 M s _________
6 .1 0 5 .5 0
K a n a w h a A M ioh ig a n 4 M s .
6 .5 0 6 .0 0
L ou isville A N a sh v ille 5 s . . .
5 .9 0 6 .5 0
M ioh ig a n C en tra l 5 a ________
6.12 6.6 2
M in n St P A S S M 4 M s____
6 .0 0 5.6 0
M issouri K an sas A T e x a s 6 e
7.00 6 .0 0
M issou ri P a olflo 5a__________
7.0 0 6 .0 0
M o b ile A O h io 5 s ___ ________
6 .4 0 6.0 0
E q u ip m en t 4 M s ..................
6.4 0 6 .0 0
N ew Y o r k C en tral L in es 5 s ..
6 .1 0 5.7 5
E q u ip m en t 4 M s ....................
6 10 5 .7 5
N Y O n ta rio A W est 4 M * - - 6 .7 5 6 .0 0
N o rfo lk A W estern 4 M s ____
5 .9 0 5.5 0
E q u ip m en t 4 s _____
5 .9 0 5 .5 0
P en n sy lv a n ia R R 4 M s ______
5 80 6 .3 5
E q u ip m e n t 4 s _____________
5 SO 5.35
St L ou is Iro n M t A Sou 5 s . .
7 .0 0 1 6.00
St L ou is A San F ra n clsoo 6 s .
6.75; 6.0 0
S ea b oa rd Air L ine 5 s________
7 .00 6 00
7 .0 0 6 .0 0
E q u ip m en t 4 M s . . .
6.00 5 .6 0
S outhern P a cific C o 4 M « — .
S outhern R a ilw a y 4 M s ...........
6 .3 0 6.8 0
6 .6 0 6.0 0
T o le d o A O h io C en tra l 4 s ___
T o b a c c o S t o c k s — Per
Ska re.
Par Bid
A m erica n C ig a r o o r n m o n . 100
P re fe rre d _______________ 100
A m er M a ch in e A F d r y . . l 0 0
B rltish -A m er T o b a o o r d . . £ l
O rd in a ry , b ea rer_______ £1
C o n le y F o il_______________ 100
John son T in F o il A M o t . 100
M a cA n d re w s A F o r b e s . . 100
P re fe rre d _______________ 100
R e y n o ld s (R J) T o b a o c o .1 0 0
B c o m s t o c k ___________ 100
P r e fe r re d __________
100
Y o u n g (J 8 ) C o ...................10C
P re fe rre d _______________ 100
97
85
70
•10
*15
180
75
105
93
220
200
99
125
100
Alt.
101
90
80
17
10
220
125
180
98
250
225
102
150
100
S h o r t - T e r m N o t e s — Per Cent.
A m C o t O il 5s 1918 . . . M A S
99% 99%
5s 1 9 1 9 ........................... M A S
97%
97
99%' 9084
A m e r T e lA T e l 6s 1919 . .F A A
B a lto A O h io 6s 1914 . . J A J
98% 98%
B eth Steel 6s 1 9 1 9 . . F A A 15
99% 99%
99
C a n a d ia n P a o 0s 1 9 2 4 -M A S 2
99%
99
99%
C h ic A W est Ind Os’ 1 8 .M A S
D el A H u d son 6s 1920 F A A
97% 97%
E rie R R 6s 1 9 1 9 ..
...A - O
96% 96%
F ed Sug R ig 5s 1 9 2 0 . . . JA J
97
95
O en E lec 6s 1 9 2 0 ___ __ J A J
99% 100%
99% 100%
6 % n otes (2 -y r) T 9 . JAI>
99% 99%
G eneral R u b b er 6s 1 9 1 8 .J A D
83
G rea t N o r 6s 192 0...........M A S
97
97%
40
99% 100
H ook in g V a lley 0s 1918 M A N
193
99
998*
K C T e rm R y 4 M s T 8 . M A N
9412
94
4 M * 1 92 1......................... J A J
95
42
9784 98%
L a olede G a s L 5s 1 9 1 9 ..F & A
70
M o r g a n A W r ig h t 6s D e c 1 T 8
99
20
N Y C en t 5s 1 9 1 9 ...M & S 1 5
9734 98%
50
96
P en n C o 4M a 1 9 2 1 .. J A D 15
96%
207 .>08
P u b Ser C o rp N J 6s T 9 . M AS
90
97%
74 i2 75i2
R em A rm s U .M .C 5 a T 9 F A A
96% 97
20
22
Sou th ern R y 6 s 1 91 9. .M -8 2
98
98%
44
46
U ta h Seo C o r p 3s '2 2 .M - S 15
87
85
(f90
92
W ’ h o u s e E lA M 63 T 9 . F A A
99% 99%
7
9
W in ch es R ep A rm s 7 s ’ l9 .M A 8
99% 99%
35 . . .
7 8 % 80
In d u s tr ia l
14
17
a n d M is c e l la n e o u s
42
A m erica n B ra ss__________100 220 226
70
71 ” A m erican C h icle c o m ____ 100
31
36
40
43
P re fe rre d _______________ 100
00
65
81
83
A m erican H a rd w a re_____ 100 126 129
54
59
A m er T y p e fo u n d e rs com .lO O
35% 38
70
75
P re fe rre d _______________ 100
84
80
37
38
B ord en ’ s C o n d M ilk 00m . 100
94
96
80
82
P r e fe r re d _______________ 100
90
94
12
15
C ellu loid C o m p a n y _____ 100 144 150
42
40
C olu m b ia G ra p h op h M fg ( t ) •63
63
18
19i2
P r e fe r r e d _____ _________ 100
70
65
67
59
F reep ort T e x a s C o . _ Y _ . ( t ) ♦3 2 %: 33%
77
7812 H avan a T o b a o o o C o ____ TOO
1
1%
9 0 i2 100
P re fe rre d _______________ l o e
2%
5
•4
0
1st g 6s June 1 1 9 2 2 .- J -D /4 4
48
24
•21
In tereon tln en R u b b com .lO O
8
10
4
3
In tern a t B a nking C o ____ 100 160
14
16
In tern a tion a l S a lt............... 100
64 *
6
7
1st g old 5s 195 1_______ A -O
*67% 69
41
45
In tern a tion a l Sliver p r e l.1 0 6
78
7
10
Lehigh V a lley C oa l S ales. 60 •SO
82
29
31
O tis E le v a to r o orn m on ___ 100
46
50
62
04
P r e f e r r e d .. ................
lo o
74
76
13
15
R e m in g ton T y p e w rite r—
49
61
C o m m o n _______________ i o o
10
17
1st p referred ............ . . . 1 0 0
88
99
2d p referred ..................... 100
61
64
R o y a l B a kin g P o w c o r n .. 100 120 130
H reforrvd. ..........................100
91
94
Singer M ______________________________ 172
f g .......... ................. 100 168
•Per share. b Basis, d P u rcha ser also pay3 a ccru ed d iv id en d
e N ew s t o c k
F la t p rice .
1N o m in a l. • E x -d lv ld e n d . y E x -rlg h ts .
( t ) W ith o u t par v a lu e.
[V o l . 107
THE CHRONICLE
72
Imrestimmt am i fEaxkxraxI Jixtelligcxice.
R
A
I
L
R
O
A
D
G
R
O
S
S
E
A
R
N
I
N
G
S
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly retiirna
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. T h e r e tu r n s o f th e e le c tr ic r a i l
w a y s a r e b r o u g h t to g eth e r s e p a r a t e l y o n a s u b s e q u e n t p a g e .
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Jan. 1
Previous
Year.
to Latest Date.
Current
Year.
Jan. 1
Latest Oross Earnings.
ROADS.
Previous
Year.
Week or
Month.
Current
Year.
Previous
Year.
to Latest Date.
Current
Year.
Previous
Year.
$
S
1 ,5 8 7 ,6 1 6 1 .2 7 2 ,2 8 6 7 ,4 1 0 ,2 9 7 5 , 9 7 5 , 4 1 0
N a sh v C h a tt & S t L M a y
7 9 3 ,3 8 3
9 2 5 ,1 7 8
1 5 9 ,8 7 9
1 9 3 ,9 6 2
A la b a m a & V ic k s b . M a y
1 4 4 ,8 4 8
1 0 3 ,5 7 5
7 ,8 9 7
4 ,4 3 2
N o v a d a -C a l-O r e g o n 3 d w k J u n e
6 8 ,0 9 3 1 .4 8 2 .3 2 9 1 ,4 3 3 ,5 4 2
7 2 ,6 6 1
A n n A r b o r ___________ 3 d w k J u n o
7 4 0 ,3 1 8
8 0 9 ,9 5 6
1 9 9 .6 4 6
2 0 7 ,4 9 6
N e v a d a N o r t h e r n .. A p ril
1 2 8 8 8 5 0 6 1 1 8 4 7 9 5 2 5 9 , 4 9 5 , 7 8 0 5 5 ,3 8 2 ,7 5 3
A tch T op ek a & S Fe M a y
3 8 5 ,1 2 3
4 1 6 ,9 3 0
9 4 ,5 1 0
1 2 4 ,7 5 7
N o w b u r g Sf S o S h . . M a y
1 , 2 9 8 ,9 2 7 1 ,3 7 5 ,5 9 8 7 ,4 5 5 ,1 4 6 6 , 6 4 6 ,1 3 1
G u lf C o lo & S F e . M a y
6 5 9 ,2 6 5
8 2 9 ,3S6
1 4 9 ,1 8 4
1 7 7 .0 7 3
N o w O rl G re a t N o r - M a y
5 7 3 ,4 1 9 2 , 4 0 2 , 5 7 3 2 , 6 8 7 , 8 3 4
4 3 6 ,4 1 5
P a n h a n d le & S F o M a y
4 0 1 ,4 2 1 2 ,3 9 5 ,8 4 5 1 , 8 7 9 ,0 4 9
4 7 3 ,6 6 0
N e w O rl & N o r E a st M a y
1 ,5 9 7 ,3 1 9
3 1 9 ,2 8 5 1 ,6 9 7 ,1 4 4
3 1 5 ,3 0 8
A t la n t a B irm & A t l M a y
5 5 9 ,7 0 0
8 9 7 ,7 3 7
1 1 9 .6 4 7
M ay |
1 4 3 .4 7 7
N O T e x a s Si M o x .
5 3 1 ,5 6 7
7 0 5 ,6 9 1
1 3 0 ,7 2 5
1 9 8 ,0 3 4
A tla n ta & W e s t P t . A p r il
4 0 1 ,5 3 6
6 3 8 ,1 8 5
8 3 ,2 0 5
1 0 1 .4 7 7
B eaum S L & W . M a y
8 9 0 .1 6 1
1 , 1 0 5 ,8 6 4
2 5 5 ,4 1 1
2 9 5 ,4 9 4
A t l a n t i c C i t y ________ M a y
1 ,6 8 8 ,9 2 2
2 9 9 .6 5 2 1 ,5 2 7 ,1 4 3
2 8 5 ,2 1 2
S t L B row n s & M M a y
1 8 ,7 4 4 ,4 3 3
4 ,2 0 2 ,7 8 7 3 ,5 7 6 ,8 1 3 2 1 .8 6 2 ,4 6 1
A t l a n t i c C o a s t L iu e M a y
2 2 4 6 4 8 7 4 2 0 4 3 2 8 2 6 9 9 , 5 4 0 ,5 5 0 9 0 , 9 1 7 , 8 7 9
N o w Y o r k C e n tra l . M a y
6 7 8 .1 6 0
6 2 9 ,7 0 5
1 7 9 ,5 1 9
1 5 7 ,7 7 8
A tla n tic & S t L a w r A p r il
2 , 0 4 5 , 3 9 2 1 . 8 7 2 ,7 1 9 6 ,9 9 7 ,4 2 5 6 , 7 5 5 , 4 6 7
B o s t o n & A lb a n y A p ril
1 2 9 2 4 4 8 0 1 1 4 7 3 2 5 5 5 4 , 1 3 8 ,7 6 4 4 9 , 8 9 7 , 5 7 3
B a lt im o r e & O h i o . . M a y
6 8 7 ,2 2 4 3 ,3 5 5 ,3 1 3 3 , 2 9 2 ,6 6 1
7 1 6 ,7 0 0
L a k o E rie & W _ . M a y
8 0 2 ,3 6 2
6 4 8 ,0 9 6
1 8 0 ,5 9 7
1 6 7 .6 1 9
B & O C h T e r It It M a y
M ay
5 ,2 4 9 ,0 7 0 4 ,5 2 2 ,3 3 5 2 4 ,0 1 5 ,3 4 0 2 0 ,5 9 4 ,9 1 7
M ic h lg a n C e n tra l
1 ,8 7 1 ,6 0 8 2 ,0 8 1 ,6 1 0
3 9 0 ,2 0 4
3 7 3 ,8 7 8
B a n gor & A roostook M a y
5 ,2 2 1 ,6 3 5 4 ,4 6 6 ,3 1 9 2 3 ,4 5 6 ,5 4 1 2 0 , 0 8 6 , 1 0 0
C le v e C C & S t L M a y
1 .5 4 4 ,6 2 8
3 4 9 ,0 9 2
3 5 9 ,0 1 7 1 ,4 7 1 ,3 9 3
M ay
B e lt R y o f C h ic a g o .
8 8 1 ,8 4 0
9 4 1 ,6 0 7
1 8 1 ,9 1 3
1 8 7 ,8 1 6
C in c in n a ti N o r t h M a y
1 ,1 4 0 ,1 8 2 1 ,0 7 5 ,5 1 3 3 , 6 7 5 ,6 4 9 3 ,4 0 0 ,5 4 7
B e sse m e r & L E r ie . M a y
2 , 6 2 4 , 1 2 8 2 , 1 7 7 ,9 9 3 1 1 ,3 0 0 ,6 2 1 9 , 5 3 6 , 1 3 9
P i t t s & L a k o E r ie M a y
1 ,2 1 7 ,9 7 6
2 9 2 ,2 4 4 1 ,2 9 8 ,0 8 1
3 0 0 ,7 4 0
B i n g h a m & G a r f i e ld M a y
6 1 3 ,7 9 8 3 ,1 7 7 ,9 7 6 2 , 6 6 6 , 5 3 2
7 8 1 ,7 0 5
T o l & O h io C e n t . M a y
4 7 9 .1 6 2
5 8 4 ,9 7 7
9 9 ,7 9 6
1 2 4 ,5 8 1
B i r m in g h a m S o u t h . M a y
1 ,3 0 2 ,5 1 2
1 , 8 1 7 ,8 9 7
3 2 0 ,2 7 1
5 1 1 ,4 2 5
K a n a w h a S M ic h M a y
c
5 ,5 6 7 ,8 9 4 4 , 7 1 5 ,3 8 3 1 8 ,7 8 5 ,4 0 0 1 7 ,9 7 0 .1 2 8
B o s t o n & M a i n e ___ A D r i l
373 38 502 3 0 8 5 8 4 1 8 1 2 9 8 4 8 4 9 2 115870 889
T o t a ll lin e s a b o v e A p r i l
3 3 8 ,4 9 1 7 ,6 1 9 ,9 7 9 6 ,5 3 3 ,7 5 1
3 6 2 ,4 5 9
B u ff R o c h & P itts . 3d w k Jun e
1 ,6 8 1 ,1 5 9 1 ,4 4 9 ,5 3 9 7 ,2 3 1 ,0 5 1 6 , 7 0 0 . 8 2 7
N Y C h i c & S t L o u is M a y
6 7 2 ,8 8 7
9 0 1 ,5 4 0
1 5 2 ,7 6 2
1 7 5 ,8 9 9
M ay
B u ffa lo & S u sq R R
8 ,0 0 1 ,9 8 2 7 , 3 3 8 ,6 1 7 3 5 ,2 3 0 ,5 7 4 3 3 , 2 4 5 , 6 2 2
N Y N II & H a r t f.. M a y
9 1 6 ,3 0 0
9 1 1 ,4 0 0 1 9 ,1 7 9 ,2 0 0 1 8 ,3 0 1 ,5 0 0
C a n a d ia n N o r S y s t . 3 d w k J u n o
7 5 6 ,2 6 3 3 ,7 4 5 ,4 9 0 3 , 3 0 4 , 9 1 9
7 6 7 ,2 8 7
N Y O nt S W e s t -.- M a y
c
C a n a d i a n P a c i f i c . . 4 t h w k J u n e 3 ,4 1 9 ,0 0 0 3 , 9 7 5 , 0 0 0 7 1 . 1 7 2 .8 8 3 7 0 ,5 1 8 ,6 4 6
1 ,5 5 1 ,3 2 3 1 ,4 1 9 .0 7 C
3 0 2 ,6 5 7
3 9 1 ,2 2 4
N Y Su sq & W e s t .. M a y
1 , 7 1 6 ,1 7 0 1 ,6 2 7 ,8 0 8
3 5 7 ,1 1 0
3 5 6 ,1 1 8
C a r o C l i n c h & O h io M a y
4 3 6 ,5 7 6 2 ,1 4 0 ,4 0 1 2 , 1 8 7 , 4 2 8
4 1 1 .0 7 3
M ay
N o rfo lk S ou t h o r n ..
1 ,4 1 2 ,6 6 2 1 ,1 7 1 ,4 7 4 8 ,0 2 9 ,4 6 6 5 , 9 2 6 ,7 8 3
C e n tra l o f G e o r g ia . M a y
6 ,5 7 2 ,1 8 2 5 , 5 2 2 ,8 8 1 2 8 ,2 4 2 ,9 0 1 2 5 , 2 0 8 , 5 9 0
N o r fo lk & W e ste rn M a y
3 ,7 2 8 ,6 2 8 3 , 1 9 0 ,3 3 4 1 5 ,3 3 9 ,3 9 3 1 4 ,2 6 4 ,9 3 5
C e n tra l R R o f N J . M a y
7 , 2 6 0 ,5 2 3 7 , 7 7 2 ,1 2 3 3 4 , 4 8 0 , 4 4 6 3 3 , 7 7 6 , 5 7 8
N o r t h e r n P a c i f i c ___ M a y
5 1 4 ,6 9 7 2 ,2 8 1 ,9 4 2 2 . 2 1 3 . 6 5 5
5 6 7 ,6 9 5
C e n t N e w E n g la n d M a y
3 5 4 ,8 7 9
3 8 9 ,3 9 7
9 9 ,3 2 9
9 0 ,2 8 0
M in n & I n t e r n a l A p ril
3 7 5 .5 8 3 1 , 4 2 3 ,7 7 6 1 .3 1 9 .6 5 6
4 5 1 ,4 9 9
C e n t r a l V e r m o n t . . A D r i l]
1 ,8 6 1 ,6 3 9 1 , 6 5 3 ,6 1 8
3 9 7 ,4 0 2
4 4 2 ,0 5 3
N orth w estern P a c . M a y
8 9 4 ,7 5 7
1 9 0 ,4 5 0 I , 1 0 8 ,3 3 7
2 1 1 ,2 1 5
C h a r ie s t & W C a r . M a y
1 , 0 8 1 ,9 3 2
1 .5 9 5 .6 7 1
3 6 7 ,4 2 7
M arch
6 1 9 .8 4 8
P a c i f i c C o a s t C o ___
5 , 7 5 3 ,1 3 0 1 ,5 0 9 ,3 5 7 2 4 ,0 4 8 ,0 6 4 2 1 ,4 0 7 ,8 0 2
C h e s & O h io L i n e s . M a y
3 0 ,0 7 1 0 2 2 2 5 0 6 6 1 7 2 1 2 0 8 3 0 6 6 0 1 1 2 7 8 2 0 9 1
P e n n s y lv a n ia R R . . M a y
1 , 8 1 0 ,8 4 8 1 ,7 2 7 ,0 1 9 8 ,1 7 5 ,5 7 8 7 ,9 0 9 ,3 7 4
C h ic a g o & A lt o n — M a y
3 5 7 ,0 5 0
3 6 6 ,7 2 1
9 0 ,3 4 5
1 1 5 ,5 4 1
B a lt C h e s & A t l . . M a y
1 0 4 0 9 9 0 1 1 0 5 7 7 8 5 9 5 1 ,2 8 9 ,2 2 3 4 8 ,2 0 8 ,2 6 0
C h i c B u r l & Q u in c y M a y
1 ,8 1 5 ,9 6 9 1 ,8 5 2 ,9 1 3
4 1 5 ,1 0 4
M ay
4 3 8 ,9 9 8
C u m b e rla n d V a l.
4 9 7 ,1 8 2
4 7 3 ,9 3 3
9 8 ,6 6 3
1 3 2 .9 1 4
C h D et & O G T rk . M ay
1 ,8 8 2 ,3 9 9 1 , 3 5 9 ,2 9 5 7 ,0 8 9 ,6 6 6 5 ,5 7 4 ,6 9 0
L o n g I s l a n d ______ M a y
2 ,0 7 0 ,1 8 5 1 ,7 6 7 ,6 3 0 9 ,0 4 7 ,2 4 6 8 . 2 4 9 ,4 8 4
C h i c a g o & E a s t 111. M a y
3 2 0 ,2 3 9
8 3 .8 2 2
2 7 8 ,5 4 2
8 6 ,1 2 5
M d D e l & V a _____ M a y
3 8 2 ,9 1 0 8 , 0 8 3 ,9 1 7 7 ,4 8 7 ,8 1 1
3 7 0 ,1 9 5
C h lc a g o G ro a t W e s t 3 d w k J u n e
4 4 5 ,2 1 7 2 ,4 3 5 ,6 1 7 1 ,9 5 1 ,3 2 5
6 6 4 ,9 0 6
N Y P liila & N o r f M a y
1 6 8 ,7 8 4 4 , 2 0 3 , 0 0 6 4 ,1 8 1 ,7 7 4
2 1 2 .9 1 5
C h ic In d & L o u is v . 3 d w k J u n o
6 3 1 ,5 4 8 3 , 0 5 6 ,1 3 4 2 ,8 2 7 ,8 8 4
7 9 0 ,9 7 0
W J ersey & Soash M a y
2 8 0 ,7 8 6 1 ,4 0 4 ,8 1 3 1 ,3 3 5 ,0 9 2
3 2 1 .6 1 9
C h ic a g o J u n e R R . . M a y •
7 ,5 2 5 ,5 0 1 7 ,0 3 5 ,0 5 9 2 9 , 7 0 4 , 4 8 0 2 8 ,7 7 5 ,8 3 3
P e n n W e s t e r n L in o s M a y
9 , 6 7 6 ,1 3 3 9 ,9 1 7 ,9 1 1 4 4 ,4 5 4 ,6 3 7 4 2 , 8 7 1 , 7 9 0
C h ic M ilw & S t P - . M a y ]
2 , 5 0 4 ,9 8 7 2 , 5 2 6 , 4 2 6
5 1 9 ,3 6 1
5 4 3 ,6 4 3
G ra n d R a p & In d M a y
9 ,2 0 2 ,9 7 1 9 ,3 2 8 ,9 4 8 4 1 ,6 6 0 ,7 1 1 4 0 , 0 8 5 ,1 4 2
C h ic & N o r t h W e s t . M a y
6 ,8 5 4 ,7 6 0 6 ,3 0 2 ,1 1 0 2 9 ,8 2 8 ,4 4 2 2 9 , 2 8 5 ,7 0 4
P itts C O & S t L . M a y j
8 5 6 ,1 9 8
8 7 4 ,0 7 4
1 8 1 ,7 1 0
2 1 0 ,3 5 3
C h ic P e o r ia & S t L . M a y
P en n S y stem —
7 .4 7 3 ,8 3 8 7 ,0 2 2 ,6 4 1 3 6 ,5 3 9 ,9 4 1 3 3 , 3 6 5 ,0 9 7
C h ic R I & P a c ific . . M a y
M ay
34178634 28200869 137033977 126673981
L in o s E a s t . _
1 , 5 3 8 ,0 9 0
3 1 7 ,6 6 5 1 ,7 7 5 ,7 3 1
3 5 7 ,2 2 6
C h ic a g o R I & G u lf- M a y
M ay
1 5 1 0 9 1 4 4 1 4 0 3 0 2 2 8 6 2 , 8 7 8 ,3 8 3 6 1 , 4 3 1 , 3 4 7
L in o s W e s t . .
1 ,6 9 2 ,6 6 6 1 ,7 5 7 ,1 8 6 8 , 7 8 0 ,3 8 2 8 ,0 7 6 ,5 2 5
C h ic S t P M & O m . M a y
4 9 2 8 7 7 7 9 12231 0 9 8 1 9 9 9 1 2 3 6 0 1 8 8 1 0 5 3 2 7
L i n c s E & W _____ M a y
1 ,5 7 2 ,9 5 5 1 ,4 1 6 ,1 3 3
3 6 3 ,2 5 3
3 1 2 ,2 5 1
C h ic T e r r e H & S E M a y
4 8 7 ,9 6 9
5 1 8 ,1 6 8
9 7 ,9 2 4
1 0 3 ,4 7 4
P e o r i a & P e k in U n . M a y
1 ,1 1 9 ,4 3 1
2 2 0 ,7 9 8 1 ,2 2 5 ,1 2 3
2 3 7 ,5 6 9
M ay
C in e In d & W e ste rn
2 ,3 2 3 ,3 4 8 2 ,1 3 5 ,9 8 8 7 . 4 0 9 . 1 0 8 7 ,4 1 1 ,1 9 4
P e r e M a r q u e t t e ___ A p r il
5 2 2 ,5 7 1
5 2 3 .9 9 0
1 1 2 ,3 9 2
1 1 3 ,8 8 5
C o a l & C o k e ________ M a y J
4 5 9 ,6 2 2
4 9 3 ,2 4 4
8 8 ,1 2 5
1 0 8 ,8 6 5
P itts & S h a w m u t .. M a y
6 6 8 ,6 3 4
1 3 0 ,1 8 7
C o lo r a d o M id la n d . M a y
5 3 0 ,2 0 7
5 5 2 ,9 6 4
9 2 .8 2 2
1 0 1 ,8 7 7
P itts S h a w & N o rth M a y
3 2 5 ,1 5 2 9 ,1 0 2 ,5 1 1 8 ,0 7 2 ,7 5 2
3 4 5 .2 2 2
C o l o r a d o & S o u t h __ 3 d w k J u n o
8 0 5 .1 1 4
A p r il
2 3 7 ,8 7 6
P itts & W e s t V a ._
5 0 0 ,4 3 3 2 ,9 9 1 ,1 1 4 2 ,4 3 7 ,4 1 2
5 4 8 ,2 0 4
F t W & D o n v C .. M ay
7 5 7 ,9 2 6
7 3 4 ,9 8 8
M ay
1 0 8 ,7 8 8
1 7 1 ',7 2 7
P o r t R e a d in g .
3 8 8 ,3 1 2
4 7 4 ,7 9 2
8 0 ,0 9 8
9 5 ,2 9 5
T r in ity & B ra z V M a y
R e a d in g C o —
4 9 5 ,4 2 6
4 4 8 ,1 5 0
1 0 2 ,2 5 9
1 0 3 ,0 0 3
C o lo & W y o m in g . M a y
M ay
6 ,9 1 9 ,4 6 1 5 ,8 8 7 ,2 2 . 2 8 ,8 5 2 ,0 2 4 2 6 , 7 5 4 ,7 1 5
P h ila & R e a d i n g .
5 1 3 ,4 9 7
3 8 8 ,0 3 2
9 6 ,7 4 2
7 7 ,8 1 9
C r ip C r k & C o llS p g M a y
4 ,5 -1 3 ,3 5 7 4 , 1 7 5 , 6 0 2 1 , 4 1 1 ,7 8 9 1 8 ,7 5 7 ,1 3 8
C o a l & Iron C o . . M a y
1 , 9 0 7 ,4 4 2
5 2 0 ,5 8 4 4 , 8 4 4 .1 4 2
1 ,2 1 4 ,2 4 0
C u b a R a i l r o a d _____ A p r il
1 1 4 6 2 8 1 8 1 0 0 6 2 8 3 3 5 0 ,2 6 3 ,8 1 3 4 5 , 5 1 1 , 8 5 3
T ota l b o th c o s .. M a y
2 ,5 9 6 ,8 7 9 2 ,2 9 4 ,2 6 0 9 ,2 1 6 ,5 0 5 8 ,6 7 1 . 8 5 8
D e la w a r o & H u d s o n A p r i l
1 ,9 4 3 ,7 7 3
M ay
5 7 1 ,0 7 5
4 2 8 ,8 7 1 2 ,2 0 2 ,7 9 6
R ic h F red s & P o t .
5 ,4 9 8 ,3 5 4 5 , 0 5 2 .6 2 2 2 4 .1 6 1 .8 8 4 2 2 , 4 8 4 ,7 6 6
D ol L a ck & W e st. M a y
9 7 5 ,4 2 8
1 ,2 4 5 ,2 2 0
2 0 4 ,7 1 4
3 0 7 ,1 3 7
W a sh S o u t h e r n .. M a y
1 1 ,1.3 8 ,2 1 6
256 3 99
2 ,2 0 1 ,8 0 7 2 , 5 5 7 ,5 6 9 I I ,
D o n v & R io G ra n d o M a y
1 , 7 2 7 ,4 1 8 1 ,6 8 9 ,0 4 7
M ay
3 6 7 ,5 8 6
3 7 1 ,3 1 7
R u t l a n d ______
7 0 7 ,0 6 4
6 3 5 ,6 1 2
1 5 2 ,9 9 7
2 1 5 ,3 3 9
D e n v e r & S a lt L a k o M a y
9 9 7 ,9 5 5
M ay
2 0 7 ,2 5 0
2 3 8 ,9 0 8 1 , 0 9 2 ,7 9 2
St Jos & G rd I s ld ..
6 0 3 ,2 3 8
6 4 2 ,8 9 5
2 4 ,0 7 1
2 7 ,5 4 5
D e tr o it & M a c k in a c 3 d w k J u n o
5 ,3 7 2 ,4 3 7 4 ,5 8 5 ,6 8 4 2 4 ,6 4 8 ,0 6 1 2 1 , 9 9 7 ,6 1 7
S t L o u is - S a n F r a n . M a y
8 3 7 ,9 7 7
5 7 2 ,6 9 1
2 1 0 ,3 4 4
1 9 5 ,0 5 8
D e t r o it T o l S I r o n t A p ril
c
3 4 0 ,9 8 9
4 3 8 ,1 2 1
M ay
7 7 ,3 7 1
7 1 ,2 7 2
F t W & R io G r .
7 8 6 ,9 0 1
8 0 1 ,1 0 7
1 6 4 ,1 6 2
1 8 6 ,5 9 0
D e t & T o l S h ore L . M a y
4 8 2 ,8 9 9
6 3 0 ,3 2 9
M ay
1 0 5 ,4 9 1
9 2 ,1 7 6
St L S F & T ox .
8 3 6 , 23L 1 ,7 0 6 ,0 8 5 1 , 3 1 0 ,2 2 3
M ay
1 ,1 8 1 ,2 5 5
D u lu th & I r o n R
3 7 2 ,0 0 0 9 ,2 5 6 , 7 9 0 7 ,9 7 3 ,7 9 7
3 5 -1 ,0 0 0
S t L o u is S o u t h w e s t . 4 t h w k J u n e
2 ,3 1 9 ,5 5 9 1 ,2 5 6 ,8 0 4 3 ,0 7 8 ,6 6 4 2 , 0 4 0 , 2 5 5
D u l M ls s a b e & N o r M a y
4 2 6 ,7 3 9 2 , 6 9 8 ,4 7 4 2 ,0 5 1 ,7 5 4
4 6 0 ,1 9 5
St L S W of T o x .. M ay
8 1 .7 5 3 1 , 8 5 8 ,6 4 5 1 ,9 1 1 ,2 8 1
8 5 ,6 8 6
D u l S ou S h ore & A tl 3 d w k Ju n e
I , 4 7 7 ,0 1 4
1 ,6 4 7 ,4 2 1
3 2 0 ,2 1 3
2 3 3 ,6 5 5
San A n t & A r P a ss. M a y
8 0 9 ,6 9 8
6 6 1 .7 4 6
2 2 0 ,7 8 8
1 4 6 ,9 2 4
D u lu t h W in n & P a c A p ril
3 ,0 0 6 ,7 6 8 2 , 5 0 6 ,3 2 5 1 4 ,3 8 1 ,9 1 9 1 2 ,7 7 1 .1 6 7
M ay
S e a b o a r d A i r L in e
4 1 6 ,8 0 4
4 0 3 ,8 3 1
8 9 .7 5 3
9 1 ,5 7 2
E a s t S t L o u is C o n n M a y
5 7 7 .9 5 7
6 4 1 ,4 7 0
M ay
1 0 9 ,7 5 0
1 7 0 ,7 1 7
S o u t h B u f f a l o ____
1 ,6 1 2 ,2 0 6 1 , 4 0 9 ,2 4 2 6 , 4 9 9 , 9 9 6 6 ,2 4 0 ,8 1 3
E l g i n J o l ie t & E a s t . M a y
1 2 2 7 4 4 5 7 1 2 0 7 9 6 9 0 6 8 , 4 8 9 ,1 4 8 5 4 .2 8 3 ,3 4 5
S o u t h e r n P a c i f i c ___ M a y
1 , 1 4 6 ,6 4 2 1 ,1 8 2 ,2 3 9 6 , 1 1 7 , 2 0 5 6 ,0 8 1 , 8 1 8
E l P a so & S o W e s t. M a y
1 ,8 2 4 ,4 7 1 2 ,0 0 0 .2 7 3
M ay
3 5 2 ,3 7 5
4 2 0 ,5 8 1
A r iz o n a & E a st
6 ,7 7 1 ,2 1 2 6 .4 1 0 ,9 2 0 2 8 ,8 6 4 ,1 0 4 2 6 , 8 3 6 ,0 5 3
M ay
E r i e ____________
1 ,6 1 5 ,4 4 4 1 ,6 5 8 ,3 4 4 8 ,4 2 9 ,5 1 5 7 ,9 6 0 , 0 4 5
G a lv IIo u s & S A . M a y
7 9 0 ,3 4 2 3 , 6 9 6 , 1 0 3 3 ,4 3 2 ,3 2 2
8 0 0 ,0 9 1
C h ic a g o & E r i e .. M a y
6 6 7 ,6 6 9
6 1 8 ,9 0 0 3 , 4 9 0 , 6 7 6 3 , 0 0 4 , 9 1 4
H ou ston S T o x C M a y
c
8 8 2 ,9 4 5 4 ,4 3 1 ,6 5 2 4 ,2 1 0 , 9 7 8
8 4 0 ,9 4 0
F l o r id a E a s t C o a s t M a y
7 5 0 ,3 9 9
8 3 6 ,6 8 4
1 7 0 ,48-1
1 5 7 ,4 9 9
IIou s E & W T e x . M a y
4 2 4 ,0 1 3
4 2 5 ,3 8 1
9 0 ,1 3 6
9 0 ,8 1 3
F o n d a J o h n s & G lo v M a y
2 8 7 ,9 8 1
3 5 0 ,8 0 5
1 ,6 9 4 ,6 5 5 1 ,3 8 2 ,0 9 1
L o u is i a n a W e s t . . M a y
4 1 5 ,5 0 5
5 1 1 ,2 8 7
7 7 ,6 8 0
9 5 ,3 7 4
F t S m it h & W e s t e r n M a y
2 ,6 2 3 ,9 7 7
6 2 1 ,7 7 1
5 7 6 ,4 9 5 3 .2 0 2 .6 7 1
M organ sL a & T ox M a y
5 2 8 ,6 9 4
4 4 5 ,4 1 9
8 7 ,6 6 5
1 0 4 ,4 0 7
G a lv e s t o n W h a r f .. M a y
5 0 7 ,6 3 2 2 , 9 4 5 , 1 3 9 2 ,4 7 6 ,3 4 2
5 9 1 ,1 6 6
T e x a s & N o w O rl M a y
2 8 7 ,7 7 5 2 , 2 3 7 , 8 4 8 1 ,4 5 8 ,3 3 5
4 3 9 ,1 5 1
G e o rg ia R a il r o a d .. M a y
S o u t h e r n R y S y s t . . 4 t h w k J u n e 3 , 7 5 1 ,7 2 9 2 ,9 1 4 .8 5 5 6 7 , 2 3 7 , 7 5 0 5 3 ,8 3 7 ,1 5 9
1 1 1 ,0 4 8 2 ,5 1 1 ,8 8 6 2 ,0 9 5 ,9 6 0
1 0 9 .2 2 2
G ra n d T r u n k P a c . . 1st w k J u n e
5 7 9 ,9 7 8 3 ,1 8 0 ,6 2 6 2 , 6 4 1 , 4 5 6
6 8 2 ,9 0 4
A la G re a t S o u t h . M a y
G r a n d T r u n k S y s t . 3 d w k J u n e 1 ,6 2 1 ,9 9 3 1 ,4 4 1 ,4 2 4 3 0 . 1 0 7 .3 2 9 2 8 , 3 9 7 ,2 4 8
1 ,3 1 2 ,5 0 8 1 ,1 0 5 ,6 5 7 5 .3 7 5 ,3 7 3 5 ,1 6 6 ,3 3 6
C i n N O & T e x P . M ay
G r a n d T r u n k R y 1st w k J u n e 1 ,1 1 1 ,6 8 2 1 , 0 4 0 ,7 5 9 2 1 , 6 1 4 ,6 8 9 2 0 , 1 4 2 ,7 6 0
3 6 1 ,0 0 2 1 ,9 2 2 ,1 8 5 1 ,4 7 7 ,6 2 8
5 0 3 ,1 7 5
N e w O rl & N o r E A p r il
4 , 1 0 2 , 9 8 6 4 ,0 1 3 , 9 3 0
2 1 5 ,9 8 9
2 0 4 ,0 7 7
G ra n d T r k W e s t . 1st w k J u n e
3 0 3 ,3 3 4 6 ,3 5 5 ,7 1 0 6 , 2 8 1 ,3 0 2
3 2 7 ,3 8 4
M o b ilo & O h i o ... 3 d w k Ju n e
1 ,4 1 9 ,5 1 9
7 6 ,3 9 9 1 ,2 8 4 ,7 2 7
5 7 ,2 9 8
D o t G I I & M i l w . 1 st w k J u n e
1 ,6 6 1 ,3 6 0 1 ,3 6 0 ,3 1 3
6 4 ,6 0 1
8 7 ,9 2 6
G e o r g i a S o u & F la 4 t h w k J u n o
7 , 1 5 0 ,5 9 3 8 ,1 4 3 ,9 0 0 3 1 ,3 1 9 ,5 2 8 3 1 ,4 9 1 ,4 5 7
M ay
G re a t N o r t h S y stem
4 7 2 ,7 8 8
5 3 4 ,3 6 6
1 0 0 ,0 8 2
9 2 ,8 9 1
S o u R y in M i s s . . M a y
6 7 1 ,2 3 1
7 3 1 ,4 9 8
1 6 6 ,1 7 1
1 7 9 ,2 1 6
G u lf M o b ile & N o r . A p ril
4 3 9 ,9 9 7
3 9 3 ,1 6 2
8 0 ,9 8 2
9 2 ,1 6 1
S p ok a n o I n t e m a t .. M a y
8 0 3 ,2 0 0
1 6 4 ,7 5 4 1 , 0 0 5 ,9 6 5
2 2 1 ,8 6 7
G u l f & S h ip I s la n d - M a y
5 7 3 ,7 8 7 3 ,0 9 1 ,2 2 6 2 , 4 6 4 , 6 4 6
6 6 5 ,1 8 5
S p o k P o r t & S e a t t le M a y
9 5 7 .9 4 4 4 ,0 7 1 ,6 2 0 3 , 7 3 3 ,5 8 2
M ay
1 ,0 6 7 ,9 4 6
H o c k in g V a ll e y ..
5 7 2 ,6 1 7
5 7 1 ,8 3 2
1 1 9 ,4 4 2
1 7 7 ,7 2 3
S t a t o n I s la n d R T . . M a y
7 ,9 8 1 ,7 4 1 7 , 3 7 9 ,9 2 7 3 8 ,8 9 2 ,8 1 2 3 4 , 4 3 9 , 9 8 5
I ll i n o i s C e n t r a l _____ M a y
5 7 .4 4 6
3 ,0 7 9
2 ,1 2 8
5 1 ,3 3 4
T e n n A l a & G e o r g ia 3 d w k J u n e
1 ,0 1 4 ,3 7 7 1 ,1 4 3 ,2 1 6 5 ,2 6 6 ,9 2 7 4 ,6 6 7 , 2 3 7
In te rn a l & G rt N o r M a y
7 1 0 ,1 3 0
9 8 1 ,7 9 2
1 6 3 ,8 2 6
2 6 2 ,2 9 9
T en n essee C e n tr a l. M a y
4 6 0 ,7 8 7
4 9 3 ,7 2 6
9 2 ,9 5 9
M ay
9 7 ,7 9 8
K a n C i t y M e x & O ri
3 0 9 ,5 5 8 1 ,4 3 2 ,2 5 2 1 , 4 2 5 ,2 9 3
3 0 6 ,3 1 9
T e rm A ssn o f St L . . M a y
5 5 0 ,1 6 0
4 9 8 ,8 9 3
1 1 9 ,6 7 1
9 2 ,2 2 7
K C M & O o f Tex M ay
1 , 2 3 9 ,8 1 6
1 ,3 0 8 ,6 8 9
2 7 4 ,2 9 7
2 9 7 ,0 2 5
St L M er B rg T or M a y
1 ,3 5 4 ,8 7 7 1 ,1 1 4 ,6 2 1 6 , 5 2 9 ,2 1 3 5 , 3 1 5 ,1 8 1
K a n sa s C it y S o u th M a y
6 2 0 ,6 0 0 9 ,6 8 5 .1 9 2 8 ,7 8 2 , 7 3 9
6 5 4 ,8 7 5
T e x a s & P a c i f i c ------- 4 t h w k M a y
3 4 6 ,1 1 3
3 9 6 ,5 9 2
8 9 ,5 3 7
1 0 4 ,2 9 1
T ex a rk & F t Sm M a y
5 0 5 ,2 1 4
1 0 9 ,1 2 2
1 1 8 ,5 0 7
5 8 1 ,7 9 4
T o le d o P oor & W est M a y
3 7 2 ,6 9 0
3 5 8 ,8 4 8
9 0 ,9 3 9
9 0 ,1 6 5
K a n s a s C it y T e n n . A p ril
1 4 4 ,9 8 2
1 3 8 ,7 2 6 3 .0 3 6 .3 0 1 2 , 8 4 2 , 3 8 9
T o l e d o S t L & W e s t 1 st w k J ’ n e
9 1 0 ,7 2 5
8 2 8 ,9 4 4
2 0 8 ,0 7 3
1 7 8 .5 2 5
L e h ig h & H u d R i v . M a y
3 2 7 ,0 3 2
8 8 ,2 8 3
8 3 ,9 8 6
3 2 5 ,5 7 1
U ls t o r & D e l a w a r o . M a y
1 , 2 9 1 ,4 4 9 1 ,3 8 4 ,3 5 8
3 3 3 ,9 7 7
3 2 2 ,7 1 1
L e h ig h & N o w E n g . M a y
M ay
7 ,2 5 9 ,5 9 4 6 ,4 0 8 , 6 7 8 3 2 ,4 0 9 ,8 8 1 2 7 , 3 2 8 ,0 0 7
U n io n P a c i f i c —
5 .4 4 9 ,5 4 5 4 ,9 4 5 ,7 2 7 2 1 ,3 4 3 ,9 1 6 2 0 ,3 2 2 ,7 2 3
M ay
L e h ig h V a ll o y
7 3 0 ,0 3 4
M ay
2 , 7 2 7 ,8 0 3 2 , 8 2 8 , 7 1 6 1 2 ,3 7 2 ,7 9 2 I I ,
O regon S h ort I
1 , 1 1 2 ,8 1 7 1 ,1 8 2 ,0 5 5 5 ,3 7 6 ,7 9 4 5 ,0 8 2 ,5 3 7
L o s A n g & S a lt L _ _ M a y
8 ,3 2 4 ,5 8 7
2 ,1 5 6 ,4 0 8 2 , 1 9 5 ,4 0 2 9 ,2 9 6 ,0 1 1
O ro -W a s h lilt & N M a y
5 6 1 ,5 6 3
7 2 2 ,9 4 8
1 1 2 ,7 1 7
1 3 2 ,3 3 8
L o u is i a n a & A r k a n . M a y
4 7 6 ,9 7 1
4 8 2 ,0 9 9
1 7 3 ,5 9 9
M arch
1 7 8 ,9 8 7
U n io n R I t ( B a l t ) . .
7 3 4 ,2 9 5
9 6 5 ,3 5 0
1 7 1 ,6 5 8
2 5 5 .7 6 2
L o u is i a n a R y & N a v A p r i l
M ay
6 0 7 ,1 2 1
4 9 7 ,1 0 9 2 ,1 9 1 ,7 1 4 2 ,0 3 8 ,1 5 9
U n io n R R ( P a )
7 ,3 0 0 ,4 4 3 6 ,4 1 0 ,5 9 9 3 5 ,3 8 4 ,7 5 7 2 9 ,6 1 2 ,8 7 6
L o u is v illo S N a s h v . M a y
c
4 9 7 ,2 1 1
M ay
1 0 4 ,2 3 6
U t a h _____________ —
8 5 8 ,7 7 2
1 , 0 2 1 ,8 2 8
1 8 8 ,0 1 1
2 0 6 ,3 5 0
L o u H end & St L . . M a y
8 3 0 ,7 6 0
1 5 5 ,0 5 5 1 ,0 1 8 ,8 1 1
2 0 4 ,5 6 6
V ic k s S h re v & P a c . M a y
1 ,3 9 8 ,8 8 4 1 , 2 4 4 ,0 1 3 5 ,7 2 6 ,7 5 4 5 ,6 0 7 ,3 3 1
M a i n e C e n t r a l ______ M a y
9 9 6 ,9 1 6 4 , 1 6 4 , 2 4 6 4 ,1 5 4 , 0 6 4
1 ,0 1 3 ,5 4 9
V i r g l n ia n R R ______ M a y
8 4 6 ,9 3 3
2 3 1 ,3 7 8 1 .0 6 7 ,1 2 7
3 0 2 ,4 9 0
M i d l a n d V a l l e y _____ A p r il
3 , 7 3 3 ,0 4 7 3 ,5 1 5 ,9 6 7 1 5 ,9 4 0 ,3 9 4 1 5 ,9 0 1 ,6 1 9
W a s b a s h I t I t ________ M a y
5 0 2 ,3 5 8
5 6 5 ,3 3 9
2 2 ,5 5 5
1 8 ,7 6 8
M i n e r a l R a n g e _____ 3 d w k J u n e
1 ,2 7 3 ,1 0 7 1 ,0 6 0 ,2 2 0 5 , 4 2 2 , 6 1 9 5 , 2 1 7 ,3 7 0
W e ste rn M a r y la n d - M a y
9 0 6 ,2 3 0 4 , 4 5 2 ,5 7 1 4 ,2 0 3 ,4 2 0
8 2 1 .5 2 5
M i n n e a p S S t L o u is M a y
c
9 1 3 ,6 0 9 4 , 0 5 6 , 2 4 5 3 . 5 4 4 . 4 4 4
8 3 2 ,0 8 5
W e s t e r n P a c i f i c _____ M a y
1 ,5 1 4 ,1 6 0 1 .6 7 6 ,9 4 2 5 ,5 2 2 ,2 7 7 5 , 7 2 1 , 6 2 8
M in n S t P & S S M . A p ril
6 2 4 ,4 4 3
9 5 9 ,1 7 2
1 1 8 ,6 7 3
2 1 7 ,5 -1 5
M ay
W e ste rn R y o f A la .
M i s s o u r i K a n & T o x 4 t h w k J u n e 1 ,0 8 6 ,8 7 2 1 , 0 6 1 ,7 6 6 2 3 ,2 7 8 ,7 2 1 1 9 ,6 3 0 ,7 0 5
9 1 8 ,2 7 4 4 , 3 4 2 , 4 4 3 3 , 0 1 4 , 9 4 9
1 ,1 3 7 ,1 5 4
W h o o l & L a k o E r io . M a y
4 6 7 ,0 4 9
4 6 4 ,3 4 8
1 1 2 ,1 8 8
1 2 2 ,7 3 1
A p r il
M o & N o r t h A r k ___
4 2 5 ,4 5 0
4 0 7 ,1 1 8
8 1 ,5 4 2
7 0 ,5 5 7
W i c h F a lls & N W _ M a y
7 5 6 ,5 0 9
7 3 2 :9 4 1
1 5 5 ,7 9 5
1 3 0 ,5 5 3
M o O k la & G u l f ___ M a y
1 , 5 8 2 ,3 3 3 1 ,4 3 5 ,7 6 3 8 , 1 5 1 , 6 9 6 6 . 7 5 8 . 4 4 5
Y a z o o & M is s V a il. M a y
7 . 3 3 8 , 2 0 5 6 ,2 6 1 ,1 3 1 1 9 .4 7 0 .9 2 7 1 8 , 2 2 7 .1 8 2
M is s o u r i P a c i f i c ___ M a r c h
6 8 7 ,3 5 5
6 4 5 ,0 0 0
1 6 3 ,2 6 4
1 9 3 .8 0 9
M o n o n g a h e l a C o n A p r il
AGGREGATES OP GROSS EARNINGS— Weekly and Monthly.
*
Weekly Summaries.
Current
Year.
Previous
Year.
%
3d
4 th
1st
2d
3d
4 th
4 th
1st
2d
3d
4 th
w eek
w eek
w eok
w eek
w eek
w eok
w eek
w eek
w eek
w eek
w eek
A p ril
A p ril
M ay
M ay
M ay
M ay
M ay
June
Juno
Juno
Juno
(2 3
(2 0
(2 0
(2 2
(2 2
(1 1
(2 2
(2 2
(2 0
(2 1
( 5
r o a d s ) _____
r o a d s ) -------r o a d s ) _____
r o a d s ) ------r o a d s ) ------r o a d s ) ------r o a d s ) _____
r o a d s ) ------r o a d s ) ------r o a d s ) _____
r o a d s ) _____
1 2 ,1 4 3 ,4 0 6
1 7 ,1 4 0 ,7 2 1
1 1 ,0 3 1 ,7 1 3
1 1 ,0 2 7 ,5 6 9
1 1 ,0 1 9 ,0 2 0
1 3 ,7 1 8 ,8 3 1
1 7 ,0 8 5 ,3 1 7
1 0 ,5 4 8 .1 5 1
1 0 ,9 0 4 ,8 0 0
1 1 ,3 0 7 ,0 2 5
8 ,6 9 9 ,5 2 7
1 0 ,5 0 5 ,5 2 5
1 3 ,6 7 3 .8 6 3
1 0 ,1 4 7 ,7 5 3
1 0 ,3 8 3 ,3 4 1
1 0 ,3 8 4 ,2 7 2
1 2 ,6 2 0 ,9 6 2
1 5 ,7 9 8 ,6 6 5
1 0 ,3 8 6 ,1 7 1
1 0 ,4 1 0 ,8 4 7
1 0 ,2 8 5 ,2 6 8
8 ,3 8 7 ,2 8 2
Increase or
Decrease.
S
+ 1 , 6 3 7 , 8 8 1 1 5 .7 5
+ 3 , 4 6 6 , 8 5 8 2 4 .2 5
+ 8 8 3 , 9 8 0 8 .7 1
+ 6 4 4 ,2 2 8 6 .2 0
+ 6 3 4 , 7 4 8 6 .1 1
+ 1 ,0 9 7 ,8 6 9 8 .6 9
+ 1 ,2 8 6 ,6 5 2 8 .1 4
+ 1 6 1 .9 8 0 1 .5 7
+ 4 9 3 ,9 5 3 4 .7 4
+ 1 ,0 2 1 ,7 5 7 9 . 9 3
+ 3 1 2 ,2 4 5 3 .7 2
*
Monthly Summaries.
Mileage.
Cur. Yr. Prev. Yr.
J u n e _________ 2 4 2 ,1 1 1
J u l y ..................2 4 5 ,6 9 9
A u g u s t ______ 2 4 7 ,0 9 9
S e p t e m b e r __ 2 4 5 ,1 4 8
O c t o b o r _____ 2 4 7 ,0 4 8
N o v e m b e r __2 4 2 ,4 0 7
D e c e m b e r _ .2 4 7 ,9 8 8
J a n u a r y _____ 2 4 0 ,0 4 6
F o b r u a r y ___ 2 3 0 ,3 3 6
M a r c h ............. 2 3 8 ,8 9 1
A p r i l ...............2 3 3 ,7 3 4
2 4 1 .5 5 0
2 4 4 ,9 2 1
2 4 6 ,1 9 0
2 4 3 .0 2 7
2 4 5 ,9 6 7
2 4 1 ,6 2 1
2 4 7 ,2 6 5
2 3 9 .8 8 5
2 2 8 ,8 3 5
2 3 7 ,4 6 3
2 3 2 ,2 5 5
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
$
+ 4 9 .0 9 6 242
+ 4 6 ,3 2 8 025
+ 3 9 ,7 7 1 675
4 - 3 3 .9 0 1 , 6 3 8
+ 4 3 .9 3 7 332
+ 3 3 ,3 0 4 905
4 - 2 6 , 0 3 8 ,6 6 6
— 1 1 ,6 0 8 ,1 2 6
+ 5 0 ,4 8 4 ,3 5 7
4 - 2 5 . 1 4 8 ,4 5 1
+ 5 0 . 1 3 4 .9 1 4
1 0 .4 9
1 5 .0 9
1 1 .9 2
1 0 .2 4
1 2 .7 3
1 0 .1 9
8 .1 8
3 .9 5
1 0 .2 2
9 .0 5
1 5 .7 0
3 5 1 .0 0 1 , 0 4 5
3 6 3 ,2 1 9 , ,982
3 7 3 ,3 2 6 , 7 1 1
3 6 4 ,8 8 0 , 0 8 8
3 8 9 .0 1 7 , 3 0 9
3 6 0 .0 6 2 , ,052
3 4 3 ,8 7 5 ,0 5 2
2 8 2 .3 9 4 ,6 6 5
3 6 2 ,7 6 1 ,2 3 8
2 8 5 ,7 7 6 ,2 0 3
3 6 9 ,4 0 9 ,8 9 5
3 0 1 3 0 4 ,8 0 3
3 0 6 8 9 1 ,9 5 7
3 3 3 5 5 5 ,1 3 6
3 3 0 9 7 8 ,4 4 8
3 4 5 0 7 9 ,9 7 7
3 2 6 7 5 7 ,1 4 7
3 1 7 , 8 3 6 ,3 8 6
2 9 4 ,0 0 2 ,7 9 1
3 1 2 ,2 7 6 ,8 8 1
2 6 0 ,6 2 7 ,7 5 2
3 1 9 ,2 7 4 ,9 8 1
Ju ly
6 1918.]
THE CHRONICLE
Latest Gross Earnings by Weeks.— I n
th e ta b le w h ich
fo llo w s w o su m u p se p a ra te ly th e earn in gs fo r th e fo u r th w ee k
o f Juno.
T h e ta b le c o v e rs 5 r o a d s a n d sh o w s 3 . 7 2 %
in
crease in th e a g g r e g a te o v e r th e sa m o w e e k la s t y e a r .
Fourth W eek o f Jun e.
C a n a d ia n P a c if ic ______________
G e org ia S ou th ern & F lo r id a ___
M is s o u r i K an sas & T e x a s _____
S t L o u is S ou th w es te rn ________
S ou th ern R a ilw a y _____________
T o t a l (5 r o a d s )_____
N o t in crea se ( 3 .7 2 % ) -
1918.
1917.
$
3 .4 1 9 ,0 0 0
87.926
1,086.872
354 ,000
3 ,7 5 1 ,7 2 9
$
3 ,9 7 5 ,0 0 0
64,661
1,0 6 0 ,7 6 6
372 ,000
2 ,9 1 4 ,8 5 5
8 ,6 9 9 ,5 2 7
8 ,3 8 7 ,2 8 2
In crea se. D ecrease.
556 ,0 0 0
2 3 ,265
2 6 ,1 0 6
18,000
8 3 6 ,8 7 4
8 8 6 .2 4 5
3 1 2 .2 4 5
574 ,0 0 0
2 1 ro a d s a n d sh o w s 9 . 9 3 %
--------Gross E a rn ings-----------------N et E arn ings-------C u rrent
P reviou s
C u rrent
P revious
Y ea r.
Y ea r.
Y ear.
Y ea r.
$
S
$
$
C o lo r a d o & S o u t h e r n . . .M a y
9 47 ,836
8 37 ,999
2 6 8 ,4 3 6
2 5 6 ,4 9 6
Jan 1 t o M a y 3 1 --------- 4 ,7 5 7 ,6 7 3 4 ,1 9 2 ,7 8 0 1,4 1 6 ,9 8 1
1 ,5 5 6 ,5 6 4
R oad s.
F t W o r t h & D e n C i t y .M a y
5 4 8 ,2 0 4
Jan 1 t o M a y 3 1 . ........... 2 ,9 9 1 ,1 1 4
9 5 ,2 9 5
T r in ity & B ra z o s V a l . M a y
Jan 1 t o M a y 3 1 .............
4 7 4 ,7 9 2
C o lo r a d o & W y o m i n g .. M a y
1 03 ,003
J a n 1 t o M a y 3 1 .............
4 4 8 ,1 5 1
7 7 ,8 1 9
C r ip C r k & C o lo S p g s . M a y
Jan 1 t o M a y 3 l .............
3 8 8 ,0 3 2
in crease in th o a g g r e g a te o v e r
5 0 0 ,4 3 3
2 ,4 3 7 ,4 1 1
8 0 ,0 9 8
3 8 8 ,3 1 2
1 02 ,259
4 9 5 ,4 2 6
9 6 ,7 4 2
5 1 3 .4 9 8
D e n v e r & R io G r a n d e .. M a y 2 ,2 0 1 .8 0 7 2 ,5 5 7 ,5 6 9
Jan 1 t o M a y 3 1 -----------1 1 ,2 5 6 ,3 9 9 1 1 ,1 3 8 ,2 1 5
D e n v e r & S a lt L a k e ----------M a y
J a n 1 t o M a y 3 1 .............
F o r th e th ird w ee k o f J u n e o u r fin al s t a t e m e n t co v e rs
73
2 1 5 ,3 3 9
6 3 5 ,6 1 2
D e t r o it G r H a v & M i l w .M a y
3 1 5 ,6 0 8
Jan 1 t o M a y 3 1 ----------- 1 ,2 2 7 ,5 2 3
3 3 8 ,4 0 7
1 ,3 4 3 ,6 5 0
D u lu th & Iro n R a n g e — M a y 1 ,1 8 1 ,2 5 5
Jan 1 t o M a y 3 1 ...............- 1 ,7 0 6 .0 8 5
8 3 6 ,2 3 0
1 ,3 1 0 ,2 2 3
Third W eek o f J un e.
1918.
P r e v io u s ly r e p o r te d (13 r o a d s ) .
C a n a d ia n N o r t h e r n _____________
C h ic a g o G rea t W e s te rn ________
C h ic a g o In d ia n a n & L o u is v illo .
D e tr o it & M a c k in a c ____________
D u lu th S ou th Sh oro & A t la n t ic .
M in e ra l R a n g e __________________
N o v a d a -C a l ifo r n ia -O r e g o n --------T e n n es s ee A la b a m a & G e o r g ia .
8
9 ,6 6 9 ,0 5 6
9 1 6 ,3 0 0
370 ,1 9 5
2 1 2 ,9 1 5
27,5 4 5
85,6 8 6
18,768
4,4 3 2
2 ,1 2 8
D u lu th M is s a b e & N o r . M a y 2 ,3 1 9 ,5 5 9
Jan 1 t o M a y 3 1 ----------- 3 ,0 7 8 ,6 6 4
4 0 2 ,3 7 4
D u lu th S o S h ore & A t l . M a y
J an 1 t o M a y 3 1 ----------- 1 ,6 0 7 ,6 7 0
1 ,2 5 6 ,8 0 4
2 ,0 4 0 .2 5 5
360 ,0 6 1
1 ,6 5 5 ,5 9 6
In crea se. D ecrease.
S
S
8 ,6 8 2 ,8 1 9 1,0 7 6 ,2 3 7
9 1 1 ,4 0 0
4 ,9 0 0
3 8 2 ,9 1 0
168 ,784
44,131
24,071
3 ,4 7 4
81,7 5 3
3,933
22,5 5 5
7 ,8 9 7
3,0 7 9
8
90,0 0 0
11,3 0 7 ,0 2 5 10,2 8 5 .2 6 8 1,1 3 2 ,6 7 5
1 ,0 2 1 ,7 5 7
110 ,918
12,715
3,7 8 7
3 ,4 6 5
951
N o t E arn in g s M o n th ly to L a te st D ates.— Tho table
following shows tho gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies re
ported this week:
E a s t S t L o u is
J an 1 t o
F lo rid a E a s t
J an 1 t o
C o n n e c t..M a y
9 1 ,5 7 2
8 9 ,7 5 3
M a y 3 1 ----------4 0 3 ,8 3 2
4 1 6 ,8 0 5
C o a s t ----------M a y
8 4 0 ,9 4 0
8 8 2 ,9 4 5
M a y 3 1 ----------- 4 ,4 3 1 ,6 5 2 4 ,2 1 0 ,9 7 7
F t S m ith & W e s t e r n . . . M a y
Jan 1 t o M a y 3 1 .............
G a lv e s to n W h a r f--------------M a y
Jan 1 t o M a y 3 1 -----------
580 ,4 6 3
2 ,9 3 5 ,3 0 8
1 52 ,997
d e f l8 .7 3 8
7 0 7 ,0 6 4 d e f2 8 7 ,2 1 2
th o sa m o w e e k la st y e a r .
1917.
119 ,032
191 ,630
791 ,231
8 9 0 ,5 0 0
d e f2 5 ,5 4 6
d e f5 0 ,9 7 6
d e f7 6 ,8 7 3 d e fl8 5 ,2 3 0
3 5 ,3 0 5
33,451
127 ,657
2 0 2 ,3 3 2
3 2 ,9 5 4
4 6 ,2 7 0
158 ,820
2 5 8 .1 1 5
59,371
d e f4 1 ,7 7 2
6 7 7 ,3 6 1
1 0 5 ,3 6 7
1 , 5 5 7 ,1 1 9
5 6 3 ,0 1 6
4 8 ,6 1 9
4 4 ,2 3 9
867 ,4 2 9
3 ,6 9 3 ,8 4 3
d e f2 6 ,5 4 7
9 9 .0 8 3
4 3 ,9 3 9
8 4 ,9 2 3
4 0 9 ,8 6 0
d e f l2 ,7 3 7
6 2 2 ,0 1 8
d e f3 4 .8 8 4
2 6 ,9 3 9
2 9 6 ,3 8 9
d e f5 ,9 0 7
3 1 ,7 1 7
d e f4 2 ,4 1 6
8 6 ,1 9 2
3 1 0 ,2 0 0
5 1 2 ,7 7 8
2 ,0 6 6 ,4 9 0 2 ,3 3 0 ,4 4 2
9 5 ,3 7 4
5 1 1 ,2 8 8
104 ,4 0 7
4 4 5 ,4 1 9
7 7 ,6 8 0
4 1 5 ,5 0 5
8 7 .6 6 5
5 2 8 .6 9 4
7 ,5 1 7
57,541
3 7 ,681
175,021
6 ,9 7 4
3 9 ,5 9 6
16,966
2 3 4 ,7 3 0
G e o r g i a ................
M ay
439 ,151
J a n 1 t o M a y 3 1 ----------- 2 ,2 3 7 ,8 4 9
2 8 7 ,7 7 5
1 ,4 5 8 ,3 3 6
1 4 5 ,4 8 4
7 1 5 ,5 9 4
6 8 ,5 9 5
3 7 4 ,1 7 5
G re a t N o r t h e r n ----------------M a y 7 ,1 5 0 ,5 9 3 8 ,1 4 3 ,9 0 0
Jan 1 t o M a y 3 1 ----------- 3 1 ,3 1 9 ,5 2 8 3 1 ,4 9 1 ,4 5 7
8 3 5 ,7 8 2
2 ,0 9 7 ,6 0 8
2 ,8 3 0 ,7 0 0
8 ,4 8 5 ,0 8 7
G u lf & S hip Is la n d ------------M a y
2 2 1 ,8 6 8
1 64 ,754
6 9 ,9 3 3
4 1 ,5 4 6
8 0 3 ,1 9 9
2 8 6 ,1 2 8
2 5 0 ,7 0 4
Jan 1 t o M a y 3 1 ----------- 1 ,0 0 5 ,9 6 5
H o ck in g V a lle y ------------- M a y 1,0 6 7 ,9 4 6
9 5 7 ,9 4 5
3 2 1 ,8 7 5
3 0 5 ,0 8 5
Jan 1 t o M a y 3 1 ----------- 4 ,0 7 1 ,6 2 0 3 ,7 3 3 ,5 8 3
4 6 5 ,3 9 2
1 ,0 8 3 ,1 6 1
Illin o is C e n t r a l . . . .............. M a y 7,9 8 1 ,7 4 1 7 ,3 7 9 ,9 2 8
1 ,6 6 6 ,8 6 5 2 ,2 1 8 ,2 3 2
— — G ross E arn ings-----------------N et E arn ings-------Jan 1 t o M a y 3 1 ----------- 3 8 ,8 9 2 .8 1 2 3 4 ,4 3 9 ,7 8 5 8 ,0 1 3 ,0 1 3 1 0 ,0 0 9 ,7 5 6
Current
P revious
Current
P revious
In te r n a t G re a t N o r t h . . M a y 1 ,0 1 4 ,3 7 7
1 ,1 4 3 ,2 1 6
2 1 3 ,0 5 5
4 3 1 ,7 9 5
R oads.
Y ea r.
Y ea r.
Y ea r.
Y ear
Jan 1 t o M a y 3 1 ........... 5 ,2 6 6 ,9 2 7 4 ,6 6 7 ,2 3 7
1 ,2 2 7 ,5 7 8
1 ,2 2 8 ,8 4 7
*
5
$
§ ‘
C it
&
ic n t .M a y
9 7 ,7 9 8
9 2 ,9 5 9 d e f2 8 ,3 1 1
d e f l2 ,3 3 6
K
Alabama & Vicksburg—May
193,962
159,879
57,120
3,8659 a n Jan y 1M e x M aO r 3 1 ----------to
y
4 9 3 ,7 2 7
4 6 0 ,7 8 7 d e f l2 1 ,7 2 6 d e f4 4 ,1 0 6
Jan 1 to May 31...........925,178
793,383
250,561
202J)46
K an C M e x & O o f T e x .M a y
9 2 ,2 2 7
119,671 d e f l0 ,9 6 2
d e f l3 ,8 7 3
256,383
344,160
6,850
109 054
Ann Arbor............... ...M a y
4 9 8 ,8 9 3
5 5 0 ,1 6 0 d e f2 7 ,9 6 8 d e f2 3 ,0 2 7
J a n 1 t o M a y 3 1 ----------Jan 1 to May 31-------- 1,217,034
1,229,749
90,621
252],398 K a n sas C it y S o u t h e r n ..M a y 1,2 6 0 ,8 9 9 1 ,0 2 3 ,3 4 2
4 2 8 ,3 7 7
3 9 0 ,7 4 3
Jan 1 t o M a y 3 1 ............. 6 ,0 3 8 ,6 4 2 4 ,8 7 8 ,3 8 9 2 ,1 0 7 ,3 3 4
1 ,9 1 0 ,3 0 8
Atch Top & Santa Fo— Mayl2,888,506 11,847,952 4,856,218 4,320 532
Jan 1 to May 31-------- 59,495,781 55,382,753 19,575,319 20,681,996 L e h ig h & H u d s o n R i v . . M a y
1 78 ,525
2 0 8 ,0 7 3
4 1 ,1 0 7
6 6 ,5 6 9
J an 1 t o M a y 3 1 ----------8 2 8 ,9 4 4
9 1 0 ,7 2 5
1 45 ,872
2 9 1 ,2 9 3
Gulf Colo & Santa Fe.May 1,298,927 1,375,598
303,792
394 053
322 ,711
3 3 3 ,9 7 7
120,411
136 ,7 1 7
Jan 1 to May 31-------- 7,455,145
6,646,131 2,176,937 1,643]064 L eh igh & N e w E n g la n d .M a y
1 ,3 8 4 ,3 5 8
2 6 1 ,3 7 9
5 0 8 ,1 5 7
Jan 1 t o M a y 3 1 ----------- 1,2 9 1 ,4 4 9
Panhandle & S Fe— May 436,415
573,419
99 700
‘>1l 'l76
Jan 1 to May 31......... 2,402,573 2,687,834
626,718 1.033,189 L eh igh V a ll e y ................... M a y 5 ,4 4 9 ,5 4 5 4 ,9 4 5 ,7 2 7 1 ,5 6 6 ,2 6 6 1,4 4 9 ,0 6 9
Jan 1 t o M a y 3 1 ----------- 2 1 ,3 4 3 ,9 1 6 2 0 ,3 2 2 ,7 3 2
1 ,8 3 5 ,1 0 4 4 ,1 4 9 ,8 2 7
Atlanta llirrn & Atlan.-May
315,308
319,285 dcfl3,483
38528
3 0 0 ,0 3 2
5 17 ,575
Jan 1 to May 31--------- 1,697,144 1,597,319
35,939
282’ 584 L o s A n geles & S alt L a k e M a y 1 ,1 1 2 ,8 1 7 1 ,1 8 2 ,0 5 5
,
Jan 1 t o M a y 3 1 . ........... 5 ,3 7 6 ,7 9 5 5 ,0 8 2 ,5 3 7
1 ,2 7 6 ,7 9 1
1 ,9 2 8 ,6 2 5
Atlantic City--------------- May 295,494
255,411
86 045
74 4 53 L o u isia n a & A r k a n s a s ..M a y
132 ,337
1 1 2 ,7 1 7
3 3 ,5 6 5
2 6 ,4 9 6
Jan 1 to May 31........... 1.105,864
890,161
129,320
10l]301
Jan 1 t o M a y 3 1 ----------7 2 2 ,9 4 8
5 6 1 ,5 6 3
2 2 8 ,4 7 4
1 25 ,406
914,356 L o u is v H e n d & S t L o u is .M a y
Atlantic Coast Lino------- May 4,202,788 3,576,813 1,085.468
2 0 6 ,3 5 0
188,011
56,4 0 4
7 5 ,1 4 7
Jan 1 to May 31--------- 21,862,462 18,744,434 0,943,123 6,707,938
8 5 8 ,7 7 2
2 6 6 ,5 9 8
3 3 4 .4 7 5
Jan 1 t o M a y 3 1 — ------- 1 ,0 2 1 ,8 2 8
L
Balt & Ohio Chic Term-May
167,619
180,597 def.32,998
6706 o u is v ille & N a s h v ille — M a y 7 ,3 0 0 ,4 4 3 6 ,4 1 0 ,5 9 9 1 ,7 6 8 ,6 6 2 2 .0 2 9 ,1 2 9
Jan 1 t o M a y 3 1 ----------- 3 5 ,3 8 4 ,7 5 7 2 9 ,6 1 2 ,8 7 6 8 ,6 4 9 ,7 1 4 9 ,4 1 5 ,0 2 0
Jan 1 to May 31--------648,096
802,363 def310,389 dof25]375
e
e
l------------------M a
247 ,7 4 1
3 6 6 ,7 0 5
390,204
108,175
146 980 M a inJanC 1 nttr aM a y 3 1 ----------- y51 ,3 9 8 ,8 8 4 51 ,2 4 4 ,0 1 3
Bangor & Aroostook— May 373,878
o
,7 2 6 ,7 5 4
,6 0 7 ,3 3 1
1 5 8 ,4 4 0
1 ,3 5 7 ,7 6 0
Jan 1 to May 31--------- 1,871,608 2.081,610
392,472
729]041
8 2 1 ,5 2 5
9 0 6 ,2 3 0
4 ,3 9 1
2 3 7 ,0 5 4
M in n e a p & S t L o u i s . . . M a y
Belt Ry of Chicago
May 349,092
359,017
91,731
119,272
Jan 1 t o M a y 3 1 . ........... 4 ,4 5 2 ,5 7 1 4 ,2 0 3 ,4 2 0
5 2 0 ,9 7 4
1 ,1 3 1 ,0 1 2
Jan 1 to May 31--------- 1,471,393 1,544,628
137,061
3S8,466 M o K a n s & T e x a s L i n e s .M a y 4 ,0 1 2 ,0 4 5 3 ,4 8 6 ,4 0 3
5 0 6 ,8 6 6
8 4 5 ,0 3 0
Jan 1 t o M a y 3 1 ----------- 19,6 8 0 ,4 2 7 1 6,173,721 2 ,4 8 3 ,2 6 6 2 ,7 8 7 ,6 8 2
Bessemer & Lake Erie..May 1,140,182 1,075,513
438,264
326 753
Jan 1 to May 31--------- 3,675,649 3,400,547
450,683
*487:233 M isso u ri O k la & G u lf — M a y
130,553
155 ,795 d e f3 7 ,7 1 9
2 9 ,113
Jan 1 t o M a y 3 1 ----------732 ,941
7 5 6 ,5 0 9 d e f7 4 ,7 8 2
104 ,1 5 8
Bingham & Garfield
-May
300,740
292,244
150,138
193,830
3 1 2 ,4 5 4
3 6 2 ,9 1 6
Jan 1 to May 31--------- 1,298,082 1,217,976
612,118
741,530 N a s h v C h a tt & S t L o u is .M a y 1 ,5 8 7 ,6 1 6 1 ,2 7 2 ,2 8 6
1 ,4 4 8 ,2 2 3
Jan 1 t o M a y 3 1 ----------- 7 ,4 1 0 ,2 9 7 5 ,9 7 5 ,4 1 0 1,5 7 5 ,0 9 3
Birmingham Southern..May
124,581
99,796
13,975
def6,699
177,073
149,184
6 7 ,6 1 9
5 2 ,7 4 2
Jan 1 to May 31--------584,977
479,161
43,382
27,152 N e w O ri G rea t N o r t h . . M a y
Jan 1 t o M a y 3 1 ----------8 2 9 ,3 8 6
6 5 9 ,2 6 6
2 5 6 ,5 1 1
2 1 5 ,4 0 7
Buffalo & Susquehanna.May
157,899
152,762
2,619
35,107 N e w O ri T e x & M e x -------M a y
143 ,477
119 ,647
4 3 ,8 1 5
3 9 ,3 7 8
Jan 1 to May 31--------901,540
672,887
91,760
105,249
J a n 1 t o M a y 3 1 ----------8 9 7 ,7 3 7
5 5 9 ,7 0 0
3 5 0 ,0 0 2
164 ,891
101 ,477
8 3 ,2 0 5
32,691
2 7 ,4 4 8
B ea u m S L & W e s t .. M a y
Buffalo Roch & Pittsb..May 1,478,166 1,291,602
211,166
252,582
Jan 1 t o M a y 3 1 ----------6 3 8 ,1 8 5
4 0 1 ,5 3 5
2 7 9 ,6 2 3
1 4 7 ,3 4 6
Jan 1 to May 31........... 6,445,264 5,438,203
399,732
976,516
S t L B ro w n s v & M e x .M a y
2 85 ,212
2 9 9 ,6 5 2
8 2 ,681
1 0 3 ,0 1 7
Caro Clinch & Ohio------- May 356,118
357,110
107,605
149,636
J an 1 t o M a y 3 1 ............. 1 ,5 2 7 .1 4 3 1 ,6 8 8 ,9 2 2
515 ,5 9 9
6 6 0 ,0 8 4
Jan 1 to May 31........... 1,716,170 1,627,806
531,152
704,026
N e w Y o r k C e n tr a l______M a y 2 2 ,4 6 4 ,8 7 5 2 0 ,4 3 7 ,8 2 6 5 ,6 0 0 ,2 4 4 5 ,6 9 2 ,6 0 3
Central of Georgia...........May 1,412,662 1,171,474
325,284
264,932
J a n 1 t o M a y 3 1 _______ 9 9 ,5 4 0 ,5 5 0 9 0 ,9 1 7 ,8 7 9 1 6,863,113 2 1 ,7 9 4 ,2 5 3
Jan 1 to May 31........... 8,029,466 5,926,783 2,457,135 1,589,139
187 ,816
181 ,9 1 3
1 6 ,7 8 9
32,961
C in n N o r t h e r n _______ M a y
Central Now England..May
567,695
514,697
174,930
210,427
J an 1 t o M a y 3 1 .............
9 4 1 ,6 0 7
8 8 1 ,8 4 0
111 ,817
168 ,4 1 6
Jan 1 to May 31........... 2,281,943 2,213,654
492,851
773,375
C ie v o C i n C h & S t L . M a y 5 ,2 2 1 ,6 3 5 4 ,4 6 6 ,3 1 9
1 ,5 0 8 ,4 7 5 1 ,3 1 2 ,3 1 2
5 ,6 2 4 ,5 2 3 5 ,1 0 8 ,2 8 0
Jan 1 t o M a y 3 1 _______ 2 3 ,4 5 6 ,5 4 1 2 0 ,0 8 6 ,1 0 1
Central RR of N J.
May 3,728,628 3,190,334 1,103,229 1,051,913
Jan 1 to May 31........... 15,339,393 14,264,930 2,601,084 4,199,697
In d ia n a H a r b o r B e l t .M a y
4 5 5 ,3 0 2
476 ,841
17,602
126 ,7 1 1
Jan 1 t o M a y 3 1 ............. 1 ,9 4 7 ,0 1 4 2 ,1 8 6 ,0 8 5 d e f2 2 4 ,5 5 6
5 3 8 ,6 8 7
190,450
40,168
67,203
Chariest & W Carolina.May 211,215
5 1 1 ,4 2 5
320 ,271
2 1 0 ,4 6 9
104,171
K a n a w h a & M ic h ____ M a y
Jan 1 to May 31--------- 1,108,337
894,748
292,512
261,783
Jan 1 t o M a y 3 1 ............ - 1 ,8 1 7 ,8 9 6
1 ,3 0 2 ,5 1 2
4 5 6 ,2 9 5
2 8 9 ,8 2 6
Ches & Ohio Lines. . . . .M ay 5,753,130 4,609.357 1,948,020 1,195,685
L a k e E rie & W e s t e r n .M a y
7 1 6 ,7 0 0
6 8 7 ,2 2 4
141 ,5 2 4
185 .0 3 0
Jan 1 to May 31--------- 24,048,064 21,407,803 6,022,505 6,339,271
Jan 1 t o M a y 3 1 ----------- 3 ,3 5 5 ,3 1 3 3 ,2 9 2 ,6 6 1
5 4 7 ,7 4 3
9 5 7 ,9 9 1
Chicago & Alton . ..M a y 1,810,848 1,727.019
285,122
502,590
M ic h ig a n C e n tr a l-------M a y 5 ,2 4 9 ,0 7 0 4 ,5 2 2 ,3 3 5
1,6 1 2 ,1 2 5
1,2 9 8 ,4 8 9
Jan 1 to May 31--------- 8,176,578 7,909,374
991,661 2,199,970
J a n 1 t o M a y 3 1 . ...........2 4 ,0 1 5 ,3 4 0 2 0 ,5 9 4 ,9 1 7 5 ,6 8 1 ,5 6 5 4 .6 7 5 ,6 5 5
Chic & Eastern IllinoLs.May 2,070,185 1,767,630
429,947
376,926
T o le d o & O h io C e n t — M a y
7 8 1 ,7 0 5
6 1 3 ,7 9 8
1 54 ,046
1 36 ,740
Jan 1 to May 31--------- 9,047,246 8,249,485
823,710 1,764,167
J an 1 t o M a y 3 1 ----------- 3 ,1 7 7 ,9 7 6 2 ,6 6 6 ,5 3 1
135 ,533
4 0 8 ,3 8 8
4 8 0 ,2 4 2
2 8 5 ,5 3 9
Chicago & North West-May 9,202.791 9,328,948 1,553,471 2,560,144 N Y C h ic & S t L o u i s . . . M a y 1,6 8 1 ,1 5 9 1,4 4 9 ,5 3 9
Jan 1 t o M a y 3 1 ----------- 7 ,2 3 1 .0 5 1
6 ,7 0 0 ,8 2 6 1,2 1 1 ,5 1 8
1 ,2 8 4 ,0 4 7
Jan 1 to May 31........... 41,660,711 40,085,142 4,554,777 9,581,207
N
r
r d --M a y
7 ,3 3 8 ,6 1 8
1,8 7 5 ,4 8 8
6 3 ,9 6 3
Chic Burl & Quincy . —Mayl0,409,901 10,577,859 1,975,868 3,489,267 N Y Jan H1 &o H a a t f o3 1 ----------- 3 8 .0 0 1 ,9 8 3 3 3 ,7 4 5 ,6 2 4 5 ,6 5 7 ,0 6 2 2 ,3 9 1 ,6 7 7
5 .2 3 0 ,5 7 5
9 ,8
t M y
Jan 1 to May 31--------- 51,289,224 48,208,261 11,706,229 16,869,071
N o r fo lk & S o u th e rn -------M a y
4 1 1 ,0 7 3
4 3 6 ,5 7 6
4 4 ,1 8 3
126 ,2 3 2
Chic Det & Can Gr T J.M ay
132,914
98,663
20,302
dof4,622
3 7 7 ,8 5 3
7 0 3 ,7 5 1
Jan 1 t o M a y 3 1 ----------- 2,,140,401 2 ,1 8 7 ,4 2 8
Jan 1 to May 31--------473,933
497,182 def30,288
57,324 N o rth e r n P a c if ic ----------- M a y 7 ,2 6 0 ,5 2 3 7 ,7 7 2 ,1 2 3 1 ,8 8 2 ,7 0 6 3 ,0 8 3 ,5 2 1
Jan 1 t o M a y 3 1 ----------- 3 4 ,4 8 6 ,4 4 6 3 3 ,7 7 6 ,5 7 9 9 .3 6 7 ,2 8 9 1 3 ,4 4 5 ,5 7 6
Chic Milw& St Paul-.-May 9,676,133 9,917,911 1,115,190 3,188,466
Jan 1 to May 31........... 44,454,637 42,871,791 3,811,888 10,810,739 N o rth w e s te r n P a c i f i c . .M a y
4 4 2 ,0 5 3
3 9 7 ,4 0 2
1 8 6 ,4 4 8
142 ,8 6 6
5 8 2 ,3 5 1
4 0 0 ,5 1 6
Jan 1 t o M a y 3 1 ............. 1 ,8 6 1 ,6 3 9 1 ,6 5 3 ,6 1 8
Chic Peoria & St Louis.May 210,353
181,710
22,816
36,874
874,074
856,198
32,761
150,935 P e n n s y lv a n ia S yste m —
Jan 1 to May 31--------B a lt C h es & A t l a n t i c .M a y
115,541
9 0 ,3 4 5
17,753
9 ,5 4 7
ChicagoRI& G u lf..-M a y
357,226
317,665
114,599
95,040
Jan 1 t o M a y 3 1 .............
3 6 6 ,7 2 2
357 .051
d e f l7 ,3 0 6
12,021
Jan 1 to May 31--------- 1,775,731 1,538,090
606,769
473,083
C u m b e rla n d V a l l e y . .M a y
4 3 8 ,9 9 8
4 1 5 ,1 0 5
1 91 ,288
2 0 9 ,4 6 0
Chicago Rock Isl & Pac.May 7,473,838 7,022,641 1,491,970 1,832,939
Jan 1 t o M a y 3 1 ----------- 1 ,8 1 5 ,9 7 0 1 ,8 5 2 ,9 1 5
6 6 2 ,7 9 9
9 0 1 ,3 1 3
Jan 1 to May 31--------- 36,539,942 33,365,096 6,718,758 8,041,468
L o n g I s la n d ....................M a y 1 ,8 8 2 ,3 9 9
1 ,3 5 9 .2 9 5
7 7 3 ,4 0 0
4 2 0 ,9 6 0
Jan 1 t o M a y 3 1 ----------- 7 ,0 8 9 ,6 6 7 5 ,5 7 4 ,6 9 0 1 ,6 0 4 ,3 1 5
1 ,0 7 3 ,1 5 3
Chic St P Minn & O m -M a y 1,692,666 1,757.186
213,602
494,118
Jan 1 to May 31........... 8,780,382 8,076,526 1,362,260 2,129,852
M a r y l’d D e l & V a _ _ .M a y
8 6 ,1 2 5
8 3 ,8 2 2
4 ,4 8 7
13,819
Jan 1 t o M a y 3 1 ...........
2 7 8 ,5 4 2
3 2 0 ,2 3 9 d e f3 8 ,5 1 9
2 9 ,2 6 7
Chic Torre H& So East-May
363,253
312,251
50,337
67,444
M o n o n g a h e la -------------- M a y
2 8 3 ,7 8 8
1 8 9 ,0 6 0
138 ,468
6 9 ,831
Jan 1 to May 31........... 1,572,955 1.416.133
65,680
335,910
Jan 1 t o M a y 3 1 ............. 1 ,062,482
8 6 0 ,0 9 2
3 2 8 ,8 8 7
383 ,071
Cine Ind & West............. May
237,569
220,798
2,737
32,956
T o le d o P e o & W e s t — M a y
118 ,507
1 09 ,122
d e f l.4 6 6
12,009
Jan 1 to May 31______ 1,225,124 1,119,431
162,936
246,720
Jan 1 t o M a y 3 1 ----------6 8 1 ,7 9 5
5 0 5 ,2 1 4
d e f4 ,1 9 9
4 1 ,1 3 7
Cine N O & Texas Pac.May 1,312,508 1,105,658
411,549
328 061
U n io n R R o f P e n n . . . M a y
607 ,1 2 1
4 9 7 ,1 0 9
9 9 ,6 1 6
d e fl2 ,7 5 1
Jan 1 to May 31--------- 5,375.373 5,166,337 1,173,183 1,589,936
Jan 1 t o M a y 3 1 ............. 2 ,1 9 1 ,7 1 4 2 ,0 3 8 ,1 6 0 d e f3 4 5 ,7 3 7 d ef6 2 .4 2 1
74
[Vol. 107
THE CHRONICLE
------ G ro ss
C u rren t
Y ear.
R oads.
E a r n in g s ------ ------- N et E arn ings------Current
P revious
P r e v io u s
Y ea r.
Y ea r.
Y ear.
$
$
Peoria & Pekin Union..May 103,474
97,924
7 ,4 6 4
2 1 ,7 1 2
Jan 1 to May 31______
518,168
487,970
Phila & Reading________May 6,862,055 5,829,180 2 ,0 2 4 ,2 3 1
Jan 1 to May 31______28,503,908 26,432,853 5 ,0 4 9 ,8 9 4
Pittsburgh & Shawmut.May 108,865
88,125
7 ,7 0 0
Jan 1 to May 31______
4 3 ,6 7 8
493,244
459,622
Pittsb Shaw & North___ May
101,877
92,822 d e f3 4 ,1 4 2
Jan 1 to May 31...........
552,963
530,207 d e fl5 4 ,2 5 8
108,788
171,727
951
Port Reading__________May
Jan 1 to May 31______
734,898
757,926
108,459
3 0 3 ,4 9 0
Richm Fred & Potora..May 571,075
428,871
8 8 6 ,5 5 2
Jan 1 to May 31______ 2,202,796 1,943,774
160 ,136
Washington South...May 307,137
204,714
5 36 ,947
Jan 1 to May 31. 1,245,220
975,428
7 5 ,7 7 6
Rutland_______________May
371,317
367,586
181,786
Jan 1 to May 31______ 1,727,418 1,689,048
2 1 ,646
St Jos & Grand Island..May
207,250. 238,908
151 ,376
Jan 1 to May 31_ 1,092,793
997,954
St Louis-San Francisco.May 5,372,437 4,585,684 I , 291 ,1 1 4
Jan 1 to May 31_24,648,061
21,997,617 4 ,9 1 8 .8 9 3
St L San Fran & Tox.May
92,176
105,491
2 ,8 0 5
180 ,664
630,330
482,899
Jan 1 to May 31______
d e f 883
Fort Worth & Rio Gr.May
71,272
77,371
37,5 8 9
Jan 1 to May 31...........
438,122
340,989
3 6 6 ,2 5 7
St Louis South Western.May 971,379
925,747
Jan 1 to May 31______ 5,351,293 4,603,221 2 ,2 8 8 ,5 1 5
320,213 d e f 6 1 ,8 6 8
San Ant & Ar Pass_____ May 233,655
Jan 1 to May 31______ 1,647,421 1,477,014
130 ,6 5 5
7 4 0 ,1 0 5
Seaboard Air Line_____May 3,006,768 2,506,326
Jan 1 to May 31..........14,381,920 12,771,168 3 ,1 7 2 ,8 7 0
Southern Pacific System—
137,693
352,375
420,581
Arizona Eastern_____May
7 7 1 ,7 6 9
Jan 1 to May 31______ 1,824,471 2,000,274
5 0 6 ,8 6 2
Galv Harrisb & S A ..M a y 1,615,444 1,658,344
Jan 1 to May 31........... 8,429,515 7,960,044 2 ,7 4 4 ,4 0 2
2 0 3 ,2 2 9
Hous & Texas Cent..May 667,669
618,900
Jan 1 to May 31.........- 3,490,676 3,004,914 1 ,0 2 4 ,2 4 4
4 4 ,5 2 3
Houston E & W Tox.May
170,484
157,499
2 4 5 ,1 5 4
Jan 1 to May 31______
836,684
750,399
199,627
Texas & New Orleans.May 591,167
507,632
9 16 ,353
Jan 1 to May 31........... 2,945,139 2,476,342
184,357
Louisiana Western_ May
_
350,805
287,981
8 6 6 ,8 6 7
Jan 1 to May 31........... 1,694,655 1,382,691
2 2 3 ,1 5 9
Mor La&ToxRR&SS.May
621,771
576,495
Jan 1 to May 31........... 3,202,671 2,623,977 1 ,3 0 3 ,2 5 9
Southern Railway System—
5 7 ,7 8 8
Georgia South & Fla.May 287,808
218,019
2 8 1 .5 7 9
Jan 1 to May 31........... 1,402,312 1,148,123
180 ,226
Mobilo & Ohio______May 1,239,624 1,202,353
616 ,191
Jan 1 to May 31........... 5,527,058 5,407.766
12,529
Southern Ry in Miss.May
92,891
100,082
9 8 ,6 2 0
Jan 1 to May 31______
534,366
472,788
40,991
Spokane Intemat______May
92,161
80,982
147 .580
Jan 1 to May 31______
393,162
349,997
334 ,7 9 4
573,787
Spokane Port & Seattie.May 665,185
Jan 1 to May 31______ 3,091,227 2,464,647 1,5 1 0 ,6 5 1
7 3 ,0 9 4
163,826
Tennessee Central______May 262,299
158,251
Jan 1 to May 3 1 ______
981,792
710,130
112 ,366
Terminal Assn of St L ..M a y 306,319
309,558
3 5 7 ,2 8 2
Jan 1 to May 31______ 1,432,252 1,425,293
4 2 ,4 9 9
274,297
St L Mer Edge Term-May 297,025
113,471
Jan 1 to May 31______ 1,308,689 1,239,815
2 5 8 ,5 2 0
Toledo St Louis & West.May 709,074
591,514
7 2 6 ,1 2 8
Jan 1 to May 31........... 2,925,129 2,703,664
8 ,8 0 7
Ulster & Delaware_____ May
83,986
88,283
d e f 3,3 5 4
Jan 1 to May 31...........
325,571
327,032
Union Pacific.................May 7,259,594 6,408,678 3,1 8 8 ,5 9 1
Jan 1 to May 31______32,409,881 27,328,007 I I ,
Oregon Short Lino_ May 2,727,803 2,828,716 1 ,1 7 1 ,7 9 4
_
Jan 1 to May 3 1 ..........12,372,792 11,730,034 4 ,7 8 5 ,1 8 4
7 20 ,893
Ore-Wash RR & Nav.May 2,156,408 2,195,402
Jan 1 to May 31______ 9,296,011 8,324,587 2 ,3 5 6 ,8 1 9
50,7 5 5
U tah__________________May
104,236 Was lessor
497,211 company
2 6 3 ,2 9 8
Jan 1 to May 31______
56,811
Vicksb Shreve & Pac___ May
202,101
152,884
3 3 3 ,7 6 0
Jan 1 to May 31______ 1,016,346
828,589
778 ,0 5 8
Wabash....................
May 3,733,047 3,515,967
Jan 1 to May 31...........15,940,394 15,901,619 2 ,1 2 2 ,6 9 0
Western Pacific________May 832,085
913,609
2 7 4 ,0 3 4
Jan 1 to May 31______ 4,056,245 3,544,444 1 ,2 7 9 ,7 1 3
Western Ry of Alabama May
217,545
118,673
9 9 ,2 2 5
Jan 1 to May 31...........
959,172
624,443
3 3 0 ,8 4 2
3 2 1 ,3 9 2
Wheeling & Lake Erie.-May 1,137,154
918,274
6 5 7 ,5 5 5
Jan 1 to May 31........... 4,342,443 3,614,949
Wichita Falls & Nor W .M ay
70,557
81,542 d e f 2 5 ,425
Jan 1 to May 31______
407,118
425,450 d e f8 7 ,5 1 9
Yazoo & Miss Valley..-M ay 1,582,333 1,435,763
3 8 2 ,5 7 2
Jan 1 to May 31______ 8,151,697 6,758,445 2 ,3 4 2 ,8 4 1
N o t e .— All the abovo are before tho deduction of taxes.
7,5 1 0
32,5 5 8
1 ,906,853
8 ,4 0 5 ,4 0 8
5,3 5 6
131 ,029
3 1 .290
d e f6 8 ,0 8 3
7 1 ,716
2 1 3 ,3 3 6
197,859
8 4 4 ,4 2 8
9 6 ,3 0 3
4 4 4 .8 9 8
68,311
3 5 6 ,4 4 2
7 4 ,8 5 5
191,013
1 ,6 2 2 ,8 3 2
7 ,1 1 9 ,5 7 8
1,205
36.2 9 1
3,2 7 2
2 ,1 8 6
4 1 9 ,3 5 0
2 ,0 6 0 ,9 9 1
18,147
568
7 2 0 ,9 1 6
4 ,0 1 8 ,5 9 6
2 41 .898
1 ,0 6 1 ,1 3 6
631 ,7 2 4
2 ,9 0 1 ,9 4 8
2 0 6 ,8 2 9
9 61 ,539
7 0 ,8 0 0
3 0 1 ,0 0 9
217 ,641
8 7 8 ,7 6 5
150 ,466
6 8 8 ,4 5 7
2 6 9 ,4 4 6
1,0 5 8 ,8 6 5
3 1 .7 9 0
2 3 0 ,6 6 8
3 2 6 ,0 5 4
1 ,3 7 4 ,8 4 6
2 5 ,8 5 0
69,6 6 4
2 5 ,4 5 2
9 2 ,9 1 6
2 8 7 ,5 3 0
1 ,2 8 5 ,2 9 2
4 2 ,9 1 0
162,267
155,698
6 9 7 ,0 9 4
9 8 ,2 6 3
3 3 8 ,0 3 5
171 ,884
7 3 1 ,4 6 2
16,865
4 1 ,0 5 2
2 ,6 3 7 ,5 1 8
9 ,5 0 9 ,5
533 ,1 5 3 2 1
1 ,4 2 6 ,6 8 8
5 ,1 5 6 ,0 5 5
922 ,951
2 ,7 7 0 ,0 2 7
W a s lessor
com p a n y
38.791
269,161
1,1 2 4 ,4 9 4
4 ,6 8 4 ,6 5 5
4 11 ,839
1 ,327,162
20,6 8 9
148 ,469
2 90 ,103
1,0 6 3 ,0 0 3
6,293
d e f 12,768
4 3 5 ,0 3 4
1,9 3 8 ,5 5 7
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross E a rn in gs.
N a m e o f Road
or C om pany.
A la b a m a P o w e r C o _ _
A m er P ow er & L t C o
A t la n t ic S h ore R y .
B a n g o r R y & E le c tr ic
B a to n R o u g o E le c R y
B erksh ire S treet R y .
B la c k s to n o V G & E l .
B ra z ilia n T r a c , L & P
B r o c k & P ly m S t I t y .
B k ly n R a p T r a n S yst
C a p e B r e to n E le c C o
C e n t M is s V E l P r o p .
C h a tta n o o g a R y & L t
C itie s S e rvice C o ____
C le v o P a in e s v & E ast
g C o lu m b ia G as & El
C o lu m b u s (G a ) El C o
C o lu m (O ) R y , P & L
C o m ’w ’th P , R y & L t
C o n n e c tic u t L o w o r C o
’
C o n su m P o w ( M i c h ) .
C u m b C o (M o ) P & L
D a y t o n P o w & L ig h t
(7 D e tr o it E d is o n ____
D e tr o it U n ite d Lines
D u lu th -S u p e r io r T r a c
E a s t St L o u is & S u b .
E a ste rn T o x a s E le c _ .
E1 P a so E le c tr ic C o . .
g F ed era l L t & T r a c .
F t W orth P ow & L t .
G a lv -H o u s E le c C o .
G ra n d R a p id s R y C o
G re a t W e s t P o w Syst
H a rrisb u rg R a ilw a y s .
H avana E l R y , L & P
H o n o lu lu R T & Land
H o u g h to n C o El C o .
H o u g h to n C o T r C o .
6H u d & M a n h a t R R .
Illin ois T r a c t io n .
I n te r b o r o R a p T r a n .
J a c k s o n v ille T r a c C o
K e o k u k E le c tr ic C o .
K o y W e s t E le c tr ic C o
L a k e S h ore E le c R y .
L o w ist A u g & W a te r v
L o n g Is la n d E le c t r ic .
L o u is v illo R a ilw a y . .
M a n h a t E d g e 3 c L ine
M ilw E l R y & L t C o .
M ilw L t , H t & T r C o
N a s h v illo R y & L ig h t
N o w p N & 1I R y G & E
N e v a d a -C a l E l C o r p .
N Y & L o n g I s la n d . .
N Y & N orth S h ore. _
N Y & Q ueens C o ___
N o w Y o r k R a ilw a y s .
N Y W e s tch cs & B ost
N ia g L o c k p ’ t & O n t .
N o r th a m p to n T r a c .
N o rth e r n O h io E l e c ..
N o r t h T o x a s E le ctric
O ce a n E le c tr ic (L 1 ) .
P a c ific G as & E le ctric
P a c ific P o w & L ig h t .
g P a d u ca h T r & L t C o
P e n sa co la E le c tr ic C o
P h ila R a p id T r a n s it .
P h ila & W e s t e r n ____
P o r tla n d G as & C o k e
P o r t (O r o )R y ,L & P C o .
P o r t o R ic o R a ilw a y s .
g P u g e t Sd T r , L & P
^ R e p u b lic R y & L ig h t
R h o d e Isla n d C o ____
R ic h m o n d L t & R R .
St L R o c k M t n & P a c
S a n tia go E l L t & T r .
S a v an n ah E le c tr ic C o
S e co n d A v e n u o (R e c )
S ou th ern B o u le v a rd
S ou th ern C a l E d is o n .
S ta te n Isld M id la n d .
T a m p a E le c tr ic C o . .
Tenn R y L & P C o ..
T exa s P ow er & L t C o
T h ir d A v e n u o R y ___
I) D E B & B R R ..
4 2 S tM & S tN A v R y
U n io n R y C o ( N Y C )
Y o n k e r s R a ilroad .
N Y C it y I n t e r b R y
B e lt L in o R y C o r p
T h ir d A v e n u e System
T w in C it y R a p T r a n .
V irgin ia R y < P o w e r .
&
W a sh B a lt & A n n a p .
W e s tch e s te r E le c t r ic .
W eek or
M o n th .
M ay
M ay
M ay
A p ril
M ay
D e ce m b e r
M ay
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M ay
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F e b ru a ry
M ay
M ay
A p ril
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A p ril
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M ay
M ay
A p ril
M ay
M ay
M ay
M ay
M ay
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A p ril
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M arch
M ay
M ay
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M ay
M ay
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M arch
M arch
M arch
D e ce m b e r
M ay
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M ay
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A p ril
M ay
D e ce m b e r
M arch
M ay
A p ril
M ay
M arch
M arch
M ay
M arch
M ay
A p ril
M ay
M arch
M arch
M arch
M arch
M arch
M arch
M arch
A p ril
M ay
M ay
A p ril
M arch
WestchestcrStreetRR D e ce m b e r
M ay
Y o r k R a ilw a y s ___
Youngstown & Ohio. M a r c h
Current
Y ea r.
P revious
Y ea r.
2 3 9 ,4 0 8
1019,926
17,225
74,8 4 0
20,4 5 6
58.9 1 6
197,632
8 3 3 0,00 0
7,510
2 5 8 0,98 6
38.9 1 7
26,771
145,620
1925,285
41,3 7 4
877 ,375
101 ,018
3 4 6 ,9 8 8
1721,352
7 3 ,8 7 8
501 ,724
246 ,1 2 6
175.861
1030,408
1473,573
142,180
3 2 1 ,0 3 2
8 9 ,318
105,576
2 90 ,540
94,7 0 8
2 0 9 ,7 6 5
99,9 3 7
3 3 9 ,7 5 5
101 ,896
6 6 3 ,3 4 5
61,125
31,7 6 9
25,122
577 ,898
1169,810
352 4,43 2
83,211
2 1 ,1 0 5
14,885
162,983
73,081
16,287
3 26 ,156
12,140
707 ,814
231 ,0 1 3
2 1 8 .8 6 2
183,196
178 ,247
34,113
11,504
74,894
982 ,684
4 5 ,844
267 ,283
17,678
6 09 ,395
247 ,0 1 7
6,443
1669,153
148,417
24.2 1 9
38,606
2696,626
52,109
141,631
6 1 6 ,2 8 0
86,829
9 0 3 ,6 5 6
4 6 9 ,1 4 2
4 98 ,252
34,681
4 4 2 .0 5 9
53.2 1 9
9 3 ,022
61,987
17,195
6 5 3 ,4 0 0
2 1 ,610
82,7 9 9
470,931
221 ,583
327 ,9 4 2
39,481
136,950
215 ,1 2 4
66,0 7 3
56,934
52,826
8 2 3 .1 1 8
804 ,7 8 4
668 ,1 6 2
214 ,1 9 4
43,6 2 4
17,564
82,1 1 8
35,4 0 9
J an . 1 to Latest D a te.
