Full text of Commercial and Financial Chronicle : June 22, 1918, Vol. 106, No. 2765

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IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

^Tue

(P ir m t id je .

PUBLISHED WEEKLY.

191 8.

F o r O n e Y e a r .......................................................................................................................... $ 1 0 0 0
C h ic a g o __________
F o r S i x M o n t h s ......................................................................................................................
6 00
C in c in n a ti_______
E u r o p e a n S u b s c r i p t io n ( in c l u d i n g p o s t a g e ) ....................................................... 1 3 0 0
C l e v e l a n d _______
E u r o p e a n S u b s c r i p t io n s i x m o n t h s ( in c l u d i n g p o s t a g e ) .............................
7 50
D e t r o i t _________
A n n u a l S u b s c r i p t io n in L o n d o n ( in c l u d i n g p o s t a g e ) ..................................... £ 2 1 4 s.
M il w a u k e e _____
S i x M o n t h s S u b s c r i p t io n in L o n d o n ( i n c l u d i n g p o s t a g e ) .........................................£ 1 1 1 aI.n d ia n a p o lis ____
C a n a d ia n S u b s c r i p t io n ( i n c l u d i n g p o s t a g o ) ........................................................$ 1 1 6 0
C o lu m b u s _______
T o l e d o . ________
Subscription includes following Supplements—
P e o r i a ___________
P a n ic a n d q u o t a t i o n ( m o n t h ly ) r a i l w a y a n d I n d u s t r i a l ( 3 t im e s y e a r l y )
G ra n d R a p id s ___
R a i l w a y E a r n i n g s ( m o n t h ly )
E l e c t r i c R a i l w a y (3 t im e s y e a r l y )
D a y t o n _________
S t a t ic a n d C i t y (s e m i- a n n u a lly ) B a n k e r s ’ C o n v e n t i o n ( y e a r l y )
E v a n s v ille _______
F o r t W a y n e ____
S
p rin g field , I I I . .
T r a n s i e n t m a t t e r p e r i n c h s p a c e ( 1 4 a g a t e l i n e s ) ............................................... $ 4 2 0
Y o u n g s t o w n ____
T w o M on th s
(8 t i m e s ) ................................ 2 2 0 0
A
k ro n ____________
T h re e M on th s
(1 3 t i m e s ) ................................ 2 9 0 0
S t a n d in g B u s in e s s C a rd s
R o c k f o r d ________
S ix M o n th s
( 2 0 t i m e s ) ................................ 5 0 0 0
L e x i n g t o n _______
T w e l v e M o n t h s ( 5 2 t i m e s ) ................................... 8 7 0 0
C a n t o n ..................
C h i c a g o O f f i c e — 3 9 S o u t h L a S a llo S t r e e t , T e l e p h o n e M a j e s t i c 7 3 9 0 .
S ou th B e n d _____
L o n d o n O f f i c e — E d w a r d s & S m i t h , 1 D r a p e r s ’ G a r d e n s , E . C.
D e c a t u r _________
Q u in c y ___________
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
Sprin gfield , O ___
F ro n t. P in e and D ep o y ste r S ts., N ew Y o r k .
B lo o m in g t o n ____
M a n s f ie l d _______
D a n v i l l e ________
P u b lis h e d e v e r y S a t u r d a y m o r n i n g b y W I L L I A M
B. DANA
COM PANY.
J a ck son v ille, 111.
J a c o b S e ib e r t J r . , P r e s id e n t a n d T r e a s u r e r ; A r n o ld G . D a n a , V i c e -P r e s id e n t a n d
L i m a ____________
S ecreta ry .
A d d ressess ot b o t h , O ffic e o f th e C o m p a n y .
L a n s in g .......... .......
O w e n s b o r o _____
A n n A r b o r _______
C L E A R IN G H O U S E R ETU R N S.
A d r ia n ___________
T h o f o l lo w i n g t a b l o , m a d e u p b y t e le g r a p h , & c . , in d ic a t e s t h a t t h o t o t a l b a n k

Terms of Advertising— Per Inch Space

c lo a r ln g s o f a ll t h o c le a r in g h o u s e s o f t h o U n it e d S t a t e s f o r t h o w e e k e n d in g t o - d a n
h a v o b e e n SO, 0 2 2 ,8 6 9 . 8 4 7 , a g a in s t $ 0 ,2 4 4 ,9 8 8 ,4 2 9 la s t w c o k a n d $ 5 ,9 0 1 ,9 5 8 ,2 3 1
t h o c o r r e s p o n d i n g w e e k la s t y e a r .

Clearings—Returns by Telegraph.
Week ending June 2 2 .

1918.

Y o r k ___________________________________

Per
Cent.

1917.

