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The.
Bank & Quotation Section
Railway Earninp.s Section
financial
brortud
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
NO. 2816
SATURDAY, JUNE 14 1919
VOL. 108
The ftItronitte
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$10 00
6 00
For Six Months
13 00
European Subscription (including postage)
7 50
European Subscription six months (including postage)
22 14s.
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21 lie.
Six Months Subscription in London (including postage)
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Subscription includes following Supplements
BANK AND QUOTATION (monthly) 1 RAILWAY AND INDUSTRIAL(twice yearly)
ELECTRIO RAILWAY(twice yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Clearings at
Week ending June 7.
1
1
I
1 Inc. or 1
Dec.
1916.
1917.
I
$
$
$
$
1 %
586,744,177 458,391,139, +28.0 475,851,105 353,388,787
36,496,785
53,062,865 +9.2
35,055,000
57,920,242
63,167,097
74,348,642 +29.5
40,068,994
96,292,739
41,362,821
48,478,400
59,411,263 +46.5
87,063,162
18,388,319
25,570,174
26,344,672. +18.7
31,273,855
13,612,824
11,213,351
15,077,000 -3.7
14,488,000
9,887.400
9,110,500
10,615,800 +21.3
12,878,400
9,689,778
9,556,727
9,873,156 +16.6
11,510,736
5,200,000
3,900,000
5,038,4871 +11.0
5,590,227
4,929,736
4,094,922
5,729,941 -4.1
5,494,408
3,711,704
3,410,248
4,231,900
4,075,9851 +3.8
2,784,791
1,504,187
3,910,7421 +5.7
4,133,001
3,418,083
2,169,145
3,495,544! +10.3
3,855,953
1,661,072
2,184,096
2,278,295; -12.2
2,000,000
1,546,832
1,473,419
1,700,178
1,539,5591 +10.5
2,471,400
3,585,973
3,738,134
2,977,550, +25.6
3,580,000
5,825,000
5,316,000 +63.8
8,706,000
679,039
560,992
1,086,139 +19.9
1,300,000
951,446
1,028,575
1,492,832 -9.6
1,350,000
1,001,502
1,151,687
1,276,203 +1.9
1,300,000
1,170,140
958,491
1.016,574 +42.7
1,450,392
879,626
1,050,583
1,289,965 +26.8
1,634,178
754,792
1,314,023
1,150,735 +7.5
2,015,303
654,130
887,696
1,073,075 +78.3
1,913,582
595,294
1,003,873
1,046,695 +4.4
1,092,625
693,981
700,054
644,855 +24.1
800,000
527,073
419,815
+9.4
617,471
675,019
675,804
778,136
970,830 +30.0
1,000,000
1,544,372
1,514,822
1,058,520 +13.3
1,200,000
522,174
295,917
684,108 -9.4
620,000
366,036
547,634
500,000
430,334 +16.2
78,225
110,966
65,999, +56.2
103,056
1919.
I
1918.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Youngstown
Terms of Advertising-Per Inch Space
Springfield, Ill
$4 20 Fort Wayne
Transient matter per inch space(14 agate lines)
22 00 Canton
(8 times)
Two Months
29 00 Akron
m es
Rnles?
?o
1 ‘ nAts
rgxr? M itths
Standing Business Cards
50 00 Lexington
(26
87 00 Rockford
times)
TwolveMonths(52
South Bend
CHICAGO OFFICE-39 South La Salle Street,Telephone Majestic 7396.
Springfield, 0_ LONDON OFFICE-Edwards 8. Smith,1 Drapers' Gardens, E. C.
Quincy
WILLIAM B. DANA COMPANY, Publishers,
Bloomington
York.
Decatur
Front. Pine and Depeyeter Ste.. New
Mansfield
Dannville
Published every Saturday morning by WILLIAM II. DANA COMPANY. Jacksonville, III
Treasurer; Arnold G. Dana, Vice-President and Lima
Jacob Seibert Jr., President and
Secretary. Addressees of both, Office of the Company.
Laksing
Owensboro
Ann Arbor
CLEARING /119C/81? RETURN'S.
Adrian
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
TotalM1d.West 954,535,757 755,390,575 +26.41 727,926,975 553,857,503
been $8,112,552,489, against $8,355,842,492 last week and $6,242,788,429
have
the corresponding week last year.
San Francisco___ 131,399,048 100,659,182 +30.5
76,808,074
50,217,835
43,299,000
Los Angeles
29,090,000 +48.8
25,727,000
23,193,507
37,931,861
Seattle
20,383,291
35,396,230 +7.2
15,194,946
Per
--Returns by Telegrap.'1.
Clearings
30,058,836
14,000,000
Portland
22,220,880 +35.3
10,245,027
Cent.
1918.
1919.
IVeek ending June 14.
15,256,422
10,479,728
11,815,059 +29.1
Salt Lake City
8,570,710
4,738,236
9,699,017
5,300,000
8,099,061 +19.9
$4,012,819,884 $2,765,146,350 +45.1 Spokane
New York
3,154.247
4,340,183 +15.2
2,275,840
5,000,835
480,660,694
408,625,965 +17.6 Tacoma
Chicago
4,401,908
0,144,795 +40.9
4,385,413
8,655,735
313,435,143 +18.4 Oakland
371,051,098
Philadelphia
1,897,709
2,528,829
2,041,993 +5.9
2,162,279
+5.5 San Diego
287,399,948
303,304,901
Boston
2,674,335
3,943,768 -7.3
2,353,856
3.657,037
137,410,130 +26.2 Sacramento
173,462,288
Kansas City
1,020,577
1,309,953
988,165 +32.5
1,006,871
139,051.205
-1.5 Pasadena
136,937,058
St. Louis
1,620,527
1,842,007 -7.3
1,182,931
1,708,860
86,541.923 +26.3 Stockton
109,286,174
San Francisco
1,441,065
1,155,574
2,511,387
1,854,135 +35.4
93,776,736 +19.8 Fresno
112,318,700
Pittsburgh
750,000
1,454,047
1,058,628 +37.3
680,000
+44.0 San Jose
50,728,481
Detroit
73,049,598
647,540
512,839
1,131,959
766.370 +47.7
+4.2 Yakima
64,289,570
Baltimore
67,003,680
424,000
1,058,231
703,685 +50.4
300,000
44,867,520 +44.4 Reno
64,779,699
New Orleans
729,638
984,944 +66.4
627,679
1,639,332
Long Beach
+34.5
Eleven cities, 5 days
$5,901,673,774 $4,391,272,971
Total Pacific_ 297,933,839 231,949,485 +28.4 171,519,639 138,190,093
771,468,208 +17.4
905,416,297
Other cities, 5 days
83,292,910
202,728,675 164,512,916 +23.2 126,521,070
Kansas City
28,447.159
$6,810.090,071 $5,162,741,179 +31.9 Minneapolis
26,509,247' +51.1
Total all cities, 5 days
40,067,995
22,330,053
1,080,047,250 +20.6 Omaha
33,145,079
46,925,364 +24.7
58,525,720
1,302 462,418
All cities, 1 day
23,035,918
14,429,294
14,063,282 +37.7
19,357,615
14,990,558
St. Paul
IR 112 552 4Rfl 18.242.788.429 +30.0 Denver
16,309,570
Total all cities for week
23,005,591 +3.0
23,690,717
13,826,204
14,635,221
15,769,006 -0.9
15,622,837
10,833,635
The full details for the week covered by the above will be given next Slturday. St. Joseph
8,226,065
11,394,561
11,026,976 +3.3
6,507,158
clearing houses Des Moines
We cannot furnish them to-day, clearings being made up by the
6,555,409
7,217,321' +63.5
11,802,934
Sioux City
4,338,765
at noon on Saturday, and hence in the above the last day of the week has to be in Duluth
7,450,737
4,905,367 +27.7
4,320,647
6,264,647
cases estimated, as we go to press Friday night.
all
6,146,408
7,441,546 +36.0
4,405,427
10,530,288
Wichita
Detailed figures for the week ending Juno 7 show:
3,771,633
4,686,902 +10.3
5,171,598
3,155,268
Lincoln
2,606,799
3,248,387 -30.61
2,255,912
1,903,904
Topeka
2,262,040
2,022,858 +41.8
2,869,331
1,796,714
Cedar Rapids
Week ending June 7.
808,445
1,113,720
740,984 +50.4
Colorado Springs
819,004
Clearings at
2,794,399
1,684,082
1,859,083 +50.3
1,746,395
Fargo
Inc. or
611,412
939,760
1919.
511,424
702,114 +33.8
1910.
Pueblo
1918.
1917.
Dec.
640,933
611,294
801,979
652,090 +23.0
Fremont
2,390,000
1,756,081
2,156,634
1,820,228. -3.5
Waterloo
1,955,394
1,413,046
1,902,190
5,017,234,626 3,525,839,329 +42.3 3,464,:336,922 2,979,367,287 IIelena
1,801,9631 +5.6
New York
921,542
430,178.127 393,621,518 +9.3 332,818,145 237,203,393 Aberdeen
888,981
1,218,873, +23.1
1,500,000
Philadelphia
515,755
130,762,013 108,054,492 +21.0
327,811
453,330 +80.5
59,947,917 Hastings
818,469
Pittsburgh
75,032,708
1,042,375
88.930,256
700,191
1,088,734 +32.8
41.992,639 Billings
1,445,172
69,129,993 +28.6
Baltimore
43,312,829
29,434,219
15,609,732
20,250,946
21,733,679 +35.4
Buffalo
+23.8 281,156,482 203,961,941
Tot. 0th. West 423,354,603 341,972,165
18,272,330
11,426,012
Washington
12,461,813
14,912.023 +22.5
4,600.000
4,741,395 St. Louis
5,232,470
4,900,000 -6.1
Albany
158,476,887 140,986,163 +12.0 120,380,163 107,467,235
13,764,234
7,701,622 New Orleans
11,359,359 +21.2
Rochester
8,025,283
29,464,320
41,237,172 +36.7
23,943,101
56.373,878
4,011,004
3,405,759 Louisville
4,000,000 +0.3
3,883,359
Scranton
16,323,721
24,032,036 -39.7
17,836,036
14,500,000
4,333,404
2,848,838 Houston
3,925,250
4,100,000 +5.7
Syracuse
10,900,000
9,912,611 +31.1
7,791,898
13,000,000
2,610,645
2,350,471 Richmond
2,757,641
2,985,443 -12.6
Reading
34,304,953
39,928,851 +10.9
44,277,130
15,857,558
,
3,106,834
2,690.636 +15.5
2,226,070 Atlanta
2,416,104
Trenton
21,862,482
38,347,440 +24.1
47,595,809
16,463,719
4,000,000
3,012,034 Galveston
3,643,328
4,243,760 -5.7
Wheeling
6,412.415
3,844,330 +66.8
5,600,000
3,150,000
2.100,000
1,917,400 Memphis
2,397,681 -12.4
Wilkes-Barre_
2,206,306
19,876,883
8,649,117 +129.8
9,494,678
7,590,349
3,200,000
3,249,519 Fort Worth
2,920,399
3,369,724 -5.0
Wilmington
13,481,823
12,062,170
9,835,295 +37.1
8,780,210
1,323,118
997,832
1,220,815
1.265,611
York
+4.6
12,000,000
8,836,829
11,934,073 +0.6
8,190,096
2,211,196
1,298,197 Nashville
2,072.280 +6.7
1,694,763
Erie
9,857,459
5,701,115
6,681,918
5,557,922 +75.4
Savannah
1,395,015
1,488,845
1,657,390 -15.8
Chester
1,154,555 Norfolk
7,119,638
5,180,398
11,481,397
8,243,152 +39.3
1,000.000
1,000.000 -13.0
Greensburg
950,000
900,000 Birmingham
3,393,209
3,294,236
10,480,728
4,253,542 +146.4
047.000
954,400 Oklahoma
Binghamton
891,700 +6.2
1,125,400
6,348,778
3,618.265
10,765,475
8,202,529 +31.2
1,009.528
810,385 +24.6
Altoona
810,044
594,249 Jacksonville
3,899,486
3,881,997
9,453,772
4,573,999 +102.3
2,944,490
Lancaster
2,416,405
3,082,901 -4.5
2,317,681 Little Rock
2,990,836
2,540,408
3,000,000 +10.0
3,300,000
793,167
Montclair
575,405 +37.8
575,505
461,103 Chattanooga
3,479,937
3,008,176
4,068,089 +19.9
4,879,712
2,107,820
2,461,462
2,793,131 -14.1
2,400,000
Total Middle 5,768,161,206 4,184,846,309 +37.8 3,994,105,570 3,385,678,105 Knoxville
2,785.692
1,465,919
2,186,626 +86.3
4,074,471
Augusta
1,652,134
1,407,528 +35.6
364,863.445 291,441,064 +25.2 230,040,466 200,556,911 Mobile
1,207,978
1,908,447
Boston
3,045,925
2,487,147 +44.8
2,068,401
12,332.400
3,600,000
10,885,500 +13.3
Providence
9,998,000
9,238,400 Charleston
1,392,927
1,500,000 +10.0
9,981,264
2,586,653
1,650,000
8,807,984 + 13.3
Hartford
8,332,290
9,210,046 Macon
2,460,332
2,860,576 +4.9
3,000,000
5.386,485
2,000,000
5,705,238 -5.6
4,371,629 Austin
New Ifaven
4,901,857
277,685
314,087 +54.5
485,584
326,791
4,702,280
4,308,186 +0.1
sprIngfleld
3,930,562 Vicksburg
4,125,303
612,521 -20.5
486,668
443,266
4,435.984
407,924
3,768,190 + 17.7
Worcester
3,466,598 Jackson
3,133,750
11,719,290 -28.2
8,420,496
5,482,544
4,817,149
2,600,000
2,819,347 -7.8
Portland
2,857,410 Tulsa
2,936,106
2,228,790 +15.0
2,564,632
1,317,164
1,001,682
2,993,886
2,040,956 +46.7
1,698,339 Muskogee
Fall River
1,960,088
15,000,000 +50.0
22,500,000
11,383,933
1,846,176
6,173,794
1,564,028 +18.0
1,457,519 1)allas
1,663,725
Nov Bedford
2,076,079 +38.2
2,869.653
1,507,073
989,346
1,200,000 -17.6
Lowell
1,103,934
1,002,309 Shreveport
724.144 +3.9
752.502
Holyoke
851,202
805,096
Total Southern 500,173,319 411,792,103 +21.5 326,999,213 268,957,810
800,000
817,680 -2.2
738,503
697.841
Bangor
8.355,842,492 6,260,033,143 +33.5 5,770,488,335 4,799,874,770
Total all
- Tot. New Eng.. 411,683,768 334,082,506 +23.2 268,780,456 293,379,428
-6
Outside N.Y 3,338, 07,866 2,734,193,814 +22.1 2.306,161.413 1,810,607:481
For One Year
2364
THE CHRONICLE
[VoL. 108.
banks consists of paper secured by Government obligations. That is conspicuously true, for last FriTHE FINANCIAL SITUATION.
,000 of
There have been some notable developments this day's return of the banks showed $1,620,994
progress. bills discounted secured by Government war obligaweek, the most of them being in the line of
classes
Chief place must obviously be assigned to the tions, against only $190,130,000 out on other
same date reremoval by the Federal Reserve Board of the restric- of paper. The Reserve banks at the
notes in
tions on the exports of gold. While there is really ported $2,513,037,000 of Federal Reserve
$169,246,000 of Federal Renothing especially significant in the step, it yet is actual circulation and
,000 toimportant as indicating that by degrees the country serve Bank notes out, making $2,676,000
This is a prodigious total, but there has been
is getting back to a normal basis. There is,of course, gether.
merely
no reason in the world why a free gold market should little criticism of it, since it was supposed it
ample showed the extent to which the Reserve banks had
not now be allowed to exist here. We have
t's prostores of gold, and the most of it is lodged under the been called upon to finance the Governmen
control of the Federal Reserve banks. At the same digious war operations.
It gives one somewhat of a shock therefore to
time, trade balances are piling up in favor of the
borrowings
United States at a tremendous rate, and the report have Governor Harding suggest that these
may not, after all, be legitiissued this week by the Agricultural Department at on Government paper
Washington on the condition of the growing wheat mate but represent borrowings by those engaged
borcrops, winter and spring, is evidence that the balance in conducting speculative operations, the owners
run in favor of the United rowing on their bonds through the bank. It will
is going to continue to
would
States for quite a considerable while yet, since the readily be seen that such speculative borrowing
starving populations of Europe are in dire need of the be entirely feasible.
Governor Harding laments the fact that it is not
food supplies which nature is bestowing upon us in
rates
such bounteous fashion. If South America, or Spain, possible at this juncture to raise the discount
our of the Reserve banks. He says that ordinarily the
or Japan, or any other country wants any of
tendency toward excessive speculation "could be
gold, we can well afford to spare it.
aspires to become corrected by an advance in discount rates at the FedNot only that, but if New York
one of the great financial centres of the earth nothing eral Reserve banks," but that "it is not practicable
Governwill tend so surely to promote confidence in its to apply this check at this time because of
call loan rates
ability to maintain its position as knowledge that ment financing." However, when
a rise
the gold currents are to be absolutely free. It was advance to 8, 10 and 12 per cent does not such
own corrective and is it not a far better
precisely that distinction that raised Great Britain supply its
to a position of such great financial pre-eminence correction than an advance in discount rates would
point
before the war. Even now, England, though obliged be, since the corrective operates at the very
of gold,thinksit good where the remedy is needed?
to hold a tight rein on its stock
As this week's experience shows, an advance in
- policy to let some of its Canadian gold pass to the
on
United States to aid in correcting the dislocation of discount rates acts immediately as a repellent
purpose the present tension
speculation. One good
sterling exchange.
will
Release of its control of the gold currents by the in the call loan branch of the money market
y with doubtless serve; it will serve to dispel the illusion
Federal Reserve Board comes coincidentl
renewed tension in the call loan branch of the money that, now that we have the Federal Reserve system,
market; 8, 10 and even 12% has had to be paid this call money will always be in abundance on easy
week for loans secured by collateral consisting ex- terms, with 6% the maximum figure. For a time
clusively of industrial securities. The stock market, the Reserve Board appeared disposed to encourage
where speculation has been running rather wild that view. It is a great comfort to know that the
at times, has tended lower. There have been sharp Board is no longer wedded to this idea.
declines—in certain stocks in proportion to the
The grain crop outlook in the United States conprevious tremendous advances —and the Federal
lest its loaning tinues highly satisfactory even though, as a result of
Reserve Board has become concerned
1
powers may be used to promote speculative inove- adverse developments in May, the promise June
rewas a trifle less less brilliant than officially
ments on the Exchange.
W.P. G. Harding has addressed a letter ported a month earlier. Winter wheat notwithGovernor
this week to the Chairman of each of the Federal standing the appearance of red rust over a conReserve banks requesting that inquiry be made as siderable area, and smut and the Australian "Taketo "the extent of member bank borrowings on Gov- All" disease in limited sections, is still expected to
ernment collateral made for purposes other than for furnish a yield of close to 900 million bushels—a high
carrying customers who have purchased Liberty record in production by over 200 million bushels.
bonds on account, or other than for purely commer- Spring wheat, moreover, with area slightly greater
cial purposes." We have been favored with a copy than in 1918, has started off quite well and with
of the letter and print it in full on another page. normal conditions hereafter offers the prospect of a
The letter, it will be seen, is not specifically directed product little if any under the high water mark
at stock speculation. It speaks of the "existing ten- established last year. In the aggregate, therefore,
dency towards excessive speculation," and evidently the wheat crop (winter and spring varieties comhas reference to speculation in general. The cotton bined) should, according to present official calcuand grain markets so interpreted it, and responded lations, reach a total some 319 million bushels more
with sharp declines. The speculative spirit has than last year and 211 millions in excess of the
latterly been rampant everywhere and the movement previous high record-1,025 million bushels in 1915.
in many directions:is assuming an unhealthy character. This outcome attained and the Canadian expectaGovernor Harding well says that by far the larger tion of 300 million bushels realized, there should be
part,of the invested assets of the Federal Reserve no uneasiness as to the ability of the North Amen-
JUNE 14 1919.]
THE CHRONICLE
2365
can Continent to make up for any shortage of wheat
Late advices from Canada speak very encouragin Europe.
ingly of the wheat crop outlook. In fact for the
Oats have been less freely planted this year, but
Dominion as a whole current estimates of yield run
a crop of ample proportions, and not materially as
high as 300 million bushels or over. This result
below the crops of 1918 and 1917, is now counted
attained, the yield would be second only to that of
upon. As regards corn, nothing of an official nature 1915
and approximately 100 million bushels greater
has yet been promulgated, the initial announce- than
in 1918.
ment by the Department of Agriculture not being
due until next month. Private advices indicate,
The commercial failures statement for May 1919,
however, that as a result of unfavorable climatic while covering
a total of indebtedness a little heavier
• conditions, including the flooding of more or less than in April, is a
strikingly favorable one, as in
ground, intentions as to area have been modified fact have been all
compilations of the kind for many
and it now seems probable that the planting will months past. The
salient feature of this latest exbe less extensive than last year.
hibit is that still again a new low record in number
The principal cause assigned for the drop of 5.6 of insolvencies has been
established; and that after
points—from 100.5 to 94.9—in the condition of all is the point of
greatest satisfaction. Messrs.
winter wheat during May is the appearance of red R. G. Dun & Co.'s compila
tions, which furnish the
rust in practically all of the Central States west of basis for our deductions, indicat
e that the number
the Mississippi River and extending eastward as of business defaults in May
1919 was only 531,
far as Maryland. In Kansas and Nebraska the covering liabilities of $11,956
,651, against 880 and
rusted section is said to be exceptionally large, with $13,134,672 in the previous
year, 1,296 and $11,the deterioration most marked in the last week of 771,891 in 1917 and 1,482 and
$19,466,436 in 1916.
May. Damage from "Take-All," and insects or The high aggregate of debts
for May was in 1900,
worms, which is reported from scattered localities, when they reached $23,771
,151. Manufacturing
is apparently everywhere of little or no importance. insolvencies were fewer in number
in May than in
The condition of 94.9 on June 1 contrasts with 83.8 any month since July 1906, except
February this
last year 70.9 in 1917 and a ten-year average of year, but due to a few large failures
, the liabilities
80.5, which indicates how favorable the general were heavier than for the period in
either of the four
prospect is. For the whole country the Depart- preceding years, $7,997,
719 comparing with $4,ment of Agriculture estimates an average yield of 340,250 in 1918.
Defaults among traders, on the
18.2 bushels per acre, which, applied to the 48,- other hand, were not
only very much less numerous
933,000 acres remaining under cultivation, would than in May of
recent years, but actually fewer
give a winter wheat crop of 892,822,000 bushels, than in any month for fully
a quarter of a century,
or only 7 million bushels less than its May 1 fore- and the indebtedness at $2,779,
326 falls below that
cast, against 558 million bushels harvested a year for any month since July
1905. The showing made
ago, and 685 millions in 1914—the latter the es- by brokers, agents, &c., is also
a very favorable
tablished high record in production. To the in- one, as not only is there
a decrease in number of
crease of 334 million bushels over last year Kansas is failures, but the volume of
debts at $1,179,609 is
expected to contribute 90 millions, Nebraska 36 less than one-fourth that
of a year ago.
millions, Texas 263/ millions, Oklahoma 25 mil2
The exhibit for the five months of 1919 reflects,
lions, Missouri 19 millions and Washington 173/i in a most conclusive
manner, the current very
millions.
satisfactory solvency situation in the United States.
The report on spring wheat indicates that there For a smaller number than recorde
d for the period
has not been the expected increase in acreage, the this year-2,978—we must
go back to the early
late spring and excessive rainfall having interfered 80s, when the number of firms
in business was
with the seeding of much land intended for the crop. less than half that of the present
day, and the total
An addition of 8-10 of 1% is reported, however, of indebtedness at $59,228,165 is not
much in excess
making the planting 187,000 acres in excess of of that of 1907. Contrast this
year's results with
1918 and to that extent therefore a high record. tie 5,025 for $77,116,821 last
year, 6,302 for $76,On the basis of the condition percentage of 91.2, 666,203 two years ago, 8,208 for
$99,341,819 in
which compares with 95.2 a year ago and a ten- 1916 and 10,986 for $170,267,417
in 1915 and the
year mean of 93.7, an average yield of 15.2 bushels advance made in business solvenc
y of late years is
per acre is arrived at, and this applied to the acreage apparent. The manufacturing
liabilities for the
above stated, points to an aggregate production of five months at $29,344
,085, compare with $30,about 343 million bushels, against 3583/i millions 396,236 last year and $31,015,719 in
1917; trading
last year. For the winter and spring varieties debts stand at $18,481,598, against
$20,057.860 and
combined therefore we have a total area under cul- $32,195,191, respectively and
the aggregate indebttivation of 71,526,000 acres, against 59,110,000 edness reported by brokers
, agents, &c., at $11,402,L
acres last year and an indicated production of 1,236 482 contrasts with $18,662
,725 and $13,455,293.
million bushels, against 917 million bushels.
Oats area has been decreased this year by 4.6%,
Peace Conference deliberations this week have
making the planting 42,365,000 acres, but condition followed much
the same course as those of last week.
June 1 was above the average, standing at 93.2, Not until Wednesday and
Thursday did the Ameriagainst the same figure in 1918 and a ten-year can correspondents
even claim that substantial
average of 89.4. The total yield is estimated at progress had been made
in dealing with features of
1,446 million bushels or 92 millions under 1918. the German treaty, which had been
the most troubleLarger rye and hay crops are anticipated than a some all along. Having
encountered serious opposiyear ago, but with the area of barley decreased tion to the proposal, said to have been
made and
about 8% a corresponding reduction in yield is championed chiefly by Lloyd
George, to make imexpected.
portant changes in the principle and text of the
2366
THE CHRONICLE
[VOL. 108.
with which the Peace Conference authorities had to
deal again this week. The insistence upon the part
of the British representatives that the amount be
fixed was said to be lessening, however, even at the
beginning of the week, and the opinion was entertained that a definite amount would not be named.
For some weeks practically all the advices from Paris
and London have stated that the French were
strongly opposed to the latter idea. By its adoption
they contended that their chances of getting a large
sum from Germany might not be as good as if the
amount were left open for two years, or some other
fixed period. Naturally the British and French deleAnother method suggested for avoiding the making gates took the lead in all the discussions as to what
of amendments to vital points called for "a series of Germany should pay ultimately. During the greater
from
letters to the commissions authorized by the treaty, part of this week they seemed to be about as far
time since
instructing them to be guided by the modifications a final agreement as they had been at any
set forth." This idea did not appear to be regarded the question of reparations was first taken up. Both
as practical at first, and little or nothing was said were said to be unwilling to fix an amount less then
about it in Paris advices until Thursday morning, $40,000,000,000, the British holding out for that
when it was claimed by one American correspondent amount and the French for $50,000,000,000. It was
that "while the treaty would not be changed, the stated that the American representatives were unAllies' answer takes the form of a long letter, explain- willing from the beginning to assent to either figure,
ing the features objected to in a way to give encour- pointing out that the interest alone on the former at
agement to the Germans that the Allies do not mean 5% a year would be $2,000,000,000, and asserting
to crush them." Prior to this message the addenda that "with the econmoic restrictions placed upon
proposal appeared to be most in favor with Peace Germany, she would be unable to meet such a heavy
Conference authorities. The correspondent just obligation." After much discussion it was reported
quoted added that "the answer is framed in a friendly that "all sides inclined to the proposal to reduce the
spirit, and while there is optimism in some quarters, time within which the Allied Reparations Commission
it would appear that the answer gives but little satis- must fix the ultimate total from two years to a few
faction to the Germans, and there is grave doubt in months." Thursday morning the definite statement
many minds that they will sign." He declared, was made in Paris advices that the Commission on
furthermore, that "the agreement represents another Reparations would be "required to fix the amount
victory by Premier Clemenceau, Lloyd George having within four months of the signing of the treaty."
swung back to a standpat attitude on the treaty."
This was the idea set forth in a special cablegram
It was apparent in all the advices this week that made public here Tuesday morning. Advices rethe Allied representatives at the Peace Conference ceived a few hours later the same day conveyed the
were doing all in their power to hasten the completion impression that the whole question of reparation was
of their reply to the German plenipotentiaries. There still pretty much "up in the air." Marcel Hutin,
were distinct indications that fear of the forming of writing in the "Echo de Paris," stated that the Couna defensive alliance between Germany and Russia cil of Four had before it still another plan and dewas one of the most potent influences behind all the clared that it contained the following suggestions: To
steps taken to "speed up" the deliberations. That seize German liquid assets to the value of 25,000,from a week ago to-day on strenuous efforts were 000,000 francs; to leave a margin of two years for
made to have the reply ready by the last of this fixing the actual amount of reparation (this stipulaweek, no one denied. Monday afternoon a Paris tion appeared in the draft of the treaty submitted
cablegram stated that the representatives of the to the Germans early in May); after the expiration
Allied and Associated Governments had decided that of that time to exact payment on account of 125,"the reply will not be delivered before Friday, the 000,000,000 francs in gold or negotiable securities,
13th." It is of interest to observe the use of the and to give the Reparations Commission "authority
precautionary word "before," and also that no one to raise the amount of annual payments by Germany,
seemed to be entertaining proverbial superstition with should her capacity to pay increase."
respect to the day and date. While it was not
On Wednesday the Paris cablegrams were so absomentioned as the day, Paris advices spoke of it more
the reply would lutely conflicting and contradictory that it was
frequently as the probable time when
be delivered. As late in the week, however, as practically impossible to decide whether the Council
Thursday morning there did not seem to be anything of Four actually was deadlocked on the question of
absolutely definite as to whether the task could be reparation and other important features of the
accomplished by that time. It was stated on Mon- treaty, or whether substantial progress was being
day also that the Germans would be given five days made and that the reply of the Allies would be
ready by Friday. One special dispatch from a trustin which to consider the reply.
worthy and experienced correspondent to a prominent
in- New York paper stated that "the deadlock continues
The question as to whether the amount of the
demnity that Germany would be called upon by the in the councils of the four statesmen who are deterterms of the peace treaty to pay should be definitely mining the destinies of the world," and added "to-day
fixed therein, or be allowed to run in indefinite form the Council of Four appears to be marking time".
until May 1921, as stipulated in the treaty, continued Lloyd George was represented as still insistent upon
to be the most puzzling and troublesome problem modifications to the German treaty, while the vener-
treaty, the authorities this week appeared to be shaping their negotiations around a suggestion, reported
to have been made by President Wilson, that whatever changes might be agreed upon should be attached
as addenda to the document as originally presented
to Germany. From the outset this idea was said
to overcome largely the opposition of the French
delegates to making actual changes in the treaty itself
It was hoped, moreover, and even believed, that in
this way the objections of the Germans could be met
to a great extent by clarifying certain clauses without
making vital concessions.
JUNE 14 1919.]
THE CHRONICLE
able Clemenceau was declared to be unalterably
opposed to any changes at all. The correspondent
said: "The situation in this respect has narrowed
down to a contest between Clemenceau and Lloyd
George, who are unable to agree upon any solution.
President Wilson and Premier Orlando seem to
occupy the position of spectators in the drama that is
being played."
From the time that the British Premier first
came forward with suggestions that the peace treaty
be modified, if not changed, in important particulars, to meet the objections of the Germans, it has
been claimed in all the advices that the chief consideration with him was a desire to overcome the
contention of the Liberal Party in:England that the
terms were too severe. Clemenceau has been reported as the principal and only real staunch opponent of changes of any kind. This week he was
said to have based his position on the general idea
that "as the treaty has been completed and the
world made acquainted with its conditions, it is
now too late to make any important changes that
would create disappointment and opposition." The
opinion is rapidly spreading in this country that the
representatives of the Allied and Associated Governments should have made a treaty that was just,
practicable and workable, and to which they would
not only give their formal assent, but their unalterable support and defense. It is being pointed out
that there was no occasion for making a treaty more
severe than the Germans reasonably could be expected to sign, with the hope that they might accept
it, but really with the expectation of modifying it
so that they would sign. If the treaty were just
and workable the Germans could bring forward no
real reason for failing to accept the document.
Judging from the Paris cablegram to which reference
is made in an early paragraph of this article, the
Allied representatives, toward the end of the week,
came to realize the possible disastrous result of
changing the treaty itself and decided to stand pat
on the original terms. Of course, if they were
obscure they should be clarified. If they were
wrong or unjust, they should be corrected.
Whether Germany would sign the treaty if actually
amended, or with only addenda or an explanatory
note or letter, was as actively discussed as ever this
week. The advices on this point from Berlin,
London and Paris were conflicting in the extreme.
Last Saturday the "Tageszeitung" of Berlin was
reported to have quoted Matthias Erzberger, Chairman of the German Armistice Commission, as having
made it known that he was "preparing a memorandum, which, after discussing the peace terms in all
their aspects, advocates the signing of the treaty."
In a special cablegram from Berlin on Monday it was
claimed that in parliamentary circles there existed
little hope that "the changes which President Wilson,
Clemenceau and Lloyd George may make are likely
to be enough to make possible the signing of the
treaty by all the members of the present cabinet."
This was equivalent to intimating that a new
ministry was likely, and, in fact, this same dispatch
added that "speculation is rife in government and
parliamentary circles as to the personnel of the next
government." On Tuesday Count von BrockdorffRantzau, Chairman of the German peace mission,
2367
was quoted in an interview as saying that he could
not sign the peace treaty as originally presented, and
that"minor changes will not be considered sufficient."
Incidentally announcement was made that the meeting of the National Assembly called for Thursday to
discuss the peace situation would be held in Weimar
instead of Berlin. Later in the week it became known
that this body would not come together, in all
probability, until after the Allied reply to the
German counter proposals had been received.
Wednesday morning Paris advices stated that the
"Echo de Paris" predicted that the Germans would
sign the treaty before July 1st and that it would be
ratified by the various parliaments before August 1st.
In other dispatches received that afternoon from
Berlin the assertion was made that the "German
Government has assumed a new attitude regarding
the peace treaty, as a result of recent evidences of
internal unrest," and would sign if proper concessions
were made. In still another cablegram received
Thursday morning a member of the Schiedemann
cabinet was quoted as saying that "Germany will
sign the peace treaty if the Allied answer to the
counter proposals makes it possible for us to do so."
Yesterday morning's Paris cablegrams stated that the
Council of Four had agreed "in principle on all the
important features of the reply and that the drafting
of it could be accomplished by last night, but that
the expectation was that it would not actually be
placed in the hands of the Germans until to-night."
According to those advices also, the authorities had
decided to "incorporate the reply in the treaty itself,
rather than present it as a supplemental document."
It was added that "it will contain about 25,000
words."
In the latest dispatches from Paris last evening it
was asserted that "the Peace Treaty with Germany
will be entirely re-written and reprinted, for the incorporation textually of the explanations and classifications contained in the Allied reply to the German
counter-proposals." "While unchanged in principle,",
it was declared that "virtually a new document will
be presented to the Germans." It was said to be the
understanding in Paris that "the new treaty will be
made public on the day of its delivery, or the day
after," which it was thought would be next Monday.
Expression was given to the belief also that the German counter-proposals would be given out at the
same time.
The League of Nations, about which little has been
heard for some time in reports of Peace Conference
deliberations, came into fresh prominence this week.
Recently the most that had been said was as to
whether Germany should be admitted, and if so, when
and on what terms. In a general way the opinion appeared to be held, both in and out of Peace Conference circles, that she should be permitted to become a
member, but not immediately, and only after signing the peace treaty and complying with the conditions stipulated by the Allies. On Monday it was
reported in Paris that Premier Clemenceau, Colonel
E. M. House and Lord Robert Cecil would present a
report to the Council of Four later in the day on the
terms "under which other than founder members
might be admitted to the League of Nations." The
following was said to be the more important of the
conditions suggested: The establishment of a stable
2368
THE CHRONICLE
government; the,signing of the peace treaty and the
loyal execution of that document. The very next
day it was stated positively in a Paris dispatch that
Premier Clemenceau had flatly rejected at least that
part of the report fixing the time within which the
Germans might come in, and was understood to have
made some counter proposal, the nature of which
could not be ascertained. President Wilson was reported to have been keenly disappointed over the
Stand taken by the French Premier, and he was believed to have "grave fears for the League if Germany
is left out long." As in the matter of completing the
reply to the Germans, the impelling factor with some
of the Allied representatives, and the Americans as
well, in urging the admission of the Germans to the
League, was "the possibility of the formation of another group composed of rival Powers, which would
embrace Germany, Russia and the old Teutonic
group." Putting the situation in another way, a
man who was characterized as "one of the chief authorities" at the Peace Conference, said: "We can
deal with Germany better when inside than outside
the League. Outside she would be able to go her own
way; inside she must conform to the same obligations
as the Allies." The further suggestion was made
that,"with Germany a regular member of the League,
an army of occupation in her country would no longer
be necessary, or even permitted, under the terms of
the League itself." A cablegram from Paris yesterday morning stated, without reservation, that while
"no time has been fixed for Germany's entrance into
the League of Nations, if she conforms to the conditions, it is expected that she will be represented at
the first meeting of the assembly." Word came from
London on Thursday that last night British supporters of the League of Nations would inaugurate a
public campaign in Albert Hall "in support of the
covenant, which forms the first chapter of the League
of Nations."
It is still too early to determine what the effect
will be in Europe upon the standing of President Wilson and his associates in the American peace delegation, upon the "Conditions of Peace," as the treaty
will be officially lebeled until signed, and upon the
League of Nations, of the attack of Senator Knox in
the United States Senate upon those two documents.
The resolution which he introduced on Tuesday was
said to be "an initial move in an effort by opponents
of the League of Nations to separate it from the
treaty of peace." The investigation called for by a
resolution of Senator Hitchcock proved farcical, and
in no sense established the fact that there had been
a "leak." H. P. Davison, a member of the firm of
J. P. Morgan & Co., and Chairman of the International Red Cross, testified that Thomas W. Lamont,
one of his partners in the Morgan firm, and a financial
adviser to the American delegation at the Peace
Conference, gave him a copy of the treaty, which he
read carefully for its bearing upon the International
Red Cross organization, and which he brought with
him to the United States. Upon his arrival here he
showed it to former United States Senator Elihu
Root, who made it possible for Senator Lodge to
see it when the latter was in New York not long after
Mr. Davison's return. Outside of Mr. Root and
Mr. Davison, the prominent men who were called as
witnesses by the Senate Committee testified that they
had never seen a copy of the treaty. To say the
least, the publication of it in this country by the
[VoL. 108.
Chicago "Tribune" and the New York "Times," and
the reading of this copy into the "Congressional
Record," which, of course, went still further in making it public property, must have been distinctly
embarrassing to President Wilson and his American
associates at the Peace Conference, as they had
steadfastly refused to permit official publication until
after the document was signed.
A Week ago to-day it was reported from Vienna
that Dr. Karl Renner, head of the Austrian Peace
Mission, was attempting to obtain a verbal discussion
of the peace terms with the representatives of the
Allies at St. Germain. Incidentally he was quoted
in an interview as saying that the peace terms were
"incomparably more servere, in comparison, than
those for the Germans." Copenhagen heard from
Vienna on Sunday that there had been a big demonstration in the latter centre the day before, during
which "the peace terms were denounced." In opening the extraordinary session of the National Assembly in Vienna at the close of last week, President
Seitz was reported as having declared that "the peace
terms presented to the Austrians are impossible and
mean the death of the country by starvation."
Foreign Minister Bauer was said to have asserted
that "the treaty is a peace of hate," and that "nothing
is left for us to do but to join Germany." According
to a dispatch from Vienna Monday evening the
Austrian Government was "preparing its answer to
the peace terms, but it is believed that it will be
evasive."
Thursday announcement was made in Paris that
Dr. Renner had sent a letter to the Peace Conference
complaining of the "hard conditions" imposed upon
Austria and declaring that his country "is overwhelmed with despair." Special objection was made
in the letter against the dismemberment of Austria,
particularly the separation of Bohemia and Tyrol.
At the same time it was admitted that, because of
the urgency of completing the reply to the Germans,
little progress was being made "in drafting the missing
articles of the treaty with Austria." An American
who was said to be working on that document was
quoted as saying in reply to a query as to when the
remaining clauses would be completed, "there may
not be any more, the Austrians have more now,
apparently, than they are able to sign." Thursday
afternoon Paris reported that Dr. Renner had sent a
second note to the Peace Conference dealing with
repatriation of Austrian diplomatic officials now in
South America without resources. Another message
from the same centre declared that information had
been received there indicating that a Communist
government would be proclaimed in Austria tomorrow. The further assertion was made that 40%
of the Austrian army is Bolshevist in sympathy and
it was believed that an attempt would be made to
form a union with the Hungarian Communists at an
early date. The whole Austro-Hungarian situation
was said to be regarded as "decidedly serious" in
both London and Paris.
In fact the advices throughout the week made perfectly clear the existence of a wholly unstable situation in Hungary. As the result of a demand for clothing, food and Imperial paper crowns, and the refusal
of 32 villages in the vicinity of Oedenberg to embrace
Bolshevism, there was reported to have been an up-
JUNE 14 1919.]
THE CHRONICLE
2369
rising of peasants, which resulted in 3,000, including eventualities." Thursday's advices indicated a still
women and children, being massacred upon the or- worse labor situation in many countries of
Europe.
ders of Bela Kun, head of the Hungarian Communist At a meeting of the Interfederal Cartel it was
deGovernment. The situation in Hungary did not. by cided to call a conference of representatives of French,
any means escape the attention of Peace Conference English, Italian and Belgian labor organizations for
authorities, busy as they were with the German, Aus- to
-day. Transportation service in Paris was de-trian, Italian and other problems. At the begin- dared to be further improved. Last evening
a Paris
ning of the week Premier Clemenceau telegraphed the cablegram gave the impression thatthelabor situation
Hungarian Government that attacks. by its troops in France was "brighter" and that "there
was a fair
upon the Czecho-Slovak forces must cease, and that prospect of a general settlement before long."
if the orders were not complied with extreme measures "to constrain Hungary to cease hostilities" would
Political and labor conditions in Germany were
be adopted by the Allied and Associated Govern- further disturbed by the execution of Levine
Nissen,
ments. The very next day a dispatch received in a Bolshevik agitator, and a leader of the Munich
Copenhagen stated that the Hungarian Government Communist regime. The Bavarian Cabinet
refused
had received a message from Premier Clemenceau in- to commute his sentence, "maintaining that
he
viting it to send representatives to Paris to learn was the cause of continued war in Bavaria
and de"the Peace Conference's decision regarding the fron- served no mercy." As a consequence the
majority
tiers of Hungary."
Socialists at once joined a strike movement begun
Yesterday's advices from Paris declared that such by the Soldiers' and Workers' Council
and executive•
an invitation had not been issued. On Wednesday committees of the greater Berlin factories, as a
proGeneva reported that Bela Kun had "accepted" the test against the execution of Nissen. The
failure of
invitation which he had claimed to have received, and the Bavarian Cabinet to act in his behalf was
spoken
that he had informed Premier Clemenceau that of as a political mistake and it was feared that
it
shortly he would appoint a delegation, which, would "result in another Spartacan attempt against
probably, he would head himself. In the same dis- the Government." As early as Monday a Berlin
patch, however, it was asserted that, in spite of message declared that the strike was not general
Clemenceau's order, "violent fighting continues be- and that only metropolitan transportation
lines and
tween the Hungarians and the Czecho-Slovaks on the newspapers were affected. The assertion
was
the Save River and elsewhere." A Paris dispatch made also that the strike was undertaken against
received on Thursday stated that "a tentative draft the advice of the Major and Independen
t Socialists,
of recommendations relative to the frontiers of Hun- who regarded the time as inopportune for
such a
gary had been prepared for submission to the Council movement.
of Four," but that there was little expectation of the
matter being taken up actively by that body until
Further rumors that the downfall of the Scheidethe German and Austrian treaties were out of the mann Cabinet was impending continued to come
way. Paris cablegrams, under date of Thursday af- to hand. Doubt was said to be entertained as to
ternoon, stated that "the Council of Foreign Minis- whether the Ebert Government would sign the peace
ters" had recommended to the Council of Four the treaty, and if so, whether it would stand. If it should
designation of "a line beyond which Hungarian go down, the belief was expressed that Matthias
troops would be forbidden to go." If Bela Kun Erzberger would form a new Government, but as to
agreed to observe this line of demarkation, the Coun- the probability of it proving stable, there was not
cil suggested that he be invited to send representatives much confidence expressed. A member of the Ebert
to the Peace Conference within two Weeks. This Government was quoted in Berlin advices as stating
recommendation apparently did not receive the full that "there is no internal difference as to leading
naapproval of the Big Four.
tional and foreign issues; this is the only Government
available or possible which can sign or reject the peace
The labor situation in France, while not settled treaty." Rumors of a Cabinet crisis would not
by any means, was declared to be improved on down, in spite of the denials. On Wednesday, acMonday, but apparently grew worse as the week cording to Paris advices, the opinion was said to be
advanced. On that day the Metropolitan and the entertained that the Ebert Government would not
Nord-Sud subways were said to be doing something sign the treaty, "even with the concessions the Enlike a normal business. The coal miners in the north tente is ready to make." It was then believed that
of France voted early in the week against a settle- it would resign, a new Government would be quickly
ment based upon the terms offered by delegates set up, which would sign the treaty, and which theresent from Paris and also rejected the proposal for upon would give way to the re-establishment of the
the resumption of work in the central mining dis- present Ebert regime.
trict at St. Etienne. They were said to be holding
out for an eight-hour day, which they asserted must
Apparently the new Rhenish Republic was able to
be made effective by next Monday. On Tuesday display little or no stability. The assertion was made
and Wednesday of this week the situation was not in advices from Coblentz that it had proved a farce
so favorable as had been represented on Monday. and had actually collapsed, although Dr. Dorten was
At a meeting of the executive committee of the trying to hold it together. The Berlin Government,,
General Labor Federation June 14 (to-day) was fixed in:an effort to counteract the activities of Dr. Dorten
as "the date on which a general movement will be and,his associates, appointed Karl Trimborn, a leadundertaken, in connection with the British, Italian ingimember of the Clerical Party, a lawyer and a
and Belgium labor organizations." On the other member of the Reichstag, as "Regional President of
hand, announcement was made that at a meeting the Rhineland." It was stated, however, that he
attended by Premier Clemenceau and important had been "an active worker for the erection of a.
Trench authorities it was decided to "meet all Rhenish Republic that would be a component part of
2370
THE CHRONICLE
[VoL. 108.
Germany." "His nomination," it was added, "was cial way, but they had to be sidetracked to a great
regarded as an important concession to the republican extent because of the pressing consideration of other
questions, to which reference has already been made
movement in the Rhineland."
somewhat in detail. President Wilson on WednesThere was nothing particularly new and definite day informed the representatives of the Irish societies
in the Italian situation all week. Tuesday after- in America that he would do what he "could unoffinoon reports came from Paris that it had been "vir- cially to bring the Irish question to the attention of
tually settled," the terms as outlined being prac- the Peace Commissioners." It was declared in Paris
tically identical with those announced several times on Wednesday.that the demands of the Jewish delebefore. The very next day the assertion was made gates, who were said to represent 9,000,000 people,
in a Paris cablegram that the whole matter was as for better terms for the minor Powers, were holding
far from a settlement as ever. President Wilson up the completion of the Austrian treaty.
was reported to have been angered by the refusal
That the trade in and out of the United Kingdom is
of Premier Orlando to accept the latest compromise
proposal, informing Lloyd George and Premier beginning to recover rapidly is shown by the stateClemenceau that "Italy insisted that they carry ment of the Board of Trade for May. It discloses
out their war promises." The report was in circu- an increase in imports for that month over May 1918
lation in Paris that the Italian Premier was com- of 0,773,000, and an increase in exports of L19,pelled to take this step because of threats of political 376,000. The latter figures are particularly gratifyleaders at home to overthrow his Government, if he ing from the British point of view, inasmuch as duraccepted the compromises offered. On Thursday ing the war, and for the greater part of the time interhe was scheduled to make a speech at the opening vening since the signing of the armistice, the outgoing
of the Italian Parliament, in which he was expected trade of the United Kingdom had not shown the tento explain Italy's position at the Peace Conference. dency to increase at the rate reported for May.
This exhibit is the more gratifying because so much in
development of the Kolchak Gov- Great •Britain, as well as in the other countries of
Outside of the
ernment and the progress made toward securing Europe, is still waiting upon the signing of the Peace
recognition for it from the Peace Conference, little Treaty.
came to hand regarding conditions in Russia. As
The comparison of the United Kingdom's total
early as last Saturday Paris advices stated that his
recognition trade in May 1919 and May 1918 is as follows:
reply relative to the conditions on which
,
- -From January 1Month of May
would be granted had been received and that in the
1919.
1918.
1918.
1919.
it was a "satisfactory acceptance." It was Imports
main
£135,656,000 £125,883,581 £595,230,489 £551,012,694
270,101,369
201,806,418
44,967,221
64,343,000
said to contain certain reservations, however, re- Exports
£71,313,000 £80,916,360 £325,039,120 £349,206,276
garding the establishment of a constituent assembly Excess of Imports
and also regarding "dealing with new States formed
It became known definitely in London at the befrom old Russia." Admiral Kolchak signified his
assembly with full powers, ginning of the week that the details ofthe forthcoming
willingness to call an
but was unwilling to recognize as an alternative Government loan might be looked for on Thursday
the old assembly of 1917, charging that it was elected evening. Although the campaign is not to begin ofirregularly. His reply also contained a reiteration ficially until next Monday, in reality it was under
of the "decision of his Government to pay all debts way all this week. Hopes were entertained that
contracted by the various Governments up to the Premier Lloyd George would make the opening speech
Bolshevik revolution of 1917." The Congress of at the Guildhall. Yesterday morning a brief synopsis
the Constitutional Democratic Party in Russia, of the terms of the loan came to hand, but the amount
before adjourning its sessions at Omsk a few days was not mentioned. According to one cablegram
ago, adopted a resolution urging cordial support the amount of each issue is to be "unlimited." The
of Admiral'Kolchak and his Government and co- offering will be known as a "Victory Loan," and
operation with the Allies. The opinion was ex- will consist of a 4% "Funding Loan," issued at
pressed in a Paris cablegram Thursday morning 80 and redeemable within seventy-one years at
that "recognition of the Omsk Government will par, through a cumulative sinking fund. There
not be much longer delayed." Yesterday's advices is to be an issue also of 4% "Victory Bonds" at 85, restated that the Peace Conference authorities had deemable at par, by annual drawings, beginning in
decided to grant it and had so informed Admiral September of next year. The latter issue is intended
to offer inducement to prompt subscriptions, because
Kolchak.
the first half-yearly dividend will be,in varying degree,
that the larger as application and allotments are made before
Early in the week it became known
Turkish peace delegates were on their way to Paris. June 21,June 28, July 5 and July 12. Both issues will
They arrived there early Thursday morning. The be exempt from all British taxation if they are held in
accounts stated that the delegation was not given beneficial ownership for persons non-resident ie the
an official reception at• the station. Its members United Kingdom or Ireland. The bonds of either
remained in their car, which was sent later to one of issue will be accepted under certain "advantageous
the suburbs of Paris. The delegation numbers conditions as payment for death duties." In order
twelve and is headed by Damad Fend Pasha, the to add to the attractiveness of the offering, the GovGrand Vizier. He declared that he and his associates ernment will undertake "to set aside at the close
had come "on a semi-official mission to enlighten the of each half-year a sum equal to 231% on the nominal amount of the bonds originally created, the balAllies on the situation in my country."
ance of which, after the payment of interest and other
The Irish and Jewish questions were constantly charges, will be devoted to a sinking fund for the fundbefore the Peace Conference authorities in an unoffi_ ing iloaniand thelannual drawings on the Victory
JUNE 14 1919.]
'THE CHRONICLE
2371
bonds." It is stipulated also that "for installment 000; war bonds yielded £5,085,000, against £4,992,allotments, payments will be extended to January.
000, and war savings certificates £2,500,000, against
£7,000,000. Other debt brought in only £89,000,
Dealing with specific rates for money, call loans against £7,682,000, but the amount received from
this week have ranged between 6@12%, as against advances reached the unusually large total of £124,5M@11% a week ago. There was no range on 000,000, comparing with £12,500,000 the week
Monday, only one rate being quoted-6%, and this previous. New issues of Treasury bills were only
was the high and low and ruling figure for the day. £7,046,000, which compares with last week's total of
On Tuesday the maximum was advanced to 8%, £78,734,000. Repayments were £82,710,000; hence
though renewals were still at 6%, and this was also the volume of Treasury bills outstanding shows a
the low. Wednesday, the high was not changed contraction to £960,219,000, as against L1,036,131,from 8% and the minimum from 6%, but renewals 000 a week ago. The Exchequer balance has been
were negotiated at 7%. Thursday's range was reduced to £6,193,000, which compares with £7,325,6@7% and 63/2% the ruling rate. On Friday, 000 last week. Temporary advances outstanding are
following the break on the Stock Exchange, call reported at £581,981,000.
loans shot up to 12%; renewals, however, continued
No'change has been noted in official discount rates
at 6%, and this also the low. The figures here
given are for loans on mixed collateral, although on at leading European centres, from 5% in London,
4% in
Friday "all-industrials" which are usually quoted Paris, Berlin, Vienna and Copenhagen; 511
JA of 1% higher, ruled for a while at 12%. During Switzerland; 6% in Petrograd and Norway;6% in
the week all-industrials ruled at about 1% higher than Sweden and 432% in Holland and Spain. In Lonmixed collateral loans. As, however, renewals re- don the private bank rate continues to be quoted at
4% for sixty-day bills and 3%% for ninety days.
mained at or near 6%, it is doubtful whether any 31
considerable amounts were lent at the higher figures. Call money in London remains at 2%%. No reports
One explanation of the stringency is the heavy have been received by cable of open market rates at
Government withdrawals, but as these are almost other centres, so far as can be learned.
always immediately redeposited, it should prove
only temporary. For fixed maturities the situation
The Bank of England announces an additional,
remains without important change. Nominally the though small, gain in its stock of gold on hand this
range is still 53/2@5%% for all periods from sixty week, amounting to £94,428, while total reserves exdays to six months, but very little business is passing panded £281,000, note circulation having registered
even in the short maturities. Offerings are excep- a decline of £186,000. There was a further shrinkage
tionally light. Last year sixty and ninety day money in the proportion of reserve to liabilities, to 17.17%,
was quoted at 5@6%, and four, five and six as against 18.24% a week ago and 17.88% last year.
months at 6%.
A reduction of £1,126,000 was shown in public deCommercial paper rates have remained at 532% posits, although other deposits increased £3,260,000,
for sixty and ninety days' endorsed bills receivable and Government securities expanded £2,771,000.
and six months' names of choice character, with Loans (other securities) were reduced £922,000. The
5M@5% still required for names less well known. Bank's gold holdings now stand at £87,029,228, which
Both local and out of town institutions were in the compares with £63,878,525 in 1918 and £55,357,308
market as buyers, although owing to a scarcity of the year before. Reserves total £25,471,000, as
high grade offerings, trading in the aggregate was Against £30,303,410 last year and £35,028,803 in
light.
1917. Loans amount to £79,878,000. Last year
Banks' and bankers' acceptances were quiet and the total was £100,919,204 and in 1917 £113,124,499.
featureless. The volume of transactions was smaller Clearings through the London banks for the week
than for some time, and brokers do not look for any were £421,010,000, against £383,311,000 in the
improvement in this respect until a general easing corresponding week of last year. We append a
up in the call loan market. The undertone was tabular statement of comparisons:
firm with quotations unchanged. Detailed rates
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
1918.
1917.
1916.
1915.
follow:
June 11.
June 12.
June 13.
June 14.
June 16.
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
Spot Delivery-Ninety
Thirty
Stay
Days.
Days.
Days.
41 6C 4
.4 4
44
4%(44% 4%0
4%64%
44 4c8.4
5444% 5%@)45i 54@43'
VA@
Delivery
u
30 Days,
4i4 bid
4% bid
6 bid
The British Treasury statement for the week ending
June 7 was less favorable, there having been a heavy
increase in expenditures, due mainly to the payment
of June dividends on the war loan, amounting to
£48,184,000, and also to the withdrawal from sale
of Treasury bills, an action which has compelled the
Government to take large temporary advances from
the Bank of England. The week's expenses totaled
£68,756,000 (against £19,094,000 for the week ended
May 31), while the total outflow, including Treasury
bills repaid and other items, was £153,927,000, which
compares with £116,642,000 a week ago. Receipts
from all sources equaled £152,795,000, in comparison
with £117,234,000 the previous week. Of this total,
revenue contributed £14,015,000, against £12,236,-
Circulation
78,008,000
Public deposits
20,314,000
Other deposits
130,791,000
Government securs_ 61,492,000
Other securities_ _ _ _ 79,879,000
Reserve notes & coin 25,471,000
Coln and bullion_ _ _ 87,029,228
Proportion of reserve
17.17%
to liabilities
5%
Bank rate
52,025,115
43,019,897
126,563,205
56,148,732
100,919,204
30,303,410
63,878,525
17.88%
5%
38,778,505
49,784,232
125,854,837
45,208,106
113,124,499
35,028,803
55,357,308
19.94%
5%
35,355,355
52,264,229
87,541,321
42,187,454
70,702,587
44,672,345
61,577,700
32,946,85
113,042,22
101,759,087
51,043,491
139,488,965
42,032,722
56,529,572
31.95%
5%
19.56%
5%
The Bank of France in its weekly statement shows
a further gain in the gold item, the week's increase
being 262,825 francs. The Bank's total gold holdings now aggregate 5,550,307,325 francs, comparing
with 5,410,661,857 francs last year and with 5,281,899,273 francs the year before; of these amounts
1,978,278,416 francs were held abroad in 1919,
2,062,108,484 francs in 1918 and 2,034,774,686 francs
in 1917. During the week advances rose 28,600,711
francs. On the other hand,silver decreased 792,482
francs, bills discounted were diminished 85,517,843
francs, Treasury deposits fell off 12,890,199 francs
THE CHRONICLE
2372
and general deposits were reduced 160,487,500 francs.
The unfavorable turn taken in note circulation last
week was continued, an expansion of 77,636,475
francs being registered. The total outstanding is
thus brought up to the new high level of 34,448,513,270 francs, comparing with 28,232,072,750 francs in
1918 at this time, and with 19,793,787,160 francs in
1917. Just prior to the outbreak of war in 1914, the
amount outstanding was only 6,683,184,785 francs.
Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in 1918 and 1917 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week
June 12 1919. June 13 1918. June 14 1917.
Gold Hotangs—Francs.
Francs.
Francs.
Francs.
In France
Inc.
262,825 3,572,028,909 3,348,553,372 3,247,124,587
Abroad
No change 1,978,278,416 2,062,108,484 2,034,774,686
Total
Inc.
262,825
Silver
Dec.
792,482
Bills discounted
Dec. 85,517,843
Advances
Inc. 28,600,711
Note circulation..
.me. 77,636,475
Treasury deposits._Dec. 12,890,199
General deposits
Dec.160,487,500
5,550,307,325
305,792,322
815,974,240
1,291,305,599
34,448,513,270
65,655,753
3,342,560,143
5,410,661,857 5,281,899,273
253,551,958
258,106,957
1,477,567,590
503,397,051
969,522,310 1,154,614,044
28,232,072,750 19,793,787,160
53,226,662
34,448,931
3,876,272,505 2,593,970,695
Some idea of internal financial conditions in Germany may be gained from the latest statement of the
Imperial Bank of Germany, issued as of May 31,
which is one of the most spectacular yet published,
showing as it does further losses in gold as well as
enormous increases in note circulation, bills discounted and deposits. The gold item was reduced 10,370,000 marks, while total coin and bullion showed a
loss of 10,525,000 marks, which brings the Reichsbank's stock of gold on hand down to 1,516,111,000
marks, as against 2,845,674,000 marks in the same
period of 1918 and 2,533,215,000 marks the year
preceding. Among the most striking changes were
an expansion of 2,791,804,000 marks in bills discounted, an increase of 958,433,000 marks in note
circulation and a gain of 1,519,153,000 marks in
deposits. Other liabilities were expanded 727,867,000 marks and Treasury notes 335,906,000 marks.
Investments increased 302,000 marks and other securities 102,231,000 marks. There was a decline of
2,615,000 marks in notes of other banks and of
11,605,000 marks in advances.
A huge expansion in loans, amounting to $205,402,000 and bringing that total up to $5,114,362,000,
the largest figure ever attained and comparing with
the previous high record of $5,020,762,000 in the
first week of May, constituted the feature of Saturday's statement of New York associated banks and
trust companies, full details of which are given in
a subsequent section of this issue. Payments during
the week on Victory note allotments, also on tax
certificates falling due on Tuesday, were held responsible for the remarkable showing, while it was
suggested in some quarters that the increase in stock
market activity may have had something to do
with it. Opinion, however, appears to be divided
on the latter point. Net demand deposits registered
a decrease of $39,683,000 to $4,093,895,000 (Government. deposits of $392,656,000 deducted). This
compares with only $87,235,000 last week, thus
showing that the Government has been redepositing
funds in the banks. Net time deposits declined
$203,000 to $148,729,000. There was an increase
of $7,295,000 in cash in own vaults (members of the
Federal Reserve Bank) to $98,567,000, and an expansion of $10,239,000 in, reserves in the Reserve
Bank of member banks to $555,774,000. Reserves
[VoL. 108.
in own vaults (State banks and trust companies)
were reduced $172,000 to $12,207,000, while reserves
in other depositories (State banks and trust companies) declined $563,000 to $11,731,000. The
reserve items were expanded, aggregate reserves
showing a gain of $9,504,000, while surplus, in consequence of a reduction in reserve requirements of
$5,286,000, gained no less than £14,790,000. This
brings the total of aggregate reserves to $579,712,000,
as against $540,442,000 in the corresponding week
of 1918, with surplus up to $37,455,160, comparing
with only $22,665,160 a week ago and $44,118,210
last year. These figures are based on reserves of
13% for member banks of the Federal Reserve system, but not including cash in vault held by these
institutions, which amounted last Saturday to
$98,567,000. Circulation is now $38,746,000, a
decline of $38,000.
Although the volume of trading in stocks was on a
somewhat smaller scale, the call money market this
week has been more erratic than at any time since
the big upward movement in stocks started. From
day to day the nominal opening quotation for mixed
collateral loans was 6% and for all industrial accommodations 63/2%. Nearly every afternoon, however,
sharp advances occurred, particularly on industrial
loans. Ordinarily the rates for the latter are M of
1% higher than the quotations on mixed collateral
loans. Frequently this week the difference was considerably more. For instance, between 12 and 1
o'clock yesterday only 6% was quoted for a time on
the latter style of accommodation, while borrowers
who had nothing but industrial securities to offer for
collateral were compelled to pay 9 and 10%. As
the afternoon progressed the difference between the
quotations gradually narrowed until for a while they
were only about 1% apart. Before the close the
"spread" was 2%, viz., from 10 to 12%. When the
official range of rates for the day was made public
by the Stock Exchange shortly after the close of
business, as usual every business day except Saturday, it developed that the high quotation for mixed
collateral, as well as all industrial loans, was 12%.
This was an unusual occurrence. The wide differences to which reference has been made are
easy of explanation. For many months the speculation in railroad stocks has been on an extremely
small scale. Throughout the recent big upward
movement, when the total transactions had been in
excess of 1,000,000 and even 1,500,000 shares, day
after day, the great bulk of trading was in industrial
securities. Consequently stock brokers have a very
large proportion of this class of securities on hand,in
comparison with the volume of railroad stocks that
they are carrying. Furthermore, because of the abnormally high levels to which many industrial shares
advanced up to a week ago, and the tendency since
then to decline, lenders of money have scrutinized
collateral more closely and have called loans rather
freely. It is understood that the high rates that
have prevailed between 2 and 3 o'clock several afternoons have been due chiefly to the urgent demand of
stock brokers for day-to-day accommodations, their
loans having been called earlier in the day, and they
not having been able to meet their. requirements.
For instance, it is understood that on Thursday
afternoon, when all industrial money was quoted at
9%, one Stock Exchange house was in need of
$1,000,000 to replace a loan that had been called.
THE CHRONICLE
JUNE 14 1919.]
Yesterday afternoon it was reported that the Central
Union Trust Co. and several other large financial
institutions had sent several million dollars each to
the Stock Exchange to be loaned at 6%,although the
quoted rates were materially higher. Preparation
for the payment of the second installment of Federal
income and excess profits taxes due to-morrow undoubtedly was a factor in yesterday's money market.
The Government is said to have been withdrawing
sums rather freely from the banks. More is heard
nearly every day about the necessity of the United
States helping to finance Europe. Offerings of new
securities were made freely by the financial institutions this week, and within a few days it is probable
that one of the largest single blocks of securities
offered recently will come upon the market. Prominent among this week's offerings were $25,000,000
20-year 6% bonds of the Swedish Government by
the National City Co. and a group of the most
prominent financial institutions in the country, and
$15,000,000 7% cumulative first preferred stock of
the Fisk Rubber Co. by Wm. A. Read & Co. and
associates.
No 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:
%i
vi
•
i
ei
..i
Discounts—
Within 15 days,inch member
banks' collateral notes_ _ _ 4
16 to 60 days' naturity._.I 444
61 to 90 days' maturity_._I 444
Agricultural and live-stock
5
paper over 90 days
Secured by U. S. certificates
of indebtedness or Liberty Loan bonds—
Within 15 days, including
member banks' collat4
eral notes
16 to 90 days' maturity... 444
Trade Acceptances—
HS to 60 days' maturity... 444
434
61 to 90 days' maturity
O
a
.11
. ,..
Kansas City.
Boston.
c%
1
CLASSES
OF
DISCOUNTS AND LOAN
New York.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
I
J 4
ca 41
1
4 4 4X 4A 4( 4X 4 444 444 444 43i
444 444 444 444 444 444 4% 444 5 444 5
444 444 444 444 444 444 444 5 5 5 5
5
5
5X 5
4
4
4
444 44 444
5
544 ISA 544 5A 5X 5M
3444 4 44 4 4 .4X 4 444
444 2444 2444,
444 4% '444 444 444
444 444 412a 444 412a 4127) 444 444 444 444 4840
444 4A14A 4A 4A 4A 444 444 444 444 4%
Rates for discounted bankers' acceptances maturing within 15 days, 4%;
.
within 16 to 60 days, 444% and within 61 to 90 days,
%.
Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding
interest rate on bonds.
+Four per cent on paper secured by United States certificates of indebtedness.
1 Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding interest
rate on bonds; also on paper secured by United States certificates of indebtedness
a Fifteen days and under, 444%.
Note 1. Acceptances purchased in open market, minimum rate 4%•
Note 2. Rates on paper secured by War Finance Corporation bonds, 1% higher
than on commercial paper of corresponding maturities.
Note 3. In case the 60-day trade acceptance rate is higher than the 15
-day discount rate, trade acceptances maturing within 15 days will be taken at the lower rate.
Note 4. Whenever application Is made by member banks for renewal of 15
-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90
-day
the same class.
paper of
Rates for commodity paper have been merged with those for commercial paper
ot corresponding maturities.
Notwithstanding the action of the Government on
Monday in removing all restrictions from the shipment of gold for export or import, sterling exchange,
after a temporary upward spurt of strength in the
opening transactions, again turned weak, and as a
result of a lack of good buying power, coupled with
rather free offerings of cotton and produce bills, quota2
tions sagged off until 4 61-3/ point below last week's
low level—was reached for demand. Coming as it did
in the face of a development which had been confidently predicted would bring about a substantial
improvement in rates, the weakness caused keen
disappointment, though the more general opinion
is that it will probably take more than the mere
2373
withdrawal of the gold embargo to permanently readjust foreign exchange conditions. The movement,
however, was well received as an important step
toward the restoration of normal conditions, and as
such created a good impression among bankers as a
whole. One of the immediate effects of the restoration of a free gold market, it is believed, will be a
substantial outflow of the precious metal, presumably
to South America for the liquidation of heavy purchases from South American countries by the United
States and its allies, also to Japan to be used for
the settlement of India balances.
The statement is made that measures will shortly
be undertaken to restore dollar exchange to a parity
at those Latin-American centres where it has ruled
for so long a time at a heavy discount. It will be
remembered that gold exports to South America
during the war were discontinued. Gold may also
be expected to flow freely to Spain, as pesetas are
now ruling practically at a premium. Exchange on
Japan is being quoted at around 513'. That no
undue anxiety need be felt over the prospects of a
heavy outward movement of gold from this country
is the consensus of opinion in financial circles, since
supplies at this time are ample, if not excessive, and
such a movement, properly regulated, will in all
probability prove beneficial both to ourselves and
other countries. At the present time the United
States is holding the largest gold reserves of any
nation in the world, and in fact far more than is
necessary for either actual requirements or safety,
so that the release of gold would serve a double purpose—to lessen current inflationary tendencies here
and act as a material aid in the economic restoration
of our European allies. However, in view of existing trade conditions, it is considered more than likely
that before long a counter movement may be established which will again turn the tide of gold shipments in this direction.
Trading was quiet and featureless throughout,
with operators still anxiously awaiting developments
in the international situation. That Germany will
ultimately sign the peace treaty is looked upon as
practically certain, but how much longer it will be
before the final settlements are satisfactorily concluded is a question which is arousing a good deal
of dissatisfaction, not to say concern, on the part
of those interests eager to see a speedy resumption
of pre-war activities.
Referring to quotations in greater detail, sterling
exchange on Saturday was a trifle firmer and demand
moved up to 4 63@4 6331, cable transfers to 4 64@
4 643 and sixty days to 4 613j@4 613;the advance
was stimulated by buying on the part of several
prominent financial concerns. Monday's opening
was firm, and, following announcement of the removal of the gold embargo,, rates advanced fractionally; although later the market turned weak, so that
closing rates showed small net declines for the day;
the range was 4 629@4 63% for demand bills and
%
4 63%@4 643 for cable transfers; sixty days remained at 4 61()4 61%. Further weakness was
3
noted in Tuesday's dealings and demand suffered a
2
recession to 4 62M@4 623/, cable transfers to
4 63%@4 633', and sixty days to 4 60%@4 61.
On Wednesday the downward movement was still in
evidence and under the pressure of offerings of commercial bills, chiefly cotton and produce, quotations
declined to 4 61%@4 623/ for demand, 4 62%@
4 633' for cable transfers and 4 60@4 61 for sixty
2374
THE CHRONICLE
days. Dulness marked Thursday's operations, and
quotations were again lowered, this time to 4 61@
%
4 61% for demand, 4 62@4 623 for cable transfers
and 4 593'@4 60 for sixty days. On Friday the
4
market ruled quiet and weak with the range 4 617 @
4 613/ for demand,4 62@4 623' for cable transfers
%
/
and 4 591 1@4 593 for sixty days. Closing quotations
were 4 591 for sixty days, 4 61M for demand and
4
4 62 for cable transfers. Commercial sight bills
finished!at 4 59%,sixty days at4 58%,ninety days at
s,
4 57%,documents for payment(sixty days)at4 583/
and seven-day grain bills at 4 59%. Cotton and
4.
grain for payment closed at 4 601
Following the official removal of restrictions upon
gold shipments, application was made by the National
City Bank for permission to ship $3,000,000 to South
America. In addition to this gold coin to the
amount of $6,150,000, all for shipment to South
America, has been definitely engaged, while $1,000,000 in gold bars has been engaged for export to Peru,
making a total in all of $7,150,000 actually arranged
for. It is understood that the bulk of this is to go
to Montevideo and Buenos Aires. As is well known,
Argentina has a credit here of approximately $70,000,000.
Considerable irregularity has marked trading in
continental exchange this week, and though the
volume of business transacted was not large, fluctuations in rates were frequent and in some instances
widespread. Italian exchange was the most conspicuous in this respect. Following a firm opening, the
quotation advanced briskly until 7 85 for lire checks
was reached, as a result, apparently, of buying by
one or two large international banking concerns.
Later, however, there was a sharp reaction to 7 97,
and the close was only slightly above this figure.
Francs have shown a somewhat firmer tendency, the
quotation not at any time going below 6 43 for sight
bills. An improvement in the inquiry was noted.
Announcement of the removal of the gold embargo
was without appreciable effect upon the continental
exchanges in general, and attention continued to
centre upon developments in Paris. Contrary to
general expectations, the foreign exchange conferences
between bankers, exporters and Treasury officials
have not been resumed, everything having been temporarily sidetracked for the prosecution of the "leak"
inquiry at Washington. It is asserted that nothing
further will be attempted in this direction until the
final settlement of the peace terms, although on
Thursday rumors were again heard that arrangements
were actually under way for the reopening of the discussions in the very near future. On Wednesday
Fred I. Kent, Director of the Division of Foreign
Exchange, issued the following regulation: "At the
request of the American Relief Administration, and
until otherwise instructed, dealers as defined under
the executive order of the President of Jan. 26 1918
are not required to purchase exchange upon Bulgaria
and Turkey from the American Relief Administration."
Nothing new has developed regarding the Russian
situation. According to reports which have recently
reached London, the German Minister of Public
Works has fixed prices at which foreign gold coins shall
be accepted by German railways. Among the rates
mentioned are 51.05 marks to the English pound
sterling, against a parity of 20.43 marks; 42.15
marks for ten Dutch florins of a nominal gold value
[VoL. 108.
of 16.88 marks, and 10.45 marks to the American
dollar, worth in ordinary times only 4.2 marks.
The official London check rate in Paris finished
at 29.65, compared with 30.00 a week ago. In New
York sight bills on the French centre closed at 6 40,
against 6 47; cable remittances at 6 38, against 6 45;
commercial sight bills at 6 41 against 6 48, and commercial sixty days at 6 46, against 6 53 last week.
Belgian francs, which have ruled somewhat weaker
during the week, finished at 6 62 for checks and 6 60
for cable transfers, against 6 57 and 6 55 on Friday
of the previous week. Lire closed at 7 97 for bankers' sight bills and 7 95 for cable transfers. This
compares with 8 07 and 8 05 the week before.
In the neutral exchanges the lifting of the gold embargo was without appreciable effect. Spanish pesetas were weak, declining to 19.90, though later
some of the loss was regained. Guilders ruled steady.
Swiss francs were weak, whire Scandinavian exchange
moved irregularly, though Copenhagen remittances
all closed fractionally higher. This latter development was attributed to the better feeling created by
the Swedish loan. News that an offering of $25,000,000 20-year 6% gold bonds of the Swedish
Government would be made in this market by
a syndicate of bankers representing institutions in several cities attracted considerable attention, as it is
the first Government loan to be arranged here, with
the exception of the Belgian acceptance credit, since
the armistice. It is stated, however, that this loan
does not in any way interfere with the plans for financing Europe now in consideration by the Banking
Committee of Five. The proceeds of the loan are to
be used exclusively for the purchase of American
commodities, a fact which is expected to have a favorable effect upon the export trade- between this country and Sweden. Reports that Swiss bankers were
also attempting to place a substantial loan in this
market are being circulated, but this has not as yet
passed the tentative stage.
Bankers' sight on Amsterdam finished at 38%, unchanged; cable transfers at 39 1-16, against 39;
commercial sight at 38 13-16, against 38 11-16, and
%
A
commercial sixty days at 381 , against 383 on
Friday of a week ago. Swiss francs closed at 5 29
for bankers' sight bills and 5 27 for cable transfers.
A week ago the close was 5 25 and 5 23. Copenhagen checks finished at 24.30 and cable remittances
at 24.50, against 23.50 and 23.70. Checks on
Sweden closed at 25.80 and cable transfers at 26.00,
against 25.50 and 25.60, while checks on Norway
finished at 25.60 and cable transfers at 25.80, against
25.40 and 25.60 last week. Spanish pesetas closed
at 19.96 for checks and 20.02 for cable remittances,
which compares with 20.03 and 20.10 in the preceding
week.
As regards South American quotations, increased
weakness developed, which was looked upon as a
direct response to the removal of the embargo upon
shipments of gold. As a result the American dollar,
which was worth only 99 centavos in Argentine gold
on Monday, has since risen to 1 peso 13/ centavos
Argentine gold. The. par for the dollar is 1 peso
332 centavos. At this centre the rate for checks
on Argentina closed at 43.80 and cable transfers
43.90, against 44.00 and 441 a week ago. For
%
Brazil the check rate also declined and finished at
273/b and cable transfers at 27%, in comparison with
28.00 and 283/i last week. Chilian exchange is still
quotedlat19131-32 and Peru at 50.125@50.375.
JUNE 14 1919.]
THE
[CHRONICLE
2375
4
Far Eastern rates are as follows: Hong Kong,
833/@839, against 83@8331, Shanghai, 124M@
2
125, against 124@1243/, Yokohama, 513/@519,
2
2
against 51/@51%; Manila, 50 (unchanged); Singa5
pore, 561 (unchanged); Bombay, 36 (unchanged),
4
and Calcutta (cables), 36Y (unchanged). Exchange
1
on Bombay advanced sharply to 411 1@419', against
/
the previous rate of 36. Calcutta exchange moved
similarly, and the rate is now 41] @41% for cable
4
transfers, against 3631, the rate previously current.
No specific reason was assigned for the movement.
untrustworthy; but what figures we have would warrant at least a tentative estimate that last year's
harvest in those countries can hardly have come
within eight hundred million bushels of the 1,800,
000,000 bushels or thereabouts which those nation.,
used to produce in a good year before the war
There were years in the decade prior to 1914 when
Russia and the Danube States were called upon tc
export 250,000,000 to 300,000,000 bushels to other
countries, but Russia, Hungary, alid the Balkan
nations have this season themselves been calling on
outside producers to feed them. That England and
The New York Clearing House banks, in their France will in the coming season be able to provide
operations with interior banking institutions, have for themselves without greatly relying on America,
gained $3,781,000 net in cash as a result of the cur- Mr. Hoover indicated in his review of the situation
rency movements for the week ending June 13. from Paris last Monday. Some other European
Their receipts from the interior have aggregated countries will raise more than in 1918. But he
$9,679,000, while the shipments have reached drew a dark picture of the possibilities in Germany,
$5,898,000. Adding the Sub-Treasury and Federal Austria and the recent Austrian provinces, while
Reserve operations and the gold exports, which to- from Russia and Rumania we have had little except
gether occasioned a loss of $112,467,000, the com- a story of nation-wide famine.
bined result of the flow of money into and out of the
The larger political implications of this distressing
New York banks for the week appears to have been situation have been missed by no one. The political
a loss of $108,686,000, as follows:
unrest which always follows destructive war and
downfall of dynasties was rapidly developing, under
Into
Out of
Net Change in
Week ending June 13.
Banks.
Banks.
Bank Holdings.
the stimulus of famine, into anarchy or purely deBanks'interior movement
19,679,000
$5,898,000 Gain $3,781,000 structive despotisms.
Mr. Hoover has emphasized
Sub-Trees, and Fed. Reserve oper.
and gold exports
31,999,000 144,466,000 Loss 112,467,000
the further fact that unless Germany is able to get
Total
$41,678,000 $150,364,000 Loss$108,686,000
food, she will not be able either to achieve industrial
The following table indicates the amount of bullion recovery or to pay her indemnity to the Entente
in the principal European banks:
Powers.
Had the United States raised this year a crop of
June 12 1919.
June 13 1918.
Banks of
wheat no larger than those of 1917 and 1916 (which,
Gold.
Silver. I
Total.
Gold.
Silver.
Total.
slightly exceeding in each case 636,000,000 bushels,
£
£
I
£
£
Eng1and__ 87,029,228
I 87,029,228 63,878,525
63,878,525
Francea__ 142,881,156 12,200,000 155,081,156 133,942,154 10,120,000 144,062,154 fell short of the average harvest even of the decade
Germany- 75,805,550 1,018,550 76,824,100 117,291,150 6,017,350 123,308,500
.
Russia s_ 129,650,000 12,375,000 142,025.000129.650,000 12,375,000,142,025,000 before the war), it is difficult to see how the problem
Aus-Hun c 10,926,000 2,372,000 13,298,000 11,008,000 2,289,000; 13,297,000
Spain ____ 90,650,000 26,216,000 116,866,000 82,675,000 28,340,000111,015,000 could have been solved and an exceedingly grave
Italy
32,750,000 2,944,000 35,694 000 33,449,00
3,142,000' 36,591,000
Netherl'ds 55,160,000
662,000 55,822,000 60,072,000
600,000 60,672,000 calamity averted. But Nature, supplemented by
Nat.Bel.h 15,380,000
600,000, 15,980,000 15,380,000
600,000 15,980,000
Switz'land 18,340,000 2,803,000 21,143,000 15,242,000
15,242,000 special inducements offered to farmers by the United
Sweden_ -- 16,186,001)
1 16,186,000 14,408,000
14,408,000
Denmark_ 10,374,000
136,000 10,510,000 10,229,000
Norway_ _ 8,187,000,
1 8,187,000 6,618,000 136,000 10,365,000 States Government, has apparently solved it. The
6,618,000
Tot. week.693,318,934 61,326,550 754,645,484693,842,829 63,619,350 757,462,179 Department's estimate of Monday on the probable
Prey.week 093,009,493 60,932,000 754,001,493693,034,644 63,570,550 756;605,194
total wheat yield of the United States in 1919 is
a Gold holdings of the Bank of France this year are exclusive of £79,131,137
held abroad.
1,236,000,000 bushels; a. harvest larger by fully
* No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for Dec 200,000,000 bushels even than the immense crop of
7 1917.
h August 6 1914 in both years.
1915 and 473,000,000 bushels in excess of the greatest
wheat crop ever harvested before the war.
EUROPE AND OUR WHEAT CROP.
The influences which have been at work to achieve
The crop report published by the Department of this remarkable result are well known. As the
Agriculture on Monday was the first in which an esti- Department's reports show, the Government's guarmate has been given out of the probable total pro- antee of the very high price of $2 26 per bushel has
duction of wheat in the United States during 1919. resulted in increase of the planted area, as compared
As such, it casts a peculiarly interesting light on the with a year ago of 12,541,000 acres for winter wheat
whole complicated problem of how the world is to and of 104,000 for spring wheat; the total planted
meet what is possibly the most widespread and,disas- acreage being larger by 21% than the harvested
trous famine in European history. Famine in im- acreage of 1918, and 18% above the largest acreage
mediate sequel to a devastating war is no new ex- on record. A very exceptional season brought
perience; it was a familiar episode after all the the springtime condition of the huge winter wheat •
mediaeval wars and after the campaigns of the Roman crop to the highest figure with one exception on
Empire, and the story of whole communities perish- the records of the reporting bureau; the coning from hunger after the armies had passed over dition of spring wheat as reported last Monday,
their territory is embodied in the literature and his- notwithstanding the long spell of cold and wet
tory of many centuries. But no famine just like weather early in May, was only slightly below the
this has ever occurred since the increase in the condition of the crop on the same date in other
world's population to its present scale of magnitude, years, and the indicated spring wheat yield was
and since the distribution of that population into such as has been only twice exceeded in an actual
great industrial cities has rendered whole nations harvest.
dependent on the food production of other countries.
Exactly what will this great American harvest
Statistics of actual wheat production during the mean to the European food problem? In the matter
later years of the war, in the belligerent States of of offsetting the actual shortage of Europe's own
central and eastern Europe, have naturally been necessary supplies, it is possible that the increased
2376
THE CHRONICLE
production in the United States will fairly make up
the difference. Supposing the full 1,236,000,000
bushels to be harvested, our farms, as we have seen,
will have produced a supply larger by 473,000,000
bushels than any American wheat crop prior to
1914. Before the war our country's largest export
of wheat in grain and flour during any year was
235,000,000 bushels. Even allowing for the increase in our own home consumption during the
past two or three decades, these figures would seem
to confirm the Chicago grain trade's estimate of a
possible export from the present year's crop of more
than 600,000,000 bushels. In any case, an increase
this season of 400,000,000 to 500,000,000 bushels
in the actual supply of American wheat would
certainly seem to give us the power to replace
the loss of the previous maximum export of 250,000,000 to 300,000,000 bushels from Russia and the
Balkans, and to, provide in addition for the most
pressing of the existing needs of central and southeastern Europe, of Russia, of France and of Italy.
The problem, in other words, would henceforward
be, not primarily a problem of supplies, but of
facilities for transportation and distribution. How
far the existing transatlantic shipping service would
be capable of carrying so immensely increased a
supply to Europe at an early date, remains to be
seen. Even more uncertain is the question, how
far Europe's own demoralized railway system will
suffice to bring the wheat promptly to the many
localities even remote from the seacoast, where it is
urgently needed. It must be remembered that
wheat is only one of the numerous kinds of foodstuffs
which will have to be thus distributed, and that the
transportation lines will have to carry a mass of
other materials than food—not least among them
raw materials of manufacture—to provide for the
resumption of everyday industrial production in
Europe.
This aspect of the matter is sufficiently important,
when the railways of Central Europe, maintained
during the war only so far as military necessities
required, must now be in very greatly impaired
condition, alike as regards their roadbed, rolling
stock and motive power. The meeting of this
whole problem of transportation will be one of the
first necessary preoccupations of the industrial
world when peace is signed.
A PROPHETIC VISION OF ANOTHER
WORLD-WAR.
Mr. Henry Morgenthau, former Ambassador to
Turkey, in the course of an address to American
soldiers at Coblentz is quoted as saying: "The
manifold and conflicting demands of all the nations
at the conference are impossible of fulfillment. The
-nations are going to have further quarrels and disputes, and I believe that within fifteen or twenty
years America will be called upon to save the world."
According to the same Associated Press dispatch, he
admonishes the soldiers in this way: "Do not go
home and tell the people the war is over. We have
got to prepare for a greater conflict, a greater sacrifice,
a greater responsibility. The younger men of
America may yet have to fight."
If this forecast is warranted then these men who
propose to subject the League to a rigid scrutiny
are performing a great service to this country and
to the world as well. But they do not, as does this
speaker, address themselves to soldiery yet under
[Vora. 108.
arms, but to civilians everywhere. We are reminded of a remark made by Senator Harding in a
paper recently contributed to a Newl York newspaper. He said: "One who is charged with the
responsibility of a vote in the making of any treaty
is reluctant to declare himself unalterably until he is
fully informed concerning all the conditions and
international exigencies which have impelled the
making of the treaty, but on the face of the thing it
appears that every other great Power has bartered
its support of the League of Nations plan to secure
what it desired in the way of territory or other
terms of peace, while we barter our former independence and security for the glory of sponsoring
and attempting this supreme experiment. I doubt
very much if the people of this country are willing
to put aside their cherished inheritance for something
concerning which no man can speak with certainty.
We have come to know what Americanism is. We
can always construe that for ourselves. The world
has yet to acclaim the man who knows precisely
what internationalism is."
We do not desire to seem irreverent. But balancing these two statements one against the other (in
the light of the tacit admission in each that the
League cannot bring perpetual peace) are we as a
people to prepare to "save the world" by fighting
another world war for peace, or save ourselves, as
the last stronghold of liberty and peace, by refusing
to enter any other world wars for ideals, and confining our belligerency strictly to self-defense? There
is this difference, however, in these two statements,
one is a positive declaration of future wars, the other
a negative one; Mr. Morgenthau proclaims his
prophecy over the roof of the world while the fires
of destruction yet smoulder and flare fitfully and
Senator Harding calls to his countrymen to be
steadfast at home in living peace and proclaiming it
by example to a needy world. No cartoonist has
yet drawn a picture of the little white dove in the
coils of a three-headed serpent of selfishness and
vengeance, but if the prophets of evil continue he
may.
Why predict another world war? Why not proclaim peace, and again peace, in our own home and
conduct? Why sound the knell of doom over the
sad faces that are beginning faintly to smile again
with the love of life?
And the Raven never flitting, still is sitting, still is sitting.
On the pallid bust of Pallas just above my chamber door.
And my soul from out that shadow shall be lifted—nevermore.
Suppose the League, on mature examination, does
fail of adoption, is the world lost? We opine not.
Perhaps, however, the American people, warned by
the futility of following ideals into the reality of far
and discordant lands, will come to be less avid to
"save the world" by a "greater sacrifice" of blood
and treasure. Peace, nevertheless, is always possible, and its consummation is not by predicting more
war.
There will be bitterness in the heart of the American
people, if it be true that European nations have sold
their consent to a League merely to secure the spoils
of war. There will be sorrow and protest here with
us if it be found we have entered "entangling alliances" merely to secure a League of doubtful power
and of doubtful benefit. But let us not lose hope.
Let the Senatorial judgment approve or reject a
peace treaty with this "pean" wrapped in its folds—
what then, shall we not live at peace with the world?
Shall we mumble peace with lips and plot and plan
JUNE 14 1919.]
THE CHRONICLE
for war in our hearts? Shall we defend our nation,
its rights and dignity before the world, even taking
ordinary care that we be able to do so, and yet
thrust our word and precept into these "further
quarrels and disputes" with which we have no
concern?
There is one overwhelming truth. We cannot
preserve the peace of this world by fighting for
fighting nations in the decades to come. If we have
failed in our object of "no more war forever," then
we are absolved from ever fighting again save in
defense of our own nation and our own people's rights
and territory. And the only duty left is to live for
peace.
2377
needed accoiding to the teacher's personal teaching
proclivities and theories) one is compelled to smile
at this owl-eyed and solemn plea for "fair working
conditions for teachers." But we pass as unimportant this linking up of school houses with sweat
shops for the plea to have any ground to stand on
should be made in behalf of the child that cannot
help itself rather than the teacher who can at least
resign if the "conditions" become too bad and seek
more congenial surroundings.
The President of the Federation of Teachers is
quoted as to its objects as follows:
"We insist," says President Stillman, "that
boards of education have no proprietary right in
the schools. They should be proud to consider
THE "AMERICAN FEDERATION OF
themselves, with the teachers, fellow servants of
TEACHERS."
the public. Therefore, we demand a voice in the
Is this Republic to be a "government by the peo- government of the schools. (1) through represenple" or by the affiliated unions? Is there a more tation in the school boards; (2) through teachers'
important civic question of to-day to be answered councils in every school, consisting of chosen
reprethan this? And what is a "government by the sentatives of the teachers, who shall be consulted
by
people?" Of late years, what with primaries sup- the authorities on all questions affecting teachers
planting conventions, and the partial establishment or pupils; and (3) the election of school boards by
of the iniative and referendum, together with the popular vote; and we demand, on behalf of the
direct vote applied to certain high offices, there children of this land, free discussion of public queswould seem to be a tendency to bring the people in tions in the class room. It is impossible to make
closer contact with the machinery of thefl Federal good citizens without discussing the problems of
and State Governments. This movement, if it can citizenship." The more concise platform of the
be characterized as such, has more in it of politics order is declared, according to a recent press acthan civics, and is on the wane. There is a politi- count, to be: "A minimum salary of $1,000 for
the
cal demand for a return to the convention system school year for all teachers, enactment of
adequate
and the initiative and referendum has not been found retirement laws, recognition of the right of teachers
in practice conducive to the stability of the con- to organize and affiliate their organizati
ons with
tinuous operation of "law and order," in fact a union labor and the guarantee
of full educational
source of turmoil, confusion and unrest. The opportunities for all children." And thus, whether
local self-government exemplified in the town meet- rightly or wrongly another "union" for an
increase
ing cannot be applied, in its essential individual in salary comes into being.
participation by the citizen in civil affairs, to the
It would be interesting to speculate as to what
population of a State or to the body of a hundred would ensue if after affiliation the A. F.
of L., upon
millions of people. The representative system of a strike by the garment makers
or bricklayers,
delegated power proves more efficacious for the use should order a sympathy strike
upon the part of
and benefit of large masses than the ideal forms of the teachers. But there are more important
aspure democracy.
pects to consider. How long will it be, if these
If it may be said we have made this escape from accessions of subsidiary
unions continue, until the
forms and processes that would lead to "Soviets" American Federation of Labor
becomes strong
and their rapid disintegration into chaos and anarchy enough to hold the Government itself in
its grasp.
on an "overthrow" of our present form of govern- A school board, whether elected as tens of
thousands
ment, can it be said we are free from the danger in- of them are, or appointed as some of them
are, is a
duced by the insidious growth of "unions," assum- part of our established governmen
tal machinery.
ing the mantle of "labor," and affiliating together The teachers now "demand" representa
tion on these
for the avowed purpose of taking a more direct part school boards that they may ostensibly
votc themin affairs of government? The indications of the selves out of the several school treasuries filled
by
continued• and spreading growth of "unionism" taxes upon the people, a minimum salary
of one
compels a negative answer. Readers will have thousand dollars a year regardless
of the grade of
noted the recent advent of an actors' union and its the school. This in kind is practically the
same
proposed membership in the American Federation demand and method used by the A.F.of L.
in Governof Labor. Now comes to the fore an American ment control of railroads and public utilities
that
Federation of Teachers with a like destination. The raises wages that raise the cost
of living, that raises
principal object of this last organization is set forth again the supposed demand
or need of a "fair living
as "democratization of the schools and fair working wage," and so on in a perpetual round
or vicious
conditions for teachers." No doubt some few pro- circle.
fessors in the colleges and universities have felt a
The teacher, an employee, of a school board,
sort of coercion by governing boards, whether demands representation out of the ranks
for the
imaginary or otherwise, and have become rawly dual reason of "democratizing"
the schools and
restive under it. No doubt in remote and sparsely raising his own or her own salary.
It is an insettled country districts the school house and its sidious and contradictory plea,
and is similar to the
appointments are meagre, depressing, and inade- demand that "labor" share in the
control and profits
quate. But when the vast range of educational of capital for "labor's" own benefit.
How long will
facilities in the common schools of the country are it be until these numerous unions so
joined up and
considered (aside from "apparatus" more or less affiliated and by these sinister demands
govern-
2378
THE CHRONICLE
[VoL. 108.
ed bank
mentally empowered by participation in the gov- rates have always been high. The establish
chiefly by self- rate on gilt-edged security is 8%, and 6% is the
ernmental machinery and motived
that
interest, overshadow and swallow up all direct lowest rate given by banks unless they consider
by virtue of their direct citizen- special favor is being shown. Smaller country banks
power of the people
annual
ship in the administration of the Federal and State get much higher rates, some of them making
40%. However, the operGovernments themselves? How long will it be, if dividends of from 30 to
this increase continues, until we shall be living ation of the Federal Land Bank in Texas has tended
under an oligarchy of affiliated unions and not un- to reduce interest to farmers.
George Waverly Briggs, Commissioner of Inder the free civic rule of the people by means of indelegated surance and Banking in Texas, says that the placing
dividual citizenship responsibility and
adrepresentative power? Is this our revered de- of State funds in circulation must result very
ative system or a modi- vantageously to financial conditions and relieve
mocracy under a represent
fied form of socialism absorbing the Government stringency, thereby reducing the interest rate.
State Treasurer John W. Baker is of the same opinin its own behalf?
It is time for the citizen and patriot to face the ion, although both say that just the effect to be had
issue squarely. To which does the citizen owe cannot be forecast. Another thing to be taken into
allegiance first, to Government or to the union? consideration is that•the State will derive a revenue
to
Can he sanction these demands for participation of of approximately $456,750 annually, according
and taxes will
unions in Government and be true to his individual the est mate of the State Treasurer,
civic responsibilities? Not only are the economics be reduced a corresponding amount.
The enactment of the law under which State funds
of industry involved, but the very political form
of are placed in banks is perhaps the greatest financial
and structure of the Republic. If this oligarchy
affiliated unions is best for the liberty and pros- action in the history of the State.
Less than two years ago the State kept from
perity of the people, let us embrace and foster it.
l civic power, indi- $9,000,000 to $12,000,000 lying idle in the State
If it is not, if it puts individua
vidual ownership of property and control of the Treasury, from which it was drawn as warrants were
of
disposition of taxes, into the hands of aliens thereto; to be paid. Then the surplus to the amount
Treasury
if it curtails liberty and power in the citizen as $8,200,000 was invested in United States
citizen, then should it not be spurned, a menace to certificates, and under a depository law $900,000
republican representative institutions and govern- was loaned to banks of the State, $50,000 being the
ment? Where did the Soldiers' and Workmen's limit of the amount that could be placed in each of
Councils that sprang into being in the inception the eighteen Congressional districts.
Then, at the last session of the Texas Legislature,
of the Russian revolution have their genesis, their
e, unless in "unions" so-called already the depository law was so revised as to remove terprototyp
existent? When revolution succeeded revolution ritorial restrictions from the placing of money, and
and anarchy triumphed where did the rapine and banks were allowed to receive funds to an amount
red guards of Soviets come from if not from these equal to their capital stock and surplus. The banks
transformed councils begotten of prior unions hav- are required to provide ample security to protect
the State funds in their possession.
ing no such principles?
The first awards have been made, as stated above,
us little fear this reign of terror.
Reason bids
duty of citizenship is to generate no and bids for more money than the State held were
And yet the
plan or system which, in storm and stress, gravi- received. In fact, the State will receive a little
tates, by its own selfishness and class rule, its own above the average rate of interest bid, for $7,000,000
inefficiency to represent the whole people, into these of the available funds went to banks which bid above
4%, while
dangerous tendencies that lead not to democracy, 33.1%, the remainder to banks bidding 31
ation, de- a number of bids were 3%. The higher bids were
though fondly hoped, but to disintegr
for small amounts and from the lesser banks, three
struction and death.
bidding 6% for a total of $55,000. This type of
TEXAS MAKES IMPORTANT DEPARTURE— bank borrows from the larger ones, so the rate offered the State is not excessive compared to that
PUTS ITS FUNDS AT INTEREST
WITH BANKS.
which they have been paying. And as the law
•
Austin, Texas.
directs that funds be drawn from banks .paying the
00 of State funds, formerly smallest rate of interest first, money placed with
The placing of $9,000,0
held idle in the vaults and invested in United States the little fellows will not be disturbed often.
Another feature of the law requires State officials
Treasury certificates, into circulation in Texas,
marks a departure for the State of Texas that has to make daily deposits of all State funds collected,
and only enough money to meet current expenses
important bearings.
to banks of will be retained in the State Treasury. The FedThis money has just been awarded
the State upon competitive bids at an average in- eral Treasury certificates will be redeemed, and it
terest rate of 4.13%, and it will go to the institutions is expected that at no time will there be more than
$75,000 of the State's funds which is not in banks
as soon as details of surety are arranged.
Opinion as to the effect this will have is divided. of the State and drawing interest.
Some contend that the comparatively high rate of
R SUPREME COURT DECISION CONinterest obtained by the State upon daily balances ANOTHE
CERNING RESALE PRICES—THE
will tend to increase the interest rate of the State.
COLGATE CASE.
While others say that this large amount being made
A recently announced decision by the highest
available will tend to make money more plentiful
tribunal recalls once more the long struggle over
and reduce interest rates.
prices at retail and
Heretofore many borrowers in Texas have gone the maintenance of fixed uniform
in that struggle4Many.devices to
to the Northeast for money, because Texas interest settles one point
JUNE 14 1919.]
THE CHRONICLE
2379
that end have come before the courts, most of them to monopolize trade and commerce
; the majority,
falling under the broad cover of the only monopoly by Justice McKenna, did not see that
there was any
ever set up in this country openly and formally, tendency to restrict trade in shoes (the real
thing
the exclusive grant to a patentee to "make, use, and to be protected) and regarded the arrangeme
nt as
vend" the article, during a term of years. Eleven one which enabled small producers to get
the benefit,
years ago, the Supreme Court held that copyright for themselves and consumers, of the use
of valuable
owners cannot control retail prices of books by print- machines which their narrowness
of available capital
ing on them a notice that nobody is authorized to would prevent their buying. The majority
also resell under the figure as published. Next, the Court fused to entertain the demand for dissolutio
n (as the
gave encouragement by holding, by four to three, in lower court also had done) holding
that the public
the Mimeograph case, that a sale of non-permitted interest lies "in the creation of a shoe"
and that the•
and non-licensed material for use in connection with parties in such cases can be safely left
to themselves,
a patented article constituted a "contributory" in- for what they do for their own benefit will
also serve
fringement of patent; a year later, the Court went the consumer.
over to the opposite ground in the Sanatogen case,
Later has come the Colgate case, in which the
holding, by five to four, that "conditions" attached decision above-mentioned
has just been reached.
to an article have no effect and that when a patentee That very old concern had for many years
been folhas once sold an article he has sold it and has no lowing the simple plan of refusing to
deal with a
further control over it.
price-cutter, but after several Federal District
Acting upon a hint in this decision that perhaps Courts, in 1917, had instructed juries
that such
a different view might have been taken if the evi- refusal tended to combination as forbidden
under
dence had shown a qualified sale, the Victor com- the Sherman Act, the Federal Attorney
-General
pany, under shrewd legal advice, adopted the "li- warned the company that it must desist
or become
cense" scheme by attaching to their phonograph liable to indictment. It did not desist, and
indictrecords a printed notice that the article was merely ment followed; but Judge Waddill in the Federal
licensed for use, on a so-called "royalty" which District Court, sitting in Norfolk, stood by
the Colwas in the stead of the usual selling price, the pur- gates, about seven months ago, holding that
pricechaser being assumed to have merely purchased cutting is not for the general good and
that the
this right of private use, and the dealer being said public interest goes no farther than "that
reasonable
to merely have the power to transfer this right of and fair prices shall be charged."
This moved the
use to others. Then came a prolonged fight with Federal Trade Commissi
on to the over-broad statethe leading price-cutter, the Macy store. Judge ment that the Supreme
Court "has made clear, in
Hand in the Federal District Court dismissed the the present state of
the law, that maintenance of a
Victor suit, but in the following year Judge La- fixed re-sale price by the
producer is a restraint of
combe in the Federal Circuit Court of Appeals sus- trade and unlawful.
" So the Commission made to
tained it, holding that the arrangement was not a Congress the extraordinary
suggestion that prosale outright, or a restricted sale, "or any sale at ducers be required to file, "with an
agency desigall," and declaring himself unable to see why a patent nated by Congress," a statement of
proposed prices
owner "may not give to one person a more restricted and selling terms, and that this agency
be "charged
right to use" than to another or may not "dispose with the duty" of reviewing the
terms and revising
temporarily of the use and ultimately of the title" the prices.
of a patented article. But in the next year, the
This suggestion has not been taken up, but of
Supreme Court, with three dissenting, refused this course the Colgate case went forward
for final hearliteral interpretation of a patentee's rights and ing, and now the Supreme Court,
unanimously, has
pronounced the device "an attempt to sell property found that in refusing
to sell to certain parties the
for its full price and yet to place restrictions upon Colgates have not violated the
Sherman Act. The
its further alienation, such as have been hateful text of the decision is not yet
available, but its
from Lord Coke's day to ours," and called it "in basis must be the common law propositio
n that the
substance and in fact a mere price-fixing enter- owner of a trade-mark,
made commercially valuable
price." The "notice" was printed at length on by time and energy,
has a natural right to protect
the envelope in which the record was inclosed; the it. The Colgates had not attempted
to control repurchaser was not likely to read it, and would not sale prices by any
contract or any licensing scheme,
heed it in any case, nor does it appear that any but had simply declined to sell to
parties whose
attempt was made to use it upon anybody but the conduct was not pleasing. In a
celebrated case,
dealer.
very long ago, the Apostle Peter said to one Ananias
About a year ago, the United Shoe Machinery of a certain possession, "while it remained,
was it
case was decided in favor of the company by the not thine own?" Possession of property,
rightSupreme Court, by four to three, Justices McKenna, fully acquired, has always been
held to include the
Holmes and Van Deventer, the three dissentients right of disposal, subject to some
limitations which
in the Macy case, being with the majority this need not be stated. In the matter
of phonographic
time. In that former case, a conditional selling was goods, for example, it has seemed
to the "Chronicle"
broadly condemned, but in this a conditional leasing that any dealer has a lawful right sell
to
on his own
was sustained. The defendants, owners of certain terms any goods which he can procure by any honest
patented shoe-making machines, did not sell them, means, and that the maker has equal
right, so far
but leased them for use on conditions, one condition as practicable by any honest means, to
prevent him
binding the lessee not to use other machines; for from getting them. If to require
the wholesaler or
this, the Government brought suit, back in 1911„ distributor to contract not to re-sell to
any priceseeking dissolution of the "trust" under the Sher- cutter be deemed unlawful, the producer
must be
man Act. The minority of three, by Justice Day, admitted to have a natural right to decline to deal
considered thelconditions in the leasing as tending with any person, for any reasons;
for example, a
2380
THE CHRONICLE
dealer who assumes the expenses of a store and
some advertising outlay has a just title to some protection, and this would be denied him if the producer would deal with some other who proposed to
start a stand close by; too many dealers in an article
in a neighborhood may therefore be prevented, if the
producer can prevent them by declining to sell. A
dealer who does not pay'his bills properly, or who
does not suitably treat the goods before the public,
,or who makes trouble by complaints, or in any other
manner proves undesirable, may surely be barred
by a producer. The same applies in all retail trading. Any journal claims the right to decline an
advertisement, and it would be deemed absurd to
insist that anybody, responsible or irresponsible,
dealing in wholesome or unwholesome articles, has
a legal right to force his advertisements on a journal
which sees reasons for refusing them, a good test
case of this being offered jtist now in the matter of
dishonest "investment" traders. Any retail trader
may decline to sell to a consumer that for any reason
is undesirable, and self-interest will never permit a
purchaser to be refused without some good reason.
Leave trading to itself, and the self-interest of the
parties will regulate it. This is not to be construed
with literal broadness, of course; yet after such a
long trial of regulation gone wild and with disastrous results the country is tending towards the
doctrine that freedom in producing and dealing
makes best, on the whole, for the general welfare.
LENDING ON REAL ESTATE MORTGAGES AND
THE SHORTAGE IN HOUSING
ACCOMMODATION.
The seriousness of the shortage in business and
housing accommodation, especially in the latter, can
hardly be overstated, and it is not confined to this
city; it is in part due to the desire of owners to get
the best obtainable out of the situation (a desire now
,denounced by the newly-coined term of "profiteering") but the real trouble is that supply in the real
estate market has been increased only very slightly
while demand increases continuously. The latter
is partly from conditions induced by the war and
perhaps temporary, but in part from the persistent
trend of population to the great centres. How to
meet this trend is a most difficult problem, and we
can only hope that the greater attractiveness of
country life (especially of agricultural life) in both
the pecuniary and the personal aspect, will gradually
bring a relief which coercion cannot bring and
statutes cannot very speedily aid.
If one asks why so little building is going on the
local answer must be, in part, that Manhattan Island
has now not much space whereon to physically expand except towards the sky; but a retardant quite
as effective is the prevailing scale of prices, for both
materials and labor. At the opening of the year it
was foreseen that a congestion about the date of
the usual spring moving was inevitable. An officer
of the Metropolitan Life, one of the large lenders,
said then that materials were scarce and prices
higher than ever known before, labor being in the
same condition of scarcity and high price, as nearly
every citizen knows already, to his own sorrow.
Any active demand for a large amount of new construction, said this company officer, would surely
run the cost to a point prohibitory and dangerous.
Further, said he, even if materials and labor did not
[VoL. 108
rise still more, there is "an entire absence" of the
firstr equisite, the money needed for financing; "no
sane builder can or will start his buildings unless he
knows, and can convince his supply dealer, where
the necessary money is to come from."
But the pressure and the outcry have continued,
and after more than two months of it the Legislature and the city Aldermen are investigating. To
this inquiry has come Mr. Samuel Untermyer, with
an unfortunate and unwarranted complaint against
the life insurance companies for not lending on
mortgage; the city, he declared, is "crucified" by a
combination among insurance companies and dealers in building materials. He failed to include labor
in his alleged combination, and as for the dealers
n material, we suppose they are behaving as other
persons behave, seeking to protect themselves and
to get what profit may be got in the teeth of perplexing conditions and in a time which tries at once
men's judgment, men's sense of justice, and men's
stock of patience under pressure. But the insurance
companies have replied, partly by pointing out that
in some instances Mr. Untermyer is wrong in his
figures, but mainly that, for reasons of which he
cannot be supposed ignorant, their present lending
power is extraordinarily low as compared with the
admittedly great volume of their assets. Mr. Untermyer says he would have the Legislature intervene
to compel insurance companies to lend on mortgage;
but he quite forgets (or, possibly, is not aware of
the facts of some past experience) that if this State
should undertake to prescribe the proportions in
which life insurance funds shall be invested, that
would suggest and invite other States to imitate the
unwise Robertson law of Texas and require a portion
of funds collected in such States tO be invested there,
and such a course would weaken the safety of companies by scattering their funds.
But, reply the companies, the Government has
not only made building materials and labor scarcer
and dearer by its own imperative war demands, but
has taken our funds for its loans. At the end of
4
last year the New York Life owed some 223 millions for "borrowed money" and still owes some 15
millions; the Metropolitan borrowed 3332 millions
2
and still owes 223/ millions; the Equitable borrowed
23 millions. These companies, and many others,
did on a large scale what many thousands of individuals did on a small one: they borrowed, in order
to lend; they borrowed from the banks. The war
had to be pushed through; it had to be financed;
the greater need carried the day, and everything
else had to step aside and take the chances of the
future. A further hindrance has been the drain by
the terrible epidemic, more destructive even than
the war; this cost the Metropolitan alone nearly
24 millions, and has struck hard upon every company without an exception.
Yet no insurance company and no other corporate
lender is unaware of or indifferent to the situation.
The New York Life has more money on mortgage
here in N'ew York than in the rest of the world; it
has agreed with some builders to put a half-million
(and will try to do four times that) on five-story
"walkup" apartments. The Metropolitan has made
a similar offer and will turn what funds can be spared
.to loans repayable by installments in five or ten
years, having now responsible applications for
several millions. The savings banks' officers say
that while they cannot ignore the possibility of fur-
•
JUNE 141919.]
.
THE CHRONICLE
ther calls from Government, they are appreciative
of the situation, they know nothing better than
mortgages, and they will do the utmost in their
power. What thoughtful person can doubt it, and
who can imagine that any persons in charge of trust
funds could be so foolish and so indifferent towards
public obligations as to discriminate against mortgages on property which is certain to earn income?
As for the talk of "conspiracy," that is a part of the
loose chatter of the time and ought to be put aside.
2381
cerned. In reviewing the totals for April 1918,
we pointed out that they made the best comparisons
of any month of that year up to that time, but the improvement was only of a negative character as the
exhibits for the months immediately preceding had
been so extremely. bad. With the weather no
longer an obstacle (as it had been in previous months)
to the unimpeded operation of the roads and with
freight congestion and freight embargoes gradually
becoming a thing of the past, many extra items of
expenses which had so materially swelled the exRAILROAD GROSS AND NET EARNINGS FOR penses
accounts in the early months of 1918 were
APRIL.
being, we pointed out, eliminated. Nevertheless,
The compilation we present to-day of the gross while this was satisfactory as
far as it went, the
and net earnings of United States railroads for the ordinary operating expenses continue
d to run much
month of April shows no modification in the adverse heavier than in 1917 or preceding
years and the
character of the exhibits which has been a feature gains in gross revenues, though
noteworthy, did
of the returns for nearly the whole of the period since not suffice to offset the additions to expenses.
the Government took over control of the properties.
In other words, while the gains in gross earnings
Operating costs continue extremely high and the in April 1918 over April 1917 had
aggregated $50,augmentation in expenses far exceeds the gains in 134,914 or 15.70%, the addition
to operating exgross revenues, so that net income continues to penses reached $51,831,194, leaving a
loss in net
record a heavy loss as compared with a year ago earnings of $1,696,280. But not alone was
the 1918
when the showing was already extremely poor.
net unsatisfactory, but there was an indifferent outThe Director-General of Railroads, Walker D. come as to the net the previous year, too; that
is,
Hines, has over and over expressed the belief, within in April 1917 our compilation showed an addition
recent months, that greater economy of operations to gross earnings of $37,819,634, or 13.10%,
attended
could be brought about, now that the pressure upon by an augmentation in expenses of $37,759,
479, or
the carriers has been relieved by the cessation of 19.32%. It is true that the 1916 totals
registered
military operations—consequently eliminating the very striking improvement in both
gross and net
large item of overtime work at overtime pay, which over 1915, but this represent
ed in a good part a
he considered responsible for an important part of recovery of antecedent losses or the
absence of
the tremendous increase in the payrolls of the roads— previous growth. Our April
1915 compilations, as
but there is not the slightest evidence of any check it happened, though registering $3,394,4
64 decrease
in the inordinate growth of the expense accounts. in the gross, showed $8,249,222 increase
in net.
The prospect, therefore, of providing for the loss But,prior to that, results were indiffere
nt for several
in net income without a further increase in trans- successive years. In April 1914 gross fell off
$8,517,portation rates (which Mr. Hines so much dislikes in 270, or 3.48%, and
net $625,524, or 1.04%. In
common with the public at large) or without a radical April 1913 there was a gain in
gross of $24,188,770,
readjustment of railroad affairs at the hands of Con- or 10.90%, notwithstanding
unprecedented floods
gress is getting more and more remote—all of which in the Middle and Middle Western
States, but only
furnishes grave occasion for uneasiness and riothing $2,039,869 of the improve
ment was carried forward
is to.be gained by attempts to conceal the fact. as a gain in the net,and in April 1912 our tabulatio
ns
As was the case in March, the volume of traffic in registered $4,538,251 gain in gross,
accompanied
April was undoubtedly smaller than in the same by $10,465,870 addition to expenses, causing,
theremonth oflast year. Hence,notwithstanding the much fore, a loss of $5,927,619 in net. In
April 1911 there
higher rates charged by the carriers for both passenger were losses in both gross and net—$7,5
14,070 in gross
and freight traffic, the increase in gross earnings and $1,941,639 in net. In April 1910 gross
earnings
amounts to only $17,986,895 or no more than 4.85%. were satisfactory enough, having
recorded an increase
On the other hand, this was attended by an augmen- of no less than $28,831,397, but in the net
the outcome
tation in expenses of no less than $63,080,697, or was disappointing, owing to the
great expansion in
23.18%. Accordingly, the net earnings show a expenses, which left a gain of only $4,316,2
66 in net.
loss of $45,093,802, or fully 50%. Stated in another In 1909 there was very substantial improvem
ent in
way, while the gross earnings, as a result of higher both gross and net, but this followed the
tremendous
rates, increased from $370,710,999 in April 1918 to losses of the year preceding. The
results then
$388,697,894 in April 1919, the net earnings were showed $21,921,500 gain in
gross and $11,593,087
reduced from $89,943,898 to $44,850,096, as will be gain in net. In 1908 the losses
were of prodigious
seen by the following:
magnitude. As registered by our tables there was
ApriiInc.(+)or Dec.(—).
a decrease then of $30,544,943 in gross and of $10,1919.
200 Roads.
1918.
Amount.
%
Miles of road
232,708
233,251
—543
Gross earnings
$388,697,894 $370,710,999 +817,986,895 00.23 095,121 in net. But the aggregates were based on
4.85
Operating expenses
343,847,798
280,767,101
+63,080,697 23.18
only 153,007 miles of road, whereas the total railroad
Net earnings
$44,850,096 $89,943,898 —345,093,802 —
50.14 mileage of the country
then was close to 230,000
It should be understood that the results here given miles. Computat
ions made by us later in the year
—as is always the case with our compilations—are indicated that for the
whole railroad system of the
before the deduction of the item of taxes. With country the loss in
gross in April 1908 must have
the taxes taken out, the figures would make a still been no less than
$45,000,000 and the loss in net
worse comparison. What emphasizes the unfavor- about $16,000,0
00.
able character of the exhibit is that comparison is,
In the following we give the April figures back to
not with good figures last year, but rather the re- 1906. The totals are
our own, except that for 1911,
verse—we mean as far as the net earnings are con- 1910 and 1909 we use
the Inter-State Commerce
[Vol,. 108.
THE CHRONICLE
2382
figures, the Commission having for these three years
included all the roads in the country, while since then
the smaller roads have been omitted. Prior to 1909
the figures are also our own, but a portion of the
railroad mileage of the country was then always unrepresented in the totals, owing to the refusal of
some of the roads in those days to furnish monthly
figures for publication.
Net Earnings.
Gross Earnings.
• Year.
Year
Given.
Increase or
. Year
Preceding. Decrease.
$
April.
$
$
1906 ___ 109,998,401 104,598,565 +5,399,836
1907 ___ 142,884,383 115,863,354 +27,021,029
1908 ___ 134,513,535 165,058,478-30,544,943
1909 ___ 196,993,104 175,071,604 +21,921,500
1910 _ __ 225,856.174 197,024,777 +28,831,397
1911 __218,488,587226,002,657 -7,514,070
1912 -__ 220,678,465216,140,214 +4,538,251
1913 -__ 245,170,143220,981,373 +24,188,770
1914 ___ 236,531,600245,048,870 -8,517,270
1915-237,696,378241,090,842 -3,394,464
1916 ___ 288,453,700237,512,648 +50,941,052
1917 ___ 326,560,287288,740,653 +37,819,634
1918 .._ 369,409,895319,274,981 +50,134,914
1919 -__ 388,697,894 370,710,999 +17,986,895
Year
Given.
$
31,548,660
42,521,549
37,441,989
62,380,527
66,725,896
64,768,090
57,960,871
60,122,205
59,398,711
67,515,544
93,092,395
93,318,041
89,982,415
44,850,096
Increase or
Year
Preceding. Decrease.
$
$
30,137,596 +1.411,064
33,639,112 +8,882,437
47,537,110-10,095,121
50,787,440 +11,593,087
62.409,630 +4,316,266
66,709,729 -1,941,639
63,888,490 -5,927,619
58,082,336 +2,039,869
60,024,235 -625,524
59,266,322 +8,249,222
67,396,538 +25,695,857
+60,155
93,257,886
91,678,69 -1,696,280
89,943,898-45,093,802
-Includes for April 91 roads in 1916, 91 in 1907; In 1908 the returns were
Note.
based on 153,007 miles of road; in 1909, 233,829; In 1910, 239,793; in 1911, 244,273;
in 1912, 236,722; in 1913, 240,740; in 1914, 243,513: in 1915, 247,701; in 1916.
246,615; in 1917, 248,723; in 1918, 233,884; in 1919, 232,708. Neither the Mexican
roads nor the coal-mining operations of the anthracite coal roads are included in
any of these returns.
For the separate roads the exhibits partake of the
character of the general results, by which we mean
that in the great majority of instances gains in gross
earnings are overtopped by increases in expenses,
leaving losses in net. In not a few cases, these
losses reach large dimensions-and the heavy losses
come from all parts of the country. Thus the
Pennsylvania Railroad lines directly operated east
and west of Pittsburgh with $3,792,233 increase in
gross report $2,143,190 decrease in net; the New
York Central Lines (not including the various
auxialiary and controlled roads) have $394,836
increase in gross with $2,769,978 decrease in net,
and the Baltimore & Ohio with $602,908 increase in
gross falls $1,609,707 behind in net. The Union
Pacific with $1,432,045 addition to gross, has suffered a reduction of $973,890 in net and the Southern
Pacific with gross better by $705,623,shows a shrinkage of $2,579,141 in net, while the Atchison Topeka
& Santa Fe, though having lost only $64,635 in gross,
sees its net reduced by no less than $3,142,796.
Southern roads have done as poorly in net as those
of any other group. Thus the Southern Ry., with
$90,542 increase in gross has suffered a shrinkage
of $2,754,223 in net and the Louisville & Nashville,
with $1,331,505 gain in gross, registers $665,036
falling off in net. And these illustrations could be
multiplied many times over from all parts of the
country. In the following we show all changes
for the separate roads for amounts in excess of
$100,000 whether increases or decreases, and in both
gross and net. It will be noticed that there are only
four increases in the net running above the figure
mentioned.
PRINCIPAL CHANGES IN GROSS EARNINGS IN APRIL.
Increases.
Increases.
163,214
$3,792,233 .r e (2)
Pennsylvania (3) a
162,470
Atlantic Coast Line
1,914,488 Chicago & Alton
153,588
Chicago Milw & St Paul.. 10773,335 Norfolk & Western
142,512
Union Pacific (3)
1,432,045 Central RR of Now Jer_ _
139,928
Louisville & Nashville_ _ _ 1,331,505 Richmond Fred & Potom
Duluth Missabe & North
137,686
826,291 Michigan Central
120,880
Texas & Pacific
807,170 Central of Georgia
Southern Pacific (8)_ _ _ _
118,171
705,623 Chicago Ind & Louisv_ _ _
117,125
Great Northern
679,633 Alabama Great Southern
116,962
Chicago & North West
668,196 Yazoo & Mississippi Vail
Baltimore & Ohio
108,613
602 908 Chesapeake & Ohio
Minneap St Paul & S S M
587 427
Representing 60 roads
Mo Kan & Tex of Texas..
524 275
n our compilation_ _$23,505,173
Northern Pacific
440 269
Long Island
410 467
Decreases.
Lehigh Valley
404,409
New York Central
394,836 Philadelphia & Reading.. $1,131,685
693,573
-San Fran (3).._ ..
St Louis
383,678 Missotul Pacific
538,162
Pere Marquette
367,184 Pittsburg.h & Lake Erie..
505,487
Los Angeles & Salt Lake..
347,625 Chicago Burl & Quincy_ _
475,668
NYNH& Hartford..
341,961 Buffalo Roch & Pittsb_
468,236
Duluth & Iron Range
317,758 Thineis Central
223,238
Seaboard Air Line
311,535 Virginian
216,448
Grd Trk Lines in New Eng 294,435 El Paso & Southwestern..
183,860
Colorado & Southern (2)289,188 Bingham & Garfield_
177.157
St Louis Southwest (2)....
280,896 Florida East Coast
123.040
Del Lack & Western.._.._
262,625 Missouri Kansas & Texas
120,387
_
Wabash
224,680 Chicago & Eastern
113,634
Cinc New Orl & Tex Pac_
202,459 Kansas City Southern_ _ _
West Jersey & Sea Shore..
105,808
197,393 South Buffalo
Chic St P Minn & Omaha
184.719
Representing 14 roads
N Y Chicago & St Louis_
183,970
n our compilation__ $5.076,383
Grand Rapids & Indiana
183,808
-All the Lgures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have comb ned the separate roads so as to make the results conform as nearly as poss ble to those
given in the statements furnished by the companies themselves.
a This ,s the result for tee Pennsylvania RR., together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis.
the Pennsylvania RR. reporting $1,427,123 increase, the Pennsylvania
Company $1214,126 increase and the P. C. C. & St. L. $1,150,984 increase.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c. the whole going to form the New York
'
Central System, the result is a gain of $76,426.
PRINCIPAL CHANGES IN NET EARNINGS IN APRIL.
Increases.
Duluth Missabe & Nor__
Duluth & Iron Range_ _ _
Great Northern
Los Angeles & Salt Lake..
$784,423
356,024
119,975
105,271
Representing 4 roads
in our compilation.... $1,365,693
Decreases.
Atch Top & S Fe (3)____ $3,142,796
New York Central b..___ 2,769,978
2,754,223
Southern Railway
Southern Pacific (8)....-- 2,579,141
2,400,523
Illinois Central
2,143,190
Pennsylvania (3)
1,819,966
Missouri Pacific
1,609,707
Baltimore & Ohio
1,519,480
Chicago Burl & Quincy
1,512,166
Erie (2)
Philadelphia & Reading.. 1,414,247
Chicago R I & Pac (2).... 1,201,861
Pittsburgh & Lake Erie__ 1,049,718
973,890
Union Pacific (3)
714,726
Norfolk & Western
665,036
Louisville & Nashville.._ ..
640,914
Delaware Lack & West....
638,974
Chicago & North West....
615,295
Michigan Central
559,614
Boston & Maine
557,970
NYNH& Hartford_ .. _ _
554,856
Clev Cinc Chic & St L.._
466,842
Florida East Coast
459,622
Internat'l & Great North
447,419
Chesapeake & Ohio
436,940
St Louis Southwest (2)_ _
435,128
Denver & Rio Grande_ _ _
415,797
Chicago & Eastern Illinois
402,447
Seaboard Air Line
386,637
Mobile & Ohio
376,793
Chicago Milw & St Paul_
364,350
Missouri Kansas & Texas
338,454
Wabash
Decreases.
Yazoo & Mississippi Vail
Kansas City Southern_ __
Northern Pacific
Chicago Great Western_
Central of Georgia
Maine Central
Buffalo Roch & Pittsb_ _
Western Pacific
Pere Marquette
Lehigh Valley
Lake Erie & Western........
Chicago & Alton
Minneap & St Louis........
Central New England___
El Paso & Southwestern..
Virginian
Nashville Chatt & St L.._
New Orl & Northeastern
Cumberland Valley
San Ant & Aran Pass
Texas & Pacific
Central RR of New Jar....
Alabama Great Southern
Bingham & Garfield_ _
Elgin Joliet & Eastern......
Chicago Junction
Cinc New On & Tex Pac_
Spokane Port & Seattle....
Atlanta Birm & Atlantic..
N Y Ontario & Western_
St L March Bdge & Ter_
Pittsburgh & West Va....
Toledo St Louis & West..
Pittsburgh & West Va....
Toledo St Louis & West..
Grand Rapids & Ind........
Norfolk Southern
Central Vermont
338,029
337,310
337,061
300,111
297,268
284,267
281.280
261,992
249,642
229.388
215,723
204.514
203.998
198,290
196,294
183,159
171,000
170,732
164,880
163,873
158,635
149,351
146,644
146,503
145,514
144,122
139.063
137,502
132,565
131,940
126,879
119,763
114,464
119,763
114,464
103,091
102,264
100,680
Representing 87 roads
in our compilatIon....$43,255,391
a a h:o
u
tiltflnnrsvv8innicmit ga r
e
e
us
.
st t
witlAt hed: innl
nia o
vaa Thp mis
regittohe
.
creania
.
.as
.
.
r r2an
hn8 3 8e511egr ije 111g1ratylvase Com.8
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Pen y sgang kiea ortAntc , (: ,
,$
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the "Big Four," &c., the result is a loss of $5,382,616.
When the roads are arranged in groups, according
to their geographical location, every division, as
would be expected, records a loss in net, at the same
time that every division records also a gain in gross,
and this loss in the net is in all cases heavy, the ratios
of decrease running from 38.27% to 60.56%. Our
summary by groups is as follows:
SUMMARY BY GROUPS.
Gross Earning
Inc.(+) or Dec.(-).
1918.
$
+695,602 4.23
Group 1(8 roads), New England__ 17,155,542 16,459,940
+2,458,277 2.42
Group 2(37 roads), East & Middle_103,903,892 101,445,615
+2,796,542 6.15
Group 3(28 roads), Middle West__ 48,310,443 45,513,901
8.93
+4,607,51.2
51,603,859
Groups 4 & 5(36 roads), Southern.. 56,211,371
+5,769,209 7.67
Groups6& 7(30 roads), Northwest 81,609,005 75,839,796
1.09
+635,243
58,019,098
Groups 8 & 9(49 roads), Southwest 59,254,341
21,228,790 +1,024,510 4.73
Group 10(12 roads), Pacific Coast.. 22,253,300
Section or GroupApril.
Total(200 roads)
1919.
•
388,697,894 370,710,999
-Mileage1919. 1918.
April7,329
7,302
Group No. 1
28,837 28,634
Group No. 2
20,699 20,725
Group No. 3
38,686 38,794
Groups Nos. 4 & 5
Groups Nos. 6 & 7........ 66,528 66,566
54,186 54,701
Groups Nos. 8 dc 9
16,470 16,502
Group No. 10
1919.
$
1,373,041
7,355,778
6,951,188
7,761,299
9,830,173
7,882,704
3,695,913
+17,968,895
4.8
Net Earnings
1918. Inc.(+) or Dec.(-)
3,045,542 -1,672,501 54.91
18,649,697 -11,293,919 60.56
11,309,257 -4,358,069 38.54
16,036,278 -8,274,979 51.60
15,923,720 -6,093,547 38.27
18,052,089 -10,169,385 56.33
6,927,315 -3,231,402 46.65
232,708 233,251 44,850,096 89,943,898 -45,093,802 50.14
-Group I. includes all of the New England States.
NOTE.
Group II. includes all of New York and Pennsylvania except that portion west of
Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and the
extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania, west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California. Nevada, Utah
ad Arizona and the western part of New Mexico
Total
We have stated above that the volume of traffic
in April 1919 had undoubtedly been smaller than in
April 1918. This had reference to general merchandise freight and to reduced shipments of coal, in the
latter of which there was a sharp contrast with a
year ago when all the energies of the Government
were directed towards enlarging the output of this
essential article of fuel. In addition, however,
JUNE 14 1919.]
THE CHRONICLE
2383
there was also the present year a shrinkage in the
Western grain movement and likewise a shrinkage
in the Western livestock movement. The wheat
receipts at the Western primary markets for the four
weeks ending April 26 this year were 9,753,000
bushels against only 4,982,000 bushels in the corresponding four weeks of last year, and the receipts
of barley and of rye were also on a somewhat larger
scale, but on the other hand there was a great contraction in the movement of corn and oats. Consequently, the aggregate of the receipts of the five
cereals combined for the four weeks of 1919 was only
56,644,000 against 63,542,000 bushels in the same
four weeks of 1918. The details of the Western
grain movement in our usual form are shown in the
table we now present.
front, to the smallest tractor cultivator. All the big implement companies displayed hundreds of car-loads of modern
power farming machinery. The Gewernor of Colorado proclaimed June 9-14 "Farmers' Week," and thousands upon
thousands of farmers from Colorado, Wyoming, New Mexico, Idaho, Utah, Kansas, Nebraska, Montana and the Dakotas gathered to discuss and exchange experiences in horseless farming.
There were daily demonstrations of tractors, varying in
types and prices as much as automobiles do, from the great
moguls to pony machines, plowing with 1 to 28 plows hundreds of acres. Then the same machines were shifted
to
portable power plants to drive all manner of farm machiner
y.
The slogan is a tractor for "every purse and purpose.
"
The war has given the greatest impetus to the manufacture of farm tractors, their improvement and efficiency.
From 15,525 machines in 1917, the Department of Agriculture now places the 1919 production at 314,936. One company alone is turning out 400 daily. The farmer is pressed
WESTERN GRAIN RECEIPTS.
to increase production to supply a hungry world. The
4 Weeks end. Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
horse supply cannot be immediately increased, in fact it is
April 26.
(bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
decreasing with the increase in the maintenance of horses
1919
844,000
946,000
4,977,000
4,784,000 3,416,000 1,162,000
1918
719,000
283,000
7,860,000 12,614,000 1,081,000
228,000 and the high cost of rearing colts.
Whether automotive
Milwaukee
power is more economical than horse power and will sup1919
40,000
200,000
423,000
967,000 1,820,000
583,000
1918
75,000
33,000
856,000 2,169,000
456,000
71,000 plant the horse now depends upon the size
St. Louis
of the farm. As
1919
302,000 1,295,000 2,238,000
3,136,000
64,000
17,000 the truck is to hauling, so the tractor is to the farm.
1918
263,000
386,000
2,669,000
3,894,000
101,000
44,000
Toledo
Plowing is the farmer's hardest work. In this the tractor
1919
88,000
99,000
308,000
excels the horse by plowing deeper, more evenly, and at the
1918
48,000
206,000
531,000
426,000
44,000
Detroit
seasonable time-carrying the peak load over the peak sea1919
78,000
127,000
182,000
1918
5,000
son by working 24 hours daily when necessary. This better
29,000
457,000
324,000
Cleveland
cultivation insures increase in production by 7 to 12 bushels
1919
8,000
90,000
45,000
391,000
1918
59,000
25,000
720,000
397,000
4,000
4,000 of wheat per acre, and corn, oats and rye in proportio
Peoria
n.
1919
249,000
94,000
1,918,000
630,000
The advantages and costs of operation vary greatly with
18,000
63,000
1918
154,000
72,000
2,838,000
1,902,000
68,000
79,000
Duluth
the locality, soil conditions and the crops raised. An East1919
91,000
35,000
51,000 1,446,000 ern farmer reports
1918
his costs per acre for 150 acres at 70 cents
115,000
7,000
105,000
248,000
5,000
Minneapolis
for oil and fuel, $1 00 for labor and 50 cents for interest, de1910
5,422,000
246,000
1,423,000 4,036,000 1,717,000
1918
3,169,000
1,388,000 3,214,000 1,225,000
643,000 preciation, repairs, &c. The tractor becomes profitable in
Kansas City
1919
4,000 1,177,000
Colorado and Wyoming above 75 acres of plowing, in the
1,793,000
1,369,000
1918
377,000
3,156,000
1,199,000
Dakotas above 185 acres, and in the East at 150 acres. One
Omaha and Indianapolis
1919
272,000 4,292,000
3,115,000
Colorado farmer with 6,000 acres of wheat reports he could
445,000
1918
4,559,000
2,768,000
not get along with horses if he had them. With big tractors
Total of All
1447,000 9,753,000 16,158,000 16,340,000 9,405,000 4,988,000 he plows and rolls 20 acres in eight
1919
hours with two men.
1,275,000 4,982,000 24,716,000 29,117,000 3,609,000 1,118,000
1918
By using horses it would take 28 horses and 7 men.
As regards the livestock movement in the West, The Denver demonstration shows the evolution
in farmthe receipts at Chicago as reported by the Union ing by overcoming the shortage in man and horse power with
the genius of machinery that will save American agriculture
Stockyards Sz Transit Co. comprised only 20,307
carloads in the full month of April 1919, as against in the crisis now confronting it.
25,986 carloads in the full month of April 1918.
At Omaha the Union Stockyard Co. reports for April
1919 livestock receipts of only 8,804 carloads against
13,226 carloads in April 1918 and for Kansas City
the receipts for the month this year are given as
10,653 cars against 11,016 cars in April 1918.
The cotton movement in the South ran a little
heavier than a year ago. The shipments overland
were 184,171 bales against 225,207 bales, but the
receipts at the Southern outports aggregated 346,299
bales in April 1919 against 272,659 bales in 1918 and
255,069 bales in 1917, as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND
FROM
JANUARY 1 TO APRIL 30 IN 1919, 1918 AND
1917.
April.
Since January 1.
Ports.
1919.
Galveston
TexasCity, &a
New Orleans
Mobile
Pensacola, &a
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, S 0
,
Total
1918.
1917.
1919.
1918. I
1917
.
49,696
7,916
89,568
5,218
265
79,856
4,500
7,530
91,426
750
75,621
1,538
5,150
24,924
6,500
10,328
575,668
73,266
497,797
49,145
6,830
271,240
15,230
53,923
445,603
61,085
575,631
28,851
13,789
322,807
27,100
40,054
061,180
53,984
334,506
17,636
23,483
93,548
35,500
30,115
8,163 9,366 1,916
19,417 18,246 36,576
28
498
340
38,427
106,933
761
29,529
93,970
3,033
8,055
124,610
2,818
bales. 116,4511
1,614
118,908
11,360
1,1511
52,325
3,010
13,872
346,299 272,659 255,069 1,689,220 1,641,452 1,385,435
'
VALUE OF POWER-DRIVEN MACHINERY IN
FARMING.
The Mountain States National Tractor demonstration at
Denver, June 9-12, was the largest ever held. Under the
direction of the National Tractor Manufacturers' Association, more of such material was assembled than has over
been seen off the battlefield. It ranged from the British
"Mark V," 25-ton tank, the largest used on the Western
Or/n=1d
units and
gismasions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a discount basis of 5M%, the rate recently prevailing. The
bills are dated Monday, June 9.
BRITISH "JOY LOAN" AND VICTORY BONDS.
The terms of the now loan which the British Government
has been authorized to issue were made known in Associated
Press cablegrams from London to the daily papers on June
12. It was stated in a special cablegram to the "Journal
of Commerce" on June 10 that the new loan had been unofficially designated the "Joy Loan" by George Walton,
Director of Loan Publicity. On the same date a copyright cablegram to the New York "Times" reported that
the "Joy Loan" would be in two parts-one a long date
funding loan and the other in the form of "Victory Bonds."
The information contained in the Associated*Press advices
of the 12th follows:
The Government's Victory Loan, the details of which were made known
this evening, will consist of a 4% "funding loan," issued at 80 and redeemable within seventy-one years at par by a cumulative sinking fund.
There
also is to be an issue of 4% "Victory bonds" at 85. redeemable at par by
annual drawings, commencing in September 1920.
The "Victory bonds" are an inducement to quick subscriptions, in that
-yearly dividend will be in varying degrees larger as applicathe first half
tion and allotments are made before June 21, June 28, July 6 and July
12.
The bonds of both issues will be exempt from all British taxation if they
are in beneficial ownership for persons non-resident in the United
Kingdom
or Ireland. The bonds of either issue will be accepted under certain
conditions as payment for death duties.
The Government will undertake to set aside at the close of each half year a
sum equal to 2X% on the nominal amount of the bonds originally created,
the balance of which, after the payment of interest and other charges, will
be devoted to a sinking fund for the funding loan and the annual drawings
on the Victory bonds. For installment allotments payments will be extended to January.
2384
THE CHRONICLE
In the prospectus of the new loans J. Austen Chamberlain, Chancellor of
the Exchequer, explains the imperative necessity of funding the country's
large floating debt in order ta strengthen national credit and thereby help
to re-establish industry, increase production, and lower the cost of living.
The prospectus briefly reviews the position of the national finances, showing the floating debt at the end of May amounted to £1,494,000,000.
The loans are for unlimited amounts. The whole fund loan will be redeemed in 1990, but the Government reserves the right to redeem the
bonds any time after May 1960, by giving three months' notice.
The Government is organizing a great publicity campaign in favor of the
loan throughout the country. The provision that the Victory bonds are
acceptable at face value and the funding loan at 80% in the payment of
death duties is an important development, which has been constantly urged
on successive governments by financial authorities because it establishes
the principle of setting aside death duties to the redemption of the national
securities.
[Vol,. 108.
duration for Belgians to avail themselves of it. "Instead
of the credit being a failure," explained Mr. Breton, "Belgian interests on the other side are very much pleased with
its operation, and it is being fully availed off." Mr.Albert
Breton was the guest on June 9 of the officers of the Guaranty
Trust Co. at a dinner at the Metropolitan Club. Mr.
Breton this week sailed for Europe, where he will examine
financial and industrial conditions and will visit the several
foreign branches of the Guaranty Trust Company.
PARIS MUNICIPAL BONDS.
On June 5 a new city of Paris loan was placed on sale in
400 offices in that city. The issue it was announced in
GREAT BRITAIN'S DEBT TO U. S. $4,050,000,000.
Paris cablegrams that day is for 1,500,000,000 francs at a
price to yield 4.65%. Holders of city of Paris short time
London press cablegrams May 29 said:
J. Austen Chamberlain, Chancellor of the Exchequer.7announced in the bonds were given preference in the exchange of their bonds
House of Commons to-day that the present indebtedness of the British for the new loan and as a result the cablegrams stated there
Government to the United States is $4,260,000,000, while the various
0 francs worth of bonds to be sold when
American departments owe the British departments roughly $210,000,000. was only 650,000,00
The Chancellor said that dollar securities, including Canadian securities, subscriptions opened. Details of the now loan were furnow held under the Treasury deposit scheme amount to just a little more nished in an advertisement appearing in the New York
than $500,000,000, most of which has been placed as collateral for loans in
these details from the
America. In addition to the deposit, Mr. Chamberlain added, securities daily papers last week which quoted
to the value of $106,111,000 had been purchased bylthe:Treasury. Most London "Financial News" for the information of French
of these were sold, however. •
citizens resident in the United States who might be holders
of Paris municipal Treasury bills; these bills, it is explained,
EFFECT ON EXCHANGE OF GOLD SHIPMENTS TO have now arrived at maturity and should be sent for payment
BUENOS AIRES.
or exchange into the new bonds to the Municipal Treasury,
Advices from Buenos Aires to the daily papers June 11 Paris. The following is the extract quoted from the London
stated:
"Financial News" of May 13 1919:
,
,As a result of gold shipments fromr New York andthe removal of control
by the Government on exchange transactions, exchange on the American
dollar has fallen 23 points in three days and the dollar to-day is nearer
par than it has been for several months.
The American dollar, which was worth 99 centavos in Argentine gold Mon
day, to-day was worth 1 peso 1% centavos Argentine gold. The par for•
the dollar is 1 peso 33 centavos Argentine gold.
During the last 52 months, says the London "Financial Times," the
Paris Municipality has from time to time met the extraordinary expenditure entailed on its budget through circumstances rising directly out of the
war by the issue of Municipal bills at six and twelve months, bearing interest at 5g and 53%, respectively. The capital amount represented
to
by these bills is very considerable, something like $300,000.000; and it is
pay off this enormous floating debt that the city has been authorized to
issue, early in June, a loan of 1,500.000,000 francs.
of the face value of 500 francs, offered to
The issue
RATE ON GOLD TO ARGENTINA FIXED:BY SHIPPING the public atwill be in 5% bonds
480 francs and redeemable by six drawings per annum over a
payBOARD.
period of 60 years. As the 5% coupon on the bonds will be subject to
It was announced yesterday (June 13) that the U. S. Ship- ment of taxation, the net revenue will be slightly under 4g %, or exactly
60c net per 100 francs capital.
ping Board has fixed the rate:on gold to Argentina at three- 4 francs the French point of view, however, the attraction of these Paris
From
quarters of one per cent, effective at once. The Board had Municipal bonds lies more especially in the fact that they are of the variety
bonds, and on that account, as English
not before fixed any, rate on shipment of gold to Argentina. described in England as "bonus" would be prohibited in the United Kinglaw now stands, their negotiation
attention aroused a few months ago by the
dom. In view, however, of the
bond
FOREIGN EXCHANGE DEALERS NO LONGER RE- proposal that the British Government should adopt the premium these
system for its war loans, it is ofsome interest to note the mechanism of
EXCHANGE ON BULQUIRED TO PURCHASE
by the City of Paris.
premium or "bonus" bonds as about to be issued
GARIA AND TURKEY FROM AMERICAN
The number of bonds to be issued, secured on the general revenues of the
the bonds
RELIEF ADMINISTRATION.
city, is 3,125,000. For 60 years to come a certain number of
at par—namely, 500 francs—at each of the six amortizawill
Fred I. Kent, Director of the Division of Foreign Exchange tion be redeemed be held in each year. At the first drawing in each year
drawings to
of the Federal Reserve Board, announced on June 11 the the first number falling out of the spherical cylinder containing all the
redeemed by the City Treasissuance of the following regulation to the Federal Reserve numbers of the 3,125,000 issued bonds will bethe remaining five drawings
ury with a bonus of 1,000,000 francs. At
banks:
In each year the first bond drawn will be redeemed with a bonus of 200,000
At the request of the Americanritellef Administration and until other- francs. Besides these large bonuses, 2,600 other bonds in each year will
wise instructed, dealers as defined under the Executive order of the Presi- be redeemed varying from 1,000 francs up to 100,000 francs, and including
dent of Jan. 26 1918 are not required to purchase exchange upon Bu•garia several bonuses of 50,000 francs, 20,000 francs and 5,000 francs.
and Turkey from the American Relief Administration.
This will be the first time in the financial history of the Paris Municipality that such a large number of bonds as 3,125,000 will have been issued
a
in any one loan, and that any municipal bond will be redeemed in such
'CONFERENCE OF J. P. MORGAN WITH CANADIAN large sum as 1,000,000 francs.
compensate for a
TS.
MINISTER OF FINANCE ON GOLD SHIPMEN
It is, of course, open to question whether tho bonuses
interest, but in France there is a very large demand for those
great
The New York "Tribune" in its issue of Sunday last, low rate of
Paris Municipal bonds, which are treated as trustee securities. One
readily
June 8, in reporting that J. P. Morgan had been in Canada advantage to the city is that, once bought, the purchasers do not require
does not
in the bonds
the
last week, conferring with the Canadian Minister of Finance, part with their holdings, so thatjointmarket banks are taking part in the
stock
official support. All the great
had the following to say in part in special advices from Ottawa present issue, which of necessity is strictly limited to the French market,
no subscriptions being solicited abroad.
under date of June 6:
J. P. Morgan arrived here this afternoon and immediately held a conference with Sir Thomas White, Canadian Minister of Finance. Mr.
GOVERNMENT APPROVES CREATION OF
Morgan's visit here is in connection with the shipment of British gold to FRENCH
FOREIGN TRADE BANK.
handled through the Dominion and conthe United States which is being
signed to J. P. Morgan & Co. at New York.
According to the "Wall Street Journal" of Juno 5 the
so
A total of $12,000,000 in gold has already been shipped to New York
approving the creafar and it is understood that the movement will amount to $50,000,000. French Government has signed decree
According to information obtained from Canadian sources there is a gold tion of the new French National Bank for foreign trade,
reserve in excess of $200,000,000 at Ottawa to the credit of the British
capital of 100,000,000 francs. It is designed to grant
treasury. This metal has been accumulating there since early in the war. with a
to the
Before the United States entered the war hundreds of millions of gold was long credits abroad to French importers. Reference
shipped to New York from this Canadian reserve. After we entered the proposed institution was made in these columns May 10,
war and the United States Government adopted liberal credit policy
14 the "Journal of Commerce" printed
toward all of the Allies the gold shipments ceased. But the gold produced page 1873. On May
In the South African fields continued to be shipped to Canada where it has
following respecting the new bank, the information
steadily accumulated.
coming from Paris under date of April 22:
A banker in close touch with the situation said last week that while official
A sign of the interest that is being taken by France in the development
information on that point was lacking, it was safe to assume that the
to be seen in the meeting that was held recently under
British Government had adopted a policy of paying a portion of its current of her foreign trade is
the Minister of Commerce, who was supin gold. How much of the metal England could spare at this the presidency of M. Clemente',
obligations
view
ported by representatives of M. Klotz, the Finance Minister, with a
time depended, of course, he said, upon the extent of her reserves.
manuof creating a bank for foreign trade. There were present traders,
former
facturers and bankers. M. Jules Siegfried, Deputy of Havre and
BELGIAN ACCEPTANCE CREDIT A SUCCESS.
Minister of Commerce, was elected President, the Vice-Presidents being M.
Commission of the °omit() National
of the Credit
"The $50,000,000 acceptance credit which a banking Jules Bloch, President
of the
des Conseillers du Commerce Exterieur, and M. Griolet, President
syndicate for the benefit of Belgium several months ago has Banque de Paris of des Pays Bas.
authorities, and
The meeting appointed delegates to approach the public
been a success," Albert Breton, Vice-President of the Guarfor
them to prepare immediately a final draft, and to arrange
anty Trust Company of New York, announced on Juno 10, instructed with the public authorities. It was also decided that as soon as
signing it
in correcting an erroneous report to the effect that the credit the agreement was signed a guarantee syndicate should be formed with a
it was of too short view of the immediate constitution of the bank.
the
had been a failure, owing to the fact that
JUNE 14 1919.]
THE CHRONICLE
2385
FRENCH LOAN TO ASSIST TRADESMEN.
As the proceeds of the loan will be used exclusively for the
purchase of
American commodities it is expected to react favorably upon
Cablegrams from Paris May 13 reported that the Council trade
the export
of this country to Sweden. Foodstuffs, it is understood, are
among
of Ministers at the Elysee had on that day decided on the, the commodities desired, but the expenditure of the
money will
proposal of the Finance Minister, to create a loan fund of entirely to the Swedish Government and the channels into which it be left
will be
$20,000,000 to assist small manufacturers and'tradesmen turned cannot, thereforer be predicted with any certainty at this time.
The 325,000,000 obtained may not be used for some time
to come, it wail
who have been demobilized to start work again. The limit suggested.
of the total advances to any individual is fixed at $4,000.
It is pointed out in the "Tribune" that Sweden's last
It is also stated that the rate of interest will be not less than appearance in the American money market
was in December
2% and not more than 3%. The fund will be entrusted to 1914, when she borrowed $5,000,000 on two-year
6% notes.
the People's Banks free of interest.
SPANISH GOVERNMENT BOND ISSUE.
FRENCH EXPORTS RELEASED.
Press dispatches from Washington June 12 gave the
The French Cabinet on May 14 approved a decree abolishfollowing information with respect to the proposed issuance
ing all export restrictions, with the exception of certain foods
of bonds by the Spanish Government:
and products connected with the reconstruction of the devasThe United States Embassy
tated areas. The decree of Jan. 20 1919, prohibited the Spain will negotiate on behalf ofat Madrid has cabled that the Bank of
the Spanish Treasury by public
exportation of 140 different articles. The new decree af- tion, beginning June 16, 1,656,000,000 pesetas of 4% bonds of subscripthe perfects only 19 articles. The question of the prohibition of im- petual internal debt to refund present Treasury debt of 892,935,000 pesetas,
maturing shortly, and to provide 357,000,000 pesetas for
requisition Of
portations, it is understood, is being studied closely by the the budget.
The bonds are to be in six denominations, ranging
Government with a view to making agreements with Allied
from 500 to 50,000
pesetas, and interest will be paid quarterly, beginning
Oct. 1 next. They
and Associated Powers.
will be offered at 7534% of nominal
OFFERING OF SWEDISH GOVERNMENT BONDS.
An offering of $25,000,000 Swedish Government twentyyear 6% gold bonds was announced on Thursday last by a
syndicate headed by the National City Co. of New York.
Yesterday it was stated that the subscription books would
close last night. The bonds, which are dated June 15 1919
and are duo Juno 15 1939, are offered at 993/i and accrued interest. They will be issued in the form of coupon bonds, in
denominations of $1,000, and will be registerable as to principal. Principal and interest will be pauable in United States
gold coin, at the National City Bank. Principal and interest
are exempt from all present or future Swedish Government,
municipal or other taxes or duties levied by or within
the
Kingdom of Sweden. The bonds are redeemable on June
15
1929, or any interest date thereafter, at 102 and accrued
interest, on sixty days' notice. The proceeds of the loan
are to be used for the purchase of commodities in the United
States. The offering says:
value. Four per cent Treasury certifi3
cates of 1919, 44% Treasury certificates, maturing
July 1 1920, and
Treasury bonds maturing July 1 and Nov. 1
1919, will be accepted in
payment.
Cash subscriptions will be prorated if they exceed the amount
remaining
after the utilization of subscriptions by certificates
and bonds. Cash
subscribers are to pay 10% of the nominal value at the time
of application,
40% on July 1 and 253.5% on Aug. 1.
REMOVAL OF EMBARGO ON GOLD EXPORTS.
The removal of the embargo on exports of gold and the
termination of restrictions affecting transactions in foreign
exchange was announced by the Federal Reserve Board at
Washington on June 9. The action, it is stated, was taken
after consultation with the Secretary of the Treasury and
with the approval of President Wilson. Exceptions made
by the President include importation or exportation of ruble
notes or exchange operations with that part of Russia now
under the control of the Bolsheviki Government and exchange 'transactions with territories in respect of which such
transactions are at present permitted only through the
These bonds will be the direct general credit obligations
American Relief Administration. The Board- also states
of the
Government, whose faith and credit are pledged for the prompt Swedish
payment that termination of control does not authorize transactions
of principal and interest. They will be issued under
authority of the
with enemies except so far as such transactions may be
Riksdag (National Legislature of Sweden) and of the Swedish
National
Debt Office.
authorized by general and special permission granted by
The wealth of Sweden, embracing both private and public
officially estimated in 1917 at approximately $4,690,000 property, was the War Trade Board. It is explained that licenses to export
,000, based on
pre-war prices. Assets owned by the State were valued
at $821,152.000 in coin, bullion or currency will be required, but will be granted
1918. Total national debt, including both funded and
unfunded, was "freely" by the War Trade Board "irrespective of destination
$441,020,800 Dec. 311918.
or amount." Applications must, however, continue to be
Sweden has prospered financially and commercial
ly during the war.
Total resources of the private commercial banks
increased 148% from made to the Federal Reserve Board until such time as the
March 31 1913 to March 311919. Bank clearings
in 1918 were 5.3 times Psesident shall by proclamation formally bring to an end
those of 1914. The total foreign trade has increased from
$338,233,20 in the present control. The Board
1910 to $591,234,800 in 1918, or 75%. The total visible
states that Government
favorable trade
balance from 1914 to 1918, inclusive, was 3462,301,7
credits to the Allies are virtually exhausted, so that a flow
78.
• The fiscal system of Sweden has been established
and developed on a of gold to this country may be expected soon, tending to
conservative basis. Funded debt has
been issued to construct national
enterprises which are revenue producing,
and substantial amounts have advance existing high prices. This will be offset, however,
been raised by taxation for the same purposes.
Taxes during the war by the outward movement of gold. A "very considerable
have been increased to meet extraordinary
governmental expenditures for movement abroad could be made without danger,"
national defense. Short time debts have
it was
been incurred during the war to
purchase good, fuel and raw materials, and
said, because of the great reserves accumulated since 1914,
it is expected these debts will
be largely liquidated from time to time as the
amounting to one-third of the world's supply. One imsupplies are sold.
Sweden enjoys very high credit. In
normal times, its external loans bore portant effect expected is the restorati
on of the American
a rate of interest from 3% to 4%%, and
sold on the London and Paris
Stock Exchanges at average prices to yield
from 3.23% to 4.28%. The dollar to a parity in exchange with South American countries,
average yield of four representative
Swedish Government bonds quoted particularly Colombia and Venezuela, where it has been at
on the London Stock Exchange May 19
1919 was 5.31%•
a discount of 20%. The Reserve Board in its announcement
The underwriting syndicate includes, besides the National said:
City Co., the following: Kuhn, Loeb & Co.; First National
The President approved the recommendation that the control which has
Bank, New York; Brown Brothers & Co.; Kidder,
heretofore been exercised over
foreign exchange
Peabody the exportation of coin, bullion transactions in be terminated, and over
and currency,
except as to
& Co.; Guaranty Trust Co. of New York; Lee, Higginso
n & the importation or exportation of ruble notes or exchange operations with
Co.; Continental & Commercial Trust & Savings
Bank, that part of Russia now under the control of the so-called Bolshevik GovChicago; Union Trust Co., Pittsburgh; Mellon
except as to exchange
ernment,
National of which and transactions are at transactions with territories in respect
such
present permitted only through the
Bank, Pittsburgh; First National Bank, St. Paul; and
Anglo American Relief Administration.
& London Paris National Bank, San Francisco.
Licenses for the export of
The that the present step, so farsilver have recently been freely granted, so
National City Company carried on the negotiations
as concerns silver, involves no changes of
leading policy.
to the purchase of the bonds through the Stockho
Control over the export of gold, has, until now, been actually exercised,
lmns
Enskilda Bank, Skandinaviska Kreditaktiebolaget,
although since the
of hostilities greater
Aktie- allowed than beforetermination in granting applicatiolatitude has been
that time
golaget Stockholmns Handelsbank, Aktiebolaget
ns for its export.
Goteborgs Hereafter, applications for export of gold will, like applications for the
Bank.
export of silver, be freely granted, irrespective of destination or amount.
Applications for both gold and silver exports must, however, continue to
be made to the Federal Reserve Board until such time as the President
shall by proclamation formally bring to an end the present control.
The control at present exercised over foreign exchange, including the
reports required to be made by dealers will necessarily continue until the
President shall, by formal action, put an end to the present requirements,
Negotiations were opened before the plan
for forming an organization to but so far as licenses are required
to consummate specific transactions.
meet Europe's needs, which followed the return of Henry
P. Davison, of such licenses will be freely granted, except for
the importation or exportaJ. P. Morgan & Co., to this country, was taken
up. Swedish interests tion of ruble notes, or for foreign exchange
transactions with that part of
are known to have large deposits in banks in this country,
and the flotation Russia now under the control of the
so-called Bolshevik Government,
of this loan, it is understood, is not undertaken
to meet any emergency and except as to exchange transactions with territories
in respect of which
requirements. Rather Sweden felt it desirable
to arrange a credit in the such transactions are at present permitted
only through the American
American market before the rush began.
Relief Administration.
The "Journal of Commerce" reports that the
arrangement
of this loan does not interfere with or conflict in any way
with
the plans for financing Europe now under consideration
by
the Banking Committee of Five. It adds:
2386
THE CHRONICLE
Attention is called to the fact that neither the present modification of
policy nor the termination of the above controls, when they shall have been
terminated by action of the President, authorizes transactions with enemies,
except so far as such transactions may be authorized by general or specific
licenses granted by the War Trade Board.
The conditions do not now exist which led dying the war to the restrictions on the free movement of the money metals and on exchange operations. It is felt that at the present time every step toward the restoration
of natural conditions is a help, not only to this country, but to the entire
world.
Our gold reserves are so strong that even a very considerable outward
movement of gold can be faced without any apprehension. To the extent
that such shipments tend to restore normal conditions elsewhere, they tend
to increase the buying power of nations that wish to become and should be
our customers. The advances by the United States to Governments associated with us in the prosecution of the war are rapidly coming to an end,
with the result that the command of the rest of the world over our gold will
be decreased, and it is quite possible that with the restoration of more
normal conditions elsewhere and the continuance of large favorable trade
balances a movement of gold toward this country may set in. Such a
movement may well prove to be undesirable, tending, as it would, to keep
our prices above the level of other markets and so put us at a disadvantage
in international trade.