Current
Y ea r.
S
162 202
0 93 ,853
860 , 696
381 ,5 0 5
14, 885
63,6 3 8
70 632
2 96 .208
17. 793
102,971
87, 478
0 58 ,729
9 27 ,104
152, 362
7453, 000 31 576 ,000
8, 783
3 0 ,239
134,474
2492, 614
36 030
193,829
24, 100
132,288
567 ,946
111, 840
6 0 7 ,3 2 0
1565, 125
159,796
45, 090
861 625
314,281
84, 110
4 96 ,876
304, 819
4 2 4 ,5 5 0
1502, 961
797,711
68 267
385 ,659
450, 732
014 ,1 8 5
233, 439
934 ,039
136 595
947 ,7 1 9
962 630
681 ,213
1370 447
125 550
699 ,278
298 279
,260,004
3 4 1 ,6 4 5
75 387
103 174
534 ,0 0 8
600 ,884
229 813
68 814
,006,444
155 988
103, 025
4 18 ,594
727 ,952
323 929
90, 003
396 ,6 8 0
534, 613
567 ,536
59, 741
170,791
32, 646
173 ,515
26, 466
138 ,924
,280,555
524, 053
1063, ,632
,943,903
,539,100
3511 496
56, ,762
368 ,002
19 ,388
102,501
7 1 ,4 4 8
11 ,712
138 ,105
610 ,0 4 0
68 ,053
227,221
17 ,282
44,9 3 2
268 ,675
,465,288
33,291
10 ,525
,626,172
644 ,494
170 ,705
,064,940
840 ,8 9 5
201 ,591
748 ,367
92 ,812
825 ,034
161 ,117
87,5 2 8
31 ,391
28,7 6 8
11 ,779
199,457
93 ,016
,678,420
1051 ,492
555 ,414
49, ,155
,246,238
201 ,686
70,687
17 ,334
,874,796
539 ,620
,301,768
180 ,238
6 ,493
17,475
1596 ,917
127 ,055
127,196
23 ,265
183,021
25 ,313
2570 ,440 12 ,726,716
47 ,778
102 ,617
,404,793
473 358
4 21 ,954
77 ,541
,748,946
754 ,687
,358,795
371 746
,000,602
481 639
33 329
93,667
330 662
,139,349
40 ,963
215 ,0 8 5
74 ,213
458,551
63 ,184
167,254
17 619
46,701
528 584
,781,408
57,827
23 764
4 3 4 ,1 4 5
82 012
422 179
181 ,222
9 46 ,676
343 ,449
107,531
37 ,452
3 69 ,482
146 ,936
594 ,082
232 626
184,733
63 208
62 447
162,922
59 238
142,804
877 ,206
,087,733
841 ,765
,039,141
515 ,250
,182,818
103 ,661
744 ,074
40 ,591
123,069
14 .763
246 ,023
80 ,889
4 4 4 ,0 6 6
95.992
28 .737
Previous
Y ea r.
781 ,752
4 ,6 8 1 ,3 0 5
112,725
2 8 5 ,2 9 5
9 4 ,3 2 6
999 ,8 8 6
7 9 4 ,7 9 7
2 9 ,1 4 0 ,0 0 0
3 3 ,9 2 5
7 ,1 1 7 ,0 3 8
174 ,884
122 ,740
4 2 8 ,1 7 4
8 ,4 3 2 ,2 3 6
152,143
4 ,9 4 4 ,4 3 9
4 2 6 ,5 7 2
1,2 9 1 ,0 9 7
6 ,2 0 9 ,9 5 2
3 45 ,389
1 ,8 5 2 ,9 1 9
9 2 5 ,8 2 0
7 7 3 ,2 0 8
5 ,1 2 8 ,7 3 4
636 ,1 5 2
1 .1 4 6 .0 9 6
3 0 3 ,8 0 8
5 4 0 ,3 3 4
473 ,691
7 75 ,516
4 3 2 ,7 9 8
1,6 3 7 ,4 4 0
364 ,7 1 9
2 ,1 3 1 ,8 2 3
173,992
179,627
142,501
2 ,1 0 7 ,5 1 4
5 ,4 3 1 ,8 2 5
1 7 ,585,883
2 9 0 ,0 4 0
9 7 ,4 7 8
55,831
5 1 8 ,3 9 5
2 5 1 ,7 7 6
48,3 0 9
1 ,2 7 1 ,7 8 8
2 9 ,5 0 5
3 ,2 5 5 ,3 7 6
8 3 7 ,4 5 8
810,381
4 4 1 ,7 1 8
7 1 4 ,6 7 8
8 8 ,4 7 0
3 3 ,3 0 4
295 ,5 4 2
2 ,9 6 2 ,6 4 4
5 64 ,654
9 4 1 ,8 9 0
6 8 ,193
2 ,5 8 7 ,0 7 5
8 8 4 ,8 2 0
17,045
126,863
128 ,548
1 2 ,170,689
1 ,8 9 7 ,9 7 5
3 7 0 ,4 0 3
3 ,0 3 1 ,1 5 4
1,854,121
5 ,8 1 1 ,9 9 6
94,041
1 ,4 4 3 .2 5 7
174,407
372 ,781
179 .988
4 9 ,7 8 3
3 ,2 8 0 ,3 8 6
6 7 ,4 8 0
4 3 6 ,7 1 5
1 ,0 1 1 ,7 9 4
104 ,682
4 1 5 ,9 8 4
677 ,0 4 4
178 .029
180 ,515
168,926
3 ,3 3 4 ,2 4 7
4 ,3 2 2 ,7 4 9
2 ,5 4 1 ,0 3 7
314 ,9 8 7
118 ,695
2 25 ,734
4 2 6 .0 3 0
7 8 ,4 0 3
M o K a n s & T e x a s .M a y '1 8
'17
5 m os T 8
’ 17
Gross
E a rn in g s.
5
4 ,0 1 2 ,0 4 5
3 ,4 8 6 ,4 0 3
1 9 ,6 8 0 ,4 2 8
1 6 ,1 7 3 ,7 2 1
N et after
Taxes.
3
3 3 9 ,1 2 0
6 9 8 ,4 0 9
1 ,6 9 6 ,1 2 8
2 ,1 1 7 ,7 0 1
Balance,
F ixed
S u rplus.
Charges.
s
$
5 1 4 ,0 5 0 d e fl7 4 ,9 3 0
4 1 6 ,2 1 8
282,191
3 ,3 3 4 ,6 0 8 d f 1 ,638,472
2 ,6 7 3 ,8 6 4 d ef5 5 6 ,1 6 3
N Y O nt & W e s t ..M a y T 8
T7
5 m os T 8
T7
7 6 7 ,2 8 7
7 5 6 ,2 6 3
3 ,7 4 5 ,4 9 0
3 ,3 0 4 ,9 1 9
4 2 ,1 4 0
188,146
2 5 0 ,8 0 0
6 2 5 ,5 4 4
1 2 7 ,6 6 5 d e f8 5 ,5 2 5
100 .223
8 7 ,9 2 3
5 82 ,143 d e f3 3 1,343
5 0 1 ,0 9 0
124,454
a N o w co v e rs o n ly th e lines east o f Y o r k B e a ch , M o .; in th e fir s t fo u r
m on th s o f 1917 co v e r e d also th o lines w est o f Y o r k B e a ch , M o . b R e p r e
sents in c o m e fro m all so u rce s, c T h ose figu res are fo r c o n s o lid a te d c o m
p a n y . f E a rn in gs n o w g iv e n In m llrels. o In clu d e s c o n s titu e n t c o m p a n ie s .
Charges
& Taxes.
Electric Railway and Other Public Utility Net Earn
ings. — T h e fo llo w in g ta b le g iv e s th e re tu rn s o f E L E C T R I C
Duluth South
M ay '18
'17
5 mos '18
'17
Gross
Net
Earnings. Earnings.
$
S
Shore & Atlantic—
402,374
48,619
360,061
26,939
44,239
1,607,071
1,655,596
296,389
Mineral Range—
86,904
M ay '18
98,624
'17
447,271
5 mos '18
494,487
'17
6,412
640
13,008
def 187
Other
Income.
$
256
5,001
22,482
26,551
48,875
31,940
66,721
322,940
1,591
1,886
2,825
3,088
8,003
2,526
15,833
2,901
Other
Net after
Gross
Income.
Earnings.
Taxes.
S
$
S
New Y ork Chicago & St Louis—
M ay T 8 1,681,159
420,238
13,011
'17 1,449,539
235,530
11,376
5 m o s '18 7,231,051
911,398
86,490
'17 6.700,827 1,033,956
70,135
Total
Income.
Gross
Income.
S
433,249
246,906
997,888
1,104,091
Balance,
Surplus.
3
110,111 dcf61,230
107,378 def75,438
517,705 def450,984
546,262 def223,322
11,290
15,059
57,916
72,810
Fixed
Charges.
*
def 3,287
defl2,533
def42,083
def69,909
Balance,
Surplus.
$
217,268
215,081
195,162
51,744
1,111,397 d etll3,509
1,021,534
82,557
ra ilw a y a n d o th e r p u b lic u tilit y gross a n d n o t earn in gs w ith
c h a rg es a n d su rp lu s re p o rte d th is w e e k :
C om pa n ies.
------ Gross Earn inqs—
Current
Previous
Y ea r.
Y ea r.
------- N et E arn ings------Current
P revious
Y ea r.
Y ea r.
«
$
4 1 4 ,1 6 9
4 2 2 ,6 6 7
2 ,4 5 7 ,4 2 1
2 ,4 2 2 ,3 9 5
C h ic a g o T e le p h o n e ____ M a y 1 ,8 3 1 ,2 5 0
J an 1 t o M a y 3 1 _______ 9 ,2 7 6 ,0 8 1
1,8 1 1 ,9 6 2
8 .9 7 1 ,9 1 0
C le v e la n d T e le p h o n e ___ M a y
2 7 4 ,5 3 6
J an 1 t o M a y 3 1 ............. 1 ,3 6 3 ,7 0 8
2 5 9 ,7 1 4
1 ,2 7 7 .6 9 9
17,090
7 6 ,0 8 7
4 4 ,0 3 6
2 8 6 ,8 4 9
Illin o is T r a c t i o n .a ______M a y
1,1 6 9 ,8 1 0
J a n 1 t o M a y 3 1 _______ 5 ,9 4 3 ,9 0 3
1,0 6 3 ,6 3 2
5 ,4 3 1 ,8 2 5
3 2 0 ,6 3 6
1,6 7 1 ,7 0 6
338 ,491
1 ,9 8 5 ,4 6 3
M ic h ig a n S ta te T e l e p h .M a y
6 9 8 ,7 0 6
J an 1 t o M a y 3 1 ............. 3 ,4 3 0 ,1 0 7
6 71 ,974
3 ,3 0 5 ,3 8 3
158 ,266
736 ,321
6 3 ,0 0 5
3 6 7 ,0 4 7
N o w Y o r k T e l e p h o n e ..M a y 5 ,3 6 0 ,2 2 3 5 ,0 7 1 ,5 2 9
J a n 1 t o M a y 3 1 _______ 2 6 ,2 1 1 ,7 0 0 2 4 ,6 8 5 ,8 0 3
1,612,191
8 ,4 0 8 ,8 2 4
1 ,8 5 5 ,5 3 9
9 ,2 9 8 ,6 6 6
N o rth e r n S tates P o w e r .M a y
5 9 2 ,5 2 4
J a n 1 t o M a y 3 1 ............. 7 ,5 7 0 ,7 7 2
2 5 9 ,2 7 2
3 ,2 4 5 ,3 3 3
276,211
3 .4 5 9 ,3 7 2
5 29 ,355
6 ,5 0 8 ,6 7 6
Ju l y
C om pa n ies.
--------Gross E a rn ings—
C urrent
P revious
Y ea r.
Y ea r.
$
$
P h ila d e lp h ia C o m p a n y —
N a tu r a l G as D e p t . a . M a y
A p r 1 t o M a y 3 1 _______
O il D e p t . a __________ M a y
A p r 1 t o M a y 3 1 _______
C o a l D o p t . a _________ M a y
A p r 1 t o M a y 3 1 ----------E l L t & P ow D e p t .a .M a y
A p r 1 to M a y 3 1 ----------S t R y D e p t (ex clu d P itts
b u rg h I iy C o ) . a — M a y
A p r 1 t o M a y 3 1 -----------
------- N e t E arn ings------C u rrent
Previous
Y ea r.
Y ea r.
$
9 4 9 ,9 2 9
532 ,0 7 3
5 8 ,3 1 4
4 5 ,5 4 8
9 9 ,9 1 6
2 9 ,466
998 ,8 5 2
4 3 6 ,3 4 9
843 ,821
4 7 1 ,0 6 4
53,757
4 5 ,3 8 5
160,468
106,461
6 8 8 ,9 1 9
2 2 1 ,3 7 0
1,9 6 3 ,5 0 9
1,1 1 5 ,8 6 0
123,752
100,772
207 ,7 9 6
6 6 ,347
1 ,896,998
7 66 ,899
1,7 5 0 .1 7 3
1 ,000,667
101.078
82,0 2 5
2 87 ,719
185,741
1,3 6 9 ,5 5 7
457 ,8 3 9
4 7 ,3 6 7
1,930
41,8 8 8
14,819
91,731
9,8 3 0
M a y '1 8
’ 17
5 m o s ’ 18
’ 17
N o r t h e r O h io E l e c .M a y ’ 18
’ 17
5 m o s ’ 18
’ 17
G ross
E a rn in g s.
$
326 ,1 5 6
2 6 8 ,6 7 5
1 ,4 6 5 ,2 8 8
1 ,2 7 1 ,7 7 8
609 ,3 9 5
539 ,6 2 0
2 ,8 7 4 ,7 9 0
2 ,5 8 7 ,0 7 5
Gross
E arn ings.
M a y ’ 18
’ 17
5 m os T 8
’ 17
G e o r g ia L t P o w
M a y ’ 18
& Rys
'17
5 m o s ’ 18
’ 17
M a y ’ 18
E le c t r ic C o
’ 17
5 m o s ’ 18
T7
N ew p ort N ow s &
M a y '1 8
H a m p t o n R o a d s1
’ 17
5 m o s ’ 18
’ 17
M a y '1 8
S t L o u is R o c k y
’ 17
M t & P a cific
5 m o s ’ 18
’ 17
M ay T8
S o u th e r n C a lif
’ 17
E d is o n C o
5 m os ’ 18
’ 17
176 ,190
178,494
772 ,536
811 ,7 5 7
9 6 ,3 2 5
85,246
494 ,2 5 3
427 ,5 1 9
178,247
161 ,117
8 2 5 ,0 3 4
7 1 4 ,6 7 8
183,196
9 2 ,8 1 2
7 4 8 ,3 6 7
4 4 1 ,7 1 8
4 4 2 ,0 5 9
3 30 ,662
2 ,1 3 9 ,3 4 9
1,4 4 3 ,2 5 7
6 5 3 ,5 0 0
5 2 8 ,5 8 4
2 ,7 8 1 ,4 0 8
3 ,2 8 0 ,3 8 6
S
3 5 ,1 1 6
4 3 ,9 4 0
8 2 ,4 2 0
2 0 7 ,6 8 2
4 7 ,3 8 6
4 3 ,4 6 0
2 3 6 ,7 8 9
2 2 3 ,6 8 6
9 7 ,8 3 8
9 3 ,4 9 9
4 4 9 ,7 7 7
3 9 4 ,3 0 7
4 8 ,7 2 6
3 9 ,323
2 0 9 ,2 7 0
162 ,518
118,551
8 3 ,5 2 0
5 6 5 ,2 3 5
4 4 7 ,3 2 5
402,601
3 5 5 ,9 5 0
1 ,5 4 6 ,0 7 8
1 ,9 9 5 ,1 0 3
B alance,
Surplus.
$
267 ,2 7 6
251 ,749
2293,211
228 5 ,3 6 4
7 9 ,7 8 4
80,552
325 ,2 0 8
390 ,8 7 0
F ixed
Balance,
Charges.
Su rplus.
•
8
$
3 5 ,9 7 6
de f8 6 0
3 5 ,7 0 6
8 ,2 3 4
179,268 d e f9 6 ,8 4 8
178 .795
28,8 8 7
3 3 ,297
14,089
3 3 ,4 6 4
9,9 9 6
164 ,833
71.9 5 6
167,966
55,7 2 0
52,7 7 2
2 4 4 ,9 6 7
4 3 ,8 8 4
250 ,2 4 6
2 6 0 ,5 8 9
218 9 ,8 8 7
2 2 3 ,2 0 3
21 7 4 ,9 7 6
2C .578
229 ,606
2 0 ,3 3 5
2 18 ,918
102 ,002
2110,581
102 ,828
260 ,2 4 9
2 0 ,6 0 0
97.951
2 0 ,8 1 0
6 2 ,7 1 0
103 ,283
4 61 ,952
104 ,704
342 ,621
2 4 6 ,2 3 3
2 2 7 5,82 0
195 ,630
222 6,39 3
1 ,1 9 9 ,0 8 8
2 8 8 6,25 6
9 5 6 .0 6 3 2 1 ,1 4 8 .3 8 9
x A ft e r a llow in g fo r o th e r in c o m e r e c e iv e d .
-Surplus after Charges$
S
S
Baton Rouge Electric Co—
17,793
9,234
M ay
20,456
12 mos
240,610
115,381
221,330
Blackstone Valley Gas A Elec Co—
60,812
M ay
197,632
152,362
639,852
12 mos 2,124,151 1,824,773
C ape Breton Electric C d, Ltd—
11,176
M ay
38,917
36,030
147,129
419,412
12 mos
483,028
Central M iss Vail Elec Properties—
6,374
24,100
M ay
26,771
85,174
297,818
12 mos
321,177
Colum bus Electric Co—
62,614
84,410
M ay
101,018
696,847
973,049
12 mos 1,166,370
C on necticut Power C o—
30,778
68,267
M ay
73,878
384,669
804,591
12 mos
910,892
E dison Elec 111 C o of Brockton—
14,495
53,771
M ay
63,774
273,453
670,530
12 mos
750,036
E l L t A Pow C o of Ablngton A Rockland—
3,026
15,502
M ay
15,599
12 mos
211,717
47,696
202,377
E l Paso Elec Co—
32,474
M ay
105,576
103,174
12 mos 1,277,200 1,198,304
446,884
F all R iver Gas W orks Co—
M ay
58,566
46,204
15,511
12 mos
635,727
566,637
171,009
Galveston-H ouston Elec Co—
M ay
209,765
155,988
66,868
12 mos 2,319,050 1,953.504
801,611
H averhill Gas Light Co—
M ay
29,346
22,328
7,563
12 mos
313,276
297,070
40,029
H oughton C o Elec Light Co—
32,646
M ay
31,769
8,842
411,238
12 mos
414,440
152,157
H oughton County Trac Co— _.
‘20,4(36
8,005
M ay
25,122
338,980
120,860
12 mos
339,556
Jacksonville Traction Co—
56,762
27,609
M ay
83,211
650,994
246,410
12 mos
776,083
K eokuk Electric Co—
19,388
4,991
M ay
21,105
239,663
66,331
12 mos
253,570
K e y W est Electric Co—
11,712
4,389
M ay
14,885
124,898
58,724
12 mos
161,703
Low ell Elec Light Corp—
53,887
5,891
M ay
61,513
678,520
264,771
12 mos
749,370
M ississippi River Power Co—
167,233
158,994
M ay
195,080
12 mos 2,100,851 1.815,400 1,690,944
N orthern Texas Elec Co—
180,238
100,259
M ay
247,017
12 mos 2.999,061 2,058,447 1,381,605
Paducah Traction A Light Co—
23,265
7,112
M ay
24,219
78,074
310.442
12 mos
305,014
Pensacola Electric Co—
25,313
12,611
M ay
38,606
291,587
155,650
12 mos
404,933
1918.
S
1917.
$
74,213
877,833
30,165
348,264
22,075
295,213
5,059
53,098
def2,070
9,560
57,502
625,073
28,595
382,530
33,044
356,339
21,707
299,734
26,371
274,621
82,012
992,882
31,273
420,723
33,647
453,638
26,185
360,740
29,276
401,356
ANNUAL
REPORTS
ra ilro a d s , str e e t ra ilw a y s a n d m isc e lla n e o u s c o m p a n ie s w h ic h
h a v e b een p u b lis h e d d u rin g th e p re ce d in g m o n th w ill be g iv e n
o n th e la s t S a tu r d a y o f e a ch m o n t h .
T h is in d e x w ill
$
S ’
S '
not
in c lu d e re p o r ts in th e issu e o f th e “ C h r o n ic le ” in w h ic h it is
p u b lis h e d .
June 2 9 .
T h e la te s t in d e x w ill b e fo u n d in th e issu e o f
T h e n e x t w ill a p p e a r in t h a t o f J u iy 3 1 .
G reat N o rth ern
R a ilw a y .
(Report for Fiscal Year ending Dec.
N et, after
T a xes.
-Surplus after Charges1918.
1917.
$
$
1917.
S
A n n u a l R e p o r t s .— A n in d e x to a n n u a l re p o r ts o f s te a m
F ixed Chgs.
N et
& Taxes.
E arn ings.
s
7*0.8,2
134,976
76,8 1 2
116,390
3 92 .062
632 ,7 1 0
3 8 7 .0 6 2
616 ,6 5 8
2 2 5 ,3 6 2
145,578
209 ,438
128 ,886
1,033,273
7 0 8 ,0 6 5
634 ,277
1,022,147
* A ft e r a llow in g fo r o th e r in c o m e re ce iv e d .
A u ro r a E lg in &
C h ic a g o
1918.
$
Savannah Electric Co—
M ay
93,022
12 mos 1,053,943
Sierra Paciiic Elec Co—
M ay
57,387
12 mos
712,408
Tam pa Electric Co—
M ay
82,799
12 mos
998,742
82,467
20,451
a N e t earnings h ero g iv e n are a fte r d e d u ctin g taxes,
b N e t earnings hero g iv e n are b e fo r e d e d u ctin g taxes.
L o u is v illo E le c
t r ic R y
75
THE CHRONICLE
6 1918.]
31
1 9 1 7 .)
T h e re m a rk s o f P r e s id e n t L . W . H ill w ill b e c ite d in a n o th e r
issu e o f th e “ C h r o n ic le .”
R E S U L T S OF L I N E S O P E R A T E D A S G R E A T N O R T H E R N R Y . A N D
T H O SE I N D E P E N D E N T L Y O P E R A T E D : M I N N E A P O L I S
W ESTER N R Y . A N D D U L U T H T E R M IN A L .
— Y ea rs end. D ec. 31----------Y ea rs en d . J u n e 30—
Statistics— •
1917.
1916.
1916.
1915.
A v e ra g e m iles o p e r a t e d 8 ,2 3 3
8 ,0 9 8
8 ,0 5 3
8,0 6 1
O perations—
P assen gers c a r r ie d ______ 8 ,3 8 2 ,0 3 5
8 ,1 6 8 ,9 3 7
8 ,2 6 3 ,9 7 2
8 ,4 6 8 ,3 1 7
P a ss, carried o n e m i l e . .6 6 7 ,0 3 6 ,0 0 0 6 0 8 ,6 2 1 ,0 0 0 6 0 1 ,2 5 7 ,0 0 0 5 7 5 ,0 2 0 ,0 0 0
A v . r e v . p e r p a ss, p e r m . 2 .3 7 4 c ts .
2.3 6 0 c ts .
2 .2 7 2 c ts .
2 .2 8 9 c ts .
R e v . fre ig h t ( t o n s ) ____ 3 0 ,6 5 0 ,8 1 4 3 0 ,3 8 9 ,3 8 6 2 8 ,9 2 7 ,1 3 0 2 3 ,4 5 3 ,0 5 9
o n e m ile (0 0 0 ) .
8 ,3 9 9 ,3 4 9 8 ,0 1 8 ,2 1 0
7 ,8 0 9 ,8 1 7
5 ,7 7 3 ,7 7 9
do
A v . rev. per ton per m ._
.7655 c t s . .7614 c t s .
.7705 c ts .
.8166 c ts .
R e v . t r a in -lo a d '(to n s ) . .
671
661
663
650
E a rn s, p e r p a ss .-tra in m .
SI .601
S I . 539
$ 1 ,4 8 6
$ 1 ,4 3 5
E a rn , p e r fg t .-t r a in m ile
$ 5 .1 4
S 5 .0 3
$5 .1 1
S5.31
G ross earnings p e r m iie 10,762
10,271
$10 ,0 9 1
$ 8 ,3 3 2
C O M B IN E D R E S U L T S FOR C A L . Y E A R S 1916 A N D 1917 A N D Y E A R S
E N D I N G J U N E 30 1915 A N D 1916.
— Y ears end. D ec . 31----------Y ea rs end. June 30—
1916.
1915.
1916.
1917.
Earnings$ 1 4 ,3 6 1 ,5 1 9 $ 1 3 ,6 6 1 ,6 4 5 $ 1 3 ,1 6 4 ,8 5 7
P a ss e n g e r............... .$ 1 5 ,8 3 6 ,3 4 1
F r e ig h t.......................
6 4 ,3 0 0 ,6 6 6
6 1 ,0 5 3 ,2 9 3 6 0 ,1 7 7 ,2 4 9 4 7 ,1 4 7 ,3 1 4
M a il, express, & c ..........
6 ,3 4 2 .0 6 2
6 ,1 8 0 ,9 8 3
5 ,9 9 3 ,7 1 8
5 ,6 3 5 ,8 0 0
O th er th a n tr a n s p o r t’n .
2 ,1 1 9 ,6 6 6
1 ,5 8 5 ,9 3 4
1 ,4 2 9 ,8 6 6
1 ,2 1 4 ,8 8 7
G ross o p e r . r e v e n u e s .$ 8 8 .5 9 8 ,7 3 5 $ 8 3 ,1 8 1 ,7 2 9 $ 8 1 ,2 6 2 ,4 7 8 $ 6 7 ,1 6 2 ,8 5 8
E xp en ses__
$ 8 ,2 7 0 ,3 5 4
M a in t . o f w a y , A c ______$ 1 1 ,5 7 0 ,1 5 7 $ 1 0 ,9 8 4 ,3 9 5 $ 9 ,7 2 7 ,3 2 8
7 ,1 5 2 ,3 0 2
M a in t . o f e q u ip m e n t___ 1 1 ,8 9 0 ,9 8 9
1 0 ,1 2 3 ,8 4 0
8 ,7 3 9 ,9 0 9
1 ,1 6 7 ,5 3 6
1,3 3 6 ,8 7 0
1,195,641
l ,i 6 8 , 7 3 3
T r a ffic e xp en ses________
1 8 .2 6 1 ,0 3 0
T r a n sp o rta tio n expenses 3 2 ,2 6 2 ,5 0 2 2 4 ,3 4 2 ,9 2 3
2 2 ,3 1 0 ,0 5 5
1 ,2 5 8 ,7 5 6
G eneral e x p e n s e s _______
1 ,5 1 0 ,4 0 5
1 ,4 0 1 ,6 9 6
1 ,3 5 5 ,4 2 0
8 1 5 ,1 8 4
M is c e ll’s o p e r a tio n s ____
1,133,911
9 4 3 ,2 7 5
875 ,7 3 0
0 .9 6 ,8 8 6
T r a n s p o rt’n fo r in v e s t’t . 0 4 2 2 ,6 7 8
0 .4 2 2 , 5 6 8
0 .2 6 3 ,0 9 9
7,409
115,171
5,459
71,442
3,912
72,897
51,322
718,667
38,810
379,571
30,346
466,508
T o t a l o p e r . e x p e n se s_ $ 5 9 ,2 8 2 ,1 5 6 $ 4 8 ,5 6 9 ,2 0 2 $ 4 3 ,9 1 4 ,0 7 6 $ 3 6 ,8 2 8 ,2 7 5
N e t e a r n i n g s ....................$ 2 9 ,3 1 6 ,5 7 9 $ 3 4 ,6 1 2 ,5 2 7 $ 3 7 ,3 4 8 ,4 0 2 $ 3 0 ,3 3 4 ,5 8 3
10,862
173,734
4,641
68,695
4,179
94,992
3,509
54,092 •
4,704
07,470
C O M B IN E D IN C O M E A C C O U N T .
Cal. Y ea r
6 M o s . to — Y ea rs en d . Ju n e 3 l —
1916.
1915.
D ec . 31 ’ 16.
1917.
N o t e a rn in g s........................ $ 2 9 ,3 1 6 ,5 7 9 S 22 .6 1 7 .1 1 7 $ 3 7 ,3 4 8 ,4 0 2 $ 3 0 ,3 3 4 ,5 8 3
R a ilw a y taxes a c c r u e d - 6 ,3 0 2 ,9 5 2 2 ,9 4 9 ,4 3 2
5 ,1 3 2 ,2 0 8
4 ,6 2 9 ,6 6 8
6,883
92,311
51,111
603,338
29,610
326,911
22,860
201,363
31,850
395,264
10,111
160,991
15,261
198,678
19,335
251,866
8,081
210,382
15,524
231,392
1,804
49,226
2,483
42,532
1,573
46,851
36,737
447,242
25,830
371,951
32,086
380,089
15,350
248,364
15,491
170,780
15,345
248,091
48,250
681,445
27,085
339,179
10,808
240,200
T o t a l d e d u c tio n s ____ $ 3 0 ,9 1 3 ,6 6 5 $ 1 2 ,6 9 2 ,5 1 4 $ 3 2 ,7 7 4 ,7 9 5 $ 2 5 ,9 1 8 ,3 5 2
B a la n ce , s u rp lu s ...............
$ 1 3 1 ,1 0 3 $ 8 ,3 3 1 ,3 0 9 $ 2 ,2 8 7 ,0 2 7 $ 2 ,0 9 6 ,7 6 2
3,768
87,543
C O N S O L ID A T E D B A L A N C E S H E E T D E C E M B E R 31.
3,774
88,158
7,331
37,666
14,159
200,787
2,090
73,367
8,008
127,957
10,175
142,042
987
36,151
3,096
50,975
18,089
212,306
10,788
54,154
2,335
25,840
5,655
74,629
2,283
30,557
3,476
49,812
3,805
40,692
1,929
29,349
1,300
10,511
18,787
270,266
4,999
252,156
18,005
262,743
136,826
1,447,878
38,195
252,677
29,229
162,911
71,188
845,614
72,087
1,037,021
42,038
496,800
5,064
79,067
def 962
dcfl5,902
dcf2,409
dcf7,712
9,670
121,485
4,480
00,677
1,868
28,495
O p e ra tin g in c o m e _____ $ 2 3 ,0 1 3 ,6 2 7 $ 1 9 ,6 6 7 ,6 8 5 $ 3 2 ,2 1 6 ,1 9 4 $ 2 5 ,7 0 4 ,9 1 5
G eneral in terest r e c ’d _ _
6 7 1 ,1 1 6
4 1 7 ,7 7 6
7 2 1 ,9 1 2
6 7 6 ,8 3 6
D iv s . & in t. on secu rities
5 ,7 8 5 ,9 5 0
3 3 8 ,6 2 4
1 ,0 1 2 ,7 5 9
649,481
R e n ts re ce iv e d & m ls c -_
1 ,5 7 4 ,0 7 4
5 99 ,737
1 ,1 1 0 ,9 5 7
9 8 3 ,8 8 3
G ross c o r p . ln c o m o .-$ 3 1 ,0 4 4 ,7 6 7
$ 2 1 ,0 2 3 ,8 2 3 $ 3 5 ,0 6 1 ,8 2 2 $ 2 8 ,0 1 5 ,1 1 4
D ed uct—
_
$88 8 ,8 9 2
$ 8 4 9 ,0 7 8
$ 4 7 5,74 0
R e n ta ls p a id ______________$ 1 ,0 8 2 ,9 3 3
7 1 ,9 3 3
110,163
9 9 ,8 8 4
H ire o f e q u ip 't — b a la n ce
6 ,4 4 7 ,5 0 4
3 ,2 2 0 ,4 1 9
6 ,4 4 3 ,2 6 7
B o n d in terest a c c r u e d - _ 6,7 7 2 ,6 4 1
2 8 ,3 2 9
60,1 3 2
16,325
2 9 ,1 6 4
M is c e lla n e o u s ___________
193,319
I n t . o n n ew s t o c k subscr.
2 5 6 ,3 3 2
‘ 128', 166
"256",332
R e n e w a l A llo u e z d o c k s .
1 ,0 0 0 ,0 0 0
10,448
60,4 7 5
P e n sio n f u n d ____________
■■275",666
3 ,1 0 0 ,8 6 5
M is c e ll. a p p ro p r ia tio n s .
1 ,0 0 0 ,0 0 0
3 ,5 0 0 ,0 0 0
I m p r o v ’ts & b e tte rm e n ts
16,7 9 6 ,8 5 7
1 7 ,4 5 6 ,3 9 0
8 ,7 3 1 ,2 5 4
D iv s . o n s t o c k (7 % p .a .) 1 7 ,4 6 2 ,9 6 0
R o s e rv o t o fu n d o b llg ’ ns 5 ,3 8 5 ,6 3 5
8 8 ,889
A m o r tiz a tio n o f d is c o u n t
1916.
1917.
1916.
1917.
Liabilities—
S
$
Assets—
S
S
R y.prop. A ln v .440,502,853 431,677,500 Capital stock--249,478,250 249,477,710
Funded d e b t ...328,783,409 305,311,409
Bonds assumed
2,576,750
— held by trus 39,813,394 14,106,000 Vouchers unpaid 3,099,390
2,779,322
U npd. pay-rolls. 3,413,189
H alf Int. In C . B.
Unpd. coupons- 2,961,549
2,899,412
& Q. stk. held
Oth. acc'ts p a y . 2,017,413
922,431
b y trustee of
3,172,886
joint bonds-.109,114,810 109,114,810 Accrued t a x e s .. 4,404,266
Acer, int., A c . .
479,337
146,004
7 Other Holdings:
2,884,942
Stocks............. 42,679,860 31,645,039 D u eaffil’d c d s .. 10,801,353
Im pt. A bett.fd. 2,126,425
5.504,701
xBonds Great
N orth. R y - 17,716,000 39,856,394 Depreciation of
equip't fund- 28,040,007 27,237,168
Bonds oth.cos 30,591,876 28,092,958
4,063,889
1,003,000 Insur., A c.,funds 9,721,491
In pens. fund. 1,012,050
M lsc. Invest.,Ac 15,849,129 12,811,604 Additions, A c.,
from impts. A
Cash on h a n d .. 28,261,384 16,471,479
renewal funds 43,909,713 38,917,545
3,957,650
D ue from agents 4,940,254
St. P . M . A M .
D ue from P . O.
consols retired
276,909
424,240
departments by sink, funds
D ue from U . S.
since N o v . ’07 1,019,873
928,000
20,133
863,830
T ran sp ort'n-179,765 Apprec. of lands
254,733
Advanced chgs.
9,862,504
to 1913............ 3,970,148
Bills recelvable- 9,778,175
Oth. work. llab.
Other accounts
A def’d credit
4,220,987
recelv'le, A c . 6,398,483
3,921,127
Items ( n e t )., 6,201,775
7,579,058
M aterial A fuel- 12,027,884
Profit and l o s s .. 59,651,035 60,279,826
T o t a l ..............760,081,624 711.023,122
T o t a l ..............760,081.624 711,023,122
x In clu d e s b o n d s issu ed b y o r assum ed b y G re a t N o rth e r n R y . C o .
1 H o ld In tre a su ry o r b y m o r tg a g e tru ste e s.— V . 106, p . 2 7 5 7 , 222 8.
76
THE CHRONICLE
Northern Pacific Railway Company.
(21s£ Annual Report— Year ended Dec. 31 1917.)
The usual comparative tables of earnings and balance
sheet were given in V. 106, p. 2005.
Pres. Jule M . Hannaford, St. Paul, Minn., March 8,
wrote in substance:
[Vol. 107
Revenue—
F r e i g h t _________________
P a s s e n g e r _______________
M a il, express, A c _______
IN C O M E A C C O U N T .
$ 6 5 4 ,5 4 9
2 5 3 ,3 8 7
6 6 ,8 1 3
$ 5 8 3 ,0 0 8
142 ,826
3 1 ,2 5 9
$5 3 5 ,1 9 8
139 ,745
9 6 ,4 8 4
$ 6 5 4 ,7 0 4
179 ,069
1 11 ,969
T o t a l o p e r . r e v o n u o ..
E xp en ses—
M a i n t .o f w a y & s t r u c t .
M a in t . o f e q u ip m o n t___
T r a f f ic e x p e n s e s ________
T r a n s p o rta tio n expenses
G e n e ra l e x p e n s e s _______
$97 4 ,7 4 9
$7 5 7 ,0 9 3
$77 1 ,4 2 7
$9 4 5 ,7 4 2
$ 1 2 0 ,3 3 7
220 ,001
14,005
2 6 0 ,5 3 3
5 1 ,5 8 0
$12 4 ,6 8 2
169 ,715
10,684
175 ,960
4 0 ,9 3 8
$122,721
165 ,106
9,5 4 2
162,081
4 2 ,5 7 4
$15 4 ,4 9 6
187 ,8 4 0
10,089
2 0 6 ,8 3 4
4 9 ,9 8 7
T o ta l op er. expen ses.
N e t o p e r a tin g r o v o n u o - T a x e s ___________ _________
$66 6 ,4 5 5
$ 3 0 8 ,2 9 3
5 8 ,0 4 9
$52 1 ,9 7 9
$2 3 5 ,1 1 4
30,1 5 3
$50 2 ,0 2 4
$26 9 ,4 0 3
2 8 ,7 8 8
$ 6 0 9 ,2 4 6
$ 3 3 6 ,4 9 6
2 9 ,5 3 4
O p e r a tin g in c o m o ____
O th e r I n c o m o ___________
$25 0 ,2 4 4
156 .294
$20 4,06 1
160 ,504
$24 0 ,6 1 5
7 8 ,5 6 4
$ 3 0 6 ,9 6 2
8 1 ,3 5 5
G ro s s c o r p . in c o m e ___
B o n d , A c . , in te re s t____
S in k in g f u n d ____________
* D iv id e n d s p a id ( 2 % ) .
$40 6 ,5 3 8
$1 8 2 ,9 0 3
6 5 ,7 6 8
7 8 ,7 5 5
$36 5 ,4 6 5
$19 5,59 1
5 6 ,6 0 0
7 8 ,7 4 0
$31 9 ,1 7 9
$20 5 ,0 0 0
4 9 ,2 0 0
7 8 ,6 6 0
$38 8 ,3 1 7
$ 2 0 5 ,0 0 0
4 9 ,2 0 0
7 8 ,7 5 8
$330,931
$ 3 3 2 ,8 6 0
sur .$ 3 4 ,5 3 4 d e f .$13,681
$ 3 3 2 ,9 5 8
s u r .$ 5 5 ,3 5 9
T h e op era tin g reven u es fo r th e y e a r in crea sed $ 7 ,9 4 4 ,3 8 2 , o r 9 . 9 % .
Of
th is increaso, m o r e th a n 7 0 % a ccru e d d u rin g th o first six m o n th s in th o
y e a r , w h ile th e increase fo r th o la s t six m o n th s w as a b o u t 3 0 % .
T h e se figu res sh ow c o n c lu s iv e ly th a t th e increase in reven u es w as c h io fly
fr o m tra n s p o rta tio n o th e r th an c r o p m o v e m e n ts . T h e increase ca m o
la r g e ly fro m lu m b e r a n d o th e r fo re s t p r o d u c ts an d fro m m a n u fa ctu re d
g o o d s , e sp ecia lly o f iron a n d s teel. T h e m o v e m e n t o f m u n itio n s and
G o v e rn m e n t fre ig h t, la rg e qu a n titie s o f e x p o r t fre ig h t, a n d tho d iversion
o f fo o d p r o d u c ts fro m th o o ce a n ro u te s v ia th e P a c ific t o th o A tla n tic an d
e x p o r t fr o m th ere, a c c o u n t fo r a la rgo p a r t o f th e Increaso.
T h o increase o f $ 1 ,6 8 7 ,4 0 8 in passen ger reven u e w as la r g e ly on a c c o u n t
o f th o m o v e m e n t o f tr o o p s an d tra n sp o rta tio n o f m en e m p lo y e d in c o n
str u c tio n o f m ilita r y c a n to n m e n ts , a t th e sh ip y a rd s, an d in co n n e c tio n
w ith oth er G o v ern m en t a ctiv itie s.
T h o increase in op era tin g expenses is 2 3 .2 8 % ($ 1 0 ,0 6 5 ,5 8 3 ), b ro u g h t
a b o u t b y the in crea se in all m aterials, fu e l, increaso in w ages u n d er the
A d a m s o n L a w , an d con cession s g ra n te d b y th o c o m p a n y t o m eet th o in
creased c o s t o f liv in g d u e t o w a r co n d itio n s a n d t o m a in ta in tho necessary
fo r c e t o ca re fo r th e increased business.
T h o n e t reven u e w as, th e re fo re , $ 3 4 ,9 2 7 ,8 6 5 , a decroaso o f $2,121 200
R a ilw a y ta x accru als increased b y $ 1 ,4 0 5 ,6 0 4 t o $ 6 ,9 1 0 ,7 2 8 , and o p e r a t
in g in c o m e a m o u n te d t o $ 2 8 ,0 0 7 ,9 9 9 , b e in g a decrease o f $3,524 182
N o n -o p e ra tin g in com e a g gregated $ 1 4 ,7 8 2 ,5 0 3 , an increaso o f $6,1 1 0 396
o v e r 1916. [O f th is increase $ 5 ,3 8 5 ,6 3 5 represen ted th o extra d iv id e n d o f
1 0 % receiv ed b y th e c o m p a n y o n its h o ld in g o f s to c k in th o C h ica g o B u r
lin g to n A Q u in cy U R .]
D iv id e n d a p p ro p ria tio n o f in c o m o w as $17 360 000
(o r 7 % ) , lea v in g an in com e b a la n co fo r y e a r tran sferred t o p r o fit an d loss
o f $ 1 2 ,1 4 2 ,6 8 5 , again st $9,5 8 8 ,0 1 1 in 1916.
’
M ile a g e Operated.— C h an ges h a v e taken p la c o in th o m ileage o p e ra te d
d u rin g th o y ea r increased it 19.94 m ilos, th o a d d itio n s in clu d in g - Ju n o 20
1917, Su n n ysido b r a n c h , W a s h in g to n ex te n sio n , 11.76 m iles; S ept 1 1017
M e n d o t a b r a n c h , W a s h in g to n , a cq u ire d , 8 .6 0 m ilos; av e ra g o m ileage o n e r
a te d d u rin g th o y e a r , 6,5 2 2 m iles.
O perations.— F reigh t re v e n u e w as $ 6 5 ,2 5 8 ,9 9 5 , an increaso o f $5 715 on e
o r 9 . 6 0 % , c om p a red w ith th o pre v io u s y e a r. T h e ro w ere 8,812 675 163
to n s o f roven u o freig h t m o v e d o n o m ile , an increase o f 1 4 .1 3 % . T h o a v e r
a ge earnings p e r ton m ile decreased fro m 0.771 c ts . t o 0.741 cts
Tho
reven u e train lo a d in crea sed fr o m 636 .7 2 t o 6 62 .42 to n s . T h o to ta l train
lo a d , in clu d in g c o m p a n y fre ig h t, increased fro m 721 .8 0 t o 751 96 ton s
T h o n u m b er o f m ilos run b y ro ve n u o fre ig h t trains increased 11 0 6 %
'
P a ssen ger roven u o w as $ 1 5 ,6 4 6 ,7 7 8 , an increaso o f $1 ,6 8 7 ,4 0 8 , o r 1 ^ 0 9 °7
c o m p a r e d w ith 1916. T h o n u m b e r o f passengers carried o n o m ile increased
6 9 ,1 9 2 ,1 7 3 , o r 1 1 .7 0 % . T h e n u m b e r o f m iles run b y reven u o passenger
train s increased .0 9 % , and th o a vera ge earnings p e r p assenger ner m ile
w as 2 .3 6 8 c t s ., again st 2 .3 6 c ts . la st y e a r.
T h e charges fo r tra n sp orta tio n expenses w ere $ 2 8 ,5 3 1 ,4 1 3 , an Increaso o f
$ 6 ,0 0 0 ,3 4 1 , o r 2 6 .6 3 % , as a gain st an increase in to ta l o p e ra tin g re v e n u o o f
9 .9 0 % .
T h o charges fo r m a in te n a n ce o f e q u ip m e n t w oro $11 ,245 120 an
Increaso o f $ 2 ,8 2 5 ,1 8 1 , o r 3 3 .5 5 % . T h o ch arges fo r m ain te n a n ce o f w a v
and stru ctu res w ere $ 1 0 ,7 8 2 ,1 7 8 , an in crea so o f $ 1 ,4 6 2 ,7 4 6 , o r 1 5 .7 0 % .
R olling Stock.— T h e lo co m o t iv e s on a c t iv o list fr e e . 31 1917 n u m bered
1,361 (in clu d in g 26 pu rch a se d d u rin g th o p r e ce d in g 18 m on th s) against
1,3 5 6 on Jun o 30 1916. O n D e c . 31 1917 th ero w ere also on h an d 56 engines
w ith d ra w n fro m s erv ice w h ich m a y bo s o ld .
O n D e c . 31 1917 th o c o m p a n y o w n e d 1,073 passenger train cars a d e
crease sin ce Jun e 30 1916 o f 206 cars, a c c o u n te d fo r as fo llo w s - S o ld ’ t o th e
P u llm a n C o . o u r in terest in 128 sleep in g cars an d 65 to u rist cars; d e stro v e d
tra n sferred t o o th e r classos o r s o ld , 13.
*
’
* D e d u c te d b y c o m p a n y ft-om p r o fit A loss b u t sh o w n h e re fo r s im p lic it y
B A LA N C E SH EET.
Dec. 3 1 T 7 . June30’ 16.
D ec.31’ 17. June30’ 18
Assets—
,
$
$
Liabilities—
$
$
Road A equipm ent..8,322,121 8,264,344 Capital stock...........3,940,000 3,940,000
Sinking fund.............. 367,585
236,560 First mtgo. bonds— 4,100,000 4,100,000
M lsc. phys. p r o p ...
13,858
9,479 Traffic, A c., balanco
10,767
5,655
Other investm ents.. 279,798
Accounts and w ages.
91,084
32,140
Cash with Treas., & c.
70,315 Accrued Interest____
97,097
90,975
102,500
Cash for coupon duo
Accrued taxes______
13,208
12,681
following d a y ____ 102,500
102,500 Miscellaneous
9,481
4,936
Cash for sinking fund
Other curr. liabilities 251,541
due July 1 1916___
49,200 Accrued depreciation 332,794
290,506
Sec. Issued (unpledg.)
115.000 Unadjusted, & c., ac
93,500
Loans A bills rccelv. ______
180.000
counts ___________
22,281
20,085
Demand d e p o sits___ 240,000
300,000 Corporate surplus—
M aterial & supplies.
55,127
53,159
Sink, fund reserve 401,353
291,522
Accounts receivable. 266,089
60,591
A dd’ ns to property
Other current assets. 129,630
through Incom e. 164,934
480
Deferred work, fund
498
498 Profit and loss______ x596,609
675,995
UnadJ us., A c ., accts.
57,223
34,855
o f 715 o v e r hJuimU30mi9ni 6 ° n D eC ’ 31 1917 ln c lu d cd 4 8 -080 ca rs, an increaso
I n a d d ition t o th o eq u ip m e n t o n h a n d D e c . 31 1917, th e fo llo w in g w ill be
d e liv ered d u rin g th o cu rren t y e a r : L o c o m o t iv e s , M ik a d o t v o o 40- freigh t
ca rs: b o x , 2 ,1 8 4 ; a u to m o b ilo , 250 ; re frig e ra to r, 119; c o a l, 35 0 .
’
B
Charges to Capital A c c o u n t.— T h o e xp en d itu res fo r a d d itio n s t o and
b etterm en ts o f th o p r o p e r ty m a d e d u rin g th e p a s t y e a r aggregated (net)
$ 1 1 ,4 4 7 ,6 7 3 , v i z .:
''
R e a l estate, rig h t o f w a y and term inals (ch ie fly e xten sion o f oro
d o c k , Su p erior, W is e ., $ 5 5 9 ,7 5 4 )________ ______ ______
$564 020
B ra n ch es, lino ch an ges, gra d e revision s a n d s e co n d m ain t r a c k " * 3 3 q s ’739
[N o t a b ly : (a) S econ d m ain tra ck : R ic e ’s t o L ittlo F a lls ., M in n ’
’
’
$22 9 ,1 5 7 , an d B ozem a n t o L o g a n , M o n t ., $ 7 3 0 ,7 7 6 .
( 6) N o w
co n s tr u c tio n : L a k e Basin b ra n ch , M o n t ., $ 77 2,97 6: F lath ead
V a lle y bran ch , M o n t ., $ 79 1,11 4; C o w ich e b ra n ch . W a s h , (e x
te n s io n ), $19 9 ,6 9 8 : S u n n ysido & Z illa h b ra n ch , W a s h , (alter
n a te m ain lin e ) , $ 3 6 7 ,9 8 9 ; M e n d o t a b ra n ch , W a s h , (acqu ired )
$ 1 7 1 ,4 0 1 . (c) G ra d o s ep a ra tio n , S p o k a n e , W a s h ., $ 1 4 6 ,0 0 3 .’
A d d itio n s an d b e tte r m e n ts____________________
_
5 211 022
[C h ie fly : (a) P r o te c tio n o f ban ks and drain age, $36(^916- ’
( 6) B ridges, trestles a n d c u lv e rts . $63 0 ,1 9 2 : (c)
increased
w eigh t o f rail, $ 28 3,35 9: (d> tr a c k fasten in gs and a p p u rte n a n
ces, $44 8,16 2; (e) b a lla s t, $ 28 8,22 8; ( / ) sidin gs an d sp u r track s
$47 1 ,9 8 5 ; (</) term in al y a rd s ; $88 5 ,9 7 5 ; (h) b lo c k a n d o th er
signal ap p a ra tu s, $ 59 5,02 5; ( i) , s ta tio n b u ildin gs an d fixtu res
$26 9 ,0 6 0 ; (j) sh o p s , en gin eh ou ses, and tu rn ta b le s, $526 363 1
N e w e q u ip m en t: T o t a l exp en d itu res, $ 4 ,2 5 9 ,6 1 6 ; less used fro m
reserves, $1 ,9 8 5 ,7 1 6 ; ch a rged c a p it a l________ ___________________ 2 ,2 7 3 ,8 9 9
T o t a l o p e r. r o v e n u o .. $1 5 ,3 0 6 ,6 0 0 $1 4 ,3 8 9 ,2 7 8
M a in t . o f w a y , A c ______ $ 1 ,7 9 8 ,3 6 7 $ 1 ,4 9 9 ,2 9 3
1,3 7 5 ,0 8 3
M a in t . o f e q u ip m e n t___
1 ,383,364
T r a ffic e xp en ses________
4 4 ,2 2 0
4 2 ,136
T r a n s p o r t a t i o n . . ______ 3 .381,431
2 ,5 7 3 ,3 4 8
M is c e lla n e o u s o p e r a ’n s 16,613
14,256
G e n e ra l e xp en ses_______
516 ,660
188,348
$ 9 ,9 0 9 ,5 4 9 $ 4 ,9 9 9 ,1 8 4
$ 9 1 5,74 7 $ 1 ,0 2 8 ,8 3 1
1,1 2 3 ,0 7 2
9 5 0 ,0 1 5
23,5 5 5
27,131
1 ,6 0 6 ,3 6 2 ]
1,199,497
1 3 ,0 1 8 /
159,265
158 ,748
T o t a l o p e r. o x p e n s o s . $ 7 ,1 4 0 ,6 5 5
N e t e a rn in g s____________ $ 8 ,1 6 5 ,9 4 5
T a x e s ____________________
2 ,4 3 8 ,9 4 4
$ 5 ,6 9 2 ,4 6 4
$ 8 ,6 9 6 ,8 1 4
8 7 3 ,1 2 6
$ 3 ,8 4 1 ,0 1 9
$ 6 ,0 6 8 ,5 3 0
544 ,584
$ 3 ,3 6 4 ,2 2 2
$ 1 ,6 3 4 ,9 6 2
2 6 2 ,9 4 1
O p e ra tin g i n c o m e . . . . $ 5 ,727,001
O th er in c o m e ___________
2 99 ,066
$ 7 ,8 2 3 ,6 8 8
2 0 9 ,5 9 6
$ 5 ,5 2 3 ,9 4 6
187,701
$ 1 ,3 7 2 ,0 2 0
111,761
G ross in c o m e ________ $ 6 ,0 2 6 ,0 6 7
l n t . o n fu n d e d d e b t ____
$ 5 9 0,66 7
R e n ta l o f leased r o a d s . .
180,580
M is ce lla n e o u s c h a r g o s ..
50,917
D iv i d e n d s _______________ 2 ,0 5 6 ,2 5 0
(5 0 % )
do
R a to per a n n .
3 9 2 ,9 4 8
G en eral a m o r tiz a tio n ___
F o r r e tirem en t o f b o n d s .
$ 8 ,0 3 3 ,2 8 4
$60!),218
9 6 ,4 5 5
5 0 ,404
4 ,1 1 2 ,5 0 0
(1 0 0 % )
4 1 5 ,0 3 8
$ 5 ,7 1 1 ,6 4 7
$63 3 ,0 5 5
3 1 ,2 2 3
3 5 ,5 3 8
3 ,0 8 4 ,3 7 5
(7 5 % )
341 ,3 1 8
111 ,288
$ 1 ,4 8 3 ,7 8 1
$ 6 4 7 ,7 8 9
In addition to tho foregoing, added to tho cost of tho Northern Pacific
Estate, advances have been made during tho year to sundry companies
aggregating, not, $ 9 6 0 ,8 6 0 , notably: Offset as to $30 0,34 3 by “ Spokano
Portland A Seattle Ry. C o . prior advances paid” ; Northern Pacific A British
Columbia Ry. C o . “ transferred from misc .phys. property,” $1,398,303.
Changes in Bonded D eb t.— T h e se w ere as fo llo w s : P r io r lion b o n d s 'p u r
ch ased a n d c a n celed , $ 4 5 5 ,0 0 0 ; S t. P a u l A N o rth e rn P a c ific R y . C o . m tg o
b o n d s p u rch ased b y tru stee a n d c a n ce le d , $ 2 2 ,0 0 0 ; S t. P a u l & D u lu th R R .
C o . 2d m tg o . b o n d s red eem ed a t m a tu r ity , $ 2 ,0 0 0 ,0 0 0 ; to t a l d ecroaso in
m o r tg a g e d e b t, $ 2 ,4 7 7 ,0 0 0 .
222 9>r luCom o accouufc an d b a la n ce sh e e t s c o V . 106, p . 2 00 5.__ V . 106, p .
Mississippi Central Railroad.
(13/ft Annual Report— Year ended Dec. 31 1917.)
Pres. F. L. Peck, Scranton, Pa., says in substance:
C a m p S h elb y , e q u ip p e d fo r th o ca re an d train in g o f a d iv isio n o f 30,0 0 0
N a tio n a l G u a rd offic e r s a n d s old iers w as lo c a to d o n th e lin o 10 8 m iles
s o u th o f H a ttiesb u rg in J u ly 1917.
G ross op era tin g roven u o in crea sed $ 2 1 7 ,6 5 7 . O p e ra tin g expenses an d
ta x es in crea sed $ 1 7 2 ,3 7 4 . N e t o p e ra tin g ro ve n u o increa sed $45 283
C ross ties t o th o n u m b er o f 59,0 8 2 w ere used fo r renew als, an d 28 266
c u b ic y a r d s o f gravel ba lla st p u t u n d e r. T h ir ty -s ix w o o d e n trestles and
o p e n drains o f 2 ,8 7 9 lineal fe e t w ere re p la ce d w ith eith er c o n c r e to c u lv e rts
o r c o n c r e to p ip e a n d filled a t a c o s t o f $ 2 7 ,1 3 6 , ch a rg e d $ 1 4 ,2 2 3 to o p e ra tin g
expen ses and $ 1 2 ,9 1 4 t o p r o p e r t y in v e s tm e n t. N o w sld o tra ck s o f 1 12
m iles w ero laid an d 2 .4 m iles taken u p .
E lev en passenger ca rs, o n o business c a r a n d o n e ste a m d itch e r w ero
p u rch a sed ; 32 fre ig h t cars w ero d e s tr o y e d , 31 o n fo re ig n lines an d o n o a t
h o m o ; on o ca m p ca r an d a pile d riv e r d ism a n tle d .
T h e annual p a y m e n ts o f $49 ,2 0 0 w ero m a d o t o th o sin kin g fu n d J u ly
1 1916 a n d 1917 an d used to g e th e r w ith th o a ccru e d in terest on secu ritie s
a lre a d y in the fu n d fo r th o p u rch a se o f M ississip p i C e n tra l b o n d s t o th e
a m o u n t o f $13 7 ,0 0 0 .
gjg
S T A T I S T I C S J O P E R A T E S _ 1 6 4 'M I L E S )
' — Y ea rs' ended D ec .~ 3 l—^~— Y e a r s 'en d e tT ju n F 30—
Statistics—
1917.
1916.
1914-15.
1913-14.
P a ssen gers c a r r ie d ______
9 2 1 ,9 1 3
2 2 5 ,7 5 5
219,171
2 8 5 ,4 9 9
P a ssen gers ca rried 1 m ile
1 3 ,1 6 3 ,4 4 9 5 ,2 4 3 ,1 5 5
5 ,1 2 0 ,9 9 0
6 ,2 5 5 ,8 6 6
R e c e ip ts p er p a ss.p er m _
1.92 c ts .
2 .7 2 c ts .
2 .7 0 c ts .
2 .8 3 c ts .
T o n s c a r r ie d ........ ..............
569 ,4 4 5
472 ,161
4 9 0 ,2 5 0
6 0 5 ,0 7 3
on s ca rried on o m ile ___ 2 5 ,8 0 1 ,0 2 7 23,2 9 4 ,2 4 1
1 6 ,6 7 9 ,9 8 5 2 3 ,9 9 6 ,7 1 6
ross earnings p er m ile .
$ 5 ,9 4 4
$ 4 ,616
$ 4 ,7 0 4
$ 5 ,7
$32 7 ,4 2 6
T o t a l d e d u c t io n s ____
B a la n ce , sur. o r d e f ____ s u r.$ 7 9 ,1 1 2
T o t a l . . ................ 10,025,027 9,476,500
T o t a l .....................10,025,027 9,470,500
x A fte r d e d u ctin g $164,454 represen tin g in c o m o a p p lio d t o “ a d d itio n s t o
p r o p e r t y .” — V . 105, p . 1522.
D uluth Missabe & Northern Ry.
{Report for Fiscal Year ended Dec.
3 1 1 9 1 7 .)
T h o expen d itu res d u rin g t h o y e a r fo r a d d itio n s an d b e tte r m o n ts t o th e
r a ilro a d , e q u ip m e n t, & c ., a ggregated n o t $ 3 ,5 0 1 ,1 3 8 , o f w h ich $ 2 ,6 2 4 ,8 4 8
w as fo r n ew steel oro d o c k N o . 6 a t D u lu th . T h o re m a in d e r o f th o in
crease o f $ 4 ,0 0 0 ,0 0 0 in p r o p e r ty a c c o u n t d u rin g th o y e a r is a c c o u n te d fo r
b y an a d d itio n o f $44 4 ,4 7 8 b y w a y o f “ a d ju s tm e n t a c c o u n t o f c o s t o f n ew
e q u ip m o n t in p re vio u s years ch a rg e d t o d e p re cia tio n f u n d ,” w ith a sm all
o ffs e t o f $ 5 ,6 0 6 . G en eral m o r tg a g o b o n d s re d e e m e d , $ 3 4 3 ,0 0 0 . In 1917
carried 2 1 .5 9 4 ,7 6 3 gross to n s o f iron o ro (a decroaso o f 6 .5 5 % c o m p a r e d
w ith 1916) fo r a d ista n ce o f 7 6 .2 4 m ilos, an d re ce iv e d th ereon .79 c ts . p er
to n p e r m ile , a gain st .72 c ts . in 1916. M is c o ll. fre ig h t, 2 ,2 8 2 ,4 6 3 n ot ton s
(an increa so o f 4 7 .8 0 % ) an a v e ra g o d ista n co o f 37.1 l m ilos fo r au a vera go
o f 1.59 c ts . p e r to n p e r m ilo , a gain st 1.68 c ts . in 1916.
I N C O M E A C C O U N T FOR Y E A R S E N D E D D E C . 3 1 .
1916.
1917.
1915.
1914.
F re ig h t (iron o r e ) _______ $ 1 2 ,7 5 8 ,5 7 0 $12 ,417 ,01 1
$ 8 ,6 7 3 ,7 2 7 $ 3 ,8 0 9 ,3 6 9
do
(m iscellan eou s) _ 1 ,347,052
937 ,5 6 9
6 0 7 ,2 9 4
701 .5 4 6
369 .0 2 3
P a s s e n g e r _______________
401 ,5 3 3
306 ,073
3 5 6 ,3 3 5
O th er tr a n s p o r ta ’n r o v .
278 ,6 7 5
2 55 ,982
127,381
5 8 ,5 5 1
520 ,770
4 09 ,693
In c id e n ta l, A c ., roven u o
195,075
73,383
2 4 .4 0 9
4 1 1 ,2 5 0
(1 0 % )
139 ,257
3 4 7 ,0 1 3
B a l., su r. o r d o f ___ s u r .$ 2 ,7 5 4 ,7 0 5 sr$ 2 ,7 49 ,669 s r $ l,4 7 4 ,8 5 0
d e f$ 8 5 ,9 3 7
B A L A N C E S H E E T D E C . 31.
1917.
1916.
1917.
1916.
5
$
Assets—
Liabilities—
S
S
Road & equlpm’ t.4 0 ,720,103 36,780,093 Capital stock____ 4,112,500 4,112,500
♦Trustees of bond
Funded debt......... 11,496,000 11,839,000
109,840 Traffic, A c ., b a l ..
127,040
sinking fu n d s ..
118,003
151,951
18,404 Accts. A pay-rolls
8,836
Cash_____________
359,760
327,439
Deposits for bond
M iscellaneous____
232,205
18,965
420,988 M at’d lnt. unpaid
in te re s t_______ 4, ,807,056
293,745
302,095
2,309
Traffic, & c., b a l ..
1,517 Accrued taxes____ 2,219,852
636,150
Agents A conduc.
79,338
62,985
57,789 Prom, on fund. d t .
82,788
277,805 3,176,173 Insur. fund, A c —
M lsccll. accounts.
452,024
402,291
482,064 E q . A docks d epr. 4,954,409 4,772,091
Material A s u p p ..
716,506
D eprec’n A insur.
Surplus Invested in
bond sink, funds 2,208,032 2,208,032
funds de p o sits.. 3,485,147 3,460,114
Appropriated surp. 8,377,878 8,374,878
Other assets, incl.
balance duo on
Profit and loss------ 11,400,002
7,898,739
Gon. am ort, fund. 3,925,585 3,532,036
land sales con
82,746
145,974
tracts __________
T o t a l ..................50,290,533 44,659,555
T o t a l ...................50,290,533 44,059.555
♦ T h o c o m p a n y ’s $ 2 ,4 7 6 ,0 0 0 (p ar va lu e ) b o n d s red eem ed w ith sin k in g
fu n d , b u t h e ld b y tru ste e s, are n o t trea ted as an a sset.— V . 105, p . 2 8 4 .
Detroit & Mackinac Railway.
{Report for Fiscal Year ending Dec.
3 1 1 9 1 7 .)
V ic e -P r e s . J a m e s D . H a w k s , D o t r o it , A p r . 1 6 , w ro to in s u b .:
B e ca u so o f th o ch a n g o In th o en d in g o f th o fiscal y e a r fro m Ju n o 30 t o
D e c . 3 1 , t o m o o t th o req u irem en ts o f th o In to r -S ta to C o m m e r c e C o m m is
sion , n o re p o rt h as be e n issued t o s to ck h o ld e rs sin co Ju n o 30 1916.
O w in g t o th o w a r c o n d itio n s a n d tho high c o s t o f la b o r an d m a te ria l,
v e r y littlo n ew w o rk has been d o n o sin co th e last r e p o r t, th o n ow stool girder
b rid g o a n d c u t -o f f a t O ssinoko bo in g th o m o s t Im p o rta n t.
B usiness w as g o o d until th o last h a lf o f th o y o a r 1917, w h en th o u rgen t
n eed o f e q u ip m e n t fo r w ar p u rp oses le ft us t o o fo w cars fo r han dlings ho
business th a t o ffe r e d . E q u ip m o n t, tr a c k , bu ild in gs a n d bridges / i .- j
m a in ta in e d in g o o d co n d itio n .
T h o G o v e rn m e n t t o o k o v e r th o ro a d a t m id n ig h t, D o c . 31 1917.)
Ju l y
IN C O M E A C C O U N T .
— Y ea rs end. D ec . 31— — Y ea rs end.
1915.
1916.
1917.
397
387
M ilo s o p e r a t e d _________
386
O perations—
3 5 8 ,7 9 4
361 ,0 4 9
P asson gors ca rried (N o .)
346 ,592
13,5 3 1 ,5 9 5 N o t s ta te d
P assen gors ca rried 1 m ilo 13,4 8 0 ,4 2 4
2 .4 7 7 c ts .
2 .4 2 3 c ts .
R a to p e r pass, p er rnlle_ 2 .5 6 8 c ts .
1,0 9 6 ,2 2 4
9 0 0 ,8 7 0
F re ig h t (ton s) c a r r ie d - 1 ,135,839
F re ig h t (ton s) ca r . 1 m ilo l0 6 ,8 8 0 ,1 7 9 10 6 ,3 4 4 ,6 9 0 6 9 ,3 8 5 ,0 0 7
1.002 c ts .
0.791 cts.
R a to p er t o n p e r m ile ___
0 .8 3 4 cts.
$ 3 ,2 5 9
$ 2 ,7 4 2
$3,5 1 8
G ross earnings p e r m ile .
Results—
G ross ea rn in gs___________ $ 1 ,3 5 0 ,4 5 0 $ 1 ,2 5 4 ,1 0 2 $ 1 ,0 7 7 ,3 1 7
8 5 5 ,0 4 8
7 9 3 ,7 3 5
O p era tin g exp en ses------1 ,071,039
Ju n e 30
1914.
404
3 97 ,157
1 4 ,0 8 8 ,0 6 8
2 .3 9 0 c ts .
1 ,0 8 7 ,7 7 8
9 2 ,6 5 9 ,4 1 3
0 .8 5 6 cts.
$ 3 ,0 2 4
$ 1 ,2 1 0 ,3 3 4
8 5 2 ,8 8 0
N e t e a r n in g s ..............n i r o o f e q u ip m e n t, A c . .
$279,411
107,917
$ 3 9 9,05 4
60,782
$ 2 8 3 ,5 8 2
6 3 ,3 1 9
$ 3 5 7 ,4 5 4
6 7 ,3 2 3
T o t a l in c o m e _________
D ed uct—
$ 3 8 7,32 8
$ 4 5 9,83 6
$34 6,90 1
$42 4 ,7 7 7
$92 ,0 0 0
$ 9 2 ,0 0 0
8 2 ,556
82,491
3,5 0 9
6 ,4 9 6
100 ,000
4 7 ,5 0 0
4 7 ,5 0 0
(5 )1 0 0 ,0 0 0 (2 )4 )5 0 ,0 0 0
$ 9 2 ,0 0 0
1 0 5 ,9 0 4
24,761
M is c e lla n e o u s -----------------
$92 ,0 0 0
9 ,2 9 5
682
4 7 ,5 0 0
D lv . o n c o m m o n s t o c k . . (2 )4 )5 0 ,0 0 0
T o t a l d e d u c tio n s ------B a la n co , su rp lu s-------------
77
THE CHRONICLE
6 1918.]
$28 9 ,4 7 8
$ 97 ,850
$42 5 ,6 6 5
$34,171
$ 2 7 8 ,4 8 7
$ 6 8 ,4 1 4
4 7 ,5 0 0
(5 )1 0 0 ,0 0 0
$37 0 ,1 6 5
$ 5 4 ,6 1 2
B A L A N C E S H E E T D E C E M B E R 31.
L ia b ilitie s —
1917.
1917.
1910.
1910.
A ssets—
Road & equlpm’t.J i,592,028 $0,532,209 Common stock__$2,000,000 $2,000,000
Preferred stock__
950,000
950.000
In treasury—
450,000 First lien bonds... 1,500,000 1.500.000
First lien bonds. 450.000
500.000
500,000 Mortgago bonds.. 1,750,000 1.750.000
Mtge. bonds—
219,212
90,027 Deprec’n reserve. 659,529
Matcrials&suppllcs
522,593
8,154
3,114 Miscellaneous_
_
12,984
9,722
Cash on hand_
_
25,477
11,500 Appro. Income not
Cos. A Individuals
specif. Invest...
100,000
100.000
Bank of Manhat
101,945
25,538 Add’ns to prop’ty
tan Co_____
24,920
22,001
thro.Inc.Asurp .
725,980
071,094
Due from agents..
27,752
8,039 Aud. vouchers, Ac. 118,890
58,912
Net traffic bals—
2,402
1,599 Taxes accrued_
_
102,450
82,180
Miscellaneous----Profit & loss....... *132,051
181
Total..............$7,951,891 $7,045,287
Total..............$7,951,891 $7,045,287
♦ A fter a d d in g $75 ,0 0 0 sale o f scra p a n d su n d rios, $ 1 8 ,7 8 0 .— V . 106,
p . 2 22 8. 81 7 .
tii
Pacific Gas & Electric Co., San Francisco.
(12th Annual Report— Year ending Dec.
3 1 1 9 1 7 .)
T h o re p o r t for 1 9 1 7 w ill b e citocl f u lly a n o th e r w e e k .
I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
1917.
1916.
Gross Revenue—
1915.
1914.
$ 1 0 ,8 5 9 ,7 8 5 $ 1 0 ,1 0 0 ,0 3 2 $ 9 ,9 2 4 ,4 8 2 $ 8 ,7 5 9 ,4 4 9
E l e c t r ic it y ------------7 ,7 7 1 ,0 5 8
7 ,4 3 8 ,2 5 5
7 ,5 6 0 ,1 8 5
7 ,0 1 5 ,4 0 8
G a s ________________
491,021
442 ,3 0 3
S treet r a ilw a y ------425 ,3 3 8
556 ,908
1,1 9 9 ,8 6 4
1 .1 4 4 ,7 9 4
1,0 3 4 ,1 7 4
888 ,7 3 9
$ 2 0 ,3 2 1 ,7 2 8 $ 1 9 ,1 2 5 ,3 8 4 $ 1 8 ,9 4 4 ,1 7 9 $ 1 7 ,2 2 0 ,5 0 4
$ 2 ,4 5 7 ,1 2 2
$ 2 ,3 7 5 ,1 1 6
$ 9 7 0 ,8 8 6 $ 1 ,0 5 2 ,4 3 5
7 ,8 9 4 ,3 2 9
O p era tin g e x p ., & c —
6 ,2 1 1 ,2 0 2
7 ,3 8 5 ,2 6 2
7 ,1 1 8 ,4 3 9
1,2 5 3 ,2 3 9 .
9 7 2 ,5 6 5
8 4 9 ,4 4 5
743 ,0 4 8
d a y s th e re a fte r, p r o v id in g fo r a 6 -c e n t fa re -with t w o tic k e ts f o r 11 c e n ts .
T h e now ta r iff p r o v id e d fo r th e c a n c e lla tio n o f all th e n e x istin g lo w fares
a n d sp ecial rate tic k e ts s tip u la te d in v a rio u s m u n icip a l fra n ch is e s . T o llo w in g su its b r o u g h t t o e n jo in th e c a n ce lla tio n o f th ese lo w -r a te tic k e ts , th e
C o u rts refu sed th e in ju n c tio n s , sta tin g th e q u e s tio n w as o n e f o r th e c o n
sid e r a tio n first o f th e P . S . C o m m is s io n . T h is w as fo llo w e d b y 35 c o m
p lain ts file d w ith th e C o m m is s io n . P re lim in a ry hearings h e ld Jan . 17
18 a n d 19 resulted in ce rta in m o d ific a tio n s in th e ta riffs b e in g a g re ed u p o n
a n d th e sam e b e c a m e e ffe c tiv e J a n . 2 2 , s u b je c t t o fin a l re v ie w a n d a c t io n
b y th e C o m m is s io n .
( V . 106, p . 190, 39 7 , 2 6 5 0 , 2 7 5 8 .)
__
T h o increasing G o v e rn m e n ta l re g u la tio n o f b u sin ess, c o m b in e d w ith th e
re a d ju stm e n ts n e ce ssita te d t h e r e b y , t o g e th e r w ith th o ca m p a ig n s fo r e c o n
om ie s a n d in ve stm e n ts o f s a v in g s, has m a te r ia lly lessen ed th e tr a v e lin g
o f th e p u b lic , w ith th e resu lt th a t th e t r a ffic d u r in g th e la tte r p a r t o f th e
fiscal y e a r was loss th a n fo r th e co r re s p o n d in g m o n th s o f t h o p r e c e d in g y e a r
a n d op e ra tio n s u n d e r th e n o w t a r iff p r o d u c e d less re v e n u e th a n b e fo r e .
T h e increase in w ages a m o u n ts t o a b o u t $ 8 7 5 ,0 0 0 p e r y e a r , a n d in all p r o b a
b ilit y a fu rth e r in crea se w ill b o n ece ssa ry o n M a y 1 1918. T h e c o s t o f
p o w e r has also sh o w n a m o n t h ly in crea se.
T h o fin a l d e cisio n o f th o C o u rts re la tiv e t o th o ch a r g e o f 10 cen ts fo r
n ig h t fa ro w ith in th e c it y lim its w as ad v e rse t o th o c o m p a n y , fo llo w in g
w h ich p r o m p t a rran gem en ts w ere m a d e fo r retu rn in g t o p a tr o n s th e excess
fares d u o th e m , a m o u n tin g t o a b o u t $ 1 2 5 ,0 0 0 .
N ew C a rs.— D u r in g th e y e a r 65 n e w steel cars w ere r e c e iv e d . T h e c o m
p a n y has s u fficie n t e q u ip m e n t t o re n d e r all th e s e r v ic e n e ce s s a ry a t th e
p resen t tim e .
Freight, & c .— T h o p a rce l express a n d fre ig h t s e r v ic e c o u ld b e g r e a tly
enlarged w ith m u c h b e n e fit t o sh ip p ers a n d c o m m u n itie s s e r v e d th e r e b y
d u rin g th o presen t ex tre m e fre ig h t c o n g e s tio n o n th o railro a d s i f p r o p e r
term inal facilities c o u ld b e s e cu re d in th e c it y .
O utlook.— A t th is d a te , o w in g t o h igh er o p e r a tin g c o s ts , in cre a se d ta x e s ,
de m a n d s fro m its e m p lo y e e s fo r in crea sed w ages a g g r e g a tin g $ 1 ,7 5 0 ,0 0 0 ,
d em an d s fro m th e c it y o f P itts b u r g h fo r e n o rm o u s e x p e n d itu re s fo r jo in t
stre e t im p ro v e m e n ts , a n d all w ith a de cre a se in its re c e ip ts , th e c o m p a n y
is c o n fro n te d w ith th o m o s t seriou s s itu a tio n in its h is to ry .
[On A p ril 23 1918 H . S. A . S te w a r t, J . D . C a lle r y a n d G . A . F a g a n w ere
a p p o in te d receivers fo r th is c o m p a n y u p o n a p p lic a tio n o f th e A m e rica n
B ra k e S h oo & F o u n d r y C o . a n d th e S t. L o u is C a r C o . , it b e in g a lleg ed t h a t
reven u es w ere in su fficie n t t o m e e t m a tu rin g o b lig a tio n s a n d th a t th ere w as
im m e d ia te d an ger o f th o sy s te m b e in g d ism e m b e re d b y b o n d h o ld e rs o f th e
u n d e rly in g c o r p o r a tio n s .
V . 106, p . 1797, 1231, 2 23 0, 932 .
T h e fa c ts regardin g th e ro ce n t in crea se in fa re s, e ffe c tiv e Ju n e 20 1 9 1 8 .
w ore g iv e n in V. 106, p . 265 0, w h ile th o p r o p o s e d a p p lic a tio n o f th e in
creased re ce ip ts e x p e c te d t o rosult th e re fro m a re in d ica te d o n s u b s e q u e n t
p a ge s o f this Issue o f th e " C h r o n ic le .” ]
CO N SO L. I N C O M E & P R O F IT & LOSS Y E A R E N D E D M A R . 31 1 9 1 8 .
[P ittsb u rg h R y s . C o ., B e a v e r V a lle y T r a c . C o . , P it t s b . & B e a v e r S treet
R y . C o ., C la ir to n S treet R y . C o . , in te r -c o m p a n y item s e lim in a te d .]
191 5-1 6.
191 6-1 7.
1917-18.
G ross earnings o f s tre e t r a ilw a y ------ .$ 1 3 ,7 2 6 ,7 4 1 $ 1 3 ,1 8 4 ,4 3 0 $ 1 2 ,1 2 3 ,2 7 6
$ 1 ,1 8 4 ,0 9 4 $ 1 ,1 0 8 ,6 6 7 $ 1 ,0 2 6 ,6 7 2
M a in te n a n c e o f w a y a n d stru ctu res.
6 1 9 ,8 8 6
8 01 ,989
1 ,2 8 8 ,8 6 9
M a in te n a n c e o f e q u ip m e n t _________ .
2 7 ,9 2 0
2 9 ,9 4 2
4 1 ,8 5 4
T r a f f i c ......................... ................................ . .
1 ,1 5 9 ,6 3 0
1 ,4 7 2 ,1 8 2
2 ,0 8 3 ,9 8 1
P o w e r ________________________________ .
3 ,0 6 5 ,3 8 8
3 ,5 6 2 ,2 9 4
3 ,9 0 7 ,4 3 2
T r a n s p o r t a t io n ______________________ .
1 ,4 7 4 ,7 5 4
1,3 4 3 ,8 9 1
1 ,5 8 9 ,6 6 0
G eneral a n d m is ce lla n e o u s__________ .
T o t a l o p e ra tin g e x p e n s e s -------------- .$ 1 0 ,0 9 5 ,8 9 0
N e t o p e ra tin g re v e n u e s _____________ . . $ 3 ,6 3 0 ,8 5 1
4 4 ,8 6 6
A u x ilia r y op e ra tio n s ( n e t ) __________ . .
$ 8 ,4 4 9 ,8 2 9
$ 4 ,7 3 4 ,6 0 1
7 2 ,9 6 3
$ 7 ,2 4 3 ,3 8 7
$ 4 ,8 7 9 ,8 8 8
4 8 ,0 1 7
G ross o p e ra tin g r e v e n u e s -------------- . . $ 3 ,6 7 5 ,7 1 7
581 ,6 5 3
T a x e s ________________________________ . .
$ 4 ,8 0 7 ,5 6 4
511 ,2 5 2
$ 4 ,9 2 7 ,9 0 5
4 4 7 ,5 1 6
N e t earnings o f stre e t r a i lw a y s ..
R e n ta l o f real esta te a n d b u ild in g s .
In te re st an d d is c o u n t_______________
M is c e lla n e o u s _______________________
. . $ 3 ,0 9 4 ,0 6 4
..
$ 9 8 ,0 4 4
..
2 3 ,596
..
7,3 4 9
$ 4 ,2 9 6 ,3 1 2
$97 ,451
54,211
20,4 2 0
$ 4 ,4 8 0 ,3 8 9
$ 8 7 ,3 0 8
19,822
305
..
$12 8 ,9 8 9
. . $ 3 ,2 2 3 ,0 5 3
._ $ 3 ,0 4 7 ,7 6 6
$ 1 7 2 ,0 8 2
$ 4 ,4 6 8 ,3 9 4
$ 2 ,9 4 8 ,0 0 0
131 ,978
4 1 4 ,7 0 2
600 ,0 0 0
$ 1 0 7 ,4 3 5
$ 4 ,5 8 7 ,8 2 4
$ 2 ,8 5 0 ,7 2 7
1 2 3 ,8 0 4
3 8 9 ,1 0 6
6 0 0 ,0 0 0
3 ,3 1 4
9 1 ,2 7 8
4 1 7 ,9 8 7
8 9 ,6 7 2
N o t ea rn in gs-----------$ 8 ,7 1 7 ,0 3 7
I n t . on b o n d s, A c ------$ 4 ,1 0 0 ,9 0 7
185,050
B o n d , A c . , d is c ’t & e x p .
1,2 5 0 ,0 0 0
D e p r e cia tio n reserv e—
$ 9 ,5 6 6 ,5 0 1
$ 3 ,8 4 4 ,9 3 3
173,186
1 ,2 5 0 ,0 0 0
$ 9 ,7 3 8 ,5 8 7
$3,9 8 5 ,4 1 1
160,410
1,3 8 0 ,0 0 0
$ 8 ,3 0 6 ,5 8 2
$ 4 ,1 9 1 ,4 0 1
4 6 9 ,5 1 5
1 ,0 0 0 ,0 0 0
$ 3 ,1 8 1 ,0 8 0
$ 1 ,4 7 1 ,1 0 5
P r o f, d iv id en d s ( 6 % ) .
C o ra m o n d iv id e n d s ------1,281,372
Do
R a to p e r a
(3 % % )
$ 4 ,2 9 8 ,3 8 2 $ 4 ,2 1 2 ,7 6 6
$ 1 ,3 7 4 ,6 3 8 $ 1 ,0 0 0 ,7 1 7
1 ,7 0 8 ,1 6 8
1 ,930,074
( 5 % ) (6 % in s tk .)
$ 2 ,6 4 5 ,6 6 6
$ 6 1 4,98 3
T o t a l o th e r in c o m e _______________
T o t a l in c o m e ________________________
R e n t o f leased p r o p e r tie s _________ In te re s t o n cu rre n t lia b ilitie s______
In te re st o n fu n d e d d e b t ____________
In te re s t o n in c o m e d e b t ____________
D e p r e cia tio n o f su p p lie s----------------D efe rre d a c c 't s p o r tio n w ritte n o f f .
E x tra o rd in a ry e x p e n d itu re s ----------M is c e lla n e o u s _______________________
$42 8 ,6 0 4
$ 1 ,2 8 1 ,9 7 6
$ 2 ,0 3 0 ,6 8 2
T o t a l d e d u ctio n s _________________ . . $ 3 ,7 9 3 ,5 8 6
N o t in c o m e fo r y e a r _________________ . d e f . $ 5 7 0,53 3
501,561
Surplus fo r w a r d ____________________ . .
$ 1 ,2 1 5 ,5 7 6
Pittsburgh (Pa.) Railways Company. .
(Report for Fiscal Year ending Mar.
31
1 9 1 8 .)
P ro sid o n t S . L . T o n o , P itts b u r g h , A p r il 1 , w ro to in s u b s t .:
R esults.— T h o past y e a r has b e e n o n e o f r e m a rk a b le ox tro m o s. T h o
gradu a l g r o w th in tr a ffic d u rin g th o p re v io u s y e a r co n tin u e d until J u ly
1917, w h en o ccu rred th e largest m o n th ’s tr a ffic in th o h is to ry o f th o c o m
p a n y , sin ce w h ich tim e th ero has b e e n a m o n th ly d ocroa so. T h o d e p a rtu re
o f m en th rou gh en listm en t a n d th o d r a ft fo r se r v ic e w ith th o G o v e rn m e n t
a n d th o a ttr a c tio n o f high w ages o n G o v e rn m e n t w o rk elsew here fo r m e
ch a n ics a n d laborers has re su lte d in a cu rta ilm e n t o f general businoss in
this d is tric t th a t has b e e n re fle c te d In r e d u ce d tr a ffic .
T h o k een c o m p e titio n a m o n g indu stries fo r all classos o f la b o r , resu ltin g
in th o lilgh ost w ages o v e r ex p e rie n ce d b y th o c o m p a n y , to g o th e r w ith th o u n
certa in ties regardin g n ece ssa ry m aterials a n d su pplies h a v o ca u se d a g ra d
u a lly in crea sin g m o n th ly c o s t o f o p e ra tin g exp en ses, th e h igh est o v e r in
th o h is t o r y o f th o c o m p a n y , th o o p e ra tin g r a tio , exclu siv e o f ta xe s in crea s
in g fro m 6 4 .1 % fo r th o p r e v io u s y e a r t o 7 3 .4 1 % fo r th o p a s t y e a r, a n d in
c lu d in g taxes bein g 6 7 .9 7 % fo r th o p ro v io u s y e a r, c o m p a r e d w ith 7 7 .7 % .
T h o g ross earnings o f th e c o m p a n y fo r th o y e a r 1917-18. w ere $ 1 3 ,4 2 1 ,9 3 4 ,
b e in g an increaso o f b u t $66 ,9 6 2 o v e r th o p ro v io u s y e a r. T h o op e ra tin g
exponsos fo r th o y ea r w e re $ 9 ,8 5 5 ,0 1 0 , b e in g a n in crea se o f $ 1 ,3 0 7 ,6 0 3
o v e r th o p rov iou s y o a r . T a x e s in crea sed $ 5 7 ,9 2 3 . T h o c o s t o f p o w e r in
crea sed $49 0 ,1 5 6 , d u o p r im a rily t o th o u n p re ce d e n te d p rice s o f c o a l.
Im provem ents, & c.— T h e ro has bo o n e x p e n d e d d u rin g th o y o a r $54 0 ,3 9 8
fo r im p rov em en ts , b ette rm e n ts a n d e x te n sio n s, o f w h ich $ 3 5 9 ,4 8 8 has been
ch a rg ed t o ca p ita l a c c o u n t o f this a n d s u b sid ia ry c o m p a n ie s a n d $ 1 8 0,91 0
lias boon ch a rged t o a d eferred a c c o u n t , d u o t o e x tra o rd in a ry expen d itu res
fo r im p ro v e m e n ts , rep lacem en ts an d realign m en ts; th o ro has bo o n ch a rged
t o th o in c o m e a c c o u n t $ 9 1 ,2 7 8 , as a m o r tiz a tio n o f th o d e fe rre d a c c o u n t fo r
th o sa m o class o f w ork .
T h o ro has b een exp en d e d in th e m a in te n a n ce o f w a y d e p a rtm e n t d u rin g
th o y oa r $ 1 ,1 4 6 ,2 5 6 tor o rd in a ry m a in te n a n ce w o rk .
C ity’ s C om plaint.— O n Ju n o 29 1917 th o C it y o f P itts b u r g h file d w ith th o
P . H. C om m ission again st th o c o m p a n y a gon cral c o m p la in t r o la tiv o t o its
ca p ita liz a tio n , m eth od s o f o p e r a tio n , m a n a g e m e n t, s e rv ice s fu rn ish e d ,
faros ch a rg e d , p rop erties an d e q u ip m e n t u sed .
T o c on s id er qu estion s o f s e rv ice , a c o n fe re n ce c o m m itte e o f fiv o w as o r
g a n iz ed , in clu d in g th e C h a irm a n o f th o C o m m is s io n , t w o rep resen ta tives
o f th e c it y a n d tw o o f th o c o m p a n y , a n d h eld 58 m eotin g s u p t o A p r. 1 1918,
re p o r tin g its con clu sion s t o th o C o m m is s io n . T h e C o m m is s io n issu ed six
orders t o th o c o m p a n y , w h ich w ero c o m p lie d w ith ; a n d fiv o r e c o m m e n d a
tion s t o th o c it y , c o n ce rn in g n o n o o f w h ic h w as a n y a c tio n ta k e n b y th o
la tte r .
,
► ^Propaganda again st th o c o m p a n y b e c a m e a fe a tu r o o f th o M a y o r a lt y
c a m p a ig n in O cto b e r , th o rosu lt b e in g th a t in th o m id s t o f th o p o litica l
c a m p a ig n th o m o to rm o n a n d c o n d u c to r s p assed resolu tion s n o t t o w o rk
trip p ers n o r trailers, an d th eir o fficia ls s u gge ste d t o th o m a n a g e m e n t their
dosiro fo r a raiso in w ages, all c o n tr a r y t o th eir ag re e m e n t w h ich w as in
e ffe c t t o M a y 1 1918. T h e se a c tio n s ca u s e d seriou s c u r ta ilm e n t o f ra sh h o u r s e r v ic e an d resulted in co n s id e ra b le d is o rd e r a n d p r o p e r t y d a m a g e .
Fare In crea ses.— F o llo w in g n o t ic o fro m th o P . S. C o m m is s io n o f th o a b s o
lu te n ecessity o f im p ro v e m e n ts in ru sh -h o u r s e r v ic e , t h o c o m p a n y o n
D e c . 22 a u th orized an increa so in w ages o f 2 )3 ce n ts p e r h o u r o n th a t d a te ,
a n d a fu r th e r 2
cen ts p er h o u r u p o n a n o w t a r iff b e c o m in g e ffe c tiv e 30
-
..
..
6 4 2 ,9 5 3
9 1 ,2 7 8
8 ,1 8 9
3 ,4 0 0
9 1 ,2 7 8
2 7 2 ,1 6 4
1,797
$ 4 ,4 5 9 ,9 1 9 $ 4 ,5 6 5 ,8 8 8
s u r .$ 8 ,475 s u r .$ 2 1 ,9 3 6
6 2 7 ,2 7 4
6 4 9 ,2 1 0
T o t a l p . & ]. d e f. o r s u rp lu s _______ d e f .$ 6 8 ,9 7 2 su r .$ 6 5 7 ,6 8 5 s u r .$6 4 9 ,2 1 0
B A L A N C E S H E E T M A R C H 31.
1917.
1918.
1917.
1918.
L ia b ility —
$
$
$
$
Prop. & franchises 19,153,907 14,940,573 Common stock__ 5,000,000 2.500.000
2.500.000
Btls. of P. Ry. Co. 3,461,000 3,795,000 Preferred stock__1,310,000
Stks.Abds.oth.cos.il,697.110 9,626,381 Funded debt....... 24,483,000 22,106,000
227,286 Notes payable_
_ 1,050,000 1.160.000
Cash..................
109,534
491,406
760,704
201,011 Acc’ts payable_
Special deposits. .
103,190
572,846
203,067 Taxes________
659,579
Acc’ts receivable. 378,096
720,923
716,883
12,500 Rentals....... ......
Mtges.,Ac., rec'le.
15,500
20,625
763,424 Int. on fund, debt
36,257
Mat'ls & supplies. 964,409
484
_
514
13,920 Other Interest_
Unexplred lnsur..
97,485
114,351
42,164 Reserves....... .....
135,538
Prepaid acc’ts_
_
39,676
657,684
_
____
744,307 Profit and loss_
Deferi-ed accounts 890,185
_ 4,033,595 1,695,098
Affiliated cos_
_ 1,196,006 1,964,781 Affiliated cos_
Capital stk. ellm.
11,000
P. & L. deficit...
68,972
A ssets—
Total..............38,186,070 32,539,417
Total..............38,186,070 32,539,417
F o r list o f s to ck s o w n e d (in clu d in ; th e s t o c k o f U n lto d T r a c t io n C o .)
8oo p . 100 o f " E l e c . R y . S e c t io n .” — i . 106, p - 2 7 5 8 , 265 0.
Manila Electric Railroad & Lighting Corporation.
( 1 3 th
Annual Report— Year ending Dec.
3 1 1 9 1 7 .)
P r e s . C h a rle s M . S w if t, N . Y . , M a y 1 5 , w r o te in s u b s ta n c e :
R esults.— T h e gross earnings w ere $ 1 ,7 9 5 ,7 4 7 , an in crea se o f $ 2 0 1 ,6 6 8 ,
o r 1 2 .6 5 % : o p e ra tin g expenses a n d ta x e s. $ 9 1 7 ,4 9 9 , an increase o f $ 8 2 ,0 7 4 ,
o r 9 .8 2 % , and n e t earnings w ere $ 8 7 8 ,2 4 8 , an in crea se o f $ 1 1 9 ,5 9 3 , o r
1 5 .7 6 % . B o n d a n d o th e r in terest ch arges a m o u n te d t o $ 2 6 5 ,0 0 8 . an d
sin k in g fu n d requ irem en ts w ero $ 6 7 ,6 5 0 , le a v in g su rp las fo r th e ye a r $ 5 4 5 ,
590 , w h ich sh ow ed an Increase o f $ 9 5 ,7 5 2 , o r 2 1 .2 9 % o v e r 1916. T h e r e
pla ce m e n ts an d renew al reserve w as c r e d ite d w ith $ 1 0 8 ,0 0 0 , a n d fo u r q u a r
te r ly d iv id e n d s o f 1 ) 3 % e a ch , a m o u n tin g t o a to ta l o f $ 3 0 0 ,0 0 0 , w ere p a id .
T h is le ft a ba la n ce o f $1 3 7 ,5 9 0 o v e r all d isbu rsem en ts a n d reserves, w h ich
a m o u n t w as tran sferred t o su rp lu s, m a k in g th e to ta l a c c u m u la te d surplus
t o D o c . 31 1917 $ 1 ,8 1 6 ,1 1 6 , an increase o v e r 1916 o f $ 1 3 5 ,3 7 6 .
Reserve.— T h e reserve fo r re p la ce m e n ts a n d ren ew als w as in crea sed
d u rin g th e year f ro m $ 8 0 ,0 0 0 p er an n u m t o $ 1 0 8,00 0 p e r a n n u m : th o b a la n ce
in th e reserve a c c o u n t fo r re p la ce m e n ts an d ren ew als a t D e c . 31 1917
a m o u n te d t o $ 5 4 9 ,1 3 0 .
Sinking F u n d .— D u rin g th e y o a r th ere w ero pu rch a se d fo r th o sin k in g
fu n d $59,000 5 % 5 0 -y e a r F irst L ie n & C olla te ra l b o n d s, m a k in g a to ta l o f
$ 3 5 6,00 0 b o n d s in th e sinking fu n d D e c . 3 1 . T h e re w ere also p u rch a sed
b y th e trustee M a n ila S u b u rb a n R a ilw a y s C o . 1st M . 5s $ 5 ,0 0 0 , m a k in g
$ 2 9 ,0 0 0 in th at fu n d D e c . 31 1917.
D ivision al E a rn in g s.— T o t a l ra ilw a y earnings a m o u n te d t o $ 8 0 0 ,1 0 3 , an
increase o f $10 0 ,1 7 7 , o r 1 4 % , d u e m a in ly t o th e general p ro s p e r ity o f th e
c it y . T o p ro v id e fo r in crea sed d em an d s fo r ra ilw a y p o w e r a new 1,000 k .w .
r o ta r y co n v e rte r w ill b e in stalled as so o n as p o s s ib le , w hile 15 new cars w ill
b o co n s tr u c te d as m a y b o necessary In th e c o m p a n y 's sh op s.
T h e gross earnings o f th e ele ctric d e p a rtm e n t s h o w an increase o f $ 8 9 ,5 5 3 ,
o r 1 0 .2 % . O f this increase, $ 7 2 ,2 9 6 represents increase in re v e n u e fro m
th o sale o f co m m e rcia l p o w e r , th is sin gle ite m in crea sin g 3 9 . 5 % , d u e m a in ly
78
THE CHRONICLE
t o h ig h m a r k e t p r i c e s f o r f u e l a n d t h e d e v e l o p m e n t o f n e w i n d u s t r ie s r e
q u i r in g p o w e r .
W a r c o n d i t i o n s h a v e g r o a t l y s t im u l a t e d t h e c o c o a n u t o i l
i n d u s t r y w it h t h e r e s u lt t h a t s e v e r a l p la n t s r e q u i r in g a la r g o a m o u n t o f
P o w e r h a v e b e e n b u i l t in a n d a r o u n d M a n i l a f o r o il e x t r a c t io n .
T o p r o v id o
a d d it i o n a l p o w e r c a p a c i t y c o n t r a c t s h a v e b e e n m a d e f o r o n e 5 ,0 0 0 k . w .
t u r b o - g e n e r a t o r a n d o t h e r e q u i p t . w h ic h w ill p r o b a b l y b e in s t a lle d i n 1 9 1 9 .
C o n s tr u c tio n , A c . — D u r in g t h e y e a r a t o t a l o f $ 9 3 ,3 1 8 w a s s p e n t o n c o n
s t r u c t i o n w o r k a n d a t o t a l o f $ 2 0 8 ,8 8 2 w a s e x p e n d e d f o r r e c o n s t r u c t i o n ,
t h e g r e a t e r p a r t o f w h ic h w a s f o r t r a c k a n d r o ll i n g e q u i p t . r e h a b i l it a t i o n .
O u tlo o k .— T h e r a p i d i n c r e a s e in n e t e a r n in g s , p a r t i c u la r l y d u r i n g t h e
p a s t y e a r , a n d t h e p r o s p e c t o f c o n t in u a n c e o f g o o d b u s in e s s c o n d i t i o n s , i n
d i c a t e t h a t t h e s u r p lu s e a r n in g s a b o v e p r e s e n t r a t e o f d i v i d e n d p a y m e n t w ill
b e s u f f i c ie n t t o p r o v i d e l a r g e ly , i f n o t e n t i r e l y , t h e f u n d s f o r t h e c a r r y in g
o n o f n e ce ssa ry co n s tr u c tio n w o rk .
B u s in e s s and, P o lit ic a l S itu a tio n .— B u s in e s s c o n d i t i o n s d u r i n g t h e y e a r
h a v e , o w in g t o t h e w a r , i m p r o v e d g r e a t l y , a n d g e n e r a l p r o s p e r i t y o b t a i n s
n o t o n l y in M a n i l a , b u t t h r o u g h o u t t h o P h il ip p in e I s la n d s .
E x p o rts sh ow
la r g e In c r e a s e s , p r i n c ip a ll y in v e g e t a b l e o ils a n d c o p r a , h e m p a n d t o b a c c o .
I h e g e n e r a l p o l it i c a l s i t u a t io n h a s c h a n g e d e n t i r e l y , a s t h o q u e s t i o n o f
I n d e p e n d e n c e h a s p r a c t ic a l l y b e e n e lim i n a t e d .
T h e a tt it u d e o f th e a u t h o r i
t ie s t o w a r d t h o U n it e d S t a t e s h a s c h a n g e d f r o m o n e o f r e s e r v e o r a n t a g o n is m
t o o n e o f f r ie n d s h ip a n d c o - o p e r a t i o n , w it h a r e a l iz a t i o n t h a t A m e r i c a n
o r f o r e i g n c a p it a l m u s t b e o b t a i n e d t o d e v e l o p t h e is la n d s .
T h o I n s u la r
g o v e r n m e n t f o r 1 9 1 7 h a d a s u r p lu s o v e r e x p e n d it u r e s o f m o r e t h a n $ 6 ,
0 0 0 ,0 0 0 , a n d t h e e s t im a t e d s u r p lu s f o r 1 9 1 8 is e v e n g r e a t e r t h a n t h is .
A
G o v e r n m e n t b a n k , t h e P h il ip p in e N a t io n a l B a n k , w a s e s t a b lis h e d a n d h a s
b e e n p h e n o m e n a ll y s u c c e s s fu l , it s d e p o s i t s , f a r e x c e e d i n g t h o m o s t o p t i
m is t i c e s t im a t e s , a m o u n t i n g t o o v e r $ 5 0 ,0 0 0 ,0 0 0 .
C O N S O L ID A T E D I N C O M E A C C O U N T FO R Y E A R S E N D I N G D E C . 3 1 .
_
.
1917.
1916.
1915.
1914.
$ 1 ,5 9 4 ,0 7 8
$ 1 ,4 9 4 ,7 8 8
$ 1 ,6 0 2 , 0 0 2
G r o s s e a r n in g s ---------------- $ 1 , 7 9 5 , 7 4 7
O per. exp . an d t a x e s ...
9 1 7 ,4 9 9
8 3 5 ,4 2 4
7 6 2 ,9 5 9
8 1 8 ,4 1 5
N e t e a r n in g s ___________
$ 8 7 8 ,2 4 8
B o n d , & c . , i n t e r e s t _____
$ 2 6 5 ,0 0 8
S in k in g f u n d r e s e r v e ___
6 7 ,6 5 0
R e p la c e m e n t , & c . , r e s . .
