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fittattrial
TV
ummercia
IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section
Railway & Industrial Section
Bankers’ Convention Section
VO L. 106
S A T U R D A Y , JU N E 1 1918
(&hva
2ptje
PUBLISHED WEEKLY.
I n c . or
F o r S i x M o n t h s ........................................................................................................
^ 6 00
E u r o p e a n S u b s c r i p t io n ( in c l u d i n g p o s t a g e ) ...........................................................1 3 0 0
E u r o p e a n S u b s c r i p t io n s i x m o n t h s ( in c l u d i n g p o s t a g e ) ................................... 7 5 0
A n i m a l S u b s c r i p t io n in L o n d o n ( in c l u d i n g p o s t a g e ) .......................
14a
S i x M o n t h s S u b s c r i p t io n in L o n d o n ( i n c l u d i n g p o s t a g o ) ......................... ] £ 1 1 1 a
C a n a d ia n S u b s c r i p t io n ( I n c l u d i n g p o s t a g e ) ...................................................... $ 1 1 5 0
£2
Subscription includes following Supplements—
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Terms of Advertising— Per Inch Space
T r a n s i e n t m a t t e r p e r i n c h s p a c e ( 1 4 a g a t o l i n o s ) ...............................................
( T w o M o n th s
(8 t i m e s ) ................... Y.Y.'.W.
S t a n d in g B u s in e s s C a rd s <
A to n tlis (1 3 t i m e s ) ...................................
°
) S ix M o n th s
( 2 6 t i m e s ) ...................................
V T w o l v o M o n t h s (5 2 t i m e s ) ...................................
C h i c a o o O f f i c e — 3 9 S o u t h L a S a llo S t r e e t , T e l e p h o n e M a j e s t i c 7 3 9 6 .
L o n d o n O f f ic e — E d w a rd s & S m ith , 1 D r a p e r s ’ G a rd e n s , E . C.
$4
22
29
50
87
20
00
00
00
00
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t. F in e an d D c p e y sto r S ts., N ew Y o r k .
PS(Published every Saturday morning by W IL L IA M B . D A N A C O M P A N Y .
Jacob Selbort Jr., President and Treasurer; Arnold G . Dana, Vice-President and
Secretary. Addrcssess ol both, Otflco ot the Com pany.
CLEARING HOUSE RETURNS.
. h o ’following table, mado up by telegraph, A c ., Indlates that tho total bank
cloarlngs of all tho clearing houses of the United States for the week ending to-day
liavo been 55,751,900,477, against $5,938,477,323 last week and $5,516,374,998 tho
corresponding week last year.
Clearings— Returns bg Telegraph.
Week ending June 1 .
Per
Cent.
1918.
1917.
N e w Orleans ________ ______ ________ _____
$2,522,830,545
331,049,353
208,951,503
222,985,522
116,489,920
101,551,879
72,389,540
89,140,063
42,779,751
43,254,200
37,309,610
S2,598,822,724
331,991,856
223,857,745
147,168,141
91,244,814
92,142,277
63,445,356
54,304,317
35,769,208
34,240,059
31,525,021
— 2.9
— 0.3
+ 20.1
+ 51.5
+ 27.7
+ 13.5
+ 14.1
+ 64.0
+ 19.6
+ 26.3
+ 18.3
Eleven cities, 5 days ................................
Other cities, 5 days .......................................
$3,851,737,952
002,469,811
$3,701,572,151
533,470,981
+ 4.0
+ 12.9
Total all cities, 5 day3 .............................
All cities, 1 d a y ................................................
$4,454,207,763
1,297,698,714
54,238,019,132
1,278,325,806
+ 5.1
+ 1.5
Total all cities for week........................
85,751,900,477
$5,516,374,998
+ 4 .3
N o w (Y ork _______ - ..................... - ............
P h iladelphia .......... ................... ................ Kansas C i t y ................................................
St. Louis ............. - .................... - - ..............
San Francisco ....................................... ...........
Pittsburgh ............................................- —
Tho full details for tho week covered by tho above will bo given next Saturday.
W o cannot furnish them to-day, clearings being mado up by tho clearing houses
at noon on Saturday, and hence in tho abovo the last day of tho week has to bo In
all cases estimated, as wo go to press Friday night.
Dotalled figures for tlio week ending M a y 25 show:
Week ending M ay 25.
Clearings at—
1918.
1917.
Inc. or
D ec.
1916.
1915.
$
$
m -'I
'%
s
S
New Y ork ........... 3,303,406,410 3,649,875,177
— 9.5 2,964,293,414 1,729,485,264
Philadelphia . . . - 375,910,140 311,052,877 + 20.5 232,497.549
149,771,549
117,802,203
88,472,851 + 3 3 .2
Pittsburgh...........
09,717,444
50,366,294
60,283,958
39,516,983 + 52.6
B a ltlm oro...........
38,709,180
28,151,306
20,255,658
18,787,450
+ 7.8
Buffalo — .........
13,996,862
10,116,052
13,005,825
10,450,743
+
30.2
W a sh in g ton -----9,352,978
8,508,600
4,100,000
4,306,739
— 4.8
A lbany..................
5,151,614
4,508,362
6,831,587
6,027,030 + 13.3
R o ch e s te r--------5,370,871
4,283,249
3,100,000
3,373,582
+
0.8
Scran ton _______
2,817,335
2,803,215
3,645,784 + 18.0
4,300,000
Syracu se_______
2,689,314
2,656,030
2,571,742
2,630,891
+ 2.3
Reading________
2,187,121
1.794,414
3,063,847
—
3.0
2,972,049
W ilm ington.........
2,992,989
1,601,586
2,015,805 + 11.0
2,248,515
Wilkes-Barro____
1,085.136
1.553,802
3,793,500
+ 4.4
3,965,938
W heeling..............
2,646,006
1,595,802
2,184,340 + 33.1
2,907,687
T renton................
1,932,307
1,594,700
1,993,724 + 20.4
2,399,729
L a n ca ster...........
1,724,312
1,491,221
1,195,314
+ 8.6
1,298,900
Y o r k ................
1,103,334
936,490
1,691,904
+ 17.0
1,989,602
E r l o ..... ............ ..
1,144,900
933,570
910,400 — 71.4
752,000
B ingh am ton____
84.8,200
570,400
1,106,055
1,150,000
+
4.0
G rccnsburg..........
947.363
1,050,000
1,210,582 + 10.6
1,338,497
C h ester................
1,022,00.8
711,552
776,404
828,021
+ 6.7
570,151
Altoona ......... ..
527,499
564,917 — 33.3
376,157
375.647
M o n tc la ir ............
398,801
— 5.4 3,303,088,002 3,005,337,377
Total M iddle. 5,934,813,833 4,159,492,750
276,562,640
10,468,000
6,750,930
5,146,593
3,677,628
2,100,000
3,609,659
2,473,505
1,709,294
1,151,911
700,035
719,358
315.069,553
226,367,452 + 22.2
9,480,900 + 10.4
0,930,775
— 2.6
4 ,SOO,000
+ 7.2
3,066,325
+ 0.3
2,360,502 — 11.3
3,270,642 + 10.4
1,957,305 + 20.4
1,624,355
+ 5.2
1,011,257 + 10.6
914,756 — 23.5
532,522 + 35.1
262,952,851 + 19.8
191,014,506
8,584,200
9,002,405
4,548,832
3,525,965
2,208,302
3,806,802
1,520,857
1,169,833
923,310
907,183
689.408
227,791,723
138,955,289
6,525,800
5,734,949
3,708,229
2,651,828
1,796,037
2,455,971
1,042,803
897,957
839,837
895,678
342,088
105,907,600
Note. — For Canadian cloarlngs soo “ Commercial and Miscellaneous N ow s.”
N O . 2762
Week ending M ag 25.
Clearings at-
.
1918.
1917.
Dec.
Chlcago____
C in cin n ati..
Cleveland __
D etroit ___
Milwaukee .
Indianapolis_____
C olum bus___
T oled o______
P e o r ia ______
Grand Rapids
Evansville___
D ayton . . .
Springfield, 111 .
Fort W a y n o ___
Y ou ngstow n____
R ock ford _______
A k r o n __________
Lexington _____
South Bend_____
Q uincy..................
C a n t o n ________
Bloom ington____
Springfield, O . . .
D ecatur................
M a n sfie ld ______
Danville ..............
Jacksonville, B l.
L i m a ___________
O w en sboro_____
L ansing________
Ann A rbor____
A d ria n .............
T o t. M id .West
$
456,257,850
52.407,359
74,841,348
59,470,565
24,853,426
12,491,000
8,806,100
9,029,268
4,794,000
4,816,377
3,278,253
3,909,196
1,917,013
1,222,299
3,080,092
1,824,706
5,439,000
800,000
1,162,633
1,002,129
3,000,000
1,071,372
910,96.8
805,032
1,057,530
516,679
472,678
965,875
922,187
850,000
245,582
117,927
742,938,534
$
471,384,205
36,123,383
68,095,506
51,500,146
21,594,079
12,456,000
8,853,500
10,22.8,901
4,700,000
4,403,538
2,970,815
3,193,694
1,595,471
1,203,229
2,992,460
1,438,946
6,014,000
569,128
1,050,000
978,298
3,461,514
959,424
1,057,594
797,313
892,263
459,728
343,588
664,853
426,425
1,093,762
327,679
120,017
722,549,519
%
— 3.2
+ 45.1
+ 9.0
+ 15.5
+ 15.1
+ 0.1
— 0.5
— 5.1
+ 2.C
+ 9.4
+ 10.4
+ 22.4
+ 20.2
+ 1.6
+ 2.0
+ 26.8
— 9.6
+ 40.6
+ 10.7
+ 2.5
— 13.3
+ 11.7
— 13.9
+ 1•*
+ 18.5
+ 12.4
+ 37.0
+ 45.3
+ 110.4
— 22.3
— 25.0
— 1.7
+ 2.8
San Francisco. .
Los Angeles_____
Seattle___ _______
P o r tla n d ..............
Salt Lake C i t y ..
S p ok an e.. .........
T a com a _________
Oakland________
San D iego______
Sacramento_____
Pasadena_______
Fresno . . _ ____
San J o s e .. . . .
S to c k to n ______ _
Yakima _______
Reno ..................
Long Beach_____
Total P a cific ..
94,849,484
27,278,000
33,008,172
23,933,261
12,005,082
7,102,519
3,991,793
5,820,256
1,829,805
2,989,154
889,826
1,935,820
907,949
1,778,564
714,458
523,837
923,903
220,473,883
85,717,028
29,500,000
21,522,971
15,875,969
11,404,218
5,652,000
2,832,264
4,673,406
2,031,235
2,271,954
915,752
1,431,453
750,000
1,411,232
541,272
436,883
555,415
187,573,652
+ 10.8
+ 3 0 .7
+ 21.1
+ 26.0
+ 32.0
+ 19.9
+ 66.3
+ 17.5
Kansas C ity____
M in n eapolis____
Omaha__________
St. Paul................
D e n v e r ________
St. Joseph...........
D c3 M oines_____
D uluth__________
Sioux C ity______
W ich ita ................
Lincoln _______
D a v e n p o r t____
T o p e k a ..............
Cedar R a p id s ..
Fargo......... ........
W aterloo______
Colorado Springs
Pu eblo______
llolon a_______
F r e m o n t____
Aberdeen____
B i l l i n g s _______
H a stin gs_______
T o t. oth. West.
161,365,092
22,955,683
48,503,085
13,741,123
21,873,373
14,363,063
8,198,217
4,549,474
6,923,999
7,141,795
3,392,603
2,448,534
3,200,000
1,681,159
1,705,176
2,009,079
689,570
584.000
1,701,383
565,857
1,089,311
976,765
625.000
330,283,341
125,806,395
32,638,107
33,786,251
12,609,536
14,277,715
13,740,389
6,994,223
6,078,629
5,526,689
5,525,489
3,902,879
2,235,997
f2,350,192
1,806,033
1,560,518
1,941,227
661,291
695,663
1,825,991
555,604
890,269
1,033,628
599,176
277,101,891
+ 28.2
— 29.7
+ 43.0
+ 9.0
+ 53.2
+ 4 .5
+ 17.2
— 25.2
+ 2 5 .3
+ 2 9 .2
— 13.1
+ 9 .4
+ 36.2
— 6.9
+ 9 .3
+ 3.5
+ 4.3
— 16.0
— 6.8
+ 1S.4
+ 22.4
— 5.5
+ 4.3
+ 15.6
Terms of Subscription— Payable in Advance
B oston..................
P rov ld on co _____
H a r tfo r d ..............
New H aven.........
S p rin gfield _____
P o r tla n d ----------W orcester______
Fall R iver...........
New Bedford__
Lowell ...............
H olyoke................
Bangor..................
T o t. N ow E n g.
Electric Railway Section
State and City Section
;
— 7.5
+ 53.4
+ 50.8
+ 5.3
+ 2 5 .7
+ 4 0 .9
+ 24.5
— 9.9
+ 3 1 .6
—
2 .8
1916.
$
$
358,541,972 283,873,392
30,912,050
23,162,850
41,794,170
23,950,252
38,217,746
24,129,337
16,836,593
13,389,296
9,489,683
7,184,609
11,520,300
5,993,700
8,734,555
5,768,205
3,700,000
2.718.108
4,134,072
2,948,685
2,153,802
1,004,447
3,296,247
1,806,674
1,316,198
1,008,246
1,272,674
1.353.109
2,547,957
1,558,744
1,013,041
964,117
4,954,000
1.837.000
619,065
632,226
806,288
655,835
041,724
745,301
2,123,793
1.350.000
663,859
557,073
895,935
669,908
609,483
435,595
690,902
508,346
453,833
422,187
243,984
263,862
578,829
409,342
311,321
316,534
1.068,036
518,067
324,627
196,516
61,112
107,903
550,532,554 410,384,807
58,639,435
23,416.142
14,049,510
11,832,210
7,502,404
3,873,883
2,088,015
3,805,517
2,469,377
1,932,991
778,493
934,747
623,652
960,346
441,381
325,000
483,774
134,157,477
47,020,554
18,013,292
12,131,208
8,487,190
5,277,668
3,210,368
1,438,595
2,902,688
1,551,395
1,509,304
730,276
790,143
501,047
752,663
297,015
250,000
409.222
105,272,628
77,176,243
21,267,110
20,448,775
13,696,479
12,300,000
9,191,710
5,864,735
3,987,730
61,190,805
17,316,949
16,336,345
10,993,019
8,691,058
7,447,498
4,681,765
2,816,603
2,648,200
3,413,803
2,406,607
1,281,030
1,297,635
1,706,022
961,726
1,469,765
600,000
343,140
1,035,318
340,761
494,690
400,384
188.852
148,070,041
4,568,353
2,484,50C
1,532,552
1,530,800
1,837,170
1,492,115
1,960,944
691,800
441,532
1,124.788
479,000
794,062
601,745
295,820
187,068,524
St. Louis_______
134,334,508 120,271,861 + 11.7
93,620,298
70,462,533
New Orleans____
36,370,875 + 26.0
45,835,577
20,838,324
14,673,455
16,081,150 + 33.7
L ou ls v lllo ______
21,493,807
16,524,089
13,891,910
H o u s t o n _______
12,464,902
11,700,000
+ 6.5
9,037,618
5,516,102
G alveston ______
5,800,000 — 31.2
3,987,519
4,010,355
3,834,933
24,910,129 + 65.2
R ichm ond______
41,144,003
15,642,996
7,734,017
21,511,328 + 74.0
A tla n ta ________
37,432,301
14,044,769
10,417,167
+ 0.6
8,978,656
M em phis_______
9,031,429
6,00S,543
4,491,880
Fort W orth_____
12,114,563
— 8.5
11,083,576
8,118,889
7,606,404
Nashville_______
8,432,343 + 4 6 .1
12,321,936
6,837,767
4,942,034
—
12.2
5,747,320
Savannah ______
5,044,867
4,335,147
3,266,077
N o rfo lk ________
4,858,035 + 38.9
6,750,919
4,425,867
3,397,498
3,498,470 + 13.2
Birm ingham ____
3,958,506
2,508,097
2,031,072
3,941,775 + 27.7
5,033,733
Jacksonville____
3,115,044
2,594,427
3,278,027 + 3 5 .3
4,434,152
Chattanooga____
2,618,571
2,130,099
2,357,770
+ 6.1
2,501,6S9
2,193,291
1,543,884
K n o x v ille ______
1,786,179 + 12.8
2,015,737
1,397,234
Augusta________
1,029,136
2,895,044 + 38.2
’4,000,000
Little R o ck _____
2,218,022
1,587,898
2,641,849
— 1.6
2,600,000
Charleston ____
2,286,372
1,699,203
1,279,810 + 14.1
1,459,973
1,046,901
M ob ile...............
1,013,088
6,231,574 + 29.5
8,069,582
Oklahoma _____
3,206,575
1,956,600
+
2
8
.2
1,092,286
2,034,904
M acon __________
1,400,000
2,869,288
1,925,643 + 12.1
2,159,334
A u stin __________
1,100,005
1,220,043
+ 5.5
224,390
237,720
175,948
143,611
V icksburg______
— 4.2
438,486
420,037
469,013
Jackson ________
218,352
5,580,570 + 109.9
11,716,837
3,255,010
1,144,371
T u ls a ___________
1,341,936 + 47.3
1,975,787
1,041,751
M u sk ogee______
476,391
D a lla s ..................
11,840,031 + 43.6
17,000,000
6,018,056
1,676,560 + 10.3
1,849,626
Shreveport _____
Total Southern
328,806,660 + 25.2 293,013,835 171,057,089
Total all............ 5,955,337.204 5,938;477.323
+ 0.3,4,702,5527715 3,006,029^08
Outside N . Y . 2,651,930,788 2.288,6027146
-1 5 .9 1.378,259.30111,275.544,344
225 6
THE CHRONICLE
STATE AND CITY SECTION.
A new number of our “ State and City” Section,
revised to date, appears to-day, and all readers of the
paper who are subscribers should receive a copy
of it. As previously announced, this Supplement
is now issued in two parts, Part One containing the
New England, Central and Middle States, being
issued to-day, while Part Two embracing the rest
of the country will be published next November.
The change is due to the fact that with the growth
and multiplication of the municipalities of the United
States the demand for additional space has become
too heavy to satisfy within the limits of a single
number.
________________
THE FINANCIAL SITUATION.
The week has been marked by many events of
large importance, all of which have had their in
fluence upon affairs. M r. M cAdoo as DirectorGeneral of Railroads has approved the increases
in the wages of railroad employees recommended
in such prodigal fashion by the Commission ap
pointed by him for the study of the question, and has
even gone the Commission one better in numerous
instances, so that it is estimated the payroll of the
railroads of the United States under Government
control will be increased in the neighborhood of
§325,000,000 per year. This step was immediately
followed by announcement that to meet this aug
mentation in the expenses of the roads and to pro
vide for the higher cost of fuel, materials and other
supplies, radical advances in both freight and pas
senger rates would be made.
M r. M cAdoo is a man who never does things by
halves, and as it has been figured out that railroad
expenses would be raised, in the ways indicated, in
the huge sum of §830,000,000 to §860,000,000 per
annum, transportation rates have been marked up
on a corresponding scale. Freight tariffs are to be
raised 25% all around and passenger fares moved
up from a basis of 2@23^ cents per mile to 3 cents,
with corresponding adjustments in special fares.
The higher rates are counted on to yield added
revenue of §800,000,000 to §900,000,000. The
wage advances by previous agreement are retro
active and date back to the 1st of January, when the
Government assumed formal responsibility for the
operation of the railroads. The increases in trans
portation charges become effective on June 10 in the
case of passenger rates and June 25 in the case of
freight rates. The Inter-State Commerce Com
mission— in striking contrast with its dilatory action
for so many years while the roads were under private
control and its niggardly treatment of the carriers
whenever petitions for rate advances were presented
for its consideration on such occasions— now has
changed its attitude, and with great alacrity gave
immediate approval to the Director-General s very
notable increases without the formality even of a
hearing.
Higher transportation rates had long since become
an imperative necessity, owing to the increasing costs
of railroad operations in which previous wage ad
vances had played an important part. Advances
in rates should have been granted during 1917 in
response to the requests of the carriers to that effect.
But what the roads then asked for was small along
side the heroic advance now made at the instance of
the Director-General.
[V
o l
.
106.
If it be urged that transportation as an element of
cost enters into the prices of all commodities and so
large an addition to transportation charges as that
now announced means necessarily a further rise in
commodity prices, speaking of them as a whole, the
reply must be that the advances in freight rates need
not have been so large if wages had not been jacked
up in such an arbitrary fashion. In recent years,
wages of railroad employees have been repeatedly
raised, the carriers yielding on threats of a strike in
case of refusal, and it is by no means clear that the
further prodigious advances now made could not
have been avoided. The high cost of living is given
as a reason for dealing liberally with wage earners
and it is undeniable that the cost of living is high,
but is it not going too far to insist that this class of
the population should alone be relieved of the burdens
of war? The President only two weeks ago, in his
Red Cross speech, urged that it is the duty of every
citizen to give, give— “ give until it hurts,” and
profiteering is everywhere condemned. Onerous
taxes are imposed on the man of large means as
his share of the burdens of war. W hy should the
laboring element alone be given a free hand and
allowed to engage in a species of profiteering?
Persons with fixed incomes, which it has been im
possible to increase in face of the doubling of the cost
of living, are undoubtedly in an unfortunate position,
but that the great mass of wage earners— the bulk of
the population— are not badly pinched by high liv
ing costs, having received more than ample compensa
tion in wage advances, will be evident to any one who
will taken the pains to visit the department stores.
He will find no signs of impaired buying power
there.
The favorable feature about the rate advances is
that it brightens the future of all railroad properties.
Until this step of the Director-General the danger
was that railroad costs would be allowed to increase
without any attempt to seek more than partial com
pensation in rate advances, the Government shoul
dering the loss, with the result that when the proper
ties are turned back to their owners at the termina
tion of the period of Government control they would
be on a non-paying basis. Costs in other direc
tions may again be reduced, but wages once in
creased will in all probability never come down
again; and with the Inter-State Commerce Com
mission refusing rate advances, as in the past,
the outlook for railroad property in such a contin
gency would have been gloonjy indeed. This
menace has now been escaped, for, if the higher
fates are necessary under Government control, it
will be difficult to demonstrate that they will not
also be necessary under private control.
The Stock Exchange has been quick to recognize
this encouraging feature, and railroad securities have
shown a firm undertone and evinced a rising ten
dency during the week. Unfortunately, however,
there have been influences of the opposite sort at
work which have repressed this rising tendency on
the part of the railroad shares and have produced de
pression in the general market. Among the chief
of these influences has been the intelligence that Fed
eral taxes, already so high, will have to be still fur
ther raised. On that point, the President’s sudden
and unexpected appearance before Congress on Mon
day and his declaration that further legislation for
the raising of additional taxes is necessary before
Congress adjourns has had a marked effect in pro-
June 1 1918.]
THE CHRONICLE
during a decidedly uneasy feeling. The market, was
extremely weak on Monday as the result of this action
and a large and general break in prices occurred. As
a matter of fact, there was more or less weakness
the greater part of last week, owing to the advices
from Washington that M r. M cAdoo, in his capacity
as Secretary of the Treasury, had come to the conclu
sion that further revenue legislation was imperative
and that income and excess profits taxes would have
to be heavily increased. Owing to last week’s weak
ness and the further sharp declines the present week,
the greater part of the advance in prices which oc
curred the first half of the month, following the suc
cess of the Third Liberty Loan, has been lost.
No doubt, also, the new assault made by the Ger
mans in France, and the great initial success attending
the same,served to intensify the depression during
the early part of the week, though as to this, confi
dence that the Allied forces will be able to prevent the
German armies from obtaining their objectives either
in reaching the Channel ports or Paris remains as
strong as at any time since the Germans began their
forward movement on March 21st. What induced
the President to make his sudden special appeal to
Congress for immediate new revenue legislation is
not altogether clear. There had been a difference
of opinion between the Secretary of the Treasury
and Congressional leaders as to the need for additional
revenue legislation at this time. The Congressional
leaders thought the matter could lie over until after
the November elections. The Secretary on his
part was insistent that no such delay could be per
mitted, but everyone had agreed to leave the matter
to the President and to abide by his decision.
There was, therefore, no occasion for the Presi
dent to make an appeal to Congress in person since
everyone was ready to agree anyway to what he
wished done. But the President has a fondness
for the theatric as well as for the theatre, and
possibly his object was to make an appeal to the
people, rather than to Congress, and to prepare
them for the very much higher taxes which it is
proposed to levy. The force of the President’s
contention that the people should be informed
now what their taxes are to be, and not have to
wait until next year, cannot be denied. The fact
is, however, that taxes already arc unduly high,
and doubling them, as some Congressmen glibly
propose, is out of the question. T o have it merely
suggested that this can or should be done is what
has proved so deeply disturbing in this week’s
events.
rlh e Fall Pivcr cotton mill dividend statement for
the second quarter of 1918, in presenting a total
closely approximating the high-water mark estab
lished in the similar period of 1917, reflects the con
tinuation of a very favorable situation in the premier
cotton manufacturing centre of the country. It is
perhaps, not necessary to state that all the corpor
ations have been making large profits recently, since
all reports coming to hand for some time past have
been of very favorable tenor. The fact is that the
margin between the cost of the raw material and the
selling price of the finished product has noticeably
widened, and as a result thereof a further advance in
wages for the six months’ period beginning with
June would naturally accrue to the operatives. With
the war demand still an important factor in oper
ations the outlook for the immediate future of the
2257
industry appears very encouraging, as orders for
Government account in conjunction with those for
the regular trade would seem to assure as full work
ing of machinery for some time to come as the supply
of labor will permit with more or less operating at
night a feature.
As regards the dividend declarations of this second
quarter, it is to be stated that all of the corporations
included in our compilation (37 in number) have
participated. Sixteen of the establishments have
increased their regular rate of distribution, eight
have declared extra dividends of from 1 to 3% and
the remainder, pursuing a conservative course, have
maintained the status of preceding quarters. In all
the amount of cash to be paid out in the second
quarter of 1918 is $1,156,934 (over $200,000 more
than for the first three months of the year) or an
average of 3.51% on the total capitalization of
$32,961,670, this comparing with $1,059,125, or
3.47% in the corresponding period last year, $409
675, or 1.35% two years ago, and $258,025, or 0.87% ,
in 1915. Furthermore, for the elapsed half-year
the return to shareholders has been no less than
$2,111,993, or an average of 6.41% , against $1,
821,100, or 5.97% in 1917,and $752,092, or 2.48% ,
in 1916.
As regards the wage question, it is to be noted that
the operatives were not slow in recognizing the fact
that conditions were working in their favor but, as
heretofore, strove to take more than warranted ad
vantage thereof. In fact, on M ay 7 steps were
taken by the Fall River Textile Council to request a
general advance of 25% in the wage scale to date
from June 3. This, the Manufacturers’ Association
at a meeting on the 13th characterized as beyond
bounds, and, without fixing upon any definite figure as
reasonable, empowered the Executive Committee
of the organization to make the most satisfactory
terms possible with the operatives. A joint confer
ence of owners and operatives on the 20th brought
no result, but at a further meeting on the 29th, a
compromise on 15% was reached and from Fall
River it is announced that the hands generally are
well satisfied with the outcome of the controversy.
This latest advance, which goes into effect Monday
and continues for six months, makes the wage basis
39.12c. for weaving a cut of 473^ yards of 64x6428-inch printing cloth, or virtually double the
compensation received 10 years ago.
Whether the treaty between Germany and Aus
tria-Hungary has been adopted in its complete legal
form is not yet known. But its text has been
made public and may be regarded as an accurate
forecast of the conditions which must be expected
to exist so long as the present ruling factions continue
in power. The treaty provides for a close military
alliance for twenty-five years during which both
parties pledge themselves to employ the entire
strength of their people for military purposes.
They agree to devote all their care to have their
armies enter into an eventual future conflict fully
prepared and at a maximum of their strength.
“ Only thus,” to quote the text of the treaty, “ the
future war shall be of brief duration; for had the
armies of both allies been in this condition in 1914
this war would have ended long ago.” All male
inhabitants capable of bearing arms are, it is agreed,
to receive proper and thorough military instruction.
Arrangements shall be on a uniform basis to the
2258
THE CHRONICLE
extent that formations of one country may draw
their supplies from the nearest depot of the other
country, wherever stationed without having to de. pend, as in the past, on supplies from some distant
home base. The allied troops are to be brought
in contact with each other for the purpose of edu
cating them to mutual esteem, love and apprecia
tion. All preparatory economic measures con
nected with “ the eventual war” shall be taken
beforehand in time of peace and the necessary de
partments be created. Railway lines and con
struction shall be directed and undertaken by both
allies in common accord and on a unified plan. A
suggestion which obtrudes from the treaty, how
ever, is that the German expectation at the mo
ment must be for peace by negotiation which will
be in fact merely a truce to be entered into for the
purpose of permitting preparations for continuing
the war for world domination at a future and not
distant date.
Official information thus far published as to the
number of American troops in France has been
•contained in the statement by Secretary Baker
that more than 500,000 were in Europe. It is of
course known that steamers laden to full capacity
with our troops are going abroad every day. The
prevailing popular disposition is to believe that the
number is now closer to the million mark than to the
figure named as minimum by the Secretary. Hence
is there much surprise at the recent statements by
Lloyd George, the British Premier, that the United
States had thus far been able to counterbalance
less than one-fifth of the fighting strength which
the Germans gained for West front operations
through the collapse of Russia. . One of our own
officials acknowledges that they are mystified as
to the basis of the Premier's figures. Associated
Press accounts from Washington declare it is re
garded as probable there that Lloyd George was
basing his statement on the number of men of
the American army now in line before Amiens with
the French forces. The strength of that American
force had never been made public; but it is known
to be in excess of one division, and, probably, count
ing all auxiliaries as well as line regiments, reached
a total of 100,000. If that is true and the Pre
mier based his calculation upon an American par
ticipation of 100,000 men it would indicate that
British information was that half a million German
troops had been withdrawn from the Eastern front
for use in the West. Such a figure, however, is
regarded in Washington as under-estimating the
actual German movement. The statement made
in semi-official quarters has not been challenged at
the War Department that a million of our men will
have been transported overseas by July 1 of this year.
Costa Rica is the latest Government to declare war
on the Central Powers, announcement to that effect
having been received by way of San Juan Del Sur,
Nicarauga, bringing the total number of nations
alligned against Germany and Austria to 21. The
Government of Costa Rica headed by President
Tinoco has never been recognized by the United
States. All of the Central American States have now
clearly defined their attitude toward the war.
Among some of the South American countries there
is^yet some indecision. Advices from Buenos Ayres,
for instance, quote Germany as again having accred
[Vol. 106.
ited diplomatic representation in the Argentine.
Count Denhoff, the Secretary of the Legation under
Count von Luxburg, the dismissed Ambassador,
is understood to have presented his credentials on
Wednesday to the Argentine foreign office as the
German Charge cPAffaires. The unsettled situation
between the German Legation and the Argentine
foreign office which has existed since the expulsion
of Count Luxburg after the revelation of his messages
advising the sinking of Argentine vessels “ without
trace,” thus will be clarified.
The military offensive in the West seems to have
measurably overshadowed the success of the various
Allied countries in combating the submarine peril.
Georges Leygues, the French Minister of Marine,
informed the Army and Navy War Committee of
the French Senate last Saturday that Great Britain
and the United States alone had constructed in
April 40,000 tons more shipping than was sunk by
the enemy. The means employed to rid the seas
of the submarines had, he said, become increasingly
effective since January and had given decisive results.
Tremendous strides had recently been made by the
Allies in repairing ships damaged by torpedoes or
mines and co-ordination between the Allied nations
had become so smooth during the last four months
that the tonnage restored to the sea exceeded 500,000
tons weekly. Great Britain, he added, had repaired
598,000 tons in one week recently, while France had
effected repairs upon 200,000 tons in one month.
As to the increasing destruction of submarines which
was constant, said the Minister, the figures for April
were excellent, showing an increase over the preceding
month but were far surpassed by the results known to
have been attained thus far in M ay. It is obvious
that Britain as well as Germany has entered into the
construction of submarine cruisers. A German
vessel of this class has recently been sunk by a
British one off Cape St. Vincent, according to news
received this week, the battle thus taking place more
than 2,000 nautical miles from Plymouth. A naval
critic writing in the London “ Daily Telegraph” on
Monday declares that it is “ no secret to the Germans
that soon after the outbreak of the war a great num
ber of large submarines were laid down in this
country (England). It is also no secret that for
many months past many of these craft were used in
submarine hunting.”
After a week or more of gradually increasing
artillery preparation the German military machine
on Monday resumed its great offensive on the West
ern front with two simultaneous attacks. One was
on the line from Vorrmezeele to Locre southwest of
Ypres; the other on the 35-mile front from Pinon
north of Soissons to Rheims. The latter is known
as the Aisnes sector. In Flanders the first day’s
attack appeared to have been successfully resisted,
but the German Crown Prince’s troops were able to
take the entire ridge of the Chemin des Dames and
within a few hours were fighting on the Aisne River.
The German attack in Flanders was first con
centrated against positions taken by the French on
May 20, when they recaptured Bruloose and Locre
and strengthened their line on the east side of Hill
44, which they had retaken a few days before. Each
successive day during the week the enemy increased
its gains, and latest official British statements
concede that German troops have reached the right
June 1 1918.]
THE CHRONICLE
3259
bank of the Marne, and that Itheims either has special vacation train to the Department of Allier,
fallen or soon will fall. Reuter’s correspondent at in Central France. This is the first action taken
French headquarters cables that 40 German divisions under a plan for moving Paris children from the
are engaged in the Aisne battle and 40 more divisions possibility of harm from a long range gun shell
are in reserve. It is possible, the correspondent striking a school filled with pupils.
says, that the enemy may strike another blow for
In Mesopotamia large areas have been cleared
Amiens or Dunkirk. Having captured Soissons the of the enemy, thus denying to him the most fertile
Germans apparently are swinging their columns districts at the time the crops are just ripening.
eastward with the object of encircling Rheims Thousands of prisoners have been captured by the
through Ville-en-Tardenois and the Valley of the British as well as many cannon, machine guns and
Ardle. The Havas correspondent at the front who a large amount of booty. This change for the bet
is regarded as reflecting the official French view, ter is the result of the campaign of April and M a y .
declares that the rapid advance of the enemy is due
to the temporary numerical inferiority of the Allies
The London markets for securities opened on
which has completely changed the aspect of the Tuesday after the Whitsuntide holidays with a fair
struggle. Under these circumstances the momentary undertone, though without pronounced activity.
advance of an army and capture of a town may mean These features remained the outstanding ones
nothing, as the problem is more vast. “ For its own throughout the entire week, notwithstanding the
reasons our command” the correspondent continues, fierce onslaught of the Germans in France and
“ did not find it advisable to give battle either on the Flanders. British Consols closed on Thursday at
Somme or in Flanders after the March of 5 6 % (but declined to 5 6 % yesterday), comparing
fensive. It
confined
itself
to
stopping
the with 5 6 % a wreek ago, and 5 4 % at the beginning
enemy. Shall we accept battle at this time as we of the drive in March. The monthly compilation
formerly accepted it on the M arne? This is the of the London “ Bankers’ M agazine,” received by
secret of our command. The Germans have no cable, contains suggestive testimony of the strong
illusions as to the value of the success they have undertone in the London market at a time when the
gained. They know we have several million picked drive was known to be in preparation. For the
troops forming in manoeuvring masses which they will month ended M ay 20 the aggregate value of the
have to encounter— somewhere. If the enemy had 387 securities listed on the London Stock Exchange
the choice of ground for the offensive we have the indicated an increase of no less than £42,782,000, or
much more important choice of the field of battle an average gain of 1 .7 % for the month. South
on which Germany’s destinies will be decided. W e American mines and American railroads led in the
probably are witnessing the preliminaries to a great general increase, the gain in the former being £ 2,
battle which both sides wish to be decisive, conse 484,000, or 6 % , while in the latter the increae was
quently it is comprehensible that our commanders £11,465,000, or 4 .4 % . British railway ordinary
do not act hurriedly but strictly in accordance with shares advanced 2 .2 % ; British and India funds
plans agreed upon.”
advanced 1 .8 % , while foreign Government bonds
The fighting front as described by French papers gained 0 .3 % . The “ Statist” last Saturday pub
runs as follows: From Chavigny north to Soissons, it lished its monthly index humber of mercantile values,
describes a circle west of that city and rejoins the which is a continuation of the Sauerbeck’s com
River Crise south of Soissons. Then it goes to Berzy, pilation. Thejium ber is 189.8 for the end of April,
follows the Soissons-Chateau and Thierry road until, comparing with 188.0 at the end of March and repre
near Hartenneo, where it bends southeast to Grand senting the highest level yet attained. Shipping
Rozoy; then southward leaving Mulchy-le-Chateau; shares have been among the firm features, Cunard,
then it passes Nanteuil-Notre Dame and advances Peninsular & Oriental, Royal M ail, and other of the
toward the Marne to Courcy, Brecy, Courpouil and leading shares ruling strong, this strength being
finally reaching the Marne, which, as already noted, attributed to a rise in Blue Book rates of freight and
marks its extreme southern point. Through Vez- the belief that the deal for the acquisition of the
zilly, Brouillet, Savagny and Thillois it runs north International Mercantile Marine ships by British
eastward to the environment of Rheims.
shipping interests has been arranged. The advance
American troops on Tuesday in Picardy attacked in the Blue Book ocean freight rates, it is understood,
on a front of 1 % miles and captured the village of will only partly recoup the companies for their in
Cantigny, taking 200 prisoners and inflicting severe creased expenditures. A rather good indication of
losses in killed and wounded on the enemy. Later the firm attitude in British investment circles is thein the week they beat off attack after attack by the fact that tenders for £1,000,000 Liverpool municipal
Germans. Large German forces are said to have notes on Tuesday totaled £5,740,000. Allotments
been gathered to retake the village and they have were made on an average of 3 1 3 -1 6 % , which com
launched savage but unsuccessful assaults at the pares with a 4 % rate average last February when a
Americans. Along American-held positions in the similar issue was offered. T o-day (Saturday) £5 0 ,
Toul and Looncville sections there have been sev 000,000 will be paid off by the British Government
eral spirited engagements. The Berlin war office as interest on war loan bonds. The transfers of
officially reports that it has taken 45,000 prisoners credits incidental to these payments were arranged
since the offensive was resumed. Coincident with so as to avoid disturbing the market. In explaining
the new offensive shelling of Paris by the long range the transaction in the House of Commons, Bonar
German gun was resumed. There have been numer Law, the Chancellor of the Exchequer, announced
ous air raids on the French capital though without that he was looking forward to the re-investment of
important results either in loss of life or property.
a very large part of this fund in national war bonds.
The removal of children from Paris was begun
The system of continuous borrowing, the Chancellor
on Thursday morning, when 1,000 from the M onte- added, had become a much greater success than he
martre section of the city were forced to board a had hoped for at the time it was adoDted. It had
2260
the advantage from the point of view of bankers and
of financial interests generally of causing least dis
turbance of the money market and it had, too, the
further advantage of encouraging direct saving and
the avoidance of unnecessary expenditure. Up to
the end of last week the amount raised by national
war bonds.since the issue of Oct. 1 1917, was £738,
043,303 in addition to the £59,000,000 raised by
war savings certificates. The Chancellor added
that the banks had agreed to invest in war bonds the
dividends^they received from all Government stocks
within the week. They had also agreed to deal gener
ously with customers in making advances against war
bonds and to persuade customers to invest directly in
the war loan instead of piling up deposits. The latter
of late had*been]increasing steadily. In addition,
many of the largest financial institutions were arrang
ing to set aside weekly a definite proportion of their
resources for immediate investment in war bonds.
Other advices from London declare that the banks
will discontinue their high interest rate on long
fixed deposits and will take other steps to divert
deposits into war bonds. The official report gives
the sales of war bonds for the week ending M a y 25
through the banks at £11,235,000, which compares
with £9,439,000 for the preceding week. The post
offices report for the week ending M a y 18 sales of
bonds amounting to £354,000, bringing their total
up to £28,899,000. The previous week’s record by
the post offices was £409,000. Sales of war certifi
cates during the week totaled £2,468,000, making
the aggregate indebtedness under this head £197,
595,000. Sir Edward Holden has issued an official
denial that he is retiring as Chairman of the London
City & Midland Bank. Crop accounts have been
one of the favoring influences on the London market.
N ot only do these accounts come from America,
but from France and Australia. Britain’s own
acreage has been greatly increased. The EnglandWales press bureau announces that the total 1917
area of wheat, barley, corn, oats, rye and pota
toes is 8,302,000 acres, equal to 2,042,000 additional
acres over 1916. The bureau predicts that a good
crop will provide a bread supply of forty weeks
through the Kingdom, saving 1,500,000 tonnage
in wheat, 2,655,000 tons in barley, 1,490,000 in
oats and 2,820,000 in potatoes. This outlook is
the more surprising in view qf the 2,000,000 fewer
farm laborers this year. Estimates are current that
the French yield of wheat will be 220,000,000 bushels,
as against 142,000,000 last year, 215,000,000 in 1916
and 256,000,000 in 1915. On this basis it is esti
mated that the French requirements of foreign wheat
this year will be only 44,000,000 bushels, which
compares with an estimate a year ago of 120,000,000
bushels. The output of neutral European wheat
producers is also declared to be good.
N o change has been noted in official discount
rates at leading European centres from 5 % in Lon
don, Paris, Berlin, Vienna and Copenhagen; 6 % in
Petrograd and Norway; 6)4% in Sweden, and 4 ^ %
in Switzerland, Holland and Spain. In London the
private bank rate continues to be quoted at 3% %
for sixty days and 3 9 -1 6 % for ninety days. Call
money in London has been advanced to 3 % , against
2 3 ^ % last week. So far as we have been able to
learn no reports have been received by cable of
open narket rates at other European centres.
[Vol. 106.
THE CHRONICLE
The British revenue returns for the week ended
M a y 25 made a more favorable showing, there
having been a small increase, while expenditures
were substantially reduced. Balances for the week
were also larger. The week’s expenses were £43,
771,000 (against £57,879,000 for the week ending
M a y 18), while the total outflow, including repay
ments of Treasury bills and other items, was £98
726,000, as compared with £122,955,000 a week
ago. Treasury bills repaid totaled £52,975,000,
against £52,038,000 the week preceding. Receipts
from all sources were £99,568,000, which contrasts
with £123,558,000 last week. Of this total revenues
contributed £9,687,000, against £8,003,000 a week
ago. New issues of Treasury bills amounted to
£58,363,000. This compares with £66,151,000 the
previous week; war savings certificates totaled
£1,300,000, against £1,800,000, and other debts
incurred £9,654,000, against £20,579,000 the week
before. Advances were £8,546,000, in comparison
with £18,000,000 in the preceding week. Treasury
bills outstanding now stand at £992,336,000. Last
week the total was £986,893,000. The Treasury
balances aggregate £15,749,000, as against last
week’s total of £14,908,000.
The Bank of England this week announces another
important gain in its gold reserves, namely £818,
428. The total reserve only increased £14,000,
there having been an expansion of £805,000 in note
circulation. The proportion of reserve to liabili
ties was reduced to 1 7 .5 0 % , against 1 8 .6 0 % last
week and 1 9 .5 2 % last year.
Public deposits
were increased £2,622,000, while other deposits
expanded no less than £7,669,000. Government
securities gained £1,157,000. Loans (other securi
ties) were expanded £9,182,000. The Bank’s gold
holdings now stand at £63,451,474, which compares
with £55,100,226 in 1917 and £60,214,657 the year
before. Reserves aggregate £30,953,000, as against
£34,535,000 last year and £43,275,877 in 1916.
Loans total £106,176,000. A t this date a year
ago the amount was £115,055,100 and in 1916
£72,662,657. Clearings through the London banks
for the week were £387,520,000, comparing with
£293,590,000 a week ago and £336,300,000 in the
corresponding week of 1917. Our special corre
spondent is no longer able to give details by cable
of the gold movement into and out of the Bank
for the Bank week, inasmuch as the Bank has dis
continued such reports. W e append a tabular
statement of comparisons:
BANK
OF
E N G L A N D 'S C O M P A R A T I V E S T A T E M E N T .
1914.
191S.
1915.
1917.
1916.
May 3 0 .
June 2 .
June 3 .
May 2 9 .
May 3 1 .
£
£
£
£
£
C i r c u l a t io n _______ . 5 1 ,0 5 1 ,0 0 0 3 9 ,0 1 5 ,0 5 0 3 5 ,3 8 8 ,7 8 0 3 3 ,5 3 0 ,8 7 5 2 8 ,9 9 4 ,0 5 0
P u b lic d e p o s i t s .. . . 4 1 ,0 5 5 ,0 0 0 5 7 ,4 3 8 ,6 5 7 5 3 ,5 3 4 ,3 7 5 1 31 ,752 ,57 8 1 7 ,547,433
O th er d e p o s its ------ .1 3 5 ,2 6 9 ,0 0 0 1 1 9 ,481 ,22 5 8 2 ,8 5 7 ,5 5 7 8 4 ,0 2 5 ,0 7 6 4 2 ,3 0 5 ,6 1 4
1 1 ,0 4 6 ,5 7 0
G o v ’ t secu rities___ . 5 6 ,7 3 7 ,0 0 0 4 5 ,0 8 0 ,4 0 6 3 8 ,1 8 7 ,4 7 4 5 1 ,043,491
O th er s e c u r it ie s .. . .1 0 6 ,4 7 6 ,0 0 0 115 ,0 5 5 ,1 0 0 7 2 ,6 5 2 ,6 5 7 1 38 ,883 ,10 8 4 1 ,1 3 3 ,7 0 9
R eserv e n otes & co in 3 0 ,8 5 0 ,0 0 0 3 4 ,5 3 5 ,1 7 6 4 3 ,2 7 5 ,8 7 7 4 3 ,5 0 2 ,7 2 0 2 5 ,4 4 8 ,2 6 8
C o in an d b u l l io n .. . 6 3 ,4 5 1 ,4 7 4 5 5 ,1 0 0 ,2 2 6 6 0 ,2 1 4 ,6 5 7 5 8 .043,001 3 5 ,9 9 2 ,3 1 8
P ro p o rtio n o f reserve
2 0 .2 0 %
t o liab ilities____ 1 9 .5 2 %
4 2 .4 6 %
1 7 .5 0 %
3 1 .7 2 %
5%
3%
B a n k r a t e . . ............. 5%
5%
5%
The Bank of France in its statement this week
reports a further gain in its gold item, the increase
being 687,325 francs. The aggregate gold holdings
now total 5,382,423,800 francs (2,037,108,484 francs
being held abroad). A t this time last year they
amounted to 5,273,661,029 francs (of which 2 ,0 3 3 ,
740,406 francs were held abroad), while in 1916 the
amount was 4,739,233,905 francs (all in vault).
June 1 1918.]
Bills discounted were augmented by 41,788,000 francs
and general deposits by 177,690,000 francs. D e
clines in several of the other items were recorded,
silver falling off 1,446,000 francs, advances 8,248,000
francs and Treasury deposits 19,433,000 francs.
Note circulation registered the large expansion of
230,234,000 francs, bringing the total amount out
standing up to 26,647,851,600 francs. This com
pares with 19,479,436,555 francs in 1917 and with
15,531,128,800 francs the year previous. 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 .
Chanocs
— — ------------ ------------ Status as of----------------------------for Week
May 30 1918. May 31 191 7.
June 1 1910.
Oold Holdings—
Francs.
Francs.
Francs.
Francs.
I n F r a n ce _________ I n c .
6 87 .325 3 ,3 4 5 ,3 1 5 ,3 1 0 3 ,2 3 9 ,9 2 0 ,6 2 2 4 ,7 3 9 ,2 3 3 ,9 0 5
A b r o a d ......................
N o change 2 ,0 3 7 ,1 0 8 ,4 8 4 2 ,0 3 3 ,7 4 0 ,4 0 0
...........................
T o t a l .......................In c .
6 8 7 ,325 5 ,3 8 2 ,4 2 3 ,8 0 0 5 ,2 7 3 ,0 6 1 ,0 2 9 4 ,7 3 9 ,2 3 3 ,9 0 5
S ilv e r ........ ................... D e c .
1 ,4 4 6,000
2 5 5 ,5 3 6 ,0 0 0
2 5 7 ,6 0 0 ,0 3 0
3 5 2 ,335 ,70 1
5 2 2 ,1 6 0 ,7 9 5
4 4 2 ,1 4 7 ,8 3 4
B ills d i s c o u n t e d .. . I n c . 4 1 ,7 8 8 ,0 0 0 1 ,1 8 1 ,5 5 3 ,3 2 0
A d v a n c e s ...................-D e c . 8 ,2 4 8 ,0 0 0
9 9 2 ,0 3 0 ,6 1 5 1 ,1 3 3 ,4 4 2 ,9 1 7 1,203,646,211
N ote c r lc u la tlo n ...I n c . 2 3 0 ,2 3 4 ,0 0 0 2 6 ,0 4 7 ,8 5 1 .6 0 0 1 9 ,4 7 9 ,4 3 6 ,5 5 5 15,531,128 ,S 0 0
Treasury d ep osits..D ec. 1 9,433,000
4 6 ,0 6 3 ,0 0 0
127 ,2 3 3 ,4 2 0
5 4 ,7 1 5 ,8 6 0
General d e p o s it s ...I n c . 177 ,690 ,00 0 3 ,0 9 6 ,1 1 7 ,0 0 0 2 .6 2 8 ,1 0 9 ,2 6 2 2 ,1 0 5 ,9 6 3 ,1 7 0
In its weekly statement, issued as of M ay 23, the
Imperial Bank of Germany shows the following
changes: Coin and bullion was increased 70,000
marks; notes gained 3,137,000 marks; advances
expanded 2,474,000 marks; Treasury notes declined
39.228.000 marks; bills showed the large reduction
of 545,762,000 marks; securities decreased 12,085,000
marks; circulation was contracted 103,623,000 marks;
deposits were reduced 418,054,000 marks, while
liabilities declined 68,254,000 marks. The Bank's
stock of gold is given at 2,345,524,000 marks, which
compares with 2,533,172,000 marks in 1917 and
2.463.338.000 marks the year preceding. Totals of
notes in circulation and loans and discounts, &c.,
are not available.
Last week’s statement of New York associated
banks and trust companies, issued on Saturday,
made a more favorable showing. There was a small
gain in aggregate reserves, while the loan item regis
tered a substantial reduction; in round numbers,
$30,015,000. N et demand deposits were increased
by no less than $57,981,000, to $3,708,439,000
(Government deposits of $364,015,000 deducted).
N et time deposits, however, declined $6,888,000.
Cash in own vaults (members of the Federal Reserve
Bank) decreased $1,366,000, to $103,424,000 (not
counted as reserve). The reserve in the Federal
Reserve Bank of member banks increased $3,797,000,
to $510,752,000. Reserves in own vaults (State
banks and trust companies) expanded $86,000, to
$16,442,000, although reserves in other depositories
(State banks and trust companies) decreased $716,
000, to $7,517,000. Aggregate reserves showed an
expansion of $3,167,000, to $534,671,000, and com
pares with $808,079,000 the amount on hand a year
ago. Notwithstanding this gain, surplus was re
duced $4,235,900, as a result of an increase in reserve
requirments of $7,402,900. This further decline
brought the total of excess reserves down to only
$41,963,640, on the basis of only 1 3 % reserves for
member banks of the Federal Reserve system (but
not counting $103,424,000 cash in vaults held by
these banks). Last year at this time the total of
surplus reserve then held was $176,429,670, on the
basis#of 1 8 % reserves, including cash in vault.
Circulation is now $36,832,000, an increase of
2201
THE CHRONICLE
$120,000 for the week. The bank statement in
fuller detail is given in a subsequent part of this issue.
In local money circles the payment of the 2 0 %
installment on the third war loan was without direct
influence, either on sentiment or on rates of interest.
Complete official figures are not yet available of the
amount of these payments, for there were large settle
ments in full for bonds, as is customary on the first
installment date of the loan. Treasury certificates
of indebtedness have, of course, been turned in as
subscriptions to the war bonds, and it appears to
be taken for granted in banking circles that the full
effect of whatever strain the loan may be expected
to make on the money market has been felt. The
next point in the money market to be successfully
negotiated is of course the tax payments, which are
due on June 15. Payment of these, as has been the
case with the war loans, will be facilitated by the ma
turity of Treasury certificates, which were issued in
anticipation of them. The Secretary of the Treasury
has announced that “ to and including the close of
business on Saturday, M ay 25, there have been is
sued $1,544,650,500 aggregate amount of Treasury
certificates of indebtedness maturing June 25 1918,
and available in payment of income and excess profits
taxes.” Subscriptions for the current issue of these
certificates closed yesterday (Friday). The sales of
this issue up to the close of business on M a y 25
amounted to $104,014,000. J. P. Morgan & Co.
have offered and sold a substantial amount of British
Treasury ninety-day bills on a 6 % discount basis.
These bills were deliverable on Tuesday and mature
Aug. 27. The rate is the same that has been carried
by previous offerings of these bills in recent weeks..
Dealing with specific rates for money, call loans
this week ranged between
and 6 % . M onday
and Tuesday the range was at this figure— 5 ^ @ 6 %
— and 6 % for renewals on each day. On Wednesday
the high was 6 % , the low declined to 4 ^ % , with
5 Yi% the ruling rate. Thursday was a holiday
(Memorial D a y ). Friday’s range was 4 % @ 5 J ^ %
and 5 % the renewal basis. The renewal rate
here given applies to mixed collateral, “ all-in
dustrials” being negotiated at y% of 1 % higher.
In time money increased firmness was evident, and
although the bid rate is still 6 % for all maturities
from thirty days to six months, very little money is
available for loans aggregating longer periods than
ninety days. A few trades were put through for
thirty, sixty and ninety-day money, but these in
volved only trifling amounts. A year ago sixty
and ninety days was still quoted at 4 @ 4 M > % , four
months at 4 3 ^ @ 4 ^ % and five and six months
at 4 ^ % .
Commercial paper rates continue to rule at 5 % @
6 % for sixty and ninety days’ endorsed bills receiv
able and six months’ names of choice character, while
names less well known require 6 @ 6 3 4 % - Trading
was moderately active and a fair volume of business
was reported.
Banks’ and bankers’ acceptances were in good
demand. Both local and out-of-town institutions
were in the market for considerable amounts. Rates
were firm and without notable change. Quotations
in detail are as follows:
%
--------------- Spot D elivery---------------N in ety
Sixty
Thirty
D a ys.
D a y s.
D a ys.
Ellglblo bills ol member banka
4J4© 4}4
Ellgiblo bllla of non-member bka .
Ineligible bills____________________ 5)4@ 4J4
I 'A t Q i ’As
.
5M @ 4Ji
D elivery
w llM n
30 D a ys.
4>4 bid
bid
bid
454
6
2262
THE CHRONICLE
N o changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve
banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in
the following:
Discounts—
W ith in 15 d a y s , Inch m em ber
b a n k s’ colla tera l n o t e s ___
16 to 60 d a y s ’ m a t u r it y ___
61 t o 90 d a y s ’ m a t u r it y ___
A g ricu ltu ra l an d liv e -sto ck
pap er o v e r 90 d a y s _______
S ecured b y U . S . certifica tes
o f Indebtedness o r L ib
e rty L o a n b o n d s —
W ith in 15 d a y s , in clud ing
m em b er b a n k s ’ c o lla t eral n o te s ........ .....................
16 t o 90 d a y s ’ m a t u r i t y . ..
Trade Acceptances—
1 t o 60 d a y s ’ m a t u r it y ...........
61 t o 90 d a y s ’ m a t u r it y ..........
* R a te o f 3 to 4 H %
o f th e G o v e rn m e n t.
*
San Francisco.
Dallas.
Io
Kansas City.
I
St. Louis.
£
Chicago.
s
S3
Richmond.
Boston.
New York.
Q
CLASSES
OF
DISCOUNTS AND LOANS
Minneapolis.
D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S .
4
4
4 H 4k 4
4
4
4
4
4
4
4 k 4 k 4 k 4 k 4 k 4 k 4 >4 4 k 4 k 4 k 4 k 4 k
4 k 4 H 4% 4% 4 k 4 k 5
4k 5
4k 5
4k
4
5
5
4
4k
4
4
4
4
4
4
4
4
4
4
4
4k 4 k 4 k 4 k 4k 4k 4k 4k 4k 4k 4k
5
5k 5
5
5k 6k 5k 5
5k 5k
4 k 4 k 4 k 4 k 4 Vi 4 Vi 4 k 4 k 4 k 4 k 4 k 4>4<j
4 k 4 k 4 k 4*4 4 k 4 k 4 k 4 k 4 k 4 k 4 k 4 k
fo r I -d a y discou n ts in c o n n e c tio n w ith the loan op era tion s
a 15 d a y s a n d u n d e r 4 % .
Note 1 . A c c e p ta n c e s p u rchased In o p e n m a rk et, m in im u m ra te 4 % .
Note 2. R a te s fo r c o m m o d it y p a p er h a v e b een m erged w ith th ose fo r com m ercia l
p ap er o f corresp on d in g m a tu rities.
Note 3 . In ca se th e 6 0 -d a y tra d e a cc e p ta n c e rate Is higher th a n th e 15 -d a y d is
c o u n t ra te, tra d e a cce p ta n ce s m atu rin g w ithin 15 d a y s will h e taken a t the low er rate.
Note 4 . W h e n e v e r a p p lica tio n Is m a d e b y m em b er b a n k s fo r renew al o f 1 5-day
p a p er, th e F ed era l R e s e r v e b a n k s m a y ch a rg e a ra te n o t ex ceed in g th a t fo r 9 0 -d a y
p a p er o f th e sam e cla ss.
In sterling exchange there was no new feature of
interest to note. Rates continued pegged. Of
course the main problem is the adjustment of sterling
rates in neutral countries to those of America. The
Federal Reserve Board is taking the matter up
seriously and has this week enlarged its staff by the
appointment of D . H . G . Penny of the Irving N a
tional Bank, who has volunteered and been appointed
Assistant Director of the Division of Foreign Ex
change of the Board. M r. Penny during the in
cumbency will receive leave of absence from the
Irving National Bank, of which he is a Vice-Presi
dent. The strain upon New York exchange in
Montreal has been relieved by the receipt from Can
ada at this centre of another £2,000,000 gold this
week, making a total of £5,000,000 received on the
current movement. There are expected to be some
additional shipments but the main source of relief
will come later in the season through the shipment of
Canadian wheat from the arrangement on the sterling
exchange transactions through the New York
market. As against a premium of $11 25 per $1,000
on New York exchange in Montreal last week the
closing rate yesterday had declined to $14 3 7 %
discount.
W ith reference to quotations in greater detail,
sterling exchange on Saturday, as against Friday of
last week, ruled steady and without perceptible
change; demand bills were still quoted at 4 7 5 4 7 % @
4 7 5 % , cable transfers at 4 7 6 4 5 @ 4 76 7-16, and
sixty days at 4 7 2 % @ 4 7 2 % . On M onday there
was no improvement to speak of in the volume of
business, and rates ruled at the figures previously
current, namely 4 7 5 4 7 % @ 4 7 5 % for demand,
4 7 6 4 5 @ 4 76 7-16 for cable transfers and 4 7 2 % @
4 7 3 % for sixty days. The undertone continued
firm on Tuesday and despite the renewal of the
German offensive, quotations were well maintained;
nominally, the range for demand remained at
4 7 5 4 7 % @ 4 7 5 % , cable transfers at 4 7 6 4 5 @ 4 76 7-16
and sixty days at 4 7 2 % @ 4 7 2 % . Wednesday’s
market was essentially a pre-holiday affair, and at
times business was almost at a standstill; demand was
[Vol. 106.
a shade easier, declining to 4 7 5 4 5 @ 4 7 5 % , although
cable transfers and sixty days were still unchanged.
Thursday was a holiday (Memorial D a y ). On Fri
day the market was dull and featureless and without
quotable change. Closing quotations were 4 7 2 %
4 7 2 % for sixty days, 4 7 5 4 5 @ 4 7 5 4 7 % for demand
and 4 7 6 4 5 @ 4 76 7-16 for cable transfers. Commer
cial sight bills finished at 4 7 5 % @ 4 7 5 % , sixty days
at 4 7 1 % @ 4 7 1 % , ninety days at 4 7 0 @ 4 7 0 % , docu
ments for payment (sixty days) at 4 7 1 % @ 4 7 1 % ,
and seven-day grain bills at 4 7 4 % @ 4 7 4 % . Cotton
and grain for payment closed at 4 7 5 % @ 4 7 5 % .
The Continental exchanges continue to wait upon
developments in the war situation, and trading is as
dull as ever, being confined almost exclusively to dayto-day routine requirements.
The feature of the
week’s transactions was a further break in exchange
on R om e, to the unprecedentedly low figure of 9.16
lire to the dollar— a decline of 7 points from the previ
ous low record and 121 points from the rate quoted at
the time of the establishment by the Italian Govern
ment of the Foreign Exchange Institute for the
stabilization of lire, though some recovery took
place at the close.
As explained at length last
week, the attempts of Italian bankers to press huge
amounts of their bills upon an unresponsive market
are mainly responsible for the collapse in prices.
Thus far all efforts put forth by the Italian, British
and American authorities to correct present condi
tions in Italian exchange have apparently proved
futile. Dispatches from the Western theatre of
war failed to excite undue apprehension or depress
prices, since this was looked upon as inevitable and
financial interests seem to have ample confidence in
the ability of the French and British to maintain an
unbroken front until such time as American forces
shall have arrived in sufficient numbers to turn the
tide of battle. French exchange was steady at prac
tically unchanged levels. Rubles remain deadlocked.
Rates, which are entirely nominal, remain unchanged;
no business is being transacted. N o dealings are
being put through in German and Austrian exchange
and quotations for reichsmarks and kronen are no
longer obtainable. The unofficial check rate on Lon
don in Paris finished at 27.16, as compared with
2 7 .1 5 % last week. In New York sight bills on the
French centre closed at 5 7 1 % , against 5 7 1 % ;
cables at 5 7 0 % , against 5 6 9 % ; commercial sight at
5 7 2 % , against 5 7 2 % , and commercial sixty days
at 5 78, against 5 7 7 % the week previous. Lire
finished at 9 11 for bankers’ sight bills and 9 10 for
cables. This compares with 9 09 and 9 0 7 % last
week. Rubles continue to be quoted at 14 for checks
and 15 for cables. Greek exchange has not been
changed from 5 1 3 % for checks and 5 1 2 % for cables.
As to the neutral exchanges, very little of moment
developed as a result of the week’s operations.
Generally speaking, rates were firm, though in many
instances they were largely nominal in character.
Swiss francs ruled steady and without important
change. The Scandinavian exchanges were slightly
higher. Both guilders and pesetas, under the stimu
lus of an improved demand, ruled steady. Bankers’
sight on Amsterdam closed at 4 9 % , against 49;
cables at 4 9 % , against 4 9 % ; commercial sight at
49 3-16, against 48 15-16, and commercial sixty
days at 49 1-16, against 48 13-16 last week. Swiss
exchange finished at 4 07 for bankers’ sight bills
and 4 03 for cables. A week ago the close was 4 08
THE CHRONICLE
June 1 1918.]
2263
and 4 05. Copenhagen checks closed at 30.85 and to operate— the destruction£of£communications and
cables at 31%, against 31% and 31%. Checks on the tearing up of ground by artillery fire— could be
Sweden finished at 33.85 and cables at 34.20, against assumed as necessitating long preparation both of
34 and 34:%, while checks on Norway..closed at 31.30 roads and troops.
It is now known that such preparations^for the
and cables at 31.55, comparing with 3134 and 31%
the preceding week. Spanish pesetas finished at March offensive occupied more than a month before
28.20 and cables at 28.35. The final quotation of the assault of March 21 began. The violence with
which this week’s blow was delivered showed that
a week ago was 28 and 2834> respectively.
Referring to South American quotations, the check such preparations had been made anew to some pur
rate on Argentina moved up to 45.40 and cables to pose. Furthermore, the place and manner in which
4 5.50, against 45.35 and 4 5.50. For Brazil the rate for the Germans attacked last M onday showed skillful
checks has been reduced to 25.65 and cables closed at generalship, especially in concealing the movement of
28.75, which compares with 25.60 and 25.75 a week troops behind their battlefront; for the consensus of
ago. The Chilian rate has remained at 15 % and opinion among the Allies had clearly been that the
Peru at 5534- Far Eastern rates are as follows: assault would be renewed either in the direction of
Hong Kong, 7 5 .9 0 @ 7 6 , against 7 5 .5 0 @ 7 5 .6 0 ; Shang the Channel ports or toward Amiens— in either case
hai, 109@109%, against 10 8 3 4@ 1 0 9 ; Yokohama, resuming a previous offensive— whereas the actual
5 2 .9 0 @ 5 3 , against 5 2 .4 0 @ 5 2 .5 0 ; M anila, 4 9 % @ 5 0 attack has converged on a sector of the line still
(unchanged); Singapore, 56%@56% (unchanged), further to the south, which had not yet figured in
the more aggressive fighting.
and Bom bay, 3 6 % @ 3 7 (unchanged).
Covering a front of forty miles in the direction of
Soissons
and Rheims, the German commanders
The New York Clearing House banks, in their
directed
a
powerful force against a part of the Allied
operations with interior banking institutions, have
gained 81,265,000 net in cash as a result of the cur line which, relatively speaking, was thinly[protected.
rency movements for the week ending M a y 31. Presumably the French and English reserves were
Their receipts from the interior have aggregated massed on the line of Ypres and Amiens and were
86,993,000, while the shipments have reached 85, not available to meet the full force of the German
728,000. Adding the Sub-Treasury and Federal Re attack further to the south. How far this was due
serve operations and the gold exports and imports, to inadequate observation by the Allied scouting air
which together occasioned a loss of 868,519,000, the planes is not made clear; but the demonstration was
combined result of the flow of money into and out at least partly in the nature of a surprise. Under
of the New York banks for the week appears to have these circumstances, the French and^English line on
this sector was forced back ten miles on the first two
been a loss of 867,254,000, as follows:
days of fighting and four miles on the third, the
Into
Out of
Week ending May 3 1 .
Net Change in
Banks.
Banks.
Bank Holdings.
River Aisne being crossed by the Germans, the town
B a n k s' Interior m o v e m e n t ....................
$ 6 ,9 9 3 ,0 0 0
$ 5 ,7 2 8 ,0 0 0 G a in $ 1 ,2 0 5 ,0 0 0
of Soissons captured by them on the third day, and
S u b -T re a s. an d F e d . R eserv e op er.
3 5 ,4 4 0 ,0 0 0
1 0 3 ,965 ,00 0 L oss 6 8 ,5 1 9 ,0 0 0
from 25,000 to 35,000 prisoners taken from the Allies.
$4 2 ,4 3 9 ,0 0 0 $ 1 0 9 ,0 9 3 ,0 0 0 L oss S07 ,254 .0 0 0
T o t a l .......... ...............................................
The battle thus far must, therefore, be conceded
The following table indicates the amount of bullion as a German victory; the two questions now before
us being, first, what will happen on this part of the
in the principal European banks:
line during the next stage of the battle, when the
May 30 1918.
May 31 1917.
Allied reserves have been brought up to the point
LiU/lKo UJSilver.
Total.
Gold.
Gold.
Silver.
Total.
of- active conflict, and second, whether and in what
£
£
£
£
£
£
63,451,474 5 5 ,1 0 0 ,2 2 6
E n g la n d .. 6 3 ,451,474
way the movement on Soissons has been (as some
55 ,1 0 0 ,2 2 6
F ra n co a . 133,812,612 10.100.000 143,972,612 129 ,590,835 10,2 8 0 ,0 0 0 139 ,870 ,83 5
6,0 6 8 ,5 5 0 123,344,750 126 ,660,750
G e r m a n y . 117,276,200
1 ,6 9 5 ,7 0 0 128 ,350 ,45 0
military
critics believe) in the nature of a feint to
129 ,650,000 12.375.000 142.025.000 148 ,029,000 1 2 .273.000 160 ,302 ,00 0
R u ssia
2.2 5 9 .0 0 0 13.297.000 1 7 .200.000
A u s-IIu n c 11,008,000
4 .1 6 0 .0 0 0 21 .3 6 0 .0 0 0
divert
attention
and draw away reserves from other
S p a in ____ 8 2 .1 0 4 .0 0 0 2 8 .2 7 1 .0 0 0 110.375.000 5 6 .5 9 7 .0 0 0 2 9 .9 8 7 .0 0 0 8 6 .5 8 4 .0 0 0
3 .1 5 8 .0 0 0 3 6 .6 2 4 .0 0 0 3 3 .9 4 4 .0 0 0
I t a ly .......... 3 3 .4 6 0 .0 0 0
2 .6 2 7 .0 0 0 3 6 .5 7 1 .0 0 0
parts
of
the
line
where the real German attack is
600 ,000 60 .5 5 3 .0 0 0 4 9 .6 3 6 .0 0 0
N e th e rl’ds 59 .9 8 3 .0 0 0
1 5 .380.000
13,679,400
1 0 .792.000
9 .5 9 5 .0 0 0
7 .1 6 5 .0 0 0
5 85 ,200 5 0 ,2 2 1 ,2 0 0
6 00 ,000 15.980.000
1 3 ,079,400
1 0 .792.000
131,000
9 .7 2 0 .0 0 0
7 .1 6 5 .0 0 0
T o t .w e e k . 6 9 2 ,4 0 8 ,2 8 0 63 ,6 5 7 ,5 5 0 7 5 6 ,125 ,83 6 673 ,375,211
P r e v .w e e k 091,365,8151 66 ,2 6 9 ,7 0 0 7 57 ,035 ,51 5 6 7 2 ,2 8 9 ,0 2 5
6 2 ,3 3 8 ,9 0 0 735 ,714 ,11 1
0 1 ,9 6 3 ,7 0 0 7 3 4 ,252 ,72 5
N a t .B e l.li
S w lt z ’land
S w eden . .
D onm ark.
N o rw a y - .
1 5 .380.000
15.056.000
1 4 .321.000
10.229.000
0 ,7 3 1 ,0 0 0
600,000
136,000
15.980.000
15.056.000
14.321.000
10.305.000
6 ,7 3 1 ,0 0 0
n G o ld h old in g s o l the B a n k o f F ra n co this y ea r aro ex clu siv e o f £ 8 1 ,4 8 4 ,3 4 0
held a b ro a d .
* N o figu res rep orted since O cto b e r 29 1917.
c F ig u res for 1918 th oso giv en b y ‘ -B ritish B oa rd o r T r a d e J ou rn a l” fo r D e e . 7
1917; figu res for 1917 estim ated o n the basis o f th e D e c . 7 1917 tota ls,
b A u g u st 0 1914 in b o t h years.
THE NEW GERMAN OFFENSIVE IN THE WEST.
The attack of the German army on the Western
front, which was resumed in force last Monday
morning, has immediately opened up several inter
esting considerations. It disposes in the first place
of the theory, entertained in some quarters, that the
Germans had been so far crippled by their defeat of
April 30 in the north, and by their heavy losses, as to
render impracticable a renewed demonstration with
the vigor which characterized the attacks of March
and April. The month’s delay in launching a new
offensive might have given some color to the suppo
sition, but for the known fact that) the condition of
the territory^onj,which the Germans would now have
contemplated.
But the most striking fact in connection with this
week’s renewed offensive is the almost complete
absence of the spirit of apprehension, doubt and
dismay which marked the initial German successes
in the first attack of last M arch. This is as manifest
in the temper of the general public as in the attitude
of the Allied military critics. The reasons for it,
we suppose, to be a better comprehension of the
nature of the campaign, defensive as well as offen
sive, and recollection of the manner in which, when
General Foch decided that the proper moment had
arrived, he struck back in April at the crucial point
and at the moment of Germany’s apparently crown
ing success; with a resultant admitted defeat of the
German army.
Up to the present time, moreover, the new offensive
has merely achieved the conquest of a portion of
ground in the direction of Paris. It brings the Ger
man army as a whole, however, no nearer to the
capital than a part of it was in the recent advance
on Amiens, and, furthermore, it has come to be
understood that Paris is not in itself a military ob-
3264
THE CHRONICLE
jective. Strategically speaking, there appear to
have been two objectives in the German advance,
and only two— complete defeat of the Allied armies
through separating the English from the French,
and the capture of the Channel ports. Neither ob
jective is yet any nearer to being attained by the
fighting of this week.
Back of this consideration has stood the clear
understanding that the Germans were compelled to
resume the offensive at whatever cost, unless they
were willing to admit defeat, and that, with the
American reinforcements arriving, time was alto
gether on the side of the Allies. That the American
troops were by no means a negligible or nominal addi
tion to the fighting force, even at this stage of the
conflict, has been made evident this week by the
brilliant capture of the town of Cantigny by our
men this week— a minor success in a military way,
but a very complete one and achieved with a mini
mum loss to our men and with a decided reverse to
the Germans in front of our line.
From one point of view, then, the withdrawal of
the Allies on the Soissons line this week has seemed
a discouraging omen as proving apparently either
the greater numbers or the better generalship of
the enemy. But from another point of view, and
in the light of the Fabian tactics pursued by General
Foch, these movements merely continue the program
developed during the March and April offensive of
the Germans. They will have to be judged in the
light of later developments. But they emphasize
the certainty of a continuous campaign of the
severest fighting during the rest of the present sum
mer, and they open up wide possibilities, in regard
alike to the offensive, the defensive, and the even
tual counter-attack, which it is highly difficult at
this moment to foresee. Failure of a decisive sort
in this campaign would very possibly mark the end
of the German offensive in this war on the Western
front— an almost certain result if Senator Lewis’s
Memorial D ay estimate is correct, that by December
the American foreign army will be numerically equal
to that of England. What would then be the next
chapter in the Western campaign, it is quite too early
to conjecture. For the present, the world is wholly
engaged in watching the development of the Allied
commander’s strategy in the present battle.
THE IMPENDING REVENUE BILL— TAXATION
SHOULD NOT CRIPPLE.
The country suddenly finds itself in a state of war—
gigantic war calling for unprecedented and inconceiv
able expenditures. The people are loyal; they will
pay; but they plead for impartial justice.
Never was there occasion for higher statemanship,
for more profound analysis, for more careful investiga
tion. The taxing power is the greatest power exer
cised by free nations. Governments cannot exist
without its exercise, armies cannot be raised and
maintained, victories won, without it. But by its
very nature the power that sustains may become the
power to oppress.
What is a tax? In its last reduction it is labor
taken by the Government for the use of the Govern
ment, for its institutional maintenance in peace
(and in war as well) and for its undertakings in war
Manifestly this labor of the citizens cannot be taken
and utilized directly, as a whole, nor can the products
of labor as a whole be thus taken and utilized. The
tax must be laid upon values and paid in money.
[Vql. 106.
This is clear. And yet there is one great exception.
The labor of the soldier is taken directly. Its use
is regarded now as the highest form of national
maintenance, but it results in no values that can be
taxed. It is wholly withdrawn from the field of
production of taxable values and becomes a charge
upon all other labor.
But labor exists in three forms— past, present,
and future; or let us say it exists in actual, active
and potential forms. That which has attained to
actuality is that which has assumed fixed forms
throughout the past, that which is bequeathed by
one generation to another— lands, possessed, occu
pied and improved; all the industrial active instru
mentalities of a people’s civilized condition, machines,
houses, and the countless objects of use and beauty;
together with certain ideas, recognized by patent
rights accorded, certain ideals, recognized in the
organization of good-will values of going concerns,
that assume through corporate and other devices
a fixity which we denominate one form of capital.
All these are merely stored-up labor. The individual
ownership of this actual value is still further divided
by means of credit, and what we term securities of
manifold forms come into existence— for illustration
one man owns the farm or factory and another the
mortgage— but the actual value cannot exceed the
sum of the two. And here arises one of the great
difficulties in laying a tax, to avoid what is called
double taxation, which we do not now consider.
Active labor is represented by income, that which
an industrial entity earns by operating activity and
that which the individual earns by his services.
And the point here chiefly to be recognized is that
life must first be sustained that it may function or
nothing can be produced or earned— be that life
corporate or personal. This we characterize as
income, or the value of the services adjudged in the
marts of trade and measured in money. The third
form of potential labor rests on the preceding forms,
and disappears in direct ratio as they diminish.
Thus a prohibitive tax not only destroys all actual
and active values but destroys itself. Out of all,
or with all, these forms of labor we must prosecute
this incalculably tremendous war to a victorious
conclusion. Is it not so?
War is the antonym of all other industries. As
we commonly say, it is destructive, not productive.
N ot only does it take a large portion of active labor
into a field of endeavor that brings no returns in
actual or future labor, but it destroys or consumes
and prevents actual or future labor-values. It is
cumulative both in life and labor, in that it decimates
men and is destructive of property (actual values)
at an increasing ratio. And its cost mounts with its
continuance. Our estimate of it, we are here re
minded, is incomplete without recognition of the
element of chance which accompanies its prosecu
tion. A wet road, for example, may bring a Water
loo. A mistake in plan of campaign may result in
disaster. So that in applying the taxing power of
Government to its maintenance the folly is manifest
of not preserving sufficient labor (keeping in mind
our broad definition) to meet any emergency or
prolongation.
Another feature applies to the United States in
its conduct of war, “ perhaps for the first time in
history,” there is to be no payment in any form
of return labor-values. All is given for the safety
of the nation and the good of the world— there is to
June 1 1918.]
THE CHRONICLE
be no return in indemnities, spoils, or territories.
This does not alter or diminish the cost, but it affects
the future labor-values and with them the equal
conditions of the citizens afterwards, thus magnifying
to an inestimable degree all mistakes and inequalities
in taxation resorted to now. An imperative demand
of the contending groups of nations there is in putting
armies against armies in battle-contest, and the
United States and Allies must overcome. All cost
and all amounts of taxation are governed alone
by this. Beyond, another consideration enters, and
it is preceived the contest in its conduct and continu
ance is largely based on labor-values of two great
territorial areas with their respective peoples. And
who can doubt that “ Germany” is already de
feated?
We now come to the Congressional task. Is it
not plain that the fundamental consideration must
be to so lay taxes that they will preserve all these
labor-values, as far as may be? Is it not apparent
that however much we may take of the stored-up
labor, the actual labor-values, by means of blanketbonds, mortgaging all that we have and are and are
to be, we must preserve the active labor-values, the
lives of men and of “ business,” or, drying up these,
we must fail, and render actual and potential laborvalues of no effect? Bonds pledge our past and
future to render powerful our present. Direct
revenues take our very life-sustenance in the present
and weaken us for to-day and to-morrow when most
we need all our strength. Have we then not enunci
ated a principle and established a gauge and guide for
revenue legislation, that corporate and individual
labor-values shall be taxed only what their present
and continuing strength will bear?
RETROACTIVE INCOME TAXES—MR. KITCIIIN
DISCOVERS A MARE’ S NEST.
Suppose a landlord should announce to his tenants
an increase of rents, to be applied to the year then
past as well as to the future? If it is conceivable
that any landlord would make such an announce
ment and attempt to act upon it, he would of course
be thrown out of court and laughed out also, for
contracts are not made without consent of both
parties and are not retroactive. In case of con
tracts made by only one party, so to speak, the
Federal Constitution forbids either Congress or a
State from enacting an ex post facto law, although
this clause has been judicially given so narrow and
restricted an application that it might almost as
well not exist. From the viewpoint of morals and
of sound economics, all income taxes should be
levied only after notice and should never apply to
income earned prior to the date of enactment, for
to attempt otherwise is not only immoral, but seeks
to do what the highest official authority has just
told us is difficult, “ to run the mill with water that
has already gone over the wheel.” Money ex
pended beyond recall, and expended without fore
cast of a levy upon it, should be held for every
reason immune.
Yet this is not as the manner is, and a radical
defect in our bundle of tax laws, a bundle so full
of inequities and errors that it cannot properly be
called a “ system,” is that they levy income taxes
retroactively; they began thus, and have continued
thus. If, then., it be granted that additional taxes
are unavoidable, Mr. Wilson is right in urging
action on the subject now and in saying that “ we
2265
cannot in fairness’!wait until the end of the fiscal
year is at hand to apprise our people of the taxes
they must pay on their earnings of the present
calendar year, whose accountings and expenditures
will then be closed; we cannot get increased taxes
unless the country knows what they are to be and
practices the necessary economy to make them
available.”
On the other hand, Congressman
Kitchin, who says he formerly insisted upon a new
revenue bill at this session but is now convinced
that it is unnecessary, is right in contending that
the subject should have been taken up sooner.
Being right thus far, however, he indulges in some
very extraordinary denunciation of what he calls
the “ newspaper lobby,” whose “ game” he says
he quite understands, and he gives the House and
the country timely warning of it. It is this lobby,
he discovers, that is at the bottom of the call for a
revenue bill now, and what the newspaper pub
lishers are at is “ to try to put the repeal of the postal
provision or the suspension of its operations upon
whatever revenue bill is passed here.” Being de
termined upon relief from the pending increase in
postage on second-class matter, and having failed
in several attempts to that end, they now plan to
get the modification tucked into the revenue bill
(and are forcing the revenue bill for that purpose)
and then, when the bill goes to conference and every
body is tired out with the wrangle, these publishers
hope to get M r. Wilson or Mr. M cAdoo to urge
Congress to not “ take the responsibility of de
feating or of further delaying the passage of the
greatest and most important tax and financial
measure ever proposed on account of sticking to
this little pitiful postal rate provision.” M r.
Kitchin might have added, in words already famous,
that he smells a rat and sees it floating in the air,
but will nip it in the bud, for he serves notice that if
he gets on the conference he will do his utmost to
thwart these machinations.
After executing a conspiracy to carry Liberty
loans and Red Cross campaigns clear over the top,
the newspapers have entered into another, M r.
Kitchin discovers. He overrates their greed, and
vastly underrates their patriotism and their busi
ness sense. They have set this matter of the postal
rate before the country, confident that it will be
corrected; if it is not, the injury will fall heavily
upon some of themselves, but most widely and
seriously upon the country. When the publishers
are ready to enter into lobbying for their own benefit
they will discover a more rational way of going
about it.
.
After one of Mr. Kitchin’s impassioned bits of
rhetorical denunciation, one report inserts “ [Ap
plause].” Although Washington is rated a hot city,
the summer has not yet begun; is the heat affecting
some Congressmen thus early? Speaking seriously,
does not the solemn holding-up of such a bugaboo
as this give some additional force to our recent
urging that the country address itself very earnestly
to nominating and electing full-sized men to the next
Congress ?
THE
SAVINGS BANKS AND GOVERNMENT
COMPETITION.
In a very significant address, at the twenty-fifth
annual meeting and luncheon of the Savings Banks’
Association of the State of New York, at the WaldorfAstoria on May 16, and which we reproduce to-day
2266
THE CHRONICLE
on another page, Myron T . Herrick, President of the
Society for Savings at Cleveland, Ohio, outlined the
probable future of these institutions, as affected by
the growing centralization of government, and its
assumption, through various bureaus and boards, of
certain functions of our industrial and banking life.
We say “ significant” for the reason that the ad
dress, though a specific one directed to one class of
banks, has wide scope, and unfolds principles and
conditions applicable to other lines of endeavor. In
our popular devotion to a great national undertaking
we are not always alert to the inroads being made
upon our accepted and time-honored institutions.
We say, and often dismiss the thought with the
saying, that the sacrifice is necessary, that this is no
time to hesitate and to argue. Certainly we may all
feel a just pride in the supreme self-abnegation of
“ business” at this time. But there must come a
period when we shall have to recur to former activi
ties in which heretofore we have been wont to live
and have our being, or find them gone from us for
ever, either absorbed by government or attenuated
and anaemic to the point of failure. And as this
address so forcibly points out, now is the time to
consider relations and to institute means of preserva
tion, if we are still to defend and have our own.
And no example could be pointed out more perti
nent to this thought than the savings banks of the
country. On every hand, and in every cause, the
importance of thrift and savings is dinned in our
ears. Summed up, it is to savings and thrift we
must look for the taxes and bonds which sustain the
vast overseas undertaking for liberty, democracy
and security (although, it must be perceived, that
which has already taken fixed forms is being mort
gaged, converted). Production will not suffice with
out these. Valor and charity, or helpfulness, must
perish without them. And this is all true. But
savings and thrift are personal characteristics, not
national. The Government does not create them, it
only uses them. Though they may be energized by
popular acclaim and education they are inherent in
the individual. And they are not new. They have
been existent since liberty was first proclaimed in
our western world. Out of what has been saved
over and above subsistence we have maintained the
Government and erected the countless beneficent
institutions we now possess. The Government at
Washington cannot exercise thrift and practice sav
ings in the original sense, and never will. And
these same savings banks are one of the most notable
products of this individual spirit and practice. They
are the highest example of voluntary savings and
thrift on the part of the people. They are entirely
within the control of the citizenry so far as creation
and operation are concerned, save for certain minis
terial laws accepted and welcomed by all. And it is
a very crucial question (we speak now broadly,
using savings banks as an illustration) whether the
direction of the results of labor, the saved portion
above subsistence, is to continue in the hands of the
individuals and communities, or be turned over
wholly and permanently to the Federal Government.
If private institutions and private capita) (saved-up
labor) are to be preserved, then they must be de
fended, and defended now.
We say this not in a spirit of opposition to anything
the Government may do or demand to meet its
present needs. But while we are loyally submitting
to these demands, if we find they are at the same
[Vol. 106.
time by attrition, by subtle sapping of strength,
destroying institutions which have preserved and
forwarded us, then it becomes at once a privilege
and a duty to strive not only to meet the call of
Government, but to make these institutions and
agencies immune from the weakening caused by
assumption of their prerogatives and powers. And
no case, we repeat, could be more in point than our
savings banks. It is but a little while since they
celebrated their centennial. For a century they
have been teaching and preaching thrift and savings.
Schools, colleges, railroads, municipal improvements,
roads and highways, industries manifold, either by
direct bonding or its collateral effect, have been
aided and maintained by these banking factors, and
because we are now in need of billions, for uses, un
dreamed of before, because we are selling stamps
and bonds in almost unbelievable quantities, be
cause we erect a Federal Reserve system, lower the
reserves of commercial banks, mayhap give to na
tional banks the privileges of trust companies with
savings deposits, set up a land bank system wide as
the country (which in the opinion of Governor Her
rick may receive savings deposits), is all this warrant
for failure to preserve these savings institutions that
have been so vital and purposeful a part of our
popular life? Is it warrant for saying that savings
and thrift, as far as the uses of results are concerned,
shall pass permanently from the hands of the people
into the control of the Government through the slow
drying up of these institutions?
Let us project ourselves over a period of ten years.
Let us suppose a case. The war has ended— but it
has been a long and hard-fought contest. So great
were the demands that billions piled on billions of
national bonds were sold. Necessity compelled high
rates of interest. Campaigns of education taught
the people to economize down to the limit of health
and frugality. Such inducements were offered, such
instrumentalities were created (we are supposing a
case) that savings and thrift going directly to Govern
mental uses gradually destroyed the savings banks.
Suddenly the war ceases. The resurgent life and
energy of an industrious frugal people attempts to
flow back into industry and finds no original agencies
— they are gone, taken over or annulled by the im
perative needs and uses of national Government.
Then, then, if the life we have known, with its inde
pendence and control over labor and the products of
labor and savings, or capital, the stored-up labor, is
to come back, if it is to have freedom to func
tion, must not the old agencies reappear and re
sume in their full strength? And can they do so
unless they are in principle, if not in full pleni
tude of power and action, preserved in their uses
and integrity as organisms now? This is the pith
of it all. And we cannot but feel that if savings
and thrift are indeed to become national virtues in
our citizenry, we must not forget that those insti
tutions which for a century have been instrumentali
ties of this good work, and which yet have not gone
from the grasp of the people themselves, ought to be
fostered and furthered and protected, even though
the Government must be sustained. And loyalty to
them is, therefore, not disloyalty to the Government.
And we are disposed to make savings banks a type,
as they are a concrete example, of this whole ques
tion of Government control. The address is sug
gestive in other ways, and merits further considera
tion of its details.
June 1 1918.]
THE CHRONICLE
THE I-IEART-BEAT OF H U M AN ITY-SECO N D
RED CROSS WAR FUND AND ITS MEANING.
Now that the second hundred million Red Cross
War Fund has been magnificently oversubscribed,
we may derive a benefit by striving to analyze its
meaning. It is, first of all, the compassion of a
people translated into money, the use of which is
dedicated to the alleviation of suffering and the re
habilitation of mankind. And while we are talking
so often of doing “ the greatest things in history” it
is well to remember that this is the largest fund ever
devoted to a humanitarian purpose. There is, how
ever, no room for vain-glorious boasting in the large
sum, and we believe it is given with deep humility
and a reverent yearning. For, after all, it is but
a very small part of the vast sum being devotedly
paid that the world may be made better— and no
more than the brush of an angel’s wing over the face
of a suffering no single heart can measure.
There is a saying “ sweet are the uses of adversity.”
At any other time these hundred million dollar gifts
(the present subscription is nearer 150 than 100
millions) would be raised with difficulty. This out
pouring of the heart of a people is not only a response
to crying need, it is an exemplification of the essential
and eternal good in man wakened to glorious activity
by the dread trial of war. That while strong men
fight the battles of right, tender women bind up the
wounds of a world, renders this great gift a sublime
tribute to the divinity of motherhood. For there is
a love that asks not why, that seeks not nor obeys
reason, that waits for no call, and is as measureless
as the woe and want that maj' come to mankind,
the love of a mother for her child. This, woven into
the organization of the Red Cross, called to the
battlefields of Europe by the colossal adversity which
decimates and destroys, waits for naught, but its
own prompting, pours the balm of God upon the
wrongs as well as the injuries that now lie heavy on
the peace and plenty of an erring world.
Is there a lesson here that peoples and Govern
ments may apply in other ways to other days to
come? We arc beginning to concern ourselves more
intensively with the elements of lasting peace.
We
are speculating upon conditions and formulating
plans for reaching the right road when peace shall
come. And since our international relations, more
precisely our relations as peoples, are borne on the
wings of trade, we are properly looking to commerce
as a means to the end of universal unity. And we
need and must have for this, organization. But
what shall be its cementing force, national power or
human love? And will we give spontaneously of
our means for education in the natural and innate
ways of bringing harmony among and to all peoples,
or will we endeavor to force amicable relations by
statutory enactments? Suppose this Red Cross
spirit extended over into a realm of spiritual healing?
Suppose even, that having established justice,
equality and fraternity by the stern use of the sword,
we strive to perpetuate them by the gentler art of
the use of goodwill, will we be willing to give to the
establishment of peace what we give now to the
maintenance of war? Sadly it must be admitted,
we will not have the means to give in equal propor
tion, measured by the monetary standard. But
this spirit of the Red Cross, carried into the new
field, will not need the same amount of money, for
it is now immeasurably superior^to^that^which it
22G7
uses and which is so spontaneously and generously
given to it. Do we suggest the idea clearly that
taking the spirit of the Red Cross, as typical, into
this higher field of spiritual betterment, there is that
in the heart of mankind sufficient unto every need ?
We shall have much to do when peace comes and
we should learn our lesson now. Mercy we must
show. We have that within us which passeth under
standing. We shall not make the world over in a
year. The glorious dream of world-democracy waits
on the perpetual outflowing of goodwill. A loveless
will is the terrorism of to-day, and must disappear
from a world redeemed and remade.
Fortunately
love is the current of the River of Life that bears
down at last all who resist it, and they who repent
not nor bring forth fruits meet for repentance, only
shut themselves away from the divine influence, and
must at last be overcome. What then shall be the
overcoming in time of peace? Whence shall it come?
How shall it be made manifest? Again, we strive
to picture a world spending equally for peace, in the
spirit of our Red Cross, the costs, in labor and in life,
if need be, of this “ greatest war in history.” If in
some way this might be so, then sweet would be theuses of that adversity which taught us that man’s
power for evil disappears in his greater power for
good. All this may be a sermon or it may be a song,
but what the world needs is not only to turn all the
scientific instrumentalities of war into the orderly
agencies of peace, but it needs to exercise, after the
manner of the selfabnegation of the Red Cross, the
spiritual powers that yet live in the soul of man. for
his own salvation. And as there is no governm ent
no law, which governs the activities of the Red Cross,
so the goodwill of masses and peoples need not wait
on national statutes to set forth on that invincible
and everlasting crusade which shall bring the world
“ in tune with the Infinite.”
THE RAILROAD WAGE ADVANCE.
'When, several months ago, the order for taking
possession of the railroads was issued, we had to
point out not only that this extreme course could
have been avoided, even in the situation to which
a long course of faulty treatment had brought
the country’s transportation, but that the labor
difficulty, itself largely the cause of the unhappy
situation, would be made more formidable than
ever. The forecast in this particular has alreadybeen justified bj' a general wage increase.
All difficulties may be settled temporarily, by
the simple process of surrender. The contest with
organized labor in transportation, a long course
which we quite lately summarized, has been treated
by successive surrenders, and now one more which
may be considered but certainly will not prove
final is offered to the insatiable demand. A Com
mission has recommended, and Director M cAdoo
has adopted, a general wage advance which may
add 350 millions to the annual payroll, and this
has been singularly hailed with approval, one
leading journal of this city calling the Commission’s
report “ admirable in performance and startling in
result;” it truly is startling— more accurately, it
ought to be, though seemingly is not— but the
admirable quality of the performance is far less
certain.
There is an apparent effort at fairness and equali
zation in the proposition to give the largest per
centages of increase to those who have heretofore
3268
THE CHRONICLE
had the least advances. That color and sex shall
not be reasons for unfavorable discrimination is
also just in principle. That labor acclaims and
approves it all is not important, being a foregone
conclusion. M r. Hugh Frayne, general organizer
of the Federation of Labor, says “ the new policy
is one under which the Government deals collectively
with all railroad labor and that it is a step in advance;
it is a policy which is pretty sure to prevent labor
troubles and to make adjustments easy in individual
cases.” He also acclaims the recognition of the
basic eight-hour day, never recognized before in
railroad operation; “ now that the Government has
taken this step private industry will have to follow,
and the eight-hour day is bound to become the gen
eral and permanent standard.” A very pretty
outlook, perhaps; but it will be easy to make ad
justments so long as they who complain get what
they demand, and as for the long-demanded “ day”
the need of the time is for more work and harder
work instead of having it lighter and less. We
stimulate the shipyard; we acclaim the champion
riveter; we admire the intense push of Red Cross
and Liberty bond campaigns; we recognize that the
decisive grip calls for every ounce of power and
every possible achievement in production, and yet
the old talk about eight hours persists. Shall we
all fold our hands; and if not, who has more right
to slack and skulk th$m others?
Without spending space on the details of this
additional wage burden, observe that it is claimed
to be an act of justice, an act of humanity, a proper
recognition of the advance in living costs. Prices
have risen 100%, let us say, for convenience. Sup
pose some irresistible fiat doubled the price of
every article and every service, equality would not
be reached and humanity relieved thereby; some
would chuckle over the effect, and others would
scream protests. What becomes of those whose
dollars have shrunk in purchasing power without in
creasing in number?
Bring this matter to the test of stern analysis,
and we face two immovable propositions. The
first is that while both absolute and relative com
parative scarcity of consumable things has had
its share in raising dollar-prices, the demands of
labor have probably done as much to push on that
uncomfortable process. Labor must have more
dollars because prices have risen; prices have risen
because labor demands and gets more dollars, ac
companied now by the clamor for shorter hours
and diminished production; labor demands more
because prices have risen— and you can chase this
around, all day, as a caged squirrel turns its wheel.
Labor demands an increased number of dollars be
cause it is continually clipping and sweating those
dollars. The other proposition is that nothing
which can be embodied in statute, carried out in
'orders, or conceived by benevolent minds, can pro
duce perfect equality and distribute the burden
of war uniformly per capita or to meet the cry
that each should be loaded according to his carry
ing ability. Divine Providence may be able to do
this, although it has never been done; but to attempt
it is futile for man. The result is to make more
inequalities and start other cries for adjustment;
some of the beneficiaries of this latest wage advance
are already beginning to complain of it.
Those who are most solidly compacted and cry
loudest get the most. It has been so heretofore,
[Vol. 106.
and we need not review the past again to prove it.
Railway workers have had the cost of living con
sidered for them again and again, and they have no
just claim now to any special consideration. No good
reason can be given why they should not take their
share in the burdens which have come upon us and
other innocent peoples by a causeless and wicked
war; and if equalizing is to be undertaken what is
the relation of the cost of living (not to mention
the stresses and hazards of the employment) to the
man in the trenches at the war front? Because
he offers himself a sacrifice that the present and
coming generations may have the right to live, and
because no complaint comes from him of his work
and his wage, should we give heed to these chronic
grumblers at home who have been demanding and
getting, on threat of mutiny, advance after advance
in the last dozen years? It has never been a recog
nized rule of jurisprudence that those who complain
most vociferously have the largest claim for relief;
and since a sense of shame does not shut the mouths
of railway workers the Authority which demands
one form of service to the country ought not to
cringe before another.
The rate advances which were not granted, either
for the rights of owners of securities or that the
roads might maintain physical integrity and accom
plish some of their needed growth, are now ordered,
apparently without hesitation and without definite
limit, so that there may be betterments and ex
pansions, and so that the insatiable employees may
have an increase, to be of course followed by re
newed demands hereafter. The security owners
cannot be left entirely out of the benefit, such as
that is, yet do not appear to be distinctly con
sidered. The shippers who have heretofore ob
jected, as if they paid for freight carrying, may pos
sibly recognize now the rudimentary fact that
all burdens distribute themselves after some fashion
and that the consumer pays everything. The un
happy and menacing thing about Governmental
control of transportation is that it so soon attempts
to help one class of persons, a class without any
just claim at present and one that ought to take
its share uncomplainingly with all the rest of us;
further, that all is one more step in the wrong
direction, and one which must make return the more
difficult. The line of apparent least resistance is
declared in the familiar “ facilis descensus Averno,”
and its worst consequence is that it makes the climb
back continually harder.
THE PASSING OF THE OLD ORDER.
The Russian situation turns the attention of the
world upon possible political changes which may be
imminent elsewhere and are sure to be extensive.
They will involve probably great social reconstruc
tion, as they are violently revolutionary and are
planned for wide effect outside of Russia. In every
direction they are difficult to forecast or to appraise.
Both business men and statesmen have for months
been trying to determine the main outlines of the
commercial and economic situation which will follow
the war. The end may still be distant, but, be it
near or remote, much depends upon the forecast, and
in view of the arrest of the world’s trade and the
immense destruction of capital and disturbance of
industry by the war, the forecast has pressing im
portance. But there is one question about which
little is said that has greater significance, and in fact
June 1 1918.]
THE CHRONICLE
underlies all the others; that is, what is to be the
attitude of the people at large, those who make up
“ the masses” as over against “ the classes.”
The war is certainly the people’s war, as no other
war has been. In spite of the special responsibility
of the ruling class in Germany, the German people
have swallowed their teaching and with amazing
unanimity have surrendered themselves to their
leadership. They have accepted the promise of the
prizes of the war as the price of their surrender of
their liberties. The glamour of the doctrine of allconquering might has made it possible to rally them
in a challenge to the world. And the world has re
sponded, at least to the extent of recognizing that
that is the real issue of the war. The recognition
of that fact is finding its way into the minds of men,
and is hurrying them as by one impulse to risk their
lives rather than surrender to it.
This fact goes far to justify the opinion of those
who think that the fellowships of the army, in which
men of every class moved by a common purpose
march side by side, share the common lot and face
the same danger, will establish new relations; men
will know one another better and esteem each other;
the old antagonisms will cease, or be greatly miti
gated, and things will go on much as they were,
while moving gradually to better conditions.
Before the war more or less hostility existed in the
minds of Labor toward Capital, which the labor
leaders did everything to promote. M ay we not
suppose that after the war the laboring classes will
do their own thinking, and throw off the feeling of
distrust for which, as the war has made it plain, no
substantial basis ever existed? So far as the labor
unrest had its origin in the high cost of living, it
must be borne in mind that peace will inevitably be
attended by industrial readjustments which will re
move the underlying causes responsible for it.
Lower prices will inevitably bring relief.
Army life also is having its effect upon the minds
of the citizen soldiers. It is exercising a leveling
influence which is bringing capital and labor to. a
common plane. This is a state of mind certain to
promote good-will when the' soldiers come home.
Moreover, through army life the soldier is gaining a
new sense of personal freedom. It will be remem
bered that one of the most serious difficulties with
which all the Governments had to deal at the be
ginning of the war was the fear on the part of or
ganized labor that the rights which it had won by
long struggle were going to be imperiled or cur
tailed. Comradeship with the sons of capitalists
and army discipline with its apparently small re
gard for the man in the ranks, will have a sensible
influence in modifying for the better the attitude of
labor. Most important of all, the all-controlling
part which capital and accumulated wealth are play
ing in the prosecution of the war— the^ demonstra
tion afforded that without the necessary financial
means on a scale of unprecedented magnitude even
the rights of democracy could not be defended and
maintained— is sure to open the eyes of many to the
peril that would be involved if property interests
should not be held sacred.
This is the day of the new democracy. It ad
vances with many a retrogression, but it advances.
It is the latest form of the age-long evolution of
human liberty. The Democracy, though it may not
know clearly what it does want, or how to get it,
knows what it does not want. The Prussian idea of
2269
the State, “ There is only one will, that is mine,” it
will not abide, though the German people are for
the hour under its control. Nor is it conceivable
that it will ever accede to that terrible doctrine to
which all Germany’s strength is now pledged, the
supremacy of Force. The war will settle that, and
the slow upward climb of humanity through the cen
turies has been by a series of steps, every one of
which was a victory for right, or justice, or freedom,
or truth. Democracy with all its limitations and its
blunders, because it means liberty for the human
spirit as well as the human body, goes hand in hand,
not with Kultur, but with civilization. However
plausible the bid,* it cannot be eventually won to
accept ease and material well-being as the price of
the surrender of liberty. As the world is unhesi
tatingly accepting the alternative of war to-day, it
will with equal courage face the reconstruction after
the war, and yet see to it that no retrograde move
occurs.
After the sudden movement of Russia, so quickly
organized and apparently embracing the whole
people, which followed the opening of the war and
turned back the German advance, and which the
world welcomed as the “ uprising of a great people,”
we were not prepared for the disillusionment and the
utter demoralization and disintegration into which
Russia has been plunged. It threatens both de
mocracy and the world. We have to remember that
vast undeveloped and undiscovered forces lie hidden
in the hearts of men as they do in the bowels of the
earth, and that fiery upheaval may set free the one
as it does the other.
The Democracy which has made many a sacrifice
to win its way in the past, and which is showing
itself so heroic in facing the supreme demands of the
war to-day, will certainly not flinch before the con
structive task of to-morrow, however revolutionary
the conditions of its success may be. In spite of our
fears we may be bold, and find it possible to believe,
that the aggregate result of the war in the countries
affected by it will be “ the largest advance in popular
liberty that civilized nations have yet seen at one
stride.”
THE FEDERAL MORATORIUM LAW.
The Moratorium Act which failed of passage at the
special session of Congress was again taken up and
became effective on March 8, having been much
changed for the better. We print the text of the law
on another page, but a brief outline of it here may
be of service.
As to general relief, before entering judgment by
default the plaintiff in any action in court must file
an affidavit setting forth that the defendant is not
in military service; otherwise no judgment can be
entered without an order of consent by the court or
until after the court (which must do so on appli
cation) has appointed an attorney to represent and
protect the absentee. Unless it appears that the
defendant is not in the service the plaintiff may be
required, prior to entering judgment, to file an
approved bond to indemnify him “ if in military
service,” against any damage he may suffer from
the judgment should that be hereafter wholly or
partly set aside; the court “ may make such other
and further order or enter such judgment as in its
* " A s l o n g a s It p r o m is e d t o b o a b i g s c o o p o f o t h e r n a t i o n s ’ w e a lt h , a l j
c la s s e s w e r e f o r I t , h e a r t a n d s o u l— p e e r a n d p e a s a n t . S o c ia lis t a n d J u n k e r . ’ *.
— T e s t i m o n y o f P . S . D e l m a r , a n A u s t r a l i a n h o l d i n g a p o s i t i o n In B ®
U n iv e r s i t y f r o m 1 9 0 1 t o t h e o u t b r e a k o f t h e w a r In 1 9 1 4 .!
2210
THE CHRONICLE
[Vol . 106.
opinion may be necessary to protect the rights of person entered the service and still owned by him, it
defendants under this A ct.” If the absentee be is similarly provided that the court may stay pro
cause of military service is not represented by a ceedings or make other equitable disposition of the
regular attorney the court may appoint one for him, case and that no sale “ under a power of sale or under
but no one so appointed shall have power to waive a judgment entered upon warrant of attorney to
any right of the client “ or bind him by his acts.”
confess judgment contained in any such obligation”
If any judgment is rendered in any proceeding shall be valid if made within the service or three
governed by this section during or within 30 days months after, unless on an order of sale previously
after the military service of the defendant and if it granted by court.
appear that his absence in the service prejudiced
The bill of the special session was especially
him in his defense, such judgment may be opened objectionable'in the portion relating to life insurance,
by the court, on application not later than 90 days because it proposed to estop lapsing on policies
after the military service ends, provided it is made which had been in force a year and in practice would
to appear that a meritorious or legal defense exists to have undertaken to confiscate the reserve on some
the action, or some part thereof; but vacating, setting policies for the benefit of holders of other policies,
aside, or reversing any judgment because of any as explained in the “ Chronicle” of Oct. 6 last,
thing in the Act shall not impair any right or title page 1350. When the insurance experts pointed this
acquired by any bona fide purchaser for value under out to the sub-committee of the Senate, whose
the judgment. At any stage in any proceeding members had proposed to rush ahead and forbid
commenced in any court by or against a person in lapsing and had not stopped to consider how that
military service during such service or within 60 days might work, they were able to see the point and
thereafter, the court may, on its own motion, and candid enough to confess it. Then came a pro
on application on behalf of the absentee, the court position that the Government guarantee the com
shall, stay the proceeding, unless the court believes panies against loss and protect itself, in turn, by
his ability to prosecute or to defend “ is not ma taking a lien on the policies. This proposition, with
terially affected b y ” his military service.
its crudeness removed, has been followed in the
When an action for compliance with the terms of Act as passed. N o policy not lapsed for arrears when
any contract is stayed, no fine or penalty shall the military service of the insured begins “ and which
accrue during such stay, and in any case of failure to has been brought within the benefits of this Article"
perform an obligation the court may relieve against shall lapse for non-payment of premium during the
enforcement of any fine or penalty if it be made to service term or for one year thereafter. In the first
appear that the person affected thereby was absent 15 days of each calendar month, each company shall
in the service and his ability to pay or perform was report to the Bureau of War Bisk Insurance the
materially impaired thereby. The court may also status of policies on persons in the service and the
stay execution of any judgment or order entered difference between defaulted amounts reported and
against such absentee, or vacate or stay execution of the previously-reported amounts since paid, this to
any attachment or garnishment of property in the be called “ the monthly difference” and being the
hands of another. Any stay ordered by any court latest to be added to the total in arrears. Then the
under the Act may be for the time of service and Treasury shall deliver to the company Government
three months thereafter, subject to such just terms bonds in multiples of $100 to the amount which
as the court may fix; the time of service shall not be comes nearest to such “ monthly difference;” the
included in computing any period now or hereafter company shall receive the accruing interest, and
limited by any law within which any action can be shall hold the bonds until final settlement, but if a
brought by or against any person in the service or company becomes insolvent all governmental obli
by or against his heirs or legal representatives, gation for future premiums shall cease. The Gov
whether the cause of action accrues before or during ernment shall have a first lien on every policy, sub
the term of service.
ject to any policy lien existing when the policy became
As to occupancy of premises, no eviction shall be subject to the Act, “ and no loan or settlement or
made during the term of service as to any premises payment of dividend shall be made by the insurer
at a monthly rental of not over $50, occupied chiefly on such policy which may prejudice the security of
for dwelling by the wife or other dependents of a such hen;” also, written consent of the Bureau must
person in military service, except on leave of court be had “ before any dividend is paid or any loan or
in application therefor; on application or in any settlement is made.”
action the court may stay proceedings for three
If the service of the holder of any such policy ends
months, and on request to that end it shall make by his death, past-due premiums, with interest at
such stay, unless satisfied that the absence in service the rate provided for policy loans, shall be deducted
does not materially affect ability to pay. When from the policy proceeds and shall be included in
real or personal property has been partly paid for the company's next monthly report “ as premiums
by a person who afterwards enters the service, the paid.” If the insured does not, within a year after
creditor may not exercise any right of forfeiting the his service ends, pay to the company all past-due
contract or reclaiming the property during the term premiums with proper interest, the policy shall then
of service, “ except by action in a court of competent lapse and become void and the company become
jurisdiction.” Such court may require refund of liable to' pay its cash surrender value; but if he is in
the installments paid, and may at its own discretion, the service when the war ends the year shall begin
and shall upon application, order a stay of proceed at that date.
ings unless the absence does not appear to materially
One year after the war ends there shall be an
impair ability to fulfill the contract.
accounting between Government and each company.
In respect to obligations originating prior to the T o the latter shall be credited the total of its monthly
Act and secured by mortgage, trust deed, or other differences reported, also the differeqce between the
lien on real or personal property owned when a total interest it has drawn on the bonds deposited as
June 1 1918.]
security and the total interest on the monthly differ
ences at 5% per annum. To the Government shall
be credited the cash surrender value of each policy
lapsed and forfeited as just stated, but in no case
a greater sum on any policy than the total unpaid
premiums with interest thereon; then the net bal
ance in favor of each company shall be paid to it
by the Government, on surrender of the bonds it
holds.
This Article applies only to companies or asso
ciations “ which are required by the law under which
they are organized or are doing business to maintain
a reserve,” or to those, which if not so required,
have made provision for collection of a war extra
from the insured who are in the service. The Article
also is limited to a total $5,000 of insurance, and
does not apply at all to either of the following:
1, to policies written after Sept. 1 last; 2, to policies
in arrears more than one year at the time application
is made to come under the benefits or to any policy
against which there is an indebtedness equal to 50%
of the cash surrender value; 3, to any policy which
can be declared void by reason of going into military
service anywhere; 4, to any policy which reduces the
sum payable or provides for a war extra as a result
of entering such service.
The Article is thus retroactive in that it applies
to contracts made before last September and those
only; but it excludes all in arrears more than a year
or in debt up to one-half their value, and also all
which forbid military service or penalize that by
a deduction or a war extra. As the war hazard has
now been before the companies quite a number of
years a large block of insurance will be thus left out,
and, of course, another large block is naturally left
out by the present ages of the holders. Hence the
Article has far smaller application than was pro
posed at the special session, and its terms are far
different from the broad bar upon lapsing first
written into the bill. Any loss occurring will now
fall upon the country, as it should; the companies
will be subjected to 'considerable trouble and some
expense, but they will be protected, and the scheme
is apparently workable.
In respect to justice, it is far better than the
“ Emergency Powers” Act which was hastily enacted
by Parliament soon after the war began and pro
vided that no policy up to £25 and having premiums
payable at not longer than monthly intervals and at
least two years old on Aug. 14, should be lapsed.
The industrial companies protested against this, and
at the Prudential’s recent annual meeting the Chair
man said that but for the inequitable burden thus
imposed and the burden the company has voluntarily
undertaken in payment of war claims (amounting
in all to nearly 3 Yi millions sterling thus far) a yearly
bonus to shareholders, policyholders and outdoor
staff even larger than was paid in 1914 would have
been possible.
The objection to such laws is that they arc not
really necessary. Corporations have been even with
individuals in prompt and large proof of patriotism,
and among corporations none have shown this better
than the life insurance companies. They have no
stockholders who could, if they would, press a sordid
motive; contrary to an impression which still per
sists somewhat, lapses are not a source of gain to
their funds, and there is nothing upon which such
earnest and constant effort is applied as the pre
vention of lapse, which is recognized as a deplorable
2271
THE CHRONICLE
cause of waste. Further, if patriotism and the sense
of justice did not avail to guard the soldier’s rights
with the companies, public opinion would protect
them. Concerning civil rights otherwise, while some
guarded legislation may have been advisable, the
moratorium defines and somewhat increases the
discretion of the courts, but there is not a court in the
land which would not, without mandate or sug
gestion, stretch to the utmost every point of law and
ruling in favor of the man who is defending with his
own life everything we have or we hope to preserve.
For him all must be subordinated, and public opinion
would not tolerate any wrong to him .
Yet there has been a sentimental rush towards
enacting “ stay” laws, and one has been proposed in
this State for the relief of mortgagors. During the
Civil War period, more than a score of States passed
such laws, not all of them confined in their appli
cation to actions against persons in military service,
and more were added in the Reconstruction period.
In ten States stay laws affecting only persons in
military service were enacted last year.
As yet, life insurance has not been judicially
declared to be inter-State commerce, and it is clear
that the new law does undertake to change the rights
and obligations of companies under existing con
tracts without asking their consent, whether it be
construed or not as “ impairing” such obligations.
Still, it is not at all certain that the constitutional
question will be brought to the Supreme Court at all,
and if it is we must admit that constitutions are
quite generally regarded now as among things
“ silent” in a state of arms.
C H A N G E I N C A N A D I A N B A N K I N G HOURS BECAU SE
OF SHO RTAG E OF M A N P O W E R .
A
c h a n g e in th e h ou rs o f C a n a d ia n b a n k in g in s titu tio n s
w ill g o in to e ffe c t t o -d a y , J u n e 1 .
T h e w o rk in g p e rio d w ill n o t
b e c h a n g e d , b u t b a n k s in ste a d o f o p e n in g a t 1 0 a . m . a n d
c losin g a t 3 p . m . w ill fix th eir h o u rs fr o m 9 . 3 0 a . m . to 2 .3 0
p . m .; S a tu r d a y s th e h ou rs w ill b e f r o m 9 :3 0 t o 1 2 o ’ c lo c k .
In
r e p o r tin g
th e
lik elih o od
of
su ch
a
change
on
M arch
3 0 w o n o te d t h a t it w a s c o n te m p la te d b e c a u se o f th e s h o r ta g e
of m an
pow er.
The
T oron to
“ G lo b e ”
of M a y
2 0 in re
ferrin g to th e p ro p o se d ch a n g e s a id :
T h e b a n k s a ls o p r o p o s e t o d i s c o n t in u e t h e c u s t o m o f a c c e p t i n g p a y m e n t
f o r w a t e r , g a s o r e l e c t r i c l ig h t r a t e s o r t a x e s , a t t h e b a n k s .
T h ere has
b e e n lit t l e r e t u r n t o t h e in s t it u t i o n s in t h is c la s s o f b u s in e s s , a n d , w it h
d e p l e t e d s t a f fs a n d a la r g e p e r c e n t a g e o f i n e x p e r ie n c e d h e l p , b a n k e r s h a v o
d e c i d e d t o r e d u c e t h e w o r k a s m u c h a s p o s s i b le .
T h e p u b l i c w ill b e a s k e d
t o a s s is t in r e d u c i n g t h o n u m b e r o f c h e q u e s is s u e d b y p a y i n g s m a ll b ills
in c a s h , a n d t h o c u s t o m o f r e m a in in g o p e n in t h o e v e n i n g s w ill b e a b a n
d o n e d , e x c e p t in Q u e b e c , w h e r e m u c h o f t h o b u s in e s s o f s o m e b a n k s is
d o n e a ft e r t h o o r d i n a r y w o r k in g d a y is o v e r .
Tho
b a n k s w ill d isco n tin u e re c e iv in g
p a y m e n t s fo r
ta x
b ills , a n d b ills o f g a s , e lectric a n d o th e r p u b lic se rv ice co r
p o r a tio n s o n J u ly 1 .
T h o C a n a d ia n B a n k e r s ’ A s s o c ia tio n
in a s k in g th e c o -o p e ra tio n o f th o p u b lic o n b e h a lf o f th e
b a n k s in th eir n e w m o v e , s a y :
M o r e t h a n h a l f t h o m e n in t h e b a n k s o f C a n a d a a r e n o w o n m il i t a r y
s e r v ic o , a n d t h o n u m b e r w h ic h r e m a in s is b e i n g s t e a d i ly r e d u c e d .
W o m e n c le r k s h a v o b e e n e m p l o y e d in t h o u s a n d s a n d h a v o d o n e s p l e n
d id ly , b u t t h e y h a v o n o t th e e x p e r ie n c e o f th e m e n t h e y r e p la c e .
I t w o u ld
b o o u t o f th o q u e s tio n t o e x p e c t th e m t o w o rk a s r a p id ly o r w it h t h e s a m e
k n o w l e d g e o f b a n k in g a s o f f i c e r s o f m a n y y e a r s ’ t r a .n in g in t h e p r o f e s s i o n .
T h o d r a in u p o n t h e n u m b e r o f e x p e r i e n c e d o f f i c e r s h a s n o w r e a c h e d a
p o i n t w li c r o i t Is n e c e s s a r y t o a s k t h o p u b l i c t o t a k e i n t o c o n s i d e r a t io n
t h is d c c r e a s o in e f f i c i e n c y , a n d t o l ig h t e n , a s f a r a s t h e y c a n , t h o b u r d e n
t h u s t h r o w n u p o n t h o s e l e f t t o r u n t h e b u s in e s s .
C a n a d a w as n e v e r so
b u s y a s n o w a n d t h o v o l u m e o f b a n k in g b u s in e s s is g r e a t e r t h a n e v e r
b e fo r e .
T r a n s a c t y o u r b a n k in g b u s in e s s in t h e m o r n in g a s f a r a s p o s s i b le , a n d a s
e a r ly a s p o s s i b lo .
T r y t o a v o i d a r u s h a t c lo s i n g t im e .
D o n o t d ra w a n y m o r o ch o ck s th a n a re a b s o lu te ly n e ce ssa ry .
In stea d
o f p a y i n g s m a ll a c c o u n t s b y c h e c k , d r a w t h e m o n e y i n o n e a m o u n t a n d p a y
in ca s h .
T h e c h a n g e d h o u r s , i t s ta te s , “ ’null g iv e th o s ta ff m o re
tim e to c o m p le to th o large a m o u n t o f w o r k w h ic h c a n n o t b e
ta k o n u p u n til a fte r th e o ffice is clo se d to th o p u b lic .”
2272
THE CHRONICLE
UNITED STATES RAILWAY STATISTICS FOR
THE CALENDAR YEAR 1916.
A preliminary abstract of the statistics •of steam
railways of the United States for the calendar year
1916, as compiled by the Inter-State Commerce
Commission, has just been issued, and we print it in
full below:
I N T E R -S T A T E
COM M ERCE
C O M M IS S IO N .
Washington, D . C., April 15 1 9 1 8 .
O w in g t o t h o f a c t t h a t a c o n s i d e r a b l e le n g t h o f t i m e m u s t n e c e s s a r ily
e la p s e b e t w e e n t h e f il i n g o f t h o a n n u a l r e p o r t s o f c a r r ie r s a n d t h e p u b l i c a
t i o n o f t h e b o u n d v o l u m e ( a b o u t 8 0 0 p a g e s ) , e n t i t l e d ‘ ‘ S t a t i s t i c s o f R a il w a y s
in t h e U n it e d S t a t e s , ” c o m p i l e d t h e r e f r o m , i t h a s b e e n t h o p r a c t i c e o f t h e
I n t e r - S t a t e C o m m e r c e C o m m i s s io n t o is s u e a s e r ie s o f a d v a n c e p u b li c a t io n s .
A P r e l im i n a r y A b s t r a c t o f S t a t i s t i c s o f C o m m o n C a r r ie r s ( a b o u t 2 5 0
p a g e s ) Is f ir s t c o m p i l e d f r o m t h o u n c o r r e c t e d a n n u a l r e p o r t s o f t h o l a r g o c a r
r ie r s , p r e s e n t i n g d a t a f o r t h e m in d e t a i l .
A fte r th o annual rep orts o f th o
c a r r ie r s h a v e b e e n s c r u t in i z e d a n d t h o a u t h o r i z e d c o r r e c t i o n s m a d e , t h o
m a t e r ia l f o r t h e b o u n d v o l u m o m e n t io n e d a b o v o is p r e p a r e d a n d a b r i e f
‘ ‘ A b s t r a c t ” o f t h o s t a t is t i c s c o m p i l e d is p u b li s h e d .
T h i s A b s t r a c t is f o l l o w e d b y a s o p a r a t o i s s u e o f t h o t e x t o f t h o c o m p l o t o
a n n u a l r e p o r t o n t h o s t a t i s t i c s o f r a i lw a y s .
In th is t e x t o f a b o u t 100 p a g e s
a r o p r e s e n t e d a ll t h o g e n e r a l s u m m a r ie s a n d e x p l a n a t i o n s o f t h e c o m p l e t e
r e p o r t , w i t h o u t t h e d e t a i l e d s t a t is t i c s f o r i n d i v id u a l r a i lw a y c o m p a n i e s
t h a t a r o c o n t a i n e d in t h o l a t t e r .
E r r o r s n o t e d In t h o p r e l im i n a r y o r a d v a n c e p u b l i c a t i o n s a r e , w h o n p r a c
t i c a b l e , c o r r e c t e d in t h o f in a l c o m p l e t e p u b l i c a t i o n .
I n 1 9 1 6 , t h o r e p o r t i n g y e a r f o r s t e a m r a i lw a y c o m p a n i e s w a s c h a n g e d t o
c o r r e s p o n d w it h t h o c a l e n d a r y e a r , a n d in t h a t y e a r t w o a n n u a l r e p o r t s
w e r o r e q u i r e d f r o m s u c h c a r r ie r s , o n e f o r t h o 12 m o n t h s e n d e d J u n o 3 0 1 9 1 6
a n d o n e f o r t h o 12 m o n t h s e n d e d D e c . 31 1 9 1 6 .
F o r s t a t is t i c a l p u r p o s e s ,
s t e a m r a i lw a y s a r e d i v i d e d i n t o c la s s e s , a s f o l l o w s : C la s s I r o a d s a r o t h o s o
h a v i n g a n n u a l o p e r a t i n g r e v e n u e s a b o v o S I . 0 0 0 ,0 0 0 : C la s s I I r o a d s a r o t h o s e
h a v i n g a n n u a l o p e r a t i n g r o v e n u e s f r o m 8 1 0 0 ,0 0 0 t o S I , 0 0 0 ,0 0 0 : a n d C la s s
I I I r o a d s a r o t h o s o h a v i n g a n n u a l o p e r a t i n g r e v e n u e s b e l o w $ 1 0 0 ,0 0 0 .
S w it c h i n g a n d t e r m in a l c o m p a n i e s a r o n o t in c lu d e d in t h o p r e c e d i n g , a n d
a r o m a d e a s e p a r a t e c la s s r e g a r d le s s o f r e v e n u e s , a n d n o f ig u r e s f o r t h is
c la s s o f c o m p a n i e s a r e i n c lu d e d in t h is a b s t r a c t .
A d i s t i n c t i o n Is a ls o m a d e
b e t w e e n o p e r a t i n g c o p a n i e s a n d r io n -o p e r a t i n g l e s s o r c o m p a n i e s .
T h o e n t r ie s f o r “ D r . ” a c c o u n t s in o p e r a t i n g r o v e n u e s , f o r " C r . ” a c c o u n t s
in o p e r a tin g e x p e n s e s , a n d fo r d e f ic it , lo s s a n d o t h e r re v e r s e o r n e g a tiv o
i t e m s a r o d i s t in g u is h e d b y i t a l i c f ig u r e s .
M IL E A G E .
T h o m il e a g e o f t h e r a i lw a y s in t h o U n it e d S t a t e s m a y b o s t a t e d i n v a r i o u s
w ays.
T h o m il e a g e o p e r a t e d a t t h e e n d o f t h o y e a r is t o b o d is t in g u is h e d
f r o m t h o a v e r a g e m il e a g e o p e r a t e d d u r i n g t h o y e a r .
A s s o m o m ile a g e is
jo in t ly o w n e d , a n d s o m o jo in t ly o p e r a te d b y t w o o r m o r e ro a d s , a m c ro a d
d i t i o n o f t h o m ll e a g o r e p o r t e d b y e a c h c o m p a n y r e s u lt s in d u p l i c a t i o n s .
F or
s o m o o f t h e m in o r r o a d s n o r e p o r t s a r o o n f il e w i t h t h o C o m m i s s io n .
Tho
m ll e a g o o f s u c h r o a d s is c la s s e d a s “ u n o f f i c i a l . ”
T h o p h y s i c a l m il e a g e ( s in g lo t r a c k ) o f s t e a m r o a d s in t h o U n it e d S t a t e s ,
e x c l u s iv e o f s w i t c h i n g a n d t e r m in a l c o m p a n i e s , c o m p i l e d f r o m b o t h o f f i c i a l
a n d u n o f f i c i a l i n f o r m a t i o n , e x c l u d i n g d u p l i c a t i o n s , is s h o w n b e l o w f o r
recen t years:
Mileage at
close of
year.
Year ended—
D ec. 31 1910........................
Juno 31) 1910_____ ________
June 30 1915.................. ..
254,045.83
254,250.02
253,788.64
June 30 1 9 1 4 ....................
June 30 1913......... ............
June 30 1912............. ........
Mileage at
close of
year.
252,104.98
249,776.84
240,770.75
T h o f o l l o w i n g 's t a t c m e n t o f m il e a g e o p e r a t e d o n D e c . 31 1 9 1 6 r e p r e s e n t s
t h e m il e s o f a ll t r a c k s c o v e r e d b y o p e r a t i n g r e t u r n s t o t h o I n t e r - S t a t o C o m
m e r c e C o m m i s s i o n , a n d n e c e s s a r il y c o n t a i n s d u p li c a t io n s b e c a u s e o f t h o
i n c lu s i o n o f 1 1 , 9 7 7 . 4 0 m il e s u s e d u n d e r t r a c k a g e r ig h t s a n d r e p o r t e d b y m o r o
th a n o n o c o m p a n y :
Class I
roads.
Item.
M iles o f
M ails of
M iles of
M iles of
M iles of
second main track___
third main track____
fourth main track___
all other main tracks
yard track & sldings.
C lass I I
roads.
Class I I I
roads.
3,695.10
954.40
259.705.18
29,414.28
2,721.27
1,932.48
257.30
102,983.81
304,137.22
23,100.00
9,777.10
397,014.32
181
203
410
854
Passenger-train cars (exclusive o f cars in service of tho Pull
man C o .) .......................... ......................... ............ ..........
Com pany service cars........... .........................................................
Class I roads.
Item.
D ec. 31 191 0 ..
June 30 191 0..
Juno 30 191 5..
Total miles
M iles of
of all tracks
road at close at close of
of year.
year.
259,705
259,211
257,509
397,014
394,944
391,142
Year ended—
June 30 191 4 ..
Juno 30 1913..
Juno 30 1912..
Total miles
M iles of of all tracks
road at close at close of
of year.
year.
250,547
253,470
249,852
387,208
379,508
371,238
E Q U IP M E N T .
T h e n u m b e r o f , l o c o m o t i v e s in s e r v i c o o n D e c . 31 1 9 1 6 , a s r e p o r t e d b y
C l a s s I , I I a n d I I I c o m p a n i e s , a s c o m p a r e d w it h t h o n u m b e r in s e r v ic e o n
J u n o 3 0 1 9 1 6 , is js h o w n b e lo w :
Kind of locomotive.
Number of locomotlces
In service on
Dec. 31
1910.
S t e a m .............................................. ....................................
T o t a l ............................................................................ ............
June 30
2,342,099
2,320,987
55,081
99,065
54,064
96,508
Number.
C lass I I roads. Class I I I r’ds.
Aggre
gate
capacity.
Aggre
gate
capacity.
No.
Tons.
Box cars. 1,021,757 37,096,132 8,802
Flat cars. 117,355 4,426,249 12,579
Stock cars
82,559 2,674,685 1,300
Coal cars. 884,880 42,155,408 22,117
Tank cars
383,630
9,507
201
R ’ frlg.cars
51,257 1,603.345
128
Other fr’t
tr’n cars
85,796 3,880,826 6,653
1916.
June 30
1916.
03,738
335
63,578
284
04,073
03,862
Total.
Aggre
Aggre
gate Number.
gate
capac.
capacity.
No.
Tons.
Tons.
Tons.
274,400 1,215 28,624 1,031,864 37,399,150
384,135 3,619 95,068 133,553 4,905,452
83,931 2,712,877
72
30,805
1,387
986,601 1,542 58,602 908,539 43,200,731
8,146
9,893
395,808
125 4,032
6
3,305
150
51,391 1,666,800
228,876 2,333 50,134
94,782 4,159,830
T o t a l.. 2,253,111 92,280,335 51,930 1,922,268 8,912 238,057 2,313,953 94,440,660
EM PLOYEES.
T h o n u m b e r o f r a i lw a y e m p l o y e e s is a r r iv e d a t b y a v e r a g i n g t h o n u m b e r
i n s e r v i c o o n f o u r d a y s , r e s p e c t i v e l y , in t h o m i d d l o o f J a n u a r y , A p r i l
J u ly a n d O c t o b e r .
T h u s t h o n u m b e r o f e m p lo y e e s d o e s n o t r e p r e s e n t th o
n u m b e r o f fu ll-t im e w o r k e r s .
T h o n u m b e r o f e m p lo y e e s a n d th e ir a g g r e
g a te c o m p e n s a tio n w e ro r e p o r t e d a s fo llo w s f o r th o y o a r s o n d o d D o c . 31
1916 an d Ju n o 30 1916:
Year ended—
Item.
Aggregate com pensation________________________
C A P IT A L IZ A T IO N
A N D
Dec. 31 1910.
June 30 1916.
1,700,814
31,506,900,995
1,654,075
$1,403,908,437
D IV ID E N D S .
I n t h o r e t u r n s t o t h i s C o m m i s s io n s e c u r it ie s is s u e d a r o d i v i d e d a s b o t w c o n
t h o s o a c t u a l l y o u t s t a n d i n g , t h o s o n o m i n a l ly o u t s t a n d i n g , a n d t h o s o n o m i
n a lly is s u e d .
N o m i n a l l y o u t s t a n d i n g s e c u r it i e s a r o t h o s o r o - a c q u ir o d b y
o r f o r t h o is s u in g c o m p a n y a n d h e l d a l i v o .
N o m i n a l l y is s u e d s e c u r it i e s a r o
t h o s o w h i c h h a v o b e e n s i g n e d a n d s c a l e d b u t l ia v o n o t b e e n s o l d .
T h o fo llo w in g s t a t e m e n t s h o w s t h o o u ts ta n d in g c a p it a liz a t io n r e p o r te d
f o r t h e y e a r s e n d e d D e c . 31 1 9 1 6 a n d J u n o 3 0 1 9 1 6 :
Capitalization of railways on—
Stock and funded debt actually outstanding:
Class
I r o a d s ___________________________
Class II r o a d s ....... ..........................................
Class III r o a d s ..................................... _..........
Non-operating companies...............................
Total _
Dec. 31 1916.
June 30 1910.
S16,088,840,806
000,027,085
143,802,223
2,737,873,908
310,101.172,989
055,174,740
153,758,302
2,771,387,001
319,630,010,082
S19,681,193,092
Stock and funded debt nominally issued or
nominally outstanding:
Class
I roads . .. ________ ______________
Class II r o a d s _________________________
Class III r o a d s ............................................
Non-operating companies.......................... .
31,310,314,719
56,039,003
0,823,709
39,520,409
31,301,170,117
00,039,344
7,737,383
41,932,309
T o ta l...................................................................
31,418,098,500
31,410,879.153
F o r t h o c o m p a n i e s u n d e r c o n s i d e r a t i o n , t h o r e la t i o n o f c a p i t a l s t o c k a n d
d iv id e n d s w a s as fo llo w s :
Year ended—
Dec. 31 1910.
Capital stock actually o u tsta n d in g....................
Capital stock actually outstanding paying no
divid en d s_____ _____ _______________________
Per cent paying no dividends......... .......................
Am ount of dividends declared during the year
by operating and non-operating com panies..
Ratio o f amount o f dividends declared to—
Dividend-paying stock_____________________
All actually outstanding stock...........................
IN V E S T M E N T
T h o n u m b e r o f o p e r a t in g s w itc h in g a n d te rm in a l r o a d s th a t m a d e a n n u a
r e p o r t s t o t h o C o m m i s s io n n o t c o v e r e d b y t h o a b o v o s t a t e m e n t is 2 0 9 .
T h o g r o w t h in t h o n u m b e r o f m ile s o f r o a d o p e r a t e d a n d o f a ll t r a c k s o p e r
a t e d , I n c lu d in g d u p l i c a t i o n s , a s c o v e r e d b y r e p o r t s o f o p e r a t i o n s t o t h o C o m
m i s s i o n , is s h o w n in t h e f o l l o w i n g s t a t e m e n t f o r a s e r ie s o f y e a r s :
Year ended—
Dec. 31
1910.
Item.
19,213.78
180.08
5.04
N um ber o f roads represented.
Number of cars in
service on
K ind of car.
Total.
231,074.09
29,222.87
2,716.23
1,932.48
257.30
98,334.25
8,817.31
5.33
F o r t h o s a m e c la s s e s o f r o a d s , t h e n u m b e r o f c a r s in s e r v i c e w a s r o p o r t e d
.a s f o l l o w s :
T h o f o l l o w i n g s t a t e m e n t s h o w s t h o n u m b e r o f f r e i g h t - t r a in c a r s t h a t w e r o
c la s s ifie d .
C a b o o s o c a r s ( 2 8 ,5 0 4 ) a r o n o t i n c lu d e d :
B u re a u o f S ta tis tic s .
Year ended—
[Vo l . 106
IN
ROAD
June 30 1916.
$8,755,403,517
38,743,106,639
$3,325,280,282
37.98
33,463,078,085
39.62
$360,501,494
5342,109,390
0.75%
4.19%
0.48%
3.91%
AND
E Q U IP M E N T .
T h o f ig u r e s p r e s e n t e d u n d e r t ld s c a p t i o n i n c lu d e r e t u r n s f o r i n v e s t m e n t
in r o a d a n d e q u i p m e n t s h o w n b y o p e r a t i n g r o a d s o f C l a s s I a n il C la s s I I ,
a s w e ll a s b y t h e i r s u b s i d i a r y n o n - o p e r a t i n g r o a d s ( le a s e d , o p e r a t e d u n d e r
c o n tr a c t, & c .).
T h o e x p e n d it u r e s f o r a d d it i o n s a n d b e t t e r o m t n s , a s w e ll
a s t h e e x p e n d it u r e s f o r n e w lin e s a n d e x t e n s i o n s , d u r i n g t h o y e a r e n d e d
D e c . 31 1 9 1 6 a r o a n a ly z e d In t h o f o ll o w i n g t a b u l a r s t a t e m e n t :
Investment to D ec. 31 1916 (239,120.01 miles o f lino
represented)...................... ................................................._S17,681,120,339
Investment to D ec. 31 1915................................. .............. 17,349,032,708
Increase, 1916 over 1915................................................................................3331,493,031
Investment during the year:
In new lines and extensions_____________ S7,335,004
In additions and betterments—
On owned lines_________ $327,450,492
On leased lines_________
19,234,014
■
------------------- 340,690,500
Total Investment during the year....... ............ ........
Adjustm ents_______ ______________________$22,432,435
Difference between record valuo o f grantor
and purchase price o f grantee In cases of
roads sold, merged, consolidated, A c ____ Ji\,96/i,3IJt
r Total during the year...................... ..................................
--------1.
3354,025,570
22,531,930
N et Increase during the y e a r . .......................................................................... S 331,493,031
P U B L IC
S E R V IC E
OF
R A IL W A Y S .
T h e f o l l o w i n g t a b l o g i v e s c o m p a r a t i v e f ig u r e s f o r t h o y o a r s e n d e d D e c . 31
1 9 1 6 a n d J u n o 3 0 1 9 1 6 , p e r t a i n in g t o p u b l i c s e r v i c o o f r a i lw a y s a n d c o v o r s
r e t u r n s f o r r o a d s h a v i n g o p e r a t i n g r o v e n u e s a b o v o $ 1 0 0 ,0 0 0 f o r t h o y e a r :
June 1 1918
THE CHRONICLE
Item.
D ec. 31 1916.
Num ber o f passengers c a r r ie d ..---------------------Num ber of passengers carried 1 mile________
Number of passengers carried 1 mile per mile
Num ber of tons of revenue freight carried, In
cluding freight received from connections—
Ton-m ileage, or number o f tons carried 1 m lle ..
Freight density, or number o f tons carried
1 mile per mile of road......................— . . . .
Average number of ton-miles of revenuo freight
REVENUES
AND
Class I
roads.
Item (Con.)
June 30 1916.
1,039,012,308
35,121,675,959
1,005,683,174
34,213,590,127
141,305
137,818
2,316,088,894
365,771,824,741
2,225,943,388
343,099,937,805
1,470,274
1,380,349
550.15
2.046 cts.
0.715 cts.
S I.44224
S3.93483
S2.90561
SI .90662
65.62%
534.95
2.000 cts.
0.716 cts.
S1.3S619
S3.82828
32.80074
S I.83279
05.44%
Average receipts per passenger per mile_______
Averago receipts per ton per m ile_____________
Passenger-service train revenue per train-m ile.
Freight revenuo per train-mile....... .......................
Operating revenues per train m ilo........................
Operating expenses per train-mile..... ...................
R atio of operating exps. to operating revenues.
2273
EXPENSES.
T l i o o p e r a t i n g r e v e n u e s f o r t h o y e a r e n d e d D o c . 3 1 1 9 1 6 o f t h e r a i lw a y s
in t lio U n it e d S t a t e s h e r e i n p r e s e n t e d ( a v e r a g o m il e a g e o p e r a t e d 2 5 7 ,3 2 4 .6 1
m il e s ) w e r o $ 3 , 6 9 1 , 0 6 5 2 1 7 , o r $ 1 4 ,3 4 4 p e r m il e o f l in o o p e r a t e d ; t h e i r o p e r
a t i n g e x p e n s e s w e r o $ 2 , 4 2 6 , 2 5 0 ,5 2 1 , o r $ 9 ,4 2 9 p e r m i l e o f l in o o p e r a t e d .
T h o c o r r e s p o n d i n g f ig u r e s f o r t h o y e a r o n d o d J u n o 3 0 1 9 1 6 w e r o : O p e r a t in g
r e v e n u e s , $ 3 , 4 7 2 , 6 4 1 ,9 4 1 , o r $ 1 3 ,4 8 5 p e r m il o o f l in o o p e r a t e d ; o p e r a t i n g
e x p e n s e s , $ 2 , 2 7 7 , 2 0 2 ,2 7 8 , o r S 8 .8 4 4 p e r m il o o f lin e o p e r a t e d .
T h o fo llo w
i n g t a b l e s p r e s e n t a s t a t e m e n t o f t h o o p e r a t i n g r e v e n u e s In d e t a i l a n d a
s t a t e m e n t o f t lio o p e r a t i n g e x p e n s e s a s s ig n e d t o t h o e i g h t g e n e r a l c ia s s o s :
Special service____________
Other.....................................
Total water-line trans
portation revenue____
Class I I
roads.
Class H I
roads.
Total.
1,930
330,650
1,125
351
130
3,305
3,185
334,306
316,100,201
3775,145
338,485
$16,913,831
$17,466,682
6,448,258
S3,083
15,513
2,268
$17,469,765
6,466,039
3,897,093
1,050,812
3,524,463
669,082
18,372,713
l,8 S 5 ,li9
2,231,200
1,491,392
2,184,040
202,309
3,229
45,707
10,388
690,354
76,771
3,583
93
7,245
225
135,320
15,876
57
73,638
473
910
4,102,985
1,054,134
3,577,415
679,695
19,198,387
1,977,766
2,231,200
1,491,922
2,258,588
4,464,872
16,077,259
213,169
639,301
51,178
134,221
4,729,219
16,850,781
Total Incidental operate
ing revenuo......... ..........
S79.762.985
31,973,519
3351,392
$82,087,896
Joint facility— C r _______
Joint facility— D r _________
33,830,343
1.896,SOS
S64.528
86,806
$9,135
145
$3,904,006
1,481,668
Total Joint facility oper
ating revenue......... ......
32,434,141
329,222
$8,990
$2,472,353
Dining and buffet________
Hotel and restaurant._____
Station, train and boat
privileges_____ _________
Parcel room ______
Storage— Freight......... ........
Storage— Baggage________
Dem urrage____
Telegraph and telephone..
Grain elevator_____
Stockyard__________
P o w e r _______ _____ __
Rents o f buildings and
other property....... ..........
Miscellaneous ......................
T otal ry. oper. revenues. 33,596,865,766 $77,718,342 316,481,109 $3,691,065,217
R A IL W A Y O P E R A T IN G E X PE N S E S, Y E A R E N D E D D E C . 31 1916.
R A IL W A Y O P E R A T IN G R E V E N U E S , Y E A R E N D E D D E C . 31 1916.
Item.
Class I
roads.
Class I I
roads.
Total.
F reig h t................................... $2,560,988,111 $57,306,587 312,797,259 32,631,091,957
Passenger-------------------------700,608,630 13,376,857
2,373,884
722,359,371
Excess b a g g a g o ___________
6,064,359
93,448
14,844
6,172,051
Sleeping car______________
551
2,895,797
2,890,348
Parlor and chair car......... ..
1,365,037
13,340
14
1,378,391
M a i l _______ _____ ________
61,195,800
1,108,962
255,222
62,559,984
Express________ __________
90,155,445
1,108,936
231,109
91,495,490
Other passenger-train_____
5,913,622
01,469
10,935
5,986,026
M i l k ........... ........ ............ ..
10,115,884
318,250
133,107
10,567,307
Switching ............. .............. ..
39,419,827
1,422,768
247,117
41,089,712
Special service train...........
1,688,198
97,640
11,647
1,797,491
Other freight-train..............
273,019
27,757
7,044
308,420
W ater transfers—
052,790
1,128
653,918
Passenger....... ...................
1,684,367
2,715
1,687,082
Vehicles and live s t o c k ..
2,325,202
2,325,202
1,221,787
1,221,751
36
Total rail-line tran.sportatlon rovenue........... .. S3,498,563,439 374,940,456 310,082,242 33,589,591,137
Freight ...................................
Passenger..............................
Excess baggago..................
Other passenger service__
M a l l .......................................
Express___________________
314,222,511
1,435,403
4,524
56,559
27,871
20,753
3477,977
259,690
141
5,882
19,551
10,428
Class I
roads.
Item.
Class I I I
roads.
310,581
17,289
116
4,915
2,149
314,711,009
1,712,382
4,781
02,441
52,337
33,330
M aintenance o f way and
structures_____ _______
M aintenance o f equipment
Traffic expenses___________
Transportation expenses—
Rail line......... ...................
W ater line______________
Miscellaneous operation s..
General expenses__________
Transportation for Invest
ment— C r _______________
Class I I
roads.
Class I I I
roads.
$421,775,812 $13,281,966
595,566,336 11,339,539
62,839,996
1,414,156
Total.
$4,137,284
2,199,170
247,971
$439,195,062
609,105,045
64.502.123
V*
1,164,274,088
9,713,687
26,858,441
84,418,107
24,934,730
448,728
154,715
3,590,973
5,709,851
19,709
31,037
1,238,030
1,194,918,669
10.182.124
27,044,193
89,247,110
8,048,056
87,864
6,600
8,088,485
Total railway operating
expenses_____________ S2,357,398,412 a t 55257763 6313594,346 C$2426,250,521
a Includes 3120,820 unclassified, b Includes $17,800 unclassified, c Includes
3138.620 unclassified.
IN C O M E A C C O U N T A N D P R O F IT A N D LO SS A C C O U N T .
T h o ta b le s fo llo w in g p r e s e n t f o r th e y e a r e n d e d D e c . 31 191 6 t h o c o n
d e n s e d i n c o m o a c c o u n t a n d t h e p r o f i t a n d lo s s a c c o u n t o f t h e o p e r a t i n g
r o a d s a n d t h e ir s u b s id ia r y n o n -o p e r a t in g r o a d s .
T h o f ig u r e s g i v e n i n c l u d e
s u c h i n t e r - c o r p o r a t e p a y m e n t s a s m a y b o i n v o l v e d in t h e i t e m s s t a t e d .
R o t u r n s f o r a f e w s m a ll r o a d s h a v e b e e n o m i t t e d b e c a u s o o f i n c o m p l e t e n e s s .
T l i o a c c o u n t s o f t h o o p e r a t i n g r o a d s i n c lu d e b o t h o p e r a t i n g a n d f i n a n c i a l
t r a n s a c t io n s , w h il e t h e a c c o u n t s o f t h e n o n - o p e r a t i n g r o a d s a r e c o n f i n e d f o r
t h o m o s t p a r t t o r e c e ip t s a n d p a y m e n t s u n d e r le a s e s , c o n t r a c t s a n d a g r e e
m en ts.
IN C O M E A C C O U N T , Y E A R E N D E D D E C . 31 1916.
OPERATING ROADS.
IT E M .
Class I
roads.
Class I I
roads.
Class I I I
roads.
NON-OPERATING ROADS.
Total
operating
roads.
Operating Income—
Railway operating revenues----------------------------Railway operating exp en ses...................................
S
3,596,865,766
2,357,398,412
3
77,718,342
55,257,763
S
3
16,481,109 3,691,065,217
13,594,346 2,426,250,521
2,880,763 1,264,814,696
N ot revenue from railway operations_______
1,239,467,354
22,460,579
Railway tax accru a ls..................................... ..........
Uncollectible railway revenues...............................
157,113,372
797,486
3,984,594
13,180
Railway operating Incom e...............................
1,081,556,496
18,462,805
Revenues from miscellaneous op e ra tio n s............
Expenses o f miscellaneous operation s......... ........
Not revenuo from miscellaneous operations
Taxes on miscellaneous operating p ro p e rty ____
40,833,977
34,324,932
6,509,045
1,966,141
47,325
44,663
2,662
1,618
727,356
7,756
Subsidiary
to Class I
roads.
S
Subsidiary Subsidiary
to Class 11 to Class I I I
roads.
roads.
$
S
Total non
operating
roads.
3
161,825,322
818,422
1,612,335
9,834
3,361
1,625,530
2,151,651 1,102,170,952
1,612,386
9,834
3,361
1,686,630
1,618,336
9,834
3,361
1,686,630
174,373
153,966
20,407
3,563
41,055,675
34,523,561
6,532,114
1,971,322
16,844
4,560,792
Miscellaneous operating Incom e....................
4,542,904
1,044
T otal operating In com o...................................
1,086,099,400
18,463,849
Illro o f freight cars— Credit ba la n co___________
Rent from locom otives_________________________
Rent from passenger-train e a r s _______________
Rent from floating equipment . .......................... ..
Rent from work equipm ent_____________ _______
Joint facility rent In c o m e .......................................
Incom e from lease of roa d ______________________
Miscellaneous rent I n c o m e _____________________
Miscellaneous non-operating physical property..
Separately operated properties— IT o fit_________
Dividend I n c o m e ........................... .......... ................
Incom e from funded securities------------------------Incom e from unfunded securities and accounts..
Incomo from sinking and other reserve funds . .
Release of premiums on funded d e b t ..................
Contributions from other com panies....................
Miscellaneous incom o..................................... ...........