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

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

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

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

+ 8 .3
+ 2 0 .3

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

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

+ 9 .7
+ 1 8 .9

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

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

+ 1 1 .1

T h o f u l l d e t a il s f o r t h o w e e k c o v e r e d b y t h o a b o v e w ill b o g iv e n n e x t S a t u r d a y .
W o c a n n o t f u r n is h t h e m t o - d a y , c l e a r in g s b e in g m a d e u p b y t h o c l e a r in g h o u s e s
a t n o o n o n S a t u r d a y , a n d h e n c e in t h o a b o v o t h o la s t d a y o f t h o ^ v e o k h a s t o b o in
a ll c a s e s e s t i m a t e d , a s w e g o t o p r e s s F r i d a y n i g h t .
D e t a i l e d fig u r e s f o r t h o w e e k o n d ln g J u n e 15 s h o w :

Week ending June

T ota l

15.

Inc. or
Dec.

1916.

%

$

1918.

1917.

S

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

$
— 1 4 .3 2 ,9 3 2 ,8 3 3 ,8 2 3 1 ,7 9 8 ,5 2 0 ,1 4 7
+ 3 .0
2 4 5 ,3 0 0 ,9 5 7
1 5 8 ,9 1 7 ,8 2 5
0 9 ,0 0 7 ,2 4 8
4 7 ,8 2 1 ,7 7 0
+ 3 5 .6
3 0 ,7 9 0 ,0 2 3
+ 5 9 .0
4 6 ,7 1 4 ,0 4 5
1 5 ,1 8 0 ,2 1 2
1 1 ,7 0 5 ,9 2 2
+ 3 .1
9 ,8 3 5 ,4 0 9
7 ,6 4 9 ,0 8 4
+ 1 7 .8
5 ,2 9 4 ,4 7 5
— 4 .7
4 ,8 4 7 ,5 8 3
4 ,0 5 3 ,5 0 8
— 1.9
5 ,8 9 2 ,8 2 0
+ 8.1
3 .0 4 0 ,1 6 0
2 ,9 3 1 ,6 5 1
2 ,7 8 5 ,1 4 3
+ 0 .3
3 ,4 8 0 ,2 1 5
2 ,2 0 2 ,4 5 2
1 ,9 3 7 ,1 0 0
+ 1 2 .6
1 ,8 0 1 ,3 4 1
2 ,8 9 2 ,5 0 3
— 1 8 .9
1 ,9 0 8 ,2 9 4
2 ,5 8 0 ,7 0 5
+ 4 .9
3 ,3 5 0 ,5 8 0
2 ,0 8 3 ,1 8 5
— 6 .1
1 ,7 1 5 ,9 4 8
1 ,8 3 0 ,4 0 7
+ 0 .8
9 9 4 ,9 1 4
1 ,0 0 0 ,0 0 0
+ 9 .5
1 ,0 8 0 ,5 4 9
8 9 0 ,5 0 2
— 2 .4
1 ,4 5 5 ,0 0 2
1 ,0 0 3 ,9 4 0
+ 2 0 .9
0 0 7 ,8 2 4
1 ,3 0 1 ,1 1 2
+ 1 0 .2
6 1 8 ,1 5 0
5 4 0 ,5 7 1
+ 2 5 .0
7 0 3 .8 0 2
8 7 4 ,5 0 0
— 1 5 .3
1 ,7 9 3 ,1 1 9
1 ,4 0 5 ,7 3 3
+ 1 4 .4
■ 3 0 .0
4 8 4 ,3 8 9
5 5 4 ,9 1 1