1 0 8 ,0 0 0
D i v i d e n d s p a i d .............. . ( 6 % ) 3 0 0 , 0 0 0
$ 7 5 8 ,6 5 4
$ 2 6 5 ,0 3 3
4 3 ,7 8 3
8 0 ,0 0 0
(6 )3 0 0 ,0 0 0
$ 7 3 1 ,8 2 9
$ 2 6 4 ,9 7 5
4 1 ,5 0 0
8 0 ,0 0 0
(6 )3 0 0 ,0 0 0
$ 7 8 3 ,5 8 7
$ 2 7 7 ,7 1 7
2 8 ,2 5 0
8 0 ,0 0 0
(7 )3 5 0 ,0 0 0
T o t a l d e d u c t i o n s _____
$ 7 4 0 ,6 5 8
$ 6 8 8 ,8 1 6
$ 7 3 5 ,9 6 7
$ 6 8 6 ,4 7 5
B a la n c e , s u r p lu s _________
$ 1 3 7 ,5 9 0
$ 6 9 ,8 3 8
$ 4 7 ,6 2 0
$ 4 5 ,3 5 4
T h e r e p o r t s h o w s t h a t t h e n e t e a r n in g s f o r t h e t h r e e m o n t h s e n d in
M a r . 3 1 1 9 1 8 in c r e a s e d $ 6 8 ,0 0 0 o v e r t h o c o r r e s p o n d i n g p e r i o d o f 1 9 1 7 .
C O N S O L ID A T E D
1917.
$
BA LANCE
1916.
SHEET
DEC.
31.
1917.
5
Cost of properties,
Cap. stock issued. 5,000,000
plants and fran
[With trus.for eorp. 1,000,000
chises subsidiary
<b% 50-yr. 1st L. &
companies............. 12,622,169 12
430,971
Coll. T . s. f. bds.x4,641,000
Cash....... .................
177,683
137,010 Man.Sub.Uys. 1st5s y537,000
Other current, &c.,
ICurrent liabilities.
355,117
accounts ...........
641,245
647,838 Accrued interest..
92,717
Cash for sinking
'Reserves_________
670,644
fund_______________
853
8,180 Surplus__________z l , 145,472
A ssets —
,
1916.
L iabilities —
$
T o ta l..................13,441,950 13,223,999
$
5.000.
1 .0 0 0 .
4,700,000
542,000
208,542
92,717
762,310
918,430
T o ta l................... 13,441,950 13,223,999
x T h e t o t a l a u t h o r i z e d w a s $ 5 , 0 0 0 , 0 0 0 , le ss b o n d s in s in k in g f u n d ,
$ 3 5 6 ,0 0 0 ; in h a n d s o f t r u s t e e in lie u o f m o r t g a g e d p r o p e r t y s o l d , $ 3 ,0 0 ,1 .
y T o t a l a u t h o r i z e d $ 2 , 5 0 0 , 0 0 0 i s s u e d .3 6 5 0 ,0 0 0 , less $ 8 4 ,0 0 0 b o n d s in
t r e a s u r y a n d $ 2 9 ,0 0 0 b o n d s in s in k in g f u n d .
z A f t e r a d d in g 3 7 8 ,4 0 1 c a r r ie d a s r e s e r v e s f o r s in k in g f u n d t r a n s f e r r e d t o
s u r p lu s a n d s u n d r y i t e m s (n e t ) a g g r e g a t i n g $ 1 1 ,0 5 1 .
S in c o J a n . 1 1 9 1 8 t h e r e h a s b e e n a d d e d $ 1 3 ,0 0 0 f a c e v a l u e 5 % 5 0 - y e a r
I i r s t L io n a n d C o lla t e r a l trust, s in k in g f u n d g o l d b o n d s t o t h e s in k in g f u n d ,
m a k i n g t h e t o t a l b o n d s in t h a t f u n d $ 3 6 9 ,0 0 0 . — V . 1 0 6 , p . 9 2 4 .
Piedmont & Northern (Electric) Railway.
(Seventh Annual Report— Year ending Dec. 31 1917.)
President J. B . Duke, N e w York, says in substance:
T h e s t o r m in t h o r e g i o n o f t h e h e a d w a t e r s o f t h o C a t a w b a R i v e r , o n J u l y
1 5 a n d 16 1 9 1 6 , o f u n p r e c e d e n t e d v i o le n c e , w h i c h w a s h e d a w a y o u r b r i d g e
o v e r th e C a ta w b a R iv e r a t M o u n t H o lly , N . C ., a n d c a u s e d o th e r d a m a g e
t o o u r p r o p e r t y , t h o r e c o n s t r u c t i o n o f w h ic h w a s n o t c o m p l e t e d u n t il
t h o l a t t e r p a r t o f t h o y e a r 1 9 1 7 , w ill e x p l a i n t h e a b n o r m a l in c r o a s o in t h o
i t e m o f w a y a n d s t r u c t u r e s s h o w n in o u r e x p e n d it u r e s f o r D e c . 1 9 1 7
T h i s b r i d g e o f m o d e m t y p o w a s r e p l a c e d a t a c o s t o f $ 1 3 9 ,2 5 1 , a n d w a s
c o n s t r u c t e d w i t h m o r o c le a r a n c e , d e s i g n e d t o o v e r c o m e a s im ila r f l o o d ,
a n d t o p r o v id o fo r a d o u b le t r a c k w h e n n o e d e d .
D u r i n g t h o y e a r t h e r e w e r e l o c a t e d o n o u r lin o o f r o a d t w o A r m y T r a i n i n g
C a m p s — C a m p S e v ie r , f i v e m ile s n o r t h o f G r e e n v il l e , S . C . ; a n d C a m p
W a d s w o r t h , f i v e m ile s s o u t h o f S p a r t a n b u r g .
A t C a m p S e v ie r , t r a c k s a n d
s t a t i o n b u i l d in g s w e r e c o n s t r u c t e d a t a c o s t o f $ 1 2 ,6 6 3 , a n d a t C a m p
W a d s w o r t h a t a c o s t o f $ 5 4 ,6 4 4 , t o t a k o c a r e o f G o v e r n m e n t b u s in a s s ,
a n d a l s o p u r c h a s e d e i g h t p a s s e n g e r c o a c h a s , a n d h a v e c o n s t r u c t e d in o u r
s h o p s f o u r e l e c t r i c l o c o m o t i v a s , a t a c o s t o f $ 1 1 5 ,0 0 0 .
T h e P r a s i d o n t ’s p r o c la m a t i o n o f D e c . 2 8 1 9 1 7 , in c lu d e d t h is p r o p e r t y
u n d e r G o v e r n m e n t c o n t r o l , a n d i t w ill b o o u r l n t o n t i o n t o c o - o p e r a t e t o
t h e f u ll e s t e x t e n t w i t h t h o G o v e r n m e n t in t h o o p e r a t i o n o f t h o p r o p e r t y .
R E S U L T S , & c ., F O R C A L E N D A R Y E A R S .
E x p . & A vg e.
G ro s s
O p . E x p .O p .I n c .
T a x to
M ile s
R ev. p e r P er M . P er M .
C a le n d a r
G ross
O p e r lin g
G ro s s
O p er M ile o f
of
of
Y e a r s — R e v e n u e.
In co m e.
R e v e n u e , a led .
R oad.
R oad.
R oad.
1 9 1 7 _____ $ 1 ,5 2 3 ,6 7 4
$ 5 8 9 ,2 9 1
6 1 .3 %
1 2 7 .9
$ 1 1 ,9 1 3
$ 7 ,3 0 6
$ 4 ,6 0 7
1 9 1 6 _____ 1 ,2 2 4 ,1 5 9
5 1 8 ,5 9 5
5 7 .6 %
1 2 7 .4
9 ,6 0 8
5 ,5 3 8
4 ,0 7 0
1 9 1 5 _______ 1 ,0 1 0 ,5 4 7
3 9 8 ,2 8 7
6 0 .6 %
1 2 4 .7
8 ,1 0 3
4 ,9 0 9
3 ,1 9 3
1 9 1 4 -------9 4 9 ,9 1 4
3 2 4 ,3 4 4
6 5 .8 %
1 2 1 .0
7 .8 5 0
5 ,1 7 0
2 ,6 8 0
GENERAL
S T A T IS T IC S FOR C A L E N D A R
.
„
,
1917‘
A v e r a g e m ile s r o a d o p e r ________________
128
2 ,3 4 1 , 3 3 4
T o t a l p a s s e n g e r c a r r i e d ________________
A v e r a g e fa r o p e r p a s s e n g e r :
M a i n l i n e ______________________________
.2 6 4 3 c t s .
G a s t o n ia C i t y l i n o _____________________
.0 5 c t s .
R o v e n u o t o n s c a r r ie d ( n e t ) ____________
7 5 4 ,3 8 6
R e v . t o n s c a r r ie d o n e m i l e _____________ 6 2 . 8 2 4 ,1 5 5
A v e r a g e r e c e ip t s p e r t o n p e r m i l o _____
1 .3 9 c t s .
G r o s s r e v e n u o p e r m ile o f r o a d ________
$ 1 1 ,9 1 3
127
1 .4 6 7 ,3 5 8
1915.
125
1 , 2 2 1 ,2 8 4
.3 0 8 5 c t s .
.0 5 c t s .
7 1 7 ,2 9 6
6 4 ,0 5 6 .6 8 9
1 .1 7 c t s .
$ 9 ,6 0 9
.3 1 1 4 c t s .
.0 5 c t s .
5 7 2 ,8 0 9
5 0 ,7 3 4 ,8 5 1
1 .2 0 c t s
$ 8 ,1 0 4
IN C O M E A C C O U N T FOR C A L E N D A R
Operating Revenue—
1917.
P a s s e n g e r ..............................................................
$ 5 6 2 ,5 6 6
F r e i g h t .........................................................................
M i s c e l l a n e o u s _______________________________
8 7 2 ,3 3 0
8 8 ,7 7 8
T o t a l o p e r a t i n g r o v e n u o _______________ $ 1 , 5 2 3 , 6 7 4
M a i n t e n a n c e o f w a y & s t r u c t u r e s _____
$ 1 4 0 ,7 2 2
M a i n t e n a n c e o f e q u i p m e n t ____________
7 7 ,8 8 6
P o w e r ..................
1 4 4 ,2 3 8
YEARS.
1916.
YEARS.
1916.
$ 4 0 1 ,2 9 3
7 5 0 ,98S
7 1 ,8 7 8
1915.
$ 3 4 1 ,8 7 7
6 1 0 ,8 0 3
5 7 ,8 6 8
$ 1 ,0 1 0 ,5 4 7
$ 6 6 ,4 3 4
5 0 ,9 8 5
1 2 9 .0 4 9
1 5 8 ,3 2 0
2 2 ,7 1 1
1 4 7 ,3 7 4
T r a n s p o r t a t i o n _____________________________
2 0 7 ,8 3 7
T r a f f i c .....................................................
G e n e r a l, & c .......................................
2 8 ,8 7 1
2 6 3 ,2 2 4
1 ,2 2 4 ,1 5 9
$ 7 6 ,3 4 4
5 8 ,6 5 8
1 2 9 ,0 4 7
1 7 0 ,7 2 2
2 8 ,8 1 1
1 9 3 ,1 3 5
T a x e s ....... ............................... ..............
....
-----------
$ 8 5 9 ,7 7 8
$ 6 6 3 ,8 9 6
7 4 ,6 0 5
$ 6 5 6 ,7 1 7
$ 5 6 7 ,4 4 2
4 8 ,8 4 7
$ 5 7 4 ,8 7 3
$ 4 3 5 ,6 7 4
3 7 ,3 8 8
O p e r a t in g i n c o m e _________
N o n - o p e r a t i n g i n c o m e ______
-----...
$ 5 8 9 ,2 9 1
8 360
$ 5 1 8 ,5 9 5
9 ,6 5 3
$ 3 9 8 ,2 8 7
1 1 ,0 7 3
.---
$ 5 9 7 651
$ 5 2 8 ,2 4 8
$ 4 0 9 ,3 6 0
O t h e r i n t e r e s t _________
M is c e l la n e o u s d e b i t s .
....
------.---
$ 3 1 6 ,5 3 4
2 2 ,0 6 6
1 ,2 1 5
$ 3 1 6 ,7 4 6
2 7 ,9 0 1
1 ,3 7 6
3 1 6 ,7 1 0
2 8 ,8 6 0
1 ,1 7 9
B a la n c e , s u r p lu s .
-------------
$ 3 3 9 ,8 1 5
$ 2 5 7 ,8 3 6
$ 3 4 6 ,0 2 3
$ 1 8 2 ,2 2 4
$ 3 4 6 ,7 4 9
$ 6 2 ,6 1 1
T o t a l o p e r a tin g e x p e n s e s .
N e t earnings________________
D e d u c t io n s —
[V ol . 107
BALANCE
Assets—
1917.
$
S H E E T , D E C E M B E R 31.
1916.
1917.
L iabilities —
$
x Capital stock___ 8,584,600
Funded debt_____ y6,322,900
Loans & notes pay.
452,516
Accounts & wages.
220,541
Matured interest.
159,730
Miscell. accounts.
159,768
Accrued deprec’n .
83,451
Oth. unadj. credits
155,503
Profit and loss____ z496,083
$
Road & equlpm’t . 15,707,436 15,598,716
Invest: Stocks and
no tes__________
26,082
41,082
Cash_______________
148,095 155,181
Special deposits..
159,942
162,872
Acc’ ts recelv., &c.
283,713
105,702
Material & supp..
125,518
96,624
Unadjusted debits
184,307
49,724
T o ta
________ l.................. 16,635,093 16,209,901
1916.
$
8,584,600
6,327,400
412,516
205,966
162,660
183,813
59,814
16,144
250,988
T o t a l .................... 1 6 ,6 3 5 ,0 9 3 1 6 ,2 0 9 ,9 0 1
x C a p it a l s t o c k , b o o k l ia b il i t y , $ 1 0 ,0 0 0 ,0 0 0 , less $ 1 ,4 1 5 , 4 0 0 h e l d f o r
c o m p a n y s a c c o u n t b y N a t io n a l C i t y B a n k , N . Y . ; b a l a n c e a s a b o v e .
$ 8 ,5 8 4 ,6 0 0 .
y I n c lu d e s a s o f D e c . 3 1 1 9 1 7 : f u n d e d d e b t u n m a t u r e d , $ 1 8 ,5 3 6 ,0 0 0 , le s s
$ 1 , 7 1 3 , 1 0 0 h e ld f o r c o m p a n y ’s a c c o u n t b y N a t io n a l C i t y B a n k a n d $ 1 0 ,
5 0 0 ,0 0 0 p l e d g e d ; b a l a n c e a s a b o v e , $ 6 , 3 2 2 , 9 0 0 .
z A f t e r d e d u c t i n g s u n d r y it e m s ( n o t ) $ 1 8 ,7 4 1 .
S e c u r it ie s is s u e d : (1 ) p l e d g e d — b o n d s , $ 1 0 ,0 0 0 ,0 0 0 , a n d n o t e s , $ 5 0 0 , 0 0 0 ;
(2 ) u n p l e d g e d — s t o c k s , $ 1 , 4 1 5 , 4 0 0 , a n d n o t e s , $ 1 , 7 1 3 , 1 0 0 . — V . 1 0 5 , p . 2 4 5 a .
2366.
W illia m C ram p & Sons Ship & E n gin e B ld g . Co., P h ila .
.
( R e p o r t f o r F i s c a l Y e a r e n d in g A p r i l 30 1918.)
Pres. & Gen. Mgr. J. II. Mull, Phila., June 27, wrote in
substance:
A ll A m e r i c a n s h i p b u i l d in g e s t a b lis h m e n t s h a v o , a s a r o s u lt o f t h e w a r ,
b e e n c a l le d u p o n f o r i n c r e a s e d e f f i c i e n c y a n d s p e e d in m e e t in g t h o u n p r e c e
d e n t e d re q u ir e m e n ts o f o u r G o v e rn m e n t f o r n a v a l a n d m e r ch a n t t o n n a g e .
B y v i r t u o o f it s l o n g e x p e r i e n c e , y o u r c o m p a n y h a s b o o n c a l le d u p o n t o
r e n d e r a s p e c i a l s e r v ic e in d o v o t i n g m a s t o f it s f a c il i t i e s t o t h o r a p i d c o n
s t r u c t i o n o f v e s s e ls f o r t h o N a v y D e p a r t m e n t .
W o n o w h a v e u n d e r c o n t r a c t , in v a r i o u s s t a g e s o f c o m p l e t i o n , t o r p e d o
b o a t d e s t r o y e r s a n d s c o u t c r u is e r s f o r t h o N a v y D e p a r t m e n t ; 1 0 , 0 0 0 - t o n
b u l k o il t a n k e r s a n d c a r g o v e s s e ls f o r t h o U n it e d S t a t e s 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 ; m a k i n g 5 7 v e s s e ls in a ll.
D u r in g t h o y e a r t h e c o m p a n y la u n c h e d 1 5 v e s s e ls o f v a r i o u s t y p e s ,
t h e r e b y e s t a b l is h i n g a h ig h r e c o r d .
A p p r o x i m a t e l y 9 5 % o f o u r f o u n d r y a n d m a c h i n e s h o p f a c il i t i e s , i n c l u d i n g
d e p a r t m e n t s w h ic h h e r e t o f o r e h a v e b e e n e n g a g e d in o t h e r lin o s , is d o v o t e d
t o n a v a l w o r k , a n d o u r f o u n d r i e s h a v o b e e n c a l le d u p o n t o s e r v o m a n y o f
th o
000 o t h e r s h i p y a r d s .
T
000 h o N a v y D e p a r t m e n t h a s g r e a t l y a s s is t e d y o u r c o m p a n y i n i t s e f f o r t s
t o e x p e d i t e t h o d e s t r o y e r p r o g r a m ; m a t e r ia ls a r c b o i n g d e l iv e r e d p r o m p t l y ;
a m p l e w o r k in g c a p i t a l h a s b o o n p r o v i d e d t h r o u g h a d v a n c e d p a y m e n t s o n
a c c o u n t o f d e s t r o y e r c o n t r a c t s , a n d o u r s h i p y a r d a n d s h o p f a c il i t i e s h a v e
b e e n I m p r o v e d a n d e n la r g e d .
T h o a d d it i o n s t o o u r f a c ilit ie s in c lu d o t h o i n s t a ll a t i o n o f m a n y n o w t o o l s
in o u r m a c h i n o s h o p s ; e x t e n s io n s a n d a l t e r a t i o n s t o a n u m b o r o f o u r s h o p s ;
a d d it i o n s t o o u r b r a s s f o u n d r y , d o u b li n g it s f o r m e r c a p a c i t y ; t h o c o n s t r u c
t i o n o f s e v e r a l la r g o s t o r e h o u s e s a n d b u l k h e a d s o n t h o P o t t y ’s I s la n d p r o p
e r t y ; a d d it i o n s t o o u r o f f i c o b u ild in g ; a n d t h o i n s t a ll a t i o n o f c r a n o e q u i p
m en t at our w et dock s.
A t th e b e g in n in g o f th o y e a r w e o m p lo y e d a y a r d a n d s h o p f o r c e o f 5 ,7 0 0
m e n , a n d d u r i n g t h o y e a r i t w a s i n c r e a s e d t o 9 , 5 0 0 m o n — t h e l a r g e s t l’o r c o
o m p l o y e d b y t h o c o m p a n y in it s h i s t o r y .
I n M a y 1 9 1 7 t h o I . P . M o r r i s a n d t h o K e n s in g t o n S h i p y a r d c o m p a n i e s ,
w h ic h y o u r c o m p a n y o w n e d a n d w h ic h p r o v i o u s t o t h a t t im e w e r e o p e r a t e d
as s o p a ra to c o m p a n ie s , w e re a b s o r b e d b y y o u r c o m p a n y a n d h a v o s in c e
b o o n o p e ra te d as d e p a rtm e n ts.
T h e p o w e r r e q u i r e m e n t s o f t h o c o u n t r y , c o m b i n e d w it h f u e l s h o r t a g o ,
p r o m is e in t h o n e a r f u t u r e a g r e a t e r d e m a n d f o r h y d r a u li c m a c h i n e r y t h a n
o u r h y d r a u li c d e p a r t m e n t h a s o v e r b e e n c a l le d u p o n t o m e o t .
The G ov
e r n m e n t r e c o g n i z e s t h o n e c e s s it y o f d e v e l o p i n g t h o w a t e r p o w e r s o f t h o
c o u n t r y , a n d w e m a y s h o r t l y e x p e c t t h o p a s s a g e o f a d o q u a t o l e g is l a t i o n
p e r m it t i n g s u c h d e v e l o p m e n t t o t a k o p l a c e .
O u r b r a s s f o u n d r i e s h a v o b e e n c a l le d u p o n b y t h o N a v y D e p a r t m e n t t o
s u p p l y t h e p r o p e l le r s a n d m is c e lla n e o u s b r a s s c a s t in g s f o r a g r e a t n u m b e r
o f t h e v e s s e ls b u i l d in g a t o t h e r s h i p y a r d s a s id o f r o m o u r o w n .
T h e c o m p a n y h a s m a d e t h e f o l l o w i n g p a y m o n t s a n d e x p e n d it u r e s :
(а ) In reduction of Capital Debt—
1 9 1 7 -1 8 . 1 9 1 6 -1 7 .
1 7 2 T w e n t y - y e a r 5 % S e r ia l N o t e s r e d e e m e d _____________ $ 1 7 2 ,0 0 0
________
1 5 9 T w e n t y - y e a r 5 % S e ria l N o t e s r e d e e m e d _______________
________$ 1 5 9 ,0 0 0
2 5 F irs t M t g e . 5 % g o ld b o n d s r e d e e m e d as p e r te rm s o f
a g r e e m e n t _ _ ........................................................... .......................
2 5 ,0 0 0
2 5 ,0 0 0
I n r e d u c t i o n o f m o r t g a g e s ______________________________________
3 0 ,0 0 0
________
J
,,
$ 2 2 7 ,0 0 0 $ 1 8 4 ,0 0 0
(б ) Expended for Additions and Improvements—
I n th o p u rch a s e o f real e s ta te , n e w t o o ls , m a c h in e r y a n d
f o r i m p r o v e m e n t s , & c ...................................................... .................. 5 7 5 , 9 8 5 1 , 1 4 3 , 0 3 2
EARNINGS FOR FISCAL YEARS ENDING APRIL 3 0 .
1 9 1 7 -1 8 .
x N e t e a r n s ., a ll d e p t s . . $ 2 ,9 8 1 ,8 4 6
D e p r e c i a t i o n , . . .................
$ 2 9 4 ,8 2 6
I n t . o n 2 0 - y r . 5 % s e r ia l
n o te s & C o n s o l. M . 5s
1 1 3 ,0 3 3
I n t. o n 1st M . g o ld 5 s . .
5 1 ,6 6 7
* G r o u n d ren ts & in t. o n
rea l e sta te m o rtg a g e s
& 5 % re n e w a b le n o te s
1 2 3 ,9 0 7
D i v i d e n d s (s e e b e l o w ) . ( 6 % ) 3 6 5 , 8 8 0
1 9 1 6 -1 7 .
$ 1 ,7 5 9 ,4 8 7
$ 2 1 3 ,0 6 3
1 9 1 5 -1 6 .
$ 1 ,4 9 7 ,2 5 5
$ 1 9 7 ,8 7 9
1 9 1 4 -1 5 .
$ 9 5 6 ,7 9 7
N o t sta ted
1 1 5 ,8 5 0
5 2 ,9 1 6
1 2 5 ,8 3 3
5 4 ,1 6 7
1 3 9 ,8 3 3
5 5 ,4 1 7
8 8 ,7 3 0
3 1 ,6 7 2
1 0 9 ,9 1 2
N o t s u r p l u s . .............. . . $ 2 , 0 3 2 , 5 3 3
$ 1 ,2 8 8 ,9 2 7
$ 1 ,0 8 7 ,7 0 4
$ 6 5 1 ,6 3 5
I n M a y 1 91 7 r e s u m e d d i v i d e n d s , 3 % b o i n g p a i d A u g . 1 a n d 3 % F e b . 1 9 1 8 .
x T h is i t e m a s s h o w n in c lu d e s m is c e lla n e o u s i n c o m o a n d is g i v e n “ a f t e r
d e d u c t i o n o f in s u r a n c e a n d t a x e s , b u t b e f o r o d e d u c t i o n o f b o n d in t e r e s t ,
m is c e l la n e o u s in t e r e s t o r d e p r e c i a t i o n . ”
C O N S O L ID A T E D
BALAN CE SHEET
1913.
$
1917.
S
A P R IL 30
( I n c lu d in g S u b . C o s . ) .
1918.
$
Real estate, maCapital stock_ - 6,098.000
_
chlnery, Ac____ 15,532,770 15,250,911 bonds, notes and
Bills and accounts
mortgages____ .*5,199,444
receivable_____ 2,181,360 2,512,556 Mdse, accounts. . 1,393,796
Materials and sup349,106
Wages duo M ay. .
plies ___________ 1,802,640 1,035,834 Accrued Interest. . 1,036,038
Gash........... ............ 2,920,669
435,192 Profit and loss_ .y 8 ,995,756
_
Miscellaneous____
634,701
7,680
Assets —
Total ..................23,072,140 19,242,173
Liabilities —
1917.
S
6,098,000
5,426,444
581,308
138,486
40,188
0,957,747
T o ta l________ .23,072,149 19,242,173
* I n c lu d e s a s o f A p r il 3 0 1 9 1 8 $ 7 3 9 ,0 0 0 2 0 - y o a r 5 % s e r ia l n o t o s ; $ 1 , 3 3 0 ,
0 0 0 C o n s o l . M t g e . b o n d s ( e x c h a n g e d f o r 2 0 - y o a r 5 % s e r ia l n o t o s ) ; $ 1 , 0 2 5 ,
0 0 0 1 s t M . 5 s; $ 1 ,5 0 0 ,0 0 0 5 % r o n o w a l n o t o s , a n d $ 6 0 5 ,4 4 4 roa l o s t a t o m o r t
ga g es a n d g r o u n d ren ts,
y B e f o r o a l lo w i n g f o r 6 % o n c a p i t a l s t o c k ,
c h a r g e d b y e d i t o r a g a in s t i n c o m o in f o r e g o i n g s t a t e m e n t o f e a r n i n g s . —
V . 106, p . 2760, 2563.
American Druggists Syndicate, Long Island City, N. Y.
(12th Annual Report— Year ending Dec. 31 1917.)
Pres. C. H . Goddard, Jan. 1918, wrote in substanco:
R e s u lts .— W h i le o u r s a le s t h is y e a r o n o u r m a n u f a c t u r e d p r o d u c t s s h o w
a n in c r e a s o o f m o r o t h a n $ 5 0 0 ,0 0 0 o v e r o u r b e s t p r e v i o u s 12 m o n t h s , o u r
r e c o r d s p r o v e t h a t t h is is b u t a n o r m a l in c r o a s o .
S in c o o r g a n i z a t io n o f o u r
b u s in e s s , 12 y e a r s a g o , w e h a v o m a in t a in e d a s t e a d y g r o w t h .
O u r b u s in e s s
is l a r g e ly c o n f in e d t o o u r 2 2 ,0 0 0 r e t a il d r u g g i s t m e m b e r s , a n d o u r s u c c e s s
a n d i n c r e a s e , t h e r e fo r e , d e p e n d l a r g o ly u p o n t h e ir p r o s p e r i t y a n d i n t o r o s t ,
a n d d o e s n o t fo o d u p o n s u c h w a r o rd e rs as w o h a v o b o o n a b le t o lia n d lo .
W o h a v o s o l d t h e G o v e r n m e n t t h is y e a r a fe w h u n d r e d t h o u s a n d d o l l a r s ’
w o r t h o f o u r p r o d u c t s in o x c o s s o f s u c h s a le s in f o r m e r y e a r s , b u t o u r s u b
s t a n t ia l g r o w t h d u r i n g 1 9 1 7 w a s in n o w is o d e p e n d e n t t h e r e o n .
I n a n a ly z i n g o u r s a le s , it is n o c o s s a r y t o r o m o in b o r t h a t t h o A . D . S . h a s
e n t i r o l y d i s c o n t in u e d t h o d i s t r i b u t i o n o f o v o r $ 5 0 0 ,0 0 0 w o r t h o f o t h e r
m a n u f a c t u r e r s ' a d v e r t i s e d p r o d u c t s w h ic h w o r e c o m p e t i t i v e t o o u r s , a n d
w h ic h w o h a v o in f o r m e r y o a r s in c lu d e d in o u r s a le s v o lu r n o , b u t w h ic h
79
THE CHRONICLE
Ju ly 6 1918.]
T h e 18 m o n th s c o v e r e d b y th is r e p o r t , th e r e fo r e , c o n s t it u t e s a p e r io d
y i e l d e d y o u r t r e a s u r y n o n e t p r o f i t s , s o t lio i n c r e a s o s h o w n o n o u r o w n
o f u n p r e c e d e n t e d m in in g a n d b u s in e s s c o n d i t i o n s .
D u r in g th is p e r io d
p r o d u c t s t h is y e a r is r e a l ly a h a l f m il l io n d o l la r s g r e a t e r t h a n t h o fig u r e s
y o u r m in e s h a v e o p e r a t e d s t e a d i l y t o t h e l im i t o f t h o a b i l i t y o f t h e r a i lr o a d s
in d ica to .
I f t h o w h o io - h e a r t e d s u p p o r t o f 1 ,0 0 0 m o m b e r s o u t o f 2 2 ,0 0 0
t o t r a n s p o r t t h e c o a l ; t h e r e h a v o b e e n n o s e r io u s l a b o r d i s t u r b a n c e s n o r
b r in g s u s a b u s in e s s o f $ 5 , 0 0 0 , 0 0 0 , i t s e e m s r o a s o n a b l o t o p r c s u m o t h a t
1 0 ,0 0 0
e q u a ll y a c t i v o c a n i n c r e a s o t h e s a le t o a v a s t l y l a r g e r s u m .
O ver
Control of Merchants Coal Corporation.— B y t h e r e o r g a n i z a t io n o f t h e
5 0 , 0 0 0 , 0 0 0 p a c k a g e s b e a r in g o u r la b e l w o n t i n t o A m o r i c a n h o m e s l a s t y e a r .
M e r c h a n t s C o a l C o . ( V . 1 0 5 , p . 1 7 1 4 ), t h e U n i t e d C o a l C o r p o r a t i o n
T h r o u g h t h o p r o f it - s h a r in g c o n t r a c t , o f f e r i n g a d d i t i o n a l c o m p e n s a t i o n
b e c a m e th e o w n e r o f th e e n tire c a p it a l s t o c k o f t h e r e o r g a n iz e d c o m p a n y .
in t h o f o r m o f e x t r a d i s c o u n t s t o t h o s e w h o d o t h o m o s t in p o p u la r i z in g t h e
M e r c h a n t s C o a l C o r p o r a t i o n , a n d s i n c e J u l y 1 1 9 1 7 , t h e m in e s o f t h e l a t t e r
A . D . S . la b e l , w o d i s t r i b u t e d d u r i n g t h o p a s t s ix m o n t h s o v e r $ 6 0 ,0 0 0 c a s h
h a v e b e e n o p e r a t e d in t h e i n t e r e s t s o f y o u r c o r p o r a t i o n .
T h u s a ll o f t h e
a s a n e x tr a d iv id e n d t o d ru g g is t m o m b e r s w h o h a v e s h o w n a n a b n o rm a l
p r o p e r t ie s f o r m e r l y c o m p r is i n g t h e U n it e d C o a l C o . a n d i t s s u b s id ia r ie s
i n c r e a s o in t h e ir A . D . S . s a le s .
Banking Facilities.— T h e C o r n E x c h a n g e B a n k a u t h o r i z e d f o r u s a lin e a r e a g a in o w n e d b y y o u r c o r p o r a t i o n .
Sale pf Property.— O n S e p t . 1 1 9 1 7 , a n a d v a n t a g e o u s o p p o r t u n i t y
o f c r e d i t o f $ 3 5 0 ,0 0 0 , a n d a c o u p l e o f m o n t h s l a t e r w o w o r e a b l e t o u s e
p r e s e n t e d i t s e l f t o s e ll t h o R i c h H il l M i n e a n d t h e p r o p e r t y w a s s o l d a t a
$ 3 0 0 ,0 0 0 f r o m t h is b a n k .
G e o . H . B u r r & C o . , le a d i n g n o t e b r o k e r s , e x
s a tis fa c to r y p r ice .
N e g o t i a t i o n s f o r t h e s a le o f t h e O r e n d a M i n e o f t h e
t e n d e d t h o A . D . S . a lin o o f c r e d i t o f $ 4 0 0 ,0 0 0 .
T h e T it lo G u a ra n te e &
Merchants Coal Corporation, a n d s o m e o f t h e a d j o i n i n g c o a l a c r e a g e , n o w
T r u s t C o . a l s o a d v i s e d u s t h a t t h o y h a d e s t a b l is h e d a l in o o f c r e d it f o r u s
In p r o g r e s s , a r e e x p e c t e d t o r e s u l t in t h e s a le o f t h a t p r o p e r t y a t a p r i c e
o f $ 2 0 0 ,0 0 0 , w h ic h w o a ls o p a r t i a ll y a v a i l e d o u r s e l v e s o f .
T h e B road w ay
a n d o n t e r m s w h ic h w ill b e o f m a t e r ia l a d v a n t a g e t o y o u r c o r p o r a t i o n .
T r u s t C o . a n d C e n t r a l T r u s t C o . , N e w Y o r k , a n d t h o W e l ls F a r g o N e v a d a
S e v e r a l s m a ll p i e c e s o f c o a l a c r e a g e b e l o n g i n g t o t h o Merchants Coal Cor
N a t io n a l B a n k a l s o in J u n e 1 9 1 7 w r o t e u s e x p r e s s in g t h e i r w illin g n e s s
poration a n d n o t n e c e s s a r y f o r it s o p e r a t i o n h a v e b e e n s o l d .
t o e x to n d th e A .D .S . c r e d it .
__
I n t h o f a ll o f 1 9 1 6 a ll o f t h e o l d r iv e r f l a t s b e l o n g i n g t o t h e c o r p o r a t i o n
Plant, Its Cost and Appraised Value.— (1 ) M e r c h a n d i s e b u i l d i n g . — A s ix w e r e d i s p o s e d o f ; 8 8 5 o f t h e s t e e l r a i lr o a d c a r s o f t h e c o r p o r a t i o n w e r e a ls o
s t o r y m il l - c o n s t r u c t e d b u i l d in g , 7 5 x 8 0 , o n B o r d e n a n d V a n A l s t a v e n u e s .
L o n g I s la n d C i t y ( N e w Y o r k C i t y ) , a n d a f o u r - s t o r y m il l - c o n s t r u c t e d
s o ld a t a s a t is fa c t o r y p r ice .
Financial.— S in c e J u n e 3 0 1 9 1 6 o u r f in a n c ia l c o n d i t i o n h a s b e e n s u c h a s
b u i l d in g a d j o i n in g i t , o n 3 d S t . , a ll w it h m o d e r n s p r i n k l e r , l ig h t a n d s t e a m
t o p e r m it t h o p a y i n g o f f o f s e v e r a l p u r c h a s e m o n e y m o r t g a g e s ; a l s o t h e
e q u ip m e n t a n d t w o e le v a to r s .
(2 ) B l a n c h a r d B u i l d i n g . — A 7 - s t o r y f ir o n o te s o f th o N a o m i C o a l C o . (e x c e p t $ 2 8 0 ) a n d th e n o te s o f th e P itts b u r g h
p r o o f s t r u c t u r e , 1 7 5 x 1 8 0 f t . , f a c in g o n t w o s t r e e t s , p u r c h a s e d F e b . 14 1 9 1 4 ,
& B a lt i m o r e C o a l C o . ( e x c e p t $ 2 1 7 ) , g i v e n in t h e e x t e n s i o n o f t h e u n s e c u r e d
e m b r a c in g f o u r e l e v a t o r s , a c o m p l e t e f ir e s p r in k le r s y s t e m a n d a $ 1 0 0 ,0 0 0
c la im s a g a i n s t t h o s e c o m p a n i e s a c c o r d i n g t o t h o p l a n o f r e o r g a n i z a t io n .
l ig h t i n g a n d h e a t i n g p l a n t .
(3 ) S a n d b l o o m B u i l d i n g . — A f o u r - s t o r y b r i c k
T h o q u e s tio n o f t h e s in k in g f u n d u n d e r th e m o r tg a g e o f t h e N a o m i C o a l C o .
f a c t o r y b u ild in g , 1 0 0 f t . f r o n t o n V a n A l s t A v o . , a t i d a n e w m o d e r n 7 - s t o r y
h a s b e e n a d ju s te d .
T h e p r o p e r d e p le t io n a n d d e p r e c ia t io n c h a r g e s h a v e
fir o p r o o f o ffic e a n d fa c to r y s tr u c tu re o n B o r d e n A v e .
b e e n e s t a b l is h e d , p r o v i d e d f o r a n d d e d u c t e d f r o m e a r n i n g s .
T h e t o t a l c o s t o f a ll r e a l e s t a t e a n d b u i l d in g i m p r o v e m e n t s a s s h o w n o n
Merger.— T h e P i t t s b u r g h & B a l t i m o r e C o a l C o . a n d N a o m i C o a l C o .
o u r s t a t e m e n t is $ 1 , 0 7 9 , 0 5 4 .
H . S . M c K n i g l i t a p p r a is e s o u r t o t a l rea l
w e r e a b s o r b e d d u r i n g 1 9 1 7 b y t h e U n it e d C o a l C o r p o r a t i o n .
e s t a t o h o l d i n g s , e x c l u s iv e o f o u r C o n n e c t i c u t c o t t o n p l a n t , a t $ 1 ,3 5 4 ,3 7 6 ,
Outlook.— C o n t i n u e d s u c c e s s fu l o p e r a t i o n is p r o m i s e d , a l t h o u g h t h e
a n d t h o a c c u r a c y o f t h o M c I C n ig h t a p p r a is a l is c o n f i r m e d , in s o f a r a s t h e ir
a p p r a is a ls a p p l y , b y t h o a p p r a is a ls o f t h r o e o t h e r e x p e r t s , J o s e p h P . D a y ,
c o n d i t i o n s w h ic h m a y b e i m p o s e d b y G o v e r n m e n t c o n t r o l a n d t h e w o r l d w a r
S.
O s g o o d P e ll a n d S a m u e l G o ld s t i c k e r .
a re d iffic u lt t o fo re s e e .
A m o n g th o v a r io u s d e p a rtm e n ts a ro : T o o t h p a s to a n d c r e a m m a n u fa c
[Q u a r t e r ly d i v i d e n d a t t h e r a t e o f 5 % w e r e b e g u n o n t h e p r e f . s t o c k
t u r in g d e p a r t m e n t ; t a b l e t s e c t i o n , w h e r e o n e m a c h i n e m a k e s 5 0 ,0 0 0 t a b le t s
J a n . 2 5 1 9 1 7 a n d w e r e c o n t i n u e d t h r o u g h t h e y e a r a t s a m e r a t e .]
p o r h o u r ; p o r o x i d o m a n u f a c t u r in g a n d p h a r m a c e u t i c a l m a n u f a c t u r in g
CONSOLIDATED PROFIT A N D LOSS ST A TE M E N T OF THE CORPORA
d e p a r t m e n t s ; s y r u p s a n d o lix e r d e p a r t m e n t s ; c h e w in g g u m m a n u f a c t u r in g
TION A N D ITS SUBSIDIARIES FOR 1 8 MOS. END ED DEC. 3 1 1 9 1 7 .
d e p a r t m e n t ; a s e p t i c p r o d u c t s d e p a r t m e n t ; c ig a r e t t e d e p a r t m e n t ; c o r r u g a t e d
b o x m a n u f a c t u r in g , s t a m p i n g a n d p r i n t in g d e p a r t m e n t s ; c o t t o n m a n u
G r o s s r e c e i p t s ____________________________________________________________
S 7 , 1 5 2 ,5 5 5
fa c tu rin g p la n t , p r o d u c in g a b s o r b e n t c o t t o n a n d g a u z o .
Less— O p e r a t in g c o s t s , s e llin g a n d g e n e r a l e x p e n s e s $ 5 , 2 5 2 , 3 7 7
I n t e r e s t ____________________________________________
1 5 0 ,7 9 1
Growth in Membership and Net Assets as of Dec. 3 1 .
D e p l e t i o n a n d d e p r e c i a t i o n _____________________
5 6 2 ,5 4 9
A ssets. M em bers.\
A ssets. M em bers.\
A ssets. M em bers.
*
5 ,9 6 5 ,< 1 /
1905
1906
1907
1908
1909
..
..
-—
—
8 3 0 ,0 0 0
1 0 0 ,0 0 0
1 7 5 ,0 0 0
3 8 2 ,0 0 0
5 7 6 .0 0 0
1 ,0 0 0 1 1 0 1 0
.3 ,0 0 0 1 1 9 1 1
6 ,0 0 0 1 9 1 2
8 ,0 0 0 ! 1913
1 0 ,0 0 0 1
.- 8 1 ,1 1 9 ,3 3 3
.1 ,6 0 1 ,2 8 5
..
2 ,4 2 7 ,9 1 4
..
2 ,7 7 7 ,6 7 1
1 2 ,000| 1 9 1 4
1 3 ,500| 1 9 1 5
1 5 ,0 0 0 1 1 9 1 0
1 7 ,0 0 0 1 1 9 1 7
1
..8 3 ,4 9 2 ,5 4 6
..
4 , 2 2 5 ,0 0 0
..
4 ,6 7 2 ,9 7 2
—
5 ,2 8 1 ,1 9 5
2 0 ,0 0 0
2 4 ,5 0 0
2 6 ,5 0 0
2 7 ,8 0 0
S 4 1 6 .7 4 9
7 8 5 ,8 4 0
$ 4 1 4 ,3 6 9
5 9 2 ,6 5 0
$ 4 4 4 ,1 9 0
4 5 8 ,4 7 7
1 9 1 3 -1 4 .
$ 2 7 0 ,5 6 9
4 3 8 ,6 3 8
T o t a l .................................... $ 1 , 2 0 2 , 5 8 9
________
S u r p lu s p a i d i n __________
D iv id e n d s a n d o th e r s u r
p l u s c h a r g e s ___________
5 0 1 ,0 5 2
$ 1 ,0 0 7 ,0 1 9
C r .8 2 ,0 4 6
$ 9 0 2 ,6 6 7
$ 7 0 9 ,2 0 7
3 0 3 ,2 2 5
3 1 0 ,0 1 7
2 5 0 ,7 3 0
N e t p r o f i t s _______________
P r e v i o u s s u r p l u s _________
T o t a l s u r p lu s D e c . 3 1 .
$ 7 0 1 ,5 3 7
$ 7 8 5 ,8 4 0
$ 5 9 2 ,6 5 0
$ 4 5 8 ,4 7 7
[D iv id e n d r e c o r d : 1911, 8 % : 191 2, 8 % ; 191 3. 9 % ; 1 9 1 4 , 7 % ; 1 9 1 5 , 8 %
1 9 1 6 , 8 % ; 1 9 1 7 , 8 % ( 4 % A . & O .) 1 9 1 8 , A p r il 4 % .
BALANCE SHEET DEC. 3 1 .
1917
1910.
A.ssrts—
$
$
R e a l c s t . , m a c h . , & c . 1 ,4 4 0 ,5 2 7 1 ,2 7 0 ,4 1 6
F o r m u la e , g o o d w i l l ,
& o .................................. 4 0 7 ,3 9 9
3 8 6 ,2 9 8
In v e st. In s u b c o s —
4 7 5 ,5 0 1 )
d o In L i b e r t y b o n d s
5 6 , 1 0 0 ) 6 6 2 ,0 2 9
O th e r I n v e s tm e n ts ..
1 8 4 ,5 1 0 )
3 4 2 ,4 7 6
C a s h ..................................
1 6 8 ,6 4 6
6 5 0 ,5 9 0
B ills & a c c t s . r c c ----- 7 7 1 ,6 1 6
M d s e . I n v e n t o r y -------- 1 ,7 6 8 ,9 1 8 1 ,3 5 8 ,2 9 1
M i s c e l l a n e o u s ..............
7 ,9 7 6
2 ,8 7 2
T o t a l .................... . . 5 , 2 8 1 , 1 9 5 4 ,6 7 2 ,9 7 2
- V . 106, p . 501 .
1917.
Liabilities —
3 7 1 ,3 3 8
1916.
$ 4 7 9 ,2 4 5
3 4 7 ,3 0 2
31 1917.)
1915.
$ 2 7 7 ,3 6 2
1914.
$ 2 0 4 ,7 4 8
3 4 1 ,5 1 6
d e f .$ 6 4 ,1 5 4
3 7 5 ,0 0 0
2 9 9 ,7 2 8
d e f .$ 9 4 ,9 8 0
3 7 5 ,0 0 0
B a la n c o d e f i c i t ------------,
8 4 4 7 ,0 6 0
$ 2 4 3 ,0 5 7
$ 4 3 9 ,1 5 4
$ 4 6 9 ,9 8 0
T h o c o m p a n y f o r e a r n in g s r e lie s e n t i r e l y o n t h e d i v i d e n d s o n it s h o ld in g s
o f s t o c k o f H e n ry C la y & B o c k A C o ., L t d ., H a v a n a C ig a r & T o b a c c o
c
F a c t o r i e s , L t d . , H a v a n a C o m m e r c ia l C o . , I I . d e C a v a n a s y C a r b a ja l a n d
J. S . M u r ia s y C a .
1917.
1916.
1914.
1915.
T h o c o m b in e d e a rn s , o f
th o a b o v e c o s ., a fte r
in t ., d e p r e c ia t io n , & c .
$ 6 5 7 ,6 6 1
$ 7 3 5 ,4 2 8
$ 6 8 2 ,1 6 0
$ 5 4 0 ,7 3 9
P r o p o r tio n d u e H a v a n a
T o b . C o . based on
t h e ir s e c u r . h o ld in g s ..
4 9 7 ,0 4 3
5 6 6 ,8 2 9
5 1 5 ,5 6 4
3 8 5 ,9 4 6
F IN A N C IA L ST A TE M E N T DEC. 3 1 .
1917.
*
1916.
S
S t o c k In o t h e r c o s . 3 9 , 0 5 5 ,6 2 6 3 9 ,0 5 5 ,6 2 6
S tk . in f o r ’ n c o r p s . 2 ,8 1 0 ,6 9 2 2 ,8 1 0 ,6 9 2
B il ls & a c c t s . r e c _ .
9 ,0 0 5
9 ,0 0 5
T rca s . s to ck , p r e f.
2 9 6 ,2 0 0
2 9 6 ,2 0 0
T rcas. s to ck , c o m .
2 0 9 ,0 5 9
2 0 9 ,0 5 9
C ash
.................
1 2 ,9 3 2
1 4 ,0 0 5
5 ,9 8 6 ,2 6 1
D e f i c i t ......................... 6 ,4 3 3 ,3 2 1
T ota l
_____4 8 ,8 2 6 ,8 3 6 4 8 ,3 8 0 ,8 4 9
Liabilities—
1917.
1916.
s
S
C o m m o n s t o c k . . . 3 0 ,0 0 0 , 0 0 0 3 0 ,0 0 0 ,0 0 0
P r e fe r r e d s t o c k . . . 5 ,0 0 0 , 0 0 0
5 ,0 0 0 .0 0 0
5 % g o l d b o n d s . . . 7 ,5 0 0 ,0 0 0
7 ,5 0 0 ,0 0 0
A c e r . In t. o n b o n d s
p a y a b le Ju n e 1 .
3 9 ,4 5 0
3 7 ,7 0 0
A c c t s . & b il ls p a y . 6 ,2 8 7 ,3 8 0
5 ,8 4 3 ,1 4 8
T o t a l ................... .4 8 , 8 2 6 , 8 3 6 4 8 .3 8 0 .8 4 9
- V . 106, p . 1464.
United Coal Corporation, Pittsburgh, Pa.
(R e p o r t f o r 18 M o n t h s e n d e d D e c . 31 1917.)
President T . W . Guthrie says in substance:
Reorganization.— U p o n J u l y 1 1 9 1 6 y o u r C o r p o r a t i o n t o o k o v e r t h o
o p e r a t i o n o f t h o p r o p e r t ie s o f U n it e d C o a l C o . ( p o r p la n in V . 1 0 2 , p . 1 8 1 6 ).
T h u s t h o p e r i o d e n d in g D o c . 31 1 9 1 7 c o m p r is e s 18 m o n t h s ’ o p e r a t i o n o f
th o n o w c o r p o r a t io n .
,
Operations— Extraordinary Conditions.— T h o c o n d i t i o n s o f t h o c o a l t r a d o
w ere n orm a l on J u ly 1 1616.
P r a c t ic a lly o u r e n tire o u t p u t w a s u n d e r
c o n t r a c t s o f s a le m a d e b y t h e R e c e i v e r s , w h ic h d i d n o t e x p ir e u n t il A p r il 1
1 9 1 7 . D u r in g t h o f a il o f 1 9 1 6 t h e d e m a n d f o r c o a l g r e a t l y i n c r e a s e d a n d t h is
g r e a t d e m a n d h a s c o n t in u e d s i n c e t h a t t i m e . T h e s e llin g p r i c e s i n c r e a s e d ,
a l t h o u g h w o w e r e u n a b lo t o s e c u r e t h o f u ll b e n e f i t o f t h e a d v a n c o , u n t il
a b o u t A p ril 1 1917.
T h e c o s t o f a ll m a t e r ia l u s e d in m in in g a l s o I n c r e a s e d
a n d t h o c o n d i t i o n s w e r e s u c h t h a t a g e n e r a l a d v a n c o in w a g e s w a s g r a n t e d
o n A p r il 1 1 9 1 7 , a n d a s e c o n d g e n e r a l .a d v a n c o w a s g r a n t e d o n N o v . 1 1 9 1 7 .
In J u n o 1 9 1 7 , t h e C o m m i t t e o o n C o a l P r o d u c t i o n , b y a g r e e m e n t w it h
t h o c o a l o p e r a t o r s , f ix e d t h o s e llin g p r i c e a t $ 3 p e r t o n f . o . 1). c a r s a t t h o
m in e s .
O n A u g . 21 1 9 1 7 , t h o s e llin g p r i c e s w e r o f i x e d b y t h o P r e s i d e n t
a t m u c h l o w e r f ig u r e s .
( V . 1 0 5 , p . 7 6 6 .)
S in c e t h o a p p o in t m e n t o f th o U . S . F u el A d m in is tra to r o n A u g . 23 1917,
y o u r p r o p e r t ie s l ia v o b e e n o p e r a t e d p r a c t i c a l l y u n d e r t h o s u p e r v i s io n o f
th o U . S . G o v e rn m e n t.
C r e d i t e d t o s u r p l u s __________________________________________________
$ 7 2 3 ,8 4 4
U NITED COAL CORPORATION A N D SU BSID IA R Y CO M PANIES—
CONSOLIDATED BALANCE SHEET, DEC. 3 1 1 9 1 7 .
Liabilities and C ap. A c c ts .—
A ssets —
C o a l la n d s , p la n t a n d e q u ip
m e n t , le s s d e p l e t io n a n d d e p r e c l a t l o n _____________ $ 1 2 ,0 6 6 ,0 4 7
S e c u r it ie s o w n e d _______
1 ,1 4 9 ,6 5 2
6 9 2 ,8 4 8
S in k in g f u n d a s s e t s _____
D e f e r r e d c h a r g e s t o o p e r a t io n
9 2 ,0 9 4
C u r r e n t assets, a c c ts . r e c .,
I n v e n t o r ie s a n d c a s h ........... ..
1 ,8 4 5 ,5 4 0
F u n ded d e b t, b on d s o f su b
s id ia r y c o m p a n i e s ..............— $ 3 ,5 6 5 ,5 0 0
R e s e r v e s & a c c r u e d lia b ili t ie s
8 4 ,4 1 7
U . S . L i b e r t y b o n d s (e m
p lo y e e s ’ s u b s c r i p t i o n s ) _____
5 ,7 3 3
C u r r e n t li a b i l i t i e s _____________
2 6 8 ,2 9 4
R e s e r v e f o r F e d e r a l T a x e s ___
2 7 5 ,0 0 0
6 ,0 0 0 ,0 0 0
C a p i t a l S t o c k — C o m m o n ___
“
“
— P r e f e r r e d ___
3 ,7 4 6 ,5 0 0
S u r p l u s __________________________
1 ,9 0 0 ,7 3 7
T o t a l ............................................... $ 1 5 ,8 4 6 ,1 8 0
T o t a l ............................................... $ 1 5 , 8 4 6 , 1 8 0
$
T o t a l ........................... 5 ,2 8 1 ,1 9 5 4 ,6 7 2 ,9 7 2
N o t e a r n i n g s ------d e f . $ 7 2 , 0 6 0 s u r . $ 1 3 1 ,9 4 3
I n t . o n 5 % g o ld b o n d s —
3 7 5 ,0 0 0
3 7 5 ,0 0 0
Assets—
$ 9 1 1 ,8 3 8
1 8 7 ,9 9 4
T h o f u n d e d d e b t o f t h o s u b s id ia r ie s a t l a s t a d v i c e s i n c l u d e d ; N a o m i
C o a l C o . b o n d s , $ 9 7 2 ,0 0 0 , a n d p u r c h a s e m o n e y m o r t g a g e , $ 5 5 ,0 0 0 ; P i t t s
b u r g h & B a lt i m o r e C o a l C o . b o n d s , $ 4 1 1 ,0 0 0 ; M e r c h a n t s C o a l C o r p o r a t i o n
s in k in g m t g e . 5 % g o l d b o n d s ( a u t h o r iz e d $ 2 , 6 0 0 , 0 0 0 ) , $ 1 ,8 0 0 , 0 0 0 ( V . 1 0 5 .
p . 1 7 1 4 ).— V . 1 0 6 , p . 2 7 6 4 .
Yukon Gold Company.
31 1917.)
Pres. W in . Loeb Jr., N . Y ., Feb. 25, wrote in substance:
(9 th A n n u a l R e p o r t— Y e a r e n d in g D e c .
(R e p o r t f o r F i s c a l Y e a r e n d i n g D e c .
1917.
$ 2 9 9 ,2 7 8
N e t p r o f i t s f r o m o p e r a t i o n --------------------------------------------------------------
1916.
s
C o m m o n s t o c k ........... 3 ,6 8 7 ,3 5 0 3 ,6 8 1 ,6 1 0
I n s t a l lm e n t s — p a y m t s
o n s t o c k ......................
8 ,5 0 5
1 0 ,7 8 7
B ills p a y a b l e -------------5 2 0 ,0 0 0 \
9 2 ,9 1 6
A c c o u n t s p a y a b l e ___
1 3 5 ,4 4 7 /
U n c l a im e d d i v i d e n d s
8 ,4 3 3
8 ,5 0 0
R e s e r v e f o r d e p r e c ’ n . 2 1 9 ,9 2 4
9 2 ,3 1 9
S u r p l u s ........................... 7 0 1 ,5 3 7
7 5 8 ,8 4 0
Havana Tobacco Co.
D iv s . on sto ck s o w n e d —
O p c r . o x p . ( in c l . i n t . o n
b ills p a y a b l e ) .................
$ 1 ,1 8 6 , 8 3 8
2 7 5 ,0 0 0
D i v i d e n d s — U n it e d C o a l C o r p o r a t i o n , p r e f e r r e d s t o c k ( 5 % ) - -
INCOME ACCOUNT FOR CALENDAR YEARS.
Calendar Years—
1 9 1 6 -1 7 .
1 9 1 5 -1 6 .
1 9 1 4 -1 5 .
Less— R e s e r v e f o r e x c e s s p r o f i t s a n d i n c o m e t a x ---------------------------
Revaluation.— O u r n o w f o r m o f f in a n c ia l s t a t e m e n t h e r e in p r e s e n t e d s h o w s
a m a t e r ia l r e d u c t io n in p r o p e r t y a n d e q u i p m e n t a c c o u n t s .
A m in in g
p r o p e r t y , h o w e v e r v a l u a b l e o r p r o d u c t i v e , is in i t s n a t u r e a w a s t i n g a s s e t ,
s i n c e it s v a l u e d e c r e a s e s a s t h e m in e r a ls a r o e x t r a c t e d .
A d e p l e t io n a c c o u n t
is t h e r e fo r e d e s i r a b l e a s a b a s is o f r e d u c i n g t h e a m o u n t o f c a p i t a l i n v e s t
m e n t t o c o r r e s p o n d w it h t h e e x t r a c t io n o f t h e o r e b o d i e s , a n d o u t o f w h ic h
t o r e t u r n t o t h o s t o c k h o l d e r s t h e ir c a p i t a l c o n t r i b u t i o n s .
W h a t is t r u e o f
d e p l e t io n o f m in e s is t r u e o f d e p r e c i a t io n o f e q u i p m e n t .
T h e c o m p a n y ’s
e n g in e e r s h a v e a c c o r d i n g l y r e v a l u e d t h e p r o p e r t ie s b a s e d u p o n t h e ir e s t i
m a te d g o ld c o n te n t as o f M a r c h 1 1913, a n d th e su b se q u e n t e x t r a c t io n ,
a n d t h o b o o k f ig u r e s h a v e b e e n a d j u s t e d a c c o r d i n g l y .
P r o p e r tie s a c q u ir e d
s in c e M a r c h 1 1 9 1 3 a r e c a r r ie d a t c o s t l e s s t h o d e p l e t io n o n t h a t b a s is , a n d .
t h e r e fo r e , t h o a m o u n t s a t w h ic h t h e y a r e s t a t e d in t h e a c c o u n t s d o n o t t a k e
i n t o c o n s i d e r a t io n t h e p o s s i b il i t ie s o f a r e t u r n t h e r e fr o m in e x c e s s o f t h e i r
cost.
( C o m p a r e V . 1 0 6 , p . 9 2 8 .)
Dividend Reduction— Notes.— T h e l a t e s t e s t im a t e s o f o u r e n g in e e r s i n d i
c a t e t h a t t h e e a r n in g s f r o m t h e p r e s e n t h o l d i n g s o f t h e c o m p a n y f o r t h e n e x t
f e w y e a r s w ill b e i n s u f fi c ie n t t o m e e t t h e n o t e s , a g g r e g a t i n g $ 5 , 0 0 0 , 0 0 0 ,
h e ld b y t h o Y u k o n - A I a s k a T r u s t , a n d a l s o c o n t i n u e d i v i d e n d d i s t r i b u t i o n
t o s to c k h o ld e r s a t t h e p re s e n t r a te .
I n t h e s e c ir c u m s t a n c e s , I s h a ll r e c o p t m e n d t h a t d i v i d e n d d i s b u r s e m e n t s b o t e m p o r a r il y r e d u c e d u n t i l t h e n o t e s
h a v e b e e n p a i d o f f , o r u n t i l, b y t h e r e s u lt s f r o m t h e n e w p r o p e r t ie s n o t y e t
in fu ll o p e r a t i o n , o r b y t h e a c q u i s i t i o n a n d o p e r a t i o n o f a d d it i o n a l p r o p e r
t ie s , t h o e a r n in g s h a v o a g a in b e c o m e s u f f i c ie n t t o w a r r a n t a r e t u r n t o t h e
p r e s e n t b a s is .
Operating Results.— G o l d m in in g h a s s u f fe r e d m a t e r ia l l y f r o m t h e h i g h
c o s t o f o p e r a t i o n s , d u e t o t h e c o n s t a n t l y r is in g c o s t o f l a b o r , m a t e r ia l s
a n d s u p p l i e s , in c r e a s e d t a x a t i o n , a n d t h o d e l a y s , d u e t o w a r c o n d i t i o n s ,
in t h o d e l i v e r y o f i m p o r t a n t s h i p m e n t s , w h ile t h o m a r k e t v a l u e o f t h e
p r o d u c t , u n lik e t h a t o f o t h e r m e t a ls , r e m a in s s t a t i o n a r y .
T o o ffs e t th o
a b o v e t h e m a n a g e m e n t is m a k i n g e v e r y e f f o r t t o k e e p t h e e x p e n s e s d o w n
t o t h e lo w e s t p r a c t ic a b le p o in t c o n s is te n t w it h a c c o m p lis h m e n t o f r e s u lts
a n d p r o g r e s s In t h e d e v e l o p m e n t o f o u r b u s in e s s .
New Properties.— W e a r e c o n t i n u a l l y l o o k i n g f o r b o t h p l a c e r a n d l o d e
m in e s w i t h t h e v i e w o f a d d in g n e w p r o p e r t ie s t o t h e c o m p a n y ’s h o l d i n g s .
A
n u m b e r a r o n o w u n d e r o p t i o n a n d D ein g i n v e s t i g a t e d .
I t is t h e p u r p o s e o f
t h o m a n a g e m e n t t o in s t a ll o n a n y n e w p r o p e r t ie s a c q u i r e d , d r e d g e s a n d
e q u i p m e n t f r o m g r o u n d w h ic h h a s b e e n o r is b e i n g d e p l e t e d .
A t th e en d
o f la s t s e a s o n t w o d r e d g e s a t D a w s o n a n d o n e a t R u b y c o m p l e t e d t h e ir
o p e r a t i o n s a n d w e r e d i s m a n t le d a n d s t o r e d .
Note Extended.— Y o u r d i r e c t o r s h a v o a r r a n g e d w i t h t h e Y u k o n - A I a s k a
T r u s t f o r a n e x t e n s io n o f s i x m o n t h s o n t h e n o t e f o r $ 6 2 5 ,0 0 0 ( o f t h e $ 5 ,
0 0 0 ,0 0 0 5 % s e r ia l n o t e s — V . 1 0 2 , p . 6 1 5 , 9 7 4 ; V . 1 0 4 , p . 1 2 6 2 ) w h ic h b e
c a m e d u o o n F e b . 1 1 9 1 8 , t h i s a r r a n g e m e n t b e in g a p p a r e n t l y d e s i r a b l e b e
c a u s e o f t h e la r g e c a s h a d v a n c e s t o t h e E l k o r o M i n e s C o .
E xtractsfrom Statement by C on su ltin g Engineer & Gen. Mgr., Feb. 20.
Property.— T h e S t a r l ig h t m in e i n t h e J a r b i d g e d i s t r i c t , w h ic h t h e c o m
p a n y h a d u n d e r o p t i o n , h a s b e e n p u r c h a s e d a n d i n c lu d e d In t h e h o l d i n g s o f
t h e E l k o r o M in e s C o .
A t o t a l o f 9 , 8 0 0 t o n s w it h a n e s t im a t e d g r o s s c o n
t e n t o f $ 2 1 2 ,0 0 0 h a s b e e n b l o c k e d o u t in t h is m in e .
P r o s p e c tin g o n th e
C o e u r d ’ A l e n e p r o p e r t y , M u r r a y , I d a h o , h a s d e v e l o p e d a d d it i o n a l g r o u n d
o n th o u p p e r e n d o f P r ic h a r d C r e e k .
T h o to ta l area n o w d e v e lo p e d c o n
t a in s 1 0 ,6 0 0 ,0 0 0 c u . y d s . w i t h a n e s t im a t e d g o l d c o n t e n t o f $ 1 ,5 3 0 , 0 0 0 .
Equipment.— T h e 7 H r u . f t . d r e d g e w it h s t e e l h u ll w h ic h w a s m o v e d f r o m
D a w s o n h a s b e e n r e c o n s tr u c te d o n th o C o e u r d ’A le n e p r o p e r t y , P r ic h a r d
C r e e k , M u r r a y , I d a h o , a n d is o p e r a t e d b y e l e c t r i c p o w e r d e l iv e r e d o v e r a n
1 1 -m ile t r a n s m is s io n lin o f r o m t h e S h o s h o n e C o u n t y P o w e r C o .
The 7H c u . f t . d r e d g e o n t h e M i d d l e F o r k o f t h e A m e r i c a n R i v e r i n C a li f o r n ia c o m
p l e t e d it s o p e r a t i o n s in A u g u s t a n d h a s b e e n d i s m a n t le d a n d m o v e d t o t h e
N o r t h F o r k , w h e r e i t s h o u l d b e g in o p e r a t i o n s a b o u t M a y 1 1 9 1 8 .
The
T r in ity d re d g e h a s b e e n m o v e d fro m C o ffe e C re e k a n d re c o n s tru cte d o n th e
lo w e r e n d o f t h e T r in it y R iv e r p r o p e r t y .
T h e 1 0 0 -t o n m ill a n d m in e e q u i p m e n t w h ic h h a s b e e n u n d e r c o n s t r u c
t i o n b y t h e E l k o r o M in e s C o . a t J a r b i d g e , N e v . , t o g e t h e r w i t h t h e 7 5 - m il e
80
THE CHRONICLE
t r a n s m is s io n lin o f r o m t h e I d a h o P o w e r C o . h a v e j u s t b e e n c o m p l e t e d , a n d
w il l b e p u t in o p e r a t i o n a b o u t M a r c h I 1 9 1 8 .
Dredge Operations.— D u r in g t h e s e a s o n o f 1 5 1 d a y s t h e s e v e n Dawson
dredges m in e d 1 0 8 .9 a c r e s , c o n t a i n in g 4 ,5 8 3 , 3 2 6 c u . y d s . , w h i c h y i e l d e d
$ 1 ,7 3 5 ,6 5 4 , a n a v e r a g e o f 3 7 .8 7 c . p e r c u . y d .
T h e o p e r a tin g c o s t , n o t
i n c lu d in g d e p r e c i a t i o n , w a s 2 5 . 8 1 c . p e r c u . y d .
T h e r e s u lt s s h o w a d e c r e a s e
o f 4 .0 2 c . p e r c u . y d .
T h e c o s t o f l a b o r a n d s u p p l i e s w a s h ig h e r , a n d 6 0 %
o f t h e g r o u n d h a d t o b o th a w e d , a n in cre a s e o f 6 . 6 % .
F i v e d r e d g e s w ill
b e o p e r a t e d a t D a w s o n d u r in g t h e s e a s o n o f 1 9 1 8 .
T h e Greenstone dredge a t R u b y , A l a s k a , o p o r a t e d 1 5 3 d a y s a n d m in e d
2 6 4 ,1 3 2 c u . y d s . , w h ic h y i e ld e d $ 3 1 0 ,0 0 0 , a n a v e r a g e o f 1 1 7 .4 c . p e r c u . y d .
T h e d r e d g in g c o s t , e x c lu d in g d e p r e c ia t io n , w a s 5 3 .2 c . p e r c u . y a r d .
T h i s d r e d g e c o m p l e t e d i t s o p e r a t i o n s in S e p t , a n d h a s b e e n d i s m a n t le d .
T h o Iditarod dredge, o p e r a t i n g 1 9 2 d a y s , h a n d le d 8 7 1 ,0 4 5 c u . y d s . ,
w h ic h p r o d u c e d $ 7 9 7 ,0 0 0 , a n a v o r a g o r e c o v e r y o f 9 1 . 5 c . p e r c u . y d .
Tho
o p e r a t i n g c o s t , n o t in c lu d in g d e p r e c i a t i o n , w a s 4 8 . 1 c . p e r c u . y d .
D r e d g in g
o p e r a t io n s w e ro m o r o d iffic u lt a n d th o p e r c e n ta g e o f fr o z e n g r o u n d th a w e d
a n d d r e d g e d w a s 1 7 % g re a te r th a n d u r in g th e p r e v io u s s e a s o n .
T h e f i v e California dredges, o p e r a t i n g o n t h e A m e r i c a n R i v e r , F e a t h e r
R i v e r , Y u b a R i v e r , T r i n i t y R i v e r a n d B u t t e C r e e k , h a n d le d a t o t a l o f
6 , 1 6 1 , 9 4 1 c u . y d s . , y i o l d i n g a g r o s s o f .$ 5 1 7 ,8 8 6 .
T h e average co s t, n ot
i n c lu d in g d e p r e c i a t i o n , f o r t h o f i v e d r e d g e s w a s 3 . 7 1 c . p e r c u . y d .
T h o American River dredge c o m p l e t e d o p e r a t i o n s A u g . 31 a n d w a s m o v e d
t o t h e N o r t h F o r k , w h e r e i t w il l b e p u t in o p e r a t i o n a b o u t M a y 1.
T h o Trinity dredge s t a r t e d o n it s t r ia l r u n o n D e c . 9 .
T h o fo rm a tio n ,
w h il e t o u g h e r a n d t h o g r a v e l c o a r s e r t h a n in o t h e r d r e d g i n g f i e l d s , c a r r ie s
fe w b o u ld e r s a n d th e b e d r o c k c a n b e r e a d ily d u g .
N o d iffic u lt y w a s en
c o u n t e r e d in w a s h in g t h o g r a v e l o r s a v i n g t h o g o l d .
T h o Murray dredge o n t h e C o e u r d ’ A l e n e p r o p e r t y , I d a . , s t a r t e d o p e r a
t io n s o n D e c . 4 .
I t is w o r k in g in a n e w d r e d g i n g f i e l d w h e r e n o w c o n d i t i o n s
are en cou n tered .
T h o o p e r a t i o n o f t h is d r e d g e h a s b e o n s a t i s f a c t o r y .
Hydraulic Operations.— T h o y a r d a g e m in e d a m o u n t e d t o 2 ,1 4 3 , 4 4 4 c u .
y d s . , w h ic h p r o d u c e d .$ 4 6 0 ,3 0 0 , a t a c o s t , n o t i n c lu d in g d e p r e c i a t i o n , o f
$ 2 5 2 ,6 0 0 , e q u i v a l e n t t o a c o s t o f 1 1 . 8 c . p e r c u . y d .
Miscellaneous.— L e a s e s o n c la im s o w n e d in t h o Y u k o n T e r r i t o r y a n d
A l a s k a , t o g e t h e r w i t h r e t u r n s f o r w a t e r u s e d o n o t h e r t h a n c o . ’s g r o u n d ,
a l s o a s s a y o f f i c e c le a n in g s , y i e l d e d a t o t a l o f $ 9 0 ,2 5 9 a t a c o s t o f $ 3 , 2 2 3 .
_
1917.
D a w s o n — d r e d g e s ______ $ 1 , 7 3 5 , 6 5 4
‘
D a w s o n — h y d r a u l i c s ___
I d i t a r o d — d r e d g e ________
R u b y — d r e d g e ___________
C a li f o r n ia — d r e d g i n g ___
M i s c e l l . o p e r a t i o n s _____
N o n -o p e r a tin g in c o m e ._
1 , 0 5 0 ,0 0 0
B a l a n c e , s u r p lu s o r d e f i c i t ......................... . . d e f . . $ l , 1 1 6 , 5 2 3
s u r .$ 4 7 ,5 1 1
D is t r ib u t io n s o f $ 1 ,0 5 0 ,0 0 0 h a v e b e e n m a d e t o s to c k h o ld e r s d u r in g th o
year.
T h e a m o u n t r e a liz e d f r o m o p e r a t i o n s f o r t h o y e a r w a s $ 1 , 3 7 3 , 1 4 5 ,
a g a i n s t w h ic h w e r o c h a r g e s o f $ 1 , 4 3 9 , 6 6 9 f o r d e p r e c i a t io n o f t h o p l a n t a n d
d e p l e t i o n o f t h o p r o p e r t ie s o n a b a s is o f t h e ir v a l u o a t M a r c h 1 1 9 1 3 , i f
a c q u i r e d p r i o r t o t h a t d a t e , o r t h e ir c o s t i f s u b s e q u e n t ly a c q u i r e d .
T h is
l e a v e s a n e t d e f ic i t f o r t h o y e a r o f $ 6 6 ,5 2 3 .
BALANCE SHEET DEC . 3 1 1 9 1 7 .
Assets (T o t a l $ 1 0 ,5 5 1 ,0 8 2 ) —
P r o p e r t i e s a n d i n v e s t m e n t s a t c o s t , $ 1 4 ,3 5 8 ,1 2 9 ; le s s d e d u c t i o n s
f o r d e p l e t io n a n d r e v a l u a t i o n , $ 1 1 ,4 7 9 ,7 1 3 ; a s r e v a l u e d _________ $ 2 , 8 7 8 , 4 1 6
E q u i p m e n t , $ 8 ,6 1 3 ,3 1 4 ; le s s d e d u c t i o n s f o r d e p r e c i a t i o n , $ 5 ,
2 8 9 ,5 6 2 ; r e v a l u e d ______________________________________________________ 3 , 3 2 3 , 7 5 2
D e f e r r e d c h a r g e s ( o p e r a t in g e x p e n s o s , s t r ip p in g a n d t e m p o r a r y
’
’
'
e q u i p m e n t a p o h c a b l o t o f u t u r e w o r k ) _____________________________
4 3 4 ,1 4 4
A d v a n c e r o y a l t i e s _________________________________________________________
8 7 ,8 0 7
S u p p li e s a n d m a t e r ia l s ___________________________________________________
6 7 7 945
N o t e s r e c e iv a b le ( a d v a n c e s t o E l k o r o M i n o s C o . ) ___________________ 1 , 4 4 1 ,7 0 3
A c c o u n t s c o l l e c t i b l e ____________________________________
4 2 8 ,3 1 1
B u l l i o n in t r a n s i t __________________________________________________________
1 5 5 ,0 4 4
C a s h ---------------------------------------------------------------------------------------------------------------9731960
L i b e r t y L o a n s u b s c r ip t i o n — 2 d i s s u e ________________________________ Z~
1 5 0 000
Liabilities (Total $ 1 0 ,5 5 1 ,0 8 2 ) —
Y u k o n - A l a s k a T r u s t ______________________________________________________ $ 5 , 0 0 0 , 0 0 0
B i l ls a n d a c c o u n t s p a y a b l e ____________________________
2 4 4 .9 8 5
C a p i t a l s t o c k — p a r v a l . is s u e d f o r c a s h o r p r o p e r t i e s . $ 1 7 ,5 0 0 ,0 0 0
N o t a m o u n t r e a l iz e d f r o m o p e r a t i o n s ___________________ 1 4 ,2 5 8 ,4 8 2
_ T o t a l ................................................................................
$ 3 1 ,7 5 8 ,4 8 2
D i s t r i b u t e d t o s t o c k h o l d e r s ______________________________ $ 9 , 6 8 3 , 1 1 0
D u o t o d e p l e t i o n o f p r o p e r t i e s ___________________________
4 ,1 7 5 ,8 6 4
D u e t o r e v a l u a t i o n o f p r o p e r t i e s _________________________
7 ,3 0 3 , 8 4 9
D u o t o d e p r e c i a t io n o r e q u i p m e n t ______________________
5 ,2 8 9 ,5 6 2
B a l a n c o r e p r e s e n t in g e x c e s s o f a s s e t s o v e r lia b il i t i e s , i n c l. p r o p e r
t ie s o w n e d a t M a r c h 1 1 9 1 3 , o n t h o b a s is o f t h e ir f a ir v a l u e a n d
i n c l . p r o p e r t ie s s u b s e q u e n t ly a c q u i r e d a t t h e ir c o s t _____________ 5 . 3 0 6 0 9 7
— V . 106, p . 1044, 935.
Virginia Iron, Coal & Coke Co.
( Report— Year end. June 30 1917 and 6 mos. to Dec. 31 1917.)
Pres. Jno. B . New ton, M a r. 1, wrote in substance:
New Fiscal Year.— F u t u r e a n n u a l s t a t e m e n t s w ill c o n f o r m w it h t h e c a l . y r .
Results.— F o r t h e y e a r e n d i n g J u n o 3 0 1 9 1 7 t h o n e t p r o f i t a m o u n t e d t o
$ 1 , 0 2 4 , 3 6 5 , a n d t h o d e b i t t o p r o f i t a n d lo s s w a s r o d u c o d f r o m $ 1 , 9 2 5 ,8 6 2
t o $ 1 , 0 0 3 , 7 3 8 , a n d t h o b i lls p a y a b l e r e d u c e d f r o m $ 1 , 2 8 0 , 1 2 8 t o $ 2 0 1 ,9 0 3 .
T h e n e t p r o f i t f o r t h o s ix m o n t h s e n d i n g D e c . 31 1 9 1 7 , w a s $ 8 7 3 ,1 7 9 ,
d u r i n g w h ic h p e r i o d t h o d e b i t t o p r o f i t a n d l o s s w a s f u r t h e r r e d u c e d f r o m
$ 1 , 0 0 3 , 7 3 8 t o $ 1 8 8 ,8 7 0 a n d b ills p a y a b l o r e d u c e d f r o m $ 2 0 1 ,9 0 3 t o $ 9 2 ,9 0 3 .
Sale of Furnace.— D u e t o t h o i m p o s s i b i l it y o f p r o c u r in g s u f f i c ie n t o r e
a n d c o k e t o o p e r a te m o r o th a n fiv e o f y o u r fu rn a ce s as a m a x im u m (fo u r
V i r g i n ia f u r n a c e s a n d o n o a t M i d d l o s b o r o , I C y .) w o h a v o s o l d t h o B r i s t o l
f u r n a c o , w h i c h h a d b o o n o u t o f b l a s t f o r n in e y e a r s , a n d t h o G r a h a m f u r
n a c e , w h ic h h a d b e o n o u t o f b l a s t f o r t h ir t e e n y e a r s , t h o f o r m o r o n S e p t . 2 5
1 9 1 7 , t o O ’ M a r a B r o t h o r s f o r $ 2 0 0 ,0 0 0 ($ 1 7 5 ,0 0 0 p a i d a n d $ 2 5 ,0 0 0 d u o A p r .
1 1 9 1 8 ), a n d t h o l a t t e r A u g . 3 1 t o J n o . B . G u o r n s o y & C o . f o r $ 7 5 ,0 0 0 .
Bonds Redeemed.— T h o b r o c e e d s o f t h o a f o r e s a id s a le s w e r o u s e d t o p u r
c h a s e a n d c a n c e l $ 2 8 6 ,0 0 0 b o n d s a t . 8 7 4 6 .
O th e r p r o p e r t y n o t n e e d e d
w a s s o l d a n d t h o p r o c e e d s u s e d t o c a n c e l $ 2 1 ,0 0 0 b o n d s .
D u r in g th e
1 8 m o n t h s p e r i o d , t h o s in k i n g f u n d s f o r d e p r e c i a t io n o f c o a l la n d s a n d o r e
l a n d s w e r e c r e d it e d w it h $ 1 7 5 ,1 3 7 , w h ic h m o n e y t o g o t h e r w it h $ 4 5 8 4 5
o u t o f e a r n in g s w a s u s e d in t h o p u r c h a s e a n d c a n c e l a t io n o f $ 2 5 3 ,0 0 0 b o n d s .
A f u r t h e r $ 3 4 ,0 0 0 o f p r i o r lie n b o n d s w a s a ls o p u r c h a s e d a n d c a n c e l e d .
Y o u r b o n d e d d e b t w a s th u s r e d u c e d d u r in g th e 18 m o n th s fr o m $ 5 0 8 7 0 0 0
t o $ 4 ,4 9 3 ,0 0 0 .
Improvement in Finances.— D u r i n g t h o 18 m o n t h s p e r i o d t h o d e b i t t o
p r o f i t a n d lo s s w a s r e d u c o d $ 1 , 7 3 6 , 9 9 2 : b i ll s p a y a b l e w o r e r e d u c e d $ 1 ,
1 8 7 ,2 2 5 ; t h o b o n d e d d e b t w a s r e d u c e d $ 5 9 4 ,0 0 0 .
and perm anent a d
d i t i o n s a n d im p r o v e m e n t s w o r e m a d e a m o u n t i n g t o $ 4 1 7 ,6 4 9 .
Coal Business.— T h o s i t u a t io n r e la t i v e t o t h o c o a l m in in g d e p a r t m e n t is
e s p e c i a ll y s a t i s f a c t o r y .
I n s p i t e o f t h o h e a v y i n c r e a s e s in w a g e s t o m in o r s
a n d o t h e r w o r k e r s , t h o a b n o r m a l I n c r e a s e in c o s t s o f s u p p l i e s , a n d t h o
u n i v e r s a l s h o r t a g e in c a r s u p p l y a n d c o n g e s t e d c o n d i t i o n o f a ll t r a n s p o r t a
t i o n f a c il i t i e s , y o u r m in e s h a v o p r o d u c e d 9 9 . 7 % o f t h o ir a v e r a g o p r o d u c t i o n
f o r t h o p r o v i o u s f i v e y e a r s , a t c o s t s a f f o r d i n g a g o o d m a r g in o f p r o f i t , a n d
8 0 % o f y o u r e s t im a t e d p r o d u c t i o n f o r t h r o o y e a r s f r o m t h o s p r i n g o f 1 9 1 7
h a s b e o n s o l d u n d e r c o n t r a c t s t o v a r i o u s r a i lr o a d c o m p a n i e s u p o n t e r m s
t h a t p r o m is e s a t i s f a c t o r y r o t u r n s .
New Collieries.— D u r in g t h o p a s t t w e l v e m o n t h s t w o n o w c o ll i e r ie s
( L a u r a m in e a n d D a l o R i d g o ) h a v e b e o n c o m p l e t e d a n d p u t i n t o o p e r a t i o n ,
a n d w o rk h a s b o o n b e g u n o n a n o th e r n o w c o llio r y t o b o k n o w n a s S h a n n o n
m in o a n d o u r e x p e c t a t i o n is t o c o m p l e t e t h o p l a n t a n d b o g i n s h i p p i n g c o a l
f r o m t h a t m in o o n o r b o f o r e J u l y 1 o f t h is y e a r .
T h o n e w m in e s r e fe r r e d
t o a r e a ll l o c a t e d in W i s e C o u n t y , V a .
M u c h a t t e n t io n h a s b e o n g iv o n t o th o p r o s p e c t in g a n d d e v e lo p m e n t o f
y o u r c o a l l a n d s in I C o n t u c k y , w h ic h w o c o n s i d e r v e r y v a l u a b l o .
O u r p o lic y
w il l b o t o e s t a b l is h c o ll i e r ie s u p o n t h e b e s t o f t h a t p r o p e r t y a s s o o n a s c o n
d it io n s ju s t ify .
Pig Iron.— A l t h o u g h c o s t o f p r o d u c t i o n i n c r e a s e d h e a v i l y a n d t h o s e llin g
r ic o o f p i g I r o n r e d u c e d o n S e p t . 2 4 1 9 1 7 b y G o v o r n m o n t a l o r d e r , 3 3 1 - 3 %
e lo w th e th e n m a r k o t p r ic e , th o o p e r a t io n o f y o u r fu r n a c e s h a s b e e n
p r o fit a b le .
T h e p i g i r o n s t o c k e d in o u r f u r n a c o y a r d s h a s b e o n r e d u c o d
d u r i n g t h e y e a r f r o m 1 9 ,2 5 4 t o n s t o 1 ,6 9 1 t o n s .
General Statistics for 18 Months to Dec. 31 1 9 1 7 .
C o a l m in e d ( t o n s ) __________ 2 , 6 8 6 , 7 2 3 C o a l u s o d in m f g . c o k o ( t o n s ) 9 9 6 ,0 7 0
C o k e m a n u f a c t u r e d ( t o n s ) . 5 9 7 ,2 3 2 P i g i r o n s h i p p o d ( t o n s ) _____ 3 7 2 ,7 3 8
P i g ir o n m a n u f a c t ’ d ( t o n s ) . 3 5 4 ,5 0 8 C o k o c o n s u m e d in m a n u f a c
C o a l s h i p p e d ( t o n s ) _________ 1 ,6 9 0 ,6 5 3
t u r in g p i g i r o n ( t o n s ) . .
5 9 8 ,8 2 3
Changes Proposed in Balance Sheet.— S in c o o r g a n i z a t io n y o u r s t o c k
l ia b il i t y h a s b e e n c a r r ie d a t $ 1 0 ,0 0 0 ,0 0 0 ; o f t h is a m o u n t $ 9 , 0 7 3 , 6 0 0 is n o w
in t h e h a n d s o f t h o p u b l i c a n d t h o r e m a in in g $ 9 2 6 ,4 0 0 is h e l d in y o u r
t r e a s u r y a n d c a r r ie d in y o u r lis t o f s e c u r it ie s o w n e d a t n o m i n a l v a l u o . Y o u r
d i r e c t o r s p u r p o s e t o c h a n g o t h o b a l a n c e s h e e t a n d m a k e t h e s t o c k l i a b il i t y
$ 9 , 0 7 3 , 6 0 0 ( t n e a m o u n t o f s t o c k in h a n d s o f p u b l i c ) a n d r e d u c e r e a l e s t a t e
a n d p l a n t $ 9 2 6 ,4 0 0 i n o r d e r t o m a i n t a in t h e b a l a n c e .
E
GROSS A N D N E T OPERATING REVENUES.
— 6 mos. to Dec. 3 1 ’ 17----------Year end. June 3 0 ’17Gross.
Net.
Gross.
Net.
Operation of—
F u r n a c e s ....................................$ 3 , 0 5 9 , 0 1 9
F o u n d r ie s a n d s h o p s . . .
6 3 ,0 1 0
C o a l m i n e s . . ......................
1 ,4 3 5 ,9 7 1
C o k o o v e n s ----------------------6 2 7 ,5 5 3
G r i s t m i l l s ------------------------1 2 8 ,7 7 1
$ 7 0 8 ,9 5 2
581
5 6 0 ,3 5 1
N one
1 3 ,9 3 5
$ 4 ,5 8 2 ,1 6 0
1 0 3 ,6 9 0
1 ,9 3 1 ,6 8 4
8 1 0 ,3 9 4
2 4 7 ,9 2 8
$ 1 ,0 0 1 ,2 5 3
3 ,4 0 5
4 8 5 ,2 4 8
5 8 ,0 1 3
2 0 ,3 9 5
T o t a l ....................................... $ 5 ,3 1 4 , 3 2 4
$ 1 ,2 8 3 , 8 2 0
$ 7 ,6 7 5 ,8 5 6 $ 1 ,5 6 8 ,3 1 4
- 6 mos. to------------- Years ending June 3 0 — ----------------- Dec. 31 T 7 .
1917.
1916.
1915.
N e t earn s, fro m o p e r ’n s .
$ 1 ,2 8 3 ,8 2 0 $ 1 ,5 6 3 ,3 1 4
$ 4 3 7 ,0 1 6
$ 4 0 6 ,5 7 4
F a rm s a n d fa rm r e n ta ls .
2 7 ,0 4 8
1 7 ,4 2 8
1 2 ,1 6 6
1 1 ,0 4 4
M is c e ll. m d s o ., d i s ., & c_
2 6 ,3 8 2
6 8 ,2 0 2
4 1 ,7 9 8
1 6 ,3 9 8
$ 1 ,6 5 3 ,9 4 4
$ 4 9 0 ,9 8 0
$ 4 3 4 ,0 1 6
$ 8 3 ,5 3 6
2 5 2 ,4 1 4
4 2 ,9 0 7
6 4 ,6 6 4
9 9 ,9 7 2
4 8 ,3 1 6
3 ,7 5 0
3 4 ,0 2 1
$ 6 4 ,3 9 3
2 5 6 ,5 7 9
3 0 ,3 3 5
1 5 5 ,8 6 5
1 2 3 ,1 7 2
8 5 ,3 4 2
894
2 2 ,4 9 4
$ 6 0 ,8 1 4
2 5 7 ,7 6 0
2 3 ,8 5 4
9 1 ,1 9 4
1 3 5 ,6 8 6
9 3 ,9 3 3
1 ,0 4 0
1 4 ,4 5 7
T o t a l d e d u c t i o n s ------$ 4 6 4 ,0 7 1
$ 6 2 9 ,5 7 9
$ 7 3 9 ,0 7 4
B a l a n c o , s u r . o r d e f . . . s u r . $ 8 7 3 , 1 7 9 s r . $ l , 0 2 4 ’, 3 6 5 d o f.$ 2 4 8 | 0 9 4
OPERATING RESULTS FOR YEARS ENDIN G DEC. 3 1 .
-Production
Operating Gains-
T o t a l . . . ............................... $ 3 , 9 1 1 , 2 3 9 $ 4 , 3 8 3 , 5 9 5
$ 1 ,7 3 8 ,2 3 9
$ 1 1 9 ,2 1 8
R o y a l t i e s p a i d ______ ________________
A m o r t i z a t i o n _____________________________________________
________
I n t . c h a r g e s , g e n e r a l ex p e n s e s a n d e x a m i n a t i o n s ..
2 4 5 ,8 7 6
D e p l e t i o n .....................
8 0 7 ,1 2 8
6 3 2 ,5 4 1
D e p r e c i a t i o n ___________________________________
D i v i d e n d s p a i d ( 6 % ) .............
1 , 0 5 0 ,0 0 0
[V o l . 107
T o t a l n e t i n c o m e . . $ 1 ,3 3 7 ,2 5 0
Deductions—
$ 2 1 6 ,6 5 0
T a x e s ..................
B o n d i n t e r e s t -----------------1 2 1 ,1 0 0
I n s u r a n c e ------------------------2 2 ,2 4 5
E x p o n s e s o f id lo p l a n t s .
1 5 ,8 7 0
D e p r e cia tio n o f p la n t s .3 0 ,5 4 5
I n t e r e s t a n d d i s c o u n t ___ •
3 ,6 8 2
M i s c e l l a n e o u s . . . ...............
9 ,9 7 0
D e v e l o p m e n t -----------------4 4 ,0 0 9
$ 6 7 8 ,7 3 8
d f.$ 2 4 4 | 7 2 2
O p e r a t in g , & c . , a c c o u n t s w e r o c h a r g e d d u r i n g t h o 6 m o n t h s t o D o c . 31
1 9 1 7 w it h $ 1 6 4 ,5 7 1 f o r d e p r e c i a t i o n , v i z . : D e p r e c i a t i o n o f c o a l l a n d s , $ 5 0 ,
6 7 9 ; d e p r e c . o f o r o la n d s , $ 6 , 1 2 5 ; d o p r o c . o f i m p t s . t o le a s e d p r o p e r t ie s ,
$ 5 9 ,7 4 3 ; d o p r e c . o f i m p t s . t o le a s e d p r o p e r t ie s , $ 1 8 ,8 8 5 ; a l s o w it h fu r n a c e
r e p a ir s , $ 2 9 ,1 3 9 .
T h e r o w a s s p e n t $ 2 7 0 ,6 5 4 d u r i n g t h o y e a r f o r a d d it i o n s a n d i m p r o v e
m e n t s t o o w n e d a n d le a s e d p r o p e r t ie s , v i z . : i m p t s . t o o w n e d p r o p e r t ie s ,
$ 1 6 3 ,5 0 5 i m p t s . t o le a s e d p r o p e r t ie s , $ 5 7 ,4 1 4 ; r o p a lr s t o f u r n a c e s $ 4 9 ,7 3 5 .
BALANCE SHEET.
Dec. 31 ’ 1 7 . June 3 0 T 7 .
Assets—
$
S
R e a l e s t . & p l a n t - 1 1 ,6 2 1 , 8 7 2 1 1 ,8 4 6 ,0 8 3
E q u i p m e n t ........... ..
632, 500
6 2 4 ,4 1 7
S e c u r it ie s o w n e d . .
1 97 ,36 3
2 0 9 ,3 6 3
S a le s l e d g e r , & c . ,
b a l a n c e ........... ..
1 ,0 3 1 , 8 0 8
8 9 3 ,9 9 7
B ills & a c c t s . r e c . .
2 0 4 ,2 6 4
1 2 1 ,9 8 6
C a s h .............................
2 1 3 , ,534
2 4 5 ,9 3 9
R a w m a t e r ia l, s u p
p l ie s , m c r c h .,& c . 1 ,4 7 2 ,0 5 2
1 ,1 3 6 ,9 0 7
P r o f i t a n d l o s s _____
188 ,8 7 0
1 ,0 0 3 ,7 3 8
T o t a l ..................... 1 5 ,5 6 2 ,2 6 4 1 0 ,0 8 3 ,0 3 0
.D ec.31 ‘ 17. June 3 0 T 7 .
Liabilities—
s
S
C a p i t a l s t o c k _____1 0 ,0 0 0 ,0 0 0 1 0 ,0 0 0 ,0 0 0
F ir s t m t g e . b o n d s . 4 ,1 7 5 ,0 0 0 4 ,6 4 2 ,0 0 0
P r i o r li e n b o n d s . .
3 1 8 ,0 0 0
3 3 4 ,0 0 0
U n p a id v o u c h e r s .
5 0 0 ,0 8 7
5 6 1 ,3 6 7
U n p a id p a y - r o l l s .
9 2 ,3 5 0
8 3 ,9 0 3
A c co u n ts p a y a b le .
1 6 8 ,4 5 0
1 3 5 ,8 3 2
9 2 ,9 0 3
2 0 1 ,9 0 3
B ills p a y a b l o ______
In te re st a c c r u e d ..
7 3 ,4 9 2
8 1 ,4 7 5
F u r n a c e - r e p a ir f d .
2 ,6 8 8
2 3 ,2 8 4
T a x e s a c c r u e d _____
1 3 9 ,2 9 5
1 9 ,2 6 5
T o t a l ..................... 1 5 ,5 6 2 ,2 6 4
1 6 ,0 8 3 ,0 3 0
— V . 106, p . 1236.
GEN ERA L INVESTM ENT NEWS.
R A IL R O A D S , I N C L U D I N G E L E C T R IC R O A D S .
A lb a n y S o u th e rn R R .— Bonds.—
T h o N . Y . P u b l i c S e r v i c e C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o
e x e c u to t o th o E m p ir e T r u s t C o ., N . Y . , as tru s te o , a m o r tg a g e t o s e cu re
a n is s u e o f $ 3 , 0 0 0 , 0 0 0 F i r s t & R e f u n d i n g M t g o . 3 0 - y e a r g o l d b o n d s .
The
c o m p a n y w a s a l s o a u t h o r i z e d t o p l e d g e $ 5 5 0 ,0 JO 3 - y o a r g o l d n o t e s a s c o l
la t e r a l f o r lo a n s .
C om p a re V . 106, p . 2449.
A tc h iso n T o p ek a & S a n ta Fe.— Federal Manager.—
W . B . S t o r e y , V i c e - P r e s id e n t in c h a r g o o f o p e r a t i o n a n d c o n s t r u c t i o n ,
h a s b e e n a p p o in t e d F e d e ra l M a n a g e r u n d e r th o U . S . R a ilr o a d A d m in is
t r a t io n .— V . 1 0 6 , p . 2 7 5 5 .
A rcad e & A ttic a R R .— Bonds.—
T h e N e w Y o r k P . S . C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o Issu e
$ 1 0 ,0 0 0 F ir s t M t g e . 5 % g o l d b o n d s , a n d t o p l o d g o t h o b o n d s a s c o ll a t e r a l
s e c u r it y f o r a n o t o .— V . 10 6 , p . 1 89 9.
A tla n tic Coast L in e R R .— Decision.—
T h e A la b a m a S u p re m o C o u r t a t M o n t g o m e r y o n J u n o 2 7 h a n d e d d o w n
a d e c i s io n t h a t t h o c o m p a n y , t h r o u g h t h o c o n s o l id a t i o n s o f s o v o r a l d o m e s t i c
r a ilr o a d s s o m o y e a r s a g o , b e c a m e a d o m e s t i c c o r p o r a t i o n f o r t a x a t i o n p u r
p o s e s , a n d t h a t t h e S t a t e m a y c o l l e c t fr a n c h is e t a x e s o n a ll c a p i t a l s t o c k
o f t h e r a i lr o a d .
B y t h is d e c i s io n t h o c o m p a n y w ill b o r e q u ir e d t o p a y o n
a ll c a p i t a l In t h o f u t u r o , a n d t h o S t a t o m a y g o b a c k a n d c o l l e c t a d d it i o n a l
t a x e s f r o m t h o t im o o f t h o c o n s o l i d a t i o n s . — V . 1 0 6 , p . 2 5 5 9 .
B altim ore & O h io R R .— Three-Months' Notes.— The
issue of $10,000,000 0 % discount notos sold by the company
to Kuhn, Loeb & Co. and Spoyor & Co. will run for three
months and aro secured by common and preferred stock of
tho Reading Co. O f tho proceeds, part will meet $7,500,000
1-year notes which fall duo July 1, and the balanco provided
for bank toans at maturity on tho samo date. It is presumed
that this issue, whon matured, will bo rediscounted. Com
pare V . 106, p. 2755, 2648.
Federal Manager.—
T h o j u r is d i c t io n o f F e d e r a l M a n a g o r A . W . T h o m p s o n f o r t h is c o m p a n y
( e a s t o f a n d in c lu d in g P a r k e r s b u r g a n d P i t t s b u r g h ) a n d C u m b e r l a n d V a l
l e y & W e s t M a r y l a n d R y . is e x t e n d e d t o i n c lu d e t h o C o a l & C o k o R y .
a n d C u m b e r l a n d & P e n n s y lv a n ia R R . — V . 1 0 6 , p . 2 6 4 8 .
B a y State Street R y . — Bonds Purchased.—
J u d g e M o r t o n o f t h o U . S . D is t r ic t C o u r t a t B o s t o n o n J u ly 3 a u th o r iz e d
R e c e i v e r D o n h a m t o p u r c h a s o $ 2 2 ,6 0 0 b o n d s o f t h o N o r f o l k C e n t r a l S t .
R y . o u t o f fu n d s o n h a n d , a n d t o h o ld th o b o n d s as p a r t o f t h o a ssets o f th e
c o m p a n y .— V . 106 , p . 2 7 5 5 .
Bessem er & L a k e Erie.— General Manager.—
E.
I I . U t l e y , V i c e - P r e s id o n t , h a s b o o n a p p o i n t e d G o n o r a l M a n a g e r u n d e r
t h o U n it e d S t a t e s G o v e r n m e n t o f t h is c o m p a n y a n d t h o U n io n R R . , w it h
o ffic o a t P itts b u r g h , P a .— V . 102, p . 2 1 6 5 .
B oston E levated R y . — New Officers.—
L o u is A . F r o t h i n g h a m lia s b e e n e l e c t e d C h a ir m a n o f t h o b o a r d o f t r u s t e e s
a n d S ta n le y R . M ille r S e c r o ta r y .— V . 1 0 6 , p . 2 7 5 5 , 2 5 5 9 .
B o sto n & M aine R R .— Notice to Holders of the $13,306,060
Outstanding Notes— Representatives of Federal Government have
Plan of Reorganization under Consideration.— J. P . M organ &
C o., Kiddor, Peabody & Co. and Loo, Higginson & Co., the
Ju
ly
6 1 9 1 8 .]
THE CHRONICLE
bankers, who have agreed to act as Syndicate Managers
under the tentative plan of 1917 (V . 104, p. 2009, 2040;
V.
105, p. 1414), announce, by advertisement on another
page, that they understand that a plan of reorganization is
under consideration by representatives of the Federal G o v
ernment and that this plan protects the interests of all hold
ers of the Boston & M aine securities. Whilo those bankers
believe that action on tho part of the noteholders to protect
their interest is at present unnecessary, they will, they state,
should occasion arise, inform the noteholders of tho fact.
Tho original amount of tho company’s notes was 827,000.000,
of which amount there has been paid 813,693,940, leaving
still outstanding an amount of 813,306,069.
Committee for Ronds, Debentures and Notes.— Tho following
committee is calling for the deposit of tho bonds, debentures
and notes named below under agreement dated June 261918.
The depositary is the International Trust Co., Boston.
1' Committee.— G e o r g e E . B r o c k , P r e s i d e n t H o m o S a v in g s B a n k ; C h a r le s
G.
B a n c r o f t , P r e s i d e n t I n t e r n a t io n a l T r u s t C o . ; E . E l m e r F o y o , T r u s t e e
W i l d e y S a v in g s B a n k , o f E . E lm e r F o y o & C o . ; E d w i n U . C u r t i s , T r u s t e e ’
I n s t it u t i o n f o r S a v in g s in R o x b u r y a n d it s V i c i n i t y ; A l b e r t E . S t r a t t o n ’
T r e a s u r e r , W o r c e s t e r C o u n t y I n s t it u t i o n f o r S a v in g s .
C o u n s e l, T y l e r ’
T u c k e r , E a m c s & W r ig h t, A m e s B ld g ., B o s t o n , M a s s .
List of B. & M . HR. Bonds, Debentures and Notes Included in Aforesaid Call
--------S in k in g f u n d 5 0 - --------, i m p r o v e m e nF e b .n d s .1 9 3 7
y e a r ---------------------- t b o 1 4 * L
$ 1 ,9 1 9 ,0 0 0
5 0 - y e a r p la in b o n d s ___________________________4 %
A u g . 1 1942
2 . 5 0 0 .0 0 0
- . 4 J ^ %J a n . 1 1 9 4 4
5 0 - y e a r p la in g o l d b o n d s ______________
6 ,0 0 0 ,0 0 0
5 0 - y e a r p l a i n g o l d b o n d s .................................
3%
J u ly 1 1950
5 .4 5 4 .0 0 0
2 0 - y c a r p la in b o n d s _______________ _______— 3 M %
N o v . 1 1921
1 , 0 0 0 ,0 0 0
2 0 - y e a r p la in b o n d s __________________________33 -4%
J a n . 1 1923
2 ,0 0 0 ,0 0 0
2 0 - y e a r p la in b o n d s __________________________3 'A%
F e b . 2 1925
5 0 0 ,0 0 0
2 0 - y e a r p la in r e fu n d i n g b o n d s ____________ 4 %
S e p t. 1 1926
1 0 ,0 0 0 ,0 0 0
2 0 - y e a r p la in r e fu n d i n g b o n d s ____________ 4 R %
A p r . 1 1929
1 1 ,7 0 0 ,0 0 0
E x te n d e d s n o r t-te r m n o t e s .
-6 %
IO n o r b e f o r e 1
.