20,964,852
7,540,673
11,256,786
200,837
2,100,142
24,211,969
4,382,393
8,369,241
2,956,131
3,230,514
103,194,671
50,520,614
27,035,177
2.890.362
295,801
1,032,709
1.616.362
1,992,447
239,427
120,451
6,132
31,781
1,223,179
488,121
253,879
64,593
158,580
219,152
320,827
72,220
959
1,096,271
100,463
253,285
26,993
23,098,437
7,833,057
5,475
11,383,884
8,505
206,969
2,136,828
927
25,632,144
505,907
4,887,873 150,174,103
8,645,515
115,160
3,031,449
112,919
3,230,589
35,898
103,354,672
307,242
50,789,505
3,044,834
27,432,709
303,095
2,968,162
556,644
296,760
44,735
2,382,265
178,708
1,743,818
Total non-operating Incomo _______________
271,799,234
0,388,488
866,914
Gross Incom e........................................................
1,357,898,634
Deductions from Gross Income—
Iliro of freight cars— Debit b a la n c o ......................
Rent for locom otives.......................... ............ .......... .
Ront for passenger-train cars__________________
Rent for floating equipm ent....................................
Rent for work eq u ip m en t______________________
Joint facility r e n t s _____________________________
Rent for leased roads................................................ .
Miscellaneous r e n t s ...................................................
Miscellaneous tax accruals ........................ ..............
Separately operated properties— Loss__________
Interest on funded debt_______________ ________
Interest on unfunded d e b t ......... ........................... .
Amortization o f discount on funded debt_______
M aintenance of Investment organization............
Incom e transferred to other com panies_________
Miscellaneous Incomo charges.................................
2,168,495 1,106,731,744
Non-operating Income—
141,138
52,957
6,647
4,905
196,996
17,359
22,395
10,725
75
1,415
49,739
76,705
5,580
5,475
8,505
937
927
505,907
174,238 150,545,337
25,116
139.341
112,919
35,898
307.342
::::::::
3,045,478
307,150
556,644
45,672
279,054,636 155,394,252
201,697
199,455 155,795,404
24,852,337
3,035,409 1,385,786.380 153,781,917
191,863
196,094 154,169,874
43,622,850
6.644.421
11,981,598
3,061,272
520,411
41,916,686
158,377,958
5,523,004
2,292,098
3,451,927
400,667.567
14,854,425
2,893,200
702,053
3,702,470
4.805.421
3,090,252
694,208
340,611
11,504
31,766
953,564
274,765
128,079
39,758
2,172
13,383,281
1,447,154
259,844
6,010
432,587
47,196
734,339
147,488
59,809
1,173
7,870
136,828
263,840
85,947
3,793
721
2,365,479
1,093,846
50,470
T otal deductions from gross In co m o ............
711,017,901
21,142,871
4,075,5.81
737,136,413
67,187,921
176,179
114,576
67,478,676
N et I n c o m o _______________________________
646,880,073
3,709,466
1,940,178
648,649,967
86,593,996
15,684
81,518
86,691,198
19,199
4,779
47,447,441
734,725
7,486,177
187,609
12,382,018
293,509
3,074,009
560,047
3,317
43,007.078
706,822
158,916,563
972,732
5,737,030
314,310
2,336,249
303,511
3,454,820
67,583
422,416,327 57,866,281
17,395,425
2,332,191
3,203,514
173.293
708,063
386,526
4,154,256
2,207,237
4,857,396
638,275
196,996
936
""6 4 4
4,055
101
14
239
................
................
90
149,917
7.862
850
7,486
9,960
178,809
734,978
187,609
293,509
" " " ’3",317
706,822
972,732
50
314,450
303,511
67,583
70,728 58,086,926
41,264
2,381,317
174,143
2,294
396,306
2,217,197
1
638,276
[Vol. 106.
THE CHRONICLE
2274
IN C O M E A C C O U N T , Y E A R E N D E D D E C . 31 1916— (Concluded).
NON-OPERATING ROADS.
OPERATING ROADS.
IT E M .
Class I I
roads.
Class I
roads.
Disposition of Net Income—
Incom e applied to sinking and other reserve f u n d s ---------------------D ividend appropriations o f incom e-------------------- -------- ------------------Incom e appropriated for investment in physical p r o p e r t y -----------
Class I I I
roads.
Total
operating
roads.
Subsidiary
to Class I
roads.
42,899
279,101
73,039
12,250
4,697
15,494,536
190,228,868
63,270,104
25,171
20,460,851
1,056,010
39,371,909
1,490,075
Subsidiary Subsidiary
to Class I I to Class I I I
roads.
roads.
Total non
operating
roads.
58,557
25,000
48,000
1,056,100
39,478,400
1,515,075
Miscellaneous appropriations o f income ................................................
20,359,899
334,282
1,964,412
687,009
12,921
96,255
T otal appropriations o f In c o m e ----------------------------------------------
285,972,665
3,094,879
411,986
2S9.479.530
41,965,315
83,557
48,000
42,096,872
Incom e balance transferred to profit and lo s s .....................................
360,908.008
614,587
2,352,168
359,170,437
44,628,6S1
67,873
33,518
44,594,320
Total
operating
roads.
Subsidiary
to Class I
roads.
15,117,355
187,985,355
G2,510,056
47,321
47,321
P R O F IT A N D LOSS AC C O U N T .
NON-OPERATING ROADS.
OPERATING ROADS.
IT E M .
Class I I
roads.
Class I
roads.
D elayed Income cred its...............................................................
Uurefundable overcharges..........................................................
D onations________________________________________________
M iscellaneous credits _............................................................. ..
S
378,177,670
3,022,682
926,190
918,582
1,347,547
32,095,557
S
7,790,824
28,496
184,190
03,123
404,522
4,747,606
Credit balance transferred from In com e---------------------------
Profit on road and equipment s o ld _____________________
Class I I I
roads.
S
1,362,027
17,635
35,204
788
90,643
804,858
8
387,330,521
3,068,813
1,145,650
982,493
1,842,712
37,648,021
Subsidiary Subsidiary
to Class I I to Class I I I
roads.
roads.
47,571,519
106,365
871,078
Total non
operating
roads.
g
47,707,793
106,365
871,078
S
49,151
S
87,123
276
92
112,612
1,911,596
112,612
1,911,228
T otal credits during y e a r ----------------- ---------- — ............
416,488,234
13,218,701
2,311,215
432,018,210
50,572,802
49,427
87,215
50,709,444
D ebit balance transferred from Incomo...................................
Surplus applied to sinking and other reserve fu n d s --------Dividend appropriations o f surplus----------------------------------Surplus appropriated for Investment In physical property
Stock discount extinguished through surplus-------------------D ebt discount extinguished through surplus-------------------Miscellaneous appropriations of surplus.................................
I,oss on retired road and equipment ............................ ..........
Delayed Income debits....................................... - .......................
Miscellaneous debits......... . .........................................- ............ .
17,269,662
1,074,020
118,191,582
18,952,990
46,337
17,713,165
1,823,501
18,171,732
3,346,350
54,333,840
7,176,237
85,957
3,090,352
333,970
450,888
259,988
290,797
683,444
1,982,168
1,009,002
3,714,185
32,568
305,607
28,231
9,500
3,907
49,583
167,476
80,479
1,065,556
28,160,0S4
1,192,545
121,647,541
19,315,191
506,725
17,977,120
2,163,881
19,022,652
5,409,003
56,408,398
2,942,838
540,591
15,076,154
336,388
16,900
111,375
18,655
634,622
652,440
1,910,135
117,024
53,605
20,000
40,000
102
378
6,875
3,821
9,547
2,564
39,260
3,113,467
540,591
15,136,154
336,388
16,900
118,352
22,476
901,454
055,004
1,949,773
T otal debits during y e a r ................................... ..............
250,923,185
15,362,803
5,517,152
271,803,140
22,240,098
394,789
155,672
22,790,559
N et Increase during year— ............................. — .........
Balance at beginning o f y e a r ................................... ............ ..
105,565,049
1,096,353,229
2,144,042
,940,474
21
3,205,937 160,215,070
17,903,651 1,056,509,104
28,332,704
13,562,830
345,362
450,415
68,467
696,448
27,918,885
12,415,973
Balance at end of year-----------------------------------------------
1,201,918,278
24,084,516 21,109,588 1,216,724,174
41,895,534
795,777
764,899 40,334,858
(Current ‘guents and gliscussicrtis
257,285
u n d e r th e p ro v is io n s o f th o F e d o ra l F a r m L o a n A c t .
Ap
p lic a tio n fo r a ch a rte r h as b e on m a d o b y a g r o u p o f c a p i
ta lis ts o f th o c it y , h e a d e d b y W . E . B a r k le y , P re s id e n t o f
RESUMPTION OF SALE OF BRITISH TREASURY
BILLS BY J. P. MORGAN & CO.
J . P . M o r g a n & C o . th is w e e k d isp o se d o f a su b s ta n tia l
th o
L in c o ln
Com pany
T ru st
and
a llie d
C om pany,
th o
c o rp o r a tio n s .
L in c o ln
It
S afo
is p ro p o se d
g a n iz e th e b a n k w ith a c a p ita l o f $ 2 5 0 ,0 0 0 .
D e p o s it
to
or
T h o s to c k h as
a m o u n t o f n in e ty d a y B r itis h T r e a s u r y b ills o n a d isc o u n t
a ll b e e n
b a sis o f 6 % .
The
b ills w ero
an d
h o u s e d in th e q u a rte rs o f th o L in c o ln S a fo D o p o s it C o m
m a tu r e
27.
For
firm
pany.
C o n c e r n in g th o n ow b a n k a n d its p u rp ose s on e o f
th e lo c a l p ap ors sa id :
w ith h e ld
Aug.
a
d e liv e ra b le
fo r tn ig h t
th o T r e a s u r y b ills fr o m
on M a y
d u rin g
M ay
28
th e
th e m a r k e t , n o n e
b e in g
d isp o se d o f d u rin g th e w eeks o f M a y 13 a n d 2 0 .
COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.
I n th o fo llo w in g w e c o m p a r e th o c o n d itio n o f th e C a n a d ia n
b a n k s , u n d e r th o la s t tw o
m o n t h ly s t a te m e n ts ,
w ith
tho
re tu rn fo r J u n o 3 0 1 9 1 4 :
Gold and subsidiary coin—
In Canada...............................
Elsewhere
...........................
o r u n d e r w ritte n .
Tho
b a n k is to bo
Tho plan is to conduct it on a low oxponso basis, as tho amount to bo
charged for its service is limited by tho Act. Only one class of business
will bo conducted, the making of farm loans on tho amortization plan
without commissions to tho bank. When an application for a loan, is re
ceived tho Federal Farm Loan Bank at Omaha will make tho examination
and pass upon tho title. After tho loan is mado tho raortgago will be
deposited with the Farm Loan Bank at Omaha, and tho Lincoln Bank will
then soil to tho general public bonds based on theso securities. Tho busi
ness will bo confined to tho States of Nebraska and Iowa.
ASSETS.
A pril3 0 1918. Mar. 30 1918. June 30 1914.
S
$
S
53,123,927
53,133,427
28,948,841
25,159,375
25,121,602
17,160,111
AMERICAN MINING COMPANIES IN MEXICO ASKED
TO DOUBLE AMOUNT OF BULLION TO BE
RE-IMPORTED.
46,108,952
92,114,482
A m e r ic a n m in in g c o m p a n ie s in M e x ic o o f its in te n tio n to
78,255,029
Total.....................................
78,283,302
165,197,554
Dominion notes_______________ 169,345,075
Deposit with Minister of Finance
5,776,890
for security of noto circulation
5,779,567
79,420,000
Deposit in central gold reserves 80,470,000
189,318,957
Duo from banks______________ 168,108,709
Loans and discounts___________1,044,695,058 1,045,869,585
409,432.625
Bonds, securities, &c_________ 419,791,766
77,497,360
Call and short loans in Canada.
74,257,877
Call and short loans elsewhere
than in Canada____________ 179,818,531
167,296,701
87,652,221
Other assets__________________
88,481,621
$
8
A n n o u n c e m e n t th a t th o M e x ic a n G o v e r n m e n t h a d n o tifie d
d o u b le th e a m o u n t o f b u llio n th o y aro re q u ire d to r e -im p o r t
6,667,568
3,050,000
123,608,936
925,681,966
102,344,120
67,401,484
137,120,167
71,209,738
Total........................................2,312,270,989 2,302,477,439 1,575,307,413
LIABILITIES.
$
Capital authorized.....................
Capital subscribed.....................
Capital paid up...........................
Reserve fund...............................
189,866,666
112,095,066
111,731,633
114,329,718
189,866,666
112,095,066
111,727,692
114,176,008
192,866,666
115,434,666
114,811,775
113,368,898
Circulation..................................
Government deposits.................
Demand deposits.......................
Time deposits.............................
Duo to banks...............................
Bills payable...............................
Other liabilities...........................
180,654,964
112,617,971
761,982,669
933,644,668
43,378,193
2.451,067
28,825,259
191,058,404
108,882,429
757,299,868
921,080,803
45,311,149
2,180,443
27,086,402
99,138,029
44,453,738
495,067,832
663,650,230
32,426,404
20,096,365
12,656,085
Total, not including capital
or roservo fund...................2,063,554,791 2,052,899,498 1,330,488,683
Note.— Owing to tho omission of tho cents in tho official reports, tho
footings in tho above do not exactly agreo with the total given.
PROPOSED FORMATION OF LINCOLN JOINT STOCK
LAND BANK.
S to p s h a v e b e on ta k e n to w a rd tb o fo r m a tio n in L in c o ln ,
N o b . , o f tb o L in c o ln J o in t S to c k L a n d B a n k , th o b u sin ess
o f w h ic h w ill bo c o n fin e d to th o lo a n in g o f m o n o y o n la n d
su b sc rib e d
a g a in s t th o ore e x p o r te d , w a s m a d o in p ress d is p a tc h e s fr o m
W a s h in g t o n o n M a y
p a tc h e s :
27.
I t w a s fu rth e r said in th e d is
Under tho present arrangement, which was approved by tho United
States, tho companies send back to Mexico in bullion 25% of tho valno of
gold and silver contained in tho ores thoy ship.
Tho corporations upon whom tho notice was served notifiod tho Treasury
Department, through which export liconsos for shipment of bullion must
bo obtained. Thoy wero informed that no incroaso would bo permitted
in tho amounts now being shipped.
At tho Stato Department it was said that tho matter had boon brought to
tho notice of tho Department. This Government has not yot assonted to
tho increaso, according to official information, and it was behoved that
President Carranza would postpone tho operation of ills now order until
opportunity has been given for further consideration.
Wliilo there is no belief hero that tho now development will liavo such
effect, representatives of tho American companies liavo pointed out that in
caso Mexico insists on tho now arrangomont, thoy will bo obliged to shut
down properties now producing an important proportion of raw metals
used in tho war activities of this country.
I n referrin g to
th o re c e ip t o f a d v ic e s b y
th o A m o r ic a n
S m e ltin g & R e fin in g C o . o f th e re v o c a tio n o f tho M o x ic a n
d ecreo a ffe c tin g g o ld s h ip m e n ts , th o N o w Y o r k “ T r ib u n o ’
o f M a y 2 8 s a id :
Tho American Smolting & Refining Co. has received official notlco of tho
revocation by tho Moxican Governmout of a decreo requiring a gold return
equivalent to tho full valuo of tho gold and 50% of tho value of tho silver
taken out of Mexico in ores and baso bullion. The Foderal Roservo Board
recontly denied tho company authorization to increaso its gold shipments
to Moxlco, and tho American Smolting officials thereupon notified tho
Carranza Government authorities at Moxlco City of their inability to
comply with tho now decreo, witii tho result that tho order lias beon rocalled. A former decreo requiring a gold return equal to tho full valuo of
tho gold and 25% of tho valuo of tho sllvor oxportod from Moxlco in tho
form of ores still romains In effect.
THE CHRONICLE
J u n e 1 1918.]
INCREASE IN PUBLIC DEBTS OF BELLIGERENTS—
FIGURES OF CANADA, FRANCE, ITALY, AUS
TRALIA, NEW ZEALAND, AND UNION OF
SOUTH AFRICA.
I n o u r issue o f M a y
4 , page
1 8 6 5 — w e g a v e in p a r t th e
d a ta p re sen te d b y th e F e d e ra l R o se rv o B o a r d , in its A p r il
“ B u l l e t i n ,” re g a rd in g th e w a r e x p e n d itu re s, w a r d e b ts , & c .,
o f th e p rin cipa l b e llige ron t c o u n tr ie s.
T h o s ta tistic s a lr e a d y
p re se n te d b y us d e a lt w ith G r e a t B r ita in a n d th o U n it e d
S ta t e s .
T o - d a y w e re p ro d u c e fr o m th o “ B u lle t in ” th o in
f o r m a tio n it fu rn ish e s as to C a n a d a , F r a n c e , I t a l y , A u s tr a lia ,
N o w Z e a la n d a n d th o U n io n o f S o u th A fr ic a :
2215
^otal revenue rocelpts from tho beginning of tho war to Sept. 30 1917 were
stated as 13,816 million francs, compared with an estimate of 14,967
millions for a normal period of tho same duration— a decline of 7.69%.
During tho last five months o f 1914 tho loss was 38.6% ; in 1915 revenue
receipts foil off about 19%; in 1916 tho rate of decline was 3.46% , and for
tho tlireo quarters ending Sept. 30 1917 thero was an increase o f 19.79%.
Tho following tablo indicates tho amount of credits granted by the
chambers or asked by the Government sinco tho beginning o f tho war and
tho uses to which the funds were assigned. Of the total credits to tho end
of 1917 82.9% was used to defray the expenses o f war, 9.7% to cover the
debt service and 7.4% for other purposes.
Table I — Credits Voted or Asked
IVar
Debt
Purposes.
Service.
Aug. 1914 to
Francs.
Francs
D e c .3 1 ’ 14 6,400,925,761
59,626,763
C al.yr. ’ 15.18,455,406,750 1,899,393,673
Cal. yr. ’ 16.27,191,308,985 3,333,015,879
Cal. yr. ’ 17.34,471,588,701 4,863,384,400
for 1914 to 1918.
All Other
Purposes.
Total.
Francs.
Francs.
128,881,725
6,589,434,249
2,449,686,102 22,804,486,525
5,371,725,031 32,896,049,895
2,786,895,430 42,121,868,531
DOM INION OP CANADA.
[Sources: “ Canada Yearbook,” 1914, p. 548; "Canada Gazotto,”
Mar. 9 1918, p. 3077.
Net debt on March 31 1914...................................... ..................$335,996,850
Total.........86,519,230,197 10,155,420,715 7,737,188,288 104,411,839,200
Net debt on February 28 1918--------------------------------------------1,010,780,470
Est.forl918 ....................... 4,899,042,759 2,909,864,680
7,808,907,439
Canada’s War Debt to End of Financial Year 1918.
[Sources: “ Monetary Times” o f Canada, Nov. 9 1917, p. 12, and Fob. 15 Grand total 86,519,230,197 15,054,463,474 10,647,05\968 112,220,746,639
1918, p. 10; "Statesman’s Yearbook," 1917; “ Canadian Annual RoTable I I — Receipts.
viow ,” 1916, pp. 360-362.
1915.
1916.
1917 (10 mos.)
Total.
Internal loans:
Francs.
Francs.
Francs.
Francs.
First war loan, issued at 973^, bearing 5% Interest, for a
Float’g
d
eb
t.
5,331,573,000
5.643,787,000
9,400,459,000
20,375,819.000
term o f 10 years (floated November 1915).......................... $100,000,000
414.549.000
499,362,000
Sliort-t’rm
dt.
384,445,000
299,632,000
Second war loan, issued at 97lA , interest at 5% , running for
262.121.000 22,015,657,000
Perpetual d t.10,967,000,000 10,786,536,000
15 years (floated In September 1916)........................ ............. 100,000,000
A d va n ces... 1,175,000,000 2,450,000,000 4,755,000,000 8,380,000,000
Third war loan, issued at 96, interest at 5% , for a torm of
Total
interior
20 years (floated March 1917)_________________________ 150,000,000
loans______17,858,018,000 18,580,691,000 14,832,129,000 51,270,838,000
Victory Loan, issued at 100, with interest rate of 5J4j, running
for 5, 10 and 20 years (floated November 1917)_________ *400,000,000 Foreign loans 1,462,055,000 6,287,078,000 9,360,070,000 17,109,703,000
Budget’ roc. 3,770,516,000 4,640,811,000 4.526 905,000 12,938,232,000
Total ........................................................................................ $750,000,000
Total rec’pts.23,091,089,000 29,508,580,000 28.719,101,000 81,318,773,000
External loans:
4 ]A% 'can from Groat Britain in March 1915, issued at 99K
Up to tho end of 1917 the total receipts from advances and loans were
and running for 5 and 10 years__________________________$23,332,500 as follows:
5% loan floated in tho United States in March 1916, extend
Francs.
ing for 5, 10 and 15 years, issuo price of 99.56, 97.13 and
Advances of tho Bank of Franco_________________________ 12,500,000,000
94.94, respectively______________________________________ 75,000,000 Advances of tho Bank o f Algeria_________________________
85,000,000
5% two-year notes floated in tho United States, issued at
National defense treasury bills (to Nov. 15)______________ 22,966,157,100
100,000,000 National defense short-term bonds_______________________
98, during August 1917.................
294,798,000
5% loan of 1915.................................. .......... ......... ................. 11,719,504,714
T o ta l.................................. ....................................... ............. $198,332,500 5% loan of 1916................................ ............. ............. ............. 10,074,674,156
War-savings certificates, to date_____________________________ 12,000,000 5% loan of 1917................................................... ................... .. 5.221,405,462
4% loan of 1917 at 68 3-5 (not redeemable until 1943)_____10,276,522,000
Grand total___________________________________________ $960,332,500
Total
83,134,061,432
♦"Monetary Times,” Jan. 4 1918, p. 126.
Tho total national debt was estimated by M . Klotz at 115,166,058,269
Details of Canadian War Loans.
francs on Dec. 31 1917, as compared with 34,188,147,969 francs on July 31
1914. Of tho former amount, 18.3% was held abroad. During tho samo
[Source: "Monetary Times,” Jan. 4 1918, p. 126.
period debt charges rose 355.7% , as against an increase in tho capital
amounts of tho debt of 236.9%. Details of tho debt on tho two dates
1st Loan,
2d Loan,
3d Loan,
4lh Loan,
are given as follows:
Nov. 1915. Sept. 1916. March 1917. Nov. 1917.
----------- July 31 1914----------- ------------ Dec. 31 1917------------Capital
Annual Debt
Capital
Annual Debt
$
$
$
$
Amount.
Charges.
Amount.
Charges.
Amount o f loan------- a50,000,000 100,000,000 150,000,000 6150.000,000 A Domestic:
Francs.
Francs.
Francs.
Francs.
Public subscriptions. 78,729,500 cl5 1 ,444,800 d200,768,000 e418,000,000
Funded.........32,579,362,769 1,020,483,406 56,451,725,669 2,285,549,531
Banks’ subscriptions. 25,000,000
50,000,000
60,000,000
Floating—
Total ovcrsubscrlpt’ n 53,729,500 101,444,800 110,000,000 268,000,000
Int. bearing 1,394,584,900 17,131,500 37,194,865,600 1,329,867,200
Total oversubscript’n
' N o n- int .
28,729,500 51,444,800
50,000,000
214,200,300
__________
bearing__
439,050,700
...................
24,862
No. of subscribers—
34,526
40,800
802,000 B Foreign:
Funded_____
__________
__________
9,914,200,000
451,237,000
a Ultimately increased to $100,000,000.
Floating------------------------------------ 11,166,216,300 658,604,200
b Ultimately increased to approximately $400,000,000.
c Includes $6,073,800 of tho first loan converted.
Total.........34,188,147,969
1,037,614,906
115,166,058,269 4,725,257,931
d Includes $18,131,000 of tho first loan and $5,983,000 debenture stock
converted.
According to tho report o f the budget committee, tho expenses of war
e Approximately $400,000,000 was allotted.
from its inception to Doc. 31 1917 totaled 106.519,144,979 francs, of which
sum 85,545,153,000 francs wero used for military and other purposos occa
Notes in Circulation.
sioned by tho war. The details run as follows:
On Jan. 31 1917 tho circulation of tho Dominion of Canada was composed
F ra n cs.
o f $381,500,046 Dominion notes and chartered-bank notes. A total of Expenses of war:
(a) M ilitary........................................................................
76,000,000,000
$267,185,582 Dominion notes was Issued, o f which $57,360,000 wero hold
(5)
Assistance
to
families
affected
by
mobilization
orders
7,730,000,000
in tho central gold reservo and $184,949,958 by tho chartered banks. The
(c) Aid to orphans___________________________________
30,000,000
amount o f Dominion notes in tho hands of tho public was thus $24,875,624.
(d) Assistance to invaded departments_________________
10,000,000
Tho total of bank notes in circulation on Jan. 31 1918 is givon as $171,
(e)
Urgont
relief_____________________________________
128,000,000
674,464, o f which $18,251,206 are reported held by chartered banks other
(/)
Assistance
to
refugees_____________________________
919,982,000
than issuing banks, tho amount o f bank notes in tho hands o f tho public
(g) Rehabilitation of invaded regions__________________
467,535,000
being thus $153,423,258.
Reconstruction of landed property_____ 267,400,000
Tho total amount o f notes in circulation according to tho method of
Reconstruction
of
industrial
property__
100,075,000
calculation used by tho United States Treasury was, therefore, as follows:
Reconstruction of agricultural property.. 100,060,000
(ft) Repair of harbors and construction of moans of com
[Sources: "Canada Gazotto,” Jan. 19 1918, p. 2443, and Mar. 2 1918,
p. 2981; "Canada Yearbook,” 1914, p. 587.
munication ..................................................................
329,386,000
( i ) Cultivation of abandoned areas____________________
30,000,000
Mar. 31 1914. Jan. 31 1918.
(j) Credits opened for reparation for damagos incurred
Dominion notes issued----------------------------- ...$117,795,719 $267,185,582
through tho war________
900,000,000
Held by tho Government------------------------- - - 3,500,000
57,360,000
96,848,384
$209,825,582
171,674,464
T o ta l.................................................................... .......... 86,545,153,000
Extraordinary expenses of tho civil service______________
672,881,727
Total notes In circulation---------------------- ---$211,144,103
$381,500,046
Dominion notes held by tho public---------- - - - $18,068,398
Chartered-bank notes hold by tho public.. - - - 83,976,889
$24,875,624
153.423,258
Total expenses of war_____________________________ 87,218,034,727
Public debt service................................ ............. ..................... 10,699,831,149
Ordinary oxponsos of tho civil service____ ______________ 8,601,278,212
Total notes hold by tho public--------------- --$102,045,287
$178,298,882
Total net issued------------ -----------------------Chartered-bank notes in circulation---------- - - -
FRANCE.
[Sources: "Journal Officicl do la Republlquo Francaiso” ; “ Lo Rontior,”
Feb. 7 1918; "Bulletin do Statistiquo ot do Legislation Compareo!”
December 1917; ‘TEconomisto Europcen,” Fob. 1 1918.]
In his Exposo dos Motifs on tho occasion o f presenting tho budget for
1918, M . Klotz, tho French Minister o f Finance, estimated ordinary ex
penses for tho year at 7,808,907,439 francs and receipts at 6,542,513,930
francs, leaving a deficit of 1,266,393,509 francs. To offset this Impending
doficit, tho adoption o f certain tax measuros was urged, designed to yield
1,226.5 million francs In 1918 and 1,774 millions annually thereafter. Tho
Grand total...................................................................... 106,519.144.979
Avorago monthly expenses rose from 1,318 million francs in tho last five
months of 1914 to 1,900 millions in 1915 and 2,743 millions in 1916. For
tho ton months ending Sept. 30 1917 tho average rose to 3,360 million
francs, or to two and one-half times tho averago monthly expense incurred
in 1914.
Bank Note Circulation.
On July 30 1914 tho amount o f notes ot tho Bank of Franco in circulation
amounted to 6,683,184,785 francs and on Fob. 21 1918 it reachod 23,988,
287,440 francs—an increase of 17,303,102,655 francs, or 286.2%. The
growth of tho fiduciary circulation and tho ratio of tho metallic reserve to
combino deposit and note liabilities during tho war period is seen from
tho following tablo:
Notes
in
circulation.
"Dec. 24 1913-Frs. 5,713,551,290
July
30 1914___ 6,683,184,785
Doc.
24 1914___ 10,042,899,720
Dec. 30 1915___ 13,309,850,045
Doc. 28 1916___ 16,678,817,915
Doc. 27 1917___ 22,336,798,710
Mar.
7 1918___ 24,650,026,960
Deposits.
978,683,642
1,330,133,678
3,101,063,014
2,287,728,887
2,275,232,984
3,114,325,199
2,659,791,658
Metallic Ratioof re
reserve
s’vetocomin vaults bined note
of bank.
&dep.liab
4,157,454,630 62.12%
4,766,674,306 59.48%
4,514,412,872 34.35%
5,367,375,464 34.41%
3,677,696,015 19.40%
3,562,073,569 13.97%
3,588,477,815 13.27%
According to the report o f the Banque do Franco for 1917, about two
and one-half billions of francs o f its cash resorves wore exported in 1915
and 1916, whereas in 1917 this sum reached only 450, million francs, of
which 20 millions were shipped to neutral countries, the remainder repre
senting gold loaned to the British Treasury in accordance with the articles
of agreement entered into by both Governments. Special credit arrange
ments since the entrance o f the United States into the conflict necessitated
no further outflow o f gold to that country. During the year the gold
reserves o f the Bank o f France Increased by 288,000,000 francs, bringing
tho total amount o f gold secured from the public sinco the beginning o f the
war to 2,227,000,000 francs.
IT A LY .
In tern a l W a r L oa n s.
[Sources: “ Bankverein Suisse Bulletin,” February 1917;
Yearbook,” 1917, introduction.]
“ Statesman’s
L ir e .
Loans for military preparation, Issued Jan. 4-11 1915, re
deemable between 1925 and 1940, sold at 97, yielding
4A
X % interest_________________________________ 1,000,000,000
First war loan o f 414%, issued July 1-18 1915 at 93 and 95,
redeemable 1925-1910-------------------------------------- 1,146,000,000
Second war loan o f 5% , Issued Jan. 10-Mar. 1 1916 at 97J4.
redeemable 1926-1941_________________________ 3,014,000,000
Third war loan o f 5% , issued Feb. 5-25 1917 at 90 (rente),
not redeemable till 1931_______________________ 3,512,000,000
Fourth war loan o f 5% , issued February 1918 at 86.5 (con
sols) [preliminary figures]_____________________ 5,000,000,000
Total.................................................................................. ........13,672.000,000
Public Debt.
[Sources: "Annuario Statistico Italiano,” anno 1915, p. 340: “ Gazota
Ufficialo dol Regno D T tali," September 1917 and January 1918.
The public debt of Italy rose from 14,466,870,162 lire on June 30 1914
to 34,590,163,814 liro on Dec. 31 1917, an Increase o f 139.10%, while
intcrost charges on tho dobt rose from 494,244.020 liro to 1,465,284,043
liro, representing an increaso o f 196.5%. Tho following table exhibits the
growth o f net Indebtedness and interest charges since 1914:
A m oun t o f
p u b lic d eb t.
L ir e .
June
Juno
Juno
Juno
Doc.
[Vol. 106
THE CHRONICLE
2376
30 1914......................................... .14,466,870,162
30 1915.............................. - ........... 16,368,717,302
30 1916...............
22,065,232,424
30 1917...............
29,961,030,959
31 1917...........
34,590,163,814
In terest on
p u b lic d eb t.
L ire.
494,244,020
549,991,184
871,293,455
1,274,094,459
1,405,284.043
and 274,666,650 Issued by tho Bank o f Sicily. Against those notes In
circulation thero was a resorvo cover, partly of gold, of 23.2% , 22.4%
and 20.5% , respectively. On Dec. 31 1917 tho circulation of tho Bank of
Italy had risen to 6,539,200,000 liro, secured by 21.5% of total resorvo,
including 12.8% of gold, as against an outstanding noto circulation o f
3,040,175.850 liro on Dec. 31 1915, secured by 43.8% of total reserve,
including 35.4% of gold. There were also treasury notes issued to tho
extent of 1,684 million liro on Nov. 30 1917, covered by 167 million liro
o f metallic reserve.
•
Tho annual reports of the Bank of Italy segregate the total amount of
notes Issuod to satisfy commercial needs and amounts issued on account
of tho Stato. Tho following tablo gives tho total classified noto circulation
of tho three banks of issue at tho closo of calondar years, and tho liko cir
culation of Bank of Italy notes, in millions of lire:
Total Bank Note Circulation JNote Circulation of Bk. of Italy.
For
For
Needs of Needs of
Com’ erce. Cov ’ m ’ t.
Dec. 31
Doc. 31
Dec. 31
N o v .30
Dec. 31
1914- 2 , 201.1
1915- 1,898.6
1916- 2.458.0
1917- 2.997.0
1917-
734.9
2,069.5
2.555.0
5.122.0
For
For
Needs of Needs of
Com’ erce. Oov’ m ’ t.
I
Total.
2.936.0
3.968.1
5.013.0
8.119.0
1.643.6
1.431.6
2.046.0
2.560.0
2 .212.1
Total.
2,162.3
3.040.2
3,876.7
6,338.0
6.539.2
518.7
1,608.6
1,830.7
3.778.0
4.327.1
On N ov. 10 1917 the total advances mado by tho throo banks of issuo to
tho State wero as follows: Bank o f Italy, 2,996,428,529 lire; Bank o f Naples,
901.848,482 liro, and Bank of Sicily, 211,944,443— a total of 3,110,221,
554 lire.
AUSTRALIA.
[Sources: "Commonwealtli of Australia Gazotto,” Oct. 30 1917, p. 2789;
"Monthly Summary of Australian Statistics," Aug. 1917, p. 41;
"Monetary Times” of Canada,” Fob. 1 1918, p. 8.]
Public Debt.
Net debt of tho Commonwealth:
Juno 30 1914.............................................. - ............................... £19,182,333
Juno 30 1917— ----------------- --------------------- -------------- -------- 169,177,767
Sept. 30 1917...........- ............................................................... ..177,385,855
Doc. 31 1917.........- ..................................................................... 200,501,018
War Debt.
A. Internal war loans, all at par, boaring 4 H % interest'
First loan. Issued in August 1915..........................................£13,389,440
Second loan, issuod in Fobruary 1916.................................. 21,655,680
Third loan, issued in September 1916------------------------. . . 23,587,420
Fourth loan, issuod in April 1917------------------------------------ 21,577,070
Fifth loan. Issued in Novombor 1917------------------------------- 20,281,160
Sixth loan, issued in February 1918_____________________ n40,000,000
T o t a l . . . .............- ........... ........... ..................................... £140,490,770
B. War savings certificates, to December 1917---------------------- 2,719,474
War savings certificates, Dec. 1917-Apr. 1 1918 (est.)----2,500,000
O. War advances by British Government to June 30 1917-------647,774,269
T o ta l...........................— J_____ 1....................................£193,484,513
Details of tho public debt on Dec. 31 1917 are given below, including
interest rates:
Amount of
Amount of
Interest.
Debt.
I . F u n d e d D e b t.
Lire.
Lire.
A. "Consolidated” (perpetual) dobt:
283,420,355
. 8,097,724,438
4,802,126
.
160,070,866
33,021,303
.
943,465.803
32,451,653
.
721,147,843
357,694,730
. 7,153,894,600
Australian war expenditure to Doc. 31 1917 amounted to 8149,896,128.
The charges against revenue and against loans wero distributed as follows:
.17,076,303,550
711,390,167
.
467,340,000
. 1,504,147,300
14,725,700
73,958,652
T o t a l............................... ...........£17,575,851 £132,320,277 £149,896.128
In his budget spooch of Aug. 8 1917 tho Commonwealth Treasurer,
Sir John Forrest, estimated tho total Australian oxpondlturo for tho four
years ending Juno 30 1918 at £214,880:673, of which £25,834,916 will liavo
to bo charged against rovonuo and £189,045,757 against loans.* On
Dec. 31 1917 tho Commonwealth dobt stood at £200,501,018.
1,971,487,300
88,684,352
-
64,500,000
3,225,000
.
_
173,863,000
465,446
6,524,670
13,963
>- 1,269,322,100
..
63,713.554
42,205,593
2,726,389
20 619 645,949
854,770,135
17,125,000
3,238,180,600
6,518,746,600
2,590,000,000
1,576,456,665
599,375
156,461,790
300,967,196
103,276,250
49,209,207
102,042
28,945
68,690
Total..................... . . .
18,748
£
£
£
£
Amounts allotted:
Inscribed stock______ . . . 9,581,120 16,271,710 15,417,650 14,565,190
8,169,770
7,011,880
Treasury bonds______ . . . 3,808,320 5,383,970
..13,970,508,865
610,513,908
Total................ ..... — 13.389,440 21,655,680 23,587,420 21,577,070
B. Redeemable obligations:
3% and 3 >3%, maturing in 1960--------4 14% and 5% , maturing in 1940______
C. Permanent annuity to Holy See:
3% and 3 'A % ....................................
D. Debts separately inscribed:
(6) Perpetual (feudal) 3%_
E. Various debts:
(a) 3% to 5% , redeemable
(ft) 3% to 5 % , perpetual..
I I . Floating Debt.
Long-term treasury bonds &t 3A % .
..
..
..
..
..
Total public dobt........................ ............. 34,590,163.814 1.465,284,013
Over ono-third o f Italy’s public dobt is unfunded, the growth of the
floating dobt for tho six mouths ending Dec. 31 1917 being almost four
billions o f lire.
In presenting tho budget for 1918-19, the Minister of Finance, Sig. NItti,
stated that all expectations pointed to an increase in State receipts by 705
million liro and an increase of ordinary expenditures of 1,017 millions.
Between Nov. 1 1916 and Oct. 31 1917 expenditures totaled 15.722 million
liro.*
♦London “ Economist,” Jan. 19 1918, pp. 85-86.
Fiduciary Circulation.
On Nov. 10 1917 the "Gazetta Ufficiale do Regno DTtalla" (Jan. 7 1918)
reports the total amount of bank notes in circulation as 7,673,642,300 liro,
distributed among tho three banks o f issue as follows: 5,985,872,250 liro
Issued by the Bank o f Italy, 1,413,103,400 lire issued by tho Bank of Naples
Against
Year or Period—
Revenue.
1914-15............ - .................................. £540,217
1915-16................ ........... ................... 3,778,378
Against
Loans.
£14,471,118
37,423,568
Total.
£15,011,335
41,201.946
8,406,970
1916-17..................................
Ilalf-yoar ended Dec. 30 1917— - . 4,850,286
53,099,841
27,325,750
61,506,811
32,176,036
Further details as to tho Australian war loan are givon in tho tablo boiow.
a Preliminary figures; no dotails available.
6 As reported in budgot speech of Sir John Forrest on Aug. 8 1917;
cf. London "Economist,” Oct. 0 1917, p. 497.
* From London "Economist,” Jan. 12 1918, p. 49, and Oct. 6 1917, p.497.
Particulars of Australian War Loans.
[Monthly Summary of Australian Statistics, Bulletin No. 68, Aug. 1917.
p. 41.]
1st L o a n .
Number of applications:
Inscribed stock______ . . .
Treasury bonds______ . . .
8,603
10,145
2d L o a n .
12,450
16,495
3d L oa n .
13,660
88,382
4(/t L o a n .
13,657
53,303
Accrued interest----------- - - .
Expenses of notation___ . . .
221,502
34,659
324,170
50,382
326,881
50,688
254,778
45,900
Total deductions____
256,161
374,552
377,569
300,678
Net proceeds of loans— — 13,389,440 21,281,128 23,209,851 21,276,392
Fiduciary Circulation.
[Sources: "Official Year Book of tho Commonwealth of Australia, 1901-15,
pp. 773 and 739; Monthly Summary of Australian Statistics, Bulletin
No. 68, Aug. 1917, p. 29; "Australasian Insurance and Banking
Record,” Nov. and Dec. 1917, and Jan. and Fob. 1918; “ Common
wealth of Australia Gazette,” Jan. 2 1918.
Australian notos mado their first appearanco in December 1910. The
Australian Notes Act of 1910 authorized tho Commonwealth Treasurer to
issuo notos which wero to bo legal tondor throughout tho Commonwealth
and redeemable at the seat of tho Foderal Government. Those notos wore
to bo issued in denominations of 10 shillings, £1, £5, £10, £20, £50 and £100.
J u n e 1 1918.]
THE CHRONICLE
2211
Tlio Act prohibited issuance o f notes by any State six months after the w h o m a in ta in th a t a ll G o v e r n m e n t e xp e n se s s h o u ld b e m e t
dato of its enforcement and on tho samo dato all such notes ceased to bo
legal tender a tax of 10% was placed on all bank notes issued or roissuod b y cu rre n t ta x e s , th a t it is w ro n g to m o r tg a g e th e fu tu r e
a n d im p o se b o n d b u rd e n s u p o n p o s t e r it y ,” a n d p o in te d o u t
by any bank in the Commonwealth and not rodcomod.
Tho Act also directed tho Treasurer to hold as a reservo against notes t h a t “ th is d o ctrin o lite ra lly a p p lie d w o u ld str a n g le a n y
gold coin, with tho following stipulations: (1) Not loss than 25% of gold
T h e p e o p le w h o
coin against notes issued up to seven million pounds, and (2) 100% reservo G o v e r n m e n t o v e r ta k e n b y e m e r g e n c y .”
of gold coin against any amount in excess o f sovon million pounds. In e n d u re th e h a r d s ih p s , th o p a in s , th e loss o f life , h e a r g u e d ,
1911 an amendment was passed, altering tho percentages in force and re m a y w ell p ass o n to th e fu tu r e s o m e o f th e fin a n c ia l b u r
quiring a flat rato of 25% of gold coin against all issues. The latter regu
T h e fo llo w in g are so m e o f th e fu rth e r p o in ts b r o u g h t
lation was to go into effoct July 1 1912, but tho Treasurer deemed it wise d e n s .”
to defer putting it into operation until after tho elections of 1913.
o u t in M r . H e p b u r n ’ s a d d re ss:
Tho elections of 1913 resulted in a change o f administration and tho now
Our Congressmen talk very glibly in billions and are very positive in
Treasurer, Sir John Forrest, announced that the would retain tho gold
roservo at tho rato provided in tho original Act. This condition was main their views as to what burdens may, with prudence, be levied upon the
tained until September 1914, when a chango o f policy was necessitated country’s industry. I think wo may aid tho Government by helping to
The income tax re
by tho progress o f events occasioned by tho war. On Dec. 24 1912 tho reach a proper estimate o f tho country’s savings.
ratio of gold coin to notes issued was 44.6%; on Doc. 27 1913 it was 45.22% turns will, in future, give a very reliable basis for such an estimate, but an
approximately
reliable
basis
is
needed
now
upon
which
to predicate taxa
and by Dec. 30 1914 it had fallen to 40.27%.
Since then tho ratio has
tion. I quite agreo that current taxes should be as large as industry will
declined still further, reaching about 36% on Jan. 30 1918.
In 1911 a Commonwealth bank was established. It has no power to boar without discouragement. All business is a venture: there may be
issuo notes, but asido from this prohibition it possesses all tho characteristics varying prospects of success, but sometimes an actual loss ensues. If one
takes the chance of a loss the tax gatherer should leave a fair margin o f
of other contral Stato banks.
Tho following tablo gives tho averago amount o f Australian notos held profit in caso o f success; otherwise, men will hesitate and business be cur
tailed. This war can not be won unless industry is kept in full volume—
by tho banics and tho public since August 1914:
Held by
Held by
Total Note volume sufficient at all times to supply tho Government with tho goods
they require. A very large percentage of the business o f the country is,
the Banks.
the Public.
Issues.
1914 (August to December)--------------£7,743,210 £6,589,798 £14,333,008 at tho present time, with or for the Government and that percentage will
22,420,558
9,416,292 31,836,850 increase. Largo profits made upon advancing prices always have a cor
1915 (average for year) .............
1916 (averago for year)-------------------- 30,902,866 13,481,173 44,384,039 responding loss when tho tide turns. When the war ends and prices begin
1917 (actual Doc. 26 1917)--------------- ----------------------47,901,269 to recede to a normal level much of tho profits made on the upturn will be
inevitably wiped out and safoty requires that fair surplus bo accumulated
N EW ZEALAND.
to moot such strain in order to prevent business mortality.
Public Debt.
M r. A. C. Miller was made a member o f tho Federal Reserve Board at
During tho financial year 1917 the incrcaso in tho not debt of Now Zealand Washington, becauso, in addition to his many other qualities, ho was
equalled tho total incrcaso of tho public debt between 1913 and 1916. Sinco an economist of standing and repute. In a recent address at Philadel
1910 tho absolute incrcaso in tho public debt was £53,793,935, and to this phia ho estimated the “ surplus income or potential savings of tho country
sum tho last throe financial years contributed 62.9% . Tho subjoined tablo for 1917” at from twelve to fifteen billions o f dollars. I wrote asking for
tho data upon which he based his estimate. I quoto from his reply:
shows tho development of tho debt from 1910 to 1917:
I am sending you this brief statement:
[Sourco: Statistics of Now Zealand, 1915, p. 144; Now Zealand Official
(1) Estimates made in this office of tho total gross incomo of the nation
Yearbook, 1916, p. 594.]
show a gross income of thrity-ono billions two hundred millions of dollars
Net Debt.
Interest Charge. for tho year 1914, and a gross of forty-nine billions and seven hundred
£2,282,182 millions of dollars for tho year 1917— in other words, a growth for the
March 31 1910................................................ .£71,778,580
March 31 1911.................................................. 77,688,396
2,381,000 poriod of tho war of over eighteen bi lions.
(2) M y judgment is that tho largest part of this increase of eighteen
March 31 1912.................................................. 82,193,310
2,446,493 billions
is to ho treated as an accretion to tho money incomes of those
March 31 1913.................................. .............. 87,457,121
2,506,025 classes of tho community for whom it is not offset by commensurate in
March 31 1914.................................................. 91,689,835
2,649,786 creases of living and other costs. To bo on tho safe side, however, I es
March 31 1915.................................................. 96,644,455
2,788,513 timated that a deduction of one-third from tho eighteon billions might
bo mado to cover increased cost of living, &c., and to account for
March 31 1916.............
105,957,433
2,888,533 proporly
any variation in the choice of price lovols in computing tho totals (the
March 31 1 9 1 7 ................................................ 125,572,515
.........
larger part of tho gain in pecuniary incomo of tho nation from 1915 to 1918
being duo to tho rapid and general advanco in prices). A deduction of
On tho total gross debt outstanding on March 31 1916 tho following rates ono-thircl or six billions leaves us with an addition to the computed surplus
of interest wero paid:
or potential savings fund of the nation of approximately twclvo billions.
(3) Estimates of tho actual savings fund of the country in 1914 run from
6% o n ...
.
£5,500 3M % on.
.83,459,866 Ihrco billions to six billions. I have thought it wise to use tho former of
5% o n ...
. 2,682,500 3 V2% on.
.29,260,058 thoso figures (though I believe it is far within tho mark) in order to offset
. 5,257,548 3% o n ...
43^% on.
. 9,746,230 any excess in tho calculation of tho proportion of the eighteen billion
dollars increase of gross incomo from 1914 to 1918 to be credited to the
.
52,100
4 K % on.
surplus income or potential savings fund account. [Note his estimate
Total. .
4% o n ...
.59,173,595
£109,637,397 for $3,000,000,000 net for 1914.
Tho value of my figure of from twelve to fifteen billions as an approxi
Increasing proportions o f the now loans woro placed in tho domestic mation
to tho surplus income of tho country for tho year 1917 depends:
market, as may bo scon from tho following tablo, showing amounts raised
(1) on the validity of my gross figures for 1914 and 1917; and,
(2) on the validity of my inference, or it would perhaps better bo called
in tho London, Australian and Now Zealand markets:
conjecture, as to tho proportion of tho computed incrcaso in gross income
from 1914 to 1918 to be credited to tho surplus account.
Markets for the Neio Zealand Public Loans.
No one could be more aware of how widely opinions might diffor as to
1913.
1914.
1910.
1915.
1916.
tho validity of such a process of inference than I, but I felt that unless some
Inscribed stock:
£
£
£
one was willing to run the risk of drawing such an inference or making such
£
£
London_____50,954,744 59,484,214 65,600,259 67,532,398 68,213,639 a conjecture based upon some of tho facts, wo should be grouping and
floundering in talking about the financing of tho war. I was willing to
Now Zealand 410,124
475,891
475,991
475,991
475,991 take tho risk in tho hope that it would at least serve tho purpose of stirring
Debentures:
up among bankers, economists and statisticians some more thoroughgoing
London_____ 6,778,914 9,445,250 13,024,050
8,877,603 13,251,109 consideration of this all important question.
Australia__ 4,113,985
4,213,985 4.286,800
3,979,000
3,520,650
I questioned his estimate to which ho replied as follows:
Now Zealand 12,632,878 16,441,423 16,343,327 19,194,918 24,176,008
You say you can't help but think my estimate of tho net income of the
country
very, very large. I must admit that tho figures startled me
Tot. gross dt.74,890,645 90,060,763 99,730,427 100,059,910 109,637,397 when thois computation
was first made, but I believe they are approxi
P.O.total gross • •
mately correct if too weighty a meaning is not given to the term “ net income.''
1 thoroughly agreo with you that the year 1917 is not only exceptional as
debt raised in j i
Now Zealand .... „; 17.4
18.7
16.8
19.6
22.4 regards preceding years, but will also bo oxcoptional as regards tho year
immediately to follow. I would not myself, therefore, wish to draw any
Fiduciary Circulation.
inferences as to what we can do in tho financing of tho war, should it go
into
a second yoar, from tho figures deduced for our gross money income
[Sourco: Monthly Statistics o f Now Zoaland.]
for tho year 1917. I think tho figures indicate rather a plenty of money,
Average amounts of bank notes in circulation.
than a plenty of tho goods and servicas which tho Government will need
for the prosecution of tho war. Even if it be established, as I think it can
£1.674,333 March quarter 1917........ £4,637,451
1913.
be, that there are available for tho appropriation of tho Government some
. 1,998,386 Juno quarter 1917............ 4,890,803
twelve to fifteen billions of dollars or say from 35 to 45% of tho total
1914.
. 2,846,277 September quarter 1917.. 5,650,880 gross money incomo of tho nation, it does not follow that tho Government
1915.
can got 40% of the physical product of tho country or the control of a com
. 4,049,527
1916.
mensurate amount of the productive capacity— these being the things that
count in determining what the Government's economic effective will bo in
UNION OF SOUTH AFRICA.
tho prosecution of tho war.
[Sources: Statistical Yearbook o f tho Union o f South Africa, 1914-15,
M r. Miller is a very able man, his official position gives h im a p oin tof
p. 232; Statesman’s Yearbook, 1917, p. 218.1
vantago in investigating this question and his opinions are entitled to great
Botweon 1910, when tho union between Capo o f Good Hope, Natal, tho weight. Ho thinks his estimate is “ approximately correct if too weighty
Transvaal and Orango River Colony was effected, and March 31 1916, tho a moaning is not given to tho term 'net income.’ ” Net income is the bal
common dobt of tho Union increased 41.9% and interest charges thereon ance which a man may use for any purpose that pleases him. It is what is
46.6% . Increases for tho yoar 1915-16 constituted by far tho larger share loft from ono’s receipts after deducting all cost, including tho cost of living
of tho total incrcaso for tho ontiro period, as may bo soon from tho fol Now tho cost of living may be economical or it may be extravagant and
lowing table:
right there is tho tost of the present situation. In my opinion such a large
Public Debt.
Interest Charges. net incomo could result only from severe economy. Tho determination of
March 31 1911..............................................£106,291,534
£4,256,172
this question with proximate certainty is vital to the jwoper financing of
March 31 1 9 1 4 ......................................... - 118,987,625
4,770,291 tho war, and 1 am carrying our M r. Miller’s hope of “ stirring up among
4,848,437 bankers, economists and statisticians some more thoroughgoing considera
March 31 1915...............................- ............. 122,319,705
March 31 1916.............................................. 150,832,743
6,239,389
tion of this all important question” by putting it up to you. There is a
Tho expenditures out or tho loan funds for war services during 1914-15 constant educational influence radiating from this great University and I
and 1915-16 was £9,258,959 and £10,970,186, respectively. For tho yoar believe the best service Princeton can render is to help our Government
1916-17 a deficit of £536,821 was foreseen, tho revonuo being estimated to master tho economic facts underlying this war and properly gauge the
economic influences involved and help to illuminate the relations of in
ati£18,726,580 andioxpondituresjat £19,263,401.
dustry and capital to the almost superhuman task of financing the needs
tho Treasury.
A. BARTON HEPBURN ON “ FINANCING THE WAR"— of This
paper is in the nature o f an inquest rather than an argument and
EVILS OF EXCESSIVE TAXES.
I therefore present the views of David Friday, whom I regard as one of
our ablest economists. Prof. Friday was many years connected with the
A n ad d re ss o n “ F in a n c in g th o W a r ” w h ic h w a s d olivored
University of Michigan, is now connected with New York University and
b y A . B a r to n H e p b u r n , C h a ir m a n o f th o A d v is o r y B o a r d
is a member of tho firm. Thompson & Black, Financial Accountants and
Engineers.
He has therefore studied the subject from a practical as well as
o f $ th e C h a s e N a t io n a l B a n k o f N e w Y o r k a t P rin c e to n
scholastic standpoint. Professor Friday’s estimate of “ Total Excess of
U n iv e r s ity o n J a n . 11 h a s b e e n p rin te d in p a m p h le t f o r m .
Production over Consumption” Is as follow's for the years 1913, 1916 and
M r . H e p b u r n referred to^tho fa c t th a t “ thoro are e c o n o m ists
1917:
.
3378
THE CHRONICLE
Total E xcess o f Production over C on su m ption.
1913.
Corporations------------------§1,500,000,000
Other business enterprises 1,200,000,000
Farms................................ 1,200,000,000
All other savings.........- . . 2,500,000,000
Item —
1916.
§5,400,000,000
3,000,000,000
2,800,000,000
3,500,000,000
1917.
$6,500,000,000
3,500,000,000
5,000,000,000
3,500,000,000
T o t a l------------------------$6,4o0,000,000 $14,700,000,000 $18,500,000,000
Corporations make reports to their stockholders and to the municipali
ties from which they receivo their charters and honco wo have rcliablo
data from which to make a very close estimate as to corporations. I quote
further from Professor Friday:
An estimato of tho volume of liquid savings for investment and for financ
ing the war is set forth in the following table:
Liquid Savings A vailable fo r Investm ent and F in an cin g the W ar.
Item —
1913.
1916.
1917.
Corporations------------------ $500,000,000
Other business enterprises
200,000,000
100,000,000
Farms-----------------All other savings________ 2,000,000,000
$2,000,000,000 $3,000,000,000
1,500,000,000
2,000,000,000
1,000,000,000
3,000,000,000
3,000,000,000
3,000,000,000
T o ta l.............................$2,800,000,000 $7,500,000,000 $11,000,000,000
In ordinary times tho savings of corporations, o f other business enter
prises and of the farmers aro for tho most part reinvested in additional
working capital and in additional plant and equipment. None of these
classes bring to tho investment market any considerable volumo of liquid
funds which can be used for the extension and prosecution of new industrial
ventures. Tho great volume o f such investment funds comes from tho
savingings of individuals. Life insurance alone represented in 1913
approximately $500,000,000 of individual savings. During 1916 tho rapid
increaso in tho volumo of working capital— including inventories— of cor
porations and other business enterprises, was so largo as to absorb a largo
part of tho savings o f these industries. I estimato that more than 60%
of the surplus accumulated by corporations in 1916 was absorbed in addi
tional working capital and necessary additions to plant. Farmers likewise
made largo extensions to their equipment, such as buildings, fences and
tolls and machinery. Tho groat profitableness of businoss in 1916 over
previous years increased tho incomo of individuals enormously. Wage
and salary increases were common and of generous proportions. Tho in
terest and dividend payments of corporations to individuals exceeded those
of 1913 by approximately $1,200,000,000. Without doubt the profits
distributed in tho form of salaries and distribution of earnings by other
business enterprises wero much larger than usual. Table V appended
hereto shows that tho number of incomo tax returns for incomes of $150,000
and over was more than threo times as largo in 1916 as in 1914. Prices,
however, had not risen in 1910 sufficiently to absorb this increase in in
dividual incomes. Bradstreet’s Index Numbor for 1915 is only 28%
higher than for 1913, and this increaso was largely in commodities which
do not ontcr into tho cost of living.
I havo estimated tho liquid savings of individuals at $1,000,000 moro in
1916 than in 1913. Tho amount of liquid savings in tho table above for
1916 oxceeds tho amount for 1913 by $4,700,000,000. Nearly $4,000,000,
000 of this was invested in tho bonds of European Governments, in Ameri
can securities resold horo by Europo.and in an addition to our gold supply.
The romalnder was absorbed by an addition to our usual volumo of now
securities issued. Tho amount of now securities as roported by tho “ Jour
nal of Commerco" was nearly $500,000,000 greater than In 1913.
In 1917 tho volumo of Inventories, supplies and goods in process of
manufacture has probably not increased over 1916, but tho prices of this
working capital havo risen. Thero will, therefore, bo, in my opinion, a
further absorption of approximately $3,500,000,000, in additions to work
ing capital and plant extensions. Tho latter, however, will bo much smaller
than in 1916. M y estimate is that $3,000,000,000 will bo available for
excess profits taxes and tho purchase of government securities out of cor
porate surplus. Similar considerations will govern tho other business
enterprises, and I estimate that thero will bo available for payment of war
taxes and investment $2,000,000,000. Tho farmers should havo available
a largely increased amount of liquid capital, which will not bo absorbed in
additional plant and equipment if proper inducements are presented to
them for investment. Individuals, owing to higher cost of living, havo
probably not saved any larger quantity of liquid capital than during 1916.
W e thus arrivo at a total of $11,000,000,000 of liquid savings for 1917.
Any sum in addition to this which may bo needed for investment and for
financing tho war will have to bo provided by new savings through a de
crease in consumption.
Economy always moans decrease in consumption. Sufficiently rigid
economy will make available such largo sums undoubtedly, but they aro
by no means normal and in all probability will not bo sustained in future
years and they aro not a proper baso from which to determine taxation
running for a period o f years. Tho producers of raw material have had a
most profitable year and that comprehends tho farmers. Farmers havo
in tho past been borrowers and they havo paid interest upon thoir loans
at rates ranging from 5% to 10%. Now in tho Cotton Bolt and in other
localities they can get interest upon their funds exceeding the rate which
Government bonds offer. Naturally tho farmers havo not thus far been
largo purchasers of Government bonds; neither do they to any great ex
tent contribute to tho Treasury under the income tax. Their savings last
year aro estimated to bo 27% of the savings o f tho whole country. TIow
can their savings bo made available for support of tho Government in this
war?
H a s the Investm ent Increm ent o f the N a tio n Increased F ou r or F ive Fold
Since 1914— Increased fro m Three to Twelve or F ifteen B illio n s?
According to tho last consus thero was an increaso in tho valuo of roal
estato, 1904-12, of $48,334,920,444. It is estimated that $2,000,000,000
per annum is expended for buildings and improvomonts upon roal estate.
By tho same authority tho valuo o f all property other than real estato in
creased from 1904 to 1912 $32,300,957,236. Tho averago annual increase
was a littlo moro than four billions. Property is cumulative and tho sav
ings o f ono year bocomo capital of tho next and servo to still further increaso
tho savings o f following years; but boar in mind that advancing prices do
not increase purchasing power. A farmor’s hord o f cattle may doublo in
market price but that does not increaso his power to buy bonds, unless ho
sells tho cattlo, and selling them would put him out o f business. Bear
constantly in mind that this increaso in wealth is not all monoy available
for investment. With a farmer it might mean moro cattlo or horses, with
a railroad it might mean moro rolling stock, with a manufacturer or mer
chant it might mean more stock on hand, bills or accounts receivable. Our
query is as to the amount available for tho payment of taxes and invest
ment in Government bonds.
Hon. Georgo E. Roberts, Director of tho Mint under two administra
tions, and now Assistant to tho President o f tho National City Bank of
New York, is one of our best statisticians and a well recognizod authority.
In November 1916 after a caroful roviow of tho subject wo aro discussing
ho wrote, "B y tho end of 1916 two moro years o f progross will havo elapsod,
and tho increaso of productive wealth in theso two years no doubt has been
greater than in any other two years in our history. It is safo to say that
the net gains of wealth in tho United States aro now normally not less than
$7,500,000,000 per annum, not including tho onhancomont of land values,
but including tho fixed improvements upon land. With tho activity provailing in 1916 tho enormous excess o f exports over imports, and tho very
completo employment of our people and our industries, tho not gains of
this year mast bo considerably in excess o f that amount.” Continually
bear in mind that this increaso in wealth is not all in a form available for
investment and in part it represents enhanced values. I also think that
tho profits for the year 1916 will approximate those for 1917, in all cases
except tho producers o f raw material, for reasons heretofore givon, namely,
that tho cost of materials and labor has overtaken tho prico of flnishod
products, thus rendering profits moro nearly normal,
Tho high cost
[V o l . 106
of living has materially reduced individual savings. Also wo have in
1917 taken two million men, for tho Army and Navy and for civil employ
ment connected with the war, from tho ranks of production and transferred
them to tho ranks of consumption. That represents a very groat economic
loss and must lessen the increment of tho nation. There is ono compen
sating offset. The place of these men will bo taken in part by a class
of women who heretofore havo possossod little economic valuo. In other
words, our girls aro becoming assets instead of liabilities.
According to competent experts tho not annual incomo of England, at
the outbreak of the war, was $2,000,000,000. Dr. Karl Holfforich, in
1913, estimated the net income of Germany to bo slightly over $2,000,
000,000. Recalling Sir George Paish’s estimato of tho net incomo of tho
United States, it would seem that tho savings of theso threo countries
wero approximately the same. Other estimates of tho net incomo of the
United States, by our own economists, ranged up to fivo billions. This
variation shows tho lack of rcliablo data. I canvassed this subject with
Sir George Paisli and I feel sure that tho normal incremont of tho United
States prior to this war was less than $3,000,000,000. IIow much has it
increased? Profits were unusual, phonomonal in tho early part of the
war, but now that raw material, labor and finished products aro co-ordi
nated as to price, what is our net income at presont and what may wo ex
pect it to bo in tho future?
Fields fo r E con om y.
A temperance wave is spreading over tho country and this is reinforced
by sumptuary legislation. Tho grain that was used for boor and whiskey
must bo saved for food. Our temperance friends tell us two and ono quar
ter billions are spent annually for intoxicants. A prolific field for economy,
surely. Tho tobacco crop for 1916 was valued, at tho farm, at $169,
008,000. From this was made 417,235,928 pounds of smoking and chew
ing product, 7,390,183,170 largo cigars, many small onos and 21,066,
196,672 cigarettos. Legislation has not invaded tho field of tobacco con
sumption except by way of taxation. A groat saving should bo reckoned
horo. Pleasure motor cars, jewelry, clothing, millinery and many othoc
lines could suffer great reduction without interfering with protection and
proper comfort. Many things not classed as luxuries should bo reduced
to tho minimum in order to release man-power omployed in such industries
not alono for the Army and Navy but for tho factory and fiold, in order that
needful things may be produced that will onablo us to win this war. From
Alexander Hamilton to M cAdoo, from tho first Socrotary of tho Treasury
down to tho time of taking office of tho prosent Secretary, loss than $27,
000,000.000 was received into tho U. S. Treasury, from all sources, includ
ing tho financing of the War of 1812, Mexican War, Civil War and Spanish
War. Now they proposo to raise over nineteen billions tho first year and
tho estimato for tho second year exceeds fourteen billions. Can they
raise those vast sums? Economy, only, can givo an affirmative answer—
gruelling economy. Tho economy of tho presont will soom extravagance
ono year from now. As economy increases suffering will increaso and as
war conditions predominate normal business conditions will havo loss in
fluence, tho basis of industry will bocomo moro and moro artificial and tho
success o f business will becomo moro precarious. A business man can
study tho crops, the mines, tho factories, tho currents of trade, world
conditions and can reach a conclusion, based upon his experience of tho past,
and determine within tho limits of conservatism, his lino of activities. But
war puts everything at hazard and upsets all calculations, tends to re
strain business activity and prevent new enterprises. Business has mor
tality as well as mankind and now activities must continually bo born to
compensate for business adventures that, for ono causo or anotlior, may
cease to exist. In no other way can business bo kept at full volumo. Every
man in business who has reached mlddlo lifo looks forward to rotlromont,
a period of rest and tho pursuit of thoso avocations which most appoal to
him. Aristotle said, “ Tho object of labor Is to secure leisure.” Men of
this ago, in troublesome times, aro apt to roason that tlioy had hotter re
tire with what they already possess rather than continuo and put at hazard
what they havo accumulated for protection of themselves and dopondents.
It is tho proper function of the Government to foster business prosperity,
it is also their selfish interest to do so, for then people will cheerfully bear
heavy burdens of taxation and patriotically place thoir surplus funds at tho
disposal of tho Government. Tho Government with its taxing power
must stop short of impairing business, either by discouraging new enter
prise or by tho imposition of excessive burdens; and tills is why tho proxlinato determination of tho incremont of tho nation is so important. To
imposo taxos groater than can bo paid from current earnings would bo to
compel tho reduction of capital in order to pay the tax. It would bo in
effect a capital tax. It would force borrowing from banks under circum
stances which could havo no other effect than to impair crodit. Tho bor
rowing needs of any business enterprise aro groatost whon tho volumo of
its businoss is greatest. With growth in volumo of businoss tho capital
of tho enterprise becomes fully omployod and must bo supplomontod by
appeals to tho banks. Tho profits of a business dotormino tho amount of
incomo tax to bo paid and also tho excess profit tax to bo paid, as fixed
by recent legislation. Now tho profit for tho year of any going business
is represented only in small part by monoy as wo have soon. It onovitably
follows that most large corporations and many individuals will borrow
monoy with which to pay their taxos imposed by recent laws; tlioy will
compote with tho Government as borrowers in order to pay their tax
obligations to the Government.
I repoat that I think as stiff taxation should bo imposed as may bo
without lessening tho activities or Impairing tho ability of people to pay and
subscribe. Such taxation will bo choorfully borno. But tho Congres
sional idea and tho popular idea that this is a country of unlimited wealth,
that wo can finance other nations without stint, and spend billions by tho
scoro annually and obtain these vast sums, at will, by taxation and by
borrowing, is a mischievous idea. Peoplo can only buy bonds and pay
taxes out of their savings, the monoy they have loft over aftor paying thoir
current expenses, including tho cost of living.
D anger o f I n fla tio n .
The first income tax and rovenuo bill produced, in 1916, $512,702,028 78.
Tho Commissioner of Internal Rovenuo ostlmatoi that it will produce
$750,000,000 in 1917 and that tho supplemental bill will increase tho
amount to $3,500,000,000. This amount is larger than tho increment of
tho whole nation at the beginning of tho war.
There is a limit to what Congress can do with safety and propriety, and
it seoms to me that tho best sorvico wo can render is to help find that limit,
that tho Government may not overstop tho sanio and thereby invito dis
aster, tho disaster of currency inflation and a paper basis. Tho Govern
ment can raiso monoy without limit by resorting to tho printing press.
Thoy can make Federal Reservo Bank notes legal tender, borrow from
tho Federal Reserve Bank and take pay in such logal tender notes. That
is practically what somo countrios in Europe havo dono. That would
put us on a paper basis, produco inflation of curronoy, depreciation of
values and all the train of concomitant evils. The groat dangor that con
fronts us is that wo fall into tho sanio financial welter that obtains in somo
European countries, that we will loso tho proud pro-emlnonco of being
THE CHRONICLE
J u n e 1 1918.]
squaroly onV goId basis, with the prostigo that it will givo us after the war
and the impetus that it will give to our international trade after tho war.
Dollar exchange, with tho dollar on a paper basis, will mako little headway
inldisplacing tho pound sterling, and tho recent enormous growth in our
financial and commercial relations with tho world may fado away.
A
DIAGNOSIS OF CREDIT INFLATION A S ILLUS
TRATED BY CONDITIONS I N GREAT BRITAIN.
W o rop riu t b o lo w fr o m “ T h o A c c o u n t a n t s M a g a z i n e ” o f
E d in b u r g h a trea tise o n th o I n fla tio n o f C r e d it b y T . J .
C a r ly lo G iffo r d o f th o sa m e p la c e .
T h o a r tic lo is v a lu a b lo
in fu rn ish in g a n o u tlin e o f G r e a t B r it a i n ’s e xp erien ces in
w a r fin a n c in g a n d also a s sh o w in g h o w sto p b y ste p cred it
in fla tio n h as b e o n ta k in g p la c e .
INFLATION OF C R E D IT .
By T . J. Carlylo Gifford, W . S., Edinburgh.
At last— to many it seems at long last— attention is being given by
mombers and ox-members o f tho Government to the question o f inflation
o f credit, and to its effect upon prices, upon financial stability, and upon
future taxation.
How does inflation arise? In times o f peace wo were accustomed to
all such operations in finance as havo occurred during war, such as sub
scription for now issues, borrowing by subscribers from their bankers,
attraction of labor and material into now industries, &c. But thoso
operations wero only tho same with a difference. In pre-war days Britisli
bankers limited very strictly tho loans whicli they wero prepared to mako
upon securities, or in other words, tho credit which they wero willing to
manufacture. It was necessary for them to bo ready to meet in gold tho
C11CC]CS__or moro accurately in practlco a proportion o f tho chocks—which
thoy allowed to bo drawn upon them, inasmuch as cash was continually
needed to pay wages and to sottlo retail transactions, and tho banker’s
power to issuo notes was limited. Bankers too had to bo prepared for a
foreign demand for gold, in case tho sum o f tho demand by individuals for
foreign goods went too far ahead o f our exports, and they had to keep in
view tho probability o f a rise in incomes being accompanied by an increased
demand for gold to be used in tho arts. These restraints upon tho croation
of banking credit havo ceased to operate during tho war. With “ Bradburys” available, bankers no longer fear a demand for gold within Groat
Britain. The foreign demand has been taken in hand and cared for by
tho Stato, and tho manufacturing domand is now o f loss importance owing
to Government control and tho substitution for sovereigns o f notes which
cannot bo molted down. In addition to the removal o f these restraints,
a positive impetus to tho croation o f credit has been given by tho Govern
ment, and will bo referred to hereafter.
Tho attraction o f labor and material to now industries in poaco timo
differed from tho attraction to munition-making during war, in that in
duo courso a now production o f goods occurred which mot tho demand for
goods caused by tho distribution o f wages and o f dividends on tho capital
employed. During tho period while tho industry was being established
and boforo production began, tho domand which followed tho distribution
of wages, &c., was met, thanks to tho fact that tho capital subscribed for
tho now industry and used for such payments did, owing to tho restrictions
upon tho croation of credit, represent savings (i. o., unconsumed accumu
lations of goods) which could bo consumed by the recipients o f tho wages.
An example may mako clear what happens in timo o f war. In tho
courso o f war tho Government obtains the services o f a number of fomalo
munition-makers (each o f whom may bo referred to as M . M .), of whom
nono had boon accustomed to work before tho war, and to whom wo may
assume that wages amounting to £1,000 will bo paid during tho six months
for which their employment is to continue. They aro employed on making
shells, and a few weeks after tho completion o f their jobs there will havo
been iio addition to tho world’s stock o f goods, but rather tho opposite.
Wo may further assume for our argument— and unfortunately in doing so
wo shall not divergo very far from tho actual facts — that thoso women do
not savo any part o f tho wages paid to them, but use them to obtain an
Immediate supply of goods and services— food, dress, furniture, entertain
ment, and what not. On tho employer’s, that is the Government, sido
how is tho £1,000 obtained with which to pay the wagos? Wo can follow
on broad linos tho courso of ovonts during tho war. In tho first few months
tlioro was, in proportion to tho immediato need and compared with what
has occurred since, a sharp riso in taxation. So far as tho £1,000 was
obtained in this way, and in so far as thoso who paid tho increased taxation
reduced their ordinary expenditure and not their accumulated savings to
do so, all that took place was a transference from A. B ., via tho Exchequer,
to m '. M . of tho right to call for a supply o f goods and services to bo im
mediately consumed. Thcro was no increase in tho total domand, though
thoro might bo a change in tho kind o f goods and services demanded. As
yet, too, tho supply of goods and services was not noticeably diminished.
But tho number o f thousands o f pounds to bo paid out by tho Britisli
Government oven in tho early days was too groat to bo met by tho proceeds
of tho oxtra taxation alone. Borrowing began at a very early dato. The
first subscriptions to Government war securities probably represented a
gonuino transfer of control o f goods and services. At tho outset thoy
took tho place of the subscriptions to now non-Stato enterprises which
had been regularly made out o f genuino savings in timo o f pcaco, and to a
considerable extent they wero mado from the repayments o f tho short loans
to tho rest o f tho world by which Groat Britain had been used to finance
tho world’s trade. This repayment assigned to tho subscribers tho control
o f goods and services to be obtained from noutrals, and tho subscription
by them passed on tho control to tho State. In tho early months thero
was little salo o f foreign fixed securities. Tho intimation that repayment
o f tho short advances to tho neutral world was required easily outran tho
preparation and shipment of tho goods necessary in order that repayment
might bo made. As yet, too, thero was llttlo interference with Great
Britain’s production o f exportable goods or with tho earnings o f her mer
cantile marine, and tho ignoranco and anxiety as to what war might mean
financially to tho individual had a salutary effect in inducing a temporary
restriction of consumption which was o f considerable though fleeting ad
vantage. In these early months thcro was littloorno inflation of credit.
Tho subscriptions to Government issues represented real transferences of
control over goods and services. Tho sceno gradually changed. A great
domand sprang up for labor and material, which, from tho moment that
tho Moyer scandal showed that tho Government were qulto prepared during
tho war to provide iiugo financial rewards for good commercial service,
was accompanied by a growing insistence upon higher remuneration for
what was in demand. An orgy o f extravagance followed, and from early
in 1915 tho subscriptions to Government issuos wero mainly from tho
proceeds o f sales abroad o f neutral securities. That in itself did not causo
inflation, but inasmuch as by tho issuo o f Governmental war securities, in
2219
exchange for tho proceeds o f these neutral securities, tho false impression
was created that tho subscribers would for tho future bo in a position to
obtain as full an annual supply o f goods and services as in tho past, the
way was being paved for the inflation which was to follow. As yet, how
ever, the goods which the M . M s. were enabled to demand were being
supplied by tho transference o f goods in America. Those goods wero the
accumulated products by American citizens, represented by deposits in
American banks, whicli wero used to buy tho securities which British
citizens offered for sale. The Briton thus obtained the ownership of
deposits in America which ho transferred to the Government. Then when
tho Government distributed among the M . M s. its monetary tokens—
whether checks or notes— it had at hand a supply o f goods to meet the
expectation of tho M . M s. that thoy would bo able to exchange their
wagos tokens for goods. But tho trouble began when A . B. received t t *
first warrant for interest on his War Loan. This came to him in place oi
the coupon on his Atchison Topeka bond. But unfortunately thero was
tlie gravest difference, as regards tho representation o f a reality, between
tho warrant and tho coupon. The Atchison Topeka coupon did represent
a genuino crop o f now goods and services available for consumption.
Otherwise tho coupon would not havo been honored by the railway com
pany’s bankers in America. For unless a railway earns profits— i. o.,
accumulates annually a new crop of rights to goods and services— it will
soon go under a receiver. On tho other hand, tho War Loan warrant did
not roprosont any new accumulation of goods and services. * Tho amount
lent to the Government had been used not to pay wagos for assistance in
any productive ojieration, such as the laying of rails for the transportation
o f a now crop of wheat and so to obtain the right to demand a portion o f
such now crop, but to pay wages for the making o f shells, which a few weeks
later wero fired away and thero was nothing left to demand a share of.
Nor had a supply of goods and services been obtained by taxation to meet
tho warrant, for national expenditure continued far to outrun taxation.
Thus A. B. came into tho market with his £50 warrant with no goods
•available to meet it, for it represented nono. Thus ho with his £50 and
tho M . M .s with £1,000 among them wero buyers, to supply whom only
goods representing £1,000 wero available. The matter settled itself by a
riso in tho price of goods, tho value of which became adjusted to the nominal
amount o f money ready to be exchanged for them.
Ilad inflation been caused no more quickly than in tho abovo way, a
long timo might havo elapsed before its effects became noticeable, and had
pcaco come quickly and taxation overtaken national expenditure, a counter
process would havo begun to nullify tho previous inflation.
But oven tho sales of our enormous holdings of American securities did
not provido enough money to keep pace with tho rate at which tho Govern
ment poured it out. A steady outturn o f “ Bradburys” continued after the
initial need was over, and continues to this day. Thoso notes, in so far
as not backed by gold, and after the maximum point o f essential con
venience Is passed, cause speedy inflation. For they represent no goods
or services whatever. Tho M . M .s who receive them and bring them to
market increaso tho supply of tokens to bo exchanged for goods which havo
not increased in amount. Tho only way in which tho total value o f tho
goods can then bo mado to squaro with tho total amount o f tho monetary
tokens is by writing up the value o f tho goods— i. o., by a riso in prices,
which is tho primary result o f inflation.
Inflation has also proceeded from tho way in which tho War Loans have
been subscribed. Tho 5% Loan o f 1917 was not subscribed for by the
banks directly to any great extent, and can bo left for later consideration.
But tho joint-stock banks played an important direct part in the earlier
loans. Now what happens when a joint-stock bank makes a largo direct
subscription to a war loan? Only a very snail portion of the money which
tho bank has received from its customers is lying idle in its tills or to its
credit with tho Bank of England, otherwise it would not earn profits. In
so far as tho joint-stock bank uses only tho balance at tho Bank of Engand
or tho idlo money in its tills, tho subscription is excellent, for it assigns to
Government uso tho goods, &c., which tho depositor assigned to tho bank
when ho paid In his money. But tho bulk o f a subscription running into
millions cannot bo mado from unemployed balances. How is the remainder
provided? To a largo extent tho subscriptions consist of Treasury Bills.
Thoso havo been issued steadily since the first days of the war. But a
conversion of Treasury Bills into War Loan gavo tho Government no fresh
cash. Such conversion was praiseworthy in that it expressed tho truth
namely, that a subscription resulting from canceled Treasury Bills does
not represent a transference o f a new supply of goods.
A further portion o f a big subscription by a joint-stock bank is made
possiblo by tho loan being payable by instalments.
Thus, if the bank
can meet tho earlier instalments out o f unemployed funds and Treasury
Bills, it can rely on the Government distributing tho proceeds o f these
Instalments before tho final instalments become payablo. A portion of
tho amount distributed returns to tho joint-stock bank on deposit, even
after allowing for tho larger amounts retained out of bank, and tho now
deposits can bo used to pay up tho final instalments on tho loan. Such a
payment Is, o f course, a trenching upon what ought to have been left free
to take up now issues o f Treasury Bills after tho proceeds of tho loan have
been spent.
_ _
Failing thoso sources supplying the full amount of subscription which the
bank lias undertaken, thero is only one resource, assuming as one does
that tho bank’s neutral securities have already been disposed of. Home
securities cannot bo sold, loans cannot bo called in without depleting tho
amounts in other hands available for subscriptions to tho War Loan, and
so increasing pro tanto tho burden of subscription on the shoulders o f tho
bank. Tho only resource is to borrow, and tho only lender is the Bank
of England, which alone can provide credit capable of use at tho place
wlicro it is needed— namely, at tho Bank of England. Suppose a loan o f
a million thus obtained, and used to subscribe for War Loan. What
happens? Tho million is disbursed by the Government in the usual way
to M . M .s, who come forward with their Treasury notes to obtain goods.
But nobody elso has any less amount of liquid spendable money because
of this subscription o f a million, and the supply of goods is ho greater.
Tho subscription caused no transference of goods from private hands to
tho Government, though it had all tho appearance of doing so. It was
mcro inflation of credit. In duo course the bulk of the million comos back
to tho joint-stock bank in tho form of deposits, and will bo used to repay
tho loan from tho Bank of England, and now tho joint-stock bank has a
clear additional million of War Loan among its assets, and an additional
million of deposits among its liabilities. Tho owners of tho deposits expect
to bo able to change their deposits into goods when they like, but, alas,
what tho bank now owns is a very different thing from tho bill secured on a
cargo of wheat which it would havo held in peace time. Tho bill repre
sented an interest in real goods to correspond with tho expectations of the
depositors. Tho holding o f War Loan only represents a right to share in
accumulations o f goods and services which the nation may heap up in time
to come and may assign to tho purpose of satisfying its creditors. But
during tho war tho nation cannot even accumulate sufficient goods and
servicos to meet immediate demands, let alone to satisfy debts previously
incurred. So tho result is an increase in the monetary tokens in existence
2280
THE CHRONICLE
[Vol. 106
which the owners try to use to buy goods, but no increaso, and indeed
owing to the withdrawal o f material and labor a decrease, in tho supply MYRON T. HERRICK SEES NEED FOR SAVINGS BAN KS
o f goods and services. Such respective increase and decrease are permanent
REACHING OUT TO M EET BANKS' COM
for the period o f tho war. In this case, too, the supply o f monetary tokens
PETITION OF GOVERNMENT.
and o f goods can only be equalized in terms o f tokens by a rise in tho
price o f goods. This form o f Inflation proceeds quietly, easily, and in
T h e b e lie f t h a t th e F e d e ra l F a r m lo a n s y s te m “ c o u ld
large amounts. Tho public does not attempt to estimate what such a
subscription by the joint-stock banks involves— is indeed inclined, through b o e a s ily tr a n s fo r m e d in to a v e r ita b le n e t w o r k o f G o v e r n
an excess o f respect for tho serious demeanour o f bank managers and m e n t s a v in g s b a n k s b y a v e r y slig h t a m e n d m e n t o f th e
directors, to assume that, as they authorize the subscription, it must be
right. The bankers are unwilling to refuse the demands o f tho Government la w ” w a s exp re sse d b y M y r o n T . H e r r ic k , P re s id e n t o f th e
lest they bo attacked as unpatriotic, while tho Government find a tempor S o c i e t y fo r S a v in g s o f C le v e la n d , in ad d re ssin g th o S a v in g s
ary solution o f their difficulties which is easy and involves no immediate B a n k A s s o c ia tio n o f th e S ta t e o f N e w Y o r k a t th o W a l d o r f unpopularity, and o f the effects o f which they are possibly ignorant.
Tho other and most recently prevalent form o f inflation is that which A s t o r ia o n M a y 1 6 . T h o title o f M r . H e r r ic k ’s a d d re ss
occurred in connection with tho 1917 5% Loan. In that case we were w a s “ T h e S a v in g s B a n k s a n d th e F u t u r e ,” a n d in h is re
urged by the Government and the press to subscribe the last penny we m a r k s in p o in tin g o u t th e c o m p e titio n w h ic h th e s a v in g s
could lay hold of, even by pledging our securities to our bankers, and in
the closing days o f the subscription super-tax payers received a circular b a n k s w o u ld h a v o to m e e t th ro u g h th e p o s ta l sa v in g s b a n k s
letter from M r. Bonar Law urging them to make largo subscriptions and a n d th e F e d e r a l F a r m L o a n s y s t e m h e la id stress o n th e
to tell him privately how much they had subscribed. The letter was most n e c e s s ity o f th e p r iv a te sa v in g s b a n k s b e c o m in g m o re
successful in Increasing tho total amount subscribed. Rich men, un
certain what horrors o f compulsory subscription or o f taxation might a c tiv e in re a c h in g o u t fo r d e p o sits a n d m o re a tte n tiv e to
await thosd Whose subscriptions were deemed insufficient, hurried to their th e lo c a l se rv ice th e y c a n re n d e r th e ir r e sp e c tiv e c o m
bankers and arranged loans upon their securities— one £10,000, another
m u n it ie s .”
M r . H e rr ic k offe re d it a s h is b e lie f “ th a t C o n
£50,000, others even more— and poured tho sums so obtained into tho
War Loan. What followed? The Government from tlieso and other gress w ill r e m o v e m o re re strictio n s f r o m th e p o s ta l s a v in g s
borrowings from banks obtained many millions. These millions were soon fe a tu r e s o f th e F e d e ra l F a r m lo a n s y s t e m .”
“ I c a n ,” h e
disbursed to M . M .s and others producing shells and other war material
o f as negligible value for tho purpose o f supplying tho demands of individ c o n tin u e d , “ see n o o th e r o u t lo o k , o w in g to th e e n o r m o u s
uals. Tho M . M .s expected, as usual, to exchange their monetary tokens m o n e t a r y n e ed s arisin g o u t o f th o G o v e r n m e n t’s o w n p u b lic
for goods. But tho super-tax payers had not, by their subscriptions out fu n c tio n s a n d th e p r iv a te e n terp rises it is ta k in g o v e r , a n d
o f borrowed money, handed over any supply o f goods and services. For
“ F o r th is r e a s o n ,”
all practical purposes the position was tho same as when the banks made is a v o w e d ly b e n t o n fin a n c in g d ir e c t ly .”
large direct subscriptions to earlier issues o f War Loan, except that tills h e a d d e d , “ I ap p re h e n d th a t p rogress fo r th o p r iv a te s a v
time the operation was on a colossal scale. The banks now hold, as against in g s b a n k s w ill n o t b e so e a s y in th e fu tu r e as it w a s in th e
their new millions o f deposits, not a corresponding amount o f War Loan,
O u r b e s t h o p e a c c o rd in g to M r . H e r r ic k , lies in
but ‘‘Loans to Customers” secured on War Loan and other homo invest p a s t .”
ments. Theso loans to customers could only bo liquidated out o f net a d ju s tin g ou rse lv e s to c h a n g in g c o n d itio n s . W o g iv e h is
savings by the nation, and so long as the war continued thero would bo ad d re ss in fu ll b e lo w :
no not savings available for the purpose. Any new savings would be
needed for succeeding War Loan. Thus a further enormous increaso in the
Tho American people have a reputation of being wasteful and extrava
demand for goods, and only a decrease In tho supply. If tho monetary gant. Nevertheless, they had enough money stored up to oversubscribe
organization o f society was to continue, prices must soar. An attempt has overy recent bond issuo of the Government, and also to buy $149,361,972
been made to meet tho p roblem by substituting a now organization, by war savings stamps, besides contributing millions of dollars to tho Red
Which the individual’s right to obtain the goods ho desires will no longer Cross and other charities.
depend upon his ability to outbid his neighbors, but upon his having
By all indications they will bo able to keep on supplying the Government
registered himself in proper form with the local Government distributor. and other public and privato enterprises with funds, until Germany is
This now organization introduces a new problem, for, in so far as the Food brought to her knees, and then will still havo enough money loft to main
Controller fixes maximum prices, he withdraws from the Government the tain tho United States In tho front ranks of commerco, industry, and
power it tries to obtain by increasing tho percentage it holds of the pur agriculture upon tho advent of peace.
chasing power extant in tho country— namely, tho power o f transferring
Indeed, it seems, tho wasteful and extravagant American people can
to temporary Government work tho services o f those employed in the less always rise to tho occasion by adjusting their habits to any condition of
necessary occupations, from which cold economic necessity would ultimately prosperity or adversity. A proof of this is the steady increaso in tho num
forco them if prices continued to rise, but in which they prefer to remain, ber of policyholders in life insuranco companies and of depositors in sav
now that they are assured that the necessities o f lifo will not increase in ings banks since the outbreak of the war. Tho falling off of depositors
cost beyond what their slightly increased wages will cover. Then is during the past six months is perhaps duo to withdrawals for buying
begotten tho Minister o f National Service. It may bo o f interest to recall Liberty bonds and war savings stamps.
somo individual instances of how part of tho 1917 Loan was subscribed.
This same remarkablo fact was also noticed during the Civil War. The
The city o f Glasgow subscribed two millions sterling by means of a loan records of savings banks, lifo insuranco companies, along with those of
from its bankers, and it admits that the loan cannot bo paid off for another mortgago companies and building and loan associations which aid in tho
eight years. Thus at tho present time thero has been practically no di acquisition of farms and homes aro certainly good evidonce respecting
minution in private control over goods and services to correspond with this habits o f thrift; and thoy lead strongly to tho belief that Poor Richard’s
hugo subscription, and the only result is that tho persons to whom the maxims havo been rather generally followed ever since they were laid down
Government has paid tho proceeds o f tho loan aro now in tho market for by Benjamin Franklin 150 years ago.
goods and services with the monetary tokens they havo received, while
As regards lifo insuranco and tho owning of homes, tho Amorican people
thero is no corresponding reduction In tho number o f tokens in tho hands are unsurpassed, which shows they take care of their families. As regards
o f other people. At tho recent annual meeting of tho Bank of Liverpool doposits in savings institutions, they stand among tho best, whother
It was stated that out o f £9,000,000 lent in February for War Loan sub juiigod by the per capita or the aggregate amount on deposit. This is tho
scriptions, £6,300,000 was still outstanding. Tho whole nine millions bright side of tho statistics. But on the other hand, wo know, when wo
havo, long ere this, been distributed by the Government among prlvato comparo It witli tho nation's great wealth and undeveloped possibilities,
persons who naturally proposed to use them to buy goods, and aro incensed that there is much loft to bo dono.
when they find that prices have arisen against them.
And it is by making this comparison between those possibilities and tho
Inflation o f credit is the alternative to taxation adopted by Govern facts accomplished that wo reach tho conclusion that tho American people
ments which either fear or despise tho peoples thoy govern. When a havo not been .as frugal and thrifty as thoy should bo. Thero is room for
Government needs money from its own people It has tho choice of three Improvement. Furthermore, thero is need of it. becauso tho era of cheap
methods: (a) taxation, (6) loans genuinely subscribed, and (c)inflation of living has closed. War is a waste. The hugo public debt and tho various
currency or credit. Tho 5% War Bonds aro already disappointing in the enterprises on which Federal, Stato and municipal governments have em
tho amount o f money thoy bring in. Tho reason is simple. Tho people barked will keep taxes and the cost of living high for many years after tho
o f Great Britain aro not voluntarily saving enough to enable them out of war.
their savings to fill up tho gap between tho nation's weekly expenditure
During tho past 20 years, the form of American Government has under
and its weekly income from taxation. Inasmuch as tho Government gone vital changos both through constitutional amendment and from
evidently will not openly compel the people by taxation to fill tho gap, its legislative and oven executivo action, to which tho judiciary has opposed
only resource is to compel them without their knowledge—i. o.. by inflation. no adverso decisions. Municipal socialism, which has for a long time
Tho Government needs a larger share o f tho purchasing power which exists prevailed in many American towns and cities, has rocontly boon roinforced
in the country to-day. That larger sharo it can obtain either from a by Stato and Federal socialism.
voluntary or from a compulsory surrender by tho citizens o f the purchsalng
Votes for womon is not going to impodo this tondoncy of tho timos, for
power or credit in their hands— I. o., either by genuino subscriptions to tho average woman is a born socialist. So tho not improbable outcomo
loans or by taxation. Alternatively tho Government arrives at the same is a greater centralization of Government powers, tho predominance of
result o f obtaining a larger percentage o f tho existing purchasing power or bureaus in Government, and tho ontoring by tho Government into various
credit if it increases tho total credit in existence by manufacturing a largo activities herotoforo left to individual inltlatlvo and privato enterprise.
amount in its own hands. So long as the Government refrains from Experiments aro costly, and many of them aro bound to bo failures.
taxation, and voluntary saving continues on its present inadequate scalo,
Up to a fow years ago, banking and insuranco wero distinctively privato
the Government must cither issue another big loan, and Induce subscribers enterprises in the United States. Tho lifo insuranco companies and asso
to manufacture credit by borrowing on their securities, or, if it relies on ciations wero not ouly all privato, but most of them woro purely co-opera
“ continuous borrowing” as by the War Bonds, which people will not sub tive. Administration is honest, and exponsos aro kopt at a minimum.
scribe to out o f borrowed money, it must itself manufacture credit by Tho $27,973,057,673 of policies in tho old-lino companies, and tho $9,791,
borrowing from the Bank o f England. Tho evils which flow from this 762,925 in tho assessment associations vastly oxcood tho lifo insuranco
manufacture o f credit— in another word “ inflation” — aro obvious. No outstanding in any other country, and aro convincing evidence of tho
indirect taxation is so evil. Under inflation no attompt is mado to placo satisfaction thoy give.
the burden on the strong shoulders, or to measuro a man's ability to con
Thero is no question about tho succoss and solidity of theso privato com
tribute to the nation’s needs by his expenditure on luxuries. It is tho panies and associations, nor of their ability to givo service equal to any
strong shoulders which can wriggle out o f the burden. Tho well-organized domand upon them. Nevertheless, they havo boon supplomontod by
trades demand and obtain largo increases o f wages which counteract the Government agencies for war pensions, mothers’ ponslons, and bureaus
lessened value o f the wages. The man who has a largo family finds that for workmen's compensation and employers’ liability.
tho very necessaries o f lifo have risen moro in cost— through being more in
I do not mention theso In criticism; for somo of them aro good, or nocosdemand— than the luxuries. Hence come food controllers, maximum sary on account o f presont emergencies. I cito them simply as instances
prices, el hoc genus omne. Inflation tends to Increaso in a geometrical of how Government Is replacing private onterpriso, not becauso o f any
progression, and its results can bo seen In Russia where tho peasantry havo pressing need o f the change, but just becauso of tho tendencies of tho
lost confidence in tho form o f monetary token In uso there.
times.
In every way it will bo better for tho British nation to faco the fact that
Russia, however, shows tho logical outcomo of theso tondoncies to arrive
tho Government must havo a larger sharo o f tho national incomo, and for at social justice by redistributing property, suppressing privato onter
tile Government to commandeer that larger share openly and by taxation priso, making a general out of each soldier, and by oxaltlng contral Gov
from those who have a surplus, rather than secrotly and by inflation of ernment and placing It In tho hands of thoso who havo failed in tho un
credit from those who have no surplus.
avoidably hard struggle for existence. Also lot us not forget tho oxamplo
J u n e 1 1918.]
THE CHRONICLE
228 1
of Mexico, which will probably bo given some attention after tho end of
Perhaps the private and Government systems will eventually give about
tho big war.
the same net interest return to tho depositor. They will also be equal as
Insurance is becoming a Governmental affair; and whether for right or regards safoty, or tho other important point for the depositor. So the only
wrong, or for success or failure, tho Government of tho States or the nation way left for tho private savings banks to meet this now competition is to
is going to experiment with schemes which aro being tried out in some for becomo more activo in reaching out for deposits, and more attentivo to
eign nations, and with somo new schemes besides. Having taken up the local servico they can render in their respective communities. To
insurance, tho Government naturally also took up tho othor form o f or repeat, this means certain welfare work.
ganized thrift, or savings banking.
By becoming moro attentivo, efficient and effective in local servico, an
For tho 94 years of its existence from 1816 down to eight years ago, increase in deposits would come as a matter of course. So there is but one
savings banking in tho United States remained in privato hands fortified big task boforo us, divided though it may be into two different branches.
by official supervision. Its privato character was its particular distinc Can wo bo moro serviceable to tho farmers, to tho wage earner and to
tion, bocauso in most foreign countries tho savings banks aro governmental foreign immigrants so numerous in the larger cities? Can we inculcate
institutions.
tho principles of frugality and thrift moro deeply and more generally in the
Tliero nover has boon any claim that the privato savings banks here did old as well as in tho young among men and women, and also in children?
not function satisfactorily, or that they needed help. Indeed, they
Can wo encourage more extensively the habit of saving among tho classes
have been splendidly successful from tho start, and show the indisputable that ordinarily come to our doors, and give them moro acceptable advice
trustworthiness and efficiency of individual initiative and privato enter about tho judicious and economic uso of savings? Can wo give more help
prise, so far at least as regards accumulating and safeguarding tho money to the workman, tho clerk, the small salaried man or woman seeking to
o f small depositors.
acquire a homo, or to open up a business, or to undertake somo good enter
Tho 1,185 stock savings banks havo 5995,532,890 deposits. Tho 662 prise? And, finally, can the funds in our possession bo used so as to be
mutual savings banks havo $4,422,489,384 deposits. A remarkable fact of greater benefit to the communities of their source?
about this S5.418.022,274 of combined deposits is that it represents over
All this calls for work of an educational naturo, and also for work out$10,000,000 moro than tho entire amount o f actual money in tho United sido tho offico, away from the desk, and far into tho field. It also means
States.
the opening up of special departments and the setting aside of a portion of
Properly classified with tho savings banks aro tho 7,072 building and loan income for maintaining them. And this brings to the front somo vital
associations with their $1,508,528,136 assets, which swell tho volumo of legal questions. At present under the laws in most States, savings banks
doposits to $7,016,550,410, or moro than $1 out of every .$5 in all banks. can not uso their earnings ecxept for meeting ordinary expenses and losses,
(Total doposits aro
30,443,000,000).
for paying interest or dividends, and for creating a surplus or reservo.
Theso 9,919 private savings banks and associations havo together 14,
Moreover, theso laws (to speak in general terms) require that savings
935,445 depositors and members, which means about ono out of every
banks shall invest their funds only in stocks and bonds of the United Statos,
threo persons engaged in gainful occupations. The averago deposit is of State, municipal or local governments, of railroads, and of certain public
under 8500. So tho services of the system are widely distributed and evi utility corporations, and in mortgages on real estate. In brief, private
dently reach a class of people not very rich.
savings banks can not act in sympathy with activo aspirations of their
Tho groat development of this privato savings system is a sourco of gratifi depositors, but, so far as regards the use of earnings and funds, are invest
cation and prido to all of us who have had an activo part in it. Wo all ment concerns of a very restricted class. The restrictions were imposed
desire to preservo and expand this system, and to make a record for it in for tho reason that safety is tho chief essential of savings banks, without
tho futuro as fine as its past. But we might as well recognize the fact which they would bo unable to perform their other function of encouraging
that thero aro difficulties ahead that never beforo confronted us.
thrift.
In tho largo European countries, in Japan, and in somo South American
These restrictions aro undoubtedly wise, and difficulty would bo en
countries tho public, communal, and postal savings banks havo either countered in changing them without prejudieo to the safety for which they
completely routed or aro gradually replacing private savings banks. This wero devised. Nevertheless, they deprive savings banks of tho right to
has been accomplished by giving special privileges to the Government givo direct financial assistance to tho great majority of their depositors.
institutions.
Furthermore, they force savings banks that become largo to seek invest
In 1910 when tho United States established its postal savings banks, ments outside their respective communities, and so to tako funds away
the intontion expressed was not to interfere with privato savings banks, but from tho locality of sourco.
to afford accommodations to a class of persons not served by them. The
This condition, however, is more pronounced in the governmental than
past year the monthly limit of 8100 for deposits was removed, and tho in the private systems. The postal savings banks must become more
amount a depositor may havo to his credit was increased from $500 to and more exclusively a feoder of tho Treasury Department, as has hap
81.000. Undoubtedly tho limit will soon bo raised again.
pened in all foreign countries. The Federal Farm Loan system was
Tho deposits now aggregate in oxcess of $131,000,000 and aro increasing avowedly established to draw money from places where it is abundant to
by leaps and bounds. Tho largo patronago of foreign immigrants does not places where it is scarce. So far this system has not made much progress
account for all this growth. It lies in tho fact that thero are 7,161 postal in attracting private capital. But it has been marvelously successful in
savings depositaries, including 738 branch post-offices and stations and tapping tho public till, as evidenced by tho S210,000,000 Congress has
that tho Postmaster General and his staff havo tho advantage o f witlo, free already appropriated for it.
publicity.
1 havo my doubts whether the Federal Farm Loan system will over be
In tho Federal Farm Loan system, established in 1916, there are now somo ablo to attract sufficient privato capital so as to do farm mortgaging on the
3,000 national farm loan associations, or about ono for every county. scale contemplated by its managers. Investors are inclined to believe that
These associations may rocoivo doposits from any individual, firm, or cor public officials aro not quite as careful as privato brokers or bankers, when
poration. No limit is put on tho credit allowed a depositor. Tho Federal it comes to lending money to private individuals; and that it will always be
Farm Loan Board and Troasury Department aro urging tho taking of difficult to keop political preferences out of appointments. But any faildeposits.
tiro in tho lending end is not going to bring about the abolishment of that
Those associations can issue one-year deposit certificates at 4% , convert system.
ible into bonds o f tho land banks, which aro instrumentalities of tho Gov
Tho n;ost probable outcome is that it will be converted entirely into a
ernment. That is to say, tho Government practically guaranteas them. Government savings-bank system, with the power to invest its funds in
Somo authorities contend that an association can not pay back deposits any kind of Government securities. So, no matter how many Govern
oxcopt with theso certificates. Others do not take this view, but contend ment systems remain or shall hereafter bo erected, tho privato savings banks
that tho doposits aro withdrawable.
need havo no fear that any of them will store up any money for local uses,
Tho associations must transmit tho deposits to their Federal Land
either of individuals or of tho community. The main cause for alarm is
bank. Thero aro twelvo of theso banks, each having tho right to open
that, by reason of tax-exemptions and other privileges, each governmental
branches in its district. Each also can issuo $5 shares to any individual, systom will have the advantage over all competitors in gathering up
firm, or corporation, increaso its capital stock with consent o f the Board, savings.
and tako deposits from any shareholder. Somo authorities say theso banks
Tiio best way private savings banks can overcome this advantage is by
can not pay interest on deposits.
improving and enlarging their local service and by getting in closer touch
But bo tha’j as it may, thu machinery is thero. and could bo easily trans with tho depositor. Thoso that do not do so are liable to experience a
formed into a veritable not work of Government savings banks, but a very gradual falling off of doposits. But thoso that do so will surely forgo ahead,
slight amondmont of tho law. All this system is oxompted from Federal,
bocuase Federal public institutions can not possibly devote much of their
municipal, and local taxation, while tho bureau that directs it has tho free funds to local usos, whilo the work of their officials not infrequently bo
uso of tho mails, with salaries and expenses paid by tho Government.
comes perfunctory.
It is my belief that Congross will romovo moro restrictions from tho postal
Tho trustees, directors and officers of tho savings banks are, as a rulo,
savings banks, and will enlarge tho savings-bank features o f tho Federal public-spirited and benevolent, and (not barring myself) havo tried to
Farm Loan Systom. I can seo no other outlook, owing to tho enormous
stand among tho best men in their respective cities. Maybe somo of us
monotary noods arising out o f tho Government’s own public functions and
havo not been activo enough. But henceforth we must bo active, although
tho privato enterprises It is taking over, and is avowedly bent on financing not to tho extent of becoming too daring or reckless innovators. I havo
directly.
always
been opposed to tho so-cailod liberalization of the laws and estab
For this reason, I apprehend that progross for tho privato savings banks
lished usages and customs of tho savings banks. What I havo said to-day
will not bo so easy in tho futuro as it was in tho past. Wo havo rent, taxes
is simply by way of suggestion, knowing full well that nobody would act
on reserves, salaries and oxponsos to pay out of income; and wo aro facing
upon it without oxtreme caution. But be it remembered that we aro
a highly privileged competition, such as has crushed out privato enterprise in
entering upon a now era. Tho old order is passing and now conditions in
many a largo foreign country. Wo can not escape this fact by ignoring it.
economic, political and everyday life are coming in.
Our best liopo lies in adjusting ourselves by changing conditions, even by
Tho laws havo recently been changed so as to authorize national banks
engaging in local welfare work. In considering this readjustment tho first
to receive savings doposits. So the mutual and joint stock savings
two points which present themselves are, of course, what Interest may bo banks of tho pure type are now confronted by keen competition on all
paid on deposits, and how can deposits bo invostod?
sides. Yet their laws, with a few exceptions, remain unchanged, restricting
The postal savings banks pay 2% interest. Tho national farm loan the uso of assots and limiting the interest thay may be paid on deposits.
associations can pay 4% . The Federal land banks can pay 5% on bonds,
I do not believe that savings banks should enter into the province of
and aro now selling them to yield 4.75% a year to tho redeemable dato. ordinary banks, or make loans or extend credit to individuals except upon
Theso bonds may bo tendered in payment o f tho interest or principal of tho security of real estato mortgages or other equally safe or highly nego
the loans, and aro also redeemable flvo years after issuo. Consequently tiable security. Their aim must still continue to use their funds for the
the millions of them soon to bo in circulation can bo oasily converted into general, as distinguished from any individual good. But with this end in
cash through tho system.
view, I do not believo it would be harmful or revolutionary to set aside a
It is my opinion that tho Federal land banks can also accept doposits small portion of annual profits for educational work, or to employ agents
of any kind and pay bitcrest at any rato thereon. I say this because of to dissominato information useful for farmers or small industrials, or,
tho fact that tho share to which a depositor must subscribe is a mere fiction, above all, to urge and assist those classes to form co-operative associations
sinco tho $5, which it represents, need never bo paid up, while if paid, the or at least to adopt tho best methods of budget-making and bookkeeping.
sum may bo repaid by the bank. All securities issued under tho Federal
Wo havo opened up departments in the Society for Savings in the city
Farm Loan Act aro exempted from tho operation of tho income tax laws.
of Cleveland for these purposes, and the plan is so-far amply justified.
Thus tho land bank and tho depositor aro both freo from taxation, while
thero is no limit to tho amount of tho certificates or of tho convertible bonds
SALE OF FEDERAL FARM LOAN BONDS.
that ono person may hold. As against this, privato savings banks cannot
accept deposits except for limited amounts, whilo their earnings must bo
A c c o r d in g to p ress d isp a tc h es fr o m W a s h in g to n ^ o n M a y
reduced by taxes and various expenses, which, in tho case of tho Govern 3 0 n e a r ly $ 4 5 ,0 0 0 ,0 0 0 o f th e F e d e ra l fa r m lo a n b o n d s ,
ment institutions, aro borno by tho public. Therefore, it is my belief
b e a r in g 5 % , th e o ffe r in g o f w h ich w a s referred ^to in th ese
that tho privato savings banks will havo very little advantage, if any at all,
over tho postal savings banks and tho Federal farm loan system in tho c o lu m n s la s t S a tu r d a y w ere sold d u rin g tho nino d a y s c a m
matter o f tho interest rato that may bo offered.
p a ig n c o n d u c te d th ro u g h th e F e d e ra l F a r m L o a n B o a r d
2282
th r o u g h
th e
s y n d ic a te
c o m p o se d
of
A le x a n d e r
B row n
&
NEW
YORK FEDERAL RESERVE BANK'S CIRCULAR
CONCERNING SILVER RETIREMENT.
S o n s , B r o w n B r o s . & C o . , H a r r is , F o r b e s & C o . , L e o , I l i g g in s o n & C o . , a n d th e N a t io n a l C i t y C o m p a n y .
I t is re
p o r te d a s h a v in g b e e n a n n o u n c e d a t W a s h in g t o n o n M a y
3 0 t h a t th e c a m p a ig n w o u ld b e c o n tin u e d u n til a b o u t S o p t.
1 5 , o r s h o r tly b e fo re th e fo u r th L ib e r t y L o a n d riv e is s ta r te d ,
a n d tlio B o a r d h o p e s to d isp ose o f $ 7 5 ,0 0 0 ,0 0 0 b o n d s b y th a t
tim e to p ro v id e fu n d s fo r fa r m lo a n s u p to J a n .
1 1919.
T h e b o n d s , it is s ta te d , are so ld a t a n in te r e st o f 1 % , th e
in t e r e s t g o in g to b o n d
h o u ses as sellin g c o m m issio n s .
It
h a d b e e n o rig in a lly ag re e d b y th e s y n d ic a te , it is s a id , to
sell $ 1 5 ,0 0 0 ,0 0 0 o f th e b o n d s a n d to ta k e a n o p tio n fo r a n
a d d itio n a l $ 1 5 ,0 0 0 ,0 0 0 .
T h e fa v o r a b le re c e p tio n a c c o r d e d
th e b o n d s b y in v e sto rs re su lte d in th e flo a tin g o f a larger
am ount
th a n
had
been
in te n d e d .
A
sp ecial
d iv isio n
d i
re c te d b y F . J . I I . V o n E n g e lk e n , h as b e e n c re a te d b y th e
Farm
Loan
b o n d s in
B oard
to org a n ize m a c h in e r y fo r d istr ib u tin g
th e fu tu r e .
FEDERAL FARM LOAN BONDS LEGAL INVESTMENTS
FOR WEST VIRGINIA INSTITUTIONS.
T h e fo llo w in g A c t w a s p a sse d b y th e 1 9 1 7 se c o n d e x tra o r
d in a r y session of th e W e s t V ir g in ia L e g isla tu re a n d a p p r o v e d
b y th e G o v e r n o r o n M a y 2 1 , p ro v id in g t h a t F e d o ra l F a r m
L o a n b o n d s sh all b e a la w fu l in v e s t m e n t fo r s a v in g s b a n k
d e p o s its ,
fo r
all fid u c ia r y
and
tr u s t
fu n d s,
fo r
fu n d s
of
in su ra n c e c o m p a n ie s a n d o f s a v in g s a n d lo a n a s s o c ia tio n s ,
a n d fo r th e w o r k m e n ’ s c o m p e n s a tio n f u n d , a n d t h a t su c h
F e d e ra l
rV0L. 106
THE CHRONICLE
F arm
Loan
bonds
sh a ll b e
a c c e p te d
as
s e c u r ity
fo r a ll p u b lic fu n d s :
Be it enacted by the Legislature of West Virginia:
Section 1. That Farm Loan bonds issued by Federal Land banks or
joint stock land banks, under an Act of Congress approved July 17, 1916,
entitled, “ An Act to provido capital for agricultural development, to creato
standard forms of investment based upon farm mortgage, to equalize rates
o f interest upon farm loan, to furnish a market for United States bonds, to
creato Government depositories and financial agents for tlio United States,
and for other purposes,” shall bo a lawful investment for savings bank
doposits, for all fiduciary and trust funds, for the funds of insurance com
panies and savings and loan associations, and for the workmen’s compensa
tion fund. Said Farm Loan bonds shall bo accepted as security for all
public deposits on the samo terms as any bonds for which tho faith of tiro
United States is pledged.
Sec. 2. All Acts and parts o f Acts inconsistent with tho terms o f this
Act aro hereby repealed.
S lig h t c h a n ge s w ero m a d o b y th o L e g isla tu re a t its rogu lar
se ssio n in S e c tio n 1 7 o f th o go n e ral la w re g u la tin g th o in v e s t
T h e F e d o ra l R e s e r v e B a n k o f N o w Y o r k issu e d o n M a y 2 4
t h e fo llo w in g circu lar c o n ce rn in g th o te m p o r a r y r e tire m e n t o f
silv e r c e rtific a te s .
I t a s k s m e m b e r b a n k s t o c o -o p e r a te in
b rin g in g a b o u t su ch r e tire m e n t b y s o r tin g o u t o f th oir c a sh
all silve r c e rtific a te s th e y m a y h a v o o n h a n d or reco ivo f r o m
tim o to tim o a n d to se n d th e m to th o R o s e rv o B a n k in e x
c h a n g e fo r o th e r cu r re n c y .
To the Cashier:
Sir— For tlio purpose of conserving tho nation’s good supply, permitting
tho settlement in silver, where practicable, of advorso trade balances, pro
viding silver for subsidiary coinage and commercial uso, and assisting
Allied Governments in the war against Germany, Congress lias recently
authorized 350,000,000 of the silver dollars held in tho United States
Treasury to bo broken up and sold as bullion. As most of tho silver thus
held is represented by silver certificates in circulation, it can only bo ob
tained by tho return of silver certificates to tho Treasury for cancellation.
Tho withdrawal of silver certificates from circulation is not intended to be
permanent, as tho Act provides that tho Director of tho M int, as soon as
practicable after a salo of silver bullion has boon mado, shall purchaso a
like quantity of silver to take tho place of tho bullion sold. To provido
temporarily tho necessary circulating medium during tho interim between
tho withdrawal of tho silver certificates and tlicir subsequent ro-issuo when
tho silver supply has been replenished by purchases of silver, Federal Ro
servo banks will issue Federal Resorvo bank notes in denominations of
S i, $2, $5 and upward. These notes will bo obligations of tho Federal
Roservo banks secured by United States certificates of indebtedness or
bonds and similar otherwise to national bank notes.
Wo ask tho banks of this district to co-operato with tho Government by
furnishing us with thoir present supply of S5 silver certificates, which can
bo replaced in circulation at onco by Federal Roservo notos, Fedoral Iteservo
bank notos or United States notes. In a fow wcoks, when Federal Roservo
bank notos of tho SI and S2 denominations aro ready, a roquost will also
bo mado that silver certificates in thoso denominations bo sent in.
Will you not, therefore, please sort out of your cash and forward to us,
at our oxpenso, all silver certificates of $5 and upward which you may have
on hand or recoivo from timo to timo, in return for which wo will oitlior
(а) Furnish you, freo of expense, othor currency of tho same or larger
denominations, as you may prefer, or
■*'*
(б) Place tho amount to your credit in this bank or in any dosignatod
bank in this city.
Wo feol confident that you will bo willing to co-oporato with tho Govern
ment in furnishing it the silver it needs for its own requiromonts and those
of its allies.
Awaiting your response to this, wo aro
Very truly yours,
BENJ. STRONG, Governor.
D. II. C. PENNY W IT H FOREIGN EXCHANGE DIVI
SION OF THE FEDERAL RESERVE BOARD.
D.
I I . C . P e n n y h a s b e on a p p o in te d A s s is ta n t D ir e c to r
m e n t o f d e p o sits o f sa v in g s b a n k s so th a t t h a t se c tio n n ow
o f th o F o r e ig n E x c h a n g e D iv is io n o f th o F e d e ra l R e s e r v e
re a d s a s fo llo w s :
B oard .
W e in d ic a to th e a lte r a tio n s m a d o in th o
I n ord er to g iv e his a tte n tio n to tho fu n c tio n s o f
la w th is y e a r b y p la c in g th e n ow m a tte r in ita lic s a n d p u ttin g
h is n ew offic e M r . P e n n y h a s te m p o r a r ily sevorod h is c o n
in b la c k fa c e ty p e a n d b la c k fa c e b r a c k e ts th o o ld l a w o m it t e d .
n e c tio n w ith
Section 17.
Tho trustees o f any such savings bank shall invest the
doposits o f tho bank and tho incomo derived therefrom only as follows:
First— In tho first mortgage or deeds of trust on real cstato situato In
this stato, or in states contiguous thereto, such real estato in another state
not being situated at a distance exceeding fifty miles from such bank, to an
amount not to exceed sixty per cent, o f tho valuation o f such real estato;
and no loan on real estato security shall bo mado except upon tho report of
not less than two members of tho board of trustees who shall certify to
tho value of tho premises to bo encumbered, according to thoir best judg
ment, and such roport shall bo filed and preserved with tho records of the
corporation.
Second— In bonds or securities of tho United States, or o f any Stato, or
o f any county, [d i s t r i c t ,] magisterial district, independent school district or
other school district, city, town or village in this stato, or in any bonds for
which tho faith of tho United States is pledged; or in tho notes of any citizen
of this state, with a pledge of any of tho aforesaid securities at no moro than
80% of tho market value and not exceeding tho par value thereof.
Third— In tho notes of any citizen o f this Stato with a plodgo as collateral
of tho stock of any bank or banking association incorporated under tho
authority of this State or of tho United States at no moro than 80% of tho
market value and not exceeding tho par valuo thereof; provided, that such
corporation shall not hold as security for loans moro than ono quarter of the
capital stock of any ono bank or banking association. Savings banks may
deposit not to exceed 20% o f thoir deposits, on call, in such banks or banking
associations, and may recoivo interest for tho samo.
Fourth— In loans upon personal notes of tho depositors of tho corporation,
but not exceeding tho amount of his deposit to a depositor; and in such cases
tho deposit and book o f tho depositor shall be held by tho corporation as
collateral security for-tho payment of tho loan.
Fifth— If such deposit and incomo can not bo conveniently invested [ i n
the modes hereinbefore p re s cr ib e d ], not exceeding one-third part
thereof may bo invested in bonds or other personal securities, payablo at a
timo not exceeding ono year, with at least two securities, if tho principal
and sureties aro all citizens of this Stato and resident therein.
Sixth— 15% of tho doposits o f any such corporation, but not oxcoeding
$100,000, may bo invested in tho purchase of a suitable site and tho erection
or preparation of a suitable building for tho convenient transaction of its
business; and from portions of which, not required for its own uso, a rovonuo
may bo derived.
Sovonth— Any such corporation may take real estato, stocks, bonds and
securities in payment in wholo or in part of any debt bona fide owning to it,
or may purchaso tho samo if deemed necessary to securo or obtain payment
of any such debt in wholo or in part; and may manago, uso and dispose of
what has beon taken or purchased as a natural person might do; [ b u t nil
sucli real estate shall be sold by it w ithin five years after the title
th ereto is vested in the corp oration ; provided, however, th at the circu it
cou rt o f the cou n ty , in w hich such real estate is situate, may upon
petition o f the trustees o f any such savings bank, and for good cause
show n, grant an additional time, not exceeding tw o years, within
which such real estate may be s o ld .] but all taxes, foreclosure expenses
a n d costs of maintenance shall be paid out of the income of the bank.
b e on
th o
I r v in g
N a t io n a l
Bank
o f w h ich
ho has
V ic e -P r e s id e n t.
N E W STRUCTURE PROPOSED FOR FEDERAL RESERVE
B A N K OF N E W YORK.
•
T h e F e d e ra l R e s e r v e B a n k o f N o w Y o r k o n M a y 3 0 a n
nounced
3 3 ,0 0 0
th a t
it
had
a c q u ir e d
a
tr a c t
of
a p p r o x im a te ly
sq u a re f e e t , c o m p ris in g th o ontiro b lo c k fr o n t o n th o
e a s te r ly sid e o f N a s s a u S tr e e t fr o m L ib e r t y S tr e e t to M a id e n
L ane.
I t h as a fr o n ta g o o n N a s s a u S tr e e t o f 1 6 4 fe e t 9
in c h e s , o n L ib e r t y S tr e e t o f 2 3 5 foot 1 in c h , a n d o n M a id e n
Lane
of
269
fe e t
2
in c h e s .
Tho
c o n tr a c ts
w ore
th ro u g h th o re a l e s ta te o ffico o f H o r a c e S . E l y & C o .
close d
Tho
b a n k ’s a n n o u n c e m e n t fu rth e r s a id :
Tlio street numbers of tho properties acquired aro 28-50 Maiden Lano,
40-52 Nassau Street, 33-51 Liberty Stroot and lncludo purchases from
five different owners, namely:
Tho Mutual Life Insurance Company.
L a w ye rs T it lo & T r u s t C o m p a n y .
E sta to o f W illia m Z iegler.
E s ta to o f W illia m R u h u stru ck .
J o se p h I,. Dolafield.
Messrs. George It. Read & Co. wore associated With Horace S. Ely
& Co. as brokers in tho acquisition of Ziegler & Iiuhnstruck, parcols; tho
estato of William Ziegler being represented by William Curtis Domarest
and J. Curry Watson. Messrs. White & Case, attornoys-at-law, and the
Titlo Guarantee & Trust Co. represented tlio bank in connection with the
title examinations.
The site acquired by tho bank was selected aftor a caroful study by a
special committeo of directors of tho bank, and it was decided upon by tho
board or directors becauso of its convenient location, splendid light, and
tho opportunity which it afforded of erecting a building which architec
turally would bo in keeping with such an institution, also becauso
this tract could bo acquired at a prlco which realty exports con
sidered very low. Tho prico was nearly $200,000 loss than tho tax valua
tion, being slightly less than $3,200,000, which figures about $93 por
square foot.
Tho action of tho directors in acquiring this proporty has boon rondorod
necessary by tho extraordinarily rapid enlargement in tho business and
functions of tho bank. The rapidity of this increased activity lias forced
tho bank to operato Its various bureaus and divisions in many placos con
siderably separated from tho contral offico. At tlio presont timo, for
example, tho bank has under lease, in addition to tho space occupied by
tho executive officos on tho ground flloor of tho Equitable Building, tho
wholo of tho 24th and 25tli floors of tiiat building, half of tho 5th floor
and a quarter of tho 4th, as well as tho vvholo_of tlio building 50 Wall
1 1918.]
June
THE CHRONICLE
Street. Even this largo amount o f space, which is already too scattered
for efficient operation, will undoubtedly soon becomo too small. The
staff of the bank is now over 1,200 as compared with 175 a year ago.
Tlio directors plan to build a now structure, which will provido a suitable
permanent homo for tho bank, the construction o f which will, o f courso,
bo dolayed until after tho closo o f tho war. It is estimated that a very
material saving in tho cost of operation will bo made by eliminating tho
largo rentals now paid by tho bank and substituting thorefor merely tho
cost o f operating its own premisos, plus tho interest on tho original cost of
purchase and construction.
TRADE ACCEPTANCE MEETING I N CHICAGO
JUNE 1 7 .
A
sp ec ial
A m e r ic a n
La
a ll
day
T rad o
S allo H o t e l,
T rad o
A c c e p ta n c e
se ssio n
A c c e p ta n c e
C o u n c il w ill b o
C h ic a g o , o n
M o n d a y , Juno
h e ld
17,
of
th o
in
th e
th e d a y
im m e d ia t e ly p re ce d in g th o o p e n in g o f tho a n n u a l c o n v e n
tio n o f th o N a t io n a l A s s o c ia tio n o f C r e d it M e n
a lso to b o h o ld in th e L a S allo H o t e l.
w h ic h is
T h i s , i t is a s s e r te d ,
w ill b o th o m o s t im p o r ta n t tra d o a c c e p ta n c e m e e tin g e v e r
h e ld
of
in
th is
c o u n tr y .
th o F e d e r a l
Tho
a tte n d a n c e
w ill
fin a n c ia l in te r e sts
v ite d
tra d e
fo r t y -e ig h t
h u n d re d
P aul
of
bo
r e p r e s e n ta tiv e
th o
co u n try .
a c c e p ta n c e
S ta t e
trad o
W arb u rg,
D e p u ty
R e s e r v o B o a r d , w ill a d d re ss
of
b a n k in g
have
been
re p re se n tin g
a s s o c ia tio n s ,
a c c e p ta n c e
b u sin e ss
T h e ro
c o m m it te e m e n
G overn or
th o m e e t in g .
a ll o f
c o m m it te e m e n
th e
and
in
th e
se v o ra l
a p p o in te d
in
th o v a r io u s in d u str ie s, a lso th o o ffic e rs a n d d ire c to rs o f a ll
th e
and
m o ro
a
p r o m in e n t
largo
num ber
m e r c h a n ts a n d
tra d o
of
and
le a d in g
c o m m e r c ia l
ban kers,
o rg a n iz a tio n s
m a n u fa c tu r e r s ,
s tu d e n ts o f e c o n o m ic s .
E. P. PASSMORE WARNS B AN KS TO DO THEIR SHARE
I N WAR.
A n ad d re ss in w h ic h th o b a n k o rs w ero w a rn e d th a t u n le ss
th e y d o tlioir sh are in c a rr y in g th o c o u n tr y ’s fin a n c ia l b u r donds
d u rin g
th o w a r
“ m e a n s w ill b o
d ev isod
to
com pel
t h e m to d o s o ” w a s m a d e b y E . P . P a ssm o r o , G o v e r n o r o f
th o F e d e r a l R e s e r v e B a n k o f P h ila d e lp h ia , a t th o a n n u a l
m o o tin g o f th o P e n n s y lv a n ia B a n k o r s ’ A s s o c ia tio n a t A t la n t ic
C ity on M a y 2 4 .
T h o P h ila d e lp h ia “ L e d g e r ” g iv e s h is ^ o b so r v a tio n s as fo llo w s:
As encouraging as tho Third Liberty Loan results have been, gravo
problems o f financo will face tho bankers o f tho nation in tho near'futuro.
I regret to say wo havo hardly begun on tho work o f these Liberty Loan
campaigns.
I understand this month tho expenditures o f tho Government will amount
to SI,500,000,000. Tho demand for war materials at tho front is in con
stantly growing volumo and thero are much moro strenuous campaigns
ahead of us. When full reports o f tho Third Liberty Loan are In it Is my
belief tho banks will not bo called upon to carry many bonds. This will
permit thorn to keep their funds liquid for future Government demands
Tho United States must depend on tho banking institutions and overy ono
of thorn must do its duty.
Unless banking institutions do their sharo means will bo devised to
compel them to do so. Tho Government has no idea that any such drastic
measures will bo necessary, for it believes tho banks of their own volition
will rise to whatever demands aro placed upon thorn.
S o m o o f h is fu rtk o r ro m a r k s aro ta k e n as fo llo w s fr o m tho
P h ila d e lp h ia “ P re ss” o f M a y 2 5 :
By July 1 the Government will have spent tho entire proceeds of tho
Third Liberty Loan and so much of the income tax payments, duo Juno 15
as to make It virtually necessary to call upon tho banks for moro money.'
I boliovo that by July tho Government will bo Issuing certificates of in
debtedness to tido tho country over until the noxt Liberty Loan
Tho
affairs o f bankers should bo in such shape that they can;take up this work.
Wo seo that tho peoplo thus far havo responded far better than could
bo predicted.
JOHN II. MASON A T PENNSYLVANIA BANKERS'
MEETING SEES FEDERALIZATION OF BANKS.
Tho
tron d
to w a rd
th o
F e d e ra liz a tio n
of
th o
3283
I am aware that most of tho trust companies and State banks havo not
entered tho Federal Reserve system. I don’t reckon thoso who havo not
entered as any less patriotic than tho others, for am I convinced that all
of us bankers aro equally patriotic. But somo think it unwiso to enter,
chiefly because they suffer misunderstandings about a divided responsibility
resulting from having both Federal and Stato control.
Now my company happens to bo a Federal Reserve member, so that I
can testify to its benefits. No national bank examiner lias como to seo us,
although I think wo all should wolcomo any number of examiners’ visists.
If you join, your reports to tho Banking Commissioner of Pennsylvania will
bo accepted by tho Federal authorities.
Then somo think that tho rights they enjoy under Stato charters would be
taken away from them when they joined tho Federal systom. This is not so;
but if you have somo right now that you aro not using, you may want to
uso it when under tho Federal system. Wo, for instance, wero not purchas
ing paper before wo joined, whereas now paper is about the only thing
wo do purchase.
Somo have tho notion that once they join they cannot get out if they want
to. All a member bank has to do to got out is to give six months’ notice
and it can leave tho Federal Reserve, provided, of courso, too many banks
do not seek to withdraw at the samo time.
Wo aro entering an era of Federalism. We had best look it in tho face
and meet it half way and guido it in its channels. The question sometimes
arises in regard to this: Can we better improve tho Federal banking systom
by working within it or from without? At first I thought that trust com
panies should not enter system; but now I boliovo that tho Federal Reserve
Act is tho strongest and great banking act this country has ever drawn,
and wo can strengthen it from within better than without.
Go back homo,
read it over again and consider it and seo if I am not right.
Thero is somo doubt in tho minds of bankers about some o f tho now
banking legislation in Congress. For oxamplo, there is tho Phelan bill,
granting fiduciary powers to tho national banks in any Stato. Well, now,
while I may not bo for the moment so popular with somo of you for saying
it, I must confess that I think it is proper that tho national banks should
havo fiduciary powers. If thoy can handio that kind of business efficiently
let thorn handio it. I’m not afraid of their competition. I f thoy can got
my business away from mo why shouldn’t they?
This sort of thing is always a step in tho direction of Federalization, to
which we aro coming. Thero is a bill in tho House to guarantee deposits
up to $5,000. I must confess when I first heard of that it mado me squirm.
But I think it’s going to pass. These things aro all signs o f tho broadening
powers of tho United States Government, and don’t shut your eyes to it.
Tho timo for selfish and narrow considerations o f competition is passed.
Tho timo for that’s gono. W hy, wo bankers must think now in terms
which take into consideration tho possibility that under certain circum
stances the Government might practically conscript tho banks as it has
conscripted tho railroads. You know as well as I do that the railroads
strovo to keep their various unit and group interests paramount and separate
from each other, not co-operating properly for tho best advantage of tho
country, and it was for that reason that they were Federalized. And if
wo bankers act in tho samo way, considering first our separate interests,
wo will bo Federalized too.
I beg o f you whoso institutions havo not entered tho Federal Reserve
system to think of doing so at once first on patriotic grounds and second
bccauso it will increase earnings as well. I can tell you I sleep better at
night, because of my bank being a member, knowing that I can go down to
tlio Federal Reserve Bank and got all tho money I need. Ono does not
need to worry when ho sees doposits running down, if ho is in a member
bank.
W hy, overy ono of you remembers that day tho newspapers told of tho
unification of tho Allied commands under Foch, and do you not remember
that you gave a sigh of relief, knowing that only in such co-operation there
was safety? What is true of armies is true of banks. Thero must bo moro
unison.
Thero is only ono thought and ono aim among us to-day— to win tho
war. I am a Republican, but I thank God that wo have in tho White
Houso to-day such a wonderful man as Woodrow Wilson. I think every
patriotic man feels that, no matter what his party.
This is no timo to consider any question from the standpoint of politics,
race, color, or creed. What aro thoso lives of ours? Our lives aro nothing
compared to tho great mission of our country. I know that most of you,
as I did, thought about how he could help to win tho war. Wo wished we
wero not so old or so fat so that wo might get into uniform. But what we
cannot do for tho nation in the field wo can do at home.
I am ono of thoso who knows that all tho Germans aro not on tho other
side of tho ocean. I know thero aro pro-Germans in this country. And I
want to say that if any pro-German banker is caught in any unpatriotic
deal, I would not say that just because ho was a banker ho should bo sent
back to Germany or to an internment camp or somo such mild treatment,
but I say that, damn him. ho should bo put up against a wall and filled full
of holes.
Whatever wo can do, whatever trifling littlo thing wo can do, as Mr,
M cAdoo says, to help shorten this horrible war, no matter how littlo it
may be, we ought to seek to do it. Every Stato institution should get into
tho Federal Rescrvo system.
b a n k in g
resou rces o f tho c o u n tr y w a s p o in to d o u t a t th o a n n u a l c o n
v e n tio n o f th o P e n n s y lv a n ia B a n k e r s ’ A sso c ia tio n b y J o h n
TA SK OF PENNSYLVANIA COMMISSION CONSIDER
ING REVISION OF STATE B AN KIN G LAWS.
J I . M a s o n , P re sid e n t o f th o C o m m e r c ia l T r u s t C o . o f P h ila
T lie ta s k o f th e b a n k in g c o m m is s io n a p p o in te d b y G o v e r
d e lp h ia in sp e a k in g bofo ro th o T r u s t C o m p a n y S e c tio n o f
n o r B r u m b a u g h to re v ise th o P e n n s y lv a n ia b a n k in g la w s w a s
th o A ss o c ia tio n a t A tla n t ic C i t y o n M a y 2 3 .
re ferre d to b y tw o o f th e m e m b e r s o f th o c o m m is s io n a t th o
M r . M ason
is q u o te d in th o P h ila d e lp h ia “ L e d g e r ” as s a y in g :
a n n u a l c o n v e n tio n o f th o P e n n s y lv a n ia B a n k e r s ’ A s s o c ia tio n
I f I am not greatly mistaken thero is a very pronounced trond toward th
Foderalizatlon o f our banking system. Wo can best meet it by looking
straight in tho faco and help to guido it in tho channols in which It shoul
movo. AVo must faco these probloins oponly and squarely and with a vie
to tho Interest solely o f tho nation. Tho timo for vlowing thoso problen
of financo in a selfish way has gono.
I can figuro that if tho Liberty Loan had failed wo as bankors would soo
find oursolvos occupying virtually tho samo position as tho railroad .no.
Tho Federal Government virtually would conscript us bccauso wo had n<
co-oporatcd. Wo know that tho railroad men strove to keep their soniral
interests paramount to tho Interests o f tho Government and if tho bankci
should ovinco any tendency to movo In that direction wo shall know oxactl
what to expect.
h e ld a t A t la n t ic
M r. Mason urgod that tho Stato banking institutions join
tho Federal Reservo systom as a matter of patriotic duty,
tho Philadelphia “Press” in advices from Atlantic City credit
ing him with tho following remarks on this point:
C ity
la s t w e e k .
John M .
R e y n o ld s ,
of
B e a v e r , P a . , E x -L ie u t e n a n t G o v e r n o r o f th e S t a t e , o n e o f
th o m e m b e r s o f th o B a n k in g C o m m is s io n , in h is r e m a r k s ,
a c c o r d in g to th e P h ila d e lp h ia “ P r e s s ”
o f M a y 2 4 , s a id :
Wo need a brand new State constitution in Pennsylvania. Tho Penn
sylvania Legislature has for years been openly violating tho spirit of the
Stato constitution by granting special banking acts and privileges. In its
work tho Banking Commission had to go back through the laws o f the
Commonwealth as far as 1814. AVo found tho greatest confusion and wo
need not only a new code of banking laws, but a new constitution to make it
possible to do away with old restrictions.
Tho questions considered by tho Banking Commission have been per
mitting tho Stato Banking Commissioner to act on bank charters, his
decision being referable to a higher board: permitting establishment by
trust companies of branches within certain limits; restricting tho amounts
that can be loaned to directors by their banks: to strike out as obsolete the
law lotting the States circulate medium; compelling banks to keep their
records for twelve years; authorizing trust companies entering the Federal
2284
R e s e r v e s y s t e m t o re d is co u n t
d is c o u n t as S ta te b a n k s d o .
THE CHRONICLE
t h e ir p a p e r ; p e r m it t i n g t r u s t c o m p a n i e s t o
The Chairman of the Commission, George D . Edwards,
of the Commonwealth Trust Co. of Pittsburgh, made the
following comments:
S in c e t h e la s t l e g is l a t i v e s e s s io n , d e c i s io n s o f v i t a l i m p o r t a n c e h a v e b e e n
rendered.
T h e d e c i s io n o f t h e U n it e d S t a t e s S u p r e m o C o u r t a f fi r m in g
a s e c t io n o f t h o F e d e r a l R e s e r v e A c t , p e r m it t i n g n a t io n a l b a n k s t o e x e r c is e
f i d u c i a r y f u n c t io n s w a s e p o c h - m a k i n g .
W o n e c e s s a r ily a r e d e e p l y i n t e r e s
t e d a l s o in t h o I’ h e la n b i l l , w h ic h p r o p o s e s t o g r a n t t r u s t p o w e r s t o n a t io n a l
b a n k s ir r e s p e c t i v e t o t h o p r o v i s io n s o f S t a t e la w s .
T h is s h o w s a te n d e n c y
t o b r o a d e n th e p o w e r o f t h e F ed era l b a n k s .
T h e r e p r o b a b l y w ill b e la w s in
o u r o w n S ta te t o b r o a d e n th e s c o p e o f tru s t c o m p a n ie s , g iv in g th e m p o w e r
t o m a k e a c c e p t a n c e s a n d e x e r c is e o t h e r f u n c t io n s h e r e t o f o r e t h o p r i v il e g e
o f ban ks.
C o n d it io n s a p p e a r t o b o m o v in g t o w a r d t w o k in d s o f b a n k s , n a tio n a l a n d
S t a t o b a n k s , w it h c o - o x t e n s i v o p o w e r s .
U lt im a t e ly t h e y m a y b o u n ite d in to
o n e g r e a t b a n k in g s y s t e m .
P r e s e n t la w s r e l a t . v e t 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 i n P e n n s y lv a n ia a r o m o s t c h a o t i c .
M o s t o f th o p ow ers th ey
e x e r c is e a r o c o n f e r r e d b y s p e c ia l a c t s , a v e r y h a p h a z a r d a r r a n g e m e n t .
T h e m o v e m e n t t o c u r e t h is s i t u a t io n w a s s t a r t e d in P h il a d e l p h i a a y e a r a g o
b y Joh n H . M a son an d A . V . M o rto n .
T h o G o v e r n o r h a s a p p o in t e d a
c o m m i t t e e t o r e v i s e t h o la w s , a n d t h e r e is o v e r y i n d i c a t i o n o f r e a d in e s s o n
th o p a r t o f S ta to b a n k e r s , tru s t c o m p a n ie s a n d p r iv a t e b a n k e rs t o c o o p e r a t o w it h t h is C o m m i s s io n t o t h o o n d t h a t P e n n s y lv a n ia m a y h a v e a
m o d e l b a n k in g s y s t e m .
L.
IT. Getlioefer, President of tho Pittsburgh Trust C o.
Pittsburgh, P a ., in touching upon the work of the Com
mission, said:
I b o l io v o t h a t i f t r u s t c o m p a n i e s a r o g o i n g t o d o a b a n k in g b u s in e s s b y
im p lic a t io n , n a tio n a l b a n k s o u g h t t o h a v e tru s t c o m p a n y p o w e r s .
I
b e l i e v e t h a t t h e C o m m i s s io n w h i c h is t o r o v i s o P e n n s y lv a n ia b a n k in g la w s
s h o u l d b r o a d e n t h o p o w e r o f t r u s t c o m p a n i e s t o d i s c o u n t a s w e ll a s t o b u y
p a p e r u n d e r t h o la w .
I n N o w Y o r k t r u s t c o m p a n i e s a r o p e r m it t e d t o d o
a n y t h in g th a t n a tio n a l b a n k s c a n d o .
I b e l ie v o i t is t h o p a t r i o t i c d u t y o f
a ll y o u S t a t o b a n k a n d t r u s t c o m p a n y m o n t o g o t i n t o t h o F e d e r a l R o s o r v o
S y s t e m f o r t h o d u r a t i o n o f t h o w a r , w h e t h e r y o u g o t o u t o f it a f t e r w a r d
o r n ot.
L. E. SANDS ON CO-ORDINATION IN WAR.
Lawrence E . Sands, President of tho First-Second National
Bank of Pittsburgh, in addressing tho Pennsylvania Bankers
Association at its annual meeting in Atlantic City last week,
speaking of tho need of co-operating in tho prosecution of the
war, said in part:
C o -o p e r a t io n a n d c o -o r d in a t io n a ro ta k in g th o p la c o o f c o m p e t it io n .
T h e r e is a f u s in g o f i n t e r e s t s w h ic h w ill b i n d t h is n a t i o n m o r e s o l i d l y t o
g e th e r th a n e v er b e fo r e .
W e a r e u n i t e d in t h o d e t e r m in a t i o n t o f i g h t n o t
o n ly fo r o u r fre e d o m , b u t fo r th o fre e d o m o f th e w o rld .
I t is a w a r o f
id e a ls a n d f o r i d e a ls .
W o s e o t ills f u s in g s p i r it in m a n y d i r e c t i o n s .
T h o r a i lr o a d s o f t h o n a t i o n
aro u n d e r G o v e rn m e n t d ir e ctio n .
T h is m e t h o d o f o p e r a t io n m a y n o t b o
a g r e e a b lo t o t h o o w n e r s a n d o f f i c e r s o f t h e r o a d s ; i n d e e d , i t m a y b o s a f e l y
s a i d , w i t h o u t f e a r o f c o n t r a d i c t i o n , t h a t i t is n o t a g r e e a b l o , b u t t h o u n i
f i c a t i o n is t h o r e s u lt o f t h o n e e d s o f t h o t im e s a n d t h o e x ig e n c ie s c r e a t e d
b y th o w a r.
W e . s e e t h o s a m e t h i n g in t h o f o o d c o n s e r v a t i o n p la n s o f t h o
G o v e r n m e n t , in t h o c o n t r o l o f t h e m a r k e t s f o r i r o n a n d c o p p e r a n d o t h e r
n e c e s s a r ie s o f t h o w a r , a n d w e s e o i t in t h o s h i p p i n g p r o g r a m o f t h o G o v
e r n m e n t a n d in m a n y o t h e r d i r e c t i o n s .
E v e n th e ch u rch e s a ro r e c o g n iz
i n g t h o n e c e s s it y o f u n i t e d a c t i o n a n d r e a l iz a t i o n o f w a s t e fu ln e s s o f
in d e p e n d e n t a n d c o m p e t i t i v e w o r k in s p r e a d i n g t h o g o s p e l o f C h r i s t .
B u t it is in t h o b a n k in g p r o f e s s i o n t h a t w o , a s m e m b e r s o f t h o P e n n s y l
v a n i a B a n k e r s ’ A s s o c i a t i o n , a r o c h i e f l y i n t e r e s t e d in t h o o p e r a t i o n o f t h o
p resen t g e t-to g o th e r m o v e m e n t.
B a n k o rs a ro a c o n s e r v a t iv e f o lk .
It
r e q u ir e s g r e a t o v e n t s t o p r o d u c e g r o a t a n d i m p o r t a n t c h a n g e s i n fin a n c ia l
proced u ro.
U n d e r th o stress o f w a r th o g r o a t tr u s t c o m p a n ie s o f t h o c o u n t r y a ro
r a p i d l y c o m i n g t o p e r c e iv e t h o v a s t i m p o r t a n c o o f u n i f y in g t h o w h o le
f in a n c ia l s y s t e m o f t h o n a t i o n , a n d a r e r a p i d l y b e c o m i n g m e m b e r s o f t h o
F ed era l R e se rv e sy stem .
O f g r e a t i m p o r t a n c o is t h o c o n t i n u e d o f f o r t o f t h o t r u s t c o m p a n y s e c t io n
t o p r o d u c e a b o d y o f la w s f o r t h o g o v e r n m e n t o f t h o t r u s t c o m p a n i e s a n d
S t a t o b a n k s w h i c h w ill m e e t t h o r e q u ir e m e n t s a n d la w s w h ic h m a y b o
p a s s e d b y t h o L e g is la t u r e o f t h is C o m m o n w e a l t h .
A s p a t r i o t i c c it i z e n s w o n e e d n o t o n l y t o lo n d o u r a i d in s e llin g b o n d s
a n d t h r if t s t a m p s a n d a n y o t h e r f o r m o f r a is in g m o n e y w h i c h t h o G o v e r n
m e n t d o v i s e s , b u t a ls o in u s in g o u r l n fl u e n c o in o v e r y w a y in t h o d i r e c t i o n
o f b r in g in g p e a c o w i t h v i c t o r y .
W o c a n d o a g r e a t d o a l in c o m b a t i n g t h o
i n s id io u s G e r m a n p r o p a g a n d a .
W o c a n r e p o r t t o t h o a u t h o r i t ie s a n y
s u s p ic io n o f d i s lo y a l a c t i o n .
W o c a n d e f e n d n o t o n l y o u r o w n c o u n t r y in
a r g u m e n t , b u t a ls o o u r a llie s .
W e c a n s a y a g o o d w o r d f o r E n g la n d a n d
F r a n c e a n d I t a l y a n d S e r b ia a s o c c a s i o n o f f e r s .
W e ca n re b u k e th oso
w h o f e e l f r e o t o s p e a k h a r s h ly o f t h o s o c o u n t r ie s , a n d w o s h o u l d n o t f a il t o
r e m e m b e r t h a t o n o f a v o r i t e f o r m o f G e r m a n p r o p a g a n d a is t o e n d e a v o r
t o f o m e n t d is s e n s io n a m o n g t h e A l l ie s .
I n t h is c o n n e c t i o n t h e r e a r o m a n y
w h o m a k e a n o c c a s io n a l f li n g a t E n g la n d f o r g e t t i n g o r ig n o r in g t h e f a c t
t h a t i t w a s t h o B r it is h f le e t w h ic h a ll t h r o u g h t h o f ir s t t h r e e y e a r s o f t h o
w a r k e p t t h o A t l a n t i c O c e a n o p e n a n d e n a b le d t h o U n it e d S t a t e s t o c a r r y
o n it s c o m m e r c e w i t h E u r o p o .
N o t o n l y t h a t , b u t t h o f a c t t h a t t h e B r it is h
f l o o t k e p t t h e G e r m a n f l e e t b o t t l e d u p in t h o K ie l C a n a l a t t h is v e r y m o
m e n t p r e v e n t s r a id s o n o u r s h o r e s b y G e r m a n w a r v e s s o ls .
I t is n o t
n e c e s s a r y t o m in im i z e t h e i m p o r t a n c o o f t h o A m e r i c a n n a v y , n o r d o w o
m in im i z o i t , b u t o u r f ic o t a l o n o w o u l d n o t k e o p t h o I l u n n a v y in it s p r o s o n t
I n g lo r io u s h i d i n g p l a c o .
C r i t ic s o f E n g la n d t a k e it f o r g r a n t e d t h a t t h c r o is l a t e n t h o s t i li t y b e t w e e n
A m e r i c a a n d G r e a t B r it a in b o c a u s o t h o U n it e d S t a t e s h a d t o f i g h t E n g la n d
t o w in i n d e p e n d e n c e .
B u t t h o r o is o n e p o i n t w h ic h t h o u g h t f u l A m e r ic a n s
d o n o t f o r g e t , a n d t h a t is , it w a s a G e r m a n K i n g o n t h o E n g lis h t h r o n e w h o
s o u g h t t o k e o p t h e E n g lis h c o l o n i e s in s u b j e c t i o n .
G e o rg e I c o u ld n o t
s p e a k a w o r d o f E n g li s h , b u t h o h a d t h o t r u o H u n s p i r it o f o p p o s i t i o n t o
l ib e r t y a n d h o h i r e d H e s s ia n m e r c e n a r ie s , a ls o G e r m a n s , t o f i g h t a n d t r y
t o s u b ju g a te A m e r ic a .
T h o t r u o fe e lin g b e t w e e n A m e r i c a a n d E n g la n d
is e x e m p l if i e d in t h o s t a t o o f a m i t y w lu c l i h a s s o l o n g e x is t e d b e t w e e n t h is
n a tio n a n d C a n a d a .
T h o f r o n t i e r lin o o f m o r o t h a n 3 , 0 0 0 m ile s n e e d s n o
f o r t o r a r m e d s h ip f o r p r o t e c t i o n a g a in s t C a n a d i a n s o n t h o o n o s i d o o r
A m e r ic a n s o n th o o t h e r .
W o h a v o s h o w n t h o w o r l d h o w b r e t h r e n fr e o
f r o m lu s t o f c o n q u e s t c a n d w e ll t o g e t h e r .
[Vol. 106.
PURPOSES OF WAR FINANCE CORPORATION.
Tlio W ar Finance Corporation in a statemont issued
on M a y 28 announced that from tho applications receivod
by it there appears to bo an impression that it was designed
especially to provide funds for meeting maturing obliga
tions, particularly those of public utility companies. It
points out that its resources wero not intended to be loaned
directly to war industries, but that tho Corporation was
intended to sorve as an instrumentality to which banks
could resort for accommodation. W e quo to its statemont
herewith:
T h o r e s o u r c e s o f t h o W a r F in a n ce C o r p o r a t io n a ro n o t in te n d e d t o b o
l o a n e d d i r e c t l y t o w a r i n d u s t r ie s , u n le s s in a n e x c e p t i o n a l c a s e , b u t o n l y
in d ire c tly th rou g h th o b a n k s.