M i d d l e . 4 ,0 1 5 ,7 5 0 ,1 2 0 4 ,5 0 8 ,8 0 4 ,9 8 0

— 1 0 .9 3 ,3 5 7 ,1 1 7 ,1 2 0 2 ,0 8 7 ,5 0 2 ,0 3 0

N o w Y o r k ________ 3 .3 6 9 ,1 1 9 ,0 0 8
3 7 1 ,9 8 1 ,3 5 4
P h i l a d e l p h i a ------1 1 3 ,3 3 5 ,5 5 0
P i t t s b u r g h ..............
7 5 ,7 5 0 .1 3 8
B a l t i m o r e ........... 2 1 ,5 0 8 ,0 5 1
B u f f a l o ........... —
1 5 ,4 2 7 ,0 5 0
W a s h i n g t o n ------4 ,8 0 0 , 0 0 0
A l b a n y ------------------8 ,8 9 0 ,8 4 2
R o c h e s t e r ..............
3 ,0 0 0 , 0 0 0
S o r a n t o n .................
4 ,7 0 0 , 0 0 0
S y r n c u s o ................
2 ,9 4 8 ,9 0 0
T r e n t o n ...................
3 ,7 0 1 ,3 1 1
W h e e l i n g .................
3 ,0 5 5 ,8 3 4
R e a d i n g ................ 3 ,4 6 7 ,0 8 9
W i l m i n g t o n --------2 ,0 2 4 ,0 9 9
W l l k c s - B a r r o ___
1 ,2 0 0 ,0 0 0
G r o o n s b u r g ______
1 ,2 7 0 ,0 0 0
Y o r k ........................
2 ,3 5 0 .3 7 2
B r i o ..........................
1 ,7 0 3 .5 0 0
C h e s t e r ...................
7 5 0 ,0 0 0
A l t o o n a __________
9 6 2 ,4 0 0
B i n g h a m t o n _____
2 ,0 2 9 ,1 9 4
L a n c a s t o r _______
4 0 5 ,4 9 0
M o n t c l a i r ________

1915.

L o w e l l ......................
B a n g o r ____________

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

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

+ 3 8 .8
+ 1 4.1
— 5 .7
— 1 1 .7
— 2 4 .0
— 9 .2
+ 1-1
+ 1 1.5
+ 4 .1
— 1 8 .0
+ 5 .3
+ 1 4 .7

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

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

T o t. N ow E n g .

4 1 3 ,5 9 0 ,8 7 1

3 1 2 ,4 2 0 ,3 2 9

+ 3 2 .4

2 2 1 ,9 1 4 ,3 7 3

1 7 7 ,8 7 3 ,4 3 1

H o ly o k o ..................

Note — F o r C a n a d ia n c le a r in g s s e e " C o m m e r c i a l an d M i s c e ll a n e o u s N o w s . "




Week ending June 15.

Clearings at—

Terms of Subscription— Payable in Advance

B o s t o n ____________
l ’ r o v i d o n c o ______
H a r t f o r d ................
N o w H a v e n ...........
S p r i n g f i e l d ...........
P o r t l a n d ................
W o r c e s t e r ..............
F a l l R i v e r -----------N o w B e d f o r d ___

N O . 2765

S A T U R D A Y J U N E 22 1918

V O L. 106

N ew

Electric Railway Section
State and City Section

T o t .M ld .W e s t .
San F r a n cis c o ___
L os A n g eles_____
S e a ttle ___________
P o r t l a n d ............. ..
Salt L a k e C i t y . .
T a c o m a __________
S p o k a n e _________
O a k la n d _________
San D ie g o _______
S a cra m e n to ..........
P a sa d en a ________
S to c k to n ________
F r e s n o ___________
San J o so _________
Y a k im a _________
R e n o ____________
L o n g B e a ch _____
T ota l P a c ific ..
K a n sa s C i t y ____
M in n e a p o lis ____
O m a h a ___________
S t. P a u l.................
D e n v e r _________
S t. J o se p h .............
D e s M o in e s _____
S iou x C it y _______
D u lu th ....................
W i c h it a ..................
T o p e k a _________
D a v e n p o r t _____
L incoln ...............
C ed a r R a p id s ___
C o lo r a d o Springs
F a r g o ____________
P u e b lo ___________
W a t e r lo o ________
H e le n a ___________
F r e m o n t ________
A b e rd e e n ________
H a s t in g s ________
B i l li n g s ..................
T o t . o t h . W e st
S t. L o u is ________
N ew O rleans____
L o u is v i ll e _______
H o u s t o n ________
G a lv e s t o n .............
R ic h m o n d _______
A t l a n t a _________
F o r t W o r t h _____
M e m p h is ............. ..
S a v a n n a h .......... ..
N a s h v ille ________
N o rfo lk .................
B ir m in g h a m ____
J a c k s o n v ille ____
A u g u s ta ............... ..
K n o x v ille • _____
C h a t ta n o o g a ____
L ittle R o c k _____
M o b t lo ........ ............
O k la h o m a _______
C h a r le s t o n _____
M a c o n ___________
A u s t i n ............... ..
V ic k s b u r g _______
J a ck son _________
T u l s a ......................
M u s k o g e o .............
D a l l a s ........ ............
S h r e v e p o r t _____
T o t a l Sou th ern

1917.

Inc. or
Dec.
%

191 6.

1915.