\ J u n e 3 0 1 9 1 7 / 1 3 ,3 0 6 ,0 6 0
E x t r a c t s f r o m C i r c u l a r o f C o m m i t t e e D a t e d a t B o s t o n , J u n e 2G
T h o B o s t o n & M a i n e R R . w e n t i n t o t h e h a n d s o f a r e c e iv e r o n A u g 2 9
1 9 1 6 , a n d s i n c e t h a t d a t o n o in t e r e s t h a s b e e n p a i d o n t h o a b o v e b o n d s
d e b e n t u r e s a n d n o t e s , a l t n o u g h i n t e r e s t a n d d i v i d e n d s l ia v o b e e n p a i d u p o n
m a n y s e c u r it ie s o f o u t s t a n d i n g is su e s o f le a s e d lin e s .
I t is o b v i o u s l y im
p o r t a n t t h a t t h is l a r g o a m o u n t o f b o n d s , d e b e n t u r e s a n d n o t e s a g g r e
g a t i n g w i t h o u t in t e r e s t $ 5 4 ,3 7 9 ,0 6 0 , s h o u l d u n i t e s o t h a t c o n c e r t e d a c t i o n
m a y b e t a k e n a n d a ls o t h a t , i f n e c e s s a r y , a c t i o n m a y b e t a k e n l o o k i n g t o
t h o p a y m e n t o f t h e i n t e r e s t n o w o v e r d u e , a n d t h e p r i n c ip a l i f p o s s i b le
o r in s o m e w a y t o a r e o r g a n iz a t io n o f t h o w h o l e s i t u a t io n .
’
’
I t is n o t t h o in t e n t io n o f t h e c o m m i t t e e t o t a k e a c t i o n w h ic h w ill in a n y
w a y c o m p l i c a t e t h e s i t u a t io n , b u t it is t h o b e l ie f o f t h e c o m m i t t e e t h a t
u n i t in g t n o b o n d s , d e b e n t u r e s a n d n o t e s in t h o h a n d s o f a c o m m i t t e e w it h
p o w e r t o a c t is w is e f r o m e v e r y s t a n d p o i n t a n d t h a t t h o r ig h t s o f h o ld e r s
c a n b o th u s p r o te c te d .
I n c a s e a p la n is s u b m i t t e d b y t h is c o m m i t t e e d e p o s i t o r s m a y , w it h o u t
e x p e n s e , i f t h e y a r e n o t s a t is f ie d t h e r e w i t h , w it h d r a w t h e i r d o D o s i t s _
_
•V . 1 0 6 , p . 2 6 4 8 . 2 5 5 9 .
v
B razil R a ilw ay .— Bondholders to Vote on Plan of July 18
1917 and Proposition to Discharge the Receiver.— Holders of
tho 4 ^ % 1st M . 60-year bonds of 1909 will voto in London
A ug. 12 on:
(1 ) A d o p t i n g t h e ‘ ‘ C o m p o s i t i o n A g r e e m e n t d a t e d J u l y 1 8 1 9 1 7 b e t w e e n
t h o c o m p a n y a n d i t s b o n d h o ld e r s , c r e d it o r s a n d s h a r e h o ld e r s , w h ic h h a s
b e e n p r o v i s io n a ll y a p p r o v e d b y c o m m i t t e e s in F r a n c o , E n g la n d , a n d
B e lg iu m ,^ r e p r e s e n t in g t h e b o n d h o ld e r s , a n d d i r e c t i n g t h o e x e c u t i o n t h e r e o f
o n b e h a l f o f t h e b o n d h o ld e r s .
[S e o s a id p l a n , V 1 0 5 n 1 1 0 2
(2 ) D ir e c t in g t h o M o r t g a g e T r u s t e o ( t h o E m p i r e T r u s t C o . 'o f N . Y .)
t o e x e c u t e a s u p p le m e n t a l t r u s t d e e d n i o d i f y i n g t h o t r u s t d e e d s s e c u r in g
t h o 4 ) 4 % b o n d s o f 1 9 0 9 a n d t o c o n c u r in t K x e c u t t o n o f s u p p l e m 3
t r u s t d e e d s m o d i f y i n g t h o t r u s t d e e d s s e c u r in g t h o 6 % n o t e s a n d t h o c o n
v e r t ib le d e b e n t u r e r e s p e c t iv e ly t o e ffe c t u a t e th o c o m p o s it io n
(3 t o 6 ) A u t h o r i z i n g t h e c r e a t io n o f F r s . 8 0 , 0 0 0 , 0 0 0 o f P r i o r I J o n b o n d s ,
r a n k i n g a s a f ir s t c h a r g e u p o n ( inter alia) a ll t h o a s s e t s c h a r g e d o r t o lie
c h a r g e d t o s e c u r o t h o b o n d s in p r i o r i t y t o t h o 4 ) 4 % b o n d s o f 1 9 0 9
A l s o a s s e n t in g t o c e r t a in a l t e r a t i o n s in t h o t r u s t d e e d o f 1 9 0 9 r e la t in g
t o m e e t in g s o f t h o b o n d h o ld e r s , a n d g o n o r a l l y p r o v i d i n g f o r t h o m o d i f i c a -
81
f r a m e b o x c a r s , 2 5 0 5 0 - t o n s t e e l- f r a m e g o n d o l a s , 2 1 5 3 0 - t o n s t e e l- f r a m e
fla t ca r s , 200 3 0 -to n s t o c k ca r s , 2 5 0 5 0 -to n H a r t ca rs, 25 5 0 -to n steel ta n k
c a r s , 10 c o n s o l id a t i o n l o c o m o t i v e s .
T i t l e t o a ll e q u i p m e n t r e m a in s v e s t e d
in t h e tru s te e fo r th e b e n e fit o f t h e c e r tific a t e h o ld e rs .
T h o c a s h c o n t r a c t p r i c e o f t h o r o ll i n g s t o c k is $ 7 , 1 4 4 , 3 3 6 , o f w h ic h t h e
r a i lw a y c o m p a n y m a k e s a n in it ia l c a s h p a y m e n t o f 3 0 % .
T h i s i n it i a l
c a s h e q u i t y is in c r e a s e d b y t h e u n u s u a l ly la r g e p a y m e n t s o f 1 5 % f o r e a c h
o f t h e f ir s t t w o a n n u a l I n s t a llm e n t s o f p r i n c ip a l, s o t h a t a t t h e e n d o f t w o
y e a r s 5 0 % o f t h e c o n t r a c t c a s t o f t h e e q u i p m e n t w ill h a v e b e e n p a i d .
T h o c e r t i f ic a t e s a r e f u r t h e r s e c u r e d b y a s s i g n m e n t t o t h e t r u s t e e o f a
le a s e o f t h e e q u i p m e n t t o t h e C a n a d i a n N o r t h e r n R y . , w h ic h is o b l i g e d t o
p a y r e n t a ls s u f f i c i e n t t o e n a b le t h e t r u s t e e t o r e t ir e a s d u e t h e t o t a l is s u e
o f t h e s e c e r t i f ic a t e s , w it h d i v i d e n d s a n d c h a r g e s .
Guaranty.— “ T h e C a n a d i a n N o r t h e r n R y . f o r a v a l u a b l e c o n s i d e r a t io n
g u a ra n te e s t h e p r o m p t p a y m e n t b y it t o t h e tr u s te e o f t h e p a r v a lu e o f th e
w it h in c e r t i f i c a t e a n d o f t h e d i v i d e n d s t h e r e o n a c c o r d i n g t o t h e t e r m s o f
s a id c e r t i f i c a t e a n d t h e d i v i d e n d w a r r a n t s t h e r e u n t o a t t a c h e d . ”
Government Ownership.— T h e r a i lw a y is n o w o w n e d b y t h e G o v e r n m e n t
o f C a n a d a , w h ic h h a s a c q u i r e d t h e o u t s t a n d i n g $ 1 C 0 ,0 0 0 ,0 0 0 c a p i t a l s t o c k
u n d e r a u t h o r it y o f A c t s o f P a rlia m e n t (V . 1 0 6 , p . 2 3 4 4 ).
Earnings Year ended June 3 0 —
1915.
1916.
1917.
A v e r a g e m ile a g e o p e r a t e d -------------------7 ,2 6 9
8 ,0 4 8
9 ,3 9 6
G r o s s e a r n i n g s . . . . ----------------------------------$ 2 5 ,9 1 2 ,1 0 6 $ 3 5 ,4 7 6 ,2 7 5 $ 4 3 ,4 9 5 ,0 7 7
N e t e a r n in g s ( a ft e r o p e r . e x p e n s e s ) . . $ 6 , 6 2 3 , 2 9 2
$ 9 ,3 7 3 ,5 3 1 $ 1 2 ,1 4 5 ,6 6 8
Equipment Issues.— O n J u n o 1 1 9 1 8 t h e c o m p a n y h a d o u t s t a n d i n g u n
m a t u r e d e q u i p m e n t o b l ig a t io n s o f o n l y $ 1 1 ,7 5 6 ,5 0 0 .
Its e q u ip m e n t p u r
c h a s e s h a v e a g g r e g a t e d $ 6 1 ,3 9 8 ,3 8 3 s i n c e 1 9 0 3 , a t o t a l o f $ 4 9 ,6 4 1 ,8 8 3 h a r
i n g t h u s b e e n p a i d in c a s h a n d in m e e t in g m a t u r e d in s t a ll m e n t s o f e q u i p
m e n t tru sts.
Special Government Aid inPurchase of Rolling Stock, <
fee.—
S ee "C a n a d ia n R a ilw a y s ” b e lo w .— V . 10 6 , p . 2 7 5 5 , 2 6 4 8 , 2 5 5 9 .
C a n a d ia n R a ilw a y s .— Dominion Aid in Acquiring New
Rolling Stock, &c., to a Total Not Exceeding 850,000,000.—
Government on Account of Same M ay Issue or Guarantee
Equipment or Other 10-F ear Serial Obligations.— Royal assent
was given on M a y 24 to an A ct of the Canadian Parliament
amending the Department of Railways and Canals Act, so
that during the present fiscal year Government aid m ay be
given to any or all the railways of the Dominion with respect
to tho purchase in the aggregate of not exceeding 850,000,000
worth of rolling stock or other railway equipment and
materials. The Act reads as follows:
1.
T h e D e p a r t m e n t o f R a il w a y s a n d C a n a l s A c t , C h a p t e r 3 5 o f t h e
R e v i s e d S t a t u t e s o f C a n a d a , 1 9 0 6 , is a m e n d e d b y in s e r t in g t h e f o l l o w i n g
s e c t io n i m m e d i a t e l y a f t e r S e c t io n 10 t h e r e o f:
Minister May Acquire Rolling Stock and Equipment for any Canadian Railway.
10A .
(1 ) N o t w i t h s t a n d i n g a n y t h i n g in t h is A c t o r in a n y o t h e r s t a t u t e
o r l a w , t h e M in is t e r , d u r i n g t h e p r e s e n t f is c a l y e a r , w it h t h e a p p r o v a l o f
t h o G o v e r n o r in C o u n c i l , m a y a c q u i r e , d i r e c t l y o r i n d i r e c t l y , o r a s s is t in
a c q u i r in g , e n g in e s , c a r s , r a ils a n d o t h e r r a i lw a y e q u i p m e n t a n d m a t e r ia ls
t o a n a m o u n t n o t e x c e e d i n g S 5 0 ,0 0 0 ,0 0 0 ( h e r e in a ft e r c a l l e d e q u i p m e n t ) a n d
m a y s e l l, le a s e o r o t h e r w is e d i s p o s e o f a n y s u c h e q u i p m e n t t o a n y C a n a d i a n
r a i lw a y c o m p a n y o r c o m p a n i e s u p o n s u c h t e r m s a n d c o n d i t i o n s a s m a y b e
a p p r o v e d b y t h e G o v e r n o r in C o u n c i l , a n d m a y d e f r a y a ll e x p e n d it u r e m a d e
h e r e u n d e r o u t o f a n y u n a p p r o p r ia t e d m o n e y s in t h o C o n s o l i d a t e d R e v e n u e
Fund o f C anada.
Right to Issue of Guarantee Equipment or Other Serial Notes.
(2 ) F o r t h o p a y m e n t in w h o le o r in p a r t o f a n y s u c h e q u i p m e n t t h e
M in is t e r o f F i n a n c e , w i t h t h e a p p r o v a l o f t h e G o v e r n o r in C o u n c i l , m a y
is s u e e q u i p m e n t n o t e s o r o t h e r o b l i g a t i o n s ( h e r e in a ft e r c a l l e d s e c u r it ie s ) o r
m a y g u a r a n t e e t h o p r i n c ip a l a n d in t e r e s t o f a n y s e c u r it ie s is s u e d b y a n y
c o m p a n y a p p r o v e d b y t h e G o v e r n o r in C o u n c i l .
(3 ) T h e t im e s a n d m a n n e r o f t h e Issu e o f s u c h s e c u r it ie s a n d t h e f o r m s
a n d t e r m s t h e r e o f , a n d t h o f o r m s a n d t e r m s o f a n y t r u s t d e e d , le a s e o r o t h e r
in s t r u m e n t i n c id e n t t h e r e t o , a n d t h e t r u s t e e s o f a n y s u c h t r u s t d e e d , s h a ll
b o s u c h a s t h o G o v e r n o r in C o u n c i l s h a ll f r o m t im e t o t i m e a p p r o v e , a n d
t h e p r o v i s io n s o f S e c . 4 o f C h a p t e r 3 8 o f t h o s t a t u t e s o f 1 9 0 7 s h a ll a p p l y t o
a n y in s t r u m e n t r e la t i n g t o s u c h e q u i p m e n t e x e c u t e d u n d e r t h i s A c t : Pro
vided, h o w e v e r , t h a t t h o s e c u r it ie s s h a ll b e m a d e p a y a b l o b y i n s t a ll m e n t s ,
t h o l a s t in s t a llm e n t t o b e m a d e p a y a b l e o n o r b e f o r e t h e e x p i r y o f t e n y e a r s
f r o m t h e is su e t h e r e o f.
Equipment May be Transferred to Government Railways.— Audit Act to Apply.
(4 ) T h o M in is t e r m a y t r a n s f e r t o t h o C a n a d i a n G o v e r n m e n t R a il w a y s
a n y e q u i p m e n t s o a c q u i r e d a n d , in s u c h e v e n t , t h e r e s h a ll b e c h a r g e d t o t h e
a c c o u n t s o f th o s a id r a ilw a y s s u ch a m o u n ts a s m a y p r o p e r ly b e c h a rg e a b le
t h e r e fo r .
(5 ) T h e p r o v i s io n s o f t h o C o n s o l i d a t e d R e v e n u e a n d A u d i t A c t s h a l l ,
a s f a r a s a p p li c a b l e , e x t e n d t o a c c o u n t s a n d c h a r g e s i n c u r r e d u n d e r t h is A c t .
w it h fh e c o m p ^ M o n A g r e e m e n t
4 ^ % b ° n d s ° f 1 9 0 9 ln C O n fo rra ity
(7 )
D ir e c t in g t h a t t h o r ^ o i v e r s h i p p r o c e e d i n g s in A m e r i c a a n d E n g la n d
Hon. J. D . Reid, Minister of Railways and Canals on
b o t e r m i n a t e d , a n d t h e R e c e i v e r b o d i s c h a r g e d , a n d r e s t r a in in g a n y b o n d
April 9 made substantially the following explanation before
h o l d e r f r o m I n s t it u t in g a n y s u i t t o f o r e c l o s e t h o m o r t g a g e o f 1 9 0 9 u n t il
t h o c o m p o s it i o n sh a lll b e c o m o e f f e c t i v e p u r s u a n t t o S e c t i o n X I t h e r e o f
the House of Commons at Ottawa:
o r u n t i l s u c h d a t o a s t h o m e e t in g m a y f i x , w h ic h e v e r is t h o e a r lie r .
L a s t y e a r (“ p r o b a b l y a b o u t A p r . 1 o r M a y 1 ” ] t h e D e p a r t m e n t o f R a i l
T h o s a id c o m p o s it i o n p r o v i d e s i n p a r t a s f o l l o w s :
w a y s & C a n a ls o r d e r e d 1 5 0 e n g in e s a n d s ix o r s e v e n t h o u s a n d c a r s .
W e put
( a ) F o r t h e e s t a b l is h m e n t o f a j o i n t c o m m i t t e e f o r t h o p e r i o d m e n t io n e d
t h e a m o u n t in t h e e s t im a t e s , a n d o f c o u r s e , w e w e r e c o m p e l l e d t o p a y t h e
in t h o c o m p o s it i o n r e p r e s e n t in g t h o v a r i o u s b o n d is su e s o f t h o c o m p a n y ,
a m o u n t o f t h e e q u i p m e n t d e l iv e r e d l a s t y e a r .
W e r e c e iv e d t h e e q u i p m e n t ,
w i t h w id o p o w e r s a n d d i s c r e t i o n s a s t o t h o c o m p a n y ’s b u s in e s s , a n d a s t o
a n d w e le a s e d a p o r t io n o f i t t o t h e G r a n d T r u n k R a i l w a y s y s t e m a n d a
t h e a p p li c a t io n o f t h o i n c o m e p r o d u c e d b y t h o s e c u r i t y f o r t h o b o i ld s a n d
p o r t io n t o th e C a n a d ia n N o rth e r n R a ilw a y s y s t e m .
T h e C a n a d ia n P a c ific
o t h e r m a t t e r s t o u c h i n g t h e i n t e r e s t s a n d s e c u r it y o f t h o b o n d h o ld e r s .
R a i l w a y g o t f o u r o r f i v e o f o u r la r g o e n g in e s , a n d t h e o t h e r e n g in e s w e n t t o
(b) _l<or in c r e a s in g t h e r a t e o f i n t e r e s t u p o n t h o b o n d s b y )4 % , b u t t h o C a n a d i a n G o v e r n m e n t R a i l w a y s . I f w e h a d n o t p u r c h a s e d t h a t e q u i p
d e f e r r i n g t h e s in k in g f u n d u n t il 1 9 2 2 a n d f o r a p e r i o d m a k i n g t h o i n t e r e s t
m e n t , w e w o u ld h a v e b e e n i n a v e r y s e r io u s p o s i t i o n d u r i n g l a s t w in t e r o n
a n d s in k in g f u n d c o n t i n g e n t u p o n t h e r o b e i n g i n c o m o a v a i l a b l e f o r t h o
a c c o u n t o f n o t h a v i n g s u f f i c ie n t m o t i v e p o w e r .
p a y m e n t t h e r e o f, a f t e r p r o v i d i n g f o r t h o e x p e n s e s , o u t g o i n g s a n d c o n
T h e o t h e r d a y w o h a d , in o r d e r t o p r o t e c t t h e t r a n s p o r t a t i o n s i t u a t io n
t in g e n c ie s m e n t io n e d in t h o c o m p o s i t i o n .
I n t e r e s t is f o r p e r i o d s , t h o
d u r i n g t h e c o m i n g w in t e r a n d f o r t h e f u t u r e , o n a c c o u n t o f t h o h e a v y m o v e
l e n g t h o f w h ic h w ill d e p e n d u p o n t h o s u c c e s s o f t h o c o m p a n y , m a d e a t
m e n t o f t r o o p s a n d s o o n , t o g i v e o r d e r s f o r a v e r y la r g e q u a n t i t y o f e n g in e s ,
f i r s t n o n - c u m u l a t i v o , n e x t c u m u l a t i v e , a n d u l t im a t e l y a f ix e d o b l i g a t i o n .
c a r s a n d o t h e r r a i lw a y e q u i p m e n t .
W o h a d t o o r d e r 1 0 0 ,0 0 0 t o n s o f r a ils
t h a t w il l c o s t f i v e o r s ix m il l io n d o l la r s .
W e w a n t t o b e in t h is p o s i t io n
V 1 0 5 I) n 0 2
g t *10 b o n d h o l d e r s ’ r i g h t t o e n f o r c e t h e ir s e c u r i t y . —
th a t w o c a n p a y fo r th e e q u ip m e n t a n d th e n tra n s fe r it t o o t h e r c o m p a n ie s
b y w a y o f s a l e o r le a s e .
T h e p u r c h a s e o f t h o it e m s t h a t c o m e u n d e r t h is
B ro o k ly n R a p id T ra n s it Co. — New Operations.—
b i l l is a ll d o n e in t h e r e g u la r w a y b y t e n d e r a n d O r d e r - i n - C o u n c i l , a n d a n y
S e o “ R a p i d T r a n s i t in N o w Y o r k ” b e l o w . — V . 1 0 6 , p . 2 7 5 7 , 2 6 4 8 .
lo a s o o r s a le is d o n e b y O r d e r - i n - C o u n c i l in t h e u s u a l w a y .
Query.— I s a n y p a r t o f t h e $ 5 0 0 ,0 0 0 ,0 0 0 l o a n t o b o e f f e c t e d u n d e r t h e b i ll
B u ffa lo & Lak e Erie T ra c tio n Co.— Fares.—
i n t r o d u c e d b y t h e P r i m e M in is t e r t o b o u s e d f o r p u r c h a s i n g a n y o f t h is
T i l ls c o m p a n y h a s a p p li e d t o t h o I . - S . O . C o m m i s s io n f o r p e r m is s io n t o
e q u ip m e n t?
in c r e a s o p a s s e n g e r f a t e s t o 3 c . a m il o a n d f r e i g h t r a t e s u p 2 5 % . — V . 1 0 6 ,
N o , t h is is a r e g u la r o p e r a t i o n , ir r e s p e c t i v e o f a n y w a r m e a s u r e a t a l l.
p . 1796.
T h e s e v e r a l r a i lw a y s — t h e G r a n d T r u n k , t h e G r a n d T r u n k P a c i f i c a n d
C a n a d ia n N o rth e rn R y .— Sale of Equipment Trust t h o C a n a d i a n N o r t h e r n — r e q u ir e d e x t r a e q u i p m e n t in t h o w a y o f c a r s ,
e n g in o s a n d r a i ls .
T h e y h a v e t o g e t th e c o n s e n t o f th e C a n a d ia n
Certificates.— W illiam A . Road & Co. liavo sold at prices to G o v e r n m e n t t o p u t t h o ir b o n d s o n t h o C a n a d i a n m a r k e t . I n o r d e r t o
not 7 )4 % 85,000,000 Equipment Trust 6 % gold certificates, p r o t e c t t h e p u b l i c a n d t h e r a i lw a y s w e a r e p u r c h a s i n g e q u i p m e n t o f a ll
k in d s .
W h e n w o p u rch a s o th e e q u ip m e n t w e p a y f o r it , b u t w e t a k e th e
Series A 1918, issued under tho Philadelphia plan. Tho cer e q u i p m e n t b o n d s o f t h o r a i lw a y c o m p a n y , f o r i n s t a n c e , t h o G r a n d T r u n k ,
tificates are dated July 1 1918 and duo July 1 annually, a n d d i s p o s e o f th o r n a t t h o p r o p e r t im e . T h o m o n e y w il l c o m e b a c k in t h a t
w ay.
T h o c o n d i t i o n s w h ic h I h a v e e x p l a i n e d a r e a t t r i b u t a b l e t o t h o w a r .
1919-20 8750,000 each; 1921-1926 incl., 8450,000 each, and
July 1 1927 and 1928, 8400,000 each. (Seo also adv. pages.)
" P a s s e d b y t h o C a p it a l I s s u e s C o m m i t t e o a s n o t i n c o m p a t i b l e w it h t h o
n a t i o n a l i n t e r e s t , b u t w it h o u t a p p r o v a l o f l e g a l it y , v a l i d i t y w o r t h o r s e
c u r it y .
O p in io n N o . A 7 5 2 .
’
D o n o m . $ l , 000c *
D iv id e n d s p a y a b le J . & j .
T h e c o m p a n y a grees
t o p a y t h o n o r m a l U n t o d S t a t e s i n c o m o t a x u p t o 2 % i f e x e m p t i o n is n o t
c la im a b l e b y t h o c e r t i f i c a t e h o l d e r .
P r i n c ip a l a n d d i v i d e n d s p a y a b le a t
t h o o f f i c o o f t h o P e n n s y lv a n ia C o . f o r I n s u r a n c e s o n L i v e s & G r a n t in g
A n n u i t i e s , P h il a . , t r u s t e o .
0
Data from Letter o f 3d V.-Pres. D. B. H anna. T o ro n to
lo n e 28 1918
T h e c e r t i f ic a t e s nr® t o b e is s u e d u n d e r t h o t e r m s o f a t r u s t a g r e e m e n t
t o b o d a t e d J u l y 1 1 9 1 8 b e t w e e n t h e c o m p a n y , C a n a d i a n N o r t h e r n R o l l in g
S t o c k , L t d . , a n d t h e P e n n s y lv a n ia C o . f o r I n s u r a n c e s o n L i v e s & G r a n t in g
A n n u i t i e s , l h ila d e lp h ia , t r u s t e e .
T h o c e r t i f ic a t e s s h a ll b o is s u e d f o r n o t
e x c e e d i n g $ 5 , 0 0 0 ,f 0 0 , w h ic h is lo ss t h a n 7 0 % o f t h o c a s h c o n t r a c t c o s t o f
t h o tru s t e q u ip m e n t.
U n d e r t h e p r o v is io n s o f t h e s t a t u t e s r e la t i n g t o t h o C a n a d i a n N o r t h e r n
R y . C o . , t h e r e n t a ls p a y a b lo b y t h e c o m p a n y u n d e r t h o le a s e o f t h o e q u i p
m e n t r a n k a s a w o r k in g e x p e n d it u r e o f t h o r a i lw a y a n d c o n s t i t u t e a c la im
a g a i n s t t h o r a i lw a y c o m p a n y , t a k i n g p r i o r i t y o v e r b o t h p r in c ip a l a n d i n t e r
e s t o f a ll its b o n u s a n d o t h e r s e c u r it ie s .
Security.— T h o c e r t i f ic a t e s a r e s e c u r e d b y t h o f o l l o w i n g n o w s t a n d a r d
e q u i p m e n t f o r t h o C a n a d i a n N o r t h e r n R y . s y s t e m : 1 ,5 0 0 4 0 - t o n s t e e l-
Rolling Stock Ordered by Dominion Government early in 1 9 1 8 .
Price.
Total.
Cars—
Ordered from. No. Ordered.
4 0 -t o n steel fr a m e b o x
C a n .C a r & F d y . C o . .
5 ,0 0 0
“
“
N a t . S t e e l C a r C a r C o . 1 ,0 0 0
750
4 1 f o o t 4 0 - t o n f l a t s _______ E a s t e r n C a r C o ____
5 0 - t o n c o a l c a r s __________ E a s t e r n C a r C o _____
650
n a r t O t is s id e d u m p o n l y .H a r t O t is C o ________
250
H a r t O t is s id e a n d c e n t r e
d u m p ____________________ H a r t O t is C o __________
200
G e n e r a l s e r v ic e t a n k s ___ P r e s s ’ d S t e e l C a r C o .
25
W a t e r s e r v ic e t a n k s ____ P r e s s 'd S t e e l C a r C o .
25
R e f r i g e r a t o r c a r s _________ C a n . C a r k F d y . C o .
250
S le e p in g c a r s _____________ P u ll m a n C a r C o _____
14
D i n i n g c a r s ________________ P u ll m a n C a r C o _____
7
Locomotives—
C o n s o li d a t i o n f r e i g h t ___ M o n t . L o c o . W o r k s
an d C a n . L o co C o ..
50
S w i t c h e r s _________________
“
“
10
P a c i f i c t y p e __________
“
"
30
M i k a d o t y p e _________
“
“
60
S w i t c h i n g ______________C a n a d a
L o c o . C o ___
6
N a r r o w g a u g e s u p e r h e a t 'd
“
“
4
T o t a l cost.
2 .7 5 0
2 .7 5 0
2 ,3 7 0
3 ,1 7 9
3 ,0 4 0
1 3 ,7 5 0 .0 0 0
2 ,7 5 0 ,0 0 0
1 , 7 7 7 ,8 0 0
2 ,0 6 6 ,6 7 5
7 6 0 .0 0 0
3 ,1 2 5
5 ,3 9 8
5 ,1 8 4
4 ,0 9 7
3 5 ,8 9 0
3 4 ,1 0 0
6 2 5 .0 0 0
1 3 9 ,9 5 6
1 2 9 ,5 9 4
1 ,0 2 4 ,2 5 0
5 0 2 ,4 6 0
2 3 8 ,7 0 0
5 8 ,0 0 0
4 0 ,5 0 0
6 0 ,0 0 0
6 2 ,0 0 0
4 1 ,0 0 0
3 4 ,0 2 0
2 .9 0 0 .0 0 0
4 0 5 .0 0 0
1 .8 0 0 .0 0 0
3 ,7 2 0 , 0 0 0
2 4 6 .0 0 0
1 3 6 .0 8 0
. $ 3 2 ,9 6 6 ,5 1 5
T h i s a f t e r n o o n I g a v e a d e t a i l e d s t a t e m e n t o f t h e $ 3 2 ,9 0 0 ,5 1 5 w o r t h o f
q u ip m e n t th a t h a s b e e n o rd e re d .
Query.— I n w h a t p r o p o r t i o n is t h is a m o u n t d i v i d e d a m o n g t h e d i f f e r e n t
c o m p a n ie s — th e In t e r c o lo n ia l, th e C a n a d ia n N o r t h e r n , th o G ra n d T r u n k ,
a n d th e G ra n d T r u n k P a c ific ?
T h e r e w ill b e a s m a ll a m o u n t f o r t h o C a n a d i a n G o v e r n m e n t R a i l w a y
s y s t e m , w h ic h , o f c o u r s e , in c lu d e s t h o N a t i o n a l T r a n s c o n t i n e n t a l b e t w e e n
W i n n i p e g a n d M o n c t o n , a s w e ll a s t h o I n t e r c o l o n i a l a n d t h o P r i n c o E d w a r d
I s la n d H a ilw a y .
T h o l a r g e s t p o r t io n o f i t , h o w e v e r , is f o r t h o C a n a d i a n N o r t h e r n a n d t h o
G ra n d T ru n k .
S e v e n t y - f i v o o f t h e e n g in e s o r d e r e d a r o f o r t h o G r a n d
T r u n k R a i l w a y s y s t e m ; $ 4 , 5 0 0 , 0 0 0 Is b e i n g e x p e n d e d in e n g in e s a l o n o .
L a s t y e a r w o p u r c h a s e d 1 0 0 o r 1 5 0 e n g in e s , a n d t h e G r a n d T r u n k g o t 4 5
o r 47 o f th em .
S o t h a t w e a r e r e a l ly p r o v i d i n g e q u i p m e n t f o r t h o G r a n d
T ru n k sy stem .
T h e Q u e b e c S o u t h e r n , w h ic h I t h i n k is o w n e d b y t h e D e la w a r o & H u d s o n ,
r e q u ir e s a f e w r a ils .
T h o C a n a d i a n P a c i f i c , u n d e r t h is l e g is l a t i o n , w il l
g e t 3 0 0 m ile s o f r a ils , t w o o r t h r e o m il l io n d o l l a r s ’ w o r t h o f t h o p u r c h a s e s w o
p r o p o s e m a k in g .
T h e y w ill, o f c o u r ^ o , p a y c a s h f o r w h a t t h e y r e c e iv e ;
a t le a s t w o e x p e c t t h e y w i l l .
T h e r e a r e o n l y t w o c o m p a n i e s in C a n a d a
t h a t m a k e r a ils , a n d trie C a n a d i a n P a c i f i c c o u l d n o t p u r c h a s e r a i ls f r o m
•■'rose c o m p a n i e s b e c a u s e t h e y w e r e m a n u f a c t u r in g m u n i t i o n s .
The G ovi r n m e n t a r r a n g e d w it h t h e D o m i n i o n I r o n & S t e e l C o . t o c h a n g o t h e ir p l a n t
f r o m w h a t t h e y w e r e m a n u f a c t u r in g a n d t o s u p p l y 1 0 0 .0 0 0 t o n s o f r a ils .
W e p u r c h a s e d t h a t o u r s e lv e s , a n d w e I n t e n d t o d i s t r i b u t e i t a m o n g s t t h e
s e v e r a l r a i lw a y s .
O u t s id e o f w h a t I r e a d t o - n i g h t , t h o o n l y e q u i p m e n t t h a t I c o n t e m p l a t e
p u r c h a s i n g is a s f o ll o w s ; A r e q u i s it i o n h a s b e e n m a d e o n m o t o p u r c h a s e t o n
o r f if t e e n s n o w p l o u g h s , w h ic h m ig h t p r o b a b l y c o s t a n o t h e r $ 1 0 0 ,0 0 0 .
T h e n I h a v e b e e n ui—o d t o p u r c h a s e 1 0 0 t o u r is t c a r s ; a ls o 19 b a g g a g e c a r s
t o b o u s e d in c o n n e c t i o n w i t h t h o m o v e m e n t o f t r o o p t r a in s .
It m ay bo
r e q u is it e t o a c q u i r e a fe w m o r e t h i n g s o f t h a t k i n d .
C e n tra l C ro ssto w n R R .— Sale.—
L y t t i e t o n F o x , r e fe r e e , w ill s e ll a t p u b l i c a u c t i o n a t t h o E x c h a n g o S a le s
R o o m s , V e s o y S t . , N . Y . , o n J u l y 2 4 , t h o p r o p e r t ie s o f t h is c o m p a n y , a s
d i r e c t e d b y t h o j u d g m e n t d a t e d M a y 1 5 1 9 1 8 in t h o a c t i o n o f t h o G u a r a n t y
T r u s t C o . , N . Y . , a s t r u s t e e , a g a in s t t h e c o m p a n y .
C o m p a r e V .1 0 6 , p .2 6 4 8 .
C h icago & A lto n R R .— Federal Manager.—
C h icago B u r lin g t o n & Q u in c y R R .— New Directors—
H a le H o l d e n h a s r e s ig n e d a s a d i r e c t o r o f t h is c o m p a n y .
C . I . S t u r g is
s u c c e e d s G e o r g e 13. H a r r is a s a d i r e c t o r .
E . W . B u n n su cceeds J . M . H an n a f o r d , r c s ii m c d , o n a c c o u n t o f h is a p p o i n t m e n t a s F e d e r a l M a n a g e r f o r
th e N o rth e r n P a c ific R y .— V . 106, p . 2 7 5 5 , 2 5 5 9 .
C h icago & E astern Illin o is R R .— Coupon Payment.—
T h e i n t e r e s t d u o J u l y 1 1 9 1 8 o n t h o E v a n s v i ll o &
F ir s t C o n s o l. 6 % b o n d s , d u o 1 92 1, w a s p a id p r o m p t ly .
T erre
H a u to
RR
Federal Manager.— •
W . J . J a c k s o n , P r e s i d e n t , h a s b o o n 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 t h is
c o m p a n y , t h o C h i c a g o T e r r o H a u t e & S o u t h e a s t e r n R y . , a n d t h o E v a n s v i ll e
& T e rre H a u to R R .— V . 106, p . 22 2 8 .
C h ic ag o G re a t W e s te rn R R .— Officers.— •
W . G . I .e r s c h h a s b e e n e l e c t e d S e c r e t a r y t o s u c c e e d J . F . C o g k o n d a l l .
M r . C o g k e n d a l l s t ill h o ld s t h o o f f i c e o f T r e a s u r e r .
W . L . P a rk has re
s ig n e d a s V .-P r e s . t o a c t a s G e n . M g r .— V . 1 0 6 , p . 2 2 2 8 .
C h icago R a ilw ay s Co.— No Action Taken.—
T h o d i r e c t o r s a t t h e ir m o n t h l y m e e t in g o n J u l y 2 t o o k n o a c t i o n o n t h e
s e m i- a n n u a l i n t e r e s t o n p a r t i c i p a t i o n c e r t i f ic a t e s .
I t has been cu sto m a ry
f o r t h e c o m p a n y t o o r d e r p a y m e n t s o f $ 4 o n t h o c e r t i f ic a t e s a t t h is t im e .
— V . 106, p . 1577.
C h icago R ock Is la n d & P ac ific R R .— Federal Manager.
J . E . G o r m a n , P re s id e n t, h a s b e e n a p p o in t e d F e d e ra l M a n a g e r , u n d e r
th o U . S . G o v e rn m e n t.
M r . G o r m a n is a l r e a d y F e d e r a l M a n a g e r o f o t h e r
p a r t s o f t h o r o a d o u t s i d o o f R e g io n a l D i r e c t o r H o l d e n ’s j u r i s d i c t i o n . —
V . 106, p . 2756.
C h icago T erre H a u te & S o u th eastern R y .— Manager.
S e e C h i c a g o & E a s t e r n I ll i n o i s R R . a b o v e . — V . 1 0 6 , p . 2 7 5 1 .
C h illico th e & Cam p Sherm an Elec. R y .— Acquisition.—
T h e O h i o P . U . C o m m i s s io n a u t h o r i z e d t h is c o m p a n y t o p u r c h a s e t h o
p r o p e r t y o f t h o C h il l ic o t h e E l e c t r i c R R . , L t . & P o w e r C o . f o r $ 2 7 0 ,8 0 0 .
S e e C h illic o t h e & C a m p S h e rm a n E le c . R y . a b o v e .— V . 103, p . 103 1.
Co.— Sale
Confirmed.—
J u d g o C u s ii in g , in t h o C o m m o n P le a s C o u r t o f H a m i l t o n C o u n t y , O h io ,
h a s c o n f i r m e d t h o s a le o f t h is c o m p a n y ’s p r o p e r t ie s t o t h e b o n d h o l d e r s ’
c o m m i t t e o f o r $ 1 3 6 ,0 0 0 .
T h o b o n d h o ld e r s a p p li e d t o t h o O h io P . U .
C o m m i s s io n f o r p e r m is s io n t o a b a n d o n t h e l in o .— V . 1 0 4 , p . 2 4 5 1 .
C levelan d A llian ce & M a h o n in g V a lle y R R .— Fares.—
& L ig h t C o . b e lo w .— Y . 103, p. 9 8 3 .
.
C lev elan d P ainesville & E aste rn R R .— Fare Application.
S e e N o r t h e r n O h io T r a c t i o n & L i g h t C o . b e l o w . — V . 1 0 6 , p . 2 0 1 0 .
C levelan d S o u th w e ste rn & C o lu m bu s R y .— Fares.—
T h i s c o m p a n y h a s a p p li e d t o t h e l . - S . C . C o m m i s s io n f o r a n in c r c a s o o f
2 5 % in c la s s a n d c o m m o d i t y r a t e s b e t w e e n p o i n t s o n it s lin o t o o t h e r c o n
n e c t in g lin e s .
A n in c r e a s o in p a s s e n g e r fa r o s t o a b a s is o f 3 c . a m il e is a ls o
s o u g h t .— V . 1 06 , p . 6 0 7 .
C oal & Coke R y .— Federal Manager.—
S e e B a l t i m o r e & O h io R R . a b o v e . — Y . 1 0 5 . p . 4 9 7 .
L ig h t C o . b e lo w .— V . 1 0 2 , p . 5 2 1 .
T h o D o m i n i o n B o a r d o f R a i l w a y C o m m i s s io n e r s h a s a u t h o r i z e d a n In
c r e a s e in t r a n s c o n t in e n t a l f r e i g h t r a t e s o f 2 5 % o n c o m m o d i t y r a t e s o n a n d
a fte r A u g . 1.
T h o r a i lw a y s w ill is s u o t h e ir n o w t a r if f s a b o u t t h o m id d le
o f J u l y — V . 106, p . 27 5 7 .
Grand Rapids Grand Haven & Muskegon Ry.— Rates.—
T h is c o m p a n y h a s a p p li e d t o t h o I . - S . O . C o m m i s s io n f o r a n i n c r c a s o o f
2 5 % in c la s s r a t e s f r o m p o i n t s o n it s l in o t o M il w a u l c c o , W L s.— V . 1 0 0 , p .
1672.
Grand Trunk Pacific Ry.
— Special Legislation Authorizes
Aid in Purchase of Rolling Stock.—
S ee C a n a d ia n R a ilw a y s a b o v o .— V . 10 6 , p . 2 5 5 9 , 2 3 4 5 .
Grand Trunk Railway.
— Special Government Aid in
Purchase of Rolling Stock, tfee.—
T h o r e c e n t le g is l a t i o n w h ic h h a s a p p r o v e d t h o p u r c h a s e b y t h o D o m i n i o n
G o v e r n m e n t o f m o r e t h a n $ 3 2 ,0 0 0 ,0 0 0 w o r t h o f r o ll i n g s t o c k f o r t h o v a r io u s
r a i lw a y s o f t h o D o m i n i o n a n d w ill p e r m it f u r t h e r p u r c h a s o s , g u a r a n t e e s , & c . ,
u p t o a g r a n d t o t a l o f n o t e x c e e d i n g $ 5 0 ,0 0 0 ,0 0 0 , f o r t h o p r e s e n t y e a r ,
in c lu d in g t h o a f o r e s a id $ 3 2 ,0 0 0 ,0 0 0 Is r e fe r r e d t o a b o v o u n d e r c a p t i o n
“ C a n a d ia n R a ilw a y s .”
, ___ _
,
A s t o t h o l o c o m o t i v e s o r d e r e d b y t h o D o m i n i o n G o v e r n m o n t in 1 9 1 7 a n d
1 9 1 8 f o r t h e G r a n d T r u n k R y . a n d G r a n d T r u n k P a c i f i c l t y . , P r it n o
M in is t e r S ir R o b o r t B o r d e n in t h o C a n a d i a n P a r l i a m e n t o n M a y 15 s a id :
“ D u r in g t h e p a s t t w o l v o o r f i f t e e n m o n t h s t h o D e p a r t m e n t o f R a il w a y s
a n d C a n a l s , d u r in g t h a t t i m e a s s is t e d t h o G r a n d T r u n k in t h o m a t t e r o f
m o t iv e p o w e r t o a v e r y co n s id e r a b le o x to n t.
T h o y p r o v id o d fo r th e m 47
M i k a d o e n g in e s .
T h o D e p a r t m e n t h a s a t t h o p r e s e n t t im o u n d e r o r d e r f o r
t h o G r a n d T r u n k R y . 7 5 M i k a d o e n g i n e s , 2 0 s w i t c h i n g e n g in e s a n d 15
P a c i f i c t y p e p a s s e n g e r e n g in e s .
Total Outlay for These Engines Ordered by Grand Trunk Ry. in 1 9 1 7 -1 8 .
No.
Tune.
Cost per Engine.
Total.
.........................................................................$48 ,7*50
$ 2 ,2 8 1 ,2 5 0
2 0 S w i t c h i n g _______________________ _ - ___________ 4 1 , 0 0 0
15 P a c i f i c t y p e p a s s e n g e r __________________________ 6 0 ,0 0 0
8 2 0 ,0 0 0
1 ,0 0 0 ,0 0 0
T o t a l c o s t t o D o m in io n G o v e r n m o n t o f 157 lo c o m o t iv e s on
G r a n d T r u n k R a i l w a y ________________------------------------- $ 8 , 7 5 1 , 0 0 0
‘ ‘ T h e 4 7 M i k a d o e n g in e s w h ic h w o s e c u r e d a t $ 4 8 ,7 5 0 o a c h w o r o o r d e r e d
a b o u t s ix m o n t h s b e f o r e t h e 7 5 M i k a d o e n g in e s w h ic h a r o t o c o s t u s $ 6 2 ,0 0 0
e a c h .” — V . 106, p . 2 5 5 9 . 2 3 4 5 .
H u d so n
&
M a n h a tta n
R y .— Seven-Cent Fare Plan.—
T h o e s t a b l is h m e n t o f 7 - c e n t fa r o s t h r o u g h t h is c o m p a n y ’s t u b e s b e t w e e n
N o w Y o r k a n d J e rs o y C it y h as b e e n r e c o m m e n d e d t o th o D ir e c t o r -G e n e r a l
b y m e m b e r s o f h is s t a f f . C o m p a r e V . 1 0 6 , p . 2 7 5 7 .
Investigation.—
T h e S e n a t e a d o p t e d t h o r e s o lu t i o n f o r a n i n v e s t ig a t i o n b y t h o c o m m i t t e o
o n I n t e r -S t a t o a n d F o r e ig n C o m m e r c e a s t o t h o f a c t s c o n n e c t e d w i t h t h o
a c t i o n o f t h e R R . A d m i n i s t r a t i o n in t a k i n g o v e r c o n t r o l o f t h o H u d s o n
t u n n e l s w it h p a r t i c u la r r e fe r e n c e t o t h o r a l e s o f f a r o .— V . 1 0 6 , p . 2 7 5 7 , 2 6 4 9 .
Illin o is C e n tral R R .— New Director.—
D a v id It. B u rb a n k h a s b e e n e le c te d a d ir e c t o r .— V . 1 0 6 , p . 2 7 5 7 .
In te rb o ro u g h R a p id T ra n s it Co.— Hearing on Bonds.
A p e t i t i o n o f t h e c o m p a n y f o r a n o r d e r o f t h e I \ 8 . C o m m i s s io n a u t h o r
iz in g t h o is s u e o f $ 3 7 ,7 0 0 ,0 0 0 t h r e e -y e a r 7 % n o t e s d a t e d J u l y l 1 9 1 8 , m a
t u r in g J u l y l 1 9 2 1 , c o n v e r t i b l e a t 8 7 3 4 i n t o t h o F ir s t R e f u n d in g 5 % b o n d s
o f t h e c o m p a n y , w ill b o h e a r d b y t h o C o m m i s s io n o n J u l y 10 1 9 1 8 .
C om
p a re V . 106, p . 2757.
New Operations.—
S e e R a p i d T r a n s i t in N e w Y o r k b e l o w . — V . 1 0 6 , p . 2 7 5 7 , 2 6 4 9 .
In te rn a tio n a l R y., B u ffa lo .— Fares.—
T h i s c o m p a n y h a s r a t if i e d a n a g r e e m e n t w it h t h o C i t y C o u n c il in w ld c h
t h o c i t y r e c o m m e n d e d t o t h o P . 8 . C o m m i s s io n t h a t t h o c o m p a n y b o
a l lo w e d a 6 - c e n t f a r e w it h in t h o c i t y u n d e r c e r t a in c o n d i t i o n s .
A p p lic a t io n
w a s i m m e d i a t e l y m a k e f o r p e r m is s io n t o p u t t h e 6 - c o n t f a r e in e f f e c t w i t h o u t
d e la y .— V . 10 6 , p . 2 5 6 0 .
L a c k a w a n n a & W y o m in g V alle y R R .— Fare Application
T h i s c o m p a n y h a s a p p li e d t o t h e l . - S . C . C o r t u n is s io n t o in c r e a s o p a s s e n
g e r f a r e s t o a b a s is o f 2 3 4 c . p e r m il o .— V . 1 0 5 , p . 2 4 5 5 , 2 0 9 4 .
C h illico th e E lectric R R ., L t. & P o w e r.— Sale.—
C in c in n a ti M ilfo rd & L o v ela n d T ra c tio n
Fostoria (Ohio) & Fremont Ry.— Fare A p p lic a tio n *
&
Freight Rates. — Canadian Increases Allowed.—
S e e N o r t h e r n O h io T r a c t i o n
4 7 M ik a c lo
W . D . I lie r d , P r e s i d e n t , h a s b e e n a p p o i n t e d F e d e r a l M a n a g e r , u n d e r
th o U . S . G o v e r n m e n t.— V . 1 0 6 , p . 2 2 2 8 .
S e e N o r t h e r n O h io T r a c .
[V o l . 107
THE CHRONICLE
82
•
C o lu m b u s Ry. P o w e r & L ig h t Co.— Strike Over.—
T h e e m p l o y e e s o f t h is c o m p a n y , o p e r a t i n g in a n d a b o u t C o l u m b u s , O h io ,
h a v o r e t u r n e d t o w o r k a g r e e in g t o s u b m i t t h o w a g o c o n t r o v e r s y t o t h o
N a t io n a l W a r L a b o r B o a r d .
B o t h s id e s a g r e e d t o a b i d e b y t h e B o a r d ’s
d e c i s io n . T h o m e n d e m a n d e d h ig h e r p a y a n d s h o r t e r h o u r s .— V .1 0 6 , p .2 7 5 6 .
D enver & In te rm o u n ta in R y .— Receiver.—
T h i s c o m p a n y h a s b e e n p l a c e d in t h o h a n d s o f S u p t . W . I I . E d m u n d s a s
r e c e iv e r , d e f a u l t b e i n g c h a r g e d o n t h o p a y m e n t o f i n t e r e s t o n t h o $ 5 0 0 ,0 0 0
F ir s t M t g e . b o n d s d u o 1 9 3 8 .— V . 9 8 , p . 1 1 5 6 .
D enver & R io G ra n d e R R .— General Manager.—
E . L . B r o w n , P r e s id e n t, h a s b e e n a p p o in t e d G e n e ra l M a n a g e r u n d e r th e
U . S. G o v e r n m e n t.— V . 106 , p . 25 5 9 .
D etro it M onroe & T o led o S h o rt L in e R y .— Fares.—
T h i s c o m p a n y h a s a p p li e d t o t h e O h io P . S . C o m m i s s io n t o in c r e a s o p a s
s e n g e r r a t e s t o 2 ) 4 c . a m il o .— V . 9 8 , p . 2 3 5 .
■
El P aso & S o u th w e ste rn R R .— General Manager.—
L ou isville B rid ge & T erm in al Co., In c .— Incorporation.
T h i s c o m p a n y h a s file d a r t ic l e s o f i n c o r p o r a t i o n a t L o u is v i ll e , K y . , w i t h
a n a u th o r iz e d c a p ita l s t o c k o f $ 5 ,0 0 0 ,0 0 0 , t o ta k e o v e r th o p r o p e r t y o f th o
L o u is v i ll e B r i d g e C o . ( V . 1 0 2 , p . 8 0 0 ) a n d t h o P e n n s y lv a n ia T e r m i n a l C o .
( V . 7 6 , p . 1 4 0 8 ), t h o s t o c k o f t h o n o w c o r p o r a t i o n t o b o e x c h a n g e d s h a r o
f o r s h a r o f o r t h o s t o c k o f t h o o l d c o m p a n i e s , t h o b a l a n c e r e m a in in g in t h o
trea su ry .
T h o m e r g e r is e f f e c t i v e a s o f J u l y 1.
T h e s t o c k o f t h o L o u is v i ll o I lr l d g o C o . w a s p r a c t i c a l l y a ll a c q u i r e d b y t h o
P e n n s y lv a n ia R R . s o m e t im o a g o .
M ich igan R y .— Injunction.—
J u d g o M . B . B r o w n , in t h o C i r c u i t C o u r t a t G r a n d R a p i d s , M i c h . , o n
J u n o 2 6 , g r a n t e d a t e m p o r a r y i n ju n c t i o n t o p r e v e n t t h is c o m p a n y f r o m
r a is in g its fa r o t o 3 c e n t s a m ilo in W y o m i n g t o w n s h ip .
T h o com pany,
i t is a n n o u n c e d , w ill p u t i n t o e f f e c t r e d u c e d r a t e s in t h o f o r m o f c o m m u t e r s
t ic k e t s a t t h o r a t e o f 134 c e n t s a m ilo p lu s 1 0 % . — V . 1 0 6 , p . 2 7 5 7 .
M ilw auk ee E lectric R R . & L ig h t Co.— Fare Increase.—
T h o W i s c o n s i n R R . C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o in c r e a s o
it s in t o r u r b a n fa r e s f r o m 2 3 4 c . t o 3 c . a m ilo a n d s u b u r b a n fa r o s f r o m 3 0
t ic k e t s f o r 5 0 c . t o 3 0 t ic k e t s f o r 6 0 c . — V . 1 0 6 , p . 2 , 4 5 0 .
M ilw auk ee N o rth e rn E lectric R y .— Fare Increase.—
F a r e s o n t h is c o m p a n y ’s lin e s h a v o b e e n i n c r e a s e d f r o m 8 t ic k e t s f o r 2 5 c .
t o 6 t ic k e t s f o r 2 5 c . f o r t h o d u r a t i o n o f t h o w a r . — V . 9 7 , p . 9 5 2 .
M in n eap o lis N o rth fie ld & S o u th ern R y .— Successor Co.
T h i s c o m p a n y h a s b e e n i n c o r p o r a t e d u n d e r t h o la w s o f M i n n e a p o l i s , w i t h
a n a u t h o r i z e d c a p i t a l s t o c k o f $ 5 0 0 ,0 0 0 , c o n s i s t i n g o f s h a r e s o f $ 1 0 0 p a r
v a l u e , a s t h o t it l e o f t h e r e o r g a n i z e d c o m p a n y w h ic h is t o o p e r a t o t h o
“ D a n P a t c h ” lin e , t h o M in n e a p o l i s S t . P a u l R o c h e s t e r & D u b u q u e E l e c
t r ic T r a c t io n C o .— V . 10 6 , p . 2 6 4 9 .
M in n eapo lis St. P a u l R och ester & D u b u q u e Elec
tric T ra c tio n Co.— Successor Company Incorporated.—
S e e M in n e a p o l is N o r t l i f . & S o . R y . a b o v o . — V . 1 0 6 , p . 2 6 4 9 , 1 7 9 7 .
M o n o n g ah ela R a ilw a y .— General Manager.—
See P itts b u r g h & L a k o E rio R R . b e lo w .— V . 10 6 , p . 2 0 1 1 .
N e w O rlean s R a ilw a y & L ig h t Co.— Arrangement with
War Finance Corporation for $1,000,000 Advance to Company.
G.
F . H a w k s , V i c o - P r e s id e n t , h a s b e e n a p p o i n t e d G o n e r a l M a n a g e r— Pres. D .
u n d e r th e U . S . G o v e r n m e n t.— V . 1 0 1 , p . 2 8 7 .
ItajISWWEifc'
to holders
............. i—
-------- - ------------ — " a r r s c o K - a i x . _
gkErie R R .— Bonds Authorized.— ‘tp
\
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1
■♦ >4^
*
“ T h e N e w Y o r k P . S . C o m m i s s io n h a s a u t h o r i z e d t h o c o m p a n y t o is su o
( a ) $ 1 2 ,5 0 0 ,0 0 0 6 % 2 0 - y e a r S e rie s B R e f u n d in g a n d I m p r o v e m e n t M o r t
g a g e b o n d s d a t e d D e c . I 1 9 1 6 , a n d (f>) t w o - y e a r n o t e s u p t o $ 1 2 ,5 0 0 ,0 0 0 ,
a n d f o r t h o p u r p o s e o f s e c u r in g t h o n o t e s , w h ic h s h a ll r u n _ f o r less t h a n
o n e y e a r , t h e c o m p a n y is g i v e n p e r m is s i o n t o p l e d g e t h e $ 1 2 ,5 0 0 ,0 0 0 S eries
B b o n d s a u th o r iz e d .
T h o p r o c e e d s a r o t o a p p l y t o w a r d t h o r e im b u r s e m e n t o f t h o t r e a s u r y fo r
e x p e n d it u r e s f o r c a p i t a l p u r p o s e s t o D e c . 31 1 9 1 7 a n d f o r c o n s t r u c t i o n
e x p e n d it u r e s t o b o m a d e in 1 9 1 8 .
A l l o f t h e e x p e n d it u r e s f o r c o n s t r u c t i o n
h a v o b e e n a p p r o v e d b y t h o R e g io n a l D i r e c t o r o f R a il r o a d s . — V . 1 0 6 , p .
2 7 5 6 , 2 55 92
E van sville & T erre H a u te R R .— Federal Manager.—
S e e C h i c a g o & E a s t e r n I llin o is R R . a b o v o . — V . 1 0 1 , p . 3 7 0 .
D . Curran in a letter dated July l 1918 addressed
of tho company’s 0 % T w o -Y ear gold debentures
duo June 1 1918, says:
.
R e f e r r in g t o o u r l e t t e r o f J u n o 19 ( V . 1 0 6 , p . 2 6 4 9 ) , In w h ic h w o a d v i s e d
y o u t h a t t h is c o m p a n y h a s a u t h o r i e d a n Issu e o f $ 4 , 0 0 0 , 0 0 0 O n e - Y e a r 7 %
n o t e s d a t e d J u n o l 1 9 1 8 , f o r t h o p u r p o s o o f r e fu n d i n g t h o T w o - Y e a r d e b e n
t u r e s o f a n e q u a l a m o u n t w h ic h m a t u r e d o n t h a t d a t e , w o a r o p l e a s e d t o
r e p o r t t h a t t h is c o m p a n y h a s a r r a n g e d w it h t h o W a r F i n a n c e C o r p . f o r a
l o a n o f $ 1 ,0 0 0 ,0 0 0 t o r e it n b u r s o t h o t r e a s u r y f o r n e c e s s a r y c a p i t a l e x p e n d i
t u r e s p a id f o r o u t o f e a r n in g s .
,v T h o g r e a t e r p a r t o f t h e s e e x p e n d it u r e s w e r o m a d o n e c e s s a r y b y t h o r e
q u i r e m e n t s o f t h o C i t y o f N o w O r le a n s a n d h a v o d e p l e t e d t h o c o m p a n y ’s
c a s h r e s o u r c e s , w h ic h w ill b o r e s t o r e d b y t h o p r o c e e d s o f t h is l o a n .
In
a g r e e i n g t o m a k o t h is l o a n , h o w e v e r , t h o W a r F i n a n c e C o r p . h a s r e q u ir e d
t h a t , b e f o r o t h o m o n e y is a v a i l a b l e , t h o $ 4 , 0 0 0 , 0 0 0 d e b e n t u r e s w h ic h m a
t u r e d J u n o 1 m u s t b o d e p o s i t e d u n d e r t h o e x t e n s io n a g r e e m e n t a n d t h o e x e n s lo n c o n s u m m a t e d .
July 6 1918.]
T h i s a c t i o n o f t h o W a r F i n a n c e C o r p . r e n d e r s I m m e d ia t e c o m p l i a n c e
'w ith t h o c o m p a n y ’s r e q u e s t e s s e n t ia l s o t h a t t h e m o n e y m a y b e a t o n c e
a v a i l a b l e t o m e e t f ix e d c h a r g e s , w h ic h , w h o n d o n e , w ill in s u r o t h o i n t e g
r i t y o f y o u r in v e s tm e n t.
W ith in t h e w e e k fo llo w in g o u r n o t ic o t o y o u ,
u p w a r d s o f 5 0 % o f th o to ta l a m o u n t a g r e e d to th e e x te n s io n , a n d w e e a m ■ostly r e q u e s t h o l d e r s o f t h o d e b e n t u r e s w h o h a v e n o t d e p o s i t e d t o d o s o a t
t h o e a r l ie s t p o s s i b le m o m e n t .
Wage Scale.—
3$)
T h e w a g e s c a l o c o n t r a c t b e t w c o n t h e c a r m e n ’s u n i o n a n d t h o c o m p a n y ’s
o f f i c i a l s w e r e s ig n e d J u n o 2 8 , b r i n g i n g t o a n e n d t h o n e g o t i a t io n s b e t w e e n
t h o u n i o n a n d t h e c o m p a n y a i d s o t a s id o a p o s s i b il i t y o f a s t r ik e J u l y 1 .—
V . 106, p . 2649.
New York Railways.— Sub. Co. Sale.— •
S e e C e n t r a l C r o s s t o w n R y . a b o v e . — V .1 0 6 ,^ p ._ 2 7 5 7 , 2 6 4 9 . ____
New York & Queens County Ry.— Fare Situation.—
T h is c o m p a n y h a s f il e d a p e t i t i o n w it h t h o b o a r d o f E s t .im a t o a n d A p p o r
t i o n m e n t f o r r e li e f in t h e w a y o f in c r e a s e d f a r e s , w h ic h , a c c o r d i n g t o P re s i
d e n t W o o d , is n e c e s s a r y in o r d e r t h a t t h e c o m p a n y b o s a v e d f r o m b a n k
r u p t c y .— V . 9 0 , p . 373 .
Northampton Street Ry.—
T h e M a s s a c h u s e t t s P . S . C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y
t o e s t a b l is h a d d it i o n a l z o n e s y s t e m s , w h ic h w ill i n c r e a s e f a r e s , b u t t h e
u n i t o f f a r e w ill r e m a in 5 c e n t s i n s t e a d o f 6 c e n t s a s p r o p o s e d . — V . 9 9 . n . 6 7 5 .
Northern Ohio Traction & Light Co.— Fare Increases.
T h i s c o m p a n y h a s a p p li e d t o t h o O h io 1*. S . C o m m i s s io n f o r a u t h o r i t y
t o i n c r e a s e p a s s e n g e r fa r o s t o 3 c . p e r m ile .
O t h e r c o m p a n i e s m a k i n g s im ila r
a p p lic a t io n a re th e F o s to r ia & F r e e m o n t R y . (V . 102, p . 5 2 1 ), C le v e la n d
P a ln o s v i l lo & E a s t e r n R R . ( V . 1 0 6 , p . 2 0 1 0 ) , S o u t h e a s t e r n O li io R y .
( V . 1 0 2 , p . 2 5 2 ) , C l e v e l a n d A l lia n c e & M a h o n i n g V a l l e y R R . ( V . 1 0 3 ,
p . 9 8 3 ).— V . 106, p . 26 4 9 , 2117.
Northwestern Ohio Ry. & Power Co.— Fares.-^~
‘
T i l l s c o m p a n y h a s fil e d n o w t a r if f s p r o v i d i n g f o r a p a s s e n g e r r a t o o f
2 > £ c . a m il e .— V . 8 6 , p . 1 2 2 6 .
Ohio Electric Railway.— Fares.—
S e e W e s t e r n O h io E l e c t r ic R y . b e l o w . — V . 1 0 6 , p . 2 7 5 8 .
Pennsylvania Company.— Liquidation.— •
S e e P e n n s y lv a n ia R R . b o l o w . — V . 1 0 6 , p . 2 5 6 0 .
Pennsylvania RR.— No Distribution of Assets— Status of
Plan for Taking Over the Leases and Security Holdings of Penn
sylvania Company.— The Philadelphia “ Pross” of June 29
contains an authoritative statement with reference to tho sug
gestion that some distribution of assets to Pennsylvania R R .
shareholders might follow the dissolution of the (holding)
Pennsylvania Company. Tho statement says in substance:
T h e r o is n o i n t e n t io n t o m a k o t h is s o r t o f a s e g r e g a t i o n a s It w o u l d d e
s t r o y t h o u n i t y o f t h o P e n n s y lv a n ia R R . S y s t e m , w h e r e a s t h o i n t e n t io n
o f t h o m a n a g e m e n t is t o c o m p l o t o t h o u n i t y b y f u r t h e r c e n t r a li z i n g t h e
o w n e r s h i p a n d c o n t r o l o f t h e v a r i o u s p r o p e r t ie s .
T h o P e n n s y lv a n ia C o .
w a s c h a r t e r e d A p r il 7 1 8 7 0 f o r t h e p u r p o s e o f m a n a g i n g in t h o i n t o r e s t s o f t h e
P e n n s y l v a n i a R R . C o . t h e r a ilr o a d s le a s e d a n d c o n t r o l l e d b y t h a t c o m p a n y
w e s t o f P itts b u r g h .
I n t h is c o n n e c t i o n t h e P e n n s y lv a n ia R R . C o a s
s i g n e d t o t h o P e n n s y lv a n ia C o . t h e v a r i o u s le a s e s w h ic h i t h e l d o f W e s t e r n
l in o s , a n d a ls o p la c e d . In t h o P e n n s y lv a n ia C o . ’s t r e a s u r y t h o s e c u r it ie s
r e p r e s e n t i n g c o n t r o l o f t h o lin o s w e s t .
T h e s o le a s e s a r e b e i n g r e a s s ig n e d b a c k t o t h o P e n n s y lv a n ia . R R . a n d
t h o s e c u r it i e s a r e a ls o b e in g r e t u r n e d t o t h o t r e a s u r y o f t h o l a t t e r c o r p o r a
t io n .
W h e n t h is p r o c e s s is c o m p l e t e d t h o P e n n s y lv a n ia R R . w ill s i m p ly
r e s u m e t h e s t a t u s t h a t i t h e l d p r i o r t o 1 8 7 1 , w i t h r e g a r d t o it s c o n t r o l l e d
a n d l e a s e d p r o p e r t ie s w e s t o f P i t t s b u r g h , a n d t h o P e n n s y lv a n ia C o . w ill
s i m p l y h a v o a n o m in a l e x is t e n c e .
U lt i m a t e ly , n o d o u b t , its a f fa ir s w ill b o
-e n t ir e ly w o u n d u p a n d it w ill b o d i s s o lv e d a s a c o r p o r a t i o n , b u t t h a t w ill
p r o b a b l y t a k e s o m e t im e .
*
*
T h e f i r s t g r e a t s t o p t o w a r d t h o d i s s o lu t i o n o f t h o P e n n s y lv a n ia C o m -----.
* «
■ ---------------- - u v
■
P itts b u r g h n u u
----C h i c a g o w a s le a s e d f o r 9 0 9 y e a r s f r o m J u l y 1 i 8 6 0 t o t h e P e n n s y lv a n ia
RR.
A f t e r t h e f o r m a t i o n o f t h e I e n n s y l v a n i a C o . , t h o lo a s o w a s a s s ig n e d
t o t h a t c o r p o r a t i o n , a n d it s r e a s s ig n m e n t , e f f e c t i v e J a n . 1 1 9 1 8 . m e r e ly
r e s t o r e s t h o o l d s i t u a t io n .
’
J
T h e r o is a b s o l u t e l y n o t h i n g t o s e g r e g a t e in t h o P e n n s y lv a n ia R R . s y s
t e m , i f b y t h a t t e r m is m e a n t a d i s t r i b u t i o n o f s e c u r it ie s d i r e c t l y t o s t o c k
h o ld e r s .
1 h o l e n n s y lv a n ia R R . s y s t e m is n o w o u t o f t h o c o a l b u s in o s s ,
a n d t h o f e w p r o p e r t ie s o w n e d o r c o n t r o l l e d b y i t w h ic h a r e n o t * d i r c c t l y
u s o d i n r a i lr o a d o p e r a t i o n a r e p r a c t i c a l l y in c id e n t a l t o a n d n e c e s s a r y f o r
t h o m a n a g e m e n t a n d o p e r a t i o n o f it s r a i lr o a d lin e s .
F o r e x a m p l e ,.t h e i C o m m e r c ia l T r u s t B u il d i n g , w h ic h is o w n e d b v t h o
P e n n s y lv a n ia H R . t h r o u g h t h e m e d i u m o f t h e A r c a d e R e a l E s t a t e T r u s t
C o . , is p r a c t ic a l l y a n o v e r f l o w f o r t h e B r o a d S t r e e t S t a t i o n o f f i c e s , m a d o
s e l f - s u p p o r t i n g b y t h e le a s e o f o f f i c e s n o t u s e d b y t h e r a i lr o a d c o m p a n y .
T h o H o t e l P e n n s y lv a n ia , o p p o s i t e t h o s t a t i o n in M o w Y o r k , is a n o t h e r e x
a m p le .
T h is h o t e l is b e i n g c o n s t r u c t e d a n d w ill b o o w n e d b y t h e P e n n
s y l v a n i a R R . , b u t h a s b e e n le a s e d f o r a l o n g t e r m o f y e a r s t o t h o H o t e ls
S t a t l e r in t e r e s t s , w h o w ill o p e r a t e i t .
(S e e d e s c r ip t i o n a n d b o n d o f fe r i n g
i n V . 1 0 6 , p . 2 7 6 1 .)
. . A® ^ e . P e n n s y lv a n ia R R . o r ig in a ll y h a d t o b u y t h o g r o u n d u p o n w h ic h
t h o H o t e l S t.it ler is b e i n g b u i l t i n o r d e r t o o b t a i n t h o e a s e m e n t f o r t h o t u n
n e l s , t h e o n l y w a y t o a v o i d a h e a v y lo s s w a s t o d e v e l o p i t in s o m e w a y
w h ic h w o u ld y i e ld a f a ir r e t u r n o n t h e i n v e s t m e n t ; lio n c o t h e h o t e l w a s
b u ilt.
Sub. Co. Acquisition.—
S e e L o u is v i ll o B r i d g e & T e r m i n a l C o . , I n c . , a b o v e . — V . 1 0 6 , p . 2 7 5 8 .
Pennsylvania Terminal Ry. Co., Louisville, Ky.—
S e e L o u is v i ll o B r i d g o & T e r m i n a l C o . a b o v e . — V . 7 6 , p . 1 4 0 8 .
Philadelphia Co.— Petition.
C o u n s e l f o r t h e b o n d h o ld e r s o f t h e U n it e d T r a c t i o n C o . o n J u l y 1 a p
p e a r e d b o f o r o J u d g e C h ius. P . O r r In t h o U . S . D i s t r i c t C o u r t a t P i t t s b u r g h
a n d f i l e d a p e t i t i o n a s k in g t h a t t h e P h ila d e lp h ia C o . a n d t h e P i t t s b u r g h
l t y s . C o . b o j o i n t l y h e ld r e s p o n s i b le f o r t h e in d e b t e d n e s s t o t h o b o n d h o ld e r s
o f t h o U n it e d T r a c t i o n C o .
I h e p e t i t i o n e r s t a t e d t h a t t h e in t e r e s t o n t h o
b o n d s h a s n o t b e e n p a id in a c c o r d a n c e w i t h t h e c o m p a n y ’s a g r e e m e n t .
S e o a ls o P itts b u r g h R y s . C o . b o lo w .
Street Railway Earnings.—
S e o P i t t s b u r g h R a il w a y s u n d e r “ R e p o r t s ” a b o v e . — V . 1 0 6 ,p . 2 6 5 5 , 2 6 5 0 .
Pittsburgh & Lake Erie RR.— General Manager.—
J . B . Y o h o h a s b e e n a p p o in t e d G e n e r a l M a n a g e r , u n d e r t h o U . S . G o v t ,
f o r t h is c o m p a n y a n d t h e M o n o n g a h e l a R R . , w it h o f f i c e a t P i t t s b u r g h
P a .— V . 106, p . 20 0 3 .
____________ _
Pittsburgh Railways.— Increased Revenue.— Tho receiv
ers havo issued a statement outlining the channels into which
tho company intends to divert tho increased revenues under
tho increased fares. (V . 10G, p. 2650.) They say in subst:
W h a t e v e r t h o in c r e a s e d r e c e ip t s m a y b o , o v e r y c e n t w ill b o c o n s u m e d in
p a y i n g in c r e a s e d w a g e s a n d in c r e a s e d c o s t s o f m a t e r ia l e s s e n t ia l t o t h o
o p e r a t i o n o f t h o c a r s a n d t o t h e m a i n t e n a n c e o f r o a d b e d a n d r o llin g s t o c k
in t h o b e s t p o s s i b le c o n d i t i o n .
I n c r e a s e d w a g e s a l o n e w ill c o n s u m e S i .7 0 0 0 0 0 o f t h o e x p e c t e d a d d it i o n a l r e v e n u e .
I t Is t h o a i m a n d i n t e n t io n o f t h o r e c e iv e r s t o k e e p t h o s t r e e t r a i lw a y
p r o p o r t y in g o o d o p e r a t i n g c o n d i t i o n .
T r a c k a n d r o a d b e d w ill b e p l a c e d
i n t h e b a s t p o s s i b le c o n d i t i o n a s f a r a s t h o r e v e n u e w ill a llo w a n d e v e r y
a v a i l a b l e c a r w ill b o p r e p a r e d t o m e e t u n u s u a l w in t e r d i f f i c u lt i e s .
T h o e l e c t r i c e q u i p m e n t o f t h o c a r s w a s b a d l y d a m a g e d la s t w in t e r b y
c o n t i n u e d s t o r m s a n d m u c h t r o u b l e w a s d u o t o i n a b i l i t y t o s e c u r o r e p a ir
p a r t s p r o m p t l y , a l t h o u g h a m p l o p r o v i s i o n in t h o w a y o f r e s e r v e e q u i p m e n t
h a d b e e n m a d e f o r a n o r m a l w in t e r .
A t p r e s e n t all d e p a r t m e n t s o f t h o s h o p s a r o f u l l y m a n n e d a n d t h e y a r o
c a p a b l e o f c a r r y in g o u t t h o p o l i c y o f p l a c in g t h o e q u i p m e n t in t h o h o s t
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p o s s i b le c o n d i t i o n , a l t h o u g h n o a s s u r a n c e a g a in s t a l a b o r s h o r t a g e l a t e r o n
is g i v e n b y t h o w a r s i t u a t io n .
F i f t e e n c a r s f o r in t e r u r b a n s e r v ic e a n d 5 0
d o u b l e - t r u c k s t e e l t r a il c a r s f o r c i t y s e r v ic e a r e b e i n g a d d e d t o t h e e q u i p
m e n t t h is y e a r in a d d i t i o n t o t h e n u m b e r o p e r a t e d d u r i n g 1 9 1 7 .
T h e r e c e iv e r s i n t e n d t o b r i n g t h o r o a d b e d t o t h e h i g h e s t p o s s i b le s t a n d a r d .
O n e o f t h e c o n t r i b u t i n g c a u s e s t o u n s a t i s f a c t o r y s e r v ic e la s t f a ll a n d
w in t e r w a s t h e d i s s a t is f a c t io n a m o n g s o m e o f t h e t r a in m e n , w h o r e fu s e d
t o w o r k t r ip p e r s a n d t r a ile r s a n d t o p e r f o r m t h e i r d u t ie s s a t i s f a c t o r i l y u n t il
a w a g o a d v a n c e w a s g iv e n th e m p r io r t o th e te r m in a tio n o f th e ir a g re e m e n t.
S in c o t h e a p p o i n t m e n t o f t h e r e c e iv e r s a n a d d it i o n a l a d v a n c e i n w a g e s h a s
b e e n m a d e , a n d d is p u t e s a s t o w o r k in g c o n d i t i o n s h a v e b e e n e l im i n a t e d .
I n c r e a s e d w a g e s in t h e s h o p s a n d s u b s t a t i o n s h a s r e s u l t e d in i m p r o v e d
e f f i c i e n c y in t h e s e d e p a r t m e n t s .
O rd e rs o f th e F u el A d m in is tra tio n t o e n fo r ce t h e a d o p tio n o f t h e s k ip s t o p p l a n o n p r a c t i c a l l y a ll o f o u r lin e s w ill r e s u lt in a n i m p r o v e m e n t o f
t h o s e r v ic e .
S e e a ls o “ A n n u a l R e p o r t s ” o n a p r e c e d i n g p a g e .
C h a s . A . F a g a n , o n e o f t h e t h r e e r e c e iv e r s , d e c l a r in g t h a t t h e p a y m e n t
o f t h o J u l y o b l ig a t io n s , a g g r e g a t i n g a b o u t $ 6 0 0 ,0 0 0 w o u l d s e r io u s l y i n ju r e
t h o c o m p a n y f in a n c ia l l y a n d c a u s o d is t r e s s , f il e d a p e t i t i o n in t h e U n it e d
S t a t e s D i s t r i c t C o u r t a t P i t t s b u r g h b e f o r e J u d g e C h a s . P . O r r d is s e n t in g
fr o m th e a c t io n o f R e c e iv e r s C a lle r y a n d S te w a r t, w h o a s k t h a t th e ch a rg e s
b o p a id .
T h e C o u r t h a s s u s t a in e d R e c e i v e r F a g a n 's c o n t e n t i o n . — V . 1 0 6 ,
p . 2758, 2650.
Public Service Corp., New Jersey.— S u b . C o . B o n d s . —
Rapid Transit in New York.— N e w O p e r a t i o n . —
S ee C e n tr a l E le c t r ic C o . u n d e r “ I n d u s t r ia ls " b e lo w .— V . 1 0 0 , p . 5 5 9 .
T h e r e w a s p l a c e d in o p e r a t i o n o n J u l y 1, t h r o u g h s e r v ic e o n t h o S e v e n t h
A v o . s u b w a y b e tw e e n T im e s S q u a re a n d t h o B a tt e r y , a n d v ia s h u ttle
t h r o u g h t h e P a r k P l a c e a n d W i ll ia m S t . b r a n c h o f t h o lin e f r o m C h a m b e r s
S t . a n d W e s t B r o a d w a y t o W a ll a n d W i ll ia m S t s .
O p e r a t io n s a r e t o b e
c a r r ie d o n b y t h e I n t e r b o r o u g h R a p i d T r a n s i t C o .
S e r v i c e w a s a ls o
b o g u n o v e r t h o 1 62 n d S t. e le v a te d r o a d c o n n e c t io n b e tw e e n th e N in t h
A v o . e l e v a t e d lin e a n d t h o J e r o m e A v e . b r a n c h o f t h e L e x i n g t o n A v e .
s u b w a y , w h ic h a s h e r e t o f o r e t e r m i n a t e d a t S e d g e w i c k A v e . a s f a r a s 1 6 7 t h
S t . s t a t io n o n t h e J e r o m e A v e . l in e .
T h o B r o o k ly n R a p id T r a n s it C o . o n J u ly 3 b e g a n o p e r a tin g t h a t p a r t
o f t h o J a m a i c a A v e . e l e v a t e d lin o f r o m G r e e n w o o d A v o . t o t h e t e r m in u s
o n C H ffs id e A v o . , J a m a i c a .— V . 1 0 6 , p . 2 7 5 9 , 2 6 5 1 .
Rockland So. Thomaston
&
St. George Ry.— S a l e .—
R e c e iv e r S. T h a y e r K im b a ll, u n d e r a d e cre e o f th e C o u rt m a d e o n J u n e 2 1 ,
w ill r e c e iv e b id s u n t il J u l y 2 3 f o r t h e s a le o f t h e c o m p a n y ’s p r o p e r t y , e it h e r
a s a w h o le o r In p a r t .
T h o lin e is 5 .7 m ile s l o n g . — V . 8 7 , p . 1 4 8 0 .
Sandusky (O.) Mansfield & Newark RR.— F a r e s . —
Scioto Valley Traction Co.— F r e ig h t R a te I n c r e a s e . —
S e o W e s t e r n O liio E l e c t r i c R y . b e l o w . — V . 9 9 , p . 1 1 3 1 .
T h i s c o m p a n y h a s a p p li e d t o t h o O h io I \ S . C o m m i s s io n f o r a u t h o r i t y
t o in c r e a s e f r e i g h t r a t e s 2 5 % . — V . 1 0 2 , p . 1 6 2 6 .
,
Southeastern Ohio Ry.— F a r e A p p l i c a t i o n . —
Southern N. Y. Power & Ry. Corp.— F a r e A p p l i c a t i o n .
S e e N o r t h e r n O liio T r a c t i o n & L i g h t C o . a b o v e . — V . 1 0 2 , p . 2 5 2 .
T h i s c o m p a n y h a s f il e d w it h t h e I . - S . C . C o m m i s s io n a p e t i t i o n f o r a n
i n c r e a s e o f 2 5 % in c la s s a n d c o m m o d i t y r a t e s .— V . 1 0 6 , p . 2 2 3 0 .
Southern Pacific Co.— F e d e r a l M a n a g e r . —
W .
R . S c o t t , V i c e - P r e s id e n t , h a s b e e n a p p o i n t e d F e d e r a l M a n a g e r u n d e r
U n it e d S t a t e s G o v e r n m e n t . — V . 1 0 6 , p . 2 7 5 8 .
Stark Electric Ry.— F a r e s . —
Third Avenue Ry., N. Y.— S ta tu s o f I n c o m e s .—
S e o W e s t e r n O liio E l e c t r ic R y . b e l o w . — V . 1 0 6 , p . 2 5 6 1 .
A n e x c h a n g e jo u r n a l s a y s : T h o g r o s s e a r n in g s f o r 11 m o n t h s e n d e d
M a y 31 1 9 1 8 w e r e $ 9 , 3 6 4 , 1 3 4 , a n i n c r e a s o o f $ 1 , 3 2 9 , 3 4 4 o v e r t h o s a m e
p e r i o d in 1 9 1 7 ; n e t , a f t e r t a x e s , $ 1 , 9 2 8 , 6 1 7 , a n in c r e a s o o f $ 1 , 0 4 3 , 7 5 3 .
A f t e r a l lo w i n g f o r f u ll in t e r e s t o n t h o ($ 2 2 ,5 3 6 ,0 0 0 1 A d j u s t m e n t 5 % b o n d s
t h e r o w a s a n a p p a r e n t d e f i c i t in 11 m o n t h s o f $ 3 6 5 ,4 4 3 .
B u t . o u t o f in
c o m e f o r t h e s ix m o n t h s e n d e d D e c . 31 1 9 1 7 , d i r e c t o r s s e t a s id o $ 1 9 4 ,3 8 6
fo r reserves.
T h e reserve fu n d as o f Ju n o 30 1917, b e fo r e th e a b o v e m en
t io n e d i t e m w a s s e t a s id e , t o t a l e d $ 1 1 ,3 8 5 ,7 7 6 .
T h o n e t e a r n in g s a f t e r
t a x e s f o r M a y 1 9 1 8 w e r e $ 2 1 1 ,6 0 3 . — V . 1 0 6 , p . 2 6 5 0 , 1 4 6 2 .
Tidewater Power Co.— I n c r e a s e d
R a te s .
—
T h e N o r t h C a r o l i n a C o r p o r a t i o n C o m m i s s io n h a s g r a n t e d t h is c o m p a n y
in c r e a s e s in s t r e e t c a r r a t e s f r o m 5 t o 7 c e n t s f o r W i l m i n g t o n a n d s u b u r b s ,
& c.
T h e c o m p a n y w ill s u p p l y t ic k e t s a t t h e r a t e o f f o u r f o r 2 5 c e n t s a n d
17 f o r $ 1 .
T h o g a s r a t e h a s b e e n i n c r e a s e d t o $1 7 5 p e r 1 ,0 0 0 c u . f t . in
t h e c i t y a n d $ 2 f o r W r ig h t s v i l lo B e a c h . — V . 1 0 5 , p . 1 1 0 5 .
Toledo & Western RR.— R a le s .—
T h is c o m p a n y h a s a p p li e d t o t h o O h io P . S . C o m m i s s io n f o r p e r m is s io n
t o i n c r e a s e it s f r e i g h t r a t e s b y 2 5 % .
Toledo (O.) Railway & Light Co.— S u it a s to F a r e s . —
T h i s c o m p a n y , in t h e s u it t o e n j o i n t h e c i t y p e r m a n e n t l y f r o m i n t e r f e r i n g
w it h t h e c o l l e c t i o n o f t h o 5 - c e n t f a r e a n d p e n n y c h a r g o f o r t r a n s f e r s , in a
b r i e f r e c e n t ly f il e d c la im s t h a t : “ I n t h o a b s e n c e o f a n y v a l i d le g is l a t i o n
b y t h o c i t y r e g u la t in g t h o r a t e s o f f a r e in f o r c e u p o n t h e s t r e e t r a i lw a y
s y s t e m , i t is o b v i o u s t h a t t h e s t r e e t c a r c o m p a n y is a t l i b e r t y t o f ix t h e r a t e s
a t w h a t e v e r f ig u r e i t d e e m s p r o p e r , s u b j e c t , o f c o u r s o , t o t h e r ig h t o f t h e
c i t y t o p a s s v a l i d le g is la t io n f ix i n g a r a t e o f f a r o w h ic h w ill a llo w a r e a s o n
a b le re tu rn o n th o p r o p e r t y ."
C om p a re V . 106, p . 2651.
Union Pacific RR.— F e d e r a l
M a n a ger.
—
E . E . C a l v i n , P r e s id e n t , h a s b e e n a p p o i n t e d F e d e r a l M a n a g e r u n d e r t h o
U n it e d S t a t e s G o v e r n m e n t . — V . 1 0 6 , p . 2 7 5 8 .
■
Union Traction Co. of Indiana.— F a r e
In c rea se.
—
T h i s c o m p a n y h a s f i l e d a n a p p li c a t io n w it h t h o I . - S . C . C o m m i s s io n f o r
in c r e a s e d r a t e s o n o n e - w a y a n d r o u n d - t r i p fa r e s b e t w e e n p o i n t s o n it s lin e
t o p o i n t s o n c o n n e c t in g lin e s , a n d a n in c r e a s o o f 2 5 % in c la s s a n d c o m m o d i t y
r a t e s b e t w e e n p o i n t s o n its lin e s t o p o i n t s i n c o n n e c t i n g s y s t e m s .
C om
p a re V . 106, p . 23 4 6 , 1901.
United Traction Co. of Pittsburgh.— P e t i t i o n . —
W ashington Balt. & Annapolis Elec. RR.— F a r e s ?-—
S o o P h il a d e l p h ia C o . a n d P i t t s b u r g h R y s . C o . a b o v e . — V . 1 0 6 , p . 2 4 5 1 ,
T h o I . - S . C . C o m m i s s io n h a s d e n i e d t h is c o m p a n y ’ s a p p li c a t io n f o r in
c r e a s e s in f a r e s t o e q u a l t h o s e o n s t e a m r a i lr o a d s .— V . 1 0 6 , p . 2 7 5 9 .
W ashington Railway & Elec. Co.— N e w
T rea su rer.
—
A . M . F is h e r h a s b e e n e l e c t e d T r e a s u r e r t o s u c c e e d t h o l a t e C . E . B r o w n .
— V . 106. p . 20 1 2 .
Western New York & Pennsylvania Trac. Co.— R a tes
T h i s c o m p a n y h a s a p p li e d t o t h e I . - S . C . C o m m i s s io n f o r p e r m is s i o n t o
in cre a s e b o t h p a s s e n g e r fa re s a n d fre ig h t ch a rg e s t o th e le v e l o f th e n e w
s t e a m r a i lr o a d r a t e s .— V . 1 0 6 , p . 1 4 6 2 .
Western Ohio Electric Ry.— P a s s e n g e r
F a res.
—
T h i s c o m p a n y a n d t h e O h io E l e c t r i c R y . , t h e S t a r k E l e c t r i c R y . a n d t h e
S a n d u s k y M a n s f i e l d & N e w a r k R y . h a v o a p p li e d t o t h e O liio P . S . C o m m ,
t o i n c r e a s e p a s s e n g e r f a r e s t o 3 c . a m il e a n d f r e i g h t r a t e s u p 2 5 % .
— V . 106, p . 1902.
________________
INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co., N. Y .— Earnings, etc.— Fire.—
T h e e a r n in g s f o r M a y 1 9 1 8 b e f o r e c h a r g i n g a m o r t iz a t i o n a r o r e p o r t e d
a s $ 6 1 0 ,3 5 1 , b e i n g a n in c r e a s e o f S 6 5 .6 0 8 o v e r A p r il 1 9 1 8 .
F rom th o to ta l
o f $ 6 1 0 ,3 5 1 t h e r e c e iv e r s d e d u c t e d $ 1 1 4 ,3 9 9 f o r t h e a d j u s t m e n t o f v a lu a
t i o n o f a s s e t s a n d t h e s e t t le m e n t o f c la im s , l e a v i n g a s u r p lu s b a l a n c e o f
$ 4 9 5 ,9 5 2 .
A n e w p l a n t is n o w b e i n g c o n s t r u c t e d a t M o u n t U n io n t o r e p l a c e t h o
T N T p la n t w h ic h w a s d e s t r o y e d a t O a k d a le s o m e w e e k s a g o .
T h e stru c
t u r e w ill b o r e a d y f o r o p e r a t i o n a b o u t O c t . 1 a n d w ill h a v e a c a p a c i t y o f
2 ,0 0 0 ,0 0 0 l b s . m o n t h l y , a n a m o u n t c o n s i d e r a b l y in e x c e s s o f t h e c a p a c i t y
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o f th e o ld O a k d a le p la n t .
T h e lo s s b y fir e a t M o u n t U n io n o n T u e s d a y
is r e p o r t e d a s a b o u t $ 3 0 0 ,0 0 0 , a ll c o v e r e d b y i n s u r a n c e .
T h e c o m p a n y , i t is r e p o r t e d , h a s p a i d o f f 7 5 % o f its a p p r o v e d m e r c h a n
d i s e c la im s a n d t h e r e n o w r e m a in s !b u t 2 5 % o f t h e s e c la im s , a b o u t $ 4 0 0 ,0 0 0 ,
t o b o l iq u id a t e d in L i b e r t y b o n d s [ o r o t h e r w i s e .— V . 1 0 6 , p . 2 7 5 9 .
American Can Co.— N e w
P r i c e S c h e d u le .—
T h is c o m p a n y h a s a n n o u n c e d a n e w p r ice s c h e d u lo r a n g in g f r o m a b o u t
2)4 t o 5 % h i g h e r t h a n t h o s e t o b o in e f f e c t In J a n u a r y , t h e n e w r a t e s b e in g
e f f e c t i v e J u l y 1 .— V . 1 0 6 , p . 2 4 5 2 , 2 2 3 1 .
American International Shipbuilding Corp.—
S ta ttis .— •
T h i s c o m p a n y p r o p o s e d t o la u n c h it s f ir s t v e s s e l f r o m t h e H o g I s la n d
( P h i la d e lp h ia ) S h i p y a r d e a r l y in A u g u s t .
T h e m a n a g e m e n t p la n s t o fu r
n is h 5 0 s h ip s b y t h e e n d o f t h e y e a r .
T h e H o g I s la n d e n t e r p r is e i n v o l v e s
a n o u t l a y o f a b o u t $ 3 0 0 ,0 0 0 ,0 0 0 , o f w h ic h a b o u t $ 4 0 ,0 0 0 ,0 0 0 w ill h a v e b e e n
s p e n t o n t h e y a r d a n d p l a n t , n o w 8 5 % f in i s h e d , a n d t h e b a l a n c e o n th e
s h jp s .
W a lt e r G o o d e n o u g h h a s b e e n e l e c t e d V i c e - P r e s id e n t in c h a r g e o f
s h ip c o n s t r u c tio n .
L . D . L o v e k in a n d F . W . W o o d w e ro a ls o e le cte d
V i c e - P r e s id e n t s .— V . 1 0 6 , _ p ^ l 4 6 3 .
American Malting Co.— C o m m i t t e e o f H o l d e r s o f F i r s t
P r e fe r r e d S to ck D e s i r e s L i q u i d a t i o n .— The committee named
below, acting at the request of a large number of holders
invites deposits of the first pref. stock with the Guaranty
Trust Co. of N . Y ., as depositary, with a view to the
liquidation of the company. The committee in circular of
July 3 says in substance:
I n v i e w o f t h o c o n d i t io n s w h ic h h a v o a r is e n s i n c e t h is c o u n t r y e n t e r e d t h o
w a r , t h o h o ld e r s o f a la r g o p o r t i o n o f t h o fir s t p r e f e r r e d s t o c k , w h o a l s o a re
t h o h o ld e r s o f a la r g o n u m b e r o f s h a r e s o f t h e c o m m o n s t o c k , d e e m it a d
v i s a b l e a n d f o r t h o b e s t in t e r e s t s o f t h e h o l d e r s o f f ir s t p r e f e r r e d s t o c k t h a t
t h e c o m p a n y b o p u t i n t o liq u id a t i o n f o r t h o f o ll o w i n g r e a s o n s :
1. T h o d e c r e a s e d d e m a n d f o r m a l t d u o t o t h e s p r e a d o f p r o h i b i t i o n in
t h o c o u n t r y a n d t o t h o r e g u la t io n s o f t h e G o v e r n m e n t r e s t r i c t in g t h o
o u t p u t o f t h o b r e w e r ie s .
2 . T h o d i f f i c u l t y in o p e r a t i n g t h o p la n t s o w in g t o t h o f a c t t h a t t h o b u s i
n e ss is n o t c o n s i d e r e d e s s e n t ia l t o t h e w a r , a n d t h o c o m p a n y is h a n d i
c a p p e d in f in d in g f u e l, p o w e r a n d t r a n s p o r t a t io n .
3 . T h o f l u c t u a t i n g p r i c e o f b a r l e y , w h ic h is n o w b e i n g u s e d a s a s u b s t i
t u t e f o r w h e a t , a n d w h ic h r o s e t h is y e a r t o a h ig h p r i c e o f o v e r $ 2 3 0 , c o m
p a r e d t o a n o r m a l p r ic e o f $1 a n d lo w e r b e f o r e t h e w a r .
4 . T h o f a c t t h a t t h e c o m p a n y h a s n o t r e g u l a r ly p a i d its 6 % p e r a n n u m
d i v i d e n d s o n its fir s t p r e f e r r e d s t o c k d u r in g t h e p a s t t e n y e a r s a n d t h a t
t h e r o is n o w u n p a id a c c u m u l a t e d d i v i d e n d s o n s a i d s t o c k a m o u n t i n g t o
$ 3 2 5 4 p e r s h a r e , a l t h o u g h d u r i n g a la r g o p a r t o f t h is p e r i o d t h e c o n d i
t io n s w e r o m u c h m o r o f a v o r a b l e t h a n t h e y a r o a t p r e s e n t o r a r o l ik e l y , t o
b o in t h o f u t u r e .
5 . T h e d a n g e r t h a t i f t h e c o m p a n y c o n t in u e s in o p e r a t i o n it s a s s e ts
m a y b o g r a d u a ll y r e d u c e d .
W h i lo in o u r o p i n i o n t h e p r e s e n t c o n d i t i o n o f t h e c o m p a n y is d u o t o t h o
a b o v e f a c t s , w h ic h c o u l d n o t b o fo r e s e e n a n d w h o s e e x is t e n c e c o n s t it u t e s n o
r e f l e c t io n o n t h e m a n a g e m e n t o f t h o c o m p a n y , w h ic h h a s b e e n a b l e t o
p r e s e r v o it s a s s e t s in t a c t t h r o u g h t h o r e c e n t u n p r e c e d e n t e d b u s in e s s c o m
p l i c a t i o n s , w o b e l ie v e t h a t b y p r o m p t liq u id a t i o n a g r e a t e r v a l u e w ill b o
r e a liz e d t h a n c o u l d b o e x p e c t e d i f t h o b u s in e s s s h o u l d b o c o n t in u e d o r t h a n
is r e fl e c t e d b y t h o p r e s e n t m a r k e t p r i c e o f t h o s t o c k .
W o a c c o r d i n g l y i n v i t e a ll h o ld e r s o f f ir s t p r e f e r r e d s t o c k t o d e p o s i t t h e ir
s h a r e s w it h t h o G u a r a n t y T r u s t C o . , 1 4 0 B r o a d w a y , N . Y . , o n o r b e f o r o
S e p t . 1 1 , in a c c o r d a n c e w it h t h o a g r e e m e n t , w h ic h w ill b e c o m e e f f e c t i v e
w h e n 6 0 ,0 0 0 s h a r e s o f fir s t p r e f e r r e d s t o c k s h a ll h a v o b e e n d e p o s i t e d t h e r e
u n d er.
K a c h d e p o s i t o f s t o c k s h o u l d b o a c c o m p a n l e s d b y t h o r e m it t a n c e o f
a s u m a m o u n t i n g t o 2 9 c e n t s p e r s h a r e , r e p r e s e n t in g t h o p r e l im i n a r y a ssess
m e n t o f 2 5 c e n t s p e r s h a r e a n d t h e F e d e r a l a n d S t a t e s t a m p t r a n s fe r t a x e s
p r o v id e d t o b e p a id b y th o d e p o s ito rs b y th o te rm s o f t h o d e p o s it a g re e m e n t.
C o m m it te e : W . F o r b e s M o r g a n (C h a ir m a n ), F ra n k M . D ic k , S te p h e n
P e a b o d y , G e o r g e A . E llis J r . a n d J o h n N . W o o d f i n , w it h F r a n k M . D i c k
a s S e c r e t a r y , 61 B r o a d w a y , N . Y . C i t y , a n d H u s h & H a r o , c o u n s e l , 2 2
W i ll ia m S t . , N . Y . C i t y . — V . 1 0 6 , p . 17 ii8 .
American Pipe & Construction Co.— R e c e iv e r .—
V ic o -C h a n c e llo r S te v e n s a t N o w a r k , N . J ., o n J u ly 2 a p p o in t e d F r a n k
P . M c D e r m o t t o f J e r s o y C i t y r e c e iv o r f o r t h is c o r p o r a t i o n .
C om p a re
V.
106 , p . 2 7 5 9 , 1463.
American Pneumatic Service Co.—
S er v ic e S u s p e n d e d .—
A s a r e s u lt o f P r e s id e n t W i l s o n ’s v e t o o f t h o P o s t O f f i c o A p p r o p r ia t i o n
B i l l , m a il s e r v ic e t h r o u g h t h o t u b e s o f t h is c o m p a n y o p e r a t i n g in N o w Y o r k
a n d o t h e r c it i e s c e a s e d J u l y 1 .— V . 1 0 6 , p . 2 5 6 1 , 2 5 5 4 .
American Railway Express Co.— B e g i n s
B u s i n e s s .—
T h is n e w c o m p a n y , w h ic h c o m b in e s t h o a c t iv it i e s o f t h e l o a d in g
e x p r e s s c o m p a n i e s , o n J u l y 1 a s s u m e d c o n t r o l o f t h e e x p r e s s b u s in e s s o n t h o
r a i lr o a d s .
T h o n e w o r g a n i z a t io n w ill b r i n g a b o u t t h e e l im i n a t i o n o f d u p l i
c a t e d r o u t e s a n d c o n s e q u e n t l y g i v e b e t t e r s e r v ic e .
T h o c o m b in in g o f e x
p r e s s o f f i c e s is a l s o p la n n e d .
T h e R a i l r o a d A d m i n i s t r a t i o n h a s o r d e r e d e x p r e s s c o m p a n i e s in p u t t i n g
i n t o e f f e c t t h e 1 0 % in c r e a s e in e x p r e s s r a t o s t o d is r e g a r d f r a c t i o n s o f h a l f c o n t , o r le s s .
F ra ctio n s m o r o th a n h a lf-c c n t aro t o b o tre a te d as o n e c e n t
in f i x i n g r a t e s .
T h e s e r a t e s a p p l y t o a l l c la s s e s o f f r o l g h t e x c e p t t h a t
c a r r ie d u n d e r " c o m m o d i t y ” c la s s i f ic a t i o n s o n w h ic h t h o f r a c t i o n s a r o r e
ta in e d .
T h o N o w Y o r k P . S . C o m m i s s io n h a s g r a n t e d t h is c o m p a n y , t h o c o n c e r n
o r g a n i z e d u n d e r F e d e r a l G o v e r n m e n t a u s p ic e s t o t a k o o v e r t h o b u s in e s s o f
t h o A d a m s , A m e r ic a n , S o u th e rn a n d W e lls F a rg o E x p re ss c o m p a n ie s , a
p e r m is s io n t o d o b u s in e s s w it h in t h o C i t y o f N e w Y o r k .
T h o fo u r c o m a n ie s in q u e s t i o n c e a s e d o p e r a t i o n J u n o 3 0 a n d t h o n o w c o m p a n y b e g a n
u s in e s s J u l y 1 .— V . 1 0 6 , p . 2 7 5 9 , 2 6 5 2 .
g
American Sumatra Tobacco Co.— M e r g e r
D i s c u s s e d .—
R e g a r d in g t h o r o p o r t e d n e g o t i a t io n s l o o k in g t o w a r d a m e r g e r o f t h o
U n it e d C i g a r S t o r e s C o . a n d t h o T o b a c c o P r o d u c t s C o r n , w it h t h e A m e r i c a n
S u m a t r a T o b a c c o C o . , G e o r g e J . W h e l a n o f t h e U n it e d c o m p a n y is q u o t e d
a s f o l l o w s In t h o N o w Y o r k “ S u n ” : “ I f a n o f f e r is m a d o a ll s t o c k h o l d e r s
w ill s h a r o a lik o in i t .
I n t h o e v e n t o f t h o n e g o t i a t io n s c r y s t a ll i z i n g i n t o
d e f i n i t o f o r m t h o s h a r e h o ld e r s w o u ld p r o b a b l y b o o f f e r e d t h r e o p r o p o s i t io n s ,
a n y o n e o f w h ic h t h e y m a y c h o o s o .
F ir s t , t h o y w o u ld h o o f f e r e d c a s h f o r
t h e i r s t o c k : s e c o n d , t h e p r i v il e g e o f c o m i n g i n t o t h o n o w c o m b i n a t i o n , a n d ,
t h i r d , t h e r ig h t t o r o t a fn t h o o l d s t o c k .
“ L i k e e v e r y b o d y e ls o , i f s o m e b o d y c o m e s a l o n g a n d o f fe r s u s a p r i c o f o r
o u r s t o c k t h a t w o u ld in s u r o a g o o d p r o f i t t o s h a r e h o ld e r s , w o m ig h t a c c e p t
t h o o f f e r , b u t I w o u ld n o t r e c o m m e n d t h o a c c e p t a n c e o f a n y p r o p o s i t io n
u n le s s i t a s s u r e d s h a r e h o ld e r s a g o o d p r o f i t . ” — V . 1 0 6 , p . 2 7 5 9 .
[V o l . 107
v a l u o ( b o n d s o f t h e l o w e r d e n o m i n a t i o n s b e i n g e x c h a n g e a b l e in p r o p e r
m u l t i p l e s f o r b o n d s o f t h e h ig h e r d e n o m i n a t i o n ) a n d m a y b e r e g is t e r e d a s
t o p r i n c ip a l in t h o o w n e r ’s n a m e a n d , a t h is e l e c t i o n , b o d i s c h a r g e d f r o m
r e g is t r a t io n .
T h o y m a y , a t th o o p t io n o f th o h o ld e r o r r e g iste re d o w n e r ,
a t a n y t im e a f t e r A u g . 1 1 9 2 0 a n d u n t i l t h o d a t e o f t h e ir m a t u r i t y , A u g . 1
1 92 5, e x c e p t w h e n th o tr a n s fe r b o o k s o f th o c o m p a n y a ro c lo s e d , b e c o n
v e r te d in to c o m m o n s to c k o f th o c o m p a n y u p o n th o su rre n d e r o f $ 1 0 0 p a r
v a l u e o f b o n d s a n d t h o p a y m e n t o f $ 6 in c a s h f o r e a c h s h a r o o f s t o c k , w it h
a n a d j u s t m e n t o f c u r r e n t o r a c c r u e d in t e r e s t a n d d i v i d e n d s .