It is confidently believed, that we should take, and that we are safe in
taking, these important steps toward the restoration of natural conditions.
It is pointed out that licenses for the export of silver
have recently been freely granted so that the present step
so far as silver is concerned, involves no change of policy.
Shipments of gold from the United States had been prohibited
since Sept. 10 1917, under a proclamation issued by President
Wilson Sept. 7 and published in our issue of Sept. 15 1917.
There have, however, been moderate shipments to Mexico
and South America on special permits from the Federal
Reserve Board.
PROPOSED SILVER EXPORT COMBINATION.
Plans for the creation by leading silver producing companies of an export combination under the Webb Law are reported as under way. The companies concerned in the movement are said to include the Anaconda Copper Co., the
American Smelting & Refining Co. and the United States
Smelting & Refining Co. With regard to the plans the
"Journal of Commerce" on June 10 said:
APPOINTMENT BY BRITISH GOVERNMENT OP' COMMITTEE TO ADVISE AS TO FUTURE OF INDIAN
CURRENCY AND EXCHANGE.
The following is taken from the London "Financial News"
of May 30:
The Right Hon. E. S. Montagu, M.P., Secretary of State for India, has
appointed a committee to advise in regard to the future of Indian Currency
and Exchange, constituted as follows:
Sir Henry Babington Smith, C.H., K.C.B., C.S.I., Chairman,
The Right Hon. Lord Chalmers, G.C.B.
Sir Marshall F. Reid, C.I.E., Member of the Council of India, East India
merchant.
Sir James B. Brunyate, K.C.S.I., C.I.E., I.C.S. (retired), Member of the
Council of India.
Mr. F. C. Goodenough, Chairman of Barclays Bank, Ltd., and Member of
the Council of India.
Sir C. Addis, Manager of the Hong Kong & Shanghai Banking Corporation.
Sir C. Needham, lately M.P.for Southwest Manchester.
Mr. M. M.Gubbay, C.S.I., C.I.E., I.C.S., Controller of Currency, representing the Government of India.
Sir Bernard Hunter, Bank of Madras.
Mr. Dadiba Merwanji Dalai, Bombay.
Mr. Thomas McMorran of' Messrs. Duncan Brothers, Calcutta, East India merchants.
Secretaries, Mr. C. H. Kisch, C.B.; Mr. H. Denning, I.O.S.
•
The terms of reference are as follows:
"To examine the effect of the war on the Indian exchange and currency
system and practice, and upon the position of the Indian note issue, and
to consider whether, in the light of this experience and of possible future
variations in the price of silver, modifications of system or practice may be
required; to make recommendations as'to such modifications, and generally
as to the policy that should be pursued with a view to meeting the requirements of trade, to maintaining a satisfactory monetary circulation, and to
ensuring a stable gold exchange.standard."
Any communications relating to the business of the committee should be
addressed to one of the Secretaries at the India Office, if from persons in
this country, and to the Secretary to the Government of India, Finance Department, Simla, if from persons in India.
The understanding is that the corporation to be organized will be along the
lines of the copper export group, which is open to all producers, and whose
membership now embraces the companies controlling the bulk of production.
Division of the foreign business, arrangements as to price and other de
ails are expected to be very similar to the methods now employed in the copP er industry. It is believed that, while the movement may be initiated by a
few of the larger concerns, invitations will probably be extended to all corapanies to participate.
The New York "Times" also had the following to say in
part on June 11 regarding the proposed combination:
An endeavor to control the world price of silver is the objective behind
plans for the formation of a silver export company by the three largest producers of the metal in this country, the Anaconda Copper Mining Co., the
American Smelting & Refining Co. and the United States Smelting & Refining Co. More than half the world's supply of silver is produced in this
country, but for more than thirty years the price has been regulated by an
arbitrary fixing of values by a committee of three, the "Silver Triumvirate,"
which held forth in London. The prices which the committee set ruled in
all the World markets.
The American producers feel that in the past they have not received a price
which was warranted for silver, England making the price for the metal
low so that there would be a profit in the coinage of rupees for India. Silver is the only metal available for currency in that country. American silver was used to liquidate Britain's trade balances in India,and the American
producer gave she metal at a price set arbitrarily by Great Britain.
It is to correct this condition that the silver export company is being seriously considered. A representative of one of the companies said yest.rday
that the plan has not been perfected, as there are some minor conflicting
viewpoints, but all the companies agree that some step must be taken to
check the domination of the silver market by the English committee.
The price of silver was high up to 1873, when the international agreement
for the demonetization of silver was formulated. In that year silver sold
at more than $1 32 an ounce. It declined steadily thereafter, falling under
$1 an ounce for the first time in 1886. It touched the low point of slightly
less than 52 cents an ounce in 1915. Since then it has increased until early
last year it sold at approximately $1 15 an ounce.
After that the Government,by agreement with Groat Britain, took control
of the market and stabilized the price at about $1 an ounce. When the
embargo on silver was lifted, a month ago, the price shot up rapidly to
above $1 20, but subsequently reacted to the current quotation of $1 10.
From the American Mining Congress at Washington the
following statement has come to us this week:
Up to this time a few London brokers have controlled the world's silver
price. Ray Baker, Director of the U. S. Mint, backed by the Pittman
Dollar Silver Bill, knocked the London plan to bits by a clever official control of the silver minimum. Now comes the announcement that a great
triumvirate composed of the Anaconda Company, the American and the
U. S. Smelting companies will be organized under the Webb Law to handle
all silver exports and to protect American silver producers from foreign
domination and price control. The reaction of silver from .$1 20 the
maximum reached when the white metal was thrown into the open market,
to $1 10, believed to be brought about by European combination, forced
the action of the American interests.
SILVER EXPORTS FROM MEXICO PERMITTED.
According to "Commerce Reports" of June 6, Vice-Consul
J. W.Rowe cabled from Mexico City May 29 that a Treasury
circular announces that fine silver bars may be exported from
Mexico during the month of June without an export license
and without the necessity of importing any percentage of gold
in substitution.
[VOL. 108.
SENATOR OWEN'S PLAN FOR FOREIGN EXCHANGE
CORPORATION. SECRETARY REDFIELD'S VIEWS.
In a further presentation of his proposal for the creation
of a.foreign finance corporation, designed to extend credits
to foreign countries and likewise to effect the stabilization
of foreign exchange, Senator Owen on June 6 directed attention to a letter received by him from Secretary of Commerce
Redfield in the matter. In submitting the letter Senator
Owen said:
Mr. President, I have called attention several times to a matter, and 1
would like to ask the Senators present to listen to its presentation again.
Our commodity balances are now running to the extent of $400,000,000
per month in excess of what Europe and the outside world are shipping to
us. We are not going to be able to continue to make the shipments unless
credits and long-time credits, are arranged for the European countries.
There must be organization for that purpose.
The War Finance Corporation Act required, as a condition of extending
credits, that individual American banks and individual American export
houses should themselves underwrite the credits. They are not willing
Co do so. They cannot afford to tie up their liquid assets in long-time
investments. The consequence is that month after month has gone by
without affording this relief. I have called it to the attention of various
authorities of the Treasury Department, urging them to take some action.
I called it to the attention of the Secretary of Commerce. I have a letter
from him which I will ask to have printed in the "Record," Where it may
be seen, bearing upon this question.
The letter follows:
DEPARTMENT OF COMMERCE.
Office of the Secretary,
Washington, June 3 1919.
Hon. Robert L. Owen, United States Senate, Washington, D. C.
My Dear Senator.—I have given some thought to the matter which
you kindly presented to me orally and through the draft of your proposed measure. The subject, I need hardly say, is a largo one. Something is necessary that will do tho work for which you plan. We must
provide means promptly for the sale of the securities of foreign nations,
foreign corporations, municipalities, utilities, industries, &c., in the United
States. This is necessary now and for the future in order to provide credits
in this country against which our war associates and other nations may
buy, thus maintaining the movement of our export trade. The maintenance of this export trade is of essential value to us now. Some may
say the export trade is but a small fraction of the domestic trade; why care
so keenly for it? This leaves out of the account certain facts. During
the war, for obvious reasons, we greatly increased our productive capacity,
until to-day it is far larger than ever before. Yet before the war—that is
to say, before this increase—it was necessary to sell abroad in order to
keep our factories running full time, because the absorptive capacity of the
country is not large enough continuously to take the full output of all our
industries running steadily at full time. This was so before the war; it is
more so now. Lacking an outlet for the products thus made by a greater
producing capacity, the result must be either the suspension of certain
Industries, with the consequent effects upon both capital and labor, or else
the congestion of products lacking a sufficient market, which would mean a
sudden collapse in prices—perhaps of all possible economic events the
one which would be most greatly to be.deplored. Now, it would mean
widespread disaster. This is from the domestic side, but equally cogent
reasons apply from the foreign side.
The nations of the world have needs which we can and should supply.
Present conditions, however, do not permit purchasing save at ruinous
cost. We receive frequent letters protesting against embargoes in one or
another country against purchasing in the United States. The conditions,
however, which cause these restrictions are supremely exigent. In Italy
to-day, for example, the difference of exchange causes a tax of 40 to 60%
on merchants who would buy from the United States. In a lesser degree
this is true elsewhere. The nations that need our supplies, both of raw
materials and finished goods, cannot pay us in gold, cannot render adequate services in payment, and cannot fully pay us in goods. This applies
both to past and present debt and to present and future purchases. We
can meet this problem by purchasing their securities, and so far as I know,
this is the only key adequate to unlock the problem.
JUNE 14 1919.]
THE CHRONICLE
2387
This course, furthermore, has a threefold
economic advantage; we rates for
bankers' acceptances should be held at a rate sufficient
receive interest upon the investment; we obtain
ly lower
the
arising out of the operations conducted by American business normally to provide for an ample margin in their favor against single name paper.
capital, thus adding And between these
to our export trade upon a safe basis; and we
two rates the trade acceptance should find its proper
develop the wealth of the level.
countries in which these operations are carried on,
thus adding alike to
As this process of absorption takes place, and
their power to pay their present debt to us and to make
as the Government refurther purchases duces the volume
from us.
of outstanding certificates of indebtedness, acceptanc
es
may be expected to reoccupy their proper position
But we lack facilities for bringing about this desirable
as the most available
condition. The and safest pass-key
situation is now to us; we do not know what the
to the facilities of the Federal Reserve banks.
foreign securities are that
we can safely buy, nor even where we can readily go to
Mr. Warburg also said in part:
learn their character.
There is no established market for them.
In determining the future level of our bankers
acceptance rates, the
It has been suggested that the credits authorized
British discount rate will play an important role.
through the War
Sooner or later our rate
Finance Corporation offer sufficient means for meeting
and the British must be brought into a proper
the export necesrelation. It is impossible
sities of the country. They do, in a certain way,
but not in the way to predict exactly in what manner this will be accomplished. Our British
we are considering. They enable American exporters to
give long credits, friends at the end of the war have now established a gold embargo, while
and thus contribute, doubtless, to solving that particular
our gold embargo may be expected to end with
the signing of peace, if not,
problem. They do not (and this is the crux of it) provide phase of the Indeed, at an earlier
date. England's future foreign exchange and
buying power
dison the other side, nor do they directly help to forward
the development count policy is still undecided. At present there exist two divergent schools
of the wealth of those countries nor give to us any control,
however indirect, of thought: One, led by Lord OunlIffe, believing that foreign exchanges
°vet their purchases.
must be brought back to their pre-war
levels by the establishment of a
In a general way, export trade can be divided into two
large classes, high British discount rate. That school holds to the old doctrine that
which we may call the competitive class and the constructi
ve class, or high rates of interest will draw gold freely into a country enjoying a strong
we may style them the trading class and the development
class. The banking credit. If such policy of high interest rates were adopted, it
credits of the War Finance Corporation may care for
the competitive might safely be followed by the lifting of the British gold embargo. The
or the trading class of foreign trade; they are not so well able
to care for proponents of the policy of high interest rates are opposed, however, by
the constructive or the development class of that business.
The former another group of British political and financial leaders urging the mainis a matter of six or nine months' credit, or oven a year or two.
The latter tenance of the gold embargo, preserving present artificially low interest
involves a more or less permanent investment and a market
must be pro- rates under its protection, and allowing sterling exchange to remain
at a
vided, in order that the securities based on these investmen
ts may be discount in several foreign countries, particularly in the United States.
readily sold. The two conditions are therefore radically
unlike, and the It is difficult to see how such policy, in the long run, may be expected
to
medium wisely provided and ably directed for one was not
intended for bring about a healthy cure. Whether or not it may be advisable for Engthe other.
land to continue it as a temporary device is a matter
that only British
We therefore recur to what the mechanism should
be for furnishing leaders can judge. My own belief is that sooner or later England, whose
knowledge of and a market for the foreign securities
which we shall have banking prestige and power has rested so largely upon the tradition
of a
to buy if our foreign trade, so necessary to our domestic
prosperity, is free gold market, will adopt a course leading towards the lifting of the gold
itself to prosper. I am not sure about the Governmen
t's direct part in it. embargo, that is a policy of higher and effective discount rates. To me
It seems to me more consonant with our principles and
our practice in the it remains a riddle how note issuing banks, on both sides of the water, could
past that this matter should be handled purely by
private enterprise and hope to deflect "deflation" unless they take steps not only to arrest a
capital. Yet I recognize that we can not apply the
reasoning of the past further increase in their investments, but indeed to decrease therm And
to the problems of the present, for that experience and
those principles this they can achieve only by placing their active official rates above those
were based upon traditions and conditions which have ceased
to be. It is of the open market.
with some force urged that in order to secure public
It is an evil condition that prolongs the necessity for Governme
confidence in this
nts to
novel business of buying foreign securities we must have
the assurance that Issue billions of bonds or currency for the purpose of paying millions of •
would come not merely from the oversight but from the
people who idle. It intensifies the inflation of prices because it
actual participation
continues
by the Government in the ownership and direction of
the organization to swell the outstanding amount of money and credit, while, at the
same
which is to perform so novel and yet so necessary a
function. I find myself time, idleness interferes with a proportionate increase of goods.
But this
increasingly inclined to the belief that this may be
desirable and to the state of things, bad enough in itself, Is aggravated most viciously
if, in
acceptance of the thought that it may be necessary. If this
is so, the rest order to place Government bonds (issued for unproductive purposes) upon
is a detail. Yet I should be glad if, instead of making
the Department of a low interest basis, the general level of rates of interest is artificially
lowered
Commerce the solo Government agency, the major part
could be given and bonds, instead of being absorbed by savings, are carried
by manuto the Treasury Department, though I think it proper and
right that at facturing new credit, be it through added bank loans or circulation.
"Durleast one director and some definite participation should
be given to the ing war the laws are silent," is an old Roman saying,
which applies with
Department of Commerce, which, it is well to remember
hero, is the only equal force to economic laws. But the war, happily, is
ended and we must
department charged by law with the duty of fostering,
promoting, and now boldly face the question of whether we wish unconditio
developing the commerce of the United States.
nally to surrender to inflation and accept it as a finality—that
is, saclifice all services
Concerning the other details, I am not at tho moment
specially inter- rendered in the past to the services of the future, or
ested, and I take it that you do not care for me to intrude
whether we are deterlonger upon mined to work towards a readiu.stment in the direction,
at least, of the preyour time and thought. The principle is, doubtless, what
you desire war level, even though, I believe, nobody expects us even
approximately
at the time to establish. I assume that the draft of a
measure which to reapproach it.
you have prepared was intended to act as a stimulus to thought
rather
While the Federal Reserve system proved our salvation during
than to be exactly accurate in every detail. It would seem
the war,
right and and while our imposing reserve power may be destined
to play a most
wise, if the Government has one-fourth of the capital stock of
the organ- important role in meeting some of the grave problems
ization, that it should be limited to an equal proportion of
that still lie ahead
the board of of us, I believe the moment is near at hand
when we must not permit
directors. However, all these things will be worked out in
time. I trust this reserve to be encroached upon for the
sake of added credit expansion
I have for the moment sufficiently mot all the things which
are in your at a time when the healing process must be sought
mind.
in contraction. To
apply that remedy that course may be a harder task than to follow
Before any final draft of the measure were prepared it
the lures
would seem of fictitious prosperity based on easy money, but
in the long run I believe
to me wise that a conference should take place between yourself
and such it will be a more prudent and more charitable strategy.
other legislators as might be immediately concerned, the
Secretary of the
Such a course would not imply that we would be slackers in shouldering
Treasury, the Federal Reserve Board, the War Finance
representatives of the Department of Commerce, and Corporation, and our full share in attacking and solving the world's burning economic probpossibly you would lems. It means only that we must manfully
and planfully husband our
feel that representatives of the Department of State should
also be invited.
resources, instead of squandering them by personal extravaga
Yours very truly.
nces and
headlong speculations—and concentrate our efforts on doing the big
conWILLIAM C. REDFIELD,
structive things with wealth bottomed upon solid production and saving,
Secretary of Commerce.
Instead of resting on the quicksand of further inflation of credit and prices.
Senator Owen in presenting the letter further said:
We cannot formulate any definite opinion as to what will be the future
I wish to emphasize and to impress upon the
Senate, and upon the level of our own acceptance rates until we have a clearer picture with regard
Republican members of the Senate particularly
their responsibility in to the scope of our future Government requirements, the amount and the
protecting the commerce of this country. If they do
not do it, it will be terms of sale of United States certificates of indebtedness to be kept outtheir fault. I have called their attention to it time
and again. I am standing in the future, and until we know what England's discount policy
willing to co-operate with them along any reasonabl
e line that will afford• will be.
this relief, but if they do not do it and they run into a
My own belief is that in due course our discount rates for bankers' acpanic in the matter
of exchange, it will be their own fault.
ceptances will be on a par with (if not lower than) the English acceptanc
e
11•11MIMIL
,
rate. Whether our rate will drop down to theirs, or theirs up to ours.
or whether possibly we shall meet half way between, we cannot venture
PAUL M. WARBURG ON USE OF ACCEPTANCES
FOR to guess until Governments and note-issuing banks have reached definite
RESERVE BANKS.
conclusions with respect to their future financial policies. It appears,
howIn a discussion of acceptances before the National
ever, to be a
(even though we should lift our
Asso- gold embargo reasonable expectation thatwe may
and England should not),
hope to be in a position
ciation of Credit Men at their annual convention in
Detroit to maintain an acceptanc rate enabling us to
on June 10, Paul M. Warburg, formerly of the Federal Re- markets, and on a levele substantially lowermeet the British rate in world
than our commercial paper
rate, whatever it may be at that time.
serve Board, and now Chairman of the Executive Committ
ee
As a consequence of the war, the indebtedness of other countries to us
of the American Acceptance Council, stated that "ultimately has become
such that if these foreign nations are to be
acceptances are bound to become the main investment and to buy our goods, we shall have to grant them credits kept in a position
or purchase their
obligations or other assets. We are not yet fully equipped for the placing
rediscount field for Federal Reserve banks, and this demand
of foreign securities on a large scale, moreoover, the credit of foreign Govalone will create a large market for them at favorable rates." ernments in many cases is
least well established in countries where the
Mr. Warburg stated that "it may take a year or two
demand for our goods and credits is most urgent. But where Government
before credit may be found inadequat
e, private credit may b eof sufficient strength.
the course here contemplated will gain full sway, but it
is People must eat and clothe themselves and in countries certain industries
to
hoped that at an early date we may see the beginni
ng may, therefore, well prove strong enough to warrant the granting of credits
of a definite policy pointing in that direction." These
re- involving the movement of our products to them or theirs to our shores.
American bankers' acceptances may play a most vital role in meeting
marks of Mr. Warburg's were preceded by the followin
g:
this emergency and promote thereby the all important work of rectalIt has now become the country's ery serious
duty to liquidate as rapidly struction, which has been so much in the peoples'
minds but has been so
as possible the war paper and holdings of Governme
nt bonds in the hands slow and elusive in taking tangible form. Our
banking system has atof banks and trust companies. This item, representi
ng undigested Gov- tained phenomenal strength within an unprecede
ernment bonds amounting,it is estimated,to
ntedly short lapse of time.
more than four billion dollars, There is a vast opportunity for American
banking enterprise to go out all
constitutes one of the fundamental causes of
banking inflation. In order over the world and enter into new
relations, promoting not only our trade
to promote their absorption by the savings
of the people and in order to and industry, but at the same
time rendering vital services to the countries
encourage thrift, if not by compelling borrowers
, if necessary, to reduce at present sadly in need of our help.
their loans, Federal Reserve bank rates for leans
secured by Government
We may justly be proud of the spirit of enterprise shown by our banks
bonds in due course will have to be increased.
They would have to ap- in these new problems. The number of American
branches and agencies
proach more closely the then governing rates for commercia
l paper, while opened in foreign lands:exceeds seventy at this time, and
is growing every
be
2388
THE CHRONICLE
[VoL. 108.
Asia In funds in ample time before the acceptance matures. No cash outlay
Month. They are now established in South and Central America,
ce, and "dollar on the part of the acceptor is thus involved.
and in Europe. In all these countries the dollar acceptan
As compensation the acceptor receives a commission commensurate with
ly entreated
exchange" for which four years ago we modestly and prayerful
been brought the length of the credit and the risk involved.
kind consideration, through force of circumstance have now
nt
a
in almost
Bankers'acceptances ought never to be used in order to finance permane
to a leading position. There are outstanding to-day, drawn
or for providAmerican bankers' investments, or for the purpose of furnishing working capital,
every part of the globe, approximately $500,003,000 in
s, staples or other articles.
months ago I ven- ing funds for speculation in securitie
acceptances. But this is only the beginning. Some
in course
Bankers' acceptances are primarily designed to finance goods
should live to see
tured the prediction that in not too distant future we
final distriand 1 have of transportation and in their various stages from origin to
American bankers' acceptances reach the billion-dollar mark,
bution.
no hesitation in reaffirming that belief.
ing a
is likely to
Staples in warehouses may properly be considered as constitut
The growth of the American bankers' acceptance business
dictate
accep- temporary stage between production and distribution (but it is a
so fast that fear is expressed by some, lest our available
continue
awaiting
therefore, of banking prudence that such staples be under a contract of or
tance facilities may soon prove inadequate. It has been urged,
a reasonupon member sale, or awaiting delivery into the process of manufacturing within
that the limitations, placed by the Federal Reserve Act
be carried as a pure speculation.)
so as to enable able short time, and that they never
banks of the Federal Reserve system, should be widened
a definite
Goods in course of production in foreign countries under
to 150% of their
these members to accept to a larger extent than the 100%
as offering a
under existing law. contract for subsequent transportation may be included
capital and surplus, up to which limit they may accept
the products may
to overstrain the load legitimate basis for bankers' acceptances, even though
My own view is that we should be very careful not
ons often having deposits not yet be ready for shipment when the bill is drawn.
of liabilities of our large deposit banks. Instituti
of the goods
But care should be taken in all these cases that the proceeds
surplus,and having inamounting to more than ten times their capital and
place before maturity
loans involving credit will liquidate the credit if the sale of the goods takes
vested a large portion of these funds in commercial
wise for them to of the acceptance.
risks, should consider very seriously whether it would be
legitimate if, for
s in excess of the
A reasonable number of renewals of acceptances aro
add to their existing commitments acceptance liabilitie
liabili- good and valid reasons, disposal of the goods cannot be completed within
restrictions of the law, unless, indeed, their general deposit
present
appear the the period of the first credit.
ties were kept within very conservative limits. It would
wherever possible,
between
Where documents are released the title to the goods,
dictate of banking prudence to preserve a certain safe relation those for
ought to be mainshould be preserved; in any case a moral hold, if no other,
surplus on the one hand and all liabilities, including
capital and
is paid, title to the
tained to this extent at least that, before the acceptor
acceptances, on the other.
goods are
ents that in goods may not pass into the hands of other creditors and if the
It was in anticipation of these larger acceptance requirem
applied to paying off the acceptor.
secured by the Federal Reserve Board authorizing sold the proceeds should be
1916 an amendment was
for the purpose
primarily devoted
Bankers' acceptances drawn in certain foreign countries
where
national banks to own stock in banks or corporations
type, under the of furnishing dollar exchange in certain foreign countries are Justified
to the foreign acceptance business. Banks of this new
expected t) be drawn
drafts
are prohibited from taking demand they are to be considered as anticipations of
Federal Reserve Board's regulations,
ation of goods in
their own resources, within a reasonable time for the purpose of the transport
may be
deposits in the United States, and are required to keep
as a reserve, course of production (e. g., crops). The law provides that they
represented by their capital and surplus, in liquid form.,
as
where the
s. In that case drawn for the purpose of "furnishing exchange" in countries
as it were, for the protection of their acceptance liabilitie
acceptance.
-day bankers'
policy to permit these customary means of remittance is the 90
it was bold that it would be a conservative and logical
practice, ought
multiple of their
Bankers' acceptances, in keeping with the best English
institutions to accept to an amount representing a liberal
on the face of the bill the nature of the transto show by some reference
and surplus.
capital
should con- action financed.
If, vs I hope, the demand for American acceptance credits
ed; it is bad banking to
or corporations
Acceptance risks ought to be properly distribut
tinue to grow, the creation ef additional acceptance banks
ce credit to any single party, no matter how good
situation. Under the present rulings of the Federal grant too large an acceptan
would best meet the
acceptance corpo- its standing.
Reserve Board, an additional $50,000,000 invested in
ce credits on any single
in excess of 8300,It is bad banking to grant unduly large acceptan
rations would easily proviae further acceptance credits
kind of collateral.
000,000.
only from banks and
bankes' accepBankers' acceptance credits ought to be taken
the case
It is na, howes er, in foreign acceptances alone that
acceptance, bankers of undoubted standing and of national reputation (and in
will occupy a prominent place. The domestic bunkers'
tances
of great importance of foreign drafts of international reputation).
though not of equal portent,is also destined to play a role
except where acessential that,
purposes: first, to
For the protection of the acceptor it is
Domestic bankers' acceptances may be made for two
under proper
for the purpose of ceptances are drawn under commercial letters of credit issued
finance domestic transportation of goods, and, second,
by guarantees or collateral, acceptances, particularly in the case of waresecured
staples, provided that in the latter case the acceptor is
carrying
that the colto standardized housed staples. be not drawn to the full value of the goods,
warehouse receipts (or similar documents conveying title)
market fluctuations.
The effective use of the lateral should offer an ample margin to provide against
non-perishable staples having a wide market.
that this margin be
the proper develFor the protection of the drawer, it is essential
domestic bankers' acceptance is largely predicated upon
and credit.
entrusted to banks only of undoubted strength
opment of modern and safe warehousing facilities.
benefit of the drawer,
s of money rates
Acceptances ought to be made and sold for the
Domestic acceptances are most important as equalizer
acceptor
It will be easy for you to grasp the great economic not for the accommodation of the
all over the country.
similar to insurance busion, you bear in
The acceptance business, in many respects, is
service they can render in this rsepect if, as an illustrati
ion of the
made by strong ness. There must be a proper appreciation and a wise distribut
mind how, during the cotton crop season, acceptances
she risk, and
warehouse receipts, risks involved. There must be a premium corresponding to
Southern firms, and secured by properly safeguarded
he is talelug a serious chance
through the inter- a recognition on the part of the insured that
would readily find their way into other districts either
business rules.
banks, dealers or dis- in dealing with companies that are weak or disregard amnia
mediary of the Federal Reserve banks or through
I believe the business and
pressure in sections
These are illustrations of principles that
count companies. They would thus relieve financial
establish and
Moreover, if accep- banking communities ought to clearly recognize, and firmly
where seasonal demands might otherwise be heavy.
other enforce. There is no doubt about their ability to do so if the Federal Resections should become exhausted, banks in
cooperate.
tance facilities in such
e receipts, provided serve banks, under the guidance of the Federal Reserve Board,
districts could readily accept against these warehous
declare acceptances
beyond doubt, and sur- The power vested in the Federal Reserve Board to
the latter are issued by warehouses responsible
Federal Reserve
good and well secured, as eligible or ineligible for purchases or rediscounts by the
rounded by proper safeguards. If the acceptors are
practices to be
purchasers for their banks gives them a practically unlimited control over the
a small margin in the discount rate will easily draw
of the usages of granting,
encouraged or permitted in the development
ces from other parts of the country.
acceptan
year in developing a drawing and selling bankers' acceptances.
Great headway has been made during the last
in many corners. Unaa much better underThe field is new, however, and still unexplored
freer market for acceptances; the banks have reached
practices does not yet exist. Our
s to be observed in this respect. The per- nimity as to the soundest principles and
standing of the proper principle
to our own
g bank holding its own problems will require certain adaptations of European practices
nicious habit, originally indulged in, of the acceptin
by careful study
to day acceptances are needs, and the best methods will have to be developed
acceptances, has been generally abandoned, and
other banks or discount and common council.
being placed in a larger measure through dealers,
corporations.
give you just a few
With respect to bankers' acceptances, permit me to
Act when authorizing JOINT STOCK LAND BANK BONDS OFFERED BY
illustrations: It is clear that the Federal Reserve
one, acceptances
BANKERS.
domestic acceptances contemplated two kinds of credits;
by any other
secured by ready marketable staples, but not to be secured
any kind
In an advertisement on a preceding page the Equitable
and two, credits to finance the transportation of
kind of goods;
ts—warehouse
Stuart & Co., and William R. Compton
of goods. In both cases the law prescribes that documen
when the ac- Trust Co., Halsey,
receipts or bills of lading, respectively—are to be attached
are offering to investors $10,000,000
is given to accepting banks.to release Co., all of New York,
ceptance is made. Power, however,
you can 5% joint stock land bank bonds at 102 and interest, yieldts in order to facilitate the handling of the goods. But
documen
at the time the
readily see that abuse is possible by presenting documents
to optional maturity and 5% thereafter.
after release, to ing about 4.53%
acceptance is made and using these documents over again,
the The bonds are dated May 11919, and are due May 1 1939,
You can easily imagine, moreover, how under
secure another credit.
a week or two, optional May 1 1924. They are exempt from all Federal
guise of financing a domestic transportation lasting only
carry articles
taxtion excepting only inheria 90 day credit might be secured, which thus might serve to
ore, how State, municipal and local
other than readily marketable staples. It is evident, furtherm
d tance taxes. They are redeemable at par and accrued inby this method, these acceptances may be turned into unsecure
easily,
aggregate to 20%
transactions, and unsecured credits amounting in the
terest on any interest date after five years from date of
one single party
of the capital and surplus of a bank may thus be granted to
registrable and interchangeable.
the National issue. Coupon bonds fully
Instead of 10% as provided as the limit for similar loans under
such absuses, They are in denomination of $1,000 and $500. Principal
Bank Act. Should the law be amended so as to prevent
get together
or should the Federal Reserve banks and the accepting banks
and semi-annual interest( M. & N.), payable at the bank
I do not
and adopt measures to stop had practices of their own accord?
of issue or at the Equitable Trust Co., New York. The
course.
think there can be any doubt as to which would be the better
attempting bonds are instrumentalities of the United States Governive of what our laws permit or prevent,.and•without
Irrespect
give any
to formulate too technical or too scientific a rule, or presuming to
investment for all trust and fiduciary funds
e ment; legal
but my own personal views in the matter, we may, I believe, enunciat
under Federal jurisdiction; acceptable as security for Govd sound banking ethics.
hese principles as generally recognize
accep- ernment deposits including postal savings deposits; secured
These principles should not be understood as applying to trade
am-es, or single name notes, which are instruments of entirely different
ges made under Federal supervision
haracter.
seller
A trade acceptance is the obligation of a purchaser to pay to the
the price of goods bought; it represents. as It were, a loan of goods.
a
The loan on single name paper might be held generally to represent
a loan
laan of cash, while the bankers' acceptance is to be considered as
Of credit. The bank granting an acceptance credit is not expected to adstrength of the
vance cash; the customer is enabled to secure cash on the
market, or
tank% credit, by the sale of the acceptance in the domestic
the accepting bank
put
abroad an "exchange." and he is under contract to
by first farm mortga
or by U. S. Government bonds or certificates, and the
Attorney-General of the United States has rendered an opinion approving the constitutionality of the Act and the
validity of the provisions exempting the bonds from taxation. These bonds are issued under the Federal Farm Loan
Act. The issuing institutions are:Cas follows:
JUNE 14 1919.]
THE CHRONICLE
2389
Arkansas Joint Stock Land Bank, Memphis, Tenn.; Bankers Joint a State reserve system in this State. While the danger here is remote,
in
Stock Land Bank, Milwaukee, Wis.; Des Moines Joint Stock Land Bank, some States it is real. There should be no doubt as to our
position on this
Des Moines, Iowa; First Joint Stock Land Bank, Chicago, Ill.; First Joint most important question.
Stock Land Bank, Fort Wayne, Ind.; Iowa Joint Stock Land Bank,
Sioux City, Iowa; Liberty Joint Stock Land Bank, Salina, Kan.; Lincoln
Now is the time to reduce reserve requirements. Our credit position is
Joint Stock Land Bank, Lincoln, Neb.; Mississippi Joint Stock Land so strong that were our bank vaults bare of
gold, they soon would be
Bank, Memphis, Tenn.; Montana Joint Stock Land Bank, Helena, Mont.; replenished without effort on our part. After allowing
for ample reserves
Virginian Joint Stock Land Bank, Charleston, W. Va., and other banks.
against circulation, we have, in hoard in the vaults of the Federal Reserve
banks at least twice as much gold as we actually need, and like misers desire
to increase our hoard. Every dollar of unnecessary reserve is an unnecesFEDERAL BILL OF LADING ACT DECLARED
sary tax on business. With too expensive a credit system, how can we
treat member banks fairly, and at the same time compete with English
CONSTITUTIONAL.
The American Bankers' Association announced this week credit in the markets of the world? Can our foreign busLess bear such a
handicap?
that the Supreme Court of the United States on June 2,
through Chief Justice White, handed down an opinion fully
sustaining the validity of the Federal Bill of Lading Act. V. H. SISSON ON "OPEN DOORS TO OPPORTUNITY."
Discussing the "open doors to opportunity," before the
The Association points out that it was active in promoting
the passage of this Act which became a law a few years ago, Trust Company section of the New York State Bankers'
Association at Albany on June 12, Francis H. Sisson, Viceand says:
A case arose in Cincinnati where a merchant forged certain railroad bills President of the Guaranty Trust Co. of New York, stated
lading purporting to represent goods shipped to another State and pro- that
of
"just as the war awakened this nation from its dream
cured advances thereon from a Cincinnati bank. The forger was indicted
for forgery under Section 41 of the Bill of Lading Act, which punishes the of political isolation and economic independence, and forced
forgery of bills of lading, but the United States District Court sustained us to realize that the problems of the world are our problems
his demurrer to the indictment on the ground that as there were no goods that no
nation can live unto itself any more than man can
in existence covcred by the purported bills of lading, there was no commerce as a subject of regulation by Congress and that all the offender was live unto himself, so our financiers, in common with other
guilty of was the forging of a waste piece of paper, the punishment of which business men, have discovered that they must think beyond
was beyond the power of Congress under the commerce clause of the Con- the
confines of their institutions and must perform
stitution. The Supremo Court of the United States has reversed this
decision and upheld the constitutionality of Section 41, as well as of the service beyond that which nets immediate or direct gain."
entire Act.
Mr. Sisson furthermore said:
The members of the American Bankers' Association are gratified with
the announcement of this decision, for it means that there is now adequate
punishment for those who forge bills of lading and procure money thereon
from the banks.
They are rapidly coming to understand that the financial, social, labor,
industrial, commercial, and, in brief, all major economic problems of the
leading countries indirectly concern them as well as the financiers in those
countries. This is due chiefly to the fact that we have been transformed
from a debtor to a creditor nation during the last four and a half years,
with the result that to-day the world owes us in excess of $10,000,000,000.
ELLIOTT C. McDOUGAL ARGUES IN FAVOR OF
And, with not only European but other peoples in dire need of capital
SLOWER RESERVE.
and credit, that sum, great as it is, must be vastly augmented within the
"Probably nothing could bind together more closely in a next few years by loans arranged through private channels, by the sale of
spirit of co-operation all the banks of this country than for all foreign securities here, and by our constantly increasing foreign trade
balance.
State banks willingly to join the Federal Reserve system and
Conservatism has been one of the chief assets of banking, and rightly
do their part towards its support." was the comment made so. That is true to-day, and will always be true. But progressive conperhaps more
before the State Bank Section of the New York State Bank- servatism, or,should properly truly, conservative progressiveness—for the
the emphasis
be laid upon progress—will be the keynote
ers' Association in Albany on June 12 by Elliott C. McDou- of future banking. The war has taught us the value of an elastic banking
gal, President of the Bank of Buffalo, at Buffalo, N. Y. system, which could readily and adequately respond to the sudden and
great crisis.
Through mandatory legislation, said Mr. McDougal,"is the tremendous demands made upon it in awill impose Peace, with the
multifarious problems of reconstruction,
demands of almost
only method of insuring universal co-operation." Mr. Mc- equal magnitude, and banking must be prepared to keep pace with the
accelerated advance of the world in the period which will develop immeDougal also said in part:
diately after the signing of the peace treaty.
Such legislation should be by State laws. Carefully and effectually it
Europe needs food, machinery, and raw materials above all else, and the
should protect the integrity and preservation in all their strength of all fact
that the bulk of these vital necessities must be obtained from this
State banking systems, of State supervision and control. It should require country is
now universally recognized. But in addition to the credit
that every State bank and trust company except mutual savings banks shall which must
be extended to Europe in order that it may purchase such
be a member of the Federal Reserve system. A more business like way supplies, large amounts of working capital must be
furnished here to enable
would be to require that non-emmbors carry 50% greater reserve than American business
to meet the demands of Europe for our products. The
members, but the danger of different standards in different States, and of high costs of
labor and materials—and these costs will inevitably remain
constant efforts on the part of the non-members to have their reserve re- high for a
long time—in themselves will make greater working capital
quirements brought to a par with those of members, would make such a imperative
throughout industry in this country.
plan impracticable. While theoretically not the best, regulation by manOur own natural development, which was retarded by the war, also will
datory legislation would be simple, practical and uniform. Probably it call for
vast amounts of money. In May, for instance, there was an unwould pass in most States, perhaps in all, and once passed probably never usually
large amount of corporate financing, aggregating more than $247,would be repealed in any State. It would incur constant stability, which
000,000, as contrasted with only a little more than $48,000,000 in April,
is absolutely essential. Before such legislation be attempted, national and less than $72,000,000 in May
of last year. Building, only one of many
legislation modifying the reserve requirements in the Federal Reserve Act
peace activities, will require several billions of dollars. And the moving of
should be had.
our record-breaking crops this year will levy more heavily than ever on our
Regarding reserve requirements, I suggest, not as final but as a basis of
capital and credit.
study, the following:
All these needs must be met, together with those for practically unlimited
Central reserve cities and reserve cities should be designated. on some
credit required to speed the rehabilitation of devastated Europe. Conscientific plan rather than arbitrarily by the Federal Reserve Board. In sequently,
American banking interests face a situation that presents not
connection with that plan might run an option based on the desire of say
only the severest test of their resources and resourcefulness, but also their
two-thirds of the member banks in any city to join a higher, but not a lower
greatest opportunity for service. And the trust companies of the United
class. Only in reserve cities should member banks be permitted to carry States must rise to the occasion;
they should, in fact, assume leadership
balances in ,excess of the regular 10% limitations.
in many respects—as they did during the war.
Abolish all reserve requirements on time deposits, which are plain nonThe trust companies have it within their power not only to develop their
sense.
business functions along broader lines of usefulness than ever before but also
On not demand deposits make reserves not entitled to interest as follows: to become a most important
factor in advancing the social welfare of the
Central reserve cities, 9%;reserve cities, 6%;all others, 3%.
nation, which, indirectly and ultimately, will exert its beneficent influence
Give the Federal Reserve Board power of unlimited calls from time to upon all other
nations. The opportunity of the trust companies lies in
time for further contributions from member banks, on a strictly pro-rata their especial facilities
for effecting a more scientific and systematic husbasis, first, on the central ,reserve cities, for any percentage it chooses; bandry
and distribution of our colossal wealth. The war was largely
next on reserve ciVes, for two-thirds of said percentage; next on all others responsible for the
better appreciation which prevails to-day of the relation
for one-third of said percentage, no succeeding call on central reserve cities of these two factors to our national and individual welfare.
to be issued, until all preceding calls against all classes have been issued.
The lifting of our gold embargo three days ago should tend to hasten a
On all contributions made in response to such calls Federal Reserve banks return of normal economic conditions and help restore the American dollar
shall allow member banks the rates of interest it would charge them for re- in parity in several countries.
discounting ninety-day paper. The Federal Reserve banks shall have the
We already have far more gold than we need her currency and banking
privilege, without notice, to repay such contributions in full, or In part pro
- purposes. There is no good reason, in fact, why we sheuld not assume a
rata, paying off first non-reserve banks, next reserve banks, and last central liberal point of view in dealing with our great gold stock. Our assured
reserve banks.
creditor position, our unequaled gold position, and our tremendous banking
Because of reserve requirements, central reserve banks shall be entitled
to and financial strength now afford us an enviable chance to function as the
quoted rates for loans and ri-liscounts, reserve city banks to be quoted great free-gold market of the world. And
such a market hero is absolutely
% per annum and non-reserve banks to quoted rates plus essential if we are to do our full part in the reconstruction period. It will
rates Plus
%% per annum.
open one of our biggest doors of opportunity.
The adoption of these simple improvements would give us a system in
Should Amend the Federal Res rye Act.
which both State and national systems would have 100% membership,
And while we are discussing the removal of restrictions, I suggest that the
much more popular with percent members, less expensive and immeasur- Federal Reserve Act be amended
to promote the commercial interests of the
ably more powerful than at present.
country, particularly in foreign trade, which is more vital than ever before
While advocating the perpetuation of State supervision and control, we to our national prosperity.
emphatically should oppose the formation of State reserve systems.
In the four years of operation of the Federal Reserve system notable proThey
would weaken our financial system by demobilizing our gold supplies, gress has been made in the development of a market for acceptances and
which the Federal Reserve System mobilizes. No price in any State other commercial paper. Much
of our foreign trade that was formerly
banking system, however warranted,should blind us to that danger. They financed through letters of
credit, under which sterling bills were drawn i s
might and probably would involve our State banking system in State now financed by means of dollar exchange—bills
drawn either on banks or
politics and State bureaucracy and seriously impair the ability of State business houses in the United States
and payable in dollars. Because there
banks to serve their depositors.
Is a ready market here for the sale and rediscount of such bills, a market
It would be to the credit of the New York State Bankers Association, created mainly by the Federal Reserve system, banks are willing to buy this
should it, by formal resolution, put itself unequivocally on record against paper.
[VOL. 108.
THE CHRONICLE
2390
The acceptance provisions of the law will have immense significance in
financing international commercial transactions. But, although in constant use abroad, acceptances of any sort were little used in this country
prior to the changes in our banking practices effected by the Federal Reserve
Act.
Under the old system, because or the immobility of the bulk of bills receivable growing out of commercial transactions, banks were often unable to
provide the necessary credits for conducting the volume of foreign business
which our traders were in every other respect well fitted to do. Now the
machinery for making liquid the paper offered by American trading abroad
enables them to expand the volume of their business while at the same time
the accommodation afforded by their banks is, if need be, correspondingly
increased, but without tying up irrevocably for a definite period of time their
own resources.
For the purpose of further encouraging the use of acceptances, it would be
well if our Federal Reserve Law were amended so as to remove existing restrictions on the aggregate amount of bills which a bank may accept. The
character of this paper is such that the limitation upon the volume of discounted acceptances in a bank's resources is unnecessary. The control of
the volume of discounts may safely be left to the judgment of the banker.
INVESTMENT BY JAPANESE GOVERNMENT IN U. S.
TREASURY CERTIFICATES OF INDEBTEDNESS.
The following is taken from the New York "Evening
Post" of June 10:
That the Japanese Government has invested $130,000,000 in the certificates of indebtedness of the United States Treasury was learned to-day
from Japanese bankers in New York. Some time ago it was announced
that investments of this sort totalled $50,000,000, but there has since been
a rapid increase in these purchases of Treasury bills. Japanese banks and
Individuals had accumulated largo balances in this country, which could
not well be withdrawn on account of the gold embargo. The Japanese
Government, therefore, paid its citizens in its own currency and invested
the American balances in Treasury certificates.
REDEMPTION OF TREASURY CERTIFICATES OF
INDEBTEDNESS MATURING JULY 1.
redemption of Treasury Certificates of Indebtedness
The
maturing on or before July 1 was authorized by Secretary
FEDERAL RESERVE BOARD SEEKS INFORMATION of the Treasury Glass, beginning June 10, this being made
FROM RESERVE BANKS AS TO MEMBER
possible, it is announced, by the payment of approximately
BANKS BORROWINGS.
$3,500,000,000 on subscriptions to the Victory Liberty
A letter expressing concern "over the existing tendency Loan. The following is the statement issued in the matter
towards excessive speculation" was addressed by the Federal by Secretary Glass on June 9:
Reserve Board this week to the Chairman of each of the
The Secretary of the Treasury has authorized the Federal Reserve banks
Federal Reserve banks,from whom the Board seeks informa- on and after Tuesday, Juno 10, and, until further notice, to redeem in cash
and accrued interest to the date of redemption,
tion from which it can form an estimate as to the extent of before maturity at par indebtedness of any and all series, maturing on or
Treasury certificates of
borrowings by member banks on Government collateral, before July 1 1919, and not overdue, at the holder's option.
This action is made possible by the very largo payments, approximately
for other than purely commetcial purposes. The following
to date on account of subscriptions to the Victory
is the letter, which was sent out under the signature of $3,500,000,000, received
Liberty Loan.
Governor Harding:
I take this occasion to repeat that there has been no change whatever in
the Treasury's plans for future government financing which were stated
SUBJECT: BORROWINGS BY MEMBER BANKS ON SECURITY
on April 14 in the official announcement of the amount and terms of
OF GOVERNMENT OBLIGATIONS.
the Victory Liberty Loan.
Dear Sir—The Federal Reserve Board is concerned over the existing
tendency towards excessive speculation, and while ordinarily this could
VICTORY LIBERTY LOAN CONVERSIONS.
Ibe corrected by an advance in discount rates at the Federal Reserve banks,
ft is not practicable to apply this check at this time because of Government
The Federal Reserve Bank of Now York as fiscal agent
binancing. By far the larger part of the invested assets of Federal Reserve
11 that in acanks consists of paper secured by Government obligations, and the board of the United States announced on .Tune
s anxious to get some information on which it can form an estimate as to cordance with the regulations prescribed by the Secretary
the extent of member bank borrowings on Government collateral made for
of the Treasury governing the exercise of the conversion
purposes other than for carrying customers who have purchased Liberty
privilege of Victory Liberty notes, a holder of the 43
bonds on account, or other than for purely commercial purposes.
Victory notes after July 15
The Board would appreciate your comments on this situation in your Victory notes or of the 33
Very truly yours,
district.
1919 may have his notes of either series converted at par
W. P. G. HARDING, Governor.
4%
4%
the other series with an adjustment- of interest.
Last week, page 2285, in noting the extraordinary activity into notes of
statement also said:
on the New York Stock Exchange, with call money reaching The bank's
The difference in interest borne by the two series of Victory notes is 1%
12% on the 3rd, we referred to the warning against specula- per annum. If the 434% notes are converted into 334% notes, the in334% notes are converted
tion contained in the Juno Bulletion of the Reserve Board.
terest adjustment is in favor of the holder. If
into
% notes, the interest adjustment is in favor of the Government.
1919, contains
Treasury Department Circular No. 139, dated May 30
SUBSCRIPTIONS TO FIFTH OFFERING OF TREASURY full details with respect to this conversion privilege, together with a comION OF TAXES.
CERTIFICATES IN ANTICIPAT
plete interest table for computing interest adjustments.
Exchanges of coupon notes for registered notes, or of registered notes
Subscriptions of $548,156,500 to the two series of Treasury for coupon notes, and transfers of registered notes, will not be permitted
15 1919 and upon conversion, but must be conducted as separate transactions.
Certificates of Indebtedn.ess—T 4 payable Sept.
Proper forms to be used in making conversions will be finished later by
T 5 payable Dec. 15—were announced by Secretary of the
New York.
June 11. These certificates were issued the Federal Reserve Bank of
Treasury Glass on
in anticipation of taxes; they are dated June 3 1919 and bear
OF TREASURY GLASS ON GOVERNMENT
432% interest. The offering was referred to in our issue of SECRETARY
LOANING PLANS IN ANSWER TO W. A. DAY.
Bank of New York
May 24, page 2079. The Federal Reserve
The statement that another Government loan drive was
in a statement issued-on June 9, in announcing that all the
the Equitable
received by it to the offering had been allotted expected, made by W. A. Day, President of
subscriptions
Life Assurance Society, on June 6, has brought from Secrein full, said:
t that there is
The subscriptions to the issues dated June 3 1919 of United States tary of the Treasury Glass an announcemen
Certificates of Indebtedness, Series T 4 and Series T 5, maturing Sept. 15 no change in the Treasury Department's previously declared
1919 and Dec. 15 1919, and acceptable in payment of income and war intentions that the Victory Liberty Loan would be the final
profits and excess profits taxes, were closed by the Treasury Department
issued on the
as of the close of business on Saturday, June 7 1919. All subscriptions one. The announcement of Secretary Glass,
received by the Federal Reserve Bank of New York as fiscal agent of the 7th inst., said:
United States up to that time have been allotted in full.
In explanation:of the closing of subscriptions:to these issues, the Treasury
Department has stated that the Victory Loan payment on June 3, concerning which final reports were received on June 7, was very large, and the
requirements of thejTreasury, therefore, for the balance of this month, are
more than fully provided for.
Details of the subscriptions, as made known by Secretary
Glass, were announced as follows by the New York Federal
Reserve Bank on the llth inst.:
The Federal Reserve Bank of New York, as fiscal agent of the United
States, stated to-day that Secretary Glass yesterday announced the final
amount of subscriptions allotted for Treasury certificates, Series T 4 and
T 5, dated June 3 1919 and maturing Sept. 15 1919;and Dec. 15 1919, respectively.
Subscriptions closed June 7 1919.
The aggregate subscriptions allotted were $548,156,500.
The results by Federal Reserve Districts were as follows:
Total.
Series1T 5.
Series T 4.
District—
$26,325,500
$8,924,500
$17,401,000
Boston
195,303,000
78,557,500
116,745,500
New York
23,326,500
8,031,000
15,295,500
Philadelphia
72,348,500
33,894,000
38,454,500
Cleveland
17,136,500
8,264,000
8,872,500
Richmond
17,096,500
6,984,000
10,112,500
Atlanta
122,843,500
63,326,500
59,517,000
Chicago
14,132,000
6,906,500
7,225,500
St. Louis
8,962,500
2,600,500
6,362,000
Minneapolis
8,000,000
2,502,500
5,497,500
Kansas City
7,941,000
3,036,000
4,905,000
Dallas
26,741,000
15,684,500
11,036,500
San Francisco
None.
8,000,000
8,000,000
Treasury
.1.11.1111•1
Total
$309,445.000 $238.711,500 $548,156,500
Published stories concerning future Government financing create a mistaken and harmful impression. There has been no change in the situation
nor in the Treasury's plans. These were correctly stated on April 14 1919
in my official announcement of the terms of the Victory Loan, as follows:
"This will be the last Liberty Loan. Although as the remaining war
bills are presented future borrowing must be done, I anticipate that the
requirements of the Government, in excess of the amount of taxes and other
income, can, in view of the decreasing scale of expenditures, be readily
financed by the issue of Treasury certificates from time to time as heretofore, which may be ultimately refunded by the issue of notes or bonds
without the aid of another great popular campaign such as has characterized the Liberty Loans.
The statement of Mr. Day was made before the Joint
Legislative Committee on Housing in this city and was offered
in explanation as to why his company has not "any money
at this time to loan on real estate mortgages." What he
had to say was reported as follows in the Now York "Sun"
of the 7th:
Judge Day testified that the Equitable Life Assurance Society,subsequent
to our entrance into the war, invested in $90,000,000 of Government bonds,
of which about $65,000,000 were war loans to the United States. The company subscribed for $40,000,000 to the Fourth Liberty Loan, he explained,
and "to do that we had to borrow $23,000,000."
"Now that, in substance, is the reason," the Equitable's head said,"why
we haven't money at this time to loan on real estate mortgages."
"Do you understand there will be further Government bond issues?"
Judge Day was asked.
"Yes."
-s
JUNE 14 1919.1
THE CHRONICLE
"Either by drives or by internal issues?"
"Yes, the Government will have to have more money. The Secretary
of the Treasury himself told me that the night before last, and everybody
,
who knows the situation knows that, and it is our duty to turn in and support it as much as we can."
"How soon are those now Government loans expected, Judge Day?"
"1 conk:111ot say as to that, but they are not very far off. The Government must have the money, and it is of importance to everybody that it
should have it."
2391
elimination of you gentlemen as distributors. Ask yourselves how long
you can exist if those with whom you attempt to compete have the advantage over you of the use of the peddler car and the mixing rule. It would
mean that unfair advantage piled upon unfair advantage cannot be met in
business competition. It would mean that you are going to be helpless in
Your own defense. The Federal Trade Commission has, in the public
interest, pointed out these things.
Mr. Colver expressed it as his belief that "legislation would
On the same day E. Pusey Passmore, Governor of the be wise, patriotic and sound if it limited these great instituFederal Reserve Bank of Philadelphia, speaking at the an- tions to the field of meat packing and to the manufacture
nual convention in Scranton of the Pennsylvania Bankers' of packing-house by-products."
Association,said,according to the Philadelphia "Press" said:
So far as the public is directly concerned, their share in financing the CONSERVATION MEASURES OF SHOE AND LEATHER
MANUFACTURERS ENDORSEMENT OF W. S. S.
Government in the war period is done. With the bankers it is different,
and I am in position to say that beginning July 1 certificates of indebtedIn addition to recommending among other conservation
ness will be issued by the Treasury Department. You will all be notified
measures an extension of the season for wear of low shoes in
in due course.
On June 7 the "Wall Street Journal" in advices from Chi- order to preserve the available supply of leather, the National
cago stated that the belief was expressed by Arthur Reynolds, Council of the American Shoe and Leather Industries and
President of the Continental & Commercial Trust & Savings Trades at its meeting at the Hotel Astor on June 5 passed a
resolution endorsing thrift and advocating the organization
Bank of Chicago, that "to avoid an excess of short-term
financing it is possible the Government may offer another among its members of War Savings and Thrift Societies.
bond issue to clear away war claims." He was also quoted Representatives of fourteen associations and five organized
sections of the shoe and leather trade comprise the new
as saying:
organization, which has for its object the conservation of
Demand for money is strong; rates are firm around 5% and 534%.
There are indications that various interests will require additional working raw materials used in their industries. It is believed to be
capital and that considerable refinancing may be done, all of which will the first instance on record where a national organization
call for funds and might cramp the banks were they to attempt to care for has officially
recognized the value of the Government savings
the cash needs of the Government in excess of tax receipts. Banks are
rediscounting somewhat freely with the Federal Reserve system, showing plan and incorporated a recommendaton advocating it in
that they are already borrowers to quite an extent to meet demands for their official proceedings. The resolution, which was unanicredit.
mously adopted, reads as follows:
As viewed from the Middle West, the recent strong advance
in call money
rates might be considered partly an outgrowth of money conditions and
partly a warning against speculation.
Savings deposits are mounting despite the free spending of the general
public. All lines of retail business are good and the demand for both
luxuries and necessities almost beyond the capacity of the producers to
supply. The business outlook is for improvement. Considerable buildng is under way and more contemplated.
THRIFT SUNDAY IN CHURCHES JUNE 22.
A week from to-morrow (June 22) will be Thrift Sunday
throughout the United States. In co-operation with the
Savings Division of the Treasury Department, churches of
every denomination will lend their aid to the national Thrift
Campaign. Pastors of churches have promised to lay before
their people on Thrift Sunday the personal and patriotic
reasons for perpetuating the lessons of sane saving, wise
spending and safe investment which the American people
learned through the self-sacrifice imposed by the war.
Each congregation in the New York Federal Reserve District
will receive a direct message from Secretary Glass of the
Treasury Department, to be read from the pulpit, setting
forth the reasons why the Government is fostering the spirit
of thrift as a permanent American characteristic. Pastors
have been asked to devote at least a part of their sermons on
Thrift Sunday to the subject of saving. A letter to the
pastors of all denominations, sent by Harold Braddock,
Director of the Savings Division, read in part as follows:
We are hoping you will be able to assist the local Savings Director in carrying on the savings campaign in this community, and that you will impress
upon the members of the organizations connected with your church the desirability of careful saving for some worthy object. .It would seem that,
in the organizations which are desirous of saving for this purpose it would be
to their interest to be enrolled as Government Savings Societies. The
Savings and Thrift stamp securities offered by tho Government are so safe
and so accessible to the investor of such small amounts that we ftel that they
should be well adapted to the needs of any church organization. We also
feel that if the members of these organizations begin investing their savings
In Government securities it will aid the members to feel that they have a
more direct stake and interest in their Government and make them more
active and intelligent citizens.
We are counting on your assistance in this great movement for peacetime patriotism."
Whereas, The Government has launched a campaign to aid the reconstruction period through reawakening in the minds of the people the practice
of thrift as a national characteristic; and
Whereas, This campaign is being carried on through the formation of
War Savings societies and through the purchase of War Savings Stamps and
Thrift Stamps; and
Whereas, Thrift is the foundation upon which the future prosperity of the
nation must be built;
Now, Therefore, The National Council of the Shoe and Leather Industries assembled in New York City this fifth day of June 1919 endorse this
campaign, and urge upon the manufacturers and dealers in our line of
business the organization of War Savings and Thrift societies and the
reawakening of the thrift idea among our employees and members to the
end that they resolve to save at least a part of their earnings each
week.
thereby benefiting themselves, their families and aiding the Government.
With regard to the rise in the price of shoes, one member
of the Council, according to the New York "Times," declared, the sudden rise was due to the fact that retailers are
holding a low stock of shoes and are not putting in a new
supply.
STEEL PRODUCTION IN 1918 AND TO DATE.
The production of steel ingots for May 1919 as reported
to the American Iron & Steel Institute amounted to 1,929,024 tons, of which 1,506,015 tons were open hearth, 414,392
tons Bessemer and 8,617 tons all other grades. These
figures have been compiled by the Institute from the results
of 30 companies, which in 1918 produced about 84.03% of
the total output of steel ingots in that year. In May 1918
3,287,233 tons were turned out, including 2,475,131 tons
open hearth, 796,244 tons Bessemer and 15,858 tons all other
grades. In the following we show the monthly production
by grades from January 1918 to May 1919 and the total for
the calendar year 1918:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1918
TO MAY 1919.*
Open Hearth.
Bessemer.
All Other.
Total.
MonthsGross Tons.
Gross Tons. Gross Tons, Gross Tons.
January 1018
1,763,356
429,588
10,901
2,203,845
February.
1,805,233
454,457
14,051
2,273,741
March
2,331,048
763,255
16,078
3,110,381
April
2,377,974
769,249
16,187
3,163,410
May
2,475,131
796,244
15,858
3,287,233
Juno
2,281,718
786.380
15,348
3,083.446
July
2,311,545
784,997
17.093
3,113,635
August
2,299,177
766,860
17,643
3,083,680
September
2,407,993
772,863
16,802
3,197,658
October
2,527,776
807,043
3,352.196-'1
17,377
November
2,291,720
753,409
15,631
3060,760 December
2,273,189
706,844
12,273
2,992,306
Total 1918
27,145,860
8,591,189
185,242
35,922,291
January 1919
2,351,153
749,346
7,279
3,107,778
February
2,043,635
655,206
5,842
2,704,683
March
2,100,528
555,332
6,405
2,662,265
April
1,732,447
500,770
6,494
2,239.711
May
1,506,015
414,392
8,617
1,929,024
* Reported for 1918 by 29 companies which made about 85.10% of the /
steel ingot production in 1917, and for 1919 by 30 companies which made
about 84.03% of the steel ingot production in 1918.
IVILLIAM B. COLVER ON EXISTENCE OF MEAT
TRUST.
In his address before the National Wholesale Grocers'
Association at Cincinnati on June 5, William 13. Colvor,
Chairman of the Federal Trade Commission, referring to the
Commission's inquiry into the conduct of the meat packers
of the country, declared that not only had it been found
that a "meat trust" exists, but that "these great concerns
are rapidly extend:ng their dominion and control over the
whole food supply of the nation." Mr. Colver reiterated
his belief that "it is only a matter of time, unless the present
PRODUCTION OF STEEL RAILS IN 1918.
tendencies are stopped, when these five concerns, or perhaps
The total production of steel rails in 1918, according to
the one or two of them which may openly or secretly absorb
the others, will absolutely dictate to the people of this coun- a statement recently issued by the American Iron & Steel
try what they shall eat and what they shall pay for what Institute, amounted to but 2,533,675 tons, as compared
with 2,944,161 tons in 1917. The output in 1918 was lower
they eat." Ho furthermore said:
every grade than that of the preceding year, the tonnage
This development would mean the elimination of those great American in
business institutions which have been built up to manufacture and prepare turned out by grades comparing as follows: Open hearth,
the food, other than meat foods, for the nation. It would mean the 1,938,226 tons, against 2,292,197 tons; Bessemer,
494,193
2392
THE CHRONICLE
[VOL. 108.
representatives of New York
tons, against 533,325 tons, and re-rolled, 101,256 tons, support of the law came from
rural and
In the following we give the results and other Eastern States. The spokesmen for
against 118,639 tons.
mining districts favored the repeal, while those from the
for 1918 compared with preceding years:
cities opposed it." This correspondent adds that the
PRODUCTION OF RAILS BY PROCESSES, IN GROSS TONS.
Total.
amendment deferring the effective date of the .repeal bill
Open Hearth. Bessemer. Re-rolled.* Elect'c. Iron.
Years6,512 2,947,933
6,029 2,935,392
1902
667 2,992,477 to October was adopted "as a result of the plea by officials
45,054 2,946,756
1903
871 2,284,711
145,883 2,137,957
of a law passed in
1904
318 3,375,929 of the State of New York that because
3,192,347
183,264
1905
15 3,977,887 that State supplementing the Federal daylight saving law
186,413 3,791,459
1906
925 3,633,654
252,704 3,380,025
1907
71 1,921,015 complications would arise if the law were repealed to become
571,791 1,349,153
1908
3,023,845
a
1,256,674 1,767,171
1909
-230 3,636,031 effective at once. It was pointed out that the New York
a
1,751,359 1,884,442
1910
234 2,822,790
462
91,751
1,676,923 1,053,420
1911
Legislature would be unable to repeal its law until next
2,105,144 1,099,926 119,390 3,455 ____ 3,327,915
1912
817,591 155,043 2,436 ____ 3,502,780 winter."
2,527,710
1913
1,945,095
____
1'78
323,897 95,169
1,525,851
1914
____ 2,024,203
Representative Baer, of North Dakota, according to
326,952 102,083 ____
1,775,168
1915
440,092 144,826 -__- -_-- 2,854,518
2,269,600
1916
the Washington correspondent of the New York "Tribune,"
____ 2,944,161
533,325 118,639 __-2,292,197
1917
494,193 101,256 ---- -_-_ 2,533,675 gives the following reasons for opposing the continuance of
1,938,226
1918
* Re-rolled from old steel rails. Included with Bessemer and open-hearth the daylight saving law:
steel rails from 1902 to 1910, inclusive.
a Small tonnages rolled in 1909 and 1910 but included with Bessemer and
open-hearth rails for these years.
Girder and high T rails for electric and street railways are included in the
figures given above. For recent years the tonnage was as follows: 1913,
195,659; 1914, 136,889; 1915, 133,965; 1916, 127,410; 1917. 91,674; 1918,
20,834 gross tons.
The total production of rails as given above includes, in addition to new
rails rolled, rails re-rolled from defective rails and from old rails.
PRODUCTION OF RAILS BY WEIGHT PER YARD. 1902-1918.
Total.
45 and Less 85 and Less 100 Pounds
Under 45
and Over. Gross Ton.
Than 100.
than 85.
Years. Pounds.
2,947,933
645,162
2,040,884
261,887
1902
2,992,477
1,168,127
1,603,088
221,262
1903
711
.
672.151
1,320,677
291,883
1904
3,375,929
1,546,053
1,601,624
228,252
1905
3,977,887
1,943,625
1,749,650
284,612
1906
3,633,654
1,767,831
1,569,985
295,838
1907
1,921,015
1,049,514
687,632
183,869
1908
3,023,845
1,743,263
1,024,856
255,726
1909
3,636,031
2,099,983
1,275,339
260,709
1910
2,822,790
1,536,336
1,067,696
218,758
1911
3,327,915
1,960,651
1,118,592
248,672
1912
3,502,780
2,265,062
a967,313
*270,405
1913
1,945,095
528,703
868,104
a309,865
*238,423
1914
2,204,203
688,995
742,816
a518,291
*254,101
1915
2,854,518
766,851
1,225,341
a566,791
*295,535
1916
2,944,161
763,526
989,704
a882,673
*308,258
1917
2,533,675
592,462
888,141
a665,165
*387,907
1918
First, in Northwestern States there are many frosty mornings in the early
spring. It is impossible to do good work and start early, so the men and
teams lose time and the men refuse to make it up in the evening. The
same objection holds good in haying and harvest time. On account of
the dewy mornings, it is absolutely impossible to make hay or harvest grain
In the early hours, and the men refuse to work later. In thrashing time
it is the same. It has caused untold loss of grain.
Second. The farmers find it impossible to combine the two systems because it confuses their work and operations in such a manner that then
cannot attend meetings and gatherings conveniently if they work under
the old time and in other ways conform to the new.
Third. They believe it damages the producer more than the consumer.
Fourth. It works hardships on the very young children attending the
consolidated high schools. They have to make long drives and do not get
sufficient rest under the new system.
The merits of the daylight saving scheme are set forth
by Marcus M. Marks, President of the National Daylight
Saving Association in a letter to the editor of the New York
"Commercial," appearing in that paper June 2, which
says:
* Includes rails under 50 pounds.
a Includes 50 pounds and less than 85 pounds.
STATUS OF INTER-ALLIED TIN ACCOUNT.
Supplementing the statement issued to the tin trade on
June 2 regarding the status of the Inter-Allied Tin Account,
George Armsby, chief in charge of tin of the War Industries
Board, issued the following advices on June 9:
To the Tin Trade:
Referring to my circular letter of June 2 1919, please be advised that,
according to reports made to the American Iron and Steel Institute, the
status of the Inter-Allied Tin Account as of June 7 1919 was as follows:
10,169 gross tons
Total quantity allocated to United States
8,554
Sales to May 31 1919, inclusive
Balance unsold to June 1 1919
Sales between June 2 and June 7 1919, inclusive
Balance unsold June 9 1919
1,615
544
"
"
1,071
"
61
IS
REPEAL OF DAYLIGHT SAVING LAW LIKELY.
A bill which would repeal the Daylight Saving Law,
enacted by Congress in 1918, was favorably reported by the
House Inter-State and Foreign Commerce Committee on
June 6, by a vote of 10 to 8. Under the law, all clocks are
set one hour ahead each year from the last Sunday in March
until the last Sunday in October. In the last session of
Congress, an effort to repeal it was made through a rider
to the agricultural appropriation bill, but these efforts were
defeated with the failure of the appropriation bill to pass,
as we indicated in the "Chronicle" of March 29 1919, page
1228. The bill introduced in the present session, originally
proposed that the clocks be turned back the third Sunday
after the approval of the repeal measure, but the committee
adopted an amendment making the effective date for the
repeal of the daylight saving law the last Sunday in October,
so that in the event of the enactment of the proposed bill
there would be no change so far as this year is concerned.
A rider repealing the daylight saving law, effective when
the clocks are turned back in October, was added to the
Agricultural Appropriation Bill on June 12 by the Senate
Agriculture Committee. The vote was unanimous.
Chambers of commerce, merchants and manufacturers
associations, and practically all industrial interests have
opposed the repeal of the daylight saving law and notified
the House Inter-State and Foreign Commerce Committee that
public sentimentfavors its retention. On the other hand, agricutural interests have urged repeal of the daylight saving law.
This division of opinion and attitude was reflected in the
alignment of the members of the House Committee in their
voting on the new repeal measure. According to the
Washington correspondent of the N. Y. "Commercial,"
"Middle Western members voted solidly for the repeal while
Daylight saving was adopted in this country for the following reasons:
1. Because it proved a success in European countries.
2. Because it would bring our time into uniformity with Europe, our
exchanges being particularly interested in this.
3. Because it would save about one-quarter of the people's gas bills.
4. Because it would save about a million and a quarter tons of coal used
In the manufacture of gas and electric current.
5. Because it would increase home gardening.
6. Because it would give added opportunity for healthful sports and
recreation during summer afternoons.
7. Because it would relieve workers from the strain of the last hour's
w.ork in the heat of the afternoon,substituting an hour in the cooler morning.
8. Because it reduced the number of industrial accidents in factories
and on way home from work.
Labor's attitude appears to be hostile to the law. In
reporting the defeat of a resolution (by a vote of 150 for
adoption and 180 against) protesting against the repeal of
the daylight saving law at Tuesday's session (June 10)
of the convention of the American Federation of Labor in
Atlantic City, the New York "Times" on June 11 said:
The delegates defeated a resolution presented by Timony Healy of New
York, a member of the Stationary Firemen, that a protest be made against
the repeal of the daylight saving law. Spirited debate preceded the vote.
Those who opposed the law argued that it was "fake" legislation and
"camouflage" intended to convince the workingmen they actually were
getting an additional hour a day. Speakers declared that instead of favoring the law trades union men should unite to obtain the reduction of the
-hour day to one of six hours.
eight
John Lewis, Vice-President of the United Mine Workers of America,
said the consensus of opinion among mine workers opposed the plan. He
said that under the law many miners who report for work at 7:30 o'clock
in the morning have to rise as early as 3:30 o'clock sun time.
VICE-PRESIDENT SIGNS WOMAN SUFFRAGE
AMENDMENT.
The woman suffrage constitutional amendment resolution
adopted by both branches of Congress was signed by Vice..
President Marshall on June 5. The resolution was passed
by the House on May 21 and by the Senate on June 4.
See V. 108, p. 2355.
LEGISLATURES OF THREE STATES RATIFY
SUFFRAGE AMENDMENT.
On June 10 the Legislatures of Illinois, Wisconsin and
Michigan ratified the national woman's suffrage amendment
to the Constitution of the United States. The vote in
Illinois was as follows: House, 134 to 3; Senate, 46 to 0.
In Wisconsin, Assembly, 54 to 2; Senate, 23 to 1. In
Michigan, the vote was unanimous in both Houses.
GOVERNORS OF THREE STATES CALL SPECIAL
SESSIONS FOR SUFFRAGE.
Special sessions have been called of the State Legislatures
of New York, Missouri and Kansas to ratify the national
woman's suffrage amendment to the Constitution of the
United States. The time when the Legislatures of these
States will/convene will be as follows: New York on June 16,
Missouri on July 2 and Kansas on June 16.
JUNE 14 1919.1
THE CHRONICLE
Action on the proposed national suffrage amendment will
be recommended to the special session of the Texas Legislature which convenes June 23.
On June 10 Governor Sproul of Pennsylvania sent a message to both branches of the Legislature urging the ratification of the woman's suffrage amendment.
The executives of Iowa, New Hampshire Minnesota,
Rhode Island and Connecticut have committed themselves
as follows regarding the calling of a special session in their
respective States:
Governor Harding of Iowa said he had no doubt the amendment would
be adopted at the session of the Legislature, which will meet in January 1920.
Governors Bartlett of New Hampshire and 13urnquist of Minnesota
qualified their promises by saying that special sessions of their respective
Legislatures would be called if there was reasonabe assurance that the
Legislatures of sufficient States, to make the amendment effective, were
going to act.
2393
equipment and to increase the efficiency of their work
wherever possible in order to keep the Government's loss
udder the present operating deficit as low as possible, was issued this week by Director-General of Railroads Walker D.
Hines. Co-operation with the Government in this respect,
Mr. Hines said, should be given freely by the railroad employees in view of the increased wages and improved working
conditions accorded them during the Government control.
He appealed for their assistance in "demonstrating that the
railroads may be operated successfully even though the
wages of its employees have been materially increased."
On the day (June 10) when announcement was made of the
issuance of the appeal, press dispatches from Louisville said:
Ordered by the Federal Director of Railroads to contract the month's
operating expenses, the Louisville & Nashville RR. Co. to-day prepared to
eliminate theTnames of 700 men, largely shop employees, from the railroad's payrollIbeginning June 13: The order, said to have originated in
Washington, came from the Regional Director at Atlanta. While no one
in authority:would sponsor the idea, it generally was believed that the order
was part of a wide railroad retrenchment policy.
Governor Beeckman of Rhode Island said on June 11 that
he had no intention of calling a special session of the Legislature to ratify the woman suffrage amendment. He said
he would present the matter to the Legislature on the first
day of its next session in January and that it would be
S. DAVIES WARFIELD ON RETURN AND REGULAr
promptly ratified in his opinion.
TION OF RAILROADS.
Governor Marcus H. Holcomb does not expect to call a
S. Davies Warfield, President of the National Association
special session of the Connecticut Legislature to act upon
the suffrage amendment. The General Assembly will not of Owners of Railroad Securities, in an address before the
National Industrial Traffic League at Milwaukee on June
meet in regular session until 1921.
11 stated that "it is not necessary in these days to discuss
Government ownership; Government control and operaBILL APPROPRIATING $750,000,000 FOR RAILROAD
tion, and its utter failure to meet public demands or the
ADMINISTRATION'S REVOLVING FUND
demands of economy has completely killed that issue unless
PASSED BY CONGRESS.
revived through failure on the part of Congress to enact
Provision for an appropriation of $750,000,000 for the adequate legislation for the permanent solution of the
Railroad Administration's revolving fund was made by Con- railroad problem." Mr. Warfield continued in part:
gress this week, the House on June 10 having passed, by a
It is therefore incumbent upon all of us to impress upon Congress with as
.
vote of 305 to 4,a bill authorizing such an appropriation, the complete unanimity of purpose as possible, not only the urgent necessity
of all possible speed in the enactment of remedial legislation, but thak
wsuch
Senate on June 12 taking similar action, the measure thus
its measures
of
needing now only the President's approval. A bill proposing legislation must be definite and complete inoperation and of protection to
all the various interests concerned if private
ownership is
appropriation of $750,000,000 had been passed by the continue and be made permanent. It was necessary for a jolt of the magnian
House at the last session of Congress, but failed of final tude of the war to dislodge the old prejudices, the old ideas, to give the
illustration of what Government
enactment through a filibuster engaged in just before ad- failure of Government control andownership would be, in the complete
operation through which we havelall
journment. On May 24 Director-General of Railroads been passing since the Government assumed control of the railroads. se
They are now putting in effect serious reductions in expenditures for
Walker D. Hines in submitting an estimate of the Railroad
maintenance
equipment of the
presumably to
Administration's requirements asked for an appropriation the startling of way andthe current deficit.railroads roads are kept retard
growth of
If the
up to
of $1,200,000,000 to be added to and considered a part of normal maintenance requirements this deficit the current year will far
exceed one billion dollars. This cut in maintenance will not only seriously
the $500,000,000 Revolving Fund. On June 9 the House
impair the properties but
curtailment in the service and in facilities
Appropriations Committee decided to reduce to the extent for handling your businessthe
incident thereto will be equally serious.
We believe we were the first among those identified with the railroads,
of $450,000,000 the appropriation asked for, and reported
either as
out a bill calling for $750,000,000, which, as indicated above, the view owners or in any capacity, to approach organized shippers with
to reconciling conflicting views which may have existed in the
both the House and Senate approved later in the week. past, and to promote a feeling of mutual confidence essential to successful
results.
The majority of the Committee, it is stated, concluded that
The plan for the return of the railroads announced at the two hearings
a fund of $750,000,000 would meet every financial obligation
accorded our Association by the Senate Committee on Inter-State Comof the Railroad Administration. The Government, they merce at the last session of Congress, we developed as a basis for an Act of
said, will be able out of this fund to pay all debts to the rail Congress under which th railroads may be returned to their owners and
lines and amounts due on equipment purchases. In the private operation and ownership made successful. I will not burden you
with the details thereof. Members of your Executive Committee will
House on the 10th, the day when the bill passed that body, recall the pioneer position taken by our Association that any plan or act
Representative Good, Chairman of the Appropriations Com- must provide for a fixed percentage minimum reasonable return on the
investment in the railroads, taken as a whloe. We took the position that
mittee, said:
this is essential
credit of these great properties on
establish
a permathe
to
Now when the Committee reported out this amount it was in full realiza- nent basis, and that this could not be accomplished unless Congressional
tion that the War Finance Corporation that has already advanced the recognition, by Act, was made of the fact that railroad rates cannot be
Railroad Administration and various railroads aobut $200,000,000 would satisfactorily adjusted to suit all railroads, some of which are favorably
still be in existence with $ 00,000,000 assets and willing and able at all times situated and others not so favorably situated in respect to traffic density,
7
to help the Railroad Administration.
unless there is also some adjustment of the excess earnings of the most
When the time comes, as I have no doubt it will come within the next favorably situated railroads, made from such rates. That rates which
few months, when an additional appropriation will be necessary, the Com- would give the great bulk of the railroads of the country sufficient revenue
mittee and Congress will respond to the actual needs. For the present to provide equipment and facilities to meet the needs of a great majority
it is the judgment of your Committee that $750,000,000 cannot be expended of the roads would yield too great a revenue to the most favorably situated
by the Railroad Administration within the next three or four months unless roads operating in territory of great density of traffic. This has been the
there is waste or extravagance in its expenditure. Therefore I feel under all paramount difficulty the Inter-State Commerce Commission has had to
considerations Congress cannot afford at this time to appropriate $1,200,- contend with in the past.
000,000 and that the amount carried by the bill—$750,000,000—will
Representing in membership as we do some eight to nine billion dollars
amply take care of present needs.
one-half of the total outstanding securities of the railroads—vie took an
advanced position in the fundamentals of our plan. We asked Congress
to
HOUSE PASSES BILL TO RESTORE RAILROAD RATE- thedirect the Inter-State Commerce Commission to so adjust rates that
shippers could receive the benefits of competitive and efficient railroad
MAKING POWERS TO INTER-STATE COMMERCE
service, and Proper and adequate railroad facilities on the part of the great
bulk of the railroads of the country, and where the more favorably situated
COMMISSION.
roads earn a greater return than
they should earn through such
The bill of Senator Cummins, amending the Railroad Con- rates, the excess earnings made byit is fair
them above a fair and reasonable return
trol Act so as to restore the rate-making powers to the Inter- on the investment, retaining a further amount as incentive to successful
such
and
State Commerce Commission, was passed by the Senate on formefficient operation, should be returned to you and the public inplan.
as the Congress might determine but preferably as stated in our
June 12 without a record vote. An amendment by Senator We suggested that rates be made in each of the three classification terriMcKellar of Tennessee proposing to restore the powers of tories of the country that shall yield not less than 6% on the aggregate
property investment accounts of the railroads
State commissions over intra-State rates was rejected, while three territories. And this does not mean thatoperating in each of these
every railroad will receive
an amendment by Senator Trammell of Florida providing 6% on its individual property investment account. Every railroad must
compete just as it always has. Some will get 2, 3, 4, 5 or 6%. Those
that no intra-State rates could be increased without 30 days'
earning 6%, after proper charges for depreciation and after setting up the
notice to shippers was adopted.
reserve accounts provided in our plan under the approval of the Inter-State
Commerce Commission before the 6% is applied, all in excess of 6% shall
be divided one-third
earning it, one-third to go
DIRECTOR-GENERAL HINES APPEALS TO RAILROAD surance fund for the to the railroadeach respective district, the into an inother oneemployees in
OFFICERS AND EMPLOYEES TO ECONOMIZE.
third to go into a fund which shall be expended under the direction of t
An appeal to all officers and employees of the railroads to Inter-State Commerce Commission for the purchase of railroad equipment,
be capiother purposes as will
or for
practice strict economy in the use of railroad supplies and talizedsuchrate making purposes. benefit the shippers, but not to whether
for
We have left to Congress to say
2394
THE CHRONICLE
a railroad that earns less under this plan than it has received as its standard
return under Federal control shall in any event receive not less than the
standard return.
•
When it was first suggested to take excesss surplus earnings above 6%
and the one-third retained for the purpose named, there was some opposition in certain quarters. But our contention has been that the railroads
of the country operate under public franchises which belong to the public,
and that their excess earnings as public carriers after a fair return and
profit to their owner should be regulated just the same as the rates themselves are regulated, not to the extent of impairing incentive and initiative,
but in the public interest. We have conducted a comprehensive educational campaign along these lines with the result that we feel there has been
a gradual realization on the part of the owners of these properties and
others that the great railroad surpluses of the past cannot again be realized
at the expense of the shippers and the public, if you receive the service
you are entitled to get from the great bulk of the railroads.
You will be interested to know that representative bodies of shipping
and business interests have adopted the fixed per centage return of not
less than 6%, an important fundamental of our plan. While the application of the excess earnings is somewhat differently handled, and while the
computation is not computed in precisely the same manner, nevertheless
recognition is given to the fact that a fixed percentage return is essential
to the credit of these properties, and that this return should not be less
than 6% on the combined property investment accounts as stated. Further, excess surplus earnings beyond that amount are also disposed of along
similar lines in the public interest.
THE INTER-STATE COMMERCE COMMISSION, ALREADY CONDEMNED, REACHING OUT
FOR MORE POWERS.
• The Bureau of Railway News and Statistics at Chicago
says that in view of the introduction by Senator Pomerene
and Representative Esch in their respective branches of
Congress of a bill drafted by the Inter-State Commerce
• Commission providing for an extension of the Commission's
powers over the railways, it behooves the public to inquire
.whether the record justifies expectation of relief from that
quarter for the ills that afflict the carriers. It then proceeds as follows:
Briefly, as summarized by the Associated Press, the bill would give the
Commission authority over rates, service, consolidations, extensions,
security issues and virtually all physical operations. Including traffic
priorities, pooling and joint use of physical property.
That there is need of vesting some such authority in some body does not
admit of question. But the very fact that such a need exists and clamors
for remedial legislation would seem to preclude the thought that the carrier-patients be turned back to the doctor who for a decade has failed to
diagnose their case correctly.
The struggle of the railways for adequate rates dates back to 1900 and
became acute in 1903. In 1900 the ratio of operating expenses and taxes
to operating revenues was 67.90%. By 1904 it had risen to 69.20%, a
point below which it has not since fallen. In 1910 the telltale ratio was
70.06%. In 1914 it was 73.52%. in 1917 it was 76.15% and in 1918 it was
85.36%.
, In 1005 (no data for 1904) the average daily compensation of railway
employees was $2 04; in 1910 it was $2 29: in 1914 it was 32 54, and in
1917 it was $3 20.;
The cost of fuel, materials and supplies followed the advances to labor,
as they always do.
Now mark what happened on the revenue side. In 1904 the average
receipts per ton mile was 7.80 mills; in 1010 it was 7.53 mills; in 1914 it
was 7.33 mills, and in 1917 it was 7.15 mills.
Of these facts and the rising cost of capital for improvements and ex'tensions the Inter-State Commerce Commission should have taken official
notice, with quick approval of remedial rates.
In 1010 it was appealed to in what are known as the Eastern and Western
Rate cases. After extended hearings the advances asked for were denied
in February 1011 in exhaustive opinions by Commissioners Prouty and
Lane, respectively.
In deciding the Western case Commissioner Lane said that "the actual
amount paid in dividends had increased to $405,000,000." Whereas the
official figures issued later gave the "net dividends declared' in 1910 as
$293,836,863, and over $64,000,000 of the available income came from
Investments and not from operation at all.
Commissioner Lane also said: "It now appears that at the end of the
fiscal year 1011 the carriers here involved will in the main enjoy earnings
as high as those they had In 1910—the highest in their history." The gross
earnings justified Commissioner Lane's optimism. But when expenses
and taxes were paid the Increase of $40,000,000 was converted into a decrease of $57,000,000 in net income. Moreover between 1910 and 1911
railway mileage had increased 5,407 miles, represented by an increased
Investment of $670,000,000.
Dazzled by Mr. (now Justice) Brandeis's unsupported assumption that
a "million a day" could be saved by economic management, Commissioner
Lane ventured the dicta that "cost figures would indicate that under
skilful management an additional tonnage may be handled under a higher
wage schedule without increasing the cost of the service given."
Between 1910 and 1917 skilful management managed to keep the principal
railways of the country out of receivers' hands by an increase of over
63% in the average train load. But Federal control has proved that the
limit has been reached in this direction.
Commissioner Lane concluded his exhaustive opinion with these memorable words:
• "We do not say that the carriers may not increase their income. We
trust they may, and confidently believe they will. If the time does come
when through changed conditions. it may be shown that their fears are
realized, or approaching realization, and from a survey of the whole field
of operations there is evidence of a movement which makes against the
security and lasting value of legitimate investment and an adequate return
upon the value of these properties, this Commission will not hesitate to
give its sanction to increases which will be reasonable."
Since this was written to 1917 the average wages increased approximately 40% and the average freight receipts decreased 5%, proving that
the Commission had not fulfilled Commissioner Lane's promise to protect
the railway properties from the inevitable effects of inadequate rates.
The question arises, has the Commission, like Saul of Tarsus, seen a
great light? From the utterances of Commissioner McChord, one of its
ablest and most forceful members, it does not appear so.
[Vol,. 108.
He is quoted in a Washington dispatch of June 1 as saying: "There is
insured to the railroads during the period of Federal control the largest
net return as a three year average ever received by them."
When the railways were taken over on Dec. 31 1917, they were entitled
to a just return on their capital cost or a fair valuation at that date and not
a "standard return" based on a calme as of Dec. 21 1915. Between those
dates the railway investment had increased $502,000,000, as shown in the
Commission's own books.
Commissioner McChord also says that the railways do not appear to be
"suffering from lack of gross income (revenues)," and he instances the
Increased receipts for January and February 1919, ignoring the advance in
rates and differences in climatic conditions, which swelled receipts, and
the startling drop in net income caused by the advance in wages and other
costs.
There Is no evidence that the Commission has seen a great light nor heard
the voice of the American people asking that persecution of their railways
cease that they may have more transportation facilities and the improved
service that adequate rates alone can assure.
Rather the evidence is that the Commission still heeds the voice of the
shippers' associations which in thirty years have divided approximately
$14,000,000,000 of reduced freight rates among themselves, not one cent
of which has been remitted to the consuming public.
If the Commission has seen the great light that has shone on the railway
situation since Dee. 31 1917, and can shake off the traditions that have
partially paralyzed railway progress for a decade, the railways could be
handed back to their owners to-morrow with no more than a go-pool-inpeace blessing from Congress, for
"Whate'er is best administer'd is best."
VICTOR MORAWETZ'S PLAN FOR SOLUTION OF
1?AILWAY PROBLEM.
A revised version of an article embodying his plan for the
solution of the railway problem has come to us from Victor
Morawetz, who explains that the article is substantially a
reprint of an article by him published in the New York
"Times" of June 1. In our issue of Jan. 25 last, page 334,
we referred at length to Mr. Morawetz's proposal as outlined
to tho Senate Committee on Inter-State Commerce on Jan.
17. In presenting his conclusions at the present time he
says:
In a pamphlet published in January last, and reprinted with additional
comments in the "North American Review" for March and April, I proposed a plan for the solution of the railway problem by measures designed
to attain the following principal results:
(a) The consolidation of the existing railway companies under Federal
legislation into ten to fifteen companies, each owning and operating a
strong and well-balanced railway system.
(b) The resolution of the credit of railway investments through some
definite Governmental assurance to the proposed Federal railway companies,
or their security holders, of certain minimum returns upon their property;
and,
(c) The future regulation of the railways in such manner as to protect
the interests of both the public and the security holders of the companies.
Further reflection, he says, "has convinced the writer
that the measures proposed by him for attaining the above
results should be modified in certain particulars." In part
he continues:
The constitution, as construed by the courts, prohibits the Government
from reducing the rates of the railway companies below a level that will
yield a fair return on their property. The doctrine has now become
generally accepted that any system of rates yielding more than this fair
return is too high and that the Government should fix rates at a level
that will yield no more than the return which the companies have a constitutional right to claim.
To make possible an adjustment of rates that will yield a fair return and
no more upon all the railways it is necessary first to combine or consolidate
the weaker lines with those that are strong and prosperous. After such a
combination or consolidation the Government could prescribe a system of
rates yielding fair returns and no more upon the combined properties.
Such consolidation is necessary also to attain the following results, viz.:
To make it practicable to obtain the capital necessary for the extension of
the weaker lines and the enlargement of their facilities; to make it practicable
to use terminals, equipment and other facilities to the greatest advantage
to stop unnecessary duplication of facilities and of service and wasteful
competition for traffic, and generally to secure the best service to the
public at the lowest practicable cost.
Whatever method of consolidation may be adopted, it would be necessary
to fix the amount of stock, or of stock and bonds, of the consolidated company to be received by each of the constituent companies, the undisturbed
bonds of a constituent company being treated as part of the securities
apportioned to that company.
The only fair course would be to apportion to each company entering
Into a consolidation an amount of stock, or of stock and bonds, proportionate
to the estimated operating income which this company will contribute to
the combined company. A fair and practical course would be to consolidate
the companies upon the basis of their respective operating incomes during
the three test years under the Federal Control Act, subject to adjustments
as hereinafter suggested under subdivision 3.
To apportion the stock or stock and bonds of a consolidated company .
among its constituent companies according to the original cost of the properties of the constituent companies or according to the cost of reproducing
these properties 'would be unfair.
To ascertain the returns which the owners of railway property have a
constitutional right to earn it is necessary to fix
(a) The value of the property, and
(b) The rate of return on this property that is to be deemed reasonable
and fair.
The only measure of the value of railway properties for the purpose of
determining the constitutionality of rates fixed by the Government appears
to be the cost of reproduction of the properties, including all expenditures
required to make them paying investments.
Assuming that the value of the railways for the purpose of fixing rates
were determined, the question would remain as to the rate of return that
would be reasonable and fair. The reasonableness or fairness of a return
upon property devoted to a public service depends largely upon the current
rate of interest or dividends that must be paid for money invested in longtime obligations or in stocks and partly upon the risks of the investment.
This rate of interest, however, fluctuates from time to time and the risk
1,
JUNE 14 1919.]
THE CHRONICLE
2395
of an investment in railway property depends largely upon the
railway
A Federal Railway Board similar in its constitution to the Federal
policy adopted by the Government.
Reserve'
Board should be created by Act of Congress with all necessary
For, these reasons the only practicable course appears to be
powers to
to adopt carry the plan into effect.
some more or less arbitrary method of fixing the returns to be
deemed
After consultation with representatives of the several railway
fair, at least until a just valuation of the properties and a just rate
comof return panies, the Federal Railway Board should
group the railways into ten to
shall have been officially determined and approved by the courts.
fifteen well-balanced systems and, for the acquisition of
As the operating incomes of the test years prescribed by the Federal
each group,
should cause to be incorporated under the Act of Congress a Federal
Control Act were the result of rates fixed by the Federal and
railway
State Com- company with power to acquire all or any
of the railways in the group
missions during a period in which the companies did not enjoy more
than assigned to it.
average prosperity, it may fairly be assumed that these operating
incomes
After giving a hearing to the parties in interest, the Federal
were not unduly large. It is suggested,therefore, that the average operating
Railway
Board should fix, as above provided in subdivision 4, the amounts
incomes of the test years, subject to adjustment as hereinafter provided,
of bonds
and stock of the Federal railway company to be issued for
shall be deemed fair returns on the properties of the railway companies,
the property of
each company in the group, if acquired free and dear of
all liens and inat least until the official valuation of the railways and the proper rates of
debtedness.
return thereon shall have been settled.
The board of directors of each company then should submit
To the fair return as thus fixed upon the existing properties vested in a
to the Federal
Railway Board for its approval a proposed apportionment
Federal railway company there should be added, from time to time, the
of the bonds and
stock allotted for the acquisition of the company's
property among its
Interest on bonds and some fixed sum (say $6 per share) on stock issued
stockholders, bondholders and creditors, indicating which
classes of bonds
by the Federal railway company with the approval of the Federal Railway
are to be left outstanding and which are to be called
in to be exchanged for
Board for extensions, additions and improvements.
bonds or bonds and stock of the Federal railway company.
Merely to enact a law directing the Inter-State Commerce Commission
Upon approval by the Federal Railway Board of the
proposed apportionto apply some new formula in fixing rates or directing the commission to
ment, the Federal railway company should invite the
stockholders of each
fix rates that will yield some specified return on the capital of the comcompany whose property is to be acquired, and the holders
of such of its
panies would not alone be sufficient in the long run to restore railway
bonds as are not to be left outstanding, to deposit
their bonds and the
credit, first, because such legislation could be altered, amended or repealed certificates
for their stock with a suitable depositary or trustee,
at any time, and secondly, because of the difficulty of enforcing such to
and to agree
the proposed transfer of the property of the company
legislation.
to the Federal
railway company and to the exchange of the deposited
The most effective way to restore confidence in railway bonds and stocks
bonds on the terms
offered.
would be to utilize the high credit of the Government in the form of a definite
The offer made by the Federal railway company
in each case should be
and irrevocable promise or guaranty ofinterest on the bonds and of minimum
subject to the condition that within a reasonable
time to be fixed by the
dividends on the stocks of the companies. But in view of the prejudice
Federal Railway Board there shall be deposited on
the terms of the offer
against anything having the appearance of a Governmental guaranty of
at least two-thirds of all the stock of the company and
also, in those cases
bonds and stocks and in view, also, of the practical difficulties of carrying
in which a reduction of indebtedness or of fixed charges
is necessary, the
out a plan involving a direct guaranty of interest on bonds and dividends
requisite amount of outstanding bonds or other indebtedne
ss of the company.
on stocks of the companies, it is suggested that the best practicable way
The offer to the holders of any class of outstanding bonds
which need not
of providing the necessary assurance to investors would be as follows:
be exchanged to reduce fixed charges to the prescribed
(a) Leave unimpaired the constitutional right of tho proposed Federal
limit could be
.
deferred until a convenient time after completion of the
transfer of the
railway companies to earn fair returns upon the properties vested in them,
company's property to the Federal railway company. In
many cases all
but provide by Act of Congress that the amount of these fair returns shall
the bonds of the company could be left undisturbed. In every
case the
be fixed as above provided in subdivision 3 and that the Inter-State ComFederal railway company would reserve unissued out of the bonds
allotted"
merce Commission or rate-fixing body shall fix the rates of the companies
for the acquisition of a railway an amount which, if issued, would
impose a
in such manner as to enable them to earn these returns; and
principal obligation and fixed charges at least as large as those
resulting.
(b) Provide in the Act of incorporation or charter of the proposed Federal
railway companies that if in any year a Federal company shall fail to earn from the outstanding bonds.
If, within the time limited, the requisite amount of bonds and
the interest on the bonds issued or assumed by it to the amount hereinbefor
stock
e
provided for the acquisition of the properties of existing companies and the of the company shall have been deposited, the Federal railway company,
interest on bonds thereafter issued with the approval of the Federal Railway under the power of eminent domain conferred upon it by the Act of Congress,
Board for extensions, additions and improvements, then the Government would take the property subject to existing liens and indebtedness and subwill advance to the company the amount of the deficiency. Such ad- ject also to a liability to pay just compensation for the equity in the property
vances by the Government together with the earnings of the Federal railway thus taken, as assessed by a designated court, or by a special tribunal escompany up to the aggregate amount above stated should be irrecovably tablished for that purpose; but the Federal railway company would be
credited in respect of the aggregate amount of compensati
pledged for the payment of interest on the company's bonds.
on with the proporThe advances made by the Government should be repayable only out tionate share thereof to be received by the holders of the deposited stock
future earnings after payment of cumulative annual dividends on the upon ratable distribution of the compensation among all the stockholders.
of
company's stock at a prescribed rate (say $5 per share), the Government The deposited bonds would be received by the Federal railway company as
sharing with the stockholders in any distribution of surplus income after purchaser and would be held in its treasury until all bonds of the same issue
and of junior issues shall have been exchanged.
payment of all its advances and such cumulative dividends.
On the other hand, if, within the time limited,
This undertaking of the Government to make advances to a Federal
the requisite amount of
stock and bonds of a company should not be deposited,
corporation up to an amount limited as above provided is necessary to prothe deposited stock
and bonds would be returned to the depositors and
vide against contingencies and to enable the companies to obtain upon
the property of
company would be returned to it by the Federal Railway Acijministr the
economical terms the large amount of now capital required for the increase
ation.
The company thereupon would have no right to share in the
and improvement of railway service.
benefits of the
To secure efficient and economical operation of the railways it is necessary plan; and it would be left to work out its own salvation without any Govto preserve the stimulus to private enterprise by making the stockholders ernmental aid. The stockholders of few of the companies would or could•
and officers of the companies pecuniarily interested in the results of their refuse to enter into the desired consolidations upon the basis above indicated.
management. For this reason the undertaking of the Governmen
t to
The property of a railway company to be acquired under
advance the amount of deficiencies should not extend to the full amount
the plan would
of the estimated fair returns upon the properties of the Federal railway be only the property now in the hands of the Federal Railway Administration. Assets not taken over by the Federal Railway
companies. The undertaking of the Government should be large
Administration and
enough
to enable the companies to obtain necessary new capital upon favorable not included in fixing the standard return under the Federal Control Act
would not be acquired by the Federal railway companies, but
terms, but the dividends of the stockholders should be left in largo
would be
measure retained by the respective companies
dependent upon efficient and economical management by
for the benefit of the holders of their
their directors stock, including the deposited
stock represented by trust receipts. Until
officers.
and
the final winding up of the affairs of a railway company, the stock deposited
Such an undertaking of the Government to advance the
amount of a under the plan should be retain
deficiency in the earnings of a Federal railway
by the depositary or trustee for the further
company to pay its fixed assurance of the Federal
railway company; but any sums received by the
charges would not constitute a guaranty in any proper
sense of the term. depositary or trustee in respect of
the deposited stock out of assets not
The Government would assume no responsibility for any acts except
its acquired by the Federal railway company should
own. The undertaking would merely be a definite assurance that the
be distributed by the
Gov- depositary or trustee among the holders of
the trust receipts for the deernment will at least in part perform its constitutio
nal obligation in fixing posited stock. The distribution of
part of the stock, or stock and bonds,
rates.
to be received by depositing stockholders should be withheld
The suggestions heroin made as to the procedure to be adopted in
until final
carry- settlement of accounts with the
Federal railway company.
ing out the plan are based on the following assumptions:
It is impossible to place the railway companies upon a sound
The Government cannot by law compel the railway companies or
financial'
their basis or to cure the evils of
the present situation without considerable
• stockholders and bondholders to assent to the proposed
plan but the trouble and expense. The
consummation of the plan can be practically
amount of labor and expense required to carry
assured by the following out the plan
above outlined is not excessive and it cannot be avoided under
means:
any adequate plan. No plan which fails to secure the prompt
The Government can terminate the administration, under the
consolidation
Federal of the weak lines with the
Control Act, of the properties of those companies which fail
prosperous linos into a relatively small number
to give their of companies, each
owning and operating a well-balanced railway system,
assent and it can leave these companies to work
out their own salvation can solve the railway
problem or prove satisfactory in the long run. Withwithout extending to them any benefits under the plan or any
Governmental out such consolidati
on it is impossible to give to the weak companies the
aid.
credit necessary to enable them to obtain the new capital which they
Under the power of eminent domain the Government can
need
condemn or and it is impossible to put an end
to the vicious cycle of railway failures
can empower the Federal railway companies to condemn any of the
railways on the ground that this is necessary to make them servo adequately and costly ce-organizations. Without such consolidation it is impossible to
establish a sound and fair system of rates, or to provide for the use
as instruments of inter-State commerce and as military and post
of
roads. terminals, equipment and other facilities
Under the power of eminent domain the Government can condemn
to the greatest advantage, or to
a rail- prevent unnecessary duplication
of facilities and of service, or to avoid
road free of liens and indebtedness, or it can condemn the property
subject wasteful competition for traffic, or
to secure for the public the best service
to any lien or indebtedness. Upon such condemnation the
Government at the lowest practicable cost.
would have to pay just compensation for the property taken
and this
No plan which fails to prescribe the basis on which the necessary
compensation would have to be paid in cash, unless those
conentitled to solidation of the companies
to be effected by negotiations and bargains
receive it should be willing to accept something else in lieu of cash.
among their security holders can prove effective. Under such a plan
Upon condemnation of the property of a corporation those
lienholders many necmsaw consolidati
ons would be indefinitely postponed, some of
and creditors whose rights are not left undisturbed but are displaced
Would the weaker companies would be oppressed
while other companies would
be entitled to payment of their claims in full out of the proceeds
of the receive more than is due to them,
and it is not unlikely that some of the
property- condemned before anything is given to the
stockholders. The most serious
abuses of railway finance in past years would be revived.
Government cannot condemn the bonds or indebtedness
of a company Under such
a plan a basis of capitalization of the several consolidated comapart from its property, and upon condemnation of a railway
free from panies would vary
widely and in some cases the bond issues of the conlions and claims of creditors the Government cannot arbitrarily
apportion solidated companies would be unduly
large. The consummation of such
the price payable for the property among stockholders, lionholders
and a plan probably would involve more labor,
creditors. For this reason the condemnation of property of a
expense, uncertainty and discompany turbance of values than the consummation
of the plan herein proposed.
free of existing mortgage or claims of creditors, leaving the
distribution
of the compensation to be made according to the legal rights of the
While Mr. Morawetz does not mention the Warfield plan or.
parties,
may cause hardship to junior security holders or to stockholders.
the plan of the Railway Executives, he states in his advices,
The following is an outline of the procedure suggested
to carry the plan to us that the last two paragraphs under the heading"Method
Into effect:
Consolid
of
ation" seems to him applicable to those plans.
2396
THE CHRONICLE
PEACE TREATY WITH GERMANY PUBLISHED IN
"CONGRESSIONAL RECORD" BY ORDER OF CONGRESS.
At thelinstance of Senator Borah of Idaho, the Senate on
June 9, by a vote of 47 to 24, agreed to publish in the "Congressional Record" and as a public document, the German
Peace Treaty. The vote was 38 Republicans and 9 Democrats for; 23 Democrats and one Republican opposed it.
Explaining to the Senate how the treaty text had come to
him, Senator Borah said:
time that thi
Mr. President, it seems to be beyond controversy at his
the countries abroad
treaty is now being published in practically all of
, Norway,
Certainly copies are being circulated throughout Germany
England. I
Sweden, IIolland, Belgium, Denmark, France, and probably
of copies in this country,
entertain no doubt myself that there are a number
properly indorses and
which I think the investigation which the President
asks to be made thorough, will undoubtedly establish.
beginning to have a copy
My desire, Mr. President, has been from the
the treaty been confined to
of this treaty. As I said the other day, had
interested in that
making peace with Germany I should not be as deeply
Nations, which is
part of it; but I am deeply interested in the League of
effort within
interwoven with the treaty, and therefore I have made every
my power to secure a copy of this treaty.
this morning a copy of the treaty, which I am
I have in my possession
. I am
going to ask permission of the Senate to print as a Senate document
those who gave it
permitted to make this treaty public by the consent of
am offering this morning was brought
to me. The particular copy which I
dent of the Chito this country by Mr. Frazier Hunt, the staff correspon
" office last week
cago "Tribune." It was taken to the Chicago "Tribune
do not know, but the
and retained there for some time, just how long I
not to print it on its
"Tribune" felt, for patriotic reasons, that it ought
treaty to the officials
own initiative and without first having presented the
treaty.
in Washington, and so withheld the printing of the
and delivered to
The treaty was brought to Washington last afternoon
. I entertain no
me as member of the Committee on Foreign Relations
unanimous consent that
doubt that it is a true and correct copy, and I ask
kret
the same be printed as a Senate document.
in
The action of the Senate developed out of the charges
by Senators Lodge of Massachusetts
the Senate on June 3
had seand Borah of Idaho, that "interests in New York"
of the Peace Treaty while the Senate had been
cured copies
that
unable to get any copies of it. Senator Lodge stated
the
in New York recently copies of the full text of
while
shown him. A resolution calling for an
treaty had been
n
investigation of these charges, "and particularly to ascertai
report to the Senate the name of the persons, corporaand
treaty,
tions, or interests which have secured copies of said
methods,"
and from whom they were secured and by what
ka
was introduced on June 4 by Senator Hitchcock of Nebras
day to the Committee to Audit and
and referred on that
le
Control the Contingent Expenses of the Senate. A favorab
made to the Senate by the Committee on the 6th.
report was
ComSenator Hitchcock is a Democrat, and member of the
ation is
mittee on Foreign Relations by which the investig
now being made. His resolution reads:
[Vol,. 108.
its findings, and if said charges be true, to ascertain in what manner and
by whose authority copies of said Peace Treaty have been furnished private citizens and denied the Senate of the United States, and also to ascertain to what extent said interests are "particularly" interested in said
treaty.
Senator Hitchcock's resolution was introduced at a request
from the White House after a conference on June 4 with
Secretary Tumulty, according to Associated Press dispatches
from Washington on June 5. On June 9 Senator Hitchcock
received a cablegram from President Wilson, in which the
latter expressed his desire to see the investigation as to "the
possession of the text of the treaty by unauthorized persons . . . most thoroughly prosecuted." The President's
message sent through Secretary Tumulty said:
Please convey the following to Senator Hitchcock:
I am heartily glad that you have demanded an investigation with regard
I have
to the possession of texts of the treaty by unauthorized persons.
text of a
felt that it was highly undesirable officially to communicate the
Any one
document which is still in negotiation and subject to change.
not
who has possession of the official English text has what he is clearly
in
entitled to have or to communicate. I have felt in honor bound to act
the same spirit and in the same way as the representatives of the other
fellow countrymen
great Powers in this matter, and am confident that my
will
will not expect me to break faith with them. I hope the investigation
be most thoroughly prosecuted.
WILSON,
WOODROW
The Senate also passed on June 6 a resolution sponsored by
Senator Johnson of California requesting the Secretary of
State, "if not incompatible with the public interest, forthwith to transmit to the Senate the full text of the Treaty of
Peace" with Germany. The resolution follows:
delivered
Whereas, The Peace Treaty has been completed and has been
to the representatives of Germany; and
in the
Whereas, A synopsis only of the treaty has been given publicity
and to
United States, and our people are entitled to know its full contents,
been committed; and
what, if any, engagements they may have
cabled
Whereas, It is reported in the press that the entire treaty has been
nt;
to the State Department and is now in possession of the State Departme
now, therefore, be it
, if
Resolved, That the Secretary of State be, and he is hereby, requested
to the
not incompatible with the public interest, forthwith to transmit
Paris ConferSenate the full text of the Treaty of Peace completed at the
ence and delivered to the representatives of Germany.
It is said an agreement between President Wilson and representatives of the other Allied Governments will not permit
him to make public the official text of the treaty until it is
signed. A copyrighted dispatch from Paris to the Now York
"Tribune" under date of June 10 said:
It is improbable that President Wilson will comply with the Senate's
spokesdemand for the official text of the Peace Treaty. According to his
men at the Hotel Crillon the President's attitude is as follows:
nts his pledge that he will
He has given the other Associated Governme
that
Withhold the text until the treaty is signed. It is impossible to break
is unprecepledge now. There is no ground for the Senate's demand, which
before the
dented. Though he could have asked the advice of the Senate
and not
has stated in the Senate treaty was completed, that was a matter within his discretion
and
Whereas, The Senator from Idaho, Mr. Borah,
copies of the obligatory. The negotiations have not yet reached the final stage,
interests in the City of New York have secured
and signed
that certain
have been unable changes still are likely. When the treaty is drafted, submitted
Treaty with Germany while the American people
Peace
he will lay it before the Senate for ratification or amendment.
draft
to secure one; and
Regarding the "leak" which has resulted in copies of the treaty
Mr. Lodge, has stated in the
Whereas, The Senator from Massachusetts,
Ger- reaching the United States, no information is yet available at the Hold
knows of four such copies of said treaty of peace with
Senate that he
it is pointed out that
place where it is not allowed to Crillon as to the Administration's attitude, though
and find
many now in New York and that the only
after publication in Germany copies could easily reach America
come is in the United States Senate; and
outside the Administration's
Mr. Borah, has stated that the inter- their way to Wall Street, which is a matter
Whereas, The Senator from Idaho,
of said treaty are peculiarly inter- control.
ests now having possession of said copies
ested in the treaty; now, therefore, be it
That the American Peace Commission was anxious to
Relations be, and it hereby is,
Resolved, That the Committee on Foreign
States until its promatter with a view to ascertain- keep the treaty text from the United
authorized and directed to investigate the
rly to ascertain and report to the Senate the visions were accepted by Germany is apparent from the foling the facts, and particula
interests which have secured copies
names of the persons, corporations, or
dispatch by the Associated Press of June 7:
were secured and by what methods, lowing Paris
of said treaty and from whom they
y is firm in
Senate in what manner and to what
The American delegation to the Peace Conference apparentl
and also to ascertain and report to the
Peace Treaty
d in said treaty.
its decision not to authorize the publication of the German
extent said interests are "particularly" intereste
sub- until it is signed, and not even to communicate the official text of its present
Relations, or any
For these purposes the Committee on Foreign
to send for persons, books, form to the United States Senate.
committee thereof, be, and it is, authorized
t
and to employ a stenographer, at a cost not
A member of the American delegation in discussing the complain made
and papers to administer oaths
hearings as may be had in in the Senate concerning publication of the treaty in Germany and charges
exceeding $1 per printed page, to report such
the cost of travel, that copies were in the hands of New York bankers, said the delegation had
including
connection with the same, the expenses thereof
of the Senate, and that the Com- not violated the pledge made to other Powers not to give out the treaty
to be paid out of the Contingent Fund
that as far as he knew
ittee thereof, may sit during the sessions or until it is completed and will not do so. He added
mittee, or any sub-comm
a request
Germany had not been requested to keep the treaty secret as such
recesses of the Senate.
be in conformity with accepted diplomatic
by to an opponent would not
A substitute for the Hitchcock resolution was offered
practice.
of the League
substitute,
The delegate, in replying to an inquiry why the convenant
Senator Kellogg, Republican, of Minnesota; this
the covenant was part of
was introduced after of Nations had been published, said that whileterms of peace and consehowever, was withdrawn on the day it
deal with the
on the treaty, it does not actually character.
quently is essentially of a different
debate. In expressing his willingness to have the resoluti
on
withdrawn, Senator Kellogg said: "I prepared the resoluti
introduction, but the Senator (Hitchcock) succeeded in
for
could
presenting his first. He did so because he thought he
to withmake some political capital out of it. I am willing
on pass
draw this amendment and let the original resoluti
fully investigated." Senator Kellogg's
ana have the subject
resolution read as follows:
Peace Treaty
Whereas, It has been stated in the Senate that the proposedthe streets of
is being sold upon
which has been delivered to Germany,
and other countries, and,
Berlin and openly circulated in Germany
in the City of New
Whereas, It is claimed that certain people or interests
American Peace Commission
York have also received from members of the
copies of said treaty; now therefore, be it
e be, and it hereby is,
Resolved. That the Foreign Relations Committe
charges and report to the Senate
directed and authorized to investigate said
Paris dispatches (Associated Press) of June 6 said it was
understood there that the Berlin Government was sending
photographically reproduced copies of the peace terms to
every United States Senator and Representative. So far as
is known none have yet been received at Washington. According to the New York "Times," a Paris copyrighted dispatch to the Chicago "Tribune" on the 6th said:
to every member
The Germans shipped copies of the treaty, addressed
these have been
of Congress, by way of Holland, but it is understood that
held up. By whose orders this was done is not known.
In a separate article we deal with the results of the Senate's
investigation of the "leak" under which copies of the treaty
have found their way to this country.
JUNE 14 1919.1
THE CHRONICLE
2397
I
that by questioning these
the committee will
PRINTING OF PEACE TREATY IN "CONGRESSIONAL firstthink their interest in the Leaguegentlemen constant and active,learn
that
has been
and,
RECORD."
second, that they have had copies of the treaty for the last ten days. There
will be no difficulty about establishing the fact of their possession of the
The work of setting up the text of the treaty for publica- treaty. The difficulty will come in showing their interest in it. But I
tion in the "Congressional Record" was detailed as follows want to lay a foundation for developing that.
in press dispatches from Washington appearing in the daily
Acting Secretary of State Polk, who had also been menpapers June 10:
tioned as one of those possessing a copy of the treaty, stated
Establishing a new speed record, the Government Printing Office set up before the Senate Foreign Relations Committee on the 9th
in type within two hours to-night the German Peace Treaty, consisting of
that on May 19, he had received a copy of the German peace
almost 100,000 words.
Despite the length of the treaty and the demands for haste owing to the treaty by courier. The "Times" quoted Secretary Polk
desite to have the treaty appear in the "Congressional Record" to-morrow, as saying:
as a matter of every day oc-
as ordered by the Senate, the task was taken
currence at the plant, which is the world's largest printing establishment.
As the treaty will appear to-morrow [it was published in the "Record" of
the 9th—Ed. it will cover sixty-four pages of the "Congressional Record"
and will have cost the Government $5,000 to print, of which $1,000 represents the cost of placing it in type. Although Senate leaders purpose to
have the treaty printed in document form later, 35,000 copies of the
"Record" were printed to-night for distribution among the regular recipients
of that publication.
Decision of the Senate to insert the treaty in the "Record" was not
reached until nearly 5 p. m. Twenty minutes later it was being cut up
into "takes" by William J. McEvoy, Assistant Superintendent of Printing,
and distributed to forty-eight Linotype operators.
Some difficulty was experienced by the printers in following the capitalization and other forms used in the treaty copy, entirely different from those
used in preparing the "Congressional Record," but the operators soon
became accustomed to these forms so that very few corrections were required in the proof sheets.
According to Assistant Superintendent McEvoy, 9,600 pounds of print
paper, or sixteen large rolls, forty-two inches in width and weighing 600
pounds each, were used in the printing of the treaty, while the type used
alone weighed about 1,300 pounds.
I
INQUIRY INTO POSSESSION OF TREATY BY NEW
YORK INTERESTS.
The Senate Foreign Relations Committee set in motion
on June 9 the proceedings which under Senator Hitchcock's
resolution adopted by the Senate on the 6th (and given
elsewhere in to-day's issue of the "Chronicle"), it was called
upon to institute into the charges of Senators Borah and
Lodge "that certain interests in the city of New York have
secured copies of the peace treaty with Germany while the
American people have been unable to secure one." It was
announced on the 9th that the committee had voted to issue
subpoenas for J. P. Morgan, Henry P. Davison, Thomas W.
Lamont, all of the banking firm of J. P. Morgan & Co.;
Jacob Schiff of Kuhn, Loeb & Co., and Paul M. Warburg,
formerly of Kuhn, Loeb & Co., and Frank A. Vanderlip,
retiring head of the National City Bank of New York; but
it was later stated that Messrs. Morgan, Davison and Vanderlip had not been subpoenaed, having voluntarily agreed
to appear. Mr. Warburg, who was in Detroit attending a
convention, was quoted in telegraphic advices from that
point on the 10th to the New York "Times" as saying:
I don't know why they call me, but I am perfectly willing to appear
before the committee. I don't know anything about the peace treaty
except what I have read in the papers. I never saw a copy of it and I
never knew there was a copy in this country.
During the hearing on the 11th a telegram from Mr.Schiff
was read by Senator Lodge as follows:
New York, 2:53 P. M., June 11 1919.
Hon. Henry Cabot Lodge, Chairman Special Investigation Committee, Washington.
If the news slips which state that with others I am being summoned to
testify before your committee upon the treaty leak are correct, may I
submit that I have absolutely no knowledge directly or indirectly regarding this, and I respectfully ask that I be excused from going to Washington
for what will, in effect, be to no purpose. I am in my seventy-third year,
am constantly under medical treatment, and my doctor continually cautions
me against overexertion. Will you not permit me, instead of coming personally, to submit to your committee an affidavit in any form that may be
desired? A reply by wire collect will be appreciated.
JACOB H. SCHIFF.
The New York "Times" of June 12 reported that—
Senator Lodge explained that ho had replied to Mr. Schiff that ho would
submit his telegram to the committee. In response Mr. Schiff telegraphed
asking that the Senator inform the committee that he never had in his
possession, nor had he seen a copy of the proposed treaty with Germany,
with the exception of the reprint in this morning's New York "Times."
The committee later in executive session decided not to call Mr. Schiff,
at least for the present.
Senator Borah, speaking before the committee on the
9th inst. and sustaining statements and charges he had
previously made in the Senate about "Wall Street interests"
having copies of the peace treaty, was quoted as follows:
On March 6 last I began an investigation to find out what interest in
or connection with the League of Nations the great international bankers
of Now York had. I learned that they were all deeply interested in the
League, and were working for its adoption in this country. They were
assisting, I found, in various ways by contributions and public speeches
and opinions in the public press.
I became convinced they were supporting the League, not through an
ultra-patriotic motive, but for private reasons. I do not intend to give the
source of my information, which came to me in various ways, but I am
perfectly willing to give the committee the results of my investigation.
With reference to the six financiers ordered to appear
before the committee, Senator Borah said:
I got one by courier on May 19. Later I got ten more copies by courier.
After that, one or two more. They are all in two safes in the department and
no one has seen them except my assistant and myself. They have not
been out of the office. They were sealed before being put in the safe.
The hearings which were brought under way by the committee on the 11th developed that the copy of the treaty
which Senator Lodge had told the Senate on June 5 he had
seen, had come to him from former Senator and Secretary
of State Elihu Root, who in turn had received it from Mr.
Davison. Mr. Davison explained his right to it by reason
of his connection with the Red Cross, and the proposed inclusion of the League of Red Cross Societies in the League
of Nations, and likewise by reason of the fact that he is a
member of J. P. Morgan & Co., which had to do with the
financial situation of some of the Allies at the outset and
during the war. In admitting that he had a copy of the
treaty, Mr. Davison testified in part as follows, according
to the New York "Times:"
Mr. Davison—In the first place, I would like to say that I brought to this
country a copy of the proposed treaty. That copy has never been read in
America by any man except myself and Senator Root, so far as I know. I
would like now to tell the way in which I became possessed of that, and the
reasons for it. Senator Root has referred to my connection with the American Red Cross, of which I was Chairman of the War Council from May 10:
1917 up to March 1 of this year, when the War Council went out of existence.
During those twenty-two months, part of my time was spent in this country
and part in Europe. The American people gave us $400,000,000 and a bit
more, and it was my business to administer that fund."
Mr. Davison went on to relate his activities with the Red Cross abroad.
After the signing of the- armistice, the said, President Wilson asked him to
undertake the work of helping relieve the distress of all the European nations
that needed aid through the Red Cross, an enterprise, Mr. Davison said.
that was gigantic. The work embraced co-operation with Red Cross organizations of Great Britain, France, Italy, and Japan. Eventually, after
conferences at Paris, with the Peace Commission, and other representatives
of nations, it was decided to organize, Mr. Davison said, "what we called
a League of Red Cross Nations." Headquarters of this league were established at Geneva. As a result of the effort of the Red Cross officials,
he said, there was incorporated in the League of Nations Article XXV,
pledging each member signatory to the League covenant to establish and
develop the Red Cross in the respective countries.
"Thus joined together, we formally established on May 5 the League of
lied Cross Societies," Mr. Davison proceeded. "We established intimate
relations with those who had already accepted positions in connection with
the League of Nations. While the League of Nations has no control whatever over the League of Red Cross Societies—it has no official connection
with it—yet its relations are essentially very intimate, so intimate that
we did not, for instance, want to take steps in regard to inviting the Red
Cross organizations of certain nations into the League of Red Cross Societies
unless we know they were to be included in the League of Nations. We
wbre governed in our action by the attitude of the League of Nations toward
the nations of the world."
Mr. Davidson was Chairman of the Governors of the League of Red
Cross Societies, he said, and as such his responsibility in the organization
was great.
"So it is as Chairman of the Board of Governors of the League of Red
Cross Societies that I became interested in this matter. Our organization
is incorporated in the covenant of the League of Nations, and our relations
with the various Governments of the world or with the Red Cross organizations are governed by the relations that are set forth in the treaty with
the Germans. That is the reason that I became possessed, the primary
reason, that I became possessed of a copy of the treaty.
"But I do not want to let it rest there. There is another reason, and
that is this: I, as a member of the firm of J. P. Morgan & Co., had to do
with the financial situation of some of the Allies at the outset of the war,
and during the war, up to the time that we went into the war. Through
our'firm more than $3,000,000,000 was spent of foreign money in America
for supplies which the countries with whom we later became associated in
war were to be furnished. It was that money which developed the resources, very largely, which enabled us to go on after April 6 1917.
"My whole thought and time from the tim I went into the Red Cross,
up to just before I left Paris, was devoted to the Red Cross, but naturally
my connection with those countries over there in regard to the supplies and
materials from this country was known. My presence in Paris was known.
While I was there I was visited by representatives of the various Governments to know about the finance in America.
was asked by representatives of the various Governments regarding
financing of the countries of Europe. Every one who was in Paris knows
situation. Every banker who was in Paris was in contact with it. It
that
became obvious that all of Europe would be coming here o get credits. It
became so obvious that I myself made the statement to representatives of
the American Peace Mission, as well as to members of other Peace Mission
in Paris, that,in my opinion, the situation could not be handled unless it was
handled, not by one house, not by one aggregation, but by the financial
interests of America from the North, the East, the South, and the West,
and that, in order to give the relief to Europe, and in order to promote the
trade of America and keep our position, which we then held, first, the demands of Europe must be co-ordinated and, second, the supplies on this
side must be co-ordinated; that there should be co-ordinated, not only the
financial interests of America and throughout the whole country, but the
industries of America must also be co-ordinated.
"That matter was discussed in Paris with various members of the Peace
Mission. They perfectly understood, the President himself understood,
and I believe, though I am not in a position to quote him, I believe the
President himself is impressed with that fact. Therefore, I say, as a
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International banker, which I am now, that the importance of knowledge
In connection with this treaty is very great to all the financial interests, not
any one single interest, because it must be done by bankers throughout
the country.
"When I arrived here I submitted my views to the Representatives of the
Treasury of the United States. I found them in accord as to the general
principles, and they asked me to go on and develop them. We called together the bankers of New York and submitted it on general lines. They
expressed themselves in accord.
"I submit, gentlemen, if there is anything of national interest, that is the
thing. It is just as important, if this country is going to hold its position, if
it is going to have a market for its products, some such action must be
taken. The market must be handled in such a way that the credits will be
forthcoming and will be good, and it cannot be done before this house or
that house or some other house. We have not got peace yet, and we will
not get peace until those conditions and situations are met.
"It was as the Chairman of the Red Cross Societies that I asked Mr.
Lamont if he would give me a copy of the Peace Treaty, and he said he
would. And he said further:'I will be very glad to have you see if you can
find anything in here which will help in this large plan we are working
through the Treasury for a comprehensive financing operation in America.'
"When I asked for the Peace Treaty I did not think I was asking for anything more than I would if I had been asking for a copy of the Fourteen
Points. The summary was published. I•knew what was going on, and
everybody in Paris knew what was going on,and,with two or three thousand
people working at it we knew the general subject. We knew the treaty
was made, and that it was so bulky that they made up their minds that,
in order to expedite its contents, they would summarize it.
I received a copy of the treaty after it was given to the Germans and a
summary had been published, and then I supposed that the summary really
contained the full contents, but I myself, because of the importance of the
position I held, felt that in my responsible position I should know everything there was about it, and I said I would like to have a copy of it to bring
home, to read on my way home on the boat."
Senator Pomerene—Mr. Davison, could you give us the date when you
obtained that? Mr. Davison—I think it was the 9th of May. The treaty
was given to the Germans on the 7th of May.
Senator Williams—Do you remember when the Germans published it?
Mr.Davison—I do not, but I had no more doubt but that it was public to
the world when I received It than when I received the Fourteen Points as
published. It has never occurred to me that it was not public property.
I asked Mr.Lamont if he would let me have a copy,and he said "certainly."
That copy was given to me, and I brought it on the boat with me with
my other papers, and I sat down and read it. And when I arrived in
America I was told that copies were not circulated here. Therefore, I
merely took it to my office and kept it there. I showed it to no one until
I sent it to Senator Root.
"The reason I sent it to Senator Root was this: I knew Senator Root had
been asked for his opinions relative to certain parts in connection with the
treaty. I knew that his opinion was highly respected. I knew that his
opinion was sought in Paris. I knew that he was in touch with things. I
supposed, of course, that he had a copy,and it was not until I had made the
inquiry as to whether he had one, and learned that!he had not, that I sent
it to him. No member of my firm, nobody else, has over seen that copy,
l
so far as I know, except as I handed it to Senator Root. That is.the story.
Senator Borah—When you asked Mr. Lamont for this treaty, he said
something about your looking into the treaty with reference to the financial
situation also?
Mr. Davison—He did, in reference to a comprehensive plan which was
being discussed with the Treasury at that time.
Senator Borah—Exactly.
Mr. Davison—Not alone with reference to any financial plan in connection with our house or anybody else.
Senator Borah—You were inteested as an international banker?
Mr. Davison—I had no question whatever as to my right to have a copy
of that treaty as the Chairman of the Board of the League of Red Cross Societies. That was the primary interest that I had in the matter.
The examination of Mr. Davison led up to the ownership
by Mr. Lamont of the New York "Evening Post," which
brought forth the following testimony:
Senator Borah—Mr. Lamont is the owner of the New York "Evening
Post?"
Mr.Davison—He is.
Senator Borah—Is that paper owned by the firm of Morgan & Co., or is
that Mr. Lamont's paper?
Mr. Davison—The firm of Morgan & Co. have no interest in it of any
kind or character.
Senator Borah—It is Mr. Lamont's personal ownership?
Mr. Davison—Absolutely.
Senator Borah—What is the relation of Morgan & Co. to the English
Government at the present time in a business way?
Mr. Davison—There is no relationship, I would say, except that we make
payments for them on contracts that have been made in this country. We
were purchasing agents for them.
Senator Borah—How long has your firm represented the English Government in this country in that respect?
Mr. Davison—Since Jan. 15 1915, I think it was.
Senator Borah—And you still hold the same relationship to them that
you did at that time?
Mr. Davison—No.
Senator Borah—What has been the change, and in what respect?
Mr. Davison—After the United States entered the war we asked to be
relieved of the responsibility of purchasing for them, because we were in
the war and we did not want to have relations with any other Government
that might conflict with our own, and we asked to be relieved of that, and
they therefore organized their own purchasing bureau here.
Senator Borah—What information did you receive out of this treaty,
or from reading the treaty aside from the information which you received
from reading the prospectus or the synopsis, with reference to the Red
Cross?
Mr. Davison—I do not know that I received any with reference to the
Red Cross that I had not received in connection with the League. One of the
points in connection with the Red Cross that I wanted to know was, for instance, whether or not Germany was to become a member of the League,
Whether there was in it any relationship or any proposed relationship as to
the other Central Powers relative to the League. If there hitd been, that
would have governed our movement in our League of Red Cross Societies.
I also wanted to know if there was anything in there that would be of any
interest relative to their organization in Geneva. The fact is that I have
often discussed with members of the American Commission and tho British
Peace Commission our location in Geneva, the idea being that tho two
should be contiguous.
[VoL. 108.
Senator Borah—I am speaking now of any additional information which
you received.
Mr. Davison—I did not get any.
J. P. Morgan, who followed Mr. Davison on the stand,
was given a very brief hearing, during which he declared
that he had not seen a copy of the treaty. The only others
heard .were Mr. Vanderlip and former Senator Root; the
latter, it was explained by Senator Lodge, had not been
summoned, but had volunteered to appear. Mr. Vanderlip's testimony dealing as it does with the view abroad that
the United States ought "to forego the demand for the
repayment of the large amounts of money we have loaned,"
is given in large part below, as reported in the "Times."
After declaring that he did not have in his possession, nor
had seen a copy of the treaty, the testimony continued:
Senator Hitchcock—Do you think there should be a united effort on the
part of the financial interests of the United States to assist the manufacturers or agricultural interests of the United States in supplying a credit
under which the European countries can buy American products?
• Mr. Vanderlip—I would not put it quite that way. There is the most
desperate need of assistance, not only by the United States, but by other
countries that can supply things that are needed to start the industries of
Europe. A situation exists there that is threatening the civilization of
Europe. It is a very narrow ocean, after all, and I do not believe there
can be a general conflagration in Europe that we will not become involved
in.
Senator Knox—Do you think we ought to guarantee their political independence and territorial integrity as a part of this scheme?
Mr. Vanderlip—I do not.
Senator McCumber—I wish you would indicate just what you think
ought to be done financially.
Mr. Vanderlip—I feel that the situation is such that Europe must be
regarded now as a whole; that it will not do to aid one country, or even a
group of countries, and leave others unaided. We should endeavor to
furnish the necessary things to start industry as a whole. The financial
situation of some of those countries is pretty bad. I do not believe the
Government or American investors could loan at the present time to those
nations to rehabilitate their domestic financial situations. What is needed
are those things essential to starting industry—raw materials, machinery,
and equipment for the railroads. I think it would be better that investors
furnish this money directly rather than indirectly through further Government loans. There is a disposition in France and England to feel
that it would be wise and just for us to forego the demand for the repayment of the largo amounts of money we have loaned.
Senator McCumber—At any time, or just at the present time?
Mr. Vanderlip—No, sir. I mean really forego it.
Senator Harding—Upon what theory, Mr. Vanderlip?
Mr. Vanderlip—That theory is variously expressed. Generally, I think
it is that we came into the war pretty late; that we ought to take a very full
share of the financial burden, because the situation has become so desperate
for these nations that came into the war earliest and bore the full brunt of
the war and the financial burdens entailed by it.
Senator Knox—We are not getting any territory or any reparations, are
we?
Mr. Vanderlip—None whatever.
Senator Knox—Do you not think that is a pretty fair offset to what they
owe us?
Mr. Vanderlip--I am not advocating this statement of the duty, you
understand. I think this sentiment is increasing, and I think therefore
it is doubtful if the debt ought to be increased in the face of that sentiment.
Senator Brandegeo—How much have we loaned to Franco and England?
Mr. Vanderlip—We have loaned to the Allies $9,500,000,000. We have
loaned to France $2,800,000,000, and my recollection is about $4,500,000,000 to England. I was going on to say what I thought was the way
to handle this situation. I believe that the Governments of the several
countries that are in a position to furnish to these European countries the
material necessary to start their industries might well unite in an international loan. All the leading Governments would need to do would be
to have a sufficient amount of interest in the matter to appoint a large
number of bankers. This is too big for any single interest to handle—
and I think those bankers, with the advice perhaps of the different Governments, should appoint a loan commission, which would study the whole
situation in Europe and would allocate to the different nations such a
proportion of any proposed loan as they might decide was just, and would
make the loan, not in terms of money going into the treasuries of the European nations, but in terms of goods going to some industry—raw material,
machinery, and equipment for the railroads.
Senator Williams—Your private interests would not go into it unless the
Government would underwrite it, would they?
Mr. Vanderlip—No. I should get the best security that Europe could
offer. I should get a security that had a first lien upon the customs of
each country.
Senator Williams—Precisely. But you would want some combination
of Governments behind it?
Mr. Vanderlip—No, not the lending Governments. I think some security can be devised that will not further burden the lending Governments,
but will have a basis that will warrant private investors in buying the bonds.
Senator Williams—How would you do that, by chartering a great corporation, or how?
Mr. Vanderlip—My suggestion can be varied in many ways. It is for a
fifteen-year loan, one-fifteenth to be repayable each year, and this loan to
be secured by a first mortgage on the customs of each country. The
amount that is necessary is not,so large in the light of these figures that we
have come to be used to.
At the conclusion of the hearing of the four witnesses,
at the end of two hours it was stated that the Committee
decided to postpone any further inquiry until it could hear
from Mr. Lamont, who is said to be on his way home from
Europe, and Mr. Warburg, who was in the West. According to the "Times" it may be that the Committee will
proceed no further with its inquiry, members, both Republicans and Democrats, appearing to be satisfied that
they had accomplished all that could be gained.
JUNE 14 1919.]
THE CHRONICLE
RESOLUTION IN SENATE TO EXCLUDE LEAGUE OF
NATIONS COVENANT FROM GERMAN PEACE
TREATY.
The Senate Foreign Relations Committee, by a vote of
8 to 7 favorably reported on June 12 a resolution designed to
separate the League of Nations covenant from the peace
treaty. Senator Knox of Pennsylvania is author of the
resolution which he introduced in the Senate on June 10.
Senator McCumber, Republican of North Dakota, and
six democrats cast dissenting votes, while eight Republicans
voted in the affirmative. In urging the exclusion from
the treaty of the League of Nations Covenant the resolution
specifies that the treaty "shall be so drawn as to permit any
nation to reserve without prejudice to itself for the future
separate and full consideration by its people of the question
of any League of Nations." The iesolu Lion. also says that
the Senate will regard as fully adequate a peace treaty
which shall assure attainment of those ends for which we entered the war; that the Senate cannot ratify a treaty which
in effect amends the constitution, which power belongs to
the people; the resolution "gives notice of the limits of the
present obligations against the United States, in which the
Senate of the TJnited States is now prepared to acquiesce."
As adopted by the Senate Foreign Relations Committee on
the 12th, a clause, declaring it a policy of the American
Government to co-operate in combating any future menace
to the peace of Europe, was stricken out. The resolution
will be brought before the Senate, it is said, early next week,
and effort will be made by its supporters to have it passed
before the peace treaty is signed at Versailles. In explanation of his resolution, Senator Knox is quoted by the New
York "Times" as saying:
The purpose of the resolution is to acquire for the people of the United
States opportunity to consider and pass on the League of Nations provisions
after having been placed in possession of all information respecting those
provisions. So far as the public is concerned, this feature of the treaty
has been discussed very little, except in the way of propaganda. It has
not been customary in this country to adopt measures affecting established
national policies and interests without careful deliberation.
This resolution is aimed to make clear to the American people what an
entirely reasonable thing it is for the Senate to ask ample time for consideration of so complex and radical a departure from established policies. It
would not be difficult to insert in the treaty a provision to accomplish
what I propose; it could be done in three lines, which would declare that any
nation has the right to reserve, without prejudice to itself, for future
separate and full consideration by its people the question of a League of
Nations.
The resolution in effect provides that all European and other nations
which wish to adopt the League can do so at once, so that no interference
with the proposal, as to them, is suggested. The United States would,
however, withhold its approval until the judgment of its people had been
ascertained.
The third important proposal is to serve notice on the Peace Conference
that the Senate is not prepared to acquiesce in the ratification of a treaty
containing the League, and that if such a treaty is presented it will be
subject to delay. It reiterates the proposition I advanced back in December, that the primary and immediate business of the Peace Conference
is to establish peace, and that the question of the League of Nations could
be taken up subsequently.
UPPER SILESIA READY TO RESIST ANNEXATION
TO POLAND.
The attitude of the people of Upper Silesia toward the
proposal to annex that territory to Poland, is indicated in
the following copyright cable advices received by the New
York "Times" from George Renwick, at Kattowitz, Upper
Silesia, May 18:
Throughout Upper Silesia burns the fire of revolt. Of rather more than
2,000,000 inhabitants nearly 1,500,000 have, despite rain and cold, demonstrated to-day against the decision of Versailles to hand over Germany's
"Black California" to Poland.
Last night I traveled from Berlin to this district. In the train I happened to have by chance a most interesting traveling companion, a locksmith by trade, and the best type of intelligent workman. He had long
been a labor leader in this part of the country.
He was perhaps a record rebel, the "domestic enemy" par excellence in
the Kaiser's days. Few men fought so stubbornly or suffered so much in
the fight against the old regime as Herr Otto Hoerzing. One hundred and
fifty-four times he has had handcuffs clapped on his wrists and been hauled
off to jail. On 600 occasions he has gone through legal proceedings for
the district of Upper Silesia.
"Well," he remarked to me, "I came to Upper Silesia when I was 15
years of age. Among the ideas I had then was that I should learn Polish,
but I found that nearly everybody spoke German, and conditions are much
the same to-day. Of 1,000,000 voters at the election for the German
National Assembly, 75% voted for the German parties, and it is 600 years
since we became free from Poland."
"And what do you think of the proposal to hand Upper Silesia to Poland ?" I asked. "As Special High Commissioner of Upper Silesia," he
replied, "I hope you will say this to the American and English people on
behalf of this threatened region:
"The working class people of Upper Silesia is rousing itself these days to
defend its home soil, on which it is busy with creative work like its ancestry. It has lived here for for centuries. This soil is sanctified by that
civilization which German industriousness has created. The people are
rising against that plan which will make them serfs of Poland. Not without desperate resistance will this people with its high civlization be handed
over to the fanaticism of a lower culture.
2399
The old flag is flying once more. Again the old songs are being sung.
Free Silesia is determined to remain free and German. She will defend herself, with the aid of the Berlin Government, we hope, but if not, then she
will know how to defend herself alone."
That these are not merely empty words,that this is not bluff. I gave seen
with my eyes. A million and a half people, as I have said, have backed
them up and sworn to them to-day, and these vast demonstrations—there
have been many during the last few days, and there will be many more—
are not organized and carefully arranged. They are practically spontaneous. There were to-day no long speeches; there was remarkably
little speaking, in fact, just a few sentences from three or four persons.
Yet I doubt if Trafalgar Square and Hyde Park have ever seen anything
like that demonstration which I have seen here to-day.
It certainly was impressive and moving to see those tens of thousands of
people with their right hands on high, taking in loud and ringing tones this
oath:
"We will remain free, as were our fathers. Death, rather than life in
Polish slavery."
And so it was in other towns through which I went to-day. These people are not playing at tactics or at bluff. They are in deadly earnest.
The situation, therefore, is highly serious.
There is very considerable potential fighting strength on this side of the
frontier. If the Poles, as it is feared here, endeavor to occupy Upper
Silesia before the signature of the Peace Treaty in order to create a fait
accompli, then there will be war, bitter and bloody, beyond all doubt.
If eventual peace gives Upper Silesia to Poland, the German Government will not lend its military aid to the people of this region, but I am
certain they nevertheless will put up determined armed resistance.
"And after that, if we are defeated," said a prominent citizen of Kattowitz to me, "the Alsace-Lorraine of the past forty or fifty years will not
be in it."
I think Upper Silesia will fight.
DANZIG AGAINST TRANSFER.
According to Mr. Renwick, while Silesia may fight Poland
and Versailles, Danzig will resist passively. These advices
as to Danzig came from Mr. Renwick in a special cable to
the New York "Times" from that city on June 1 and were
published as follows in its issue of June 5:
The east of Germany is angry. Down in Silesia that wrath bubbles at
the brim. It is the wrath of a people who have long provided some of the
best regiments for Germany. It has made then' throw away their red
flags. It has driven them back from socialism to nationalism again, but
while Silesia may fight Poland and Versailles, Danzig will resist passively.
It will resist. Let there be no mistake.
The people who built this sternly picturesque city have left to those who
now dwell in it a heritage of stubborn pride, of sullen defiance. One does
not need to talk to the inhabitants of this proud Hanseatic city in order to
gauge their characteristics. Those are here for one to read in all the stern
warnings voicelessly uttered by the patient, timeworn stones enshrined
here. It would seem to be harbored and held in check until the proper
time should come. You feel it almost oppressively as you look upon
the ancient walls, high-thrown churches, narrow ruelles with the mood of.
the centuries upon which the Teutonic Knights looked, quaint houses with
their marvelous curvings, all with their stern spirit out of a time when
the world was young and daring. You feel it all as the wrath of ages
cloistered in stone and the heart.
To-day I lunched in a wonderful old rathskeller and as I entered I noticed
above the door Danzig's coat of arms, with its cross from the Crusades and
in Latin its motto, "Neither rashly nor fearfully."
Burgomaster Threatens Revolt.
A little later I talked with the Chief Burgomaster, Herr Sahm, in the
historic Hall of the City Fathers, and there over the fireplace my eye
caught another motto in Latin, the English of which is, "Do not stir the
fire with the sword."
On those two mottoes Danzig will act if she must, and in them she warns
the world. "Is the snioldering fire here going to be stirred with the sword?"
I thought, for it is merely idle to believe all those millions of Eastern Germans can be handed over to Poland without trouble.
"We do not want to be a free State," said Herr Sahm to me, "and still
less do we wish to become Polish subjects. We shall not allow ourselves
to be separated from Germany. I am fully aware of the seriousness of what
I say when I declare that should Berlin sign the terms which throw us out
j
of the Fatherland we shall not regard ourselves as bound by them. Does
England consider it her duty and her task to.separate us against our wins
from our co-nationals? At least, nobody can pretend that there is any
policy of liberation in that.
"As citizens of the German Republic we have the freest right of vote.
By forcing us against our will into the so-called Free State of Danzig,
the right to share in parliamentary Government is taken from us; welose
the right to vote, and we are placed at the mercy of a foreign-born Commissioner speaking a foreign language, as though we were a tribe of African
natives.
Want Britain to Mediate.
"Now, we have always regarded it as a typical English characteristic
that an effort should be made to settle serious matters by the principle
of mediation and reconciliation. We ask, then, for a settlement of our
question by consent of the governed. We should like England to be the
mediator between us and the Poles, because that is the only way to avoid a
serious conflict. We wish to help the Poles and make every possible concession, but we are not going to be Poles; for that is what we are threateend
with. We refuse to be dealt with as so many cattle. We shall only submit
when the last stubborn and resisting heart is overcome."
I strolled out through the city streets, so typically German, indeed, that
I could only find one Polish building in it, a church near the birthplace
of Schopenhauer—that markedly German mind. Then I went down that
waterway which long ago the Baltic Sea threw out to grasp the city and
give it its history and its trade. There was the vast, completed liner
Columbus, finished during the war, with its maiden voyage still to make.
Here and there were scattered old battleships which never smelt powder
save at battle practice. A little further on a great cruiser was being dismantled. Now and again one saw British and American flags on foodbearing ships. Factories making yeast from sawdust, or fodder from
straw, tell how Germany has lived during the world struggle.
Then I drove through pleasant lands with their clean-cut German villages,
to Marienburg, where there towers up on high the huge fortress and home
of the Teutonic Knights seeming, in its greatness, to be so typical of the
rise and fall of the German Empire.
And all this is to go to Poland. It is an astounding and sudden blow
which the people of town and country here do not yet fully grasp. It is
something they cannot yet believe will take place. Few are the Poles one
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THE CHRONICLE
can come across. In Danzig they form only 2% of the people. So it will,
indeed, be a heavy, politically indigestible mass which will be cut off from
Germany. Look, for instance, at the press of this region. In its fortyfour towns you will find sixty-two newspapers, of which fifty-five are
German and seven Polish.
Such are some of my first experiences and impressions in Danzig, and
words fail to describe things as they are in what seems to be destined soon
to be the storm center. Away to the south guns will often be heard,
muttering fitfully. Sometimes a peasant will fall dead on his field here
and there. At times patrols will skirmish at long distance, or shells will
fall into a peaceful village. It is not yet war, but it is something very
like it. Here, unless something is done, will be the next war, and you may
as well know it.
VERSAILLES TREATY PROHIBITING GERMAN ASSOCIATIONS TO ENGAGE IN MILITARY MATTERS.
The contention that Article 177 of the Versailles Treaty,
which prohibits associations, such as societies of discharged
soldiers, shooting or touring clubs, educational establishments, &c., from engaging in military matters, would invade personal liberty, is made in various circles in Germany
according to special copyright cable advices to the New York
"Times" from Berlin May 20, from which we take the
following:
Herr Reinhardt, the Prussian Minister of War, has called the New York
"Times" correspondent's attention to the fact that Article 177 also applies
to all educational establishments, universities, high schools and sporting
societies of whatever age the members may be.
They are especially forbidden to practice the use of arms, or to receive
or give instructions in such practice, the enemy claiming the right to control them. Now, suppose some Turnverein arranges a tournament, using
sham arms, or, for instance, disc-throwing. Will not French spies declare
that the members have been practicing throwing hand grenades, And hold
the whole people responsible? Students may be permitted to indulge in
duelling with rapiers, but practicing pistol shooting may be reported as a
crime. Besides, no society, no club whatever, will be master in its own
house, which must always be open for foreign informants in Germany,
who will try to make their intolerable control effective by the merciless
punishment of the few offenders discovered. In other words, terror will
rule us.
Nothing need be said about the stipulation that Germany's army must
not be larger than 100,000 men and officers. They might as well decree
that there shall be no soldiers at all in Germany.
Again, the Entente imposes the duty upon the German Government
to prevent the enlistment of any German soldiers or officers in foreign
armies except the French Foreign Legion. The Germans have fought for
the liberty of many peoples, not a few for America. How can any German
Government prevent a German from entering the forces of some far-away
country?
The territorial and economic conditions of the Versailles Treaty make
Germans physically miserable, while the military conditions dishonor and
degrade us. We shall not sign.
PLANS OF A. B. A. TO HARMONIZE DIFFERENCES
OF NATIONAL AND STATE INSTITUTIONS.
An announcement made public to-day (June 14) by the
American Bankers' Association states that letters from
State bankers received by C. B. Hazlewood, Vice-President
of the Union Trust Company of Chicago and President
of the State Bank Section of the American Bankers' Association, express general approval of the plan recently endorsed by the Executive Council of the Association to harmonize the differences that have heretofore existed between
national banks and State chartered banking institutions.
The plan thus approved includes an amendment to the
Constitution of the American Bankers' Association providing that in the'promotion of legislation of special interest
the State or Federal Legislative Committee of any section
may proceed independently of the State or Federal Legislative Committee of the Association, in which event the
expense shall be paid by the Section and the State or Federal Legislative Committee of the Association shall take no
action except upon the order of the Association. The announcement of the Association quotes Mr. Hazlewood as
saying:
For several years State banks, trust companies and savings banks have
felt that national banks predominated in the Administration of the American Bankers' Association and somewhat of a crisis was reached when the
national banks manifested considerable activity In procuring legislation
that gave them fiduciary powers.
To meet the situation thus created, as well as to consider other niatters
pertaining to State banking, the State Bank Section of the American
Bankers' Association was formed a little less than three years ago. There
was considerable sentiment among State bankers at that time, however,
that the machinery of the American Bankers' Association was too cumbersome to obtain desired results within that body, and the result was the
organization of the United States Council of State Banking Associations.
The existence of two organizations for the accomplishment of substantially
the same objects and composed largely of the same membership created
an impression in some quarters that State bankers were divided.among
themselves and the State Bank Section since its creation has worked consistently to co-ordinate State chartered banking institutions and unify
their efforts in their common welfare.
In appreciation of the claims of State bankers the American Bankers'
Association amended its constitution a year ago so as to include in the
membership of its Administrative Committee the President of the Trust
Company, Savings Bank and State Bank Sections. It is due the national
bankers in the American Bankers' Association to recognize the cordial
manner in which they co-operated in the plan of representation thus pro-
[VoL. 108.
where a conference was held between representatives of the United States
Council of State Banking Associations and representatives of the State
Bank, Trust Company and Savings Bank Sections. The sentiment seemed
to prevail that the changes already made in the machinery of the American
Bankers' Association and the additional changes contemplated in the proposed constitutional amendments, would make the American Bankers'
Association sufficiently broad and liberal to servo the interests of its constituent members with justice and equity to all concerned.
. The conference thus held was spontaneous and informal but the spirit
of co-operation manifested inspired the idea that some formal and permanent relationship should be established among the sections representing
the State banking institutions. In accordance with this idea the Executive Committees of the Trust Company, Savings Bank and State Bank
Sections subsequently met and appointed a joint committee as follows:
Representing Savings Bank Section—W. A. Sadd, President Chattanooga Savings Bank, Chattanooga, Tenn.; James H. Manning, President
National Savings Bank, Albany, N. Y.; F. H. Farrington, Vice-President
Rutland Savings Bank (1'. 0. Brandon), Rutland, Vt.
Representing Trust Company Section—Willis H. Booth, Vice-President
Guaranty Trust Company, New York, N. Y.; Frank W. Blair, President
Union Trust Company, Detroit, Mich.; A. A. Jackson, Vice-President
Girard Trust Company, Philadelphia, Pa.
Representing State Bank Section—John H. Puelicher, Vice-President
Marshall and Ilsley Bank, Milwaukee, Wis.; E. D. Efuxford, President
Cherokee State Bank, Cherokee, Iowa; Fred Collins, Cashier Milan Banking Company, Milan, Tenn.
The conference committee thus appointed subsequently met and organized by electing Mr. Booth. Chairman and Mr. Puelicher, Vice-Chairman.
A motion was adopted requesting the secretaries of the Trust Company,
Savings Bank and State Bank Sections to prepare a statement of pending
and proposed legislation affecting State chartered banking institutions.
Mr. Booth stated that he would be responsible for the collectioa of a similar statement from the United States Council of State Banking Institutions.
SECOND INSTALLMENT OF INCOME TAXES DUE
JUNE 15—USE OF TREASURY CERTIFICATES AS
PAYMENTS.
William H. Edwards, Internal Revenue Collector for the
Second District of New York, in a notice to taxpayers
reminding them of the second quarterly payment of income
taxes, due to-morrow (June 15) quotes the following Treasury Decision (No. 2840), issued by Internal Revenue Commissioner Daniel C. Roper, relative to the use of Treasury
certificates in making payment therefor:
Taxpayers and collectors are notified that June 15 1919 is the date
named for payment of the second insZallment of income and war profits
and excess profits taxes based on returns for the calendar year 1918, and
for payment of the second installment of other taxes. the first installment
of which was due on Mar. 15; but, since June 15 falls on Sunday, such
payments reaching the collector on Monday, June 16 1919, will be accepted in full without interest or penalty. Taxpayers are urged to make
payment on or before that date, and their attention is called to the fact
that Section 250 (a) of the Revenue Act of 1918, specifying when tax
payments are due, omits the ten-day period of grace allowed under the
former law. Failure to pay the second installment on or before Juno 16
1919 will necessitate the addition of penalties and interest, as provided
by law.
To assist the Government in meeting its maturing obligations promptly
and at a minimum expense:
1. Pay the full amount of tax duo. If you can close your account on or
before June 16 it will reduce the bookkeeping expense in the collector's
office. If you cannot pay in full please pay as much as possible in addition to the amount due.
2. Pay as soon as possible. After the checks, drafts and money orders
are received they must be cleared through bath the collector's office and
the banks. By mailing your remittance early in June you will relieve
the congestion on the 15th.
3. Pay with certificates of indebtedness. If you hold any certificates
of the following series please use them to pay your tax:
Maturing.
Dated.
Series.
July 15 1019
Aug. 20 1918
1919
June 17 1919
Jan. 16 1919
T2
Juno 16 1919
Mar. 15 1919
T3
4. Place your account number on all letters and remittances. Every
taxpayer's account has been assigned a number for identification purposes.
Your number is shown at the right of your name in the stencil address on
this notice. Please refer to it in all correspondence with this offlee and
place it on your check, draft or money order. You should forward your
remittance to the collector accompanied by a letter or other statement
bearing your account number, full name and address, plainly written.
EXTENSION OF TIME FOR FILING INCOME TAX
RETURNS OF PARTNERSHIP AND PERSONAL
SERVICE CORPORATIONS.
A further extension of time to July 15 for the filing of tax
returns was announced by the Bureau of Internal Revenue
at Washington, on June 9, in the case of partnership and
personal service corporations having a fiscal year ending
Jan. 31, Feb. 28, Mar. 31, or April 30. Corporations other
than personal service corporations having a fiscal year
ending on those dates also are given until July 15 in which
to file their returns, provided they have filed a tentative
return, paying one-fourth of the estimated tax. The
extension of time, the Bureau points out, does not operate
to delay the payment of the tax installments. The additional time was granted because of the delay in preparing
the necessary forms for distribution. The ruling said:
In view of the fact that the necessary forms are not yet available, a
further extension of time to July 15 1919 is hereby granted to partnerships
vided.
corporations, having a fiscal year ending Jan. 31.
The process of getting together was further promoted at the recent and personal service
or April 30 1919.
meeting of the Executive Council of the American Bankers' Association, Feb. 28, Mar. 31
A
JUNE 14 1919.]
THE CHRONICLE
Corporations other than personal service corporations, having a fiscal
year ending Jan. 31, Feb. 28, Mar. 31, or April 301919, are hereby granted
an extension to July 15 1919, if they have prior to the date of this decision
filed tentative return on Form 1031 T, paying one-fourth of the estimated
tax, or if they shall on or before June 15 1919 file tentative returns on Form
1031T, paying one-fourth of tha estimated tax.
"Any deficiency in the first installment as shown by the completed return
must be paid with interest thereon from the original duo date at the rate
of one-half of 1% a month at the time of filing the completed return.
This extension, in the case of corporations, shall not operate to extend
the due date of any installment of tax after the first. In the case of corporations filing Form 1031 T the time for filing completed returns is automatically extended as above, but not boyond the duo date of the second
installment of the tax. The second installment will be duo five and onehalf months after the close of the corporation's fiscal year ending in 1919"
The Commissioner of Internal Revenue also instructed all collectors to
call the attention of corporations to the fact that contributions made by
corporations are not deductible from gross income in figuring income and
excess profits taxes. The Bureau regulations to this effect were sustained
by decision of the Attorney-General on May 19. Accordingly the tax on
this item cannot be'made the subject of a bona fide claim for abatement
and all such claims filed will be promptly rejected.
"Corporations are, therefore, advised by the Commissioner to proceed in
accordance with the existing regulations and pay the full amount of tax duo
without deductions for contributions. Any corporation which questions
the validity of the Department's regulations may test them by filing claim
for refund and bringing suit in the manner provided by law."
CONTRIBUTIONS TO RED CROSS OR OTHER WAR
ACTIVITIES NOT DEDUCTIBLE FROM INCOME
TAX RETURNS OF CORPORATIONS.
The Commissioner of Internal Revenue, Daniel C. Roper,
has issued a ruling to the effect that corporations are not
entitled to any deduction from their returns for income or
excess profits taxes on account of contributions to religious,
charitable, scientific or educational institutions, including
Red Cross or other war activities. Deductions of this
character for individuals as contributions are specifically
mentioned together with deductions for bad debts, losses,
wear and tear and exhaustion, but in the clauses referring
to corporations no such exception is stated. The Commissioner says:
It will be observed that there is no express deduction permitted corporations of such contributions, as in the case of individuals, and unless, therefore, they fall within the definition of some item of deduction allowed to
corporations, they cannot be allowed. The only head within which it
might be suggested that such contributions should b3 included is that of
ordinary and necessary expenses paid or incurred in carrying on any trade
or business, including reasonable salaries or other compensation, rentals
Mad payments for use of property, provided for in Paragraph 11. Practically these same deductions are permitted in Section 214 in the case of
individuals, and had such words included the contributions or gifts mentioned in Paragraph 11 of Section 214, it would have been unnecessary
to put in such paragraph, as they would have been covered by Paragraph 1
of such sections.
The Attorney-General, in an opinion dated May 19, states the view that
ordinary and necessary expenses contemplated by Paragraph 1 of Sections
214 and 234 were not intended to include all necessary expenses, because
the two immediately succeeding paragraphs provide for deducting interest
and taxes; both of which are necessar) expenses; also the provision in
regard to allowance for salaries, compensation, rentals, &c., indicates
that all of the expenses, which are contemplated under the terms used in
Paragraph 1 of these sections, are expenses incurred directly in the maintenance and operation of the business, and not all those which may be
beneficial and even necessary in the broader sense.
SCOPE OF DEDUCTIONS ALLOWED FOR
AMORTIZATION.
The following statement, issued by the Bureau of Internal
Revenue, relating to the scope of deductions allowed for
a,naortization, appeared in the United States "Bulletin" of
June 9:
• The statute allows, in the case of facilities or vessels acquired on or after
Apr. 6 1917, for the production of articles (or the transportation of articles
or men) contributing to the prosecution of the present war, a reasonable
deduction for the amortization of such part of the cost of such facilities
or vessels as has been borne by the taxpayer.
This allowance is not based upon the difference between the actual war
cost of such facilities and what they would have cost at pro-war prices.
Obviously, the taxpayer is not entitled to recover or extinguish through
amortization more than tho difference between the war cost of such property
and what he can sell the property for after the war,or if he continues to
need and use it in his business, what it would have cost him after the war.