S
487 ,622 ,11 0
54,307,470
7 6 .5 0 5 ,1 2 4
6 3 ,0 16,861
29,297,844
10,397,000
11,380,100
10,797,148
3 ,700,000
5,4 7 9 ,9 2 2
3 ,9 6 1 ,1 4 5
3 ,6 2 4 ,9 9 7
1,4 7 8 ,9 7 5
2,3 3 0 ,3 7 2
3,9 0 0 ,0 0 0
5 ,014,000
2,0 9 5 ,7 7 2
950,000
2,8 3 6 ,7 2 1
1,2 0 5 ,2 2 4
1,0 2 7 ,0 4 5
1,350,000
1,169,312
1,3 1 8 ,2 3 5
1,031,641
5 5 7 ,937
483,128
9 0 1 ,404
1,055,881
684 ,108
3 5 7 ,502
96,571
7 9 5 ,9 3 9 ,5 5 0

$
512,803,603
42,045,494
79,378,510
5 9,024,571
27,540,580
15,050,325
10,921,200
10,941,055
4,500,000
5,1 9 3 ,4 7 2
3,252,948
3,225,733
1 ,437,545
2 ,1 6 8 ,4 2 2
3,583,718
5,909,00(1
1 ,653,062
662,060
4,553,784
1 ,2 4 2,535
926,380
1 ,203,307
1,1 8 1 ,4 2 5
1,357,060
9 4 5 ,625
659,408
362,613
790,000
1,180,274
518,263
372,921
116,698
8 0 5 ,2 8 2 ,0 7 5

104,182,811
2 9 ,3 8 6 ,0 0 0
3 8 ,7 2 2 ,1 1 4
2 4 ,1 8 3 ,7 9 4
12.0S6.704
4,9 4 6 ,3 5 9
7 ,8 8 2,033
6,1 4 1 ,1 7 8
2,2 7 0 ,9 1 8
3 ,4 1 9 ,8 9 0
1,083,421
1 ,870,894
1,948,030
970 ,150
7 1 2 ,085
629,969
1,158,049

1 0 8 ,245 ,41 9
3 2 ,7 6 5 ,0 0 0
2 5 ,0 9 0 ,0 9 9
2 0 ,4 9 5 ,8 1 7
1 4,879,285
3 ,5 4 6 ,6 0 2
6 ,4 7 6 ,0 0 0
5 ,5 5 0 ,8 2 4
2,3 1 8 ,0 8 2
2,9 7 0 ,4 2 3
1 ,266,006
1,523,841
1,971,212
848,076
7 1 7 .046
514 ,979
671,371
2 2 9 ,857 ,40 2

— 3 .8
— 10.3
+ 54.3
+ 18.0
— 18.8
+ 3 9 .5
+ 2 1 .7
+ 10.5
— 2.1
+ 15.1
— 14.5
+ 2 3 .2
— 1.1
+ 14.4
— 0 .7
+ 22.3
+ 7 2 .5

5 9 ,9 3 7 ,5 8 3
2 4 ,8 8 2 ,0 0 5
1 5,790,489
1 2 ,8 23,165
8 ,8 5 3 ,9 5 0
2 ,5 3 9 ,3 9 4
5,1 4 4 ,1 3 9
4 ,2 2 1 ,6 2 8
2 ,1 7 8 ,3 4 0
2 ,2 5 4 ,9 0 8
9 2 6 ,388
1,1 5 0 ,4 9 4
1,0 2 9 ,7 6 6
769,811
382,932
3 59 ,810
6 0 3 ,447

4 9 ,5 6 7 ,8 9 1
2 0 ,6 5 9 ,2 8 5
1 1 ,4 06,992
1 1 ,0 03,966
6 ,3 8 0 ,0 7 6
1,7 0 6 ,1 8 2
3 ,6 6 0 ,2 6 5
3 ,6 9 1 ,6 9 1
1 ,7 2 2 ,1 5 0
1,7 6 8 ,7 4 5
8 3 6 ,6 5 7
8 4 7 ,1 1 4
1,0 3 3 ,4 7 2
4 8 7 ,6 5 9
3 4 7 ,8 8 5
3 1 4 ,159
•504,774

+ 5.1

143,848 ,34 9

115 ,9 3 8 ,9 6 3

132 ,758 ,60 2
2 9 ,2 86,503
3 5 ,9 7 5 ,1 6 2
18,092,574
1 5,000,465
13,766,261
7,6 4 0 ,3 3 6
6,2 8 3 ,7 0 5
5,5 5 2 ,1 5 7
5 ,603,451
2 ,650,132
2,0 3 9 ,7 9 7
4 ,5 2 2 ,2 1 0
2 ,400,001
730 ,029
1 ,574,075
790 ,902
2 ,0 7 8 ,4 9 5
2,2 4 2 ,1 3 9
6 1 5 ,088
1 ,OSS ,967
4 7 5 ,9 3 0
1 ,161,142
292 ,3 3 4 ,8 4 9