A p p l i c a t i o n w ill b o m a d o t o h a v o t h e w a r r a n t s a n d b o n d s lis t e d o n t h o
N e w Y o r k an d B o sto n s to ck exch a n g es.
A l l c o r r e s p o n d e n c e r e la t i n g t o t h e
f o r e g o in g s h o u l d b e a d d r e s s e d t o t h o T r e a s u r e r , G e o r g o D . M l l n o , 1 9 5
B r o a d w a y , N . Y . , o r 125 M ilk S t ., B o s to n .
[ T h o is su e h a s b o o n u n d e r w r it t e n .]
See V . 106, p . 26 5 1 .
President Asks Power to Take Over the Wire Lines.—
S e o p r e c e d i n g p a g e s in t h is is s u o .
T h e n o w is s u o o f $ 5 0 ,0 0 0 ,0 0 0 6 % 7 - y e a r c o n v e r t i b l e b o n d s , r e fe r r e d t o in
V . 1 0 6 , p . 2 6 5 1 , w a s a u t h o r i z e d o n J u l y 3 a t a s t o c k h o l d e r s ’ m e e t in g .
K id d e r , P e a b o d y & C o . , 17 W a l l S t . , N . Y . , a n d 1 1 5 D e v o n s h i r e S t . ,
B o s t o n , h a v e is s u e d a c ir c u l a r r e g a r d i n g t h o n e w b o n d s , r e c o m m e n d in g t h a t
s t o c k h o l d e r s a v a il o f t h e ir r ig h t s t o p u r c h a s e t h e s e b o n d s a n d a l s o r e c o m
m e n d i n g t h o s e w h o a r e n o t s t o c k h o l d e r s t o p u r c h a s o t lie s o r ig h t s i f t h e y
c a n b o b o u g h t in t h e m a r k e t t o m a k o t h o b o n d s c o s t n o t a b o v e 9 5 . — ■
V . 106, p . 275 9.
American Tobacco Co.— Complaint
—•
Dismissed.
T h e F e d e r a l T r a d o C o m m i s s io n h a s d i s m is s e d it s c o m p l a i n t a g a in s t t h o
c o m p a n y , w h ic h c h a r g e d u n f a ir m e t h o d s o f c o m p e t i t i o n in t h e m a i n t e n a n c e
o f r e s a lo p r i c e s .
E v i d e n c e t o s u p p o r t t h o c o m p l a i n t w a s l a c k in g . —
V . 106, p . 2453.
Anaconda Copper Mining Co.— Output {in Pounds).—
1 9 1 8 — June— -1 9 1 7 .
2 5 , 8 0 0 ,0 0 0
2 0 ,4 0 0 ,0 0 0
Increase. \ 1 9 1 8 — 6 M os.— 1 9 1 7 .
5 , 4 0 0 , 0 0 0 11 5 7 ,7 8 4 ,0 0 0 1 6 2 ,6 5 0 ,0 0 0
Decrease.
4 ,8 6 6 ,0 0 0
Copper at 26 Cents.—
S e e p r e c e d i n g p a g e s in t h is i s s u o .— V . 1 0 6 , p . 2 4 5 3 .
Atlantic City Gas Co.—
Protective Committee.— Default
having been mado in payment of tho July 1 interost on tho
company’s First M tgo. 5 % Sinking Fund bonds duo 1960,
and believing that the bondholders should unite for tho
protection of their interest, tho below-nam ed committee,
representing a largo amount of tho bonds, havo consented
to act as a committee for tho bondholders and a protective
agreement has been entered into. Bondholders aro re
quested to deposit thoir bonds in negotiable form with July
1 coupons, with the Girard Trust Co., Phila., as Depositary.
Committee.— A . A . J a c k s o n , C h a ir m a n ; C . S . W . P a c k a r d , J a c o b S .
D is s t o n , A l b a B . J o h n s o n , J . I t . M c A l l i s t e r , H o w a r d F . M a n s e ll, J r . ,
L e w is H . P a r s o n s ; J . M . J o h n s t o n , S e c r e t a r y ; M o r g a n , L o w i s & B o c k l u s ,
P h il a d e l p h i a , C o u n s e l. — V . 9 4 , p . 8 2 8 .
Autosales Gum & Chocolate Co.— Distribution.—
H o ld e r s o f t h o c o m p a n y ’s b o n d s a n d c la im s h a v o b e e n n o t i f i e d t h a t o n
a n d a f t e r J u n e 15 t h o r e c e iv e r s w ill m a k o a fin a l d i s t r i b u t i o n o f t h o p r o
c e e d s o f t h o s a le o f t h o p r o p e r t y o f t h o c o m p a n y a n d o f t h o o p e r a t i o n s o f
t h o r e c e iv e r s in a c c o r d a n c e w it h t h o p r o v i s io n s o f t h o f in a l d c c r o o e n t e r e d
J u l y 21 1 9 . 7 — V . 1 0 5 , p . 2 0 0 0 .
Bethlehem Steel Corp.— Contemplated Financing.—
I t w a s c u r r e n t ly r o p o r t e d d u r i n g t h o p a s t w e e k t h a t n o w f i n a n c i n g is
u n d e r c o n s i d e r a t io n b y t h o c o m p a n y ’s o f f i c i a l s a n d b a n k in g in t o r e s t s , i t
b e i n g e x p e c t e d t h a t $ 5 0 ,0 0 0 ,0 0 0 in b o n d s w ill b o r e q u i r e d in o r d e r t o p r o v i d o f o r $ 5 0 ,0 0 0 ,0 0 0 2 - y e a r n o t e s d u o in F o b . 1 9 1 9 .— V . 1 0 6 , p . 2 6 5 2 , 2 0 1 2 .
Bush Terminal Co.— Stock
Dividend.—
T h e d ire cto rs h a v o d e c la r e d a s t o c k d iv id o n d o f $ 2 50 p e r sh a ro o n th e
c o m m o n s t o c k a l o n g w it h t h o u s u a l s o m i- a u n u a l d i v i d o n d o f $ 2 5 0 , b o t h
p a y a b l e J u l y 15 t o h o ld e r s o f r e c o r d J u l y 6 . — V . 1 0 6 , p . 1 8 9 7 .
Butler Bros.— New
—
President— Director.
F r a n k S . C u n n i n g h a m , f o r m e r l y V i c e - P r e s id e n t , h a s b e e n e l e c t e d P r e s i
d e n t , s u c c e e d i n g t h o l a t o H o m e r A . S t i ll w e ll .
L o u is O . B u r r h a s b e e n e l e c t e d a d i r e c t o r t o fill t h e v a c a n c y c a u s e d b y
t h o d e a t h o f H o m e r A . S t illw e ll.— V . 1 0 6 , p . 2 7 5 9 .
California Products Co.—Exchange
—
of Stock.
T h i s c o m p a n y h a s b e e n a u t h o r i z e d b y t h o C a li f o r n ia R R . C o m m i s s io n
t o Issu o a n d s e ll $ 4 9 9 ,9 0 0 c a p i t a l s t o c k , o f w h ic h $ 2 4 6 ,2 2 5 is t o b o is s u e d in
e x c h a n g o fo r th o n o t a ssets o f th o C a lifo r n ia P r o d u cts C o . , a N o w J e rs e y
c o r p o r a t io n w h ic h is e n g a g e d i n t h e w in e a n d c o t t o n b u s in e s s a n d w h ic h
t h o C a lif o r n ia C o . is t o t a k o o v e r .
S t o c k r o m a in in g a f t e r t h o is s u o o f s h a r e s
f o r e x c h a n g o is t o b o s o l d a t p a r , $ 2 5 p e r s h a r o , f o r c a s h , t h o p r o c e e d s t o b o
u s e d in t h o d e v e l o p m e n t o f t h o b u s in e s s .— V . 7 1 , p . 2 3 8 .
Central Electric Co. (N. J.).—
—
Offering of Bonds. J. S.
Ripple & Co., New ark, N . J., aro offering 850,000 5 % Consols
of 1900, duo July 1940 (now a first mtgo. on ontiro proporty).
Auth. and outstanding, $750,000. Norm al Fodoral income
tax paid by company. A circular shows:
A c o n s o l id a t i o n o f t h o E d is o n E l e c t r i c I ll u m i n a t i n g C o . o f N e w B r u n s
w i c k , R a h w a y E l e c t r ic C o . , B o u n d B r o o k E l . L t . , l i t . & P o w e r C o . ,
R a r i t a n E l . L t . & P o w e r C o . , M id d l e s e x E l e c t r i c C o . a n d D u n o l l o n E l . L t .
C o.
I n 1 9 0 3 w a s m e r g e d i n t o S o m e r s e t U n io n & M id d le s e x L i g h t i n g C o . ,
w h ic h c o m p a n y in t u r n w a s le a s e d t o P u b l i c S e r v ic e C o r p . f o r 9 9 9 y e a r s .
U n d e r th is ie a s o t h o P . S . C o r n , a s s u m e s t h o o b l ig a t io n s o f t h o u n d e r l y i n g
c o m p a n i e s a n d g u a r a n t e e s t h o in t e r e s t o n t h o b o n d s o f C e n t r a l E l e c t r i c C o .
T h o c o m p a n y fu r n is h e s e l e c t r i c c u r r o n t f o r l ig h t , h e a t a n d p o w e r in t h o
c it i e s a n d t o w n s o f N e w B r u n s w ic k , P e r t h A m b o y , R a h w a y , B o u n d B r o o k ,
D u n e l le n , S o u t h P l a i n f ie l d , M o t u c h o n , W o o d b r l d g o , R a r i t a n , C a r t e r e t a n d
a d j a c e n t t e r r i t o r y , s e r v in g a p o p u l a t i o n o f 1 5 1 ,8 3 5 a s p e r 1 9 1 5 C e n s u s a n d
n o w e s t im a t e d in t h o n e i g h b o r h o o d o f 2 0 0 ,0 0 0 .
Earnings for Year 1 9 1 7 .
I n c o m o o f I \ S . E l . C o . , le s s e e , f r o m C e n t . E l e c . C o . p r o p e r t y - $ l , 0 6 2 , 8 8 7
N e t , a f t e r o p e r a t i n g e x p e n s e s a n d t a x e s ( a p p r o x i m a t e ) _________
4 1 0 .6 3 2
I n t e r e s t o n $ 7 5 0 ,0 0 0 C e n t r a l E l e c t r ic C o . 5 s , $ 3 7 ,5 0 0 . — V . 7 8 , p . 1 0 4 .
Central Union Telephone Co., Indianapolis.—
American Telephone & Telegraph Co.— O p t io n to Stock
h o ld ers o f R eco rd J u l y 3 to S u b sc r ib e at 94 o n o r b efo re J u ly 15
f o r 6 % C o n v ertib le G o ld B o n d s D u e A u g . 1 1925 to a n A m o u n t
E q u a l to 10% o f Stock O w n e d .— This company by circular of
July 3 offers to its stockholders its 7-year 0% Convertible
gold bonds to bo dated Aug. 1 1918 and duo Aug. 1 1925,
as follows:
T h o I n d i a n a P . S . C o m m i s s io n h a s o r d e r e d t h is c o . t o f i l o a c o m p l o t o in
v e n t o r y o f it s p r o p e r t y b e f o r o d e c i d i n g t h o c o ’s p e t i t i o n f o r in c r o a s o s in t e le
p h o n e r a t e s o r f r o m 3 0 t o 5 0 % f r o m p r e s e n t c h a r g e s .— V . 1 0 6 , p . 2 3 4 7 .
E a c h s t o c k h o l d e r o f r e c o r d a t t h o c lo s e o f b u s in e s s o n J u l y 3 1 9 1 8 is e n
t i t l e d t o s u b s c r ib e f o r s u c h b o n d s a t 9 4 % o f t h o p a r v a l u o t h e r e o f in t h o
p r o p o r t i o n o f $ 1 0 0 p a r v a l u e f o r e v e r y t e n s h a r e s t h a t t h o t h e n h o ld s a n d |o r
fo r a n y fr a c t io n o f ten sh a res.
F o r in s ta n c e , a h o ld e r o f o n e t o te n sh ares
i n c lu s i v e , w il l b e e n t i t l e d t o s u b s c r ib e f o r o n e $ 1 0 0 b o n d : o f 11 t o 2 0 s h a r e s .
I n c lu s iv e , f o r t w o $ 1 0 0 b o n d s ; o f 21 t o 3 0 s h a r e s , in c lu s i v e , f o r t h r e o $ 1 0 0
b on d s, and so on .
T h is r ig h t t o s u b s c r ib e w il l o x p ir o a t t h o c lo s o o f b u s in o s s
o n M o n d a y , J u l y 15 1 9 1 8 .
P a y m e n t m u s t b e m a d e a s f o ll o w s f o r e a c h $ 1 0 0 p a r v a l u o o f b o n d s s u b
s c r ib e d f o r : A t t h e t im e o f m a k i n g s u b s c r ip t i o n , o n o r b e f o r o J u l y 15 1 9 1 8 ,
$ 1 0 : o n o r b e fo ro A u g . 1 1918, $4 0 : o n o r b e fo ro O ct. I 1918, $44 4 4 .
The
f o r e g o i n g in s t a ll m e n t s i n c lu d e a d j u s t m e n t o f in t e r e s t .
P a y m e n ts m a y b o
m a d e t o t h e T r e a s u r e r e it h e r a t t h is o f f i c o in N o w Y o r k , 1 9 5 B r o a d w a y , o r
a t t h is o f f i c e in B o s t o n , 1 2 5 M i l k S t .
B o n d s p a i d f o r in a c c o r d a n c e w it h t h o f o r e g o in g w ill b o d e l iv e r e d a s s o o n
a s p r a c t i c a b l e a f t e r p a y m e n t o f t h o f in a l i n s t a llm e n t a n d w ill b e a r F e b . 1
1919 an d su bsequ en t cou p on s.
T h e c o m p a n y c a n n e it h e r b u y n o r s e ll r ig h t s .
T h e b o n d s w il l b o c o u p o n
b o n d s , a n d w ill b e is s u e d in d e n o m i n a t i o n s o f $ 1 0 0 , $ 5 0 0 a n d $ 1 ,0 0 0 p a r
T h i s c o m p a n y h a s , i t is s t a t e d , p u r c h a s e d c o n t r o l o f t h o M i l b u r n B y
P r o d u c t s C o a l C o . , h a v i n g p r o p e r t ie s in W e s t V i r g i n ia , f o r a c o n s i d e r a t io n
u n d e r s t o o d t o b o $ 1 0 0 ,0 0 0 .
T h o o n t i r o o u t p u t w ill b o u s e d b y t h o C i t i z e n s
G as C o .— V . 106, p . 22 3 2 .
Chicago Pneumatic Tool Co.— New Vice-Presidents.—
W . P . P r e s s ln g e r a n d W . I I . C a ll a n h a v o b e e n e l e c t e d a s n o w V i c e - P r e s i
d en ts.
J . G . O s g o o d , V i c e - P r e s id e n t , r e t ir e s a s s u c h , b u t r e m a in s a s
D i r e c t o r o f S a le s o f p n e u m a t i c t o o l s . — V . 1 0 6 , p . 2 5 6 3 , 1 6 9 0 .
Citizens Gas Co., Indianapolis.—-Acquisition.—
Cleveland Telephone Co.— Rates.—•
T h o O h io P . U . C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o Issu o $ 5 , 1 5 0 ,
0 0 0 6 % n o t e s m a t u r in g D e c . 3 1 1 9 1 9 , t o p a y f o r im p r o v e m e n t s m a d o i n
1 9 1 7 a n d t o b o m a d o t h is y e a r .
T h o c o m p a n y a s o f J u l y 1 h a s r a is e d it s r a t o s in c o n s c q u o n c o o f t h o r e c e n t
d e c i s io n w h ic h h o ld t h a t t h o C i t y C o u n c il h a d n o a u t h o r i t y u n d e r t h o
h o m e r u le c h a r t e r t o f i x t e le p h o n e r a t e s . C o m p a r e V . 1 0 6 , p . 2 7 6 0 . 2 2 3 2 .^
Commonwealth Public Service Co.— Bond
—•
Offering.
W . G . Souders & Co., Chicago, &c., aro offering $750,000
First M tgo. 6 % gold bonds, dated A pr. 1 1918, duo Apr. 1
1928. Denom. $100. $500 and $1,000. Int. A . & 0 .
without deduction for normal Federal income tax at the Fort
Doarborn Trust & Savings Bank, Chicago, trustee.
T h e b o n d s a r e a f ir s t m o r t g a g e o n a ll t h e c o m p a n y ’s p r o p e r t ie s In A r k a n
s a s a n d O k la h o m a , v a l u e d b y e n g in e e r s a t $ 1 ,5 0 0 , 0 0 0 .
P o p u la tio n s e r v e d
a b o u t 4 0 ,0 0 0 .
Cosden & Co.— Stock Dividend of C X %
1 A
T h e d ir e cto r s h a v e
o u ts ta n d in g c o m m o n
J u l y 13 o r p o s s i b l y
In s t o c k . — V . 1 0 6 , p .
.—
d e c l a r e d a s t o c k d i v i d e n d o f 2 1 4 % o n t h o $ 1 5 ,9 7 3 ,2 8 5
s t o c k , p a y a b l e A u g . 1 t o h o l d e r s o f. r e c o r d p r o b a b l y
J u ly 15.
T h e la s t q u a r t e r l y d i s t r i b u t i o n w a s 5 %
1798.
Cresson Consol. Gold Mining & Milling Co.—
A d i s t r i b u t i o n o f 1 0 c t s . p e r s h a r e h a s b o o n o r d e r e d f r o m f u n d s r e c e iv e d
f r o m t h e s a l o o f o r e r e s e r v e s a c q u i r e d p r i o r t o M a r c h 1 1 9 1 3 , u p o n a ll o u t
s ta n d in g s t o c k p a y a b le J u ly 10 t o h o ld e r s o f r e c o r d J u n e 3 0 ..— V . 10 6 , p .
1228.
Cuban Portland Cement Corporation.— Listed in Boston
T h o B o s t o n S t o c k E x c h a n g e h a s p l a c e d u p o n t h e l is t 1 0 0 ,0 0 0 s h a r e s ,
p a r $ 1 0 , o f t h is c o m p a n y ’s c a p i t a l s t o c k , w i t h a u t h o r i t y t o a d d t h e r e t o
6 6 ,6 6 7 s h a r e s a s Is s u e d in c o n v e r s i o n o f $ 1 , 0 0 0 , 0 0 0 7 % 3 - y e a r c o n v e r t i b l e
g o l d n o t e s o f t h e company, s a i d n o t e s h a v i n g b e e n a s s u m e d b y t h e cor
poration.— V . 1 0 5 , p . 2 9 2 .
Davison Chemical Co. (Balt.)— Favorable Decision.—
T h o M a r y l a n d C o u r t o f A p p e a l s h a s r e n d e r e d u n a n im o u s d e c i s io n r e v e r s
i n g t h e d e c i s io n o f t h e C i r c u i t C o u r t o f B a lt i m o r e , w h ic h is s u e d a n I n ju n c
t i o n c o m p e l l i n g t h o c o m p a n y t o d e l iv e r s u l p h u r i c t o t h o B a u g h C h e m i c a l
C o . , ir r e s p e c t i v e o f f r o m w h a t t h o a c i d w a s m a d e .
C om p a re V . 106,
p . 610, 400.
Detroit Edison Co.— Application
—
to List.
T h i s c o m p a n y h a s a p p li e d t o t h o N o w Y o r k S t o c k E x c h a n g e t o l is t
$ 3 , 0 0 0 , 0 0 0 a d d i t i o n a l F i r s t a n d R e f u n d i n g M t g e . g o l d b o n d s , s e r ie s " A , ”
d u o J u l y 1 1 9 4 0 .— V . 1 0 6 , p . 2 6 5 2 .
Dominion Steel Corporation, Ltd.
— Annual Meeting.—
A t the annual meeting hold in Montreal on June 14, President
Workm an said in subst. [compare report, V . 106, p. 2553]:
Coal Co.— T h e p r o d u c t i o n f ig u r e s o f t h e D o m i n i o n C o a l C o . w ill n o d o u b t
b e s o m o w h a t d i s a p p o i n t i n g , b u t i t m u s t b o b o r n o i n m in d t h a t w e h a v e
s u f fe r e d e x t r e m e ly s e v e r e ly f r o m t h e w it h d r a w a l o f m e n f o r m i l i t a r y p u r
poses.
I a m s p a r i n g n o e f f o r t t o a u g m e n t o u r w o r k in g f o r c e s .
[T h e
o u t p u t f o r t h o y e a r e n d e d M a r c h 3 1 1 9 1 8 w a s 3 ,7 8 1 , 6 1 5 g r o s s t o n s , a g a in s t
4 ,2 7 9 , 7 7 2 t o n s In y e a r 1 9 1 6 -1 7 .]
Fleet.— S in c o A u g . 1 1 9 1 4 , o u r f le e t h a s b o o n r e d u c e d b y r e q u i s it i o n i n g
t o t h o e x t e n t o f a b o u t 7 0 ,0 0 0 t o n s , i n c lu d e d i n w h i c h a r e t h r e e v e s s e ls
o f 1 1 ,0 0 0 t o n s c a p a c i t y , a n d i n a d d it i o n w o h a v e l o s t i n t h e s a m e p e r i o d
b y m a r in e a n d w a r d is a s t e r , n o le s s t h a n 5 5 ,0 0 0 t o n s , m a k i n g a t o t a l lo s s
o r 1 2 5 ,0 0 0 t o n s , l e a v i n g u s a t t h e p r e s e n t t im o w i t h o n l y 3 5 , 0 0 0 t o n s o f
s t e a m e r s o f I n fe r io r e f f i c i e n c y c o m p a r e d w it h o u r o r ig in a l f l e e t .
W i t h t h i s s e r io u s r e d u c t i o n , t h o d i s a d v a n t a g e s u n d e r w h i c h w o a r e o p e r a t
i n g w ill b e r e a d i ly a p p r e c i a t e d : f o r o u r s t e e l w o r k s r e q u i r e m e n t s a l o n e , i t
is n e c e s s a r y t o t r a n s p o r t , d u r in g t h e s e a s o n o f o p e n n a v i g a t i o n , in t h e
v i c i n i t y o f 1 ,2 5 0 ,0 0 0 t o n s o f r a w m a t e r ia ls .
Steel Business— Government Contracts.— T h e s t o o l i n d u s t r y g e n e r a l l y w a s
h a m p e r e d d u r i n g t h o w in t e r b y s o m o o f t h o w o r s t s t o r m s e x p e r i e n c e d f o r
m an y years.
N e v e r t h e le s s , t h o o u t p u t s o f t h o v a r i o u s d e p a r t m e n t s f o r
t h o p a s t f is c a l y e a r m a y b o r e g a r d e d a s f a i r l y s a t i s f a c t o r y .
A la rg o p r o p o r
t i o n o f t h o t o t a l w a s , o f c o u r s e , s h i p p e d a g a in s t c o n t r a c t s w i t h t h e I m p e r ia l
M u n it io n s B o a r d .
^ ,
W o h a v e o n o u r b o o k s a t th o p re s e n t t im e , c o n t r a c ts f r o m t h o C a n a d ia n
G o v e r n m e n t f o r r a ils , a n d f r o m t h o I m p e r ia l M u n i t i o n s B o a r d f o r sh e ll
s t e e l, o f a t o n n a g o s u f fi c ie n t t o t a k o c a r e o f o u r o u t p u t t o D o c . 3 1 1 9 1 8 .
W o h a v e a l s o u n d e r t a k e n t o f u r n is h t o t h o G o v e r n m e n t , s t e e l p l a t e s f o r
s h i p - b u i ld i n g p u r p o s e s , a n d t o t h is e n d t o e r e c t a p l a t e m ill w it h i n 18
m o n t h s , w h ic h w o a r e m a k i n g e v e r y e f f o r t t o a n t i c i p a t e .
T h is c o n t r a c t
a f f o r d s u s a c e r t a i n t y o f s a t i s f a c t o r y d i s p o s it i o n o f a p o r t i o n o f o u r o u t p u t
f o r f i v e y e a r s f r o m t h o d a t e t h e m ill c o m m e n c e s o p e r a t i o n , t h u s a s s u r in g
a n o u t l e t f o r a la r g e p r o p o r t i o n o f o u r o u t p u t d u r i n g a p e r i o d w h i c h , t o t a k e
t h o m o s t o p t i m i s t i c v i e w , w ill u n d o u b t e d l y b o a t i m e o f g r e a t u n c e r t a i n t y .
New Construction.— Tho plate mill now being constructed will be of a
capacity sufficient to provulo a greater output than is required for tho
Government contract, so that should thcro bo an attractive market for this
surplus, we will bo in a position to take caro of tho extra demand.
N e w c o n s t r u c tio n w o r k a t th o steel p la n t h a s b e e n h a m p e r e d b y la b o r
s h o r t a g e , b u t i t is a n t i c ip a t e d t h a t o n e h a l f o f t h e n o w c o k e o v e n s w ill b e
r e a d y t o o p e r a t e in J u l y , a n d t h o r e m a in d e r o n e m o n t h l a t e r .
O u r op era t
i n g c o s t s s h o u l d b o r e d u c e d v e r y m a t e r ia l l y w h e n t h e s o n o w o v e n s a r e in
re g u la r o p e r a t io n .
•
Financial.— T h e e x c e s s o f c u r r e n t a s s e t s o v e r c u r r e n t lia b il i t i e s — t h a t is
t o s a y , o u r w o r k in g c a p i t a l, n o w s t a n d s a t o v e r $ 1 7 ,5 0 0 ,0 0 0 .
C om p a red
w it h M a r c h 31 1 9 1 5 , a n d n o t w it h s t a n d i n g o u r h a v i n g r e d e e m e d a p p r o x i
m a t e l y $ 5 ,0 0 0 ,0 0 0 o f n o t e s a n d d e b e n t u r e s , t o g e t h e r w it h e l im i n a t i n g h e a v y
b a n k l o a n s , t h is i t e m s h o w s a n i n c r e a s e o f 3 0 0 % .
I t is n o t t o b o e x p e c t e d t h a t e a r n in g s o f in d u s t r ia l c o m p a n i e s w ill c o n
t in u e o n t h e s a m e p l a n e a s t h o p a s t t w o o r t h r e e y e a r s , a n d f o r t h is r e a s o n
i t is v e r y n e c e s s a r y t h a t o u r r e s o u r c e s b e z e a l o u s ly c o n s e r v e d .
F u rth e r
m o r e i t is t h o d e s ir e o f y o u r b o a r d t o t a k o c a r o o f t h o c o n s t r u c t i o n o f t h e
s h i p p l a t e m ill a n d o t h e r I m p r o v e m e n t s e n t i r e l y o u t o f e a r n in g s .
I n t h is
m a n n e r w e w ill s e c u r e a n a d d e d p r o d u c t i v e c a p a c i t y w i t h o u t i n c r e a s in g o u r
fix o d c h a r g e s .
„
Reduction in Charges.— T h e e f f e c t o f e l im i n a t i n g t h e i t e m o f “ D is c o u n t s
a n d P r e m i u m s o n S e c u r it ie s , & c . , ” t o g e t h e r w i t h t h o le s s e n in g o f o u r
b o n d e d d e b t b r o u g h t a b o u t in 1 9 1 7 -1 8 a r e d u c t i o n c o m p a r e d w it h t h e
p r e c e d i n g y e a r f r o m $ 1 , 5 5 7 ,1 1 3 t o $ 1 ,0 6 4 , 2 1 0 . I f w o d e d u c t f r o m t h o l a t t e r
f ig u r e t h e a m o u n t f r o m e a r n in g s r e c e iv e d d u r i n g t h o y e a r o n t h o c o r p o r a t i o n 's
n v jw t m o n t s , w o f i n d t h a t o u r a c t u a l d i s b u r s e m e n t f o r t h o y e a r f o r in t e r e s t
is $ 6 9 0 ,1 3 3 , o r a n I m p r o v e m e n t o v e r t h o p r e v i o u s y e a r ’s t o t a l c h a r g e s o f
o v o r $ 7 5 0 ,0 0 0 .
(S e o V . 1 0 6 , p . 2 5 5 3 .)
[ R e s o l u t io n s w e r e a d o p t e d a t t h e m e e t in g c h a n g i n g t h e d i v i d e n d d a t e s f o r
th o p r e fe rr e d sh a res o f b o t h th o D o m in io n C o a l C o . a n d th o D o m in io n Ir o n
& S t o o l C o . f r o m s e m i- a n n u a l t o q u a r t e r l y .] — V . 1 0 6 , p . 2 5 5 3 .
Draper Corporation, Hopedale, Mass.—
Status— Geo.
A . Draper, Treasurer, has issued the following statement to
the stockholders, (in substance):
I n t h e s o t im e s o f u n u s u a l s t r e ss a n d a n x i e t y y o u r d i r e c t o r s t h i n k i t w is e
t o in fo r m y o u a s t o o u r c o u r s e s i n c o t h e w a r b e g a n , o u r p r e s e n t s i t u a t io n
a n d o u r im m e d i a t e p r o s p e c t s .
Government W ork.-- I n a d d it i o n t o t h o n e c e s s a r y w o r k w h ic h w o a r e d o i n g
f o r t h o G o v e r n m e n t a t t n o p r e s e n t t i m e , t w o - t h i r d s t o t h r e o -q u a r t e r s o f
o u r o u t p u t b e i n g o n G o v e r n m e n t n u m b e r s s o - c a l l e d , w o a r o d o i n g a c e r t a in
a m o u n t o f d iffic u lt G o v e rn m e n t w o r k a n d h a v o p le d g e d th a t p a r t o f o u r
p l a n t n e c e s s a r y f o r t h is w o r k n i g h t a n d d a y f o r s i x m o n t h s .
I t is i m p o s s i b l e f o r u s t o m a k e a d e f in it e f in a n c ia l s t a t e m e n t a t t h is t im e .
O u r a c c o u n t s aro o n ly m a d e u p o n th o fir s t o f th o y e a r b e c a u s o o f t h o v e r y
g r o a t d i f f i c u l t y a n d e x p e n s e o f t a k i n g a c c o u n t o r s t o c k o f o u r la r g o a n d
v a r y i n g m a t e r ia l a c c o u n t .
Assets.— W e h a v e a t t h o p r e s o n t t im e o v e r $ 1 0 ,0 0 0 ,0 0 0 o f l i q u i d a s s e t s
d i s t r i b u t e d a b o u t a s f o ll o w s :
C a s h ......... ...............
............- — - ............................................................................... ...,5 0 0 ,0 0 0
A c c o u n t s a n d b ills r e c e i v a b l e . —
------------------ ------------ --------------------- 2 ,6 0 0 , 0 0 0
S t o c k s i n o t h e r c o m p a n i e s (t h is v a l u a t i o n w e b e l ie v e t o b o c o n
s e r v a t iv e ) .............. .......... .......................r - - - - ....................................................... 2 , 0 0 0 ,0 0 0
B o n d s ( a b o u t $ 3 ,3 0 0 ,0 0 0 a r o w a r b o n d s ) ................................................... 4 ,0 0 0 , 0 0 0
O u r t o t a l i n d e b t e d n e s s p a y a b l e t h o f i r s t o f t h e m o n t h w a s $ 3 6 ,2 1 5 .
T h e s o liq u id assets e x ce e d th o s a m e a sse ts a c c o u n ts a y e a r a g o b y a b o u t
$ 1 ,0 0 0 ,0 0 0 .
T h e r o h a v e b e e n n o o t h e r l a r g e c h a n g e s in o u r a s s e t s a n d
l ia b il i t i e s .
Orders.— W e a r o o p p r e s s e d w it h o r d e r s . O u r c u s t o m e r s a r e in s is t i n g o n
p l a c i n g o r d e r s w it h u s f o r m o r o t h a n o u r n o r m a l p r o d u c t i o n , w h il o o u r p r o
d u c t i o n i t s e l f , d u e t o w e ll -u n d e r s t o o d c a u s e s . Is r e d u c e d .
W o lio p o , h o w
e v e r , w e m a y b o a b le t o in cre a se o u r p r o d u c t io n d u r in g th o ia s t h a lf o f th e
year.
Profits.— W e a r o n o t m a k i n g u n u s u a l p r o f i t s a n d t h e s o - c a l l e d w a r t a x e s
b e a r le s s h e a v i l y o n u s t h a n o n t h o s e b u s in e s s e s w h ic h a r o a t t h o p r e s e n t
tim e m a k in g a b n o rm a l p r o fit s .
I t is o u r b e l i e f t h a t s o f a r a s w o a r e c o n
c e r n e d t h o s u c c e s s fu l e n d in g o f t h o w a r w il l m a r k t h o b e g i n n i n g o f a p e r i o d
o f v e r y f u l l p r o d u c t i o n a n d c o r r e s p o n d i n g ly s a t i s f a c t o r y p r o f i t s . — V . 1 0 6 ,
P. 604.
85
THE CHRONICLE
July 6 1918.]
Economic Gas Co., Los Angeles.— Bonds.—
The California RR. Commission has authorized this company to issue
$90,000 First Mtge. 5% gold bonds to 1939 at not less than 83 1-3 and inter
est, proceeds to reimburse the treasury for money expended or to pay in
debtedness incurred for the construction of a gas holder.— V. 105, p. 2458.
Edison Elec. Lt. & Pow. Co. of Erie, Pa.— Bonds Called.
F i v e ($ 5 ,0 0 0 ) F i r s t M t g e . 6 % g o l d b o n d s ( N o s . 4 4 , 4 7 , 5 0 , 1 0 6 a n d 1 1 4 ),
d u e J a n . 1 1 9 4 3 , w e re c a lle d fo r p a y m e n t J u ly 1 a t 103 e x t h e J u ly c o u p o n
a t th e N e w Y o r k T r u s t C o ., N e w Y o r k .
Emerson Motors Co.— S e n t e n c e s .—
J u d g e M a n t o n in th e U . 8 . D is t r ic t C o u r t o n F r id a y s e n te n c e d N ic h o la s
F ie ld W i ls o n t o s e r v e a t e r m o f s e v e n y e a r s ’ i m p r i s o n m e n t i n t h e A t l a n t a
P e n it e n t i a r y ; R o b e r t P . M a t c h e s , t o t h r e e y e a r s , a n d W i ll ia m L o o m i s t o
serve a y ea r an d a d a y .
O sb o rn e E . C h a n e y w a s s e n te n c e d t o o n e d a y ’s
d e t e n t i o n in t h e c u s t o d y o f t h e U . S . M a r s h a l a n d f i n e d $ 1 0 ,0 0 0 .
T h e f o u r m e n w e r e c o n v i c t e d o f p a r t i c i p a t i o n in a c o n s p i r a c y t o d e f r a u d
in v e s t o r s in t h e s t o c k o f t h e E m e r s o n M o t o r s C o . , I n c .
T h e E m erson
M o t o r s C o ., I n c ., w a s fin e d $ 1 ,0 1 2 .
C.
R . B e r r y & C o . w a s f i n e d $ 1 3 ,0 0 0 a n d R . P . M a t c h e s & C o . $ 1 2 ,0 0 0 .
T h e t h r e e c o r p o r a t i o n s w e r e a ls o c o n v i c t e d o f b e i n g c o n c e r n e d i n v i o l a t i o n
o f t h e m a il l a w s .— V . 1 0 5 , p . 1 5 2 5 .
(The) Fairbanks Co . — L i s t e d
in
B o s t o n .—
T h e B o s t o n S t o c k E x c h a n g e h a s p l a c e d u p o n t h e l is t t e m p o r a r y c e r t i f i
c a t e s f o r $ 5 2 ,7 1 5 c o m m o n s h a r e s o f t h i s c o m p a n y ’s c a p i t a l s t o c k .
C om
pare V . 106. p . 2563.
Federal Sugar Refining Co.— Increase
in Basic Prices
of Sugar, and Other Matters.—
S e e p a g e s 2 7 0 7 a n d 2 7 0 8 i n Ia s t w e e k ’s is s u e .— V . 1 0 6 , p . 2 6 5 2 , 2 7 6 1 .
Federal Telephone & Telegraph Co.— Valuation.—
Fleischmann Co. (Cincinnati).— S u b . C o . S tock R e d u c e d .
S ee N e w Y o r k T e le p h o n e C o . b e lo w .— V . 106 , p . 103 8.
T h e F l e is c h m a n n C l a r k C o . , t h e C a li f o r n ia s u b s i d i a r y o f t h is c o m p a n y !
h a s b e e n g r a n t e d a u t h o r i t y t o r e d u c e i t s c a p i t a l s t o c k f r o m $ 6 0 0 ,0 0 0 t o
$ 3 0 0 ,0 0 0 , t h e r e d u c t io n b e i n g m a d e t h r o u g h t h e r e t ir e m e n t o f t h e $ 3 0 0 ,0 0 0
p re fe rre d s t o c k .— V . 8 0 , p . 1 4 8 1 .
Galena-Signal Oil Co., Franklin, Pa.— A l l
o f R ec o rd J u n e 29 M a y S u b s c r ib e at P a r f o r
8 % C u m . P r e f . S tock u n t i l 3 p. m . J u l y 31.—
S h a r e h o ld e r s
N ew
$4,000,000
H o ld e r s o f t h e p r e f e r r e d a n d c o m m o n s t o c k o f r e c o r d a t c l o s e o f b u s in e s s
o n J u n e 2 9 1 9 1 8 a r e o f f e r e d t h e r ig h t t o s u b s c r ib e a t p a r u n t i l 3 p . m . J u l y 3 1
a t t h o o f f i c e s o f B la ir & C o . , 2 4 B r o a d S t . , N . Y . , f o r $ 4 ,0 0 0 ,0 0 0 o f t h e
8 % c u m u l a t iv e n e w p r e f e r r e d s t o c k r e c e n t l y a u t h o r i z e d b y t h e s t o c k h o l d e r s
t o t h e e x t e n t o f o n e s h a r e o f t h e n e w s t o c k f o r e a c h f i v e full s h a r e s o f t h e
p re s e n t o u ts ta n d in g s t o c k h e ld b y th e m r e s p e c t iv e ly .
F r a c tio n a l w a rra n ts
a r e o ffe r e d o n th o s a m e b a s is .
S u b s c r i p t io n s a r e p a y a b l e e it h e r ( 1 ) In f u ll
o n o r b e f o r e J u l y 31 1 9 1 8 o r (2 ) in f o u r e q u a l i n s t a ll m e n t s o f 2 5 % e a c h
o n t h e f o l l o w i n g d a t e s : J u l y 31 1 9 1 8 , N o v . 3 0 1 9 1 8 , F e b . 2 8 1 9 1 9 , J u n e 3 0
1919.
S u b s c r ib e r s t o f r a c t i o n a l p a r t s o f a s h a r e m u s t p a y i n f u l l f o r t h e
s a m e o n o r b e f o r e J u l y 31 1 9 1 8 .
F o r th e c o n v e n ie n c e o f s to c k h o ld e r s , th e c o m p a n y h a s a p p o in t e d B la ir
& C o . , 2 4 B r o a d S t . , N e w Y o r k C i t y , a s i t s a g e n t s t o r e c e iv e p a y m e n t s o f
s u b s c r ip t i o n s a n d t o is s u e a p p r o p r i a t e r e c e ip t s .
F u ll p a i d r e c e ip t s is s u e d
b y B la ir & C o . , w h e t h e r f o r f u ll o r f r a c t i o n a l s h a r e s , s h o u l d b e p r o m p t l y
p r e s e n t e d , o n a n d a f t e r O c t . 1 1 9 1 8 , t o t h e c o m p a n y a t I t s o f f i c e a t F r a n k li n ,
F a . , f o r s u r r e n d e r a n d e x c h a n g e f o r s t o c k o r s c r ip c e r t i f i c a t e s .
U pon p a y
m e n t In f u ll o n o r b e f o r e J u l y 3 1 t h e s u b s c r ib e r w ill r e c e iv e a c h e c k f o r
i n t e r e s t a t 8 % p . a . f r o m J u l y 31 t o O c t . 31 1 9 1 8 .
In terest a t 6 % p . a .
w ill b e a l lo w e d o n s u b s c r ip t i o n s p a i d in i n s t a llm e n t s .
I n q u i r ie s r e s p e c t in g
a n y o f t h e f o r e g o in g m a t t e r s s h o u l d b e d i r e c t e d t o B l a i r & C o . , 2 4 B r o a d
S t .. N . Y . — V . 106, p . 2 56 3, 223 2.
Great Northern Iron Ore Properties.— Earnings.—
Cal. Y e a r —
1917.
1916.
1917.
1916.
Rects. from pro
Expenditures. $101,366
$89,663
_
prietary cos_ $89,722 $2,100,000 Dividends . . . 2.250,000 1,875,000
Other in co m e ... 1,236
78,548 Balance. . .def.2,260,408 sr.$213,884
Undistributed receipts Dec. 31 1916, $4,340,183; excess of disbursements
over receipts in 1917. $2,260,408; balance of undistributed receipts Dec. 31
1917. $2,079,775.
No distributions were received from propriotary companies in 1917.—
V. 106, p. 2401.
International Agricultural Corp.— Dividends Resumed.
The directors have declared a quarterly dividend of 1 \ i % on the $13,
055,500 pref. cumulative stock, payable July 31 to holders of record July 15.
This is the first declaration since Jan. 1913. The pref. stock, being entitled
to 7% dividends per annum, there would have remained on July 15 an
accumulation of $38 50 per share.
A statement issued by the company says: “ The directors of the company
felt that pending tho working out of some possible plan for the payment of
accumulated dividend on the pref. stock, the earnings for the year fully
warranted at this time a moderate cash dividend distribution which would
yield the stockholders a current income return on their stock.” — V. 1 6.
p. 2125.
International Nickel Co.— New Refinery.—
This company’s new refinery at Ft. Colebome, Ont., has commenced
operations with an annual capacity of between 20,000,000 and 24,000,000
pounds of refined nickel.— Y . 1C3, p. 2348.
Knickerbocker Insurance Co., New York.— Stock.—
The shareholders on June 28 authorized an increase in the capital stock
from $250,000 to $400,000, increasing the number of shares from 2,500
to 4,000.
Knoxville (Tenn.) Gas Co.— Rate Increase.—
This company has announced an increase in the rates for gas from $1 10
to $1 50 per 1,000 cu. ft., and is seeking a temporary injunction restraining
the city officials from hindering the collection or the now rate.— V. 105,p.611
(H.) Koppers Co., Pittsburgh, Pa.
— Production, &c.—
The following data has appeared in an advertisement:
Since the company was acquired by American owners, Jan. 1 1915, it
has placed in operation 16 by-product coke plants, totaling 1810 ovens and
30 benzol plants. Between now and Sept. 1 1918 it will put into operation
seven (7) additional coke plants, totaling 1490 ovens and ten (10) additional
benzol plants, making a total of 3,300 ovens and 40 benzol plants placed in
operation in throe years and eight months— an average of one benzol
plant per month and one plant every two months since the first one was
placed in operation.
T o ta l A n n u a l P r o d u c tio n o f C o k e a n d B y -P r o d u c ts F r o m
P la n ts
W ill be:
C o k e .............. 15,700,000 net tons IB en zol------------ 54,000,000 gallons
T a r .....................160.000.000 gallons Toluol-------------- 17,700,000 gallons
Sulphate of AmISurplus gas____109 billion cu. feet
m o n la ...........
266,000 net tons |
Total annual value at presont prices approximately $187,000,000.
La Rose Mines Co., Ltd.— Dividend Omitted.—
The directors have passed the dividend on the stock. The last dis
bursement was 2 cts. a share, payable on April 20. It was stated after
the meeting that it was the desire of the company to conserve its cash re
sources to carry on promising development of the Volet property.
gel
Lone Star Gas Co.— Stock
Increase.—
The shareholders have increased the authorized capital stock from
$5,000,000 to $6,000,000. The new stock is to be issued at par to share
holders o f record July 2, payable 50% on or before Aug. 10 and 50%
on call on 30 days’ notice.— V. 106, p. 2233.
Louisville Bridge Co.— Merger.—
Mackay Companies.— Control of Wire Lines Recommended
See Louisville Bridge & Terminal Co. below.— V. 102, p. 800.
by President.— Strike Situation.—
See preceding pages in this issue.— V. 106, p. 2762, 2619.
86
THE CHRONICLE
Mahoning Valley Water Co., Youngstown, O.— Called.
F i f t e e n ($ 1 5 ,0 0 0 ) F ir s t g o l d 6 % b o n d s , d a t e d M a r c h 1 1 9 1 4 , h a v e b e e n
c a l le d f o r p a y m e n t S e p t . 1 a t 101 a n d i n t . a t t h e D o l l a r S a v in g s & T r u s t
C o .. Y o u n g s t o w n , o r F ir s t N a t io n a l B a n k . C le v e la n d .— V . 1 04 , p . 2 6 4 4 .
Merchants Coal Corporation.— Control, cfee.—
S e o U n it e d C o a l C o r p o r a t i o n u n d o r ‘ ‘ R e p o r t s ” a b o v e . — V . 1 0 5 , p . 1 7 1 4 .
Metropolitan Edison Co.— Note Offering.— Bonbrigkt
& Co., Inc., N . Y ., and Reilly, Brock & Co.,Phila., are
offering, if, when and as issued, and subject to the approval
of the Capital Issues Committee, a new issue of SI ,200,000
bond-secured 6 % gold notes, dated June 15 1918, due
Dec. 15 1920.
T h e n o te s a r e r e d e e m a b le o n a n y in te re s t d a te o n 3 0 d a y s ’ n o t ic e a t 100
a n d in te re st.
I n t e r e s t J . & J . 15 a t t h e N e w Y o r k T r u s t C o . , a s t r u s t e e ;
d e n o m i n a t i o n $ 1 ,0 0 0 , $ 5 0 0 , $ 1 0 0 c * .
T h o p r o c e e d s f r o m t h e s a l e o f t h e s e n o t e s w ill r e t ir e $ 1 , 0 5 0 , 0 0 0 6 % n o t e s
d u o A u g . 1 1 9 1 8 a n d p a r t i a l l y r e im b u r s e t h e - c o m p a n y f o r t h e e x p e n s i v e
a d d it i o n s a n d i m p r o v e m e n t s o f p l a n t w h i c h w ill in c r e a s o t h e c a p a c i t y o v e r
50% .
F u r t h e r d e t a i ls t o a p p e a r a n o t h e r w e e k . — V . 1 0 6 , p . 2 3 4 8 .
~lV^inneapolis—
Gas LightTCo.— Kate Decision.—
— -f k
.
A n o p i n i o n w a s h a n d e d d o w n J u n o 2 8 in t h e ] M i n n e a p o U s S u p r e m o C o u r t
d e n y i n g t h e a p p e a l o f t h o c o m p a n y f r o m t h o o r d e r m a d e fn t h e l o w e r
c o u r t , r e fu s in g t h o c o m p a n y p e r m is s i o n t o r e o p e n t h e j u d g m e n t e n t e r e d
A p r i l 1 1 9 1 4 , f i x i n g g a s r a t e s u n t il N o v . 1 b y m u t u a l c o n s e n t o f t h o c i t y a n d
th e c o m p a n y .
T h e c o u r t b y t h i s a c t i o n h a s u p h o ld t h o c i t y a t t o r n e y w h o
o p p o s e d r e o p e n in g th e ca s e .
B y t h e d e c i s io n t h o r a t e s w ill r e m a in a s t h e y
a r e u n t i l N o v . 1 .— V . 1 0 6 , p . 9 3 3 .
Mountain States Telephone & Telegraph Co.— Protest^T h o C i t y o f D o n v e r h a s f i l e d w i t h t h o C o l o r a d o P . U . C o m m i s s io n a
p r o t e s t a g a i n s t t h o in c r e a s o in r a t e s r e c e n t l y g r a n t e d t h i s c o m p a n y . —
V . 106, p . 2762.
,
N. Y. & Long Branch Steamboat Co.— Resumes Oper'n.
T h i s lin o , w h ic h h a s n o t r u n Its b o a t s f o r s o m e w e e k s o n ’ a c c o u n t o f l i t i
g a t i o n , h a s r e s u m e d o p e r a t i o n s u n d o r t h o d i r e c t i o n o f R e c e i v e r ,E d w a r d R .
S lo c u m .
C om p a ro V . 106, p . 2564.
------------ ------------------------------ i p r o p e r t y . . . „ „ „
c i t y o f B u f f a l o c l a i m e d t o b e u s e f u l f o r t h o c o n d u c t o f t h o t e le p h o n e b u s i
n e s s in t h a t c i t y .
A c c o r d i n g t o t h o i n v e n t o r y a n d a p p r a is a l , a ll e le m e n t s o f p r o p e r t y o f t h o
N e w Y o r k a n d F e d e r a l c o m p a n i e s ’ p l a n t s , w o r k in g c a p i t a l , o r g a n iz a t io n s
a n d t h e a t t a c h e d b u s in e s s t o t a l $ 1 1 ,1 7 0 ,4 0 3 .
C o n tin u e d as s e p a ra te
p r o p e r t y t h e p r o p e r t y o f t h e N e w Y o r k c o m p a n y w a s h e l d a t $ 9 ,7 2 6 ,6 3 0
a n d t h o F e d e r a l a t $ 2 ,8 3 0 ,6 4 6 .
T h o t o t a l a p p r a is a l o f t h e l a n d w a s g i v e n
a s $ 5 2 9 ,7 6 0 a n d o f b u i l d in g s $ 1 . 4 0 1 , 2 3 8 . — V . 1 0 6 , p . 2 7 6 2 , 2 4 5 7 .
N o r th & J u d d M fg. Co .— Extra Dividend Increased.—
T h e d i r e c t o r s h a v e p l a c e d t h o c o m m o n s t o c k o n a 2 4 % p e r a n n u m b a s is
b y d e c l a r in g a n e x t r a d i v i d e n d o f 2 % , a l o n g w it h t h o r e g u la r q u a r t e r l y
d iv id e n d o f 4 % , p a y a b le S e p t. 3 0 ,
B o o k s c l o s e S e p t . , 2 5 . .. . . . .j-__
jK O ld jD o m in io n ”C o p p er”& lS m e it r C o . — Output lin^IAs?)'.
Decrease. I
1 9 1 8 — 6 M os.— 1 9 1 7 .
5 9 7 ,0 0 0 1 1 8 .5 3 4 0 0 0
2 0 ,9 4 1 ,0 0 0
Decrease.
2 ,4 0 7 000
P acific M ail Steam ship Co.— New Common Stock— Retire
ment of Preferred Issue.—
T h e c o m m o n s t o c k h o l d e r s o n J u l y 3 d i r e c t e d t h o r e d e m p t io n o n S e p t . I
1 9 1 8 , a t $ 1 1 0 p e r s h a r o , o f t h o c o m p a n y ’s p r o f , s t o c k , a m o u n t i n g in a ll t o
$ 1 ,7 0 0 ,0 0 0 .
A t a m e e t in g o f t h o d i r e c t o r s h e l d i m m e d i a t e l y a f t e r t h o s t o c k h o l d e r s ’
m e e t in g i t w a s v o t e d t o o f f e r t o c o m m o n s t o c k h o l d e r s f o r s u b s c r ip t i o n
p r o r a ta 7 0 ,0 0 0 s h a re s o f c o m m o n s t o c k a t $ 2 5 p e r s h a ro .
H o ld e r s o f
c o m m o n s t o c k o f r e c o r d A u g . 5 w ill h a v e t h e r ig h t t o s u b s c r ib e t o t h e n o w
s t o c k , p a y m e n t f o r w h i c h is t o b o m a d o o n o r b e f o r e S e p t . 3 . — V . 1 0 6
p . 2654. 2126.
’
Peoples N a t u r a l Gas Co.— New President.—
A . C . B e d fo r d h a s b e e n e le c t e d
r e s ig n e d .— V . 1 0 5 , p . 2 0 9 9 .
P r e s id e n t t o s u c c e e d J o h n
G.
Pew
P h ila d e lp h ia E lectric Co.— Additional Stock.—
T h e r e h a s b e e n is s u e d b y t h o c o m p a n y a s m a ll a d d i t i o n a l l b l o c k ’ o f c a p it a l
s t o c k in e x c h a n g e f o r a s i m i l a r ia m o u n t o f s t o c k in t h o o l d iN e w t J e r s e y C o .
m a k i n g t h e t o t a l a m o u n t o f t h e is s u e lis t e d J u n o 2 2 o n t h o ,P h i la . S t o c k E x
c h a n g e $ 2 4 ,8 5 8 ,2 2 5 , a n d r e d u c i n g t h o a m o u n t o f s t o c k o f t h o o l d N e w
J e r s e y C o . o n t h o lis t t o $ 1 2 3 ,5 2 5 . — V . 1 0 6 , p . 2 7 6 2 , 1 6 9 1 .
P ly m o u th C ord age Co.— Dividend Increased.—
T h o d ir e cto r s h a v e in cre a s e d th e q u a rte r ly d iv . f r o m $3 t o $ 4 b y d e
c la r i n g a d i v i d e n d o f 4 % ($ 4 p e r s h a r e ) o n t h o $ 4 , 0 0 0 , 0 0 0 o u t s t a n d i n g
c o m m o n s t o c k ( p a r $ 1 0 0 ) , p a y a b l o J u l y 2 0 o n s t o c k o f r e c o r d J u l y 1.
P r e v io u s p a y n m n ts f r o m O c t . 1917 t o M a y 1918 w e ro o f 3 % q u a rte r ly .
P u b lic Service E lectric Co.— Decision.—
T h e N e w J e r s e y P . U . C o m m i s s io n , a s s e r t in g t h e p a r a m o u n t p o w e r o f
t h e S t a t e , t h r o u g h i t s a g e n c i e s , t o d e t e r m in e t h a t r a t e s a r o j u s t a n d r e a s o n
a b l e , h a s h a n d e d d o w n a d e c i s io n h o l d i n g t h a t t h o in c r e a s e d r a t e s c h a r g e d
b y t h o c o m p a n y f o r p o w e r a r e a p p li c a b l e t o a ll c o n s u m e r s , ir r e s p e c t i v e o f
c o n t r a c t s e n t i t l i n g s u c h c o n s u m e r s o n t h e ir f a c e t o l o w e r r a t e s .— V . 1 0 6
p . 1132.
P u llm a n Co. — Taken Over by Government.— •
T h o t a k i n g o v e r o f t h o P u ll m a n s e r v ic e f o r o p e r a t i o n b y t h o G o v e r n m e n t
w a s o r d e r e d o n J u ly 3 b y D ir e c to r-G e n e r a l M c A d o o .
U n d e r th o term s o f
t h o o r d e r i t is p r o v i d e d t h a t 1 9 ,0 0 0 e m p l o y e e s o f t h o c o m p a n y sh a ll r e c e iv e
a t o t a l in c r e a s e in w a g e s o f $ 2 , 7 5 0 , 0 0 0 d a t i n g b a c k t o J a n . 1 .— V . 1 0 6 , p .
R e ga l M otor C a r Co.— Petition, c
fee.—
T h e s t o c k h o l d e r s h a v e f il e d a p e t i t i o n w it h t h e U . S . C o u r t a t D e t r o i t
r e q u e s t i n g t h o r o u g h i n v e s t ig a t i o n o f t h o a f fa ir s o f t h e c o m p a n y , d i s c h a r g e
o f t h e S e c u r i t y T r u s t C o . a s r e c e iv e r , a n d t h e p a y m e n t o f a n o t l io r r e c o l v e r ,
c o m p l e t e a u d i t o f t h o b o o k s a n d t h o n o n - c o n f i r m i n g o f a r e c e n t s a le o f t h e
c o m p a n y ’s a ss o t s .
C o m p a r o V . 10 6 , p . 2 3 4 9 . ___
R o y a l D u tc h Co. — Final 'Dividend for 1917 18% , Making
Total for Year 48% — Proposed 50% in Stock as Bonus with
Right to Subscribe at Par for Additional 50% , Doubling the Stock.
A . I s e lin & C o . I n f o r m u s t h a t t h e y h a v e r e c e iv e d a c a b l e g r a m f r o m a
v e r y t r u s t w o r t h y , t h o u g h n o t o f f i c i a l , s o u r c e , s t a t in g t h a t a f in a l d i v i d e n d
f o r 1 9 1 7 o f 1 8 % h a s b e e n d e c l a r e d ,( m a k i n g t h e t o t a l r a t e f o r t h e y e a r 4 8 % .
I n a d d i t i o n , t h e y a r o i n f o r m e d t h a t e a c h o w n e r o f t h e t w o s h a r e s is
e n t i t l e d t o o n e b o n u s s h a r e g r a t is a n d h a s t h o r ig h t t o s u b s c r ib e f o r o n e
a d d it i o n a l s h a r e a t p a r , t h u s d o u b li n g t h e s h a r o c a p i t a l.
K u h n , L o e b & C o . h a v e r e c e iv e d b y c a b l e t h e f o l l o w i n g in f o r m a t i o n f r o m
t h e m a n a g in g d ir e c t o r o f th e R o y a l D u t c h P e tr o le u m C o ., T h o H a g u e :
“ A t t o - d a y ’s m e e t in g b o a r d o f c o m m is s a r ie s o f R o y a l D u t c h P e t r o l e u m
C o . i t w a s r e s o lv e d t o p r o p o s e t o / g c n e r a l m e e t in g o f s h a r e h o ld e r s t o b o
c a l le d s h o r t l y t o f i x f in a l d i v i d e n d . f o r , 1 9 1 7 a t 1 8 % , t h u s ,m a k i n g t h o t o t a l
d iv id e n d fo r th a t y e a r 4 8 % .
I t is i n t e n d e d s h o r t l y t o p r o p o s e t o p r o c e e d
t o i n c r e a s o o f c a p i t a l a n d in c o n s e q u e n c e t h e r e o f a l t e r a t i o n o f s t a t u t e s .
" A p r o p o s a l w ill b o m a d o t o d o u b l e t h o is s u e d o r d i n a r y s h a r e s c a p i t a l,
f i r s t l y b y is s u e o f o n o b o n u s s h a r e f o r o v e r y t w o s h a r e s , t a x e s , r e g is t r a t io n
a n d o t h e r e x p e n s e s t o b o b o r n e b y s h a r e h o l d e r s , s e c o n d l y b y is s u o o f o n o
s h a r o f o r e v e r y t w o s h a r e s a g a in s t p a y m e n t o f 1 0 0 % .
“ P a r t i c u la r s o f is s u o t o b o f u r t h e r s t a t e d in p r o s p e c t u s .
M e a n w h i le
i t c a n n o w a l r e a d y b o s t a t e d t h a t t h o d i s t r i b u t i o n o f o n e b o n u s s h a r o Is
m a d o in o r d e r t o b r i n g s h a r o c a p i t a l m o r e in a c c o r d a n c e w it h c a p i t a l
a c t u a l l y p a i d ; c o n s e q u e n t l y r e s e r v e a c c o r d i n g t o a r t ic l e f o u r s t a t u t e s w ill
b e d i m in i s h e d b y a m o u n t o f b o n u s s h a r e s .
I s s u e s h a r e s a t p a r is m a d o in
o r d e r t o i n c r e a s e a v a i l a b l e c a s h in H o l l a n d b e c a u s e s a le s o f p r o d u c t s arem a d e in s t e r li n g a n d a t p r e s e n t r a t e s o f e x c h a n g e d r a w in g o n L o n d o n c o u l d
c a u s e c o n s i d e r a b l e lo s s o f e x c h a n g e .
G e n o r a l m e e t in g f o r f i x a t i o n o f d i v i d e n d a n d a l t e r a t i o n o f s t a t u t e s w i l l
b o h e ld J u l y 2 4 .
B o a r d w ill p r o p o s e b r i n g i n g o r d i n a r y s h a r o s c a p i t a l t o
t w o h u n d r e d m illio n s o u t o f w h ic h w ill b o is s u e d f o r o v e r y t w o s h a r e s o f
Issu ed c a p ita l u p t o n o w o n e b o n u s s h a ro a n d o n o s h a ro a t p a r .” j
■
-4
A late announcement yesterdayfgave the following:
• ■ 4
>
S h a r e h o ld e r s w ill m e e t J u l y 2 4 t o p a s s u p o n a p r o p o s a l t o in c r e a s e t h e
s h a r o c a p i t a l o f t h e c o m p a n y t o 2 0 0 ,0 0 0 ,0 0 0 f l o r i n s , o r a b o u t $ 8 0 ,4 0 0 ,0 0 0 ,
a n d t o fix th o d iv id e n d s fo r th o y e a r 1917 a t 4 8 % , a c c o r d in g t o o ffic ia l
a n n ou n cem en t at T h o H aguo.
T h e p re s e n t a u th o r iz e d o r d in a r y sh a re s o f t h o c o m p a n y a m o u n t t o
1 5 0 ,0 0 0 ,0 0 0 f lo r i n s , m a k i n g t h o i n c r e a s e t o b o v o t e d u p o n 5 0 , 0 0 0 , 0 0 0 f lo r i n s ,
o r a b o u t $ 2 0 ,1 0 0 ,0 0 0 .
A c c o r d i n g t o t h o p r o p o s i t i o n t o b e p r e s e n t e d tot h e s h a r e h o l d e r s , t h e r e is t o b o d i s t r i b u t e d a s t o c k b o n u s o f 5 0 % a n d t o b o
o ffe r e d fo r s u b s c r ip tio n a t p a r s t o c k t o th o a m o u n t o f 5 0 % o f th o o u t s t a n d
in g s h a re s .
T h o a m o u n t o f s t o c k a t p r e s e n t o u t s t a n d i n g Is 8 2 . 9 2 7 , 2 0 0
f l o r i n s , o r $ 3 3 ,3 3 6 ,7 3 4 .
W i t h t h e p la n p r o p o s e d t h o a m o u n t o f s t o c k in
t h e h a n d s o f s h a r e h o ld e r s w o u l d b o d o u b l e d t o a t o t a l o f 1 6 5 8 5 4 4 0 0
f lo r i n s , o r $ 6 6 ,6 8 2 ,4 6 8 . — V . 1 0 6 , p . 2 5 6 5 , 2 4 5 7 .
Sears, R o eb u c k & Co., C h ic ag o .— Sales.—
1 9 1 8 — June— 1 9 1 7
$ 1 2 ,4 6 4 ,6 6 0 $ 9 . 9 8 7 ,4 1 8
Increase I 1 9 1 8 — 6 M os.— 1 9 1 7
$ 2 , 4 7 7 , 2 4 2 | $ 8 8 ,7 0 4 ,5 7 2 $ 8 4 ,8 9 3 ,4 3 7
Increase.
$ 3 ,8 1 1 ,1 3 5
Trade Commission Order.—
T h is c o m p a n y h a s b e e n o r d e r e d b y t h o F e d e r a l T r a d o C o m m i s s io n t o
d e s is t f r o m c e r t a in u n f a ir m e t h o d s o f c o m p e t i t i o n , i n c lu d in g t h e c i r c u l a t i o n
o f w h a t w e r o s a i d t o b o m is le a d in g a d v e r t i s e m e n t s , w h ic h t h e c o m p a n y
a d m i t t e d h a d b e e n p r a c t i c e d .— V . 1 0 6 , p . 2 4 5 7 , 1 9 0 5 .
Sem et-Solvay Co., Syracuse.— E x p l o s i o n “■
•
T h i s c o m p a n y ’s T . N . T . p l a n t a t S p l i t R o c k , n e a r S y r a c u s e , N . Y . , rw a s
p a r t l y d e s t r o y e d b y a n e x p l o s io n , w h ic h o c c u r r e d o n J u l y 2 , r e s u l t i n g in t h e
lo s s o f a n u m b e r o f liv e s .
T h o d a m a g e is r e p o r t o d t o b e a b o u t $1 0 0 0 0 0 0
— V . 106, p . 2 64 5, 2457.
Shell T ra n sp o rt & T ra d in g Co., L t d .— New Stock, etc.—
T h o s h a r e h o ld e r s w e r o t o v o t o J u n o 2 0 la s t o n i n c r e a s in g t h o a u t h o r i z e d
c a p i t a l s t o c k f r o m £ 2 1 5 ,0 0 0 b y t h o c r e a t io n o f 5 ,0 0 0 , 0 0 0 a d d i t i o n a l s h a r e s
o f £1 e a c h .
The co. was also to vote Juno 20 on tho following resolution:
New York Telephone Co.— Appraisal in Buffalo.—
I n t h e r a t e c a s e i n v o l v i n g t h e c o m p a n y 's o p e r a t i o n s in B u f f a l o , a n in -
1 9 1 8 — June— 1 9 1 7 .
3 ,3 6 8 ,0 0 0
3 ,9 6 5 ,0 0 0
— V . 106, p . 1904, 1349.
[V o l . 107.
1 0 7 . ( a ) “ A g e n e r a l m e e t in g m a y d i r e c t c a p i t a l i z a t i o n o f t h o w h o l e o r
a n y p a r t o f t h o p r o f it s f o r t h o t ii n o b o i n g o r t h e w h o l e o r a n y p a r t o f t h o
re s e rv e fu n d o r fu n d s o f th o c o m p a n y (1 ) b y th o p r o p o r t io n a t e d is t r ib u t io n
a m o n g t h o s h a r e h o ld e r s o f p a i d - u p s h a r e s , d e b e n t u r e s o r d e b e n t u r e s t o c k ,
b o n d s o r o t h e r o b l ig a t io n s o f t h o c o m p a n y , o r (2 ) b y c r e d it i n g a n y s h a r e s
w h ic h m a y h a v e b e e n is s u e d a n d a r o n o t f u l l y p a i d u p in p r o p o r t i o n t o t h e
a m o u n t s p a i d o r c r e d it e d a s p a i d t h e r e o n r e s p e c t i v e l y w it h t h e w h o l o o r
a n y p a r t o f t h o s u m s r e m a in in g u n p a id t h e r e o n . ” — V . 1 0 6 , p . 2 5 6 4 , 2 4 5 7 .
Som erset U n io n & M iddlesex L ig h t in g Co.
S ee C e n tr a l E le c t r ic C o . a b o v e .
S o u th e rn C a lifo rn ia E d iso n C o .— Service Extension.—
T h i s c o m p a n y h a s a p p li e d t o t h o C a li f o r n ia R R . C o m m i s s io n f o r a u t h o r i t y
u n d e r a f r a n c h is e o b t a i n e d f r o m L o s A n g e lo s C o u n t y , g i v i n g i t p e r m is s i o n
t o e x t e n d its s e r v ic e t o t h o e n t i r e u n i n c o r p o r a t e d t e r r i t o r y w i t h i n t h e
c o u n t y — V . 106, p . 2654, 2457.
S o u th e rn C a n a d a P o w e r Co., L t d .— Earnings.—
„
„
.
— Month of May --------- 8Mos.end.May3l
1918.
1917.
1918.
1917
C o m b in e d E a r n in g s —
G r o s s ...................... ................. . ............................$ 4 0 ,6 1 2 $ 3 5 ,8 2 7
$ 3 1 3 ,8 6 6 $ 2 5 7 , 0 6 7
N e t , a f t e r o p . o x p . & p o w e r p u r c h a s e s 1 8 ,2 2 2
1 5 ,9 1 1
1 4 0 ,4 4 4
121 0 9 6
N e s b it t , T h o m p s o n & C o . , M o n t r e a l, & c ., a r o in te r e s te d .— V . 1 0 6 , p .3 9 1 .
(T h e ) Streets Co., C h ic a g o .— Capital Distribution.—
T h is c o m p a n y h a v in g s o ld o r o th e r w is e d is p o s e d o f a n u m b e r o f its c a rs
a n d h a v i n g p r o v i d e d f o r t h e r e t ir e m e n t o f a ll o f it s o u t s t a n d i n g b o n d s , t h e
d ir e cto r s h a v o a u th o r iz e d a c a p it a l d is trib u tio n t o th o s t o c k h o ld e r s o f
r e c o r d o n J u l y 2 0 1 9 1 8 , o f $ 2 0 p e r s h a r o f r o m f u n d s r e a liz e d f r o m l iq u id a t e d
a s s o t s n o t r e q u i r e d in it s b u s in e s s .
B o o k s w ill c l o s o J u l y 13 a n d r e o n o n
J u l y 2 2 1 9 1 8 .— V . 1 0 5 , p . 1 5 2 1 .
p
Tacom a G as C o .— Plan Operative.—
T h o R e o r g a n iz a t i o n C o m m i t t e e , h e a d e d b y I I . M . B y l l o s b y , a n n o u n c e s
t o t h e h o l d e r s o f c e r f i t ic a t e s o f d e p o s i t f o r s t o c k a n d b o n d s is s u e d u n d o r t h e
p l a n o f r e o r g a n i z a t io n , d a t e d A u g . 15 1 9 1 7 , t h a t t h o p la n h a s b e e n d e c l a r e d
o p e r a tiv e , th e ro h a v in g b e e n d e p o s ite d , o f c o m m o n s t o c k 7 0 .8 % , o f p r e
fe rr e d s t o c k 5 4 .5 % , a n d o f b o n d s 9 3 % .
O f th o b o n d s o f th o O ly m p ia G a s
C o . 1 0 0 % h a v o b e e n d e p o s ite d .
H o ld e r s w h o h a v o n o t y e t d e p o s i t e d t h e i r
s t o c k o r b o n d s m a y d o so o n o r b e fo r o J u ly 1.
S e o p l a n o f r e o r g a n i z a t io n
— V . 104. p . 769; V . 106, p . 1583.
b
T obacco P rod u cts C o rp .— Merger Discussed— Officers.—
S ee A m e r ic a n S u m a tra T o b a c c o C o . a b o v e .—
L e o n S c h in a s i h a s r e s ig n e d a s d i r e c t o r t o b e c o m o V i c o - P r e s id e n t a n d
d i r e c t o r o f t h o S t a n d a r d C o m m e r c ia l T o b a c c o C o . , I n c . — V . 1 0 6 ,p . 2 6 6 1 .
T o n o p ah -B e lm o n t D evelop’t Co., P h ila .— Earnings, &c.
Operations for Quarters ended May 31 1 9 1 8 and 1 9 1 7 .
1918.
1917.
1918.
1917.
R e c d & r e c e iv a b le
N e t e a r n i n g s ............$ 1 8 2 ,5 4 0 $ 2 3 8 ,6 3 4
f o r b u l l io n , & c . $ 4 7 4 ,2 2 6 $ 6 0 1 , 6 1 6 [ M i s c e l l . i n c o m e . 4 ,0 1 3
7 ,9 3 3
M in in g ,
m il l in g ,
-----------------------------------& c ........................... 2 9 1 ,6 8 6
3 6 2 ,9 8 2 1
T o t . n o t I n c o m e $ 1 8 6 ,5 5 3 $ 2 4 6 5 6 7
A v a il a b l e r e s o u r c e s M a y 31 1 9 1 8 : D u o f r o m s m e lt e r s , $ 2 9 4 ,0 0 2 ; d u e f r o m
o t h e r s , $ 1 5 6 ,2 8 6 ; c a s h in b a n k s , $ 2 3 3 ,9 4 3 ; t o t a l , $ 6 8 4 ,2 3 1 .
D is b u r s e m e n t s t o M a y 31 1 9 1 8 in r e s p e c t o f i n t c r o s t i n s u b s i d i a r y c o m
p a n ie s : B e l m o n t S u r f I n l e t M in e s , L t d . , $> 1 ,2 9 6 ,8 7 2 ; B e l m o n t S h a w m u t
M i n . C o . , $ 3 9 6 ,8 9 6 ; B e l m o n t W a g n e r M i n . C o . , $ 3 3 1 ,2 0 3 ; t o t a l , $ 2 0 2 4 9 7 1
T h e n e t e a r n in g s f o r t h o q u a r t e r e n d e d M a y 31 1 9 1 8 o f t h o B o l m o n t S u r f
I n l e t M in e s , L t d . , o f w h ic h t h is c o m p a n y o w n s 8 0 % . w e r o $ 9 0 6 0 4 ___
V . 106, p . 23 4 9 .
’
U n io n Electric L ig h t & P o w e r C o .— Bonds Offered.—
Tho Equitable Trust Co. is offering at 96% and int., to
yield over 7 .75%, $500,000 2-year 6 % Secured gold notes,
duo June 1920.— V . 100, p. 2458.
U n io n G as & E lectric Co., C in c in n a ti.— Contract.—
T h i s c o m p a n y h a s c lo s e d a c o n t r a c t w it h t h o G o v e r n m e n t t o f u r n is h a ll
p o w e r re q u ire d fo r a n o w n itra to p la n t t o b o lo c a te d a t E liz a b e t h t o w n
O h io , w it h i n 2 0 m ile s o f C i n c i n m t i .
T h o p l a n t , w h ic h is t o b o r e a d y f o r
o p e r a t i o n J a n . 1 1 9 1 9 , w ill r e q u i r o a b o u t 3 5 ,0 0 0 k . w . d a i l y .
A n ow sta
t i o n e q u i p p e d w it h t w o g e n e r a t i n g u n it s o f 3 0 ,0 0 0 k . w . e a c h , h a s j u s t b e e n
c o m p l e t e d a n d w o r k w ill b e g i n s h o r t l y o n t h o in s t a ll a t i o n o f a n o t h e r o f
equ a l c a p a c it y .— V . 106 , p . 2 7 6 4 .
U n io n O il Co. of C a lifo rn ia .— Extra Dividend.—
T h e d i r e c t o r s h a v o d e c l a r e d a n e x t r a d i v i d e n d o f $1 p e r s h a r e a l o n g w i t h
t h e r e g u la r q u a r t e r l y d i v i d e n d o f $1 5 0 p e r s h a r o , b o t h p a y a b l o J u l y 2 0 t o
i t is s a i d h o l d e r s o f r e c o r d J u l y 1 0 .— V . 1 0 6 , p . 2 5 6 5 .
U n ite d C igar Stores C o .— No Action on Common D iv .—
T h e d i r e c t o r s a t t h e ir m e e t in g t o o k n o a c t i o n o n t h o c o m m o n s t o c k d i v i
dend.
A c t i o n is e x p e c t e d t o b e t a k e n b e f o r o J u n o 1 5 .
Merger Discussed.—
S e e A m e r ic a n S u m a tra T o b a c c o C o . a b o v e .— V . 10 6 , p . 1 6 9 2 .
U n ite d States C a rtrid ge C o .— Wage Increase.—
T i l ls c o m p a n y h a s g r a n t e d a n in c r e a s o o f 2 0 %
e m p l o y e e s . — V’ . 1 0 6 , p . 1 5 8 3 .
in w a g e s t o i t s 1 1 , 0 0 0
U n ite d States Steel C o rp o ra tio n .— New Clairlon Plant.
O n J u n e 2 6 o p e r a tio n s c o m m e n c e d a t t h o n o w b y - p r o d u c t p la n t a t t h e
C l a i r t o n w o r k s o f t h o C a r n e g io S t e e l C o . T h o p l a n t , b u i l t b y I I . l f o p p e r
C o . , c o n s is t s o f 10 b a t t e r ie s a n d 6 4 o v e n s , o a c h h a v i n g a c a p a c i t y o f 1 2 1 4
t o n s , e r e c te d a t a c o s t o f a b o u t $ 5 ,0 0 0 ,0 0 0 .— V . 1 06 , p . 2 6 6 1 , 2 5 6 5 .
Wages.— Bridgeport Strike Settled.— •
T h o t o o l m a k e r s a n d m a c h i n is t s a t
s t r ik e la s t w e o k h a v e r e t u r n e d h a v i n g
L a b o r B o a r d t h a t w h a t e v e r d e c i s io n is
e n fo r c o d b y t h o G o v e r n m e n t.— V . 1 0 6 ,
B r id g e p o r t. C o n n ., w h o w e re o n
r e c e iv e d a s s u ra n ce s f r o m th e W a r
h a n d e d d o w n b y t h a t b o d y w il l b e
p . 2458, 1699.
Wakefield Iron Co.— Bonds Called.—
F i f t y ( 5 5 0 ,0 0 0 ) 6 % F i r s t M t g o . l e a s e h o l d
8 2 6 t o 8 7 5 , in c lu s iv e ), d a t e d S e p t. 1 1 91 3,
S e p t. 1 a t 102 a n d in t. a t th e F irs t T r u s t &
t h o S e c u r i t y T r u s t C o . o f D e t r o i t . — -V . 1 0 6 ,
s in k in g f u n d g o ld b o n d s (N o s .
h a v e b e e n c a lle d fo r p a y m e n t
S a v in g s C o . , o f C l e v e l a n d , t o
p . 303.
Warren Brothers Co., Boston.— Report for Cal. Years.—
Calendar Years—
1917.
1916.
1915.
1914.
1913.
P r o f i t s . .........................................5 3 3 0 ,2 3 7 5 4 5 2 ,2 4 4 5 4 5 2 .5 9 7 5 4 2 7 ,6 0 2 5 6 1 3 .3 7 8
Balance Sheet Dec. 3 1 .
1917.
1916.
1917.
L iabilities —
S
A ssets —
S
S
Real cat., plant, A c. 802,064
672,020 First pref. stock_____2,000,000
Patents A gold-will-2,000,000 2,000,000 Second pref. stock.. 500,000
Coll, notes, bds., Ac.2,383,210 2,258,098 Common stock........... 2,000,000
Treasury stock-------88,696
84,400 Funded debt*_______ 1,005,000
Cash & Liberty bds. 4S7.793
402,550 Notes payable*_____1,076,090
Notes A aco’ts recio.1,837,520 1,723,951 Accounts payable___ 260,636
Depreciation, &c.,
Retained money and
city securities------ 128,093
148,488
reserve..................... 404,623
Surplus........................ 1,241,538
Material and reserve
on contracts......... 746,579
436,618
Prepaid aocts., A c ..
13,898
12,312
1916.
$
2,000,000
500,000
2,000,000
186.551
1,140,801
303,831
367,328
1,239,927
T o t a l .........................8 ,4 8 7 ,8 8 8 7 ,7 3 8 ,4 3 8
T o t a l ..........................8 ,4 8 7 ,8 8 8 7 ,7 3 8 ,4 3 8
* I n c lu d e s a c c r u e d i n t e r e s t .— V . 1 0 5 , p . 2 5 4 9 .
W e ste rn U n io n T e le g ra p h Co.— Government Control of
Wire Lines.— Strike Order.— •
S e e p r e c e d i n g p a g o s in t h is is s u e .— V . 1 0 6 , p . 2 7 6 4 , 2 6 6 1 .
W e stin g h o u se A ir B rak e Co.— Dividends, Status, &c.— :
P r e s . I I . I I . W e s t in g h o u s o in a l e t t e r t o t h o s t o c k h o l d e r s s a y s in s u b s t a n c e
“ Y o u r b o a r d o f d ir e cto r s h a s d e c la r e d a d iv id e n d o f $ I 7 5 p e r sh a ro ,
p a y a b l o J u l y 31 1 9 1 8 , t o s t o c k h o l d e r s o f r e c o r d J u l y 15 1 9 1 8 .
T o c o m p ly
w it h t h e r u lo s o f t h o N o w Y o r k S t o c k E x c h a n g e d i v i d e n d p a y m e n t s w ill
h e r e a f t e r f a ll o n o r a b o u t t h o la s t in s t e a d o f t h o 2 0 t h d a y o f t h o m o n t h s o f
J a n u a r y , A p ril, J u ly a n d O c to b e r .
“ T h e c o m p a n y a n d i t s s u b s d ia r lo s , i n c lu d in g U n io n S w i t c h & S ig n a l C o . ,
a r e e n j o y i n g t h o l a r g e s t b u s in e s s in t h e ir h i s t o r y a n d h a v o u n f i ll e d o r d e r s
f o r t h e ir p r o d u c t a n d s p e c ia l G o v e r n m e n t w o r k in e x c e s s o f 5 2 8 ,0 0 0 ,0 0 0 ,
a n d t h e n o t r e s u lts f o r t h o t o n m o n t h s e n d e d M a y 31 1 9 1 8 a r e s a t i s f a c t o r y .
T o c a r r y o n t h is a b n o r m a l l y la r g o b u s in e s s w it h t h o v e r y la r g o in c r e a s e s in
in v e n t o r ie s a n d a c c o u n t s a n d b ills r e c e iv a b le , c o u p l e d w it h t h e n e c e s s it y o f
p r o v i d i n g a d d it i o n a l h o u s in g f a c il i t i e s a t W i l m e r d i n g , h a s m a d e i t d e s ir a b le
f o r t h e c o m p a n y , in c o m m o n w it h t h e m a n y o t h e r la r g o m a n u f a c t u r in g
c o n c e r n s , t o u s e t e m p o r a r il y i t s b o r r o w i n g p o w e r s w i t h i t s b a n k e r s .
" T h i s s t a t e m e n t is m a d e t o p r o v e n t a n y m is a p p r e h e n s io n o n t h o p a r t o f
s to c k h o ld e r s .
T h o c o m p a n y is le n d i n g a ll p o s s i b le a id t o t h e G o v e r n m e n t
in i t s w a r w o r k , a n d y o u w ill lie i n t e r e s t e d t o k n o w t h a t t h o d i f f i c u l t a n d
i m p o r t a n t w o r k e n t r u s t e d t o t h o U n io n S w it c h & S ig n a l C o . b y t h e G o v
e r n m e n t is b e i n g c a r r ie d o n w it h g r a t i f y i n g s u c c e s s .
T h a t co m p a n y has
f u l l y r e c o v e r e d f r o m t h o e f f e c t s o f t h o fir e o f F e b . 1 0 1 9 1 7 .” — V . 1 0 6 , p . 2 1 2 7 ,
W rig h t-M a rtin A irc ra ft C o rp .— Production Rate.—
T h is c o m p a n y , w h ic h is m a n u f a c t u r in g t h o I l i s p a n o - S u i z a m o t o r , is
r e p o r t e d t o b o t u r n i n g o u t a ir p la n e m o t o r s a t t h o r a t e o f 2 5 d a l l y .
I t is
s t a t e d t h a t t h o b u s in e s s o f t h o c o m p a n y is r u n n i n g a t t h e r a t e o f 5 4 0 ,0 0 0 ,0 0 0
a n n u a l ly .— V . 1 0 6 , p . 2 2 3 8 .
W r ig h t W ire Co., W o rcester, M ass. — Offering of Notes.
— Liggett & Drexol aro offoring, at prices to yield from 7 % %
to 8% , $1,000,000 7 % Serial gold notes dated April 1 1918,
duo serially $200,000 each April 1 1919 to 1923, inclusive.
Autli. and outstanding, $1,000,000. Donom. $1,000 c*.
N o w Y ork Trust Co. coupon participation certificates avail
able in $500 and $100 denominations. A circular shows:
P a s s e d b y t h o C a p i t a l I s s u e s C o m m i t t e e a s n o t i n c o m p a t i b l e w it l i t h o
n a tio n a l in te re s t, b u t w it h o u t a p p r o v a l o f lo g a llt y , v a lid it y , w o rth o r se
c u r i t y . — O p in io n N o . 7 3 0 .
In te re s t p a y a b lo A . & O . a t t h o N o w Y o r k T r u s t C o . , tru s te o .
C a ll a b l e
a t a n y in t e r e s t d a t o o n 3 0 d a y s ’ n o t i c e , a ll o r p a r t , b y e n t i r e m a t u r it i e s (in
w h ic h e v e n t t h o l a s t m a t u r i t y o u t s t a n d i n g m u s t b o t h e f ir s t c a l le d ) a t t h e
f o ll o w i n g p r i c e s : N o t e s h a v i n g 4 o r m o r o y e a r s t o r u n , 1 0 2 14; 3 y o a r s , 1 0 2 ;
2 y e a r s , 1 0 1 ; 1 y e a r , 1 0 1 ; le s s t h a n 1 y e a r t o r u n , 1 0 0 1 ^ .
T a x r e f u n d e d in
Penn.
N o m t g o . d u r i n g t h o l if e o f t h o s e n o t e s .
N e t q u i c k a s s e t s s h a ll b e
m a i n t a in e d a t a ll t im e s a t a m in im u m o f 1 2 5 % o f n o t e s o u t s t a n d i n g .
Purpose of Issue.— T o c o n s o l i d a t e b a n k lo a n s I n t o a f ix e d o b l i g a t i o n o f
lo n g e r m a t u r it y .
( T h i s is s u e d o e s n o t I n v o l v e a n y in c r e a s e o f p r e s e n t d e b t . )
An. for Yrs
7 Mos. to
12 M b s . to
endAug.31
March 31
Aug. 3 1 ’ 18
( Estimated)
E a r n in g s —
’ 1 5 , ’ 1 6 ,’ 1 7
1918.
$ 3 ,0 1 8 ,2 2 8
$ 2 ,6 4 8 ,4 2 6
G r o s s s a l e s ....................................
$ 4 , 5 4 0 ,1 6 0
O p e r a t in g a n d s e l li n g o x p e n s o , m s u r ,
a n c o a n d t a x e s (I n c l. i n c o m e a n d e x
c e s s p r o f i t s t a x e s t i m a t e d ) --------------- 2 , 5 8 6 , 8 4 2
2 ,3 4 8 ,0 4 1
4 ,0 2 5 ,2 1 4
N e t p r o f i t .............. .......... .......................................
$ 4 3 1 ,3 8 5
$ 3 0 0 ,3 8 5
$ 5 1 4 ,9 4 6
I n t e r o s t o n $ 1 , 0 0 0 ,0 0 0 7 % n o t e s - - . ......................................................
$ 7 0 ,0 0 0
D a ta fro m
P r e s . G e o . M . W r i g h t , W o r c e s t e r , M ass.'", D a t e d
J u n e 20 1918.
Organization.— I n c o r p o r a t e d in M a s s . 1 8 8 9 ; w a s e s t a b l is h e d a t P a lm e r ,
M a s s . , in 1 8 8 3 b y G o o r g o F . W r i g h t .
T h o c o m p a n y o w n s o n e p la n t a t
P a lm e r o n 6 0 a c r e s o f l a n d w it h t w o g r o u p s o f b u i l d in g h a v i n g t e n a c r e s o f
f l o o r s p a c e , a n d o n e a t W o r c e s t e r o c c u p y i n g f i v o a c r e s o f l a n d w it h b u i l d in g s
h a v in g e ig h t a cre s o f flo o r s p a c o .
T h o c o m p a n y h a s b ra n ch e s w it h w are
h o u s e s in N . Y . , B o s t o n , P r o v i d e n c e , P h i l a . , C h i c a g o , S a n F r a n c i s c o a n d
T u l s a , O k la .
Products.— T h o c o m p a n y is d r a w in g w ir o f r o m a U - l n c l i s iz e t o w ir e o n e h a lf as fin o as h u m a n h a ir .
W i r o r o p o is f a b r i c a t e d In s ize s f r o m t h o fin e s t
p ic tu r o c o r d u p t o c a b le s h a v in g a d ia m e te r o f n e a r ly th re o In ch es.
In th o
w e a v in g d e p a r t m e n t b r a s s , c o p p e r , a l u m in u m a n d s t e e l w ir e s o f a ll s izo s
a r o f a b r ic a t e d i n t o w ir o c l o t h f r o m a fin e n e s s o f 1 0 .0 0 0 a p e r t u r o s t o t h e
s q u a r e i n c h t h r o u g h a l l g r a d e s o f s c r e e n c l o t h , p o u l t r y n e t t in g , f o u n d r y
r id d lo s , & c . , t o a w o v e n f a b r i c o f e x t r a h e a v y s t r a n d s a n d l a r g o m e s h u s e d
in r e in fo r c e d c o n c r e t e c o n s t r u c t i o n .
T h o o r n a m e n t a l ir o n d e p a r t m e n t
m a n u f a c t u r e s a ll v a r ie t ie s o f o r n a m o n t a l f e n c i n g , t r e o g u a r d s , e l e v a t o r c a b s ,
b a n k r a ilin g s , m e t a l s ig n s , f i r o e s c a p e s , & c .
Balance Sheet upon Completion of Financing.
Liabilities-
Assets—
R e a l o sta to & b ld g s ., & c ..
lo s s d e p r e c i a t i o n ------------ 1 ,7 3 8 ,3 1 4
P a t o n t s ______________________
520
C a s h in b a n k s & o n h a n d - $ 1 3 0 ,7 3 5
L ib e r ty b o n d s
-----------5 4 ,6 7 4
M o r t g a g e r e c e iv a b le — - 5 ,0 0 0
N o te s r c c. & tra d e a c c e p t 3 5 ,6 6 5
A c c o u n t s r e c ., le s s r e s e r v e
4 9 5 ,9 7 9
I n v o n t o r l o s , A c ------------------ 1 , 6 0 3 ,0 8 5
In s . o n life o f M r . W r ig h t .
4 3 ,6 3 1
C h a r g e s d e f e r r e d , in s u r . &
i n t e r e s t p r e p a i d , & c ------2 8 ,3 6 3
S e r ia l n o t e s ( t h is i s s u o ) ___ $ 1 ,0 0 0 ,0 0 0
C o m m o n s t o c k _____________
2 5 0 ,0 0 0
7 % c u m . p r e f . s t o c k ______
2 5 0 ,0 0 0
7 % c u m . p r o f . . S e r ie s “ A ”
1 5 0 ,0 0 0
♦ M o r t g a g e s p a y a b l o ______
4 0 ,0 0 0
B i l ls p a y a b l o _______________
2 0 0 ,0 0 0
A c c o u n t s p a y a b l o _________
2 4 9 ,4 7 0
F e d e r a l t a x e s a c c r u e d _____
2 3 8 ,2 9 5
S u r p lu s a n d r e s e r v e s ______ 1 ,7 5 8 ,2 0 1
$ 4 , 1 3 5 ,9 6 6
$ 4 ,1 3 5 ,9 6 6
* T o b o r e t ir e d i m m e d i a t e l y .
A n a p p r a is a l s h o w s t h e d e p r e c i a t e d a n d s o u n d v a l u o o f t h o p r o p e r t y
t o b o in e x c e s s o f $ 2 ,6 0 0 ,0 0 0 .
T h o s e f ig u r e s w o u l d i n d i c a t e t h a t t h o n e t
t a u g i b l o a s s e t s a r o in t h o n e i g h b o r h o o d o f $ 4 , 3 0 0 , 0 0 0 . — V . 9 . , p . 8 3 1 .
Yaryan Rosin & Turpentine Co .— Operation Continued.
T h e b o a r d o f t h r e o r e c e iv e r s w ill c o n t i n u e t o o p e r a t o t h o p l a n t o f t h is
c o m p a n y , w h ic h r e c e n t ly w e n t i n t o b a n k r u p t c y .
C om p a ro V . 106, p. 2661.
Youngstown (O.) Sheet & Tube Co.— New M ill .—
T h o “ I r o n T r a d e R e v i e w ” in its is s u o f o r J u n o 2 7 p u b li s h e d a f o u r - p a g e
i ll u s t r a t e d a r t ic l e d e s c r ib in g t h is c o m p a n y ’s n o w p l a t e m il l , w h i c h w a s
p l a c e d in o p e r a t i o n J u n o 17 l a s t .
T h e m ill is d e s i g n e d t o fin i s h a s h e a r e d
p l a t e 7 4 in c h o s w id e , in le n g t h s u p t o 5 0 f t . — V . 1 0 6 , p . 2 5 6 5 , 8 2 7 .
87
THE CHRONICLE
July 6 1918.]
©nrarajemal jinxes
C O M M E R C IA L E P IT O M E .
Friday Night, July 5 1918.
The enormous requirements of the Government tend to
lessen civilian trade more and more as time goes on, although
this shrinkage is also in part due to the high cost of living
and the widespread practice of economy. Values are so
high, moreover, that it costs far more than formerly to do
business. N atu rally, this of itself makes for conservatism
among dealers. It is true that the buying capacity of the
agricultural and manufacturing centres of the country is
greater than for several generations past, if due allowance is
made for the fact that the buying power of the dollar has
been reduced by the vast increase in prices during the last
few years. Farmers are very prosperous, however, and wage
workers in a hundred different lines of manufacture are un
doubtedly spending money more freely than perhaps ever
before in their lives. B ut, on the other hand, there is a very
large class whose income has not been increased by the w ar,
but actually to all intents and purposes, reduced by the
greatly increased cost of living. A nd it is largely b y this
class that economy is being rigidly practiced all over the
country. Owing to the recent advance in freight rates the
tendency is, if anything, towards higher prices for some
commodities. Prices for cotton goods are to be regulated
by the Government. Prices for beef cattle, however, are
the highest on record, and prices have risen for hogs, pota
toes and eggs. The householder pays more for coal than
at any time within living memory. There is a great demand
for shoes. The British B uying Commission has bought,
it is estimated,4,200,000 pairs of wom en’s cut soles. M a n u
facturers of shoes accept orders subject to their ability to
secure the leather needed. Meanwhile there are no sum
mer shutdowns, and jobbing trade within certain limits
is good for this time of the year. Latterly, too, retail
trade had improved in some parts of the country. Failures
in
business
continue
to
be
remarkably
few.
Shipbuilding is being pushed with greater and greater vigor
as time goes on. In the first six months of 1918 the output
of new ships reached 1,084,607 dead weight tons. On the
4th of July nearly 95 wood and steel ships were launched
in the waters of the Atlantic, Pacific, and the G ulf of Mexico,
adding 450,000 tons to the total shipping of this country in a
single day. This is something without a parallel. It is
now hoped that the estimate made some time ago of 3,000,000
tons to be built in 1918 will be considerably exceeded.
Hopes are even expressed that it may reach 4,000,000 tons.
M eanwhile there seems some prospect that the Government
may take over the telephone and telegraph lines. The con
sumption of sugar is under stricter regulation than ever before.
The abnormally cool weather here in the East continued
during much of the week, though latterly the tendency has
been towards warmer conditions. The low temperatures
for a time naturally hurt retail and jobbing trade. In the
Southwest the hot wave has been broken. The grain crops
of the country have been benefited by copious rains from the
Canadian northwest southward to Oklahoma and eastward
to the Ohio Valley. M eanwhile, a campaign has been
started b y the Fuel Administration to save 20,000,000 tons
of coal by eliminating wasteful practices in 205,000 industrial
power plants of this country. Experts say that the saving
is possible of 10 to 20 % by correct operation of steam power
plants, without any radical change in equipment. Radical
reduction in electrical illumination throughout the Eastern
States is said to be contemplated. It is said that electricity
is being wasted in large quantities in the production of light
for advertising, street and store illumination and other pur
poses all over the country, and this should be stopped.
Labor is still scarce. And the tendency is for it to grow
scarcer as the army increases. The prediction is that the
army will reach 4,000,000 men under arms before the end
of the year; 2,500,000 are in uniform now. General Crowder
says that 1,000,000 men have changed their employment
and are now helping to win the war as the result of the
“ work or fight” order. W om en have taken the places of
500.000 of these men, but of course this means a gap of half
a million. Labor grows scarcer in textile centres of N e w E ng
land. The loss by enlistments and the draft is not made good
by the employment of women, of whom, by the way, some
1.500.000 are now engaged in w ar industries. A strike of
cotton mill hands, in number nearly 40,000, in different parts
of N e w England occurred during the week. Their wages
had already been increased during the past year. It would
seem that the Government should not allow any prolonged
strikes anywhere, but if necessary should intervene and fix
upon a scale equitable to employers and employed alike.
In the South many hands have desert.ed the -farms -.for the
high wages at saw mills and shipbuilding plants. For this
reason the farmers ’family, including women and children,
are working harder than ever before.
Satuday holi
days at the South have been generally abolished;
farm laborers aro working longer hours than here
tofore. It is true, on the other hand, that labor saving de
vices have been introduced at the South to a considerable
extent, and despite the shortage of cotton hands, the cotton
acreage this year has been increased over 6% . A t the same
88
THE CHRONICLE
time he has planted larger food and fodder crops than usual,
and he has been favored thus far by unusually good weather
for farm work. But for this fact the shortage of labor might
havo pressed with greater hardship upon the farming interests
south of Mason’s and Dixon’s line. There has been a
heavy registration of labor at New York under the “ work
or fight” order. The Government has raised the prico of
wheat at New York to $2 39 per bushel. There is still a
fight on in tho United States Senate for $2 50 which seems
none too creditable in these times of storm and stress when
the farmers are already enjoying phenomenal propserity.
The Government has increased the price of copper to 26
cents a pound, from the recent one of 2 3 cents.
STOCKS OF M ERCHANDISE IN NEW YORK.
July 1 1918. June 1 1918. July 1 1917.
Coffee, Brazil___________
,093,564
1,011,305
1,719,843
Coffee, J a v a ___________ _____mats.
15,305
18,124
20,514
Coffee, oth er___________
616,353
563,500
2,585,492
Sugar.................. _ ______
•
13,400
40,668
Hides*............................... _______N o.
C otton_________________
131,712
156,499
78,958
Manila hemp___________ _ .bales.
_
3,000
1,650
Flour___________ _______
6,300
12,000
4 8 ,666
* Not published during tho war.
LARD higher- primo Western, 26.20@26.30c.; refined to
the Continent, 27c.; South American, 27.40c.; Brazil, 28.40c.
Futures advanced on covering of shorts and July early in
tho week sold at the same price as September, as against a
discount previously of 27K cents under September. De
liveries on July contracts at Chicago are 1,500,000 lbs. of
lard and 250,000 lbs. of ribs. Offerings have been light and
covering of shorts has offset lower prices for hogs and ribs.
The stock of lard at Chicago on July 1 was 17,343,853 lbs.
of contract, against 15,259,615 on Juno 1 this year and
33,046,438 on July 1 last year; tho total of all kinds July 1
was 40,404,823 lbs., against 38,333,218 lbs. on June 1 and
48,666,159 lbs. on July 1 last year. Liverpool advicos
report increased offerings of lard, but the domand is still
active. American clearances are of good proportions, and
it is reported that fairly good purchases of lard have been
made for export. Argentine export offerings havo increased;
shipments slightly enlarged. The demand from Continental
sources is brisk and arrivals are increasing. Tho floating
quantity has increased. To-day prices advanced. They
are higher for the week.
D A IL Y CLOSING PRICES
Sat.
July delivery______ cts.25.50
September delivery_ 25.77
_
OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs.
Fri.
25.77
25.70
25.90 Holt26.00
25.90
25.85
26.07 day.
26.20
PO RK firm; mess, $47 50@$48; clear, $46@$51. Beef
products steady; mess, $34@$35; extra India mess, $57@$58.
Cut meats higher; pickled hams, 10 to 20 lbs., 26^0.;
pickled bellies, 34c. Liverpool dispatches report tho
situation unchanged, with a fair demand for bacon, which is
being readily satisfied. Fairly good purchases of meats
have been made for export. To-day July pork closed at
$44 50, an advance of nearly $2 for the week. Butter,
creamery, 45@453^c. Cheese, flats, held, colored, specials,
24@24J^c. Eggs, fresh, 42@43c.
COFFEE higher- No. 7 Rio, 83^c.; No. 4 Santos, llj^c. ;
fair to good Cucuta, 1 1 K @12^0. Futures advanced a
trifle on a rise at Santos, due apparently to buying there
for the French Government. The trade here has bought to a
moderate extent. But Cotton Exchange interests, it appears,
have sold. Europe bought here moderately. On July 3d
Rio Janeiro advanced 400 reis, and Santos 175, owing to
reports of frost in Brazil. To-day, as well as on July 4,
the Exchange has been closed, and it will also bo closed to
morrow, not reopening until Monday July 8. There is a
slight decline here for the week. The following are Wednes
day’s closing prices:
July------cts.8.08
August____ 8.16
September ..8 .2 5
O cto b e r____8.31
N ovem ’r _cts8.38@8.39 February cts.8.57<38.58
December . . 8.45 @8.46 M arch______8.63(38.64
J a n u a r y .... .8 .6 1 @ 8 .5 2 A pril.............8.69 @8.70
Ma
M a y .............. 8 .7 6 @ 8 .7 7
SUGAR firm; centrifugal, 96 degrees test, 6.055c.; granu
lated, 7.50c. Purchases of raw sugar for July shipments
have been comparatively moderate, on the fixed basis of
4.895c., cost and freight. Rains have continued in Cuba
and tho number of mills grinding has been reduced to 29.
The new regulations of the Federal Food Board went into
effect early this week. They mean a greater saving of sugar
in both home and factory. Dealers and distributors will be
allowed to use sugar only in quantities specified by the
Food Administration. On Monday, the first day of the
distribution of certificates there was only a moderate demand
Interim certificates are good only until July 15.
OILS.— Linseed firm; city, raw American seed, $1 59@
$1 60; Calcutta, $1 50. Lard, prime, $2 20. Cocoanut,
Cochin, 17M@18c. Ceylon, 16%@ 17c. Soya bean, 18^6
@18J^c. Spirits of turpentine, 75c. Strained rosin, com
mon to good, $11 10. Cottonseed oil, prime crude, South
east, 17.50c. Closing prices for refined for future delivery
follows:
July —
--------------------20.50 @ 2 1 .5 0 1August......................—.....20.50 @ 21 .0 0
[V o l .
107.
Louisiana, however, declined. Two wells at Saratoga
started at 20,000 barrels, and one at Edgerly at 6,000 barrels.
Butler County added 42,048 barrels during June to the Kan
sas total, against 32,372 for M ay. Oklahoma was in third
place, owing to the poor showing in the Osage district.