As the rule is expressed in Article 183 of the Regulations:"The total amount
to be extinguished by amortization, in general, is the excess of the unextinguished or unrecovered cost of the property over its maximum value
either for sale or for use as part of the plant or equipment of a going b, siness, under stable post-war conditions."
The law and the regulations are scrupulously fair to th3 taxpayer in
this connection. No narrow or rigid construction has been placed upon the
limiting phrase "articles contributing to the prosecution of the presont
war." A period of three years has been provided for re-examination and
review in order to ascertain from the actual trend of prices and business
what real decline may have taken place in the use and value of plant and
machinery purchased at war prices; and the actual declines will b3 recognized or allowed against the income subject to the war rates of taxation.
Furthermore, the department has found it possible under the law to spread
or apportion the deduction over the amortization period, not in accordance
with months or years, but in accordance with the profits of the business.
(See Article 185 of Regulations 45). This means that the tax-payers will
not be required to charge off any amortization in a year in which there are
no profits to absorb it. lie takes heavy amortization when ho has heavy
profits. Claims based upon pre-war costs will be regarded as unreasonable
and as evidencing an intent on the part of the taxpayer to secure larger
deductions that are warranted by the statute or by a fair construction of
what the equities and necessities of the present situation require.
2401
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
No bank or trust company stocks were sold this week at
the Stock Exchange or at auction.
It was reported on Thursday that a petition circulated by
members to close the Stock Exchange to-day (June 14) was
denied by the Governors on the 11th. The holiday, it is
stated, was sought to enable the brokers to catch up with
accumulated work and to give those not behind a chance to
rest. Incidentally, it is said, the attention of the members
of the Exchange has been directed to the changes in abbreviations which take effect to-day. It is understood that
a movement has been started in favor of closing the Exchange on all Saturdays during July and August.
Roger H. Williams, banker and lawyer, has been elected
a, Vice-President of the National Bank of Commerce in New
York,retiring from the law firm of Williams, Glover & Washburn, of which he was head, at 70 Fifth Ave., New York
City. Mr. Williams has an extensive record of corporation,
banking, trust and legal experience. His first banking connection was with the First National Bank of Ithaca, N. Y.
He later came to New York City where he became associated
with N. W. Harris and Company, now Harris, Forbes and
Company, and then with N. W. Halsey and Company,
having charge of the firm's legal and corporation work.
In 1914 he opened his own law firm, making a specialty of
estates and trusts. Mr. Williams has also been an executive
officer of numerous corporations, including the Crane Valve
Company of Bridgeport, Conn.; the Union Gas Company
of Spokane, Washington; the Montgomery Traction Company; the Klinger Company, and the Manchurian Development Company.
Edward H. Rawls has been made an Assistant Cashier of
the National Bank of Commerce. Mr. Rawls joined the
bank in 1917. He came from Charleston, S. C., where he
was Treasurer-Manager of a wholesale grocery house.
In pursuance of its policy to open branches from time to
time at suitable locations, the Poeples Trust Co. of Brooklyn
will shortly open a branch in the Ridgewood Section of that
city at Myrtle Avenue and Bleecker Street. At previously
.
stated in these columns, the capital of the institution was
on May 15 increased from $1,000,000 to $1,200,000 in order
that it might comply with the banking laws of New York
State governing the opening of additional branches.
Lewis Iselin of Iselin & Co. and John G. Agar of Agar,
Ely & Fulton were elected directors of the Farmers' Loan
& Trust Co., at a meeting on June 10.
Brown Brothers & Co. are distributing a booklet contain
ing a series of questions and answers bearing on the important
points of the New York State Income Tax Law.
The United States Mortgage & Trust Co., 55 Cedar
street, this city, have issued a pocket size card which shows
the maturity and interest dates of each of the five Liberty
and Victory loans. This card will be forwarded by the
trust company to any address upon request.
The Morris Plan Company of New York opened a branch
in Brooklyn on Monday last, June 2. This step was taken
solely for the convenience of the Brooklyn people, as nearly
one-third of the company's loans, it is said, are now made to
Brooklyn borrowers. The Brooklyn branch is the third to
be started by the company, the other two being in Union
Square and the Bronx. The main office is at 261 Broadway
The Brooklyn branch, operating the Morris Plan of industrial loans and investments, has leased banking quarters in
the Garfield Building, 26 Court St., near Remsen St., and
began business with a staff of ten or twelve employees under
the direction of B. F. Boos, heretofore Manager of the
Union Square Branch, Manhattan. A statement issued by
the company says in part:
The New York company began business on Dec. 31 1914 with a capital
of $100,000,soon increased to $500,000,and later to $1,000,000. Its growth
was rapid from the start, yet in the first ten months loans aggregated only
3600,000—an average of $60,000 a month as against $560,000 in the current
month of May. A branch was started in the Bronx, at Third Avenue and
149th Street, in April 1916, and another at 1 Union Square in March 1917.
Loans at the main office and two branches to the end of May number
140,000 and amount to about $15,650,000. Over 14,000 interest-bearing
investment certificates have been sold, aggregating more than $2,500,000,
of which amount $1,300,000 is still outstanding. And the company has
sold for the Government over $600,000 of Liberty Loan bonds.
2402
THE CHRONICLE
[VOL. 108.
The President of the New York company is Arthur J. Morris, founder of
the Morris Plan, who succeeded Henry R. Towne when the latter resigned
the presidency and became Chairman of the board of directors. The
Vice-Presidents are John Markle, George F. Canfield, William E. Woodward and Wallace D. McLean. Charles H. Sabin is Treasurer and George
J. Schutz, Secretary and General Manager.
In connection with the extension of the Morris Plan to Brooklyn, it is
interesting to know that there are to-day 102 companies operating this
plan in 104 American cities, from coast to coast and from Canada to Mexico,
and that they are making small loans amounting to nearly $40,000,000 a
year. Nearly all of these industrial banks were organized by the Industrial
Finance Corporation of New York, of which General Coleman du Pont is
President and Mr. Morris Vice-President and General Counsel.
The Morris Plan bank is unique among American financial institutions, in
that it lends money to persons without bank accounts or banking collateral,
extending credit on the strength of personal character and earning capacity.
If a man needs a small sum and does not wish to borrow it from a friend, or
get in the clutches of a loan shark, he applies to the Morris Plan company,
where, if his application is granted, he gives a note signed by two friends
as co-makers. This note is discounted at 6%,and there is an investigation
charge of $1 for each $50 borrowed. Thus, on a $150 loan the borrower
receives $138 cash. For the next fifty weeks he pays $3 weekly toward the
purchase of an investment certificate for $150. When this is fully paid for
he cashes it at the company's office, and two weeks later, when his note
falls due, he can pay it off with the proceeds.
Since this plan was inaugurated by Arthur J. Morris, nine years ago, it
has met the needs of 700,000 persons, firms or corporations of small means.
all over the country, whose borrowings have amounted to over $100,000,000.
About $5,000,000 of this total has been borrowed by Brooklynites from the
Now York company. It is for this reason that that company has decided
to start'a Brooklyn branch in the Garfield Building, 26 Court Street, near
Remsen Street, on Monday morning, June 2.
The Bankers Trust Company of New York City announces the publication on June 15 of a book of tables for
calculating the yield from Liberty bonds and notes. Most
of the existing bond tables are arranged with a view to determining at what price a security must sell in order to
yield a certain rate of income, instead of showing the yield
at a given price. The Bankers Trust Company's tables give
the yield, by price progressions of one-tenth: For Liberty
3M% bonds at an income range of 3% to 4%; for Liberty
4% and 43% bonds at an income range of 4% to 53.%,
while for use in connection with the Victory Liberty notes
and the Certificates of Indebtedness five-year tables have
been prepared for 33 %, 43'% and 43 % at an income
4
4
range of from 3% to 5%. The income yields for these latter
tables have been calculated for time intervals of two months
up to one year and thereafter by half years.
• Loring G. Peede,'Publicity Manager of the Mercantile
Bank of the Americas, 44 Pine St., this city, is leaving that
institution to accept a position as Assistant Editor of the
South American section of the New York "Sun." Mr.
Peede went to the Mercantile Bank of the Americas direct
from the service and organized the department of which he
had been in charge. He has spent some time in various
parts of South America and is familiar with Latin American
conditions and foreign trade in general.
The National City Bank of New York announces the
opening of a new branch in Artemisa, Cuba.
The proposal to increase the capital of the Chatham &
Phenix National Bank of this city from $3,500,000 to $7,000,000 was ratified by the stockholders on June 10. Mention of the plans to enlarge the capital was made in our
issue of May 24. The new stock (par $100) will be issued
at $200 per share and the premium will serve to increase
the surplus from $1,500,000 to $5,000,000. The new capital will become effective July 15 when the capital, surplus
The National City Bank of New York announces the and profits of the bank will
be fourteen million dollars.
opening of the third branch in Havana, Cuba, and will be
known as the Galiano branch. The Bank also announces the
The Battery Park National Bank, in the New York Proopening of a new branch in Pernambuco, Brazil.
duce Exchange building, this city, has leased 1,500 addiThe National City Co. announces the opening of an tional square feet of office space to provide facilities for its
Atlantic City correspondent office. It is located on the growing business. When alterations are completed the
banking room will be twice its present size.
boardwalk in the Chalfonte Block (1225 Boardwalk).
The Corn Exchange Bank of this city, Walter E. Frew
President, has issued a statement of thanks to its friends
and depositors for their magnificent response to the Fifth
Liberty Loan. The total amount of Victory bonds subscribed through this institution with its forty branch offices
in the three city boroughs exceeded $56,000,000, which is
more significant as the number of corporate and individual
• Reginald H. Fullerton has become associated with the subscribers reached 86,877. The record of this bank's
Bankers Trust Co. of this city and will have charge of the endeavors in the five loans is as follows:
Subscribers.
Amount.
municipal department of the company. Mr. Fullerton First Loan
33,041
$13,729,050
was previously connected with Tillotson & Walcott.
Second Loan
56,787
34,818,150
A trust department has been established by the Coal &
Iron National Bank of the City of New York, and Arthur
A. G. Luders has been elected Trust Officer. This is an
important addition to the present facilities of this bank and
enables it to serve its customers in very branch of the banking
and trust business. Mr. Luders is well known to New York
State bankers. For the past five years he has been Secretary
and Treasurer of the Rockland County Trust Co., Nyack,
N. Y., of which he remains a director. Ho is also President
of the Rockland County Bankers'Association and Chairman
of Group VI of the N. Y. State Bankers' Association as well
as Rockland County Director for the sale of U. S. Treasury
certificates of indebtedness. He has had a broad business
experience in addition to a techinical knowledge of the
banking and trust business. The Coal & Iron National
Bank has made notable progress, its last statement showing
total resources of over $26,000,000. Its officers are: John
T.Sproull, President; David Taylor and Allison Dodd, VicePresidents; Addison H. Day, Cashier; Wm. H. Jaquith and
Wallace A. Gray, Assistant Cashiers and A. A. G. Luders,
Trust Officer.
4
The American Exchange National Bank of this city through
its President, Lewis L. Clarke, announces that, in order to
provide every helpful facility to meet the needs and conveniences of its patrons, it has, under the authority of the
Federal Reserve Act, established a trust department which
will be supervised by its Vice-President, William P. Malburn, formerly Assistant Secretary of the U. S. Treasury
and Chief National Bank Examiner of the New York Federal Reserve District. Mr. Malburn's election as VicePresident of the bank was referred to in these columns last
week. The institution will act as trustee, executor, administrator, assignee, receiver, guardian of estates, committee of estates, and registrar of stocks and bonds.
Third Loan
Fourth Loan
Fifth Loan
144,190
124,228
86,877
33,129,350
51,944,250
56,152,800
445,123
$189,773,600
Austin Gobey Jr., heretofore paying teller of the First
National Bank of Brooklyn, was recently appointed an
Assistant Cashier of the institution, assuming his new duties
at once. Mr. Gobey entered the bank twelve years ago as
a junior clerk, and has risen through various stages to his
present position. The greatly increased business of the
bank, we understand, had made the services of another
Assistant Cashier a necessity. The other Assistant Cashiers
of the First National are Frederick W. Krueger and Russell
C. Irish. Ansel P. Verity is Cashier of the institution.
Lieut. Henry B. Reinhardt, of Baltimore, has been ap
pointed Assistant to the President of the Union Nationa
Bank of Philadelphia. Lieut. Reinhardt is well known and
popular among the bankers throughout the country.
John J. Sample, head of the Commodity Loan Division,
has been appointed an Assistant Manager of the Foreign
Department of the Guaranty Trust Co. of New York.
With the declaration on June 9 of an extra dividend of
M of 1%, the Home Savings Bank of Albany will pay depositors 4
interest the current year, the highest, the
Albany "Argus" states, ever paid by any savings bank in
that city. It is also, it is said, the first time any Albany
savings bank has paid an extra dividend. With regard to
the extra distribution, the "Argus" quotes Thomas Austin,
President of the bank as saying:
The trustees, all of whom serve without monetary compensation,Iffelt
that a conservative surplus having been reached the depositors should have
the immediate benefit, and therefore the extra dividend was declared.
Besides providing for the extra dividend, the bank, it is
nnounced, has added $40,000 to its surplus during the year
JUNE 14 1919.]
THE CHRONICLE
2403
An increase of $50,000 in the capital of the American Naand now has a surplus of over $1,000,000 on deposits of
tional Bank of Findlay, 0., raising it from $100,000 to
$10,000,000.
$150,000, has been approved by the Comptroller of the Curconsummation of the proposed rency.
Another step towards the
inerger of the First National Bank of Geneva, N. Y., and
At a meeting of the directors of the Industrial Trust,
the Farmers' & Merchants' Bank of that city (referred to Title & Savings Company of Philadelphia on June 5, Henry
as well as a most imin these columns in our April 5 issue)
G. Drueding was elected to the directorate.
portant financial event in the history of Geneva, was taken
the First National Bank( capital $100,000)
on May 20 when
Action on the question of increasing the capital of the
was converted into a trust company with the title of the
Bank of Philadelphia from $600,000 to
Trust Co. The actual steps incident to the change Third National
Geneva
of the stockholders
of the stockholders held after the $1,000,000 will be taken at a meeting
took place at a meeting
of Banks, to be held on July 9. The additional stock is to be sold to
close of business on that day, State Superintendent
shareholders at $200 per share.
George I. Skinner, being present by appointment to give existing
authorization, and the new
the necessary approval and
The Liberty Savings Bank of Washington, D. C., recently
trust company opened its doors the next day, May 21.
time, we understand, the Farmers' & Mer- signed a contract for the erection of a new bank building
Within a short
that city, and the
chants' Bank (capital $100,000) will be taken over by the at the corner- of Fifteenth and I streets,
of this
Geneva Trust Co., the enlarged institution to have a capital work has been commenced. Holmes & Winslow
with surplus of like amount, which will make city are the architects. The new building is to be a oneof $250,000
purposes.
it, it is said, the largest financial institution in the vicinity. story structure, designed exclusively for banking
street and of
This is to bo brought about by combining the capital and It will have a frontage of 25 feet on Fifteenth
will be the masurplus of both institutions and in addition issuing a small 139 feet on I street. Indiana limestone
the style of architecture
amount of new stock. The organization of a trust company terial used for the exterior and
room will occupy the
in Geneva, we understand, had been agitated for many Italian renaissance. The banking
of the Geneva Trust Co. marked the front part of the building, while an elaborate safe deposit
years and the opening
on I street will be loculmination of efforts to establish such an institution. department with a separate entrance
the Liberty Savings
First National Bank has been placed in voluntary cated in the rear. Up to the present
The
company charter was ap- Bank has conducted a strictly savings business. In the
liquidation. Before the trust
also in commercial
proved, it was necessary for the national bank to convert future, however, it purposes to engage
banking and to this end, we understand, is to be converted
bank.
into a State
into a national institution with the title of the Liberty NaAn increase of $25,000 in the capital of the First National tional Bank with a capital of $250,000 and surplus and
to
undivided profits of $25,000; the stock will be in shares of
Bank of Amsterdam, N. Y., raising it from $125,000
$150,000, has been approved by the Comptroller of the $100 each.. The Liberty Savings Bank on May 12, 1918
Currency.
reported capital of $180,970 and deposits of $501,054.
George 0. Walson is President and E. J. McQuade TreasSamuel G. Dunham, a director of the United States Bank urer. The change will take place about the time the new
of Hartford, Conn., has been elected Vice-President of the building is ready for occupancy.
bank and Robert D. Chapin, previously Receiving Teller,
has been elected Assistant Cashier and Paying Teller.
Following the acquisition of control of the Market Na.The bank had been without a Vice-President since John 0: tional Bank of Cincinnati (capital $500,000) by the FifthEnders was advanced from the Vice-Presidency to the post Third National Bank of that city, announced on May 31,
of President in July of last year.
the first named was merged with the latter, the merger
taking effect June 2. The Cincinnati "Enquirer" on June 1
Lawrence G. Dean has been elected an Assistant Treasurer in reporting the merger said in part:
& Trust Co. of Boston, Mass.,
of the Boston Safe Deposit
The Fifth-Third acquires all the business and assets of the Market, and
succeeding Edward E. Stevens, resigned. Mr. Stevens Fifth-Third interests obtain control of a large majority of the stock of the
Securities Savings Bank. The Market National Bank will liquidate and
retires after serving the company for thirty-two years.
John A. Voetsch has been elected President of the Olney
Bank of Philadelphia, Pa. Mr. Voetsch was previously
Cashier of the bank. William R. Thomas heretofore Assistant Cashier succeeds to the Cashiership.
surrender its charter to the Government.
The deal follows the retirement of the Fleischmann interests from Chi
cinnati. The two banks represent the major interest of the Fleischmanns
still remaining in Cincinnati.
The negotiations were conducted by Reamy E. Field, of Field, Richards
& Co. Mr. Field was responsible for the merger of the old Fifth National
coinciand old Third National into the Fifth-Third National Bank. By
having
dence that merger was effected just 11 years ago, the final papers
been signed on Decoration Day 1908.
In the present negotiations Charles A. Hinsch acted for the Fifth-Third
Interests and Casper H. Rowe for the Market National interests. Well,
Roth & Co. were represented.
Charles F. Class has been elected a director of the Tenth
National Bank of Philadelphia,Pa. The officers of the bank
are John. F. Bauder, President; Eduard A. Murphy, Vice.
President; Herbert J. Shaffer, Cashier, and John C. Ludlam,
Charles A. Hinsch will continue as President of the FifthAssistant Cashier.
Third, and all the officers of the Fifth-Third will be retained. The entire personnel of the Market will be taken
The Comptroller of the Currency announces the voluntary over. Casper H. Rowe, President of the Market, and
liquidation of the Merchants' National Bank of Winston- Louis G. Pochat, Vice-President of the Market, become
Salem, N. C.(capital $100,000), the institution having been Vice-Presidents of the Fifth-Third, and G. W. Gale, Cashier
succeeded by the Merchants Bank & Trust Co. of Winston- of the Market, becomes an Assistant Cashier of the FifthSalem.
Third. With the exception of Julius Fleischmann, all the
directors of the Fifth-Third.
resident of the Commercial National directors of the Market become
David Tod, Vice-P
J. B.
They are Max C. Fleischmann, George Puchta, Casper II. Rowe,
Mr. Tod was
Armstrong;
Bank of Youngstown, Ohio, died on May 14.
Verkamp, G. McG. Morris, W. S. McICensie and Bolton S.
identified with numerous interests. He had been President J. J. Castellini is also added to the Fifth-Third directorate.
The actual money involved in the deal is between $1,500,000 and $2,of the Youngstown & Suburban Ry., and among other in- 000,000. Both deals involve the transfer of about $10,000,000 of banking
terests held by him, he was a director and *member of the assets. About $5,000,000 of deposits will go to the Fifth-Third through
executive committee of the Brier Hill Steel Co., one of the the deal.
acquisition of the controlling interest and possibly the entire capital
In
largest independent steel companies in the country. He stockthe the Security Savings Bank by the Fifth-Third interests, there will
of
had been a member of the City Council from 1901 to 1906 be no change in the personnel or the location of the bank for the present.
in officers and directors are made. Julius Fleischmann
and State Senator representing Trumbull and Mahoning Several changes board, while Charles A. Hinsch and II. H. Suydam go on
the
counties from 1909 to 1913. Mr. Tod was a candidate for retires from
the directorate.
Mr. Hinsch becomes President of the bank, succeeding George Puchta.
the Republican nomination for Governor in 1914 and was
the
According to C. H. Mr. Puchta becomes Vice-President. J. R. Edwards, manager of and
defeated by a very small majority.
nt,
bond department of the Fifth-Third Bank, becomes a Vice-Preside
Kennedy, Cashier of the bank, Mr. Tod's death is a great II. J. Plogstedt remains as Secretary and Treasurer. The Security Board
loss to the business and financial interests not only in will comprise Max C. Fleischmann, George Puchta, Casper II. Rowe,
and Charles A. Hinsch.
Youngstown, but in the State of Ohio, as his well-known John E. Sullivan, J. B. Verkamp. H. H. Suydam
The Market National Bank has a capital of $500,000, a
principles of fairness, honesty and interest in all matters for
$400,000 and net undivided profits of $204,000.
civic improvement commanded the respect and admiration surplus of
Total resources at its last statement amounted to $7,155,not only of his friends, but those who might oppose him.
462 93.
•-•-••••••
•
2404
THE CHRONICLE
The Fifth-Third National Bank has a capital of $3,000,000, a surplus of
$1,500,009 and net undivided profits of $201,800. Its total resources at
the last statement were $45,500,100 18.
The Market National Bank was organized in 1887, the late Charles
Fleischmann playing a prominent part in its organization. It has long been
known as the Fleischmann Bank. Edwin Stevens was the first President.
Charles Fleischmann succeeded him and was in turn succeeded by his son,
Julius Fleischmann. Casper H. Rowe, long identified with the Fleischmann interests was its fourth and last President.
The Fifth-Third National was effected by a merger of the old Fifth and
the old Third Nationals in 1908. The old Fifth was organized in 1882 as
the Queen City National, later changing its name to the Fifth National.
The Third National Bank was organized in 1863. It was the first local
bank to obtain a national charter, holding Charter No. 20. Since its merger, the Fifth-Third National absorbed the old American National in 1908
and the private banking house of S. Kuhn & Sons in 1909.
The figures of the Fifth-Third National Bank given above
were those before consolidation; on the date of the consummation of the merger,May 31, the deposits, augmented
by those of the Market National, were $38,859,369, while
its resources were brought up to $55,276,977. The official
staff of the Fifth-Third National as constituted following
the merger is as below: Charles A. Rinsch, President;
Casper H. Rowe, Edward A. Seiter, Monte J. Goble, Louis
G. Pochat, Stacy B. Rankin, Charles T. Perin, and William
A. Hinsch, Vice-Presidents; Charles H. Shields, Cashier;
Lewis E. Van Ausdol, Frederick J. Mayer, Samuel McFarland, Edward A. Vosmer, and G. William Gale, Assistant Cashiers.
*--Isaac N. Powell has been chosen President of the South
Side State Bank, of Chicago, succeeding the late Henry W.
Mahan.
*-Announcement was made on May 17 that the State
Banking & Trust Co., 734 Euclid Avenue, Cleveland (capital $250,000) had purchased the assets and business of the
Detroit Avenue Savings & Trust Co., West 65th Street and
Detroit Avenue, N. W., that city (capital $200,000) and
hereafter the institution would be operated as the "Detroit
Avenue" office of the former, thus giving the State Banking
& Trust Co. three branches in addition to its main office.
In order to negotiate the deal, the State Banking & Trust
Co. will increase its capital from $250,000 to $350,000 and
exchange the $100,000 additional capital stock thus obtained
share for share for stock of the Detroit Avenue Savings &
Trust Co. and then retire the remaining $100,000 of this
company's stock by a payment in cash of $150 per share.
The Detroit Avenue Savings & Trust Co. began business
Aug. 10 1914 and under the direct guidance of F. W. Staffeld, Secretary-Treasurer of the institution, has grown
rapidly. Mr. Staffeld will continue in charge of its affairs
and the entire force of employees will be retained. The
enlarged State Banking & Trust Co. will have a surplus of
approximately $175,000 and estimated deposits of $7,160,000. The board of directors will be increased by several
directors of the Detroit Avenue Savings & Trust Co. The
officers of the institution are D. R. James, Chairman of
the Board; Charles R. Dodge, President; C. H. Beardslee
and F. H. Rose, Vice-Presidents; John Jaster, Secretary,
and J. L. Wadsworth, Treasurer.
*—
Hobart B. Hoyt has resigned as Vice-President of the
Union Trust Company of Detroit, Mich., to devote more
time to other enterprises. He will, however, continue to
be identified with the company, since the directors, while
releasing him from the Vice-Presidency, elected him as a
member of the board on May 28. Mr. Hoyt entered the
service of the Union Trust Company following his graduation from the University of Michigan in 1899. He was the
first to serve as Trust Officer of the company; he later
advanced to the office of Vice-President. He is also President of the Detroit Pressed Steel Company and Vice-President of the Michigan Steel Castings Company.
[VOL. 108.
A request for a charter for the St. Augustine National
Bank, of St. Augustine, Fla., has been made to the Comptroller of the Currency. The bank is to be formed with a
capital of $50,000.
The consolidation of the Fidelity Trust Co of Kansas..
City(Mo )and the National City Bank of that city, under
the title of the Fidelity National Bank & Trust Co (reference to which was made in these columns in our March 15.
issue) was consummated on May 31 and the enlarged institution opened for business June 2. As previously stated
by us the capital of the new Fidelity National Bank & Trust.
Co is $2,000,000 with surplus of $1,000,000. A financial
statement of the new organization as of May 31 showed
deposits at that date amounting to $27,227,517 and total
resources aggregating $34,575,940. The savings deposits
of the new institution as in the past are to be handled through
the Fidelity Savings Trust Co (constituting the Savings.
Departmentof the bank), which is an affiliated institution
of the Fidelity National Bank & Trust Co., owned by the
same stockholders. The capital of this company is $250,000, while its surplus and undivided profits aggregate $86,287 the deposits on May 31 standing at $3,149,519. The
other departments of the new institution are: Banking
Department, Trust Department, Safety Deposit Department, Bond Department, Mortgage Department and
Women's Department, the latter affording facilities for the
handling of women's business All the officials and employees of both the merged institutions have, we understand, been retained by the new organization. The official
staff is as follows: Henry C. Flower, Chairman of the
Board of Directors; John M. Moore, President; W. D.
Johnson, George T. Tremble, Charles H. Moore, Lester W.
Hall, E. E. Ames, D. A. McDonald and A. D. Rider, VicePresidents and J. F. Meade, Cashier.
At a meeting of the stockholders of the Guaranty State
Bank of Houston, Texas, held on May 2, the capital of the
institution was increased from $50,000 to $100,000. Its
stock is in shares of $100 each. The bank began business in
January 1910 with an initial capital of $20,000. The officers
of the institution are: Jno. D. Dyer, President; S. R. Bertron Jr. and H. E. Watkins, Vice-Presidents; A. B. Jones,
Cashier, and E. C. Roberts, Assistant Cashier. The bank
has a surplus of $7,000. Deposits on May 15 last amounted
to $611,584.
*---A new banking institution is being organized in Boseman,
Mont., by local capitalists. A State charter has been applied for under the name of the Security Bank & Trust
Company and the new bank will be opened in the near
future. The capital stock has been fixed at $100,000 in
shares of $100 each and we understand has all been subscribed. H. S. Buell, a member of the Montana Legislature and President of H. S. Buell & Co. of Bozeman, dealers
in real estate, is to be President of the new institution and
W. N.Purdy, Assistant Cashier of the Commercial National
Bank of Gallatin County, Bozeman, has been chosen Cashier. The other officers will be A. G. Berthot, Vice-President, and J. L. Ketterer, Assistant Cashier.
*-It is proposed to convert the Citizens Bank of Albuquerque,
New Mexico, into the Citizens National Bank. An application for a charter for the Federal bank, with a capital of
$100,000, has been made to the Comptroller of the Currency.
With a view to converting the Crown City Trust & Savings
Bank, of Pasadena, Cal. (capital, $205,000) into the National Bank & Trust Co. of Pasadena, an application for a
charter for the latter has been made to the Comptroller of
The Swedish-American State Bank of St. Paul has made the Currency. The proposed institution is to have a capital
application to the State Superintendent of Banks, F. E. of $300,000.
Pearson, for permission to change its name to the Payne
A charter for the National Mechanics' Bank of Newport
Avenue State Bank, and to increase its capital from $25,000
News, Va., capital $100,000, has been issued by the Compto $60,000. The par value of the stock is $200 per share.
troller of the Currency. Announcement that a charter had
The Comptroller of the Currency has signified his approval been applied for was made in our issue of April 19.
of the proposal of the McCarntey National Bank of Green
Bay, Wis., to increase its capital from $200,000 to $375,000.
The Hibernia Bank & Trust Co. of Now Orleans has completed the preliminary details whereby it will shortly absorb
Application has been made to the Comptroller of the Cur- the New Orleans National Bank. The enlarged institution
rency for a charter for the City National Bank of Atchison, will have resources of more than $50,000,000. The office
Kansas. Capital $100,000.
of the New Orleans National Bank will become the Camp
Street Branch of the Hibernia Bank & Trust Co. and will
JUNE 14 1919.]
2405
THE CHRONICLE
Net profits stand at $1,383,000 as compared
be in charge of the same officers as heretofore. President been made.
,000 for the previous year. The dividend was
Hecht of the Hibernia Bank & Trust Co. made the follow- with $1,236
increased during the year from 10 to 11%, note circulation
ing the plans:
ing announcement on June 5 concern
t bearing
to gained $1,000,000 and is now $13,316,000, interes
In order to properly take care of its rapidly increasing business and ,
upon by the board of directors
at nearly $92,000,000 as compared with less
deposits stand
carry out tho policy of expansion decided
had already decided
non-bearing interest deposits
the management of the Hibernia Bank & Trust Co.
of than $76,000,000 last year,
its capital and surplus by at least $1,000,000, and instead
to increase
,000, quickly
decided to make an offer are now $43,500,000 as compared with $34,800
offering this additional stock to the public it was
New Orleans National Bank to consolidate their available assets stand at $62,750,000 or $5,000,000 over
to the stockholders of the
their present stock for
business with that of the Hibernia by exchanging
the figures for the previous year, current loans amount to
& Trust Co.
the new shares to be issued by the Hibernia Bank
while
bank will, of course, help $95,800,000 as compared with $76,000,000 in 1918,
The increased capital and surplus of the new
of our institution, which total assets are $166,725,000, a gain of nearly 826,000,000
materially in taking care of the growing business
of
meeting Sir H. Montagu
will now have total resources considerably in excess $50,000.
is developing very during the year. At the annual
Business of all kinds in New Orleans and the South
of resources and organi- Allan reviewed the year's business and referred to the death
fast, and by this consolidation and concentration
to be better able than ever of Andrew A. Allan, a director of the bank. D.C. Macarow,
zation the Hibernia Bank & Trust Co. expects
al, industrial and financial
before to do its part in the big work of commerci
the General Manager, commented in a general way upon
reconstruction which is before us.
of
- the results achieved and drew a very gratifying picture
The New Orleans National Bank had a capital of $1,000, the country's positions and prospects. It was pointed out
deposits of
000, surplus and profits of about $880,000 and
s and subthe Hibernia that since the war ended many new branche
over $9,000,000. Last week the directors of
not only have absorbed
ly dividend of 6%, branches had been opened which
Bank & Trust Co. declared a quarter
have proof June 4 the bank's officers returning from the front, but
payable on July 1 1919 to stockholders of record
vided additional banking facilities for the public. It was
following
1919. The officers of the Hibernia Bank & Trust board; also shown that the bank's clientele invested $45,000,000
of the
the merger are: Hugh McCloskey, Chairman
conversions.
Chairman and in Victory loans, of which only $4,000,000 were
R. S. Hecht, President; Adolph Katz, ViceProvision was made at the meeting for increasing the bank's
P. Howard,
as exVice-President; R. W. Wilmot, C. P. Ellis, A.
Villere capital from $10,000,000 to $15,000,000, this being,
F. W. Ellsworth, C. F. Herb, Chas. Palfrey, Paul
for possible
, Cashier; plained by the President, merely in preparation
and F. E. Riess, Vice-Presidents; James H. Kepper
E. future requirements; there is no intention to issue further
W. B. Machado, R. J. Druhan, W. P. Tutt and Chas.
on, Bond Officer; new stock in the near future.
Stevens, Assistant Cashiers; P. H. Wilkins
L. V. DeGruy, Trust Officer; S. I. Jay, Manager Savings
G.
THE ENGLISH GOLD AND SILVER MARKETS.
Department; L. E. Thoman, Safe Deposit Officer; R.
of
on,
We reprint the following from the weekly circular
Fitzgerald, Manager Jefferson Branch; and E. F. LeBret
ial Branch. Of the above named officers Samuel Montagu & Co. of London, written under date of
Manager Industr
those who had been identified with the New Orleans Na- May 29 1919:
GOLD.
tional were Adolph Katz (who had been President of that
is £84.472,355.
Bank of England gold reserve against its note issue
week's return.
A. P. Howard (who had served in the Vice- anThe
institution),
increase of £547,530, as compared with last
that the Federal Reserve Bank
Presidency), F. E. Riess (who had been Cashier) and C. E. It was stated about the middle of April shipment of $5,829,000 of gold,
of New York had received from Canada a
s (who had been Assistant Cashier).
Steven
1917 totaling
this amount representing the balance of the sum (in June
Agency by the
$52,500,000) which had been earmarked at the Ottawa
Bank of England for the twelve Federal Reserve banks.
SILVER.
excepThe inclination of prices has upon the whole been upward. An
took
tion occurred on the 24th inst., when a temporary relapse of %d.
place. The quotations for cash and two months' delivery have been daily
the
identical, and buyers for the latter have been well in evidence. At
Bank of lower level of about .51 pence sellers became less inclined to operate,
The forty-fourth annual report of the Imperial
favorable rates.
year ending preferring to wait for morequoted a little higher at 5s. 2d. per tael. Some
Canada (head office, Toronto) for the fiscal
The Shanghai exchange is
submitted to the shareholders at the annual small purchases are reported to have been made in American on China
April 30 1919,
showing as it does account. About the beginning of May a shipment was actually made to
meeting on May 28, is very gratifying,
as compared with Shanghai of about 127,000 ounces. world's production in 1917 and 1918
net profits for the year of $1,247,516,
We append U. S. estimated of the
and $1,122,818 in 1917, and an increase (expressed in ounces); the former by the Director of the U. S. Mint and
$1,185,066 last year
the same to the large the latter by the Federal Reserve Board:
1918.
of $10,000,000 in total assets, raising
1917.
67,900,000
71,740,000
$112,000,000 as against $102,000,000 in 1918. The United States
sum of
20,800,000
22,151,000
account last year was -Canada
balance carried to profit and loss
51,000,000
31,214,000
net profits for 1918-1919 Mexico
12,000,000
11,000,000
$1,204,902 and when to this sum the
Peru
ution. This
3,000,000
2,435,000
Bolivia
are added $2,452,418 was available for distrib
5,000,000
4,500,000
for dividends Spain
amount was apportioned as follows: 40,000
8,000,000
6,845,000
00 contributed to pen- Japan
4,000,000
4,071,000
at the rate of 12% per annum; $142,5
Australia
ment war All
8,200,000
10,037,000
Other
sion and guarantee funds; 70,000 to pay Govern
00 trans179,900,000
163,993,000
tax; $34,500 donated to patriotic funds, and $500,0
Total _
appear below)
The returns of the Indian Currency (the latest details
to reserve fund, leaving a balance of " •65,418 to be
ferred
r of its position. Though hardly yet "Set Fair," the
carried forward to next year. On account of the transfer of serve as a baromete proportion (36.6%) of precious metals to the note
shows a
this year is less than index than anyhigher December 15th last.
since
the $500,000 to reserve fund the balance
issue
Indian Currency Returns.
that of last year, when no contribution to the reserve fund
May 7. May 15. May 22.
in
of rupees)
(In
15558
15507
was made. A gain of nearly ,000,000 is shown deposits Noteslacecirculation
15416
in
reaches $11,870,723, a
3943
3893
3749
while the bank's note circulation now
Silver coin and bullion in India
53
and bullion out of
gain of approximately $2,000,000 during the year. Two Silver coinand bullion in IndiaIndia
1607
---1606
---1606
coin
150
150
150
new directors, namely, R. S. Waldie, Vice-President of the Gold coin and bullion out of India
1608
1608
Frank A. Rolph, of Gold s (Indian Government)
1608
Victoria Harbor Lumber Co., and
Securitie
8250
8250
8250
Rolph, Clarke & Stone, Ltd., were appointed during the Securities (British Government) ending May 22 amounted to 132 lacs of
The mintage during the week
year to succeed the late Cawthra Mulock and the late Hon. rupees.
of about 30,400,000
The stock in Shanghai on the 17th inst. consisted
W. J. Hanna.
news has come to hand.
ounces in sycee and 16,300,000 dollars. No fresh
Quotations for bar silver per ounce standard:
51%d. 2 mos.
513d.
The Bank of Montreal announces the removal of its May 23
51%d.
s on the ground " 24
51%d.
Chicago offices on June 2 to new premise
51%d.
51%d.
National Life Building, at 27 and 29 South La " 26
floor of the
52Ud.
52%d.
27
of the Chicago " 28
523d.
52%d.
Salle Street. William Turner is Manager
52%cl.
52%d.
" 29
agency of the bank.
52d,
52d.
Average
5%
Bank of Canada made Bank rate ounce standard
77s. 9d.
The statement of the Merchants
Bar Gold per
delivery are each 1%cl.
The quotations to-day for cash and forward
public at the annual meeting on June 4, covering the year
and including six months of war and above those fixed a week ago.
of
Plans whereby the capital of the First National Bank
00
Breckenridge, Tex., is increased from $40,000 to $200,0
cy.
have been approved by the Comptroller of the Curren
14
61
66
66
14
44
66
41
ended April 30 1919
under
six months of peace, is most satisfactory, as every departWe have also received this week the circular written
ment of the bank's activities registers gains. In such (late of May 22 1919:
GOLD.
matters as net profits, dividends, deposits, both interestnote issue is £83,924,825,
The Bank of England gold reserve against its
bearing and non-interest bearing, quickly available assets,
last week's retu rn.
and total assets noteworthy increases have slight decrease of £88,415 as compared with
current loans
2406
THE CHRONICLE
SILVER.
The restoration of freedom to the London market has been accompanied
with a healthy return of business. Supplies havebeen plentiful and have
so far anticipated the Continental demand, which.is surely though slowly
being resumed. As a matter of fact the markets in;is t neighboring Allied
and neutral countries hardly yet realize the fact that London is'quite prepared to supply raw material for industries and for coinage, which has been
suspended during the period that export of silver from the United Kingdom was restricted, and the price officially regulated. The War Trade
War Trade Department is giving the most cordial assistance inlfacilitating
the provision of export licenses, which are granted freely.
The abundance of supplies from America suggests that producers had
laid in stocks for a rise, and, this not being forthcoming and there being a
good profit on the original stocking price, are realizing with some freedom.
When this special source of supply is taken off the market and thelContinent has woken up, prices may perhaps be more robust and buyers for forward delivery, who have been lately in considerable evidence., would then
be able to Justify theiripurchases.
The Shanghai exchange has eased slightly to-5.s. 1%d. the tad, equal to
52%cl. per ounce standard. (expenses of transmission excluded).
There was the usual demand for the India Council allotments on the basis
of Is. 8d. a rupee, the limit to which they were raised on Tuesday week.
The currency return for the 15th inst. is the first since the beginning of
April, 1918, which does not include silver outside India. It was officially
stated on the 20th inst. that 194,961,672 fine ounces had been delivered in
India up to the 1st inst. under the Pittman Act.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees.)
Apr. 30. May 7. May 15.
Notes in circulation
15507
15372
15416
Silver coin and bullion in India
3893
3474
3749
Silver coin and bullion out of India
285
53
---Gold coin and bullion in India
1606
1455
1606
Gold coin and bullion out of India
150
300
150
Securities (Indian Government)
1608
1608
1608
Securities (British Government)
8250
8250
8250
The value of coins minted during the week ending May 15 was 137 lacs
of rupees.
The stock in Shanghai on the 17th inst. consisted of about 30,400,000
ounces in sycee and 16,300,000 dollars, as compared with about 30,750,000
ounces in sycee and 18,500,000 dollars on the 13th inst. Quotations for
bar silver per ounce standard:
Cash. 2 Mos.
Cash. 2 Mos.
May 16
d 54
537
May 22
d 51%
51%
May 17
53%
53%
Average
52.625 52.583
May 19
53%
53%
Bank rate
5%
May 20
52%
52%
Bar gold per oz. standard_ _77s. 9d.
May 21
51
51
The quotation to-day for cash delivery is 2%d. and that for forward delivery is 2%d. below those respectively fixed a week ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
June 7.
Week ending June 13.
Sat.
Silver, per oz
d. 53%
Consols, 2% per cents
Holiday
British, 5 per cents
Holiday
British, 434 per cents
Holiday
French Rentes (in Parls)__fr.
French War Loan (in Paris)fr.
June 9. June 10. June 11. June 12. June 13.
Mon.
Tues.
Wed. Thurs.
Frt.
Holiday 53%
54%
54%
54
Holiday 54%
5334
52%
5334
Holiday 94%
94%
9434
94%
Holiday 9934
99%
99
99
Holiday
62.30
62.20
Holiday
88.5
88.5
The price of silver in New York on the same days has been:
Silver in N. Y., per oz___cts.109%
109%
110%
111%
112%
110%
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
The United States Steel Corporation on Tuesday, June 10
1919, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
May 31, to the amount of 4,282,310 tons. This is a decrease
of 518,375 tons from the amount on hand April 30 last. As
compared with 8,918,866 tons, the unfilled total on hand a
year ago at this time, the latest figures show a shrinkage
of no less than 4,636,556 tons. The current figures are the
smallest reported in the four years since May 31 1915.
In the following we give comparisons with the previous
months:
Tons.
Tons.
Toni.
May 31 1919__ 4,282,310 May 31 1916_ 9,937,798 May 31 1913... 6,324.322
Apr. 30 1919_ 4,800,685 Aprll 30 1916- 9,829,551 April 30 1913-- 6,978,762
Mar. 31 1919._ 5,430,572 Mar. 31 1916_ 9,331,001 Mar. 31 1913- 7,468,956
Feb. 28 1919.... 6,010,787 Feb. 29 1916__ 8,568,966 Feb. 28 1913__ 7,656,714
Jan. 31 1919.... 6,684,268 Jan. 31 1916- 7,922,767 Jan. 31 1913_- 7,827,368
Dec. 31 1918_ 7,379,152 Dec. 31 1915_ 7,806,220 Dec. 31 1912.Nov. 30 1918.... 8,124,663 Nov. 30 1915- 7.189,489 Nov. 30 1912__ 7,932,164
Oct. 31 1918- 8,353,298 Oct. 31 1915_ 6,165,452 Oct. 31 1912_ 7,852,883
7,594,381
Sept. 30 1918- 8,297,905 Sept. 30 1915._ 5,317,618 Sept. 30 1912__ 6,551,507
Aug. 31 1918- 8,759,042 Aug. 31 1915_ 4,908,455 Aug. 31 1912_
July 31 1918_ 8,883,801 July 31 1915__ 4,928,540 July 31 1912- 6,163,375
5,957,073
June 30 1918-- 8,918,866 June 30 1915_ 4,678,196 June 30 1912- 5,807,349
May 31 1918_ 8,337,623 May 31 1915- 4,264.598 May 31 1912_ 5,750,986
April 30 1918-- 8,741,882 April 30 1915- 4,162,244 April 30 1912- 5,664,885
Mar. 31 1918.... 9,056,404 Mar. 31 1915_- 4,255,749 Mar. 31 1912_ 5,304,841
Feb. 28 1918- 9,288,453 Feb. 28 1915__ 4,345,371 Feb. 29 1012- 5,454,201
Jan. 31 1918_ 9,477,853 Jan. 31 1915_ 4,248,571 Jan. 31 1912....
Dee. 31 1917__ 9,381,718 Dec. 31 1914_ 3,836,643 Dec. 31 1911_ 5,379,721
5,084,765
Nov. 30 1917_ 8,897,106 Nov. 30 1914.... 3,324,592 Nov. 30 1911_ 4,141,958
Oct. 31 1917-- 9,009,675 Oct. 31 1914- 3,461,097 Oct. 31 1911- 3,694,327
Sept. 30 1917.... 9,833,477 Sept. 30 1914- 3,787,667 Sept. 30 1911.... 3,611,315
Aug. 31 1917-10,407,049 Aug. 31 1914- 4,213,331 Aug. 31 1911.- 3,695,985
July 31 1917..10,844,164 July 31 1914- 4,158,589 July 31 1911- 3,584,088
June 30 1917-11,383,257 June 30 1914- 4,032,857 June 30 1911_ 3,361,087
May 31 1917..11,886,591 May 31 1914__ 3,998,160 May 31 1911_ 3,113,154
April 30 1917-12,183,083 April 30 1914- 4,277,068 April 30 1911_ 3,218,700
Mar. 31 1917-11,711,644 Mar. 31 1914__ 4,653,825 Mar. 31 1911._ 3,447,301
Feb. 28 1917-11,570,697 Feb. 28 1914.... 5,026,440 Feb. 28 1911_ 3,400,543
Jan. 31 1917...11,474,054 Jan. 31 1914__ 4,613,680 Jan. 31 1911.... 3,110,919
Dec. 31 1916-11,547,286 Dec. 31 1913-- 4,282,108 Dec. 31 1910- 2,674,750
Nov. 30 1916_11,058,542 Nov. 30 1913- 4,396,347 Nov. 30 1910._ 2,760,413
Oct. 31 1916_10,015,260 Oct. 31 1913- 4,513,767 Oct. 31 1910_ 2,871,949
Sept. 30 1916_ 9,522,584 Sept. 30 1913_ 5,003,785 Sept. 30 1910- 3,148,106
Aug. 31 1916-- 9,660,357 Aug. 31 1913- 5,223,468 Aug. 31 1910- 3,537,128
July 31 1916-- 9,593,592 July 31 1913- 5,399,356 July 31 1910-- 3.970,631
June 30 1916-- 9,640,458 June 30 1913-- 5.807,317
ANTHRACITE COAL SHIPMENTS.
-The shipments
of anthracite coal for May 1919, as reported to the Anthra-
[VOL. 108
cite Bureau of Information at Philadelphia, Pa., amounted
to 5,711,915 tons, recording a decline of 1,175,341 tons, as
compared with the total for the same month last year. The
May shipments exceed those of April by 487,2001tons. The
Bureau says: "The increase of nearly 500,0001tons over
April is gratifying for it was accomplished in spite of the fact
that most of the mines were shut down on Ascension Day
and Memorial Day. The decrease as compared with May
1918 was chiefly in steam sizes as because of the war demands
a year ago washery tonnage was an important factor, whereas
comparatively little washery coal was shipped last month."
The movement for the coal year (began April 1) aggregated
10,936,630 tons, as against 13,255,629 tons for the same
period last year.
The shipments by the various carriers in May 1919 and
1918 and for the respective coal years to May 31 were as
follows:
'Way-2 Mos. of Coal Year
1918.9118.
Road1919.
Philadelphia & Reading
tons_1,156,119 1,356,878
2,590,300
2,200,311
Lehigh Valley
2,503,491
1,030,160 1,328,464 1,896,084
Central RR. of New Jersey
1,095,860
566,974
498,521
980,302
Delaware Lackawanna & Western
2,045,621
1,799,516
914,301 1,037,603
Delaware & Hudson
1,597,543
1,270,706
667,227
825,990
Pennsylvania
941,754
401,918
785,168
493,380
Erie
1,456,622
1,202,779
621,326
761,436
New York Ontario & Western
362,722
167,403
312,259
177,072
Lehigh & New England
661,626
254,940
489,505
339,459
Total
5,711,915 6,887,256
10,936,630
13,255,62
LAKE SUPERIOR IRON ORE SHIPMENTS.
-Pre
shipments of Lake Superior iron ore during May 1919 totaled
6,615,341 tons, being a decrease of 2,176,890 tons, or 24.75%,
from the record shipments of May 1918. The shipments exceed those for the month of May 1917 by 331,729 tons. The
tonnage moved up to June 1 1919 aggregated 8,027,580 tons,
contrasting with 9,028,101 tons and 6,495,144 tons for the
corresponding periods in 1918 and 1917, respectively.
Below we compare the shipments from the different ports
for May 1919, 1918 and 1917, and for the respective seasons
to June 1:•
PortEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
May
Season to June 1
1919.
1919.
1918.
1918.
1917.
1917.
tons 583,463 655,495 1,105,086 654,880 655,495 1,295,493
151,749 495,043
98,048
98,048 151,749 505,751
669,647 898,147 732,951 817,005 898,147 732,951
1,250,536 1,088,029 1,383,204 1,352,267 2,187,591 1,404,419
2,957,338 3,055,083 1,765,683 3,751,387 3,112,074 1,765,683
1,002,608 1,600,434 1,198,550 1,300,292 1,669,043 1,198,550
Total
6,615,341 8,792,231 6,283,612 8,027,580 9,0'28,101 6,495,144
...••••••••••••••••••
TREASURY CURRENCY HOLDINGS.
-The following
compilation, made up from the daily Government statements, shows the currency holdings of the Treasury at the
beginning of business on the first of February, March,
April and May 1919:
tiqatflqh In
ub-Treosuries
Feb. 1 1919 Mar. 1 1919. April 11919. May 1 1919.
3
.s
Net gold coin and bullion
Net sneer c.'Iii and bunion
Net United Stains, 1101e5.
Net national bank notes
Net Fed. Reserve notes
Net Fed. Res. hank notes
Net subsidiary silver
Miner coin. ,fie
330,089.676
71,268,190
11,515,175
48.761.064
37,115,287
2,857,366
8,253,055
8,118,392
368,225,767
71.209,939
12,893,438
60,740,275
36,090,813
6,196,310
11.287,225
7,364,031
Total cash in Suh-Trem,
Less gold reserve food
517.983,205
152,979.026
573,981.818 .570,537,987 *579,645,531
152,979,026 152,979,026 152,979,026
Cash instance In Sub-Treas
Dep In speehtl depos'ries:
Account eerts. ot irsiebt
Liberty Loan deposits.
Cash in Fed Res hanks
Cash In Fed Lard banks
Cash In national Iltuks•
To credit Treas. U S
To credit. ilisb officers
335,004,179
421,002,822
417,558,961
426,666,505
739,759,000
860,416,000
825,458,000
657,546,000
162,466,139
830,000
331,117,707
830,00()
280,210,030
830,000
193,741,322
830,000
42,601,893
9,707,063
45,119,209
9.030,360
52,176,675
10,194,377
43,747,868
9,912,499
Total
Cash In Philipoln, 1.1*(fm.
1)01) 9. In Foreign Dents_
.
52,308,956
11,124,644
244,073,293
51,149,569
8,737,110
350,543,651
62,371,052
10,383,085
271,702,382
53,660,367
15,660,408
30,915,089
353,098,171
52,240,310
15,994,562
67,465,856
50,348,326
12,828.092
12,445,046
6,117,624
363,828,718
50,206,149
15,500,199
72,113,157
39,357,273
17,905,956
12,640,150
8,093,929
Net cash in banks. :4,1h.
Treasuries
1,625,504,211 2,026,816,859 1,868,513,510 1,379,019,691
Deduct current liabilities
300,525,083 334,810,778 319,909,561 326,385,854
Available cash balance. 1,325,041,128 1,692,006,081 1,548,603,949 1,052,633,837
• Includes May .1 $17,572,068 03 si vor bullion and 58,093,828 92 minor coin
So., not Included In statement "Stock of Money."
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
Apr. 30 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury
for Apr. 30.
CURREN r ASSETS AND LIABILITIES.
GOLD.
LIABILITIES.
ASSETS.
Gold coin
Gold bullion
770,838,404 88 Gold cents. outstand'g_ 811,668,947 00
1,788,760,841 93 Gold settlement fond,
Fed. Reserve Board_ _1,393,101,581 60
Gold reserve
152,979,025 63
Avail. gold In gen. fund. 210,849,692 58
2.508,599,24881
Total
Total
.2,568,590,246 81
Note -Reserved agalnit 5344.631,016 of U. S. notes and $1,766.266 of Treasury
notes of 1890 outstanding. Tromury notes are also secured by silver dollars in
the Treasury.
2407
THE CHRONICLE
JUNE 14 1919.]
SILVER DOLLARS.
b The average issue price of War Savings Stamps for the year 1918 with interest
at 4% per annum compounded quarterly for the average period to maturity will
LIABILITIES.
cents. outstand'g 195,311,625 00 .amount to $5 on Jan. 1 1923. Thrift Stamps do not bear interest.
Silver
c This amount represents receipts of the Treasurer of the United States on account
229,711,972 00 Treas. notes of 1890 out.
1,766,266 00
Silver dollars
of proceeds of sales of War Savings Certificate Stamps and U. S. Thrift Stamps.
Available silver dollars
32,634,081 00
in general fund
RECAPITULATION.
GROSS DEBT.
NET DEBT.
229,711,972 00
Total
229,711,972 00
Total
Debt bearing no int__ $240,795,342 69 Gross debt(opposite)-$21,075,931,189 11
GENERAL FUND.
Debt on which interest
Deduct
14,019,000 26
has ceased
Balance free of curLIABILITIES.
ASSETS.
Interest-bearing debt_20,821,116,846 16
rent obligations____
515,913,705 94
$
Avail. gold (see above). 210,849,692 58
Treasurer's checks out..
1,323,016 43
Avail, silver dollars (see
Gross debt
$21,075,931,189 11
*Net debt
$20,560,017,483 17
32,634,081 00 Deposits of Government
above)
officers:
15,500,199 00
*The amount of $7,685,016,447 70 has been expended to above date in this and preUnited States notes_ - _
Post Office Dept---- 34,976,995 60 ceding fiscal years from the proceeds of sales of bonds authorized by law for purchase
Federal Reserve notes.... 39,357,273 00
Board of trustees,
17,905,955 50
of the obligations of foreign Governments. When payments are received from
Fed. Res. bank notes_
Postal Savings Sys72,113,157 00
foreign Governments on account of the principal of their obligations, they must
National bank notes_ _ _
tem (5% reserve)
7,716,928 37 be applied to the reduction of the interest-bearing debt of the United States.
66,470 93
Certfied checks on banks
Comptroller of the
12,640,150 48
Subsidiary silver coin.._
Currency, agent for
1,221,368 75
Minor coin
creditors of insolv17,572,068 03
Silver bullion
1,187,678 74
ent banks
Unclassified (unsorted
Postmasters, clerks of
6,806,089 24
currency, &c.)
23,332,644 63
courts, &a
Deposits in Fed'l Land
830,000 00 Deposits for:
banks
Breadstuffs figures brought from page 2450.
-The
Redemption of Fed'l
z Deposits In Federal
Res. notes(5% Id.) 196,614,142 20 statements below are prepared by us from figures collected
193,741,321 60
Reserve banks
Redemption of Fed'l
Deposits in special dethe New York Produce Exchange. The receipts at Western
Res. bank notes
positaries account of
7,460,530 00 lake and river ports for the week ending last Saturday and
(5% fund)
sales of Liberty bonds
Redemption of nat'l
657,546,000 00
and certfs. of lndebt
since Aug. 1 for each of the last three years have been:
bank notes(5% fd.) 25,825,516 24
Deposits in foreign deRetirement of addipositaries:
tional circulating
To credit Treas. U.S. 30,915,089 12
Receipts at
- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
notes, Act May 30
Deposits In nat'l banks:
307,500 00
To credit Treas. U.S. 43,747,867 44
1908
bbls.106lbs. bush.60 lbs.1bush. 56 lbs.lbush. 56 lbs.IbushASIbs.bush.56lbs.
Exchanges of curTo credit other GovChicago
218,000
424,000, 3,076,000 2,251,000' 837,000
51,000
9,912,499 13
ernment officersrency, coin, &c__ _ 27,640,902 28 Minneapolis_
875,0001
144,000
306,000, 1,018,000
146,000
Deposits in Philippine
Duluth
376,000
2,000; 229,000
605,000
Treasury:
Milwaukee__ _
54,000
179,000; 1,025,000' 619,000
23,000
36,000
To credit Treas. U.S. 12,001,291 95
Toledo
29,000
85,000;
13,000
326,385,854 49 Detroit
To credit other Gov34,000,
29,000
25,000;
1,052,633,836 80 St. Louis__ _
3,659,116 54 *Net balance
ernment officers...
49,000
706,000'
209,000
13,004
625,0001
2,000
Peoria
72,000
162,000
1
40,000
535,000;
16,000
1,379,019,691 29 Kansas City_
1,379,019,691 29
Total
Total
212,000,
6,000
193,000
294,000
to-day was $2,021,- Omaha
484,000
116,000
805,000;
*The amount to the credit of disbursing officers and agencies
355,000
3,000;
495,0001
329,626 71. Book credits for which obi gations of foreign Governments are held Indianapolis_
by the United States amount to $224,554,036.
lawful money for Total wk. '19
368,000; 2,346,000, 6,131,000'. 5,623,000; 2,716,000 858,000
'
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of
221,000. 1,152,000' 3,592,000' 2,971,000 778,000
100,000
the retirement of outstanding national bank and Federal Reserve bank notes are Same wk. '18
361,000; 3,66.1,000, 4,078,000: 3,340,000 737,000
144,000
paid into the Treasury as miscellaneous receipts, and these obligations are made Same wk. '17
under the Acts mentioned a part of the public debt. The amount of such obliSince Aug.1gations to-day was $39,208,072.
in accordance with telegraphic
1918-19_ _ _ _ 14,939,000395,413,000 183,819,000257,463,00081,595,00036,161,000
z The available cash in Federal Reserve banks,
1917-18____ 14,190,000 160,389,000215,247,000291,447,000 50,610,000;22,745,000
reports received, was $102,682,000. The difference Is due to net disbursements
1916-17_ _ _ _ 16,866,000 334,429,000490,775,000245.489,00080,286,00020,435,000
In transit and In process of examination.
ASSETS.
Commercial antiMiscellancons4,ews
by
I
I
1
I
Total receipts of flour and grain at the seaboard ports for
FINANCIAL STATEMENT OF U. S. DEC. 31 1918. the week ended Juno 7 1919 follow:
(Formerly Issued as "Statement of the Public Debt.")
t
Flour. I Wheat.
Corn.
Oats.
I Barley. I Rye.
The following statements of the public debt and Treasury
United States are as officially issued New York..... Barrels. • Bushels. I Bushels. I Bushels. I Bushels. I Bushels.
cash holdings of the
312,000 1,609,000,
4,000 1,270,000; 318,000! 305,000
Philadelphia _
146,000 1,228,000
43,000
759,000;
I 511,000
as of Dec. 31 1918:
Baltimore_ __ _
113,000
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Settlement warrants,maBalance held by thetured interest oblithe
Treasurer
of
gations, and ehecks
United States as per
outstanding:
daily Treasury stateTreasury warrants__ _
15,735,63982
ment for Nov.30 191/31,080,056,307 68
Matured interest obliDeduct
-Net excess disgations_a
48,596,87567
bursements over reDisbursing
officers'
ceipts in November
checks
242,751,282 16
reports subsequently
Balance free of current
received
obligations
515,913,70594
257,058,803 99
822,997,503 59
822,997,503 59
a The unpaid interest due on Liberty Loans is'estimated In cases where complete
reports have not been received.
PUBLIC DEBT BEARING NO INTEREST.
(Payable on presentation.)
Obligations required to be reissued when redeemed:
346,681,016 00
United States notes
152,979,025 63
Less gold reserve
193,701,990 37
Excess of notes over reserve
Obligations that will be retired on presentation:
53,012 50
Old demand notes
National bank notes and Federal Reserve bank notes assumed
by the U. S. on deposit of lawful money for their retirement_ 40,195,922 00
6,844,417 82
Fractional currency
240,795,342 69
Total
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
$
Funded loan of 1891, continued at 2%, called for redemption May
4,000 00
18 1900; interest ceased Aug. 18 1900
19,950 00
Funded loan of 1891, matured Sept. 2 1891
13,050 00
Loan of 1904, matured Feb. 2 1904
478,400 00
Funded loan of 1907, matured July 2 1907
Refunding certificates, matured July 1 1907
11,000 00
Old debt matured at various dates prior to Jan. 1 1861, and other
900,340 26
Items of debt matured at various dates subsequent to Jan. 1 1861
Certificates of indebtedness, at various interest rates, matured-10,621,000 00
Loan of 1908-18
1,971,260 00
Total
N'port News_
New Orleans*
Galveston_ _ _
Montreal ____
24,000
112,000,•
18,000;
290,000;
383,000'
I
603,000,
130,000,
1,345,000;
146,000.
,
52,000'
570,000
128,000'
30,000:
I
45,000
606,000;
1
i
517,000
1
Total wk. '19 1,044,000; 5,511,000'.
246,0001 2.232.0001 1,002,0001 1,332,000
Since Jan.1'19 17,179,000 94,478,000: 6,266,0001 29,281,000,12.187,000120,094,000
Week 1918_
934,000, 2,017,000
598,000;
511,000;
91,000,
90,000
SinceJan.1 '1811,431,000 13,243,000 12,483,004 50.547,000 5,374,000 2,460,000
not include grain passing through New Orleans for foreign ports
* Receipts do
on through bills of lading.
•
The exports from the several seaboard ports for the week
ending June 7 are shown in the annexed statement:
I Wheal.
Corn. I Flour.'
Oats.
Rye.
Barley. Peas.
I
New York
Boston
Philadelphia
Baltimore
Newport News_
New Orleans
Galveston
Montreal
Bushels. Bushels. Barrels.' Bushels. Bushels. Bushels. Bushels.
12,387 209,7171 957,704 312,607 230,607 5,580
2,416,874
100,000
26,000
343,000
1,000 104,000 100,000 325,000 30,000
1,103,000
419,000
501,000 248,000 3,000
24,000
I
111,000
30,000
6,000 25,000
47,000
16,000
' 324,000
109,000
,353,000
1,992,000
_ 1
Total week
Week 1918
6,679,874 267,387760,717 1,087,704 1056607 627,975 5,580
1,163,144 3,989,621 124,084 1,671,361 34,797 2523933 110,200
The destination of these exports for the week and since
July 1 1918 is as below:
Flour.
Exports for Week
and Since
July 1 to
-
Week
June 7
1919.
Since
July 1
1918.
Wheat.
Week
June 7
1919.
Since
July 1
1918.
Corn.
Week
June 7
1919.
Since
July 1
1918.
Bushels. Bushels.
Barrels. Barrels. I Bushels.
Bushels.
1,000 2,118,851
Milted Kingdom_ 613,977 8,646,122! 2',972,607 67,058,226
8,274 7,860,7111 3,707,267 85,148,247 248,000 2,796,044
Continent
610
100,134
507,213,
So.& Cent. Amer_ 44,009
40
16,987
415,523
927,634!
82,409
West Indies
1,964
Brit.No.Am.Cols.
790
5,499
165,5751
Other countries.
- 12,048
14,019,000 26
INTEREST-BEARING DEBT.
(Payable on or after specified future dates.)
outstanding Dec. 31 5
Amount
760,717 18,107,255' 6,679,874 152,206,513 267,387 5,438,015
Total
Coupon.
Interest Issued.
Registered.
19108- -- Total 1917-18_ _
7' 7
Total.
9124,084 5,807,210 1,163,144 52,090,027 3,989,621 22,612,574
$
$
Title of Loan,- Payable.
$
$
1,882,050
-J. 646,250,150 697,842,000
25, Consols of 1930..Q.
.050
world's shipments of wheat and corn for the week
The
-F. 162,315,400 103,904,550
14,585,350
45, Loan of 1925___Q.
118,489,900
ending Juno 7 1919 and since July 1 1918 and 1917 are
Panama Canal Loan
9,100
-F.
54,631,980 48,945,080
2s, Series 1906- _Q.
48,954,180 shown in the following:
141,880
-F.
30,000,000 25,805,520
2s, Series 1908_ __Q.
25,947,400
6,653,000
-M.
50,000,000 43,347,000
Is, Series 1911-Q.
50,000,000
22,218,500
28,894,500 6,676,000
Corn.
Wheat.
3s, Conversion bda..Q.-J.
28,894,500
-J.
1-yr-Treas.notes Q.
27,362,000 9,301,000
38,
9,301,000
3,151,223,500 3 151,223,500
1918-19.
a 1917-18.
a 1917-18.
.
1918-19.
Var.,ctfs. of indebt.Mat. 3,588,702,500
Exports.
28, Ctfs. of lndebt..J.-J. 104,707,000 104,707,000
104,707,000
Week
Since
Since
Since
Since
33.s, lat Lib. Loan.J.-D. 1,515,537,950 262,148,400 1,151,418,250 1,413,566,650
Week
July 1.
June 7.
July 1.
July 1.
July 1.
June 7.
4s, 1st Lib. L'n con.J.-D. 568,318,450 22,340,500 168,221,900
190,562,400
4Xs, 1st L. L. con_J.-D. 384,670,450 78,373,350 306,297,100
384,670,450
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
4s, 2d Lib. Loan_M.-N, 3,807,863,500 93,191,450 728,174,600
821,366,050
434s, 2d L. L.con_M.-N. 2,923,447,450 413,820,450 2,377,332,000 2,791,152,450 North Amer_ 12,943,000 322,079,000 245,680,000 248,000 8,431,000 32,113,000
43s,2d Lib. Loan.M.-S. 4,170,441,650 478,884,150 3,575,622,000 4,054,506,150 Russia
43is, 4th Lib. L'n_A.-0.a6,076,754,310
6,041,754,310 Danube __
Argentina__ 2,152,000 81,711,000 51,692,000 2,201,000 37,630,000 18,606,000
2345, Postal Say. bonds
718,900
-J.
11,258,880 10,539,980
_ 2,114,000 63,252,000 38,083,000
(1st to 15th series) J.
11,258,880 Australia
5,623,000 15,050,
b4s, War Say. and Thrift
India
Mat. 096,840,573
975,037,975
81,000 4,408,000 3,603,000
88,000 3,742,000 3,075,
Stamps
975,037,975 0th. countr's
Agg'te of int.-bear. debt_25,147,996,743
20,821,116,846
a This amount represents receipts of the Treasurer of the United States on account
of principal of bonds of the Fourth Liberty Loan to Dec. 31.
Total
a Revised.
17,297,000 476,407,000 353,580,0001 2,530,0001 50,469,000 54,322,000
2408
BANK NOTES
-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Rands and Legal Tenders
on Deposit for
-
Circulation Afloat Under
-
Bonds.
$
691,052,300
689,878,300
688,183,250
683,342,450
683,004,450
684,648,950
684,468,950
684,446,440
683,026,300
682,411,730
690.831,260
690,384,150
691,579,160
Legal
Tenders.
Legal
Tenders.
Bonds.
$
37,152,677
38,973,647
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43,467,307
44,108,182
36.150.417
36,878,979
35,989,575
$
685,612,243
686,157,475
684,292,440
679,799,125
680,025,471
683,661,878
676,431,533
679,637,575
678,465,863
680,210,470
687,577.645
687,326,508
687,998.070
Total.
s
37,152,677
38,973,647
40,194,752
42,080,347
41,903,027
39,867,332
40,421,622
41,833,562
43,467,307
44,108,182
36,150.417
36,878,977
35,989,575
s
722,764,920
725,131,122
724,487,192
721,879,472
721,928,498
723,529,210
716,853,155
721,471,137
721,933,170
724,318,652
723.728.062
724,205,485
723,987,645
$175,220,320 Federal Reserve bank notes outstanding June 1, of which $174,711,240 covered by bonds and $509,080 by lawful money.
The following show the amount of each class of U. S.
bonds held against national bank circulation and to secure
public moneys held in national bank depositaries on May 31.
U. S. Bonds Held May 31 to Secure
Bonds on Deposit
May 31 1919.
On deposit to On deposit to
secure Federal
secure
Reserve Bank National Bank
Notes.
Notes.
2s, U.S. Consols of 1930
14,129,000
4s, U.S. Loan of 1925
2,593,000
28, U.S. Panama of 1936
404,500
28, U.S. Panama of 1938
285,300
2s, U. S. One-Year Ctfs. of Indebtedness 166,183,000
Totals
183,594,800
Total
Held.
$
563,946,200
54,428,800
47,530,780
25,146,920
$
578,075,200
47,021,800
47,934,880
25,432,220
166,183,000
691,052,300
874,647,100
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits May 1 and
Juno 1 and their increase or decrease during the month
May.
National Bank Notes-Total Afloat
Amount afloat May 1 1919
Net amount issued during May
$725,131,122
2,366,202
Amount of bank notes afloat June 1 1919
Legal-Tender Notes
Amount on deposit to redeem national bank notes May 1 1919
Net amount of bank notes retired in May
$722,764,920
$38,973,647
1,820,970
Amount on deposit to redeem national bank notes June 1 1919
$37,152,677
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement at New York.
Month.
Imports.
1918-19.
1917-18.
Customs Recepts
at New York.
Exports.
1918-19.
1917-18.
1918-19.
1917-18.
July
96,101,747 95,713,123 237,731,667 210,131,903 9,215,233 11,190,794
August... 122,452,147 122,231,660 209,108,295 274,627,773 8,589,023 10,684,750
September 115,731,618 99,805,185 197,725,054 242,132,080 8,438,132 9,469,365
October,... 105,821,699 91,319,486 182,657,189 219,908,712 7,350,251 9,548,029
November 98,787,677 89,530,607 231,464,051 270,128,789 7,390,251 8,733,214
December 91,969,882 91,511,471 222,987,829 209,467,362 6,342,530 7,142,266
January.. _ 85,880,20888,164,970 264,544,534 248,203,724 8,026,387 7,488,551
February.. 110,759,849 94,303,999 311,376,177 168,713,182 9.856,349 8,177,780
March
130,844,316 98,360,412 312,004,175 251,325,068 10,600,101 9,870,168
April
145,065,157121,564,991 331,394,915 191,719,439 12,881,216 10,525,971
Total __ 1103414 300992,505,9042501893886.2286408 032 88,689,473 92,830,888
Imports and exports of gold and silver for the 10 months:
Gold Movement at New York.
Month.
Imports.
1918-19.
July
August_ ...
September
October
November
December
January_ _
February _
March
April
$
627,829
688,892
559,988
456,282
531,690
861,071
649,358
529,787
668,246
699,827
Total _ _
6,272,970
Exoorts.
1917-18.
1918-19.
$
901,838
1,245,038
980,609
1,225,028
1,090,730
908,575
1,070,270
993,993
628,514
518,140
$
$
3,903,713 19,179,282
268,600 12,337,552
737,990 11,331,810
381,200 7,484,497
221,832 3,911.375
985,950 1,187,606
2,517,289
657,940
2.346,310 3,170,387
2,311.250
301,073
1,187,332
223,177
1917-18.
Silver-New York.
Imports.
Exports.
1918-19.
1918-19.
$
S
1,803,038 2,435,000
2,421,115 2,985,275
2,012,001 2,784,204
1,551,114 6,358.613
1,738,094 1,513,080
1,846,753 13,579,959
7,038 6,299,043
2,566,942 5,574,910
2,360,639 3,979,692
2,115,201 8,405,101
9,565,735 14,661,4661 59,784,699 18,421,035 53,914,877
Auction Sales.
-Among other securities, the following
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh.
5 Natl. Shawinut Bank
240
4 Metropolitan Trust
207
10 Nashua Manufacturing
280
30 U. S. Worsted, 2d pref
56;1-61
40 Columbus (Ga.) Mfg
167
5 Ludlow Mfg. Associates
148
8 Merrimack Mfg., pref
82%-83
16 Mass. Cotton Mills_ _
135
10 Lyman Mills
154
15 Arlington Mills
137(
Pittsfield & No. Adams RR
83
By Messrs. Wise, Hobbs & Arnold, Boston:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ per sh.
13534
5 Wamsutta Mills
8 Puget Sound T.L.& P., pref_ 64%
4 Bristol Manufacturing
135
2 Union Twist Drill, pref
96
4 Mass. Cotton Mills
134%
35 Lancaster Mills
11534
15 Plymouth Rubber, pref
102
15 Naumkeag Steam Cotton_..A86
1 Boston Atheneum, $300 par_425
25 Quincy Mkt.C.S.& W.rights 17
10 Puget Sound T.L.& P.,com_ 1534 1,000 Valdez Creek Placer Mines
Sc.
By Messrs. Barnes & Lofland, Philadelphia:
1918-19.
May 31 1919._
Apr. 30 1919._
Mar.31 1919....
Feb.28 1919._
Jan. 31 1919....
Dec.31 1918._
Nov.30 1918__
Oct. 31 1918.Sept.30 1918._
Aug.31 1918_.
July 311918..
June 30 1918..
May 31 1918._
[VOL. 108.
THE CHRONICLE
Shares. Stocks.
$ per sh.
4 Ware River RR
110
10 Hotel Trust Touraine
95
25 Draper Corporation
129
1 Boston Atheneum, $300 par_ _ _ _415
2 Hood Rubber, pref
104
6 Boston Wharf
86
10 Puget Sd. Tr., L. & P., pref. _ _ _ 65
24 Quincy Mkt.C.S.& W.rights.... 17
10 Copley Square Trust
2234
15 Sullivan Machinery
151
Shares. Stocks.
$ per sh.
3 Land Title & Trust
516
10 Amer. Surety of N. Y., $50
each
80
1 Commonwealth T.I.& T_ _ _ _231%
2 Phil. City Pass. Ry
125
25 Media Title & Trust,$25 each 5534
12 Bank of North America
270
8 Southwark Nat. Bank.. 202-205
2 Kensington Nat. Bank,$50
each
116
5 Real Estate Trust, pref
97
10 Bankers' Loan & Invest
4
10 Continental Pass. Ry
95
55 Hartford City Gas L., pref.__ 4134
10 Hartford City Gas L., com
41
16 Diamond Land Coal
1834
55 Girard Nat. Bank
41534
8 First Nat. Bak of Phil__243-244
Shares. Stocks.
$ per sh
5 Corn Exch. Nat. Bank_381-3815(
6 Pa. Co.for Ins.,&c., &c_610-611
3 West End Trust
160
25 Robert Morris Trust
15
12 Ins. Co.State of Pa
8034
5 2d & 3d Sts. Paas Ry
217
20 H. K. Mulford, $50 each...... 57
20 Haverford Land Sr Impt.
(Merlon Cricket Co.), $50
each
40
2,000 Spokane Mining
$4 lot
25 Mutual Trust
42
Bonds.
Per cent.
$3,000 Pitts. & Birm. Trac., 1st 55,
1929
72
10,000 Toledo Peer. & West. Ry.
48, 1917
28
500 Automobile Club of Phil.
impt.& equip.64, 1940
50
By Messrs. Adrian H.Muller & Sons, New York:
Shares. Stocks.
Per cent.
172 Oriental Bank in liquid'n..$100 lot
5 Scarsdale Golf Club
$255 lot
5 New York Knife Co
$305 lot
5 Gehring Publishing Co......_$52 lot
249 H. W.Baker Linen Co.$125 p.sh.
6 Hale dc KilburnCo.,com.v.t.c. 25
40 The General Manifold & Print
ing Co., com., $50 each_S50 lot
25 Home Bureau Co., pref., $50
each
$25 per sh.
4 Arundel Golf Club,$25 ea_85 per sh
211 Caldwell Land & Lumber
Co
$1,000 lot..
50 Sunday School Times
50
3,998 Hammerstein Amusem't Co.
$50,432.86 lot
$25 each
1,000 United Copper Co., pref.ctfs.
of dep., two assess'ts paid.
30c. and 20c
$33 lot
800 Acre Alarm Co.,325 each.$100 lot
192 Tait Producer Co
$25 lot
67 Butterworth, Judson Corp.,
pref., with accum. divs.
from Jan. 1 1918
60
50 Single Serv.Pkg.Corp.of A m.1$10
50 Sing.Serv.P.C.ofAm.tr.ctfs_ J lot
Shares. Stocks.
Per cent.
37% Atlantic Shore Ry
30 Atlantic Shore Line Ry.,coml$75
734 Atl. Shore Line Ry.,2d pref. lot
$3,750 Atl. Shore Ry.ref. 4s, 1941..
5 Sayward-Connolly Co
5 Sayward-Connolly, pref.__ _
1,500 Mantes Carved Molding,com
50c. each
500 Mules Carved Mold's, pref.
50c. each
5 Amer. Connoisseur,$10 each
400 Visible Writing Machine..... $60
20 The Junior Pub., pref.,S5 ea. lot
4 The Junior Pub.,com.,$5 ea.
200 Amer.Warehouse, pref
70 Cons. Retail Booksell.,com.
25 Cons. Retail Booksell.,pref4 The Open Church Pub
300 Internat. General Co., corn..
75 Bay Shore Hotel,$10 each....
50 Black Hills Development.._ _
Per cent.
Bonds.
$500 Arkwright Club 48, 1925._ -5200 lot
$250,000 M.K.& T. Ry.6% notes
30
undeposited
Canadian Bank Clearings.
-The clearings for the week
ending June 5 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
15.2%.
Week ending June 5.
Clearings at
1919.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Victoria
St. John
London
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William_ ._ _
New Westm'ter
Medicine Hat...._
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_
$
118,334,704
68,924,529
43,225,000
10,177,212
10,489,242
5,723,774
4,883,136
5,423,192
5,237,404
1,900,000
2,427,506
3,130,830
3,300,000
3,590,989
550,000
1,863,349
1,436,877
700,000
1,018,434
762,999
536,649
526,354
780,471
1,002,795
1,031,270
1,340,742
326,540
Total Canada_
298,644,398
1918.
$
86,498,796
65,655,472
40,873,605
9,850,589
8,404,453
4,081,756
8,628,469
4,781,881
6,000,748
1,961,968
2,099,473
2,848,500
3,185,511
3,134,573
588,534
1,774,766
1,348,900
779,711
953,836
691,364
494,500
405,200
669,925
847,439
731,189
1,015,562
300,000
Inc. or
Dec.
1917.
$
%
+36.8
93,038,602
+5.0
58,788,191
+5.8
49,117,705
+3.3
7,674,455
+24.8 • 6,852,480
+22.3
4,625,171
-43.4
2,751,392
+13.4
4,671,571
-12.7
6,642,496
-3.2
1,886,723
+15.6
2,136,216
+9.9
2,338,580
-3.6
2,627,277
+14.5
3,098,738
-6.5
511,716
+5.0
1,613,299
+6.5
1,104,345
+10.2
816,913
+6.8
835,679
747,897
+10.3
354,631
+8.5
523,463
+29.9
611,120
+16.5
764,479
+18.3
+41.0
764,620
+32.0
+8.8
259,206,729 +15.2
254,897,759
1916.
$
73,485,382
51,892,167
33,492,174
6,683,624
5,603,478
4,431,553,
2,805,860
4,123,456
4,023,429
2,106,429
2,136.436
2,021,649
2,072,759
1,841,030
537,913
1,011,813
812,224
448,131
721,040
554,921
307,188
313,846
553,650
653,391
594,237
203,226,780
National 4anks.-The following information regarding
national banlA is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTERS.
For organization of national banks:
The Kerens National Bank, Kerens, Texas
Correspondent: J. C. Walker, Kerens.
The Teton National Bank of Driggs, Idaho
Correspondent: D. C. Driggs, Driggs.
The Exchange National Bank of Wichita Falls, Texas
Correspondent: H. L. Quiett, Wichita Falls.
The First National Bank of Bassett, Nebrasks
Correspondent: Volna A. Stockwell, Bassett.
The Baldwin National Bank, Baldwin, New York
Correspondent: Adrian H. Courtenay, Baldwin.
The Fords National Bank, Fords, New Jersey
Correspondent: Abel Hansen, Fords.
The First National Bank of Parma, Idaho
Correspondent: Joseph L. Watkins, Parma.
The First National Bank of Tuxedo, New York
Correspondent: Charles S. Patterson, Tuxedo.
The Farmers National Bank of Aurora, Kansas
Correspondent: George Mallo, Aurora.
The Bevans National Bank of Menard, Texas
To succeed the Bank of Menard. Correspondent: Wm. Cevans, Menard.
For conversion of State banks:
The National Bank of Bowman, So. Caro. Conversion of the
Bank of Bowman. Correspondent: Bank of Bowman, S. C...
The Farmers National Bank of St. George, S.0. Conversion of
Farmers Bank, St. George
Correspondent: D. P. Campbell, St. George.
Total
Capital.
$80,000
25,000
100,000
25,000
50,000
25,000
25,000
25,000
25,000
100,000
25,000
25,000
$530,000
CHARTERS EXTENDED.
The First National Bank of Stillwater, Okla. Charter extended
until close of business June 11 1939.
JUNE 14 1919.]
CHARTERS ISSUED.
Original organizations:
The First National Bank of Port Royal, Pa. Pres., J. A.
40,000
(
Kohler; Cashier,
The First National Bank of Jefferson, Pa. Pres., S. C. Hawkins; Cashier, Jos. J. Clarkson
The First National Bank of Pixley, Calif. Pres., Chas. E. Denman; Cashier, J. Speer
The First National Bank of Sweet Springs, Mo. Pres., A. L.
Peacock; Cashier, L. M. Haynie
The National Bank of Chetopa, Kan. Pres., R. H. Muzzy;
Cashier, R. F. O'Brien
Pres.,
The Bergenfield National Bank, Bergenfield,
Walter Christie; Cashier, James M. Willey
The Port Royal National Bank,Port Royal,Pa. Pres., William
60,000
Swart; Cashier, D.0.Pomeroy
N. J.
Total
25,000
25,000
50,000
25,000
50,000
$275,000
VOLUNTARY LIQUIDATIONS.
$100,000
The Merchants National Bank of Winston, N. C
Liquidating Agent:Thomas Masiin,Winston-Salem. Succeeded
•
by the Merchants Bank & Trust Co. of Winston-Salem.
25,000
The First National Bank of Adel, Ga
Agent:J. Z.Jackson. Succeeded by a State bank.
Liquidating
30,000
The Alcester National Bank, Alcester, So, Dak
Liquidating Committee: B. W. Brunt, E. F. McKellips and
A. S. Disbrow, Alcester. Succeeded by a State bank.
Total
2409
THE CHRONICLE
$155,000
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Street and Electric Rys. (Concluded).
West Penn Railways, pref.(qu.)(No.8) 14 June 16 Holders of rec. June 2a
July 1 Holders of rec. June 14
$5
West Philadelphia Passenger Ry
14 July 1 Holders of rec. June 14
Yadkin Ricer Power, pref. (guar.)
Banks.
4
July 1 Holders of rec. June 24a
Chase National (guar.)
July 1 Holders of rec. June ha
2
Coal de Iron National (guar.)
July 1 Holders of rec. June lie
1
Extra
July 1 Holders of rec. June 20
Cuba, Bank of, in New York (No.6)... 6
234 July 1 Holders of rec. June 20a
Commerce, National Bank of (guar.)
123.4 July 1 Holders of rec. June 30a
Fifth Avenue (guar.)
July 1 Holders of rec. June 300
55
Special
July 1 Holders of rec. June 30a
5
First National (guar.)
July 1 Holders of rec. June 30a
5
First Security Co. (guar.)
July 1 June 24 to July 1
3
Greenpoint National (Brooklyn)
July 1 June 24 to July 1
2
Extra
July 1 Holders of rec. June 16a
3
Irving National (guar.)_
July 1 June 12 to July
3
North Side ofBrooklyn
July 1 June 12 to July 1
2
Extra
June 30 Holders of roe. June 30a
5
Union Exchange, National
June 30 June 21 to June 30
5
Yorkville (guar.)
Trust Companies.
Guaranty (guar.)
Irving (guar.)
Lawyers' Title & Trust (guar.)(No.83)
N. F. Life Insurance & Trust
Scandinavian (quar.)(No.3)
United States
5
2
14
20
234
25
June
July
July
June
June
July
30
1
1
10
30
1
Holders of rec. June
Holders of rec. June
June 15 to July
Holders of rec. June
Holders of rec. June
June 20 to June
19
16a
1
3
14a
30
Miscellaneous.
14 July 1 Holders of rec. June 16a
Advance Rumely, pref. (guar.)
Ajax Rubber, Inc. (guar.)
$1.50 June 16 Holders of rec. May 31a
14 July 15 Holders of rec. June 300
Allis-Chalmers Mfg., pref. (guar.)
h% July 15 Holders of rec. June 30a
Pref.(account accunatriated divs.)_ _ _ _
Amer. Agric. Chemical, corn. (quar.)_ _ 2
July 15 Holders of rec. June 234
Books Closed.
When
Per
134 July 15 Holders of rec. June 250
Preferred (guar.) (No. 56)
Days Inclusive.
Cent. Payable.
Name of Company.
75c. July 1 Holders of rec. June 16a
American Bank Note, preferred (quar.)_
Amer. Beet Sugar, pref.(guar.)(No.80) 134 July 1 Holders of rec. June 14a
Railroads (Steam).
$1.50 June 30 Holders of rec. June 16a
$1.75 June 30 Holders of rec. June 20a American Bosch Magneto (guar.)
Alabama Great Southern, ordinary
14 June 30 Holders of rec. June 20a
$1.75 Aug. 28 Holders of rec. July 19a Amer. Brake Shoe & Fdy., com.(guar.)._ 3
Preferred
June 30 Holders of rec. June 200
Preferred (goon.)
of rec. June 16a
4% July 1 Molders
Albany dc Susquehanna
American Can, preferred (quar.)
131 July 1 Holders of rec. June 17a
Atchison Topeka & Santa Fe, preferred __ _ 2% Aug. 1 Holders of rec. June 30a Amer. Car & Fdy.,com.(qu.)(No.67). 2
July 1 Holders of rec. June 13a
Holders of rec. June 19a
3% July 10
Atlantic Coast Line RR.,common
14 July 1 Holders of rec. June 13a
Preferred (guar.) (No. 81)
$1.50 June 20 June 1 to June 9
Atlantic Coast Line Co.(guar.)
14 July 1 Holders of rec. June 2Ia
50c July 1 Holders of rec. June 16a American Chicle, preferred (guar.)
Beech Creek (guar.)
14 July 1 Holders of rec. June 14a
American Cigar. pref.(quar.)
2% June 30 Holders of roe. May 31a
Boston & Albany (quar.)
14 July 1 Holders of rec. May 31a
July 2 Holders of rec. May 31a American Express (quar.)
4
Boston & Lowell
of rec. June 5a
14
Holders of rec. June 20a American Fork & Hoe,common (guar.). 24 June 15 Holders of rec. June 20
231 July 1
Boston dc Providence (guar.)
July 1 Holders
American Gas & Electric, corn. (quar.)
14 June 30 June 20 to June 30
Buffalo & Susquehanna,com.(quar.)_ _
1 Holders of rec. June 20
124 Oct
Common (payable in common stock) _ June 30 June 20 to June 30
31
Common (extra)
July - Holders of rec. June 20
Common (special payable in corn. stock) /25
June 30 June 20 to June 30
Preferred
of roe. June 14a
14 July 1
1% Aug. 1 Holders of rec. June 30a Amer.Hide & Leather, preferred (quar.) $1.20 June 30 Holders of rec. June 16a
Canada Southern
Holders
(guar.) (No.92) 2% June 30 Holders of rec. May 30a Amer.Internat. Corp.,com.& pref.(qu.) 14 July 3 Holders of rec. June 18a
Canadian Pacific, corn.
American Locomotive, common (quay.)
2
June 30 Holders of rec.:June 13a
tChesapeake & Ohio
14 July 22 Holders of rec. July 30
Preferred (guar.)
2
June 25 Holders of rec. June 19a
Chicago Burlington & Quincy (quar.)_
14 July 1 Holders of rec. June 14
tChicago & North Western, corn.(guar.) 14 July 1 Holders of rect.June 20 American Public Service, pref. (guar.)
June 30 June 22 to June 30
3
common (quar.)
2
July 1 Holders of rec.:June 2a American Radiator,
Preferred (quar.)
34 June 20 Holders of rec. June 10
June 28 Holders of rec. June 21a American Sewer Pipe (quar.)
Cin. N.0. de Texas Pacific, common__ _ 3
Amer. Smelters Securs., pref. A (guar.). 154 &July 1 June 14 to June 22
3% Juno 28 Holders of rec. June 21a
Common (extra)
dJuly 1 June 14 to June 22
Preferred B (guar.)
14 Sept. 2 Holders of rec. Aug. 23a
Preferred (guar.)
June 16 May 30 to June 8
Cleve. Cin. Chic. & St. Louis, pref. (flu.). 131 July 21 Holders of rec. July la Amer.Smelting & Refining,corn.(guar.) 1
July 1 Holders of rec. June 14a
3
American Snuff, com.(guar.)
June 25 June 15 to June 25
tColorado & Southern, first preferred- _ _
14 July 1 Holders of rec. June 14a
Preferred (guar.)
3
Aug. 1 Holders of rec. June 30a
Cuba RR., preferred
June 190
24 June 20 Holders of rec. May:28a Amer. Steel Foundries, new corn.(guar.) 75c. June 30 Holders of rec. June 2a
Melaware & Hudson Co.(guar.)
Amer.Sugar Refin.,com.(qu.)(No.111) 14 July 2 Holders of rec.
July 5 June 21 to July 4
2
Detroit, Hillsdale de S. W
31 July 2 Holders of rec. June 2a
Common (extra)
24 July 1 Holders of rec. Juno 150
Detroit & Mackinac, preferred
14 July 2 Holders of rec. June 2a
Preferred (guar.) (No. 110)
July 15 Holders of rec. July 7a
3
Detroit River Tunnel
34 Sept. 1 Holders of rec. Aug. 15a
Fonda Johnstown dr Glov., pref. (guar.) 14 June 15 Holders of rec. June 10a Amer. Sumatra Tobacco. pref.(No. 19)_
July 15 Holders of rec. June 200
2
June 30 Holders of rec. Juno 13a American Telephone dr Teleg. (guar.)._
2
Hocking Valley
134 July 1 Holders of rec. June 14a
American Tobacco, pref. (guar.)
July 1 June 12 to July 4
2
Illinois Central, leased lines
July 15 *Holders of rec. July 10
*1
14 June 30 Holders of rec. June 23a Amer. Type Founders,corn.(War.)
Kanawha & Michigan (guar.)
*14 July 15 *Holders of rec. July 10
Preferred (Guar.)
Lackawanna RR. of N. J. (guar.)
July 1 Holders of rec. June 7a
rec.
87)ie July 5 Holders of rec. June 14a Amer. Window Glass Mach., pref. (guar.) *14 July 1 *Holders of to June 20
tLehigh Valley, common (guar.)
June 26
14 July 15 June 17
Preferred (guar.)
$1.25 July 5 Holders of rec. June 14a American Woolen, com.(guar.)
131 July 15 June 17 to June 26
Preferred (guar.)
$1.25 July 15 June 17 to July 15
Little Schuylkill Nan., RR. & Coal
5e. June 25 Holders of rec. June 14
common
Holders of rec. July 15a Argonaut Consolidated Mining (guar
Mahoning Coal RR.,
Aug. 1
$5
14 July 1 June 15 to June 30
Common (extra)
July 1 Holders of rec. June 21a Armour & Co., pref.(quar.)
$15
114 July 15 Holders of rec. July 1
Preferred
$1.25 July 1 Holders of rec. June 21a Asbestos Corp. of Canada,Ltd.,com.(qu.)
14 July 15 Holders of rec. July 1
Preferred (quar.)
14 July 1 Holders of rec. June 16a
Manhattan Railway (guar.)
14 July 15 Holders of rec. June 300
Michigan Central
2
July 29 Holders of rec. June 30a Associated Oil (guar.)
Aug. 1 Holders of rec. June 300
5
Atl. Gulf & W.1.85. Lines,common
July 1 June 1 to June 30
2
Mobile & Birmingham, preferred
5
June 16 Holders of rec. May 240
Morris & Essex
$1.75 July 1 Holders of rec. June 9a Atlantic Refining (quar.)
14 July 2 Holders of rec. June 12
14 Aug. I Holders of roe. July # 9a Atlantic Sugar Refineries, pref. (quar.)_
tNew York Central RR.(guar.)
rec. June 140
Holders
$2.50 July 1 Holders of rec. June 16a Autosales Corporation, pref. (quar.)_ _ _ _ 50e. June 30 June 22 ofto July 1
New York & Harlem, com. dc pref
14 July 1
14 July 1 Holders of rec. June 14a Avery Co., pref. (guar.)
N. Y. Lackawanna dc Western (quar.)
July 1 Holders of rec. June 20
te2
131 June 19 Holders of rec. May 31a Babcock de Wilcox (guar.)
Norfolk & Western, common (guar.)._
334 July 1 Holders of rec. June 7a
Baldwin Locomotive Works, preferred_ _
Northern Ce! trot
July 15 *Holders of rec. June 30
*32
Northern Pacific (guar.)
1.4 Aug. 1 Holders of rec. July 3a Barnhart Bros. & Spindler
*14 Aug. 1 *Holders of rec. July 26a
First and Second pref.(guar.)
1% July 1 Holders of rec. June 9a
Northern RR. of New Hampshire (Suer.)_
July 1 Holders of rec. June 16a
2
Barrett Co., common (quar.)
2
Norwich & Worcester, pref. (quar.)
July 1 June 15 to June 30
14 July 15 Holders of ree. June 30a
Preferred (quar.)
Old Colony (guar.)
July 1 Holders of roe. June 14a
Philadelphia Baltimore & Washington_ _ $1.50 June 30 Holders of rec. June 14a Belding Paul Cortieelli, pref. (guar.)._ _ 34 June 14 Holders of rec. June 2
July 15 Holders of rec. June 30
2
Pittsb Ft. 1Vayne & Chic.,req., guar.(qu.) 131 July 1 Holders of rec. June 10a Bell Telephone of Canada (guar.)
14 July 1 Holders of rec. June 16a
Special guar. (guar.)
14 July 8 Holders of rec. June 10a Bethlehem Steel, common (quar.)
July I Holders of rec. June 16a
Youghiogheny
31
Common (extra)
Pittsb. McKeesport &
$1.50 July 1 Holders of rec. June 16
131 July 1 Holders of rec. June 16a
Common B (quar.)
Reading Company, 2d pref.(guar.)._
50c. July 10 Holders of rec. June 24a
31 July 1 Holders of rec. June 16a
Common B (extra)
4
Rensselaer & Saratoga
July 1 Holders of rec. June 16a
14 July 1 Holders of rec. June 18a
Non-cumulative preferred (quar.)
1% July 1 Holders of rec. May 31a
Southern Pacific (attar.) (No. 51)
July 1 Holders of rec. June 16a
Cumulative convertible pref. (guar.). 2
231 June 30 Holders of rec. June 23a
Southern Ry., preferred
1% July 1 Holders of rec. June 14a
131 July 1 Holders of rec. Juno 21a Booth Fisheries, preferred (guar.)
Toronto, Hamilton de Buffalo (guar.) _
2% July 1 Holders of rec. June 20 Borden'a Cowl M tik pref.(gu.)(No.70) 14 June 14 Holders of rec. May 310
Union Pacific, common (guar.)
June 30 Holders of Coup. No.72a
24 July 1 Holders of rec. Juno 21a British-American Tobacco, ordinary_ _ _ _ 6
Valley RR.(N. F.)
14 July 1 Holders of ree. June 13aa
Brooklyn Union Gas(guar.)(No.73)_ _ _
14 July 1 June 21 to June 30
Brunswick-Balke-Collender, pref.(guar _
Street and Electric Railways,
June 14 Holders of rec. May 31a
$2
Buckeye Pipe Line (guar.)
Arkansas Val. Ry.,L.& P., pref.(guar.) 131 June 16 Holders of rec. May 31
July 1 Holders of rec. June 200
1
Bucyrus Co., pref. (guar.) (No. 17)_ _ _
14 July 1 Holders of rec. June 14
Asheville Power & Light, pref.(guar.). _ _ _
June 30 Holders of rec. June 200
14 July 1 Holders of rec. June 20a Buffalo General Elec.(guar.)(No.99)_ _ 2
Bangor IN. & Electric, preferred (quar.)
June 16 Holders of rec. May 31
14 July 1 Holders of rec. June 17a California Packing Corp.. corn.(guar.). $1
Boston Elevated By., common (quar.)
14 July 1 Holders of rec. June 18
Preferred (guar.)
3)4 July 1 Holders of rec. Juno 17a
Preferred
California Petroleum Corp., pref.(qu.).-- 14 July 1 Holders of rec. June 20a
Brazilian Trac., Lt.& Pow., pref.(guar.) 1)4 July 1 Holders of rec. June 14
h234 July 1 Holders of rec. June 20a
Pref. (acct accumulated dividends)__
Capital Tract., Washington, D. C.(guar.) 1)4 July 1 June 15 to June 30
50c. June 23 Holders of rec. June 6a
'131 July 1 Holders of rec. June 14
Calumet & Arizona Mining (guar.)
Carolina Power & Light, pref. (quar.)_
750. June 14 Holders of rec. May 310
31 July 1 Holders of rec. June 14a Cambria Steel (guar.)
Cities Service, com. & pref.(monthly)
25c. June 14 Holders of rec. May 31a
(payable in common stock). 11
Extra
of rec. June 14a
July 1 Holders
Preferred
34 Aug. 1 Holders of rec. July 15a Canada Exploeives, common (extra) _ 1234 July 31 Holders of rec. June 30a
Cities Service, com. & pref. (monthly)..
1
Juno 16 Holders of rec. June 2
Aug. 1 Holders of rec. July 15a Canada Steamship Lines corn. (quar.)_
Preferred (payable in common stock)_ 11
14 July 2 Holders of rec. June 16
Preferred (guar.)
Cities Service, Bankers'shares(monthly) 42.8c July 1 Holders of rec. June 14a
I% July 10 Holders of rec. June 26
pref.(No.26) 3
Columbus(Ga.) Elec.
July 1 Holders of rec. June 18a Canadian Can & Fdy., pref.(quar.)
Canadian Consolidated Rubber, pref. (qu.) l% June 30 Holders of rec. June 24
Co.,
*S3z June 30 *Holders of rec. May 31
Continental Passenger Ry.,Phila
1
July 1 Holders of rec. June 14a Canadian Cottons, Ltd., corn. & pref.(iu.) 134 July 4 Holders of rec. June 23
Duluth-Superior Traction, pref. (guar.)_
Can'n Crocker-Wheeler,corn.& p1.(qu.) 14 June 30 June 20 to June 30
*2% July 1 *Holders of rec. June 20
Eastern Texas Electric Co., com
July 1 Holders of rec. June 14
s3
Canadian General Electric, com.(quar.) 2
July 1 *Holders of rec. June 20
f. Preferred
13.4 July 1 Holders of rec. June 20
234 June 16 Holders of rec. June 4a Canadian Locomotive, common (quar.)
El Paso Elec. Co.,com.(au.)(No.32)_
14 July 1 Holders of rec. June 20
3
El Paso Elec. Co., pref.(No. 34)
Preferred (goat.)
July 14 Holders of rec. July 2a
July 30 Holders of roe. July 26
8
Frankford & Southwark,Phila.(quar.)_ _ $4.50 July 1 Holders of rec. May 31a Carbon Steel, second pref. (annual)
Case (J.I.) Thresh. Mach., pref. (quar.) 14 July 1 Holders of rec. June 16a
1% July 1 Holders of rec. June 14
Illinois Traction. pref. (attar.)
2
June 30 Holders of rec. June 17a
Celluloid Company (guar.)
1% July 1 Holders of rec. June 18
Manila Elec. RR. & Lig. Corp.(guar.).
24 July 1 Holders of rec. June 24
Central Aguirre Sugar Cos.(guar.)
1
Ottawa Traction (guar.)
July 1 Holders of rec. June 15
Central Bond & Mortgage, pref. (quar.)_ 14 June 30 Holders of rec. June 25
14 July 2 Holders of rec. June 20
Porto Rico Rys., Ltd,. pref. (quar.)_ _ _
14 July 1 Holders of rec. June 10a
Second & Third Sts. Pass., Phila.(guar.) $3
July 1 Holders of rec. May 31a Central Leather, preferred (quar.)
Springfield (Mo.) Ry.& L., pref.(guar.) 131 July 1 Holders of rec. June 14a Central States Elec. Corp., pref. (guar.) 14 July 1 Holders of rec. June 10
14 July 1 Holders of rec. June 204
Tr -City Ry. & Light, com. (guar.)
34 July 1 Holders of rec. June 20a Certain-teed Products, lit pref. (guar.)._
14 July 1 Holders of rec. June 20a
Second preferred (guar.)
I. Preferred (guar.)
134 July 1 Holders of rec. Juno 20a
4
July 1 Holders of rec. June 184
pref. (qu.) 14 July 1 Holders of rye. June I40 Chandler Motor Car (guar.)
Twin City R. T.,
3
June 19 Holders of rec. May 310
chesebrough Manufacturing (guar.)._
*Holders of rec. June 14
Minneap.'
Ry., Philadelphia
*$4.75 July 1
Union Passenger
50c. June 19 Holders of roe. May 31a
Extra
$150u July 1 Holders of rec. Juno 9a
Union Traction, Philadelphia
June 30 Holders of rec. June 28a
2
United Light & Rys.,corn.(qu.)(No. 18) 1
July 1 Holders of roe. Juno 14a Chicago Telephone (guar.)
75e. June 30 Holders of rec. June 16
1% July 1 Holders of rec. June 14a Chino Copper Co. (guar.)
First preferred (quar.)(No. 35)
Cleveland-Akron Bag, common (guar.). 14 June 30 June 23 to June 30
West End Street Ity., Boston, preferred_ $2
July 1 June 22 to July 1
Cluett, Peabody dr Co., Inc., pref. (Mt.) 14 July 1 Holders of rec. June 20a
14 July 2 June 24 to July 2
West India Elec. Co., Ltd.(quar.)
.)_
2410
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
[VoL. 108.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Continued)
Colorado Power, preferred (guar.)
13( June 16 Holders of reo.
Manati Sugar, pref. (guar.)
134 July 1 Holders of rec. June 16a
Columbia Graphop., corn.(qu.)(No.5)- $2.50 July 1 Holders of reo. May 31
June
July 1 Holders of reo. June 20a
Common (payable in common stock). (r) July 1 Holders of rec. June Hia Manhattan Electrical Supply,corn.(qu.) 1
10a
First and second pro!.(guar.)
134 July 1 Holders of rec. June 20a
Preferred (guar.) (No. 5)
13( July 1 Holders of rec. June 10a Maple Leaf Milling,
common (quar.)
3
July 18 Holders of rec. July 3
Comput.-Tabulat:Recording Co.(qu.)- 1
July 10 Holders of rec. June 25a
Preferred (guar.)
134 July 18 Holders of rec. July 3
Consolidated Gas(N. Y.)(guar.)
1% June 16 Holders of reo. May 9a Marconi Wireless Teleg. of
America_ _ 250. July 1 June 2 to June 14
Consol'd Gas,El. L.& P.(Balt.) (guar.) 2
July 1 Holders of rec. June 144 Marlin-Rockwell Corporation
June 17 Holders of rec. June 10a
(monthly) 51
Consumers Power (Mich.), corn
2
July 1 Holders of rec. June 20a Mason Tire & Rubber,corn.(special)
_- 10
July 15 Holders of rec. June 10
Preferred (guar.)
13.' July 1 Holders of rec. June 20a Mason Tire & Rubber,
prof.(quay.)
134 July 1 Holders of rec. June 10
Continental Can,common (guar.)
dl% July 1 Holders of rec. June 20a May Department Stores, corn.
134 Sept. 1 Holders of rec. Aug. 15a
(quay.)..
Preferred (guar.)
dl% July 1 Holders of rec. June 20a
Preferred (quay.)
134 July 1 Holders of rec. June 14a
Continental Motors Corp., pref. (guar.)._ *1% July 15 *
McCrory Stores Corp., pref. (quay.)
Continental Refining, pref. (guar.)
134 July 1 Holders of rec. June 20
20c. July 1 Holders of rec. June 15a Merchants Despatch Transportation
(qu.) 234 June 30 Holders of rec. June 24a
Copper Range Co.(guar.)
50o. June 16 Holders of reo. May 21a Mergenthaler
Linotype (guar.)(No. 94) 234 June 30 Holders of rec.(June 4a
Crescent Pipe Line (guar.)
750. June 16 May 23 to June 18
Mexican Petroleum, corn. (guar.)
22
July 10 Holders of rec. June 14a
Cresson Cons. Gold. M.& M.(mthly.)
10c. June 10 Holders of rec. May 31
Preferred (quar.)
2
July 1 Holders of rec. June 14a
Crex Carpet
3
June 14 Holders of rec. May 29a Michigan Light, pref. (guar.)
134 July 1 Holders of rec. June 16a
Crucible Steel, pref. (guar.)(No.67)
1% June 30 Holders of rec. June 16a Michigan Sugar, pref. (guar.)
134 June 15 Holders of rec. May 31a
Cuba Cane Sugar Corp., pref.(guar.)_ _ _
14 July 1 Holders of rec. June 16a Middle States Oil Corp.
(monthly)
lc. July 1 Holders of rec. June 20
Cuba Company, common
10
Aug. 1 Holders of rec. June 30a Midland Securities (guar.)
$2.50 June 30 Holders of rec. June 10a
Preferred
33 Aug. 1 Holders of rec. June 30a Montana Power, corn. (guar.) (No.
134 July 1 Holders of rec. June 14a
27)
Cuban-American Sugar,common (guar.) 23 July 1 Holders of rec. June
16a
Preferred (guar.)(No. 27)
134 July 1 Holders of rec. June 14a
Preferred (guar.)
1% July 1 Holders of rec. June 160 Montreal Cottons, Ltd., corn.
(quay.)._
1
June 14 Holders of rec. May 31a
Codahy Packing, corn.(guar.)
*13 July 5 *Holders of rec. June 21
Preferred (guar.)
I% June 14 Holders of roe. May 31a
Dayton Power de Light, preferred (guar.)_
1% July 1 Holders of
Detroit Iron & Steel, common (guar.)._ 525c. July 15 *Holders of rec. June 20a Mortgage-Bond Co. (guar.)
134 June 30 Holders of rec. June
rec. June 20
Mt. Vernon-Woodberry Cot. Mills, pref. s3yi July 15 *Holders of rec. July 20
Preferred (guar.)
1
517%c July 15 *Holders of reo. June 20
Muskogee.Gas & Electric,
Diamond Match ((ivar.)13( June 16 Holders of rec. May 31
2
June 16 Holders of reo. May 31a Narragansett Electric Ltg. pref. (guar.)_
$1
(guar.)
July 1 Holders of rec. June
Dictograph Products Corp , pref.(No.!) $2
July 15 Holders of rec. June 30
National Aniline & Chem., pref. (quay.) 134 July 1 Holders of roe. June 14a
Dominion Canners, Ltd., pref. (guar.)... 1% July 2 June 22 to June
16a
30
National Biscuit, corn. (guar.) (No. 84)
134 July 15 Holders of rec. June 300
Dominion Glass, Ltd., corn. (quar.)_
1
July 1 Holders of rec. June 14
National Breweries (Canada) (quar.)__ _
134 July 2 Holders of rec. June 16
Preferred (guar.)
1% July 1 Holders of rec. June 14
National Cloak & Suit, corn. (guar.)
134 July 15 Holders of rec. July 60
Dominion Iron & Steel, Ltd., pref.(qu.) 1% July 1 Holders of
rec. June 14
National Glue,corn. & prof.(quar.)
2
July 1 Holders of rec. June 20
Dominion Power & Trans., corn. (guar.) 1
June 15 June 1 to June 15
National Grocer, common (guar.)
2
June 30 Holders of reo. June 19
Preferred
3% July 15 June 16 to June 30
Preferred
3
June 30 Holders of rec. June 19
Dominion Steel Corp.,con.(qu.)(No.21) 134 July 1 Holders of rec. June
National Lead, common (quar.)
5
134 June 30 Holders of rec. June 13a
Dominion Textile, Ltd., corn. (quar.)
2
July 2 Holders of rec. Juno 14
National Lead, preferred (guar.)
134 June 14 Holders of reo. May 23a
Preferred (guar.)
1% July 15 Holders of rec. June 30
National Licorice, pref. (guar.)
13.4 June 30 Holders of rec. Juno 23
Draper Corporation (guar.)
2
July 1 Holders of rec.
National 011, preferred (quay.)
200. July 15 Holders of rec. July la
duPont (E.I.)de Nem.& Co., corn.(qu.) 4% June 14 Holders of reo. June 7
May 31a National Refining, preferred (quay.)
2
July 1 Holders of rec. Juno 15a
Debenture stock (guar.)
13 July 25 Holders of me. July 10a
National Sugar (guar.)
134 July 2 Holders of reo. June 9
duPont
(E.I.)de Nem.Pow.,corn.(guar.) *13.' Aug. 1 *Holders of rec. July
19
National Surety (quar.) •
3
July 1 Holders of roe. June 20a
Preferred (guar.)
13( Aug. 1 Holders of rec. July 19a
National Transit (quay.)
50c. June 16 Holders of reo. May 31a
Eastern Steel, common (guar.)
2% July 15 Holders of reo. July
Extra
500. Juno 16 Holders of rec. May 31a
First and second preferred (guar.)... 13( June 16 Holders of rec. Jan. 1
Nevada Consolidated Copper (guar.)
2
3734c. June 30 Holders of rec. June 16
Eastman Kodak, common (guar.)
2% July 1 Holders of reo. May 31a New York Air Brake (quay.)(No.
86)....
234 June 2u Holders of rec. June 3a
Common (extra)
73 July 1 Holders of rec. May 31a New York Dock, preferred
234 July 15 Holders of yea. June 5
Preferred (guar.)
15' July 1 Holders of rec. May 310 New York Shipbuilding Corp. (guar.)._
$1 July 15 Holders of rec. July la
Edmunds & Jones Corp., common
50c. July 1 Holders of rec. June 20
New York Transit (quar.)
4
July 15 Holders of rec. June 21
Electric Light & Power of Abington and
Niagara Falls Power; corn.(quay.)
1
Juno 16 Holders of rec. June 10
Rockland, Mass. (No. 52)
4
July 1 Holders of rec. June lea
Preferred (guar.)
134 July 15 Holders of rec. Juno 30
Electric Storage Battery, corn. & pf.(qu.) 1
July 1 Holders of rec. June 16a Niles-Bement
-Pond,corn.(qu.)(No.68) 2
June 20 Holders of rec. June 2a
Empire Steel et Iron, preferred
3
July 1 Holders of rec. June 20
Nipissing Mines(quay.)
25c. July 21 July 1 to July 17
Endicott Johnson Corp., corn. (No. 1)
87)4c July 1 Holders of rec. June 20
Extra
250. July 21 July 1 to July 17
Preferred (No. 1)
13j July 1 Holders of rec. June 20
North American Co. (guar.)
134 July 1 Holders of rec. Juno 16a
Equitable Ilium. Gas Light, Phila., pref *3
June 16 *Holders of rec. June 7
Northern Pipe Line
5
July 1 Holders of rec. June ha
Famous Players-Lasky Corp. (guar.)
52
July 1 Holders of rec. June 23a Ohio Cities Gas, prof. (quar.)
134 July 1 Holders of rec. Juno 14a
Federal Mining & Smelt., pref. (guar.)_
1
June 14 Holders of
*75c. July 15 *Holders of rec. Juno 30
Firestone Tire cfc Rubber,common (quar.)_ $1.50 June 20 Holders of rec. May 24a Ohio Fuel Supply (guar.)
rec. June 10a
Extra (pay. in L. L.434% bonds)
m50c. July 15 *Holders of rec. Juno 30
Preferred (guar.)
1)4 July 15 Holders of rec. July In Ohio Oil (guar.)
51.25 June 30 June 1 to June 24
Galena-Signal 011, old or new pref. (qu.) 2
June 30 Holders of
Extra
$4.75 June 30 June 1 to Juno 24
General Baking, preferred (guar.)(No. 30) 14 July 1 Holders of rec. May 31a
rec. June 14
Oklahoma Gas & Electric, pref.
134 June 16 Holders of rec. May 31
General Chemical, preferred (quar.)
1% July 1 Holders of rec. June 18a Oklahoma Produo. & Refg., (quar.)_
corn. (qu.) 1234c July •2 Holders of rec. June 14a
General Electric (guar.)
2 July 15 Holders of reo. June 7a Otis Elevator, cons.
(quay.)
Extra (payable in stock)
134 July 15 Holders of rec. June 30
e2
July 15 Holders of rec. June 7a
Preferred (quay.)
134 July 15 Holders of rec. June 30
General Ry. Signal, corn. (qu.) (No. 24) 13i July 1 Holders of rec.
June 20
Ottawa Car Mfg.(guar.)
1
July 1 Holders of rec. June 15
Preferred (quay.) (No. 60)
1% July 1 Holders of rec. June 20
Owens Bottle-Machine, corn. (quar.)_
75c. July 1 Holders of rec. June 21a
General Tire ,Sc Rubber, pref. (quar.)_
13( July 1 Holders of rec. June 20
Preferred (quay.)
134 July 1 Holders of rec. June 21a
Globe Rubber Tire Mfg.,corn.(guar.)_ _
13 June 15 Holders of reel. May 31
Pabst Brewing, preferred (quar.)
134 June 14 June 8 to June 15
Globe Soap, corn., 1st, 2d & special pref.
Pacific Mail Steamship, cam. (guar.)._
50o. June 16 Holders of rec. June 2a
(guar.)
134 June 16 June 1 to June 16
Common (extra)
$1
June 18 Holders of rec. June 2a
Gold & Stock Telegraph (quay.)
*134 July 1 *Holders of rec. June 30a Packard Motor Car, preferred (guar.)._
Holders
134
Goodrich (B. F.) Co., pref.(guar.)
13( July 1 Holders of rec. June 20a Pan-Amer.Petrol.& Trans.,com.(quar.) $1.252 June 16 Holders of roe. May 31a
July 10
of roc. Juno 14a
Goodyear Tire & Rubber, pref.(guar.).
1% July 1 Holders of rec. June 4a
Preferred (quar.)
134 July 1 Holders of rec. June 14a
Goulds Manufacturing, common (guar.). 13 July 1 Holders of rec. June
Penmans, Limited, corn. (quay.)
20
134 Aug. 15 Holders of rec. Aug.
Preferred (quar.)
1% July 1 Holders of rec. June 20
Preferred (guar.)
134 Aug. 1 Holders of rec. July 21
Grasselli Chemical, corn. (guar.)
1)4 June 30 Holders of rec. June 15a Penna. Rubber, corn. (qu.) (No. 11)
134 June 30 Holders of rec. June 15
Common (extra)
% June 30 Holders of rec. June 15a
Preferred (guar.) (No. 11)
134 June 30 Holders of reo. June 15
Preferred (guar.)
134 June 30 Holders of rec. June 15a Pennsylvania Water & Power (quar.)
I% July 1 Holders of rec. June 19
Great Lakes Towing, corn. (guar.)
13 June 30 June 16 to June 30
Pettibone, Mulliken Co., lstdad pf.(qu.) 134 July 1 Holders of rec. June lea
Preferred (guar.)
13 July 1 June 15 to July 1
Phelps, Dodge Corp.(quar.)
*234 July 2 *Holders of rec. June 20a
Great Western Sugar, common (guar.).
1% July 2 Holders of rec. June 140 Philadelphia Electric
42.75o. June 14 Holders of reo. May 22a
(guar.)
Common (extra)
10
July 2 Holders of me. June 14a Pierce-Arrow Motor Car, pref. (quar.)__
2
July 1 Holders of rec. June 16a
Preferred (guar.)
13 July 2 Holders of reo. June 14a Pittsburgh 13res log, common (guar.)._
500. June 14 Holders of rec. May 31a
Guantanamo Sugar Co. (guar.)
$1.25 July 1 Holders of rec. June 18a Pittsburgh Rolls Corp.,
prof.(quay.)
134 July 1 Holders of rec. June 25a
Gulf States Steel, first pref. (quar.)._ _ _
14 July 1 Holders of rec. June 16a Price Brothers (guar.)
2
July 1 June 16 to June 30
Second preferred (guar.)
13. July 1 Holders of rec.
*3
July 15 *Holders of rec. July 1
Harbison-Walker Refract., pref. (guar.) 13 July 19 Holders of rec. Juno 16a Quaker Oats, cam. (guar.)
Preferred (quar.)
'134 Aug. 30 *Holders of rec. Aug. 1
Hart,Schaffner & Marx,Inc., pref.(qu.) 134 June 30 Holders of reo. July Pa
June 20a Quincy Mining (quar.)
51 June 30 Holders of rec. June 7a
Haskell & Barker Car (guar.)
51 July 1 Holders
June 30 Holders of reo. June 17a
Haverhill Gas Light (guar.) (No. 94)._ _ _ $112% July 1 Holders of reo. June 16a Railway Steel-Spring,common (quay.).. 2
of rec. June 19a
Preferred (guar.)
134 June 20 IIolders of reo. June 7a
Helme (George W.) Co., corn. (quar.)_ 2% July 1 Holders of rec. June 13a
Ray Consolidated Copper (quay.)
50c. June 30 Holders of rec. June 16
Preferred (guar.)
1% July 1 Holders of rec. June 13a Realty Associates (No. 33)
3
July 15 Holders of reo. July 5
Hercules Powder, corn. (guar.)
2
June 25 June 15 to June 25
Reece Buttonhole Machine (guar.)
30e. July 1 Holders of rec. Juno 16
Common (extra)
2
June 25 June 15 to June 25
Reece Folding Machine (quay.)
1
July 1 Holders of rec. June 18
Herring-Hall
-Marvin Safe, common
2% July 1 June 28 to June 30
Regal Shoe, pref. (quay.)
14 July 1 June 21 to Juno 30
Hillcrest Collieries, common (guar.)....
1
July 15 Holders of yea. June 30
Remington Typewriter, Is: pref. (guar.)._
134 July 1 Holders of rec. June 20
Preferred (guar.)
1% July 15 Holders of r.c. Juno 30
Second preferred (quay.)
2
July 1 Holders of rec. June 20
Homestake Mining (nUnly.)(No. 538)._.. 50e June 25 Holders of rec. Juno 20a
Reo Motor Car (quay.)
234 July 1 Holders of rec. Juno 14a
Huntington Develop. de Gas, pref. (qu.)_ _
1)5 July 1 Holders of rec. June 14
Republic Iron & Steel,com.(gu.)
134 Aug. 1 Holders of rec. July Hia
(No.11)
Hupp Motor Car, pref. (guar.)
*1% June 30 *Holders of rec. June.25
Preferred (quay.) (No. 83)
134 July 1 Holders of rec. June 160
Illinois Pipe Line
8
June 30 June 1 to June 22
Reynolds (R. J.) Tobacco, corn. (guar.) 3
July 1 Holders of rec. Juno 20
Indep. Brewing, Pittsb., corn. (quar.)...
500. June 14 May 31 to June 15
Common, Class B (guar.)
3
July 1 Holders of rec. Juno 20
Indian Refining, common (guar.)
3
June 16 Holders of rec. June 2a
Preferred (guar.)
134 July 1 Holders of reo. June 20
Preferred (guar.)
13j June 16 Holders of reo. June 2a Riordon Pulp & Paper,Ltd., pre!.
(qu.). 134 June 30 Holders of reo. June 20
Ingersoll-Rand Co., preferred
3
July 1 Holders of rec. June 21a Royal Baking Powder, common (guar.)_
2
June 30 Holders of reo. Juno 16a
Intercolonial Coal Mining, Ltd., com___ _ 3
July 1 Holders of rec. June 21
Preferred (guar.)
I% June 30 Holders of rec. Juno 160
Preferred
3)5 July 1 Holders of rec. June 21
Safety Car Heating & Lighting (guar.)._
134 July 1 Holders of rec. June 16a
Int, Buttonhole Sewing Mach. (guar.)...
10c. July 1 Holders of rec. June 18a St. Joseph Lead (guar.)
25o. June 20 June 10 to June 20
International Harvester, corn. (guar.).. _
1)4 July 15 Holders of rec. June 25
St. Louis Rocky Mt. & Pae. Co., pl. (qu) 134 Juno 30 Holders of rec. June 20
International Salt (guar.)
13 July 1 Holders of rec. June 14
Savage Arms Corp.,common (quar.)_
134 June 15 Holders of reo. May 31a
International Silver, pref. (guar.)
13( July 1 June 15 to July 1
First preferred (guar.)
134 June 15 Holders of rec. May 31a
Jewel Tea, preferred (guar.)
1% July 1 Holders
Second preferred (guar.)
134 June 15 Holders of reo. May 31a
Kaufmann Department Stores, pref.(qu.). 1% July 1 Holders of rec June 20a
of rec. June 20
Savoy Oil (quay.)
15c. June 25 Holders of rec. Juno 16
Kelly-Springfield Tire, prof. (quar.)_ _ _
13. July 1 Holders of rec. June 16a Seamans Oil (guar.)
5
Juno 30 Holders of rec. June 20
Kennecott Copper Corporation (quar.)
250. June 30 Holders of rec. June 6a Sears, Roebuck & Co., pref. (guar.)
Capital distribution
25e. June 30 Holders of rec. June 6a Shattuck Ariz. Cop. (capltal distrib'n). 134 July 1 Holders of rec. June 14a
25c,July 10 Holders of roe. June 30a
Kerr Lake Mines, Ltd.(guar.)(No. 7)- 25c. June 16 Holders of reo.
June 2a Shawinigan Water & Power (quay.)
134 July 10 Holders of rec. Juno 27
Kolb Bakery, pref.(guar.)(No.30)
14 July 1 Holders of rec. June 14
Sherwin-Williams Co. of Can.,
Kresge (S. S.) Co., corn.(guar.)
23. July 1 Holders of rec. June 16a Shredded Wheat, corn.(guar.) pi. (qu.) 134 June 30 Holders of reo. June 15
2
July 1 June 21 to July 1
Preferred (guar.)
1% July 1 Holders of rec. June 16a
Preferred (quar.)
134 July 1 Juno 21 to July 1
Kress (S. H.) Co., common (quar.)._
1
Aug. 1 Holders of rec. July 19a Solar Refining
June 20 June 1 to June 20
5
Preferred (guar.)
1( July 1 Holders of rec. June 20a
Extra
June 20 June 1 to June 20
5
La Belle Iron Works, common (quar.)_ _
1
June 30 Holders of rec. June 16a South Penn Oil (guar.)
June 30 June 13 to June 30
5
Common (extra)
1
June 30 Holders of rec. June 16a South Porto Rico Sugar, corn.(quar.)_
5
July 1 Holders of rec. June 16a
Preferred (guar.)
2
June 30 Holders of rec. June 16a
Preferred (quay.)
2
July 1 Holders of rec. June 16a
Lackawanna Steel, common (quar.)
1% June 30 Holders of reo. June 10a South West Pa. Pipe Lines (guar.)
3
July 1 Holders of rec. June 16
Laclede Gas Light, preferred
2).4 June 16 Holders of rec. June 2a Standard Coupler, common
Aug. 1 Holders of rec. Juno 28a
3
Lehigh Valley Coal Sales (quay.)
$2
July 1 Holders of rec. May
Preferred
Juno 30 Holders of rec. June 26a
4
Special (payable in L. L.4J% bonds) 52.50 June 16 Holders of rec. May 27
27
Standard Gas & Electric, pref. (guar.)._ 2
June 14 Holders of rec. May 31
Libby, McNeil & Libby
50c. July 15 Holders of rec. Juno 21
Standard Oil (Calif.) (quar.) (No.42)
234 June 18 Holders of reo. May 15
Library Bureau, common (guar.)
1)6 July 1 June 21 to June 30
Standard Oil (Indiana) (quay.)
June 14 May 8 to June 14
3
Preferred (quay.)
2
July 1 June 21
Extra
June 14 May 8 to June 14
3
Liggett & Myers, Tobacco, pref. (guar.) 14 July 1 Holders of to June 30
reo. June 16a Standard 011 (Kansas) (guar.)
June 14 Holders of reo. May 31a
3
Lindsay Light, common (quay.)
5
June 30 Holders of rec. May 31a
Extra
3
June 14 Holders of rec. May 31a
Preferred (guar.)
1% June 30 Holders of rec. May 31a Standard 011 (Kentucky) (guar.)
*3
July 1 *June 15 to July 1
Loose-Wiles Biscuit, 1st pref.(quay.)
13 July 1 Holders of rec. June 16a Standard 011 (Nebraska)
%
10
June 20 May 21 to June 20
Lorillard (P.) Co.,corn.(guar.)
3
July 1 Holders of rec. June 14a Standard Oil of N.J.(guar.)
June 16 Holders of rec. May 19a
5
Preferred (guar.)
1% July 1 Holders of rec. June 14a Standard Oil of N. Y.
4
(Qum.)
June 18 May 20 to May 28
Mackay Companies,corn.(q11.)(No.56) 1% July 1 Holders of rec.
June 7a Standard 011 (Ohio) (guar.)
July 1 May 30 to June 18
3.
Preferred (guar.) (No. 62)
1
July 1 Holders of reo. June 7a
Extra
July 1 May 30 to June 18
1
Name of Company.
THE CHRONICLE
JUNE 14 1919.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
July 1 Holders of rec. June 15
Standard Textile Products, corn.(quar.) 1
Common (extra)
34 July 1 Holders of rec. June 15
Preferred Class A and B (No. 20)._ _
134 July 1 Holders of rec. June 15
July 1 Holders of rec. June 16a
Stromberg Carburetor, Inc. (quar.)_ _ $1
Stutz Motor Car, Inc. (guar.)
$1.25 July 1 Holders of rec. June 23a
Submarine Signal
500. June 30 Holders of rec. May 22
Swift International (Companta Swift Internacional)
$1.20 June 20 Holders of rec. May 31a
July 1 Holders of rec May 31
Swift & Co. (quar.) (No. 34)
2
Texas Company (quar.)
2; June 30 Holders of rec. June 10a
,
6
Texas Pacific Coal & Oil (quar.)
134 June 30 Holders of rec. June 19a
Special
. 34 June 30 Holders of rec. June 19a
June 30 Holders of rec. June 20a
Tide Water Oil (guar.)
June 30 Holders of rec. June 20a
Extra
2
Tobacco Prod. Corp., pf. (qu.) (No. 26) 134 July 1 Holders of rec. June 16a
Todd Shipyards Corp. (quar.) (No. 12). $1.75 June 20 Holders of rec. June 6
Tonopah-Belmont Development (quar.) 10c. July 1 June 15 to June 20
June 11 to June 20
Tonopah Extension Mining (guar.)
50. July
Extra
50. July 1 June 11 to June 20
Holders
(qu.)(No.28)_ 134 June 14 *Holders of rec. May 31
Tooke Bros., Ltd., pref.
of rec. June 20
*75c. July 1
Torrington Company, corn. (guar.)
*25c. July 1 Holders of rec. June 20
Common (extra)
July 15 Holders of rec. June 30
Tucketts Tobacco, pref. (guar.)
17
1
July 1 Holders of rec. June 5a
2
Underwood Typewriter, corn. (quar.)_
Common (pay.in U.S. Victory Notes) P5 • July 1 Holders of rec. June 5a
Preferred (quar.)
134 July 1 Holders of rec. June 50
Oct. 1 Holders of rec. Sept. 5
Underwood Typewriter, common (guar.)_ _ 2
1% Oct. 1 Holders of rec. Sept. 5
Preferred (guar.)
134 June 18 Holders of rec. June 6a
Union Bag & Paper (quar.)
$1.25 July 1 Holders of rec. June 10a
Union Carbide & Carbon (guar.)
134 June 25 Holders of roe. June 5
Union Tank Line (guar.)
United Cigar Stores, pref.(qu.)(No. 27) 134 June 15 Holders of rec. May 29a
Holders of rec. June 18a
134 July
United Drug,common (qu.)(No. 11)_ _ _
United Dyewood Corp.. common (quar.) 154 July 1 Holders of rec. June 14a
134 July 1 Holders of rec. June 14a
Preferred (quar.) (No. 11)
July 15 Holders of rec. June 20
United Fruit (guar.) (No. 80)
July 15 *Holders of rec. June 30
*2
United Gas Improvement (guar.)
134 July 15 Holders of roe. July la
United Paperboard, Inc., pref.(guar.)._
United Shoe Machinery, corn. (guar.)._ _ _ 50c. July 5 Holders of rec. June 18
July 5 Holders of ree: June 18
$1
Common. (Extra)
37%c. July 5 Holders of rec. June 18
Preferred (guar.)
June 30 *Holders of rec. June 11
U. S. Bobbin & Shuttle, common (guar.)_
4.1%. June 30 *Holders of rec. June 11
Preferred (guar.)
134 June 30 June 21 to June 30
U. S. Gypsum, preferred (quar.)
June 16 Holders of rec. June 2a
4
U. S. Industrial Alcohol, coal. (guar.)
U. S. Steel Corp. corn. (guar.)
13. June 28 May 30 to June 2
$1.50 June 30 Holders of rec. June 16a
Utah Copper Co. (guar.)
June 27 Holders of rec. June 17
Utilities Securities Corp., pref. (guar.)_ _ _
*5
July 15 *Holders of rec. June 30
Victor Talking Machine, corn. (guar.). _
July 15 *Holders of rec. June 30
Common (extra)
*15
rx July 15 *Holders of rec. June 30
Preferred (guar.)
July 25 June 26 to July 25
Virginia Iron, Coal dc Coke
3
July 2 Holders of rec. June 13
Wabasso Cotton, Ltd.(quar.)(No.6),_
June 16 June 6 to June 16
2
Western Canada Flour Mills (guar.)._ _ _
$2.50 June 30 Holders of rec. June 23a
Western Electric, cont. (guar.)
Preferred (guar.)
134 June 30 Holders of rec. June 23a
June 30 Holders of roe. June 20
Western Grocer, common
June 30 Holders of rec. June 20
3
Preferred
134 July 15 Holders of rec. June 20a
Western Union Telegraph (guar.)
*$1.75 July 31 *Holders of rec. July 3
Westinghouse Air Brake (guar.)
July 31 Holders of rec. June 30
Westinghouse Elms.& Mfg., corn.(quar.) $1
July 15 Holders of rec. June 30
$1
Preferred (quar.)
Weyman-Bruton Co., corn.(guar.)
234 July 1 Holders of rec. June 16a
134 July 1 Holders of rec. June 16a
Preferred (guar.)
July 1 June 18 to July 1
Wheeling Steel de Iron (guar.)
June 30 Holders of rec. June 14a
$1
White Motor (guar.)
Willys-Overiand Co., pref. (quar.)
134 July 1 Holders of rec. June 30a
4.1,4 Aug. 1 *Holders of rec. July 21
Wilson de Co.,common (quar.)
*1 y July 1 *Holders of rec. June 24
i
Preferred (guar.)
50e July 1 Holders of roe. June 14a
Wolverine Copper Mining (guar.)._ _ _ _
1,1 July 1 Holders of rec. June 100
Woolworth (F. W.) Co., pref. (guar.) _ _
Worthington Pump & Mach., p1. A (qu.) 134 July 1 Holders of rec. June 20a
134 July 1 Holders of rec. June 20a
Preferred B (quar.)
234 July 1 Holders of rec. June 20
Yale & Towne Mfg.(quar.) (No. 102)
2411
New York City Realty and Surety Companies
All prices now dollars per share.
Bid
Alliance R'itl 80
Amer Surety. 70
Bond & M 0. 250
City Investing 35
Preferred_ _ 70
Ask
70
75
255
40
80
Bid.
Lawyers Mtge 132
Mtge Bond
94
Nat Sunny
255
N Y Thie &
Mortgage_ _ 120
Ask. 11
140 !Realty AssocI
98 li, (Brooklyu),I
235 LU S Casualty 1
iiIT 8 Title Guar
125 j1West & Brimx,
I, Tftlp Ar M ol
Ask
Bid.
103
185
80
110
195
150
170
Statement of New York City Clearing House Banks
and Trust Companies.
-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Juno 7. The figures for the
separate banks are the averages of the daily results. In the
rhtSe of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated in thousands of dollars-that it, three ciphers [,000) mooted )
CLEARING
Loans,
I Net
Reserve
HOUSE
.
C'
..ap4tal.1 Profits. Disecunt. Cash
with
Net
Time
- InvestMEMBERS.
In
Lcoal Demand
De(.000 omitted.) Nat'l. May 12
tnts, Vault. Deposi- Deposits. posits.
Week ending State, Feb. 21
&c.
tories
June 7 1919. 'Cfir.Cos,Feb. 21
•
Nat's
Bank
Circe
qafon
Members of
Average. Average Average Average. A rerag Avge.
Fed. Res. Bankl $
Bk of N Y,NBAI 2,000 5,732
55,094
559 7,541
37,09' 1,841
777
Manhattan Co- 2,500 7,210
62,149 1,908 8,460
68,178
Merchants' Nat 2,000 2,997
31,849
536 3,424
23,285 2.734 1,812
Metals- 6,000 11,815 161,656 9,856 25,083
Mech &
164,891 1,765 3,785
32,961 1,066 4,156
Bk of America...1 1,500 6,780
25,426
National City-- 25,000 52,572 564,022 14,309 91,610 *671,565 17,721 1,456
.
Chemical Nat..- 3,000 9.793 84,017 1,404 9,471
61,309 6.354 435
474 2,036
17,405
Atlantic Nat_ -- 1,000
968
15,451
545
145
3,906
134
634
106
Nat Butch & Dr
3,919
297
-Amer Exch Nat 5,000 5,915 119,928 1,549 13,728
100,790 5i45 4,946
N Bk of Comm.. 25,000 26,058 386,089 2,823 37,165
286,748 4,821
_
18,440 1,229 2,780
Pacific Bank_
18,190
1,134
50
_
50
Chath & Phen._ 3,50
94,797 9,717 2;869
3,062 114,027 5,938 12,182
Hanover Nat... 3,000 17,682 131,080 5,590 18,133
128,019
969 5,226
Citizens' Nat.._ 2,550 3,289 41,155
36,926
245 988
55,820 2,178 3,862
Metropolitan__. 2,000 2,404
27,225
10
131,228 3,314
Corn Exchange_ 4,200 8,290 134,861 5,574 17,069
679 3,274
40,288
24,856
Imp & Trad N_ 1,500 8,311
51
166,379 2,578, 4,862
National Park_ _ 5,000 19,919 213,092 1,823 21,726
335 1,116
8,43
8,789
East River Nat.. 1,000
194;
50
641
20,543
890 2,371
16,888
Second Nat_ __ _ 1,000 4,149
642
First National_ _ 10,000 32,347 366,377 1,5oo 19,242
151,527 1:607 8,236
Irving National 4,500 6,368 128,588 3,986 17,188
124,337 1,411 1,437
N Y County N_ 1,000
634 1,488
12,878
11,872
700
440
198
Continental_ _ _ _ 1,000
1,351
7,439
15
6,444
642
Chase National _ 10,000 18,363 344,6111 7,898 43,276
298,014 10,270 1,516
Fifth Avenue...
23,28
200 2,301
1,178 2,431
19,212
__Comm'l Exch._
200
301
7,983
974
7,188
858
____
Commonwealth.
37
8,789
400
977
8,310
782
Lincoln Nat___ 1,000 2,070
16,000 1,40
2,389
16,110
17 "iio
Garfield Nat...
3
14,81
1,000 1,377
1,645
12,984
31
398
Fifth National_
8,44
250
313 1,024
7,750
395
381
248
Seaboard Nat_ _ 1,000 3,891
52,799 1,041 8,096
49,911
140
70
Nat__ _ 3,000 4,774
Liberty
77,759
446 7,912
58,881 2,047 1,994
Coal & Iron Nat 1,500 1,420 23,502
922 1,837
13,624
408 414
Union Exeh Nat 1,000 1,327
17,019
632 2,452
18,848
386
398
Brooklyn Tr Co 1,500 2,289
789 3,516
42,995
26,394 5,705
Bankers Tr Co_ 15,000 17,361 297,4351
962 36,946
263,750 9,659
• From unofficial sources. t Declared subject to the approval of Director-General
S Mtge & Tr. 2,000 4,551
69,9901
696 7,049
53,535 4,552,
of Railroads. # The New York Stook Exchange has ruled that stock will not be Guaranty Tr Co
25,000 28,525 516,548; 3,096 55,689 *466,909 27,070'
quoted ex-dividend on this date and not until further notice.
Fidelity Tr Co..
13,1871
327 1,439
10,002
468
a Transfer books not closed for this dividend. le Less British income tax. 4 Cor- Columbia Tr Co 1,000 1,284
92,908; 1,103 10,072
74,801 6,440
5,000 6,904
rection. e Payable in stock. .1 Payable in common stock. g Payable in scrip. Peoples Tr Co_
h1,200 h1,612 30,112; 1,045 2,758
28,623 1,793
accumulated dividends. I Payable in Liberty Loan bonds. I Red
is On account of
New York Tr Co
105,3861
465 8,180
64,422 2,642
Cross dividend. m Payable in U. S. Liberty Loan 4 Ji% bonds. is Transfer books Franklin Tr Co.. 3,000 10,677
32,4511
519 2,476
17,066 2,107
closed for annual meeting from May 3 to May 22, both inclusive. p Payable in Lincoln Tr Co.._ 1,000 1,305
448 2,356
1,000
19,243 1,044
663 22,303,
Victory Notes.
U. S. Government
Metropolitan__
771 4,574
33,593 1,138,
r One-twentieth of a share in common stock. s All transfers received in order in Nassau N, Bkln 2,000 4,402 45,678
378 1,094
16,983
10,853
1,000 1,228
5771
80
London on or before June 4 will be in time to be passed for payment of dividend to Irving Tr Co_ _ _
52,032 1,085
transferees. I Also declared $1 20, payable Dec. 20 to holders of rec. Nov. 8. Farmers L & Tr g2,250 g1,197 51,428 2,581 7,162
5,000 12,008 126,443 4,215 15,886 *152,246 9,676
u Less 234 cents for counsel fees in connection with income tax suits. o Payable on
16,394
662 2,641
15,701
431
672
presentation of Coupon No. 3. to Declared 8%, payable in quarterly installments Columbia Bank 1,000
of 2% each as follows: July 1 to holders of record June 20; Oct. 1 to holders of record
200,550370.841 4,887,419 98,380585,147 c3,097,067 148,71938,578
Sept. 20: Jan. 1 1920 to holders of record Dec. 20 1919 and April I 1920 to holders Average
of record March 20 1920. x Payable one-half in cash and one-half in Fourth Liberty Totals,actualco
ndition June 74,948,185 98,567 555,774 c3,957,192 147,391 38,746
Loan bonds. z Less income tax.
Totals,actual co ndition May 31 4,743,354 91,272545,535. 3,992,673 147,672 38,708
Totals, actual co ndition May 244,715,712 97,142 572,538 3,962,803 148,92738,764
Totals, actual co ndition May 174.847,345 1,Ob151U,W29 3,979,933 143,839 38,818
New York City Banks and Trust Companies
All prices now dollars per share.
State Banks. Not Men71;e8 of FederalRe serve Bank
Greenwich
17,141 2,270 1,118
500 1,559
17,548
38
Bid. Ask. Trust Co's. Bid. Ask.
Banks.
Banks-N.Y Bid. Ask.
Bowery
5.954
897
325
812
250
5,408
New York.
___ :Irving (trust
Americas__- 575
N Y Prod Excb 1,000 1,242
24,277 2,471 2,287
26,243
certificates) 360 370 Bankers Trust 425 430
_ __
Amer Exch.- 255
State Bank_ _ _ 2,000
607 50,581 5,268 3,589
48,207 "ioi
_ Liberty
650 875 Central Union 460 470
185
Atlantic
285 285 Columbia..._ 340 350
-Battery Park. 203 210 Lincoln
97,953 10,706 7,319
Average
97,406
3,750 4,221
144
110
125
S. - 425
_ Manhattan'. 215 225 Commercial
Bowery
295 305
6 Merril & Met_ 390 398 Empire
BroadwayCen 140 11
Totals, actual co ndition June 7 98,641 10,452 7,277
96,490
144
Bronx Boro*. 125 175 Merchant,... 145 155 Equitable Tr- 475 485
98,184 10,525 7,573
Totals, actual co ndition May 31
97,648
144
Bronx Nat-- 150 160 Metropolitans 185 200 Farm L & l'r_ 460 470
96,067 10,084 7,859
Totals,actual co ndition May 24
93,849
144 _
220 230
425
_- Fidelity
Bryant Park* 145 155 Mutual •_
7,724
Totals, actual co ndition May 17 97,876 10,18
143
95,769
240 280
38 New Neth*.... 200 215 Fulton
-Butch & Drov 33
Mere..._ 160 170 New York Co 140 150 Guaranty Tr_ 405 415
Cent
Trust Companies. Not Members ofFed eral Reserve Ba nk
135 145
Hudson
440
485 505 New York_
Chase
99
3,000
26,117
713
Irving Trust- jSee 'wing Title Guar & Tr 5,000 12,033 43,051
150
Chat & Then. 410 420 Paelflo•
Lawyers T & Tr 4,000 5.284
795 1,551
24,303
15,237
416
1Nat Bank
710 726
100 115 Park
Chelsea Each*
Law Tit & Tr 135 145
Chemical.
- 525 540 Prod Exch•__ 350
Average
4,551
41,354 1,129
9,000 17,297
1265 275 Lincoln Trust 175 185
Citisens--- 235 245 Public
Mercantile
230
520
442 448 Seaboanl
City
3 ‘ - Totals,
-;
i
40,213 1,194
475 Eii MetroPolltan- 38
0 ' Totals, actual co ndition June 7 87,536 1,755 4,454
Coal & Iron.- 235 245 Second
actual co ndition May 31
98,184 10,525 7,573
97,648
144
Mutual(W
_ Sherman _
125
Colonial *.. .- 400
Totals, actual co ndition May 24
96,067 10,0
7,859
93,849
144
State •
cheater)
138 148
- 106 125
Oolumbia•-. 175
.
Totals, actual co ndition May 17 97,876 10,189 7,724
95,769
143 _
Commeree-- 248 254 23d Ward'... 115 130 N Y Life I
790 810
& Trust
Comml Ex*. 390 410 Union Exch... 195 205
Gr'd aggr., avge 213,3001392,360 5,052,726 110,871 577,017 d4,135,827 149,992 38,578
Y Trust-. 625 635
UnitedStatea• 1185 175
Common+155693 +2,81 +13543 +17,469 -223 -84
Comparison, prey, week
Scandinavian 315 330
215 230 Wash ll'ts•_. 275
wealth •Title Gu & Tr 410 420
120 Westch Ave*. 190
Continental*. 110
Gr'd aggr, act'l cond'n June 7 5,114,362 110,77.507,505e4,093,8951148,729 38,746
300 350 IJSMtg&Tr 440 450
Corn Each -- 390 400 Yorkville•
,
+205402 +7,12 +9,878 -39,683 -203 +38
Comparison, pre V. week
910 930
United Stat
Coemop'tans. 95 100
Brooklyn,
Westchester.. 130 140
Cuba(Bk of). 178 183
Gr'd aggr, act1 cond'n May 314,908,060103,651 557,829 4,133,578 148,93238,708
Coney Island* 140 155
150
East River
Gr'd aggr, act'l cond'n May 244,879,621 108,933585,419 4,100,168 150,192 38,764
190 200
Brooklyn.
120 130 First
Europe
Gr'd aggr, act'l cond'n May 175,012.73 109,55 583,152 4.118,984 145,105 38,818
0
150 185 Brooklyn Tr- 500 510
Fifth Avenue* 1700 2300 Greenpoint
Gr'd aggr, act'l cond'n May 105,020,762 112,172 568,521 4,121,927 155,881 38,914
220 230
Hillside •
110 120 Franklin
_
225
Fifth
Homestead S. 70
80 Hamilton.-- 285 275
1015-First
• Includes deposits in foreign branches not Inc uded in total footings as follows:
85 Kings County 850 700
190 200 Mechanics''. 78
Garfield
85
National City Dank, $98,348,000; Guaranty Trust Co., $59,042,000; Farmers' Loan
95 Manufacturers 180 185
190 200 Montauk•
Gotham
275 285
Nassau
203 210 People's
___
Green wich•- 360
& Trust Co.,$38,819,000. Balances carried in banks in foreign countries as reserve
80
785 795 National City 130 137 Queens Co.- 70
Hanover
for such deposits were: National City Bank, $25,476,000; Guaranty Trust Co.,
320 345 North Side'.. 195 205
Harriman__
$12,928,000; Farmers'Loan & Trust Co.,$8,012,000. c Deposits in foreign branches
130 140
Imp & Trad_ 560 585 People's
not included. d U.S.deposits deducted,$268,626,000. e U.S. deposits deducted,
Banks marked with a (*) are State banks. t Sale at auction or at Stook ExInchwles one-half share Irving Trust Co. t New stook. $392,858,000. Bills payable, rediscounts, acceptances and other liabilities, $737,change this week. #
12,000. g As of April 2 1919. h As of May 16 1919.
y Ex-rights.
8
2412
THE CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
[VOL. 108.
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
State Banks.
Cash
Reserve
in Vault.
Members Federal
Reserve Bank_
State banks.
Trust companies._ _ _
Total
Total
Total
Total
Reserve
in
Depositaries
Total
Reserve.
Trust Companies.
Week Ended June 7.
Averages.
June 7
1919.
a
Reserve
Required.
Surplus
Reserve.
565,147,000 565,147,000 524,080,280 41,066,720
10,706,000
7,319,000 18,025,000 17,533,080
491,920
1,785,000
4,551,000 6,336,000
6,203,100
132,900
June 7_ _ 12,491,000 577,017,000 589,508,000 547,816,460
May 31_ _ _ _ 12,214,000 563,474,000 575,688,000 545,520,510
May 24_ __ _ 12,173,000 573,655,000 585,828,000 543,100,090
May 17_ ___ 12,516,000 558,636,000 571,152,000 544,168,750
41,691,540
30,167,490
42,727,910
26,983,250
Differences froml
previous week.
June 7
1919.
I
Differences from
previous week.
Capital as of Feb.2E
25,900,000
104,600,000
Surplus as of Feb.2143,559,000
172,776,000
Loans & investments_ 624,686,500 Inc. 10,209,100 2,142,940,600 Inc. 51,489,600
Specie
8,553,100 Inc.
260,600
11,744,500 Dec.
145,700
Currency & bk. notes
27,412,000 Inc.
22,053,300 Dec. 618,400
931,000
Deposits with the F.
It. Bank of N. Y. 56,400,200 Dec.
905,200 223,533,600 Inc. 10,165,100
Deposits
749,616,100 Inc. 22,371,900 2,195,409,700 Inc. 79,506,100
Reserve on deposits_ - 112,188,900 Inc.
313,700, 315,672,100 Inc. 10,774,500
P.C.reserve to dep19.1%1Inc.
20% Dec.
0.7%1
1.7%
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks.
Trust companies•__ _
Total
Total
Total
Total
June 7._ _
May 31____
May
_
May 17--- -
10,452,000
1,755,000
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
555,774,000 555,774,000 518,856,690 36,917,310
7,277,000 17,729,000 17,368,200
360,800
4,454,000 6,209,000 6,031,950
177,050
12,207,000 567,505,000 579,712,000 542,250,840
12,379,000 557,829,000 570,208,000 547,542,840
11,791,000 585,419,000 597,210,000 543,052;420
12,000,000 583,152,000 595,152,000 545,434,180
37,455,160
22,665,160
54,157,580
49,717,820
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks includes also amount of reserve required on net time deposits, which was as follows:
June 7, $4,461,570; May 31, $4,468,440; May 24, $4,406,700; May 17, 4,472,730.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: June 7
$4,421,230; May 31, $4,430,160; May 24, $4,467,810; May 17, $4,315,170.
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001 omitted.)
Net
Loans,
CLEARING
Capital Profits. DisNON-MEMBERS'
counts, Cash
Nat.bks May12 Invest
in
Week ending Statebks.Feb21 ments, Vault.
June 71919.
Tr.cos. Feb.21 &c.
1
Members of
Fed'i Res. Bank.
Battery Park Nat_
Mutual Bank __
New Netherland__
W R Grace & Co's
Yorkville Bank _First Nat'l, Joy Cy
Average Average.Average Average Arcing, (reran.
$
1,500
200
200
500
200
400
1,607
560
195
835
633
1,351
3,000
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
100
500
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
500
(Figures Furnished by Stale Banking Department.)
200
Defferencesfrom
J
previous week.
1,3001
Total
Loans and investments
$824,502,200 1nc.$12,869,600
Specie
8,384,200 Dec.
107,500 Trust Companies
Currency and bank notes
17,623,400 Inc.
701,400 Not Members of the
Deposits with Federal Reserve Bank of New York
70,711,000 Inc. 3,626,400 Fern Reserve Bank.
Total deposits
856,369,600 Inc. 17,067,400 Hamilton Tr,Bkln
500
Deposits, eliminating amounts duo from reserve deMcch Tr,Bayonne
200
positaries and from other banks and trust companies in N. Y.City, exchanges and U.S. deposits 768,416,900 Inc. 1,467,700
700
Total
Reserve on deposits
140,647,900 Inc. 2,130,400
Percentage of reserve, 20.3%.
Grand aggregate_.. 5,000
RESERVE.
Comparisonprevio us week
State Banks
-Trust Companies
Cash in vaults
$20,353,400 13.83%
$76,365,200 13.98% Gr'd aggr, May 23 5,000
Deposits in banks and trust ens..
12,156,300 8.26%
31,773,000 5.82% Gr'd aggr. May 17 5,000
Gr'd aggr, May 10 5,000'
Total
$32,509,700 22.09%
5108,138,200 19.80% Gr'd aggr. May 3 5,000I
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Total
Net
Reserve
Net
with Demand Tim
Bank
De- Circa.
DeLegal
Deposi- posits. posits. alien.
tories.
State Banks
Not Members of the
Fed'l Reserve Bank.
Bank of Wash Hts
Colonial Bank
International Bank
North Side, Bklyn
13,562
11,717
7,256
7,238
11,206
11,028
1,287
1,558
902
1,039
1,116
919
9,735
11,466
5,929
5,207
6,148
7,398
108
36
4e
1,411
4,767
__-_
397
5,183 62,007
1,619j 6,821
45,883
6,693
587
441 2,660
1,137 12,308
222 7,198
220 5,732
334
1,419
713
494
2,615
156
1,179, 12,942
391' 6,002
4,949
308
484
320
2,0211 27,8981
2,960
2,034
26,508
804
456
370
278
310
5,574
4,424
976
4,197
588
9,998 . 5,173
1,045
384
180
192
171
12
365
699
9,148
9,025
190
1,430 18,173
826
8,634 108,078
+1,036
5,405
+129
9,443 n82,389 12,670
+46 +1,5591 A-723
587
+8
8,634 107,042
8,634 105,945
8 581 100,802
'
8,581
5,276
5,451
5,659
9,397
9,655
9,648
579
579
585
581
80,830
81,163
81,999
81,617
11,947
11,901
11,059
11,957
a U. S. deposits deducted, $5,897,000.
Bills payable, rediscounts, acceptances and other liabilities, $7,510,000.
Excess reserve, $2,090 decrease.
Boston Clearing House Bank.
-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
142,105,300
141,455,900
146,531,400
147,215,300
148,938,900
141,934,500
135,813,100
132,677,300
130,568,700
133,267,700
133,632,800
131,342,200
128,952,600
132,655,200
130,005,000
134,143,000
130.736,900
135,497,500
134,131,300
136,428,700
139,041,500
134,432,800
141,466,900
136,791,200
133,474,700
13fi 878 lino
010100000.c,.=-.00101 01-40000100
$
4,527,415,100
4,592,634,000
4,587,455,700
4,650,393,400
4,635,056,500
4,673,410,100
4,650,058,300
4,630,229,800
4,539,150,100
4,504,885,000
4,527,389,800
4,566,358,800
4,571,345,100
4,633,702,000
4,733,613,800
4,618,029,500
4,747,993,000
4,722,746,700
4,689,495,300
4,736,482,100
4,773,617,400
4,822,202,600
4,873,611,200
4,861,516,200
4,885,307,200
4 NU 243 gan
Reserve in
Depositaries.
0-.00101 0140101010C1.0104 .0-0100-4-1000
.00000000000000000000.0000
=000000000.0000000000000000
*Total Cash
in Vault.
=0.0000100001000100000000000.0
Demand
Deposits.
01.40-10cc-I 01010100.0-A 0101.0-A A-icc cc .0- 40
-0cc o.-10,0101,- 01-1010-i 0100100000-40100
01Cccc001001oO 01.1.0-010-4000.0-400001c
-ii 0-000-1000-01 010010100101
0001 -00'
.40101c-i-i
010-0101w 010'- 01
0101010
Avi.,-cococoocao,coocw.;..worm4.-4
Imo 7
000001000-40001000-01CoOO--i
00
D. 0000C00049.004¢110Q0000000QQ
=0000000000000.0.00=0000
Dec. 14
Dec. 21
Dec. 23
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar.22
Mar. 29
Apr. 5
April 12
April 19
April 26
May 3
May 10
May 17
May 23
May 31
Loans and
Investments.
:nao,ototo,aaaaaa.o,o,cmc.o.cno‘aaamo‘o‘cn
.00w.-w.wwcwoA.01w.q0co01.c..01x
.woo,o,40ocawmc.owwc,o0w,.
Week ended-
* This item includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.
New York City State Banks and Trust Companies.
In addition to the returns of "State banks and trust companies in Now York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents' a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
June 7
1919.
Changes from
previous week.
May 31
1919.
May 24
1919.
$
$
Circufation
4,712,000 Deo.
32,000 4,744,000 4,730,000
Loans, dtsc'ts & Investments_ 582,736,000 Inc. 29,928,000 552,808,000 549,557,000
Individual deposits, incl. U.S. 401,888,000 Inc. 33,231,000 428,657,000 432,069,000
Due to banks
118,399,000 Inc. 3,430,000 114,969,1)00 120,661,000
Time deposits
11,079,000 Dec.
32,000 11,111,000 11,276,000
Exchanges for Clear. house. 19,043,000 Inc. 1,726,000 17,317,000 17,284,000
Duofrom other banks
61,282,000 Inc.
220,000 61,062,000 65,703,000
Cash In bank & In F. R.Bank 61,666,000 Dee.
597,000 62,263,000 63,640,000
Reserve excess in bank and
Federal Reserve Bank
11,337,000 Dee. 4,063,000 15,405,000 10,337,000
Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending Juno 7 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending June 7 1919.
Two ciphers (00) omitted. Members of
F.R.System
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.IIouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not included)
Reeve with Fed.Res.Bank
Res've with legal deposit's
Cash in vault*
Total reserve & cash held_
Reserve required
pyr.... ri. .6 ellith In vault
529,775,0
80,992,0
803,446,0
24,707,0
107,566,0
148,244,0
491,160,0
5,307,0
644,711,0
Trust
Cos.
53,000,0
7,631,0
30,234,0
976,0
14,0
295,0
21,046,0
21,341,0
59,959,0
14,719,0
74,678,0
50,872,0
23.808.0
5,103,0
894,0
5,997,0
3,052,0
2.945.0
May 31
1919.
Total.
532,775,0
88,623,0
838,680,0
25,683,0
107,580,0
148,539,0
512,206,0
5,307,0
666,052,0
80,386,0
59,959,0
5,103,0
15,613,0
80,675,0
53,924,0
2(1.751.0
$32,775,0
88,193,0
817,358,0
24,611,0
106,794,0
146,067,0
504,206,0
5,257,0
656,430,0
48,711,0
51,597,0
3,702,0
14,898,0
70,197,0
53,213,0
16.084.0
May 24
1919.
532,775,0
87,820,0
807,357,0
23,363,0
108,918,0
152,085,0
504,969,0
5,349,0
663,003,0
51,364,0
51,503,0
3,644,0
16,241,0
71,388,0
53,749,0
17.6311 n
• Cash In vault I. not counted as reserve for Federal Reserve bank members.
2413
THE CHRONICLE
JUNE 14 1019.]]
-Following is the weekly statement issued by the Federal Reserve
Member Banks of the Federal Reserve System.
Definitions of the different items
Beard giving the principal items of the resources and liabilities of the Member Banks.
date of Dec. 14 1917 and which was published
contained in the statement were given in the weekly statement issued under
ln the "Chronicle" of Dec. 29 1917, page 2523.
OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS
SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 29 1919.
loans and investments increased 46.5 millions, all classes of banks
Not withdrawals of 86.7 million .of Government deposits and corre- other
in this increase. Aggregate holdings of U. S. war obligations and
sponding increases of demand and time deposit accounts are indicated by sharing
29 of war paper decreased from 3822.3 to 3787.2 millions, and constitute 25.9%
the Federal Reserve Board's weekly statement of condition on May
of the loans and investments of all reporting banks, as against 26.2% the
cities.
772 member banks in selected
week of 38.3 mil- week before. For the New York member banks a decline in this ratio
Treasury certificates on hand show a decline for the by the Now York from 28.5% may be noted.
lions, the greater portion of the decline being reported including Victory
Of the total increase of 71.1 millions in net demand, other than GovernS. war securities,
City members. Holdings of other U.
slight increase under this ment, deposits about 43 millions represents the increase at the New York
notes, declined 11.9 millions, notwithstanding a This decline presumably banks, this increase about equalling the net withdrawals of the GovernNew York City banks.
head shown for the
securities bought on the ment from these banks.
reflects payments by customers on account of war
Reserve balances with the Federal Reserve banks decreased 12.1 millions
(so-called war
installment plan. Loans secured by U. S. war obligations
largely at the New York banks, while all and cash in vault 14.5 millions.
paper) increased 15.2 millions;
I. Data for all reporting banks in each district. Two ciphers (00) omitted.
Boston.
Member Banks.
New York. Philadel.;Cleveland. Richm'a. Atlanta.
89
56
107
45
Number of reporting banks__
83
Chicago.
101
47
49,513,0 11,597,0 40,960,0 25,270,0 15,615,0
St. Louis. Minneap. Kan. City Dallas. San Fran.
36
20,112,0 17,100,0
44
76
35
Total.
53
772
$
268,378,0
6,870,0 14,112,0 18,324,0 34,591,0
U.S.bonds to secure circularn 14,308,0
Other U. S. bonds, Including
40,136,0
31,309,0
852,944,0
20,050,0 342,871,6 53,212,0 87!360,0 58,080,0 47,231,0 104,721,0 30,321,0 13,331,0 51,703,0 24,262,0 94,005,0
Liberty bonds
37,103,0
1,739,582,0
746,039,0 124,631,0 121,892,0 70,500,0 63,496,0 227,764,0 54,156, 42,975,0
U.S. certifs. of indebtedness_ 104,418,0 1,139,323,0 189,440,0 250,212,0 153,850,0 126,342,0 352,597,0 101,533,0 63,176,0 97,184,0 79,689,0 168,732,0 2,800,904,0
138,776,0
Total U.S.securities
97,799,0 27,318,0 12,550.0 14,403,0 7,184,0 24,225,0 1,194,722,0
576,749,0 165,047,0 110,341,0 43,657,0 27,571,0
Loans sec. by U.S. bonds,,tc. 87,878,0 4,189,578,0 642,082,0 998,540,0 386,794,0 305,339,0 1,445,941,0 385,750,0 238,211,0 455,082,0 181,891,0 525,386,0 10,561,604,0
All other loans & investments 807,010,0 655,756,0 65,490,0 90,877,0 33,263,0 28,779,0 168,427,0 37,499,0 21,181,0 45,401,0 18,301,0 53,608,0 1,285,891,0
F.It. bank_ 67,309,0
Reserve bal. with
344,662,0
64,662,0 10,238,0 8,650,0 15,732,0 9,846,0 20,768,0
21,349.0 114,222,0 18,278,0 32,630,0 15,480,012,807,0
Cash in vault
715,786,0 4,940,728,0 651,349,0 804,847,0 311,023,0 244,083,0 1,246,854,0 285,751,0 224,400,0 398,221,0 168,171,0 450,634,0 10,441,847,0
Net demand deposits
109,059,0 284,929,0 20,634,0 294,143,0 79,267,0 116,371,0 434,171,0 97,797,0 55.563,0 72,088,0 28,978,0 136,689,0 1,729,689,0
Time deposits
541,247,0
59,889,0 34,756,0 16,726,0 26,464,0 15,176,0 20,212,0
63,374,0 123,254,0 62,338.0 59,702,0 29,321,0 30,035,0
Government deposits
2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
May 23.
All F. R. Rank Cities
Chicago.
New York.
May 29.
May 29.
May 23.
F. R. Branch Cities.
May 29. I May 23.
May 29. I May 23.
An Other Reporrg Banks
May 29.
351
May 23.
Total.
May 29.
I
May 23.
773
356
9721
162
162
$ 255
$ 2541
44
441
65
64
No.reporting banks
S
$
s
I
s
'
$
$
U. S. bonds to secure cir268,378,0, 268,215,0
56,529,0 108,069,0 107,974,0
56,629,0
1,369,0 103,680,0 103,712,0
1,369,0
39,227,0
39,095,0
culation
1
Other U. S. bonds, includ852,944,0 864,840,0
49,891,0 52,982,0 478,647,0 485,787,0 155,232,0, 158,386,0 219,065,01 220,673,0
293,129,0 292,065,0
ing Liberty bonds
0 307,924,0 310,591,0 294,967,0 300,585,0 1,739,582,0 1,777,808,0
S. etre. of indebtedness 671,040,0 695,089,0 125,911,0' 125,546,0 1,136,691,01,166,092, 0 519,785,0 525,506,0 622,101,01 629,232,0 2,860,904,0 2,910,929,0
U.
0 177,171,0, 179,897,0 1,719,018,01,750,191,
Total U.S. securities_ _ _ 1,003,864,0,1,026,981,
120,OSO,0 1,194,722,01 1,179,537,0
70,092,0 926,347,0 912,603,0 131,507,0 120,040,0P
71,406,0
Loans see. by U.S. b(18.,&e. 527,821,01 515,806,0
6,939,724,0,1,621,075,01,612,203,0 1,972,158,0 1,963,169,0 10,561,604,010,515,096,0
MI other loanskinvestnets 3,734,012,03,724,912,0 897,019,0' 893,622,06,968,371,0 970,820,01 159,057,0 156,861,0, 168,426,0, 170,321,0 1,285,891,0: 1,298,008,0
1
116,742,0; 111,600,0, 958,408,0,
Res. balances with F.R.Bk 610,953,01 637,699,0
93,846,0
91,127,0
344,662,0: 359,184,0
58,716,0
55,505,0
39,411,0' 198,030,0' 206,622,0
38,426,0
100,537,0 106,721,0
Cash in vault
1,707,780,0
4,500,413,0,4,457,409,0 835,025,0 842,406,07,394,314,0 7,347,010,0 1,336,247,0 1,315,957,0 1,711,286,0 497,487,0 10,441,847,0 10,370,747,0
Net demand deposits
1,729,689,0' 1,715,542,0
104,294,0' 164,556,0 700,343,0 702,459,0j 518,769,0 515,596,0 510,577,0
220,080,0; 222,353,0
Time deposits
541,247,0 627,897,0
39,908,0 47,188,0 329,901,0 401,717,0 97,456,0 108,667,0 113,890,0 117,513,0
89,570,0' 132,548,0
Government deposits
Ratio of U.S. war securities
and war paper to total
20.2
25.9
24.1
26.4
26.2
23.8
26.7,
20.4
21.7
21.6
28.5
28.3
loans and investments%
$
on Juno
7:
-Following Is the weekly statement issued by the Federal Reserve Board
The Federal Reserve Banks.
in con- banks to cover advances to the Government pending receipt of funds from
Aggregate reductions of 181.9 millions in war paper holdings,
-one year 2% certificates
certificates, duo Juno 3, are in- depositary institutions and to a lesser extent
nection with the redemption of Treasury
bank statement issued as at deposited with the Treasury to secure Federal Reserve Bank note circula(Mated in the Federal Reserve Board's weekly
tion. Total investments show a net decrease for the week of 137.6 millions.
close of business on Juno 6 1919.
millions, and acceptance holdings
Heavy withdrawals of Government funds reduced the balance to the
Other discounts on hand increased 3.6
under rediscount for other Federal Reserve credit of the Government by 115.4 millions, while members' reserve de14.7 millions. War paper held115.2 millions, while similar holdings of ac- posits show a gain for the week of 49 millions. Net deposits show a debanks increased from 112.9 to
from other Federal Reserve cline of 118.8 millions, while Federal Reserve notes in circulation fell off
ceptances I. o. bank acceptances purchased from $858,000 to $100,000. 6.3 millions. On the other hand the banks' cash reserves, owing largely
declined
banks, with the latter's endorsement
includes also 21.9 millions of bank ac- to the considerable deposits of gold by the Government and the purchase
The total of acceptances on hand
Reserve banks without the lat- of gold imported from Canada, increased by 15.2 millions. As the result
ceptances purchased from other Federal millions in the Treasury certifi- the reserve percentage of the banks shows a rise for the week from 51.8
25.8
ter's endorsement. An increase of
temporary certificates issued to 5 Reserve to 53.7%.
cates on hand represents largely
a whole are given in the following table,and in addition we present
statement for the system
The figures of the consolidated
seven preceding weeks,together with those of the corresponding week of last year. thus furnishing a usethe results for each of the
,
table we show the resources and liabilities separately for each of the twelve Federal Reserve banks.
ful comparison. In the second
Reserve Agents Accounts(the third table following)gives details regarding the transactions in Federal
The statement of Federal
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
Reserve notes between the
IlliBINFID
RESOURCES AND LIABILITIES OF THE
FEDERAL
RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 6 1919
June 61919. May 29 1919. May 23 1919, May 16 1919. May 9 1919. May 2 1919. A prt125 1919. Apr. 18 1919. June 71918.
-
$
346,145,000
612,365,000
8
463,622,000
417,675,000
51,280,000
'otal gold held by banks
Go Id with Federal Reserve agents
Go Id redemption fund
936,024,000 933,360,000 918,098,000 884,178,000 914,879,000 017,696.000 945,831,000 958,510,000
1,139,508,000 1,131,725,000 1,139,825,000 1,150,903,000 1,134,198,000 1,104.699,000 1,109,919,000 1,085,519,000
126,272,000 122,658,000 119,916,000 140,756,000 125,271,000 114,223,000 113,436,000 118,128,000
932,577,000
958,255,000
28,431,000
'otal gold reserves
Le :al tender notes, silver, ALc
2,201,804,001) 2,187,743,000 2,178,739,000 2,175.837,000 2,174,348,000 2,106,618,000 2,169,216,000 2,162,157,000 1,919,263,000
68,702,000
70,930,000
58,461,000
70,001,000
68,436,000
70,020,000
67,363,000
69,194,000
68,539,000
'otal reserves
Bi IS discounted:
Isoured by Govt. war okligaficne
LII other
BillIs bought in open market
2,270,343,000 2,255,100,000 2,247,933,000 2,245,857,000 2.242,784,000 2.237,219,000 2,240,152,000 2,230,859,000 1,977,724,000
"otal bills on hand
U. S. Government bonds
U. S. Victory Notes
U. S. certificates of indebtedness
All other earning assets
2 009,431,000 2,173,042,000 2,132,053,000 2,223,657,000 2,150,339,000 2,162,067,000 2,136,234,000 2,119,159,000 1,233,034,000
27,137,000
27,135,000
64,484,000
27.132,000
27,144.000
27,131,000
27,131.000
27,149,000
27,129,000
19,000
83,000
17,000
333,000
227,553,000 201,800,000 199,748,000 204,082,000 202.363,000 194,262,000 191,501,000 189,038,000 1'32,601,000
694,000
RESOURCES.
Go (1 coin and certificates
Go d settlement fund, F. R.Board
Go d with foreign agencies
s
354,969,000
581,055,000
$
346,013,000
586,742,000
$
340,997,000
572,001,000
$
335,224,000
548,954,000
s
345,797,000
509,082,000
$
346,707.000
600,939,000
$
340,022,000
605,809,000
'
1,620,994,000 1,802,893,000 1,762,487,000 1,863,470,000 1 1795,735,000 1,788,068.000 1,760,672,000 1,720,900,000
190,130,000 186,499,000 170,379,000 175,464,000 172,568,000 178,715,000 189,740,000 201,314,000
198,307,000 183,650.000 193,187,000 184,717,000 182,036,000 195,284,000 185,822,000 196,885,000
627,025,000
357,467,000
248,542,000
2,204,446,000 2,402,0.'36,000 2,359,967,000 2,454,889,000 2,379,846,000 2,383,461,000 2,354,870,000 2,335,334,000 1,330,813,000
'otal earning assets
10,558,000
10,574,000
10,974,000
10,974,000
10,976,000
' 10,980,000
10,986,000
10,976,000
Ea 1k premises
626,034,000
items and other deductions .
Un collected
653,926,000 630,614,000 655,446,000 402,529,000
631,639,000 670,798,000 709,355,000
650,757,000
rum gross deposits
8,454,000
637,000
8,636,000
8,176,000
7,858,000
8,921,000
8,963,000
8,271,000
8,868,000
5% redemp. fund agst. F. R. bank notes
7,995,000
8,301,000
8,010,000
9,227,000
10,242,000
10,035,000
10,289,000
10,042,000
All other resources
5,215,442,000 5,321,785,000 5,316,234,000 5,440,243,000 5,276,723,000 5,302,226,000 5,252,687,000 5,248,046,000 3,711,703,000
rota' resources
LIABILITIES.
82,015,000
81,774,000
82,198,000
75,620,000
82,228,000
82,397,000
82,553,000
82,589,000
82,652,000
Ca pital paid in
49,466,000
49,466,000
49,466,000
1,134,000
49,466,000
49,406,000
49,46(3,000
49,406,000
49,460,000
Su .plus
91,726,000 100,561,000 179,876,000
89,761,000 143,273,000
99,999,000 185.841,000
26,058,000 141,479,000
Government deposits
1,705,104,000 1,656,118,000 1,697,524,000 1,713,341,000 1,688,906,000 1,644,434,000 1,664,320,000 1,655,860,000 1,449,486,000
Doe to members, reserve account
497,349,000 517,638,000 537,642,000 549,702,000 483,501,000 512,703,000 491,605,000 496,788,000 239,971,000
Detarred availability items
125,786,000 129.175.000 128,460,000 135,057,000 131,307,000 109,560,000
Ot ler deposits, 1nel. for. Govt. credits_ 134,364,000 150,324,000 142,138,000
2,302,875,000 2,465,559,000 2,477,303,000 2,574,670,000 2,391,343,000 2,428,876,000 2,382.708,000 2,390,516,000 1,978,893,000
Cotal gross deposits
2,513,037,000 2,519,292,000 2,504,253,000 2,532,039,000 2,556,749,000 2,549,040,000 2,549,552,000 2,543,704,000 1,639,579,000
F. R.notes In actual circulation
9,580,000
168,045,000 164,415,000 161,450,000 158,848,000 155,074,000
F. R. bank notes in circulation-net liab 169,246,000 168,427.000 167,208,000
28,112,000
31,196.000
30,098,000
6,855,000
32,522,000
33,620,000
35,451,00(1
30,452,000
38,166,000
All ether liabilities
5.215.442.000 5.321.785.000 5.310.234.000 5,440,243,000 5,276,723,000 5,302,226,000 5,252,687,000 5,248,046,000 3.711.703.000
Cotal liabilities
*Amended figures
t Includes One-Year Treasury Notes.
2414
THE CHRONICLE
[VOL. 108.
,
June 43 1918. May 20 1910. May 24 1918: May 16 1919. Ma y9 1919.
Gold resent.) against net deposit nao
Doll res. agst. F. R. notes In act circ'li
Ratio of gold reserves to net deposit awl
F It. n) e liabilities combined ...._
Ratio f toral reserves to net deposit and
F. R. n )t .) liabilities combined
,
Ralf ) of go'd reserves to F. It noted in
circulation after setting aside 35%
against net deposit liabilities .._
54.7%
50.4%
51.0%
49.8%
-
51.7%
50.3%
47.47
51.07:
May 2 1919. April 25 1919. Apr. 18 1919 June 7 1918
51.8%
49.2%
53.4%
47.8%
54.0%
48.0%
55.2.
4 s$
59.27
60.27:
52.1%
50.3%
50.6%
50.9%
50.3%
50.1%
50.4%
50.5%
59.2%
53.7%
51.8%
52.3%
51.1%
51.9%
51 7%
52.1%
52.1%
61.5%
66.5%
64.1%
61.6%
62.9%
63.5%
63.4%
63.8%
63.8%
--.
—
—
Distribution by Maturities-$
$
$
$
8
$
$
$
$
1-15 days bills bought in open market._
57,723,000
57,301,000
57,635.000
57,255.000
62.919,000
84.796.000
60,702,000
88,050,000
1-15 days bills discounted
1,542,468,000 1,727,796,000 1.675.512,000 1,765,491.000 1,706,881,000 1.677.863,000 1.648.426.000
1.667,271.000 J 729,429,000
1-15 days U. S. certif. of indebtedness_
53,578,000
30,938,000
30,748.000
34.655.000
33,827,000 29,234.000
28.738.000
29,898.000
3,043,000
1-15 days municipal warrants
456,000
16-30 days bills bought in open market
42,542,000
39,711,000
37,957,000
40,139.000
42,458,000
49,955.000
51,327.000
46,792,000
16-30 days bills discounted
37,495,000
35,738,000
42,344,000
84,850,000
49,507,000
53.491.000
74,823,000
76.460,000 j 103,784,000
16-30 days U. S certif. of indebtedness_
411,000
3,318,000
681,000
3,392,000
3,331.000
68,000
103.000
250,000
13,655,000
18-30 days municipal warrants
43,000
31-80(lays bills bought in open market
71,657,000
69,632,000
65,767,000
60,787,000
55,580.000
53.034,00()
52,688,000
67,867,000
31-60 days bills discounted
144,953,000 141,123.000 138,435,000
70,024,000
70.303,000
84.453.000
80.574,000
96.412.000 f 198,720,000
31-60 days U. S. certif. of indebtedness_
391,000
765,000
3.209,000
3.971.000
3.846.000
7.017.000
6,715.000
3,826,000
1,536,000
31-60 days municipal warrants
51-90 days bills bought. In open market...
26,332,000
22,006,000
31.823.000
26.538,000
21,079.000
27.499,04)0
21,105,000
14,176,000
51-90 <lays bills discounted
61,393,000
60,509,000
60,492,000 119.991.000 123,761,000 120,066,000 123,022,000
58.325.000 f 162,771,000
51-90 days U. S. certif. of indebtedness_
7,121,000
13,726,000
2.097,000
109,000
270,000
101,004)
373.000
1,660,000
3,184.000
51-90 days municipal warrants
1,000
Over 90 days bills bought in open market
Over 90(lays bills discounted
24,810,000
24,226,000
22,033,000
18,584.000
17,846.000
25,905,000
23,567,000
23,806,000 1 38,330,000
Over 90 days certif. of in(lebtedness
166,051,000 153,053,000 163,015.000 161,955.000 1(71.039.000 157.842.000 155.572.000
151.882.000 .12,707,000
Over 90 days municipal warrants
Federal Reserve Notes—
Outstanding
2,722,606,00 2,708,447,000 2.725,791,000 2,741,285,000 2,735,798,000 2,731,274,000
Held by banks
209,569,000 189,155,000 221.533,000 209,226,000 179.049.000 182.234,000 2,732.403.000 2,736.384.000 1,769,876,000
182.851,000 192,680,000 130,297,000
In actual circulation
2,513,037,000 2,519,292,000 2,501,253.000 2,532,039.000 2,556.749.000 2.549.040,000
2,549.552.000 2.543.704,000 1,639,579,000
Fed. Res. Notes (Agonts Accou as)—
Received from the Comptroller
4,547,690,000 4,497,080,000 4,484,140,000 4.455,660,000 4,419.140.000 4,390.120.000
Returned to the Comptroller
1,427,071,000 1,383,785.000 1.347,634,000 1.311.640,000 1,279.312.000 1,241,901,000 4,358,520,000 4,316,560,000 2,410,720,000
1,211.172,000 1,173,891,000 407,164,000
Amount chargeable to Fed. Res. agent 3,120,529,000 3,113,295,000 3,136,506,000 3,144,020,000
3,139.793.000 3.148,219,000
In hands of Fed. Res. agent
397,923,000 404,848,000 410.715,000 402,755.000 404,000.000 416,945,000 3.147,348.000 3,142,669,000 2,033,556,000
414.945,000 406,285,000 263,680,000
Issued to Federal Reserve banks
2,722,606,000 2,708,447,000 2,725.791.000 2.741,265.000 2,735,798,000 2,731,271,000
2.732.403,000 2,736,384,000 1,769,876,000
How Secured—
By gold coin and certificates
231,498,000 228,498,000 223,498,000 240,498,000 232,498,000 230.498,000
236.493,000 232,747,000 228,446,000
By lawful money
By eligible paper
1,533,093,000 1,576,722,000 1,585.956,000 1,590,362,000 1,601,600.000 1.628.575,000
1,822,454,000 1,650,865,0110 811,621,000
Gold redemption fun I
83,713,000
87,251,000
81.219,000
85,084,000
84.133,000
84.091.000
84.829,000
75,595.000
52,221,000
With Federal Reserve Board
824,297,000 815,976,000 830,108,000 825,321.000 817,567,000 790,107.000 788.622,000
777,177,000 677,588,000
Total
2,722,606,000 2,708.447,000 2,725,791,000 2,741,265.000 2,735,798.000 2,731.274,000 2.732.403.000 2,736,384,000
1,769,876,000
Eligible per delivered to F. R. agent_
1,955,496,000 2,079,281,000 2,052,784,000 2,135,541,000 2,087,082,000 2.069,765.000
2,044,106,000 2,064,724,000 1,193,629,000
1
1
1
1
6
WEEKLY S
rErtitNI I OF ItftsOURCES %VI) Li i.1111.1TIE8 OF 11
.V.11 OP THIE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
JUNE 6 1919
, ciphers (00) omitted
Boston. New York
Cleveland Hichm'rut Atlanta. Chicago. St bouts Minneap Kaa.Ctly Dallas
Philo
Total
San Fran
RESOURCES.
$
$
8
8
1
II
8
8
1
11
$
1
8
Gold c 4in and certificates
3,881,0 263,578,0
502,0 24,510,0 2,124,0 7,927,0 2,293,0 3,859,0 8.321,0
106,0 7,269,0 9,599,0 354,969,0
Gold 83ttlament Fund, F. R. B'd 37,592,0 192,474,0 47,043,0 55,414,0 21,626,0 6,977,0
112,260,0 18,158,0 25,174,0 38,161,0 6,256,0 19,920,0 581,055,0
Tots1 Geld held by banks__
41,473,0 456,052,0 47,545,0 79,924,0 23,750,0 14,904,0 135,553,0 22,017,0
Gold with Fed Reserve Agen.9
54,279,0 285,268,0 75,259,0 132,847,0 32,960,0 49,597,0 248,326,0 58,573,0 33,495,0 38,267,0 13,525,0 29,519,0 936,024,0
38,617,0 28,561,0 16,264,0 118,957,0 1,139,508,0
0')Id r!demotion fund.
18,645,0
24,829,0 8,435,0
243,0 10,144,0 6,584,0 31,438,0 4,558,0 6,626,0 13,163,0 2,648,0
961,0 126,272,0
Tots1 gold reserves
112,397,0 768,149,0 131,239,0 213,014,0 66,854,0 71,085,0 415,315,0
85,148,0 78,738,0 79,991,0 32,437,0 149,437,0 2,201,804,0
Legal ender notes. silver. &e..._
7,084,0
51,890,0
275,0 1,104,0
399,0 1,438,0 1,325,0 2,357,0
94,0
149,0 2,043,0
381,0
68,539,0
TotaI reserves
119,481,0 818,039,0 131,514,0 214,118,0 67,253,0 72,523,0 416,640,0
87,505,0 78,832,0 80,140,0 34,480,0 149,818,0 2,270,343,0
Bills discounted:Secured by Gover(mem war obligations (a)- 133,197,0 634,661,0 160,810,0 118,393,0 76,132,0 64,647,0
195,120,0 53,956,0 44,030,0
All o Vier
4,992,0
38,949,0 13,900,0 6,114,0 12,138,0 13,174,0 16,197,0 9,567,0 3,859,0 47,704,0 27,074,0 65,270,0 1,620,994,0
34,343,0 25,353,0 11,544,0 190,130,0
Bills lxsught in open market (b). 17,433,0
51,779,0
972,0 20,132,0 7,393,0 5,382,0 32,776,0 5,360,0 7,142,0
169,0
613,0 49,156,0 198,307,0
Tot I bills on hand
155,622,0 725,389,0 175,682,0 144,639,0 95,663,0 83,203,0 244,093,0
68,883,0 55,031,0 82,216,0 53,040,0 125,970,0 2,009,431,0
U.S. 3ov't Bonds
539,0
1,302,0 1,385,0
1,083,0 1,234,0
375,0 4,476,0 1,153,0
116,0 8,867,0 3,966,0 2,633,0
27,129,0
U.S. lov't Victory Bonds
29,0
50,0
8,0
246,0
333,0
U.S. 3ertif. of Indebtedness._ 17,916,0
66,140,0 25,680,0 16,976,0 9,160,0 10,549,0 22,612,0 19,182,0 9,710,0
11,883,0 4,900,0 12,845,0 227,553,0
Tots.1 earning assest
174,106,0 792,881,0 202,747,0 162,698,01043,057,0 94,135,0 271,181,0
89,218,0 65,103,0 102,966,0 61,906,0 141,448,0 2,264,446,0
Bank remises
800,0
3,782,0
500,0
875,0
312,0
218,0 2,936,0
541,0
401,0
221,0
400,0
10,986,0
Uncoil scted items and other deductIons from gross deposits_ 53,699,0 162,255,0 61,674,0 48,462,0 60,073,0
33,868,0 71,351,0 46,052,0 12,1333,0 49,947,0 23,648,0 27,095,0 650,757,0
5% Redemption fund against
F. 11• bank notes
844,0
1,752,0
1,025,0
774,0
164,0
470,0 1,480,0
575,0
289,0
370,0
707,0
8,868,0
409,0
All 0th er resources
421,0
2,911,0
913,0
822,0
755,0
351,0 1,331,0
441,0
244,0
358,0
740,0
755,0
10,042,0
Tot 1 resources349,351,0 1,781,620,0 398,373,0 427,749,0 234,614,0 201,565,0
764,919,0 224,332,0 157,101,0 234,519,0 121,374,0 319,925,0 5,215,442,0
LIABILITIES.
Capita I paid in.....
6,877,0
21,384,0 7,632,0 0,225,0 4,209,0 3,244,0 11,442,0 3,865,0 3,006,0
3,237,0 4,770,0
82,652,0
Burplu p
2,996,0
21,117,0 2,608,0 3,552,0 2,196,0 1,510,0 6,416,0 1,603,0 1,415,0 3,781,0
2,421,0 1,184,0 2,448,0
49,466,0
Cover iment deposits
61,0
8,795,0
440,0 3,506,0 1,578,0
562,0 5,401,0 1,458,0
658,0 1,339,0 1,510,0
750,0
26,058,0
Due to members, reserve account 101,557,0 710,129,0 106,214,0 130,763,0 53,204,0
46,636,0
Deferr rd availability items
43,487,0 116,959,0 51,122,0 44,217,0 50,900,0 23,158,0 235,740,0 60,359,0 53,576,0 78,038,0 43,154,0 85,734,0 1,705,104,0
55,349,0 36,888,0 7,723,0 35,134,0 17,515,0 14,897,0 497,349,0
All ot er deposits
1,556,0 118,557,0
730,0
506,0
304,0
293,0 2,647,0
882,0 1,170,0 1,607,0
239,0 5,873,0 134,364,0
-Tot I grow deposits
146,661,0 954,440,0 158,506,0 178,992,0 105,086,0
F. R. 'otos in actual circulation_ 173,771,0 736,674,0 207,352,0 218,094,0 114,780,0 70,649,0 299,137,0 99,587,0 63,127,0 116,118,0 62,418,0 107,254,0 2,362,875,0
115,569,0 421,046,0 103,909,0 82,629,0 97,102,0 46,122,0 195,989,0 2,513,037,0
Lit-. bank notes in etrutttion
—net liability
16,208,0
34,317,0 19,101,0 15,237,0 5,564,0 9,130,0 22,990,0 14,032,0 5,833,0
All ot ler liabilities
2,838,0
13,688,0 3,174,0 2,649,0 1,879,0 1,463,0 3,888,0 1,336,0 1,091,0 13,021,0 7,030,0 7,783,0 169,246,0
2,096,0 1,383,0 2,681,0
38,166,0
Tots61 liabilities
349,351,0 1,781,620,0 398,373,0 427,749,0 234,614,0 201,565,0 764,019,0
224,332,0 157,101,0 234,519,0 121,374,0 319,925,0 5,215,442,0
Memorundo—Contingent liability as endors er on:
Discounted paper rediscounted
with other F. R. banks..
35,281,0
50,000,0
29,958,0
115,230,0
Ban cers' acceptances sold to
ot her F. R. banks
100,0
100,0
(a) In dudes bills discounted for
other F. It. banks, viz
29,781,0
49,458,0 12,000,0 24,000,0
(b)Includes bankers'acceptances bought fr om other F. R. banks:
115,239,0
ith their endorsement..
100,0
100,0
ithout their endorsement_
21,916,0
21,916,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT
CLOSE OF BUSINESS JUNE 6 1919
Two ciphers (00) omitted.
Boston.
New York, Phila. Cleveland Richmond Atlanta Chicago. St Louis.
Mirensap Ran.City. Dallas. San Fran.
Total.
$
1
$
$
$
$
$
S•
$
s
$
$
Received from Comptroller- __ 312,280,0 1,566,880,0 373,300,0 354.000,0 223,620,0
$
227,000,0
Returned to Comptroller
107,135,0 598,661,0 142,233,01 89,086,0 76,806,0 48,984,0 609,720,0 198,660,0 131,880,0 166,800,0 103,160,0 280,300,0 4,547,600,0
130,579,0 62,933,0 32,057,0 49,762,0 31,996,0 56,839,0 1,427,071,0
Chargeable to FR.Agent 205,145,0 968,219,0 231,067,0 264,914,0 146,814,0
178,016,0
In hands of F. R. Agent
23,600,0 143,600,0 11,200,0 32,420,0 28,958,0 58,525,0 479,141,0 135,727,0 99,823,0 117,038,0 71,164,0 223,461,0 3,120,529,0
24,120,0 17,580,0 15,040,0 13,780,0 23,100,0 6,000,0 397,923,0
Issued to F. R.Bank.less amt.
returned to F. R. Agent for
redemption:
I
181,545,0 824,619,0 219,867,0 232,494,0 117,856,0 119,491,0,455,0
21,0 118,147,0 84,783,0 103,258,0 48,064,0 217,461,0 2,722,606,0
Conan security for outst'g notes:
1
Gold coin and otfs. on hand_
183,740,0
20,625,0
2,500,0
11,581,0
231,498,0
Gold redemption fund
11,279,0
11,528,0 13,870,0 12,222,0 1,960,0 4,097,0 5,502,0 2,142,0 13,052,0
1,265,0 3,201,0 2,490,0 14,148,0
83,713,0
Gold Set'm't Fund, F. R.B•d. 43,000,0
90,000,0 61,389,0 100,000,0 31,000,0 43,000,0,242,82
Eligible paper, min'm required 127,266,0 539,351,0 144,608,01 99,647,0 84,896,0 69,804,0'206,694,0 56,431,0 24,300,0 25,360,0 2,184,0 104,800,0 824,297,0
5,0 59,574,0 46,166,0 74,897,0 31,800,0 08,504,0 1,583,098,0
Total
181,545,0 824,619,0 219,867,0 232,494,0 117,856,0 119,491,0 455,021,0 118,147,0
84,783,0 103,258,0 48,064,0 217,461,0 2,722,606,0
Amount of eligible paper delivered to F. R. Agent
155,622,0 725,389,0 157,947,01143,626,0 89,244,0 78,414,0 244,064,0
65,502,0
F. R. notes outstanding
181,545,0 824,619,0 219,867,0 232,494,0 117,856,0 119,491.0 455,021,0 118,147,0 52,803,0 82,216,0 53,040,0 107,629,0 1,055,496,0
V. It. notes held by bank
7,774,0
87,945,0 12,515,01 14,400,0 3,076,0 3,922,0 33,975,0 14,238,0 84,783,0 103,258,0 48,064,0 217,481,0 2,722,606,0
2,154.0 6,156,0 1,942,0 21,472,0 209,560,0
P.R. notes In actual circulation_ 173.771.0 736.674.0 207.352.0 21)3.004.0 114.780.0
115.550.0 421_045_0 103.1100.0 82.620.0 07.102.0 4(1.122.0 105.950.0 2.513.037_0
rederal Reserve notes:
9
JUNE 14 1919.]
THE CHRONICLE
illaillterst 1.11 autte,
Railroad and Miscellaneous Stocks.
-Under various
conflicting influences the stock market has been highly
irregular throughout the week. On Monday the Government's first forecast of the spring wheat crop was given out,
showing a prospective surplus for export of over 600,000,000
bushels, or nearly 200% more than the previous high record.
On that day also President Wilson removed the embargo
on gold exports which had been in force nearly two years.
On Tuesday the Federal Reserve Board called for a report
as to the use made of loans recently contracted by member
banks on Liberty Loan collateral. As this was evidently
intended to disclose whether the proceeds of such loans are
being used in stock speculation, the announcement started
a liquidating movement with the result that a long list of
issues, which have of late been in demand at advancing
prices, dropped within the day from 5 to 10 points.
On Wednesday the Steel Corporation reported a reduction
in unfilled orders during May of over 500,000 tons-the
threatened telegraph operators' strike was inaugurated and
arrangements were under way for a shipment of $7,500,000
gold to South America. Since Wednesday the market has
.
been decidedly irregular and generally weak. Somewhat
.more than 1,800,000 shares were traded in on Tuesday, with
the daily average about 1,530,000 shares. As a result of the
week's operations the active railway list is an average of
between 3 and 4 points lower. Southern Pacific is exceptional in a drop of 94 points. Reading is down 5%,Union
Pacific 43/2, Atchison 4% and Balt. & Ohio, Can. Pac.,
St. Paul, Great Northern, New York Central and New
Haven between 3 and 4.
Several industrial issues have fluctuated widely, many of
which close at the lowest. Texas Co. and Studebaker have
covered a range of 16 points, Mexican Pet. 15, Atl. G. &
W. I. 123 , U. S. Ind. Alcohol 12, Gen. Motors 31 and
%
others from 5 to 10.
-Sales of State bonds at
State and Railroad Bonds.
the Board include $1,000 N. Y. Canal 4s 1962 at 99% and
$7,000 Virginia 6s deferred trust receipts at 653/i to 66.
The market for railway and other industrial bonds has
been inactive and generally weak in sympathy with the
market for shares; under, of course, the same depressing
influences. Some of the local tractions have been notably
weak, also a few specialties including U. S. Rubber and
Pierce Oil, while the active list as a whole averages about a
point lower.
-In addition to greater activity
United States Bonds.
in the various Liberty and Victory Loan issues, sales of
Government bonds at the Board are limited to $2,000 4s
reg. at 1063's. For to-day's prices see third page following.
-The market for sterling exchange
Foreign Exchange.
opened firm, but subsequently turned weak and closed at a
substantial decline. Continental exchange showed Some
irregularity, with lire conspicuously weak. The neutral exchanges evidenced no decisive trend in either direction.
Exchange at Paris on London, 29.65 fr.; week's range,
29.65 fr. high and 29.90 fr. low.
The range for foreign exchange for the week follows:
Sterling ActualHigh for the week
Low for the week
Paris Bankers' Francs
High for the week
the week
Low for
Amsterdam Bankers GuildersHigh for the week
Low for the week
Sixty Days.
4 61'/
4 59g
6 46
6 54
38%
38%
Cheques.
4 63/,
4 61
6 40
6 48
39
38%
Cables.
4 64%
4 62
6 38
6 45
39%
39
Domestic Exchange.
-Chicago, par. St. Louis, 15 ®
25c. per $1,000 discount. Boston, par. San Francisco,
par. Montreal, $28.1250 per $1,000 prem. Cincin. par.
-There was a halt this week in the
Outside Market.
generally buoyant tone which has characterized "curb"
market trading for some time past. Trading fell off considerably and there wore weak periods when prices sagged,
though reactions were not heavy. Much attention was
given to new issues introduced to trading for the first time.
Allied Packers corn., one of these, was heavily traded
in, up some three points to 63 and down finally to 623/
2
.
United Retail Stores another new issue advanced from
73% to 81%, reacted to 773/ and closed to-day at 78_1 .
4
Savold Tire issues were in demand, the New York Co.
selling up from 54 to 56, back to 54 and to-day up to 60
with the final figure 58. Ohio Savold Tire was added to
the list and rose from 28 to 33 but fell off to 31%. Savold
.
Tire Corp sold up frottt 553' to 60 and down finally to 58.
Chalmers Motor continues active, weakening from 113
to 9Y the close to-day being at 10. General Asphalt
„
i
after daily improvement from 74 to 75 dropped to 69 and
ends the week at 70. Intercontinental Rubber declined
from 30 to 253/i an sold finally at 253'. Libby McNeil
& Libby lost two points to 30. Nat. Ice & Coal gained to
points to 81 then reacted to 77. The tendency in oil shares
was to lower levels. Commonwealth Petroleum lost 3
points to 58 but recovered somewhat, closing to-day at
3
59%. Cosden & Co. com, sold down from 12 to 10% and
at 103' finally. Gum Cove Oil after early improvement
from 120 to 131, fell back to 121. Merritt Oil lost over two
points to 28. Mexican Panuco Oil advanced from 123/ to
133/2. Midwest Refg. sold down from 188 to 177, the close
to-day being at 178. Nat!onal Oil was off from 53 to 4,
the final figure to-day being 43.. Sinclair Con. Oil lost
. 2415
over three points to 49 and finished to-day at 50. Sinclair
Gulf also receded 3% points to 59 and ends the week at
5932. In bonds Amer. Sumatra Tobacco 7s advanced
from 110 to 120 but reacted to 114. Russian Govt. 63/28
were off from 62 to 5432, the 5 Ms dropping from 54 to 48. 1
A complete record of "curb" transactions for the week
will be found on page 2424.
For daily volume of business see page 2424.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 13.
Range for Week.
for
Week
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. S per share. $ per share.$ per share.
Adams Express
100 900 5134 Junell 59% June 7 29% Apr 64 May
Am Bank Note
50
100 44 June13 44 June13 33
Jan 4714 June
Am Bosch Magn'o no par 7,700 98 Jtme10 104 June 9 84% May 105 June
AmBrakeShoe&Fdry 100
100 93 June13 93 June13 90 May 93 June
Am Brake S & F pref _100 240171% June 9 172 June 9 160
Jan 175
May
American Express_ __100 1,100 89% June 9 90 June 7 82;4 Apr 103
May
Am Smelters SecurePref series A
100 9434 June12 9434 June12 92% Feb 94% June
100
American Snuff
100 1,567123% June 9 126% June 9 105
Jan 130
May
Am Sumat Tob pref_100 400 95% June 9 96 June10 93
Jan 100
May
21,800 4% June 7 5% June 9 2% May 5% June
Rights
11 59 Junell 59 Junell 59 Jun 63 May
Am Teleg & Cable_ __100
Assoc Dry Goods_ _ _ _100 9,700 51% Junel3 58% June 7 17% Jan 5836 June
1st preferred
100
12 75 June 9 75 June 9 61
Mar 7934 May
Associated Oil
100 1,600 89 June 7 9134 June 9 68
Jan 96% May
Atlanta Birm & Ati_ _100
200 9 Junell 934 June12 6
Mar 11
May
300 111
Baldwin Locom pref_100
June10 111% June10 102
Jan 111% June
Barrett pref
100 118% Junell 119 " Junell 110
100
Feb 119
May
20 2,400 1% June10 2 June 7 1% Jan 2% May
Batopilas Mining
Beth Steel pref
100 2,292 102 June 9 105 June10 9034 Jan 105 June
Brown Shoe Inc
100 300 90 June13 91
June10 71
Feb 92
May
100 300 100 June12 101
Preferred
Jtme12 98
Feb 101
May
Bklyn Rap Tr ctf8 den-- 8,800 25% June 7 28 June 9 19% Mar 28 June
100 x88% Junel3z88% June13 77% Apr 92 May
Bklyn Union Gas..__ _100
Brunswick Terminal _100 1,000 834 June 7 1034 June10 834 Mar 11% May
130 54 June 9 5434 June 9 50
Buff dr Susq pref v t c ext
Apr 53 June
Butterick
June12 34% June 9 16
100 5,800 31
Jan 34% June
Caddo Cent Oil& Ref100 17,500 45% June13 51% June 7 4534 June 5434 May
700 68 June 9 7034 June 7 56% Mar 70% June
Calumet & Arizona_ _ _10
100 1,200 100 June 9 10034 June13 9134 Jan 100% June
Case (J I) pref
Central Foundry.._ _.,100 2,800 21% Junell 26 June12 21
May 28
May
Preferred
100 7,300 46 June12 52 June12 27
Apr 52% May
Certain-Teed Pr.._ no par 1,200 41% June12 4334 Junel 1 30% Apr 50% May
100 90 June12 90 June12 85
100
1st preferred
Jan 90 May
Chicago & Alton_ _ _100 200 • Junel2 • June12 7% Jan 1234 May
Chic & East Ill pref_ _100 800 10 June 9 10% June10 4
May 1134 May
Cluett,Peabody &Co100 4,500 75 June 7 87% June 9 60% Feb 8734 June
June10 106 June10'10334 Jan 108
105June2
Preferred
100
Jan
Comp-Tab-Record _ _100 800 50 Junell 51% June 7 37% Jan 5234 June
Apr 1034 June
Cons Interstate Call_ _10 13,300 • June 7 10% June101
Continental Insur
Jan 75 June
_25 1,400 72% June 9 75 June12, 58
Crex Carpet
100 400 55 Junel0 55 June12' 48
Mar 6234 May
100 198% June 7 198% June 7 150
Cuban-Am Sugar_ _ _ _100
Jan 198% June
Deere & Co pref
100
200 99 June10 99% June12 93% Feb 9934 June
Detroit Edison
10 116 June12 116 June12 110
100
Jan 118
May
Detroit United Ry_ _ _100 - 400 102 June 9 104 June12 80
Feb 105 May
Elec Storage Batt_ _ _100 2,900 77% June10 88% June13 55
Feb 88% June
50 11,900 35% Junel3 40 June 9 27
Elk Horn Coal
Jan 4034 June
Emerson-Brant
100 6,800 29 June 7 34% June12 28% June 34% June
Preferred
100 94 June13 94 June13 94 June 94 June
100
Fern Play-Laskey no par 32,500 112 Junel1 117 June 7 110
May 117 June
Fed'l Min & Smelt_ _ _100 1,200 14% June10 17% June 9, 936 Feb 20 May
Preferred
100 3,600 43 June13 46 June10 33
Jan 47
May
Fisher Body Corp no par 9,900 84% June13 97% June 9' 38% Jan 97% June
Preferred
100
100 100% June13 10034 June13 91
Feb 101% May
Gen Chemical pref.. 100
250 103% Junell 104 Junel1 102% Jan 108
Feb
General Cigar Inc__ _100 55,300 8034 June10 87% June12 47
Jan 8734 June
Gen Motors deb stk_ _100 1,900 90 June 7 9034 Junell 8234 Feb 94% Apr
Gulf M & Nor ctfs
100 200 10% June13 1034 June13 731 Feb 1134 May
Gulf Mob & N pref_ _100 200 38 June 7 3834 June12 31% Jan 3834 June
100 400 81 June12 83% June10 5434 Jan 84% May
Hartman Corp
Int Harvester pref_ _ _100
100 120 Junell 120 Junell 115
Feb 120 June
Iowa Central
100
100 4% June10
June10 234 Feb 6 May
Jewel Tea Inc
100 7,000 3834 June13 42 June 9 28
Feb 48
Mar
Preferred
1001 200 8534 June12 86 June13 80
Aprl 91
Mar
Kelly-Springfield pref1001 500 100 June 9 100 Jtme10 90% Jan 100 June
Kelsey 'Wheel Inc......100 800 5634 June10 57 June 7 39
Jan 59% May
Preferred
100
100 9934 June10 0934 June10 89
Jan 100 May
Keystone Tire & R_ _ _10 77,300 9734 June 7104% June12 88% May 109
Apr
100 109% June13 109% June13 106
Kresge (S 5) pref.._ _ _100
Feb 109% June
Laclede Gas
100 300 68 June12 69 June10 65% May 83
Jan
400 11 June10, 11% June 9 7
Lake Erie & West
10Feb 11% May
100 700 23 June13 24 June10 16% Apr 25 May
Preferred
Liggett dr Myers pref 100 300 112% June 9 113 June 9:107
Jan 113% May
100 5,200z18834June13 195% June12 147% Apr 195% June
Lorillard(P)
100
100 112% June 7312% June 7 107
Preferred
Jan 112% June
180 8734 June13 87% June13 70
Manhattan El guar.. _100
Mar 88
Jan
Manhattan Shirt........100 2,000 118% June 7136 June10 100
Apr 136 June
May Dept Stores........100 10,420 96 June 7i06 Junel1 60
Jan 106 June
100 300 109 June10 1093 June10 104
Preferred
Jan 110
May
M St P & SSMarie 100
100 95 June10 95 June10 85% Mar 98% May
Moline Plow 1st pref_100 200 96 June 9 96 June 9 96 May 96 May
36 June12 37% June13 29% Jan 3934 Apr
National Acme
50 6,500
National Biscuit.._ _ _100 7,600 125% June 7 133% Junel2 109
Jan 133% June
100 119 Junell 119 Junell 115% Jan z121 Mar
Preferred
100
Nat Cloak & Suit--100 250 80% June10 81 June10 70
Jan 8734 May
100 106 June12 106 June12 103% Feb 108% May
Preferred
100
Nat Rys Mex 2d pref 100 1,000 9% June13 • Junell
Feb 14
Mar
N OTex&Mexvtc_100 2,300 38 June13 42% June 7 28% Apr 42% June
NY C & St L 1st pref 100
100 70 Junell 70 Junell 63
Apr 70
Apr
2d preferred
100 300 48% June13 50 June10 42% Apr 52 [May
New York Dock
100 1,500 30% Junel3 32 June 7 19% Feb 35
Apr
Preferred
100 400 51% June13 52% June13 44% Mar 55 May
Norfolk Southern__ ..100 400 19 June 9 19% June 9 15
Mar 20 May
Nova Scotia S & C__ _1Oi16,210 83% June13 92% June 7 46
Jan 97 June
25 2,100 5134 June 9 52% June 9 43
Ohio FuelSupply
Jan 52% June
Owens Bottle-Mach_25 7,100 56% June 7 62% June 9 46
Mar 62% June
Pacific Tel & Tel_ _ _ _100 1,000 27 June13 32% June 7i 22
Ja 3334 June
Penn-Scab St v t c no par 1,900 35 Junell 37% June 9 27% Ap 39% May
Peoria Fe Eastern...._ _100 2,500 1334 Junell 15 June 7 4% Mar 15 June
100 1,500 60 June10 70 June 7 44
Pitts C C & St L
Ap 70 June
Pond Creek Coal
10 24,200 18 June 7 21% Junell 1234 Feb 21% June
Punta Alegre Sugar_ _ _50 6,000 61 Junell 65 June 7 51
Ap 65 June
Repub Mot Truck
1,000 52 June12 53% June13 52 Jun 53% June
St Joseph Lead
101 500 1434 Junell 15 June 7 13% May 15 May
-San Fr pref A....10Q 700 31% June12 33 June10 22
St L
Jan 37 May
Savage Arms Corp__ _100' 1,800, 66% June 7 71 June 9 5334 Jan 71 June
Sears, Roebuck pref_100
200 120 June 9 120 Junell'120
Mar 120
Mar
So Porto Rico Sugar-100 200174% June13 175 June 7 132
Jan 181 June
Standard Mill pref_100
100 9434 June12 94% June12 8534 Jan 9434 June
61440 Junel1 460 Junell 180
Texas Pee Land Tr.._100
Jae 470 May
Third Avenue Ry.._100 6,300 2334 June13 2534 June12 1334 Jan 2534 June
140 247 June13 247 June13 207
Tidewater 011
100
Jan 250 May
Transue & W'ms_no pall 1,300 57 June12 5736 June 9 3734 Jan 5834 May
Underwood
100 200 175 June13 178 June10 115
Jan 187 May
United Drug
100 1,200 123% June13 125% June10 9034 Jan 130
Apr
100 54 Junell 54 Junell 5034 Jan 5834 May
1st preferred
50
100 600 123 June12 123% June10 91
2d preferred
Jan 124 June
United Dyewood__ --100 20061 June 7 62 June10 58
Jan 62 June
100 800 28% June13 2834 June 7 16% Feb 3234 May
U S Express
U 13 Realty & Impt--100 3,800 45 Junell 50% June12 1734 Jan 50% June
Wells, Fargo Express 100 600 71 Junel2 74 June10 53
Apr 79 May
Westinghouse Air Br--50 4,100 115 June 9,118% June13 9434 Jan 118% June
June131
White Motor rights
1,300,
June13 1% Jun
134 June
2416
Record,
New York Stock Exchange-Stock TWO PAGES Daily, Weekly and Yearly
OCCUPYING
•
Mit mooed of Wee doting the week of stocks usually inactive. see preceding page.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 7 I
Monday
June 9
Tuesday
June 10
Wednesday I Thursday
June 12
June 11
Friday
June 13
or
Sates!
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
-share lots
On bast. of 100
Lowest.
Par $ per share
Railroads
$ per share $ per share $ per share $ per share $ per share
10034 10278 100 • 102 1 99 10012 99 10038 9818 9912 22,800, Atoh Topeka & Santa Fe_ _100 90 Feb 3
100 85 May 2
Do pref
1,100
8 8712 88
8712 875
8712 8712 8712 8712 88 88
104 1043 1037 104
10434 1043 10334 10412 1,700, Atlantic Coast Line M1_100 95 Mar27
104 104
8
4
4
100 44 Jan21
3
5014 5118 12,400 Baltimore & Ohio
52
8 5013 52
535
5334, ---54
8 50 4 523
100 50 Apr21
1,000; Do pref
--------- 5812 59 I 5713 58
57
57
*57
59
8
8
4 2918 305
8 2912 315
-3012 3212 295 313
8 2873 2958 43,600 Brooklyn Rapid Transit_ _100 183 Jan27
4
100 1553 Jan21
164 165
7
16114 163 81 161 16212 16178 16212 • 16118 16214 8,300, Canadian Pacific
100 531 j n2
15,200, Chesapeake & Ohio
7 3 Ja 211
: a
665
8 66
6712 677
6612 6412 66
8 6612 6713 66
100
934 934
973 10
8
93
4 97
10
10
912 93
4 1,700, Chicago Great Western
2813 2313 2814 2812 2734 284 1,500, Do pref
- 100 2314 Apr18
2813 29
*2334 29
4414 4518 4413 45
42
4413 46
4414 13,0001 Chicago Mllw & St Paul._100 3412 Feb15
4514 46
7013 7114 70
.100 6512 Jan21
4
697 7014 6914 693
703
3
4 693 70
4 7,7001 Do pref
10212 103
10113 10212 100 4 10112 10138 10138 10014 10014 3,200, Chicago de Northwestern -100 9318 Jan21
3
300' Do prof..100 128 Apr22
1313 1313 *129 133 *128 132 *125 131 *130 132
4
4
19,600 Chic Rock Isl & Pac temp ctfs. 2213 Jan21
8 2734 2813 2614 28
4 273 283
4
2814 293
295 30
8
7912 *78
7% preferred temp ctts_: _
8214 77
7814 7838 6,700
6731: Jan21,
80
8212 8212 77
6912 6738 6712 67 6714 8,400
6613 7012 66
7013 71
6% preferred temp 0(01. _
5134 5178 . 1,600 Clev Cln Chic & St Louts 100 32 Feb17
5134 52
5212 513 52
4
52
52
52
Do pref
74
74
*71
*70
100 64 Apr 2
*7014 74
*70
74
800 Colorado & Southern
2512 2512
100
2712 -2833 2512
2712 2712 *27
200
Do 1st pref
r
100 1483 mFab238
an
-- 5818 5813 *58
60
- 58
791; .ea13
162 11
58
Do 2d pref
100 45 Feb 4
__ ...
*49
54
500 Delaware & Hudson__
112 112'- 11112 11112 *111- 114 '111 11312 111 111
Jan20
. 100 101
300 Delaware Lack A Western. 50
203 1E- 203 203 '203 208
203 203
*203 205
700 Denver & Rio Grande.....10()
712 712 --iEs 758 *712 812 *712 8
8
8
Do pref
1018
1014 1012 1012 - 31012 10
16 4 10
912 913 6,500
100
912 10
1878 1914 183 1214 1814 1873 18
1712 177 12,500 Erie
n 8
2
183
100 1338 jan 21
3 1773 18
3
514 Jan21
3078 31
Do lat pref
3012 2953 30
100 2434 Jan21
2913 293
3012 301
4 2834 2913 2,800
8 30
22
*21
*21
22
22
100
2112 2112
Do 2d prof
*21
*21
22
100 1712 Apr 3
11,400 Great Northern prat__ ....100 8958 Apr21
8
987 99
3
9814 955 97
9614 9718 9514 96
-5;r2 611 97
4712 48
Iron Ore properties.. No par 3134 Jan 2
4618 4734 453 473
4714 48
4714 37,200
4
4 4612 4778 46
600 Illinois Central_ _
*10112 102 *1007 102
100 1007
1005 1013
*100 102
8
3
-100 96 Jan21
4
8
4
77
8 85
8
758 818
758 73
813 8 4
313 Mar24
3
75
8 812
8
712 77 28,300 Interboro Cons Corp__ No par
2814 30
34,640
4
28
2812 3114 273 29
30
2914 31
283 29
Do prof
4
100 1118 Mar29
2234 233
22
23
2214 2,700 Kansas City Southern.....100 1634 Jan30
4 2312 2373 2212 2312 2213 23
23
*56
57
100
*55
57
*55
57
56
*54
Do prof
56
56
100 4912 Jan21
5513 5512 5412 5512 5414 55
5414 5413 5438 5412 533 5414 9,300 Lehigh Valley.
4
50
100 Louisville & Nashville._ _100 153 M1; 5
117 117
1314 A.1 18
7
-181 8181
1712 1812 1613 1814 26,700 Minneap & St L (new)_ _ 100
178 17
1933 1814 1918 17
918 Jan21
10
9
918
10
918
918
914 938
813 87
8 4,900 Missouri Kansas & Texas_100
458 Feb10
214 2 8
5
*19
2012 203 *19
2012 *1812 2012 1813 183
4
20
600
Do pref.
20 4 *19
100
3
4
3312 34
33
3378 32
3173 46,700 Missouri Pacific trust 003_100
3358 3134 3238 3138 3214 30
' j a21
32 JtIn 1:
4
8
581z 583
8
4 58
8
Do pref trust Ufa
5812 565 5838 555 5612 555 56
100 4914 Jan21
55 2 5513 3,600
,
8213 83
8218 823
807
4
8 8012 8073 7914 8012 17,100 New York Central
4 80
100 8914 Jan21
4 803 823
333 333
3
8 3213 3358 3113 3212 303 313
4
14,600 NYNHA Hartford
3114 3014 31
4 31
_100 255 Feb1:3
4
2212 23
23
23
2418 23
2212 23
237
3,500 N Y Ontario & Western._100 1812 Jan21
*2214 23
3 23
10812 10978 109 109
1093 110
4
108 10818 2,460 Norfolk dt Western
10818 109
100 103 Mar 6
981 99
98
11,500 Northern Pacific
9634 9738 9534 97
987
9813 983
8 97
4 98
100 8858 Jan21
4712 4738 47
467
3 46
4712 4634 4718 46
4638 10,900 Pennsylvania
4613 46
so 4334 Apr21
2314 23 4 235 2473 23 4 2458 2458 2614 2434 2614 2278 25 176,200 Pere Marquette v t o
3
8
3
100 124 Jan21
633 6413 6434 66
4
6712 67
6573 6612 66
Do prior pref v t
6712 6634 6714 9,000
58 Mar27
48
4612 4612 4834 49
4812 48
49
49
Do prefvto
49
4712 4712 1,000
100 39 Apr 7
4178 4414 4238 443
4 4034 4312 4014 4218 4012 42
3912 4114 70,000 Pittsburgh & West Va._ _.100 34 Jan21
*82
84
8412 8413 8412 8338 84
843 *81
4
700
Do pref
8312 83 83
100 3514 14.4y 2
.1an31
79 .
9112 8812 8958 883 897
913a 917
8 9073 9238 89
4
885 81,920 Reading
8
8 87
50 75 Jan21
*36ts 3714 *3713 3714 *3718 38
*3713 3714 3713 3713
100
Do 1st prof
50
3814 *3712 3812 3814 3814 *37
*37
200
3814 *37
Do 2d pref
3812
Ajao 220
36 A prnr321
2012 2114 2053 21
-iiiz 23
2114 2258 2114 22
20
2112 14,400 St Louis-San Fran tr ctfs...100 163
04
*20
*20
21
23
2018 2338 23 23
*20
1,800 St Louis Southwestern_ _..100
2234
*34
38 .35
37
8
3612 363
600
Do pref
4 37 377 *34
38
100 2812 Feb 4
10
10
8 10
10
103
103
2,500 Seaboard Air Line
8
95
8 95 --6- 10
8
93
4 93
4
100
738 Feb13
2078 207
8 21
2138 2012 203
2112 21
4 2012 2012 2014 2014 1,400
Do pref
100 1534 Feb 3
11114 112
8
111 11478 1085 11114 10758 10918 10778 1087 10512 10818 288,700 Southern Pacific Co
8
100 9518 Jan21
3113 32
30 4 30
3
3113 3173 3012 3112 30
3058 2958 3012 24,800 Southern Railway
100 25 Jan21
70
7014 70
705
8 6913 70
6913 693
Do prof.
100 6834 Jan2I
4 6913 6978 1,900
533 5412 5314 5514 515 5438 511 5233 52
4
8
49
53
100 2712 Jan21
5113 44,600 Texas & Pacific.
*45
57
*47
Twin City Rapid Transit__100 35 Janie
55
13434 135
8
23,500 Union Pacific
13458 13534 13212 1345 13114 13338 1321 13314 13114 133
100 12413 Jan21
7312 7313 *73
700
731z 7314 7313 *7314 7313 7314 7314 7314 73 4
Do pref
100 72 Jan14
,
*1112 12
1238 1238
*1113 12
200 United Railways Invest .100 1714 Jan 9
12
12
*1113 12
5
2612 2613
2538 253 *25
8
2512 *25
400
Do pref.
2512 2434 25
100
Jan13
8
1178 107 1118 10 4 11
1114 113 -114 - -- 11
117
3
4
1014 1078 10,900 Wabash
3
100 30 Jan2
734
37
373
8 3613 367
8
3512 3534 3458 3513 6,800
8 355 3612 3514 36
Do pref A
100
Jan21
2212 23
*2313 2413
*2212 2312
400
Do pref B
100
13
1318 -la- 11- 1212 1234 1212 1258 111
a- -1213 6,000 Western Maryland (new) 100 19 8 Apr21
93 ja
*22
*
22
26
'22
26
26
*22
*22
26
26
Do
2d prat
100 2434 Apr22
2438 2458 2413 2412 2378 2412 2378 24
237 237
8
2,200 Western Pacific
23
8 23
100 17 Feb 3
5612 57
57
*56
56
57
57
57
56
57 *800
- 56
Do pref
100 5213 Feb20
1173 1034 11
*1012 11
11
1078 12
1078 1134 1138 1112 10,800 Wheeling & Lake Erie Ry 100
7 4 Mar 5
5
*22
24
24
22
24
2314 *22
24
22
2312 22
100 17 Jan30
223
Do prat
4 1,200
*39
41
*39
39
40
39
40
300 Wisconsin Central
40
40 '37
40
*37
100 3014 Jan22
Industrial & Miscellaneous
42
437
4114 44
8 4313 46
3814 413
4 4234 46
427 4512 43,800 Advance Rumeiy
8
100 21 Jan21
75
747 7514 74
8
7414 757
8,800
76
8 74
7413 7573 7318 75
Do pref.
100 584 Jan20
9312 92
8612 89
90
93
8912 91
89
9014 8712 8812 5,800 Ajax Rubber Inc
50 66 Jan13
3
313 35
312 312
8
338
358
312 358
_ _ 10
3 s 312
314 312 6,800 Alaska Gold Mines_
31s Apr 4
213 213
214 212
214 214
214 214
214 214
213 218 2,800 Alaska Juneau Gold Min'g 10
134 Jan 2
4414 4478 4413 4614 4313 4618 4318 45
4312 447
8 4113 4312 52,300 Allis-Chalmers Mfg
100 30 Jan21
96
96
9512 06
*9513 97
957 96
1,400
8
96
98
*95
96
Do pref
100 8173 Jan23
11013 11133 110 11134 106 11138 10718 10812 10934 11138 1073 110
8,950 Amer Agricultural Chem_ _100 997 Jan29
4
3
*10078 101 *10012 101
100 10014 100 10012 100 100
900
9934 10012
Do pref
100 98 Jan 9
8912 867 8914 8513 883
88
8714 8714 8812 84
19,200 American Beet Sugar
4 86
3
87
100 62 Jan 3
0
'93
95
*93
.92
95
95
94
200
95
*93
95
*85
88
Do pref
100 843 Jan13
4
56
575
8 563 58
59
3 57
4
583 5914 5813 593
5414 565 54,600 American Can
4
100 4273 Febll
8
106 106
10613 1065 *106 10712 107 10738 1073 10713 1,400
8
3
100 9878 Jan 6
Do pref
10658 10718 in(3- 10858 1053 1073 10512 1063 10618 10712 x103 105
4
8
4
17,800 American Car & Foundry 100 8.113 Feb10
*11634 11714
200
117 117 x117 117
Do prof
100 113 Jan18
6212 583 6114 6012 6214 5818 607 28,300 American Cotton 011_ _ . 100 395 Jan 2
(
3
-4Y2 a- 60
4
3
8
100
9214 9214
Do prat
100 813 Jan 7
127g 1233 12 4 1212 1234 4,100 Amer Druggists Syndicate_ 10 1013 Jan24
1258 1278 1234 ---3- - .1233 - - 1253
127
3
8
12 4
3 3418 3512 3312 343
353 357
8
30,600 American hide & Leather 100 1:318 Jan 4
4 3313 3458 34
353
8 3234 34
12413 1263 12334 1273 12612 12913 x124 1263 21,400
12653 12818 12634 128
s
3
Do prof
100 7114 Jan 2
4
67
7114 683 71
7013 73
7318 7512 70
73
4
6512 6812 10,700 American Ice
100 3:5 Jan21
7512 7512 7512 7213 74
73
75
7414 75
757
8 7414 75
3,000
Do pref
100 5434 Jan20
11114 1147 10712 11258 107 109
10814 114
8
10814 1103 103 1083 131,000 Amer International Corp..100 524 Feb 8
8
8
70
71
.72
7213 72
7314 7012 73
705 7118 69
8
100 4418 Mar 1
6912 13,400 American Linseed
3
3 9612 963
9714 957 957
97
973
4 97
9714 97
4 96
100 85 Mar I
Do pref
9612 2,400
8413 853
4 8414 85 4 8214 843
4 8112 8314 8258 85
3
81
833 40,400 American Locomotive._ _ _100 58 Jan21
4
*10712 108
108 10812 *107 109 *10612 109
500
10718 10718 *107 109
100 100 Jan14
Do prof
8
212 25
8
4,500 American Malting
214 23
1
Jan17
100
• -61- -41'*6114 62
600
61 a-51 Apr 2
Do 1st pref ctfs dep
8213 I67
8214 8414 -11318 - 4 81
- - 8218 86
834 84
4
843
8314 93,600 Amer Smelting & Reflnlng.100 624 Feb 6
10618 10612 10613 10612 1065 1065
1063 10613 10638 10638 106 106
8
100
8
_100 103 Feb20
Do pref
8
8
3812 367 373 • 38
4
3734 3838 37
3712 38
3914 3712 383t 75,800 Am Steel Found tern ctfs 331
, 3314 May10
3
13212 1357 13212 135
137 13814 136 13714 13312 137
131 1343 13,700 American Sugar Refining..100 11114 Jan21
4
11812 11812 11812 11812
*117 119 *117 119
300
- 11812 11812
Do pref
100 11312 Jan 6
1085 1095 10858 1093 11012 1163 11612 12038 118 1201- 11334 119 113,300 Amer Sumatra Tobacco_..100 9612 Jan13
8
3
8
2
4
8
106 1063 106 1067 10614 107
107 1075s 10634 107
4
106 10612 10,000 Amer Telephone & Teleg_ -100 983 Jan29
4
21614 21614 220 221
218 219
21934 22112 21978 220
5,000 American Tobacco
217 219
100 19173 Feb 4
102 102 *101 10212 *9912 102
3
1017 1023 '102 10212 101 101
8
400
.
100 9658 May14
Do pref (new)
11238 1173 11018 1153 11212 1155 1105 1137 28,800 Amer Woolen of Mass_ _ 100 454 Jan1C
4
11613 119
113 118
3
8
8
8
10812 10812 *10713 1083 1033 10812 1,200
•107 110
10812 10914 10812 109
4
3
100 9438 Feb 8
Do prof
8 4634 4813 4712 4934 4512 4712 19,900 Amer Writing Paper pref _100 2758 Jan 2
493 5114 5012 5112 4833 495
4
21
23
2318 2512 2312 257
8 2213 2458 2318 2412 2113 24
45,700 Amer Zinc Lead At Smelt.,
Jan31
.25 11
6018 6012 60 4 5913 60
61
6314 62
61
6212 60
60
3
3,800
25 40 Jan21
Do pref
713 7313 73
4
8
7434 723 75
7218 73
72
74114 7011 7314 133,100 Ancaonda Copper Mlning_ _50 5812 Feb 6
17213 179
17212 1823
1767 18812 17912 184
3
4
175 18112 17012 176
77,000 Atl Gulf & W I SS Line...100 92 Feb 8
*70
73
73
75
*71
76 .70
*72
7213 *71
72
400
100 64 Jan29
Do pref
723
4
10313 1043 10234 10412 9812 10318 9814 101
4
10012 1043
8 985 1023 144,300 Baldwin Locomotive Wks_100 8478 Jan29
8
4
13413 13613 13618 1385 13414 13614 10,500 Barrett Co (The)
135 137
134 140
137 140
8
100 103 Jan 2
8813 8914 90
86
873 *8613 88
4
3,900 Bethlehem Steel Corp_ _100 5512 Jan20
9112 91
91
86
8 90 4 93
893
8 8778 905
- 514 - -13 8518 8914 87
3
89
Jan21
9214 255,200
Do Class B common 100
11433 1145 11414 1143 112 114
4
114 1143 11434 115
8
4
3,730
11214 113
Do cum cony 8% pref___ 1013 Jan22
3
23
237
3 227 235
2234 24
2234 2338 2253 24
3
8 22
No par 1814 Jan14
23 31,100 Booth Fisheries
4
4
4
14934 1493 1493 15112 1493 1493 150 15512 152 1537
150 150
4
100 138 Feb 6
8 3,800 Burns Bros
13
133
8 13
4
4 1214 133 21,500 Butte Copper & Zinc v t o..5
1333 1318 138 1273 1314 1314 133
518 Feb20,
20
2912 2912 3013 285 30 36,100 Butte & Sunertor Mining_ _10 167s Feb111
2938 3138 2913 31
2912 30
8
•1316 and asked prices: no sales on this day. 8 Ex-rights. I fwes than 100 shares a Ex-div. and rights s Ex-dlvidend.
$ per share
10113 102
88
88
10512 10513
54
5458
5918 5918
2812 32
16312 16414
6714 673
4
93
4 94
3
2912 2912
4534 46
7034 7113
10212 1033
4
*128 13213
30
3014
827 827
3
8
*7114 72
*53
57
*70
74
221
yi14
Highest.
PER SHARE
Range for Previous
Year 1918.
Lowest.
Highest
per share
104 May27
89 Jan 4
107 May29
5514 May27
5912 May27
3212 June 9
17012 May 7
6812 May17
1112 May19
8
307 May19
4738 May19
3
747 Mar 12
105 May26
133 Jan17
31 May19
84 June 6
72 June 6
547 June 6
3
73 May16
313 May 5
4
5813 June 9
5113 May29
116 May29
217 May 7
833 May211
1314 May 5
2014 May19
3214 May19
23 May19
100 8 May27
5
8
483 June 6
104 May16
918 June 2
3114 June12
2514 May19
57 May21
60 8 June 2
3
4
1223 May171
197 June 6
3
1114 Apr25
25 May19
343 June 6
s
583 Jpne 7
4
833 June 6
4
3414 May19
241,3 June 9
11212 May19
997 May27
8
4812 May19
2614 Junel1
6713 Junel 1
49 MaY21
443 June 9
4
8412 June 7
935 June 6
8
3813 Feb 4
3913 May16
2538 May 8
2338 June 9
3778 June10
1114 May19
22 May16
115 June 2
33 May19
7212 May27
557 June 6
8
60 Juno33
13812 May29
743 Mar 5
4
3
15 8 Apr29
31 Apr28
1212 May19
38 May19
247 Juno 2
8
1312 May19
27 May16
247 June 6
3
6112 Jan 9
12 May16
24 May16
417 May16
3
$ per share $ per Shari
4
81 Mar 993 Nov
80 Jan 9212 Nov
8938 Apr 109 Nov
484 Dec 82 Nov
53 Apr 6412 Nov
2538 Dec 4814 Jan
135 Mar 17478 Oct
493 Jan 6238 Nov
4
6 Apr 11 Nov
1812 Apr 32 Nov
3714 Apr 5414 Sept
6614 Apr 8638 Nov
8912 Mar 107 Nov
Jan
125 July 137
18 Apr 3212 Nov
5634 Jan 88 Nov
46
Jan 75 Nov
26 Feb 40 Nov
5834 May 70 Nov
18 Apr 2712 Nov
47 Apr 55 Nov
40 Apr 48 Dec
10013 Apr 1193 Nov
4
160 Apr 185 Sept
214 Jan
7 Nov
8
5 Apr 133 Jan
14
Apr 2338 Nov
2318 Jan 3612 Nov'
1812 Jan 2714 Nov
86
Jan 10812 Nov
2513 Jan 3412 Nov
92 Jan 1054 Nov
43 Dec
4
94 Jan
1714 Dec 4712 Jan
1513 Apr 2414 Nov
45 Jan 5912 Nov
535 Dec 6518 Nov
8
4
110 Jan 1243 Nov
712 Apr 1578 Nov
684 Nov
438 Jan
512 Jan 134 Nov
20 Jan 3138 Nov
41
Jan 62 Nov
674 Jan 8468 Nov
27 Apr 457 May
3
1814 Jtin 2438 Nov
102 Jan 11214 Nov
8118 Jan 105 Nov
4314 June 5018 Nov
912 may 1878 Nov
5212 Apr 64 Nov
30 Apr 50 Nov
2238 Jan 4032 Nov
Jan 82 Nov
61
7018 Jan 9614 Oct
35 Jan 39 May
35 Mar 40 July
93 Apr 1714 Dec
8
19 Oct 25 Nov
28 Oct 404 Jan
7 Apr 12 Nov
1518 Apr 2514 Nov
804 Jan 110 Nov
2038 Apr 3478 Nov
57 Jan 7514 Nov
14 may 294 Dec
32 Dec 8514 Jan
10934 Jan 1374 Oct
0 Jar; 7584 Nov
12 June
434 Jan
1012 Apr 20 May
1134 July
7 Apr
307 Der 4412 Jan
8
1918 Dec 26 2 J1111
,
10 Dec 174 Febn
20 Jan 32 June
13 Jan 243 Nov
4
ga June
46
Jan
4
8 Apr 123 Nov
1713 Apr 26 Nov
4
297 Dec 393 Oct
8
46 June 9
76 June 9
95 Apr28
414 Jan15
23 May22
4
4612 May27
9612June 2
11334 May 1
108 Mar15
00 June 8
95 May29
61 May27
10713.1une13
8June 0
1085
117 Apr22
64 June 9
93 Apr 3
1414 Mar 7
387 June 2
8
12913June121
7612June 1
7614 June 6
1147 June 9
3
7314 June 9
983 Apr15
8
8714 June 2
10812June
512 May20,
6212June 5;
86 JuneI0,
109 May13'
3914 Junell
13953June
119 May24,
12012June12'
1085* Mar10
22112June 9
Jan 6
106
130 June 3
4June 5
1103
5112June 9
257 Junel0
a
6314 June 9
75 June10
18812.10ne 7
754 May 8
4June 3
1073
140 Juno 7
0112 Junel2
93 June12
115 June 9
243 Ivlay22
4
186 Apr 23
143 May27
s
313 June 3
4
2834 Nov
Jan
11
2578 Jan 6273 Nov
Jan 7214 Dec
49
114 Apr
53 Nov
8
312 June
112 Apr
4
173 Jan 37 May
7214 Jan 861k May
Oct
78
Jan 106
8913 Jan 101 Aug
48 Nov 84 Feb
282 Sept 9112 Mai
3438 Jan 5034 May
8914 Jan 99 Dec
6814 Jan 9334 Dec
106 Jan 11512 Dec
Jan 4434 Oct
25
78 May 88 Deo
117 Jan 2218 Sept
8
50 Jan 9478 Aug
114 Jan 49 Oct
Oct
383 Jan 81
4
5112 Sept 8012 Oct
629714
9712 Dee
42
Jan
,
4
534 Jan 713 Mat
2
Jan 1023 Dee
295
238 Sept 1312 Feb
41 Sept 48 Dec
73 May 9434 Oct
103 Sept 11014 Nov
Jan 116 May
98
10814 Mar 11411 Dee
34
0514 Fay
9600% Aug 149 M eb
4
14012 Jan 1983 Dee
9218 Sept 1004 Dec
3
4478 Jan 607 May
92 Jan 9634 Dec
8
2014 Apr 393 Aug
11 Dec 2138 July
3884 Dec 534 July
59 Dec 27414 Oct
4
973 Jan 12014 Feb
68 Jan 67138 Nov
5818 Jan 10134 May
85 Jan 110 Dec
60 Dec 96 May
4
593 Nov 94 May
9812 Jan 10678 Apr
Jan 2812 Sept
21
108 Feb 8112 Oct
64 Dec11278 July
6112 Jan 3312 May
New York Stock Record-Concluded-Page 2
10. record of sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW BALE PRICES
-PER WARE. NOT PER CENT.
Saturday I
June7
Monday
June 9
,
1
Tuesday 'Wednesday
June 10
June 11
Thursday
June 12
Friday
June 13
&War
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
eglt SMARM
Range Since Jas. 1.
On basis of 100
-there lot..
2417
PER SHARa
Range for Preview
Year 1918.
Lowest
Highest
Lowest
Highest
$ per share I $ per share $ per share $ per share 3 ye;share $ per share
lndustrial&Misc.(Cos.) Par $ per share
$ per share $ per share $ per shars
70311 7112 7012 7112 69
70131 6814 70
6832 6912 6634 6834 16,200 California Packing__ __No pal
4814 Jan 2 7112June 7
3612 Jan 50 Nov
3514 3614 3512 3934 37
39121 3612 3814 3712 383
3714 34,800 California Petroleum
2 35
100 2038 Jan 2 3934 June 9
12 Jan 247 Nov
8334 8212 8334 8314 833
4 8212 8434 83
823
82
8332 8,700
4 82
Do pref
100 6413 Jan 2 8434 June 9
38 Jan 7012 Dec
10612 10912 10514 108 I 1()1 106
100 10112 10112 10112 9812 203 142,700 Central Leather
100 56% Feb 8 10934 June 6
5434 Dec 7338 Feb
I 11212 11212 --__
_ 11112 11112
Ill 111
400
Do pref
100 104% Jan 7 11212June 6 10112 Dec 108 Nov
5118 4914 52
4734 4814' 48
49% 5134 -497 - -- 4972 5132 74,900 Cerro de Pasco Cop._ No pa, 31
2 52
Jan22 52 June10
2914 Mar 39 Nov
4
198 2003 201 208 1 200 205
198 20312 201 207
199 2033
4 7,800 Chandler Motor Car __100 103 Jan18 208 June 9
6814 Jan 1097 Dec
s
27 1 257 2714 2514 2638 2614 2712 2514 2652 83,400 Chile Copper
2
2512 2534 25
25 1718 Jan21 2714 June10
1412 Apr 24
Oct
2
4234 4312 427 4718 4518 4812 4414 46
4534 47
4132 4612 40,500 Chino Copper
5 3212 Feb 6 4818 June10
313 Dec 471 May
2
1 5113 4814 50
5012 5038 49
16,200 Colorado Fuel & Iron
483 50
4
4712 49
463 50
4
100 3434 Feb 10 52 June 3
4
343 Jan 5423 May
4
533 54 I 543 5712 5118 567
5532 56
2 5412 56
4
513 5512 32,900 Columbia Gas & Elee
2
100 3914 Feb 1 5712June 9
283 Mar 4478 Dee
4
4
14,800 Consolidated Gas (N Y)_100 87% Jan27 1033
10153 10152 101 1023 101 10214 10134 10134 101 10338 997 102
2
2Junel2
823 July 10538 Nov
4
4 99 10134 9512 10014 90
9712 9738 9932 95
9714 41,900 Continental Can, Inc__ ..100 6512 Feb10 1033 June 7
984 1033
4
6512 Oct 95 Feb
6732 68 •1 67% 68 1 65I8 6712 643 66
2
66
667
2 633 6618 56,500 Corn Products R001811180_100 46 Jan21 6812 May28
4
29% Jan 5012 Nov
107 107 I 10612 107
*10612 108
1077 10778 *107 108 *107 108
2
500
Do pref
100 102 Jau23 10814May 2 x9012 Jan 104 Deo
96
947
2 91
94' 9514 93
9012 93
14
4 89
9214 943
96,800 Crucible Steel of America_100 52% Feb 7 9712 June 2
747 May
52 Jan
__
*99 101
9912 102 I _ _ _.,
. 103 10933
200
Do pref
--100 91
Jan 2 103 June13
86 Jan 9134June
3522 3632 3538 -- I -53 "31" 3412 3512 -343 -- 2 3312 35
3
6
28,300 Cuba Cane Sugar____No par
4 3
972038 Jan27 3918 May 9
2712 Apr 34 Nov
2 8412 8412 8418 8478 8478 8512 84
843
8 84
843
84
8514 6,700
Do pref
100 658 Mar 1 8512 Junel2
912
10
7714 Dec 83 Feb
*1453 15 I 145 15 i 1412 1472 1412 1412 1414 1412 14
1414 6,000 Dome Mines, Ltd
10
2
3758 M
Jan31 ,1614 may19
6 June 15 Nov
4
35
345 3553 353 3614 3453 3614 3412 3514 3453 3553 33
8
10,000 Gaston W & W Ine_No par 2512 Jan21
25 4 Oct 39 Feb
3
16212 16334 10212 16318 161 16218 2,600 General Electric
166 166 I 16512 16612 164 166
100 14412 Feb 3 1603
4June 5 127% Jan 158% Oct
238 243 I 23412 243 I 220 230
22034 227
222 22634 211 222 103,300 General Motors corp...
.100 11812 Jan21 243 June 6 10634 Jan 164 Aug
9312 9414 9312 9334 933 04
9414 9412 93 .94
9234 94
4,100
4
Do pref
100 82 Jan 6 95 June 3
753s Oct 88 Feb
2 78
39,400 Goodrich Co (B F)
82
79
823 8312 8218 833
4
8012 76
77% 8014 78
100 56% Jan10 8738 June 3
38 Jan 59% Oct
__
4
•10512 10612 1053 1053 -,,, -_,._-_10572 10572
.,.,..
„,..,_
___
200
4'
Do pref
0
10 103 Jan 8 10912 Apr16
955 Dec 104 Dee
6,000 Granby Cons M S & P__ _ _100 64 Apr21 80 Jan 3
73 1 7312 763
73
73
4 7 4 76.8 -71, - 8 -7312 - 4 73
7434,
2 743
74 Jan 86
Oct
3 433 4514 4314 4353 44
4
44
4518 423 g3
4453 4312 447
14 roc) Greene Cananea Copper.
2
4
.100 381 Apr25 4612 Jan 9
5814 Nov
3812 Jan
66 I 6612 07 I 6618 67
66
67
60
6714 678 65
000 Gulf States Steel tr ctfs 100 4912 Feb 8 81 June 2
y
n
r 4 Dec 1141 Apr
t
i3
6018 5912 6153 6012 6212 60 65
59
6112 6434 6012 63
48,200 Haskel & Barker Car__No pa
, 40 Feb 6 65 Junell
July
5912 60 1 5832 6112 59% 6112 502 60
,
593 61
4
5814 593 93,600 Inspiration Cons Copper
4
20 42% Feb 6 611zJune 9
4112 Dee 5818 Oct
2414 25 1 25
2514 247 25
*2512 26
2712 25
2712 7,000 Internat Agricul Corp__ 100 1012 Jan 2 273 June 2
25
4
10 Jan
19 June
4 86
873
85
4
'84
87
86
84
8912 9,400
8
Do pref
8538 817 868 85
100 48 Jan 4 8912 June13
38 Jan 65 June
13412 13512 1353 141 1 138 1413 139 14432 144 14738 14034 14612 62,300 Inter Haverster (new).
4
4
...100 11018 Jan21 14738 June12 104
Oct 121 Nov
4812 5012 4914 5412 5012 55
503 527
4
5212 333,000 Int Mercantile Marine_ 100 2114 Jan31 5832 May19
8 5138 533
8 48
21
Jan 33 Oct
12018 122 I 1183 12134 119 121
4
11814 11934 11844 12073 11614..119
50,200
Do pref
100 92% Feb10 12812 May28
835 Jan 12582 Nov
2814 283
4 28/4 29 I 2838 2912 28
29
2812 2912 29 4 3?14 1113 325 International Nickel(The) 25 2412 Feb 3 3232 Jan 3
5 3
:
8
27 Jan 35 Nov
6114 6212 6012 61. 8 58
3
6052 563 583
4
4 5714 583
000 International Paper__._100 301 Jan 3 0212 June 7
4 533
2423 Jan 41512 May
*77
77 2 76
,
76 I 77
77
800
76% 7612 7612 7612 7612 761
Do stamped pref
100 62 JanI3 7712 June 5
58 Jan 554 Jan
*124 126 1 12314 126
123 12534 119 122
123 1253 120 122% 10,900 Kelly-Springfield Tire _ _ 25 68 Jan21 129% Apr14
4
41
Apr 72 Dec
383 3012 3814 40
4
3813 4032 3814 3932 3912 4114 3812 4034 100,300 Kennecott Copper_ __No pa
, 291 Feb13 4114 June12
:11 Nov
4
87
88 I 8712 8812 x8514 87
8412 8512 8414 853
4 8212 8412 14,300 Lackawanna Steel ______.
-100 6212 Jan21 8812 June 9
6g12 !Peer
3414 3472 3412 3472 3212 341 *33
333
4,700 Lee Rubber & Tire___No par 21 Jan22 3714 May 2
4 323 3312 3214 33
4
Apr
71
7212 70
7214 6918 '7173 69
71
73% 7214 7312 6,000 Loose-Wiles Biscuit tr ctts_100 4012 Feb17 7312 Junel3
70
:158
1712
31110 118 *106 106% --- --- 4110'T 108 41110 120 41112 118
Do 2d pref
ny
100 94 Feb 5 11578 J4ae4
53 Feb 96 Dec
*75
80 1 *75
80 I *75 80
_
_ "75
*75
80
80
Mackay Companies
00 70 Jan22 79
70 Dec 7812 Feb
637 6378 637 64
*63
65
*63
65 I 4163 05
2
*64
300
65
Do pref
100 x63 June 6 65 Jan 4
57 Jan 65 May
53
54
5212 5312 5012 5212 49
50
4912 5034 44
25,600 Maxwell Motor, Inc
50
4
100 2824 Jan22 583 June 3
2312 Jan 4212 Nov
8014 813
4 80
81 1 7758 70731 77
78
77
7712 74
7434 8,700
Do 1st pref
100 5032 Jan22 831zJune 6
50 Dec 697k Nov
4512 457
40
4012 38
3812 3834 3812 39% 36% 3912 4,800
2 40
19 may 3238 Nov
Do 2d pref
100 1914 Jan 2 4613 June 3
19034 19538 18812 19112 184 19012 18414 18712 184 187 ,x178 18312 150,520 Mexican petroleum
2June 3
100 162% Jan23 2057
7r
Oct
Jan 194
Do pref
100 105 Feb 7 10812 Apr19
277 2914 55
2812 2818 29
-F7i4 194 "ii" "iiiil "iii, W. Ii,15.6 Miami Copper
1gc 18 plne19
4 u
)
El4 )
7an
Dec
53141 5012 5212 50
5234 53% 52
513
4 5012 52 I 4918 5072 43,300 Midvale Steel dr Ordnance_ 50 tr14; ) 77
5
4 e?
l
3
41 Dec 61 May
82341 ----- 78
7812 8212 80
81
8012 8112 278
79
16,500 Montana Power
100 69 Mar28 823
4June 9
64 June 8112 Nov
2114 21% 2112 2212 2112 22% 207 2138 2072 2114 20
2
21
15,700 Nat Conduit & Cable_No par
14 Feb s 22121uae22
.
U
m ny
Nov
84
883
88 I 77
85
7914 8178 '79
8 85
813
4 75
7812 29,300 Nat Enam'g & Stamp'g_ _IGO
N14
i
7
v IL% iii
n
g
1102 102 1 41100 105 *101 105
_
31102 105
Do pref
100 n13 1abl
108438
.len
88 Nov 99% Feb
8214 81
3
8312 85 4 81
84382 - 4
701, 10,000 National Lead.
82
-8112 8212 x78
100 64 Janll 853
4June 9
43% Jan 693 Dec
4
*109 110 *10814 110 ,*108 110 *108 110 *108 110 I 10972 110
200
Do pref
100 107 Jan 3 11012May19
993 Mar 1O51 May
4
81 193 20
18% 19 I 183 195
3
4
1912 193
8 1914 19% 1918 1932 11,400 Nevada Consol Copper
5
122 124 I 120 12212 120 12012 '119 123 1 118 120
122 123
2,200 l' thY18m AclarnBrake_-_-100 91rgbil
Is
lez/
rk
9812 Dee 139 May
„
59
2 58
5612 5612 *57
577 577
2
58 I 58
5812 57
57
800
Co
100 47 Janll 6134 May2.
36: AugD
17 2
211:
577: M
N
'
5853 593
8 5514 5712' 57
4 5812 5912 563 587
4
583
4 5514 5712 187,000 Ohio Cities Gas (The) 4
25 035:4 Feb14 593 June 6
3513 Mar 48 Oct
11141 1034 1114 10t2 11 I 103 1034 210
1112 1114 11
8
1012 46,100 Oklahoma Prod & Refining 5
4
8 Feb 3 1312 May10 _ 41_ ...ii;
812 812
818 83,
8 4 87
S12 834
814 85
3
3
3 8 41
83
s
8 4,800 Ontario Silver Mining
May14
100
512 Mar18 1012
13 June
39
41% 388 4112 4CF
42
40
41% 4012 4112 30
39
10,400 Pacific Mall 58
2312 Jan 40 Dec
5 2912 Feb 8 42 Junel0
9734 101
1003 10218 9918 102
4
97
997
8 975 99 I :92
8
9612 74,700 Pan-Am Pet & Trans
3June 3
50 67 Jan21 1037
6314 Oct 7214 Oct
16814 16814 --- -__ -1
100
Do pref
Jan22 175 June 3
100
,_
86 Jan 12412 Oct
"Lai, Wil".1 "Li" "i6" "
iii's ii]c 53
55 I 5112 5614 "85" If" 9,700 People's G L & C (Chic)._100 117 Jan22
451a
57 MaY.°
39% Jan 61 Nov
4912 4012 3938 4014 398 403
8 39
3912 3932 3972 3834 39
5,000 Philadelphia Co (Pittsb)._ 50 30 Jan 3 43 Apr28
21
Apr 3514 Oct
6014 63% 6034 623
64
6453 63 65
4 62
6312 5912 6238 48,800 Pierce-Arrow M Car-._No par 3834 Jan22 66% June 3
34
Jan 51% Nov
109 109 , 109 109
10812 10812 ___ ____
300
Do pref
py
ian
100 101% Jao ; 111:114 51a rN
8934 Jan 104 Dec
. 93 4
8
4
25% 257
3
3 2512 253 -543 - -- -5i- - -1 2412 2514 23
ii
2432 50,000 Pierce Oil Corporation.... 25 16
15 Sept 191 Oct
,
6453 6532 6412 6514 6112 043
2 62
8312 62
04 1 6012 02 1 18,800 Pittsburgh Coal of Pa_100 45 Feb 3 6614 June 8
42 Jan 5/I34 Feb
4
*923 9412 93 93 . *9234 94 . 9
'92
94
3
93
*9234 94
200
Do prof
100 85% Mar17 98 May28
793 Jan 8572 Dec
4
8538 8212 8312 83
8612 863
4 8512 8612 82
843
4 803 8234 10,000 pressed Steel Car
8
June 6
100 z59 Febll 87%
_ 10212 10212'
55% Nov 73 Aug
_
_
,
00
Do pref
100 100 Mar 3 104 Jan14
93 Apr 100 Aug
16 1 *83
86 I ;gi" 16 I ;ITti 16 I wii 161
i" 16, .;;
Public Serv Corp of N J 100 82 Jan31 913 Jan 7
4
85 Oct 10912 Mar
•128 129 1 128 128 I 120 12812
_
_ _ 126 12614 1253 12614 1,100 Pullman
4
sMaY19 10013 Jan 132 Nov
100 1117 Feb14 1295
8
Company
1
4
927 9332 9212 9312 903 933
4 90 - 9214 9118 92 I 89
9114 • 9,700 Railway Steel Spring
100 6812 Feb10 9514 June 6
4512 Jan 7812 Dec
*10814 114 *10814 112 , 10838 1083
- _ *10814 10912 10312 10812
200
1)0 pref
100 104 Feb 4 112 June 3
95 Jan 1051 Dec
2312 2332' 2314 2453 2414 2514 2418 2432 2453 2512 2412 25
34,400 Ray Consolidated Copper_ 10 19 Mar 4 2514 June10
May
89% 9014 90 91 4 88
91 I 87
89's
8914 8918 9012
4June 6
*10114 105 "10414 105 I 10112 10418 10412 10412 8612 8858 14,600 Republic Iron & Steel.-100 7112 Jan18 913 Mar19
10112 1017
,500
2
100 100 JanI3 105
Do pref
Jan 10212 Sept
8
8
114/4 1145 11512 1177 11434 11712 11518 11678 11414 1163
11912 May21
4' 11034 11312 24,000
4
s
8
11334 11434 11512 1177 1147 11712 11514 11714 11438 1167 11012 11478 250,100 Royal Dutch Co (Am shares) 703 Jan21 11952 May21 :70 Dec 145 Oct
21
Cents for New
Mar13
1218 11
1214 12
1238 11
12
1114 11% 11721 1012 1112 6,000 Saxon Motor CarYork shares- 8012 Mar21 14 June 3
Corp__ _100
614
3 Aug 18 Nov
4
4
207 207 2073 2073 20212 206
4
20512 20512 20513 20512 200 200
1,300 Sears. Roebuck & Co-__100
13334 June 76% Dee
15
15
15
1513 1514 153
4 1432 1514 1518 1512 1412 15
4,700 Shattuck Aria Copper__ 10 1-2 Pegg 2113 ,4nY l0 :13 Dec 1814 Feb
1
41 ua e
1 31 2
:
0018 (pA 6534 667
3 6313 66
14 627 65
8
6312 64781 59
64 154,000 Sinclair Oil & Rerg-No par 3314 Jan 2 694 May 8
2514 Apr 39 Feb
68 I 65
67
68
68
6712 6412 65 I 65
65121 63
05
5,100 Sloss-Sheffield Steel & Iron 100 46111 Feb10 6912 June 5
39 Jan 7114 May
613 62% 61
4
02
59
61
5612 59
5814 5912 543 5314 8,100 Stromberg-Carburetor_ No par 3634 Jan10 6512 June 3
4
115 11634 107 11412 106 112
10312 10814 10538 10914 101 106 242,500 Studebaker Corp (Tbe)._100 45% Jan22 1243 June 2
4
ilia Nov
33% Apr 992 too 1 --- ___ 100 100
7
100 too
too 100
8 1,300
997 997
2
Do pref
100 92 Jan22 100 May 5
8012 July 100 Nov
73
70
7312 71
72
727
8 69
71
71
6912 72
25,000 Stutz Motor Car of Am _No par 4214 Feb14 74 June12
74
37 Oct 55 Dec
4
5214 527
8 5112 5278, 493 51
4834 50
50
5038 473 4912 8,600 thiporlor Steel Corp'n..._ _100 32 Jan21 54% June 3
4
3414 Mar 45 sMaY
5
103 103
_
_
100
Do 1st pref_
100
Mar29 103 Junell
95 Feb 100 Sept
2
4
-ii3 ilia ill Iiiii -157 "1"4"1; 13
% 1418 -133 134 1318 1112 24,300 Tenn Copp & C tr ctfa_No par 9753 Mar17 1714 May 5
8
1212
123 Dee 21 July
4
279 281
276 27812 x270 27534
263 270
17,200 Texas Company (The) -100 184
272
Jan 2 292 May 9 13611 Jan 203 Oct
8
103 10438 10314 10438 1015 10614 1258 17 1i T(9
0T
)
3434
10312 1053 111,000 Tobacco Products Corp_100 7253 Jan29 107 June12
4
4812 Mar 8253 Dec
3
108 1107 11022 112141 108 11012 1087 11012 11018 107
3
11112 110 11012 10,900
Do pref
100 9912 Mar20 11214 June 9 :8714 Mar 10472 Dec
9312 .85
92
92
92
94
*90
93
90
93
4185
90
1,400 Union Bag & Paper Corp_100 75 Jan 3 96 June 2
prs Oct3ao 80 May
8
8 523 5334' 5212 527,1 515 523
5312 543
8
4 52
52
5234 51
8,400 United Alloy Steel_ _No par 37% J
44l May
13934 143
1
13912 1417 13812 141
8
143 149
8
149 15512 1517 15512 101,900 United Cigar Stores
11112.4
7 XX
7
8334 Mar 108% Dee
100 10714 Jan
Do prof
100 108 Feb 5 113 May22 10114 Jan 110 July
ioji 16,;34 iiii" 166
4
ill/ 116 iii" 'lift,
18, ---- 185
184 ---- 8,700 United Fruit
iati"
Q-100 157 Feb10 196 June 9 118 4 Jan 16612 Dec
,
3112 3312 3234 34
32
2812 28% 30
3212 3114 3114 3358 44,400 U S Cacti P190& Fdy__ _ _100 14
Jau15 3414 Junc12
1118 Apr
19 May
0434 65
64
64
*62
0614 6512 6512 6412 6112 623 63
1,90 4211 Jan10 66'4 June10
4
3,700
Do pref
41 Mar 4734 Feb
8 76
7812 7518 775s 7638 783
7818 7812 7714 785
4 7514 7718 42,200 U 9 Food Products Corp_100 68 Apr 8 813215,lay27
10012 162
160 163
157 161
14812 158
156 15913 156
40,500 U 13 InduRtrtal Alcohol.-.100 9714 Jan22 167 iMay27 :96 Dec 137 May
108 108 *107 110 *107 1594
•107 110
100 9624 Jan 2 111 'May23 , 94
111
--_.._
100
Do prof
Oct 99 Mar
j14 -19111814 120% 1.17. 1 - 4 112% 11814 --I 11412 11234 115
319
,
114 1-1718 101,700 United States Rubber_ __ _100 73 Jan21 1203
/June 7
51
Jan 8012 Dec
114 1 1414 1144•11414
11434 11434 1133 114
4
11412 11422 *114 115
000
Do 1st preferred
100 109 Jan20 115 June 2 :95 Jan 110 Dee
4 6814 7012 • 4 083
a
4
0818 6812 673 693
,04
4 6814 6958 60
6812 21,(180 US Smelting Ref & M.... 50 4314 Jan21 70% May22
3212 Apr 5053 Oct
*4812 50
*4812 50
*49
50
*4812 50
50
50
0
Do pref
50 45 Jan18 50 Mar 2
4233 Apr 47% Dec
HO Ili" 10912 1107 10712 1107 1063 10812 107%109
"
8
8
4
10514 108 900,500 united states steel Corp..100 mi. Feb10 1117 June 6
8
8612 Mar 11812 Aug
11614 11658 11614 11612 11614 1163 11612 11612
4
11614 11658 11618 11612 3,400
Do prof
,
100 1131 Feb10 11714 May 2 108 Mar 1135. Dec
8114 8312 887
83
8 8512 89
8018 89
873 9112 8718 90
4
78,700 Utah Copper
10 6514 Feb 7 9112Junel2
1712 19
7114 Dec 93 Oct
19
19% 1812 19
19
2133 20
21
15,600
8
100 13 Jan 2 213 Junell
11 Sept 1534 No
78
7832 7712 78
72
7714 7338 7612 7018 7914 ---- - - _ - 22,200 Utah Securities v t e
7514 7
812
Virginia-Carolina Chem_100 51 Feb10 80 June 2
11 4
1 3
*113 114
11314 11334 *11314 114
114 114 "11334 114
114 11412
600
Do Prof
100 110 Jan 7 11412 Apr 3
70
70
718
70
7134 ---- - - *09
68
66
6814 1,200 Virginia Iron C & C
71
100 54 Mar31 74 May29
50 Jan 7312 July
89
90
89
89
90
89
8872 141118 289
.
90
89
89
1,600 Western Union Telegraph.100 8438 Mar27 9212 May26
7714 Aug 95 2 AM'
3
58
5838 578 565
8 663 5013 5612 577
.1
57
577
3 58
5714 66,400 Westinghouse Elea & Mfg_ 50 4012 Jan21 59% June 9
3812 Jan 47h May
1567
73
69% 6978
100
Do 1st preferred
59 Jan 6412 Feb
5C 61 Feb27 70 May16
60% 6114 "(IR& iii" "id".)T2 16" "Lf"iis 16"
-‘7
6 ,^ - 2
4 6,700 White Motor
45 Jan 3 6312 May 3
si•
36% Jan 49 Nov
377g 3814 3712 3818 36% 3818 3473 3634 "iii" 3834 a56112 583
3514
3423 36 109,400 Willy.
-Overland (The).- 2f
2314 Jan22 4014 June 2
1512 Jan 30 Nov
_oar, v __ 96
300
2
Do pre((new)
9958
lop 8714 Jan 7 98% May 9
75 Jan 8914 Nov
8
"olis 1171; - i' iii- '5F iw1- -oir4
5
91
94
12,700 Wilson & Co,Inc, v t o No pa; 6538 Jan20 98 June 5
1
451 Jan 77 Dec
131 131
1303 1303 -- -4
4
9453128
12834 13014 13014 1273 1293
4
4 1,200 Woolworth (F W)
4
10( 120 Feb 7 1333 May19 110 Mar 1281k Oct
Do pref.
10( 115 Jan22 11712 Jan17 111
Oct 115 Sept
" " 164 Iiii2 ii "
iii
" ioill 14 "
; ii" 16" -'This -- - -FT- -- - _______ Worthington P &
7
897
8
6
3
M v t c 10(
34 Jan 69 Aug
4
50 Veb13 863 Juno 7
3957 98
97
97
2
___ _-__
ORS
*95 100
63 *95
200
Do pref A
88 Jan 9 98 Apr24
104
85% Feb 91 Apr
7714 7714 7734 -- 4 6 4 *76 100
7812 7712 77
7712 781,
78
7614 773
On nref B
3,000
An
Ng
Jan 3 7812 Junell
10r
Jan 7012 July
•Big sag &eked prices; no sake on this d ti
Leas than 100 shares.
0/ `
11411'. gull Etats. s Ez-diridend.
ire.
111. '.i7,1
Sis =12
..g4 Decn :2"
.pin 1724 Nov
a
2418
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Ian.1909 the Exchange method of fuottno bonds was changed and prices are now-"and interest"-except for interest and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 13
I
I
,..,9
.
Price
Friday
June 13
Ma
U. S. Government.
354a let Liberty Loan___1932-47 J
1932-47 J
as let Liberty Loan
1927-42 M
41 2d Liberty Loan
430 lot Liberty Loan___1932-47 .1
dAe 2d Liberty Loan.. __1927-42 M
43(e 2d Liberty Loan__1932-47 J
1928 M
430 3d Liberty Loan
1938 A
45(i 4th Liberty Loan
4'4s Victory Lib Loan__ 1922-23 __
33j5 Victory Lib Loan__ 1922-23 __
d1930 Q
2e come registered
d1930 Q
25 consol coupon
1925 Q
As registered
1925 Q
AM coupon
k1936 Q
Pan Canal 10-30-yr 2s
Pan Canal 10-30-yr 211 reg-1938 Q
1961 Q
Panama Canal Sc g
1961 Q
Registered
1914-34 Q
Philippine Island 4s
Week's
Range or
Last Sale
Ask Low
'11.
n,Q.1
""
Range
Since
Jan. 1.
High No. Low High
D 99.52 Sale 99.30 99.70 4637 98.20 99.80
D 95.10 Sale 95.00 95.60 252 92.50 96.00
N 94.00 Sale 93.30 94.40 1805 92.10 95,10
D 95.40 Sale 95.36 95.90 383 94.20 96.60
N 94.14 Sale 94.00 94.80 4927 93.20 95.36
D 99.76 ____ 99.76 June'19 ---- 95.42 99.76
S 95.44 Sale 95.20 95.60 9641 94.90 96.60
0 94.30 Sale 94.14 94.98 15712 93.12 95.72
__ 99.94 Sale 99.90 100.00 4391 99.88 100.08
100.48 10320 99.98 100.48
__ 100.36 Sale 100
3
J 97__-- 993 Apr '19 --- 97
/ 993
1
4
98
./ ------98 Mar'19 --- 98
1061
/
4
2 10438 10614
F --- 10612 10618
/
4
F -- 1061 1061 June'19 ---- 10414 10614
F ---- ---- 9814 Mar'19 --- 9814 98 4
,
__
99 July'18 --N -M -------- 9014 June'19 ..-__ 8712 91
91
M 901 ____ 91 Mar'19 ---- 91.
100 Feb '15 ---- F ----
Foreign Government.
99
/ 167 9914 100
1
4
1919 F .A 99% Sale 99%
Amer Foreign Secur 5s
8
973 2122 95% 9778
4
Anglo-French 5-yr 58 Ester loan_ A 0 9712 Sale 973
8512 8618 June'19 ____ 8212 93
Argentine Internal 5s of 1909.... M 13 84
9958 212 99 10212
Bordeaux (City of) 3-yr 6s 1919 M N 9918 9914 99
7078 71
71
5 70
721s
Chinese(Hukuang Ry) Si of 1911 J D 3 70
4
991s June'19 --- 9212 100
Cuba-External debt 5s of 1904_ NI 8 983 101
9314
2 9014 9312
Eater dt5s of 1914 ger A 1949 F A 9314 Sale 9314
4 8458 833 June'19 __-- 82 85
s
1949 F A 833
External loan 43.6s
8
985
8 22 963 99
4
Dominion of Canada g 5e-1921 A 0 9812 Sale 983
4
9858 28 963 9833
4
3
_1926 A 0 973 Sale 973
do
de
1931 A t) 98
98
100 9658 9818
Sale 973
4
do
do
9114 20 8678 9258
Japanese Govt--£ loan 40_1925 F A t 9114 Sale 91
92 913
4
92
2 86 93
1925 J J 2 91
Second series 43.4s
88
12 84
89
do do "German stamp"_ __ _ 88 Sale 8714
1931 J J 2 80 8058 80 May'19 -- 75 8012
Sterling loan 48
9938 163 99 102 2
/
4
1919 M N 991 1Sale 99
,
Lyons (City of) 3-yr 6s
/
1
9914 121 9834 10218
Marseilles (City of) 3-yr 66_1919 M N 994 Vale 99
6614 June'19 _--- 01
7933
Mexico-Exter loan g Si of 1899 Q J 3 6618 71
5512 53 June'19 _--- 50
53
61
1954 J D
Gold.debt 4s of 1904
9814 210 9612 10014
1921 A 0 9733 Sale 9712
-year as
Parts (City of) 5
8
3 797 83
8012
803
s
M S 8012 81
Tokyo City 5s loan of 1912
II K of Gt Brit & Ireland
4
277 983
1919 M N 993 Sale 9958 100
4100%
-year 5A% notes
3
x
4
1921 M N 99% Sale 9812 99% 272 973 993 6
5
-year 54% notes
515 984 1013
/ 100
1
4
/
1
4
20
-year gold bond 53.0_1937 F A 9953 Sale 99
These are prices on the basis of UWE
State and City Securities.
N Y City-43.2 Corp stock_1960 M 5
1964 M 5
4s Corporate stock
1966 A 0
45i a Corporate stock
430 Corporate stock July 1967 __ __
1965 J D
430 Corporate stock
1963 M 13
43.s Corporate otock
1959 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
it% Corporate stock
4%Corporare stock reg 1956 M N
1957 M N
New 4345
1957 M N
434% Corporate stock
1954 M N
354% Corporate stock
1961 al 5
N Y State
-4s
1961 J J
Canal Improvement 4s
1962 J .1
Canal Improvement 4s
1960 J J
Canal Improvement 45
Canal Improvement 4 As_ 1964 J J
Canal Improvement 434e-1965 J J
Highway Improv't 430_1963 M 5
Highway Improv't 434s.,.,1965 NI S
Virginia funded debt 2-3s 1991 J .1
(Is deferred Brown Bros ctfs_ -- -
9753
9758 24 96
9733 Sale 9712
9714 9758 973
8
973
8
1 96
98
9714 9758 967 May'19 -- 96
2
9914
1023 Sale 10212 1023 122 1003 1023
4
4
2
4
8 10234 17 10012 10278
1025 1.0312 1023
8
1023 Sale 10212 1023
4
4 24 100 10278
9212 9318 9212
9212
1 903 923
4
4
2 904 9213
9212
9213 LSale 9213
9212 ____ 9213 May'19 ---- 9012 9212
92
9058 May'19 __-- 9058 91
10212 Sale 10238
10258 26 10012 102533
10213 1023 10212 10212 10 10038 10278
4
8312 8414 82 May'19 ---- 8112 82
9812 _
9814 May'19 ---- 98
9814
9812 ____ 9612 Apr '19 ---- 9618 9712
9812 ____ 9912
9912
1 9814 9912
9814 ____ 9634 Apr '19-- 963 963
4
4
10712 10812 1074 May'19 ---- 10634 108
/
1
.
10212 Dee '18 ---- __ __ _ _ _
---10712 10812 1065 Mar'19 ---- 10658 10658
8
....-- ____ 10018 June'18 ---- ___ _ ___
---787 Doc '18 ---2
6513 6612 6512
66
7 63- 4
743-
Railroad.
731995 Q J
Ann Arbor 1st g 4s
Atchison Topeka & Santa Fe
1995 A 0
Gen g 0
1995 A 0
Registered
711995 Nov
Adlustment gold 45
731995 Nov
Registered
711995 M N
Stamped
1955.3 D
Cony gold 40
1960.3 D
Cony 4s issue of 1910
1928 M S
East Okla Div lot g 4s
Rocky Mtn Div let 0_1965 J .1
Trans Con Short L let 45_1958 J J
Cal-Aria lot & ref 430"A"1962 M 5
1942 M 5
8 Fe Pres & Ph 1st g 5s
Atl Coast L let gold 48.....731952 M 5
1964 J D
Gen unified 434e
Ala Mid lit gu gold 513_1928 M N
Bruns & W lit gu gold 4s_1938 J J
Charles & Say let gold 76_1936 .1 J
01952 M N
L dc N coil gold 4s
Say F dc W 1st gold 50____1934 A 0
1934 A 0
let gold 5s
1925 J J
Belt & Ohio prior 330
711925 Q J
Registered
731948 A 0
lit 50
-year gold 4s
731948 Q J
Registered
1933 __ __
10-yr cony 43.4s
Refund & gen 5s Series A_1995 J D
1922 J .1
Pitts Juno let gold Os
P Juno & M Div 1st g 334s 1925 M N
PLE&W Va Sys ref 4s 1941 M N
Southw Div let gold 33.0_1925 J J
Cent Ohio R let o g 430_1930 M S
Cl Lor & W con let g 5s_1933 A 0
1936 J D
Ohio River RR let g 5s
1937 A 0
General gold 5s
Pitts Cloy dr Tol let g 6s 1922 A 0
Tol d3 Chi div let ref 45 A_1959 J J
Buffalo R & P gen g 58
1937 M S
1957 M N
Consol 4 As
All & West 1st g 4s gu_1998 ,0
J
Clear & Mah lit gu g 533_1943
Koch & Pitts lot gold 68_1921 F A
Censel let g 6I3
1922 J D
Canada Sou cons gm A 633
1962 A 0
Car Clinch & Ohio 1st 30-yr 5s'38 J D
Central of Ga lit gold 158_0945 F A
Consol gold 58
1945 M N
Chatt Div pur money g 4331951 J D
Mao & Nor Div lot g 55_1946 J J
Mid Ga & Atl Div 5s
1947 J J
Mobile Div let g bs
1946.3 J
Cen tHH & Il of Ga coll g 58_1937 M N
0entof NJ gen gold 58
1987J .1
Registered
711987 Q J
Am Dock & Imp 01 5s-1921 J J
Leh & Hod Riv gen gu 533_1920 J J
N Y & Long Br gen g 0_1941 M 5
Cent Vermont let gu g 4s_e1920 Q F
Chesa & 0fund & Impt 58_1929 J J
let consol gold 56
1939 M N
1939 M N
r paRegistered
8
5512 573 56
56
5 54
/ 58
1
4
8212 Sale 8218
8234 97 8038 8512
81
Sale 81
81
10 7934 82
7518 Sale 7518
7614
5 7418 803
4
---- 86
7312 June'18 --- ____ ____
7538 76 7512
7534 22 74
7913
7612
3 74
7614
76 Sale 76
9833 Sale 983
1013
4 47 9358 10214
9014 9112 914 May'19 ---- 904 924
/
1
/
1
/
1
744 80 74
/
1
74
76
11 74
7812 --- 7712 81
7812 Sale 7812
833 85 85 May'19 ---- 85 85
4
94 10018 993 July'17 ---- _ _ _-_4
8112 8212 8053
82
6 8018 85 2
,
83 833 8314
8378 13 82 88
4
98 10612 9812 June'19 ---- 9612 9812
833 89
4
78 Oct '18 ---- __ - __
11312 .. _ _ _ 1297 Aug '15 -- _ _ _ _ _ _
8
77
78
77 June'19 ---- 7378 7812
108 ____ 10714 Apr '19 ---- 10714 10715
967 __- 105 July'15 ---- ____ 8
_
8914
8812 8912 8918
9 88
8912
__ 87 Feb '19 ---- 87 87
*87
8212
753 Sale 753
4
4
7612 40 75
.
--- --__ 92,14 Mar'17 --- __ __ _
80
7934 92 73
7814 Sale 7814
80 Sale 79
/
1
4
8012 29 '7718 8218
9834 __ 112 Jan '12 -- _ __ _
85 87 867 Mar19 ---- 8318 87
3
74
75
74
75
12 7178 78
84
Sale 84
8412 19 83
8614
8712
893 Mar'19 ---. 8934 893
4
4
955
8
_ 9512 Apr '19 ---- 9512 9512
9618 ____ 96 Jan '19 --- 96 98
9114 ___ 911 Mar'19 ---- 90 914
/
4
/
1
994 ___ 994 Mar'18 --- ____ _
/
1
/
1
631s 6414 657 May'19 -- 6312 68
8
9733 9838 99 Mar'19 --- 99
99
8712 88 88 June'19 ---- 8712 88 4
,
763 81
8
97 Nov'16 ----___ - _ __
891s ____ 1031s Feb '16 ----__ --101 10214 101
101
2 10034 101
102 103 102 June'19 ---- 101 102
935 Sale 9333
8
94
2 88
957
s
7512
7512 Sale 7512
1 7513 82
9914 10434 100 Mar'19 _--- 100 10012
9118 9114 91
91
7 89
947
8
7314 82
74 May'19 ---- 74.2 '7514
/
1
4
9014 --- 90 May'18 ---. - -..
9733 June'17
901s
92 __ 9134 Jan '19..- 9134 913
4
90 ____ 887 Apr '19 _- 86 89
s
103 10412 1023
4 10318 23 102 105
1011 102 10112 June'19 --- 1005 10112
/
4
8
9912 100 9952 May'19 ---- 99 99%
765 ....„ 100 Apr '18 _--__ -8
88 ____ 10012 Jan '13
---- 6412 65 Jan '19- 65 65
92 95
9114 Apr '19 ____ 89
9312
9718 9914 9818
9838
8 974 9912
---- 98 10412 Jan '17
*No price Friday;latest this Week. a Due Jan. 4 Due April, •Due May.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 13
t"
t.51
-4,4
.r.,'..
Price
Friday
June 13
Week's
Range or
Last Sale
14.
n
,.1
'''
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low High
Chesapeake & Ohio (Con)8318
4
805
8 33 77
1992 M S 80 Sale 793
General gold 434s
4
1992 M S 73 78 863 Mar'17 ---- -_ - _ __
Registered
20
8412 32 773 8514
-year convertible 434s_1930 F A 8312 Sale 83
4
9114 265 8414 9158
30
-year cony secured 58_1946 A 0 8918 Sale 8918
7818 May'19 ---- 78133 78 2
1944 J D 78 83
Big Sandy 1st 4s
,
/
4
4
4
Coal River Ry lit gu 4s 1945 J D 721 823 823 May'19 --- 823 82 4
4
3
8
.
1940 J .1 843 ____ 9634 Feb '16 ---- _
Craig Valley 1st g 5s
69
1946 J J 70 ____ 69
Potts Creek Br lit 4s
1 69
69
80 80 May'19 --- 75
R & A Div 1st con g 413
80
1989 J J 76
8
2d consol gold 0
1989 .1 J 695 7414 71 Oct '17 ----_-___
Greenbrier Ry 1st gu g 45_1940 M N 7414 ____ 8812 filept'16 --- __ __ _
Warm Springs V 1st g 5s 1941 M 5 82 ____ 113 Feb '15
/
1
4
53
Chic & Alton RR ref g 3s_1949 A 0 514 5258 523 June'19 -- 50
3712
38
70 353 40
1950 J J 3712 38
4
Railway let lien 334s
Chicago Burlington & Quincy
1922 F A 9912 ____ 9912 May'19 --- 9914 9912
Denver Div 45
1949 J J 753 7613 7512
8
7512
9 7318 764
/
1
Illinois Div 354e
Sale 84
1949 J J 84
8418
6 8213 8578
Illinois Div0
3
995 May'19 --- 995 993
8
8
4
Iowa Div sinking fund 5/3_1919 A 0 995 100
Sinking fund 4s
1919 A 0 9914 9912 9914 May'19 ---- 99
993
4
Joint bonds. See Great North.
1927 M N 9318 Sale 923
4
9318
Nebraska Extension 4s
4 923 932
s
4
1927 M N 0018 ____ 91 Mar'18 ---- _Registered
8313
1 go
8218
8234 8218
1958 M 5 82
General 4s
35 June'19 ---- 25
3518
Chic & E Ill ref & imp 48 g 1955 J J 3312 35
35
34 June'19 ---- 22
015 Mtg dz Tr Co Ws of dep.,.. - __ 32
363
lit consol gold (Is
1934 A 0 ---- -__ 100 May'19 ---- 10312 104
77 May'19 ---- 75
77
General consol let 58
1937 M N 7614 77
U 8 Mtg & Tr Co ctfs of dep.-- 7614 ___ 77 May'19 ---- 7014 77
Guar Tr Co ctfs of dep
-- -. 7518 ---- 75 May'19 ---- 75
75
4
Purch money 1st coal 5s-1942 F A --- ____ 973 Feb '13 ---- .... _ - _9 ____ 32 Mar'17 -----Chic & Ind C Ry let 5s
1936 J J
634
Sale 6012
6218 50 59
Chicago Great West let 4s 1959 M 5 61
8
1017
8
6 10018 103
Chic Ind & Loulav-Ref 68_1947 J J 10133 Sale 1017
Refunding gold 58
1947 J J 855s ____ 10012 Apr '17 --- ...... ....-Refunding 4s Series C___ -1947 J .1 6812 ____ 9412 Apr '17 ---__ --Ind & Louisv let gu 48,..,_1956 J J ---- ---- 63 11lay'19 ---- 6018 63
Chic Ind dc Sou 50-yr 4s
79
1 7834 81.
1956 J J 7913 8212 79
3
Chic L 5 & Mast 1st 434e.,,,1969 .1 D 82 ___ 973 Dec '16 ---- ........ ---Chicago Milwaukee & St PaulGen'l gold 45 Series A__e1989 J 3 7212 7312 73, May'19 ---- 72
7612
2
el989 Q J ---- ---- 9252 Feb '16 ---- ___ _ -- - Registered
/ 8412 8414
1
4
8414
6 8112 85
Permanent 45
71
'
0
7133
8 6613 7414
1925 I O 7 2
Gen & ref Ser A 4 As____a2014 A D 84, 71
/
4
81
/
1
4
/
4
80
47 77
Gen ref cony Ser B 50_332014 F A 791 Sale 791
Gen'l gold 3;0 Ser B____e1989 J
66 Nov'18
J 64
66
81
8134 8113
82
8433
5 80
General 4 As Series C____e1989 J J
1934 J J 7112 7238 7112 June'19 ---- 70
737
s
25
-year debenture 4s
4
79
58 75
8178
1932 J D 783 Sale 7812
Convertible 410
9834 98l2 June'19 ---- 9812 9812
1921 J J 98
Chic & L Sup Div g 58
92 Oct '19 ---- .. _ _ Chic & Mo Itiv Div 58_1926 J J 92 100
8
8
99
6 97 99
1921 .1 J 985 Sale 985
Chic & P W let g 533
/
1
C M & Puget Sd lat gu 4s_1949 J J 7112 7378 70 Apr '19 ---. 684 70
9938 May'19 - 9938 9978
Dubuque Div lit s f 633_1920 J J 99% 100
14 104 100 May'19 ---- 100 100
Fargo & Sou assum g 6s1924 J .1 99
9953 Feb '19 ---- 99
9958
La Crosse & D let Sc
1919.3 .1 98 100
- 9634 9812
963 Apr '19 4
Wis & Minn Div g 5o
1921 J J 9712 99
8
99 Jan '19 --- 99
1920 J J 993 100
Wis Valley Div 1st 6s
99
Milw dc Nor let ext 4 34e..-1934 J D 89 -__ 89 May'19 --- 883 89
4
3
_ .
Cons extended 4 As__ _ _1934 J D 817 8834 9012 Dec '18 ---Chic & Northwes Ex 43 1886-1926 F A 8953 ____ 89 Apr '19 ---- 89 89
1886-1026 F A 87 92 95 Dec '18 ---- ___ _ ..._ _
Registered
33
3
71
General gold 3As
707
8 10 70
1987 M N 707 7112 707
p1987 Q F 67 ____ 7013 Apr '19 --- 69
7012
Registered
/
4
1987 M N 801 813 8112
8
8112
2 81
General 4s
82%
82 8173 Oct '18 ---- __ ____
1987 M N 81
Stamped 4s
1987 M N 9712 9978 093
27 9818 101
General 58 stamped
4 100
1879-1929 A 0 103 109 104 May'19 --- 10158 104
Sinking fund ds
1879-1929 A 0 ---- ___ 10912 Apr '16---_
Registered
8
/
1
Sinking fund 55
1879-1929 A 0 97 ---- 963 May'19 --- 964 9(312
1879-1929 A 0 96 --__ 96 Nov'18 ---- __ _ __
Registered
98 May'19 ---- 98 98
1921 A 0 9814
Debenture 5s
98
98 Mar'19 ---- 97
1921 A 0 97
98
Reglatered
1933 M N 9518 9638 9613 Feb '19 ---- 9612 9612
Sinking fund deb 55
1933 M N 9214 100 97 Nov'18 --- ____ Registered
_ 10112 Oct '16 --Des Plaines Val 1st gu 434e '47 rd S 8013
Frem Elk & Mo V 1st 6s1933 A 0 106 ____ 10634 May'19 ---- 10618 109
Man G B & N W 1st 3;0_1941 J J 61 --- 88 Jan '17 ---Milw & B L lat gu 3;0_1941 J 3 ---- -------- ------ ---- --- - -4
DAHL 9& West 1st g 6s
1921 M 5 1003 ---- 101 May'19:::: 10034 101
,
Ext & impel gold 5s
99
1929 F A 98 8 ....__ 98 Apr '19 - -98
Ashland Div 1st Os__ _1925 NI s 10334
,
104 Apr '19 ---- 104 104
4
Mich Div let gold 6s....1924 J J 1033 105 104 May'19 ---- 104 104
Mil Spar & N W 1st gu 4s_1947 M 5 7518 8412 7814 Feb '19 -- 78
7815
953 May'19 -- 93 98
4
St L Peo & N W let gu 5s 1948 J .1 ---- 102
Chicago Rock Isl & Pao8 753 7912
3
757
3
76
Salo 76
/MI/wag general gold 4e..._19883 J
8
8
Registered
1988 3 J ---- 764 763 May'19 ---- 7633 763
/
4
724
/
1
74
60 70
7812
Refunding gold 4s
1934 A 0 721
20
__-year debenture 58
1932 J J --------- 7011 Mar'19 -- 7013 7012
72
R I Ark & Louis lat 4 As 1934 M 8 7012 Sale 7012
3 07
7012
4
95 Apr '19 -- 947 96
8
1934 A 0 943
Bur1C R & N let g 5s
C RI F & N W let gu 533_1921 A 0 9233 9818 9714 Feb '19 __-_ 9'714 9714
Cho Okla &0 gen g 5sg1919 J J 98% 9913 97 May'18--_ _ _
1952 M N ---- ---- 93 May'18 ---_ _ ---Consol gold 5s
70 67
1 65 7012
67
Keok it Dee Moines let 58 1923 A 0 67
7012 70
5 6612 71
70
St Paul & K C Sh L lat 4 A s'41 F A 70
1930 J D 107 108 107 June'19 ---- 105 107
Chic St P M &0cons 60
_ -_
Cone (Is reduced to 3;0_1930 .1 D 8512 ---- 88 Sept'18 --1930 M 5 03 94 95 May'19
- 91
9'7
Debenture 5,3
---- North Wisconain let 68
1930 J J 10515 ---- 118 Nov'16 ----__ 95 May'18 --- __ -Superior Short L let Sc g_c1930 M El 94
68
58 May'19 ---- 58
60
Chic T H & So East let 5s.._1960 J D 58
4
4
Chic & West Ind gen g 6e q1932 @ M 1033 Sale 1033
10334
6 10212 10414
65
22 61
65
1952 J J 641 Sal 6412
Conaol 50
-year 4s
---- ---- 90 May'17 --- ____. _.
-_
Cin H & D 26 gold 430...._1937 J J
C Find & Ft W 1st gu 4s g 1923 M N ---- ____ 88 Mar'll ..-__ __ _..
Day & Mich let cons 4;0 1931 J J 8514 ---- 79 Nov'18 -- __--D 70
71
70
71
3 66
7212
Clev Cin Ch & St L gen 46_1993 J
8012
8012 38 76
1931 J .1 8014 Sale 8018
20-year deb 434s
87
87
2 87 87
1993 J D 8312 91
General Sc Series B
8034 May'19 --- 785g 813
1939 J J 75 81
4
Cairo Div let gold 4s
Cin W & M Div let g 4a 1991 J .1 70 75 70 June'19 ---- 6734 70
St L Div 1st coil tr g 48_1990 M N 7314 80 73 May'19 --- 73 761s
1940 M 5 74 ____ 7418 Jan '19 _--- 7412 7412
Spr & Col Div let g 4s
s
W W Val Div 1st g 45-1940 J J 707 ____ 84 Nov'16 ....... ____ ____
9934 May'19 --- 99% 993
4
1920 M N 993 106
4
C I St L & C consol 65
4
/
1
4
let gold 4s
731936 Q F 843 90 83 May'19 ---- 8313 8312
8514 88 May'15 ---- --- -___
/
1
4
11936 Q F 84
Registered
___ 9312 May'19 __-- 93 9333
/
1
Chi S & Cl cons let g 50_1928 J J 934
104 May'19 ..-- 103 107
/
1
4
C C C& I gen cons g 68__1934 .1 J 103
8
--Ind B & W let pref 4s___1940 A 0 763 ____ 94 July'08 ---- Q J 8213-____
0Ind & W let pref Si,...
60 60
7 50 607
60
Peoria & East lot cons 48_1940 A 0 56
2
31
13 12
31
30
1990 Apr ---- 28
Income 4s
Cleve Short L let gu 4 As_ _1961 A 0 8633 89 86 May'19 ---- 88 89
86
5 87
8914
1929 F A 86 86% 86
Colorado & Sou let g 4s
8012 11 7714 8013
1035 III N 80 {Sale 80
Refund & Ext 414s
993
4 983 995
4
99
4
Ft W dc Den C let g 6e
1921 J D 9918 102
Conn & Pas Rive let g 48_1943 A 0 -------------------------8
Cuba KR lit 50
-year 56 g_ _1952 J J ---- 947 93 Feb '16 ---Del Lack & Western73 Apr '19 --- 73 73
Morrii & Eos 1st gu 3;0_2000 J D 73 74
7
2
1921 J J 10078 ____ 1007 June'19 --_- 100 8 1007
2
NY Lack A W let 62
1923 F A 9814 ___ 9733 Mar'19 --- 9534 101
Construction lia
Term & Improvt 4a._ 1923 AI N --- 9514 95 June'19 ---- 9212 95
Warren lit ref gu g 330_2000 F A 68 -..10212 Feb '08 .... ____ ____
g.Due June.
A Due July. k Due Aug. o,Duo Got.
Due Nov. e DUO Dee. a Option sale.
BONDS
N. Y. STOCK EXCHANGE
Week ending Juno 13
g
tt
Price
Friday
Jane 13
Week's
Range or
Last Sale
4
BONDS
N. Y. STOCK EXCHANGE
Week ending June 13
Range
Since
Jan. 1.
High No,' Low High
Bid
Ask Low
Delaware dr Hudson
1 93
97
97
97
'97
1922 J
1st lien cquipg43s
9 8312 851i,
84
84
Sale 8:313
1943 M
let .1c ref 4s
9334 511 903 9534
8
9334 Sale 93
1935 A
-year cony 55
20
4
733 7812
77 June'19
7512 77
1946 A
Alb 3r Soso cony 330
4
4
1023 1023
10318 104 10234 Apr '19
Items & Saratoga let 7s 1921 M
Denver & Rio Grande
8 6612 7514
73
717 Sale 7173
g
1936 J
1st cons g 4s
12 72
76
7612
76
7633 80
1936 J
“
Consol gold , is
80
76
80 May'19
7013 85
1923 J
Improvement gold 5s
5778 44 45
59
4
5734 Sale 573
1955 F
let & refunding 5s
77
87% Nov'16
1939
Rio Or June let gu g 5s
6114 Apr '11
1940 J
Or Sou 1st gold 4s
Rio
39 July'17
1940 J
Guaranteed
7313 14 6378 7312
73
75
73
Rio Or West 1st gold 49_1939 J
60
56
5813 May'19
58
60
1949 A
Mtge & coil trust 4s A
82 Dec '16
-78
65
Det & Mack-let lien g 4s 1995 J
78
50
7512 JulY'16
1995 J
Gold 45
10 80
81
Sale 81
8414
81
Det Rly Tun Ter Tun 4 Yis-1961 M
- ---9712
9634 June'18
Dul Missabe & Nor gen 5s 1941 J
95 May'19 --- 9214 05
9334
Dul dr Iron Range 1st 5s--1937 A
10513 Mar'08
-- - 1937 A
Registered
1 83
83
82
8614 83
84,12
Dul Sou Shore & Ati g 5s._ _1937 J
9312 96
913 May'19
9312 96
Elgin Joliet & Etta let g 59-1941 M
1 993 1007
100
Sale 100
100
8
s
1920 M
Erie 1st consol gold 7s
- 781s Oct '18 ---8178
1947 M
N Y & Erie let ext g 4s
9613 June'18 -97381W
- ---1919 M
2d eat gold Is
9312 Jan '18 -- ---- ---9134
1923 M
3rd oat gold 43.'s
- 9912 July'17 -8
963
1920 A
4th ext gold Is
8218 ____ 9134 Nov'15 -1928 J
5th ext gold 49
9712 100 1003 July'18 --- ____
3
NY L tg & W lat g fd 7s 1920 M
67
Sale 67
65
7012
Erie 1st cons g 4s prior......1996 J
16 4_
68
81 Dee' -_6
1996 J
Registered
5612 56 5212 57,
55
Sale 55
2
let consol gen lien g 49-1996
73 June'16 -.5578
1996 J
Registered
gi 82 June'19 -- 7753 82
82
Penn coil trust gold 4s 1951 F
15 461g 52
31
5078 Sale 5034
-year cony 45 Ser A....1953 A
50
52
48
Salo 48
46
1953 A
do Series B
534 207 4712 55
51
:
32
Sale 51
51
1953 A
Gen cony 4s Series D
9218
9518
9218
2 90
9218 93
1982 M
Chic AG Erie let gold Is
-8
1067 Jan '17 ---- - 923s Cloy & Mahon Vail g 5s-1938 J
9612 101
loci 101:11- 101 May'19
. 2
Erie & Jersey let a f 6s.....1955 J
_ 98 May'19 -- 958 101
98
1957 J
Genesee Myer let a f 6s
108 108
_ 109 108 Mar'19
_
Long Dock consol g 6s_1935 A
- 10:3 Jan '18 -Coal & RR 1st cur go 6s 1922 M
9234 --- 10212 July'17 -1913 J
5e
Dock & Inept let ext.
87 -- 85 Jan '18 --N TA Green L gu g 5sl9i6 M
7814
7113 7212 71 Apr '19 -- 71
.1937 J
N Y Soso & W lot ref Is.
45
55 10014 Dec '06 -1937 F
24 gold 414s
s
- 597 60 June'18
1940 F
General gold Sc.
97 Dee '18 -1943 rt,
Terminal 1st gold 5s
108 Jan '17 -Mid of N J let ext 53__1940 A
72
60
61 Apr '19 -- 61
66
Wilk AC East let gu g 5s_ _1942 J
2312 Jan '17 -6v .4 Ind let cons gu g 6s_ A926 J
98
95
95 May'19
951 4 97
,
Evans / dr T H lot cons 63._1921 J
8518 Juno'17
7019
1942 A
let general gold 5s
108 Nov'll
Mt Vernon let gold 68_1923 A
95 June'12
Sull Co Branch let g 5s_ _1930 A
85
,
81
83 Juno''
83
Florida E Coast 1st 450-1959 J
_
92 Aug '10
Fort St U D Co 1st g 430_1911 J
5613 Oct '17
6213
Ft Worth dr Rio Dr 1st g 4s_1928 J
80 Dec '18 -„,
7014 78
Daly nous & Hen let
_._1933 A
9513
9612 202 9533 96I2
9613 Sale 96
Great Nor C B & Q coil 43..1921 J
3
8
s 10 953 957
957
4
953 9578
Registered
/11921 Q
8' 85
89
87
8612 8953 8634
let & ref 4 tie &dee A___1961 J
96 June'16
1961 J
Regt3tered
8812
88
8812
8812
St Paul M & Man 45
1933 J
2
88,
10813 10812
10512 109 10813 Apr '1U
1933 J
1st consol g 6s
118 Am.'17
102
193:3 J
Registered
9518
8
933 ____ 94 May'19 -- 94
Reduced to gold 430.1933 J
9133 99 10212 May'lli
1933 J
Registered
-8873
8553 8812 8511 May'19
Mont ext 1st gold 49_1937 J
1937 J
9512 Mar'16
8313
Registered
12 81
81
81
81
1940 J
77
Pacific ext guar 40 £
80 Nov'18
8013
E lklinti Nor Div 1st g 45 1948 A
1922 J
10112 ---- 10014 May'18
Minn Union let g 6s
10612 10738
1937 J
10833 ---- 10714 May'19
Mont C 1st go g 6s
13614 May'06
107
1937 J
Registered
4
-64 -66(2
983 June'19
1937 J
9914 _
let quar gold 5s
4
._
1093 Aug '16
Will & H F let gold 5s_ _1938 J D 9713
5114 Feb '19
60
70
Green Bay & W deb ctfs "A"___ Feb
1473 484 51
6 5278
8
147
1434 Sale 13
Feb
Debenture ctts "13"
8212
80
J 73
787 80 Jan '19
8
Gulf & S list ref & t g 5s__b1952 J
83
77
7813 797 7912 Juno'19
Hocking Val 1st cons g 434s 1999 J
8
1999 J
7312 June'18 -J
--- - Registered
1948 A 0 7818 -- 7312 Oct '18 -V 14 ext g 4s
Col &
1955 F A
4
7614 Apr '19 4
7518
-761- -761Col & Tol 1st ext 4s
85 Deo 18 --85
95
Houston Belt & Term let 58_1937 J
88
▪ 86
Illinois Central let gold 49_1951 J .1 8438 8514 87 Mar'19 -1951'J J
92 Sept'17
Registered
76
1951 J
76
- 76 May'19 -- "
1st gold 334s
76
81 Nov'15
1951 J J
Registered
1951 A 0 74 _
80 June'17
Extended 1st gold 3 3ia
1951 A 0 7213
Registered
1951 1%1 S
80 July'09 ---let gold 3s sterling
1951 M S
Registered
79
1952 A 0 fig,;"
77
Collateral trust gold 4s
- '15
iti" 77 Fels1952 A 0
Registered
9514 Sept'12
2
1955 M N "
5▪ 1- "if!:
g(1173 E- 81,
let refunding in
8112
2
1952 J
7112 75
J
711$ 7412 75 May'19
Purchased lines 334s
754 7612 7614 June'19
8
773
73
L N 0 A Texas gold 4s_ 1953 M N
195'3 M N
711s 7118
Registered
7118 Apr '19
7018 83
Cairo Bridge gold 4e_ __1950 J D 7918
78 Nov'18
J
60 ____ 79 Feb '14
Litchfield Div 1st gold 38_1951 J
--- J
7112
Louise 1)1v & Term g 334s 1953 J
7312 Nov'18
1953 J
J
Registered
83 Aug '12
1921 F A 0712
Middle Div reg Is
102 June'16
- - - -- 1951 F A
_ 5814 Sept'18
6114
Omaha Div let gold 3s
- --J 61
_ 62 Oat '18
St Louts Div .4 Term g :39_1951 J
-- - -- I
1951 J
Gold 34s
651s Oct '18
J 7218
1951 J
Registered
80 June'16
J
. _
6812 8112 8033 Nov'16
Springf Div let g 3 4s. _1951 J
1951 F A
7918 7912
77
Western Lines 1st g ls
7912 May'19
1951 F A
92 Nov'10
Registered
1923 J D 9538 ___. 11712 May'10
Belley & Car 1st 69
73
73
9353
73 Mar'19
Carb & Shaw 1st gold 1s...193'2 M
08
9118 993
4
96 May'19
Chic St LA N 0 gold 5s 1951 1 D 97
1951 J 1)
9518 9518
Registered
9518 Feb '19
1951 J D -66 3
6512 July'18
Gold 3349
1051 J I)
Registered
87 - 95
2.runo.19
Joint let ref Is Series A.1963 J D 9013 911; -67
_ 7018 Oct '18
- _
Memph Div let g 48.__1951 J D 74 _
1951 J
_
71
Registered
65 Nov'17
78
4
4
-793- 793
St Louis Sou lot git g 49_1931 M S 8114. ---- 7914 Jan '19
1950 1 J
813
8014 82
8
Ind Ill & Iowa let g Is
8014 Feb '19
93
1919 M N
96
9214 96 - 933 May'19
3
Int & Great Nor let g 6s
8034 82
90
8(134 May'19
81
James Frank & Clear let 48_1959 J D
60
Kansas City Sou let gold 39_1950 A J 6018 607 607
8
643
3
607
8
3
1950 A 0 87
Registered
78
8;1; 87 Oct '09
Apr 1950 J .1
5Ret At Impt 54
4 18 81 8 83
873
J
5 76
81
80
Kansas City Term let 4s_ _1960 J
7912 Sale 7912
J 8812 89
8713 90
Lake Erie A West 1st g 5s__1937 J
8813
8312
1941 J
65
26 gold 5a
7973 8053 Feb'
17
90
3
803 Oct '18
North Ohio 1st guar g 58_1945 A 0 65
J 8714 9014 904 May'19
92
89
Leh Val NY let gu g 430_1940 J
J 8213 _
1040 J
Registered
89 Oct '17
Lehigh Val (Pa) cons g 4s_2003 M N
s
797s
7512 8012
3
797 Sale 797
8 85
2003 M N 86
90
General cons 4149.
86121 853
,
86 2
• No price Friday: latest bid and asked this
2419
New York Bond Record-Continued-Page 2
JUNE 14 1919.]
We4k. •DUO Jan
0 Due
Feb.
11'z
Price
Friday
June 13
West's
Range or
Sale
-In!
Last
Range
Since
Jan. 1.
High No., Low High
Ask Low
Bid
9818 10214
Leh V Term Ry 1st gu g 6s__1941 A 0 9834 ___ 100 June'19
........
113 Mar'17_
1941 AO
Registered
10258 34 10118 10278
8
Sale 1017
11517; Leh Val RR 10-yr coil 8s_n1928
0714
Leh Val Coal Co let gu g 53_1933 ii 100 10014 9714 Mar'19
__
105 Oct '13
1933
Registered
_-7973
J
1933 J
1st lot reduced to 4s
7053 8714 -70 July'18
1945 MS
Leh & N Y 1st guar g 4s
- _ - -- 1945 MS
Registered
Apr '19 _--- 9(334 9812
gold 5s_ _h1931 Q J
Long Meld 1st cons
_ -_ _ _
9914 June'16
1a1931 Q J 8733 98
1st consol gold 4s
7814 80
79 June'19
1938 ID 7618 81
General gold 4s
1922 MS 9138 9612 8613 Mar'19
Ferry gold 4e
8 _.! 86 _
9914 Oct '06 -....- - _61 --_18
751,3 85
1932 ID
Gold 4s
7514 May'19 -- 7514 7514
1949 MS 7513 89
Unified gold 48
84
84 Apr '19 ---- 76
85
81
1934 ID
Debenture gold 5s
4
76 June'19 ---- 743 7712
7418 76
1937 MN
20-year p m deb 5s
77
7712 77 June'19_--- 75
refunding gold 4s_ 1949 MS 77
Guar
-_ -95 Jan '11
1949 MS
Registered
NYB&MB1stcong5s_1935 A 0 94 __-- 94 Jan '19 __-- 94 94
92
92 Apr '19 _--- 92
1927 MS 9218 93
NY&RB 1st gold 5s
8
Nor Sh B 1st con g gu 58_01932 Q J 9013 9312 903 Apr '19 ____ 9038 91
8553 8814
8
8512 855 May'19
1927 MS 82
Louisiana & Ark let g 5s
_ _ 108 Feb '19 ___- 108 108
Louisville & Nash', gen 69_1930 ID
9714 Apr '19 _--- 9714 10012
9838 100
1937 MN
Gold 5s
8 17 8312 8812
857
4
8512 Sale 843
J
1940 J
Unified gold 4s
- -8
3
835 ____ 963 Jan '17
J
1949 J
Registered
9712 100
9712 May'19
9778 100
1931 MN
Collateral trust gold 5s
4
1 9318 943
4
4
943t
943 Sale 943
1931 MN
L Cin & Lex gold 4 qs
10312 10512
1930 I J 10334 106 104 Apr '19
N 0 & M let gold 6s
100 100
1930• J 9718 _-__ 100 Jan '19
2d gold 6s
7912 7912
7912 Jan '19
7818 84
Paducah dr Mem Div 48_1946 FA
St Louts Div 1st gold 60_1921 MS 10114 __-- 10114 May'19 ---- 100 10114
5518 57
5518 Apr '19
2d gold 38
1980 MS 5512 57
751s 70
8218 79 May'19
78
Atl Knox & On Div 4s_ 1955 MN
All Knox & Nor 1st g 5s...1946 J O 9818 10012 95 Nov'18
Hender Bdge 1st s f g 68_1931 MS 10118 _--- 10312 Sept'18
4
7812 883 79 May'19
Kentucky Central gold 4s.1987 J
J
9212 9514
Lox dr East let 50-yr 5s gu 1965 AG 9218 10112 9412 May'19
8533 8712
LANAMAM 1stg4301945 MS 8618 ___8712 Apr '19
'73
71
;
717 72 June'19 ____ 71
L & N-South M Joint 4s 1952 J
J
-95 Feb '05
61952 Q J
Registered
99
--__ -95 Aug '18
N Fla & S 1st gu g 5s____1937 FA 95
8434
8
977 May'16
N & C Bdge gen gu g 4is_1915
4
8
104 1013 Jan '19
111- 9o371
is 6,38 i5f12
Pensac & Atl 1st gu g 69_1921 FA _
.
.
S tic N Ala cons gu g 5s___19313 FA 063; _ _ -- 9612 June'19
3
927 93
Gen cons gu 50-year 58_1963 AO 8812 0312 9213 Apr '19
71 ____ 60 July'18
L & Jeff Bdge Co gu g 43.-1915 M
Manila RIt-Sou lines 4s___1936 MN
-__-_60
77 Mar'10
Met Internal 1st cone g 4s__1977 MS
75 Nov'10
____
1977 MS
Stamped guaranteed
9112 Juns'17
_-Midland Term-lets f g 5s_1925 J
101 July'18
1927 ID 101 -Minn St Louts 1st 78
9713 Apr '19
1921 A0 96 101
Pacific Ext let gold 6s
5 -6.14- -64175 80
80
1934 MN 80 8312 80
1st consol gold 5s
48
2 4112 49
Sale 48
1949 MS 48
let dr refunding gold 4s
4612
44
4612 June'19
51
• F 44
Ref & ext 50-yr 5s Her A_1962
6012Feb '15 -J
Des M & Ft D 1st gu 4s._1935 J
.- 1
ID -7713
Iowa Central 1st gold 5s_1933
4812
13 42
8
477 47
1951 MS 47
Refunding gold Is
87 4 87
0338 0934
June'19
191
MStP&SSMcong4sintgu_1938• J
9618 --- 9734 Feb '19
1938
let cons 54
1911 MN 88 ---- 92 Jan '17
let Chic Term s f 4s
9412
92
9338 ____ 9338 June'19
MSS MA A 1st g 4e tut gu_'26 J
J
95 Dec '16
J 8838 90
1919 J
Mississippi Central 1st .55
Missouri Karliga & Texas
69
6533
6614 25 62
6612 67
1990
let gold 43
3712
15 29
3634 3513
36
35
01990
2d gold 4s
30
10 28
30
Sale 30
30
1941
lit ext gold 'is
4812
44
4714 4512 May'19 --I 42
2004
let & refunding 45
43
5 41
41
411s 4634, 41
Trost Co certfs of dep ______
2912 3133 3212 May'19, _- 2934 3212
1936
Gen sinking fund
25
40
St LOills Div lot ref g 49..2001
40
25
5% secured notes "ext" '16
6-12 Apr
6
Dall & Waco 1st gu g 5s 1940
53
53 Apr '19 _- 53
53
Han City & Pam let g 11_1990
50
50 Jan '19 ___- 50
55
40
1942
Mo E & E let gu g 5s
7113
70
70 Apr '19
6513 77
M K & Okla let guar 5s 1942
58 May'19
57
5053 53
56
M K & T of T 1st gu g 5s 1942
65
51 Dec '16
Sher Sh & So let gui g 5s 1942
59
3018 Nov 18 ._-Texas & Okia lst go g 5s._1943
Missouri Pacific (reorg
s
83% 877
87 June'19
8714 89
1st & refunding 58 Set A 1965
9412 15 9114 947
3
Sale 94
94
let dr refunding 5s Her Be 1923
9134 12 881s 92
9112 9114
91
let ,it refunding 5s Her C 1926
8
244 575 6312
63
6113 Sale, 61
1975
General 48
6 987 100
s
9933
9938 Sale' 9914
Missouri Pac let cone g 63_1920
58 -_ 58 Oct '18
1945
40-year gold loan 49
7118 ....-- 82 Apr '17
extended at 4%.,,,._l938
34 7s
-1100 Feb '13
Boonv St L & S 1st 5s gu_ 1951
6633 8412! 9712 Dec '13
_1948
Cent Br U P let g
-638 4 82
82 May'19
90
83
ext g 4s 19:38
Pac R of Mo let
89
89
89 97 18 89 May'19
19:38
24 extended gold 5s
96%
94
& S gen con g 58 1931
OIL Ir
'4
9 14
951' 98 10412 July63
-- 92
-- -Gen con stamp gu g 5s 1931
8212 io 7813 8212
1929
Unified & ref gold 41
80
81% Oct '17
1929
-- - -Registered
4 7214 7712
4
77
-7411- -77 - 7612
RIv & 0 Div 1st g 4s_ ..1933
9134 _-_- 78 Sept'15
Verdi V I & W 1st g 5s. _1926
10312 ____ 10214 Apr '19
10214 10514
1927
(3s
Mob & Ohio new gold
9612 --- 95 May'18
61927
let ext gold 6s
68 -.. 71 Nov'18
1938
General gold 4s
8714 ---- 91 May'19
8033 91
Montgomery Div let g 5s_1947
8
867 87
85 --_- 87 Apr '19
1927
St Louis 1)Iv 5s
2 8018 8112
804
4
8
3
803 815 803
1931
St LA Cairo guar g 4s
9914
6 98% 100
99
s
993 100
Nashv Chatt & St I, let 58..1928
8
1007 1004 11014 Mar'17
Jasper Branch 1st g 68_1923
59
50
50 Mar'19
Nat Ilys of 13Iex pr lien 430_1957
35 Aug '16
_ - --1977
Guaranteed general 4s
9673 Feb '13
--Nat of Mex prtor lien 4 48.1926
21 Aug '18
1951
1st consol 4s
4
-6(353 -683
-ji33 6812 6778 6773
1953
New Orleans Term let 4s
9712
2 94
9612
9612 Sale 96
1925
N 0 Tex & Mexico 1st 6s
6912 Sale 5912
6212
6012 58 50
1935
Non-cum income Is A
New York Central RR
4
10018 446 97 10012
4
993 Sale 993
1935
Cony deb Os
7, 7312 7814
7553
7553 Sale 7553
1998
Consol 4s Series A
86
8
8.57 8412
7 81
80
8512
2013
1
Ref & 1m9 4 .ss "A"
,
Cent & Had RhNew York
73
7112 51 70
Sale 71
71
1997
Mortgage 3
71
71
71 May'19
71
1997
Registered
86
82
8334 June'19
4
-E3 85
1934
Debenture gold 4s
79 tv.,,e18
,
_
1934
Registered
6414 6S
6518 678 6712 June'19
1998
Lake Shore colt g 3 Sis
6218 67
67
6512 May'19
1998
Registered
70
65
671* 6712 671s June'19
Mich Cent colt gold 334s_ _1998
75 Mar'17
72
- -66
1998
Regl9tered
5418
Battle Cr & Star 1st gu 3s _1989
8614 Dec '18
8414
Beech Creek let gu g 49_1936
---- 9534 Nov'16
19:36
Registered
104 Nlay'16
8912
1936
24 guar gold 5s
_
1936
Registered
6512
Beech Cr Ext lot g 3146_51951
46 NO;i5
75% 70Cart & Ad let go g 48... _1981
91
()buy A Oswe 1st go g 68_1942
7712 "811- -89; f
4 i6
1
Mott A Mal let gii g 4s
1991
Feb '10
N J June R guar let 49_1986
71
721 ---- 80 May'17
N Y & Harlem g 3 Lis__ _2000
9714 Feb '19
0813
N Y & Northern let it 58_1923
8512
70 2 7913 1 761k -g68512
-gc.;
•Due June. h Duo July. n Due Seat. o Due Oil
s Option Sale.
2420
BONDS
N. Y. STOCK EXCHANGE
Week ending June 13
New York Bond Record-Continued-Page 3
•d3
it
Price
Friday
June 13
Week's
Range or
Last Rate
4,
0
Range
Sine.
Jan. 1.
BONDS
N Y. STOCK EXCHANGE
Week ending June 13
[Vol.. 108.
ro4
g
Price
Friday
June 13
Week's
Range or
Last Rate
a3i
Range
Since
N Y Cent & H R RR (Con)
Bid
Ask Low
High No, Low High
P. C. C. A St. L (Con.)
Bid
Ask Low
High No.! Low High
N Y St Pu let eons gu g 48-1993 A 0 7614 _
7814 Apr '19
80
78
Series F guar 48 gold,
..1953 JO 8912
_
91 Sept'18
Pine Creek reg guar 68___-1932 J D 10458 ____ 113 May'15
Series G 45 guar
1957 MN 8912 907; 89 Apr '19
8858 89
R W &0 con let eat 58_01922 A 0 99
99 Apr '19
-61- 99
Series I cons gu 4348-1963 FA 91
91 Apr '19 --' 91
91
Rutland 1st con g 4%a- __1941 J .2 775
87 Jan '19
8
67
67
C St L & P Ist con.s g 58_1932 AG 101 1013 102 Jan '19 ,...'102 102
4
Og & L Chem lst gu 48 g _ 1948 J J 62 __ _ _ 6118 Feb '19
6118 8118
Peoria & Pekin Un 1st 68 g 1921
_ 100 June'17
Rut
-Canada let gu g 48..1949
J 56% 68 67 Feb '19
07
67
2d gold 4%s
01921 MN
87 Mar'16
St Lawr & Adir let g 58-1996 J
84% ____ 101 Nov'16
---- -Pere Marquette let Ser A 58_1956
- 88
89
88
90
28 83% 90
2d gold Sc
1996 A 0 8918
103 Nov'16
let Series B 4s
1956
7012 72
70%
3 6814 7214
707
Utica Jc Blk Riv gu g 48_1922 J .1 9638
958 Apr '19
953 957
3
8
Philippine Ry let 30-yr 5 f 48 1937 55 5233 5234 54 May'19
45
54
Lake Shore gold 3%s
74 Juno'19
1997 .1 D 7212 74
7112 74
Pitts Sh & L E 1st g 58
1940 AG 9818 _ _ 99 Jan '18
Registered
1997 J D 70 7512 73% Nov'18
let consol gold 53
194'3 J J 941
9714 Dec '17
Debenture gold 4e
1928 M
8958 Sale 8958
12 8612 90
90
Reading Co gen gold 43
J
1997 J
833- 8314
8333
4
49 821s - 4
81
i6325
-year gold 48
1931 M N 87 873 87
19 86 89
4
87
Registered
J
1997
8912 8112 Mar'19
8112 8112
Registered
19311M N ---- -- 83 8 Nov'17
7
Jersey Central coil g
AO 823 8314 8312 May'19 --- 8214 85
;
KaA&GRlstguc 5s
1938 J
9212
_
Atlantic City guar 48 g___1951 J
J
Mahon C'l RR let 58
1934 J J 9512 -- folti Dec '15
--St Jos & Grand tel let g 48 -1947 J
- 1E4
66- aPitts & L Erie 2d g 58___a1928 A 0 95
103 May'17
---St Louis AC San Fran (reorg Co)
1
Pitts McK & Y let gu 6s-1932 J J 103% --- 13018 Jan '09
Prior lien Ser A 4s
J
J 6233 Sole 6238
1950
637 239 59
2
64
2d guaranteed Os
12314 Mar'12
1934 J J 102%
Prior lien Ser 13 Si
J 7678 Sale 767g
1950 J
7712 46 737 7933
Michigan Central 58
8
1931 M S 943 _ 9912 Aug '17
_Cum adjust Oar A 138......01955 AO 673 Sale 6738
8
70
82 6213 71
Registered
1931 Q M
- 9812 Nov'18
Income Serie!, A (Is
51080 Oct
5218 Sale 5218
5414 106, 4012 56
46
815a 8314 84 Mar'19
1940J J
82 84
St Louis & San Fran gen 68_1931 J
J 10318 106 10318 Apr '19-. 102 108
1
Registered
87 Feb '14
1940 J J
General gold 58
J 9718 977 9718
1931 J
3
9818
2 9612 9813
J LAS lat gold 3%8-_1951 M S
90 June'08
_St LASF RR cons g 49-1996 J
J 70 __-- 78 May'16
7414
1st gold 3%s
708 Apr '19
1952 M N
70% 7012
Southw Div 1st g
A0
90 May'17
20
-year debenture 4s 1929 A 0 8018
81
10 82 85
84
K C Ft S & M cons g 68_1928 PAN 10112 103 10212 May'19
10112 10314
N Y Chl de St L let g 48 -1937 A 0 8312 Sole 8314
8312
80
84
K C Ft S & M Ry ref g 48_1938 AG 71% Sale 703
4
7112 18 6618 7512
Registered
1937 A 0
85 Nov'17
KC& M R&I3 1st gu 5s-1929 AO 88 -___ 89 May'19 -- 89
89
Debenture 48
Sale 7412
22 71 1931 M N 75
75
fE
St L S W let g 48 bond ctts-1989 MN 707 Sale 707
8
s
7073
1 66
74
West Shore let 45 guar
2381
J 7934 &del 79%
79% 38 75
8112
2d g 48 income bond ct1e_p1989 J J
61
60 May'19 --1 5714 60
5 8 65,8
Registered
7612 Salel 76%
2361 J
2 74
7612
7834
Como], gold 4s
1932 ID 635 64 6312
8
6478' 28
N Y C Lines eq tr 581919-22 M N 9912
9912 Feb '19
9912 9912
1st terminal & unifying 58_1952 J J 627 Sale 627
8
6358' 7 5838 6412
Equip trust 4%8_1919-1925 J J
fol 98% July'17
Gray's Pt Ter 1st gu g 5s_1947 JO 85 ____ 9312 Jan '141-N Y Connect let gu 4348 A _ _1953 F A 8412
8512 June'19
73
8633
SA & A Pass 1st gu g 48
6633' 25 -611- 1913 J J 6612 67t2 6612
8 6iN Y N 11 & HartfordSeaboard Air Line g 48
1950 AO 7033 Salo 7033
72 1
6 70
72
Non-conv deben 48
1947 M 8 5412 ---- 53 May'19
54
5353
Gold 45 stamped
1950 AG 70
7012 723 June'19
7114 74
Non-cony deben 33.s___1947 PA
5014 52 50 May'19
50 5012
Adjustment Sc
Sale 51
01949 FA 51
5212 99 47
5314
Non-conv deben 3As_-__1954 A 0 5012 51
50 June'19
52
50
Refunding 45_
1959 AG 5812 Sale 5812
5812
5 57 60
Non-cony deben 48
53 Apr '19
1955 J J 5412 56
53
567
8
ALI Birm 30-yr let g 48_81933 M
76 ___ 77 June'19 ----1 74
80
Non-cony deben 48
5412 5533 5412
4 49
1956 M N
5412
5912
Caro Cent 1st con g 45.__1919 J J 7512
76 Apr '191-- 76
78
Cony debenture 3%5
50
1956 .1
517 50 May'19
g
4914 52
Fla Cent & Pea 1st ext 68.1923 J J 9518 10312 10014 Apr '19,-- 10014 1003
4
Cony debenture 6s
4
1948.2 J 823 8312 83
8312 15 80 88
let land grant ext g 5e,,,1930 J J
101 Dec '151.--- - -- - Cons Ry non-cony 4s
50 Oct '17
1930 F A
Consol gold 58
1943 J J -4161; 67- 90 Jan '19,-- 90 90
Non-cony deben 4s____1954
9112 Jan :12
J
Ga & Ma Ry let con 55._01945 J J 9134 _ _ _ 9012 June'181
Non-cony deben 4s____1955 J .1
60 July 18
Oa Car & No let gag 5s._1929 J J 9453 ____ 9412 Apr '19....-- -6i - 94
Non-cony deben 48____1955 A 0
Seaboard .3, Roan let 58.-1926 Si 9514 ____ 9514 May'19
9514 96%
Non-cony deben 48____1958 J J --- 49
49 May'19
49 49
Southern Pacific Co
Harlem fl-Pt Ches 1st 48_1954 PA N 797 ___ 7354 Dec 18
8
Gold 4s (Cent Pao coll)_k1.949 J 0 '
ale 753
4
7614 10 75
797
B & N Y Alr Line let 4s_ _1955 F A
7244 ____ 7912 Dec '17
Registered
-- 90 Feb '14k1949 J D ----1Cent New Eng 1st gu 48-1961 J 1 ---- 6014 6012 Apr '19
601* 'Eli
20
-year cony 4s
g1929 NI S 8512 S die 8514
8614' 234 827 877e
Hartford St fly let 48_ _1930 M S
20
-year cony Sc
1934 J D 10712 Sale 10612 115
642 100 115
1061* May'15
Housatonic R cons g 58_1937 M N 911
Cent Pao let ref gu g 48_1919 F A 7934 rale 7958
80
25 78
83
Naugatuck RR 1st 4s____1954 PA N 7w4
87 Julse14
Registered
1949 F A .,___ 8012 8712 Sept'16 -N Y Prov & Boston 4s___1942 A 0 8133 _-__ 83 Aug '13
Mort guar gold 3Sis_k1929 J D 8312 84
8312
8312
3 80
8554
NYW'chee&B 1st ser I 4%5'46 J J 52 ESale 52
18 427 -847
53
Through St L 1st gu 48-1951 A 0
787 80 Apr '19 ---- 75% 80
3
Boston Terminal let 48...._1939 A 0
()HAS A MAP 1st 5s1931 PA N 92 101 100 Oct '18 -New England cons 58____1945 J 1 903 -__
4
2d erten 58 guar
1931 J i 8533 97
963 Jan '18
4
Oonsol 4s
Sept'17
- 1945 J I 7512 _ _
Glia VC/AN 1st gu g 58__1924
N 915 102
8
95 Nov'181.......
Providence Occur deb 48._1957 PA N
40
45
40 June'19
40
40
Hous EA WT 1st g 59_ 1933 P.O N 925 95
8
92'8 Ma'9-- -5- -6 5
/Prov & Springfield let 53_1922 J J 85 ___ 991 Dec '13
1st guar 55 red
1933 PA N 9233 ____ 100
Providence Term 1st 44._1968 M 13 69 _ _ 8S's Feb '14
& T C let g 58 lot gu_ _1937 J J 9718 9833 9718 May'19 -- 97
6443;
1:7g
.