A s th o S e cre ta ry o f th o T ro a su ry sta te d
b e f o r o t h e c o m m i t t e e o f C o n g r e s s w h e n t h o b ill w a s u n d e r c o n s i d e r a t io n ,
“ T h e p r o v i s i o n o f t h o b i ll p e r m it t i n g d i r e c t lo a n s b y t h e c o r p o r a t i o n , in
e x c e p t i o n a l c a s e s , is in t e n d e d t o p r o v i d o f o r t h o s o r a r e i n s t a n c e s w h e r e i t
m a y b o m a d e t o a p p e a r t o t h o c o r p o i- a t io n t h a t a m e r it o r i o u s b o r r o w e r
Is b e i n g u n w i s e ly d i s c r i m in a t e d a g a in s t b y t h o b a n k s . ”
T h o c o r p o r a t i o n w a s o r g a n i z e d t o p r o v i d o a n in s t r u m e n t a li t y t o w h ic h
t h o b a n k s o f th o c o u n t r y c o u ld re s o rt t o o b ta in a c c o m m o d a t io n o n a d
v a n c e s m a d e b y t h e m t o w a r in d u s t r ie s u p o n a c h a r a c t e r o f s e c u r it y n o t
a v a ila b le fo r r e d is co u n t a t a F ed era l R e s c r v o B a n k .
I t is h o p e d t h a t a s
n e e d a r is e s t h e b a n k s o f t h o c o u n t r y w ill a v a il t h e m s e lv o s o f t h o fa c illt ia s
t h u s a f f o r d e d , s o t h a t t h e y m a y b o a m p l y a b l o t o e x t e n d c r e d it t o t h o s o
of
i n d u s t r ie s o f t h o c o u n t r y w h i c h a r o n e c e s s a r y o r 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 th o w a r.
F r o m t h o a p p li c a t io n s r e c e iv e d b y t h o W a r F i n a n c o C o r p o r a t i o n t h o r o
s e e m s t o b e a n im p r e s s io n in c e r t a in q u a r t e r s t h a t t h o c o r p o r a t i o n w a s
s p e c i a ll y d o s i g n e d t o p r o v i d o fu n d s f o r m e e t in g m a t u r in g o b l ig a t io n s , p a r
t ic u la r ly th o s o o f p u b lic u t ilit y c o m p a n ie s .
T h o la w o x p r o s s ly p r o v i d e s
t h a t t h o c o r p o r a t i o n s h a ll n o t m a k e d i r e c t a d v a n c e s t o p r o v i d o f u n d s t o
m o o t s u c h m a t u r in g o b l ig a t io n s , o x c c p t p o s s i b l y i n s o m e r a r e c a s e w h ic h
c o u l d c le a r l y b o b r o u g h t w it h i n t h o “ e x c e p t i o n a l c a s e s c l a u s e . ”
O f cou rse,
t h e c o r p o r a t i o n w il l s t a n d r e a d y t o l o n d it s a s s is t a n c e t o b a n k s a n d b a n k e r s
in p r o p e r c a s e s w h e r e t h e y h a v o t h e m s e lv o s m a d e a d v a n c e s t o w a r i n d u s
t r ie s , w h e t h e r f o r t h o p u r p o s o o f m e e t in g m a t u r in g o b l ig a t io n s o r o t h e r
w is e , a n d d i r e c t a d v a n c e s in d e s e r v in g c a s e s t h a t c o m e e l o a r ly w it h i n t h o
p r o v i s io n s o f t h o la w .
H o ld e r s o f m a t u r in g o b l ig a t io n s , w h e t h e r o f p u b l i c u t i li t ie s o r o f o t h e r
c o n c e r n s w h ic h m a y f in d t h e m s e lv e s u n a b le , b e c a u s e o f t e m p o r a r y c o n
d i t io n s , t o m e e t t h e ir c o m m i t m e n t s p u n c t u a ll y s h o u l d c o n s i d e r w h e t h e r ,
in t h o p u b l i c i n t e r e s t , a s w e ll a s t h e i r o w n , t h e y s h o u l d n o t c o - o p e r a t e b y
c o n s e n t i n g t o r e a s o n a b le r e n e w a ls — p u b li c u t i l i t y c o m p a n i e s p a r t i c u l a r l y ,
in c o - o p e r a t i o n w i t h t h o c o m m u n it i e s in w h i c h t h e y o p e r a t e o w i n g t o
t h e c h a n g e d c o n d i t io n s b r o u g h t a b o u t b y t h o w a r .
N o m a c h i n e r y h a s b e e n s p e c i a ll y p r o v i d e d f o r d i r o c t p u r c h a s e s o f o b l i
g a t i o n s o f t h o p u b l i c u t i li t ie s , w h e t h e r t o m e e t m a t u r it i e s o r o t h e r w i s e ,
e i t h e r t h r o u g h t h o W a r F in a n c e C o r p o r a t i o n o r t h r o u g h a n y o t h e r G o v em m on ta l a g e n cy .
T h o s i t u a t io n o f t h o s o p u b l i c u t i l i t y c o m p a n i e s is ,
t h e r e f o r e , q u i t e d i ff e r e n t f r o m t h a t o f t h e r a i lr o a d s , w h e r e C o n g r e s s h a s
m a d e s p e c i f i c p r o v i s io n f o r t h o p u r c h a s e o f t h e ir s e c u r it ie s b y t h o G o v e r n
m e n t in c e r t a in e x ig e n c ie s , y e t o v e n t h o r a ilr o a d s a r o e x p e c t e d , w h e r e v e r
p o s s i b l o , t o m e o t t h e i r o w n m a t u r it i e s a n d t o p a y w h a t t h o money is w o r t h
t o a c c o m p lis h t h a t e n d .
I t m u s t b o r e m e m b e r e d t h a t t h o r a i lr o a d s a r o u n d e r F e d e r a l o p e r a t i o n ,
a n d t h a t t h e ir r a t e s a r e s u b j e c t t o F e d e r a l c o n t r o l , a n d t h a t t h o G o v e r n
m e n t t h e r e f o r e is in a p o s i t io n t o s e e t o it t h a t t h e i r c lia r g o s sh a ll b o s u f f i
c i e n t t o m e e t t h o c o s t o f t h e s o r v lc o r e n d e r e d .
In t h o c a s o o f t h e p u b l i c
u t i li t ie s , h o w e v e r , n e it h e r t h e ir o p e r a t i o n n o r t h e i r r a t e s a r o s u b j o c t t o
F e d e ra l c o n t r o l.
W h e r e v e r th o ch a rg e s d o n o t a m o u n t t o a d e q u a to c o m
p e n s a t i o n f o r t h o s e r v ic e s r e n d e r e d , r c li o f c a n b o h a d o n l y t h r o u g h t h e a p
p r o p r i a t e l o c a l a u t h o r i t ie s , a n d t im e is e s s e n t ia l t o e n a b le t h o e o m p a n os
a n d t h o c o m m u n it i e s in w h ic h t h e y o p o r a t o t o r o a c h a s a t i s f a c t o r y s o l u t io n
or t h is I m p o r t a n t p r o b l e m . I t is n o t a p r o b l e m w h i c h c a n b o d i s p o s e d o f b y
h a v in g t h o F e d e ra l G o v e rn m e n t t h r o u g h t h o W a r F in a n co C o r p o r a t io n
a s s u m o t h o b u r d e n o f f in a n c in g t h o o p e r a t i o n s o f t h e s o lo c a l c o m p a n i e s ,
e x c e p t in e x c e p t i o n a l c ir c u m s t a n c e s w h ic h m a y m a k e i t a m a t t e r o f n a t i o n a l
i m p o r t a n c o t h a t a d v a n c e s s h o u ld b o m a d e .
T h o l o c a l a u t h o r i t ie s w ill n o d o u b t r e s p o n d a s p r o m p t l y a s p o s s i b lo , i n
c a s e s w h e r o r e l i e f is n e e d e d b e c a u s e o f c h a n g e d c o n d i t i o n s , a s i t is c le a r
t h a t t h o s o u n d n e s s a n d e f f i c i e n c y o f p u b li c u t i li t ie s a r o i n t i m a t e l y c o n
n e c t e d w it h a v i g o r o u s a n d s u c c e s s fu l p r o s e c u t io n o f t h o w a r .
TREASURY CERTIFICATES OF INDEBTEDNESS IS
SUED I N ANTICIPATION OF TAXES.
Tlio following information from Socrotary of tho rLroasury
M cAdoo regarding tho 4 % Troasury certificates of indebted
ness, acceptable in paymont of incomo and oxcoss profits
taxes, was mado public on M a y 27 by Benjamin btrong,
Govornor of tho Fodoral Rosorvo Bank of Now York:
T o a n d in c lu d in g t h e c lo s e o f b u s in e s s o n S a t u r d a y , M a y 2 5 t h ,
th cro
h a v o b e e n i s s u e d § 1 , 5 4 4 , 6 5 0 , 5 0 0 a g g r e g a t e a m o u n t o f T r o a s u r y c e r t i f ic a t e s
o f i n d e b t e d n e s s m a t u r in g J u n o 2 5 1 9 1 8 , a n d a v a i l a b l e in p a y m e n t o f in c o m e
a n d o x co s s p r o fit s ta x e s .
,
.
S u b s c r ip t io n s f o r t h o c u r r e n t is s u o w ill c l o s e a t t h o c lo s o o f b u s in e s s o n
M a y 3 1st n ex t.
,
„ .
,
S a le s o f t h i s i s s u o a m o u n t e d t o $ 1 0 4 ,0 1 4 ,0 0 0 a t t h o c l o s o o f b u s in e s s
M a y 2 5 th , t h e s o b e in g in c lu d e d in th o a b o v e a g g re g a te .
S u b s c r i p t io n s r o c o i v c d a f t e r t o - d a y , M o n d a y , M a y 2 7 t h , a n d o n o r
b e f o r e M a y 3 1 s t , w ill b o s u b j o c t t o a l l o t m e n t , t h o r ig h t b e i n g r o s o r v e d t o
r o j e c t a n y s u b s c r ip t i o n o r t o a l lo t p a r t o f t h e a m o u n t s u b s c r ib e d f o r .
G ovornor Strong also said:
S u b jo c t t o a llo t m e n t a s in d ic a te d a b o v e , t h o F ed e ra l R e s e r v e B a n k o f
N o w Y o r k w ill r e c e i v e s u b s c r ip t i o n s t o t h o c u r r e n t i s s u e , d a t e d M a y 15
1 9 1 8 , a t p a r a n d j a c c r u c d i n t c r o s t u n t il t h o c lo s o o f b u s in e s s M a y 31 1 9 1 8 .
PRESIDENT WILSON’S MESSAGE TO CONGRESS CALL
ING FOR N E W REVENUE LEGISLATION.
Tho mooted question as to whether or not Congress should
take up revenue legislation at this session was decided on
M onday last, M a y 27, when President W ilson appeared
beforo a joint session of tho TIouso and Senate with tho request
June 1 1918.]
THE CHRONICLE
2285
that Congress remain in session long enough to enact a new t h o n e c e s s a r y e c o n o m y t o m a k e t h e m a v a i l a b l e . D e fi n i t e n e s s , e a r l y
taxation measure. Late advices from Washington on M a y d e f in it e n e s s , a s t o w h a t i t s t a s k s a r e t o b e is a b s o l u t e l y n e c e s s a r y f o r t h e
s u c c e s s fu l a d m i n i s t r a t i o n o f t h e T r e a s u r y .
I t c a n n o t fr a m o fa ir a n d w o r k
24 indicated that Secretary M cA d oo’s insistence for new a b l e r e g u l a t io n s in h a s t e ; a n d i t m u s t f r a m e i t s r e g u l a t io n s in h a s t e i f i t is
revenue legislation had resulted in the Congressional leaders n o t t o k n o w it s e x a c t t a s k u n t il t h e v e r y e v e o f i t s p e r f o r m a n c e . T h o
yielding to the pressure brought to bear. So far as President p r e s e n t t a x la w s a r o m a r r e d , m o r e o v e r , b y in e q u i t ie s w h i c h o u g h t t o b e
r e m e d ie d .
I n d i s p u t a b l e f a c t s , e v e r y o n e ; a n d w o c a n n o t a lt e r o r b l in k
W ilson’s final decision was concerned as to whether Congress t h e m . T o s t a t e t h e m is a r g u m e n t e n o u g h .
A n d y e t , p e r h a p s , y o u w ill p e r m it m e t o d w e ll f o r a m o m e n t u p o n t h o
would bo called upon to take up the matter at this session,
it was made known on M a y 25 that a conference late on s i t u a t io n t h o y d i s c lo s e . E n o r m o u s lo a n s f r e e l y s p e n t in t h e s t im u l a t i o n
o f i n d u s t r y o f a l m o s t e v e r y s o r t p r o d u c e i n f l a t i o n s a n d e x t r a v a g a n c e s w h ic h
tho 24th with Senator Simmons, Chairman of the Senate p r e s e n t l y m a k e t h o w h o l e e c o n o m i c s t r u c t u r e q u e s t i o n a b l e a n d in s e c u r e ,
Finance Committee, the President had agreed to withhold a n d t h o v e r y b a s is o f c r e d it is c u t a w a y . O n ly f a i r , e q u i t a b l y d i s t r i b u t e d
his conclusions until ho was more fully advised as to the t a x a t i o n o f t h o w id e s t i n c id e n c e a n d d r a w in g c h i e f l y f r o m t h e s o u r c e s w h ic h
w o u ld b o l ik e l y t o d e m o r a l iz e c r e d it b y t h e i r v e r y a b u n d a n c e , c a n p r e v e n t
need therefor. This information came after an announce i n fl a t i o n a n d k e e p o u r i n d u s t r ia l s y s t e m f r e e o f s p e c u l a t io n a n d w a s t e .
ment that, in fulfillment of promises of Congressional leaders W o s h a ll n a t u r a l l y t u r n , t h e r e f o r e , I s u p p o s e , t o w a r p r o f i t s a n d i n c o m e s
to pass a bill of it were shown to be necessary, Chairman a n d lu x u r ie s f o r t h o a d d it i o n a l t a x e s . B u t t h o w a r p r o f i t s a n d i n c o m e s
u p o n w h ic h t h o i n c r e a s e d t a x e s w ill b e l e v ie d w ill b o t h e p r o f i t s a n d i n c o m e s
Kitchin of the House W ays and Means Committee had o f t h e c a l e n d a r y e a r 1 9 1 8 . I t w o u ld b e m a n i f e s t l y u n f a i r t o w a it u n t i l t h o
determined to begin hearings immediately on the question e a r ly m o n t h s o f 1 9 1 9 t o s a y w h a t t h e y a r e t o b o . I t m ig h t b e d i f f i c u l t ,
of now tax legislation to yield some $4,000,000,000 additional I s h o u l d im a g in o , t o r u n t h o m ill w i t h w a t e r t h a t h a d a l r e a d y g o n e o v e r
t h o w h e e l.
revenues. In his conference with President Wilson Senator
M o r e o v e r , t a x e s o f t h a t s o r t w ill n o t b o p a i d u n t il J u n o o f n e x t y e a r ,
Simmons was said to have proposed that Congress adjourn a n d t lio T r e a s u r y m u s t a n t i c ip a t e t h e m . I t m u s t u s e t h o m o n e y t h e y a r o
t o p r o d u c e b e f o r o i t is d u o .
as soon as urgent business on the calendar was disposed of, n e s s . I n t h o a u t u m n a m uI tc hm ul asrt gseerll ssahleo r to- tf i ml oen cge- tr itmi f iec a bt eosn do sf i nmduesbtt ebde
and return for a special rovenue session in the Fall. On e f f e c t e d t h a n h a s y e t b e e n a t t e m p t e d . W h a t a r o t h e b a n k e r s t o t h i n k o f
tho 25th it was stated that with tho failure of Democratic t h o c e r t i f ic a t e s i f t h o y d o n o t c e r t a in l y k n o w w h e r e t h e m o n e y is t o c o m o
to ta k e th em u p ?
A n d h o w a re in v e s to rs t o a p p ro a ch th e
and Republican leadors to agree on a program presented by fpruormc h awsheicohf is
b o n d s w it h a n y s o r t o f c o n f i d e n c e o r k n o w l e d g e o f t h e ir o w n
President Wilson for a special session after the November a f fa ir s i f t h e y d o n o t k n o w w h a t t a x e s t h e y a r e t o p a y a n d w h a t e c o n o m ie s
elections tho prospects for a postponement of revenue legis a n d a d j u s t m e n t s o f t h e i r b u s in e s s t h e y m u s t e f f e c t ? I c a n n o t a s s u r e t h e
c o u n t r y o f a s u c c e s s fu l a d m i n i s t r a t i o n o f t h o T r e a s u r y in 1 9 1 8 i f t h o q u e s
lation and an early adjournment wero unlikely of fulfillment. t io n o f f u r t h e r t a x a t i o n is t o b o l e ft u n d e c i d e d u n t il 1 9 1 9 .
Administration spokesmen wore reported as alleging that tho
T h o c o n s i d e r a t io n t h a t d o m i n a t e s e v e r y o t h e r n o w , a n d m a k e s e v e r y
Republicans had blocked tho plans by refusing to agree to o t h e r s e e m t r iv ia l a n d n e g l i g ib l e , is t h e w in n in g o f t h e w a r . W e a r e n o t
o n l y in t h o m id s t o f t h o w a r , w e a r e a t t h e v e r y p e a k a n d c r is is o f i t .
I lu n d tho President’s proposal that a bill along tho lines suggested d r e d s o f t h o u s a n d s o f o u r m e n , c a r r y in g o u r h e a r t s w it h t h e m a n d o u r f o r
by Representative Kitchin bo in shape to bo reported on t u n e s , a r o in t h o f i e l d , a n d s h ip s a r e c r o w d i n g f a s t e r a n d f a s t e r t o t h e p o r t s
o f F r a n c o a n d E n g la n d w it h r e g i m e n t a f t e r r e g i m e n t , t h o u s a n d a f t e r
N o v . 11 and be passed by tho first week of January.
t h o u s a n d , t o j o i n t h e m u n t il t h o e n e m y s h a ll b o b e a t e n a n d b r o u g h t t o a
Tho President’s appearanco beforo Congress on M onday r e c k o n i n g w it h m a n k i n d . T h e r e c a n b o n o p a u s e o r in t e r m is s io n . T h e
was unexpected, tho first information going to Speaker Clark g r o a t e n t e r p r is e m u s t , o n t h o c o n t r a r y , b o p u s h e d w i t h g r e a t e r a n d g r e a t e r
energy.
T h e v o l u m e o f o u r m ig h t m u s t s t e a d i ly a n d r a p i d l y b e a u g e n t e d
and Senator M artin, who wero advised at 10 a. in. of tho u n t il t h e r o c a n b e n o q u e s t io n o f r e s is t in g i t . I f t h a t is t o b e a c c o m p li s h e d
President’s intention to address a joint session fo tho two g e n t l e m e n , m o n e y m u s t s u s t a in i t t o t h e u t m o s t . O u r f in a n c ia l p r o g r a m
bodies. In his messago tho President took cognizance of m u s t n o m o r o b o l e f t in d o u b t o r s u f fe r e d t o la g t h a n o u r o r d n a n c e p r o g r a m
o r o u r s h ip p r o g r a m o r o u r m u n i t io n p r o g r a m o r o u r p r o g r a m f o r m a k i n g
tho nearness of tho elections and tho desire of tho members m illio n s o f m e n r e a d y . T h e s e o t h e r s a r e n o t p r o g r a m s , i n d e e d , b u t m e r e
of Congross to return to their homes as early as possible p la n s u p o n p a p e r , u n le s s t h e r e is t o b e a n u n q u e s t i o n a b le s u p p l y o f m o n e y .
T h e r o is t h o s i t u a t io n , a n d i t is t h e s i t u a t io n w h ic h c r e a t e s t h o d u t y ; n o
beforo that, but ho said “ we dare not go to tho elections until
c h o lc o o r p r e fe re n ce o f o u r s .
T h e r e is o n l y o n e w a y t o m e e t t h a t d u t y .
wo havo dono our duty to the fu ll.” “ Tho consideration W o m u s t m o o t i t w i t h o u t s o lfis h n e s s o r fe a r o f c o n s e q u e n c e s . P o l i t i c s is
that dominates every other now ,” he said, “ and makes every a d j o u r n e d . T h o e l e c t i o n s w ill g o t o t h o s e w h o t liin k le a s t o f i t ; t o t h o s e
other seem trivial and negligible, is tho winning of the war.” w h o g o t o t h o c o n s t it u e n c i e s w i t h o u t e x p l a n a t i o n s o r e x c u s e s , w it h a p la in
r e c o r d o f d u t y f a i t h f u l l y a n d d i s in t e r e s t e d l y p e r f o r m e d .
I, fo r o n e, am
“ W o are not only in tho midst of war,” declared tho President, a lw a y s c o n f i d e n t t h a t t h e p e o p l e o f t h is c o u n t r y w ill g i v e a j u s t v e r d i c t
“ wo are at tho very peak and crisis of it .” “ Our financial u p o n t h o s e r v ic o o f t h e m e n w h o a c t f o r t h e m w h e n t h e f a c t s a r o s u c h t h a t
program,” ho argued, “ must no more be left in doubt or n o m a n c a n d is g u is o o r c o n c e a l t h e m . T h e r o is n o d a n g e r o f d o c e i t n o w .
A n in t e n s e a n d p it ile s s lig h t b e a t s u p o n e v e r y m a n a n d e v e r y a c t i o n in
suffered to lag than our ordnance program, or our ship t h is t r a g i c p l o t o f w a r t h a t is n o w u p o n t h e s t a g e . I f l o b b y i s t s h u r r y t o
program, or our munition program, or our program for W a s h i n g t o n t o a t t e m p t t o t u r n w h a t y o u d o in t h o m a t t e r o f t a x a t i o n t o
making millions of men ready. . . . That is tho situation t h e ir p r o t e c t i o n o r a d v a n t a g e , t h e l ig h t w ill b e a t a l s o u p o n t h e m . T h e r e is
a b u n d a n t fu e l f o r t h e l ig h t in t h o r e c o r d s o f t h o T r e a s u r y w it h r e g a r d t o
and it is the situation which creates tho duty. . . . Thero p r o f it s o f e v e r y s o r t . T h o p r o f it e e r i n g t h a t c a n n o t b o g o t a t b y t h e r e
is only one way to meet that duty. W e must meet it without s t r a in t s o f c o n s c ie n c e a n d l o v e o f c o u n t r y c a n b e g o t a t b y t a x a t i o n . T h e r o
c h p r o f it e e r i n g n o w , a n d t h e i n f o r m a t i o n w it h r e g a r d t o i t is a v a i l a b l e
selfishness or fear of consequence. Politics is adjourned. aisn sduin
d is p u ta b le .
The election will go to those tvlio think least of i t .” The
I a m a d v i s i n g y o u t o a c t u p o n t h is m a t t e r o f t a x a t i o n n o w , g e n t l e m e n ,
President in citing tho facts statod that “ additional revenues n o t b e c a u s e I d o n o t k n o w t h a t y o u c a n s o e a n d i n t e r p r e t t h o f a c t s a n d t h e
d u t y t h e m i m p o s o j u s t a s w e ll a n d w it h a s c le a r a p e r c e p t io n o f t h e o b l i g a
must manifestly be provided for. It would bo a most un t io n i n v o l v e d a s I c a n , b u t b e c a u s e t h e r o is a c e r t a in s o l e m n s a t i s f a c t i o n
sound policy to raise too large a proposition of them by in s h a r in g w it h y o u t h o r e s p o n s ib ilit ie s o f s u c h a t im e . T h e w o r l d n e v e r
loan, and it is evident that tho $4,000,000,000 now provided s t o o d in s u c h a c a s e b e f o r o . M e n n e v e r b e f o r o h a d s o c le a r a n d s o m o v i n g
a v i s io n o f d u t y .
I k n o w t h a t y o u w ill b e g r u d g e t h o w o r k t o b o d o n e h e r o
for by taxation will not of thomselves sustain tho greatly b y u s n o m o r o t h a n t h e m e n b e g r u d g e u s t h e ir w h o He in t h o t r o n c h e s a n d
enlarged budget to which wo must immediately look forward.” s a l ly f o r t h t o t h e ir d e a t h . T h e r e is a s t im u l a t i n g c o m r a d e s h i p k n i t t in g
Tho President indicated that most of the new taxes would u s a ll t o g o t h o r . A n d t h is t a s k t o w h ic h I i n v i t e y o u r i m m e d i a t e c o n s i d e r a
t i o n w ill b e p e r f o r m e d u n d e r f a v o r a b l e in fl u e n c e s , i f w o w ill l o o k t o w h a t
fall upon incomes, excess profits and luxuries, and ho de t h o c o u n t r y is t h i n k i n g a n d e x p e c t i n g a n d c a r e n o t h i n g a t a ll f o r w h a t is
clared that “ tho profiteering that cannot bo got at by tho b e in g s a id a n d b e l ie v e d in t h o l o b b i e s o f W a s h i n g t o n h o t e l s , w h e r e t h e
restrains of conscience and love of country can bo got at a t m o s p h e r e s e e m s t o m a k e i t p o s s i b le t o b e l ie v e w h a t is b e l ie v e d n o w h e r e
e ls e .
by taxation.” Tho following is tho President’s address
H a v o y o u n o t f e l t t h o s p ir it o f t h e n a t i o n r is e a n d it s t h o u g h t b e c o m e a
in full:
s in g le a n d c o m m o n t h o u g h t s in c o t h e s e e v e n t f u l d a y s c a m o in w h ic h w o h a v e
Gentlemen of the Congress:
I t is w it h u n a ff e c t e d r e lu c t a n c e t h a t I c o m o t o a s k y o u t o p r o l o n g y o u r
s e s s io n l o n g e n o u g h t o p r o v i d o m o r o a d e q u a t o r e s o u r c e s f o r t h o T r e a s u r y
fo r th o c o n d u c t o f th o w a r.
I h a v o r e a s o n t o a p p re c ia te a s f u lly a s y o u
d o h o w a r d u o u s t h o s e s s io n h a s b e e n .
Y o u r la b o r s h a v o b o o n s e v e r e a n d
p ro tra cte d .
Y o u h a v o p a s s e d a l o n g s e r ie s o f m e a s u r e s w h ic h r e q u i r o d t h o
d e b a t e o f m a n y d o u b t f u l q u e s t io n s o f ju d g m e n t a n d m a n y e x c e e d i n g l y
d i f f i c u l t q u e s t i o n s o f p r i n c ip l e , a s w e ll a s o f p r a c t ic e . T h e s u m m e r is u p o n u s ,
in w h ic h l a b o r a n d c o u n s e l a r o t w i c e a s a r d u o u s a n d a r o c o n s t a n t l y a p t t o b e
i m p a ir e d b y la s s it u d e a n d f a t ig u e .
T h e e le c t i o n s a r e a t h a n d , a n d w o o u g h t
a s s o o n a s p o s s i b le t o g o a n d r e n d e r a n i n t im a t o a c c o u n t o f o u r t r u s t c o s h i p
t o t h o p c o p l o w h o d e l e g a t e d u s t o a c t f o r t h e m in t h e w e i g h t y a n d a n x i o u s
m a t t e r s t h a t c r o w d u p o n u s in t h e s e d a y s o f c r it i c a l c h o i c e a n d a c t i o n .
B u t w o d a r o n o t g o t o t h o e le c t i o n s u n t il w e h a v o d o n o o u r d u t y t o t h o f u ll.
T h e s e a r o d a y s w h e n d u t y s t a n d s s t a r k a n d n a k e d , a n d o v e n w it li c lo s e d
e y e s w o k n o w i t is t h e r o .
E x c u s o s a r o u n a v a il i n g .
W o h a v o e it h e r d o n o
our d u ty or w o h avo n o t.
T h e f a c t w ill b e a s g r o s s a n d p la in a s t h o d u t y
its o lf.
I n s u c h a c a s e l a s s lt u d o a n d fa t ig u e s e e m n e g l i g ib l e e n o u g h .
Tho
f a c t s a r o t o n i c a n d s u f f l c o t o fr e s h e n t h o la b o r .
A n d t h o f a c t s a r o t h o s e : A d d i t i o n a l r e v e n u e s m u s t m a n i fe s t l y b e p r o
v id e d fo r .
I t w o u ld b o a m o s t u n s o u n d p o l i c y t o r a ls o t o o la r g e a p r o p o r
t i o n o f t h e m b y l o a n , a n d i t is o v i d e n t t h a t t h o $ 4 , 0 0 0 , 0 0 0 ,0 0 0 n o w p r o
v i d e d f o r b y t a x a t i o n W ill n o t o f t h e m s e lv e s s u s t a in t h o g r e a t l y e n la r g e d
b u d g e t t o w h ic h w o m u s t I m m e d ia t e l y l o o k f o r w a r d .
W o c a n n o t in f a ir
n e s s w a it u n t il t h o e n d o f t h o f is c a l y e a r Is a t h a n d t o a p p r is e o u r p e o p l e
o f t h o t a x o s t h e y m u s t p a y o n t h e ir e a r n in g s o f t h o p r e s e n t c a l e n d a r y e a r ,
w h o s o a c c o u n t i n g s a n d e x p e n d it u r e s w ill t h e n b o c l o s e d .
W o can n ot get
I n c r e a s e d t a x e s u n le s s t h o c o u n t r y k n o w s w h a t t h o y a r o t o b o a n d p r a c t ic e s
b o o n s e n d in g o u r b o y s t o t h e o th e r s id e ?
I t liin k y o u m u s t r e a d t h a t
t h o u g h t , a s I d o , t o m e a n t h i s , t h a t t h o p e o p l e o f t h is c o u n t r y a r e n o t o n l y
u n it e d In t h o r e s o lu t o p u r p o s e t o w in t h is w a r , b u t a r e r e a d y a n d w illin g
t o b o a r a n y b u r d e n a n d u n d e r g o a n y s a c r if i c e t h a t i t m a y b o n e c e s s a r y f o r
t h e m t o b e a r in o r d e r t o w in i t .
W e n e e d n o t b o a f r a id t o t a x t h e m , i f
w o la y ta x e s ju s t ly .
T h e y k n o w t h a t t h e w a r m u s t b e p a i d f o r , t h a t It is
t h o w a r m u s t b o p a i d f o r , t h a t i t is t h e y w h o m u s t p a y f o r i t , a n d , i f t h e
b u r d e n is J u s t ly d i s t r i b u t e d a n d t h o s a c r if i c e s m a d e a c o m m o n s a c r if i c e
f r o m w i d c h n o n e e s c a p e s w h o c a n b e a r it a t a l l, t h o y w ill c a r r y i t c h e e r fu ll y
a n d w it h a s o r t o f s o l e m n p r i d e .
I h a v e a lw a y s b e e n p r o u d t o b o a n A m e r i
c a n , a n d w a s n e v e r m o r e p r o u d t h a n n o w , w h e n a ll t h a t w o h a v o s a id a n d
a ll t h a t w o h a v o fo r o s e e n a b o u t o u r p e o p l e is c o m i n g t r u e .
T h e great
d a y s h a v o c o m o w h e n t h o o n l y t h i n g t h a t t h e y a s k f o r o r a d m i r e is d u t y ,
g r e a t l y a n d a d e q u a t e l y d o n o ; w h e n t h e i r o n l y w is h f o r A m e r i c a is t h a t s h e
m a y s h a ro th o fre e d o m s h o e n jo y s , w h e n a g r e a t, c o m p e llin g s y m p a t h y
w e lls u p in t h e ir h e a r t s f o r m e n e v e r y w h e r e w h o s u f fe r a n d a r e o p p r e s s e d ,
a n d w h e n t h o y s e o a t la s t t h o h i g h u s e s f o r w h ic h t h e ir w e a lt h h a s b e e n
p i le d u p a n d t h e ir m i g h t y p o w e r a c c u m u l a t e d , a n d , c o u n t i n g n e it h e r b l o o d
n o r t r o a s u r o , n o w t h a t t h e i r f in a l d a y o f o p p o r t u n i t y h a s c o m o . r e jo i c e
t o s p e n d a n d t o b o s p e n t t h r o u g h a l o n g n i g h t o f s u f fe r in g a n d t e r r o r in
o r d e r t h a t t h o y a n d m e n e v e r y w h e r e m a y s e o t h o d a w n o f a d a y o f r ig h t e o u s
n e s s a n d J u s t ic o a n d p e a c e .
S h a ll w e g r o w w e a r y w h e n t h e y b i d u s a c t ?
M a y I a d d t h is w o r d , g e n t l e m e n ?
J u s t as I w a s le a v in g th e W h it e
IIo u s o I w a s t o ld th a t t h o e x p e c t e d d r iv e o n th e W e s te rn fr o n t h a d a p p a r
e n tly b o g u n .
Y o u c a n r e a liz e h o w t h a t s o l e m n iz o d m y f e e li n g a s I c a m e t o
y o u a n d h o w i t s o e m e d t o s t r e n g t h e n t h o p u r p o s o w h ic h I h a v o t r ie d t o
o x p r o s s in t h o s e lin o s .
I h a v o a d m i r e d t h o w o r k o f t h is s e s s io n .
T h o w a y In w h ic h t h e t w o
H o u s e s o f t h o C o n g r o s s h a v e c o - o p e r a t e d w it h t h e E x e c u t i v e h a s b e e n
THE CHRONICLE
3286
g e n e r o u s a n d a d m i r a b l e , a n d i t is n o t in a n y s p i r it o f s u g g e s t i n g d u t y
n e g l e c t e d , b u t o n l y t o r e m in d y o u o f t h e c o m m o n c a u s e a n d t h o c o m m o n
o b lig a t io n th a t I h a v o v e n t u r e d t o c o m o t o y o u t o -d a y .
Following the presentation of the President’s address to
Congress, Chairman Kitehin was quoted in the New York
“ Tim es” of M a y 28 as saying:
T h e C o m m a n d e r in C h i e f h a s s p o k e n .
I t is o u r p l a i n d u t y t o d o a s h e
ask s.
W e s h a ll a t o n c e g e t t o t h o t a s k .
H e a r in g s w ill b e g i n a s s o o n a s
w e g o t c e r t a in d a t a o n w a r p r o f i t s n o w b e i n g c o m p i l e d f o r u s a t t h o T r e a s
u r y , p r o b a b l y w it h i n a w e e k o r t e n d a y s .
W o s h a ll n o t h a v e t h o b ill r e a d y
t o r e p o r t b e f o r e A u g . 1.
The “ Times of M a y 25 also stated:
M r . K it e h in s a id t h a t th e W a y s a n d M e a n s C o m m it te e w o u ld “ g o t
a ft e r t h o p r o fit e e r a lit t le ,” a n d w o u ld s u m m o n s o m e " o f th e d o lla r -a -y e a r
m e n t o t e ll t h e e n o r m o u s p r o f i t s t h e ir f ir m s h a d r e a p e d w h il e t h e y w e r e
s e r v in g t h e G o v e r n m e n t f o r a d o l la r a y e a r . ”
F u r t h e r e x p l a i n i n g h o w t h e m o n e y w o u l d b e r a i s e d , M r . K it e h i n s a id
t h a t 8 0 % o f t h o n e w r e v e n u e s w o u ld c o m o f r o m e x c e s s p r o f i t s a n d i n c o m e s .
T h i s w il l b o a c c o m p l i s h e d , h e s a i d , b y r e a d j u s t in g t h o b r a c k e t s o n e x c e s s
p r o fit s a n d in c o m e su rta x e s.
I n o th e r w o rd s , d o u b le th e a g g r e g a te a m o u n t
w o u l d b e r e c e iv e d f r o m t h e s e s o u r c e s , b u t t h o r a t e s w o u l d n o t b e d o u b l e d .
I t is n o t t h o i n t e n t io n o f t h o W a y s a n d M e a n s C o m m i t t e e t o l o w e r t h o e x
e m p t io n s o f $ 1 , 0 0 0 a n d $ 2 , 0 0 0 n o w a l lo w e d t o s in g le a n d m a r r ie d p e r s o n s ,
r e s p e c t iv e ly .
T h e r e w ill b e i n c r e a s e s o n e x c i s e t a x e s , h o s a i d , a n d p o s s i b ly
o n a u t o m o b ile s , je w e lr y a n d p h o n o g r a p h s .
Senator Smoot, one of the Republican members of the
Senate Finance Committee, was quoted to the following
effect in the “ Times” of M a y 28:
T h e P r e s id e n t h a s t o ld C o n g re s s th a t h o w a n ts a r o v e n u o b ill, a n d th e re
w il l b o o n e .
F o r m y s e l f , I f a il t o s e e t h a t a n y w ill b o n e e d e d a t t h is s e s s io n ,
a s I h a v o b e l ie v e d w o w e r e a m p l y f o r t i f i e d w i t h f i n a n c e s t o r u n t h o w a r .
B u t t h e P r e s i d e n t h a s a s k e d C o n g r e s s f o r t h e r o v e n u o b i ll , a n d t h a t e n d s i t .
T h is d o e s n o t m e a n th a t w h a t th o S e c r e ta r y o f th o T r e a s u r y o r a n y o n o
e ls o h a p p e n s t o d e m a n d in t h o w a y o f a b i ll is g o i n g t o b o s w a ll o w e d .
Tho
r e v e n u o b ill t h a t C o n g r e s s p a s s e s , I b o l i e v o , w ill b o a s c ie n t i f ic a l l y c o n
s t r u c t e d o n e , t h a t w o n ’ t h a v o t h o f la w s o f t h o o n e p a s s e d a t t h e la s t s e s s io n .
T a x e s w ill b o a p p l i e d , a s t h o P r e s id e n t s u g g e s t s , c h i e f l y u p o n e x c e s s w a r
p r o f i t s a n d i n c o m e s t h a t h a v o b e e n s w o lle n b y t h e w a r .
T h o s e t w o fe a tu re s
a n d a t a x u p o n lu x u r ie s w ill f o r m t h o b a c k b o n e o f t h o m c a s u r o .
A n y o n o w h o g i v e s t h o m a t t e r t h o s l ig h t e s t t h o u g h t c a n s e e t h a t t h o b u lk
o f th o ta x m u s t c o m e fr o m t h e t r e m e n d o u s e x ce s s w a r p r o fit s .
The G ov
e r n m e n t is e n t i t l e d t o t h is a n d is g o i n g t o g e t i t .
T h o t a x w ill b o c h i e f l y
a p p li e d u p o n c o r p o r a t i o n s a n d i n d i v id u a l s w h o h a v o e a r n e d f a b u l o u s w e a lt h
fr o m th e w a r .
T h a t is t h o n a t u r a l t h i n g t o d o .
I n le v y in g c o n s u m p tio n
t a x e s , t h e y w ill b o a p p li e d m o r o h e a v i l y u p o n t h e n o n - e s s e n t ia ls , a l t h o u g h
It is q u i t e lik e l y t h a t t h e c o n s u m p t i o n t a x w ill g o f u r t h e r t h a n t h a t .
T h e m a n w h o c a n a f f o r d t o p a y a h ig h t a x is g o i n g t o b o o b l i g e d t o d o It.
T h a t w ill b o t h o u n d e r l y i n g p r i n c ip l e o f t h is n o w r o v e n u o b i l l .
I o ffe r e d
a n a m e n d m e n t t o t h o la s t r o v e n u o b i ll t o a p p l y a g r a d u a t e d w a r p r o f it s
ta x o f f r o m 15 t o 8 0 % .
T h a t is t h e c h a r a c t e r o f t a x w o m u s t p u t I n t o t h is
n ew m easu re.
I f n e c e s s a r y , lo t t h e G o v e r n m e n t t a k o o v e n m o r o t h a n 8 0 % .
M y t a x w a s e s s e n t ia ll y o n o o f e x c e s s w a r p r o f i t s — m o n o y r n a d o o u t o f t h e
w a r — a n d t h a t 's t h o s o r t o f t a x C o n g r e s s w ill n o w t a k o u p .
T h o R e p u b l i c a n s in t h o S e n a t e w e r e w il li n g t o le t t h o r e v e n u o l e g is la t io n
g o o v e r u n t il n e x t s e s s io n , b u t t h o P r e s i d e n t d i d n o t w a n t t h a t .
W o w o u ld
n o t p e r m it o u r s e l v e s t o b e p u t in t h o p o s t i o n o f s a y i n g w h e t h e r t h e r o s h o u l d
b e a r e v e n u e b i l l a t t h is s e s s io n o r n o t .
T h a t w a s fo r th o D e m o c r a tic
m a jo r it y t o s a y , a n d th e P r e s id e n t h a s d e c id e d it fo r th e m .
I t m a y t a k o c le a r u p t o e l e c t i o n t im e t o p u t t h is b i ll t h r o u g h .
I d o n ’t
know .
B u t , n o m a t t e r h o w l o n g i t t a k e s , C o n g r e s s w ill s t ic k t o t h e j o b
u n t i l i t ’s d o n e .
Senator Simmons, Chairman of tho Finance Committee
in his commonts said:
N a t u r a l l y , t h o h e a v i e s t t a x w ill b o p u t u p o n w a r p r o f i t s a n d i n c o m e s .
I
b e l ie v e t h is o u g h t t o c o m p r i s o n e a r l y t h o w h o l e o f t h e b i l l . M y i d e a is t h a t
t h o r o v e n u o b i l l o u g h t t o r a is o 3 5 % o f t h o a g g r e g a t o o f m o n e y w a n t e d f o r
t h o n o x t y e a r , a n d t h a t t h o r e m a in in g 6 5 % c o m o f r o m b o n d is s u e s .
I
t h i n k 3 5 % is e n o u g h , a l t h o u g h t h o S e c r e t a r y o f t h o T r e a s u r y , I b e l le v o ,
fa v o r s 4 0 % .
A l l t h a t w ill b o t h r a s h e d o u t l a t e r o n .
On Tuesday, M a y 28, Representative Claudo Kitehin,
Chairman of tho W ays & Moans Committeo of tho House,
who had been opposed to additional rovonuo legislation,
at this time, desiring to see action postponed until tho
autumn, took occasion to explain, in viow of tho President’s
appeal, tho reasons and considerations that had influenced
him in reaching his decision which ho was now, yielding to
the President, roady to reverso. Tho striking featuro in
M r . Kitchin’s speech was that ho expressed tho opinion that
newspaper publishers had been engaged in a plot to obtain
a repeal of the zone system of postal rates on second class
matter, which is to go into effect on July 1 and had been
urging new revenue legislation in the hope that as part of
such legislature they would be able to incorporate a clause
providing for tho repeal or suspension of the zone system.
The following is the report of M r . Kitchin’s speech printed
by tho New York “ Times” as corrected by him after its
delivery.
I n v i o w o f t h o h e a r t y c o - o p e r a t i o n b y m e m b e r s o n b o t h s id e s o f t h i s a is le
t o d i s p a t c h b u s in e s s in o r d e r t o a d j o u r n C o n g r e s s b y J u l y 1 , a n d in f u r t h e r
v i o w o f t h o a s s u r a n c e s w h ic h I h a v o m a d e s o o f t e n t o m e m b e r s u p o n b o t h
s id e s o f t h o I I o u s o t h a t w o w o u l d n o t h a v e a t a x b ill a t t h i s s e s s io n , I f e e l i t is
d u o t o m y s e l f , a s w e ll a s t o t h o I I o u s o , t o m a k e a b r i e f , p l a i n s t a t e m e n t
c o n c e r n in g t h o le g is l a t i v e s i t u a t io n a t t h is t im e .
T h o f ir s t o f t h is y e a r , in f a c t , a t t h o c o n v e n i n g o f t h i s s e s s io n o f C o n
g r e s s , I r e c o g n i z e d t h a t t h o a p p r o p r i a t i o n s a n d t h o e x p e n d it u r e s u n d e r t h o
a p p r o p r i a t i o n s f o r t h o c o m i n g f is c a l y e a r w o u l d b o s o o n o r m o u s t h a t w e
w o u l d b o u n d e r t h o a b s o l u t e n e c e s s it y , e i t h e r a t t h is s e s s io n o r a t t h o n e x t
s e s s io n , o f b r i n g i n g in a r e v e n u o b i ll I a r g o ly I n c r e a s in g t a x e s .
A f t e r r e t u r n in g t o W a s h i n g t o n a f t e r t h o h o l i d a y s , I t a l k e d w i t h o f f i c ia ls
o f t h o T r e a s u r y D e p a r t m e n t , w it h t h o S e c r e t a r y a n d o t h e r s , a n d i n s is t e d
t h a t a p a r t o f t h is s e s s io n ’ s p r o g r a m s h o u l d b o t h o o n a c t m o n t o f a n o w
roven u o m casu ro.
W h e n M r . B u r l e s o n b r o u g h t t o m o t h o P r e s i d e n t ’s
p r o g r a m f o r t h o s e s s io n , f i n d i n g t h a t i t d i d n o t i n c lu d o a n d r e v o n u o le g is
[Vol. 106.
l a t i o n , I i n s is t e d t o M r . B u r le s o n t h a t t h e P r e s i d e n t s h o u l d I n c lu d o a s a
p a r t o f t h is s e s s io n ’ s p r o g r a m a t a x m e a s u r o .
I in s is t e d u p o n i t a n d t a l k e d
w it h t h o T r e a s u r y o f f i c i a l s , in c lu d in g M r . M c A d o o , a b o u t t h o n e c e s s it y o f
a r o v e n u o m e a s u r o a t t h is s e s s io n a s l a t e a s M a r c h 1 5 .
I t h o u g h t It w a s w is e r a n d b e t t e r , i f w o w e r e t o h a v e t a x l e g is la t io n a t t h is
s e s s io n , t h a t w o s h o u l d b e g in i t a t o n c e , in t h o e a r l y p a r t o f t h o s e s s io n , s o
th a t w o c o u ld g e t it b e h in d u s a n d u p o n t h o s ta tu te b o o k s b o fo r o th o h o t
s u m m e r d a y s c a m e o n , a n d t h e n t h o p e o p l o w o u ld h a v o s u f f i c ie n t t im e t o
u n d e rsta n d it , a n d t o a p p ro v e o r d is a p p r o v e .
T h o s e fa v o r in g w o u ld
h a v e o p p o r t u n i t y t o d e f e n d b o f o r o t h o ir p e o p l o t h e ir p o s i t i o n o n i t .
F in d in g t h a t it w a s n o t th e p o lic y o f th o T r e a s u r y o r th o p o lic y o f th e
A d m in is tra tio n t o u n d e rta k e th e p a s s a g o o f a r e v e n u e m o a s u ro a t th is
s e s s io n o f C o n g r e s s , a n d k n o w i n g , t o o , t h a t a l a r g o m a j o r i t y o f t h o H o u s e
a n d S e n a t o w e r o o p p o s e d t o s u c h u n d e r t a k in g , I c e a s e d f u r t h e r in s is t e n c e
u p o n it s c o n s i d e r a t io n a n d a t o n c e b e g a n t o m a k e e f f o r t s t o s o a r r a n g o t h o
l e g is l a t i v e p r o g r a m t h a t w e w o u ld g e t a w a y b y J u l y 1.
I c o n f e r r e d w it h
t h o m i n o r i t y le a d e r a n d m a n y o t h e r m e in b o r s o f t h o m i n o r i t y , a ls o w i t h t h e
C h a ir m e n o f t h o v a r i o u s c o m m i t t e e s r e la t i v e t o t h o s p e e d i n g u p o f le g is la
t io n .
I a s s u r e d t h e m t h a t w e w o u ld n o t h a v o a t a x m e a s u r o a n d , t h e r e fo r e ,
t h a t w o c o u l d g e t t h r o u g h t h e b u s in e s s in t im o t o a d j o u r n b y J u l y 1 .
M a n y o f u s b e l i e v e d a n d a ll h o p e d t h a t b y m u t u a l , e a r n o s t c o - o p e r a t i o n
i t w a s p o s s i b l e a n d p r o b a b l e t o d i s p o s e o f t h o l e g is l a t i v e p r o g r a m a n d
a d jo u r n b y J u ly 1.
W e w e n t to w o rk to th a t e n d .
I to o k th o m a tter u p
w i t h t h e le a d e r s i n t h e S e n a t o o n b o t h s i d e s , a n d t h o s a m e a s s u r a n c e s t h a t
n o t a x m e a s u r o w a s i n c lu d e d in t h e s e s s io n 's p r o g r a m w o r o m a d e .
A ll
a g r e e d t o c o - o p e r a t e in f a c il i t a t i n g t h o c o n s i d e r a t io n a n d p a s s a g o o f t h o
n e c e s s a r y w a r m e a s u r e s a n d t h e a i )p r o p r i a t i o n b i ll s in t im e t o g o t t h r o u g h
b y J u l y 1 , i f p o s s i b l e , a n d w o a ll t h o u g h t i t p o s s i b lo a n d p r o b a b l o .
I w a n t t o s a y t h a t t h e r o h a s b e e n u p o n t h o p a r t o f t h o m in o r i t y , a s w e ll
a s t h o m a j o r i t y , a n a b s o l u t e k e e p i n g o f g o o d f a i t h , b o t h h e r o a n d in t h e
S e n a t o , a n d t o - d a y t h e p r o g r a m is in s u c h a d v a n c e d c o n d i t i o n t h a t , w i t h o u t
a ta x m e a s u ro , w o w o u ld b e r e a d y t o a d jo u r n b y J u ly 1.
T h o m in o r it y h a s
n o t f o r c e d t h o m a j o r i t y t o b r i n g a s p e c i a l r u le t o c o n s i d e r a n y m e a s u r e in
th o p r e s e n t p r o g r a m . T h e m in o r it y h a s c o n s e n te d t o d ls p e n s o w it h c a le n
d a r W e d n e s d a y , a n d u n a n im o u s c o n s e n t M o n d a y s , w h e n e v e r u n a n im o u s
co n s e n t re q u e sts w ere m a d e .
W h i l e s o m o d i d n o t f a v o r a ll t h o m e a s u r e s
o n t h o p r o g r a m , o r a ll t h o m e a s u r e s t h a t h a v o b e e n p r e s e n t e d a s w a r
m o a s u r e s , in t o t o , n o t o n o h a s a t t e m p t e d t o filib u s t e r o r d o l a y t h o c o n s i d e r
a t i o n o f t h e s e m e a s u r e s , b u t w e r o w illin g t o c o m o t o a s h o w d o w n a n d v o t e .
I w is h t o s a y t h a t w h e n I s a w t h o n o t i c e f o r t h o f i r s t t i m o — a n d i t w a s
t h o f ir s t i n t i m a t i o n I h a d f r o m a n y q u a r t e r — -in t h o N e w Y o r k ‘ W o r l d ’ ,
a b o u t M a y 1 0 , t h a t t h o S e c r e t a r y o f t h o T r e a s u r y w o u ld d e m a n d a n d I n s is t
u p o n a r e v e n u o m e a s u r e a t t h i s s e s s io n , I w a s t h o m o s t s u r p r i s e d , t h o m o s t
a m a z e d m a n in t h is b o d y .
I u n d e rs to o d ju s t a fe w w eek s b o fo r o th a t n o
r e v e n u e m o a s u r o w a s in c o n t e m p l a t i o n a t a l l.
I w a s fir m ly c o n v in c e d t h a t
i t w a s n o t n e c e s s a r y t o e n a c t r e v e n u e l e g is l a t i o n a t t h i s s e s s io n a n d t h a t it
w a s u n w i s e , u n d e r a ll t h e c i r c u m s t a n c e s , n o u n d e r t a k e s u c h a b i l l a t t h is
l a t e d a t e in t h o s e s s io n .
B u t t h o P r e s i d e n t o f t h o U n it e d S t a t e s , C o m m a n c r - i n - C l i l c f o f t h o a r m y
a n d n a v y o f t h o U n it e d S t a t e s , h a s d e c l a r e d o t h e r w i s e .
H o h as g iv e n it a s
h is o p i n i o n t h a t i t is n e c e s s a r y t h a t p r o p e r a n d j u s t r o v o n u o m o a s u r e s b e
p u t u p o n t h o s t a t u t e b o o k s b e f o r o t h i s s e s s io n c lo s e s .
A lt h o u g h , a s I s a id ,
I d o n o t b e l i e v e t h e r o is a n a b s o l u t o n e c e s s it y f o r t h o p a s s a g o o f s u c h a
m o a s u r o a t t h is s e s s io n , y e t w h e n t h o C o m m a n d c r - i n - G h l o f s p e a k s I b o l i o v o ,
u n d e r t h o p r e s e n t c ir c u m s t a n c e s , t h a t w o s h o u l d d e f e r t o h is j u d g m o n t . A
r o fu s a l w o u l d b o m i s c o n s t r u e d a n d w o u l d b o h e r a l d e d b y e v e r y e n e m y
t h r o u g h o u t t h o w o r l d , a n d e s p e c i a ll y in t h o C e n t r a l P o w e r s , a s a s p l it
b e tw e e n t h o C o n g r e ss a n d th o C o m m a n d o r -in -C h ie f, a n d t h a t C o n g re ss
h a d r e fu s e d t o g i v e h i m t h o n e c e s s a r y m o n o y t o m a i n t a in o u r a r m ie s in
E u rop e.
W o c o u l d n o t a f f o r d t o b o s o m is c o n s t r u e d a n d m is i n t e r p r e t e d .
O u r d u t y is p l a i n .
W o s h o u l d g o t o t h o t a s k , a s g o o d s o l d ie r s a n d p a t r i o t i c
s ta te s m e n , p r o m p t ly a n d u n c o m p la in in g ly .
I t h a s b e e n a s k e d , H o w is i t p o s s i b l o t h a t w o c o u l d p a s s a r o v o n u o
m o a s u r o i n t h o s h o r t s e s s io n , w h e n w o c la im t h a t n o w i t w ill t a k o f o u r o r
fiv e m o n th s o r m o r o t o p a ss o n o a t th is s e s s io n !
T h o a n s w e r is e a s y .
If
t h o W a y s a n d M e a n s C o m m i t t e o — a n d i t h a d d o c h l o d t o d o t h a t — s h o u ld
c o m o b a c k h e r o a d a y o r t w o a f t e r t h o fa ll e l e c t i o n s . C o n g r e s s n o t b e i n g in
s e s s io n a n d n o d e p a r t m e n t a l w o r k t o p e r f o r m , w i t h n o a t t e n d a n c e n e c e s s a r y
u p o n t h o s e s s io n s o f t h o I I o u s o w i t h n o m e m b e r s b r i n g i n g in t h e i r c o n
s t it u e n t s t o p r o t e s t t o u s a g a in s t t a x i n g t h o ir p a r t i c u la r p r o d u c t , o r i n c o m e s ,
o r p r o f i t s — in t h a t m o n t h o f c o o l w e a t h e r , w o r k in g m o r n in g , a f t e r n o o n a n d
n i g h t , w o c o u l d d o w h a t i t w ill n o w t a k o u s t w o o r t h r e e m o n t h s t o d o .
" A s i t is n o w , t h o I I o u s o w ill b o in s e s s io n , a n d w o w ill h a v o t o a t t e n d
i t s s e s s io n s , a n d a r o s u b j e c t t o r o ll c a l ls ; w o m u s t a t t o n d t o d e p a r t m e n t a l .
d u t i e s , a n d o u r c o r r e s p o n d e n c e is t h r o o o r f o u r t im e s a s la r g o w h e n t h o
I I o u s o is in s e s s io n .
W o c a n n o t w o r k a s m a n y h o u r s , i f th o w h o lo d a y
w e r o g l v o n t o u s in t h i s h o t , i n t o le r a b l e s u m m e r w e a t h e r o f W a s h i n g t o n .
I b o lio v o t h a t b y p u r s u in g t h o o t h e r c o u r s e w o c o u ld h a v o p a s s e d ju s t as
w is o a n d a s e q u i t a b l e a t a x m o a s u r o in t h o s h o r t s e s s io n a s w o c a n a t t ills
s e s s io n .
A n d p r a c t i c a l l y a ll t h o t a x o s w o u l d h a v o b o o n c o l l e c t e d a t t h e
s a m e t i m o a s t h e y w ill b e i f t h o b i ll is p a s s e d a t t h is s o s s lo n .
R e p r e s e n ta tiv e G re e n o f I o w a in te r r u p te d w it h t h o s t a t e m e n t t h a t h o
w a s c o n v i n c e d M r . K i t e h i n h a d a c t e d in g o o d f a i t h , b u t a d d e d :
“ I t h a s c o m o t o m y a t t e n t io n a n d t o th o a t t e n t io n o f o th o r s o f t h o H o u s e
b y r e p e a t e d r u m o r s t h a t t h o a c t i o n o f t h o p r e s s h a d s o m e t h in g t o d o w it h
th is m a t t e r .
C a n t h o g e n t l e m a n i n f o r m m o w h e t h e r t h e r o is a n y t r u t h in
th a t?”
" M r . S p e a k e r , ” r e p l ie d R e p r e s e n t a t i v e K i t e h i n , “ I d o n o t t h i n k t h a t t h o
S e c r e t a r y o f t h o T r e a s u r y t h o u g h t It w a s n e c e s s a r y t o h a v o t h i s r e v o n u o
m o a s u r o a t t h i s s e s s io n u n t il h is r e t u r n f r o m t h o L i b e r t y L o a n c a m p a i g n .
I n f a c t , I k n o w h o d i d n o t t h i n k i t w a s n o c o s s a r y w lio u h o b e g a n t h a t c a m
p a ig n .
B u t I t h i n k , a f t e r g o i n g o u t in t h o c a m p a i g n , s e o i u g t h e s i t u a t io n
f r o m a n o t h e r v i e w p o i n t , a n d a f t e r g o t t in g t o W a s h i n g t o n , w it h a c lo s o r
e y o u p o n T r e a s u r y c o n d i t i o n s , a n d l e a r n in g t h o d e m a n d s o f t h o d i f f e r e n t
d e p a r t m e n t s f o r e n o r m o u s l y in c r e a s e d a p p r o p r i a t i o n s , h o b o c a m o u n d u ly
a l a r m e d a n d g a v o u n d u e w e ig h t t o o p i n i o n o f T r e a s u r y o f f i c i a l s , a n d w a s
c o n v i n c e d i t w a s n e c e s s a r y t o h a v o t h i s le g is l a t i o n a t t h is s e s s io n .
“ I n a n s w e r, fu r th e r , I d o n o t th in k th a t S e c r e ta r y M c A d o o t h o u g h t
a b o u t t h o p r e s s , t h o n o w s p a p e r s , a n d m a g a z in e s o n o w a y o r th e o t h e r .
H o w e v e r , I d o b o lio v o t h a t, w a y b a c k , h id d e n s o m e w h e r e , u n s o o n b y m o s t
o f u s , th e r o w a s th o in flu e n c e o f o n e o f t h o s h re w d e s t a n d m o s t p o w e r fu l
l o b b i e s t h a t o v e r i n f e s t e d t h o h o t e l s o r t h o c o r r i d o r s o f t h o C a p i t o l w h ic h
m a d o i t s e l f f e lt w i t h s o m o in w h o s o j u d g m o n t t h o S e c r e t a r y o f t h o I r o a s u r y
h a d g r o a t fa it h .
I k n o w t h a t s u c h a l o b b y h a s b e e n m a i n t a in e d h e r o b y
t h o b i g p u b li s h e r s .
I t s c o m m i t t e o h a s h a d i n t e r v ie w s w it h m o .
It w as
d e t e r m in e d b y t h o p u b li s h e r s a t t h o f ir s t o f t h o s o s s lo n t h a t t h o s o s s io n
s h o u l d n o t c l o s o u n t il t h e y h a d h a d a c h a n e o t o p u t t o a v o t e i n C o n g r e s s
t h o q u e s tio n o f e ith e r a re p e a l o r a m o d ific a t io n o r a s u s p e n s io n o f th o
o p e r a t i o n o f t h o p o s t a l r a t o p r o v i s i o n s o f e x is t in g la w .
“ I k n o w t h e y a t t e m p t e d t o g o t i t o u t h o P o s t O f f i c o b i ll in t h o I I o u s o o r
t o g o t a s e p a r a t e b ill f o r t h o p u r p o s o .
T h o y f a il o d .
T lio y a tte m p te d to
g o t i t o n t h o P o s t O f f i c o b ill in t h o S e n a t o C o r m n l t t o o a n d t h o y f a il e d .
T h o y t h e n g a v o n o t i c o t h a t a m o t i o n w o u l d b o m a d o in t h o S e n a t e , a l t e r
t h o P o s t O f f i c o A p p r o p r i a t i o n b i l l w a s r o p o r t o d t o i t , t o s u s p e n d t h o r u le s
2281
THE CHRONICLE
June 1 1918.]
s o th a t s u ch a m e n d m e n t c o u ld b o o ffe r e d to th o b ill, a n d th u s h a v o a n o th e r
f ig h t in th o H o u s e a n d t h o S e n a te .
“ I k n o w t h a t t h e y p l a n n e d t h a t i f t h e y c o u l d n o t g o t i t i n s o m e p o n d in g
b ill o n o w a y o r a n o t h e r , t h e y w o u l d in s is t o n a R e v e n u e b ill w h ic h n o u l d
o f fe r th e m th e ir c h a n c e .
I k n o w t h a t t h e le a d in g p a p e rs t h a t h a v o b e e n
d e n o u n c i n g C o n g r e s s a n d . t h o W a y s a n d M e a n s C o m m i t t e e , a n d e s p e c i a ll y
m o f o r t h o p r e s e n t p o s t a l r a t o p r o v i s i o n s , a s s o o n a s t h e y h a d t h o fir s c
i n t i m a t i o n t h a t a t a x b ill w o u ld b e d e m a n d e d b y t h o T r e a s u r y D e p a r t m e n t
c a m o o u t in s t r o n g lo a d i n g e d i t o r i a l s d e m a n d in g , in t h e in t e r e s t o f t h o T r e a s
u r y a n d t h o c o u n t r y , t h a t C o n g r e s s e n a c t a n o t h e r r e v e n u e b i ll .
" I u n d e r s t a n d t h e ir g a m e .
I w a n t t o w a r n t h is I I o u s o a n d t h o c o u n t r y
o f t h e ir g a m e .
H e r o i t is : T h e y a r o g o i n g t o t r y t o p u t t h o r e p e a l o f t h o
p o s t a l p r o v i s i o n o r t h o s u s p e n s io n o f i t s o p e r a t i o n u p o n w h a t e v e r r e v e n u e
b ill t h a t is p a s s e d h e r o .
B u t th e y k n ow th a t th o m a n h o o d a n d th o p a tr io t
is m t h e s e n s e o f r ig h t a n d j u s t i c o , a n d o f h o n e s t y a n d f a ir d e a l i n g , b e t w e e n
t h o G o v e r n m e n t a n d e v e r y c la s s o f t h e p e o p l e o f t h o m e m b e r s h ip o f t h is
H o u s e w ill f o r b i d a n d p r o v e n t s u c h r e p e a l o r m o d i f i c a t i o n g o i n g o n a b ill
UC“ T h o y t h e n h o p o t o p u t s u c h a n a m e n d m e n t o n in t h e S e n a t e , a n d t h e n ,
w h e n it g o e s t o c o n fe r e n c e , t h o y a r o c o u n t in g u p o n th o c o n fe re e s o f th e
H o u s o a n d t h o S e n a t e s i t t i n g in s e s s io n d a y a f t e r d a y a n d w e e k a f t e r w e e k
a n d fin a lly g o t t in g t o g e t h e r o n e v e r y p r o p o s it io n e x c e p t th o re p e a l o r th o
t h o m o d ific a t io n o f t h a t p r o v is io n , a n d th e n , w h e n e le c tio n tim e o r a d jo u r n
m e n t t i m e is n e a r i n g , t h e y h o p o t o g o t t h o P r e s i d e n t o r t h o S e c r e t a r y o f
t h o T r e a s u r y t o i n s is t u p o n t h o H o u s o c o n f e r e e s y i e l d i n g , a p p e a li n g t o t h e m
n o t t o t a k o t h o r e s p o n s i b il i t y o f d e f e a t in g o r f u r t h e r d e l a y i n g t h o p a s s a g e
o f t h o g r e a t e s t a n d m o s t i m p o r t a n t t a x a n d fin a n c ia l m e a s u r o o v e r p r o p o s e d ,
o n a c c o u n t o f s t ic k i n g t o t h o l i t t l e , p i t i f u l p o s t a l r a t o p r o v i s i o n .
“ T h a t is t h e i r g a m e , a n d , g e n t l o m o n , I w a r n y o u n o w . s e e i f t h a t is n o t
th o p a th th e y ta k o .
I a m g o i n g t o w a t c h a n d s e e w h o is g o i n g t o h o l p t h e m
p la y th a t g a m e , a n d lo t y o u so o w h a t a p r o p h e t I a m .
I serv o n o tico on
t h e m a n d t h o H o u s o n o w t h a t i f t h o S p e a k e r 's j u d g m e n t s h a ll a s s ig n m o a s
o n o o f t h o c o n f e r e e s , t h o r o w ill b o o n o w h o w ill n o t h e l p t h e m p l a y t h a t
g a m e , b u t w ill u s o a ll o f h is p o w e r t o t h w a r t i t . "
T h o m e m b e r s o f t h e A m e r i c a n N e w s p a p e r P u b li s h e r s ' A s s o c i a t io n , a t
t h e i r c o n v e n t i o n in N o w Y o r k C i t y o n A p r i l 2 5 , a f t e r a v e r y f u ll c o n s i d e r a
t i o n o f t h o s i t u a t i o n a d o p t e d t h e f o ll o w i n g r e s o lu t i o n :
*<1
Whereas, t h o p o s t a l p r o v i s io n s o f S e c t i o n l . l O l o f t h e A c t o f C o n g r e s s ,
a p p r o v e d O c t . 3 1 9 1 7 , a n d w h ic h is t o t a k e e f f e c t J u l y 1 1 9 1 8 , w il l b o u n
w o r k a b l e in p r a c t i c e a n d m o s t u n f a ir a n d o p p r e s s i v e t o t h o n e w s p a p e r s o f
t h e c o u n t r y a n d t o t h o r e a d in g p u b l i c ; b o i t
.
Resolved, B y t h o A m e r i c a n N e w s p a p e r P u b lis h e r s A s s o c i a t i o n , t h a t
C o n g r e s s , i f in s is t e n t u p o n le g is la t io n o f t h is c h a r a c t e r , b o u r g e n t l y r e
q u e s t e d t o m o d i f y s a id la w in s o fa r a s It a p p lie s t o n e w s p a p e r s a l o n g t h e
g e n e r a l lin e s a s p r o p o s e d b y t h e M c K e i l a r a m e n d m e n t ; o r i f t h e t i m o b e
co n s id e r e d b y C o n g re ss t o o s h o r t t o d o th is , th a t C o n g r e s s b e u r g e n tly
r e q u e s t e d t o s u s p e n d t h o p r o v i s io n o f s a id l a w , i n s o f a r a s i t a p p li e s t o
n e w s p a p e r s , u n t il a c o m p l e t e a n d in t e ll i g e n t i n v e s t ig a t i o n c a n b o m a d o o f
th o s u b je c t o f n e w sp a p e r p o sta g e
T h i s w a s c o n c u r r e d in t h e s a m e d a y b y t h e S o u t h e r n P u b lis h e r s ’ A s s o c i a
t i o n a n d t h o I n l a n d A s s o c i a t io n , s o t h a t i t b e c a m e p r a c t i c a l l y t h e u n a n im o u s
e x p r e s s io n o f t h o d a i l y p r e s s o f t h o c o u n t r y .
A c o m m i t t e o o f t h o a s s o c ia t i o n w e n t t o W a s h i n g t o n i m m e d i a t e l y a f t e r
w a r d t o a s k t h a t t h o m a t t e r b e t a k e n u p a g a in in C o n g r e s s , a n d p a r t i c u la r l y
t o a s k t h a t h e a r in g s b o g r a n t e d b e f o r e b o t h t h o S e n a t e a n d H o u s e P o s t a l
C o m m itte e s .
T h o S e n a t o C o m m i t t e e h e l d s u c h h e a r in g s o n A p r i l 3 0 a n d
M a y 1 , o p e n i n g t h o w a y f o r a v e r y f u ll d is c u s s io n o f t h o w h o le s u b j e c t , t h o
s u b s t a n c e o f w h i c h w a s p r i n t e d in t h e p u b l i c p r e s s .
T h e P u b li s h e r s ' A s s o
c ia t i o n w a s r e p r e s e n t e d b y i t s P r e s i d e n t a n d b y m e m b e r s o f i t s P o s t a l
C o m m itte o .
A p p a r e n t l y t h o h e a r in g s c o n v e r t e d t h o C o m m i t t e e , w h ic h
p r e p a r e d t o r e p o r t a n a m e n d m e n t t o t h e P o s t O f f i c e A p p r o p r ia t i o n B i l l,
s u s p e n d in g t h o o p e r a t i o n o f t h o n o w r a t e s f o r a y e a r p e n d in g f u r t h e r i n
q u i r y b o t h a s t o t h e i r fa ir n e s s a n d n e c e s s it y , b u t w h ic h w a s h a l t e d in it s
p u r p o s e o n le a r n in g t h a t , f o r b o t h c o n s t it u t i o n a l a n d p a r l ia m e n t a r y r e a s o n s ,
s u c h a n a m e n d m e n t c o u l d b o p a s s e d o n l y a f t e r o r ig in a l p a s s a g o in t h e
H o u s o . I n a d i s c u s s io n in t h o o p o n S e n a t o o n M a y 1 5 S e n a t o r W a t s o n o f
I n d i a n a s a id :
I v i o ia t o n o C o m m i t t e e s e c r e t s w h e n I s a y t h a t t h e m a j o r i t y o f
m e m b e rs f a v o r p o s t p o n in g th o o p e r a tio n o f th e la w f o r o n e y e a r .
th e
I t h a s b e e n t h o u n d e r s t a n d in g s in c e t h a t f u r t h e r m e a s u r e s f o r b r in g in g
t h o p r o p o s e d s u s p e n s io n t o a v o t e w o u ld b o u r g e d in b o t h t h e S e n a t e a n d
H E A R IN G
JUNE
6—
ON
REVENUE
LE G IS L A T IO N
C O N G R E S S IO N A L
RECESS
TO
B E G IN
PLAN NED.
Hearings on tho now rovenuo legislation will start Juno 0,
according to plans approved by tlio House W ays and Means
Committee on M a y 29. Tho committee agreed that the
$4,000,000,000 additional rovenuo to be raised shall como
chiefly from excess profits, incomes and taxes on luxuries.
Under vacation plans contemplated, Congress would recess
about July 1 until Aug. 1, during which the com
mittee is expected to prepare the revenue bill; tho
passage of tho bill in the House is contemplated
between Aug. 1 and 15, tho Houso then recessing
probably for thirty days pending tho Senate con
sideration of tho bill. The committee has decided to em
body in tho bill not only the additional $ 4,000,000,000 taxes,
but the tax provisions of tho present laws, to prevent dupli
cation and confusion. The committee believes tho appro
priation bills and othor necessary legislation can bo disposed
of by July 1 and will recommend a recess of both houses then
whilo tho committeo is working on the bill.
GEO.
M cA N E N Y
IN 'S
D E N IE S
CHARGES
OF
R E P R E SE N T A T IV E
PU BLISH ER S'
K IT CH
LOBBY.
A statement donying the charges of Representative
Kitchin of tho maintenance by tho publishers of a lobby at
Washington, was issued on M a y 29 by George M eAnony,
Chairman of tho Postal Committeo of tho American News
paper Publishers’ Association, in which McAneny seeks to
sot out tho facts, so far as tho publishers aro concerned,
at length. His statomont as printed in tho New York
“ Times” of M a y 30 follows:
A s k lo f r o m M r . K l t c h i n ’ s i n t im a t i o n t h a t t h o P r e s i d e n t a n d t h o S e c r e
t a r y o f t h o T r e a s u r y , in u r g i n g t h o n o w R o v e n u o B i l l , h a v o n o t b o o n p r o
c e e d i n g in g o o d f a i t h , a n d h a v o a c t u a l l y b e e n s e r v in g a p u b lis h e r s ' p l o t ,
a n d a s id o f r o m t h o t h r o a t t o w a t c h a n d t o d i s c ip l i n e t h o m e m b e r s o f t h o
H o u s e w ii o m a y v o t e f o r t h e m o d i f i c a t i o n o r r e p e a l o f t h o s e c o n d c la s s
p o s t a g e r a t e s t o w h ic h t h o p u b lis h e r s h a v o t a k e n e x c e p t i o n , t h e r e Is a m o s t
u n w a r r a n t e d a t t a c k o n t h o n e w s p a p e r p u b lis h e r s t h e m s e lv e s .
T h o fa c ts
* T h o p o s t a l c l a u s o in t h o W a r R o v e n u o A c t o f O c t . 3 , t o W h ic h t h o p u b
lis h e r s o b j e c t w a s p a s s e d w i t h o u t a n y p u b li c h e a r i n g o r n o t i c o w h a t s o e v e r
a n d w i t h o u t a n y o t h e r o p p o r t u n i t y t o t h o p u b li s h i n g i n d u s t r y o f t h o
• u n t r y t o s a y a w o r d in it s o w n b e h a l f o r t o d is c u s s t h o e f f e c t o f t h o p la n
e i t h e r u p o n t h e ir b u s in e s s o r u p o n n e w s p a p e r c i r c u l a t i o n g e n e r a l l y .
Tho
S o n a t o in c o n s i d e r in g t h o R o v e n u o B i l l, h a d r o je c t o d a ll a m e n d m e n t s
o p p o s i n g t h o s e c o n d c la s s in c r e a s e .
T h o H o u s o p a s s e d a b ill q u i t e d i f f e r e n t
in f o r m f r o m t h a t o v e n t u a l l y o n a c t c d .
T h o p resen t sch cm o w a s w ork ed
o u t In t h o c o n f e r e n c e o f t h o c o m m i t t e e s o f t h o t w o H o u s e s .
T h ero co n
t in u e d t o b e h o w e v e r , n o o u t s i d o d i s c u s s io n o f t h o r a d i c a l c h a n g o s t h o
b ill p r o p o s e d u n t i l t h o C o n f e r e n c e C o m m i t t e e r e p o r t e d .
In in d e n t in g th e
r e v e n u e b i ll in t h e S o n a t o . S e n a t o r S i m m o n s , C h a ir m a n o f t h o l 'l n a n c o
C o m m i t t e o r e fe r r i n g t o t h o u n s a t i s f a c t o r y m e t h o d s o f p r e p a r a t i o n o f t h o
? e c o d c a s ; p o s t a g e ra te s , a d d e d th a t th o d a te o f p u t t in g th e m in to
0r c t h a d b e e n d e f e r r e d u n t i l J u l y 1 , in o r d e r t h a t t h e m a t t e r m ig h t b e
m o r o c a r e f u l l y c o n s i d e r e d in t h o in t e r i m a n d a p r o p e r b ill s u b s t i t u t e d .
T h a t c e r t a in l y w a s t h e i m p l i c a t i o n o f h is s t a t e m e n t , w h ic h f o ll o w s :
r 1
, J d<?
h o iio v n t h a t w o o u g h t t o t a x t lie s o fa c il i t i e s f o r t h o p u r p o s o o f
nr t h e w a r .
T h a t h a s b e e n m y v i e w a ll t h o t im o .
Inif°t h a t ° oDinion * a b o u t it, I f e l t t h a t t h o a d j u s t m e n t o f p o s t a l
K
w a s n o t a ^ m a t t e r f o ? thoFinanco C o m m i t t e e b u t w a s a m a t t e r f o r t h o
P r a t o m c e O o m r n ltte e .
I w a s g l a d , t h e r e fo r e , w h e n i n c o n f e r e n c e w e w a r e
lo s c u iu c u c ,
o o m n r o m ls e a p r o v i s io n n o w u n d e r d is c u s s io n — t h o
S r o v fa t o n t h a t t h o t a x n o w i m p o s e d s h o u ld n o t t a k o e f f e c t u n t il J u l y 1 9 1 8 .
V trust M r P r e s i d e n t , t h a t b e f o r e t h a t t im o a r r iv e s t h e P o s t O f f i c e C o m
m ittee w i 1 w o r k t h is m a t t e r o u t i n a m o r e s a t i s f a c t o r y w a y t h a n y o u r
____________
S S S S tte e or t h e c o n f e r e e s h a v o b e e n a b l e t o w o r k it o u t .
K A s a m a t t e r o f f a c t , t h o c r o w d in g o f o t h e r th in g s p r e v e n te d a n y fu r th e r
c o n s i d e r a t io n o f t h o p o s t a l m a t t e r in t h o S e n a t e a n d p e r m it t e d v e r y l it t l e
o f i t In t h o H o u s o u n t i l t h r o o o r f o u r w e e k s a g o .
h o t H o u s o t h o y n a t u r a l l y w ill b e .
E x c e p t f o r t h e c a s u a l p r e s e n c e o f t h e i r P r e s id e n t a n d c o m m i t t e o , f o r t h o
p u r p o s e s o f t h o S e n a t e h e a r i n g s , a n d t h o d is c u s s io n i m m e d i a t e l y f o ll o w i n g
t h e m , t h o n e w s p a p e r p u b lis h e r s h a v o h a d p r a c t i c a l l y n o t h i n g t o d o w i t h
t h o C o n g r e s s io n a l s i t u a t i o n .
T h e y h a v e n o t “ m a in t a in e d a l o b b y
or
a n y t h i n g in a n y d e g r e e a p p r o a c h in g t h a t d e f in it i o n .
T h e y h a v o , s o fa r
a s I k n o w , h a d n o th in g w h a te v e r t o s a y t o M r . K it c h in .
T h ey have
e n d e a v o r e d t o g o t t h o s o r t o f a h e a r in g t h o y w e r e d e n ie d in t h o f a l l , a n d
t h e y h a v o s e c u r e d s u c h h e a r in g s in t h o S e n a t e , a s w e ll a s t h e p r o m is e o f a
h e a r in g b e f o r e t h e P o s t a l C o m m i n t e e o f t h o H o u s e a s s o o n a s t h e S e n a t e
h ad a cted .
M r . K i t c h i n ’ s s t a t e m e n t s a r e , in s h o r t , in s o f a r a s t h e y r e fe r
t o n e w s p a p e r p u b li s h e r s , a b s o l u t e l y w i t h o u t t r u t h .
I f h o is o b j e c t i n g
t o t h e a p p e a r a n c e s o f t h e i r r e p r e s e n t a t iv e s b e f o r e t h o S e n a t o C o m m i t t e e
a n d t h e ir p u r p o s o t o s u b m i t t h e i r v i e w s , s o f a r a s p o s s i b le , in t h e s a m e
m a n n e r , t o t h o H o u s o , h is p o s i t i o n a m o u n t s p r a c t i c a l l y t o a d e n ia l o r t h e
c o m m o n e s t r ig h t s o f p e t i t i o n p o s s e s s e d b y t h o s e w h o o r d i n a r il y a p p r o a c h
C o n g r e s s in a m a t t e r o f p u b l i c in t e r e s t .
T h e c r y o f “ s u b s i d i e s " t o n e w s p a p e r s i s , o f c o u r s e , r a is e d w h e n o v o r t h e
m a t t e r is m e n t i o n e d .
I t h a s b e e n m a d e c le a r in t h o S e n a t e t h a t t h e r o is
n o s u c h s u b s i d y ; t h a t t h o n e w s p a p e r s a r e m e r e ly p a s s in g o n t o t h e i r s u b
s c r ib e r s t h o p o s t a l r a t o t h a t t h o G o v e r n m e n t fix e s — in a s e n s e , c o l l e c t i n g
i t f o r t li o G o v e r n m e n t — a n d t h a t i f t h e r a t e s a r e r a is e d o n t h e p r o h i b i t i v e
s c a l e t h a t t h o A c t o f O c t . 3 f i x e s , t h o in c r e a s e s m u s t a ls o b e p a s s e d t o t h e
u b s crib crs .
I f t h e r o b o a l o s s in t h e G o v e r n m e n t ’ s o p e r a t i o n t h a t l o s s
v o u ld r e p r e s e n t t h o c o s t o f a G o v e r n m e n t s e r v ic e t o t h o p e o p l e , a n d n o t a
u b s ld y t o t h o n e w sp a p e rs.
T h e r e is , h o w e v e r , n o s u c h l o s s .
T h e 1 ost
I f f i c o D e p a r t m e n t s h o w e d a p r o f i t o v e r a ll c o s t s f o r t h o la s t f is c a l y e a r o f
> 1 2 ,2 2 9 ,0 0 0 .
T h o b u s in e s s o f t h e D e p a r t m e n t , i s , o f c o u r s o , d e v e l o p e d
h r o u g h t li o I n t e r w o r k in g o f a ll c la s s e s .
T h e se co n d a n d th ird d e v e lo p
m s in e s s f o r t h o f ir s t a n d f o u r t h .
T h o s e w h o p a y t h e s o - c a ll e d
p r o fit
>n fir s t -c l a s s m a il a r o u s e r s o f t h o s e c o n d , a n d a r o , t h e r e fo r e , t h e m s e lv e s
:o v e r i n g t h e c o s t o f t h o s e r v ic e t h o s e c o n d - c la s s g i v e s t h e m .
T l i o r e s u lt o f t li o i m p o s it i o n o f t h o h ig h e r r a t e s , a s t h e y b e c o m e g r a d u illy e f f e c t i v e , c a n o n l y b e t h o r e d u c t io n o f c ir c u l a t i o n t h r o u g h t h e lo s s o f
iu b s c r ib e r s w h o c a n n o t p a y t h e m a il p r i c e s t h o n e w s p a p e r s w o u l d b e
■oquired t o c h a r g e .
O n o h e s it a t e s t o b e l ie v e t h a t t h is is a p u r p o s o o f t h
iu p p o r t e r s o f t h o p l a n .
B u t , c e r ta in ly , th e y c a n e x p e c t n o a d d e d re v e n u e .
T h o P o s t O f f i c e D e p a r t m e n t h a s e s t im a t e d t ii a t t h e a d d e d r e v e n u e f r o
h e n e w s c h e m e d u r in g t h e f ir s t y e a r w ill b e $ 4 ,9 0 0 ,0 0 0 . and. t h a t j o f t h i s
■ m ou n t $ 2 0 0 0 0 0 0 o n l y w ill c o m o f r o m t h e n e w s p a p e r s , o r a b o u t o n e W ^ t h o u s a n d t h o f t h e r e v e n u e y i e ld o f t h e A c t o f O c t . 3 A n d t h i s i n c r e a s e
in ch a s i t is , w o u l d b o o f f s e t i n t u r n b y a d d e d c o s t o f t h e a d M n b t r a t i o n
, f t h o n o w s c h e m e , w h ic h is m e c h a n i c a ll y v e r y m u c h i n v o l v e d a n d w ill c o s t
lie D e p a r t m e n t a l o t , t o s a y n o t h i n g o f t h e r e d u c t io n in g r o s s i n c o m e d u e
c ir c u l a t i o n lo s s e s .
_
. ..
. ,
I t is r e c o g n i z e d , in s h o r t , in a n d o u t o f C o n g r e s s , t h a t t h e p o s t a l c la u s e s
i f t h o b ill d o n o t b e l o n g in a w a r r e v e n u e b i ll ; t h a t t h e y a r o n o t g o i n g t o
f ie l d e it h e r w a r r o v e n u o o r , in t h o n e t , a n y s u b s t a n t ia l r o v e n u o o f a n y s o r ,
h a t th o y fra n k ly c h a n g e t h e p e r m a n e n t p o s ta l s y s t e m , a n d t h a t t h e y a re
n t o n d o d t o c u t d o w n t h o G o v e r n m e n t 's p o s t a l b u s in e s s r a t h e r t h a n t o
n c r o a s o it s r e t u r n s . T h o P o s t m a s t e r G e n e r a l in t h e f a ll in l e t t e r s a d ir o s s e d p u b l i c l y t o t h o S o n a t o a n d H o u s e l o a d e r s , o b j e c t e d t o t h e l n c o r
l o r a t i o n o f t l i o p la n in t h o W a r R e v e n u e b ill o n t h o g r o u n d t h a t i t s h o u ld
io co n s id e r e d a s a p e rm a n e n t m e a s u re b y th e P o s ta l C o m m it te e s , a n d
;o
l a s s o d o n l y a f t e r f u r t h e r d e l ib e r a t i o n .
,
„
.
T h e p r a s o n t r e q u o s t o f t h o n e w s p a p e r p u b lis h e r s h a s b e e n , in e f f e c t ,
h a t t lio m e a s u r e b e h o ld u n t il t h e P o s t m a s t e r G e n e r a l's original p la n m a y
io m e t a n d a c t u a l d i s c u s s io n p e r m i t t e d .
T h o y h a v o p rotested a n d are
itill p r o t e s t in g , a g a in s t t h o m e t h o d s a n d t h o a r g u m e n t t h a t p r o d u c e d t h e
c h e m o s c h e d u l e d t o g o i n t o e f f e c t o n J u l y 1; b u t t h e i r r e p r e s e n t a t io n s t o
n u m b e r s o f C o n g r e s s h a v o b e e n , a n d w ill c o n t in u e t o b o . m a d e t h r o u g h
h o l e g it i m a t e c h a im e ls C o n g r e s s h a s p r o v i d e d .
JUNE
28
N A T IO N A L
W AR
T H R IF T
SA V IN G
D A Y
.
C A M P A IG N
FOR
PLEDGE.
Tko request that Juno 28 be observed as a national war
savings day was mado by Secretary of the Treasury MoAdoo
in a statement issued last week, in which he announced that
a campaign culminating on that day, having for its object
tho securing of pledges to economize and purchase at definite
periods a specific amount of war savings stamps, would bo
conducted under the direction of the Treasury Department.
Wo quoto his statement in full herewith:
3288
THE CHRONICLE
I t is e s s e n t ia l t h a t t h e A m e r i c a n p e o p l e e c o n o m iz e a n d s a v e in o r d e r t o
m a k e a v a i l a b l e t o t h e ir G o v e r n m e n t t h o m o n o y in d i s p e n s a b l e n e e d e d f o r
t h e w a r a n d t o r e le a s e s u p p lie s a n d l a b o r r e q u i r e d f o r t h o p r o d u c t i o n o f
t h in g s n e c e s s a r y f o r o u r o w n m il i t a r y f o r c e s a n d f o r t h o m il i t a r y f o r c e s o f
t h e n a t i o n s a s s o c ia t e d w it h u s
O n e o f th e b e s t m e th o d s o f b r in g in g a b o u t
t h is r e s u lt is f o r e v e r y o n e t o p l e d g e h i m s e lf t o e c o n o m i z e a n d s a v e a n d t o
p u r c h a s o , a t d o f in it o p e r i o d s , a s p e c i f i c a m o u n t o f w a r s a v in g s s t a m p s , t h u s
g i v i n g c o n c r e t e e v i d e n c e o f h is s u p p o r t o f t h e p r a c t i c e o f w a r s a v i n g s
T o a c h i e v e t h is o b j e c t t h e r e w ill b e c o n d u c t e d , u n d e r t h o d i r e c t i o n o f t h o
T r e a s u r y D e p a r t m e n t, a c a m p a ig n fo r p le d g e s , c u lm in a tin g o n J u n o 2 8 ,
w h e n l o y a l A m e r i c a n s t h r o u g h o u t t h e c o u n t r y w ill b o a s k e d t o c o m m i t
t h e m s e lv e s t o t h is p r o g r a m .
T h o p r o g r e s s o f t h o w a r d e m a n d s c o n s t a n t a n d i n c r e a s in g s a c r if i c e s .
We
a r e s e n d i n g o u r y o u n g m a n h o o d t o r e p r e s e n t u s o n f o r e i g n b a t t l e f ie l d s ,
w h e r o t h e y a r e c a l le d u p o n t o s a c r i f i c e n o t o n l y t h e ir p e r s o n a l c o m f o r t a n d
m a t e r ia l in t e r e s t s b u t t h e ir l iv e s a s w e ll
I t is a p p r o p r i a t e , t h e r e fo r e , f o r
t h o A m e r i c a n p e o p l e w h o a r e p r i v il e g e d t o r e m a in in s a f e t y a n d c o m f o r t
a t h o m o t o c o n s i d e r t h e ir s a c r e d o b l i g a t i o n t o s u p p o r t o u r g a l l a n t m e n a n d
t o p l e d g e t h e m s e lv e s e a r n e s t l y t o s a v e a n d e c o n o m i z e in o r d e r t h a t o u r
s o ld ie r s a n d s a ilo r s m a y h a v e t h e f o o d a n d c l o t h i n g a n d t h o a r m s a n d
a m m u n i t io n , w i t h o u t w h ic h t h o y c a n n o t f ig h t
T o t h o e n d t h a t t h is i n t e n s iv e c a m p a i g n m a y b e m o s t e f f e c t i v e , I e a r n e s t ly
b e s p e a k t h o c o - o p e r a t i o n o f a ll t h o o r g a n i z a t io n s a n d i n s t it u t i o n s o f t h e
n a t i o n w h i c h , t h r o u g h t h e ir i n fl u e n c e a n d a c t i v o s u p p o r t , c a n f u r t h e r t h is
w ork .
I t is d e s i r a b l e t h a t t h o a t t e n t io n o f t h o e n t i r e p e o p l e b o c e n t e r e d
o n t h e ir o b l i g a t i o n t o p l e d g e t h o G o v e r n m e n t t h is k i n d o f s u p p o r t f o r t h o
w in n in g o f t h o w a r , a n d w i t h t h is o b j e c t in v i e w t h a t J u n o 2 8 1 9 1 8 b o
o b s e r v e d as a n a tio n a l w a r s a v in g s d a y .
W it h a d e q u a te p r e p a r a tio n fo r a n a tio n a l w a r s a v in g s d a y o n J u n o 2 8 .
I a m s u r e t h a t t h o A m e r i c a n p e o p l e w ill b o g l a d t o p a r t i c i p a t e a n d t o p l e d g e
t h o m s e lv e s t o b e c o m e w a r s a v e r s , t h e r e b y g i v in g c o n c r e t e o v i d o n c o o f t h e ir
d e v o t i o n t o t h e ir c o u n t r y ’s w e lf a r e a n d o f t h e ir in fl e x i b l e p u r p o s o t o f i g h t
u n t il a t r iu m p h a n t v i c t o r y f o r l ib e r t y is s e c u r e d .
PRESIDENT WILSON APPEALS TO ALL TO SAVE
A N D PLEDGE THEMSELVES TO PURCHASE
OF GOVERNMENT SECURITIES.
An appeal to tlio people of tlie country to pledge them
selves on or before Juno 28, National Thrift D ay , “ to save
constantly and to buy as regularly as possible tho securities
of the Government, and to do this as far as possible through
membership in war savings societies,” has beon mado by
President W ilson. The President states that “ the problom
before us is not primarily a financial problem, but rather
a problom of increased production of war essentials and the
saving of materials and tho labor necessary for tho support
and equipment of our army and n avy.” Tho appeal follows:
T h i s w a r is o n e o f n a t i o n s — n o t o f a r m ie s — a n d a ll o f o u r 1 0 0 ,0 0 0 ,0 0 0
p e o p l e m u s t b e e c o n o m i c a l l y a n d I n d u s t r ia lly a d j u s t e d t o w a r c o n d i t io n s
i f t h is n a t i o n is t o p l a y it s f u ll p a r t in t h e c o n f l i c t ,
T h o p r o b le m b e fo r e us
is n o t p r i m a r i l y a fin a n c ia l p r o b l o m , b u t r a t h e r a p r o b l e m o f in c r e a s e d
p r o d u c t i o n o f w a r e s s e n t ia ls , a n d t h o s a v i n g o f t h o m a t e r ia ls a n d t h e l a b o r
n e ce s s a ry fo r th o s u p p o r t a n d e q u ip m e n t o f o u r a r m y a n d o u r n a v y .
T h o u g h t le s s e x p e n d it u r e o f m o n e y f o r n o n e s s o n t ia ls u s e s u p t h o l a b o r o f
m o n , t h o p r o d u c t s o f t h e f a r m , m in e s , a n d f a c t o r i o s , a n d o v e r b u r d e n s
t r a n s p o r t a t io n , a ll o f w h ic h m u s t b e u s e d t o t h o u t m o s t a n d a t t h e ir b e s t
fo r w ar pu rposes.
T h e g r e a t r e s u lts w h ic h w o s e e k c a n b o o b t a i n e d o n l y b y t h o p a r t i c i p a t i o n
o f e v e r y m e m b e r o f t h e n a t i o n , y o u n g a n d o l d , in a n a t io n a l c o n c e r t e d
t h r if t m o v e m e n t .
I t h o r o fo r o u r g e t h a t o u r p e o p l o e v e r y w h e r e p l e d g e
t h e m s e lv e s , a s s u g g e s t e d b y t h o S e c r e t a r y o f t h o T r e a s u r y , t o t h o p r a c t i c o
o f t h r if t : t o s e r v o t h e G o v e r n m e n t t o t h e ir u t i h o s t in in c r e a s in g p r o d u c t i o n
i n a ll fie l d s n e c e s s a r y t o t h o w in n in g o f t h o w a r ; t o c o n s e r v e f o o d a n d fu e l
a n d u s e fu l m a t e r ia ls o f o v e r y k in d - t o d o v o t o t h e ir l a b o r o n l y t o t h o m o s t
n e c e s s a r y t a s k s ; a n d t o b u y o n l y t h o s o t ilin g s w h ic h a r o e s s e n t ia l t o in
d i v i d u a l h e a l t h a n d e f f i c i e n c y ; a n d t h a t t h o p e o p l o , a s o v i d e n c o o f t h e ir
l o y a l t y , i n v e s t a ll t h a t t h o y c a n s a v o in L i b e r t y b o n d s a n d W a r S a v in g s
sta m p s.
T h e s e c u r it ie s i s s u e d b y t h o T r e a s u r y D e p a r t m e n t a r o s o m a n y o f t h e m
w it h i n t h o r e a c h o f e v e r y o n e t h a t t h o d o o r o f o p p o r t u n i t y in t h is m a t t e r is
w i d o o p e n t o a ll o f u s .
T o p r a c t i c e t h r i f t in p e a c o t im e s is a v i r t u e a n d
b r in g s g r e a t b e n e f i t t o t h o i n d i v id u a l a t a ll t im e s ; w it h t h o d e s p e r a t e n e e d
o f t h e c iv il iz e d w o r l d t o - d a y f o r m a t e r ia ls a n d l a b o r w it h w h ic h t o e n d t h o
w a r , t h o p r a c t ic o o f i n d i v id u a l t h i r f t is a p a t r i o t i c d u t y a n d a n e c e s s it y .
I a p p e a l t o a ll w h o n o w o w n e it h e r L i b e r t y b o n d s o r W a r S a v in g s S t a m p s
t o c o n t i n u o t o p r a c t i c o e c o n o m y a n d t h r if t a n d t o a p p e a l t o a ll w h o d o n o t
o w n G o v e r n m e n t s e c u r it ie s t o d o lik e w is e a n d p u r c h a s o t h e m t o t h o e x t e n t
o f t h e ir m e a n s .
T h o m a n w h o b u y s G o v e r n m e n t s e c u r it ie s t r a n s fe r s t h o
p u r c h a s i n g p o w e r o f h is m o n e y t o t h o U n it e d S t a t e s G o v e r n m e n t u n t il a ft e r
t h is w a r , a n d t o t h a t s a m e d e g r e e d o e s n o t b u y in c o m p e t i t i o n w it h t h o
G o v e rn m e n t.
I e a r n e s t l y a p p e a l t o o v e r y m a n , w o m a n , a n d c h i ld t o p l e d g o t h e m s e lv e s
o n o r b e f o r e t h e 2 8 t h o f J u n o t o s a v o c o n s t a n t l y a n d t o b u y a s r e g u l a r ly a s
p o s s i b le t h e s e c u r it ie s o f t h o G o v e r n m e n t ; a n d t o d o t h i s , s o f a r a s p o s s i b lo ,
t h r o u g h m e m b e r s h ip in w a r s a v in g s s o c ie t i e s .
T h o 2 8 t li o f J u n o e n d s t h is
s p e c i a l p e r i o d o f e n l is t m e n t in t h o g r e a t v o l u n t e e r a r m y o f p r o d u c t i o n a n d
s a v in g h e re a t h o m o .
M a y t h e r o b e n o n e u n e n lis t e d o n t h a t d a y l
W O O D R O W W IL S O N .
[VoL 106
Y e s t e r d a y M e s s r s . S h e r lo y a n d D e n t w o r e d i s c u s s in g W a r D e p a r t m e n t
e s t im a t e s , w h ic h t h r e a t e n t o r u n t h o s tu n t o t a l o f e s t im a t e s t o b o a p p r o
p r i a t e d f o r t h o n e x t f is c a l y e a r t o m o r e t h a n t h i r t y b i ll i o n s o f d o l la r s . M o r e
t h a n h a l f o f t h is s u m o f m o n o y o v e r “ f o u n d ” in h i s t o r y , a l o n o , w h ic h is
p r e p a r i n g t o t a k e c a r e o f a d o u b l e d a r m y , a n d t o o x p o n d s e v e r a l b i ll i o n s
o f d o l la r s o n n e w o r d n a n c e .
“ W h e r o is a ll t h is m o n e y t o g o ? ” M r . S h e r lo y a s k e d M r . D o n t .
“ W e l l , t h e r o is t h o b i g a r m y a n d t h o o r d n a n c e p r o g r a m a n d f o r t i f i c a
t io n s -------- ”
“ H o w m u c h o f t h is is f o r f o r t i f i
“ H o l d o n , ” e x c l a im e d M r . S h e r lo y .
c a tio n s ? ”
" A b o u t f o u r b i l l i o n s , ” r e p l ie d M r . D e n t .
“ T h a t is a l r e a d y c a r e d f o r in a s e p a r a t e e s t im a t o f o r f o r t i f i c a t i o n s a n d
h a s b e e n c o u n t e d in .
W o h a v e f o u n d f o u r b i ll i o n d o l la r s -------- ” e x c l a im e d
M r . S h e r le y .
T o d a t e o t h e r d e p a r t m e n t s o u t s i d o o f t h o m il i t a r y h a v o p r e s e n t e d s u p p l e
m e n t a l e s t im a t e s w h ic h b r i n g t h o g r a n d t o t a l u p t o m o r e t h a n t w e n t y
b i ll i o n s .
W h o n th e a r m y a n d n a v y a re f in a lly h o a r d f r o m a p la c o t o p u t
t h o “ f o u n d ” f o u r b i ll i o n s w ill p r o b a b l y b o d i s c o v e r e d .
RULING AFFECTING COFFEE IMPORTS.
The following ruling was issued by tho W ar Trado Board
on M a y 25, following a conference with members of tho
chartering committee of the United States Shipping Board:
N o c o f f e e s h a ll b o i m p o r t e d i n t o t h o U n it e d S t a t e s w h ic h is c a r r ie d a t a
r a t e o f f r e i g h t g r e a t e r t h a n t h o r a t e e s t a b l is h e d b y t h o U n it e d S t a t e s
S h ip p in g B o a r d .
A l l lic e n s e s h e r e t o f o r e Issu e d f o r t h o i m p o r t a t i o n o f c o f f e o h a v o b e e n
s u s p e n d e d ; a n d a n y s u c h lic e n s e w ill b e c o m o v a l i d o n l y a f t e r it h a s b e e n
p r e s e n t e d t o a b r a n c h o f f i c e o f t h o W a r T r a d e B o a r d , t o g e t h e r w it h a n
a f f i d a v i t d u l y v e r i f i e d b y t h o lic e n s e , s t a t in g t h a t t h o r a t o o f f r e i g h t p a id
o n t h o s h i p m e n t o f c o f f e e c o v e r e d b y h is lic o n s o d o e s n o t o x c e e d t h o r a t e
e s t a b l is h e d b y 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 v e r y a p p li c a n t f o r a lic o n s o t o i m p o r t c o f f e e i n t o t h o U n it o d S t a t e s m u s t
h e r e a f t e r f i l o w it h h is a p p l i c a t i o n a n a f f i d a v i t c o n t a i n in g t h o s t a t e m e n t
s e t f o r t h in t h o f o r e g o i n g p a r a g r a p h .
The “ Journal of Commerce,” in stating on M a y 28 that
tho action of the Board was evidently taken with a viow to
putting a stop to profiteering and remove uncertainty as to
fluctuations in freight rates, added:
W h i l o t h o a n n o u n c e m e n t w ill c r e a t e c o m p l i c a t i o n s c o n c e r n in g e n g a g e
m e n t s , p r e v i o u s l y m a d o , w h ic h w ill d o u b t l e s s b o s a t i s f a c t o r il y a d j u s t e d , it
w ill u n q u e s t i o n a b ly c h e c k e x t e n s i v e p r o f it e e r i n g t h a t h a s f o r s o m o t im e
b e e n p r a c t is e d In t h e c o f f e e t r a d e a n d p u t f r e i g h t r a t e s o n a m o r o s u b s t a n t ia l
b a s is .
T h o r a t e s e n f o r c e d a t t h o p r o s o n t t im e b y t h o U n it o d S t a t e s S h i p
p i n g B o a r d a r e p e r b a g n e t f o r s t e a m e r s , S i 7 0 ; m o t o r s , $1 2 0 ; a n d f o r
s a ilo r s . S i .
A t a m e e t in g o f t h o C o f f e e E x c h a n g e B o a r d y e s t e r d a y a f t e r n o o n n o w a y
w a s f i x e d u p o n b y w h ic h a s a t i s f a c t o r y a r r a n g e m e n t c o u l d b o m a d e b e t w e e n
t h e d e a le r s a n d t h o W a r T r a d o B o a r d .
I t Is f e a r e d t h a t g r o a t h a r d s h ip s
w ill b o e x p e r i e n c e d b y d e a le r s t h a t h a v o c a r g o e s a f l o a t u p o n w h ic h t h e
fre ig h t h a s a lr e a d y b e e n p a id .
I n m o s t in s t a n c e s a s h ig h a s $ 4 p e r b a g
h a s b e o n p a i d o n s t e a m e r c a r g o e s a n d $ 2 5 0 o n s a ile r s , a n d t h e s e f r e ig h t s
h a v o b e e n p a id a t th e s h ip p in g e n d .
O n e d e a le r s a id :
“ W e a r o a ll o u t t o w in t h e w a r , b u t It d o e s n o t s e e m r ig h t f o r t h e G o v e r n
m e n t t o s p r i n g a d e a l lik e t h is o n u s w it h o u t p r e v i o u s ly n o t i f y i n g t h o t r a d e .
I f th e G o v e r n m e n t h a d s e t J u n o 1 as a d a t e w h o n th e n e w o r d e r s h o u ld
t a k e e f f e c t , t h e n w o c o u l d h a v o g o v e r n e d o u r s e lv e s a c c o r d i n g l y .
“ W e h a v o a b o a t la n d i n g a t a B r a z ilia n p o r t n o w f o r w h ic h *vo h a v e n o t
r e c e iv e d a l ic o n s o , a n d , t h e r e fo r e , t h o s h ip c a n n o t s a i l.
W o h a v o to p ro
c u r e o u r lic e n s e s a t W a s h i n g t o n , a n d t h e y a r o o f t e n t o n d a y s in is s u in g .
I t n o w l o o k s a s t h o u g h w o w o u l d h a v o t o p a y S 5 0 0 a d a y f o r e a c ii d a y t h a t
o u r v e s s e ls r e m a in in t h o h a r b o r w a it i n g f o r a lic o n s o t o m o v e .
It is a
p r o p o s i t i o n t h a t is g o i n g t o p u z z lo m a n y i f t h e G o v e r n m e n t in s is t s o n
e n fo r c in g th o o r d e r a s a r e t r o a c t iv e m e a s u r e .”
FOUND— FOUR BILLION DOLLARS.
It is learned from the Now York “ Times” of M a y 31 that
the W ar Trade Board announced on tho 30tli that a com
mittee of four, consisting of nominees of tho W ar Trado
Board, the Chartering Committee of tho United States
Shipping Board, and tho Food Administration, and an ad
visory member from tho coffeo trado will meet at the New
York Coffee Exchange on M onday, Juno 3 , to consider
special cases of vessels which sailed with coffeo from Brazil
prior to M a y 27 1918, which aro affected by tho W ar Trado
Board ruling. Importers who havo space ongagod on such
vessels will report in writing tho rato of froight paid or
contracted for on these ships to tho Chartering Committee,
Room 424, Custom IIouso, Now York.
A n order prohibiting Food Administration licensees from
trading with dealers or importers of green coffee who havo
failed to obtain their liconsos in accordance with tho Presi
dent’s proclamation of Jan. 30, has beon issued by tho
Food Administration. It is asserted that many have failed
to secure such licenses and by so doing havo laid thomselves
open to a fine of S5,000.
As indicating tho froe-and-easy way in which billions aro
dealt with in Washington in these war times, tho following
from the “ Evening Post” of this city is worth reproducing:
RECOMMENDATIONS OF COMMITTEE REGARDING
GOVERNMENT POLICY TOWARD PACKERS.
FO U N D — FOU R
Im p o rta n t
D is c o v e r y
by
B IL L IO N
DOLLARS.
IIo u s o C o m m itte e s — M o n o y
U se B c fo r o L o n g .
W i ll
Bo
Put
to
[ S p e c ia l D i s p a t c h t o t h o E v e n i n g P o s t . ]
W a s h i n g t o n , M a y 14.— T h o I I o u s o C o m m l t t e o o n A p p r o p r i a t i o n s , in
c o n f e r e n c e w it h C h a ir m a n D o n t , o f t h o H o u s e C o m m i t t e e o n M i l i t a r y
A f f a i r s , y e s t e r d a y “ f o u n d ” f o u r b i ll i o n s o f d o l la r s .
C h a ir m a n S h e r l e y , o f
t h o H o u s e A p p r o p r i a t i o n s C o m m i t t e e , b e l ie v e s t h is is t h o la r g e s t s u m o f
m o n o y e v e r “ f o u n d ” in h i s t o r y .
W h i l e C o n g r e s s is m o r e o r le s s c a l lo u s e d
t o la r g e f in a n c ia l f ig u r e s t h e s e d a y s , n e v e r t h e l e s s t h e r o w a s r e j o i c i n g o n
t h o " f i n d i n g ” o f s o la r g o a s u m .
The committee appointed to report on tho policy to bo
pursued by tho Government with regard to tho meat and
packing industry, recommends tho continuation of tho
regulation of tho meat packing industry by tho Food A d
ministration, stating that it does not favor Government
operation of tho industry until tho enforcement of regulatory
measures is found impossible. Tho findings of tho commit
tee, which was named in accordance with tho suggestions
of Food Administrator Horbort C . Hoover last March
(referred to in theso columns April 6 ), wore approved by
June 1 1918.]
THE CHRONICLE
P r e s id e n t W ils o n o n M a y 2 9 .
T h e F o o d A d m in is t r a t i o n , in
r e p o r tin g th e P r e sid e n t’ s e n d o rse m e n t o f th e c o m m it te e ’ s
r e c o m m e n d a tio n s , sa id :
The President has approved the recommendations of the committee
which ho appointed to report upon the policies to bo pursued by the Gov
ernment with regard to the meat and packing industry. The matter was
raised by a lottcr from Mr. Hoover to the President on March 26. The
committee making the report consisted of Secretary of Agriculture Houston,
Secretary of Labor Wilson, Chairman of the Tariff Commission Dr. Taussig,
Commissioner Fort of the Federal Trado Commission, and Food Adminis
trator Hoover.
T h e c o m m it te e ’ s re c o m m e n d a tio n s in clu d e d th e fo llo w in g :
2289
Since then both the Food Administration and the Trade Commission have
continued their investigations. If the complaint now announced should
be sustained, the Commission could do no more than order the packers to
“cease and desist” from the practices. Upon repetition, offenders may be
haled into a Federal Court.
A further report to the Food Administration from E. A. Peden, Federal
Administrator for Texas, is expected this week. Officials of the Administra
tion say they probably will find some penalty to fit the cases, even if only
on the ground of food wastage.
Correspondence between Mr. Peden and R. W . Boyden, Chief of the
Enforcement Division of the Food Administration, shows that Mr. Peden
reported his belief that the basic trouble in the case was the attempt of
the packers to do business without proper facilities. As to the unfit
chickens, it is charged that they were prepared in unclean surroundings by
barefoot Mexicans in an unscreened room, and shipped partially cleaned.
Mr. Peden recently gave his view of the matter in a letter suggesting that
hearing should be held at San Antonio. He wrote:
‘The basic trouble in this case is evidently the attempt of the concerns to
do business in San Antonio without proper storage facilities for their meat.
Coupled with this was their failure to take precautions necessary in view
of the inadequate storage facilities.
“My guess is that there was a good deal of rush and confusion at this
time, and that the whole thing was due to neglect rather than intention."
Regulation.— We recommend the continuation of the regulation of the
meat packing industry by the Food Administration, and do not favor Gov
ernmental operation of the industry unless it should be found impossible
to enforce regulatory measures.
The auditing of the packers’ bi-monthly profit returns to the Food Ad
ministration and the installation of uniform bases of accounts by tho Fed
eral Trado Commission should proceed as already settled between the Fed
eral Trado Commission and the Food Administration. The present regu
lation by tho Food Administration as to maximum profits should be con
tinued to July 1. In tho meantime, the Federal Trado Commission should
T h o m a s E . W ils o n o f W ils o n & C o . w a s q u o te d in a sp ec ial
roport upon the reasonableness of these maximums. If found reasonable,
d is p a tc h fr o m C h ic a g o to th e N e w Y o r k “ T im e s ” o n M a y 2 8
they should continue in effect until further notice. If found unreasonable,
such maximums should be made effective as facts warrant.
as s a y in g :
The packers should bo required to report wholesale prices received for
A gross injustice has been done to our company by the statement given
moat products, and the transfer value of tho principal by-products from
out yesterday by the Federal Trado Commission. Even the manner of its
their meat departments should bo furnished by the packers to tho Depart issuance adds to its utter maliciousness. It was given to the press on
ment of Agriculture for publication in their market reports as the depart
Sunday afternoon, a day and time when our offices were closed, and it
ment may require.
naturally would be hard for the newspapers to locate our own officials
Tho reports showing the wholesale prices of food dealers, now being made
I want to say to the public that our company is clean in this matter,
to tho Food Administration, which include tho wholesale prices made by
that the charges in that statement are without foundation, and that we shall
packers’ branch houses, should be given local publicity to consumers.
insist upon being set right before the public. We have been immeasurably
Tho stockyards should bo placed under license and regulation by the hurt, and we shall insist that the Trade Commission make reparation.
Department of Agriculture, which should also establish a Governmental We will not only take it up with the Federal Trade Commission, but with
system of animal grading under suitable regulations and methods of price tho Food Administration, and, if necessary, we will appeal to the President
reporting, of actual transactions. Daily reports should bo made on distri of the United States to see that an immediate investigation is held and our
bution and destinations of livestock, meats, and other products from prin company justly treated.
cipal packing points.
The reference to an indictment in Texas is brought in a way which gives
Government and Allied Purchases.— The Food Purchase Board estab the impression that we were indicted for selling spoiled beef. The absurdity
lished last November by tho Food Administrator and tho Secretaries of War of this, and the deliberate malice involved, aro shown when the facts are
and of tho Navy, with tho approval of tho President, for tho co-ordination given.
‘
of policies In purchases or official Governmental agencies of certain food
Wo had a barrel of beef hearts and a box of kidneys in the public cold
commodities should extend its activities to tho co-ordination of tho pur storage warehouse at San Antonio. These hearts and kidneys were not
chase of packing house products by all official agencies.
offered for sale to the Government, nor to any ono else, but were overlooked
It must be recognized that the purchases thus co-ordinated through tho by our own people and by the Municipal Cold Storage officials in San An
Food Purchase Board during periods of sparso marketing or during periods tonio. A purely technical indictment was returned, alleging hoarding of
of extreme production broadly influence market levels in meat and in food. Upon proper Investigation this indictment was promptly quashed.
animals, and, at such times as they do influence prices, they should be Tho whole thing was trivial.
made in accordance with economic conditions as they affect both producers
As to the beef and chicken parts of the statement: We have had no fresh
and consumers and at prices on one hand sufficiently stimulative to insure beef contracts at Camp Travis and have sold no fresh beef there. Nor have
production at a point necessary to furnish supplies of meat during the war we sold any dressed poultry there. There simply is no truth in the state
period, and, on tho other hand, at such ranges as will prevent extortionate ment, so far as Wilson & Co. is concerned.
prices to tho consumer. Tho packers’ profits should bo controlled so as to
Wo have sold, and are selling, large quantities of meats and food products
prevent excessive charges and so that tho policy already dcclarod by the to tho Government for our own forces and those of our allies. I personally
President in cases where war buying dominates tho market, that “we must instructed every plant and branch of Wilson & Co. to redouble their care
make tho prices to the public tho same as tho prices to the Government," and watchfulness during this war period, for I wanted every man in our
may bo effectuated.
institution to realize our heavy responsibilities. It is my business to know
The private-owned cars of the packing industry should continue to be that my instructions are carried out, and I know they have been.
controlled by the Director-General of Railroads.
There is nothing our company has done that is not open to the light of
day
T h e c o m m itte e also se t o u t th a t “ I t is d esirab lo th a t a n
in v e stig a tio n sh o u ld b e m a d e o f th e c o n d itio n s o f th o re ta il
trad o w ith
a v ie w
to d e te r m in a tio n o f so m e c o n str u c tiv e
e ffo r t th a t m a y b e m a d e in re ta il d istr ib u tio n , a n d it is re c
o m m e n d e d th a t a c o m m itte e sh o u ld b e cre a te d fo r th o ro u g h
in v e stig a tio n o f a n d r e c o m m e n d a tio n u p o n th e s u b j e c t .”
FEDERAL TRADE COMMISSION’S ALLEGATION OF
UNFIT MEAT SUPPLIED TO ARMY— PACKERS'
DENIALS .
C o m p la in ts ch a rg in g th e p a c k in g h ou ses o f W ils o n & C o .
a n d M o r r is & C o . w ith h a v in g so ld to th e G o v e r n m e n t fo r
t h e u se o f th e a r m y , m e a t a n d o th e r p ro d u c ts w h ic h w ere
sp o ile d a n d “ u n fit fo r h u m a n c o n s u m p tio n ” h a v e b e e n issu 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 .
n o u n c e m e n t o f M a y 2 6 sa id :
T h e C o m m is s io n ’s a n
Complaints have been issued by tho Federal Trade Commission, making
the serious chargo against Wilson & Co. and Morris & Co. that they have
sold and offered to sell meat and other food products to tho Government
with the knowledge that these products were to be used as food for American
soldiers, and that these products were spoiled and "unfit for human con
sumption."
Thousands of pounds of unfit meat wero offerod for 6ale to Camp Travis,
Tex., according to tho information on which tho complaints aro based.
Indictmonts wore returned against tho two packing concerns by a grand
jury in tho U. S. District Court for tho Western District of Texas, charging
violation of the fourth sect on of the Food Law, but thoso indictments
failed. It was found that no penalty for violating this section of the food
law had been provided.
Tho Federal Trado Commission has been informed that in addition to
spoiled and unfit beef, tho National Army cantonment at Camp Travis was
offered chickens for sale widch wero unfit for human consumption.
The Commission has decided that selling moat products carried with it
tho implied representation that such meats aro wholesome and suitable for
such use.
E d w a r d M o r r i s , J r ., P re s id e n t o f M o r r is & C o ., g a v e o u t
a s t a te m e n t a t th e sa m e tim e s a y in g :
Morris & Co. has not sold a single pound of food for the American 6old.ers
at Camp Travis or any other place that was unfit for human consumption.
In fact, at the time in question, we did not have any contract whatever for
any camp in the San Antonio district.
As I understand it, these charges arise from the fact that we had a small
quantity of food products in public cold storage at San Antonio. These
goods were shipped to San Antonio in perfect condition, and were shipped
in carload lots, in order to save the consumers the higher prices they would
have to pay if they had been shipped in small lots by oxpross. Tho ware
house did not have proper faci'ities and the goods deteriorated.
Tho first knowledge which Morris & Co. had that these goods were not
in first-class condition was when they were condemned by local and Federal
inspectors about Dec. 22 1917, but not a pound of these goods was offered
or sold to the United States soldiers or any one else.
It is needless to say that a large business such as Morris & Co., handling
perishable products, will necessarily have occasional experience of this
sort, which in this case was caused entirely by matters beyond our control.
QUESTIONNAIRE ON COTTON LINTERS ISSUED BY
WAR INDUSTRIES BOARD.
T h e c o tto n a n d c o tto n p r o d u c ts s e c tio n o f th e W a r In d u s
tries B o a r d h a s s e n t th e fo llo w in g le tte r to dealers in a n d users
o f c o tto n lin te rs:
For your information and guidance you aro advised that on May 2 the
prico fixing committee of the War Industries Board fixed a base price of
$4 67 per hundred-weight f. o. b. points of production for all linters then
on hand and to be produced until August 1 1919. This action was made
necessary by tho increasing requirements due to war conditions.
Whilo no shortage of linters exists at the present moment, the operation
of the now Government powder plants now nearing completion will about
double the linter requirements: therefore it becomes imperative that all
existing stocks and all future production of linters be requisitioned for
explosive purposes.
The armies and navies of the United States and tho Allies must be fur
nished an ample supply of ammunition, and any diversion of linters, irre
spective of grade, to other channels would handicap the Government to
just that extent.
A s s o c ia te d P re ss d isp a tc h es fr o m W a s h in g to n o n M a y 2 6
All linters that have not voluntarily been tendered the Government at
in re fe rrin g to th o C o m m is s io n ’ s c o m p la in t sa id :
the prico fixed for munition linters will be commandeered as the actual
Details of the information upon which the action is based were withhold needs develop, and the commandeering process itself will give ample oppor
by tho Commission. Tho announcement and correspondence given out tunity for the owners of special high-grade linters cut for mattress and
with it, howevor, 6how that tho alleged offenses occurred last Decembor other industries to establish the value of ther product in each individual case.
and are tho samo upon which indictments wero obtained in Texas by-tho
It is tho purpose of this section to help out tho mattress and other
Department of Justico after an investigation of reports by tho Food ’Ad manufacturers using cotton linters in rounding out their business and
ministration. The indictments wero dropped becauso they were returned completing existing contracts for finished products, but each case will
under Section 4 of tho food law, whichlfcarriesjio'penalty.
necessarily have to be handled separately and adjusted on its merits.
2290
[Vol. 106,
THE CHRONICLE
We enclose herewith a questionairre which we will ask that you fill out
and return to George R. James, Chief, Cotton and Cotton Products Sec
tion, War Industries Board, Room 917, Council of National Defense,
Washington, D. O., at the earliest possible moment.
Yours very truly,
GEORGE R. JAMES,
C h ie f C o tto n a n d C o tto n P r o d u c ts S e c tio n ,
W a r I n d u s t r ie s B o a rd .
LINTERS QUESTIONNAIRE.
(Dealers in and Users of Cotton Linters.)
Pounds.
1. Amount of munition linters on hand June 1 1918_____________________
2. Amount of mattress linters on hand June 1 1918_____________________
3. Total linters on hand June 1 1918.
Where are these linters stored?______
require individual licenses. These licenses should be applied for in accord
ance with the regulations issued on May 13 1918.
Applications should be filed in triplicate and should bo forwarded to
the Italian Commission, 1712 New Hampshire Avenue, N. W ., Washing
ton, D. C. The original of the approved application will be sent by the
mission directly to the War Trade Board, Bureau of Exports, Washington,
D. C ., one copy will be retained by the mission and one copy returned to
the applicant for convenience in keeping a record.
This action of the War Trade Board, as it affects shipments of raw cot
ton to Italy, advances twenty days the action of May 15 1918. whereby
this special license was to be withdrawn on June 30 1918.
REGULATION FOR WOOL BUYING BY MILLS IN WOOL
GROWING DISTRICTS.
W o o l-b u y in g re g u la tio n s d esig n e d to e lim in a te u n n e c e ssa ry
To whom have you sold linters since January 1 1918?
may be furnished on separate sheet if desired.)
(This information
e x p en se w ere a n n o u n c e d
M ay 29.
b y th e W a r In d u strie s B o a r d o n
M i ll s lo c a te d in w o o l-g r o w in g d istricts a n d h a v in g
G o v e r n m e n t c o n tr a c ts w ill b e p e r m itte d to b u y i t fr o m th e
g row e rs o n ly w ith in a ra d iu s o f 5 0 m ile s , b u t w ill n o t b e
Remarks:
p e r m itte d
to
buy
fr o m
lo c a l
d e a le rs.
The
re g u la tio n s
p r o v id e :
(Firm name.)
By......................................
(Location.)
D a te :.................... 1918.
FEDERAL INVESTIGATION OF NEW YORK
NEW ORLEANS COTTON MARKETS.
AND
A n a n n o u n c e m e n t to th e e ffe c t th a t a n in v e s tig a tio n o f
th e c o tto n m a r k e t s in N e w Y o r k a n d N e w O rle a n s w o u ld b e
u n d e r ta k e n
by
th e
D e p a rtm e n t
of
A g r ic u ltu r e
w as
con
ta in e d in A s s o c ia te d P re ss d isp a tc h e s fr o m W a s h in g t o n o n
M ay
28.
A d v ic e s
to
th is
e ffe c t
w ere
conveyed,
it
w as
a n n o u n c e d , b y S e c r e ta r y H o u s t o n to S e n a to r S m it h , w h o is
sa id to h a v e r e q u e s te d th e in q u ir y .
I t w a s s ta te d th a t th e
1. Mills located in wool-growing districts and having Govemmont con
tracts may be granted permits to buy from tho growers only in their im
mediate locality. By immediate locality is meant a radius of not over
50 miles. Mills are not permitted to buy from local dealers.
2. Mills having Government contracts and boing situated in a wool
growing section of the country from which in the past they have been ac
customed to purchase wool from tho local growers, will be given a permit
by the War Industries Board to purchase a limited amount of wool from
the local grower within a radius of 50 miles.
3. Ordinarily, mills would buy from dealers in distributing centres and
when this is done there is included in the price of wool: (1) Local com
mission amounting to
cents; (2) dealer’s commission amounting to 4 % ;
(3) freight to Atlantic seaboard.
When the mills buy direct from growers thoso three itoms of exponse are
saved and the benefit of this saving should be divided equally botween
the wool growers and tho mills.
4. No mill shall re-sell any wool except to the Government.
5. Mills must buy only from growers and from the Government.
6. Mills desiring to operato under these rules must fill out a questionnaire
which will be furnished on application to this division.
in v e s tig a tio n w o u ld b e m a d e u n d e r th e su p e r v isio n o f th e
B ureau of M a rk e ts.
PROPOSED APPOINTMENT OF TEXTILE
ADMINISTRATOR.
S e n a to r S m ith w a s re p o r te d to h a v e
s a id th a t if th e D e p a r t m e n t fo u n d i t h a d n o t su ffic ie n t p o w er
to c o n d u c t a th o ro u g h in v e s t ig a tio n , h e w o u ld in tro d u c e a
re s o lu tio n c a llin g o n th e S e n a te A g r ic u ltu r e C o m m it t e e to
The
p ro p o s a l o f th e
G overn m en t
to
a p p o in t a
T e x tile
A d m in is tr a to r s h o r tly f o r th e p u rp o se o f c o -o r d in a tin g th e
in q u ire in to th e situ a tio n su rro u n d in g th e c o tto n m a rk e ts
in te r e s ts o f th e G o v e r n m e n t a n d th e te x tile in d u s tr y w a s
a n d a u th o r iz in g
m ade
th e su b p o e n a in g o f w itn e sse s a n d p a p e r s .
I n its issu e o f M a y 2 8 th e “ W a l l S tr e e t J o u r n a l” sa id :
In tho absence of details, New York Cotton Exchange officials have
little to say regarding proposed investigation of their market by the De
partment of Agriculture. However, they unite In saying that the Exchange
has not only obeyed all statutes relating to trading in cotton to the letter
but have co-operated with the Government in every way. Brokers state
that the Investigators will find them quite ready and they have nothing
to fear at the Government’s hands.
It is admitted that the Department has received some complaints from
the South regarding the wido difference in parity between spots and futures
and this has been accelerated by the 10-cent drop in cotton from high
prices. It Is pointed out that spot prices in Charleston, the nearest spot
centre to New York, are ruling at 30 cents for middling basis, whereas
July futures are quoted 24.88. This wide parity, some say, is caused by
the lack of high standard cotton in New York, whero out of a stock of
30,067 bales, but 9,319 bales are middling and above, and it is very difficult
to add to tho stock, owing to freight troubles.
I n W a s h in g t o n a d v ic e s y e s te r d a y ( M a y 3 1 ) , th e s a m e p a p e r
know n
A m e r ic a n
by
H erbert
A s s o c ia tio n
of
E.
P eabody,
W o o le n
and
P re s id e n t
W o rste d
of
th e
M a n u fa c
tu rers a t a c o n fe re n ce o f G o v e r n m e n t o ffic ia ls a n d te x tile
in te r e s ts a t th e W a ld o r f -A s t o r ia o n M a y 2 8 .
H . P . Bon-
tie s , C h ie f o f th e W o o l e n B r a n c h o f th e S u p p ly a n d E q u ip
m ent
B ureau
of
th e
Q u a r te r m a s te r ’ s
D e p a rtm e n t;
P r o f.
P a u l C h e r r in g to n , re p re se n tin g th e U . S . S h ip p in g B o a r d ,
a n d N . B . K . B r o o k s w ere th e G o v e r n m e n t re p re s e n ta tiv e s
in a t te n d a n c e .
M r.
P e a b o d y ’ s a n n o u n c e m e n t w h ic h w a s
th e fe a tu r e o f th e co n fe re n ce w a s m a d e as fo llo w s :
Tho Government has decided to appoint a toxtilo administrator, ne will
have jurisdiction over tho woolen, cotton, silk and other toxtilo industries.
Tho administrator’s office will bo divided into sections, and naturally wo
will bo interested particularly in tho woolen section, which will comprise rep
resentatives of the manufacturing, jobbing and tailoring to tho tradojhiterests.
M r . B o n tie s , w h o w a s p re se n t a s th e sp e c ia l re p re s e n ta
p rin te d th e fo llo w in g :
Definite arrangements for the Investigation of the New Orleans Cotton
Exchange and New York Cotton Exchange are being worked out by the
Bureau of Markets, Department of Agriculture. Secretary Houston in
tends that it shall be thorough and exhaustive.
It is probable that a number of special agents will be sent to both New
York and New Orleans, to go over the books of the exchanges, and trace
to the source any transactions that striko tho investigators as questionable.
It is generally believed here that both exchanges will bo able to show a
clean bill of health.
W e a lso q u o te th e fo llo w in g fr o m th e “ F in a n c ia l A m e r ic a ”
o f y e s te r d a y :
The Government has begun a “ casual investigation” of the cotton
exchanges in New York and New Orleans, it was acknowledged at the
Department of Agriculture to-day, to ascertain the reason for the recent
fluctuations in the market.
The preliminary steps are being taken through correspondence and no
definite plan has yet been made by the Department for pressing the in
quiry. Several days probably will elapse before any announcement will
be made as to the trend of the Government’s activities, but it was intimated
to-day that probably tho Government would not resort to the extreme of
forcing examinations of tho books and records of individual members of
the exchanges. This, it is believed, probably will not be necessary.
tiv e o f M a j o r - G e n . G o e t h a ls , A c t in g Q u a r te r m a s te r -G e n e r a l,
s t a t e d , a c c o r d in g to th e N e w Y o r k “ T im e s ” th a t th e G o v
e rn m e n t d id n o t ju s t n o w fe e l th a t fix e d p rices fo r A r m y
fa b r ic s in a s tr ic t sense sh o u ld b e e s ta b lis h e d .
M r . B o n tie s
is q u o te d b y th a t p a p e r a s s a y in g :
There Is of course a price which wo consider fair both to tho Govern
ment and the manufacturer, based on the cost of raw material which has
been established, plus an average conversion cost, and plus a fair profit,
but we should not feel that it would be proper to bind the Governmont.to
this price under all circumstances.
There is one other matter which I would llko to bring up, and that is tho
impropriety of using for civilian purposes tho olive drab shade now, in a
way, consecrated to the use of our troops. Tho commercial use of ourlnational flag is very properly forbidden by the law, and the uniform that
clothes our troops should be no loss respected than the banner under which
they march.
A
re s o lu tio n in w h ic h th e m a n u fa c tu r e rs in d ic a te d th e ir
p u rp o s e
to
adopt
m easu res
to
p reven t
th e
m a n u fa c tu r e ,
sa le o r u se o f o liv e d ra b c lo th e x c e p t fo r th e u se o f th e U n it e d
S ta t e s A r m y , w a s a d o p te d a t th e co n fe re n c e .
As
to
th e
a r ra n g e m e n ts fo r th e d is tr ib u tio n o f w o o l f o r th e n e ed s o f
INDIVIDUAL LICENSES FOR EXPORTS OF COTTON
TO ITALY.
F o r th e p u rp o se o f f a c ilita tin g s h ip m e n ts o f ra w c o tto n
t o I t a l y a n d t o a d v a n c e th e c o n tr o l b y th e I ta lia n G o v e r n
m e n t o f su c h s h ip m e n ts , th e W a r T r a d e B o a r d o n M a y 31
a n n o u n c e d th a t a n in d iv id u a l lice n se w o u ld b e re q u ire d fo r
e x p o r ts
June 1 0 .
o f ra w
c o tto n
to
d e s tin a tio n s in
Ita ly
b e g in n in g
T h e B o a r d ’s a n n o u n c e m e n t s a id :
Shipments clearing from tho United States prior to that date will proceed
at.present under the special license issued through tho customs service,
but shipments clearing from the United States on and after Juno 10 will
c iv ilia n s ,
th e
“ T im e s ”
s a id :
Mr. Bounties said the General Staff of the Army Was now preparing a
definite program for 1919, and that when its requirements Woro announced
it would be posslblo to determine how much machinery must bo assigned to
the clothing of hundreds of thousands of men to bo called to tho colors.
Now, it was said, about 50% of tho woolon machinery of tho country was
engaged In turning our military cloths. Duo to tho alleged scarcity of raw
wool supplies, and the intention of General Goethals to pilo up big roservos
of soldiers’ clothing for emergency, Mr. Bonties said that substitutes in
the form of cotton and reworked wool “will undoubtedly have to bo use to
a very much larger extent than formorly in producing fabrics for civilian use.
W illia m
B ia n c h i, o f W illia m
B ia n c h i &
C o .,
c lo th im
p o r te r s , a n d P re s id e n t o f th e N a t io n a l W o o le n s a n d T r im
m in g s
A s s o c ia tio n ,
m e rc e ”
as
w as q u o te d
in
th e
“ J o u rn a l o f
Com
W a s h in g t o n a d v ic e s o f M a y 2 9 sta te d th a t a sp ec ia l c o m
m it te e o f c o tto n g o o d s m a n u fa c tu r e rs m e t th o price F ix in g
C o m m itt e e o f th e W a r In d u strie s B o a r d o n t h a t d a y to p re
p re lim in a r y
c o st figu res to fa c ilita te th e w o rk o f th e
P ric e F ix in g C o m m itt e e in a rriv in g a t a fa ir price fo r c o tto n
p iece g o o d s .
th a t
th e
A c c o r d in g to th ese a d v ic e s it w a s in tim a te d
G o v e r n m e n t m ig h t
ta k e
over
c o n tr o l o f c o tto n
g o o d s as it d id in th e ca se o f w o o l, n a m in g J o h n S c o t t o f
C h ic a g o
as
T o x tilo
A d m in is tr a to r .
Tho
sa m e
d isp a tc h e s
sa id :
Important restrictions on tho operation of cotton mills which will vitally
affect tho American cotton industry havo been imposed by tho British Cot
ton Control Board, according to consular dispatches to-day. Spinning mills
will bo licensed when engaged on American cotton up to 50% of total spin
dles forty hours a week.
IMPORTS OF RUBBER SUBSTITUTES RESTRICTED.
R e s tr ic tio n s
a ffe c tin g
im p o r ts
of
ru b b e r
s u b s t itu t e s —
g u t t a jo o la t o n g , g u t ta s ia k , g u t t a p e rch a a n d b a la ta — w ore
a n n o u n c e d b y th e W a r T r a d o B o a r d o n M a y 3 0 .
Im p orts
o f g u t t a p orclia a n d b a la ta w ill b e re stric te d fr o m J u n o 1 1 9 1 8
t o M a r c h 3 1 1 9 1 9 to th e a m o u n t im p o r te d la s t y e a r , w h ile
im p o r ts o f g u t ta jo o la to n g a n d g u t t a siak w ill b o re stricted
e n tir e ly .
o f a c o m m it te e o f f iv e , to a c t a s a s e ttle m e n t c o m m itte e or
cle arin g h o u s e ,
sa y in g :
In order to present at this mooting not my personal views, but those of
the jobbers of the country, I requested a conference of jobbers yesterday.
It was their opinion that at no time in the past had the outlook over boon so
dark as at present. There are no importations of consequence and no as
surance of delivery from domestic mills. Wo faco a discontinuance of
business and a broaking up of our organizations.
While winning this war is the first thing, wo feel that the Government
should aim to provont business disaster. England after taking the wool
supply made provision for tlio civilian trade by allotting 10,000,000 pounds
per month. This has since been somewhat reduced. The fact that mills
arc not equally balanced as regards equipment moans that machinery will bo
available hero and there for civilian needs.
Looking from tho standpoint of the merchant tailor, it is true that somo in
financial position to do so have anticipated their needs for a soason or two.
Tho majority, however, buy as tho need arises, and scarcity and higher prices
will cause hardship to the small merchant tailor and consumer. If long con
tinued it will mean tho elimination of the small tailor and bankruptcy.
It is a sorious time. Everyone should know of it, if tho scarcity is to exist
for a long while. We should liko to get out of business. Wo should like
to know definitely whether there is not enough wool for tho civilian trado.
se n t
T h o B o a r d ’s a n n o u n c e m e n t s a id :
The restriction upon tho Importation of crude rubber, recently pro
mulgated by tho War Trado Board, has brought in its train restrictions
upon tho importation of four commodities— gutta joolatong, gutta siak,
gutta pcrcha and balata, possessing somo of tho characteritsics of rubber,
and capablo under circumstances of being used as substitutes for natural
rubber. It was feared that, with importations of crudo rubber restricted,
attention might bo directed to those other substances, and that, unless
"checked, an importation of these would set in, which would tako up all
or moro'than all of tho cargo spaco saved by tho rubber restriction order,
and more than defeat tho purposo of this restriction, viz.: To render
tonnago available for war purposes.
Somo of tlieso commodities contain a very high percentage of water,
running as high as 65 to 70% in tho case of gutta joolatong, and are very
lioavy and bulky, so than an extensive import would bo highly injudicious.
Imports of gutta pcrcha and balata will bo restricted for tho coming
year from Juno 1 1918 until March 31 1919, to the quantities imported
last year— 650 tons of gutta pcrcha and 1,400 tons of balata.
Importations of gutta joolatong and gutta siak from overseas will bo
restricted entirely in tho future. Those shipments on which export bills
of lading from tho foreign port of origin aro issued boforo June 1 1918,
will bo permitted entry when they arrive.
Tho War Trado Board has extended to importations of gutta pcrcha and
balata, and to those Imports of gutta joolatong and gutta siak now on route
tho principle of option control of price which has already been successfully
applied in the case of crudo rubber. Importers will bo required to deliver
to tho American Government an option, giving tho United States Govern
ment tho right to purchase at tho standard prices fixed by tho War Trado
Board tho imports at any timo until they havo been sold and actually
dollvorod to tho manufacturer.
Tho intent of this provision is to provont a speculative increase in tho
prices of thoso commodities on account of tho restricted quantities available
for consumption in this country, .and to limit quotations to tho normal
figures prevailing before tho introduction of tho restriction.
PROPOSAL TO CREATE BODY TO ADJUST CONTRO
VERSIES OVER RUBBER CONTRACTS.
g row in g
out
of
e x istin g
c o n tr a c ts
b o tw e o n
' dealors in ru b b e r a s a ro su lt o f G o v e r n m e n t re str ic tio n s , w a s
ta k o n a t a m e e tin g a t th o W a ld o r f -A s t o r ia o n M a y
27 of
im p o r te rs, b ro k e rs, dealers a n d oth ors id e n tifie d w ith
crud o ru b b e r tr a d e .
A c c o rd in g
to
th o
th o
to
ta k e care o f c o n tr a c ts b e tw e e n dealers
w h ere it w a s
d esired th a t th ese c o n tr a c ts b e “ w a sh e d or
w ru n g o u t .”
T h e c o m m itte e is a u th o r iz e d
to co n sid er a
p la n o f o p e ra tio n s o n q u e stio n s o f g re a te r c o n tr o v e r s y w h ich
th e m e e tin g h a d n o t b e e n a b le to ag ree u p o n , a n d
afte r
ta k in g su g g e stio n s a n d arriv in g a t co n c lu sio n s, to p re sen t
a re p o r t e m b o d y in g r e c o m m e n d a tio n s fo r a c tio n a t a n o th e r
m e e tin g to b e h eld p r o b a b ly n e x t w e e k .
T h e c o m m itte e is
m ado u p of E d w ard M a u re r, F . R . H en d erson , A . B row n ,
W . T . B a ir d a n d E . P o e l, w ith M r . B r u y n as a m e m b e r
e x -o ffic io .
T h e fo llo w in g fu rth e r in fo r m a tio n w ith re g ard
to th o m e e tin g is ta k e n fr o m
of
M ay
th e “ J o u rn a l o f C o m m e r c e ”
28:
Before adjourning tho meeting unanimously adopted the following reso
lution:
It is tho sense of this meeting that rubber sold for arrival and, or, dolivery in New York during May from Central and South America and
European ports; May arrival and, or, delivery of plantation grades at Pacific
Coast and July arrival and, or, delivery of plantation grades in New York
bo considered free of allocation.
It developed during the discussion that there is considerable difference
of opinion, although no real friction, existing between tho Rubber Asso
ciation of America and tho Rubber Trade of London, Eng., as to who
should pay tho charges for non-execution of contract or non-shipment of
rubber due to Government restrictions here. Tho London association
has claimod that the onus lies entirely upon the dealers here. On tho
other hand, tho American traders contest this view and at present tho
whole mattor is in course of debate by cable, although it is expoctod that
some settlement mutually agreeable will bo come to soon.
Thcro was one other recommendation which was submitted to the
meeting as from tho recent meeting of the Rubber Association of America,
but owing to a wide difference of opinion which was displayed resulted
in no action being taken at the present moment. There seemed to be some
objection to tho fixing of prices as proposed in the following:
As force majeure automatically extends any contract either buyer or
seller may request an extension until allocation under United States Gov
ernment regulation permits. As the basis of settlement in tho event
of both parties to tho contract agreeing thereto, the following prices, oxdock or railroad terminal, New York, to govern:
Shipment contracts on ribbed smoko sheets 52c.
Arrival and, or, delivery contracts, ribbed smoke sheets 54c.
Shipment contracts, first crepe, 53c.
Arrival and, or, delivery contracts, first crepe, 55c.
Any adjustment of contracts for medium grades to bo settled as far as
possiblo by private treaty, failing of which tho matter shall bo submitted
to arbitration.
Chairman Bruyn, in opening tho meoting, said that the important
quostion to consider was in relation to tho proper time for tenders in free
or allocated rubber on contracts.
One spoakor suggested that certain periods ought to be set not subject
to Government license or permit. Another said that May shipments
should not apply to plantation rubber.
A suggestion was mado that in the case of parties to a contract not being
ablo to carry it out, whatever charges were entailed by it should bo borne
75% by tho buyer and 25% by tho seller was withdrawn until London had
boon hoard from further in the present disputo as to charges.
STATUS OF CONTRACTS ENTERED INTO ON M A Y
' A ND 1 5 BEFORE NEW RUBBER PRICES WERE
MADE KNOWN.
W ith
re g ard
to
th o W a r
T rad e
14
B o a r d ’ s c o n c lu sio n s as
to th e s ta tu s o f c o n tr a c ts m a d e o n M a y
1 4 a n d 15 b e fo re
th e B o a r d m a d o k n o w n th e n e w p rices w h ic h b e c a m e e ffe c
tiv e o n M a y 1 4 , th e “ J o u rn a l o f C o m m e r c e ” s a y s :
The matter of tho standing of contracts mado on May 14 and 15, tho
two days intervening between the timo when maximum prices on tho
intermediate and low grades was mado effective, and tho date when tho
trado was officially notified of the fact, has been settled to tho great re
lief of sellers by a statement issued by tho War Trade Board to tho effect
that they may bo executed as written, that is, on the prices and terms
named in tho contracts, without reference to the regulations.
All con
tracts mado subsequent to tho 15th hold good only when the prices are not
abovo tho maximum fixed on each grade of rubber specified.
P ro v io u s referen ce to th e ru b b e r p rices p r o m u lg a te d M a y
1 4 w a s h a d in ou r issu e o f M a y 1 8 .
NEWSPRINT MANUFACTURERS TO BE ACCORDED
FULL PRIORITY.
A c tio n to w a rd tho cre a tio n o f a b o d y w h ic h w o u ld a d ju s t
co n tro v e rsies
3391
THE CHRONICLE
June 1 1918.]
M a n u fa c t u r e r s
a g re e d o n b y
of
n e w sp rin t
paper
th e P rio rities B o a r d
w ill
un d er
o f th e W a r
a
p o lic y
In d u s trie s
B o a r d o n M a y 2 8 b e g r a n te d fu el p rio rity u p o n a p p lic a tio n
a c c o m p a n ie d b y
to
p r io r ity .
p ro o f t h a t th e p la n t a p p ly in g is e n title d
N ew sp a p ers
w ere
p la c e d
on
th e
p re fe ren ce
J o u rn a l o f C o m
lis t s o m o tim o a g o , b u t th e p a p e r in d u s tr y w a s n o t in c lu d e d
m e r c e ,” th o m o otin g w a s d o v o te d to a d iscu ssio n o f v a rio u s
a n d re p re s e n ta tiv e s o f th e m ills h a v e c o m p la in e d t h a t sca r
a n g les o f co n tro v e rsies w h ich a ffe c t th o b u sin e ss a n d c o n
c it y o f fu e l h as c u rta ile d th e ir o u t p u t to su ch a n e x te n t th a t
tra c ts th a t , in m a n y in sta n c e s, co u ld o n ly bo carried o u t in
h u n d re d s o f n e w sp a p e rs m a y
p art a t
fo r la c k o f p a p e r .
tho p resen t tim o .
T h e gen eral feo lin g e x p re sse d ,
b e c o m p e lle d
T h o P rio rities B o a r d
to s h u t d o w n
d ec id e d to m e e t
s a y s tho p a p er in q u o stio n , w as th a t th ere o u g h t to bo som o
th e s itu a tio n b y d e a lin g w ith e a ch p la n t s e p a r a te ly .
v o lu n ta r y
B.
c o m m itte e
to
w hom
thoso
d isp u te s
m ig h t
bo
E d w in
P a r k e r , P rio rities C o m m is s io n e r , a u th o r iz e d th e fo llo w
su b in itto d for a m ic a b le s e ttle m e n t, if p o ssib le , a n d if no a g re e
in g s ta te m e n t o n M a y 2 8 :
m e n t co u ld bo a rriv e d a t th e n th e y sh o u ld bo s u b m itte d to
Tlio Priorities Board has not declined to put manufacturers of newsprint
on tho proforonco list, but will consider their application as a plant and not
as an industry, as somo plants may bo entitled to preference while others
aro not, and thoso having preference may bo entitled to varying degrees
of preference. Each case must be considered on its merits.
a r b itr a tio n .
A
a u th o r iz in g
th o
re so lu tio n
w as
a p p o in tm e n t
a d o p te d
by
th o
at
th o
C h a ir m a n ,
m e o tin g
W .
E.
B r u y n , an d P re sid e n t o f tho R u b b e r A s s o c ia tio n o f A m e r ic a ,
2292
U.
S. FUEL ADMINISTRATION TO ENCOURAGE
OPENING OF NEW COAL MINES.
T h e F e d e ra l F u e l A d m in is tr a tio n in
w ill e n c o u ra g e th e o p e n in g
c e r ta in
[Vol. 106
THE CHRONICLE
c o n d itio n s— th e
a n n o u n c in g t h a t i t
o f new coal
ap p roval of
R a ilr o a d
A
re q u e s t b y
th e
U.
S.
F u e l A d m in is tr a tio n
th a t
th e
S t a t e A d m in is tr a to r s e n d e a v o r to h a v e th e w e e k o f J u n e 3
A d m in
p r o c la im e d b y th e G o v e r n o r s a s “ C o a l W e e k ,” w ith a v ie w
is tr a tio n a n d w h e n i t w ill n o t a ffe c t la b o r a t m in e s a lr e a d y
t o h a s te n in g p ro d u c tio n a n d d eliveries w a s m a d e as fo llo w s
d e v e lo p e d , issu e d
on M a y 19:
th e fo llo w in g
th e
m in e s , s u b je c t t o
REQUEST TO STATE GOVERNORS TO DESIGNATE
THE WEEK OF JUNE 3 AS COAL WEEK.
s ta te m e n t:
The United States Fuel Administration will encourage tho opening of
now coal mines, whenever it appears to its satisfaction that this can be
accomplished without taking labor from mines already developed and
capable of producing more coal than at present, so that tho net result will
be an increased production of coal when the entiro field is considered.
Coal Is not commercially produced until it is loaded into railroad cars at
the tipple. Tho United States Fuel Administration is, therefore, unwilling
to approve of the opening of new mines, even when labor is abundant, if it
appears to the United States Railroad Administration impossible or in
expedient to furnish the necessary railroad facilities.
To satisfy the two administrations upon these points tho following
procedure will be adopted:
(1) All applications for the development of now mines shall be taken up
in the first instance with the railroad upon which the connection is de
sired, full information in regard to tho proposed operation accompanying
the application. Four copies of applications and papers are to bo filed.
(2) Three copies of the application and accompanying papers will be for
warded to the regional director for his approval or disapproval.
(3) The regional director will forward two copies of the application and
papers with his approval or disapproval to the director. Division of Trans
portation, United States Railroad Admins!tration.
(4) The diroctor, Division of Transportation, United States Railroad
Administration, will submit one copy of the application and papers with
tho recommendation of the regional director to the United States Fuel
Administrator.
(8) Representatives of the United Statos Railroad Administration and
of the United States Fuel Administration will, thereupon, agree upon tho
approval or disapproval, and a single notice of the disposal of tho case
Indicating joint consideration and action, will be sene to the applicant
through tho office in which the application originated.
CONSUMERS OF COAL AGAIN
ORDERS.
In
a g a in
c a llin g
upon
coal
URGED TO PLACE
c o n su m e rs
to
e x p e d ite
th e
p la c in g o f th e ir ord ers fo r n e x t w in te r ’s c o a l, th e U . S . F u e l
The United States Fuel Administration has asked its State fuel repre
sentatives to make an effort to get the Governors of the several States to
issue a proclamation announcing the observance of tho week of Juno 3 to 8
as “Coal Week.” During this week a special drive will bo mado to get In
dustries and domestic consumers to order their next winter’s coal supply.
It is believed that the filing of great numbers of orders showing an In
sistent demand will help greatly in speeding up production and also hasten
deliveries. In some of tho larger cities the women’s clubs have arranged
for a houso-to-houso canvass; In many places public speakers will take tho
question of early ordering of coal as their theme.
It Is felt that, with the bulk of the year’s supply of coal ordored well in
advance tho various distribution agencies of the Government will bo in a
position to adjust equitably and properly tho demands as botwoen different
communities. It will be possiblo for the Fuel Administration to gauge
accurately tho increased domand and properly apportion tho available
supply.
Together with the urgent appeal to the industries as woll as to tho
domestic consumers to order their coal early thero goes tho request
that those who get their orders in wait patiently for dolivorlos. It Is being
pointed out that, of course, the entiro coal output of the country cannot
bo delivered within a few months. But it Is equally true that those orders
that are first in the hands of the dealers will be tho first delivered.
Production is steadily increasing, but it must be furthor increased if tho
country's coal needs for tho yoar are to be filled.