Pennsylvania dark $4 00
C abell...................2 77
Crichton_________ 1 40
Corning_________ 2 85
Woo8ter_________ 2 68
Thrall _ __ _
9. 9H
Strawn ____
9 2R
T)« Soto
9 1K
North Lima........... 2 38
South Lima______$2 38
Indiana_________ 2 28
Princeton________ 2 42
Somerset, 32 d e g .. 2 60
Ragland............... 1 25
Electra_______ . . . 2 26
Illinois, above 30
degroee________ $2 42
Kansas and Okla
homa .............. .. 2 25
Oaddo, La., light. 2 25
Caddo, La., heavy 1 25
M oran
...
9 9R Oanada__________ 2 68
Plymouth________ 2 33 Healdton..................145
Henrietta________ 2 25
TOBACCO.— As usual at this time of the year trade in
tobacco is quiet, or at least, keeps within moderate bounds.
But, on the other hand, supplies are far from burdensome,
the consumption, partly owing to the war, is large, and
prices, under the circumstances, aro naturally firm. During
the past week tobacco was improved by rains in the Ohio
Valley and on the Middle Atlantic coast, but the hights were
too cool for best growth in the more northeastern districts.
COPPER has been advanced to 26o. by the War Inustries
Board. It was a surprise to many and was largely due to
the increased cost of production, higher prices for labor and
the 25% increase in freight rates. The new prico will con
tinue until Aug. 15. Meanwhile the Government consump
tion is necessarily large. Tin quiet, but steady. Consumers
seem to be well supplied for their immediate needs. Prices
in London have latterly advanced £5. Here spot 99% tin
is held at 94 to 95c.; Banoa for July shipment from Batavia
and Chinese from Hong Kong 87 to 88c. Total available
American stocks, 5,375 tons. Load scarce and firm at
7.90 @8% c . Spelter quiet at 8.67 @8.87^0., owing to
the fact that recent heavy export orders on account of Great
Britain have been filled.
PIG IRON.— Consumption keeps pace with the output.
A good supply of coke is a favorable factor, and also tho con
tinuance of late of cool weather. Yet it is a fact beyond
dispute that, large as the June output was, it failed to meet
the requirements. Things have now come to such a pass
that even essential lines of business in some cases havo to
wait. Others have to do without. There is complaint
that increased iron costs aro unevenly distributed. Some
producers even assert that thoy cannot do business on the
present basis, on the ground that their profits havo disappeated through the higher costs for ore, labor and freight.
Y et it is universally believed that wherever thero are hard
ships now, they will somehow be smooth out by the Gov
ernment.
STEEL is scarce in the semi-finished state. Not a few
buyers find it hard to secure it. Distribution is still rigor
ously regulated. In most cases priority certificates aro
requisite. Those not on the preference list cannot count on
receiving steel at any particular time for the reason that the
Government needs aro so vast that other buyers must stand
aside. Under the circumstances there is little use in placing
large orders. The rule is that the most urgent needs will
meet with attention the first. And back of it all is the
controlling power of Washington. Of course, this is inevit
able in time of war. Nobody has any complaint to make.
Allotments have been made of 800,000 ear wheels, mostly,
however, cast iron. Hereafter orders for steel not in oxcess
of five tons to be used in essential civilian work may be filled
without written consent from the Director of Steel Supply
at Washington. Blanket authority is still held over all
other steel orders, however, and individual written approval
of each order is necessary before manufacturers of steel may
make shipments.
C O TT O N .
Friday N ight, July 5 1918.
THE M OVEM ENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts havo reached
24,220 bales, against 42,413 bales last week and 39,047
bales the preyious week, making the total receipts since
Aug. 1 1917 5,684,044 bales, against 6,760,030 bales for the
same period of 1916-17,-showing a decrease since Aug. 1 1917
of 1,075,986 bales.
Sat.
Galveston______
Texas City_____
Port Arthur___
Aran. Pass, &c._
New Orleans___
Mobile_________
Pensacola______
Jacksonville____
Savannah
Brunswick_____
Charleston_____
W ilm ington-----Norfolk...............
N ’port News,&c.
Now York______
Tlostnn
........
Baltimore______
Philadelphia------
Mon.
Tues.
Wed.
Thurs.
827
726
1,113
1,102
284
4,666
1,390
3,475
85
896
2,783
1,022
375
58
308
637
36
438
418
126
60
15
109
Fri.
314
Total.
4,366
267
267
67 12,611
85
600
807
81
'600
2,670
'131
41
76
"131
1,257
779
PETRO LEU M firm; refined in barrels, $15 04@$16 05;
bulk, $8 25(a)$9 25; cases, $18 75@$19 75. Gasoline steady;
121
. "1 2 1
934
170
1,104
motor gasoline, in steel barrels, to garages, 24c.; to con
149
149
sumers, 26c. Gasoline, gas machine, steel, 41c.; 72 to 76
80
100
180
ji
degrees, 33@39c. The average yield of June oil wells show M
Totals this week.
7,536 3,347 5,017 2,721
2,451 24,220
3,148
a marked increase over that of previous years, duo to ex
ceptional results in the Gulf Coast and Kansas fields. The
The following shows the week’s total receipts, the total
Gulf Coast for the first time led in new production. There since Aug. 1 1917 and the stocks to-night, compared with
were fair gains in Central West and Wyoming. Northern
st year:
Ju ly
THE CHRONICLE
6 1918.]
1916-17.
1917-18.
Receipts to
July 5.
This Since Aug This Since Aug
Week. 1 1916.
Week. 1 1917
Galveston_______
Texas City______
Port Arthur_____
Aransas Pass, &c.
New* Orleans___
M o b ile _________
Pensacola_______
Jacksonville_____
Savannah_______
Brunswick______
Charleston______
Wilmington_____
Norfolk_________
N ’port News, &c.
Now York______
B oston_________
Baltimore_______
Philadelphia-----Totals________
4,366
,604,243
70,921
8,102
29,272
267
12,611 ,632,318
85 102,363
33,792
42,936
600
2,570 ,104,251
135,500
131 202,779
98,533
1,257
779 295,534
4,779
127,022
121
1,104 109,749
77,980
149
3,970
180
18,902 2,623,469
138 243,475
41,447
50,641
*650
13,159 1,508,164
3,906 107,730
31,381
60,081
20,413 877,270
8,000
151,170
819 172,630
196
87,385
2,705 532,629
15,468
35,444
843
89,437
2,538 126,524
5,685
1918.
1917.
167,975
35,635
150,697
15,064
361,189
12,812
203,339
9,388
11,000
*7*666
21,0 0 0
20,0 0 0
132,588
20,521
16,794
7,146
60,949
9,751
36.345
2,025
24,220 £ 684,044! 72,269 6,760,030 1,088,621
739,430
146,720
38,324
39,290
77,627
82,224
11,584
50,888
80,176
In order that comparison may bo mado with other years,
we give below tho totals at leading ports for six seasons:
1918.
Receipts at—
Galveston_
_
Texas City,&c
New Orleans.
Mobile . . . .
Savannah —
Brunswick—
Charleston,&c
Wilmington..
4,360
267
12,611
85
2,570
181
1,257
779
1916.
1917.
18,902
788
13,159
3,906
20,413
8,000
819
196
2,705
1915.
1914.
1913.
24,140
9,577
9,930
8,000
13', 234
1,010
9,826
1,000
1,777
1,495
4,856
*5,352
208
4,338
"4,718
4
4,398
1,200
687
2,147
*4,744
1,264
3,165
15
405
110
1 .999
1,398
348
21,448
N 'portN .,& c.
All others------
2,151
3,381
2,130
750
98
4
3 044
1,764
359
Total this wk.
24,220
72,269
59,468
24,259
24,319
Since Aug. 1. 5,684.044 6.760,030 6,990,990 10332026 10497210 9,690,185
The exports for tho week ending this evening reach a total
of 92,307 bales, of which 25,852 woro to Great Britain,
47,955 to France and 18,500 to other destinations. Ex
ports for tho week and since Aug. 1 1917 aro as follows:
Week ending July 5 1918.
Exported to—
Exports
from—
Great
Britain. France. Other.
Total.
12,201
G alveston.. 12,201
Port Arthur
Laredo. & c.
38,861
NewOrleans 13,651 25,210
M o b ile ____
Pensacola-.
22,745
22,745
Savannah- Brunswick .
W ilm 't o n . .
N orfolk-----15,408 15,408
New Y ork .
B o s to n ____
200 " ‘ '2 6 6
Baltim ore. .
Phlladel’la .
Portl'd, M e
D etroit-----2,832 2,832
Pacific ports
From Aug. 1 1917 to July 5 1918.
Exported to—
Great
Britain.
Other.
Total.
508,105
8,102
France.
57,780
189,707
412,465
70,790
34,707
194,904
107,969
7,174
06,801
473,960
128,501
78,425
28,121
1,750
1,623
242*241
2,872
64,830
1,000
162,924
142,537
35,989
21,000
105,256
25,070
1,367
24,906
2,003
212,930
3,595
3,866
473
755,712
8,102
2,872
719,536
71,790
34,707
500,425
107,969
68,069
89,804
792,140
157,760
83,658
28,594
1,750
1,623
579,209
579,209
T ota l____ 25,852 47,955 18,500 92,307 2,123,517
1,227,988 4,003,732
T o t. ’ 16-’ 17 34,915 24,000 17,750 76,005 2,553,870
T o t. ’ 15-’ 16 81,870 6,552 24,169112,5912,681,265
952,8281,762,888 5,269,586
844,057 2,109,83215,635,154
In addition to above exports, our telegrams to-night also
givo us tho following amounts of cotton on shipboard, not
cleared, at the ports named. Wo add similar figures for
Now York.
On Shipboard, Not Cleared for—
GerGreat
nany.
July 5 at— Britain. France. 7
Galveston___
Now Orleans.*
Savannah ___
Charleston___
5,318
4.000
3.000
Now York *_
_
Other ports * . .
3.000
5.000
Other
Coni't.
3B00
3*.000
1,000
4', 200
2,000
....
Total 1918. . 24,518 6,000
Total 1917. . 40,000 6,528
Total 1916. - 39.758 21,679
* Estimated.
"io o
1,000
Coast
wise.
Total.
1,000
6,000
3,000
6,318
16,000
7.000
250
4',200
250
6.000
5,000
Leaving
Stock.
161,657
345,189
139,720
38,324
8,612
77,377
126,588
146,386
4,000 10,250 44,768 1,043,853
4,442 12,473 63,443 675,987
29,082
6,229 96,848 627,985
89
when they were 37,406,000 acres. The largest Government
total on record was in 1913-14, when it was 37,458,000 acres.
Other reports show a much larger total at different times, but
for the moment we refer simply to the Government figures,
and undoubtedly they caused selling. It was very heavy
for account of Wall Street bulls and other local interests,
which had for some weeks been identified with the bull side.
Liverpool, too, although it had bought July, to some extent,
has been a seller of October and December from time to
time. Latterly, there has been more or less rain in Texas
and the hot wave there has at length been broken. On
the 3d inst. official reports showed rains in various parts
of that State, ranging in some cases from 1 to 4.36 inches,
the latter at Houston.
Rain has been most needed
in the central and western districts, and central portions at
least have had beneficial rains.
On the 3d instant,
Liverpool met the decline of the previous day evidently
coinciding in the favorable view of the Government report,
and it ended at 100 to 130 New York points lower. New
Orleans and the South sold to a certain extent and room
traders are inclined to the view that the drift is towards
lower prices. In addition to the favorable crop reports
there were other factors calculated to reduce the price.
One of them was the persistent agitation of the question of
price fixing at Washington. It is stated that the recom
mendations of the War Industries Board on the four basic
prices for cotton piece goods have been presented to the
President.' What effect, if adopted, these prices will have
on raw cotton remains to be seen. What is certain is that
the agitation of the subject has had a more or less de
pressing effect, in conjunction with other things. Finally
the strike of 40,000 cotton hands in New England also
disturbed the market. There is no doubt that there is a
growing scarcity of labor all over the county. And it is an in
teresting question how this will affect the production of
cotton goods. Tho great textile centres are steadily losing
labor by enlistments and the draft. Naturally a big strike,
if tolerated by the Government, would aggravate the situ
ation. And after the recent advance of 200 points a re
action was due, partly by reasons traceable to the technical
position, if there had been no others. On the other hand,
however, the recent drastic liquidation and a sharp reaction
put the market in somewhat better shape from a purely
technical standpoint. Furthermore, the crop has not yet
been made. It often looks well at this time of the year.
The vital question is how it will look at the end of August,
for instance. Certainly July and August are the critical
months. And no summer passes without a few crop scares.
Therefore many are cautious on the short side, the more so
that the war news of late has been more favorable and that
men aro beginning to ask if it is not possible that peace
after all may come at an earlier day than in the gloomy
period of March and April seemed likely. And of late
central and western districts of Texas have been suffering
from drought, especially as regards the late planted cotton.
In western localities of that State the latest weekly Gov
ernment report said that the plant was dying
from the lack of rain.
Curiously enough, too, af
ter the breaking of the hot wave lasting about
ten days with temperatures as high as 110 degrees,
there have been some complaints of late of cool nights.
The minimum temperatures have been in the 50s and 60s.
Also there has been more or less complaint of boll-weevil,
notably in Southern Georgia. They have been increasing
in Southern Alabama and in some sections have been doing
damage. In a few places in Mississippi they are described
as a serious menace. They are increasing in Northern
Louisiana and they have appeared in a few localities of
Arkansas. Texas has sent some complaints of leaf worms,
and of shedding. All this is a hint of what may possiblebe enlarged upon from time to time during July and August.
Moreover, Liverpool stocks are still down to a very low level.
The American army is steadily increasing, and quite as
surely it points to a good consumption in this country.
To-day’s advance was due not alone to dry weather in Texas
and reports of damage in Egypt, but also to heavy buying
by Liverpool, some Japanese buying, a strong Liverpool
market, favorable war news, a rise in stocks, and, especially
in the later trading, a scarcity of contracts, which are steadily
being withdrawn from this market by trade interests and
are not likely to be sold for some months to come. Yet,
final prices show some decline for tho week. Middling up
land closed at 31.20, a decline of 70 points for the week.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Speculation in cotton for futuro delivery was at one time
more active at a sharp decline, owing to favorablo crop
reports. But to-day canio a rise of 85 to 95 points, on
drought in Texas and talk of deterioration in Egypt. Pre
vious to this, however, there was a decline of over 100 points
on tho 2d instant, duo to tho fact that tho Government crop
report received that day was much more favorablo than many
had expected. It put the condition at 85.8%, as against
82.3 for June. It was, in other words, 3.5% better than
June 29 to July 5—
Sat. Mon. Tues. W ed. T hurs. Fri.
last month, and 15.5% higher than at tho samo time last Middling uplands...................... 32.00 31.90 31.00 30.70 Holiday 31.20
year. Only twico in tho last 18 years has this condition been
NEW Y O R K QUOTATIONS FOR 32 YEA R S.
exceeded, i.e., 88.2% in 1911, and 88 in 1904. A year ago,
The quotations for middling upland at New York on
it will bo recalled, it was only 70.3%. The ten-year average
is 79.8. Tho latest report shows a condition 6% abovo the July 5 for each of the past 32 years have been as follows:
5
4 .c ___
9.31
5
2 .C ___
2
average for tho last ten years.
Tho Government in 1 9 1 8 -C -. .. .. 3 15..4 0 191 0-C — . .-..1 2 ..4 5 1 9 0 1____ .. .. 8 .8 8 1 8 9 3____ .. .. 7 .2 4
1 6 0 190
189
7 .9
5 1909------1917____ . .2
terprets its own report as indicating a crop at tho present 191 6____ . . . 1 3 . 0 5 1908------ . . . 1 1 . 4 0 190 0____ . .1 0 . 0 0 189 2.......... . . 7.31
8
6.06 189
189 9 ____
1915____
timo of 15,325,000 bales, exclusive of linters. Linters 191 4____ .. ....1 39.60 1907------- .. .. .. 1 3 .. 5 0 189 8____ .. .. .. 6.2 5 1 89 1____ .. ....1 28..3 0
10 80
0____
0
. 2 5 1906------aro variously estimated at anywhoro from 1,200,000 to 191 3 ____ . . . 1 2 . 3 5 1905------- ___11.10 189 7 ____ . . . 7 .8 8 18 8 9 ____ . . . 1 1 . 1 2
1,400,000 bales.
Thoy would probably bo greatly re 1912____ . . . 1 2 . 0 0 1904------- .. .. .. 1 0 .. 6 0 189 6------- .. .. .. 7.4 4 188 8 ____ .. .. .. 1 0 ..3 1
11 00
7.12 188 7 ____
1903------1 2 7 5 1895------duced if the war should end during tho coming season. 1911____ . . . 1 4 . 8 5
M A R K E T AND SA LE SIA T|N E W |YO R K .
Another bearish factor was tho increaso reported in
The total sales of cotton on the spot each day during the
tho acreago by tho Government of over 6% , as compared
with last year. It puts tho total at 37,073,000 acres, tho week at New York aro indicated in tho following statement.
largest since 1914-15, according to Government figures, For the convenience of the reader we also add columns which
90
THE CHRONICLE
show at a glance how the market for spot and futures closed
on same days.
Spot
M arket
Closed.
S a tu r d a y ___
M o n d a y ___
T u e s d a y ___
W edn esda y.
T h u rsd a y . .
F r id a y ______
Q u iet
Q u iet
Q u iet
Q u iet
Fu tures
M arket
Closed.
l O p t s a d v ____
10 p ts d e c ____
90 p ts d e c ____
30 p ts d e c ____
S t e a d y __________
Q u ie t __________
B a re ly s t e a d y . .
S t e a d y __________
H O L ID A Y
S te a d y 50 p t s a d v . . Firm ___
—
Contract
200
800
1.100
1,100
2 ,1 0 0
THE VISIBLE SU PPLY OP COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1918.
2 4 1 ,0 0 0
2 4 ,0 0 0
3 8 ,0 0 0
1917.
3 5 3 ,0 0 0
2 7 ,0 0 0
3 2 ,0 0 0
1916.
1915.
6 3 9 ,0 0 0 1 ,6 9 3 ,0 0 0
3 7 .0 0 0
4 4 ,0 0 0
4 6 .0 0 0
137,000
T o t a l G rea t B r i t a i n ..................... 30 3 ,0 0 0
S to c k a t H a m b u r g ________________
_______
S t o c k a t B r e m e n _________________
_______
S to c k a t H a v r o ____________________ 130 ,000
1,000
S to c k a t M a r s e ille s _______________
S to c k a t B a r c e l o n a _______________
6,0 0 0
S t o c k a t G e n o a ___________________
2 ,0 0 0
S t o c k a t T r ie s t e ______________________________
4 1 2 .0 0 0
*1,000
* 1,000
1 86 .000
5 ,0 0 0
8 5 .0 0 0
2 3 .0 0 0
* 1 ,0 0 0
7 2 2 .0 0 0 1 ,8 7 4 ,0 0 0
* 1,000
*4,000
* 1 ,0 0 0 *162 ,000
2 5 1 .0 0 0
29 7 ,0 0 0
1 6.000
13,000
7 8 .0 0 0
5 1,000
1 35 .000
37 2 ,0 0 0
* 1 ,0 0 0
* 3,000
3 0 2 ,0 0 0
4 8 3 ,0 0 0
T o t a l C o n tin e n ta l s t o c k s .............
1 39 ,000
T o t a l E u ro p e a n s t o c k s ________ 4 4 2 ,0 0 0
In d ia c o t to n a flo a t fo r E u r o p e ___
2 0 ,0 0 0
A m e r . c o t t o n a flo a t fo r E u r o p e .. 130,000
E g y p t,B ra z il,& c .,a flo a t fo r E u r ’p e
7 0 ,0 0 0
S toclc in A lex a n d ria , E g y p t ______ 2 30 ,000
S to c k in B o m b a y , I n d ia .................... * 640 ,000
S to c k in U . S. p o r t s ............................ 1,088,621
S to c k in U . S. in te rio r t o w n s ____ 808 ,251
U . S. e x p orts t o - d a y .......... ...........
6 7 ,9 0 6
Saturday, Monday, Tuesday, Wed’day, Thursday, Friday,
June 21). July 1.
July 2.
July 3.
July 4.
July 5.
Total.
200
800
T o t a l ____
July 5—
S to c k a t L iv e r p o o l_________ b a le s .
S to c k a t L o n d o n _________________
S t o c k a t M a n c h e s t e r _____________
FUTURES.— Tho highest, lowest and closing prices at
New York for the past week have been as follows:
SALES.
Spot.
90 2 ,0 0 0
7 1 4 .0 0 0 1 ,2 0 5 ,0 0 0 2 ,7 7 6 ,0 0 0
3 1 .0 0 0
7 1 ,0 0 0
7 9 ,0 0 0
9 2 .0 0 0
3 6 8 ,2 7 4
2 02 ,027
3 7 .0 0 0
1 5 ,000
2 4 ,000
8 8 .0 0 0
3 6 ,COO
152,000
9 3 9 .0 0 0
8 5 8 ,0 0 0
88 5 ,0 0 0
7 3 9 ,4 3 0
7 2 4 ,8 3 3 8 01 ,014
5 3 4 ,1 5 0
4 3 8 ,1 5 7 5 15 ,000
1 0,077
1 0,080
1,127
T o t a l v is ib le s u p p ly ........ ..............3 ,4 9 6 ,7 7 8 3 ,1 7 4 ,6 5 7 3 ,7 2 6 ,3 4 4 5 ,4 3 5 ,1 6 8
O f th e a b o v e , to ta ls o f A m e r ic a n a n d o th e r^ d a scrip tion s are as fo llo w s
A m erica n —
8 7 ,0 0 0
2 5 7 ,0 0 0
5 2 0 ,0 0 0 1 ,4 2 9 ,0 0 0
L iv e r p o o l s t o c k ____________ b a le s .
M a n ch e s te r s t o c k ........ ..............
7 ,0 0 0
2 1 ,0 0 0
4 0 ,0 0 0
115,000
C o n tin e n ta l s t o c k _______ ___________ *12 2 ,0 0 0 *24 9 ,0 0 0 ■ *37 9 ,0 0 0 * 749 ,000
A m e rica n a flo a t fo r E u r o p o _______ 130 ,000
9 2 ,0 0 0
3 6 8 ,2 7 4
20 2 ,0 2 7
U . S. p o r t s t o c k s _____ __________ 1,08 8 ,6 2 1
7 3 9 ,4 3 0
7 2 4 ,8 3 3
8 01 ,014
808 ,251
5 2 4 ,1 5 0
4 3 8 ,1 5 7
51 5 ,0 0 0
U . S. Interior s t o c k s _____ _______
U . S. ex p orts t o - d a y ______________
6 7 ,9 0 6
1 0,077
1 0,080
1,127
T o t a l A m e r ic a n ------------------------ 2 ,3 1 0 ,7 7 8 1 ,8 9 2 ,6 5 7 2 ,4 8 0 ,3 4 4 3 ,8 1 2 ,1 6 8
East In d ia n , B razil, & c .—
L iv e r p o o l s t o c k ____________________
1 54 ,000
9 6 ,0 0 0
11 9 ,0 0 0 2 6 4 ,0 0 0
2 4 ,0 0 0
2 7 ,0 0 0
3 7 ,0 0 0
4 4 ,0 0 0
L o n d o n s t o c k . . . .....................
M a n c h e s te r s t o c k _______ __________
3 1 ,0 0 0
1 1 ,000
6 ,0 e 0
2 2 ,0 0 0
C o n tin e n ta l s t o c k ___________
*1 7 ,0 0 0
* 5 3 ,0 0 0 *10 4 ,0 0 0 * 153 ,000
In d ia a flo a t fo r E u r o p o ___________
2 0 ,0 0 0
3 1 ,0 0 0
7 l ,0 o 0
7 9,000
7 0 ,0 0 0
3 7 ,0 0 0
1 5 ,0 0 0
2 4 ,0 0 0
E g y p t , B ra z il, & c ., a flo a t ________
S to c k in A lex a n d ria , E g y p t ______ 23 0 ,0 0 0
8 8 ,0 0 0
3 6 ,0 0 0
1 52 ,000
S to c k in B o m b a y , I n d ia .....................*64 0 ,0 0 0
9 3 9 ,0 0 0
8 5 8 ,0 0 0
8 85 ,000
T o t a l E a st I n d ia , & c .................... 1 ,1 8 6 ,0 0 0 1 ,2 8 2 ,0 0 0 1 ,2 4 6 ,0 0 0 1 ,6 2 3 ,0 0 0
T o t a l A m e r i c a n ..............................2 ,3 1 0 ,7 7 8 1 ,8 9 2 ,6 5 7 2 ,4 8 0 ,3 4 4 3 ,8 1 2 ,1 6 8
T o t a l v is ib le s u p p ly ............... . .. 3 , 4 9 6 , 7 7 8 3 ,1 7 4 ,6 5 7 3 ,7 2 6 ,3 4 4 5 ,4 3 5 ,1 6 8
M id d lin g u p la n d , L iv e r p o o l........... 2 2 .2 9 d .
1 8 .8 5 d .
8 .0 4 d .
5 .1 7 d .
M id d lin g U p la n d , N e w Y o r k ------3 1 .2 0 c .
2 6 .1 5 c .
1 3 .1 0 c.
9 .2 0 c .
E g y p t , G o o d B r o w n , L i v e r p o o l ..
3 1 .1 3 d . 3 0 .6 0 d .
1 2 .4 3 d .
7 .8 5 d .
P eru v ia n , R o u g h G o o d , L iv e r p o o l
3 9 .0 0 d . 2 5 .0 0 d .
1 3 .7 5 d .
1 0 .7 5 d .
1 8 .2 0 d .
7 .7 5 d .
5 .0 0 d .
B ro a ch , F in e , L i v e r p o o l . . . ........... 2 1 .8 1 d .
T in n o v e lly , G o o d , L iv e r p o o l____
2 2 .0 6 d .
18.38cl.
. 7 .7 7 d .
5 .1 2 d .
* E s tim a te d .
[Vol. 107
July—
Range_____
Closing____
August—
Range_____
Closing____
September—
R ange_____
Closing____
October—
R ange_____
Closing____
November—
R ange_____
Closing____
December—
R ange_____
Closing____
January—
R ange_____
Closing____
February—
R a nge. . . . .
Closing____
March—
R ange-------Closing____
M ay—
R ange-------Closing____
/
28c.
i
Week.
27.63-.10 27.62-.15 26.89-.85 26.70-.12
28.00-.02 27.88-.89 27.00-.02 26.65-.70
26.80-.25 26.70C/10
27.24-.25
—
—
25.78-.75 — --------27.20 — 26.88 — 25.75-.80 25.50 —
25.30-.78 25.30-.78
25.90 — _________
—
—
25.10-.45 —----------25.88 — 25.73 — 24.67 — 24.50 —
—
25.10-.45
25.36 — _____ —
25.10-.45 24.87-.30 23.84-190 23.65-.06
25.26-.29 24.89-.91 23.87-.88 23.77-.79
24.00-.70 23.65C145
24.62-.70
24.83 — 24.57 — 23.57 — 23.50 —
H O L I
DAY.
24.44 — __ __ __
24.61-.92 24.45-.80 23.45-145 23.26-.67
24.73-.75 24.47-.48 23.47-.48 23.40-.42
23.55-.35 2 3 .2 6 cm
24.34-.35 —
24.46-.78 24.33-.75 23.35- .28 23.14-.52
24.67-.68 24.33-.35 23.35-.36 23.23-.27
23.40-.19 23.14CJ78
24.12-.19 __ —. —.
24.63 — 24.28 — 23.30 — 23.20 —
24.15 — — — —
24.64-.75 24.30-.72 23.50-.25 23.13-.30
24.65-.67 24.30 — 23.31-.32 23.20 —
23.49-.12 23.13cZ75
24.17-.19 —
23.32-.05 23.1S-.30
24.65 — ■24.30 — 23.30 — 23.22 —
23.60-.63 23.18-.63
24.19 — —
25c.
I 24c.
A T THE INTERIO R TOWNS the movement— that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year— is set out in
detail below.
Movement to July 5 1918.
Towns.
Receipts.
Week.
A la., E u fa u la ..
M ontgom ery .
S e lm a _______
A rk., H e le n a ..
Little R o c k ..
Pine B l u f f ...
G a., A lbany___
A th e n s ______
Atlnnta______
A u gu sta _____
Columbus____
M a c o n ______
R o m e ______ _
La., Shreveport
Miss.,Columbus
Clarksdale * . .
Greenwood___
M e rid ia n ____
N atchez______
Vicksburg____
Y a zoo City
M o ., St. Louis.
N .C .,G r’nsboro
Raleigh
___
O ., Cincinnati.
Okla., Ardmore
C h lckash a___
H ugo________
O k la h o m a ___
S .C .. Greenville
Greenwood___
Tenn.,Memphis
N ash ville____
T ex:, Abilene
B ren h am ____
Clarksville___
D allas..............
Honey G rove.
H ouston_____
P a r is ...............
San A n ton io, i
Season.
4,472
89 48,955
3 34,021
______
41,619
122 236,325
50 144,349
___
12,350
60 121,751
1,880 332,238
758 436,787
100 38,564
323 168,579
70 54,649
404 197,561
40 10,250
105,115
125 130,477
266 36,257
51,297
2 30,382
38,482
2,321 1,025,155
300 62,977
10,812
6,033 149,284
______
13,750
780 68,528
50 35,366
44,754
’ l",6i3 141,704
.
13,591
6,600 1,387,324
1,954
87
26,092
21,223
12
53,448
6,364 137,856
62,070
4,036 1,918,709
642 106,242
30,141
Ship
ments.
Week.
Stocks
July
5.
Movement to July 6 1917.
Receipts.
Week. | Season.
2,386
33
9,903
472 5,397
562
46,923
41
527
33 21,790
200 3,500
425
74,124
1,139 15,773
581 234,714
1,189 22,000
173 152,979
______
1,678
10
19,212
600 17,949
405 103,748
3,009 25,278 4,000 329,551
5,039 73,799
941 374,881
600 4,000
92 62,444
1,906 12,386 1,037 171,936
600 5,275
400 59,674
1,217 12,951
40 149,275
495
7
7,078
500 19,500
100 56,350
1,125 24,000
500 113,854
296 0,445
620 24,808
4,884
34,772
141 2,266 ’ " 1 1 7
16,734
10,600
19,218
3,231 18,617 15,805 1,007,959
8001 83,558
800 11,500
216
1031 12,223
7,518 13,842 3,323 186,481
______
. ______
52,543
407 0,373 ______
81,339
70
150
29,597
896 1,104
200
40,168
13 19,500
600 144,980
______
4,515
16,432
5,909348,405 "s',360 1,309,360
______
1,232 ______
2,370
63
10 62 168
762
25 24)235
45
44,006
6,222 5,890
109 128,812
190 1,321 ______
39,649
5,831 110,688 8,2302,509,264
348 2,909
144,548
43,622
Shipmerits.
Week.
Stocks
July
0.
989
1,451
426
262
1,609
3,384
40
2,300
7,122
6,525
1,027
1,449
252
70
13
1,100
4)000
539
6,190
18,055
1,330
4,001
14,445
16,789
802
8,831
35,000
35,061
4,100
11,676
3,504
5,378
685
13 000
12i500
4,960
4,421
’ ” 258
730
403 2 539
17,949 13)72 0
1,000 5,000
100
110
2,397 16,728
1,000
800
54
300
999
1,203 17,000
2,000
19’,572 211,572
297
91 n
&1U
snn
Ouu
30
150
Continental imports for past week have boon______bales.
26
400
The above figures for 1918 show a decrease from last woek
267 4,330
SO
of$101,666 bales, a gain of 322,121 bales over 1917, a decline
"19,615 43,899
ofi 229,566 bales from 1916 and a loss of 1,938,390 balesfrom
2,872
50
1915. ,
QUOTATIONS FOR M ID D LIN G COTTON AT OTHER Total, 41 towns 33,430 7,586,410' 59,529808,2511 44,761 8,047,285 98,260|524,150
* Last year’s figures arc for Grccnvlllo.
M A R K ETS.— Below' are the closing quotations of middling
Tho above totals show that tho interior stocks havo de
cotton at Southern and other principal cotton markets for
creased during tho week 26,099 balos and aro to-night 284,101
each day of the week:
bales more than at the same timo last year. Tho receipts at
all the towns have been 11,331 balos less than tho samo week
C losing Q uotations f o r M id d lin g Colton on
last year.
W eek ending
July 5.
G a lv e s t o n ______
N e w O rlean s___
M o b i lo ..................
S a v a n n a h ______
C h a rleston ______
W ilm in g t o n ____
N o r fo lk
B a lt i m o r e --------P h ila d e lp h ia ___
A u g u s t a ________
M e m p h is _______
D a l l a s .......... ..
H o u s to n ------------L i t t le l R o c k ____
Saturday. M o n d a y . Tuesday. W ed'd ay. Thursd'y.
3 2 .0 5
3 1 .0 0
3 0 .0 0
3 1 .2 5
30.0 0
3 0 .0 0
30.0 0
31.0 0
32.2 5
30.7 5
3 0 .0 0
3 1 .0 5
3 0 .7 5
3 0 .0 0
3 2 .0 5
3 1 .0 0
3 0 .0 0
3 1 .2 5
3 0 .0 0
3 0 .0 0
3 0 .0 0
3 1 .0 0
3 2 .1 5
3 0 .7 5
30.0 0
31.0 5
30.2 5
3 0 .0 0
32.0 5
30.0 0
30.0 0
3 1 .2 5
3 0 .0 0
3 0 .0 0
3 0 .0 0
3 1 .0 0
3 1 .2 5
3 0 .2 5
3 0 .0 0
3 1 .0 5
2 9 .0 0
2 9 .5 0
30.5 5
30.0 0
3 0 .0 0
3 1 .2 5
3 0.00
3 0.00
3 0 .0 0
30.5 0
3 0 .9 5
2 9 .7 5
3 0 .0 0
3 1 .0 5
29.0 0
2 9 .5 0
H O L I
DAY.
F riday.
3 1 .0 0
3 0 .0 0
3 0 .0 0
3 1 .2 5
3 0 .0 0
3 0 .0 0
3 0.00
3 0 .5 0
3 1 .4 5
2 9 .5 0
3 0 .0 0
3 1 .0 5
3 0 .0 0
2 9 .5 0
NEW ORLEANS CO NTRACT M A R K E T .— The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday, M o n d a y , Tuesday, W ed ’ day, Thursd’ y,
June 29. July 1.
July 2.
July 3.
July 4.
J u l y ....................
A ugust -----------O c to b e r ----------D e c e m b e r_____
January ----------M a r c h -----------T one—
S p ot ------------O p tio n s -------
rid a y ^
July 5.
27.20-.30
25.40 —
23.70-.75
23.3923.37-.39
23.39-
28.2526.40 —
24.2623.86-.88
23.71 —
23.71 —
27.90-.95
.35
26.11 —
.30
23.97-.00
23.57-.58
23.44-.45
23.44 —
26.90-.96
25.21 —
22.96-.99
22.55-.58
22.4222.42-
Steady
Steady
Steady
Steady
Quiet
Steady
26.75-.85
24.91-.95
22.84-.87
22.47-.49
H O L I
22.40.44
.41
.44
DAY.
22.40.41
Quiet
Steady
Quiet
V ery s t’y
OVERLAND M OVEM ENT FOR THE W EEK AN D
SINCE AUG. 1.— We give below a statement showing tho
overland movement for the week and sinco Aug. 1, as inado
up from telegraphic roports Friday night. Tho results for the
week and since Aug. 1 in the last two years are as follows:
--------1 9 1 7 -1 8 -------J u ly 5 .
Sinco
S hipped—
W eek.
A u g . 1.
V ia S t. L o u is ............................................ 3 ,231 1,015,751
V ia M o u n d s , & c ................................. 6 ,4 7 4
48 0 ,4 8 4
V ia R o c k I s la n d ...................
160
2 3,829
V ia L o u is v i ll o .......................
362
9 7,579
V ia C in c in n a ti.........................................
417
38,601
V ia V irgin ia p o in t s _________________ 2 ,0 3 6
210 ,819
V ia o th e r ro u te s, & c ................
19,181
7 61 ,713
--------1 9 1 6 -1 7 -------Since
W eek.
A u g . 1.
a l7 ,9 4 9 a l,0 0 3 ,1 7 8
3 ,0 9 7
2 7 1 ,9 2 0
100
6 ,7 0 8
1,015
1 22 ,295
526
6 3 ,9 4 9
4,1 0 7
3 5 3 ,8 8 0
5 ,892
74 9 .6 0 9
T o t a l gross o v e r la n d ......................31 ,861 2 ,6 2 8 ,7 7 6
D ed uct Shipm ents—
O v e rla n d t o N . Y . , B o s to n , & c ._ _ 1,554
318 ,721
B c tw e o n Interior t o w n s ................. .. 3 ,6 2 4
118,554
I n la n d , & c ., fr o m S o u th .................. 8 ,2 4 3
87 5 ,8 3 0
3 2 ,6 8 6 2 ,5 7 1 ,5 3 9
T o t a l t o b o d e d u c t e d ___________ 13,421 1,31 3 ,1 0 5
3,381
4 ,1 0 2
13,158
2 5 7 ,0 9 0
164 ,031
4 9 6 ,9 7 3
2 0 .641
9 1 8 ,0 9 4
L e a v in g t o t a l n e t o v e r la n d * ________ 18,440 1,315,671
.43* In c lu d in g m o v o m o n t b y ra il t o C a n a d a ,
12,045 1 ,6 5 3 ,4 4 5
a R e v is e d .
The foregoing shows tho wook’s not ovorland movement
.41
has been 18,440 balos, against 12,045 balos for tho week last
year, and that for tho season to date tho aggrogato not overand oxhibits a decreaso from a year ago of 337,774 bales.
Ju ly
THE CHRONICLE
6 1918.]
1 9 1 7 -1 8 ---------Since
I n Sight and S pinners'
A u g . 1.
Takings.
W eek.
5 ,6 8 4 ,0 4 4
R e ce ip ts a t p o r ts t o J u ly 5 _______ 24,2 2 0
1,315,671
N e t ov e r la n d t o J u ly 5 ______________ 18,440
4 ,0 0 3 ,0 0 0
Sou th ern c o n s u m p tio n t o J u ly 5 . a 8 3 ,0 0 0
1 9 1 6 -1 7 ---------S ince
A u g . 1.
6 ,7 6 0 ,0 3 0
1 ,6 5 3 ,4 4 5
4 ,0 5 4 ,0 0 0
W eek.
72,269
12,045
9 1 ,0 0 0
T o t a l m a r k e te d _________________ 125,660 1 1,002,715
In terior s to c k s in ex c e s s___________ * 2 6,099
4 53 ,759
175,314 1 2 ,4 6 7 ,4 7 5
* 5 3,459
170,416
C a m o in to sig h t d u rin g -w e e k ___ 99,5 6 1
----------T o t a l in sig h t J u ly 5 ____________ ________ 1 1,456,474
121 ,855
-------
----------- 1 2 ,637,891
N o r t h . S p in n ’s ’ ta k in gs t o J u ly 5 - 27,141
* D ecrease d u rin g w ee k ,
a v a ila b le .
2 ,4 1 1 ,8 4 2
4 3 ,5 1 0
3 ,0 3 0 ,2 8 0
a T h o so fig u ro s are c o n s u m p tio n ; ta k in g s n o t
Movement into sight in previous years:
W eek—
1916— J u ly
1915— J u ly
1914 — J u ly
7 ....................
9 ...................
1 0 ...................
Hales.
Since A xig. l —
B ales.
111,233 1915 - 16 — J u ly 7 .................. 12,1 9 6 ,< 8 4
8 1 ,0 9 6 1914-15— J u ly 9 ......... .. 1 5 , 0 8 9 , 1 8 0
6 8 ,620 1913-14— J u ly 1 0 . .......... 1 4 ,7 2 2 ,3 7 2
AG R ICU LTU R AL D EPAR TM EN T REPO RT ON COT
TON ACREAGE AND CONDITION.— Tho agricultural
Department at Washington issued on July 2 its report on
cotton conditions and acreage as follows:
T h e C r o p R e p o r tin g B o a rd o f th o B u re a u o f C r o p E s tim a te s o f th e
U n ite d States D e p a r tm e n t o f A g ricu ltu re estim a te s, fr o m th o r e p o rts o f
th o c o rres p on d en ts a n d agen ts o f th o B u re a u , th a t th e area o f c o t t o n in
c u ltiv a tio n this y e a r (1918) in th o U n ite d S tates is a b o u t 3 7 ,0 7 3 ,0 0 0 acres,
as c o m p a r e d w ith 3 4 ,9 2 5 ,0 0 0 acros, th o ro v ise d e stlm a to o f a cre a go in c u lti
v a tio n a y e a r a g o , b e in g an increase o f 2 ,1 4 8 ,0 0 0 a cre s, o r 6 . 2 % .
T h o c o n d it io n o f th o gro w in g c r o p o n Ju n o 25 w as 8 5 .8 % o f a n o rm a l c o n
d it io n , as c o m p a r e d w ith 8 2 .3 o n M a y 25 1918, 7 0 .3 o n Ju n o 2 5 1917 a n d
7 9 .8 th o av era g e c o n d itio n fo r th o p a st ten years o n Ju n o 25.
A c o n d itio n o f 8 5 .8 o n Ju n o 25 fo re ca sts a to ta l p r o d u c t io n (allo w in g
1 % fr o m p la n te d area fo r a b a n d o n m e n t) o f a b o u t 1 5 ,3 2 5 ,0 0 0 bales. T h a t
is th e fin a l ou ttu rn w ill p r o b a b ly b o larger o r sm aller th a n th is a m o u n t
a c c o r d in '' as c o n d itio n s h e re a fte r aro h o tte r o r w o rs e th a n a v e ra g e c o n
d itio n s ° L a st y ea r th o p r o d u c tio n w as 1 1 ,3 0 0 ,2 5 4 b a le s, t w o yea rs a go
1 1 ,4 4 9 ,9 3 0 , threo years a g o 1 1 ,1 9 1 ,8 2 0 a n d fo u r ye a rs a g o 1 6 ,1 3 4 ,9 3 0
b a ios.
. „
D e ta ils b y S tates fo llo w ;
A r e a Jun e 25 1918
P relim inary Estim ate.
Per cent
-C on d ition Jun e 2 5 Com pared
10-yea r
w ith 1917.
A cres.
A v g e.
1917.
1918.
Stale—
. . . 97
5 1 ,0 0 0
82
85
85
___103
1 ,6 0 9 ,0 0 0
67
79
91
. . 104
77
2 ,9 9 5 .0 0 0
83
71
...1 0 3
69
79
5 ,4 3 2 ,0 0 0
80
. . . 89
167,000
79
84
79
...1 3 0
2 ,6 2 2 ,0 0 0
78
84
65
___110
3 ,2 6 4 ,0 0 0
79
90
68
___ 106
74
78
1 ,553,000
87
...1 0 2
72
11,911. ,000
81
84
*
...1 0 4
67
81
2 ,9 2 2 ,0 0 0
91
---1 0 2
70
9 2 6 ,0 0 0
82
94
. . . 98
83
93
75
158 ,000
--.1 0 9
74
80
3 ,1 6 1 ,0 0 0
90
...1 2 5
93
*96
194,000
93
--.2 0 0
9 2 ,0 0 0
87
96
---1 0 6
17,000
-—
---1 0 0 .2
* E ig h t-y e a r a v era g e .
3 7 .0 7 3 .0 0 0
8 5 .8
7 0 .3
7 9 .8
W EATHER REPORTS B Y TELEG RAPH .— Telegraphic
advicos to us this evening from tho South indicato that there
has beon a continuation of favorablo weather o v ey most of
tho belt during tho week. Toxas roports aro to the effect
that temperatures were more seasonable towards tho close
of the weok, and that good showers have occurred in north
eastern and contral sections, and were of especial benefit in
the latter, whore droughty conditions had prevailed for
some time.
Galveston, T ex .— During the opening days of the week
tho weather was hot and dry but towards tho close tem
peratures were moro seasonable. Good showors occurred
in tho northeastern and central portions and’wero of especial
benefit in tho latter district, whero droughty conditions have
prevailed for some time. In tho wostern district the weather
lias been too dry for cotton. Wo have had heavy rain on
ono day during tho wook. Tho tliermometor has ranged
from 80 to 88, averaging 84.
A bilen e, T ex .— Wo liavo had no rain during the weok.
Avorago thermometer 8G, highest 104, lowest 68.
Brenliam, Tex — Wo liavo had rain on ono day during the
weok, tho precipitation being forty-nine hundredths of an
inch. Tho thermometer has averaged 86, tho highest being
102, and tho lowest 70.
Brownsville, T ex .— Rainfall for tho week twenty hundredths
of an inch on ono day. Tho thermometer lias averaged 86,
ranging from 72 to 100.
Cuero, T ex .— Wo liavo had no rain during tho week.
The thermometer has ranged from 72 to 100, averaging 86.
D allas, T ex .— It has rained on two days during the week,
the rainfall being ninoty-nino hundredths of an inch. Aver
age thermometer 84, highest 99, lowest 68.
H enrietta, T ex .—-Tlioro has boon rain on two days of tho
past week, tho rainfall being eighty-sovon hundredths of
an inch. The thermomoter has avoraged 86, highest 105,
lowest 67.
H untsville, T ex .— We have had no rain tho past week.
Tho thermometer has averaged 81, ranging from 64 to 98.
K errville, T ex .— We liavo had no rain during tho week.
Tho tliermometor has ranged from 68 to 101, averaging 85.
Lam pasas, T ex .— It has been dry all the week. Minimum
tliormomtor 68, highest 103, average 86.
Longview, T ex .— Wo have had rain on ono day during the
weok, the rainfall being ton hundredths of an inch. Tho
thermometer has averaged 86, tho highest being 105, and
tho lowest 66.
Luling, T ex .— Dry all tho weok. Tho thermomoter has
averaged 87, ranging from 72 to 102.
Nacogdoches, T ex .— Wo have had rain on one day during
tho weok, tho rainfall boing twenty-hundredths of an inch.
Tho thermometer has ranged from 64 to 100, averaging 82.
91
P a l e s t in e , T e x . — Tho week’s rainfall has been twentyhundredths of an inch on one day. Average thermometer
83, highest 100, lowest 66.
P a r i s , T e x . — We have had no rain the past week.
The
thermometer has averaged 82, the highest being 100 and the
lowest 64.
S a n A n t o n i o , T e x . — We have had no rain during the week.
Tho thermometer has averaged 84, ranging from 70 to 98.
W e a t h e r f o r d , T e x . — Rain has fallen on one day during
the week, to the extent of twenty-two hundredths of an
inch. Average thermometer 84, highest 102, lowest 66.
A l e x a n d r i a , L a . — There has been no rain during the week.
The thennometer has ranged from 65 to 101, averaging 83.
N e w O r l e a n s . — Rain has fallen on one day during the week,
the rainfall being eleven hundredths of an inch. Average
thermometer 83.
S h r e v e p o r t , L a . — It has been dry all the week.
The
thermomter has averaged 83, the highest being 100 and the
lowest 66.
C o l u m b u s , M i s s . — Rain one day of the week to the extent
of twenty-one hundredths of an inch. The thermometer
has averaged 76, ranging from 58 to 94.
A r d m o r e , O k la . — We have had rain on two days during
the week, the precipitation being seventy hundredths of an
inch. The thermometer has averaged 82, the highest being
104 and tho lowest 60.
M u s k o g e e , O k la . — We have had rain on two days during
the week, the rainfall reaching one inch and twenty hun
dredths. The thermometer has averaged 79, ranging from
57 to 100.
O k la h o m a C i t y , O k la . — There has been rain on two days
during the week, to the extent of ninety-eight hundredths of
an inch. The thermometer has ranged from 62 to 99,
averaging 81.
B r i n k l e y , A r k . — It has rained on one day of the week, the
precipitation being nine hundredths of an inch. Average
thermometer 76, highest 98, lowest 54.
E ld o r a d o , A r k . — We have had rain on two days the past
week, the rainfall being twenty-eight hundredths of an inch.
The thermometer has averaged 76, the highest being 96, and
the lowest 55.
L ittle R o c k , A r k . — Thero has been rain on two days during
the •week, tho rainfall being ono inch and eighty hundredths.
The thermometer has ranged from 65 to 90, averaging 77.
G r e e n w o o d , M i s s . — There has been rain on one day during
the week, to the extent of five hundredths of an inch. The
thermometer has ranged from 58 to 98, averaging 78.
V ic k s b u r g , M i s s . — Rain on ono day of the week to the
extent of two hundredths of an inch. Average thermometer
80, highest 92, lowest 65.
M o b i l e , A l a . — Weather has been cooler and dryer, and
crops are doing nicely. Little complaint of weevil or grass.
Rain has fallen on two days during the week, the rainfall
being fifty-two hundredths of an inch. The thermometer
has ranged from 70 to 96, averaging 82.
M o n t g o m e r y , A l a . — We have had rain on three days during
the week, the precipitation reaching fifty-two hundredths
of an inch. Average thermometer 77, highest 91, lowest 62.
S e l m a , A l a . — It has rained on two days of the week, the
precipitation being ono inch and ten hundredths. Average
thermometer 77, highest 95, lowest 60.
M a d i s o n , F l a . — There has been rain on three days during
the week, the rainfall being one inch and ninety-three hun
dredths. The thermometer has averaged 78, the highest
being 94 and the lowest 62.
T a lla h a s s e e , F l a . — There has been rain on one day of the
past week, the rainfall reaching one hundredth of an inch.
The thermometer has averaged 81, ranging from 65 to 96.
A t l a n t a , G a . — There has been rain on two days during the
week, tho rainfall being seventy-six hundredths of an inch.
The thermometer has ranged from 59 to 90, averaging 75.
A u g u s t a , G a . — Dry all the week.
Average thermometer
78, highest 94, lowest 62.
S a v a n n a h , G a . — It has rained on one day of the week, the
rainfall reaching forty-nine hundredths of an inch. The
thermometer has averaged 78, the highest being 93 and the
lowest 65.
C h a r le s to n , S . C . — Thero has been rain on one day of the
week, to the extent of thirty-eight hundredths of an inch.
The thermometer has averaged 80, ranging from 70 to 91.
G r e e n w o o d , S . C . — There has been ram on two days during
the week, the rainfall reaching twenty-five hundredths • f an
inch. The therm meter has ranged from 58 to 91, aver
aging 75.
S p a r t a n b u r g , S . C . — Tho week’s rainfall has been one inch
and forty-three hundredths, on two days. Average ther
mometer 80, highest 95, lowest 65.
C h a r lo tte , N . C . — The crop is making excellent progress.
It has rained on one day of the week, the rainfall reaching
eight hundredths of an inch. The thermometer has aver
aged 78, the highest being 94 and the lowest 62.
W e l d o n , N . C . — The week’s rainfall has been one hundredth
of an inch on one day. The thermometer has averaged 71,
ranging from 50 to 92.
D y e r s b u r g , T e n n . — There has been rain on one day during
tho week, the rainfall being one inch and fifty-three hun
dredths. The thermometer has ranged from 58 to 94,
averaging 76.
M em ph is, T enn. — Some sections need rain but generally
tho crop is making good progress. The first open boll
93
THE CHRONICLE
arrived to-day from Crittenden County, Ark., 25 days
ahead of last year and twenty -two days in advance of aver
age. It has rained on two days of the week, the precipita
tion being twenty-four hundredths of an inch. Average
thermometer 79, Highest 94, lowest 65.
W ORLD’S SUPPLY AND TAKIN GS OF COTTON.—
The following brief but comprehensive statements indicate
at a glance the world’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1918.
C o t t o n T a k in g s .
W eek an d S eason .
W eek.
1917.
Season.
3 ,5 9 8 ,4 4 4
V is ib le s u p p ly A u g . 1 ___________
A m e r ic a n in s ig h t t o J u ly 5 ____
B o m b a y re c e ip ts t o J u ly 4 _____
O th er In d ia s h ip ’ ts t o J u ly 4 ___
A lex a n d ria receip ts t o J u ly 3 ___
O th er s u p p ly t o J u ly 3 * ________
W eek.
Season.
3 ,3 3 5 ,0 6 8
2 ,8 1 4 ,7 7 6
W ,5 6 1 11,456,474
615 .000 1,86 5 ,0 0 0
7 9,000
8 17 .000
615.000
253 .000
Yi',666
3,19 8 ,2 5 1
121*855 12,637,891
5 4.000 2 ,8 3 8 ,0 0 0
255 .000
2 ,0 0 0
674 .000
1,000
1 2 .000
2 59 .000
T o t a l s u p p ly ___________________ 3 ,7 2 9 ,0 0 5 17,28 5 ,2 5 0 3 ,5 2 5 ,9 2 3 1 9 ,862,142
D educt—
V is ib le s u p p ly J u ly 5 ____________ 3 ,4 9 6 ,7 7 8 3 ,4 9 6 ,7 7 8 3 ,1 7 4 ,6 5 7 3 ,1 7 4 ,6 5 7
T o t a l ta k in g s t o J u ly 5a ________
O f w h ich A m e r ic a n ....................
O f w h ic h o t h e r ________________
232 .227 13.78 8 .4 7 2
166.227 10.665.472
6 6,000 3 ,1 2 3 ,0 0 0
35 1 .2 6 6 16.68 7 .4 8 5
26 3 .2 6 6 12.83 3 .4 8 5
8 8 ,0 0 0 3 ,8 5 4 ,0 0 0
* E m b r a c e s r eceip ts in E u ro p e fr o m B ra zil, S m y rn a , W e s t In d ie s, & c.
a T h is to ta l em braces th e estim a te d c o n s u m p tio n b y S o u th ern m ills,
4 ,0 0 3 ,0 0 0 bales in 1917-18 a n d 4 ,0 5 4 ,0 0 0 bales In 1916-17— takings n o t
b e in g a v a ila b le — a n d th o agg re g a te a m o u n ts ta k e n b y N o rth e r n an d
foreig n spin n ers— 9 ,7 8 5 ,4 7 2 bales in 1917-18 a n d 1 2 ,6 3 3 ,4 8 5 bales in
191 6-1 7, o f w h ic h 6 ,6 6 2 ,4 7 2 ba les a n d 8 ,7 7 9 ,4 8 5 bales A m e rica n .
b E s tim a te d .
BO M BAY COTTON M OVEM EN T.— Tho receipts of
India cotton at Bombay for the week ending June 13 and for
the season from Aug. 1 for three years have been as follows:
1917-18.
June 13.
Receipts at—
1916-17.
Since
Aug. 1.
Week.
37,000 1,660,000
B om bay___________________
1915-16.
Since
Aug. 1.
Week.
Week.
66,000 2,631,000
Since
Aug. 1.
42,000 3,010,000
M ANCH ESTER M A R K E T .— We givo prices for to-day
below and leave those for previous weeks of this and last
year for comparison:
1918.
32* Cop
Twist.
May
17
24
31
June
7
14
21
28
July
5
1917.
8 K lbs. Shirt
mm Common
to finest.
C o fn
M id .
Uvl’s
32* Cop
Twist
814 lbs. Shirt Cet’ n
ings Common M U .
to finest.
Uvl’s
d.
44
44 H
46
©
@
@
d.
46V<
40 K
43H
s.
22
22
22
d.
a. d.
d.
d.
0 <323 6
21.55 16H
1H @ 28 9
20.88 17H
9 <329 0
21.33 17 H
©
@
@
Cl.
18 H
18 H
18H
s.
9
10
10
46
47 Yt
4H '■
'<
49 >4
@
M
@
@
48 «
5.)
51 U
,
52
22
23
24
24
9 @ 29
414 @ 30
0 @ 32
0 @ 32
@
©
@
®
2 'K
23
26
26H
101014 @1410)4
12 5 @ 1 0 6
131014 @ 1 9 0
131014 @ 1 9 0
49 K
©
52
24 0
6
HA
0
0
@ 32 0
21.99
21.88
22.19
22.59
18*4
21
23 V
4
24>*
22.29 24 H
d.
6
0
1
s. d. d.
@ 13 0
13.20
@ 13 9
13.90
@131014 14.53
2614 14 114 @ 1 8 3
15.51
17.06
19.15
19.45
18.85
LIVERPOOL.— Sales, stocks, &c., for past week:
Jun e 14. June 2 1 . Jun e 28.
12,000
13,000
9 .0 0 0
O f w h ic h sp ecu la tors t o o k ______
O f w h ic h exp orters t o o k _______
Sales, A m e r ic a n ___________________
A c tu a l e x p o r t _____________ ______ _
July 5.
9 ,0 0 0
"6 * 6 6 6
5,0 0 0
4 ,0 0 0
4 ,0 0 0
4 9 .0 0 0
2 71 .000
120 .000
3 4 .0 0 0
2 7.000
128 ,000
6 0.000
4 3 .0 0 0
27 4 .0 0 0
114 .000
4 2 .000
2 3 .0 0 0
173.000
9 7 .0 0 0
5 8 .0 0 0
2 55 .000
1 06 .000
4 9 .0 0 0
2 7 .0 0 0
134 ,000
7 1 .0 0 0
48", 000
241 ,000
87.000
2 7 .0 0 0
16.000
The tone of tho Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Wednesday. Thursday.
Monday.
Tuesday.
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
M Id.U pl’ds
G ood M id.
Uplands
22.54
22.54
22.49
22.29
22.29
23.17
23.17
23.12
22.29
22.92
S a le s .........
2,000
2,000
2,000
2,000
Saturday.
Spot.
M arket,
12:15
P. M .
f
{
1
Quiet
Quiet
Futures. H O L ID A Y
M arket
/
7 @ 1 5 pts. 1 pt. adv.
opened
\
advance. to3pts.dec.
M arket
4
P. M .
Quiet
30 pts.
decline.
Friday.
2,000
Quiet,unch.
to 3 pts.
decline.
Quiet
Quiet
Unsettled
Quiet at
Quiet at
1 pt.dec. to 7@ 11 pts. 51@ 6 6 pts. 15@ 22 pts. 4 @ 1 5 pts.
4 pts. adv.
adv.on new adv .on new
decline
decllno
on new,
on new,
on new, 10 pts. dec. 20 pts. on
5 pts. dec. unchanged 5 pts. on
on old.
old.
on old.
on old.
on old.
1
1
1
1
1
The prices of futures at Liverpool for each day are given
below. Prices are on tho basis of good middling upland
for new contract and middling upland for old contract, un
less otherwise stated.
S at.
J u n e 29
to
J u ly 5.
New Contracts.
J u l y ..................
August_______
September____
O cto b e r ---------N ovem ber____
Old Contract.
J u l y ..................
M on.
T u e s.
W ed.
T h u r s.
Frl.
4
4
4
12 X
12 X
12 V
a
12 H 12H 12 M 4
12K; 4
p. m. p. m. p. rn. p. m. p. m. p. m. p. m. p. ra. p. m. p. ra. p. m. p. m.
d.
d.
H O LI
DAY.
d.
d.
d.
d.
d.
d.
(l.
d.
d.
d.
22.50 22.42 22.41 22.31 21.98 21.80 ____ 21.95 21.99 21.99
21.37 21.29 21.26 21.21 20.83 20.64 ____ 20.86 20.93 20.93
20.35 20.33 20.19 20.14 19.74 19.50
19.72 19.87 19.85
19.75 19.63 19.59 19.54 19.15 18.90
19.11 19.20 19.24
19.34 19.23 19.21 19.16 18.78 18.50
18.72 18.82 18.87
21.39 21.20 21.30 21.20 21.34 21.24 —
21.14 21.14 21.34
.
[Vol. 107.
BRE AD STUFFS.
Friday N ight, July 5 1918.
Flour has been quiet, awaiting developments as to the
Government’s handling of the new crop this season, and for
regulating the wheat flour milling industry. A price of
$10 77 in bulk per 196 lbs. is to bo the maximum at New
York. New flour, it is understood, has been offered here
at about $11 35 to $11 40 per barrol in sacks. It remains
to be seen what direction prices are to take. Under the new
regulations mills can pay any price thoy deem proper for
wheat above the minimum prico fixed by the Food Admin
istration. The selling prico of their flour will be limited,
however, to the fixed maximum of $1 10 abovo the minimum
price for wheat at the station where the mill is located. Mean
while the question of substitutes remains where it has been
until the Food Administration can fix upon the proper
percentages to be employed during the new season now
opened. The commercial stock of flour has, of course,
recently decreased.
On June 1st, according to tho Gov
ernment figures, the supply of wheat flour, white, was
4,443,515 barrels; rye flour, 1,005,691 barrels. Tho supply
of wheat flour, white, was 64.6% of the total held at tho
same time last year; rye flour, 419.9%; whole wheat and
graham, 141.7% . The stock of corn flour on Juno 1 was
49,701,212 lbs., against 24,390,026 on M ay 1. Corn flour
has latterly been quiet, pending further developments. In
fact, the whole trade is on the qui vive, awaiting the cue
from the Government as to just how it must figure for the
coming season. Naturally under such circumstances trans
actions are kept within tho narrowest possible limits. A
Washington dispatch said that flour millers who mado excess
profits in the last fiscal year, as charged by the Fedoral Trade
Commission in its roport to the Senate, must return the
amount of such profits to tho Government in the form of
milled flour, under regulations made public by Food Ad
ministrator Hoover. Tho Federal Trade Commission
charged that tho miller had made a profit of 45 cents a barrel
on flour despite tho Food Administration’s order limiting
the differential to 25 cents. Canada, it is said, is to take
increased quantities of corn flour. It will curtail its use
of wheat beginning July 15.
Wheat remains firm, with small stocks and a steady de
mand. The Government puts tho commercial stock of
wheat on Juno 1 at 17,068,487 bushels, or 38.2% of that held
at the samo date last year. The actual visible supply as
reported on July 1 was only 785,000 bushels, against 14,
209,000 at the same time last year. Government prices
have been raised substantially. Tho changed prices on
various markets for grades No. 1 northern spring, No. 1
hard winter, No. 1 red winter, No. 1 durum and No. 1 hard
white are: New York, $2 39%; Philadelphia, $2 39; Balti
more and Newport News, $2 38%; Duluth, $2 22%; Minne
apolis, $2 21%; Chicago, $2 26; St. Louis, $2 24; Kansas
City and Omaha, $2 18; New Orleans and Galveston, $2 28;
and Tacoma, Seattle, Portland, Astoria, San Francisco and
Los Angeles, $2 20. The basis for No. 2 wheat will be 3
cents below No. 1, and for No. 3 wheat 7 cents below No. 1.
Grades below No. 3 will be dealt in on samplo. It is said
to be the intontion to fix a minimum price of $2 for No. 1
wheat loaded in cars available for shipment from all points
in the intermountain territory. Prices for classes of wheat
other than those listed havo been fixed as follows: Dark hard
winter, 2 cents above hard winter; dark northern spring,
2 cents above northern spring; amber durum, 2 cents above
durum; yellow hard winter, 2 cents under hard winter; red
spring, 5 cents undor northern spring; red Walla, 7 cents un
der red winter; red durum, 7 cents under durum; soft white, 2
cents under hard white, and whito club, 4 cents under hard
white. The woather in this country has latterly improved*
Receipts havo thus far been light, but thoy are bound to in
crease it would seem beforo long. Crop conditions aro
generally favorable. It is believed that the deterioration
during Juno was less than usual. On tho Pacific Coast
beneficial rain has fallen, though more is wanted. It is a
fact, too, of some interest that farmors find it difficult to
get ready money to pay harvesters. Tho arrivals on the
Pacific Coast of Australian wheat continue moderate, but
it looks as though they would soon increase. Certainly
the loadings in Australian ports are larger. As regards
tho condition of winter wheat in this country one report
puts it at 85.5%, as compared with 87.7 last month by
tho same authority, and 83.8 tho Government condition.
This points to a yield of about 600,000,000 bush, of winter
wheat. Beneficial rains havo fallen in all tho grain bolts
since Juno 29. They havo occurred from tho Canadian
Northwest southward to the Oklahoma, and eastward
through tho Ohio Valley. Tho Government roport will
appear on July 9. Tho presont indication of 600,000,000
bush, will compare with 418,000,000 last year. Tho idea
of the winter wheat crop just now is about 345,000,000 bush.,
gainst 233,000,000 last season. In tho United Kingdom
crop prospects are on tho whole very encouraging, and
on the Continent, including Franco and Italy, thoy havo
recently improved. In Russia conditions aro still bad. In
New Zealand the aim is to sow a high record crop.
D A I L Y C L O S IN G P R IC E S O F W H E A T IN N E W Y O R K .
.
Sat. M o n . T u es. W ed. Thurs. F ri.
N o . 2 r e d ...........................................c t s .2 2 6
226
220
226
H o li236>4
229
229
229
day.
239B
N o . 1 sp r in g ..............................................229
Indian corn declined, owing to beneficial rains and gen
eral improvement in tho crop prospects. Yet a rise came
J uly 6 1918.]
la to r, o w in g to th e sm a lln e ss o f su p p lie s.
T h e a c re a g e is
e s tim a te d , t o o , b y C le m e n t , C u r tis & C o . , a t 1 1 5 ,4 9 8 ,0 0 0
a c re s, a d ecrease o f 4 ,2 5 7 ,0 0 0 as co m p a ro d w ith la s t y e a r .
B u t th e y p la c e th e a v e r a g e c o n d itio n a t 8 5 . 4 % , o r 4 . 3 %
b e tte r th a n a y o a r a g o .
B o n o ficia l rain s h a v e occu rre d in
m a n y se c tio n s, e sp e c ia lly in K a n s a s a n d N e b r a s k a , a n d C h i
c a g o o f la te h a s h a d h e a v y re c e ip ts.
O n J u ly 9 th o G o v e r n
m e n t w ill g iv e a n e stim a te o f th e c r o p . S o m e lia v o a n id ea
j u s t n o w th a t i t w ill bo s o m e th in g o v e r 3 ,1 0 0 ,0 0 0 ,0 0 0 b u s h
e ls , as c o m p a re d w ith 3 ,1 5 9 ,4 9 4 ,0 0 0 b u sh o ls la s t y e a r , 2 ,5 0 6 ,
9 2 7 ,0 0 0 in 1 9 1 6 , 2 ,9 9 4 ,7 9 3 ,0 0 0 in 1 9 1 5 a n d 2 ,6 7 2 ,8 0 4 ,0 0 0 in
1914.
T h o tw o la r g e st crop s o n re co rd w oro th o se o f la s t
y e a r a n d 1 9 1 2 , th e la tte r b o in g 3 ,1 2 4 ,7 4 6 ,0 0 0 b u sh e ls .
It
is tru o t h a t soiling o n th o ra in s a n d th o b r e a k in g o f th o h o t
w a v e a t th e S o u th w e st h a d less e ffe c t th a n m ig h t h a v e b e e n
e x p e c te d , p e r h a p s.
S till, fo r a tim o it ch e ck od ag g res
siv e o p e ra tio n s o n th o b u ll s id e .
F u rth e r m o re , the rel
a t iv e ly liberal m o v o m e n t o f th o cro p a t o n e tim e h a d th e
m o r e o ffe c t b e ca u se
thoro h as b e e n q u ite a g en era l
e x p e c ta tio n th a t it w o u ld fa ll o ff sh a r p ly a t th is tim e .
Tho
v is ib le s u p p ly in th e U n it e d S ta te s is 1 1 ,3 6 4 ,0 0 0 b u s h ,
a g a in s t 1 2 ,0 4 9 ,0 0 0 in th e p re v io u s w e e k a n d 3 ,2 7 7 ,0 0 0 a
year ago.
O n th o o th e r h a n d , th e C h ia e g o s to c k is sm a ll
a n d m o s t ly h o ld b y p r iv a te e le v a to r c o m p a n ie s .
The
fa v o r a b le w e a th e r h a d less e ffe c t th a n m ig h t h a v e b e e n
th e c a s e , b u t fo r th o fa c t o f th e sm a lln e ss o f th o s to c k s a v a il
a b le fo r d e liv e r y o n J u ly c o n tr a c ts a t C h ic a g o .
I t is s a id ,
t o o , th a t fro m n o w th o in crease in w h e a t s h ip m e n ts w ill b e
a t th e e x p en se o f th o m o v e m e n t o f c o r n .
H o w e v e r , th is
m a y b o , o n e th in g is c le a r .
T h e b e liov ers in lo w e r p rices
h a v e n o t b e e n o v e r b o ld .
O n th o c o u tr a r y , th e y h a v e
a d o p te d a m o re or less c a u tio u s p o lic y .
T h e r e are s o m e
in tim a tio n s th a t m o n e t a r y in fla tio n in th is c o u n tr y m a y h a v e
m o ro o r less e ffe c t in b o lste r in g u p p ric e s.
B e sid e s th e h igh
p rice o f w h e a t, it is a r g u e d b y s o m e , w ill n a tu r a lly h a v e
a m o re o r less b r a c in g e ffe c t o n c o r n , to s a y n o th in g o f th e
f a c t th a t th e c o n s u m p tio n is lik e ly to bo la rg e th r o u g h th o
e ffo r ts to c o n se r v e w h e a t s t o c k s , w h ich m a y b o e x p e c te d
to c o n tin u e fo r so m e tim o to c o ra o, if n o t fo r th o w h o le
s e a so n n o w ju s t o p e n e d .
C a n a d a is to uso m o ro c o rn flo u r
a n d s a v e w h e a t fr o m J u ly 1 5 .
T o - d a y prices a d v a n c e d .
T h o y s h o w a n a d v a n c o fo r th o w e e k .
D A I L Y C L O S IN G P R IC E S O F C O R N IN N E W Y O R K .
Sal. M o n . Tu es. W ed. Thurs. F ri.
N o . 3 y e l l o w . . * . . . .........................c t s .2 0 0 % 1 9 3 % 1 93 % 1 9 3 % H ’d a y . 170
D A I L Y C L O S IN G P R IC E S O F C O R N F U T U R E S IN C H IC A G O .
Sat. M o n . Tu es. W ed. Thurs. F ri.
J u ly d ol. in c lo v .(n o w c o n t r a c t ) c t s .l 4 8
1 4 7 % 1 4 9 % 1 4 9 % H o li- 1 31 %
A u g . d e l. In o le v . (n ew c o n t r a c t ) . . 1 4 7 % 1 4 9 % 1 5 1 % 153
d a y . 1 54 %
O a ts d ec lin ed fo r a tim o , ow in g to b e tte r w e a th e r an d
p a r tly in s y m p a th y w ith a fa ll in c o rn .
T h o h o t w a v e in
th o S o u th w e s t h as b e e n b ro k o n a n d g o o d ra in s in K a n s a s
a n d N o b r a s k a u n d o u b te d ly h a d th e ir n a tu ra l e ffe c t.
The
E a s te r n d e m a n d a t C h ic a g o h as boon lig h t .
R e c e ip ts liav o
boon q u ite la rg o .
T h is h a d fo r a tim o all tho m o ro o ffe c t
fro m th e sm a lln e ss o f tho h o m o a n d fo re ig n d o m a n d .
E a sio r
p ro m iu m s ru le d in tho sa m p lo m a rk o t a t C h ic a g o .
Com
m issio n h ou ses h a v o boon se llin g J u ly s te a d ily .
E a r ly in
th e w eo k N o . 3 w h ite n ew g rain so ld d o w n to 5 c e n ts ov or
J u ly .
L iv e r p o o l a d v ic e s s ta te th a t co n d itio n s sh o w little
c h a n g o ’ arriv als c o n tin u o fair an d a llo c a tio n s h a v o in creased
s o m o w h a t.
T h o d e m a n d , h o w o v e r, c o n tin u e s a c tiv o . A m e r i
c a n o x p o rt o fferin gs aro s a tisfa c to r y a n d crop a c c o u n ts aro
n o w o f a m oro fa v o ra b lo n a tu re , a lth o u g h p re v io u s rop orts
h a d m e n tio n e d d eterio ra tio n in so m e s e c tio n s.
G ood quan
titie s aro cle arin g fro m tho A r g o n tin o , a n d o x p o rt o ffrin g s
thoro aro p le n tifu l a t c o n se r v a tiv e p rices.
T h o C o n tin e n
ta l d o m a n d c o n tin u e s a c tiv o , w ith a b so r p tio n in creas
in g .
T h o flo a tin g q u a n tit y h as boon slig h tly re d u c e d .
O n th o o th e r h a n d , o a ts aro co n sid e re d b y m a n y as re la
tiv e ly c h e a p as c o m p a r e d w ith c o r n , a lth o u g h o v e n if h o t so
m u c h so b y a n y m e a n s as th e y w ero a y e a r a g o .
A n d it is
p o in te d o u t th a t th o c o n d itio n o f th o crop h a s d e te r io r a te d
s o m o w h a t.
C e r ta in ly a p r iv a to re p o r t p u t th o c o n d itio n a t
8 5 . 7 % , a g a in s t 9 0 . 9 % a m o n th a g o , p o in tin g to a y io ld o f
1 ,4 5 8 ,0 0 0 ,0 0 0 b u sh o ls, a g a in s t 1 ,5 8 7 ,0 0 0 ,0 0 0 b u sh o ls h a r
v e s te d la s t y e a r , th a t b o in g th o la r g e st o v er r a is e d .
If wo
g e t a cro p o f closo to 1 ,4 6 0 ,0 0 0 ,0 0 0 b u sh e ls it w ill b o th o
la r g o st ovor ra ise d , w ith th o e x c e p tio n o f th a t o f 1 9 1 7 a n d
1 9 1 5 , th a t o f th e la tte r y o a r b e in g 1 ,5 4 9 ,0 3 0 ,0 0 0 b u s h o ls .
E x p o r t d o m a n d h as in c r e a se d , a n d th is c a u se d a r a lly , so
th a t p ric es closo h ig h er fo r th e w e e k , th e riso t o -d a y b o in g
p a r tly d u o , h o w o v e r, to a rise a t W in n ip e g b e c a u se o f d ry
w e a th e r in th o C a n a d ia n N o r t h w e s t .
E x p o r t sale s o f la te
aro re p o r te d b y C h ic a g o a t 1 ,5 0 0 ,0 0 0 b u sh o ls.
D A IL Y
C L O S IN G
OF O A TS IN N EW Y O R K .
Sat. M o n . T u es. W ed . T hurs. F ri.
8 9 % H o li- 89
S ta n d a r d s .................... ............. c t s .8 8 % - 8 9 8 8 % 8 8 % - 8 9
N o . 2 w h lto ............................. .........
89
88%
89
89%
day. 89%
D A I L Y C L O S IN G P R IC E S O F O A T S F U T U R E S IN C H IC A G O .
Sat. M o n . Tu es. W ed. Thurs. F ri.
J u ly d o l. l n e lo v . ( n e w c o n t r a c t )c t s . 80
72
72%
7 3 % I I o ll- 7 4 %
A u g . d o l. in ole v . (n ow c o n t r a c t ) — 7 2 %
68
69%
69%
day. 71%
P R IC E S
T h o fo llo w in g aro closin g q u o ta tio n s :
FLOUR.
S p r in g ............................. $11 80 (
T a p io c a flo u r
_______
n o in .
w in t e r ............................. 11
50
H o m in y (1 0 0 -lb . s a c k s ) . . . * . .$ 5 4 2 %
Y e llo w g r a n u la te d ...................... 4 8 0 %
K a n s a s ______________ 11
50
R y e flo u r ------------------ 10 00 „
B a rle y g o o d s — P o r ta g e b a rle y :
N o . 1............................................ $8 50
C o r n g o o d s , all sack s 100 lbs.
N o s . 2, 3 an d 4 . . . ...................
8 15
W h i t e ..................................
55 20
B o lt e d ..................................
4 80
N o s . 2 -0 an d 3 - 0 ............... 8 5 0 @ 8 65
N o . 4 -0
................................... 8 80
C o r n flo u r --------------------- 5 2 5 ® 5 75
C o r n s t a r c h _____ p er lb . 5 % @ 6 c .
C o a rse ,
N o s . 2, 3 an d 4 ______ 5 80
R ic e flo u r , s p o t and to
O ats g o o d s — C a rlo a d , s p o t d e
a r r iv e _________ p er lb . 9 % ( 3 1 0 % c .
liv e ry ...............................................
9 80
B a rley flo u r ( t o a r r !v o ) . 8 7 9 0 0 9 00
93
THE CHRONICLE
G R A IN .
O ats—
W h eat—
S t a n d a r d ___________-------------N o . 2 r e d ____________ ...........$2 3 6 %
N o . 1 s p r i n g ------------- ........... 2 3 9 %
N o . 2 w h ite ________ -------------N o . 1 N o rth e r n ______ ........... 2 3 9 %
N o . 3 w h ite ________ •
.............
C o rn —
N o . 4 w h ite ________ .................
N o . 3 m i x e d ________ ...........I 70
B a rle y —
N o . 2 y e l l o w ________ ---------1 80
F e e d i n g ____________. $1
N o . 3 y e l l o w ________ ...........1 70
M a l t i n g ......................... 1 3 0 @
N o . 4 y e l l o w ________ ---------1 60
R ye—
A r g e n tin e ____________
W e s t e r n ___________________ - 1
89
89%
88%
88
25
135
70
^ T h o s ta te m e n t "'of th o m o v e m e n t o f ? b r e a d s tu ffs 'to ',m a r k e t
in d ic a te d b e low are p re p a re d b y u s f r o m figu res co lle c te d b y
th o N e w Y o r k P ro d u c e E x c h a n g e .
T h e r e c e ip ts a t W e s t e r n
la k e a n d riv e r p o r ts fo r th e w e e k e n d in g la s t S a tu r d a y an d
s in c e lA u g . 1 fo r e a ch o f th e la s t th re e y e a r s h a v e b e e n :
Receipts at—
C hicago_____
Minneapolis .
Milwaukee
C le v e la n d ___
St. Louis____
P e o r ia ............
Flour.
Corn.
Wheat.
Oats.
Barley.
R ye.'
bbls.im bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bush ,5616s.
1,985,000 2,754,000
17,000
47,000
111,000
232,000
1,131,000
241,000
477,000
169,000
50,000
25,000
6,000
586,000
138,666
44,000
14,000
9,000
27,000
41,000
35,000
7,000
52,000
37|000
64,000
153,000
1,000
3,000
1,000
574,000
3,000
416,000
2,000
36,000
46,000
324,000
8,000
1,000
29,000
11,000
655,000
82,000
321,000
126,000
557,000
384,000
63,000
Total w k. *18
Same wk. ’ 17
Same wk. ’ 16
206,000
255,000
331,000
1,429,000
2,331,000
4,995,000
4,470,000
4,512,000
3,929,000
115,000
127,Oj O
171,000
5,413,000
462,000
3,874,000
560,000
4,065,000 1,774,000
1917-18____ 14,807,000 165,299,000 228,213,000 304,535,000 52,304,000 23,067,000
1916-17____ 17,673,000343,516,000 505,020,000257,045,000 82,298,000 20,781,000
1915-16____ 19,000,000486,504,000213,815,000206,171,000 110285000 22,023,000
T o t a l re ce ip ts*o f flo u r a n d g rain a t th o s e a b o a r d p o r ts fo r
tho w e e k on d od J u n o 2 9 1 9 1 8 fo llo w :
Receipts at—
Flour.
New Y o r k ___
Philadelphia _
Ila ltlm o ro___
New Orleans*
M ontreal____
Corn.
Wheat.
Barrels.
214,000
34.000
51.000
39.000
28.000
51,000
Oats.
Bushels.
102,000
32.000
24.000
31.000
Bushels.
45.000
7.000
10.000
6.000
297,000
2,000
Rye.
Barley.
Bushels.
Bushels.
Bushels.
61,000
304.000
66,000
7,000
448.000
1,000
32,000
448.000
25,000
38,000
350.000
97,666
1,000
308.000
3,000
T otal wk. ’ 18
347,000
191,000 1,896,000
192,000
101,000
417,000
Since Jan.1’ 18 12,948,000 13,977,000 13,811,000 55,790,000 6,700,000 2,736,000
74,000
W eek 1917_
_
307,000
435,000! 5,031,000
1,082,000 3,519,000
Since Jan.1’ 17 11,006,000128,738,000 35,322,000 70,851,000 8,794,000 6,264,000
♦Receipts do not Include grain passing jthrough New Orleans for foreign ports
on through bills of lading.
T h e e x p o r ts fro m th e several se a b o a r d p o r ts fo r th e w ee k
e n d in g J u n e 2 9 1 9 1 8 aro s h o w n in th e a n n e x e d s ta te m e n t:
Exports from—
Rye.
Flour.
Barley- Peas.
Corn.
Oats.
Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
Wheat.
Bushels.
10,700
Total week_____
10,700
W eek 1917.............. 5,976,715
20,424
182,992 1,067,921
394,010
161,162 105,400
20,424 182,992 1,229,083 105,400 394,010
403,557 107,932 4,005,524 60,000 686,000
9,530
T h o d estin a tio n o f th ese e x p o r ts fo r th e w e e k a n d since
J u ly 1 1 9 1 7 is as b e lo w :
Flour.
Exports for Week
Week
Since
and Since
June 29
July 1
July 1 to—
1917.
1918.
Barrels.
United K ingdom . 17,035
Continent_______ 165,957
So. & Cent. Amer.
B rit.N o.A m .C ols.
Other C ou ntries..
______
Corn.
Wheat.
Week
June 29
1918.
Barrels.
2,259,748
3,429,023
243,909
412,261
5,250
71,364
T o ta l.................. 182,992 6,421,555
Total 1916-17____ 107,932 12,179,043
Bushels.
10,700
Since
July 1
1917.
Week
June 29
1918.
Since
July 1
1917.
Bushels.
Bushels.
Bushels.
14,715,892
23,338,157
28,645,394
20,424 7,473,027
94,797
583,736
7,282
201,509
200
............
32,190
— U ,i7 5
20,424 22,985,339
403,557 49,373,633
10,700 52,118,020
5,976,715 255,804,301
T h e w o r ld ’ s sh ip m e n ts o f w h e a t a n d co rn fo r th e w ee k
on d in g J u n e 2 9 1 9 1 8 a n d sin ce J u ly 1 1 9 1 7 a n d 1 9 1 6 are
sh o w n in th e fo llo w in g :
Corn.
Wheal.
Exports.
01916-17.
1917-18.
Week
June 29.
Since
July 1.
Since
July 1.
1917-18.
Week
June 29.
Since
July 1.
al916-17.
Since
July 1.
Bushels.
Bushels.
Bushels.
N orth Amcr* 2,928,000 255,019,000 343,767,000
6,352,000
Bushels.
Bushels.
Bushels.
448,000 33,874,000 52,401,000
A rgen tin a... 3,588,000 64.628.000 63,13V ,000
Australia___
720.000 40.291.000 47.952.000
200.000 15.332.000 32.838.000
O th .countr’s
42,000 3,216,000 3,096,000
18,446,000 101,000,000
T o t a l ____
7,478,000 378,486,000 497,142,000
<58,000
3,792,000
5,081,000
516,000 56,112,000 158,482,000
* North America.— The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This Is effective
during the continuance of the war. a Revised.
T h o q u a n tit y o f w h e a t a n d co rn a flo a t fo r E u r o p e o n d a te s
m e n tio n e d w a s as fo llo w s :
Wheat.
United
Kingdom.
June 29 191 8..
Juno 22 191 8..
Juno 30 1917..
July 1 191 6..
Continent.
Bushels.
Bushels.
N ot avail able
N ot avail able
N ot avail able
Corn.
Total.
United
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
55,712,000
14,807,000
94
T h e v isib le su p p ly o f g r a in , c o m p risin g th e sto c k s in
g r a n a r y a t p rin c ip a l p o in ts o f a c c u m u la tio n a t la k e a n d
se a b o a r d p o r ts J u n e 2 9 1 9 1 8 w a s a s fo llo w s:
U n ited S tates—
New Y o r k ................................
B o s to n _________
P h iladelphia...........................
Baltim ore__________________
N ewport N ew s____________
New Orleans______ _______
Galveston__________________
B u ffalo......................................
T o l e d o ____________________
D etroit____________________
Chicago .....................
M ilw aukee...................
D ulu th....................................
M inneapolis________________
St. Louis............ .............. ......
Kansas C ity...................
Peoria______________________
Indianapolis________________
O m a h a ____________________
On Lakes__________________
G R A IN STO C K S.
Corn.
Oats.
Wheat.
bush.
bush.
bush.
503,000
850,000
23,000
560,000
3,000
166,000
509,000
17,000
503,000
382,000 1.497.000
3,000
______
953,000
5,000
211,000 2.977.000
12.0(10
_ ___
4,000
983,000
724,000
304,000
163,000
120,000
9,000
70,000
77,000
24,000
21,000 4,217,000 2,363,000
4,000
574,000
248,000
7,000
65,000
370,000
382,000
95,000
...........
374,000
372,000
41,000 1,307,000
567,000
286,000
230,000
22,000
140,000
709,000
3,000
577,000
490,000
______
200,000
Rye.
bush.
17,000
15,000
57,000
____
3,000
59,000
66,000
393,000
22,000
1,000
100,000
2,000
9,000
Barley.
bush-.
261,000
201,000
185,000
48,000
126,000
80,000
129,000
271,000
41,000
46,000
574,000
50,000
2,000
25.000
44.000
3,000
Total Ju n e29 1918.............
785,000 11,304,000 13,167,000 747,000 2,0S9,000
Total June 22 1918_______
435,000 12,049,000 13,639,000 776,000 2,648,000
Total June 30 1917_______ 14,209,000 3,277,000 9,740,000
515,000 1,441,000
Total July 1 1916.............42,629,000 6,870,000 12,452,000 452,000 1,990,000
N ote.— Bonded grain not Included above: Oats, 9,000 New Y ork: total, 9,000
bushels, against 3,464,000 In 1917; and barley, 14,000 Duluth; total, 14,000, against
604,000 In 1917.
Canadian—
M o n tre a l................................. 2,271,000
F t. W illiam & P t. A rth u r..
868,000
Other C a n a d ia n ___________ 1,564,000
3,650,000
5,222,000
______
............ 1,328,000
................................
______
______
124,000 8,872,000
109,000 12,065,000
907,000 14,437,000
244,000 11,796,000
............ 1,328,000
______ 1,067,000
217.000
293,000
64,000
202,000
Am erican...................................
785,000 11,364,000 13,167,000
Canadian...............
4,703,000
124,000 8,872,000
747.000 2,089,000
........... 1,328,000
T otal
Total
Total
T otal
June 29
Ju n e22
June 30
July 1
1918............. 4,703,000
1918............. 4,907,000
1917_______ 11,244,000
1916........... .22,621,000
124,000
............
______
Summary—
Total
Total
Total
Total
[Vol. 107
THE CHRONICLE
June
June
June
July
29 1918............ 5,488,000 11,488,000 22,039,000
22 1918............ 5,342,000 12,158,000 25,701,000
30 1917_______25,453,000 4,184,000 24,177,000
1 1 9 1 6 _______65,250,000 7,114,000 24,248,000
W EATHER
JULY
2 .— T h e
issu e d
by
th e
B U L L E T IN
FOR
g e n e ra l s u m m a r y
D e p a rtm e n t
THE
of
747.000
776.000
732.000
516.000
W EEK
E N D IN G
th e w e a th e r
o f A g r ic u ltu r e ,
3,417,000
3,715,000
1,734,000
2,192,000
b u lle tin
in d ic a tin g
th e
in flu e n c e o f th e w e a th e r fo r th e w e e k e n d in g J u ly 2 , is as
fo llo w s :
C O T T O N .— E x ce p t in T e x a s , th e w eek Just c lo se d c o n tin u e d fa v o r a b le
fo r c o t t o n , a lth o u g h th e n igh ts w oro t o o c o o l fo r ra p id g r o w th in th e C a ro lina s.
G o o d sh ow ers o c c u r re d in O k la h o m a , A rk a n sa s, an d in m o s t lo ca li
ties east o f t h e M ississip pi R iv e r , th o rainfall be in g fa ir ly h e a v y in Sou th ern
G e o rg ia an d N o rth e r n F lorid a . A fe w sh ow ers o c c u r re d lo c a lly in C en tral
a n d N orth ern T e x a s , b u t elsew hero in th a t S ta te th o d r o u g h t co n tin u e s , th o
w eek bein g rainless in th e so u th e rn a n d w estern p o r tio n s . T h o d ro u g h t in
T e x a s w as in ten sified b y c o n tin u e d h ig h te m p e ra tu re s.
In th e cen tral
o r tio n s o f th e b elt th o tem p e ra tu re fo r th o w eek av e ra g e d near th o n orm al,
ut in th o ex trem e eastern p o r tio n su b n o rm a l te m p e ra tu re s pre v a ile d .
T h o ea rly p la n te d c o t to n is h o ld in g o u t w ell in T e x a s , b u t th o late p la n te d
is su fferin g s e v erely fr o m d r o u g h t, p a r ticu la r ly in t h e w estern p o r tio n ,
w h ero th o p la n ts are re p o r te d as d y in g . T h o c r o p co n tin u e s in e xcellen t
c o n d it io n , h o w o v e r , in O k la h o m a , a n d th o g e n e ra l sh ow ers an d m o d o r a to
tem p era tu res w ero v e r y ben e ficia l in A rk a n sas. E a s t o f th e M ississip p i
R iv e r c o t t o n c o n tin u e s s a tisfa c to r y d e v e lo p m e n t an d is w ell c u ltiv a t e d ,
a lth o u g h t o o m u c h rain o c c u r re d in N o rth e r n F lo r id a . B o ll-w e e v il aro
in crea sin g in m a n y s ection s fro m S o u th e rn G e o rg ia w e stw a rd t o N o rth e r n
L ou isia n a , b u t t h e y aro r e p o r te d fr o m o n ly a fo w lo ca litie s in A rk a n sas.
W I N T E R W H E A T .— W in te r w h e a t is c o lo r in g a n d m a tu rin g n o r th t o
th o n orth ern lim its o f th o c o u n tr y .
T h o w o rk o f h a rve stin g w as d e la y e d in
t h o C en tral M ississip p i V a lle y b y h e a v y rains a n d so m e grain w as d a m a g e d .
T h e w eath er w as fa v o r a b le fo r th rash in g in th o S o u th a n d th is w o rk m a d e
r a p id progress. T h e y ie ld is e x c e p tio n a lly g o o d in M is s o u r i, b u t th e c r o p
w as d a m a g e d in N o rth -C e n tra l an d W estern K a n sa s b y d r o u g h t a n d h igh
tem p era tu res. A g o o d y ie ld is re p o r te d fro m th o O h io V a lle y , b u t in th e
M id d lo A tla n tic C o a s t S tates s o m e h ead s fillo d p o o r ly o n a c c o u n t o f
p re v io u s d r y , h o t w ea th er.
It is h e a d in g sh o rt in O regon a n d s o m o lias
beon c u t fo r h a y .
W in te r w h e a t h a rv e st w as b e g u n d u rin g th o w eek Just
clo s e d as far n o r th as ex tre m o S ou th ern P e n n sylva n ia , th o n o rth e rn p o r
tion s o f O h io, In d ia n a an d Illin o is, S ou th ern I o w a , an d t o th o n o rth e rn
p o r t io n o f N eb ra s k a .
D u r in g th o c o m in g w eek it w ill begin w ell t o th o
n orth ern lim its o f th o p rin cipa l w in te r-w h e a t b o lt.
It w as begu n in s o m o
o f th o v a lle y s w est o f th o R o c k y M o u n ta in s as fa r n o r th as Id a h o an d
O regon .
H a rv estin g has been p ra c tic a lly c o m p le t e d as far n o r th as S o u th
ern In d ia n a , S ou th ern M is s o u ri a n d S ou th ea stern K a n sa s; also in th e s o u th
ern d istricts o f th e W e s t.
S P R I N G W H E A T .— S prin g w h e a t is g ro w in g v e r y w ell in th o s o u th e a st
ern sp rin g -w h ea t S tates an d is gen e ra lly in g o o d c o n d it io n .
It is h ead in g
in M in n e s o ta an d is fro m g o o d t o e x ce lle n t in th o sou th ern p o r tio n o f the
S ta to.
It d ete r io r a te d s om o in N o rth e r n M in n e s o ta , d u o t o la ck o f m o is
tu re an d h igh , c o ld w in d s. T h o la ck o f rainfall is h a v in g a seriou s e ffe c t
o n th is c r o p in th o w estern tw o -th ird s o f N o r t h D a k o t a , e sp e cia lly the
ea rly p la n ted . S prin g grains w ero b e n e fite d b y th o s c a tte re d sh ow ers and
c o o le r w eath er th a t p re v a ile d in M o n t a n a , e sp e cia lly in th o n o rth e rn p o r
tion s o f th o S ta to. T h e y aro h e a d in g s h o rt th ere, h o w e v e r , as w ell as in
th e N o rth P a cific S tates. S o m o has be e n c u t fo r h a y in O re g o n .
H a r
v e s tin g is begin n in g in ex trem e S ou th ern I o w a .
C O R N .— L ig h t t o h e a v y rains fell o v e r th o p rin cip a l c o r n S tates d u rin g
th e w eek , an d th ere w as a d e c id e d im p ro v e m e n t fr o m th o M isso u ri V a lle y
ea stw a rd to th e O h io V a lle y . T h is c r o p im p ro v e d in m o s t se ctio n s o f tho
S ou th fro m th e low er M ississip pi V a lle y eastw a rd , b u t th o d r y w eather
h a d a d eteriora tin g e ffe c t in T e x a s . C o r n w as fu rth e r d a m a g e d b y h o t
am i d r y w eath er d u rin g th o e a rly p a rt o f th o w co k in O k la h o m a , b u t rains
an d som ew h a t c o o le r w eath er o c c u r re d th o latter p a rt a n d ca u se d fa v o r a b lo
c o n d itio n s an d th e b u lk o f c o r n has a fa ir p r o s p e c t.
I t m a d o a sp le n d id
g r o w th in K ansas w h erever rain fell, a n d it is silk in g an d tasseling in th e
eastern p o r tio n o f th a t S tato an d in M is s o u r i. T h o w eek w as t o o c o o l fo r
th e b est g r o w th o f c o r n fr o m th e O h io V a lle y n o rth e a s tw a rd . C o r n is
g en era lly w ell c u ltiv a t e d .
O A T S , B A R L E Y , & C .— I n th e ex tre m o N o rth e r n S tates th e o a t c r o p is
in gen era lly fair t o g o o d c o n d it io n . T h e re is so m o c o m p la in t o f h ead in g on
s h o r t stalk s, b u t th o h ead s aro w ell fille d , e x c e p t in th o C en tral an d L ow er
G rea t P lain s a n d N o r t h P a c ific C o a s t S ta te s, w h ero th e h o t a n d d r y
w eath er has been d etrim en ta l t o this c r o p . T h o sp rin g o a t h a rv e st is in
p rogress n o r th t o C en tral V irgin ia , S o u th w estern In d ia n a , a n d S o u th
eastern N eb ra s k a , as sh ow n b y C h a rt V .
D u rin g th e fo llo w in g t w o w eeks
this w ork is e x p e c te d t o p rogress n o rth w a rd t o th o n o rth e rn p o r tio n s o f
In d ia n a , Illin ois, Io w a a n d S o u th e rn S o u th D a k o t a . T h o th rash in g o f
w in ter o a ts p rogressed u n d er fa v o r a b lo c o n d itio n s in th o S ou th ern S tates.
L a ck o f m oistu re has u n fa v o r a b ly a ffe c te d b a rle y a n d ry e in n ea rly all o f
th o G rea t P lains S tates, as w ell as in th e R o c k y M o u n ta in region a n d th o
N o r t h P a cific C o a s t in th o se ctio n s w h ero rain has beon d e fic ie n t.
In
m o s t eastern d istricts th o rainfall w as s u ffic ie n t fo r th eso c r o p s an d th e y
aro well fillod a n d prom isin g . T h o w eath er w as fa v o r a b lo fo r th e g r o w th
o f rico in n ea rly all se ctio n s w h ero th is c r o p is g ro w n .
R y e an d barley
h a rv est is well u nd er w a y an d has be o n c o m p le te d in th o cen tral an d
s ou th ern d is tricts .
In th o P a c ific C o a s t S tates r y e is b e in g h a rve ste d
n o r th t o W a sh in g ton .
E
P O T A T O E S .— T h e w o a th e r d u rin g th o w eek w as m o s t ly fa v o r a b lo fo r
a b ly a ffe c te d p o t a t o e s .
TH E D R Y GOODS TR A D E .
New York, Friday Night, July
W ith
5 1918.
th o F o u r th o f J u ly h o lid a y in te r r u p tio n , a n d
th o
p rice b a sis t o b o fix e d b y th o P ric e F ix in g B o a r d still u n
ann ounced,
m a r k e ts
d u rin g
p ast
a n x io u s
th e
fo r
th o
fo r
w eek.
d ry
B o th
G overn m en t
goods
have
buyers
to
and
c o m p lo te
p ro g ra m so t h a t b u sin e ss c a n b e r e s u m e d .
re m a in e d
sellers
its
q u ie t
appear
p ric e -fix in g
M a n y m ills are
said to b e r e a d y to a c c e p t n e w ord ers as soo n a s th e fix e d
b a sis is n a m e d , w h ile b u y e r s aro in n e ed o f su p p lie s.
F u r th e r
m e e tin g s h a v e b e e n h e ld b o tw e e n th e v a rio u s c o m m itte e s in
ch a rg e o f th e p rice fix in g a n d th e W a r In d u s trie s B o a r d , a n d ,
w h ile n o th in g h a s b e e n a n n o u n c e d o ffic ia lly , it h as b e e n ru
m o re d th a t lo w e r q u o ta tio n s th a n th o se p re v a ilin g h a v e b eon
d ec id e d u p o n .
I t h as b een in tim a te d th a t p rin t c lo th s w ill
b e in th e n e ig h b o rh o o d o f 8 3 co n ts p er p o u n d , w ith sh e etin gs
6 0 to 7 0 c e n ts p er p o u n d fo r 3 a n d 4 -y a r d g o o d s , r e s p e c tiv e ly .
I f this p ro v e s to b e th o c a s e , th o a b o v e p rices w ill sh o w c o n
ce ssion s ra n g in g fr o m th ree to o v e r fo u r co n ts fr o m p re v a ilin g
q u o ta tio n s .
A lt h o u g h d e v e lo p m e n ts a s re g a rd s ra w c o tto n
are u s u a lly im p o r ta n t fa c to r s in sh a p in g th e co u rse o f th o
c o tto n g o o d s m a r k e t s , th o d o w n w a rd te n d e n c y o f ra w c o tto n
p rices a n d fa v o r a b lo p ro sp e c ts fo r tho now crop h a v e o f la te h a d n o e ffe c t.
T h o re a so n fo r th is is n o d o u b t d uo to th e
h e a v y in crease in o p e ra tin g c o s ts .
A c c o r d in g to p re sen t
in d ic a tio n s a s re p o rte d b y th e D e p a r tm e n t o f A g r ic u ltu r e ,
th e y ie ld o f ra w c o tto n th is y e a r w ill be a b o v e tho 1 5 ,0 0 0 ,0 0 0 b a le m a r k .
In v ie w o f th o u n fa v o r a b le ox p o rt s itu a tio n ,
th is w o u ld le a v e a largo su rp lu s fo r d o m e s tic m ills to d ra w
fro m .
T h e r e c o n tin u e s to bo c o n sid era b le la b o r u n rest in
m a n u fa c tu r in g c e n tre s, n o t a b ly N o w E n g la n d , w h ere th e re
h a v e b eon se ve ra l strik es fo r h ig h er w a g e s .
D e s p ito tho
h ig h p a y m ills are a lr e a d y g iv in g th eir o p e r a tiv e s , la b o r is
d iffic u lt to h o ld , an d as a re s u lt m a n y m a n u fa c tu r e rs are
u n a b le to k eep all th eir m a c h in e r y g o in g .
T h e ro is little
d e la y in fillin g ord ers fo r th o G o v e r n m e n t , h o w e v e r , a s a ll
su ch b u sin e ss re ce iv e s p re fe ren c e, b u t su p p lie s for civ ilia n
a c c o u n t are b o in g h eld b a c k .
C o n d itio n s su rro u n d in g tho
e x p o r t d iv isio n o f th o m a rk o t re m a in a b o u t u n c h a n g e d .
T h e r e is q u ite a g o o d in q u ir y , b u t little b u sin e ss is b e in g
a c c e p te d , o w in g to th o d iffic u lty in fillin g th e ord ers d u e to
th e h igh p ric es, sc a rc ity o f su p p lie s a n d u n fa v o r a b le s h ip p in g
s itu a tio n .
D O M E S T I C C O T T O N G O O D S .— S ta p le c o tto n g o o d s
m a r k e ts are s till w a itin g fo r th e a n n o u n c e m e n t o f th e o ffic ia l
p rice b a s is , a n d in th e m e a n tim e ru le q u io t.
A ll in te r e sts
a p p e a r a n x io u s to re su m e b u sin e ss ju s t as s o o n as th e fix e d
p rices are m a d e k n o w n , b u t p e n d in g th o a n n o u n c e m e n t o f
th ese fe w ca re to e n te r in to n e w c o m m it m e n t s .
Secon d
h a n d s h a v e b e e n se llin g m o re fr e e ly , a n d it is p re d ic te d th a t
re se llin g b y s u c h in te re sts w ill in cre ase w h e n p rices aro
fix e d .
S u p p lie s o f g o o d s n e v e rth e le ss c o n tin u e s c a rc e , a n d ,
w h ile p ro s p e c ts aro fo r lo w er p ric e s, it is n o t e x p e c te d t h a t
th e re w ill bo a n y m a te r ia l in croase in th e a m o u n t o f g o o d s
a v a ila b le fo r c iv ilia n u s e , a s G o v e r n m e n t d e m a n d c o n tin u e s
heavy.