W & Con East let 4%s.,_1913.2
Gen gold 48 lot guar ._ _192I A 0 9114 96
9158 May'19 ---8
58
N Y,0 & W ref 1st g 4s____g1992 M
- 1- -68 8 -6
E2
-7- E- -6E65 70
Waco A N W div 1st g (Ss '30
94 On. _ Mar'19 --- 94 9
Registered 15,000 only _41992 M 8 -- 70
9212 June'12
A & N W lit gu g
J 09,8 :9_5: 1093014 OctN
93
9
4
_1941
.J1
General 46
60 Au '18
1955.2 D 6112 _
,
Louisiana West let 6s____1921
jig 66
Norfolk Sou 1st & ref A 5e...1981 F A 65
s
66
2
-W.' -661Morgan's La A T 1st (is...1920 J
J 97 100 100 Apr '18 .....-Nod & Sou 1st gold 58
89 May'19
1911 FA N 8734 _
89 89
No of Cal guar g 5s
1938 A 0 943 --__ 10218 Oct '18 -4
-Nod & West gen gold 6s__1931 PA A 10912 ____ 10912 10912
108 10912
937 99
Ore & Cal let guar g 6s_.. A927 3 J 97
8 -66"
99
Improvement & eat g 6(1_1934 F A 10812
_ 123 Nov'16
So Pao of Cal--Ou g 58.-.1937 11.1 N 973
8
.110712 Sept'16 -.New River 1st gold 6s_1932 A 0 10712 ____ 10812 May'19 - 10711 10812
So Pao Coast 1st gu 4a g 1937 J
925 9314' 02% May'19 --- -71- .8
8
6
9
iN & W Ity 1st cons g 48_1998 A 0 8214 83 8214
23 81
83
8612
San Fran Terml let 48
-HMO A 0 7818 '7834' 78
7814
04
3
Registered.
9312 ne.n '16
1996 A 0
Tex A N 0 con gold Ss_ _1913 J
91 Nov'HI
. Diet let lien & gen g 4s_1944 J .1 81
797 82
8134 8014 May'19
So Pee R(1 lit ref 4e
J 805- 8 Sale 8012
1955
81
26 -791; .831;
10-25-year cony 4s..._
J D 7314
8414 Feb '19
84 8412
Southern-let cons g 5s
3
e' 94
J
1994 J
913
4
9, 9212 9633
10-20-year cony 4s_____1932 M S
11714 May'17
Registered
---- ----- - 10014 Aug '16
1991 J
-1
10-25-year cony 4348_ _1933 M S
10112 Apr '19
1041k 1041*
Develop & gen 45 .9er A _ _1958 A 0 6812 Sale: 6312
69
44 66 - 64
10814 --fgtile 1081
10-year cony 85(w1)._1929
109
278 10512 11014
Mob A Ohio coil tr g
114 S 6734 683 677
4
8
683i
8 64
683
4
Pocah C
8412 85 84 May'19
jolnt 4s___1941 S 1
8314 86
Mein Div 1st g 4 41-5s _1996 J J 92 ____ 911 1 may'19, ---1 9012 9114
083
2
o C & T 1st guar gold 58_1922 J
__ 103 Sept'16
St Louts dIv ist g 4s_,,19.51 J 5 7212 74 1 7212
7212
1 7018 7412
Belo V & N E 1st gu g 49.__1939 M N 7912 81
7712 May'19
81
76
Ala Gt fi.N1 Let cons A 69..1943 J 0 92% ____1 93 Jan 1.01---1 93 93
Northern Pacific prior lien railAEI & Chart Al.let A 4l41 1914 J S 883
488.4 May'19
8712 8814
way & land grant g 4s____1997 Q
82 Sale 82
8218 62 82 86
-year Sc Set B.
let 30
1944 J 3 9418 915 9512
;
9512'
2 9318 9715
Registered
82 Mar'19 -- 82 82
.
1997 Q
All A Daily let g 4n.
1948 J I 72
74
74 June'19 ---- 74
74
General lien gold 38...___a2047 Q F 60 6014 5918
60
24 5818 617
8
2d 4a
19 IS J .1
8112 MaC161.--Registered
a2047 Q F ---. 6014 5714 May'19
- 5714 5712
All & Yad 1st at guar 4s...1949 A 0 704 ---1 75 Fob '171----Ref & imp 434a aer A.__ _ _2047 J J 88 Sale 88
8812
4 8&12 90
T Va & Oa Div g 5s___1930
96
9918 97 Mar'19
-1C121- 97
0
i
St Paul-Duluth Div g 48-.1998 5 0 *78% 86
76 May'19 --- 78
76
Cons lit gold Si
1956 M FA 95 100 96 Apr '19..8 97
St P & N P gen gold 6s...._1923 F A 102 109 1037 June'19 -- 102 10412
8
E Tenn raorg lien g 5s
1933 MI S 92
91 9514 Jan '19,-- 9514 9514
Registered certificates_1923 Q A 100% _ _ _ 1003 May'19 -- 10033 10018
8
Ga Midland lit 3s........19 if) A 0 55
52 .1/tIl 'i91.--- 52
57
52
St Paul A Duluth let 56_1931 F F 0818
97 Feb '19 - 97
9812
J 9958 10078 1003 May'10 --- 10012 101
Ga Pan fly let g Os......1922 J
4
let eonsol gold 46
78 Deo '18 --1963 J
7612 85
Knorr A Ohio let g 8s___1925 J 5 101 101.34 100 Oct '18
-Wash Cent 1st gold 48.-1948 Q PA
3612 Dee '16
7114 85
--- Mob & Blr prior lien g 56_1915 J
J 915 97
8
9112 Oct '18
Nor Pao Term Co 1st g 13s 1933
107% -- 10758
1075g
3 1071a 10733
Mortgage gold is
_1915 3
8312 68 Jan '18
Oregon-Wash 1st A ref 48
s
1981 J J 7612 Sale 7612
7712 33 747 797
4
Rich A Dan deb 5s stmpd A927 A 0 9614 102
.11.-95 ian '18
Pacific Coast Co 1st g 50-1948 I D ---- 85% 85 May'19 ---- 86
88
Rich A Meek let g
-1918 NI P1 89 6912 69 June'19
-66- if Paducah 8c Ills 1st s f 43 8-1955 S J 8012 95 10018 Feb '17
4
,
So Car & Ga lat g 5s
-1919 PA N
9912 Apr '19 ---- 09 100
Pennsylvania RR let g 4s__1923 M N 9518 __ 953 Apr '19 .- 95 8 953e
8
3
Virginia Mid Ser D 4-5s_ _1921 PA S 9758 --- 10212 June't
_
1 Apr '19
Consol gold 58
1910 M S 9912 100 99
- 99% 9972
Series E he
1926 LW 8 961,1 100
931s June'19
0318 931;
Registered
,
,
1919 Q M 99 4 993 99 4 Feb '10 .- 9
4
014 9914
Series F 5s
1920 PA 13 035
10112 D el) '1111...
.
Como! gold 4s
83 June'19 ---- 88 88
1943 111 N 8718
General 5i
1936 61 N 9612 9634 9612 June'19 -- -----6612
8.---Consol gold 45
1948 NI N 86% 87 87 May'19
- 86
8912
Va A So'w'n 1st gu 55_2003 I J 8858 9412 8158 Sept'181-...,
Consol 448
1960 F A 9512 Salo 95
9512 11 0312 9614
let cons 50-year 5s..1953 A 0 70
76
71 May'19:-.... 71
71
General 4%s
8714
1965 J
8714 Sale
8734 116 841e 897
WOk W 1st cy
4a__ _1921 F A 8738 ___
937 Mar'171---3
General Si
1968 J D 95% Sale 955
8
9578 135 94
973
4
Spokane Internet let g 68_1955 J J 7512 781; 75% Apr '19 -- - fg12
Alleg Val gen guar g 48_ _194'2 PA 8 86
867 8712 Nov'18 - _ - -8
Term An of St L 1st g 41+1.1939 A 0 89
39 may.191 __ 85
9112
D R RR & B'ge lat gu 48141938 F A 8413
84% Sept'16 1st oonm gold 58.--.1891-1914 F A 93% 941; 93 June'19 --- 93
-9833
Phila Bait & W 1st g 48_1043 M N 84
8712 Jan '19.- 8712 8712
_
Oen refund a g 48
1953
J 7333 Salo 7333
7312,
3 72
77
Sodas Bay & Sou 1st g 58_1924 5 J 9614 _
102 Jan '93---St L M Bridge Ter gu g 58_1930 A 0 903 92
9512 Jew
4
Sunbury & Lewis 1st g 40..1936 J
J 8218
Texas A Pac let gold 58.-2000 J D 90
9112 9112 June'19
i - 93
712
U N J RR A Can gen 4s__1944 PA S 81512
92 Doorif
2nd gold Income 5s------v2000 Mar
60
41 Sept 18 --90
Pennsylvania Co
La Div B L int g 58
1931
Guar let gold 4548
1021 J 1 9712 98
975
93
8
15 973 9812
W Mln WA NW let gu 581930 j A 7534 F 5
186, l'tov:18
06 2 N3Y 04
Registered
1921 .1 I 973 98
8
967 Apr '19 --- 98% 96
%
Tot A Ohio Cent 1st gut 53-1935 J
if- - -7- 92 Apr '19-92 92
65 8
Guar 3348 coil trust rag A_1937 M
7734
__ 87 Feb '17
__
Western Div 1st g 6s
1935 A 0 8418 190 87 Jan '19 ____ 8'7
87
Guar 334s coil trust ser 13.1941 F A 775 80
78 Jan '19 .-- '78
8
'78
General gold ta,
1935 J D 6914 75
93 Oct '18 --Guar 334s trust ctfa 0......1942
D 7733 __ 8114 July'17 .-Kan A M lit go g 48
1990 A 0 6333 75
7512 May'19
-7612
Guar 345 trust ars D___1944 J O 76% 78
863 Dec '18
4
2d 20-year 68,
1927 J J 01
97
883 June'19
88
4
91
Guar 15-25-year gold 4s__1931 A O 863 90
s
85 Apr '19
8334 85
Tol I' A W lit gold 4s
1917 .1
36 Feb '19 ___ 38
38
40
-year guar 4a ctfs Oar E.1952 PA N 813 ____ 8512 Feb '19
8
854 87
Tol St LA W pr lien g 3%8_1925 JJ -Ws 5178 751a Feb'19 __.- 75% 7518
A 0 54
55
Cin Leb A Nor go 48 g__1942 M N 8218 ____ 813 Apr '19
4
8134 813
4
-year gold 41
50
1950
4 45
55
66
CIA Mar 1st gu g 4%s,,_1935 PA N 8814 95
9614 Mmy'17
__
Coll trust 48 g Fier A
1917 F A ---- 20
1813 Mar'06
Cl & P gen HU 450 ear A.1942 J
9218 ____ 9634
Trust co ctts of deposit_,.....
- - 20
18 Aug '18 _Serial 13
1942 A 0 0218 ___ 104 Dee
'15- Tor Ham A Buff 1st g 48-41940 3- 11 7612 87
80 Apr '17 ---lot reduced to 3%8_1942 A 0 7712
9614 Feb '12 __ _
Ulster A Del let cons g 59-1928
____ 90
8914 Dee '18 __-Series C 3%8
1918M N 75
9018 Oct '12
let refunding at 4s
1962 A 0
70 58 Sept'17
Series D 3%8
1950F A 75
8814 Feb '17
Union Pacific let g Is
8612 35 851* 89
J 853 Sale 8533
4
1947 J
Brie & Pitts gu g 3%s B...1910 J J 79
84
88 kin '17
_
Registered
1947 J
8512 Oct '18
86
Series 0
19405 J 79
793 May'1971
84
4
3 793
4
20-year cony 45
1927 J
J 88
885 8833 June'19 _
8
8515 891i
Or R & I exist gu g 4%1_1941 .1 J 87 8912 8418 Dee '18 -----------let & refunding 45
-a2003 M S 805 Sale 80%
81
8
17 79
8312
Ohio Connect let gu 48___1943 M S 851s __- 8312 Apr '19 __ 8312 8312
10-year perm secured 68.1928 J J 1035 1033 10333 10334 35 1023 108
8
4
4
Pitts Y & Ash let eons 58_1927 M N 977 _-- 93 May'10
3
Ore RR A Nay con g 4e ,J916
D 7912 82
82 June'19
7914 88
Tol VI V & 0 gu 4ais A_1931 J
9018 94
4
983 Ayr '17 ___
Ore Short Line lot g 6s_1922 F A 1007 101 101
101
4 1003 10112
8
8
Series 13 4Me
10335 J 90%
92 Dec '17
1st consul g 53
1916 J J 9712 98
98
9818
6 965 98%
8
Series04s
1942 M 5 8018
8818 Sept'17
Guar refund 4s
1929 J D 863 863 863 June'19
4
8
4
84% 88
P 0 C & St L gu 4%a A__1940 A 0 91
9418 92 May'19 __ 92
9412
Utah A Nor gold 5.3
1026 J 5 9333 ____ 08 June'19
98 98
Series B guar
1942 A 0 9118 94
923 Jan'1992 4 923
4
8
4
1st extended 48
1933 J J 8312 88
89 Feb '18
Series C guar
1942 M N 9118 9378 99 June 17 ___
Vandalla cons g
Ser A,...1955 F A
7812 --- 8012 Apr '19
801* 801*
Series D 4s guar
1915 M N 893 93
8
9033 Sept'l8
Con.loil is Series 11.
1957 NI N
8018 Jiine'18
clerles E 34e guar gold .1949 F
8933 9013 9012 8601'18 ___'
Vera Crus A P let an 4 48.1934 J
45
36
J
35 May'19
35 -35
..
• No price Friday: latest bid 814 Nadal. a Due Jan
b.DuelPeb
Due June 8 Due July. t Due Aug. 0 Due Oct la Due Nov
I Due Dee
Option sale
----
----
New York Bond Record—Concluded—Page 4
JUNE 14 1919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending June 13
Price
Friday
June 13
t
Week's
Range Of
13
Rang.
Since
Jan, 1.
Last Sale
High No.
Ask Low
Bid
92 Sale 91
92
Virginian let be series A____1962
4
9512
0618
9512 96
1939
Wabash let gold 5s
11
88
A 8714 Sale 8714
1939
2d gold be
90 Aug '18
1939
series B
Debenture
9758 -- 93 Nov'18
let lien equip s Id g 58.- 1921
(35
65 Sept'18
let lien 50-yr g term 45—.1954 .1
91
8814 Feb '19
Det & Ch Ext let g be__ _ _1941
__
7712 80 Aug '12
Dos Moines Div let g 4s_ _1939
69
67 Feb '19
1941 A
Om Div lot g 3%a
65 85
74 Jan '19 --1941
Tol & Ch Div let g 4e
A 75 80 75 May'19 ____
Wash Termi let gu 3As___ _1945
A 8214 _
82 Aug '18
1945
40-yr guar 48
let
6218 23
604 Sale 6018
1952 A
West Maryland let g 4s
9718 May'19
98
99
West N & Pa let g be— _1937
-- 863 70 Dec '18
8
1943 A
Gen gold 4s
36 Oat '17
p1943 Nov
Income be
9414 28
Sale 84
Western Pao let Her A 5s__-1916 MS 84
93 Oct '18
8
Wheeling & L E lot g ba_ —1926 AO 935 96
J 90 95 100 Feb '17
Wheel Div let gold 5s____1928
9058 Mar'17
Eaten & Impt gold 50— _1930 FA
61 Jan '19
Refunding 4 Sis series A __1066 MS 6918 66
S 63 653 6412 May'19
1919
8
RR let consol 45
76 June'19
Winston-Salem El B lot 46_1960 J J 75 82
77 June'19
Wis Cent 50-yr lot gen 40._ -1949 J J 7414 77
2
N 7514 77
7514
7514
Sup & Dui div & term lot 4s'36
Street Railway
Brooklyn Rapid Tran g 58.-1945 AO
let refund cony gold 4s__ _2002 J
8-yr 7% secured notes. h1921 J J
Certificates of deposit
Certificates of deposit stmp'd
Bk City let cone be-1916-1941
Bk Q Co & 8 con gu g 58_1941
1
Bklyn Q Co & ES let 5s_-_-1941
A
Bklyn Un El 1st g 4-5a-1950
A
1950
Stamped guar 4-5s
A
Kings County E 1st g 413._1949
A
1949
Stamped guar 4s
Nassau Mee guar gold 40_1951
A
1927
Chicago Rye let be
Conn fly & L let & ref g 4%81951
1951
Stamped guar 43.4s
Dot United let cons g 4%e-1932
8
Ft Smith Lt & Tr let g 58.-1936
A
Hud & Manhat be set A._..1957
Adjust Income be
1957
A
1932
N Y & Jersey let 58
Interboro-Metrop coil .13.s-1950 A
Certificates of deposit
1nterboro Rap 'Fran let 58_ _1966
Manhat fly (N Y)cons g 48_1990 A
1900 A
Stamped tax-exempt
Manila Else fly & Lt s f 58..1953
Metropolitan Street Ry—
Sway & 7th Av 1st o g 58_1943
Col & 9th Av lot Hu g 53-19 14
93
Lex Av & P Ist gu g 53-1993 14
A
Me/ W S El (Chic) lat g 48 1938
A
Mllw Rice fly & Lt cons g bs 1926
Refunding & exten 4%8_1931
Montreal Tram let & ref 55_1041
Now On fly & Lt gen 494e..1935
.1
N Y Munlcip Ity let of be A 1966
N Y nye let R & ref 414_ _ _1942
Certificates of deposit
al942
30-year adj Inc du
Cestifica es of deposit!_____
N Y State Rye lot cons 4 Sis 1962
Portland fly lot & ref be.. _ 1930 M N
Portld fly Lt & P let ref 59_1042 F A
Portland Gen Elea lot 58_1935 J J
St Jos Ity L II & P let g 5s_ _1937 M N
St Paul City Cab cons g be_ _1937 1
1960 J .1
Third Ave lot ref 48
a1960 A 0
Adj income bq
19373 J
Third Ave Ity Ist g be
Tri-City fly & Lt lets f 5s 1923 A 0
Underer of London 4 Sie-- — 1933 I
1948
Income Os
1:7
United Itys Inv be Pitts lea__1926
United Rye St L lot g 48.— _1934 J J
St Louis Transit gu be ____1924 A 0
United Rita San Fr a f 48_1927 A 0
Union Tr(N Y) etre dep
Equit Tr (N Y) inter etre__
Va Ry & Pow let & ref be _ _1931 15
- •
Gas and Electric Light
Atlanta G L Co lot g 55_ _ _1947 1
Bklyn Un Gas lot cons g 53_1945 M
Mein Gas & Mee lothref be 195e A
Columbia()& E let be
1927 1
Columbus Gas 1st gold 58_1932
Comet Gas cony deb Os
_1920 Q
Cons Gas EL&P of Bait 5-yr 53'21 M
Detroit City Gas gold 53_1923 1
Detroit Edison Int coil tr 56_1933 1
111910 M
let & ref ba aer A
Eq 0 L N V lot eons g 58_1932 M
Gas & Eleo Berg Co o g 56_1949 J
Havana Elee conool g be_ _ _1952 F
Hudson Co One let g 5s.....1949 M
Kan City (Mo) Gas 1st g 5e_1922 A
1937 A
Kings Co El L & g be
1997 A
Purchase money 68
1925 M
Convertible deb 6s
g 40_1939 1
Ed El III Blot let con
Lao Gas Lot St LEIN & ext 58'34 A
Milwaukee Gas L lot
1949 3
Newark Con Gas g bs
19493
N Y 0 E L 11 & P g bs
1949 F
Purchase money g 4e
Ed Elee In 1st 00118 e 58-1995 J
NY&Q El LAP let con g 50_1930 F
Pacific, G & El Co—Cal0 & F.—
Corp unifying & ref hs_ _ _ _1937 M
Pacific G & Ill gen & ref Ss-1942 1
Pao Pow & Lt lot & ref 20-yr
So International Series-1930 F
1949 14
Pat & Passaic 0 & El 5s
Peep GM & C let eons g 6s 1913 A
1917 E.4
Refunding geld 53
Ch G-L & Coke let gu g Ste 1937 J
Con 0 Co of Ch let gu g 5e1936 J
Ind Nat Gas & Oil 30-yr 5e1936 M
Mn Fuel Gas let gu g 513..1917 M
Philadelphia Co cony g 58-1922
Stand Gas & El CODY f es_192e
Syracuse Lighting let g 58_1951 J
Syracuse Light & Power 56..1954 J
1949 M
Trenton 0 & El lot g be
Union Elee Lt & P let g 58_ _1932 M
Refunding & extension 58_1933 II
1936 J
United Fuel Gas lets f 6a
1044 F
Utah Power & Lt let es
L & P lst g 58-1950
Utica
1957
Utica Gas & Else ref be
Westchester Ltg gold M__ _.1950 9
6512
47
81
7918
76
--78
78
____
60
50
75
77
75
6212
18
3934
40
7314
70
70
78
Low High
8914 944
934 93
83
89
8814 8814
"ji 67
74
75
-gii; 63
088 boo
8112 8612
64
5914
75
76
7214
10
66
6534
7
45
47
8414 97
803
4
79 May'19
7812 June'19
92 Dec '12
80 May'18 —
70 101 May'13
78
79
78
8718 78 June'19
66 68 Apr '19
68 62 Jan '19
55
55
60
2
78
7712 78
3
84
79
79
8614 Oat '18
80
15
75
76
76
84 Jan '14
63
Sale 6218
134
Sale 18
19
027 90 May'19
8
62
Sale 3934
42 7
4114 173
Sale 40
Sale 7314
7512 371
5
Sale 7012
71
4
72
70
70
81
77 Mar'19
67
Sale
Sale
82
82
_
74
7512
62
43
75
79
75
64 6512
76
80
77
76
53
86
79
7812
- - -—
72
713
4
57
62
50
7112
79
7914
7918
68
62
55
81
88
71
8112
51
14
90
2778
293
4
65
6512
69
77
65
1914
9012
4334
4114
7512
7214
7412
77
72 ____ 70 June'19
60
70
64
66
65 May'19
62 68
6418 7214 624 May'19
6218 74
54 Dec '18
_
95 100 10012 June'17
---78 --- 814 Dec '18
---- - --84 9612 9712 July'17
61
61 Apr '19
-df -61. 60
70 61 May'19
55 63
33 39
4212 Sale 4212
46
49
44 May'19
4212 44
-id- -ful;, 1112 1578 99 1012 1612
15
Sale 15
1512 32 1112 1612
5318 634 52 May'19
52 62
8812 Nov'16
-- _ 7514
6212 6312
65 -- 6212 Apr '19
82 -- 0012 Feb '17
---_
95 July'17
85 994 10212 Mar'12
6 50
5834
553 .5612 5514
8
557
8
344 25
4112
4212
3812 Sale 3812
1 89 89
89
90 93 89
9314 97
9314 May'19
933 95
4
73
73
73 -- 73 May'19
6712 73
714 May'19
7318 90
3 7014 71
71
71
____ 75
4312 5218
53 ---- 504 June'19
____•
4712 50 June'17
22
323
4
32 May'19
334 40
3314 29 22
343
4
3112 Sale 3112
22
3434
3314
3214 Sale 3214
747 79
8
75
7712 744 May'19
103 Sept'15
95
9118 95
8714 93 9118 May'19
— — 91 Dee '18
11
- -8989
88
89 8812
87 93 97 Feb '15
10212 Sale 10212 104
9618 May'19 ---- 9618 99
9818 101
9514
9612 June'19 -- 9618 9658
5 9512 9612
96
9534 99
964
1 93
91
94
9318 95
91
91 Feb '18
109 Feb '13
85
A 853
924 Noy'17
8
-go— - 4
66(
91
90 May'19
9212 9212
90 99
924 May'19
94
91
90
93 Feb '19
100 105
10012 102 101
101
90
98
98
98 Apr '19
7973 81
83
804 May'10
03
0 90 92
97
91 May'19
8714 88
89
8714 May'19
91
10412 Apr '17
8 -01- -64'0018 913 91
91
s
9 69
A 71 Sale 71
7414
71
9512
_ _ 99 Mar'19
98 105
A 89 101
9612 Aug '17
0
934 Sale 934
867 Sale 867
8
8
A
934
87
3 93 9618
21 85, 88
8
82 Apr '19
100 JulY.17
993 --2
8
Sale 994
77
75 June'19
894 85 May'19
941 100 Apr '17
8
89 Mar'17
75 May'19
9314 -675; 9334
9
933
4
9458 951, 9612 Apr '19
8618 8712 9712 May'17
7412
70 Nov'18
90 ___ 983 Oct '17
8
---- 934 90 Mar'19
8214
_ 1013 Nov'16
s
---- 97 9514 June'19
A 8912 90 90
90
90
101 June'17
87 91
90 Feb '19
8618
90 May'19
90
85
994
7512
------
82
88
-663; idf
73
7712
85 85
75
94
9
1
75
9412
0
00
2421.
Price
Friday
June 13
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 13
Bid
Miseellaneous
Adams Ex coil tr g 48
1948
Alaska Gold M deb 6s A
1925
1926
Cony deb 61 series B
1920
88 of W Va 1st es
Armour dr Co lot real est 434°'39
Booth Fisheries deb s f 6o.1926 A
Braden Cop M coil tr a f 68_1931
1952 A
Bush Terminal let 4s
Consol be
1955
Buildings be guar tax ox.J960 A
Chic C & Conn Rye a f Se__ _1927 A
Chic Un Stat'n let gu 434s A 1963
Chile Copper 10-yr cony 78_1923
Recta (part paid) cony 60 ser A A
Coll tr & cony es ser A..1932 A
Computing-Tab-Reo s f 60_1941
Granby Cons M S & P con es A 28
Stamped
1928
Great Falls Pow lot e f Es__ _1940 14
Int Mercan Marine s f 68_1941
Montana Power let 5e A
1943
Morris & Co lets f 4 As
1939
Mtge Bonds(N Y)4e ser 2_1966 A
10 -year 58 aeries 3_ _ _1932
-20
N Y Dock 50-yr let g 4s
1951
Niagara Fella Power let So .i932
Ref & gen es
a 1932 A
Niag Lock & 0 Pow let be_ _1954 14
Nor States Power 25-yr 58 A 1941
Ontario Power N F 1st 58..1943
Ontario Transmission be__ _ _1915
Pan-AmPet&Trlat conves'19-'27
Pub fiery Corp N J gen 58_ _1959 A
Tennessee Cop let cony es__1925
Wash Water Power lot 5e__1939
Wilson & Co let 25-yr if es_1941 A
1928
10-yr cony s f Gs!
64
2912
27
98
88
A
0
0
1
A
A
0
Manufacturing & industrial
..1928 A
Am Agri() diem let e So.
A
1924
Cony deben bs
Am Cot 011 debenture Ss _1931
1919
Am Hide & L 1st f g 6s
Am Sm h R let 30-yr be ser A '47 A
1944 A
-year g es
Am Tobacco 40
A
1951
Gold 4s
1919
Am Writ Paper let 5 f bs
.
Trust Co etis of deposit .....
Baldw Loco Works let 511-1940 MN
A
Cent Foundry let a f (le_ —1931
0
Cent Leather 20
-year g 58-1925
A
1951
Conaol Tobacco g 40
1931
Corn Prod Ref'g s f g 5e
1934
let 25
-year 5 f Sc'
Distil Sec Cot cony lot g 58_1927
E I Cu Pont Powder 4 As_ _1936
General Baking lst 25-yr 68_1936
A
Gen Electric deb g 3%s__ _1942
1952
Debenture be
1935
Ingersoll-Rand let 513
lot Agric Corp let 20-yr 58..1932
lot Paper cony a f g 50
.7
1935
let & ref at cony Si eer A_1947
Liggett & Myers Tobao 78_1944
47/
A
as
1951
Loritiard Co (P) 78
1944
A
ba
1951
Nat Foam & Stampg let 58_1929
Nat Starch 20
.1
-year deb be_ _1930
National Tube let 58
1942
N Y Air Brake let cony 68..1928
Pierce Oil b-year cony es-41920
10-year cony deb ea
h1924
Sinclair Oil & Refining—
A
let a f 7s 1920 warrants attach
A
do without warrants attach
Standard Milling let 5s___1930
The Texas Co cony deb 68_1937
Union Bag & Paper let 5e__1930
1930
Stamped
Union 011 Co of Cal lot 519_1931
U El Realty & I cone' deb g be 1924
U 8 Rubber 5
-year see 78.-1923
1947
let & ref /Se seriee A
A
U S Smelt Ref & M cony (Se_1926
Va-Caro Chem let 15-yr 541_1923
e1924
Cony deb (Ss
West Electric let 5aDoe..-1922
Week's
Range or
Laai Sale
Ask Low
6512
30
30
Sale
65
29
29
Range
Since
Jan. 1,
High No. Low High
653
4
3014
29
19 59
4 25
2 26
6712
35
35
88
5 86
88
883
4
90 Feb '18
96 Sale 96
27 921z 97
96
8018 82 804
2 8018 81
8018
82
8212 8212
8212 13 80
855s
8012 8178 8014
8014
1 7918 81
40
50
58 Mar'18
8518 8534 854
85 4 12 85 89
3
119 Sale 119
128
78 1053 128
4
9112 92
917
8
93
166 8212 9312
9112 Sale 9112
9314 323 8112 934
11 823 8512
8418 85
8412
85
4
98 102
9812 Feb '19
97
9812
96 98 9614 May'19
95
98
9518 Apr '19
9314 9518
10012 86 97 1053
993 8 Sale 9918
4
92
9212 12 91
9214 92
957
s
39 83
88 Sale 87
88
8812
83 Apr '14
94 June'16
73
7112
7112
72
6810 7112
95 96
95 May'19
934 97
10114 -- 101 May'19 —
101 101
903 91
8
8912 Oct '17
8934 Sale 895
3 -H 8 8
893
4
1- 66"
9012 93
90 May'19
89
91
- 95
84 June'17
IZO
ifF jggi;
4
15512 May'19
763 Sale 763
4
4
773
80
4 31 75
9234 _
93
1 91
93
96
9014 oi- 92
38
92
5 90
93
10014 Sale 1004
1003
4 57, 965 10138
8
101
Sale 101
10358 420 993 1043
4
4
9812 Sale 9818
9912 10 98 101
10634 109 11012 11012
5 108 11212
86
89 4 89 June'19 ---I 87
,
8912
100 10018 100 June'19 ---. 9934 10012
8934 Sale 893
4
9014 56 9912 93
11814 ...--- 119 May'19 ----I 119 1194
7812 --- 7512 Apr '19 ---, 7212 7812
8918 987 993 May919
992 9 8 8 14
2
9
88
9934
8 86
9014
100 101 101
101
10 100 10112
805 82
8
80
8018
82
3 78
971
97 Sale 97
37 9512 9712
74 8012 7312 Dec 71g
'
1
1004 10112 100 May'19
9913 101
__ 9913 10012
9912 10012 100 June'19
91
92
9012
91
5 89
9212
75
94 100
74
3
7514 9 12
4
3 9212 94
5735812
8538
5
8
5812
8
5
1 88 88
7112 7312
May'19
Bale
9 9712 101
96 Nov'18
- *F2
i
29 7612 8318
93 -- 98 June'19
98
98
90 911 0012 Nov'18
8
11314 11414 11314 11314
3 iff 1337;
9412 10 90
8
933 9412 935
4
95
2 1093 11312
4
11312 ---- 113
113
91
923 9212
4
9318 IV 9014 94
9712 0818 9712
22 95
98
98
9312 ......- 94 Aug '18
9912
9812 Sale 9812
2
541Y
101 103 1007 May'19
8
9618 1014
110 129 121
1 10014 145
121
10614 Sale 10534 107
410 883 11214
4
-81171 8212
83,2
140 Sale 140
9978 Sale 9978
140
3 9818 15212
122 95 100
100
Apr
93
95
10114 10512 1905134
93 2 92
'021194 34 10012 103
8814 93 89
89
2 85
893
4
8614 ---- 87 Dec '18
935 944 94 May'19
8
9378 94
77 Sale 7634
79
102 60
78
104 Sale 1034
104
10234 10434
885 Sale, 8858
8
8918 109' 86
8934
171 873 10514
10312 Sale 10312
105
4
974 Sale 97
9712 13 9514 9734
10114 1013 1014 June'19
4
10014 10214
9734 984 973
4
9778
994
4 97
Coal, iron A Steel
9618 9634 9618
9634
1926 J
954 9634
Beth Steel let ext a f 5e
N 90 4 - - 9012
9012 10 87
1942
3
9012
let & ref Si guar A
8912 187 80
8912
20-yr p ma & imp is I 56-1936 I .j 8938 Sale 8812
96
90 May'18
.l932 3D 91
Buff & Swig Iron a f Se..
864 July'18
al926 M
Debenture Es
....-- 101 Dee '14
Cahaba C M Co let gu 68_1922 S D
9312 91
91
A 91
Colo F & I Co gen a f 56_1943
88 -if Bale 79
A 79
8012
7 7312 8012
Col Indus let & coil 56 gu- A9'34
87 95
8718 Apr '19
Cons Coal of Md let&ref 5a-1950
83 90
1925
93 Feb '19
9834
Elk Horn Coal cony 65
95
6 8214 86
86
1940 A 0 8514 86 85
Illinoie Steel deb 4348
96
97
1952 IS
9678
9712 23 95
9812
Indiana Steel let 58
I) 98 —..
1926
Jeff & Clear C & I 2d 5a
16 96
961 973 96
8
8
97
98
Lackawanna Steel let g 58_1923
1950 MS 95 Sale 95
97
let eons 543 eerier] A
9614 17 86
4
903
4 43 86
Midvale Steel &0 cony s f 561936 It S 9014 Sale 893
903
4
Pleasant Vol Coal lets f 5s-1928 Si 804
88
3 8734 8812
Poeah Con Collier 1st a f 55_1957 J J 8634 8712 88
97 9514
2 9212 9614
A0 95
9514
Repub I & 8 10-30-yr be a 1_1940
-__ 81
8034 Mar'19
8034 803
4
St L Rock Mt & P 58 etropd_1955 J J
93 94
92 May'19
9138 924
Tenn Coal I & RR gen 51_1951 J J 10014 261 993 1014
coup__ _d1963 MN 10018 Sale 100
8
U S Steel Corp—)
994 Apr '19
-60
9912 100 4
,
s f 10 -year Mireg ----41963 MN
1931 MN 87 ..
Utah Fuel let s f M
70
1953 J J 55
70 Mar'19
Victor Fuel let a f 58
70
70
4
8518 883 8514
8514
2 8518 8758
Va Iron Coal & Coke 10t g 5 1949 M
Telegraph & Telephone
Am Telep & Tel colt tr 4a__ _1929
1936
Convertible 48
20-yr convertible 434s_.1933
1946
30-yr temp con tr be
1925
7-year convertible (Se
Cent Diet Tel let 30-yr 58_1943
Commercial Cable let g 44_2397
Registered
2397
Cumb T & T let & gen be_ _1937
Keystone Telephone let 58_1935
1924
Mich State Teleph let 5e
N Y h N .1 Telephone be g 1920
NY Telep let & gen at 4140_1939
1937
Pacific Tel & Tel let be
South Bell Tel & T let a t 58_1941
West Union colt tr our 50.-1938
Fund & real cot g 4 3414..„-1950
Mut Un Tel gu ext 5e
1941
Northwest Tel go 494s g 1934
847 ---- 8478
8
86
34 8394 86
84
80 May'19 _
-_
77
80
-90- 9012 91 June'19
854 91
9134 Sale 913
94
4
90
924
Sale 10314
8
1033
10373 305 10034 1044
9614 93
98 June'19
96
984
65 --- 73 Nov'17
6818 Jan '18
9312 9358 2 93 94
924 04
963 98 Apr '16
4
ii -id- -9238
8
9138
A 913 Sale 9138
984 ---- 9812 Apr '19
9812 9812
893
4 21. 8758 9112
92 Sale 9934
8934 Baile 81
92
8' 9014 9514
9112 Sale 9112
92
10 90
9312
934 94
9318
94
9318
93
8412 90 8612
8612
3 85 2 92
,
..--- 99 10112 Sept'17
8114
__ 94 Nov'16
02
*No price Friday:latest bid and a3ked a Du Jan. •Due April. e Duo May. g Die June. 11 Due July. 8 Due Aug. o Due Oct. p Due Nov.(Due Dee, is Option sale.
2422
BOSTON STOCK EXCHANGE-Stock Record
SHARI,PRICBS-NOT PIM CBNTUM
mi.
Saturday 1
June 7
Monday
June 9
1
I
Tuesday
June 10
Wednesday
June 11
PRICES.8468
the
fix
Thursday
Friday
Week
June 12
Shares
June 13
Range Since Jan. 1.
STOCKS
BOSTON STOCK
EXCHANGE
112
112
7912
70
*312 4
.99 .99
4312 44 .
22
2213
*60 62
14
1414
-60 .60
*29
31
693 7014
4
415 415
147 1553
8
17
17
5012 5112
*212 234
63
4 714
1534 1614
434 5
*72
74
*4312 4412
*7
14 712
8 4 714
3
114 114
51
51
'82 ---3412 347
2
*5 4 57
3
8
2
214
6
6
413 412
4
35
8 33
64 74
11
1113
6121 638
69 6912
' 19
1812
414 414
21
213s
*9
10
'
020
2013
*79
80
1158 12
1458 143
4
114 13
s
*213 3
3934 40
594 60
18
18
7112
71
*23
233
4
'
061
62
24
24
313 312
3
3
.28 .28
94 934
34 4
413 413
*1
114
6853 6813
4958 50
33
8 313
1013 11
213 234
413 44
113 112
25
2514
'.90
114
114 112
134 134
79
79 , 7914 81 .
312 312
8
353 33
.95 1 i
.80 .95
4312 4358 44
46 I
22
2514 25
2514
61
61 '
06134 6234
1414 15
143 1514
4
.60 .75
.65 .85
*3012 31
*29
31
6913 7012 693 7112
4
415 415 420 425
1518 1512 15
155
8
174 1713
1713 1778
51
53
52
5314
27
8 27
8 '027* 3
612 718
7
714
153 1618 1518 1614
4
47
8 518
478 5
7312 7813 *70
7613
*44
*43
45
44
714
7
7 14
7
63
4
6
512 614
112 112
13
8 12
2
5113 5312 52
53
*87 ____ *87 __
3913
3414 37
37
534 534
5 s 57
7
s
2
2
2
2
612
6
6
63
438 412
43
4
8
314 37
334 334
7
712
713 734
103 113
4
1112
4 10
4
613 63
63
4 133
4
69
683 7112
4
71
20
19
20
19
4
414
4
414
2118 22
21
22
10
912 10
10
20
20
20
20
*79
80
*7934 80
113 117
4
8 113 1214
4
14
1413 1514
15
1
138
138 138
3
3
27
8 3
3912 42
44
43
58
59
58
60
1812 2012 2014 2038
72
7213 72
72
2313 2313 *24
4
243
60
64
63
63
2334 23
2314 2314
4
33
8 37
4
8
3
3
3
3
.25 .30
.25 .27
914 934
9
10
334 44
334 418
4
413
4
4
'
01
114
114 114
6734 70
6812 7014
4914 494 4912 497
s
334 313
334 312
1013 1114 1113 1214
238 212
213 234
438 413
414 414
1
133
1
134
243 2512 2238 2514
4
0.95
114 '
'
0.95
1141
131 Jan 8
643 Mar24
4
85 Feb 8
28 Jan30
159 Apr15
506 Apr28
64 Apr28
134 Aur17
84 Feb14
107 June 5
5112 Apr24
993 Mar15
8
70 Mar15
7812 June 7
1 Mar21
4 Mar27
257 Feb13
8
83 May10
95 Apr12
18 Apr14
93 May 8
40 Mar21
4912 Mar13
i
Range for Previous
Year 1918
Lowest
145 Apr 3 12212 Apr
8014 Apr 5
37
Jan
95 Jan 3
80 July
19
Jan
35 May16
Jan 6 150 Apr
168
506 Apr28 .50 Dec
1014 Mar
Jan14
11
135 Jan 4 138 July
90 June10
8212 Apr
115 Apr 9 104 Feb
Jan 2
58
53 Jan
103 Apr 5 106 Sept
74 Feb27
70 Oct
7713 June
33 Jan 0
134 Sept
313 Jan14
812 Jan
1714 Jan14
3412 Mar10
27 Feb
Oct
94 Mar 1
84
105 Jan 8 28812 June
23 May27
20 Jan
100 Jan18
80 Aug
50 Apr 3
37 Feb
58 June13
Jan
47
100 Jan29 114 May 2
9712 Jan 3 10213 Mar15
4June 3
643 Mar10 1013
4
13 May29
4
550 Jan 2
212 Apr 8
63 Junell
4
Jan 2 13914 Juno 6
111
113 Jan 2 119 Apr 5
99 Jan29 10812May27
46 Jan20 125 June 3
Jan21 111 June 5
94
79 Feb15 120 May29
7812 Jan 9 84 Mar22
1712 Jan21 2212May 5
97 Feb 3 183 June 7
104June 5 1312 MaY19
4
1814 Feb 7 243 May22
1318 June12 154 Mar17
10 Mar26 1814 May 6
412 Jan 4
65
8May 6
5 Aur26 172 Jan 2
15
524 Jan21 6513 May 6
1464 Feb 7 169 Juno 3
28 AprIl 38 May17
414 Mar26914May 6
18 Jan 4 23 May 8
19 Mar20 40 Mar26
918 Feb20
6 Jan 2
90 Jan17 99 Mar213
Jan 9
86
70.1
71
Jan13
June
130 Feb10 14614 Junell
90 Jan22 96 Marie
46 Mar 5 7373 May27
48 Feb 1 05 Juno 6
14 Jan 3 16 MaY15
324 Jan23 50 June 5
115 Jan30 150 May 5
5211 Jan13 08 May 2
1574 Feb10 196 Juno 9
44 Jan13 55 May 6
Jan25
2614 Jan 2 31
8June 6
8814 Feb10 1115
73 Jan21
4
1014 Junel0
16 May19 19 June12
Highest
146 Nov
80 Nov
104 Nov
40 Sept
170 Aug
3 June
15 June
147 Apr
R512 Dec
125 Nov
65 Jan
1164 Jan
81 Feb
88 Nov
712 May
33 May
46 May
95 Nov
11213 Dee
25
Jan
90 Oct
50 July
62 Apr
7812 Jan 106
885 Jan 100
8
--- 6 - iii
. i
4
4 Sept
99
Jan
107 June
9034 Aug
4512 Jan
Jan
90
604 Jan
78
Jan
Feb
11
98
Jan
Oct
Dee
.
--2l- WW1
2
1558 Mar
11512 May
115 Dec
10918 Oct
605 May
8
9713 Dec
92 Nov
82 June
x19 Dec
12014 Feb
if- 37113 2812 Sept
1014 May 1478 Dec
1712 May
1112 Nov
Jan
4
53 May
4
134 June 186 Nov
Nov
2712 June
128
5734
Jan 16414 Nov
27 Aug 35 Aug
712 Oct
412 Oct
12 Apr 23 Nov
--itg Aug
88 Sept
1774 Jan
62 June
107 June
8212 July
53 Dee
29
Jan
Ja gt
11 AOucn
107
22
45
11512
3812
2434
87
5
-64 Dec
93 Nov
9114 Nov
71 Nov
147 Nov
10012 Oct
Jan
69
51 Dec
144611 4 N avg
137 M r
; Aou
1
50 Dec
Jan
Jan 160 Dec
July 4812 May
Aug 2612 May
Mar 11613 Aug
9 Nov
Jan
112
112 112 *1
s
12 June
17 May27 ---- --- --4 - 1
112 112
u
345 Adventure Conina
25 50 Apr22
Min
13 ;
;
09 Dec 86 Nov
91 "9
793
4
453 Ahmei-k
25 6213 Mar22 81 June 5
7813 80
*3t2 37 - ----------313 312
8
138 Apr
538 Nov
44 Marti
165 Alaska CI tid
3 Apr 5
,
I0
.85 .85 .
0.65 .95 1,005 Algotnliz Mining
.95 .95
1 Juno 9
.15 July
.45 May
25 100 Apr30
4313
4312 45 i 4312 4313 43
4012 Dec 54 Feb
729 Allouez
25 3312May 1 46 June10
2312 2414 *2114 22
2314 2
1,624 Amer Zine Lead & Smelt_
253 June10
15
4
10 Dec
prei
------'59
60
4012 Deo 2414 July
15 01 June 9
51
61*60
1414 143
5 103 Feb28 1514 Junel0
8 3,090 Arizona Cotntnercial
4 E
4
11
1814 Aug
145 1434
8
Jan
.60 .80
.55 .60
.50 .50 2,745 Butte Balakiava Copper__ 10 200 Jan30 900 May14
.20 Oct
.48 Nov
Last Sale 27 May'19
31
*29
4
163 Dec 33 May
Butte & Sup Cop (Ltd)... 10 174 Jan23 27 May29
4
6938 2,214 Calumet & Arizona
63
6818 6812 683 69
81 Dec 7313 May
10 57 Feb10 7113 June10
Jan 3 425 Dec 470 Dee
83 Calumet A Heels,
25 350 Mar14 445
415 416 415 420 415 415
1512 153 157
15
8 1514 153
4
8
4 3,909 Carson Hill Gold
1 1214 May 5 157 June12
8
8
155
1641634 15
490 Centennial
1634 17
JU-25 12 Mar21 177 Junel0 -flii; - 11e -fil2 Feb
5012 5114 3,853 Copper timbre Co
40 Dee 5112 Nov
25 39 Mar 5 5314 June10
5114 5234 5114 52
112 Apr
238 213
*278 3
8
27
3 Sept
8 27
4
33 May14
200 Daly-West...
2 Marll
20
758 9,344 Davis-Daly Copper
753Junel3
678 Mar
43.4 Dec
4
43 Feb13
10
7
718
7
738
7
1414 1434 14,695 East Butte Copper Min- to
813 Mar 12 Nov
8 Feb28 17 Juno 5
143 1514 1414 15
4
13 may 9 e518 June 9
8
413 412 1,885 Franklin_
8
43
4 47
5
5
3 June
6 Feb
25
210 Granby Consolidated-- 100 65 Apr21 7012 Juno 9
7313 June 8434 Oct
72 4 723 -------- 7314 7314
3
44
20 Greene Cananea.....-.100 4114 May13 4514 Jan 2
Jan 5734 Nov
*43
39
44 - -------44
6
6
712June 6
613 613 1,241 Hancock Consolidated__ 25
4 May 1
43 Dec 1018 Jan
4
618 634
512 6
512 534
5
74 May21
Sep
53
8 5,640 Heivetia4
150 Mar 300
25 200 Feb 20
114 114
*114 138
112 June 0
Jan
1
.40 July
830 Indiana Mining
25 50e Mar 8
51
65- II - 493 50
514 8
1,450 Island Creek Coal.....
4478 Dec 70 May
- 1 42 AprIO 5312 Juno 9
*37
913
Last Sale 85 May'19
7913 Oct 84 Feb
1 78 Apr12 85 May14
Do pref
3713 3514 3614 5,340 Isle Royale Copper
3734 37
1912 Jan 29 July
37
25 24 Jan 2 3912 June10
(Ps May 9
613 Oct
6
6
4 Jan17
53
6
4 53
6
5 Jan
4
385 Kerr Lake
5
*2
24
950 Keweenaw Copper
214 Juno 7
2
134 May
2
.80 Sept
990 Mar 4
25
84 512,115 Lake Copper Co
63 June10
4
3 Jan25
an
512 6 - -- 2
334 Dec
;1 May
.
*3 4 451143
52
:
4
4
2 Apr16
414 June10
6
*312 4
565 La Salle Copper.
2
*312 33
4
313 33
4
870 Mason Valley Mine.----- 2255
Vs June 6
234 Dec
6 Feb
21s Apr23
23
4 312
---- - 5
4June10
33 Sept
612 7
1,285 Massachusetts Consol....._ 25
738
73
4
*614 7
4 Feb 7
7
7 Jan
912 1012 11,675 Mayflower-OM Colony
11
912 1014 10
.65 Mar
44 Nov
2 Jan13 1314June 2
25
64
920 vtichtgaa
8 May27
.40 June
213 Feb24
414 Oct
25
613 613
6 8 613 *6
'
6712 68
822 Aohawk
6812 69
5013 Doe 6612May .
69
68
:
25 491 Feb 7 7112Junel0
*19
4
1934, --- ---- *19
105 Nevada Cormildated......... 5 1514 Mar26 20 June10
193
1613 Dec 204 May
314 312 2,300 New Arcallan Copper ...... 25
414 Juno 6
334 4
24 July
114 Aug
1 Mar 8
2332 251
6,800 New Cornelia Copper
151 2,1i n#323
-- 4 -- 4
4
5 143 Mar 5 2114 Nuay16
211 913
10
812 May 2
9
10
9
10
4 .10
-3 9 4 lie; -fil- ik..4a;
395 New Md. Q tIckillver___ 5
----------------12 New River Compact,'
4 -2
0
pref...100
12 Aug 20 Jan
19
87 Febll 2012 May22
20
s
20 Do
79 79100 5713 Mar 1 80 May23
834 Dec 80 Jan
5
814 jan15 1313 May12
4 2,570 Nipissing Minas4
1
1158 1134 -ii3. 11 4 1lt2 113
97 Apr
s
8.4 Jan
1412 .*1313 14
1,535 North Butte
1428 1458 14
104 Dec 1738 May
9 Feb20 1514 June10
15
.......
95 Mar
112June 6
.25 Feb
114 114 1,198 North Lake.
138
25 2150 Apr22
13
8
1
3
3
212 212
*234 3
1 13 .7a n
34 May16
503 Onbway Mining
J u n e 4538 Dee
25 75e Mar15
4312 43 43
4012 41
83 0, D
45 1
43
1, 02 0 Loirtnion Co
3212 Dec
25 3012 Mar 5 44 June10
55 55
*54
58
Jan
58
4012 June 65
'
057
25 45 Mull 00 June 7
1914 197
2014 21
8 5,270167
204 21
1234 Dec 204 Feb
10 1218 Feb 8 21 Junell
Coal
72
71
72
72
59 Dec 78 May
72
*71
Quincy
25 52 Mar22 7213 Juno 9
*2414 25
220 say Consolidated Copper- 10 1912 Feb 8 25 June12
2413 2418 25 25
1913 Dec 25114 May
Jan
38 Dec 57
1 61
---- ---63
870 St Mary's Mineral Land
62
25 40 Mar 4 64 June10
7 Jan
4
4
1534 Dec
2213 2514 243 253 ---- ----3,090 Seneca Copper Corp_..no par
4
Jan22 253 Junel2
13
34 4
44
4
3 4 3 s 3,285 Shannon
3
41s Junell
234 Dec
534 Jan
7
113 Mar15
10
234 1,077 South Lake
Jan
2
313June 6
234 234
12 Sept
25 400 Jan13
.25 .25
.25 .25 7,465 South Utah M & 9
.20 Jan
.10 Dec
.25 .30
5
80 Janll 45o May14
813
812 812
8
872 Nov
857 Superior
4 Feb
4
25
4 Mar 8 1114 Juno 5
83
4 83
334 4
312 4
.318 334 17,823 Superior A Boston Copper_ 10
434 Sept
414 June10
14 Aug
1 Mar28
412 Feb
378 37
24 Sept
8
514 June 2
605 Trinity
4
2 Feb 3
4
.
25
---- ---114 114
lls
114 5,140 Tuolumne Copper
73 Dec 1% Aug
1/ 138
13* May28
1 740 Apr 1
674 69121 653 6712 1,465 U S Smelt Bain & Mtn_ 50 43 Jan21 703 May29
68'
67
4
4
36 Apr 5013 Oct
49
42 July 474 Nov
497
701 DO prat
8 4912 4913 4913 494
50 4414 Jan24 50 May14
114 May
8
44 Nov
35 June 2
34 34 1,686 Utah-Apex Mining
5
3I
13 May 9
4
8
34 33
334
7 Dec 12
1113 103 11
Jan
1112 11
3,395 Utah Consolidated
11
74 Jan18 1214 Junel0
4
5
3
23
s 24
238 213 5, 31 Uictorr
4 Apr
445 v tah aetal & Tunnel
9
238 213'
1 Dec 31
3 MaY23
114 Jan28
1
15 Dec
4
8
4 j *314 4
3 Jan
4
453June 5
4
25
114 Mar13
17 May26
8
12 Nov
2 Jan
112 112
1
114 114 1,031 Winona25 506 Jan 9
113
661 Wolverine
18 Dec 36
Jan
2313 2212 23 1 22212 2213
22
25 15 Mar 5 26 Juno 6
.90 .90
.90 .90
.40 May 1 /4 Mar
250 Wyandotte
1
'
0.80 .90
25 400 Mar13 1% May27
• Bid Ind asked priced. 4 Ex-dividend and rights. d Assessmeat paid. S Ex-stook livIdeni
Highest
Lowest
Railroads
136 136 *136 138
136 130 *13613 138
100
211 Boston & Albany
13813 13713 137 137
7234 73
7234 73
100
7234 72
75
1,678 Boston Elevated
72
7213 7312 7212 73
*87-.
*87
100
Boston & Lowell
Last Sale 87 June'19
_ *87
*87 ___
3
4
34 -- - 3313 34
3314 3314 33
3314 3314 3314 34
100
337
565 Boston & Maine
3
160
Last Sale 160 May'19
160 *____ 160 *___- 160
Boston & Providence
100
.50 *____
.50 *___
Last Sale 12 June'19
Boston Suburban Elee_no par
.50 *_--.50
*4
612 *4
613 *4
Last Sale 613 May'19
no par
Do pref
612 *4
613
*134
:
*134
*134
Last Sale 134 June'19
Chic Juno Ry & U S Y___100
*90
*90 ____ *90 ---- -_- *90 ___ 90 90
100
30 Do pref
•100 115 *107
-*110 ___ 107 107
.
100
__ ____
2 Connecticut River
*52
5334 *52
100
53 Fitebburg pref
3
5213 5213 -- a
----*106 110 *106 11
Last Sale 103--Apr'19
- **8812 110 *106 110
6- 1
Georgia Ey & Elea stampd.100
Last Sale '7212 June'19
100
Do
ref
78
-7812 - 12 -7 4 1 3- ;' i- 163 - - VA ____
755. /64 - 5
4
100
7
78 Maine Central
Last Sale 1
Apr 19
100
Mass Electric Cos
Last Sale 5
Apr'19
100
Do pref stamped
-55- Si- -aii;3 if- -ii- -- 2 -5i- - 3114 3012 31
3i1100
1114 31
682 N Y N II & Hartford
92
Last Sale 88 May'19
92
Northern New Hampshire..100
*98 100
*98 100 ;Iii- 0 iCto- 0 loo loo
.100
50 Old Colony
*22
23
*22
23 *22
-2 - -- .
i
2
i
23
100
*22
50 Rutland prof
23
*91
93 *__
-.
1:7.9l- -1:1; 93 May'19
S
99 *__ 99 *---- 99
Vermont & Massachusett9_100
46
46
45
46
4512 4513 46
4612 *45 -_- 46
40
341 West End Street
50
*56
58
57
57
*57 _-__ 5712 5713 5712 5713 58
22 Do prof
58
50
Miscellaneous
110 111
11078 11214 *10612 108
108 1083 10312 10913 110 110
303 Amer Agrioul Chemical-100
4
'
0100 101 *10014 1014. 100 101
9934 10014
100
101 Do prat
100 10018 100 100
*10312 10413'
Last Sale 10114Jun'19
0101 103 I *98 100 '
099 101
Amer Bosch Magneto_no par
*118 112 *1
8
1
118 13
1
113 *14 113
Pa 158
400 Amer Pneumatic Service- 25
612 612 *612 ___I *612 ___
618 834
614 612 *6
50
612
310 Do prat
*136 138 *135 137 ,*134 135 *134 136
Last Sale 1393 Jun'19
4
Amer Sugar Refining
1001
11814 119
118 119
119 119 I 118 119
118 119
223 Do pref
118 118
1001
107 10712 106 10713 106 10874 106 1007 10618 107
2201 Amer 'relay & Teleg
/
108 1061
100
116 1167 *116 118 1'
3
011412 117 *114 116 - ----------------- 62 American Woolen of Mass..100
10834 1191 108 10812 10712 10814 108 10834
109
I 12 134 108 10314
100
494 Do prof
*114
Last Sale 119 June'19
*106 117 '
i 0110 117 *110 116
Amoskeag Manufacturing____
' 82
81
8113 81
81
*81
81
82 ----------------49 Do prof
*21
2212 *21
a
2
1 ty
2213 *21
224 *21
2212
Art Metal Construe Inc.- 10
183 183
____ ____ *171 173
182 182 ,.
25 kt1 Gulf & W 1 SS Lines_-10
0179 182 *176 179
1034 11
8
1013 103
1078 11 I 103 114 1014 1034 103 11
4 4,555 Bigheart Prod & Refg
4
10,
2313 2312 22
23
2214 2214
2312 224 2213 233 2334 23
250 Booth Fisheries
no par
4
8
4 135 1353 1313 1312 1312 1434 1313 1313 1313 1313 1,016 Century Steel of Amer Inc.. 10
133 133
3
1534 16
1512 1538 2,270 Cuban Portland Cement- 10
15
1638 16
18141 16
16
16 I 16
*8
6141 *6
614
6
614
6
6
10
6
614. *6
614
390 East Boston Land
15612 157
15812 157 I 157 157 I 157 157 1 157 157
157 15712
467 Edison Electric Ilium
100
64
6334 6212 63
644 633 6412 63
6414 6213 6314 63
3,985 Fairbanks Co
4
25
*168 167 I 186 166 1'163 165 ,*162 164
164 164
183 163
100
35 General Electric
3334 344 34
34
334 34 I 3313 34--------33 33
743 Gorton-Pew Fisheries
50
714 .714
7
712
7
7
4
512 7
714 73
*712 8 I
1,225 Internat Port Cement__ 10
*24
28
24
24 1 '
024
28 i *24
23
50
---- ---- --_- -_- '50 Do pref
*33
3412 *3313 3413 33
34--- ---- -----110 Internal Pro Wets
3314 *33
no par
814 814
8
8
814
818 1,700 Island Oil Az Trans Corp- 10
818
8
712 814
8
8
96
9612 9812
*96 ----, 9612 9612 *96 -.. 9613 9612 96
26 McElwain (W II) 1st pref _100
*80
8112 80
81 I 80
81
353 Massachusetts Gas Cos-1
81 I 80 80 I 793 8012 81
1
Z
4
67
67
67 6712 67
6834 67 I 66 66
67
66
335 Do prof
67
*145
28 Mergenthaler L1notype-100
,-,. 1451.4 14613'
014614 150
14614 14614 -,,,
,
-,„. _-_-...
96 - - 9514 95
8 9512 95
954 957
96
9514 - 4 954 uo39513
320 New England Telephone_100
*92
96
Last Sale 7373 May'19
*90
90
96
92 I *82
*87
Nova Scotia Steel & C__....100
64
65
633
4 61
63
6313 65
6213 61 I 61
6212
62
378 Punta Alegre Sugar
50
*15
Last Sale 16 June'19
16
*15
18
16
*15
16 1 .15
10
Reece Button-Elate
4914 493
4812 4834 4814 4312 3,217 Stewart Mfg Corpo
4 49
497
3 483 493
4 4814 49
4
136 13612 13614 13612 1355s 137 i 13434 13534 13414 1351 13334 13413 1,051 Swift A Co
4
100
*____ 6434 *__... 6434 643 643
---- ---- ---- ---30 Torrington
25
4
4
190 194
187 18912 184 186
193 196 1 18013 194 i 188 190
100
773 United Fruit
53
54
5312 5013 53
52
53
52
50
12,516 united shoe Mach Corp__ 25
513
51
4 50
28
28
2712 2712 2734 273
*2738 28
2758 2738 *2712 28
4
25
540 Do prof
11014 111
1095 11018 10818 11034 107 103
8
8
108 1035 1057 10012 3,254 U 8 Steel Corporattnn
8
100
1414 1412 1413 1578 1518 1614 15
1513 15
15
16
1558 33,393 Ventura Canso! 011 Fields_ 5
17
1718 17
1814 19
27,320 Waldorf System, Inc
175
s 173 1818 1713 1858 1813 19
10
4
-ii
.
[VoL. 108.
N 13, rer
e
S Kt rights. x Ex-dividend
ti Ralf-Paid
JUNE 14 1919
THE CHRONICLE
2423
Outside Stock Exchanges
Baltimore Stock Exchange.
-Record of transactions at
Baltimore June 7 to June 13, both inclusive, compiled from
Boston Bond Record.
-Transactions in bonds at Bos- official sales lists:
ton Stock Exchange June 7 to June 13, both inclusive:
Friday
Sales
Friday
Last Week's Range Sales
Sale
of Prices.
for
-Range since Jan. 1BondsPrice. Low. High. Week.
Low.
High.
US Lib Loan 3%s 1932-47
99.24 99.34 $20,800 98.04 Feb
99.64 Mar
1st Lib Loan 45_1932-47
95.04 95.04 3,850 91.64 Jan
95.90 Mar
2d Lib Loan 48_1927-42
93.64 94.14 13,100 92.04 Jan
94.80 J'ne
lat Lib L'n 4%8_1932-47
95.24 95.70 33,750
93.24 Jan
96.50 Jan
2d Lib L'n 448_192742
93.74 94.78 20,400
93.04 Mar
95.90 Jan
3d Lib Loan 4%8_1928
95.04 95.46 95,550 94.40 Mar
96.50 Jan
4th Lib Loan 4%s_ _1938
94.04 94.96 62,300 93.04 Apr
96.50 Jan
Victory 4Xs_ _ _ _1922-23
99.74 100.00 239,500 99.64May 100.04 June
Am Agric Chem 55_1928
99
99
5,000 98% Jan 100
Mar
58
1924
110 110
7,000 100
Jan 110% May
Am Tel & Tel coll 48_1929
85
85
1,000 833 Jan
85% May
-year cony 65
7
1925 103% 103% 103%
7,100 100% Jan 10334 Mar
Atch Top & S Fe 4s._1995 82%
2,000 814 Apr 83% Jan
823 823j
AtiG&WISSL 55_1959
83
11,000 79
Feb
84 May
833
Chic dr N W 58
1987
2,000 99% June 99% June
993 993
K C M & 131r lnc 5s_ _ _1934
73
73
1,000
713 May
74
Mar
Miss River Power 5s_1951
26,000 77y, Jan
79
80
80 May
Mo Kan & Tex ext 5s_
3,000 34 June
34
34
34 June
New River 55
1934
12,000 77 May
80
80
80 June
Pond Creek Coal 65_ _1923
96
15,000 92
96
Jan
983 May
Punta Alegre Sug 65_1931 105
104% 106
114,000 87
Jan 107 June
3
Swift & Co 1st 5s_._1944 98
98
983 28,000 95% Mar 983( June
U 8Smltg R & Mln cony 6s 163'% 1033j 105
10,000
Feb 105 May
99
U S Steel Corp 5s_ _ _ _1961
wog 1003 2,000 993( Jan 1003j June
Ventura Oil cony 7s
10,400 94
150 155
Jan 155 June
Western Tel & Tel 5s.1932
5,000 89
91
91
Jan
91
Mar
Last Week's Range
Sale
of Prices.
StocksPar. Price. Low. High.
Alabama Co, 1st pref _100
86
86
Arundel Sand & Grave1100
40
41
Atlan Coast L (Conn)_100
97
97
Atlantic Petroleum_ _ _ _10 331
334 331
Baltimore Tube
100
85
85
Celastine Oil v t
1.05 1.20
Consol Gas E L & P_ _100
11034 11031
Consolidation Coal_ _ _ _100 89
8834 92
Cosden & Co
5 1031
10"I 12
Preferred
5
43-4 331
Davison Chemical_ _no par 37
37
38
Elkhorn Coal Corp
50
38
40
0
-B-S Brewing
100
% %
Houston Oil pref tr ctfs 100 1)1
9034 92
Indiahoma Ref corn WI .. ......531 6
.
Mt V-W'd'y Mills v t r 100 _iiil
2434 2634
Preferred v t r
100 93
90
9454
Northern Central
50
74
74
Pennsyl Wat & Pow__ _100 873-4
87
88
Poole Engineering & M 100
41
41
United Ry & Elec
50 1634
1634 1734
Wash 13 & Annap
50
29
2931
Wayland Oil dr Gas
5 434
434 431
for
Week. -Range since Jan. 1Shares.
Low.
High.
100 86 June 86 June
140 3431 Jan
4231 May
26 89 May
97 June
3,340
2
Jan
33-4 May
25 70
Jan
90 May
670
1.00 Mar
1.50 Feb
299 10331 Apr 11131 May
1,295
7831 Apr 92 June
10,370
634 Feb
1231 May
3,957
4
Jan
5 May
510 32
Jan
4034 Feb
921
27
Mar 40 June
25
% May
131 May
613 7231 Jan 101
May
11,584
6 June
53% June
600
16
Jan
2631 June
376 71
Feb
9434 June
54 71
Mar 80
Feb
174 7734 Jan
8854 May
20 41
June 48
May
648
15
Mar
2031 Jan
609 2434 Mar 2931 June
490
331 Feb
434 June
Bonds
Atlantic Coast Line RR
Convertible 4s
1939
8234 8254 $10,000 7731 Apr
8231 June
Small bonds
1939
81
1,200 80
8131
Jan
8131 June
Chicago Stock Exchange.
-Record of transactions at Consul Gas gen 4Hs_ _1954
8634 8634
2,000 8634 June 89
Jan
Chicago June 7 to June 13, compiled from official sales lists: Consol G E L & P43451935
84
84
1,000 8331 May 8534 Jan
5% notes
99
6.300 9534 Jan
993(
9931 June
Friday
Sales
6% notes
7,000 97
9731 973%
Mar
Feb
9834
Last Week's Range
for
7% notes
101 101
8,000 10034 Mar 101
May
Sale
of Prices.
Week. -Ranee since Jan. 1- Cosden & Co ser A 63_1932 101
101 102
39,500 8434 Jan 10254 May
StocksPar. Price. Low. High. Shares.
Low.
High.
Series B 6s
1932 10131 10134 10334 66,000 8531 Jan 10331 May
Amer Shipbuilding, p1_100
90
2,395 853. Apr
903
92 May
(Old Co) refund 68_1926
10131 102
24,500 91
Jan 102 June
Armour & Co, preferred.._ 10234 102 104%
Apr Elkhorn Coal Corp 6s 1925 9934
3,617 1003 Mar 105
Feb
9934 9931 15,000 98
9934 June
Booth FisheriesFair & Clarks Trac 5s 1938
90
90
5,000 90 June 9531 Jan
Common.
.new (no par)
2,145
18
Feb
2431 May Ga Car & Nor 1st 5s_ _1929
223 24
96
96
2,000 9431 May
9634 Jan
Preferred
100
81
275 78
Mar 0
Apr 83
823
-B-S Brew 2d Inc 5s 1951
23.1 234 27,500
335 May
154 May
Chia Cy & C Ry, pref_
10
10
11
40
Feb
634 Mar
Funding 68
1934
20
20
1,000 20 May
20 May
Continental Motors
4,235
9
931
83 Apr
931 Apr Houston 011div ctfs'23-'25
112 112
10,000 9834 Jan 117 May
Chic Pneumatic Tool _100
74
650 6031 Feb
7831 May Indiahoma Refg 65
7531
100 10234 52,000 94
Apr 10231 June
Chicago Title & Trust_100
212 212
35 178
Feb 212 June Jamison C & C-G C 581930
8934 8934
2,000 89
Apr
9031 Mar
Commonw'th-Edison_ _100
111 112
143 109
Apr 115
Jan Kirby Lumber Contr 68'23 9931
5,600
993-4 993-1
9934 Feb
9831 Apr
Cudahy Pack Co,com_100 118
116 119
2,375 10034 Feb 123
May Macon Ry dr Lt 55_ -1953
80
80
3,000 SO
June 80 June
Deere & Co, pref
100
99
9934
593
78
Apr 100
May Md Elec Ry 1st 5s...1931
5,1)00 89
8934 8934
May
8934 May
Diamond Match
100
116 116
30 109
Jan 116 June Maw El Ry dir Lt 4%51931
813-4 8134
2,000 813-4 June
82 June
Hartman Corporation_100 81
385 543( Feb
8131 82
85 June Minn St & St P C Jt 5s1928
1,000 8734 June 9331 Jan
873-4 8734
Hart,Shaff&Marx,com 100
88
300 88
88
Feb
88
May Norf dr Atl Term 5&.1929
88
88
1,000 88 June 88 June
Illinois Brick
100
68
6834
200 56
Feb
7031 May Norfolk St Ry 5s_ _ _ _1944 93A
9334 9334
1,000 9334 June 100
Jan
Libby (W I)
3034 3131
303.
9,708
34
1931 Jan
Apr Pitts & Alleg Telep 513--64
64
6,000 64 June 64 June
Lindsay Light
10 21
21
2434
2,920
16
Apr
25 June Seaboard Air L ref 46
5834 5834
2,000 5834 June
5834 June
Preferred
10 831
600
8 June
831 93-1
1034 Apr United Ry dr E 4s_ _ _ _1949 723%
72% 733-(
4,000
70
Apr
763.4 Jan
Mid West Util, cons.. _ _100
38
38
95 24
Feb
40
May
Income 4s
1949
51
19,000 48
54
Apr
5534 Mar
Preferred
100
62
64
147 49
Mar 65 May
Funding 55
1936
73
73
12,000 6931 Apr
76
Mar
Page Wov Wire Fence_ _20
7
731
180
334 Apr
8 May
do
small ....1936
200 693-( May
7134 7134
76
Mar
People's GI L & Coke_ _100
53
53
25 46
Jan
55
May Wash B & A 58
1941
8234 8254
9,000 80 May
8331 Jan
Pub Serv of N Ill, pref_100
9231 923(
15 89
Feb
94
Mar WO& Weldon 4s
1935
1,000 8631 June 8734 Jan
86% 863%
Quaker Oats Co, pref.. 100
102 105
80 100
Apr 105
May
Reo Motor
3031 3034
100
2831 May
3231 May
Republic Truck
5234
50
53
Philadelphia Stock Exchange.
1,235 45 May
54
May
-Record of transactions
Sears-Roebuck, com_ _100 201
201 208
889 16814 Feb 212
May at
Philadelphia June 7 to June 13, both inclusive, compiled
Shaw W W,corn
100
137 139
20 11234 May 140
May
Stewart Mfg
100
495 45
Apr
4831 4931
493-1 June from official sales lists:
Stew Warn Speed,com_100 101
10034 105
3,668 84
Jan 10931 June
Friday
Swift dr Co
Sales
100 13434 134 13634
2,5131 11531 Jan 14931 May
Last Week's Range
for
Rights
6% 731
6,200
631 May
735 May
Sale
Week. -Range since Jan. 1Swift International
of Prices.
55% 59
5535
12,495 4134 Jan
65
Apr
StocksPar. Price. Low. High. Shares.
Low.
Thompson
High.
35
35
2,240 35 June
3834
3931 June Alliance
Union Carbide & Carbon
Insurance
10
2234 2254
114
19
Jan
2354 May
Co
100
(no par) 7134
7334 7354
% June American Gas
3
2 60
Jan
19,429
56
Jan
74
703j 74
7354 June
Unit Pap Board,com_ _100
25
25
550
2034 Apr
28
50
22
22
Feb
2434 May American Stores_ _ no par
1731 Jan
Ward, Montg & Co, pref__ 110
9934 10354
400 6531 Jan 107 June
110 112
60 110
Jan 112-1 June Baldwin Locomotive_ _100
Cambria Iron
Western Stone
50 3934
20 3934 June
3934 3934
50
4
Jan
631 631
4134 Feb
1231 Apr Catawissa 28 pref
Wilson & Co, corn.....100 91
50
42
42
8 40
Feb
91
42 June
307 91
June 95 June
95
Preferred
100
7331 8834 48,632
106 106
5134 Jun
11
95
Feb 106 June Elec Storage Battery_100 8554
8854 June
Bonds.
General Asphalt
100 70
70
7434
2,425 39
Jan
7634 June
Armour & Co deb 613_1920 10234 10231
Preferred
100
111 111
25 76
May
Jan 114
10231 $6,500 1003-4 Mar 10231 June
Debenture (is
1921
3234 3334
10231 10231
182
34 June
2531 Jan
1,000 102X. June 102% June Insurance Co of N A..10 3234
Booth Fish s f d 68.-1926
J G Brill Co
100 45
45
135
45
94
49
May
94
1954 Feb
1,000 893-4 Feb
95
May
Chic Cy & Con Rya 581927
Lake Superior Corp
100 1934
Jan
4531 46
17
8,690
1934 2054
12,000 41
2631 May
Apr
53
May Lehigh Navigation
Chicago Rys 55
192'7
50 70
587 67
71
70
Apr
73
Jan
77
77
3,000 72
Apr
81
Jan Lehigh Valley
Chic Rys 5s Ser "A"-50 5434
.... 59
5434 553%
884 5334 Apr
59
25,000
6031 June
55
May 03 May
Chic Rys 4s, See "B".._
4134 4134
6 41
May
42% 4231 14,000
45
Mar
38 June 60
Jan Little Schuylkill Ord__ 50
Swift & Co 1st g 58.--1944
Midvale Steel &
_50 50
50
50
110 41
7
Jan
9731 9834 22,500 95% Mar
5331 June
9831 Jan
Minebill & S H
50
40 50
Jan
54
5131 513j
Mar
Pittsburgh Stock Exchange.
-Record of transactions at Norristown
50
43 117
120 120
Jan 123
Apr
Pittsburgh Juno 7 to June 13, both inclusive, compiled from North Pennsylvania_ 50
79
79
19
79
Apr
SO
Feb
Pennsyl Salt Mfg
50 82
81% 82
129
8054 May
8431 Feb
official sales lists.
Pennsylvania
50 46
46
2,409
4734
44
Mar
4834 May
Friday
Philadelphia Co (Pitts)_50
Sales
4034 4034
100
30
Jan
4134 May
Last Weelc's Range for
Pref(cumulative 6%)50
353-4 36
159 3154 Jan
3731 Apr
Sale
of Prices.
Week. -Range since Jan. 1- Phila Electric of Pa.._ _25 2534
2,339
253.4 25'%
2494 Jan
2634 May
Par. Price. Low. -High.
StocksHigh. Shares
Phila Rap Transit v t r_50 27
.Low.
27
3,625
23
Apr
2831
283% June
American Sewer Pipe. 100
.
,
24
2634
765
10
Jan
2931 May Philadelphia Traction_ _50 6934
6934 70
60 66
Apr
71
Jan
Am Wind Glass Mach_100 853-4
84
8531
835 79
9434 May Phila Warehouse
Jan
100
112 112
5 112 June 112 June
Preferred
100
85
86
210 77% Jan
50 8734
86 May Reading
8734 9134
314 7631 Jan
9254 June
Arkansas Nat Gas,corn_
60
66%
28 preferred
8,060
6634 June
55 May
50 39
Apr
39
10 37
39
3934 May
Columbia Gas & Elec_ _100 56
N% ti%
215 3031 Feb
5631 June Tono-Belmont Devel_
1
1,105
234 Jan 3 15-16 May
331 374
Coni3olidated Gas, pref-50
June
18 June Tonopah Mining
25
18
1
1,885
334 334
2% Jan
4 May
Consolidated Ice, pref_ _50
29
29
Feb
100
29 June Union Traction
15
50 39
135 37
39 z3934
Jan
41
May
Crucible Steel, pref_..100
94
94
Jan
20 91
8 185
9931 June United Cos of NJ
100
Feb 193
192 192
May
Harb-Walk Refrac, pf_100
101X 101%
Jan 10134 June United Gas Impt
15 09
955 6774 Apr
50 6934
693% 6931
7434 Jan
Indep Brewing, com---50
431 6
53-4
2,445
Jan
U S Steel Corporation_100 10534 10534 11134
7 May
134
5,055 8831 Feb 11131 June
Preferred
50 1231
1134 12%
380
5% Jan
Preferred
16
100
1 11434 Feb 1154 June
11531 11531
May
100 260
Lone Star Gas
260 265 200 170
Jan 300
May Warwick Iron & Steel_ _10
8% 8%
100
9
831 Jan
Apr
50 5531
Mfrs Light & Heat
5454 55%
375 4834 Jan
56
May West Jersey & Sea Shore 50
10 4134 May
42
42
46
Jan
Nat Fireproofing,com_ _50 934
934 1034
672
5
Jan
1131 May Westmoreland Coal.._ _ 50 74
7354 74
42 7234 Apr
75
Jan
Preferred
50 1734
1734 10%
Jan
570
10
24 May Wm Cramp & Sons_ _ _ _100 13334 131 135
1,140
75
Feb 137 May
1 2734
Ohio Fuel 011
27% 29 720
16
Jan
31
May York Railways pref.
50
32
32
15 30 May
323-4 May
25 51%
Ohio Fuel Supply
51% 52%
3,398
4234 Feb
5231 June
Oklahoma Natural Gas-25 31
31
Bonds
33
1,395 28% Jan
3831 May
Okla Prod & Refg
5 10%
10% 11%
US Lib Loan 3348-1932-47
99.20 99.20
sg Mar 1334 May
470
$300 98.20 Apr
99.70 Jan
P1ttsb Brewing, corn--50 834
7
2d Lib Loan 4s-1927-42
2,245
93.90 94.36
831
2
Jan : May
3,100 91.80 Jan
1
95.00May
Preferred
50 leg
15
16%
3d Lib Loan 430-1928
95.10 95.50 16,650 94.50 Feb
96.38 Jan
Pittsburgh Coal, com_100 62
6431 6431
4th Lib Loan 43(3-1938
Ri
65 June
b
102 47
94.20 94.98 117,750 93.00 Apr 95.70May
5
Preferred
100
Victory L L4318 1922-23
99.80100.00 115,000 99.60June 100.04Jun
77 8531 Feb
98 May
Pittsb-Jerome Copper_ _ _1 17c
9Bil 91Pc 49,600
8c
Jan
220 Apr Amer Gas dr Elec 5s-_2007
4,000 8354 Apr 88
85
85
Jan
Pittsb & Mt Shasta Cop_l 37c
370
44c 17,100
do small
2007
Jan
210
46c
83
85
Apr
600 83 June
8831 Jan
100 17
Pitts!) On & Gas
16% 18
8,950
Jan
1831 June Baldwin Locom 1st 581940
8
10,000 100
Apr 1003% Mar
10034 1003
Riverside East 011, corn_ _5
231 4
331
Elec &Peoples tr ctfs 45'45
53,876
% Feb
17,000 65
6934 70
Mar
4 June
71
Jan
Preferred
5 434
33-( 431 12,870
do small
1945
231 Jan
70
43j June
70
300 65
Mar
75
Jan
Riverside West 011,com 25 1631
1531 18
1,960
9 May
5,000 88
18 June Keystone Teleph 1st as'35
90
90
Apr 90
Jan
Preferred.
25 22
1931 22
1,035
22 June Lake Superior Corp 5s '24
63
63
15,000
1331 Jan
58
Jan
6434 Apr
Rasa Mining & Milling...1
10: 1 000
7
,
Jan
5c
8c Feb Lehigh C & N cons 4%3'54
1,000 9334 June
9334 933-4
94
Feb
San Toy Mining
1 10o
1070e
1928 10254 10234 1023-4
2,000 6c
Feb 11r May Lehigh Valley Os
5
4,000 10134 Jan 102% Jan
Stand Sanitary Mfg_ _100
.
1
1 0 13:61
2
5
03,1
IN 12 l n 135
Annuity 6s
ar
a
119 119
Mar
3,000 119
Feb 120
Feb
Union Natural Gas__ -100
Gen consol 4s
2003
1,000 7934 Apr
7931 7994
8034 Jan
U S Glass
100
Feb
30
40 May penna RR general 53_1968 9531
5,000 93% Mar 98
Jan
953-4 9531
13' S Steel Corp, corn_ _100 10631 10631 11031
General 434s
1965
205 8834 Feb 11034 June
8734 8734 10,000 8631 Apr
8931 Jan
West'house Air Brake__50 11731 11231 11831
2,846 93
Jan 11831 June Philadelphia CoIA
West'house Elec dr Mfg_50 5631
5634 5934
Cons & coll tr 5s stpd '51
1,511
5934 June
4031 Jan
1,000 8531 Apr 8954 Feb
8731 87%
West Penn Tr & W P.. _100
14
14
100
95% 96
14
May Phila Electric 1st 5s_ _1966 953-4
40,000 9331 Apr 96
1231 Apr
Jan
Preferred
100
65
65
1966
do small
100 60 May
95
9634
66 June
3,100 933-4 May
9734 Jan
Bonds.
Reading gen 4s
1997
2,000 8234 Apr
8334 8354
8634 Jan
Indep Brewing Os_ .
_ _1955
50
50
$3,000 36
Jan
55 May Spanish-Am Iron Os._1927
1003-1 10034
4,000 10034 Jan 10134 Feb
West Penn Trac 5s_..1960
68
68
1,000 68 June 68 1 June United Rye Invest 55.1926
12,000 6254 Jan
703% 71
73
Apr
[VOL. 108.
THE CHRONICLE
2424
Volume of Business at Stock Exchanges
Sales
Friday
Last Week's Range for
Week.
Sale.
of Prices.
Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Former Standard 011
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Subsidiaries
Anglo Amer Oil_r
El 2334 23 .2431 3,000 16% Jan 2634 May
DAILY, WEEKLY AND YEARLY..
May
Jan 197
Illinois Pipe Liner _ _ _ _100 180
180 180
10 164
Apr
Jan 404
25
Ohio 011_r
15 315
384 384
United
Railroad, Stale, Mun.
Stocks.
May
Mar 317
Week Ending
Prairie Pipe Line_ r_ __100
25 263
300 303
States
db Foreign
Apr 350
May
June 13 1919.
100
South Penn 011_r
10 292
328 328
Bonds.
Bonds.
Bonds.
Par Value.
May
Shares.
Jan 294
Standard 011 (Calif)..r_100 275
40 258
275 278
Apr
Apr 820
Standard 011 (Ind)_r_ _100 785
5 770
785 785
$300,000 $3,241,000 Stundard 01101 N Jr-100
May
751,770 $65,332,500 $1,353,000
Apr 761
Saturday
724 728
35 668
2,298,000 1,127,000 9,115,000 Standard Oil of N Y-r100 378
1,623,937 135,933,200
Jan 395
Apr
Monday
100 310
378 387
999,000 10,347,000
2,380,000
1,875,240 162,893,500
Tuesday
Other 011 Stocks
649,000 9,146,000 Allen 011_2'
2,169,000
4% Apr
1,356,766 119,773,100
1
Wednesday
% Jan
335 13,620
3%
2,018,000
890,000 8,218,000 Alliance 011 dr Ref_r
1,401,010 120,927,000
434 Apr
Thursday
5
654 June
9,350
5%
5% 6
2,584,000
597,000 8,367,000 Amalgamated Royalty-r-1
2% Apr
1,510,995 131,448,125
June
Friday
1%
115 25,000
151
100 May
1
Amer Ventura 011_r
5c May
6c
70 10,900
8,519,718 $736,307,425 $12,802,000 $4,562,000 $48,434,000 Barnett Oil& Gas_ r
Total
1
34 3-16 5-16 14,400 3-16 Jan 5-16 Jan
3
Mar 1655 May
Boone 011_r_
5 10%
1055 1355 6,400
Boston Mex Petrol_r _..100
44
1,150 44 June 49 Juno
49
January 1 to June 13.
Week ending June 13.
Sales at
Jan 670 May
Boston-Wyoming 011_r 1 65c
590 66c 112,500 180
New York Stock
155 May
15 June
Can-Amer 0 & G_r
1
3,300
34
Pi
1
1918.
1919.
1918.
1919.
Exchange.
4% Juno
435 June
Circle 011_r
5
4% 4% 26,200
Mar 63 June
7
61
31,000
67,684,228 Com'nw'th Petr L._ w 1(t) 69% 58
122,630,304
2,344,759!
8,519,718,
-No. shares_ _ _
Stocks
10 1234 12% 16
Continental Refg
44,000
834 Apr *1655 June
$736,307,425 5217,333,650 511,761,104,830 $6,335,551,500 Cosden & Co. ..om_r-___5 1034 10% 12
Par value
1255 May
6% Jan
22,200
$12;900
$47,200
Bank shares, par
2
Mar
50
1% 1%
154 Feb
Crystal Oil & Refining_r_l
Bonds.
1
I.
X May 1 5-16 Fob
1 1 1-16
1 11-18 1,100
$436,497,500 Curman Petrol _r
Government bonds_ _ _ $48,434,000, $19,592,500 $1,060,268,600
1% May
1
June
Duke Cons Royalty_r_ _1
800
1
1%
95,578,500
167,566,000
3,265,0001
4,562,0001
State, mun.,&c.,bonds
1% May
1
34 June
34
51
35 9200
135,211,000 Elford 011_r
256,016,000
5,671,5001
12,802,0001
P.R. and misc. bonds
Jun 1134 May
Elk Basin Petroleum-r 5 1054
10
11% 0,600
9
May
611 June
5
5,450
Ertel 011_r
6% 8
$667,287,000
$65,798,000! 528,529,0001 $1,484,450,600
Total bonds
40
Jan 330 May
Esmeralda 011 Corp_r_ _5 16o
150 180 53,000
Apr
4
2
Jan
Federal 011 Corp_r
5
355 3% 24,200
8% Apr
3% Mar
Glenrock 011.r
10
655
6% 751 20,200
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Gulfport 0 & R_r
10c 39c
370 500 100,300 296 May 50c June
BALTIMORE EXCHANGES.
Juno
8,900 116
May 131
Gum Cove 011.r
100 121
120 131
1
Hercules 011_r
42e 600 29,000 420 June 650 June
12 June
Mar
Hercules Petrol Class A r 10 11% 1155 12
2,700 10
Baltimore.
Philadelphia.
Boston.
2,000 180 June 400 May
High Gravity 011..r
1
20o 200
Week ending
Feb 4034 May
19,550 10
Home Oil & Refg_r w1__10 19
19
37
Shares. Bend Sales. Shares. Bond Sales. Shares. 'Bond Sales Houston Oil, com_r-100 118
June 13 1919
Jan 14455 May
1,700 75
118 127
ssi Apr
17,600 550 Feb
Hudson Oil _r
1%
1
1% 2
$30,400
3,590! $56,600
$96,200
3,523
24,485
Saturday
051 June
511 June
5
5% 63.4 6,000
78,000 Indlahoma Refg_ r
29,000
3,9621
11,362
90,100
62,570
Monday
Internat Petroleum_r__£1 2855 28
3055 8,100 1634 Jan 35% Apr
85,200
36,000
2,888:
13,959
377,250
72,146
Tuesday
635 Jan
7%
715 8% 38,700
93.4 Mar
6,239,
54,200 Island Oil & Transp_r-10
7,900
56,900
135,150
40,592
Wednesday
2334 26% 5,790 • 15 May 26% June
77,000 Kentucky 011 & Ref_r_5 26
131,500
18,673
32,486
42,400
47,398
Thursday
255 May
151 June
Lance Creek Royaltlea_r_l
1% 155 34,100
2,716
9,000
23,000
15,081
13,000
26,087
Friday
1% Jun
1% June
1%
Livingston 011 Corp_r___1
1% 1% 14,450
41
.200 23% Jan 4554 May
Ref_r--50
41
38,068 $360,000 Louisiana 011 & & Ref_ _1
84,3111 $306,800
273,278 $754,100
Total
5,200,
McCombs Prod
155
,
1% June *2% Mar
May
Jan 35
Merritt Oil Corp_r
10 28
28
3031 10,200, 21
4
Mar
235 Jan
Metropolitan Petroleum 25
335
355 3% 14,500
Mexican-Panueo 011___ _10 1351
1251 1354 2,300 1034 May 1335 June
-Below we give a record of Middle States Oil Corp-r-1 134 1% 1% 6,500 I% May 234 May
New York "Curb" Market.
Jan 196
50
10,500
Midwest Refining
the transactions in the outside security market from Juno 7 Midwest-Texas OILr .1 178 177 188 20,300 124 Apr 1% May
1%
May
1
131 1%
5.51 Apr
1
Mar
Morton Pet of
3% 4% 14,000
both inclusive. It covers the week ending Friday National Oil_rMe_w l_r_l 4
to Juno 13,
7
Apr
431
4 June
10
4
55.1 3,050
Apr
60o 700 63,000 460 Feb 750
Northwestern Oil_r
1 670
afternoon.
1
234 May
June
Ohio-Ranger.r
1
1%
1% 68,000
1
655 Apr
2
1,600
Oklahoma & Tex 011-r- -5
June
2
5%
Sales
Friday
Jan 640 Mar
Range since Jan. 1.
530 580 51,000 22e
Omar Oil& Gas,oom_--1 540
Last Week's Range for
Week ending June 13.
6% May
114 Apr
Week.
Orient 011 & Gas_ r
1
555
4
534 . 6,900
ofPrices.
Sale.
155 Apr
255 May
Low.
134 1% 34,500
Osage Nation Oil Synd-r-1
High.
Par. Price. Low. High. Shares.
134
Stocks10,500 1131 Feb 17% Apr
10 1434
1434 16
Pennok 011_ r
6% Jan
9% 1034 20,700
834 Feb 1031 June
1234 May Pittsb-Texas 0 & 0_r__-5 1031
034 10% 7,300
AetnaExplosives_r(nopar)
934 Juno
May Producers & Ref _r
834 June
1,000 51 June *65
8% 934 51,500
51
51
10
855
Air Reduction_r _.(no par) 51
Jan
80,000 60 June 63 June Queen 011_ r
12c 140 19,000 120 June 30o
63
1
Allied Packers com_r w 1(t) 6234 60
May
0
135 Apr Rangeburnett 011_ r
1
Apr
X Juno
135 1,500
1
1
55 22,200
Amer Chem Prod_r
X
Apr 4751 June Ranger-Homer 011_r _ _ ._1 7-16
1,400 34
45
46
55 28,200 23o Mar 1% May
Am Malt & Grain_r___(t) 45
51
A June
255 May
May 10% June Ranger 011_r
1
37,500
1
1
Anglo-Am Com'l Corp_ r(t) 1834 18% 19% 4,700 18
X
Mar 2355 June
6
855 June 1054 June Rickard Texas Co_ r
5 1955 1655 1934 4,800
9
854 934 18,100
Brit
-Am Chem com_r_ _10
Apr
May Rock Oil_ r
100
5,300 22 June '28
24
22
% 22,565 420 Mar 2
Brit
-Am Tob ord bear_ _ _l1 22
%
7% May
2% Apr
555 655 64,000
May Ryan Petroleum_ r
1
2,600 21% June 28
5%
El 21% 2134 22
Ordinary
134 June
131 2,300
1
June
434 Mar 15% May Sailler Oil& Gas r
1
1
11% 21,000
1
(t) 10
9%
Chalmers Mot Corp.r.
Mar 62 May
Feb 40% May Salt Crk Producers_r.
_..25 60% 57% 61% 50,500 38
Cities eery Bankers aha_(t) 38% 38% 3955 5,600 35
7
Jan
951 May
500
Apr Sapulpa Refining _r
5 June 16
5
8% 8%
5
734 6,200
Claiborne Sc Annap Ferry5
A May
May Sequoyah 011 & Ref
May 74
1
35 Jan
2,200 55
66
61
Consol Cigar,com_ r.._ _(t) 66
55
Pi 13,900
May Sinclair Cons Oil r w L___ 50
49
42,500 44% May 53 Juno
100 85 June 99
53
85
100
85
Preferred.r
Jan (1434 May
8% June Sinclair Gulf Corp_r___(t) 5934 59
634 June
Continental Candy_ r
62% 19,200 22
6X
65/ 7% 15,500
7 May
6,800
234 Apr
6% 7
South Oil & Transp_r_ _10
Cramp (Wm) & Sons S &
Feb 850 June
Jan 139 June Southwest 011_r
750 82
1 660
560 850 191,000 36e
130 134
100 134
Engine Bldg
4
Mar
7 May
June 14
June Southw Prod &Ref
4,300 11
0
8,800
14
554
5
-5
du Pont Chemical, pref r5 1134 11
Feb
40,600
% Mar
9% May Stanton 011_r
2
1%
225
1
1.55
134 May
751 734
Emerson Phonograph_ _5
4% Apr 21% June
May Sterling 011 & Ref _r
2055 21% 6,630
800 44. Apr 90
8055
*77
Endicott J'nson Corp r-50
Jan 1,4 June
8% Juno
9% June Texans 011 & Ref _r
955
1 13-16 11-16 135 32,770 110
8% 955 p,700
Excello Tire & Rubber.r_10
55 June
134 May
7,250
55
1
1
May Texas Nat Petrol.r
200 5434 Mar 65
63
65
25
1
PI
Fairbanks & Co_r
8% June
6,700
7 May
7%
715
Farrell(Wm)& Son,Inc(t) 5655 56
61% 34,900 55 May 62 June Texas Prod & Refg _ r---5
Apr 39
4%
Apr
5% May
Apr Texas-Ranger Prod& R r 1
2
4
34
25 34
3534 3,000 29
53.4 86,000
Fisk Rubber Co _r
154 May
X
1
22,900
100 118 June 118 June Texas Steer oll-r
34 May
1
118 118
34
Gen Amer Tank Car r (t) 118
(155 Juno
June Tex-Ken 011 Corp
4X
5
455 5% 8,300
454 June
5,800 39% Jan 77
*69 *75
General Asphalt com _ r 100 70
May
1
9-16 Apr 13-16 Juno Tenon 011 & Land_r
50,000
X June
1
Pi
Grape Ola common
1 13-16 11-16 13-16 3,100
2
251 June
134 May
1% 234 30,200
1 M 1 5-16 5,300 1 1-16 Apr 1 5-16 June Texyork Producing_r___ _1
Preferred
1 1 3-16
3 June
8
May TO State 0& It
43 Mar
,
1
2
2 June
100
1
655 635
Hall Switch & Signal.r_100
234 10,300
3% May United Tex Petrol_ r
1 62c
580 640 83,000 580 June 640 Juno
155 • Jan
500
255 3
Havana Tobacco corn r 100
Jan
755
600
0 June
034 Apr
3
7
7 May Valverde Oil ProP-r---(t)
700
100
555 6
Preferred r
14% 1654 13,500 14% May 1634 Juno
9% May Ventura Cons Oil
6 May
6%
655 7% 24,800
Hoyden Chemical r(no par)
Apr
6
le
255
23-1 211 8,300
2% Jan
4% Jan 10% May Victoria 011_r
8% 9% 25,400
9
Hupp Motor Car Corp_10
1% May
X May
1,600 1434 Feb 1751 Feb Virkytex 011 & Gas-r___1 15-16 15-16 1% 6,800
15
16
Imperial Tob of GB & IrEl 16
6% June 10% May
655 8
9,000
May West States 011 & L new _r
22,200 1031 Jan 35
IntercOntInental Rubb_100 2534 2555 30
1%May
Apr 41
13,900
% June
Mar "Y" Oil& Gas_ r
35
35
200 35
1 13-16 13-16 1
Internat Products.r
Mar
620 2435 Mar 28
26
27
Mining Stocks.
100 26
Jones Bros Tea r
34o Apr
8e May
Jan 34% Apr Adelphla M & MA'
1 2Sc
270 300 16,100
2,200 19
32
30
Libby, McNeil & Libbyri0 30
2
June
75,650 310 May
May. Alaska-13rit Col Metals_ _1 1 15-16
2,100 2755 Feb *56
155 2
53
52
Lima Locom com_ r _ _ _100 *52
45 May 15-16 June
X 15-16 53,400
May 3455 Juno Alaska Mines Corp
3435 11,300 30
1 13-16
Manhat Shirt com w 1_ _25 33% 31
1
June
X May
800
X
4
Jan
531 May Alaska Zinc & Copper-r_ _1
14,000
4% 5
5
54
55
Marconi Wirel Tel of Arn_5
154 Juno
155 1 1-16 131 3,400 660 Mar
200 7334 June 78 Juno Allied Gold_r
1
7435 7434
Mexican Investment r_ _10
155 June
1
May
Feb 14
1%
Apr Amer Hood Min Corp w IA
7
151
151 6,300
Morris (Phillp)& Co_ _ _ _10 114 1151 1251 26,000
% 1,900 54 May 13{,, Feb
Mar 40 May
4,800 24
1
y,
36 *38
America Mines r
Nat Anlline&CII.com.r.100 36
55 Mar
A Mar
7-16 7-16 5,000
June Am Tin & Tungsten_ r_ _ A
Jan 81
4,400 47
81
77
National Ice & Coal_r_100 77
Apr 820 May
1 62c
56c 700 11,350 36o
3% Apr '634 May Arizona Butter
500
3% 3%
New Mex & Ariz Land r..1
155 May
May 60 May Arizona Silver.r
1
% 9-16 11-16 27,200 9-16 June
6,200 50
60
54
N Y Savold Tire r (no par) 58
4e
1
40
30
7,000
30 June 6540 Mar
Apr Atlanta Mines
Jan 47
400 25
43
45
N Y Shipbldg_ _ _ _ (no par)
May 1 5-16 May
131 1 3-10 1 5-16 3,000
1
2% Jan
5% 634 39,600
634
734 Apr Atiantic Ores az Ref
No Am Puip&Pap_(no par)
9-16 Juno
500
430 550 55,100 7-16 June
44,100 28 June 33 June Belcher-Divide_r
33
20 3155 28
Ohio Savold _ r
7-16 Juno
300 June
7-16 43,000
33c
300
May 13eicher Extension_r
May 69
800 03
66
68
Pacific Devel Corp_r-50
A Mar 15-16 Jan
Apr 65 Juno Big Ledge Copper Co--__5 9-16
2,400 52
61
65
% 8,150
A
Pacific Gas & El corn r_100 65
Apr
80 Juno 360
90
8o 955c 4,500
1
2951 14,300 28 June 31 'May Booth r
(Mart1n)Cor WI r.(t) 2834 28
Parry
3,500 42o Feb 780 Apr
750 770
331 Feb Boston az Montana Dev 5
141 Jan
1
3
1,900
351
3
Pearson Coal_r
Jan 4141c June
380 40o 17,300 270
Jan 40% June Caledonia Mining
1 390
38
4054 9,600 18
Peerless Tr & Mot Corp_50
5-16 Juno
A Jan
1% Apr Calumet &Jerome Cop.r_l
34 7-16 3,600
Perfection Tire az Rubb r 1 1 1-16 1 1-16 I 3-16 30,000 • 34 Feb
2% Feb
3,300 *41% Apr 82 May Canada Copper Co Ltd .6113-16 111 115-16 5,400 1 5-16 Jan
76
72
Rem'ton Typew com_r 100 72
Jan 2 3-16 Juno
1% 2 3-16 177,000 520
I
Ayr 64 May Candalarla Sliver_ r
23,500 24
60
1%
Savold Tire Corp _r _ - _25 5655 55
2% May
134 June
30,200
151
155 2
650 29% Apr 44(4 May Cascade Shy M & M.r _ _1
38
35
Stand'd Gas dc Eleo corn r 50 35
Feb 15340 Mar
5o
8% June
70 9550 11,500
400
8c
1
855 June Cash Boy
855 8%
5
855
Steel Alloys Corp_ r
331 Apr
534 May
434
4
4% 20,400
Feb 18
Apr Cerbat Silver (new)_r_ _1
18;900 10
18
Submar Boat Corp v to- 5 1631 16
Feb 1 9-16 Jan
1
5 1 3-16 1 3-10 1 5-16 6,200
3,400 40% Jan 6555 Mar Consol Ariz Smeiting
Swift Internat'l_r
15 5655 5534 58
7 June
35,000
654
5
7
434 Feb
100 25 June 25 June Consol Copper Mines
6
25
25
Tobacco Prod Exports (t)
4,000
8c June
00 Juno
90
1
8e
74
2,000 6034 Feb 74 June Consol Mayflower_r
71
Union Carbide & Carb r (t) 71
331 Juno
434
3% 4% 11,700
5% Jan
900 333% Jan 55
Juno Cresson Con Gold M & M 1
50
55
United Motors_r__(no par)
260 320 15,600 260 Juno 420 May
May Crown Croesus L Gold _r- 280
7-16 Jan
3
2% 251 2 15-16 56,500
United Profit Sharing_ _25o
% May
55
55 9,000 200 May
1
United Retail St's w I r (t) 7851 7335 8134 38,800 7334 June 81% Juno Denbigh Mines_r
6,500 120 June 28c May
200 3-16 120 210
2
Mar
3
3% 38,000
5% Jan Divide Charter_r
10
3%
U Steamehip
5% May
155 Mar
4% 4% 11,600
_ _1
200 3555 May 46% May El Salvador Silver M. .1 .
38
37
Waltham Watch com_r 100
234 May
151 Feb
1%
1% 1% 9,800
1,000 42% May 52
May Eureka Croesus Min Co.rl
50
100 48
47
Warren Bros..r
815 May
5 May
6% 2,500
5
6
4% Apr Flagg Tunnel Mc
3% May
334 315 • 2,500
5
3%
Wayne Coal
Jan 85o
2,600 600
Feb
750 800
1 800
2,500 15% June 1855 May Florence Bilver_r
Weber & Heilbr, com_r.(t) 15% 153% 16%
550 700 29,800 210 Feb 000 May
Juno Fortuna Consolidated_ r-1 600
X 5,000 3-16 Mar
%
World Film Corp v t c__ -5
%
12,200
3
Fob
654 Feb
334 4
5
Feb
May Gadsden r
3
7
15,700
551, 6
Wright-Martin Airo r-(t)
234 Feb
4% May
3%
3
3% 11,625
Golden Gate Explor_r _ _ _5
Rights.
7,200 15o May 240
Jan
180 200
10 190
651 Juno Goldfield Consol
5 May
534 6% 2,800
531
British-American Tobacco..
15o June
14o 150 23,200 140 Juno
10c 150
June Goldfield Devel_ r
June 15
6,000 11
11
15
Tobacco Prod Exports..
134
1
1
,51.
X
THE CHRONICLE
JUNE 14 1919.1
Mining (Concluded)
Sales
Friday
Last Week's Range for
Week.
Said.
of Prices.
Price. Low. High Shares.
Range stria Jan. 1.
Low.
High.
2425
-The Guaranty Trust Co. of New York has been appointed transfer
agent of the capital stock of the Continental Candy Corporation.
-William R. Compton Co., 14 Wall St., this city, have issued a Juno
circular of municipal bonds, yielding from 4.35% to 5.00%.
June
June 15
14
8c1 May
4eZ May
Apr
1%
Apr
79c
For New York City Banks and Trust Companies usually given here,
15/4 May see page 2411.
410
Jan
44e , Apr
150 May
For New York City Realty and Surety Companies usually given
Apr here, see page 2411.
150 June 470
6% Juno
43-44 Jan
Feb
Apr 440
300
16c Mar
100 Apr
150 June 300 May
% May
15e
Apr
All bond prices are "and interest" except where marked "f."
40o Apr
12e June
30o Mar
Sc Feb
36o May
24c June
RR. Equipmente-Pern.Basis.
Standard Oil Stocks Per Sharle
1% May
34e Mar
5.75 5.50
Par Bid.'Ask. Baltimore & Ohio 435s
May
220 Feb
Buff Roch & Pittsburgh 434a 5.85 5.45
Anglo-American 011 new- £1, 2314 24
Feb .3854 Juno
25
5.85 5.45
Equipment 40
100 1360 M385
Refining
.620 May 760 May Atlantic
5.85 5.45
Equipment 6s
100, 490 1510
EA May 2%
Apr Borne-Scryrnser Co
5.90 5.60
50,.101 1103 Canadian Pacific 434s
Buckeye Pipe Line Co_
3% June
Apr
2
. 5 .5
100 300 120 Caro Clinchfield & Ohio 55.... 6 2 5 75
new
65c May Chesebrough Mfg
450
Jan
100 600 625 Central of Georgia 4 Wi
Continental 011
25e
Apr 53e May
5.00 5.50
Chesapeake & Ohio
Co_ _ _ 50 .34 36
Apr Crescent Pipe Line
47o
28o
Feb
5.90 5.50
Equipment 5s
100 210 220
Line
4% May Cumberland Pipe
M Mar
7.00 6.00
Line Co_ _ _ _100 170 175 Chicago & Alton 43%s
100 June
25o
Apr Eureka Pipe 011 corn.
7.00 6 00
112 116
Equipment 5s
..100
150
500 May Galena-Stgnal
Apr
100 115 130 Chicago & Eastern 111 534s_ _ 7.00 6.00
Preferred old
15
8% Jan
May
6.25 5.75
105 110 Chic Ind & Loulsv 43%s
Preferred new
Jan
17e
Apr 480
5.85 5.35
100 173 178
Chic St Louis & N 0 be
Illinois Pipe Lino
3% May Indiana Pipe Line Co__
3
Jan
5.65 5.25
50 100 104 Chicago & N W 43.4*
% June 2% Juno International Petroleum_ £1 .
6.37 5.75
28 29 Chicago RI & Pao 434s
1% Jan
3% Jan National Transit Co_ _ _12.50 *2212 2312
6.37 5.75
Equipment 5s
June
5 May New York Transit Co
%
2212 2312 Colorado & Southern bs
1
.
8 50 5 75
.
lleZ Apr 19eZ May Northern Pipe Line Co _100 110 115 Erie Is
6.35 5.75
28o May Ohio 011 Co
160 Juno
6.35 5.75
25.370 374
Equipment 494*
May
26
1354 Feb
5.87 5.40
Hocking Valley 4129
25 *66 70
Penn-Mex Fuel Co
1% Juno
May
1
5.87 5.40
100 730 750
Equipment 5s
Oil & Gas
.1% May Prairie Pipe Line
13-32 Feb
5.65 5.30
100 295 300 Illinois Central 5s
37o Mar Prairie
Apr
210
5.65 5.30
Equipment 434s
100 380 390
Solar Refining
X, May
3-6 Jan
.75
55.570 5..
6..370 5
Kanawha & Michigan 43%s
Southern Pipe Line Co __100 168 173
34c May
140 Mar
Louisville & Nashville Cs__ .
100 315 320
Penn 011
56o Juno South
50e June
Michigan Central 5s
Southwest Pa Pipe Linea_100 x105 110
Apr
470
15c June
5.87 5.60
272 276
Equipment 6s
4 May Standard 011 (California).100 770 790
2 9-16 Jan
5.70 5.35
Minn St P&SSM 4 Ms__
.12e Apr Standard Oil (Indiana) 100 600 615
554c Mar
ti
M le
?,. url Kaetrri5s Texas 5a_
Standard Oil (Kansas) 100
i p an o dr
3% May
1% Jan
0
7 90 9 99
7. 9 6.00
435 450
434 May Standard Oil (Kentucky)100 540 560
Jan
2%
6.30 5.75
Mobile & Ohio bs
5% Mar Standard 011 (Nebraska).100
3 3-16 Jan
6.30 5.75
Standard 011 of New Jer_100 708 713
Equipment 45.4s
3% Juno
3% June
New York Central Linea 53_ _ 5.80 5.45
19c May Standard 011 of New Y'k.100 374 378
Jan
Cc
5.80, 5.45
100 500 520
Equipment 494e
31% Mar 40% Juno Standard Oil (Ohio)
97 103 N Y Central RR 4125
5.90 5.75
100
June Swan Jr Flnch _..
8
4% Mar
135
.5
6 2 5..25
N Y Ontario & Weer 4 74*...... 5 651 5 75
53c Juno Union Tank Line Co__ _100 133 425
7-16 June
Norfolk & Western
Vacuum 011
100 415
Apr 94e Mar
71c
5.501 5.25
10 .40 45 Pennsylvania RR 43%e
3
May Washington Oil
1
Mar
5.50 525
Equipment 4s
% June
% Juno
St Louis Iron Mt & Sou 58- 8 751 8 00
.
:
35c
Apr
Jan
100
Ordnance Stocks-Per S hare.
St Louis & San Francisco 5s_ 7.001 6.00
Jan
1% Jan
1%
6.501 6.00
63 65 Seaboard Air Line 5s
6eZ Fob Aetna Explosives pref.._100
5cZ Jan
6
6 00
4
Equipment 434e
1% June American & British Mfg_100
1 1-16 May
501.35
Preferred
100 45 5e) Southern Pacific Co 43%s.._.. 5.75 5.
145 LSO Southern Railway 434*6.00 5.60
Juno Atlas Powder common _ _100 89
May 120
110 120 340,000 105
91
6.00 5.60
100
Preferred
Equipment 5s
9,000 98% Jan 100% May
100% 100%
6.50 5.75
100 118 122 Toledo dr Ohio Central 4e.._
May Babcock & Wilcox
12,000 97% Feb 100
99% 100
350 450
Bid
-Per 85 (4t8.rs•
Tobacco Stocks
Jan Miss (E W) Co common_ 50• Bo
25,000 92% Mar 96
95% 96
.
75
Par
Preferred
50
99% 99% 18,000 98% June 99% Juno
170 180
pre can Ctgar common_100 135 140
Am erlferred
98% 99% 15,000 98% June 99% May Canada Fdys & Forgings_100 107 112
....100
Jan 104% Mar Carbon Steel common.
10,000 103
103 103
0
9
0 95
9 9
0 8
9
Amer Machine & Fdry__ 10
let preferred
100 100
May
98% Juno
98% 98% 40,000 93
23
British-Amer Tobao ord__£1 .21
2d preferred
100 70 75
Mar 97% Apr
97
97% 52,000 96
23 14
0
£1 .5 225
Ordinary, bearer
8934 90 217,000 83% May
9254 Feb Colt's Patent Fire Arms
25 .52 55 Conley Foil
MfgA20( 120/ 10,000 1201 June 11144 Feb
80 100
Johnson Tin Foil & Met_2(9) 2
Feb 101% Juno duPont(E I) de Nemours
10131 10134 98,000 99
ac e n r rod
kfprAfedr ews & Forbes.._100 190 200
100 295 305
& Co common
Jan
5434 62 191,000 48
72
Fob
100 9212 9412
Debenture stock
40
48
May 65
53 112,000
Feb
9 199
9
00 9
Reynolds(R J) Tobacco_19 310 325 •
100 47 405 5
100 75 77
May
1,000 97
99% 99%
99% Jan Eastern Steel
B common stock
Empire Steel & Iron com_100 27 30
100 111 114
Preferred
100 67 72
Preferred
2,500 07% June 9754 Juno
97% 97%
A dividend 'clip
100 227 235
Hercules Powder com
98
0 101
B dividend scrip
100 106 110
Preferred
Listed as a prospect. I Listed on the Stook
• Odd lots. t No par value.
lgs 125 150
Young (J 5) Co
Niles-Bement-Pond com _100 115 118
Exchange this Week, where additional transactions will be found. o New atock.
110
Preferred
100 9612 100
Preferred
UnlIeted. to When issued. z Ex-dividend. y Ex-rights. 2 Ex-etock dividend.
•
100 240 260
Phelps-Dodge Corp
Dollars per 1.000 lire. flat.
001810053
410 425
Short Term Notes-Per C:nf.
&evil' Manufacturing__ _100
4
993 100
25 30
Amer Cot 01158 1919 _
50 .
Thomas Iron
7% notes Sept 1919
100
Winchester Co corn
Amer Tel & Tel Cs 1924_F&. 100 10018
100
CURRENT NOTICES
1st preferred
8
8
Balt° & Ohio 5s 1919_ __J&J 995 997
100 44 48
Woodward Iron
8
85 Canarilms Pao 6s 1924.M&S 2 101 1013
Preferred
-Messrs. Blodget & Co. of Boston and Now York wish to announce that
s
Del & Hudson 55 1920__F&A 991s 993
4
Fed Sugar Rfg 56 1920__J&J 983 9912
J. Ernest Allen is now associated with their New York office at 34 Pine
General Elee 6s 1920_ _ _ _J&J 10014 10012
Public Utilities
Street. Mr. Allen has formerly been connected with Merrill, Lynch &
s
6% notes (2-yr) 1919.J&D 1001s 1003
Gas & Eleo eons__ 60 173 175
Company, and with Kean, Taylor & Company. During the past two years Amer
Great North be 1920_ _ _hf&S 9912 9938
50
Preferred
103655
71
613487700
*47 43 4 K C Term Ry 494s 1021_J&J .96 97
he has been engaged in Liberty Loan work.
Amer Lt k Trao com_100 277701 90430
s
5s Nov 15 1923__M&N 15 100121007
100
Preferred
-Henry L. Doherty & Co., 60 Wall St., this city, amo advertising the Amer Power & Lt corn__ _100
Liggett&MyersTob6s'21J&D 10014110012
s
N Y Cent 5s 1919...M&S 15 995s 997
particulars of their now issue of $25,000,000 Empire Gas & Fuel Co. Bond100
Preferred
Secured Sinking Fund Convertible 6% notes, duo Juno 15 1924, elsewhere Amer Public Utilities cons100 35 40 Penn Co 414s 1921...J&D 15 9714 9712
s
Pub Set Corp NJ 7s '22.M&S 97 973
100
Preferred
in the "Chronicle." A full description of this offering, which was over- Carolina Pow&Light corn 100 382 385 Southern fly es 1022 w 1 M&S 99 9914
43 47
subscribed, appears in the advertisement.
Swift&Co Os 1921 WI F&A 15 10012 10034
Cities Service Co com_ _ _100
Utah Sec Corp 6s'22.M&S 15 9112 93
,. -100
Preferred
-Having sold over three-quarters of the issue at 97M and int., yielding
Colorado Power com____100
25
99 02
7.35%, Potter Brothers & Co., 5 Nassau St., this city, are offering the balIndustrial
100 25 108
Preferred
and Miscellaneous
ance of $5,000,000 West India Sugar Finance Corporation Secured Sinking Conew'th Pow Ry & Lt_ _100
100 235 240
American Braes
100
Preferred
bonds duo June 15 1929,subject to prior sale. See the advertiseFund 7%
American Chicle corn.. _....100 105 109
Eleo Bond & Share pref _ _100
ment for details.
14
1
41
9922
100 82 84
Preferred
Federal Light & Traction.100 d626 9351
50
American Hardware.........100 144 146
100
Preferred
-All the stock having been sold, Wm. A. Read & Co., Estabrook & Co.
Amer Typefoundere com_1W 44 47
Great West Pow Is 1946_J&J 87 90
100 88 92
Preferred
and Parkinson & Burr are jointly advertising in the "Chronicle" as a matter
Mississippi Riv Pow corn. 100
11
Borden's Coed Milk com_100 107 109
100 45 15
Preferred
of record only their offering of $15,000,000 Fisk Rubber Co. 7% Cumula100 98 100
Preferred
First Mtge 55 1951__..J&J
tive First Preferred stock. Price 100 and accrued dividend, yielding 7%.
79 21
25.1700 1800
.61 63
Northern Ohio nee Corp_(t) 020 85 Carib Syndicate Ltd
IN, 135 140
Celluloid company
100
-At 9934 and int., $25,000,000 Swedish Government 20
-year 6% bonds,
Preferred
Columbia Graphoph Mfg (t).375 380
Pow com_100
duo June 15 1939, were offered to the investment public by a syndicate of North'n States
74
100 95 96
90 75
Preferred
100 72 91
Preferred
43
houses headed by the National City Co. of this city. An advertisement North Texas Eleo Co corn 100 75 60 Freeport Texas Co(t)
50
3
l00
Havana Tobacco Co
100
'
giving all the investment features appears in this issue of the "Chronicle."
Preferred
512 6
100
Preferred
Pacific Gas & Eieo com 100
-Counselman & Co., investment bankers, Chicago, announce the elecg be June 1 1922 J-D f45 55
let
100
let preferred
28
tion of Edward G. Cowdery, Chairman of their board of directors. Mr. Puget 84 Tr L & P corn 100
Intercontinen Rubb corn_100 26
862
100 160
815 26
100 6771 69 Internet Banking Co
Cowdery has been many years President of the Peoples Gas Light & Coke
Preferred
21
100
8
10
Internatlonal Salt
Republic fly & Light__ 100 5
Co., Chicago, which office he has recently resigned.
A-0 71
7212
let gold 5s 1951
10
Preferred
-Columbia Trust Company has been appointed Registrar of the capital South Calif Edison com_ A00 0
7
0 90 International Silver prof _100 89 _ _ _ _
8
Lehigh Valley Coal Sales_ 50 .8712 90
100
Preferred
stock of the Invincible 011 Corp., amounting to $14,000,000 par value;
Otis Elevator common......10O 85 00
shares $50 par each, and trustee of a $4,900,000 6% Serial Secured Note Standard Gas & El (Del)_ 50 :4412 -48
93-5
100 88 92
Preferred
50 3
Preferred
Issue of the same company.
Remington Typewriter
Tennessee fly L & P corn. 100
5
100 72 73
3
Common
Preferred
100 19 21
Prorzheimer & Co., 25 Broad St., this city, are advertising
-Carl II.
100 94 96
let preferred
Gas & Elec Corp_100
the securities of Producers & Refiners Corporation. The firm have issued Unitedpreferred
100 95 97
24 25
20 preferred
let
a descriptive circular and will mail it to interested inquirers.
8 Royal Baking Pow corn..J00 135 145
5
• 100
preferred
2,1
100, 96 99
49 51
Preferred
-F. W.Seymour, formerly with ICnauth, Nachod & Kuhno, has become United I.t & Rys corn-. _100
Singer Man ufacturing. 100' 200 210
100
let preferred
associated with Paine, Webber & Co. in their bond department, 25 Broad
100 1840 1880
5
4 Texas;Pac Coal ,k 011
72 7
Western Power common _100 23 2
W'houseChurehKerr&Co 100 60 63
St., this city.
100 72 74
Preferred
100r 80 85
Preferred
-The Corporation Trust Co. has been appointed transfer agent of the
also pays accrued dividend. a New stock.
• Per share. 0 Basis. 0 Purchaser
stock of the British-American Chemical Corp. and Alsen's Cement Co. of
z Ex-dividend. y Ex-rights. (t) Without par value.
Flat price. a Nominal
America.
1
Goldfield Divide_ r
43%c
1
Goldfield Merger _r
1
Gold Zone Divide_r
1%
Hamilton M & SA_r____1
10c
Harinill Dlyide_r
16e
Hru3brouek Divider
25c
Heel& Mining
1
Jim Butler_r
lie
1
Jumbo Extension
10c 210
Knox Divide_ r
5
La Rose Mines Ltd
150
Liberty Bell Divide_r___1
1 le
1
Lone Star Coned r
30e
MacNamara Creso Min.r_l
85c
MacNamara Mining __r 1
1
31
Magma Chief _r
5
Magma Copper
Mammoth Divider_ _ _10c
7-10
1
Mangan M of Am_ r
3%
5
Mason Valley
McKinley-Darragh-Sav 1 64c
1
Mecca Divider
1 42c
Mother Lode_ r
48%
50c
Nat Tin Corp_r
15c
10c
Nevada Divide r
Mining_rlOc 370
Nevada Ophir
5 113%
Niplasing Mines
23e
1
Nixon Nevada
33%
Onondago Mines Corp_r_l
1
Potts Canyon r
5
Ray Hercules Min_ r
1
Red Warrior
130
Rex Consolidated Min___1
180
1
Royal Divide_ r
(no par) 243%
Seneca Copp Corp1
13%
Silver Dollar Mr
Silver King of Arizona_ _ _1 1 1-16
250
1
Sliver King Divide_ r
Vs
Standard Silver-Lead._ 1
28c
1
Stewart
Sunburst Cons Mines r 1
150
Sutherland Divide_ r
35%
Tonopah Belmont Dev_r 1
73%c
Tonopah Divide r
1 2 11-16
Tonopah Extension
1
Tonopah Mining
1
United Eastern
35%
United Mines of Mexico__
U 9 Continental Mines_r 1 143%c
United Verde Ext_r__ _50c
73%
5
Unity Gold Mines
43e
Victory Divide_ r
Washington Gold Quartz_l
West End Consolidated-5
1
West Tree Mines
19c
White Caps Mining___10e
151
White Knob Cop, pi, AO
6c
1
Wilbert Mining
154
Wilson Silver Mines_ r _1
BondsAmer-SUmat Tob 10-yr 7s 114
Am T & V 6%notee r1924
Anaconda Cop Min 6s r'29
Braden Cop Mines 6s r '31
Canada (Dons of) 58_1919 093%
Central of Ga Ry es_ _1929 99
-Federal Farm Loan 53
Hocking Valley es
Illinois Central 530_1934 973%
1921 90
Interboro R T 70
Italian Govt 5s of 1918_
N Y Telephone es__ _ _1949'
Russian Govt (11550_r_1919 543%
1921 48
514e_r
St Paul Un Dep 534s_ _1923
West India Sugar Finance
1929
Corp s f 7s
22,500
14
15
454e 4%c 1,000
87e 930 11,000
1% 17-16 2,500
8,100
1513 20o
150 180 12,700
5% 5% 3,405
2,400
350 30e
5,000
lie
12c
160 290 183,800
5,300
34
5-16
12e
16c 25,000
Co
12c 46,000
200 32c 73,200
73e 92c 177,000
63,700
%
2,760
36 .38%
700
60e 60c
%
% 16,400
335 3% 2,850
600 64e 24,500
2,600
25c 25c
410 440 10,400
4
4% 11,800
10c
15c 22,000
19,800
350 400
10,500
11% 12
20e 250 59,500
1,600
3
3%
2,200
% 1
800
2% 2%
5,660
%
1,000
130 13o
170 220 45,000
23
25% 11,200
1
1% 17,300
134 80,000
1
24o 280 61,800
% 3,300
5-16
27o 300 22,700
50e 56e 35,700
15o
190 31,000
200
3% 3%
7550 8%c 10,350
2% 2 13-16 5,050
950
334 3%
4% 4% 3,475
354 3% 31,500
15,700
140 15c
2,000
40
40%
15,600
7% 8
40e 500 34,500
6,200
72e 730
19-10 1 15-16 9,075
270 5-16 35,700
22c 13,700
18e
300
1%
1%
1,000
Co
Co
9,200
1%
135
Quotations for Sundry Securities
[VOL. 108.
THE CHRONICLE
2426
inoestment and 'Aztikarma intelliffente.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
Jun. 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
6,868,821 7,562,394 27,471,548 27,033,321
731,216 Missouri Pacific.._..April
892,231
Alabama & Vicksb_ April
220,273 193,730
778,694
April
218,920 226,954 1,023,397
4th wk May 104,213
Ann Arbor
75,654 1,585,964 1,217,034 Monongahela
645,000
661,131
99,349 193,809
Atch Topeka & S Fe April
12818623 12837 146 50,910,056 46.607,274 Monongahela Conn_ April
305,849
321,652
94,870
April
111,366
Gulf Colo & S Fe.. April
1,515,299 1,476,489 5,778,536 6,156,217 Montour
1,599,324 1,605,967 6,016,176 5,822,680
Panhandle & S Fe April
413,998 1,498,919 1,555,635 1,916,158 Nashv Chatt & St L April
91,840
104,625
6,373
7,249
Atlanta Birm & Atl_ April
390,530 332,046 1,559,145 1,381,836 Nevada-Cal-Oregon 1st wk June
809,956
535,235
110,529 207,496
705,560 Nevada Northern April
901,414
Atlanta & West Pt_ April
222,411 197,903
292,172
553,448
92.873
151,303
810,370 Newburgh & Sou Sh April
April
Atlantic City
297,128 271,507 1,072,417
652,313
717,766
190,609 167.432
Atlantic Coast Line_ April
6,312.477 4,397,989 22,960,934 17,659,674 New Orl Great Nor_ April
517.100 503.175 1,995,532 1,922,185
Baltimore & Ohio April
13301 950 12699042 50.199,190 41,214,284 New Orb & Nor East April
754,259
558,753
151,570 186,192
480,476 N 0 Texas & Mex April
472,125
B & 0 Ch Term.._ April
120,878 156,545
536,707
436,071
129,005 149,761
Beaum S L & W April
Bangor & Aroostook April
460,631 445.928 1,810,366 1,497,729
411,371 295,901 1,583,177 1,241,931
St L Browns & M April
25,641
29,836
7,096
Bellefonte Central_ _ April
6,952
22701 274 22305437 91,467,178 77,455.747
Belt Ry of Chicago.. April
961.095 1,122,300 New York Central.,_ April
256.398 353.149
453,335 429,840 1,973,116 1,491.712
Ind Harbor Belt_ April
Bessemer & L Erie_ April
916,421 861,950 2,866,924 2,523,965
West April
706,788 745,549 2,939,754 2,638,613
Lake Erie &
997,341
442,076
Bingham & Garfield April
86,929 270,789
Michigan Central April
5,757,070 5,619,384 22,521,264 18,767,091
460,395
227,319
58,224 114,586
Birmingham South.. April
5,279.820 5,235.390 20,725,110 18,234,906
&
Cloy 0 0 St L.. April
5,549,897 20,320,399 18,714,085
April
Boston & Maine_
5.484,928
753,791
919,266
266,079 227.427
Cincinnati North.. April
Buff Roch & Pittsb_ 1st wkJune 215,160 395,999 5,620.870 7,354,013
1,963,786 2,501,947 9,545,589 8,676,493
Pitts & Lake Erie April
743,640
666,808
ir
Buffalo & Susq _ _ April
150,309 158,050
591,208 666,811 2,306,615 2,396,271
Tol & Ohio Cent.. April
Nat ys_ 1st wk June 1,328,547 1,417.767 35,328,274 30,013,133
Canadian
351,594 414,594
Kanawha & Mich April
Can Pac Lines in Me April
347,612 307,551 1,310.816 1.036,218
1.960,898 1,776,928 8,075,660 5,549,892
Canadian Pacific_ _ 1st wkJune 2,957,000 2,846,000 64,784,000 61,031,000 N Y Chic & St Louis April
8,118,783 7.776,823 30,062.653 27,228,592
Caro Clinch & Ohio.. April
446,073 347,195 1,796.087 1,360,052 NYNH& Hartf April
725,652 795,627 2,712,267 2,978.203
Central of Georgia April
1,774,179 1,653,298 6,717,673 6,616,804 N Y One & Western April
314,571 325,289 1,189,621 1,160,098
Central RR of N J.._ April
3,482.129 3,339,617 13,174,502 11,610.765 N Y Susq & West April
6,189,619 6,036,030 23,966,345 21,670,719
Cent New England.. April
466,901 486,746 1,879,659 1,714,247 Norfolk & Western.. April
April
511,269 467,274 2,018,237 1,729,328
Central Vermont...... April
448,729 449,031 1,645,303 1,421,309 Norfolk Southern
368.388
405,880
99,831
80,692
897,122 Northern Alabama.. April
Charleston & W Car April
279,548 224,883 1,042,996
7,747,573 7,307,304 29,949,640 27,219,923
Ches & Ohio Lines April
5.438,226 5,329,613 21.538,164 18,294,934 Northern Pacific.._ April
354,878
361,175
90,279
96,009
Minn & Internat.. April
April
Chicago & Alton
1,980,677 1,818,207 7.136.255 6,364,730
454,439 394,486 1,583,349 1,419,585
Chic Burl & Quincy_ April
11161 011 11666499 44,566,854 40,879,322 Northwest'n Pacific April
337,343
329,074
110,265 113,530
Chicago & East Ill_ April
1,828,764 1,949,151 7,455,375 6,977,061 Oahu Ry & Land Co March
April
430,266 442.109 1,708,162 2,037,779
1,585.432 1,523,525 6,429,861 5,590,766 Pacific Coast
Chicago Great West April
28413269 26986146 112453769 91,465,885
Chic Ind & Louisv April
952,838 834,668 3,529,240 2,788,740 Pennsylvania RR April
.180
399,070
124,813 107,611
Bait Ches & Atl Aprill
981.536
Chicago Junction.... April
240,050 289,815 1,063,735
419,957 428,139 1.707,607 1,376,971
Cumberland Vall_ April
Chic Milw & St Paul April
11967299 10193964 44,149,524 35,312,650
April
1,985,636 1,575,166 6,560,633 5,207,267
Long Island
Chic & North West_ April
9.840,279 9,172,082 38,734,266 32,457,919
192,417
348,333
81.307
103.993
Mary'd Del & Va.. April
663,720
496,282
Chic Peoria & St L.. April
135,427 186,046
639,208 551,030 2,453,860 1,770,711
N Y Phila & Nor.. April
Chic R I & Pacific April
8,272,617 8,058,052 31,882,242 29.066,103
463,287
525,871
140,271 118,543
Tol Poor & West_ April
Chic R I & Gulf_ April
377,268 367,009 1,463,458 1.418,505
832,378 634,985 3,020,359 2,265,164
W Jersey & Seash April
Chic St P M & Om_ April
2.031,349 1,846,629 8,295,824 7,087,716
8,068,486 6,854,361 29,497,421 22,178,978
Chic Terre H & S E April
287,355 333,242 1,257,461 1,209,703 Pennsylvania Co.._ April
608,911 580,875 2,239,364 1,961.344
Grand Rap & Ind April
987,554
886.064
Cinc Ind & Western April
225,971 238,523
7,813,282 6,662,298 28,754,044 22.973.681
Pitts 00 & St L.. April
Cin N 0 & Tex Pac_ April
1,435,788 1.233,329 5,572,445 4,062.865
414,694
387,189
94,190 121,339
Colo & Southern...... 4th wkMay 663.047 530,736 9,749,551 8,154,921 Peoria & Pekin Un_ April
April
2,690,532 2,323,348 9,982,717 7.409,109
Ft W & Den City April
824,231 593,019 3,262,740 2,442,910 Pere Marquette..
247,488
326,769
66,513
April
92,277
Perkiomen
379,497
405,108
Trin & Brazos Val April
95,342 119,894
469,597
299,931
52,597 112.670
345,147 Phila Beth & N E.._ April
Colo & Wyoming...._ April
379,510
94,537
88,885
April
5.471,389 6,603,074 20.656,423 21,641.853
April
Cuba Railroad
1,274,864 1,214,240 4,889.697 4,844,142 Phila & Reading
384,378
343,090
97,755
84,474
Delaware & Hudson April
2,557,678 2,602,939 10,193,225 9,236.403 Pittsb & Shawmut April
451,086
329,639
96,170
86,770
Del Lack & West.._ April
5,450,194 5,217,570 21,810,350 18,663,530 Pitts Shaw & North April
540,121
421,172
100,236 158,537
Deny & Rio Grande April
2,236,386 2,332,559 9,140,272 9,054,592 Pittsb & West Va.._ April
626,110
823,313
April
224,555
233,938
420,273 Port Reading
662,554
Denver & Salt Lake April
191,430 124,396
330,333
336,858
85,023
91,260
435,750 Quincy Om & K C.... April
452,983
Detroit & Mackinac April
109,266 135,470
564,882 424,953 2,616,254 1,631,721
682.678 Rich Fred & Potom_ April
Detroit Tol & Iront_ April
284,417 236,915 1,199,332
938,083
309,100 260,667 1,470,576
Wash Southern April
614,741
735,293
Det & Tol Shore L.. April
154,179 180,570
April
402,152 398,715 1,387,496 1,356,101
524,830 Rutland
893,400
Dul & Iron Range April
516,227 198,470
885,542
861,290
205.945 231,387
769,104 St Jos & Grand Isl'd April
Dul Missabe & Nor_ April
1,130,206 303,914 1,728,324
April
5,855,857 5,455,252 23,370,322 19,275,623
-San Fran
Dul Sou Shore & Atl 2d wk May
96,868 1.465,937 1.358,041 St Louis
96,115
366,849
423,653
82,404
Ft W & Rio Gran April
101,078
561.746
691,266
Duluth Winn & Pac April
151,593 146,924
538,153
412,689
St L-S F of Texas April
113,289 148,888
312,259
361,238
East St Louis Conn_ April
88,586
92,205
989,182 1,216,473 3,998,853 4,379,913
Elgin Joliet & East.. April
1,631.494 1,537,247 7,269,485 4,887,790 St Louis Southwest_ April
429.321 482,929 1.856,896 2,238,279
St L 5 W of Texas April
4,180,821 4,970,563
El Paso & So West_ April
1,051,950 1,268,398
319,394
320,302
86,292
April
70,823
April
Erie Railroad
6.801.844 6,525,179 26,531,361 22,092,892 St Louis Transfer
295,758 343,646 1,280,674 1,413,766
805,622 919,073 3,241,785 2,896,012 San Ant & AranPass April
Chicago & Erie.... April
3,359,084 3,047,549 13,766,771 11,375,151
Seaboard Air Line April
Florida East Coast April
834,315 1,011,473 3,800,106 3,590,711
470,753
444,133
April
62,444 168,252
334,568 South Buffalo
363.690
90,494
Fonda Johns & Glov April
102,313
12469790 11306731 48,931,942 43,413,473
415,913 Southern Pacific.._.. April
468,504
92,267
Ft Smith & Western April
120,802
April
374,465 1,248,132 1,472,095
235,920
341,011 • Arizona Eastern_
264.199
Galveston Wharf_ _ April
69,274 101,363
Galv Harris & S A April
1,600,060 1,767,908 6,567.383 6,814,070
Georgia Railroad_ _ _ April
528,309 461,326 2,093,614 1,798,696
661,959 652,510 2,612,536 2,823,007
bus & Tex Cent April
338,912
334,278
April •
68,661
Georgia &
80,726
666,200
728,103
178,401 170,760
Hous E & W Tex_ April
697,129
506,759 212,325 1.530,971
Or Trk L in New E.. April
318.814 " 355,589 1,229,231 1,343,850
Louisiana West'n. April
Grcnd Trunk Syst 1st wkJune 1,119,297 1,012,481 25,752,744 19,922,229
546,759 712,960 3,328,904 2,580,900
Morg La & Texas April
Grand Trunk Ry_ 3d wk May 1,214,465 1,167,270 22,887,342 17,402,025
663,418 628,599 2,411,342 2,353,972
Texas & New Orl_ April
Grand Trk West_ April
1,736.048 1,552,240 6,392,656 4,605,647
10110423 10019882 39,214.317 34,606,580
Great North System April
7,370,704 6,691,071 29,866,890 24,168,936 Southern Railway April
828,982 711,857 3.188,631 2,497,722
Ala Great South.. April
731,497
768.432
Gulf Mobile & Nor_ April
194.790 179,215
1.214,250 1,279,924 4,735.674 4,287,433
Mobile Sc Ohio_ .._ April
784,097 I
721.685
Gulf & Ship Island.. April
182,473 194,599
350,551 313,833 1,496.427 1,114,504
Georgia Sou & Fla April
Hocking Valley___ _ April
765,559 792,899 2,216,569 3,003,674 1
441,475
551,464
131,637 100,752
South Ry in Miss_ April
8,015.774 8,484,010 32.772,806 30,911,071
Illinois Central___ _ April
301.001
280,764
89,346
74,963
1,092,233 1,060,747 4,260,564 4,252,550 Spokane Internatl April
Internat & Grt Nor_ April
557,583 589,319 2,227,347 2,426,041
& Seattle April
395,928 Spok Portl
350,051
Kan City Mex & Or April
97,766
123,633
394.109
660.534
188,371 146.111
406.665 Staten Island R T.._ April
319.709
K C Mex &0 of Tex April
81,986 100,416
45,433
50,411
2,746
1,916
Kansas City South.. April
1,147,678 1,261,312 4,658,510 4,777,743 Tenn Ala & Georgia 4th wkMay
719,493
874,058
228,577 247,575
396,592 Tennessee Central.._ April
436,887
Texark & Ft Sm. April
121,408 104,291
290,913 295,301 1,171,523 1,125,932
358,848 Term RR Assn ofStL April
410,656
90,165
Kansas City Term.... April
101.355
861,791 1.011,664
206,100 292,172
St L Mer Bdge T_ April
650,418
759,317
Lehigh & Hud River April
181,098 187,516
968,738 Texas & Pacific_ _ 4th wkMay 916.684 658,261 13.211,949 9,694,921
938,433
Lehigh & New Eng.. April
286,881 286,378
618,991 683,273 2,256,714 2,216,054
April
Lehigh Valley
5.105,030 4,700.621 18,548,829 15,894.371 Toledo St L & West April
241,584
288,826
75,885
98,452
Los Ang & Salt Lake April
1,507,112 1,159,488 5,544,089 4,263,977 Ulster & Delaware April
April
8,171,586 6.903,147 32,783,685 25,150,287
590,610 Union Pacific
688,084
172,223 152,984
Louisiana & Arkan_ April
2,823,799 2.624,452 11,077,218 9,644,988
Oregon Short Line April
965,350
Louisiana Ry & Nay April
280,050 255,761 1,135,916
2,049,454 2,085,195 8,307,165 7,139,603
Ore-Wash RR & N April
Louisville & Nashv_ April
8,600,941 7,269,436 33,606,503 28.084.314
612,679 530,181 2,382,459 1,584.893
815.478 Union RR (Penn) April
914,396
Louisv Hend & St L April
228,212 212,786
392,975
355,200
91,407
April
64,379
April
Maine Central
1,385,944 1.319,669 5,412,745 4,327,870 Utah
814,244
239,839 195,591 1,028,271
Vicks Shreve & Pac_ April
181.374
Midland Terminal_ March
70.635
April
680,346 903,584 2,922.214 3,150,696
April
Midland Valley
307,301 302,490 1,235,612 1,067,127 Virginian RR
April
3.880,977 3,656,296 14,449,064 12,207,347
403.055 Wabash RR
352,209
2d wk May
Mineral Range..
18.617
13.738
1,124.868 1,084,656 4,378,019 4.149,512
Minneap & St Louis April
1,007,539 959,774 3,810,739 3.631,046 Western Maryland.. April
830,825 858,621 3,191,941 3,224,159
Minn St P & S SM.. April
3,131,747 2,544,320 12.131,329 9.079,973 Western Pacific_ _ _ _ April
741,626
885,329
235,873 201,883
382,720 Western By of Ala April
309,674
75,353 168,372
Mississippi Central.. April
962,184 955,100 3,046,637 3,205,288
Missouri Kan & Tex April
2,565,830 2,688,870 10,103,488 9,425,870 Wheel & Lake Erie.. April
336,561
574.663
79,561
150,178
Mo K & T Ry ofTex April
1,944,485 1,420,210 7,257,424 5.905,235 Wich Falls & N W April
1.798,195 1,681,233 7,336,040 6.569,363
464,347 Yazoo & Miss Valley April
481,187
Mo & North Arkan_ April
117,918 122,731
602,387
April
Mo Okla & Gulf
399,049
101.505 142,696
-Weekly and Monthly.
AGGREGATE OF GROSS EARNINGS
*Weekly Summaries.
Current
Year.
$
ad week Mar (14 roads)...._ 6.728,645
4th week Mar (14 roads)........ 10,785.495
1st week Apr 112 roads)____ 6.747,704
2d week Apr 14 roads)..___ 6.950,228
3d week April 14 roadl____ 7,045,346
4th week April 14 roads _-_- 9,503.940
1st week May 12 roads ___ - 6,839,092
2d week May (13 roads)..___ 6,719,582
3d week May 2 roads)____ 7,361,232
4th week May 12 roads) __ 10,811,279
1st week June 8 roads)_ ___ 5,627,253
• We no longer include Mexican roads in
Previous
Year.
Increase or
Decrease.
%I
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Curr.Yr. Prev.Yr.
Mileage.
V0.303 219.294 363.165.528 323,163.161 +40.002,412 12.38
+507,852 8.16 June
6.220,793
231.700 230.570 463.684.172 316.022,857 +117661315 34.00
+1,239,592 12.99 July
9,545,903
230.743 230.015 498.269.356 362,509.561 +135759,795 37.4e
4-144,951 2.20 I August
6,602,753
+130,843 1.891 September_232.186 232.378 487.140,781 357.772,850 +129367.931 36.16
6,819,385
+172,657 2.51 ! October _230.184 230,576 484.824,750 377,867,933 +106956.817 28.30
6,872,689
+31,182 0.33 November _ _232.274 232.259 438,602.283 3513.438,875 +82,163.408 23.06
9.472,758
+167,988 2.52 December 232.774 232.399 438,365,327 335.607,571 +102757756 30.62
6,671,104
+148,287 2.25 January _.._232.655 233,199 395,552,020 284.131,201 111420.819 39.22
6,571,295
+549,454 8,06 February _ _ _232.957 233,266 351,048,747 289,392,150 61,656.597 21.31
6,811,778
226.086 225,631 375.772,750 365,096,335 10,676,415 2.90
9,505,652 +1,305,627 13.74 March
232.708 233,251 388.697,894 370,710,999 +17,986,895 4.86
-51.367 0.90 April
5,678,620
any of our totals.
t
THE CHRONICLE
JUNE 14 1919.]
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
June. The table covers 8 roads and shows .90% deof
crease in the aggregate over the same week last year.
First week June.
1919.
I
1918.
Increase. Decrease.
$
1
$
Buffalo Rochester & Pittsburgh
395,999
215,160
Canadian National Rys
1.328,5471 1,417,767
Canadian Pacific
2,957,000 2,846,000
Grand Trunk of Canada
Grand Trunk Western
1,119,297 1,012,481
Detroit Grand Haven & Mil
Canada Atlantic
Nevada-California-Oregon
6,373
7,249
Total (8 roads)
Net decrease (0.90%)
5,627,253 5,678,620
3
180,839
89,220
111,000
106,816
876
218,692
270,059
51,367
In the table which follows we sum up separately the earnings for the fourth week of May. The table covers 12 roads
and shows 13.74% increase in the aggregate over the same
week last year.
Fourth week of May.
1919.
1
1918.
Increase. Decrease.
$
3
3
75,654
28,559
Ann Arbor
104,213
510,602
Buffalo Rochester & Pittsburgh
392,267
Canadian National Rys
2,477,484 2.180,725 296,759
Canadian Pacific
4,505,000 4,035,000 470,000
Colorado & Southern
663,047
530,736 132,311
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hay & Milw_
1,746,105 1,507,723 238,382
Canada Atlantic
358
4,205
Nevada-California-Oregon
4,563
2,746
Tennessee Alabama & Georgia
1,916
658.261 258,423
Texas & Pacific
916,684
10,811,279 9,505,652 1,424,792
1,305,627
Total (12 roads)
Net increase (13.74%)
118,335
830
119,165
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
Earnings
-
-Gross Earnings--Net
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
_Apr*1.100,800 *945,600 *155,300 *136,200
Grand Trk Ry of Can_
*3,978,300 *2,886,200 *117,200*def177,500
Jan 1 to Apr 30
51,546
46,647
Apr 430,266
442,109
Pacific Coast Co _ a
621,325
864,302
4,615,022 5,139,440
July 1 to Apr 30
Roads.
a Net earnings here given are after deducting taxes.
* Given in Pounds sterling.
Fixed
Net after
Gross
Charges.
Taxes.
Earnings.
771
101
6,952
Bellefonte Central Apr '19
1,334
'18
210
7,096
R. R. Co.
4 mos '19
1,833
578
29,836
'18
1,275
840
25,641
Fired
Gross
Gross
Net after
Other
Earnings. Taxes.
Income.
Income. Charges.
$
$
$
$
Cuba Railroad Co
442,347
103,469
472,013
29,666
April '19 1,274,864
494,107
105,004
495,102
995
'18 1,214,240
142,044 2,616,548 1,064,685
10 mos '19 9,856,122 2,474,504
12,955 3,037,350 1,058,165
'18 9,395,658 3,024,395
Balance,
Surplus.
670
1,124
1,255
435
Balance,
Surplus.
368,644
390,098
1,551,863
1,979,185
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Name of Road
or Company.
Latest Gross Earnings.
Month.
Adirondack ElPow Co April
Alabama Power Co.._ April
hAmer Pow & Lt Co_ March
Atlantic Shore Ry--- April
Aurora Elgin & Chic_ April
Bangor By & Electric March
Baton Rouge Elec Co April
Blackstone V G & El- April
hBrazilian Trac, L&P April
Brock & Plym St By.. April
gBklyn Rap Tran Sys February
Cape Breton Elec Co_ April
Cent Miss V El Pro.. March
Chattanooga Ry & t March
Cities Service Co..___ April
Cleve Painesv & East March
gOolumbia Gas & Elec April
Columbus (Oa) El Co April
Colum (0) Ry,P & L February
Com'w'th P, By & Lt April
Connecticut Power Co April
Consum Pow (Mich).. April
jCumb Co(Me)P&L March
Dayton Power & Lt.. April
April
gDetrolt Edison
gDetroit United Lines April
Duluth-Superior Tree April
East St Louis & Sub.. March
Eastern Texas Elec April
g El Paso Electric Co_ April
Fall River Gas Works April
Federal Light & Trac_ March
Ft Worth Pow & Lt_.. April
Galv-Hous Elec Co April
g Georgia L P & Rye.. March
Grand Rapids By Co December
g Great West Pow Sys April
Harrisburg Railways. February
Havana El By L & P March
Honolulu R 'I' & Land April
Houghton Co El L Co April
Houghton Co Trac Co April
b Hudson & Manhat_ February
April
b Illinois Traction
1 Interboro Rap Tran. April
Jacksonville Trac Co_ April
Keokuk Electric Co_ April
Key West Electric Co Aipril
Lake Shore Elec By.... March
Lewist Aug & Watery January
Long Island Electric.. February
Anril
T..iiiville Rallwav
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
$
133,574 135,730
554,027
592,758
854.445
220.581 221,901
945,774
1254,755 1042,088 3,976.376 3,315,645
10.832 14.285
46,414
45.487
192,792 156,937
594,018
756,377
83,717 76,107
221,368
248,153
27,371 20,816
82,515
114,492
816,655729,472
191,619
,
19208000 f8330000 D5032,000f31576,000
30,239
12,312
40,820
7,510
2501,320 2217,085 5,191.787 4,553,488
154.914
184,534
46.456 37.674
79,269
31,213 25,239
99.524
334,586
146,116 151,533
422,326
1807,255 1885,750 7,375,948 7,742,035
49,159 42,253
118,422
140,961
998,633 968,613 4,380,074 4,436.906
100,249 94,224
404,018
395.858
184,661 169,202
376,587
346,111
2007,033 1721,352 8,266.582 6797,711
93,750 76,807
411.438
311.781
642.774 501,724 2,647,316 2.014,185
617,639
202,919 245,270
687.913
233.823 188,901
997,604
771,858
1285,047 1090,297 5,440,966 4,650,805
1869,536 1452,698 7,165,767 5,798,604
611,736
159,522 136.176
557,098
369,786 328,221 1,074,587
938.972
109,134 89,318
430,076
341,645
600,795
428,432
124.652 102,665
221,739
51.861 56,172
215,537
332,464 300,898
995,404
901.783
422,211
94,981 103,921
442,852
965,509
247,481 205,083
796,679
118,256 102,295
351,572
300,774
117,656 117,238 1,278,348 1,303,860
409,682 342,208 1,650,418 1,388,197
260,482
124,004 89,857
189,661
657,255 642,110 2,086.769 1,904,191
237,782
224.821
60,770 54,030
145,677
35,535 32.094
141.745
24,629 25.901
104,017
113,803
590,372 527.636 1,249.337 1,090,552
1340,440 1162,496 5,559,704 4,774,093
4015,037 3539.667 15.322,035 14,014.669
342,324
284,790
85.353 74,330
99,391
24,213 20.193
81,396
76,566
56,563
18,245 14,698
551.678
185,807 164,940
447.657
78,070
78,070 47,120
47.120
29,596
28,645
14,406 13,984
m9.:15n 209a14 1 n01 103 1.130.133
2427
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
Lowell Electric Corp_ April
79,260 66.631
338.5371 263,021
Manhat Bdge 3c Line February
11.375 10,401
24,110
21,151
NIvh
1158,790 903,596 4,769,882 3,752,286
a Milw El Ry & Lt Co April
267,284 218,584
Nashville By & Light
802,594
622.033
New England Power_ April
289,848 242,565 1,226,016 1,013,443
Newp N&H Ry,G&E April
203,401 156,294
820,662
565,171
34,795 26,887
N Y & Long Island__ February
75.080
53,415
10,659
N Y & North Shore__ February
8,269
21,441
17,264
71,953 60,783
N Y & Queens Co.._.. February
150.641
124,563
917,583 830,359 1,879.847 1.695.736
New York Railways.. February
20,120 17,678
Northampton Tree__ April
83,732
70,688
723,398 584,711 2,805.110 2,265,401
Northern Ohio Elec__ April
259,595 267,914 1,011,607 1,054.751
North Texas Electric.. April
6,577
13,853
5.762
Ocean Electric (L I)_ February
11,032
168.319 145.298
Pacific Power & Light April
650,032
577,670
42,936 35,008
Pensacola Electric Co April
189,321
144,415
April
57,529 45,805
Phila & Western
213,369
177.094
160,923 130.661
Portland Gas & Coke April
705,790
532,983
736,167 621.145 2,126,625 1,788,513
Port(Ore)Ry,L&PCo. March
92,562 83.186
Porto Rico Railways.. February
182,600
165.307
Richmond Lt & RR_ February
36,236 29.655
73,608
58.986
St L Rocky Mt & Pea March
282,074 414.118
968.467 1,264.463
Santiago El Lt & Tr_ _ April
242.326, 215,085
62,292 53,219
Savannah Electric Co April
115,287 92.580
433,6451 365,529
Second Avenue (Bee) February
115,057
105.267
55,262 50,872
Southern Boulevard.. February
34.321
16,382 14,212
29,506
Southern Cal Edison.. April
789,823 642.051 3,036.957 2.547.722
Staten Isld Midland_ February
41,879
20.634 17.895
36,217
Tampa Electric Co.._ April
98,579 84,863
412,869
351,346
Tennessee Power..
March
208,594 169,357
k Tenn By,Lt & P Co March
547.641 478,528 1,642.410 1.361,477
Texas Power & Lt Co April
259,377 230,127 1.131,252 1.025,602
Third Avenue System.. April
904,862 823.119 3,338,867 3.087.734
DDEB&B RR February
48,079 32,843
90.125
68,050
42dStM&StNA By February
129,320 111.590
259,815
232,532
Union RyCo YG) February
(N
195,718 182,099
407.500
378.958
Yonkers Railroad.. February
64,197 57.301
132,884
118,660
N Y City Inter By February
51.625 50,755
107.446
105,988
Belt Line By
February
43,176 43,979
88.516
89.978
Third Avenue_ _ .._ February
300,833 295,230
622.949
618.734
Twin City Rap Tran_ April
882,221 776,967 3,500,725 3,234.358
Virginia Ry & Power_ March
737,307 647.821 2,151.046 1,872,137
Wash Balt& Annap March
181,524 193,140
568,890
529,881
Westchester Electric_ February
87,239
79,445
42,300 38,285
York Railways
February
227.451
189,070
109,479 91,542
Youngstown & Ohio_ March
110.224
95.992
• 38,798 35,409
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
f Earnings given in mitres. g Includes constituent or subsidiary companies.
h Subsidiary companies only. j Lewiston Augusta & Waterville Street By.
earnings, expenses, &c., not included in 1919. k Includes Tennessee By.,
Light & Power Co.. the Nashville By. & Light Co., the Tennessee Power
Co. and the Chattanooga By. & Light Co. lzIncludes both elevated and
subway lines.
Electric Railway and Other Public Utility Net Earnings.
-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges...and surplus reported this week:
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Ps
$
$
:
II $
Bell Telep Co of Pa_b___Apr 1,945,271 1,223,646
369,793
401,108
Jan 1 to Apr 30
7.657,991 4,795,989 1,108,234 1.159.148
Brazil Ti', L & P, Ltd__Apr c9,208,000 c8,330,000 c5,096,000 c4.091,000
c35,032,000c31,576,000c18,256,000c15,277,000
Jan 1 to April 30
365,000
145,416
113,444
Iowa Telephone Co_b_Apr 441,691
1.710,606 1.418,952
527,172
426,756
Jan 1 to Apr 30
N Y Telephone Co_b___Apr 5,870,726 5,299,689 1,979,245 1,697,180
Jan 1 to Apr 30
22,679,307 20.851,477 7,322.176 6,806,633
343,964
Ohio State Telep Co_b__Apr 380,586
144,013
151,406
1.500,090 1,354,479
540,407
Jan 1 to Apr 30
559,682
62,292
Santiago Elec Lt & Tr_Apr
53,219
24,969
21,390
Jan 1 to Apr 30
242,326
215,085
95,987
85,389
RE
Companies.
b Net earnings here given are before deducting taxes.
c Given in milreis.
Gross
Net after
Fixed
Balance,
Surplus.
Earnings.
Taxes.
Charges.
$
42.816
38,402
4.414
192.792
Aurora Elgin & Chic Apr '19
35,892 def17.839
18,053
156.937
'18
RR Co
126.651
155.230 def28.579
4 mos '19
756,377
47,303
143,292 def95,989
594,018
'18
134,297
,85
29,062
13,793
May '19
Ke
irone Telep
134,339
55.850
28,616
27,234
'18
654,197
216,518
145,771
70,747
5 mos '19
289,257
673,365
146,242'
143,015
'18
The United Gas & Electric Corporation.
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Char. Surplus.
$
$
$
30,682
5,873
Citizens Gas & Fuel A.pr '19
9,511
3,638
26,132
3.693
7.636
11,329
Co (Terre Haute,Ind.)'18
44,046
74,280
12 mos '19
324,389
118,326
4 798
45,771
92 886
:
'18
303,995
138,657
13,047
Apr '19
49,159
17,845
Colorado Springs
def194
44,832
12.459
12,265
(Colo) L, H & P Co '18
82,638
12 mos '19
616,305
235,185
152.547
'18
582,088
205,921
149,516
5d,405
6ef19
2,566
137
345
def208
Columbia (Pa) Gas Apr '19
2,316
338
'18
Co
6,119
388
4,152
38,153
2,036
12 mos '19
33,141
3,932
6,646
2.714
'18
110,872
34,324
7,636
26,688
Conestoga Traction Apr '19
96,458
'18
36,758
27,302
9,456
Co (Lancaster, Pa)
401,024
322,447
78,577
12 mos '19 1.282,165
'18 1,218,670
500.756
325,079
175,677
46,692
Consumers Elec Lt Apr '19
14,360
7,392
6,968
31,581
14,539
6,829
7,710
& Pow Co (New Or- '18
12 mos '19
474,492
leans, La)
136,042
82,801
53,241
'18
81.166
376,351
90,501
171,667
10 471
0 74
:5
33,721
Edison Electric Co Apr '19
75,784
23 250
20 3
:17
(Lancaster, Pa)
29,747
62,883
'18
378,293
121,284
12 mos '19
850.509
257.009
332,994
111,758
744.695
'18
221,236
38.610
127.770
Elmira(NY)Water, Apr '19
20,753
17.857
38,496
116,673
20,321
Light & RR Co
'18
18,175
458,182
12 mos '19 1,462,928
248,992
209,190
467,585
'18 1,286.757
238,276
229.309
91,547
34,659
Harrisburg (Pa) Lt Apr '19
16,370
18,289
81,830
32,347
'18
15,869
16.478
& Power Co
410,275
193.633
12 mos '19 1,054,891
216,642
941,953
'18
407,200
175,600
231,600
64,703
Houston (Tex) Gas Apr '19
13.461
53.409
15,222
6,0 6
7 0
62
'18
833 0
6 9
,2
5
& Fuel Co
715,926
137,219
83,445
12 mos '19
53.774
'18
621,652
224,168
82,009
142,159
2,278
130
731
Houston Hgts (Tax) Apr '19
1. 01
60
24
2,605
1,334
Water & Light Assn '18
29,670
12,266
1,60
53
1
it.c,,
kAada
12 mos '19
10,706
31.916
Ala ,,,g,, '18
16,499
1,556
14,943
[VOL. 108.