Already in many communities one-third of tho coal orders havo been
placed by both industrial and domestic consumers. In tho eastern part
of tho country tho dealers havo been practically overwhelmed with early
orders for anthracite, but west of tho Mississippi tho orders havo been so
slow in coming in aS to lend no stimulus to increased production and, as a
matter of fact, thero has been some shutting down of mines for lack of
orders for tho product.
In ovory Stato of tho Union preparations havo been mado to bring tho
United States Fuel Administration's early coal-ordering message squaroly
boforo the peoplo. Thousands of motion-picture theatres will carry tho
message; four-minute speakers will address hundreds of audiences; poster
displays will be shown in overy large city and throughout tho country
communities, and tho coal dealers everywhere have boon enlisted in tho
big coal week drive.
A d m in is tr a tio n s ta te s th a t th e in d ic a tio n s are th a t th e p ro
d u c tio n
w ill
fa ll
b e lo w
th e
r e q u ire m e n ts.
B e sid e s
tr a tio n
s ta te s
th a t i t w ill a lso b e its p o lic y
a m o u n t o f a n th r a c ite g o in g in to th e W e s t .
to lim it th e
T h o fo llo w in g is
its a n n o u n c e m e n t issu e d o n M a y 2 7 :
Promptness In ordering, patience as to delivery— the foreword of the
United States Fuel Administration in its campaign to induce tho early
ordering of coal— is as pertinent to the situation to-day as the 1st of April.
So far as the consumer of anthracite coal is concerned, the reports at
hand show that there has been general compliance with tho first portion
of tho advice of the Administration. Consumers should understand that
deliveries can not be accomplished at once, but must spread over weeks
and months.
Tho promptness with which anthracite users have placod their orders is
attributed to the activity of the Fuel Administration in impressing upon
the public tho importance of ordering early; and in addition tho gonoral
reduction of 30 cents a ton on anthracite during tho months of April to
August, inclusive.
According to advices in hand tho dealers are loaded with orders, but tho
consumers are expressing disappointment because tho coal is not being
delivered at once. Tho Fuel Administration is making every effort to
have deliveries hastened, bub would call the attention of consumers to
the impossibility of moving an entiro winter’s supply in a short period of
time. Consumers who placod their orders first will receive their coal in
advance of others.
The Fuel Administration emphasizes tho necessity of early ordering,
because by this means the Administration will bo enabled to know what tho
actual requirements of the country are, and will be better prepared to make
provision to meet tho requirements of the people.
Tho Fuel Administration does not anticipate any material increase in
anthracito production during the present coal year. .That anthracito
mining fields have contributed a large number of miners to tho army
service is given as the explanation at the mines, and in addition the diffi
culty that is being experienced in recruiting additional help.
Tho estimated requirements of anthracite coal in the markets for tho
yoar is 79,000,000 tons. To reach this aggregate an increased production
of approximately 2,000,000 tons will bo necessary. Tho production for
tho year 1917 was 89,720,802 tons, but of this total production but
77,133,308 tons was shipped away from the mines, the balance being re
quired for consumption at and about tho mines.
To assure an ample supply to domestic users who depend on anthracite,
the United States Fuel Administration has recently declared tho policy
of withholding anthracite from industrial plants and will hereafter permit
diversion of anthracite from purely domestic users only upon special
permits from the Administration.
It will likewise be the policy of the Administration to limit the amount
of anthracito coal going into the West, though tho allotment to tho markets
of the Northwest will remain substantially the same as in former years.
There is reason to believe that not only among consumers of anthracite
but also of bituminous coal the peoplo are alive to the necessity of placing
their orders for winter coal. Tho exception to this rule is in tho Wostem
States of Kansas, Missouri, Oklahoma, Arkansas, Iowa, the Rocky Moun
tain district, and tho Pacific coast. Here there has been a falling off of
production reported because of "no market.”
Tho Fuel Administration does not make any concealment of the prospect
that there will bo a coal shortage during tho yoar. The requirements for
tho year for bituminous coal as ascertained by tho Administration experts
indicate that the production will likely fall considerably short of tho neces
sary amount. The Fuel Administration is devoting its efforts toward
removing as far as possible the deliveries of coal for domestic purposes and
essential war industries from tho freight congestion on tho railroads that are
sure to come with tho winter season.
PRIORITY FOR HOMES OF ANTHRACITE COAL.
w ith
h o ld in g a n th r a c ite fr o m in d u stria l p la n ts , th e F u e l A d m in is
I t w a s s ta te d o n M a y 2 3 th a t so fa r a s tlie u se o f d o m e s tic
sizes
o f a n th r a c ite
co a l are
co n ce rn e d
th e
U n it e d
S ta te s
F u e l A d m in is tr a tio n w ill see to it th a t th e “ h o m e fire s ” are
k o p t b u r n in g th is w in te r .
I t h a s d ec id e d th a t a n th ra c ite
in te n d e d fo r d o m e s tic fu e l sh all n o t b e d iv e rte d fo r in d u s
trial
pu rp oses.
The
U n it e d
S ta te s
Fuel
A d m in is tr a tio n ’s
a t tit u d e in th is m a tte r w a s in d ic a te d in a le tte r d e fin in g its
p o lic y
w h ic h
sa id :
The Administration Is satisfied that one of tho causes of our domestic
difficulties last winter In New England was due to the fact that with the
oxtremo shortage of bituminous coal prevailing In Now England and the
northwestern section of this country, dealers were prevailed upon by In
dustries to give them domestic sizes of anthracito in order that thoy might
koop their plants in operation.
Every ton of coal so diverted from its proper and normal channels of
consumption meant increased difficulty on the part of domestic consumers
in having their requirements taken caro of. Tho Administration does
not want any anthracite coal turned over to industrial plants without
having tho case passed upon and tho fact established that tho industry
must have anthracito coal, and further, that no dealer can deliver anthra
cito to an industrial concern without an oxomption from tho Fodoral Fuel
_________________
Administration.
REDUCTION OF TEN CENTS A TON FOR BITUMINOUS
COAL AT MINES.
A r e d u c tio n o f te n c e n ts p er sh o r t to n in th e m in e p ric o
o f b itu m in o u s c o a l w a s ord ered b y U . S . F u e l A d m in is tr a to r
G a r fie ld o n M a y
fo llo w in g d a y .
24.
T h e ord er w a s p u t in to
e ffe c t th e
I t w a s a n n o u n c e d th a t (h e r e d u c tio n , w h ic h
is a r e s u lt o f th o a g r e e m e n t u n d e r w h ic h th e ra ilro a d s w ill
pay
th e fix e d p rice fo r c o a l a n d a b a n d o n
th o p ra c tic e o f
g iv in g p re fe re n tia l c a r se rv ice to m in e s fu rn ish in g ra ilro a d
fu e l, w ill m e a n a n a n n u a l s a v in g to c o n su m e rs o f a s u m
e s tim a te d
at
$ 6 0 ,0 0 0 ,0 0 0 .
C o n su m ers w h o
have
a lr e a d y
e n te re d th e ir ord ers fo r th e y e a r ’s c o a l s u p p ly , b u t w h o s e c o a l
h a s n o t y e t b e e n d e liv e r e d , w ill,
s ta te s ,
re ce iv e
th e ir
su p p lie s
at
th e
th e
F u e l A d m in is tr a tio n
re d u c e d
p ric e .
The
fo llo w in g is its a n n o u n c e m e n t m a d e o n M a y 2 4 :
Ten cents a short ton was strickon from the mlno price of all bituminous
coal in tho United States by order of Fuel Administrator H. A. Garfield
last night. The new price took effect at 7 o’clock this morning, and
reprasents an average reduction of nearly 5 % . Tho ordor reads as follows
Tho U. S. Fuol Administrator, acting under authority of an Executive
order of the President, dated Aug. 23 1917, appointing said Administrator
and of subsequent Executive orders, and in furtherance of said orders and
of tho Act of Congross therein referred to and approved Aug. 10 1917.
Hereby orders and directs that all prices for bituminous coal f. o. b.
mines in tho coal-producing districts throughout tho United States fixed
by tho said Executive order of tho President, dated Aug. 21 1917, and
subsequent orders of the United States Fuel Administrator and in effect
at 7 a. m. on tho 25th day of May 1918, shall bo, and the same hereby are,
reduced as to all shipments made after 7 a. m. on tho 25th day of May 1918
by tho sum of 10 cents for each net ton of 2,000 pounds.
This order shall in no way affect tho increase contained In the Executive
order of tho President, dated Oct. 27 1917, adding tho sum of 45 cents to
tho pricos fixed for bituminous coal under the terms and provisions set
forth in said last-mentioned order.
3293
THE CHRONICLE
June 1 1918.]
The reduction will mean an annual saving to consumers of a sum estimated
by the Fuel Administration at S6C.000.000. The President has directed
that the railroads pay the Government price for coal. The increased cost
of railroad fuel thereby occasioned is also estimated at $60,000,000 per
annum. The reduction of 10 cents per ton on all coal will, howover, reduce
the not increased cost to the railroads from $60,000,000 per annum to $45,
000,000 per annum. Under the President’s plan, the railroads will furnish
cars to all coal inines alike, without discrimination except as dictated by
the prior requirements of the railroads for operating purposes and the neods
of domestic consumers and of the war.
Under the present war demands, the maximum output of every mine
working at full time would still bo insufficient to meet the country’s coal
needs. The principle of equal car supply has accordingly been adopted
so as to make for as steady an operation as possiblo of all properties, and
for continuous employment of men, thus making for maximum output.
The introduction of the principle of oven car supply will reduce the general
average overhead of mino operation, and thereby justifies the Administra
tion in putting out a price-reduction order. It is understood that the mino
prices thus fixed will remain undisturbed until the U. S. Fuel Administra
tor lias before him the cost returns for the 12 months ending Aug. 31 1918.
The returns thus far in are being carefully studied by Fuel Administration
accountants and engineers with a viow to making the utmost saving to tho
public that is consistent with a maximum production of coal.
Tho order will have no effect on tho price of anthracite coal, which forms
tho bulk of the domestic consumption fuel in tho eastern part of tho coun
try.
Consumers of bituminous coal who havo already entered thoir orders for
tho year's coal supply, but whoso coal has not yet boon delivered, will of
course, receive their supplies at the reduced price. This prico applies to
all coal which leaves the mines aftor 7 a. m.. May 25, no matter how long
the order for the delivery of tho coal has been standing.
Coal delivered after 7 a. m.. May 25, under contracts which havo boon
entered into since Dec. 29 1917 will bo billed at tho new pried. Undor tho
regulation of tho Fuel Administration all such contracts call for tho dolivory
of coal at tho Government prico effective at tho time of dolivory.
and experience of tho particular district or districts in which the inspection
is to bo performed, and shall familiarize themselves with the conditions
under which the coal is propared, so as to enable them to effectually carry
out tho terms and provisions of this regulation, tho intent being to have
anthracite coal preparod according to approximately the standards of
normal times.
“ (2) To report daily to his chairman operations inspected, conditions
of the coal, methods employed to size and clean, and whether or not tho
coal being shipped to market is, in his judgment, a well-prepared and
merchantable product.
“ Section III. Inspectors aro authorized to condemn any coal loaded in
wagons or railroad cars which, in their judgment, is not properly prepared,
and any inspector finding unmerchantable coal shall immediately notify
his chairman, giving the car numbers and initials of any and all cars so
condemned and stating the facts on which such action was based. If tho
chairman approves the inspection report ho shall so notify tho operator at
once and shall instruct the operator in regard to preparing the coal con
demned. Tho operator shall promptly prepare tho condemned coal
and shall reload tho cars from which tho condemned coal was taken accord
ing to tho instructions of tho chairman, and in caso lie fails to do so the
chairman may order tho operator to refrain from shipping any coal not
conforming to the proper standard. Each of said chairmen may tempor
arily suspend shipments from a colliery whenever, in his opinion, the
operators thereof aro willfully ignoring tho inspection standards.”
INSPECTION SYSTEM TO ENFORCE MINING OF
CLEAN COA L— RED UCED PRICE FOR CONDEMNED
COAL.
T h o o r g a n iz a tio n o f a n in sp e c tio n s y s t e m to e n fo rce th e
m in in g o f cle a n co al w a s a n n o u n c e d b y th e U n it e d S ta te s
F u o l A d m in is tr a tio n o n M a r c h 9 .
I t w as p o in te d o u t t h a t
m u c h o f th e o u t p u t o f b itu m in o u s c o a l re a c h in g th e m a r k e t
d u rin g th e p a s t w in te r c o n ta in e d a la rg e p e r c e n ta g e o f s la te
USE OF COAL OR FUEL OIL ON PRIVATE YACHTS
PROHIBITED.
A n o r d e r , e ffe c tiv e t o -d a y (J u n e 1) h as b e e n issu e d b y th e
U . S . F u e l A d m in is tr a tio n p ro h ib itin g c o a l or fu e l oil b e in g
b u r n e d o r fu rn ish e d to a n y p r iv a te y a c h t fo r a n y p u rp ose
w h a ts o e v e r e x c e p t c o o k in g .
in
T h o o n ly e x c e p tio n s aro sh ip s
th o G o v e r n m e n t s e r v ic e .
Any
p r iv a te y a c h t , h o w e v e r ,
w h ic h o n J u n e 1 is a w a y fr o m its h o m o p o r t m a y o b ta in
s u ffic ie n t fu e l to c o m o b a c k h o m o b y th o sh o r te st d e s tin a
tio n .
____
o n d o th e r im p u r itie s , th e e ffe c t b e in g n o t o n ly to re d u c e th e
h e a tin g v a lu e o f th e c o a l, b u t to p u t a n a d d itio n a l b u r d e n
on
tr a n s p o r ta tio n
fa c ilitie s .
It
w as
ann ounced
at
th a t
tim e t h a t u n d e r th e in s p e c tio n s y s t e m c o a l c o n d e m n e d b y
th e F u e l A d m in is tr a tio n fo r la c k in g p re p a ra tio n o r b e c a u s e
it c o n ta in e d a h ig h p e r c e n ta g e o f im p u r itie s w ill b e s o ld a t
5 0 ce n ts p er to n less th a n th e fix e d G o v e r n m e n t p rice fo r th e
m in e .
T h e o rd er b e c a m e e ffe c tiv e M a r c h 1 1 .
W e g iv e it
h e re w ith :
U N IT E D
STATES
FU EL
A D M IN IS T R A T IO N .
W a s h in g to n , D . C . , M a r c h
7 1918.
R eg u la tio n C o n c e r n in g C le a n C o a l.
FURTHER CLASSIFICATION OF BITUMINOUS COAL
MINES FOR THE TUG RIVER DISTRICT.
F u r th e r cla ssific a tio n s o f b itu m in o u s c o a l m in o s w ore a n
nou nced
by
th o
U n ite d
S ta t e s
Fuel
A d m in is tr a tio n
on
F e b . 2 8 fo r th e T u g R iv e r , W . V a . , d istr ic t a n d th o C lin c h
V a lle y N o . 1 , o r “ U p p e r C li n c h ,” d istr ic t in V ir g in ia .
The
Tho United States Fuel Administrator, acting undor authority of tho
Executive order of the President of the United States, dated Aug. 23 1917,
appointing said administrator, and in furtherance of tho purpose of said
order and of tho purposes of the Act of Congress therein referred to and
approved Aug. 10 1917, hereby orders and dirocts that until further or
other order, and subject to modification hereafter from time to time and
at any time:
S e c tio n I .
Authority is hereby given to the district representatives of the United
States Fuol Administration to appoint a sufficient number of inspectors
N o r f o lk & W e s t e r n R R . w e st o f W e lc h to P a n th e r , including^ in their respective districts to carry out tho terms and provisions of this
b r a n c h e s, e x co p t N o w lia ll, B e r w in d , C a n o b r a k o a n d H a r t order, and to assign to oach of said inspectors a particular territory.
T u g R iv e r prices aro e ffe c tiv e in m in in g o p e ra tio n s o n th o
w e ll.
T h o new
siz e s,
$2 05;
w ere: R u n
of
prices aro: R u n
sla c k
or
m in o ,
o f m in o , $ 2 4 0 ; p re p are d
scre e n in g s,
$2;
p ro p a re d
$2 15.
sizo s,
Tho
o ld
$2 25;
prices
sla c k or
scre e n in g s, $ 1 7 5 .
T h e “ U p p e r C lin c h ” p ric e s, a s fix e d F e b . 2 8 , a r e : R u n of
m in o , $ 2 5 0 ; prep ared siz e s, 8 2 7 5 ; sla c k o r sc re e n in g s, $ 2 2 5 .
T h o fo rm e r prices in th is field w ere th e sa m o as th o o ld p rices
in th o T u g R iv e r fie ld .
T h o ord er as to th o “ U p p o r C lin c h ”
d is tr ic t c o v e rs o p e ra tio n s o n th o N o r f o lk & W o s t o r n , H o c k m a n to F in n e y , in c lu siv e .
O p e ra to r s w h o c o m p lio d w ith th e
W a s h in g to n w ago a g re e m e n t w ill bo p e r m itte d
to a d d 4 5
c e n ts to th o m in o p ric es.
U.
An
S. FUEL ADMINISTRATION AUTHORIZES
CONDEMNING OF UNCLEAN COAL AT
PENNSYLVANIA MINES.
o rd or,
e ffe c tiv e
M ay
8,
a u th o r iz in g
in sp e c to rs
of
P e n n s y lv a n ia m in e s to c o n d e m n u n cle a n c o a l h as boon issu ed
as fo llo w s b y tho F od oral F u e l A d m in is tr a tio n :
In furtherance of tho determination of tho U. S. Fuel Administration to
prevent tho marketing of unclean coal Fuel Administrator Garfiold made
public an order which became effective at 7 a. in. May 8 1918, undor which
tho chairmen of the fuel committees of Lackawanna, Luzerne and Schuyl
kill Counties, Pa., aro authorized to appoint coal Inspectors for their
respective districts.
it will bo the duty of these Inspectors to condemn all consignments of
coal which, in thoir opinion, are not merchantable, and to notify thoir
rospoctlvo chairmen of their action, stating tho facts on which it is based,
and Identifying tho cars in which tho condemned coal has been loaded.
If tho chairman approves tho action of tho inspector ho will notify tho
operator, and will instruct him in regard to ropreparlng tho condemned
coal. Any operator who falls to comply with such instructions may bo
ordered to suspend, temporarily, further shipments of coal.
Hero is tho toxt of tho order:
"Soctlon I. Authority is hereby givon to tho chairmon of tho fuel com
mittees of Lackawanna, Luzerne and Schuylkill Counties, Pa., of tho
United States Fuel Administration, to appoint a sufficient number of
inspectors, in their respective inspection districts to carry out tho torms
and provisions of this order, and to assign to oach of said inspectors a
particular territory.
“Section II. It shall bo tho duty of oach of said inspectors:
“ (1) To cover his territory at as frequent intervals as may bo consistent
witli thorough inspection; tho inspectors shall be qualified by knowledge
S e c tio n I I .
It shall bo tho duty of oach of said inspectors:
1. To cover his territory at as frequent intervals as may be consistent
with thorough inspection; tho inspectors shall bo qualified by knowledge
and experience of tho particular district or districts in which the inspection
is to bo performed, and shall familiarizo themselves with tho conditions
undor which tho coal is produced and propared, so as to onablo them to
effectually carry out tho terms and provisions of this regulation, the intent
being to reinstate tho cleaning of coal at tho working faces of tho mines; to
reinstate employment of slate pickers with a viow of bringing the ash
contents of coal back to approximately the standard of normal times.
Furthorinoro, where tho coal in any part of tho mine is found to bo naturally
of such character as to bo unfit for market, judging from tho usual standard
of tho district, tho district representative may ordor tho mining suspended
in said part or parts of a mino until or unless proper cleaning methods bo
adopted; provided, howover. that tho workings shall not bo so suspended
whero tho naturo of the mining to bo done is necessary to preserve the
mine from damage, or where a cessation of work endangers life or may
result in serious risk of flooding, of explosions, or of squeezing.
2. To report daily to tho district representative of tho Fuel Adminis
tration, mines Inspected, the condition of tho coal as loadod; methods
being employed to prepare and clean tho product; whether or not tlie
product being shippod to market is, in his judgment, a well-prepared and
merchantable product. All reports of inspections shall bo made in quadru
plicate, one to bo forwarded by mail to the Fuel Administration, Depart
ment of Inspection, at Washington, D. C.; one to tho district representative;
one to tho operator, and one to bo retained by the inspector for his personal
filos.
S e c tio n I I I .
Inspectors aro authorized to condemn at tho mines any coal loadod in
railroad cars which, in their Judgment, Is not properly preparod; and any
inspector finding unmerchantable coal shall immediately notify tho district
representative and tho operator by wire or in person and in writing, giving
tho car tflunbers and initials of any and all cars so rejected and stating
tho facts on which such action was based. A copy of such notice shall bo
immediately mailed to ths United States Fuel Administration, Depart
ment of Inspection, and to the district representative. If the district
representative approves the inspection report, ho shall so notify the op|
orator at onco; in which case, unless tho oporator unloads and roprepares
tho rejected coal, tho consignee shall be permitted to deduct 50 cents per
ton from tho authorized price for the grade of coal with which the car is
loadod, provided, howover, the consignee after examining tho coal may at
his option pay and the operator may receive tho full authorized price.
Each involco covering the sale of condemned coal shall bear tho following
notation: "This roduced price is fixod by tho United States Fuel Adminis
tration as a penalty for improper preparation." Tho operator shall there
upon immediately report to the United Statos Fuol Administration,
Department of Inspection, at Washington, and to the district representa
tive tho disposition made by him of said car or .cars of coal, and shall
accompany his reports with a copy of the invoice.
3294
THE CHRONICLE
The district representative, where repeated violation o f this regulation
has taken place, or in flagrant cases, shall require a special written report
from the operator, which report shall be transmitted by said district
representative to Washington with his conclusions thereon, all o f which
is subject to review by the United States Fuel Administrator.
This order or regulation shall not operate to change the terms, conditions
or validity o f existing contracts, but new contracts shall be made subject
to this order.
Above regulation to becomo effective March 11 1918.
H. A. GARFIELD, United States Fuel Administrator.
DEVELOPING BRIQUETTE AS BY-PRODUCT OF
ANTHRACITE.
The U . S. Fuel Administration is taking up the question
of briquettes as a possible means of increasing the anthracite
supply of coal for next winter. The Conservation Depart
ment of the U . S. Fuel Administration in Washington has
the matter in hand but, in the meantime, the anthracite
producers are now giving their earnest attention to the matter
of increasing the fuel supply through salvage of coal frag
ments which have been slushed away from the breakers and
lost. A statement issued by “ Anthracite News” of Phila
delphia says:
It has been found possible to utilize such waste anthracite by manufac
turing it into briquettes which make perfectly good and effective fuel.
On a small scale, this has been done with success and to the satisfaction of
those who have used briquettes.
Now the thought is to develop the brlquetto as a by-product o f the an
thracite Industry in a larger way. Last year the Lehigh Coal and Naviga
tion Co. produced 30,001 tons o f briquettes. They consist o f coal fragments
the size o f pin-heads and bound together with tar and compressed into
solid lumps by high pressure. Briquettes bum to excellent advantage in
furnaces, ranges and open-grate fires. As made, they average about the
size o f nut coal.
Much o f the anthracite refuse which is now swept down the streams and
rivers o f Pennsylvania is carbon, but until very recently, there was no way
to conserve such lost coal to economic advantage. In the development of
the anthracite industry and the progress made in all directions, it has been
found possible to salvage more and more coal which formerly was wasted.
Improved mining appliances and methods enable proportionately more
o f the anthracite in tho ground to be taken out than in the old days. This
is a gain in conservation o f a valuable natural resource. Under tho old
methods and before the breakers were highly perfected as they now are,
a great deal o f anthracite was, o f necessity, discarded. Hence the huge
culm banks o f the past, which now being washed over through washeries,
are yielding a large amount o f coal in every way as good as freshly mined
anthracito.
Salvage o f the coal now lost in the slush washed away from the breakers
Will be, as it were, the last word in getting and making o f commercial use
all that is taken from tho anthracito mines that will bum.
ANTHRACITE INDUSTRYgQUICKENS COAL
SHIPMENTS .
Arrangements to get greater service'out'of cars’and railroad
facilities in the handling of coal were made at a conference
early in M a y of Lehigh ValleyjRailroad’andjLehigh Valley Coal
Sales C o. officers in Hazleton. Shipments in solid trains
are to be made up so as to avoid shifting. The daily output
of domestic sizes of coal from the Prospect colliery is to be
sent to the Lehigh docks at Jersey City for transshipment to
New England. If the output of^this colliery is not sufficient
for the purpose, that of the Dorrance colliery, or part of it,
will be added to the Prospect shipment. The Hazleton
region is to furnish coal for the W est to be taken from Drifton
and Hazleton N ol collieries and the Hazleton shaft. Ship
ments are to be made four days each week. Egg, stove,
chestnut and other sizes of anthracite going W est are to bo
sent to Jersey C ity, Newark and other points for distribution.
This will greatly aid New York. Tho action was decided
upon following the notice sent out by Director-General of
Railroads that solid trains should go from collieries to tide
water points in order to avoid the unnecessary shifting of
cars by the railroads. Among the officials who attended the
conference were F . L . Blendinger, J. M . Maguire, W . J.
M cGarry and F . M . Chase.
MANGANESE ORE PRICES ANNOUNCED BY WAR
INDUSTRIES BOARD.
A schedule of prices for manganese ores produced in the
United States has been agreed to by tho American Iron &
Steel Institute and approved by tho W ar Industries Board.
The prices, which are higher than those prevailing in past
months, became effective at midnight M a y 28. N o infor
mation is given as to the length of time they will continue
in effect. The following is the announcement of the W ar
Industries Board:
A schedule o f prices on manganese ores produced in tho United States has
been agreed to by the American Iron & Steel Institute and has been approved
by the War Industries Board. Tho prices aro fixed at a figure higher than
the pricos on this oro that have prevailed in past months. The now price
schedule is to be used on transactions taking place after midnight of May
28. No announcement is made as to the length o f timo that this schedule
o f prices Is to remain effective.
The following schedule gives domestic metallurgical manganese ore
prices per unit o f metallic manganese per ton of 2,240 pounds for manganeso
[V ol . 106.
ore produced and shipped from all points in the United States west of South
Chicago, III. This schedule does not includo chemical ores as used for
dry batteries, &c. The prices are on the basis of delivery f. o. b. cars
South Chicago, and are on the basis of all-rail shipments. When shipped to
other destination than Chicago, tho freight rate per gross ton from shipping
point to South Chicago, 111., is to be deducted to give the price f. o. b.
shipping point.
Schedule for metallic manganese ore containing when dried at 212
degrees F.:
Per cent.
Per unit.
Per cent.
Per unit.
35 to 35.99 inclusive__________ $0 86 45 to 45.99 inclusive__________ $1 12
36 to 36.99 inclusive.............. _ 90 46 to 46.99 inclusive__________ 1 14
37 to 37.99 inclusive...................
94 47 to 47.99 inclusive__________ 1 16
38 to 38.99 inclusive...................
98 48 to 48.99 inclusive__________ 1 18
39 to 39.99 inclusive__________ 1 00 49 to 49.99 inclusive__________ 120
40 to 40.99 inclusive__________ 102 50 to 50.99 inclusive__________ 1 22
41 to 41.99 inclusive__________ 1 04 51 to 51.99 inclusive__________ 1 24
42 to 42.99 inclusive__________ 106 52 to 52.99 Inclusive.................. 1 26
43 to 43.99 inclusive__________ 108 53 to 53.99 inclusive..................... 12 8
44 to 44.99 inclusive__________ 1 10 54 and over__________________ 1 30
For manganese ore produced in tho United States and shipped from points
in the United States east of South Chicago, 15 cents per unit of metallic
manganose per ton shall be added to above unit prices.
Above prices are based on ore containing not more than 8% silica and
not more than 0.25% phosphorus, and are subject to:
Silica premiums and penalties.— For each 1% o f silica under 8% down
to and including 5% premium at rate of 50 cents per ton. Below 5%
silica, premium at rato of SI per ton for each 1% .
For each 1% In excess of 8% and up to and including 15% silica there
shall bo a penalty of 50 cents per ton; for each 1% in excess of 15% and up
to and including 20% silica thero shall bo a penalty of 75 cents per ton.
For ore containing in excess of 20% silica a limited tonnage can bo used,
but for each 1% of silica in excess of 20% and up to and including 25%
silica thero shall be a penalty of SI per ton.
Ore containing over 25% silica subject to acceptance or refusal at buyer’s
option, but if accepted shall be paid for at tho above schedule with the
penalty of $1 per ton for each extra unit of silica.
All premiums and penalties figured to fractions.
Phosphorus penalty.— For each .01% in excess of .25% phosphorus
thero shall be a penalty against unit price paid for manganese of ono-half
cent per unit, figured to fractions.
In view of existing conditions, and for tho purposo o f stimulating produc
tion of domestic manganeso ores, there will bo no penalty for phosphorus
so long as tho ore shipped can be used to advantage by tho buyer. The
buyer reserves tho right to penalize excess phosphorus as above by giving
60 days’ notico to the shipper.
The above prices to be net to tho producer; any expenses, such as salary
or commission to buyer’s agent, to be paid by the buyer.
Settlements to be based on analysis of ore sample dried at 212 degrees F .
Tho percentage of moisture in ore sample as taken to be deducted from
the weight.
Payments.— 80% of the estimated value o f tho oro (less moisturo and
freight from shipping point) based on actual railroad-scale weights to bo
payable against railroad bill lading, with attached certificates of sampling
and analysis o f an approved independent sampling chemist. Balance
on receipt of ore by buyer. Actual railroad-scalo weights to govern in
final settlement. Cost of sampling and analysis to bo oqually divided
between buyer and seller.
NEW
A L U M I N U M PRICES APPROVED
PRESIDENT WILSON.
BY
Under new aluminum prices approved by President Wilson
on M a y 29 the maximum base price is fixed at 33 cents a
pound f. o. b. U . S. producing plants in lots of 50 tons or
more, of ingot of a grade of 98 to 9 9 % . The price previously
approved by the President in March to continue in force
until Juno 1 was 32 cents. The new price will remain in
effect until Sept. 1. Differentials for sheet, rod and wire
are increased by about 1 2 ^ % ; differentials for quantity
and grade, and differentials for alloys will remain as approved
by tho W ar Industries Board on March 3. The Board’s
announcement of M a y 29 follows:
The President has approved an agreement mado botweon tho producers
of aluminum and tho price-fixing committee of tho War Industries Board
(after investigations by this committee in conjunction with tho Federal
Trade Commission as to the cost of production) that tho now maximum
base price for aluminum, effective June 1 1918 to Sept. 1 1918, shall be
33 cents per pound f. o. b. United States producing plants, for 50 tons
and over, of ingot of 98 to 99% . Differentials for sheet, rod and wire
will bo increased by approxiately 12H % ; differentials for quantity and
grade and differentials for alloys will remain as heretofore, i. c., those
approved by tho price-fixing committeo of the War Industries Board oa
March 3 1918. Copies of the new list of differentials may be obtained upon
application to the nonferrous metals section of tho War Industries Board.
Tho new prices will be effective on deliveries mado during tho period
from Juno 1 1918 to Sept. 1 1918, on contracts mado during said period;
and furthermore the new prices will bo effective on deliveries mado during
said period on existing contracts which specify that tho price shall be that
in force at the timo of delivery. Deliveries made during tho period June 1
1918 to Sept. 1 1918 on other contracts shall be at tho prlco stated in such
contracts, except that on existing “ direct and indirect Government con
tracts” containing a provision that refund is to bo made of tho difference
between the price stated in tho contract and tho “ Government fixed price,
If, as, and when made,” such difference shall bo refunded on deliveries
mado during the period from June 1 1918 to Sept. 1 1918, on presentation
of proper proof that the purchasing Government gets tho benefit of tho
refund.
The conditions are as formerly: First, tho producers of aluminum will not
reduce tho wages now being paid; second, aluminum shall bo sold to tho
United States Government, to the public in tho United States, and to tho
Allied Governments at tho same maximum base price; third, tlioy will take
tho necessary measures, under the direction of tho War Industries Board,
for the distribution of aluminum to provent it from falling into tho hands
of speculators who might increase tho prlco to the public; and fourth, they
will pledge themselves to exert every effort necossary to keep up tho pro
duction of aluminum so as to Insure an adequato supply so long as tho
war lasts.
June 1 1918.]
2395
THE CHRONICLE
PRESIDENT WILSON APPROVES CONTINUANCE OF
z m c PRICES FIX ED IN FEBRUARY.
of gasoline at Trenton, N. J.. tank wagon basis is 22 cents a gallon. The
price at Atlantic City is 22 conts also. Tank wagon price in Baltimore is
23 conts a gallon and at Buffalo also it is 23 conts.
Operation of tho new ruling, which will continue for sixty day ’ pp,
to be more advantageous to the refiners located at tidewater PototoaU »J
tho North Atlantic than to other refineries. T h a
QU
Standard Oil Co. of New Jersey and Atlantic Refining, l i
<
’
Vacuum Oil Co. and Standard Oil Co. of New York.
.
These refining plants are served by pipe lines from the Pennsylvania and
M M S S L . M d s . The Pipe linos ™ the most ^ oh om lc.l means of
Official announcement of the continuance until Septa l
of the maximum base price for Grade A zmc at 12 cents per
pound f.o .b East St. Louis, was mado on M a y 2o, when it
was made known that President Wilson had approved an
agreement to this end between the producers and the 1 rice
Fixing Committee of the W ar Industries Board
W e re from th eM H -C on U n en tS d
'g a s S
ferred last week (page 2182) to the recommendation made
to the President by the Price Fixing Committee that the
price bo continued at 12 cents. This latest announcement
c o se
of the W ar Industries Board also states that the maximum
’ t h f 2 ? M -» n t »
I>rico ‘ »„US ^ S j ? th Br‘“ S “
b-iso prico of 14 cents a pound f.o .b . plant for plato zinc and various points inothis
country is shown in thei following t a i .
15 cents a pound f.o .b . plant for sheet zinc is likewise con
tinued until Sept. 1. Tho prices are subject to the usual Baton Rouge, L a ..........- 2 2 c .
trado discounts and differentials in effect Feb. 13 last.
Lho Roston°r° .........— — — " 25c’.
Richmond, Va--------------------22.5c.
______23c.
San Francisco--------------------20c.
February announcement concerning zinc prices was referred Tinffnin
1
?2V4c
Seattle, Wash--------------------21c.
to in our issuo of Feb. 16. Tho following is tho statement
mado by tho W ar Industries Board on M a y 25:
Los Angeles--------------------------------- z , y
t
22c
= d ofsLZsstfxzsz -
SS^h!:::":::::::::^
Tho President has approved an agreement, mado between tho producers
l h o lr cs i
th0 Prico Fixi„g Committee of tho War Industries
Thvurd' fafter Investigations by this commlttco in conjunction with tho
ledo al ^ ra d o Commission as to tho cost of tho production), that the
maximum baso price on grade A zinc of 12 cts. per pound f.o.b East
St Louis bo continued until Sopt. 1 1918. Tho prico at point o f delivery
is to bo tho East St. Louis prico plus tho freight from East St. Louis to
^ T h e 5conditions are, as formerly: First, that tho producers of grade A
zinc will not rcduco tho wages now being paid; second, that theyWill sell
to tho Allios, to tho public, and to tho Government at tho same pr ,
third that thoy will tako the necessary measures, under tlio directioni of t!
War Industries Board, for tho distribution o f tho grado A zinc toi prove
from fal ling into tho hands of speculators who might increase tho price to
Km public and fourth, that thoy pledge themselves to exert every effort
necessary to keep up tho production o f grado A zinc so as to insure an ade_+v,„
/m-itn sutmly so long as tho war lasts.
. . .
Tho President has also approved an agreement mado betwe
producers of sheet and plato zinc and tho Prico Fixing Comm
»of
tho War Industries Board (after investigations by tins c o im n itt e o n .o ju
tion with tho Federal Trado Commission as to tho co s to f production) that
tho maximum baso prico of 14c. per pound
trade dis
15c. per pound f.o.b. plant for shoot zinc, milbJect to tho ,
JracU
K--city... -....:::gS;
5ST;
StThoUprIce'teed by the Fuel Administration at Gulf ports is 21 cents a
;allon.
________
Conferences at which plans for increasing the country’s
o il' supply were discussed were had on M a y 24 between
M ark L . Requa and B . M . Baruch, Chairman of the W ar
Industries Board, and between M r . Requa and Edwin M.
Hurley, Chairman of the U . S. Shipping Board
„
Regarding the conferences the “ Journal of Commerce
° f A ^ f oufgrowth ’ of tho conferences to-day between M r. Requa and
Chairman Hurley it came to light that tho Shipping Board rapidly is
completing designs for the construction of numbers of steel and concrete
oU tankers of 7 7,00 barrels capacity. In addition, the extensive construetion of .tool and concrete barge. also is being planned by. « »
counts and extras or J ^ f^ sh o e t^ h ic ^ h a U booonsidered as including all
g S l o f o n l r f g M h inch thickness and loss and plate zinc as including
all gauges thicker.
^
FtotTthat^he8producera™'pllto and shoot zinc will not reduco tho wages
50 and 100.
This number will bo increased as those originally order
" o l X T n H n C S n d t t c d that tbo prob.em o,
tankers and barges to transport an adequate s u p p ly ,^ J r S i S ^ G w country’s growing needs is a serious one. i s °
admission was
eminent with as many oil carrying vessels as possible. tho ^dniNsio
made tliat privately owned tankers steadily are being taken over Dy
Shipping Boar^and operated under Government direction. Despite thU
and other steps taken to work a solution of tho problem a serious shortage^
sarisr rs
n°Second* thiy will soil to tho Allios, to tho public, and to tho Government
~
atThird11that thoy will tako tho necessary measures, under tho direction
. Hin \v-ir Industries Board, for tho distribution of plato and shoot zinc
to prevent it from falling into tho hands of speculators who might increase
nrlco to tlio public; and,
Fourth that they pledgo themselves to oxort every effort necessary to
keep up tho production o f plato and shoot zinc so as to insuro an adoquato
supply so long as tho war lasts.
pointed out to-day, to provide adequate supplies of oil and oil produc
to tho Allies in the prosecution of tho war.
GASOLINE A N D OIL PRICES ANNOUNCED BY U. S.
FUEL ADM IN ISTRATIO N.
Tho following concerning the Mexican rates for t o
collection of tho Mexican petroleum tax (B irm gM ay an d ^
Juno is taken from tho “ W all Street Journal of M a y 24 .
M E X I C A N RATES FOR PETROLEUM TAX
COLLECTION.
Tlio Mexican Nows Bureau states that tho Treasury Department ha
Tko prices fixed for purchases by tho Allies of gasoline,
h
i c h
^
fuel oils and other petrolouin products for sixty days from issued the following rates of valuation upon w
, nw shall be collected during tho months of May and June.
M a y 20 to July 19 were announced by M ark L. Requa, “ o \ t b l i ,b e d over, two months, b u t - —
cba ^ m j .lum a
Director of Oil Supply of tho U . S. Fuel Administration, over mado. Tho valuations and their equivalent in American gold p
on M a y 24. It was pointed out by oil officials that while
baKoembuKiSe“ e i ^ r m hof a density of 0.91. valuation. $10 50 Mexican
tho price to tho Allies applies to their purchases alono, and gofd per tmi. or S5 25 American gold. Total tax 52K c. American gold
not to domestic users, tho Allies aro such large purchasers per ton, or about 7 He. per barrel.
C1Q rri Tv/Tfl-riran cold
Crude petroleum of a density of 0.91, valuation $13 50 Mexican go a,
of petroleum hero their price has a powerful effect upon tho
__ $6 75 American gold per barrel. Total tax, 67Mc. American go ,
domestic market. The prico of gasolino to tho Allies was
fixed as follows:
F 0 b Gulf ports, 21 cents per gallon; f. o. 1). Atlantic seaboard, 23 'A
cents per gallon; United States Navy specifications in both casus.
A t the samo timo tho price for aviation naphtha was fixed
as follows:
Tldrtv cents per gallon Gulf ports; 32 cents per gallon, Atlantic sea
board- British specifications 302 Fahn., final boiling point in both cases.
° r Petroleum of a^ eatcr'density than 0.87. S5 50 Mexican gold per ton
or $2 75 American gold. Total tax, 2 7 ^ c . American gold, or a fraction
UnG asoU , Valuation $10 50 Mexican gold per ton. or $5 25 American
gold. Total tax. 52Hc. American gold, or about 7H c. P ^ a r r e l.
Refined gasoline, in cans or in bulk. 12c. valuation per half-liter, or
about 96c. per gallon in Mexican gold or 48c. American gold, th
beS
i r ^
f i n
P^ r ° m
bulk, valuation $1 20 per gallon Mexican
Fuel oil prices were fixed at:
/-„ir
s 5V4 cents, British Admiralty specifications; 5K cents, United
States^Navy specifications; Atlantic seaboard, 7H cents. United States
Navy specifications.
Tho prico of standard white refined keroseno was fixed
at 7 y , cents at Gulf ports and 8 yx cents at Atlantic seaboard.
Mexican reduced oil was fixed at 6 cents, Atlantic seaboard
Tho following relativo to tho gasolino prices for purchases
of tho Allies, is taken from tho “ W all Stroot Journal” of
M Fixing the prico o f gasolino to tho Allios at 23M cents a gallon at North
Atlantic ports by the Fuel Administration allows the refiners a^higher price
than thoy aro obtaining in many domestic points. This oxpo
' .
done in enormous volunto and for tho most part involves me c y I
I
gasolino from the refinery directly into tank steamers. In hand ling
•
tic business, tlio refiner lias to meet tho additional cost of distributing
ffAaoline at widely scattered points.
Under tho now ruling tho big refineries located at Bayonne, l n a e P «
and other North Atlantic points will get 1'A conts more for gasolino than
they now obtain In some points in their territory. For instance, the price
gold, with a tax of six-tenths of one cent per gallon.
M
L. REQUA WARNS HOARDING OIL PRODUCERS
THAT GOVERNMENT WILL’ NOT ADVANCE PRICE.
In advices to A . C . Bedford, Chairman of the Petroleum
W ar Service Committee, in protest against those who are
holding back production of crude oil in anticipation of in
creased prices, M . L . Requa, Director of the Oil -Division
of tho U . S. Fuel Administration, makes it plain that the
Government will not approve any further advance in price
at this timo. M r. Requa’s letter, made public on M ay 22,
follows:
Mav 17 1Q18
Mr. A . C. Bedford, Chairman Petroleum War Service Committee, 26 Broad*
Mii 'o’e a/M r. Bedford:— l have been informed that in certain localities
t h e i N a tendency on the part of oil producers to withhold production
2296
THE CHRONICLE
in anticipation of Increased prices cither in tho form of incrcaso In tho posted
price or in the amount of bonus paid.
I cannot too strongly omphasizo tho statoment that tho Government
will not at this time view with approval any further advance in tho prico
of crude oil. Because of tho war and the demands that are boing made
for various essential products, it is obvious that the law of supply and
domand has broken down.
In many lines bidding up tho prico will not produco a single additional
pound of material. Such price advances cannot bo permitted by the Gov
ernment if wo aro to eliminate profiteering and maintain fair and reason-,
able prices.
'U ill you therefore make it plain to tho producers of oil that tho Oil
Oiv smn believes there is no justification for an advance in tho prico of
erdde ml at this time and will expect the industry to co-operate with tho
Oil Division in an endeavor to maintain existing prices as maximum prices.
Competition in the form of payment of bonus should also bo restrained,
l do not mean by this that varying prices should not bo paid for oils of
varying quality, but theso differentials once established should not bo
further advanced.
I shall bo obliged if you will givo full publicity to theso views and take
tho matter up with the Advisory Committeo on production affiliated with
your committee, for full consideration and report.
Very truly yours.
M . L. REQUA, Director Oil Division.
FIXING OF ARSENIC PRICES BY U. S. GOVERNMENT.
,,
tbo fixingof arsenic prices by tho Government
tho Oil Paint & Drug Report” of March 4 had the following
to Stiyi
In a letter addressed to dealers and manufacturers o f arsenic, tho United
States Food Administration announces that it has fixed tho price'of white
arsenic in car lots at 9c. per pound, while an additional Me. per pound is
allowed for smaller quantities. These prices aro set for deliveries “ any
whero ln the United States.” It is stated in tho official announcement
that tho Food Administration will not interfere in any way with existing
contracts at higher figiircs, the fixed price applying to now contracts
hereafter entered into. Tho action o f tho regulators is taken, it is stated,
after careful consideration o f tho Interests o f both manufacturers and concumers and is taken with a viow to stabilizing tho market. While the
action token is based upon present conditions, tho statement continues,
little likelihood o f tho point being changed in tho near future in
the absence of any radical chango in the situation. Violations o f tho order
It is pointed out, are punishable under General Rule 4 and Special Rule 2
of the Food Administration A ct, governing tho licensees manufacturing
white arsenic.
The letter is as follows:
To All Producers of While Arsenic:
As a guklanco to you in determining tho amount o f profit to h e t a k e n
arsenic products, in order that prices charged should not bo
exorbitant, I wish to stato that tho Food Administration will consider
tained-100 ln oxcess of tho folIo'vinS equal to tho valuo of tho AS203 conNino cents per pound delivered at any point in tho United S t a t e s for
arsemous oxide or whito arsenic containing not less than 99% of A 8203 or
nI£ j Jric,e ,pur P?u,n<J delivered at any pofnt in tho United States for arseAQoAa°X'(lc: containing less than 99% AS203, equal to the vafue of
AH2()3 contained therein at tho rato o f 9 cents per pound for such A8203
exceed
at prices
excetu °thof
ino above
above ' by more than In,Ki%^ than
per earload
pound, lots
would
tinderwhich
the
prosent war conditions return to you an unreasonable profit and such
'mile
tl?orefore, constitute a violation of Genoral Rulo 4 and Special
&
« j,.n„ g-lii T C,cns??s
^ r mciiiiualluring
wime
arsenic.
RT
L 2k
w ieTAdmmiKt.rn.fMon
manufacturing
P
_____
_ »interfere with the fillincr
AilO
rood
will not for thowhite
° * Administration
will
present
toat? th^o^ aforesaid. mt° bCf° r° th° r“ oipt of this
I his conclusion has been reached after a careful consideration of thn
Hji°b-eS4-tS
manufacturer and consumer. Tho advantages of stabilized
;ansssstsrwi■»
z&xsz&xn
U. S. ATTORNEY-GENERAL GREGORY DIRECTS
ATTENTION TO WATER FRONT REGULA
TIONS INCIDENT TO AL IE N ENEM IES
Attention is again directed by U . S. Attorney-General
Gregory to the regulations of a year ago respecting the
water front zones which aro barred to Gorman enemy aliens.
The approaching summer season and tho increased use of
the water front facilities has brought about the issuance at
this timo of the Attorney-General’s statem ent. which we
quote below:
The fact that during the 'approaching summer soason tho uso of tho
water front docks anil other water front facilities throughout the United
States will be greatly increased, makes it proper that tho attention of tho
public and o f the owners and operators o f water front facilities should again
be called to Regulation 13 of the President's proclamation o f April 6 1917
and the water front pass system inaugurated thereunder by tho Depart
ment o f Justice, which is vested by tho President with tho authority to en
force the regulation mentioned.
Regulation 13 applies exclusively to Gorman alien enemies, male and fo™a 0/ It Provides that such alien enemies shall not approach or be found
within 100 yards o f any canal, nor o f any wharf, pier, or dock used directly
)y or jy m® ‘s o f lighters by any vessels or vessel o f over 500 tons gross
engaged in foreign or domestic trade other than fishing; nor within 100
yards of any warehouse, shell, elevator, railroad terminal, or other ter
minal, storage or transfer facility adjacent to or operated in connection
m t twn n r f ' Pief ’ ° r d0Ck: and whor°ver tho distance between
any two such wharves, piers, or docks, measured along the shore lines
connecting them, Is less than 880 yards, an alien onomy shall not approach
or bo found within 100 yards of such shore lino.
The areas prescribed by Regulation 13 aro. with tho exception o f a qualloft p?ssa? ° (1,rcct tro u g h such areas in public conveyances or on
a ni hik- tl
a nB t0, an<l from a pubIlc fotTy or 011 bridges constituting
G erm a n thoroughfare through such a barred zone, absolutely barred to
Oerman alien enemies, amlo and female.
anP nr th*6? °if this rogulation is to provido adequate protection o f shipping
h ii °
’ Piers, wharves, warehouses, elevators, and similar water
2
“
engaged in tho operation o f shipping, particularly the ship.
ping o f supplies necessary for tho prosecution o f tho war. Tho protection
Mo„ f r PCFty ° bVi0US,y cannot be obtained without the fu V co^ p era!
Sib m°J f r 1rOWu g or ° peratln« these facilities, upon whom tho responrnty (or a~ d 1 ^ such Protection rests equally with tho Government.
In order effectiveljr to enforce Regulation 13, tho Department o f Justico
h ° m time to time issued instructions to the owners o f docks and other
[Vol. 100.
water front facilities and has put into operation a water front pass system
No passes or permits to enter theso restricted areas are issued to German
alien enemies, male or female. All other persons who for any reason seek
access to theso docks or water front facilities, except when they aro bona
fide passengers going to or from a passenger vessel as hereinafter stated are
required to have a water front pass under tho regulations made by tho De
partment of Justico. In certain particular instances tho Department has
approved of pass systems which have been instituted and put into force by
owners or operators of water front facilities, but such approved pass sysems aro usually restricted to tho omployeos of such owners or operators,
and all other persons aro required to havo the form o f water front pass pro
scribed by the Department of Justico. These passes aro to be obtained
from tho United States Marshals except in certain of the larger cities, such
as Now York and Baltimore, whoro they may bo obtained from tho Collector
tico USt° mS’ Wh° adminlstcrs tho Pass system for the Department of JusIn the operation of tho pass system tho Department has rulod that bona
fide passengers are not required to havo anil present passes to euablo them
to embark or disembark from passenger vessels, but this ruling does not
mean that alien enemies of any nationality are to bo permitted upon pas
senger boats in violation of any o f tho other regulations of tho President’s
proclamation relating to such persons.
Tho owners and operators of tho wharves and of the passenger vessels
are urged to see that the process of loading or unloading passengers from
the passenger vessels is conducted so as to minimlzo tho danger from hostile
persons, anil that tho passengers aro required to move without stopping
when passing from tho dock or wharf which must bo used by thorn in getting
to or from a passenger vessel, and that they arc excluded from all parts of
tho dock or wharf not actually necessary for access to or from such pas
senger vessol.
N E W YORK C IT Y ’S CONTRIBUTION UNDER THE
DRAFT L AW.
New York C ity ’s contribution to the military forces of tho
United States under tho operation of the Selective Service
Act has been 105,027 men, according to a special roport made
by Martin Conboy, Director of tho Draft for the Greater
City, on M a y 25. This number includes 7,462 men roloased for service with tho Emergency Fleot Corporation,
but does not include men of draft age, who were in tho N ationa' Guard when the United States declared war on Ger
m any, or thoso who enlisted in tho regular or Guard service,
the N avy or Marino Corps in tho weeks which intervened
between tho signing of tho Selective Service Law and the
first registration, on Juno 5 1917. Noithor doos it include
the 5,000 men called to tho colors last week or thoso ordered
to report during tho present week. Tho report shows that
tho total number of men in Class 1 qualified for sorvico, not
yet inducted but available for induction, is 53,972. To this
number will bo added the 21-year-old men to bo registered
on June 5 in accordance with tho recent Act of Congress.
The report gives the results in detail for each of tho 189 local
draft boards in the city. W o givo herewith tho totals for
the different entries:
TsrJimS™ °£ U CiP ^ducted under general induction orders__ *___
n™mm,bvlclual inductions under Section 150, Solectivo Seri
vico Regulations, and competent ordors.
v.olu»tary inductions under special c a l l s i : : : : : : : : : " : :
rl
}n N.avy aild Naval Reservo since beginning of draft
Enlistments in Marino Corps sinco beginning of draft__________
^ <r',1U SS Oni’ Vieini lslm.,nps in Medical and Engineering Reservo
wmioiSf alld,fl°l;* clerks since beginning of draft_______'_______
Lnhstments in all branches of tho military service prior to Dec 15
U .................................................. - ............................... - .................
59 S41
gore
2216
11'729
,in7
3 450
’
17,502
Number of men on Emergency Fleet classification list.......................^ 7,462
Total registration....................................
Total number of registrants in Class 1 qualified"for general"servicoJ,J1U
not yet inducted and now available for induction
ivi (170
Cases pending before Medical Advisory Board
........................... 0 7 In
Cases pending before Dislrict Board
.................................. r ’-iob
Delinquents....................
— ....................................... 29 781
UN LIM ITED POWER TO RAISE MEN GRANTED PRES
I DENT IN LARGEST A R M Y BILL EVER INTRODUCED.
Unlimited power to draft men under tho Selective Service
Act is conferred upon President Wilson by tho terms of the
Arm y Appropriation Bill, unanimously reported to the House
by the M ilitary Committeo on M a y 25. The bill carries tho
enormous appropriation of S9,5S3,349,808 01, in addition to
which 82,458,332,801 more is authorized. Under the terms
of the measure President Wilson, through tho operation of the
Selective Draft A ct, m ay call out as many men as can bo
trained, equipped and transported to Europe. The author
ization for this is contained in tho following amendment,
adopted by the committee at tho request of Secretary of WarBaker:
Provided, that the authority conferred on tho President by tho Act
approved M ay 18 1917, entitled "An Act to authorize tho President to
increase temporarily tho military establishment of theUnitod States ” is
hereby extended so as to authorize him during each fiscal year to raise
by draft as provided in the said Act and Acts amendatory thereto tho maxi
mum number of men who may bo organized, equipped, trained and used
during such year for the prosecution of tho present war until tho same shall
nave been brought to a successful conclusion.
The policy of tho Administration, it is said, will bo to
place an army of 3,000,000 or more in France within tho short
est possible time. Pay is based upon an average of 82 313
per officer and:?393 69 per man. In addition to tho amount
June 1 1918.]
carried in the Arm y Bill, the Fortifications Appropriation
bill, it is said, will carry nearly $8 ,000,000,000 in cash and
authorizations for heavy artillery for the army. Of this
amount $4 ,200,000,000 is provided for expenditure in the
next fiscal year.
In reporting the bill to the House, Chairman D ent, as
quoted in the daily papers, said:
The total estimates, Including supplemental estimates for the fiscal year,
were approximately $12,000,000,000. Tho amount o f last year’s appro
priations from all sources was $5,248,654,299 49. Tho bill carries an ap
propriation o f $9,583,349,808 61. in addition to which $2,458,332,801 is
authorized.
The Aviation Section of the Signal Corps, according to testimony before
the committee, is as follows: Officers. 12,107: enlisted men, 136,761; fliers,
4 054’ machines in Franco, 1,316; machines in tho United States, 3,760;
combat madiincs in Franco, 328; aviation training camps in tho United
S* S in n i n g with a Regular Army o f 127,588 officers and men, wo now have,
Including tho draft calls for April and M ay, an army of 2,037,027.
Tho committee has authorized new legislation for tho regulation of quar
ters, for tho appointment o f further officers in tho Reserve Corps, and Na
tional Army, &c., also provisions regulating tho use o f funds by army
° ffTheScommittee also has authorized that tho authority conferred upon tho
President by tho Selective Service Act of May 18 1917 bo so extended as to
authorize him during each fiscal year to raise by draft as provided in tho
Selective Service Act and Acts amendatory thereto, tho maximum number
of men which may bo organized, equippod, trained and used during such
year for tho prosecution of tho present War until It shall have been brought
to a successful conclusion.
Tho appropriation provides during the next fiscal year for an army o f
practically 3,000,000 men, tho pay being based upon an average pay of
$2,313 per officer and $393 69 per man.
Many estimates nocessarily in time o f war are uncertain. Ih e comm ittco has made as complete an inquiry into tho expenditures heretofore
mado by Congress as it possibly could under tho circumstances.
While Bomo mistakes and delays have occurred, on the whole wo think
tho country is to bo congratulated that, after a littlo more than a year from
tho date of the declaration of war, our country has constructed a wonderful
military establishment.
The detailed amounts appropriated by the bill are
as follows:
Authorized.
Appropriated.
$250,000
Contingencies of tho army................ - ...........
9,000
Army War College----------------------------------1,600,000
Contingencies, Military Information Section
100,000
Expenses, military observers abroad---------82,810
United States Service School..........................
Contingencies, headquarters military de
20,000
department, &c------------------------------------28,000
Coast Artillery School. Fort Monroe---------Signal Service.......... .........
990,2o0,812
Commercial telephone service, Coast Artil35,150
lery.
Maintenance office o f Provost Marshal Gen
15,762,000
eral ............ - ......................... ............ r -----147,445
Washington-Alaska military cablo service. . .
1,587,358,495
Pay
________________________________ _
Supplies, service and transportation Quar
830,557,398
Regular supplies, Quartermaster Corps.........
5o2,868,390
Incidental expenses Quartermaster Corps. 20,000,000
Transportation of army and its supplies. — 1,632,606,103
Water and sewers at military p o s t s ---------70,5by,bUS
Clothing and camp and garrison equipage. . - 1.230,190,089
Storage and shipping facilities.......................
143,603.037
H orses------------- -------------------------------------’
’
175,000,000
Barracks and quarters................ .........
2,994,950
Military post exchanges------- — ............
35,117,175
Roads, walks, wharves and drainage...
100,000
Alaska roads, bridges, &c- - - - - - - ........
500,000
Barracks and quar ters, I Wlippines---------nftn
Construction and repair o f hospitals............
° ° X X
Quarters for hospital stowards.
343410
Shootlng galleries and ranges........................
12,200
Maintenance Army War College
............
100,015
Rent of buildings. Quartermaster Corps - .
Claims for damages and loss of private prop
30.000
erty--------------------- ----------- ------------------75.000
Vocational training----------------- "
or*7 4.1ft qaq
207.418.948
Medical and hospital department..................
60,000
Hospital caro, Canal Zone------------------------25.000
Army Medical Museum and Library...........
1,800
Bureau of Insular Affairs--------------------------50.000
Engineer Department, Engineer Depots-----30.000
Engineer School, Washington Barracks.........
Engineer equipment of troops.
...........
135 -000.000
90,000
Civilian assistants to engineer officers
Engineer operations in the
- - - -- -- -- -- -- tlio field
flokl-.-—
■<P«r Department, PhilContingencies, Engineer
1 hil2,500
ippinos-------------------------------------850,000
Military surveys and maps---------- 6,000
Lithograph press. Fort Leavenworth
30,000,000
Ordnance servico
0= e = r » —
f.,on........................
390.000.000 $706,486,991
75.000.
000 84,073,725
Small arm target practice
50.000.
000207,324,325
Manufacture of arms
350,299.-60
93.400*000
Ordnance storess and
and supplies.......................
-----in non
National trophy and medals, rifle contests..
10,000
337,726.000
Automatic machine rifles................................
444,000
272,422,550
Armored motor cars--------------------------------75 -560 -000
500,000,000
Authorization for ordnance supplies....................- - - - - - - -
Claims for loss of private property...... .........
210,000
National Guard, arming and equipping
250,000
Rifle ranges for civilian instruction—
2,500.000
Civilian military training....................
2,788,096
Ordnance equipment for home guards
Reserve Corps Quartermaster supplies.........
2,92l ’I 2r
45,505
Ordnance stores, Roscrvo Officers’ Corps—
1,138,700
Quartermaster supplies, schools and colleges
.......................................................................$9,583,349,808 $2,458,332,801
32 9 7
THE CHRONICLE
A proviso adopted by the committee makes the entire ap
propriation practically a “ lump sum .” That is, funds are to
be interchangeable as between tho various bureaus and activ
ities of the W ar Department. This provision, it is said, goes
even further than the request of the W ar Department, which
had asked for virtual lump sum appropriations for tho Quar
termaster and Ordnance bureaus.
SENATE COMMITTEE TO CO-OPERATE W IT H JUDGE
HUGHES I N AIRCRAFT INVESTIGATION.
It was announced at Washington on M a y 27 that the
Senate M ilitary Committee would proceed with its proposed
inquiry into the aircraft situation, notwithstanding the sug
gestion made last week by former Supreme Court Justice
Hughes that the Committee should not duplicate the in
vestigation to be made under his direction by the Depart
ment of Justice. After conferring with Judge Hughes, the
Committee has decided that the two investigations need not
interfere with or overlap each other. Senator Thomas quoted
M r . Hughes as saying that unquestionably the sub-committee
had a field of inquiry before it in the failure of aircraft pro
duction, if it wished to go into that. H e only urged that
the^Committee keep clear of the criminal phase of the situa
tion, if any actually existed, so he might go ahead un
hampered. This the committee agreed to do.
Tho Senate Committee will leave Washington toward the
end of this week on a tour of aircraft factories throughout
the country to get intimate data as to production. Later
tho Committee will conduct hearings, some of which will be
in secret and others in public. Sonator Thomas was further
quoted as saying:
The sentimont o f the sub-committee is that the people of the country
want to bo informed as to what has happened to prevent tho manufacture
of airplanes. The production, every ono knows, has been startlingly small.
Tho facts must como out. If we strike evidence that may better bo handled
by Mr. Hughes in his criminal investigation, it will be at once turned over
to him. Tho Senate Committee is not after any one’s scalp. All wo want
to get is facts, so that the country may know.
Press roports on the 28th stated that Judge Hughes had
asked tho Military Committee for all information in its
possession bearing on the aircraft situation and that it would
be turned over at once. A conference was also held between
Senator Chamberlain, Chairman of the Committee, M r.
Hughes and Attorney-General Gregory, for the purpose of co
ordinating the work of the two investigations.
SOLDIERS'
’
AN D SAILORS' CIVIL RIGHTS ACT
OR MORATORIUM.
W o publish below the full text of the Administration’s
Soldiers’ and Sailors’ Civil Rights Act signed by President
Wilson on March 8 1918 and referred to briefly in these
columns in our issue of March 16, exempting members of mil
itary and naval forces of the United States from various
kinds of legal actions against them:
Be it enacted by the Senate and House of Representatives of the United Stales
of America in Congress assembled,
ARTICLE I.
General Provisions.
Sec 100 That for the purpose o f enabling the United States the more
successfully to prosecute and carry on the war in which it is at present en
gaged. protection is hereby extended to persons in military servico o f the
United States in order to prevent prejudice or injury to their civil rights
during their term o f servico and to enable them to devote their entire en
ergy to tho military needs of the nation, and to this end the following pro
visions are mado for tho temporary suspension of legal proceedings and trans
actions which may prejudice the civil rights o f persons in such service dur
ing tho continuance o f the present war.
Sec. 101. (1) That tho term "persons in military service, as used m
this Act shall includo the following persons and no others: All officers and
enlisted men o f tho Regular Army, the Regular Army Reserve, the Officers
Reserve Corps, and tho Enlisted Reserve Corps; all officers and enlisted
men of the National Guard and National Guard Reserve recognized by
tho Militia Bureau o f the War Department; all forces raised under tho A ct
entitled “ An Act to authorize tho President to increase temporarily the
Military Establishment o f tho United States,” approved M ay 18 1917;
all officers and enlisted men of the Navy, the Marino Corps, and the
Coast Guard; all officers and enlisted men of the Naval Militia, Naval
Reserve force, Marine Corps Reserve, and National NaYf‘
recognized by tho Navy Department; all officers of the Public Health
Service detailed by tho Secretary o f the Treasury for duty either with the
Army or the Navy; any of the personnel o f the Lighthouse Servico and o f
the Coast Guard and Geodetic Survey transferred by tho President to the
servico and jurisdiction o f tho War Department or o f tho Navy Depart
ment; members o f the Nurse Corps; Army field clerks; field ejerks. Quarter
master Corps; civilian clerks and employees on duty with the military forces
detailed for servico abroad in accordance with provisions of existing law;
and members o f any other body who have heretofore or may hereafter becomo a part o f tho military or naval forces o f tho United States. The term
"military servico,” as used in this definition, shall signify active service in
any branch of service heretofore mentioned or referred to, but reserves and
persons on tho retired list shall not bo included In tho terra “ persons in
military service" until ordered to active servico. Tho terra “ activo ser
vice” shall Includo tho period during which a person in military service fa
absent from duty on account o f sickness, wounds,-Jeave,.or other lawful
2298
THE CHRONICLE
(2) Tho term “ period o f military service,” as used in this A ct, shall in
cludo tho timo between tho following dates: For persons in activo servico
at tho dato o f tho approval o f this Act it shall begin with tho dato of approval
of this Act; for persons entering activo servico after tho dato o f this Act,
with tho dato o f entering activo servico. It shall terminate with tho dato of
discharge from active servico or death while in activo servico, but in no case
later than tho dato when this Act ceases to bo in force.
(3) Tho term “ person,” as used in this Act, with rcferenco to tho holder
o f any right alleged to exist against a person in military servico or against a
person secondarily liablo under sucli right, shall includo individuals, part
nerships, corporations, and any other forms o f business association.
(4) Tho term ‘ court,” as used in this Act, shall includoany court o f com
petent jurisdiction of tho United States or o f any State, whether or not a
court o f record.
(5) Tho term "termination o f tho war” as used in this Act shall mean tho
termination o f tho present war by tho treaty o f peaco as proclaimed by tho
President.
Sec. 102. (1) That the provisions o f this Act shall apply to tho United
States, tho several States and Territories, tho District o f Columbia, and all
territory subject to tho jurisdiction o f tho United States, and to proceed
ings commenced in any court therein, and shall bo enforced through
tho usual forms o f procedure obtaining in such courts or under such regula
tions as may bo by them prescribed.
(2) When under this Act any application is required to bo mado to a
court in which no proceeding has already boon commenced with respect to
tho matter, such application may bo mado to any court.
Sec. 103. Whonover pursuant to any o f tho provisions o f this Act tho
enforcement o f any obligation or liability, tho prosecution o f any suit
or proceeding, tho entry or enforcement o f any order, writ, judgment, or
dccreo, or tho performance o f any other Act, may bo stayed, postponed
or suspended, such stay, postponement, or suspension may, in tho discroon of tho court, likewise be granted to sureties, guarantors, indorsers, and
° lep! sul)Ject to tho obligation or liability, tho performance or enforcement
of which is stayed, postponed, or susponded.
When a judgment or decree is vacated or set asklo in wholo or in part, as
provided in this Act, tho same may, in tho discretion o f tho court, likowiso
ho sot alsdo and vacated as to any surety, guarantor, indorsor, or other per
son liablo upon tho contract or liability for tho enforcement o f which tho
judgment or decree was entered.
[Vol. 106.
Sec. 204. That any stayj’of any action, proceeding, attachment, or exe
cution, ordered by any court under tho provisions of this Act, may, except
as otherwise provided, bo ordered for tho period of military servico and threo
months thereafter or any part of such period, and subject to such terms as
may bo just, whether as to payment In installments of such amounts and at
such times as tho court may fix or otherwise. Whore tho person in military
service is a codefendant with others tho plaintiff may nevertheless by leavo
of court proceed against tho others.
Sec. 205. That tho period of military servico shall not bo included in
computing any period now or hereafter to bo limited by any law for tho
bringing of any action by or against any person in military sorvico or by
or against his heirs, executors, administrators, or assigns, whether such
cause of action shall havo accrued prior to or during tho period of such ser
vico.
ARTICLE III.
Rent, Installment Contracts, Mortgages.
• Sec. 300. (1) That no oviction or distress shall bo mado during tho poriod
o f military servico in respect of any premises for which tho agreed rent doos
not exceed $50 per month, occupied chiefly for dwolllng purposes by the
wifo, children, or other dependents of ajperson in military servico, except
upon leave o f court granted upon application therefor or granted in any ac
tion or proceeding affecting tho right of possession.
(2) On any such application or in any such action tho court may, in
its discretion, on its own motion, and shall, on application, unless in tho
opinion of tho court tho ability of tho tenant to pay tho agreed rent is not
materially affected by reason of such military servico, stay tho proceedings
for not longer than threo months, as provided in this A ct, or it may mako
such other order as may bo just.
(3) Any person who shall knowingly take part in any oviction or distress
othorwiso than as provided in subsection (1) hereof shall bo guilty of amlsdomoanor, and shall bo punishablo by imprisonment not to exceed ono year
or by fino not to exceed $1,000, or both.
(4) Tho Secretary o f War ortho Secretary o f tho Navy, as tho caso may
bo, is hereby empowered, subject to such regulations as ho may prescribo,
to order an allotment of tho pay o f a person In military sorvico in reasonable
proportion to discharge tho rent of premises occupied for dwelling purposes
by tho wifo, children or other dependents of such person.
See. 301. (1) That no person who has received, or whoso assignor has
received, under a contract for tho purchase of real or personal property, or
o f loaso or bailment with a viow to purchase o f such property, a deposit
or installment of tho purchase prico from a person or from tho assignor o f a
person, who after tho dato o f payment o f such doposit or installment, has
entered military servico, shall oxerciso any right or option under such con
tract to rescind or terminate tho contract or resumo possession o f tho prop
erty for non-paymont o f any installment falling duo during tho period o f
such military servico, except by action in a court of compotont jurisdiction.
(la) Any person who shall knowingly rosumo possession o f property
which is tho subject o f this section othorwiso than as provided in subsec
tion (1) hereof shall bo guilty of a misdemeanor and shall bo punsihed by
imprisonment not to exceed ono yoar or by fino not to exceed $1,000, or
both.
(2)
Upon tho hoaring o f such action tho court may order tho ropaymont
o f prior installments or deposits or any part thereof, as a condition of termi
nating tho contract and resuming possession o f tho property, or may, in
its discretion, on its own motion, and shall, on application to it by such porson in military servico or somo person on his behalf, order a stay of proceed
ings as provided in this Act unless. In tho opinion o f tho court, tho ability
of tho defendant to comply with tho terms of tho contract is not materially
affected by reason o f such servico; or it may mako such other disposition o f
tho caso as may bo cquitablo to conserve tho interests of all parties.
Sec. 302. (1) That tho provisions of this section shall apply only to obli
gations originating prior to tho dato o f approval o f this Act and secured
by mortgage, trust deed, or other security in tho nature o f a mortgago upon
real or personal property owed by a person In military service at tho com
mencement o f tho period o f tho military sorvico and still so owned by him.
(2) In any proceeding commenced in any court during tho period of
military servico to enforco such obligation arising out o f nonpayment
o f any sum thereunder duo or out of any other broach o f tho terms thereof
occurring prior to or during tho poriod of such sorvico, tho court may, after
hoaring, in its discretion, on its own motion and shall, on application to
it by such person in military servico or somo person on Ills behalf, unless in
tho opinion of tho court tho ability o f tho defendant to comply with tho torms
o f tho obligation is not materially affected by reason of his military sorvico
(a) Stay tho proceedings as provided in this Act; or
(b) Make such other disposition of tho caso as may bo oquitablo to con
serve tho Interests o f all parties.
(3) No salo under a power o f salo or under a judgmont entered upon war
rant of attornoy to confess judgmont contained in any such obligation shall
bo valid if mado during tho period of military servico or within threo months
thereafter, unless upon an order of salo previously granted by tho court and
a return thereto mado and approved by tho court.
ARTICLE II.
General Relief.
Sec. 200. That in any action or proceeding commenced in any court if
thero shall bo a default of an appearance by tho defendant tho plaintiff boforo entering judgmont shall filo in tho court an affidavit sotting forth facts
that tho defendant is not in military service. If unable to filo such
affidavit plaintiff shall in lieu thereof filo an affidavit setting forth either
that tho defendant is In tho military servico or that plaintiff is not ablo to
determine: whether or not defendant is in such servico. If an affidavit is
not filed showing that tho defendant is not in tho military sorvico, no judg
ment shall bo entered without first securing an order o f court directing such
on,^y ' an<
such order shall bo mado if tho defendant Is in such serveio
uu i a or tho court shall havo appointed an attornoy to ropresent defendant
ana protect his interest and tho court shall on application make such appo n men . Unless it appears that tho defendant is not in such servico tho
court may require as a condition boforo judgment is entered that tho plaintiff
filo a bond approved by tho court conditioned to indemnify tho defendant.
If hi military service, against any loss or damage that ho may suffer by rea
son o any judgment should tho judgmont bo thereafter sot asklo in wholo or
in Part. And tho court may make such order and further order or enter
suen judgment as in its opinion may bo necessary to protect tho rights of
tho defendant under this Act.
(2) Any person who shall mako or uso an affidavit required under this
sec on nowing it to bo false shall bo guilty of a misdemeanor and shall bo
pun s able by fine or imprisonment not to exceed ono year or by fino not to
exceed $1,000, or both.
^
1
any action or proceeding in which a person in military servico Is
a par y if such party does not personally appear therein or Is not represented
y an authorized attornoy, tho court may appoint an attornoy to ropresont
.and n such caso a llko bond may bo required and an order mado to pro
tect tho rights of such person. But no attornoy appointed under this Act
o pro cct a person in military servico shall havo power to waive any right
° m\°?i>erSOn f° r whom ho is appointed or bind him by his acts.
11 a,n,y Judgment shall bo rendered in any action or proceeding govcrnei >y this section against any person in military servico during tho period
o sue i servico or within thirty days thereafter, and it appears that such per
son was prejudiced by reason o f his military servico in making his defense
lire o, such judgment may, upon application, mado by such person or his
egai representative, not later than ninety days after tho termination of such
servico, bo opened by tho court rendering tho same nad such defendant or
his legal representative let in to defend; provided it is mado to appear that
tno defendant has a meritorious or legal defense to tho action or some part
lcrco . Vacating, setting asido, or reversing any judgment because of
any o t ic provisions of this Act shall not impair any right or titlo acquired
ARTICLE IV.
py any bona fido purchaser for value under such judgmont.
Insurance.
ec. 201. That at any stago thereof any action or proceeding commenced
Sec. 400. That in this Article tho torm “ policy” shall Includo any con
in any court by or against a person in military servico during tho period of
tract of life insuranco on tho level premium or legal roservo plan. It shall
such servico or within sixty days thereafter, may, in tho discretion of the
also includo any benefit in tho nature of lifo insuranco arising out of member
court in which It is pending, on its own motion, and shall, on application
ship in any fraternal or beneficial association; tho torm “ premium” shall
to it by such person or some person on his behalf, bo stayed as provideti in
includo membership dues or assessments in such association, and tho dato
this Act, unless, in tho opinion of tho court, tho ability of plaintiff to proseof issuance of policy as herein limited shall refer to tho dato of admission
cuto tho action or tho defendant to conduct his defense is not materially
to membership in such association; tho term "insured" shall Includo any
affected by reason of his military servico.
person who is tho holder of a policy as defined in this Articlo; tho torm “ In
Sec. 202. That when an action for compliance with tho terms of any
surer” shall includo any corporation, partnership, or other form of associa
contiact is stayed pursuant to this Act no fino or penalty shall accruo
tion which secures or provides insuranco under any policy as defined in this
by reason of failure to comply with tho terms o f such contract during Article.
the period of such stay, and in any caso whero a person fails to perform any
Sec. 401. That tho benefits of this Articlo shall apply to any person
obligation and a fino or penalty for such nonperformanco is incurred, a
in military servico who is tho holder of a policy of llfo Insuranco, when such
court may, on such terms as may bo just, reliovo against tho enforcement holder shall apply for such benefits on a form prepared in accordance with
of such fine or penalty if it shall appear that tho person who would suffer
regulations which shall bo prescribed by tho Secretary of tho Treasury.
by such lino or penalty was in the military servico when tho penalty was
Such form shall sot forth particularly that tho application therein mado is
Incurred and that by reason of such servico tho ability of such person to pay
a
consont to such modification of tho torms of tho original contract of in
or perform was thereby materially impaired.
suranco as are mado necessary by tho provisions of this Articlo and by re
Sec. 203. That in any action or proceeding commenced in any court
ceiving and filing tho samo tho insurer shall bo deemed to havo assented
against a person in military sorvico, before or during tho period of such
thereto, to tho extent, if any, to which tho policy on which tho application
servico, or within sixty days thereafter, the court may, in its discretion,
Is
mado is within tho provisions of this Articlo. Tho original of such appli
on ts own motion, or on application to it by such person or some person on
cation
bo sent by tho insured to tho insurer, and a copy thereof to tho
his behalf, shall, unless in tho opinion of tho court tho ability of tho defond- Bureaushall
of War Risk Insuranco.
f 'lf t0/ i ° mply with tho Judgment or ortler entered or sought Is not mater
Tho
Bureau
of War Risk Insuranco shall issuo through sultablo military
Ially affected by reason of his military service
(1) Stay tho execution of any judgmont or order ontered against such and naval channels a notico explaining tho provisions of this Articlo and
shall furnish forms to bo distributed to thoso desiring to mako application
person, as provided in this Act. and
for its benefits.
f (2) Vacato or stay any attachment or garnishment of property, monoy,
Sec. 402. That tho boueflts of this Act shall bo availablo to any
or debts in tho hands of another, whothor before or after judgmont, as pro
person in military servico In respect of contracts of insurance in forco undor
vided in this Act.
their torms up to>u t not exceeding a faco value of $5,000, irrespective of tho
June 1 1918.]
THE CHRONICLE
number of policies held by such person whether In one or more companies,
when such contracts wero made and a premium was paid thereon before
Sept. 1 1917; but In no event shall the provisions of this Article apply to
any policy on which premiums are due and unpaid for a period of more than
one year at the time when application for the benefits of this Article is made
or In respect o f any policy on which thero is outstanding a policy loan or
other Indebtedness equal to or greater than 50% of the cash surrender value
of the policy.
Sec. 403. That the Bureau of War Risk Insurance shall, subject to
regulations, which shall bo prescribed by the Secretary of the Treasury,
compile and maintain a list of such persons in miitary servico as have made
application for the benefits of this Articlo, and shall (1) reject any applica
tions for such benefits made by persons who are not persons in military ser
vice; (2) reject any applications for such benefits in excess of the amount
permitted by Section 402; and (3) reject any applications in respect of con
tracts of insurance otherwise not entitled to tho beneifts o f this Article.
Said bureau shall immediately notify tho insurer and tho insured in writing
of every rejection or approval.
Sec. 404. That when one or more applications aro made under this
Articlo by any one person in military service in respect of insurance ex
ceeding a total face value of $5,000, whether on one or more policies or in
one or moro companies, and the insured shall not in his application indicate
an order of preference, tho Bureau of War Risk Insurance shall reject such
policies as havo the inferior cash surrender valuo, so as to reduce the total
benefits conferred within tho faco valuo of $5,000, and where necessary
for this purpose shall direct tho insurer to divide any policy into two sepa
rate policies. Tho said bureau shall immediately notify tho insurer and tho
insured in writing of such selection.
Sec. 405. That no policy which has not lapsed for tho nonpayment of pre
mium before tho commencement of tho period of military servico of tho in
sured, and which has been brought within tho benefits of this Articlo, shall
lapso or bo forfeited for tho nonpayment of premium during tho period of
such servico or during ono year after tho expiration of such period: Pro
vided, That in no case shall this prohibition extend for more than ono year
after tho termination of tho war.
Sec. 406. That within tho first fifteen days of each calendar month aftor
tho dato of approval of this Act until tho oxpiration of ono year after tho
termination of tho war, every insurance corporation or association to which
application has been made as herein provided, for tho benefits of this Article,
shall ronder to tho Bureau of War Risk Insurance a report, duly verified,
setting forth tho following facts:
First. The names of tho persons who have applied for such benefits,
and tho faco valuo of tho policies in respect of which such benefits havo been
applied for by such persons, during tho preceding calendar month;
Second. A list as far as practicable of the premiums in respect of
•policies entitled to tho benefits of this Articlo which remain unpaid on tho
last day of tho preceding calendar month, which day is at least thirty-ono
days after the duo dato of tho premiums, provided such premiums havo not
previously been so reported as in default;
Third. A list of premiums which, having been previously reported as
in dofault, have boon paid by tho policyholder or somo ono on his behalf in
whole or in part during tho preceding calendar month;
Fourth. A computation of tho difference botween tho total amount of
defaulted premiums therein reported and tho total amount of premiums
paid as therein reported, after having been previously reported as in default.
From this sum shall bo deducted tho total sum of any premiums previously
roported as in default, upon policies in respect of which tho Bureau of War
Risk Insurance has, sinco tho dato of such report, rejected an application
for tho benefits of this Articlo. Tho final sum so arrived at shall bo donominated tho monthly difference.
Sec. 407. That tho Bureau of War Risk Insurance shall verify tho com
putation of monthly difference reported by each insurer and shall certify
it, as corrected, to tho Secretary of the Treasury and tho insurer.
Sec. 408. That the Secrotary of the Treasury shall, within ten days there
after, deliver each month to tho proper officer of each insurer, bonds of tho
United States to tho amount of that multiple of $100 nearest to tho monthly
difference certified In respect of each insurer. Such bonds shall be regis
tered in tho names of tho respective insurers, who shall bo entitled to receive
tho interest accruing thereon, and such bonds shall not be transferred, or
again registered, except upon tho approval of tho Director of tho Bureau of
War Risk Insurance, and shall remain In tho possession of tho insurer until
settlement is mado In accordance with this Article: Provided, That when
ever the fact of Insolvency shall bo ascertained by tho Director of tho Bu
reau of War Risk Insurance all obligation on tho part of tho United States,
under this Article, for future premiums on policies of such insurer shall
thereupon terminate. An insurer shall furnish semi-annual statements to
tho Bureau of War Risk Insurance.
Sec. 409. That tho bonds so delivered shall be held by tho respective in
surers as security for tho payment of tho defaulted premiums with interest.
T o indemnify It against loss tho United States shall havo a first lien upon
any policy receiving tho bonefits of this Articlo, subject to any lion existing
at tho timo tho policy became subject to this Act, and no loan or settlement
or payment of dividend shall bo mado by tho insurer on such policy which
may prejudice tho security of such lien. Before any dividend is paid or
any loan or settlement is made tho written consent of tho Bureau of War
Risk Insurance must bo obtained.
Sec. 410. That In tho ovent that tho military servico of any person be
ing tho holder of a policy receiving tho benefits of this Articlo shall bo ter
minated by death, tho amount of any unpaid premiums, with interest at
tho rate provided for in tho policy for policy loans, shall bo deducted from
tho proceeds of tho policy and shall bo included in tho next monthly report
of tho insurer as premiums paid.
Sec. 411. That if tho insured does not within ono year after tho termina
tion of his period of military service pay to tho insurer all past-duo premiums
with interest thereon from their several duo dates at tho rato provided in
for policy loans, tho policy shall at tho end of tho year Immediately lapso
and bccomo void, and the insurer shall thereupon become liable to pay tho
cash surrender value thereof, if any: Provided, That if tho insured is in tho
military sorvico at tho termination of tho war, such lapso shall occur and
surrender valuo bo payable at tho oxjnratlon of ono year after the terminat
ion of tho war.
Sec. 412. That at tho expiration o f ono year after tho termination of the
war thero shall bo an account stated botween each insurer and tho United
Statos, in which tho following items shall bo credited to tho Insurer:
(1) Tho total amount o f tho monthly differences roported under this
Articlo;
(2) Tho difference between tho total interest received by tho insurer
upon tho bonds hold by it as security and tho total interest upon such
monthly differences at tho rato o f 5% Vor annum; and in which there shall
be crodltcd to tho United States tho amount o f tho cash surrender valuo of
e*cli policy lapsed or forfeited as provided In Section 411, but not in any
case a greater amount on any policy than tho total o f the unpaid premiums
with interest thereon at tho rate provided for In tho policy for policy loans.
Sec. 413. That tho balance in favor o f tho insurer shall, in each case, bo
paid to it by tho United States upon tho surrender by tho lnsuror of tho
2299
bonds delivered to it from time to time by the Secretary o f the Treasur
under tho provisions of this Article.
Sec. 414. That this Article shall not apply to any policy which is void
or which may at tho option o f tho insurer bo voidable, if the insured is in
military service, either in this country or abroad, nor to any policy which as
a result o f being in military servico, either in this country or abroad, pro
vides for the payment o f any sum less than tho face amount thereof or for
tho payment o f an additional amount as premium.
See. 415. That this Articlo shall apply only to insurance companies or
associations which aro required by tho law under which they are organized
or doing business to maintain a reserve, or, which if not so required, have
made or shall make provision for the collection from all those Insured in
such insurer o f a premium to cover tho special war risk of those insured
persons who are in military servico.
ARTICLE V.
Taxes and Public Lands.
Sec. 500. (1) That the provisions of this section shall apply when any
taxes or assessments, whether general or special, falling due during the
period o f military service in respect of real property owned and occupied
for dwelling or business purposes by a person in military servico or his de
pendents at the commencement o f his period of military service and still so
occupied by his dependents or employees are not paid.
(2) When any person in military servico, or any person in his behalf, shall
file with tho collector of taxes, or other officer whose duty it is to enforce the
collection of taxes or assessments, an affidavit showing (a) that a tax or as
sessment has been assessed upon property which is the subject of this sec
tion; (b) that such tax or assessment is unpaid, and (c) that by reason of
such military service the ability o f such person to pay such tax or assess
ment is materially affected, no sale of such property shall bo made to en
force tho collection of such tax or assessment, or any proceeding or action
for such purpose commenced, except upon leave of court granted upon an
application made therefor by such collector or other officer. The court
thereupon may stay such proceeding ot such sale as provided in this Act,
for a period extending not moro than six months after the termination of the
war.
(3) When by law such property may bo sold or forfeited to enforce the
collection of such tax or assessment, such person in military service shall
havo the right to redeem or commence an action to redeem such property,
at any timo not later than six months after tho termination of such service,
but in no case later than six months after tho termination of tho war; but
this shall not be taken to shorten any period, now or hereafter provided by
tho laws of any State or Territory, for such redemption.
(4) Whenever any tax or assessment shall not bo paid when due, such
tax or assessment duo and unpaid shall bear interest until paid at the rate
of 6% per annum, and no other penalty or interest shall bo incurred by rea
son of such nonpayment. Any Hen for such unpaid taxes or assessment shall
also include such interest thereon.
Sec. 501. That no right to any public lands initiated or acquired prior
to entering military servico by any person under tho homestead laws, the
desert-land laws, tho mining-land laws, or any other laws o f tho United
Statos, shall be forfeited or prejudiced by reason of his absence from such
land, or of his failure to perform any work or make any improvements
thereon, or to do any other act required by any such law during tho period
of such servico. Nothing in this section contained shall bo construed to
deprive a person In military servico or his heirs or devisees o f any benefits
to which ho or they may bo entitled undef the Act entitled “ An Act for the
relief o f homestead entrymen or settlers who enter tho military or naval
service o f tho United Statos in timo o f war,” approved July 28 1917; tho
Act ontitlod “ An Act for the protection of desert-land entrymen who enter
tho military or naval service o f tho United States in time o f war,” approved
Aug. 7 1917; tho Act entitled “ An Act to provide further for the national
security and defense by stimulating agriculture and facilitating the distribu
tion of agricultural products,” approved Aug. 10 1917; tho joint resolution
“ To relievo tho owners of mining claims who have been mustered into the
military or naval servico of the United States as officers or enlisted men from
performing assessment work during the term o f such service,” approvod
July 17 1917; or any other Act or resolution of Cognress: Provided, That
nothing in this section contained shall bo construed to limit or affect tbe
right o f a person in tho military service to take any action during his term of
servico that may be authorized by law, or the regulations o f tho Interior De
partment thereunder, for the perfection, defense, or further assertion of
rights initiated prior to the date of entering military servico, and it shall
bo lawful for any person while in military servico to mako any affidavit or
submit any proof that may bo required by law, or the practice of tho Gen
eral Land Office, in connection with tho entry, perfection, defense or
further assertion o f any rights initiated prior to entering military service
beforo tho officer in immediate command and holding a commission in tho
branch o f tho servico in which tho party is engaged, which affidavits shall
bo as binding in law and with like penalties as if taken beforo tho Register
of tho United States Land Office.
ARTICLE VI.
Administrative Remedies.
See. 600. That where in any proceeding to enforce a civil right in any
court It is mado to appear to the satisfaction of tho court that any interest,
property or contract has since the dato of tho approval of this Act been trans
ferred or acquired with intent to delay tho just enforcement of such right
by taking advantage of this Act, the court shall enter such judgment or
mako such order as might lawfully bo entered or mado the provisions of this
Act to tho contrary notwithstanding.
Sec. 601. (1) That in any proceeding under this Act a certificate signed
by the Adjutant-General of tho Army as to persons in the Army or in any
branch of the United States service while serving pursuant to law with the
Army, signed by tho Chief of the Bureau of Navigation of the Navy De
partment as to persons in the Navy or in any other branch of the United
Statos service while serving pursuant to law with tho Navy, and signed by
tho Major General, Commandant, United States Marine Corps, as to
persons in tho Marine Corps, or in any other branch of the United Statos
servico while serving pursuant to law with tho Marino Corps, or signed by
an officer designated by any of them, respectively, for the purpose, shall
when produced be prlma facio evidence as to any of tho following facts stated
in such certificate:
That a person named has not been, or is, or has been in military service;
tho timo when and the place whero such person entered military servico,
his rosldenco at that timo, and tho rank, branch and unit of such servico
that ho entered, tho dates within which ho was in military service, tho
monthly pay received by such person at the date of issuing the certificate,
tho timo when and place whero such person died in or was discharged from
such service.
,
It shall bo tho duty of the foregoing officers to furnish such certificates on
application, and any such certificate when purporting to bo signed by any
ono of such officers or by any person purporting upon tho face of the certifi
cate to havo boon so authorized shall bo prlma facie evidence of its contents
and of tho authority of tho signer to issue the same.
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THE CHRONICLE
(2) Whero a person In military service lias been reported missing ho shall
bo presumed to continue in the service until accounted for, and no period
herein limited which begins or ends with the death of such person shall bo
gin or end until tho death of such person is in fact reported to or found by
tho Department of War or Navy, or any court or board thereof, or until
such death is found by a court of competent jurisdiction: Provided, That no
period heroin limited which begins or ends with tho death of such person
shall bo extended hereby beyond a period of six months after the termination
of the war.
Sec. 602. That any interlocutory order made by any court under tho
provisions o f this Act may, upon the court’s own motion or otherwise, bo
revoked, modified, or extended by it upon such notico to tho parties af
fected as it may require.
Sec. 603. This Act shall remain in force until tho termination of tho war,
and for six months thereafter: Provided, That wherever under any section
or provision of this Act a proceeding, remedy, privilege, stay, limitation,
accounting or other transaction has been authorized or provided, tho duo
exercise or enjoyment of which may extend beyond tho period herein fixed
for tho termination of this Act, such section or provision shall bo deemed to
continuo in full force and effect so long as may be necessary to tho exercise
or enjoyment of tho action aforesaid.
Sec. 60-1. That this Act may be cited as tho»Soldiors’ and Sailors’ Civil
Relief Act.
Approved March 8 1918.
(Vol. 106.
Secretary of the Treasury for duty either with the army or the navy; any
of tho personnel of tho lighthouse servico and of tho Coast and Geodetic
Survey transferred by the President to tho service and jurisdiction of tho
War Department or of tho Navy Department; members of tho Nurse
Corps; field clerks who havo taken tho oath as members of tho military
forces of tho United States; and members o f any other body who havo
heretofore or may hereafter become a part o f tho military or naval forces of
tho United States. Tho term “ military servico,” as used in this defini
tion, shall signify active servico in any branch of service heretofore men
tioned or referred to, but reserves and persons on tho retired list shall not
bo included in the term "persons in military servico” until ordered to activo
service. Tho term “ activo service" shall include tho period during which
a person in military service is absent from duty on account of sickness,
wounds, leave, or other lawful causo.
(2) Tho term "period o f military service” as used In this Act, shall
includo the time between tho following dates: For persons in activo ser
vice at tho date of tho approval of this Act it shall begin with the dato of
approval o f this Act; for persons entering activo scrvico after tho date of
this Act, with the dato of entering activo service. It shall terminate with
tho date of discharge from activo service or death while in activo servico,
but in no case later than tho date when this Act ceases to bo in force.
(3) Tho term "person,” as used in this Act, with reference to tho holder
o f any right alleged to exist against a person in military service, shall
include Individuals, partnorshops, corporations, and any other forms of
business associations.
I n c o n n e c tio n w ith th e n ow la w g iv e n a b o v e th o fo llo w in g
(4) Tho term “ court” as used in this Act shall includo any court of
s ta te m e n t a u th o r iz e d b y th e W a r D e p a r t m e n t w a s p u b
competent jurisdiction o f tho Stato of Mississippi, whether or not a court
of record.
lish e d in th e “ O ffic ia l B u lle t in ” o f A p r il 2 4 :
(5) Tho term “ termination of tho war" as used in this Act shall mean tho
Speaking o f this arrangement Assistant Secretary ICoppel says:
“ Tho Soldiers’ and Sailors’ Civil Rights Act is intended to protect men termination o f tho present war by tho treaty of pcaco as proclaimed by tho
m the service from undue hardship caused by their inability to bring or President.
defend lawsuits and to attend to their business obligations and property
Sec. 3. That tho provisions of this Act shall apply to tho Stato of Miss
rights during thoir absence from homo in military service. In order that
they may get tho full benefits o f tho law tho department has arranged issippi and to proceedings commenced In any court therein, and shall bo
enforced
through tho usual forms of proceduro obtaining in such courts
to co-operato with tho Red Cross through its home service sections. The
acting director-general of civilian relief o f tho Red Cross has sent a letter or under such regulations as may bo by them prescribed.
to each o f these homo service sections calling upon them to assist in tho
When under this Act any application is required to bo mado to a court
administration o f tho law and giving specific instructions for that purpose.
„ Any man in tho Army who wishos to take advantage o f tho provisions in which no proceeding has already been commenced with respect to tho
or this Act may refer his case through his commanding officer to the Ad matter, such application may bo mado to any court of competent juris
jutant-General o f tho Army and the department will refer the matter
diction.
through National Itcd Cross headquarters to tho homo servico section at
Sec. 4. That in any action or proceeding commenced in any court if
his place o f residence. Thus tho Red Cross through tho machinery which
thero shall bo a default of any appearance by tho defendant tho plaintiff
it has already established will bo rendering scrvico o f distinct valuo to en
listed men which tho War Department will greatly appreciate."
before entering judgment shall file in tho court an affidavit setting forth
In order that soldiers may securo tho full bonofits o f tho Soldiers’ and facts showing that tho defendant is not in military servico. I f unablo to
Sailors’ Civil Rights Act which was approved and signed by the President file such affidavit, plaintiff shall in lieu thereof filo an affidavit setting
on March 8 1918 tho War Department has arranged to co-operato with forth either that tho defendant is In tho military scrvico or that plaintiff .
the American Red Cross which through its homo servico sections in all is not ablo to determine whether or not defendant is in such sorvico. If
parts of tho country is assisting soldiers’ families. Undor the direction an affidavit is not filed showing that tho defendant is not in tho military
and advice o f legal members o f these home service sections the Red Cross sorvico, no judgment shall bo entered without first securing an order of
will ondcavor to secure to tho soldiers from each community tho full bene court directing such entry and no such order shall bo mado if tho defendant
is in such service until after tho court shall havo appointed an attorney to
fits of tho law.
represent defendant and protect his interest and tho court shall on appli
cation mako such appointment. Unless it appears that tho dofoiulant is
MISSISSIPPI’S MORATORIUM OR STAY L A W .
not in such servico tho court may require as condition beforo judgment is
T h o L e g isla tu re o f th e S ta te o f M is s is s ip p i in e x tr a o rd in a r y
entered that tho plaintiff filo a bond approved by tho court conditioned to
session in 1 9 1 7 e n a c te d leg isla tio n p ro v id in g fo r a m o r a to r iu m
indemnify tho defendamt, if in military servico, against any loss or damage
that ho may suffer by reason of any judgment should tho judgment bo
o r s t a y la w e x te n d in g p ro te c tio n in c iv il r ig h ts to th o se w h o
thereafter set asido in whole or in part. And tho court may mako such
a re m e m b e r s o f th o m ilita r y a n d n a v a l e sta b lis h m e n ts o f th o other further order or enter such judgmont as in its opinion may bo neces
sary to protect the rights of tho defendant under tills Act.
U n it e d S ta t e s e n g a g e d in th e p re se n t w a r .
(2) Any person who shall make or uso an affidavit required under tills
T h e a d o p tio n o f su ch a la w b y M is s is s ip p i b rin gs th o to ta l
section knowing it to bo false, shall bo guilty of a misdemeanor and shall
n u m b e r o f S t a t e s , a c c o r d in g to o u r re c o rd s, w h ere sim ila r
bo punishable by imprisonment not to exceed ono year or by fine not to
exceed ono thousand dollars, or both.
la w s h a v e b e e n a p p r o v e d , u p to te n .
T h e o th e r n in e S ta t e s
(3) In any action or proceeding in which a person in military scrvico '
are:
I o w a , M a i n e , M a r y l a n d , M a s s a c h u s e t t s , M ic h ig a n ,
is a party, if such party does not personally appear therein, or is not re
O r e g o n , P e n n s y lv a n ia , T e x a s a n d W is c o n s i n .
W o referred presented by an authorized attorney, tho court may appoint an attornoy
to represent him; and in such caso a like bond may bo required and an order
b r ie fly to th e T e x a s la w in o u r issu e o f O c t . 6 1 9 1 7 (p a g e 1 3 5 5 )
mado to protect the rights of such person. But no attornoy appointed
b u t n o w p u b lish b o lo w th o fu ll te x t o f th e la w .
R e fe re n c e
under this Act to protect a person in military servico shall have power to
w a s m a d o a t le n g th to tho la w s o f th e o th e r S ta te s in these walvo any right of tho person for whom ho is appointed or bind him by
his acts.
c o lu m n s o n S e p t . 2 2 1 9 1 7 (p a g e s 1 1 5 7 to 1 1 5 9 , in c lu s iv e ).
(4) If any judgment shall bo rendered in any action or proceeding
T h o S ta t o o f S o u th C a r o lin a a t its re g u la r se ssio n , w h ich govorened by this section against any person in military scrvico during tho
a d jo u r n e d o n F e b . 1 3 1 9 1 8 , p a sse d a n A c t e x e m p tin g sold iers period of such servico or within thirty days thereafter, and it appears that
a n d sa ilo rs’ r e sid e n ts o f th o S ta t e f r o m th e p a y m e n t o f c o m such a person was prejudiced by reason of his military sorvico in making
his defense thereto, such judgment may in tho discretion of tho court
m u t a t io n r o a d a n d str e e t ta x e s .
T h e fu ll te x t o f th o la w
rendering tho same upon application, mado by such person or his legal
w ill b o f o u n d b e lo w .
I n th e N o w Y o r k L e g isla tu r e tho representative, not later than ninety days aftor tho termination of such
q u e s tio n o f a m o r a to r iu m la w c a m e u p a g a in th is y e a r , b u t servico, bo opened by tho court rendering tho same and such defendant
or his legal representative let In to defend; provided it is mado to appoar
a ll p ro p o se d le g isla tio n w a s fin a lly a b a n d o n e d .
that tho defendant has a meritorious or legal defense to tho action or some
part thereof. Vacating, setting aside, or roversing any judgment becauso
T h o A d m in is tr a tio n ’s S o ld ie r s’ a n d S a ilo r s’ C iv il R e lie f
of
any of tho provisions of this Act shall not Impair any right or titlo ac
A c t o r m o r a to r iu m a s sig n ed b y P r e sid e n t W i ls o n o n M a r c h
quired by any bona fide purchaser for valuo under such judgment.
8 , 1 9 1 8 , d e sig n e d to p r o te c t th e civ il rig h ts o f p erso n s in the
Sec. 6. That at any stage thereof any action or proceedings commenced
m ilit a r y o r n a v a l se rv ice o f th e U n it e d S t a t e s , fr o m all in any court against a person in military servico during the period of such
services or within sixty days thereafter may, in tho discretion o f tho court,
c la im s a risin g f r o m d o b t , in su r a n c e , & c ., is p u b lish e d in
in which it is pending, on its own action or on application to it by such
f u ll in th e se c o lu m n s th is w e e k .
person or some person in his beha'f, bo stayed as provided in this Act,
T h e te x t o f th e M is s is s ip p i la w , w h ich is k n o w n a s C h a p te r unless, in tho opinion of tho court, tho ability of tho dofondant to comply
with tho judgment or order sought is not materially affected by reason
3 6 , L a w s o f 1 9 1 7 , fo llo w s:
o f his military servico.
Be it Enacted by the Legislature of the State of Mississippi:
Sec. 6. That when an action for compliance with tho terms of any
Section 1. That for tho purpose o f enabling tho United States to more contract is stayed pursuant to this Act, no fine or penalty shall accrue by
successfully prosecute and carry on the war in which it is at present ongaged, reason o f failure to comply with tho torins o f such contract during tho period
protection is hereby extended to persons in tho military servico of tho of such stay, and In any case whero a person fails to porform any obligation
United States in order to prevent prejudice or injury to their civil rights and a fine or penalty for such nonpcrformanco is incurred, a court may,
during their term of service and to onablo thorn to devoto their entire energy on such terms as may be just, relievo aga nst tho enforcement of such fine
to tho military needs o f tho nation, and to this end tho following provisions or penalty if it shall appear that tho person who would suffer by such fine
are mado for tho temporary suspension o f legal proceedings and transac or penalty was in tho military scrvico when the penalty was incurred and
tions which may prejudice tho civil rights o f persons in such servico during that by reason of such service the ability of such person to pay was thereby
tho continuance o f tho present war.
materially impaired.
Sec. 2. That tho term "persons in military service" as used in this Act,
Sec. 7. That in any action or proceedings commenced in any court
shall includo tho following persons and no others: All officers and enlisted against a person in military servico, beforo or during tho period of such
men of tho Regular Army, tho Regular Army Reserve, the Officers’ Rcsorvo servico, or within sixty days thereafter, the court may in its discretion on
Corps, and tho Enlisted Reservo Corps; all officers and onlistcd men of its own motion, or on application to it by such person or sonio person on
the National Guard and National Guard Reservo recognized by tho Militia his behalf, unless in the opinion of tho court tho ability o f the defendant
Bureau o f the War Department; all forces raised under the Act entitled to comply with tho judgment or order entered or sought Is not materially
“ An Act to authorize tho President to increase temporarily tho Military affected by reason o f his military service.
Establishment o f tho United States," approvod M ay 18 1917; all officers
(1) Stay the execution of any judgment or order entered against such
and enlisted men o f tho Navy, tho Marino Corps, and the Coast Guard; person, as provided in this Act, and
all officors and enlisted men o f tho Naval Malitia, Naval Resorvo forco,
(2) Vacate or stay any nttaclimont or garnishment of property, monoy,
Marino Corps Roservo, and National Naval Volunteers recognized by tho or debts in tho hands of another, whethor beforo or after judgment, as pro
Navy Department; all officers o f the Public Health Servico detailed by tho vided in this Act.
June 1 1918.]
Sec. 8. That any stay of any action, proceeding, attachment or exe
cution, ordered by any court under the provisions of this Act, may, except
as otherwise provided, be ordered for the period o f military service and
threo months thereafter or any part o f such period, and subject to such
terms as may be just, whether as to payment in installments o f such amount
and at such time as the court may fix or otherwise. Where the person
in military service is a co-defondant with others the plaintiff may never
theless, by leave of tho court, proceed against the others.
Sec. 9. That tho period o f military servico shall not be included in
computing any period now or hereafter to be limited by any law for the
bringing o f any action by or against any person in military servico or by or
against his heirs, executors, administrators, or assigns, whether such
causo o f action shall have accrued to or during the period o f such servico.
Sec. 10. Rent, Installment, Contracts, Mortgages. (1) That no evic
tion or distress shall be mado during the period o f military servico in respect
o f any premises for which tho agreed rent does not exceed $50 per month,
occupied for dwelling purposes by tho wifo, children, or other dependents
of a person in military service, except upon ieavo o f court granted upon
application therefor or granted in an action affecting tho right o f possession.
(2) On any application or in any such action tho court may, in its dis
cretion, on Its own motion or on application unless in tho opinion of the
court tho ability of the tenant to pay the agreed rent is not materially
affected by reason o f such military service, stay the proceedings for not
longer than threo months, as provided in this Act, or it may make such
other orders as may be just.
(3) Any person who shall take part in any eviction or distress other
wise than as provided in paragraph (1) of this Section shall be guilty of a
misdemeanor, and shall bo punishable by imprisonment in the county
jail not to exceed one year, or by fino not to exceed $1,000, or bof h.
Sec. 11. (1) That no person who has received, or whoso assignor has
received under a contract for the purchase o f real or personal property, or
o f lease or vallmont with a view to purchase of such property, a deposit
or installment o f tho purchase price from a person or from tho assignor
o f a person who, after dato o f payment o f such deposit or installment,
has entered military servico, exorcise any right or option under such con
tract to rescind or terminate tho contract or resumo posesslon of the
property for non-payment o f any installment falling due during tho period
o f such military service, oxcopt by action in any court.
(2) Upon tho hearing o f such action, tho court may order tho payment
o f prior Installment or deposits or any part thereof, as a condition of ter
minating tho contract and resuming possession of the property, or may, in
its discretion, on its own motion, or on application to it by such person in
military service or some person on his behalf, order a stay o f proceedings
as provided in this Act, unless in tho opinion o f the court, tho ability of tho
defendant to comply with the terms o f the contract is not materially
affected by reason of such service; or it may malto such other disposition
of tho caso as may be equitable to conserve the interests o f all parties.
Sec. 12. (1) That tho provisions o f this section shall apply only to ob
ligations originating prior to the dato o f approval o f this Act and secured
by mortgage, trust deed, or other security in tho naturo o f a mortago
upon real or personal property owned by a person in military service at
tho commencement o f tho period o f tho military service, and still so owned
by(2)nl In any proceeding commenced in any court during tho period of
military service to enforco such obligation arising out o f non-payment of
any such sum thereunder duo or out o f any other breach o f tho terms
thereof occuring prior to or during tho period o f such servico, tho court
may, after hearing, in its discretion, on its own motion or on application
to it'by such person in military servico or somo person on his behalf, unless
In tho opinion o f tho court tho ability o f the defendent to comply with the
terms of tho obligation is not materially affected by reason o f his military
servico.
(a) Stay tho proceedings as provided in this Act; or
(b) Make such other disposition o f tho caso as may bo equitable to
conscrvo tho interest o f all parties.
(3) N o 6alo under a power of sale or under a judgment entered upon
warrant of attorney to confess judgment contained in any such obligation
shall be valid if mado during the period o f military service or within three
months thereafter, unless upon an order o f sale, previously granted, by the
court and a return thereto mado and approved by tho court.
Sec. 13. That whoroln any proceeding to enforce a civil right in any
court it is made to appear to tho satisfaction o f tho court that any interest,
property, or contract has sinco tho date o f tho approval o f this Act, been
transferred or. acquired with the intent to delay tho just enforcement of
such right by taking advantago o f this Act, tho court shall enter such
judgmont or mako such order as might lawfully bo entered or made Irre
spective o f tho provisions of this act.
Sec. 14. (1) That in any proceedings under this Act a certificate
signed by the Adjutant General o f tho army as to persons in tho Army or
in any branch of tho United States service whllo serving pursuant to law,
with tho army, signed by tho chief of tho bureau o f Navigation of tho
Navy Department as to persons in tho navy or in any other branch o f tho
United States servico whllo serving pursuant to tho law with tho navy, and
signed by tho Major-General, Commandant, United States Marino Corps,
as to persons in tho Marino Corps, or in any other branch o f tho United
States servico while serving pursuant to law with tho Marino Corps, or
signed by an officer designated by any of them respectively, for tho purpose,
shall, whon produced, bo prima facio evidence as to any o f tho following
facts seated in such certificate:
That a person named has not been, or is, or has been in tho military
service; tho time whon and tho place whore such person ontered military
servico’, ills residence at that timo, and tho rank, branch, and unit of such
servico that ho entered, and dates within which ho was in military service,
tho monthly pay received by such person at the dato of issuing tho certifi
cate, tho timo whon and place where such person died In or was discharged
from such service.
It shall be the duty o f tho foregoing officer to furnish such certificate
on application and any such certificate when purported to be signed by
any ouo o f such officers or by any person appearing upon the face of tho
certificate to havo been so authorized, shall bo prima facio evidence of its
contents and of tho authority o f tho signer to issue tho samo.
(2) AVhcro a person in military sorficc has been reported missing, he
shall bo presumed to continue in tho servico until accounted for, and no
period herein limitod which begins or ends with tho death o f such person
shall begin or end untill tho death of such person is in fact reported to or
found by tho Dopartmont of War or Navy, or any court or board thereof,
or until such death Is found by a court o f competent jurisdiction: Pro
vided, That no period horoin limited which begins or ends with tho death
of such person, shall bo extonded hereby beyond a period o f six months
after tho termination o f tho war.
tU
J
Sec. 15. That any Interlocutory Order mado by any court .under tho
provisions of this Act, may upon tho court’s own motion or^otherwiso,
bo revoked, modified, or extonded by It upon such notice to tho parties
affected as it may require.
1
‘ ' I
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Sec. 16. That this Act shall remain In force until the termination of the
war, and for six months thereafter.
Sec. 17. That this Act may be cited as “ The Soldiers’ and Sailors!
Civil Rights A ct.”
Sec. 18. That this Act take effect and bo in force from and after its
passage.
________________ _____________
TEXAS MORATORIUM L A W .
T h e m o r a to r iu m la w p a sse d b y th e 1 9 1 7 sp e c ia l session o f
th o T e x a s L e g is la tu re (C h a p te r 5 ) referred to a b o v e h as n o t
p re v io u s ly b e e n p u b lish e d b y u s a n d is g iv e n h e re w ith .
It
p ro v id e s th a t a sold ie r or sailo r in th e se rv ice o f th e U n it e d
S ta te s s h a ll n o t b o re q u ire d to a n sw e r to th e m e rits o f a
d e m a n d su e d u p o n w h ile h e is a c tiv e ly e n g a g e d as sold ier or
sailo r in th e w a r , in s te a d h e m u s t a n sw e r w ith in 9 0 d a y s
a fte r th e sig n in g o f a tr e a ty o f p e a c e b e tw e e n th e U n it e d
S ta te s a n d G e r m a n y .
T h e fu ll te x t o f C h a p t e r 5 fo llo w s :
Be it Enacted by the Legislature of the Stale of Texas:
Section 1. That Title 37, Chapter 6, of tho Revised Civil Statutes of
the State of Texas of 1911 be amended by adding thereto after Article
1868, another article to be known as Article 1868a which shall read as
follows:
Article 1868a. I f the citation issued bo served upon a defendant after
ho is an enlisted sailor or soldior of tho United States, he shall not bo re
quired to answer to the merits of the demand during tho timo ho is actively
engaged as a sailor or a soldier in the war between the United States and
Germany; provided that he shall be required to make such answer within a
period of 90 days from the signing of a treaty of peace between the United
States and Germany or after being discharged from servico, provided that
the date and place of enlistment of the defendant, and tho name of the
command in which ho is serving, shall be proved by sworn answer or other
wise to tho court within 90 days from tho date of service, and in either of
such event, tho causo shall remain upon the docket during tho period of
tho war, unless tho defondant shall agree by written answer that the cause
may be taken up and disposed of sooner, and provided that the provisions
of this Act shall apply only to such soldior and sailor defendants as are, in
tho discretion of tho trial court, necessary parties defendant to tho pending
litagation, and then only to such debts as were contracted by such soldier
or sailor prior to his enlistment or draft into the army or navy o f the
United States.
Sec. 2. Tho fact that many citizens o f this State are being drafted Into
the United States army and havo not the time in which to arrange all
business matters and to provide means for the settlement of all debts, creates
an emergency and an imperative necessity that the constitutional rule
requiring bills to bo road on threo several days in each house bo suspended,
and th samo is hereby suspended, and that this Act take effect and boj.ln
force from and after its passage, and it is so enacted.
SOUTH CAROLINA EXEMPTS SOLDIERS A N D SAILORS
FROM CERTAIN TAXES.
T lio A c t p a sse d b y
th e S o u t h C a r o lin a L e g is la tu r e a n d
a p p r o v e d b y G o v o r n o r M a n n in g o n M a r c h 9 1 9 1 8 , e x e m p tin g
fr o m th o p a y m e n t o f c o m m u ta tio n , ro a d o r s tr e e t ta x e s , a ll
p erson s in
th e
m ilita r y
and
n a v a l se rv ice
of
th e
U n it e d
S ta t e s , re a d s a s fo llo w s :
Section 1. Bo it enacted by the General Assembly of the State of South
Carolina That all persons who are now, or hereafter may be, in the
military or naval service of tho United States, shall be exempted from tho
payment o f commutation road tax or street tax during the term of their
servico. Tho provisions of this Act shall apply to tho commutation road
tax and street tax duo and payable during the year 1917, as well as each
and every year thereafter.
Section 2. All Acts or parts of Acts Inconsistent with the provisions of
this Act aro hereby repoaledj
Approved March 9 1918.
NEW
YORK’S CORPORATION INCOME
S e v e r a l a c ts w ere p a sse d b y
TAX
th o 1 9 1 8 N e w
LAW.
Y o r k S ta te
L e g is la tu r e a n d a p p r o v e d b y th e G o v e r n o r , a m e n d in g th e
“ E m e r s o n L a w ” (C h a p te r 7 2 6 , L a w s o f 1 9 1 7 ) p a sse d b y th e
L e g is la tu re la s t y e a r .
U n d e r t h a t A c t m a n u fa c tu r in g
m e rc a n tile co rp o r a tio n s w ere ta x e d a t th e ra te o f 3 %
and
on
th e ir n e t in c o m e a s re p o r te d t o th e F e d e ra l G o v e r n m e n t ,
a n a p p o r tio n m e n t b e in g m a d o fo r th e c o rp o r a tio n d o in g a n
in to r -S ta te b u s in e s s , o n
th e b a s is o f p r o p e r ty w ith in a n d
w ith o u t th e S t a t e .
A m o n g th o im p o r ta n t c h a n g e s m a d e in 1 9 1 8 is o n e w h ic h
strik es o u t th e d e fin itio n o f m a n u fa c tu r in g a n d m e rc a n tile
co rp o r a tio n s a s th o se e n g a g e d “ p r in c ip a lly ” in th e b u sin e ss
o f m a n u fa c tu r in g o r b u y in g
p r o p e r t y .”
S e c tio n
210
w as
o r se llin g
a ls o
“ ta n g ib le p erson a l
ch an ged
so
th a t
th e
fo llo w in g co rp o r a tio n s a re n o w e x e m p t fr o m th e o p e ra tio n
o f th is A c t :
Corporations wholly engaged in the purchase, sale and holding o f real
estate for themselves, holding corporations, whose principal income is
derived from holding the stocks and bonds of other corporations, and cor
porations liable to a tax under Sections 186-189, inclusive, of this chapter
[these sections relato to the taxation o f public service corporations] banks,
savings banks, institutions for savings, title guaranty, insurance or surety
corporations.
I n ge n e ra l th e e ffe c t o f th e s e ch a n g e s w ill b e to b r o a d e n
th e sco p e o f th o la w a n d b r in g u n d e r it a n u m b e r o f m e r
c a n tile co rp o r a tio n s th a t w ere n o t p rin c ip a lly e n g a g e d in
th e b u y in g a n d se llin g o f ta n g ib lo p erson a l p r o p e r ty .
A n o th e r a m e n d m e n t w a s m a d e to S e c tio n 2 1 4 , w h ic h h a s
to d o w ith th e c o m p u ta t io n o f th e ta x .
am ended,
now
im p o s e s
on
“ every
T h is s e c tio n , as
d o m e s tic
co rp o r a tio n
2302
THE CHRONICLE
exe rcisin g its fra n c h ise in th is S ta t e a n d e v e r y fo re ig n co r
p o r a tio n
d o in g
b u sin e ss
in
th is
S ta te ,
o th e r
th a n
th o se
c o rp o r a tio n s m e n tio n e d a b o v e , a ta x o f n o t less th a n te n
d o lla rs a n d n o t less th a n o n e m ill u p o n e a c h d o lla r o f th e
a p p o r tio n m e n t o f th e fa c e v a lu e o f its issu e d c a p ita l s to c k
a p p o r tio n e d
co rp o r a tio n s
to
th is S t a t e .”
lia b le
to
th e
T h is se c tio n a p p lie s o n ly
in c o m e
ta x
im p o s e d
by
to
th is
A r tic le 9 - a .
B e lo w w e p u b lish th e f u ll te x t o f th e la w as it n o w r e a d s ,
ita lic iz in g th e p o r tio n s a d d e d th is y e a r a n d p la c in g in b la c k
fa c e ty p e a n d b la c k -fa c e b r a c k e ts th e p a r ts o f th o o ld la w
t h a t h a v e b e e n e lim in a te d .
A R TICLE 9-A.
FRANCHISE T A X ON M AN UFACTU RIN G A N D M ERCAN TILE
CORPORATIONS.
Section 208. Definitions.
209. Franchise tax on corporations based on net Incomo.
210. Corporations exempt from article.
211. Reports o f corporations to tax corhmission.
212. Reports by corporation on basis o f fiscal year.
213. Reports to bo sworn to; forms.
214. Computation o f tax.
214a. T a xation o f m erged o r consolidated corporation .
215. Rate o f tax.
216. Penalty for failure to report.
217. Powers o f tax commission.
218. Revision and readjustment of accounts by tax commission.
219. Reviow or determination o f tax commission by certiorari.
219a. Audit and statement o f tax.
2195. Notice of tax.
219c. When tax payable.
219d. Corrections and changes.
219e. Warrant for the collection of taxes.
219/. Action for recovery of taxes; forfeiture o f charter by delin
quent corporations.
219(7. Deposit of revenues collected.
219h^Disposition o f revenues collected.
219i . Secrecy required o f officials; penalty for violation.
219/. [ M a n u f a c t u r i n g a n d m e r c a n t il e c o r p o r a t i o n s e x e m p t
[Vol. 106.
4.
Tho average monthly valuo for the fiscal or calendar year o f bills and
accounts receivable for (a) [ t a n g ib le ] personal property sold by the cor
poration from [ i t s stores or s t o c k s ] merchandise manufactured by it
within [ t h e ] this State [ , ] ; (b) [t a n g i b l e ] personal property [m a n u
factured or shipped fr o m ] sold by the corporation from merchandise oumed
by it and located within tho State at the time of the acceptance of the order,
but not manufactured by it within this State; and (c) services performed, based
on all orders received at offices maintained by the corporation within [ t h e ]
this State, excluding bills and accounts receivable arising from sales made
from a stock of merchandise or other property located at a place of business
maintained by the reporting corporation within this Slate. Also, [ a n d ] tho
average total monthly valuo for the fiscal or calendar year of bills and
accounts receivable for (a) [ t a n g ib le ] personal property sold by the cor
poration from [ i t s stores or s t o c k s ] merchandise manufactured by it; within
and without tho State, (b) [t a n g i b l e ] personal property sold by the cor
poration from merchandise atoned by it at the time of the acceptance of the order
but not manufactured by it; [m a n u fa ctu red or shipped from w ithin the
State and other States and c o u n tr ie s ], and (c) services performed,
based on orders received at offices maintained by the corporation, [ b o t h w ithin
and w ith ou t the S t a t e ] excluding bills and accounts receivable on orders
filled from a stock of merchandise or other property maintained by the reporting
company. In case of a corporation organized under the laws of another country
a statement shall be made showing its entire net income.
6. I f the corporation has no real or tangible personal property within
tho State, tho city, villago or portion of a town outside of a village in tho
Stato in which is located the office in which its principal financial concerns
within tho State are transacted.
7. Such other facts as tho Tax Commission may roquiro for tho purposo
of making tho computation required by this articlo.
8. Any corporation taxablo hereunder may omit from its report tho
statements required by subdivisions [t h r e e to seven, b oth in c lu s iv e ,]
four and five (*) by incorporating in its report a consent to bo taxed upon
its entire net incomo.
♦NOTE.— Subdivision 5 of Section 211 is omitted from tho Section as roenacted by Chapter 417. In tho original law of last year it roads as follows:
"5. Tho averago total value for tho fiscal or calendar year of tho stock
of other corporations owned by tho corporation, and tho proportion of the
averago value of the stock of such other corporations within tho Stato of
New York, as allocated pursuant to Section 214 of this chapter.”
As Section 214, as amended, still provides for apportioning tho valuo of
shares of stock owned in another corporation, it is thought that this sub
division 5 will be construed as still being in offcct.
Sec. 212. Reports by corporation on basis of fiscal yoar. A corporation
which roports to the United States Treasury Department on tho basis of
its fiscal year, may report to tho tax commission upon tho samo basis.
Soc. 213. Roports to be sworn to; forms. Every roport required by this
219-k . Limitation o f timo.
articlo shall liavo annexed thereto tho affidavit of tho president, vice-presi
219-1. P erson al p rop erty d efined.
dent, secretary or treasurer of tho corporation to tho effect that tho state
Section 208. (Amended by Chap. 417, Laws o f 1918.) Definitions. ments contained therein are true. Blank forms of roport shall bo furnished
As used In this article.
by tho tax commission, on application, but failuro to securo such a blank
1. Tho term "corporation” Includes a joint-stock company or association. shall not release any corporation from tho obligation of making a roport
2. The words "tangible personal property” shall bo taken to mean cor herein required. Tho commission may requiro a furthor or supplemental
poreal personal property, such as machinery, tools, implements, goods, report undor this article to contain further information and data necessary
wares and merchandise, and shall not be taken to mean money, deposits in for tho computation of tho tax herein provided.
bank, shares o f stock, bonds, notes, credits.or evidences o f an interest in
Sec. 214. (Amended by Chap. 276, Laws of 1918, superceded by
property and evidences o f debt.
Chap. 417). Computation of tax. If tho ontiro business o f tho corporation
■ 3. T h e term “ m a n u fa c t u r in g c o r p o r a t io n ” m e a n s a c o r p o r a t io n
bo transacted within tho Stato, tho tax imposed by this Articlo shall bo
p r in c ip a lly e n g a g e d in t h e b u s in e s s o f m a n u fa c t u r in g t a n g ib le
basod upon tho entiro net Incomo of such corporation for such fiscal or
p e rs o n a l p r o p e r ty fo r its e lf o r fo r o th e rs ;
calendar year as returned to tho United States treasury department [ f o r
4.
T h e t e r m “ m e r c a n t il e c o r p o r a t i o n ” m e a n s a c o r p o r a t i o n p r i n such fiscal or calendar y e a r ] subject, however, to any correction thereof
c i p a l l y e n g a g e d i n t h e b u s i n e s s o f b u y i n g o r s e l l i n g t a n g i b l e p e r for fraud, evasion or error, as ascertained by the Slate tax commission.
so n a l p r o p e r ty fo r its e lf o r fo r o t h e r s .]
If tho entiro business of such corporation bo not transacted within tho
Sec. 209. (Amended by Chap. 276, Laws o f 1918). Franchise tax on Stato, tho tax imposed by this articlo shall bo based upon a proportion of
corporations based on net income. For tho privilege o f exercising its such ascertained [ t h e ] net incomo, to be determined in accordance with
franchise in this State in a corporate or organized capacity every domestic tho following rules:
manufacturing and every domestic mercantile corporation, and for tho
Tho proportion of tho net income of tho corporation upon which tho tax
privilege o f doing business in this State, every foreign manufacturing and under this Articlo shall bo based, shall bo such portion of tho entile net
every foreign mercantile corporation, oxcopt corporations specified in tho incomo as the aggregate of
next section, shall annually pay in advance for tho year beginning Nov. 1
1. The averago monthly value of tho real property and tanglblo personal
next preceding an annual franchise tax, to bo computed by tho tax com property within the State.
mission upon tho basis o f Its net incomo for its fiscal or tho calendar year
2. Tho averago monthly valuo of bills and accounts receivable for (a)
noxt preceding, as hereinafter provided, [ u p o n ] which income is p resu m [ t a n g ib le ] personal property sold by the corporation from [ i t s stores or
ably the sam e as the in com e u p o n w hich such corporation is required to pay
s t o c k s ] merchandise manufactured by it within [ t h e ] this Stato [ , ] ;
a tax to tho United States.
(b) [ t a n g ib le ] personal property sold by the corporation [m a n u fa ctu red
N o te . — Section 5 o f Chap. 276 provides that tho amendments shall bo or s h ip p e d ] from merchandise oivned by it and located within tho State
construed as having been in effect as of tho date of tho original enactment at the time of the acceptance of the order, but not manufactured by it within
of tho law in 1917. This applies to Sections 209 and 219d. Chap. 276 this State; and (c) services performed within [ t h e ] this Stato, excluding
also amends sub-division 2 of Section 211, and in tho same form as amended bills and accounts receivable arising from sales made from a stock of mer
by Chap. 417, Laws o f 1918; and Section 214, which was further changed chandise or other property located at a place of business maintained by the
by Chap. 417, as given below.
reporting corporation without this State.
Sec. 210. (Amended by Chap. 417, Laws o f 1918.) Corporations
3. Tho proportion of tho averago value of tho stocks of othor corporations
exempt from article. Corporations wholly engaged in the pu rch a se, sale owned by tho corporation, allocated to tho Stato as provided by this Section,
and holding o f real estate f o r them selves, holding corporation s tvhose p rin c ip a l
but not exceeding ten percentum of the real and tangible personal properly
in com e is derived fr o m holding the stocks and bonds o f other corp ora tion s and
segregated to this State under this Article, boars to tho aggregate of
orp ora lion s liable to a tax under Sections 184 [ o f t h i s c h a p t e r , c o r p o r a
4. Tho averago monthly value of all tho real property and [ t a n g i b l e ]
t i o n s o w n i n g o r o p e r a t i n g e l e v a t e d r a i lr o a d s o r s u r f a c e r a i l r o a d s
personal property o f tho corporation, whorover located.
n o t o p e r a t e d b y s te a m , o r fo r m e d f o r s u p p ly in g w a t e r ,o r g a s o r fo r
5. Tho averago total valuo of bills and accounts receivable for (a)
e le c t r ic o r ste a m h e a t in g , lig h t in g o r p o w e r p u r p o s e s a n d lia b le t o a
[ t a n g i b l e ] personal property sold by the corporation from [ i t s stores or
t a x u n d e r S e c t i o n s 185 a n d 1 8 6 ] to 189 inclusive or this.Chaptcr, banks,
s t o c k s ] merchandise manufactured by it within and without [ t h e ] this
savings banks, in stitu tion s f o r savings, title guaran ty, in su ra n ce or surely
Stato [ , ] ; (b) [ t a n g ib le ] personal property sold by the corporation
corp ora tion s shall bo exempt from the payment of the taxes prescribed by from merchandise oicned by it at the time of acceptance of the order but not
this article.
#
t
i
manufactured by it; [m a n u fa ctu red or shipped from w ithin this and
Sec. 211. (Amended by Chap. 417, Laws o f 1918). > Reports o f cor other States or c o u n tr ie s ] and (c) services performed both within and
porations to Tax Commission. Every corporation taxablo under this without this State, based on orders received at offices maintained by the
articlo as well as foreign corporations having officers, agents or repre corporation, excluding bills and accounts receivable on orders filled from a
sentatives within the State shall annually on or boforo July 1st, o r w ithin stock of merchandise or other properly maintained by the corporation.
thirty days a fter the m aking o f its report o f net in com e to the U nited States
6. Tho averago total valuo of stocks of othor corporations owned by tho
T reasury D ep artm en t f o r a n y fis c a l or calendar yea r, transmit to tho Tax corporation, but not exceeding ten per centum of the aggregate real and tangible
Commission a report in tho form prescribed by tho Tax Commission specify personal property set up in this report.
ing: 1. Tho name and location o f tho principal place o f business o f such
Real property and tangible personal proporty shall bo taken at its actual
corporation, tho Stato under the laws o f which organized and tho dato valuo where located, Tho valuo of share stock of another corporation
thereof; the am ount o f Us issued capital stock and the kind of business trans owned by a corporation liablo hereundor shall for purposes of allocation o f
acted.
assets bo apportioned in and out of tho State in accordance with tho valuo
2. Tho amount o f its not income for its preceding fiscal or tho preceding of physical property in and out of tho Stato representing such share stock.
calendar year as shown in tho last return of annual net incomo made by it
It is further provided that every domestic corporation exercising its franchise
to tho United States Treasury Department, and i f the corporation shall in this Slate and every foreign corporation doing business in this State, other
claim that such return is inaccurate, the am ount claim ed by it to be the net
than those exempted by Section 210 of this Chapter, shall be subject to a minimum
in com e f o r such p eriod .
tax of not less than ten dollars and not less than one mill upon each dollar of
3, The average monthly value for tho fiscal or calendar year o f Its real the apportionment of the face value of its issued capital stock apportioned to
property and tangible personal property in each city, village or portion this State, which shall be determined by dividing the amount of the real and
of a town outside o f a villago within the State, and tho average monthly tangible personal properly in this State by the entire amount of the real and
value of all its real proporty and tangible personal property wherever tangible personal property as shoicn in the report, and multiplying the quotient
o catedl
by the face value of the issued capital stock. I f such a corporation has stock
fr o m p e r s o n a l p r o p e r t y ta x a n d fr o m t h e p r o v is io n s
o f S e c t i o n s 12, 2 7 , 182 a n d 192 o f t h e t a x l a w . .
E xem ption s fro m certain other taxation .
June 1 1918.]
THE CHRONICLE
without var value, then the base of the tax shall be on such a portion o f its paid-in
capital as its real and tangible personal property in this Slate bears to its entire
real and tangible personal property.
.
,
Sec 214-0
(New, Chap. 292. taxes of 1918.) Taxation of merged or
consolidated corporations. I f any Corporation shall take over by merger or
consolidation the assets or franchise of another corporation doing business in
Uiis Slate during the Year ending with the thirty-first day of October, such
corporation shall make a consolidated report for all the corporations so merged
or consolidated as though the merged or consolidated corporation had existed
and done business as an entity throughout the year for which the report is
made and shall be taxed for theyear to ensue upon the basis of such report and
as hereinbefore provided in this article.
.
This section shall be construed as having been in effect as of the date of the
o r ig in a l C
<mMUment of article 9o of the lax law. as added by Chapter 726 of
2303
Act. Each such tax or additional tax shall bo a lion upon and binding upon
tho real and personal property of tho corporation liable to pay the same
from tho time when it is payable until the samo is paid in full.
Sec. 219-d. (Amended by Chap. 276, Laws of 1918.) Corrections and
changes. I f the amount of tho [ a n n u a l ] not income for any year o f a n y
corporation taxable under this articlo as returned to the United States
Treasury Department is changed or corrected by the Commissioner of
Internal Revenue or other officer of the United States or other competent
authority, such corporation, within ten days after receipt of notice of such .
chango or correction, shall make return under oath or affirmation to the
tax commission of such changed or corrected net income L- J . and shall
concede the accuracy of such determination or slate wherein it is erroneous.
Tho tax commission shall [ c o m p u t e t h e t a x e s w h i c h , i n v ie w o f s u c h
c h a n g e o r c o r r e c t io n , w o u ld b e d u e fr o m s u c h c o r p o r a t io n fo r t h e
f i s c a l o r c a l e n d a r y e a r f o r w h i c h s u c h c h a n g e o r c o r r e c t i o n is m a d e . ]
ascertain, from such return and any other information in the possession of
the commission, the net income of such corporation for the fiscal or calendar
year for which such change or correction has been made by such commissioner
of Internal Revenue or other officer or authority. All the authority conferred
on the tax commission by the provision of Section 195 of this chapter is hereby
granted to it in respect to the ascertainment of such net income. The tax com
mission shall thereupon reaudit and restate the account of such corporation
for taxes based upon the net income for such fiscal or calendar year, such
reaudit to be according to the net income so ascertained by the tax commission.
The proceedings and determination of the tax commission in the making
of such reassessment may be revised and readjusted and reviewed in the manner
provided by Sections 218 and 219 of this Chapter, as in the case of an original
assessment of the tax. If from such [ c o m p u t a t i o n ] reassessment it
tr<Secr 217. Powers o f tax commission. Tho tax commission may for good appears that such corporation shall have paid under this article an excess
cause shown extend tho timo within which any corporation is required to of tax for the year for which such [ c o m p u t a t i o n ] reassessment is made,
report by this article. If any report required by this articlo bo not made as the tax commission shall return a statement of tho amount of such excess
herein required, tho tax commission Is authorized to mako an estimato to the comptroller, who shall credit such corporation with such amount.
of tho net income of such corporation and of tho amount o f tax duo under Such credit may be assigned by tho corporation in whose favor it is allowed
tliis articlo from any information in its possession, and to order and stato to a corporation liablo to pay taxes under this article, and tho assignee or
an account according to such estimate for the taxes, penalties and interest the whole or any part of such credit on filing with the commission such
duo tho States from such corporation. If tho tax imposed upon any cor assignment shall thereupon be entitled to credit upon tho books of the
poration under this articlo is based upon an estimato as provided in this comptroller for the amount thereof on tho current account for taxes of
section, tho tax commission shall notify such corporation at a time and place such assignee in tho samo way and with tho samo effect as though the credit
at which opportunity will be given to tho corporation to bo heard in had originally been allowed in favor of such assignee. If from such [ c o m
respect thereof. Such notice shall bo mailed to tho post offico address of p u t a t i o n ] reassessment it appears that an additional tax is duo from such
tho corporation. All tho authority and powers conferred on tho tax com corporation for such [ f i s c a l o r c a l e n d a r ] year, such corporation shall,
mission by the provisions of Section 195 of the tax law shall havo full force within thirty days after notice has been given as provided in Section -19-0
of this chapter by tho tax commission, pay such additional tax.
and effect in respect of corporations which may bo liablo hereunder.
Sec. 219 e. Warrant for the collection of taxes. If the tax imposed by
See. 218. Revision and readjustment o f accounts by tax commission.
If an application for revision bo filed with tho commission by a corporation this articlo be not paid within thirty days after the same becomes due, un
against which an account is audited and stated within one year from the less an appeal or other proceeding shall have been taken to review the same,
timo any such account shall havo been audited and stated, tho commission tho Comptroller may issue a warrant under his hand and official seal di
shall grant a hearing thereon and if it shall bo made to appear upon any such rected to the sheriff of any county of the State, commanding him to levy
hearing by evidence submitted to it or otherwise that any such account upon and sell the real and personal property of the corporation owning
included taxes or other charges which could not have been ' a ^ l l y de tho samo, found within his county, for the payment of the amount thereof,
manded, or that payment has been illegally made or exacted of any such with tho added penalties, interest and the cost o f executing tho warrant,
account, tho commission shall resettle tho same according to law and tho and to return such warrant to tho Comptroller and pay to him the money
facts, and adjust tho account for taxes accordingly, and shall send not co collected by virtue thereof by a time to bo therein specified, not less than
of its determination thereon to the corporation of Stato Comptroller sixty days from tho date of the warrant. Such warrant shall be alien upon
and shall bind tho real and personal property of tho corporation against
f°SocW219
(Amondod by Chap. 417, Laws o f 1918.) Review of deter whom it is issued from the timo an actual levy hsall be made by virtue
mination o f tax commission by certiorari and regulations as to writ. Tho thereof. The sheriff to whom any such warrant shall be directed shall pro
determination o f tho commission upon any application mado to it by any ceed upon the samo in all respects, with like effect, and in tho same manner
corporation for revision and resettlement o f any account, as proscribed as prescribed by law in respect to executions issued against property upon
by tliis articlo, may bo reviewed in tho manner proscribed by and subject Judgments of a court of record, and shall bo entitled to the samo fees for
to the provisions of section [ a ] ono hundred and ninety-nine [ a n d t w o his services in executing the warrant, to be collected in the samo manner.
h u n d r e d ! of this chapter.
Sec. 219-/. Action for recovery of taxes; forfeiture of charter by delin
No certiorari to review any audit and statement of an account or any deter quent corporations. Action may be brought at any timo by tho Attorneymination by the commission under this article shall be granted unless notice General at the Instance of the Comptroller, in tho namo of tho State, to
of application therefor is made within thirty days after the service of the notice recover tho amount of any taxes, penalties and interest due under this ar
of such determination. Eight days’ notice shall be given to the commission ticlo
If such taxes bo not paid within ono year after the samo be due,
of the application for such writ. The full amount of the taxes, percentage, and the Comptroller is satisfied that tho failure to pay the same is inten
interest and other charges audited and stated in such account must be deposited tional, ho shall so report to the Attorney-General, who shall immediately
with the State Comptroller before making the application and an undertaking bring an action in tho name of the people of tho State, for the forfeiture of
filed with the commission, in such amount and with such sureties as a Justice tho charter or franchise of any corporation failing to make such payment,
of the Supreme Court shall approve, to the effect that if such writ is dismissed and if it bo found that such failure was intentional, judgment shall be ren
or the determination of the commission affirmed, the applicant for the writ dered in each action for the forfeiture of such charter and for its dissolution
will pay all costs and charges which may accrue against it in the prosecution if a domestic corporation, and if a foreign corporation for tho annulment of
of the writ, including costs of all appeals.
its franchise to do business in this State.
Sec. 219-a. Audit and statement o f tax. On or boforo tho first day of
So- 219-0. Deposit of revenues collected. Tho State Comptroller shall
November in each year tho tax commission shall audit and stato tho account deposit all taxes, interest and penalties collected under this articlo in respon
of eacli corporation known to bo liablo to a tax under this articlo,'for its sible banks banking houses or trust companies in the Stato which shall pay
preceding fiscal or tho preceding calendar year, and shall compute tho tax tho highest rate of interest to tho State for such deposit, to the credit of the
thereon and forthwith notice the samo to tho Stato Comptroller for collec State Comptroller on account of tho franchise tax. And every such bank,
tion. Tho tax commission shall determine tho portion of such tax to be dis banking house or trust company shall execute and file in his offico an under
tributed to tho several counties and tho amounts to bo credited to tho sev taking to the Stato. in the sum, and with such sureties, as are required and
eral cities or towns thereof, when tho samo is collected, and shall Indicate approved by tho Comptroller, for tho safe keeping and prompt payment
such determination in noticing such tax to tho Stato Comptroller. If tho
on legal demand therefor of all such moneys held by or on deposit in such
corporation has real property or tangible personal property located In a bank banking house or trust company, with interest thereon on daily bal
village, or if it has no real or tangible personal property in tho Stato but the ances at such rato as the Comptroller may fix. Every such undertaking
offico in which its principal financial concerns within tho Stato aro trans shall have endorsed thereon, or annexed thereto, tho approval of the Attor
acted is located in a village, tho tax commission shall indicato such facts ney-General as to its form. The State Comptroller shall on tho first day of
to tho State Comptroller, with tho namo o f tho village in which such offico eacli month make a verified return to the Stato Treasurer of all revenues
or property is located.
received by him under this articlo during tho preceding month, stating by
Sec. 219-6. Notice o f tax. Every report required by Section 211 of whom and when paid, and shall credit himself with all payments made to
this chapter shall contain tho post offico address of tho corporation and j county treasurers since his last previous return pursuant to Section 219h
linos or spaces upon which tho corporation shall enter tho portion of its
net income which it believes to bo tho basis upon which tho tax shall bo im of this chapter.
Sec 219-h. (Amended by Chap. 417, Laws o f 1918). Disposition of
posed under this articlo, and tho amount o f such tax. Notice or tax as
sessment shall bo sent by mail to tho post offico address given In tho report, revenues collected. Tho State Comptroller shall on or before tho [ t e n t h ]
twenty-fifth day of each month pay into tho Stato treasury to the credit of
and tho record that such notice has been sent shall bo presumptive evidenco
tho general fund all interest and penalties and two-thirds of all taxes L, i n
of tho giving of tho notico and such record shall bo. preserved by tho tax
t e r e s t a n d p e n a l t i e s ] received by him under this articlo during the
preceding calendar month, as appears from the return mado by him to the
C°S e c iS219-c. (Amended by Chap. 271, Laws o f 1918.) When tax pay
Stato Treasurer. Tho balance of all taxes [ i n t e r e s t a n d p e n a l t i e s ]
able The tax hereby imposed shall bo paid to tho Stato Comptroller on
collected and received by him under this articlo from any corporation, as
or before the first day of January of each year (.) , or within thirty days after
appears from tho return mado by him to tho Stato Treasurer, shall, on or
notice of the tax has been given as provided in section 219-6 of this chapter
boforo the [ t e n t h ] twenty-fifth day of April, July, October and January,
if such notice is given subsequent to the first day of December of the year for
for tho quarter ending with tho last day o f the preceding month, be dis
which such tax is imposed. I f such tax bo not so paid [ o n o r k c *o r o tributed and paid by him to the treasurers o f tho several counties of the
J a n u a r y f i s t ] , or in tho case of additional taxos, if not paid within thirty
State aud disposed of by such treasurers, in accordance with the following
days after [ t h e b i l l f o r s u c h a d d i t i o n a l t a x h a s b e e n r e n d e r e d ]
m
notice of such additional tax has been given as provided in section 219-d of rules:
1. If the corporation has no [ r e a l p r o p e r t y o r ] tangible personal
this chapter and such notice of additional lax is given subsequent to the first
property within the State, such payment shall be made to the county
day of December of the year for which such additional tax is imposed, tho treasurer of tho county in which Is located the office at which its principal
corporation liablo to such tax shall pay to.tlio Stato Comptroller, in addi
concerns within tho Stato are transacted;
tion to tho amount o f such tax, or additional tax, ten per centum of such financial
2 I f tho corporation has [ r e a l p r o p e r t y o r J tangible personal property,
amount, plus ono per centum for each month tho tax or additional lax
as shown by its report pursuant to section two hundred and eleven, in but
remains unpaid. No such penalty or charge shall be added to the amount
ono city or town of the State, such payment shall be made to tho county
of such tax or additional tax imposed for the year beginning November 1 1917,
treasurer of the county in which such city or town is located:
of such tax or additional tax is paid within thirty days after the passage of this
^ S e e R a t e o f tax. Tho tax imposed by this article shall bo at tho
rato o f threo per centum o f tho net income o f tho corporation or portion
thereof taxable within tho State, determined as provided by this article.
Sec 216 Penalty for failure to report. Any corporation which fails
to make any report required by this articlo shall bo liable to a penalty of
not more than five thousand dollars to be paid to tho State, to bo collected
in a civil action, at tho instance of tho tax commission; and any officer of
any such corporation who makes a fraudulent return or statement with
intont to defeat or evade tho payment of tho taxes prescribed by this article
shall bo liable to a penalty of not moro than one thousand dollars, to bo
collected in like manner. All moneys recovered as penalties, for a failure
to report or for making fraudulent roports shall bo paid to the Stato Comp-
2304
THE CHRONICLE
[Vol . 100,
3.
If tho corporation has [ r e a l property o r ] tangible personal propertyerty or capital stock assessed [ i n a n y t a x d i s t r i c t in t h e y e a r n i n e t e e n
in more than one city or town o f tho State, as shown by its report pursuant h u n d r e d a n d s e v e n t e e n ] , as provided in the fir s t paragraph o f this section,
to section two hundred and eleven, such payment shall bo made to the f o r any part o f the calendar year n in eteen hundred and eighteen, such corpor
county treasurers of tho counties in which such cities or towns are located ation shall bo ontitled to credit, with interest, as hereina fter provided, for
in the proportion that the averago monthly value of tho [ r e a l p r o p e r t y tho amount of such part o f the taxes so paid [ o n i t s a c c o u n t f o r t a x e s
a n d 3 tangible personal property of such corporation in the cities and towns
f ir s t a sse sse d a g a in s t it u n d e r t h is a r t ic le b y t h e ta x c o m m is s io n ,
of such county bears to tho averago monthly value o f all its real property n o t e x c e e d i n g , h o w e v e r , t h e a m o u n t o f s u c h f i r s t a s s e s s m e n t .]
and tangiblo personal property within the State;
locally as the portion o f the year nin eteen hundred and eighteen fo r w hich such
>• 4. In making such payment to a county treasurer, the Stato Comp taxes shall have been paid bears to the entire calendar year. A n d , i f, in any
troller shall indicate tho portion thereof to bo credited to any city or town taxing district, by reason o f the p rovision s o f this section as origina lly enacted
within tho county on account of tho location therein o f its principal financial by chapter seven hundred and tw enty-six o f the laics o f n ineteen hundred and
office or property as determined by the preceding subdivisions, and if such seventeen, any such corporation shall have paid or shall hereafter pay taxes on
principal financial office or property is located in a villago shall indicate personal p rop erty or capital stock fo r the year ending D ecem ber thirty-first
tho village in which it is located; if such principal financial office or prop n ineteen hundred and eighteen, such corporation shall be entitled to credit,
erty is located in a city or in a town outside of a villago, the whole of such with interest, as h ereina fter provided, fo r the am ount o f taxes so paid locally.
portion shall bo paid to such city or town as hereinafter provided; if such
Such credits shall be granted by the tax com m ission on the su bm ission o f
principal financial office or property is located in a villago, there shall be satisfactory p ro o fs that the corporation is entitled thereto. The tax com m ission
paid to such village as hereinafter provided [ s o m u c h o f s u c h p o r t i o n shall forthw ith n o tify the corporation and the Com ptroller o f any credit so
c r e d it e d t o t h e t o w n as t h e a sse sse d v a lu a t io n o f th e r e a l a n d p e r
s o n a l p r o p e r t y i n s u c h v i ll a g e o r p o r t i o n t h e r e o f in s u c h t o w n a s
a p p e a r s b y t h e l a s t p r e c e d i n g t o w n a s s e s s m e n t -r o l l b e a r s t o t w i c e
t h e t o t a l a s s e s s e d v a l u a t i o n o f t h e r e a l a n d p e r s o n a l p r o p e r t y in s u c h
t o w n a s a p p e a r s b y s u c h a s s e s s m e n t -r o l l j j ; such a part o f the entire
am ount credited to the tenon as the en tire am ount o f taxes raised by said village,
or p ortion th ereof in said tow n, during the preced ing calendar year f o r village
and town p u rposes bears to the aggregate am ount so raised by the toion and
village during the preced ing calendar year fo r town and village p u rp oses.
granted. Such credit m ay be used by the corporation entitled thereto in the
paym ent o f taxes charged against it und er this a rticle, or such credit or any
part th ereof m ay be assigned by the corporation in w hose fa vor it is allowed
to a corporation liable to p a y taxes under this a rticle, and the a ssignee o f the
w hole or any part o f such credit on filin g w ith the C om ptroller such assignm ent
shall thereupon be entitled to credit u p o n the books o f the Com ptroller f o r the
am ount th ereof on the account f o r taxes o f such a ssignee in the sam e w ay and
w ith the sam e effect as though the credit had originally been allowed in favor
o f such a ssignee.
5.
As to any county wholly included within a city such payment shall The Com ptroller is authorized and directed to charge such credits against
be made to tho chamberlain or other chief fiscal officer of such city and be the several taxing districts in w hich the taxes credited w ere originally pa id ,
paid into the general fund for city purposes;
and to deduct such am ount o r am ounts fro m any taxes thereafter fo u n d due to
C.