+ 2 1 .6
— 8.3
+ 3 6 .5
— 12.0
+ 51 .5
— 3.9
+ 3 0 .0
+ 22.2
— 13.2
+ 3 6 .5
+ 2 0 .8
+ 19.0
— 10.4
— 18.8
— 8.7
+ 2 6 .9
— 3.3
— 2 .4
— 3 0 .0
+ 18.0
+ 0 .6
+ 8.3
— 16.0

8 3 ,7 1 7 .5 5 2
2 5 ,1 3 4 ,4 5 3
2 2,080,191
15,065,963
15,102,107
9 ,5 9 4 ,5S9
6 ,2 8 7 ,4 3 6
4 ,1 0 8 ,3 5 2
4.4 3 9 ,0 4 1
4 ,2 3 7 ,7 7 7
1,568,211
1,6 9 5 ,3 4 6
3 ,1 4 6 ,8 9 6
1 ,789,949
878 ,284
1 ,7 7 5,622
573 ,008
2 ,052,531
1 ,542,888
5 0 5 ,756
8 7 3 ,807
2 7 3 ,878
722 ,629

+ 16.7

2 0 7 ,1 7 5 ,2 6 0

7 3 ,5 5 4 ,4 9 7
1 8 ,3 11,822
18,3 5 6 ,5 3 4
1 3 ,0 1 5 ,2 1 4
8 ,9 9 3 ,9 2 1
7 .4 2 1 ,4 1 0
5 ,2 7 6 ,3 5 5
3 ,2 3 7 ,0 2 9
3 ,6 3 6 ,9 1 8
3 ,8 5 3 ,8 1 9
1,4 1 6 ,6 6 7
1,1 6 2 ,2 5 7
2 ,8 6 0 ,7 8 6
1,874,701
2 9 9 ,047
1,2 6 1 .4 5 2
3 7 2 ,8 3 5
1 ,5 0 5 ,1 4 5
1 ,0 0 0 ,4 4 2
4 2 2 ,8 5 7
6 0 2 ,1 1 2
2 0 2 ,1 8 6
42 6 ,9 8 3
1 7 1 ,0 5 5 ,3 4 9

136,206,151 + 15.0
3 7 ,0 1 2 ,9 8 2 + 19.9
19,345,812 + 2 1 .4
+ 3.2
1 1,800,000
6 ,0 0 0 ,0 0 0 — 10.9
2 4 ,7 4 3 ,3 0 5 + 04.4
2 5 ,0 3 8 ,0 8 3 + 66 .4
+ 6.3
11,155,180
11.123,128 — 14.3
7,2 9 0 ,7 1 2 — 24.1
8,6 6 4 ,7 3 6 + 31 .0
5,981,261 + 25.2
3 ,3 1 3 ,3 5 5 + 18.5
4 ,3 0 8 ,8 3 0 + 11.3
+ 5 .8
2 ,2 2 5 ,5 4 6
2 ,490,371 + 10.2
4 ,3 7 1 ,3 0 4 + 16.1
+ 4 .4
3,6 5 3 ,9 1 3
— 6.2
1 ,478,158
6 ,3 1 7 ,7 2 8 + 2 3 .5
— 0 .3
2 ,7 7 5 ,5 0 4
1 ,450,000 + 10.3
2 ,3 0 0 ,COO + 4 0 .8
2 4 9 ,300 + 19.0
+ 5.4
4 2 7 ,189
6,5 9 9 ,2 4 4 + 71 .7
1 ,490,720 + 38 .5
-2 .9
12,179,393
1,861,492 + 28 .9
+
2 0 .8
301 ,8 9 9 ,6 2 8

106 ,575 ,62 8
2 2 ,1 1 9 ,0 5 4
18,356,474
7,9 7 5 ,7 0 6
3 ,2 0 0 ,0 0 0
16,951,865
1 5 ,1 63,800
8 ,170,641
6,570,511
5 ,5 9 0 ,7 4 6
7 ,5 6 0 ,1 7 5
4 ,4 0 2 ,0 1 5
2 ,5 9 9 ,8 9 8
3,6 4 7 ,1 9 0
1,435,063
2 ,4 5 6 ,5 0 6
3,0 0 9 ,2 4 9
2 ,2 4 5 ,4 3 0
1 ,174,860
3 ,3 8 8,411
1,885,262
3 ,0 0 1 ,1 9 9
1,6 7 0 ,0 0 0
265 ,893
667 ,076
3 ,9 4 5 ,1 3 6
1 ,131,970
6 ,0 2 5 ,2 0 7