THE CHRONICLE
2428
Apr '19
Internat'l System
'18
(Buffalo, N Y)
12 mos '19
'18
Lancaster (Pa) Gas Apr '19
'18
Light & Fuel Co
12 mos '19
'18
Leavenworth (Kan) Apr '19
'18
L, H & Pow Co
12 mos '19
'18
Lockport(NY) Lt, Apr '19
'18
Heat & Power Co
12 mos '19
'18
Richmond (Ind) Lt, Apr '19
'18
Heat & Power Co
12 mos '19
'18
Union Gas & Elec Apr '19
Co (Bloomington, Ill) '18
12 mos '19
'18
TheWilkes-Barre Co Apr '19
'18
(Wilkes-Barre, Pa)
12 mos '19
'18
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
176,641 def90,628
86,013
734,490
155,507 def25,006
130,501
623,865
7,982,010 1,097.730 2,331,066df1,233,336
426,199
8.002,048 2,386,401 1,960,202
4,182
2,261
6,443
24,225
5,471
2,215
7,686
21,832
54,352
26,185
81,537
308,133
50,041
25,732
75,773
252,040
2,305
3.837
6,142
26,364
def207
2,884
2,677
23,443
15,462
37,157
52,619
285,516
34,608 def10,191
24,417
248,242
2.340
7,038
9,378
40.845
7,024 def2,478
4,546
39,222
38,206
82,688
120,894
460,754
1,051
79,069
80,084
402,847
def899
5,747
4,848
17,039
898
4,593
5,491
19,105
55,752 def8,204
47,548
168,873
2,674
55,928
58,602
184.703
2,565
3,556
6,121
19,782
38
3,443
3,481
15,897
30,744
42,635
73,379
225,509
3,969
42,950
46,919
188,910
20,938
21,400
42,338
96,542
7,427
21,532
28,959
76,431
166,320
258,455
424.775
1,053,772
106,189
248.871
355,060
869,554
FINANCIAL REPORTS.
-An index to annual reports of steam
Financial Reports.
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
May 31. The next will appear in that of June 28.
Atchison Topeka & Santa Fe Railway Co.
(24th Annual Report-Year ending Dec. 31 1918.)
The remarks of President Edward P. Ripley, together with
the income account, comparative balance sheet and various
statistical tables, will be found on pages 2344 to 2347 of
last week's "Chronicle." The report was reprinted in the
"Chronicle" to include the comparative balance sheet
-V. 108, p. 2118, 377.
omitted from the previous issue.
Missouri Pacific Railroad Co.
(2d Annual Report-Year ending Dec. 31 1918.)
la The report of President Harry Bronner will be cited fully
another week.
The company's contract with the U. S. RR. Administration has not yet been signed, the "standard return" as fixed
-S.
by the I. C. Commission being regarded by the directors
and officers as inadequate and not a just compensation for
the use of the property by the Government.
This being the case, the company compiles the following comparative
statement showing (1) the operating results as reported for the year 1918
by the U. S. RR. Administration and (2) its own experimental income
account for 1918 embracing:(a) the inadequate standard return both as an
income item (as rental for lease of road) and as a deduction to the full
amount, merely to have the item in the record; (b) the following items applicable to period prior to Jan. 1 1918: (aa) miscellaneous revenues,
$2,421,870;(bb) miscellaneous deductions, $2,472,531.
INCOME ACCOUNT FOR CALENDAR YEARS (SEE TEXT).
1916.
1917.
1918.
(1) Operating Results (Federal Data in 1918).
7,437
7,325
7,221
Average mileage operated
Operating Revenues
$63,486,625 $57,504,651 $52,622,444
Freight
19,535,391 14,912,673 12,031,982
Passenger
1,696,655
1,605,883
1,587,908
Mail
1,674,819
1.972,156
2,148,760
Express
1,212,435
1,309,498
1,458,667
Miscellaneous
715,813
991,548
1,343,846
Incidental
18.663
23,906
51,200
Joint facility
ggo 612,397 $78,320,313 $69,972,812
Total operating revenues
Operating Expenses
Maintenance of way and structures.. 514,632,086 $10,945,534 $12,271,479
18,577,824 12,448,601 14,010,096
Maintenance of equipment
1,734,745
1,691,349
1,071,352
Traffic
36,522,014 26,326.277 21,725,162
Transportation-rail line
213,774
275,442
370,832
Miscellaneous operations
1,578,952
1,708,652
2,136,230
General
Cr.78,600 Cr.147,817 Cr.191,812
Transportation for Investment
$73,231,738 $53,248,038 $51,342,397
Total operating expenses
516,380,659 525,072,275 $18,630,415
Net revenue
3,249,649 4,220,700 3,068,780
Railway tax accruals
34,983
22,612
17,984
Uncollectible revenues
$13,113,026 $20,828,963 $15,526,653
Operating income
(2) Corporate Income (See text above).
rating Income
Non-Ope
372,785
325,980
329.174
Rent for equipment
453,109
455,734
409,193
Joint facility rent income
14,206,814
Standard return (see remarks)
154,776
218,351
197,250
Income from funded securities
168,375
125,864
113,129
Income from unfunded securities..
130,320
131,885
140,948
Miscellaneous rent income
83,284
104,135
109,819
Misc. non-oper. physical property
41,064
55,261
Miscellaneous income (see remarks).... 2 472,593
20,764
73,098
80,853
Dividend income
$18,059,803 $1,470,914 $1,443,872
-Total non-operating income
$31,172,829 $22,299,877 $16,970,525
Gross income
Deduct
$657,912
$119,063
$616,015
-debit balance
Hire of freight cars
181,455
200,930
219,107
Rent for equipment
1,346,993
1,342,031
1.357,067
Joint facility rents
14,206,814
Standard return (see remarks)
222,812
202,024
129,047
Miscellaneous rents
72,031
19,267
22,664
Miscellaneous tax accruals
10,080,326 11,055,028 13,349,749
on funded debt
Interest
344,960
50,403
83,093
Interest on unfunded debt
97,472
51,469
2,553,918
Miscellaneous (see remarks)
Total deductions
Net income
-V. 108. p. 1937.
$29,284,845 $13,334,774 $16,011,517
$959,008
$1,887,984 $8,965,104
Illinois Traction Co., Champaign, Ill.
(15th Annual Report-Year ended Dec. 31 1918.)
The report, signed by Pres. Wm. B. McKinley, Champaign, Ill., and Vice-President Executive H. E. Chubbock,
Peoria, Ill., is cited at length on subsequent pages of this
issue of the "Chronicle."
The list of cities served remains substantially as given last year in V. 106.
p. 2443,2456,except that East Galesburg, Ill., is now shown as served with
electric light and power, and Princeton, Ill. (street railway) and East
Brooklyn, Ill. (electric light and power) are omitted.
RESULTS OF SUBSIDIARY COMPANIES FOR CALENDAR YEARS.
1915.
1916.
1917.
1918.
$4,740,079 $4,609,896 $3,993,836 $3,559,028
Interurban lines
2,871,035
3,351,256 3,198,056 3,110,811
City lines
905,703
923,642
1,035,169
1,282,104
Gas
3,689,852 3,325,411
4,887,743 4,295,501
Electric
317,580
341,380
383,092
412,779
Heat
14,216
14,476
15,152
15,636
Water
195,022
492,450
504,004
571,405
Miscellaneous
Total gross earnings_ _315,261,003 $14,040.870 $12,566,447 $11,187,995
Operating exp.& taxes._ 10,966,998 9,149,176 7.489,797 6,657,569
$4,294,005 $4,8e1,694 $5,076,650 $4,530,426
Netfrom operating
3,603,417 3,268,607
3,125,759 3,082,121
Interest on bonds,&c_
403,611
505,565
650,704
611.159
Depreciation
54,396
65,283
82,140
92,124
Bond discount
428,130
428,130
432,750
437,370
Preferred dividend (6%)
Common dividend--- U %)92,480 (3)368,732 (3)367,584 (3)367,539
(
Balance, stir. or def__def.364.887sur.$275.246sur.3106.670 sur.$8,143
BALANCE SHEET DECEMBER 31.
1917.
1918.
1917.
1918.
$
LiabilitiesAssets
Stock of sub. cos_ _21,796,394 22,768,204 Preferred stock__ 7,289,500 7,289,500
Ady.to sub.cos.,&c 3,230,619 3,005,908 Common stock__ _12,331,000 12,331,000
4,562,000 4,562,000
374,820 Debentures
Acc'ts & notes rec.. 161,389
304,219 Accounts and notes
274,419
Stores on hand_ _
704,776
541,416
payable
38,000
204,826
Cash in bank
*1,060,346 1,726,008
122,132 Surplus
Discount on bonds 116,615
Total
25,784,262 26,613,284
Total
25,784,262 26,613,284
* After adding $153,728 miscellaneous additions to surplus and deducting
-V. 107, P.
$754,502 dividend on preferred stock-subsidiary companies.
2476.
Delaware Lackawanna 85 Western Railroad Co.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. W.H.Truesdale, N.Y., Mar. 15, wrote in substance:
-This company is one of the many
Compensation Contract Not Yet Signed.
whose contracts with the Director-General have not at this writing been
closed. There has, however, been no disagreement as to the amount due
us as annual standard return, as very early in the negotiations this was
certified to.by the Inter-State Commerce Commission, as $15,749,477.
The company has included in its accounts but 90% of its certified compensation for 1918, this amount being the limit allowed us under the Federal
Control Act until the contract is finally executed. There is no good reason
why the full amount should not ultimately be collected, as the net operating
income of the company's lines for the year 1918 was about $250,000 more
than the full amount of compensation duo the company.
-The traffic, both freight and passenger, was somewhat
Operating Results.
less than during 1917, but the revenues therefrom were much larger, the
increases aggregating 511,528,851. Those increases were due solely to the
large advance in rates ordered by the Director-General, which became effective about July 1 1918.
The increases in operating expenses were also very large, aggregating
$12,249,196. These increases were duo, in large measure, to advances in
wages granted and changes in conditions of service made by the DirectorGeneral from time to time throughout the year and which in many cases
dated back to Jan. 1 1918; also ,in part to increased cost of fuel and alt
materials and supplies used in the operation and maintenance of the railway.
Net revenue from railway operations decreased $720,344. Tax accruals
for the year increased $226,725. Net operating income decreased $959,725.
Our transportation facilities were turned over to the Government Jan. 1
1918, in first-class condition throughout and it is believed that, excepting
as respects the renewal of rail, ties and ballast and its freight-car equipment, which latter has been distributed all over the country, has been fairly
well maintained.
-The coal mining operations of the company were somewhat reCoal.
duced, owing in grea part to th scarci y of labor; also later in he year,
following the d claration of the armistice, and owing to the unusual weather
conditions, the demand for coal lessened materially, and this, together with
the influenza epidemic which prevailed, contributed appreciably to the
reduction in tonnage.
The wages of all mine employees were substantially advanced on two
occasions during the year, with the approval of the Fuel Administration.
Simultaneously therewith, the producing companies were authorized to
increase the prices of coal to the public. These price increases, however,
did not prove sufficient to reimburse the mining companies for the wage
increases plus the high cost of materials used in mining operations, as the
net results shown herein fully demonstrate.
Improvements. &c.-Tho company's coal mining department made extraordinary expenditures aggregating $1,536,996, and, owing to the scarcity
of both labor and materials, an unusual amount of improvement work had
to be carried over in an uncompleted state to the present year. When those
improvements are made it is expected substantial economies will result in
the operation of some of our largest and most important collieries.
The additions and betterments made to the company's transportation
properties during the year by the Federal Administration, with the approval
of the corporate officials, amounted to $1,458,323, the cost of same being
charged against the compensation due the company from the Federal
Administration. The expenditures or now rolling stock, together with he
cost of improvements made on old equipment, aggregated $1,383.650.
These likewise were paid by the Federal Administration and charged
against the standard compensation.
-On Dec. 31 1918 a balance of
Status of Accounts with U. S. Government.
$6,912,063, was due the company from the Government in connection with
the taking over and operating of the company's transportation facilities.
There has been paid on account of this balance since Dec. 31. $1,000,000.
-It is becoming
Return of Railway Properties to Corporate Management.
more evident every day that the shipping and traveling public are most
Insistent upon the railways being turned back to their owners as early as
possible. It is, moreover, equally certain that the sooner the owners of
the properties can secure their return, under fair and satisfactory Government regulation and control, the better off both the railway properties and
their owners will be. The plan for the protection of the roads submitted
by the committee of railway executives has been approved by a very large
number of the principal railroads of the country and it is hoped Congress
will consider the same at an early date (see this plan, V. 108, p. 129, 733).
The public does not as yet fully realize or appreciate how seriously and
permanently the transportation facilities of the country have been crippled
and their future growth stunted and restricted by what has happened_to
them since they were taken over by the Federal Government.
STATISTICS OF OPERATION.
1916.
1917,
1918.
080
980
980
31
Road operated Dec.
$6.10
$5.51
$7.58
Earn, per fr. tr. mile, all freight
$1.69
$1.85
$2.39
Earnings per pass. train mile...._
'769.62
816.39
840.20
Average train load (rev. tons)_ _
30,477,491
28,269,924
Revenue freight carried (tons)_.. 30,372,737
5,574,773,609 5,591,642,823 5,263,262,974
revenue ton miles
Net
0.72 cts.
0.75 eta.
0.90 cts.
Average revenue per ton mile.... _
Passenger Traffic
25,307,161
25,037,226
24,623,034
Passengers carried
Passengers carried one mile._.... 604,647,645 585,179,118 548,804,959
1.59 cts.
1.58sts.
1.85 eta.
Rate per passenger per mile........
JUNE 14 1019.]
THE CHRONICLE
2429
OPERATING RESULTS FOR CALENDAR YEARS.
(Transactions between companies eliminated.)
[United States data in 1918; company's in 1917 and 1916.]
9 Mos. to
March 31 Years
Dec. 31 '18. 1917-18.
1917.
1918.
1916-17.
1915-16.
1916.
• Coal
$9,636,415 $11,332,440 $9,210,148 $8,028,519
$19,009,846 $17,130,291 $14,475,244 Gross earnings
Merchandise freight
4,401,150 5,022,009 3,821,920 3,227,520
31,287,554
24,637,415
23,229,865 Operating expenses
Passengers
394,327
11,204,813
859,961
0,289,838
8,674,863 Taxes
272,073
77,527
Mail, express and miscellaneous
5,350,714
4,702,720
4,200,004
Incidental
Net earnings
$4,840,938 $5,450,470 $5,116,156 $4,623,473
1,887,149
1,450,960
1,000,923
Divs,and int. received.._ 1,439,384 2,030,163 2,405,997 2,192.968
Total operating expenses___ _ $68,740,076 $57,211,224 $51,580,899 Rents
238
650
693
608
Maintenance of way, &c
$5,552,541
220,173
$4,514,994
693,275
$4,819,787 Interest,discount,Sm.__
424,192
464,471
Maintenance of equipment
13,337,602
8,929,440
7,616,684
Traffic expenses
Total income
$6,500,734 $8,174,558 $7,947,038 $7,281,520
664,087
948,918
915,301
Transportation expenses
Deduct
28,613,367
21,712,092
17,167,743
General
1,219,107
$16,126
1,094,996
$22,047
1,054,746 Paid leased companies
$23,086
$22.566
Miscellaneous operations
500,534
547,293
1,566,979 2,131,868
406,418 Interest on bonds,&c
1,796,499
1,906,825
Transportation for investment_
Cr.24,485
Cr.8,314
862,192 1,207,583
1,215,180
Cr.39,705 Impts., extensions, &c...
802,167
Depreciation of property
310,455
282.633
153,497
163,770
Total
$49,925,685 $37,676,488 $31,940,974 Discount, taxes, &c., on
Net revenue
securities sold, &c_
$18,814,392 $19,534,736 $19,639,925
122,675
162,000
57,500
64,965
Miscellaneous int., &c
133,197
154,235
235,450
386,268
RESULTS FROM CORPORATE OPERATIONS FOR CALENDAR YEARS.
Coal Department1918.
1917.
Inc. or Dec.
Total
$3,011,624 $3,960,367 53.481.212 $3,346,561
Sales and rents
$39,824,966 $34,350,678 +55,474,288 Balance for dividends_ _ _ $3,489,110 $4,214.191 $4,465,826 $3,934,959
Expenses
30,018,421
36,191,933
+6,173,512 Div, on pref. stocks..
3357,264
$477,519
$476.644
$471,966
Adjust. of value of coal on hand
10,989
6,323
-4,666 Div.on corn.stock.._(4301.932,273(64)2898,427(7)3.005,772(6)2,363,364
Guar. div. on Con. Gas
Total
$4,321.268
$3,626,710
-$694,558
Co.pref.stock
74,076
55,557
74,076
77,576
Railroad Department
90% of certified compensation
Balance, surplus
5909,334 $1,022,053
$1,144,016
$764,170
for 1918,compared with entire
Add previous surplus_ _ _ $8,976,226 $8,209,014 $7,110,750 48,508,813
similar RR.oper. inc. for 1917 *14,174,529
16,971,381 --2,796,852 Additions to profit & loss
553,174
3,042
35,457
Other Income
Income from funded securities
$301,420
+5101.692
$403,112
Total
$10,673.416 $8,976,226 $8,055,542 $9,530,866
Dividend income
399,803
+100,112 Discount, taxes, &c., on
499,916
Income from unfund.sec.&accts.
620,156
-112,840
507,316
sale of common stock_
936,333
Miscellaneous rent income
+84,750 Decrease in book value
174,804
259,553
Miscell. non-oper. phys. prop'y
+3,217
106,855
110,072
Monong. Nat.Gas Co.
Revenue prior to Jan. 11918......
+611,301
611,301
phys.prop.reappraised
1.466.863
Miscellaneous credits
+48,262 Miscellaneous
48,262
29,451
16,920
Miscellaneous income
+356
400
757
Depletion of coal deposits
-56,979
2,182,611
2,125,631
Total, surplus
$10,643,965 $8,976,226 $8,055,542 $7.110.750
CONSOLIDATED BALANCE SHEET
Gross income
$22,367,160 $25,078,699 -$2,711,539
[Incl. the Phila. Co., Equitable Gas Co., Monongahela Natural Gas Co.,
Deductions
Rent for leased roads
-$138,304 Pittsb. & W. Va. Gas Co., Phila. Co. of W. Va. and Phila. Oil Co.]
$6,272,191
$6,133,886
(AU inter-company items eliminated.)
Interest on funded debt
6,156
6,156
Railway tax accruals
+111,230
870,431
981,661
Dec.31 '18. Mar.31 '18
Dec.31 '18. Mar.31 '18
Interest on unfunded debt
+2,101
Assets
1,503
3,604
Liabilities
Maint. of invest.
+88,096 Gas rights& leases. 1,344,654 1,344,654 Common stock... _42,943,000 42,943,000
-organization
125,939
214,035
-327,289 Oil & gas)]. rights_ 1,422,075 1,422,075 Cum.Pref.stock__ 6,763,550 6,763,550
Renewals and betterments
1,785,612
1,458,323
+715,444 Gas& oil wells........ 5,206,890 4,964,996 Non-cum. Pf. stk.. 1,442,450 1,442,450
Expenses prior to Jan. 11918......
735,444
-40,496 Compressing staMiscellaneous debits
40,496
1st M. & coll.
-606,175
606,175
tions,&e
Res. for add'l comp'n to empl's
1,944,654 2,065,387
trust 58
5,545,000 6,500,000
Dividends(20%)
8,444,080
Pipe lines
8,444,080
27,441,142 27,170,738
Cons. mtge. &
Real estate, buildcoll. trust 5s...14,814,000 15,148,000
$4,389,972
Balance, surplus
$6,926,117 -$2,536,145
ings, &c
5,472,925 5,094,100 Cony. 5% debs.11,751,000 11,751,000
Stocks & bonds of
Coll.6% notes
250,000
The amount as certified to by the Inter-State Commerce Commission
Phila. Co
3,908
100,319 do 5Y6% notes 7,000,000 7,000,000
o
is $15,749,477 annually, of which only 907 is accrued, pending the comNat'l gas cos.. _ _ 1,805,145 1,804,200 P.& W.Va.Gas Co.:
pletion of contract with the United States RR. Administration. Had the
011 companies
286,000
286,000
Coll. tr.6% bds. 750,000
900,000
full amount been accrued the comparative decrease in the surplus for
Artificial gas cos. 102,774
102,084 Affiliated cos.:
the year would have been $961,197.
El. 1. & p. cos_ _18,227,000 21,727,000 Subscriptions to
Street ry. cos.:
BALANCE SHEET DECEMBER 31.
Duq. Lt. stk.
3,500,000
Stocks
17,401,543 17,400,476
Accts. payable.._
11,504
1918.
1917.
12,484
AssetsAsset
1918.
1917.
Bonds
11,198,920 11,199,920
Accrued accts._
Investment:
146
365
$
Liabilities-$
$
Miscel. cos
15,000
10,000 Temp'y loan...... 375,000
44,203,266 43,915,445 Common stock_ 42,277,000 42,277,000
Road
425,000
Affiliated cos.:
Notes payable...... 1,300,000 1,995,350
32,205,475 31,052,877 Prem.on cap.stk.
Equipment
70,720
70,720
Notes receiv_
2,400,000 2,400,000 Accts., &c., pay_. 590,328
Fund.(It. unmat
730,885
Impts. on leased
320,000
320,000
do in treas.. _ 2,748,183 5,423,183 Consumers' adv.... 422,551
railway prop_ 12,004,103 11,010,955 Loans&bills pay.
390,767
24,000
24,000
Duq. Light Co.
Unpaid div. scrip_
1,362
Misc. phys. prop 4,212,953 3,625,792 Traffic,&c. a a e
1,709
&c., bbl pa,
y
Brunet purch
3,500,000 Accr.Bab.,not due:
Inv.in affil. cos.:
4,832 2,481,530
Temporary loans 616,501
564,001
Taxes
10,433,601 10,194,146 Accts.&wages pay 4,968,162 4,211,722
791,997
Stocks
798,408
Accts., &c., rec.. 163,937
276,158 Bond int
2,174,067 2,373,307 Misc. accts. pay. 972,197
227,117
Bonds
340,742
806,134 U.S. Liberty bonds 150,000
Int. on debs. &
1,551,483 1,501,483 Int. mat. unpaid
Notes
3,353
3,182 Cash
1,215,248
570,650
notes
216,499
413,211
Advances...-.. 2,140,382 2,092,841 Divs.mat. unp_
23,286
25,265
212,899 Other liabliimes
25,194
Other invest'ts:
Unmat.dlvs.deci. 2,111,020 2,111,020 Special deposits...... 3,219,827
847,722 Con.Gas Co. gu,
579,424
31,946
13,380
Stocks
536,593 Unmat.rents accr. 1,782,277 1,766,153 Accts., &c., receiv. 1,192,078
Material & suppl__ 1,787,063 1,468,867
Res'd for divs.
18,220,180 18,762,543 Other curt liab_
Bonds
105,843
251: 62 Unsold oil & gas__
127 4
14
32,877
47,798
on Pref. stks_
1,121
91,674
• 1,121 Deferred liabil's 25,295,913
175,090
Notes
Miscellaneous ____
10,669
Miscellaneous..
25,668
7,070,139 6,130,127 Tax liability..-._ 2,182,968 3,649,570
29,801
14,799
Advances
Unamortized debt
Contingent reserve 373,660
3,167,959 3,922,804 Ins.& cas'Ity res
469,151
Cash
698,063
616,699
discount, ace___ 408,091
610,707 Invested surplus
3,589
3,609 Accrued deprec_ 16,412,463 14,349,362
Loans & bills rec.
Other def'd accts._ 502,116
432,055 (Phila. Co. of
609,497 Oth.unadj.cred _
Traffic, &c., bal.
637,562 1,557.628
112,320
535
NV. Va.)
3,257,343 3,257,343
1,072,292 Corp. surplus__ 23,560,056 22,101,733 Sink,fund dopes__
Agts.& conduc's
Profit and loss__ _10,643,965 8,976,226
Misc. accts. rec.. 5,588,729 6,055,229 Profit and loss- 57,247,984 52,858,012 Excess book value
over par value of
227
:6
Mans & supplies 2,285,483 5,939 424
Common stocks
Deferred assets.. 32,228,036
3,054,129 3,054,129
eliminated
537,706
Unadjust. debits
677,733
178,097,608 149,500,644
Total
-V. 108, p. 208.
Total
178,697,098 149,500,644
Philadelphia Company,Pittsburgh, Pa.
(Report for Nine Months ended Dec. 31 1918.)
President J. H. Reed, Pittsburgh, Jan. 1, wrote in sub st.:
-The fiscal year having been changed to end with Dec. 31,
Results.
gross operating revenues of the company and its proprietary natural the
gas
and oil companies for the nine months ended Dec. 31 1918 amounted to
$9,636,415 an increase of $1,797,762 over the nine months in 1917.
After the payment of operating expenses, taxes, fixed charges, dividends
on the preferred stocks, depreciation, discount, &c., on securities issued,
and $862,192 for the labor cost of drilling new wells and of laying new field
lines, the balance of income was $3,076,288 (comparing with $2,364,736
in 1917), out of which dividends amounting to $1,932,273 (44%) were
paid on Common stock leaving available for corporate purposes $1,144,015.
-The companies comprising the natural gas department drilled
Gas Wells.
145 wells and purchased 5 wells during the period. Of the new wells drilled,
118 were productive of gas and 27 non-productive. There were abandoned
42 wells which had ceased to be productive; also, there were sold 3 wells,
and one well was reinstated. The total number of operative gas wells
owned or controlled by the company at this date is 1,043 [against 1,864
March 31 19181•
-There was an increase of 38 miles of transportation and wellPipe Lines.
connecting lines and 2.3 miles of distribution lines. The total amount of
pipe linos controlled by the company now is 3,454 miles, of which 1,273 miles
comprise distribution lines and 2,181 miles comprise transportation and
well-connecting lines. This does not include the 1115 miles of distribution
lines of the Allegheny Heating Co.
-The companies sold 31,062,227,400 cu. ft. of natural gas, beGas Sales.
ing a decrease of 3,017,350,100 cu.ft. as compared with 1917, with increased
receipts from that source of $1,658,596.
There has been an increase of 1,672 domestic consumers of the natural gas
supplied by the companies controlled by this company, making the
number of domestic natural gas consumers 144,948. These companiestotal
also
supply natural gas to 558 industrial consumers.
-The oil department drilled 15 wells, of which 14 were producOil Wells.
tive of oil and 1 was non-productive; 3 wells were purchased, 5 abandoned
and 2 sold, making the number of oil wells owned or controlled at this date
138, from which there was produced 83,129 bbls. of oil, being an increase of
2,659 bbls. over 1917, with an increased revenue of $47,609.
-No earnings from the electric railways are inPittsburgh Railways Co.
cluded in this report, as receivers were appointed for that company on April
23 1918 by the U. S. District Court.for the West District of Pennsylvania.
(See "Electric Railway" Section, p. 106, and news items in this issue and
also in previous issuers of the "Chronicle," V. 108, p. 2330, 2123, 1512.1
[See also separate report of subsidiary Duquesne Light Co. below.]
[For list of securities owned see "Electric Railway" Section, p. 103.1
CONSOLIDATED INCOME ACCOUNT.
[Includes the Equitable Gas Co., Pittsburgh & West Virginia Gas Co.,
Philadelphia Co. of West Va., Monongahela Natural Gas Co. and Philadelphia 011 Co., but excludes Phila. Oil Co. in 1916 and 1917.1
Total
109,373,894114,238,105 Total
109,373,894114,238,105
-The Philadelphia Co. guarantees both principal and interest of
Note.
the Union Gas Co. of McKeesport 30-year 1st M.5s of Oct. 2 1899,$210.000;Mt.Washington St. Ry.30-year 1st 5s of April 1 1903.$1.500.000: 17th
Street Incline Plane Co. 30
-year 1st M. 5s of March 1 1905, $125,000.
Allegheny Bellevue & Perryville Ry. 30-year 1st M. 58 of April 1 1905,
5500,000; Morningside Electric St. Ry. 30
-year 1st M. Sc of Oct. 2 1905.
$200,000; Ben Avon & Emsworth St. Ry. 30-year 1st M. 5s of April 1
1906, $300,000 Pittsburgh & Beaver St. Ry. 50-year 1st M. 5s of July 1
1908, $750,000; Pittsburgh & West Virginia Gas Co. collateral trust 6%
serial gold bonds of Oct. 1 1913, $750,000; Equitable Coke Co. 3
-year 5%
gold notes of Jan. 1 1917, $1,469,000; and Pittsburgh Rys. 40-yr. gen. M.
5s of Mar. 31 1913, $1,968,000.
The Philadelphia Co. has a contingent liability, as endorser, on shortterm notes issued from time to time by its affil. cos.
-V.108. p.2330.2241.
Duquesne Light Co., Pittsburgh, Pa.
(Report for Nine Months ended Dec. 31 1918.)
President James D.Callery as of Jan. 1 1919 says in subst.:
[The Philadelphia Company, which see above, owns this company's entire Common stock. $18,226,000.]
Results.
-During the past nine months the demands for power have continued unabated. The signing of the armistice has been accompanied with
a slight decrease in output but with an increase rather than a lessening inquiry from prospective power users. During the nine months the output
was 486,033,524 k.w.h., as compared with 454.319,873 k.w.h. for 1917.
The gross earnings amounted to $8,737,717, an increase of $1,664,441
over 1917. The total operating expenses and taxes were $5,407,256, as
against 35,176,263, and after the payment of operating expenses and taxes
there was left in net earnings from operation $3,330,461, as compared with
$1,897,013 for the same months in 1917.
The load factor and the maximum output of our power houses have been
unprecedentedly high, our gross earnings at the present rather low schedules
being at the rate of approximately $12,000,000 per year. The cessation of
war activities is bringing about a decrease in the demand for power at night
hours, and this decreases our load factor and gross earnings, but tends to
Increase our maximum load.
Operating expenses per unit have been reduced somewhat during the past
year chiefly as the result of the increased load factor and the higher proportionate output. Fuel costs per ton have remained substantially constant.
The quality offuel received, and consequently its rate of consumption, have,
however, slightly improved. Labor costs have increased from 25% to
30% during the year and will probably remain on a high plane for some
time to come. The power houses, sub-stations and distributing systems
have not been maintained in as high condition as we would desire, owing to
the difficulty of obtaining a sufficient number of competent men. This
situation as regards labor has improved and the property is now being rapidly brought into the best possible condition.
Additions.
-During the period there was spent $1,096,925 for additions
and extensions.
New Notes-Issue Secured by New Bonds.
-The stockholders on Aug. 5
1918 authorized the making of a mortgage upon the property to secure an
-year 5% Mortgage gold bonds dated - uly 1 1918, in the amount
issue of 25
J
2430
THE CHRONICLE
[VOL. 108.
suant to the income tax law, for depletion of mineral deposits, representing
an additional cost of 2.518c. per lb.
OPERATING RESULTS SHOWING METALLURGICAL DATA FOR
CHILE EXPLORATION CO.
734Mos.'15. Year1916. Year1917. Year1918.
Dry tons ore treated..___.____ 625,394 1,742,748 2,905,156 3,745,248
10,261
7,959
4,762
2,743
Daily average
1.64
1.76
1.74
1.71
copper in ore treated
82.17
81.81
77.15
66.87
% net copper saving
51,068
44,185
20,653
5,472
Ton copper produced
1st Quar,2d Quar. 3d Quar. 4th Quar. Year1918.
1918 by Quarters829,553 950,885 968,115 996,695 3,745,248
Dry tons ore treated
9,217
Daily average
i.64
i 264
i.58
i..76
copper in ore treated....
82.17
84.30
81.72
79.84
82.54
net copper saving
51,068
14,653
11,699
12,278
12,438
on copper produced
Data from Report of H. C Gellinger, Gen. Mgr. Chile Exploration Co..
Feb. 5 1919.
-The company's total holdings in
Mining Claims and Concessions.
Chuquicamata, Chile, under mining titles on Jan. 1 1919 were:
No. Claims. Area Hectares.
830
298
Net earnings
$3,330,461 $2,709,582 32,990,261 $2,695,151 M fling claims proper
1,861
389
Other claims
224,386
112,246
102,571
46,423
Other income
.-Only five prospect holes were drilled; total footage.
Mine Development
$3,376,884 $2,812,153 $3,102,507 $2,919,538 642 ft. Since the beginning of operation, 142 prospect holes have been
Gross income
$651,122 drilled, totaling 60,786 ft., for the purpose of outlining the ore body.
$518,601
$578,846
3436,107
Rentals, &c
-The total advance for the year was 34,721 ft.
Underground- Development.
76,681
54,607
153,584
274,576
Interest on fund. debt
246,668 On Bench "B" North, 41 ft. of sinking was done and 9,276 ft. of blasting
323,792
371.370
679,328
Depreciation
306,243 tunnels completed. On Bench "0" South, 5,739 ft. of tunnels; and on
28,058
38,569
398,536
Discount, &c
24,437 Bench "D" South 19,655 ft. of tunnels were driven. Since the beginning
9,121
25,488
12,670
Miscellaneous
of the underground blasting tunnel development, a total of 70,950 ft. of
390
155
Prem. on securities sold_
95,774 tunnels has been driven, of which 23,739 ft. have already been blasted.
7,331
8,200
5,890
Book value written off
Blast Hole Drilling.-During the past year 1,458 holes were drilled with
205,702
397,466
414,503
309,879
Preferred dividends..
1,264,706 a total footage of 53,268 ft. Since operations began, 3,812 holes have been
1,456,172
1,457,969
Common dividends
1.139,130
drilled, with a total footage of 145,398 ft.
-The ground broken in 1918 was 4,140,318 cubic yards.
Ground Broken.
$48,305
$307,359
Balance, surplus
$120,613 def.3236,767
Mining Operations.
-During the year 1918 there was loaded to be sent
$619,421
Profit and loss surplus
$1,215,181 $1,094,259 $1,330,246
to the reduction plant a total of 3.401,627 metric tons of 1.71% copper.
BALANCE SHEET (ALL INTER-COMPANY ITEMS ELIMINATED). From beginning of operations to Dec. 31 1918 there have been removed
• Dec. 31'18. Mar.31'18. from the deposit 8,127,563 metric tons of ore averaging 1.73% copper, and
Dec.31'18. Mar.31'18.
Assets1,147,024 cubic yards of waste averaging 0.50% copper.
Prop'ty dc franch's 21,530,571 20,433,646 Corn.stk. par 100A8,226,000 21,726,000
Twelve shovels are in operation on the benches, two of which are standard
Pref.stk.7% cum. 5,941,000 5,941,000 103-0 Bucyrus electric machines. These electric shovels are giving excellAdd'as to leased
50 ent service, being in every way more economical than the steam shovels.
Penna. Lt. & Pow. (stk.) 50
51,097
property
74,433 25-yr.5% M.bds- 15,000,000
B'ds with trusteesa15,076,500
Two more 103-0 electric shovels have been erected and will go into service
3-yr.6% Sec. Gold
Stocks and bonds
as soon as main hoisting motors are received. One revolving electric
Notes,July 1'1810,000,000
of other cos_ __b10,194,155 10,189,300
shovel is under erection and will be put into service within 90 days. TwenBeaver Co. Lt. Co.
U.S.Treasury ctfs.
ty-one locomotives are in service in attending shovels in operation.
563,000
1st & Ref. M.5s. 585,000
of indebtedness
500,000
The north approaches to benches "B" and "0" and the reduction cut
210,000 are 80% completed. When this work is finished the main line track to
Valley El. Co. 6s. 188,000
% Lib'ty
U. S.
Govt. advs. In aid
Loan bonds.._ 150,000
Bench "C" will approach from the north through the reduction cut, perof construction.. 578,000
Notes receivable_ _b1,232,822 1,232,822
mitting rapid development of Bench "D," now being held up on account
202,483 of the present location of main line track to Bench "C."
92,222
502,363 MM. cos.' acc'ts
Acc'ts receivable.._ 623,850
3,272,251
47,000 Notes payable_
130,000
-The crushing plants, both primary and secondary,
Temporary loans
Operations at Mill.
3,552,500 proved to be well able to handle the tonnage required for the remainder of
Brunet Island..
Cap. stk. subscrip.
656,986 the reduction operations. In the secondary plant the operation of the
3,500,000 Notes payable..___ 435,000
of Phil. Co
748,380 rolls was discontinued early in the year. The third section of the plant
693,600
486,038 Acc'ts payable_ .. _
509,080
Cash
73,140 went into service on March 21, and on July 2 we had a complete installation
8,489 Consumers' advs__ 105,304
Special deposits..._ 1,132,505
750,494 of 18 fine reduction Symons discs in operation.
696,240
894,114 Taxes
Acc'ts receivable 1,178,955
62,229
11,983
Materials & suppl's 1,523,101 1,413,593 Rentals
In the Leaching Division, the most important feature was the increased
13,414 extraction; an average of 87.9% was reached as against 82.2% for 1917, due
4,237
36,665 Int. on fund. debt_
27,920
Unexpired insuece
3,212 principally to the finer grinding of the ore. The maximum was reached
1,100
21,120 Int. on cur Alabils_
1,165
Prepaid accounts_
264,607 Int. on employes'
Deferred accounts._ 831,209
during November when an average of 91% was obtained.
41,123
47,696
stock subscrip's.
Excess of book val.
-The average rate of exchange between Chilean curForeign Exchange.
69,312 rency and U. S. currency was 3.37 for 1918 as against 3.90 for 1917. Tnis
69,312
Res. for pref. divs..
over par val. of
22,785 low exchange, apart from increasing the cost of all commodities purchased in
20,597
616,526 Det'd noels,
corn, cap. stocks 616,526
718,098 Chile, had the effect of increasing the payroll for native labor by $800,000
1,398,933
Reserves
55,309,455 39,720,717 Profit and loss sur_ 1,215,181 1,094,259 U. S. Cy. over what it would have been at the previous year's exchange.
Total
-The power plant at Tocopilla developed a total of 227,110,000
Power.
55,309,455 39,720,717 k.w.h. during the year, an average of 26,286 k. w. per hour. The extension
Total
to the plant containing a new 10,000 k. w. unit is nearing completion.
a Bonds deposited with trustees, Duquesne Light Co.. $15,000,000
[The chartered accountants add: The income account Includes only the
Beaver Co. Light Co., $76,500. b Including those due from the Phlla
sales and the cost of copper which was actually sold and delivered during
delphia Co.
the year. All copper on hand and in transit at the beginning and at the
is made against surplus for addithe year is stated at cost. A
FUNDED DEBT AND STOCK OF LEASED AND SUBSIDIARY COS. end ofdepreciation of $1,254,466 forcharge
the years 1913 to 1917, inclusive, being
tional
AND AMOUNTS OWNED BY DUQUESNE LIGHT CO.
the result of a general revision of plant and equipment accounts to comply
Issued & Owned by Held by No. Shs. Cap.Stk. with the income tax regulations.]
Outeg.Co.Owns.
As of Dec.31 1918- Outstand'g. Dug.Lt.Co. Public.
COMBINED INCOME ACCOUNT FOR CALENDAR YEARS (INCL.
$1,700,000
MonongahelaL.&P.Co. $1,700,000
CHILE COPPER CO. AND CHILE EXPLOR. CO.)
15,000 15,000
Allegheny Co. Lt. Co.._ 500,000 $500,000
1916.
1917.
1918.
500,000
East End El. Lt. Co..__ 500,000
84,695.299 71,636,989 41,305,477
Southern Heat,Light &
Copper sold and delivered (lbs.)
24.71 cts. 26.39 cts. 25.56 cts.
46,000 6,000 6,000 Gross price delivered
254,000
300,000
Power Co
$20.931,071 $18,908,855 $10,558,725
150,000
Pa.Lt.. Ht.& Pow.Co. 150,000
Operating revenue
508,500 7.000 7,000 Operating costs
10,098,692 8,701,678 4,853,693
x76,500
Beaver County Lt. Co_ 585,000
1,571,328
2,315.976 3,050,100
187,500
Valley Electric Co____ 300,000 x112,500
Delivery, selling, &c.,expenses
Pittsburgh-Beaver Lt.
565,000 6,000 6,000
$8,516,404 $7,157,077 $4,133,703
565,000
Net operating income
Co
39,346
649,294
26,231 26,230 Other income
437,263
Other cos. (see below)..
of $25,000,000; also the making of a trust indenture for the purpose of securing an issue of $12,000,000 Three-Year 6% Secured gold notes, dated
July 1 1918. There has been issued and sold $10,000,000 of said notes,
secured by the deposit and pledge of $15,000,000 of the Mortgage Gold
bonds. (V. 107, p. 607.)
Of the proceeds, $3,500,000 was used in part payment for the purchase of
Brunet Island and the power plant and property thereon, and $4,174875
was applied to the payment of money theretofore borrowed for additions
and extensions. A large proportion of this construction expenditure was
due to the company's co-operation to *the fullest practicable extent with
the Government in the successful prosecution of the war. The remainder
of the proceeds are being used for additions or extensions to the properties
owned or controlled.
.
CONSOLIDATED INCOME ACCOUNT.
(Incl. Beaver Co. Lt. Co. Diamond Lt. & Pow. Co., Pennsylvania Lt. (Ss Pow.
'
Co. and the Midland Electric Lt. ea Pow. Co.)
9 Mos. to -Years ending March 31
1915-16.
1916-17.
Dec. 31 '18. 1917-18.
$8,737,717 $9,842,395 $7,310,704 $5,368,025
Gross earnings
2,512,863
4,061,696
5,197,369 6,384,526
Operating expenses
160,011
258,747
748.286
209,888
Taxes
S
$8,953,667 $7.806,371 $4,173,049
Total income
Total
$4.600,000 $1,593,000 $3,007,000 60,231 60,230
$505,233
Federal taxes,&c$595,877
x Owned by Beaver County Light Co.
1,646,347
1,050,000
2,422,419
Chile Copper Co. bonds
"Other companies" include Pennsylvania Light & Power Co., 16,999 Int. on
413,676
214,179
181,118
shares out of 17,000 shares; Allegheny County Steam Heating Co., 4,500 Miscellaneous
772,981
2,842,202
x2,314,024
Light & Power Co., Other charges
shares; Knoxville Electric Co. 2,000 shares; Diamond
1,881 shares; Midland Electric Light & Power Co., 650 shares; Jefferson
$3,440,229 $2,598,411 $1,936,392
Balance, surplus
Electric Co., 50 shares; O'Hara Light Co., 50 shares; Trafford
Township
-V. 108,
Light Co.. 50 shares; and Brunot Island Bridge Co., 50 shares.
x Includes in 1918 plant superseded or abandoned in 1918, $41,441; deplep. 272.
tion of ore reserves, $2,132,583, and amort. disct, on bonds, $140,000.
Tide Water Oil Company.
COMBINED BALANCE SHEET DEC. 31 (INCL. COME COPPER CO.
AND CHILE EXPLOR. CO.)
(30th Annual Report-Year ending Dec. 31 1918.)
1917.
1918.
1917.
1918.
Liabilities
Assets
On subsequent pages will be found the company's annual
Property invest a98,976,875 98,067,182 Capital stock__ 95,000,000 05,000,000
report including the remarks of President R. D. Benson, Const. & equip_b20,667,951 15,341,473 7% bonds
15,000,000 15,000,000
d27,353,250 17,665,000
426,665 6% bonds
and comparative income and surplus accounts and balance Int.in steamsh's 426,665
Accts. payable
for
for the Def'd chgs.&c.. 1,248,036 1,094,322 90-day drafts 1,332,306 1,192,234
sheets together with various statistical tables both
develop.,
company itself and for the company and its subsidiaries Mat., sup., &c_ 8,749,004 10,724,098 outstanding_ 1,927,145 3,794,099
Letters of credit
Undist. items in
-V. 108, p. 1941, 1279.
combined.
pending pay2,700,965 1,126,360
transit
ment
1,625,670
933,840
608,575
Deferred accts.._
268,893
333,752
Accounts receiv. 2,067,601 2,185,534 Accrued items
Chile Copper Company.
82,500 Reserved for
Notes receivable
247,462
520,000
Federal taxes..
(3d Annual Report-Year ended Dec. 311918.)
5,000,000
Call loans
Deferred credits
884,841
President Daniel Guggenheim,May 31, wrote in substance: Ore & copper in 377,257
285,238
420,061 in suspense......
process(at cost)
Depletion reserve e3,675,788 1,403,206
-The following calculation as of Dec. 31 1918 is based on Copper in transit
P' Ore Reserves.
602,118
2,787,882
4,501,202 2,213,974 Surplus
(at cost)
report of H. C. Bellinger, Gen. Mgr. of Chile Exploration Co.:
2,516,899 2,541,844
Positive and Probable Ore Dec.31 1918-Total,697,510,349 Tons Aveg.2.12%cu. Cash
2,000,000
tons 1.91% Cu. Liberty bonds_
336,510,349
Oxidized ore
"
151,000,000 " 2.98
Mixed ore
140,841,031 136,057,854
149,841,031 136,057,854 Total
Total
210.000,000 " 1.84%
Sulphide ore
-The progress on all new construction work was somewhat
po3
P Construction.
property investment by stock issued, $94,984,065,
a
in obtaining materials, due to embargoes on, and Represents in 1918
retarded, owing to difficulties
by cash, $3,992.810 b After deducting in 1918 $5,277,418 depreexportations from the United States as well as shor age of shipping facilities. ciation reserves. d After deducting $7,646,750 deferred subscriptions re.
See General Manager's report below.
$1,855,000 unamortized discount
-paid receipt holders the ceivable May 29 1918. e After deducting company adds the total p..k 1.
offered to part
SikBonds.-The directors have again
on bonds. In the balance sheet for 1918 the
option of extending until Sept. 29 1919 the payment of the final installment surplus as of Dec. 31 1918 $2,'787,882, to the depletion reserve, $5,530,788,
0
of 5O upon the collateral trust 6% Gold Bonds, Series "A," due May 29 before deducting /the $1,855,000 unamortized discount on bonds, leaving
1919 (V. 104, p. 1047, 1147, 1594, 2013; V. 105, p. 1000; V. 106, p. 1580, a balance of $6,463,670.-V. 108, p. 2125.
2563;V. 107. p. 1483; V. 108, p. 1612).
-There were produced during 1918 102,136,658 lbs.
Production and Costs.
Dominion Steel Corporation, Ltd.
of copper, of which there were sold and delivered 84,695,299 lbs. at an
average price of 24.713 c. per lb.
(Report for the Fiscal Year ending March 31 1919.)
The total cost of production for the year was 17.885c. per lb. of copper
President Mark Workman, Montreal, Juno 3 1919, wrote
sold, as follows: (a) Cost of production, including depreciation, selling,
delivery. New York expenses, taxes, and miscellaneous charges, not includ- in substance:
ing interest, and less miscellaneous income, 15.318c. per lb. (b) charged
-The earnings for the year, after deducting all expenses incident
Results.
off $41,441 for cost of plant and equipment either abandoned in 1918 or
maintenance, administration and selling
superseded, equivalent to .049c. per lb.; (c) charged off $2,132.583 pur- to operations,including repairs and
2431
THE CHRONICLE
JUNE 14 1919.]
4
expenses and business profits tax for the year ending March 31 1918
amounted to 38,768,054. From this amount there has been reserved for
depreciation of plants and properties,sinking funds,&c.,the sum of $1,304,323. Disbursements for bond interest amounted to $1,013,263.
In addition to the regular preferred dividends of the corporation, the
Dominion Coal Co. and the Dominion Iron & Steel Co., two quarterly
dividends of 1(% each and two of 13% each, making 5M % in all, were
paid to the holders of the Common shares of corporation. The total disbursements for dividends amounted to $2,745,373.
The surplus on the year's operations after making the above provisions
and dividend payments was $3,705,095. To this is added the balance
carried forward at April 11918,$13,754,157, making a total of $17,459,252.
From this amount your directors have reserved $1,000,000 for contingencies
including Government taxes for the year ending March 31 1919.
-During the period which has elapsed since April 1
New Construction, &c.
1915 the total expenditure upon construction and for the acquisition of
new properties was approximately $11,500000, and as the whole of this
amount was provided from earnings your directors have thought it well to
set apart an equivalent portion of the surplus of the corporation as a general
reserve. For this purpose $8,500,000 has been transferred from profit and
loss account together with $3,000,000 from special reserve brought forward
from last year. The balance remaining at credit of profit and loss account
is $7,959,252.
-Work on New Ship Plate Mill Held Up Pending New AgreeBalance Sheet
ment with Canadian Gorernment.-The net additions to cost of properties
amounted to $8,092,087. The chief expenditures were upon the property
of the Dominion Iron & Steel Co. and principally in respect to its mines
at Wabana, its coke ovens and ship plate mill.
Some time after March 31 1919 the Minister of Marine intimated that
it would be necessary to consider some alteration in the arrangements
existing between the Government and the steel company in respect to ship
plates, and that work upon the mill should be suspended while the matter
was under consideration. Work was accordingly stopped, but nothing
definite has yet been proposed. Your directors are assured that whatever
may be the ultimate decision of the Government, it will not result in any
loss to the company.
Consequent upon the large expenditures during the year there has been
a decrease of $1,412,548 in current and working assets. There is also an
increase of $2,251,475 in accounts payable, chiefly due to the inclusion of
contractor's accounts for work in progress, payment of which is not due,
arid of the estimated liability of the corporation for Federal and Prov. taxes.
The surplus of current assets over current liabilities at March 31 1919
was $14,039,837.
Funded and mortgage debts have been decreased by the sum of 3376,681,
chiefly by the retirement of bonds through the operation of their respective
sinking funds.
PRODUCTION FOR YEARS ENDING MARCH 31 (GROSS TONS).
1918-19. 1917-18. 1916-17. 1915-16. 1914-15. 1913-14.
Coal Co____3,622,644 3,781,615 4,279,772 5,261,198 4,550,512 5,047,683
Steel Co.- Pig Iron. Steel Ingot. Rails. Wire Rods. *Billets, &c. Miscell.
13,010
47,890
26,746
1918-19____ 307,863 341,603 164,972
45,054
17,103
73,650 139,557
1917-18__.... 332,231 374,332
60,576
17,495
1916-17__.._ 346,926 377,079
67,492 144,051
35,197
55,106 142,282
63,337
1915-16__-_ 329,664 371,086
*Blooms and billets for sale.
CONSOL. PROFIT & LOSS ACCOUNT FOR YEARS END. MARCIE 31.
1918-19.
1917-18.
1916-17.
1915-16.
$8,768.054 $11,030,112 $12,967,875 $7,004,317
Net earnings
Deduct
Sink, funds, dem.. &c- $1,304,323 $1,384,242 $1,859,596 $1,192,824
1,013.263
1,064,210 1,230,204
Interest on bonds,&c
1,590,086
326,909
Disc. on sec. (writ. off)
226,182
Pref. dive. in arrears
350,000
(D. I. & S. Co., Ltd.)
420,000
420,000
420,000
Dividends-Pref. shares
420,000
560,000
560,000
560.000
560,000
Pref. divs. constit. cos__
(4
(D
Com.div. .S.Corp) (534)1,765,374 %)1444397 (1)320.977
Reserve for contingencies
y1,000,000
and Govt. taxes
8,500,000
General reserve
$5,562,960 $4,872,848 $5,067,686 33,989,092
def.$6,794,906 $6,157,264 $7,900,189 $3,015,225
x "Net earnings" in 1918-19 and 1917-18 includes interest on investments
and surplus funds, and in 1918-19 is shown after deducting Government
taxes for year ending Mar. 31 1918. y For year ending Mar. 31 1919.
CONSOLIDATED BALANCE SHEET MARCH 31.
1919.
1918.
1918.
1919.
$
Assets
Dominion Steel Co.:
Cost of properties
of constit't cos.e75,509,711 68,533,447 Preferred stock.. 7,000,000 7,000,000
Common stock.e32,097,700 32,097,700
Inventories of finCoal Co. pref..... 3,000,000 3,000,000
ished prod., &e.d9,314,602 7,853,503
I. & S. pref.... 5,000,000 5,000,000
Inv. In war loans,
1,540,101 3,617,307 Funded debt-__b20,830,097 21,200,778
Scc
Accts.receivable_ 5,039,479 5,335,887 Accts. pay., accr'd
wages,Aro
2,702,237 2,563,827
Employees' bal. on
Dividends declared 568,966
576,221
Viet. bd. subscr. 174,933
241,298
Cash,sec.loans,&o. 3,603,542 4,278,508 Accrued bond int_ 235,925
493,914 Reserves
c2,656,742 4,808,130
Prepaid insur., &o. 585,812
135,544 Profit and loss--19,459,252 13,754,157
Cash with trustees 142,432
Total deductions
Balance,surplus
Total
95,910,612 90,248,111
Total
95,910,612 90,248,111
a After deducting reserves for depreciation and eihaustion of minerals,
$15.497,890. b Funded debt includes in 1919 Dominion Coal Co. 1st M.
58,16,016,500, and Dominion Iron & Steel Co., Ltd., 1st M.5s,$6,379,000.
and Consol. M. 5s, $7,262,527; Cumberland By. & Coal Co. 1st M. 55,
-year deb. 5s, $2,000; miscell.,
1,142,000; Dominion Steel Corp., Ltd., 5
28,071. c Reserves include in 1919 chiefly $1,548,742 furnace relining
&c. and $1,000,000 special reserve appropriated for construction expenditures and Govt. taxes. d Finished products, materials and supplies at
approximate cost, loss reserve. e After deducting $5,000,000 held by
constituent companies.
-In addition to the bonds outstanding as stated above, 4734.000
Note.
Consolidated and $921,000 Cumberland bonds are deposited as security
to 5-year secured notes which have been called for redemption, of which
-V. 108, p. 2244.
only $13,627 remain outstanding.
1;
Standard Gas & Electric Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. H.M.Byllesby, April 26 1919, wrote in substance:
-The results for the year are more satisfactory
Company's Results in 1918.
than indicated by the accompanying figures, notwithstanding the extremely
unfavorable conditions prevailing in the public utility business during the
earlier part of 1918.
-The gross earnings of the subsidiaries show
Earnings of Subsidiaries.
the greatest yearly gain in the history of the company;this increase amounted
to over 20%. Every subsidiary increased its gross earnings.
Increases in service rates are responsible to a material extent for these
results, but increased business was a factor of even greater importance.
The subsidiaries were not materially benefited by war time activities,
hence no serious reconstruction period decline need be apprehended. In
this connection, it is interesting to note that the ratio of increase in gross
earnings for the period Nov. 1918 to Feb. 1919, incl., is 21.6%. Operating costs continued their marked upward trend throughout most of the
year, and net earnings would have shown a serious decrease but for the
relief derived from increased rated. Operating conditions are now improv-as detailed below-show an increase of 3.8%
ing. Final results for 1918
in not earnings.
Operating expenses, including taxes, in 1918 absorbed 62.08% of:
earnings; in 1917 this percentage was 55.93. During the years 1013 to
1917, inclusive, the average operating ratio was 53.56%. Cost of fuel in
1918 amounted to 16.77% of gross earnings; in 1917 to 11.64%; in 1916
to 9.45%. Fuel prices and cost of operating materials have already begun
to recede. We have every reason to feel optimistic in regard to 1919.
In view of the abnormal operating condition, your directors deemedTit
unwise to insist upon depreciation appropriations at the same rate asVin
pre-war years, particularly in such cases where such appropriations would
have imperiled a dividend policy of several years' standing. Your directors
have no intention of permanently changing their decision on depreciation
reserves made some years ago.
Light and power continue to be the main sources of revenue viz:
Net.
Sources 1918 Earns. Gross. Net.
Gross.
Electricity
2.19% df..60
67.57% 80.39 Steam heat
Gas
17.12 Telephone
.48
25.68
.529'
.39%
Street railway
2.27 Water & ice
.34i
3.65%
In these days of aggravated traction troubles it is gratifying to note the
small percentage of revenue derived from that source. The deficit in steam
heat operation was caused by the unusual condition prevailing early in 1918.
Refunding, &c.
-The Louisville Gas & Electric Co. retired $12,474,000
maturing obligations, and provided additional funds for corporate purposes
through the sale of $12,712,000 Five-year 7% First & Refunding bonds
and $2,838,000 23i-year 7% Bond Secured notes. V. 106, p. 1039, 1131,
1235, 2653, 2762; V. 107. p. 1104; V. 108, p. 273. The company looks
forward to the refunding of these securities at more advantageous interest
rates. The growth of the business has enabled the Louisville Co. to pay
these excessive interest rates without a reduction in its Preferred dividend.
Several of your subsidiaries found it advantageous to sell two to threeyear notes, secured by bonds of the respective subsidiaries, rather than
to sell those bonds themselves at the then prevailing extreme rate of discount. None of these issues exceed 3700,000, and their liquidation should
be automatically accomplished through sale of long time bond collateral.
Northern States Power Co. sold an issue of $2,000,000 7% Gold Notes
maturing Aug. 15 1923. (V. 107, p. 909.) The excellent progress constantly being made by this company in placing its Preferred stock locally
leads to the expectation that funds derived from that source will be made
available to retire these notes at or before maturity.
The Standard Gas & Electric Co., in order to assist your respective
subsidiaries if necessary, sold new Three-year 7% Collateral Trust Gold
note issue of $750,000 during the latter part of 1918. (V. 107, p. 1750.)
Only two of your subsidiaries have funded debt maturing in 1919. Oklahoma Gas & Electric Co., to provide for its $2,408,600 Two-year 6% Gold
notes, maturing June 16 1919, has sold one-year notes. The proposed
refinancing of the entire funded debt will be proceeded with as soon as more
favorable money rates again prevail: (V. 108, p. 1394, 2335.) The only
other 1919 funded debt maturity of any of your subsidiaries is one of the
Arkansas Valley Railway, Light & Power Co. which has $450.000 6% Gold
notes, due July 1 1919. (V. 106, p. 2449.; The last named company
will need but little, if any, assistance from your company to bring about
the discharge of this maturity.
Financial Status of Subsidiaries.
-The financial condition of our-subsidiaries is excellent. The combined excess of current liabilities over
current assets of all controlled companies (excluding the amounts due from
or to Standard Gas & Electric Co. by the subsidiaries), as of Dec. 31 1917.
was $2,681,009, which figure has been reduced by $1,209,710 during the
year 1918, leaving an excess of $1,471,299 on Dec. 31 1918. All of the
excess of $1,471,299 on Dec. 31 1918 is represented by loans from banks,
and the amount of such carried by each subsidiary is well within the normal
credit of the subsidiaries in the local communities served. The subsidiary
companies in which Standard Gas & Electric Co. owns a large but not a
controlling interest have combined excess current assets over current
liabilities of $744;215 on Dec. 31 1918.
-(1) Arkansas Valley Railway Light &
Rates of Subsidiary Companies.
-The company feels confident of securing an increase in the
Power Co.
street railway fares, should the high cost of operation continue. (2) Fort
-Effective Jan. 11918. the rates for natural
Smith Light & Traction Co.
gas were increased, which action was contested by the city authorities
through the Federal courts. At this writing no decision has been reached.
The company has in preparation an application for an increase in fare,
which there is good reason to think will 13e granted. (3) Louisville Gas &
-With no increase in its rates and notwithstanding war costs
Electric Co.
of operation, substantially increased both its gross and net earnings.
-The gross earnings, due to increased industrial
(4) Mobile Electric Co.
activities and higher rates for service, increased largely while net earnings
remained practically stationary. The company is planning the erection
of a modern generating station on the Mobile water front during the coming
year, and a material reduction in operating cost should result.
(5) Mountain States Power Co. shows gross earnings slightly in excess
of 1917, due to a larger volume of business, no increase in rates having been
effected. (6) Northern States Power Co. greatly increased its gross
earnings, while its net earnings increased moderately. Increased rates for
electric light and power, gas and steam heat were secured in practically
every community served, but were barely sufficient to meet increased
-The company,
production costs. (7) Oklahoma Gas & Electric Co.
through increased rates, extensions into new territory and the growth of
business generally, increased its gross earnings materially, nearly all or
'Which was absorbed by increased cost of operation. (8) Ottumwa Railway
& Light Co.
-Largely by reason of increased rates, the company increased
its gross earnings substantially, but with a small decrease in the net earnings.
-substantially
(9) Puget Sound Gas Co. (successor of Everett Gas Co.)
increased its gross earnings through an increase in its gas rates, late in the
year. Net earnings suffered a rather heavy decline, due mainly to the
increased cost of fuel oil and labor.
-The company increased Its
(10) San Diego Consol. Gas & Electric Co.
gross earnings materially notwithstanding which the net earnings declined
slightly. Upon application to the California RR. Commission gas and
electric rates were somewhat increased in 1918, and additional increases
were granted in April 1919. (11) Tacoma Gas & Fuel Co.(V. 107, p. 1843)•
-Higher rates granted during the latter part of the previous year and
increased business resulted from the shipbuilding and related industries
contributed to the increased earnings. (12) Western States Gas & Electric
Co.
-This company closed the year with a very satisfactory increase in
both gross and net earnings. This company purchases from others a large
part of its electric energy, the price of which was increased during the year
by an order of the California RR. Commission. In turn, the Commission
allowed your company substantial increases in both gas and electric rates,
and as this report is written, your officers have been advised of further rate
ncreases which will be reflected in the earnings for the ensuing year.
INCOME AND PROFIT AND LOSS, CALENDAR YEARS.
1915.
1916.
Earnings1917.
1918.
Interest on (owned)
$429,152
$549,430
$374,772
Bonds
$307.169
7,386
Coupon notes
107,065
93.066
57.845
Notes & accts. receiv_
94.489
Dividends on (owned)
276,141
293,278
222,677
372,834
Preferred stock
871,577
850.914
751.615
780,304
Common stock
Profits from sale of se28,992
8,312
29,514
2,419
curities (net)
22,896
Interest accrued
38,455
Tax refunds
$1,618,567 $1,620,343 $1.712,927 $1,618,467
Total
48,727
54,292
43,640
43,026
General exp. and taxes....
$1,574,927 $1,566,051 $1,664,200 $1,575,441
Net earnings
Profit on bonds owned
100,000
311,857
(called for redemption)
$1.574.927 $1,666,051 $1,976,057 $1,575,441
Gross income
$344,080
$370,492
$471,043
$588,211
Interest on bonds
413,497
404,019
18,016
coll, trust notes..
119,730
do
15,681
16,845
88,024
on Pref.stk.scrip
40,484
do
12,926
1.389
37,098
Miscellaneous interest_
260,220
Balance, surplus
Previous surplus
$788.743
1.291,930
$873,305 $1,186,294
1.171.701
784,074
$742,377
513,095
Total
$2,080.673 $2,045,006 $1,970,368 $1,255,472
$314,265
Dividends paid in cash
3648,172
$491,040
*648.172
117,850
In scrip
39,283
58,925
Accrued
58.925
58,925
31,805
Prem. on bds.. &c.,red_
216,897
55,000
Amortization, &c
55.000
Cr.9,021
Interest on bonds
$784,074
11.318.576 $1.291.930 $1,171,701
Total, surplus
2432
THE CHRONICLE
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
Assets
,
Liabilities
$
Securities owned_ _33,468,061 32,832,938 Common stock..__ 9,343,150
Sinking fund
65,352
64,705 Preferred stock._ _11,784,950
" divi209,114
Cash
340,779
Notes & accts rec.
dend scrip
202,663
Sub. cos
1,489,869 1,500,276 Convert.6% bonds 5,679,000
Others
70,042
-year 6% notes_ 6,841,200
60,036 20
Int., div., &c.,rec. 264,843
196,465 3-yr. coll.tr.7% nts. 750,000
Unarmotized debt,
Notes & accts. pay. 314,932
discount, &c
962,373
966,599 Accts.pay.sub.cos. 214,693
Office turn., &c__
1
1 Accrued int., &c
153,229
Accrued preferred
dividend
58,925
Surplus
1,318,576
Total
36,661,319 35,830,135
Total
[VOL. 108.
Alabama Great Southern RR.
-Dividend.
1917.
9,343,150
11,784,950
266,690
5,840,500
6,772,100
115,000
211,541
145,349
58,925
1,291,930
36,661,319 35,830,135
EARNINGS OF SUBSIDIARY COMPANIES FOR CALENDAR YEARS.
Gross Earnings
Net Earnings
(1) Earnings.1918.
1917.
1916.
1918.
1917.
Arkansas Valley
$1,480,548 $1,428,467 $1,260,287 $605,071 $645,222
Fort Smith
693,981
508,670
486,705
230,930
154,266
Louisville
3,176,478
2,838,589
2,458,625 1,642,677 1,525,084
Mobile
547,690
386,249
356,387
149,057
149,926
Mountain States
673,169
644,601
618,579
236,678
262,454
Northern States
8,392,664
7,154,509
6,087,153 3,542,974 3,389,781
Oklahoma System.... 3,415,558
2,469,287 2,211,342
821,403
788,910
Ottumwa
402,162
365,407
360,601
135,255
142,989
Puget Sound
114,623
104,494
102,580
11,837
17,873
San Diego
2,185,739
1,602,174
1,541,490
702,848
727,017
Southwestern
176,608
134,211
120,321
35,882
32,278
Tacoma
456,071
302,060
283,726
91,656
62,290
Western States
1,628,996
1,402,870
1,239,338
643,594
625,235
A dividend of 334% has been declared on the Ordinary stock, payable
June 30 to holders of record June 20, also a Preferred dividend of 3Y2%
payable Aug. 28 to holders of record July 19. In Jan. last 4% was paid on
the Ordinary and Feb. 4% on the Preferred stocks. In 1918 paid 3% in
June on the Ordinary shares and on the Preferred 3% and 134% extra paid
In Feb.. and in Aug. paid 3% (no extra).
-V. 108, p. 169.
Arkanias & Louisiana Midland Ry.-Referees.The I. S. C. Commission, without deciding whether or not the company
was ever under Federal control, has appointed a board of referees to determine the just compensation in accordance with the provisions of the
Federal control law. The board consists of Commissioner C. C. McChord,
P. J. Farrell, general counsel, and A. G. Hagerty, attorney examiner.
The appointment of the board was opposed by the Railroad Administration on the ground that the road had been relinquished and that no direct
control had ever been exercised over it.
-V.108, p. 2240.
-July 1 Coupons.
Birmingham-Tidewater RR.
Howard R. Taylor, of Howard R. Taylor & Co., Baltimore, a member of
the protective committee (V. 108, P. 578), informs us that the Court had
authorized the payment of July 1 next coupons on the $1,500,000 1st Mtge.
Guaranteed 5s, due January 1946.-V. 108, p. 578.
-To Pay Off Bonds.
Boston & Lowell RR.
The $620,000 3
bonds, due July 11919, will be paid off at maturity
at Merchants National Bank, Boston. In connection with this payment
the company will borrow $620,000 as demand notes, the rate of interest
not yet decided.
-V. 108, p. 169, 76.
-Petition Denied.
Boston & Maine RR.
Judge Bradley of the Supreme Court on June 10 dismissed the petition
of Edward F. Brown, of Ipswich, and other minority stockholders of the
company for annulment or amendment of a decree of the P. S. Commission
authorizing consolidation of the unfunded debt of the company with that
of its
error of law disclosed In
Totals
$23,344,287 $19,341,588 $17,127,135 $8,849,861 $8,523,326 the leased lines. The Judge held there was nogave notice of an appeal.
records of the Commission. The petitioners
-The aforesaid gross earnings in 1918, $23,344,287, include: Electric ed- -V. 108, p. 2240.
Note.
partment, $15,778,942; gas department, $5,990,106; steam department, $512,151;
telephone department, $121,817; railway department, $849,806; water department.
British Columbia Electric Ry.-Dividend (less tax). -7
$60,828; ice department, $30,636.
An interim dividend of 234% (less income tax) has been declared on the
Int. Chges. Amort. of -Dividends
preferred ordinary shares for the half
-year, payable June 29. Last year the
Balance,
(2) Charges,Divs.,&c (net). DebtDisc.,&c Preferred. Common. Surplus.
interim dividend was omitted.
-V. 108, p. 267.
Arkansas Valley
$371,325
$2,657
$86,089 $140,000
$5,000
-Incorporation.
-The bill
Canadian National Railway.
Fort Smith
206,296
24,634
978,346
Louisville
661,860
2,471 incorporating this company was passed by the Canadian
Mobile
108,038
41,019
House of Commons May 6, and by the Senate May 27, and
Mountain States
130,053
106,625
Northern States
1,922,714
138,345 1,036,915
445,000 on June 6 will become law on receiving the assent of the
383,281
Oklahoma
145,539
292,583
81,300
Ottumwa
500
35,455
18,000 Governor-General.
Puget Sound
515
11,250
The bill provides that the Canadian National Railway Co.shall operate,
71
292,124
San Diego
27,228
39,386
224,087
120,022 for Government account, 31 major properties and 14 subsidiaries, included
Southwestern
34,681
1,200 or operated in connection with the Canadian Northern System. The corn4,303
Tacoma (2 months)
5,950
499 company is also empowered to undertake the management of other railways,
Tacoma-Olympla(10mos.)
95,690
*
properties or works that may come into the possession of the State.
West.States of Callf.&Del. 356,774
28,010
150,424
• 38,386
70,000
The bill provides that the Government may nominate not less than five
Totals
$4,965,439 $196,740 $2,320,513 $695,056 $686,899
* Tacoma Gas Co. and Olympia Gas Co. were operated by receiver for the first
of 1918, and the net earnings for this period were $14,786, less than the
ten months
interest charges on the old capitalization of the companies.
In addition to the dividends charged to 1918 income, the following subsidiaries
paid dividends from previously accumulated surplus: Mobile Elec. Co., pref., $18,656; San Diego Consol. Gas & Elec. Co., corn., $59,100; and Western States Gas &
Elec. Co., corn., $31,711.
Instead, however, of declaring in dividends all of the undistributed gross balance
of earnings of the subsidiary companies (Standard's contingent interest of which, as
shown before, amounted to $325,849), the directors of those companies have allocated such undistributed gross balance on the books of the respective subsidiary
companies, as follows: Depreciation reserve, $683,200; undistributed surplus, $3,699;
total, $686,899. In consequence of this the collectible income of Standard Gas &
Electric Co., has been $325,849 (Standard Gas & Electric Co.'s contingent interest in
$686,899) less than its so-called applicable income.
--SUB. COS.
-NO. CONSUMERS, dEC.
STANDARD GAS & ELEC. CO.
1918.
1917.
1916.
1915.
1914.
Electric consumers_
256,454
239,775
211,071
188,623
169,412
Gas consumers
144,690
140,046
130,204
124,216
120,629
Water consumers
1,973
2,153
1,936
1,927
2,156
Steam consumers.._ _
1,046
1,070
1,030
1,007
973
3,441
Telephone subscrib's
3,766
• 3,405
2,979
2,788
Totals
386,810
407,604
347,646
318,752
295,958
K.w.lighting load
315,896
287,892
256,463
227,047
204,222
K.w. power load...
255,436
215,662
183,550
155,999
138,510
K.w. railway load
7,114
7.461
7,350
7,394
6,508
Total k. w. connec'd
510,904
447,474
578,446
390,440
349,240
K. w. hour output_ _691,097,366 592,067,247 488,982,265 421,201,049 380,212,118
Gas output in 1,000
cu.ft.)
18,509,270 15,893,219 12,711,538 10,064,651
9,243,653
Street railway rects_ $849,806
$808,626
$753,725
$669,084
$767,907
-V. 108, p. 2335.
GENERAL INVESTMENT NEWS
nor more than 15 directors. No shares are necessary to qualify a director.
The capital stock is to be vested in the Minister of Finance on behalf of
the Crown, and the Government may declare that the company shall have
a capital stock, with or without shar‘s, in such amount as may be deemed
expedient.
The company is also given wide powers for constructing and operating
transportation systems, for acquiring securities and obtaining advances,
and for the issue of bonds, or other securities for new construction.
All expenses incurred in the operation and management of the company
shall be paid out of Government revenues and, in the event of a deficit,
the amount is to be paid by the Minister of Finance out of the consolidated
revenue fund and included in the estimate submitted to Parliament. In the
revent of a surplus, the amount will be paid into said consolidated fund.
There is a heavy penalty clause as a protection against political interference with the management or operation of the lines.
Contracts for the Construction of New Lines and Extensions
Press reports from Toronto state that the new company has announced
the letting of contracts of ten new lines, aggregating about 340 miles, all in
the West, and chiefly in Saskatchewan, and also the extensions of existing
-V. 108, p.
lines. The work, it is stated, is to be rushed to completion.
2021, 1610.
Canadian Northern Ry.-Merger-Charges.See Canadian National Railway Co. above.
[Hon. J. D.Reid in the Canadian House of Commons on May 15 reported
that the amount of fixed charges on the Canadian Northern Railway System
for the year ended Dec. 31 1918 was $17,735,522. Included in this amount
was interest payable to Government amounting to $3,900,529. The deficit
for the year 1918,after the fixed charges were provided for, was $14,333,085.
-V. 108, p. 2122, 2021.1
Canada Southern Ry.-President.--V.101, p.1972
See Cleveland Cincinnati Chicago & St. Louis Ry. below.
-Transfer Charge Allowed.
Capital Traction Co.
See Washington By. & Electric Co. below.
-V. 107. p. 1191.
Central of Georgia Ry.-Bonds Offered Jointly by Kuhn,
Loeb & Co. and The National City Co.
Kuhn, Loeb & Co. and The National City Co. jointly offered this company's Ten-year 6% Secured Gold bonds, due June 1 1929 (see last week's
"Chronicle," page xxvii), and fully described in V. 108, P. 2240, 2329.
RAILROADS, INCLUDING ELECTRIC ROADS.
-Sale Postponed.
Chicago & Eastern Illinois RR.
The
Government Control of RRs.-Public Sentiment in 2329. public sale of this road has been postponed until Sept. 9.-V. 108, p.
•
Favor of Return of Railroads to Private Ownership-Rates
-No Dividend.
Chicago Rock Island & Pacific RR.
Upheld by Supreme Court-Short-Line Contract To Be DeThe directors on June 10 took no action on the declaration
termined.See last week's "Chronicle," pages 2278 and 2291. See also under of the preferred dividends.
The following statement was issued after the meeting:
Arkansas & Louisiana & Midland By. below.
-V. 108, p. 2240, 2122.
The company made application some time ago td the Director-General of
Arkansas Valley Ry. Light & Power Co.
-Offering Railroads for the approval of the regular semi-annual dividend upon the
a
of Notes.-Bonbright & Co. are offering at 993/ and int. preferred stocks, without which approval the directors cannot declare of
dividend, but
Director-General has refused to approve the payment
to yield 7.30% $279,000 Bond Secured 7% gold notes, dated such dividend thethis time, basing his refusal upon the statement that the
at
the
June 1 1918, due Dec. 1 1920. Redeemable as a whole or road has not signed its contract with the Government, has not accepted not
allocation
to it by the Director-General, and has
part at any time on or before Dec. 1 1919, at 1003/ and int., through itsof equipment madefinanced the additions and betterments made
corporate channels
and thereafter at 100 and int., upon 30 days' notice. (For by the Federal Administration.
The standard return of the Rock Island is approximately $16,000,000,
description see V. 106, p. 2449.) A circular shows:
which Is sufficient for all fixed charges and the full dividends upon the 7%
Capitalization-Authorized. Outstanding •
Common stock
$6,000,000 $3,500,000
Preferred 7% cumulative stock
4,000,000
1,397,000
Bond Secured 7% notes, due Dec. 1 1920 (this issue) 1,500,000
729,000
Pueblo Traction & Lighting 5c bonds, due 1921_ _Mtge. closed
970,000
Pueblo & Sub. Trac. & Ltg.5% bonds, due 1922__Mtge. closed 1,747,000
1st & Ref. Mtge.5% bonds, due 1931
10,000,000 *3,715,000
* Does not include $972,000 deposited as collateral to $729,000 Bond
Secured 7% notes, due Dec. 1 1920.
-Proceeds from the sale of these notes will be used in part in
Purpose.
the refunding of the $450,000 6% notes, due July 1.
Earnings for Twelve Months ended April 30 1919.
Gross earnings
$1,483,853
Net after oper. exp. (Incl. maint. but not deprec.) and taxes.._.. 567,846
Annual bond interest
321,600
Annual interest on $729,000 7% notes
51,030
Balance available for dividends, depreciation, &c
195,216
Net earnings exceed 1.52 times all interest charges, including interest
on these notes.
Plan for Consolidation of Financial Structure Postponed.
See Standard Gas & Elec. Co. under "Reports" above.
-V. 108, p. 78.
and 6% preferred stocks and a margin of some 2% upon the common stock.
The company has not signed the contract with the Government, because its
claims for additional compensation have so far been declined, and it considers the allocation of equipment unreasonable. The directors have not
been willing to assume the responsibility of waiving these claims until they
have exhausted every possible legitimate effort to have them recognized.
These matters are having the active attention of the officers, and the
board is hopeful that the dividend on both classes of preferred shares can be
declared at an early date.
-V.108, p. 2021, 1936.
Cincinnati New Orleans Texas & Pao. Ry.-Divs.--
An extra dividend of 334% has been declared on the Common stock along
with the regular semi-annual dividend of 3%, both payable June 28 to holders of record June 21. The quarterly Preferred div. of 1 3 % has also been
declared, payable Sept. 2 to holders of record Aug. 23. An extra of 334%
has been paid semi-annually on the Common since Dec. 1916.-V. 107, p.
2372.
Cleveland Cincinnati Chicago & St. Louis Ry.-Pres.A.H.Smith has been elected President of this road and the Canada Southern, Lake Erie & Western and West Shore RR., to succeed W. K. Vanderbilt Jr., resigned. R. S. Lovett was elected a director to succeed C. B.
-V. 108, p. 2329, 2324.
Seger, resigned.
JUNE 14 1919.]
THE CHRONICLE
• Cleveland Ry.—Fare Reduction.
The fares on the company's lines will be reduced to 11 tickets for 50
cents with a 1-cent charge for transfers, starting on July 1; the present fare
is 5 cents with a 1-cent charge for transfers. The April report showed that
the interest fund climbed 3205,468, making the total interest fund on May
1 3568,700. Indications for May were that the fund would reach over
$700,000.—V. 108, p. 2122, 1610.
Colorado Springs & Cripple Creek District Ry.—
Notice to Bondholders—More than 75% 1st M.53 Deposited—
More than three-fourths of the 1st M. 5s due Jan. 1 1930 having been
deposited under the deposit agreement dated Jan. 22 1919, notice is given
that additional bonds will be received without penalty until July 1 1919,
after which date no bonds will be accepted except under such terms as the
committee may prescribe. James Tinipson, V.- res. Mutual Life Insurance
Co. N. Y., is Chairman of the committee. The Central Union Trust Co.
80 Broadway, N. Y., is depositary. See adv. pages in this issue and compare V. 108, p. 2022, 578.
Colorado Springs &
Interurban Railway.—Fare.—
The Colorado State Public Utilities Commission immediately granted
the petition of the Colorado Springs City Council to increase the street car
fare from 5 to 6 cents with free transfer, effective June 8. The company
has promised to increase wages from 37 to 48 cents per hour, if the fare
was increased, for men employed on conductor and motorman cars and
from 40 to 51 cents per hour for men operating one-man cars that are being
instalk.d.
Commonwealth Power Ry. & Light Co.—Offering of
Notes.—Bonbright & Co. are offering at prices ranging from.
99 to 94 and int. to yield from 7to 7.55%, according to ma'
turities, $750,000 secured serial % gold notes,dated June 1,
1919, due serially: $100,000 annually June 1 1920 to 1923
incl., and $350,000 June 1 1924.
Redeemable as a whole or in part at any time upon 30 days' notice at 101
Int. payable J. & D.in N. Y. Denom.31,000,$500 and
and accrued in
$1000. Tax refundable in Penn. Brooklyn Trust Co., N. Y., trustee
Letter of Pres. Geo. E. Hardy, dated June 6 1919.
Data From
Company.—Incorp. in Maine in 1910; through its subsidiaries owns or
controls and operates 22 public service properties engaged in the manufacture and sale of gas and electricity .or light, heat and power and in
street and interurban railway operation. The subsidiary companies
serve 172 communities located in Michigan, Illinois, Indiana, Wisconsin,
Ohio and Kentucky, serving a population estimated at 1.500,000. Owns
over 97% of the Common stock of its subsidiary companies and over 80%
of Prof. and Corn. stocks combined.
Authorized. Outstanding.
Capitalization as of June 1 1919—
$35.000,000 317,953,000
Preferred stock (6% cumulative)
25,000,000 18,585,900
Common stock
2,414,100
Common stock (deliverable only on cony, of bds.)_
8,047,000 8,047,000
Five-year 7% secured Cony,gold bonds
5,950,000
5,950,000
One-year 7% secured gold notes
2,000,000 2,000,000
Secured serial 7% gold notes
750,000
750,000
Secured serial 6% gold notes (present issue)
• Purpose of Issue.—The proceeds of these notes have been used in part
in the refunding of the $3,700,000 par value of 1st Mtge. 5% bonds of the
Grand Rapids Ry., due June 1 1919 (see that company in V. 108, p. 2122.)
Security.—Secured by deposit of $1,200,000 (entire issue) General Mtge.
Five-year 6% gold bonds of Grand Rapids Ry., due June 1 1924, which
company covenants not to create any other than existing mortgages within
the term of its first mortgage or during the life of these notes.
Consolidated Earnings, including Subsidiaries. Years ended April 30.
1918.
1919.
$20,311,495 $23,386,932
Gross earnings
6,985,190 7,956,370
Net, after maintenance and taxes
5,123,817
Fixed charges, incl. int. & divs. on outstg. securs. of sub. cos__
Bal. available for int. on securities of Com'th Pow.Ry.& Lt.Co. 2,832,553
Annual int. requirements on the entire outstg. funded debt of
Co.,incl. $45,000 int on these notes
1,164,790
Com'th Power Ry.& Lt.
1,667.763
Balance available for depreciation, dividends, &c
(Compare annual report for 1918 in V. 108, p. 1056.)
Franchises.—Some of the franchises, of various maturities, some being
-way of the railways and
without limit of time. Large parts of the rights-of
transmission linos are owned in fee.
Territory Served.—The principal communities in most of which the subsidiary companies furnish electricity for light, heat and power, gas, steam
heat and street railway service are Grand Rapids, Saginaw, Bay City,
Kalamazoo, Flint, Jackson, Battle Creek, Muskegon, Lansing, Pontiac and
Cadillac, Mich.; Peoria, Springfield and Rockford, Ill.; Evansville, Ind.;
Springfield, 0.; Danville, Ky.; and Janesville, Wis.
Properties.—The electric generating properties. all designed to operate
as one interconnected system, include 20 hydro-electric plants with a total
generating capacity of 101,000 h.p. and 19 modern steam electric plants
with a total generating capacity of 164,000 h.p. Two new hydro-electric
developments have just been completed and placed in operation in Michigan,
aggregating 34,000 h.p. There are 1,402 miles of high tension transmission
lines and current is transmitted at voltages varying from 40,000 to 140,000,
the 140,000 volt line being one of the highest voltage transmission lines now
in operation.
Include 12 gas plants, aggregate daily generating capacity 26.830,000
cu. ft.; 66% of the plants are equipped for the manufacture a either water
gas or coal gas also holders of over 8,418,000 cu. ft. capacity. The gas
distributing mains are 950.75 miles in length. The electric railway properties include 870.86 miles of track: 1,205 cars and car barns.
Growth of Business of the Various subsidian, Companies.
1917.
1916
1914.
99.732,147
Rev, pass. car'd_ 95,082,437 102,895,601 104,057,899
Elec. k.w.h. sales. 208,490,680 315,964,337 381,720,612 424,138,677
Gas sales in cu.ft.2,076,722,400 2,466,842,700 2 965.,455,900 3.147,560,800
112,921 lir. 1126,467
1132.646
84,811i ft'l
Electric meters....
.I;91,365
75,874 tl1e'12186,635
193,299
Gas meters_
pomp.,
2022, 1822.
—V. 108, p.-
Cuba Railroad.—Dividends.—
The directors have declared a dividend of 10% on the Common 'stock
and the semi-annual dividend of 3% on the Preferred, both payable Aug. 1
to holders of record June 30. This is the first distribution on the Common
stock since 1916. when 3% was paid semi-annually May and Nov. In
addition a 20% stock dividend was paid in Jan. 1916 and 25% in stock in
June 1916.—V:108. P.,2329.
Cumberland County Power & Light Co.—Fare.--
The P. S. Commission has authorized the railroad division of the ocmpany
to increase fares on trolley lines in Portland and vicinity from 6 to 7 cents
and continue the use of tickets. The single zone fare, now 2 cents, is increased 1-3 cent, the new rates will take effect June 16.—V. 107, P. 2376.
Detroit United Ry.—Strike Settled.—
The employees of the company who struck on June 7 have voted to accept
an offer by the company of increases in wages from 43, 46 and 48 cents to
50, 55 and 65 cents an hour. The men had asked for a raise of 27 cents.—
V. 108, p. 1511.
Electric Short Line Ry.—Co-Operative Contract.—
Director-General of Railroads Hines on June 11 signed a short line contract between the Railroad Administration and this company.—V. 100. P.
1823.
pel
Fort Smith (Ark.) Light & Traction Co.—Status.--See Standard Gas & Elec. Co. under "Reports" above.—V. 108. D. 170.
Grand Rapids Ry.—Refunding—New Bonds Pledged.—
See Commonwealth Power, Ry. az Light Co. above.—V. 108, P. 2122,
Lake Erie & Western RR.—President.--
See Cleveland Cincinnati Chicago & St. Louis Ry.above.—V.107,11.2376.
Mahoning Coal RR.—Extra Dividend.—
An extra dividend of $15 per share has been declared on the Common
stock in addition to the regular semi-annual dividends of $5 per share on
2433
the Common and 23i% on the Pref. stocks, payable as follows:
Common
regular Aug. 1 to holders of record July 15; preferred regular
and common
extra July 1 to holders of record June 21.—V. 107, p.
1579, 1004.
Memphis Street Ry.—Six-Cent Fares.—
The protective committee representing the
Gold Notes due May 1 1919, has received word Two-Year 6% Collateral
that the Tennessee P. U.
Commission on June L. 1919 issued an order fixing a six-cent
emergency
rate with no charge for transfers.—V. 108, p. 2330.
220,
11
Milwaukee Electric Ry. & Light
The State Supreme Court on May 27 handed Co.—Decision, &c.—
the Wisconsin Commission's order of Aug. 23 down a decision upholding
thirteen city fare tickets for 50 cents. Coupons1912 requiring the sale of
tickets ordered by the Commission while the caseissued in lieu of the extra
was on appeal must now
be redeemed by the company.
Mr. S. B. Way, Vice. resident says: "The company will
not attempt
further appeal and will promptly redeem coupons, if
presented at its office
at four cents each in cash. The company interprets
quiring it to refund to holders of coupons the value the decision as reof a ride when purchased in lots of thirteen or twenty-six during the
• mission's Aug. 23 1912 order was in effect in respect period while the Comto commutation ticket
rates.
The Common Council on June 2, by a vote of 28 to 6,
passed
offered by the City Attorney Clifton Williams, authorizing the resolution
him to bring
action against the company on the part of the city as an
abutting property
holder, and to compel the company to seek a franchise for
operation of its
interurban cars.—V. 108, p. 1511. 1269.
Muscatine Burlington & Southern
The $498,700 5% bonds due July 1 1919 will be RR.—Refunding.—
paid off
June 30 at office a Continental & Commercial Trust & Say. at maturity on
Bank, Chicago.
In connection with this payment the company will issue
$550,0006% 1st Al.
bonds, dated July 1 1919 and due July 1 1924.
yet been sold or underwritten.—V. 103, p. 1981. These bonds have not
New England Investment &
Security Co.—Fares.—
The Mass. P. S. Commission has approved
the Milford Attleboro & Woonsocket St. Ry.,a readjustment of fares of
tofore divided into three zones with a 7c fare in whereby the system hereeach zone, is now divided
into 11 zones with a 5c fare in each. The road reported
operating expenses of $8,000 for the four months ended a deficit in meeting
April 30.—V. 108.
p. 1512.
New York Railways Co.—Foreclosure.—
Judge Mayer in the U. S. District Court
Farmers Loan & Trust Co., as mortgage in N. Y. on June 6 granted the
authority to bring a suit
to foreclose the adjustment mortgage of trustee,1912,
Jan. 1
which was made to
secure an issue of $33,000,000 30
-year 5% Income gold bonds, of which
$30,616,487 are now outstanding.
To Revoke Transfer Contract.—
Federal Judge Mayer on June 12 granted
Job E. Hedges for authority to revoke the the application of Receiver
contract in operation since
Sept. 9 1914, providing for transfers between the
to Staten Island and several of the surface car Municipal F'erry operating
The contract expires on Sept. 15. Under the lines running to the ferry.
of the 5
-cent fare paid by a passenger using agreement the company, out
both
3 cents and the ferry 2 cents. After the expirationcar and ferry received
of the first six months
the agreement provided that the system may be
terminated by either party
to it at the end of any calendar year six months
from the
mencement, by giving to the other party three months' date of its comnotice of its intention to do so.
Interest Payment.—
Judge Julius M. Mayer, of the United States
directed Job E. Hedges, as receiver of the New District Court, on June 11
York
the semi-annual installment of interest, amounting Railways Co. to pay
to $37,500 due July 1
on the Improvement and Refunding
mortgage 5% bonds of the 23rd St.
Railway Co. and also to expend $23,625 in repairing
the tracks of that line
besides settling certain tax bills.—V. 108, p.
2241, 2023.
Northern Ohio Traction & Light Co.—Offering of
Bonds.—The National City Co. is offering at 96 and int.,
to yield about 63 %, $4,600,000 7
4
-year secured gold
dated June 1 1919, due June 1 1929. A circular shows: 6s,
Int. payable J. & D. in N. Y. without
income taxes up to 2%. Denom. $1,000,deduction for normal Federal
$500 and $100 each"c*. Redeomable as a whole, or in part, at 101% and int. at any time on
30 days'
notice. Bankers Trust Co., N. Y., trustee.
Electric Business.—The electric light and power business has
grown from
$204,000 in 1910 to over $2,711,000 in the year ended April
30 1919. an
increase of over 1,225%. At present this
rate of about 35% per year. The electric business is increasing at the
property, in excellent
condition, includes 3 generating stations with present installed physical
electrical
equipment of over 72,500 k.w., of which 67,000
company's new Gorge steam station adjacent to k.w. are located in the
into a long term contract for the purchase of Akron. Has also entered
additional power from an
outside source with large power generating facilities practically
at the
mouth of bituminous coal mines.
sells power at wholesale in several In addition to its business in Akron
surrounding communities, serving a
population of about 200,000.
Street Railway.—The electric railway business in the same period has
increased over 125%, of which the interurban business has increased nearly
140% and that of the city railways about 118%. Owns about.149
miles
(single track equivalent), extending from Cleveland to Akron, Canton,
Massillon, New Philadelphia and Uluichsville, with two
ing from Akron to Kent and Ravenna and to Barberton branches extendand Wadsworth,
Ohio. Upon completion of present plans involving a private
entrance
into the large new union terminal in
Cleveland to Akron
line will be located almost entirely onCleveland, the of way,
private right
with double
track the entire distance. Operates city railway properties in Akron,
Canton and Massillon with a total of about 100 miles of single track. Owns
more than 350 cars for both city and interurban railway
car barns and shops of adequate capacity located near service and modern
Akron. The total
a opuer
pt ovlatnoo, ed by the railway lines, including Cleveland, is estimated
serv 0
00 .
Purpose of Issue.—To provide funds for the payment on
underlying issue of $2,995,000 1st M. bonds and to reimburse July 1 of an
the company
for recent construction expenditures. In connection with this financing
it has been deemed desirable to call for payment an issue of $1,450.000
outstanding 7% serial gold notes. •(See below)
Capitalization Upon Completion of this Financing—
Outstanding.
Common stock, paying 7% dividends
$9,100,090
413030:000900
Preferred stock (3% cumulative)
ed
Seven-year 6% secured gold bonds (this issue)
4,600,000
First Lien & Refunding Mortgage bonds, due 1956
*5,334,500
Underlying Mortgage bonds,due 1920 to 1933
**6,549,000
* Includes $718,500 bonds owned by the company, but does not Include
$5,750,000 bonds pledged as security for present issue of 7
-year 6% secured
gold bonds. *n5,826,000 additional underlying bonds pledged under the
First Lien & Refunding Mortgage.
Security.—Secured by pledge of $5,750.000 First Lien & Refunding
Mortgage 5% bonds (see description in V. 103, p. 1210.) Additional 7-year
bonds may be issued from time to time against the deposit of cash or against
the pledge with the trustee of First Lien & Ref. Mtge. 5% bonds in principal amount equal to 125% of the principal amount of 7
-year bonds
issued, provided annual net earnings for 12 consecutive months ending
not more than 60 days prior to the issuance of such additional 7
-year bonds
shall be at least twice the annual bond interest charges.
Earnings for the Years ended April 30—
1918.
1919.
Gross earnings
$6,610,588 $7,766.355
Net, after maintenance and taxes
2,005,108 2,113,328
Annual interest charges on $16,483,500 outstanding bonds___._
847,935
Balance, surplus
$1,265,393
Net earnings nearly 2 times annual bond interest charges.
For statement of history, franchises, valuation of property, &c., see
V. 103, p. 1210 andN. 105, p. 2456.
All the Secured Serial 7% Bonds to Be Redeemed.—
All of the outstanding Secured Serial 7% Gold bonds dated Dec. 1 1917
have been called for payment July 10 at 101 and int, at the Guaranty Trust
Co., New York.—V. 108, P. 2330.
2434
THE CHRONICLE
Nova Scotia Tramways & Power Co.
-Notes.
The Common stockholders will vote June 24 on authorizing an issue of
$2,000,000 unsecured 3
-year notes, of which half is to be put out upon approval by the P. U. Commission of Nova Scotia. Following this meeting
Preferred stockholders will meet to sanction the notes.
-V. 108, P. 2023.
Oakland Antioch & Eastern Ry.-Fare Increase.
The company has filed with the California RR Commission an application for authority to increase its passenger fares on its commercial line between Oakland and Sacramento.
-V. 108, p. 2023.
Ottumwa Railway & Light Co.
-Status.
See Standard Gas & Elec. Co. under "Reports" above.
-V.108, p. 1611.
Parkersburg & Ohio Valley Electric Ry.-Sale.--
In reply to an enquiry we are informed that the sale of this company's
, cof yco
merl on,AATsi irg a. been confirmed, for the price of $16,000, to the
t
iit his
l
Pennsylvania Railroad.
-Authorized Listing.
The New York Stock Exchange has authorized the listing of $50,000,000
57 General Mtge. bonds, series "B," due Dec. 1 1968.-V. 108, p. 2330,
1275.
Philadelphia & Reading Ry.-Earnings Cal. Years.
Increase.
1918.
1917.
(1) U. S. RR. Adm. Account-
0 erating revenue
Net railway operating income
(2) Corporate Income Account
Federal compensation
Other income
$15,868,331 $13,876,338 $1,991,993
702,423
385,645
316,778
Gross income
Interest, war taxes, rentals, &c
Invested in physical property
$16,570,754 $14,261,983 $2,308,771
$9,812
$8,060,293 $5,761,334
6,858,568
3,785,381
3,073,187
$80,769,563 $66,831,398 $13,938,165
10,350,020
8,500,649
1,849,371
WoL. 108.
announce a final extension of the time within which the securities of these
companies may be deposited until July 1 1919. After that date no deposit of securities will be accepted except upon special terms, and then
only in cases where the depositor is able to satisfy the committee that he
has failed to deposit at an earlier date either through want of actual notice
or from some other sufficient cause.
Temporary Receiver Appointed.
Presiding Justice Tanner of the Supreme Court on June 10, on the petition
of the Central Union Trust Co., N. Y., trustee of the First Mtge. bonds
due March 11933, appointed Cornelius S. Sweetland as temporary receiver.
A hearing for the appointment of a permanent receiver will be held June 23.
The petition states that the company in 1918 defaulted in the payment
of taxes and other charges which it agreed to pay by the terms of the
mortgage; also on March 1 1919 the interest amounting to $225,000 then due
on the mortgage bonds was not paid.
-V.108, p. 2331, 2124.
Washington Baltimore & Annapolis Electric RR.
Otis & Co., Cleveland, have issued interesting circulars, tabular and
descriptive, showing the remarkable growth and prosperity of this electric
road operating between Baltimore, Washington and Annapolis. The
company is one of very few electric railway properties which has been able
to Increase its earnings in the past two years.
-V. 108, P. 1276.
Washington Ry. & Electric Co.
-Transfer Charge.
The P. U. Comm. of the District of Columbia on May 29 granted a
transfer charge of 2 cents to the company, to be added to the present 5
-cent
fare. The charge took effect June 1 and will remain in force until Jan. 1
1920, when the old rates shall be restored unless otherwise ordered by the
Commission.
The same charge was granted to the Capital Traction Co. and the Washington-Virginia Ry. without application.
-V. 108, p. 2242, 2124.
Washington Utilities Co.
-Protective Committee.
-
The June 1 interest on the 5% Collateral Trust notes having been defaulted, the protective committee named below have requested the noteholders to deposit their notes with the Metropolitan Trust Co., New York,
Balance, surplus
$1,651,893 $4,715,268 $3,063,375 or the American Security & Trust Co., Washington D. C.. depositaries.
* Decrease.
Committee.
-Clarence F. Normont, Washington; henry D. Harlan, BalSee report of Reading Co.(parent co.) V. 108, p. 2324.-V. 108,p. 269. timore; Theodore H.Banks and Harold B.Thorne, N.Y.
-V.108, p. 2336.
Pittsburgh Railways.
-Suit against Street Car Union.
A. E. Anderson, attorney for the Public Defense Association, on June 10
filed a suit in equity in Common Pleas Court at Pittsburgh against the
Amalgamated Association of Street and Electrical Railway Employees and
others, in which the union is asked to make restitution in the amount of
$2,035,001. which amount, it is claimed, was lost by the people of the
community as a result of the recent street car strike. The receivers of the
company also are named as party defendants.
-V. 108, p. 2330. 2123.
Pittsburgh Youngstown & Ashtabula Ry.-Earnings.
Cal. Years
-(1) U. S. Govt. DataIncrease.
1918.
1917.
Railway operating revenues
$9,771,702 $7,982,892 $1,788,810
Net operating income
$864,345 $1,283,383 dec3419,038
(2) Company Acct.(Fed'l Comp.,
Income from lease of road
$1,038,447 $1,028,350
$10,097
Interest on funded debt
251,436
7,656
243,780
Maintenance of organization
2,439
3,782
1,343
Preferred dividend (7%)
2
636,230
636,228
Common dividend (7%)
147,000
147,000
Balance, surplus
-V. 108, p. 1823.
None
None
None
Rhode Island Co.
-Final Notice.
See United Traction & Electric Co. below.
-V. 108, p. 2330.
St. Louis Transit Co.
-Interest Payment.
-
Washington-Virginia Ry.-Transfer Charge Allowed.
See Washington Ry. & Electric Co. above.
-V. 107, p. 803.
West End Street Ry.-Bond Application.
The company has petitioned the Mass. P. S. Commission for authority
to issue $1,581,000 7% bonds to refund a similar amount of 5% debenture
bonds, due Aug. 1 1919.-V. 108, p. 880.
Winston-Salem Southbound Ry.-Valuation.The "Railway Review" of May 31 has an atriclo on the second tentative
valuation issued by the L-S. C. Commission.
-V. 108, p. 2242, 2124.
INDUSTRIAL AND MISCELLANEOUS.
Aetna Explosives Co.
-Reorganization Plan.
-The adoption of a plan reorganization based on the terms and provisions of the court order, which was fully outlined in the
"Chronicle" of May 31 is announced to the bondholders
and preferred stockholders by J. & W. Seligman & Co.,
Readjustment Managers, through the advertising department of to-day's "Chronicle:"
See United Railways of St. Louis below.
-V. 108, p. 1722, 1611.
Briefly the plan provides that depositing security holders shall be entitled
to receive (1) for each $1,000 bond and unmatured coupons either (a)
$850 and int. in cash; or (b) an exchange of the present bonds, par for par,
A dividend of$2 50 has been declared on the Pref. stock, payable June 30 for Series "A" 6% bonds of the Aetna Explosives Co., maturing Jan. 1
to holders of record June 23. This is the dividend which would normally 1931. (2) For each share of Pref. stock $20 75 in cash and $75 par value
have been paid May 20, but was delayed presumably because funds were In a 6% Series"B" bond of the Aetna Explosives Co., maturing Jan. 11941.
not promptly forthcoming from the U. S. RR. Administration.
-V. 108, The two series will be secured in like manner, but Series "B" will be junior
p. 2023.
in lien to Series "A." While maturing as just stated, provision is made
that, beginning with the year ending July 1 1920,
Southern Traction Co. of Illinois.
-Sale Postponed.
- and 1-25th of Series "B" shall be retired annually. 1-12th of Series "A"
Federal Judge George C. English on Juno 6 ordered the sale of the
The receivers have agreed, pursuant to an order of the court to carry
property, planned for June 10, postponed indefinitely, as requested by out the terms of the plan. The payments of cash and the delivery of the
stockholders, who believed a large price can be obtained at a private sale, new securities to the depositors will be carried out under the direction of the
If one can be arranged.
-V. 103, p. 939.
readjustment managers.
All deposits of both the Prof.stock and bonds should be made on or before
Toledo Ry. & Light Co.
-Fare Increase Upheld.
July 1 1919. The Bankers Trust Co. is depositary for the bonds and the
The Federal Court of Appeals on June 7 affirmed the injunction decree Columbia Trust Co. for the Preferred stock. The receivers urge the
of Federal Judge Killits, of Toledo, restraining the city from interfering immediate deposit of the securities. Compare V. 108, p. 2243, 2331.
with the operation of the lines of the company and the collection of fare
at the rate of 5c. for adults with an additional lc. charge for transfers.
Alaska Gold Mines Co.
-Ore Milled (Tons)
V. 108, p. 2331, 880.
1918.
1919.
1917.
101,215
Month of May
202,377
227,901
Underground Electric Rys.of London,Ltd.
-Sub.Co.
- Jan. 1 to May 31
696,345
867,474
981,284
On Apr.8 Mr. Justice Astbury sanctioned the scheme of arrangement and -V. 108, p. 2243, 1938.
reduction of capital of the London United Tramways. Pursuant to an
Act of Parliament obtained in 1918, whereby the times at which local au-Merger of Independent Packing
Allied Packers, Inc.
thorities could compulsorily purchase was put into one date, viz. 1950
-V. 108, Companies-Public Offering of $16,000,000 6% Debentures
and the company was allowed to charge somewhat higher fares.
p. 2023, 1605.
-This company was incorporated in Delaware
in Near Future.
Southern Railway.
-Preferred Dividend.
-
-Extension of General
Union Traction Co. of Ind.
-In a letter dated
Mortgage 5% Bonds, Due July 1 1919.
May 1 1919 to the holders of these bonds President Arthur
W. Brady wrote in substance:
June 6 as a merger of the companies named below. In the
plants taken over only one had ally bonded debt and one other
a small issue of $500,000 Preferred stock. It is understood
that a public offering of $16,000,000 6% debentures will be
"In order to meet the maturity of the above-mentioned bonds, it is made in the near future by Imbrio & Co. and possibly other
proposed that they shall be extended for a period of three years, bearing
interest at the rate of 67 instead of 5%, as at present, the coupons to be .bankers.
free from the normal Federal income tax up to 2%, the company to have
the right to anticipate the payment of the principal of the bond on any interest date at 101;i and accrued interest. Bonds should be forwarded to
the Equitable Trust Co. of N. Y. City, which will, when a majority of the
bonds have been deposited, have them properly stamped and coupon sheets
attached and returned free of charge. The July 1 coupons will be paid
when due. Authorized $5,000,000 outstanding $4,623,000.
"Underlying mortgages on the property have been paid off or reduced
by sinking funds so that the bonds are now secured by a first mortgage
upon about 150 miles of street and interurban railway with power house
and shops, including the city lines of Anderson, Elwood, Marion and
Muncie, and interurban lines from Indianapolis to the above-named cities,
subject to a mortgage for $37.000 on the Muncie city lines and $328,000 on
the Marion City lines and the Marion-Summitville line. The net earnings
for the year 1918 of the lines covered by this mortgage equaled 1M times
the interest charge of the outstanding bonds and the underlying bonds.
V. 108, p. 974, 172.
United Rys & Electric Co., Balto.-No Increase.
The Maryland P. S. Commission on Juno 5 refused the appeal of the
company to allow it to charge 25 cents for four tickets, or 7 cents for a
cash fare, to go into immediate effect.
-V. 108, p. 2242, 1929.
United Railways of St. Louis.
-To Pay Interest.
Judge David P. Dyer on June 7, on recommendation of Special Master
Henry Lamm, hearing the receivership suit of John W.Seaman, authorized
the payment by the reciever of the interest [amounting to about $250.000]
on St. Louis Transit Co. bonds. At the same time Judge Dyer ordered the
receiver to pay certain licenses and the mill tax, and a judgment for $3,000
in favor of Minerva H. Elliott.
-V. 108, p. 2331, 1823.
United RRs. of San Francisco.
-Obituary.
President Jesse W. Lilienthal died on June 3.-V. 108, p. 2023.
United Traction & Electric Co., Providence, R. I.
Final Notice.
The protective committees of the bondholders and stockholders of the
United Traction & Electric Co. and its subsidiary companies, enaged in
the consideration of plans for the reorganization of the traction system
The companies taken over are as follows: Parker, Webb & Co., Detroit;
Klinck Packing Co., Buffalo; F. Schenck & Sons, Wheeling, W. Va.; Matthews-Blackwell, Ltd., Toronto; W. S. Forbes & Co., Richmond, Va.;
Macon Packing Co. Macon, Ga.; 13atcholder & Snyder, Boston. Negotiations for the acquisition of two other plants are under way.
The authorized capital stock consists.of 325,000,000 7% Preferred and
250,000 shares Common, no par value, and $25,000,000 6% Debentures,
presently to be issued,$16,000,000 Preferred, 200,000 shares Common
stock and $16,000,000 Debentures.
Preliminary Balance Sheet April 30 1919 (reflecting conditions existing on
acquisition of subsidiaries under existing contracts of purchase and
onissuance of securities already underwritten).
Liabilities.
Assets.
$5,369,698 Preferred stock
Prop., plant &c
$5,305,000
Brands & trade marks--- 2,000,000 Debentures Os
16,000,000
58,351 6% 20-yr. bonds Mat
Deferred charges
y Investments at cost 11,230,000
thews-Blackwell, Ltd_ 1,059,500
x Cash on dep.& on hand 8,893,365 Notes and loans 'payable 1,823.322
641,491
Notes & accts. receivable 1,917,581 Accounts payable
35,000
4,452,890 Dividends declared
Inventories
Reserve for taxes, &c__
21,994
9,098,458
Total (a&sets & Ilab.)--$33,984,764 Surplus
Note.
-The preliminary balance sheet shows 480,000 shares capital stock
no par value authorized, to be issued 200,000 shares but gives no "stated
value."
x Cash on deposit incl. cash realized from sale of debentures which is to
be used for contemplated improvements and acquisition of additional plants.
y Parker, Webb & Co.,$5,250,000; F. Schenk & Co.,$3,625,000; Bachelder
& Snyder, 31.655,000; Macon Packing Co., $700,000.
Directors (and Officers).-lIenry E. Cooper (Vice-Pros. Equitable Trust
Co.), John A. Hawkinson, Pres.; James Imbrie (of Imbrio & Co.); Raymond
E. Jones (Pres. Merchants National Bank); W. 11. Nicholls, Jr. (Pres.
General Chemical Co.); George Roper (of Roper & Co., Liverpool, Eng.);
Albert M. Schenk, Vice-Pres.; F. S. Snyder, Vice-Pres.; Robert Schleli
(Sec. & Treas. Parker, Webb & Co.), and E. B. Walden (Vice-Pres. Corn
Products Refining Co.).
[The Corporation Trust Co. of America is the new Company's Delaware representative.]
JUNE 14 1919.]
THE CHRONICLE
2435
American Agricultural Chemical Co.
-Directors.
-
California Petroleum Co.
-2M% on Accumulations.
American Brake Shoe & Foundry Co.
-Officers.
----
Calumet & Arizona Mining Co.
-Production (lbs.).-
J. D. C. Bradley, George C. Clark Jr. and W.J. Hiss were elected direcA dividend of 234% has been declared
stock on
tors to succeed 0. W.Priddy, resigned, and D. Crawford Clark and W. W. of accumulations, along with the regularon the Preferred 7 both account
payable
V. o,
Baker, both deceased. Mr. Priddy was also made a Vice-Pres.-V. 108, July 1 to holders of record June 20. Thequarterly of 1Preferred dividends
accumulated
p. 1062.
after this payment will aggregate 234%.-V. 108, p. 2331.
J. B. Terbell has been elected President to succeed William G. Pearce,
who retired to become Chairman of the Exec. Comm. Randolph Ortman
was elected a director and J. B. Curtis General Counsel, both succeeding Monty of May
Jan. 1 to May 31
J. D. Gallagher, deceased.
-V. 108, p. 2243.
-V. 108. p. 2332, 1939.
American Can Co.
-Settlement.
-
1919.
3,848,000
18,046.000
1918.
4,768,000
21,176,000
1917.
5,688,000
26.670,000
Calumet & Hecla Mining Co.
-Dividend Omitted.
-
See Canadian Car & Foundry Co. below.
-V. 108, P. 1062.
American Gas & Electric Co.
-Extra Dividends.
-
The directors took no action on the declaration of the quarterly dividend
usually paid at this time. The March dividend was also omitted.
-V.108.
p. 2024.
Extra divs. of 23 % (Payable Oct. 1)and 25% (payable Lily 1 in corn.
Cambria (Wyo.) Fuel Co.
stock, and regular quar. of 234% in cash has been declared on the $4,100,-Bonds Called.
Sixty-seven ($67,000) Purchase Money Mtge. 6% 15
800 outstanding coin,stock, payable July 1 to holders of record June 20.
-year gold bonds,
Previous to this 2% was paid extra semi-ann. Jan. and July in common ranging from Nos. 24 to 975, both inclusive, due Jan. 1 1925, have been
stock.
called for payment July 1 at par and interest at the Bankers Trust Co..
New York.
-V. 108. p. 174.
Stock Increase.
The stockholders on June 9 voted to increase the authorized capital stock
Canadian Car & Foundry Co., Ltd.
-Settlement.
from $15,000,000 to $50.000,000, divided into $25,000,000 common and
Press reports from Montreal state that it is officially announced the
$25,000,000 preferred (par $50). None of the new stock is to be sold Canadian Car & Foundry Co. has received $788,000 from he American Can
in the immediate future.
-V.108. p. 2124.
Co. in settlement of munition contracts, and has also received settlement
for all munition contracts from the American and Canadian Governments.
An announcement of the facts, it is expected, will shortly be made to
American Malt & Grain Co.
-Capital Stock.
stockholders.
See American Malting Co. above.
-V. 108, p. 2331.
This payment by the American Can Co. comes in settlement of the
judgment which was confirmed on appeal by the U. S. District Court in a
American Malting Co.
-Liquidation.
decision handed down about two months ago. A Canadian paper explains
A first liquidating dividend of $30 a share on the $6,928,900 First Pref.
Stock of the American Malting Co. has been declared by the liquidating the case as follows: "The American Can Co. agreed with the Car Co. to
fuse
trustees, the distribution to be made as to the undeposited stock 522,600 make use of a with plant at Dayton, Ohio, for the filling of some of its own
war contracts
the Russian Government. When that Government was
par value Jan. 31 1919) at the Guaranty Trust Co., New York City.
In the case of those who did deposit stock, which applies to the majority overthrown the Can Co. sought this judicial opinion on the matter of payments to safeguard its position (compare V. 108. p. 74: V. 106. p. 1794).
of the First Pref. shareholders, the Protective Committee will make use of
"A claim for $200,000 is
the disbursement to discharge the amounts due by them, respectively, on back on unexported shells. also outstanding in the matter of a tariff drawThis has to be settled by special Congressional
account of their subscriptions at $36 per share for an amount of the stock of bill."
-V. 108. p. 583.
the new corporation (American Malt & Grain Co.) equal to 70% of their
present holdings. Later on there will be other dividends in liquidation
Canadian Locomotive Co.
-Directors.
which will probably yield each depositor $30 or more in cash as to each
M. J. Haney and James Carruthers have been elected directors to sucshare of their First Pref. The stock of the new company is 55,000 shares ceed J. J.
Harty and H. W. Richardson, both deceased.
-V.108. P.975.
of no par value, of which 49,000 were offered as aforesaid to holders of said
old First Pref. See V. 108. p. 582. 273, 171.
Canada Steamship Lines, Ltd.
-Dividend.
Russell H. Landale, Chairman of the board of liquidating trustees, says
of 1.
that when the affairs of the company are finally wound up, within a short onA quarterly dividend payagleless Canadian income tax, has been declared
the Common stock.
June 16. In March last an initial dividend
time, nothing will be left for the Common. It is estimated that the net
-V. 108, p. 975.
assets approximate $4,200,000 and the amounts due on the First, Second of 1% was paid.
and Third Preferred shares aggregate about $13,000,000.-V. 108, p. 2331.
Carmen Centrale.-Bonds Pledged.
See West India Sugar Finance Corp. below.
American Steel Foundries Co.
-Purchase Terms.
See Griffin Wheel Co. below.
Central Alto Cedro.-Bonds Pledged.
-V. 108, p. 2331.
See West India Sugar Finance Corp. below.
American Stores Co.
-Listed in Philadelphia.
Central Foundry Co.
-Merger Plan.
The Philadelphia Stock Exchange on Juno 6 listed the capital stock as
The shareholders of this company, it is announced, will be permitted to
follows: (a) $3,531,700 7% Cum. Cony. 1st pref. stock, par $100, nonassessable; (b) $1,457,000 7% cum. cony. 2d pref. stock, par $100; (c) exchange their holdings for stock in the new Iron Products Corporation
142,240 shares no par value Common stock, all full paid and non-assessable. (formed to control also the Essex Foundry Co.) as follows: (a) First Pref.
This listing removes the First Prof. and Common stocks from the unlisted stock, share for share for the Pref. stock of the Iron Products Co.;(b) Ordinary Pref. stock, share for share for the common stock of the Iron Proddepartment.
-V. 108, p. 1508, 381.
ucts Corp. and the Common stock, one-half share of Iron Products common
-Strike Threat-. for each share of stock now held.
American Telephone & Telegraph Co.
If qllof the Preferred and Common
there
be about
ened-Control of Operations Returned to Owners-Increased $1,650,000 Iron Products Co. Prof. stock is exchanged shareswill Common
of
stock and 90,000
stock outstanding. Of these amounts approximately $475.000 Pref. stock
Rates Upheld.
See under current events on a previous page and also page 2291 and fol- will represent stock exchanged for the Central Foundry Preferred, about
$200,000 for the Essex stocks and $1,000,000 which has been sold to bankers
-V. 108, p. 2331, 2124.
owing pages of last week's "Chronicle."
to provide funds for working capital.
-V. 108,. p. 2332. 2125.
•
-Output (in Lbs.).Anaconda Copper Mining Co.
Central & South American Telegraph Co.
-Officers.
1918.
1919.
1917.
The following officers have been elected: W. Emlen Roosevelt, Chairman
13,500,000 28.400,000 28,400,000
Month of May
69,450.000 131,984,000 142,250.000 of Board; John L. Merrill, President; W. A. McLaren, Alexander Davidson
Jan. 1 to May 31
and James R. Beard, Vice-Presidents; Harry de La Montagne Jr.. Secre-V.108, p. 2019, 1823.
tary, and William H. Coade, Treasurer.
-V. 108, p. 1513. 686.
-Copper Production (Lbs.).Arizona Copper Co.
1919-Mav---1918.
2,400,000
4,130,000
-V. 108, p. 1938. 1062.
Decrease. 1919-5 Mos.-1918.
1.730,000114,200.000 18,430,000
Decrease.
4,230,000
Armour & Co.
-6% Convertible Debentures to be Paid.
Central Steel Co., Massillon, 0.
-New Stock.
A certificate at Columbus 0., on June 5 increasing the authorized capital
stock from $5,000,000, consisting half each of Common and 7% cum. pore.
to $7,000,000, par $100. The Massillon Rolling Mill owns a majority of
the outstanding stock. Compare V. 104, p. 562.
The company announces that all debentures maturing June 15 1919 will
-Earnings
-Listed.
Certain-teed Products Corp.
be redeemed at par to-day, June 14 1919, unless privilege of conversion into
3 Mos. to Mar. 31. 1918-12 Mos.-1917.
pref. stock is exercised on or before that date. Conversion of debentures
def.$104,453 $2,562,679 $3,109,148
maturing 1919 into 7% cumulative Pref. stock can be made up to 12 o'clock Operating profits
489,652
def.266,328
22,084
noon June 14 1919, by forwarding debentures to the Bankers Trust Co, Net after deductions
$957,552 $1,223,881 $1,662,278
16 Wall St., N. Y., or to the Continental & Com.mercial Trust & Say. Bank, Profit and loss surplus
The N.Y.Stock Exchange has authorized the listing of 5,000 shares of
Chicago.
-V. 108, P. 881. 685.
Common stock, no par value, making the total amount authorized to be
listed 95,667 shares, no par value.
-V. 108. p. 1272.
Babcock & Wilcox.
-Dividend.
An annual dividend of 8% has been declared on the stock,2% to be paid
Chandler Motor Car Co.
-Common Dividend Increased.
each quarter as follows: July 1 to holders of record June 20; Oct. 1 to holders
A quarterly dividend of $4 has been declared on the common stock, payof record Sept. 20; Jan .1 1920 to holders of record Dec. 20 and April 1
able July 1 to holders of record June 18. This declaration increases the
1920 to holders of record March 20 1919.-V. 107. p. 405.
annual rate from $12 to $16. A dividend of $3 has been paid quarterly
since April 1918, previous to which $2 was paid.
Bethlehem Steel Corp.
-Sub. Co. Bonds Called.
President F. C. Chandler is quoted as saying: "Business is splendid and
One hundred and thirty-eight ($138,000) 1st M.20-year sinking fund 6%
gold bonds of the Spanish-American Iron Co., dated July 11907, have been directors feel justified in putting the stock on a regular basis of $4 quarterly.
called for payment July 1 at par and interest at Girard Trust Co., Phila. The 1919 output will be the largest the company has ever had and this will
Notice is also given that one bond called for payment in Jan. 1918 and seven be the most prosperous year in the company's history. Plans call for an
even larger output next year. Company is in a very strong cash position,
for Jan. 1919 remain unpaid.
-V. 108, p. 2331. 2125.
having on hand Government securities amounting to $4,500,000."-V. 108.
Blackstone Valley Gas & Electric Co.
-New Stock.
- p. 1058, 976.
The board of directors on May 20 1919 voted to offer $288,750 par value
Chino Copper Co.
-Production (in lbs.).of Common stock for subscription pro rata at par ($50 per share to Com1918.
1917.
1919.
mon stockholders of record of May 20. Each Common stockholder have
3,583,396 5,987,340 6,984,457
subscribe up to June 20 for new stock at $50 per share on the Month of May
the right to
18,645,819 33,583.724 32,578,442
basis of one-tenth of a share of now stock for each share of Common stock Jan. 1 to May 31
held as of May 20. Subscriptions must be returned to Stone & Webster. -V.108, p. 2024, 1823.
-V. 108, P. 1166.
Boston.
-Sub. Co. Bonds Sold.
Cities Service Co.
-V.108, p. 2332, 2024.
Booth Fisheries Co.
See Empire Gas & Fuel Co. below.
-Authorized Listing.
The New York Stock Exchange has authorized the listing of $1,000,000
-New President.Colonial Steel Co.
-V. 108. P. 2244, 1513.
7% Cumulative 1st Pref. stock of this company.
Vice-Pres. D. W. DunleYy has been elected President to succeed the
-V.89, p. 1485.
ate John B. Finley.
-Interim Dividend.
British-American Tobacco Co.
The directors have declared a third interim dividend of6%,free of British
-Bonds Pledged.
Cupey Sugar Co.
income tax, on the Ordinary shares, payable June 30. Coupon No. 72
Sec West India Sugar Finance Corp. below.
-V. 107, p. 805.
-V. 108, p. 2244.
must be used for dividend.
(E. I.) du Pont de Nemours & Co., Inc., Wilmington,
-Offering of Guaranteed
Bush Terminal Buildings Co.
-Option to Exchange Common Stock for Stock of new du
-F. J. Lisman & Co. are offering at par Del.
7% Preferred Stock.
-The Common shareholders of the
and div. $750,000 Cumulative & Guaranteed 7% Preferred Pont Securities Co.
company are offered the right to exchange their stock
stock (par $100).
Total authorized $7,000,000; issued $2,500,000. Dividends payable $ for $, for the stock of the new du Pont Securities Co.
quarterly Jan., &c. Redeemable as a whole at $120 per share. and accrued (incorporated June 9 in Delaware) at the Mercantile Trust
•
div. Registrar, Columbia Trust Co., New York. Dividends on this
City, on or before Aug. 16.
stock and principal, in case of liquidation, to the extent of 120% of its Co., 115 Broadway, N. Y.
par value, are unconditionally guaranteed by endorsement on each certificate
by the Bush Terminal Co.
Common stock issued $1,000,000, all owned by Bush Terminal Co.
Bonds 1st M.Sinking Fund 5s due 1960. Authorized $12,000.000 canceled
by sinking fund $410,000; outstanding $8,984,000, including $1,171,000
owned by Bush Terminal Co.
SISFor annual report of Bush Terminal Co. for calendar year 1918 and
earnings of Bush Terminal Buildings Co., see V. 108, P. 2239 and comwoe bond offerings of the latter company in V. 92, p. 111; V. 93, 179.
V. 106, p. 2759.
-Offering of Sub. Co. Stock.
Bush Terminal Co.
-V. 108. p. 2239.
See Bush Terminal Buildings 0o. above.
Digest of Statement by Chairman Pierre S. du Pont, June 10.
The recently issued annual report (V. 108, p. 1054) called attention to
the fact that the directors found it desirable to invest a considerable part
of our accumulated surplus and that in making the investment it was necessary to go outside of the original field of the company's pursuits. Opportunities in like directions, particularly in the motor field, will undoubtedly
occur in the future.
However, to enable each stockholder to decide for himself as to whether
or not he cares to continue to participate in these further opportunities,
a reorganization is deemed desirable.
To accomplish this a new corporation, the du Pont Securities Co. has been
organized in Delaware with an authorized capital of $250,000,000, of
Common stock in shares of $100 each. The right to use this name has been
2436
THE CHRONICLE
obtained from the corporation formerly known as du Pont Securities Co.,
which has [on June 9 1919] changed its name to General Industries Co.
It is intended that all future investments, apart from those in the explosives and chemically allied industries, shall be made through the du Pont
Securities Co. and that E. I. du Pont de Nemours & Co. will confine its
future expansion to explosives and chemically allied industries.
The new du Pont Securities Co. has authorized us to extend to our
Common stockholders the privilege of exchanging their common stock share
per share, for Common stock of the Securities Co. Each stockholder
making the exchange remains in a position similar to that of to-day; that is,
he will have the same proportionate interest in all investments of the parent
company and its subsidiaries and will subscribe to the broader policy ofinvestments, whereas stockholders failing to make the exchange will enjoy the
fruits of the company's investments as they exist to-day, but will not participate in further expansion in fields foreign to the explosives and chemically
allied industries. Stockholders owning a majority of our Common stock,
including all the directors, have agreed to make the exchange.—V. 108,
p. 2332, 2244.
du Pont Securities Co.—New Name.—
This company on June 9 filed a certificate changing its name to General
Industries Co. and authorized the use of the name du Pont Securities Co.
by the new corporation, mentioned above under caption E. I. du Pont de
Nemours & Co.
Empire Gas & Fuel Co.—Notes Sold.—Ilenry L. Doherty
& Co. announce the oversubscription at 9732 and int. of
$25,000,000 Bond-Secured Sinking Fund Convertible 6%
notes dated June 16 1919. due June 151924. See adv. pages.
Denom. $1,000 c, with int. payable J. & J.; and r $100, $500, $1,000 and
$5,000, with int. payable monthly. Int. payable in N. Y. City without
deduction for normal Federal income tax, not exceeding 2%. Pennsylvania 4 mills tax refunded. Callable as a whole or in part at any time on
80 days' notice at such a premium as would make the yield basis 5% to
June 15 1924, but not exceeding 102. Bankers Trust Co., N. Y., trustee.
Sinking fund provides for the retirement each month, beginning Oct. 1
1919, of 17 of outstanding notes.
Convertible at any time, par for par, into 8% non-voting Cumulative
Preferred stock of Empire Gas & Fuel Co., except that this privilege will
expire 60 days prior to date of maturity, and in the event of a call of these
notes for redemption, the conversion privilege will expire 3 weeks after date
of the first publication of notice of call.
Data from Letter of President Henry L. Doherty Dated June 4 1919.
This Issue.—These notes will be the direct obligation of Empire Gas &
Fuel Co. and the following additional companies will also join in the execution of the note indenture: Empire Gas & Fuel Co. (Texas), Empire Refining Co., mpire Gasoline Co., Empire Petroleum Co., Empire Gas &
Pipeline do. These companies, with their subsidiaries, constitute
tially all the operating companies of Cities Service Co. engaged in substanthe production, transportation and refining of petroleum and the production and
transportation of natural gas in Kansas Oklahoma and Texas. There has
been invested in these properties for oil and gas development, refineries,
pipelines and equipment more than $70,000,000 in physical construction.
Description of Associated Oil Properties.
Empire Gas & Fuel Co.—One of the leading producers of high-grade
finable crude oil in the United States, with a daily production in excessreof
40,000 barrels. Owns leaseholds on
in the Eldorado and Augusta fields in22,000 acres of fully proven oil lands
Butler County, Kan., where it
operation over 1,400 producing oil wells, of which about one-half are has in
about
2,400 feet deep, the remainder averaging 800 feet. With its subsidiaries
also owns leaseholds on nearly 1,000,000 acres of other oil and
gas lands,
much of which is tested, and a substantial part regarded as partly proven,
in other parts of Kansas, and also in Oklahoma.
Subsidiaries
natural gas system of about 1,300 miles of trunk lines covering operate a
portions of
Oklahoma, Kansas and southwestern Missouri.
This compay and its subsidiaries produced approximately
17,000,000
barrels of high-grade refinable crude oil in 1918. Its
aries are transporting and marketing about 100,000,000natural gas subsidiCu. t. of gas daily.
Empire Gas and Fuel Co. (Texas)
.—Owns leaseholds on nearly 2,000,000
acres, covering both oil and gas rights, in Texas, of which
acres are located in the Ranger field. Active development about 250,000
in these properties is under way.
Empire Refining Co.—Owns directly or through subsidiaries
refineries at
Oklahoma City, Ponca City, Cushing and Okmulgeo, Okla.; Independence,
Kan., and Gainesville, Tex., having an aggregate capacity
of crude oil daily. With its subsidiaries it owns storage of 31,250 barrels
tanks
barrels capacity, and 276 miles of trunk pipelines running from of 5,000,000
and Augusta fields of Butler County, Kan. This pipeline the Eldorado
is also
connected with the large trunk line systems running to ports system Gulf of
on the
Mexico and the Atlantic seaboard.
Empire Gasoline Co.—Operates a number of plants for the
gasoline from natural gas and from casinghead gas, producing extraction of
gallons of gasoline daily. Empire Gas & Pipe Line Co. is a linkabout 10,000
in the transportation system of the gas properties.
Capitalizatian.—None of the companies has any bonds outstanding except $10,984,500 Empire Gas & Fuel Co. 1st M.& Coll. Trust
sink. fund 6s,
due 1926, which are being retired at
the sinking fund, and $7,787,500 rate of over $1,000,000 per year through
Empire Refining Co. 1st M. & Coll.
Trust sink. fund 6s, due 1927, which arc
retired
rate of
000 per year through the sinking fund. being funded at theof this $1,000,The
debt
group
properties outstanding will include only $18,772,000 underlying bonds of
(see
full particulars, V. 102, p. 1438, 1543; V. 104, p.
365), plus
In addition to this funded debt there are certain tank this issue of notes.
car trust and other
equipment notes, and Empire Petroleum Co. carries and finances its stocks
of crude oil and refined products in storage by pledging these
stocks of oils.
Combined Earnings Year Ended Feb. 28 1919(
fnter-Co. Sales Eliminated).
Gross earnings
$64.504,499 \Interest on those notes.... $1,500,000
Net after maint. & tax.... 23,121,297 Balance, surplus
20,494,977
Int. on divisional bonds_ 1,126,320
Security—These notes will be secured by deposit of $50,000,000 Empire
Gas & Fuel Co.67 Sink. Fund gold bonds dated Juno 16 1919,due
an issue of $150,000,000 to be secured by a First & Refunding &1939 of
Collat.
Trust mortgage, of which $18,772,000 will be reserved
lying bonds and $51,228,000 will be issued at the rateto refund the under-'
of $50
each $100 of additional expenditures made for capital accountin bonds for
in the various properties or for deposit in the sinking fund. Under the sinking fund
provisions which will be included in the bond mortgage, the company
covenant either to expend for capital account in the various properties will
75%
of its gross receipts from the sale of crude oil, or else to effect a very rapid
retirement of bonds into the sinking fund; and the sinking fund will include
an amortization provision which in any event will pay off all of the bonds at
maturity. All of the companies which will join in the execution of the note
indenture will also join in the execution of the mortgage securing these bonds.
[The natural gas and oil properties of tho subsidiaries of Cities Service Co.
are described in a circular just issued by Henry L. Doherty & Co. entitled
"The Cities Service Empire."]—V. 108, p. 2332, 976.
Empire Refining Co.—Bonds, &c.—
See Empire Gas & Fuel Co. above.—V. 107, p. 2292.
Endicott
-Johnson Corp.—Initial Dividends.—
An initial quarterly dividend of 1%% has been declared on the Common
and Preferred stocks, payable July 1 to holders of record June 20.—V. 108,
P. 1392.
Fisk Rubber Co.—Offering of First Prof. Stock.—WilHam A.Read & Co.,Estabrook & Co.and Parkinson & Burr
announce, by advertisement on another page, the sale of the
entire issue of $15,000,000 7% Cumulative First Preferred
Stock, which they offered this week at par ($100) and int.—
an entirely new stock, the old First Preferred having been
called in. Preferred as to both assets and earnings.
Dividends payable quarterly Feb. 1, &c. Redeemable as a whole or in
part at 110 and divs. upon 60 days' notice. Sinking fund provides for the
purchase or redemption of First Prof. stock at not exceedina• st110 a share.
See also President's letter of June 4 below.
Condensed Data from Official Statement of June 5 1919.
Capitalization—No Funded Debt.—Upon completion of the present financing the total net assets (exclusive of good will, patents ,trade-marks, &c.)
will aggregate about $29,075,000 on the basis of April 30 1919 balance sheet,
Wm.. 108.
and the net current assets will approximate $20,296,000, or equal to $193
and $135 per share of the New First Preferred stock.
Against these assets the capitalization will be as follows:
Capitalization (There is no funded debt)—
Authorized. Outstanding.
First Preferred stock, 7% cumulative
$15,000,000 $15,000,000
2d Pref. stock, 7% cum., cony. into Common until
Nov. 1 1923
7,000,000 h6,344,700
Common stock (par value $25)
a20,000,000 b9,325,700
a There is also authorized such additional amount as may be required for
conversion of Second Pref. stock. b These amounts are subject to adjustments on account of conversion into Common stock.
Purpose of Issue.—The proceeds of this issue of $15,000,000 First Pref.
stock, together with $2,500,000 2d Prof. stock, which is to be offered to
stockholders and underwritten at a price above par, will furnish the additional working capital required by the greatly increased business, and will
retire the two issues of First Pref. stock which have been called for redemption, amounting on June 5 to $7,790,900.
Business—Since incorporation in Massachusetts in 1912, has expanded
very rapidly and is now one of the five largest manufacturers of pneumatic
and solid tires for automobiles and trucks in the United States. It also
does a largo business in the manufacture of motorcycle and bicycle tires and
tire sundries.
Sales and Net Earnings as against First Preferred Dividend Charge,$1,050,000
Yea,
Sales.
Net Earns.
Net Earns. Year—
Sales.
1013
$29,916,681a$3,028,571
$9,594,231 $606,000 1917
1914
10.857,324
782,204 1918
36,682,164 b2,506,853
1915 (14 mos.)16,203,283 1,646,579 Avge..6yrs.,est.20,451,912 1,701,819
1916
19,457,789 1,741,705 1919 (4 mos.)[Not stated] 1,695,142
a b After deducting Federal income taxes, viz.: a $549,914; b $1,253,427.
The company controls through ownership of a majority of the Common
stock the Federal Rubber Co., which owns a factory having a floor space of
5 acres at Cudahy, Wisc. (V. 108, p. 2126). The ownership of this stock
is a valuable asset, but the entire amount is carried on the balance sheet
at the nominal figure of $1.
The plant, located at Chicopee Falls, Mass., consists of 20 concrete,brick
and steel buildings, having a total of 30 acres of floor space, and mostly
constructed during the past six years.
Revision and Increase in Capitalization—Official Circular.
—Pres. H.T. Dunn in circular of May 31 says in subst.:
Business Growth.—By its material and steady growth the business of the
company has reached a point where the directors believe that a revision and
increase in capitalization is desirable.
During the first year (1913) under its present charter the company, with
a capital of $13,000,000, did a gross business of $9,594,231, showing a net
profit of $606,000. In 1918, with a capital of $21,129,900, its gross business was $36,682,164 and its net profits $3,760,280, from which $1,253,427
was set aside to provide for Federal taxes (see report V. 108, p. 1058).
Previous Increases in Capitalization—Amounts of Pref. Issues Retired by
Sinking Fund, Conversion, etc.—From 1913 to 1916 the company increased
its capital by the issue of $2,000,000 First Preferred stock, $5,000,000 First
Preferred Convertible stock and $2,500,000 Second Preferred stock.
The sinking fund up to Dec.31 1918 had retired $1,370,100 of[the $5,000,000] First Preferred stock and since that date 3,034 shares of First Preferred
stock and 2,500 shares of the [35,000000 issued] First Preferred Convertible stock have been purchased for retirement. Up to the present time approximately 10,000 shares of the First Preferred Convertible stock have
been converted into Common stock, producing through the terms of the
exchange 5 for 4, $800,000 of additional Common stock.
Old First Preferred Shares Called—New Stock.—The directors,thought it
would not be wise to issue additional First Preferred and First Preferred
Convertible stock, and therefore decided to call these issues at 120 and div.
for the First Prefrred and 110 and div. for the First Pref. Convertible stock.
They have also authorized (1) the issue of $15,000,000 now First
Preferred 7% stock with restrictions amply protecting the holders; (2) an
increase in the present issue of Second Preferred 7% stock by an additional
amount of $2,500,000 [also (3) the issue of $1,000,000 Common.]
Underwriting—Option to Subscribe, &c.—Both of the proposed issues have
been underwritten, the First Preferred at $100 and the Second Preferred
at $135. The sale of these two issues will replace the stock retired, besides
increasing the cash assets of the company and place it in a strong position
to care for its constantly increasing business. It is proposed to give the
Second Preferred and Common stockholders of record July 15 the right to
subscribe to the additional Second Preferred stock at $135 per share and
accrued dividends.
Holders of the two issues of First Preferred stock have no rights to subscribe, but the underwriters will grant them the privilege, until June 10, of
taking the new First Preferred stock at par to the amount of their present
holdings plus the premium which they received by the call.
Propositions Adopted at Special Meeting of Stockholders June 10.
(a) Amend the articles of organization by striking out all provisions relative to the First Prof.stock and reducing the authorized stock by $11,129,900,
being the amount of First Preferred stock and First Preferred Convertible
stock now authorized to be issued.
(b) To increase the authorized capital stock by creating a now First
Preferred stock of the authorized amount of $15,000,000 or less, in $100
shares, which it is proposed shall be entitled to (1) preferential cumulative
quarterly dividends at rate of 7% p. a.; (2) to the benefit of an annual sinking fund amounting to 157 of the net profits after payment of taxes and
o
dividends on the new First Pref. stock;(3) be callable in whole or in part at
$110 a share;(4) in case of liquidation or dissolution be paid at $110 a share
before any payment shall be made on any other class of stock; (5) with provision that no dividends on any other class of stock shall be paid unless the
dividends and sinking fund payments on the now First Preferred stock have
been made and none on the Common stock unless the net quick assets
after the payment of such dividends are 125% of the now First Prof.stock.
(6) Without the assent of 75% of the new First Preferred stock
the company shall not create any mortgage or issue notes maturing later
than one year from their date, or issue stock on a parity with or having priority over the new First Preferred stock, or issue new First Preferred stock
in excess of $15,000,000 unless the net quick assets are 125% and the net
assets are 200% of the new First Preferred stock outstanding and of that
proposed, and unless the average annual net earnings for the three calendar
years preceding shall have been 214 times the annual dividends on the new
First Preferred stock outstanding plus that proposed to be issued; (7) the
holders of now First Preferred stock shall have full voting power in case
dividends on the new First Preferred stock amounting to 7% have accumulated and remain unpaid, and equal voting power with the Common stock
in case the not quick assets are less than 125% of the new First Preferred
stock outstanding; otherwise the First Preferred stock shall have no voting
power except for limited purposes; and to determine the terms and manner
of the disposition of such increased stock.
(c) To issue $2,500,000 of the present authorized Second Preferred stock.
(d) To approve contracts with Estabrook & Co. for the underwriting of
$15,000,000 new First Preferred stock and $2,500,000 Second Preferred
stock, which it is proposed to issue.
(e) To give the holders of Second Preferred stock the option to convert
their stock into Common stock, par for par, during any period of 30 days
after the call for redemption of Second Prof.stock made prior to Nov.1 1923.
(f) To issue $1,000,000 Common stock and determine the disposition of
such stock. Compare "Annual Report," &c., V. 108, p. 1058, 2332.
Famous Players-Lasky Corporation.—Dividends,
The directors on June 9 declared a quarterly dividend at the rate of $2
per share, payable July 1 1919 to stockholders of record Juno 23.
Complete Dividend Record.
-1918. —1919
1917
April. July.
Jan.
April. July. October.
Divs. per share $2.50
$2.00
$2.50 None. $1..50
$2.50
$2.50
Shares out,No_121,868 151,305 166,486 167,861 167,861 168,085 Below.
The New York Stock Exchange on May 28 authorized the listing of
168,085 shares of Common stock, with authority to list 31,915 additional
shares prior to Jan. 1 1920, making the total 200,000 shares.
Earningsfor Calendar Years 1917 and 1918,and 13 Weeks ended Mar.31 1919.
[By agreement no pictures were released during influenza epidemic in 1918]
13 Wks.'19. Year 1918. Net Earn.(bef.war tax.)
Gross rents & sales of films.$5,576,819 $17,259,905 Year 1917_ _$2,246,266
accessories 137,738
683,100 Year 1918-- 1,281,174
do
do
Lithographs, 8ce
147,495 13 wks. 1919 956,805
186,116
Total _ _$4,484,245
Total
$5,000673 318090,500
Gayer G. Dominick, representing Dominick & Dominick, and Maurice
Wertheim, representing Hallgarten dc Co., have been elected to the board
of directors to fill two vacancies.—V. 108, p. 2245.
JUNE 14 1919.1
THE CHRONICLE
General Cigar Co.
-To Increase Capital.Tho stockholders will vote July 7 on authorizing $5,000,000 Class B
7% Cumulative Sinking Fund Convertible Preferred stock to be offered
to stockholders at par ($100) to the extent of 20% of their holdings. The
new Preferred is ...onvertible into .ommon stock at par. Lehman Bros.
and Goldman, Sachs & Co., acting as bankers for the corporation, have
underwritten the issue subject to ratification by stockholders. The shareholders will also be asked to authorize additional Common stock to about
$5,000,000 to take care of the now Preforred.-V. 108, P. 1058.
General Electric Co.
-Acquires Control-Auth. Listing.
The "Electrical World" of June 7 says in part: "The company has
secured control of the Cooper Hewitt Electric Co. by acquiring all the
common stock. For the past 16 years the latter company has built up an
extensive business in industrial and photographic lighting among large
industrial manufacturers, motion-picture studios, photographers and photographic laboratories. The company will be operated under the regulation and management of the General Electric Co. W. A. D. Evans, who
has been connected witlithe Cooper Hewitt Electric Co. since its inception,
will be in actual charge of the company as Pres. & Treas. N. R. Birgo
of the Gen. El. Co. is Vice-Pres., C. P. Hamilton Asst. Treas. and E. E.
Davies Sec. & Aud.
"The present policy of the company in its field of industrial and photographic lighting will be continued. Increased facilities will be provided
shortly to take care of the rapidly increasing business."
The New York Stock Exchange has authorized the listing of $2,363,800
capital stock.
-V. 108, p. 2126, 2025.
General Industries Co.
-New Name.
See du Pont Securities Co. and E. I. du Pont de Nemours & Co. above.
General Motors Corporation.
-Capital Increased.
The stockholders on June 12 voted to increase the authorized capital
stock from $370,000,000 to $1,020,000,000, to consist of $500,000,000
debenture stock, $500,000,000 common stock and $20,000,000 preferred
stock.
-V. 108, p. 2332, 2245.
(B. F.) Goodrich Co.
-To Increase Stock-flights.
-
The stockholders will vote July 26 on increasing the authorized capital
stock from $84,600,000 to $109,600,000, the new $25,000,000 stock to consist of 7% cumulative preferred having the same provisions as the present
preferred stock. It is understood that Goldman, Sachs & Co. and associates
aro to underwrite the new issue.
Digest from Circular of President B. G. Work, Dated June 3 1919.
The conditions arising out of the war made the requirements of the
company such as to render necessary the use of large additional amounts of
money, to provide which the company issued a series of notes in Nov. 1917,
aggregating $15,000,000 which notes will mature Nov. 12 next.
The directors and officers deeming it inadvisable to withdraw from the
working capital the amount of money necessary to pay off this debt when
it becomes clue, have decided to submit to the stockholders the matter of
increasing the authorized Preferred stock and issuing and selling sufficient
to pay off the notes, thus leaving the company in a strong financial position
and amply able to care for the large increases and developments which are
immediately foreseen. If the above plans are agreed to by the stockholders,
the financial requirements will be amply cared for, and it is not the purpose
at present to issue or sell any of the additional authorized stock in excess
of that necessary to take care of the above notes; such excess will remain in
the treasury to be sold only should the future business require additional
capital.
In case of the authorization of the_proposed increase of stock, each Prof.
and Common stockholder of record July 1 will be entitled to subscribe for
the new Preferred stock at $102 per share in proportion to his holding at
the rate of .1773 of a share of the now Preferred stock for each share held.
-V. 108, p. 2332, 1392.
-Extra Dividend.
Grasse11i Chemical Co.
An extra dividend of 31 of 1% has been declared on the $15,000,000 outstanding common stock, along with the regular quarterly dividends of 131%
on the common and 13.1% on the preferred, all payable June 30 to holders
of record June 15. In Dec. 1918 paid 5% extra in common stock, in Sept.
and June paid 2% extra in cash, and March 1%, extra in cash. See offering
of preferred stock, with earnings, &c., in V. 108, p. 2332.
-Bonds Call.
Great Lakes Engineering Works.
Three hundred and seventy ($370.000) $1,000 bonds and one hundred
($50,000) $500 bonds, which are all of the First Mtge. serial 5% gold bonds
outstanding, dated July 1 1910, have been called for payment at 105 and
interest on July 1 at the Union Trust Co., Detroit, and Peabody, Houghteling & Co., Chicago.
-V. 107, p. 2479.
Greene-Cananea Copper Co.-OUtnta
May 1919
May 1918
5 mos. 1919
5 mos. 1918
-V.108, p. 2127, 1723.
Copper (lbs.) Silver (ozs.) Gold (ozs.)
3,000,000
135.610
680
4,100,000
127,260
1,340
15,200,000
601,963
3,530
19,770,000
482,870
5,623
--Offer Accepted for Stock.
Griffin Wheel Co.
President F. L. Whitcomb in a circular dated May 31, addressed to
the common shareholders, says in substance: "I am in receipt of a letter
from the trustees under the will of the late Thomas A. Griffin, of which
the following is a copy [condensed-Ed.): 'The trustees under the will of
the late Thomas A. Griffin have accepted a satisfactory offer for their
entire holdings of common stock of the company under an arrangement
which insures the acquisition by the purchaser of the controlling interest
in the company. The price at which the trustees have agreed to sell is
$90 per share, plus interest at 7% per annum from Jan. 1 1919 to the date
of payment, less a dividend of 2% paid to stockholders of record on April 15
1919 in cash. The purchaser also agrees to pay on or before July 1 1919
the same price for every share of common stock of the company deposited
with proper instruments for transfer oil !in* before June 30 1919 with the
First National Bank of Boston, Boston.'
[The status of the outstanding 6% Cum. Preferred stock, amounting at
last advices to $5,894,300, par 3100, will, it is stated, remain unchanged.
This stock is callable on 60 days' notice as a whole at 115 and divs., or in
part at 120 and divs.(V. 105, p. 1125; V.06, P. 364). Supposing the entire
Common stock [about $8,723,9001 to have been acquired by the American
Steel Foundries (V. 108, p. 1276, 1612, 1722, 2243, 2331) at the price
named, the cost will be approximately $7,830,000. An exchange journal
says that although relinquising stock control of the company, the Griffin
estate still retains $500,000 in preferred stock and will have an active voice
in the management, Carl P. Dennett and George F. Griffin remaining on
both the board of directors and executive committee.-V.108,p.2245,1613
.
International Agricultural Corp.
-Competition, &c.
-
See Tennessee Copper & Chemical Corp. below.
-V. 108, P. 1824.
International Harvester Co.
-Acquisition.
-
The following has been pronounced correct for the "Chronicle":
"The company has bought the Chattanooga Plow Co., makers of chilled
plows. This supplements its recent acquisition of the steel plow and plant
business of the Perlin & Orendorff Co. of Canton, Ill. (V. 98, p. 1487; V.
108, p. 2039), and completes its line of plows for all soils and territories.
The Chattanooga Plow Co. was founded 4() years ago and now covers about
half of a seven-acre site. The Harvester company will continue to manufacture the line of horse and power cane mills established by the Chattanooga
company."
-V. 108, p. 2038. 1932.
International Mercantile Marine Co.
-Opposition to
British Sale Since Involving Liquidation.
-Directors John W.
the U. S. Mortgage & Trust Co. and
Platten, President of
Frederick W. Scott, of Scott & Stringfellow, in circular of
Juno 10 asking for proxies to be used at the special meeting
on June 16, say in substance:
Since the meeting of the board on May 22 1919 further consideration has
been given to the proposed sale of the International Navigation Co. ,Ltd.,
assets. A large number of shareholders have reached the conclusion that
the sale would not be advantageous and advisable, because it would involve
the dissolution of the International Mercantile Marine Co. as well as the
sale of a fleet of vessels that could not be duplicated at any price in less
2437
than three years and then only at a cost largely in excess of that now offered
and would be opposed to the national pollcy of upbuilding the American
merchant marine at this time. Because of these conclusions, and other
considerations, the undersigned directors have consented to act as a proxy
committee to vote in opposition to the sale, and the American International
Corporation, the largest stockholder of the company, and other important
stockholders have advised this committee that they will issue their proxies
in its favor. Proxies should be sent to United States Mortgage & Trust
Co., 55 Cedar St., N. Y. City.
Digest of Special Circular Signed by Director Frederick W. Scott.
Value of Assets.
-A recent valuation of the liquid current assets of the
English companies shows E18,124.340, and deducting from this sum the
White Star debentures and the Leyland preference and ordinary shares
owned outside, amounting to a net total of £3,123,335, leaves a balance
of total net assets, exclusive of the fleet, of £15,001,005.
The gross tonnage wholly owned by the five great subsidiary companies
under the British flag is 703,509, and through the ownership of stocks in
the Shaw, Sevin & Albion Co., Ltd., a steamship line operating between
England and Australia and New Zealand, the British company owns as its
share 39,448 tons,and through the ownership of stock in the George Thompson & Co.. Ltd., a steamship company likewise operating between English
ports and New Zealand, the five English subsidiary companies own as their
share 20,601 tons; or a grand total of 763,558 tons.
The consideration to be paid by the British syndicate for the British
properties is £27,000,000, payable in London. If there is deducted from
this sum the total net assets mentioned above, £15,001,005, the balance.
£11998,995, is the total consideration for the entire fleet of 703,509 tons,
equivalent to £17 Is. Id. per gross ton, which, converted into American
money, at $4 65, is equal to $79 30 a ton. This, in my opinion, is a totally
inadequate price for our British ships.
While perhaps some stockholders may consider that this is not an unreasonably low price for the cargo or freight ships included in the fleet,
yet it is but a small part of the value of the great capital passenger ships
owned by the Waite Star Line and by the Australian lines.
To illustrate: The Olympic, the third largest passenger ship in the world,
is of gross tonnage of 46,359. This great ship cost over $8,500,000 at prewar prices, when the cost of labor in England was at a low figure. We
have no data at the present time upon which to estimate the cost of a great
passenger steamer of 46,000 to 50,000 tons. If it were possible to get the
consent of the British Government and obtain a slip for the construction
of such a ship, it would be impossible to obtain a bid from any shipbuilding
company to build this ship at a fixed price within the bounds of reason,
and if such a ship were undertaken to be built on a cost-plus basis, no one
could tell what the total cost would be. It may be that she could be built
for $15,000,000, or perhaps $18,000,000, while in this offer, if accepted,
the stockholders of the International Mercantile Marine Company are
selling her at the rate of $79 30 a ton-$3,676,000.
The same thing could be said in a modified way of the Adriatic, 24,541
tons; the Baltic, 23,876 tons; the Cedric and the Celtic, of about 21,000
tons each, and many others; totaling probably 230,000 tons. If these
passenger ships of 230,000 tons are even valued at so low a figure as $179 30
a ton, instead of $79 30 a ton, there would be added to the value of the
fleet $23,000,000 more than the present offer of the British syndicate.
[See list of vessels and tonnage, V. 108, p. 2328.1
The obstacles also legally of carrying through the transaction and the
very heavy and unexpected charges would result in an unknown sum being
obtained for a large portion of the assets of the company.
Loss on Goodwill.
-The natural steps to be taken in case of the consummation of the sale would be the liquidation in England of the assets of the
English companies. It seems to have been determined by the counsel
who have been advising the directors that it is necessary to liquidate and
close out permanently the International Mercantile Marine Co., organized
under the laws of New Jersey, and while its assets may be liquidated at
fair prices, the good will will have been destroyed and wil lbring practically
no compensation to the stockholders.
Embarrassing Situation.
-If51% of the total stock issued and outstanding
Is represented at the meeting on June 16 and 51% of this 51% votes for the
sale of the company's British properties the sale is made and the stockholders are bound by it. But in order to escape the payment of double
taxes (i. e., one tax by the International Mercantile Marine Co. and one
by each stockholder) to the American Government on the profits realized
by the sale of properties at prices greater than the same were valued on
Mar. 1 1913, it is necessary to liquidate your New Jersey corporation
and, in order to have an affirmative vote for the liquidation, it is essential
that two-thirds of all the stock outstanding should vote for such liquidation.
The total of the Preferred and Common stock is $101,000,000, but of
this about $12,000,000 may not vote, as it is deposited under the voting
trust agreement made about the time of the organization of the company
and the voting trustees may refuse to assume the responsibility of voting
for the liquidation of the company, so that it may be necessary, in order to
liquidate the company, that 367,000,000 of stock out of a total of about
possibly only $88.000.000 vote for liquidation. Is this possible?
Conclusion.
-For these reasons I recommend to the stockholders that
they cast their votes against the resolution providing for the disposition
of the British assets of your company. The earnings of the ocmpany are
larger than they have been for two years. The excess profits taxes payable
by the British companies have been reduced one-half and the operations
of your company promise extraordinary and unusual income during the
next two or three years.
-Compare V. 108, p. 2333, 2327.
Invincible Oil Corp.
-Stock Sold.
-J. S. Bache & Co.,
S. M. Schatzkin, New York, and Cochrane, Harper & Co.,
have sold at 836 per share. 120,000 shares of capital
stock (par 850)
noston,
Data from Letter of President E. R. Ratcliff, Dated June 5 1919.
Company.
-The corporation will be incorporated in Virginia and its securities will be issued in exchange for the following properties, interests and working capital: (1) Entire capital stock of the Invincible Oil Co. (of Okla.):
(2) 50,000 shares of the com. stock of the Louisiana'Oil Refining Corp. (of
Va.);(3) A majority of the capital stock of the Gladstone Oil & Refining Co.
(of Okla.), being 400,000 shares out of approximately 750,000 shares of
capital stock outstanding; (4) $2,000,000 cash, to be placed in the corporation's treasury for working capital.
CapitalizationTo Be Auth. & Issued.
6% Serial secured notes, due June 1920 to Jan. 1924
$4,900,000
Capital stock (par $50)
14,000,000
Obligations of subsidiary companies:
6 cony. bonds, Louisiana Oil Refining Corp., due 1927_ _ _ _
946,500
note Invincible Oil Co. (of Okla.), due Dec. 1919
6'
600.000
oil Properties, &c.
-Through its subsidiaries the corporation will be interested in approximately $83,643 acres, the majority of which are located
in the Ranger District, Texas, Oklahoma, Alabama and Louisiana districts.
The proven acreage, consisting of 5,445 acres, includes 535 acres in the heart
of the Ranger field, Texas, 1,000 acres in the centre of the Humble field,
Texas, 3,140 acres in the North Louisiana fields, and 770 acres in Oklahoma;
10,000 additional acres are favorably located close to production and may
be considered semi-proven oil lands, and the remaining approximate 68,000
acres are prospective oil lands.
The present production is in excess of 3,500 bbls. a day, and upon the
completion of the drilling of 16 wells now under way, of which 12 wells are
on proven acreage in the Ranger field, and 18 additional wells during the
next 12 months, the production should be increased to at least 7,000 bbls.
per day.
Refineries.
-Has a refinery of 3,000 bbls. daily capacity now in operation,
equipped with 70 miles of gathering pipe lines 200,000 bbls. steel storage
capacity, 160 tank cars, retail distributing facilities, and has a 75% interest
in a tidewater export station at New Orleans, with a steel storage capacity
of 100,000 bbls. Has arranged for the acquisition of another 3,000 bbls.
refinery with steel storage capacity of 100,000 bbls., which is now being
completed at Fort Worth, Tex., and which will start operations with its
first 1,000-bbl. unit by July 1 1919, and should be operating at full capacity
by Oct. 15 1919.
Estimated Earnings for the year ending June 30 1920 will be from $3,500,000 to $4,000000.
Officers -hi. R. Ratcliff, Pres.; John B. Shearer, Vice-Pres.•, John Adams,
.
Treas.; F.C. Mildram, Sec. Executive Committee: F. Douglas Cochrane.
Chairman, Cochrane, Harper & Co.; Sol Wexler, J. S. Bache;& Co.: Craig
te
Colgate, Colga, Parker & Co.; John F. Perkins, J. M. Forbes & Co.;
E. R. Ratcliff, President.
-F. Douglas Cochrane, John Adams, Jules S. Bache, W. M.