As to any county not wholly included within a city the county treassuch taxing districts under the p rovision s o f this article. I f the am ount so
urer shall within ten days after tho receipt thereof pay to tho chief fiscal charged against a taxing district is in excess o f the am ount in the possession
officer of a city or to the chief fiscal officer of a village or to tho supervisor o f the Com ptroller to be returned to such taxing district under this article, the
of a town the portiou of money received by him from tho Stato Comptroller Com ptroller shall enter such excess o f credits u p o n his books against the State’s
to which such city, villago or town is entitled, which shall bo credited by share o f taxes collected und er this article and not previously accounted f o r to
such officer to general city, villago or town purposes.
the State Treasurer. The Com ptroller shall advise this State T reasurer o f all
Sec. 219-i. Secrecy required of officials; penalty for violation. 1. Ex such proceedings and shall retain fro m any fu n d s subsequently fo u n d due to
cept in accordance with proper judicial order or as otherwise provided by any such taxing district tinder this article a like am ount w hich shall be deposited
law, it shall bo unlawful for any tax commissioner, agent, clerk or other w ith the Slate Treasurer w ith an accounting therefor.
officer or employee to divulge or mako known in any manner tho amount
of income or any particulars set forth or disclosed in any report under this
NOTE.— Section 2 of Chapter 271 Eaws 1918 referred to above provides
article. Nothing herein shall bo construed to prohibit tho publication of that Section 219-j as amended "shall bo construed as having been in effect,
statistics so classified as to prevent tho identification o f particular reports as so amended, as o f tho date of tho original onaetmont of articlo 9-a of the
and tho items thereof, or the publication of delinquent lists showing tho tax law, as added by Chaptor 726 of tho Laws of 1917.
names of taxpayers who havo failed to pay their taxes at the timo and in
Sec. 219-k. Limitation of time. Tho provisions of the codo of civil pro
the manner provided by Section 219-c, together with any relevant informa
tion which in the opinion of the Comptroller may assist in tho collection of cedure relativo to tho limitation of time of enforcing a civil remedy shall not
such delinquent taxes, or tho inspection by tho Attorney-General or other apply to any proceeding or action taken to levy, appraise, assess, determine
legal representatives o f tho Stato of tho report o f any corporation which or enforce the collection of any tax or penalty prescribed by this articlo.
Sec. 219-1. (New, Chap. 271, Laws of 1918.) P ersonal properly defin ed .
shall bring action to set aside or review tho tax based thereon, or against
whom an action or proceeding has been instituted in accordance with tho The term “ personal p r o p e r ty ," fo r the p u rp oses o f the exem ption fro m assess
m ent and taxation thereon locally as granted by Section 219-j o f this Chapter,
provisions o f Sections 216 or 219-f o f this article.
Roports shall bo preserved for three years, and thereafter until tho Stato shall includ e such m achinery and equipm ent a ffix ed to the building a s w ould
not pass between grantor and grantee as a part o f the prem ises i f not sp ecifica lly
tax commission orders them to bo destroyed.
2.
Any offense against tho foregoing provision shall bo punished by a finem entioned or referred to in the deed, o r as ivould, i f the buildin g w ere vacated
not exceeding ono thousand dollars or by ijnprisonmont not exceeding one or sold, or the nature o f the ivork carried on therein changed, be m oved, except
year, or both, at the discretion o f the court, and if the offender bo an boilers, ventilating appa ra tu s, elevators, gas. electric and water pow er generating
officer or employee o f the State he shall bo dismissed from office and bo apparatu s and shafting. A n ow ner o f a buildin g is entitled to the sam e
incapable of holding any public offico in this State for a period o f five exem ption under this section as a lessee and every assessm ent o f real property
m ade subsequent to June 4 1917 shall be subject to the provision s o f this section
years thereafter.
Sec. 219-j. (Amended by Chap. 271, Laws o f 1918). E xem ption s fro m as am ended hereby.
certain other taxation .
[ M a n u f a c t u r in g a n d m e r c a n t ile c o r p o r a t io n s
e x e m p t fr o m p e r s o n a l p r o p e r t y ta x a n d fr o m th e p r o v is io n s o f s e c t io n s
tw e lv e , tw e n ty -s e v e n , o n e h u n d r e d a n d e ig h t y -t w o a n d o n e h u n
d r e d a n d n in e t y -tw o o f th e ta x l a w . ]
After this articlo takes effect,
[ m a n u f a c t u r i n g a n d m e r c a n t i l e ] corporations taxable thereunder shall
n o t bo assessed on any personal property [ w h i c h f o r t h e p u r p o s e o f t h i s
e x e m p tio n s h a ll in c lu d e s u c h m a c h in e r y a n d e q u ip m e n t a ffix e d to
t h e b u ild in g as w o u ld n o t p a ss b e tw e e n g r a n t o r a n d g r a n te e a s a
p a r t o f t h e p r e m is e s i f n o t s p e c i f i c a l l y m e n t i o n e d o r r e f e r r e d t o
in t h e d e e d , o r a s w o u ld , if t h e b u ild in g w e re v a c a te d o r s o ld , o r
t h e n a t u r e o f t h e w o r k c a r r ie d o n t h e r e i n c h a n g e d , b e m o v e d ,
e x c e p t b o ile r s , v e n t ila t in g a p p a r a tu s , e le v a to r s , g a s, e le c t r ic a n d
w a t e r p o w e r g e n e r a t i n g a p p a r a t u s a n d s h a f t i n g ] or capital Stock,
as provided f o r in section twelve o f this chapter, except fo r taxes levied fo r the
fis c a l year ending D ecem ber thirty-one n in eteen hundred and seventeen, in
taxing districts in w hich the fis c a l year is coterm inous w ith the calendar year-,
and w here taxes are required by law to be levied f o r local p u rp o ses fo r a fis c a l
year beginning in n in eteen hundred and seventeen and ending in n ineteen
hundred and eighteen, such corporation s shall not be assessed on any personal
prop erly or capital stock, as provided f o r in section tioelve o f this chapter, except
fo r taxes levied fo r such fis c a l year.
I f , in any taxing district, by reason o f the p rovision s o f this section as orig in
ally enacted by chapter seven hundred und tw enty-six o f the laws o f n ineteen
hundred and seventeen, the assessm ent o f the person al property or capital stock
o f any such corporation has been om itted fro m the assessm ent-roll f o r the fis c a l
year sp ecifica lly referred to in the fir s t paragraph o f this section , the assessors
o f such district shall enter the sam e in the assessm ent-roll fir s t prepared after
this A c t goes into effect, at the valuation o f such fis c a l year, or i f not then
valued, at such valuation as the assessors shall determ ine f o r such year. Before
finally fix in g such valuation the assessors shall give to such corporation a
n otice o f at least fi r e days and an o p p ortu n ity to be heard with reference thereto.
Such prop erty shall be taxed at the rale p er centum o f the fis c a l year in w hich
it w as om itted fro m the assessm ent-roll. The w hole am ount o f tax so im posed
on the person al property or capital stock o f such corporation s shall be deducted
fro m the aggregate o f taxation otherwise to be levied on such taxing district fo r
the current year, before such tax is levied.
After this articlo takes effect [ m a n u f a c t u r i n g a n d m e r c a n t i l e ]
corporations taxable thereunder shall not bo [ a s s e s s e d o r t a x e d u p o n t h e i r
c a p i t a l s t o c k , a s p r o v i d e d f o r in s e c t i o n t w e l v e o f tjliis c h a p t e r , n o r
s h a l l t h e y b e ] required to pay tho franchise tax imposed by section ono
hundred and eighty-two of this chapter, [ n ] or to mako the roports called
for in sections twenty-seven and ono hundred and ninety-two o f this
chapter, except that, f o r the pu rp o se o f a ssessin g the person al property or
capital stock o f such corporation s as sp ecifica lly provided in this section , such
corporation s m ay be required to m ake the report called fo r in such section
tw enty-seven. Nothing herein shall bo construed to impair tho obligation
t o pay franchise taxes duo on or before tho fifteenth day o f January, nine
teen hundred and seventeen, or taxes on personal property or capital stock
assessed [ i n t h e y e a r n i n e t e e n h u n d r e d a n d s i x t e e n o r in t h e y e a r
n in e t e e n h u n d r e d a n d s e v e n te e n b e fo r e t h is a r t ic le ta k e s e f fe c t ,
w h e t h e r p a y a b le i n t h a t y e a r o r n o t . ] as provided in the fir s t paragraph
o f this section, xchclher such taxes have been or m ay hereafter be assessed. But
if any [ m a n u f a c t u r i n g o r m e r c a n t i l e ] corporation taxed u nd er this
article shall [ p a y ] have pa id or shall hereafter p a y taxes on personal prop
STATE
COMPTROLLER
OF
IN V E S T M E N T
N E W
T A X
YORK
E X P LA IN S
LA W .
Comptroller Travis of New York State lias issued a
pamphlet on tho investment tax law of 1917 containing a
series of questions and answers with the full text of the law,
already published by us in thoso columns on M ay 5 1917
(pages 1761 and 1762):
The comptroller says:
Few taxpayers of tho Stato are aware of this unusual form of taxation.
It is in tho naturo of an exemption tax, for by paying a small feo to tho
Stato the owner or holder of such property may escape a larger tax at home.
Tho net result so far has been that tho Stato has secured about $1,340,000
income in a way which never would havo been paid as taxes anywhero else.
This is because tho local assessors seldom locate this form of woalth, hence,
this sort of a dovico for bringing such property out of its hiding placo.
In other words, by paying a very moderate feo, tho owner of bonds and
notes may purchase exemption from local taxation. Many investors,
howover, havo failed to take advantage of this now law because they think
tho local assessors will not discover tho existence of such securities. Last
year, a now provision was inserted in tho Transfer (Inheritance) Tax Law
wheroby a penalty of 5% is imposed when tho transfer of a decedent’s
estato takes placo, unless it can bo shown that this wealth was taxod locally
as personal property, or that an investment tax upon it was paid to tho
State. So far, this amendment has acted as a wonderful stimulus and
tho amount of rovcuuo from this source is constantly increasing.
AN N O U N CEM EN T
OF
S U SP E N SIO N
OF
“EVERY
W E E K .”
The effect of tho mounting costs to publishers is seen in
the decision of tho Crowell Publishing Co. to suspend tho
publication of “ Every W eek.” Tho paper will issue its
final edition on Juno 22. Tho determination to discontinue
the issuance of tho weekly has beon made known in tho fol
lowing announcement:
Deliberately, and with great roluctanco, wo havo como to tho conclusion
that this (June 22d) issue o f “ Every week” must bo tho last.
To discontinue a publication which in so short a lifetime has impressed
its personality upon so largo and varied a group of roaders, is to us a matter
of very deep regret; and wo are not unmindful, in making tho announce
ment, of tho senso of loss which it will bring to thoso half million homes
where “ Every Week" has been a visitor of moro than ordinary welcomo.
For a magazine is moro than a moro commercial property. It is, in a
large sense, a living, breathing personality— a thing of soul and spirit which
roachos out to grip tho souls of its pooplo. In tho dogroo to which a maga
zine possesses this quality of heart interost it is an editorial success; and
“ Every Week” has possessed it in a pro-eminent degree.
.)
June 1 1918.]
THE CHRONICLE
Here and there— almost spontaneously— It has gathered its readers to it
one by one. until their number has passed, in three years, tho half-million
mark
It has held them in spite o f difficulties o f production, and delays
in distribution; it has sold in competition with much older and larger pub
lications and sold well. We are proud o f its record, and o f its hold on its
readers; only conditions of an extraordinary character could have brought
us to tho decision to give it up.
But tho c o n d it io n s are extraordinary. The world war which has
greatly prospered some forms o f business, has laid a heavy hand on tho
business o f manufacturing newspapers and magazines.
France and England, which are three years ahead of us in their experience
in the war havo had to sacrifice many o f their oldest and best-established
periodicals’. In this country almost every week brings news of some new
discontinuance or consolidation. And so far as can be judged these
conditions arc likely to grow more onerous rather than less so with tho
dUThfl°war has greatly increased tho cost o f tho raw materials that enter
into tho publication o f magazines. It has made it difficult, if not actually
Impossible to get tho new and better mechanical equipment with which
we had planned to enhance the physical appearance o f tho magazine. It
seems to us wiso, therefore, to adopt tho sterner, if less easy course, and
t o X o n M n u e "Every Week” while It is still strong and in full favor, rather
than that it should languish under conditions that promise to grow worse
before they can begin to improve.
We have planned that no subscriber shall suffer any monetary loss as
a result o f this decision. For every unfilled subscription to “ Every Week
we shall substitute an equal value in one of our other publications. A defi
nite plan o f substitution has been formulated, and will be mailed to each
8USoCweetake leave o f what has been to u s -t h o publishers-not merely a
property but a real friend, an object o f affection and a source of pride.
There is nothing in the record o f "Every Week” to be sorry for
It has
been a clean magazine o f ideals, a magazine o f helpfulness and high thinking.
N o other editorials havo been moro widely quoted or havo better ex
pressed tho spirit o f true, clean Americanism. Its picture pages have
almost established a now fashion in tho treatment o f pictures in American
periodicals. It has been packed with an amount o f fact and helpful in
formation that is astonishing in its variety and interest considering how
slender the pages at tho disposal o f its editors.
If we were to do it again wo would not do othenviso; if wo wero to have
another wookly after tho war, it would bo “ Every Week” — not something
recognition. He loved all forms of beauty, and with his largeness of
nature and o f means he became the greatest art collector of his time, and
in tho history of art his name must always rank with those princes of tho
Old World who in former centuries protected and encouraged genius.
Ho was as unselfish with his treasures o f art as he was with his fortune,
lie believed that the happiness of a whole people can be increased through
the cultivation o f taste and he strongly desired to contribute to that end
among his own countrymen. His last will carried on to his descendants
the influence of that feeling in the wishes which ho expressed regarding
tho disposition o f his great collections.
,
The most marked expression o f this impulse during M r. Morgan s lifetime
was in his service to this Museum. He was one of the original subscribers to
the preliminary fund raised'in 1870 as the basis for tho organization of the
Musoum, and from that time for all the remaining forty-three years of his
life ho never failed in his constant support of the institution. JUe was one of
tho first fifty patrons whose names appear upon the list of 1871 as members
of tho corporation. Ho became a trustee in 1888, and discharged the
duties o f that office for twenty-five years until his death. He was a mem
ber of the Executive Committee and of the Finance Committee o f the
Board from 1892 to 1894, a member o f the Executive Committee again
from 1901 until his election as First Vice-President in 1904, when he be
came as he ever after remained, an ex-officio member of the committee.
Ho was elected President in 1904, and remained President until the time
o f his death. II is first recorded gift to the Museum was in 1897, and for the
sixteen years which followed there was a rapid succession of valuable and
princely gifts. In the summer of 1913 his son, who bears the name and
inherits the spirit of his father, placed substantially the whole of his father s
vast collections upon loan exhibition in the new northern wing ofthe
museum building. Further gifts by tho son of almost pncetes objects
have followed, and now tho present John Pierpont Morgan upon the settle
ment of his father’s estate has found himself able to honor the memory and
execute tho purposes of his father by presenting to the Musoum a large
part o f the collection, including more than 3,000 objects.
Tho gifts of tho father, and of the son in memory of tho father, with the
exception o f somo articles which proper classification requires to be arranged
elsewhere, aro to be exhibited henceforth by themselves in a wing of the
Musoum to be called in memoriam The Pierpont Morgan wing. An
enumeration of these gifts in general terms is recorded as a part of this
To those whoso loyal enthusiasm, as expressed in thousands of letters
has given “ Every Weok” so wide and fair a namo, we send again our wlioloheartod appreciation. No magazine was over blest with better friends,
or felt moro satisfaction in their freindship.
THE CROWELL PUBLISHING C O M PA N Y .
According to tho New York “ Evoning Post” of M ay 23,
“ Every Week” at the present time has been enjoying its
greatest period of prosperity, having more than 500,000
readers.
In commenting on tho difficulties of publishers,
tho “ Post” said:
The publishers o f "Every Week” had nothing furthor to add to-day to tho
foregoing statement which, they said, explained all o f the reasons for its
suspension. The same problems entering into the action o f tho Crowell
Publishing Co. confront the publishers o f other magazines, and thoso of
every newspaper in tho country. While "Every Week” is financially able
to continue publication, it is not so with others which are struggling under
burdens that demand an extraordinary expenditure o f patience and energy,
and a moasuro o f courage perhaps no other calling o f enterprise and use
fulness has over experiences.
Tho lot o f tho newspaper publisher grows moro uncertain daily, vv uum
a very short period tho price of paper has doubled, and the most of raw
materials almost trebled. In addition, said a Now York publisher, tho
problem o f obtaining needed machinery to replace that grown obsoleto or
useless in servico has become one almost.beyond solution. Furthor, tho
publisher has tho difficulties o f circulation beyond tho centro o f publica
tion, duo to railroad conjestion and transportation undertainties, and tho
new Postal Zoning Law, due to go into effect on July 1, to contend with.
“ The n ow sp a p er publishing game has become practically that o f the rich
man exclusively.” said a nowspaper publisher to-day. "A poor man with
tho desire to sharo in tho mission of enlightening his generation has no
show at all. In tho old days all ho had to do was to acquire a small press,
buy a little paper, and spread his publication broadcast. Could ho do it
to-day? Ho certainly could not, oven with tho cost o f paper, material
and machinery loft out o f consideration.”
T R I B U T E TO L A T E J. P. M O R G A N B Y T R U S T EE S OF
M E T R O P O L I T A N M U S E U M OF A R T .
As a tribute to the late J. P. Morgan in appreciation for
his gifts and thoso of his son to the Metropolitan Musoum of
Art the trustees of the Museum have issued a booklet extoll
ing tho lato financier for his benefactions. Tho purpose of
the booklet, tho trustees state, is “ to mako a formal, and so
far as possible, permanent record of tho great service ren
dered to tho Metropolitan Museum, and to tho American
people through the Museum, by the late John Pierpont
Morgan.” A minute signed by Robert de Forest, President
and Henry W . Kent, Secretary of the Trustees, in which
recognition is made of M r. Morgan’s generosity, is embodied
in the booklet, the trustees thus give expression to their
views as to Mr. Morgan’s worth as a man, and to tho extent
to which American art and education is indebted to him.
John Pierpont Morgan, born April 17 1837 died M ar. 31 1913, was tho
most powerful and dominant personality in tho field o f finance during tho
period between tho American Civil War and tho Universal War of 1914— a
period distinguished by tho most amazing development o f industrial organ
ization and productiveness over known in tho history o f tho world, lh o
conduct and control o f great affairs during tins time o f intense activity
brought to him a groat fortune, continuous labor and heavy responsibility
net neither wealth nor pressure o f labor and respons bihty prevented the
growth and exercise o f very noble qualities of patriotic citizenship and
human sympathy. H e loved his country and his kind
Expressing himself seldom in words, but constantly in deeds, ho was a
part o f all good causes. Generous almost to a fault, modest and un
assuming, ho did good in secret all his life without thought o f praiso or
2305
Incalculable in value as are these gifts, they should not obscure the
memory of M r. Morgan’s servico to American art and American education
in art as President of the Museum. 'When he came to the Presidency the
Musoum had passed through the period of early struggles and local 8igniflcance, and the point had been reached when the question was to be deter
mined whether the original impulse was to spend itself, satistifed with a
local and provincial success, or whether, on the other hand, tho institution
was to bo developed into one of the great museums and educational influ
ences of tho world. M r. Morgan’s presidency decided that question. His
sure knowledge o f tho field, tho largeness of his instinctive methods, his
dauntless courage, his vision, and his faith, breathed into the mst tution a
new life, communicated to it a new and tremendous impulse, and inaugur
rated a now period of development, which, so far as wo can judge makes
certain a future o f power and usefulness for which our country and all tne
people in tho Now World who love art and the influences of art will owe
honor to his name. ________ ________________________
I N C R E A S E S I N F R E I G H T A N D P A S S EN G ER F A R E S
O R D ER ED B Y D I R E C T O R -G E N E R A L M cA D O O .
Following tho increases in wages of railroad employees,
made known by Director-General of Railroads M cAdoo on
Sunday last, increases in railroad freight rates and passenger
fares were ordered by M r. M cAdoo on Monday. The wage
advances aro referred to in another item. Under the order
increasing rates those applying to freight are increased 25%,
while passenger fares are increased to 3 cents a mile from the
present basis of about 2 y 2 cents. The new freight rates,
covering both inter-State and intra-State traffic, aro to
become effective on June 25, while the increases in passenger
fares are made effective June 10. Commutation fares are
not included in the general increase, but will be advanced
10%. The 25% advance in class rates is also made to apply
on commodity rates generally, except those in which there
is a heavy movement. The order wipes out all intra-State
class rates where there are inter-State class rates published
betweon the same points. That part of the order governing
passonger fares stipulates that “ passengers traveling in
standard sleeping cars and parlor cars shall be required to
pay an addtiional passage charge of 1G 2-3% of the normal
one way faro, and passengers traveling in tourist sleeping
cars an additional passage charge of 8 1-3% of the normal
ono way fare,” apart from tho present charges for berths in
sleeping cars or seats in parlor cars.
Both freight and passenger rates on boat lines operated
on the lakes, rivers or coastwise by railroads are to be raised
proportionately with the general increases. Export and
import freight rates aro ordered canceled, and the higher
domestic rates will apply to and from ports. A number of
flat increases, instead of percentage additions, are ordered
for coal, coke, lumber, ore, stone, grain, cotton, livestock,
meats, sugar, bullion and other commodities.
It is estimated that the increases will yield between $800,
000,000 and $900,000,000 more revenue to tho railroads
within tho next year. It was pointed out by shipping
interests on M ay 27 that the additional charges must even
tually bo absorbed in higher prices of commodities, particu
larly for coal, brick, lumber, meats and grain and for ma
terials shipped to market only a short distance. Analysis
of tho new schedules showed that for hauls of from 5 to 50
j milos, particularly in States which have their own intra-
2306
THE CHRONICLE
State classifications, ratos will bo raised by varying amounts
ranging from 25 to 150%. The increases in fares announced
by Director-General M cAdoo were approved by the Inter
state Commerco Commission on M ay 27 without hearing,
the Commission at the same time modifying all outstanding
previous Commission orders which might interfere with the
establishment of the new rates. Director-General M cAdoo
announced that he expects the Inter-State Commerce Com
mission to review many of tho new schedules, on complaint
of shippers or other commercial interests, and changes will
be made on tho Commission’s recommendations. M r. M c
Adoo on Mpnday last telegraphed tho Chairman of State
Railroad Commissions notifying them of tho increased ratos
and asked them to co-operate by suggesting readjustments
or changes. It was said at the offices of the Railroad Ad
ministration that M r. M cAdoo believes no State Commis
sion can overrule any of tho new rates. Any changes that
may be ordered by the Inter-State Commerco Commssion
after full investigation, will be mado promptly and willingly
by the Director-General, however. It was reported on
M ay 28 that tho Nebraska Railroad Commission had sent
Director-General M cAdoo a telegram expressing tho fear
that a wholesale advance in freight rates would provo in
jurious to many lines of business throughout tho country.
The Commission, it is said, suggests that returns bo paid tho
railroads only on property paid for by capital contributions
and used in the public service, and asks that obligations of
land grant railroads to handle Government business bo
charged to the accounts of those roads.
From tho “ Wall Street Journal” of M ay 28 we take the
following Chicago advices concerning what Clifford Thorne,
formor chairman of tho Iowa Railroad Commission and now
Attorney for several mid-West shippers’ organizations, had
to say regarding the rate increase:
M r . M c A d o o ’s s t a ff o f a d v is o rs , n e a rly all ra ilro a d m e n , aro tr y in g t o
s ta m p e d o S ta te an d F ed era l a u th o ritie s Into g r a n tin g th o h igh est possib le
ra tes
Y e s t e r d a y w o w ired M r . M c A d o o o n b e h a lf o f org a n iz a tio n s h a v in g
c o m b in e d m em b ersh ip o f o v e r a m illio n sh ip p e rs, ask in g an o p p o r tu n ity
t o b o h ea rd . T h o req u est w as ig n o re d .
T h o w h o le w a g e in crea se o f 3 0 0 ,0 0 0 .0 0 0 w o u ld b o ta k e n ca ro o f w ith a
2 0 % in crea se in passen ger fares a n d a 5 % a d v a n c e in fre ig h t rates.
The following is Director-General
increasing railroad rates:
M c-Adoo’s
order
U . S. R A I L R O A D A D M I N I S T R A T I O N ,
O ffic e o f th o D ir e c to r-G e n e r a l,
W ashington, M a g 25 1918.
GENERAL ORDER NO. 28.
W h erea s it has b een fo u n d a n d is h e r e b y c e r tifie d t o th e I n te r -S ta te
C o m m e r c o C om m is s ion th a t in o rd e r t o d e fr a y th o expenses o f F ed era l
c o n tr o l an d op e r a tio n fa ir ly c h a rg e a b lo t o ra ilw a y o p e ra tin g expenses
a n d also to p a y ra ilw a y ta x accru als o th e r th an w a r ta xes, n et ren ts fo r
jo in t fa cilitie s an d e q u ip m e n t, an d c o m p e n s a tio n to th o carriers, o p e r a t in ''
as a u n it, it is n ecessary t o increaso th o ra ilw a y o p e ra tin g revenues- a n d °
W h erea s th o p u b lic in terest requ ires th a t a general a d v a n c o in a ll fro ig h t
rates, passen ger fa res, an d b a gg a go ch a rges o n all t r a ffic ca rried b y all ra il
r o a d an d s tea m sh ip lines taken u nd er F ed era l c o n tr o l u n d e r an A c t o f C o n
gross a p p ro v e d A u g . 29 1016, en title d " A n A c t m a k in g a p p ro p r ia tio n s fo r
th o s u p p o r t o f th o A r m y fo r tho fisca l y e a r e n d in g Ju n e 30 1917, an d fo r
o th e r p u rp oses,
shall b o m a d e b y in itia tin g th o necessary rates fares
c h a rg es, c la s sifica tio n s , regu la tio n s, and p ra ctice s b y filin g th o sam e w ith
th o I n te r -S ta to C o m m e r c o C om m issio n u n d er a u th o r ity o f an A c t o f C o n
gress a p p ro v e d M a r . 21 1918, e n titled “ A n A c t t o p r o v id e fo r th o o p e r a tio n
o f tra n s p o rta tio n system s w hilo u n d er F ed era l c o n t r o l, fo r th o ju s t c o m
p e n s a tio n o f th eir ow n ers, and fo r o th e r p u r p o s e s .”
N o w , th e refore, u nd er a n d b y v ir tu o o f th o p ro v is io n s o f th o said A c t
o f M a r . 21 1918 it is ord ered th at all existin g fre ig h t ra tes, passon ger fa re s,
an d b a g g a g o c h a rg es, in clu d in g ch a n g e s h e re to fo re p u b lish e d b u t n o t y o t
e ffe c t iv e , on all t r a ffic ca rried b y all said railro a d a n d sto a m sh ip lines under
F ed era l c o n t r o l, w h eth er th o sam o b o ca rried e n tiro ly b y ra ilr o a d , o n tiro ly
b y w a te r, o r p a r tly b y railroad an d p a r tly b y w a te r, e x c e p t t r a ffic carried
on itrely b y w ater t o a n d fro m fo re ign c o u n tr ie s , b o increa sed o r m o d ifie d ,
e ffe c t iv e Ju n o 25 1918, as t o fre igh t rates an d e ffe c t iv e Ju n o 10 1918, as to
p assenger fares an d b a g g a g e ch a rge s, t o th o e x te n t a n d in th e m anner
in d ica te d an d set fo rth in th o exh ibit h e re to a tta c h e d an d m a d o p a rt h e r e o f,
b y filin g sch ed u les w ith th o In te r -S ta to C o m m e r c o C o m m is s io n e ffe c tiv e
o n n o t less th an o n e d a y ’s n o tico .
G iv e n u n d er m y h a n d this 2 5 th d a y o f M a y 1918.
W . G . M cA D O O ,
D irector-G en eral o f R ailroads.
E X H IB IT .
F r e ig h t R a te s .
S ec. 1. C lass rates (d o m e s tic ).— (a) A ll In te r-S ta to class ratos shall
b o Increased 2 5 % .
(b ) A ll In tra -S ta te class rates sh all b e in crea sed 2 5 % w h ere th ero a r o n o
in te r-S ta to cla ss rates pu b lish ed be tw e o n th o sam o p o in ts a n d sh a ll bo
g o v e r n e d b y th o cla s sific a tio n , v i z ., o ffic ia l cla s sific a tio n , S ou th ern cla ssi
fic a t io n , o r W es tern cla s sific a tio n , e x ce p tio n s th e r e to , a n d
m in im u m
w eig h ts w h ich gen era lly g o v e r n th e in te r-S ta to rates in th e sam e te rrito ry
o x c e p t th a t th o Illin ois cla s sifica tio n w ill b o used b e tw e e n p o in ts In th o
S ta te o f Illin o is.
/
(c) A ll in tra -S ta to cla ss ra tes shall b e ca n c e le d w h ere th e ro aro In to r-S ta to
cla ss ra tes p u b lis h e d b e tw e e n th o sa m o p o in ts , a n d th o in te r-S ta to rates
as in cre a s e d b y p a ra g ra p h (a) shall a p p ly .
(d) A lt e r su ch in crea so o f 2 5 % n o ra te s shall b o a p p lie d o n a n y tr a ffic
m o v in g u n d er cla ss r a te s lo w e r th a n th o a m o u n ts in c e n ts p e r 100 p o u n d s
fo r th o r e s p e c t iv e cla sses as sh ow n b e lo w fo r th o several c la s sifica tio n s
A n y a r t ic lo o n w h ic h ex c e p tio n s t o a n y c la s sific a tio n p ro v id e s a d iffe r e n t
r a tin g th an as sh ow n In th o c la s sific a tio n t o w h ich it is an e x c e p tio n w ill
b o s u b je c t to th o m in im u m as p r o v id e d b e lo w fo r th o class p r o v id e d th e r e fo r
in th o c la s s ific a tio n p r o p e r .
C lasses
[V ol . 106.
O fficia l C la ssifica tion .
____________
_1 2_
u3 ^4
R a t o s ......................................... ..
25 2 1 )4
17 12 )4
9
Southern C la ssifica tion .
C la s s e s ,
. ---------------1 2 “
R a t o s ........................................ 25 21)4
”3
'4
19 16 13
»6
11
ry
n
9
10 7)4
yj
u
6)4
W estern C la ssifica tio n .
S ,aSS0S...................................... 1 2
3
4 5
A
R a te s ....................................... 25 21 17)4 15 11 12)4
B O D E
9 7)4 6)4
5
Illin o is C la ssifica tion .
Slf*®68...................................
12
3
R a t c s ........................................ 25 2117)4
4 5
6
15 1112)4
7 8
9
9 7)4 6)4
10
5
Section 2. Commodity ratos (domestic).— (a) Inter-State commodity
rates on the following articles in carloads shall bo increased by tho amounts
Indicated below:
Coal:
Whero rate is 0 to 49 cents per ton: 15 cents per not ton o f 2,000 pounds.
Where rato is 50 to 99 cents per ton: 20 cents per net ton o f 2,000 pounds.
Where rate is SI to SI 99 per ton: 30 cents per net ton of 2,000 pounds.
Whore rato is S2 to S2 99 per ton: 40 cents per net ton of 2,000 pounds.
Where rato is S3 or higher per ton: 50 cents per not ton of 2,000 pounds.
Where rates have not beon increased since Juno 1 1917, tho incroaso
to bo made now shall be determined by first adding to tho present rato
16 cents per ton, net or gross as rated, or if an incroaso of less than 15
cents per ton, not or gross as rated, has been mado sinco that dato, then
bLL,r! \ add nB to th0 present
the difference betweon tho amount
o f that increaso and 15 cents per ton, not or gross as rated; and to tho
rates so constructed tho abovo increases shall now bo added.
Whore rates from producing points or to destinations have boon based
on fixed differentials in cents per ton, such differentials to bo matnCokoth° lnCrGaS0 t0 b0 flgured on tho highest rated point or group.
Where rato is 0 to 49 cts. per tons; 15 cts. per not ton of 2,000 lbs.
Whero rato is 50 to 99 cts. per ton; 25 cts. por net ton of 2,000 lbs.
Whero rato Is $1 to SI 99 per ton; 40 cts. per not ton of 2,000 lbs.
Whero rato Is S2 to $2 99 per ton; 60 cts. per net ton of 2,000 lbs.
Whero rato is S3 or higher per ton; 75 cts. por not ton of 2,000 lbs.
Whore rates havo not been increased sinco Juno 1 1917, tho increase
to bo mado now shall bo determined by first adding to tho presont rato
I.) cts. per ton, not or gross as rated, or if an increaso of less than 15 cts.
per ton, net or gross as rated, has beon mado sinco that dato, then by
first adding to tho presont rato tho difference between tho amount of
that increase and 15 cts. por ton, not or gross as rated; and to tho rates
so constructed tho above increases shall now be added.
Whero rates from producing points or to destinations havo beon based
on fixed differentials in conts per ton, such differentials to bo maintained
the increaso to bo figured on tho highest rated point or group.
Ores, iron: 30 cts. per net ton of 2,000 lbs.; except that no Increaso shall bo
mado in rates on ex-lako oro that has paid ono increased rail rato boforo
reaching lako vessel.
Stone, artificial and natural, building and monumental, excopt carved,
lettered, polished, or traced: 2 cts. per 100 lbs.
Stono, broken, crushed and ground: 1 ct. per 100 lbs.
Sand and gravel: 1 ct. per 100 lbs.
Brick, oxcept enameled or glazed: 2 cts. por 100 lbs.
Cement, cement plasters and plaster: 2 cts. per 100 lbs
Lime: 1)4 cts. per 100 lbs.
Lumber and articlos taking same rates or arbitrarios over lumber rates;
also other forest products, rates on which aro not higher than on lumber:
2o /o, but not exceeding an increaso of 5 cts. per 100 lbs.
Grain, wheat: 25%, but not exceeding an increaso of 6 cts. per 100 lbs.
Other grain: Now wheat rates.
I'lour and other mill products: 25%, but not exceeding an incroaso of 6 cts.
por 100 lbs., and increases shall bo not less than now rates on wheat.
Cotton: 15 cts. per 100 lbs.
.
Cotton linters: Now cotton rates.
Live stock: 25%, but not exceeding an increaso of 7 cts. per 100 lbs., whero
rates aro published per 100 lbs., or §15 per standard 36-foot car where
rates aro published per car.
I acking-houso products and fresh meats: 25% , except that tho rates from
all Missouri River points to Mississippi River territory and oast thereof
shall bo tho samo as the new rates from St. Joseph, M o.
Bullion, base (copper or lead), pig or slab and other smoiter products:
25% , except—
1. That rates from producing points in tho States of Arizona, California,
Idaho, Montana, Nevada, Now Mexico, Oregon, Utah and Washing
ton, to Isew ork, N. \ shall bo 16 50 per not ton with established
differentials to other Atlantic seaboard points; and
2. Rates from points in Colorado and El Paso, Tex., to Atlantic sea
board points shall be increased $6 50 per net ton.
Separately established rates used as factors in making through ratos to
tho Atlantic seaboard shall bo increased in amounts sufficient to pro
tect tho through rates as abovo increased.
Sugar, including sirup and molasses whero sugar ratos apply thereon25% . oxcopt—
1- Where tho official classification applies, fifth-class ratos as increased
will apply.
2. from points east of the Indiana-Illinois State lino to points west of
tho Mississippi River, rates will continue to bo mado on combination
of local rates or of proportional rates if published, to and from tho
Mississippi River; except that from points on the Atlantic soaboard
to tho Missouri River, Kansas City, M o., to Sioux City, Iowa, in
clusive, established differentials over tho increased rates from Now
Orleans, La., shall bo maintained.
3. From points in tho States south of tho Ohio River and east of tho
Mississippi River, also from points in tho States of Louisiana and
Texas, ratos shall bo increased: To Chicago, 111., 22 cts. per 100 lbs.;
to St. Louis, M o., 27)4 cts. per 100 lbs.; to other points wost of tho
Indiana-Illinois Stato lino and west of tho Allsissippi River, oxcopt
points in Arkansas, Louisiana, and Texas, 22 cts. per 100 lbs.; to
points on and north of tho Ohio River and east of tho Indiana-Illinois
Stato lino rates shall bo increased to maintain tho former established
relation to tho rates to such points from producing points on Atlantic
soaboard.
(4) From producing [points in Colorado, Wyoming, Montana, Kansas
and Nebraska to Missouri River territory and points in Arkansas,
Oklahoma, Louisiana, and Toxas and points oast thereof, 22 conts
per 100 lbs.
(5) From points in Idaho and Utah to points named in Paragraph 3 rates
shall bo 15 cents abovo tho rates from Eastern Colorado.
(6) From points in California to points taking Missouri River ratos and
points related thereto under tho Commissions’ Fourth Section Orders,
and to points east of tho Missouri River, 22 cts. per 100 lbs.
^
June 1 1918.]
THE CHRONICLE
(b ) In te r -S ta to c o m m o d it y rates n o t in clu d e d in t h e fo re g o in g list shall
2307
Soction 12.— Passenger fares or charges for accommodation and trans
portation of passengers entirely by water, or partly by water and partly
b o in crea sed 2 5 % .
,
by rail, shall bo increased proportionately with fates and charges for the
(c) I n tr a -S ta te c o m m o d it y rates shall b o in cre a se d a s sh o w n in paragrap h s
(a) a n d ( 6) o f this s e c tio n w lic ro th e r o a r o n o in to r-S ta to c o m m o d it y rates transportation of passengers via rail.
Soction 13.— Tho basis for computing charges for excess baggage trans
p u b lish ed o n su b sta n tia lly tlio sa m e c o m m o d itie s b e tw e e n th e sa m e p o in ts ,
ported under lawfully effective tariffs shall be 16 2-3% of tho normal one
a n d sh all b o s u b je c t t o tiio m in im u m w e ig h ts a p p lic a b le o n in to r-S ta to
way passenger faro, with minimum of 15 cents per 100 pounds and mini
t r a ffic in th e sam e t e r r it o r y .
mum collection of 25 cents per shipment.
(<i) I n tr a -S ta te c o m m o d it y rates shall b o ca n ce le d w h e ro in tcr -S ta te
Section 14.— Tickets purchased prior to Juno 10 1918 will not bo honorod
c o m m o d it y rates a ro p u b lish e d o n s u b s ta n tia lly th e sa m o c o m m o d itie s
for passago on and after that date, except:
b e tw e e n th o sam o p o in t s , an d t h e in te r-S ta te ra te s as in cre a se d b y p a ra
(a) Passengers en route on Juno 10 1918 on one-way tickets will bo carried
grap h s (a) a n d ( 5) o f th is s e c tio n shall a p p ly .
(c)
In a p p ly in g th o Increases p r e s c r ib e d in th is s e c tio n th o in crea sedto destination by continuous passage without additional charge.
(ft) Round-trip tickets, portions of which have been used prior to June 10
cla ss ra tes a p p lic a b le t o lik o c o m m o d it y d e s crip tio n s an d m in im u m w e igh ts
1918, or hold by passengers en route on June 10 1918, shall be honored in
b e tw e e n th o sam o p o in ts aro n o t t o b o e x c e e d e d , e x c e p t th a t th o in crea ses in
accordance
with original tariff conditions under which sold without addi
ra tes o n sugar in ca rloa d s shall b o m a d e as o xp rossly p r o v id e d in p a ra
tional payment except that they shall be subject to tho samo requirements
as one-way tickets in respect of additional payment for passago in sleeping
or parlor cars, as prescribed in Section 10.
Tickots mado invalid for passago by this order will bo redeemed from
original purchasers as follows:
Unused tickets will be redeemed at amount paid therefor.
Partially used one-way tickets will be redeemed by charging tariff fare
at timo of journey for portion used and refunding difference between such
amount and fare at which sold.
In redemption of mileage, scrip or credential forms the purchaser shall
bo given tho bonefit, for tho distance traveled, of a net basis proportionate
to that which would have applied had the entire book been used according
to its contract.
Section 15.— All passenger fares, lower than those hereinbefore pre
scribed, such as mileago, party, second-class, immigrant, convention,
oxcursion and tourist fares shall bo discontinued until further notice,
oxcopt that tourist fares shall bo re-established as prescribed in Soction 8,
paragraph (ft) hereof.
Section 16.— Tariff provisions intended to assure the long haul to carriers
b o d isp osed o f as fo llo w
*
and which prevent tho free interchange of traffic shall bo eliminated.
(а) K ates in cen ts or in d olla rs an d cen ts p er 100 lb s . o r p er p a ck a g e :
Section 17.— Stop-overs on one-way tickets, side trips at free or reduced
F ra ctio n s o f less th an fi o r .25, t o b o o m itte d .
fates, discounts by use of excess baggage permits or excess money coupon
F ra ction s o f fi, o r .25, o r g rea ter, b u t less th a n fi. o r .75, t o b o sh ow n
books, and tho sale of one-way tickots bearing limit in excess of timo neces
as f i .
, , ..
sary to make trip by continuous passage, shall bo discontinued.
F ra ction s o f fi, o r .75, o r g re a te r, t o b o in crea sed t o th o n e x t w h o le fig u re .
Soction 18.— Optional routes may be used only when specified in tariffs.
( б ) K a tes per t o n — A m o u n ts o f less th a n 5 c t s . t o b o o m itte d .
Section 19.— In publishing fares and charges under this ordor, tariffs may
A m o u n ts o f 5 c ts . o r gre a te r, b u t less than 10 c t s . , t o b o in crea sed t o lO cts.
bo used which increase tho present fares by fixed percentage to bring them
(c) K a tes per car— A m o u n ts o f less th a n 25 c t s . t o b o o m itte d .
to tho bases authorized herein, even though the actual fares so constructed
A m o u n ts o f 25 c t s . o r greater, b u t loss th an th a n 75 c t s ., t o b o sh ow n
may bo fractionally more or less than 3 cents per mile.
a s 50 cts.
Section 20.— Whero tho Inter-State Commerco Commission prior to the
A m o u n ts o f 75 c ts . o r gre a te r, b u t less th an 1, t o b o in crea sed t o S i .
dato hereof has authorized or prescribed rates, fares, and charges, which
S ection 7.— Observance o f D ifferen tia ls.— In e stablish in g th e fre igh t rates
havo not been published at tho dato of this order, the rates, fares, or charges
heroin ord ered , w hile establish ed ra te g ro u p in g s an d fix e d diffe re n tia ls aro
initially established hereunder by applying tho increases herein prescribed
n o t req u ired t o b o u sed , th eir use is d e sirablo i f fo u n d p r a c tic a b le , even
to tho existing or published rates, fares, or charges may bo subsequently
th o u g h certa in rates m a y resu lt w h ich aro low er o r h igh er th a n w o u ld
revised by applying tho increases prescribed herein to tho ratos, fares, and
oth erw ise ob ta in .
charges so authorized or prescribed by the Inter-Stato Commerce Commis
sion.
P a sse n g e r F a res a n d B a g g a g e C h a rg e s.
Section 21.— All schedules, viz.: tariffs and supplements, published under
S ection 8 .— T h is o rd er shall a p p ly t o all th o passenger fares, b o t h intortho provisions of this order shall bear on the titlo page tho following in boldS ta to an d in tra -S ta to, o f th o railroads u n d e r F ed eral c o n t r o l. N o existin g
faco typo: “ The rates* mado effective by this schedule arc initiated by the
fa ro equal t o o r in excess o f 3 c ts . p e r m ile shall b o re d u c e d .
All fares n o w
President of tho United States through tho Director-General, United States
c o n s tr u c te d on a low er basis th a n 3 c ts . p er m ilo shall b o a d v a n c e d t o tho
Railway Administration, and apply to both Inter-State and intra-Stato
basis o f 3 c ts . per m ilo. A ll fares w h ich aro o n a low er b asis th a n th o said
traffic. Tills schedule is published and filed on one day's notico with tho
existin g o r a d v a n ce d fares, as th o caso m a y b o , su ch as m lleago o r e xcu rsio n
Inter-Stato Commerce Commission under general order No. 28 of the Directick e ts , shall be d is c o n tin u e d . T h e so requ irem en ts aro s u b je c t t o t h o fo l
tor-Goncral, United States Railway Administration, dated M ay 25 1918.”
low in g ex cep tion s:
, , „
* On passenger tariffs use word "fares.” On baggage tariffs use word
(a)
T h o p rov ision s o f S ection s 1 an d 22 o f th o A c t t o R e g u la to C o m m e r c o ,
"charges.”
gra p h (a) o f th is s e c tio n .
S ection 3 .— E xp ort and Im p o rt Rates.— A ll e x p o r t a n d im p o r t ra te s shall
b o c a n c e le d an d d o m e s t ic ra te s ap p lie d t o a n d fro m t h o p o r ts ,
j, s e c t io n 4 — F iling Intra-S tate T a riffs w ith Inter-S tate Com m erce C om m is
sion — (a) A ll in tra -S ta to ra te s an d all ra te s fo r tr a n s p o r ta tio n b y w a te r,
w h ic h a ro t o b o in cre a s e d u n d e r th is o r d e r , i f n o t n o w o n filo , e x c e p t ratos
ca n c e le d u n d er p a ra g ra p h (c) o f S e c tio n 1 an d p a ra g ra p h (d) o f S e c tio n 2,
shall b o im m e d ia te ly file d w ith th o In te r -S ta to C o m m e r c o C o m m is s io n .
(ft) A ll item s w h ich aro co n fin e d in th e ir a p p lic a tio n t o in tra -S ta to t r a ffic ,
b u t a re n o w ca rried in ta r iffs o n filo w ith th o I n te r -S ta to C o m m e r c o C o m
m ission , i f n o t ca n celed u n d e r p aragrap h (c) o f S e c tio n 1 an d p a ra gra p h (d)
o f S oction 2 , shall b o m a d o a p p lic a b le t o all tr a ffic .
S ection 5 .— M in im u m C h a rg es— (a) T h o m in im u m c h a rg e o n less th an
ca r lo a d sh ip m en ts shall b o as p r o v id e d in th o cla s sifica tio n g o v e r n in g , b u t
in n o caso shall th o ch arge o n a sin gle s h ip m e n t b o loss th a n 50 c ts .
(ft) T h o m in im u m ch a rge fo r ca rlo a d sh ip m en ts shall b o S15 p e r ca r;
d o e s n o t a p p ly t o ch arges f o r sw itch in g s c r v ic o .
S ection fi.— D isp osition F r a c tio n s — In a p p ly in g rates, fra ctio n s shall
w h ich a u th orize freo o r re d u ce d fares o r tra n s p o rta tio n , m a y b o o b s e r v e d ,
Director-General M cAdoo issued the following statement
F irst: T h a t n o m ileago tic k e t shall b o Issued a t a rate th a t w ill a ffo r d a
concerning tho increases in rates:
low er fa ro than th o regular o n e -w a y t a r iff fa ro , an d e x c e p t.
Tho United States has taken over the railroads as a war emergency
S econ d : T h a t ex cu rsion tick e ts m a y b o issued o n ly t o th o e x te n t a n d o n
measure. They must bo operated efficiently if tho war is to be carried
th o term s set fo rth in paragrap h s (6) an d (c) b e lo w :
to a successful conclusion, and they must bo operated under the high
(5)
R o u n d -tr ip tou rist fares shall b o e stablish ed o n a ju s t an d re a son able
b asis bearin g p rop er rela tion t o th o o n e -w a y faros a u th o riz e d b y th is o r d e r , cost conditions tho war has created.
Thoso conditions are strikingly illustrated by the steady increase in the
a n d ta riffs g ov ern in g sam e shall b o file d as p r o m p tly a s p o s s ib lo w ith th o
cost of railroad coal, as Indicated by tho following table:
In te r -S ta to C o m m e rco C o m m is s io n .
Price.
(c)
F o r th o N a tio n a l E n ca m p m e n t o f th e G ra n d A r m y o f th o R e p u b lic
Tons.
$137,860,000
SI 13
an d a u xilia ry and allied o rg a n iz a tio n s at P o r tla n d , O re ., in 1918, an d fo r
1915................. ...........................122,000,000
179,520,000
1 32
th o U n ited C o n fe d e r a te V eteran s R e u n io n , au xilia ry a n d a llied organ iz
1916_________ .............. ........... 136.000,000
329.000.000
2 12
a tio n s a t T u ls a , O k la ., in 1918, a ra te o f 1 c e n t p e r m ilo in e a ch d ir e ctio n
1917................. .......................... 154,570,000
489,700,000
2
95
v ia d ir e ct rou tes shall b o a u th o rize d an d c o n fin e d b y c e r tific a te o f id e n ti
...........................166.000.000
1918...............fic a t io n t o th o m em bersh ip o f th eso org a n iz a tio n s a n d m e m b e rs o f their
I ’ho increases in tho cost of fuel oil consumed by tho railroads and In
im m ed ia te fam ilies. F o r th e va rio u s S ta to m eetin g s o f theso orga n iza tio n s
tho cost of other railroad materials and supplies have likewise been enormous
h eld du rin g th o yea r 1918, fares shall b o au th o riz e d u n d e r lik o co n d itio n s
Theso increases havo contributed inevitably to tho increased cost of
o n basis o f ' 2 cents per m ilo in e a ch d ir e ctio n an d c o n fin e d t o lim its o f th o
living, which in turn has created a demand for Increased wages for railroad
S tato in w h ich th o m eetin g is h o ld .
employees.
This subject was exhaustively considered recently by tho
(ci) W h ero p u b lic c o n v e n ie n c e w ill b o se rve d t h e r o b y , s u b je c t t o th o
Railroad Wago Commission, consisting of Messrs. Franklin K. Lane,
a p p ro v a l o f tho D ir e c to r-G e n e r a l, fares d e te rm in e d b y th o sh o rt lin o m a y
Charles C. McChord, J. Ilarry Covington and William R. Willcox, who
b o a p p lied o v e r lon ger p ra c tic a b le ro u te s.
(e)
O fficers, enlisted m e n , an d nurses o f th o U n ite d S tates A r m y , N a v yhavo unanimously recommended increases in wages which they estimate
will add to railroad operating costs not less than 8300,000,000 in the year
an d M a r in o C o r p s , w h en tra v e lin g in u n ifo rm a t o w n oxp on so, shall b o
1918.
•
g ra n ted th o privilege o f pu rch asin g passage tic k o ts a t o n o -tliird th o regular
Tho Director-General has put tho recommendation of tho Wage Com
one w a y fa ro, v ia r o u te o f tic k e t, a p p lic a b le in c o a c h , p a rlo r, o r sleepin g
mission
into
effect,
making at the same time certain additional increases
ca r as th e caso m a y b o , w h en o n fu rlo u g h o r o ffic ia l le a v e o f a b s e n ce ,
for somo classes of employees in order to meet practical necessities which
e x c e p t th a t this red u ced fa ro shall n o t b e gra n te d o n s h o rt-te rm passes fro m
ca m p s o r w hen on lib e rty fr o m ships o r sta tio n s t o n e a r b y c itie s . A p cannot bo oxcapcd or postponed.
On account of thoso extraordinary Increases in operating costs which
p lica n ts fo r su ch tick ets shall b o requ ired t o s u b m it fo r in s p e ctio n o r tick e t
havo come about as a consequence of tho war, it is estimated that for the
a gen t m ilita ry fu rlou g h o r o th e r o ffic ia l fo rm o f leave o f a b s e n co an d t o sur
samo aggregate business as last year and under tho same conditions except
render to tick et a g e n t a fu rlo u g h fa ro c e r tific a te sign e d b y a co m m a n d in g
o ffic e r .
,
, , .
( / ) C h ildren u nd er 5 years o f a ge. w hen a c c o m p a n ie d b y p a re n t o r gu a r
d ia n , shall bo ca rried fre e ; ch ild ren 5 years a n d u n d er 12 years o f a go shall
b o ch a rg ed h a lf fa re.
S ection 9 — C o m m u ta tio n fares shall b o a d v a n c e d 1 0 % . C o m m u ta tio n
fares shall b o c o n s tru e d t o in clu d e all fo rm s o f tra n s p o rta tio n d esign ed for
su b u rb a n travel and fo r th o use o f th o so w h o h a v e d a ily o r fre q u e n t o c c a
sion t o travel betw een their h om es an d pla ce s o f e m p lo y m e n t o r e d u ca tio n a l
In stitu tion s.
. . . .
,
,
S ection 1 0 — P a sson gcrs tra ve lin g in sta n d a rd sle o p in g cars an d p arlor
ca rs shall b o requ ired t o p a y an a dd ition al passage ch a rg o o f 16 2 -3 % o f
th o n orm al o n e -w a y fa re , an d passengers tra ve lin g In to u ris t sleop in g cars
a n a d d ition a l passage ch a rg o o f 8 1 -3 % o f th o n orm al o n e -w a y fa r o . T h o
fo re g o in g charges aro in a d d itio n t o th o so requ ired fo r th o o c c u p a n c y o f
b erth s in sleepin g cars o r seats in p a rlo r cars.
S oction 11 .— T h o fo llo w in g m in im u m n u m b er o f tick o ts o f th o class g o o d
fo r passago in sleepin g o r p a rlor cars shall b o requ ired fo r o c c u p a n c y o f
d ra w in g room s, c o m p a r tm e n ts , o r se ctio n s in p arlor o r sleopin g cars: 1 wo
a d u lt tick ots for a d ra w in g r o o m in a sleopin g c a r , t w o a d u lt tick e ts fo r a
c o m p a r tm e n t, 0110 an d o n e -h a lf a d u lt tick o ts fo r a s o c tio n ; fiv e a d u lt tick e ts
f o r ex clu siv e o c c u p a n c y o f d ra w in g r o o m In a p a rlor car.
as to prices and wagos, the operating expenses for the calendar year 1918
will bo from $830,000,000 to $860,000,000 more than for tho calendar
year 1917.
.
Wliilo thoso increased operating costs will bo subject to readjustments
and may bo somowhat diminished, yet on tho other hand, because of the
abnormal mothods by which business must be conducted to serve the needs
of tho war, they may bo substantially increased. It seems clear that tho
railroads should bo mado self-sustaining and that sufficient rovenues should
bo provided to prevent them from becoming a burden on the federal
Treasury. Tho immediate practical necessity is that, without delay, in
creases in ratos should bo mado to provide for these increased costs oJ
operation. At bast, practically half of the year 1918 must elapso before
such increases in rates can be mado effective, although increases in operating
oxponses havo boon steadily effective since Jan. 1 1918.
Therefore, by virtue of tho power, during Federal control of tho rail
roads, which tho Act of Congress has conferred upon the President to initiate
rates whenover tho public interest requires, which power, as provided in
that Act, tho President by proclamation has devolved upon tho DirectorGoneral, tho latter has been compelled for tho reasons stated, to initiate
substantial Increases in freight and passenger rates for practically all
transportation services performed by the railroads under Federal control,
2308
THE CHRONICLE
deluding, o f course, transportation services within the several States as
well as transportation service across State lines. These increases are made
witix tho approval o f the President and are explained in detail in the copy
of the order accompanying this announcement.
The increases in passenger rates will become effective on the 10th day
of Juno 1918, and the increases in freight rates will becomo effective on
tho 25th day of June 1918.
In making tho advance effective on the dates specified a simple form of
tariff authorized by the Inter-State Commerce Commission must bo used,
and this will lead to tho temporary disregard, to some extent, of established
groupings and differentials. But it is the Intention to observe such group
ings and differentials as far as practicable, and hereafter, with as much
dispatch as possible, restore any important relationships which may bo
for the time being disturbed, and concurrently therewith endeavor to re
move any existing discrimination and bring about uniformity o f rate ad
justment throughout sections where conditions aro similar.
Tho Act of Congress provides that the reasonableness and justness of
such rates as may be dealt with by tho Inter-Stato Commerco Commission,
so that no interests affected will bo deprived o f the opportunity for full
hearing and consideration. The Act of Congress provides that the Com
mission, in passing upon theso questions, shall tako into consideration the
President’s finding and certificate that in order to defray the expenses of
Federal control and operation it is necessary to incrcaso tho railway operat
ing revenues.
In this connection it is important to make clear that no part of the increaso In rates now initiated is on account o f the making o f additions and
betterments or tho purchase o f now equipment or other expenditures
chargeablo to investment account. The increases initiated are solely on
account o f Increased burdens tending to diminish railway operating in
come.
In the nature of things, no such far-reaching step can accomplish ideal
equalization as betweon the numerous Interests necessarily affected, and
doubtless the Commission will find it proper to make readjustments to
attain a nearer approach to such equalization. Whilo as far as practicable
the rates as initiated are designed to avoid unnecessary disturbance of
relative rate bases, the Director-General will co-operate heartily with tho
Commission in any readjustments needed to accomplish still further tho
object o f avoiding unduo preferences, which, nevertheless, may develop
upon detailed consideration by the Commission.
It is earnestly hoped that all citizens affected directly or indirectly by
this increase o f rates will support tho general principle o f such increase as
an unavoidable war measure and accept tho additional burden in the samo
spirit o f self-sacrifice in which they have accepted other inconveniences
and burdens and the grievous personal losses which are parts of the price
that the nation is patriotically paying for world liberty.
In considering theso increases one vital distinction which makes them
fundamentally different from any rato increases ever proposed or allowed
when tho railroads were under private control should be understood. This
distinction is that thero is no way in which tho present increases will inure
to privato profit. If they turn out to bo more than are needed to meet tho
grave public exigency they will promptly be readjusted so as to prevent
any unnecessary burden upon tho public, but pending such readjustment
tho excess, if any, will bo for the benefit o f the people o f tho United States
as a whole, and not for the benefit o f the private railroad owners or any
of them.
To the extent that savings can be effected and to the extent that reduced
prices for tho things the railroads must buy can be realized, it will be tho
purpose o f the Director-General to make from time to time appropriate
reductions.
In his telegram to the State Railroad Commissioners on
M ay 27 Director-General M cAdoo said:
Apparent increases In operating expenses aggregating $830,000,000 to
$860,000,000 for the calendar year 1918, as compared with tho calendar
year 1917, and consisting principally of increases in wages and cost of coal,
fuel oil, and other materials and supplies, leave no escape from the con
clusion that the public interest requires immediate and substantial in
creases in tho rates for practically all services, passenger and freight, now
performed by the railroads under Federal control, and therefore in effect
performed by the United States Government itself, and that there is no
other reasonable way to defray tho expenses o f Federal control and opera
tion, sinco it is clear that those additional burdens should not bo forced
upon the Federal Treasury at tills time, when it is already so heavily
taxed by the needs o f our own Government for war purposes and tho
essental demands for credit of tho gallant nations associated with us in
this great struggle for liberty.
In these circumstances, it seems clear that tho duty which rests upon mo
by virtue of tho Act o f Congress o f March 21 1918, and by virtue of the
President's proclamation, should be performed by tho initiation without
delay of increased rates to meet the situation.
In dealing with tills supremely important subject I have given much
thought to the question as to the practical way o f availing myself of the
knowledge and co-operation which at all times have been so cordially put
at my disposal by the State Commissions. The Act of Congress gives me
no opportunity to share with tho State Commission^ the responsibility
which rests upon tho United States Railroad Administration for tho finan
cial results of tho United States Government o f the operation of tho rail
roads. In fact, the Government of the United States has assumed control
of tho railroads and the undivided responsibility for their operation, and
that entire responsibility has been placed upon mo.
I have also felt that tho exigencies of tho situation are so serious as not to
admit of postponement of action until full opportunity could bo extended
to tho commissions in all tho States to discuss the important problems
involved and to advise me, in advanco of official action, as to how my
responsibility could best be discharged.
In these circumstances, it has seemed clear that the responsibility
should be promptly met in the manner contemplated by the Act of Con
gress and then, in tho Inevitable readjustments wluch always must como
in a matter o f such far-reacldng character, to obtain tho advice and sug
gestions o f the State Commissions and to take advantage of their views
in order that in tho final consideration of the subject by the Inter-State
Commerco Commission, that body may have the benefit o f the most in
telligent and equitable suggestions as to tho readjustments needed to ac
complish tho largest measure of relative justico, while at the samo time
obtaining the additional operating revenues which tho United States
Government must have in order to discharge the responsibilities which
it has assumed for railroad operation.
Acting upon this viow, I am initiating substantial Increases in practically
all rates, passenger and freight, and am arranging to have delivered to you
at once a copy of the announcement on this subject. I earnestly hope that
the procedure thus adopted, and which is unavoidable, will have your
support, and that you will give the Government your full co-operation in
perfecting tho rates thus initiated.
[ V o l . 106.
I also bespeak your patriotic co-operation in getting tho public to sup
port in a patriotic spirit and as a war measure theso substantial rate in
creases, which aro the outgrowth of war conditions and which in principle
and in substance are indispensablo to onable tho Federal Government to
discharge tho transportation functions which aro essential to tho successful
conduct of tho war.
IN C R E A SE S
IN
APPROVED
W AGES
BY
OF
R AILR O A D
EM PLOYEES
D IR E C T O R -G E N E R A L M c A D O O .
Increases in wages of railroad employees substantially as
recommended by the Railroad Wago Commission (referred
to in our issue of M ay 11) were announced by DirectorGeneral of Railroads M cAdoo on M ay 26. The aggregate
of the increases, it is estimated, w-11 reach between $300,
000,000 and $350,000,000 a year, half of which will bo dis
tributed within a few weeks as back pay in lump sums ranging
from about $100 to nearly $200 each. The Director-General
departed from the Wage Commission’s recommendations in
the following particulars:
Tho principlo of tho basic eight-hour day is recognized, but owing to the
exigencies o f tho war situation hours of employment aro not actually re
duced , and overtime is to be paid pro rata. Future adjustments of pay are
to be made on tho basis of eight hours.
In addition to the ordinary scale of increase, day laborers, employed
mainly on track work, are to get at least 2 lA conts an hour more than they
received last Dec. 31.
A minimum rato of 55 cents an hour is established for such shop trades,
as machinists, boiler makers, blacksmiths and other mechanics who receive
the same basis o f rates.
Director-General M cA doo’s order calls for the samo pay
to women as that paid to men for the same work, and negroes
likewise are to get the same as whito men for similar employ
ment. The order creates a Board of Railway Wages and
Working Conditions and appoints as members of such board
J. J. Dermody, Vice-President of tho Order of Railway
Telegraphers; G. M . Sines, Vice-President of the Brother
hood of Railway Trainmen; A. O. Wharton, head of the
railway employees’ department of the American Federation
of Labor; F. F. Gaines, Superintendent of motivo power of
the Central of Georgia Railway; C. E. Lindsey, Maintenance
of Ways Engineer for tho New York Central, and W . E.
Morse, General Manager of tho Denver and Sale Lake
Railroad. The latter three have resigned their positions
with railroads.
The duties of the Board will be to hear and investigate
matters relative to inequalities as to wages and working
conditions, conditions arising from competition with em
ployees in other industries; rules and working conditions for
the several classes of employees.
Tho increases approved by Director-General M cAdoo are
effective to-day (June 1) and are retroactive to Jan. 1 1918.
The order applies to 164 roads now under Federal manage
ment, but not to tho so-called short lines unless they are
retained by the Government after July 1. It affects em
ployees of terminal, union station, and switching companies,
lighters, ferries and tugs owned by railroads, but not em
ployees of railroad boat lines on the lakes, rivers or coastwise
traffic. Although Pullman cars now aro under Government
operation, Pullman employees will not benefit unless the
Railroad Administration decides to retain management of
tho cars. The percentages of wage increase rango from 43%
for men who received $46 a month in December 1915, down
to a small rate for those receiving just under $250, and no
more is allowed men who made $250 or more in 1915. The
actual additions run up to $34. With tho exceptions of
officers and messenger boys under eighteen, who receive
smaller increases, all employees who received less than $46
a month receive a flat increase of $20, with tho provision
that laborers paid by the day shall got a minimum of 2)^
cents an hour above tho rate six months ago. Tho table
of increases, as announced, itemized for each dollar of wagos
received in December 1915, may be summarized as follows:
Monthly
Increase above
Rate in 1915.
1915 Pay.
$46 to $50......... -.-$ 2 0 21 to $21 50
50 to 55------- - . - 21 60 to 22 55
55 to 60_____ - - - 22 96 to 24 60
60 to 65......... - - - 25 01 to 26 65
65 to 70.........
28 70
70 to 75_____ - . - 29 11 to 30 75
75 to 80......... - - - 31 16 to 32 70
80 to 85........ - . - 32 75 to 34 00
85 to 90_____
33 25
90 to 95------- - - - 33 10 to 32 50
95 to 100.........
31 75
100 to 105.........
31 00
105 to n o .........
29 11 to 27 50
110 to 115......... - . - 27 12 to 25 66
115 to 120......... - . - 25 31 to 23 96
120 to 125.........
22 40
125 to 130.........
20 96
130 to 135......... . . . 20 69 to 19 63
135 to 140......... - . - 19 38 to 18 39
140 to 145......... - - - 18 16 to 17 24
Monthly
Rate in 1915.
145 to 150...............
150 to 155...............
155 to 160...............
160 to 165.............
165 to 170.............170 to 175...............
175 to 180...............
180 to 185...............
185 to 190...............
190 to 195...............
195 to 200...............
200 to 205..............
205 to 210...............
210 to 215___
215 to 220...............
220 to 225...............
225 to 230...............
230 to 235...............
235 to 239...............
239 01 to 250,enough
Increase above
1915 Pan.
17 02 to 16 17
15 96 to 16 16
14 97 to 14 22
14 04 to 13 33
13 16 to 12 50
12 34 to 11 71
11 56 to 10 97
10 83 to 10 27
10 14 to
9 61
9 48 to
8 97
8 85 to
8 38
8 26 to
8 80
7 69 to
7 26
6 74
7 16 to
6 64 to
6 25
6 15 to
5 78
5 69 to
5 33
5 24 to
4 89
4 81 to
4 56
to mako$250flat
THE CHRONICLE
June 1 1 9 1 8 .]
T h e fo llo w in g ta b le
in d ic a te s
th e
in crease in th e w a g e s
2309
In th o p re a m b le to th e w a g e ord er D ir e c to r -G e n e r a l M c A d o o
s a id :
o f e m p lo y e e s p a id o n a d a ily b a sis:
No problem so vast and intricate as that of doing practical justice to the
New Rate per Day
2,000,000 railroad employees of the country can be regarded as com
5 66 to 6 05
pletely settled and disposed of by the decision or order; therefore the Board
6 09 to 6 47
of Railroad Wages and Working Conditions is hereby established.
6 51 to 6 90
6 94 to 7 32
I
A p p e a lin g fo r th e e n th u sia stic s u p p o r t o f o ffic ia ls a n d
7 36 to 7 75
7 79 to 8 25
; e m p lo y e e s , M r . M c A d o o sa id :
’
It is my earnest hope that railroad officials and railroad employees will
T h o fo llo w in g ta b lo sh ow s th o in crease in w a g e s o f e m realize that their relations under Federal control aro not based on the old
conditions of private management. Dissensions and disappointments
p lo y e e s p a id on an h o u rly b a s is , th o ra te b e in g ce n ts p er h o u r:
should be forgotten, and all should now remember that they aro not only
Old Rale.
New Rate.
Neiv Rate.
Old Rate.
serving their country in the operation of the railroads but that upon the
.705 to
.80- - - .825 to
.2975
.905 ; character, quality and loyalty of that service depends in large measure
.1975 to
.20—
.10 to
.805
to
.90.91
.425
to
.99
.3025
to
.30—
.205 to
i our success in this war.
.905 to 81.00- - - .995 to 81.075 j It is an inspiring task— tlds task of putting upon a more just and equitable
.56
.43 to
.40—
.305 to
81.005 to 81.10- -8 1 .0 8
.65
to 81.1575 ; basis the wages and working conditions o f loyal workers in railroad service—
.5675 to
.60—
.405 to
.7350 81.105 to 81.20- -8 1 .1 6
to 81.20
.6525 to
.60—
.505 to
’ and I confidently expect the patriotic support and assistance of every rail
.82
. 7 0 - - .74 to
.605 to
road official and every railroad employee in performing that task with
credit and with honor to their country.
Old Rale per Day.
New Rate per Day Old Rate per Day.
$0 75 to $1 50 $1 52 to $2 27
4 55 to 5 00
1 55 to 2 00
2 32 to 2 83
5 05 to 5 50
2 05 to 2 50
2 89 to 3 53
5 55 to 6 00
2 55 to 3 00
3 60 to 4 23
6 05 to 6 50
3 05 to 3 50
4 30 to 4 77
6 55 to 7 00
3 55 to 4 00
4 81 to 5 20
7 05 to 7 60
4 05 to 4 50
5 24 to 5 62
T h e increase in w a g e s paid o n a m ile a g e b a s is , th e ra te s a p
p ly in g
“ por d a y ” or its e sta b lish e d e q u iv a le n t
in
m ile s , is
T h e o n ly p ro v isio n fo r lim ita tio n o f earn in gs in th e ord er
is a rulo t h a t , in in d iv id u a l ca ses w h ere th e n e w sca le p e r m its
s h o w n in th e fo llo w in g :
Old Rate.
Neio Rate.
\in cre ase s “ gre a te r th a n is a p p ro p r ia te or n e ce ssa ry to th o se
Old Rale.
New Rale.
Freight Engineers.
Passenger Engineers.
' tr a in m e n a n d e n g in e m e n w h o m a k e a b n o r m a l a m o u n ts o f
$4 10 to S4 50................84 56 to 85 01 84 25 to 8 500________ 84 01 to $5 78 m ile a g e a n d w h o th e refore m a k e a lr e a d y a b n o r m a lly h ig h
4 53 to 4 90............. 5 04 to 5 45 5 05 to 5 50...........
5 83 to 6 35
4 95 to 5 53............... 5 51 to 6 15 5 55 to 6 00_________ 6 41 to 6 93 , m o n t h ly e a r n in g s ,” o fficia ls o f e a ch ra ilro a d m a y ta k e u p
5 55 to 6 00............... 6 17 to 6 68 6 10 to 6 50............... 7 05 to 7 51 w ith c o m m itte e s o f m e n th e q u e s tio n o f lim itin g m ile a g e
6 05 to 7 00............... 6 73 to 7 79 6 75 to 7 25________ 7 80 to 8 37
m a d o p er m o n th b y e m p lo y e e s p a id o n th e m ile a g e b a s is .
Passenger Firemen.
S p e c ia l ra te s o f p a y are p ro v id e d fo r o ffic e , m e sse n g e r a n d
Freight
Firemen.
$1 91 to S2 50................82 46 to S3 22
' c h o re b o y s , a n d sim ila r e m p lo y e e s u n d e r e ig h te e n y e a r s , a s
2 51 to 3 00............... 3 23 to 3 86 $2 25 to S3 00................ 83 02 to
8403
3 05 to 3 45............... 3 93 to 4 41 3 01 to 3 50................ 4 04 to
470 f o llo w s : 8 2 0 increase p er m o n t h , w h ere th o p a y in D e c e m
3 60 to 4 25............. 4 64 to 5 47 3 55 to 4 00________ 4 77 to
537 b e r 1 9 1 5 w a s fr o m 8 3 0 to 8 4 5 a m o n th ; 8 1 5 in c re a se , w h ere
4 05 to 4 55................ 5 44 to
611
Passenger Conductors.
th o ra to w a s fr o m 8 2 0 to 8 3 0 a m o n th ; 8 1 0 in c re a se , w h ere
82 50 to S3 47...............S2 89 to 84 01
the. ra to w a s less th a n 8 2 0 a m o n th .
T h e c re a tio n o f th e
Freight Conductors.
• Passenger Baggagemen.
$1 40 to 82 00...........- 8 1 94 to 82 77 82 31 to 84 00................ 82 78 to
8482 n e w W a g o B o a r d w ill n o t a ffe c t th e d u tie s o f th o e x istin g
Passenger Trainmen.
4 10 to 85 04— ......... 4 94 to
607 R a ilw a y B o a r d o f A d ju s t m e n t N o . 1 , h a v in g ch a rg e o f d is
854 p u te s o v e r in te r p r e ta tio n o f w a g e or e m p lo y m e n t rides
81 35 to 81 8 7 -............ 81 88 to 82 61 5 08 to 7 09................ 6 12 to
T o figiu ’O th o increase ho w ill g e t e a ch o m p lo y e o sh o u ld
d e te r m in e , it is s ta te d , th o p a y w h ich his p re sen t p o sitio n
c a rried in D e c e m b e r 1 9 1 5 , fo r if h e h a s boon p ro m o te d or
d e m o te d his n ow w a g o is b a se d u p o n th o 1 9 1 5 p a y o f th e
p o sitio n
w h ich
ho
now
h o ld s .
In crea ses
w h ich
have
ac
co m p a n ie d p r o m o tio n s are n o t increases in th o sen se o f th o
n ew sc h e d u le , sinco “ th o w a g o
w ith th o m a n .
ru n s
w ith
th o p la c o ,”
not
B a c k p a y d u e u n d e r th o re tr o a c tiv e increases
w ill bo se n t to a n y m a n w h o h as b e e n d ism isse d fr o m tho
ra ilro a d servico sinco J a n . 1 or w h o h a s e n tered th o A r m y
or N a v y , b u t n o t to a n o m p lo y e o w h o q u it v o lu n ta r ily .
A n im p o r ta n t prin ciple c o n ta in e d in th o D ir e c to r -G e n e r a l’ s
o rd er is
th a t re d u c tio n s
in
h o u rs
b e re g ard e d as increases in p a y .
th a t e m p lo y e e s
of
sinco
1915
aro n o t
to
T h is m e a n s , it is a s s e r te d ,
th e fo u r b ro th e r h o o d s a ffe c te d
by
th o
A d a m s o n A c t aro to re ce iv e a d d itio n s o n to p o f th o in creases
d e v e lo p e d b y th a t A c t .
On
this
prin ciple
train
e m p lo y e e s ,
in c lu d in g
m e m b e rs
o f th e le a d in g b r o th e r h o o d s, w ill re ce iv e a p p r o x im a te ly th e
fo llo w in g
p ro p o rtio n a l oin creases o v e r
1915
pay,
e q u iv a le n t w h e n p a y is b a se d o n m ile s o p e r a te d :
g e r e n gin e e rs,
1 1 % ; passo n ger fire m o n a n d
p asse n ge r c o n d u c to rs,
m en,
40% ;
h e lp e rs,
fre ig h t
34% ;
th eir
P asson -
h e lp e rs, 2 8 % ;
1 5 % ; passo n ger b ra k o m o n a n d fla g
e n g in e e rs,
15% ;
fre ig h t c o n d u c to r s ,
an d fla g m e n , 4 0 % .
or
fre ig h t
fire m e n
and
2 0 % ; fre ig h t b r a k e m e n
T h e s e m e n also m u s t d e d u c t increases
g r a n te d
sin ce
1915.
T h o re c o g n itio n o f th o e ig h t-h o u r b a s is , th o u g h im p o r ta n t
as a p rin c ip le , does n o t m a te r ia lly a ffe c t th o sca le o f n ew
w a g e s g r a n te d , it is d e c la ro d .
F o r in sta n c o , a m a n w h o in
1 9 1 5 re ce iv ed 8 3 fo r a te n -h o u r d a y w o u ld n o w g o t $ 4 2 3
fo r ton h o u rs, b u t th is 8 4 2 3 w o u ld b e c o n sid ered as 8 3 3 8
fo r a d a y ’ s w o r k (eig h t h o u rs) an d 8 5 co n ts fo r tw o h o u r s ’
' o v o r tim e .
W h e n r e a d ju s tm e n ts aro m a d o la te r , in v o lv in g
p o s s ib ly e x tr a ra te s o f p a y fo r o v e r tim e , th e fu ll e ffe c t o f the
n ow
p rin ciple
e x p la in e d
will b e c o m e
th a t
a lth o u g h
m o re a p p a r e n t.
th o
W ago
M r.
C o m m is s io n
M cA doo
had
not
re c o m m o n d e d a d o p tio n o f this p rin ciple th o fe lt it ju s t to
d o s o , b o th in v ie w o f tho gen era l m o v e m e n t to w a rd re c o g
n itio n
of
th o
sh orte r
w o rk in g
day
and
m o ro
sp e c ific a lly
b e ca u se th o G o v e r n m e n t re co gn ize s th o p rin c ip le in p u b lic
w o rk s a n d c o n tr a c ts.
T h o p rin c ip le of p a y in g w o m e n th o sa m o as m e n fo r c o m
p a ra b le w o rk a n d n egroes th e sa m o as w h ite m e n fo r th e
sam o
so rv ic es,
tho
D ir e c to r -G e n e r a l
a lso
e x p la in e d ,
is in
c o n fo r m ity w ith G o v e r n m e n t p olicies in o th e r lin es o f e m
p lo y m e n t .
S o u th ,
T h o n egro ru lo w ill a ffe c t m a n y r o a d s in th o
w horo
n egroes
aro
e m p lo y e d
la r g e ly
as
fir e m e n ,
tr a in m e n , s w itc h m e n , la b o re rs, an d fo r o th o r w o r k .
ru le w ill b e c o m o
w ages
w ill
not
e ffe c tiv e
in clu d e
Juno
1,
but
T h is
p ay m en t of back
in creases re su ltin g
fr o m
th e
ru lo .
a ffe c tin g th o tr a in m e n ’ s b r o th e r h o o d s , n o r o th e r a d ju s tm e n t
b o a r d s to b e croated s o o n fo r o th e r classes o f la b o r .
T h e fo llo w in g s ta te m e n t re la tiv e to th e o rd er w a s issu ed
b y th o R a ilr o a d A d m in is tr a tio n :
Director-General McAdoo issued yesterday General Order No. 27,
fixing the wages of railroad employees. The order applies to tho employees
o f 164 railroads named in the order, and, in addition to such roads, “ all
terminal, union station and switching companies, all or a majority of whose
stock is owned by railroads named.” The order states further that such
other railroads as may be retained in Federal control on July 1 1918 will
bo added to the list, and that the Pullman C o., whose status is now being
considered, will also be added if decision shall be reached to retain the
Pullman Co. under Federal control.
The wago increases are included in article 2 and aro subdivided as follows:
a Rates of wages of railroad employees paid upon monthly basis.
b Rates of wages of railroad employees paid upon daily basis,
c Rates of wages of railroad employees paid upon hourly basis.
.
d Rates of wages of railroad employees paid upon piecework basis.
e Rates of wages of railroad employees paid upon mileage basis.
The rates named In the order do not substantially vary from those recom
monded by the Railroad Wage Commission, but certain modifications are
made which grant to common labor an increase of 2H cents per hour in
excess of wages paid on Dec. 31 1917, when the increase recommended by
tho Wago Commission is less than that amount and wliich establish a
minimum rate of 55 cents per hour for such shop trades as machinist,
boiler makers, blacksmiths and other mechanics who receive samo basis
o f ratos.
The original recommendation of the Wage Commission, wliich has been
substantially adopted in the Director-General’s order for wage increases,
appears to have been based upon the "average monthly earnings” for each
class of servico for tho month of Dec. 1915. In the tabular statement of
monthly ratos recommended by the Railroad Wage Commission the per
centages of increase aro as high as 43% for employees receiving under $46
per month, tho percentage gradually decreasing in what appears to be a
constant ratio, leaving no Increase to employees whose wages were $250
in Dec. 1915.
While this ratio of percentages appears to bo uniform, the actual amounts
of increases aro shown to extend from 820 per month to the lowest paid
men up to 833 60 for those who were receiving 882 in Dec. 1915, and then
gradually decreasing to no Increase for those who received $250.
Other tables of ratos of wages for men paid on daily basis, hourly basis,
picco-work basis, and mileage basis apparently wero prepared to bhe Wage
Commission upon the same progressive theory.
Examples or illustrations are given after each table showing how the
wage ratos will be applied.
Under Section (F ), General Rules for Application of Wage Increases, it is
shown that the now wage is based upon the rate covering tho position and
not upon the individual employee who may be filling such position, and
that the wage increased named in the order shall be based upon the rate
o f wages in effect in Dec. 1915, and that if since Dec. 1915 employees have
rocelvod increases in wages, such increases are charged against tho employees
and only the additional increase granted by the wage order is now to be
added.
Wherever wages or ratos of overtime are now liigher than those fixed by
tho order they will remain undisturbed, and no adjustment of hours will
be permitted which will serve to deprive any employee of the full amount of
the increase compensation to which he is now entitled under the order.
The order is made effective as of Jan. 1 1918 and back payments will be
made to employees as promptly as possible, separate from the current wage
payment and for oach month as rapidly as the computations aro made for
such months.
Colored firemen, trainmen, and switchmen, in addition to securing the
Increase recommonded by the wage commission, will have their wages
advanced to tho samo as white men employed on the samo roads and for
J the same work on Juno 1 1918, but back payments will not.apply to this
increase, which is made effective as of June 1 1918.
THE CHRONICLE
3310
A marked deviation from the recommendation o f tho Railroad Wage
Commission is found in article 3, Rules Governing Conditions o f Employ
ment, wherein the basic eight-hour day is established. Tliis deviation,
however, docs not reduce tho hours o f employment as at present worked,
nor does it increaso tho total compensation fixed in tho order for tho number
o f hours notV worked in excess o f eight hours. Tho following examples
illustrate tho method o f applying tho wago increase to the basic eight-hour
day.
Position which in Dec. 1915 paid S2 per nine-hour day: Old rate, S2 per
day. New rato, $2 51 for eight-hour basic day. Overtime 31.4 cents per
hour. Now rato, $2 83 for nine-hour service; 83 cents increase.
Position which in Dec. 1915 paid $100 per month, working 11 hours per
day for 31 working days: Old rato, $100 per month. Now rate, $95 82
per month, basic 8-hour day. Overtime, $35.93— 93 hours at 38.64 cents
per hour. Now rato, $131 75 for same service; increase, $31 75.
An employeo who earned $100 a month for Dec. 1915 is given by tho
tho order an increaso o f $31 75 per month, making his present rato $131 75
per month. In tho application of this increaso, $95 92 is apportioned to
the basic eight-hour day and $35 93 is apportioned to tho overtime.
While this does not actually reduce tho hours of employment now in
effect ,or increase tho compensation recommended by tho Wago Commission,
it does establish tho basic eight-hour day upon which further wago adjust
ment will bo based.
Tho Director-General states in his order that “ when women aro employed
their working conditions must bo healthful and fitted to their needs. The
laws enacted for tho Government o f their employment must bo observed,
and their pay, when they do tho same class o f work as men, shall bo the
samo as that o f men.”
Tho order also creates a Board o f Railway Wages and Working Conditions
and appoints as inombers o f such board J. J. Dermody, F. F. Gainos,
C. F. Lindsey, W . E. Morso, G. II. Sines, and A. O. Wharton. Tho
duties of this board will bo to hear and investigate matters presented by
railway employees or their representatives affecting:
1. Inequalities as to wages and working conditions, whether as to
individual employees or classes o f employees.
2. Conditions arising from competition with employees in other in
dustries.
3. Rules and working conditions for tho several classes of employees,
oithcr for tho country as a whole or for different parts o f tho country.
Tho board will also hoar and investigate other matters affecting wages
and working conditions referred to it by tho Director-General. Tho board
is solely an advisory board and will submit its recommendations to tho
Director-Goneral for his determination.
Questions arising as to tho intent o f tho order aro to bo referred to Railway
Board o f Adjustment No. 1 and other similar boards when created, who
will Investigate and report recommendation to tho Director-General, but
no decision will be rendered by such boards until after approval by tho
Director-General o f such interpretations.
F-i
Where employees o f any class aro not covered by any board of adjustment
so far created, questions arising as to tho intent o f tho order concerning
such employees shall bo submitted to tho Director o f tho Division of Labor,
United States Railroad Administration, Washington, D. C.
H u g h F r a y n e , G e n e ra l O r g a n iz e r o f th o A m e r ic a n F e d e r a
tio n o f L a b o r a n d a m o m b o r o f th o W a r In d u str ie s B o a r d ,
w a s q u o te d in th e N o w Y o r k “ T i m e s ” a s s a y in g o n M a y 2 5 :
Tho policy outlined by Director-Goneral o f Railways M cAdoo is a
marked progressive stop. While tho question whether tho pay increases
themselves aro satisfactory is for tho men themselves to decido, I can say
that tho general principles adopted aro far in advanco of anything over
dono by tho railroads under privato ownership.
Equal pay for equal work under all conditions is a principle for which wo
havo long been working. If an employer can hire a colored man at lower
pay to do tho same work dono by tho whito man, tho tendency is to establish
a lower standard, and also to produce inefficiency. A man who does tho
samo work as another, but gets lower pay for it, is not encouraged to do his
best. Tho samo principle calls for equal pay for women. In theso re
spects tho announcement is bound to bo gratifying to organized labor.
Secondly, tho now policy is ono under which tho Government deals col
lectively with all railroad labor, and that, too, is a step in advanco. It is a
policy which Is pretty sure to prevout labor troubles and to malco adjust
ments easy in individual cases.
Tho Government's railroad policy also recognizes tho basic eight-hour
day, which has never been recognized by railroads under privato manage
ment. Now that tho Government has taken this stop, private Industry
will havo to follow, and tho eight-hour day is bound to become tho general
and permanent standard.
[Vol . 106
M c A d o o d ecla re s t h a t th o G o v e r n m e n t c a n n o t b e coorcod
or in tim id a te d
e m p lo y e e s
by
fe e lin g
any
o f its o m p lo y e o s .
th e y
havo
ju s t
E very
grou n d
fo r
class o f
c o m p la in t
u n d e r th o w a g o d ecision sh o u ld ho s a y s s u b m it th e ir ca ses
to th o B o a r d o f R a ilr o a d W a g o s a n d W o r k in g C o n d itio n s
and
th e y
w ill b e g iv e n
T h o c o m m u n ic a tio n
ju st
and
im p a r tia l c o n s id e r a tio n .
sa id :
Tho striko of certain shopmen machinists, &c., in tho railroad shops at
Alexandria, Va., has created a very painful impression on tho public mind.
I cannot believe that these men know what they wero doing. They aro all
employees now of tho United States Government. They aro not employees
of any railroad corporation, therefore, this was a striko against tho Govern
ment of tho United States. It is the first timo in tho history of our Gov
ernment that any of its employees havo attempted a striko against their
Government. Such action is incredible. For tho good of our beloved
country and for tho honor of railroad mon in tho sorvico everywhere, I liopo
that thero will bo no repetition of what every ono must condonm as un
patriotic in tho highest degree.
Tho Government cannot, of course, be coerced or intimidated by any of
its omployeos. It is anxious to do justice to all, and will do justico to all
as far as it is possible to measure justico. Recognizing that thoro aro
probable inequalities in tho recommendations of tho Wago Commission
which should bo impartially considered and dealt with, I appointed in my
Goneral Order No. 27, dated May 25, a Board of Railroad Wages and
Working Conditions, composed of threo representative labor mon and three
representative railroad men, whose duty it is to hoar and to pass upon all
petitions and complaints. Every class of employees or parts of classes of
employees who feel that they havo just ground for complaint under tho
wago decision should submit their cases promptly to this Board, and they
will bo given just and impartial consideration. Tho American people
havo just been called upon to pay largely increased freight and passenger
ratos for tho purpose of paying in part tho increased wagos, amounting
to moro than $300,000,000, awarded to railroad employees.
Suppose they should striko against tho Government because they do not
think they aro fairly treated in being forced to pay thoso increases for tho
benefit of railroad labor, what would happen to our country? Supposo
tho railroad officers should striko because they disliked tho orders of tho
Government, and should refuso to obey thorn, what would happen to
them? Suppose that railroad employees should strike against tho de
cisions of their Government and hamper tho operation of tho railroads
at a timo when transportation is essential to protect tho hundreds of thou
sands of American boys now fighting on tho battlefields of Europo to savo
tho lives and property and liberty of railroad omployeos serving hero a*
homo, what would happen to our country?
Tho Kaiser probably would get it. Wo cannot all got oxactly what wo
want in this world, nor can wo win tlds war unloss oacli and every citizen
is willing to submit to tho laws of tho land and to tho decisions of thoso
in authority.
Wo railroad men particularly must give unswerving and loyal support
to our Government, no matter what our individual views and disappoint
ments may bo, relying upon a fair hearing of our complaints and tho jus
tico of our cause, and accepting patriotically tho final decisions of thoso
in authority who under our laws aro charged with tho responsibility of
making them.
While in tho German drivo now going on tho sons of railroad men and
tho sons of Americans of every class aro dying on tho battlofloids of Franco
to savo America and democracy in tho world, shall thero bo found among
us any sot of men who are unwilling to sacrifice somotliing of thoir personal
views and individual desires to support America’s heroes, who aro making
tho supremo sacrifice for us?
I earnestly hope that from ono end of tills groat land to tho other it may
nover bo said again that any railroad man, officer or employeo, was.so un
patriotic as to striko against his own Government when it is in the midst
of tho most perilous war of all history. It is tho highest duty of patriotic
mon to remain at their posts with the railroads, wlioro they aro so urgently
needed for tho safety of tho country, and to rely upon tho Board of Railroad
Wages and Working Conditions and tho Director-Goneral for tho just
consideration of their claims.
I am sure that I can count upon you to immediately urgo upon your mon
by wiro tho wisdom and patriotism of the courso I havo suggested.
W . G. McADOO,
Director-General of Railroads.
Tho
c o m m u n ic a tio n
w as
a d d ro ssed
to
John
E.
B ray,
K a n s a s C i t y , M o . , P re sid o n t o f th e M o t a l W o r k o r s ’ In te r
n a tio n a l A llia n c e ; C h a rle s P . F o r d , S p r in g fio ld ,
111., P re si
A c c o r d in g to press d isp a tc h e s fr o m W a s h in g t o n o n M a y
d e n t o f th o In te rn a tio n a l B r o th e r h o o d o f E le c tric a l W o r k
2 8 , sco res o f p ro te sts re a ch e d th o R a ilr o a d A d m in is tr a tio n
ers o f A m o r ic a ; J . F . A n d o rs o n a n d F . I I . K n i g h t , W a s h
h e a d q u a rte rs
on
th a t
day
a g a in s t
s m a ll
w age
in creases
g r a n te d b y D ir e c to r -G o n e r a l M c A d o o ’ s re c e n t o r d e r .
W ord
in g to n , D . C . , o f th o A m o r ic a n F e d e ra tio n o f L a b o r ; J a m e s
W . C lin e o f C h ic a g o , L o u is W o y a n d o f K a n s a s C i t y , a n d
c a m o f r o m A le x a n d r ia , V a . , th a t b o tw ee n 3 0 0 a n d 4 0 0 sh op
A.
e m p lo y e e s o f th e S o u th e r n R a ilw a y h a d q u it w o rk fo r tho
M a c h in i s t s ’ o r g a n iz a tio n s .
O.
W h arton
of
S t.
L o u is
of
A m a lg a m a t e d
Shopm en
d a y to e m p h a siz e th e ir d is s a tis fa c tio n o v e r th o n e w s c a le .
E.
P . R ip le y , P re sid e n t o f th o A tc h is o n T o p e k a & S a n taFEDERAL
F e , h a d tho fo llo w in g to s a y re g a rd in g th e n ow ra ilro a d w ago
order:
T h e a p p o in t m e n t o f
Tho Director-General has dono what tho railroads would like to havo
dono before If given tho opportunity. Tho creation o f a now wago board is
tho proper thing if it will work well. I think it will work well. How well
will depend upon tho loyalty o f labor. I doubt whether tho proposed in
creaso in rates will counterbalance tho increaso in labor cost and tho cost
of coal, but that is something that only tho futuro can determine.
DIRECTOR-GENERAL McADOO WARNS AGAINST
STRIKE MOVE BY RAILROAD SHOP MEN.
T h e re p o r ts o n M a y 2 8 o f strik e s o f sh o p e m p lo y e e s o f tho
S o u th e r n R a ilw a y b e ca u se o f d issa tisfa c tio n o v e r th e now
w a g o sca le fo r ra ilro a d e m p lo y e e s , a n n o u n c e d b y D ir e c to r G e n e r a l M c A d o o , ca u sed th e issu a n ce b y th o la tto r o n M a y
3 0 o f a c o m m u n ic a tio n to th o h oa d s o f a h a lf d o z e n or m o re
la b o r
C a llin g
MANAGERS OF PENNSYLVANIA, B. &0.
AND CHESAPEAKE & OHIO.
.
o rg a n iz a tio n s
a t te n tio n
to
w a rn in g
a g a in s t
th o f a c t
th a t
m en
any
strik o
in ra ilro a d
a ro n o w e m p lo y e e s o f th o U n it e d S ta t e s G o v e r n m e n t .
m ovo.
sh o p s
M r.
E lis h a L e e
as F od oral m a n a g e r o f
th o P e n n s y lv a n ia R a ilr o a d a n d A . W . T h o m p s o n a s F e d e ra l
m a n a g e r o f th o B a ltim o r e & O h io R a ilr o a d w a s a n n o u n c e d
y e s te r d a y .
G eorge
th o C h e s a p e a k e &
o f th a t r o a d .
W .
S te v e n s ,
h e re to fo re
P re sid o n t
of
O h io , h a s boon m a d e F e d e ra l m a n a g e r
________________________
THEODORE II. PRICE MADE ACTUARY OF UNITED
STATES RAILROAD ADMINISTRATION.
Tho
a p p o in tm e n t o f T h e o d o r e
II.
P rico as A c t u a r y
to
th e U n it e d S ta te s R a ilr o a d A d m in is tr a tio n w a s m a d e k n o w n
as fo llo w s b y D ir e c to r -G e n e r a l M o A d o o o n M a y 2 9 :
Theodore II. Prico of Now York has aceoptod appointment as Actuary
to tho United States Railroad Administration, effective June 1.
Mr. Price is a business man and financier of wido experience. Prior to
1900 ho was tho head of a largo banking and brolcorago liouso of Now York
City, with extensive connections in this country and abroad.
Slnco 1900 ho has been editor and proprietor of “ Commerce and Finance.”
lie is also Financial Editor of tho "Outlook," and is widely known as an
2311
THE CHRONICLE
June 1 1 9 1 8 .]
that a submarine might safely enter Dublin Bay and go as far as Pigeon
House without encountering nets.
On March 26 von Jagow replied that tho arms would be sent and that a
special codo word would be used every night as the introduction to the Ger
man wireless press service. In a mesasge from von Bernstorff to Berlin
tho Germans were assured that there were numerous private wireless re
ceiving stations in Ireland.
On April 18 and 19 urgent messages were sent from America to Berlin
BRITISH GOVERNMENT GIVES REASONS PROMPTING fixing the delivery of arms for the evening o f Easter Sunday, pressing for the
landing
of German troops and asking for an air raid on England and a naval
ARREST OF IRISH LEADERS.
attack on the English coast. These attacks actually took place between
T h e e v id e n c e o n w h ic h th e B r itis h G o v e r n m e n t a c te d in April 24 and 26.
It was declared to be the hope of the rebels and their German and Ameri
a r re stin g , o n M a y 1 8 , th e lea d ers o f th e S in n F e in m o v e m e n t
can friends to blockade Irish ports against England and establish bases in
in Ire la n d w as o u tlin e d in a s ta te m e n t issu e d b y th o O ffic ia l
Ireland for German submarines.
.
P re ss B u r e a u o n M a y 2 5 .
T h o r e v e la tio n s are d iv id e d in to
The rebellion broke out a day later than scheduled, on Easter Monday,
tw o p a r ts— th o p eriod p rio r to th e a b o r tiv e u p risin g a t April-24, but, as the world is aware, German support miscarried and it
ended in complete failure. The report of tho Royal Commission on the
E a s te r , 1 9 1G, a n d th e p eriod sin ce d o w n to th o p re se n t m o n th
rebellion in Ireland states:
of M a y .
A s to th e earlier p e rio d tho s ta te m e n t g o e s in to
It is now a matter of common notoriety that the Irish Volunteers had
been In communication with the authorities in Germany and were for a long
c o n sid e r a b le d e ta il, g iv in g th e n a m e s , d a te s a n d sou rce s o f time known to have been supplied with money through Irish-American so
in fo r m a tio n .
A s to th o m o ro re c e n t e v e n ts , d e ta ils are in cieties. This was so stated in public by John MacNeil, former President
of tho Sinn Fein, on Nov. 8 1914. It was suspected long before the out
largo p a r t w ith h o ld , o n th o g r o u n d th a t th e ir p u b lic a tio n a t break that somo of the money came from German sources.
th is tim e w o u ld d isclose th e n a m e s o f p erso n s w h o h a d s to o d
It became clear soon after the rising that the Sinn Fein leaders again were
asking Germany for help. On Juno 17 there was a message from Berlin to
b y th e G o v e r n m e n t a n d a lso th e c h a n n e ls o f c o m m u n ic a tio n
Washington referring to “ A 259 of May 6,” a message which is missing, and
th r o u g h w h ich th e G e r m a n G o v e r n m e n t w a s a c tin g , a n d
saying that Germany was perfectly ready to give further help if the Irish
w h ic h it w o u ld n o t b e in th o p u b lic in te r e st to ro v o a l.
only would say what sort of help they required.
On June 16 von Bernstorff already had sent a dispatch giving an account
T h e s ta te m e n t d isclose s C o u n t v o n B o r n s to r ff, th o fo rm e r
of the rebellion and stating that $5,000 had been provided for the defense of
G e r m a n A m b a s s a d o r to th o U n it e d S ta t e s , as th o in te r m e
Casement. On July 25 he sent a long message, explaining that the work of
d ia r y b e tw e e n th o S in n F e in lea d ers in Ir e la n d , w ith th e ir reorganizing the rebels was making good progress and that their lack of
money
had been remedied by him,
a id s in th is c o u n tr y , a n d th e G e r m a n G o v e r n m e n t .
The
On Sept. 8 in a dispatch to Berlin he enclosed a memorandum from a
fa c ts a s to th o 1 9 1 0 u p risin g are a lr e a d y fa ir ly w ell k n o w n , b u t person called ‘ ‘the Irish revolution director resident in America,” which con
th o s ta te m e n t o u tlin e s in d e ta il th e p a r t p la y e d b y c e rta in tained detailed proposals for a fresh rising. Any rising, said the Irish revo
lution director, must be contingent upon tho sending by Germany of an
I r is h -A m e r ic a n so c ietie s a n d th e ir lea d ers in c a rr y in g o n th e
“ expedition with sufficient military force to cover a landing.”
n e g o tia tio n s w ith G e r m a n y .
A c c o r d in g to th o s t a te m e n t,
On this occasion the German Government was to fix the time, and as an
n e g o tia tio n s w ith G e r m a n y w ere r e su m e d im m e d ia t e ly a fte r inducement the advantage of having submarine and Zeppelin bases in W est
Ireland was insisted upon. Von Bernstorff evidentjy was having difficulty
th o failu ro o f th e 1 9 1 6 o u t b r e a k , w ith G e r m a n y o ffe r in g to
with his tools, for on Oct. 24 he warned his Government not to allow a cer
s u p p ly a r m s , a n d d e m a n d in g su b m a rin e a n d Z e p p e lin b a ses
tain Capt. Boohm, then a resident of Rotterdam, to write to Irishmen in
America, since his letters were apt to go to tho wrong people. Later Capt.
in Ire la n d in re tu rn fo r her h e lp .
N o t h in g c a m e o f th is ,
Boohm was arrested by us in British waters.
lio w o v o r , o w in g , th e s ta te m e n t in t im a t e s , to th o in a b ility o f
We again find von Bernstorff on Dec. 4 attaching a noto surreptitiously
to a message passed by tho American Government, in which he mentioned
G e r m a n y to se n d tr o o p s to I r e la n d . ^Am erica’ s e n tr y in to
that
tho Irish leaders in America were pressing for an answer to their pro
th o w a r c r e a te d a n e n tir e ly n e w s itu a tio n a n d n e c e ssita te d
posal of Sept. 8. He seems to have followed this on Christmas Day with
n ow c h a n n e ls o f c o m m u n ic a tio n , b u t th o Irish lea d ers are a message which is missing, for on the last day of 1916 Foreign Secretary
Zimmermann informed him of quantities of munitions which it was proposed
a lle g e d to h a v e p e rsiste d , a n d b y A p r il o f th is y e a r , th e s ta te
to land between Feb. 21 and 25 1917. He added that it was impossible to
m e n t s a y s , it w a s a sc e r ta in e d d e fin ite ly th a t a p la n fo r la n d
send German troops.
in g a r m s in Ire la n d w as ripo fo r e x e c u tio n a n d t h a t th o G o r
On Jan. 18 1917 Bernstorff replied that his Irish committee declined
m a n s o n ly a w a ite d d e fin ite in fo r m a tio n .
T h o n e w risin g tho proposal, as without German troops a rising would be useless.
After America's entrance into the war, in April 1917, the lino of com
is said to h a v e b e e n tim e d to co in cid o w ith th o G e r m a n d riv e
munication between tho German Government and tho leaders of the Sinn
fo r th o C h a n n e l p o r ts , a n d a t a tim e w h e n G r e a t B r ita in w as
Fein party was broken temporarily, though there was no reason to believe
that tho messenger service between America and Ireland devised by John
e x p e c te d to b o s tr ip p e d o f tr o o p s to m e e t th o o ffe n s iv e .
Dovoy was affected.
T h o arre st o f th o S in n F e in lea d ers fo llo w e d th e s ta te m e n t
A cluo to tho new lino of communication was obtained subsequently and
c o n c lu d in g w ith th e r e m a rk th a t “ n o o th e r co u rse w a s o p e n lias beon followed up actively. The effect of this new lino In Ireland is visi
ble
in tho speeches of tho Sinn Fein leaders during this period.
if useless b lo o d sh e d w a s to bo a v o i d e d .”
For example. Prof. Do Valera, addressing the convention of tho Irish
T h o fu ll te x t o f th o s ta te m e n t b y th o O ffic ia l P re ss B u r e a u
Volunteers on Oct. 27 1917, said:
fo llo w s:
By proper organization and recruiting we could have 500,000 fighting
Tho revolutionary movement in Ireland, which culminated in tho arrest of volunteers in Ireland. That would be a big army, but without tho oppor
tunity and means for fighting it could only bo used as a menace. 1 here
a considerable number o f persons last week, consisted of two closely re already has been too much bloodshed without success and I would never
lated series of activities: Attempts by tho German Government to foment advocate another rebellion without hopeful chances of success. Wo can
rebellion in Ireland and preparations in Ireland to carry these attempts into see no hope of that in the near futuro except through a German invasion
of England, and tho landing of troops and munitions in Ireland. Wo should
action.
bo prepared to leave nothing undone toward that end.
Tho story of tho active connection between tho loaders of tho Sinn Fein
On another occasion, in January of this year, De Velera said:
movomont and tho Germans, as disclosed by documents in possession of tho
Uritish Government, falls into two parts— tho period prior to and tho period
As long as Germany is tho enemy of England and England is tho enemy
of Ireland, so long will Ireland be a friend of Germany.
since tho abortivo Irish rebellion o f Easter, 1916.
Tho events of the first period can be told in somo detail, but tho second
About April, 1918, it was ascertained definitely that a plan for landing
period, which concerns recent events, permits of no more than a summary, arms in Ireland was ripo for execution and that tho Germans only awaited
as a full statement of the facts and documents in possession of the Govern doflnito information.
ment would discloso the names of persons who stood by tho Government and
The British authorities were able to warn the Irish Command regarding
also tho channels of communication through wldch tho German Govern tho probable landing of an agent of Germany from a submarine. The agent
ment was acting and which it would not be in tho public interest to roveal at actually landed on April 12 and was arrested.
present.
Tho new rising depended largely upon tho landing of munitions from sub
Tho story begins as early In the war as N ov. 6 1914, when Herr Zimmer- marines and thero is evidence to show that it was planned to follow a success
mann transmitted through Count vonBcrnstorffamcssago from Sir Itoger ful German offensive in tho west and was to take place at a time when Great
Casement (later captured in Ireland and oxecuted), asking that a messenger, Britain presumably would be stripped of troops.
a native-born American if possible, be sent to Ireland with word that every
According to documents found on his person. Do Valera had worked out
thing was favorable. IIo was to carry no letter for fear of arrest. Case in groat detail tho constitution of his rebel army. Ho hoped to be able to
ment also asked that an Irish priest should bo sent to Germany with tho muster 500,000 trained men. There is evidence that German munitions
assistance of tho German Legation in Norway to work in prison camps to actually had been shipped on submarines from Cuxhaven in the beginning
corrupt Irish prisoners of war. This priest was a certain Father John T. of M ay and that for some time German submarines have been busy off the
Nicholson, an American citizen of Irish b'rth. He reached Germany safely west coast of Ireland on other errands than the destruction of Allied ship
and wo find him in January, 1915, transmitting messages to America.
ping.
' According to a report o f Capt. von I’ apen (German Military Attacho in
No other course was open to the Government if useless bloodshed was to
Washington) dated Dec. 5 1914, verbal assurances wero sent in response to bo avoided and its duty to its allies fulfilled but to intern the authors and
Casement’s request that an excellent impression had beon produced In Ire abottors of this criminal intrigue.
____
land. In the beginning of 1916 tho plot ripened and on Fob. 10 of that year
Count von Bernstorff sent to a covering address In Rotterdam a dispatch CONVENTION OF ASSOCIATION OF RESERVE CITY
signed with tho namo of Skal, one of his principal American agonts.
economist and statistician. lie has long been recognized as a loading au
thority on cotton production, and upon the outbreak of the war was promi
nent in the movement looking toward the stabilization of cotton values
and the organization of the Hundred Million Dollar Cotton Fund.
Price has been for some years a contributor on economic subjects
to the “ World’s W ork,” the “ Outlook,” and other loading periodicals.
T h e d is p a t c h in c lu d e d a n e x t r a c t fr o m t h o r e p o r t o f J o h n D o v o y , h e a d o f
t h o C la n - n a - G a o l , t o t h o e f f e c t t h a t a c t io n in I r e la n d c o u ld n o t b o p o s t p o n e d
m u c h lo n g e r s ln c o h o fe a r e d t h o a r r e s t o f t h o le a d e r s .
h o s a id , t o b e g in a c t io n o n
I t h a d b e e n d e c id e d ,
E a ster S a tu rd a y , a n d h o u rg e d th a t a rm s a n d
m u n it io n s b o in L im e r ic k b y
th a t d a te .
Later in tho same month von llcrnstorff, following his usual practico, sur
reptitiously attached to a message to Berlin passed by tho American Gov
ernment a noto fixing Easter Saturday for tho rising and urging tho dispatch
of munitions. On March 4 von Jagow (German Foreign Minister) re
plied that tho arms would bo landed In Tralee Bay, and asked that the neces
sary arrangements bo made In Ireland through Dovoy. On March 14 von
Bernstorff replied that tho Irish agreed and that full details wero being sent
to Ireland by messenger.
T h o next day
von
B e r n s t o r ff te le g r a p h e d t h o c o d o t o
b o u sed b e tw e e n
t h o G o r m a n s a n d th o r e b e ls w h ile th o a r m s w e r e in t r a n s it , a n d e x p la in e d
BANKERS IN NEW YORK JUNE
6
AND
7.
T h o six th a n n u a l c o n v e n tio n o f th e A s s o c ia tio n o f R e s e r v e
C i t y B a n k e rs w ill b e h eld a t th e H o te l A s t o r , N e w Y o r k C i t y ,
o n T h u r s d a y a n d F r id a y , J u n o Gth a n d 7 t h .
D u r in g th e
b u sin e ss se ssion s th ero w ill b e ad d re sse s a n d d iscu ssio n s o n
im p o r ta n t p r e s e n t-d a y b a n k in g s u b je c ts .
bo: C .
T h e sp ea k e rs w ill
R . M c K a y , V ic e -G o v e r n o r F e d e ra l R e s e r v e B a n k ,
C h ic a g o ,
111.;
F ran k
K .
H o u sto n ,
V ic e -P r e s id e n t
T h ir d
N a t io n a l B a n k , S t . L o u is , M o . ; O . H o w a r d W o l f e , fo r m e r ly
C a s h ie r ,
P h ila d e lp h ia
N a t io n a l
Bank,
P h ila d e lp h ia ,
P a .;
• A lb e r t B r e t o n , V ic e -P r e s id e n t G u a r a n t y T r u s t C o . o f N e w
3312
THE CHRONICLE
Y o r k ; F re d I . K e n t , V ic e -P r e s id e n t o f th e B a n k e r s T r u s t
[V o l . 106
C h a rle s I I . W . F o s t e r a n d A u g u s t u s P . L o r in g J r . h a v e
C o . o f N e w Y o r k ; C h a rle s W . D u p u is , V ic e -P r e s id e n t, C it i
b e e n e le c te d
zen s N a tio n a l B a n k , C in c in n a ti, O h io ; M o r t o n H . F r y , o f
B o sto n .
T h e d e a th o f A lfr e d B o w d it c h , a m e m b e r o f th o
b o a r d , is a n n o u n c e d .
B e r n h a r d , S c h o lle & C o . , N e w Y o r k C i t y .
T h e fe a tu re s o f
d ire ctors o f th e N e w
E n g la n d
T ru st C o .
of
th e e n te r ta in m e n t p ro g ra m w ill b e : A b a n q u e t o n T h u r s d a y
e v e n in g , J u n e 6 , a n d a th e a tre p a r ty o n F r id a y e v e n in g ,
June 7 .
J a m e s W . G e r a r d , E x -A m b a s s a d o r o f th e U n ite d
S ta te s to G e r m a n y , w ill b e a sp ecial g u e s t a n d sp e a k e r a t
th e
b a n q u e t.
T h e a tr e
• R o s e .”
to
The
th e a tre
w itn e ss
The
p a r ty
D a v id
p u rp o se s
w ill
B e la s c o ’s
of
th e
be
at
th e
Lyceum
p r o d u c tio n ,
A s s o c ia tio n
are
W illia m S . T o w n , fo r m e r ly C h ie f P a y in g T e lle r o f th e N a
tio n a l S h a w m u t B a n k o f B o s t o n , h a s b e e n e le c te d A s s is ta n t
C a s h ie r o f th e in s titu tio n .
“ T ig e r
to
fo s te r ,
p ro te c t a n d a d v a n c e b a n k in g in terests g e n e r a lly , to d isco v e r
A r th u r W .
Lano and
H a r o ld A .
Y e a m e s w ere re c e n tly
e le c te d A s s is ta n t C a sh ie rs o f th e W e b s t e r & A t la s N a tio n a l
B a n k o f B o sto n .
a n d co rrec t a b u se s; to d isse m in a te in fo r m a tio n a n d sta tis
tic s , a n d in ge n e ra l to p r o m o te th e w elfare a n d soc ial in ter
co u rse o f its m e m b e r s w h o are e x e c u tiv e a n d a d m in istra tiv e
o ffic ia ls o f b a n k s in th e re se rv e citie s o f th e c o u n tr y .
Tho
p re se n t office rs a n d d ire cto rs a r e : P r e sid e n t, J o h n W . S ta le y ;
V ic e -P r e s id e n t P e o p le s S ta te B a n k ,
P r e s id e n t,
G eorgo
N a tio n a l B a n k ,
H.
re s o lu tio n
w as
u n a n im o u s ly
a d o p ted :
V o te d :
That
th e
b o a r d o f d ire c to rs b e a n d h e r e b y th e y are a u th o r iz e d d u rin g
th o c o n tin u a n c e o f th e w a r to c o n tr ib u te fr o m tim e to tim e
fo r th e r e lie f, a id a n d c o m fo r t o f th e a r m e d fo rc e s o f th o
111.; T re a su r e r, H e n r y B . H o u s e ,
U n it e d S ta te s a n a m o u n t n o t to exce e d in a n y fisca l y e a r
S t.
P a u l, M i n n .;
S e c r e ta r y , F re d W . E lls w o r th , V ic e -P r e s id e n t H ib e r n ia B a n k
& T r u s t C o ., N e w O r le a n s, L a .
AND
F IN A N C IA L
5%
o f th e p ro fits o f th e c o rp o ra tio n fo r th e p re ce d in g y e a r .
T h o U n io n T r u s t C o m p a n y h as a c a p ita l o f $ 5 0 0 ,0 0 0 w ith
s u r p lu s a n d p ro fits o f $ 1 ,0 0 7 ,0 0 0 .
d en t.
W . E . G ilb e r t is P re si
NEW S.
N o sales o f b a n k sto c k s w ere m a d e a t th e S to c k E x c h a n g e
th is w e e k a n d o n ly on e lo t o f tw e n ty -o n e shares w a s sold
a t a u c tio n .
sp ecial m e e tin g o f th e s to c k h o ld e r s o f th e U n io n
A s s is ta n t C a sh ie r F irs t
A s s is ta n t C a sh ie r F ir s t N a t io n a l B a n k ,
B A N K IN G
a
D e t r o it , M i c h .; V ic e
D u n scom b ,
C h ic a g o ,
At
T r u s t C o . o f S p r in g fie ld , M a s s ., o n M a y 2 1 , th e fo llo w in g
N o tr u st c o m p a n y sto c k s w ere s o ld .
Shares. DANK— New York.
Low. High. Close.
105
105
21 West Side Bank------------------- 105
Last Previous Sale
May 191&— 355
W . R . H u m p h r e y s , fo r m e r ly a n A s s is ta n t C a s h ie r o f tho
F o u r th
S tr e e t
N a tio n a l
Bank
of
P h ila d e lp h ia ,
h as
b een
e le c te d a V ic e -P r e s id e n t o f th e in s titu tio n .
M r . H um phreys
h as b e o n a sso c ia te d w ith
1898.
th o b a n k sin ce
A.
M ac-
N ic h o ll, w h o h a s b e e n w ith th o F o u r th S tr e e t N a t io n a l fo r
T h e A m e r ic a n B a n k e rs A s s o c ia tio n h a s b e g u n a c a m p a ig n
fo r 2 0 ,0 0 0 m e m b e r s b y S e p te m b e r 1 , n e x t .
m e m b e rsh ip sin ce th e c o n v e n tio n la s t S e p te m b e r h a s b ro k en
all re c o rd s, it is s t a te d .
n e a r ly t w e n ty y e a r s , h as b e e n a p p o in te d a n A s s is ta n t C a s h ie r .
T h e in crease in
In th e la s t tw e lv e m o n th s th o g a in
C.
W a l t e r B o r to n h as b e e n a p p o in te d tr u s t o ffic e r o f th e
P r o v id e n t
L ife
&
T ru st
Co.
of
P h ila d e lp h ia
in m e m b e rsh ip h a s b e e n 1 ,4 8 3 , a n d o n M a y 2 8 th ere w ero
J . R o b e r ts F o u lk e , re sig n e d .
1 8 ,1 8 9 m e m b e r s .
say s:
a p p o in tm e n ts w ill b e c o m e e ffe c tiv e J u ly 1 .
A s ta te m e n t, issu ed b y th e A s s o c ia tio n ,
a p p o in te d
S e c re ta ry
in
to
su cc ee d
L e o n a r d C . A s h t o n h as been
p la ce
of
M r.
B o rto n .
Tho
n ew
T h e d ire cto rs
Since May 1 1908 the membership has nearly doubled. New York and o f th e c o m p a n y in a m in u te a d o p te d o n M a y 13 g a v e e x p re s
Illinois are tied for first place with 1,082 members each. Pennsylvania Is sio n to th o e ste e m in w h ich M r . F o u lk e is h e ld , a n d re co rd e d
third with 990, Iowa fourth with 931, Kansas has 844, and Ohio 745.
There are nearly 30,000 banks in tho United States and the Association th o a p p re c ia tio n o f h is la b o rs in b e h a lf o f th e in s titu tio n .
has, therefore, great possibilities o f further expansion. The goal of 20,000 M r . F o u lk e b e c a m e c o n n e c te d w ith th e c o m p a n y in 1 8 7 3 ,
by Sept. 1 is a modest ambition. As a special inducement for joining, it w h e n it h a d b e e n in e x iste n c e o n ly e ig h t y e a r s .
In 1 8 8 1 ho
has been ordered that the payment o f dues for ono year will bring tho
w as m a d e its firs t T r u s t O ffic e r a n d h a d h e ld th a t o ffic e
privileges o f membership until Aug. 31 1919.
The officers o f the Association feel that at this critical time the ad c o n tin u o u s ly sin ce .
vantages o f membership to banks aro supplemented by tho necessity for
co-operation. Great demands are being made on the banks. Tho Govern
T h e n a m e o f th e C o m m e r c ia l G e r m a n N a t io n a l B a n k o f
ment is dependent on them for financing the war and tho requirements of
business are such that the banker must be unusually alert and discreet. P e o r ia , 111., w as r e c e n tly c h a n g e d to th e e x te n t o f d ro p p in g
The American Bankers Association, as tho great organization through which th e w o rd “ G e r m a n .”
T h e C o m m e r c ia l N a t i o n a l ,.t o g e t h e r
bankers can speak officially, has worked effectively In prbmoting tho
Liberty Loan and War Savings campaigns and its officers and various w ith its sto c k h o ld e r s a n d d e p o sito r s su b s c rib e d $ 1 ,6 8 3 ,1 0 0
committees and commissions are making careful study o f ali financial to th e T h ir d L ib e r t y L o a n , or 3 9 . 2 % o f th e a m o u n t raised
legislation and banking regulations.
in P e o ria fo r th a t p u rp o s e .
T h e c a p ita l o f th e b a n k is
The larger the membership, the more effective the work. Every bank
in the United States should bo a member o f the American Bankers Asso $ 7 5 0 ,0 0 0 a n d its su rp lu s a n d p ro fits $ 1 ,1 0 6 ,0 7 7 .
ciation.
P e r m is s io n h as b e e n g iv e n
A c tio n o n th e q u e stio n o f m e rg in g th e W e s t S id e B a n k
o f M a n h a t t a n r B o r o u g h in to th e M a n u fa c tu r e r s
T ru st C o .
to th e G e r m a n A m e r ic a n N a
tio n a l B a n k o f F o r t W a y n e , I n d . , to ch a n g e th o titlo o f tho
in s titu tio n to th e L in c o ln N a t io n a l B a n k o f F o r t W a y n e .
o f B r o o k ly n w ilf b o ta k e n b y tho sto ck h o ld ers o f the resp ectiv e
in stitu tio n s
on
June
14.
a g re e m e n t,
O n M a y 13 th e n o w e n la rg e d a n d h a n d s o m e ly re m o d e le d
th e d ire ctors, th e W e s t Sid e
b u ild in g o f th e M e r c a n t ile T r u s t C o . o f S t . L o u is , s itu a te d a t
U nder
w h ich h a s b e on e n d o rse d b y
th e
m e rg er
B a n k w ill b e o p e ra te d as a b ra n c h o f th e
M a n u fa c tu r e r s
E i g h t h , L o c u s t a n d S t . C h a rle s s tr e e ts , w a s op e n e d fo r b u s i
T r u s t C o.*'* T h e W e s t S id e B a n k is lo c a te d a t E ig h th A v e n u e
ness
a n d 3 4 t h S tr e e t .«* I t h as a c a p ita l o f 8 3 2 6 ,6 0 0 a n d d ep osits
1 8 ,0 0 0
4}4
and
p u b lic
in s p e c tio n .
is
e s tim a te d
u p w a rd s
of
T ru st
r o o m s o n th a t d a y , a n d o v e r 4 7 ,0 0 0 d u rin g th e o p e n in g w e e k .
C o . , b e sid es its p rin c ip a l o ffice a t 7 7 4 B r o a d w a y , B r o o k ly n ,
F lo r a l o fferin g s w ero s e n t in h o n o r o f th o o c c a sio n b y all th e
h as tw o B r o o k ly n b r a n c h e s.
o th e r fin a n c ia l in s titu tio n s o f S t .
of about
its
d e p o sits
m illio n
exce e d
M a n u fa c tu r e r s
T ru st
d o lla r s.
Tho
I ts ca p ita l is $ 1 ,0 0 0 ,0 0 0 an d
$ 1 5 ,0 0 0 ,0 0 0 .
Co.
M a n u fa c tu r e r s
is
Tho
N a th a n
P re sid e n t
S.
Jonas
P re sid e n t o f th e W e s t S id e B a n k is M a j o r W .
A dam s.
I.
of
th o
and
th o
L in co ln
M r . J o n a s w ill b o P re sid e n t o f th e e n la rg ed in sti
th e re c ip ie n ts o f h u n d re d s o f c o n g r a tu la to r y le tte rs a n d te le
g r a m s fr o m
a ll o v e r
th o
U n it e d
S ta t e s .
Tho
M e r c a n t ile
T r u s t C o . (as m e n tio n e d in o u r issue o f F e b . 2 3 ) a b s o r b e d
its a ffilia te d in s t itu tio n .
A t a m e e tin g o f th e B o a r d o f T r u s te e s o f th e G e r m a n
S a v in g s B a n k o f B r o o k ly n o n M a y
L o u is a n d a n u m b e r o f
co rr e s p o n d e n t b a n k s , a n d th e office rs o f th e c o m p a n y w ero
th e M e r c a n t ile N a t io n a l B a n k o f S t . L o u is fo r m a n y y e a r s
tu tio n a n d M a j o r A d a m s a V ic e -P r e s id e n t.
-
It
p erso n s v is ite d th e sp a c io u s a n d b e a u tifu l b a n k in g
2 0 it w a s d e c id e d
to
c h a n g e th e n a m e o f th e in stitu tio n to th e L in c o ln S a v in g s
B a n k o f B r o o k ly n .
F e s tu s J . W a d e is P r e s id e n t.
The
c a p ita l o f th e e n la rg ed in s titu tio n is $ 3 ,0 0 0 ,0 0 0 , w ith su rp lu s
a n d p ro fits o f $ 7 ,0 0 0 ,0 0 0 .
T o t a l reso u rces aro $ 5 9 ,6 5 8 ,9 7 0 .
A c t iv e w o rk h as b e e n c o m m e n c e d b y H o g g s o n B r o th e r s ,
th e N e w Y o r k b u ild e rs , o n th o r e m o d e lin g a n d m o d e rn izin g
Jacob B .
K o r n d o r fe r ,
C a sh ie r o f
B a n k o f B r o o k ly n , d ied o n M a y 2 0 .
th e P e o p le ’ s
N a tio n a l
M r . K o r n d o r fe r , w h o
w as f if t y -f iv e y e a r s o f a g o , w a s b o rn in N e w Y o r k C i t y .
ITis
o f th e b a n k in g r o o m o f th e P e te r s b u r g S a v in g s & In su ra n c e
C o . o f P e te r s b u r g , V a .
T h e re m o d e le d q u a rte rs w ill p ro v id e
a m p le r o o m fo r th e c o m p a n y ’ s in crease in b u sin e ss.
N ew
b a n k in g career b e g a n in th e Ir v in g N a tio n a l B a n k o f this
e q u ip m e n t a n d a p p lia n c e s w ill b e in s ta lle d , a n d w h e n th e
c ity .
w o rk is c o m p le te d th o c o m p a n y w ill lia v o a th o r o u g h ly u p -
T e n y e a r s a g o h e w as e le c te d C a sh ie r o f th e P e o p le ’s
N a t io n a l B a n k , th e p o sitio n he h eld a t th o tim e o f h is d e a th .
t o -d a t e h o m e .
M r . K o r n d o r fe r w a s a lso a d ire c to r o f th e P e o p le ’s N a t io n a l
Bank.
a n d en la rg e th eir p re sen t q u a rte rs is o n tiro ly in k e e p in g w ith
th e tim e s .
T h e d ec ision o f th o d ire cto rs to m o d e rn ize
W h i le th o G o v e r n m e n t h a s n o t p la c e d a n y a b s o
lu te b a n o n n e w c o n s tr u c tio n , th e a u th o r itie s h a v e su gg e ste d
2313
THE CHRONICLE
June 1 1 9 1 8 .]
th a t n o n ow b u ild in g o p e ra tio n s bo u n d e r ta k e n w h ic h w ill
o n M a y 2 0 in h is f ift y -e ig h t h y e a r .
in v o lv e th e u tiliz a tio n o f la b o r , m a te ria l a n d c a p ita l re q u ire d
o f B a lt im o r e .
M r . O b e r w a s a n a t iv e
A s a v e r y y o u n g m a n he e n te re d th e b a n k in g
in th e p r o d u c tio n , su p p ly or d istr ib u tio n o f d ire c t o r in d ire c t
h o u se o f J o h n A . H a m b le t o n & C o . o f B a lt im o r e .
w a r n e e d s.
h e w as e le c te d a m e m b e r o f th e B a lt im o r e S to c k E x c h a n g e ,
W i t h th is in v ie w , co n ce rn s n e e d in g a d d itio n a l
In 1881
sp a c e are a d a p t in g th e ir p re sen t q u a rte r s, th r o u g h re m o d e lin g
a n d soon a fte rw a r d s o p e n e d h is o w n b a n k in g b u s in e s s .
a n d e n la rg in g , to so lv e th eir p r o b le m s .
O b e r w as a d ire c to r o f th e E u t a w S a v in g s B a n k a n d \ ic e P re sid e n t o f th e
A t a m e e tin g o f th e sto c k h o ld e r s o f tlio G e r m a n ia S a v in g s
G.
O b er &
fertilize r fir m
(fo u n d e d
A ir .
b y h is fa th e r )
of
Sons C o .
B a n k o f C h a r le s to n , S . C . , o n M a y 2 1 it w a s u n a n im o u s ly
d e c id e d to c h a n g e th e n a m e o f th e in s titu tio n to th e A t la n t ic
S a v in g s B a n k o f C h a r le s to n .
sh are h old ers
of
th e
I m m e d i a te ly a fte rw a r d s tho
a ffilia te d
in s t itu tio n ,
th o
G e r m a n ia
S u p e r in te n d e n t o f B a n k s G e o r g e I . S k in n e r , th r o u g h his
a t to r n e y , L o u is G o ld s t e in , m a d o a p p lic a tio n o n M a y 2 9 to
S u p r o m e C o u r t J u stic e S te p h e n C a lla g h a n o f B r o o k ly n fo r
N a t io n a l B a n k , m e t a n d u n a n im o u s ly a d o p t e d th o fo llo w in g
a n ord er a u th o r iz in g h im
to p a y to
r e s o lu tio n : “ R e s o lv e d , T h a t u n d e r p ro v isio n o f th o A c t o f
U n io n
a
M ay
a p p lic a tio n w h ic h w a s a p p r o v e d M a y 2 9 w a s m a d e p o ssib le
1 1 8 8 6 , th e co rp o r a te title o f th e G e r m a n ia N a tio n a l
Bank
of
C h a r le s to n ,
N a t io n a l
Bank
of
S.
C .,
be
C h a r le s to n ,
changed
S.
C .”
to
As
th o
A t la n t ic
m e n tio n e d
in
Bank
o f B r o o k ly n
th ird
th e d e p o sito r s o f th e
d iv id e n d
5%.
of
T h is
as a re su lt o f c o lle c tio n s in th o s to c k h o ld e r s ’ a c tio n b r o u g h t
by
th e
S u p e r in te n d e n t o f
o f B r o o k ly n
in
liq u id a tio n .
b e h a lf o f
The
th e
B a n k in g
U n io n
Bank
in s titu tio n s w a s h e ld fo r th e p u rp ose o f o b ta in in g a s u ita b le
m e n t h as h e re to fo re e n d e a v o r e d to b r in g th e a c tio n a g a in s t
n a m e fo r b o th b a n k s a n d a p rize o f $ 1 0 0 w a s g iv e n to th e
sto c k h o ld e r s to tr ia l.
d e p o sito r w h o su g g e ste d A tla n t ic S a v in g s B a n k a n d A tla n t ic
a n d a p p e a ls b y v a rio u s s to c k h o ld e r s .
N a t io n a l B a n k .
b e in g
tried
in
Banks
o u r issue o f M a y 4 , a c o n te s t o p e n to th o d e p o sito rs o f b o th
D e p a rt
I t w a s d e la y e d b y re a s o n o f m o tio n s
b e fo re J u stic e
W h ile th e caso w a s
C a lla g h a n
m any
of
th o
s to c k
h o ld e r s , w ith th e a p p r o v a l o f th e C o u r t , s e ttle d th e ir c la im s .
F o llo w in g th o g r a n tin g o f p e r m issio n b y th e S e c r e ta r y o f
A b o u t 1 0 0 la w y e rs a p p e a re d in th e trial o f th e a c tio n a n d
S ta to o f G e o r g ia to o rg a n ize th e F ir s t T r u s t a n d S a v in g s
o p p o s e d th o c la im
C o r p o r a tio n (m e n tio n o f w h ic h w a s m a d o in th e se c o lu m n s
to h o ld sto c k h o ld e r s lia b le fo r a 1 0 0 %
A p r il 1 3 ) th o n ew in s titu tio n h a s p e r fe c te d its o r g a n iz a tio n .
sh are o f s to c k .
Tho
th e caso w a s b r o u g h t to tr ia l.
c o rp o r a tio n h a s b e e n fo r m e d
by
th o
sto c k h o ld e r s o f
th e A t la n t a N a t io n a l B a n k , in a c c o r d a n c e w ith th e o r g a n iz a
d en d
U n io n
by
c o m p a n y w ill a lw a y s b e o w n e d a n d c o n tr o lle d b y th o s to c k
p a id
h o ld e rs o f th o b a n k .
p a id in M a r c h 1 9 1 7 .
Bank
th e S u p e r in te n d e n t o f B a n k s
A b o u t $ 2 0 0 ,0 0 0
tio n a g re e m e n t w h ic h p ro v id e s t h a t th o s to c k o f th o tr u s t
T h e offic e rs o f th o n ow tr u s t c o m p a n y
p a id
m ade b y
th e
B r o o k ly n .
in A u g u s t
1916, and
c o lle c te d sin ce
T h is w ill b e th e th ird d iv i
D e p a r tm e n t
of
a s s e s s m e n t o n e a ch
has been
A
in
th e
firs t
liq u id a tio n
d iv id e n d
a secon d
of
d iv id e n d
of
th e
5%
w as
of 5 %
w as
A s s o o n as J u stic e C a lla g h a n g r a n ts
h a v o b e e n c h o se n fr o m th o offic e rs o f th e b a n k a n d in clu d o
th o m o tio n o f th o S u p e r in te n d e n t o f B a n k s ,
th o
D e p a r tm e n t w ill fo rw a r d p r o m p t ly a th ird d iv id e n d c h e ck
fo llo w in g : R o b e r t
F.
M addox,
P r e s id e n t;
Jam es
S.
F l o y d , V ic e -P r e s id e n t ; G e o r g e R . D o n o v a n , T r u s t O ffic e r ,
a n d J . S . K e n n e d y , S e c re ta ry a n d T re a su r e r.
o f th o n e w
com p any
are
R obert F .
Tho
F ir s t
T ru st
and
M addox,
S a v in g s
G eorge
R.
C o r p o r a tio n
w ill
o p e ra to u n d e r a G e o r g ia ch a rte r a n d w ill exorcise th o fu n c
tio n s o f a
tr u st c o m p a n y .
The
new
com p any
w ill s ta r t
b u sin e ss w itli a p a id -in c a p ita l o f $ 1 0 0 ,0 0 0 a n d su rp lu s o f
$ 1 0 0 ,0 0 0 .
be
F o r th o p re se n t th o o ffic e s o f th o c o m p a n y w ill
lo c a te d
in
th o
A t la n t a
N a t io n a l
Bank.
to e v e r y d e p o s ito r w h o se c la im h as b e e n file d .
T h e tru ste e s
D o n o v a n , J a m e s L . D i c k e y , J r ., IJ . I t . D u r a n d a n d S . C .
D o bbs.
th e B a n k in g
The
N a t i o n a l B a n k is th e o ld e s t n a tio n a l b a n k in
A t la n t a
th o c o tto n
S ta t e s a n d o n M a y 1 0 re p o rte d resou rces a t $ 2 2 ,2 3 3 ,8 5 7 0 1 .
F r a n k D . M o y e r , w h o h a s b e e n c o n n e c te d w ith th e F ir s t
N a t io n a l B a n k o f O a k la n d , C a l ., fo r se v o n te o n y e a r s , w a s
THE ENGLISH GOLD AND SILVER MARKETS.
Wo
re p rin t
th e
fo llo w in g
fr o m
th e
w e e k ly
circu la r
of
S a m u o l M o n t a g u & C o . o f L o n d o n , w ritte n u n d e r d a te o f
M a y 9 1918:
GOLD.
Tho Bank of England gold reserve against Its note issue shows an increase
of £108,125, as compared with last week’s return. Gold continues to
accumulate in Japan. On March 15th last, 1,064,000,000 yen (equal to
£115,260,000 at 2s. 2d. per yen) was returned by tho Japanese Finance
Department, of which 456,000,000 yen were held at home, and 608,000,000
yen abroad. Tho total represents an increase of 8,000,000 yen upon that
held at tho end of February last. The fact that the larger proportion of
tho gold Is held abroad is very interesting. The Canadian authorities
report that tho gold output of the Dominion for 1917 was 747,366 fine
ounces, as against 930,492 fine ounces during the preceding year.
SILVER.
During tho week, no change has taken place in tho prico and business
B a n k , a n a llie d in s titu tio n o f th a t c it y .
has not yet been of an active character. Shanghai exchange has some
what improved. It is reported officially that tho silver output of Canada
for 1917 was 22,150,680 ounces compared with 25,459,741 ounces during
A t th o re g u la r m o n t h ly m e e tin g o f th o W e lls -F a r g o
1916. Tho high-water mark of production was in 1910 when 32,869,000
N o v a d a N a t io n a l B a n k o f S a n F ra n c isc o o n M a y 7 , P a r k e r L .
ounces were produced. Of the $350,000,000 authorized to be melted down
J a c k so n a n d R o y E . W a r n e r w ere e le c te d A s s is ta n t C a s h ie r s . by tho United States of America, it is stated that 25,000,000 ounces are
being shipped to India.
Indian Currency Returns in Lacs of Rupees.) Apr. 15.
Apr. 22. Apr. 30.
R.
E . S a u n d e rs, A g e n t o f tho N a t io n a l B a n k o f S o u th
10,198
10,596
Notes in circulation_________________________ 10,183
A fr ic a , L t d . , 1 0 W a l l S t . , N o w Y o r k , h a s re c e iv e d c a b le
Reserve in silver coin and bullion_____________ 1,259
1,169
1,372
Gold
coin
and
bullion
In
India_______________
2,330
2,300
2,260
a d v ic o fr o m h is H o m o O ffic e to tho e ffe c t th a t th o b a n k h as
Gold out of India___________________________
45
45
45
a c q u ir e d tho b a n k in g b u sin e ss o f tho A fr ic a n L a k e s C o r
Under an ordinance passed in India on April 15, the amounts of the silver
p o r a tio n , L t d ., fr o m first o f J u n e , a n d th a t b ra n c h e s o f tho
holding includo silver belonging to the Indian Treasury which Is either in
N a t io n a l B a n k o f S o u th A fr ic a , L t d . , w ill th e n bo o p e n a t tho United States or in transit therefrom. Tho 1,372 lacs given in tho re
turn of April 30 includo 580 lacs thus held. The stock in Shangliai on the
B la n t y r e , Z o m b a , F o r t J a m e s o n a n d C h in d i.
T h e A fr ic a n
4th Inst, consisted of about 31,700,000 ounces in sycce and 15,200,000
L a k e s C o r p o r a tio n , L t d . , d a te s fr o m 1 8 7 8 a n d carries o n a
dollars, as compared with about 32,600,000 ounces in sycce and 14,700.000
tr a d in g , tr a n sp o r t a n d b a n k in g b u sin e ss in E a s t A fr ic a ,
dollars on April 27.
Cash quotations for bar silver per ounco standard:
N y a s a la n d a n d N o r t h e r n R h o d e s ia , a n d is a lso e n g a g e d in
d -49 H May 9 ______________________d.491$
M ay 3
th e c u ltiv a tio n o f c o t t o n , to b a c c o , ru b b o r a n d te a .
The
- 491 $ Average_______________________ 491$
“ 4
a u th o r iz e d c a p ita l o f th e A fr ic a n L a k e s C o r p o r a tio n , L t d .,
-49 H Bank rate_____________________ 5%
“
6
.49 H Bar gold per oz. standard--77s. 9d.
“ 7
is $ 1 ,2 5 0 ,0 0 0 a n d it h as b e on p a y in g s u b s ta n tia l d iv id e n d s
-491$
“
8
on
M ay
10
m a d o A s s is ta n t C a sh ie r o f
fo r a n u m b e r o f y e a r s .
la n d .
th o F ir s t S a v in g s
I ts h e a d o ffic e is in G la s g o w , S c o t
T h is is th o fo u r th b a n k - t h a t th e N a t io n a l B a n k o f
No quotation fixed for forward delivery.
Tho quotation today for cash delivery is the same as that fixed a week ago.
S o u t h A fr ic a , L t d ., h as a c q u ir e d — b e in g th e B a n k o f A fr ic a ,
L td .
e sta b lish e d
1 8 7 9 , th o N a t io n a l B a n k o f th o O ra n g e
R iv e r C o lo n y , L t d ., e sta b lish e d 1 8 7 7 ; a n d th o N a t a l B a n k ,
L t d .,
e sta b lish e d
1854.
_
G . P e r c y W e b s t e r , o f S w a r th m o r o , h as b een e le c te d V ic e
P re sid e n t a n d
d ire c to r o f th o D e la w a r o
B a n k o f C h e s te r , P a .
ENGLISH FINANCIAL MARKETS— PER CABLE.
T h e d a ily c lo sin g q u o ta tio n s fo r se c u ritie s, & c ., a t L o n d o n ,
C o u n t y N a t io n a l
M r . W e b s t e r is C a sh ie r o f th e S w a r th
m o ro N a t io n a l B a n k , w h ic h p o st he w ill re lin q u ish to a ssu m o
th o v ic e -p r e s id e n c y o f th e D e la w a r o C o u n t y N a t i o n a l.
M ay 25 . M ay 27. M ay 28. M ay 29. M ay 30. M ay 3
F ri.
T hu rs.
W ed .
T ues.
Sat.
M on.
London,
W eek ending M a y 3 1 .
- li v e r , p e r o z . . ........... ..
.
_ d . 481$
4 8 J$
4S J$
481$
481$
481$
C o n s o ls , 2 12 p e r c e n t s
.
.
561 $
561$
561$
561$
561$
B r it i s h , 5 p e r c e n t s --------- . . H o l i d a y .
B r it i s h , 4 1$ p e r c e n t s ------- . . . H o l i d a y .
9 3 J$
93 H
931$
931$
931$
991$
991$
991$
991$
991$
F r e n c h R e n t e s (In P a r i s ) . . I r . 6 0 .0 0
6 0 .0 0
6 0 .0 0
6 0 .0 0
.H o lid a y .
.. .
F r e n c h W a r L o a n (In
fr .
G u s t a v u s O b e r , fo u n d e r o f th o b a n k in g h o u se in B a lt i
m o re w h ic h b ears his n a m e , d ied su d d e n ly o f h e a rt d iseaso
8 7 .8 0
8 7 .S 5
8 7 .8 5
8 7 .8 5
____
-
-
—
T h e p rice o f silve r in N e w Y o r k o n th e s a m e d a y s h a s b e e n :
Silver In N . Y . , per o z ..c tS - 9 9 1 $
991$
991$
991$
991$
991$
3314
THE CHRONICLE
Commer cial artclIHis cellatxeo us JJettrs
N a tio n a l B a n k s . — T h e fo llo w in g in fo r m a tio n re g a rd in g
n a tio n a l b a n k s is fr o m th e o ffic e o f th e C o m p t r o lle r o f th e
C u rren cy, T reasu ry D e p a rtm e n t:
„
.
A P P L IC A T IO N S F O R C H A R T E R .
F o r o r g a n iz a t io n o f n a tio n a l b a n k s :
T h o E v e r e t t N a t io n a l B a n k , E v e r e t t , M a s s .
C a p i t a l ......................... $ 1 0 0 ,0 0 0
T h e I d a h o F a ll s N a t i o n a l B a n k , I d a h o F a ll s , I d a h o .
C a p i t a l _____ 1 0 0 ,0 0 0
T h e S e c u r ity N a t io n a l B a n k o f L im a , M o n t .
C a p i t a l ......................
2 5 ,0 0 0
T h e N a t i o n a l B a n k o f B il li n g s , O k la .
C a p i t a l .........................................
2 5 ,0 0 0
l h e F irs t N a t io n a l B a n k o f M o n t g o m e r y C it y , M o .
C a p i t a l _____
6 0 ,0 0 0
T o s u c c e e d t h e U n io n S a v in g s B a n k o f M o n t g o m e r y C i t y .
T o t a l .............- - .......................... ............... ............................... .................................. . $ 3 1 0 , 0 0 0
m i_
IN C R E A S E S O F C A P IT A L A P P R O V E D .
T h o F i r s t N a t i o n a l B a n k o f R o s e d a l e , M i s s i s s ip p i.
C a p i t a l in
c r e a s e d f r o m $ 2 5 ,0 0 0 t o $ 5 0 ,0 0 0 .
A m o u n t ......................... .....................$ 2 5 ,0 0 0
C H A N G E S O F T IT L E A P P R O V E D .
. T h e G e rm a n A m e r ic a n N a t io n a l B a n k o f M a s o n , T e x a s .
T itle ch a n g e d
t o “ T h o M a s o n N a t io n a l B a n k .”
T h e G e rm a n A m e r ic a n N a t io n a l B a n k o f F o r t W a y n o , In d ia n a .
T it le
c h a n g e d t o “ T h e L i n c o l n N a t io n a l B a n k o f F o r t W a y n e . ”
T h e G o r m a n ia N a t io n a l B a n k o f C h a r le s t o n , S o u t h C a r o l i n a .
T it le
c h a n g e d t o T h e A t la n t ic N a t io n a l B a n k o f C h a r le s t o n ."
_
„ ,
V O L U N T A R Y L IQ U ID A T IO N S .
F o r c o n s o l i d a t i o n w it h o t h e r n a t i o n a l b a n k s :
$ 2 5 ,0 0 0
T h e F irs t N a t io n a l B a n k o f B e n tle y v ille , P a .
C a p i t a l ......................
A b s o r b e d b y th e F a rm e rs & M in e r s N a t io n a l B a n k o f B o n tlo y v i ll e w h i c h is a c t i n g a s l iq u id a t i n g a g e n t .
C a n a d ia n B a n k C le arin g s. — T h e c le a rin g s f o r th e w e e k
e n d in g M a y 2 3 a t C a n a d ia n c itie s, in c o m p a r iso n w ith tho
s a m e w e e k in 1 9 1 7 , sh o w a n in cre ase in th e a g g r e g a te o f
9 .8 % .
W eek ending M a y 23.
Clearings at—
1918.
Canada—
M o n tr e a l................................
T o r o n t o ...................... ...........
W i n n i p e g ________________
V a n c o u v e r _______
____
O t t a w a ...................... ...........
V ic t o r ia ............. .....................
C a lg a r y .................... ..............
H a m il t o n ..............................
E d m o n t o n _______ _______
Q u e b e c ____________ ______
S t J o h n ...........................
H a lifa x _ ............. _ _ ..............
L o n d o n ___________ _______
R e g in a ___________________
S a s k a t o o n ________________
M o o s e J a w _______________
L c t h b r lilg o _______________
B r a n tfo r d ______ _______ .
B ra n d on ________
F o r t W illia m ____________
N e w W e stm in ste r_______
M e d icin e H a t . . .................
P e t e r b o r o u g h ......................
S h e r b r o o k e ...................... ..
K it c h e n e r ..............................
1917.
Inc. or
Dec.
$
$
%
8 6 ,6 7 1 ,4 8 9 7 3 ,7 7 0 ,0 9 7 + 17.5
6 6 ,190,521 5 4 ,9 0 3 ,3 2 5 + 20 .5
3 9 ,3 4 9 ,4 2 8 5 1 ,7 7 5 ,2 1 0 — 24 .0
10,156,268
6 ,4 4 4 ,4 0 0 + 57.6
6 ,0 7 8 ,9 8 4
4 ,5 2 8 ,8 3 4 + 3 4 .2
1 ,6 0 0,000
1,083,591 + 47 .6
5,779,491
5,8 2 8 ,2 9 2
— 0 .9
4 ,5 0 0 ,0 0 0 . .4 ,8 8 1 ,2 0 5
— 7.8
3 ,3 85,421
2 ,1 1 2 ,7 5 3 + 60.3
4 ,1 8 1 ,1 9 0
4 ,1 4 0 ,5 7 0
+ 1.0
2 ,2 1 8 ,9 2 2
1 ,6 92,540 + 31.1
3.9S0.303
3 ,4 6 4 ,8 4 5 + 14.9
2 ,2 4 4,681
1,801,716 + 24.6
3 ,1 7 5 ,6 1 9
2 ,5 7 6 ,1 4 7 + 23.3
1,621,654
1,324,102 + 22.4
1,356,981
932 ,334 4*45.5
727,236
633,688 + 14.8
1,063,494
6 97 ,845 + 52 .5
512,097
427 ,2 2 7 + 19.9
563 ,8 3 0
5 56 ,917
+ 1.2
42 2 ,8 7 5
288 ,0 0 5 + 4 6 .5
40 0 ,0 0 0
508 ,9 9 5 — 21.4
650 ,0 0 0
514 ,563 + 26.4
9 94 ,392
750,171 + 32 .5
60 0 ,0 0 0
551 ,6 2 6
+ 8 .8
1916.
1915.
$
6 3 ,6 8 9 ,1 1 5
46,7 1 5 ,9 8 8
3 5 ,8 0 8 ,0 6 7
5 ,0 1 6 ,4 5 2
3 ,9 4 1 ,3 6 7
1 ,1 8 1 ,1 0 0
3 ,9 3 8 ,7 0 6
3 ,2 1 9 ,7 1 7
1,861,483
2 ,8 7 7 ,9 7 6
1,635,733
1 ,8 46.987
1,499,128
1 ,6 3 0 ,3 6 0
9 39 ,157
6 78 ,147
3 9 4 ,7 6 6
5 41 ,874
414,091
427 ,9 9 6
2 1 3 ,7 3 0
312 ,961
3 7 1 ,8 9 8
3 9 2 ,4 7 7
452 ,751
S
3 8 ,2 1 4 ,4 5 3
2 9 ,3 8 9 ,2 3 4
1 6 ,568,110
4 ,6 5 2 ,1 4 9
3 ,4 1 0 ,9 6 4
1,0,84,953
2 ,3 6 1 ,4 5 9
2 ,4 0 9 ,4 9 8
1,571,913
2 ,4 1 3 ,3 0 0
1,186,594
1,614,592
1 ,3 5 8,329
1 ,0 8 6,228
607,801
4 89 ,488
2 54 ,632
43 6 ,7 2 2
3 7 0 ,7 1 5
3 13 ,774
2 57 ,569
190,970
35 1 ,2 5 2
[Vol. 106
D IV ID E N D S .
T h e fo llo w in g sh o w s a ll th e d iv id e n d s a n n o u n c e d fo r th e
fu tu r e b y la rg e or im p o r ta n t c o rp o r a tio n s .
Per
W hen
Cent. Payable ■
N a m e o f C om pany.
R a il r o a d s ( S t e a m ).
Albany & Susguehanna_________________
A t c h . T o p e k a A S an ta F e , c o m . (qu& r.)
B o s t o n & A lb a n y ( q u a r .)___________
Boston & Lotcell-_____ ______________
Buffalo A Susguehanna, preferred_______
C a n a d ia n P a cific , c o m . (q u a r .) (N o .8 8 )
C h esapeake & O h io _____________________
C lev ela n d A P ittsb u rg h , reg . g u a r. (q u .
S pecial g u aran teed (q u a r .)___________
C rip p le C reek C e n t .,c o m .( q u .)( N o .3 4 )
P referred (q u a r.) (N o . 6 0 ) ___________
Delaware A Hudson Co. (guar.)________
E rie A P ittsb u rg h ( q u a r .)........ ........... .......