8 0 ,1 9 4 ,3 7 4
1 6 ,3 11,138
1 4 ,7 2 8 ,5 0 8
0 ,5 8 2 ,8 1 3
4 ,6 7 8 ,4 2 7
9 ,3 4 0 ,2 9 4
1 1 ,8 7 9 ,4 5 7
7 ,7 0 0 ,5 0 3
4 ,4 4 1 ,1 9 6
3 ,4 0 4 ,4 8 2
5 ,1 3 2 ,9 1 2
3 ,6 5 2 ,4 5 2
1,9 8 5 ,8 0 9
2 ,7 1 4 ,9 0 0
1 ,223,571
1 ,6 3 4,089
2 ,2 5 2 ,1 9 2
1 ,7 0 5 ,8 6 5
9 8 9 ,5 5 8
2 ,1 9 1 ,9 6 0
1 ,7 4 5 ,9 5 7
2 ,2 1 8 ,6 4 1
1 ,801,321
191,732
4 5 1 ,9 2 2
1 ,633,831
7 9 5 ,541

2 6 1 ,175 ,97 1

191 ,5 8 3 ,4 4 5

241 ,6 0 1 ,0 0 5
101,426 ,01 7
2 0 ,8 4 6 ,5 3 6
4 9 ,0 9 2 ,5 2 4
15,913,198
2 2 ,7 3 7 ,7 8 4
13,223,470
9 ,9 2 7,840
7 ,0 7 7,919
4,8 1 8 ,6 3 1
7 ,6 5 1 ,9 0 0
3 ,2 0 0 ,0 0 0
2,4 2 7 ,3 0 9
4 ,052,371
1 ,949,757
672 ,603
1 ,997,084
7 64 ,726
2,0 2 8 ,0 5 6
1 ,5 7 0,054
7 29 ,670
1,094,300
515,671
9 7 5 ,607
3 4 1 ,2 9 2 .2 2 5
1 5 7 ,487 ,80 0
4 4 ,4 0 7 ,8 8 5
2 3 ,4 8 2 ,0 1 2
1 2,176,520
3,5 4 8 ,4 1 2
4 0 ,6 7 0 ,2 9 3
4 1 ,6 7 0 ,5 7 3
11.853,634
9,5 3 1 ,0 0 6
5,5 3 5 ,7 3 8
11,352,063
7 ,4 9 0,999
3 ,9 2 0 ,8 2 7
4,7 9 7 ,7 8 5
2,3 5 5 ,8 2 4
2 ,9 0 0 ,9 0 0
5,0 7 5 ,4 1 6
3 ,8 0 0 ,0 0 0
1 ,386,810
7 ,8 0 1 ,2 5 7
2 ,0 0 0 ,0 0 0
1 ,600,000
3 ,2 3 9 ,3 1 6
2 9 0 ,625
4 5 0 ,000
1 1,333,645
2 ,0 7 2 ,6 8 8
1 1,825,514
2 ,1 3 3 ,2 9 4
430 ,8 0 3 ,6 5 2

— 4.0
+ 2 9 .2
— 3 .6
+ 5 .7
+ 6.1
+ 9.C
+ 4.2
— 1.5
— 17.8
+ 5 .5
+ 21 .8
+ 12.4
+ 2.8
+ 7.7
+ 8 .8
— 15.1
+ 2 0 .7
+ 43.5
— 3 7 .7
— 3.C
+ 10.0
+ 12.2
— 1 .C
— 2.0
+ 9.1
— 15.5
+ 3 3 .2
+ 14.1
— 11.0
+ 3 2 .C
— 4.1
— 17.2
— 1.2

S
1
$
393,437 ,00 8 , 2 9 5 ,7 8 0 ,0 1 9
36,203,900
2 5 ,1 6 4 ,4 0 0
43,951,253
3 0 ,9 0 9 ,1 0 3
3 4 ,0 1 6 ,7 5 4
4 6 ,7 7 2 ,0 1 7
20,253,673
15,564.941
1 1,620,757
9 ,6 5 0 ,7 8 9
10,149,20C
6 ,7 6 3 ,5 0 0
6 ,8 4 6 ,1 0 0
10,681,250
2 ,5 4 3 ,3 6 9
2,761,784
3 ,2 0 9 ,0 6 4
4,509,930
3 ,1 8 0 ,4 2 2
2 ,2 3 5 ,4 9 1
1,656,164
1,1 1 5 ,4 7 2
1 ,2 4 0 ,5 0 4
1,5 5 5 ,8 5 2
1,3 9 9 ,6 2 4
9 58 ,273
2 ,8 5 3,488
1 .6 14.S 65
4 ,165,000
2 ,3 3 7 ,0 0 0
1 ,0 0 2 ,9 6 8
1 ,073,499
70 7 ,2 5 4
7 5 4 ,410
2 ,8 4 1 ,3 5 8
2 ,9 0 0 ,0 0 0
9 6 4 ,0 5 5
6 8 6 ,7 3 9
53 2 ,2 4 3
675,361
7 3 9 ,5 3 6
782 ,252
1 ,050,373
6 1 0 ,601
6 8 1 ,8 0 4
6 8 1 ,175
63 5 ,7 4 6
676,540
52 0 ,2 2 6
56 6 ,2 3 5
28 6 ,2 5 7
25 3 ,1 1 5
65 9 ,0 6 2
6 8 4 ,048
6 79 ,562
1,248,971
2 6 3 ,7 1 0
3 4 9 ,415
24 0 ,6 7 8
3 0 4 ,4 8 7
4 7 ,5 6 0
7 8 ,567
4 5 1 ,0 4 3 ,8 9 0
6 0 8 ,1 5 5 ,1 8 3