Directors.
Bonner, Craig Colgate, Niels Esperson, W. W. Hepburn, Louis DuPont
Irving, Francis R. Mayer, R. H. Munson, John F. Perkins, E. R. Ratcliff,
S. M. Schatzkin. J. B. Shearer. Sol Wexler.
THE CHRONICLE
2438
[Vol.. 108.
Iron Products Corporation.—Exchange of Stock.—
North American Pulp & Paper Companies Trust.—
Shareholders Vote Organization of a New Company, &c.—
(S. S.) Kresge Co.—Sales.-
The shareholders on June 6 ratified the resolutions passed by the shareholders on May 22, and sanctioned and approved the incorporation and
organization of the Saguenay Pulp & Power Co. and the issue and sale by
it of $5,500,000 634% Secured Serial bonds. (See offering below).
Digest of Official Statement Dated May 26 1919.
The Saguenay Pulp & Power Co. will be successor by change of name to
the Saguenay Power Co., organized under the laws of Quebec, and it proposes to acquire, for the purpose of bringing under one management, the
entire capital stocks or a controlling interest in the capital stocks of the
Chicoutimi Pulp Co., the St. Lawrence Pulp & Lumber Corp., the Chicouthni Freehold Estates, Ltd., the Roberval-Saguenay By., the Saguenay
Light & Power Co. and the Chicoutimi Port Co.
Arrangements have been completed (subject to the approval of the shareholders of the North American Pulp & Paper Companies Trust) for the sale
by the Saguenay Securities Co., Ltd,. to a syndicate of underwriters of
$5,500,000 bonds of the Saguenay Pulp & Power Co.. secured as follows:
Securities to Be Pledged to Secure These $5,500,000 Serial Bonds of Saguenay
Pulp & Power Co.
$2,670,000
Chicoutimi Pulp Co. 1st Mtge. 6s
1,500,000
Saguenay Light & Power Co. 1st Mtge. 7s
1,300,000
Roberval-Saguenay Ry. 1st Mtge. 7s
1,125,000
First mtge. 80,619 acres timber lands
3,000,000
Chicoutimi Pulp Co. 6% Cum. Pref. Stock
4,000.000
do Common stock
1,500,000
Saguenay Light fic Pewee Co. common stock
800,000
Roberval-Saguenay Ry. pref. stock
1.200,000
do Common stock
121,000
Chicoutimi Port Co. common stock
The Saguenay Pulp & Power Co. will have an authorized and paid-up
capital of $6,000,000 common and $3,500,000 67 cum. pref. shares (par
°
3100), all of which com. and prof. shares, except 2,500 com. shares, will be
owned by Companies Trust or the Chicoutimi Pulp Co. The stock will be
issued as follows: (a) 41,000 com. shares and 30,000 pref. shares will be
exchanged for a like amount of com. and pref. shares of the Chicoutimi
Pulp Co. (b) 16500 com. shares will be transferred to the Chicoutimi
Pulp Co. and by it deposited with the Royal Trust Co., as trustee for the
1st M. bonds of the Chicoutimi Pulp Co. in exchange for the shares of the
Roberval-Saguenay Railway Co. (c) The indebtedness of tho Chicoutimi
Pulp Co. to the Trust and the Gen. Mtge. bonds of Chicoutimi Pulp Co.
will be liquidated by an equivalent amount in par value of pref. shares of
the Saguenay Pulp & Power Co. (d) The Saguenay Securities Co. Ltd.,
will be allotted 2,500 corn. shares, to procure transfer to the Power'Co. of
minority shares of the Roberval-Saguenay Railway Co. and the Saguenay
Light 41k Power Co. now held by the public.
The proceeds of the $5,500,000 of bonds of the Saguenay Pulp & Power
Co. will be used for the purchase from North American Pulp & Paper Companies and the Chicoutimi Pulp Co. of $1,500,000 First Mtge. bonds of the
Chicoutimi Pulp Co. and from the said Trust of $300,000 First Mtge. bonds
of the Saguenay Light & Power Co.; from Saguenay Securities Co.. Ltd..
$1,170,000 First Mtge. bonds of Chicoutimi Pulp Co., and $1,200,000 First
Mtge. bonds of the Saguenay Light & Power Co.; and to pay debts of
Chicoutimi Pulp Co. and its subsidiaries, and the cost of completing the
Pont Arnoud plant.
In order to give the holders of these bonds a substantial voice in the
management, the by-laws of the several companies will be amended so as to
insure that during the term of ten years their respective boards shall be
composed of nine members, four to be elected by the common shares of the
Saguenay Pulp & Pawer Co., and five by the pref. shares, and for this
purpose 51% of the pref. shares will be transferred to a voting trust agreement.
The boards of said companies will include: Four of your trustees, namely,
E. C. Pratt, Gen. Mgr. of Molsons Bank, Montreal; R. F. Hammond, of
Craig, Becker Co. Inc., New York; Louis Chable, V.-Pres. of American
New York; and John T. Steele, of Buffalo, N. Y.; and
Paper Exports,
as representing the bondholders: Hon. F. L. Beique, K.O.; Hon. J. M.
Wilson, Senator; Hon. N. Garneau, Quebec; Joseph Quintal, Pres. Chamber
of Commerce, Montreal, and J. E. A. Dubuc, also one of your trustees.
On May 22 the shareholders approved and authorized the following,
subject to their ratification on June 6: (1) The exchange of all the corn.
shares of the Chicoutimi Pulp Co., held by the trustees for a like amount in
par value of coin. shares of the Saguenay Pulp & Power Co. (2) The increase of the pref. stock of the Chicoutimi Pulp Co. from 25,000 to 30,000
shares (par $100) and the reduction of the dividend rate from 7% to 6%
per annum, cumulative from April 1 1919. (3) The exchange of 30,000
pref. shares of the Chicoutimi Pulp Co. for 30,000 6% cum. pref. shares of
the Saguenay Pulp & Power Co.,the 6% dividends thereon to be cumulative
from April 11919, and the holders thereof to have the right to elect five out
of the nine dirctors of the company. (4) The increase of the number of
directors of the Chicoutimi Pulp & Co. to nine.—V. 108, p. 2246.
See Central Foundry Co. above.—V. 108, p. 2333.
1918.
1919.
$2,919,987
$3,350,208
Month of May
12,715,376
15,202,193
Year to date
Authorized statement, V. 108, p. 2026, 1613.
1917.
$2,345,473
10,820,750
(S. H.) Kress & Co.—Sales.1918.
1919.
$1,623,366
$1,839,867
Month of May
8,565,351
7,137,181
Five months to May 31
Authorized statement, V. 108, p. 1940, 1613.
1917.
$1,396,397
6,080,048
Lehigh Coal & Navigation Co.—Bonds Called.—
Eleven (11) Consol. Mtge. sinking fund gold bonds, dated Jan. 1 1914,
have been called for payment July 1 at 10234 and hit, at the Penn. Co. for
Insurances on Lives and Granting Annuities, Phila.—V. 108, p. 1389.
Lone Star Gas Co.—Stock----Earnings.—
ArAt an adjourned meeting of shareholders to be held in Dallas June 17
the shareholders will be asked to authorize an increase of the capital stock
from $6,000,000 to $10,000,000. The added capitalization of $4,000,000
will, it is stated, be used to pay the major part of cost of extensions of the
gas system. It is planned to permit stockholders of record to take the
new stock at par.
For the March quarter the profits, it is stated, were $1,177,151 and surplus $611,930 in 1919 against $2,317,000 and surplus $172,394, respectively,
in I918.—V. 108, p. 2023.
Louisville Gas & Electric Co.—Status.—
See Standard Gas & Elec. Co. under "Reports" above.—V. 108, p. 2128.
Mackay Companies.—Return of Wires,
under
See under American Tel. & Tel. Co. above.—V. 108, p. 2334, 2128.
Manhattan Shirt Co.—Par Value of Corn. Stock Reduced.
The stockholders on June 10 voted to reduce the par value of the Common
shares from $100 to $25. As soon as details have been completed, stockholders will receive four new shares for each old share now held.—V. 108,
p. 2128.
Metropolitan Edison Co.—New Contract Signed.—
The company has signed a contract for an exchange of current with the
York Haven (Pa.) Water & Power Co. The latter company serves the
town of York and surrounding territory and furnishes wholesale current
to the City of Harrisburg. It also supplies the large steel plant at Steelton.
An authorized statement says: This new contract probably will enable
the Metropolitan Edison Co. to dispose of a largo amount of current to
the water power plant as the latter is completely up to its capacity. The
York Haven company also must have some source of current for periods
when river water is low and the water plant cannot be used to full capacity.
—V. 107, p. 1842.
Miami Copper Co.—Output (in lbs.).1919.
4,974,000
Month of May
23,601,569
Jan. 1 to May 31
Official.—V. 108, p. 1940, 1724.
1918.
5,103,494
24,294,817
1917.
5,243,911
25,401,297
Mobile (Ala.) Electric Co.—Status.—
See Standard Gas & Elec. Co. under "Reports" above.—V. 108. 1). 1515.
Montana Power Co.—Authorized Listing.—
The New York Stock Exchange has authorized the listing of $3,000,000
Common stock of this company.—V. 108. p. 1386, 1268.
Montgomery Ward & Co.—Sales.—
The company reports domestic sales as breaking all records. They
increased 4634% in May this year, as compared with 1918. For the first
five months of 1919 the gain exceeded 30%.—V. 108, p. 2026, 1064.
Mountain States Power Co.—Status.—
See Standard Gas & Elec. Co. under "Reports" above.—V. 107. p. 1750.
Nashua Mfg. Co.—Preferred Stock Sold.—Lee, Higginson
& Co. have sold at par $3,625,000 7% Cumulative Preferred
stock (par $100). Divs. payable quarterly Jan. 1, &e.
First div. payable July 11919. Callable as a whole on any
div. date upon 30 days' notice at $110 per share and divs.
A circular shows:
Capitalization After Present Financing—No Mortgage or Funded Debt.
Preferred stock, 7% cum_ .._$5,000,000 authorized; $3,625,000 outstanding
5,000,000 authorized; 1,450.000 outstanding
Common stock
Company.—Was organized in New Hampshire in 1823. In 1916 acquired
the mills of the Jackson Co. of Nashua, N. H. Manufactures a variety of
cotton fabrics, chief among which are "Nashua Woolnap" and "Indian
Head." They are largest producers of blankets in the United States.
Proceeds of this issue will be used to construct and equip an additional
modern mill in Nashua (which should be completed early in 1920) and to
provide additional working capital.
Net assets $12,305,005, or 3.3 times the $3,625,000 Preferred stock.
This valuation includes plants and equipment after allbwances for depreciation, and after deducting all debt, but includes no valuation for important
water powers owned or for good-will or other intangible assets.
Net Profits
Before Fed. Tax. After Fed'l Tax.
Sales.
Sales and Profits—
55,470,408
28,336,877
$90,695,340
10 years to Oct. 31 1918
547,041
833,688
9.069,534
Average per year
1,426.647
3,722,043
_ _ 20,014,082
Year ending Oct. 31
1918-Average annual net profits for last ten years, before Federal taxes, equaled
3.2 times the $253,750 dividend requirement on this Preferred stock, and
after all taxes were more than double this dividend requirement. Profits
for 1918 after taxes were more than 534 times this dividend requirement.
Indicated net profits for the fiscal year 1919 (last 6 months est.) at least
equal those of 1918.
Dividends of 16% per ann. are being paid on the Common stock, which
0).
has a present market value of about $260 per share (par $19
For Preferred stock provisions see last week's "Chronicle, page 2334.
National Enameling & Stamping Co.—Auth. Listing.
The New York Stock Exchange has authorized the listing of $1,453,400
7% Cum. Pref. stock.—V. 108, p. 2129, 1825.
Nebraska Power Co.—New President.—
Ward M. Burgess has been elected President to succeed G. H. Harries
resigned. Mr. Harries still remains a director.—V. 108, p. 2334, 884.
Nevada Consol, Copper Co.—Production (in lbs.).Month of May
Jan. 1 to May 31
—V. 108, p. 2129, 2027.
1917.
1918.
1919.
7,000,000 7,239,978
3,700,000
19.550,000 32,710,000 32.819,491
New Cornelia Copper Co.—Production (in lbs.).Month of May
Jan. 1 to May 31
—V. 108, p. 1940, 1515.
1919.
1,866,000
14,364,000
1918.
4,404,000
20,450,000
Decrease.
2,538.000
6,086,000
Northern States Power Co.—Status.—
See Standard Gas & Elec. Co. under "Reports" above.—V. 108, P. 2129.
Oahu Sugar Co.—Bond Call.—
Forty ($40,000) First Gold 6.9 of $1,000 and twenty ($10,000) of $500
dated July 1 1914 have been called for payment July 1 at 103 and Mt, at
the Bishop Trust Co., Ltd., Honolulu.—V. 107, p. 2381.
Ohio Cities Gas Co.—New Director.—
T, J. Jones has been elected a director to succeed H. M. Work resigned.
All other directors were re-elected.—V. 108, p. 2326.
Ohio Fuel Supply Co.—Extra Dividend.—
An extra dividend of 2% has been declared, payable in Liberty bonds, in
addition to the regular quarterly of 234%. both payable July 15 to holders
of record June 30. In Jan. 1919 and July 1918 an extra of 2% was also
paid in Liberty bonds.—V. 108, p. 1941.
Oklahoma Gas & Electric Co.—Status.—
See Standard Gas & Elec. Co. under "Reports" above.
Page & Shaw, Inc.(Boston).—New Subsidiary.—
The following has been pronounced correct for the "Chronicle:" "Page
& Shaw Chocolate Co. of Cambridge has been incorporated under Massachusetts laws with an authorized capital of $1,000,000, consisting of 5,000
common shares and 5,000 7% cumulative preferred shares. Company
will manufacture chocolate and by-products, exclusively for Page & Shaw,
Inc., the confectionery company. The stock was all subscribed for privately.—V. 108, p,84.
Palma Soriano Sugar Co.—Bonds Pledged.—
See West India Sugar Finance Corp. below.—V. 106, p. 1465.
Parlin & Orendorff Co. of Canton,111.—Acquired.—
See International Harvester Co. abovo.—V. 89, p. 1487.
Penn Seaboard Steel Corp.—Dividend Omitted.—
The quarterly dividend usually paid May 1 was omitted. In February
last and in August and November 1918, $1 50 per share as paid, previous
to which $1 was paid quarterly.
The "Philadelphia News Bureau" of June 7 says: "The plate mills are
and will remain closed until this branch of the steel industry revives sufficiently to make resumption profitable. Already there are indications of
Improvement. Another matter of uncertainty is the amount to be received
on large contracts with the Government, negotiations for the settlement of
which are still in progress.
"An officer of the company says the treasury is stronger in cash resources
than ever before, but dividends will not be resumed until conditions improve sufficiently to warrant such action."—V. 108, p. 1064, 978.
Phelps Dodge Corp.—Production (in Lbs.).-
New England Fuel Oil.—Director, &c.—
1917.
1918.
1919.
John E. J. Fanshawo, of F. B. Keech & Co., has been elected a member Month of May
8,355,900 17,595,453 16,262,196
46,015,809 95,839,418 87,070.892
of the board of directors to represent the Now York bankers who lately Jan. 1 to May 31
have acquired an important interest in the company. The company is —V. 108. p. 1826, 1515.
capitalized at 25,000 shares and is said to be some extent associated with
the Royal Dutch Co. and the Magnolia Petroleum Co. (Standard Oil Co.
Philadelphia Suburban Gas & Electric Co.—Bonds.—
of N. Y.). A plan it is supposed is under consideration.
The $250,000 5% bonds of the Philadelphia Suburban Gas Co.. due
trustee. In
Co.—Authorized Listing.—
July 1 1919, will be paid off at maturity at the office of theCo. will issue
New York Telephone
The N. Y. Stock Exchange has authorized the listing of $25,000,000 30 connection with this payment the Phila. Sub. Gas & Electric
6% Debenture bonds (V. 108, p. 176), due Feb. 1 1949. $250,000 First & Refunding 5% bonds of 1910, duo 1960. These securities
year Sinking Fund
have been underwritten.—V. 108. D. 1279.
—V. 108, p. 2246, 1825.
JUNE 14 1919.]
THE CHRONICLE
Pierce Oil Corp.
-Director Resigns.
-
Director W. T. Rosen has resigned.
-V. 108, p. 2027.
Puget Sound Gas Co.-Status.-
Seo Standard Gas & Elec. Co. under "Reports" above.
-V.106. p. 1583.
Quincy Market Cold Storage Co.
-New Stock.
-
The company has filed a certificate increasing its auth. capital stock from
$2750,000 ($1,250,000 being 5% Cum. Prof.) to $3,250,000, the increase
being represented by Common stock, raising that issue to $2,000,000. See
V. 104, p. 957.
Ray Consolidated Copper Co.
-Production (in lbs.)
Month of May
Jan. 1 to May 31
-V.108, D. 2027.
1918.
1917.
1919.
8,120,000
3,975,000
8,015,281
20,150,000 37,486,000 38,870,409
Royal Dutch Co.
-Meeting Postponed.
-
The meeting scheduled for June 10, at which stockholders were to vote
on increasing the authorized capital stock to 400,000,000 guilders (V. 108,
p. 2246), has been adjourned until June 30.-V. 108, p. 2246.
-Offering of Bonds.
Saguenay Pulp & Power Co.
-A
• syndicate composed of McCuaig Bros. & Co., L.la. Beaubien
& Co., Molsons Bank and Hochelaga Bank, Montreal, and
other Canadian houses are offering at par and int. $5,500,000
6h% Serial Secured gold bonds, dated June 1 1919, due
serially each July
in amounts ranging from $100,000
in 1921 to $339,000 in 1933 and $2,476,000 in 1934. An
advertisement shows:
Denom. $100. $500, $1,000c*. Int. payable in Montreal and N. Y.
City. Redeemable by lot on any int. date, in whole on in part at 102 and
int. upon 30 days' notice. Crown Trust Co., Montreal, Trustee.
-Secured by pledge of bonds and stocks aggregating $17,246,000
Security.
(see under North American Pulp & Paper Companies Trust above) and
$500,000 cash to be deposited with the trustee in five annual consecutive
installments of $100,000 each, the first to be paid June 1 1919, to be used
as a reserve fund.
-The four companies whose bonds and shares are pledged as
Profits.
security show profits, for the year 1918, after deducting cost of operation
and management, of $1.081,509 as follows: Chicoutimi Pulp Co.,
$819,597: Saguenay Light & Power Co., $133,731; Roberval-Saguenay
RR.,$105,003; Chicoutimi Port Co., $23,180.-V. 108, p. 2246.
-Status.
San Diego Consolidated Gas & Electric Co.
-V. 108. p. 1615.
See Standard Gas & Elec. Co. under "Reports" above.
Sholan Co., Inc.
Stockholders are requested to deposit their stock with the Mercantile
Truss Co., 115 Broadway, for exchange for new certificates of the Sinclair
Consolidated 011 Corp.
-V. 108, p. 2335, 2247.
-Directors.
-Sinclair Oil & Refining Co.
M. L. Requa, J. Leonard Replogle and Frank Steinhart have been
elected directors to succeed C. A. Lockard Jr., A. G. Waidschlagel and
J. 0. Hawkins, resigned.
-V. 108, p. 2247.
Sloss-Sheffield Steel & Iron Co.
-Settlement.
-
2439
Standard Chemical Co.
-Earnings.
-
Calendar YearsNet profits
Depreciation
Interest charges
Other deductions
Special reserve
Income tax
Preferred dividend
Balance, surplus
-V. 108, p. 387.
1918.
8846,703
150,000
90,036
7,461
297,012
18,924
(3% %)126,095
1917.
$563,123
150,973
105.760
6,814
136,967
11,983
1916.
$696,465
123,269
110,305
5,000
$157,175
$150,626
$457,891
Submarine Boat Corporation.
-No Dividend.
-
No action was taken on a dividend at the meeting of the directors on
June 11, and the question of a dividend, it is stated, was not taken up.
though it is not denied that the matter has been considered informally.
and may yet be acted upon.
-V.108, p. 1271, 1171.
Tennessee Copper & Chemical Corporation.
-Stock.
-
The number of shares of stock without nominal or par value which the
corporation is authorized to issue having been increased from 400,000 to
800,000, pursuant to the plan of May 12 1919 (V. 108, p. 2028), holders of
trust certificates of record June 9 are offered the right to subscribe and pay
at once in full for the new stock (v. c. t.) at $12 50 per share, at Columbia Trust Co., 60 Broadway, N. Y., on or before June 23, to an amount
equal to the number of shares (v. t. c.) held by them. respectively.
Digest of Circular Signed by Adolph Lewisohn, May 29 1919.
On May 12 1919 the company announced its plan to expand its operations
and convert the bulk of its large production of sulphuric acid into acid
phosphate, and your directors have been greatly encouraged in the carrying
out of their plans by the prompt and favorable responses of certificate
holders approving the issuance of the 400,000 additional shares.
The Tennessee Copper Co. has a capacity of approximately 360,000 tons
per year of 50 deg. Baume sulphuric acid, and under the terms of a contract
entered into several years ago it has delivered its entire production of acid
to the International Agricultural Corporation at a price much below the
current market. [This price has recently been unofficially reported as
$4 81 a ton.-Ed.1 Under the heavy increases in wages and supplies in the
past few years, this contract has proved a handicap to the company. The
contract, however, expires by limitation on Dec. 31 1920, and plans are
now being made by your company for the construction of a number of large
acid phosphate plants at strategic points throughout the South. These
plants will be of the latest construction, and will be equipped with the most
modern machinery, with a view to reducing the labor cost to the lowest
possible minimum. Work on these plants will be started as soon as the
necessary preliminary arrangements have been completed.
Your company also has under contract a large deposit of phosphate rock
in Florida and is planning its early development. The company has also
secured options on and is prospecting additional high-grade deposits.
Your company will have the assistance of W. D. Huntington in directing
its fertilizer enterprise. Mr. Huntington is President of the Natoinal
Fertilizer Association, and a leading authority in the fertilizer field.
While a large part of the tonnage of acid produced at Copperhill will be
converted into acid phosphate at the various plants,the company will have
a grt of its output available at all times to supply to fertilizer manufacturers
and others, and it is expected that the prices received for this acid will
average very much higher than in the past.
Our experts have made a thorough study of the fertilizer industry and Its
probable future, and are convinced that with the tremendous demand for
food products which will exist for many years, intensive cultivation must
necessarily be practiced to a larger extent than ever before. To accomplish
this, fertilizers are absolutely essential, and we may, therefore, confidently
look forward to an increasingly large and profitable income from this
source. See also V. 108, p. 2028. 1819.
Settlement of Government contract with Sloss-Sheffield Steel & Iron Co.
for building coke ovens for war purposes by payment of $1,500,000 in cash
Tacoma Gas & Fuel Co.
-Status.
to the company means that $15 a share on $10,000,000 Sloss-Sheffield
See Standard Gas & Elec. Co. under "Reports" above.
Common stock has been added automatically in this yeses income. Money
-V.107. p. 1843.
has already been paid over to the company and deposited with its bankers.
Tide Water Oil Co.
-Extra Dividend-Annual Report.
Apart from this substantial lump addition to earnings, profits so far this
In addition to the regular quarterly dividend of 2%, an extra of 2% has
Slos.s-Sheffield is running its furnaces
year have been entirely
satisfactory.
on old orders taken before the armistice at considerably higher than current been declared, both payable .Itine 30 to holders of record June 20. A like
prices, allowing a fair margin of profit. "Boston News Bureau."
•
-V.108 amount was paid extra in March.
The annual report will be found on subsequent pages.
-V. 108, p. 2336.
p. 2121.
-City Votes Bonds.
Southern California Edison Co.
The issue of $13,500,000 in power bonds by the City of Los Angeles, of
which $11,000,000 is to be used for the purchase of the electrical distributing system of this company within the city was approved by the voters
at the election hold Juno 3.-V. 108, p. 2335. 2247.
Southern Oil & Transport Corp.
-Offering of Preferred
Stock.-Bonbright & Co. are offering at 100 and accrued div.
Convertible 8% Cumulative Preferred stock
$1,000,000
(par $100). Redeemable as a whole, or in part, upon 30
days' notice, at 110% and divs. Preferred as to assets and
divs. Divs. payable quarterly. A circular shows:
Convertible at any time prior to 5 days before any date set for redemption, into Common stock at the ratio of one share of Preferred (par $100)
for ten shares of Common stock (par $10). Whenever any div. is paid on
Common stock an amount equal to such div. (but not in any one year
exceeding 25% of the par value of the greatest amount of Preferred stock
at any one time theretofore outstanding) must be set aside in a sinking
fund for the retirement of Preferred stock.
Authorized, Outstanding.
CapitalizationConvertible 8% Cumulative Pref. stock (this issue)-35,000,000 $1,000,000
Common stock (par $10) (includes $489,350 held
by sub. cos.)
20,000,000
9,495,490
The company and its subsidiaries will have no funded debt with the
exception of $66,900 First Mtge. 6% bonds of Tank Ship Building Corp.
(closed mortgage, V. 102, P. 1065). So long as any of the Preferred stock
is outstanding tho company shall not create any mortgage upon its property,
If holders of 1-3 of the outstanding Preferred stock dissent.
-Through subsidiaries conducts a well established business
Operations.
in the various branches of production, transportation and distribution of
from the Panuco district in Mexico. These companies operate
independently and earnings therefore are not restricted to company's oil
F
production.
Properties.
-(a) Public transportation system upon the Panuco River;
(b) docks and storage facilities at Tampico, held in equal stock ownership
with Atlantic Refining Co.; (c) valuable terminal property at Aransas pass,
Texas, and equipment for deep sea transportation thereto; (d) some 25.000
acres of well selected leases on oil lands, (e) fee ownership of 5.000 acres
in Panuco River district with a present production of about 10,000 barrels
daily;(() a shipbuilding company at Newburgh, N. Y., for the construction
of small tankers and lighter floating equipment.
-Additional equipment, construction and enlargement
Purpose of Issue.
of terminals, drilling additional wells, purchase or chartering of tankers, &c.
Assets.
-Total net assets applicable to stock exclusive of oil land leases,
equal $448 per share of this Preferred stock, and net quick assets alone are
more than 3104 per share. Net assets, exclusive of oil leases, and after
giving effect to the present financing, $4.481,061. The valuation placed
upon the oil leases by experts L. G. Huntley and H. P. Cappoau of Pittsburgh, Pa. and David Fleming, Civil Engineer, ranges from $7,000,000
to 810,000,000.
-Total income, including profits estimated on ships under
Earnings.
construction, after deducting maintenance and depreciation, all taxes and
proportion accruing to minority stockholders of subsidiary companies for calendar year 1918 was equivalent to nearly five times the annual dividend
on this Preferred stock. Present earnings plus estimated earnings from
contracts that become operative July 1 are at the rate of nearly $640,000
per annum.
(The company has filed in Delaware notice of capital increase from $20,000,000 to $25,000,000.1 See further particulars in V. 105, P. 1205.
Southwestern General Gas Co.
-Status.
-
See Standard Gas & Elec. Co. under "Reports" above.
-V.95, p. 685.
Spanish-American Iron Co.
-Bonds Called.
See Bethlehem Steel Corporation above.
-V. 107, p. 2382.
Torrington Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 1% on the Common
stock in addition to the quarterly disbursement of 3%, payable July 11919'
to stockholders of record June 20. An extra of 1% has been paid quarterly
since Jan. 1917.-V. 108, p. 1171.
Trumbull Steel Co.
-Officers, &c.
-
J. U. Anderson has been elected Treasurer to succeed Lloyd Booth.
resigned. A. L. Button has been elected Secretary to succeed Wm. M.
McFate, who was made Vice-President.
The "Cleveland Plain Dealer" on June 5 said: "Trumbull Steel officials
state that the $2,000,000 common stock recently offered was all taken, and
no excess subscriptions were asked for. Relative to the preferred stock, the
company says: Our offering of $2,700,000 preferred stock was oversubscribed approximately $600,000, and it is therefore necessary to reduce
excess subscriptions, except in cases where the amount asked for was
small.'"-V. 108, p. 2131, 1516.
United Shoe Machinery Corp.
-Extra Dividend.
-
An extra dividend of $1 (4%) has been declared on the Common stock
along with the regular quarterly dividend of 50c.(2%) on the Commontand
the regular quarterly dividend of 37%c.(1%%) on the Preferred, payable
July 6 to holders of record June 18. An extra of 4% was also paid in July
1918.
The directors gave out the following statement after the meeting: "The
corporation has had a successful year, the volume of its domestic business,
including shipments to the foreign companies with which it is affiliated.
increased 15%." V. 108, p. 2237.
-
United States Realty & Impt. Co.-Officer.Vice-Pres. Paul Starrett has been elected President to succeed Lawrence
McGuire, resigned. Mr. McGuire will remain a director of the company.
The fiscal results for the year 1918 were outlined in V. 108. p. 2236.
United Cigar Stores Corp.
-Incorporation of New Company-Rumors of Possible Merger.
Bee United Retail Stores Corp. below.
-V. 108, p. 1516, 1171.
United Drug Co., Boston.
-Stock Increase.
-
The shareholders will vote July 24 on authorizing an increase of $12.500,000 in the First Preferred stock, bringing the total authorized up to
$20,000,000; and to authorize the sale at an appropriate time of $7,500,000
of such additional stock on account of additions and expanding business.
V. 108, p. 2131, 2028.
United Retail Stores Corporation.
-New Chain Store
Enterprise Planned by Whelan Interests-To Be Associated
with United Cigar Stores.
-This company was incorporated in
Delaware on June 10 to establish "a system of manufacturing
businesses and retail chain stores throughout the world for
merchandising of all kinds." George J. Whelan, founder of
the United Cigar Stores Co., and James B. Duke are fathering the enterprise, which will be "associated" with the
United Ciga: Stores, and some believe will eventually absorb
that company. An official statement says:
George J. Whelan and James B. Duke have organized the United Retail
Stores Corporation to take advantage of present conditions and to extend
a system of manufacturing businesses and retail chain stores throughout the
world for merchandising of all kinds.
This organization brings Messrs. Duke and Whelan, with all their respective business associates, back in to the intimate relationship sustained
several years ago. The partnership of aggressive manufacturing, commercial and retailing forces marks the beginning of a worldwide campaign for
new business.
The charter of the company, which was incorporated yesterday-mideethe
laws of Delaware, authorizes it to engage not only in the:retailing of all
•
kinds of commodities but in the production of raw material and in manufacturing, as well as the financing of such operations.
The United Retail Stores Corporation will begin operations at once by
Inviting the United Cigar Stores Co. to become associated with it. Other
Important systems of chain stores in America, Europe, South American and
the Orient, selling tobacco, confectionery, groceries, clothing and general
commodities, will in time be identified with the new concern.
Capital stock consists of 100,000 shares of 8% preferred cumulative and
1,600,000 shares of common stock without par value. All shares have a
full voting power, and a substantial amount of the stock has already been
subscribed.
George J. Whelan is Pres., W. H.Perkins is Vice-Pres., and the directors
are Messrs. Whelan, Duke, Perkins and Sidney S. Whelan.
(The Corporation Trust Co. of America is the new company's Delaware
representative.]
-Bonds.
United States Finishing Co.
The First Mortgage 5% bonds, due July 1 1919, amounting to about
$740.000, will be paid off at maturity at the office of Old Colony Trust Co.,
-V. 108, p. 886.
Boston.
-Unfilled Orders.
United States Steel Corp.
See "Trade and Traffic Movements" above -V. 108, p. 2028, 1941.
-Merger.
Universal Steel Co., Bridgeville, Pa.
The following statement has been officially revised for the "Chronicle":
"The Universal Rolling Mill Co. chartered in Pennsylvania with plant at
Bridgeville, Pa., acquired about a year ago the plant at Charleroi, Pa., and
all assets of the Hussey-Binns Steel Co., and has recently consolidated all
these holdings under the name of Universal Steel Co., with an auth. capital
stock of $3,000,000, and with principal offices at Bridgeville, Pa. The
company will be officered and managed by those formerly interested in the
Universal Rolling Mill Co., and will operate both plants."
-Production (in lbs.).Utah Copper Co.
Month of May
Jan. 1 to May 31
-V. 108, p. 2028, 1827,
1917.
1918.
1919.
9.125,000 18,200.000 19.262,856
47,746,000 76,670,883 79,380,684
-Extra Dividend.
Victor Talking Machine Co.
A special dividend of $15 has been declared on the Common stock along
with the regular quarterly dividends of $1 75 on the preferred and $5 on
the common, all payable July 15 to holders of record Tune 30. No special
dividends were paid 101918, but in 1917 $15 was paid Aug. and Dec.
V. 108, p.2131, 1935.
-Bonds All Sold.
West India Sugar Finance Corp.
-
New York, have sold at 97M and int.,
Potter Bros. &
Co.,
yielding 7.35%, $5,000,000 Secured Sinking Fund 7% gold
bonds, dated June 14 1919,due June 15 1929 (see advertisement on another page).
Callable at 105 and int. for the sinking fund, which will retire about
$500,000 annually. Interest payable J. & D. 15. Authorized, $10,000000. Additional bonds may be issued from time to time against the deposit
of additional First Mortgage bonds of the underlying or other companies,
issued at not exceeding 60% of the cost of newly acquired property or of
permanent betterments. &c., to properties upon which they are a lien.
Denom.$500 and $1,000 c*; r*, $1,000 or multiples. Guaranty Trust Co.,
New York, trustee. The company agrees to pay the normal Federal income tax up to 4% and to refund certain other taxes imposed on holders of
these bonds in the States of Connecticut, Pennsylvania, Del. and Maryland.
Data from Letter of President Thomas A. Howell, Dated June 5 1919.
-Secured by pledge of bonds of the following companies:
Security.
Palma Soriano Sugar Co.(Cuba) 1st M.7s(V. 106, p. 1465)----$2,600,000
1,300,000
Cupey Sugar Co.(Cuba) 1st M.78 (V. 107, P. 805)
2,500,000
Central Alto Cedro (Cuba) 1st M.7s
600,000
Carmen Centrale (Porto Rico) 1st M. 6s
The company reserves the privilege of temporarily hypothecating in
place of a portion of the above collateral an equal amount of U. S. Liberty
bonds not exceeding $300,000. The pledged bonds may be withdrawn only
as taken up by the sinking funds under the underlying mortgages (all such
payments inuring to the sinking fund for the issue). or for cancellation or
conversion into stock of the underlying companies, or as entire issues,
against payment of their face value in cash into the sinking fund.
-The properties securing the pledged bonds have been valued at
Equity.
312,445,747, showing an equity of 77% over and above the $7,000,000
pledged bonds, and an equity of 148% in excess of these $5,000.000 bonds;
thus the bonds are in effect a first lien on all of the properties of the above
companies at only 40% of the value of such properties.
-A subscription warrant will accomAdditional Subscription Privileges.
pany each bond entitling the holder thereof to subscribe to his pro rata share
of 40% of any new financing of other companies that may be undertaken
by the West India Sugar Finance Corporation during the ten-year period,
but only on such terms and conditions as the board of directors of the company may prescribe by due resolution. These warrants will be registered
and are transferrable only on the books of the company.
-The net earnings of the companies whose bonds are pledged,
Earnings.
after all taxes, including Federal taxes, for the fiscal year 1918, amounted
to $1,604,005, and for the fiscal year 1919, partly estimated, should be
$3,295,574. The 1919 earnings will be equivalent to about 6% times the
interest on the pledged bonds and over 3U, times the annual interest and
sinking fund requirements on the $5,000,000 bonds.
The earnings of the corporation for the year ended Sept. 30 1918 applicable to interest on these bonds amounted to $1,077,710, and it is estimated
that for the year ending Sept. 30 1919 they will amount to 31,215,244. The
interest charge on the bonds for the first year will be $350,000, and the
sinking fund requires $500,000 and is more than covered by the sinking fund
operations on the pledged bonds.
Since its incorporation the company has accumulated a surplus out of
earnings of $1,995,667; this in addition to the outstanding capital stock of
$2,000,000, which has been paid in cash, represents an investment of approximately $4,000,000 behind the $5,000,000 bonds.
Comnany.-Incorp. Aug. 1 1913 in Conn. The business consists in
financing sugar companies in the West Indies by advances secured by mortgages, liens on growing crops of sugar cane and selling the sugar produced.
Has also been instrumental in organizing, financing and developing sugar
properties in Cuba. Although the corporation does not control these companies by stock ownership, it is protected in its relations with the underlying Cuban companies by contracts which insure proper management of
the companies and provide that capital expenditures and dividend payments shall rest with our discretion.
Balance Sheet as of May 15 1919. Assuming the Present Financing as Effective.
-Securities owned: Sugar Co's 1st M.bonds(at par)
Assets.
Palma Soriano Sugar Co., $2,600,000; Carmen Centrale,
$600,000: the Cupey Sugar Co., $1,300,000; Central Alto
$6,904,670
Cedro, $2,404,000; total
310,000
Liberty bonds
Shares of sugar cos. (chiefly $50,000 Pervenir Sugar Co. at
$500,000. and $666,700 Common stock of Central Alto Cedro
509,165
at $166,675)
5,833,894
Advances to sugar cos. on current accounts
Advances to sugar cos.(on drafts accepted) secured by (1) crop
liens (for crop expenses and advances to farmers for cane
supply);(2) bonds:(3) sugar in storage valued at $5,818,223;
(4) the entire capital stock of Palma Soriano Sugar Co.,
11,000 shares Preferred and 18,600 shares Common;(5) all the
capital stock of Central Alto Cedro (except stock owned
outright. as above), 1,934 shares Class B Preferred and
3,100,000
13,333 shares Common
195,613
Cash in banks and on hand
Miscellaneous accounts receivable, $147,224, and deferred
167,674
charges, $20,450; total
$17,321,016
Total (both as.sets and liabilities)
Liabilities.-Capital stock authorized and issued, 20,000 shares
$2,000,000
@ $100 each
5,000.000
Secured Sinking Fund 7% gold bonds
Acceptances payable ($3,100,000 discounted in N. Y.,$450,000
3,550,000
by sugar cos. in Cuba)
Accounts payable. $4,134,629; bills payable, $540,720; con4,775,349
tingent reserves, $100,000
1.995.667
Surplus
[VOL. 108.
THE CHRONICLE
2440
Capitalization, &c., of CompaniesWaving Bonds Pledged for This Issue.
Total
Carmen
Central
Cupey
Palma
(1) Capitalof all.
Soriano. Sugar Co. Alto Cedro. Centrale.
zation.
$1,803,400
Preferred stock_ _$1,100.000 $600,000 $193,400
Common stock__ 1,860,000 1,000,000 2,000,000 1,093,800 5,953,800
600,000 7,000,000
Bonded debt..___ 2,600,000 1,300,000 2,500,000
$5,560,000 $2,900,000 $4,693,400 $1,693,800$14,847,200
Total
(2) Property.
60,042
10,000
16,000
19,442
14,600
Acreage
Daily cane-grind7,800
800
2,500
1,500
3,000
ing capac.(tons)
Storage capacity
4,100,000
800,000 1,500,000
Molasses, gal_ 1,800,000
280,000
100,000
60,000
Bagssugar,No. 120,000
102
12
40
15
35
Railroad mileage
16
6
3
3
4
Locomotives_ _
482
165
130
40
147
Cane cars
(3) Production in Bags of330 Lbs. Each.
178,100
78,545
29,362
70,193
-16
1915
282,953
88,194
41,648
73,488
79,623
1916-17
582,355
82,426
179,321
120,392
200,216
1917-18
785,000
85,000
250,000
150,000
300,000
1918-19 (est.)
-Year ending Sept.30 1918.
Earnings.
$8,434,439
Raw sugar sales_$2.863,673 $1,750,636 $2,617,649 $1.202,481
$406,565 $408,051 $576,001 $123,388 $1,604,005
Bal, after taxes
157,340
41,820
30,000
85,520
Bond interest..
33,000
33,000
Sinking fund_
estimated.
Year 1918-19.-Partlu
Raw sugar sales_35,176,119 $2,600,712 $3,976,649 31.400,000v 3,153,480
Bal, after taxes_ _$1,378,087 $598,960 $1,118,527 $200,000 $3,295,574
480,820
41,820
175,000
182,000 . 91,000
Bond interest_
617,000
35,000
192,000
130,000
260,000
Sinking fund_ _
laws of Cuba on
(a) Palma Soriano Sugar Co. was incorporated under
.Tan. 7 1919: has Modern factory at Palma Soriano, Province of Orients,
CorporCuba; ground its first crop in 1915-16. West India Sugar Finance controls
ation is represented upon the board and handles all finances and under
expenditures by contract. (b) Cupey Sugar Co.-Tncorporated
capital
laws of Connecticut June 10 1915. Modern factory at Cupey, Province of
Oriente, Cuba; ground its first crop during the season of 1915-16. West
India Sugar Finance Corp., together with friends, own the maiority of the
common stock; the pref. stock ilas no voting rights. (c) Central Alto Cedro,
incorporated under the laws of Cuba on Oct. 311918. Factory at Marcane,
Province of Oriente, Cuba. Management Is in hands of West India Sugar
Finance Corp. by contract, which is also represented on the board. (d)
practiCarmen Centrale.-Factory located at Vega Alta, Porto Rico, and In San
cally rebuilt in 1913. Stores all its sugar in public warehouses favoraJuan. Factory not as modern as the Cuban plants but compares
bly with other Porto Rican factories.
-The management of the corporation as well as that of the
Management.
other companies above described is in the hands of interests closely Identified
with B. H. Howell Son & Co.. which firm or its predecessors have been successfully engaged in the sugar business for about sixty years. Bliss Coombs,
-James H. Post, Thomas A. Howell, James
Directors.
Henry W. Wilmot, Miphalet N. Potter, Frederick B. Adams, Lorenzo D.
Armstrong, Lorgin N. Farnum, Hubert Edson, Howard J. Pullum, John
S. Wilson Jr.
Vice-Pros.:
Thomas A. Howell, Pres.•. Henry W. Wilmot,
OfficersLorenzo D. Armstrong, Sec'y: James Bliss Coombs, Treas.; Howard J.
Pullum, Asst. Sec. & Asst. Treas.-V. 106, p. 2764.
-Status.
Western States Gas & Electric Co.
-V. 108, p. 880
See Standard Gas & Eine. Co. under "Reports" above.
-Strike, &c.
Western Union Telegraph Co.
-V. 108. p. 2336, 2131.
See under American Tel. & Tel. Co. above.
-Directors.
Westinghouse Electric & Mfg. Co.
Samuel M. Vauclain, John R. McCune. Edwin F. Atkins and E. M. Herr
have been elected directors,term expiring June 1923.-V.108, p. 2236. 2029
White Motor Co.-Cori/al Increase.
The stockholders on June 10 authorized an increase in capital from
$16,000,000 to $20,000.000. Compare V. 108. p. 2029.
CURRENT
NOTICES
-The Citizens' National Railroad League, with office in Fquitable
Building, Boston, announces, by advertisement on another page, its plan
to present to the public "the truth about the railroads," to co-ordinate all
interests including railroad stock and bond owners and the public generally,
and to offer for the consideration of Congress a plan for the future control
and operation of the railroads "which will assure to this country the most
scientific, efficient and economical transportation system in the world, and
at the same time assure protection to the security owners and to railway
employees." Security owners and others are asked to co-operate.
The League has been organized with Nathan L. Amster, of Boston, as
President. The Investors' Protective Association of America, primarily a
mutual organization of security owners, is endorsing and co-operating with
the League.
-On the advertising page opposite our weekly statement of bank clearings
to-day, Slocum, Avram & Slocum Laboratories, Inc., in the first of their
monthly series of announcements to "Chronicle" readers address them on
"Industrial Development as an Investment." What this investigating,
developing, engineering organization say in their first advertisement to-day
has particular force for the investor, owner or promoter of industrial enterprises at the present moment in view of the public interest and speculation
industrial securities.
-This is the title of a pamphlet lust
-The "cities Service Empire."
ssued containing the interesting address which was delivered at note
Adolphus, Dallas, Tex., May 13 1919, by John Milton McMillin, Asst.
Mgr. Bond Dept., Henry L. Doherty & Co., New York, before a gathering
of bankers and investment dealers, guests of Henry L. Doherty & Co.,
following an inspection trip to the natural gas and oil properties of the
subsidiaries of Cities Service Co.,operating in Kansas, Oklahoma and Texas`
-In our advertising columns to-day Halsey, Stuart & Co., William R.
Compton & Co. and the Equitable Trust Co. are jointly offering for in-Stock Land Bank 5% bonds,
vestment their tax-free $10,000,000 Joint
issued under the Federal Farm Loan Act, Price 102 and int., yielding
maturity, 5% thereafter. Write the bankers for Booklet
4.53 to optional
-Stock Land Bank Bonds," which outlines the investment qualities
"Joint
of these bonds.
-V. H. Mardfin has resigned from Chandler Bros. & Co. to become
associated with Halle & Stleglitz, members of the New York Stock Exchange, at 30 Broad Street. Prior to becoming connected with Chandler
Bros. some six months ago. Mr. Mardfin was identified with the financial
department of the New York "American" with which, until his resignation
in December, he had been associated for nearly six years.
-The Aetna Insurance Co. of Hartford, Conn., William II. Clark,
President, completes its 100th year of service this week. The company
has paid over $175,000,000 of losses. In Now York City, Russell & Ziegler,
95-97 William St., are in charge of the Aetnl's fire insurance and Talbot
Bird & Co., Inc., 63-65 Beaver St., have charge of its marine business.
Henry E. Rees and A. N. Williams are Vice-Presidents.
-R. M. Grant & Co., 31 Nassau St., this city. Boston and Chicago,
are advertising a selected list of legal savings bank and trust fund bonds to
yield 4.25 to 5.25%. The firms current list of offerings includes the
municipal bonds of thirty States exempt from all Federal Income taxes.
Complete descriptive information will be mailed by R. M. Grant & Col
on request.
JUNE 14 1919.]
THE CHRONICLE
2.41
pyres anti parnutents.
TIDE WATER OIL COMPANY
THIRTIETH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER
31 1918.
PRESIDENT'S REPORT.
The amounts charged to New Construction and Replacements and Renewals in 1918 and 1917 are as follows:
May 7 1919.
To the Stockholders of the Tide Water Oil Company:
1918.
1917.
New Construction
$1,304,889 16 $1,342,838 36
The following report for the fiscal year ended December 31 Replacements
157,197 34
88,328 65
Total
1918 covers the operations and affairs of the Tide Water Oil
11.462,08660 $1,431,167 01
Company and its subsidiary corporations, consisting of
During the same years there has been expended for Fire
Tide Water 011 Company
Refining, Manufacturing and Mark- Protection:
eting.
The Tide-Water Pipe Company, Ltd_Pipe Line Transportation
Allegany Pipe Line Company
Pipe Line Transportation
East Jersey Railroad & Terminal Co.. Railroad and Floating Equipment
Facilities
Tidal 011 Company
Producing-Oklahoma, Kansas and
Texas
Associated Producers Company
Producing-Pennsylvania, West Virginia, Ohio, Illinois and Kentucky
Tidal Gasoline Company
Manufacturing Casing-head Gasoline
Currier Lumber Corporation
Manufacturing Lumber and Cooperage Material
Tide Water 011 Co.of Massachusetts_Marketing
American Oil Company
Marketing
1918.
$60,483 45
1917.
$76,584 59
The number of barrels of crude oil run at the Refinery
during the year, compared with the year 1917, was as follows:
1918.
1,301.000
1.588,000
1.691,000
26,000
Total
1917.
1,261.000
1,281,000
1.455,000
Increase.
40,000
307,000
236,000
26,000
4,606,000
Pennsylvania
Illinois
Oklahoma
Mexican
3.997.000
609.000
THE TIDE-WATER PIPE COMPANY, LIMITED.
VOLUME OF BUSINESS AND PROFITS.
Depreciation
Federal
on Line
The total volume of business done in 1918, as represented
Income and
Gross
and
Excess and War
Net
by gross sales and earnings, exclusive of inter-company sales
Income.
Equipment. Profits Taxes.
Income.
1918
$1,964,961 56 *$895,399 98
$171,343 00
$898,218 58
and transactions, amounted to $40,644,351 50, an increase 1917
2,359,207 42
499,253 58
328,090 64
1,531.863 20
of $9,207,353 25, or 29.29% over the year 1917.
Increase
$396,146 40
Decrease_ _ $394,245 86
The composition of the net income, with provisions for
1156,747 64
$633,644 62
depreciation and depletion and Federal Income and Excess •Includes amortization of war facilities.
and War Profits taxes, and comparisons with 1917, is shown
The amount expended on New Construction during the
year was $461,153 30, of which $244,703 95 was for trunk
as follows:
line loops, $89,222 65 for additional pumps and engines,
Increase +
Decrease-.
1918.
1917.
$24,533 34 for dwellings, $24,072 84 for tanks, $17,882 16
Total volume of business_$40,644,351 50 n31.436,998 25 +$9,207,353 25
for garage at Bradford, $4,524 89 for pump houses, and
Operating and other ex25,133,175 73
17,794,628 66 +7,338,547 07 $56,213 47 for
penses and costs
additions to other property.
Operating Income
Other Income
$15,511,175 77 113,642,369 59 +31,868.806 18
161,521 22
470,557 94
+309.036 72
TIDAL OIL COMPANY.
Total Income for the Year.$15,981.733 71 *113,803,890 81 +32,177,842 90
Depreciation & depletion.. $8,137,977 76
Federal Income taxes_ _ _ _ 3,115,497 52
$9,253,475 28
$3,721,049 95 +12,416,927 81
2,082,592 17 +1,032,905 35
$5,803,642 12 +13,449,833 16
Net Income for the Year__ $6,728,258 43 *$8,000,248 69 -$1,271,990 26
* Excluding $1,374,475 00 restored depreciation charged off in prior
years.
1918
1917
Depreciation
Federal
on Property
Income and
Gross
and Equipment Excess and War
Net
Income.
and Depletion. Profits Taxes.
Income.
$5,205,696 66 *32,510,143 48 31,042,388 48 31,653,164 70
5,655,201 46 2,068,494 15
918,883 88 2,667,823 43
Increase_
Decrease.. _ $449,504 80
3441,649 33
3123,504 60
$1,014,658 73
During the year the company purchased 18,385 acres of
DIVIDENDS.
developed and undeveloped fee lands and leases in Oklahoma,
Dividends aggregating 19%, amounting to $6,060,925 00, Kansas and Texas at a cost of $1,854,575 74.
Following is a summary of acreage and wells operated:
et
sii
as follows, were declared and paid during thohe yearino
March
June
September
December
Total
4
19%
00
00
00
00
$6,060,925 00
GENERAL FINANCIAL CONDITION.
The financial condition of the company is shown by the
Consolidated General Balance Sheet appended to this report.
December 31 1918 the current or working assets aggregated
$21,007,097 50; the total current and accrued liabilities,
including provision for Federal taxes, amounted to $5,526,735 41; a net surplus of current assets over all liabilities of
$15,480,362 09.
The company has no bonded or floating indebtedness.
Acreage.
6,555
36,817
Fee
Leases
Total
* Includes amortization of war facilities.
Wells.
300
2,299
43,372
2,599
ASSOCIATED PRODUCERS COMPANY.
1918
1917
Depreciation
Federal
on Property
Income and
Gross
and Equipment Excess and War
Income.
and Depletion. Profits Taxes.
31,370,995 28 *3660,002 41
$72,898 66
1,205.799 86
423,724 14
129,370 12
Increase..
1165,195 42
$236,278 27
Decrease
* Includes amortization of war facilities.
$56,471 46
Net
Income.
$638,094 21
652,705 60
$14,611 39
During the year the company purchased 3,125 acres in
Kentucky leases, and a 1-6 royalty interest in 90 acres in the
OPERATIONS OF THE SEPARATE COMPANIES.
Illinois field, at a cost of 8129,500 00.
The earnings of the company and its subsidiaries, before
Following is a summary of acreage and wells operated:
deducting depreciation and depletion and Federal Income
Acreage.
Wells.
and Excess and War Profits taxes, for the past two years, is Eastern Division
10.415
462
Illinois Division
11.880
1.406
as follows:
Kentucky Division
7,177
27
Increase +
1918.
Decrease-.
1917.
Total
29,272
1,895
$6,829,011 50 $4,311,886 92 +12,517,124 58
Tide Water 011 Co
The Tide-Water Pipe Co.,
CRUDE OIL PRICES.
1,964.961 56 2,359,207 42
Ltd
-394,245 86
Allegany Pipe Lino Co..
4,419 26
5,022 28
-603 02
The changes in the per barrel price of crude oil at the well
East Jersey Railroad & Terminal Co
61,780 18
36,892 02
+24,888 16 in fields where your company is producing were as follows:
5,274,575 82 5,659,063 70
Tidal Oil Co
-384,487 88
1918
1917
1,370,995 28 *1,205,799 86
Associated Producers Co
+165,195 42
January. December
.
January. 7 ecember
D
.
Tidal Gasoline Co
348,870 65
182,685 09
+166,185 56 Pennsylvania
34 00
32 82
16
5
$3 75
CurrierLumberCorporation
89,839 11
34,282 23
+55,556 88 Illinois
33 752
21
2 42
2 12
20,597 07
Tide Water Oil Co.of Mass.
5,79017
+14,806 90 Oklahoma
2 00
2 25
1 40
2 00
16,683 28
American 011 Co
3,261 12
+13,422 16 Kentucky
2 55
2 60
2 05
2 55
$15,981,733 71 $13,803,890 81 +82,177.84290
Total
The average prices obtained by your producing companies
* Excluding $1,374,475 00 restored depreciation charged off in prior years. for their crude oil during the years 1918 and
1917 are shown
A review of the operations of the principal companies, by the following table:
separately, follows:
Pennsylvania. Illinois. Oklahoma. Kentucky.
1918
$3 99
82 38
7
$2 9
1 48
$ 6
25
0
5
TIDE WATER OIL COMPANY (Only).
1917
3 29
2 03
(exclusive of dividends from the subsidiary companies)
Increase
$0 51
$0 35
$0 70
$005
Depreciation
Federal
VEEDOL DEPARTMENT.
on Plant
Income and
and
Gross
Excess and War
Net
Sales of Veedol products for the year amounted to $2,500,Income.
Equipment. Profits Taxes.
Income.
36,524,805 17 *11,524,951 61 $1,767,636 66 $3,232,216 90 000 00, an increase of 62% over 1917. Sales of Tydol gaso1018
4.334,467.61
1917
610,073 15
676,158 34 3.048,236 12
line (so far sold only in Greater New York) amounted to
Increase..._$2.190.337 56
$914,878 46 31,091,478 32
1183,980 78 about $2,000,000 00, an increase of 145% over 1917. At
the end of the year we were selling Tydol to about 20% of the
garages in Greater New York.
Export connections have been made by which Veedol
products are being sold in China, Japan, South Africa,
Australia, the West Indies, and some of the countries of
Europe and South America.
GENERAL.
During the year expenditures aggregating upwards of
$4,000,000 00 have been made for new properties, plant and
•
equipment.
In the comparative statements presented in this new form
of report, the 1917 figures are stated on the same basis as
those for 1918.
The Directors and Officers whose names appear in this
[pamphlet] report are those elected at the Annual Meeting
held May 7 1919.
For the Board of Directors,
R. D. BENSON,
President.
TIDE WATER OIL COMPANY (Only).
COMPARATIVE INCOME ACCOUNTS,1918 AND 1917.
Gross Sales
Cost of Sales
Gross Profit
Other Income
[VOL. 108.
THE CHRONICLE
2442
Increase -IDecrease1917.
1918.
534,088,250 18 522,959,635 39+511,128,614 79
26,197,875 45 18,028,762 52 +8,169.112 93
57,890,374 73 $4,930,872 87 +52,959,501 86
+61,117 72
519,417 99
580,535 71
$8,470,910 44 $5,450,290 86 +53,020,619 58
Operating and General Ex+830,28202
1,115,823 25
1,946,105 27
penses
Income before Depreciation
$6,524,805 17 $4,334,467 61 +$2,190,337 56
and Federal Taxes
$1,524,951 61
Depreciation
Federal Income and Excess
1,767,636 66
and War Profits Taxes
5610,073 15
+5914,87846
676,158 34
+1.091,478 32
$3,292,588 27 $1,286,231 49 +52,006,356 78
Net Income for the Year $3,232,216 90 $3,048,236 12 +5183,980 78
Dividends from Subsidiary
2,411,991 37 3,938,215 00 -1,526,223 63
Companies
Total Income for the Year_ $5,644,208 27 $6,986,451 12 -$1,342,242 85
TIDE WATER OIL COMPANY (Only).
COMPARATIVE GENERAL BALANCE SHEETS
DECEMBER 31 1918 AND 1917.
ASSETS.
1917.
Fixed Assets and Investments:
Property and Equipment$10,207,331 99 59,680,086 88
Less: Reserve for De1,511,522 20
2,106,618 56
preciation
1918.
Increase +
Decrease -.
+5527,245 11'
+ 595,096 36 -
$8,100,713 43 $8,168,564 68
-567,851 25.
Capital Stocks of Subsid20,434,137 47 20,079,137 47
iary Companies
252.061 93
1,583,190 60
Other Investments
+355,000 00.
+1,331,128 67
Total Fixed Assets and
530,118,041 50 328,499,764 08 +51,618,277 42
Investments
Current Assets:
51,394,548 79
Cash
Short Term Securities
Federal Tax Reserve Fund 2,286,832 46
Liberty Bonds, 3% %___ 1,205,840 19
175,200 00
Liberty Bonds, Other......
Accounts and Notes..___ 2,670,729 41
Products, Finished and in
3,579,091 25
Process
350,109 07
Crude Oil Stocks
2,526.696 10
Supplies and Materials
5947,019 19 +3447,52960'
3,673,088 64 -3,673,088 64
+2.286,832 46.
73,000 00 +1,132,840 19
-274,800 00'
450,000 00
+318,316 48.
2,352,412 93
3,041,392 38
478,550 64
1,772,207 88
+537,698 87
-428,441 57'
+754,488 22'
Total Current Assets.._$14,189,047 27 $12,787,671 66 +$1,401,375 61.
Due from Subsidiary Companies:
-581,004 50
569,532 72 1,150,537 22
Current Accounts
-69,87478
273,771 18
203,896 40
Deferred Items
$45,080,517 89 $42,711,744 14 +52,368,773 75
Total Assets
LIABILITIES.
Current Liabilities:
Accounts Payable
Accrued Taxes
Total Liabilities
51,934,632 07
1,910,011 29
5372,208 72 +51,562,423 35
700,300 41 +1,209,710 88
1
$3,844,643 36 $1,072,509 13 +32,772,134 23
CAPITAL STOCK AND SURPLUS.
$31,900.000 00 331,900,000 00
Capital Stock
300,000 00
313,356 25
Reserve for Fire Losses......_
9,022,518 28 9,439,235 01
Surplus
+$13,356 25.
-416,716 73.
Total Capital Stock and
341,235,874 53 $41,639,235 01 -$403,360 48
Surplus
,
345.080,517 89 542,711,744 14 +52,368,773 75
TIDE WATER OIL COMPANY AND SUBSIDIARIES.
COMPARATIVE SURPLUS ACCOUNTS,1918 AND 1917. COMPARATIVE CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31 1918 AND 1917
Increase +
Decrease-.
1917.
1918.
Balance, Beginning of Year $9,439,235 01 $11,413,439 89 -51,974,20488
Total Income for the Year.. 5,644,208 27 6,986,451 12 -1,342,242 85
$15,083,443 28 518,399,891 01 -$3,316,447 73
Dividends Paid:
Cash
Stock
$6,060,925 00$6,060,656 00
2,900,000 00
+5269 00
2,900,000 00
36,060,925 00 $8,960,656 00 -$2,899,731 00
Balance,End of Year
$9,022,518 28 $9,439,235 01
$416,716 73
TIDE WATER OIL COMPANY and SUBSIDIARIES.
COMPARATIVE CONSOLIDATED INCOME AND
SURPLUS ACCOUNTS, 1918 AND 1917.
ASSETS.
1917.
Fixed Assets and Investments:
Properties & Equipment:
Refining and Gasoline
$11,490,818 42 $10,637,862 54
Plants
10,385,886 71 10,755,289 47
Pipe Lines
Oil Producing Proper16,615,308 09 17,574,845 61
ties
Railroad and Lighter521,806 01
727,077 70
age Properties
323,832 68
313,481 14
Timber Properties.._-..
1918.
539,532,572 06 $39,813,636 31
Less: Reserves for De9,656,017 78 7.838,797 83
preciation
Federal Income and Excess
and War Profits taxes..,,.. 3,115,497 52
$3,721,049 95 +$2,416,927 81
2,082,592 17
+1,032,905 35
$9,253,475 28 35,803,642 12 +33,449.833 16
Net Income for the Year.._ $6,728,258 43 $9,374,723 69 -52,646,465 26
Outside Stockholders Pro-228,573 01
520,683 22
292,110 21
portion
Tide Water 011 Company
Stockholders Proportion
of Total Net Income for
$6,436,148 22 38,854,040 47 -52,417,892 25
the Year
-106,615 53
Surplus, Beginning of Year 12,917,001 44 13,023,616 97
$19,353,149 66 321,877,657 44 -32,524,507 78
Dividends Paid:
Cash
Stock
+3269 00
$6,060,925 00 $6,060,656 00
2,900.000 00 -2,900,000 00
36,060,925 00 58,960,656 00 -52.899,731 00
Surplus, End of Year
$13,292,224 66 $12,917,001 44
+$375,223 22
+3852,955 83
-369,402 76
-959.537 52
+205,271 69
-10,351 54
-$281,064 25
+1,817.219 95
Total Properties and
$29,876,554 28 $31,974,838 48 -$2,098,284 20
Equipment
252,062 93 +1,331,278 67
1,583,341 60
Other Investments
Increase +
Total Fixed Assets
Decrease
1917.
1918.
and 1nvestments_$31,459,895 88 $32,226,901 41
Total volume of business
done by the Tide Water
Current Assets:
Oil Company and its sub51,545,868 87 51.290,290 55
Cash
sidiaries during the year
3,673,088 64
Short Term Securities
represented by their
as
U. S. Treasury Certificombined gross sales and
(Tax Fund)____ 3,961,832 46
cates
earnings, exclusive of in73.00000
Liberty Bonds, 354 %___ 1,205,840 19
ter-company sales and
450,000 00
244,650 00
Liberty Bonds, Other...._
340,644,351 50 $31,436,998 25 +$9,207,353 25
transactions
Accounts and Notes ReTotal expenses incident to
3,881,309 34 3,552,303 40
ceivable
operations, including re49,057 89
94,524 25
Prepaid Expenses
pairs, maintenance, penCrude Oil and Products_ 7.195,886 25 7,281,987 45
administration, insions,
1,966,748 57
2,877,186 14
Supplies and Material
surance, costs and all
other charges, exclusive
Total Current Assets....$21,007,097 50 $18,336,476 50
of depreciation and depletion and Federal Income
*$46,027 15
$721,958 65
Deferred Items
and Excess and War
25,133.175 73 17,794,628 66 +7,338,547 07
Profits taxes
$53,188,952 03 $50,517,350 76
Total Assets
$15,511,175 77 $13,642,369 59 +$1,868,806 18
Operating Income
* Credit.
+309,036 72
161,521 22
470,557 04
Other Income
LIABILITIES.
Restored depreciation
1,374,475 00 -1,374,475 00 Current Liabilities:
charged off in prior years
$2,318,093 71 $1,190,936 06
Accounts Payable
+5803.367 90
3,208,641 70 2,180,536 39
Total Income for the Year_$15,981,733 71 $15,178,365 81
Accrued Taxes
Depreciation and depletion
iaeol
c$6,137,97776
Increase +
Decrease -.
Total Liabilities
35,526,735 41
--$767,005 53
+8255,578 32
-3,673,088 64
+3,961,832 46+1,132,840 19
-205,350 00
+329,005 94
+45,466 36
-86,101 20
+910,437 57
+32,670,621 00
+$767,985 80
+52,671,601 27
+$1,127,157 65
+1,028,105 31
$3,371,472 45 +$2,155,262 95
CAPITAL STOCK AND SURPLUS.
Capital Stock:
Tide Water Oil Company$31,900.000 00 531,900,000 00
Subsidiaries, Outside In190,350 00
203,683 00
terests
$32,103,683 00 332,090,350 00
3429,932 16
Reserves for Fire Losses__ $441,224 54
+$13,333 00
+$13,333 00
+$11,292 38
Surplus:
Tide Water Oil CompanY813,292,224 66 $12,917,001 44
Subsidiaries, Outside In1,708,594 71
1,825,084 42
terests
$15,117,309 08 314,625,596 15
+5491,712 93
Stock
$47,662,216 62 347,145,878 31
+5516,338 31
Total Capital
and Surplus
+5375,223 22
+116,489 71
$53,188,952 03 350,517,350 76 +52,671,601 27
JUNE 14 1919.]
THE CHRONICLE
2443
ILLINOIS TRACTION COMPANY
FIFTEENTH ANNUAL REPORT OF THE DIRECTORS TO THE SHAREHOLDERS
-JAN. 1 1919.
'To the Shareholders of the Illinois Traction Company:
The Board of Directors submit herewith the Fifteenth
Annual Report of your Company, together with Balance
Sheet, Statement of Receipts and Expenditures, and other
;statistics, for the year ending December 31 1918.
The gross earnings from all departments total $15,261,,
003 05, which is an increase over 1917 of $1,220,132 70.
Each department contributed toward this increase as fol;lows: Interurban Lines, $130,183 70; City Lines, $153,199 72; Gas, $246,934 46; Electric, $592,241 76; Heat, $29,687 24; Water, $484 51; Miscellaneous, $67,401 31.
The year was unusual in many respects, principally due to
;conditions resulting from the war. All items of expense entering into the operation continued to increase; notably,
:$700,086 55 for wages, $545,635 64 for steam coal, $142,425 61 for material and supplies, $117,527 30 for gas coal
.and oil. These items, therefore, account for an increase in
.operating expenses of $1,505,675 10
-the total increase being
.$1,817,821 94.
Higher wages were made necessary by the great advance in
the cost of living, and to meet the competitive bidding for
labor by manufacturers and others in this territory whose
product was used for war purposes, and who were practically
'unrestricted in fixing the prices for their commodities. The
National War Labor Board, acting upon a petition from the
carmen at Galesburg and ignoring the contract in effect,
.awarded an increase of sixty per cent in wages without making provision for the additional revenue needed to meet this
increase. This led to the dissatisfaction of other employees
and had an influence on the other properties, resulting in
.some minor labor disputes on the city lines. The interurban
lines suspended operations for ten days in December during
negotiations with the trainmen on a wage scale for the ensuing year.
Control of the mining and distribution of coal was exercised by the United States Fuel Administration during the
'entire year. The substantial increase in the mining rate and
the corresponding advance in the price of coal, as fixed by the
Fuel Administration, contributed very largely to the Company's increased expense for steam and gas coal. In this
connection, it should be noted that had it not been for the
Company's direct control of considerable coal tonnage on its
interurban lines, this item would have been further materially
increased.
The utmost effort was made by the mann.::.ement early in
the year to secure an adjustment in rates necessary to provide
revenue which would harmonize with the greatly increased
operating expenses. On the interurban lines an increase of
twenty-five per cent in joint freight rates became effective
June 25, followed by an increase of twenty-five per cent in
local freight rates on intra-State and inter-State traffic, effective August 3 and November 1, respectively. On November 15 an increase of fifty per cent in intra-State passenger
fares became effective, and on December 19 the Inter-State
Commerce Commission issued an order authorizing a corresponding increase in inter-State fares, which will become ef
fective early in the coming year. While general increases
were authorized in electric light and power, gas, street railway and heating rates, that these were insufficient to offset
the advanced operating costs is attested by a comparison of
the net earnings with the net earnings of the previous year.
,
Among the extraordinary factors adversely affecting the
receipts were the so-called lightless nights," and the epidemics of influenza. In its efforts to bring about fuel conservation, the United States Fuel Administration required a
reduction in street and display illumination on stated nights
in each week, extending throughout the greater part of the
year. Also, in the classification of industries by the War
Industries Board, those which were considered as non-essential toward winning the war were curtailed in their operations, with a consequent reduction in the demand for electric
power.
There were three distinct epidemics of influenza in our territory. The local health authorities, to retard the spread of
these epidemics, compelled the closing of schools, churches
and amusement places, also prohibiting public gatherings.
Further, it was recommended that the public use the street
cars as little as possible. These measures resulted in a considerable loss in receipts to the street railway and interurban
lines.
The number of employees entering the Army and Navy
reached a total of six hundred and forty-eight. It was the
announced policy of the Company to hold open the positions
of all of these men, and at December 31 thirty-seven of them
had returned and resumed their former duties. It is with
extreme regret announcement is made that nine of the employees were killed or died in the service.
We also mourn the loss of two of the Company officials,
through death. Mr. W. H. Carnahan, Assistant Treasurer,
died May 17, and Mr. H.J. Pepper, General Superintendent
of the Urbana & Champaign Railway, Gas & Electric Company at Champaign, died October 17. Each had served the
Company for many years and it is desired to fittingly recognize herein the Management's sincere appreciation of their
loyalty and energy.
The great difficulty experienced in the previous year to
secure suitable gas coal and at a price within reason made advisable the acquisition of coal acreage under the direct control of the Company. Accordingly suitable coal lands were
leased in eastern Kentucky and the development of the mine
was nearing completion at December 31. The coal is of
high quality for gas making purposes and within the next few
months the output will be sufficient to fill our requirements
for this grade of coal.
All accounts have been audited and verified, as heretofore,
by Messrs.P.S. Ross & Sons, Chartered Accountants, Montreal, who have affixed their signatures to the balance sheet
and other statements.
The unprecedented operating conditions of the year imposed an unusual strain on all officers and employees, and
grateful acknowledgment is hereby made for their response.
W. B. McKINLEY, President.
H.E.CHUBBUCK,Vice-President Executive.
STATEMENT OF PROPERTIES CONTROLLED BY
ILLINOIS TRACTION COMPANY.
RECEIPTS AND EXPENDITURES FOR THE YEAR ENDING
DEC. 31 1918.
Earnings:
Interurban Lines
$4,740,079 29
City Lines
3,351,256 21
Gas
1,282,103 75
Electric
4,887,743 07
Heat
412,779 26
Water
15,636 06
Miscellaneous
571,405 41
Total Gross Earnings
$15,261,003 05
Total Operating Expenses, including Taxes
10,966.998 20
Net from Oeration
$4.294,004 85
Interest on Bonds,&c
3.125,75904
$1,168,245 81
Less: Depreciation for 1918
611.159 41
$557,086 40
Less: Bond Discount for 1918
92,123 65
Surplus. 1918
$464,962 75
ASSETS AND LIABILITIES AS AT DEC. 31 1918.
ASSETS.
Stocks of Subsidiary Companies
$21.796,393 98
Advances made to Subsidiary Companies
3,230,619 02
Accounts and Notes Receivable
161,389 36
Stores on Hand
274,419 07
Discount on Bonds
116,614 70
Cash
204,825 64
$25,784.261 77
LIABILITIES.
Capital Stock, Common
$12,331,000 00
Capital Stock,Preferred
7,289,500 00
Illinois Traction Co., Debenture Gold Bonds 2.000,000 00
Illinois Traction Co.,5% Debentures
1,000,000 00
Illinois Traction Co., Series "C"Debentures_ 1,500,000 00
Illinois Traction Co., Series "D" Debentures
62,000 00
Accounts and Notes Payable
541,41551
Surplus to Jan. 1 1918
$1,726,008 01
Surplus for 1918-$464,962 75
Misc. Additions to
Surplus
153,727 75- 618,690 50
$2,344,698 51
Dividend on Preferred Stocks:
Subsidiary Companies
$754,502 00
$1,590,196 51
Loss:Dividend on Preferred Stock 437.370 00
$1.152,826 51
Less:Dividend on Common Stock 92.480 25
$1,060,346 26
$25,784,261 77
Certified Correct:
B. E. BRAMBLE, General Auditor.
The President and Shareholders of the Illinois Traction Company:
Champaign, Illinois.
Gentlemen:
We hereby certify that the foregoing statement in our opinion exhibits
correctly the financial position of your Company as at Dec. 31 1918, as
shown by the book of account.
The securities covering the investments of the Company have been verified by personal inspection or Trustees' certificates. The Cash and Bank
balances have been verified. The value of Stores and Supplies have been
substantiated by signed Inventories. The disbursements during the year
have been verified by satisfactory vouchers.
P. S. ROSS & SONS. Chartered Accountants.
Montreal, Canada, March 20 1919.
COMPARATIVE STATEMENT OF SUBSIDIARY COMPANIES OF ILLINOIS TRACTION COMPANY SHOWING RECEIPTS AND
EXPENDITURES FOR YEARS 1911 TO 1918.
1911.
Earnings1916.
1912.
1913.
1915.
1914.
1917.
1918.
Interurban Lines
$3,238,712 90 $3,395,634 18 $3,604,265 34 $3,626,635 54 $3,559,028 03 $3,993,836 09 $4,609.895 59 84,740,079 29
2,877,086 58 2,950,562 57 3,072,235 58 3,021,859 55 2,871,035 35 3,110.811 18 3,198.056 49 3,351,256 21
City Lines
723,983 72
923.642 11
Gas
783.67951816,911 67
905,702 79
877,982 40
1,035.169 29 1,282.103 78
1,835.989 69 2,218,419 13 2,636,713 78 3,002,378 13 3,325,410 62 3,689.851 58 4.295,5111 31
Electric
4,887,743 07
216,966 17
341,379 58
240,507 16
317,579 84
Heat
274,672 16
314,640 22
383.092 02
412,779 26
7,289 40
12,030 68
14,476 25
14,215 86
13.538 77
Water
14,385 69
15.151 55
18,636 06
47,087 65
492,450 38
109,644 03
Miscellaneous
195.022 21
102.760 96
254,972 73
504.004 10
571,405 41
8,947,116 11
9,710,477 25 10,521,098 26 11.112,854 26 11.i87,99470 12,566,447 17 14,040,870 35 15.261.00306
Total Gross Earnings
Operating Exp. and Taxes.. 5,404,622 94 5,775,043 13 6,198,872 65 6,587,462 64 6,657,569 14 7,489.797 34 9,149,176 26 10.966,998 20
3,542,493 17 3.935,434 12 4,322,225 61
Net from Operating_
4,525,391 62 4,530.425 56 5,076,649 83 4,891.694 09 4.294,004 85
2,502,173 01 2,672,402 51
3,603.417 34 3.719,541 32 3,880.261 04
Interest on Bonds, &c
2,883,239 52 3,290,786 59 3,268,607 01
Available for Depreciation,
1.040,320 16 1,263,031 61
.DIvldends,8cc
la
1,438,986 09 1,234,605 03 1.261,818 55 1.473,232 49 1,172,152 77
413,743 81
2444
THE CHRONICLE
Ixi Tommercxal Wzints,
COMMERCIAL EPITOME
Friday Night, June 13 1919.
General trade continues to expand. No great declines in
prices are feared. So business men throughout the country
are going ahead with increased confidence. In not a few
lines the demand exceeds the supply. The inquiry for labor
is increasing as the big industries become more active.
There is talk now of even a labor shortage sooner or later,
rather than a problem of unemployment. Certainly throughout the farming sections of the country there is a persistent
demand for men. In the South labor is scarce on the cotton
farms. Prices of some commodities have risen during the
week, notably grain, provisions and cotton. The weather
has been rather too wet in the corn belt and corn prices
have reached a new high level on this movement. There
has been export buying of oats, barley and rye. Wheat continues to go out to Europe in large quantities, and the visible
supply is rapidly decreasing. But the latest Government
crop report points to a total yield of winter and spring wheat
exceeding 1,200,000,000 bushels, or far the largest on record,
the nearest approach to it being 1,025,801,000 bushels in
1915. It is some 300,000,000 bushels larger than the crop
of last year. The harvest of oats, rye and barley and hay
will also be very bountiful. Europe will continue to need
big supplies of food from this country. Cotton is higher
because the crop outlook is not altogether favorable. In fact
the crop got a rather poor start. It would be no light matter if the yield this year should turn out to be a semi-failure
for the fifth season in succession, just at a time when the
world is bare of cotton and cotton goods. There is a sharp
demand for cotton goods both at home and abroad. Significantly enough, too, cotton mill shares in this country are
now even higher than they were during the boom of last year.
Silks and woolens are in good demand, with prices tending
upward. The sales of pig iron are reported to be larger, and
in some directions at least business in steel is said to be better,
even though the general demand is not brisk as yet. A
nationwide telegraph strike was called for the 11th inst.,
but it does not appear to have seriously inconvenienced the
country as yet. The strikers have been parading the downtown streets but in a peaceable manner. The first steamship
to reaen Hamburg with cotton from this country has just
arrived there from New Orleans. And a Mannheim dispatch reports that Chicago people are offering barley to that
market. This, of course, is something new. Lumber is in
steady demand, as might be expected from the crying need
of houses all over the country.
One significant event of the week was a report on the 10th
Inst. that the Federal Reserve banks were inclined to view
with marked disfavor the prevalence of speculation in parts
of this country, and on that day it was noticed that cotton
and grain as well as stocks declined. Business men would
not be at all disinclined to see something like a halt called
on anything like wild speculation wherever it may exist. Another thing which commercial circles noticed with interest
was the rise in rates for money.
Mr. Hoover believes that what he terms Europe's "economic delirium tremens" will cease when the peace treaty
is signed and all idle nations can go back to work. He says
that $500,000,000 credit should be granted to the Allies,
provided we control its use with regard to excessive imports,
and see to it that no trade discrimination against America
is permitted. It is stated, that British steel manufacturers
are uneasy because American steel products are about $15
a ton below English quotations. The American Chamber
of Commerce in London says: "Great Britain with the freight
against her, in addition to her already higher prices, cannot
hope to put steel on the Canadian market, for instance, at
a price which will compete with the American. And,
having doubled her steel-making capacity during the war,
the loss of overseas, and even colonial, markets at this time
would be a great blow." New York City is packed with
visitors to say nothing of its regular inhabitants. Automobile travel was never so great. An average of 30 automobiles per minute cross 42nd Street on Fifth Avenue from
11 a. m. to 12 m. Traffic from 9 a. m. to 9 p.m. totals
close to 16,000. It is stated that German toys and china
continue to arrive in Baltimore, despite protests. Goods
purchased from Germany by this country prior to the war
have been held in Holland whence present shipments are
being made. The first cargo was valued at $750,000 and
the second at $1,000,000. American and Dutch interests
are, it is stated, buying cotton with the U. S. shipment to
foreign countries ultimately to be sent to Germany. Holland
has bought a large quantity of low grade cotton at the South
supposedly for shipment to Germany when peace is declared. One sign of the high cost of production nowadays,
both as to material and labor, is that the newspapers in San
Francisco and Oakland have just raised the price of Sunday
. editions to ten cents.
Canada is importing Australian mutton to be sold 10 cents
a pound lower than local mutton. The cost of living in
Canada is to be investigated by its Government. Retail
prices will also be inquired into. It is a curious sig.n of the
times amid extravagant expenditures by the people in many
directions that it is estimated that the ticket sales for the
Willard-Dempsey prize fight will exceed $1,000,000 and
may reach $1,500,000. Importations of precious stones into
[VoL. 108.
this country from London alone in five months, it is stated,
have reached 815,000,000 as against $8,000,000 in the same
time last year. Some business men think that the cost of
living will not be greatly reduced for some years to come.
There is growing anxiety in England, it is stated, over the
high cost of food and of living in general. Almost everything
costs 100% more there than before the war. Many necessaries are treble their former prices.
LARD in good demand and higher; prime Western here
nominally 35.75@35.85; refined Continent, 37.50c.; South
America, 37.75c. Brazil in kegs, 38.75c. Futures have
advanced to a new high record with hogs also rising as well
93 grain. There is said to be a very scanty supply of fats
in Europe. The European demand is persistent. July
lard on the 12th inst. reached 35.45; to-day, 36c. This was
something new. To-day prices advanced and they end
higher than a week ago.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
July delivery
cts_33.95 34.10 34.10 34.45 35.22 35.85
September delivery____32.65 32.95 33.05 33.40 34.47 35.25
PORK firmer; mess, $58@$58 50 nominal; clear, $54®
July pork closed at $51 85 and September at $49 30.
$62;:
July is $1 90 higher than a week ago. Beef in fair demand
and steady; mess, $35@$36; packet, $38@$39; extra India
mess, $65@$67; No. 1 canned roast beef, $4 50; No. 1,
$8 70. Cut meats quiet and practically unchanged; pickled
hams, 10 to 20 lbs., 33%@34%c.; pickled bellies, 33@34c.
American meat production in 1918, it is just announced,
was 20,129,800,000 lbs., compared with a previous record
of 16,317,300,000 produced in 1917; exports of meats and
lard in 1917 amounted to about 1,750,000,000 lbs., but in
1918 were over 3,000,000,000 lbs. The quantity of dressed
meats consumed in the United States in 1918 was 17,500,000,000 lbs., against about 14,500,000,000 in 1917. Butter
creamery extras, 52@52%c. Cheese, flats, 25@31 Mc.
Eggs, fresh gathered extras, 48M @490.; first to extra firsts,
storage, 470,48c.
COFFEE on the spot higher; Rio No. 7, 20 M ®20%c.;
I
Santos No. 4, 25 Wi ®25
fair to good Cucuta 23 V(W43.
Futures have advanced to new high records, with Santos
cables much higher, shorts covering and some general buying, in the belief that coffee is bound to sell higher. At one
time the private cables stated that speculative bull operators
.
are in control of the term market in Brazil. Spot coffee
here has been strong. Firm offers from Brazil have advanced. In Santos good grades are said to be scarce. But
on the rise there has been not a little liquidation here, partly
for European account, which caused reactions from time to
time. To-day prices were higher and end at an advance
over last week. Closing prices were as follows:
July
20.iOtO2O.i51December _19.45119.46 I May
January..
September.19.95 19.96 Janua..__19.35 19.36
October___19.76 19.79 March__19.20 19.22
19.03019.05
-Raw, 7.280. for 96 degrees centrifugal; granSUGAR.
ulated, 90.; lower grades off; purchases of raw have been
moderate. Many centrals have closed. Stocks at Cuban
ports have increased. Cuban receipts for the week were
91,293 tons, against 98,465 last week and 77,628 last year;
exports, 83,347 tons, against 62,956 last week and 109,787
last year; stocks, 1,200,678 tons, against 1,192,732 a
week ago and 1,056,100 last year. The demand here
for refined is smaller but simply because it is hard to
get the sugar. Refiners are not at all anxious to take
orders for this month, and it is even said that they will
not take business for June delivery and little or none
even for July. No export orders are entertained for
earlier shipment than September. Willett & Gray estimate the 1919-1920 European beet sugar crop at 3,539,000
tons, compared with 3,669,683 for 1918-1919 and 4,172,672
for 1917-1918. European production in 1913-1914, the
last pre-war year, was 8,179,013 tons.
OILS.
-Linseed in good demand and steady; June oil in
cars, $1 80; five-barrel lots, $1 82; less than five barrels,
$1 86. Lard prime edible, unchanged at 2.70c. Cocoanut
oil, Ceylon .bbls. steady at 19@20c. Corn oil, crude wood,
nominal. Cod domestic, 90@95c.; Newfoundland, 94®
960. Spirits of turpentine, $1 17. Common to good
strained rosin, $15 50.
PETROLEUM active and firm; refined in barrels, 150 fire
test, dealers $20; refined, tank wagon to store, $14; refined,
Astral, barrels $24. Gasoline in good demand and steady at
243'c. for motor gasoline in steel barrels to garages, and
263/2c. to consumers. Gas machine 41 lAo. Reports, to the
Oil City "Derrick" refer to a new Kansas well which is flowing at the rate of 2,400 bbls. a day. In Okmulgee County,
Okla., last week six wells were completed with a total initial
production of 5,200 bbls. a day. There have been,fey failures in the Carter, Caddo and Comanche counties, it is said,
and many successes. The news from Kansas and Oklahoma
has been in the main very favorable. In the Eastern fields
there is reported a large producer in Kanawha County and
many small completions. Field work and production were
curtailed by a destructive windstorm which swept over the
Gulf Coast field recently. The daily output of the field was
reduced to 63,815 bbls. The West Columbia pool continues
to puzzle operators and work in that development has been
checked by finding salt water south, southwest and southeast of production. It is stated that Central Western Texas
fields are producing 180,000 bbls. of crude petroleum daily.
The total daily yield of the Gulf Coast fields is said to be
about 74,000 bbls.
JUNE 14 1919.]
Pennsylvania dark $4 00 South Llma
$2 38
Cabell
2 77 Indiana
2 28
Crichton
1 75 Princeton
2 42
Corning
285 Somerset,32 deg
2 60
Wooster
2 85 Ragland
1 25
Thrall
2 25 Electra
2 25
Strawn
2 25 Moran
2 25
De Soto
2 15 Plymouth
2 33
North Lima238 Corslmna. heavy.. I 05
THE CHRONICLE
Illinois. above 30
degrees
_...$2 42
Kansas and Oklahoma
2 25
Caddo, La.. light- 2 25
Caddo, La.. heavy 75
Canada
2 78
Ilealdton
1 20
Henrietta
2 25
2445
COTTON
Friday Night, June 13 1919.
THE MOVEMENT OF THE CROP,a3 indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
165,339 bales, against 174,131 bales last week and 121,610
bales the previous week, making the total receipts since
Aug. 1 1918 5,230,645 bales, against 5,577,464 bales for the
same period of 1917-18, showing a decrease since Aug. 1
1918 of 346,819 bales.
RUBBER
been dull and weak. There is said to be
quite a good short interest in the distant deliveries. Ribbed
smoked sheets for January to June 1920 arrival have been
held at 443'c. and first-latex pale crepe 470. For July this
year's arrival sheets are quoted at 413/2c., August 420.,
-Dec. 430., with a premium of 1c. on first-latex pale
Sept.
crepe for all these deliveries. Spot plantation has been
quiet with some forced selling. Ribbed smoked sheets have
Mon. Tues. Wed. Thurs. Fri.
Sat.
Total.
been generally quoted at 400.spot. First-latex pale crepe 41c
8,304 9,864 8,850 18,185 7,462 10,087 62,752
Para has been quiet but about steady. Large quantities Galveston
Texas City
361
---177
955
---- 3,447
are required in the growing Texas oil industry. Some assert Port Arthur, &c_ 1,954
_
,657
7
,85 51768 4,890 5 1 5,81
) 4:E8 33,649
that it will use this year as much rubber as the motor car New Orleans
Mobile
391 1,157 1,185 1,134
17
911 4,765
tire companies.
Pensacola_----_-_
--OCEAN FREIGHTS have not changed materially if at Jackeonville
97
97
Savannah
,N8 7 ) 7
,9,456 4.325 41,374
- ,H4
6,188 7 71 8
all in any direction, as regards rates. But there is a larger Brunswick
supply of tonnage. Shippers can now pick and choose. Charleston
287 2,401 1,437 1,189 1.676 7
.
746
,505
Wilmington
__ 2,770 1,495
290
776
291 5.622
That was not so sixty days ago. Then it was Hobson's Norfolk
1(
87 2,727
choice-take it or leave it. There is keen competition now N'port News,&c. ---- ---- ---- ---- ----67
67
--New York
-------850
850
----among ship owners for cargoes. New steamship lines are Boston
55
383
182
77 1,672
437
-638
constantly appearing. And the Government is taking less Baltimore
312
312
50
75
150
---275
space from the companies. It looks as though things were Philadelphia
shaping for lower rates before long. Meanwhile tramp Tntrtle Chia arnalr 9A fl.2 OR lAR 02 '752C QK AAA OK 000 00 010 lAK 200
steamers after an interval of five years are getting cargoes
for far-off ports anxious to get into touch with American
The following shows the week's total receipts, the total
again in these better times of peace. Rates take a wide since Aug. 1 1918 and the stocks to-night, compared with
range in this trade. Quite a little business is being done from last year:
South Atlantic and Gulf ports to distant countries. The
U. S. Shipping Board has issued these new rates (Schedule
1918-19.
1917-18.
Stock.
No. 9E): Rotterdam, Antwerp, Havre and Bordeaux,
Receipts to
June 13.
This Since Aug This Since Aug
$1 25 per 100 lbs., or 60 cents per cubic foot; Marseilles,
Week. 1 1918. Week. 1 1917.
1919.
1918.
Cette, Genoa, Naples and Bilboa, $1 60 per 100 lbs., or
75 cents per foot; Copenhagen and Gothenburg, $1 50 per Galveston
62,752 1.757,032 12,973 1,578.913 280,318 220,349
Toxas City
87,070
3.447
70,921
100 or 70 cents per foot; Stockholm, $1 75 per 100 or 80 Port Arthur8,102 18,883 35,635
cents per foot; Lisbon $1 50 per 100 or 70 cents per foot; Aransas Pass, &c_
53,527
623
36,329
New Orleans
33,649 1,425,572 17,607 1,583,904 411,602 392,205
Barcelona and Valencia $1 85 per 100 or 85 cents per foot; Mobile
4.765 140.495
765
96,089
18,410
11,403
Helsingfors (Finland), $2 per 100 or 95 cents per foot. Pensacola
9,812
33,792
97
21,404
500
41,436
Charters made of late include case oil New York to South Jacksonville
11,200
13,600
41,374 971,757 11,187 1,085,321 230.007 190,711
Africa $3 prompt; a steamer 1,742 tons 12 months time Savannah
Brunswick
82,680
133,500
15,000
19,100
charter about $9 50 prompt; lumber is going from a Gulf Charleston
7.730 187,884
451 202,002
65,368
39,626
port to Montevideo, cargo to Black Sea ports; general cargo Georgetown
Wilmington
5.622 127,597
86
95,887
61,956
36,819
from New Orleans to Rotterdam; merchandise to the Indies; Norfolk
2.727 304,670 1,517 292,540 109,692
77,059
67
3,225
5,420
general cargo New Orleans to Barcelona at rates not reported. N'port News, &c_
Now York
850
9,477 1,405 120,958 104.052 158,800
A steamer with coal to Genoa or Leghorn at $26 50; lumber Boston
1,672
27,780
944, 107,019
11,862
18,608
312
20,033
862
from Bridgewater N. S., to Rosario at $43 June-July. Baltimore
79,869
7,792
20,565
Philadelphia
275
630
5,462
124
4,258
7,546
There is a sharp demand here for sailing vessels to load coal
IAA ogii A 92(1 AAA MI nAA A A77 And 1 nAn 41111 1 949 1195
for Sweden. Rates to Japan are firmer. The British cotton • Tntola
rate from Savannah to Liverpool, it is stated, has been reIn order that comparison may be made with other years,
duced to $1 50 per 100 lbs., which is the same as the American
rate. The first cotton ship has arrived at Hamburg. we give below the totals at leading ports for six seasons:
Things at New York are rapidly returning to the normal.
•
TOBACCO has been quiet so far as domestic is concerned. Receipts at- 1919.
1918.
1917.
1916.
1615.
1914
tobacco regulationsohave been suspended until Galveston _ 62,752 12,973 21,147 15,384
New leaf
9,710
14,171
Sept. 1. They are, it is understood, being changed in some Texas City,Tic.
3,447
623
8,598
respects. In the Southern States the crop has recently New Orleans_ 33,649 17,607 13,760 12,514
15,235
Mobile
4.765
765
661
3.788
184
1,375
been making fairly good progress. In the central sections Savannah
41,347
11,187
8,088
6,647
3,152
6,536
3,500
3,000
of the tobacco region good progress has been made in trans- Brunswick
7.730
451
464
383 ' 586
318
planting. The new Porto Rico crop is reported small and Charleston,&c.
5,622
Wilmington_ _
86
118
1,331
599
8
1,517
2,727
5,935
prices of 40 to 450. per lb. are reported for leaf green in the Norfolk
7,312
2,356
1,958
67
103
102
7 060
Government report says that the ATIPolliek_ .:
bundle. The latest U. S.
3,206
t l' ilic
3,835
4,880
2,207
3,852
1,323
weather last week was mostly favorable for the growth of
transplanting is under way in Tot, this week 165,339 49,044 58,656 51,668 29,037 47,984
American tobacco, that
central and northern districts and that tobacco is being Shwa Ana 1 A 92A MA A A77_4114 R.FAR nsi 6A00 :371 10175574 1112R7RA0
harvested in the extreme South.
COPPER in better demand and firmer; electrolytic,
The exports for the week ending this evening reach a total
1730.; June shipment, 17Mc.• July and August, 17%@ of 140,651 bales, of which 77,466 were
/
to Great Britain,
173 0. Lead firm at 5.37%65.40c. for New York and
/
5.15 for East St. Louis. Tin. 723/2e, and in rather better 2,605 to France and 60,580 to other destinations. Exdemand, at one time closing dull, however. The trade ports for the week and since Aug. 1 1918 are as follows:
wants an end made of Government supervision as soon as
possible. Spelter up to 6.873/c. spot New York.
Week ending June 13 1919.
From Aug.1 1919 to June 131919.
2
Exported to
Exported to
PIG IRON is more active. Sales at Buffalo are given as
Exports
125,000 tons within a week; $25 75 per ton was paid for from,
Great
Great
Britain. France Other. Total. Britain. France1 Other.
basic; more stocks are to be blown in at Buffalo and BirmingTotal.
ham. Things are waking up. Wales wants 20,000 tons of Galveston__ 22,502
7,725 30,227 726,101 140,919 408,530 273,550
13,007
15,800 28,807
basic. Great Britain and Scandinavia want Southern iron. Texas City..
430
430
Vessel space is available at $15. Conditions are steadily Pt. Nogales 38,743 1,950 28,029 68,722 560,552 242,304 270,687 1,073,543
New Orleans
changing for the better. Prices are reported firm. It is Mobile
82,647
82,647
Pensacola
9,922
9,922
said to-day that sales have reached half a million tons of Savannah
245,214 182,466 151,503 579,183
pig iron this week. Best coke is up to $4 per ton.
Brunswick
61,287
61,267
182
1,000
923
STEEL business as a rule is of only moderate volume. Charleston
2,105
Wilmington.
18,100 18,100
8,215 40,505 48,720
Prices appear more stable. Jobbers have less fear of buy- Norfolk..
14,938
14,398 48,324
31
48,355
New York__ 1,823
655 4,234 8,712 309,107 53,405 258,698 621,210
ing. It is believed that prices will remain at or not far from Boston
27,457
5,576
975 34,058
the present level for some little time. Of course more rail- Baltimore
13,055
13,055
19,126
2,400 21,526
road business would be welcome. But that is bound to Philadelphia
Washington.
2,492 2,492
581,209 561,209
come. Meanwhile Belgium has bought 40,000 tons of San Fran
123,689 123,689
rails, at 500 francs or about $77 50 per ton, but deliveries
Total ---- 77,466 2,605 60,580 140,651 21115,961 633,916 1,833,349 4,583,226
it is believed must be months off. Belgium has also bought
8,000 tons of heavy rails at Ontario, Canada. Japan wants 'i'ot.'17-18. 15,477 5,628 14,497 35,6022,074,643 569,7951,229,524 3,873,932
more rails. American mills can sell c. i. f. at British ports Tot. .16-17.. 29,101 3,885 6,798 39,784 2,492,878 911,642 1,712,121 5,116,641
at prices low enough to compete easily with British quota*Figures adjusted to make comparison with this season approximately correct.
tions for home use. But getting the steel over there is
In addition to above exports, our telegrams to-night also
another matter. It is stated that orders have been received
by one big corporation for 745,000 tons for the automobile give us the following amounts of cotton on shipboard, not
trade this month. The belief of many is that the tendency cleared, at the ports named. We add similar figureslfor
now is towards better times.
New York.
On Shipboard, Not Cleared for
June 13 at- Britain. France. many. Conet.
20,000
Galveston*____ 15,000 15.000
New Orleans.._ 15,042 20,970 10,748 5,001
6,000
5,000 15,000
Savannah
Charleston
5,803
Mobile
Norfolk
2,000
2,500
New York*
3,000
o.000
Other ports*__
wise.
Total.
1,000 51,000
145 51,906
2,000 28,000
o00
500
5,803
300
300
4.500
8,000
Stock.
229,318
353,696
202,007
64,868
12,607
109,o92
99,5o2
122,951
Total 1919_ _ 48,345 50,970 10,748 36,501 3,945 150,009 1,200,391
6,000 21,350 73,879 1,168,147
Total 1918_ _ 32,529 14,000
19.654 9.108 61.360 754.160
Total 1917.._ 26.728 5.870
*Estimated.
Speculation in cotton for future delivery has been brisk at
-wide fluctuations in prices. In fact not often in the history
of the cotton business have the movement's of quotations been
so agitated as during the present year. Of course the occurrences early in February 1917 are not forgotten. But a rise
of 12 to 13 cents in a few months has latterly been succeeded
by a drop of some 5 to 6 cents, and on Monday in the present
-point limit per itted in this marweek prices rose to the 200
ket. They would have gone higher but for this rule, as was
made clear enough by the further advance on the following
day of over a cent. Since then there have been wild swings
in the price upward and downward under the influence of
had crop reports, heavy trade buying, buying by outside
speculative interests, evidently covering shorts, and also a
.good deal of covering by local traders. Some large interests
in Wall Street and, it is believed, in the West have latterly
covered their- shorts and to all appearances have doubled up
,
,on the long side. Japanese interests have bought freely, it is
said. But on the 10th inst. the market got a chill from a report from Washington that the Federal Reserve banks are
disposed to do what they can to put a check on speculation
in this country. Speculation in and out of Wall Street
has gone such lengths that it is said to have caused the Fed•eral Reserve Board no slight uneasiness. The report in
,question caused lower prices for stocks and grain and a quick
tall on the 10th inst. of some 130 to 150 points in cotton from
the high level of the morning. Previously on that day there
had been considerable profit-taking, owing to the fact that
prices within 24 hours had risen over 300 points. Also at
times of late cotton goods have been reported rather less
active after a prolonged period of large transactions. In
parts of the belt, too, rather better weather. was reported.
And cotton is now, it is stated, on a tenderable basis for
July delivery here, more particularly on the lower grades.
July has acted accordingly. On days of advances it has
lagged behind the rest of the list. When the market declined
it has led the way downward. Exports are far from being
lip to expectations. The weather for the most part, it is
contended, has been too cool and wet. But it is agreed that
period of hot, dry conditions would have a very favorable
.effect. Under such circumstances it is believed that prices
mould decline and perhaps sharply. Meanwhile peace negotiations lag.' The fight in the United States Senate against
the League of Nations idea, some think, may retard negotiations and perhaps delay the signing of the peace treaty for
some little time.
The weekly Government report on the 11th inst. was more
favorable than had been generally expected. Temperatures
during the week averaged somewhat above normal in all dis,
tricts east of the Mississippi River. The rainfall was mostly
light to moderate, although there were some exceptions.
The report stated that the weather conditions were generally
more favorable for cultivation and progress of the crop than
they have been heretofore. Progress was satisfactory in
most sections from the Mississippi Valley eastward. The
condition of the crop is stated to be good in the most easterly
portions of the belt and is satisfactory in Louisiana and parts
•of Alabama. The stands are good in some central and ..iou thern sections of Texas. Weevils are stated to be comparatively inactive. In many sections of Georgia blooms have
appeared. Excellent progress is being made in Mississippi.
Very good progress occurred in Louisiana and much cultivation was done. In eastern and southern North Caiolina the
crop made very good progress and there was some improvement elsewhere. The condition and progress in South Carolina was very good. Very many are beginning to handle the
market more carefuly. Juno is apt Lo be a good montn and
the month is not yet over. It is largely a weather maiket.
That is very generally conceded. If weather conditions improve markedly as already intimated, very many would look
for lower prices. Liverpool has latterly at times weakened
somewhat. The spot sales have been only 4,000 to 6,000
-bales. Spot markets in parts of the South are said to be less
active. On the other hand, the crop is certainly backward.
Nobody denies it. In Texas conditions are as a rule not at all
satisfactory. Low temperatures have retarded progress. In
many parts of the State the stands are very poor. And replanting, cultivation and chopping out are hampered by the
shortage of labor. It has been too cool and wet in Oklahoma. For the most part the stands there are poor and the
fields grassy. In Georgia there is need of cultivation. In
the southern part of that State weevil is slowly spreading.
In Alabama conditions are represented in the Government
advices as poor to fair. The fields are very grassy and many
weevil are reported in southern Alabama. In Mississippi
conditions are still poor, the fields grassy and labor scarce.
In Louisiana things are unusually backward and there is
',considerable grass. Very grassy conditions are reported in
[VOL. 108.
THE CHRONICLE
2446
Arkansas, and the conditions generally are poor to fair.
That is the case also in Tennessee. The weevil has advanced
to the eastern part of Bamberg County, So. Car. This is
something new. It is the furthermost point .reached to
the northeastward since the pest crossed the Rio Grande
River in 1892 and began to spread from Texas eastward.
The spot markets as a rule have been firm and it is intimated
that more or less business is being done with Holland and
possibly with Scandinavia, with the idea of ultimate shipment of the cotton into Germany after peace is formally declared. The need is so urgent for big credits to Europe, in its
dire need of help, that it is assumed that they will be provided
as soon as peace is declared. Everything waits on that.
Cotton goods, though somewhat less active for the moment,
are very strong. As regards the crop outlook, very many fear
that the yield will be short for the fifth year in succession.
The first cotton ship has arrived at Hamburg from New
Orleans. The British rate for freight on cotton from Savannah to Liverpool has been reduced from $2 20 per 100 lbs.
to $1 50, which is also the American rate. To-day prices
advanced early but reacted later. The weather was on the
whole better, stocks were lower and the political news from
Europe was considered rather unfavorable. But on the decline spot houses bought. New Orleans bought on the differences. Early sellers covered later. Georgia and Alabama had rains that are not wanted. The belt is supposed to
need a period of dry, hot weather. Texas weather was better. But prices end higher for the week. Spot cotton
closed at 32.85c. for middling uplands, showing a rise for the
week of 230 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 7 to June 13Middling uplands
1919-c
1918
1917
1916
1915
1914
1913
1912
Sat. Mon. Tues. Wed. Thurs. Fri.
30.85 32.75 32.90 32.65 32.95 32.85
NEW YORK QUOTATIONS FOR 32 YEARS.
1895_c
32.85
30.00
25.55
12.80
9.80
13.60
12.35
11.80
1911_c
1910
1909
1908
1907
1906
1905
1904
15.90
15.20
11.20
11.60
13.15
11.20
8.90
12.40
1903c
1902
1901
1900
1899
1898
1897
1896
12.50
9.44
8.38
9.06
6.31
6.56
7.69
7.44
1894
1893
1892
1891
1890
1889
1888
7.25
7.31
8.00
7.62
8.56
12.25
11.19
10.12
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Futures
Market
Closed.
Spot
Market
Closed.
Saturday_ _ _ Quiet, 50 pts. adv_ _ Firm
Monday____ Steady, 100 pts. adv Strong
Tuesday__ - Steady, 15 pts. adv. Firm
Wednesday.. Quiet, 25 pts. dec.. Steady
Thursday___ Steady,30 pts. adv_ Steady
Steady
Quite, 10 pts.dec
Friday
SALES.
Spot. Contract Total.
2,000
2,000
Total _
2,000
2,000
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
,IWed'day,1 Thursd'y, Friday,
Saturday, Monday, Tuesday,
June 7. June 9. June 10.!June 11. June 12. June 13.
Week.
JuneI
31.75 31.75
Range
I
- 29.20 -31.05 -31.20 -,30.95-.15 31.23-.25 31.14-.34Closing
July
1
28.55-.50 29.30-130 30.70-120 30.48-.35 30.88-.66 31.05-.80 28.55-120
Range
29.30-.35,31.15-.30 31.40-.50 31.15-.20 31.43-.45 31.34-.40- Closing
August1
-3i.30 -31.30-.4025.20-170
-31.46-.70- 28.20-.25,-Range
28.85 -,30.75 -31.00 -30.85 -31.30 -31.25 -- Closing
September
- -27.65-180
-- 30.60-.8027.65-.85/
Range
--Closing ____ 28.40-.45,30.35 -30.83 -30.80 -31.25-.30 31.20
October
1
-A0 28.25-J25 30.00-130 29.75-.60 30.05-.04 30.50-.35 27.52-130
27.52
Range
23.25-.30 30.23 -30.63-.70 30.46-.47 30.90-.93 30.85-.90-Closing
November
Range
28.00 -30.00 -30.45 -30.25 -30.70 -30.70 --- Closing
December
27.20-.03 28.00189 29.60-195 29.47-.20 29.70-170 30.22-.00 27.20-100
Range
27.89-.90 29.98 -30.35-.40 30.15-.17 30.60-.63 30.60 -- Closing
January
27.70-J67 29.50-166 29.17-.92 29.45-150 30.00-.81 26.93-181
26.93-.75
Range
27.67-.70 29.65 -30.05-.10 29.87 -30.38-.42 30.50-.55-Closing
February
Range
- 27.55 -29.45 -29.75 -29.71 -30.30 -30.40 - Closing
March- .
29.28-130 28.90-.70 29.25-125 29.88-.60 26.70-170
26.70-.42 27.65-J35
Range
27.40-.45 29.39 -20.65-.80 29.61-.65 30.20-.23 30.27-.31- - Closing
April
Range
- 29.60 -29.55 -30.15 -30.22 Closing
May28.95400
29.25 -28.95-.40
Rabge
- Closing __ _ 27.35-.40 29.35 -29.60-.75 29.50 -30.10-.15 30.17 - --
832c. £31c. 1300. J 29c.
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:
June
July
October
December
January
March
Tone
Spot
Options
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
June 7. June 9. June 10. June 11. June U. June 13,
29.88 -31.88 -32.05 -31.88 -32.31 -32.35 29.38 -31.38 -31.55-.60 31.38-.40 31.81-.83 31.85-.90
27.43-.49 29.43 -30.08-.16 29.84-.86 30.32-.39 30.46-.49
27.09-.12 29.09 -29.82-.90 29.52-.54 20.00-.03 30.10-.14
26.85 -28.85 -29.58 -29.24-.30 29.74 -29.65-.70
26.52-.57 28.53 -29.20 -29.00-.05 29.47 -29.62 Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady
JUNE 14 1919.]
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
June 13-
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste _
June 13ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati..
V a Virginia points
Via other routes, &c
1918.
271,000
23,000
38,000
1917.
445,900
25.000
44,000
1916.
654,000
51,000
55,000
596,000
332,000
164,000
5,000
66,000
76,000
28,000
122,000
1,000
6,000
3,000
514,000
*1,000
*1,000
177,000
7,000
90,000
31,000
*1.000
770,000
*1,000
*1,000
285,000
Total gross overland
15,000 Deduct Shipments
73,000
Overland to N. Y., Boston, &c
125,000
Between interior towns
*1,000
Inland, &c.,from South
American
-
Liverpool stock
bales 316,000 120,000 333.000 528,000
Manchester stock
49,000
27,000
54,000
9,000
Continental stock
306,000 *118,000 *248.000 *401,000
American afloat for Europe
315,157 138,000 157,000 344,749
U. S. port stocks
1,350,400 1,242,026 815,520 917,090
U. S. interior stocks
1,193,760 903,087 666,988 543,520
U. S. exports to-day
10,296
9,718
24.413
91.965
Total American
3,559.730 2.552,078 2,257,226 2,794.155
East Indian, Brazil, &c.
Liverpool stock
191,000 151,000 112.000 136,000
London stock
51.000
25,000
13,000
23,000
Manchester stock
6,000
29,000
17,000
22,000
Continental stock
33,000 *14,000 *60,000 *100,000
India afloat for Europe
54,000
38.000
16,000
12,000
Egypt Brazil. &c., afloat
30,000
25,000
32,000
78,000
Stock in Alexandria. Egypt
320,000 281,000 110,000
45,000
Stock in Bombay, India
1,050,000 *660.000 878,000 933,000
Total East India, &c
1,677,000 1.248,000 1,270,000 1,350,000
Total American
3,559,730 2,552.078 2,257,226 2.794,155
Total visible supply'
5,236,730 3,800,078 3,527,226 4,144,155
Middling upland,Liverpool
20.38d. 20.88d. 17.06d.
8.25d.
Middling upland New -York
32.85d. 30.00c. 24.90c.
12.85c.
Egypt, good sakei, Liverpool..... 30.58d. 31.13d. 31.45d. 17.80d.
Peruvian, rough good, Liverpool.. 29.754. 39.00d. 24.00d. 13.50d.
Broach, fine, Liverpool
17.55d. 21.12d. 16.50d.
7.90d.
Tinnevelly, good, Liverpool
17.80d. 21.37d. 16.68d.
7.92d.
*stElmated.
Continental imports for past week have been 82,000 bales.
The above figures for 1919 show an increase ovenlast week
of 17,199 bales,a gain of 1,436,652 bales over 1918, an excess
of 1,709,504 bales over 1917 and again of 1,092,575 bales over
1916.
AT THE INTERIOR TOWNS the mov.ement-that is,
the receipts for the week and since Aug.1,the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to June 13 1919.
Receipts.
Ship- Stocks
ments. June
13. .
Week. , Season. Week.
Movement to June 14 1918.
Receipts.
Week. Season.
Ship- Stocks
meas. June
Week.
14.
4,654
3,189
Ala., Eufaula_ _
4,466
2,380
Montgomery 693, 64,431 1,1661 20,807
341
48,849
764 .5,827
Selma
300, 60,995 1,039 14,150
3 34,002
19
593
583 3,600
Ark., Helena_ _
400 39,522
56 41,544 1,334 3,922
1,877 167,973 5,1091 36,696 3,310 234,579 1,206 18,473
Little Rock
Pine Bluff_
7001 131,279 1,200 43,500
344 144,410 2,291 27,053
10,75
13
Ga.,Albany--152 3,766
12,350
1,678
2,9201 136,789 4,3401 38,319
Athens
10 121,364 1,600 19,904
3,0001 219,51
Atlanta
4,0
0 28,000 1,662 327,461 1,810 29,852
5,092 432,983 11,506 153,707
Augusta
244 433,78
4,865 88,118
51,518
Columbus
27,000
200 38,214
400 7,000
5,51 217,155 6,242 38,297
Macon
360 167,697 1,269 15,121
400 49,599
Rome
000 13,500
5 54,419
133 6,500
,
La.,Shreveport 1,807 126,4061 1,923 45,631
151 196,869 1,525 18,707
l24
19,984!
Miss.,Columb
217 2,413
10,096
353
Clarksdale _ -- 1,0001 136,461 1,830 26,000
75 105,115 1,075 22,000
Greenwood__
8001 136,979 1,500 16,000
250 130,002 1,250 27,500
3001 41,047
Meridian ____
800 13,5
243
35,890
805 6,882
510 45,163
Natchez
963 9,095
51,29
4,884
Vicksburg_ _ _
12
2961 35,071 1,510 4,562
30,326
3,239
.100 42,879
.
Yazoo City_ _
618 6,000
38,482
91 11,033
Mo.,St. Louts_ 10,202 543,498 11,259 16,292 4,167 1,169,767 2,999 20,229
N.C.,Gensboro
900 51,686 1,400 9,180
526
60,902
919 12,807
168
10,192
Raleigh
250
187
5
10,808
5
262
800 26,700 5,196 139,343 1,683 15,913
0., Cincinnati_ 1,000 131,875
Okla., Ardmore
13,75
450 47,026 1,012 4,000
Chickasha
816
66,948 1,010 6,691
5 27,358
78
Hugo
390
35,300
100 1,900
35,782
Oklahoma
,- 4,700
50 44,754
25
2,100
S.C.,Greenvill: 2;66ii 96,556 2 k2 27,500
,
800 136,391 1,8
19,000
_
13,893
Greenwood__ _
295 9,126
13,591
4,835
Tenn.,Memphls 13,i6- 879,896 30,734281,444 9,601 1,361,160 14,217 360,070
1,268 --.._ _ _
Nashville
811
1,867
1,145
7,235
-Tex., Abilene
533
26,992
560
"ioo 19,154 500 3,800
Brenham .. _ _ _
21,026
13
20
782
49,961 2,170 3,381
Clarksville_ _
284
53,44
50
450
745 11,532
88,505
Dallas
1,277
299 129,49
429 8,997
31,027
636 1,017
Honey Grove_
21
62,070
200 3,100
21,5681,808,521 25,515237,797 7,309 1,898,318 18,236 116,725
Houston
1,51)5 127,581 4,1491 6,563
Paris
7
250 105,600
6,500
39,779
San Antonio..
1,775
30,141
01
-- -I
Total,41 towns 79,4236,181,950 127,5131193760 36,2987,642,763 63,150903,087
The above totals show that the interior stocks have decreased during the week 48,099 bales and are to-night 290,673
bales more than at the same time last year. The receipts at
all towns have been 43,125 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows
1919.
bales.. 507,000
13,000
76,000
Total Continental stocks
339,000 132,000 308,000 501,000
Total European stocks
935,000 464,000 822,000 1,271.000
India cotton afloat for Europe_ _ _
12.000
38.000
16,000
54,000
Amer. cotton afloat for Europe
315,157 138,000 157,000 344.729
Egypt Brazil,&c.,afloat for Eur'e
,001)
78,000
30,000
25,000
Stock in Alexandria, Egypt
320,000 281,000 110,000
45.000
Stock in Bombay, India
1,050,000 *660,000 878,000 933,000
Stock in U. S. ports
1,350,400 1,242,026 815,520 917,590
Stock in U. S. interior towns_ _ _ _1,193,760 903,087 666.998 543,520
U. S. exports to-day
21,965
9,718
24,413
10,296
Total visible supply
5,236,730 3,800,078 3,527,226 4,144,155
Of the above, totals of American and oher descriptions are as follows:
Towns.
2447
-1918-19Since
Week. Aug. 1.
11,259 a540,901
9.864 481,456
24,838
101
1,749 104,592
62,054
700
483
'99,275
13,924 792,103
-1917-18-Since
Week. Avg. 1.
2.999a1,158,891
8,188 464,775
23,144
84
2,124
93,780
37,149
510
2,036 200,838
25,998 693,614
38,080 2,105,219
41,939 2,672,191
3,109
186
6,596
57,920
46,810
246,947
3,335 313,30S
2,362 108,830
a18,781 a661.661
9,891
351.677
24.478 1,083,770
28,189 1,753,542
17,461 1.588,392
Total to be deducted
Leaving total net overland *
* Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement
has been 28,189 bales, against 17,461 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase from a year ago of 165,150 bales.
-1918-19/n Sight and Spinners'
Since
Takings.
Week.
Aug. 1.
Receipts at ports to June 13
165,339 5,230,645
Net overland to June 13
28.189 1,753,542
South'n consumption to June 13 a_ 56,000 3.085,000
Total marketed
249,528 10,069,187
Interior stocks in excess
*48,090
497,144
Came into sight during week_ _201,438
Total in sight June 13
10,566,331
-1917-18-Since
Week.
Aug. 1.
49,044 5,577,464
17,461 1,588,39283.000 3,754,000
,
North. spinn's' takinsg to J'ne 13_ 54,562 1,888,295
55,120 2,583,601
149,505 10,919,856.
*26,852
548,595.
122,653
11,468,451
* Decrease during week. a These figures are consumption; takings not
available.
Movement into sight in previous years:
Week-June 15
1917
1916
-June 16
1915
-June 18
Bales.
113,334
118,543
95.726
Since Aug. 11916 -June 15
-17
1915 --June 16
-16
1914 --June 18
-15
Bales.
12.246,592
11,819,667
14.768,093
WEATHER REPORTS BY TELEGRAPH.
-Presumably on account of the telegraphers' strike our advices from
Texas have failed to reach us this evening. From the remainder of the South, however, our telegraphic advices
have been received as usual and they indicate that in the
main the weather has been more favorable, but from some
points there are complaints of grass.
Texas.
-Reports not received.
Ardmore, Okla.
-It has rained on two days of the week,
the .
rainfall reaching fifty-four hundredths of an inch.
Minimum thermometer 67, highest 93, average 80.
Muskogee, Okla.
-We have had rain on two days the past
week, the rainfall being sixty-seven hundredths of an inch.
The thermometer has averaged 77, the highest being 92 and
the lowest 62.
Eldorado, Ark.
-It has rained on one day of the week, the
rainfall reaching ten hundredths of an inch. The thermometer has averaged 78,ranging from 63 to 93.
-We have had rain on two days during
Little Rock, Ark.
the week, the rainfall being twenty-two hundredths of an.
inch. The thermometer has ranged from 65 to 89, averaging 77.
Alexandria, La.
-It has been dry all the week. Minimum
thermometer 66, highest 95, average 79.
-We have had rain on one day the past
New Orleans, La.
week to the extent of sixty-one hundredths of an inch. The'
thermometer has averaged 82.
Shreveport, La. It has rained on two days of the week,
the rainfall reaching twenty-two hundredths of an inch.
The thermometer has averaged 78, ranging from 66 to 90.
Columbus, Miss.
-We have had rain on one day during.
the week, the rainfall being sixty-four hundredths of an inch.
The thermometer has ranged from 64 to 97, averaging 80.
Vicksburg, Miss.
-The week's rainfall has been forty-eight
hundredths of an inch, on two days. Average thermometer
80, highest 90, lowest 69.
-There is increasing complaint of too much
Mobile, Ala.
rain. Cotton has made poor progress on account of grass.
weevil appearing in a few localities. It has
Reports of
rained on two days of the week, the rainfall reaching sixtytwo hundredths of an inch. The thermometer has averaged
81, the highest being 93 and the lowest 67.
Montgomery, Ala.
-It has rained on two days of the week,
the rainfall reaching one inch and thirty hundredths. The
thermometer has averaged 80, ranging from 67 to 94.
-There has been rain on one day during the
Selma, Ala.
week, to the extent of nine hundredths of an inch. The thermometer has ranged from 65 to 97, averaging 81.
Tallahassee, Fla.
-We have had rain on two days the past
week, the rainfall being seventy-six hundredths of an inch.
The thermometer has averaged 80, the highest being 93 and
the lowest 67.
Atlanta, Ga.-We have had rain on four days of the
week, the rainfall reaching eleven hundredths of an inch.
The thermometer has averaged 79, ranging from 67 to 91.
Auguata,'Ga.-Rain has fallen on two days during the
week, the precipitation reaching two inches and seven hundredths. The thermometer has ranged from 68 to 95,
averaging 81.
Saturday. Monday.fTuesday. Wed'day. Thursd'y. Friday.
31.50
Galveston
New Orleans.. 31.00
Mobile
29.50
30.50
Savannah
Charleston
30.50
Wilmington_ _ _ _ 28.50
Norfolk
30.00
Baltimore
29.50
_ 31.10
Philadelphia
30.25
Augusta
Memphis
31.50
Dallas
30.15
Houston
Little Rock.._ _ _ 30.00
32.60
31.25
30.00
31.25
30.50
30.00
30.00
29.50
33.00
31.00
31.50
31.80
31.75
30.50
32.60
31.75
30.00
32.00
31.00
30.00
30.75
31.50
33.15
31.25
32.00
31.90
32.00
31.00
32.60
31.50
30.00
31.50
31.00
30.00
30.25
31.50
32.90
31.12
32.00
31.70
31.75
31.00
32.60
31.88
30.50
31.75
31.00
30.00
30.50
31.50
33.20
31.37
32.60
31.88
30.50
32.00
31.00
30.00
30.50
31.50
33.10
31.37
51765
5E1.5
32.00
32.00
31.25
OUR COTTON ACREAGE REPORT.-Our cotton
acreage report will probably be ready about the 20th of
June. Parties desiring the circular in quantities, with their
business cards printed thereon, should send in their orders
as soon as possible, to ensure early delivery.
-The Alexandria GenEGYPTIAN COTTON CROP.
eral Produce Association, under date of May 7, issued the
following summary of information on the cotton crop, received during the month of April 1919:
Lower Egypt.-OwIng to the favorable weather which prevailed at the
beginning of the season, sowings were effected under good conditions, and
In several districts even earlier than usual. In a few localities only they
have been delayed as a result of shortage of water and other causes.
The young plants are in good condition; in the late sown fields they
have somewhat suffered from cold weather. Generally speaking the
growth is normal, except in a few localities where the crops have been
somewhat delayed through shortage of water.
The area planted in cotton is greater than last year. Sakellarides predominates and is in somewhat larger proportion than last year. Small
quantities of Fathy have been sown.
Water for irrigation is sufficient for the present, except in a few localities
lying at the tail of the canals, but a certain shortage for the summer months
Is foreseen.
-worm, no appearance of worms
With the exception of a few cases of cut
has been reported.
Upper Egypt and Fayum.-The condition of the plant is normal but information received about the crops from this part of the country is incomplete.
1918-19.
Receipts (cantars)This week
Since Aug. 1
1917-18.
1916-17.
41,029
4,739,668
Alexandria, Egypt,
May 21.
61,655
5,799,597
7,075
5,027,561
Since
Since
Since
Week. Aug. 1. Week.,Aug. 1. Week. Aug. 1.
Export (bales)
194,865
126,401
4,502 203,416 13,215 174,693
To Liverpool
98,145 10,082 249,204
To Manchester, &c
To Continent and India_ 2,558 129,877 ---- 65,037
1,939 52,835
56,763
To America
,
1- 665 114,482
8,999 484,273 23,297 545,697
1,600 556,479
Total exports
120,731
-A cantar is 99 lbs. Egpytian bales weigh about 750 lbs.
Note.
The statement shows that the receipts for the week ending
May 21 were 41,029 cantars and the foreign shipments
were 8,999 bales.
-Our report received by
MANCHESTER • MARKET.
cable to-night from Manchester states that the market is
without feature on account of the holidays. We give prices
for to-day below and leave those for revious weeks of this
and last year for comparison:
1918.
1919.
32a Cop
Twist.
.
Apr. d
18 26%
25 27%
May
2 27%
9 28%
16 29%
23 31)4
30 31%
June
3634
13 36%
834 lbs. Shirt- Corn
fags, Common Mid.
Upi's
to finest.
sg lbs. Shirt32s Cop
Twist.
29% 18 4
30% 18 6
32% 19 6
3434 20 0
3434 20 0
@24 0
024 3
024 0
@24 6
@24 6
17.29 44%
17.19 43%
17.75 44
19.38 44g
20.44 46
3934 22 6 026 9 118.96 46
40% 22 9 027 0 20.38 47%
Corn
ing.. Common Mid.
to finest.
Upl's
d. s. d.
s. d. d.
46 21 6 @28 6 22.79
46)4 220 @290 21.98
s. d. d. d.
d. s. d.
28% 17 0 @23 3 18.20 43(
29% 18 0 023 9 18.53 4434
SO 00600
Closing Quotations for Middling Cotton on
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
-The following are the receipts and shipments for
COTTON.
the week ending May 22 and for the corresponding week
of the two previous years:
SO 06600 O0
Savannah, Ga.-Rain on three days of the week. The
rainfall has been thirty-eight hundredths of an inch. Average thermometer 79, highest 89, lowest 70.
-We have had rain on two days the past
Charleston, S. C.
week to the extent of six hundredths of an inch. The thermometer has averaged 80, the highest being 86 and the
lowest 73.
-It has rained on three days of the week,
Greenwood, S. C.
the rainfall reaching fifty-nine hundreths of an inch. The
thermometer has averaged 77, ranging from 63 to 91.
-4-We have had rain on one day during
Spartanburg, S. C..
the week, the rainfall being thirty-two hundredths of an
inch. The thermometer has ranged from 60 to 96, average
aging 80.
-It has rained on two days of the week,
Charlotte, N. C.
the rainfall reaching one inch and eight hundredths. Minimum thermometer 62, highest 96, average 78.
-There has been rain on three days of the
Weldon, N. C.
week, to the extent of one inch and forty-seven hundredths.
The thermometer has averaged 74, the highest being 93 and
the lowest 54.
-The week's rainfall has been one inch
Dyersburg, Tenn.
and eighty-four hundredths on four days. The thermometer has averaged 78, ranging from 66 to 89.
-Rain has fallen on three days during the
Memphis, Tenn.
week, the precipitation reachingforty hundredths of an inch.
The thermometer has ranged from 57 to 89, averaging 73.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week:
Week ending
June 13.
[VOL. 108.
THE CHRONICLE
2448
21.40
21.55
21.55
20.88
21.33
46% 220 @290
4634 220 @290
46% 220 @286
46% 22 1%028 9
48% 22 9 @29 6
48% 220 @296 21.99
50 23 434030 134 21.88
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 140,651 bales. The shipments in detail as made
up from mail and telegraphic returns, are as follows:
-Cedric, 822
-To Liverpool
-June 5
NEW YORK
-Portuguese Prince, 655
To Ilavre-June 12
To Manchester
-June 7-Bovic, 1,001
To Antwerp-June 11-Lancastrian, 1,034
To Trieste-June 10
-Emilia, 300
-River Orontes, 100......June 11-ArgenTo Piteaus-June 6
tina, 400
To Rotterdam-June 12
-Rotterdam, 2,400
-June 7
-Nubian, 11,266
GALVESTON-To Liverpool
To Manchester-June 12
-Minnie de Larrinaga, 11,236
To Genoa-June 11-Tapton, 7,725
-West View, 15,199_
-To Liverpool
NEW ORLEANS
-June 7
June 11-West Carnifax, 21,057
To Belfast
-June 12-Rathlln Head, 2,487
To Havre-June 6-Netherpark, 1,950
To Rotterdam-June 6-Maasdijk, 1,000
To Gothenburg
-June 11-Baltic, 403
To Genoa-June 6-Watonwan, 6,297
To Japan-June 6
-Tacoma Martz, 20,329
WILMINGTON-To Genoa-June 7-Ansalda V., 18,100
-June 10
-Western Sea, 14,398
-To Liverpool
NORFOLK
TACOMA-To Japan
-May 29
-Chicago Maru, 2,492
Total
Bales.
822
655
1,001
1,034
300
500
2,400
11,266
11,236
7.725
36,256
2,487
1,950
1,000
403
6,297
20,329
18,100
14,398
2,492
140,651
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Austria&
Holt- Swed:&
Great
Britain. France. and. Belp'm Italy. Greece. Japan.
800
_,__
New York_.... 1,823
655 2,40() 1,034
_
7,725
Galveston_ __ _22,502
New (hleans_38,743 1:686 1,666 -465 6,297 ____ 26:55
____ 18,100
Wilmington__
Norfolk
147,aiiA
27,452
Tacoma
Total.
6,712
30,227
68,722
18,100
14,398
2,492
-London advices are to
ENGLISH COTTON MILLS.
the effect that the United Textile Factory Workers' Association has accepted the invitation of the Ministry of Labor to
Total
800 22,821 140,651
77,466 2,605 3,400 1,437 32,122
confer at an early date with the operatives' leaders. The
-By cable from Liverpool we have the folLIVERPOOL.
step is taken with a view to avoiding a stoppage of work.
lowing statement of the week's sales, stocks,&c., at that port:
,WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1917-18.
1918-19.
Week.
Season.
Week.
Season.
3,874,289
5,219,531
Visible supply June 6
2,814,776
3,027,450
Visible supply Aug. 1
American in sight to June 13__ _ 201.438 10,566,331 122,653 11,468,451
37,000 1,660,000
Bombay receipts to June 12_ ___ b60,000 2,180,000
76,000
42,000
Other India ship'ts to June 12....
789,000
6,000
640,000
b8,000
Alexandria receipts to June 11..
215,000
12,000
191,000
b4,000
Othersupply to June 11*
Total supply
Deduct
Visible supply June 13
Total takings to June 13 a
Of which American
Of which other
5,492,969 16,646,781 4,051,942 17,023,227
5,236,730 5,236,730 3,800,078 3,800,078
256,239 11,410,051
162,239 8,956,051
94,000 2,454,000
251,864 13,223,149
165,864 10,436,149
86,000 2,787,000
* Embraces receipts in Europe from B8azil, Smyrna, West Indies, &c.
0* a' This total includes the estimated consumption by Southern mills,
-18
3,085,000 bales in. 1918-19 and 3,754,000 bales in 1917 -takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 8,325,051 bales in 1918-19 and 9,469,149 bales in 1917-18,
of which 5,871,051 bales and 6,682,149 bales American. b Estimated.
BOMBAY COTTON MOVEMENT.
1918-19.
May 22.
Receipts at
Bombay
1917-18.
1916-17.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
48.00012,037,000 49,00011,542,000 72,000 2,452.000
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
May 23. May 30.
61,000
56,000
41,000
8,000
71,000
516.000
325,000
51,000
34,000
193,000
156,000
June 6. June 13.
22,000
11,000
32,000
12,000
3,000
3,000
69,000 • 51,000
435,000 518.000
334,000 320,000
90,000
43,000
68,000
31,000
177,000 151,000
152,000 129,000
8,000
1,000
43,000
507,000
316,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market, i
12:15 {
P.M. i
Quiet.
Quieter.
HOLIDAY.
HOLIDAY.
Friday.
Quiet.
19.89
MId.Upl'd
Sales
Tuesday. Wednesday. Thursday.
19.87
20.38
3,000
4,000
6,000
Futures. {
Market
opened
Irreg. at St'y, 1 pt. Steady at
104(4)129 pt. adv. to 30045
pts. adv. 11 pts. deo. pts. adv.
Market, 1
4
Unsettled, Easy at
53062
94 fo 105
nth. adv. ota. deo.
Steady at
19(4;42
fits. adv.
HOLIDAY
JUNE 14 1919.]
THE CHRONICLE
2449
The prices of futures at Liverpool for each day are given season is reported ten to thirty days late. Naturally, this
had more or less effect. Commission houses have been good
below:
buyers. The industrias have been buying rather freely.
Fri.
Thurs.
Mon.
Tues. 1 Wed.
Sat.
Cash markets have been firm. The rains have offset big
June 7
receipts, and a generally favorable report on other grain for
to
1234 1234 1234 4 1234 4 1234 4 1234 4 1234 4
June 13. p. m.y. m p.m.p.m.p.m.p.m.p.m.p.m.p.m.p.m.p. m.p.m. June 1. Early in the week the weather for the most part
was good for the new crop, but in general it needs warm,
d. d. d. 4.
d.
d. d.
d.
d. I d. d. d.
dry weather to offset the late start and reduced acreage.
19.79 19.73 19.77 19.11 19.28 19.30
June
19.39 19.33 19.37 18.71 18.92 18.95 July
Certainly it is largely a weather market and will be for a
18.97 18.91 18.96 18.31 18.54 18.57
August
time. It has been too wet in some sections. Exporters
18.69 18.60 18.68 18.03 18.26 18.35
September
17.70 17.94 18.02 IIOLIHOLI- 18.35 18.23 18.35
HOLIhave been buying rye and barley. July corn touched a
October
18.20 18.08 18.19 17.5317.77 17.84 DAY
DAY
DAY
November
new "high" for the season. On the other hand, the Federal
18.02 17.9218.04 17.27 17.60 17.69
December
17.84 17.75 17.86 17.19 17.44 17.53
Reserve banks, it is announced, view with concern the wide
January
17.73 17.64 17.74 17.07 17.31 17.41
February
prevalence of more or less wild speculation in this country
17.62 17.53 17.6316.96 17.20 17.30
March
17 1 17.40 17.51 18.8417.08 17.18
and are disposed to take measures to curb it. This may
A nril
refer more to stocks than to anything else, but it is significant
that on the 10th inst., when it became apparent that the
BREADSTUFFS
banks looked with disfavor on speculative excitement,
Night, June 13 1919.
Friday
stocks and cotton, as well as corn, declined. Chicago reEvery- ports that corn is moving towards that market more freely
Flour has been dull pending further developments.
body has been awaiting offerings of new crop and the attitude than for a long time past. Also it is stated that, aside.from
of the Government,together with complete plans for handling wet weather west of the Mississippi, the conditions have
the new wheat crop and the new flour. It will be announced been, on the whole, not unfavorable. In fact, from S'OB10
it is stated, on the 16th inst. Meanwhile buyers are pretty parts of the Southwest the reports have been quite cheerful.
well supplied. It may be true that no large stocks will be To-day prices were higher, with hogs up and corn receipts
carried over into the new season. It is also not improbable smaller. Prices end higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
that as soon as new flour can be had it will meet with a ready
Sal. Mon. Tues. Wed. Thurs. Fri.
sale. But just at the moment it is clear enough that buyers No. 3 yellow
cts_18834 190
18734 18834 19134 19231
are disinclined to purchase with anything like freedom. A
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
policy is everywhere noticeable. But supplies are
waiting
cts_168% 16834 16734 16834 17134 17234
not expected to last much more than a month and a half, July delivery in elevator
September delivery in elevator____16034 16094 15934 16034 16434 16534
140 140 138
13934 13934 13931
so that as soon as new flour is available atleast a fair business December delivery in elevator
is expected. It is supposed that it will be at somewhere
Oats have sympathized to a certain extent with the rise
in the neighborhood of $11 15 per barrel laid down in New in corn and advanced. Complaints have been received in
York, or, in other words, not above a parity with the mini- regard to dry weather at the Northwest. Insect pests have
mum Government price.
also done some damage, it is stated. Some, too, think that
Wheat stocks continue rapidly to decline. Last week September has been selling too far below July and Decemvisible supply fell off 7,876,000 bushels against only 360,000 ber. There are those who believe that wheat will have the
bushels in the same week last year. This brings the total preference in the crop movement this fall, and that the movedown to 15,826,000 bushels against only 821,000 bushels a ment of oats to market may for a time be small or comyear ago. The latest Government report makes the total paratively so. In the main wet weather over much of the
indicated wheat crop 1,236,000,000 bushels against 917,- belt and dry weather in other sections have been the bullish
000,000 last year and the five-year average of 791,000,0(X) factors with some export buying of oats, rye and barley.
bushels. The condition of winter wheat on June 1 was Wet weather is considered the worst feature as regards the
94.9 against 100.5 on May 1, 83.8 on June 1 last year, 70.9 crop. Sales to Europe have been 250,000 bushels of oats,
in 1917 and a ten-year average Of 80.5, so that the present 200,000 bushels of barley and 50,000 of rye. The Governcondition is 14.4 higher than the ten-year average. The ment crop report, however, was favorable. It stated the
condition of spring wheat on June 1 is stated at 91.2 against condition at 93.2 on June 1, the same as a year ago, as it
95.2 last year, 91.6 in 1917 and a ten-year average of 93.7. happens, 88.8 in 1917 and a ten-year average of 89.4. The
The backwardness of spring wheat is due to cold wet weather. crop indicated is 1,446,000 bushels against 1,538,000 last
Mr. Julius Barnes has held big meetings with the grain year and a five-year average of 1,331,000 bushels. The rye
trade of the country, and progress has been made towards crop is put at 107,000,000 bushels against 89,000,000 last
the formation of a plan looking to the distribution of the year and a five-year average of 50,000,000; hay 116,000,000
greatest wheat crop ever known. Three hundred of the tons against 90,000,000 tons last year and a five-year avercountry's experts have been threshing out details of this big age of 97,000,000 tons. To-day prices were higher. Comundertaking. Among many things elevator facilities are plaints of yellowing come from some parts of the West.
being discussed. Some are apprehensive that they may not Oats end higher for the week.
be equal to the task of carrying such a crop. Lack of
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Wed.
Sat. Mon. Tues.
uniformity in the appraisal of grades in different markets Standards
7834 79+7934 80+81 8034+81
cts_7907934 79
caused more or less confusion last season, it is said, and it No.2 white
80
8134
80
8134
7934
80
would, therefore, be advisable to make an effort to have
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
standards in examination of appraisal of grades established July delivery in elevator
cts_ 6734 67
6634 6734 6834 6934
throughout the country. At least that is the idea of some. September delivery in elevatzr- ___ 6534 6434 6434 6534 68 68%
6534 6536 6934 6934 683( 68%
Most of Mr. Barnes's suggestions met with approval. But December delivery in elevator
The following are closing quotations:
some slight changes were recommended by different members
FLOUR
of the trade to Mr. Barnes's tentative draft as to details.
-Portage barley:
$11 50$12 50 Barley goods
Spring patents
Attempts will be made to induce the farmer to sell his wheat Winter straights
No. 1
$625
11 50
11 00
Nos.2,3 and 4, pearl
560
11 50 12 50
gradually to the end that the stipulated price of $2 26 a Kansas straights
6 25(#6 40
Nos 2-0 and 3-0
800@900
Rye flour
bushel may be maintained. The advisability of allowing Corn goods. 100 lbs.Nos. 4-0 and 5-0
650
Oats goods
-Carload. spot defarmers who are willing to hold their crop of wheat a premium
$4 25
White gran
7 85
livery
4 2734
Yellow
of 1M to 2 cents was endorsed by the big meeting here on Cdrn flourgran
4 25(44 50
June 11. The trade thinks the payment of this carrying
GRAIN.
charge should extend from July 1 to Feb. 1. Director Wheat
Oats
Standard
No. 2 red
80 @)81
$23734
Barnes announces that every effort will be made to mail
8154
No.2 white
No. 1 spring
2 4034
the contract forms which are to be furnished to millers, Corn
7934 ©8034
No. 3 white
79 080
No. 4 white
1 9234
No. 2 yellow
bakers, flour dealers, grain dealers and jobbers, by next
1 9131 Barley
No.
Monday. In France crops are growing well. It is true, Rye 3 yellow
120
Feeding
126
Malting
however, that the acreage is much below that of pre-war
16354
No. 2
years. The crop will be sufficient with imports from
AGRICULTURAL DEPARTMENT'S REPORT ON
time to time, as substitutes are being used for wheat flour, CEREALS, &c.
-The report of the Department of Agriculbe until agriculture gets back to the normal in
and will
the condition the cereal crops on June 1, was
Rumania the outlook has greatly improved. ture, showing9th inst., and of as follows:
France. In
is
issued on the
In Italy prospects are described as favorable as far as they
The Crop Reporting Board of the Bureau of Statistics estimates from
of
the fact that Italy is importing considerable wheat the reports of the correspondents and agents 1 the Bureau as follows:
go, but
on June
94.9,
The
suggests that its crop cannot be very large. In India har- May 1 condition of winter1 wheatand 80.5 Junewas10-year against 100.5
1,
average. The
last 83.8 on June 1918
558,449,000 bushels
892,822,000
vesting of wheat is nearly over. There is no drought indicated yield is bushels in bushels, against of winter wheat in in 1918
1919 is
1917. The area
From Russia come rumors that that country will and 412,901.000 acres, against 36,704,000 acres in 1918 and 27,257,000
there.
placed at 48,933,000
not have to import wheat; that she is making up for lost acres in 1917.
of
time and is in better shape agriculturally than has been onThe conditionand spring wheat on June 1 was 91.2, compared with 95.2
93.7 the 10
-year June average. The indicated yield is
June 1 1918
generally supposed.
343,000,000 bushels, against 358,651,000 bushels in 1918 and 223,754,000
DAILY CLOSING PRICES OF WHEAT IN
Sat. Mon. They.
cts_23754 23734 23734
24034 24034 24034
No. 2 red
No. 1 spring
NEW
Wed.
23734
24034
YORK.
Thurs. Fri.
23734 237
24034 240
Indian corn has risen, on a good demand, adverse weather
.and higher prices for hogs. The visible supply increased last
week 234,000 bushels, but it is only 2,844,000 bushels,
against 12,848,000 a year ago. Very many believe that no
material decline is possible until stocks increase decidedly.
Wet weather has, continued in parts of Iowa and Nebraska.
It has caused some concern. The Missouri State report put
..:condition at 78, against 88 a year ago, and adds that the
.the
bushels in 1917. The area of spring wheat in 1919 is placed at 22,593,000
acres, contrasted with 22,406,000 acres in 1918 and 17,832,000 acres in 1917.
The condition of all wheat on June 1 was 93.8. against 87.7 on June 1 1918
-year June average. The indicated production of an wheat
and 85.1 the 10
Is 1,236,000,000, compared with 917,100.000 bushels in 1918 and 636.655,000 bushels in 1917. The area of all wheat in 1919 is placed at 71,526,000
acres, against 59.110,000 acres in 1918 and 45,089,000 acres in 1917.
The condition of oats on June 1 was 93.2, compared with 93.2 on June 1
-year June average. The indicated production of
1918 and 89.4. the 10
oats is 1.446,000,000 bushels, against 1.538,359,000 bushels in 1918 and
1,592,740.000 bushels in 1917. The area of oats in 1919 is 42,365,000
acres, against 44,400,000 acres In 1918 and 43.553,000 acres in 1917.
The condition of rye June 1 was 93.5, against 95.3 on May 1 1919. 83.6
-year June average.
on June 1 1918 and 88.8 the 10
The indicated production of rye this year is 107.000,000 bushels, compared with 89.103.000 bushels in 1918 and 62,933.000 bushels in 1917.
2450
THE CHRONICLE
For the United States:
Condition
-Acreage 1919- June 1 June 1 June 1 May 1
CropP.C. of 1918. *Acres. 1919. 1918. 10-yr.Av.1919.
Winter wheat
133.3
48.9334.9 83.8 80.5 100.5
Spring wheat
100.8
22,593
91.2
95.2
93.7 ---A]l wheat
121.0
71,526
93.8
87.7
85.1 ---Oats
95.4
42,365
___ _
93.2
93.2 89.4
Barley
91.9
8.899
91.7
90.5
90.5
Rye
104.8
6,484
93.5
83.6
88.8
95.3
Hay,all
100.0
71,224
94.1
89.0
87.3
94.3
Pastures
97.4
92.5
89.3
90.3
Apples
67.8
69.8
68.6 ---Peaches
73.1
52.0
59.3 * Three 000's omitted:
.
The estimated yields indicated by the condition of crops on June 1 1919
and final yields in preceding years for comparison, follow:
Total Production in
-Yield per Acre-Millions of Bushels1918. 19131918. 1913Dec.
1917
Dec.
1917 a1919. Est. Avge.
Cropa1919. Est.
Awe.
Bushels
Winter wheat
893
558
555
18.2
15.2
16.1
Spring wheat
343
359
236
15.2
16.0
12.9
All wheat
1,236
917
791
17.3
15.5
15.0
Oats
1.446 1,538
1,331
34.1
34.6
32.7
Barley
232
256
199
26.0
26.5
25.8
Rye
107
89.1
50 16.3.
Hay, all_ b
116
90.4
96.9 1.63
1.27 1.41
A
pples, total crop
166
174
199
Peaches
50.3
39.1
a Interpreted from condition reports. b Tons.
For other tables usually given here, see page 2407.
The quantities of wheat and corn afloat for Europe are
omitted for the present, as no figures are available since
those for 1916.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 7 1919 was as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On canal and river
GRAIN STOCKS.
Wheat.
Corn.
Rye.
Oats.
bush.
bush.
bush.
bush.
916,000
10,000 1,565,000
904,000
562,000
351,000
4,000
388,000
87,000 1,284,000
346,000
229,000
310,000
936,000
622,000
68,000
1,492,000
37,000
111,000
2,094,000
20,000
1,000
3,755,000
43,000 3,313,000
. 624,000
305,000
24,000
186,000
130,000
40,000
54,000
141,000
26,000
292,000
956,000 2,586,000 1,651,000
245,000
176,000 1,173,000
472,000
1,643,000
193,000 1,001,000
2,612,000
29,000 2,137,000 3,996,000
11,000
65,000
312,000
64,000
483,000
263,000
733,000
115,000
30,000
47,000
113,000
395,000
142,000
294,000
345,000
439,000
266,000
156,000
661,000
421,000
196,000
544,000
Barley.
bush.
631,000
154,000
108,000
692,000
726,000
558,000
125,000
1,857,000
10,000
1,123,000
1,198,000
233,000
1,748,000
51,000
68,000
94,000
Total June 7 1919.-_ _15,826,000 2,844,000 16,922,000 10,648,000 9,376,000
Total May 31 1919,._.23,702,000 2,610,000 15,827,000 11,391,000 9,756,000
Total June 8 1918____ 821,000 12,848,000 18,542,000
907,000 3,236,000
Total June 9 1917__23,824,000 2,708,000 16,661,000
583,000 1,562.000
Note.
-Bonded grain not included above: Oats, 5,000 bushels New York; 3,000
Duluth; total, 8,000 bushels, against 66,000 in 1918;and barley, 163,000 New York
39,000 Duluth; total, 202,000, against 20,000 In 1918.
Canadian
Montreal
4,033,000
7,000
367,000
94,000 2,191,000
Ft. William dr Pt. Arthur_ 3,448,000
4,089,000
Other Canadian*
7,499,000
232,000
Total June 7 1919____15,980,000
Total May 31 1919_ A9,365,000
Total June 8 1918____ 5,355,000
Total June 9 1917____12,927,000
7,000
6,000
109,000
999,000
4,688,000
4,889,000
12,176,000
15,549,000
94,000 2,191,000
93,000 1,831,000
1,169,000
258,000
252,000
*No report received; May 10 figures repeated.
Summary
15,826,000 2,844,000 16,922,000 10,648,000 9,376,000
American
Canadian
15,980,000
7,000 4,688,000
94,000 2,191,000
Total June 7 1919.......31,806,000
Total May 31 1919_43,067,000
Total June 8 1918-' 6,176,000
Total June 9 1917____36,751,000
2,851,000
2,616,000
12,957,000
3,707,000
21,610,000 10,742,000 11,567,000
20,716,000 11,484,00011,587,000
30,718,000
907,000 4,405,000
32,210,000
841,000 1,814,000
WEATHER BULLETIN FOR THE WEEK ENDING
JUNE 10.
-The general summary of the weather bulletin
issued by the Department of Agriculture,indicating the influence of the weather for the week ending June 10 is as follows:
-The temperature in the cotton belt during the week just
COTTON.
closed averaged somewhat above normal in all districts east of the Mississippi River, but cool weather continued in the western portion, especially.in
Oklahoma and Texas. Rainfall was mostly light to moderate in all districts
except in arts of the Atlantic Coast States, Western Tennessee and portions
of the adjoining States and in some Western and Northwestern localities.
The weather conditions were generally more favorable both for cultivation
and for progress of the cotton crop than have heretofore prevailed, and
progretts was satisfactory in most sections from the Mississippi Valley eastward, but growth was retarded in the more western portion of the belt by
continued cool weather. While conditions were favorable for cultivation,
.
and this work made satisfactory progress during the week, there are still
many complaints of grassy fields and lack of labor for needed cultivation.
The condition of the crop continued good in the more eastern portions of
the belt. It is reported as satisfactory in Louisiana and parts of Alabama,
but poor in other localities of the latter State, Mississippi and portions of
Tennessee. It varies from poor to satisfactory in Southern Arkansas, but
it is not generally so good in the northern portion of that State. The
condition and stand are satisfactory in some central and southern sections
of Texas, but very poor elsewhere. It continued too wet and cool in Oklahoma and cotton made slow growth. The condition is satisfactory in the
southeast portion, but poor elsewhere, and the stand is generally unsatisfactory and fields are grassy. Weevil are comparatively inactive, although
they are reported as rather numerous in Southern Alabama and causing
considerable damage in North Central Florida.
-The week was favorable for spring wheat in most
SPRING WHEAT.
of the principal producing area and the crop, on the whole, made saitsfactory
advancement. Spring wheat continued in satisfactory to very good condition in North Dakota, although dry weather is beginning to show some
unfavorable effects in portions of that State. This crop continues to make
fine progress in South Dakota, but the advance was only fair to satisfactory
in Nebraska, as a result of continued cool, wet weather. In the more eastern
portions of the belt the crop made good progress and continued in very
satisfactory condition.
-The comparatively dry and warm weather in the
WINTER WHEAT.
Central and Northern States east of the Mississippi River made conditions
very favorable for maturing the winter-wheat crop, which continued in
good to excellent condition generally, notwithstanding some complaint of
rank growth and lodging placed in the Ohio Valley. There was some slight
deterioration in Indiana and some complaint of rust in Kentucky. Wheat
harvest progressed under most favorable weather conditions in the more
southern districts. This work was begun during the.week as far north as
North Carolina and the extreme southern portions of Kanass and Missouri,
and was well under way in Tennessee. Harvest will be general in Southeastern Kansas in about one week.
[VoL. 108.
CORN.
-The temperature was above the normal east of the Mississippi
River, and the rainfall was sufficient to advance the growth of corn. It
was considerably too cool, however, over the Great Plains and in the transMississippi Valley region for best growth, and frequent rains interfered with
planting and cultivation. Cut worms are doing considerable damage in
the upper Mississippi Valley and upper Great Plains district. Corn is
maturing in Southern Texas and is silMng and tasseling in Southern Georgia.
OATS.-The week was very favorable for oats in most of the principal
producing areas, especially in the Mississippi Valley, the Lake region and
the Northwest, but this crop is only fair in some northeastern localities, due
to previous unfavorable weather, while there is considerable complaint of
yellowness in the Central Upper Mississippi Valley.
RYE.-Winter rye is heading in the northern limits of the country, and
this crop continued to make satisfactory development during the week,
except in the far Northwestern States, where considerable damage has been
done by drought. Barley made good growth in most of the Northern Plains
area, and the week was favorable for this crop from the Lake region eastward, but it has been too dry in many of the more Western localities.
THE DRY GOODS TRADE
New York, Friday Night, June 13 1919.
Notwithstanding that the markets for dry goods displayed
a weakening tendency towards the close of last week, many
second hands and speculative purchasers being anxious to.
liquidate, renewed firmness developed during the past
week The firmer under one has no doubt been due to the
strength of the raw cotton market which has scored sharp,
advances. In fact, prices on the Cotton Exchange recovered most of the four cent per pound break of two weeks
ago and are again at high levels. The sharp break in cotton
prices had encouraged many merchants to believe that there
was heavy speculation in the gray goods market,and created
considerable apprehension among converters who feared
that operations of the kind would undermine the stability
of the market. Converters and merchants are endeavoringto have manufacturers check speculative buying as much
as possible, while mills themselves are desirous of eliminating such purchases. During the past week or so they
were prevented from booking a number of large orders for
gray goods by the heavy offerings of such goods by second
hands at concessions. While jobbers have been buying
more freely during the week just past they have confined
their purchases to small quantities. Considering the recent advance in prices, the retail trade throughout the,
country is reported to be quite satisfactory. Further readjustments have been made in finished fabrics which are
now nearer .a parity with gray goods. Additional sales
of surplus army goods have been made by the Government
but they have not had any material effect on the general
market. Buyers of denims were in need of the cloths
offered by the Government, and consequently the primary
market continued firm. A fair business is being transacted
in the export division of the market, and some orders are
being refused as they call for prompt shipment whereas
the fabrics wanted are not available. South American
buyers have been taking colored cottons, while additional
sales of sheetings have been to China. The cable situation continues to interfere with trade with European countries.
DOMESTIC COTTON GOODS.
-Conditions have
changed decidedly in the markets for staple cottons during
the past week. While at the close of last week, second
hands were selling at marked concessions under mill quotations, such selling entirely disappeared during the present
week, with prices again firm. Demand for various staples
has improved materially, being stimulated by the extreme
strength of the market for raw material Jobbers and Converters have been active buyers, which is taken to indicate
a renewal of demand from retailers. Wash fabrics have
been selling freely and there is a general disposition to look
forward to next spring requirements. Spot ginghams are in
active demand and prices for some lines have advanced to
above the Government levels of past years. Cotton flannels
are reported very scarce in first hands,and there is said to be
a good domestic and foreign inquiry for such goods. Markets •
for duck rule quiet with mill agents complaining that they
are unable to secure prices commensurate with the remainder
of the cotton goods market. Gray goods markets have been
firm and more active. While goods are difficult to procure, •
mills, according to reports, hold fair-sized stocks on which
they hope to realize still higher prices. Gray goods 381 -inch
A
standard are listed at 16c.
WOOLEN GOODS.
-Markets for woolens and worsteds
continue to rule very firm with demand in excess of what
mills can handle. In the men's wear division, selling agents
are getting ready for spring 1920 business, and are pressing
mills to place fabrics on sale as soon as possible. Clothing
manufacturers are also pressing mills to accept orders for
next spring, even though prices have not been. named,
Dress goods markets are firm and supplies scarce. Cutters
have been trying to purchase fabrics, but mills are behind
with orders already booked and are not in a position to accept
additional business.
-Further improvement has
FOREIGN DRY GOODS.
been noted in the demand for linens during the week, and
importers have been able to send some additional orders to
manufacturers abroad. While prices have continued to rule
firm, the advance in cotton and other substitutes has made
the price of linens more reasonable when taking into consideration the better lasting qualities of linens. Importers
who had heavy cloths in stock report a good business, and
they are more optimistic as regards the future. Retailers
have continued to purchase sparingly, but as their stocks are
small they are expected to enter the market on a more liberal
scale within the near future. Burlaps continue firm, with
business checked by the scarcity of offerings. Light weights
are quoted a,;; 10.75c. and heavy weights at 12.CtOc. to 12.25e.
JUNE 14 1919.]
THE CHRONICLE
cftatt and Tity pepartnxtut
MUNICIPAL BOND SALES IN MAY.
We present herewith our detailed list of the municipal
bond issues put out during the month of May, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 2355
of the "Chronicle" of June 7. Since then several belated
May returns have been received, changing the total for
the month to $38,835,437. The number of municipalities
issuing bonds in May was 248 and the number of separate
issues 346.
MAY BOND SALES.
Rate. Maturity. Amount. Prica
Page.
Name.
1924
$71,000 101.56
5
22 7__Akron, Ohio
1920-1925
12,000 100.09
5
2257__Akron, Ohio
1920-1939 1,000,000 100.001
5
1847__Akron Sch. Dist., Ohio
44 1920-1939 150,0001 102.344
1741__Albany, N. Y
4% 1920-1929
1741__Albany, N. Y
60,000J
4% 1920-1924
1741__Albany N. Y
34,250
5
2355....Albert Lea, Minn
1924-1949 148,000 102.364
2052.._Alexandria Ind. S. D. So. Dak. 5% d1929-1939
49,000 y100
2052_Amarillo Ind. Sch. Dist., Tex.. 5
d1939-1959
80,000 y100
2355__Antwerp, Ohio
5
1921-1930
18,2001 100.333
2355_ _Antwerp, Ohio
5
1926
4,500J
Impt. D.No.31, Okla. 6
2155__Ardmore
1920-1929
15,000
2453__Ashtabula County, Ohio
5
1920-1928 141,500 100.44
2155_ _August Sch. Dist. Calif
534
12,000
2052_ _Baltimore and Basil S. D.,Ohio _ _
20,000
2155_ _Battle Creek, Mich.(3 Issues)_ 44
200,000 100.58
2155__Beaver Island Twp., No.Caro- 6
25,000 103.428
1949
2155_ _Bee County, Tex
53 1920-1949 200,000 102.608
2453- _Bexar County Common S. D.
No.23, Tox
15,000 100
5
2355...Black Oak-Hancock Road Improvement Dist., Ark
450,000
539,000
Special Rd. D.,Mo.
70:0
0 0 101.181
500
2355.._Bloom Twp., Ohio
2052__Bode Independent S. D., Iowa 5
1923-1939
2355...Bonham, Tex
5 d1939-1959 100,000 100
30,000
2453__Bonner Co. 8. D. No. 24, Ida_ 5%
2258__Boston, Mass
4% 1920-1939 150,000
2258_ _Boston, Mass
1920-1939 130,000
43
2258_ _Boston, Mass
4% 1920-1939 115,0001101.129
2258_ _Boston, Mass
4% 1920-1939 800,000
2258_Boston, Mass
4% 1920-1944 1,000,000
2258..
.Boston Mass
4X 1920-1944 125,000
19,000
51926
2155__Boxholm Sch. Dist., Iowa
16,000 100
2355__Bradley County, Tenn
25,000 106.46
1923-1935
2052....Brawley Sch. Dist., N. Y _____
26,000
2155.._Brighton, Iowa
2258__Bristol, Va
5%
1939
100,000 Y105.031
7,500
1939
2052_13ryan Co. S. D. No. 45, Okla- 6
25,000
2155__Buffalo, Minn
4
4
1920
6,773 100
2453_ _Buffalo, N. Y
4X
4,771,500 101.3872
2155_ _Buffalo, N. Y.(19 issues)
1920-1929 150,000
2156__Burkburnett,Tex
6
1921-1933
2356__Caddo Parish S. D. No. 9, La_ 5
40,000 y100
2156Carroll County Road Impt.