H o ck in g V a lley R a ilw a y ...............................
Illin ois C en tra l (q u a r .) (N o . 1 3 0 )_______
Interborough Rapid Transit (guar.)...
M a in e C en tra l, p r e f. ( q u a r .)________
Manhattan Ry. (guar.)_______________
M o b ile A B irm in gh am , p r e f_____________
N o rfo lk A W estern , c o m m o n ( q u a r .)___
Northern Securities________________ . .
P ittsb u rg h B essem er A L a k e E rie, p r e f.
P ittsb u rg h A W est V irginia , p ref. ( q u . ) .
P itts b . Y ou n g stow n A A s h ta b ., pref (q u )
R ea d in g C o m p a n y , 1st p ref. (q u a r .) ____
R e a d in g C o m p a n y 2d p ref. (q u a r .)____
Rensselaer & Saratoga__________________
S ou th ern P a cific C o . (q u a r.) (N o . 4 7 ) . .
U n ion P a cific, co m m o n ( q u a r .)_____
S t r e e t & E l e c t r ic R a ilw a y s .
Arkansas Val. Ry., L. & Pow., pf. (gu.).
B a to n R o u g e E le c . C o ., c o m . ( N o . 6 ) . . .
P referred (N o . 1 4 )............................... ..
C e n t. A rka nsas R y . A L t ., p ref. ( q u . ) . .
C ities S erv ice, c o in . A p re f. ( m o n t h ly ) ..
C o m m o n (p a y a b le In c o m m o n s t o c k ) .
C ities Service, c o m . A p ref. ( m o n t h ly ) ..
C o m m o n (p a y a b le In co m m o n s t o c k ) .
Consolidated Traction of N . J _ ...............
D e tr o it U nited R y . (q u a r.) ( N o . 5 6 ) . .
E a stern W iscon sin E le c . C o ., pref. (q u .)
E l P a s o E lectrlo C o ..c o m .(q u a r .) ( N o .28)
Indianapolis Street Ry . . ...................... ..
Ironwood A Bessemer Ry. & L., pf. (qu.).
Louisville Ry. (guar.)________ _____________
M a n h a tta n B ridge T h ree-C en t L In e(q u .)
N o rfo lk R a ilw a y A L ig h t..............................
N orth ern O hio E lec. C o r p ., pref. (q u a r.)
N orth orn T ex a s E le c. C o ., c o m . (q u a r.)
P en sa cola E le ctric C o ., p re f. ( N o . 2 0 ) . .
Public Service Corp. of N. J. (guar.).. .
R o ch e ste r R y . A L igh t, p ref. ( q u a r .)___
P referred , Series B ( q u a r .)________
W ashington Ry. & E lec., com . & p f.
(gu.)
W est Penn R y s., pref. (quar.) (N o. 4 ) . .
W est Penn T rac. A W ater P ow ., pf.(qu.)
W lsconsln-M Inn. L. A P ., pref. (quar.)
M iscella n eou s.
Books C losed.
D a ys In clu sive.
July 1 Holders o f rec. Juno 15a
June 1 Holders of reo. M ay 3a
June 2fli Holders o f rec. M ay 31a
July 2: Holders o f rec. M ay 25 a
*2
June 291 ♦Holders o f rec. Juno 15
2X Juno 291 Holders o f reo. Juno l a
2
June 291 Holders of rec. June 7a
87Xc June 1 Holders o f reo. M ay 10a
50c June 1 Holders of reo. M ay 10a
IX June 1 Holders of reo. M ay 15a
1
June 1 Holders o f reo. M ay 15a
*2X Juno 20 *HoIders o f rec. Juno la
87Xc. June 10 Holders o f rec. M ay 31a
2
June 29 Holders o f rec. June 14a
IX June 1 Holders of rec. M ay 3a
2X July 1 Holders o f rec. Juno 20a
IX June 1 Holders o f rec. M ay 15a
IX July 1 Holders of rec. June 15a
2
July |I 1 June 2
to
Juno 30
IX Juno 19 Holders of reo. M ay 31a
3
Juno 27 June 15 to
Juno 27
$1.50 June 1 Holders of rec. M ay 15
IX June 1 Holders of reo. M ay 15a
IX June 1 Holders of reo. M ay 20a
50c. June 13 Holders o f reo. M ay 28a
50C . July 11 Holders o f rec. Juno 25a
4
July 1 Juno 16 to
Juno 30
IX July 1 Holders of rec. M ay 31a
2X July 1 Holders of rec. Juno la
4X
IX
2X
4
Juno 15
June 1
June 1
IX June 1
X June 1
f X June 1
X July 1
f X July 1
2
July 15
2
Juno 1
IX June 1
2X Juno 16
♦3
July 1
IX Juno 1
IX July 1
IX June 29
75c. Juno 1
1>* Juno 1
1
Juno 1
3
Juno 1
2
June 29
IX June 1
IX June 1
IX June 115
IX June 1
IX June 115
IX .June :15
IX ■Juno 1
*1X
4
3
Holders o f rec. M ay 31
Holders o f rec. M ay 18a
Holders o f rec. M ay 18a
Holders of rec. M ay 15a
Holders o f reo. M ay 15a
Holders of reo. M ay 16a
Holders o f rec. Juno 16a
Holders o f rec. June 15a
Holders o f rec. Juno 29a
Holders o f reo. M ny 16a
Holders o f reo. M ay 20a
Holders o f reo. Juno 5a
♦June 22
to
July 1
Holders o f rec. M ay 15a
Juno 16 to
Juno 20
Holders of rec. June 20
Holders of rec. M ay 15a
Holders o f reo. M ay 20a
Holders of rcc. M ay 16a
Holders of reo. M ay 15a
Holders o f rec. Juno 15a
Holders o f rec. M ay 20a
Holders of rec. M ay 20a
Holders o f reo. M ay 31
M ay 21
Holders o f rec. June 1
Holders of reo. Juno 1
Holders of reo. M ny 20a
Juno 1 Holders o f rec. M ay 20a
June 28 ♦Holders o f rec. Juno 8
June 15 Holders o f rec. M ay 31a
Juno 26 Holders o f rec. June 12
Amer. Bank N ote, pref. (quar.).
July
Holders of rec. June 16a
IX July
Holders o f rco. Juno 15a
July
IX
Holders
o f rec. June 14a
2 4 8 ,4 2 2 ,8 7 6 2 2 6 .1 8 9 ,1 7 8 '
+ 9 .8 ] 1 8 0 ,002 ,13 7 1 10 ,600 ,69 9
American Chicle, preferred (guar.) ................
July
♦Holders o f rec. Juno 20
‘ n e r ic a n C o t t o n O H , c o m m o n ( q u a r . ) . .
1
June
Holders of rec. M ay 15a
A u c tio n Sales. — A m o n g o th e r se c u ritie s, th e fo llo w in g
P r e f e r r e d ................... .......................................
3
Juno
Holders of rec. M ay 15a
a r . ) . . ................ .......
Holders of reo. M ay 31a
IX July
not usually dealt in at the Slock Exchange, w ere re c e n tly sold AA mm ee rr icic aa nn GEaxsp r(eqsus a r( q. ) u...........
............................
Holders of rec. M ay 22a
IX Juno
a t a u c tio n in N e w Y o r k , B o s to n a n d P h ila d e lp h ia :
A m e r . L a u n d r y M a c h i n e r y , c o m _________
M ay 26
to
Juno 5
IX June
A m o r . L o c o m o t i v e , c o m . ( q u a r . ) ........... ..
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y o r k :
Holders of rec. Juno 18a
IX July
P r e fe r r e d ( q u a r . ) ........... ................................
July 22 Holders of rec. July 5a
IX
Shares. Slocks.
P er cent. Shares. Stocks.
P er cent.
A m e r . P o w e r A L t ., c o m . (q u .) ( N o .2 2 ) .
1
Juno
Holders o f reo. M ay 24a
17,382 Argentum Juanlata M g ., $2
40 Eastern Steel, com m on____90
American Public Service, pref. (g u a r.)..
IX July
H olders o f rec. June 15
each
16 United W ine & Trading____49
A m e r ic a n R a d i a t o r , c o m m o n ( q u a r . ) . .
3
June 29 June 21
to
June* 29
9,128 M ollle Gibson Cons. M g . A
A m e r ic a n S e w e r P lp o ( q u a r .) _________ _
X June 20 June 11 to] June 2 »
M., $5 each . . . . . . .
$75 Bonds.
p e r cent.
A m e r . S m e lt . A R e f g . , c o m . ( q u a r . ) _____
IX June 15 M ay 25 to June 2
75 New Grand June. Land & lo t $2,000 Federal D yestuff & Chem.
P r e fe r r e d ( q u a r . ) ........................ ....................
IX June
M ay 11
to
M ay 20
I n v ........................................
Corp. 6% notes, ctfs of d e p .. . 30
A m . S u g a r R e f i n i n g , c o m . ( q u . ) ( N o . 1 0 7 ) P i X July
Holders o f rec. Juno la
6 Giant Port. Cement, pref .
$2,400 N . Y . Realty Owners, Inc.,
C o m m o n ( e x t r a ) ..............................................
July
mX
Holders
of
rec.
June
la
0 Giant Port. Cement, c o m ..
Incomes and 24 shares N . Y.
P r e fe r r e d ( q u a r .) ( N o . 1 06 )
P i X July
Holders of reo. Juno la
10 First N at. Bank of M adi
R ealty Owners, I n c ________ $100 lot
A m e r . S u m a t r a T o b a c c o , p r e f .............
3H Sept.
Holders of reo. Aug. 15a
son, N . J . . . . . _____ 165
$510 Bello Harbor Yacht Club 1st
American Telegraph & Cable (guar.) _____
Holders o f rec. M ay 31a
IX Juno
21 W est Side B ank....................105
5s, 1015........... ............................... $100
A m e r . T e l e p . A T c l e g . ( q u a r . ) . _________
2
July 15 Holders o f reo. Juno 20a
A m e r ic a n T h r e a d , p r e fe r r e d .......................... 12Xo. July
M ay 15 to
June 30
B y M e ssr s. M ille tt , R o e & H a g e n , B o sto n :
A m e r . T o b a c c o , c o m m o n ( q u a r . ) ..............
g5
Juno
Holders o f reo. M ay 16
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
A s s o c ia t e d D r y G o o d s , 1 s t p r e f ...................
IX Juno
Holders of reo. M ay 11a
10 Lyman M ills......... ......................... 130 X
9 Tho Fairbanks C o., pref . . . . 90
S e c o n d p r e fe r r e d .............................................
IX Juno
Holders o f roc. M ay 11a
5 Dartm outh M fg . Corp., pref___87
3 W hitman M ills...............................168
A t l . G u lf A W . I . S S . L in e s , c o m m o n ___
*5
Aug.
♦Holders of reo. Juno 28
15 U. S. W orsted, 1st pref____ . . . 91
P r e fe r r e d ( q u a r . ) ___ ' . ......... ............ ............
IX July
Holders of reo. Juno 10a
A t l u n t lc R e f in i n g ( q u a r . ) .............................
5
B y M e s s r s . R . L . D a y & C o ., B o s to n :
Juno 15 Holders o f rec. M ay 20a
A t l a s P o w d e r , c o m . ( q u a r . ) ..................... ..
2
Juno 10 June 1 to
Shares. Slocks.
$ per sh. Shares. Stocks.
Juno 9
$ per sh.
E x t r a _______________________ ____________ _
3
June 10 Juno 1 to
10 Appleton N at. Bank, Lowell ..1 0 7
June 9
X Nashua M f g . . ____________
425
B a ld w in L o c o m o t i v e , p r e f e r r e d .............._ .
10 Pepperell M f g ............................... 200
3)4 July
Holders o f rco. Juno 8a
5 Merrimack M fg ., c o m .....................78
B
e
t
h
le
h
e
m
S
t
e
e
l,
c
o
m
m
o
n
(
q
u
a
r
.
)
______
July
2X
Holders of reo. Juno 15a
3 Great Falls M fg ., ex-dlv _______ 185
50 Arlington M i l l s . . . .....................
125
C o m m o n , C la s s B ( q u a r . ) ______________
34 Mass. M ills In Georgia, e x -d lv .. 8 1 X 16 Boston W harf . . . . . ____ . 8 1
2X July
Holders of reo. June 15a
Cum. cono. pref. (guar.) .................................
July
3 Dwight M fg ., $500 each_______1252 X 19 R lvett Lathe & Grinder, com . . 65X
Holders of rec. Juno 15a
7 % preferred (guar.). . ..................... ........
1 Pacific M ills______ ______
.144
IX July
Holders o f rec. Juno 15a
38 Draper C orp .....................
-115>$
Blackstone Val. Gas A Elec., com. (guar.). $1
June
18 M ass. Cotton M ills_____ 139-140
Holders o f rec. M ay 27a
1 Cambridge Gas L t ..................... ..14914
Preferred (No. 1 2 ) .............................................
3
June
4 Whitman M ills_________
168
H old en of rec. M ay 27a
10 Plymouth Cordage . __________ 206
Blumenthal (F.) Co., common (guar.) _____
IX J u n o 29 Holders of rec. Juno 29a
9 Trem ont A Suffolk M ills ............. 160
Bonds.
p er cent.
Preferred (guar.) _____________________________
IX July
1 Nashua M fg ., S500 par, ex-dlv. .855
Holders of rec. June 29a
$500 Boston Elec. Lt. 5s, 1924____9 3 %
Booth Fisheries, common (guar.) ____________ *50c. July
♦Holders o f reo. Juno 20
B y M e s s r s . B a r n e s & L o fla n d , P h ila d e lp h ia :
Preferred (g u a r .) .. .............................. ................. *1)4 July
♦Holders o f reo. Juno 20
Shares. Slocks.
$
per sh Shares. Stocks.
B o r d e n ’ s C o n d e n s e d M i l k , p r e f. ( q u a r . ) .
----------$ per sh.
IX June
Holders of reo. Juno la
28 L eh igh V a l. C o a l Sales, S50
B r ie r H i ll S t e e l, c o m . ( q u a r . ) . . ................
100 Goldfield Cons. M ines . . .
X
Holders o f reo. June 20
*1X July
ea ch ................................. . . 83 X
C o m m o n ( e x t r a ) ..............................................
*3X July
♦Holders of reo. Juno 20
6 In tern a t. L u m b er A D e v e l ,
P r e fe r r e d ( q u a r . ) ............................ ...............
Bonds.
p e r cent.
*1X July
Holders of rcc. Juno 20
$5 0 ea ch . .......................... $25 lo t $ 1 ,1 0 5 C h es. & D e l. C a nal 1st 4s,
B r it ls h -A m e r t c a n T o b a c c o , o r d i n a r y _____
6
June 29 Holders of coup. N o. 67s
42 2d Street t m p t ., K . C ., M o . . $3 lot
Brooklyn Union Gas (guar.) __________ ________
1927 .................................... ...................58
IX July
Holders o f rcc. Juno 13a
15 P h il. L ife In s ., $10 e a c h _____ 10M
B r o w n 8 h o e , I n c . , c o m m o n ( q u a r . ) _____
$ 5 ,0 0 0 W llk e s -B . & H a z le to n R B .
IX Juno
Holders of reo. M ay 20a
1 A m or. B a n k , $50 e a c h _______ 54X
B
u
c
k
e
y
o
P
ip
e
L
in
e
(
q
u
a
r
.
)
______
.
c o ll. 5s, 1 95 1___________ __________ 50
$2
Juno 15 Holders of reo. M ay 31
25 M u tu a l T r u s t, $50 e a c h _____ 35
B u r n s B r o s ., c o m . ( e x t r a . In L . L . b d s . ) . .
$ 1 ,0 0 0 N o . Sprlngflold W a t e r 5s,
15
June 10 Holders of rec. M ay 31a
2 ,5 5 0 S u n b u ry O i l . ............... .............$2 lo t
C a ll fo r n la P a c k in g C o r p . , c o m . ( q u a r . ) . .
1 9 2 8 .. . ............ ................................ 6 5 J4
$1
June 15 Holders o f rec. M ay 31a
50 M e t r o p . U n d erg rou n d C a b le
P r e fe r r e d ( q u a r . ) ........... .................................
3 1 .0 0 0 O h io C e n t. T r a c . 1st 5s, 1919 75
IX July 1 Holders o f roc. Juno 15a
an d S I ,00 0 R a w le y Iron &
Calumet & Arizona Mining (guar.) _______ *S2
$ 2 ,0 0 0 U n ited G as & E le c . c o ll. 6s,
June 14 ♦Holders o f r jc . Juno 7
C oa l 1st 6s, 1903 ________ $6 lo t
C a lu m e t A H e c la M i n in g ( q u a r . ) _________ $15
1 9 4 5 ..
................. .................... 70
June 14 Holders of reo. M ny 28
18 1st N a t . B a n k , W o o d b u r y ,
C a m b r ia S t e e l ( q u a r . ) ........... ............................
$ 2 ,0 0 0 C learfield & J e ff. R y . 1st 6s,
75o. June 15 Holders o f rec. M ay 31a
N . J ., $5 0 e a c h . . ..................1 5 0 X
E x t r a .................................. ...................................
75c. June 15 Holders o f rec. M ay 31a
1 92 7........................................... ...........102J4
95 F a rm ers’ A M e c h . N a t . B k . 1 7 6 '4 3 3 .0 0 0 E v a n sv ille G a s & E le c . L t .
Canadian Car A Foundry, preferred_____ *3X July 15 "•Holders of rcc. June 15
2 0 K e n sin g to n N a t . B a n k , $50
C a r b o n S t e e l 2 d p r e f . ( a n n u a l ) __________
1st 5s, 1 9 3 2 . . . ....................
. . . 8 2 )4
6
July 30 Holders of rec. July 26a
ea cn . . .................................. . 1 0 0
C a r w o n S t e e l T o o l ...............................................
$ 1 ,0 0 0 E m p ire D is tr ic t E le c . 1st
50o. June 10 June 2
to
Juno 9
3 L o g a n T r u s t C o _______________ 14S
Case ( J . I.) Thresh. Mach., pref. (guar.). *1)4 July 1 ♦Holders of rec. Juno 10
5s, 194 9................................ .................. 6 9 )4
9 F ire A s s o c , o f P h il., .$50 ea ch 304
Centennial Copper Mining (guar.) ................ *$1
$1 ,0 0 0 M o b ile G as 1st 5s, 1 9 2 4 ___80
June 28 ♦Holders of rcc. Juno 8
8 R elia n ce Instir., $50 e a c h . . . 50
C
e
n
t
r
a
l
L
e
a
t
h
e
r
,
p
r
e
f.
(
q
u
a
r
.
)
____________
$ 3 ,0 0 0 M e t r o p o l. E d ison 1st & ref.
IX July
Holders of rcc. Juno 10a
10 P e o p le 's N a t . F . In s ., $25
C e r r o d e P a s c o C o p p e r ( q u a r .) ( N o . 1 0 ) .
5s. 192 2______
8 9 )4
Juno 1 Holders of rec. M ny 20a
ea ch . ...........
16
E x t r a ......... .............................................................
25c. June 1 Holders of rco. M ay 20a
$2 ,0 0 0 In dian a L ig h tin g 1st 4s,
’ 5 8 . 59 )4
1 J oh n B . S tetson , c o m ________ 315
Charcoal Iron of America, com. (guar.) .
20c. June 29 Holders of rcc. Juno 15
$1 ,0 0 0 E m p ire G a s A F u el 1st &
12 N o r . L ib erties G a s, $25 e a c h . 3614
Preferred ................................................. .....................
c o ll. tr. 6s, 1 9 2 6 .................................9 6 )4
30c. Juno 29 Holders o f rec. June 15
11 U n ited G a s & E le c ., 1st p r o f. 4014 $ 1 ,0 0 0 H o te l T r a y m o r o 1st 6s, ’ 2 7 . 85
C h e s c b r o u g h M a n u fa c t u r in g ( q u a r . ) ___
. 3
Juno 20 Holders of rcc. Juno la
2 6 P h il. B ou rse, c o m . , $50 e a c h .
6
E x t r a ......................................................................
50o. June 20 Holders o f roc. June la
$3 ,2 0 0 E a st Jersey C oa st W a te r 1st
13 C a d d o O il ____________________
7X
Chicago Telephone (guar.) .................................... *2
4 )4 s . 1 9 2 4 . . ..................................... 80
Juno 29 ♦Holders o f rco. June 28
24 B a rn egat I m p t ____________ . 25
C h i ld s C o m p a n y , c o m m o n ( q u a r . ) ...........
$ 3 ,0 0 0 M ississip pi V a il. G a s A E le c ,
IX June 10 M ay 30 to Juno 10
82 0 T o n o p a h E x te n . M g . . . .
IX
P r e fe r r e d ( q u a r . ) ........... ............ ...................
c o ll. 5s, 1922 ..........................
77 )4
IX June 10 M ay 30 to Juno 10
IX
*$ 2
$1.50
$1.50
75c.
xx
$1
THE CHRONICLE
June 1 1918.]
When
Per
Cent. Payable.
Name of Company.
M iscellaneous (C o n tin u ed )
2
IX
X
IX
IX
C lo v c la n d -A k r o n B a g (q u a r .)-----E x t r a ...................................................C o lo r a d o P o w e r, preferred (q uar.)
Columbia Craphop. Mfg., pf. (qu.)(No. 1)
Computlng-Tabulating-Recordino (guar. ) .
Connecticut Power, pref. (quar.) (No. 2 1 ) .
C o n n e cticu t R iv e r P ow er, p referred -----C on solid a ted A rizon a Sm elting ( q u a r . ) . .
C o n so lid a te d G a s ( q u a r .)...................... - - -
Cons'd Interstale-Callahan Min. (quar.)..
C on tin en ta l OH (q u a r .)---------- --------------Continental Refining, com. (monthly)------C o p p e r R a n g o C o . (q u a r.) (N o . 4 6 ) ------C osd en & C o ., p referred (q u a r .).
C rescen t P ip e L in e (q u a r .)----------
Cresson Cons. Cold M . & M . (monthly)..
C rex C a rp e t ........ ..............- ................
P referred (q u a r . ) ............. ..................
C u d a h y P a ck in g , co m m o n (q u a r .).
D eere A C o ., p referred ( q u a r .)-----D ia m o n d M a t c h ( q u a r .) -----------------D istillers S ecurities ( q u a r .) .......... ..
E x t r a ................................................... - -
Debenture stock (quar.).
u Pont (E. I.) de Nem. P
Preferred (quar.)---------Eastorn Steel, com mon (qu ar.)------First and second pref. (qu ar.)----Eastman K odak, common (q u a r .)...
Common (extra)-------------------------
(quar.).................... -
Eastman K odak, com mon (e x tra )..
Elkhorn Coal Corporation, common..
Preferred..............................- ................
Equitable Ilium. Gas L., Phlla., pref.
F ederal Sugar I te fg ., c o m . (q u a r .).
F ederal U tilities, I n c ., p referred .
Preferred (quar.)........................
F o u n d a tio n C o . , c o m m o n .............
Freeport Gas, preferred (quar.)..
G alen a-S ign al O il, c o m . (q u a r .).
P referred ( q u a r .) ........................
G en eral C ig a r, I n o ., p ref. ( q u a r .).
G en eral D e v e lo p m e n t (q u a r .)____
G on era l E le c tr ic ( q u a r . ) . . ...............
G llle t t o S a fe t y R a z o r (q u a r .).
E x tr a _______________________
G lo b e OH (m o n th ly )--------------
preferred stocks (quar.).
IX
I
IX
loodrlch (B. F .) C o ., con
Preferred ( q u a r .) .........
3
•IX
Grasselll Chemical, com . (quar.) .
Com m on (extra )..................... ...
Preferred (qu ar.)--------------------
•2
)
Preferred (quar.)............... ................
Great Northern Iron Ore Properties.
•IX
IX
IX
IX
*$1
IX
G rea t N orth ern P a p e r .......................
/2 5
G u lf States S teel, c o m m o n ( q u a r .).
First preferred ( q u a r . ) . ....................
S econ d preferred ( q u a r .).......... ..
I la ck cn s a ck W a te r , c o m . an d p r e f ..
C o m m o n (e x t ra )............... ..
P referred ( q u a r .) ......................
H a rtm a n C o rp o ra tio n (q u a r .).
H askell & B a rk er C a r (q u a r .).
Illinois Pipe Line......... .....................
Independent Browing,PIttsb. .com .
Indian Refining, common (qu ar.).
Preferred (qu ar.)......... - ..............
2X
IX
IX
. 87XC.
IX
6
IX
IX
) *ix
.
SI
)
.
.
-
.
$4
<5
8
2 5 c.
3
IX
2
$1
Preferred (quar.).
In tern a tion a l N ic k e l, c o m . (q u a r .).
International Sail (quar.).................
Capital distribution.
Preferred (quar.).
a Belle Iron Works,
Preferred (quar.)..
C o m m o n (e x t r a ).
P referred ( q u a r .) .............................
L eh igh V a lloy C oa l Sales ( q u a r .).
P referred (q u a r.) (N o . 6 8 ) ---------M a g m a C o p p e r (q u a r .)........................
M a h o n in g In v e s tm e n t______________
M a n a tl S u g ar, c o m . ( q u a r .) ________
M a n h a tta n S h irt, c o m m o n ( q u a r .).
.
)
)
.
(q u a r .).
P referred (q u a r .)...............
Iolln o P lo w , first preferred
S econ d preferred (q u a r .).
$1
*IX
IX
)
IX
. *50c
.
IX
.
50c
-
.
.
.
)
-
.
.
.
.
)
.
.
.
.
50o
2 5 c.
2
1
IX
3
2
IX
2X
2X
IX
S2
3
*1X
.
IX
) IX
1
.
.
.
50c
3
2X
1
2 5 c.
2
kIX
.
IX
) 2X
r2
2
. oIX
. *2X
•IX
.
IX
. IX
.
IX
.
IX
.
P referred
IX
IX
IX
June
A ug.
J u ly
Juno
June
Juno
Jun e
Jun o
Juno
Ju ly
Jun o
June
Juno
J u ly
J u ly
Ju ly
Jun o
Juno
Juno
J u ly
Ju n e
Juno
J u ly
Jun e
Jun o
Jun o
Jun e
Juno
Juno
June
Juno
Jun e
Juno
June
Juno
Juno
J u ly
Jun o
Juno
J u ly
Juno
Juno
June
Juno
A ug.
J u ly
Juno
June
Juno
June
Juno
Juno
J u ly
Juno
J u ly
Juno
Ju ly
Ju ly
Juno
Juno
Jun o
Jun o
A ug.
Juno
J u ly
Juno
June
Ju ly
Ju ly
Juno
Jun o
Juno
Juno
Jun o
J u ly
Ju ly
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
June 15 H o ld e rs o f r e c. M a y 31
June 15 H old ers o f re c . M a y 31
June 15 *H o ld e r s o f rec. M a y 31
7 5c Jun e 1 H old ers o f r e c. M a y 15a
IX Ju ly 15 H old ers o f re c . Ju n e 29a
IX J u ly 15 H o ld e rs o f re c . J u ly 8a
IX June 1 H o ld e rs o f r e c. M a y 21a
to
June 30
2
June 30 J u n e 20
to
Jun e 30
3
June 30 June 2 0
IX Jun e 15 H o ld e rs o f reo. M a y 24a
IX Jun e 29 H o ld e rs o f rec. J u n e 14a
5a
11
J u ly 25 H old ers o f re c . J u ly
N a tion a l Sugar R efin in g (q u a r .).
IX J u ly 2 H o ld e rs o f re c . Ju n e 10
3
Ju ly
1 H old ers o f rec. Jun e 20a
N a tion a l S u rety ( q u a r . ) . . . . . .
50c. June 15 H old ers o f re c . M a y 31a
N a tio n a l T r a n sit ........ ................ .........
5 0 c. Jun e 15 H old ers o f re c . M a y 31a
E x t r a ............... .................. .. ............
N eb ra sk a P o w e r, p ref. (q u a r .)___
.
IX June 1 H old ers o f re c . M a y 21
N e w N lq u e ro S ug ar, c o m . & p r e f.
3X June 1 H old ers o f re c . M a y 22
*4
New Jersey Zinc (extra)____________
June 10 *'H old ers o f re c . Jun e 1
5
June 21 H old ers o f re c . Ju n e 3a
June 1 H old ers o f r e c . M a y 25a
1
1
4
J u ly 15 H o ld e rs o f r e c. Jun e 22
New York Transit (quar.). . .
.
2
J u ly
1 H old ers o f r e c . J u n e 16a
N ia g a ra Falls P ow er ( q u a r .).
J u n e 20 H old ers o f re c . J u n e 3a
)
3
North American Co. (quar.).
*IX J u ly 1 *‘ H old ers o f r e c. Jun e 15a
5
J u ly
1 H o ld e rs o f rec. Jun e 11
N orth ern P ip e L ine ( q u a r .).
.
IX Jun e 1 H old ers o f re c . M a y 22
$1.25 Jun e 1 H o ld e rs o f re c . M a y 17a
O h io C ities G a s , c o m . (q u a r .).
. *$1.25 Jun e 20 ‘‘ M a y 23
to
Ju n e 16
O h io O il (q u a r .)..........................
. *$4.75 June 20 ’ •M ay 23
to
Jun e 16
E x tra _______________________
- *IX June 15 ‘
Oklahoma Prod. <Sc Refining (quar.)... . •12XC June 28 ‘
Jun e 28 ‘
Osceola Consolidated Mining (quar.)___ *S2
Owens Bottle-Machine, common (quar.).. *7 5 c. J u ly 1 *
1 <
) *150c. J u ly
Preferred (quar.)____________ ______
*1X J u ly 1 ‘
5 0 c. Jun e 15 H o ld e rs o f re c . Jun e l a
P a cific M a ll Steam ship, c o m m o n ..
Jun e 15 H o ld e rs o f ree. Ju n o l a
C o m m o n (e x t r a )_________________
.
$1
P a clflo M a ll S S .. p referred ( q u a r .).
.
IX June 1 H o ld e rs o f reo. M a y 17a
June 1 H o ld e rs o f re c . M a y 24a
Packard Motor Car, common________
. 2
.
IX June 15 H o ld e rs o f r e o . M a y 31 a
. r$ 1.25 Ju ly 10 H old ers o f re c . J u n e 16a
P referred (q u a r .).
IX J u ly 1 H old ers o f r e c . J u n e 15a
.
IX Jun e 29 H old ers o f r e c . Ju n e 15
Preferred (quar.)........... .........
IX June 29 H old ers o f re c . Jun e 15
. 43XC Jun e 15 H old ers o f re c . M a y 2 2 a
P h iladelphia E lectric (q u a r .).
J u ly
1 H old ers o f r e c. Jun e 14
.
2
P ittsb u rgh B rew in g, c o m m o n .
X Ju n e 15 H old ers o f rc e . Ju n e l a
J u ly
1 ’
P ittsb u rg h R o lls C o r p ., com .(<
) *1
1 ’
P referred ( q u a r .) ..... ........... ..
- * i x J u ly
.
IX Jun e 1 H old ers o f re c . M a y l f a
J u n e 6 H old ers o f re c . M a y l£ a
. g3
.
IX Jun e 5 H old ers o f reo. M a y l f a
. 3
J u ly 15 H old ers o f re c . J u ly
la
Q uaker O ats, co m m o n (q u a r .).
J u ly 15 H old ers o f re c . J u ly
la
.
1
C o m m o n (e x tra )......................
P referred (q u a r.) ................... ....
IX A u g . 31 H old ers o f re c . A u g . l a
.
IX Jun e 29 H old ers o f re c . J u n e 15a
P referred (q u a r .).
.
IX June 20 H old ers o f rec. J u n o 8a
.
3
5
J u ly 15 H old ers o f r e c . J u ly
)
IX A u g . 1 H old ers o f re c . J u ly 2Ca
.
IX J u ly 1 H old ers o f re c . J u n e 18a
6 0 c. Ju n e 20 Jun e 9
to
J u n e 20
S t . Joseph L ea d ( q u a r .).
.
IX June 15 H old ers o f reo. M a y 31a
F irst p r e f. (q u a r .) _______
IX June 15 H old ers o f r e c. M a y 31
S e con d preferred ( q u a r .).
IX Jun e 15 H old ers o f reo. M a y 31
. IX J u ly 1 H old ers o f re c . Ju n e 15
2 5o. J u ly 20 H o ld e rs o f reo. Ju n e 29a
S h a ttu ck A rizon a C o p p e r C o .
15
Jun o 1
to
Jun o 16
15 H old ers o f reo. A u g . 2a
.
2 5o. J u ly 20 H old ers o f reo. Ju n e 29a
E x t r a ............................................
5
Jun e 20 Jun e 1
to
Ju n e 20
1 H old ers o f reo. J u n e 21 a
S olar R e fin in g .......... ..................
June 1 H old ers o f reo. M a y 15
.
6
1 ♦ M ay 21
to
M a y 31
S ou th ern P ip e L in e ( q u a r . ) . - 21 ♦H olders o f r c c . Jun e 15
June 29 ►Holders o f re c . Jun e 13
. *5
South Penn Oil (quar.)________
2£ ♦ H olders o f rec. Jun o 15
)
IX Jun e 1 H old ers o f r e c. M a y 25
J u ly
1 ►Holders o f r e c. Jun e 15
. *3
2£ H old ers o f reo. Ju n o 15
1 H old ers o f r e c. M a y 3 la
- * i x June 15 ►Holders o f r e c. M a y 31
.
1
J u ly
1 ►Holders o f re c . Ju n e 15a
3C Jun e 16
to
Jun e 30
to
J u ly 1
1 Ju n e 16
IX J u ly 1 ►Holders o f re c . Ju n e 15a
to
Jun e 27
27 ’ Jun e 11
.
2X June 15 H o ld e rs o f reo. M a y 15
.
3
Jun e 15 Ju n e 1
to
Ju n e 16
1 H old ers o f r e c. M a y 25a
to
Ju n e 16
.
3
Ju n e 15 Ju n e 1
E x t r a ............. .......................
5 H old ers o f rce. M a y 15a
. *10
June 20 !►Holders o f re c . M a y 20
Stand ard OH (N e b ra s k a ).
1 H old ors o f re c . Juno 15a
.
5
Jun e 15 H old ers o f r e c . M a y 2Ca
1 H old ers o f rec. Juno 15a
.
3
to
M a y 30
June 15 M a y 21
1 H old ers o f rec. Jun e 1 5a . Sta n d a rd OH o f N . Y . ( q u a r .)____
to
Jun e 19
.
3
Ju ly
1 June 1
1 H old ers o f r c c . M a y 25a
Stand ard O il (O h io) (q u a r .)..........
to
Jun e 19
J u ly
1 Jun e 1
E x t r a ................. ................ ................
1 H old ers o f roc. M a y 20a
.
1
J u ly
1 ►Holders o f r e c . J u n e 10
. *6
S tan d ard S crew , c o m m o n ( q u a r .).
5 H old ers o f rec. M a y 23a
Steel P r o d u cts , p ref. ( q u a r .)_____
2( H old ers o f r e c. J u ly 10a
IX Ju n e 1 H old ers o f r e c . M a y 16
)
7 5c J u ly
1 H o ld e rs o f rec. Jun e 15
) H old ers o f r e c . M a y 20a
Ju n e 1 H old ers o f re c . M a y 20a
2( ’ H old ers o f reo. JuncS‘2 8
)
1
J H old ers o f r c c . Jun e 16a
P referred ( q u a r . ) . .
IX Ju n e 1 H old ers o f r e c . M a y 20a
Subway Really (quar.).
1 H old ers o f r c c . M a y 17a
i x J u ly 1 H old ers o f r e c. J u n e 20a
.
2
J u ly
1 M a y 19
to
Ju n e 30
1 H old ers o f r c c . M a y 17a
. e25
J u ly 15 M a y 19
to
Ju n e 30
21 Jun o 1
to
Jun o 19
. $ 1 .75 June 20 H old ers o f re c . Ju n e 10a
15 Ju n e 1 t o Ju n o 14
1 Ju n e 16
.
10c. Ju ly
to
Ju n e 21
Tonopah-Belmont Decel. (quar.)...
15 H old ers o f r c c . Jun e 1
Tooke Bros., preferred (quar.) . . .
15 H old ers o f r e c. Jun o 1
IX Jun e 15 H old ers o f r e c . M a y 31
1 H old ers o f roc. M a y 10a
Tuckett Tobacco, preferred (quar.).
.
IX J u ly 15 H old ers o f r e c. June 3 0
1 H old ers o f rec. M a y 16
.
IX J u ly 1 H o ld e rs o f r e c . J u n e 15a
I H old ers o f r c c . M a y 16
P referred (q u a r .).
.
IX J u ly 1 H old ers o f r e c . Jun e 15a
1 H old ers o f reo. M a y 10
)
IX June 15 H old ers o f r e c . Jun e 5 a
1 H o ld e rs o f ro c . M a y 10
J u ly 2 ♦ H olders o f r e c . Ju n e 8
Union Carbide & Carbon (quar.).
. *$1
to
M a y 31
H old ers o f reo. M a y 15a
IX Jun e 1 M a y 22
2! ’ H old ers o f reo. Jun e 15
IX June 15 H old ers o f r e c . M a y 31a
] Ju n o 16
to
J u ly
7
United Drug, common (quar.).
IX J u ly 1 H old ers o f re c . Jun e 15a
: H old ers o f r c c . M a y 28
IX Jun e 1 H o ld e rs o f r e c. M a y 15a
28 ’ H old ers o f r c c . Ju n o 8
U n ited P a p erb oa rd , p ref. (q u a r .).
.
IX J u ly 15 H old ers o f r e c. J u ly l a
: H old ers o f reo. Ju n o 20a
. 1 X C . Jun e 1 H old ers o f re c . M a y 10a
U n ited P ro fit-S h a rin g .........................
2! H old ers o f reo. Jun e 7 a
.
1X0. Jun e 1 H o ld e rs o f rec. M a y 10a
E x t r a ............. ........... ............................
211 H old ers o f r e c. Jun e 7a
to
Jun e 30
U . S . G y p su m , preferred (q u a r .).
.
IX Jun e 30 Jun e 21
15 H old ers o f reo. Ju n e la
.
4
Jun e 14 H old ers o f re c . M a y 2 8 a
1 H old ers o f r e c . Jun e 14
.
10c. J u ly
H old ers o f reo. M a y 21a
U. S. Steamship (bi-monthly).. . . .
: H old ers o f r e c. J u ly 20a
_
5 c. J u ly
1 H old ers o f r e c . J u n e 14
Extra.......................................................
:
Ju n e 3
U . 8 . Steel C o r p ., co m m o n (q u a r .).
IX Jun e 29 Ju n e 1 t o
to
Ju n e 3
2C Ju n o 16
Jun o 29 Ju n e 1
.
3
to
Juno 19
C o m m o n (e x t r a )..... ............................
2£ Jun e 16
3
Jun e 1 H old ers o f r e c. M a y 20a
to
Jun o 19
W a lth a m W a t c h , preferred ________
2! H old ers o f r e c. Jun e 14a
.
10c. Jun e 11 H old ers o f reo. Ju n e 1
25 H old ers o f re c . J u n o ll4 a
4
to
Ju n e 30
Ju n e 30 Ju n e 20
W estern G ro c e r , c o m m o n .
to
Ju n e 30
.
3
Jun e 30 Jun e 20
H old ers o f re c . M a y 25
P re fe r re d ................. ............
H old ers o f rec. M a y 25
i)
IX Ju n e 10 H old ers o f r e c . Ju n e 1
: H old ers o f reo. Jun o 20
P referred ( q u a r ) ........................
.
IX Jun e 10 H old ers o f r e c. Ju n e 1
: H old ers o f r c c . M a y 15a
. 120
O ct.
1 H old ers o f r e o . S e p t . 16a
W ey m a n -B r u to n C o ., c o m m o n .
: ‘ H old ers o f rec. Jun o 24
IX J u n e 1 H old ers o f re c . M a y 15
: H old ers o f r e c. M a y 20a
)
IX Ju n e 1 H old ers o f re c . M a y 15
; H old ers o f reo. Ju n o 8a
.
IX Ju n e 1 H old ers o f reo. M a y 16
: H old ers o f reo. Ju n o 8a
Jun e 29 H old ers o f r e c. Jun e 15a
W h ite M o t o r (q u a r .).
.
$1
2! H old ers o f rce. Jun o 7
.)
IX Jun e 1 H o ld e rs o f reo. M a y 29
: H old ers o f r c c . M a y 23
to
M a y 15
Jun e 1 M a y 2
) 2
! H old ers o f reo. M a y 15
.
IX J u ly 1 H old ers o f r e c . J u n e 10a
: H old ers o f reo. M a y 18a
)
IX J u ly 1 H old ers o f re c . Ju n e 20a
] J u ly 16
to
A ug. 1
Preferred B (quar.).
-\ IX J u ly 1 H old ers o f re c . Jun e 20a
: M a y 16
to
M a y 31
J
2X lJ u ly 1 H o ld e rs o f reo. J u n e 21
: H old ers o f reo. J u n e9 l4 a
_____
is d iv id e n d , b L ess
H old ers o f reo. M a y j lS a
B ritish Incom e ta x . d C o r r e c tio n , e P a y a b le In s t o c k , f P a y a b le In c o m m o n
25 H old ors o f reo. June 5a
s t o c k , g P a y a b le In scrip , h O n a c c o u n t o f a ccu m u la ted d iv id e n d s . 1 P a y a b le In
I f H old ors o f re c . Juno 15a
L ib e rty L o a n b o n d s, k P a y a b le in first p referred 6 % d iv id e n d ce rtifica te s d u e
: H old ers o f reo. Jun e 15a
J u ly 1 1920. J R e d C ross d iv id e n d ,
m D ecla red fo u r e x tra d iv id en d s p a y a b le
: H old ers o f ro c . M a y 20a
as a b o v e , X % O ct. 2 t o hold ers o f record S e p t. 3 , X % J a n . 2 1919 t o holders
: ♦H olders o f r c c . M a y 15
o f record D e o . 2 1918, and X % p a y . A p r . 2 1919 t o h old ers o f record M a r . 1 1 9 1 9 .
: ♦H oldors o f reo. M a y 15
o P a y a b le In ten -y ea r 6 % d lv . certifica tes, p D e cla re d a lso regular q u a r. d lv . N o . 108
: M a y 19
to
Jun e 1
o n c o m . and N o . U '7 o n p r e f., IX % ea ch , p a y a b le O c t . 2 t o h olders o f r e c. S e p t. 3 .
1 M a y 19
to
Jun e 1
r P a y a b le o n e-h a lf In cash an d on e-h a lf In 2 d L ib e r ty L o a n b o n d s , s T ra n sfers
1 H old ers o f reo. Jun o 15a
receiv ed In ord er In L o n d o n o n o r b e fo r e Jun e 10 w ill b e in tim e t o b e passed fo r
H old ers o f reo. Jun e 15a
p a y m en t o f d iv id en d t o transferees.
June 4 J u n o 2
to
June 3
runo 30 Jun o 21
to
J u ly
1
rune 30 Jun o 21
to
J u ly
1
June 15 H old ers o f r e c. M a y 31a
July
1 H old ers o f re c . Ju n o 15a
♦1
Ju ly 10 ♦H olders o f re c . J u n e 25
IX June 1 H old ers o f rec. M a y 28a
June 1 M a y 28
3
to
M a y 31
5 c. June 1 H old ers o f reo. M a y 17a
IX Jun e 15 H old ers o f reo. M a y 9a
5 0 c. Jun e 15 H old ers o f re c . Ju n o l a
*3
June 17 ♦H olders o f reo. M a y 17
10c. Juno 10 H old ers o f reo. M a y 31a
$ 1.50 June 15 H o ld e rs o f re c . M a y 22
8Xc Jun e 1 M a y 19 t o M a y 31
75c Jun o 15 M a y 2 4
to
Ju n e 16
10c. Jun o 10 H o ld e rs o f rec. M a y 31
3
Jun e 15 H old ers o f reo. M a y 31a
IX June 29 H old ers o f rce. Jun e 15a
2X J u ly 1 H old ers o f r e c . J u n e 15a
IX J u ly 1 H old ers o f re c . Ju n e 15a
•IX June 15 ♦ H old ers o f re c . J u n e 5
IX Juno 1 H old ers o f roc. M a y 15a
2
Ju n e 16 H old ers o f reo. M a y 31a
X J u ly 18 H old ers o f re c . J u ly 2a
IX J u ly 18 H old ers o f rec. J u ly 2a
1
J u ly
1 H old ers o f reo. Jun e 15
IX J u ly 1 H old ers o f re c . Jun e 15
•IX J u ly 1 ♦ H olders o f roc. Ju n e 5
2
Ju ly
2 H old ers o f re c . Jun e 15
•IX June 15 ♦H olders o f r c c . M a y 31
•IX J u ly 25 ♦H olders o f re c . J u ly 10
•IX A u g . 1 ♦ H old ers o f re c . J u ly 20
•IX A u g . 1 ♦ H olders o f re c . J u ly 20
IX Juno 3 H old ers o f re c . M a y 27
2X J u ly 15 H old ers o f re o . J u ly 1
IX Jun o 15 H old ers o f reo. Ju n e 1
2X J u ly 1 H old ers o f r e c. M a y 31a
7X J u n e 1 H old ers o f reo. A p ril 30a
IX J u ly 1 H old ers o f r e c . M a y 31a
A u g . 1 H old ers o f rec. Jun e 29a
10
Juno 10 H old ers o f re c . Ju n e l a
SI
S I .50 Juno 10 H o ld e rs o f rec. Jun o l a
Juno 15 H old ers o f r e c . Ju n o 8
3
M a y 31
IX Juno 1 M a y 22 to
IX Juno 15 H old ers o f rec. M a y 25a
IX Jun o 17 H old ers o f r e c. J u n e j 7a
IX Jun e 1 H old ers o f r e c. M a y 15
$1.25 Jun o 20 H o ld e rs o f re c . J u n e jlO a
IX J u ly 15 H old ers o f re c . J u ly l a
June 15 H old ers o f r c c . Jun o l a
$1
IX Juno 1 H old ers o f roc. M a y 28
3
J u ly 31 H old ers o ( ro c . M a y 31
2
J u ly 31 H old ers o f r c c . M a y 31
IX June 1 H old ers o f r e c. M a y 23a
2
June 1 H old ers o f reo. M a y 22a
IX J u ly 1 H old ers o f r c c . Jun e 18a
IX June 1 H old ors o f r o c. M a y 24a
June 1 H old ers o f rec. M a y 15a
$1
J u ly 15 H old ers o f reo. Jun o 8 a
2
Ju ly 15 H old ers o f rec. Jun o 8 a
2e
$1 75 Jun o 1 H old ers o f reo. M a y 1
Ju n e 1 H old ers o f re o . M a y 25
$1
150. June 10 H o ld e rs o f reo. M a y 25
City & Suburban Homes......................
P referred
Books Closed.
Days Inclusive.
3315
M o n tr e a l C o tto n s , L t d ., c o m . ( q u a r . ) . .
Preferred (q u a r .)........ ..................
Muskogee Gas <t Elec., pref. (quar.)____
N a tio n a l A c m e ( q u a r .) ............... . . .
N a tio n a l B iscu it, c o m . (q u a r .)( N o . 8 0 ) .
N a tio n a l C loak& Su It, c o m . (q u .) (N o .6 )
Preferred (q u a r.) ( N o . 1 6 )------N a tio n a l G ro c e r , c o m m o n (q u a r.).
P re fe rre d ..................................... ........
N a tio n a l L e a d . p ref. ( q u a r .)_____
N a tio n a l L e a d , c o m m o n (q u a r .).
1
IX
•IX
2316
THE CHRONICLE
IV’OL. lot).
M em ber Banka o f th e Federal Reservo S y stem .— 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 M a y 25 . Because of the large
number of banks for which roturns are furnished the statement ism ot issued until a week later than that for the Foderal
Reserve banks of the same date. Definitions of the different items contained in the statement were given in the weekly state
ment issued under date of Dec. 14 1917 and which was published in the “ Chroniclo” of Doc. 29 1917, page 2523.
S T A T E M E N T S H O W I N G P R I N C I P A L R E S O U R C E A N D L I A B I L I T Y I T E M S O F M E M B E R B A N K S L O C A T E D IN C E N T R A L R E S E R V E .
R E S E R V E A N D O T H E R S E L E C T E D C I T I E S A S A T C L O S E O F B U S I N E S S M A Y 17 1 9 1 8 .
o f b o t h U S . b o n d s a n d 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 a s lig h t I n c r e a s o in t h o t o t a l lo a n s s u p p o r t e d b y
t h e s e s e c u r it ie s a r o i n d i c a t e d b y t h o w e e k ly 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 f 6 8 8 m o r n b e r b a n k s in a b o u t 1 0 0 l e a d in g c it i o s .
i P
y
. . r -, . ? ’ 9 ? .? cLs o n " a n d , e x c l u s iv e o f c ir c u l a t i o n b o n d s , s h o w a d e c r e a s e o f 4 1 . 4 m il l io n s , t h o b a n lcs in t h o t h r o e r e s e r v o c it i o s r e p o r t i n g a d e c r e a s e o f
m il l io n s a n d t h o s e in o t h e r r o s e r v o c it i o s — a d e c r e a s e o f o v e r 2 6 m il l io n s .
O f t h o t o t a l d o c r e a s o o f 1 2 .2 m illio n s in c e r t i f ic a t e s o f i n d e b t e d n e s s
a b o u t 6 . 4 m illio n s is r e p o r t e d b y t h o c e n t r a l r o s o r v o c i t y b a n k s a n d a b o u t 4 m illio n s b y b a n k s in o t h e r r o s e r v o c it i o s .
L oa n s secu red b y U
8 w ar
o h .'n a t io n s in c r e a s e d b y a b o u t 1 7 .8 m illio n s l a r g e ly a t c e n t r a l r e s o r v o c i t y b a n k s .
O f t h o t o t a l i n v e s t m e n t s t h e s h a r o o f G o v e r n m e n t w a r s e c u r it ie s
a n d lo a n s s u p p o r t e d b y s u c h s e c u r it ie s is 2 0 . 3 % a s a g a i n s t 2 0 . 5 % t h o w o o k b o f o r o .
N e t d e m a n d a s w e ll a s t im e d o p o s i t s o f a ll r e p o r t in g b a n k s s h o w b u t l it t l e c h a n g o , w h il o G o v e r n m e n t d e p o s i t s in c r e a s e d a b o u t 4 5 7 m illio n s
C or
r e s p o n d i n g c h a n g e s a t b a n k s in c o n t r a l r o s e r v o c it i e s i n c lu d e d e c r e a s e s o f 1 1 .3 m illio n s in n o t d e m a n d d e p o s i t s a n d o f 7 . 8 m illio n s in t i m e d o p o s i t s a s
a g a i n s t a n in c r e a s e o f 3 1 3 .7 m illio n s in G w o r n m o n t d e p o s i t s .
1
1 o t a l r e s e r v e s d e c l in e d a b o u t 7 5 m il l io n s in c a s h a n d v a u l t a b o u t 6 . 3 m il l io n s .
F o r th o ce n tra l ro se rv o c it y co r re s p o n d in g d e cre a se s o f 62 a n d 57
m illio n s a r o s iio w n .
1 1 0 p y h i g m a i n l y t o t h o l a r g e I n c r e a s e in G o v e r n m e n t d e p o s i t s t h o r a t i o o f i n v e s t m e n t s t o t o t a l d e p o s i t s o f a ll r e p o r t i n g b a n k s s h o w s a d e c l in e f r o m
7° \ F<£
. c p n t r a l r o s e r v o c i t y b a n k s t h is r a t i o s h o w s a c o r r e s p o n d i n g d e c l in o f r o m 1 1 1 .1 t o 1 0 5 . 4 % .
T h e r a t io o f c o m b in e d c a s h a n d
t o t o t a l d e p o s i t s d e c l in e d f r o m 1 4 .4 t o 1 3 . 5 % a n d f o r t h o c o n t r a l r e s e r v o c i t y b a n k s f r o m 1 6 .1 t o 1 4 . 2 % .
E x c e s s r e s e r v e s o f a ll r e p o r t in g b a n k s
d e c r e a s e d t r o in 1 6 1 .5 t o 8 8 .3 m il l io n s .
i< or t h o c e n t r a l r e s e r v e c i t y b a n k s t h e s e r e s e r v e s a r o c a l c u la t e d a t 4 9 . 2 m il l io n s , o r 6 0 .3 m illio n s lo s s t h a n t h e
1. D a t a f o r a ll r e p o r t i n g b a n k s In e a c h d i s t r i c t .
Member Banks.
Boston.
N u m b e r o l rep ortin g b a n k s ___
New York. PhUadel. Cleveland. Richm’d.
42
98
49
81
Atlanta.
64
T w o cip h ers (00) o m it t e d .
Chicago.
37
St. Louis. Mlnneap. Kan. City Dallas.
95
32
30
72
San Fran.
71
Total.
47
G8o
5
•S
5
3
S
3
3
S
8
°
3
3
3
$
U . 8 . bon d s to secu re clrcu la t’ n 14,621,0
5 0 ,9 1 7 ,0 1 2 ,978,0 4 3 ,0 1 6 ,0 2 1 ,5 9 9 ,0 14,7 8 5 ,0
1 9,142,0 1 7,437,0
5 ,6 4 2 ,0 14 ,0 1 4 ,0 1 7,559,0 3 5 ,0 5 5 ,0
2 6 6 ,7 6 5 ,0
O th er U S . b o n d s , in clu d in g
L ib erty b o n d s _______________ 1 7,644,0 3 0 4 ,6 5 8 ,0 2 3 ,7 5 8 ,0 73 ,7 1 9 ,0 2 2 ,8 9 1 ,0 2 2 ,4 6 5 ,0
8 1 ,2 2 6 ,0 2 1 ,6 9 2 ,0
9 ,4 9 9 ,0 19,9 4 0 ,0 16,99.8,0 2 1 ,2 4 1 ,0
6 3 5 ,7 3 1 ,0
U . 8 certlfs. of in d e b t e d n e s s ._ 2 9 ,0 8 9 ,0
8 1 4 ,8 7 6 .0 4 5 ,5 7 8 ,0 3 7 ,8 2 6 ,0 1 6,334,0 2 2 ,8 5 3 ,0
5 5 ,1 5 2 ,0 3 2 ,6 2 2 ,0 11,721,0 2 7 ,9 2 0 ,0 1 8,857,0 40»320*0
T o t a l U . 8 . secu rities_______ 6 1 ,3 5 4 ,0 1 ,1 7 0,451,0 8 2 ,2 1 4 ,0 154 ,561 ,0 0 0 ,8 2 4 ,0 6 0 ,1 0 3 ,0
1 5 5 ,520 ,0 7 1 ,7 5 1 ,0 2 6 ,8 6 2 ,0 6 1 ,8 7 4 ,0 5 3 ,4 1 4 ,0 0 0 ,6 1 0 ,0
L oa n s se c. b y U . 8 . b o n d s, A c . 6 0 ,2 2 3 ,0
2 8 0 ,3 3 4 ,0 3 4 ,7 9 5 ,0 4 4 ,1 6 0 ,0 15,551,0
6 ,4 0 3 ,0
2 6 ,8 5 7 ,0 14,1 0 3 ,0
3 ,4 6 1 ,0
5,0 S 8 ,0
4 ,3 3 1 ,0
0 ,2 4 4 ,0
A ll oth er loans A in v e stm e n ts. 7 9 2 ,825 ,0 4,024,953,0 627 ,4 1 0 ,0 9 3 7 ,1 1 5 ,0 324 ,2 9 3 ,0 271 ,6 8 0 ,0 1,345,945,0 375 ,4 43,0 2 30 ,591 ,0 162,436 ,0 173,426,0
484,51 L 0 10,0 5 1 ,6 2 8 ,0
R e s e rv e w ith F ed . R e s . B a n k . 6 6 ,5 6 4 ,0
5 9 5 ,4 7 9 ,0 6 2 ,7 9 4 ,0 8 1 ,4 1 6 ,0 2 5 ,5 8 1 ,0 2 5 ,0 8 1 ,0
1 39 ,171 ,0 3 2 ,2 4 1 ,0 17,401,0 3 9 ,7 4 4 ,0 15,911,0 4 0 ,7 2 8 ,0 1 ,1 4 8 ,1 1 1 ,0
Cash In v a u lt _____ ____________
2 7 ,9 0 9 ,0
126,896 ,0 2 0 ,7 2 7 ,0 3 5 ,6 2 2 ,0 1 4,845,0 1 4 ,628,0
0 3 ,9 3 7 ,0 13,403,0
8 ,9 4 3 ,0 4 5,516,0 1 1,400,0 19,219,0
3 7 3 ,1 3 5 ,0
N o t d em a n d d ep o s its _________ 6 6 0 ,1 2 2 ,0 4 ,2 7 1 ,1 5 6 ,0 5 88 ,079 ,0 6 7 0 ,0 9 6 ,0 2 4 3 ,1 7 5 ,0 194 ,964 ,0
9 9 8 ,2 5 4 ,0 2 5 1 ,3 4 3 ,0 162,583,0 3 5 6 ,2 4 7 ,0 141,905,0 .378,6273) 8 ,9 2 2 ,6 1 1 ,0
T im e d ep o s its __________________
9 7 ,0 1 7 ,0
2 7 0 ,5 2 4 ,0 13,903,0 2 2 7 ,753 ,0 3 9 ,1 3 6 ,0 8 1 ,9 0 2 ,0
3 4 7 ,3 0 2 ,0 7 4 ,6 1 0 ,0 44 ,9 3 6 ,0 6 2 ,4 3 3 ,0 2 4 ,8 4 0 ,0 102,282,0 1,386,698^0
G o v e rn m e n t d e p o sits_________ 1 14 ,355 ,0
6 5 0 ,0 3 5 ,0 8 3 .8 5 1 .0 104,044 ,0 2 0 ,6 2 9 ,0 2 9 ,7 5 9 ,0
1 19 ,260 ,0 6 5 ,9 0 4 ,0 2 5 ,9 7 6 ,0 3 0 ,2 0 2 ,0 1 8,898,0 2 1 ,1 6 8 ,0 1 ,2 8 4 ;0 8 L 0
2- D a t a f o r b a n k * 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 in 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 .
New York.
Two ciphers omitted.
May 17.
N um ber
ol rep ortin g b a n k *___
Chica/e. St. Louis. Total Central Res. Cities.
May 10.
66
3
3 6 ,5 7 3 ,0
May 17.
60
May 17.
40
May 17.
14
May 10.
120
Other Reserve Cities.
May 17.
120
422
May 10.
419
3
$
3
3
3
3
3
U . S . b on d s t o secure clrcu la t’ n
3 6 ,4 7 3 ,0
1 ,443,0 10.392.0
4 8 ,4 0 8 ,0
1 72 .254 .0
4 8 ,3 0 9 ,0
1 72 .054 .0
O th er U . 8 . b o n d s, in clu d in g
L ib e r ty b o n d s ...........................
2 6 3 .6 7 6 .0
2 7 5 .5 2 7 .0 5 0 .8 7 5 .0 14.802.0
3 3 4 .3 5 3 .0
3 4 0 .3 4 8 .0
2 5 3 .0 3 2 .0
2 7 9 .211 .0
U . 8 . certlfs. o f in d e b t e d n e s s ..
7 9 8 .9 0 0 .0
8 0 5 .3 7 9 .0 3 0 ,0 0 0 ,0 2 8 .3 5 0 .0
8 5 7 .3 4 0 .0
8 6 3 .7 0 9 .0
2 5 8 .2 9 3 .0
2 6 2 .2 3 5 .0
T o t a l U . S . secu rities_______ 1,10 4,239,0 1 .1 1 7.879.0 8 2 .3 2 4 .0 5 3 .5 4 4 .0 1 .2 4 0.107.0 1 .2 5 8 .3 6 6 .0
6 3 3 .6 2 9 .0
7 13 .500 .0
L oa ns se c. b y U . S . b o n d s, A o .
2 5 7 .2 7 3 .0
2 4 2 .3 2 1 .0 1 5.671.0 11.199.0
2 8 4 .1 4 3 .0
2 6 8 .1 3 1 .0
1 8 8 .905 .0
187.031 .0
A ll oth e r loans A In v estm en ts. 3 .6 8 7 .2 2 6 .0 3 .7 0 0 .4 1 0 .0 8 2 1 .1 5 4 .0 269 .0 2 5 .0 4 .7 7 7 .4 0 5 .0 4 .7 8 5 .9 1 7 .0 4 ,4 9 4 ,0 0 2 ,0 4 .4 6 8 .1 4 6 .0
R eserv e w ith F e d . R es. B a n k .
5 6 7 .1 6 4 .0
6 2 3 .5 7 4 .0 9 6 .3 2 2 .0 2 4 .6 8 6 .0
6 8 8 .1 6 9 .0
50.8.816.0
420 .3 9 6 .0
7 5 0 .1 3 6 .0
C a sh In v a u lt ..... ................ ...........
113 .430 .0
1 16 .927 .0 3 7 .6 5 0 .0
7 ,6 6 3 ,0
1 58 .743 .0
178 .3 8 3 .0
10 4,399,0
1 78 .017 .0
N et d em a n d d e p o s its _________ 3 .9 6 3 .1 4 0 .0 3 .9 6 0 .8 8 8 .0 6 0 8 .8 8 0 .0 1 82 .857 .0 4.819.877.0 4 .8 3 1 .2 1 0 .0 3 ,4 8 1 ,5 1 v ,0 3 .4 7 8 .4 2 7 .0
T im e d e p o s its __________________
2 2 6 .7 4 7 .0
2 3 4 .8 2 5 .0 130,899 ,0 5 4 .7 1 2 .0
4 1 2 .3 5 8 .0
4 2 0 .1 7 9 .0
7 9 6 .8 1 9 .0
7 9 5 .1 5 3 .0
G o v e rn m e n t d e p o sits_________
5 9 3 .7 4 1 .0
3 5 2 .7 0 7 .0 9 6 .2 2 1 .0 5 4 .1 8 4 .0
7 4 4 .1 4 6 .0
4 3 0 .4 8 0 .0
4 7 3 .0 2 1 .0
3 4 2 .6 2 7 .0
Country Banks.
May 17.
May 10.
Total.
May 17.
146
154
088
S
4 6 .1 0 3 .0
3
4 8 .1 1 9 .0
3
2 6 6 .7 6 5 .0
4 8 .2 9 6 .0
3 7 .4 0 9 .0
131.808.0
2 8 .4 4 5 .0
7 8 0 .2 2 1 .0
5 1 .1 2 0 .0
3 6 .0 0 9 .0
6 2 1 .2 2 0 .0
179,182 ,0
6 6 .9 1 4 .0
5 1 .5 3 1 .0
3 9 .3 2 3 .0
1 38 .973 .0
2 8 .5 7 4 .0
8 1 1 .1 7 2 .0
5 2 .5 9 5 .0
3 6 .9 9 7 .0
0 2 5 .9 3 5 .0
1 8 1 .206 .0
5 3 .8 8 2 .0
May 10.
693
3
2 6 8 .4 8 2 .0
6 3 6 .7 3 1 .0
6 7 7 .0 9 0 .0
1 .1 5 3 .0 4 8 .0 1 .1 6 5 .2 6 7 .0
2 .0 5 5 .5 4 4 .0 2 .1 1 0 .8 3 9 .0
5 0 1 .5 5 6 .0
4 8 3 .7 3 6 .0
10 0 5 1 6 2 8 0 1 0 ,0 0 5 ,2 3 5 ,0
1.1 4 8 .1 1 1 .0 1.2 2 3 .1 2 7 .0
3 7 3 .1 3 5 .0
3 7 9 .4 1 3 .0
5 .9 9 2 .6 1 1 .0 8 .9 3 5 .5 7 2 .0
1.3 8 6 .6 9 8 .0 1 .3 9 8 .2 0 4 .0
1 .2 8 4 .0 8 1 .0
8 2 6 .9 8 9 .0
• A m ended figures
T h e F ed era l Reserve B a n k s .— Following is tho weekly statement issued by the Federal Reserve Board on M a y 25:
« i.
g a i n s in t h e h o l d i n g s o f d i s c o n t in u e d p a p e r , a c c o m p a n i e d b y i n c r e a s e s in n o t d e p o s i t s a n d in F e d e r a l R o s o r v o n o t o c i r c u l a t i o n , a r e
i n d i c a t e d in t h e f e d e r a l R 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 o n M a y 2 4 1 9 1 8 .
i
d i s c o u n t e d b ills o n h a n d s h o w a n i n c r e a s e f o r t h o w e e k o f o v e r 81 m il l io n s , t h o N e w Y o r k b a n k a l o n e r e p o r t i n g a n i n c r e a s o
u n d e r t h is h e a d o f 7 3 .5 m il l io n s .
O f t h e t o t a l o n h a n d a b o u t 6 5 % a s a g a i n s t 6 3 % t h o w e e k b o f o r o , is r e p r e s e n t e d b y w a r p a p e r , i. o . b y m o m b o r b a n k s '
n o te s a n d cu s to m e rs p a p e r s e cu re d b y L ib e r t y b o n d s a n d c e r tific a t e s o f in d e b te d n e s s .
A g g r e g a t e h o l d i n g s o f a c c e p t a n c e s d e c l in e d a b o u t 1 .7 m il l io n s ,
f h iiOUTT a 0 N e w Y o r k b a n k r e p o r t s a n in c r e a s o o f 8 . 5 m illio n s in it s h o l d i n g s o f p u r c h a s e d p a p e r .
U . S . b o n d s o n h a n d i n c r e a s e d a b o u t 1 m il l io n ,
w h ile u . S . n o t e s a n d c e r t i f ic a t e s o n h a n d s h o w a d e c r e a s e o f 4 0 . 6 m il l io n s , p r a c t i c a l l y a ll a t t h o N e w Y o r k b a n k .
T o t a l e a r n in g a s s e t s s h o w a n in c r e a s o
t o r t h o w e e k o f 3 9 . 5 m illio n s .
D E P O S IT S .
G o v e r n m e n t d o p o s i t s s h o w a n i n c r e a s o o f 7 3 . 6 m il l io n s , w h il o m e m b e r s r o s o r v o d e p o s i t s fe ll o f f a b o u t 2 5 m il l io n s .
.
w e o k w it n e s s e d a f i l,r ^ o r
o f 3 . 6 m illio n s i n t h o g o l d r e s e r v e s a n d o f 3 . 3 m illio n s in t h o b a n k s ' t o t a l c a s h r e s e r v e s .
C on6 ( ;0I2 i o s h i f t i n g o f c r e d it s in t h o G o l d S e t t l e m e n t L u n d b o t w e o n i n d i v id u a l b a n k s o n t h e o n e h a n d a n d b e t w e e n b a n k s a n d a g e n t s o n t h o o t h e r a r o a
n o ta b le fe a tu re o f th o w e e k s d e v e lo p m e n t.
T h e b a n k s ’ r e s o r v o p e r c e n t a g e s h o w s a d e c l in o f r o m 6 3 .1 t o 6 2 . 4 % , l a r g e ly d u o t o t h o in c r e a s o in G o v e r n
m e n t d e p o s its .
.
F E D E R A L R E S E R V E N O T E S . — A d d i t i o n a l n o t is su o s o f 1 4 .4 m illio n s o f F e d e r a l R e s o r v o n o t e s a r e r e p o r t e d b y t h o a g e n t s .
c i r c u l a t i o n s h o w s a n i n c r o a s o o f 9 . 2 m il l io n s , C l e v e l a n d , S a n F r a n c i s c o a n d P h il a d e l p h i a r e p o r t i n g t h o la r g e s t in c r e a s e s f o r t h e w e e k .
Tho
a ctu a l n o to
„
. p : ^ 1’ *■T £ ^ •7 “ F a .y m e n t f o r F e d e r a l R e s e r v o b a n k s t o c k b y n o w ly a d m i t t e d m e m b e r s la r g o ly a c c o u n t s f o r a t o t a l in c r o a s o o f $ 1 5 0 ,0 0 0 In t h o p a i d - in
c a p i t a l o f 8 b a n k s , S t . L o u is r e p o r t in g a n i n c r e a s o u n d e r t h is h e a d o f $ 1 0 0 ,0 0 0 .
v
The figures of tho consolidated statement for the system as a whole aro given in the following table, and in addition
we presont the results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. Tho earlier figures have been rovised in order to conform with new form adopted by the
Federal Reserve Board as of Juno 22. In the second table wo show the resources and liabilities separately for each of the
twelve Federal Reserve banks. The statement of Federal Reservo Agents’ Accounts (the third table following) gives details
regarding the transactions in Fedoral Reserve notes between tho Comptroller and the Reserve Agents and botween tho latter
and tho Federal Reserve banks.
C o m b in e d R eso u rces a n d L ia b il it ie s
or
the
F e d er a l R eserve B a n k s a t t h e C lose of B u sin ess M a t
24 1918.
May 24 1918. May 17 1918. May 10 1918. May 3 1918. April 26 1918 April 19 1918. Apr. 12 1918 A p r il 5 1918. M a y 25 1917.
RESOURCES.
Gold coin and certificates In vault_____
Gold gettlorncnt fund— F. H. Board___
Gold with foreign agencies____________
478,4(50,000
407,7(57,000
5 2 ,5 0 0 ,0 0 0
$
479 .5 2 9 .0 0 0
4 1 8 .3 3 7 .0 0 0
5 2 ,5 0 0 .0 0 0
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
4 8 2 .8 3 2 .0 0 0
4 3 7 .7 7 1 .0 0 0
5 2 ,5 0 0 ,0 0 0
4 8 6 .8 2 0 .0 0 0
4 3 9 .4 7 7 .0 0 0
5 2 ,5 0 0 ,0 0 0
488 .8 2 9 .0 0 0
413 .8 1 9 .0 0 0
5 2,500,000
4 8 8 .7 6 2 .0 0 0
4 0 7 .9 7 1 .0 0 0
5 2 ,5 0 0 ,0 0 0
483 .7 8 0 .0 0 0
381 .1 6 3 .0 0 0
5 2 ,5 0 0 .0 0 0
3 3 4 .2 6 5 .0 0 0
1 8 3 .590 .00 0
Total gold held by banks________
Gold with Federal Reserve Agent_____
Gold redemption fund ________________
9 3 8 .7 2 7 .0 0 0
930 .1 8 1 .0 0 0
2 9 ,1 1 5 ,0 0 0
950 .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
885 .0 2 7 .0 0 0
2 7 ,5 8 4 ,0 0 0
9 7 3 .1 0 3 .0 0 0
8 6 2 .2 9 0 .0 0 0
2 4 ,5 4 1 ,0 0 0
9 7 8 .7 9 7 .0 0 0
8 2 4 .2 1 8 .0 0 0
2 3 ,9 8 5 ,0 0 0
9 5 5 .148 .00 0
854 .8 2 2 .0 0 0
2 3 ,1 79,000
9 4 9 .2 3 3 .0 0 0
8 5 7 .4 9 2 .0 0 0
2 3 ,5 4 0 .0 0 0
917 .4 4 3 .0 0 0
8 7 3 .0 7 7 .0 0 0
23,40-4,000
5 1 7 .8 5 5 .0 0 0
456,611,001)
2 ,9 0 5 ,0 0 0
Total gold reserves_____ __________ 1,8 9 8 ,0 2 3 ,0 0 0 1 ,8 9 4.404,000 1,8 8 3 ,1 3 5 ,0 0 0 1,85 9 ,9 4 0 ,0 0 0 1 ,8 2 7,000,000 1,83 3 ,1 4 9 ,0 0 0 1 ,8 3 0 ,2 7 1 ,0 0 0 1,81 3 ,9 2 4 ,0 0 0
Legal tender notes, sliver, & o..................
5 8 ,0 3 3 ,0 0 0
5 8 ,3 0 8 ,0 0 0
5 9 ,3 6 5 ,0 0 0
6 0 ,0 4 3 ,0 0 0
63,5 0 9 ,0 0 0
6 5 ,1 5 8 ,0 0 0
6 4 ,7 2 4 ,0 0 0
6 3 ,9 4 5 .0 0 0
9 7 7 .3 7 1 .0 0 0
3 6 ,8 9 2 ,0 0 0
Total reserves_______ _____ _______ 1,95(5,056,000 1,95 2 ,7 1 2 ,0 0 0 1 ,9 42,500,000 1,9 1 9 ,9 8 3 ,0 0 0 1 ,8 9 0,945,000 1 ,8 98,307,000 1 ,8 9 4 ,9 9 5 .0 0 0 1 ,8 7 7 ,4 3 3 ,0 0 0 1 ,0 1 4 ,2 6 3 ,0 0 0
Dills discounted— members____________
923 .2 9 9 .0 0 0
842 .2 6 5 .0 0 0
939 .0 4 1 .0 0 0
87.3.442.000
8 0 8 .045 .00 0
573 .8 8 3 .0 0 0
902 .1 8 8 .0 0 0
4 7 ,5 8 7 ,0 0 0
712 .8 0 7 .0 0 0
Bills bought In open m arket....................
2 7 8 .2 2 1 .0 0 0
2 7 9 .8 8 6 .0 0 0
286 .0 3 6 .0 0 0
2 9 7 .0 2 9 .0 0 0
326 .5 0 3 .0 0 0
3 0 8 .2 7 7 .0 0 0
3 1 8 .8 5 7 .0 0 0
3 0 2 .3 9 9 .0 0 0
1 0 7 ,3 7 7 ,0 0 0
Total bills on hand............................. 1,20 1 ,5 2 0 ,0 0 0 1,12 2 ,1 5 1 ,0 0 0 1,2 2 5 ,0 7 7 ,0 0 0 1,17 0 ,4 7 1 ,0 0 0 1 ,2 04.587,000 1,11 6 ,3 2 2 ,0 0 0 1.0 3 1 ,6 6 4 ,0 0 0
U. S. Government long-term securities.
4 2 .0 6 7 .0 0 0
4 1 .0 4 1 .0 0 0
4 0 ,1 1 6 ,0 0 0
t i l , 415 ,000
4 6 .6 7 5 .0 0 0
5 1 ,2 3 7 ,0 0 0
4 1 .4 4 6 .0 0 0
U. S. Government short-term securities
3 2 .4 7 6 .0 0 0
7 3 .0 4 3 .0 0 0
1 0 6 ,762 ,00 0
t 3 0 , 146,000
4 6 .2 9 5 .0 0 0
3 7 .4 7 0 .0 0 0
142 ,1 4 3 ,0 0 0
All other earning assets............................
1 ,151,000
1,492,000
1 ,844,000
2 ,5 3 7 ,0 0 0
3,2 9 3 ,0 0 0
2,7 2 2 ,0 0 0
3 .7 7 1 ,0 0 0
9 0 0 .3 8 6 .0 0 0
6 0 ,4 0 3 ,0 0 0
2 6 0 .4 0 0 .0 0 0
3 ,2 2 2 ,0 0 0
Total earning assets.......................... 1 ,2 7 7 ,2 1 4 ,0 0 0 1,23 7 ,7 2 7 ,0 0 0 1,3 7 3 ,7 9 9 ,0 0 0 1,25 0 ,5 6 9 ,0 0 0 1 ,2 86,162,000 1.21 2 .6 8 5 ,0 0 0 1,2 3 1 ,8 1 5 ,0 0 0 1 ,2 2 4 ,4 1 1 ,0 0 0
Due rroni other F . R . banks— net____
a l4 ,0 3 3 ,0 0 0
a 1,882,000
a 6 .4 9 4 .0 0 0
*2 3 ,080,000
479 ,000
1 ,815,000
9,9 5 7 ,0 0 0
10,314,000
Uncollected item s_____________________
3 6 5 ,4 4 0 ,0 0 0
384 ,3 9 1 .0 0 0
4 0 2 ,2 2 0 ,0 0 0
399 ,6 8 5 ,0 0 0
3 4 6 ,9 9 7 ,0 0 0
387 ,1 7 6 ,0 0 0
3 8 3 ,0 0 9 ,0 0 0
3 7 8 .5 3 1 ,0 0 0
Total deduc’ ns from gross deposits 3 5 1 ,4 0 7 ,0 0 0
3 8 2 ,5 0 9 ,0 0 0
4 5 5 ,7 2 6 ,0 0 0
3 5 6 ,9 5 4 ,0 0 0
376 ,6 0 5 ,0 0 0
387 ,6 5 5 ,0 0 0
388 .8 4 5 ,0 0 0
3 8 4 ,8 2 4 ,0 0 0
5% redemp. fund agst. F . R . bank notes
5 3 7 ,000
5 30 ,000
4 0 4 ,000
5 3 7 .000
537 .000
4 0 9 .000
528 .000
5 3 7 .000
All other resources____________________
8 9 ,000
77,000
60.000
261 .000
3 2 9 .000
324 .000
32 4 .0 0 0
3 5 9 .000
1 5 4 ,9 6 4 ,0 0 0
3 6 .5 1 3 .0 0 0
8 1 .1 4 5 .0 0 0
1 4 .8 2 6 .0 0 0
8 2 7 .4 4 8 .0 0 0
1 0 .6 4 1 ,0 0 0
3 2 8 .7 7 9 .0 0 0
3 3 9 ,4 2 0 ,0 0 0
40 0 ,0 0 0
6 ,2 7 3 ,0 0 0
-----Total r e s o u rce ..................................... 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 3 .5 4 8 .0 2 3 .0 0 0 3 .5 6 6 .8 3 0 .0 0 0 3 .4 9 9 .2 t7 .0 0 0 3 .5 1 2 ,4 9 6 .0 0 0 3 .4 5 9 .6 5 9 .0 0 0
1.6 4 7 .8 0 4 .0 0 0
June 1 1918.]
3317
THE CHRONICLE
May 24 1918. May 17 1918. May 10 1918. May 3 1918. Apr 26 1918. Apr. 19 1918. Apr. 12 1918. April 5 1918. M ay 25 1917.
$
$
$
*
3
$
$
*
7 5 ,4 6 5 ,0 0 0
75,0 4 9 ,0 0 0
7 4 .9 6 3 ,0 0 0
7 5 ,118,000
74.8 2 9 .0 0 0
7 4 .7 4 8 ,0 0 0
74.494.000
7 5 ,3 1 5 ,0 0 0
*1.134,090
1,134,000
1,134,000
1,1:44,000
1,134.000
1 ,1 3 4 ,0 0
1,134,000
1 ,1 3 4 ,0 0 0
73,8 8 8 ,0 0 0
122 ,3 5 0 ,0 0 0
7 5 ,499,000
4 8 ,7 5 3 ,0 0 0
138 ,529 ,00 0
130 .668 ,00 0
G ov ern m en t d e p o s it s _____ ______________
100 ,5 2 3 ,0 0 0
104 ,818 ,00 0
D u e to m em bers— reserve a c c o u n t .......... 1 ,4 3 6 ,2 8 4 ,0 0 0 1 ,4 6 1 ,138,000 1,5 4 8 ,1 3 7 ,0 0 0 1 ,4 7 4 ,518,000 1 ,497.416,000 1 ,4 8 9 ,SCO,000 1 ,4 9 4 ,5 3 7 ,0 0 0 1,4 7 3 .2 9 4 ,0 0 0
2 5 6 ,2 2 0 ,0 0 0
2 4 2 ,4 8 8 ,0 0 0
2 5 7 ,5 9 3 ,0 0 0
2 3 5 ,174 ,00 0
C o llection i t e m s .................................... —
2 3 8 .2 7 0 .0 0 0
2 2 6 ,1 3 9 ,0 0 0
2 8 2 .4 7 5 ,0 0 0
3 0 9 ,7 7 3 ,0 0 0
107 ,903 ,00 0
81.890.0<J0
8 8 ,3 2 2 ,0 0 0
O th er d e p o sits, iu cl. for G o v ’ t cr e d its .
114 ,596 ,00 0
110 .611 .00 0 . 9 1 ,5 0 3 ,0 0 0
8 5 .3 2 1 .0 0 0
82 ,0 6 7 .0 0 0
LIABILITIES.
S
5 6 ,9 9 1 ,0 0 0
C a p ita l p aid In __________________________
b 7 6 ,114,000
8 1 3 .3 2 6 ,0 0 0
1 7 0 ,151 ,00 0
76 ,0 0 0 ,0 0 0
T o t a l gross d e p o s its ................. ........... 1,9 0 9 ,0 2 5 ,0 0 0 1,9 0 6 ,9 6 2 ,0 0 0 2 .1 0 7 ,0 5 0 ,0 0 0 1,8 9 7 ,5 6 2 ,0 0 0 1.945 ,1 4 8 ,0 0 0 1.8 8 9 .9 0 1 ,0 0 0 1.9 1 8 ,6 5 1 ,0 0 0 1,8 8 6 ,3 1 8 .0 0 0 1 ,1 3 5 ,5 9 1 ,0 0 0
F. R . n otes In a ctu a l c ir c u la tio n _______ 1,5 7 8 ,6 2 1 ,0 0 0 1 .5 6 9 ,445,000 1,5 6 9 .6 1 8 .0 0 0 1,556 .6 6 0 ,0 0 0 1,526 ,2 3 2 .0 0 0 1.5 1 4 ,2 8 7 ,0 0 0 1.4 9 9 ,3 7 7 .0 0 0 1 .4 7 9 ,920.000
4 5 4 ,4 0 2 ,0 0 0
F It. bank n otes in c ircu la tion , net llab.
7 ,7 6 4 ,0 0 0
7 .9 8 0 ,0 0 0
7 ,8 7 8 ,0 0 0
7 ,8 7 8 ,0 0 0
7 ,8 9 5 .0 0 0
7 .8 9 5 ,0 0 0
8 ,0 0 0 ,0 0 0
7 .8 60,000
1 3 .294.000
All o th er lia b ilities.........................................
9 ,6 3 8 ,0 0 0
820 ,0 0 0
1 2 ,821,000
1 1 ,697.000
11,467.000
11,171.000
1 0 ,585.000
9 .9 3 3 ,0 0 0
T o ta l lia b ilitie s....................................... 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 3 ,5 4 8 ,0 2 3 ,0 0 0 3 .5 6 6 ,8 3 9 ,0 0 0 3 ,4 9 9 ,2 1 7 ,0 0 0 3 .5 1 2 .4 9 5 ,0 0 0 3 ,4 5 9 ,6 5 9 ,0 0 0 1 ,6 4 7 ,8 0 4 ,0 0 0
t .old reserve again st n et d e p o sit lla b . .
6 0 .3 %
6 3 .7 %
6 2 .3 %
6 2 .9 %
6 3 .6 %
6 5 .1 %
5 8 .9 %
6 1 .9 %
6 0 .0 %
G o ld res. a g s t. F . It. n otes In Met. c lr c ’ n
6 1 .2 %
57%
6 ^ .1 %
5 8 .1 %
5 5 .6 %
58%
5 8 .8 %
6 0 .6 %
101.1%
R a tio o f g old reserves to net dep osit and
F d . R es. n ote lia b ilities c o m b in e d ..
6 0 .5 %
6 0 .4 %
6 1 .2 %
5 9 .3 %
7 8 .2 %
5 8 .5 %
6 0 .8 %
6 0 .3 %
6 0 .3 %
R a tio o f tota l reserves t o net d ep osit and
6 2 .4 %
Fed. R es. n ote liabilities c o m b in e d ..
62 .4 %
6 1 .3 %
6 3 .1 %
8 1 .1 %
6 0 .3 %
6 2 .9 %
6 2 .5 %
6 2 .4 %
mar motion t>j Maturities—
1-15
1-15
1-15
10-50
10-50
days
days
days
days
days
bills d iscou n ted an d b o u g h t.
U . 3 . G o v t , sh ort-term sees.
m unicipa l w a rra n ts...............
bills d iscou n ted an d b o u g h t.
U . S. G o v t , short-term secs.
S
7 1 3 ,0 4 3 ,0 0 0
2 ,2 9 2 ,0 0 0
3 2 ,0 0 0
1 18 ,118 ,00 0
201 ,0 0 0
4 55 ,000
1 9 1 ,411 ,00 0
15,615,000
4 4 ,0 0 0
148 ,054 ,00 0
3 ,3 9 7 ,0 0 0
S
6 4 1 ,7 3 4 .0 0 0
4 1 ,9 7 6 ,0 0 0
119 ,788 ,00 0
1,000
31 ,0 0 0
1 9 5 ,298 ,00 0
16,527,000
4 5 5 .0 0 0
1 3 1 ,138 .00 0
3 ,3 1 1 ,0 0 0
4 5 ,0 0 0
3 4 ,1 9 4 ,0 0 0
11.228.000
5
7 7 3 ,785 ,00 0
7 5 ,4 7 4 ,0 0 0
1 2 5 ,590 ,00 0
656 ,0 0 0
3 2 ,0 0 0
1 8 3 ,404 ,00 0
15,744,000
730 ,000
1 20 ,498 ,00 0
1,190,000
$
7 4 4 ,943 ,00 0
4 ,7 3 3 .0 0 0
20,000
113 ,033,000
1,349,000
31,000
199 .314,000
8 ,5 4 4 ,0 0 0
499,000
97,9 1 3 ,0 0 0
8.5 7 2 ,0 0 0
$
6 7 3 ,0 6 4 ,0 0 0
5 .7 1 9 ,0 0 0
4 0 ,0 0 0
1 94 .238 .00 0
6 .6 2 1 ,0 0 0
$
5 8 1 ,7 0 0 ,0 0 0
12,5-11,000
14,000
2 0 0 ,1 3 1 ,0 0 0
4 .3 9 9 ,0 0 0
21 ,0 0 0
2 0 6 ,1 9 0 .0 0 0
1 ,9 8 6 ,0 0 0
49 2 ,0 0 0
113 ,781 ,00 0
13,001,000
2 6,000
1 4 ,520,000
14,365,000
1,000
S
5 3 6 ,0 1 6 ,0 0 0
1 0 5 ,716 ,00 0
14,000
9 9 ,8 6 9 ,0 0 0
4 ,9 5 9 .0 0 0
2 1,000
2 8 2 ,0 3 6 ,0 0 0
2 ,1 0 9 ,0 0 0
3 6 .0 0 0
1 0 3 .898 ,00 0
15,7 0 3 ,0 0 0
496 ,0 0 0
9 ,8 4 5 ,0 0 0
1 3 ,656,000
$
39 4 .3 5 2 ,0 0 0
2 2 4 .395 .00 0
15,000
100 .295 .00 0
2 ,5 2 9 ,0 0 0
51-00 d a y s bills d iscou n ted and b ou g h t.
2 1 7 ,5 3 5 .0 0 0
2 7 9 ,3 4 3 ,0 0 0
51-00 d a y s U . 3 . G o v t , sh ort-term secs.
4 .2 4 8 ,0 0 0
5 .0 3 2 ,0 0 0
51-00 d a y s m unicipal w a r ra n t s ................
513,000
40,000
61-00 d ays bills discou n ted and b o u g h t.
1 0 6 ,431 ,00 0
117 ,899.000
61-00 d a y s U . .S. G o v t, sh ort-term socs.
6 .4 5 4 .0 0 0
14,866,000
61-90 d a y s m unicipa l w a r ra n t s .. ----------455,000
O ver 90 d a y s bills d lsc’ ted and b o u g h t
3 0 ,8 9 4 ,0 0 0
1,000
13.319.000
2 1 .8 0 0 ,0 0 0
8 .4 9 7 .0 0 0
O ver 90 d a y s U .8 . G o v t.s h o r t-te r m secs
1 0 ,963,000
15,268,000
1 4 ,365,000
13,698,000
13,578,000
O ver 90 d a y s m unicipa l w a rra n ts..........
1,000
1,000
..................
..................
..................
..................
Federal Reserve Motes—
Issued to the b a n k s___________________ _ 1 ,7 2 4 ,6 3 5 ,0 0 0 1 .710,240,000 1,7 0 7 .5 2 2 ,0 0 0 1 ,671,168,000 1.6 4 0 .6 5 6 ,0 0 0 1 .0 3 9 ,0 5 6 ,0 0 0 1 .6 2 5 .6 9 8 ,0 0 0 1,6 0 7 ,6 2 7 ,0 0 0
Held b y b a n k s ................. ................................
140 ,064 ,00 0
114 ,508 ,00 0
1 14 ,424 ,00 0
124 ,769 ,00 0
140 ,795,000
137 ,904 ,00 0
126 ,321 ,00 0
127 .707 ,00 0
______
$
4 3 ,8 4 4 ,0 0 0
8 ,7 0 1 ,0 0 0
. 22 ,3 7 0 ,0 0 0
’ 3 ,5 3 3 ,0 0 0
5 0 ,8 0 8 ,0 0 0
.
359 ,0 0 0
3 5 ,1 4 5 ,0 0 0
1 ,0 3 6 ,0 0 0
2 ,7 9 7 ,0 0 0
_
1 ,4 0 6 ,0 0 0
4 8 8 ,0 8 8 ,0 0 0
3 3 ,6 8 6 ,0 0 0
In c ir c u l a t i o n .,........ ............................ .. 1,5 7 8 ,0 2 1 ,0 0 0 1 .5 6 9 ,445,000 1 ,5 6 9 ,6 1 8 ,0 0 0 1 ,5 5 6 ,660,000 1.6 2 6 .2 3 2 .0 0 0 1.5 1 4 ,2 8 7 ,0 0 0 1.4 9 9 ,3 7 7 .0 0 0 1 .4 7 9 ,920,000
Fed. lies. Motes (Agents Accounts) —
R eceiv ed from the C o m p t r o lle r ............... 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 2,3 0 9 ,5 6 0 ,0 0 0 2 .2 7 6 ,7 0 0 ,0 0 0 2 ,2 4 3 ,3 6 0 ,0 0 0 2 .2 1 1 ,5 6 0 ,0 0 0 2 ,1 6 8 ,4 0 0 ,0 0 0
R eturned t o the C o m p tr o lle r __________
3 8 9 ,075 ,00 0
3 6 0 .102 ,00 0
35 2 ,6 0 4 ,0 0 0
3 4 0 ,8 1 4 ,0 0 0
37 7 ,3 8 1 ,0 0 0
3 6 9 ,4 6 8 .0 0 0
33 6 .5 2 7 ,0 0 0
3 28 .008 ,00 0
454,402,000
A m ou n t cha rgea b le t o A g e n t .......... 1,9 9 3 ,5 8 5 ,0 0 0 1,9 8 5 ,4 3 9 ,0 0 0 1,9 6 6 ,2 9 2 ,0 0 0 1 ,9 4 9 ,458,000 1.9 2 4 ,0 9 5 ,0 0 0 1,9 0 2 ,5 4 6 ,0 0 0 1,8 7 5 .0 3 3 ,0 0 0 1,8 4 0 ,3 9 2 ,0 0 0
in hands o f A g e n t.................... .......................
2 6 8 ,900 ,00 0
2 6 3 .4 9 0 ,0 0 0
2 7 5 ,199 ,00 0
2 5 8 ,7 7 0 .0 0 0
2 78 ,290 ,00 0
28 3 .4 4 0 .0 0 0
2 4 9 ,3 3 5 ,0 0 0
2 3 2 ,765 ,00 0
6 6 5 ,9 6 9 ,0 0 0
1 7 7 ,881 ,00 0
Issued t o Federal R eserv e b a n k s .. 1,7 2 4 ,6 3 5 ,0 0 0 1,7 1 0 ,2 4 0 ,0 0 0 1 ,7 0 7 ,5 2 2 ,0 0 0 1,6 7 1 ,1 6 8 ,0 0 0 1.6 4 0 ,6 5 8 .0 0 0 1,6 3 9 ,0 5 6 ,0 0 0 1 ,6 2 5 ,6 9 8 ,0 0 0 1,6 0 7 .6 2 7 ,0 0 0
4 8 8 ,0 8 8 ,0 0 0
B y g o ld c o in and c e r tific a te s ......................
B y la w fu l m o n e y ................. ..........................
B y eligible p a p e r..............................................
G o ld red em p tion fu n d ..................................
W ith F ed era l R eserv e B o a r d ........ ...........
8 1 0 ,6 8 0 ,0 0 0
1 4 4 ,711 ,00 0
22 3 ,4 4 9 ,0 0 0
2 3 6 ,9 5 0 ,0 0 0
2 5 3 ,4 5 2 ,0 0 0
2 4 9 ,955 ,00 0
24 5 ,9 5 4 ,0 0 0
2 4 3 .5 3 0 ,0 0 0
2 4 5 ,2 5 1 ,0 0 0
2 5 2 ,391 .00 0
2 6 4 ,4 6 8 ,0 0 0
79 4 ,5 0 4 ,0 0 0
5 3 ,0 8 0 ,0 0 0
6 4 3 ,6 5 2 ,0 0 0
7 9 4 ,7 0 4 ,0 0 0
5 0 ,0 0 4 ,0 0 0
6 2 8 ,5 8 2 ,0 0 0
8 2 2 ,4 9 5 ,0 0 0
4 8 ,5 5 4 ,0 0 0
5 8 3 ,021 ,00 0
808 ,8 7 2 ,0 0 0
49 ,0 6 1 ,0 0 0
563 ,2 8 0 ,0 0 0
8 1 6 ,4 3 8 ,0 0 0
6 0 .5 2 1 ,0 0 0
5 2 7 .7 4 3 .0 0 0
7 4 8 ,2 3 4 ,0 0 0 * 7 6 8 ,2 0 6 ,0 0 0
5 0 ,0 4 3 ,0 0 0
4 8 .5 0 4 ,0 0 0
5 6 1 ,2 4 9 ,0 0 0
5 6 3 ,7 3 7 ,0 0 0
7 3 4 .550 .00 0
5 03 )38 ,00
5 7 0 ,648 .00 0
31,4 7 7 ,0 0 0
2 3 ,2 3 3 ,0 0 0
1 6 8 ,9 1 0 ,0 0 0
T o t a l .......................................................... 1,7 2 4 ,6 3 5 ,0 0 0 1 ,7 1 0 ,240,000 1,7 0 7 ,5 2 2 ,0 0 0 1,6 7 1 ,1 6 8 ,0 0 0 1.6 4 0 ,6 5 6 .0 0 0 1 .6 3 9 ,0 5 6 .0 0 0 1 .6 2 5 ,6 9 8 ,0 0 0 1,6 0 7 .6 2 7 ,0 0 0
4 8 8 ,0 8 8 ,0 0 0
E ligib le p a p er d eliv ered t o F . R . A g e n t . 1,1 5 5 .8 7 7 .0 0 0 1.0 8 1 .0 9 5 ,0 0 0 1.1 7 8 .0 5 6 .0 0 0 1 .118.000.009 1.1 7 0 .3 5 0 .0 0 0 1.077.ft22 .00 0 1.0 0 6 .6 0 1 .0 0 0
• N ot a m o u n t d u o to o th e r F ed era l R e s e r v e b a n k s .
6 T h is Item Includes fo re ig n G o v e rn m e n t c r e d it s ,
8 7 6 .8 6 0 .0 0 0
3 7 .6 8 5 .0 0 0
t R ev ised fig u res.
W E E K L Y STATEM EN T o f RE SO U R CE S a n d L IA B IL IT IE S o f EACH o f t h e 12 FE D E RA L R E SE RVE B A N K S a t C L O SE o f BUSIN ESS M A Y 24 191».
Two ciphers (00) omitted.
Boston.
RESOURCES.
$
New York. PMladel. Cleveland. Rtchm'd.
S
Atlanta. Chicago. St. Louis. Mlnneap. Kan. CUy Dallas. San Fran.
$
S
S
S
5
S
I
Total.
I
G o ld coin a n d certlfs. In vault —
G o ld settlem en t fu n d _____ ______
G o ld w ith foreig n a g en cies.......... ..
2 ,8 7 9 ,0
60 ,9 2 7 ,0
3 ,6 7 5 ,0
3 5 1 ,3 1 9 ,0
3 9 ,5 8 3 ,0
18,112,0
S
9 ,1 6 7 ,0
4 0 ,5 3 7 ,0
3 ,6 7 5 ,0
2 5 ,0 3 3 ,0
5 4 ,5 4 4 ,0
4 ,7 2 5 ,0
6 ,3 6 9 ,0
2 3 ,2 2 4 ,0
1 ,837,0
6,633,0
15,221,0
1 ,5 7 5 ,0
2 8 ,2 7 0 ,0
8 1 .8 0 9 .0
7 ,3 5 0 ,0
1,906,0
2 3.7S 4 .0
2 ,1 0 0 ,0
8 ,3 7 1 ,0
18,520,0
2 ,1 0 0 ,0
3
3 60 ,0
2 3 ,3 4 4 ,0
2 ,6 2 5 ,0
T o ta l g o ld held b y b a n k s..........
G o ld w ith F ederal R e s . A g e n t s ..
G o ld red em p tion f u n d ----------------
6 7 ,4 8 1 ,0
0 3 ,1 6 3 ,0
2 ,0 0 0 ,0
4 0 9 ,0 1 4 ,0
2 4 7 ,5 0 2 ,0
1 2 ,500,0
5 3 ,3 7 9 ,0 8 4 ,9 0 2 ,0
8 3 ,6 6 1 ,0 10 7 ,6 3 0 ,0
3 ,0 0 0 ,0
1 ,1 7 7 ,0
3 1 ,4 3 0 ,0
3 2 ,9 5 7 ,0
7 55 ,0
2 3 ,4 3 2 .0 117 ,495 ,0
3 7 ,8 3 8 ,0 152 ,251 ,0
2 ,0 9 0 ,0
1,799,0
2 7 ,7 9 0 ,0
41 ,1 3 1 ,0
1,7 1 5 ,0
2 8 ,9 9 1 ,0
3 4 ,6 7 2 ,0
1,9 8 4 ,0
2 6 ,3 2 9 ,0
3 6 ,9 3 6 ,0
7 5 8 ,0
1 5 ,681,0
1 9 ,163,0
1,2 5 9 ,0
T o t a l g old reserv es...................... 132 ,644 ,0
L ega l-ten d er notes, silver, <fec._.
2 ,7 0 9 ,0
6 6 0 ,0 1 6 ,0 140 ,040 ,0 1 9 3 ,709 ,0
4 1 ,6 5 8 ,0
1,2 9 1 ,0
4 8 2 ,0
6 5 ,1 4 2 ,0
4 41 ,0
6 3 ,0 6 9 ,0 2 7 1 ,8 3 6 ,0
4 ,9 8 0 ,0
9 4 2 ,0
7 0 .6 3 6 .0
1 ,771,0
6 5 ,6 4 7 ,0
133,0
6 4 ,0 2 3 .0
4 1 5 ,0
3 6 ,1 0 3 ,0 126 ,158 ,0 1.89S,0 2 3 ,0
2 ,9 0 9 ,0
3 0 2 ,0
5 8 ,0 3 3 ,0
T o t a l r e s e r v e s ................................ 135 ,353 ,0
Kills discou n ted for m em bers and
Federal R oserv e b a n k s ............... 4 1 ,2 7 7 ,0
Bills b o u g h t In op en m a rk e t____ 2 2 ,3 1 4 ,0
7 1 0 ,6 7 4 ,0 141 ,331 ,0 194 ,191 ,0
0 5 ,5 8 3 ,0
6 4 ,0 1 1 ,0 2 7 6 ,8 1 6 ,0
72 .4 0 7 ,0
6 5 ,7 8 0 ,0
6 4 ,4 3 8 ,0
3 9 ,0 1 2 ,0 126 ,460 ,0 1 ,9 5 6 ,0 5 6 ,0
4 4 2 ,1 7 5 ,0
138 ,933 ,0
4 0 ,6 9 0 ,0
2 3 ,4 3 8 ,0
5 4 ,0 1 8 ,0
10 ,8 2 7 ,0
4 6 ,0 5 8 ,C 2 3 ,8 1 4 ,0
4 ,5 6 9 ,0
2 ,4 9 4 ,0
8 0 ,7 7 1 ,0
4 1 ,0 1 1 ,0
3 0 ,8 1 4 ,0
6 ,9 5 5 ,0
2 4 ,0 5 1 ,0
4 .7 4 5 ,0
71,5 7 7 .0
1,4 4 6 ,0
2 8 ,1 6 0 ,0
7 70 ,0
3 9 ,8 9 4 ,0
2 0 ,6 6 9 ,0
5 8 1 ,1 5 8 ,0
2 ,7 5 6 ,0
3 ,4 7 5 ,0
6 4 ,1 2 8 ,0
1,347,0
2 ,3 2 1 ,0
64,845*0
7 ,8 0 0 ,0
9 ,8 2 2 ,0
4 8 ,5 5 2 ,0
1 ,234,0
1,5 2 3 ,0
—
2 8 ,3 8 3 ,0 121 ,782 ,0
7 ,2 0 0 ,0
730,0
1,2 0 5 ,0
3 ,1 8 9 ,0
9 0 ,0
5 3 ,0
3 7 ,7 6 9 ,0
2 ,2 3 3 ,0
511 ,0
58 ,0
2 8 ,7 9 6 ,0
1,845,0
1,3 1 4 ,0
8 4 ,0
7 3 ,0 2 3 ,0
8 ,8 6 4 ,0
4 ,3 9 8 ,0
2 3 ,0
2 8 ,9 3 0 ,0
3 ,9 8 1 ,0
1,7 5 0 ,0
8 2 3 ,0
6 0 ,5 6 3 ,0 1,2 0 1 ,5 2 0 ,0
3 ,4 6 1 ,0
4 2 ,0 6 7 ,0
1 ,5 4 7 ,0
3 2 ,4 7 6 ,0
2 0 ,0
1 ,1 5 1 ,0
6 5 ,5 9 1 ,0 1.2 7 7 ,2 1 4 ,0
*1 4 ,0 3 3 ,0
17 ,4 8 8 ,0
3 6 5 ,4 4 0 ,0
T o t a l b ills on h a n d ......................
U. 3 . lon g -term secu rities.............
U S. sh ort-term secu rities.............
All oth er oarn ln g a ssets.................
6 3 ,5 9 1 ,0
6 1 6 ,0
1,4 2 1 ,0
T o t a l earning assets....................
D u e from o th er F . R . ban ks— N et
U n collected Item s.............................
6 3 ,6 2 8 ,0
3 ,7 4 6 ,0
2 2 ,5 0 6 ,0
5 8 7 ,3 8 9 ,0
T o t a l d e d u c'u s from gross d e p .
5 % red em p tion fund against F ed oral R e se rv e b a n k n o t e s .............
All oth er resou rces...........................
2 6 .2 5 2 ,0
.........
.........
...........
.........
.........
G o v e rn m e n t d e p o s its ......................
D u o to m em bers— R eserv o a c c 't .
C o lle ctio n Item s..................................
D u e to o th er F . R . ban ks— N e t
O th . d ep osits lu cl. tor G o v ’ t cred .
.........
T o t a l g ross d e p o s its .................... 117 ,292 ,0
F . R . notes In a ctual c ircu la tio n . 102,898,6
F . R . hank notes In c lr c ’ n — N e t .
5 02 ,6
All oth er lia b ilities...........................
4 7 8 ,4 6 0 ,0
4 0 7 ,7 6 7 ,0
5 2 ,5 0 0 ,0
5 2 ,8 0 3 ,0
73 ,2 7 7 ,0
78,0
9 3 8 ,7 2 7 ,0
9 3 0 ,1 8 1 ,0
2 9 ,1 1 5 ,0
8 2 ,4 6 7 ,0
51 ,3 0 9 ,0
4 2 ,3 3 8 ,0
2 6 ,1 8 6 ,0
3 0 ,3 7 1 ,0 1 3 2 ,261 ,0
12,897,0
2 3 ,5 5 8 ,0 41 ,2 0 9 ,0
4 0 .5 7 1 ,0
5 ,9 5 9 ,0
3 0 ,1 9 0 ,0
3 2 ,0 3 9 ,0
2 ,2 6 3 ,0
9 ,5 9 9 ,0
8 6 ,3 0 8 ,0
1,570,0
2 2 ,2 1 8 ,0
3 5 ,4 8 4 ,0
6 9 ,3 5 5 ,0
6 9 .3 5 5 ,0
5 3 ,3 5 3 ,0
4 2 ,3 3 8 ,0
2 6 ,1 8 6 ,0
2 3 ,5 5 8 ,0
5 4 ,1 6 6 ,0
3 6 ,1 4 9 ,0
11,862,0
2 3 ,7 8 8 ,0
4 00 ,0
1 7 ,864,0
137,0
.............
8 9 ,0
..........
—
—
.........
.........
19.754.0
6 1 9 ,0
12.142.0
6 2 8 ,5 1 7 ,0
54,1 4 5 ,0
37 ,5 5 2 ,0
100 ,312 ,0
6 ,9 3 8 ,0
8 ,5 3 6 ,0
10,696,0 l B . l b V o
88 ,7 1 1 ,0 10 S ,184,0
2 7 ,8 1 0 ,0 2 8 ,7 2 8 ,0
2 ,3 4 9 ,0
174,0
.............
8 3 2 ,6 6 8 ,0 127 .217 ,0 158,629 ,0
5 0 6 ,3 4 2 ,0 128 ,414 .0 150 ,987 .0
8 .0 0 5 .6
—
8 44 ,0
3 .8 1 1 .0
110,0
4 .2 4 7 .0
4 2 ,2 4 8 ,0
17,362,0
6 ,8 9 2 ,0
9 .7 3 7 .0
3 .0 1 9 .0
2 16 ,0
4 0 ,0
9 .4 9 8 .0
4 .8 9 2 .0
3 7 ,3 9 8 ,0 185 ,287 ,0
14,377,0 2 2 ,5 6 3 ,0
412,0
3 ,1 5 4 ,0
17,0
1 2 ,6 1 5 ,0
47 ,6 8 4 ,0
2 1 ,3 7 4 ,0
3 5 ,0
19,0
7 0 ,7 4 0 ,0
68 ,2 8 1 ,0
5 7 ,0 9 6 ,0 2 2 0 ,5 0 2 ,0
5 7 ,7 8 0 ,0 2 3 1 ,6 9 0 .0
81 ,7 0 8 ,0
0 3 ,2 7 6 ,0
5 2 ,6 0 6 ,0
5 3 ,8 8 7 ,0
1 ,0 9 8 ,0
5 2 0 ,0
3 6 8 ,0
121,0
5 .0
3 ,6 2 3 ,0
2 .7 8 2 .0
3 8 ,0
9 .8 7 9 .0
3 8 ,6 1 4 ,0
4 ,0 9 4 ,0
17 ,4 8 8 ,0
.........
2 ,9 6 7 ,0
9 ,8 1 8 ,0
6 6 ,7 0 1 ,0
13 ,6 4 4 ,0
7 ,7 1 7 ,0
3 6 ,8 7 6 ,0
7 ,3 9 4 ,0
3 ,6 7 9 ,0
.....
9 2 3 ,2 9 9 ,0
2 7 8 ,2 2 1 ,0
3 5 1 ,4 0 7 ,0
5 3 7 ,0
8 9 ,0
9 2 ,4 9 7 ,0 2 0 9 ,5 3 9 ,0 3 ,5 8 5 ,3 0 3 ,0
3 ,5 0 0 ,0
4 ,3 3 x ,0
7 5 ,4 6 5 ,0
1,1 3 4 ,0
9 ,2 9 4 ,6
122 ,350 ,0
6 8 ,2 3 4 ,0 1 ,4 3 6 ,2 8 4 ,0
13,203,0
2 4 2 ,4 8 8 ,0
68,0
4 ,1 9 2 ,0
1 0 7 ,903 ,0
9 0 ,1 6 3 ,0 5 5 ,6 6 6 .0 ! 9 5 ,6 8 1 ,0 1.9 0 9 .0 2 5 .0
7 2 ,2 9 9 ,0 3 3 ,5 5 7 ,0 1 0 9 ,210 .0 1.5 7 8 .6 2 1 .0
7 ,7 6 4 ,0
7 ,7 6 4 ,0
1 ,2 0 8 ,o ;
3 0 7 ,0
3 1 6 ,0
13 ,2 9 4 ,0
T o t a l l ia b ilit ie s ............ ................ 2 2 7 ,2 3 3 ,0 1,3 6 7 .4 1 8 ,0 2 6 2 .5 6 9 .0 3 1 8 .0 9 6 .0 143 ,078 ,0 1 1 7 ,940 .0 4 6 3 ,2 4 3 .0 1 4 9 ,127 ,0 109 .681 ,0 1 7 4 .9 3 4 ,0
• D ifferen ce betw een net a m ou n ts d u e fro m an d n et a m ou n ts d u o t o oth er F ed era l R eserv e b a n k s.
1 7 ,864,0
.........
LIABILITIES.
6 ,4 6 6 ,0
7 5 ,0
11,728,0
87 ,8 3 0 ,0
17,7 3 4 ,0
_______
3 2 ,1 4 2 ,0
1 7 ,773,0
2 ,8 8 8 ,0
6 7 ,7 9 6 ,0
10,484,0
4 2 ,8 6 9 ,0
T o t a l r e s o u r c e s ............................. 22 7 ,2 3 3 ,0 1 ,3 6 7 ,4 1 8 ,0 20 2 ,5 6 9 ,0 3 1 8 ,9 9 6 ,0 143 ,078 ,0 117 ,940 ,0 46 3 ,2 4 3 ,0 149 ,127 ,0 109 ,681 ,0 1 7 4 ,934 ,0
C a p ita l p aid I n ....................................
3
5 ,4 0 5 ,6
8 ,4 3 8 ,0
1,8 3 8 ,0
9 2 .4 9 7 .0 2 0 9 .5 3 9 .0 3 .5 8 5 .3 0 3 .0
* N e t a m ou n t d u e t o o th e r F ed era l R e s e r v e b a n k s.
STATEM EN T O F FE D E RA L R E SE R V E A G E N T S ’ A C C O U N T S A T CL O SE O F BU SIN ESS M A Y 24 1918.
Two ciphers (0 0 ) omitted.
Boston.
Mew York. Phtladel. Cleveland. Rlehm’d.
Atlanta. Chicago. St. Louis. Mlnneap. Kan. City Dallas.
3
Federal R eserve n otes—
R ece iv e d from C om p troller — 152 ,580 ,0
R etu rn ed t o C o m p tr o lle r .......... 28 ,8 2 7 ,0
3
3
3
3
8 6 6 ,2 8 0 ,0 1 9 0 ,200 ,0 1 8 9 ,760 ,0 106 ,860 ,0
1 8 9 ,924 ,0 3 0 ,8 7 9 ,0 1 5 ,4 9 0 ,0 2 0 ,7 9 2 ,0
3
3
9 2 .7 4 0 .0 31 7 ,5 2 0 ,0
16.896.0 16,9 7 4 ,0
C h argeable t o F . R . A g e n t .......... .. 123,753 0
In han ds o f F . R . A g e n t ................. 15,040.0
0 7 6 .3 5 6 .0 159 ,321 .0 174 ,270 ,0
1 1 0 .200 .0 2 1 ,0 4 0 ,0 15 ,0 2 0 ,0
8 6 ,0 6 8 ,0
6 ,2 0 0 ,0
Issued t o F . R . B a n k ................. 107 ,813 ,0
H old b y F . R . A g e n t—
G o ld c o in and ce rtifica te s.......... 12,000,0
G o ld red em p tion f u n d ...............
5 ,6 6 3 ,0
G o ld S e tt. F d ., F . It. R o a r d .. 45 .5 0 0 .0
E ligib le p a p er, m in . reu’d ____ 4 4 .6 5 0 .0
5 6 6 .1 5 6 .0 138 ,281 ,0 1 5 9 ,250 ,0
T o t a l ................................................... 107,813.0
Am ount, o f eligible pap er d e liv
ered to F . R . A g e n t...................... 63 ,5 9 1 ,0
F . R . notes o u ts ta n d in g ................. 107 ,813 ,0
F . R . n otes held b y b a n k s .............
4 ,9 1 6 ,0
F . R . n o te s In a ctu al ctreutn’ n
10*?.809 O
San Fran.
Total
9 2 .2 0 0 .0
14.0 4 7 .0
3
3
7 3 .9 8 0 .0 101 ,700 ,0
1 3 .307.0 17,026,0
3
3
9
6 8 .5 0 0 .0 130 ,340 ,0 2 ,3 8 2 ,6 6 0 ,0
15.3 9 4 .0
9 ,5 1 9 ,0
3 8 9 ,0 7 5 ,0
7 5 .8 4 4 .0 30 0 ,5 4 6 ,0
1 6 .125.0 4 4 ,1 2 0 ,0
78,1 5 3 ,0
9 ,5 9 0 ,0
6 0 ,6 7 3 ,0
4 ,6 5 5 ,0
8 4 ,6 7 4 ,0
6 ,7 1 0 ,0
6 3 .1 0 6 .0 120 ,821 ,0 1 ,9 9 3 ,5 8 5 ,0
1 9 .300.0
2 6 3 ,9 0 0 ,0
3
7 9 .8 6 8 .0
5 9 .7 1 9 .0 2 5 6 .4 2 6 .0
6 8 .5 6 3 .0
5 6 .0 1 8 .0
7 7 .9 6 4 .0
3 3 .8 0 6 .0 120 ,821 ,0 1 ,7 2 4 ,6 8 5 ,0
1 9 .5 1 8 .0
8 ,1 1 2 ,0
8 0 ,0 0 0 ,0
5 1 .6 2 0 .0
1 ,457,0
3 1 .5 0 0 .0
4 6 .9 1 1 .0
2 .5 0 3 .0
*112 *6
2 .4 1 5 .0
32 .9 2 0 .0 152 .139 .0
2 1 .8 8 1 .0 104 .175 .0
2.182*6
3 8 .9 4 9 .0
2 7 .4 3 2 .0
13.1 0 2 .0
2 ,0 7 0 ,0
19.5 0 0 .0
2 1 .3 4 6 .0
2 ,5 7 6 /)
3 4 .3 6 0 .0
4 1 .0 2 8 .0
11 .5 8 1 .0
1 .9 9 8 .0
5 .5 8 4 .0
14.643.0
5 6 6 ,1 5 6 ,0 138,281 ,0 1 5 9 .250 ,0
7 9 ,8 6 8 ,0
5 9 ,7 1 9 ,0 2 5 6 ,4 2 6 ,0
6 8 ,5 6 3 ,0
56 ,0 1 8 ,0
7 7 ,9 6 4 ,0
3 3 ,8 0 6 ,0 120 ,821 ,0 1 ,7 2 4 ,6 8 5 ,0
5 8 1 .1 5 8 .0 5 8 ,9 5 9 ,0 6 4 ,8 4 5 ,0
5 6 6 .1 5 6 .0 138,281,0 1 6 9 ,250 ,0
5 9 ,8 1 4 ,0 ; 9 ,8 6 7 ,0
8 ,2 6 3 ,0
4 7 .8 6 7 .0
7 9 .8 6 8 .0
11.587.0
2 2 .6 7 5 .0 114 .040 .0
5 9 .7 1 9 .0 2 5 6 .4 2 6 .0
1,9 3 9 ,0 2 4 ,7 3 6 ,0
2 9 .4 2 4 .0
0 8 .5 6 3 .0
5 ,2 8 7 ,0
2 5 .3 8 5 .0
5 6 .0 1 8 .0
2 ,1 3 1 ,0
6 8 .4 7 6 .0
77 .9 6 4 .0
5 ,6 6 5 ,0
2 8 .9 3 0 .0 5 0 .5 2 7 .0 1.1 5 5 .8 7 7 .0
3 3 .8 0 6 .0 120 ,821 ,0 1 .7 2 4 .6 8 5 .0
2 4 9 ,0 11.6 1 1 .0
1 4 6 ,0 6 4 ,0
r»oo 949 nl 198 414 O 1* 0 .0 * 7 0 ' 0 9 .9 9 1 .0
*7 .7 9 0.0*991 .000 0
2 7 0 .0
K9.R97.0
7 2 .9 0 0 .0
3 3 .5 5 7 .0 10Q.210.0 1 .5 7 8 .6 9 1 ,0
169 .745 .0
12,767,0
6 5 ,0 0 0 ,0
3 1 3 .0 5 4 .0
6 ,9 5 7 ,0
76 .7 0 4 .0
54 .6 2 0 .0
6,781*.6
6 6 .4 9 6 .0
4 7 .5 4 4 .0
2 2 8 .4 4 9 .0
5 3 ,0 8 0 ,0
6 4 8 .6 5 2 .0
7 9 4 .5 0 1 .0
2318
[Vol. 106
THE CHRONICLE
S tatem ent o f N e w Y o rk C ity C le a rin g H o u se B a n k s a n d T r u s t C om pan ies. — T h e fo llo w in g d e ta ile d s t a t e m e n t
s h o w s th e c o n d itio n o f th e N e w Y o r k C i t y C le a rin g H o u s e m e m b e r s fo r th e w ee k e n d in g M a y 2 5 . T h e fig u re s fo r the
s e p a r a te b a n k s are th e a v e r a g e s o f th e d a ily r e s u lts .
I n th e c a se o f t o ta ls , a c tu a l figu res a t e n d o f th e w e e k a re a ls o g i v e n :
NEW
C L E A R IN G H OU SE
M EM BERS.
W e e k E n d in g
M ay 25 1918.
Capital.
Net
Profits.
[N a t. Banks M a r. 4
S ta te B a n k s M a r . 14
[T r u s t C o ’s M a r . 14
M em bers o f F ed era l
R eserve B a n k.
$
$
Bank o f N Y , N B A .
2,000,001
5,263,300
B a nk o f M a n h a t C o .
2 ,3 4 1 ,8 0 (
6.619.40C
M e r cn a h ts ’ N a t io n a l.
2 ,0 0 0 ,0 0 (
2 ,4 8 1 ,0 0 0
M e c h A M e ta ls N a t .
6 ,0 0 0 ,0 0 ( 1 0 ,3 5 6 ,60C
B a n k o f A m e r ic a ____
1 ,5 0 0 ,0 0 (
6.572.50C
N a tio n a l C i t y ............... 25,OOO,0OC c 4 8 ,917,001
C h e m ic a l N a t io n a l..
3 ,0 0 0 ,0 0 0
8,'874,600
A tla n tic N a t io n a l___
1 ,0 0 0 ,OOC
839.50C
N a t B u tch A D ro v e r s ’
300,000
9 0 , 10C
A m erica n E x ch N a t .
5 ,0 0 0 ,0 0 0
5 ,7 3 0 ,8 0 0
N a t B a nk o f C o m m . . 25,000,000 21.269.30C
P a cific B a n k . ...............
500.000
1,0 0 2 ,9 0 0
C h a th & P h en lx N a t .
3 ,5 0 0 .0 0 0
2 .5 0 1 ,4 0 0
H a n o v e r N a t io n a l___
3 .0 0 0 ,0 0 0 16.856.00C
C itize n s ’ N a t io n a l___
2 ,5 5 0 .0 0 0
2.825.40C
M e t ro p o lit a n B a n k . .
2.000.00C
2.128.60C
C o r n E x ch a n g e B ank
3 ,500,000
7,5 1 0 ,2 0 0
Im p o rte rs A T r a d N a t
1,5 0 0 ,0 0 0
7,6 5 9 .5 0 0
N a tio n a l P a rk B a n k .
5 ,0 0 0 ,0 0 0 17,028,500
E a st R iv e r N a t io n a l.
250,000
75,100
S e co n d N a t io n a l____
1,000,000
3 ,8 1 6 ,7 0 0
F irst N a t io n a l_______ 10,000,000 2 9 ,7 2 2 ,8 0 0
Irv in g N a t io n a l_____
4 ,5 0 0 ,0 0 0
5 ,3 8 6 .6 0 0
N Y C o u n t y N a tion a l
1,0 0 0 ,0 0 0
29 8 ,2 0 0
G e rm a n -A m e r lc a n ___
750,000
8 8 5 ,9 0 0
C h a se N a t io n a l.......... 10,000,000 1 1 ,9 6 6 ,9 0 0
G erm a n ia B a n k _____
400,000
816.40C
L in c o ln N a t io n a l____
1 ,0 0 0,000
2 ,0 0 8 ,5 0 0
G a rfie ld N a t io n a l___
1,0 0 0 ,0 0 0
1,352,300
F ifth N a t io n a l.............
250,000
405,200
S ea b oa rd N a t io n a l..
1 .000.000
3 ,5 7 8 ,7 0 0
L ib e rty N a t io n a l____
3 ,0 0 0 ,0 0 0
4 ,0 3 9 ,0 0 0
C o a l A Iron N a tion a l
1,0 0 0 ,0 0 0
88 4 ,8 0 0
U n ion E x ch N a tion a l
1.0 0 0 .0 0 0
1 .241.100
B r o o k ly n T ru st C o . .
1,5 0 0 ,0 0 0
2 ,1 5 5 ,4 0 0
B a n k ers T r u s t C o ___ 1 1 ,2 50,000 12,9 8 0 ,4 0 0
U S M tg e A T r C o . .
2 ,0 0 0 ,0 0 0
4 ,6 9 1 ,5 0 0
G u a ra n ty T r u s t C o . . 2 5 ,0 0 0 ,0 0 0 2 6 .1 2 5 .4 0 0
F id e lity T r u s t C o . . .
1,000,000
1,2 1 3 ,2 0 0
C olu m b ia T r u s t C o . .
5 ,0 0 0 ,0 0 0
6 .2 1 0 ,7 0 0
P eop les T r u s t C o ___
1,0 0 0 ,0 0 0
1,3 3 1 ,8 0 0
N ew Y ork T ru st C o .
3 ,0 0 0 ,0 0 0 1 1 ,0 32,700
F ra n k lin T r u s t C o ___
1 ,000,000
1,1 6 8 ,7 0 0
L in c o ln T r u s t ...............
1 ,000,000
56 8 ,2 0 0
M e t ro p o lit a n T r C o .
2 .0 0 0 ,0 0 0
4 .0 7 0 ,9 0 0
N a ssa u N a t , B k l y n ..
1,0 0 0 ,0 0 0
1 ,1 4 8 ,0 0 0
Irv in g T r u s t C o ..........
1 ,500,000
1 .0 8 2 ,2 0 0
F a rm ers L oa n & T r C o
5 ,0 0 0 ,0 0 0 1 0 ,5 2 5 ,0 0 0
YORK
Loans,
Discounts,
Investments,
&c.
Average.
%
W EEKLY
C L E A R IN G
RETURN.
Silver.
National
Bank
and
Federal
Reserve
Notes.
Reserve
tcith
Legal
Deposi
taries.
Average.
Average.
Average.
Average.
$
155.00C
331,001
150,000
195,00(
202,001
3,063,001
3 2 2 ,000
101.00C
50,001’
21 8 ,0 0 0
2 0 3 ,00C
2 45 ,000
5 58 ,000
3 7 0 ,00C
30,000
259,000
2 6 7 ,000
439 ,000
4 1 4 ,OOC
17,000
5 8 ,000
4 6 0 ,000
4 3 1 ,0 0 0
3 6 ,000
2 6 ,0 0 0
2 ,2 4 6 ,0 0 0
3 5 ,0 0 0
3 8 2 ,0 0 0
37,000
31,000
3 0 2 ,0 0 0
2 6 ,0 0 0
4 0 ,000
4 0 ,000
5 9 ,000
131,000
8 7 ,0 0 0
166,000
3 7 ,0 0 0
125,000
100,000
14,000
5 7 ,000
2 2 ,0 0 0
4 9 ,0 0 0
125,000
30 2 ,0 0 0
2 4 ,0 0 0
S
$
118,OOC
112,000
5 8 4 ,OOC 1 ,5 2 9 ,OOC
4 46 ,000
111,000
2 ,2 9 1 ,OOC
3 3 2 ,00C
3 7 1 ,OOC
346,001
1 ,2 7 4 ,OOC 1,599,00c
547 ,000
7 9 7 ,000
186,OOC
108,OOC
5 4 ,OOC
9 ,OOC
677 ,000
6 2 9 ,000
5 8 6 ,OOC 1,5 3 0 ,OOC
3 1 2 ,000
4 5 0 ,000
1 ,373,000 1 ,702,000
9 8 8 ,000
631 ,000
657 ,000
31 3 ,0 0 0
645 ,000
5 1 2 ,000
2 ,1 3 5 ,0 0 0 3 ,9 5 0 ,0 0 0
3 5 ,000
180,000
3 5 0 ,000
794 ,000
116,000
3 0 ,000
3 3 8 ,000
3 79 ,000
7 3 8 ,000
5 97 ,000
1,878,000 1 ,194,000
182,000
4 3 3 ,000
2 1 ,0 0 0
8 8 ,000
2 ,1 3 1 ,0 0 0
89 9 ,0 0 0
2 1 4 ,000
160,000
146,000
4 2 7 ,000
2 3 1 ,000
136,000
2 6 8 ,0 0 0
0 7 ,000
33 9 ,0 0 0
24 0 ,0 0 0
8 5 ,0 0 0
35 8 ,0 0 0
156,000
422 ,000
2 70 ,000
2 8 6 ,000
148,000
36 3 ,0 0 0
2 0 8 ,0 0 0
7 2 0 ,000
106,000
2 6 5 ,000
5 1 8 ,000 1,7 7 0 ,0 0 0
6 2 ,000
116,000
40 4 ,0 0 0
4 2 0 ,0 0 0
26 7 ,0 0 0
4 9 6 ,0 0 0
14,000
2 6 2 ,0 0 0
145,000
2 1 3 ,000
111,000
2 5 5 ,0 0 0
8 5 ,000
4 0 4 ,0 0 0
183,000
67,000
74 8 ,0 0 0 1 ,499,000
6 1 ,0 0 0
2 2 3 ,000
Cold.
Legal
Tenders.
Average.
$
4 7 ,8 2 2 ,00C
27.00C
5 7 ,975.00C 1 ,3 0 0 ,00C
2 7 ,9 0 9 ,0 0 0
129,000
158,023 ,00 0 8,165,00C
32,4<)3,00C
343,001
543,414,001
8,373,()()(
7 4 ,5 4 9 ,0 0 0
2 1 6 ,000
16,325.00C
89,001
33,001
2,791 ,()0C
1 1 6 ,192 ,00 0
55 4 ,0 0 0
4 1 1 .609.00C
76.00C
11,8 4 0 ,0 0 0
4 5 ,0 0 0
9 1 ,1 1 1 ,0 0 0
6 5 8 ,000
1 3 7 ,8 3 1 ,00C 5.180.00C
41,830,00(1
100,00(1
22,780,00(1
695,00(1
120,578,006
452,00(1
3 6,381,006
7 0 ,000
19 8 ,707.00C
60,000
3,103,00(1
2,000
19,956,000
50,000
3 0 7 ,5 4 0 ,0 0 0
16,000
9 5 ,0 6 5 ,0 0 0 1 ,028,000
10,779,000
4 4 ,000
5 ,8 5 6 ,0 0 0
16,000
2 9 3 ,0 0 2 ,0 0 0 2 ,6 5 6 ,0 0 0
6 ,2 6 1 ,00C
42,000
150,000
18,2 2 5 ,0 0 0
11,943,000
6 ,000
7 ,017,000
43,000
4 6 ,9 0 9 ,0 0 0
3 7 3 ,0 0 0
7 8 ,3 6 5 ,0 0 0
140,000
12,520,000
6 ,000
13,687,000
15,000
3 3 ,8 5 6 ,0 0 0
8 5 ,000
2 6 1 ,7 2 1 ,0 0 0
5 7 3 ,000
5 9 ,9 1 4 ,0 0 0
34 1 ,0 0 0
4 5 1 ,5 1 5 ,0 0 0 2 ,8 0 9 ,0 0 0
1 1,401,000
9 0 ,0 0 0
8 9 ,5 8 2 ,0 0 0
4 8 ,0 0 0
6 7 ,0 0 0
2 6 ,6 3 3 ,0 0 0
8 7 ,2 0 3 ,0 0 0
2 6 ,000
2 9 ,8 6 8 ,0 0 0
8 7 ,000
11,000
1 4 ,5 74,000
5 2 ,2 3 7 ,0 0 0
30 5 ,0 0 0
15,204,000
10,000
4 2 ,9 8 7 ,0 0 0
171,000
140 ,7 3 4 ,0 0 0 3 ,8 4 0 ,0 0 0
H OU SE
actu a l
a ctu a l
a ctu a l
a ctu a l
con d ltl
con d ltl
con d ltl
con d ltl
_____
on M a y 25
on M a y 18 _ ___________
o n M a y 11 . - _______ _
on M a y 4 ......................
4 ,3 8 3 ,2 6 8 ,0 0 0
4 ,4 1 3 ,2 5 1 ,0 0 0
4 ,4 2 9 ,7 8 4 ,0 0 0
4 ,3 3 6 ,5 0 7 ,0 0 0
3 9 ,5 7 7 ,0 0 0
3 9 ,7 2 5 ,0 0 0
4 0 ,3 0 5 ,0 0 0
3 9 ,9 3 2 ,0 0 0
13,028,000
12,780,000
13,529,000
12,932,000
2 2 ,9 7 1 ,0 0 0
2 3 ,7 3 1 ,0 0 0
2 5 ,3 4 7 ,0 0 0
2 5 ,2 7 3 ,0 0 0
2 7 ,8 4 8 ,0 0 0
2 8 ,5 5 4 ,0 0 0
2 8 ,8 6 0 ,0 0 0
2 7 ,4 2 9 ,0 0 0
510 ,7 1 2 ,0 0 0
506 .9 1 5 .0 0 0
562 ,1 1 2 ,0 0 0
5 1 5 ,642 ,00 0
Not Mem hers of Fed eral Reserve
Dank.
5 0 0 ,000
20 0 ,0 0 0
2 5 0 ,0 0 0
100 ,000
20 0 ,0 0 0
32 6 ,6 0 0
1,0 0 0 ,0 0 0
1.5 0 0 ,0 0 0
1,4 3 3 ,1 0 0
5 0 2 ,1 0 0
81 6 ,9 0 0
2 ,3 9 2 ,1 0 0
8 6 8 ,7 0 0
5 0 ,000
1,1 1 6 ,7 0 0
52 0 ,4 0 0
1 4 ,9 45,000
3 ,4 0 9 ,0 0 0
4 ,7 0 5 ,0 0 0
1 7 ,2 1 6 ,0 0 0
6 ,1 4 2 ,0 0 0
4 ,2 1 3 ,0 0 0
2 1 ,3 4 0 ,0 0 0
2 7 ,9 3 2 ,0 0 0
8 4 5 ,0 0 0
4 2 ,0 0 0
2 7 7 ,0 0 0
86 7 ,0 0 0
4 1 4 ,0 0 0
2 2 0 ,000
8 8 0 ,0 0 0
2 ,4 7 3 ,0 0 0
183,000
3 0 ,0 0 0
11,000
110,000
5 3 ,000
9 7 ,0 0 0
5 5 3 ,000
3 7 9 ,0 0 0
3 8 6 ,0 0 0
87^000
3 8 ,0 0 0
1 ,081,000
157,000
8 6 ,0 0 0
47 5 ,0 0 0
37 9 ,0 0 0
82 6 ,0 0 0
2 75 ,000
20 4 ,0 0 0
5 1 6 ,000
124,000
50,000
4 4 8 ,000
5 6 9 ,000
8 7 6 ,000
2 0 2 ,000
25 3 ,0 0 0
1,0 6 8 ,0 0 0
31 0 ,0 0 0
25 5 ,0 0 0
1 ,191,000
1 ,294,000
T o t a ls , a v g e for w k
4 ,0 7 0 ,6 0 0
7 .7 0 6 ,0 0 0
9 9 ,9 0 2 ,0 0 0
6,0 1 8 ,0 0 0
1 ,4 1 6,000
2 ,6 8 8 ,0 0 0
3 ,0 1 2 ,0 0 0
M a y 25
M a y 18 ____________
M a y 11
M ay 4
1 0 0 ,591 ,00 0
9 9 ,0 0 9 ,0 0 0
1 0 0 ,601 ,00 0
9 9 ,4 5 8 ,0 0 0
6 ,0 3 6 ,0 0 0
5 .9 6 1 ,0 0 0
0 ,0 4 4 ,0 0 0
6 ,0 9 5 ,0 0 0
1 ,401,000
1 ,3 4 8,000
1,417,000
1 ,497,000
2 ,7 4 5 ,0 0 0
2 ,9 7 4 ,0 0 0
2 ,9 1 8 ,0 0 0
3 ,0 0 1 ,0 0 0
145,000
190,000
190,000
6 2 ,0 0 0
a ctu a l
a ctu a l
a ctu a l
a ctu a l
con d ltl
con d ltl
con d ltl
con d ltl
T r u s t C o m p a n ie s .
T it le G u a r A T r u s t . .
L a w y ers T it le A T r . .
T o t a ls , a v g o fo r wk
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,
a ctu a l
a ctu a l
a ctu a l
a ctu a l
con d ltl
con d ltl
con d ltl
co n d ltl
on
t>n
on
on
Net
Time
Deposits.
National
Bank
Circula
tion.
Average.
%
Average.
Average.
Average.
$
3 5 ,7 5 6 ,0 0 0
5 3 ,0 8 5 ,0 0 0
2 1 ,1 0 7 ,0 0 0
139,330,000
2 4 ,8 4 9 ,0 0 0
5 4 8 ,198 ,00 0
0 3 ,1 2 4 ,0 0 0
13,8 2 1 ,0 0 0
2 ,3 0 6 ,0 0 0
8 9 ,5 3 4 ,0 0 0
2 8 5 ,5 5 8 ,0 0 0
1 1 ,9 00,000
7 0 ,6 4 2 ,0 0 0
129 ,699 ,00 0
3 0 ,9 9 7 ,0 0 0
2 3 ,7 4 2 ,0 0 0
105 .310 ,00 0
2 7 ,2 9 1 ,0 0 0
150,017 ,00 0
3 ,3 5 1 ,0 0 0
1 4,861,000
$
2 ,0 6 0 ,0 0 0
1 ,000,000
3 1 2 ,000
1 6,385,000
8 ,722 000
2 ,9 0 4 ,0 0 0
5 2 1 ,000
5,6 8 9 ,0 0 0
5,0 3 3 ,0 0 0
7 ,0 7 1 ,0 0 0
3 4 1 ,000
10,000
3 ,0 0 9 ,0 0 0
9 1 ,1 9 5 000
90 9 ,0 0 0
1 0 ,8 2 3 ,0 0 0
5 ,0 0 0 ,0 0 0
258 ,3 0 0 ,0 0 0 1 1 ,1 07,000
6 ,4 2 9 ,0 0 0
100,000
16,4 7 1 ,0 0 0
1 0,150,000
5 9 ,000
6 ,3 2 6 ()()()
26 1 ,0 0 0
43/>69|000
6 1 ,796 000
2 ,5 6 6 ,0 0 0
10,718,000
4 5 8 ,0 0 0
13,948,000
4 1 8 ,0 0 0
2 5 ,2 8 6 ,0 0 0
4 ,2 6 1 ,0 0 0
202 ,3 8 9 ,0 0 0 2 1 ,7 0 0 ,0 0 0
4 3 ,6 2 5 ,0 0 0
4 ,6 1 1 ,0 0 0
3 7 4 ,4 1 3 ,0 0 0 2 5 ,2 6 3 ,0 0 0
8 ,5 5 6 ,0 0 0
4 7 4 ,0 0 0
6 3 ,2 7 6 ,0 0 0 11,3 8 6 ,0 0 0
2 1 ,6 9 4 ,0 0 0
1 ,6 4 6 ,0 0 0
5 1 ,9 4 7 ,0 0 0
4 ,2 1 4 ,0 0 0
14,668,000
1,6 8 2 ,0 0 0
12,266,000
1 ,821,000
36,342^000
1 ,7 1 5 '000
9 ,5 3 9 ,0 0 0
52 3 ,0 0 0
3 5 ,6 2 7 ,0 0 0
1 ,081,000
117 ,347 ,00 0 10,8863 )00
1,8 5 1 ,0 0 0
3 ,7 7 4 ,0 0 0
4 4 0 ,000
148,000
2 9 8 ,000
4 ,9 0 4 ,0 0 0
1 ,909,000
4 18 ,000
1 ,019,000
5 1 ,0 0 0
4 ,3 9 5 ,0 0 0
5 0 ,000
93 9 ,0 0 0
1991666
1,300,000
8 95 ,000
39 8 ,0 0 0
7 0 ,000
9 9 4 ,0 0 0
4 1 3 ,000
39 4 ,0 0 0
5 0 ,000
3 ,5 4 2 ,5 2 0 ,0 0 0 165,120 ,00 0 3 6 ,6 2 2 ,0 0 0
.......
3 ,5 7 0 ,9 1 1 ,0 0 0
3 ,5 1 4 ,3 6 9 ,0 0 0
3 ,5 0 3 ,7 2 2 ,0 0 0
3 ,6 4 6 ,2 3 7 ,0 0 0
162 ,499 ,00 0
169,475,000
170,468 ,00 0
1 8 1 ,407 ,00 0
—
3 0 ,8 3 2 ,0 0 0
30^712,000
30,501^000
3 6 ,2 2 1 ,0 0 0
5 ,000
118i000
17^988,000
5 ,8 3 2 ,0 0 0
5 7 3 ,000
1 9,281,000
2 8 ,6 3 3 ,0 0 0
8 4 ,0 0 0
5 ,4 4 9 ,0 0 0
9 9 1 ,0 0 0
9 8 ,6 3 5 ,0 0 0
8 9 ,000
2 ,9 2 1 ,0 0 0
3 ,0 7 8 ,0 0 0
3,4 1 8 ,0 0 0
3 ,2 2 0 ,0 0 0
5 ,0 9 6 ,0 0 0
5 ,5 6 1 .0 0 0
5,4 0 5 ,0 0 0
5 ,0 1 6 ,0 0 0
4 1 9 ,0 0 0
1 ,170,000
621 ,000
1 ,589,000
97,963 [000
3 o [o o o
101,510[000
5 4 ’,000
38 2 ,0 0 0
168,000
1,1 8 2 ,0 0 0
1 ,228,000
9 1 6 ,000
23 6 ,0 0 0
2 3 ,6 3 2 ,0 0 0
1 4,278,000
9 85 ,000
42 3 ,0 0 0
Not Mem bers of Fed eral Reserve
Bank.
6.0 0 0 ,0 0 0
4,0 0 0 .0 0 0
11,751,800
6 ,1 6 9 ,2 0 0
1 ,686,000
4 5 0 ,0 0 0
9 .0 0 0 ,0 0 0
1 0,921,000
6 6 ,0 1 6 ,0 0 0
2 ,1 3 6 ,0 0 0
3 3 5 ,0 0 0
2 5 2 ,0 0 0
5 5 0 ,000
2 ,4 1 0 ,0 0 0
1 ,152,000
3 7 ,9 1 0 ,0 0 0
1 ,408,000
on M a y 25 ____________
on M a y 18 ____________
m M a y 11 ____________
on M a y 4
6 5 ,5 5 2 ,0 0 0
6 7 ,1 6 6 ,0 0 0
0 8 ,3 3 6 ,0 0 0
6 5 ,0 0 7 ,0 0 0
2 ,1 6 5 .0 0 0
2 .0 7 4 ,0 0 0
2 ,5 6 8 ,0 0 0
2 ,3 1 6 ,0 0 0
33 4 ,0 0 0
3 4 2 ,0 0 0
3 7 0 ,000
3 3 4 ,000
2 9 1 ,0 0 0
23 5 ,0 0 0
196,000
2 8 3 ,000
5 4 9 ,000
5 2 4 ,000
615 ,000
5 8 0 ,000
2 ,4 2 1 ,0 0 0
2 ,6 7 2 ,0 0 0
2 ,4 8 6 ,0 0 0
2 ,9 4 7 ,0 0 0
65 7 .0 0 0
1,912,000
2 ,0 9 6 ,0 0 0
1 .170,000
3 8 ,0 3 6 ,0 0 0
3 8 ,1 2 6 ,0 0 0
3 9 ,7 5 7 ,0 0 0
4 0 ,0 4 4 ,0 0 0
1,415,000
1,407.000
1,437,000
1 ,370,000
4 2 .6 3 4 ,0 0 0
2 3 ,3 8 2 ,0 0 0
9
780 ,000
..................
—
W ta te B an ks.
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 ____
G erm a n E x ch a n g e ___
W e s t S ld o ____
N Y P ro d u ce E x c h . .
S t a t e .................................
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,
Net
Demand
Deposits.
$
5,4 1 5 ,0 0 0
9 ,5 4 3 ,0 0 0
2 ,8 3 6 ,0 0 0
1 9,460,000
3 ,2 6 7 ,OOC
9 2 ,2 8 4 ,0 0 0
9 ,8 2 7 ,0 0 0
1,904,000
3 5 1 ,000
1 3,386,000
3 7 ,9 4 6 ,0 0 0
1 ,670,000
1 0,045,000
17,6 0 4 ,0 0 0
4 ,4 9 3 ,0 0 0
3 ,2 0 1 ,0 0 0
13,329,000
3 ,7 3 7 ,0 0 0
19,707,000
538 ,000
2 ,1 8 5 ,0 0 0
2 0 ,9 9 9 ,0 0 0
13’ 0 2 3 ’000
1,315,000
7 4 2 ,000
3 7 ,1 4 6 ,0 0 0
9 2 2 ,0 0 0
2 ,2 8 8 ,0 0 0
1,573,000
96 7 ,0 0 0
6 ,7 0 8 ,0 0 0
8 ,5 0 1 ,0 0 0
1 ,506,000
1 ,910,000
3 ,6 4 2 ,0 0 0
2 0 ,4 0 8 ,0 0 0
6,6 0 1 ,0 0 0
5 1 ,6 1 5 ,0 0 0
1,385,000
8 ,4 0S ,000
2 ,4 1 7 ,0 0 0
7 ,0 0 7 ,0 0 0
2 ,0 5 1 ,0 0 0
1 ,751,000
5,3 3 5 ,0 0 0
1,2 5 0 ,0 0 0
4 ,8 4 8 ,0 0 0
16,4 3 4 ,0 0 0
A v e ra g e fo r w e e k .. 1 9 2 ,091 ,80 0 320 ,3 9 5 .6 0 0 4 ,3 9 7 ,7 2 7 ,0 0 0 3 9 .6 1 5 ,0 0 0 1 3,037,000 2 3 ,8 1 1 ,0 0 0 2 8 ,4 2 3 ,0 0 0 510 ,0 8 0 ,0 0 0
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,
AddUlona
Deposits
with
Legal
Deposi
taries.
____ _
..................
G ra n d a g g re g a te ,a v g e 205 ,1 6 8 ,4 0 0 351 ,0 2 3 ,2 0 0 4 ,5 6 3 ,6 4 5 ,0 0 0 17,769,000 14,788,000 2 6 ,7 5 1 ,0 0 0 3 1 ,9 8 5 ,0 0 0 517 ,9 3 9 ,0 0 0 2 ,1 4 3 ,0 0 0 a 3 ,6 7 9 ,071 ,00 0 166,617 ,00 0
3 0 ,0 2 2 ,0 0 0
C o m p a riso n prev w k .
— 3 1 ,2 4 0 ,0 0 0 — 6 2 7 ,0 0 0 — 192,000 — 9 2 5 ,000 -1 ,2 0 5 ,0 0 0 + 3 ,0 1 6 ,0 0 0 — 7 0 7 ,000
+ 5 3 ,8 4 9 ,0 0 0 -1 0 ,4 2 3 ,0 0 0
+ 8 6 ,0 0 0
G ra n d a g ’ g a te , a ctu al c o n d itio n
o m p a rlson p rev w k .
M a y 2 5 ___ 4 ,5 4 9 ,4 1 1 ,0 0 0 17,778,000 14,763,000 2 6 ,0 0 7 ,0 0 0 3 1,318,000 518 ,2 2 9 ,0 0 0 1,076,000 b 3 ,7 0 8 ,439 ,00 0 161,030,000
+ 18,000 + 29 3 ,0 0 0 — 7 5 3 ,000 — 8 38 ,000 + 3 ,0 8 1 ,0 0 0 -2 ,0 0 6 ,0 0 0
— 3 0 .0 1 5 ,0 0 0
+ 5 7 ,9 8 1 ,0 0 0 — 0,6 8 8 [0 0 0
G ra n d
G ra n d
O ra n d
G ra n d
M a y 1 8 ___ 4 ,5 7 9 ,4 2 6 ,0 0 0
M a y 1 1 ...'4 ,5 9 8 ,7 2 1 ,0 0 0
M a y 4 . . . 4 ,5 0 0 ,9 7 2 ,0 0 0
A p ril 2 7 . . . 4 ,5 1 5 ,6 5 7 ,0 0 0
......... .........
a g ’ g a te ,
a g ’ g a te ,
a g ’ g a te ,
a g ’ g a to ,
a ctu al
actu al
actual
a ctu al
co n d itio n
co n d itio n
co n d itio n
co n d itio n
a U . S . d ep osits d e d u cte d , $ 4 5 0 ,8 2 7 ,0 0 0 .
17,760,000
4 8 ,9 1 7 ,0 0 0
4 8 ,3 4 3 ,0 0 0
4 8 ,7 8 7 ,0 0 0
1 4,470,000
15,316,000
14,703,000
1 4,871,000
2 6 ,7 6 0 ,0 0 0
2 8 ,4 6 1 ,0 0 0
2 8 ,5 5 7 ,0 0 0
2 8 ,0 5 7 ,0 0 0
b U . S . d e p osits d e d u cte d , $ 3 6 4 ,0 1 5 ,0 0 0 .
3 2,150,000
3 2 ,8 93,000
3 1 ,2 29,000
3 2 ,3 5 5 ,0 0 0
5 1 5 .148 ,00 0
570 ,003 ,00 0
523 ,6 0 5 ,0 0 0
5 5 0 ,5 2 3 ,0 0 0
+ 120i000
3 ,0 8 2 ,0 0 0 3,6 5 0 .4 5 8 ,0 0 0
2 ,7 1 7 ,0 0 0 3,64 3 ,4 7 8 ,0 0 0
2 ,7 5 9 ,0 0 0 3 ,7 8 7 ,7 9 + 0 6 6
1 ,879,000 3,73 2 ,7 3 9 ,0 0 0 182 [ 1893)00 3 0 .0 7 4 ,0 0 0
c In clu d es ca p ita l set aside for foreig n b ran 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 v era g es.
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Total
Reserve.
A ctu al Figures.
a
Reserve
Required.
Surplus
Reserve.
Inc. or Dec.
from
PrevlouslVeek
Cash
Reserve
Reserve
in
in Vault. Depositaries
Total
Reserve.
b
Reserve
Required.
M e m b e rs F ed eral
R eserv e B a n k .
S ta te b a n k s ..........
T r u s t com pan ies*
$
$
9
$
a
5 1 0 ,0 8 0 ,0 0 0 510 ,0 8 0 ,0 0 0 4 6 5 ,4 8 1 ,9 8 0
13,134,000
5 .4 4 9 .0 0 0 1 8,583,000 17,7 5 4 ,3 0 0
3 ,2 7 3 ,0 0 0
2 .4 1 0 .0 0 0
5,6 8 3 ,0 0 0
5 ,6 8 6 ,5 0 0
S
4 4 ,5 9 8 ,0 2 0
8 2 8 ,700
(lef3,500
$
— 3 ,9 1 4 ,4 8 0
— 168,740
— 3 3 ,300
13,1 0 3 ,0 0 0
3 ,3 3 9 ,0 0 0
5 1 0 ,712 ,00 0 510 ,7 1 2 ,0 0 0 409 ,0 9 3 ,4 0 0
5.0 9 6 .0 0 0 1 8,199,000 17,908,560
2 .4 2 1 .0 0 0
5,7 6 0 ,0 0 0
5,7 0 5 ,4 0 0
T ota l
T ota l
T ota l
r T ota l
1 6.407.000
1 6.844.000
1 7.469.000
17.5 4 0 .0 0 0
4 5 ,4 2 3 ,2 2 0 — 4 ,1 1 6,520
4 9 ,5 3 9 ,7 4 0 + 6,6 2 7 ,1 5 0
4 2 ,9 1 2 ,5 9 0 — 1 6 ,3 27,200
5 9 ,2 3 9 ,7 9 0 — 1 ,877,210
1 6 .4 42.000
16.356.000
17.546.000
17.326.000
518 .2 2 9 .0 0 0
5 1 5 .148 .00 0
570 .0 0 3 .0 0 0
523 .0 0 5 .0 0 0
’
M a y 18.