T h e o n ly in q u ir y o f n o te d u rin g th o w e e k , asid e
fr o m G o v e r n m e n t , c a m e fro m m a n u fa c tu r e rs o f b a g g in g ,
w h o w ere in th e m a r k e t fo r s ta p le s h e e tin g s .
V a r io u s iin e s
o f g o o d s are b e c o m in g m o ro d iffic u lt to secu re e a ch d a y , a n d
m a n y c o n s tr u c tio n s a re n o lo n g e r b e in g m a d o .
T h o u n d e r
to n e o f th e d r y g o o d s m a r k e ts in g e n e ra l h as b e e n a little
easier d u rin g th o w ee k in a n tic ip a tio n o f th o lo w e r p rices
e x p e c te d to b e n a m e d b y th o G o v e r n m e n t .
G ra y good s,
383d>-inch s ta n d a r d , are q u o te d a t 1 9 c .
W O O L E N G O O D S .— T h e o n l y n o w d e v e l o p m e n t o f i m
p o r t a n c e in t h e m a r k o t s fo r w o o le n s a n d A v orstod s d u r in g t h e
A veek lia s b e e n t h e p r o g r e s s i n t h o m o v e m e n t t o e l im i n a t e
s p e c u la tio n a n d p u t a s t o p to p r o fite e r in g b y th o c o n s id e r a
t io n o f a p la n t o lic e n s e c o n s u m e r s .
I n t h o m e n ’ s A vear t r a d e
b u y e r s a r e d o in g v e r y lit t le a s id e f r o m t a k in g c a r o o f p r e s s in g
needs.
M a n u f a c t u r e r s a r o p a t i e n t l y A v a il i n g t h o G o v e r n
m e n t a l l o t m e n t o f avooI t o b o u s e d f o r m a k i n g g o o d s f o r c i v i l
ia n a c c o u n t .
C u tt e r s -u p a ro r e p o r t e d p ic k in g u p fa b r ic s
A vh erever o b t a in a b le , b u t th e re a ro v e r y fo w t o b o h a d , p a r
t ic u la r ly fr o m fir s t h a n d s .
F O R E I G N D R Y G O O D S .— O A v in g t o t h o s m a l l n e s s o f
s u p p lie s , t r a d e in lin e n m a r k e t s is q u i o t .
Im p o rte rs h a v e
v i r t u a l l y p o t h i n g t o o f f e r b u y e r s , a n d A v h a t foA v g o o d s t h e y
h a v e o n h a n d t h e y a r e r e lu c t a n t t o s e ll.
M o s t o f th e fa b r ic s
noA v b e i n g sh o A v n t o o u t - o f - t o A v n b u y e r s c o n s i s t o f c o t t o n s o r
o th e r s u b s titu te s .
P r ic e s f o r p u r e lin o n s a r o a d v a n c in g
s t e a d i l y , b u t A vhen g o o d s a r o o f f e r e d t h o y a r o r e a d i ly a b s o r b e d
n o t A v it h s t a n d in g .
W h ile a d v ic e s fr o m
abroad h ave been
m o r e r e a s s u r in g o f la t e r e g a r d in g t h o o u t l o o k f o r s u p p lie s ,
t h e y h o ld o u t lit t le h o p e f o r a n y im p r o v e m e n t w it h in th o
n ea r fu tu ro .
A fa ir a m o u n t o f lin o n s a r o s a id t o b o a f lo a t ,
h oA vever, a n d d u o a n y d a y .
N o m a t t o r Iio a v s m a l l t h e a r r i v
a ls a r e , t h e y a r o A v e lc o m e d b y i m p o r t e r s , a s t h o y h e l p t o k e e p
th e ir b u s in e s s g o i n g , if o n l y in a lim it e d A vay.
A s a r e s u lt
o f t h e h o l id a y , b u s in e s s in t h e m a r k o t f o r b u r la p s h a s b e e n
q u ie t.
A s s u p p lie s a r o lig h t , th o u n d e r t o n e r e m a in e d s t e a d y
A v ith l i g h t A v e ig h t s q u o t e d u n c h a n g e d a t 1 9 c . a n d h e a v y
w e ig h t s a t 2 3 .7 5 c .
July C 1918.]
THE CHRONICLE
95
S h o r t-te r m b o rr o w in g , or te m p o r a r y lo a n s , in J u n e re a ch e d
J J tW T W E N
a to ta l o f 8 3 6 ,8 6 3 ,5 0 0 , in c lu d in g $ 2 1 ,8 0 1 ,5 0 0 re v e n u e b o n d s
a n d b ills , c o rp o r a te s to c k n o te s a n d ta x n o te s p u t o u t b y N e w
’Q 'h t
Y o r k C i t y a t in te r e s t ra te s o f 3 a n d 4 % % , th e lo a n s b e a r in g
W k x a u itU .
th e fo r m e r ra te b e in g p u rc h a se d b y th e S in k in g F u n d .
PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
F o r O n o Y e a r ....................................................................................................
T h ere
is also in c lu d e d h ere a lo a n o f 8 5 ,0 0 0 ,0 0 0 m a d e b y th e c it y
$10 00
E u rop ea n S u b s cr ip tio n (in c lu d in g p o s ta g e )................................................. 13 00
E u rop ea n S u b s cr ip tio n six m on th s (in c lu d in g p o s ta g e ).................... . . "
7 50
A n n u a l S u b s cr ip tio n in L on d on (in clu d in g p o s ta g e )............................
149,
S ix M on th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s ta g e )........................ £ 1 11 8*
C a nadian S u b s cr ip tio n (in c lu d in g p o s t a g o ) ................................................. $11 50
S u b scrip tio n in c lu d es fo llo io in g S u p p lem en ts—
B a n k a n d Q u o t a t io n (m on th ly ) I R a il w a y a n d I n d u s t r ia l (3 tim e s y e a r ly )
R a il w a y E a r n in g s (m o n th ly )
E lkc tr ic R a il w a y (3 tim e s ye a rly )
S t a t e a n d C it y (sem i-an n u a lly) |B a n k e r s ’ C o n v e n t io n (y e a r ly )
£2
o f B o s t o n , M a s s ., o n a 4 . 5 6 % b a s is ; 8 1 ,9 5 0 ,0 0 0 b y N e w a r k ,
N.
J .,
a t 4 .4 9 % ;
R o c h e s te r , N .
8 5 0 0 .0 0 0 a t 4 . 6 8 %
a n d 8 5 0 0 ,0 0 0
r e s p e c tiv e ly .
by
Y .,
8 1 0 0 ,0 0 0
at 4 .7 5 % ,
a n d 8 7 3 3 ,0 0 0 a t 4 . 5 5 % : a n d 8 1 9 5 ,0 0 0
Y on k ers, N .
Y .,
at 4 .7 3 %
and 4 .5 2 % ,
C a n a d ia n issues p la ce d d u rin g J u n e a g g r e g a te d 8 1 4 ,0 3 9 ,
2 7 9 a n d in clu d e d th e fo llo w in g d e b e n tu re s : P r o v in c e o f A l
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
b e r ta , 8 8 2 5 ,0 0 0 6 s ; C a lg a r y , A lb e r t a , 8 2 ,3 0 0 ,0 0 0 7 s ; G r e a te r
T ra n sien t m atter p e r in ch sp ace (1 4 a ga to l in e s )............................
$1 oo
r T w o M on th s
(S tim e s )............... 1 22 00
Standinir B u sin ess Cards < T lireo M on th s (13 t i m e s ) . . . . . . . . .
29 00
toiauuiiig B u sin ess ea rn s < s l x M o n th s
(2 0 t im e s ).............
50 o o
L T w e lv e M o n t lis (52 t im e s )...................37
CIIic a o o O ffic e — 39 S ou th L a Sallo S tre e t, T e le p h o n e M a je s t ic 7390.
L o n d o n O f f ic e —E dw ards < S m ith , 1 D ra p e rs ’ G a rd en s, E. C.
&
W in n ip e g W a t e r D is t r ic t, M a n i t o b a , 8 1 ,0 0 0 ,0 0 0 6 s ; M o n t r e a l,
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 , F in e a n d I J e p c y s t e r S t s ., N e w Y o r k .
1918.
M U N I C I P A L B O N D SA L ES I N J U N E .
secu ritie s
co n tin u e s
in
fa v o r a b le .
m u n ic ip a l
bonds
As
w as
in
M ay,
e sp e c ia lly
J u n o in th o N e w Y o r k C i t y issu e s, p rices
m a k in g a n e w h ig h reco rd fo r th o y e a r .
th e
ren ew ed
n o tic e a b le
in
fo r th e se b o n d s
T h e 4 % s , duo I9 6 0 ,
w h ich sold as lo w as 8 7 % , a b a sis o f 4 . 9 5 % , o n A p r il 1 8 ,
o n J u n e 2 7 re a ch e d 9 5 % , a ba sis o f 4 . 4 9 % .
clo se d
at 9 6 % ,
a
ba sis o f 4 . 4 4 % .
Y e s t e r d a y th e y
The
4% s,
duo
8 1 .5 0 0 .0 0 0 6 s , a n d V ic to r ia , B . C . , 8 1 ,0 0 0 ,0 0 0 6 s .
1964,
1917.
1916.
♦Includes temporary securities (revenue bonds and bills and corporate stock
notes) Issued b y New York City, 821,801.500 In June 1918, 830,550,000 In June 1917,
S I,750,000 In June 1916, S4,400,000 In June 1915 and S24,548,139 In June 1914.
T h e n u m b e r o f m u n ic ip a litie s in th o U n it e d S ta t e s issu in g
p e r m a n e n t b o n d s a n d th e n u m b e r o f se p a ra te issues m a d e
d u rin g
c o n tr a s ts w ith 2 9 8 a n d 3 7 1 fo r M a y
for J u n e 1 9 1 7 .
A n o th e r N o w Y o r k
C it y issuo w h ich h as b e e n v e r y a c tiv e o f la to is th e 4 % s , duo
1965.
T h o so b o n d s o n A p r il 1 8 w ere d o w n to 9 3 % , a ba sis
1914.
T otal............................. 76,418,864 65,674,148 83,159,175 138,599,836 125,541,162
th o y w ere d e a lt in a t 9 5 % , a b a sis o f 4 . 4 9 % .
T h e price
1915.
Perm’t loans (U. S . ) . . . 25,516,085 2S,510,832 47,555,691 108,976,230 54,403,737
♦Temp, loans (U. S . ) . .3 6 ,S63,500 35,768,000 13,624,200 24,829,202 36,547,259
Canadian loans (perm’t) 14,039,279 1,395,316 21,979,284
4,544,904 34,590,166
Bonds U . S. possess’ns.
None
N one
N one
None
None
N one
None
N one
249,500
N one
Panama bonds________
Gen. fd. bds. (N .Y .C ).
None
None
None
N one
None
o n A p r il 2 2 so ld a t 8 7 % , a b asis o f 4 . 9 3 % , w h ile o n Ju n o 2 7
y e s te r d a y w a s 9 6 % , a b asis o f 4 . 4 3 % .
B e lo w
w e fu rn ish a c o m p a ris o n o f a ll th e v a rio u s fo r m s o f o b li
g a tio n s sold in J u n e d u rin g th e la s t fiv e y e a r s :
*
T h o m a r k e t fo r b o th lo n g -te r m a n d s h o r t-te r m m u n ic ip a l
in te r e st
Q u e b e c , 8 6 ,1 0 0 ,0 0 0 6 s ; N e w W e s t m in s t e r , B . C . , 8 5 0 0 ,0 0 0
6 s; R e g in a , S a s k ., 8 2 3 0 ,0 0 0 6 % s ; P r o v in c e o f S a s k a tc h e w a n ,
June
1918
w ere
F o r c o m p a r a tiv e
272
and
329,
r e s p e c tiv e ly .
T h is
1918 an d 4 4 3 and 6 0 4
p u rp ose s w e g iv e
th e
fo llo w in g
ta b le ,
s h o w in g th e a g g re g a te s fo r J u n e a n d th e six m o n th s fo r a
series o f y e a r s .
issu e d b y C a n a d ia n m u n ic ip a litie s are e x c lu d e d :
y e s te r d a y th o price w as 1 0 1 % , a ba sis o f 4 . 4 2 % .
Month o f
For the
Month of
For the
June.
Six Months.
June.
Six Months.
1918..................$25,516,085 8143,861,477 1905...................S19.016.754 8111,723,054
1917.................. 28,510,832 221,579,100 1904__________ 24,425,909
137,869,155
1 9 1 0 ..
47,555,691 283,464,572 1903.................. 16,926,619
79,576,434
1915................ zl08.976.230
322,928,610 1902___________ 28,417,172
87,628,395
1914.................. 54,403,737 357,557,177 1901.................. 13,468,098
61,223,060
1 9 1 3 ..
. . 39,386,230 218,879,270 1900.................. 19,670,126
77,943,665
1912...............
49.4S5.807 246,289,293 1899..............
29,348,742
63.345.376
1911__________ 27,470,820 223,262,370 1898..........
9,704,925
44,078,547
162,846,110 1S97.................. 16,385,065
1910................. 19,369,775
73.275.377
1909..........
*62,124,450 207,125,317 1890.................. 12,792,308
43,176,964
1 9 0 8 ..
. 31,606,004 169,0S2,579 1895..........
15,907,441
56,991,613
1907__________ 21,390,486
115,347,889 1894.................. 16,359,377
66,426,992
1906.................. 21,686,622
102,338,245 1893..................
1,888,935
32,663,115
1892__________ 12,249,000
49,093,291
♦Incl. 840,000,000 4a of N . Y . C ity, x Incl. S71,000,000 4)4s of N . Y . Clty.
N e w Y o r k C i t y issues w e p u b lish h e re w ith , as w o d id la s t
m o n t h , a ta b u la tio n g iv in g th o ra n g e in p rice sinco J a n . 1
1918:
------------ Range Since Jan. 1-----------Lowest Sale Prices . Highest Sale Prices.
.1966 87 % April 19
94 Vs June 25
1963 93
April 18
100) 4 July 1
1959 85
April 18
91M July 3
1958 85
April 22
90)4 July 1
1957 85
April 10
91
June 28
1956 85
Jan. 3
89)4 June 1
.1957 93)4 April 19
101) 4 July 3
1957 93)4 April 23
101
July 1
1954 76
April 24
81)4 Juno 12
New York City—
4 }4 % Corporate stock..............
4 )4 % Corporate stock.............
4 % Corporate stock......... .........
4 % Corporate stock..................
4 % Corporate stock---------------• 4 % Corporate stock registered.
N ew 4 )4 s ........... ...........................
4 )4 % Corporate stock.............
3 )4 % Corporate stock.............
The
d isp osals
of
n ew
lo n g -te r m
m u n ic ip a ls
d u rin g
th e
m o n th o f J u n e a m o u n to d to 8 2 5 ,5 1 6 ,0 8 5 , m a k in g a to ta l for
th e first six m o n th s o f 1 9 1 8 o f 8 1 4 3 ,8 6 1 ,4 7 7 .
fo r
th e
six
m o n th s
e n d in g
Juno
30
1917.
Tho
sh rin k a ge in th e to ta l fo r th e six m o n th s in 1 9 1 8 is n o t duo
to tho la c k o f d e m a n d , h o w e v e r, b u t c h ie fly to th o e ffo rts
of
tho m u n ic ip a l o fficia ls
to
c o -o p e ra to
w ith
th o
F e d e ra l
a u th o r itie s in c u rta ilin g n o n -e sse n tia l b o rro w in g a t th is tim e .
S e v e r a l g o o d -s iz e d issues Avore p la ce d in J u n e , th o largost
o f th ese b e in g b y th e c it y o f P h ila d e lp h ia , w hich' o n Juno 1 2
so ld 8 5 ,5 0 0 ,0 0 0
4% %
3 0 -y e a r b o n d s o n
a 4 .3 7 1 %
b a s is .
T h is w as th o first issuo o f 4 % % b o n d s p u t o u t b y P h ila d e l
p h ia sinco 1 8 7 6 , an d th e o n ly b o n d s o f th a t c it y n o w o u ts ta n d
in g b e a rin g a n in terest ra to h ig h er th a n 4 % .
T h e c ity o f
B u f fa lo , N . Y . , w a s in th e m a r k e t la st m o n th w itli te n issues
o f 4 % % b o n d s a g g r e g a tin g 8 1 ,4 7 0 ,0 0 0 , b u t n o t re ce iv in g a n y
b id s fo r th o b o n d s o n the (lato o f th e p u b lic o ffe r in g , su b se
q u e n tly d isp ose d o f th o issues p riv a te ly a t p a r .
N ew ark
N . J . , sold 8 7 9 4 ,0 0 0 5 s a t 1 0 3 .7 7 8 an d 8 2 3 9 ,0 0 0 5 s a t 1 0 4 .8 1 1!
T h o S ta te o f N o w H a m p sh ire p la ce d a n issu e o f 8 5 0 0 ,0 0 0
4 % % w a r b o n d s a t 1 0 2 .5 0 1 ; S t . P a u l, M i n n ., 8 2 0 0 0 0 0 4 % s
a n d 8 2 4 5 ,0 0 0 5 s a t 1 0 0 .2 2 4 , a n d th o c ity o f S y r a c u s e , N . Y .
tw o issu es o f 5 % b o n d s a g g r e g a tin g 8 5 2 5 ,0 0 0 a t 1 0 3 .2 3 !
O th e r sales w ere:
Albany, N . Y . (2 Issues)........................
Asheville, N o. C a r o . . . ............................ .
Birmingham, A la.......................................
Boon ton, N . J ____________ _____ ______
Cumberland, M d ______________ ______ _
D avenport School District, Iow a.........
Essex County, N . J ....... .......... ............ ..
Lyndhurst Township, N . J ......... .........
Millard County Drain. District, Utah.
New Brunswick, N . J ..............................
Norfolk County, M ass.......................... ..
Oklahoma City School District, Okla.
Oklmulgee, Okla. (2 Issues)...................
Port of Astoria, Ore................................
Robertson County, T enn..........................
Tulsa, Okla. (3 Issues)_______________
W estfield, N . J ...........................................
W ilm ington, N o. Caro. (3 Issues).........
O w in g to th e c ro w d e d c o n d itio n o f o u r c o lu m n s , w e are
o b lig e d to o m it th is w e e k th e c u s to m a r y ta b le sh o w in g th e
m o n t h ’ s b o n d sales in d e ta il.
I t w ill be g iv e n la te r .
T h is c o m p a re s
w ith 8 2 8 ,5 1 0 ,8 3 2 fo r J u n o 1 9 1 7 a n d a n a g g r e g a te o f 8 2 2 1 ,
5 7 9 ,1 0 0
.
I n ord or
to s h o w th e ge n e ra l u p w a rd m o v e m e n t in p rices a m o n g o th e r
I n th ese figu res te m p o r a r y lo a n s a n d b o n d s
.
o f 4 . 8 7 % , b u t o n M a y 2 9 rose to 9 9 % , a b a sis o f 4 . 5 1 % ,
a n d o n Juno 2 5 th e y a d v a n c e d to 1 0 0 % , a b a sis o f 4 . 4 8 % ;
rvmoum. Int. Rate.
5305.000
99,000
250.000
158.000
200.000
400.000
284.000
200.000
1.250.000
135.000
140.000
200.000
535.000
363.000
100.000
165.000
(41,000
(7 >,000
180.000
275,000
4M%
sq%
5 )4 %
5 )4 %
4 )4 %
5%
4 )4 %
5%
6 )4 %
5%
5%
6%
5%
5%
5%
5%
5%
5%
5%
5%
Price.
100.559
101.878
100.55
107.626
98.393
101.409
100
100.25
100
102.630
100.41
100
100.50
97.18
106
100
100.70
100.470
102.531
100.02)
N E W S ITE M S.
Arizona (State of ) . —
S p e c ia l S e s s i o n o f L e g i s l a t u r e A d
j o u r n s . — T h e sp ec ial session o f th e A r iz o n a G e n e r a l A s s e m
b ly h as a d jo u r n e d .
B e s id e s r a tify in g th e n a tio n a l p ro h ib i
tio n a m e n d m e n t to th e C o n s titu t io n , th e la w m a k e r s e n a c te d
leg is la tio n d e fin in g s o ld ie rs’ a n d s a ilo rs ’ c iv il r ig h ts , fo r b id
d in g s a b o ta g e a n d id len e ss a n d re g u la tin g c o r p o r a tio n s .
O th e r im p o r ta n t m e a su re s w ere a lso p a s s e d .
Canada (Dominion of
) . — G o v e r n m e n t A i d to C a n a d i a n
R a i l w a y s . — S ee referen ce th is w e e k in o u r “ G e n e r a l I n v e s t
m e n t N e w s ” S e c tio n .
Mansfield, Ohio.— A t t o r n e y -G e n e r a l
H o ld s B on d s In v a lid .
— A tto r n e y -G e n e r a l J o sep h M c G h e e o n J u n e 19 h e ld in v a lid
th o § 3 5 ,0 0 0 6 % 1 -2 0 -y e a r serial fir e -a p p a r a tu s b o n d s r e c e n tly
re p o rte d sold to th e S ta te In d u s tria l C o m m is s io n o f O h io .
— V . 1 0 6 , p . 2 5 7 7 — o n th e g r o u n d th a t th e o rd in a n c e p ro
v id in g fo r th e issu a n ce o f th e b o n d s d id n o t c a rry p ro v isio n s
fo r a ta x le v y to care fo r in te re st a n d s in k in g fu n d as re q u ire d
b y th e c o n s titu tio n .
San Francisco, Calif. —
P la n
M u n i c i p a l B o n d s o n I n s t a l lm e n t
P r o p o s e d . — T h e fo llo w in g a rtic le a p p e a re d in th e S a n
F ra n c is c o “ C o m m e r c ia l N e w s ” o f J u n e 1 9 c o n ce rn in g th e
p lan p ro p o se d b y “ T h e C iv ic L e a g u e ” to o ffe r th e c i t y ’ s
b o n d s o n a tw e n ty m o n th ly in s ta llm e n t b a sis:
San F ra n cis c o m u n icip a l b o n d s are still b e in g o ffe r e d fo r salo o v e r th e
c o u n te r b y C it y T rea su rer Joh n E . M c D o u g a ld w ith o u t su cce ss. T h e C iv ic
L e a gu e o f I m p r o v e m e n t C lu b s an d A s s o cia tio n s th e re fo re su ggests th a t it
m ig h t bo w ell t o o ffe r these b o n d s o n a tw e n ty m o n th ly in sta lm e n t basis.
W e re th o c it y a b le t o d isp o se o f its b o n d s , it c o u ld n o t th e n uso all o f th e
m o n e y a t o n c e , b u t o ffe r in g th em u n d e r s u ch a p la n , wro u ld c e r ta in ly m a k e
it p o ssib le t o c o n s id e r a b ly w id e n th e m a rk e t fo r th e sa m e and p r o d u c e
a ce r ta in a m o u n t e a ch m o n th t o c a r r y o n th o w o rk as it p rogresses. T h e
C iv ic L e a gu o states:
“ T h o F ed eral G o v e rn m e n t fin d s th is plan v e r y su ccessfu l in d isp o sin g o f
its L ib e r ty L o a n b o n d s a n d w e b e lie v e tn e H e tcli I le t c h y an d s c h o o l b o n d s ,
w h ich n o w h a v e re ce iv e d th e s a n c tio n o f th e G o v e rn m e n t, m ig h t b o r e a d ily
d is p o s e d o f b y o ffe rin g an in d u ce m e n t w h ich wro u ld b o p erh ap s a little
b e tte r th an th o ten m o n th ly p a y m e n ts re q u ire d b y th e G o v e rn m e n t f o r
its b o n d s.
“ T lio C iv ic L e a gu e o f I m p r o v e m e n t C lu b s a n d A s s o c ia tio n s has m a n y
m em bers w h o c o u ld a n d m o s t lik e ly w o u ld p u rch a se b o n d s u n d er su ch an
in sta lm e n t p la n an d ce r ta in ly in th e n e ig h b o r h o o d s w h ere it is p r o p o s e d
THE CHRONICLE
96
t o e r e c t s c h o o l b u ild in g s , th e cla ss o f p e o p lo w h o h a v e n o t h o r e to fo r o been
b o n d h o ld e rs m ig h t b o In du ced t o d ir e ctly h e lp th e m se lve s b y th u s p la cin g
a corta in p o r tio n o f their m o n th ly in c o m e a t in te re st, p a r ticu la r ly w hen
s u ch in v e s tm e n t w ill on ab lo th o c it y t o p r o v k lo fo r th e s c h o o l fa cilitie s so
u r g e n tly n eed ed fo r th eir ch ild re n a n d th o s o o f th eir n e ig h b o rs.
“ B u ild ers an d d ealers In real esta te h a v e lo n g a g o fo u n d th e a d v a n ta g e s
o f sellin g h ou ses a n d lots o n th o in sta lm e n t p lan anil th o p u rch a se o f a h o m e
f o r ca sh is n ow th o e x ce p tio n ra th e r th an th e rulo an d it d o e s n o t ta k e m u ch
im a g in a tio n t o p ic tu re th o e n o rm o u s r e s trictio n o f real c s ta to tran saction s
w ith th e sam e c o n fin e d s o le ly t o ca sh p a y m e n ts .
In th e a u to m o b ile
tr a d e lik ew ise m o s t cars are so ld o n th o in sta llm e n t p la n an d th e b o n d m a r
k e t its o lf is b ein g p a r tly d e v e lo p e d o n v a rio u s p lan s o f in sta llm e n t p u r
ch ases a n d San F ra n cis co ’s m u n icip a l b o n d s s ta n d p r a c tic a lly a lo n e w ith
ca sh p a y m e n t req u irem en ts a t th e n rcse n t d a y . ”
BOND CALLS AND REDEMPTIONS.
Spokane, Wash.— Bond
Call.— The following special
improvement bonds have beon called for payment at the
City Treasurer’s office:
T O B E P A I D M A Y 15.
U p to and
U p to and N a m e and
In clu d in g .
In clu d in g . D is l. N o .
W a lk ( C o n t i n u e d ) .
P a v e m e n t.
3 M o n t g o m e r y A v o ., 1 1 1 8 —
A llo y , 1 0 7 0 - -------------------112 S in to A v e ., 11 2 4 ____________
O liv o A v e ., 6 7 9 ___________
W a t e r M a in .
G ra d e.
A tla n tic S t ., W 9 4 ___________
A s h S t ., 5 2 3 _____________
C a lispel S t ., W 9 5 ----------------F r e y a S t ., 9 0 7 ____________
H o w a r d S t ., W 9 6 ----------------L a c y S t .. 5 0 9 ......................
I lc r m a n d io S t ., W 9 7 ----------M a r ie t t a A v e ., 5 9 3 _____
W a s h in g to n S t ., W 1 0 0 ------2 0 th A v e ., 2 7 7 ...................
S ew er.
W a lk .
G a rd n o r A v o ., 7 0 7 __________
D e a n A v o ., 1 0 6 3 _________
N a m e and
D is t. N o .
T O B E P A I D J U N E 1.
G r a d e (C on clu d ed ).
Pave.
A llo y , 6 7 6 ................................ - ...........
9 S in to A v o ., 6 1 1 ____________________ 83
A lle y . 6 7 7 ............................................... 31 2 d A v o ., 7 0 8 .......................................... 90
7
D iv is io n S t ., 7 6 2 ................................ 79 Sherm an S t ., 8 5 4 _________________
12
In d ia n a A v o ., 7 4 9 _________________133 7th A v o ., 1 0 5 8 ...................
L in c o ln S t ., 7 0 9 ....................- ........... 130 3 4 th A v e ., 5 1 3 ____________________ 56
M a in A v e ., 9 7 6 ___________________ 15 10th A v o ., 8 1 8 ........................................ 20
7 th A v o ., 1 0 5 7 - - . .............................. 23 W a b a s h A v o ., 7 9 6 .............................. 31
2 d a n d 5 th W a rd , 3 _______________ 100 W a lto n A v o ., 7 9 8 ___________________ 23
B o o n o A v o ., 9 9 7 ___________________
8
G ra d e.
A d d is o n S t ., 1 0 6 i _________________
7
‘ W a lk .
C o o u r d ’A len e S t ., 6 0 1 ----------------- 8 11th A v o ., 1 00 2............. - ................... 7
C o lu m b u s S t ., 6 0 2 ________________
9 14th A v o ., 10 2 9 ----------------------------6
E m p ir e A v o ., 9 3 4 ___________________ 20 J a ck s o n A v e ., 10 6 6 _______________
6
E u clid A v o ., 9 6 0 _________________ 12 2 8 th A v o ., 5 5 8 ____________________ 16
E u cik l A v o ., 10 6 2 ________________
6 2 6 th A v e ., 5 6 2 ____________________ 15
8 th A v o ., 10 5 1 .................................. 4
W a t e r M a in .,
14th A v e ., 7 7 0 ................
15
F a ir view A v e ., 7 8 9 ________________ 16 S tovon s S t ., W 9 9 --------------------------- 5
W h lt o h o u s o S t ., W 1 0 1 - - ...........- - 5
4 th A v o ., 9 2 0 _____________________
8
4
5 th A v e ., 9 1 9 _____________________
6 C en tral A v o ., W 1 0 3 ----------------------C r o w n A v e ., W 1 0 4 _______________
4
4 th A v o ., 9 9 4 .................................
7
S ew er.
14th A v o ., 1 03 2................................... 8
H a r ts o n A v e ., 6 2 3 __________________81 A lle y , 5 7 7 ............................................... 11
5
ICiernan A v e ., 5 8 2 __________________22 A llo y , 1091............... - ..........................
M o r t o n A v e .. 5 8 3 ________________ 10 5 th W a rd , 9 ________________________ 84
M a p le S t ., 9 3 6 ..................................... 13 G ra n t S t .. 8 2 1 ____________________ 15
7 th A v e ., 4 3 4 ..............
29 2 d A v o .. 4 3 2 ......................... - .............. 16
T O B E P A I D J U L Y 1.
G r a d e — (Continued) —
L a C rosso A v e ., 6 0 8 ________________ 24
M a d is o n S t., 3 6 2 .........
26
N o rm a n d ie S t., 7 7 4 ----------------------- 33
N e v a d a S t., 1125--------------------------- 8
17th A v o ., 3 9 0 - ............................
59
12th A v o ., 4 9 9 ------------------------------- 27
G ra d e—
A d a m s S t., 7 5 0 ------------------------------ 22 2 5 th A v o ., 5 1 3 --------------------------------- 26
20
A r th u r S t., 8 2 9 ____________________ 13 W a ll S t., 6 3 1 ___________
B r id g e p o r t A v o ., 7 6 9 _______________ 15 W e lle sle y A v o ., 8 2 7 ----------------------- 40
B o o n o A v o ., 7 0 8 ____________________ 56
W a t e r M a in —
C a rlisle A v o ., 3 7 6 .....................
33
t.,
C la r k A v o ., 6 4 9 ____________________ 35 G a rfie ld SW 2 W 8 ----------------------------- 5
W all S t.,
7 ............................
5
11th A v o ., 5 5 2 ..................................... 16 34th A v o ., W 3 3 ..................................
7
15th A v o ., 8 0 1 ................
14
S ew er—■
F a ir view A v o ., 9 8 7 _______________ 11
H a tch S t., 8 6 8 .................................
73 8th A v o ., 5 3 5 - ..................................... 15
5
J effers on S t., 3 4 9 ..................
47 3 1st A v o ., 11 2 3 ____________________
Pavement—
B r o a d w a y A v o ., 7 6 0 _______________ 38
H o w a r d S t., 6 3 8 ___________________ 148
H o w a r d S t., 7 2 9 ___________________ 125
9 th A v o ., 7 7 3 ............................
16
7 th A v o ., 9 6 3 _______________________26
[Vol . 107.
P r o p o sa ls w ill alsoTbo rece iv e d a t tho sam e tlm o fo r $ 5 3 ,0 0 0 w a te r-w ork s
b on d s.
D e n o m . $ 1 ,0 0 0 .
D a te J u ly l 1918. D u o p a r t y e a r ly b e g in n in g
in 1919. C e r tifie d c h e c k fo r 2 % re q u ire d .
A R C O , B u t t e C o u n t y , I d a . — B O N D S D E F E A T E D .— T h o $ 1 0 ,0 0 0
e le ctric-lig h t b o n d s m e n tio n e d in V . 105, p . 2 47 2, w oro d e fe a te d a t a recen t
e le ctio n .
A R L I N G T O N S C H O O L D I S T R I C T (P . O . A r l i n g t o n ) , H a n c o c k
C o u n t y , O h i o . — B O N D E L E C T IO N .— A n o lo ctio n w ill b o h o ld o n J u ly
10, it is s ta te d , t o v o t e o n a p ro p o s itio n t o issuo $ 6 ,5 0 0 s c h o o l b o n d s .
A T L A N T A , G a .— B O N D E L E C T IO N .— L o c a l p a p o rs sta to th a t o n
J u ly 10 an e le ctio n w ill b o held fo r th o p u rp o s e o f s u b m ittin g t o th o v o te r s
p r o p o s itio n s t o issuo $50 0 ,0 0 0 w a te r-w o rk s im p ro v e m e n t, $ 1 0 0 ,0 0 0 G ra n t
Parle C y clo r a m a im p ro v e m e n t, $1 2 5 ,0 0 0 firo d e p a rtm e n t m o to riz a tio n anil
$ 7 5 ,0 0 0 m u n icip a l in cin e ra to r im p ro v e m e n t b o n d s.
A U B U R N S C H O O L T O W N S H I P (P . O . T i r o ) , C r a w f o r d C o u n t y ,
O h i o . — N O A C T I O N Y E T T A K E N .— N o a c tio n has y o t boon taken
lo o k in g to w a rd s th o issu ance o f th o s c h o o l b o n d s , v o t e d S e p t. 2o 1J17.
V . 106, p . 257 5.
A U G L A I Z E C O U N T Y (P . O . W a p a k o n e t a ) , O h i o . — B O N D OFFE R
I N G .— C . E . F ish er, C o u n t y A u d ito r , w ill re ce iv e b id s , it is sta te d , u n til
12 m . t o -d a y (J u ly 6) fo r $6,0 0 0 6 % ja ll-im p t. b o n d s .
D o n o m . SoOO.
D a te J u ly 1 1918.
I n t . sem i-a n n . D u o $50 0 e a ch six m o n th s b c 0in n in g
M a r c h 1 1919.
A U S T I N , T r a v i 3 C o u n t y , T e x . — B O N D S V O T E D .— T h o $10 0 ,0 0 0 5 %
se w a go-d isp osal p la n t b o n d s, m o n tio n e d in V . 106, p .2 4 6 9 , h a v o been v o t e d .
B A L L S T O N S P A , S a r a t o g a C o u n t y , N . Y — B O N D S A L E .— O n
Jun o 28 th o $5,0 0 0 5 % 1-5-ycar sorial fir e -e q u ip m e n t b o n d s ( V . 106, P
2575) w oro a w a rd e d t o J o h n J. H a r t, o f A lb a n y , a t 1 00 .04. O th er b id d ers
G eo° B . G ib b o n s Sc C o ., N . Y . 1 0 0 .0 3 1Isaac W . Sherrill C o ., B o u g h H . A . Ivahlor Sc C o .. N . Y ----100.031
keopsio ..........................- ..............100.01
B A R T L E T T , W h e e l e r C o u n t y , N e b .— B O N D S N O T Y E T S O L D .— N o
salo has y e t be o n m a d e o f th o $ 5 ,0 0 0 5 % 1 0 -2 0 -y ca r ( o p t .) c o u r t h ou so
b ld g , a id b o n d s v o t e d in M a r c h — V . 106, p . 1378.
B E A T R I C E , G a g e C o u n t y , N e b .— B O N D E L E C T I O N PR O P O S E D .—
N e w sp a p e rs sta to th a t an ele ctio n w ill p r o b a b ly bo ca lle d in J u ly o r early
in A u g u st t o v o t o o n th o q u e stio n o f issu in g $ 2 8 ,0 0 0 b o n d s.
B E D F O R D V IL L A G E S C H O O L D IS T R IC T ( P - B e d f o ' d ) , C u y a h o g n C o u n t y , O h i o . — B O N D S A L E .— O n Ju n o 29 th o 5 7 5 ,0 0 0 5 H %
5 -7 -y e a r serial c o u p o n s c h o o l s ito a n d b ld g , b o n d s — V . 10b, p . 2671— w ere
a w a rd e d t o O tis & C o . o f C le v e la n d fo r $ 7 7 ,6 9 0 (10 3 .5 8 6 ) a n d in t.
O th er
bidders w ero:
A . E . A u b & C o ., C i n ____ $77 ,512 50 S o a so n g o o d Sc M a y e r , C in .$ 7 6 ,9 5 0 00
Prudilon & C o . , T o l e d o - . 77,2 8 3 00 T lllo t s o n & W o lc o t t C o .,C lo . 7 6 ,9 3 5 00
W . L . S la y to n & C o ., T o l . 77,062 50 S ta c y Sc B ra u n , T o l e d o — 7 6 ,9 1 2 54
S p itze r, lto r ic k & C o .,T o l. 77,0 2 5 00 P r o v . S a v .& T r . C o ., C i n . 7 6 ,4 4 7 50
F . C . H oeh ler, T o l e d o ___ 76,972 50 G r a v e s ,B l.& T h o r n ’g li,T o l 7 5 ,3 7 5 00
B E L L E F O N T A IN E , L o g a n
C ou n ty ,
O h i o . — B O N D S A L E .— O n
J u ly l th e $ 2 ,8 0 0 6 % serial sa n ita ry sow er b o n d s — V . 106. P • 2575— w ore
a w a rd e d , it is sta te d , t o O tis Sc C o . o f C lo v o la n d fo r $ 2 ,8 7 5 , e qu a l to 102 .6 7 8 .
B E T H E L T O W N S H I P (P . O . T i p p e c a n o e C i t y ) , M ia m i C o u n t y , O .
— B O N D S V O T E D .— A t an e le ctio n h e ld Ju n o 26 a p r o p o s itio n t o issue
S55.000 s c h o o l b o n d s ca rrie d b y a v o t o o f 107 t o 41, it is s ta te d .
B I G H O R N C O U N T Y S C H O O L D I S T R I C T N O . 29 (P . O . W y o l a ) ,
M o n t .— B O N D O F F E R IN G .— F u rther details are a t h an d ro la tiv o to the
o ffe rin g o n J u ly 20 o f th o $ 2 ,5 0 0 5 -1 0 -y e a r ( o p t .) co u p o n sch o o l-b u ild in g
b o n d s a t n o t e x ce e d in g 6 % Interest ( V . 106, p . 2 7 7 3 ).
I roposals fo r these
b o n d s will bo re ce iv e d until 8 p . m . o n t h a t (la y b y J . R . B o y d , C le rk .
B o a r d o f S ch ool T ru ste e s.
D e n o m . $ 5 0 0 . D a t e J u ly 1 1918. I n t . J . o c J .
C e rtifie d c h o c k fo r 1 0 % re q u ire d .
B I G L A K E , S h e r b u r n e C o u n t y , M in n .— B O N D S A L E .— K a lm a n .
M a ttc s o n Sc W o o d , o f S t. Paul, h a v e pu rch a se d $ 1 0 ,0 0 0 6 % 5 - 1 1-yea
serial refu n d in g b o n d s.
In t. J . & J .
B L A I N E C O U N T Y S C H O O L D I S T R I C T N O . 26 (P . O . C h i n o o k ) ,
M o n t .— B O N D S A L E .— O n Juno 22 th o $ 1 ,0 0 0 6 % s c h o o l-b u ild in g b on d s
(V . 106, p. 2 6 7 1 ), w ero aw arded t o th o S tato B oa rd o f L a nd C o m m is s io n e rs
o f M o n ta n a a t p a r .
D a to Jun o 22 1918. D u o Ju n o 22 1938, s u b je c t to
call a t a n y interest p e r io d .
B L Y T H E , R i v e r s i d e C o u n t y , T e x . — B O N D E L E C T IO N PR O P O S E D .—
It is sta te d th a t th o C it y C o u n cil has passed an o rd ln a n c ca llin g fo r an
e lectlou t o v o t o o n th o qu o stio n o f issu in g $ 3 5 ,0 0 0 m u n icip a l w a te r-sy stem
b o n d s.
B O V I N A - B L A C K C R E E K D R A I N A G E D I S T R I C T , O u t a g a m ie
C o u n t y , W is e .— B O N D S O FF E R E D B Y B A N K E R S .— T h o H a n c h e tt
B o n d C o . o f C h ic a g o aro o ffe rin g t o in v e sto rs $ 8 0 ,0 0 0 6 % 5 -1 4 -y e a r serial
b o n d s.
D o n o m . $ 1 ,0 0 0 . D a to J a n . 18 1918.
Princip al an d sem i-an n u al
Interest (J . & J .) p a y a b lo at F irst N a tio n a l B a n k , C h ic a g o .
BRADENTOW N,
M a n a te e
C ou n ty ,
F la .— D E S C R IP T IO N
OF
B O N D S .— T h o $ 4 5 ,0 0 0 6 % 20 -3 0 -y o a r ( o p t .) b rid g o b o n d s r e c e n tly aw ard ed
t o th e H a n ch e tt B o n d C o . o f C h ic a g o a t p a r an d in terest (V . 106, p . 2248)
aro d e scrib e d as fo llo w s : D o n o m . $50 0.
D a to Ju n o 1 1918.
P rin cip al a p d
sem i-ann ual in terest (J . & D .) p a y a b lo a t F irst N a tio n a l B a n k , C h ic a g o .
F in an cial Statem ent.
T o t a l v a lu o o f p r o p e r ty (e s tim a te d )— .................................................®5’ ? 2 9 ’929
A ssessed v a lu a tio n fo r ta x a tio n , 1917------------------------------4 ,o 7 5 ,8 7 5
$ 4 5 0,00 0
T o ta l b o n d e d d o b t ..........................................................
Less w ater d o b t ___________________________________ * n o n o
L ess sin kin g f u n d .......................................................... 9 ,3 0 8
^
T O B E P A I D J U L Y 15.
G r a d e — Continued.
Pave.
43
C a n n o n H ill, 7 2 2 - ............................ 1520 M o n r o o S t ., 7 3 9 ----------------------------26
E ig h th A v e n u e , 7 4 6 --------------------- 72 O ly m p ic S t ., 9 2 1 --------------------------P a cific A v o ., 7 7 5 _________________
32
G ra d e.
27
A d d is o n S t ., 6 4 3 _______
9 Q ueon A v o ., 1 0 0 3 ________________
A s t o r S t ., 9 2 4 ____________________
32 S ixteen th A v o ., 3 0 8 --------------------- 36
28
B o o n o A v o . , 5 4 9 _________________
40 S p o k a n o S t ., 3 7 0 _________________
B r o a d A v o ., 1067________________
16 Sheridan S t ., 6 5 4 ___________________ 49
D S t. an d E ig h th A v o ., 9 5 9 ------4 S tovon s S t ., 9 2 5 --------------------------- 48
W alk.
D a lt o n A v o ., 8 0 7 ________________
59
E lm S t ., 8 3 7 - - ...................................
11 B r o a d A v o ., 1 06 8__________________ 14
$ 3 0 9,36 2
F irs t A v e ., 6 5 1 ................................... 58 Q ueon A v o ., 10 0 9 --------------------------- 31 N e t b o n d e d d o b t ____________________________________________________
Sew er.
F o u r t h A v o ., 8 0 9 ________________
38
P o p u la tio n , 4 ,0 0 0 .
6
G la ss A v o ., 9 3 5 _________________
52 A lle y , 6 3 3 ............................................
B R A D F O R D , D a r k e a n d M ia m i C o u n t i e s , O h i o . — B O N D OFFER13
H o w a r d S t ., 9 8 6 --------------------------17 D e n v e r S t ., 6 2 6 ___________________
J e ffe r s o n S t., 5 2 1 ..............................
10 F irst W a r d , 1 6 8 ___________________ 32
12
M a p le S t ., 4 1 8 - _______
38 S o u n d A v o ., 6 5 5 ___________________
26
M a g n o lia S t ., 6 4 6 __________________ l2 W all S t ., 6 3 2 ....................................
S ep t. 1 1927 an d $500 S o p t. 1 1928. C e rtifie d c h e c k fo r 5 % o f th o a m ou n t
M a in A v o ., 7 2 5 ........................
36
o f b o n d s b id fo r , p a y a b lo t o th o VUlago T reasu rer, re q u ire d .
B o n d s t o bo
deliv e re d an d p a id fo r w ith in to n d a y s fro m tlm o or a w a rd . P u rch a ser
t o p a y ^ a ccru cu J n to r o s t.
i • , ,J
'‘ BRAINTREE, Norfolk C o u n t y , Mass.— B O N D S A L E .— A n issue o f
$ 30 ,000 5 K -m < m th s ro a d b o n d s w as re ce n tly a w a rd e d t o S. N . B o n d Sc
C o . o f N ow Y o r k a t 4 .4 5 d is co u n t plus $1 50 p ro m iu m . O th er b id d o rs w ero:
R . L . D a y Sc C o ., B o s t o n ____ 4 .6 7 % |A. B . L o a ch Sc C o .. I n c .. B o s . 4 .6 7 %
ADAMS, Jefferson C oun ty, N. Y . — B O N D S A L E .— O n Ju n o 24 th o
BRATTLEBORO, W indham C oun ty, V t. — B O N D S A L E .— O n
$ 8 ,1 0 0 5 -y e a r registered w a te r-fu n d in g b o n d s — V . 106, p . 2469— w ere
Jun o 29 th o $21 ,0 0 0 4 % 5 -1 4 -y e a r sorial ta x -fr e e c o u p o n re fu n d in g b on d s
a w a rd ed t o J oh n J .M la r t o f A lb a n y a t 100.07 fo r 4 .9 0 s.
O th er b id s , all
( V . 106, p . 2773) w ere aw arded t o M o r rill, O ld h a m Sc C o . , o f B o s to n , a t
9 6 .6 4 9 . O th er bid d ers w ero:
„
„
.
..
n L v / f c a h " ^ ^ C o ? ! N . Y ____ 100.131 |G. B . G ib b o n s & C o ., N . Y . -1 0 0 .0 2
R . L . D a y Sc C o ., B o s t o n ____ 94 .1 9 E . I I . R o llin s & S on s, B o s t o n .9 5 .4 3 7
AKRON, Summit C ounty, O h io. — B O N D E L E C T I O N .— A p r o p o s i P e o p le s N a t . B a n k , B r a t t lo b o r o 9 5 .2 3 1H arris, F o rb o s & C o ., B o s t o n .9 6 .5 4
tio n t o Issue $ 2 ,0 0 0 ,0 0 0 w a te r-w o rk s -im p t. b o n d s w ill b o s u b m itte d t o th o
B R ITT INDEPENDENT SCHOOL DISTRICT (P. O. B ritt), Han
v o te rs o n A u g . 13, it is s ta te d .
cock C ounty, Iow a.-B O V D S N O T TO BE O FF E R E D A T P R E S E N T . ALLEGHANY COUNTY (P. O. Cum berland), Md.— B O N D O FFE R T h o $60 ,0 0 0 sch o o l h ou so b o n d s v o t e d o n M a y 18— V . 106, p . 2359— will
I N G .— A d d itio n a l in fo rm a tio n is a t h a n d r o la tiv o t o th e o ffe rin g on A u g . 6
n o t b o o ffe r e d at preson t.
o f th o $ 7 5 ,0 0 0 5 % c o u p o n ta x -fr e o s c h o o l b o n d s o f 1918. P r o p o sa ls w ill bo
BRUNSWICK, Frederick C oun ty, M d .— B O N D E L E C T IO N .—
re c e iv e d fo r thoso b on d s u n til 1 1 a . m . o n th a t d a y b y A n gu s Irelan d ,
A n o lectlon w ill b o h o ld A u g . 5 t o v o t o o n a p r o p o s itio n t o issuo th o $12 5,00 0
C o u n t y C le r k . A u th . C h a p . 108, A c t s o f 1918. D e n o m . S100, $500 an d
w ater b o n d s m o n tio n e d in V . 106, p . 2 14 4.
$ 1 ,0 0 0 .
In t. som i-a n n . D u o $ 1 5 ,0 0 0 y e a r ly o n J u ly 1 fro m 1931 t o 1935
in c h
C e r t , c h e c k fo r 5 % o f th o a m o u n t b id fo r re q u ire d . B o n d e d d e b t
B R U S H , Morgan C ou n ty, C olo. — B O N D S A L E .— 'T h o In te rn a tion a
(in cl. this Issue), $ 3 0 0 ,5 0 0 . A ssessable basis, $ 4 7 ,1 9 6 ,4 5 2 .
T ru s t C o . o f D e n v e r lias boon a w a rd e d , it is sta te d , $ 5 5 ,0 0 0 6 % 15-year
w a to r-w o rk s exte n sio n b o n d s.
D e n o m . $ 50 0.
D a to J u ly 1 1918. D u o
ALLEN COUNTY (P. O. Lima), O h io. — B O N D S A L E .— L o ca l pap ors
J u ly 1 1933.
sta te th a t th e S ta to In d u strial C o m m is s io n o f O h io Intends pu rch asin g
BRYAN, W illiams C ounty, O h io. — B O N D S V O T E D — A p r o p o s itio n
$ 1 4 ,1 7 5 d it c h b on d s.
9 0 ,0
m n icip a
o er
d
pla t b
ca
ALPINE SCHOOL DISTRICT (P. O. L ohi), Utah C oun ty, U tah.— t o issuo $held 0 0 n ou 25 b y l-lig h t,e po fw380an o w ater 1 honC ito n d s u nrrie d a t an
ele ctio n
Ju
a vot
t 49.
y Co
cil several
B O N D S D E F E A T E D .— A p ro p o s itio n t o issue $ 2 0 0 ,0 0 0 b o n d s w as d e
m o n th s a g o a u th o riz e d an Issuo o f $ 4 0 ,0 0 0 b o n d s fo r im p ro v o m o n ts a t th o
fea ted a t an election held Ju n o 10 b y a v o t e o f 728 " f o r ” t o 951 ‘a g a in s t.”
m u n icip a l p la n t, an d thoso fu n ds w ith th o a d d itio n a l fu n d s m a d e a v a ila b le
v AMSTERDAM, M ontgomery C ounty, N. Y .— B O N D S R E -O F F E R E D b y th e e le ctio n on Ju n o 25, w ill, It Is s ta te d , p r o v id o $ 1 3 0 ,0 0 0 , w h ich th o
B o a rd o f P u b lic A ffa irs w ill e x p e n d in p u rch asin g n ow p o w e r m a ch in ery ,
'— P rop osa ls w ill b a r e c o t v o d until l p . m . J u ly 8 (d a te ch a n g e d fro m J u ly 1
b u ild in g an a d d itio n t o th o p la n t a n d In m a k in g w a te r-m a in exten sion s.
— V . 106, p . 2772) b y M cQ u e e n F ritch o r. C it y T re a su re r, fo r $ 6 5 ,0 0 0 5 %
r e g istered p u b lic s a fe ty b o n d s.
D o n o m . $ 1 ,0 0 0 .
D a t e J u ly 1 1918.
In t.
BUCHTEL SCHOOL7DISTRICT (P. O. B uchtel), Athens C oun ty,
J . & J.
D u o p a rt y e a rly . C e r t, c h e ck fo r 2 % p a y a b le t o th o C it y T r e a s
O h io. — B O N D S A L E .— O n J u ly 1 th o .$3,6 00 5 % 1-yoar (o p t . at a n y
u rer, req u ired .
BOND PROPOSALS AND N E G O TIA TIO N S
this week have been as follows:
J uly 6 1918.]
THE CHRONICLE
tim e) sch ool b o n d s (V . 106, p . 2 6 7 1 ), w ere a w a rd e d t o th o P e o p le s B a n k o f
N e ls o n v illo a t p a r.
D e n o m s . 7 fo r 8500 an d 1 fo r 8 10 0.
D a t e M a y 1 1918.
t **75°*^ TOW NSHIP, 0 1ke C oun ty, 111.— B O N D S A L E . — T h e H a n c h e t t B o n d C o . o f C h ic a g o has p u rch ased 84,0 0 0 5 % ro a d b o n d s .
D enom .
$ 50 0. D a t e Ju n e 1 1918. P rin . an d ann. in t. (Ju n o 1) p a y a b le a t th o
C o n tin e n ta l & C o m m ercia l N a tio n a l B a n k o f C h ic a g o . T o ta l b o n d e d d e b t
i.000.
A ssessed v a lu a tio n , S 93 9.4 40. E s tim a te d v a lu o o f all p r o p e r ty !
,000,000.
CAMBRIDGE, Middlesex C ounty, Mass.— B I D S .— O n Ju n e 28 th e
fo llo w in g b id s w ere receiv e d fo r th o loan o f 825 0 ,0 0 0 a w a rd e d o n th a t d a te
t o A . B . L e a ch & C o ., I n c ., o f B o s to n , a t 4 .4 7 % d is c o u n t, p lu s a p re m iu m
o f S7 ( V . 106, p . 2 7 7 3 ):
, , , . T,
. _
„
D isco u n t
P rem iu m .
B la k e B r o s . & C o ., B o s t o n . _____ ______________ _________ 4 .4 7 %
8 5 00
8 . N . B o n d & C o ., N o w Y o r k __________________________
4 .4 8 %
8 00
H a r v a r d T r u s t C o ., C a m b rid g e ________________________
4 .5 0 %
3 00
O ld C o lo n y T r u s t C o ., B o s t o n _________________________
4 .5 5 %
G o ld m a n , Sachs & C o ., N e w Y o r k . . .................... .............. 4 .5 9 %
CAMDEN, Camden C ounty, N. J .— B O N D S A U T H O R I Z E D __ T h e
F in a n ce C o m m itte e o f th o C it y C o u n c il h as, it is s ta te d , a u th o riz e d th e
Issuance o f $ 6 4 0,00 0 b o n d s fo r m u n icip a l w o rk a t th o s h ip y a rd h ou sin g
s ito in S ou th C a m d en .
CARMICHAEL
SCHOOL
DISTRICT
(P.
O.
Q u it m a n )
Clark
C o u n t y , M is s .— B O N D S A L E — O n Ju n o 3 th o $ 4 ,5 0 0 5 % s ch o o l b o n d s
( V . 100, p . 2144) w ere a w a rd e d , a c c o r d in g t o re p o r ts , t o J . A P i^ ford o f
M e r id ia n .
a
’
CARROLL COUNTY (P. O. Delphi), Ind. — N O B I D S R E C E I V E D __
N o b id s w ero receiv ed fo r th o $ 8 ,6 4 0 U A % 1-10-year serial J e ffe rso n T o w n
sh ip h ig h w a y b on d s o ffe r e d o n J u ly 2 ( V . 106, p . 2773)
CARTER COUNTY (P. O. Ekalaka), M ont.— F I N A N C I A I S T A T E
M E N T — T h e fo llo w in g fin a n cial s ta te m e n t has b e e n re c e iv e d b v us iJ
c o n n e c tio n w ith th e $ 3 0 ,0 0 0 6 % 15-20-year (o p t ) t o h w a y a n d b rid g e
b o n d s re ce n tly so ld (V . 106, p . 159 7):
^
y a n a Drla° e
F in a n cia l Statem ent.
T o t a l v a lu o o f all p r o p e r ty , e s tim a te d _______
i n i Qfll
A ssessed v a lu a tion fo r ta x a t io n _________ .
t in n a c o
T o t a l b o n d e d d e b t --------------------------------------rf,1« V 'o t o
p o p u la t i o n ---------------------------------------: : : ; : : ; ; ; ; ; ; ; ; . 8 , b b o
259
CENTERBURG, Knox C oun ty, O h io.— B O N D S A I F __ Tim
issues o f S 'A % 1 -1 0 -y r. serial co u p o n streot-assess. b o n d s r e c e n tly ant lullo T o h i o . ' 10G’ P ‘ 2 H 4 ~ haV0 b c e n so ld t o thi: S ta te h
l t a t f f t e t e
CHEST!ER TOWNSHIP (P O. C hardon), Geauga C oun ty, O h i o . -
iVO B ID S IcL C D iy L D . N o b id s w oro re ce iv e d o n .July 1 fo r tlin 88
5 % 1- 10-y ea r serial r o a d b o n d s o ffe r e d o n th a t d a v ( V ' inr, o
D e n o m . $40 0. D a t e M a r c h 1 1918. I n t. M & S
(
106, P ‘ 2 6 7 1 )’
CHICAGO SAN ITARY DISTR IC T (P. O. Chicago)
111
novn
O F F E R IN G .—-P rop osa ls w ill b e re ce iv e d b y J o h n J ^ G h l e n D is tr ic t 0 0 ^ 1
?
until 1 p . m . J u ly 11 fo r $ 2 ,0 0 0 ,0 0 0 \ A % 5 -8 -v e a r s e r i a l m n n m m ™ T , ■
tered b o n d s.
D e n o m . $ 1 ,0 0 0 .
DatoJulyi m g
p J ncina a n J 2 S * T
annual in terest (J. & J .) p a y a b le a t th o D istrict T iv a s iir r 'i nrrw , s^ n i*
$50 0 ,0 0 0 y e a r ly on J u ly 1 fro m 1923 t o 1926, in clu siv e
D u°
CLEVELAND, Cuyahoga C oun ty, O hio.— B O N D S A U T H O R I Z E D __
M n d ® ® 88 w ere p assed d u rln g M a ^ a u th o riz in g tho fo llo w in g 5 % c o u p o n
b o S s:
$5 0 0 ,0 0 0 w a te r-w o rk s -im p t. b o n d s,
D u o $ 1 0 ,0 0 0 y e a r ly o n Ju n o 1 b e gin n in g 1919.
5 0 ,0 0 0 g a rb a g e -d is p o s a l-p la n t b o n d s ,
D u o $ 2 ,0 0 0 y e a r ly o n Ju n o 1
fro m 1919 t o 1943 in clu sive .
8 ,0 0 0 ? 9 1 9 t o ° ® hi n c C i v e f '
DU° S 1’° 00 y ° a r !y o n Ju n e 1 fro m
D o n o m . S I ,000 . D a te Ju n o 1 1918. Prin an d sem l-nnn int
^ t th e iA m erican E x ch a n g e N a t . B a n k o f N o w Y o r k .
C . J . B e S o s k il s
CLEVELAND, Pawnee C ou n ty, Okla.— BOND SAL E __Tim TTarmtmti.
97
DECATUR, M acon C oun ty, 111.— B O N D S PR O P O S E D . — T h e c it y ,
it is sta te d , has file d fo rm a l re q u e st w ith th e C a p ita l Issues C o m m itte e
fo r pe rm issio n t o issu e $22 5 ,0 0 0 d a m -re p a ir b o n d s.
„ DEFIANCE. D efiance C oun ty, O h io.— B O N D O F F E R IN G .— H a r ry
*
A u d it o r , w ill r e c e iv e sealed b id s until 12 m . J u ly 2 9 , it is
f™ te d , ror $ 1 7 ,0 0 0 5 % w a t e r-w o rk s -im p r o v e m e n t b o n d s . D e n o m . $ 5 0 0 .
D a t e M a r . 25 1918. I n t . M . & S. D u e p a r t ea ch y e a r be g in n in g M a r . 1
1924. C e r t , c h e c k fo r 5 % o n a D e fia n c e b a n k re q u ire d .
r c ? L L a ^ n E ’ . D ? l ? w a r e C oun ty, O h io.— B O N D S A L E .— T h e $ 1 1 ,
585 80 W est C e n tra l A v e . a n d $ 3 ,8 0 3 14 G risw atd S t. 5 % 1 -1 0 -y e a r serial
b o n d s o ffe r e d o n S e p t. 24 1917 (V . 105, p . 1016) w ere a w a rd ed
9 5 * c.b:,4 1918 t o th e C it y N a tio n a l B a n k o f C o lu m b u s a n d t o th e D e la w a re
C it y L ib r a r y E n d o w m e n t a n d T r u s t F u n d , r e s p e c tiv e ly .
PE
1??7°
t
< OUN!r Y (P- ° - A r c a d i a ) , F l a . — B O N D E L E C T I O N .— O n
:
6 v o te r s w ill d e c id e w h eth er th e y are in fa v o r o f issu in g $ 3 5 ,0 0 0
6 % 5 -3 0 -y r . serial r o a d a n d b rid g e b o n d s.
D E TROIT, W ayne C oun ty, M ich.— B O N D S PR O P O S E D .— Local
t £ ? t a p r o p o s itio n t o issu e $ 3 ,1 7 4 ,0 0 0 sch o o l b o n d s w ill b e
p la c e d b e fo r e th e C a p ita l Issues C o m m itte e fo r th eir a p p ro v a l.
v ^ E W I T T COUNTY (P. o . C uero), T e x . — B O N D E L E C T I O N .— 'T h e
M is s ta te d 7 16 Wi p ass u p o n a P r° P ° s itio n t o issue $ 4 0 ,0 0 0 r o a d b o n d s ,
DRUM RIGHT SCHOOL D ISTR IC T
(P. O. Drum right), Creek
o ffio -e d ^ n ^ V n r '
— T b e $ 2 3 2 ,0 0 0 5 % s c h o o l b o n d s
f
° P ^ la r . 10 (V . 106, p . 949) h a v e n o t b e e n s o ld , o w in g t o th e f a c t
th a t th e issue has be e n d is a p p r o v e d b y th e C a p ita l Issues C o m m itte e .
R eP P tw H
(P ; ? • 3an
Tex.— W A R R A N T S A L E .—
S ' J r le t t ’ o f A u s tin p u rch a s e d $ 3 5 ,0 0 0 1-9-year 6 % serial
flo a tin g in d e b te d n e ss w a rra n ts. D e n o m . $ 1 ,0 0 0 . D a t e Ju n e 10 1918.
E D D Y , N e w M e x ic o .
B O N D O F F E R IN G .— -A cco rd in g t o r e p o rts , p r o ^ i U ,eer CeAXe^ lmt11 8 P- m - A u " - 5 b y B . S te p h e n so n . T o w n C le r k ,
J
2 0 -3 0 -y e a r ( o p t .) w a te r w o rk s b o n d s. C e r t , c h e c k fo r
1 0 % re q u ire d .
ELLIS COUNTY LEVEE D ISTR IC T NO. 8 (P. O. W axahachie).
T e x -— B O N D E L E C T IO N .— A n e le ctio n will b e h e ld , it is s ta te d , o n J u ly 10
t o v o t e o n th e q u e s tio n o f issu in g $ 3 7 ,5 0 0 b o n d s .
E R I E , E r ie C o u n t y , P a .— B O N D O F F E R IN G .— T . H a n lo n . C i t v C le r k ,
w ill re ce iv e sealed b id s , it is sta te d , u n til J u ly 23 f o r $ 2 2 ,0 0 0 C i t y H a ll
re m o d e lin g b o n d s.
EUCLID, C uyahoga C ou n ty, O hio. — B O N D O F F E R IN G .— P r o p osa ls
j i-?nr2C
rolv e d b y
S -, p u n l o p , V illa g e C le r k , until 12 m . A u g . 12 fo r
$ 2 3 ,4 7 9 6 % c o u p o n special assess, b o n d s . A u th . S e c. 3 91 4, G e n . C o d e .
D e n o m . 1 fo r $479 an d 23 fo r $ 1 ,0 0 0 . P r in . an d se m i-a n n . in t. (A . & O .)
p a y a b le a t th e V illa ge T r e a s u r e r ’s o ffic e .
D u e $479 O c t . 1 1920. $ 1 ,0 0 0
rino1
1
* ° 292 3 in c h ; $ 3 ,0 0 0 y e a r ly o n O c t . 1 fro m 1924
t o 1927 in c h ; $ 4 ,0 0 0 o n O c t . 1 in 1928 a n d 1929. C e r t, c h e c k o n a b a n k
o th e r th a n o n e m a k in g b id , fo r 1 0 % o f th e a m o u n t b id fo r , p a y a b le t o th e
V illa g e Treasurer, r e q u ire d . B o n d s t o bo d e liv e re d a n d p a id fo r within
10 d a y s fro m tim e o f a w a rd .
TOWNSHIP (P. O. New G osh en), V igo C oun ty, Ind.
— B O N D O F F E R IN G .— P ro p o s a ls w ill b e r e c e iv e d , it is s ta te d , byy E r n e s t
-cfioo'l bondsShlP r m s t e c ’ lmtI1 2 p - m - J u l>' 18 fo r $ 9 ,0 0 0 5 K % 1 5-year
t
Caroline C ou n ty, M d .— B O N D S N O T TO B E
it U A D .— W e are a d v ise d th a t th o b o n d s m e n tio n e d in V . 106, p . 1379
wall n o t b e issu ed, “ as it lo o k s as th o u g h w e ca n g e t a lo n g w ith o u t s a m e .”
FERGUS COUNTY SCHOOL D ISTR IC T NO. 157 (P. O. M oore),
J. n V . ^ 9 A / /
" T ^ b c $ 1 ,6 0 0 ' 5 -1 0 -y e a r ( o p t .) s c h o o l b o n d s m e n
tio n e d in V . J06, p . 277 4, IlavQ been pu rch a se d b y th e S ta te o f M o n ta n a .
FLATHEAD COUNTY (P. O. K alispell), M ont.— B O N D S A L E .—
I t is r e p o r te d th a t $ 2 1 0 ,0 0 0 5 A Vo fu n d in g b o n d s h a v e be e n a w a rd ed t o
F erris & H a r d g r o v e o f S p o k a n e .
B o n d C o . o f C h ic a g o has b o o n aw a rd e d 815 500 6 % n a v in g d l s t r i r - t h n n ^
D e n o m s. 8500 a n d $100.
D a te M a y 21 1918. P rl icinal an d annual int
(S e p t , 1) p a y a b le a t C it y T r e a s u r y / T im o f f i c i a l * S V c u l a r s t X t h a t * f f i
-7,£9rUNJ AI,Ni INN» Greenville C ou n ty, So. C aro.— B O N D E L E C 11 O N .— O n J u ly 13 th e v o te r s w ill h a v e s u b m itte d t o th e m , it is sta te d ,
a p r o p o s itio n t o issue $ 3 4 ,0 0 0 6 % 2 0 -4 0 -y r . sew erag e b o n d s.
as fo llo w s : $ 5 ,0 0 0 ' S ep t. 1 1 9 2 1 'a n d l 9 2 6 ^ ^ 6 7 ^ ^ ^ 2 ? Pf ^ l“ te ,y
F in a n cia l Statement.
_
in
,,nn
T o t a l v a lu o o f p r o p e r ty , e s tim a te d ________
A ssessed v a lu a tio n fo r ta x a t io n ________
i in n 'm n
B o n d e d d o b t_ .......................... .............................. 11......... ............................... qV’E S
P o p u la t i o n ________________________________2 ,5 0 0
s c h o o l-b u ild in g b o n d s.
D e n o m . $ 50 0. D a t e J u ly 1 1918.
In t. A . & '
D u e SoOO ea ch six m o n th s fro m A p r . 1 1919 t o O c t . 1 1924, in c l. C e r t ,
c h e c k fo r 5 % o f th e a m o u n t o f b o n d s b id fo r , p a y a b le t o th e D is t r ic t
1 reasu rer, r e q u ire d . B o n d s t o b e d e liv e re d a n d p a id fo r w ith in 5 d a y s
fro m tim e o f a w a rd . B id d e rs m u s t s a tisfy th e m selvess as t o th e le g a lity
o f th e issue b e fo r e m a k in g th eir b id s .
C L I N T O N , S a m p s o n C o u n t y , N o . C a r o .— B O N D O F F F R T lv n __
Sealed b id s w ill be receiv e d until 12 in. J u ly 15 b y H e n r v A Tames T o ’w n
C lerk & T r e a s ., fo r $41 ,0 0 0 6 % g o ld street im p t b o n d s .
D ^norn’ $500
D a t e J u ly 1 1918. P rin . a n d s e m i-a n n . in t. ( j : & j . ) p a y a b le at th e Sea
b o a r d N a t. B a n k , N . Y .
D u e y e a r ly o n J u ly 1 as fo l ow s- $2 500 fro m
1919 t o 1928 in c h , $2,0 0 0 1929 an d 1930 an d $ 1 ,5 0 0 fro m 1931 t o 1938 i n c ?
C e r t, c h e c k on an In corp orated b a n k o r tru st c o m p a n y fo r $820 navahln
th e a b o v e C lerk -T rea su re r, r e q u ire d . T h e p u rch a se r w ill bo fu rn ish ed
w ith o u t ch a rge th o a p p ro v in g legal o p in io n o f a tto r n e y s a c c e p ta b le t o th e
pu rclm sor.
B id s m u st b o o n b la n k fo rm s furnish ed b y T o w n . T h o b o n d s
GOW ANDA, C attaraugus C ou n ty, N. Y .— B O N D S A L E .— F r e d J.
B la ck m a n w as a w a rd e d at p a r fo r 5s $ 7 ,8 6 0 s tr e e t-im p t. b o n d s o ffe r e d o n
une j i .
or N ow C ork1
Y
"00 ° n A U g' 1 1918 in C lin t o n > C in c in n a ti, C h ic a g o
T o le d o
C O K E C O U N T Y (P. O . R o b e r t L e e ) , T e x .— B O N D E L E C T I O N .—
$ 6 0 ,0 0 0 b o n d s ° v o te r s w ln h a v0 su b n litte d t o th o th o q u o stio n o f issuing
ei
P I n t t e C o u n t y , N e b .— B O N D S A L E .— O n Ju n o 28 th e
n a rties° in
10Gl p ’ 25762 w e re aw a rd e d to
f f a t e D W ;I 3T i m / ‘ w a ’ fo r .* 1 5 .0 4 0 . equal t o 100 .26.
D e n o m . $500.
'$ !? ,
S118JS0O: sin k in g fu n d ,
GREENV/OOD DRAINAGE D IST R IC T NO. 1 .M cHenrv C oun tv
‘ • b - b O . Y D S A L E .— T h e H a n c h e tt B o n d C o o f C h l” | o h ^ p i m c h a s e ^
1 15,000 5 ) 4 %
1 -8 -yea r serial d ra in a g e b o n d s .
D e n o m . $ 50 0.
D a te
M a y 1 1918
P rin . a n d se m i-a n n . in t . (M . & N .) p a y a b le a t th e F irst
N a tio n a l B a n k o f C h ic a g o . D u e $ 2 ,0 0 0 y e a r ly o n M a y 1 fr o m 1919 t o
1924, in c l., a n d $ 1 ,5 0 0 fr o m 1925 t o 1926, in c h
HALEDON, Passaic C oun ty, N. 3 . — B O N D O F F E R IN G .— P r o p o s a ls
w ill b e re ce iv e d b y J o h n E . S te w a rt, B o r o u g h C le rk , u n til 8 p . m . J u ly 15
fo r 5 % g o ld c o u p o n w a te r b o n d s n o t e x ce e d in g $ 2 0 ,0 0 0 .
D e n o m . $ 1 ,0 0 0 .
D a t e M a y 1 1918. P r in . an d s e m i-a n n . in t. ( M . & N .) p a y a b lo a t th e
U - S . T r u s t C o . o f P a te rso n . D u e $ 2 ,0 0 0 y e a r ly o n M a y 1 fr o m 1920 t o
1929 in c l. C e r t, c h e c k o n an in c o rp o ra te d b a n k o r tru st c o m p a n y fo r
2 % o f th e a m o u n t o f b o n d s b id fo r , p a y a b lo t o th o “ B o r o u g h o f U a le d on ”
r e q u ire d . T h e successful b id d ers w ill b o fu rn ish e d w ith th e o p in io n o f
H a w k in s, D e la fie ld & L o n g fe llo w o f N e w Y o r k , th a t th o b o n d s are b in d in g
an d legal o b lig a tio n s o f said b o r o u g h . T h e b o n d s w ill b o p r e p a r e d u n d er
th e su p e rvisio n o f th e U . S. M o r tg a g e & T r u s t C o ., N e w Y o r k , w h ich w ill
c e r tify t o th e genuineness o f th o sign atu res o f th o o fficia ls a n d th e seal im
pressed th ereon .
C O M A N C H E C O U N T Y (P. O . C o m a n c h e ) , T e x . — B O N D E L E C T IO N
— P rop osition s p r o v id in g fo r th o Issuance o f $80 000 D o L e o n P r e c in c t anri
$ 1 4 0 ,0 0 0 C om a n ch e P re cin ct b o n d s w ill b o s u b in itte d t o th o v o t o i h is
HAMILTON, Butler C ou n ty, O h io.— B O N D S A L E .— O n J u n e 4
R . L . D a y & C o . o f B o s to n w e re a w a rd e d a t p a r an d in t. th e $ 2 0 ,0 0 0 5 %
5 -1 3 -y e a r serial c o u p o n fir e -d e p a r tm e n t b o n d s r e c e n tly a u th o r iz e d .
V.
106, p . 1598.
D e n o m . $ 50 0. D a t e M a r . 1 1918. I n t . M . & S.
N O A C T I O N Y E T T A K E N .— N o a c tio n has y e t b e e n ta k e n lo o k in g
to w a rd s th e issu ance o f th o $ 5 ,0 0 0 6 % 6 -1 0 -y e a r serial ga s -m a in b o n d s
m e n tio n e d in V . 106,. p . 2041.
M a r c h 5 1918 t o S eason good Sc M a y e r , o f C in c in n a ti '
HANCOCK COUNTY (P. O. Findlay), O h io.— B O N D O F F E R IN G —
B id s w ill b e re ce iv e d b y F . N . P rice . C o u n t y C le r k , u n til 10 a . m . J u ly 20
f w S ! 17,800 5 % h ig h w a y b o n d s.
D e n o m s. 117 fo r $ 1 ,0 0 0 a n d 118 fo r
$ 80 0. D a t e A p ril 1 1918. P rin cip a l an d sem i-a n n u a l in terest p a y a b le a t
th o C o u n t y T re a s u re r's o ffic e .
D u o $ 1 2 ,0 0 0 y e a r ly fr o m 1919 t o lO 1
^
in clu siv e , an d 8 9 ,8 0 0 in 1928. C e rtifie d c h e c k fo r $500 r e q u ire d .
P u r
ch aser t o p a y a c c r u e d interest.
sssr,*
”r
W m . It. C o m p to n C o ------ $ 6 5 ,3 5 2 75 J . O . M a y e r & C o . . .
.$f,5 n in
W e ll. _R o t h & C o — - - - - - - 6 5 ,1 1 0 00 C y n th ia n a N a tio n a l B a n k 65*005
R u d o lp h K le y b o lt o Sc C o . 6 5 ,0 5 5 55 H arris T r u s t & S av B a n k 65 009
S ilv o rm a n -IIu y c h C o ____ 6.5,018 00
*nK "5,01)0
A ll bidders offe re d a ccru e d in terest.
nn
00
no
00
DALLAS CENTER INDEPENDENT SCHOOL DISTR IC T (P. O.
D a lla s C e n t e r ) , D a lla s C o u n t y , I o w a .— B O N D S A L E __ On Trm« 9,1
th o H ankers M o r tg a g e C o . o f D e s M o in e s w as a w a rd e d th o $8 000 5 %
10-y©ar h ea tin g and repair b o n d s (V . 106, p . 2671) a t 100 ?0 W Z n n r n
$50 0 o r $ 1 ,000 as p referred .
D a t e J u ly 1 1918
In t J & J
A h d /f
100 .45 w as receiv ed fr o m G e o . M . B e ch te l & c 0 . o f D a v e n p o r t . A
1 f
DALLAS COUNTY (P. O. Dallas), Tex.— B O N D E L E C T I O N __ A
^ b ? i f f l nto°th o v o t^
0
on00J u /y 27.lmPrOVCmCnfc b ° “ ds w111* 8 is sta tu d - b<!
DAYTON, Montgomery C ounty, O h io_ B O N D S A U T H O R I Z E D —
_
O n Ju n o 19 ord in a n ces w ero passed a u th o riz in g th e Issuance o f th o fo llo w
in g 5 % b on d s:
$ 1 2 ,OOO fire-sta tion im p t. b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a t e Am r l i o i r
D ue A u g . 1 1923.
•
1
.
4 ,9 0 5 street im p t. b o n d s.
D e n o m . $100 o r m u ltip le s t h e r e o f
D a to
S ep t. 1 1918. D u e S e p t. 1 1928.
I n t . s em i-a n n . Joh n B . H arsh m an Is C it y C le rk .
HARDIN, Ray C oun ty, Mo.— B O N D S D E F E A T E D .— O n J u n e 25 a
p r o p o s itio n t o issu e $ 1 8 ,5 0 0 w ater w o rk s sy s te m b o n d s w as d e fe a te d .
HILLSBORO, M ontgomery C ou n ty, Ills.— B O N D E L E C T I O N .__ A
p r o p o s itio n t o issue $ 1 4 ,0 0 0 p ip e line b o n d s w ill, it is s ta te d , b e s u b m itte d
t o th e v o te r s o n J u ly 20.
HOUSTON COUNTY (P. O. C rocket), T ex.— B O N D S D E F E A T E D __
T h o qu e stio n o f issu in g $ 5 0 ,0 0 0 R o a d D is t r ic t N o . 2 b o n d s w as d e fe a te d
a t th e e le ctio n h e ld Ju n e 12.— V . 106, p . 2 36 0.
IONA, Murray C ou n ty, M inn. — B O N D O F F E R IN G .— P r o p o s a ls w ill
b o re ce iv e d u n til J u ly 12 b y th o V illa g e C le rk fo r th o $ 1 0 ,0 0 0 6 % b o n d s
o ffe r e d w ith o u t su ccess o n A p r . 19. V . 106, p . 1819.
JACKSON TOWNSHIP (P. O. R ockville), Parke C oun ty, Ind .—
B O N D O F F E R IN G .— P r o p o sa ls w ill b o r e c e iv e d , it is s ta te d , b y H e n r y S
W h ite , T o w n s h ip T r u s te e , until 1 p . m . J u ly 20 fo r $1,8 0 0 6 % 5 -y e a r b o n d s .
JACKSON TOW NSHIP SCHOOL DISTR IC T NO. 6 (P. O. Ever-
to n ), Fayette C oun ty, Ind. — B O N D O F F E R IN G .— O n Ju n e 26 th e
S 25 .00 0 5 % 1 -2 0 -y r. serial s ch o o l b o n d s — V . 106, p . 2471— w e re aw a rd ed
t o J . F . M ild & C o . o f In dia n a p o lis a t 1 00 .22.
T h e F a rm ers & M e r ch a n ts
T r u s t C o . o f C o n n e rsv ille b id $25 ,0 0 2 .
[V ol . 107.
THE CHRONICLE
98
JAY C O U N T Y (P. O . P ortlan d), Ind. — BONDS
$ 8 4 0 0 4 'A% 1 - 1 0 - y e a r s e r ia l h i g h w a y I m p r o v e m e n t
J u ly 1 ( V . 1 06 , p . 2 7 7 6 ), w e re n o t s o ld .
NOT SOLD.— T h o
bonds
o ffe r e d
on
JOHNSONBURG, Elk C oun ty, Pa .— BOND OFFERING.— P r o p o s a l s
w il l b e r e c e iv e d u n t il 8 a . m . J u l y 1 0 b y J n o . S . H o l t e r , B o r o u g h S e c r e t a r y ,
f o r 8 6 ,2 5 0 5 % 1 - 5 - y e a r ( o p t . ) c o u p o n r e fu n d i n g b o n d s .
D c n o m . S 1 ,2 5 0 .
D a te D e c. 1 1917.
I n t e r e s t s e m i- a n n u a l ( J . & D . ) .
C e r t i fi e d c h e c k f o r
6 % o f th o b id s , p a y a b le t o B o r o u g h S e c r e ta r y , r e q u ir e d .
P u rch a ser to
p a y a c c r u e d in t e r e s t .
KALIDA, Putnam C oun ty, O h io. — BOND SALE.— T h e $ 4 ,0 0 0 6 %
8 - 1 5 - y e a r s e r ia l c o u p o n s t r e e t - r e p a i r in g b o n d s o f f e r e d o n A p r . 2 9 ( V . 1 0 b ,
p . 1 7 1 0 ) w e r e a w a r d o d o n J u n e 2 4 t o O t is & ! C o . o f C l e v e l a n d a t 1 0 4 .3 5 .
KEARNEY, B u ffalo C oun ty, Neb.— BOND OFFERING.— F u r t h e r
d e t a i ls a r o a t h a n d r e la t i v e t o t h o o f f e r i n g o n J u l y 1 5 o f t h e $ 4 5 ,0 0 0 5 %
in t e r s e c t i o n a l p a v i n g b o n d s ( V . 1 0 6 , p . 2 7 7 5 ) .
P r o p o s a ls fo r th e s e b o n d s
w ill b e r e c e i v e d u n t i l 8 p . r a . o n t h a t d a y b y C h a s . O . S w a n , C i t y C l e r k T reasurer.
D e n o m . $ 1 ,0 0 0 .
D a te Ju n e 1 1917.
I n t . s e m i- a n n . ( J . & D . ) ,
p a y a b le a t th o S ta te T r e a s u r e r ’s o f fic e .
D u e 1 9 3 7 , s u b j e c t t o c a ll a f t e r
1922.
B o n d e d d e b t ( i n c l u d i n g t h is i s s u o ), J u l y 2 1 9 1 8 , $ 5 4 2 ,2 0 0 .
KENDALL COUNTY (P. O. B oerne), T ex.— BONDS DEFEATED.—
T h e p r o p o s i t i o n t o i s s u o 8 4 0 ,0 0 0 r o a d b o n d s w a s d e f e a t e d a t t h e e l e c t i o n
h e ld J u n e 15— V . 1 06 , p . 2 4 7 1 .
KEN ILW ORTH, No. Caro .— BOND OFFERING.— S e a le d b i d s w ill b o
r e c e iv e d u n t il 10 a . m . t o - d a y ( J u l y 6 ) , i t is r e p o r t e d , b y R . A . M a r v e l ,
T o w n C l e r k , f o r 3 1 5 ,0 0 0 6 % s p e c ia l a s s e s s , b o n d s .
D a t e J u ly 1 1918.
KENOSHA, K enosha C oun ty, W ise.— NO ACTION YE T T A K E N .—
N o a c t i o n h a s y e t b e e n t a k e n l o o k in g t o w a r d t h e is s u a n c o o f t h o s c h o o l b ld g . b o n d s v o t e d on A p r . 2 .— V . 106 , p . 159 9.
KENT, Hardin C ou n ty, O h io. — BOND SALE.— On J u n e 2 8 t h e 5 9 ,0 0 0
6 % s t r e e t - i m p t . b o n d s — V . 1 0 6 , p . 2 5 7 7 — w e r e a w a r d e d t o O t is & C o . o f
C l e v e l a n d f o r 5 9 , 4 3 0 , e q u a l t o 1 0 4 .7 7 7 .
D en om . $500.
D a to M a rch 1
1918.
In t. M . & S.
O th e r b id d e r s w ere:
S e a s o n g o o d & M a y e r , C i n . 8 9 , 4 1 0 0 0 S p lt z e r , R o r i c k & C o . , T o l - 8 9 , 3 2 3 0 0
9 ,2 9 6 00
W e i l , R o t h & C o . , C i n _____ 9 , 3 8 7 0 0 P r u d d e n & C o . , T o l e d o —
9 ,3 8 2 02 F . C . H o o h lc r & C o ., T o l - - 9 ,2 9 5 25
S ta cy & B rau n , T o le d o —
W . L . S l a y t o n & C o . , T o l . . 9 , 3 3 8 4 0 J . C . M a y e r & C o . , C i n . . . 9 ,2 7 3 0 0
C o .,
_
D u r f e o , N il e s & C o . , T o l . . 9 ,3 3 1 8 0 S U v e r m a n - I I u y c k
C i n c i n n a t i __________________o 9 ,2 1 1 5 0
T i l l o t s o n & W o l ’ t t C o ., C l e v 9 ,3 3 1 2 0
fes
a A n d b la n k b o n d s .
KIMBALL, Kimball C ou n ty, Neb.— BONDS VOTED.— -L o c a l n e w s
p a p e r s s t a t e t h a t $ 5 ,0 0 0 w a t e r a n d $ 3 0 ,0 0 0 m u n i c ip a l - e l c c t r i c - l i g h t - p l a n t
b o n d s c a r r ie d a t a r e c e n t e l e c t i o n b y a v o t e o f 5 6 t o 1 7 .
KNOWLES SCHOOL DISTR IC T, Madera C oun ty, C alif.— BOND
OFFERING.— N e w s p a p e r s s t a t e t h a t p r o p o s a l s w ill b e r e c e iv e d u n t il 10
a.
m . J u l y 8 b y W . R . C u r t i n , C l e r k B o a r d o f C o u n t y S u o p r v is o r s ( P . O .
M a d e r a ) , f o r $ 5 , 0 0 0 5 % 1 - 1 0 - y e a r s e r ia l s c h o o l b o n d s .
D en om . $500.
C e r t , c h e c k fo r 1 0 % r e q u ir e d .
LACLEDE COUNTY (P. O. L eban on), Mo.— BOND ELECTION
PROPOSED.— R e p o r t s s t a t e t h a t a t a r e c e n t m e e t in g a r e s o lu t i o n w a s p a s s e d
a n d p e t i t i o n s c ir c u l a t e d a s k in g t h o C o u n t y C o u r t t o c a ll a s p e c ia l e l e c t i o n
t o v o t e o n a p r o p o s i t i o n t o is s u o $ 4 5 0 ,0 0 0 r o a d b o n d s .
LAKE COUNTY (P. O. W aukegon), III.— BOND SALE.— O n
J u ly 1
t h o $ 1 0 5 ,0 0 0 5 % 1 - 5 - y e a r s e r ia l c o u p o n r o a d b o n d s ( V . 1 0 6 , p . 2 7 7 5 ) w e r e
a w a r d e d t o I l a l s o y , S t u a r t & C o . o f C h i c a g o f o r $ 1 0 5 ,4 2 6 ( 1 0 0 . 3 9 6 ) , p lu s
p r i n t in g o f b o n d s a n d c o s t o f le g a l e x a m i n a t i o n .
LAKE COUNTY (P. O. Pninesville), O h io. — BOND SALE.— 'T h o
$ 9 1 ,0 0 0 5 % 1 - 9- v e a r s e r ia l c o u p o n h i g h w a y - i m p t . b o n d s o f f e r e d w it h o u t
s u c c e s s o n M a y 6 ( V . 1 0 6 , p . 2 0 4 2 ) w o r o a w a r d e d o n J u n e 2 6 t o F ie ld s ,
R i c h a r d s & C o . o f C i n c i n n a t i a t p a r . a n d in t .
BONDS NOT YE T SOLD.— T h o $ 1 8 ,0 0 0 5 % 1 - 8 - y e a r s e r ia l r o a d - i m p t .
b o n d s o ffe r e d o n J a n . 14 ( V . 106, p . 2 0 7 ) h a v e n o t y e t b e e n s o ld .
LANCASTER, Fairfield C oun ty, O hio.— BONDS AUTHORIZED.—
T h e o r d i n a n c o a u t h o r i z in g t h e i s s u a n c o o f t h e $ 1 5 ,0 0 0 c i t y - h o s p i t a l a n d
n u r s e s ’ h o m o b o n d s m o n t ic t o e d i n V . 1 0 6 , p . 2 7 7 5 , h a s b e e n p a s s e d .
LANGOR, Beltrami C oun ty, M inn.— BOND OFFERING.— S e a le d
b i d s w ill b o r e c e i v e d u n t il 3 p . m . J u l y 8 b y G e o r g e D e t l l n g , T o w n C le r k ,
f o r $ 1 ,5 0 0 b o n d s .
D u e $ 3 0 0 y e a r ly b e g in n in g D e c . 3 0 1 9 2 3 .
C ert, ch eck
f o r 1 0 % , p a y a b le t o th e T o w n o f L a n g o r , r e q u ir e d .
LA PORTE COUNTY (P. O. La Porte), Ind .— BONDS NOT TO'BE
RE-OFFERED.— T h o $ 1 5 ,4 0 0 4 A % 1 -1 0 - y e a r s e r ia l c o u p o n b o n d s " o f f e r e d
w it h o u t s u c c e s s o n J u n e 3 ( V . 1 0 6 , p . 2 4 7 1 ) w ill n o t b e r e o ff e r e d . <'■
?
.
d u o J u l y 9 1 9 1 9 a n d $ 1 2 1 ,0 0 0 d a t e d J u l y 2 5 1 9 1 8 a n d d u e J u l y 2 5 1 9 1 9 .
I n t . is p a y a b l e a t t h e N a t i o n a l C i t y B a n k , N . Y .
T ota l bon d ed d eb t,
i n c lu d in g t h i s is s u o , $ 1 , 0 7 8 . 6 6 5 9 1 .
A s s e s s , v a l u e 1 9 1 7 , $ 3 9 ,7 0 8 ,6 9 0 .
R e a l v a l u e o f t a x a b l e p r o p e r t y , $ 8 0 ,0 0 0 ,0 0 0 .
P o p u la tio n 19 1 0 C e n s u s ,
4 5 ,9 4 1 ; 191 6 ( e s t .) , 5 7 ,3 4 3 .
L I T T L E R O C K , ’ P u l a s k i C o u n t y , A r k .— BOND SALE . — A n is s u e o f
$ 1 2 0 ,0 0 0 w a t e r , s t r e e t a n d p o l i c e . b o n d s h a s b e e n a w a r d e d t o S p e e r & u o w
o f L it t le R o c k .
L O R A I N " C O U N T Y ( P . O . E l y r i a ) , O h i o . — B O N D SALE.
T h e $ 1 7 ,
500 H o u g h to n b rid g o b o n d s ir o c o n t ly a p p r o v e d b y th e A tto r n e y -G e n e ra l
( V . 1 0 6 , p . 2 6 7 2 ) h a v o b e e n s o l d t o t h o S t a t o I n d u s t r i a l C o m m i s s io n o f O h i o .
L U C A S C O U N T Y ( P . O . T o l e d o ) , O h i o . — B O N D O F F F B I N O .— P r o
p o s a l s w ill b e r e c e iv e d b y G a b o C o o p e r , C o u n t y A u d i t o r , u n t il 1 0 .3 0 a . m .
J u l y 2 6 f o r $ 6 0 ,3 0 0 5 % A d a m s a n d S p r i n g f ie l d T o w n s M p s C o u n t y H i g h
w a y I m p t . N o . 119 b o n d s.
D e n o m . 1 fo r $ 3 0 0 , 6 0 f o r * 1 .0 0 0 .
D a te
A u g . 6 1918.
P r i n . a n d s e m i- a n n . i n t . , p a y a b l e a t t h e C o u n t y T r e a s u r e r s
o ffic e .
D u o $ 6 ,3 0 0 o n A u g . 6 1 9 1 9 a n d $ 6 ,0 0 0 y e a r l y o n A u g . 16 f r o m 1 9 2 0
t o 1 9 2 8 in c h
A l l b i d s m u s t b e u n c o n d it i o n a l a n d a c c o m p a n i e d b y a c e r t ,
c h e c k (o r ca sh ) fo r $ 30 0 o n a s o lv e n t b a n k o f T o le d o .
£ on d s to bo de
liv e r e d o n A u g . 6 1 9 1 8 .
A c o m p l e t e c e r t i f ie d t r a n s c r ip t o f a ll p r o c e e d i n g s
e v i d e n c i n g t h e r e g u l a r it y a n d v a l i d i t y o f t h e s o b o n d s w ill b o ^ f n ^ e d t h o
s u c c e s s fu l b i d d e r , a c o p y o f w h ic h is o n f i l o a t t h o a b o v o A u d i t o r s o f f i c e
a n d m a y b e in s p e c t e d a t a n y t i m e .
P u r c h a s e r t o p a y a c c r u e d in t e r e s t .
L Y N D H U R S T T O W N S H I P (P . O . R u t h e r f o r d ) , B e r g e n C o u n t y ,
N . J .— F IN A N C IA L S T A T E M E N T — W o a r o i n r e c e ip t o f t h o f o l l o w i n g
f in a n c ia l s t a t e m e n t is s u e d i n c o n n e c t i o n w it h t h e s a le o n J u n e 2 7 o r t h o
$ 2 0 0 ,0 0 0 5 % 2 1 M - y e a r a v e r , s o w e r b o n d s — V . 1 0 6 , p . 2 7 7 5 :
T r u o v a l u o ( e s t i m a t e d o f a ll t a x a b l e p r o p e r t y ) - - -------------- - - -$ 8 ,0 0 0 ,0 U U UU
A s s e s s e d v a l u a t i o n o f r e a l a n d p e r s o n a l p r o p e r t y f o r y e a r 1 9 1 7 5 ,b 5 b ,8 b t> u u
T o t a l b o n d e d d e b t ( in c l u d i n g t h i s is s u e ):
R o a d b o n d s ........................................— ..................................$ 4 2 ,5 0 0
W a t e r b o n d s ............................................................................' ' o i ? ’ sn n nn
T r u n k s o w e r b o n d s ........................................ .......................... 2 7 ,8 5 6 5 5
5 5 7 ,8 5 6 5 5
T o w n s h i p s e w e r b o n d s ( t h is i s s u e ) -------------------------2 0 0 ,0 0 0 0 0
3 2 ,1 0 0 0 0
N o t e s o u t s t a n d i n g a g a in s t t a x e s ......... ............... ...............................
I m p r o v e m e n t c e r t i f i c a t c s 'o f in d e b t e d n e s s o u t s t a n d i n g a g a in s t
a s s e s s m e n t s f o r s t r e e t i m p r o v e m e n t s , & c .........................................
i o ’ c 7 o oH
1 2 ,b /J wo
S in k in g f u n d ( f o r r o a d a n d w a t e r b o n d s ) ------------------------------------P o p u l a t i o n , S t a t o C e n s u s 1 9 1 5 , 7 ,2 9 9 ; p r e s e n t e s t im a t e d p o p u l a t i o n , 8 , 5 0 0
L Y N N , E s s e x C o u n t y , M a s s .— TEMPORARY LOAN.
O n J u ly 3 a
l o a n o f $ 1 0 0 ,0 0 0 d a t e d J u l y 5 a n d m a t u r in g N o v . 6 w a s a w a r d e d t o S a l o
m o n B r o s . & H u t z lo r o f N e w Y o r k a t 4 . 3 9 % d i s c o u n t , p l u s $ 2 p r e m iu m .
M A N V I L L E , N io b r a r a C o u n t y , W v o .- B O N D
O F F E R I N G .— P r o
p o s a ls w ill b o r e c e iv e d u n t il 7 :3 0 p . m . J u l y 8 b y O . M . B a r t h o l m o , T o w n
C l e r k , f o r t h e $ 1 7 ,0 0 0 s o w e r a g o a n d $ 2 0 ,0 0 0 w a t e r - e x t e n s i o n 6 % 1 5 - 3 0 - y r .
( o p t . ) c o u p o n b o n d s m e n t io n e d in V . 1 0 6 , p . 2 7 7 5 .
D e n o m . S .>00.
D a te
J u ly 1 1 9 1 8 .
P r i n . a n d s e m i- a n n . i n t . p a y a b l e a t K o u n t z e B r o s . , N e w
Y o r k C ity .
C e r t i fi e d c h e c k f o r 1 0 % r e q u i r e d .
M A R S H A L L , L o g a n C o u n t y , O k l a .— BONDS A P P R O V E D .- N e w s p a
p e r s s t a t e t h a t t h o $ 5 ,0 0 0 6 % 2 0 - y e a r s u p p l y b o n d s , m e n t io n e d i n i V . 1 0 6 ,
p . 2 0 7 , h a v e b e e n a p p r o v e d b y . t h e A t t o r n e y - G e n e r a l o f O k la h o m a .
M A R T I N C O U N T Y ( P . O . S h o a l s ) , I n d .— NO BIDS RECEIVED.—
N o b i d s w e r o r e c e iv e d o n J u l y 1 f o r t h o $ 3 ,7 0 0 4 A % 1 0 - y e a r h i g h w a y b o n d s
o f f e r e d o n t h a t d a y . . V .'. 1 0 6 , p . 2 6 7 2 .
M A R V E L L , P h i l l i p s C o u n t y , A r k — BOND OFFERING .— I t I s ^ r e
p o r t e d t h a t S . L . C o o k o , C o m m i s s io n e r , w ill se ll a b o u t J u l y 8 a p p r o x i
m a t e ly $ 5 0 ,0 0 0 w a t e r a n d s e w o r i b o n d s .
M A U M E E , L u c a s ' C o u n t y , O h i o . — B O N D OFFERING.— - n e n r y E .
G e ig e r , V i l la g o C l e r k , w ill r e c e iv o s e a le d b i d s u n t il 12 m . J u l y 2 3 f o r $ 1 ^ ,0 0 0
6 % H b -y ea r r e fu n d i n g b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to J u ly l 1 91 8.
In t.
SO T d-ann
C e r t , c h e c k f o r 1 0 % , p a y a b l e t o t h o V i l la g o T r e a s u r e r , r e
q u ir e d .
M E D I N A , M e d i n a C o u n t y , O h i o .— BOND ELECTION .— A n e l e c t i o n
w ill b e b e lli J u l y 16 t o v o t o o n p r o p o s i t io n s t o is su o $ 1 2 ,0 0 0 f ir e - e n g in e
a n d $ 6 ,0 0 0 w a t e r - w o r k s - l m p t . b o n d s . __ W . P . A i n s w o r t h i s . C i t y C l e r k .
M E L R O S E , M i d d l e s e x C o u n t y , M a s s .—-BOND SALE .— O n J u l y 2
t h o $ 1 0 0 0 0 4 Yi % 1 - 5 - y e a r s e r ia l W a t e r L o a n A c t o f 1 9 1 5 b o n d s d a t e d
J u n e 1 1918 (V . 106, p . 2 7 7 5 ) w e ro a w a r d e d , a c c o r d in g t o R e p o rts , t o E . I I .
R o l l in s k S o n s o f B o s t o n a t 1 0 0 .1 7 6 .
LAVERNF., Harper C oun ty, Okla.— BONDS OFFERED B Y B A N K
ERS.— T h o H a n c h e t t B o n d C o . o f C h i c a g o is o f f e r i n g t o i n v e s t o r s $ 1 3 ,0 0 0
E M L * R o b i n s & S o n s , B o s t o n 1 0 0 .0 7 9 | W . L . R a y m o n d & C o . , B o s . . 1 0 0 .0 1
6 % e l e c t r i c - l ig h t b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te Jan . 1 1918.
P r in . a n d
s e m i- a n n . i n t . ( J . & J . ) p a y a b l e a t t h e N a t i o n a l C i t y B a n k , N e w Y o r k .
D u o n a r t e v e r y f i v e y e a r s o n J a n . 1 a s f o ll o w s : $ 3 ,0 0 0 1 9 2 3 , 1 9 2 8 a n d 1 9 3 3 ,
a n d $ 4 ,0 0 0 1 9 3 8 .
M I A M I C O U N T Y ( P . O . T r o y ) , O h i o . — BOND~SALE.— O n J u n o 1 7
th e
8 0 0 0 % 1 -9 - y e a r s e r ia l c o u p o n M o n r o o S t r e e t b r i d g o b o n d s ( V . 1 0 6 ,
2 4 7 2 ) w e ro a w a r d e d t o S e a s o n g o o d & M a y o r o f C in c in n a ti f o r $ 4 ,9 4 7 ,
d
e q u a l t o 1 0 2 .2 1 0 .
O th e r b id d e r s w e ro :
T o t a l v a l u e o f a ll p r o p e r t y , e s t i m a t e d _________________________________ $ 5 0 0 ,0 0 0
A s s e s s e d v a l u a t i o n f o r t a x a t i o n ---------------------------------------------------------------- 2 5 3 ,7 2 8
A s s e s s e d v a l u a t i o n f o r t a x a t i o n 1 9 1 8 ( e s t . ) ___________________________ 3 9 0 ,0 0 0
1 3 ,0 0 0
T o t a l b o n d e d d e b t ______________________________
P o p u l a t i o n ____________________________________________________________________
806
W . L . S la y to n , T o le d o
- ................................................................................ a o a a 8 0
W e i l . R o t h & C o . . C i n c i n n a t i - - - - - - ......................... - ....................................... 4 , 9 4 8 8 0
T i l l o t s o n & W o l c o t t C o . , C i n c i n n a t i ...................................- .............................4 , 9 4 . , 9 2
F i r s t N a t i o n a l B a n k , B a m e s v i l l o ....................................................................4 , 8 2 5 UU
In te re st M . & S.
LEBANON, W arren C oun ty, O h io. — BOND SALE.— 'T h e 8 1 1 ,
9 2 5 7 4 6 % c o u p o n s t r e e t-im p t. b o n d s o ffe r e d w it h o u t su cce s s o n D e c . 7
191 7 (V . 105, p . 2 4 7 4 ) h a v o b e e n s o ld .
BOND SALE .— O n J u n o 7 t h o $ 1 2 ,1 4 2 7 5 5 % s t r e e t - i m p t . b o n d s o f fe r e d
w i t h o u t s u c c e s s o n O c t . 2 2 1 9 1 7 ( V . 1 0 5 , p . 1 7 3 0 ) w e r e a w a r d e d t o t h e S in k
i n g F u n d T r u s t e e s f o r $ 1 2 .4 3 7 7 5 , e q u a l t o 1 0 2 .4 2 5 .
M I L F O R D , ' P i k e C o u n t y , P a .— NO BOND ELECTION. R e p o r t s
s t a t in g t h a t t h is b o r o u g h c o n t e m p l a t e d t h o h o l d i n g o f a n e l e c t i o n o n M a y 2 1
t o v o t e o n t h o q u e s t i o n o f is s u in g $ 7 ,0 0 0 s t r e e t - i m p t . b o n d s w e r o e r r o n e o u s .