1921-1946 125,000
,
Dist. No. 2 .Ark
M 1920-1929
2356__Ca,ss County, Ind
5,800
100,000
2258_ _Central Highway Dist., Idaho_ 6
1,000
5 d1929-1939
2053__Cincinnati, Ohio
1929
45,000 100.166
2258_ _Claremont Sch. Dist., Calif.__ 5
5
2258_ _Clark County Ill
11S:888 100
,
2053__Clarke Co. S. D. No., 9 Wash 5%
3 888 1W0
2356_ _Clarke Co. S. D. No. 9, Wash.. 531 d1922-1934 30 :
.5075
1957_ _Clay County, Mo
-75
2053_ _Cleghorn Sch. Dist. Iowa-----2,(32,880 181132
.
2258__Cleveland, Ohio (10 Issues).__ _ 5
}
5
95,000N. J
27,000
2156...Clifton, N. J
5
4%
41,200 100
2454__ClInton County, Ind
1920-1922
5
4%500 100.055
2356__Clinton County, Mich
1939
2053_ _Coal County S. D.No.54, Okla (3
2258_ _Coalinga Sch. Dist., Calif__ _ _
100.174
2356_ _Coitsville Twp. R. S. D., Ohio 831 1930-1945 160,000 101.062
5 d1934-1944 120,000 101.84
2259__Columbus Sch. Dist.,
2454_ _Cottle County Common S. D.
Neb__.,10,000 100
5
No.3, Tex
2356_ _Crook County, Ore
95,000 105.203
1939
2,000
2259__Custer Co. S. D. No.63, Okla_ 6
2053_ _ Cuyahoga County, Ohio
43,338
5
1921-1937
/1.1:388 183.590
2
2156_ _Cuyahoga Falls S. D., Ohio 5
2053_ _Darke County, Okio
5
115,000 100.131
2259_ _Dearborn, Mich
44
2053_ _Decatur County,Ind
64,6001 100
4% 1920-1929
2053_ _Decatur County,Ind
8,600 J
4% 1920-1929
2259_ _Denton, Tex.(2 issues)
5 d1929-1959 110,000
1922-1934 100,000 100.125
2259....Desha Drain. Dist. No. 5,Ark_ 6
2053.. _Des Moines County, Iowa_ _ _ _ 5%
94,000
2053_ _Douglas Co. Sch. Dist. No.
117 Wash
2,000
5X
.Douglas Co. Sch. Dist. No.
as
2053..
107, Wash
25,000
5
2454_ _Dow las-Gould Star City Road
District, Ark
75,000 100
6
2356.._Doylestown, Ohio
1920-1929
23,2001 103.982
6
2356_ _ Doylestown, Ohio
40 00000
11: 0J
1920-1929
6
.Durham Sch. Dist., Calif
2156..
5
2053_ _Bastin Sch. Dist., Calif
1920-1929
10,000 103.55
6
2053....Edgerton, Ohio
1919-1924
5,000 100
5
Sch. Dist., Ohio.. 5
2356_ _Elmwood
1920-1929
2,000 100
2053__Endicott (T.) and Union (V.)
Union Free Sch. Dist. No. 1, -v
N.Y
4.65
150,000 100.19
2356_ _Fairfield Twp. Rural Sch. D.,
Ohio
1929-1930
6
3,000 105.333
2454_ _Falls County Common S. D.
No.54, Tex
5
12,500 100
2156.._Foley, Minn
4
2356....Fordyce, Ark
6
IV1,888
2156_ _Forsyth County, No. Caro.... _ _ 5
100,000 101.518
2356_ _Fort Edward, N Y
5
1924-1938
75,000 101.75
2156_ _Franklin County, Miss
5
1944
400,000 100.588
1957_ _Frazee, Minn
5
20,000
2156.._Frederick, Ohio
6
1944
150,000 103.22
2259_ _Fresno Mun.Impt. Dist. No. 1,
Calif
5
1921-1940 2N,Z) iss
)
(3
2454__Furon, So. Dak
5
1939
2157_ _Gallatin County, Mont
531 d1929-1939 125,000 103.569
2260...Genova, N Y
5
20,000 102.428
2280....Geneva N Y
5
23,451 101.802
.Grand Haven S. D., Mich__ 5
2455..
1922-1934 150,000 102.0033
2357..,Grays Harbor County, Wash
400,000
2357...Hagerstown, Md
4% 1936-1945 200,000 101.10
2357_Hardin, Mont
6 d1929-1939
9,600 104.166
2157_ _Hartwick Sch. Dist., Iowa_
7,000
2357_ _Hattiesburg, Miss.(6 issues).._ 6
60,000 106.02
1939
2260_ -HennepinCounty, Minn
5
256,000 102.50
1929
2260_ _Henry County, Ohio
5
1919-1925
36,500 100.171
2260_ _Henry County, Ohio
5
1926
42,000 100
2260.. _Hernando Co. Spec. Tax Sch.
Dist. No. 7, Fla
25,000 105.654
61949
2260.
.Hernando Co. Spec. Tax Sch.
Dist. No. 1, Fla
6
10,000 100.45
1949
3t:888
6
2451
Page.
Name.
Rate.
Maturity. Amount. Price,
2455_ _Highland Park Sch. D., Mich.. 4%
1934
150,000
2455_ _Howard Ind. Sch. Dist., Tex__ 5
10,000 100
2355-.Howell and Marlon Fractional
Sch. Dist. No. 1, Mich
150,000 103.004
5
1934
2054.._Hudson County, N. J
5
600,00050,0001
1924
2054__Hudson County, N. J
5
1924
3
101.299
.Hudson County, N. J
2054.
5
179,000
1924
2054 .Hudson County, N J
5
50,000
1924
2054__Hughes Co. Sch. Dist. No. 64,
Okla
6
1,800
1939
2357_ _Ironwood, Mich
5
15,000
2260...Jackson County, Mich
5
1920-1934 250,000
..Jasper County, Ind
2455.
4,908 100
43 1920-1929
1958....Jefferson County. Mo
5
61,500 101.276
d1929-1939
2260....Jefferson Co. Rd. Impt. Dist.
No. 14, Ark
5%
350,000 100
2157_ _Jefferson Sch. Dist., Iowa____ 5
35,000
2157_ _Jerome, Ariz.(3 issues)
6
100,000
2357__Johnson-St. Paris Sch. Dist.,
Ohio
53'
25,000 103.0728
2455...Junction City, Kan
80,000 2101.20
2157.._Kaufman County, Tex
750,000 100
5
2357__Keota, Colo
18,000 99.55
5
2357__King County, Wash
1939
300,000 102.70
5
2157_ _King Co. S. D. No. 130, Wash_ 534 d1920-1939
4,000 100
1958 _Kleberg County,Tex
5 d1939-1949 350,000 100
2158 _KlickitatCo.S.D.No.10 Wash.. 5,
30,000 100
2054 _Knowles Sch. Dist., Calif
6,000 103.516
5
2260_ _Koochicking Co. Ind. Sch.
Dist. No. 8. Minn
6
30,000 100
d1929-1934
2455_ _Lake Charles, La
5
1920-1929 200,000 105.315
2158_ _Lancaster County, Neb
80,832 100.905
5%
1958_ _Lee County Supervisors Sch.
Dist. No. 3, Miss
200,000 101.75
2455__Limestone County Rd. Dist.
No. 14, Tex
534 1920-1949 250,000
2054_ _Limestone County Road Dist.
No. 15, Tex
534 1920-1949 300,000
2158-Lincoln Co. S. D. 127, Wash
531 d1930-1939
3,500 100
2160...Little Lake Sch. Dist., Calif 534
20,000 105.115
2260_ _Lorain, Ohio
5
1925-1935 110,000 101.41
2455...Love County, Okla
160,000
2455__Love Twp.,Ills
5
1920-1947
20,000
.Lucas County, Ohio
1958.
5
1920-1929 208,000 100.202
2456_ _Lumpkin County, Ga
5
80,000 96.13
1949
1958_ _McIntosh Sch. Dist., Calif_ _ _ _ 5
15,000 100.07
43%
2054_ _McKeesport, Pa
55,000 102.341
2158_ _Madison County, Miss
534 1920-1939 100,000
2357_ _Mahoning County, Ohio
53,000 100.44
2357_ Mammoth Springs S. D., Ark_
45,000
2054__Marion County, Ind
96,000
434 1920-1929
1958_ _Martins Ferry, Ohio
11,500
2456_ _Massac County Sch. D.No.38,
Ills
6
1925-1937
12,700
2158__Merchantville, N.J
5
24,750 101.208
2158_ _Mesa Sch. Dist., Ariz
100,000
534
2054_ _Milford, Mass
1920-1929
25,000 102.158
5
2158_ _Millard Co. Dr. D.No.4, Utah 6
1929-1938 310,000
2158_ _Mississippi County Drainage
Dist, No. 32, Mo
1922-1939 100,000 107.22
6
2358_ Monette Rd.Impt. Dist., Ark_
500,000
2261_ _Monroeville Village S. D., Ohio 6
1920-1925
3,000 101.726
2054_ Monroe County, Tenn
44,500 101.965
534
2159_ Montague County, Tex.(., iss.) _
325.000
2456 _ _Montclair, N. J
5
199,000 102.093
2456...Montclair, N. J
5
96,000 102.113
2159_ _Montgomery County, Ohio.....
30,000
2054.. _Montana (State of)
_
5
50.000 100.752
1959_ _Montevideo, Minn
5
45,000 100
1925-1939
2054_ _Morenci S. D. No. 18. Ariz_ _ _ _ 534
150,000 100
1934
2159_ _Morrow County, Ohio (2 iss.)_ 5
5,625 100
2456_ Mount Selman, Ind., Sch. D
12.000 100
5
2159_ _Muskegon Heights, Mich
5
1935
52,000 101.009
2054 _ _Narragansett, R.I
5
1920-1929
60.000 101.08
2358_ _New Bedford, Mass
434 1920-1949 989,386
2159...Newark. Ohio
5
1920-1925
28,500 100.394
2456_ _Newman Twp., Ills
5
1920-1929
15,000
2261_ _Newton Falls Cons. S. D., Ohio 5
1920-1949
60,000 100.416
2358_ _New York City, N Y
900,000 100
334
43% 1939-1946 475,000 104.127
1959_ _Niagara Falls, N.Y
48% 1929-1933 125,000 102.324
1959_ _Niagara Falls, N.Y
195%._Niagara Falls, N.Y
68,217 104.112
434 1941-1948
2055_ North Milwaukee, Wis
60,000
2159_ _Okanogan Co. Sch. Dist. No.
5,500 100
39, Wash
531 d1920-1929
2159.._Okeechobee County, Fla
6
40,000 95.625
2261_ _Orange County. Tex
1,000,000y101.1015
2055_ _Oregon (State of)
4
500,000 93.58
2457_ _Orland Consolidated Sch. D.
No. 1, So. Dak
59,000 104.816
534 1925-1939
2159__Oroville, Calif
11.000 100
1920-1930
5
2358_ _Overton County, Tenn
5
50,000
2261_ _Pasquotank County, No. Caro. 5
1924-1949 500,000 100.0751
2261_ _Paulding Co., Ohio (5 issues)__ 5
169,000 100.206
2358_ _Payette Sch. Dist. No. 32, Ida ___
75,000
2159Pennington Co. Ind. Sch. D.,
No. 102, Minn
6
1934
50,000 100
2055.
..Petoskey, Mich
5
1920-1929
25,000 100
2159__Pierce Co. Sch. Dist. No. 69,
531 d1920-1939
Wash
1,600 160
2055__Plerce Co. Sch. Dist. No. 9,
Wash
531 d1920-1929
6,200 100
6
2358__Polson, Mont
15,000 100.80
2358_ _Polytechnic Sch. Dist., Tex
5 d1939-1959
20,000
2055...Pontotoc Co. Sch. Dist. No.
.Portland Ore
5 d1924-1929
2359.
59,000 100.51
6
35, Okia
1939
2,500
1959_ _Port of Portland Ore
434 1922-1949 1,250,000 96.59
2457.. _Post Ind. Sch. Dist., Tex
5
7,000 100
2159_ _Posey Sch. Twp., Ind
5
1920-1939
20.000 100.005
2055_ _Pottawatomie Co. Consol. Sch.
Dist. No. 2, Okla
6
1939
10,000
2055...Pottawatomie Co. Sch. Dists.,
Okla.(3 issues)
6
1939
11,500
2055_Quincy, Mass
5
1920-1924
5,5000 101.25
2159_ _Revere, Mass
5
31,420 100.855
2457_ _Ridgefield•Twp., Ohio
5
1920-1924
4,900
2457__Ridgefield Twp., Ohio
1924-1925
1,500 100
5
2457_ _Ridgefield Twp., Ohio
5
1925-1926
1,100
2457_ Ridgefield Twp., Ohio
2.450
5
1926-1928
2262_ _Ridgewood, N. J
5
1920-1933
29,000
2055.. Ring.sted Iowa
43,000
2359_ _Rocky River Village Sch. Dist.,
Ohio
24,000 104.360
534 1921-1944
2262_ Roswell Sch. Dist., N. Mex_
50,000
2359..
.Royal Oak Twp. Sch. Dist.
No. 6, Mich
5
1934
95,000
2055.. Rush County, Ind
434 1920-1929
22,240 100
2159_ _St. Louis City Sch. Dist., Mo 4
1939
90,000 100
2359_ St. Joe Sch Dist., Ida
20,000
2359_ St. Joseph, Mich
5
1920-1939
21,000
2457_ Sandpoint Sch. D. Ida
6
a
40,000
2160_ _Sandusky, Ohio (2 issues)
'
34,500 100
434
2160_ Sanford, No. Caro
6
12,000 y104.283
2262_ Saranac Lake, N.Y
5
8,500 100
1920-1936
2262_ Scotts Bluff County, Neb
5
200,000
2359.. Scott County. Ind
106,630 100
6
2262_ _Seattle, Wash
150,000 98.377
2359_ Seneca County, Ohio
12,000 100.229
1920-1925
5
2457....Seward, Neb
85,000
2160.. 8haron, Pa
434 1924-1948 150,000 100.299
2457.._Smithfield Twp. Rural Sdh.
Dist., Ohio
6
1920-1931
12,000 104.583
2262_ _Spencer County, Ind
434 1920-1929
12,900 100
2262_ Springfield, Ohio (2 issues)_
12,400
•
Rate.
Name.
Page.
5
2262....Springfield, N Y
5
2262.._Springville, N. Y
2262__Springville, N Y
5
2359.. Stonewall Co. Rd. Dist. No.5,
534
Tex
2056__Sunflower Co., Miss. (2 iss.) 6M
2262_ _Sunflower Co. Supervisors'
5
Dist. No. 2, Miss
43i
2262.._Sussex County, Del
.Tarrytown, N. Y
2262..
44
4
2262_ _Tarrytown, N. Y
5
2360_ _Teaneck Twp., N.J
5
2458_ _Texas (State of),8 issues
1960_ _Tiverton Twp. Sch. Dist., Ohio 53
5
2360_ _Tom Green Co., Tex
2160_ _Toppenish Sch. Dist., Wash.
,
434
(2 issues)
6
2056_ _Trumbull, 1N-eb
5
2160_ _Trumbull County, Ohio
2160_ _Trumbull Co., Ohio (2 issues)_ 5
5
2262_ _Tulare Sch. Dist., Calif
23624_Twin Falls Sch. Dist., Ida_
5
2056__Upper Yoder Twp., Pa
2360__Vanderburgh County, Ind_ _ _ _ 434
2360_ _Vanderburgh County, Ind_ _ _ _ 434
434
2360__Vanderburgh County, Ind
5
2262_ _Van Wert County, Ohio
5
2262_ _Vernon Parish, La
2264._Walla Walla County Sch. Dist.
53(
No. 13, Wash
534
2160_ _Wapakoneta, Ohio
53i
2160__Wapakoneta, Ohio
6
1961_ _Warren, Ohio
2360.._Washington Sch. Dist., Iowa_ - 5
5
2056_ _Webb City, Mo
.Webster County, Miss
2458.
434
2160_ _Wells County Ind
2160_ _Westchester County, N. Y____ 4U,
6
2160_ _Weston, Mo
5
2161__Williams County, Ohio
5
2161__Williams County, Ohio
5
2458_ _Winnsboro Ind. Sch. D.,Tex
2263_ _Worland Drain. Dist., Wyo._ _ 6
5
2458__Wyandotte Sch. D., Mich
6
2056_ _Yadkin Twp., No. Caro
6
2458_ _Yamhill, Ore
534
2161.._York, So. Caro
2056_ _Youngstown, Ohio (10 issues)_ 5
6
2361__Zebulon, No. Caro
6
2361-_Zebulon, No. Caro
Maturity.
1920-1932
1920-1926
1920-1932
Amount. Priec.
12.270 100.37
6,360 100.275
12,474 100.386
1920-1944
7,7000
250,000
1920-1945
1927-1966
1920-1944
1921-1926
1920-1929
1920-1923
1921-1948
d1920-1939
1959
1921-1925
1920-1929
1920-1929
1920-1929
1920-1929
1929
1922-1931
1922-1931
1922-1924
d1929-1939
1962-1986
1920-1939
1921-1929
1920-1929
1924-1939
1934
d1934-1944
d1939-1959
1920-1959
1920-1934
90,000
500,000
75,000
12,000
37,000
17,680
1,600
500,000
100,000
6,000
249,000
63,313
90,000
150,000
40,000
95.131
102.18
100.81
100
100.625
102.80
100
100.233
100
100.010
101.678
101.0425
18,50012,000} 100
6,600
154,500 100.551
225,000 100.021
7,000
10,300
4,000
11,000
200,000
12,000
250,000
44,320
596,000
20,000
67,5001
39,0001
12,500
170,000
315,000
80,000
40,000
50,000
229,700
65,000
15,000
100
105.512
102.10
103.07
100.825
__
100
108.271
100.30
100
96.10
103.025
100
100.80
Total bond sales for May 1919 (248 municipalities,
k$38,835,437
covering 346 separate issues)
a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including 18.413,000 of temporary loans reported, and which do not belong in the list. * Taken by
sinking fund as an investment. h And other considerations.
We have also learned of the following additional sales for
previous months:
Amount. Price.
Maturity.
Rate.
Name.
Pao.
434 1920-1939 150,000
2453 Auburn,Me.(Feb.)
26,500
2453_ _Bayard Ind. Sch. D.,Iowa_ _ _- 5
35,000
1922-1931
2155__Beaver Dam Drain. Dist., Ga. 6
2258__Bolivar County Special Road
Dist. No. 1, Miss. (March)_ 5% 1920-1949 150,000
1949
30,000 100
534
2052_ _Carter County,Tenn
2053_ _Comanche County Sch. Dist.
14,000
6
No. 9, Okla
1924-1939
1921-1934 133,000 103.572
2053__Del Norte County, Calif
5
2156_ _Delta Farms Rec. Dist. No.
20,000 103.12
6
2030, Calif
5 d1929-1949 1,500,000
2454.. Denton County, Tex
1920-1949 132,000
2259_ _Ellis County Rd.D.No.13,Tex. 53
2156_ _Fisher County Road Dist.
60,000 96
,
536
No. 3, Tex.(January)
30,000
1920-1929
5
2157,...Georgetown Twp., Ill
2455_ _Hamtramck Twp. Sch. D.
100,000
434
1934
No. 8, Mich
1920-1934 500.000
2054_ _Jackson County, Ohio
5
2157_ _Jackson Co. Rd. Dist. No. 2,
534 1925-1939 270,000
Ark
35,000 100.07
434 1920-1929
2260__Jamestown, N. Y.(Feb.)
6,000 101.597
5
1924-1943
2357_ _Kenmore, N Y
5
550
1924-1925
2357_ _Kenmore, N Y
40,000
1939
6
2054_ _Kimball, Nab
10,000
2157.._Kinde, Mich. (Feb.)
534 1919-1938
24,000
1929-1943
2158_ _Lake Worth, Fla.(March)____ 6
11,000
1928-1938
2158_ _Lake Worth, Fla.(March)____ 6
40,000
434 1920-1939
2357_ _Lawrence, Mass
2158-_Los Angeles Co. Drain Impt.
1920-1934 157,000
Dist. No. 3, Calif. (Jan.)___ 6
1922-1931 175,000
2158...Middle River Drain. Dist., Ga. 6
800,000
6
2158_ _Mississippi County, Ark
8,000 100.0625
2261-..Murdock Sch. Dist., Calif__ 5
11,600 100
2055_ _Nebraska (State of)(3 Issues)... 6
2261_ _Newsom Lake Drain. Dist.,
1920-1939 149,772
6
Miss. (March)
18,000 102.27
1925-1930
2055__Niles, Ohio
30,000 103.22
1930-1939
2358_ _Pandle High Sch. Dist., Ida_ _ _ 6
2055--Prescott-Blevins Road Impt.
Dist. No.3, Ark
1920-1939 135,000 100
6
20,000 101.125
1920-1939
2359__Ross Twp.,Ind.(Feb.)
5
40,000
d1929
2159_ _Russellville. Ala
8
2,000 100
1927
334
2359_ _Scotia, N. Y.(Jan.)
187,316 100
2055_ _Seattle, Wash.(5 issues)
2056__Stillwater Co. Sch. Dist. No.
1,200 100
6
75, Mont
6
2,187
2056_ _Tacoma, Wash
2160-Villa Grove Twp. Sch. Dist.
43.000
No. 231, Ills
1924-1933
5
22,000 101.818
2263_ _Whitefish, Mont
6
2263__Woodruff County Rd. Dist.
150,000 103
No.3, Ark
6
All the above sales (except as indicated) are for April 1919.
These additional April 1919 issues will make the total sales
(not including temporary loans) for that month $49,132,013.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MAY.
Amount. Price.
Rate. Maturity.
Page.
Name.
318,450
2057__Alberta S. Ds,Alta.(7 issues)_ 7
17,000 10/.77
1949
2361_ _Ancaster Twp., Ont
6
1,200
2361_ _Barrier Lake Sch. Dist., Sask
30,000 103.521
1949
2264_ _Barton Twp., Ont
534
6,000 101.90
2161_ _Beamsville, Ont
6
1929
1.500 1C3.57
7
2361__Brookhill Sch. Dist., Sask
1929
18,775
102.06
2161_ _Capreol, Ont
6
8,622
2264.._Cobourg, Ont
40,000 101.92
2458_ _Carleton County, Ont
534
534
7,700
2057__Coldwater, OW
7
2,000
1961_ _Cotter Sch. Eilst., Alta
1,600
2361_ _David Sch. Dist., Sask
30,000 101.05
2057_ _Drummondville, Que
6
1929
15,000
1934
2361_ _Gait, Ont
536
15,000 101.43
1934
2361_ _Galt, Ont
534
1934
15,000
2361_ _Galt, Ont
534
1949
18,559
2361__Galt, Ont
534
11,000
2264__Goderich Ont
7
1,200 103.46
2361_ _Grierson Sch. Dist., Sask
1929
6
15,000 102.51
1961_ _Grimsby, Ont
7,000
6 •
2162_ _Humberstone Twp., Ont
1934
10,500
2264_ _Kentville, N.S
534
[VOL. 108.
THE CHRONICLE
2452
•
Rate. Maturity. Amount.
Name.
Page.
3,500
2057_ Kingsley, Sask
600
2162_ King George Sch Dist., Sask_
100,000
534
2057- London, Ont
3,000
1929
2362_ _Maple Valley Sch. Dist., Sask_ 7
3,000
1664_ Marquette Sch Dist., Man_
7
12,000
6
2264_ Meriickville, Ont
2,000
2162__Mohela Sch. Dist., Sask
210,000
534
2162_ Moose Jaw, Sask
1,000,000
2057_ New Brunswick (Province of).. 534
5,000,000
53i
1939
2057_ New Foundland (Govt. of)
26,400
2057_ North Bay, Ont.(2 issues)_
4,000,000
1922
5
2264- Ontario (Province of)
3,250
1929
2362__Plea,sant Valley S. D., Sask_ _ _ 7
15,520
2162_ _Renfrew, Ont
35,000
1944
1961- _Rosthern S. D. No. 474, Sask.. 634
40,000
534
2264_ _St. Clemens, Man
2057_ _Saskatchewan School Dists.,
Bask (10issues)37,200
1,800
2362_ Sunny Rae Sch. Dist., Sask
3,300
2362_ Tarnoville Sch Dist., Sask
3,400
6
2057_ Tay Twp , Ont
40,000
6
1961_ Thorold, Ont
4,500
1929
2362._ _Tramping Lake S. D., Sask._ _ 7
35,000
7
2264_ _Vermilion Hosp. Dist., Alta
45,000
1961_ _Walkerville, Ont. (2 issues)___ 6
55,000
2162__Waterdown, Ont
2,800
2264_ Welcome Val. Sch. Disu. Sask_
2,500
2264_ Wheat Belt Sch. Dist., Sask
95,773
2057__ Windsor, Ont.(2 issues)
Total debentures and bonds sold in May 1919
Price.
103.28
97.66
101.288
102.07
102.90
105.86
104.84
100.42
102.58
103.50
103.77
$11,071,649
NEWS ITEMS
Illinois.-Legislature Ratifies Woman Suffrage Amend-See reference to this in our "Current News Department.
ment" this week.
-See
-Special Session of State Legislature Called.
Kansas.
reference to this in our "Current News Department" this
week.
Michigan.-Legislature Ratifies Woman's Suffrage Amend-See reference to this in our "Current News Department.
ment" this week.
-Special Session of State Legislature Called.
Missouri.
Reference is made to this in our 'Current News Department"
this week.
-Special Session of State Legislature
New York State.
-Reference is made to this in our "Current News
Called.
Department" this week.
North Dakota (State of).-Opinion That Bank Bonds Are
-The $2,000,000 bond issue to provide capital for the
Legal.
Bank of North Dakota, which was authorized by an Act
passed at the 1919 Session of the Legislature, was held on
May 28 to be legal in an opinion given by Attorney-General
Langer at the request of Secretary of State Hall. The Secretary of State had refused to affix his signature to the bonds,
holding that the constitutional bonding limit of the State
would be exceeded by the $2,000,000 issue, unless secured by
first mortgages upon real estate or State-owned utilities.
The constitutional amendment adopted at the general election held Nov. 5 1918 changes the debt limit from $200,000
exclusive of what may be the debt of North Dakota at the
time of adoption of this constitution; by provision, that all
bonds in excess of $2,000,000 shall be secured by first mortgages upon real estate in amounts not to exceed one-half of
its value; or upon real and personal property of State-owned
utilities, enterprises or industries, in amounts not exceeding
its value, and provided,further, that the State shall not issue
or guarantee bonds upon property of State-owned utilities,
enterprises or industries in excess of $10,000,000.
In the opinion of Attorney-General Langer the Constitution as amended authorizes the State to issue bonds, not
secured by mortgages,in an aggregate amount of $2,000,000,
irrespective of the amount of bonds outstanding at present.
The Act as passed by the Legislature provides that the
bonds be known as Bonds "of North Dakota, Bank Series,"
and the proceeds derived from the sale of the same shall
constitute the fund to be designated as the capital of the
Bank of North Dakota. The bonds shall be issued in denominations of from $5 to $10,000, and shall be payable in
not less than ten nor more than thirty years from Feb. 25
1919; they shall bear interest at a rate not to exceed 6% per
annum from their date until maturity, payable semi-annually
on the first day of January and of July in each year; and
coupons shall be attached to each bond evidencing the
amount or interest payable at each first day of January and
July until maturity. All of said bonds shall be exempt from
State, county and municipal taxes of any and all kinds.
-For
-Loan Offered by Bankers.
Swedish Government.
particulars of the $25,000,000 6% gold bonds of the Swedish
accrued interest by
Government being offered at 99% and
'Kuhn, Loeb & Co., the National City Co., First National
Bank, New York, Guaranty Trust Co. of N. Y., Brown
Brothers & Co., Kidder, Peabody & Co., Leo, Higginson &
Co., Continental & Commercial Trust & Savings Bank,
Chicago, Union Trust Co., Pittsburgh, Mellon National
Bank, Pittsburgh, First National Bank, St. Paul, and the
Anglo & London Paris National Bank, San Francisco, see
our "Current News" Department this week.
-The Gov-Special Session Called by Governor.
Texas.
ernor has issued a call for the Legislature to assemble in
special session on June 23. See reference to this in our
"Current News Department" this week.
United States.-Vice-President Signs Woman Suffrage
-Reference to this is made in our !`Current
Amendment.
News Department" this week.
•
JUNE 14 1919.]
THE CHRONICLE
Wisconsin.
-Legislature Ratifies Woman Suffrage Amend-Reference is made to this in our "Current News
ment.
Department" this week.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
AITKEN COUNTY (P. 0. Aitken), Minn.
-BOND SALE.
-The
Northwestern Trust Co. and Kalman, Matteson & Wood, both of St. Paul,
were awarded jointly, at 100.12 and interest, the $125,000 54% 10-year
permanent road-improvement bonds offered on Juno 3 (V. 108, P. 2257)
Denom. $1,000. Date June 2 1919. Interest semi-annual.
ALCORN COUNTY (P. 0. Corinth), Miss.
-BOND SALE.
-On
June 3 the $22,500 6% Corinth-Inka Road District bonds(V. 108, P. 2155)
were awarded to the Wm. R. Compton Co. for $23,170 73 (102.981) and
printed bonds. Denom. $500. Date June 2 1919. Interest J. & D.
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND SALE.
The $141,500 5% road bonds offered on May 12 (V. 108, p. 1847), were
awarded on that date to the Fifth-Third National Bank of Cincinnati at
100.44. Due yearly on Oct. 1 as follows: $15,500 1920 to 1927, inclusive,
and $17,500 1928.
ATTALA COUNTY (P. 0. Kosciusko), Miss.
-BOND SALE.
-On
June 3 the $160 000 54% road bonds
-were awarded
-V. 108 p. 2155
to John Nuveen & Co. of Chicago for $161,555 equal to 100.971. Denom.
$500. Date June 2 1919. Int. J. & D. Due part yearly.
AUBURN, Androscoggin County, Me.
-BOND SALE.
-The $150,000
4 % tax-free coupon refunding and paving bonds offered without success
on Feb. 15 (V. 108, p. 797) have been purchased by the Harris Trust &
Savings Bank of Chicago. Denom. $1,000. Date Jan. 1 1919. Prin.
and semi-ann. int. (J. & J.) payable in Boston. Duo 29,000 yearly on
Jan. 1 from 1920 to 1929 incl., and $6,000 yearly on Jan. 1 from 1930 to
1939 incl.
Financial Statement.
Assessed valuation
$13,006,305
Total debt
627,000
Population, 1910 census, 15.064.
BAKER COUNTY (P. 0. Baker), Ore.
-On June 3
-BONDS VOTED.
the proposition providing for the issuance of $500,000 10-20-year (opt.)
road bonds at not exceeding 5% interest (V. 108, p. 2155) carried.
BALDWIN TOWNSHIP SCHOOL DISTRICT (P. 0. Oak Station),
Allegheny County, Pa.
-Proposals will be received
-BOND OFFERING.
until 8 p. m. July 1 by David S. Smith, Secretary of School Board, for
$45,000 tax-free school bonds. Date July 1 1919. Due on July 1 as follows: $10,000 1929, 1939 and 1944; $15.000 1949. Bids will be received
on bonds bearing 44% and 4%% interest.
BANKS COUNTY (P. 0. Homer), Ga.-BONDS VOTED.
-An issue
of $75,000 road bonds has been voted, it is stated.
BARBERTON, Summit County, Ohio.
-BOND SALE.
-On June 9
-were awaded to the
-V. 108, p. 2155
the 212,420 5% refunding bonds
Provident Savings Bank & Trust Co. of Columbus for $12,575 75 (101.254)
and interest. Due yearly on May 1 as follows: $2,000 1929 to 1933 lad.
and $2,420 1934.
-TEMPORARY LOAN.
BATH,Sagadahoc County, Me.
-On May 31
the temporary loan of $30,000 issued in anticipation of taxes, dated Juno 2,
and maturing Aug. 2 1919 (V. 108, P. 2258), was awarded to Arthur Perry
& CO., of Boston, on a 5% interest basis.
BAYARD INDEPENDENT SCHOOL DISTRICT (P. 0. Bayard),
-The Harris Trust & Savings
-BOND SALE.
Guthrie County, Iowa.
Bank of Chicago purchased and is now offering to investors at a_price to
yield 4%% interest an issue of $26,500 5% coupon school bonds. Denoms.
26 for 31,000 and 1 for 2500. Date April I 1919. Prin. and semi-ann. int.
(A. & 0.) payable at Davenport. Due on April 1 as follows: $500 1933,
52,000 1936 to 1938 incl. and $20,000 1939.
BEARDEN SPECIAL SCHOOL DISTRICT NO. 53(P.O. Bearden),
-Sealed bids will be reOuachita County, Ark.
-BOND OFFERING.
ceived until June 27 by L. C. Bossinger, Secretary, for $60,000 6% coupon
bonds. Donoms. 14 for 2500 and 53 for $1,000. Int. ann. Due yearly
as follows: 3500 1922 to 1925 Incl. $1,000 1926 to 1930 incl.. $1,500 1931
to 1935 incl., $2,000 1936 to 1938 incl., $2,500 1939, $3,000 1940 to 1942
'
incl., $3,500 1943 to 1936 incl.. $4,000 1947 and 25.000 1948 and 1949.
Certified check for $500 required.
-BOND OFFERBEAUFORT COUNTY (P. 0. Washington), N. C.
ING.
-Further details are at hand relative to the offering on July 7 of the
$250,000 5 or 5)j% road bonds (V. 108, P. 2355). Bids for these bonds
will bo received on that day by Frank C. Kegler, Chairman of tho Road
Commission. Date July 1 1919. Prin. and semi-ann. int. payable in
New York City. Due $1,000 yearly on July 1 from 1925 to 1949, incl.
Cert. check on a local bank for 2% of the amount of bonds bid for, payable
to the County Road Commission, required. Purchaser to pay accrued int.
The successful bidder will be furnished with the opinion of Messrs. Reed,
McCook and Hoyt of New York City that the bonds are valid obligations
of Beaufort County. The bonds will be prepared under the supervision
• of the United States Mortgage & Trust Co. of New York City, which will
certify as to the genuineness of the signatures and the seal on the bonds.
This issue is part of an authorized issue of $500,000 recently voted.
BELMONT, Belmont County, Ohio.
-BONDS VOTED-OFFERING.
-At the election held May 27 the citizens, by a vote of 131 "for" to 26
"against," authorized the issuance of the $30,000 534% street
-improvement
(village's portion) bonds mentioned in V. 108, p. 2052. The Village Clerk
will receive proposals until 12 m. July 7 for these bonds.
BENTON COUNTY (P. 0. Corvallis), Ore.
-BONDS VOTED.
-By a
vote of 1,506 to 679 the question of issuing $220,000 read bonds carried,
is it stated, at a recent election.
BERKELEY GRAMMAR SCHOOL DISTRICT, Alameda County,
-BOND SALE.
-On June 2 the $500,000 5% 1-40-year serial gold
Calif.
school bonds, dated May 1 1919 (V. 108, p. 2155), were awarded to E. H.
Rollins dr Sons and Girvin & Miller,jointly, at 102.91. Other bidders were:
Bank of Italy, Myth, Witter & Co.. Bond & Goodwin, McDonnell & Co., and National City Co
$514,418 00
Anglo & London Paris National Bank
514,379 50
Cyrus Pierce & Co. and First National Bank, Oakland
513,557 00
_ __
R. H. Moulton & Co _
_ 513,335 00
Harris Trust & Say. Bank, Union Yrua
-60.,Schwabacher & Co.511,435 00
Citizens National Bank
510,965 60
__ _ _
F. M.Brown & Co __
_
_ _ _ _ _ 510,715 00
-Halsey, ituari____ Co.,
Perrin, Drake &
__.
ton Co., A. B. Leach & Co
506,165 00
G. G. Blymyer & Co
502,750 00
BERKELEY HIGH SCHOOL DISTRICT, Alameda County, Calif.
-The 2400,000 5% 1-40-year serial gold school bonds, dated
BOND SALE.
May 11919, offered on June 2 (V. 108, p. 2155), were awarded to E. H.
Rollins & Sons and Girvin & Miller, jointly at 103.03. Other bidders were:
Anglo & London Paris
Harris Trust & Savings
National Bank
$411,901 60 Bank
$409,456 00
Bank of Italy
411,528 00 Citizens National Bank.._ 409,109 70
Cyrus Pierce & Co
411,247 00 F. M Brown & Co
408,901 00
R. H. Moulton & Co___ 411,070 00 Perrin, Drake & Riley_.. 405,260 00
BEXAR COUNTY (P. 0. San Antonio), Tex.
-BOND OFFERING.
Proposals will be received until 11 a. m. June 20 by J. R. Davis, County
Judge, for $750,000 5% road bonds, being part of an authorized issue of
Denom. $1,000. Date July 1 1919. Prin. and semi-ann.
$1,500,000.
int. payable at the Seaboard Nat. Bank, N. Y. Due $50,000 yearly on
July 1 from 1920 to 1934 incl. Cert. or Cashier's check for $15,000, payable to the above County Judge,required. The opinion of John C. Thompson will be furnished the purchasers of the bonds, the purchaser, however,
may figure in his bid to either pay such fee of the attorney himself or allow
the county so to do. The purchaser will also pay the cost of lithographing
the blank bonds. The remaining 2750,000 will not be sold until the
county needs the money to carry on contemplated road work., .
BEXAR COUNTY COMMON SCHOOL DISTRICT NO. 23, Tex.
-An issue of $15,000 5% school bonds was awarded during
BOND SALE.
May to the State of Texas at par and interest.
2453
BIG STONE COUNTY (P. 0. Ortonville), Minn.
-,-BOND OFFERING.
-Proposals will be received until June 21 by A. V. Randall, County
Auditor, for 22,300 5% Ditch No. 20 bonds. Denoms. $500 and $1.000.
Date May 1 1919. Int. M.& N. Due May 1 1939.
BINGHAM COUNTY (P. 0. Blackfoot), Ida.
-BOND SALE.
Recently the Lumbermen's Trust Co. and the Continental & Commercial
Trust & Savings Bank, bidding jointly, were awarded $600,000 5% road
and bridge bonds for $603,650, equal 100,608. Date July 1 1919.
BINGHAMTON, Shelby County, Tenn.
-Sidney
-BOND SALE.
Spitzer & Co.. of Toledo, offering 101.223 and interest, were awarded the
$15,000 municipal improvement bonds dated June 2 1919, offered on June 2
(V. 108, p. 2258). A bid of 100.50 was also received from the Manhattan
Bank & Trust Co.
BONNER COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Hope),
Idaho.
-An issue of $30 000 54% school bonds was re-BOND SALE.
cently purchased by Morris Bros. Inc. of Portland. Denom. 2500. Date
June 11919. Prin. and semi-ann.int. payablg at the office of the Co. Treas,
or fiscal agents in N. Y. City. Bonded debt (incl this issue), $30.000.
Total assessed val. $1,100,000.
-BOND ELECTION.
BOONE, Boone County, Iowa.
-An election
will be held about Oct. 7 to vote on the question of issuing $20,000 hospital bonds.
BONNEVILLE COUNTY (P. 0. Idaho Falls), Ida.
-BONDS VOTED.
-On June 2 $25,000 court-house and $50,000 road bonds were voted.
BRIDGEPORT, Fairfield County, Conn.
-BOND OFFERING.
-It
is reported that Bernard Keating, City Auditor, will receive proposals
until 3 p. m. June 16 for the following 5% bonds: $100,000 1-5-year serial
paving, $230.000 23i-year (aver.) park, $155,000 154-year (aver.) school.
-year serial paving, 2200,000 I-50
3500,000 1-5
-year serial bridge and 2425,000 5 -year serial construction bonds. Int. semi-ann. Cert. check
-29
for $2% required.
BRISTOL, Harrison County, W. Va.-BOND SALE.
-Reports state
that an issue of $100,000 54% street impt. bonds was awarded to Baker
Watts & Co. of Baltimore.
BROCKTON, Plymouth County, Mass.
-BOND SALE.
-On J11110 10
the following 4)V bonds aggregating $298,200-V. 108, p. 2355
-were
awarded to Wise, Hobbs & Arnold of Boston at 100.025 and int.:
$40,000 surface drainage loan special Act of 1919. Due $4,000 yearly
from 1920 to 1929, inclusive.
25,000 sewerage loan Act of 1917. Due $3,000 yearly from 1920 to 1924.
Inclusive, and $2,000 yearly from 1925 to 1929, inclusive.
20,000 water loan Act of 1918. Due $2,000 yearly from 1920 to 1929,lnel124,000 macadam pavement loan of 1919. Due $25,000 yearly from 1920
to 1923, inclusive, and 224,000 1924.
10,000 surface drainage loan of 1919. Due $2,000 yearly from 1920
to 1924, inclusive.
21,000 macadam pavement loan of 1919. Due $5,000 1920 and $4,000
yearly from 1921 to 1924, inclusive.
30,000 street construction loan of 1919. Due 26,000 yearly from 1920
to 1924, inclusive.
15,000 sidewalk loan of 1919. Due $3,000 yearly from 1920 to 1924, inlc.
5,000 playground and park loan, Act of 1914. Due $1,000 yearly from
1920 to 1924, inclusive.
8,200 Division St. extension loan of 1919. Due $1,200 1920,$1,000 YrlY.
from 1921 to 1925, incl., and $500 yrly. from 1926 to 1929. incl.
Jackson & Curtis, the only other bidders, offered 100.02.
BROOKVILLE SCHOOL DISTRICT (P. 0. Brookville), Jefferson
County, Pa.
-BOND SALE.
-The $45,000 5 -year serial tax-free school
-19
bonds, dated July 15 1919, offered on June 5-V. 108, p. 2155
-were
awarded on that date to Lyon, Singer & Co. of Pittsburgh for $45,411.65
(100.914) and int. for 4%s. Tillotson & Wolcott Co., Cleveland;
A. B. Leach & Co.. Philadelphia, and Glover & McGregor, Pittsburgh,
also submitted bids.
BROOKSVILLE, Hernando County, Fla.
-BOND SALE.
-On June 4
the $12,000 6% gold coupon water-works-extension bonds
-V. 108. P.
1957
-were awarded to Prudden & Co.of Toledo for $12,376(103.133)& int.
BROWNHELM (P. 0. Elyria), Lorain County, Ohio.
-BONDS
DEFEATED.
-At the election held May 20 the proposition to issue the
$50,000 school bonds mentioned in V. 108. p. 2052, was defeated by a vote
of 145 to 74, it is stated.
-During May the Sinking Fund
BUFFALO, N. Y.
-BOND SALE.
Trustees purchased $6,772 80 4% local impt. bonds. Date May 15 1919.
Due May 15 1920.
-Chas. M. Heald, Commissioner of Finance &
BOND OFFERING.
Accounts will receive bids until 11 a. m. June 18 for 2383,350 44% taxfree deficiency bonds. Date June 23 1919. Prin. and interest payable at
the office of the above Commissioner, or at the Hanover National Bank,
New York,at purchaser's option. Due July 1 1920. Bond will be dellyrred
and paid for on June 23 at any Buffalo bank or trust company.
-BOND OFFERING.
BURKE COUNTY(P.O. Morganton), No. Caro.
-Proposals will be received until 12 m. June 17 by J. R. Howard, Register
of Deeds and Clerk of the Board of County Commissioners,for 240,000 5%
tax-free coupon road bonds, Denom.$1,000. Date July 1 1919. Interest
J. & J., payable at New York. Due $2,000 yearly on July 1 from 1925 to
1944, inclusive. Certified check for 22,000, payable to the above Clerk,
required. Bonded debt (including this issue) June 6 1919, $200,000.
Assessed value, $7,303,807.
BURLINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
-J. D. Sellers,
Homer), Licking County, Ohio.
Clerk Board of Education, will receive proposals until 2 p. m. June 25 for
$3.000 67 coupon heating-plant bonds. Auth. Sec. 7629, Gen. Code.
Denom. $500. Date day of sale. Prin. and semi-ann. int. payable at the
First National Bank of Utica. Due 2500 yearly on Oct. 1 from 1920 to
1925 incl. Cert. check for 5% of amount of bonds bid for required.
-BOND
CALEXICO SCHOOL DISTRICT, Imperial County, Calif.
SALE.
-18-year serial school bonds dated
-On June 2 the $30,000 6% 4
May 6 1919(V. 108, p. 2156) were awarded to Torrance, Marshall & Co. of
Los Angeles at 107.688 and int. Other bidders were:
F. M. Brown & Co., San Francisco
$32,111 00
Citizens' National Bank, Los Angeles
32,064 00
Bond & Goodwin, San Francisco
31,685 00
Frank & Lewis, Los Angeles
31,502 00
Freeman, Smith & Camp Co., San Francisco
31,356 00
Blythe, Witter & Co., San Francisco
31,052 50
Farson, Son & Co
30,900 00
G. G. Blymyer & Co., San Francisco
30,027 50
All the above bidders offered accrued interest.
CALLA SCHOOL DISTRICT, San Joaquin County, Calif.
-BOND
-The 212,750 6% school-building bonds offered on June 2(V. 108.
SALE.
p. 2156), were awarded on June 3 to Freeman, Smith & Camp Co., of San
Francisco, for 213,836 (108.517) and interest. Denoms. 12 for 21,000 and
1 for $750. Date June 1 1919. Int. J. & D. Due yearly from 1924 to
1936 inclusive. Other bidders were:
$13,817 42 State Board of Control___213,301 50
Girvin & Miller
13,785 30 Blankenhorn-Hunter-DuPierce
C Bank
13,761 001 lin Co, and Torrance,
CrtizensNationalo
C rus
13.661 00 Marshall & Co
13,275 00
F. M. Brown & Co
13,628 00 Security Trust & Say. Bk..13,275 00
Bank of Italy
13,611 00 G. G. Blymyer & Co
McDonnell & Co
12,951 00
13,523 50 William R. Staats Co_..__ 12,793 00
Blyth, Witter & Co
Lumbermen's Trust Co__ _ 13.502 00
above bidders offered accrued interest.
All the
CALLAWAY COUNTY (P. 0. Fulton), Mo.-BOND ELECTION.
-V. 108. p. 1194
The question of issuing the$200,000 court-house bonds
will be decided upon at an election held Sept. 2.
CAMERON PARISH (P. 0. Cameron), La.
-BOND SALE.
-The
following three issues of 57 I-25-year serial road bonds, aggregating
$390,000 offered on Juno 2(V. 108. p. 1742) were awarded to H. C. Burt
Houston at a discount of 15% on par.
& Co. of
$230,000 Road District No. 3 bonds.
100,000 Road District No. 4 bonds.
60,000 Road District No. 5 bonds.
Denom. $1,000. Date Feb. 1 1919. Int. semi-ann. (F. & A.) payable
at the Mechanics and Metals National Bank, N. Y.
CAMPBELL COUNTY (P. 0. Jacksboro), Tenn.
-BOND OFFER-Sealed bids will be received until 11 a. m. June 16 by Wm. Allen.
ING.
2454
THE CHRONICLE
County Judge, for $328.000 5% road bonds. Date June 2 1919. Prin.
and semi-ann. int. payable at the Hanover Nat. Bank, N. Y. Due June 2
1949. Cert. check for 2% of amount of bid, payable to W. H. Archer,
County Trustee, required.
-On
CAMPBELL COUNTY (P. 0. Rustburg), Va.-BOND SALE.
June 9 Baker, Watts & Co. of Baltimore were awarded at 101.39 the $114,-V. 108, p. 2356. Denom. $1,000. Date
000 5% 34-year road bonds
. 1919. In. J. &I.
J111L1
CANTON SCHOOL DISTRICT (P. 0. Canton) Stark County
-An election will be held June 17 when a
Ohio.
-BOND ELECTION.
proposition to issue $1,425 000 building bonds will be submitted to the
voters.
-BOND OFFERING.CANYON COUNTY (P. 0. Caldwell), Ida.
Proposals will be received until 10 a. m. July 5 by L. C. Knowlton, Clerk
-19-year serial
Board of County Commissioners, it is stated, for $49,000 10
bridge bonds at not exceeding 6% int. Interest semi-ann. Cert. check
for 5% required.
-BONDS
CATERET COUNTY DRAINAGE DIST. NO. 1, No. Caro.
NOT SOLD.
-No award was made of the $330,000 6% drainage bonds offered for sale on June 1 last. V. 108. p. 2052. Denom. $100. $500 or
31,000, to suit purchaser. Int. J. & J.
CHIPPEWA COUNTY SCHOOL DISTRICT NO. 45 (P. 0. Milan),
Minn.
-BOND SALE.
-On June 4 Drake-Ballard Co. of Minneapolis was
awarded at par and int. an issue of $18,000 5%, school-building bonds.
Denom. $1,200. Date May 1 1919. Int. ann. Due May 1 193...tisS
--tat-afflus
-BOND
CICERO TOWNSHIP (P. 0. Tipton), Tipton County, Ind.
OFFERING.
-Wm. Wiggins, Township Trustee, will receive proposals
until 2 p. m. July 7 for $49,000 5% school investment bonds. Denom.
$500. Date July 1 1919. Int. J. & J. Due $1,000 July 1 1921 and $6,000
yearly on July 1 from 1922 to 1929 incl. Cert. check for 1 %_required.
Purchaser to furnish the bonds without cost to the township.
CLEARCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Stouts-The question
-BONDS DEFEATED.
ville), Fairfield County, Ohio.
of issuing $45 000 school building bonds was defeated it is stated by a vote
of 180 to 171 at an election held May 26.
-Proposals
-BOND OFFERING.
CLIFTON, Greenlee County, Ariz.
will be received until July 13 by the City Clerk for the following 6% 1-20year serial bonds, aggregating $179,000, recently voted (V. 108, p. 1634):
$150,000 sewer, $9,000 park, $15,000 city-hall and $5,000 bridge bonds.
[VOL. 108.
-The ques
-BONDS VOTED.
DRUMRIGHT, Creek County, Okla.
tion of issuing $435,000 water-system and storm-sewer bonds was voted
It is stated, at a recent election.
-Proposals will be received until
-BOND OFFERING.
DULUTH, Minn.
3 p. m.June 23 by F. D. Ash, City Clerk,for $90,000 5% gold bridge bonds.
Denom. $1,000. Date July 1 1919. Prin. and semi-ann. int. (J. & J.)
payable at the American Exchange Nat. Bank N. Y. Due $30,000
,
yearly on Jan. 1 from 1926 to 1928 incl. Cert. check or certificate on a national bank for 2% of the bid payable to the "City of Duluth 'required.
Bonds will be delivered and paid for within ten days from time of award at
the First National Bank Duluth
-Pro-BOND OFFERING.
DUNMORE, Lackawanna County, Pa.
posals will be received until 8 p m. June 23 by W. F. Grady Secretary of
Borough Council, for $50,000 5%, coupon general impt. bonds. Denom.
$1,000. Date May 1 1919. Semi-ann. int. (M. & N.) payable at the •
Borough Treasurer's office. Due on May 1 as follows: $3,000 1936 to 1939,
incl. $6,000 1944, $8,000 1945 to 1948 incl. Cert. check on an incorporated bank or trust company for $500, payable to the "Borough of Dunmore,' required. Purchaser to pay accrued int. The official circular
states that there is no controversy or litigation pending or threatened af
fecting the corporate existence or bdundaries of the municipality or the title
of its present officials to their respective offices or the validity of this proposed bond issue, nor has any previous issue been contested, but p •Incipal
and interest have always been promptly paid at maturity.
EAGLE GROVE INDEPENDENT SCHOOL DISTRICT (P. 0.
-An issue of $160 000
Eagle Grove), Wright County, Ia.-BOND SALE.
5% school bonds was awarded on Apr. 30 last to W. G. Schanko & Co. of
Mason City for $163,224 76, equal to 102.015. Denom. $1,000. Date
June 11919. Int. J. & D. Due part each year from 1924 to 1939,incl.
-An
-BONDS REGISTERED.
EASTLAND, Eastland County, Tex.
issue of $60,000 6% 20
-40-year sower bonds was registered with State
Comptroller on May 25.
EAU CLAIRE'SCHOOL DISTRICT (P. 0. Eau Claire) Berrien
-BOND SALE.
-It is reported that $37,000 high-school
County, Mich.
bonds which were recently voted, have been sold to the Eau Claire Savings
Bank at par.
-A proposition to issue $18,000 high-school bonds
BONDS DEFEATED.
was defeated by a majority of 8 votes at a special election held May 23, it is
stated.
1:11i
-BOND ELECELDORADO COUNTY (P. 0. Placerville), Calif.
TION.
-The Board of County Supervisors, it is stated, has set June 24
as the date for an election to vote on the issuance of $150,000 road bonds,
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Fred C. Reed, County Treasurer, will receive proposals until 10 a. m. June
%
18 for the following:4j highway-impt. bond4, aggregating $224,000:
$44,000 Harrison Twp. bonds. Denom. $550. Due $2,200 each six
months beginning May 15 1920.
84,000 Cleveland Twp. bonds. Denom. $600. Due $4,200 each six
months beginning May 15 1920.
96,000 Osolo Twp. bonds. Denom. $600. Duo $4,800 each six months
beginning May 15 1920.
Date June 11919. Interest M. & N.
-BOND SALE.
-The
ELLIS COUNTY (P. 0. Waxahachie), Tex.
"Dallas News" of June 8 states that the $600,000 Ennis Road District
bonds mentioned in V. 108, p. 1535, were disposed of at 102.41 and int.
-BOND SALE.
-It
CLINTON COUNTY (P. 0. Frankfort), Ind.
is reported that the Fletcher-American National Bank of Indianapolis has
been awarded at par and interest $41,200 43. % highway-impt. bonds.
COLLIN COUNTY ROAD DISTRICTS (P. 0. McKinney), Tex.
BOND SALE.
-On June 3 the 18 issues of 30
-year road bonds, aggregating
,were awarded to E. A. Toebleman for $2$2,480,000 (V. 108, p. 2258)
490,493 20 (100.423) and int.
COLQU1TT COUNTY (P. 0. Moultrie), Ga.-BOND SALE.
On June 10 the $500,000 5% 2
-30-year serial road and bridge bonds, dated
July 1 1919 (V. 108, p. 2156) were awarded, it is stated, to three Moutrie
banks at 100.75 and agreed to pay 5% interest on the money, while it is
on deposit, while the roads are being paved.
-BONDS VOTED.
-At an election
CORSICA, Jefferson County, Pa.
held June 10 $4,500 street improvement bonds were voted by 60!;).
EL PASO SCHOOL-DISTRICT (P. 0. El Paso), Woodford County
-BONDS VOTED.
-Newspaper reports state that the issuance of
- 111.
COTTLE COUNTY COMMON SCHOOL DISTRICT NO. 3, Tex.
BOND SALE.
-During May the $10,000 5% school bonds mentioned in $90.000 school-building bonds was authorized by a vote of 431 to 134 at
an election held May 24.
V. 108, p. 2053, were awarded at par and interest to the State of Texas.
-On June 10 the 2 issues of
-BOND SALE.
ERIE, Erie County, Pa.
COVINA CITY SCHOOL DISTRICT, Los Angeles County, Calif.
impt. bonds dated
% -20
BOND SALE.
-year serial school bonds dated 1919, 5 -year serial tax-free coupon Mill Creek -were awarded toMay 15
-The $150 000 53.6% 1-30
Brown
amounting to $1,000,000-V. 108, p 2356
June 1 1919, offered on June 2 (V. 108, p. 2156), have been awarded to Bros. & Co. of New York at 100.633 and Interest.
Blankenhorn-Hunter-Dulin Co. and Torrance, Marshall & Co. jointly.
FALLSBURGH (Town) COMMON SCHOOL DISTRICT NO. 9
-On
CROOK COUNTY (P. 0. Prineville), Ore.
-CORRECTION.
-BOND SALE.
-On
Mountaindale), Sullivan County, N. Y.
May 29 the $95,000 5 % 20
-year highway bonds were awarded to Clark, (P. 0. the $4
-V. 108 p. 2259
2
bonds offered
Kendall & Co. of Portland at 104.776 (not 105.203 as reported in V. 108, June awarded 500 school Gibbons & Co on that date at 100 27 and of Now York
were
o Geo. B
Int'
2356). Denom. $1,000. Date May 11919. Int. M. & N.
p.
Due $300 yearly on Dec. 15 from 1923 to 1937 inclusive.
CUT BANK, Teton County, Mont.
-BOND SALE.
-Reports state
-BONDS VOTED.
-The quesFALLS COUNTY (P. 0. Marlin), Tex.
the $48 000 6% sewer bonds offered on June 2(V. 108, p. 1957) have been tion of issuing the $500,000 Justice Precinct No. 1 road bonds carried, it is
awarded to the Bankers' Holding &AInvestment Co. of Minneapolis for stated, at an election held June 3(V. 108, p. 1535).
$49,930,equal to 104.02.
FALLS COUNTY COMMON SCHOOL DISTRICT NO. 54, Tex.
-BOND OFFERCUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-An
of $12,500 5% school bonds has been issued. The
ING.
-Proposals will be received until 11 a. m. June 14 by the Board of BOND SALE. tookissuebonds at par and interest during May.
State of Texas
the
County Commissioners for the following 5% coupon Highland Road impt.
-On June 9 Lyon,
bonds, aggregating $140,863 88:
-BOND SALE.
FARRELL, Mercer County, Pa.
$55,394 76 special assessment bonds. Denom. 1 for $394 76 and 55 for Singer & Co. of Pittsburgh were awarded at 101.681 and int. the $212,000
$1,000. Due each six months as follows: $394 76 April 11920; street and sewer bonds offered on that date (V. 108, p. 2156). Due on
$2,000 Oct. 1 1920 and April 11921;$3,000 Oct. 1 1921 to Oct. 1 May 1 as follows: $25,000 1929, 550,000 1934 and 1939, $37,000 1944 and
1925 incl.; $4,000 April 1 1926 to Oct. 1 1927 incl.
$50,000 1948.
85,468 92 county's portion bonds. Denom. 1 for $468 92 and 85 for
-By
FAYETTE COUNTY (P.O. Fayette), W. Va.-BONDS VOTED.
$1,000. Due each six months as follows: $468 92 April 1 1920; a vote
Kanawha Dist. road
of 1,246 to 96 the question of
$4,000 Oct. 1 2920 to April 1 1922 incl.; $5,000 Oct. 1 1922 to bonds carried at an election held Mayissuing $379,000
20.
Oct. 1 1927 incl.; $6,000 April 1 1928;$8,000 Oct. 1 1928.
-An election will ho held in Quinnamont Dist,
BOND ELECTION.
Date June 1 1919. Prin. and semi-ann. int. (A. & 0.) payable at the
road bonds.
County Treasurer's office. Cert. check on some bank other than the one June 18 to vote on the question of issuing $194,000
making the bid, for 1% of amount of bonds bid for, payable to the County
-On June 3
-BOND SALE.
FLAGSTAFF, Coconino County, Ariz.
within 10 days an issue of $65,000 6% bonds was awarded to the National City Co. at
Treasurer, required. Bonds to be delivered and paid for
from date of award. Purchaser to pay accrued interest.
108.18, it is stated.
-Sealed bids
DAYTON, Rhea County Tenn.-BOND OFFERING.
FORT PIERCE INLET DISTRICT (P. 0. Fort Pierce), St. Lucie
will be received until 12 m. June 16 by J. L. Henry City Recorder for County, Fla.
-0.M. Horton, Secretary, will receive
-BOND OFFERING.
-year serial street and bridge impt. bonds. Denom.,$500. bids until 2 p. m. June 25 for $80,000 6% coupon bonds. Denom. $1,000.
$25 000 6% 8
Date April 15 1919. Int. semi-ann. Cert. check for $500 require,.:gal Date May 31 1919. Principal and semi-annual interest payable at the
- U. S. Mtge. & Trust Co., N. Y. Due yearly on May 31 as follows: $1,000
DAYTONA BEACH, Volusia County, Fla.
-BOND OFFERING.
1924 to 1927,
Newspaper reports state that R. L. Selden, City Clerk, will receive bids 1921 to 1923, inclusive, $2,000 inclusive, and inclusive, $3,000 1928 to 1931.
$5,000 1940 to 1944, inclusive.
inclusive, $4,000 1932 to 1939.
until June 16 for $60,000 6% 20
-year street-impt. bonus.
Certified check for $1,000, payable to "Fort Pierce Inlet District," required.
- The bonds are being prepared by the U. S. Mtge. & Trust Co. of N. Y.,
-BONDS VOTED.
DECATUR COUNTY (P. 0. Parsons), Tenn.
The question of issuing $125,000 road bonds carried, it is stated, at an who will certify to their genuineness, and will be validated by decree of the
election held May 31.
Circuit Court.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BOND OFFERING.
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
A. Decker, County Auditor, will receive bids until 12 m. June 16 for -Proposals will be received until 10 a. m. June 30 by W.J. Herman, Clerk
0.
the following 5% road bonds, aggregating $66,375:
of Board of County Commission° s, for $100,500 5% bridge bonds. Auth.
$52,950 Bryan-Defiance Road Sec. B bonds. Denom. 1 for $450 and 105 Sec. 5643 and 5644, Gen. Code. Denom. 100 for $1,000 and 1 for $500.
for $500. Due $2,450 Mar. 1 1920, $2,500 each six months from Date June 16 1919. Prin. and semi-ann. int. (J. & D.) payable at the
Sept. 1 1920 to Mar. 1 1930 incl. and $500 Sept. 1 1930. Cert. County Treasurer's of ice. Due yearly on June 16 as follows: $5,500
check for $1,000 payable to the County Auditor„ required.
1920. and $5,000 1921 to 1939, incl. Certified check (or cash) on a solvent
13,426 Bryan-Defiance Road Sec. A bonds. Denom. 1 for $425 and 26 national bank or trust company for 1% of amount of bonds bid for, payable
for $500. Due $425 Sept. 1 1920. $500 each six months from Mar. 1 to the Board of County Commissioners, required. The bonds, which will
1920 to Sept. 1 1924 incl., $1,000 each six months from Mar. I. be ready on the day of sale, will be delivered and paid for at Columbus.
1925 to Sept. 1 1928 incl. Cert. check for $500, payable to tho Purchaser to pay accrued interest.
County Auditor, required.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
Auth. Secs. 6906 to 6956, Gen. Code. Date June 1 1919. Int. semiann. Bonds to be delivered and paid for at the County Treasury as soon The $7,500 5% 1-7-year serial infirmary bonds dated June 2 1919 offered
-were awarded on that date to the Ohio Nat.
on June 6-V. 108 p. 2156
after the sale as they are prepared. Purchaser to pay accrued interest.
Bank of Columbus at 100.40 and int. Other bidders were:
DENTON COUNTY ROAD DISTRICT NO. 3, Tex.
-BOND SALE.
- Seasongood & Mayer Cincinnati_$7,5241Stacy & Braun Toledo_$7,511 25
Recently $1,500,000 57 coupon tax-free road bonds were awarded to the
0
-BOND SALE.
-On
FULTON COUNTY (P. 0 Wauseon), Ohio.
Harris Trust & Savings Bank of Chicago. Denom. $1,000. Date Apr. 15 June 9 the $81,000 5% 1-10
-year serial road bonds dated July 1 19191919. Prin. and semi-ann. int. (A. & 0.) payable at the Hanover Nat. V. 108, p. 2259
-were awarded to Prudden & Co. of Toledo for $1,256 75
Bank N. Y. Due Apr. 15 1949 optional Apr. 15 1929.
(100.316), accrued interest and printed bonds. Other bidders, all of whose
Financial Statement.
bids included accrued interest, were:
Real value of taxable property estimated
$48,093,675 Stacy & Braun, Toledo_ -*381,465 70 Ifarris,Forbos&Co.,N.Y.*$81,276 21
Assessed valuation for taxation
16,031,225 Seasongood & Mayer,
00 Tillotson & Wolcott Co.,
.
Total debt (this issue included)
1.500,000
Cleveland
*81,259 20
Cincinnati
*81,447
Population, estimated
24,000
aSidney Spitzer & Co.
,Tol.*81,435 00 aSpitzer, Rorick &Co.Tol.*81,210 00
*81,334 90 aPeople's State Bank,
DESCHUTES COUNTY (P. 0. Bend), Ore.
-BONDS VOTED.
-The Well, Roth & Co., Cin
81,150 00
Wauseon
question of issuing the $125,000 road bonds carried, It is stated, at the Provident Savings Bank &
Trust Co., Cincinnati__*81,315 90 A. E. Aub & Co.,0in*81,056 71
election held June 3-V. 108, p. 2053.
W.L. Slayton & Co., Tol_*81,299 70 First Nat. Bk., Wauseon_ 81,052 00
DE WITT COUNTY (P. 0. Cuero), Tex.
-BONDS VOTED.
-The
* Conditional bids. a These firms offered to furnish the printed bonds.
question of issuing $1,500.000 road bonds carried, it is stated, at the elec-An issue of $35,000 57 20
-year
0
FURON, So. Dak.-BOND SALE.
tion held May 24-V. 108, p. 1635.
water bonds was recently purchased by the Bankers' Mortgage Co. of Des
DOUGLAS-GOULD STAR CITY ROAD DISTRICT, Lincoln Moines at par. Denom. $1,000. Date May 1 1919. Int. M.& N.
Bank of Arkansas offering
County, Ark.
-BOND SALE.
-The National
-BOND OFFERING.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
par for 6s was awarded $75,000 road building bonds offered on May 12.
Proposals will be received until 12 m. June 19 by the Board of County
Denom $500 Date Jun 1 1919 Int F & A.
JUNE 14 1919.1
THE CHRONICLE
Commissioners for $130,640 57 coupon I. C. H. No. 35 impt. bonds.
a
Auth. Sec. 1223 Gen. Code. Denom. 130 for $1,000 and 1 for $640.
Date May 1 1919. Prin. and semi-ann. int. (A. & 0.) payable at the
County Treasurer's office. Due semi-annually as follows: $5,000 April 1
1920 to Oct. 1 1921 incl., $6,000 April 11922. $7,000 Oct. 1 1922, $8.000
April 1 and Oct. 1 1923,$6,000 April 1 1924.$7,000 Oct. 1 1924,38,000 April
1 1925 to Oct. 1 1926 incl., $6,000 April 1 and Oct. 1 1927, $7.000 April 1
and Oct. 11928, $10,640 April 1 1929. Cert. check for $13,000, payable
to the County Treasurer, required. Purchaser to pay accrued interest.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
-BOND SALE.
-On
June 5 the $35,600 5% 1-10
-year serial road bonds dated Apr. 1 1919 (V.
108, p. 2259) were awarded to O. L. Smith of Chardon at par and accrued
interest.
GRAND HAVEN SCHOOL DISTRICT (P. 0. Grand Haven),
Ottawa County, Mich.
-BOND SALE.
-On May 14 the $150,000 5%
school-building bonds
-V.108 p. 1958
-were awarded to the Grand Haven
State Bank at 102.0033. Denom. $1.000. Date June 1 1919. Int.
J. & D. Due yearly on June 1 as follows: $8,000 1922 $9,000 1923 and
1924,$10,000 1925 and 1926, $11,000 1927 and 1928. $12,000 1929,$13,000
1930 and 1931, $14,000 1932 and $15,000 1933 and 1934.
GRAYSON COUNTY ROAD DISTRICT NO. 5, Tex.
-BONDS
REGISTERED.
-We are advised that on May 24 the State Comptroller
registered an issue of $50,000 5% road bonds. Due $2,000 yearly.
GREENFIELD SCHOOL DISTRICT Monterey County Calif.
BOND SALE.
-The $20,000 6% school bonds offered on June 3 (V. 108,
p. 2157) have been sold, it is reported.
GREENFIELD TOWNSHIP SCHOOL DISTRICT NO. 4, Wayne
County, Mich.
-BOND OFFERING.
-Proposals will be received until
8 p. m. June 20 by Horace T. Hart, Director (P. 0. Box 84, Strathmoor),
for $75,000 school bonds. Denom. $1,000. Date July 1 1919. Semiannual interest payable at the Bank of Detroit, Detroit. Due July 1 1934.
Certified check for $1,500, payable to the District Treasurer, required.
Bids are requested on bonds bearing 434%, 5% or 534% interest.
GREENLEE COUNTY (P. 0. Clifton), Ariz.
-BOND SALE.
-The
Silverman-Huy& Co. of Cincinnati was awarded at 105.379 and interest the
$200,000 6% 10 -year road bonds offered on June 2.-V. 108, p. 1430.
-20
Other bidders were:
Elston & Co., Chicago
105.379 W.L. Slayton & Co.,Toledo_104.29
Bolger, Mosser & Willaman,
Stern Bros.& Co., Kan. City 104.061
Chicago
105.275 Powell, Garard & Co., Chi_ _104.038
A.E.Aub & Co., Cincinnati..105.25 Sidney Spitzer & Co.,Toledo 104.025
R. M.Grant & Co., Chicago_105.219 Benwell, Phillips, Este & Co.
C. W. McNear & Co. Chi_ _105.157
and Sidle., Simons, Fels
Graves, Blanchett &'
Thorn& Co
103.86
burgh, Toledo
104.305 McArthur Bros
100
GROTON, New London County, Conn.
-BOND SALE.
-On June 5
R. M. Grant & Co. of Boston were awarded at 104.15 the $210,000 5%
coupon bonds authorized by the State Legislature
-V. 108, p. 1743.
Denom. $1,000. Date June 11919. Int. J. & D. Due $7,000 yearly.
HALIFAX COUNTY (P. 0. Halifax), N. C.
-BOND ELECTION.
An election will be held Aug. 5 to vote on the question of issuing $60,000
Norfleets Ferry road bonds.
HAMILTON, Butler County, Ohlo.-BONDS AUTHORIZED.
-On
May 7 the City Council passed an ordinance authorizing the issuance of
$100,000 5% coupon gas works bonds. Date May 11919. Principal and
semi-annual interest payable at the office of the City Treasurer.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BOND SALE.On Juno 7 the Noblesville Trust Co. was awarded at par the $51,000 434%
highway-impt. bonds offered on that date
-V.108, p. 2053. Due part each
six months from May 15 1920 to Nov. 15 1929, incl.
HAMILTON COUNTY (P.O. Syracuse), Kans.-BOND ELECTION.
-On June 17 the voters will decide whether they are in favor of Issuing
$50,000 road bonds.
HAMTRAMCK TOWNSHIP SCHOOL DISTRICT NO. 8 (P. 0.
Hamtramck), Wayne County, Mich.
-BOND SALE.
-An issue of
$100,000 434% school bonds has been purchased by Nicol-Ford, of Detroit,
who aro now offering them to investors at a price to yield 4.60%. Denom.
$1,000. Date April 1 1919. Due April 1 1934.
HANCOCK COUNTY (P. 0. Greenfield), Ind.
-BOND OFFERING.
Bids will be received until 10 a. m. June 17 by Grover Van Duyn, County
Treasurer, for $12,400 4%% Charles A. Silvery et at highway bonds of
Twp. Denom. $620. Date May 15 1919. Int. M. & N.
Buck Creek
Due $620 each six months from May 15 1920 to Nov. 15 1929, inclusive.
The above bonds were offered without success on March 25(V. 108, p. 1431).
HARRISON COUNTY(P.O. Corydon), Ind.
-BONDS NOT SOLD.
No sale was made of the $6,000 434% Blue River Twp highway bonds offered on June 3-V. 108, p. 2157.
HARRISON COUNTY (P. 0. Marshall), Tex.
-BOND SALE.
Reports state that $600,000 road bonds were sold to a syndicate of bond
buyers of Chicago. St. Louis and Kansas City slightly above par.
HARTFORD, Hartford County, Conn. .
BOND SALE.
-On June 11
the $200,000 4% gold coupon tax-free water-supply bonds (V. 108, p. 2260)
were awarded to Lee, Higginson & Co. and Conning & Co., both of Hartford, jointly, at 95.34. Denom. $1,000. Date June 11917. Semi-annual
interest (J. & D.) payable at the City Treasurer's office. Due June 11946.
Financial Statement April 1 1919.
Assessed valuation
$242,935,954
Total bonded debt (other than water)
7,558,481
Sinking fund (other than water)
1,424,381
(other than water)
Net debt
6,134,100
Water debt
3,200,000
Water sinking fund
220,260
Net water debt
2,979,740
Net total bonded debt
3,840
Percentage of net debt (other than water) to assessed valuation, 2.53%.
Percentage of net water debt to assessed valuation, 1.23%.
HARTFORD SCHOOL DISTRICT (P. 0. Hartford), Hartford
-BOND SALE.-Hornblower & Weeks and R. M.
County, Conn.
Grant
& Co. of Boston, have purchased and are now offering to investors at a
price to yield 4.30% interest, $250,000
% tax-free school bonds. Date
Duo June 1 1959.
June 1 1919.
HARTV1LLE SCHOOL DISTRICT (P. 0. Hartville) Wright
County, Mo.-BOND OFFERING.
-Proposals will be received until
Juno 16 by It. P. Adams,Clerk Board of Education,for $9,000 school bonds.
HENNEPIN COUNTY (P. 0. Minneapolis) Minn.
-BOND
The Wells-Dickey Co. of Minneapolis and Kalman, Matteson & SALE.of
Wood
St. Paul, bidding jointly, were awarded at 103.0008 $125,000 5% road
bonds offered on June 3. Denom. $1,000. Date June 1 1919. Int.
J. & D. Due June 1 1929.
HENRIETTA TOWNSHIP (P. 0. Oberlin) Logan County Ohio.
-No bids were received for the $7.250 5% MilanNO BIDS RECEIVED.
Elyria Road impt. bonds offered on May 24-V. 108, P. 2157.
HERRIN SCHOOL DISTRICT (P. 0. Herrin), Williamson County,
-At an election held May 20a bond issue of $40,000
-BONDS VOTED.
Ill.
was voted, according to reports.
HIDALGO COUNTY IRRIGATION DISTRICT NO. 1 Tex.
-On May 28 $500,000 5% bonds were registered
BONDS REGISTERED.
with the State Comptroller. Due $10,000 yearly.
HIGHLAND PARK, Wayne County, Mich.
-BOND OFFERING.
Proposals will be received until 8 p. m. June 23 by Delmer C. Gowing, City
Clerk, for the $210,000 hospital bonds voted on July 10 1918 (V. 107, p..
309). Denom. $1,000. Date Aug. 1 1918. Principal and semi-annual
Interest payable at the Highland Park State Bank, of Highland Park. Due
Aug. 11938. Certified check for $500 required. Bidders are requested to
% and 5% interest. Bonded debt, includbid on bonds bearing 4H%,
ing this issue. $3,081,026. Water debt (included), $1,389,626. Sinking
fund, $382,661 81. Total tax rate 1918-1919, per $1,000, $12.779. Population 1015. 27,155; 1919 (estimated), 49,000.
HIGHLAND PARK (P. 0. Dallas) Dallas County Tex.
-BONDS
-By a voto of 140 to 4 the question of issuing 3110,000 5 or 5%%
VOTED.
street
-inlet, bonds carried at the election held May 24-V. 108, p. 2157.
2455
HIGHLAND PARK SCHOOL DISTRICT (P. 0. Highland Park),
Wayne County, Mich.
-BOND SALE.
-On May 26 the $150,000
%
tax-free school bonds (V. 108, p. 2157), were awarded to Watling, Lerchen
& Co. of Detroit, who are now offering them to investors at a price to yield
4.60% interest. Due June 1 1934.
HILLSBOROUGH, Calif.
-BONDS VOTED.
-By a vote of 35 to, 1
$15,000 school bonds were voted June 2.
HOWARD INDEPENDENT SCHOOL DISTRICT Tex.
-BOND
SALE.
-The State of Texas during the month of May purchased at par
and interest an issue of $10,000 5% school bonds.
IBERIA PARISH (P. 0. New Iberia), La.
-BOND OFFERING.
A. A. Theriot, President of Police Jury, will receive bids until 11 a. m.
June 26, according to reports, for $185,000 road bonds.
IPSWICH SCHOOL DISTRICT (P.0. Ipswich), Edmunds County,
So. Dak.-BONDS VOTED.
-The voters at a recent election authorized
$85,000 public school building bonds.
JASPER COUNTY (P. 0. Rensselaer) Ind.
-BONDS AWARDED
IN PART.
-Of the 2issues of4%% 1-10
-year serial road bonds, aggregating
$15,908 57 offered on May 26-V. 108, e. 2054
-the $4,908 57 issue,
dated June 1 1919, was awarded to the Fletcher-American Nat. Bank of
Indianapolis at par and int. No bids were received for the $11,000 issue
offered at the same time.
JAY COUNTY (P.0. Portland), Ind.
-BOND SALE.
-On June 3 the
$12,600 Jefferson Twp. $10.200 Jackson Tina. and 34.200 Wabash Twp.
434% a-10-year serial highway bonds, dated May 1 1919 (V. 108, p. 2260)i
were awarded, it is stated, to the Jay County Savings Bank & Trust Co. or
Portland at par.
JEFFERSON CITY, Cole County, Mo.-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. June 19 by Joseph P. Nacy, City Clerk,
for $65,500 5% 10 -year (opt.) funding bonds, it Is stated. Int. semi-20
ann. Cert. check for 5% required.
JEFFERSON COUNTY (P. 0. Madras), Ore.
-BONDS VOTED.
Reports state that this county voted to issue road bonds at a recent election.
JENNINGS COUNTY (P. 0. Vernon), Ind.
-BONDS NOT SOLD.
An issue of $16,640 434% highway bonds which were being offered on
May 23 failed to sell, it is reported.
JUNCTION CITY, Geary County, Kan.
-BOND SALE.
-The Guarantee Title & Trust Co. of Wichita Falls has purchased $80,000 waterworks bonds at 101.20 and costs.
KENOSHA Kenosha County Wis.-BOND SALE.
-On June 2 the
$200,000 5% Washington School bonds
-V. 108, p. 2260
to the First Trust & Savings Bank of Chicago at 101.30 -were awarded
and int. Other
bidders were.
Harris, Tr. & S. Bk., Chi_ _$202,360 E. H. Rollins & Sons, Chi_$201.560
Merch. Ln. & Tr. Co., Chi_ 202,314 A. B. Leach & Co., Chicago 201 350
Merch.& Say. Bank, Keno_ 202,180 National City Co., Chicago
First Nat. Bank, Kenosha__ 202,150 McCoy & Co., Chicago_ ___ 201,278
Second Ward Say. Bk., Mil. 202,105 Bolger, Mosser & Willaman, 201,075
Hornblower & Weeks, Chi_ 201,760
Chicago
200,605
KINGS MOUNTAIN TOWNSHIP, York County, So. Caro.
-BOND
-Proposals will be received until 12 m. June 18 by W. T.
OFFERING.
Beamguard, Chairman (P. 0. Box 154, York), for the $60,000 5% 10 -20
year road impt. bonds mentioned in V. 108. p. 1636. Denom. to suit
purchaser. Date July 1 1919. Int. J.& J. Cert. check for $600 required.
KLAMATH COUNTY (P. O. Klamath Falls), Ore.
-BONDS VOTED.
-Newspapers state that 13y an overwhelming majority the question of
issuing $347,704 road bonds carried at a recent election.
KOSCIUSKO, Attala County, Miss.
-BOND OFFERING.
-Sealed
or verbal bids will be received until June 1/ by the Board of Mayor and
Aldermen for $24,000 school and $30,000 electric-light and water bonds at
not exceeding 6% interest. Denom. $500. Int. J. & D. Due yearly
on June 1 from 1920 to 1940 inclusive.
LAKE CHARLES Calcasieu Parish La.
-BOND SALE.
-On May 29
the $200,000 5% 1-20
-year serial public school bldg. bonds dated Feb. 1
1919-V. 108, p. 2158
-were awarded to the Mercantile Trust Co. of
St. Louis at 105.315. Other bidders were:
Continental & Commercial
Marine Bk. & Tr. Co.,
Tr. & Says. Bank Chic_ _$200 160 InterstateTr. & B.Co.,N.0.$197,101
N.O. 197,010
Bolger, Mosser & W.. Chic_ 199,067 Seasongood & Mayer, Cin
197,000
Whitney-Central Trust &
W. L. Slayton & Co.. Tol
197,000
Savings Bank, New Orl__ 199,059 0. W.MclsTear & Co.. Chic_ 196,660
Graves, Blan. & Thorrib.,To1.198,600 Provident Savings Bank &
Sidney Spitzer & Co., Mon_ 198,400
Trust Co., Cincinnati__ _ 196,600
Hibernia B.& Tr. Co., N.0. 198,000 Terry, Briggs & Co., Toledo 196,056
Comm. T. & S. Bk., N. O. 197,700
LAKE COUNTY (P. 0. Lakeview), Ore.
-BONDS VOTED.
-An issue
of $200,000 road-construction bonds was voted. It is reported, at an election held June 3.
LAWNDALE SCHOOL DISTRICT, Los Angeles County, Calif.
BOND SALE.
-The 35,000
-year serial bonds dated June 1 1919,
% 1-10
offered on June 2-V. 108, p. 2158
-have been sold.
LENOIR COUNTY (P.O. Kingston), No. Caro.
-BOND SALE.
-We
are advised that an issue of $100,0100 road and bridge bonds has been disposed of.
LIBERTY CIVIL TOWNSHIP (P.0. Greentown), Howard County,
Ind.
-BOND OFFERING.
-John S. Hall, Township Trustee will receive
proposals until 2:30 p. m. June 27 for $37,800 5% school building bonds.
Denom. 70 for $500 and 10 for $280. Date June 15 1919. Prin. and
semi-ann. int. (J. & J.) payable at the State Bank of Greentown. Due
$3,780 yearly on July 15 from 1925 to 1934 incl. Cert. check for $150
required.
LIBERTY SCHOOL TOWNSHIP (P. 0. Greentown), Howard
County, Ind.
-Proposals will be received until
-BOND OFFERING.
2:30 p. m. June 27 by John S. Hall, Township Trustee, for $19,000 5%
school building bonds. Denom.30 for $500 and 20 for $200. Date June 15
1919. Prin, and semi-ann. int. (J. & J.) payable at the State Bank of
Greentown. Due $1,900 yearly on July 15 from 1925 to 1934 incl. Cert.
check for $150 required.
LIMESTONE COUNTY ROAD DISTRICT NO. 14, Tex.
-BOND
SALE.
--Recently the Harris Trust & Savings Bank of Chicago was awarded
$260,000 5340/ coupon bonds. Denom. $1,000. Date May 10 1919.
Prin. and semi-ann. int. payable at the Hanover Nat. Bank, N.Y., or
at the office of the County Treasurer, at the holder's option. Due yearly
on May 10 as follows: $80,000 1920 and 1921, 39.000 1922, $8,000 1923
and 1924, $9,000 1925, $8,000 1926 and 1927, $9,000 1928, $8,000 1929
and 1930, $9,000 1931, $8,000 1932 and 1933, 39,000 1934, $8,000 1935
and 1936, $9,000 1937, $8,000 1938 and1939, 39,000 1940. $8,000 1941
and 1942, $9,000 1943, $8,000 1944 and 1945, $9,000 1946, $8,000 1947
and 1948 and $9,000 1949.
Financial Statement.
Assessed valuation for taxation
$2,421,000
Total debt, this issue included
250,000
Population, estimated
7,000
LINN COUNTY(P.O. Albany), Ore.
-BONDS VOTED.-It is reported
that at an election held June 2 $600,000 road bonds were voted.
LITTLE PRAIRIE SPECIAL ROAD DISTRICT, Pemiscot County,
Mo.-BOND OFFERING.
-Proposals will be received until 6 p. m. June 16
by the Road Commissioners (at the Citizens' Trust Co., Caruthersville)
for $105,000 55.6% road bonds. Int. semi-ann.
LOVE COUNTY (P. 0. Marietta) Okla.
-BOND SALE.
-Recently
an issue of $160,000 6% road bonds was awarded to E. D. Edwards of
Oklahoma City.
LOVE TOWNSHIP (P. 0. Humrick), Vermillion County, Ill.
-H.0. Speers & Sons Co. of Chicago has purchased $20,000
BOND SALE.
50/ coupon bonds. Denom. $1,000. Date June 11919. Prin. and semiann. int. (J. & D.) payable at the First National Bank of Chicago. Due
$4,000 yearly on June 1 from 1920 to 1924, incl.
Financial Statement.
Value of taxable property
31.608,318
Assessed valuation, 1918
536,166
Bonded debt, this issue only
20,000
Population. 1.000.
2456
THE CHRONICLE
-Fred H.
-BOND OFFERING.
LOWELL, Middlesex County, Mass.
Rourke, City Treas., will receive bids until 10 a. m. June 19 for the following 43i% coupon tax-free bonds aggregating $78,000:
$27,000 street extension bonds. Due $3,000 yearly on June 1 from 1920
to 1928 inclusive.
26,000 isolation hospital bonds. Due $2,000 yearly on June 1 from 1920
to 1932 inclusive.
25,000 sewer bonds. Due $1,000 yearly on June 1 from 1920 to 1944 incl.
Denom. $1,000. Date June 1 1919. Prin. and semi-ann. int. (J. & D.)
payable at the First Nat. Bank of Boston, where the bonds will also be
delivered to the purchaser on or about June 20. These bonds are engraved
under the supervision of and certified as to genuineness by the First Nat.
Bank of Boston; their legality will be approved by Messrs. Storey, Thorndike, Palmer & Dodge, whose opinion will be furnished the purchaser.
All legal papers incident to these issues will be filed with slad bank where
they may be inspected at any time.
-At
LOWNDES COUNTY (P. 0. Valdosta), Ga.-BONDS VOTED.
an election held May 28 the question of issuing the $500,000 road bonds
-was passed, it is stated, by a large majority.
-V. 108, p. 1958
-On June 6
-BOND SALE.
LUCAS COUNTY (P. 0. Toledo) Ohio.
-were
the following 5% road bonds, aggregating $333,200-V. 108, p. 2260
awarded to Hayden, Miller & Co. of Cleveland and Harris, Forbes & Co.
of New York, jointly, for $336,150, equal to 100.885.
$112,000 Impt. No. 129 bonds. Denom. $1,000. Due yearly on June 20
as follows: $12,000 1920 and 1921, 31l,000 1922 to 1929 incl.
29,400 Impt. No. 128 bonds. Denom. 29 for $1,000 and 1 for $400.
Due yearly on June 20 as follows: $2,400 1920, $3,000 1921 to
1929 incl.
120,500 Impt. No. 123 bonds. Denom. 1 for $500 and 120 for $1,000.
Due yearly on June 20 as follows: $12,500 1920, $12,000 1921
to 1929 incl.
26,300 Impt. No. 127 bonds. Denom. 1 for $300 and 26 for $1,000.
Due yearly on June 20 as follows: $2,300 1920, $3,000 1921 to
1928 incl.
45,000 Impt. No. 133 bonds. Denom. $1,000. Due yearly on June 20
as follows: 85,000 1920 to 1924 incl. and $4,000 1925 to 1929 incl.
Other bidders were:
$112,000 $29,500 $120.500 $26,300 $45,000
Issue. Issue. Issue. Issue. Issue.
Prov.Say. Bk.& Tr. Co., Cin.$112,483 $29,585 $121,235 $26,374*$45,171
Tillotson & Wolcott, Cleve_ _ _ 112,823 29,627 121,385 26,469 45,303
Sidney Spitzer & Co., Toledo_ 112,504 29,543 121,059 26,408 45,180
112,672 29,581 121,247 26,434 45,252
Stacy & Braun, Toledo
A. T. Bell & Co., Hornblower
& Weeks, Graves, Blanchet
& Thornburgh, all of Toledo 112,585 29,356 121,138 26,424 x45,218
121,080
P. C. Hoehler & Co., Toledo
121,021
Spitzer, Rorick & Co., Toledo_
[VOL. 108.
21,000 Health Joint County Road bonds. Denom. $1,000. Due yearly
on Aug. 1 as follows:$2,000 1920 to 1928,icnlusive, and $3,000 1929
14,000 Dlerkson Joint County Road bonds. Denom. $1,000. Due
yearly on Aug. 1 as follows: $2,000 1920 and $3,000 1921 to 1924,
inclusive.
Date Aug. 1 1919. Semi-annual interest(F.& A.) payable at the County
Treasurer's office. A deposit of $100 in cash is required with each issue
bid upon. Blank bonds will be furnished by the County.
-On May 28 five Issues of road
-BOND SALE.
MICHIGAN (State of).
(assessment) bonds, aggregating $244,000, were awarded as follows:
$72,000 Hillsdale County Road Assessment District No. 54 bonds to Watling, Lerchen & Co.. Detroit, at 100.71, as 530. Due yearly
from 1921 to 1924, inclusive.
50,000 Iona and Kent Counties Road Assessment District No. 62 bonds to
Watling, Lerchen & Co., of Detroit, at 100.481 as 5ns. Due
yearly from 1921 to 1929, inclusive.
52,000 Lenawee County Road Assessment District No. 61 bonds to Watling, Lerchen & Co., at 100.78 as 530. Due yearly from 1921 to
1924, inclusive.
38,000 Lenawee County Road Assessment District No. 46 bonds to Watling, Lerchen & Co. at 100.65 as 530. Due yearly from 1921 to
1924, inclusive.
32,000 Sanilac & Lapeer Counties Road Assessment District No. 28
bonds to Paine, Webber & Co. of Chicago at 100.58 as 530. Due
yearly from 1921 to 1924, inclusive.
Denom. $500 and $1,000. Int. M. & N. Following is a list of biels
received:
Dist. No.28. Dist. No.46. Dist. No.81. Dist. No.54. Dist. No.62.
Ins. Bid. Int. Bid.. Int. Bid. Int. Bid. Int. Bid.
Paine,Webber&Co534 100.58 534 100.58 534 100.58 534 100.58 534 101.56
Terry,Briggs&Co.6% 101.071 6% 101.071 6% 101.071 6% 101.071 534 100.574
Geo. M. Ellis____534 100.05 534 100.05 534 100.05 534 100.05 534 100.025
Watling, Lerchen
& Co
534 100.45 534 100.65 534 100.78 534 100.71 534 100.481
534 100.104 534 100.31
Keane,Higbie Co_5% 100.109
101.037
A.T.Bell&Co___534 100.10 534 100.39 534 100.39 5% 100.39 534 100.694
53.4
Durfee, Niles&Co.
Prudden & Co
534 100.266 534 100.262 534 100.262 53.4 101.082
534 100.694
F.C.Hoehler&Co
Stacy & Braun___534 100.17 534 100.17 534 100.17 534 100.17 534 100.67
MIDDLESEX BOROUGH SCHOOL DISTRICT(P.O. Bound Brook)
-Proposals will be received
-BOND OFFERING.
Middlesex County, N. J.
until 8 p. m. June 25 by Wm. Love, District Clerk, for an issue of 5%
school bonds, not to exceed $35,000. Denom. $500. Date July 1 1919.
Int. J. & J. Due yearly on July 1 as follows: $1,500 1920 to 1942 inclusive
and $500 1943. Certified check on an incorporated bank or trust company
for 2% of amount of bonds bid for, payable to the above Clerk, required.
Purchaser to pay accrued interest.
-TEMPORARY
*Conditional bid. x All or none.
MIDDLESEX COUNTY (P. 0. Cambridge), Mass.
-On June 10 the temporary loan of $200,000, dated June 11 and
-On LOAN.
LUMPKIN COUNTY (P. 0. Dahlonega) Ga.-BOND SALE.
p 2358), was awarded to the Old Colony
-year road bonds were awarded to J. H. Hilsman maturing Nov. 12 1919 (V. 108, discount basis, plus a premium of $5.
May 31 the $80 000 5% 30
& Co.of Atlanta for $76,911 equal to 96.13. Denom.$500. Int.annually. Trust Co. of Boston on a 4.23%
-Reports state that
MINGO JUNCTION SCHOOL DISTRICT (P. 0. Mingo Junction),
LYTTON, Sac County, lowa.-BONDS VOTED.
-On June 9 Stacy & Braun, of
-BOND SALE.
Jefferson County, Ohio.
at a recent election $20,000 water-works bonds were voted.
school bonds offered
Toledo, were awarded at 107.379
-On on that date (V. 108, P. 2054)• the $60,000 534%
MACON COUNTY (P. 0. Macon), Mo.-BOND ELECTION.
July 8 $500,000 road-improvement bonds will be voted upon.
-BOND OFFERING.
MONMOUTH COUNTY (P. 0. Freehold), N. J.
MADERA HIGH SCHOOL DISTRICT (P. 0. Madera), Madera
Collector, will receive bids
-On June 3 it is stated that the Citizens -It is reported that 0. F. McDonald, County5
-BOND SALE.
County, Calif.
% 10 -6-year (average) hospital
until 10 a. m. June 18 for $85,000
National Bank of Los Angeles was awarded at 101.14, $75,000 5% school
bonds. Certified check for 2% required.
bonds.
-BOND OFFERING.
MONROE TOWNSHIP SCHOOL DISTRICT (P. 0. Lucas), RichMADISON COUNTY (P. 0. Anderson), Ind.
-On June 2 the Citizens National
-BOND SALE.
until 10 a. m. land County, Ohio.
S. L. Van Petten, County Treasurer, will receive proposals
June 16 for $5,300 43. % granel road improvement bonds. Denom. $265. Bank was awarded the $35,000 6 7 school bonds offered on that date
June 16 1919. Int. M. & N. Due $265 each six months from (V. 108, p. 2261) for $37,386 70 (106.819) and interest. Due $1,000
Date
May 15 1920 to Nov. 15 1929, inclusive. Blanks will be furnished,to yearly on March 15 from 1920 to 1929, inclusive; $1,000 yearly on Sept. 15
from 1920 to 1934, inclusive; and $2,000 yearly on March 15 from 1930 to
bidders by the County Treasurer. Purchaser to pay accrued interest.
-By a 1934, inclusive. Other bidders were: T. Bell & Co., Toledo__$36,950 90
-BONDS VOTED.
MALHEUR COUNTY (P. 0. Vale), Ore.
Otis & Co., Cleveland...._..$37,170 001A.
bonds Prudden & Co., Toledo___ 37,026 00 Durfee, Niles & Co., Tol_36,785 00
vote of 379 to 148 the question of issuing $230,000 road-construction
carried at an election held June 3, it is stated.
Seasongood & Mayer,Cin_ 36,990 00 Spitzer, Rorick & Co.. Tol. 36,777 75
-On June 9
-BOND SALE.
MANSFIELD, Richland County, Ohio.
-On May 29 the
-BOND SALE.
N. J.
MONTCLAIR,
-year serial bonds, 2 issues of 5% 5 Essex Count3r, temporary-improvement bonds
water-supply 5% 1-15
the $11,700 water-main and $15,000
-V. 108
-year coupon gold
dated Jun 1 1919 (V. 108, .p 2054), were awarded to the Mansfield Savings p. 2150
-were awarded to J. S. Rippel & Co. of Newark as follows:
Bank for $27,845 (104.288) and interest. Other bidders were:
offered) bonds at 102.093.
Citizens National Bank__ _$27,562 79 $199,000 ($203,000offered) bonds at 102.113.
Breed, Elliott & Harrison,
96,000 ($98,000
Cincinnati
$27,821 31 Graves,Blanchett&ThornDue June 1 1924.
27,507 75
burgh, Toledo
Seasongood & Mayer,an_ 27,814 00
-BOND OFFERING.
Bank &
MORGANTON, Burke County, No. Caro.
Richland Savings Bank_ __ 27,616 90 Provident Savings
Trust Co., Cincinnati._ 27,220 17 Sealed bids will be received until 8 p. m. June 16 by Mamie C. Collett,
Durfee, Niles & Co., Tol__ 27,604 00
-year (average) street, $15,000
Town Clerk, it is reported. for 450,000 12
-BOND OFFERING.
MARION COUNTY (P. 0. Marion), Ohio.
-22-year serial sewer 6% bonds. Inter-32-year serial water and $10,000 3
3
Proposals will be received until 12 m. June 25 by the Board of County est semi annual. Certified check for 2% required.
Commissioners for the following 5% coupon bonds, aggregating $66,750:
-An issue
-BONDS VOTED.
MORO COUNTY (P.O. Heppner), Ore.
$56,750 bridge bonds. Auth. Sec. 2434 and 2435, Gen. Code. Denom.
113 for $500 and 1 for $250. Date May 21 1919. Due $2,500 of $290,000 road bonds was•voted, it is stated, at an election held June 3.
each six months from Mar. 1 1920 to Mar. 1 192, incl.; $3,000
SCHOOL DISTRICT (P. 0. Mt.
MT. SELMAN INDEPENDENT
each six months from Sept. 1 1923 to Mar. 1 1929, Incl.. and $3,250 Selman), Cherokee County, Tex.
-The State of Texas
-BOND ,SALE.
Sept. 1 1929. Certified check for $500, payable to the Board of purchased at par and interest during the month of May $12,000 5% bonds.
County Commissioners, required.
NAPOLEON VILLAGE SCHOOL DISTRICT (P. 0. Napoleon),
10,000 fairground-impt. bonds. Auth. Sec. 9887-1, Gen. Code. Denom.
-At the election held June 10,
-BONDS VOTED.
$500. Date May 15 1919. Due $1,000 each six months from Henry County, Ohio.
Mar. 1 020 to Sept. 11924, incl. Certified check for $200, pay- it is stated, the proposition to issue the 4290,000 school tome bonds menCommissioners, required.
carried by a majority of 94.
able to the said Board of County
tioned in V. 108, p. 2358,
Principal and semi-ann. Int.(M.& S.) payable at the County Treasurer's
-An
-BOND ELECTION.
NEW HARTFORD, Oneida County, N. Y.
office. Bonds to be delivered and paid for at the County Commissioners' election will be held June 17, when, it is stated, the popole will vote on the
office. Purchaser to pay accrued interest.
question of issuing $45,000 paving bonds. Denom. $1,000. Duo $3,000
-TEMPORARY LOAN. yearly on Aug. 1 from 1921 to 1935, inclusive.
MARLBOROUGH, Middlesex County, Mass.
-Newspapers report that a temporary loan of $30,000, dated June 13 1919
(P. 0. Newman), Douglas County, Ill.
NEWMAN
andimaturing April 20 1920, has been awarded to Blake Bros. & Co. of BOND SALE.TOWNSHIP & Sons Co. of Chicago have purchased $15,000
-1I. C. Speer
Boston on a 4.30% discount basis plus a premium of $1.50.
5% tax-free coupon bonds. Denom. $500. Date June 11919. Prin. and
MARTINSBURG SCHOOL DISTRICT (P. 0. Martinsburg), Berke- semi-ann. int. (J. & D.) payable at the First National Bank of Chicago.
-Sealed bids will be received Due $1,500 yearly on June 1 from 1920 to 1929. incl.
ley County, W. Va.-BOND OFFERING.
Financial Statement.
until 7:30 p. m. June 23, it is stated, by M. G. Tabler, President Board of
$3,262,755
Education, for $75,000 5% 10-34-year (opt.) school bonds. Interest semi- Value of taxable property
1,087,585
Assessed valuation 1918
annual. Certified check for 5% required.
17,069
Bonded debt, including this issue
rig MASSAC COUNTY SCHOOL DISTRICT NO.38(P.O. Brookport), Population 1910 (U. S. Census), 2,004.
issue of $12,700 6% coupon school bonds has been
-An
-BOND SALE.
111.
-BONDS VOTED.-Tho "DenNEW RAYMER, Weld County, Colo.
purchased by 11. C. Speers & Sons Co. of Chicago. Denoms. $100, $500
and $1,000. Date June 11919. Prin. and semi-ann. int. (J. & J.) payable ver Post" states that this town has voted a $20,000 bond issue for water
Chicago. Due yearly on July 1 as follows: works.
at the First National Bank of
$700 1925, $1,000 1926 to 1937, incl.
-A
NEWTON, Middlesex County Mass.-TEMPORARY LOAN.
Financial Statement.
loan of $100,000, dated June 1 and maturing Nov. 8 1919, has
$766,503 temporary
Value of taxable property
been awarded, it is stated, to the Newton Trust Co. on a 4.18% discount
255,501 basis.
Assessed valuation, 1918
12,700
Bonded debt, this issue only
-BOND ELECTION.
NEZ PERCE COUNTY (P.0. Lewiston), Ida.
Population, 2,000.
An election will be held in Rimrock Road District June 20 to vote on the
-An issue question of issuing 350,000 highway bonds.
-BONDS VOTED.
MEIGS COUNTY(P.O.Pomeroy), Ohio.
of $100,000 road bonds was voted in Butler District at a special election
NILES SCHOOL DISTRICT (P.O. Niles), Trumbull County, Ohio.
held May 28, It is reported. There were 189 votes cast for the issue and
-0. M. Kirkbride, Clerk Board of Education, will
-BOND OFFERING.
only 6 against.
receive bids until 2 p. m. June 25 for $33,000 5% school-erection bonds.
-BOND
MENDOTA SCHOOL DISTRICT, Fresno County, Calif.
$500. Date July 1 1919. Interest semi-annual. Due $3,000
bonds offered Denom. Oct. 1 from 1923 to 1933, inclusive. Principal payable at the
-We are informed that the $24,500 6% gold school
SALE.
yearly on
on June 3-V. 108, p. 2261-have been sold.
City Treasurer's office. Certified check for $200, payable to tho Treasurer
-The $25,000 of the Board of Education, required. Bonds to be delivered and paid for
MENNO,Hutchinson County,So. Dak.-BOND SALE.
water-works bonds voted during February (V. 108, p. 597) have been within ten days from date of award. Purchaser to pay accrued interest.
awarded, it is stated, to J. H. and Jacob Mettler.
NOBLE TOWNSHIP (P. 0. St. Paul), Shelby County, Ind.-1VAR-Proposals will be received until 1 p. m. June 28 by
- RANT OFFERING.
-BOND OFFERING.
MERCER COUNTY (P. 0. Celina), Ohio.
6%, warrants. Denom.
will be received until 10 a. m. June 28 by E. G. Ungerer, County Ira W.Martin, Township Trustee,for $6,000on July 1 and Dec. 31 in$600.
Proposals
oacn
Date July 11919. Int. J. & D. Due $600
Auditor, for the following 5% coupon road bonds, aggregating $74,000:
$12,500 Menden South Road bonds. Denom. $500. Duo yearly on of the years from 1920 to 1924, inclusive.
to 1927, Inclusive.
Aug. 1 as follows: $1,000 1920, $1,500 1921
NORTH DAKOTA,State.of.-BANK BONDS DECLARED LEGAL.
9,000 Mersman Road bonds. Denom. $500. Due $1,000 yearly on See item on a preceding page of this Department.
Aug. 1 from 1920 to 1928, inclusive.
NORTH SACRAMENTO SCHOOL DISTRICT (P. 0. North Sacra5,000 Desch Road bonds. Denom. $500. Due $500 yearly on Aug. 1
-BOND SALE.-Tho National
mento), Sacramento County, Calif.
from 1920 to 1929, inclusive.
9,500 Broad Road bonds. Denom. $500. Due yearly on Aug. 1 as City Co., offering 105.57, was awarded, according to reports, an issue of
aist
bonds offered on June 3.
$20,000 5% school
follows: $1,000 1920 to 1928, inclusive, and $500 1929..
JUNE 14 1919.1
THE CHRONICLE
2457
-On June 11 the
-BOND SALE.
RAVENA, Albany County, N. Y.
108, p. 2359) were
1919
$8,000 5% 1-8-year serial bonds, dated Aug. 1 York (V.100.'79375. Hornat
B. Gibbons & Co. of New
awarded to Geo.
of New York, were the only
blower & Weeks and H.A. Kahler & Co., both
other brokers to submit bids.
-On June 4 the $100.-BOND SALE.
READING, Berk* County, Pa.
p.
-V.
street-impt. bonds
000 4;•6% tax-free coupon and registered& Co. of Philadelphia at108,
101.03
-were awarded ti Graham, Parsons
1959
Due July 1 1929. Other bidders were: Phila.$100,573 00
and interest.
A.B. Leach & Co.,
American Casualty Co.,
50
$100,800 00 E.H.Rollins&Sons,Bost. 100,412 00
Reading
100,760 00 Penna. Tr. Co., Reading 100,269 00
Frazier & Co., Phila.__
Martin & Co., Phila_ _ _ _ 100,635 26 National City Co., Phila. 100,209
RIDGEFIELD TOWNSHIP (P. 0. Monroeville), Huron County,
-On May 22 the following 5% road bonds, aggre-BOND SALE.
Ohio.
-were awarded to the Huron County
l 0
.
fatIv 9,950-V. 108, ID. 2055
Co. at par and interest:
Due $400
$400 and
bonds. Denom. 1 forfrom Oct.9 for $500.Oct. 1 1924.April 1 1920,
'$4,900 t
1 1920 to
$500 each six months
OKLAHOMA CITY SCHOOL DISTRICT (P. 0. Oklahoma City),
1,500 bonds. Denom. $500. Duo $500 each six months from April 1
-Proposals will be received until 1 p. m.
-BOND OFFERING.
Okla.
1924 to April 11925, incl.
and
June 20 by G. 0. Woodworth, President of Board of Education, for $406,1,100 bonds. Denom. 2 for $500 and 1 for $100. Due $500 April 1
of $1,000,0
57_ school-building bonds, being part of an authorized issue New York
Oct. 1 1925, $100 April 11926.
000
Prin. and semi-ann. int. payable in
and 4 for $500. Due $450 Oct. 1 1926.
2,450 bonds. Denom. 1 for $450
000. Denom. $1,000.
of
City, N. Y. Certified check for 2% required. The approving opinion to
$500 each six months from April 1 1927 to Oct. 11928, incl.
W. L. Slayton & Co., the only other bidder, offered to pay par.
the Attorney-General and John C. Thomson of N. Y. will be furnished
the purchaser.
-BONDS
County, Ohio.
ROSEDALE SCHOOL DISTRICT, Union a proposition to issue $20,-L.F.Branum. DEFEATED.
-BOND OFFERING.
-According to newspaper reports
ORANGE,Orange County,Tex.
-40
City Secretary, will receive bids until June 17 for the $150,000 5% 20 - 000 school bonds was defeated by a vote of 68 to 46 at a recent election.
year (opt.) wharf and dock bonds recently voted (V. 108, P. 1313). InterROSE HILL SCHOOL DISTRICT (P.0. Rose Hill), Butler County,
est semi-annual.
-Newspapers state that at a recent election $16,Kan.
-BONDS VOTED.
-The Bankers Trust Co., the 000 school bonds were voted.
-BOND SALE.
OREGON (State of).
Trust Co. and Carstens & Earles, Inc.. bidding jointly, were
Northern
-Borough
-BOND OFFERING.
RUMSON, Monmouth County, N. J.
1-16-year (average)
awarded at 94.26(a 4.53% basis), the $1,000,000 4% 1510(V. 108,P.2159) Clerk Daniel A. Naughton will receive proposals until 5 p. in. June 28, it is
•
State highway bonds dated June 1 1919,offered on June
stated, for $100,000 5% 7%-year (average) street bonds. Certified check
(P. 0.
ORLAND CONSOLIDATED SCHOOL DISTRICT NO. 1 27 the for 2% required.
-On May
Madison), Lake County, So. Dak.-BOND SALE.
ST. LOUIS CITY SCHOOL DISTRICT (P. 0. St. Louis), Mo.$59,000 5 % schoolWells-Dickey Co., of Minneapolis, was awarded Denom. $1,000. Date BOND SALE.
-A syndicate composed of A. B. Leach & Co., the Harris
building bonds for $61,842, equal to 104.816. 1 as follows: $1,000 1925 Trust & Savings Bank, &ix &Co., andthe Stlfel-Nicolaus Investment Cos.,
-year schoo
May 11919. Int. M.& N. Due yearly on May
to 1934, bidding 93.76, was awarded, it is stated, the $1,410.000 4% 20
to 1928, inclusive, $2,000 1929 to 1931, inclusive, $3,000 1932
bonds dated Juyl 1 1919, offered on June 11 (V. 108, p. 2160)•
inclusive, $4,000 1935 to 1938, inclusive, and $24,000 1939.
-Sealed
-BOND OFFERING.
SALEM, Columbiana County, Ohio.
ORMSBY COUNTY(P.O. Carson City), Nev.-BOND OFFERING.
Commis- bids will be received until 12 in. July 7 by J. S. McNutt, City Auditor,for
Bids will be received, it is stated, until June 21 by the County
the following bonds, aggregating $40,740:
memorial bonds.
sioners for $17,500
Denom. 41 for $500 and 1 for $240. Date
-BOND SALE. $20.740 5% refunding bonds. yearly on Mar. 15 as follows: $4,740 1930;
May 15 1919. Due
PALETO SCHOOL DISTRICT, Kern County, Calif.
2(V. 108,
$5,000 1931 to 1933, incl.; $1,000 1934.
-The $20,000 6% 1-20-year serial school bonds offered on June 108, it is
at
-V. 107, P. 1305. Denom. $1,000.
20,000 53-i% water-works bonds
p. 2055) were awarded to F. M.Brown & Co. of San Francisco
Date Dec. 11918. Due yearly on Dec. 1 beginning 1921. •
stated.
Int. semi-ann. Certified check for 2% of amount-of bonds bid for, pay-At an elec-BONDS VOTED.
PARSONS, Decatur County, Tenn.
of 448 votes. able to the City Treasurer, required. Bonds to be delivered and paid for
tion held May 31 $125,000 road bonds were voted by a majority
date of award. Purchaser to pay accrued interest.
-The Board within 10 days from
-BOND OFFERING.
PATERSON, Passaic County, N. J. in. June 19 for an issue of 434%
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
until 4 p.
of Finance will receive proposals
-Proposals will be
-BOND OFFERING.
bonds not to Antonio), Bexar County, Tex.
coupon (with privilege of registration) gold sewer funding
July 1 by the Business Manager of the Board of Education,
for $820 12. Date
exceed $394,820 12. Denom. 394 for $1,000 and 1 Nat. Bank of N. Y. received until 5% 1-40-year serial school-building bonds authorized by a
for the $250,000
payable at the Hanover
Jan. 1 1919. Prin. and int.
election held May 27-V. 108, p. 2160. Denom.
Due yearly on Jan. 1 vote of
or at the City Treasurer's office, at holder's option. to 1958 incl. and $9,- $1,000. 555 to 214 at the
as follows: $9,000 1920 to 1924 incl., $10,000 1925 or trust Co. for 2%
an incorporated bank
SANDPOINT SCHOOL DISTRICT (P. 0. Sandpoint) Bonner
820 12 1959. Cert. check on
"City of Paterson, required.
-It is stated that an issue of $40,000 6%
-BOND SALE.
of amount of bonds bid for, payable to the the opinion of Hawkins, Dela- County Idaho.
bidder will be furnished with
The successful
obligations school bonds has been disposed of.
field dr Longfellow of N. Y. that the bonds are binding and legal supervision
-The $150,000 cerprepared under the
SCHENECTADY, N. -CERTIFICATE SALE.
of the city of Paterson. The bonds will be -N. Y. City, which will certify tificates of indebtedness, Y.
dated June 11 1919 and maturing Jan. 2 1920,
of the United States Mtge. & Trust Co. of the city officials and the sea
were awarded to R. W. Pressprich &
offered on June 10 (V. 108, p. 2359),
as to the genuineness of the signatures of
Co. of New York on a 4.41% interest basis.
impressed thereon.
-Proposals will be
-BOND OFFERING.
SCOTIA SCHOOL DISTRICT(P.O. Scotia), Greeley County, Neb.
PENNSYLVANIA (State of).
Snyder, Auditor-General, for -BONDS VOTED.
-It is reported that $56,000 school building bonds
received until 12 m. June 23 by Chas. A.
$12,000,000 4%% tax-free coupon and registered road-impt. bonds of the were authorized by a vote of 127 to 27 at a recent election.
-V. 108, p. 1533.
issue authorized by the State Legislature
850,000,000
-40
-The $85000 10 SEWARD,Seward County, Neb.-BOND SALE.
1)enom.: Registered bonds in sums of $1,000, $5,000 $10,000, $25,000, year (opt.) water bonds at not exceeding 6% interest, recently voted
$50,000 and $100,000; coupon bonds, 111,000. Date July 1 1919. Prin. V. 108, p. 2262
-have been sold. Date June 11919. Prin. an ann. int.
& J.) payable at the Philadelphia National Bank of
and semi-ann. int. (J.
at the office of the County Treasurer.
Philadelphia, where the bonds will also be delivered and paid for on or before payable
-At an election
-BONDS VOTED.
g p. in. July 1 1919. (Negotiable interim certificates will be issued, if
SIDNEY, Delaware County, N. Y.
-24-year serial street-improvedesired, pending the engraving of definitive certificates,and may be obtained held June 10 a proposition to issue $12,600 5
235 to 26.
at the above-named bank.) Duo $2,000,000 on July 1 in each of the fol- ment bonds, at not to exceed 5% interest, carried by a vote of
-By a vote
lowing years: 1924 1929, 1934, 1939, 1944 and 1949. Certified check or
SIKESTON Scott County Mo.-BONDS VOTED. on June 3.of 137
2% of amount of bonds bid for, payable to the
certificate of deposit for
to 130 390,000 5% electric-light-plant bonds were voted
"Commonwealth of Pennsylvania," required.
0.
SMITHFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. the
-The voters
PETTIS COUNTY(P.O.Sedalia), Mo.-BONDS VOTED.
-On May 31
-BOND SALE.
-authorized the issuance of Smithfield), Jeffersorx County, Ohio.
at the election held June 3-V. 108, p. 1959
June 1
6% 1-12-year serial coupon school bonds dated $12,550 1919-V.
$12,000
$500,000 5% road bonds by a vote of 3,763 to 681.
(104.583)
-were awarded to Otis & Co.of Cleveland for
188, p. 2160
-BOND and interest.
PIERCE COUNTY SCHOOL DISTRICT NO. 19, Wash.
-Proposals will be received until 10 a. in. June 21, it is reOFFERING.
-BOND OFFERING.
SOUTH EUCLID Cuyahoga County Ohio.
ported, by Wm. Turner, County Treasurer (P. 0. Tacoma), for $4,000 Proposals will be received until 12 m. July 8 by Paul H. Prasse, Village
-year (opt.) school bonds at not exceeding 6% interest. Denom. $100 Clerk, for $13,948 534% coupon Special Assessment Green Road impt.
20
or any multiple thereof not to exceed $1,000. Int. semi-ann.
bonds. Auth. Sec. 3914, Gen. Code. Denom. 1 for $448 and 27 for $500.
-An Date day of sale. Prin, and semi-ann. int.(A.& 0.) payable at the Village
-BONDS VOTED.
PITT COUNTY (P. 0. Greenville), N. C.
follows: $998 1920, 31,500
ort Oct. 1
$500,000 5% 40-yr. coupon bridge bonds was voted at a recent Treasurer's office. Due yearly $1,500 1926as 1929, incl. Certified check
issue of
to
1921 to 1924, incl.; $1,000 1925;
election. Bonded debt Ma' 1 1919 (incl. this issue), $825,000.
making the bid, for 10% of amount of
other than the one
-0. T. on some bank payable to the Village Treasurer, required.. Bonds to be
-BOND ELECTION.
PITTSBURG, Crawford County, Kan.
bonds bid for,
Jones, Mayor, will call an election at once to vote upon an issue of $275,000 delivered and paid for within 10 days from date of award. Purchaser to
bonds.
high-school
pay accrued interest.
-BONDS VOTED.-Tho "OroPOLK COUNTY (P. 0. Dallas), Ore.
SOUTH PASADENA SCHOOL DISTRICT (P. 0. South Pasadena),
-The question of is-BOND ELECTION.
gonian" states that the $265,000 road bonds mentioned in V. 108, P. 1745, Los Angeles County, Calif.
on Juno 3.
were voted
suing $275,000 school-site purchase bonds will be submitted to the votecs
-It is re- on June 20, it is stated.
OFFERING.
Oakland County, Mich.
-BOND
PONTIAC,
ported that O. W. Horn, City Clerk, will receive proposals until 1:30 P. in.
SPALDING COUNTY (P. 0. Griffin) Ga.-BONDS NOT SOLD.
-21-year serial school bonds at not to exceed 5%• No sale was made of the $350,000 5% road bonds offered on June 3.June 16 for $200,000 2
Cert. check for $10,000 required.
V. 108, p. 2160.
19(P.O.
PONTIAC SCHOOL DISTRICT (P. 0. Pontiac), Oakland County,
SPOKANE COUNTY SCH. DIS. NO. until 11 a.Spokane), Wash.R.
m. June 21 by E.
-The $1,000,000 15
-year school bonds offered on
-BOND SALE.
-Bids will be received
Mich.
OFFERING.
2261), were awarded, it is stated, to the Detroit Trust BOND County Treasurer, for $3,300 3
-year school bonds. Denom. $300.
June 3 (V. 108, P.
Ennis,
Co. of Detroit and the Harris Trust & Savings Bank of Chicago, jointly, at Date July 11919. Prin. and int. payable at office of County Treas. Bid%
101.0725 for 43 s.
ders to specify rate of interest and price at which they are willing to pur-It is re- chase said bonds. Cert. check for $100, payable to the County Treas., re-BOND SALE.
PORTLAND, Middlesex County, Conn.
accrued interest.
% tax-free refunding bonds have been purchased quired. Bids must be unconditional. Purchaser to pay
ported that $18,000
,
by a local bank. Date July 1 1919. Interest semi-annual. Due $6,000
SPRINGDALE LIGHT AND WATER DISTRICT(P.O. Springdale)
-The "Little Rock Democrat"
SALE.
1 from 1920 to 1922, inclusive.
-BOND
yearly on July
Washington County, Ark.
-Proposals will be received until 3 p. in. June 25 of June 4-states that M. W.Elkins, of Sheridan, purchased $150,000 bonds.
BOND OFFERING.
A
-By a consider-BONDS VOTED.
by Geo. K. Payne. First Selectman, for $42,000 4Y% tax-free refunding
STAMFORD, Jones County, Tex.
on
bonds. Date July 1 1919. Interest semi-annual. Duo $6,000 yearly 1), able majority the issuance of $20,000 street-improvement bonds carried,
from 1923 to 1929, inclusive. Bonded debt (will be on July
July 1
according to reports, at an election held May 20.
Floating debt, $42,100.
$180,000.
-On June 3
-BOND SALE.
STEUBEN COUNTY(P.O. Angola), Ind.
PORT OF PORTLAND (P. 0. Portland), Multnomah County, Ore. the $7,830
-V. 108, p. 2056
% highway bonds offered on that date
-The issuance of $1,000,000 water-transportation bonds
-BONDS VOTED.
and accrued
were awarded to the First National Bank of Angola at par 1929, incl. int.
according to reports, on June 3.-V. 108, p. 2262.
carried,
Due $391 each six months from May 15 1920 to Nov. 15
-BOND
PORT OF TACOMA (P.O. Tacoma), Pierce County, Wash.
Union County, Ky.
STURGIS SCHOOL DISTRICT (P.O. Sturgis),authorized, according
-It is stated that Chester Thorne, Chairman of the Port
OFFERING.
-At a recent election the voters
Commissioners, will receive bids until 2 p. m. June 20 for $1,500,000 impt. -BONDS VOTED.
bonds.
5% interest. Int. semi-ann. Cert. check for to reports, the issuance of $30,000 high-school
bonds at not exceeding
-BOND OFFERING.
SUMMIT COUNTY (P. 0. Akron) Ohio.by the Board of County
1% required.
will be received until 11 a. m. June 20
POST INDEPENDENT SCHOOL DISTRICT (P. 0. Post), Garza Proposals rs for $555.000 5% Akron-Cleveland road-impt. (assessment)
-BOND SALE.
-During the month of May the State of Commissione Sec. 1223, Gen Code Denom $1,000 Date July 1 1919
County, Tex.
bonds. Auth.
Texas purchased at par and interest $7,000 5% school bonds.
and semi-ann int (A.& 0.) payable at the County Treasurer's office.
-Proposals Prin yearly on April 1 as follows: $40,000 1920, $45,000 1921,$50,000 1922
County, So. Dak.-BOND OFFERING.
PUKWANA,Brule
Due
will be received until June lt by the Town Clerk for $12,000 5_% electric- and 1923, $57,000 1924 and 1925, 360,000 1926, $65,000 1927 and 1928.
light bonds authorized by a vote of 62 to 5 at a recent election. Due $2,000 $66,000 1929. Certified check on a solvent bank for 5% of amount of bid,
sig
yearly, subject to call at any time.
payable to the Board of County Commissioners, required.
-BOND SALE.
RAISIN SCHOOL DISTRICT, Merced County, Calif.
-BONDS NOT SOLD.
SURRY COUNTY(P.O. Dobson), No. Caro.
-An issue of $6,000 6% tax-free cou_pon school-building bonds, offered No sale was made of the $500,000 5% 30
-year road bonds offered on June 3.
June 3, have been reported as sold. Denom. $600. Date June 15 1919. -V. 108, p. 1850.
Int. J. & D., payable at Merced.
-BOND OFFERING.
NORTH TONAWANDA,Niagara County, N. Y. receive bids
will
-According to reports, City Clerk II. C. Goltzrate changed from until
4%)
for the $80,000 4z%% (interest
8 P. m. June 23
17
water-works improvement bonds offered without1success on Marchand
1917. Principal
July
108, p. 1196). Denom. $1,000. Date Chase National Bank, N. Y.
(V.
& J.) payable at the
semi-annual interest (J.
check
Due $5,000 yearly on July 1 from 1919 to 1934, inclusive. Certified
for $1.000, payable to the City Treasurer, required.
OKEECHOBEE COUNTY (P. 0. Okeechobee) Fla.-BOND OFFER-Sealed bids will be received on or before June 22 (to be opened
ING.
Chairman of Board of County Com10 a. in. June 23) by D. E. Austin, bonds. Denom. $1,000. Prin. and
missioners, for $300,000 6% road
Exchange
semi-ann. int. payable at the Bank of Okeechobee and Americanfrom 1925
National Bank, N. Y., at option of holders. Duo $6.000 yearly to above
incl. Certified check for the full amount of bid, payable by the
to 1944,
Chairman, required. The purchasers will bid on blanks furnished bond
reliable
county and said county will also furnish the opinion of a day of sale.
attorney of national reputation. The bonds will be delivered
Z458
THE CHRONICLE
SUTTON COUNTY (P. 0. Sonora), Tex.
-BONDS VOTED.
-At the
election held May 24 the voters overwhelmingly favored the issuance of the
$300,000 road bonds mentioned in V. 108, p. 1960.
SWIFT COUNTY (P. 0. Benson), Minn.
-BOND SALE.
-The Swift
County Bank of Benson, bidding for 5s, and to pay 5% on daily balances,
was awarded the $120,000 5 -year (opt.) Federal road bonds offered on
-10
June 3-V.108, p. 2262. Denom.$1,000. Date July 1 1919. Int. J. & J.
SYCAMORE RURAL SCHOOL DISTRICT (I'. 0.Sycamore) Wynndot County Ohio.
-BOND OFFERING.
-S.F. Downey, Clerk of Board of
Education, will receive bids until 1 p. m. July 2 for $33,000 534% coupon
school-house bonds. Auth. Secs. 7625 to 7628, Gen. Code. Denom.$825.
Date July 2 1919. Prin. and semi-ann. int. payable at the First National
Bank of Sycamore. Due $825 each six months from Jan. 2 1920 to July 2
1939, incl. Certified check on some solvent bank in Wyandot County for
5% of amount of bonds bid for, payable to the above Clerk, required.
Purchaser to pay accrued interest.
TABLE ROCK, Pawnee County Nab.
-BOND OFFERING.
-Proposals will be received until 8:30 p. m.June 20 by J. T. Hajny, Village Clerk,
for $22,500 6% 5 -year (opt.) water bonds. Denom. $500. Date
-20
July 1 1919. Int. semi-ann.
TARRANT COUNTY (P. 0. Fort Worth), Tex.
-BOND ELECTION.
-An election will be held June 18 to vote on the question of issuing $3,450,000 road bonds.
TEHAMA COUNTY (P. 0. Red Bluff), Calif.
-BOND ELECTION.
An election will be held about July 1 to vote on the question of issuing
$800,000 court
-house, road and bridge bonds.
TEXAS.
-BONDS REGISTERED.
-The State Comptroller has registered the following 5% bonds:
Amount.
Place and Purpose of Issue.
Due. Date Reg.
$2,890._Bowie County Corn. Sch. Dist. No. 3
10-20-years May 5
2,400_ _Bowie County Common Sch. Dist. No. 49.._ 10 -years May5
-20
3,000 Lamar County Common Sch. Dist. No. 21_ 10
-20-years May 5
2,000__Panola County Common Sch. Dist. No. 28_ 10-20
-years May 5
1,000_ _Winnsboro Independent School Dist
10 -years May 5
-20
2,000 Coleman Co. C. S. D.No.65_ __ ___ 10-20 years
May 12
2,000 Shelby Co. C. S. D.No.49_____
2-20 years
May 5
400 Upshur Co.0. S. D. No.30_
20 years
May 5
BOND SALE.
-The following 5% bonds were purchased at par and interest by the State Board of Education for the Permanent School Fund:
Common County School District.
DistrictAmount. DistrictAmount.
Brown No. 3
$2,980 Lamar No. 21
$3,000
Brown No. 49
2,400 Panola No. 28
2,000
Coleman No. 65
2,000 Shelby No. 49
1,400
Hill No. 124
3,500 Upshur No.30
400
THORNWELL DRAINAGE DISTRICT NO. 1 (P. 0. Lake Arthur),
Jefferson Davis Parish, La.
-BOND OFFERING.
-Proposals will be received until 10 a. m. June 21 by E. A. Lyons, President, for two issues of
5% bonds, aggregating $36,000. Int. semi-annual.
TILLAMOOK COUNTY (P.O. Tillamook), Ore.
-BONDS VOTED.
By a vote of 1,768 to 266 the question of issuing $430.000 road bonds carried,
itils stated, at a recent election.
IF TROUP COUNTY (P.O. La Grange), Ga.-BONDS VOTED.
-At the
election held May 27 (V. 108, p. 1850) the proposition to issue $500,000
5% road bonds carried by a vote of 1938 to 68.
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING.
According to reports, M. H. Evans Clerk Board of County Commissioners, will receive bids until 12 m. June 16 for $71,000 5% 5
-year (aver.)
road bonds. Cert. check for $500 required.
TUTWILER Tallahatchie County Miss.
-BONDS VOTED.
-By a
vote of 47 to 6 830,000 school bonds were authorized at election held June 2.
TYLER COUNTY (P. 0. Woodville), Tex.
-BOND OFFERING.
Sealed bids will be received until 10 a. m.June 20 by W.A.Johnson, County
Judge, for the $800,000 5347 coupon or registered road and bridge bonds
0
recently voted. V. 108, p. 1960. Denom. $1,000. Date June,20 1919.
Int. semi-ann. Cert. check for 1%, payable to the above County Judge,
required.
UNION COUNTY (P. 0. Monroe), N. C.
-BONDS VOTED.
-The
question of issuing $500,000 road and bridge bonds carried at a recent
election.
UNION SCHOOL CITY (P. 0. Union City), Randolph County,
Ind.
-BOND SALE.
-On June 6 the $22,000 57 12
0 -21-year serial school
bonds dated June 6 1919 (V. 108, p. 2160) were.awarded to Breed. Elliott
& Harrison of Indianapolis for 322,250 (101.024) and interest. Other bidders, both of Indianapolis, were:
Meyer-Kiser State Bank__ _322,176 J. F. Wild & Co
22.020
VAN WERT COUNTY (P.O. Van Wert), Ohio.
-BOND OFFERING.
-Nolan E. Stuckey Clerk Board of County Commissioners will receive
bids until 12 m. June 28 for $20,383 07 57 coupon road impt. (county's
0
portion) bonds. Auth. Sec. 6929 Gen. Code. Denom. 1 for $383 07
and 40 for $500. Prin. and semi-ann. int.(M.& S.) payable.at the office
of the County Treasurer. Due $1,383 07 Mar. 4 1920 31000 each six
months from Sept. 1 1920 to Sept. 1 1928 incl. and 32.000 Mar. 1 1929.
Cert. check on some solvent bank in Ohio for 5% of amount of bonds bid
for payable to the Board of County Commissioners, required. Purchaser
to pay accured interest.
VERMILION, Clay County, So. Dak.-BOND SALE.
-On June 2 the
$60,000 5% 5 -year (opt.) electric light bonds (V. 108, p. 2056) were
-20
awarded to C. E. Prentis of Vermilion for 360,100, equal to 100.166.
Denom. $1,000. Date June 11919. Int. J. & D.
VOLUSIA COUNTY (P. 0. De Land), Fla.
-WARRANT OFFERING.
-Proposals will be received until 2 p: m. July 10 by C. R. M. Sheppard,
Secretary of the Board of Public Instruction, for $60,000 school time warrants. Bids are requested for warrants bearing 5, 534 or 6% interest
Denom. $500. Date July 11919. Int. semi-ann. Due $5,000 yearly on
bi3ginning July 1 1920. Cert. check on some State or national bank for $600,
payable to the Board of Public Instruction, required. Purchaser to pay
the_cost of printing warrants.
WALLOWA COUNTY (P. 0. Enterprise)". Ore.
-BONDS VOTED.
On June 3 3300,000 road bonds were voted, it is statec:
WASHINGTON TOWNSHIP (P. 0. Lindsey), Sandusky County,
Ohio.
-BONDS NOT SOLD.
-No bids were received for the $12,000 534%
1-12-year serial coupon construction and repair bonds offered on June 1.
(V. 108, p. 2263). The Clerk advises us that the township will try to dispose of the bonds at a private sale.
WATERBURY New Haven County Conn.
-BOND SALE.
-On
June 9 the following 6 issues of 434% coupon (with privilege of registration)
bonds, aggregating $1,500,000-V. 108, p. 2263
-were awarded to the
National City Co. of New York at 100.13 and interest:
$500,000 street-impt. bonds. Due yearly on July 1 as follows: $35,000
1920 to 1933, incl. and $10 000 1934.
400 000 high-school bonds. Due $20 000 yearly on July 1 from 1921 to
1940 incl.
200 000 fire-department bonds. Due $10 000 yearly on July 1 from 1920
to 1939, incl.
200,000 water bonds. Due $10,000 yearly on July 1 from 1920 to 1939,
incl.
100,000 comfort-station and garage bonds. Due $5,000 yearly on July 1
from 1920 to 1939, incl.
100,000 school bonds. Due yearly on July 1 as follows: $8,000 1921 to
1932, incl., and 34 000 1933.
WATERTOWN, Middlesex County, Mass.
-LOAN OFFERING.
-The
City Treasurer will receive bids until 3:30 p. m. June 19, it is stated, for a
temporary loan of $100,000 maturing $50,000 Dec. 22 1919 and $50,000
Apr. 16 1920.
WEBSTER COUNTY (P. 0. Walthall), Miss.
-BOND SALE.
-An
issue of $250,000 road bonds recently voted has been sold, we are advised.
"
WELLSTO N, Jackson County, Ohio.
-BONDS NOT SOLD.
-TO BE
DISPOSED OF AT PRIVATE SALE.
-No bids were received for the
-10-year serial water bonds dated Jan. 11919, offered on June 4
34,500 5% 2
(V. 108. p. 1961). City Auditor H. W. Harrison advises us that the city
will endeavor to sell the bonds privately.
[VOL. 108.
WEST ALLIS, Milwaukee County, Wisc.-BOND OFFERING.
Sealed bids will be received until 2 p. m. June 21 by M. C. Henika, City
Clerk, for $30,000 5% storm-sewer bonds. Due $2,000 yearly from 1920
to 1934incl.
WESTERLY, Washington County, R. I.
-TEMPORARY LOAN.
-A
temporary loan of $100,000 dated June 9 and maturing Nov. 10 1919 has
ben awarded to S. N. Bond & Co. of Boston, it is stated, on a 4.35% discount basis plus a premium of 35 25.
WHEATLAND, Mercer County, Pa.
-On June 6 the
-BOND SALE.
$25,000 street bonds offered on that date (V. 108, p. 2263) were awarded
to Lyon, Singer & Co. of Pittsburgh at 101.57 and int. Due $5,000 1925
$4,000 1929. $7,000 1934 and $9,000 1939.
WHITE FISH BAY, Milwaukee County, Wisc.-BONDS VOTED.
Newspaper reports state the voters authorized the issuance of $20,000 public impt. bonds at a recent election.
WHITEHOUSE VILLAGE SCHOOL DISTRICT(P.O. Whitehouse)
Lucas County Ohio.
-BOND OFFERING.
-Clara B. Garber Clerk of
Board of Education will receive proposals until 12 m. June 26 for $4,000
5% school-house-equipment bonds. Auth. Secs. 7625 7629 7630 5649-5
and 5649-5a, Gen. Code. Date June 15 1919. Prin. and semi-ann. int.
payable at the office of the Treasurer of the Board of Education. Due
$2,000 on March 15 in 1946 and 1947. Certified check (or cash) on a
Toledo bank for $400 required. Bonds to be delivered and paid for at the
Ohio Savings Bank & Trust Co., Toledo, on June 27. Purchaser to pay
accrued interest.
WHITMAN, Plymouth County, Mass.
-TEMPORARY LOAN.
-On
June 9 S. N. Bond & Co. of Boston were awarded on a 4.35% discount
basis plus a premium of $1 25 the temporary loan of $30,000 dated June 10
and maturing Dec. 1 1919, offered on that date. V. 108, p. 2361.
WICHITA COUNTY (P. 0. Wichita Falls), Tex.
-BONDS VOTED.
-The $1,500,000 road bonds mentioned in V. 108, p. 2161, were voted,
according to reports, at a recent election.
WINNSBORO INDEPENDENT SHOOL DISTRICT (P. 0. Winnsboro), Wood County,Tex.
-BOND SALE.
-This district sold to the State
of Texas during May an issue of $12,500 5% bonds at par and interest.
WINTER PARK Orange County Fla.
-BOND SALE.
-The $30,000
-20
6% 5 -year serial coupon paving and drainage bonds dated July 1 1919
offered on June 2-V. 108, p. 2161-were awarded on that day to A. T.
Bell & Co. of Toledo at 102.5551 and interest.
WINTON GRADED SCHOOL DISTRICT (P. 0. Winton), Hertford County, N. C.
-BOND OFFERING.
-Bids will be received until
June 16 by J. D. Beale, Sec'y, for $25,000 67 coupon school-bldg. bonds.
0
Denom. $500. Date June 11919. Int. payable annually in June at Bank
of Winton. Due June 1 1949. Cert. check for 2% of the amount of bonds
bid for, payable at the Bank of Winton, required. Bonded debt (incl.
this issue) June 9 1919, $25,000. Sinking fund, $1,000. Assess. val.
$625,000. Total tax rate (per 31.000), $24 96.
WYANDOTTE SCHOOL DISTRICT (P. 0. Wyondotte), Wayne
County, Mich.
-BOND SALE.
-The Detroit Trust Co. of Detroit has
purchased and is now offering to investors at a price to yield 4.60% interest
$315,000 5% tax-free school bonds. Denom. $1,000. Date June 1 1919.
Prin. and semi-ann. int. (J. & D.) payable at the Wyandotte Savings Bank
of Wyandotte. Due June 1 1934.
YAMHILL, Yamhill County, Ore.
-An issue of $40,-BOND SALE.
000 6% water-system bonds offered on May 6 was awarded on that day to
Morris Bros., Inc. of Portland at par and int. Denom. $1,000. Date
June 15 1919. Int. J. & D. Due June 15 1944, optional June 15 1934.
'
YAMHILL COUNTY (P. 0. McMinnville) Ore.
-BONDS VOTED.
Reports state that $360,000 road bonds were authorized by a slight vote
on June 3.-V. 108, p. 2161.
-BONDS AUTHORIZED
YOUNGSTOWN,Cuyahoga County, Ohio.
-During May the City Council passed ordinances authorizing the issuance
of the following 5% coupon bonds:
$40,000 sub-police station bonds. Due $4,000 yearly on Oct. 1 from 1923
to 1932 incl.
8,500 fire-dept. bonds. Due yearly on Oct. 10 as follows: $2,000 1922
to 1924 incl. and $2,500 1925.
3 000 police station bonds. Due $1,000 yearly on Oct. 1 from 1922 to
1924 incl.
Date Aug. 1 1919. Prin. and semi-ann. int. payable at the office of the
Sinking Fund Trustees.
YREKA SCHOOL DISTRICT (P. 0. Yreka) Siskiyou County
Calif.
-BONDS VOTED.
-The proposition providing for the issuance of
$40,000 69" 20
-year school bonds carried at the election held June 2.V. 108, p. 2161. Denom. $2,000.
CANADA, its Provinces and Municipalities.
ALBERTA SCHOOL DISTRICTS, Alta.
-DEBENTURE SALE.
-On
June 5 the 10 blocks of 7% school debentures, aggregating $21,000 (V. 108,
p. 2264), were awarded as follows:
Block No. 1 (Rurals, 15 years). to Brent, Noxon & Co., Toronto, at 103.60:
Sawyer S. D. No. 3753
$1,500
Good Luck S. D. No. 3683
2,000
Baptiste Lake S. D. No. 3651
1,500-35,000
Block No. 2 (Rural, 10 years), to Canada Landed & Nat. Investment Co.,
Winnipeg, at 103.275.
Peel! Coulee S. D. No. 3723
32,000
Block No.3(Rurals, 10 years), to Brent, Noxon & Co., Toronto, at 102.80:
Berry Creek S. D. No. 3641
a
$2,500
Gold Creek S. D. No. 3681
2,000-34,500
Block No.4 (Rurals, 10 years), to Brent, Noxon & Co., Toronto, at 102.60:
Youngville S. D. No. 3621
$800
Tulliby Lake S. D. No. 3758
1,500-34,300
Block No. 5 (Rurals, 10 years), to Manufacturers' Life Ins. Co. Toronto:
North Beaverlodge S. D. No. 3524 (at 101.271)
$/700
Wenger's Heights S. D. No. 3007 (at 102.271)
400-31.100
Block No.6(Rurals,7 years), to W.L. McKinnon & Co., Regina, at 102.26:
Deer Lodge S. D. No. 3513
3700
Wolla S. D. No. 2591
700-$1,400
Block No.7(Rurals,6 years). to W.L. McKinnon & Co., Regina, at 102:
Lone Star S. D. No. 2546
$600
Greenridge S. D. No. 1943
600-31,200
Block No. 8 (Consolidated S. D. 5 years), to Canada Landed & Nat. Investment Co., Winnipeg, at 102:
'
Donalda Cons. S. D. No. 57
31,500
Block No. 9 (Village S. D., for assessment purposes, 10 years), to W. L.
McKinnon & Co. Regina, at 103.03:
Bindloss S. D. No. 3603
'
$1,000
Block No. 10 (Town S. D., 10 years), to Huron & Erie Mortgage Corp.,
London, at 103.02:
- Castor S. D. No. 2194
$1,000
ALLANDALE SCHOOL DISTRICT, Man.
-DEBENTURE SALE.
H. J. Birkett & Co. of Toronto have been awarded, it is stated, $3,000 7%
-installment school debentures.
20
BARRAS SCHOOL DISTRICT, Man.
-DEBENTURE SALE.
-An
issue of 77 15-installment school debentures has been awarded to H. J.
0
Birkett & Co. of Toronto, it is reported.
CALGARY, Alta.
-NOTE SALE.
-The Toronto "Globe" of Juno 1
reports the sale of the $1,500,000 6% 5-year treasury notes offered on June 9
(V. 108, p. 2361). The notes were awarded to Spitzer, Rorick & Co. of
Toledo at 100.80 a basis of 5.81%.
CARLETON COUNTY(P.O. Ottawa),Ont.-DEBENTURE SALE.
On May 30 the $40,000 534% 20
-Installment road debentures
-V. 108.
p. 2161-were awarded to MacNeil, Graham & Co. at 101.92, it is stated.
-Brent, Noxon & d.
CHATSWORTH, Ont.-DEBENTURE SALE.
of Toronto were recently awarded, it is reported, $1,400 6% 10-installment
debentures.
DORION, Que.-DEBENTURE SALE.
-According to the "Financial
Post" of Toronto, $66,500 534% 25
-year serial refunding bonds have been
awarded to Beausoleil, Ltd., oMontreal at 97.92.
EAST TILBURY TOWNSHIP, Ont.-DEBENTURE SALE.
-It is
reported that R. C. Matthews & Co. of Toronto-ave been awardedL$11,274
634% debentures.
JUNE 14 1919.]
THE CHRONICLE
EASTVIEW, Ont.—DEBENTURE SALE.—An issue of $71,000 534%
30-installment debentures was recently awarded, it is stated, to Brent,
Noxon & Co. and W. A. Mackenzie & Co.
EAST WHITBY TOWNSHIP (P. 0. Columbus), Ont.—DEBENTURE OFFERING.—Wm. Purvis, Township Clerk, will receivebids until
July 7, it is stated, for $16,000 25-installment School District No. 1 and
$45,000 30-installment School District No. 2 53i% debentures. A serarate tender must be submitted for each issue.
EMBRO, Oxford County, Ont.—DEBENTURE OFFERING.—E. J.
Cody, Village Treasurer, will receive proposals until 8 p. m. June 25 for
$7,500 6% 20
-year hydro-electric debentures.
GODERICH, Ont.—DEBENTURES AUTHORIZED.—On May 16
the Council passed a by-law providing for the issuance of $10,861 6% 20
installment sewer bonds, it is reported.
HENSALL, Ont.—DEBENTURES VOTED AND SOLD.—The $4,000
534% 10
-year town-hall debentures, which were voted by the people at the
election held June 2, 76 votes being cast "for" and 7 "against," have been
disposed of.
LANCASTER TOWNSHIP, Ont.—DEBENTURES VOTED—OFFERING.—The issuance of the $100.000 534% 25
-year serial road debentures
mentioned in V. 108, p. 2264, was authorized by a vote of 120 "for" to 94
"against" at the election held June 7.
Proposals for these debentures will be received until Aug. 15.
LOCHIEL TOWNSHIP, Ont.—DEBENTURE OFFERING.—According to reports, the township is offering for sale $11,975 6% 10-installment
debentures.
NORTH BAY, Ont.—DEBENTURES AUTHORIZED.—It is reported
that the Council on May 19 authorized the issuance of $21,000 water-works
and $9,500 sidewalk debentures.
FINANCIAL
Why We Can
Give You Good Service
The close "personal" contact which we
endeavor to maintain with every one of our
correspondent banks enables us to give each
the most intelligent service possible.
If you are contemplating opening or changing your Chicago account we would be pleased
to have you write us.
The National City Bank
of Chicago
DAVID R. FORGAN, President.
BANKS & BANKERS;DEPARTMENT
F. A. ORANDALL
Vice-President
SCHUYLER P. JOHNSONAset. Cashier
KELLEY
Asst. Cashier
R. V.
RESOURCES OVER $40,000,000
High Grade
Investment Bonds
DEBENTURES PROPOSED.—The issuance of $5,500 sewer debentures
Is being contemplated, according to newspaper reports.
NORTH GRIMSBY TOWNSHIP,Ont.—DEBENTURE OFFERING.—
It is reported that proposals for $5,000 6% 10-installment debentures will
be received until June 21.
NOVA SCOTIA (Government of).—DEBENTURE OFFERING.—The
Provincial Treasurer will receive proposals until 12 m. June 23 for $1,000,000 or $1,200,000 5% coupon (with privilege of registration) tax-free debentures, maturing in 10, 15 or 20 years from date. TDate July
and interest payable in Halifax or New York, at option 2 1919. Prin,
of holder. If
debentures are not ready for delivery by July 1 interim certificates
without
coupons will be issued.
PORT COQUITLAM, B. C.—DEBENTURE SALE.—According
to
newspaper reports, an issue of $30,000 deficit debentures has been
placed
with the National Bond Corporation. Ltd.
STELLARTON, N. S.—DEBENTURE SALE.—It
$35,000 6% 20-year debentures have been disposed of. is reported that
THEODORE SCHOOL DISTRICT, Sask.—DEBENTURE
SALE.—
According to reports, the $19,500 6A % 20-year school debentures
authorized—V. 108, p. 2362—have been purchased by H. J. recently
Birkett &
Co. of Toronto.
WALTER SCOTT SCHOOL DISTRICT,Man.—DEBENTURE
—It is stated that H. J. Birkett & Co. of Toronto have purchased SALE.
$2,000
7% 15-installment school debentures.
WELLAND, Ont.—DEBENTURES AUTHORIZED.—On
May 20, it
is stated, the City Council passed a by-law to issue
$4,171 sidewalk debentures.
NEW LOANS
NEW LOANS.
$25,000.00
Freemont School Dist. No. 1, No, Carolina
$24,000.00
Village of South Glens Falls
Six Per Cent School Bonds
Paving Bonds
Sealed proposals will be received by the Board
of Trustees of the Fremont Graded Schools, Fremont, North Carolina, on JUNE 18, 1919, at
12:30 o'clock P. M., when they will be publicly
opened, for the purchase of $25,000.00 School
Bonds of Fremont School District No. 1.
Said bonds will be dated June 1, 1919, will mature 20 years from their date, and will be in the
denomination of $500.00 each, and will bear interest at the rate of six per cent per annum, payable semi-annually. The bonds will be coupon
bonds with the privilege of registration either as
to principal only or as to both principal and interest. Both principal and interest of said bonds
will be payable at some bank or trust company
in New York City, to be later designated.
Proposals must be enclosed in a sealed envelope
marked on the outside, "Proposals for School
Bonds," and addressed to J. A. Best, Chairman,
and A. V. Anderson, Superintendent, Fremont,
N. 0. All bidders are required to deposit
tified check, payable to the order of J. A.a cerBest,
Chairman, and A. V. Anderson. Superintendent,
for $750.00, to secure the Board of
Trustees
against any loss resulting from the failure of
the
bidder to comply with the terms
interest will be allowed upon theof his bid. No
amount of the
check of the successful bidder, and such check will
be retained and will be applied in part payment
for the bonds. The purchaser must pay accrued
interest from the date of the bonds to the date of
delivery. The Board of Trustees reserves
right to reject any or all bids. Bonds cannotthe
be
sold for less than par and accrued interest.
By order of the Board of Trustees of the Fremont Schools.
Dated June 2, 1919,
J. A. BEST,Chairman;
A. V. ANDERSON, Superintendent.
Fremont, N.0.
The Board of Trustees of the Village of South
Glens Falls will, at eight o'clock p. m., on the
16TH DAY OF JUNE, 1919, sell to the highest
bidder, bonds of the Village of South Glens Falls
to the amount of Twenty-four Thousand
($24,000 00) for the purpose of providing Dollars
money
to pay•the expense of constructing a
pavement through upper Main Street concrete
in said
village.
Sealed proposals for the purchase of such bonds
will be received by the Village Clerk of said village
up to 7:45 o'clock p. m. June 16, 1919.
No proposal will be accepted for less than the
par value of said bonds.
The village reserves the right to reject any or
all bids.
A certified check payable to the order of
Village Treasurer of said village for the sumthe
Five Hundred Dollars ($500 00), drawn againstof
a
National Bank, State Bank or Trust Company
must accompany each bid, which check will
returned to the bidder in case his proposal be
is
rejected, and which will become the property of
the village in case of the failure of the successful
bidder to comply with the terms of his bid.
The bonds will be numbered 1 to 24, both
inclusive; each bond for the principal sum of
One Thousand Dollars ($1,000 00) with interest
payable semi-annually at the rate of five (5)
per cent per annum.
The bonds will be ready for delivery on or
before July 1 1919. Two of said bonds will become due July 1 1920 and two of said bonds will
become due on the 1st day of each and every July
thereafter up to and including the year 1931.
0. R. THOMSON,
Village Clerk of the Village of South Glens
Palls, Saratoga County, N. Y.
Dated"June 3, 1919,
Financial Statement as of June 1, 1919.
Assessed Valuation, Real Estate
$931,630
Assessed Valuation,Special Franchises 28,939
Municipal and Corporation
Issues Underwritten
We specialise in securities of
the Mississippi Valley and the
South
BOND DEPARTMENT
Mississippi Valley Trust CO.
ST. LOUIS
STOCKS AND BONDS
bought and sold for cash, or carried on
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Inactive and unlisted securities.
Inquiries invited.
FINCH & TARBELL
Members New York Stock Exchange
126 BROADWAY. •
• NEW YORK
H. D. Walbridge & Co.
14
Wall Street, New York
Public Utility Securities
2459
DIEGO FERNANDEZ
COMMISSION MERCHANT
San Andres 69-71
CORUNA,SPAIN
I desire to secure representations for all Spain, and consignment of steamers.
References:
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Short Term Bonds for Banks
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not familiar with these securities.
Hannevig & Co.
Marine Hammel's(
Marine Seeewities
139 Broadway, New York
Foreign Exchange
Letters of Credit
Total assessed valuation
$960,569
Bonded debt exclusive of this issue:
Sewer Bonds
$26,000
Water Bonds
30,000
Highway Bonds
33,000
Population, 1915 Census, 2,106.
$89,000
$1,565,000
City of Forth Worth, Texas
5% BONDS
The City of Fort Worth. Texas, will receiye
sealed bids on $1,565,000 00 5% city bonds
dated June 1 1919, due 10-40 years serially, up
to 9:00 A. M. TUESDAY, JUNE 17TH, 1919,
addressed to James Liston, Jr., City Secretary,
marked "Bid on municipal bonds," and enclosing
a certified check for two per cent of the bid, All
bonds sold to be delivered on July 1, 1919. The
City reserves the right to reject any and all bids.
INTERNATIONAL
NICKEL
We have just prepared an analysis of
the affairs of this important metal
corporation covering business operations, earnings, finances, dividends
and prospects.
Sent on request for C-396
HUGHES & DIER
Stocks—Bonds—Grain
MembersiPhila. Stock Exchange
1Chicago Board of Trade
50 BROAD ST., NEW YORK
[VOL. 108.
THE CHRONICLE
2460
engineers%
"Jimmied
Atlantic Mutual Insurance Company
New York, January 24th. 1919.•
Us affairs on the
The Trustees, in conformity with the Charter of the Company,submit the following statement of
31st of December, 1918.
Premiums on Marine and Inland Transportation Insurance from the 1st January, 1918, to 86.884,801.55
the 31st December,1918
1,072,550.96
Premiums on Policies not terminated 1st January, 1918
$7,757,442.51
Total Premiums
$6,756,508 18
Premiums marked off as terminated from let January, 1918, to 31st December. 1918
Interest on the investments of the Company received during the year $418,106.66
120,010.84
Interest on Deposits in Banks, Trust Companies. etc.
97,634.51 $ 635,752.01
Rent received less Taxes and Expenses
$4,105,973.64
Losses paid during the year
$239,186.51
Less: Salvages
1,947,733.08E2,186,919.59
Re
-insurances
31,919,054.05
31;756,9 7.01
-Insurance Premiums and Returns of Premiums
Re
Expenses, including compensation of officers and clerks, taxes, stationery, $ 996,019.98
advertisements, etc
paid
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be next.to the
after Tuesday the fourth of February
holders thereof, or their legal representatives, an andwill be
redeemed and paid to the holders thereof, or
The outstanding certificates of the issue of 1917
next, from which date all interest
their legal representatives, on and after Tuesday the fourth of February
canceled.
thereon will cease. The certificates to be produced at the time of payment and Company for the year
A dividend of Forty-five per cent, is declared on the earned premiums of the
ending 31st December, 1918, which are entitled to participate in dividend, for which, upon application,
of May next.
certificates will be issued on and after Tuesday the sixth
G. STANTON FLOYD-JONES, Secretary.
By order of the Board.
TRUSTEES.
DALLAS B. PRATT.
PHILIP A.S. FRANKLIN,
EDMUND L. BAYLIES,
JOHN J. RIKER,
HERBERT L. GRIGGS
JOHN N. BEACH,
JUSTUS RUPERTI
SAMUEL T. HUBBARD,
NICHOLAS BIDDLE,
WILLIAM JAY SCHIEFFELIN,
WILLIAM H. LEFFERTS,
JAMES BROWN,
SAMUEL SLOAN,
CHARLES D. LEVERICH,
JOHN CLAFLIN,
FORBES MeCREERY, WILLIAM SLOANE,
HENRY.
GEORGE C.CLARK,
LOUIS STERN,
NICHOLAS F. PALMER.
J. WILLIAM CLARK,
WALTER WOOD PARSONS, WILLIAM A. STREET
FREDERIC A. DALLETT,
GEORGE E. TURNURE.
CHARLES A. PEABODY,
CLEVELAND H. DODGE,
GEORGE C. VAN TUYL, Jr.
R. PETERS.
WILLIAM
CORNELIUS ELDERT,
RICHARD H. WILLIAMS.
G.STANTON FLOYD-JONES, JAMES H.POST,
CHARLES M.PRATT,
CORNELIUS ELDERT, President.
WALTER WOOD PARSONS, Vice-President.
-President.
CHARLES E. FAY, 2.1 Vice
WILLIAM D. WINTER,3rd VW-President.
ASSETS.
United States and Shite of New York
Bonds
Stock of the City of New York and
Stocks of Trust Companies & Banks
Stocks and Bonds of Railroads
Other Securities
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall Street, William
Street and Exchange Place-__
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)
Premium Notes
Bills Receivable
Cash in hands of European Bankers
to pay losses under policies payable
In foreign countries
Cash in Bank and in Office
Statutory Deposit with the State of
Queensland. Australia
3,463,000.00
1,385,500.00
3,069,879.85
285,410.00
1,000,000.00
3,900,000.00
75,000.00
683,439.52
716,783.36
LIABILITIES.
Estimated Losses and Losses Unset4,557,029.00
tled in process of Adjustment
Premiums on Unterminated Risks_ _ _ 1,000,934.33
Certificates of Profits and Interest
316,702.75
Unpaid
129,017.66
Return Premiums Unpaid
400,000.00
Taxes Unpaid
Re-Insurance Premiums on Termi288,508.92
nated Risks
Claims not Settled, including Com139,296.10
pensation, etc.
Certificates of Profits Ordered Redeemed, Withheld for Unpaid Pre22,502.54
miums
3,739.93
Income Tax Withheld at the Source-Certificates of Profits Outstanding-_. 6,140,100.00
286,904.00 Balance
1,972,809.61
3.825,570.11
STONE&WEBSTE
FINANCE public utility development.,
BUY AND SELL securities.
DESIGN steam power stations, hydra..
electric developments, transmissioe
lines, city and interurban railways,
gas plants, industrial plants and
buildings.
CONSTRUCT either from our own designs or from designs of other engineers or architects.
REPORT on public utility properties,
proposed extensions or new projects.
MANAGE railway,light, power and gap
companies.
VIEW VORA
BOSTON
catiCALEND
THE
j-GWHITE COMPANIES
Purchasersi
'Contractors
Managers
Financiers
Engineers
Operators
•
of Public Utility and Industrialill
•
Properties
REPORTS—VALUATIONS—ESTIMATES
43 EXCHANGE PLACE, NEW YORK
CHICAGO
LONDON
4,765.00
$16.823,491.34
$16,823,491.34
$3,825.570.11
Balance brought down
95.890.45
Accrued Interest on the 31st day of December, 1918, amounted to
23,108,40
and accrued on the 31st day of December, 1918, amounted to
Rents due
the 31st day of
Re-insurance due or accrued, in companies authorized in New York, on
462,184.31
December, 1918, amounted to
Note: The Insurance Department has estimated the value of the Real Estate on Staten Island Irj83,700.00
in excess of the Book Value given above, at
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the 2,411,384.11
Company's valuation by
S8,881,836.38
On the basis of these increased valuations the balance would be
Selected Investment Securities
Located in Pittsburgh, the greatest industrial centre
in the world, we are intimately in touch with developments in this district.
We own and offer for sale a number of bonda, which
have been selected by us because of their investment
possibilities.
Write for information and late lists
MELLON NATIONAL BANK
PITTSBURGH, PA.
Viele, Blackwell & Buck
ENGINEERS
Designs and Construction
Hydroelectric and steam
Power Plants
Transmission Systems
Industrial Plants
Reports — Appraisals
New York
49 Wall Street
Adrian H. Muller &Son
AUCTIONEERS
OFFICE, No.55 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-16 Vesey Street
I
UNION TRUST CO.
CENTRAL of New York
MhtoisTrastieSavingsBanic
CHICAGO
Capital, Surplus and Undivided Profits
$16,400,000
Has on hand at all times a variety of er;••
Pays Interest on Time
eellent securities. Buys and selis
Current and Reserve
Deposits,
Government, Municipal and
Accounts. Deals in Foreign ExCorporation Banda.
change. Transacts a General Trust Business.
80 Broadway
BRANCHES
5th Avenue at 60th Street
Madison Avenue at 42nd Street
5th Avenue at 56th Street
Capital,Surplus and Undivided
• Profits, $110,000,000
Bpscialising in
Russian Govt. Bonds
and Currency
Foreign Govt. Securities
CHAS. F. HALL & CO.
Td.18111 Restos
Bread IC N.Y.
@FedFRASER