M a y 11.
M ay 4 .
A p r. 2 7 .
517 .9 3 9 .0 0 0
514 .9 2 3 .0 0 0
519 .6 8 0 .0 0 0
541 .9 2 3 .0 0 0
5 3 4 .346 .00 0
5 3 1 .767 .00 0
537 .1 4 9 .0 0 0
559 .4 6 3 .0 0 0
4 8 8 ,9 2 2 ,7 8 0
482 ,2 2 7 ,2 6 0
494 ,2 3 6 ,4 1 0
5 0 0 ,2 2 3 ,2 1 0
9
b
534 .6 7 1 .0 0 0
531 .5 0 4 .0 0 0
587 .5 4 9 .0 0 0
540 .9 3 1 .0 0 0
Surplus
Reserve.
Inc. or Dec.
from
PreviousWeek
4 1 ,6 1 8 ,6 0 0
2 9 0 ,440
5 4 ,600
— 3 ,3 4 4 ,ISO
— 81 8 ,2 2 0
— 73,500
492 ,7 0 7 ,3 6 0 4 1 ,9 6 3 ,6 4 0
-4 ,2 3 5 ,9 0 0
4 8 5 ,304 ,46 0 4 6 ,1 9 9 ,5 4 0
5 6 ,6 0 8 ,1 9 0
484 ,7 4 1 ,2 7 0 102,807 ,73 0 + 6 5 ,6 0 8 ,1 5 0
503 ,7 3 1 ,4 2 0 3 7 ,1 9 9 ,5 8 0
3 4 ,5 0 6 ,4 1 0
* N o t m em b ers o f F ed era l R e s o rv e D a n k .
. , a. T h l? ,a the r030rve required o n n et d em a n d d e p osits In th e case o f S ta te b a n k s and tru st co m p a n ie s, b u t In th o ca so o f m em bers o f th o F ed ora l R e s e r v e B a n k
in clu d es also a m o u n t o f reserve req u ired o n n et tlm o d ep osits, w h ich w as as follow s: M a y 2 5 , $4 ,9 5 3 ,6 0 0 : M a y 18, $5 ,2 6 7 ,0 4 0 ; M a y 1 1 , $ 5 ,348,370 ; M a y 4 , $ 5 ,4 7 6 ,1 7 0 .
b T h is Is th e rosccv o required on net d em a n d d e p osits In tho caso o f S ta te b a n k s an d tru st co m p a n ie s, b u t In th e caso o f m em bers o f the F ed ora l R osorv o D ank in c lu d e
a lso a m o u n t o f reserve requ ired o n n et tim e d e p o sits, w hloh w as as fo llo w s: M a y 2 5 , $4 ,8 7 4 ,9 7 0 ; M a y 18, $ 5 ,0 8 4 ,2 5 0 ; M a y 11, $5,2 9 4 ,0 4 0 ; M a y 4 , $ 5 ,4 4 2 ,2 1 0 .
c A m o u n t o f ca sh in v a u lt, w hloh Is n o lon g er c o u n te d as reserve fo r m em bors o f th e F ed era l R e s e r v e B a n k , w a s as fo llow s:
M a y j2 5 , 3 1 0 4 ,8 8 0 ,0 0 0 ; M a y 18, $1 0 7 ,3 9 8 ,0 0 0 ; M a y 11, $ 1 0 9 ,5 3 0 ,0 0 0 ; M a y 4 , $ 1 0 5 ,6 8 8 ,0 0 0 .
d A m o u n t o f cash In v a u lts, w hloh Is n o lon g er c o u n te d as reserve fo r m em bers o f th e F ed era l R e s e rv e B a n k , w as as fo llo w s :
M a y 2 5 , $ 1 0 3 ,4 2 4 ,0 0 0 ; M a y 18, $ 1 0 4 ,7 9 0 ,0 0 0 ; M a y 11, $10 8,0 4 1 ,0 0 0 ; M a y 4 , $ 1 0 5 ,5 6 6 ,0 0 0 .
2319
THE CHRONICLE
June 1 1918
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 IT Y .
T h e S ta t e B a n k in g D e p a r tm e n t re p o r ts w e e k ly fig u res
sh o w in g th e c o n d itio n o f S ta t e b a n k s a n d tr u st c o m p a n ie s
In N e w Y o r k C i t y not in the Clearing House, a s fo llo w s :
(Futures Furnished bv State Banking Department.)
*
M ag 2 5 .|
Differences from
precious week.
C a p ita l as o f M a r . 14
Surplus a s o f M a r . 14
L oa n s a n d ln v estm ’ ts
S p octo
_____________
C u rre n cy & b k . n otes
D e p o s it s w ith the F .
R . Bank of N . Y . .
D e p o s it s .........................
R e s o r v e o n d e p o s its ,
p . C . roserve t o d e p .
......................... 5 7 7 1 .9 0 0 ,7 0 0 D e c . 5 1 ,9 4 1 ,6 0 0
.................................
1 3 ,1 3 3 ,3 0 0 D e c .
1 58 ,500
L oa n a a n d in v e stm e n ts.......... - - - - - -
D e p o s its , elim in a tin g a m ou n ts d u o fro m reserve d e 6 8 0 .5 4 9 .5 0 0 I n c .
1 3 3 ,8 2 2 ,1 0 0 I n c .
R ew rve o n d o p o s l t s ...................................................................
P ercen ta g e o f resorv e, 2 1 . 5 % .
r e s e r v e
-------- State
9 ,5 8 1 .8 0 0
3 ,2 4 3 ,8 0 0
------ Trust
Differences from
precious week.
9
9
9
9
9 5 ,0 5 0 ,0 0 0
2 3 ,6 1 8 ,4 0 0
1 6 3 ,8 6 1 ,0 0 0
4 1 ,2 2 5 ,3 0 0
1
,9
8 2 ,7 2 9 ,0 0 0 D e c . 1 7 ,2 2 8 ,1 0 0
I
n
c
.
"
1
,9
3
4
,16
6
4 8 2 ,7 9 5 ,3 0 0
2 4 2 ,0 0 0
1 9 ,1 5 8 ,7 0 0 D e c .
4 9 ,3 0 0
1 5 ,743,700 I n c .
4 ,8 0 0
1 5 ,4 5 7 ,6 0 0 D e c .
6 9 3 ,6 0 0
2 6 .0 5 0 .6 0 0 D e c .
3 4 .4 8 9 .6 0 0
5 9 3 ,2 7 4 ,6 0 0
1 0 2 ,324 ,90 0
2 3 .1 %
1 9 4 ,0 9 7 ,2 0 0
D e c . 4 ,7 3 4 ,2 0 0
D e c . 2 4 ,1 3 9 ,9 0 0 2 ,0 2 5 ,6 4 1 ,5 0 0
2 9 9 ,6 4 0 ,7 0 0
D e c . 4 ,5 5 9 ,4 0 0
1 9 .3 %
D ec.
0 .7 %
I n c . 3 ,1 7 7 ,6 0 0
D e e . 1 6 ,4 2 1 ,5 0 0
In c.
2 ,9 9 7 ,9 0 0
D ec.
0 .1 %
B o sto n C le a rin g H ou se B a n k s .— W e g iv e b e lo w a s u m
m a r y sh o w in g th e to ta ls fo r a ll th e ite m s in th e B o s t o n
C le a rin g H o u s e w e e k ly s t a te m e n t fo r a series o f w e e k s :
Companies------
1 0 .8 7 %
1 2 .8 0 %
S07 ,6 7 8 ,1 0 0
3 6 ,0 2 2 ,0 0 0
1 3 .6 7 %
7 .2 8 %
......................................................................53 0 ,1 2 2 ,0 0 0
2 3 .6 7 %
5 1 0 3 ,7 0 0 ,1 0 0
2 0 .9 5 %
BO ST O N C L E A R IN G H O U SE M E M B E R S .
T h e a v e r a g e s o f th e N e w Y o r k C i t y C le a rin g H o u s e b a n k s
a n d tr u st c o m p a n ie s combined w ith th o se fo r th e S ta t e b a n k s
a n d tr u st c o m p a n ie s in G r e a te r N e w Y o r k C i t y o u ts id e o f
th e C le a rin g H o u s e a re a s fo llo w s :
R E S U L T S O F B A N K S A N D T R U S T C O M P A N IE S IN
N E W Y O R K . ( Two ciphers omitted.)
Week
Ended—
1918.
.
Banks---------
r u s h In v a u lts
5 1 3 .8 4 5 ,3 0 0
S e p o s lt s ln b a n k s a'ndT rust c o s , . . - 10 ,2 7 6 ,7 0 0
C O M B IN E D
C O M B IN E D
M ay 25
1918.
Differences from
precious week.
M ay 25
flrTM'M' AT lY o i ? S T A T E B A N K S A N D T R U S T C O M P A N I E S I N G R E A T E R
NEW YORK. N O T I N C L U D E D I N C L E A R I N G H O U S E S T A T E M E N T .
^
Trust Companies.
State Banks.
Week ended M ay 2 5 .
Specie.
Legal
Tenders.
Total
Cash in
Vault.
1 0 1 ,471 ,0
9 7 .8 2 9 .7
9 6 .2 9 2 .1
9 5 .8 5 7 .3
9 3 .410.1
9 2 .0 5 5 .7
9 0 .5 3 7 .4
9 0 .1 3 1 .4
9 0 .6 6 4 .8
9 1 .0 7 6 .7
9 1 .7 4 9 .8
9 2 .4 9 3 .5
9 2 .0 6 9 .3
9 2 .0 7 9 .0
9 0 .9 4 8 .5
9 1 .0 7 6 .0
8 9 .3 6 3 .8
8 7 .6 5 3 .3
5
9 7 .5 9 9 .0
9 5 .2 8 0 .8
9 3 .2 8 2 .0
101 ,927 ,9
1 0 1 ,863 ,0
102 ,961 ,4
8 3 .7 6 2 .6
8 1 ,2 5 5 ,4
8 4 .2 6 4 .8
8 6 .1 8 7 .0
8 6 .6 0 1 .6
8 5 .4 3 0 .0
8 3 .8 9 4 .9
86 .0 1 9 .3
85 .0 5 7 .7
8 5 .2 7 9 .8
8 3 .0 0 1 .4
86.7 4 0 .1
1 9 9 .070 .0
193 ,110 ,5
189.574.1
197 .785 .2
195.279.1
195.617.1
1 7 4 .300 .0
171 ,380 ,8
174 .929 .0
177 .263 .7
1 7 8 ,351 ,4
177.924.1
175 .964 .2
178 .098 .3
176 .006 .2
170 .355 .8
172 .365 .2
174 .393 .4
1918.
.
i
D eposi
taries.
•
9
Change from
precious week.
M ay 25
1
6 2 7 .4 7 6 .3
6 4 9 .1 0 8 .3
5 9 8 .1 5 2 .4
5 6 7 .4 5 2 .0
5 7 0 ,8 3 0 ,9
5 6 0 .3 8 7 .0
5 7 4 .4 4 5 .1
5 0 9 .7 7 3 .5
5 7 8 ,0 1 7 ,3
6 0 3 .7 2 9 .1
5 9 0 .4 2 1 .2
5 9 4 .9 9 1 .3
5 9 2 .0 1 9 .7
5 8 8 .8 9 9 .3
5 7 3 .3 7 3 .4
567 ,941 ,1
5 7 0 .2 3 7 .7
• In clu d ed w ith “ L ega l T e n d e rs” are n a tion a l b a n k n otes an d F e d . R e se rv e n otes
Held b y S ta te b a n k s a n d tru st <;os., b u t n o t th ose h eld b y F e d . R e s e r v e m em b ers.
I n a d d itio n to th e re tu rn s o f “ S ta t e b a n k s a n d tr u s t c o m a n ie s in N o w Y o r k C i t y not in the Clearing House," fu rn ish e d
y flth e S ta t e B a n k in g D e p a r t m e n t , th e D e p a r t m e n t a lso
p re sen ts a s ta te m e n t c o v e rin g all th e in s titu tio n s o f th is
cla ss in th e C i t y o f N e w Y o r k :
.
F o r d e fin itio n s a n d ru les u n d e r w h ic h th e v a rio u s ite m s
a re m a d e u p , soe “ C lio r n io le ,” V . 9 8 , p . 1 6 6 1 .
,
T h e p ro v isio n s o f th e la w g o v e r n in g th e re se rv e re q u ire
m e n ts o f S t a t e b a n k in g in s titu tio n s a s a m e n d e d M a y 2 2
1 9 1 7 w ere p u b lish e d in th e “ C h r o n ic le
M a y 19 1917 (V .
104 p . 1 9 7 5 ).
T h e re g u la tio n s r e la tin g to c a lc u la tin g th e
a m o u n t o f d e p o sits a n d w h a t d e d u c tio n s a re p e r m itt e d in
th e c o m p u ta t io n o f th e re se rv es w ere g iv e n In th e C h r o n ic le
E
C ircu la tio n ............... ..................... $ 4 ,9 6 3 ,0 0 0
L o a n s , dlso’ ts & in v e s tm e n ts . 4 9 1 .8 5 4 .0 0 0
In d iv id u a l d e p o sits, ln c l.U .S . 4 4 8 .7 7 3 .0 0 0
1 2 2 .225 .00 0
D u e t o b a n k s ---------- --------- —
T im e d e p o s its .......... ................... 15.9 9 6 .0 0 0
E x ch a n g es fo r C le a r. H o u s e . 14 .9 7 0 .0 0 0
7 8 .9 2 1 .0 0 0
D u e fro m o th e r b a n k s ---------C a sh In b a n k & In F . R . B a n k 5 7 .6 8 4 .0 0 0
R e s e r v e ex cess In b a n k and
9 ,4 3 1 ,0 0 0
F ed era l R e s e r v e B a n k -------------------------------------------------------
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
M ay 18
M ay 11
191 8.
191 8.
4 ,9 7 9 ,0 0 0
4 ,9 6 8 ,0 0 0
$ 5 ,0 0 0
1 1 ,8 7 9 ,0 0 0 5 0 3 .7 3 3 .0 0 0 4 8 8 .8 7 3 .0 0 0
15 ,5 6 3 ,0 0 0 4 6 4 .3 3 6 .0 0 0 4 3 4 .7 5 2 .0 0 0
6 ,8 5 3 ,0 0 0 1 2 9 .0 7 8 .0 0 0 1 3 1 .4 9 9 .0 0 0
1 83 ,000 1 6 .1 7 9 .0 0 0 1 7 .3 6 0 .0 0 0
3 ,6 4 6 ,0 0 0 1 8 .4 3 4 .0 0 0 1 9 .0 0 7 .0 0 0
8 ,3 5 8 ,0 0 0 8 6 .6 4 9 .0 0 0 8 9 .4 4 0 .0 0 0
3 ,3 3 8 ,0 0 0 6 1 .0 2 2 .0 0 0 6 0 .9 1 4 .0 0 0
D ec.
2 ,2 7 3 ,0 0 0
1 1 ,7 0 4 ,0 0 0
1 4 .6 1 3 .0 0 0
P h ila d e lp h ia B a n k s .— T h e P h ila d e lp h ia C le a r in g H o u s e
s ta te m e n t fo r th e w e e k e n d in g M a y 2 5 , w ith c o m p a r a tiv e
fig u res fo r th e tw o w ee k s p re c e d in g , is a s f o llo w s .
R eserve
re q u ire m e n ts fo r m e m b e r s o f th e F e d e r a l R e s e r v e s y s t e m
are 1 0 % o n d e m a n d d e p o sits a n d 3 % o n tim e d e p o s its all
to b o k e p t w ith th e F e d e r a l R e s e r v e B a n k .
C a s h in
v a u lt s ” in n o t a p a r t o f le g a l r e s e r v e .
F o r tr u s t c o m p a n ie s
n o t m e m b e r s o f th e F e d e r a l R e s e r v e s y s t e m th e re se rv e
re q u ire d is 1 5 % o n d e m a n d d e p o s its a n d in c lu d e s
R eserve
w ith le g a l d ep o s ita r ie s ” a n d “ C a s h in v a u lt s .
Week ending M ay 25 1 91 8.
Two ciphers (0 0 ) omitted.
Memb'rs of
F. R. Sysl.
2 5 .9 7 5 .0
C a p ita l— -------------------------6 7 .7 1 8 .0
Surplus a n d 'p r o f it s .............
L o a n s, dlso’ ts & ln v e s tm 'ts 5 7 4 .2 7 0 .0
2 0 .9 0 8 .0
E x ch a n g es fo r C lea r .H ou se
1 3 2 .9 1 9 .0
D u e fro m b a n k s ---------------B a n k d e p o s its ......................... 1 6 3 .7 6 2 .0
In d iv id u a l d e p o s its ............. 4 2 9 .2 2 6 .0
4 ,2 6 1 ,0
T im e d e p o s it s ....................
T o t a l d e p o s its .................... 5 9 7 .2 4 9 .0
U .S . d e p o s lts fn o t Inclu ded)
4 8 .6 0 9 .0
R o s ’ v e w ith F e d . R e s . B k .
R e s 'v o w ith legal d e p o s it’ s
16 .0 2 9 .0
C a sh In v a u lt * — ...............
6 4 .6 3 8 .0
T o t a l reserve A .c a s h h e ld .
4 4 .0 4 3 .0
R e s e r v e re q u ire d -------------2 0 .5 9 5 .0
E x cess re s. & ca sh In v a u lt
Trust
Cos.
M ay 18
M ay 11
1918.
1 91 8.
T otal.
3 1 .4 7 5 .0
8 1 .6 2 6 .0
1 6 9 .773 .0
2 1 .2 3 5 .0
1 3 3 .0 6 0 .0
16 4 .9 7 6 .0
4 5 9 .4 7 1 .0
4 .2 6 1 .0
6 2 8 .7 0 8 .0
6 2 .9 3 8 .0
4 8 .6 0 9 .0
4 .4 7 4 .0
17 .8 5 4 .0
7 0 .9 3 7 .0
4 8 .6 8 8 .0
2 2 .2 4 9 .0
5 .5 0 0 .0
13 .9 0 8 .0
4 5 .5 0 3 .0
3 4 5 .0
141.0
1 .2 1 4 .0
3 0 .2 4 5 .0
31,459",6
4 .4 7 4 .0
1.8 2 5 .0
6 .2 9 9 .0
4 .0 4 5 .0
1 .6 5 4 .0
$ 3 1 ,4 7 5 ,0
8 1 .7 1 8 .0
6 2 4 .2 7 8 .0
2 3 .1 1 1 .0
1 4 3 .5 4 0 .0
1 6 8 .9 8 0 .0
4 6 5 .5 1 8 .0
4 .2 2 6 .0
6 3 8 .7 2 4 .0
7 5 .3 7 2 .0
5 1 .8 5 6 .0
5 .0 2 6 .0
17 .9 9 3 .0
7 4 .8 7 5 .0
4 8 .4 4 2 .0
2 6 .4 3 3 .0
$ 3 1 ,4 7 5 ,0
8 1 .1 6 9 .0
6 2 0 .5 6 4 .0
2 4 .1 3 6 .0
1 2 9 .3 4 9 .0
1 6 8 .3 4 7 .0
4 6 4 .0 6 2 .0
4 .2 4 0 .0
6 3 6 .6 4 9 .0
6 5 .5 6 5 .0
5 6 .0 1 6 .0
4 .9 7 2 .0
1 8 .3 2 4 .0
7 9 .3 1 2 .0
4 9 .5 8 9 .0
2 9 .7 2 3 .0
•C ash In v a u lt Is n o t c o u n te d as reserve fo r F . R . b a n k m em b ers.
A p r il 4 1 9 1 4 ( V . 9 8 , p . 1 0 4 5 ) .
N o n -M em b er B a n k s a n d T ru s t C om pan ies. — F o llo w in g Is th e r e p o r t m a d e to th e C le a r in g H o u s e b y cle a rin g n o n
m e m b e r in s titu tio n s w h ic h are n o t in c lu d e d in th e “ C le a r in g H o u s e r e tu rn ” o n th e p re ce d in g p a g e :
RETURN
C L E A R IN G
N O N -M E M B E R S .
W e e k E n d in g M a y 25 1918.
O F N O N -M E M B E R
Capital.
IN S T IT U T IO N S
OF N E W
Net
Prof Us.
Loans,
Discounts,
7T
XflA•/fitA tlt •
4\
dto.
N a t. banks M a r.
S ta te ba n k s M a r . 1 4 /
Average,
9
M em bers o f
F ed era l R eserve B a n k
B a tte r y P a rk N a t . B a n k -----W . It. G ra co & 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 , Jersey C it y
H u d son C o . N a t ., Jorsoy 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
S
4 00 .000
5 00 .000
3 00 .000
30 0 .0 0 0
400 .0 0 0
2 50 .000
22 0 .0 0 0
125,000
46 2 ,9 0 0
6 42 .400
6 55 .500
5 94 .400
1 ,3 1 9,000
7 87 ,300
6 32 .500
2 75 ,800
T o t a l ............................................
2 .4 9 5 ,0 0 0
5 ,3 6 9 ,8 0 0
5 3 ,3 4 0 ,0 0 0
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 o w N eth orla n d B a n k .............
Y o r k v llle B a n k ...........................
M ec h a n ic s ’ B a n k , B r o o k ly n .
N o rth S ide B a n k , B r o o k l y n .-
100,000
5 00 .000
1 ,0 0 0 ,0 0 0
500 .000
200 .0 0 0
2 00 ,000
100,000
1 ,6 00,000
2 00 ,000
48 0 ,3 0 0
1 ,0 0 3,400
6 20 ,800
146,900
5 23 ,000
213.700
6 63 ,400
798.700
174,800
T o t a l _______ _______ - _____—
4 ,4 0 0 ,0 0 0
H a m ilto n 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
T o t a l ________________________
9
Cold.
Legal
Tenders.
Silver.
Average.
Average.
Average.
9
9
YORK
National
Bank
A Federal
Reserve
Notes.
Average.
9
C L E A R IN G
Reserve
wUh
Legal
Deposi
taries.
AddUional
Deposits
wUh Legal
Deposi
taries.
Average.
Average.
9
9
1 ,3 2 7 ,0 0 0
7 59 .000
57 6 .0 0 0
5 4 8 .0 0 0
1,000,000
34 3 .0 0 0
33 7 .0 0 0
2 7 9 .0 0 0
H O U S E . _________________
Net
Demand
Deposits.
Net
Time
DeposUs.
National
Bank
Circula
tion.
Average.
Average.
Aevrage.
$>
9
1 23 .000
1 .2 5 0 .0 0 0
5 5 0 .0 0 0
4 1 4 .0 0 0
9
4 9 3 .0 0 0
580 .0 0 0
3 ,5 9 9 ,0 0 0
685 .0 0 0
810 .0 0 0
702 ,0 0 0
6 .5 7 2 .0 0 0
2 .8 3 3 .0 0 0
5 .3 5 0 .0 0 0
5 .3 4 3 .0 0 0
7 .3 4 8 .0 0 0
4 .2 0 2 .0 0 0
3 .0 1 2 .0 0 0
2 .7 0 0 .0 0 0
" 5 15 ’,666
3 .4 9 8 .0 0 0
2 .5 6 5 .0 0 0
296‘ 6 5 6
1 20 .000
3 9 3 .0 0 0
1 94 .000
2 1 8 .0 0 0
9 9 ,0 0 0
7 ,3 8 9 ,0 0 0
3 7 ,3 6 0 ,0 0 0
8 ,9 1 5 ,0 0 0
1 ,5 1 4 ,0 0 0
355 .0 0 0
155.000
45 .0 0 0
1 05 .000
6 4 .0 0 0
4 0 0 .0 0 0
520 ,000
19 4 .0 0 0
1 0 ,0 0 0
3 6 .0 0 0
10*000
2 3 .0 0 0
2 8 7 ,0 0 0
7 .0 0 0
4 .0 0 0
3 7 .0 0 0
’ l l 7*656
6 7.000
4 5 .0 0 0
8 4 .0 0 0
3 3 .0 0 0
95 .0 0 0
127.000
2 ,0 0 0
8 7 .0 0 0
117.000
2 4 3 .0 0 0
146.000
1 36 .000
2 2 .0 0 0
3 6 1 ,0 0 0
3 7 8 ,0 0 0
577 ,0 0 0
8 80 ,000
5 ,1 6 9 ,0 0 0
2 .5 2 4 .0 0 0
1 0 .409.000
13.9 5 3 .0 0 0
6 .4 8 7 .0 0 0
8 .9 1 8 .0 0 0
4 .1 4 6 .0 0 0
7 .3 3 7 .0 0 0
2 4 .3 5 7 .0 0 0
5 .8 1 3 .0 0 0
7 1 .0 0 0
0 5 0 .0 0 0
6 5 3 .0 0 0
151.000
50 3 .0 0 0
3 2 .0 0 0
3 6 6 .0 0 0
142.000
162.000
5 ,0 0 0
107 .0 0 0
‘ *1 5 *6 6 6
5 7 .0 0 0
9 3 .0 0 0
8 0 .0 0 0
3 7 7 .0 0 0
2 2 ,0 0 0
6 3 .0 0 0
3 7 6 .0 0 0
4 0 2 .0 0 0
5 8 .0 0 0
206 .0 0 0
2 4 5 .0 0 0
4 0 2 .0 0 0
6 7 1 .0 0 0
105.000
137 .000
159.000
543 .0 0 0
359 .0 0 0
3 5 3 .0 0 0
149.000
126.000
1 ,0 9 4,000
24 8 ,0 0 0
135.000
676 .0 0 0
78 9 .0 0 0
2 71 .000
52 2 .0 0 0
2 9 1 .0 0 0
44 5 .0 0 0
1 ,4 1 4 ,0 0 0
277 .0 0 0
" 6 4 ,0 0 0
4 0 ,0 0 0
4 7 1 .0 0 0
5 1 7 .0 0 0
4 0 9 .0 0 0
2 ,2 6 2 ,0 0 0
1 1 ,2 8 0 ,0 0 0
1 3 .1 4 5 .0 0 0
4 .8 6 2 .0 0 0
8 .6 3 5 .0 0 0
4 .2 2 6 .0 0 0
7 .4 1 3 .0 0 0
2 3 .5 6 6 .0 0 0
5 .1 2 2 .0 0 0
4 ,6 2 5 ,0 0 0
8 3 ,9 4 4 ,0 0 0
2 ,7 3 0 ,0 0 0
8 1 0 ,0 0 0
2 ,5 2 8 ,0 0 0
3 ,1 6 8 ,0 0 0
4 ,8 2 0 ,0 0 0
2 ,0 4 5 ,0 0 0
8 0 ,5 1 1 ,0 0 0
1 ,1 2 4 ,0 0 0
50 0 .0 0 0
200 .0 0 0
1 ,0 07,800
344,000
8 .9 7 7 .0 0 0
8 .3 3 3 .0 0 0
3 8 6 ,0 0 0
2 1 ,0 0 0
2 0 ,0 0 0
2 4 ,0 0 0
2 0 ,0 0 0
108 ,000
88 ,0 0 0
157,000
297 .0 0 0
53 7 .0 0 0
407 .0 0 0
264 .0 0 0
5 .9 4 0 .0 0 0
5 .3 6 8 .0 0 0
1.0 7 4 .0 0 0
3 .1 0 5 .0 0 0
1,351,800
1 7 ,310,000
40 7 ,0 0 0
50 ,0 0 0
128,000
24 5 ,0 0 0
834 ,0 0 0
67 1 ,0 0 0
1 1 ,308.000
4 ,1 7 9 ,0 0 0
70 0 .0 0 0
..................
3 ,4 9 8 ,0 0 0 1 1 ,2 4 4 ,0 0 0
+ 1 2 ,0 0 0 1 + 5 2 ,0 0 0
a l 2 9 , 179,000 14 ,2 1 8 ,0 0 0
3 ,2 33,000 4 ,2 9 3 ,0 0 0 1 0 ,823,000 10,105,000
+ 2 2,000
+ 525 ,0 0 0
— 57,000 1 + 1 8 ,0 0 0 + 4 3 6 ,0 0 0 — 960,000
1 ,5 1 4 ,0 0 0
+ 2 ,0 0 0
3 ,4 86,000 1
3 ,6 08,000 1
3,580,000 1
3,879,000 )
4,063,000 1
3.290.000 i
3.353.000 1
3,451.000 I
3 ,4 0 4 ,00C)
3.475.00C )
7 .9 4 1 .0 0 0
4 .6 3 4 .0 0 0
7 .0 7 0 .0 0 0
6 .7 6 6 .0 0 0
7 .5 1 9 .0 0 0
5 .0 8 9 .0 0 0
8 .3 7 2 .0 0 0
5 ,9 4 9 ,0 0 0 ,
75 .0 0 0
3 .0 0 0
1 3.000
4 .0 0 0
197,000
5 6 .0 0 0
7 .0 0 0
6 .0 0 0
+
S ta te B a n k s.
Not Members o f the
Federal Reserve Bank.
B a nk o f W a sh in g ton H e ig h ts .
3 6 3 .0 0 0
181.000
-------------
................
T r u s t C o m p a n ie s .
Not Members o f the
Federal Reserve Bank.
G ra n d a g g r o g a t o . .....................
C o m p a riso n p re v io u s w e o k ._
E x cess reserv e_______ _______
G ra n d a g g reg a te M a y 1 8 ____ .
G ra n d a g k reg a to M a y 1 1 ____ .
G ra n d a g g rog a to M a y 3 ------ .1
G ra n d a g g rog a to A p r . 2 7 ------ .j
G ra n d a g g reg a te A p r . 2 0 ------ .'
a
U. a.
7 ,5 9 5 ,0 0 0 11,346.600 154 ,594,000 1
+ 481,000 1
‘ 371*250 1 Increase
7 ,5 95,000 1 11,348,600 1154,113,000 1
7,595,000 1 11,346,600 1 154,082,000 1
6,895,000 1 11,442,000 ) 151,942,000 1
6,895,000 1 11,442.000 1151,357,00(1
6.895.000 1 11,616.700 >U50,745,000 1
d e p o s its d e d u ct e d . $ 1 5 ,3 7 8 ,0 0 0 .
1,192,000
1,391,000
1,261,000 1
1,373,000 )
1,385,000 1
4,275,000 1 10,387.000 11,065,000
4,419.000 1 10,557.000 9 .9 0 2 .0 0 0 1
4,158,000 1 10,902,000 1 10,768,000 1
3,893,000 ) 10,851.000 I 9,220,000 1
3,566,000 ) 10,639,000 II 10,718.000 )
128 ,654,000 1 1 4 ,196.000
129 ,865 .00 0 1 14,237,000
130,712,000 1 13,975,000 1
133,807.000 1 13,723,000 I
132,838,000 1 13,727,000 II
1 .5 1 2 .0 0 0
1 .5 0 7 .0 0 0
1 ,5 1 0 ,0 0 0
1 ,5 1 3 ,0 0 0
1 .5 1 0 ,0 0 0
2320
THE CHRONICLE
'JBatthers' ©alette.
D u r in g
31 1918.
T h e M oney M ark et an d F in a n c ia l S itu a tio n . — H o p e s
o f a n e a r ly p e a ce h a v e n o t b e e n b r ig h te n e d b y th is w e e k ’s
I t is a n in te re st
in g f a c t , h o w e v e r , th a t th e se c u rity m a r k e ts se e m n o t to
h a v e b e e n a ffe c te d th e r e b y .
------
11
—
■----------- -—
---------------------------- ----
. ■I
o ffs e t b y a n a d v a n c e in 1 0 o u t o f a lis t o f 1 5 p r o m in e n t m a n
u fa c tu r in g s to c k s .
Wall Street, Friday Night, May
n e w s fr o m th e w a r zo n e o f W e s t e r n E u r o p e .
[V ol . 10b.
’ '
R a ilw a y issu es h a v e ste a d ily
a d v a n c e d o n th e p ro sp e c t o f la r g e ly in cre ase d re v e n u e an d
a t th e s a m e tim e m a n y in d u stria l sto c k s d eclin ed o n th e
c e r ta in ty o f h e a v y ta x a tio n , a s in d ic a te d in th e P r e s id e n t’s
a d d re ss to C o n g r e s s , ju s t a s th o u g h n o th in g else h a d oc cu rre d
to s tim u la te o r d ep ress th e m a r k e ts .
th e
p o in t s , N e w
advan ced
4 )4
H a v e n 5 ) 4 , R e a d in g a n d U n io n P a c ific
3% .
T h ese
fig u res
In te r.
M erean.
w e e k ’s
se e m
o p e ra tio n s
ta m e
M a rin e
S t.
how ever
p fd .
P aul
w hen
w h ic h
com p ared
c lose s
1 2 )4
w ith
h ig h er
th a n it so ld o n T u e s d a y , B a ld w in L o c . w h ic h d ro p p e d fr o m
9 1 Vs to 7 9 ) 4 ,
Am.
Sum .
T o b a c c o w h ic h fe ll fr o m
1 3 5 )4
to 1 2 1 J4 a n d o th e r s to c k s in th is c la ss w h ic h c o v e re d a ra n g e
of 4
to 7 p o in ts or m o re in c lu d in g A m .
Car &
F .,
L o c o m o t iv e , A m . S m e lt . & R e f . , A m . G u lf & W . I . ,
Am.
B e th .
S te e l, C r u c . S te e l, G e n . M o t o r s , a n d N e w Y o r k A ir B r a k e .
For daily volume of business see page 2 3 2 8 .
T h e fo llo w in g sales h a v o o c cu rre d th is w e e k o f sh are s n o t
I t h a s b e e n in tim a te d th a t th e h ig h er in c o m e a n d e x c e s s
re p re se n te d in ou r d e ta ile d lis t o n th e p a g e s w h ic h fo llo w :
p ro fits ta x r e c o m m e n d e d b y P re sid e n t W ils o n a n d th e h ig h er
ra ilw a y r a te s so o n to g o in to e ffe c t, to w h ic h sh o u ld b e a d d e d ,
p e r h a p s, th e u n c e r ta in ty a s to fu e l s u p p ly , m a y r e s u lt in
clo sin g fo r th e p erio d o f th e w a r , a co n sid era b le n u m b e r o f
m a n u fa c tu r in g p la n ts e n g a g e d in tu r n in g o u t w h a t m a y b e
d escrib ed a s n o n -e sse n tia l p r o d u c ts .
I f su ch is a p o ssib ility th is f a c t m a y h a v e in flu e n c e d t o so m e
e x te n t th e d ec lin e o f v a lu e s m e n tio n e d .
H o w e v e r th a t m a y
b e , th e origin al L ib e r t y L o a n 3 ) 4 s (ta x e x e m p t) so ld t o -d a y
a t 9 9 .9 8 as a g a in st 9 8 .9 8 a t th e close la s t w e e k a n d it is
e v id e n t th a t th e m a tte r o f w a r ta x e s w ill re ce iv e fr o m c a p ita l
is ts
and
in v e s to r s ,
a s w ell
a s fr o m
m a n u fa c tu r e rs,
m o re
a tte n tio n in th e fu tu r e th a n it h a s in th e p a s t.
A g a in th is w e e k th e G o v e r n m e n t c ro p b u lle tin w a s e x c e p
tio n a lly fa v o r a b le a n d sp rin g h a s ra re ly if e v e r g iv e n w a y to
s u m m e r w ith th e o u tlo o k fo r a b u n d a n t h a r v e sts o f a ll k in d s
so h o p e fu l a s it is t o -d a y .
i t is , a s e v e r y
e s tim a te .
T h e im p o r ta n c e o f th is m a tte r
one know s and
fe e ls , im p o ssib le
to
over
F o re ig n E x ch an ge. — S te rlin g e x c h a n g e re m a in s w ith o u t
c h a n g e o f m o m e n t o r n e w f e a tu r e .
ch a n g e s w ere as a ru le irre g u la r.
The
c o n tin e n ta l
e x
To-day’s (Friday’s) actual rates for sterling oxchango wore 4 7 2 % ® 4 72%
for sixty days, 4 7545@4 7547% for checks and 4 7645@4 76 7-16 for
rabies. Commercial on banks, sight 4 75% @ 4 75 X , sixty days 4 7 1 %
© 4 71/1. ninety days 4 70@4 7 0 'A and documents for payment (sixty
payment V 7 ? 4 @ V ^ 5 K C° tt0n f0r paymont 4 75^ © 4 7 5 A , and grain for
- Jo-da y's (Friday’s) actual rates for Paris bankers’ francs wore 5 77% @
o 78 for long and 5 72 A @ 4 72% for short. Germany bankers’ marks
wero not quoted. Amsterdam bankers’ guilders were 49 1-16 for long and
49 3-16 for short.
Exchange at Paris on London, 27.16 frs.; week’s rango, 27.15 A fr. high
and 27.16 fr. low.
Exchange at Berlin on London, not quotable.
The rango for foreign exchango for the week follows:
S te r lin g , A c t u a l —•
S ix ty d a y s .
C h ec k s .
C a b le s .
High for the week__ 4 72 A
4 75 A
4 76 7-16
Low for the week__ 4 72 %
4 7545
4 7645
P a ris B a n k ers’ F ra n cs—
High for the week
5 77 A
5 71%
5 69%
Low for the week__ 5 78
5 71%
5 70%
A m s t e r d a m B a n k e r s' G u ild e r s —
High for tho week__ 49 5-16
50
50%
Low for the week__ 48 13-16
49%
49%
D o m e s t ic E x c h a n g e . — Chicago, par.
Boston, par. St. Louis, 15c.
per $1,000 discount bid. San Francisco, par. Montreal, S14 37 A per
$1,000 discount. Minneapolis, 10c. por $1,000 discount. Cincinnati, par.
State a n d R a ilro a d B o n d s. — S a le s o f S ta t e b o n d s a t
th e B o a r d in c lu d e 8 1 ,0 0 0 N e w Y o r k 4 ) 4 s a t 1 0 1 ) 4 a n d $ 1 ,0 0 0
V ir g in ia 6 s d efe rred tr u s t re ce ip ts a t 5 0 .
The
m a r k e t fo r ra ilw a y a n d in d u str ia l b o n d s h a s b e e n
. s o m e w h a t fir m e r , a lth o u g h a little m o re th a n h a lf th e a c tiv e
lis t close s fr a c tio n a lly lo w e r th a n la s t w e e k .
Am ong
th o
e x c e p tio n a l fe a tu r e s are I n te r . M e r . M a r . 6 s w h ic h re c o v e re d
4 ) 4 p o in ts t o -d a y a n d I n t e r . M e t . c o l. tr . 4 ) 4 s w h ic h close
1 )4
p o in ts lo w e r th a n la s t w e e k .
B a lt . &
O h io , C h e s . &
O h io , H u d s o n & M a n . a n d C e n t . L e a th e r h a v e b e e n r e la t iv e ly
s tr o n g fe a tu r e s , w h ile N o r t h e r n P a c . 4 s , N .
Y.
R a ilw a y s
a d j. 5 s , M o . P a c . g e n . 4 s , H u d so n & M a n . a d j., S t. P a u l
c o n . 4 ) 4 s , A m . T e l. & T e l. a n d R e a d in g issu es h a v e d e c lin e d .
I n a d d itio n to th e a b o v e th o a c tiv e lis t in clu d e s A t c h is o n ,
B u r lin g to n , R o c k I s la n d ,N o w Y o r k C e n t ., S te e l a n d R u b b e r
issu e s.
U n ite d States B o n d s . — S a le s o f G o v e r n m e n t b o n d s a t
th o B o a r d are lim ite d to L ib e r t y L o a n 3 ) 4 s a t 9 8 .5 6 to 9 9 .9 8 ,
L . L . 1 st 4 s a t 9 3 .8 6 to 9 4 .8 2 , L . L . 2 d 4 s a t 9 3 .8 6 to 9 4 .7 4
For to-day’s prices of all
the different issues and for weekly range see third page following.
a n d L . L . 4 ) 4 s a t 9 6 .8 0 to 9 7 .5 0 .
R a ilro a d a n d M iscellan eo us Stocks. — T h e s to c k m a r k e t
h a s c o n tin u e d a c tiv e a n d h a s b e e n d e c id e d ly irre gu lar u n d e r
th e v a r ie d c o n d itio n s n o te d a b o v e .
T h e s e re su lte d in a su b
s ta n tia l a d v a n c e in r a ilw a y sh a re s, c o in c id e n t w ith a se n s a
tio n a l d ec lin e in a co n sid e r a b le n u m b e r o f p r o m in e n t m a n u
fa c tu r in g s to c k s , a n d th e p ro ce ss h a s c o n tin u e d w ith slig h t
in te r ru p tio n s d a y b y d a y .
D u r in g th o e a r ly h o u rs t o -d a y
th e m a r k e t w a s in clin e d to w ea k n e ss o n th e r a th e r d isq u ie t
in g w a r n e w s , b u t re c o v e re d la te r .
A
fe w r a ilw a y issu es
c lo se w ith a s m a ll n e t lo ss fo r th e d a y , b u t this w a s m o re th a n
STOCKS.
Week ending May 3 1 .
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share $ per share. $ per share $ per share.
A d a m s E x p ress_____ 100
300 62
M a y 29 62
M a y 29 5 9 % M a y 80
Jan
A m erica n E x p r e s s . .. 100
350 84
M a y 25 *88
M a y 31 80
F eb 88
Apr
A m Sm elters Secure—
P re f series A . . . . . . .
200 89
M a y 25 89
M a y 25 89
M ay 94% M ar
A m Sum atra T o b p f.1 0 0
400 98 A M a y 29 99
M a y 25 81
Jan 100
M ay
B a top ila s M in in g ____ 20
800
1
M a y 28
1
M a y 28
1
Jan
1% M ar
B ru n sw ick T c r m l . .1 0 0 6,000
8 A M a y 25 1 1 % M a y 27
6%
Jan 1 1 % M a y
C a lu m et A A rizon a . . 10
800 70
M a y 27 70
M a y 28 6 3 %
Jan 71
M ay
C a se (J I ) pref . . . . 1 0 0
300 84
M a y 27 88 A M a y 25 73
Jan 8 8 % M a y
C en tra l F o u n d r y ____ 100
300 37
M a y 28 37
M a y 28 26
M ar 41% Apr
Preferred .................1 0 0
400 45
M a y 31 47
M a y 28 41
Jan 53
Apr
C erta in -T eed P rod u cts—
1st p r e fe r r e d .. . .1 0 0
50 90
M a y 29 90
M a y 29 90
M a y 90
M ay
C ld c St P M & 0 m ._ 1 0 0
18 6 9 % M a y 29 6 9 % M a y 29 70
Jai 7 0 % M a r
C on s In tersta te C a l l . . 10
100 8 A M a y 29
8 A M a y 29
7 % A p i 10
Jan
D e tr o it U n ite d .......... 100
475 85
M a y 28 85
M a y 29 80
A p r 90
Jan
D u lu th S S & A t l ____ 100
200 2 H M a y 28 4 A M a y 29
2 % Feb 4% M a y
P ref e r r e d .......... . . . 1 0 0
M a y 28
100 6
6
M a y 28
M ay
6
M ay
E lk H orn C o a l________ 50 1,300 26
M a y 25 27
M a y 27 22
Jan 2 8 % M a r
F ederal M & S p r e f .. 100
461 29
M a y 29 30
M a y 29 27
Jan 3 6 % F e b
G eneral C h e m i c a l .. . 100
250 174
M a y 27 175
M a y 29 105
Jan 180
F eb
P r e fe r r e d -------------- 100
5 100
M a y 31 100
M a y 31 100% A p r 103%
Jan
G eneral C ig a r I n c . . . 100
200 4 1 A M a y 28 42
M a y 27 34
Jan 45
M ar
G u lf M o b llo & N c tfs 100
300 10
M a y 27 10
M a y 27
8
M a r 10
M ay
In t H n rv N J p r e f . . . 100
100 110
M a y 28 110
M a y 28 106%
Jan 10 % F e b
In t H a r v C o r p p ref .1 0 0
100 95
M a y 27 95
M a y 27 95
M a y 102% F e b
Jew el T e a , I n c _______100
100 32 A M a y 29 3 2 % M a y 29 3 0 % A p r 40
F eb
K a y ser (Julius) & C o 100
100 100
M a y 27 100
M a y 27 95
Jan 104
F eb
K elsey W h eel p r e f___100
100 87 M a y 31 87 M a y 31 81
Jan 90
M ar
K in g s C o E l L A P . . 1 0 0
i ; 90
M a y 29 9 2 % M a y 28 8 9 % A p r 94
F eb
K ress ( S H ) & C o . . . 1 0 0
100 56
M a y 31 56
M a y 31 50
Jan 5 7 % M a y
L ig g ett & M y e r s ____ 100
100 167
M a y 28 167
M a y 28 165
Jan 195% F eb
P r e fe r r e d ................. 100
520 101 % M a y 28 102
M a y 29 101 % Jan 107% M a r
L orlllard (P ) p r e f . . . 100
4 0 0 104
...
M a y 28 104
M a y 28 98
Jan 105
M ar
M a n h a t E lec S u p p ly 100
100 48
M a y 25 48
M a y 25 40
M a y 49
M ay
M a n h a t’ n (E lev ) R y 100
200 97
M a y 28 9 7 % M a y 27 94
M a r 100
M ay
M a n h a tta n S h irt____ 100
100
M a y 29 70
M a y 29 70
M a y 75
Jan
M a th lcs o n A lk a li____ 50
100 40
M a y 27 40
M a y 27 40
M a y 40
M ay
M o r ris A E ssex _______50
14 70
M a y 29 70
M a y 29 70
M a y 75
M ar
N a tion a l A c m e _______50
200 31 M a y 27 31
M a y 27 2 6 %
Jan 33
M ay
N a t R y s M e x 2d p f . 100
100 4 A M a y 27 4 % M a y 27 4 % M a y 7 % Jan
N ew Y o r k D o c k . .1 0 0
200 24 A -M a y 31 2 5
M a y 27 18 %
Jan 27
M ay
N o rfo lk Sou t h e m . . . 100
200 16 A M a y 31 1 6 % M a y 31 16
M a y 21
Feb
N o v a S co tia S A C . . 100
100 60
M ay 2
60
M a y 27 59
A p r 69
Jan
O w ens B o t t l e -M a c h ..2 5
200 59
M a y 28 6 0
M a y 27 5 5 %
Jan 65
Feb
P referred . . . . . . 1 0 0
100 107 M a y 25 107
M a y 25 107
M a y 107
M ay
P eoria A E a stern ____ 100
100 5 A M a y 29
5 A M a y 29
6
4 % Apr
Jan
P ettlbon e-M u lIlK en .1 0 0
100 35
M a y 28 3 5
M a y 28 2 9 %
Jan 37
M ay
P itts C C A St L ____ 100
100 5 0 % M a y 27 6 0 % M a y 27 5 0 % M a y 5 3 % M a y
S a v a ge A rm s C o r p . . l 0 O 2,000 *73
M a y 31 7 9 % M a y 25 53
Jan 8 0 % M a y
S loss-S heff S A I pref 100
150 93
M a y 25 93
M a y 25 81
F eb 93
M ay
Stand ard M i l l i n g . . . l o o
200 97
M a y 31 9 8
M a y 28 84
Jan 102% M a y
S tu tz M o t o r C a r .n o par
100 43
M a y 25 43
M a y 25 3 8 % * Jan 4 7 % F eb
T h ir d A v e (N Y ) R y .1 0 0
100 1 8 % M a y 29 1 8 % M a y 29 16
A p r 2 1 % Jan
T o l St L A W p f tr rect"
300 11
M a y 29 1 1 % M a y 31
8 % M a r 1 2 % Jan
T ra n su e A W ’ m s ..no par
200 39 M a y 25 3 9
M a y 29 39
M a y 42
M ay
U n ited D r u g ................ 100
100 70 M a y 27 70 M a y 27 6 9 % Jan 71
M ay
2d p r e fe r r e d ........... 100
4 77
M a y 27 7 7
M a y 27 7 7 % A p r 80
Jan
U n ited D y c w o o d ____ 100
100 59
M a y 28 5 9
M a y 28 59
M a y 61
M ay
U n ited P a p erb oa rd .10 0
100 2 1 A M a y 25 2 1 % M a y 25 2 1 % M a y 2 1 % M a y
U S E x p r e ss ........... . . 1 0 0
200 1 6 % M a y 28 1 6 % M a y 28 14 % A p r 1 6% M a y
W e lls F a rg o E x p re ss. 100
300 71
M a y 25 7 6 % M a y 31 7 0 % M a y 8 3 %
Jan
O u tside M ark et. — “ C u r b ” m a r k e t tr a d in g co n tin u e s in
a n u n s e ttle d s t a t e .
I n th o foro p a r t o f th o w eo k p rices
m o v e d irre g u la rly to lo w e r le v e ls .
L a to r thero w a s a b e tt e r
to n e a n d a p a r tia l r e c o v e r y e n s u e d , b u t b u sin e ss d w in d le d
to s m a ll p ro p o rtio n s .
O il sh are s c o n tin u e to o c c u p y a
p r o m in e n t p o s itio n .
H o u s t o n O il c o m . e s p e c ia lly w a s o n e
o f th e c h ie f lo se rs, d ro p p in g fr o m 6 5 to 5 5 ) 4 , w ith a fin a l re
c o v e r y to 5 9 ) 4 .
C o s d e n & C o . c o m . w a s o f f fr o m 7% to
5% , th e close t o -d a y b o in g a t 7 . I s la n d O il & T r a n s , a fte r
a lo ss o f a b o u t h a lf a p o in t to 3 ) 4 re c o v e re d to 4 ) 4 a n d e n d s
th e w e e k a t A%.
M e r r i t t O il w e a k e n e d fr o m 2 2 ) 4 to 1 9 ) 4
b u t so ld b a c k to 2 2 ) 4 *
M id w e s t O il c o m . a fte r a n e a r ly
a d v a n c e fr o m 1 .0 8 to 1 .1 1 ease d o f f to 1 .0 2 a n d so ld fin a lly
a t 1 .0 4 .
M id w e s t R e fin in g so ld d o w n fr o m 1 1 4 ) 4 to 1 0 5
a n d u p to 1 0 7 .
I n th e in d u str ia l lis t A e t n a E x p lo s iv e s
c o m . w a s a co n sp ic u o u s fe a tu r e , th e s to c k d r o p p in g o v e r
2 p o in ts to 1 3 ) 4 a n d re c o v e rin g to 1 4 f i nal l y.
M o to r
s to c k s , w h ile n o t a c tiv o , h e ld fa ir ly w e ll.
C h e v r o le t M o t o r
a fte r e a r ly lo ss fr o m 1 2 1 ) 4 to 1 1 9 m o v e d u p to 1 2 8 . U n it e d
M o t o r s a fte r a lo ss o f a p o in t a n d a h a lf to 2 3 so ld u p to
2 6 ) 4 a n d fin ish e d t o -d a y a t 2 6 .
S ta n d a r d M o t o r C o n s tr u e tio n lo s t a p o in t to #1 2 .
K e y s t o n e T ir o & R u b b e r c o m . sold
d o w n a lm o s t 2 p o in ts to 1 8 .
A e r o p la n e issu e s w ero v e r y
q u io t.
C u r tis s A e r o p l. & M . c o m . a fte r a g a in o f a b o u t a
p o in t to 3 7 d ro p p e d to 3 3 a n d re c o v e re d fin a lly to 3 4 .
W n g h t - M a r t i n A ir c r a ft c o m . w e n t d o w n fr o m 1 0 ) 4 to 9
a n d b a c k a g a in to 1 0 ) 4 , c lo sin g t o -d a y a t 1 0 ) 4 .
S u b m a rin e
B o a t re ce d ed fr o m 1 8 to 1 5 ) 4 a n d e n d s th e w e e k a t 1 5 ) 4 .
L a k o T o r p e d o B o a t w e a k e n e d fr o m 5 ) 4 to 4 ) 4 .
L im a L o c o
m o tiv e d ec lin ed fr o m 4 8 to 4 6 ) 4 *
M in in g s to c k s , w ith fe w
e x c e p tio n s , v e r y little c h a n g e d .
B o n d s e x tr e m e ly q u ie t
a n d a b o u t s te a d y .
A c o m p le te re co rd o f “ c u r b ” m a r k e t tra n s a c tio n s fo r th e
w e e k w ill b o fo u n d o n p a g e 2 3 2 9 .
Mew YorR Stoo* Sxctinn^e -StoeR liecori, Diilv, Weekly and Yearly
O C C U P Y IN G T W O PA CE S
r a e o r d a t u l a i d u r i n g t h a w « « h ol atn ck a
atGH AND LOW SALE PRICES— PER SHARE, NOT PER CENT.
Saturday
M ay 25
S
Monday
Afay 'll
ver share
$
per share
S
8-1%
84% 85%
82% *81
82%
*81
*92
95
*93
95
54% 55%
5378
*55
57
57
*56
431a 43%
43% 44
145
147
146
146%
57% 59%
57% 59%
*7
7
7%
7 i2
*21
22
22
22
42% 44%
43% 44
72% 74%
72% 73%
92
92
*91% 93%
20*1 21%
*68% 69%
58% 58%
33%
*32
70
*60
23%
*22
50
*48
*42
48
110
110
*1 6 2
165
*4
9
*7*4
1512
31% 32
23
*21
89'8 89%
31%
31
95% 95%
8
8
41
41
17%
17
54
*52
*9
1012
25
*15
59% 59%
116%
116
10
10
*5
5%
9
*8
22
23
♦53% 54%
7178 72%
41
43%
*19% 21
*103
101
85% 86%
43% 43%
____
____
21
69%
59
*32
*64
22%
*48
*43
110
*162
*4%
8%
15%
31%
*22
*89%
30%
96
7%
39%
17%
*51
*9
*15
5!)
*115%
10
*5
*7
22%
*52
70%
40%
20%
103%
85%
43%
12
28%
68%
85%
*35
*36%
12
*22
*37
*7
17
82%
23
*59
*15
42%
120%
*70%
*9*1
18
8%
*40%
*22%
*14%
*25
20
5718
*8%
28%
68%
87%
39
38
12
23%
40
7%
17
84%
23%
62
17%
42%
121%
61
10
18
8%
42
23%
15
29
20%
69
9%
20
♦ IS
*35% 38
Wednesday
M ay 29
per share
5
84% 85
*80% 82%
94% J4%
54-% 55%
56
*55
43
41
144% 146%
58%
53
*6%
7%
*21% 22%
42% 44*2
72% 74%
—
—
Thursday
May 30
per share
t
16%
36%
15
35
28
67%
86*4
*34%
*36
124s
*21
*35
7%
17%
84 4i
23*8
61%
*15
4212
121%
*69
*9%
*16%
8%
42
24
14%
*25
19%
59%
*8%
* 1 9 l2
*3 5
14%
33
58
*1%
*1%
30%
*80%
84%
*93%
71%
*80
42%
*95%
74%
14%
34
58
1%
1%
32%
85
84%
90%
71%
90
43%
96
75%
*14
*32
15
34
*1%
1%
34 %
*84
*84
*93
72%
*80
45%
*94%
78%
1%
1%
35*2
85%
88
98
73
90
46%
96%
78%
i%
*1%
32
*84
85%
*93%
72
*80
43%
*95
7512
1%
112
32%
*82
*84
*93
*71
*83
43%
*95
75i.t
1%
1%
33%
85
88
96%
72%
90
44%
96
76%
40%
*75
13%
67%
29%
49
54%
40%
79%
65%
*98
*8
45%
*130
70%
*10511
66
*112
*10978
132
98%
*155
*93
5778
94%
*20
16%
*46
64-%
109
*63
90
40%
84
13%
68
30%
49
54%
41
79%
65%
9
47
140
77%
106
60
113
li2
135%
99%
163
95
581
944
24
164
48
65%
1091
631
91
38%
*75
13%
66%
29%
49
53
38%
78%
62%
*98
8%
*43
130
73%
*105
04
112
*109%
131%
98%
158
93
55%
94%
*20
16
*40
02%
105
63
81
40%
37%
*74
84
13
14
04%
68%
28%
304
49
*45
52%
544
38
404
78%
79%
62
65
100
8
8%
45
48
130 *118
73
77
104
106
61
65
110%
113
*110%
112
1214i
1351
99
97%
155%
158
93
94
584
53%
941
*94
25
*20
161
15
49
*40
047
61%
108-1
103
63
62
903
79%
39
84
13%
65%
30
49
52%
38%
79
63%
38
*72
13%
65
30%
*45
*52%
38%
79
62%
39
82
13%
651
31%
50
54
40
79
63%
7%
8%
45
45%
140 *121
74%
74%
104*2 *101%
62%
63%
111% 111
112
*109%
128
131
98
99
1561a
157
94
94
50
55%
*94
95
23
25
15%
15%
*46
40
61%
62%
104%
1051
02
62
83 b
81%
74
46
140
761
105163
1114
110%
132%
98-1
156%
94
56%
96
23
157{
481
62%
105%
62
844
89%
891
88%
15
35
1%
1%
34%
85>2
85%
08
72%
90
46%
96%
78%
881
80% 841
105% 106
22% 221
88
88-1)
80
80
7712 81
104
105%
22% 221
29%
67%
88%
39
38
12%
2212
40
7%
17%
85%
24%
62
17%
42%
124%
71
10
18
9%
42%
24%
14%
29
20%
59%
10
21
38
*87%
<
Q
<
M
O
W
7
1
Q
hi
O
W
0
<
»
0
w
M
0
CG
881
78% 807
105% 105-1
*22% 23%
• Did and asked prloesi no sales on this day.
Friday
M ay 31
5 per share
3 ,5 0 0
*83
85
100
*80 *2 8212
100
*93
95
5 4 % 5 5 % 1 7 ,800
100
56
56
2 ,4 0 0
42
42%
5 ,5 0 0
143% 1444i
8 ,6 0 0
57% 58%
1,600
6%
7%
22% 22%
1,100
43% 44% 1 6 ,200
72% 73-1.1 2 0 ,5 0 0
200
t Ex-rlghts.
21%
694i
59%
*30
*60
23
*48
*45%
*108
*160
5
*8%
15%
32
*21
89%
304t
*96
7%
36%
18
*50
*8
*15
58%
*115%
*9%
*5
*8%
22%
54
71%
42%
*20%
*101%
86
43%
12%
57%
2342 19,000
1,000
69%
2 ,4 0 0
59%
35
200
70
23
1,300
50
47%
113
1,200
165
100
5
100
9
16
8 ,100
32% 13,200
22%
89%
2 ,200
32
15,700
98
200
7%
3,5 0 0
37%
6 ,5 0 0
18
3 ,1 0 0
55
100
10%
200
25
59
2 ,100
117
600
11%
300
5%
100
9%
23% 17,600
54
400
72% 16,300
44% 186,800
21%
1,400
103
800
86
2,5 0 0
43%
6 ,2 0 0
12%
600
57%
100
•••
r « « « 4 lg (i
N E W Y O R K STOCK
EXCHANGE
Lowest.
$
A
Do
p r e f.
Do
p r e f.
^
E
E
C
C
C
Do
p r e f.
C bie&go M ila
Do
p r e f.
C
Do
p r e f.
<
7 % preferred te m p o t fa ____
6 % preferred te m p c t fs ____
r
Do
p r e f.
<
D o 1st p r e f.
.100
D o 2d p r e f.
.100
i
Do
p r e f.
.100
.100
Do
Do
1st p r o f.
2d p r e f.
.100
.1 0 0
Iron O re p rop erties. _ A *
Do
p r e f.
;»n sae C ity
Do
p r e f.
Do
p r e f.
par
.100
.100
.100
.100
.1 0 0
..so
M issouri K ansas A T e x a s . 100
Do
p r e f________________100
per share.
/J321
pa
PER SHARE
Range for Precious
Year 1917
PER SH AR E
Rangt Since Jan. 1.
On basis of 100-»ftare lot*.
ST O C K S
tatesfor
the
Week
Shares
...........................
274t 27%
*65% 07%
85% 87%
*34% 39
*36% 38
11% 12%
22
22
38
*35
7%
7%
1612 17%
84%
83%
22% 23%
61% 62
17%
*15
42% 42*2
120% 121%
704i 70%
94l
9%
17
17
8%
8%
41% 41%
*23
24
144i 14%
*24
29
1912 19%
*57
59
9
9
*19
20
*35
38
27% 28%
07
08
85% 88%
*3 5
39
*3612 38
12
12%
*22
23%
*37
40
*7
7%
17% 17%
83% 84%
23
24
60% 60%
*15
17%
*42% 44
120% 122%
* 7 0 'i 71
9%
9%
18
18
8%
8%
41
41%
*22% 2312
*14% 15
*2
29
19% 20%
58% 5842
*8%
9%
*18
22
*35
38
per share
84% 85%
82
82
*93% 95
55
55%
*55
57
*40% 4312
147
148
58'2 5912
7%
7%
22% 23
44
46%
73% 75%
92% 92%
22
2312
20% 2178
22
70
70
69% 69%
09%
59
59%
68% 59
59%
32
33% 33%
32
33%
*60
70
70
*60
70
22% 23%
22% *21% 22%
* 4 8 i2 50
*48
50
50
*43
48
*42
48
48
112
112
110
112
110
►160 165
*160
165
105
*4
5
*4
5
5
*8
9
*8
9
8%
16
1612
15% 16%
10%
3212 33%
31% 32%
33%
*22
24
23% *22
24
89
90
89
89%
91
30
3 0 't 31%
30%
31%
*95% 96% *96% 98
96
7%
711
712
7%
7%
404,
364! 39
3512 37
18
18%
17
18
17%
53
53
54
*51
54
*8
1()12
9
9
10%
25
*15
*15
25
25
5912 60
59
59%
59
117
117
117
*115% 117
10
10
10
*5
5%
6
5%
5%
*7
9 '8
9
9
*7
2 2 ’%
22
23
23%
23%
54% 54%
64% *52% 53%
71% 73%
73%
71% 72%
41% 454i
43% 45%
43%
20% 21%
20% 20%
20%
1 0 1% *103% 104% 104% 1 0 U 2
861,1 86%
85% 85%
85%
43% 44
43%
43-% 4378
m i 12%
12
15
35
83% 849
*106
106-1
22% 229
Tuesday
May 28
a ta a llr
Highest.
% per share.
Lowest
$
88 M a y l 5
81
M a r2 3
75 D e o
82% Jan 2
80 Jan 30
75 D e c
94% M ay2S
(7 9 % D e c
89% A p r 22
57 M a y 2 0
38% D e o
49 Jan 24
57% Jan 5
48% D e o
63 A p r 25
48% Jan 2
36 D eo
38% F e b 25
128 D e o
135
M a r2 5 150 M a y 16
60% M a r l4
42
N ov
49% Jan 15
8% J an 2
0 Apr 9
6 D eo
2 5 Jan
17% D e c
18% A p r 9
47% J an
37% A p r 22
35
N ov
66% A p r 11
79% Jan
62% D e c
95 Jan
89% M a r2 5
85 D e c
137 Jan 29 137 JaD 29
137% D e o
24% M a y l 5
18 A p r 22
16 D e c
71% M a y l 5
5 6 % Jan 15
44 D eo
61 M a y l 4
46 Jan 15
35% D e c
38 M a y l 4
26 F e b 21
24
N ov
64% M a y 17
58% M a y 7
61% O c t
23% M a y 2 9
18 A p r 22
IS
N ov
47 A p r ‘
5012 J a o 4
44% N o v
45
M a r l4
40 A p r
41 Sept
100% A p r 11 115% F e b 1
87 N o v
160 A p r 17 * 1 8 0 Jan 4
167% D e c
0 Jan 3
2% Jan
5 D eo
13% J an 2
978 D e o
5 A p r 23
17% M a y l 5
14 A p r 17
13% D e c
35 M a y l 4
2 3 % Jan 16
18% D e o
24% M a y 14
1 8 % Jan 25
15% D eo
93% M a y l 4
79% D e o
86 Jan 15
34% M a y l 6
2 5 % Jan 15
22% N o v
97% M a y l 4
85% D e o
92 Jan
9% Jan 3
6% M a r2 5
5% D e o
4 7 % Jan 3
39% D e o
35% M ay29
20 M a y 16
15% A p r 17
131* N o v
53 M a y 2 0
45 Jan
40
N ov
1 0 % F e b 19
8% M a y 1
8% N o v
21 F e b 25
18 A p r 23
23 O ct
62% M a r l l
50% D e o
55 Jan 15
118
M a rl 4
110 Jan
103 D e o
ll% M a y l5
7% A p r 17
678 D e o
6% J an 2
4% JaD
3% D e c
9% Jan
7 N ov
6% Jan 29
24% Jan
19% N o v
20 Jan 15
55% M a y l 4
41 Jan 15
37% D e c
75% M a y l 4
6 7 % Jan 15
62 >2 D e o
45% M n y 2 9
27 A p r 11
21% Sept
21% M a y l 5
17 N o v
1 8 % Jan 22
102 Jan 24 1 0 8 % M a y l4
92% D e o
89 M a y l 4
8 1 % Jan 24
75 D eo
47% J an 2
40% D e c
43% M a y 2 7
14 Jan 4
9% M a y 1
12 D e c
58% F o b 19
62% A p r
45
N ov
37 Jan 11
30 A pr
37 O ct
31% M a y l 5
22% Jan
18% D e o
70*t M a y 14
53% A p r
61 Jan 10
90% M a y lO
70% Jan 18
60% N o v
39 M a y l 5
35 Jan 12
34
N ov
38% M a r l6
35
M a r3 0
33% D e o
14 Jan 2
9% A p r
12 D e c
23% M a y l 5
19% M a r l2
22 D e o
40% J an 3
34% F e b 13
34 D e o
8% Jan
7 A p r 17
7% D e o
15% A p r 19
19% J an 3
1678 D e o
80% Jan 24
88% F e b 27
75% D oo
20% A p r 30
26 M a y l 5
21% D eo
67 Jan 21
63 M a y l 5
51% M a y
14 M a y 4
19% F eb 20
11% N o v
65% Jan 31
42% M a y 9
62 D eo
1 0 9 % Jan 15 1 2 6 % M a y l4
101% D o o
74% M a r l l
69 Jan 3
69% D e e
10% M a y 2 4
4% Jan 15
4% D e c
20 M a y 7
10% A p r 9
11% D e c
9 % M a y l5
7 A p r 26
7 N ov
44% J a n 2
39% A p r 12
36% D e o
20% Jan 15
25% M a y l 5
18 D e o
13 JaD 15
17% F e b 16
12 D eo
31% F eb 15
2 0 Jan 29
20 D e o
20% M a y 2 7
13 Jan 2
10% D e c
59% M ay29
46 Jau 3
35% D e c
10% JaD 2
8 A p r 22
7t2 D eo
22% F e b 18
17% A p r 17
18% N o v
39% Jan 3
34 M a y 2
33 D e c
D o p ref tr o t fs .
.100
.100
N V N H A H artford.......... 100
N Y Ontario A Western___ 100
Norfolk A W estern_______100
Northern Pacific__________ 100
Pennsylvania_____________ SO
Pere M arguette ▼ t e _____ 100
D o prior prel v t o ____ 100
D o pref v t 0 __________ 100
28% 28%
2 ,900 Pittsburgh A W est V a____ 100
D o preferred__________ 100
68
68
500
86
88% 205 .200 R ea din g___________________ so
D o 1st pref_____________SO
*34% 39
D o 2d pref______ ______80
*36
38
11% 12 11
4 ,9 0 0 St Loula-San Fran tr atf*. 100
*21% 22%
10 St Louts Southwestern____ 100
Do
pref_______________100
*35
38
7%
7%
700 Seaboard Air Lina_________ 100
Do
pref_______________100
17% 17%
1,300
z82
82% 10,200 Southern Paclflo C o _______100
23% 23% 16,650 Southern Railway_________ 100
Do
pref_______________100
61
61%
1,100
Texas A Pacific___________ 100
*15
17%
*40
43
300 Twin City Rapid T ra n sit.. 100
z l 19% 122
4 6 ,800 Union Pacific______________100
Do
pref_______________100
*69
71
100
400 United Railways Invent__100
Do
pref_______________100
17
17
400
8%
9
2,2 0 0 W a b a s h __________________ 100
Do
pref A ____________100
41% 41%
3,5 1 0
Do
pref B ......................100
*23% 2412
1,400
14% 14%
1,900 Western Maryland (naw).lOO
Do
2d pref___________ 100
*24
29
*19% 20%
2 ,900 Western P a c in o .._________ 100
Do
preferred__________100
1,300
59% 59%
*8% 10
100 Wheeling A Lake B R y ___ 100
Do preferred__________100
*18
22
Wisconsin Central________100
*35
38
In d u stria l A M lsaal'anaaut
16% M a y 9
11 Jan 19
*14
14%
200 Advance Rumely_____ . . . 1 0 0
36% M a y 2 0
25% Jan 15
D o pref_____ _________100
*33
34
400
49 Jan 2
60% M a y 17
100 Alax Rubber In e___________ 80
27g Jan 12
1% A p r 27
1%
1%
1,200 Alaska Oold M in e * ............. 10
l% A p r 1
312 Jan 21
1%
1%
4 ,9 0 0 Alaska Juneau Oold M ln 'g.10
37 M a y 2 4
17% Jan 15
31% 33
3 3 ,0 0 0 Allls-Cbalmere M f g v t t . . 100
86% M a y 24
72% Jan 4
D o preferred v t a___ 100
*82
85
9 0 F e b 13
78 Jan 2
*83
88
200 A n cr Agricultural C b e m ..l0 0
89% J an 17
96 M a y 2 1
D o pref_______________ 100
*93
96%
84 F e b 27
70
A
p
r
17
American
Beer
Sugar_____100
70% 71
1,700
91% M a y 8
84 Jan 9
D o pref.......................... 100
*80
90
50% M a y l 7
34% Jan 15
42% 43% 3 3 ,7 0 0 American C an____________ 100
97 A p r 30
8 9 % Jan 23
D o pref............ .............. ICO
95% 95%
100
81% M a y 16
68% Jan 14
75
76% 12,200 American Car A Rcu^dry 100
106 Jan 3 110% M a y 1
D o p r e f .........................100
110
110
100
43% M a y 2 3
25 JaD 16
37% 38
6,3 0 0 American Cotton O il____ 100
84 M a y 2 2
78 M ay 16
D o pref............................100
*72
82
14% M a y 2 4
11% Jan 10
13
13
2 ,600 American Hide A Leather 100
69% M a y 2 4
60 Jan 2
7 ,350
D o pref________
100
65
65%
35% M a y 13
11% Jan 2
31% 32%
3 ,700 American Ice_____ ________ 100
63 M a y l 3
88% Jan 16
D o preferred__________ 100
*45
50
200
68% F e b
52 A p r 25
63% 56
2,100 Araar International Corp . 100
42% M a y 24
27 Jan 7
38% 39% 13,100 American Linseed_________ 100
81% M a y 2 4
69% Jan 7
Do
pref..............
100
78% 78%
2 ,000
7 1 % M a y l6
6 3 % Jan 15
62% 62%
7,600 American Locom otive____100
100 F e b 18
*071•> 90
D o pref_________
100 x95 Jan
7% M a y 31
13% F eb
7%
7%
1,000 Amertean M siting_______ 100
42% A p r 25
58% F eb
*441a
471a
D o 1st pref___________ 100
900
90 F eb 21 144 M a y l 4
*118
140
100 American Shipbuilding___100
86% F e b 19
73 M a y 2 8
73% 75
22,079 Amer Smelting A Refining.ICO
*104% 105%
Do
pref______________ 100 104 Jan 5 106% M a r 2
400
68% F eb 19
58 Jan 15
62% 62%
3 ,300 Amer Steel Foundries_____ 100
98 Jan 16 116 M a y l 5
r l0 7 % 108%
2 ,800 American Sugar R efining.. 100
Do
pref-----------------------100 108% M a r2 3 113% M a y 8
*106% 110
60% Jan 5 145 M a y 2 4
127% 1311
0 2 ,400 Acs Sumatra T o b a c c o . .. . 100
95% A pr 30 109% F e b
97% 98% 11,800 Amer Telephone A TelAg-.lOO
170 M a y l 3
14012
Jan
America*
T
o
b
a
c
c
o
.._____
100
*154
160
700
99 F eb 23
93 M a y 2 7
300
*93
95
D o pref (n e w ).. . . . . . . 1 0 0
60% M a y 24
44% Jan 18
*54% 56
14,700 Am Woolen o f Maes______ 100
92 Jan 4
957s M a r 12
*94
951
200
Do
pref______ ________ 100
31% F eb
20% A p r 11
*2 l i t 25
200 Am Writing Paper p r e f . . . 100
19% M a y l 4
1 2 % Jan 18
15% 154
2 ,1 0 0 Ana /.Ine Lead A S_________ 28
41 Jan 3
49% M a y l 4
*46
48
Do
pref________________38
71% M a y l 6
61% 02-1) 6 6 ,300 Anaconda Copper M in in g ..60 (5 9 % Jan 18
97% Jan 5 120% F e b 18
10 1% 1051
11,900 At! G ulf A W I 88 L i n e ...100
64% M a r l8
68 Jan 5
*61% 63
D o p r e f______ ________ 100
400
6 6 % Jan 15 1 0 1 % M a y l6
78% 82-1 2 31 ,300 Baldwin Locom otive W ks.100
93 Jan 3 ISO F eb 2*
Do
pref......... — . . . . . 1 0 0
93 F eb 19
86 Jan 4
88
88
850 Barrett Ce (The)_________ ISO
74% Jan 16
9 6 M a y 16
100 Bethlehem Steel C o r p . . ..1 0 0
72% Jan 18
94 M a y l 6
77% 79 ' 15 3 ,10 0
D o class B c o m m o n ... 100
96% Jan 15 1067* A p r 29
D o cum conv 8% pref____
1,650
21 Jan 31
2 6 F e b 18
22% 221
1.000 Booth Fisheries________ No far
I Less than 100 shares, a Ex-dlv. and rtgam x Ex-dividend
6 Before paymenr
Highest
per share $ per share
7% N o v
19 O ct
45% D e o
1 D ec
1% D e o
15 D e o
65 D eo
73 D eo
91 D e c
83 D ee
78% D e o
29% N o v
87 D eo
57 F e b
100 N o v
21 D eo
80 D eo
10 F eb
43% D e o
87* J u ly
35 D eo
46 O ct
16% F - b
48 F e b
46% D oo
93 D e o
8% D eo
50 D eo
88
N ov
67% D e e
(9 9 % N o v
50% D e o
89% N ov
1*6 D eo
30 M a y
95% D e o
123 D e c
89 D e c
*7% F eb
87 Nov17
N ov
10% D e c
39% D e o
81% N o v
87% Sept
54 F e b
43 F e b
93 D e e
82 D eo
66% D e e
(6 6 % D e o
93 D e o
107% JaD
100% F e b
119 Jan
8 5 Jan
767g Jan
82 Jan
167% M ar
85*4 Jan
14% Jan
41% Jan
92 Jan
125% JaD
1 2 4 % Jan
172% F e b
3 8 % June
84% A p r
71 A p r
51 JaD
80 Jan
3 0 Jan
57% Jan
46 M a r
1517* Jan
238 M a r
17 Jan
41 JaD
34% Jan
49% Jan
39*i Jan
118% Jan
38% M a t
106% Jan
17% Jan
72% Jan
257g Jan
68% Jan
25% Jan
63% JaD
79% Jan
133% JaD
32% Jan
11 Jan
20% Jan
34 Jan
61 Jan
1 0 3 % Jan
627* Jan
29% Jan
1 3 8 % Jan
110% Jan
67*8 J » d
30*4 Jan
73% Jan
57 June
35*4 June
68 Jan
104% Jan
45 Jan
45% Jan
2 6 % June
32 Jan
53 Jan
18 Jan
391* Jan
98% M a r
33% Jan
70% Jan
19*4 Jan
95 Jan
1 4 9 % Jan
85 Jan
1 1 % Jan
23*4 Jan
16*4 Jan
68
JaD
30% Jan
23 A p r
41 M a r
18% M a y
48 J u ly
2 2 7s Jan
60% Jan
64% Jan
18% Jan
37% Jan
8 0 Jan
1 1 % Jan
8% M ar
32% M a y
867* M at
95% M a y
103% Jan
102% F e b
98 Jan
63 M a y
111% June
80% June
118*4 M a y
60% J a o
101% J a o
17% M a r
76 Jan
107, A ug
65 July
62*4 A ug
29% Aug
75 N o v
82% Jan
1067, J a o
19*4 M a t
7 1 % J u ly
93
N ov
112*4 June
117% Jan
75 June
12 6 % J u ce
1 2 1 % Jan
62% D eo
1281, Jan
320 M a r
109% Jan
58*4 June
100 J u ce
5 t% M a r
41% Jao
72% Jan
87 M a y
1 2 1 % Jan
60 Jan
78% J u ly
102% JftD
130 Jan
615 Jan
156 June
1 0 1 % O et
of first 'curtailment
2322
New York Stock Record—Concluded—Page 2
ta co rd o f » » H i d u r in g tile w eek o f s t o c k ! u su a lly In acttvo, see s e c o n d page p r e c e d in g .
BIQB AND LOW BALM PMICBS— PER SBA MB, NOT PBtt CENT.
Saturday
M a y 25
$ per share
*115
129
9% 10
23
24
*41% 423
*17% 18
52% 521,
6714 67*
*103% 1041
32% 32%
*8 0
82%
15% 16%
42% 4278
50*2 52*2
33
33%
*8 7
89
70% 70%
41
41%
99% 99%
65
66%
*91
91%
30% 31%
*80% 81
60% 61%
*71i
8%
33% 34
•148% 150
122
122%
81
81
*43
45
*99% 100
*76
78
*41% 42
*8 5
89
*96
____
40-% 41%
5 1 14 52
16% 16%
56
56
*124
130
27% 28
99% 100-%
28% 28%
38% 39%
*61
63
*4 5
47
32% 32%
8614 87%
*16% 17%
2178 22
*63
.
*73
75%
*64% 65
*27% 28%
*54
55
*19*4 21
95
96
M on d a y
M a y 27
T uesday
M a y 28
W ednesday
M a y 29
3 per share $ per share $ p er share
*12 0
130
128
128
127
130
9% 10
9%
93
93
9%
22
221
20% 2 U
2 1 % 22
*41% 42S
*41
42
413,
*41
17
171
16% 17
17% 18%
51% 52%
51
51
52% 56
65% 67%
63% 651
64% 65%
*103% 104% *103% 104% 104
104
32
32%
31% 32
33% 33%
81% 81%
80% 811
82% 82%
15% 15%
15% 15%
15% 15%
41
42%
40
401
40-% 40%
45% 52%
44
47
45% 47%
*32% 33%
32% 32% *32% 323i
*87
90
87% 87% *86
90
*68
72% *68
71
*67
72
40% 41%
39% 40%
39% 40%
99% 99%
99% 99% *99
100
62
65%
61% 63%
60
65%
*91
91% *91% 91% §91% 91%
29% 30%
29
30
29% 30
80% 81
79% 80% *7934 81
56% 61%
5534 58%
54% 57%
*7%
8%
*7%
8%
*7%
8%
32% 33%
31
32%
31% 32%
146
148% 14258 145% 145% 145%
122
118
115% 118
116% 1183t
80% 81
80% 80% *80% 81%
43
43
42
42% *42
45
99% 100
*99% 100
*99% 100
*76% 78
76
76%
76
76
40% 41%
40
40%
40% 40%
85
86%
84
84% *80
87
*96
*96
____
*96
40% 40%
40
40%
40% 41
48% 51%
4734 48%
47% 48%
16
16%
16
16
16
16
51
55
52% 54
54
54%
126
126
124
124% 124% 124%
26
27%
24% 26%
25% 26%
95
100%
92% 96
94
96%
28
28%
27% 27%
28
28%
35% 38%
33% 36
35% 36%
*61
62
*60
63
*60
63
44% 45
*44
46%
44
44
31% 32%
31% 32
31% 32%
85
86
81% 85
82% 84
16% 16% *16
17
*16
16%
*21% 23
21% 21% *21% 22%
*63
65
*63
____
*63
*73
75
*73
74% *73
73%
64% 64%
65
65
*65
65%
*27
29%
26
26
*25
25%
53% 55
52
52
*52
54
19
19% *18
19% *18
21
91% 95%
90% 92%
91% 93
*00
95
28% 28%
27% 28
27% 27%
27% 27%
50% 52%
46% 52
46% 47%
47
48%
*66
69
66% 66% *66
67
*66
68
* 9 8 % ____
*99
* 9 9 % ____
*99
15% 15%
15
15
13% 15
13% 14%
50% 51
48% 51
48% 49%
48% 49%
97
97
*94
98
*92
98
*92
98
58
58
58% 58(2
56
57%
57% 57%
*98% 100
*98% 104% 102
102
*98% 104%
19% 20
19% 19%
19% 19%
19% 19%
135
135% 130
134% 130
130% 129
129
*41
45
+40
45
*40
45
*40
45
38% 38%
37
37%
36% 37%
36% 37%
10% 10%
10% 11%
11
103S 11
11%
*30% 31
30% 30%
29% 30% *29% 30%
*925S 935g
92% 92%
91% 92
90
90
44% 45
43
43%
42% 43
*42
46
29
30
28% 29%
28
28
28% 28%
373S 38%
37% 37%
39
391.1
37% 38
*95
99
*95
97
*95
97
*95
97
50
483i 50%
5112 51*2
5178
49% 501
*S1
84
*80
83
80
81
*80
83
59
56% 58%
(SO
6012
60
58% 58%
*93
95
95
*93
93
93
*92% 95
*102
105
*102 105 *102 105 *102 105
117% 1 1 7 % 116% 117
115% 1151. §115
115
54% 54%
63% 54%
523j 53%
5334 54
*97
100
*97
100
*97
100
§98
98
24% 25
24% 24%
2334 24%
23% 24
851,i 86%
83% 86%
81
83%
81% 831
99
993s *98% 100
99% 99%
993i 993.1
87
87
*83
85
88
88
87% 88
*7
8
*7%
8
*7
8
7%
7%
*138% 140
138 138% 136% 137
137% 137%
17
17
1612 163,t
16
16
28% 28%
27% 28
27
271
27% 273i
64% 66
67
68
62% 64
64*4 66%
40% 41%
38% 41
38% 40
39% 41%
*75
96
*75
96
*75
96
*75
90
40% 41
38
40%
37% 39
38% 39
*9 5
101
*95
101
*95
101
*95
101
18% 18%
18% 19
17% 18
1733 18%
148% 149% 144% 148
142% 145
143% 146
58% 59
5534 57%
56% 58%
56% 57%
93
93% *91
94% *91
94%
91
91
*100 102
101'% 10134 100 % 100% 102
102
*79
79
79
80
78% 78% *75
SO
*40
42
40
41
39
39%
40
40
89
90
88% 89%
87
88%
88% 89
*103
115
115 *103
*103
115
103
103
*125
123
124
130
125
126
*120
124%
*14% 15%
14% 14%
14% 1434 *14
14%
*43% 46
*43
46
*42
46
*42
46
132% 133% 126
132% z l l 9 % 123% 117% 1203i
97
97
*95
99
*95
99
*94
99
55% 56%
55% 56
54
55%
5*1% 55*8
*103% 105
*103% 104% 103% 10334 102
103
40% 40% *39% 41%
40% 41
*40% 41
*42% 44% *42% 4 5 *
42% 42% *42% 44
108
107% 104% 107
102% 1043s 103% 105%
110% 110% 110% 110% 109% 110
109% 10934
77% 78%
773s 79%
77% 79%
79*2 80
*12% 14
*12% 13%
12% 13% *12% 14
46
49
48
48%
44
46% *44
46%
*1 0 5
108% *106
108% *104
108% *1 0 5 ii 108%
*70
73
70
70
*71
75
*70
75
*90
92
89% 90%
90% 9 0 58
89% 90
43% 43%
41% 43
40% 41 s4
41
42
*62
72
*62
72
*62
72
*62
72
41% 41% *40% 41%
40% 40%
•40% 41%
18
19
19% 197s
183.4 19%
18% 19%
*8 0
82
*80
82
80
80
*79% 81%
60% 63%
59% 63
58
60%
59
603.1
*113
115
112 % 112 % *112% 114
*113
115
*114% 117 *114% 117
*114
117
*114% 116
*48% 50
49% 49%
47
48% *46% 49
*87
90
*86
90
*86
90
*86
90
*653.1 67% *65
65% 66
68
66 % 66 %
Thursday
M a y 30
Salesfor
the
Week
Shares
STOCKS
N EW YO R K STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 .
On basis o f 100 -share lots.
Lowest.
Highest.
PER SHARE
Bangs for Previous
Year 1917
Lowest
Highest
S p er share
__
* B id an d asked prices: n o sales on this d a y .
• C ertifica tes o f d e p o s it. * E x -d lv id e n d .
Friday
M a y 31
<
a
«
0
3
2
1
Q
w
m
0
0
S per share
l n d u i t r l a l & M l s c .( C o n .) Par $ per share.
S per share.
S per share $ per share
x l2 3 % 125
1.400 Burns B r o s _________________ l o o
108 F e b 5 134 M a y
89 Jan
125% A p r
93.4
*9%
1,800 B u tte C o p p e r & z in c v t c l . . 5
8 % A p r 25
10% F eb 15
2 1 %. 2 1 %
2 .4 0 0 B u tte & Su p erior M ln ln g lllO
16% Jan 2
3 3 % M a y l4
12*4 D e o
52% Jan
239% 40
300 C a liforn ia P a ck in g ____ No par
36% Jan 3
45% M a y lO
33*4 N o v
42% A u g
18% 19%
8 .1 0 0 C a liforn ia P etro le u m _____ 100
12 Jan 7
19% M a y 3 1
10%
D
e
o
30%
Jan
56
59
6 .4 0 0
Do
p r e f________________ io o
36 Jan 5
59 M a y 3 1
29% N o v
62% Jan
64
64% 12.300 C en tra l L ea th er___________ i o o
6 1 % Jan 15
73% F e b 27
55 D e o
101% Jun
*103% 104%
100
D o p r o f______________ I I 100
102% M a r l ! *1 0 7 M a r 8
97 D eo
115% Jan
*3214 34
1,500 C erro d e P a sc o C o p ___ No par
29% M a r
35% M a y l 6
25 D oe
41 F e b
82
82
800 C h an dler M o t o r C a r ............. 100
68 % Jan
95 F e b 25
104% M a r
68
N
o
v
15% 15%
6 ,0 0 0 C h ile C o p p e r ______________1 .2 5
14% A p r
17% Jan
11% N o v
27% M ar
40% 40%
4 .4 0 0 C h in o C o p p e r ____
5
39
M ar25
47% M a y lO
35% N o v
63% M a r
443i 47
4 1 .9 0 0 C o lo r a d o F u el A I r o n .
100
34% J a n 29
54% M a y 2 4
29%
N
o
v
58
June
32% 32%
1.100 C olu m b ia G a s A E Ieo ____ 100
28% M a r2 5
35 Jan 30
25% N o v
47% A p r
*86% 90
100 C on solid a ted G a s (N Y )
100
84 Jan
92% F e b
76% D e o
134% Jan
72
*68
100 C on tin en ta l C a n , I n c
100
67% M a y lO
95 F e b 19
70
N o v 103% June
38% 39% 3 6 ,100 C orn P r o d u cts R e f i n i n g . . . 100
29% Ja n 15
43»4 M a y l 3
18 F e b
37% J u ly
*99
100
500
D o p r e f________
100
*90% Jan
99% M a y l8
88% N o v 112% Jan
60
62% 50.900 C ru cib le Steel o f A m e rlca 'lO O
52 J a n 12
74% M a y lO
45*4 D e o
91% Ju ly
*91% 9134
24
D o p re f..................
100
86 Jan 31
91% M a y lO
83 D e o
117% Jan
29% 30
13.000 C u b a C a n e S u g a r. . . . . No par
27% A p r 10
33% F eb 20
24% N o v
55% Jan
80
80
700
D o p r e f________________ 100
78% M a r2 5
83 F eb 18
74% D e c
94% Jan
54%
128,700 D istillers' Securities C o r p '100
*33 Jan
61*4 M a y 2 4
11% M a y
44% O ot
73S
7%
300 D o m e M in e s, L t d ..................... 10
7 M ay
10 Jan
24% Jan
6 % N ov
31% 32
5 .400 G a sto n W A W I n o . . No par
31 M a y 2 8
39 F eb 13
28 F e b
41% A u g
143
146
5 .3 0 0 G eneral E le ctric___________ 100
1 2 7 % Jan
153 M a y l 6
118 D e o
1 7 1 % Jan
115
119
2 8 .0 0 0 G en eral M o t o r s C o r p ____ 1 100
106*4 J a n 15 141*4 F eb 9
74% N o v 146% Jan
*80% 81%
500
D o p r e f ________
” l0 0
79 A p r 17
88 F e b
72*4 D e o
93 Jan
*41% 44
600 G o o d rich C o (B F ) _ _ _ ” ” i o o
38 Jan
*50% F eb
32% D eo
61% Jan
*99% 100
600
Do
p ref___________
100
98 Jan 10 100 F eb 19
*91% D e o
112 Jan
75% 75%
600 G ra n b y C on s M S A P . . _ l l 0 0
74 J a n 25
80 M a y lO
65
N ov
92% Jan
40*4 4034
2 .3 0 0 G reen e C a n an ea C o p p e r ..1 0 0
38% Jan 17
45 F eb 0
34 N o v
47 Jan
84
84%
800 G u lf States Steel tr o t fs -.I lO O
84 M a y 2 8 111% A p r 25
77 N o v 137 Jan
*96
100
----------Do
1st pref tr c t f s . _ I I i 0 0
102 J a n 10 102 Jan 10
101% N o v 110 June
41% 41%
2 .9 0 0 H a skell A B a rk er C a r . . N o par
34 Jan
43% M a y 2 4
27% N o v
4 0 Jun o
47% 48% 2 3 .6 0 0 In sp iration C o n s C o p p e r
20
42% Jan 15
56*4 M a y lO
38
N ov
60% June
16
17
2 ,6 0 0 In tern at A g rlcu l C o r p . . ” i0 0
10 Jan
17 M a y 3 1
217g M a y
7*4 N o v
55
56%
2 .0 0 0
Do
p ref________________ 100
38 Jan
57% M a y 2 4
26% N o v
60% J u ly
124% 124%
1 .000 In tern H a rv ester o f n J H io o
1 1 1 % Jan
131% M a y 8
100*4 N o v 123 Jan
25
30% 4 4 ,2 0 0 I n t M erca n tile M a rin e ____ 100
21 Jan 15
31% F e b 23
17(8 D e o
36% M a r
93% 104% 173.600
Do
p ref_________
io o
83% Jan
105% M a y 2 1
62% F eb
106% O ot
27% 27%
4 ,7 0 0 In tern a tion a l N ick el (T h e ) . 25
27 Jan 15
31 M a y l3
24% D e o
47% M a r
35
3534 10.600 In tern a tion a l P a p er______100
24% Jan 15
45% M a y l 5
18% N o v
49% Jan
§59
59
57
Do
sta m p ed pref . .I I l O O
58 Jan 22
65% Jan 3
50% N o v
77% Juno
*43% 46
300 K elly -S p rln g flold T ir e .......... 25
41 A p r
47% Jan 11
36% D e o
64% Jan
31% 32
13.500 K e n n e c o tt C o p p e r ____ No par
29
M a r2 5
34% M a y lO
26
N ov
50% M a y
81% 83% 11.400 L a ck aw an n a S teel_______
100
73*4 J a n 12
91% M a y lO
68 N o v 1 0 3 % June
*16
16%
100 L ee R u b b e r A T i r e . . . N o ' par
12 A p r
18% M a y 15
10%
N
o
v
3
0 Jan
*21% 23%
300 L o o se -W ile s B iscu it tr c t f s . 100
17% Jan
23 M a y lO
12% N ov
27% Jan
*63
-----D o 2d p re f______________ 100
53 F e b 15
63 M a y l 4
55 Jan
64 Jan
*73
75%
. . . M a c k a y C om p a n ies..............100
74 M a r l 8
78% F ob 28
89% F e b
70
N ov
65
65
600
D o p r o f_________________ 100
57 Jan
65 M a y 2 8
87% Jan
67% D e o
25% 25%
200 M a x w ell M o t o r , I n c _______ 100
23% Jan 15
32% F eb 19
61% Jan
19%
N
o
v
*52
53
500
D o 1st p ref__________ 1 1 100
51 A p r 24
64% F e b 8
49 D o c
74% Jan
*18
19
300
D o 2d p rof______________ 100
19 M a y 2 7
26 Feb
13 N o v
40 Jan
90
92% 5 0 ,900 M e x ica n P e t r o l e u m ..____ 100
79 Jan
102% M a y lO
67 D e o
106% Jan
.......... . D o p ref.............................." i o o
87 Jan 15
95 F e b 23
84% N o v
977* J u m
27
27%
3 ,3 4 0 M ia m i C o p p e r ________________5
27 M ay31
33% Jan 31
25
N ov
43% A p r
463,t 48% 58.500 M id v a le S teel A O r d n a n c e lls o
43% M a r2 3
61 M a y lO
39% D e o
07% June
67
67
400 M o n ta n a P o w e r____
100
73 Jan
66 M a r2 0
*58% D eo
109% Jan
*9934
...
D o p ref....................I I I I I lO O
95
M a rlO 100% Jan 3
95%
D
e
c
117%
M ar
14
14%
4 .900 N a t C o n d u it A C a b le No par
13% A p r 8
18% A p r 22
13% D e c
39 Jun e
48% 4934
5.900 N a t E n a m ’ g A S t a m p 'g ___106
37% Jan 7
64% M a y 2 0
24 F ob
46% O ot
*95
9734
100
Do
p ref.............................100
96 Jan 2
99% F eb 20
90% M a y
09% J u ly
*56% 58
600 N a tion a l L e a d ____
100
43% Jan 7
61% A p r
37% D o c
83% M a r
*98% 104
100 - _ D °
P ref.........................IIlO O
99*4 M a r 2 105% M a y lS
99 D e o
114 Jan
19% 19%
3 ,800 N e v a d a C on sol C o p p e r ..
5
21% M a y lO
17*4 M a r2 5
26%
June
16
N
o
v
*126
129
1,200 N ew Y ork A ir B ra k e.......... 100
1 1 7 % Jan 12 139 M a y 2 2
98 N o v 166 M a r
*39
45
N orth A m erican C o _______100
4134 M a y 2 3
46% F eb 23
39 D e o
72% M a r
36
36% 16.400 O h io C ities G a s (T h e )
25
35% M a r2 5
42% M a y lO
1437* A p r
31% O ct
10% 11
9 .3 0 0 O n tario Sliver M in in g
'1 0 0
4% J an 22
11% M a y 2 7
3% N o v
7% S ep t
*30
30
2 .0 0 0 P a cific M a ll S S .................... I . . 5
23% Jan 21
32% A p r 19
18 F ob
30% Jun e
*89
91
500 P a n -A m P et A T r a n s, pref 100
86 J a n 8
96 F e b 27
87 N o v
98 Jan
42% 43
1.300 P eo p le ’ s G L A C (C h ic)
100
39% Jan 2
55 Jan 31
35 D e o
100% Jan
*27% 29
1.900 P h iladelph ia C o ( P l t t s b ) . ’ 50
21 A p r 12
31 M a y 2 4
42 Jan
24% D e o
37% 37%
3.3 0 0 P ierce-A rrow M C a r ___ No par
34 Jan 16
43% M a r 1
25 D e c
4 1 % Jun e
*92
97
-------D o p re f..................................100
89*4 Jan 26
97% M a r l2
88 N o v
98% A u g
48% 4934
5.300 P ittsb u rg h C o a l o f P a ____ 100
42 Jan 15
58% F e b 28
37%
D
e
o
54%
Sept
80
80
400
D o p r e f____________
mo
79% J a n 2
84 F e b 19
74 D e o
00 TA u g
*5 7
59
1.600 Pressed Steel C a r __________ 100
56% M a y 2 8
69% F e b 19
49
D
e
o
83%
Jan
*92% 94
100
D o p ref______________ I IIlO O
93 A p r 27
97% F e b 13
*90
N o v *1 0 7 Jan
►102 105
98 A p r 17 109% M a r 5
-------- P u b llo S e r v C o r p o f N J . . . 1 0 0
131 Jan
99 D e o
■115 118
512 P u llm an C o m p a n y ________ 100
100% Jan 7 119 M a y lO
167% Jan
106%
D
eo
53
53%
1,800 R a ilw a y Steel S p r in g ..
100
45% Jan 7
58% M a y lO
58 June
36% N o v
' _____
100
59
D o p ref.............................. 100
95
Jan
98 F o b 15
88% D e o
101 Jan
23% 24
20% M a y lO
6 .500 H a y C on solid a ted C o p p e r .. 10
2238 Jan 15
32% A p r
19% N o v
81% 82% 4 5 .6 0 0 R e p u b lic I r o n A S te e l.......... 100
*72% Jan 15
96 M a y lO
6 0 F eb
9 4 % June
983,t 983.4
600
D o p r e f ................................ i 00 02% Jan
100 M a y 2 0
1057g M a y
89 D e o
87
87%
1.500 R o y a l D u t o h C o ct fs d e p . . .
70% M a r2 3
91 M a y 2 0
69 M a y
73% N o v
*6%
7
100 Sax on M o t o r C a r C o r p . . . i o o
6% A p r 17
11 Jan 31
4% N o v
68 Jan
136% 136%
700 Sears, R o e b u c k A C o .......... 100
136% M ay31
150 F eb 15
123% D e o
238% Jan
16
16
1.000 S h a ttu ck Aria C o p p e r .
10
15% Jan 17
18% F o b 19
29% M a r
15 D eo
27% 28%
4 .3 0 0 Sinclair O il A R e f'g _ ._ !V o par
2 5 % A p r 11
39 F e b 5
25% D e o
59% M a r
*64
65
2 .400 Slose-Sheffleld Steel A Iron 100
39
Jan 24
71% M a y 2 4
74% M a r
33% N o v
38% 40% 2 3 ,0 0 0 S tu deb ak er C o r p ( T h e ) .
100
33% A p r 24
56% F e b 19
33% N o v 110% Jan
*75
95
Do
p ref............................. 100
86% M a y 3
95 F e b 6
85 N o v 108% Jan
*36
38%
2,600 Su p erior Steel C o r p ’ n ____ 100
34% M a r2 5
45% M a y 3
30% N o v
61% June
*95
101
Do
1st p ref....................... 100
9 5 F e b 16
95 F o b 10
96 D e o
102% Ju ly
17% 17%
8 ,600 T e n n C o p p A C tr o t fs .N o par
12% Jan
19% M a y 2 4
11 N o v
19% June
143
144% 14,200 T e x a s C o m p a n y (T h e )____ 100
136% Jan
100% F e b 2
114% D e o
243 Jan
553s 5612 18,700 T o b a c c o P rod u cts C o r p _ _ . l 0 0
48% M a r2 5
03% M a y l 4
42%
D
e
o
80%
Aug
*90
94%
300
Do
p ref................................100 *87% M a rlO
95 M a y l 4
*88 D e o
105 M a r
*100
...
300 u n d e rw o o d T y p e w r i t e r . .. 100
100 A p r 9 104% M a r 2
*8 3 D e o
107 A u g
*75
SO
200 U n ion B a g A P a p er C o r p __100
65
Jan 24
80 M a y l 3
69% D e o
112 Jan
39% 39%
1,300 U nited A llo y S teel...........No par
37 Jan 2
44% M a y lO
34% D eo , 4 9 % June
88
88
6,500 U n ited C igar S tores................100
8334 M a r2 8
99 Jan 23
81% N o v 1277g A ug
100% 112
100
Do
p ref........ ................. . 1 0 0
101% Jan
100 A p r 10
98% D e o
12 0 % M a r
120
125
700 U nited F ru it..............................100 116% J an 16 133 F e b 18 *1 0 5 D e o
154% Jan
14% 14%
600 U 8 C a st I P ip e A F d y ______ 100
11% A p r 6
19 M a y 7
24% June
10 N o v
*40
46
D o p ref................................ jo o
41 M a r2 8
47% F eb
63 Jan
42
D
e
o
116% 119
38,200 U S In du strial A lc o h o l______100 114 Jan 5 137 M a y 2 4
98% N o v 1 7 1 % June
*94
99*
100
Do
p r e f................................100
94% M a y 1
99
M ar21
88 N o v 100 June
5434 553,1
5,000 U n ited States R u b b e r _____ 100
61 Jan 15
60% M a y lO
45 D e o
07 A u g
*100
103'400
D o 1st pref erred .............. 100
*95 Jan 15 105% M a y l7
91 D e o
114% Jan
*40% 41*
500 U 8 S m elting R o f A M .......... 60
32% A p r 12
48% F e b 19
40
D
e
o
67% Jan
*42% 44%
100
Do
pref.................................. 50
42% A p r 12
45*4 F e b
43% N o v
52% Jan
z97
993S 1005800 U n ited S ta tes Steel C o r p . , 1 0 0
86% M a r2 5 113% M a y lO
79% D e o
136% M a y
1093.1 1093,1
2,472
D o p ref................................ 100
103 M a r2 5
112% J a n 31
102% D e o
1 2 1 % Jan
77
773.1 14,400 U ta h C o p p e r .................................10
76% M a r2 5
87% M a y lO
118% M a y
70% D e o
*12
123.i
200 U ta h Securities v t o ................ 100
11% Jan 2
15% F o b 18
24% Jan
9% D e o
46% 483S
9 ,600 V ir g ln la -C a r o lln a C h e m ...lO O
49% M a y 2 4
33% Jan 2
48 M a y
26 N o v
*105% 108%
Do
p ref................................ 100
93 Jan 16
109 M a y 2
1 1 2 % Jan
97 D e o
70
70
300 V irginia Iron O A C ............... 100
50 Jan 5
73 M a y 2 4
48 F e b
77
M ar
91
91
1,400 W estern U nion T e le g r a p h .1 0 0
95% A p r 15
85% Jan
2
*7 6 D e o
09% Jan
413.1
41
8 ,800 W estln g h ou se E lec A M f g __60
38% Jan 17
47% M a y lO
66 M a y
33% D eo
*62
72
Do
1st preferred ................60
59 Jan 11
64% F o b 20
62% D e o
70% Jan
*40
41
200 W h ite M o t o r ................................ 50 36% Jan 2
46% F e b 20
62% Jan
33% N o v
183s 19
2 5 ,700 W llly s-O v erla n d (T h e ).......... 25
15% Jan 15
22 Jan 3
38% Jan
15 N o v
80
80
300
D o p ref (n e w )..................... 100 75 Jan 3
82% M arlO
69 N o v 100 M a o
583S 59
9 ,600 W ilson A C o , In o , v t 0___ 100
46% J an
2
60% M a y 2 4
84% M a r
42 N o v
111
113%
100 W o o lw o rth (F W ) .................... 100
H O M ar25 120% Jan 3
161 Jan r
99% D e o
114% 117
Do
p r e f................................. 100 114% M a y 17 114% M a y l7
126% Jan
113 D e o
48
48
500 W o rth in g to n P A M v t O .100
34 Jan
4
51% M a y 7
37*8 Jun
23% F eb
*86
90
D o p ref A ..........................100
85% F o b
5
91% Apr 6
97% June
88 N o v
*66% 69
300
D o pref B ..........................100
59 Jan 18
68% M a y 6
63 J u n e
60 M a y
§ L ess th a n 100 shares,
t E x -rlg h ts.
a E x -d lv . an d rig h ts.
b P a r $19 per sh a ro.
n Par
8100
p er share.
New York Stock Exchange—Band Record, Friday, Weekly and Yearly
2323
--------- '--mged and prices art nou>— “ and interest”— except for interest and defaulted bonds.
. . . .
In Jan. 1 9 01 9 the Exchange method
of guoting bonds was
changed >
BONDS!
CT. Y . S T O C K E X C H A N G E
W eek en din g M a y 31
32
Price
Friday
May 31
Bid
U. S. G o v e r n m e n t .
O 8 3 X a L ib e rty L o a n . .1 9 3 2 -4 7
U 8 4a c o n v e rte d Irorn 1st L ib
erty L o a n ..........................1932-47
U 8 4s 2d L ib e rty L oa n .1 9 2 7 -1 2
U S 4 X s c o n v e rte d fro m 1st
L ib e rty L o a n ................ 1932-47
U 8 4 ^ 8 c o n v e rte d Irom 2d
L ib e rty L o a n ................. 1 927-42
U 8 4 X s 3d L ib e rty L o a n .1 9 2 8
U 8 2a con sol re g iste r e d ...<11930
U 8 2s con sol c o u p o n ........... 41930
U 8 3s reg istered .................... *1918
U 8 3s c o u p o n ......................... *1918
U 8 4a registered ....................... 1925
U 8 4a c o u p o n ......................... -1 9 2 5
U 8 P a n C a n a l 10-30-yr 2a .*1936
U 8 P a n C a n a l 1 0-30-yr 2s reg '38
U 8 P a nam a C a n a l 3a g ------ 1961
R e g is t e r e d ........ ............— 1961
U 8 P h ilip pin e Isla nd 48.1914 -34
i -D
Week's
Range or
Last Sate
Ask Low
Range
Since
Jan. 1.
High No. Low High
9 9 .8 6 8ale
98.56
9 9.98 9550 97.20 99.98
9 4 .0 0 8ale
9 3 .9 0 Bale
93.86
93.86
9 4.82 458 9 3.86 98.40
9 4 .7 4 7159 93.86 97 98
9 7 .50 120)1 96.80 99.10
9 6 .8 6 Sale 96.80
97
97%
98
98% 9712 M a y ’ 18
97% 97%
------- 97% A p r '1 8
98
99
99%
99% M a y ’ 18
99 100
Q -F
98% 99%
Q -F
9 9 % ------- 99% M a y ’ 18
105%
M
a
y
’
18
105
105%
105%
103%
Q- F
105 105%
------- 105% M a y ’ 18
Q - F 105
97
_____ 9754 O ot '1 7
Q -F
97% 97%
97
_____ 97% F e b '1 8
Q -N
85
------- 84 D e o '1 7
Q -M
83
84
85
_____ 83 M a y ’ 18
Q -M
100 F e b '1 5
Foreign G overn m en t.
97 Sale
Atner F oreig n Scour 5 s-------- 1919 F - A
90% Salo
A n glo-F ron oh 5 -y r 5s E x tor lo a n . A - O
81% 86
A rgen tine— Internal 5a o l 1 9 0 9 .. M - S
88% Sale
B ordea ux (C it y o f) 3 -y r 68.1919 M -N
_____
t 62
i
D
C hinese (H u k u a n g I ly ) — 5a o f 11
96
98%
C u b a — E x tern a l d e b t 5a o f 1 9 0 4 . M - S
93% 96%
K xter d t 5s o f '1 4 ser A . -.1 9 1 9 F - A
80% 82%
F
A
E x terna l loa n 4 X s ................1949
95% Salo
D om in ion o f C a n a d a g 5 B ...1 9 2 1 A - O
91% 93
Do
do
1926 A - O
91% 92%
Do
do
1931 A - O
9 7 % Sale
F renob R e p u b 6 X a seoured lo a n .
t
83% 85
F
A
Japanese G o v t — £ loan 4 X 8 -1 9 2 5
Second aeries 4 X s ................1925 J - J t 83% 87%
79% Sale
D o d o "G e rm a n stam p' .
73%
Sterling lo o n 4a-----------------1931 J - J t 72
88 Sale
L y o n s (C ity o f) 3 -y r 6a........... 1919 M -N
88% Sale
M arseilles (C it y o f) 3 -y r 6 a ..1 9 1 9 M -N
M ex ico— E x ter loan £ 5a o f 1899 Q - J t 4 0 % -------30
40
G o ld d e b t 4a o f 190 4........... 1954 J - D
83% Sale
Paris, C ity o f , 5 -y ea r 6 a ------ 1921 A - O
76
79
T o k y o C it y — 5a loan o f 1912------- M - S
99% Sale
U K o f G t B rit A I 2 -y r 5 s . .1 9 1 8 M - S
97
Sale
M
-N
3-year 6 X % n otea ............. 1919
94 Sale
6-year 5 X % n o te s ............. 1921 M -N
99% Sale
C o n v e rtib le 5 X % n o t e s . 1919 F - A
tTMese are prices on Ike basis of J5fo£
96%
97% 259 94% 97%
90%
92% 586 88% 03
78
83%
83% A p r '1 8
88%
89%
90%
42 84
53% 60%
60 A p r '1 8
90% 100
97%
100
90% 94%
94% M a y '1 8
80
84
84 A p r '1 8
93% 9634
95%
96%
90% 9534
92%
92%
88% 94
91%
92
94
98%
97%
98
80% 92%
83% M a y ’ 18
83% 92%
83% M a y '1 8
77
81
79%
79%
741i 76
74% M a r ’ 18
84
90
88
89%
84
90
88%
89%
40
42%
40% M a y ’ 18
33% D e o '1 7
81% 89%
83
84%
68
79
78
78%
97 9 9 %
99%
99%
95% 98
96%
97% . . .
94
95% 252 91% 95%
99%
9 9 % 307 91% 100
S t a t e a n d C it y S a cu rl t la * .
93%
93
93% 92%
tt Y C it y — 4 X s C o rp a t o o k .1960 M - 8
92% 93% 92 M a y ’ 10
* X s C o rp o ra te s t o c k _____1964 M - 8
93
93
92%
93%
4 X 8 C o rp o ra te eto o k _____1966 A - O
9934
99% 99% 99
4 X s C o rp o ra te s t o c k ------- 1986 J - D
99%
100
99%
99%
4 X a C o rp o ra te atook _____1963 M - 8
88%
89%
89% Sale
4 % C o rp o ra te atook ______ 1959 M - N
89%
89%
90% 91
4 % C o rp o ra te s t o c k --------- 1958 M - N
89%
90
90 Sale
4 % C o rp o ra te atook--------- 1957 M -N
85% M a r ’ 18
88% 91
4 % C o rp o ra te atook reg .1 9 5 0 M -N
99%
99% 9934 99%
N ow 4 X 8 ............................... 1957 M -N
99% 9934 98% M a y '1 8
4 X % C o rp o ra te s t o c k . ..1 9 5 7 M -N
80
81
81 Sale
3 X % C o rp o ra te s t o c k . . .1 9 5 4 M - N
J u ly '1 7
9534 _____ 101
a Y S ta te— 4a...........................1981 M - 8
94% A p r '1 8
9534
_____
C a nal Im p rov em en t 4 s . . . 1961 J * J
N o v ’ 17
9534 _____ 100
C anal Im p rov em en t 4 a . . . 1902 * - J
9534 _____ 95 M a y ’ 18
C anal Im p rov em en t 4 a . . . I 9 6 0 J - J
106 M a y ’ 18
106
10734
C anal Im p rov em en t 4 X 8 -1 9 8 4 J - J
S e p t '17
C a nal Im p ro v e m e n t 4 X 8 .1 9 8 5 J - J 100% 1041* 103
105 A p r '1 8
H igh w a y Im p r o v ’ t 4 X 8 .. 1 9 6 3 M - S 105% 106% 101%
101%
100%
104%
H ig h w a y I m p r o v ’ t 4 X 8 . . 1965 M - 8
74 D e c ’ 17
Virginia funded d e b t 2 -3 a .._ 1991 J - ■» _____ 79
50
50
48%
62
6a deferred B row n B r o s otfa
8734
87%
87%
93%
93
85
85
85
85
93%
93%
76
94%
93%
92
93
9934
100
89%
89%
90
86
99%
98%
81
97%
'94% *96 *
105 10634
104% 107%
100% 101%
44
52
BONDS
N . Y . STOCK EXCH AN G E
W e e k en din g M a y 31
Range
Since
Jan. 1.
I?
High No
Bid
Ask Low
C h esapeake * O h io (Con) —
7 7 % _____ 77% M a y ’ 18
G eneral g o ld « X a ------------- 1992 M- 8
R e g is t e r e d ______________1992 M - S _____ 77% 8 6% M a r ’ 17
74%
75%
75% Sale
XO-yoar con v ertib le 4 X 8 .. 1 9 3 0 F - A
9%
80%
8 0 Sale
39-year c o n v secured 6a . . 1949 A - O
8 4 A p r '1 7
_____ 78
B ig S a n d y la t 4 s ..................1944 J - D
85% N o v ’ 16
65
C oa l R iv e r R y la t g u « a ..X 9 4 5 J - D
96% F e b '1 6
C ra ig V a lley la t g 5a...........1940 J - J
84% Jan ’ 13
03
F otta C reek B r 1st 4a____ 1946 J - J
73
N o v ’ 17
73% *82*
R & A D lv l e t c o n g 4 a . . . l 9 8 9 J - J
O ct ’ 17
62
82% 71
J
2d con sol g old 4a_______ 1989 J
83%
S
e p t’ 16
65%
M
N
G reen brier R y 1st gu g 4 s . 1940
93% 113% F e b ’ 15
W a rm Springs V 1st g 5 a . . 1941 IB- 8 . . . .
52
62
50% 52
O hio A A lton R R rel g 3 s . . . 1949 A - O
41 M a y ’ 18
41
43
Railway la t lien 3 X a ...........1950 J - J
C h ic a g o B u rlin g ton A Q u in cy
99% 10 1
99% A p r ’ 18
D e n v e r D lv 4 a . . . ------------ 1922 F - A
74%
73
73% 74%
Illin ois D lv 3 X 8 .................... 1949 J - J
82% 84% 85% M a y ’ 18
Illin ois D lv 4a.........................1949 J - J
99
M
a
y
’ 18
10
1
98
A
O
Io w a D lv sinking fu n d 58.1 9 1 9
97% —
97 Jan ’ 18
Sinking fu n d 4a............... 1919 A - O
J oin t b on d s. See G rea t N o rth
91
92
91% M a y ’ 18
N eb ra sk a E x ten sion 4 s___ 1927 M - N
91
M a r ’ 18
R e g iste re d ______________1927 M - N
81% Sale
81%
81%
G eneral 4 s _________________ 1958 M - 8
28
32
27% M a y ’ 18
C h ic A E 111 ref A Im p 4s g .,1 9 5 5 J - J
28
30
28 M a y ’ 18
U 8 M t g A T r C o ctfs o f dep
98% 10 0 % 100 M a y ’ 18
1st con sol g o ld 6a_________ 1934 A - O
_____ 84%
Ju n e’ 17
G en eral con sol 1st 5 s_____ 1937 M - N
_____ 74
70 F e b '1 8
U 8 M t g A T r C o c tfs o f dep
76
J u ly ’ 17
_____ 90
G u a r T r C o c tfs o f dep
61 _____ 97% F eb ’ 13
P u rch m o n e y la t c o a l 5 a . . 1942 F - A
10 . . . . 32 M a r ’ 17
C h ic A In d C R y la t 5 a . . . 1930 J 5812 Sale
57%
68%
C h ica g o G rea t W est 1st 4 s . . 1959 M - S
99% M a y ’ 18
9 9 % 105
O hio Iu d A L ou lsv — R e f 68.1 0 4 7 J - J
85
97% 100% A p r '1 7
R e fu n d in g g old 6s ________ 1947 J - J
84% A p r ’ 17
R efu n d in g 4s Series C ____ 1947 J - J
70
N o v ’ 16
In d A L ou lsv 1st gu 4a___ 1956 J - J
71
78
90% Jan ’ 17
J
C h ic In d A Sou 5 0 -y r 4a____ 1956
97% D eo ’ 16
O hio L 8 A E a st 1st 4 X B . .. 1 9 6 9 J - D
C h ica g o M ilw a u k ee A S t P a ul—
71
74
75 M a y ’ 18
- J
G e n ’ l g old 4s 8 ertea A . . . « 1 9 8 9
92% F e b ’ 16
R eg istered _____________ «19S9 q - J
- 79 " *81% 81%
81%
P erm anen t 4 s _____________ 1925 J - D
63%
Sale
70
68%
G en A ref Ser A 4 X 9 ____ O2014 A -O
76
79%
77
77
G en ref c o n v Ser B 5a___ a2014 F - A
72% A u g ’ 17
G e n ’ l g old 3 X s Ser B ____ «19S9 J - J -------- 71%
81
82%
80% A p r ’ 18
G eneral 4 X s Series O ___ «1989 J - J
6 6 % 73
70
70
- J
2 5 -y ea r deb en tu re 4a______1934
75% Sale
75%
78
C on v ertib le 4 X a _________ 1932 J - D
9 5 % _____ 97 Jan T 8
- J
O hio A L S up D lv g 5a___ 1921
8 5 % _____ 94 F e b ’ 18
J
J
C h lo A M o R lv D lv 5 a . . .1 9 2 6
97% Sale
96%
97%
J
C h l o A P W la t g 5a...........1921 J
79 D e o ’ 17
O M A P u g et S d la t gu 4 a . 1949 J - J --------75
9
7
106%
99%
M
a
y
’ 18
D u b u q u e D lv la t a f 6 a___ 1920 J - J
98% 108
104% S e p t’ 17
F a rg o A S ou aasum g C a ..l9 2 4 J - J
9 6 % 1 0 3 % 98 Jan T 8
L a C rosse A D 1st 5a.......... 1919 J - J
96
96
W la A M in n D lv g 5a____ 1921 J - J --------99
9 7 % _____ 97% M a y ’ 18
W la V a lley D lv la t 6 s ____ 1920 J - i
So
_____ 85 A p r ’ 18
M llw A N o la t ex t 4 X S ..1 9 3 4 J - D
81% . . .
81% F e b *18
C on a e xten d ed 4 X a ____ 1934 J - D
8 8 % ____ 89 Jan ’ 18
O h io A N o r W est E x 4a 1886-1926 F - A
8
5
.
.
.
86% O ot ’ 17
F
A
R eg istered ............. . 1886-1926
71 Sale
70%
71
G eneral g o ld 3 X s . . ...........1987 M -N
81% O ot ’ 16
R eg is te re d ....................... p l0 8 7 q - F
82% . . .
82% M a y ’ 18
G eneral 4a_________________ 1987 M - N
81
M
a
y
’ 18
--------83
S tam p ed 4a.........................1987 M - N
9 9 % 1 0 0 % 99% M a y ’ 18
G eneral 6a s ta m p ed ............. 1987 M - N
104
M
a
y
’ 18
_____
103%
Sinking fu n d 6 a...........1879-1929 A - O
109% A p r '1 6
R e g is t e r e d ............. 1879-1929 A - O
94%
100
104
S
e
p
t
'17
A
O
Sinking fund 5a.......... 1879-1929
92% . . .
103% A p r ’ 16
R eg istered ............... 1879-1929 A - O
95% 102
95%
95%
D eb en tu re 5s_____________ 1921 A - O
91
97
100 Jan '1 8
R e g iste re d ______________1921 A - O
93% 951
97 M a y '1 8
Sinking fund d e b 6s .......... .1 9 3 3 M - N
95% 97
94% M a y '1 8
R eg is te re d ..........................1933 M -N
77%
.
.
.
101%
O ot '1 6
M
8
D e s PlalnesV al 1st gu 4 X s l9 4 7
104% . . .
105 A p r '1 8
F rem E lk A M o V 1st 6s . .1 9 3 3 A - O
62
,
88 Jan ’ 17
M a n G B A N W la t 3 X 8 -1 9 4 1 J
M llw A 8 L 1st gu 3 X 8 - - - 1 9 4 1 J
* M 1 1 L 8 A W est 1st g 68. . 1921 M - S 101 % 102 101% M a y ’ 18
98 . . .
98 A p r ’ 18
E x t A Im p a f g old 5 a . . . 1929 F - A
102 % . . .
111% D eo ’ 15
A sh lan d D lv la t g 6a . . .1 9 2 5 M - S
102% . . . 102% M a y ’ 18
M ic h D lv 1st g old 6s . . 1924 J - J
75
78% 76% M a y ’ 18
M U Spar A N W la t gu 48.1947 M - S
93
95
98 O c t ’ 17
flt L P eo A N W la t gu 58.1948 J - J
R a ilr o a d .
55
M a r’ 18
53% 56
A n n A rb or la t g 4 s ................ 41995 Q - J
A tch iso n T o p e k a A S an ta F e g e n
80%
82
80
85%
81% Sale
g 4 s........................................ 1995 A - O
80 A p r ’ 18
80
80
_____ 80%
R eg istered .............................1995 A - O
7134 76
7 4 % _____ 73% M a y ’ 18
A d ju stm en t g old 4a.......... 41995 N o v
85%
N
o
v
’
17
R e g is t e r e d ...................... 41995 N o v
71% 78
7434 76%
S t a m p e d ______________ 41995 M -N
81% 87
84%
85%
84
86
C on v g o ld 4 s______________ 1966 J - D
82
87*4
85%
85%
84%
87
C on v 4a Issue o f 1910____ 1960 J - D
C h ica g o R o o k Isl A P a c —*
86% 91% 91% O ot ’ 17
East O k la D lv 1st g 4 a . . . 1923 M - S
Railway general g old 4 a . . . 1988 J - J
78 A u g ’ 17
68
80
R o o k y M t n D lv la t 4 a . . .1 9 6 5 J - J
R e g iste re d ______________1988 J - J
77
80%
77 A p r ’ 18
77% 78
Trana C o n S hort L la t 4 a . 1958 J - J
R efu n d in g g old 4a____ ...1 9 3 4 A - O
79
85
7934 _____ 85 M a y '1 8
O a t-A rli la t A raf 4 X a " A " 1 9 6 2 M - 8
20
-yoa
r deben tu re 5a_____ 1932 J - J
9934
J
u
ly
’
17
86
100
M
8
B F e P res A P h la t g 6 s . . . 1942
8034 8434
R I Ark A Louis la t 4 X « - -1934 M - S
82%
80% 81% 8034
Atl C oa st L 1st gold 4 s ------ 41952 M - 8
B u rl O R A N — la t g 6a . . 1934 A - O
75
82%
78
77
79% 78
G en unified 4 X s _____ . . . 1 9 6 4 J - D
C R I F A N W 1st gu 5a . . 1921 A - O
9 5 % _____ 9984 O ot ’ 17
Ala M id la t gu g old 6 s . -.1 9 2 8 M - N
C h o c O kla A G gen g 5 a ..o l 9 1 9 J - J
S e p t’ 17
7 6 % _____ 85
Bruns A W la t gu g old 4 a . 1938 J - J
C on sol g old 6a _________ 1952 M - N
129%
A
ug
'1
5
1
0
7
%
_____
J
J
Charles A Sav la t g o ld 7a. 1936
K o o k A D os M oin es la t 53.1923 A - O
70
73%
71%
71%
71% 72
L A N c o ll g old 48.............01952 M -N
S t P a ul A K O S b L 1st 4 X s '41 F - A
J u ly ’ 17
1 0 7 % _____ 115
Slav F A W 1st g old 6 s ------ 1934 A - O
C h lo S t P M A O oons 6a . . . 1930 J - D
J u ly ’ 15
9 5 % _____ 105
1st g old 5a...........................1934 A - O
C on s 6a roduoed to 3 X 8 .. 1 9 3 0 J - D
99
99%
9 8 % ____
993a M a y ’ 18
811 Bp O ca A G gu g 4a------ 1918 J - J
D eb en tu re 6a_____________ 1930 M - S
85% 89%
8734 Sale
8734
8734
B elt A O h io prior 3 X 8 ...........1925 J - J
N o rth W isconsin la t 6a___ 1930 J - J
90%
S
e
p
t’
17
Q
J
_____
87»4
*
R e g is t e r e d ____________41925
St P A S C it y la t g 6 s____ 1919 A - O
78%
10 76
77% 78% 78la
81%
la t 5 0-year gold 4a_______41948 A - O
S u p erior 8 h ort L la t 6 a g . c l 9 3 0 M
92% M a r ’ 17
R e g is t e r e d ...................... 41948 Q - J
C
h
lo T n A 80-E a s t lat 5 s . . 1960 J - D
'7
87s
-7
9
%
79%
79%
76%
80%
80 -y r c o n v 4 X s .......... .........1933
C h lo A W est Iud gOD g 6 s . .r l 9 3 2 Q - M
80% Sale
80%
81
80
83%
R efu n d A gen 6s Series A . 1995 i ' - D
C on sol 60 -y ea r 4 s________ 1952 J - 1
97 _____ 112 Jan '1 2
Pitta Jun e 1st g old 6a------ 1922 J - J
8234 86% 83% M a y '1 8
C ln H A D 2d g o ld 4 X a ____ 1937
82
83%
PJuno A M D lv lat g 3 X s 1925 M - N
O F in d A F t W 1st gu 4*i g . 1923 M
74% 76% 75
75
72
76
P L E A W V a S y a ref 4 a .. 1941 M -N
D a y A M ich 1st oon s 4 X e 1931 J - J
83
83
83
85%
81
86
J
J
;Jou th w D lv la t g old 3 X a .l 9 2 5
O
d
e
v C ln C b A St L gen 4 s .l9 9 3
100
A
p
r
’
17
8 3 « 4 ------C en t O h io R 1at 0 g 4 X a . . 1930 M - S
20-year d ob 4 X s ................. 1931 J
93
-------- 95% A p r ’ 18
95% 95%
C l L or A W con 1st g 5 s . . . 1933 A - O
J -D
G
eneral
5s
Series
B
_______1993
101%
N
o
v
'1
6
9
8
%
------F
A
M o n o n R iv e r lat gu g 6 s . . 1919
C a iro D lv la t gold 4a____ 1939 J 9 1 % _____ 99% O ct ’ 17
O hio R iv er R R lat g 5a . . . 1936 J - D
C ln W A M D lv 1st g 4 a ..1991 J - 1
88
88
85
-------- 88 M a y ’ 18
G enera) gold 6 a . . ........... 1937 A - O
S t L D lv la t c oll tr g 4 s . . 1990 M
99% M a r '1 8
9
9
3
4
101%
99%
99%
A
O
Pitta C le v A T o l 1at g 6 a . . 1922
Spr A C o l D lv la t g 4 s . . . 1940 M - S
99
M a r '1 8
99
99%
99% 107
B u ffa lo R A P gen g 6 b.......... 1937 M
W W V al D lv lat g 4a____ 1910 J 85% 99*j 99% O ot '17
M
N
C on sol 4 X 8 .....................- -- 1 9 5 7
O I St L A C oonaol 6 a____ 1920 M - N
97
N
o
v
'
75
------All A W est let g 4s g u ------ 1998 A - O
la t g old 4a......................... *1936 Q - F
85 _____ 103% F e b ’
C lear A M a h le t gu g 6 a . . 1943 J R eg is te re d ................... J1936 Q - F
101 103
100% 102 101 M a y '
H ooh A Pitta 1st gold 6 a ..l 9 2 1 F - A
C
ln
8 A C l cona l e t g 6a . . 1923 J 103% A p r ’
99% 103%
101
107
C on sol 1st g 8 a . . ..............1922 J - D
C O C A I gon cona g 6 a . . 1934 J 91
9134 91 M a y ’
86% 91%
A
O
C a n a d a 8 o u con s gu A 5 s . — 1962
In d B A W 1st pref 4a____ 1940 A 84 D ee ’
76
84
O ar C lin ch A O hio la t 3 0 -y r 6s '38 J - D
O In d A W 1st pref 6e...<J193S Q 96% 97%
9 6 % ------- 97% M a y ’
C en tral o f O n le t g old 6 8 -.P 1 9 4 5 F - A
P eoria A East 1st cona 4 s . 1940 A - O
_____ 89
90 M a y ’
8734
90
M
N
C on sol g old 6a....................... 1945
In com e 4a___ ___________ 1990 A pr
78 A u g ’
72
79
C h a tt D lv pur m on ey g 4s 1951 J - D
C lnve Short L la t gu 4 X * - . - 1961 A - O
90
90
85
_____ 90 M a y ’
M a o A N o r D lv 1st g 58— 1946 J C
o
lo
ra
d o A Sou la t g 4 s____ 1929 F - A
97%
June'
85
101%
M id G a A A tl D lv 6 s.......... 1947 J R efu n d A E x t 4 X a .............1935 M -N
_____ 91
104% A p r ’
M o b ile D lv la t g 6a.............1946 J Ft W A D e n O l a t g 6a. ..1 9 2 1 J D
_____ 93
90
A ug'
M
-N
C en U R A B of O a c o l g 6 a .. 1937
C on n A Pas R lva la t g 4 s . ..1 9 4 3 A
100 104
101%
101% 8ale 101%
C en t o f N J g en 'l gold 6a____ 1987 J C u b a R R lat 50-year 6a g ._ 1 9 5 2 J
102
104
102 M a y '
100 103
R e g is t e r e d ____________ 41987 Q D el L a ck A W e s t e r n 98%
99%
99
M
a
y
’
9
8
%
------A m D o c k A Im p gu 6 a . . .1921 j M orris A Ess la t gu 3 X «-2000 J - D
100
100
94% 101% 100 A p r ’
Leh A H u d R lv gen gu g 5 s . '2 0 J N Y L a ck A W la t 6 ( _____1921 J 100%
Jan
’
92
-------N Y A L on g Br gen g 4 a ..1 9 4 1 M C on stru ction 5 « ___
1923 P 65
M
a
r
’
65
65
67
75%
C en t V erm on t 1st gu g 4 s — el9 2 0
T erm A I m p r o v e 4a____ 1923 M - N
80
88
88
83
-------- 88
O h erfa A O fund A Im pt A s . . 1929 J W arren 1st ref g o g J X « - - * 0 0 0 F
95
100%
96%
96%
98%
Sale
1st oonaol gold 6 s_____ . . . 1 9 3 9 M - N
104% Jan ’ 17
R e g is t e r e d ____________ .1 9 3 9 M - N
* N o p r is e F r id M i tateet . h i . w eek a D « J i i ~ i D u e A p ril. « D u e M a r tf D u . J u n e. A D u e J u ly . * D u e A u « o D u e O e t .
q-
Week's
Range or
Last Sale
Price
Friday
May 31
Low High
72
78
65%
76
75%
82%
50
35%
62
47%
97%
73
82
98
97
99%
76
87%
99%
97
91%
91
94%
91
84%
30
29
101
70
00 %
100%
73
101%
95%
90%
46
M a r ’ 18 . . . 13 M a y ’ 18 . . . 86%
86%
2
85
85
21
71%
72
22
98% M a y ’ 18 . . . 94
73%
79
76%
64%
76
82
70
80
80%
60%
71%
97
94
95%
84%
74
78
97
94
93%
99%
99%
98
96
97%
35
81%
89
98
96
97%
85
81%
89
70
73%
79% 85%
81
81
99% 103
104 104
75 Sale
75
75%
4*
*70
73% I 71% M a y ’ 1 8 ____ •
07% Sale
66%
67%
43>
70
80
70 M a y ’ 1 8 ------ •I
67% Sale
66%
67%
3Si
87
96
96 F e b ’ 1 8 ____ •
92% 100
97% J u n e '1 7 ____
97
_____ 9 7 M a y ’ 1 8 ____ ■
90
92
93 M a y ’ 1 8 ____ 55% 63
60 M a y ’ 18 . . . . ■
66
68
68
68
1l
106% Sale 106%
106%
11
8 1 % _____ 85% M a r ’ 1 8 ____91
_____ 90% M a y ’ 18 . . . . 1 0 0 % _____ 118
N o v ’ 16 . . . .
100
102
100% A p r ’ 18 . . . . 8 4 % _____ 95 M a y ’ 18 . . . . . . . .
70
82 Jan ’ 17 . . . .
103% 104
1031a M a y ’ 18 . . . . 65% 66% 65%
66%
:3
90 M a y ’ 17 . . . .
88
M ar’ l l . . .
* ____ 96
96 Jan ’ 17 . . .
62 % 63
63 M a y ’ 1 8 ___ 75% Sale
75%
75%
J5
75
85
80 A p r T 8 . . . 61% 81% 83% M a r ’ 17 . . .
-------- 64% 62 M a y ’ 18 . . . 6 8 % _____ 64 M a y ’ 18 . . . AS
71
vio
1 i la
‘4
63
_____ 84
N o v ’ 16 . . .
102% O ct T 7 . . .
99
101
7 5 % _____ 87
D eo ’ 17 . . .
88*2 M ay*15 .
83
_____ 102% Jan '1 7 . . .
104 105
107% Aug T 7 . . .
J u ly ’ 08 . . .
67
_____ 94
49
53
13
20
86% 90
83% 85%
71% 71%
9 6 % _____
84
_____
_____ 93%
70
95
96%
100 100
93% 97
94% 94%
101
105
100% 102%
98
98
102% 102*%
73% 76%
73
71%
621a
66
62
96
77%
71%
6S%
71
67%
90
9 5 :100
93
93
60
57
69
59
106%
102
85% 85*2
85% 90%
100% 100%
95
95
103% 104
64
66*8
. --•
59
65%
80
63%
75%
80
62
63
65
66
46
12%
85
82%
66
96
51%
13
90
86%
73
98%
F e b ’ 16 . . .
73% 75%
79% 75% A p r ’ 18 . . . 1 100% 102%
101%
101%
103
95% 98
_____ 95% A p r ’ 18 . . . .
93% Jan ’ 18 . . . - 93% 93%
92
in fllj Feb ’ 0 8 __
p D ue N ov
« D u . D ee.
.O p t io n . a le .
2334
BON DS
N . Y . ST O C K E X C H A N G E
W e e k e n d in g M a y 31
New York Bond Record—.Continued—Page 2
Sj-g I
3 £
PrUt
Friday
May 31
Range
Since
Jan. 1 .
W a sk ’ a
Xante or
Latt Sait
7H4
Art Ltrt
High
Delaware A Hudson—
1st lien equip g 4 H s ......... 1022 J
93% 97
94
A p r ‘ 18
1st A ref 4a........................... 1943 M
82%
83%
8 2 % S a le
20-year oonv os...................1935 A
87
90
8 8 % M a y ' 18
Alb A Suaq conv 3 H s ____1946 A
M a y ’ 18
72% 74% 72
lianas A Saratoga 1st 7a..1921 M - N 1 0 1 -% _____ 1 1 2 % D o * ’ 18
D enver & R io Grande—
lat cona g 4 s ................ ..1 9 3 6 J
6 6 % 663.1 66%
66%
Consol gold 4 H * ................1936 J
71
73
71
M a y ’ls
Improvement gold 6s____1923 J - D
73
77
74%
74%
let A refunding 6a_______ 1955 F - A
5 1% 53% 5 5%
56
B io O r Juno lat gu g 69. . . 1939 J - O _____ 9 5
37
A u g ’ 17
B io Gr Sou lat gold 4 e . . . 11)40 J 61% A p r ’ l l
Guaranteed......................1940 J 39
J u l y ’ 17
B io Gr West 1st gold 4 a .. 1939 J 66
M a y ’ 18
M tge A ooll trust 4a A . . 19 49 A - O
55
55
D et A M ack— lat Hen g 4 s ..1995 J - D
82
D e e ’ 16
Gold 4 s . . ............................ 1996 J
7 5 % J u ly ’ 16
D et.Rlv Tun— Tor Tun 4 Ha 1961 M - N * 7 6 % _____ 7 7 M a y ' 18
Dul MIssabe A N or gen 6s . . 1941 J 9 6 % 9 9 % 9 7 % M a y ’ 18
D ul A Iron Range 1st 6s . .
1937 A 9 4 % 1 00 % 9 7
M a y ’ 18
Registered........................... 1937 A 1 0 5 % M a r '0 8
Dul Sou Shore A A tlg 5s . . 1037 J _____
87
87
M a r '1 8
Elgin Joliet A East 1st g 5s 1941 M - N
88% ____ 101 J a n ’ 17
Erie lat consol gold 7 s .. .
1920 M r S 100% ___ 101
1 01
N Y A Erie la te s t g 4 a . .. 1047 M - N
80
_____
78
A p r '1 8
2d est gold 68..................1919 M - S
9 0 % _____
9 6 % .M a r’ 18
96
_____
S d e x t g o ld iH a ______ 1023 M - 8
9 3 % J a n '1 8
4th est gold 6s................1920 A - O
95% . . . .
9 9 % J u ly '1 7
6 th est gold 4a________ 1928 J - D
943* N o v ’ 15
N Y L E & W lat g fd 7 a ..1920 M 100%
107 % l ) n o ’ 16
Erie 1st cons g 4s prior___1996 J 66% 67
67
M a y ’ 18
Registered................ ...1 9 9 6
- J
84
D s n ’ 16
lat consol gen lion g 4s . 1986
5 4 % S a le
34%
55'
Registered................ 1990
73
J u n o ’ 16
Penn coll trust gold 4s . . 1951 f - A
7 9% 7 8
78
78
69-year conv 4s Series A 1953 A - O
47
-19
47
48%
do
Series B ......... 1953 A - O
47%
4 7% 48% 47%
Gen oonv 4s Series D
1953 A - O
S a lo
52
52
Ohio A Erie 1st gold 5 s . . . 1982 M - N
93
98
93
93
Clev A M ahon Vail c 5s . . 1938 J 83%
1 0 6 % J a n 17
Erie A Jersey 1st s f 6a. 1955
100
100
M a y ’ 18
Gouceeee River 1st s f 6a. .1957
98
1 0 3 % 10334 A u g ’ 17
w o n D ock consol g 6 a ...1 9 3 5 A - O 1 07 —
1 1 0 % N o v ' 17
Goal A R R 1st cur gu 68.1922 M -N
1 03
J a n ’ 18
Dock A Impt 1st est 5 s .. 1943
J
80
1 0 2 % J u l y ’ 17
88
85
J a n ’ 18
4 Qreen r‘ KU « 6« - -1940 M -N
tf Y Susq A W 1st ref 59.1037 J - J
74%
7 431
74%
2d gold 4 Ha................ 1937 F - A
1 0 0 % D e o '0 6
General gold 5 s . ......... 1940 P - A
62
61
A pr ’is
Terminal 1st gold 6s . . . 1943 M -N " 7 7 %
1 08
J a n ’ 17
O
16
? of N J 1st ext 6s____1940
103
J a n ’ 17
Wtlk A East 1st gu g 6s .1942 J - D
74"
—
62
F o o ’ 18
e v vi Ind 1st cons gu g Os. . . 1926
- J
2 3 % J a n ’ 17
Bvansv A T H 1st cons 6a . .1921
- J
00
97
N o v 17
lat general gold 5s_____
1942 A - O
50% —
3 5 % J u n o ’ 17
M t Vernon 1st gold 6s. . .1923 A - O
1 03
N ov’ll
Bull Co Branch 1st g 5 a .. 1930
-O
95
J u n e ’ 12
Florida E Coast 1st 4 ,4 s__.1950
-D
7 5 % 9 2 % 81
M a y '1 8
- J
U D C o 1st « 4 Ha - -1941
92
A u g ’ 10
H W orth A Rio Gr 1st g 49.1028
- J
5 0 % O c t ’ 17
Oalv Hous A Hen 1st 6s . . . 1933 A - O
88
8 5 % J u n e 'lr t
Great N or O B A Q coll 4s 192i
9 3 % B a le
- J
93%
93%
Registered___________ 61921 < 1 - J
92%
93%
lat A ref 4 Ha Series a __ 1961
- J
86% 90
88% M a y ’ ls
R eg istered__________ 1951
- J
96
J u u e ’ 16
St Paul M A Man 4 a ..
1933
- J
88
8 9 % A p r ’ 18
lat consol gold 6 j ______ 1933
1 12
- J 103
108
A p r ’ 18
R e.:!ster.)d_______ " 1933
- J
118
A p r ’ 17
99% . . .
Reduced to gold 4 H s' 1933
- J
9 3% 95
9 3 % M a y ’ 18
R egistered.............. 1933
- J
85%
1 02 % M a y ’ 16
M ont est lat gold 4s ___1937
-D
83
85
A p r '1 8
R egistered........... .1937
81
-D
9 5 ‘ * M a r '16
Pacific est guar 4s £ ...1 9 4 0
- J
8 5 % N o v ' 15
E M inn Nor Dlv 1st g 4s 1948
8 0% 86%
-O
8 0 % D e o 17
Minn Union 1st g 63_____ 1922
- J 101 _____ 1 00 % M a y ’ 18
M ont O 1st gu g 6a............ 1937
- J 1 0 5 % ______ 113 J u n e ’ 17
R egistered_____ 1937
- i
1 36 % M a y ’ 0 6
- J
9 3 % A p r ’ 18
S»i»r told 5s......... 1037
94% IIII
Will A 8 F 1st gold 5 s .. 1938
-D
9 3 % _____ 109*4 A u g ’ 16
Green Bay A W dob ctfs “ A ''
F eb
. . . .
7 9% 6934 D e o ’ 16
Debenture otfs “ B” ____ . . .
F eb
8
9%
8*s
8%
Gulf A 8 I 1st ref A t g 6a! 1*1052
- J
77
77
7 4%
Hocking Val 1st cons g 4H s 1999
- J
75
76
M a y ’ 18
R eg istered ...................... 1999
- J
9 8 % J a n '1 4
0 ° ! * H v let e it g 4s___1948
- O
7 8 % 8 7 % 8 2 % Aug * 17
Col A T ol 1st est 4s......... 195*
- A
7 0 % --------- 7 5
F e b '1 8
Houston Belt A Toon 1st 5s. 1937 J - J _____ 0
9 0 % A p r ’ 17
Illinois Central 1st gold 4s . 1951 J •
88
87
M a r ’ 18
R egistered____________ I I 1951 J 09
92
S e p t ’ 17
lat gold 3 H « ............. I
1051 J 7 8 % D e e ’ 17
73
R egistered....................... 1951 J •
84
N il V I A
62%
Ssteudod 1st gold 3 Ha .1 9 5 1 A - O
62%
80
J u n e '17
R egistered..................
J95 J A
02%
lat gold 3s s t e r li n g ..I I " 1951 ftt- S
80
J u ly ’09
R egistered__________ 1954 M - 8
Collateral trust gold 4 s I.Il9 6 2 A - O
75
80% 7 7 % A p r '1 8
R egistered___________ 1952 A - O
0 5 % _____ 9 5 % S e p t ’ 12
lat refunding 4 a .. . . I I
1955 M - N
77% 78% 7 8 %
79
Purchased lines 8 Hal I I I 1195i
70
75
71
M a y ’ 18
1- N O A Texas gold 4s. _ 1953 M N
75
70% 7 6 % M a y ’ 18
Registered ............... ...... 1953 M N
70
84
72
F e b ’ 18
Cairo Bridge gold 4a .. ” 1050 J
7 1 % ------- 8 0
A p r ’ 17
Litchfield Dlv 1st gold 3a 1951 J
5 6 % _____ 7 4
F e b ’ 14
Loulsv D iv A Terra g 3 H* 1953 J
00
- 6 5 % M a y ’ 18
R egistered___. . . . .
1953 J
83
A u g ’ 12
Middle D lv reg Sa..
1921 F
'o 5 % I I
102
J u u s ’ 16
Omaha D lv 1st gold 3 s .. 1961 F A
5 8 % _____
5 8 % A p r ’ 18
at Irauls Dlv A Terra g 3s 1961 i
5 5 '2 6 6
62
M a r '1 8
Gold 3 H a - ...............1 9 5 1
65% 83% 6 3 A p r '1 8
R egistered................. 1955
63
_____ 8 0 J u n e '1 6
Jprlogf Dlv lat g 3 % # .. 1961
_____ 79% 8 0 % N o v ' 16
Western lines lat g 4s . _ . 1961
72% 783.t 79
M a r ’ 18
R eg istered ___________ 1951 F
9'2
N o v ' 10
Bsllev A Car 1st 6a . _ . I 1923 J - D
I I I I 167% 1 17 % M a y '1 0
Carb A Shaw 1st gold 4a 11U32 M S
30
J a u '1 7
Ohio St L A N O gold 5 s . 1951 J - D
"O O " 1 :
97
M a r ’ 18
Registered ...................... 1951
D
14
F eb ’ l l
Gold 3 H a ................. . 1 1951
D
0 3 % _____
90
O o t '0 9
R egistered_______
1951 J D
Jolat 1st ref 5 j Series a ! i 963 J - O
86
S a lo
SO
80
Memph Dlv 1st g 4 s . . . 1951 j - a
63% 90
70% N o V 1 7
R egistered_______
1951 j - o
65
N o v ’ 17
. 8 t Louis 8 ou 1st gu g 4 a .1 1931 M * «
7 6 % --------- 8 9
F e b ’ 18
Ind III A lows 1st g 4 s ___ 1050 J - i
74% 08
89
A p r ’ 17
la t A Great N or 1st g 6a .
1919 M N
96
93
9 3 % M a y ’ 18
James Frank A Cloar 1st U 1959
D
77% 85
8 2 % J u u s '17
Kansas City Sou lat gold as i 960 A - O
62% 59
53
A p r ’ 18
R eg istered _________
105(1
o
63
O to ’0 0
Ref A Irapt 5s........ 11 Apr" I960
J 7,3% ’ 7 9% 7 9
79
Kansas City Term 1st 4 s . . . I 960
J
78*4 7 7 %
78
Lake Erie A West 1st g 6s . . 1937 J - J
7 8 % 88%
85
M a r ’ 18
2d gold 5 s __________...1 9 4 1 J - J
81
8 0 % F e b ’ 17
North Ohio 1st guar g 5s " 1945 A O
85
8 9 % M a r ’ 17
Leh Val N Y 1st gu g 4 H s 1940 J - J
85% 94*4 85
A p r ’ 18
Registered
.
194,) J
83% 93
i
S9
O e i ’ 17
Lehigh Val (Pa) cona g 4 s ..2003 M -N
70% 7 8
78
A p r *18
General cons 4 H » _____ .2003 M N
83
101% 8 7 A p r ’ 18
Low
__
• N o p r !o «
Friday; l a t e s t bid and asked this w o e k .
a 'D u e J a n .
High
93%
80%
85%
71
94
86%
90
70
60%
63
72
48%
63%
50
73
97%
97
77%
97%
97
82
87
1 00
101
78
1 78
96% 96%
9 3% 95
65
__
_
BON DS
N . Y . 8TO CK E XCH AN G E
W e e k e n d in g M a y 31
69
49%
57%
75%
42
42%
48%
87*4
79
49%
49%
56
93
9 8% 100
1 03
103
61
01
02
62
81
81
92
91*4
86%
94*s
93%
90
80% 89%
1 03
103
93%
95
81%
85
[V ol . 106
Prict
Friday
May 31
Bid
Week’t
Range or
Latt Salt
Aik Lott
High
Rangt
Since
Ja n . 1 .