V . 106, p . 2146.
Financial
Statement.
LEE COUNTY SCHOOL DISTRICT NO. 7, So. Caro .— BOND SALE.
— T h o H a n o n e t t B o n d C o . o f C h i c a g o h a s p u r c h a s e d $ 4 ,0 0 0 6 % b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to M a y 22 1918.
P r i n . a n d s e m i- a n n . I n t . ( M . & N . )
is p a y a b l e a t t h e C h a s o N a t . B a n k , N e w Y o r k .
D u e M a y 22 1938.
Financial Statement.
T o t a l v a l u e o f a ll p r o p e r t y , e s t i m a t e d --------------------------------------------------- $ 4 0 0 ,0 0 0
A s s e s s e d v a l u a t i o n f o r t a x a t i o n __________________________________________
9 9 ,4 6 3
T o t a l b o n d e d d e b t ................................................................. .............................$ 4 ,4 0 0
L e s s s in k in g f u n d ___________________________________________________ 3 , 0 0 0
M ODESTO
SCH OOL
D IS T R IC T
(P . O . M o d e s t o ), S t a n is la u s
C o u n t y , C a l i f .— BONDS DEFEATED .— 'T h o q u e s t i o n o f is s u in g $ 3 5 ,0 0 0
h i g h s c h o o l a d d it i o n a n d $ 8 5 ,0 0 0 g r a m m a r s c h o o l a d d it i o n b o n d s w a s
d e f e a t e d a t t h e e l e c t i o n h o ld J u n o 1 0 .— V . 1 0 6 , p . 2 3 6 1 . -4
___
M O N R O E C O U N T Y ( P . O . B l o o m i n g t o n ) , I n d .— NO BIDS RE
CEIVED .— N o b i d s w e r e r o c o i v c d f o r t h o $ 2 ,5 0 0 4 A % h i g h w a y - l m p t .
b o n d s o ffe r e d o n J u n o 2 5 ( V . 1 06 , p . 2 5 7 7 ).
$ 1 ,4 0 0
M ONTEREY
COUNTY
R E C L A M A T IO N
D IS T R IC T
N O .^ 1 6 6 5
( P O . S a l i n a s ) , C a l i f .— BOND SALE .— T h e $ 5 6 ,0 0 0 6 % 2 0 - y e a r ( o p t . )
im p t. b o n d s o fro re d o n J u n o 24— V . 106, p . 2 5 7 7 — w e ro a w a r d e d o n th a t
d a y t o t h o L u m b e r m e n s T r u s t C o . o f P o r t l a n d l a t .9 8 .7 7 .
D e n o m . $ 1 ,0 0 0 .
In terest J . & J .
LIBERTY COUNTY (P. O. L iberty), T ex.— BOND OFFERING.—
SALE.— O n J u n o 17 t h o $ 3 0 ,0 0 0 5 - 3 0 - y e a r ’ ( o p t . ) c o u p o n r o a d b o n d s ( V .
P r o p o s a l s w ill b e r e c e iv e d u n t il 11 a . m . J u l y 8 b y C . N . S m it h , C o u n t y
J u d g e , f o r t h o $ 7 5 ,0 0 0 R o a d D i s t r i c t N o . 3 a n d t h o $ 4 0 ,0 0 0 R o a d D is t .
N o . 4 5 A % 2 0 - 3 0 - y e a r b o n d s m e n t io n e d in V . 1 0 6 , p . 2 3 6 0 .
I n t . s e m iann. ( A . & O . ) , p a y a b l e i n N e w Y o r k . C e r t , c h e c k f o r 2 % r e q u i r e d .
106 n 2 4 7 2 ) w o r o a w a r d e d t o l o c a l p u r c h a s e r s a t p a r .
O th e r b id d e r s
w e r e M u l l i n , B r i g g s & C o . o f F h ll a . a n il J . C . C o h n o f W i ll ia m s p o r t , b o t h
at par.
N e t b o n d e d d e b t __________________________________________________________
P o p u la t i o n 1 ,0 0 0 .
LIMA, Allen C oun ty, O h io. — BOND SALE.— T h o S in k in g F u n d
T r u s t e e s h a v e p u r c h a s e d a t p a r t h e $ 2 ,0 0 0 5 A % p a t r o i - w a g o n b o n d s o f fe r e d
o n J u l y 1 .— V . 1 0 6 , p . 2 3 6 0 .
LINCOLN, Logan C oun ty, HI.— BONDS VOTED.— A t a n e l e c t i o n
h e l d J u n o 2 0 a p r o p o s i t i o n t o is s u e $ 3 5 ,0 0 0 e l e c t r i c -r a i lw a y b o n d s c a r r ie d ,
i t is s t a t e d , b y a v o t e o f 1 ,1 7 4 t o 7 2 9 .
WLINCOLN, Lancaster C oun ty, Neb. — BOND SALE.— On
Ju n e 28 th e
$ 1 5 4 ,9 6 0 5 A % p a v i n g a s s e s s , b o n d s ( V . 1 0 6 , p . 2 4 7 1 ) w e r e a w a r d e d t o
H a ls e y , S t u a r t & C o . o f C h i c a g o f o r $ 1 5 6 ,5 6 1 ( 1 0 1 . 0 3 3 ) , i n t . a n d b la n k
b on d s.
D a te M a y 1 1918.
D u e 1 10 y e a r l y , b e g i n n i n g M a y 1 1 9 1 9 .
O th e r b id d e r s w e re :
R . L . D a y & C o . , B o s t o n . . . ................................. .................. ....................... $ 1 5 7 ,0 3 6 4 6
C e n t r a l N a t i o n a l B a n k , L i n c o l n ____________________________________ 1 5 5 ,9 6 1 01
N e ls o n C . B r o c k , a g e n t , L i n c o l n ____________________________________ * 1 5 5 ,1 0 3 0 0
I I . C . S p e e r & S o n s , C h i c a g o --------- ---------- ------------------------------------------- * 1 5 5 .0 6 1 0 0
L i n c o l n T r u s t C o . , L i n c o l n --------- ----------------------- --------------- ----------------- * 1 5 4 ,9 7 5 0 0
T h e B e lla n I n v e s t m e n t C o . o f D e n v e r b i d p a r o n ( p a r t o f b o n d s o n l y ,
c i t y a l lo w e d a t t o r n e y s fe e s .
i&j
* A n d b la n k b
o
n
d
s
.
____________________________________
L I T T L E ROCK, Ark.— BONDS OFFERED B Y BANKERS.— A m e s ,
E m c r i c h & C o . a n d P . W . C h a p m a n & C o . , b o t h o f C h i c a g o , a r o o f fe r i n g
t o in v e s t o r s in a n a d v e r t i s e m e n t o n a p r e c e d i n g p a g e o f t h is is s u e $ 6 9 1 ,0 0 0
t a x - f r e e t e m p o r a r y l o a n b o n d s , o f w h ic h $ 5 7 0 ,0 0 0 a r e d a t o d J u l y 9 1 9 1 8 a n d
M O N T O U R S V IL L E
(B o r o u g h ),
L y c o m in g
C ou n ty ,
P a .— B O N D
M U S K I N G U M C O U N T Y ( P . O . Z a n e s v i l l e ) , O h i o .— BOND OFFER
ING .— B i d s w ill b o r e c e iv e d b y F . K e ll y , C l e r k o f B o a r d o f C o u n t y C o m
m is s io n e r s , u n t il 1 I), m . J u l y 1 0 f o r $ 1 7 ,5 0 0 5 H % c o u p o n r o a d b o n d s .
D en om . $500.
D a to A u g . 1 1918.
D u o $ 1 ,5 0 0 y e a r l y o n A u g . 1 f r o m
1 0 1 8 t o 1 9 2 6 i n c l. a n d $ 4 ,0 0 0 A u g . 1 1 9 2 7 .
P r in a n d » s e m l - a n n . i n t .
( F & A . ) p a y a b le a t t h o C o u n t y T r e a s u r e r ’ s o f f i c e .
C e rt, c h e c k (o r s u r e ty
b o n d w i t h l o c a l r e p r e s e n t a t iv e ) f o r 1 % o f a m o u n t o f b o n d s b i d f o r r e q u i r e d .
N A S S A U C O U N T Y ( P . O . M i n e o l a ) , N . Y .— CERTIFICATE OFFERj n g — S e a le d b i d s w ill b o r e c e iv e d u n t il 12 m . J u l y 16 b y E a r l J . B e n n e t t ,
C o u n t y C o m p t r o l l e r , f o r $ 3 5 ,0 0 0 5 % b r i d g o c e r t i f ic a t e s .
D e n o m . $ 1 ,0 0 0 .
D a t e J u l y 15 1 9 1 8 .
P r i n . a n d s e m i- a n n . i n t . ( J . & J . ) p a y a b l e in M i n e o l a .
D u o J u ly 15 1 9 1 9 .
C e r tifie d c h e c k fo r 2 % o f th o a m o u n t o f b o n d s b id f o r ,
p a y a b lo t o th o C o u n t y T r e a s u r e r , r e q u ir e d .
N E W B E D F O R D , B r i s t o l C o u n t y , M a s s .— TEMPORARY LOAN . —
A t e m p o r a r y l o a n o f $ 3 0 0 ,0 0 0 , d a t e d J u l y 5 a n d m a t u r in g N o v . 11, w a s
a w a r d e d , i t is s t a t e d , t o B l a k e B r o s . & C o . o f B o s t o n a t 4 . 4 1 % d i s c o u n t .
N E W K IR K S C H O O L D I S T R I C T ( P . O . N e w k ir k ), K a y C o u n t y ,
O k l a .— BOND ELECTION PROPOSED— T h o B o a r d o f E d u c a t i o n , it Is
s t a t e d , h a s r e q u e s t e d t h o M a y o r t o c a ll a n o l e c t i o n t o v o t o o n a p r o p o s i t i o n
t o is s u o $ 1 5 ,0 0 0 s c h o o l - b u il d i n g b o n d s .
_ _________ _
N E W Y O R K C I T Y .— TEMPORARY LOANS .— D u r i n g t h o m o n t h o f
J u n o t h i s c i t y is s u e d t h o f o l l o w i n g s h o r t - t e r m s e c u r it ie s , c o n s i s t i n g o f r o v e n u o b o n d s a n d b i ll s , c o r p o r a t e s t o c k n o t e s a n d t a x n o t o s , a g g r e g a t i n g $ 2 1 ,
8 0 1 .5 0 0 :
July 6 1918.]
Revenue Bills 1918, A ggregating §841,500.
Amount.
Int. Rale.
$ 4 7 3 ,5 0 0 -----------------------------------------4 4 3 %
1 6 8 .0 0 0 ----------------------------------------- 4 4 3 %
Maturity.
Date Sold.
O n dom and
J u n o 15
O n d e m a n d _________ ______ J u n o 2 7
S p e c i a l R e v e n u e B o n d s 1 9 1 8 , A g g r e g a t i n g $ 1 ,0 1 0 ,0 0 0 .
----------------------------------------- * 3 %
5 1 0 .0 0 0 --------------------------------------* 3 %
O n o r a fte r J a n .
O n o r a fte r J a n .
2
2
1919
1919
J u n o 10
J u n o 26
2
2
1919
1919
J u n o 10
J u n o 26
• Tax Notes, A ggregating $400,000.
2 0 0 .0 0 0
----------------------------------------- * 3 %
------------------------------------- * 3 %
O n o r a fte r J a n .
O n o r a fte r J a n .
Corporate Stock Notes, A ggregating $19,750,000.
Various Municipal Purposes.
$ 5 0 0 ,0 0 0 ----------------------------------------- * 3 %
. 7 5 0 , 0 0 0 ----------------------------------------- * 3 %
2 . 9 5 0 . 0 0 0 ------------------------------------- 4 4 3 %
O n dem and
O n dem and
S ep t. 30
1918
O n dom and
S e p t. 3 0 1918
O n dem and
On dom and
O n dem and
S ep t. 30
1918
Q U I N T O N , P i t t s b u r g h C o u n t y , O k l a .— BOND OFFERING .— T h o
c i t y , i t is s t a t e d , is r e c e iv i n g b i d s f o r t h e $ 9 8 ,0 0 0 X o f 6 % 2 5 - y e a r b o n d s
m e n t io n e d in V . 1 0 6 , p . 2 0 4 2 .
D e n o m . $ 1 ,0 0 0 .
Juno 6
J u n o 10
.Tuno 2 6
J u n o 27
R A C I N E , R a c i n e C o u n t y , W i s e .— BONDS NOT SOLD.— N o s a le w a s
m a d e o f t h o $ 3 0 ,0 0 0 4 4 6 % 1 - 2 0 - y e a r s e r ia l s e w e r b o n d s , d a t e d M a y 1 1 9 1 8 ,
o ffe r e d o n J u ly 2 ( V . 10 6 , p . 2 6 7 3 ).
T h o in te re s t r a te o n t h e a b o v e b o n d s ,
w o a r o a d v i s e d , -will b o in c r e a s e d b y t h o C i t y C o u n c il t o 5 % a n d t h e b o n d s
w ill b o r e - o f f e r e d b e t w e e n A u g . 2 0 a n d t h o la s t o f t h a t m o n t h .
Juno 6
J u n o 10
J u n o 26
J u lio 2 7
NORTH AUGUSTA, Aiken C ounty, So. Caro.— BOND E LECTION.
— T h o q u e s t io n o f Is s u in g $ 5 0 ,0 0 0 w a t e r - w o r k s b o n d s w il l, i t Is s t a t e d , b o
s u b m itte d t o th o v o t e r s o n J u ly 8 .
NORTH TONAWANDA, Niagara C oun ty, N. Y .— BOND SALE.—
O n J u l y 3 t h o t h r e e is su e s o f 5 % 1 - 10 - y e a r s e r ia l s t r e e t - i m p t . b o n d s , a g g r e
g a t i n g $ 6 1 ,6 0 0 — V . 1 0 6 , p . 2 6 7 3 — w e r e a w a r d e d t o II. A . K a h l c r & C o . o f
N o w Y o r k a t 1 0 1 .4 8 a n d i n t .
O t h e r b id d e r s w o r e :
Isa a c W .
S h e r r ill & C o . ,
J G e o . B . G i b b o n s * C o . , N . Y . 1 0 1 .1 9
P o u g h k e e p s i e ............................1 0 0 .7 0 |I l o r n b l o w o r & W e e k s , N . Y _ 1 0 1 .0 5 8
NORWALK C IT Y SCHOOL DISTRICT (P. O. N orwalk), H uron
C ou n ty, O hio.— BOND OFFERING.— B i d s w ill b o r e c e iv e d u n t il 12 m .
J u l y 10 ( d a t e c h a n g e d f r o m J u l y 9 — V . 1 0 6 . p . 2 7 7 6 ) b y J o h n A . S t r u t t o n ,
C l e r k o f B o a r d o f E d u c a t i o n , f o r $ 2 0 ,0 0 0 5 4 3 % c o u p o n s c h o o l b o n d s .
A u th . S ec. 7629, G on . C o d e .
D cn om . $500.
D a te A u g . 1 1918.
P r in
a n d s o m i- a n n . in t . ( M . & S .) p a y a b lo a t t h o C i t y T r e a s u r e r 's o f f i c o , N o r
w a lk .
D u o $ 5 0 0 e a c h s ix m o n t h s f r o m M a r . 1 1 9 2 4 t o S o p t . 1 1 9 4 3 , i n c h
C e r t i f i e d c h e c k f o r $ 2 ,5 0 0 , p a y a b lo t o t h o B o a r d o f E d u c a t i o n , r e q u i r e d .
OAKDALE SCHOOL DISTRICT (P. O. O akdale), A lleghan y
C oun ty, Pa.— BOND OFFERING.— -B id s w ill b o r e c e iv e d b y F . I I . K e n
n e d y , D is t r i c t A t t o r n e y ( R o o m 9 1 7 . B e r g e r B u il d i n g , P i t t s b u r g h ) , u n t il
1 2 m . J u l y 18 f o F $ 1 3 ,0 0 0 5 % 5 - 1 0 - 1 5 - 2 0 - 2 5 - y c a r s e r ia l s c h o o l b o n d s / . D o n o m .
$ 1 ,0 0 0 .
D a to J u ly l 1918.
I n t e r e s t s e m i- a n n u a l .
OAKHURST SCHOOL DISTRICT (P. O. Joh n stow n ), Cambria
C ou n ty, Pa.— BOND OFFERING.— P r o p o s a l s w ill b o r e c e iv e d u n t il 6 p m
J u l y 12 b y D . O . B it n o r , D I s t . T r c a s . , f o r $ 1 6 ,0 0 0 5 % b o n d s .
D on orm
$ 1 ,0 0 0 .
D a to J u ly l 1918.
I n t . .1. & .1.
D u o y e a r l y o n J u l y 1 a s f o llo w s $ 1 , 0 0 0 1 9 2 0 t o 1 9 2 3 i n c h : $ 2 ,0 0 0 1 9 2 4 ; $ 1 ,0 0 0 1 9 2 5 ; $ 2 ,0 0 0 1 9 2 6 ; $1 0 0 0
1 9 2 7 ; $ 2 ,0 0 0 1 9 2 8 a n d 1 9 2 9 : $ 1 ,0 0 0 1 9 3 0 ; $ 2 ,0 0 0 193 1 t o 1 9 3 3 i n c h ; $ 3 ,0 0 0
1 9 3 4 : $ 2 ,0 0 0 1 9 3 5 a n d 1 9 3 6 , a n d $ 3 , 0 0 0 1 93 7 t o 1 9 4 2 i n c h
C ort. ch eck
f o r $ 1 ,0 0 0 , p a y a b l o t o t h o “ S c h o o l D i s t r i c t o f t h o B o r o u g h o f O a k h u r s t ”
r e q u ir e d .
OLEAN, Cattaraugus C ounty, N.
Y . — F IN A N C IA L STA TE M E N T
o f t h o f o ll o w i n g f in a n c ia l s t a t e m e n t is s u e d in c o n n e c t io n
J u l y 16 o f t h o $ 7 1 ,1 0 0 5 % s t r e e t - i m p t . b o n d s d e s c r ib e d
T o t a l b o n d e d d e b t J u n o 2 4 1 9 1 8 , $ 6 9 7 ,0 5 7 14: g e n e r a l
w a t e r d e b t , $ 1 6 4 ,5 0 0 ; a s s e s s m e n t d o b t , $ 2 2 0 ,3 7 4 64*
$ 1 0 ,5 6 4 ,8 5 0 .
jgjj
OMAHA SCHOOL DISTRICT (P. O. Omaha), Douglass C o u n t y !
N e b . — BONDS NO l APPROVED.— T h o $ 1 , 0 0 0 , 0 0 0 s c h o o l b o n d s a u t h o r i z e d
b y t h o v o t o r s o n A p r i l 9— V . 1 0 6 , p . 2 1 4 6 — w a s n o t a p p r o v e d b y t h o
C a p it a l I s s u e s C o m m i t t c o .
pR RV ILLE SCHOOL DISTRICT (P. O. Orrville), W ayne C ounty,
O hio.— POND ELECTION.— L o c a l p a p e r s s t a t o t h a t a n e l e c t i o n w ill b e
hold A u g . 13 t o v o t e o n a p r o p o s i t i o n t o is s u o $ 1 2 5 ,0 0 0 s c h o o l b o n d s .
PALMETTO, Manatee C ounty, Fla.— BOND SALE.— R c c o n t l y $ 1 5 ,-
t o c a ll J u n o 1 1 9 3 8 .
Financial Statement.
A s s e s s e d v a l u a t i o n f o r t a x a t i o n ------------------------------------------------------------ $ 1 ,4 1 2 0 4 0
'
’
T o t a l b o n d e d d o b t ---------------------------------------------------------------- . S l4 l" o O O
L o s s s in k in g f u n d _______________________________________ $ 5 ,8 0 0
L e s s w a t e r b o n d s .............. -#--------------------- ----------------------- 4 0 ,0 0 0 — 1 5 ,8 0 0
N e t d e b t .................................................- ..........................................................................
P o p u l a t i o n _________________________________________________________________
S C H O O L D IS T R IC T
P R A G U E , L i n c o l n C o u n t y , O k l a .— BOND S A L E ^ - T h o § 4 5 , 0 0 0 6 %
w a t e r a n d l ig h t b o n d s o f f e r e d o n M a y 14— V . 1 0 6 , p . 2 0 4 2 — w e r e a w a r d e d .
It is s t a t e d , t o t h o S e c u r i t y N a t . B a n k o f O k la h o m a C i t y .
Juno
6
Jun o 27
Rapid Transit.
1 . 2 5 0 . 0 0 0 -------------------*3 % O n dem and
7 5 0 . 0 0 0 ------------------------------------- * 3 %
O n dom and
5 . 2 0 0 . 0 0 0 ------------------------------------- * 3 %
O n dem and
5 . 4 0 0 . 0 0 0 -----------4 14 %
S ep t. 30
1918
* P u r c h a s e d a t p a r b y t h o S in k in g F u n d .
P O T T S V I L L E , S c h u y l k i l l C o u n t y , 'V P a .— BOND SALE . — O n J u ly M 2
t h o $ 2 1 ,0 0 0 5 % 5 - 3 0 - y e a r ( o p t . ) s l a g -p u r c h a s in g p l a n t a n d g a s o l in e m o t o r
t r u c k b o n d s o ffe r e d o n J u n e 2 8 (V . 106, p . 2 5 7 8 ) w e re a w a r d e d t o th o
P e n n s y lv a n ia N a t io n a l B a n k o f P o t t s v i l l o a t 1 0 1 .
D e n o m . $ 1 ,0 0 0 .
D a to J u ly 1 19 1 8 .
In t. J. & J .
A m o n g th o o th e r b id d e r s w e re : R u d o lp h
K le y b o lt o & C o . o f C in c in n a ti, M . M . F re e m a n & C o . o f P n ila ., W e s t &
C o . o f P h i l a . , a n d t h o S a fe D e p o s i t B a n k o f P o t t s v i l l o .
__
Q U A P A W S C H O O L D I S T R I C T N O . 14 (P . O / ’ Q u a p a w ) , O t t a w a
C o u n t y , O k l a .— BOND SALE .— A n i s s u o o f $ 1 3 ,0 0 0 s c h o o l b o n d s h a s
b e e n d is p o s e d o f .
Docks.
$ 1 0 0 ,0 0 0 ----------------------------------------- * 3 %
IQ Q ’ QQS?----------------------------------------- * 3 %
8 0 0 . 0 0 0 ------------------------------------- * 3 %
3 5 0 . 0 0 0 ............................................. 4 4 3 %
P O R T S M O U T H , N o r f o l k . L o u n t y V a . — BOND1SALE .— A c c o r d i n g t o
r e p o r t s , $ 8 2 ,0 0 0 6 % r e f u n d i n g b o n d s lf h a v e b e e n a w a r d e d t o J . C . M a y e r
___
& C o . o f C in c in n a ti.
Juno
6
J u n o 10
J u n e 26
Water.
$ 3 0 0 ,0 0 0 ----------------------------------------- * 3 %
1 . 3 0 0 . 0 0 0 ........................................- - 4 4 3 %
— W o a r e In r e c o ip t
w it h t h o o f f e r i n g o n
in V. 1 0 6 , p . 2 7 7 6 :
d e b t , $ 3 1 2 ,1 8 2 5 0 ;
assossed v a lu a tio n ,
99
THE CHRONICLE
(P . O . P e o r ia ), P e o r ia C o u n t y ,
9 5 ,2 0 0
2 000
I I I .——
BONDS VOTED.— O n J u n o 2 4 a p r o p o s i t i o n t o is s u o $ 1 2 ,0 0 0 s c h o o l - b l d g ,
b o n d s c a r r ie d , i t is s t a t e d .
R A W S O N S C H O O L " D I S T R I C T (P . O . R a w s o n ) , H a n c o c k C o u n t y ,
O h i o .—-BONDS APPROVED .— R e p o r t s s t a t o t h a t t h e C a p i t a l I s s u e s
C o m m i t t e e h a s a p p r o v e d t h o s a le o f $ 1 2 ,0 0 0 s c h o o l b o n d s .
R I C H M O N D , H e n r i c o C o u n t y , V a .— BOND SALE . — T h o $ 5 0 0 ,0 0 0
6 % 1 - 5 - y c a r s e r ia l f u n d i n g b o n d s d a t e d J u l y 15 1 9 1 8 , o f f e r e d o n J u l y 2
( V . 1 0 6 , p . 2 7 7 6 ) w e r e a w a r d e d o n t h a t d a y t o I l a m b l e t o n & C o . o f B a lt i
m o r e , a t 1 0 3 .0 8 .
O th e r b id d e r s w ere:
E y e r & C o . , N e w Y o r k . ..................................... .................................................... $ 5 1 3 ,7 5 5
B a n k o f C o m m e r c e & T r u s t , R i c h m o n d _______________________________ 5 1 2 ,9 5 0
A . B . L o a c h & C o . . I n c . , N o w Y o r k , a n d o t h e r s ___________________ 5 1 2 ,6 5 0
F i e l d , R i c h a r d s & C o . , N e w Y o r k , a n d o t h e r s ______________________ 5 1 1 ,6 5 0
E s t a b r o o k & C o . , N o w Y o r k _______________________________________________5 1 1 ,5 7 0
F . E . N o l t i n g & C o . , R i c h m o n d , a n d H a r r i s , F o r b e s & C o ______ 5 1 1 ,3 8 0
G u a r a n t y T r u s t C o . , N o w Y o r k __________________________________________ 5 l O , 7 5 0
K o u n t z B r o t h e r s , N o w Y o r k _______________________________________________ 5 1 0 ,7 0 0
T h o m a s B r a n c h & C o . , R i c h m o n d _______________________________________ 5 1 0 ,3 1 5
R . M . G r a n t & C o . , N o w Y o r k __________________________________________ 5 0 9 ,0 5 0
O ld D o m i n i o n T r u s t C o . , R i c h m o n d , a n d K e a n , T a y l o r & C o _____ -5 0 8 ,0 .5 0
F i r s t N a t io n a l B a n k , R i c h m o n d _________________________________________ 5 0 5 ,0 5 0
C o m m i s s io n e r s o f t h o S in k in g F u n d , R i c h m o n d ______________________ 1 5 1 ,5 0 0
A b i d o f 1 0 0 .5 0 f o r $ 1 0 ,0 0 0 o f t h o is s u o w a s r e c e i v e d f r o m J . L . W i ll ia m s
& S on s, o f R ic h m o n d .
R O C H E S T E R , N . Y .— TEMPORARY LOANS .— O n J u l y 3 t h o f o u r is su e s
o f n o t e s m a t u r in g f o u r m o n t h s f r o m J u l y 8 1 9 1 8 ( V . 1 0 6 , p . 2 7 7 6 ) w e r e
a w a r d e d t o t h o E q u i t a b l e T r u s t C o . o f N e w Y o r k a t 4 . 4 3 % i n t e r e s t p lu s
a p r e m iu m o f $ 2 5 6 .
O th e r b id d e rs w ere:
Interest.
S . N . B o n d & C o . . N e w Y o r k ......... ............... .........................
S a l o m o n B r o s . & I l u t z l o r , N e w Y o r k ___________________
E y e r & C o . , N e w Y o r k ____________________________________
I I . W . P r e s s p r i c h & C o . , N o w Y o r k ______________________
4 .4 5 %
4 .4 8 %
4 .4 8 %
4 .5 3 %
Premium.
$7 20
3 00
_____
_____
R O C H E S T E R , N . Y .— LOAN OFFERING .— P r o p o s a l s w ill b o r e c e i v e d
b y H e n r y D . Q u in b y , C i t y C o m p t r o l l e r , u n t il 2 :3 0 p . m . J u l y 9 f o r t h e f o l
l o w i n g n o t e s , p a y a b l o 4 m o n t h s f r o m J u l y 19 a t t h e C e n t r a l U h io n T r u s t
C o . o f N o w Y o r k : $ 1 0 0 ,0 0 0 w a t e r - w o r k s i m p t . , $ 1 0 0 ,0 0 0 s e w a g e -d is p o s a l ,
$ 3 5 ,0 0 0 G e n e s e e la n d - p u r c h a s o a n d $ 1 5 ,0 0 0 s u b w a y b o n d s . B i d s m u s t
r a t e o f in t e r e s t , d e s ig n a t e t o w h o m ( n o t b e a r e r ) n o t e s s h a ll b e m a d e p a y
a b lo , a n d d e n o m i n a t i o n s d e s ir e d .
R O C K P O R T , M i d d l e s e x C o u n t y , M a s s .— TEMPORARY LOANS.—
O n J u n o 3 a l o a n o f $ 1 0 ,0 0 0 w a s a w a r d e d t o A r t h y r P e r r y & C o . o f B o s t o n .
O n J u n o 2 2 t h o lo a n o f $ 1 3 ,0 0 0 ( V . 1 0 6 , p . 2 6 7 4 ) w a s a w a r d e d t o S . N . B o n d
& C o . o f B o s to n a t 4 .6 2 4 6 %
d i s c o u n t a n d $1 p r e m iu m .
B o t h lo a n s
m a t u r e A p r i l 15 1 9 1 9 .
R O S E D A L E , W y a n d o t t e C o u n t y , K a n s .— BOND SALE .— -A n is s u e
o f $ 0 5 ,0 0 0 5 % T u r k e y C r e e k D iv e r s i o n D i s t r i c t d i r e c t o b l i g a t i o n b o n d s
h a s b e e n p u rch a s e d b y th e H a n c h o tt B o n d C o . o f C h ic a g o .
D en om s.
8 1 ,0 0 0
and $500.
D a t e J u ly 1 1918.
P r i n c ip a l a n d s e m i- a n n u a l in t e r e s t
p a y a b lo a t t h o fis c a l a g e n c y o f t h e S t a t e o f K a n s a s in T o p e k a .
D u e $ 2 ,0 0 0
J u l y 1 1 9 1 9 t o 1 9 4 3 , i n c lu s i v e , a n d $ 3 ,0 0 0 J u l y 1 1 9 4 4 t o 1 9 4 8 , i n c lu s i v e .
Financial Statement.
T o t a l v a l u e o f p r o p e r t y , e s t i m a t e d _____________________________________$ 7 , 0 0 0 , 0 0 0
A s s e s s e d v a l u a t i o n o r t a x a t i o n _________________________________________ 5 ,3 0 0 ,0 0 0
G e n e r a l b o n d e d d e b t ( in c l u d i n g t h i s i s s u o ) _______________$ 1 8 0 ,0 0 0
L o s s s in k in g f u n d ______________________________________________
9 5 ,0 0 0
----------------8 5 ,0 0 0
G c n a r a l I m p r o v e m e n t b o n d s ___________________________________________
2 7 7 ,7 3 0
P o p u l a t i o n _________________________________________________ 9 ,0 0 0
R Y A N . J e f f e r s o n C o u n t y , O k l a .— BOND SALE .— R e p o r t s s t a t o t h a t
t h o $ 1 6 ,0 0 0 6 % 2 0 - y e a r e x t e n s i o n b o n d s m e n t io n e d in V . 1 0 6 , p . 1 0 5 5 ,
h a v o b e e n s o ld .
S T . C L A IR S V IL L E S C H O O L D IS T R I C T (P . O . S t. C la ir s v ille ),
B e l m o n t C o u n t y , O h i o .— BOND SALE .— O n J u n e 2 7 t h e S 2 .5 0 0 6 %
5 - 1 5 - y c a r s e r ia l r e fu n d i n g b o n d s — V . 1 0 6 , p . 2 5 7 9 — w e r e a w a r d e d t o W . L .
S l a y t o n & C o . o f T o l e d o a t 1 0 3 .5 6 .
O th e r b id s w ere:
O t is & C o . , C l e v e l a n d ____ $ 2 ,5 8 5 0 0 S e c o n d N a t . B k . , S t . C l a i r _ $ 2 , 5 5 0 0 0
S o a s o n g o o d * M a y e r , C i n . 2 ,5 7 7 5 0 T i l l o t s o n & W o l c o t t ; C o . , C l 2 ,5 3 2 0 0
D u r f e o , N ila s & C o . , T o l e d o 2 , 5 7 6 8 0 F i r s t N a t . B a n k , B a r n e s v . 2 , 5 1 6 0 0
S t a c y & B r a u n , T o l e d o _____ 2 , 5 5 8 5 0 D o l l a r S a v . B k . , S t . C l a i r . 2 ,5 0 Q 0 0
P E R R Y S B U R G , W o o d C o u n t y , O h i o . — BOND OFFERING.— B id s
w ill b o r c c o i v o d b y F r a n k F u lo r. V i l la g e C l e r k , u n t il 12 m . J u l y 13 f o r
SANDUSKY, Sandusky C oun ty, O h io.— BONDS AUTHORIZED .—
S 9 .0 0 0
6 % c o u p o n w a t e r - w o r k s -r e f u n d i n g b o n d s .
D en om . $500.
D a t o A n o r d i n a n c e w a s p a s s e d J u n e 10 a u t h o r i z in g t h e I s s u a n c e o f $ 2 0 ,0 0 0 5 %
J u ly l 1918.
l 'r i n . a n d s o m i- a n n . in t . (.1. & .1.) p a y a b lo a t t h o V illa g o
c o u p o n f ir e - e q u i p m e n t b o n d s .
D en om . $500.
D a te J u ly 1 191 8.
In t.
T r e a s u r e r s o ffic o .
D u o $ 5 0 0 y e a r l y o n J u l y 1 f r o m 1 9 2 0 t o 1 9 3 7 in c h
s e m i- a n n .
D u e $ 4 ,0 0 0 y e a r l y o n J u l y 1 f r o m 1 9 2 0 t o 1 9 2 4 i u c l.
B e a tr ic e
C o r t . c h e c k o n a lo c a l b a n k f o r 3 % o f t h o a m o u n t o f b o n d s b id f o r , p a y a b lo
S n y d e r is C i t y C l e r k .
t o s a id T r e a s u r e r , r e q u i r e d .
C a sh o r a N o w Y o r k d r a ft, p r o p o r ly e n d o rse d ,
m a y b o s u b s t i t u t e d in p l a c e o f t h o a b o v o c h e c k .
B o n d s t o b o d o l iv e r o d
SANTA CRUZ COUNTY (P. O. Nogales), Ariz .— BONDS NOT TO
a n cl p a i d f o r w it h in f i v e d a y s f r o m t im e o f a w a r d .
A ll b i d s m u s t b o u n
BE REOFFERED A T PRESENT.— T h e $ 1 7 5 ,0 0 0 5 % 2 0 - 4 0 - y e a r ( o p t . )
c o n d it io n a l.
g o l d c o u p o n t a x a b l e h i g h w a y b o n d s o f f e r e d w it h o u t s u c c e s s o n A l a r . 18
( V . 1 0 6 , p . 1 3 8 2 ) w ill n o t b e r e o ff e r e d u n t il a f t e r t h o w a r .
PHILLIPS COUNTY SCHOOL DISTR IC T NO. 5 (P. O. Zortm an),
M ont.— BOND OFFERING.— P r o p o s a ls w ill b o r c c o i v o d u n t i l J u l y 12 b y
SANTA CLARA COUNTY RECLAMATION DISTR IC T NO. 1663,
M r s . A l i c o S a u s m a n . D is t r i c t C l e r k , f o r $ 6 ,0 0 0 5 - 1 0 - y r . ( o p t . ) c o u p o n
C alif. — BOND SALE.— D u r in g J u n e t h o B a n k o f S a n J o s e w a s a w a r d e d ,
s c h o o l-b ld g , b o n d s a t n o t e x ce e d in g 6 % in t.
D en om . $100.
In t. ann.
a c c o r d i n g t o r e p o r t s , $ 2 ,0 0 0 6 % b o n d s .
In te re st J . & J .
C o r t . c h o c k f o r $ 3 0 0 , p a y a b lo t o t h o a b o v o C l e r k , r e q u ir e d .
PHILLIPS COUNTY SCHOOL DISTR IC T NO. 30 (P. O. L o v ejoy ),
M ont. — BOND OFFERING.— W . E . M e a d , D i s t r i c t C l e r k , w ill s o il a t
e i t h e r p u b li c o r p r i v a t e s a lo J u l y 2 6 8 1 ,2 5 0 1 0 - 1 5 - y c a r ( o p t . ) c o u p o n s c h o o l
b u i l d in g b o n d s a t n o t e x c e e d i n g 6 % i n t .
D on om . $100.
In t. an n .
C ert,
c h e c k fo r $ 2 0 0 , p a y a b lo t o th o a b o v o C le r k , re q u ire d .
PHILLIPS COUNTY SCHOOL DISTRICT NO. 31 (P. O. M alta),
M ont.— BOND OFFERING.— P r o p o s a ls w ill b o r c c o i v o d u n t il J u l y 2 6 it
Is s t a t e d , f o r $ 1 ,2 5 0 5 - 1 0 - y r . ( o p t . ) s c h o o l - h o u s o b o n d s a t n o t e x c e e d i n g
6 % in t e r e s t .
P I Q U A , M ia m i C o u n t y , O h i o . — BOND ELECTION.— O n J u l y 3 0
a p r o p o s i t i o n t o Issu o $ 2 5 0 ,0 0 0 w a t e r s u p p l y b o n d s w il l, i t is s t a t e d , b o s u b
m it t e d t o th o v o to r s .
P L Y M O U T H , L u z e r n e C o u n t y , P a . — BOND SALE.— T h o $ 1 0 ,0 0 0
5 4 1 % 6 - y c a r a v e r . i m p t . b o n d s o f fe r e d o n J u n o 15— V . 1 0 6 , p . 2 5 7 8 — w e r e
a w a r d e d t o M . M . F r e e m a n & C o . o f P h i l a . , It is s t a t e d , a t 1 0 0 .3 7 .
PORT OF ASTORIA (P. O. A storia), Ore.— DESCRIPTION
BONDS.— 'T h o $ 3 6 3 ,0 0 0 5 % g o l d c o u p o n t a x - fr e e b o n d s a w a r d e d t o C . W .
M c N e a r * C o . o f C h ic a g o a n d t o th o L u m b e rm e n s T r u s t C o . o f P o rtla n d
j o i n t l y a t 9 7 .1 8 ( V . 1 0 6 , p . 2 7 7 6 ). a r e in d o n o m . o f $ 1 ,0 0 0 a n d a r e d a t e d
J a n . 1 1918.
P r in . a n d s e m i- a n n . i n t . ( J . & J . ) p a j^ ib l o a t t h o O r e g o n F is c a l
A g e n c y in N o w Y o r k C i t y .
D u o p a r t y e a r ly .
T o t a l b o n d e d d o b t (in
c lu d in g t h is is s u o ). $ 1 ,6 2 5 ,0 0 0 .
A s s e s s , v a l . 1 9 1 7 , $ 2 8 ,1 3 3 ,8 5 0 .
A ctu a l
v a l u o ( c s t . ) , $ 1 1 0 ,0 0 0 ,0 0 0 . P o p u l a t i o n 1 9 1 0 ( C e n s u s ) , 1 6 ,1 0 6 ; 1 9 1 8 ( e s t . ) ,
2 5 ,0 0 0 .
SCIO
VILLAGE
SCHOOL
DISTRICT
(P. O.
S cio),
Harrison
C oun ty, O h io. — BOND SALE.— O n J u n o 2 5 t h o $ 1 ,5 0 0 6 % 2 0 - 2 3 - y c a r
s e r ia l r e f u n d i n g s c h o o l b o n d s ( V . 1 0 6 , p . 2 6 7 4 ) w e r e a w a r d e d , it is s t a t e d ,
t o W . L . S l a y t o n & C o . o f C l e v e l a n d f o r $ 1 ,5 4 8 5 0 , e q u a l t o 1 0 3 .2 3 3 .
SCOTT TOWNSHIP SCHOOL D IS T R IC T , O h io.— BONDS VOTED.
— A c c o r d in g
t o M a r i o n , O h io p a p e r s ,
a t a n e l e c t i o n h e ld J u n o 1 4 .
SCHENECTADY, N.
$ 3 0 ,0 0 0 s c h o o l b o n d s w e r e v o t e d
Y .— BOND OFFERING.— L e o n G . D i b b l e , C i t y
C o m p t r o l l e r , w ill r e c e iv e b id s u n t il 11 a . m . J u l y 9 f o r t h e f o l l o w i n g r e g is
t e r e d b o n d s a t n o t e x c e e d i n g 5 % in t e r e s t :
$ 7 0 ,0 0 0 s c h o o l b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to Ju n e 1 1918.
In t. J . & D .
D u o $ 5 ,0 0 0 y e a r l y o n F e b . 1 f r o m 1 9 1 9 t o 1 9 3 2 , i n c lu s i v e .
, 2 4 , 0 0 0 v o t i n g m a c h in e b o n d s .
D e n o m . 8 1 ,0 0 0 .
D a te F e b . 1 1918.
In t. F . & A .
D u e $ 2 ,0 0 0 y e a r ly o n F e b . 1 fr o m 191 9 t o 1 9 3 0 , in c h
1 0 ,5 0 0
garbage bon d s.
D e n o m . $ 1 ,5 0 0 .
D a te M a y 1 1918.
In t. M . &
N.
D u e $ 1 ,5 0 0 y e a r l y o n M a y 1 f r o m 1 9 1 9 t o 1 9 2 5 , i n c lu s i v e .
P r i n c ip a l a n d s e m i-a n n u a l i n t e r e s t p a y a b le a t t h e C i t y T r e a s u r e r ’s o f f i c e .
C e r t i f i e d c h e c k o n a n a t io n a l b a n k o r t r u s t c o m p a n y f o r 2 % o f t h e a m o u n t
b id f o r , p a y a b lo t o t h e C it y T r e a s u r e r , re q u ire d .
B o n d s w ill b o d e l iv e r e d
J u l y 19 1 9 1 8 o r a s s o o n t h e r e a f t e r a s p o s s i b le a t t h e o f f i c e o f t h e U . S . M t g e .
& T ru st C o. o f N ew Y ork .
T h e b o n d s h a v e b e e n a p p r o v e d b y t h o C a p it a l
I s s u e s C o m m i t t e e , a n d w ill b e p r e p a r e d a n d c e r t i f ie d a s t o g e n u in e n e s s
b y th e U . S. M o rtg a g e & T ru st C o ., N ew Y o r k .
T h e l e g a l it y o f t h e is s u e s
w ill b o e x a m i n e d b y C a ld w e ll & M a s s li c h o f N e w Y o r k , w h o s e f a v o r a b l e
o p i n i o n w ill b o f u r n is h e d t o t h e p u r c h a s e r .
[V o l . 107.
THE CHRONICLE
100
TULSA, Tulsa C oun ty, Okla. — BOND SALE .— O n J u n o 2 5 t h e $ 7 0 ,0 0
Financial Statement June 2 8 1 9 1 8 .
f ir e - a l a r m - s y s t e m , t h e S 3 5 .0 0 0 s o w e r - m a in s a n d t h e $ 6 0 ,0 0 0 w a t e r p u m p
P r e s e n t b o n d e d d e b t ___________________________________________ ._____ $ 4 , 8 0 4 , 1 0 8 0 5
5 % 2 4 - y e a r js e r ia l b o n d s d a t e d F e b . 1 1 9 1 8 ( V . 1 0 6 , p . 2 6 7 4 ) , w e r e a w a r d e d
T e m p o r a r y l o a n s ___________________________________________________________
8 4 3 ,5 0 0 0 0
t o E x c h a n g o N a t io n a l B a n k o f T u ls a a t p a r a n d i n t .
B i d s w e r o a ls o r e
.
$ 5 , 6 4 7 , 6 0 8 0 5 c e i v e d f r o m A . J . M c M a h a n , F r a n c i s B r o s . & C o . , R . J . E d w a r d s , S p lt z e r ,
R o r lc k & C o . a n d J oh n N u v e e n & C o .
D ed u ct:
CERTIFICATE SALE .— T h o H a n c h e t t B o n d C o . o f C h i c a g o h a s p u r
S in k in g f u n d s ________________________________________ $ 3 1 4 ,3 1 1 5 0
c h a s e d a n d is n o w o f f e r i n g t o i n v e s t o r s $ 2 7 ,0 0 0 7 % c o u p o n m u n i c ip a l
T e m p o r a r y lo a n s , a n t i c ip a t i n g t a x e s , & c ________ 8 4 0 ,0 0 0 0 0
i m p r o v e m e n t d i s t r i c t c e r t i f ic a t e s .
P r i n c ip a l a n d a n n u a l in t e r e s t ( S e p t . 1)
B o n d s i n c lu d e d a b o v e m a t u r in g d u r in g 1 9 1 8 ,t a x
p a y a b l e a t C i t y T r e a s u r e r ’s o f f i c o .
D u o o n e -t e n t h o f e a ch c e r tific a t e e a ch
f o r t h e i r p a y m e n t i n c lu d e d in 1 9 1 8 l e v y _____ 2 3 4 ,7 3 6 3 0
y e a r o n S e p t . 1 f r o m 1 9 1 9 t o 1 9 2 8 . i n c lu s i v e .
--------------------- 1 ,3 8 9 ,0 4 7 8 0
N e t d e b t _____________________________________________________________________ $ 4 , 2 5 8 , 5 6 0 2 5
W a t e r b o n d s i n c lu d e d in a b o v e ________________________________________
$ 3 1 4 ,0 0 0 0 0
A s s e s s e d v a l u a t i o n . R e a l e s t a t e ________________________________________ 6 3 , 4 8 7 , 8 8 9 0 0
“
P e r s o n a l ___________________________________________
7 1 3 ,2 5 0 0 0
“
“
F r a n c h i s e s _____________ _______________________ 2 , 4 5 0 , 8 0 0 0 0
P o p u l a t i o n , 1 9 1 5 S t a t e C e n s u s , 8 0 ,3 8 6 ; 1 9 1 7 P o s t a l C e n s u s , 9 7 ,8 8 7 .
SHELBY, R ichland C oun ty, O hio. — BOND SALE .— O n J u l y 1 t h e
$ 4 ,1 0 0 6 %
8 - 1 4 - y e a r s e r ia l r e fu n d i n g b o n d s — V . 1 0 6 , p . 2 4 7 3 — w e r e
a w a r d e d , i t is s t a t e d , t o O t is & C o . o f C l e v e l a n d f o r $ 4 ,3 1 2 6 5 , e q u a l
t o 1 0 5 .1 8 8 .
SHERIDAN COUNTY SCHOOL DISTRICT NO. 43 (P. O. Plentyw ood ), M ont.— BOND OFFERING.— I t is s t a t e d t h a t A . B . B e i n e r t s o n ,
D i s t r i c t C l e r k , w ill r e c e iv e b i d s u n t il 2 p . m . t o - d a y ( J u l y 6 ) f o r $ 4 ,0 0 0
s c h o o l-b ld g , b o n d s a t n o t e x c e e d in g 6 % h it .
C e r t , c h e c k f o r $ 5 0 0 r e q u ir e d .
SOUTHWEST I.A GRANGE (P. O. La G range), T rou p C ounty,
Ga. — BOND ELECTION .— A c c o r d i n g t o r e p o r t s , t h o q u e s t i o n o f is s u in g
$ 8 2 ,0 0 0 w a t e r , $ 6 3 ,0 0 0 s o w e r , $ 5 0 ,0 0 0 s c h o o l a n d $ 2 5 ,0 0 0 e l e c t r i c -l ig h t
5 % b o n d s w ill b o s u b m i t t e d t o t h o v o t e r s o n J u l y 2 4 .
SPANISH FORK, Utah C ounty, U tah. — BOND ELECTION.— An
e l e c t i o n w il l, i t is s t a t e d , b e h e l d J u l y 9 f o r t h e p u r p o s e o f d e c i d in g w h e t h e r
t h e c i t y s h a ll is s u e S 4 0 .0 0 0 w a t e r - s y s t e m i m p t . b o n d s .
SPOKANE COUNTY (P. O. Spokane), W ash.— BOND S A L E — O n
J u n o 2 8 t h o f o l l o w i n g b i d s w e r o r e c e iv e d f o r t h o $ 1 1 0 ,0 0 0 5J^ % t u b e r c u l a r
h o s p i t a l b o n d s ( V . 1 0 6 , p . 2 6 7 4 ):
S p o k a n e & E a s t e r n T r u s t C o . ( f o r 5 M s ) - .................................................$ 1 1 1 ,3 0 9 0 0
C o n t i n e n t a l & C o m m e r c ia l T r u s t & S a v . B a n k , C h i c , ( f o r 5 s ) . . 1 1 0 ,4 1 8 0 0
A . B . L e a c h & C o . , I n c ________________________________________________ 1 1 1 ,1 3 4 0 0
M e r r i l l , O ld h a m & C o ___ ______________ _______________ _______________ 1 1 0 ,9 1 8 5 0
J o h n E . P r i c o & C o ___________________ ______________________ ___________ 1 1 0 ,9 1 3 0 0
F e r r is & . I I a r d g r o v o . ........... ...................................................................................1 1 0 ,7 8 1 0 0
M i n n e s o t a L o a n & T r u s t C o __________________________________________ 1 1 0 ,7 2 4 5 0
I r v i n g W h i t e h o u s e C o ............................................................................................. 1 1 0 ,3 1 9 0 0
H a r r is T r u s t S S a v in g s B a n k , C h i c a g o _____________________________ 1 1 0 ,3 0 8 0 0
c
P r o v i d e n t S a v in g s B a n k & T r u s t C o . , C i n c i n n a t i ______ __________ 1 1 0 ,2 7 0 00
STILLW ATER COUNTY SCHOOL DISTR IC T NO. 54 (P. O.
Colum bus), M ont.— BOND OFFERING.— I t is r e p o r t e d t h a t O s c a r
B r o w n , C l e r k B o a r d o f S c h o o l T r u s t e e s , w ill r e c e iv e b i d s u n t il 2 p . m .
J u ly 22 fo r $ 1 ,4 0 0 5 -2 0 -y e a r ( o p t .) c o u p o n s c h o o l-h o u s e e r e c tio n b o n d s a t
n o t e x c e e d in g 6 % in te re s t.
D en om . $100.
I n t . s e m i- a n n .
C ert, ch eck
f o r $ 1 2 5 r e q u ir e d .
STOCKTON, San Joaquin C ounty, C alif. — BOND SALE .— R e c e n t l y
the F e d e r a l C o n s t r u c t i o n C o . o f S a n F r a n c i s c o p u r c h a s e d $ 2 7 ,1 7 4 6J<J%
c o n s t r u c t i o n b o n d s , i t is s t a t e d .
, STRATTON VILLAGE SCHOOL DISTR IC T (P. O. S tratton), Jef
ferson C oun ty, O hio. — BOND SALE .— R e p o r t s s t a t e t h a t t h e $ 2 5 ,0 0 0
6 % 1 - 3 5 - y e a r s e r ia l s c h o o l b o n d s o f fe r e d o n J u n e 15 ( V . 1 0 6 , p . 2 4 7 3 ) w e r o
a w a r d e d t o S p i t z e r , R o r i e k & C o . o f T o l e d o a t 1 0 3 .5 4 .
SUMRALL, Lamar C ounty, Miss.— BOND SALE .— T h o $ 6 ,0 0 0
1 - 1 2 - y e a r s e r ia l w a t e r - w o r k s e x t e n s io n b o n d s r e c e n t l y o f f e r e d f o r
(V . 106, p . 23 6 2 ) h a v e b een p u rch a sed b y th o H a n ch e tt B o n d C o . o f
cago.
D en om . $500.
D a te Ju n e 1 1918.
P r i n . a n d s e m i- a n n .
(J. & D . ) p a y a b l e a t t h o C o n t . & C o m m . N a t . B a n k , C h ic a g o .
Financial
6%
s a lo
C h i
in t.
Statement.
T o t a l v a l u e o f p r o p e r t y ( e s t i m a t e d ) _____________
A s s e s s e d v a l u e f o r t a x a t i o n __________________________
T ota l
bonded
d e b t _________________________________
L e s s w a t e r d e b t ________________________________________
N e t b o n d e d d e b t ______________________________________
P o p u l a t i o n , 2 ,0 4 0 .
------------- $ 1 ,0 0 0 ,0 0 0
.................
6 2 5 ,0 0 0
$ 3 5 ,5 0 0
. 1 9 ,0 0 0
-------------$ 1 6 ,5 0 0
SYRACUSE, N. Y . — BOND OFFERING .— P r o p o s a l s w ill b o r e c e iv e d
b y M . E . C o n a n , C i t y C o m p t r o l le r , u n t il 1 p . m . J u l y 9 f o r $ 2 5 0 ,0 0 0 5 %
1 - 2 0 - y e a r s e r ia l t a x - fr e e r e g is t e r e d g a r b a g e r e d u c t io n p l a n t b o n d s .
D o
n o m s . $ 1 ,0 0 0 a n d $ 5 0 0 .
D a t o M a y 15 1 9 1 8 .
P r i n . a n d s e m i- a n n . in t .
p a y a b le a t th e C o lu m b ia T r u s t C o . o f N e w Y o r k .
C e rt, ch e ck fo r 2 % o f
t h e a m o u n t o f b o n d s b i d f o r , p a y a b l o t o t h e a b o v o C o m p t r o l l e r , r e q u ir e d .
T h e b o n d s w ill b o e n g r a v e d u n d e r t h o C o m p t r o l l e r ’s s u p e r v i s io n a n d w ill
b o d e l iv e r e d a t t h o a b o v e - m e n t i o n e d t r u s t c o . o n J u l y 16 1 9 1 8 .
T h e le g a l
i t y o f t h is is s u o w ill b o e x a m in e d b y C a ld w e ll S M a s s li c h o f N o w Y o r k ,
c
w h o s o f a v o r a b l o o p i n i o n w ill b o f u r n is h e d t o t h e p u r c h a s e r .
T h e bonds
h a v e b e e n a p p r o v e d b y t h e C a p t ia l I s s u e s C o m m i t t e e .
.
Financial Statement.
A s s e s s e d v a l u a t i o n t a x a b l e p r o p e r t y ______________________________ S 1 5 8 .1 8 9 .3 7 1
A c t u a l v a l u a t i o n t a x a b l e p r o p e r t y ( e s t i m a t e d ) ______ ____________ 1 9 7 .0 0 0 .0 0 0
A s s e s s e d v a l u a t i o n r e a l p r o p e r t y ......... ............................_ .......................... 1 4 3 ,2 2 7 ,8 1 8
A s s e s s e d v a l u a t i o n s p e c ia l f r a n c h is e s ______________________________
9 , 3 1 0 ,4 6 0
B o n d e d d e b t , i n c lu d in g a b o v o is s u o ________________________________
1 2 ,4 1 5 ,5 7 6
W a t e r D o n d s , in c lu d e d in a b o v o ____________________________________
4 ,3 4 0 ,0 0 0
W a t e r b o n d s , Issu e d s in c e J a n . 1 1 9 0 8 , in c lu d e d in a b o v o ________
6 7 5 ,0 0 0
P o p u l a t i o n , C e n s u s 1 9 1 0 , 1 3 7 ,2 4 9 ; p r e s e n t p o p u l a t i o n ( e s t i m a t e d ) , 1 5 0 ,0 0 0
„ TETON AND CHOUTEAU COUNTIES JOINT SCHOOL DISTRICT
NO. 28 (P. O. D u tton ), M ont. — BOND OFFERING.— S e a le d b i d s w ill
b e r e c e iv e d u n t il 10 a . m . J u l y 2 7 b y E r n e s t G o o d e l l , D i s t r ic t C l e r k , f o r
$ 1 4 ,8 0 0 6 % s c h o o l - b l d g , b o n d s . D e n o m s . 1 4 f o r § 1 , 0 0 0 a n d 1 f o r $.800. D a t e
J u l y 1 1 9 1 8 . . P r i n . a n d s e m i- a n n . in t . ( J . S J . ) p a y a b le a t t h o C o u n t y
c
T r e a s u r e r ’s o f f i c e o r a t t h e o p t i o n o f t h o h o l d e r a t t h e W e l l s - D i c k e y T r u s t
Co. o f M in n e a p o l is . D u o J u l y 1 1 9 2 8 , s u b j e c t t o c a ll a n y in t e r e s t p a y m e n t
d a t e th e re a fte r.
A l l b id s m u s t b o u n c o n d it i o n a l a n d a c c o m p a n i e d b y a
c e r t i f i e d c h e c k f o r $ 2 ,0 0 0 , p a y a b l o t o t h o S c h o o l D i s t r i c t .
T h o abovo
b o n d s w ill b o p r i n t e d b y t h o S c h o o l D is t r i c t a n d w ill b o r e a d y f o r d e l iv e r y
a t t h o t im e o f t h o s a lo .
T h o a p p r o v in g o p in io n o f J . F . H o rn , o f M in
n e a p o li s , M i n n . , w ill b o f u r n is h e d p u r c h a s e r .
THORNTON SCHOOL DISTRICT (P. O. T h orn ton ), Cerro G ordo
C oun ty, Iowa.— BOND SALE .— T h e $ 3 ,0 0 0 5 % s c h o o l b o n d s v o t e d in
M a r c h ( V . 1 0 6 , p . 1 3 8 2 ) w e r o a w a r d e d o n A p r il 12 t o S c h a n k e & C o . o f
M a s o n C ity .
D en om . $500.
D a to M a y 1 1918.
I n t . a n n . o n M a y 1.
D u o M a y 1 1938.
THREE LAKES DRAINAGE DISTRICT, Oneida C oun ty, Wis.—
BONDS OFFERED B Y BANKERS .— A n is s u e o f $ 1 3 ,5 0 0 6 % c o u p o n b o n d s
Is b e i n g o f f e r e d t o in v e s t o r s b y t h o H a n c h e t t B o n d C o . o f C h i c a g o . D e n o m .
$500.
D a t o M a r c h 12 1 9 1 8 .
P r i n c ip a l a n d a n n u a l in t e r e s t ( M a r c h 12)
p a y a b l o a t t h o F ir s t N a t io n a l B a n k , C h i c a g o .
D u o o n M a r c h 1 a s fo llo w s a n d S I 5006 1 9 3 3 1 9 2 7 ’ 151 ’ 0 0 0 1928> 5 2 ,5 0 0 1 9 2 9 , $ 1 ,5 0 0 1 9 3 1 , $ 4 ,0 0 0 1 9 3 2
TOLEDO, Lucas C ounty, O hio. — BOND OFFERING.— S e a le d b id s
w ill b e r e c e iv e d u n t il 12 m . J u l y 2 2 b y J a m e s S . M a r t i n , D i r e c t o r o f F in a n c e ,
f o r $ 1 0 0 ,0 0 0 5 % p a r k a n d b o u l e v a r d b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to
■April 1 1 9 1 8 .
In t. A . & O .
D u o 3 0 y e a r s , s u b j e c t t o c a ll a f t e r A p r i l f
1923.
C e r t i f i e d c h e c k f o r 2 % , p a y a b le t o t h o C o m m i s s io n e r o f t h o T r e a s
u r y , r e q u ir e d .
TOOLE COUNTY SCHOOL DISTRICT NO. 32 (P. O. S un burst),
M ont. — BOND OFFERING .— S e a le d b id s w ill b o r e c e iv e d u n t il J u l y 13
b y A r o h W a m s le y , D i s t r i c t C l e r k , f o r $ 2 ,0 0 0 5 - 1 5 - y e a r ( o p t . ) c o u p o n
s c h o o l-b ld g , b o n d s a t n o t e x c e e d in g 6 % in te re s t.
D en om . $200.
In t.
s e m i- a n n .
C e r tifie d c h o c k fo r $ 1 0 0 , p a y a b lo t o th o a b o v o C le r k , re q u ire .
„ TRAVIS COUNTY ROAD DISTRICT NO. 1 (P. O. A ustin), T ex .—
BOND SALE .— T h o $ 7 5 ,0 0 0 5 % 1 5 - 3 0 - y e a r s e r ia l c o u p o n r o a d b o n d s
d a t e d A p r . 1 1918, o ffe r e d o n J u n o 8 (V . 106, p . 2 3 6 1 ), w e ro a w a rd e d to
t h a A u s t i n N a t io n a l B a n k o f A u s t i n a t p a r a n d in t .
UKIAH, M endocino C oun ty, Calif. — BOND SALE . — O n J u n o 1 7 t h o
$ 8 ,0 0 0 5 % c o u p o n s o p t i c t a n k b o n d s a u t h o r i z e d a t t h e e l e c t i o n h e l d M a y 6
b y a v o t o o f 2 8 3 t o 2 3 ( V . 1 0 6 , p . 1 9 3 3 ), w o r e a w a r d e d t o lo c a l b a n k s a t
p a r a n d in t.
D e n o m . $ 1 ,0 0 0 .
D a te Ju n o 1 1918.
I n t . s e m i- a n n .
(J . & D . ) .
D u o $ 1 ,0 0 0 y e a r l y o n J u n o 1 f r o m 1 9 1 9 t o 1 9 2 8 i n c l.
UNION TOWNSHIP SCHOOL DISTRICT (P. O. H u n tin g ton ),
H u ntington C oun ty, In d .— BOND SALE .— A n is s u e o f S38.O 0O 5 %
9 - y e a r se ria l s c h o o l b o n d s h a s b e e n a w a r d e d a t p a r t o t h o C i t i z e n s
B a n k o f H u n t in g t o n .
S tate
UPPER LAKE SCHOOL DISTR IC T, Lake C oun ty, C alif. — BOND
OFFERING.— S . M a t t h e w s , C l e r k B o a r d o f C o u n t y . S u p e r v is o r s ( P . O .
L a k e p o r t ) , w ill r e c e iv e b i d s u n t il 10 a . m . J u l y 8 f o r $ 2 5 ,0 0 0 6 % 4 - 2 8 - y e a r
se ria l b o n d s r e c e n t l y a u t h o r i z e d ( V . 1 0 6 , p . 2 7 7 7 ) , i t is s t a t e d .
I n t . a im .
C e r t, c h e c k fo r 1 0 % re q u ire d .
URICHSVILLE, Tuscarawas C oun ty, O hio. — BOND SALE . — O n
J u n o 2 9 t h o $ 2 1 ,0 0 0 5 > 6 % c o u p o n d e b t - e x t e n s io n b o n d s ( V . 1 0 6 , p . 2 5 8 0 )
w e r o a w a r d e d t o W e i l, R o t h & C o . o f C i n c i n n a t i f o r $ 2 1 ,5 4 6 , e q u a l
to
1 0 2 .4 5 7 .
In t. J. & D .
D u o $ 1 ,0 0 0 y o a r ly .
O th e r b id d e r s w e ro :
c
W m . R . C o m p t o n C o . , C i n $ 2 l , 4 7 5 0 0 P r u d d e n S C o . , T o l e d o . . $ 2 1 ,3 5 3 0 0
S e a s o n g o o d S M a y e r , C i n . 2 1 ,4 4 1 0 0 D u r f e o , N ile s & C o . , T o l . 2 1 ,3 3 1 8 0
c
S i l v e r m a n -I I u y c k C o . , C i n . 2 1 ,4 0 5 3 0 T i l l o t s o n - W o l c o t t C o . , C l o v 2 1 , 2 7 9 3 0
c
O t is & C o . , C l e v e l a n d _____ 2 1 ,3 8 8 0 0 W . L . S la y t o n S C o . . T o l . 2 1 , 2 6 6 7 0
S p it z e r . R o r i e k & C o . , T o l . 2 1 ,3 7 2 5 0 G r a v e s , B l a n c l i e t & T h o r n
b u r g , T o l e d o . . _________ 2 1 , 2 1 0 0 0
F . C . I l o e h l e r S C o . , T o l . 2 1 ,3 5 5 5 0
c
UTAH COUNTY (P. O. Provo), U tah. — NO ACTION YET T A K E N .
— N o a c t io n h a s y e t b e e n t a k e n l o o k i n g t o w a r d s t h e is s u a n c o o f t h o $ 1 ,0 0 0 ,
0 0 0 h i g h w a y b o n d s m e n t io n e d in V . 1 0 6 , p . 7 3 3 .
VALIER SCHOOL D ISTRICT (P. O. Valier), T eton C o u n ty ,
M ont.— BOND SALE .— T h e W e l l s - D I c k o y C o . o f M i n n e a p o l i s w a s r e
c e n t l y a w a r d e d , i t is s t a t e d , $ 2 4 ,0 0 0 s c h o o l b o n d s .
VENTURA, Ventura C oun ty, C alif. — BOND ELECTION .— A n e le c
t io n w ill b o h e l d J u l y 3 0 t o v o t o o n t h o is s u a n c o o f p a r k a n d s o w e r b o n d s ,
a c c o r d in g t o r e p o r t s .
WALPOLE, N orfolk C oun ty, Mass .— BOND SALE.— On J u l y 1 t h o
$ 1 5 0 ,0 0 0 4 > 4 % 1 - 3 0 - y o a r s e r ia l c o u p o n w a t e r b o n d s ( V . 1 6 0 , p . 2 7 7 7 ) w e r e
a w a r d e d , i t is s t a t e d , t o M e r r i l l, O ld h a m S C o . o f B o s t o n a t 1 0 1 .6 7 9 .
c
WARMSPRING IRRIGATION DISTRICT (P. O. Vale), M alheur
C oun ty, Ore.— BONDS A W A R D E D IN FART .— O f t h o $ 7 5 0 ,0 0 0 6 %
g o l d c o u p o n r e g is t e r e d t a x - fr e e i r r ig a t io n b o n d s o f f e r e d w i t h o u t s u c c e s s o n
M a y 15 1 9 1 7 ( V . 1 0 6 , p . 4 1 5 ) , $ 3 5 0 ,0 0 0 h a s b e e n a w a r d e d t o lo c a l I n v e s t o r s
W ASHINGTON PARISH (P. O. F ranklinton), La.— BOND ELEC
TION .— R e p o r t s s t a t o t h a t a n e l e c t i o n w ill b o h e l d J u l y 2 7 t o v o t o o n t h o
q u e s t i o n o f is s u in g $ 7 5 ,0 0 0 b o n d s .
WASHINGTON
SUBURBAN
SANITARY
OFFERING.— P r o p o s a l s w ill b o r e c e iv e d
D ISTR IC T. — BOND
a t t h o o f fic o o f th o D is t r ic t
C o m m i s s io n e r s , 6 1 1 F S t . , N . W . , W a s h i n g t o n , D . C . , u n t il 3 p . m . J u l y 10
f o r $ 5 0 ,0 0 0 5 % c o u p o n 3 0 - 5 0 - y e a r ( o p t . ) S e r ie s A w a t e r a n d s o w e r w o r k s
bon d s.
A u th . A c t s o f G e n . A s s e m b ly o f M a r y la n d , 1918.
D e n o m . $ 1 ,0 0 0 .
D a te J u ly 1 1 91 8.
P r in . a n d s e m i- a n n . i n t . (J . & D . ) p a y a b le a t M e r c a n
t ile T r u s t & D e p o s i t C o . o f B a lt i m o r e .
C e r t i f i e d c h e c k ( o r b a n k d r a f t ) fo r
2 % o f th o a m o u n t o f b o n d s b id fo r r e q u ir e d .
B o n d s t o b o d e l iv e r e d a n d
p a i d f o r w it h in 2 0 d a y s f r o m t i m e o f a w a r d .
W ASHINGTON TOWNSHIP SCHOOL D ISTRICT (P. O. Zanes
ville), Muskingum C oun ty, O h io. — BONDS OFFERED. — G e o r g o L e o ,
C le r k B o a r d o f E d u c a t i o n , w ill r e c e iv e s e a le d b i d s , i t is s t a t e d , u n t il 8 :3 0
p . m . J u l y 8 f o r $ 5 ,0 0 0 5 'A % s c h o o l b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a to d a y
o f s a le .
D u o $ 2 ,0 0 0 y e a r l y b e g i n n i n g S e p t . 1 , 1 9 1 9 .
C e r t, ch e c k fo r
1 0 % r e q u ir e d .
WAYNE COUNTY (P. O. G old sboro), No. Caro .— BOND OFFERING.
— P r o p o s a l s w ill b e r e c e iv e d u n t il J u l y 1 5 , i t is s t a t e d , b y t h o C o u n t y C o m
m is s io n e r s f o r $ 2 5 ,0 0 0 6 % s c h o o l b o n d s .
D a te Jun o 1 1918.
D ue June 1
1938.
WAYNE COUNTY (P. O. W ayne), W. Va.— BONDS APPROVED.—
I t is r e p o r t e d t h a t t h o $ 1 , 0 0 0 ,0 0 0 r o a d b o n d s , m e n t io n e d in V . 1 0 6 , p . 1 2 6 2 ,
h a v o b e e n a p p r o v e d b y th o A tt o r n e y -G e n e r a l.
WEST ALLIS, Milwaukee C oun ty, Wise .— BOND SALE .— T h o $ 2 0 ,
0 0 0 5 % c o u p o n so w e r b o n d s o ffe r e d o n J u n o 29 (V . 10 6 ; p . 2 4 7 3 ) w ero
a w a r d e d o n t h a t d a y t o t h o F ir s t N a t io n a l D a n k o f M il w a u k e e a t 1 0 1 .8 2 .
D a te M a r . I 1918.
D u o $ 1 ,0 0 0 y o a r l y o n M a r . I f r o m 1 9 1 9 t o 1 9 2 8 I n c h
a n d $ 2 ,0 0 0 y e a r l y o n M a r . 1 f r o m 1 9 2 9 t o 1 9 3 3 i n c l.
WEYMOUTH. Norfolk C oun ty, Mass .— TEMPORARY LOAN.— On
J u l y 3 a l o a n o f $ 5 0 ,0 0 0 , d a t e d J u l y 1 9 1 8 a n d m a t u r in g M a y 15 1 9 1 9 , w a s
a w a r d e d , i t is s t a t e d , t o S . N . B o n d S C o . a t 4 . 5 7 % d i s c o u n t .
c
WHARTON COUNTY (P. O. W harton), Tex. — BONDS D EFEATED .
— T h o q u e s t io n o f is s u in g $ 3 0 ,0 0 0 E l C a m p o r o a d b o n d s w a s d e f e a t e d a t
t h o e le c t io n h e ld J u n o 2 2 ( V . 1 0 6 , p . 2 3 6 3 ) .
T h o v o to w as 79 " f o r ” to 120
" a g a in s t .”
WHEATLAND
COUNTY
(P.
O.
H nrlontow n),
M ont. — BOND
OFFERING.— F u r t h e r d e t a i ls a r o a t h a n d r e la t i v e t o t h e o f f e r i n g o n J u l y 8
o f t h o $ 9 5 ,0 0 0 1 5 - 2 0 - y e a r ( o p t . ) h i g h w a y a n d b r i d g e b o n d s a t n o t e x c e e d i n g
6 % in t e r e s t ( V . 1 0 6 . p . 2 6 7 5 ).
P r o p o s a ls f o r t h e s e b o n d s w ill b o r e c e iv e d
u n t il 2 p . m . o n t h a t d a y b y W . W . P h a r o s , C o u n t y C l e r k .
D enom .
$ 1 ,0 0 0 .
D a to Ju n o 1 1918.
P r i n c ip a l a n d s e m i- a n n u a l I n t e r e s t ( J . S .1.)
c
p a y a b lo a t th e C o u n t y T r e a s u r e r ’s o ffic o .
A n u n c o n d it i o n a l c e r t i f ie d
c h e c k ( o r c a s h ) f o r $ 5 , 6 0 0 , p a y a b l o t o t h o C o u n t y T r e a s u r e r , r e q u ir e d .
WHEELERSBURG RURAL SCHOOL DISTR IC T (P. O. W heelersbu rg), S cioto C oun ty, O h io. — BOND OFFERING.— -J. F . S h o la , D is t r ic t
C l e r k , w ill r e c e iv o b i d s , i t is s t a t e d , u n t il 12 m . J u l y 15 f o r $ 1 5 ,0 0 0 6 %
sch ool b on d s.
I n t e r e s t s e m i- a n n u a l.
C e r t i f i e d c h e c k f o r $ 7 5 0 r e q u ir e d .
WILLMAR SCHOOL DISTRICT NO. 47 (P. O. W illm ar), K a n d i
yohi C ounty, M inn. —-BONDS NOT TO BE OFFERED A T PRESENT.—
T h o $ 4 0 ,0 0 0 4 % s c h o o l b o n d s m e n t io n e d in V .
o ffe r e d a t p re se n t.
106, p .
1601 w ill n o t b o
WILSON TOWNSHIP SCHOOL DISTR IC T, N ortham pton C ounty,
Pa.— BOND OFFERING.— P r o p o s a l s w ill b o r e c e iv e d , it is s t a t o d , b y H e r
b e r t J . O d o n w e l d e r , T o w n s h i p S e c r e t a r y , ( P . O . E a s t o n ) , u n t il 7 :3 0 p . m .
J u ly 13 f o r $ 6 0 ,0 0 0 4 1 4 % 5 - 3 0 - y e a r ( o p t . ) c o u p o n s c h o o l b o n d s .
D a to
A u g . 1 1918.
I n t . s e m i- a n n .
C o r t. o r ca s h ie r ’s c h e c k fo r 1 % o f b id
r e q u ir e d .
WOBURN, Middlesex C oun ty, Mass.— TEMPORARY LOAN .— On
J u l y 5 a lo a n o f $ 5 0 ,0 0 0 , d a t e d J u l y 5 a n d p a y a b l o D e c . 1 3 , tva s a w a r d e d ,
it is s t a t e d , t o S . N . B o n d S C o . a t 4 . 4 0 % d i s c o u n t .
c
WORCESTER, W orcester C oun ty, Mass.— BIDS .— T h o f o l l o w i n g
b id s w e r e r e c e iv e d o n J u n o 2 7 f o r t h o lo a n o f $ 2 0 0 ,0 0 0 f o r 4
mo n t h s
a w a r d e d t o S . N . B o n d S C o . o f N o w Y o r k a t 4 . 4 3 % d i s c o u n t p lu s $ 2 2 5
c
p r e m iu m ( V . 1 0 6 , p . 2 7 7 8 ):
Discount. Premium.
S a l o m o n B r o s . & H u t z lc r , N o w Y o r k ___________________.
G u a r a n t y T r u s t C o . , N o w Y o r k __________________________.
A . B . L e a c h S C o . , I n c . , N o w Y o r k ______________________
c
.
B l a k e B r o s . & C o . , B o s t o n ________________________________ . .
K in s l e y S A d a m s , W o r c e s t e r _____________________________ . .
c
P a r k T r u s t C o . , W o r c e s t e r ______________________________ .
.
.
.
4 .4 4 %
4 .4 5 7
%
4 .4 6 ',
.4 6 %
4 .4 8 %
_____
4 .4 9 %
4 .5 0 %
4 .5 0 %
4 .5 5 %
4 .6 0 %
$6
. 2
3
4
00
50
00
00
1 00
—
____
.
101
THE CHRONICLE
July 6 1918.]
WOLSEY, Beadle C oun ty, So. Dak.— BONDS NOT YE T SOLD.— W o
a r o a d v is e d t h a t t h e $ 1 7 ,5 0 0 5 % 1 0 - 2 0 - y e a r ( o p t . ) w a t e r - w o r k s b o n d s o f f e r e d
w it h o u t s u cce s s o n M a y 3 (V . 10 6 , p . 2 1 4 8 ) h a v o n o t as y e t b e e n d is p o s e d o f .
HOME SCHOOL DISTRICT, Sask .— DEBENTURE SALE .— T h e
$ 2 ,6 0 0 8 % 1 0 - y e a r s c h o o l d e b e n t u r e s r e c e n t l y a u t h o r i z e d — V . 1 0 6 , p . 2 2 5 2 —
h a v e b e e n s o l d , i t is s t a t e d , t o t h e W a t e r m a n - W a t e r b u r y M f g . C o . o f
R e g in a .
W ORTH IN GTON , Nobles C ounty, M inn.— BONDS VOTED.— B y
a v o t e o f 1 3 3 t o 3 3 t h e q u e s t i o n o f is s u in g $ 4 0 ,0 0 0 w a t e r a n d l i g h t - p l a n t
b o n d s c a r r ie d , i t Is s t a t e d , a t a n e l e c t i o n h e ld J u n o 2 5 .
KELLERVILLE
SCHOOL
DISTRICT,
Sask .— DEBENTURES
AUTHORIZED .— A n is s u e o f $ 2 ,8 0 0 1 0 - y e a r s c h o o l d e b e n t u r e s a t n o t e x
XEN IA, Greene C oun ty, O hio.— BOND OFFERING. — J o h n R .
B e a c h a m , C l e r k B o a r d o f E d u c a t i o n , w ill r e c e iv e s e a le d b i d s , i t is s t a t e d ,
u n t il 12 m . J u l y 10 f o r $ 8 ,0 0 0 5
s c ho o l b o n d s .
D on om . $500.
D a te
Ju n e 20 1918.
In t. J. & D .
D u o $ 5 0 0 e a c h s ix m o n t h s .
KENORA, Ont .— DEBENTURE S A L E . — E d w a r d B r o w n & C o . , o f
W i n n i p e g h a v e p u r c h a s e d , i t is s t a t e d , $ 1 1 ,4 0 0 tow m d e b e n t u r e s a t 9 1 .
YAKIMA COUNTY SCHOOL DISTRICT NO. 33, W ash.— BOND
OFFERING .— A c c o r d i n g t o r e p o r t s , p r o p o s a l s w ill b o r e c e iv e d u n t il 10 a . m .
J u l y 13 b y J . F . P e t e r s , C o u n t y T r e a s u r e r ( P . O . Y a k i m a ) , f o r $ 2 ,5 0 0
s c h o o l b o n d s a t n o t e x c e e d i n g 6 % in t e r e s t .
YALF Pavne C oun ty, Okla.— BOND OFFERING.—
P r o p o s a l s w ill b o
r e c e iv e d u n t il J u l y 2 0 , i t is s t a t e d , b y G . H . R o f f , C i t y C l e r k , f o r $ 2 0 0 ,0 0 0
6 % 1 0 - 2 0 - y e a r ( o p t . ) e l e c t r i c - l ig h t a n d w a t e r - p l a n t b o n d s .
YAZOO COUNTY (P. O. Y azoo C ity), Miss.— BOND SALE . — O n
J u n o 2 7 t h o S ilv e r m a n & I l u y c k C o . o f C i n c i n n a t i w a s a w a r d e d t h e $ 7 5 ,0 0 0
6 - 2 0 - y c a r s e r ia l b o n d s d a t e d J u l y 1 1 9 1 8 ( V . 1 0 0 , p . 2 5 8 0 ) a t 1 0 1 .3 9 f o r
5Us
T h e c o u n t v h as n o d ir e ct b o n d e d in d e b te d n e ss.
T o ta l assess, v a l
u a t i o n 1 9 1 8 , $ 1 1 ,6 4 7 ,7 9 4 .
A c t u a l v a l u e ( e s t . ) , $ 2 5 ,0 0 0 ,0 0 0 .
YONKERS, W estchester C oun ty, N. Y . — TEMPORARY LOAN . —
O n J u n o 2 6 a lo a n o f $ 5 0 0 ,0 0 0 , is s u e d in a n t i c ip a t i o n o f t a x o s a n d d a t e d
J u n o 27 w a s a w a r d e d t o S a lo m o n B r o s . & llu t z le r o f N o w Y o r k a t 4 .5 2 % in t .
YOUNG COUNTY (P. O. Graham), Tex.— BOND ELECTION
POSTPONED.— 'T h o b o n d e l e c t i o n w h ic h w a s t o h a v o b e e n h e ld J u n e 1 5
t o v o t o o n a p r o p o s i t io n t o is su e $ 3 5 ,0 0 0 r o a d b o n d s ( V . 1 0 6 , p . 2 4 7 3 ) ,
h a s b e e n p o s t p o n e d i n d e f in i t e l y .
-
c e e d i n g 8 % i n t . h a s b e e n a u t h o r i z e d , i t is s t a t e d , b y t h e L o c a l G o v e r n m e n t
B oa rd .
J . L . D o d d s is D i s t r i c t S e c r e t a r y -T r e a s u r e r ( P . O . C l i f t o n v i l l e ) .
LAPORTA SCHOOL DISTRICT, Sask — DEBENTURES AUTHOR
IZED .— A n is s u e o f $ 2 ,2 0 0 1 0 - y e a r n o t e x c e e d i n g 8 % s c h o o l d e b e n t u r e s
h a s b e e n a u th o r iz e d .
W . W . Y o u n g is D i s t . S e c . - T r c a s . ( P . O . C r a i g l a n d s ) .
LEADER, Sask.— DEBENTURE SALES.— W . L . M c K i n n o n & C o . , o f
R o g i n a . h a v o p u r c h a s e d , it is s t a t e d , is su e s o f $ 7 , 5 0 0 a n d $ 3 , 5 0 0 d e b e n t u r e s .
LIVERPOOL, N. S .— DEBENTURE OFFERING .— P r o p o s a l s w ill be
r e c e iv e d , it is s t a t e d , b y S . M . B a r t l i n g , T o w n T r e a s u r e r , u n t il J u l y 8
f o r $ 6 ,0 0 0 6 % 6 - y e a r d e b e n t u r e s , d a t e d J u l y 1 1 9 1 8 .
MONTREAL C ITY PROTESTANT SCHOOL
DISTRICT (P. O.
M o n t r e a l ) , Q u e .— DEBENTURE OFFERING .— P r o p o s a l s w ill b e r e c e iv e d
b y C . J . B i n m o r e , D i s t r i c t T r e a s u r e r (3 6 B e l m o n t S t r e e t ) , u n t il 9 :3 0 a . m .
J u l y 16 f o r $ 9 0 0 ,0 0 0 6 % s e r ia l s c h o o l b o n d s .
RED DEER, A lta. — TREASURY BILL SALE.— On J u n e 2 1 t h e
$ 2 4 ,0 0 0 6 % 3 - y e a r t r e a s u r y b ills ( V . 1 0 6 , p . 2 4 7 4 ) w e r e a w a r d e d t o t h e
C a n a d a B o n d C o r p o r a t i o n a t 9 7 .7 5 .
REGINA, Sask.— BOND SALE .— T h e $ 2 3 0 ,0 0 0 6 H % 1 0 - 2 0 - y e a r
s e r ia l e l e c t r i c -l ig h t b o n d s o f f e r e d o n M a y 3 1 ( V . 1 0 6 , p . 2 2 5 3 ) . w e r e a w a r d e d
o n J u n o 2 5 t o W o o d . G u n d y & C o ,, o f T o r o n t o , a t 9 7 .2 8 .
D en om s. $100,
$ 5 0 0 a n d $ 1 ,0 0 0 .
D a te J u ly 1 1918.
In t. J. & J.
D u e J u ly 1 1923.
D e b e n t u r e d e b t ( in c l u d i n g t h is is s u e ), $ 2 , 9 7 7 , 7 1 9 .
A ssessed v a lu a tio n ,
$ 4 3 ,4 3 2 ,2 6 0 .
P o p u la tio n (e s tim a te d ), 4 0 ,0 0 0 .
ROCKY HILLS SCHOOL DISTRICT, Sask.— DEBENTURE SALE.
CANADA,
its
Provinces
and
Municipalities.
A M H E R S T B U R G , O n t . — DEBENTURE OFFERING .— P r o p o s a l s w ill
b o r e c e iv e d b y W . J . B u r n s , T o w n C l e r k , u n t il J u l y 9 f o r $ 4 1 ,4 1 2 9 8 6 %
1 0 - y e a r lo c a l i m p r o v e m e n t d e b e n t u r e s , d a t e d D e c . 1 5 .
BIGHORN SCHOOL DISTRICT, Sask .— DEBENTURES AUTHOR
IZED __ R e p o r t s s t a t o t h a t t h o L o c a l G o v e r n m e n t B o a r d h a s a u t h o r i z e d
$500 8 -y o a r s c h o o l d e b e n tu re s a t n o t e x c e e d in g 8 % in t .
D y n it r o S a p a ch
Is D i s t r i c t S e c r e t a r y -T r e a s u r e r ( P . O . A r a b o l l a ) .
BRIDGEBURG, O nt. — DEBENTURE ELECTION .— A n e l e c t i o n w ill
b o h e ld J u l y 8 t o v o t o o n a b y - l a w p r o v i d i n g f o r t h o is s u a n c e o f $ 1 0 ,0 0 0
s c h o o l-h c a tin g -s u p p ly s y s te m d e b e n tu re s .
BURTON
LAKE
SCHOOL
DISTR IC T,
Sask .— DEBENTURES
AUTHORIZED .— A n is su e o f $ 2 ,5 0 0 2 0 - y e a r n o t e x c e e d i n g 7 % s c h o o l
d e b e n t u r e s h a s b e e n a u t h o r i z e d , i t is s t a t e d , b y t h o L o c a l B o a r d .
A n th o n y
J a o b Is D is t r i c t S e c r e t a r y - T r e a s u r e r ( P . O . H u m b o l d t ) .
CANADA SCHOOL DISTRICT, Sask.— DEBENTURE SALE.— An
is s u e o f $1 6 0 0 d e b e n t u r e s h a s b e e n p u r c h a s e d b y t h o W a t c r m a n - W a t e r b u r y
M f g . C o . o f R e g in a , i t is s t a t e d .
CARLETON COUNTY (P. O. H ull), O n t.— DEBENTURES A U T H
ORIZED — A b y - l a w p a s s e d f ir s t r e a d in g J u n e 14 p r o v i d i n g f o r t h e i s s u a n c o
o f $ 1 1 ,0 0 0 F i t z r o y T w p . b r i d g e b o n d s , i t is s t a t e d .
COULEE
CREEK
SCHOOL
DISTRICT,
Sask.— DEBENTURES
A U T H O R I Z E D . — R e p o r t s s ta to t h a t $ 2 ,5 0 0 1 0 -y c a r n o t e x c e e d in g 8 %
s c h o o l d e b e n tu re s h as b e e n a u th o r iz e d .
C . L . H a n s o n is D i s t r i c t S e c
r e t a r y -T r e a s u r e r ( P . O . G le n s t d o ) .
— T h e W a t e r m a n - W a t e r b u r y M f g . C o . o f R e g in a h a s p u r c h a s e d , i t is
s t a t e d , t h e $ 1 ,8 0 0 1 0 - y e a r n o t e x c e e d i n g 8 % s c h o o l d e b e n t u r e s r e c e n t l y
a u th o r iz e d ( V . 106, p . 2 2 5 3 ).
ROCK POINT SCHOOL DISTRICT, Sask.— DEBENTURE SALE.—
T h o $ 2 ,5 0 0 s c h o o l d e b e n t u r e s r e c e n t ly a u t h o r i z e d ( V . 1 0 6 , p . 2 6 7 6 ) h a v e
b e e n p u r c h a s e d b y t h e W a t e r m a n - W a t e r b u r y M f g . C o . o f R e g in a , i t is
sta ted .
SPRINGBROOK SCHOOL DISTRICT, Sask .— DEBENTURE SALE.
— R e p o r t s s t a t e t h a t t h e $ 1 ,0 0 0 8 % 1 0 - y e a r s c h o o l d e b e n t u r e s r e c e n t ly
a u th o r iz e d (V . 106, p . 2 2 5 3 ) h a v e b e e n a w a rd e d t o th e C a n a d a L a n d e d &
N a t io n a l I n v e s t m e n t C o . o f W i n n i p e g .
STONY
VISTA
AUTHORIZED .— T h e
SCHOOL
DISTRICT,
Sask .— DEBENTURES
L o c a l G o v e r n m e n t B o a rd h a s a u th o r iz e d $ 6 0 0
5 -y e a r s c h o o l d e b e n tu re s a t n o t e x ce e d in g 8 % in te re s t.
F . C . C a lla n is
D i s t r i c t S e c r e t a r y -T r e a s u r e r ( P . O . F a i r m o u n t ) .
SUNSHINE SCHOOL DISTRICT, Sask.— DEBENTURE S A L E .—
T h e $ 2 ,5 0 0 1 0 - y e a r n o t e x c e e d i n g 8 % s c h o o l d e b e n t u r e s r o c e n t ly a u t h o r i z e d
(V . 106, p . 236 4) h a v e b een a w a rd e d t o th o W a te r m a n -W a te r b u ry M fg .
C o . o f R e g in a .
THORNE SCHOOL DISTRICT, Sask .— DEBENTURES AUTHOR
IZED .— R e p o r t s s t a t e t h a t $ 2 ,5 0 0 1 0 -y e a r s c h o o l d e b e n t u r e s a t n o t e x
c e e d i n g 8 % In t e r e s t h a v e b e e n a u t h o r i z e d b y t h e L o c a l B o a r d .
V . T h orn e
is D i s t r i c t S e c r e t a r y -T r e a s u r e r ( P . O . M o n c h y ) .
VANCOUVER, B. C.— DEBENTURES PROPOSED.— L o c a l p a p e r s
s ta te th a t a b y -la w h a s b e e n in tr o d u c e d p r o v id in g f o r th e Issu a n ce o f $ 5 0 0 ,
0 0 0 6 % 5 -y e a r d e b e n tu re s .
VIMY SCHOOL DISTRICT, Sask.— DEBENTURES AUTHORIZED.
EUPHRASIA TOW NSHIP, B. C .— DEBENTURE ELECTION .— A n
e l e c t i o n w ill b o h e ld J u l y 2 0 , i t is s t a t e d , t o v o t o o n a b y - l a w p r o v i d i n g
f o r t h o Is s u a n c o o f $ 2 ,0 0 0 e l e c t r i c - p l a n t d e b e n t u r e s .
— A n is su o o f $ 2 ,5 0 0 1 0 -y e a r s c h o o l d e b e n t u r e s a t n o t e x c e e d i n g 8 % h a s
b e e n a u t h o r i z e d , it is r e p o r t e d .
II. L . P i c k e r i n g is D i s t r i c t S e c r e t a r y T reasu rer (P . O . W ilc o x ).
ff FRONTENAC COUNTY (P. O. K ingston), O n t.— DEBENTURES
W OODSTOCK, Ont .— DEBENTURES NOT TO BE ISSUED A T
PRESENT .— T h e C i t y C l e r k a d v is e s u s t h a t t h e $ 3 8 ,0 0 0 6 % c i t y d e b e n
A U T H O R I Z E D . — B y - l a w s h a v o b e e n p a s s e d a u t h o r i z in g t h o i s s u a n c o o f
$ 4 2 ,2 0 0 r o a d , $ 1 4 ,5 0 5 h i g h w a y - s y s t e m
a n d $ 6 2 ,2 9 3 g e n e r a l - p u r p o s e
d e b e n tu re s .
NEW LOANS.
t u r e s r e c e n t ly a u t h o r i z e d ( V . 1 0 6 , p . 2 6 7 6 ) w ill n o t b e is s u e d u n t il J a n . 1
1919.
In te re st J a n . 1.
D u e D e c . 31 1 92 8.
NEW LOANS
iCtqutbatton
Notice of Intention to Issue and Sell
$ 2 7 5 ,0 0 0
$25,000 00 Sewer 6 Per Cent Bonds,
f
f
of, by and for the City of Wolf The School District o the City o Erie, Pa.
Point, of Sheridan County, Mon
4V
2% BONDS
tana, at Public Auction, to the
Bidder Offering the Highest Price
Therefor.
STATE OF M O N TA N A ,
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C O U N T Y O F S H E R I D A N , s s .:
C IT Y O F W O L F P O IN T , j
P u r s u a n t t o t h o a u t h o r i t y o f O r d in a n c e N o . 5 1 ,
o f t h o C i t y o f W o l f P o i n t , S h e r id a n C o u n t y ,
M o n ta n a , p assed an d a p p ro v e d M a y 2 7 th , A . D .
1 9 1 8 , a u t h o r iz in g a n d d i r e c t i n g t h e a d v e r t i s e m e n t
a n d s a le o f c o r t a in b o n d s o f s a id C i t y , n a m e l y :
Sow er B o n d s o f th o C it y o f W o lf P o in t, o f
S h e r id a n C o u n t y , M o n t a n a , t o a n a m o u n t a g g r e
g a t i n g t h o p r in c ip a l s u m o f $ 2 5 ,0 0 0 0 0 , c o m
p r is in g f i f t y b o n d s , n u m b e r e d c o n s e c u t i v e l y f r o m
o n o t o f i f t y , b o t h n u m b e r s i n c lu d e d , o f t h o
d e n o m i n a t i o n o f $ 5 0 0 0 0 e a c h , a ll d a t e d S e p
t e m b e r 1 st, A . D . 1 9 1 8 , a b s o l u t e l y d u o a n d
p a y a b l o S o p t o i n b c r 1 s t. A . D . 1 9 3 8 , b u t r e d e e m
a b l e a t t h o o p t i o n o f s a i d C i t y a t a n y t im e a f t e r
S e p t e m b e r 1 s t, A . D . 1 9 2 8 , b e a r i n g I n t e r e s t
f r o m t h e ir d a t e u n t il p a i d , a t t h e r a t e o f s i x (6 )
p e r c e n t p e r a n n u m , p a y a b lo s e m i- a n n u a l ly o n
t h e 1 st d a y o f J a n u a r y a n d J u l y , r e s p e c t i v e l y , in
e a c h y e a r , b o t h p r in c ip a l t h e r e o f a n d in t e r e s t
t h e r e o n , p a y a b o a t t h e N a t io n a l B a n k o f C o m
m e r c e in t h o C i t y a n d S t a t e o f N e w Y o r k , U - S . A . ,
P U B L IC
N O T IC E
I S ...
t h a t t h o b o n d s a fo r e s a id w ill, a t t h o o f f i c e o f t h o
u n d o r s ig n o d C le r k in s a id C i t y , o n M o n d a y ,
t o -w it : th o 5 th d a y o f A u g u s t, A . D . 1 9 1 8 , a t
t h e h o u r o f 9 o 'c l o c k , P . M . , b o s o ld t o t h e
b l d d o r o f fe r i n g t h o h ig h e s t p r ic o t h e r e fo r .
A t s a id p u b li c a u c t i o n t n e s u c c e s s fu l b l d d o r
w ill b o r e q u ir e d t o d e p o s i t w it h t h o u n d e r s ig n e d ,
C l e r k , a c e r t i f ie d c h e c k p a y a b l o t o h is o r d e r , in
t h o s u m o f $ 3 ,0 0 0 0 0 . w h ic h c h e c k s h a ll b o h e ld
b y t h e C i t y a n d f o r f e i t e d t o It, s h o u ld t h o p u r c h a s o r f a ll t o t a k e u p a n d p a y f o r s a id B o n d s
w h e n p re se n te d t o 1dm .
S a id c e r t i f ie d c h e c k
m u s t b o m a d o o n a N a t io n a l B a n k in t h o S t a t e
o f M on ta n a .
,
B y o r d e r o f t h o C o u n c il o f t h o C i t y o f W o l f
P o i n t , o f S h e r id a n C o u n t y , M o n t a n a , m a d o t h is
'2 7 t h d a y o f M a y , A . D . 1 9 1 8 .
__
(S i g n e d ) J O H N L I S T E U U D , M a y o r .
H1? K E B Y
WANTED
Copies of
The Commercial & Financial Chronicle
G I Y E N Chronicle
.
" (SEAL)
A ttest:
S lg n o d J C IIA R L E S
T h o S c h o o l D is t r ic t o f th o
C i t y o f E r i e , P a .,
O f f i c o , P u b l i c L i b r a r y B u il d i n g ,
J u n o 2 6 , 1918.
S e a le d p r o p o s a l s w ill b o r e c e iv e d a t t h is o f f i c e
u p t o THURSDAY, JULY 1 8 , 1 9 1 8 , T w o O ’ c l o c k
P . M . , f o r t h o p u r c h a s e o f S c h o o l D is t r i c t b o n d s .
S c r ie s o f 1 9 1 8 -A o f t h o p a r v a l u e o f $ 1 7 5 ,0 0 0 , a n d
S e r ie s o f 1 9 1 8 -B o f t h o p a r v a l u e o f S 1 0 0 .0 0 0
4
i nt er es t , f r e e f r o m a ll t a x a t i o n , in a c c o r d
a n c e w it h s p e c i fi c a t io n s a n d c ir c u la r s o f i n f o r m a
t io n t o b o h a d u p o n a p p lic a tio n t o th e u n d e r
s ig n e d .
T h o r ig h t is r e s e r v e d t o r e je c t a n y o r a ll b id s
a n d t o w a iv o d e f e c t s in f o r m .
l i. S. S C O B E L L ,
B u s in e s s M a n a g e r .
G O R D O N , C lo r k .
Chronicle
Chronicle
Chronicle
Chronicle
Chronicle
Chronicle
Chronicle
-
-
-
Oct.
Jan.
Jan.
Feb.
May
May
Nov.
Jan.
30 1915
1]
15]
19^1916
20 |
271
25/
6 1917
Will pay 25 cents each
LEGAL NOTICE.
B e g in n in g J u n e 7 t h , 1 9 1 8 , t h e b u s in e s s o f t h e
G r e e n e C o u n t y N a t io n a l B a n k o f C a r r o l l t o n ,
I ll i n o i s , w ill b e c o n t i n u e d u n d e r t h e n a m e o f
G R E E N E C O U N T Y S T A T E B A N K o f C a rr o ll
t o n , I ll i n o i s , i n c o r p o r a t e d u n d e r t h e la w s o f t h e
S t a t e o f I llin o is .
T h o G re e n e C o u n t y N a t io n a l B a n k o f C a rr o ll
t o n , I ll i n o i s , l o c a t e d a t C a r r o l l t o n , in t h o S t a t e
o f I lli n o i s , Is c lo s i n g u p Its a f fa ir s . Its c o r p o r a t e
e x i s t e n c e h a v i n g e x p i r e d a t t h e c l o s e o f b u s in e s s
o n t h e 6 t h d a y o f J u n e , 1 9 1 8 , a ll n o t e h o ld e r s
a n d o t h e r s , c r e d it o r s o f s a i d A s s o c i a t i o n , a r e
t h e r e fo r e h e r e b y n o t i f i e d t o p r e s e n t t h e n o t e s
a n d o t h e r c la im s a g a i n s t t h e A s s o c i a t i o n f o r
p a y m en t.
S T U A R T E . P I E R S O N , C a s h ie r .
D a te d Jun o 6 th , 1918.
T h e G reen e C o u n t y S ta te B a n k o f C a rr o llto n ,
I ll i n o i s , w ill m a k e lo a n s o n r e a l e s t a t e , o n a p
p r o v e d c o lla t e r a l a n d o n p e r s o n a l e n d o r s e m e n t s .
C a p it a l S t o c k , $ 1 0 0 ,0 0 0 0 0 : s u r p lu s , $ 2 5 ,0 0 0 0 0 ;
u n d iv i d e d p r o f i t s ,
$ 6 4 ,0 0 0 0 0 : d e p o s i t s ,
over
$ 1 ,0 0 0 ,0 0 0 0 0 .
F ra n k A . W h ite s id e , P re s id e n t;
S t u a r t E . P ie r s o n , C a s h ie r ; C l y d e L i n d e r , A s s i s t
a n t C a s h ie r .
D ir e c t o r s : F r a n k A . W h ite s id e ,
S tu a rt E . P ie r s o n , J a m e s M c N a b b , F . J . L o n g m e y c r a n d W m . L . A r m s t r o n g ,______________________
T h e B a n k o f C o m m e r c e a n d T r u s ts o n A p ril 6 th
1 9 1 8 , a ssu m e d th e d e p o s its o f th e M a n c h e s te r
N a t io n a l B a n k o f R i c h m o n d , V i r g i n ia , a n d w ill
c o n t in u e t h e b a n k in g b u s in e s s a t 1 0 t h a n d H u ll
S treets.
T h is i n s t it u t i o n , w it h a c a p i t a l a n d s u r
p lu s
o f $ 4 5 0 ,0 0 0 0 0
and
resou rces
of
over
$ 3 , 0 0 0 ,0 0 0 0 0 ,
w il l,
th rou gh
it s
M a n ch ester
B r a n c h , b e in a p o s i t i o n t o g i v e it s c u s t o m e r s
la r g e r b a n k in g fa c il i t i e s t h a n t h o s e h e r e t o f o r e
a ffo r d e d .
T h e M a n c h e s t e r N a t io n a l B a n k o f R i c h m o n d ,
R i c h m o n d , V i r g i n ia , 1 0 t h a n d H u ll S t r e e t s , in
t h e S t a t e o f V i r g i n ia , is c lo s i n g it s a f fa ir s .
A ll
n o t e h o ld e r s a n d o t h e r c r e d it o r s o f t h e a s s o c ia t i o n
a re h e r e b y n o t ifie d t o p re s e n t th e n o te s a n d o th e r
c la im s f o r p a y m e n t .
R i c h m o n d , V ir g in ia , M a y 2 0 t h , 1 9 1 8 .
.
F . P . M C C O N N E L L , P r e s id e n t.
N ew J e rse y
M u n ic ip a l
B onds
Descriptive List on R equest
William B. Dana Company
138 Front S t.( NswYork.
J .S . R IP P E L & ,C O M P A N Y
18 C L I N T O N S T R E E T
N E W A R K , N. J.
102
THE CHRONICLE
[Vol. 107.
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Investment Bonds
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of Public Utility and Industrial
Properties
REPORTS—VALUATIONS—ESTIMATES
T h e s e
s t a t e m e n t s 43 EXCHANGE PLACE, NEW YORK
CHICAGO
w e r e
m a d e
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WILLARD CASE & COMPANY
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Development of
Industrial Plants & Equipments
c o u n t r y
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NEW YORK
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H . M, C H A N C E & CO .
S w ift & C o m p a n y , U . S . A .
M inins E ngineer! end Geologiota
COAL AND MINERAL PROPERTIES
Examined, Managed,
Drexel Bldg.
ppraisad
PHILADELPHIA
@FedFRASER