T o t a l a ll............. 6 ,2 4 4 ,9 8 8 ,4 2 9 .6 ,5 1 0 ,6 9 5 ,8 0 9

— 4.1 4 ,7 9 9 ,4 4 6 ,2 0 8 3 ,1 9 8 ,9 9 7 ,1 0 8

O u tsid e N . Y . 2,8 7 5 ,8 0 8 ,7 6 1 2 ,5 77,093,101

+ 11.0 1 ,8 6 0 ,6 1 2 ,4 4 5 1,39 6 ,4 7 6 ,9 6 3

2582

THE CHRONICLE

[V o l . 106.

another in the endeavor to obtain a share of it.
Labor on its part is taking advantage of the situation
One of the outgrowths of the war is the great and demanding increased wages with shorter hours.
scarcity of labor. With each succeeding week and Just think of it!— shorter hours when labor is in
with each succeeding day this scarcity is becoming insufficient supply and it is impossible to key up
more pronounced. It is obviously the feature of the production to the required size. The eight-hour
situation more difficult to deal with than any other. day is being introduced in many trades where it
It is, moreover, the one thing that looms up as a most never existed before. What a travesty upon the
serious menace to the carrying out of our war pro­ professions of loyalty and devotion to the cause of
gram. We may go further and say that if it should war that come from the labor ranks is this enforced
unfortunately happen— which Heaven forbid— that cutting down of labor facilities when there is such
we should fail in the task to which we have dedicated urgent call for added labor. The War Industries
ourselves, this inability to obtain the needful supply Board, the Council of National Defense and the
of labor will be found to have been the one weak other bodies and agencies that are assisting the
point in our industrial armor.
Government in functioning the nation’s industrial
From the anthracite coal regions the cry comes up activities in these war times clearly perceive the labor
that owing to the decrease in the number of miners trend and the menace involved in it. They are
it will be impossible to take out enough coal to meet seeking to reduce the evil effects to a minimum.
consumptive requirements and that there will surely Significant developments along this line have been
be a repetition of the past winter’s shortage the com­ the President’s letter requesting employers engaged
ing winter. From the bituminous coal regions the in war work to refrain from recruiting unskilled
reports are even worse. We are told that from labor except through a central agency— the U. S.
present indications there will be a shortage in the Employment Service of the Department of Labor—
coal supply of the entire country of at least 50 million accompanied by the further announcement that the
tons, even though last year’s very heavy production Government employment service would soon handle
of GOO million tons should be appreciably improved skilled labor recruiting as well as common labor
upon. Here there are other contributing factors to recruiting. This is well enough as far as it goes,
the shortage, in addition to the inability to get and will undoubtedly in a way prove some palliative.
enough labor at the mines. Car supply is not always But it does not strike at the root of the evil. Labor
adequate and the railroads have many other kinds of should be made to see that it is its duty to work
freight to carry in large volume, so that their facili­ m ore hours a day. The eight-hour day should be
ties are overtaxed. Active measures are being taken replaced by a nine-hour day or a ten-hour day to
to restrict the consumption of coal and plans have make up for the deficiency in labor supply caused
been announced for parceling out the production on by recruiting for the army and navy. This would
a reduced scale among the different sections of the not militate against letting the eight-hour day remain
country and among the various industries. A as a basing scale for fixing wages, but it should be
scheme has also been devised for priority allotments made imperative that in every trade and branch of
in accordance with a prearranged schedule.
industry the wage earners put in nine hours or ten
The labor problem along with the prospective hours work as their contribution to the cause of
coal shortage which is itself in large measure an winning the war.
outgrowth of the labor scarcity, threatens havoc
Substitution of ten hours work for eight hours
in many directions. It is of course not difficult would mean an addition of 25% . It is a small thing
to explain the labor shortage, or its growing intensity. to ask of the wage-earning classes and it should be
With the entrance of the United States into the war cheerfully granted. If Mr. Gompers and the Ameri­
we started with the thought of an army of 1,000,000 can Federation of Labor are really sincere in their
men, then quickly doubled to 2,000,000, then in­ professed desire to assist the President in his tre­
creased to 3,000,000, while more recently the Presi­ mendous ta§k of prosecuting the war, let them advise
dent himself in a speech took up the suggestion their followers to adopt the suggestion here offered
of an army of 5,000,000 men, and retorted with and offer, for the remainder of the period of the war,
the query, Why stop at 5,000,000? The Congres­ to work an increased number of hours' per day.
sional response to the query has been the insertion Why should not the laboring element be willing
of a provision in a pending bill conferring authority to make this slight concession; it is so little to ask
upon the President to increase the army without limit. or give, and yet would count for so much to the
These additions to the military, as well as the nation.
naval, forces of the United States not only serve
In the last analysis, the present attitude of labor is
to withdraw huge masses of men from reproductive not only indefensible, but it is really monstrous. The
enterprise, but impose added burden upon industry capitalist and the man of wealth is expected to give
by reason of the fact that the larger the army the without demur the whole or the greater part of his
more onerous the task of providing for it. These income, through a rising scale of Federal income
men must be fed while in the field; they must be taxes. The millions of men enrolled in the army
clothed and they must be equipped, besides being and navy are not only expected but required to give
transported over 3,000 miles across the seas. We their services— nay, more, to offer their very lives.
are obliged also to furnish food and other supplies The laboring man who is allowed to remain at home,
to the countries associated with us in the war. As on his part wants to make no sacrifice at all, no mat­
part of our general military scheme we have arranged ter how dire or extreme the country’s peril. He
a ship building program of unexampled dimensions, may not be conscious of the fact, but when he in­
calling for laboring masses"of corresponding dimen­ sists on curtailing his hours of work he is acting the
sions, skilled and unskilled.
part of a slacker, and when he takes advantage of
With the labor supply shortene 1, employers in all the situation to insist on inordinate rates of pay he
the different industries are bidding against one becomes a veritable profiteer.