Lott
High
L e h V T e r m R y 1 s t g u g 5 s . . 1941 A 1 0 1 * i 1 0 2 % 102
M a r ’ 18
102 102
R e g i s t e r e d __________________ 1 9 4 1 A
113
---------106
M a r '1 7
L o h V a l C o a l C o 1st g u g o s . 1933 J 10 0
104
100 M a r ’ 18
96% 1 0 1
R e g i s t e r e d __________________ 4 9 3 3 J 105 O o t ’ 13
1 s t Int r e d u c e d t o 4 « _____ I l 9 3 3 J
80*4
L e h A N Y 1 st g u a r g 4 s _____1 9 4 5 M
87
A p r ’ 17
R e g i s t e r e d __________________ 4 9 4 5 M L o n g I s ld 1st o o n s g o ld 6 s . . 6 1 9 3 1 Q 03% 96% 95
A p r ’ 18
91*4 9 5
1st c o n s o l g o ld 4 s ................. 6 1 9 3 1 Q 8 4 % _____
9 4 % J u n o ’ 16
O e u e r a ! g o ld 4 s ____________ 193 8 J - D
86
94%
8 5 % F e b ’ 17
F e r r y g o ld « H s ......................1 92 2 M
--------- 9 5
90
J u l y ’ 17
G o M 4 s _________ _____________ 4 9 3 2 J
99% O o l ’ 06
U n ifie d g o ld 4 s ______________ 4 9 4 9 M
---------7 8
89
M a y ’ 17
D e b e n t u r e g o l d 5 s _________ 1 9 3 4 J - D
---------9 0
07
J a u '1 8
97
2 0 -y e n r p in d e b 5 * ______ 1 9 3 7 M - N
--------- 74
72 %
7 2%
75
Q u rtr r e fu n d in g g o ld 4 s . . . 1 9 4 9 M
73*2 7 4%
75
M a y ’ls
79%
R e g i s t e r e d _______________ 1 9 4 9 M
95
Jan ’ l l
o*;
N Y B A M B 1 st c o n g 5 s . 1 93 5 A - O
1 0 3 % A p r '1 8
N Y A R B 1 st g o ld 5 a _____192 7 M 95
l o o " 9 2 % A p r ’ 18
9 2% 92%
N o r 8 h B 1 st c o n g g u 5 s . o l 9 3 2 Q 82
93% 100
A u g ’ 16
L o u is ia n a A A r k 1 st g 5 s . . . 1 92 7 M 85% 87% 9 0
M a r ’ 18
87% 90
L o u is v i ll e A N a s h v g e n 6 s . . 1 93 0 J - D
106*4 112*4 1 0 9 % M a y ’ 18
100
109*4
G ° ifl 5 s ----------------------------------- 4 9 3 7 M - N
97% 109*t 9 4 % A p r '1 8
93*4 9 4 %
U n ifie d g o ld 4 s ______________1 9 4 0 J 84
8 6 % 86 %
86%
83
88%
R e g i s t e r e d _____________ 1 1 9 4 0 J 84
86
9 6 % J a n ’ 17
C o l la t e r a l tr u s t g o ld 5 s l ” l 9 3 l M - N
--------99
99
M a r ’ 18
99
09
E H A N a s h 1st g 6 a _______ 1 9 1 9 J - D 100 % ___ 1 0 3 % J u l y ’ 17
L C i n A I.e x g o ld 4 H « . . . 1931 M - N
9 0 % 91*4 8 7
A p r ’ 18
N O A M 1 s t g o ld 6 s ............ 1 93 0 J 10 2
1 06
1 00
A u g '1 7
2 d g o ld 6 s ________________ 1 9 3 0 J 9 3 % _____ 1 0 4 % F e b ’ 17
P a d u ca h A M e m D lv 4 s I I i 9 4 0 P - A
7 2 % 8 0 % 9 0 % A p r '1 2
S t L o u is D l v 1st g o ld 6 s . . 1921 M - 8 100% ___ 1 0 0 % J a n ’ IS
100% 100 %
...........................1 98 0 M - 8
5 2 % 5 8% 5 8 % M a r ’ 18
58
58%
A t ! K n o x A C ln D lv 4 s . . .1 9 5 5 M - N
7 7 % S a lo
77%
77%
71
79
A t l K n o x A N o r 1st g 5 s . . 194 6 J - O
9 6 * 4 _____ 108*4 J a n ’ 17
R e n d e r B d g e 1 st a f g 6 s . .1 9 3 1 M - S 101% . . .
1 0 5 % A u g '1 7
K e n t u c k y C e n t r a l g o l d 4 s . 1987
74% 77
73
M a y '1 8
73
L e x A E a s t 1st 5 0 - y r 5 s g u 1 96 5 A - O
92% 95% 9 6
M a y '1 8
91%
4 M 1st g 4 H s 1 9 4 5 M - S
83% 91*4 9 4
A u g '1 7
L A N - S o u t h M J o in t 4 s . . 195 2 J - J
67% 81% 6 7 % A i ir 'I S
6 7% 67%
R e g i s t e r e d .........................* 49-32 q - j
95
F e b ’05
« u K 6 8 ........... 1937 F - A
95*4 101*4 96*4 J a n ’ 18
9 6 % 96*4
N A C B d g e g e n g u g 4 H s . 1945 J - J
8 2 % _____ 9 7 7 * M a y ’ 16
P e n s a o A A t l 1 st g u g 6 s . . 1921 F - A 10 0 % 108% 1 0 2 % F e b ’ 18
102% 102 %
M 4 N A la c o n s s u g 5 s . . . 1936 F - A
96% 100
99
A p r 'I S
99
09
G e n c o n s g u 5 0 - y e a r 6 s . 1963 A - O
91*4 102% 9 3 % J a n ’ 1,8
93% 93%
3 c f f B d g e G o g u g 4 s . . . 194 5 M - S
79
5 3 % _____
M a n i la R R — S o u lin e s 4 s
1936 M - N
“ a I n te (,n a t la t co n a g 4 s . . 1 9 7 7 M
0 _____
. 3" 9 tn p e d g u a r a n t e e d ........... 4 9 7 7 M - S
0 ------- . . . . . . . .
M illa n d T e r m — 1 s t « f g 5 s . 1025 J - O
7 _____
M i n n e a p o l is A S t L o u is —
1st g o ld 7 s __________
4927 J -D
10 1
_____ 1 04
8 ------- 104
1 04
P a c ifi c E x t 1st g o ld e s . I " l 9 2 1 A - O
103
f i ------1 s t c o n s o l g o ld 6 s ........... ........ 1 9 3 4 M - N
79% 79*
8 ------74
79%
1 st A r e fu n d in g g o ld 4 s . . . 1949 M - S
46
45
%
10
41
45*s
R e f A e x tS O -y r S s S er A ..1 0 6 : Q - r
46
45
Apr
8 _____
40
40
D e s M A F t D 1st g u 4 s . . 193. J - J
60
I o w a C e n t r a l 1st g o ld 6 s . . 1038 J - D
80
8 4 * i 81
8 -------7 5 % 81
4 3 % 4 1% 4 3
.f , l m , l n 8 * o ld 4 * ............ 1851 M - 8
*2
rs
40% 40%
M U t P A 3 8 M c o n g 4 s l n t g u .l 9 3 8 J - J
8 4 % 86
80
3 —
83% 86%
l i t C h ic T e rm a f 4 «
10 4 1 M - N
92
7—
M O S M A A l s t g i v n i V u . ’26 J - J
89% . . .
M is s is s ip p i C e n t r a l 1st 5 s . . . 1 9 4 9 J - J
_____ 9 4
6 -------—
M is s o u ri K a n sa s A T e x a s —
la t g o ld 4 s __________________ l o g o J
58
0 3 % 63
5
00% 64%
2 d g o ld 4 s ----------------------- " * 1 9 9 0 F
32% 3 5
32%
2
1 23
35
1 s t e x t g o ld fls______________ 1 9 4 1 M - N
32
32%
7 _____
1st A r e fu n d in g 4 s . . I . " ” 20O4 M - S
•12"
45
43 % ;
8 -------40
45
T r u s t C o c c r t fa o f d e p _____
42
4 7 % 41
3
41
42
G e n a im i n g fu n d 4 H s - . . i o 3 6 J - J
27
29
29 :
8 -------34
27
£>t L o u is D lv le t r e f g 4s
2001 A - O
40
40
0 _____
5 % s e c u r o d n o t e s " e x t ” ’ 16
30 ” 40
D a l i A W a c o 1st g u g 6 e ._ 1 9 4 0 M - N
C i t y * p » c i „ t „ l e . .1 9 9 0 F - A
"6 5
s _____
58
68
" J o K 4 E 1st g u g 6 s ____ 1942 A - O
36% 50
3 -------36
37
" J J5 4 " * l * 1st g u a r 6 s . . 1 94 2 M - N
5 5 % 87
7 ------- .
.
5
2
%
M
S
6
5
ai
la t « u * 5 8 .1 9 4 2
S -------49
56%
B o e r S h A S o 1st g u g 5 s . . 194 2
0
60
51
D eo
50
40
Jan
l , t t" 1 * 5 s . . 1 9 4 3 M - t
8 ____
•10
40
M is s o u r i P a c in o fr e o r g C o )
1st A r e fu n d in g *• . _
1965
81
85
82
M ay
_____
80
79
1 s t A re fu n d in g A * ___ I I 1 1 92 3
91
S a le
90%
9
4
92
1st A re fu n d in g 5*
192 6
87% 88
87% M a y
—
86% 00
G e n e r a l 4* ____________ ___________
5 7 7 S S a le
57%
fi
l 132
65% 59%
M is s o u r i P » e l i t e o u t g ' a i l 1 1 9 2 0 M - N
99
S a lo
99
9
3
98%
99%
1 0 -y e a r g o ld lo a n 4 s _______ 1 9 4 5 M - H
00
J u ly
—
—
3 d 7* e x t e n d e d a t 4 % . " * 1 0 3 8 M - N
82
Apr
_____
B o o n ? S t L A 8 l e t 5s g u 1961 F - A
100
F eb
_____ . . . . . . . .
C e n t B r U P I s i g i s ...........1 94 8 J - D
717S _____
_____
P a n R o f M -» la t e x t g 4 *
193 8 F - A
7 8 % 81
_____
78% 80
2 d e x t e n d e d g o ld 6 e _ .
1838 J - J *88
S t L Ir M A 8 g e n e o n g 6 * 1931 A O
9 2% 93
92%
"
2
9 0% *95%
G e o e on *»am p gu g 5s
1931
O
102
U n ifie d A r e f g o ld 4 s . . . 1 0 2 9 J - J " 7 4 % " 7 5 %
75
6
72% 70
R e g i s t e r e d _____
1929 J - J
80% (
" « r "09*4 0 9 %
v K ! r * , ° . n w ,s r « 4 e _ . 1 1 9 3 3 M - N
66%
71
1
v
4
1 «‘ 8 5 S . . . 1 9 2 6 M - S
78
:
M o b A O h io n e w g o ld 6 3 _____ 192 7 J - O
rd f" 102’%
____ 1 0 1 % 1 0 1 %
1 s t e x t g o ld 6 « ............
*10 2 7 y - j
_____
95
—
92
95
G e n e r a l g o ld 4 * ______ I "
4933 M - S
6 0 % _____
_____
05%
65%
M o n t g o m e r y D l v 1st g 5 « I l 9 4 7
8 2% 94%
A
S t L o u t* D lv As____________ 4 9 2 7
O
87% 92
S t L A C a ir o g i l a r g 4 * . I *1 93 1
J
71% 85
N a s liv C h u t t A S t L 1st A s . . 102 8 A - O
9 9% 100
_____ '9 7 % i o f "
J a s p e r B r a n c h 1st g 6 * . . . 1 9 2 3 J - J
9 8 % 103 %
N a t R y a o f M e x p r Men 4 H e 1957
J
______3 0
30
M ay
G u a r a n te e d g e n e r a l 4s
1977
O
35
Aug
N a t o f M e x p r io r lien 4 H * . . 192 6
J
90% F eb
1st r o o u l 4 e ________________ 49,-34
30
G ot
N e w O r le a n s T e r m l » t 4 e l
1053
* 6 3 * S a lo
03
fi
" 4
0 0 ’ ' 04 "
N O T e x 4 M e x ic o l* t 6 s _ ..1 9 2 C
D
92% 93% 9 3
9
4
02
04%
N o n -c u n t lu c o m e As A . .
193 6 A - O
47
47% 47%
4
0
497g
40
N ew Y ork C en tra ' R R —
C o o v d e b 6 e ______ _________ 1 9 3 5
IN
9 4 % S a le
93%
04*3
170
91% 94%
C o n s o l i s S e rie s A ______
199S
•A
73*4 7 6
75
75
1
7 1% 7 5
R e f A b o p 4 H * ’ •*•’ . . . 1 1 2 0 1 3
- O
82
83% 82%
82%
1 80
85
N ew Y ork O su t A H u d R lv —
G u a r S H * ..............................1997
J
7 1 % S a lo
71%
7 1%
1
70
74%
l U g l e t e r s d .......................... 4 9 9 7
- J
69
7 1% 7 1 %
71%
3
70
71%
D s b e u r u r e g o ld * * . . . _____ 4 9 3 4
-N
7 9 % S a lo
70%
8 OI.1
8
7-1*4 81
R e g i s t e r e d ........... . . I I I I 1934
N
.
02
D e o ’ 16
L a k e H k ora o o ll g 3 H * . . . 1 199 3
6 3% 05
A
6 4 % M a y ’ 18 _____
61
65%
R e g i s t e r e d ........... ...............49913
A
_____
6 4 % 61
01
1 61
61
M i c h C e a t c o i l g o ld J H e . 1 1998
- A
_____
03% 63%
63%
2
02%
08%
R e g i s t e r e d _______________ 1 9 9 3
- A
75
M a r ’ 17
...
U s t i l e C t A 8 tu r H i g u 3 * 1989
- O
B o n .-* C r e e k 1st g u g
4930
- J *81 "
* 9 6 % A p r "’ 17
R e g i s t e r e d .......................... 1936
- J . . . . . . . .
9 5 % N o v " 16 . . . . . . . .
....
2 d g u a r g o ld i t ................ 1936
- J
8 1 % ______ 104
M a y ’ lfl
R e g i s t e r e d ____________19 3 11
- J —
.............................
B e a c h C f K i t la t « ( H * . 61951
-O
....
C a r l A * d la t g u g A*_____1061
- 0
* 8 9 " N o v ’ ld
G o u t a O s w s la t g u g A *. 1942
-D
- S "79 %
*79"% A p r " 1,8
"79’ % " 7 9 %
N J Jua* B g u a / lat 4*IIIl9S«|F - A
68
______ 8 9 % F e b ’ lf i
N Y * U a r la m g s h s ____ 2
7 1 % ______ 8 0
-N
M a y ’ 17
- O
9 5 % . . . . 101
J u n o ’ 17
F * 3l8t
__ __
100% 100%
92%
93%
7
76%
7 5%
9%
83
78
67%
75
87
95
no
__
.
72%
78%
78%
70
74
72
83
71
76%
72
64%
71
68%
62
03
53%
62
63
79
79
97
93
80
80
0 0 " ' 93 '%
58
61%
73*4
74%
78
85
94*4
78
00%
b D u e F ob
*21 “ III.
__
IIII
IIII
"do" IIII
IIII
IIII
j D u e Juno.
h D u o J u ly .
0 D ue
O ot
a O p t i o n s a lo .
Ill
2325
New York Bond Record—Continued—Page 3
June i 1918.]
V O »U
BONUS
N. Y . STOCK EXCH AN GE
W e e k e n d in g M a y 31
Price
Friday
M a y 31
Low
Bid
6973 _____
A -O
J - J
A - O
U t ic a A U lk R iv g u K 4 5 - - 1 9 2 2 J - J
J -D
M- 5
m-n
ai - n
98
67'1
60
*67%
W tek ’ t
R angt or
L att Sal*
_____
_____
_____
_____
91
_____
73
_____
_____
73
85
87*4
83
S a le
1 0 1 * 2 -------1 0 1 U _____
Q -M
J - J
89
_____
85% 93
7 5 % ---------
N o . Low
H igh
7 4 '2 M a r '18
98
8 0 'a
63
70
101
103
94
73
73
M a r ’ 18
A u g ’ 17
M a r ’ 18
J a u 18
N o r 11C
N o t ’ 10
A p r *18
73
73
8712 M a y * If
83
83
83*2 N o f ‘ 1 <
8 9 U _____ 101*2
91
_____ 103
130>«
123*4
P it t a M o K A. Y ln t KU 6 e . . 1932 J - J
j - i
Range
Since
Jan. 1 .
l l
2
Price
Friday
M a y 31
70
92
94
J - J
P i t t s S h A L E 1 s t g 5 s ........... 1 # 4 0 A - O
72*2
82
81*4
73
87*2
71*2
98
98*4
86*2
D e o ’ 15
M a y ’ 17
J a n '0 9 _____
M a r* 1 2
W eek 't
Range or
L a il Sale
Bid
P O O A 8 t L ( C o * .)
.M -N
F - A
G 0 t L <fc P l a t c o n s g 5 a . . 1 9 3 2 A - O
q - f
M -N
P e r e M a r q u e t t e 1 s t S e r A 6a 1956
7 2 '8
70
2
2
H igh
S 3
BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g M a y 3 1
R e a d i n g C o g e n g o l d 4 a _____1 9 9 7 J
J
J e r s e y C e n t r a l e o ll g 4 e . _ .1 9 5 1 A
J
- J
- J
-O
- J
J - J
P r io r lie n e e r B 5 s .................1 9 5 0 J - J
A -O
A tk L o w
H igh
83
96
91
N o v ’ 17
9 2 * 2 _____
98*8 104*2 100*2 M a y ’ 18
81
82
64
68
______5 5
96
_____
8 2 78 S a lo
<3 13
Range
Since
Jan. 1.
N o. Low
100
87
81*4
66
44
99
M a r* 16
4
82
M a y '1 8
A p r ’ 18
J a n '1 8 _____
971.1 D e o '1 7
io
82
83*4
88*2 O c t '1 7
83*4 M a y ’ 18
83
85
63
______
60
75
S a le
58*4
74
65*2
A
O
M- N
J • J
F
N Y N H A
H a r tfo r d —
A
•a
M- 8
A O
J - J
ry f-N
3 - j
J - J
P - A
m
J - J
72
7 4 '1
82
75%
64
7 7 'i
76
_____
76
_____
_____
S a le
78*2
S a le
87
86
60
51
51
GO
60
51
______
_____
_____
S a le
_____
55
8 8 * 2 S a lo
_____
_____
56
50
A u g * li
A p r '1 8
N o v '1 7
F e b 'H
92
79 7 S
74
82
85
03
77
76
100*2
98*8
85*2
J u l y '17
A p r '1 8
82
1
N o v ' V,
64
10
77
2
76
1
J a n '1 7
J u l y ' 17
M a y ’ 18 _____
56
50
51
GO
58
46
87*2
50
S e p t ’ 17
O c i '1 7
M a y * 18 _____
60
5
M a y 'I f
D e c '1 7
31
897s
O c t '17
92
75*a
82 “
61
76
72*2
64
80
76*4
85*2
88
50*2
52
55*8
51
60
58
83*2
00
J - J
G e n e r a l g o l d 5 n . _ ........... 1931 J - J
8 t L A S F R I i c o m g 4 a ._ 1996 J - J
A O
M -N
A -O
S t L 8 W 1st g 4a b o n d e t f a . .1 9 8 9 M
J
C o n s o l s o l d 4 s ..................... 1141 32 J
1 s t t c r m l A u n tf 5 a _________ 1952 J
59*2
75
52
44
66*1
20
A A t l H lrrn 3 0 y r 1st « 4 s . . < 1933 m C a r C e n t l e t c o n g u _____1949 j j j j -
7 0 % -------68
_____
_____
74
53
j
j
j
j
7 9 * 2 A p r '1 6
79*a D e o ’ 17
74
A p r ’ 17
51
94
78
1 01
67
S a le
63
101
6 6 'a
67
52*2 56*4
59
S a le
58
S a le
J u ly '1 4
51
15
45
5i
81
_____
_____
* _____
60
- 0
- D
- 8
-D
- A
- A
- D
-O
-N
- J
-N
7 9 i2
62*2
44
90
82%
66
50
99
81
86
81*4
86
5512
61
75
G7%
51
101%
95*8
66
60
44
101
S a le
91
M a y ’ 16
101
i
2
1001.1 1 0 2 1 9
69
67
M a y '1 8
67
M a y ’ 18 _____
59
62
58
58*2
9S*s J a n ’ 1 !
91
12
2
63
1 0 0 '8 F * b '1 7
71*2 M a y 18 _____
7 1 * j M a r '1 8 ___
38
53*2
54*4
7
5612
5 5 % 57*2 50*2
62
76
75
M a r '1 8
77
J a n '1 8 ____
_____ 77*2
97*3 99*4 9 9 * 4 J u n e '1 7
90
_
101
D e o '1 5
9 3 U _____ 1034| IJen ’ l l
97
A u g '1 7
67
_____
6 S*i 7 2 U
1*4
2
7 2 78 73
_____ 7 2
7 9 * 4 S a le
91
S a le
80*2 S a le
73
73
90
F e b ’ 14
79*2
80
91
93
80*2
80*4
2
85
87
71
75
90*8 1 0 0
86
97
95
8 7 'a F e b '1 8
72*2 F e b '1 8
100
O c t *17
85*2
95
100
87
99
91*4 S a le
j
J
M
J
F
F
J
A
M
J
M
7 7 * 4 A u g '1 7
87
511.1
O
a
110 ”
94
_____
S e a b o a r d A ir L in e g 4 s . _ - . 1 9 5 0 A - O
G o l d 4a s t a m p e d ................... 1950 A - O
t
J
f* -N
F - A
J - i
M - 5
M -N
M -N
A - O
J - J
A - O
-N
- J
-D
- J
102
91*4
100%
D e o '1 7
64
99*x
92
80
87
H ig h
65
50%
57
52
50%
64
59%
59
60*2
71%
70
49
51*4
73
77
71%
71%
55*4
56*2
75
77
91*4
91*4
68*2
71 14
70
75*2
80%
95
82
32
67
86*3
8
77%
88
71
72*2
96*4
96*4
00
p l9 9 2 M
M
G e n e r a l 4 c ______ ____________ 1955 J
N o r f o l k S o u 1 st A r e f A A s . - l l M l F
M
M
N
M -N
9 9 % D e o '1 3
83*a F o b ’ M
rrovld^D O O r^irvj
f O A W r e f l e t g 4a
65
6 4 14 6 6
- 8
_________ 92*2
- 8
60
_____
GO
- D
- A
8 D2
-N
8 3 * 2 _____
_____ 1 0 6
- A *100
122
107*8
8 0 's 8 4 '8 8 4 ia
94*2
J - J
_____ 8 8
M - t
M- S
J
O
105
110
10.5
1 10
80*1 8 3
M- N
N o r t h e r n P a c i f i c p r io r lie n
R e g i s t e r e d ------- ------------ 111>07 Q G e n e r a l lie n g o l d 3 a ........... <a2047 Q
q_
S t r a u l - D u l u t h l i l y g 4 # _ IPV 6 J S t P 4c N P g e n g o l d 6 « . . 1 9 2 3 F -
J
r
f»
O
A
l i t o o n e o l g o l d 4 a ______’ 1U68 J - D
P a d u c a h <% III* ln t a I 4
C o n a o l g o l d Oa...................
C onaol
_ 1955 J - J
.1 9 1 9 M - S
I V in ______ _______- . 1 9 0 0
A lle g V a i g e n g u a r g 4 a . . . 1942
D R R R < f c U 'g 6 !e t g u 4 f l « -.1 9 3 (1
P h ’ la H a lt A W la t g 4 « . 1 9 4 3
CJ N J R R A C a n g e n 4 a . . . 1 9 4 4
* »-N
M -N
f - A
J
D
w - e
Y - A
M- N
J
i
J
J
M 8
J - J
J - J
G uar 3
o o ll tr u s t r e g A . 1 9 3 7 M ' 3
G u a r 3 4 n e o ll tr u s t ner B . 1941 F - A
O
J
A
O
O
M -N
M -N
MW
J
A
A
M
F
J
- O
- O
-N
- A
J- J
J - J
M- 9
S e rle a B 4 l $ a . . . ____
S c r lc a C 4 a . ...................
1933
1942
J-
J
>.1 - ft
M H
8 e r te « E 3 t-i a g u a r g o l d 1949 F
S o rle a V g u a r 4a g o l d . . . 19 5 3
• M prtoc Pruiay iht.w- bid ami
A
D
78
87
7578
1237*
117*4
1 05
81
1 03
79
M a y '18 _____
J u u # '1 2
A p r *18 —
M a y '18
A p r *18
N o v ’ 16
O e t '1 7
84*3
D e o '1 6
A p r '1 8
M a y '17
M a y '17
M a y ’ 18
M a y ’ 18
S e p t '16
N o v ‘ 17
_____
—
4
64
68*2
_____ . . . .
60
60
81*2
100
81*2
84*2
100
J - J
—
____
—
—
74*8
76*2
_____ _____
105
11X5*2
8 0 7a 8 5 'a
36
79
84*4
79*4
80*2
80
M a y '1 8 _____
80
80
5
68*4
59*4
5058 61*2
61*4 J u n e '1 7
75
81*2 9 IBs M a y '17
102”
103
I 0 2 * s M a y '1 8 —
1 0 2 % 1 05
103'?. S c o t 17
107
G o t '1 6
_____ _______
8 8 7s M a r* 17
67*1 8 3
36>2 D e e 'It*
110*8 O e t ’ 17
5
73
73
71
75
84*2 M a y ’ 18
82
90
82 " 84
1 0 0 'a F e b '1 7 ____
_____ 1 0 0
9 9 * 2 J u ly '1 7
1 100
100
100
1 0 0 ’ -------- 1 0 0
83
87*a
8 OI4 . . . .
84
7 7 * 2 _____
8 O 4 _____
88
J « n '1 8
88
88
87
M a y '1 8
85
90
1
90*2
96*2
9 5 7s 9 9
89
89%
37
83*4 9 3
89*2 N o v '1 7
___________
84*2 S e p '1 6 —
1 02
J a n '9 3
02
D e e ‘ 17
9 7 U 97*2 9 7 14 M a y '1 8
95
_____
9 5 * 4 A p r '1 8
7 5 U _____
87
F o b '1 7
7 4 * 4 -------- 7 0
J a n '1 8
74
80
8 U 4 J u l y ' 17
76
80
37*4 D o e '1 6
84
87
84
M a y ’ 18
80
------->0
D u e ’ !?
_____
87*4 S ll
O a t ’ 17
_____
92
911.1 M » y ’ 17
_____
96*4 M a y '1 8
93
M ' s _____ 1 0 1 D e o '1 5
v r t'i F e b '1 2
8 6 * 2 _____
90*8 O c t *12
8 0 ^ 8 ____
88*2 F e b '1 7
8 0 * a ____
88
A p r '1 7
7 6 U .........
90% J u ly 12
7 6 U ------8478 _____ 9 9
M a r '18
93
M a y '14
90
91
M a y ' 10
9 5 * 4 _____ 9 3
08*4 A p r '1 7
87*2 9 8
02
D e c '1 7
87*2 9 2
76
-------- 8 8 * 3 S ep t* 17
N o v '1 7
9212 937,8 9 2
92
D eo T 7
92*2 9 4
0
9
J
u n e '17
92*2 9 9
F e b '1 8
8 8 * « -------- 8 8
88
M a y '1 8
88
92
8 8 * s -------- 9 5 * 2 M a y '17
O r e A C a l l a t g u a r g 6 « ___ 1 9 2 7 J - J
flo P n c o f C a l — O u S A s . . . 1037 M N
85
7 9 7a S a le
7 8 " 817 8
58*2 5 9 %
8 8 ' _____
8 4 ' j 85
9 6 % 96*4
M -N
A A N W 1 s t g u g 6 » ______ 1941 J - J
L o u ia ia n a W ea r 1st 6 a . _ . 1021 J - J
M o r g a n 's L a A T l e t 6 a . .1 9 2 0 J - J
____
____
—
96*3
95*4
98
96
70
70
84
84
96*4
90*4
J
1884 J
J - J
D o t c Io p A s e n I s S e r A . . . 1 8 5 « A - O
M o b * O h io c o l l tr S 4 s . lB3fc M - i
M e m I l l y 1 s t s 4 H s - B s .. . 19 9 1 J - J
J - J
J - J
A i n O t r t o u 1 s t c o n s A 3 s . .1 9 4 3 J - D
J - J
1 s t 8 0 - y r As s e r H _____
1944 J - J
A t l A D a n ? la t g 4 s _____
1948 J - J
J • J
A tt A T a d le t g g u » r 4 a . . . 1949 A - O
.1
E T V » i O j D I t i As _____1 9 3 0 J
M- N
S o u t h e r n — 1 s t o o o s » A s .. .
O n M id la n d 1st 3 s ................ 1941
A - O
J - J
J - J
J - J
R ic h A D a n d e b O a a t in p d .1 9 2 7 A - O
M- N
8 o C a r A O a l a t * 6 s _____ 1919 M - N
M - fi
W- B
Hcrlcfl I-’ 6 a...................
1931 M - 8
G e n e r a l 5 a ________________ 1 9 3 6 M - N
J - J
la t c o u a O O -y e a r 5 a . . 1958 A - O
W O A W l a t e y g u 4a_____1924 P - A
S p o k a n e I n t e r n a t l a t * 5 a . . . 1965 J - J
A - O
P - A
J - J
A - O
T e * A P a c ta t g o l d 6 s _______ 2 0 0 0 J - D
2 d g o l d In c 6 *?........................ #20(XJ M a r
J
L a D l v B L l s t g f l a _______ 1931 J
W M l o W A N W la t g ii 5 c 19.30 F - A
J - J
A - O
J -D
A - O
J - J
T o l P A W lu t g o l d 4 s .
1917 J - J
J
T o l S t L A W p r lie n * ^ 1 4 * 1 0 2 5 J
A - O
V •A
J -B
O c t '1 6
92
M a y ’ 18
87
92*2
109*2 N o r * 15
101*2 D e e '1 0 _____
9 7 * 4 _____ 1 0 0 * 4 O c t '1 7 ----- -- _____
. . . . 104*3 1 0 0
A p r '1 8 —
100
100
91*3 96*2 96*4 F e b '1 8
92
_____ 107*2 B e p t ’ 1 0 _____
_____ 8 5
80*2 S a le
90*2 9 2
62
60
92
65*8
99
S a le
_____
_____
71
104
88
_____
81
87
93U 94
_____
50
96%
_____
73
81%
76*4
90*4
82%
93*4
59
65
87
64*s
63
8 7 78 M a r '1 8
90
J*Hv’ 17
87%
87%
9 3 * 4 M a y ’ 18
91
70*4
95
70*4
95
N o v ’ 16
28
79*2
80*2
92*4 M a y '1 8 _____
1 0 0 * 4 A u g '1 6
34
6 1 78
62*3
65
M a y ’ 1.8 _____
87
J a n '1 8 ____
G
6 8 *%
69
70*4
81*2
75
96
M a r ’ 18
M a r ’ 16
F**b '1 7
M a r * IS ____
9 4 * 2 M a y ’ 18
92*4 9 7
91** 9 4 i„
90
94
40
_____
51
1 0 0 * 8 _____ 1 0 3
1 0 0 * 4 _____ 101
106
85
95
94*4 1 03
95
M a r '1 8
D e e '1 7
A p r '1 8
S e p t ’ 16
J a n '1 8
J a n '1 8 ____
98
98
M a y ’ 18
68
98*8
93*8
93
A p r '1 8
9 4 * 8 _____
93
_____ 104*2 D e e *16
94
9 4 *i 9 4 i2 9 4
95
1 00
1 05
M a r '17
65
84
72*2 J a n '1 8
9 3 7i M a r ’ 17
9 5 * 4 M a r ’ 17 —
85*2 99*2 85*2 M a y '1 8
96
F e b '1 «
88*2 95
J a n '1 8
_____
82*4 8 2
_____ i o n *
9 5 * 2 J u l y ’ 17
84
87*2 85*2 M a y ’ 18
40
_____
4 6 % F e b *18
_____
93
86
86
___________ 106*2 N e v '0 1
A p r '1 8
8 8 * 2 93*2 9 3
_____
9 6 's
73
80
90
F e b *17
6 7 1 4 7 0 '2
_____ 91
35
50
52
A u * *17
_____ 8 0
80
F e b *18
43
50
49
M a y ’ 18
1 8 % M a r '0 6
_____ 18
70*4 8 5
68*2
87
69*2
_____
96
94
06
97*2
51
03
QK&» 1 0 1
68
i
95
9 6 78
98
93
93
93
94
72%
72*2
95
82
85*2
95
82%
]
1
68
95
8.3
46%
86%
86
86
90
93
80
45
80
53
85%
89
86
86
46%
70
41}
J - J
85*4
87
86
86%
____
....
__
_
_______ .
O r e R R A N a v 0 0 0 g i i . h 1 9 4 6 J - L>
O r e B b o r t L in a l i t * f t a . , . 1 9 2 2 t - A
J
J
__
____
a D u e Ja*> * O ut Feft c May
-
J 88
87
88
88
la t e x t e u d e d 4 * _____ 1933
V a a d a l l a c o n a g 4a Her A ____ 1 9 5 5
C o n s o l * 4 S e r ie s H . ______1 9 6 7
o Dun Juu^ A Due July
k D u * Aim.
1
O
J
J - J
F - A
U N
D u 'G e t
78*4
80
80
_____
101*8 1 03
101*2
95*4 1 00
95*4
85*4 S a le
85*4
90*4 9 8
98
80*8 8 9
89
8 0 * 8 -------- 8 0
8 0 * 8 -------- 81*a
M a y ’ 18
86%
80*8
M a y ’ 18
M a y '1 8
M a y '1 8
85*4
D e c '1 7
F e b *18
J a n ’ 18
J u n e ’ 17
89
81*4
79*4 8 2 ls
1 0 0 % 104
97*2
1
8 1 78 8 5 %
2
82*4
31
89
80
p D m -N o v . « D u e D e e . 8 O ption sale.
89
80
:
4
Bid
J - .1
Virginian 1st 5a Soriea A ____1952 M -N
Wabash lat gold 6a................1931 M -K
2d gold 5a_______ 1............ 1939 F - A
J - J
lat Hen equip a Id g 5a____1921 M - S
J - J
J - J
J - J
A- O
M- S
F -A
F- A
W est Maryland 1st g 4a____1952 A - O
W est N Y A Pa 1st g 5a____193! J - j
A -C
Western Pao 1st aer A 5 a . .. 1940 IS! - S
A- C
J " J
F- A
Refunding 4% j series A . . I960 M - S
M- S
Winston-Salem S B lat 4 s .. 1950 J - J
J - J
S u p & D u ld lv A te r m lat 4a'30 M -N
Brooklyn Rapid Tran g 5a 1945 A - O
lat refund conv gold 4a___2002 J - J
fl-year secured notea 6 a . . .1918 J - J
J - J
M -N
J - J
F - A
Stamped guar 4-6a......... 1900 F - A
Kluga County E lat g 4S..1949 F - A
F- A
Nassau Elee guar gold 4a. 1951 j - j
Chicago Rya lat 5s................1927 F - A
J - J
Stamped guar 4>4a______ 1951 i - J
D ot United lat conag 4 H a .. 1932 J -i
?A - F
H ud A Manhat 5s Ser A ____1957 F - A
F -A
Interboro-M etrop ooll 4H a . 1955 A - O
interboro Rap Tran lat 5a._ 1906 J - J
Manhat Ry (N Y) cons g 4a. 1990 A - O
Stamped tax-exempt____1990 A - O
M etropolitan Street R y—
B » a y * 7th Ay lat o g 58.1913 J - D
M- S
M- S
F -A
F -A
) - J
J - J
J J
J * J
J J
N T Rya lat R E A ref 4a'.. . 1942 i - J
30-year adj Inc 5a____ al942 A - 0
N Y State Rya 1st cons 4 U s. 1902 M - N
M - fl
Portld Ry Lt A P lat ret 5a .1942 F - A
J *J
M- H
J - J
Third Ave 1st ref 4a......... ..1 9 0 0 j - j
Adj Ino 5a............. ............ al900 A - O
Third Ave R y lat g 5a......... 1937 J - J
Trl-CIty Ry A Lt lat a 1 5 a ..1923 4 - O
Undergr of London 4% s____1933 i - ]
Income fis _ ......................1918
A- O
United Rya Inv 5a Pitts las. 1928 M -N
United Rya St I. lat g 4a____1914 J - J
A-0
United RRa San Ft a f 4a
1927 A - O
Va R y A Pow lat A ref 5 a .. 1934 J - J
Week's
Range or
Last Sals
Aik Low
High N o. Low
89% 90%
91% 95
8434 85%
90
97
99
55
923a 102
77
74%
80
80
85
80
5912 60
9512 ____
65
40
82% 8234
92% 90
9934
98%
60
75
57% 62%
65% 85%
721.t 7434
75
77
90%
00’2
95
95
84% Apr ’ 18
105 Oct ’ 15
100% M ar’ 18
78 M a y '17
99% Sept’ 17
80 Aug '12
75 Apr ’ 17
84% Jan '17
70 Deo '17
85 Deo ’ 17
60
60
90 Jan ’ 18
70 Apr 'I f
36 Oot ’ E
82*4
83
10034 Apr ’ 17
100 Fob ’ 17
9933 M ar’ 17
60 M ay'IS
56% M a y ’ If
85 M a y ’ 17
73
73
76 M a y ’ 18
81% 83
65
07 Sale
94
90
9912
80
79%
78
65
70%
73
65
55% 60
82% 83
84
84
72% 73
8034 M a y ’ IS
68% M a y ’ IS
97
97%
94 Oct ’ 17
80 M a y '12
101 M a y ’ 13
7934 M a y ’ IS
80 M a y ’ IS
66
66
6
15
Uigh
Adams Ex coll tr g 4s______ 1948
Alaska G old M dob 6s A ____1925
Conv deb 6s ecrloa B _____ 192£
Am S3 ofW Va 1st. 5s
192f
Armour & Go lat real eat 4><s’39
Consol os_______________ 1955
Chic C & Conn R ya a f 5s 1927
1
25
53
00
70
02
99
70
79%
84
Chile Coppor 10-yr conv 7a. 1923
Coll tr &oonv 6a aer A part pd
do do full paid__________
Com putlug-Tab-Roo a f 6a .1941
Granby Coins M S .fcP con 6a A ’28
60
1
03
_
2
78 July’ 17
55 M a y’ IS
82%
82%
1
100% Fob ’ 17
85 Apr '18
72%
73
19
84 Jan ’ 14
55
Sale
53%
5942
21 %
22 % 16 4
Sale
90 100 Feb ’ 17
Sale
51
5212 52
81-%
83%
14
Sale
78% 78% Apr ’ 18 ____
77% 78 M a y ’ IS
85
85
75
60
60
____
71% 73
72
77%
797S 83%
65
69
92% 97%
M ontana Power 1st 5a A . . . 1943
Morris * Co 1st a f 4>$s____1939
M tgo Bond (N Y) la aer 2 ..I 9 6 0
10-20-yr 5.3 series 3 ______ 1932
N Y D ock 50-yr lat g 4a____1951
Niagara Falla Power lat oa. _ 1932
Ref A g e n d a _________ .a 1932
Nlag Lock A O Pow 1st 5 s .. 1954
Nor States Powor 25-yr 5s A 1941
Ontario Power N F lat 5a. 1943
79
79
87%
85%
Wash Water Power 1st os 1939
Wilson A C o lat 25-yr a f Os. 1941
66
66
55
56
85
85
77
48% 61
11%
5U2 57%
85
79
76
80%
82
77
76%
85
M a y '18 - - - June 13
Apr '18 ____
M ay'18 ____
Fob '15
18
99% Sale
9912
100
92% 92% Fob '18 ____
94
94
3
94% 96
98 M ay'18 ____
95*2 90
91 i2 Apr '18 ____
91
92
100% 04 Fob '18
100 Feb '13
92% N ov'17 __ _
87
90% Dao T7
96
90% Doo TO
81
90 X>eo '17
86%
99% M ay'18
100
HO Juno'17
76
N ov'17
98%
93%
1
99
98
89
89
1
89 Sale
85 M ay’ IS ____
8 o-34 87
104% Apr '47
89
89
90
83
63% 71
63% M a y’ 18 ____
105'2 Juno’ 17
1
93
96*2 Aug T7
91% 92
02
89% 92%
773a 83
90
77%
80
87%
81%
93%
82%
91%
64
90
75
97
8342 M ay’ 18 ____
92
73-% 73-%
1
78%
95
100
98%
73% 73%
99
96
100
89
94
99%
85
78
91
91
97'2
84
98%
98
85 101%
97
95
83% 8312
101
05% 96
92 105
Jan T7
July'17
M ar’ l 8
M a y’ 18 ___
Sept'03
Apr *17
M ar’l 7
July'17
N ov'15
M ay'18
'91
N ov’ 16
M ay'18
M a y ’ 18
Juno' 17
Aug T7
Mar ’ 17
-1
63
18
18
Wesk's
Range or
Last Sale
As
Low
67%
20
20
00
19
19
Hig
85% Sale
85%
85%
90 Feb ’ 1J
90
91
79 M a y ’ 18
80
M ar'18
77
77
58 M ar’ 18
89
89
89 Sale
103%
103% 105% 103%
77
79
77%
78
75 ____ 87 Oot T7
79
84
82 M a y ’ 18
96
90% 90% M a y ’ 18
90 100
89*2 9214 905a Apr ’ 18
IOD 2 Sale
88% Salo
88%
89
July’ 17
81
89% 90
60 ____ 83 Apr T4
91 June’ lf
____ 67% 66 M a y ’ 18
____ 98
98% M a y ’ l f
98 102
____ 93%
89% Oot T7
86% 93% 87 M a y ’ 18
80% 89
86%
87
____ 95
81 Juno'17
79
7973 78 M a y ’ 18
92
92*8 92*2 M ay’ 18
91% . . . I 103% Jan T 1
95% Sale
95
9512
*90
*79
*83
77%
91
83
86%
80
95% 97
92% Sale
82
87*2
to o 100%
87% Sale
9 8 % ____
117 ____
71% 77%
84
84%
100% 101%
80% 84%
95% Salo
____ 81
98% 98%
98% 99%
95%
92%
83
100
87
98%
117 '
71
84
100%
83%
95
81
98%
98%
No
M a y ’ 18
03%
Apr TH
M a y ’ 18
87%
M ay'18
M a y ’ 18
Apr T 8
84%
M a y ’ 18
M ay’ 18
95%
M ar’ 18
M ay’ 18
98%
____ 100
101
p - A
M- £
J - J
M -N
70
73
98% Sale
____ 99
72% 74
98%
98%
100 O ct T 3
72%
73
1- J
A-O
F - A
A -O
F -A
A -O
96i'> 96% 97
113 Sale 112%
9 Us
111% 112
112
91
91% 91
100 109 100
10534 1071? 1071?
- 98
93 ____ 93
94 % 99 % 96
99
99 % 99
Liggett A Myers T obac 7 s ..1944
5a ___ _______ _________
1951
Lorlllard Co (P) 7s________ 1944
6242 62%
Mexican Petrol Ltd eon 0a A 1921
52%
2712
90%
91
76
50
57
38%
95
96
80
60
J -D
J - J
National Tube 1st 5 s .. .
1952 M -N
N Y Air Brake 1st conv 6 s .. 1928 M -N
Railway Steel Spring—
Interocean P lat a f 5s____1931 A - O
Slnolalr Oil A Refining—
1st 8 f 7a 1920 warr'nta attch
68
55
60
55%
25
77
25
80%
Standard Milling lat 5a......... 1930 M - N
The Texas Co conv deb 8 s .. 1931 J - J
J - J
1936 J - J
Stam ped......................
U 8 Realty A I conv deb g 5a 1924 J - J
U S Rubber 10-yr col tr fjs. .1918 J - D
1st A ref 6s series A ______1947 J - J
90
95%
V-Car Chem 1st 15-yr 5 s .. 11923 J - □
A -O
Weot Electric lat 5s D eo____1922 j - j
8942 90
75
80
99% 102
92% 92%
94
95%
92
98
9U2 92%
94
94
Coal Iron & S tall
Beth 8teel lat ext a f 5s____ 1926
1st A ref 5a guar A _______ 1942
20-yoar p m A Imp s f 5s.19.36
Buff A Suaq Iron 3 f 5s_____ 1932
Debonturo 5s___________al920
Col F it XCo geo s f 6s_____ 1 1943
99
Elk Horn Coal oonv 6 a . .
1925
Ur Rlv Coal A C 1st g 0a___S1919
99%
97%
88%
85
98%
91%
85%
Jeff A Clear C jA I 2d 5a ...1 9 2 6
Lackaw Steel lat g 5a____ 1923
1st cona 6a Series A ______ 1950
87%
68
90
73
Pleasant Val Coal 1st a f 5s 1928
Pooah Con Collier lat s f 5 s . 1957
Repub I A S 10-30-yr 5a a f.1910
Tonn Coal I A R R gen 5 s .. 1951
U S Stoel Corp— looup ...c ll9 6 3
S P 10-60-yr S s f r e g ___ 61903
Utah Fuel lat a f 5 a ______ 1931
86% 92%
7812 80%
9312 98%
73% 81
78
91
T e le g r a p h
91%
80%
97%
84
1
e’ D u o M a y .
____
IltgR
. 1
15
56
82%
90
897s
79
80
74
58
801,.
102%
73
87%
90
93
S3
84%
79
58
90
107%
80%
14
78%
91
91
90*2
90
86%
83
97
96
94
1013j
92
05
90%
06
97
80
85%
87%
87%
10
55
1
3
73*2 8212
93
88
8
93% 90%
92% 10012
90% 95%
83
82
98%100%
i7 86 % 89%
Of)73 9811
117 " 117
74%
71
87
14 79
99% 101%
83>2
80
i i 93
97%
7
3
97%
95
75
98%
98%
88
M ay’ l f
97
113
92
112
91
Apr T 8
M ay'18
14
73%
99
117
95
115
93
105% 106
10712
98 ~
Apr *18
M ay’ 18
99
93
91
M ay’ 18
98%
Aug '17
M ay’ 17
50%
100
80%
94%
M ay’ IS
96%
9214
i
93
98
90%
60
59
oi
6
2
4
2
18
9473
8
95
91%
86%
95
94%
88
12
8
18
87% M a y ’ 18
97
97
3
.90
100
90%
88
93%
84lo 9134
88 “ 92%
96% 1015S
10 45
3 100
93 76
9578
90%
83%
M ay'18
Jan ’ 18
Deo T4
M ay'18
74%
90 "
Sept 17
Feb T8
83%
95% M a y ’ 18
98
99
98% M a y ’ 18
013,4 100
2 97
4 110
8 80
1 no
5 85
95
90
82%
90
85
101
86
74%
90 '
98%
94
82
94%
80
84
Low
60%
26%
26
96% Feb T8
92
Salo
Buie
90
92% 92%
Salo
97%
89
82%
94
38%
52% 50%
Salo 100
Sale
79%
97
Salo
91%
98
95
96% 90
j - j
95 Sale
89
90%
M -N
J - J
83
83%
J - D ____ 96
M. S
86% 89
J O
84
86
F- A
p -A
74% Sale
J - D
87% 95%
J - D
A -O
A-O
82
83%
M- N
94
94%
J - D
95 ____
95
06
A-O
91% Sale
M- S
M- 3
j - j
7 5 % ____
87% 92
j - j
97 Sale
A -O
J * J
77
80%
96
99 '
J - J
98 Sale
M -N
98% 98%
M -N
M -N
8 5 % ____
J • J ____ 75
88% 89%
M- 8
52
100%
81
97%
90
9414 98
95
93
93%
87
78%
90
85
99
93 %
83%
90
85
4
2
83
80
83
90
9
94
81
94
8 512
94%
97
16 i
Deo TO
Apr T 8
9l7g 90%
88
90%
80% 92
85% 87%
98%
93
80
80
92% 97%
96% 100
96% 9974
83
85%
8011
8 131
86
8978
98%
83l8
85%
911*2
95*3
99%
Sk T e l e p h o n e
J - J
M- 8
M- 8
J D
J ■P
q - j
R eg istered.......................... 2397 Q - J
O u m bT A T 1st A gen 5S ...19 37 J ■ J
J - J
84
91
99
92
9018
89
97%
76
75
49%
100
80
9fil$
94%
95%
96 '
Bangs
Since
Jan. 1.
64
18%
19
M a y ’ l f ____
Apr ’ If ____
Apr ’ If ____
j -D
54
49
17% 24
03
68
M ay'17
July'17
Oot' '17
* N o price F rid a y ; latest b id a n d a sk e d . a D u o J a n . 4 D u e A p ril
2
Pries
Friday
M ay 31
8
Gao and Electric Light
J *D
Bklyn Un Gas lat cons J 5all945 M -N
A -O
Clncln Qaa A Elec lstAref 5a 1955 A - O
Columbia Q A E lat 5a_____1927 J - J
J " J
Oonaol Qaa cony deD 6a___ 1920 Q - F
OonsOaaE LAP of Balt 5-yr5s'21 M -N
Detroit City Qaa geld 6 s . . . 1923 J - J
Detroit Edlaon lat coll tr 5a. 1933 J - J
lat A rsf 5a aer A ............. 41940 M- S
I5a Q L N Y 1st oona g 5a..1932 vi- a
i -D
Havana Elec oonaol g 5a____1952 F - A
41 N
A-O
Kings C o El L A P g 5s '
1937 A O
Purchase money 8a. . .
1997 A - O
V! - 8
J •J
Lac Qas L of St L lat g 6a eiaii) Q - F
R sf and ext lat g 5a .........1934 A - O
Milwaukee Oaa L lat 4a___ 1927 M -N
j
n
N Y G E L H A P g S s ..
1948 J - D
Purohaae money g 4a____ 19 49 F - A
Ed Elec til 1st cons g o s .. 1996 J J
F •A
Pacific Q A El C o— Cal G A E
Corp unifying A ref 6s . . . 1937 M -N
Paolflo G A E gen A ref 5a . 191<* J J
Pao Pow A Lt 1st A ref 20-yr
V -A
M- S
Poop Gas A C lat cons g 5 s .. 1943 A O
Refunding gold 5a______ 1947 M- S
M- S
j - j
J O
M- N
M N
F A
M N
Stand Qas A El oonv a I 0a . 1920 1 - U
1 D
J ■J
VI- 8
M- S
M -N
United Fuel Gas 1st s f 8s___1930 j
j
Utah Power A Lt 1st .5a____1944 F A
4 - J
J
- D
W estohetserLtg gold 5a____1950
M- S
i¥i- £
M- 6
M-IS
J -D
A-C
F-A
A -O
j - j
A -O
A -O
j - j
M -N
A- C
A -O
J - J
M -N
M -N
M- N
v- 0
j
j - j
A -O
J - 3
F- A
J - J
A-O
M- N
A -O
F- A
M -N
\- O
M- N
J - J
A -O
Am Ag Chem lat 0 53______ 1928 A - O
Conv deben 5a___________ 1924 F - A
M- N
Am Hide A L lat a f g 8a____1919 M - S
Am 3m A tt lat 30-yr 5a aorA d'47
j - j
Am Tobacco 40-year g 6s . . . 1914 A - O
Gold 4s________ ______
1951 F - A
J *J
Baldw Loco Worka lat 5 a . .. 1940 M -N
Cent Foundry lat a f fls___1931 F - A
Cent Leather 20-year g 5s 1925 A - O
Consol T obacco g 4a_____
1951 F - A
Corn Prod Ref a f g 5s............1931 M -N
1st 25-year a f 5s______
1934 M -N
8 II3 36%
68
[Vol. 106.
Bid
93
95-%
80%
Braden Cop M coll tr a f 6a 1931
85 Feb '18 ____
95 M a y '17
80 Sopt'17
30 M a r 'l 4
100% Juno'17
92l->
93
N ov'10
82
9834
93% Aug '17
75 14 97% July'17
74 ' Aug '17
86
99 M ay’ 17
52%
4
52% 52
51
22
23%
23 Sale
42
70
63
68
9
63
38% N o v '16
99
69
62% Apr ’ 18
64
90% Feb ’ 17
95 " July’ 17
88 100
1024a M a r '12
54% 57
56^2 M a y’ IS ____
34
35
4
33% 36
90% M ay'18 ____
90%
93
933s
91% 93
8
76 ____ 70 M ar’ 18 ____
56 M ar’ 18 ____
53
56
84 Oot '03
58 Fob '18 ____
69
55 Apr ’ 18
5034 55
50 Juno'17
25 M a y’ 18
38
77
77
2
77 Sale
76
88%
92%
84%
BO N DS
N . Y . ST O C K E X C H A N G E
W eek ending M ay 31
98% 100%
__
59%
21%
80
51
82
75%
74%
Range
Since
Jan. 1.
Interest
Period
Price
Friday
M ay 31
Bonds
Sold
Interest
Period
BONDS
N . T . ST O C K E X C H A N G E
Week ending M ay 31
New York Bond Record—Concluded—Page 4
Bonds
Sold
2326
81*2 Sale
____ 86%
86
89 13
8973 Buie
98 ' 100%
92
93%
____ 97
871* 92*4
M- N
95U 99 "
M- M 87i*> Salo
J - J ___ J 9 114
91% 94 '
South Bell Tel A T 1st s 1 Cs lOU j - j
West Union ooll tr cur 6s___1938 j - j
93
95
M- N
86 Salo
T1-N ___ _ 101
J ■J
80%
821.1
85% Feb TM
12
897*
90%
99% M a y ’ 18
73 ' N ov'17
68% Jan 'IS
9212
92%
98 Apr TO
90 M a y ’ 18
97 M ay'18
871?
K778
90
91
93 M ay'18
93 M ay'18
80
80
IOU 2 8opt’ 17
91
N o v ’ 10
42
68 I3 68%
i
l
90 ~ 93%
90
90%
90
80
90
98
89
9258
95
93 %
88
g D u o J u n o. /> D u o J u l7 . t D u o A u g . o D u o O o t. p D u o N o r . f D u e D e o . « O p tio n sale.
BOSTON STOCK EXCHANGE— Stock Record 5u»N«*tp»a.
1 1918.]
J une
SHAMS m i c m s — n o t
Saturday
M ay 25
Monday
May 27
*130
133
* ____
31
*150
98
iJl
165
*14
Tuesday
May 28
cbntum
Wednesday
May 29
181
73
~-
J
*30
____
*80 "
148 * _ 1487s
* 8 3 1 2 ____ * 8.315.
*64
112l*>____ *112
*80
*80
84
*so
*80
82
84
414
245$ 201?
41
43^8
512
22*4 2,878
417S 45'8
*95
*21
97
24
*8812 100
4712
53
4713
50
86
95
*2
*1212
1127.1
* ...
985$ 90
9 8 'i
*55*1
94
9 H > 04U
*74
70
77
*
.
82
*80
*13
*13
14
10312 10312 1057.4
*62
63
*62
22-7,1
2212 2212
36 ”
*21?
*14
83^2 - —- -
87
95
2U
14
1127.1
110
99
5674
9 17t
77
84
14
108
6212
2234
373
37g
____ *90
66
*86
04
64
111 *110
------ *8312
*83
*61
89
63
*32
*13
103
34
131,1
10,312
126
40
*2573
1061.1
*110
7*8
126
47
26
10778
110*2
8
75
75
30
.30
*47
49
♦13*. 13 It
.30
.32
*231‘> 25
70
70
*400 465
*12
14
*4212 43
*45*2 454i
*13,
2
6*8
07,3
*914
*412
*39
*7'2
9*2
5
42
8
*6*2
2*2
*4*2
2-78
5
433
513
3*8
____
87
61
111
____
88
*00
*115*2
*31
131?
107*2
50
1*25
43-7.1
26
10t'.i
*109*1
7*.l
88
62
34
1319
10834
50
120
4612
26's
107
110*2
8
75
75
m
U2
*20
.35
50
50
15*4 16
*46
48
13*2 13*2
.30
.31
*2H2 23
69
70
460 465
*12
14
*41
413.1
45
45'2
*1-7.1
l 7s
6
0*4
9*8
9Vi
*75
*40*2
*7*2
04i,i
81
23
*57i
*1%
*6*4
*2.13
*41?
*03
65
*82
83*2
23'2 2312
573
57S
6*4
2
1*2
1*1
1*4
62*2
*64
65
*1912 20*1 *19*4
*1-74
* 1.7.i
2
*14
*14
17
*
*37.1
157s
1
40
75
243,4
52 *
* 65
4712 48*4
84
82
5*2
27
29*4
4312 46
412
95
23
*89
48
55
95
233.1
100
49
57
8434
*94
*2
13
111*4
109
98
86
*85
857.,
95*2 *9312 95
*2
21*
2*1
13
1212 12i 2
111*4 *111
11*2
109*4 09*4
109
98
98*2
99
56
56
94
94*4 94*4
95
*70
78
*70
78
80
80
*77*2 84
13
13
13'2 1312
103*2 105 *10412 IOj '2
*62
63*2 *6H2 63
22*2 22*2 *22lo 23l.t
*312 33i
4
89
89
*89
86
86
80
80
*64
65
65
05
111 111 >110 11 Ms
* 8 8 1 2 ____ *S8>2
87
*00
11478
*31
13
107*4
49
124
43*4
26*8
102*2
*109’ 2
7*8
87
03
11473
34
13
108
49
124
44
26*2
101*4
110
7*2
*3*
74 ‘
138
*.35
49
1512
*45
13*8
.27
*20*2
69
2445
*12
*40*4
44U
134
1
71
138
35
49
153.t
48
13*4
.29
22
697g
450
14
41
4178
1»4
6
9
*412
77
*75
4212 *40
7*2
7-74
*.80
05
63
*81
82
*22
23
57S *5*2
*1%
13|
63.1
6*4
*2-38
27S
*512 *4*2
*5
*134
2i8
*11,
1*2
04
*62*2
*19
20
2*2
* t‘7,
*14
17
*15
77 * ____
8’ 4
9
15*4
15*2
* . *34
1
39
41
48
18
♦73
75
243. *23'2
50
52
*34
.85
4
10
10
79»8
*13.J
79h
2
*77h
2 ’
781
2
*1*4
*.12
*4*2
2-2
*3%
.95
40*2
*4.3
17g
10
*78
2
*112
2
*tu
*27'2
*.00
2
28
l
*1*1
27
* 1,
21?
21?
312
3
*.95
1
4012 4t
*43 ‘ 431
2
2
•27*2 28
*12
Frida V
May : 1.
743,
76
32U
3312
Sales
of ths
Week
Shares.
1
* 12
.If
21?
21
*.95
1
*40
411
423( 431
17g
2
91.1
10
gBW ana asked prioee.
iu
M ay’ 18
r10
N o v ’ 10
147 A pr’ 18
1312 M ay’ 18
Last Sale
64*4
153.1
18
16
1512 15*2 *15
*47s
5*s
*4<2
*5
512
*140 142 *140 142 *140 142
140 140
*14812 149*2 148*4 14.8*2 143*2 14511 *14412 1451?
*512 6
*512
*353
Th’irtdiy
Stay 30.
183
701 •>
33
____
*90
*65
64
*110
*S8’ 2
phw bs.
Last Sale
------
*30
'
!
pu n
87
*00
W '
03
*31
*13
107*4
*49
12334
43
26*3
19912
10012
7*4
108
50
124*2
4478
26*s
101
10912
7*2
*34
711
178
*.30
*49
1512
*46
Last S ilc 115 M ay’ 18
Last Sale SO M ay’ lS
412
3*2
27>2 2938
43
4438
Last Sale 90
Jail’ 18
95
IIO L IDAY
Last Sale 88
Anr’ 18
48
49
85
86
93*2 94
Last Sale 2*s M av’ IS
109
09
10S*s 108**
07*2 98
56
*55
941? 94*4
13*8 14
105*1 10512
Last Sale 62 M ay’ lS
15
412
Last Sale
4 s8
86
65
*85
*64
Last Sale 89
Last Sale
M ay’ lS
87
Last Sale 61
97*4
7*4
Lowest.
Last Sale 23*8 M ay’ 18
*69
450 450
1214
121.4
*40*i 41
45
451,1
*1-7.1 2
6
6
9*8
91.1
4*2
419
190
940
100
95
490
87 Mar-28 100 Jan 3
69 Jan 2
58*2 Apr 12
102 Jan 7 119i2M ayl6
35 Feb 23
29 Jan 3
11 Jan 29
13*8 M arl6
106 M a y3 1 146*4 Apr 9
50 ’ 2 Jan 1
45 Jan 29
115*2 Jan 17 133 Feb 18
41 Jan 2
4812 M a y l6
26*2 May-28
25 Jan 19
87 M ar25 113*4 M a y l6
108 Mar25 x l l2 Feb 1
5 Jan 2
8*8 M ay20
415
20C
362
43
50
50
212
125
1,095
105
135
Ahmeek_________________ 25
Alaska G o ld ______________10
Algomah M ining________ 25
Atlouei.................................. 25
Amer Zinc, Bead A Smelt 25
Do
prol______________ 25
Arizona Commercial______ 6
Butte-B&laklava C o p p e r .. Id
Butte A Sup Cop (B td)___10
Calumet A A rizon a.______ 10
Calumet A Uecla________ 25
Centennial_______________ 25
Chino Copour____________ 6
Copper Range C o _______ 2,5
Daly-W ent............................ 20
Davis-Daly Copper______ 10
East Butte Copper M m .. . 10
Franklin....... .............. .......... 25
40 Greene Canauea.. . ---------100
20 Hancock Consolidate l____25
04
81
24
5*fl
1
665 Island Creek Coal________
Do
prol______ ________ 1
18
4( Isle Royale Copper_______ 26
5
26( Kerr Bake_______________
*6*4
6-7
2*8
*2Ss
Last Sale 4*2 M ay’ 13
*5
534
2
*1
i'i2
62*2 63
193,
*19
Last Sale 2
M ay’ lS
15 Bake Copper C o _________ 25
100 Ba Salle Copper__________ 25
Mason Valley M n «______ 6
1l< Mass Consol_____________ 25
1,731 Mayflower-Old C olony___25
1,200 M ichigan________________ 25
15f Mohawk__________________25
11 Nevada Consolidated_____ 6
New Arcadian Copper____ 25
25 New Idrla Quicksilver____ 5
*63
81
*22*2
5D.
M ay’ 18
M av' 18
*834
6
50 Nlplsslng Minus_________
9
521 North Butte_____________ 15
15*i 15',
75 \Tn.vM
*34 ’ 1*
15 OJlbway M ining_________ 25
*40
41
20( Old Dominion C o________ 25
50
90
*18
19
325 Pond Creek C o a l_________ 10
*7.3
6( Cjuluey................. .................26
74
*233, 24*
1< Ray Consolidated C opper. 1(
2 St M ary’s Mineral B a n d .. 25
*49
52
111 Santa Fe Gold A C o p p e r .. 1(
*.79
1
*37g
4i,
661 Shannon_________________ 11
17 M flv' 1
lOf South Bake______ ________26
*1*4 ‘ 13
Last Sale 15 M ay’ lS ........... South Utah M A S _______
Last Salt 6
M ay’ tS ........... Superior.............................. .. 25
24 Superior A Boston C op per, li
21
*2*4
8f T rin ity................................... 25
4
*338
]
*.90
1
201 Tuolumne Copper________
91 U S Smelt Refln A M i n . . . 5(
40*2 401
43
Do
pref---------------------- 5<
42*2 421
57 UtaO-Apex M ining_______
11
1*4
331 Utah Consolidated_______
10*4 10*
11 Utah Copper C o --------------- 1C
*77*2 78
:
30' Utah M etal A Tunnel.........
3
M av’ IS
V icto ria .............................. .. 2!
2
13. W in o n a __________________25
*1*4
12: Wolverine . . . . . . . __. . . . . 2
27
27
Last Sal .90 M av’ l, 1 ........... W y s n d n t t ---------- --------------- 2)
a Ex-dlvldend and rights.
15
75
.......
......
« Assessment paid.
Highest.
122i2 Apr 17 13312 M ay 2 2
7612 May-29!
37 Jan 2
87 M a rl4 100 Jan 2
36 May29|
19 Jan 23
1.321 Boston & M aine__________100
3oston * Providence_____ 100 150 Apr 15 16812 Jan 17
2 Jan 26
2*2 May21
Boston Suburban Elec-.n-, par
12 M ay 21
10U M ar 1
D o p r e f_____
___no par
Boston & Wore Elec . .n o par
30 M ar 6
30 Mar 5
Ohio Juno Uy & U S Y ____100 147 Apr 17 147 Apr 17
85 Jan 30
82*2 Apr 18
D o prof______________ 100
Jonneettcut River_______ 100 104 Feb 14 120 M ar 0
65 Jan 3
53 Jan 22
35 Fitchburg prof------------------ 100
Georgia Ry A Elec stamp, 1100 114*4 M ay l 116*4 Jau 9
81 Feb 25
80 M ar 8
Do
prof______________ 100
85 Jau 3
80 Jan 2ft
10 vialne Central____________ 100
7*2 M ay 16
2 Jan 2
3,862 Maas Electric C os________ 100
33
M ay 16
Jan
22
8's
D
o
prof
stamped_______
100
13,311
46 M ay29
27 Feb 25
5,503 S Y M H i H artford_____ 100
90 Jaa 10
Northern New Hampshire. 100
90 Jan 10
98 Jan 2
92 Feb 21
113 Old C olony_______ ______ 100
25 Jan 8
20 Jan 2
50 Rutland, oref____________ 100
88 Apr 18
83 Jan 24
Vermont & Massachusetts. 100
49 May-24
37 Feb 20
900 tVese End Street_________ 50
62 Apr 1
47 Jan 10
Do
pref______________ 50
103
M iscella n eou s
89’ 2 Feb 11
78*2 Jan 2
200 Mnar Agrtcul Chemical___100
95*2 May21
88*8 Jan 2
Do
pref______________ 100
77
2*2 M ar 2
.76 Jan 21
Amer Pneumatic 8 s r r lc e .. 25
15*8 Mar 4
8 Jan 29
Do
pref______________ 50
25
99 Jan 2 11512 M a y l5
37 Amer Sugar Refining......... 100
Do
pref______________ 100 108 Jan 19 113*4 M a y 9
34
95!2 Apr 30 109 Feb 5
1,737 Amer Telep A Teleg______ 100
45l2Jan 8
60*8 M a y 2 1
35 American Woolen of Maes. 100
96*4 M a r l2
90 Jan 3
Do
pref______________
109
167
77 M ay24
60*2 Jan 2
45 Amoakeag Manufacturing____
80 Feb 1
76 Jan 7
Do
prof__________________
40
11 Feb 21 14*4 May-22
307 Art Metal Conatruo Inc___10
98 Jan 15 120*4 Feb 16
110 Atl Gulf A W I 8 8 B luet.. 100
63 M ay IT
58i2 Jan 17
Do
pref______________100
26 Feb 161
21 Jan 25
410 Booth Fisheries_______ no par
11 M ay 2 2
10*4 M aylS
17i2 M ay 1|
12
Jan
29
225 Cuban Port Couient______ 10
4 Jan 31
5*4 M a y lo j
100 East Boston Band________ 10
13 Edl3on Electric ilium ......... 100 z l3 7 Jan 15 154*2 Jan 2
42 Oonoral Electric_________ 100 128 Jan 16 151*i M ay 16
6*2 Feb 6 ,
5 Apr 3
65 Internet Port Cem ent____10
14*.i May-22;
12 Apr 23
5*s M arlS
3*2 Apr 29
20,245 Island OH A Trans C o r p .-.I O
92*2 Feb 28
89 M a y 28
1 MoElwatu (W Hi 1st p r e f.100
9T M a y l6
50 Massachusetts Gas C os__ 100 z 77*4 Jan 15
70 Jan 3
63 Apr 10
Do
pref____________ .100
45
25 Mergeuthaler l.lno' y;>e__ 100 110 Apr 21 124 Jan 31
89'2 M aylO
88 Jan 15
New Eng Cotton Varu____109
40*
8
40*4
1 *7U
|
Lowest
R a ilro a d :
10 Boston & Albany________ 100
8,753 Boston Elevated__________100
75 New England Telephone..ICO
Nova Scotia Stool A C ____100
20 Pullman C om pany_______ 100
60 Punta Allegro Sugar______ 50
32
53 Reece Button-U olo_______ 10
13
902 Swift A C o .............................100
1073.1
31 Torrlngton_______________ 25
50's
407 United Fruit_____________ 100
1241,1
3,707 United Sdoe M ach C>rp._ 25
4312
Do
pref_______ ______ 25
675
99*4 10,105 U H Steel Corporation___ 100
Do
pref______________ 100
10
73S 5,38.8 Ventura Consol OH Fields. 5
Alining
74
'74
MS
*.30
.35
48*2 49
I5*.i
Last Sale 461s M ay’ 18
13*4 1312
Range for Precious
Year 1917
Range Since Jan. 1.
ST O C K S
u o a r o is r ST O C K
EXOHANQS
87*4
M av’ IS
317g
13
106
50
123
423.,
34
1.312
1
74
H2
.40
50
15i2
48
131.1 13*i
.32
*.28
*21
2212
*6918 70
445 450
*
1212
4012 4012
*4H 2 45
2
*134
0
6*4
6
9*4
*9
912
5
U2
4lo
77
*75
78
41*4 *40
41
73.1
7*8
*7*4
64
64
OU2
82*2 *81
8212
23
*22
23
5*8
*5'2
134
*1*3
l'3i
6*4
6*,
6 I4
278
278
*258
5*2
*112
512
5Vi
2
2
11,
1
II4
03*2 *6212 63
1974
1912 1912
*13.1
2*2
2*4
17
15
15
.
*15
77 *
77
.33.1
834
S’ 4
15*4
15*4 1514
.S(
*34
U.
114
41
39i2 *40
49
50
50
18*
18*4 IS*
74*2 *73
74l2
*233.1 211
24
50
50
50
1
.85
.85
4
4
4
*16
18
13,
*1*4
13
*.12
.15
.U
*4
5
5
2*4
2*4
2*
4
*3*8
4
1
*.90
.95
4U
*40
40*
43
4312
431
M,
Ml
I 7,
10*
10
10
783, *77*2 78
2
2*,
I’ t
3
*25$
u
1*2
2
27
27
271
1
1
*12
15
412
3337
0 Ex-stock dividend.
4 Ex-right*.
120
27
70*2
15
150
2
9
Deo
Deo
Dao
Doi?
Dec
July
June
175
79
133
45
213
3
30
30
148
Aug
Nov
38 Feb
150 Jan
108 Jan
140 M ar
78*2 M ar
133 Jan
92*2 Jan
100's M ar
6*a June
31U July
52*4 Jab
105 Apr
135 Jan
S4i* Feb
110 Jan
5fti2 M ar
74 Jan
8.312 Deo
102*2 Nov
44 Deo
116 Deo
83 June
78 Dec
1 Dec
6 Dec
21*4 Sept
90is Oet
85 Dec
16*2 Dec
83 Deo
34 Dec
x45 Deo
Jan
Jan
M ar
M ar
Jan
July
July
73 Deo
94*4 M ay
88 Deo
103ij Jan
1 Dec
2*s Jan
14 M ar
7i2 Deo
90 N ov 120U June
105 Deo
1211* Jan
96 Deo
128U Jan
68 June
3.3*8 Nov
100*4 June
x87*4 Deo
60 Deo
75 July
75 Deo
97*2 Jan
6 Deo
14*4 Deo
88 Sept 12H* Jan
68 Jan
55!j Feb
- ------ -------- _____ _____
9 Deo
20‘ kJune
10 Jan
3*s Dec
133*8 Deo
226 Jan
118*4 Deo
170U Jan
4 Deo
18*2 Jan
33*. Jan
10 Deo
................... .......... .......92*2 Deo
102 Jan
ltfoi* Mnr
71 Dec
63 Dec
81 M ar
110 Dec
169 Jan
35 Jan
95 Mar
9'2’-t Aug
93 Deo
1‘2 4 'j M ar
*59 N ov 112 Jan
107 Deo
166i< Jan
29 Deo
48 Jan
16 M ar
10 Deo
lift N ov 162*8 Apr
40 N ov
68 June
»105 Dec
15512 J«a
68*4 Jan
37*2 Deo
25 Oct
30>* M ar
135 M ay
79*8 Deo
121 Jan
101*4 Dec
8*s Jan
*U Dec
134 Jan 25
1 J m 10
83 Jau 3
73 M ay 6
2*4 Jan 22
1*8 Apr 25
.45 M a yl3
25 Jan 7
54 Feb 27
4812 May31
19U M a y l4
12*8 Mar23
11 Jan 2
4812 M ay 14
14*4 Feb 18
11 Jan 5
.45 Jan 7
25 Feb 1
33 M a y l4
17 Mar-25
OJijJan 15
7312 M a yl6
127 Feb 28 465 M ay27
14*2 Feb 19
12 Jan 11
47*8 M a y l6
10*8 M arl6
50 M a y l6
13*8 Mar-25
1*2 Apr 10
2*8 M ar l
6*8 Mar 8
5 Jnu 2
10*2 Jan 2
8*2 Mar25
6 Feb 18
4 Jan 29
79 M ar28
71*4 Jan 29
44*8 M ay 9
39 Jan 17
7 Apr 22
10*8 Jan 2
>2 Apr 8
1 Jan 3
70 M ay 15
50 Jan 11
84 Feb 18
80 Jan 24
26 Jan 2
19'tJan 14
6 Feb 19
5 Jan 2
134 M aylS
.99 Jan 21
5 Mar25
8*4 M a y lt
3*4 M ar 5
2 Jau 2
6 Feb 1?
4'2 Apr 30
7 Jan 2
4*8 M ay 3
2*4 M a yl6
.65 Mar26
1 M ay 2 4
2*2 Feb *
*58 Jan 9
6 ft*2 M aylS
20i2M a y l4
18*2 Jan 30
U2 Apr 22
2 1.1 Feb 9
1 ; u M ar 7
13V| Jau 2
20 Jan 2
14 May22
80 Jan 31
73'2 M ay 3
9 Apr 11
8 % Jan 11
13*2 Apr 17
17*8 M aylS
.95 M arin
.25 Feb 11
34 Jan 4
li 2 Mar30
39 May2S
45*2
3
65 Jan 9
48 May2£
20*4 Feb 20
17i2J»o 12
78 M aylS
69 Mar27
25*4 May23
21*4 M ar2‘2
48 M ay 6
57 Jau 2
U4 Feb 21
.65 Jan 26
5*4 Jau 2
3 Apr 1C
17 M ay 8
2 Jau 3
1*4 Apr 22
20Jan *
.11 Jan 23
4 Feb 19
6i 2 M a y lo
3*4 Jau :t
2 M ay 3
4i 2 Feb 13
3*4 Jan 14
U4 Feb 21
.85 M ay
49fi Feb 19
36 Apr 13
46 Jan 2
42U Apr 13
2*s Feb 8
1*4 May31
12 Jau 16
9 Mar2C
85 Feb 19
77*2 Mar-23
1*4 May2C
3'Ae Apr 8
3 Jan S
2 ' 2 Jan 21
l Jan If
2 Jan 3
36 Jan 3
27 M ay
l
M ir 7
.40 M a v lf
aEx-divUJaad,
Highest
»HaU-pald.
4 -.4 Jaa
Oct
108 Jan
Deo
Dec
H i* Jan
14 Sept
1 *4 Jan
70 May
45 Deo
41u Jan
11 Dec
40 Nov
73 Jan
8>s Nov
15*4 June
.25 Deo
2*» Jan
52 Jan
12*8 Dec
55 Deo
85*4 Jan
411 Deo 699 Feb
27Q Jan
11 Deo
63 Mar
36*4 Deo
68 Jan
39*4 Deo
3 Jan
1*2 Apr
7*4 Jan
3*4 Nov
8*4 Dec
16 Jan
9 May
4 Dec
66 Deo
92 Jan
46*2 Jan
35 Nov
20*2 Jan
7 Deo
4 Mas
*4 Deo
52 Nov
76*t June
80 N ov
94 Apr
20 Deo
36 Jan
6 Aug
4*4 Apr
1*4 Juae
4*< Jan
18 Jan
5 Oct
5 Jan
1>i Deo
8*8 AUg
4*8 Nov
I 5 'i Jan
5 N ov
1 Nov
3 M ay
5 't Mar
1*8 AUg
57 Deo
88 Jan
16 Nov
28’ i May
6 Jan
l i 2 Deo
17** Apr
10 Nov
22 Jan
30 M ar
65 Deo
92't M ar
9*8 Sept
6*4 July
l l* i Oct
24*4 Mar
2*4 Jan
.30 Nov
.98 Deo
2*8 Jan
33 Nov
67*» Mar
95 Mar
53*2 Dec
16 Nov
28*4 June
60 Nov
94*2 Feb
20 Nov
32'y Apr
48 Deo
89*4 M ar
2 Jan
,5S Deo
10 Jan
5*8 Oct
19 Oct
30'g M sr
.89 Deo
S’ 4 Jan
.31 Jan
10 Deo
I6*s Mar
3*4 Deo
SU Jan
3*8 Dec
3 Nov
8*8 Jul7
1 May
2*di Jan
67*4 Jan
40*8 Dec
43*2 Nov
S2<2 Jan
8’ j Sept
1*8 Mar
211* Feb
9i2 Deo
71 Deo
118*8 M ay
6*8 Jan
2*8 Dec
6 Jan
2 Oct
6*s Jan
2 Oct
31 Dee
63i2 M ar
3*« Jan
.15
1
70
1
2328
THE CHRONICLE
Outside Stock Exchanges
B o sto n B o n d R eco rd .— Transactions in bonds at Bos
ton Stock Exchange M a y 25 to M a y 31, both inclusive:
Friday
Last Week’s Range Sales
of Prices.
for
Sale
Price. Low. High. Week.
B on ds—
U S L ib L o a n 354 8 .1 9 3 2 -4 7
1st L ib L oa n 4 s . 1932-17
2d L ib L oa n 4s .1 9 2 7 -4 2
3d L ib L oa n 4 5 4 s. _ 1928
A m A g rlc C h em 5 s . . . 1924
A n g lo -F re n ch 5 -y ea r 5 s___
A t l G A W I SS L 5 s . . 1959
C h ic June A U 8 Y 5 s . 1940
G eneral E lectric 5 s ___1952
N E T e le p h o n e 5 s ____ 1932
P o n d C reek C o a l 6s .1 9 2 3
P u n ta A leg re Sugar 6s 1931
S w ift A Co 1st 5 s _____ 1944
U S Steel C o r p 5 s ____ 1963
W estern T e l A T e l 5 s . 1932
99 .8 0
93.74
93.74
97
92 54
___
95
9854
86
98 .7 4
9 3 .7 4
0 3 .74
9 6 .74
99.80 889 ,000
95.44 3 4 ,0 0 0
9 4 .70 8 8 ,400
97.04 61,350
92% 02%
1,000
92% 92 % 6,000
76
6,000
70%
91
91
8,000
9844 98 %
2,000
3 ,0 0 0
90% 90%
92
92
10,000
78
80
13,000
95
95
5 ,000
98% 98 % 2,000
86
87
7,0 0 0
9 6 .5 2 Jan
9 3 .74 M a y
9 3 .7 4 M a y
9 6 .7 4 M a y
92 M M a y
92% M ay
7454 M a y
87% A p r
98 % M a y
89
Jan
90
Apr
77
M ay
92 % M a r
9754 A p r
86
M ay
High.
9 9 .8 0 M a y
Jan
98
9 7 .9 0 M a r
101
M ay
94 % M a r
92% M a y
79
Jan
91% F eb
98% M a y
91% F eb
95
F eb
81
Apr
95% F eb
99% Jan
90% M a r
C h icago Stock E xch an ge.— The complete record of
transactions at the Chicago Stock Exchange from M a y 25
to M a y 31, 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.
S to ck s—
Friday
Sales
Last Week’s Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
A m c r S h ip b u ild in g .. .1 0 0
P r e fe r r e d .......... ............ 100
B o o t h Fisheries, co m m o n
n e w .......... ..............(no par)
P r e fe r r e d ____________ 100
C h ic C ’y & C p t sh c o m . .
P r e fe r r e d ________________
C h ic P n eu m a tic T o o l . . 100
C h io Ity s part c t f “ 2 ” ____
C o m m o n w ca lth -E d iso n 100
D e e re & C o , p r o f_______100
D ia m o n d M a t c h _______100
H a rtm a n C o r p o r a tio n . 100
Illin ois B r i c k . . ..............1 0 0
L in d sa y L ig h t . . . . . . 1 0
P a g e W o v e n W ire F en ce 20
P eop les O L & C o k e . .1 0 0
P u b Serv o f N o 111 c o m . 100
P referred .......................100
Q uaker O ats C o ________ 100
S ea rs-R oeb u ck c o m m o n 100
S ha w W W c o m m o n ___100
S tew a rt-W a rn cr S p com lOO
S w ift & C o ..........................100
W iD o
rig h ts _____________
U n io n C a rb id e & C a rb on
C o ------ --- -------- (n o par)
U n ite d P a p er B d c o m . 100
W a r d , M o n t g , & C o , p re f.
W ils o n & C o , c o m m o n . 100
P r e fe r r e d ____________ 100
126
2
67"
ioiH
20
7
4354
135
91% 91%
825
22%
82%
2
15% 10
67
08%
1 2 % 14
101% 103
94% 94%
11 0
110
2%
302
8
100
104
305
140
322
18
127
10
135
390
200
255
5
5
20
829
80
475
2 ,256
6,306
48% 51%
19% 20%
102% 103
58% 64
90% 98
10,381
375
196
715
73
12 1
22
8154
2
42
52
20
7
42
74
86
265
13654
180%
10654
106
69
54%
1%
49 54
10254
5854
1%
42
52
20 54
7
45 %
74
86
265
139 %
69
56
109
100
Range since Jan. 1 .
Low.
High.
Jan
87
84% M a r
14454 M a y
9354 M a y
18% Jan
80
Apr
26
86
254
18
7154
15
108
97
114
44
58
28
7
55
77
90
290
157
69
59
146
254
Jan
Jan
Jan
Jan
M ay
M ay
Jan
Jan
Apr
M ay
M ar
Apr
Jan
Apr
Jan
M ay
Jan
Jan
M ay
M ay
2
14
47%
8
10154
9454
102
30
48
z l9
5
4054
72
80
250
13654
5354
47
105
1%
47%
14%
F eb
F eb
M ay
M ar
Apr
M ar
F eb
Jan
M ay
Jan
Jan
Jan
M ay
Jan
Feb
Jan
M ar
Feb
M ar
M ay
Apr
M ay
Apr
F eb
Apr
Jan
Jan
54% F eb
2254 M a y
11 0
F eb
6554 M a y
9954 M a r
Jan
•Tan
M ay
Jan
M ay
M ay
M ay
Apr
M ar
8854 A p r
59
M ar
8854 A p r
9 9 .4 0 M a y
9 7 . 5( Jan
97.52 M a r
9,8.10 M a y
57
Jan
80
Apr
8754 M a y
9254 A p r
94
Apr
M ar
90
9554 Jan
96
M ar
102
46
95
B o n d s—
C h ica g o C it y R y 5 s . . . 1927
C h ic C it y & C o n R y s 5s '2 7
C h ica g o R y s 5 s _____ 1927
L ib e rty L oa n 3 543-1932-47
L ib e r ty L oa n 1st 4 s . '3 2-4 7
L ib e r ty L oa n 2d 4 s . ’ 27-42
L ib e r ty I,oa n 4 5 4 S ...1 9 2 8
M o t r W Side E l 1st 4 s . 1938
O gden G a s 5 s .......... ..
1945
P e o p le ’s G as L & C ok e—
C h ic G L & C 1st 5s 1937
S w ift & C o 1st g 5 s . . . 1944
W ils o n & C o 1st 6s . ..1 9 4 1
8754
87%
55%
82%
87%
75%
75%
56
8254
9 8 .80 99.40
94.04 94 .5 0
94
94.60
97
9 7 .2 0
47% 56
5,000
2 6 ,0 0 0
5,000
6,750
300
8 ,050
2 1 ,8 5 0
9 ,0 0 0
2,000
87% 87%
1,000
95
95% 4 0 ,0 0 0
95% 95%
1,000
84%
52
S254
97
9 4 .0 4
94
97
45
7554
x E x -d lv ld e n d .
P itt s b u rg h Stock E xch an ge.— The comploto record of
transactions at tho Pittsburgh Stock Exchange from M a y 25
to M a y 31, 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 tho quotations are per cent
of par value.
S tock s— •
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week,
Par. Price. Low. High. Shares.
A m erica n R o llin g M i l l . . 25
A m er W in d G lass M achlO O
C on solid a ted G a s p r e f ..5 0
C ru cib le S teel c o m . .1 0 0
P r e fe r r e d ____________ 100
G o ld B a r M in e s __________1
In d e p B rew in g c o m _____ 50
P referred ................
.5 0
L o n e S tar G a s . . . .1 0 0
M fr s L ig h t & H eat,. . .5 0
N a t F irep roofin g c o m .5 0
O h io F u el O il_____________ 1
O h io F u el S u p p ly ............ 25
O k la h om a N a tu ra l G a s .25
P Ittsb C oa l c o m m o n ___100
P r e fe r r e d ....................... 100
P lttsb -J erom e C o p p e r ___1
P Ittsb <fc M t Shasta C o p . l
P ittsb u rg h O il & G a s .1 0 0
P Ittsb P la to G lass c o m . 100
R iv ersid e E a stern OH . . 5
P r e f e r r e d _______________5
U n ion N a tu ra l G a s ____ 100
U S Steel C o r p c o m ____ 100
' P r e fe r r e d ____________ 100
W e s t ’ h ouse A ir B ra k e .5 0
W e s t ’h ou so E lec & M f g .5 0
51
_________
_________
_ _ _
150
50
1554
_____
_
24
81
45 c
___
7
-
_________
________
___
9354
41
53
53
5054 52 54
18
18
6154 6154
91
91
10 c
10 c
154
254
754
754
150
155
50
51
3
3%
1554 16
41
42 54
24
25
48% 51
8054 81
4 1c
45c
3 7c
40 c
7
754
11 2
112
154
154
2 54
2H
145
145
103 54 10654
110
11054
9354 95
41
4354
100
660
95
25
30
1 000
280
22
321
160
110
25
525
405
380
73
10,300
6 ,10 0
1,330
50
200
50
10
855
90
370
1,180
Range since Jan. 1.
Low.
High.
85
85
S4,500
S tock s-
B on ds—
A la b a m a C on s C A I 5s 1933
C o n so l G E L A P 5 % n otes
6 % n o te s ................. ............
C on sol C oa l c o n v 6s . 1923
C osd en A C o ser B 6 3 .19 3 2
H o u s to n O il d lv ct fs '2 3 -’ 25
K ir b y L u m b er C o n tr 6s '2 3
U n ited R y A E 4 s ____ 1949
In com e 4 s .....................1949
F u n d in g 5 s .......... ........193 6
6 % n o t e s ........................ ..
W a sh B a lt A A n n a p 5sl9 4 1
S tock s—
36
80
3
84
150
2
97 54
86
754
3 54
3454
27
73
72 54
15
1554
73 54
6354
67
19
2754
25
50
SO
15
15
247
88
22
3 ,284
340
127
320
550
2
12
25
40
2
75
190
520
84 54
91
9654
9854
79
95
97 54
74
53
76 54
92
8254
8454
92
97
99 54
79
95
98
74
53
76 54
92
8254
$ 1,000
4 ,2 0 0
2,000
16,000
10,000
5 ,000
6,000
2,000
9 ,000
2,000
1 ,000
1,000
Low.
3154
80
2 54
73
150
2
94
85
654
3 54
30
22 54
64
56
15
15
68
6354
60
1854
24
Jan
M ay
M ar
M ay
M ay
M ay
Jan
M ay
Jan
Jan
Jan
Jan
Apr
Jan
M ay
Jan
Jan
Apr
Jan
M ay
Jan
7954 Jan
91
Apr
9454 Jan
98-54 M a y
7854 M a y
88
Jan
95% A p r
73
Jan
53
M ay
75
M ay
02
M ay
80
Jam
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Loto. High. Shares.
High.
Jan
Jan
F eb
M ay
M ay
M ay
F eb
Jan
Jan
Jan
Jan
M ar
Jan
M ar
Jan
F eb
F eb
Apr
M ay
F eb
M ar
3654
90
354
87
150
3
102
106
854
4
3854
29
74
02
1654
1754
74
6354
67
2454
2954
8454 M a y
95
Jan
97
M ay
103 54 Jan
83 54 Jan
99
Jan
98
F eb
7754 F eb
5854 Jan
80
F eb
96
F eb
8354 F eb
Range since Jan. 1 .
Loto.
American Gas of N J ..1 0 0
5
73% M a y
7354 73 54
Baldwin Locom otive .100
120
8054
8054 87 54
5854 Jan
B uff A Susq Corp v t c.100
04
4S
58
Jan
6 154
Cambria I r o n _______ .50
If
40
Apr
4054 4054
Consol Trac o f N J . .100
20
6654 6654
6454 Jan
296
Elec Storage Battery .100
48
M ar
4954
4954 50
General Asphalt, pref .100
5
47
Jan
4754 4754
Insurance C o of N A ____10
26
26
67
24
Jan
Keystone Telcp, pref__ 50
25
48 % M a y
4854 48 54
Lake Superior C orp___100
3 ,825
12 * Jan
1554
1554
1654
Lehigh N avigation......... 50
147
6754
6154 Jan
6554
6554
Lehigh V a lle y .................50
59.14
62
55
Jan
5954
59 54
M idvale Steel A Ord____50
48
220
4754
4354 Jan
83
North P en n sylva n ia___50
■1
83
80
F ob
Pennsylv Salt M fg ......... 50
85
85
85
23
82
Jan
Pennsylvania___________ 50
44
684
4354 M a y
435-4 44%
Philadelphia C o (PIttsb)
33
2
Pref (cumulative 6 % ) .50
33
29
Apr
Phlla Electric of P e n n ..25
25
25
1,005
2554
2454 A p r
Phila R T vot tr re cts..5 0
281
2554
2354 M a r
26 54
Philadelphia T raction. .50
68
28
66
Apr
6754
R e a d in g ._____ ________ .50
592
8654
71
Jan
8554 88 54
3
3
3%
Tono-Belm ont D evel____1
3 ,063
3
Jan
Tonopah M ining . . . .1
2%
2%
1,025
254
254 M a y
Union Traction _ . . .5 0
•10
40
286
38 54 A p r
40 54
United Cos of N J .........100
188
188
92 18754 M a y
United Gas Im provt____50
299
6754 6754
65 % A pr
6754
U S Steel Corporation. 100
9854 29754 10754 20,854
86 54 M a r
W Jersey A Sea Shore . .50
39
40
39
39
M ay
W m Cramp A Sons____100
77
58
74
Jan
7854
B on ds
U S Lib Loan 3 M s .1932-47
9 8 .8 0 9 9 .70 $ 2 3 ,300
97
Jan
1st Lib Loan 4s. 1932-17
9 1 .1 0 9 4 .00
750
9 4 .1 0 M a y
2d Lib Loan 4 s .. 1927-42
9 3 .9 0 94.72 2 1 ,2 5 0
9 3 .9 0 M a y
3d Lib Loan 4 ) ( s _ . 1928
97
9 7 .40
6 ,350
97
M ay
79
79
Amer Gas A Elec 5 s ..2007
4 ,0 0 0
79 54
7854 A p r
do
small____2007
79
79
600
7754 M a r
Baldwin Locom 1st 5s.1940 10054 10054 10054 12,000
9 9 )4 A p r
Beth Steel pur mon 5s.1936
5,000
79
M ar
83 54 83 54
Elec A Pcop tr ctfs 43.1945
73
73
73
2,000
70
M ar
do
sm all......... 1945
72
73
Lch Val gen cons 4 s . . 2003
3 ,0 0 0
77
M ay
7754 7754
Gen consol 454s____ 2003
7 ,000
88
Apr
8954 8954
Lch Val Coal 1st 5 s . . . 1933
4 ,0 0 0
99% M a r
100 54 100 54
Natl Properties 4-6S..1946
32
32
2,000
32
32
M ay
Penn R R gen 4 54s __ 1965
89
89
4 ,0 0 0
8854 A p r
8954
Philadelphia Co cons A coll
trust 5s stam ped___1951
82
7 ,0 0 0
73
Apr
8154 82
94 % 95
Phlla Elec 1st 5s . . .1966
95
8,000
93
M ar
do
small............ 1966
96
07
900
Reading gen 4s.......... .1907
8,000
83 54 84
8 154 A p r
8414 84 5<
J-C collateral 4s___1951
9 ,000
Spanish Am Iron 6s .1927 10054 100 54 10054
Jan
2.000 100
United R ys Invest 53.1926
60
2 7 ,0 0 0
54
Apr
5954 60
9554 9554
Welsbach C o 5s............ 1930
9 ,000
91
F eb
do
small............ 1930
95 % 9554
E 000
91
M ar
York Railways 1st 5s. 1937
2,000
89
M ay
89 54 8954
__ _
.
__
.......
____
___
___
___
___
___
Apr
Feb
M ay
M ay
M ay
154
654
95
50
3
1554
41
23 54
45
7954
40c
21c
554
112
154
2K
145
8754
110
93 54
39
Jan
M ar
Jan
Apr
Jan
Jan
M ay
Apr
Jan
Apr
Jan
Jan
Jan
M ay
Apr
2 54
954
165
53
4
16
45
25
5854
84
1
48c
754
117
1%
M ay
Jan
M ay
Jan
M ar
Jan
Jan
Jan
F eb
M ay
Feb
M ar
M ar
Jan
Jan
M ay
M ar
M ay
Apr
Jan
151
113 54
11054
0754
47
M ay
M ay
M ar
M ay
M ay
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 r s d a y ..................
F r i d a y ......................
M ay
T o t a l ......................
85
36
80
3
84
150
2
96 %
85
654
3 54
34
26 54
70
7154
15
1554
72
63 54
66
18 54
27
Range since Jan. 1 .
P h ila d e lp h ia Stock E xch an ge.— The complete record
of transactions at the Philadelphia Stock Exchange from
M a y 25 to M a y 31, both inclusive, compiled from tho offi
cial sales lists, is given below. Prices for stocks are all dol
lars per share, n o t per cont. For bonds the quotations are
per cent of par valuo.
55
58
18
70
92
M ay
Sales
Veek’s Range for
of Prices.
Week
jO W .
High. Shares.
x E x -d lv ld e n d .
M ay
Jan
M ay
Jan
M ar
85
Fridy
Last
Sale
Par. Price.
A ru n d el Sand & G ra v el 100
A lla n C oa st L (C o n n ) . 100
A tla n tic P e tr o le u m . _ .1 0
B a ltim ore T u b e ________ 100
C a n to n C o ................
100
C h alm ers O il & G a s _____ 5
C on sol G E L & P oW -.lO O
C o n solid a tion C o a l____ 100
C o sd e n & C o _____________ 5
P r e fe r r e d ............................ 5
D a v is o n C h e m ic a l, . n o par
E lk h orn C o a l C o r p _____ 50
H ou ston Oil p ref tr ct fs 100
M e r & M in ers T r a n s . .1 0 0
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 . 100
P referred v t r _______100
O ppen h eim O b c m d o r f com
P en n syl W a t
P o w e r . 100
U n ited R y & E l e c . .......... 50
W a sh B a lt & A n n n p ____ 50
53
40
18
55
89
B on ds—
85
B altim ore Stock E xch an ge.— Complete record of the
transactions at the Baltimore Stock Exchange from M a y 25
to M a y 29, 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 tho quotations are per cent
of par value.
Range since Jan. 1.
Low.
[V o l . 106
___
High.
89
10054
65
z43
67
52 54
5154
2654
5754
1854
68
63
5954
85
0054
4754
Ja-t
M an
! M ar
M ar
M ar
M ay
F eb
Apr
Jan
M ay
M ay
M ar
M ay
Feb
M ar
Jan
34
M ay
• 26
M ay
30
Jan
7154 F eb
9054 M a y
M ar
4
Jan
4254 Jan
105
F ob
72 54 Jan
11354 M a y
48
M ar
85
F eb
9 9 .7 0 M a y
9 7 .9 0 Jan
9 7 .6 0 M a r
08.52 M a y
82
Jan
82
Jan
101
M ay
83 54 M a y
73 54 M a y
80
Jan
9154 F eb
101
M ay
40
Jan
92
Jan
82
96
M ay
Jan
85
Jan
H4H F eb
10 1
F eb
60
Jan
95
9554 M a y
8954 M a y
x E x -d lv ld e n d .
Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T IIE N E W Y O R K S T O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .
Week ending
May 31 1918.
Stocks.
Shares.
42 9 ,1 0 0
9 23 ,300
9 69 ,100
688,000
562 ,907
Par Falue.
Railroad,
etc..
Bonds.
$ 4 0 ,4 2 6 ,0 0 0
8 7 ,2 2 9 ,5 0 0
9 1 ,8 5 9 ,5 0 0
6 4 ,4 9 8 ,0 0 0
$51 6,00 0
8 08 ,000
1,096,000
8 49 ,000
H O L ID A Y
5 2 ,6 4 2 ,2 0 0
1 ,159,500
3 ,5 7 2 ,4 0 7 333 6,0 5 4 ,2 0 0
$ 4 ,4 2 8 ,5 0 0
State, Mun.
tft Foreign
Bonds.
u . s.
Bonds.
$166,00 0
5 8 1 ,000
9 9 3 ,000
3 8 5 ,0 0 0
$ 2 ,1 3 1 ,0 0 0
7 ,6 5 0 ,0 0 0
6 ,8 7 0 ,0 0 0
4 ,8 4 1 ,0 0 0
9 0 7 ,500
9 ,1 2 3 ,0 0 0
$ 3 ,0 3 2 ,5 0 0 $30 ,6 1 5 ,0 0 0
6 1 ,9 9 7 ,1 7 9
3 5 ,8 0 6 ,7 1 1 ,2 5 0
812 ,900
8 4 ,0 1 6 ,6 9 5
8 7 ,5 9 6 ,9 3 4 ,5 3 0
8 1 5 ,700
$ 3 9 2 ,6 5 6 ,0 0 0
8 8 ,7 3 4 ,5 0 0
122 ,8 0 8 ,5 0 0
S369.000
1 7 2 ,419 ,50 0
2 8 0 ,3 6 0 ,0 0 0
3 6 0 4 ,2 4 9 ,0 0 0
8 4 5 3 ,1 4 8 ,5 0 0
$12 ,4 4 2 ,5 0 0
T o ta l bon d s.
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 .
S hares.
Bond Sales.
Shares.
8,1 5 9
lf>,014
2 1 ,098
3 7 ,069
2 2 ,7 2 6
109,500
T o t a l ....................
105,066
334 1,45 0
Shares.
Bond Sales.
Bond Sales.
3 6 ,500
3 3 .0 0 0
17.000
7 ,500
743
4,281
843
314
3 4 2 ,850
3 ,4 6 0
4 1 ,2 5 0
9,073
2 0 ,7 5 0
7 ,898
3 9 ,3 0 0
5,682
IIO L I D A Y
2 8 ,0 0 0
7,153
§ 3 4 ,4 0 0
7 1 ,250
0 8 ,800
57,500
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 r s d a y ...............
F r i d a y ......................
AND
Baltim ore.
P hiladelphia.
W eek ending
M a y 31 1918.
O t h e r O il S t o c k s
(Concluded) —
1917.
1918.
1917.
1918.
5,4 0 8 ,4 4 9
3,5 7 2 ,4 0 7
S tock s— N o . sh ares___
P a r v a lu e .................... S33 6,6 54,2 00 3 5 0 0,43 9,4 00
R a n k shares, p a r _____
Bonds.
$30 ,6 1 5 ,0 0 0
G o v e rn m e n t b o n d s —
3 4 ,6 3 7 ,0 0 0
3 .0 3 2 .5 0 0
S t a t e , t n u n & c ., b on d s
7 ,8 0 5 ,5 0 0
4 .4 2 8 .5 0 0
U R . and m isc. b o n d s . .
D A IL Y
Jan. 1 fo M a y 3 1 .
W eek ending M a y 3 1 .
Sales at
N ew York Stock
Exchange.
S172.150
3 3 ,2 6 6
$64 ,000
N o w Y o rk “ C u r b ” M ark et. — B e lo w w e g iv e a re c o rd o f
th e tra n sa c tio n s in th e o u tsid e s e c u rity m a r k o t fro m M a y 2 5
to M a y 3 1 , b o th in c lu s iv e .
I t co v e rs th e w e e k e n d in g F r i
d a y a fte r n o o n .
I t sh o u ld b e u n d e r sto o d t h a t n o su c h r e lia b ility a tta c h o s
to tra n sa c tio n s o n th e “ C u r b ” as to th o se o n th e re g u la rly
o rg a n iz e d sto c k e x c h a n g e s.
On
th e N o w
Y ork
S to c k
E x c h a n g e , fo r in sta n o e , o n ly
m e m b e rs o f th e E x c h a n g e c a n e n g a g e in b u sin e ss, a n d th e y
are p e r m itte d to d ea l o n ly in se cu ritie s r e g u la r ly liste d — th a t
ia , secu rities w here th e c o m p a n ie s re sp o n sib le fo r th e m h a v e
c o m p lie d w ith c e rta in str in g e n t r e q u ire m e n ts b e fo re b e in g
a d m it te d to d e a lin g s.
E v e r y p r e c a u tio n , t o o , is ta k e n to
Insure th a t q u o ta tio n s c o m in g o v e r th e “ t a p e ,” or re p o rte d
in th e o ffic ia l list a t th e e n d o f th e d a y , aro a u th e n tic .
O n tho “ C u r b ,” o n th e o th e r h a n d , th ere aro n o re stric
tio n s w h a te v e r .
A n y s e c u rity m a y be d e a lt in an d a n y on e
oa n m e e t th ere a n d m a k e prices a n d h a v e th e m in clu d e d in tho
lis ts o f th oso w h o m a k e it a b u sin e ss to fu rn ish d a ily re co rd s
o f th e tr a n sa c tio n s.
T h e p o s s ib ility th a t fic titio u s tra n sa c
tio n s m a y creep in , or o v e n th a t d e a lin g s in sp u rio u s secu ri
ties m a y bo in c lu d e d , s h o u ld , h e n c e , a lw a y s b o k e p t in m in d ,
p a r tic u la rly as re g ard s m in in g sh a r e s.
I n th e c ir c u m s ta n c e s ,
it is o u t o f th e q u e stio n fo r a n y o n e to v o u c h fo r th o a b s o lu te
tru stw o r th in e ss o f th is re co rd o f “ C u r b ”
tr a n s a c tio n s , an d
w e g iv e it for w h a t it m a y b e w o r t h .
Friday
Sales
fo r
Last W eek's Range
W eek .
Sale.
o f P rices.
H igh. S hares.
P ar. P rice. Bow .
W eek ending M a y 31.
S tock s—
A e t n a E x p lo s .r . . ( n o par)
A ir R e d u c t io n .r ._ ( n o pari
A m er & llrlt M fg p r o f .. 100
A m o r T in & T u n g s t e n .r . l
B r lt-A m cr T o b o r d ’y _ - . £ l
O rd in a ry h earer-------- £1
Bu rn s B ros I c o r .............100
C a r w en Steel T o o l -------- 10
C h e v ro le t M o t o r _______ 100
C ities S erv ico c o m . r . . 100
C u p rlto-E sm cra ld a Sulp h u r .r .................................. 1
C u p rlto S u lp h u r, r .............1
C u rtiss A erop A M c o m (t )
E a stern V e n d i n g . r -------- 5
E m erson P h o n o g r a p h .. . .5
G llletto S a fety R a z o r . r . ( t )
K o y s t T iro A R u b , c o m . 10
L a k o T o r p e d o B o a t . r . . 100
L im a L o c o m o tiv e c o m rlOO
M a r c o n i WIrel T e l o f A m . 5
M a x im M u n i t i o n s . r ___If)
N orth Am P u lp A P ap ( t )
P oca lion ta s-L og a n C o a l.r 5
P ou lscn W ireless r ------ 100
S t Josep h L e a d . r ---------- 10
Sm ith M o t o r T r u c k . r . . . 10
S tan d ard M o t o r C o n s tr r 10
T b lo e e n C o o f A m er r . .5
U nited M o t o r s .r . . ( n o par)
U S A erop la n e C o r p . r — 5
U S L ig h t * H ea t, c o m rlO
W rlg h t-M a rtln A l r c . r . - ( t )
14 X
25
7 -1 0
17
24 X
9
128
IX
X
5X
_
13
4X
2X
15X
IX
15X
5
26
2X
2
6H
iox
13 X
15 X
70
72 X
22
25
5 -1 6 7 -1 6
16
16
17
17X
23
26
9
9X
119
128
213
213
3 4 ,000
400
250
13,200
500
700
1,800
800
4 ,6 0 0
25
I X 1 5-16
X
X
37
5
5X
2X
2H
93
93 X
IS
19 X
5
4X
4 6 X 48
3X
3X
X 9 -10
2X
2H
3
3X
13
12X
15
15X
l . x 1 13-16
12
13
17H
15H
5X
4H
23
26 X
2
2X
2
2M
6X
9
10X
4.900
1,800
3 ,1 0 0
3,3 5 0
1,080
175
6 ,1 0 0
1,270
160
100
18,400
7 ,400
300
400
1,250
17,000
2 ,0 8 0
5 ,000
13,175
8 ,700
3 ,0 0 0
4.S00
15,500
2 3 ,500
ox
Range since Jan. 1.
L ow .
H igh .
Feb
Apr
Jan
X, M a y
A pr
14 X
1 4 X Apr
19
Apr
Jan
8X
100
Jan
200
Feb
6X
68
15
1
X
25
4%
2
77 X
12 X
2X
42 X
3X
2
3
10
14 X
1
MX
4
19 X
1^
1
4X
ox
M ay
M ay
Jan
M ay
Apr
M ur
Jan
Apr
A pr
Jan
Apr
Apr
Jan
A pr
Jan
Jan
Jan
M ar
M ar
Jan
M ay
M ar
Jan
Jan
16 X
77
25
X
16
18
30 X
OX
135
219X
M ay
M ar
M ay
Jan
Jan
F ob
M ay
Apr
F eb
Jan
1 Hi
2X
41X
5X
4X
95
20
6
50X
3X
1
3X
3X
15X
17 X
2X
13H
20 X
5X
80 X
3
2X
7X
U K
M ay
F eb
F eb
M ay
Jan
M ay
M ay
M ay
M ay
M ar
Jan
M ay
Jan
M ay
F eb
A pr
M ar
M ay
M ay
Fen
M ay
M ay
M ay
M ay
x
F o r m e r S t a n d a r d O il
S u b s id ia r ie s .
O h io Oil r ........... ............25
P rairie O il A G a s . r ____ 100
P rairie P ip e r .in e .r ____ 100
Stand ard O il o f N J _ r . . l 0 0
S ta n d a rd Oil o f N Y . r . 1 0 0
325
_
535
11X
325
495
270
535
269
*12
330
500
270
540
275
420
89
30
15
53
123
nx
F eb
Jan
Jan
F ob
M ar
Jan
Jan
17X
365
1ivf>
524
M ay
279
M ay
579
F ob
285
Feb
X% M a y
11-10 Jan
19o M a y
1 3-10 Jan
23o
Jan
F ob
8X
1 5-10 Jan
F eb
7
0-16 Jan
4
Feb
300
418
255
510
252
O t h e r OH S t o c k s
Allon O ll .r
...1
A m er V en tu ra O l l . r .......... 1
B a rn ett Oil A G a s .r .......... 1
B o s to n -W y o m ln g O ll.r ___1
170
X
7
C r o w n o l l . r _________ . .1
Elk Basin P e t r o le u m .r ___5
E sm oralda O il C o r p . r ___1
Federal O l l . r ..................... . 5
3339
THE CHRONICLE
June 1 1918.]
X
8c
2X
X
16c
7 -1 6
21 c
6X
X
5>X
8c
2X
X
19c
9 -1 6
230
7X
X
OX
lie
2X
600
2 9 ,500
14,500
12,000
4 ,5 2 5
5 ,800
1,400
3 1 ,8 0 0
8 ,000
Oo
Jan
*Xt M a y
200
ox
X
5X
8c
2X
M ar
Jan
M ay
M ay
Apr
M ay
Sales
Friday
Last W eek's Range
w °ri
o f P rices.
Sale.
H igh . Shares.
P rice. Low.
G len rook O l l . r __________ 10
H a n ov er OH * R e f . r ____ 5
H ou ston O il c o m . r ____ 100
Island O il A T r a n s . r ___ 10
3X
3X
59 X
4X
K in n ey O il r .................... __1
M o r ritt O il C o r p . r _____ 10
M etro p o lita n P etroleu m .5
M id C o n t C on sO H A U t.r.lO
M id w e st O il c o m . r _______1
X
22 X
1 3 -1 6
M id w e st R e f in in g .r ____ 60
M in era l W ells P e t . ............. 1
N Y -C h ln o O il____________ 1
N Y -O k la h om a O il c o m . r l
N orth w estern O il c o m . r . 1
O k la h om a O il c o m . r ____ 1
107
2X
4 3c
O k la h om a P rod A R e f ___ 5
O k m u lgee P rod A R e f ___5
O m a r OH A G a s c o m ____ 1
P a n -A m er P e trol, c o m .r .50
P c n n -K e n tu c k y O il . . r . . l
Q ueen O l l . r _______ _______ 1
R ic e O l l . r . . .........................1
S ap u lp a R e f i n i n g .r _____ 6
S eq u oy a h OH A R e f _____ 1
S inclair G u lf C o r p . r ___ ( t )
S ta n ton O l l . r ...................... 1
T e x a n a OH A R o f . r .......... 1
T u x p a m Star O il r .......... .1
U n ited W estern O il n o w . r .
V ictoria OH r ....................10
1.04
O le
3c
6X
5X
31 c
51 X
5X
10C
5 -3 2
8X
X
16 X
IX
70 c
3X c
IX
4X
Mining S t o c k s
A la sk a -B rlt C o l M e t a ls . . 1
6 2c
A m erica M i n e s .r .......... . . 1
A m in a M in ( p r o s p ) . r .. 5 0 c
A tla n ta M in e s ......................1
7X c
A u rora Silver M i n e s . r . . . 5
B ig L ed g o C o p p e r ________ 6 1 3-16
B o o th _ r ............................... . 1
B o s to n A M on ta n a D e v . . 8
50c
B rad shaw C o p p e r .r .......... 1
X
B u tt o -D e t C o p p A Z l n c ., 1
C a lu m et A J erom e C o p r . l 1 3-16
C a n a d a C o p p e r C o L t d . . 5 1 11-16
C a sh B o y _________ _______ 1
7X c
C e rb a t Silver M A M r _ _ l
X
C o c o R iv e r M in in g .r ____ 1
2
C on sol A rlson a 8 m e lt ____ 6
C o n so l C o p p e r M in e s ____ 5
ox
C o n s o l-I Io m e s te a d . r ____ 1
9 -3 2
C o p p e r V a lley M i n i n g .r . l
1
Creason C on s G o ld M A M 1
4X
72c
El S a lv a d or S ilver, r .......... 1
E m m a C o p p e r . r . . .............1
7 -3 2
E u rek a C roesu s M in r ___1 1 13-16
G o ld e n R u le M ln e s .r ____ 1
G o ld field C o n s o lid a te d . 10
G old fie ld M e r g e r .r ___. . . 1
G reen M o n s te r r _____ 50c
H ecla M in in g __________ 35o
H y p o th e e k M A M . r . _ 1 0 c
In tern a tion a l M ln e s .r . . 1
Iron B lo s s o m .r _ .......... 10c
J erom e P rescott C o p r ___1
J erom e V erd e C o p p e r ____1
Jim B u tler r ........................... 1
J o s e v lg -K c n n e e o tt C o p p . I
J u m b o E x ten sion ________ 1
X
2 Xe
1 1 -1 6
4H
23c
12o
72 c
9X c
L n m p azos S ilv e r____ __ .1
L a L eon a S i l v e r .r ________ 5
L ib e rty Sllv ( p r o s p 't ) .r . .1
L on e Star C o n s o l, r _______1
L ou isiana C o n s o l________ 1
X
42c
3c
X
M a g m a C o p p e r ___________5
30
M a son V a l l o v ................... . 5
M c K ln le y -D a r r a g h -S a v .1
M o n ste r C h ief r _______. .1
M o th e r L od e r .......... ......... 1
N a tion a l L easing r _______1
N a t Zlno A L oad r _______1
N e v a d a R a n d r ............... lOr
N ew C orn elia r ....................5
N lplsalng M in e s .......... ...... 5
N ix on N e v a d a ......................1
O h io C o p p e r r ____________1
O n on d a g o M ln e s .r .............1
P rov in cia l M in in g ________ 1
R a y H ercules M in in g r _ . {
R e d W arrior M in in g r__ 1
R e x C on solid a ted M g . - . l
R o ch e ste r M in e s ................. 1
S en eca C o p p e r .
4
6C
4 Sc
3c
26C
2 1c
18 X
8X
60o
1 5 -1 6
3X
5 3c
4H
5 -l(
SXc
46c
. (n o par)
S liver Flssue S i l v e r . r ____ 1 1 3 -1 0
S liver K in g o f A rizon a
. 1
Sliver P ick C on sol r _____ 1
4
S ilver P lum e C o n s . r ____ l
71c
S tan d ard S ilv e r-L e a d ____ 1
7 -1 f
S tew a rt___________________ 1
7 -3 2
Bu eew s M in in g __________ 1
9c
S u p erior C o p (pro3p’ t ) _ ( t )
T o n o p a h B elm on t D e v r 1
T o n o p e h E x te n sio n _____ 1
IX
T o n o p a h M in in g _________ 1 2 13-16
T r i-B u llio n S A D ________ 5
T r o y - A r l z o n a .r __________ 1
16c
U nited E a stern __________ 1
3X
U nited V erd o E x t e n .r .5 0 c
U S L oad A Z lno « . r _____ 1
27c
W est End C o n s o lid a te d . .5
83c
W h ite C a ps E x te n s ____ 10c
W h ite C a p s M in in g ___10c
X
W ilb ert M in in g ___________1
B onds
A m T e l & T e l 1-yr 0 s _____
B eth Steel 5 % n o t e s . . 1911
C a n a d a (D o m o f) 5 S ..1 9 1 9
G e n 'l E lec 6 % n o t e s .. 192(
6 % n o t e s __________ 191!
P h lla E lectric 6 s -------- 192(
P rocter A C a m b io 7s r 192(
7 s . r ................................1922
7s r ................................1923
R u ssian G o v t 0 X s r . . i 9 i ( i
W e s t ’ h ouse E l A M fg —
1-vear 6 % n o t e s .............
99 X
96 X
100X
100 x
99
__ _.
39
99 X
3X
3X
3
4H
5 5 X 64 X
3X
4X
5 -3 2 5 -3 2
X
X
1 9 X 22 X
X
X
7
6X
1.02
l .10
1 X 1 5-16
105
114
3
2X
43c
4 4c
X
5 8c
64 c
2c
3Xc
7c
8c
7
OX
4X
5X
30c
33c
51
52
5
5X
8C
10c
5 -3 2 3 -1 6
8X
9X
%
X
15X
16 X
2
IX
75 c
94 c
3c
4X c
IX
IX
4
4X
4 ,3 0 0
8 ,3 0 0
19,700
4 0 ,0 0 0
9 ,800
1,300
5 ,9 5 0
8 ,5 0 0
920
19,000
1,000
2,6 4 4
2 ,2 0 0
2 ,100
2 ,000
14,500
9 4 ,000
3 ,1 0 0
2 8 ,500
5 9 ,300
13,000
400
3 ,5 9 0
4 2 ,6 0 0
2 6 ,6 0 0
5 ,1 0 0
9 ,5 0 0
8 ,3 0 9
7,100
15,500
4 5 ,000
5,5 0 0
1,740
Range since
H igh .
L ow .
3X
Jan
3
Jan
39X
Jan
IX
Jan
3-32 Jan
X M ay
17 X M a r
X
Jan
6 X M ay
87c
Apr
1
Apr
97
M ar
IX
Jan
39c
Apr
X
Jan
56o
Jan
2c M ay
7c M ay
6X
A pr
2X
Jan
21o
Apr
40
Jan
5
Jan
8c M a y
3-32 Feb
8
M ar
X
Jan
15
Jan
I X M ar
75c M a y
3c Apr
X
A pr
3X
Jan
5-16 A p r
7 4 ,1 0 0
47 c
70c
50c
M ar
2 ,8 0 0
55 c
56c
22c M a y
5 ,3 0 0
28c
32c
6 X c M ay
10,400
6 X c 8c
600
2X
F eb
5X
ox
X
Jan
4 6 ,8 0 0
1 3 -1 6
IX
3o
Jan
1,500
3c
4Xc
41 c
Jan
5 7 ,000
45 c
5 3c
X
Jan
2 ,200
X
X
X
Jan
5,000
5 -3 2 5 -3 2
3 9c M a y
9 ,4 5 0
39c
42c
•1
Jan
19,100
1
IX
900 1 5-16 Jan
IX
IX
3 X o Jan
10,700
6c
8c
4 2o
Jan
2 ,2 0 0
X
X
325
I X M ar
2
\Xt F eb
1,200
1 15-10
2
5
Jan
3 ,1 5 0
6
6H
2 2o
F eb
4 ,6 0 0
9 -3 2 5 -1 6
X
Jan
1,400
1
1
4 X M ar
2 ,3 0 0
4X
4X
55c
M ar
13,000
72c
74c
X» A p r
3 -1 6 7 -3 2 10,900
X
F eb
I X 1 13-16 12,400
1 X' A p r
600
2X
IX
2 ,0 0 0
X* A p r
X 9 -1 6
7»2 M a y
hi 3 ,250
X
2 X c M ay
5 ,600
2 X c *3c
600
X
Apr
1 1 -1 0 1 1 -1 0
3 ,2 7 5
2H
Jan
4 X 4 13-16
14c May|
5 6 ,300
23 c
19c
8o
Jan
5 ,220
10c
13c
5 -1 8 A p r
1,300
X 13-3 2
3 ,8 7 5
X M ay
5 -1 6
X
Xs M a r
10,000
9 -1 6
X
55c
Jan
7 ,9 0 0
71c
75c
1/ 5 -1 6
3-16 Jan
200
9c M ay
8 ,7 0 0
9c
10c
4c M a y
1,500
X F eb
200
i
1
X M ay
7,700
X
X
28c
Feb
3 0 ,9 0 0
38c
42 c
I X c M ay
10.500
I X c 4c
7 -1 6 Jan
6,500
X
X
X
Apr
2,600
25 c
27
M ay
2 ,4 0 0
27
32 X
4c
Jan
7,090
4Xc
4 X M ay
4
800
4X
37c
Apr
50'
42 c
42c
5 X o A pr
6c
9,100
8c
25o
Jan
4 6 c 52 X c 80,000
2 H e M ay
2 X c 3 X c 12.SOO
15o
Jan
10,000
26c
27 c
13c
Feb
21c
4,200
23 c
15X
Jan
18
19
700
8
Jan
20C
SX
8X
54c M a y
7,270
5 4c *70c
%
Apr
3,700
1 1 1-10
2
Jan
10,600
3X
2X
43c
Jan
52 c
500
5 3c
3
X
Jan
1,800
4
X
4X
1,300
X
Jan
X 5 -1 6
8c M ay
Sc
8,000
SXc
27o
Jan
45c
8,500
51c
10c
Apr
1 0 X c 1014c
1,000
7X
Jan
500
12
iix
X
Jan
X
Vs 2,400
X M ar
1 3 -1 6 10,100
7-32 A p r
3,000
7 -3 2 7 -3 2
3 X o Apr
1,500
3X
3X
47o
Feb
6,100
7 1c
73c
X
Jan
7 -1 6 7 -1 6
2,800
3-1 6 Jan
5,900
7 -3 2 7 -3 2
7o
Jan
4,000
8c
9X c
2
Jan
3
300
3
3
Jan
3 3-16
35(
3X
1X
Jan
1 7 16
1,65(
1X
20(
2 X M ay
2X
2X
3 -1 6 Jan
lOf
X
10c M a y
16c
10,00(
17c
3 X M ay
7,4S(
3 X 3 15-16
1,000
36 X
Jan
3S
39
9c
F eb
26 c
29c
5,50(
65c
Jan
83 c
4,700
86 c
5c M ay
7c
1,000
7c
1 1 -3 2 Jan
9,700
X 13-3 2
8c
F eb
10c
12c
1,100
99X
98 X
95 X
100X
10 >X
99
100X
101
101 X
38
99 X
99 X 107,00(
98 X 195,00(
96 X 365,000
35,000
101
4,000
100X
5,000
99 X
101
3,000
3,000
101X
8,000
102
2,000
39
98 X
96 X
94 X
98 X
99
97 X
99 X
98 X
98 X
38
M ar
Jan
Jan
Jan
Jan
F eb
M ar
M ar
M ar
M ar
10,000
98X
M ar
99 X
6
Jan
7X
Jan
67 44 M a y
5 X M ar
X
F eb
1
Apr
24 X
Jan
X
F eb
7
M ay
1.2 4 Jan
IX
Jan
119
M ay
3 X M ay
44c
Apr
X
F eb
89o
Feb
8Ho
M ar
16c
Feb
8
M ay
11X M ar
40o
Jan
53
F eb
5X
F eb
86o
Jan
%
Apr
10X M ay
I X M ar
23 X
F eb
2 X M ar
1X
M ay
2 2o
M ar
2X
Feb
6 X M ar
70c M a y
56o M a y
32c M a y
13c F eb
6 X M ay
I X M ar
6c
Apr
96o
M ar
IX
Jan
X M ar
56o
Jan
IX M a r
2X
Jan
19o
F eb
IX M a r
2X
Jan
2X
Jan
*7 X M a y
X M ar
2 X M ar
5X
Jan
74c M a y
X, F eb
1 % M ay
2X
Jan
X M ay
7 -1 6 Jan
5o
F eb
1
Apr
5
Jan
23o M a y
20c
Feb
11-16 Jan
9
Apr
X
Jan
90o
Jan
7-16 M a r
24c
Jan
9c
F eb
2
M ay
4X
Apr
42c M a y
5c
F eb
X M ay
X M ay
42
Jan
8X o
M ar
6X
Jan
60c
Jan
5 -1 8 Jan
5 6c A p r
8c
F eb
F eb
38c
M ar
270
M ay
20
M ay
9
I X M ar
I X M ar
4 X M ar
54c
Apr
4X
Jan
X M ar
150 Fab
54o M a y
18c
Jan
12 X M a y
1
M ay
X M ar
7-16 Jan
7c
F eb
76c
Apr
X Apr
X
Jan
1 0c A p r
3 X M ay
3 X M ar
IX
Jan
4
Jan
X
Jan
24o M a y
5X
F eb
50 X M a r
60c
M ar
91o M a y
18c
F eb
X
Jan
14c
Jan
99 X
98 X
97X
101X
100 X
99 X
101X
101X
102 X
58
M ay
M ay
M ay
M ay
Apr
M ay
M ay
M ay
M ay
Jan
99 X ~ A p r
• O dd lota
t N o par v a lu e. I L isted as a p ro s p e c t. I L isted o n th o S to c k E t ch a n go this w eek , w here ad d ition a l tran saction s w ill b e fo u n d , o N e w s t o c k ,
r U n listed , u E x -ca sh and sto ck d iv id en d s, to W h en Issued, x E x -d lv Id cn d .
V E x -rlg h ts. e E x -s to c k d iv id e n d .
£330
THE CHRONICLE
F O R E IG N
TRADE
OF N E W
YORK— M ONTHLY
S T A T E M E N T . — In a d d itio n to th o o th e r ta b le s g iv e n in
th is d e p a r tm e n t , m a d e u p fr o m w e e k ly re tu rn s, w e g iv e th e
fo llo w in g figu res for th e fu ll m o n th s , a lso issu ed b y ou r
N ew Y o r k C u stom H o u se.
Merchandise Movement at New York.
Month.
J u ly ......
A u g u s t ...
S ep tem b er
O c t o b e r ..
N ovem ber
D e ce m b e r
J a n u a r y ..
F eb ru a ry.
M a r c h ___
A p ril..........
Imports.
Exports.
Customs Receipts
at New York.
1 91 7-1 8.
191 6-1 7.
1917-1 8.
1916-1 7.
1917-18.
1916-17.
S
$
95 .6 1 4 ,4 3 9
107,920,942
80,486,311
85 ,8 8 3 ,2 2 5
87,6 3 9 ,4 8 7
102,935,533
12.8,344,239
9 7 ,8 3 4 ,8 8 8
147,901,883
1 2 6 ,801 ,16 0
3
2 1 0 ,181 ,90 3
178,614,369
242,132 ,0S 0
2 19 ,908 ,71 2
2 7 0 ,128 ,78 9
2 0 9 ,467 ,36 2
2 4 8 ,203 ,72 4
163 ,713 ,18 2
251,325,06.8
191,719,439
S
2 4 3 .8 0 8 .6 2 9
27 3 ,6 2 7 ,7 7 3
2 6 5 ,387 ,73 7
23.8,474,910
2 3 0 ,8 2 0 .1 3 6
228 ,173,541
3 0 3 ,9 0 6 ,5 2 5
2 2 3 ,461 ,13 5
2 5 8 ,0 2 0 ,4 0 8
2 6 3 ,873 ,04 9
$
11,190,794
10,584,750
9 ,4 6 9 ,3 6 5
9 ,5 4 8 ,0 2 9
8 ,7 33,214
7 ,1 4 2 ,2 6 5
7,488,551
8 ,1 7 7 ,7 8 0
9 ,8 7 0 ,1 6 8
10,525,971
11 ,3 1 4 ,2 5 6
12 ,3 9 2 ,7 0 0
1 1 .579.296
13 ,4 8 7 ,1 6 0
1 2 ,8 7 8 ,5 9 5
12,166,341
1 3 ,4 9 4 ,3 1 6
1 0 .800.297
1 3 ,3 9 5 ,9 8 6
14,052,313
9 5 ,7 1 3 ,1 2 3
122,231,660
9 9 ,8 0 5 ,1 8 5
9 1 ,3 1 9 ,4 8 6
8 9 ,5 3 0 .6 0 7
91,511,471
8 8 ,1 6 4 ,9 7 0
9 4 ,3 0 3 ,9 9 9
9 8 ,3 0 0 ,4 1 2
121 ,564 ,99 1
T o t a l . . 9 9 2 ,5 0 5 ,9 0 4 106136210712190394628 252 92 1 4 2 4 3
S
9 2 ,7 3 0 ,8 8 7 1 2 5 ,561 ,26 0
I m p o r t s a n d o x p o rts o f g o ld a n d silv e r fo r th e 8 m o n th s :
Cold Movement at New York.
Month.
Imports.
191 7-1 8.
Exports.
Stiver— New York.
Imports.
Exports.
1917-18.
191 7-1 8.
191 6-1 7.
1917-1 8.
1916-17.
t
I
8 ,0 9 6 ,9 0 7
5 .7 59,159
2 ,6 5 1,454
1,311,114
1 1 ,244,658
18.318.717
10,494,074
14.129.717
9 ,8 1 9 ,7 3 0
3,017,151
*
813,489
1,734,701
925,958
886.834
1,677,189
910 ,205
1,409,524
1,444,351
606 ,260
726,467
1 ,2 4 0 ,4 6 4
1 ,5 1 4 ,1 3 4
1.200,701
1,2 7 8 ,5 7 9
1,195,181
1,110,789
2 ,7 4 6 ,7 1 7
2 ,1 3 6 .3 2 4
3 ,2 9 4 ,0 3 4
3 ,9 4 4 ,4 5 5
84 ,8 4 2 ,6 8 1
11,170,978
2 0 ,0 4 1 ,3 7 8
%
J u ly ...........
A u g u s t .. .
Septem ber
O cto b e r . .
N ovem ber
D e ce m b e r
J a n u a r y ..
F eb ru a ry .
M arch . . .
A p ril_____
9 0 4 ,8 3 8
1 ,2 4 5 ,0 3 8
980,609
1,225,028
1 ,0 9 0 .7 3 0
908 ,5 7 5
1 ,0 7 0,279
9 94 ,103
628,514
518 ,1 4 0
1 7 ,881,388
1.432,146
11.773,504
1 ,5 14,663
1.197,787
1,258,973
1.930,781
1.085.806
87 7 ,4 6 0
*
19,179,282
12,337.552
11.3 3 1 ,8 1 0
7 ,4 3 4 ,4 9 7
3 .4 2 2 ,7 1 2
1,187,606
657 ,940
3 ,1 7 0 ,3 3 7
301,073
223 ,177
T ota l . .
9 ,5 6 5 ,8 5 4
4 0 ,0 2 8 ,2 7 0
5 9 ,2 9 5 ,9 5 6
1,074,962
$
C U R R EN T NOTICE
— A . B . L o a c h & C o . , 6 2 C e d a r S t . , t h is c i t y , a n d 1 0 5 S o . L a S a lle S t . ,
C h ic a g o , a ro o ffe r in g fo r in v e s tm e n t, b y a d v e r tis e m e n t o n a n o th e r p a g e ,
$ 5 0 ,0 0 0 C i t y o f P e r t h A m b o y 5 M % T a x A n t i c i p a t i o n b o n d s d u o J a n . 2 7
1 9 1 9 ; $ 5 0 ,0 0 0 W a t e r t o w n , M a s s . , T a x A n t i c i p a t i o n n o t e s , d u o A p r i l 1 1 9 1 9 ,
a n d $ 3 0 ,0 0 0 R o s s C o u n t y , O h io , 6 % B r i d g e C o n s t r u c t i o n b o n d s , d u o
M a y 1 1 9 1 9 -1 9 2 8 .
S e e t o - d a y ’ s a d v . f o r p r i c e s a n d p a r t i c u la r s .
— F r a n cis A . B o n n e r , fo r m e r ly A s s o c ia t e D ir e c t o r o f th o B u re a u o f R a il
w a y N o w s a n d S t a t i s t i c s , C h i c a g o , a n d p r i o r t o t h a t R a il r o a d a n d A s s i s t a n t
F in a n c i a l E d i t o r o f t h o C h i c a g o “ E v e n i n g P o s t , ” h a s b e c o m e a s s o c ia t e d
w it h L e e , H ig g i n s o n & C o . , C h i c a g o , in c h a r g e o f t h e d o p a r t m o n t o f s t a
t is t i c s a n d p u b l i c i t y .
— T h o I r v i n g N a t i o n a l B a n k o f t h is c i t y h a s r e p r in t e d in b o o k l e t f o r m
t h e a d d r e s s , “ A T r a d e A c c e p t a n c e R e v i e w , ” d e l iv e r e d b y L e w i s E . P i e r s o n ,
C h a ir m a n o f t h o i n s t i t u t i o n 's b o a r d .
T h i s a d d r e s s w a s d e l iv e r e d b o f o r o
t h o C h a m b e r o f C o m m e r c e o f t h e U n it e d S t a t e s a t C h i c a g o A p r i l 1 1 .
The
b a n k w ill b e g l a d t o m a il a c o p y o f t h e b o o k l e t t o in t e r e s t e d in q u ir e r s .
— W i ll ia m P . Y o u n g c l a u s , W i ll ia m F . S t e v e n s a n d L e s lio B . K r u m s i c k
a n n o u n c e t h o f o r m a t i o n o f a p a r t n e r s h i p f o r t h o t r a n s a c t io n o f a g e n e r a l
i n v e s t m e n t b u s in e s s u n d e r t h o f ir m n a n io o f Y o u n g c l a u s , S t e v e n s & K r i u n s i c k , w it h o f f i c e s a t 1 0 5 S o u t h L a S a lle S t r e e t , C h i c a g o .
— H e rr ic k J . G r a y , o f H e rr ic k J . G r a y & C o ., s t o c k a n d b o n d b r o k e r s , o f
S t . L o u i s , w a s o n M a y 2 1 e l e c t e d a m e m b e r o f t h e S t . L o u is S t o c k E x c h a n g o .
M r . G r a y p u r c h a s e d th e s e a t fo r m e r ly o w n e d b y th e la t e J a m e s C a m p b e ll.
— C h a r le s E . G a r d n e r , f o r m e r l y o f H a r r is , F o r b a s & C o . , h a s b e c o m e a
p a r t n e r o f H e m p h il l , W h i t e & C h a m b e r la i n , 3 9 W a l l S t . , t h is c i t y .
— B o n b r i g h t & C o . , I n c . , a n n o u n c o t h a t t h e i r P a r is o f f i c e h a s b e e n
r e m o v e d f r o m 1 2 R u e H a l e v y t o 9 R u e S a in t F l o r e n t in V l l l e .
New York City Banks and Trust Companies
A ll p r i c e s n o w d o l la r s p e r s h a r e .
B a n k s — N.Y Bid. A j A.
B an k s.
Bid.
A m e r ic a * ____ 4 8 5
500 L in c o ln ............. 280
A m er E x c h .. 220
230 1M a n h a tta n * . 162
A t l a n t l o .......... 170
180 M a r k e t A Ful 305
B a tt e r y P a rk . 200
215
M e c h A M e t . 300
B o w e r y * ____ 4 0 0
M e r c h a n t s ___ 110
B ro n x B o r o * . 150
200
M etrop olita n * 165
B r o n x N a t . . . 160
175
M u tu a l* .......... 375
B ry a n t P ark* 145
155 N ew N e t h * .. 200
B u tch A D r o v
20
25
N ew Y ork C o
C h a s e ............... 345
360
N ew Y o r k ___ 4*15* *
C h a t A P h c n . 238
P a cific * .......... 135
242
C h elsea E x * . 100
110 P a r k ................. 500
C h e m ic a l____ 385
395 P e o p le ’s * ____
50
C it iz e n s _____ 208
215 P rod E x c h * .. 200
C i t y ...............
375
385 P u b lic
200
C o a l A I r o n .. 205
215 S ea b oa rd ____ 450
C o lo n ia l* ____ <400
S e c o n d ............. 400
C o l u m b i a * . .. <150
160 S h e r m a n ____ 125
C o m m e r c e ___ 176
178 S t a t e * ............... 110
C o m m 'l E x * . 390
410 23d W a r d * . . . 115
C om m on
U n ion E x c h .. 150
w ealth • ___ 180
190 U n lted S ta tes* 500
C o n tin e n t a l* . 102
108
W ash H ’ t s * . . 275
C o rn E x c h * .. 315
325
W estch A v e * . 160
C o sm op llta n ♦ 85
95
W e st S i d e * . . t l 0 5
C u b a ( B k o f ) . 175
Y ork v l ll e * .
525
E ast R i v e r ...
15
18
Brooklyn.
F ifth A v o * ___ 3500 4000 C o n e y Island * 140
F i f t h ............... 215
230 F i r s t ..
255
F i r s t ................. 870
900 F l a t b u s h ____ 125
G a r fie ld .......... 170
185 G reen p oln t . . 150
G o t h a m .......... 200
H illside •____ 110
G r e e n w ic h * .. 335
350*’ H om estea d ♦.
H a n o v e r .......... 650
660 M e c h a n ic s ’ * . *55*
H a rrlm a n ____ 230
245
M on ta u k •___
I m p A T r a d . . 480
500 N a s s a u ............. 2*0*0*"
t lr v l n g (tr
N a tion a l C ity 133
certifica tes); 273
278
N o rth S l d o * .J 175
L ib e r t y _______i 385
395 "P e o p le ’ s .......... 1 130
__
Ask. | T r u s t G o 's ,
300 i New York.
167
Bid.
B ankers T ru st 365
^Central T ru st 1378
3*1*0* Columbia___ 257
120 C o m m e r c ia l.. 100
175 E m p ire ............. 290
E q u ita b le T r . 337
2*1*5*" F a rm L A T r . 380
140 F id elity
200
F u l t o n ............. 240
G u a ra n ty T r . 325
5*1*5* ’ H u d s o n _____
135
55
Ir v in g T r u s t (See
(N a t
2*1*5 * L a w T i t A T r
93
470
L in coln T ru st
97
425
M erca n tile T r
135
A D ep osit
190
115 M e tro p o lita n . 300
130
' 'u tu a l(W e s t 160
ch cster) . . . 105
N Y L ife Ins
A T r u s t . . . 875
175 * N Y T r u s t . . . 580
260
5*7*5*
240
T ra n sa tla n tic
175
155
1378
270
395
135
910
165
130
120 i Brooklyn.
110 !
500
60
230
95
1
265
207
620
138 1
125
2 0 0 11
265
140 (
70
370
385
265
300 '
342
390
210
255
335
145
Irv in g
B ank
100
105
200
310
125
900
600
270
250
3*88*
405
930
140
530
240
275
650
145
275
80
* B a nks m arked w ith a (*) are S ta te b a n k s, t Sale a t a u ction o r a t S tock E x ch a n g e this w eek , J In clu d es o n e-th ird share Irv in g T r u s t C o . t N ew s t o c k .
» E x -r ig h ts .
[Vol . 106
New York City Realty and Surety Companies
A ll p r i c e s n o w d o l l a r s p e r s h a r e .
A llia n ce 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 Investin g
P r e fe r r e d ..
Bid
Ask
58
55
180
68
58
190
75
19
70
__
14
65
! 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 it le A
M t g e ............
Bid
Ask
90
80
165
95
85
109
50
60
R e a lty A ssoc
(B r o o k ly n ).
U S C a s u a lly .
U S T i t le G u a r
W e st A B ron x
T it le A M G
Bid
Ask
67
175
75
190
60
160
175
Quotations for Sundry Securities
A ll b o n d p r ic e s a r e “ a n d l n t o r o s t ” e x c e p t w h e r e m a r k e d
S ta n d a rd OH S to ck s Per Share
Par Bui
.4Ik
Anglo-American Oil new . £1
11U 11*4
Atlantlo Refining..............100 905 915
Borne-Scrymser C o _____ 100 440 465
Buokeye Pipe Line C o ___60 *r90
94
Ckesebrough M fg new___100z300 315
Colonial Oil_____________ 100 10
40
Continental Oil...................100 420 440
Crescent Pipe Line C o . . . 60 *30
34
Cumberland Pipe L in e .. 100 140 150
Eureka Pipe Line C o ____100 200 210
Galena-Signal Oil o o m .. . 100 125 130
Preferred______________100 120 125
Illinois Pipe Line________100 170 175
Indiana P ip -L in e C o ____ 50 *93
97
International Petroleum . £1 *12*4 13U
National Transit C o . -.1 2 .5 0 *12b 1312
New York Transit C o . . .100 210 220
Northern Pipe Line C o . . 100 108 113
Ohio OH C o ........................ 26 323 328
Ponn-M ex Fuel C o ........... 26 *30
35
Pierce Oil Corporation___25
*9*4 10U
Prairie Oil A Gas.............. 100 485 495
Prairie Pipe Line.............. 100 263 268
Solar R e fin in g .................. 100 295 305
Southern Pipe Line C o . . 100 183 188
South Penn Oil....... ........... 100 270 275
Southwest Pa Plpo Lines. 100 90
95
Standard Oil (California) 100 213 217
Standard Oil (In d ia n a ).. 100 620 630
Standard Oil (K a n sa s)... 100 430 460
Standard Oil (Kentuoky) 100 320 330
Standard Oil (Nebraska) 100 460 480
Standard Oil of New Jer. 100 535 540
Standard Oil of Now Y 'k 100 267 272
Standard Oil (Ohio)......... 100 390 410
SwanA F lr o h ................ 100 90
9(
Union Tank Line C o ____100
95 100
Vacuum Oil......................... 100 310 34;
Washington Oil.................. 10 *27
32
B on ds.
Per Ctnl.
74
Ploroe O il C o r p oon v 6 s . 1024
O r d n a n c e S t o c k s — Per Share.
64
A etn a E x p losiv es p r e f___ 100
4
A m erican A British M f g . 100
20
P re fe rre d ...........................1 0 0
A tlas P ow d er c o m m o n ___100 179
91
P r e fe rre d ............................ 100
B a b c o ck A W ltc o x .............100 113
B liss (E W ) C o c o m m o n . 60 •325
P referred .....................
50 •65
C a n a d a F d y s A F o rg in g s . 100 140
C a rb on Steel o o m m o n ___100 113
90
1st p referred........ ............100
65
2d p referred....................... 100
C o lt 's P a ten t F ire A rm s
M f g ...................................... 25 *67
d u P o n t (E I ) d e N em ou rs
A C o o o m m o n ...................100 298
90
D eb en tu re s t o c k .............100
90
E a stern S t e e l ....................... 100
45
E m p ire Steel A Iron c o m . 100
78
P referred ............................ 100
H croules P o w d e r c o m . . . 100 249
P referred ............................ 100 107
N lles-B em en t-P on d o o m . 100 126
95
P r e fe r re d ............................ 100
P enn Seab oard Steel (no par) *50
P h o lp s-D o d g e C o r p _____ 100 268
S oovlll M a n u fa c t u r in g .. . 1 0 0 495
T h o m a s I r o n .......... .................50 •26
W in ch ester R ep ea t Arm s. 100 700
45
W ood w a rd I r o n .................. lo o
P u t d lc U t ilit ie s
A m er G us A E leo c o m ___ 60
P referred .............................. 50
A m er L t A T r a o o o m ____ 100
P re fe rre d ............................ 100
A m er P ow er A L t o o m . . . 100
P referred ............................ lo o
A m er Publto U tilities com lOO
.1 0 0
.1 0 0
.1 0 0
.1 0 0
.1 0 0
.1 0 0
1.100
67
6
30
183
92
115
400
75
160
116
100
72
70
303
92
95
50
84
252
"f"
R R . E q u ip m e n t s — PerCt
Baltimore A Ohio 4M *-Buff Rooh A Pittsburgh 4 Me
Equipment 4s......................
Canadian Paolflo 4M s______
Caro Clinohfletd A Ohio 6s. Central of Georgia 5s......... ..
Equipment 4M a........... ..
Chicago A Alton 4s________
Chicago A Eastern III 6M «Equipment 4M a................
Chic Ind A Loulsv 4 M s_____
Chlo St Louis A N O 5s.........
Chicago A N W 4 Ms_______
C liloagoR I A I> a o 4 M s.........
Colorado A Southern 6s____
Erlo 6s......... .............................
Equipment 4M *........... ..
Equipment 4 « . . ..................
H ocking Valley 4a...........
Equipment 6s____________
Illinois Central 5 s . . ..............
Equipment 4 M s_____ ____
Kanawha A M loblgan 4M a..
Louisville A Nashville 6s____
Michigan Central 5 s .............
Minn S t P A S S M 4 M s___
Missouri Kansas A Texas 5s.
Missouri Paolflo 5s..... ............
M obile A Ohio 6s__________
Equipment 4 M s_________
New York Central Lines 6 s..
Equipment 4 M s .................
N Y Ontario A West 4 M s ...
Norfolk A Western 4 M s .. .
Equipment 4s.....................
Pennsylvania R R 4M *.........
Equipment 4s..................
St Louis Iron M t A Sou 5 s ..
St Louis A Han Franoisoo 6s
Seaboard Air Lino 5s.............
Equipment 4M s.................
Southern Paolflo Co 4 M S -.
Southern Railway 4 M »_____
T oledo A Ohio Central 4 s . . .
Basle
Bid Aik.
6.1 2 5 .7 5
6.00 5 .5 0
6.00 6 .5 0
6.3 8 6.00
6.90 6.00
0.00 5.5 0
6.00 5.5 0
0.00
6.7 5
7.5 0
7.0 0
0 .35
5.90
6.80
0 .9 0
6.40
6 .5 0
6.00
0.00
5 .5 0
6 .4 0
6.00
5 .9 0
0.20 5 .7 0
6.20
6.20
6.10
6.10
6.00
0.00
0.25
5.85
6.10
6.00
6.75
0 .7 5
6.50
6.8 0
0.2 5
6.25
6.5 0
6.85
6.85
5.75
6.75
7.00
6.75
6 90
6.90
5.95
5 .7 0
5 .7 0
5 .7 0
5 .7 0
6 .8 0
5 .8 0
5.7 5
6 .4 5
5 .6 0
5 .6 0
6.00
0.00
6.00
6.00
5 .7 5
5.7 5
6.00
6 .3 5
5 .3 5
5 30
5 .3 0
6.00
6.00
6.00
6.00
6 .7 0
6.10 5 .60
6.00
0 .4 0
T ob a cco Stocks — P e r S h a r e .
Par Bid
American Cigar oommon. 100 97
Preferred....................... 100 85
Amer Maohlne A F d ry..l00 70
Brltlsh-Amer Tobac o r d ..£ l *16
Ordinary, bearer.......... £1 *15
Conley Foil....................... 100 190
Johnson Tin Foil A Mot.lnO 75
MaoAndrows A Forbes.. 100 170
Preferred....................... 100 93
Reynolds (R J) Tobacco. 100 250
B com stock ................. 100 200
P referred..................... 100 98
Young (J 8) C o............... 100 125
Preferred____________ 100 100
A Sk.
101
00
80
17
16
210
125
180
98
300
220
100
150
106
Short-Term Notes— Per C e n l .
Am Cot OH 5s 1918 ...M A S 9912 99*4
5s 1919.......................MAS 97
97b
111
AmerToIATel 6s 1919..FAA 99*8 99*4
128
Balto A Ohio 58 1918 ..J A J 99*4 100
100
68 1919________
JAJ 98SS 99
60
Beth Steel Gs 1919.-FAA 16 98b 98*8
275
Canadian Pao 6s 1924.MAS 2 98!| 98*4
510
Chlo A West Ind 6h' 18.MAS 99L Oillj
30
Del A Hudson 6s 1920 FAA 9712 97*4
825
Erlo RR 5a 1919............. A-O 9612 97
50
Gen Eleo 68 1920.......... JAJ 100*8 1007*
6% notes (2-yr) '19. JAD 100*4 101
Gonoral Rubber 6s 1918. JAD 99b 9 9 b
Great Nor 6s 1920____ MAS 0712 97*4
Hooking Valley 6s 1918 MAN 99*8 100
99
K C Rys 5Ms 1918........ JAJ 97
K C T erm Ry 4M s'18.M A N 9812 99
4Ms 1921.................... JAJ 93i2 9 4 b
Laclede Gas L 5s 1 919..FAA 97i4 9 8 b
MorganAWrlght 6s Deo 1 'IS 99
50
98*8
N Y Cent 5s 1919__ MAS15 98
212 213
Penn Co 4Ma 1921.. JAD 16 96*4 9 6 b
7 4 b 75 b Pub Ser Corp N J 6s T 9.MAS
97
95
20
22
Rein Arms U .M.C 5s'10FAA 9412 9 5 b
45
48
Southern Ry 6s 1919..M-S 2 98b 98*4
dlK)
94
Utah Sec Corp 6s '22.M -S 16 85
87
8
6
Wlnohes RepArms78'19.MAS 09b 99*s
__
30
78
14
40
72
44
84b
55
70
34
79
14
40
21
58
79
95
*4
•24b
3
10
5
41
7
30
63
12
48
35
SO
18
45
73
46
86
60
75
36
81
18
45
23
60
82
98
6
20
3b
12
7
45
10
32
65
14
52
Industrial
and Miscellaneous
Amerloan Brass............... 100 225 230
JAJ
38
American Chlolo oom___ 100
35
-1 0 0
67
Preferred____________ 100 63
.1 0 0
American Hardware........ 100 127 132
1100
38
Amor Typefoundors oom. 100 35
.1 0 0
Preferred........ ............. 100 80 84
.1 0 0
Bordon's Cond Milk oom. 100 94 98
.100
Preferred_____________100 93
96
.1 0 0
Celluloid Company........ 100 145 155
Columbia Craphoph Mfg (t) *66 68
.1 0 0
Preferred.......................100 08
70
Freeport Texas C o ........ (t) *34
35
.1 0 0
Havana Tobaooo C o____ 100
lb
1*8
.1 0 0
Preferred_____________100
2
A
. 50
1st g 6s Juno 1 1922.. J-
@FedFRASER