THE FINANCIAL SITUATION.




J u n e 22 1918.]

THE CHRONICLE

There are evils in the labor situation that call
loudly for redress. Take two men of draft age, one
who is called into the service and must risk his life
as well as give his whole time and energy on behalf
of his country, the other equally fit and equally
qualified, but who enjoys exemption because he is
married or for some other cause. The former gets
only paltry pay, must work 16 or 18 hours a day,
must submerge self and submit to the most rigid
discipline, and stay on foreign soil, remote from
friends and home ties, with his life all the time at
hazard. On the other hand, the privileged one,
allowed to stay at home, contends for absolute free­
dom from all restrictions and non-amenability to
discipline of any kind. He would smoke his pipe
in contentment and ease, devote less time to work
and demand higher and still higher wages. One
would think that with his fellow-citizen in the mili­
tary service he would be willing, in return for his
own exemption, to make the poor requital of working
at least a little bit harder and a little bit longer and
be satisfied with the same scale of pay as before,
since the man in the military service receives merely
nominal compensation. Even if the cost of living is
high and it is hard to make both ends meet, should
he not cheerfully accept the situation, practicing the
economy which it entails upon himself and family,
in view of the infinitely greater sacrifices required
of the man at the front. Why should not we all
recognize that war conditions are hard and that no
matter how heavily they may bear in our own par­
ticular case, our lot is an easy one as compared with
the endurances of those who do the fighting for us.
The discrimination-between the laboring man at
home and the one in the fighting ranks is so glaring
that the favored man should not fail to see it. He
ought to announce his readiness to assist the man in
the field by putting in a little extra time (getting pay
for it, of course), so as to add to the country’s produc­
tivity. If, however, he remains blind to the sense of
duty, public sentiment should force him to do his part
in the nation’s activities. These are perilous times
and no class of the population ought to be permitted
to shirk its obligations.
The foreign commerce of the United States in
May 1918 showed no contraction from recent pre­
ceding periods, notwithstanding the various restric­
tive measures in force tending to that end, and the
continued utilization for transport service of much
tonnage that under ordinary conditions would be
available for cargo carrying. On the contrary, the
imports into the country were the heaviest for any
monthly period in our history, and the exports were
the largest of any month of the current fiscal year,
excepting only December. It is understood, of
course, that in making the foregoing remarks we are
considering the outflow and inflow of commodities
as represented by value, that being the only basis
upon which an early analysis of our foreign trade can
be made as no quantitative data for the month will
be available until a much later date. Furthermore,
even were quantity totals obtainable now, the ab­
sence of a common or universal measure in most
cases and the fact that in others value only is given,
would preclude any general or combined analysis.
Consequently, we must accept value as the only
measure readily understandable when comparison is
made with other periods, unless prepared to go into
a very exhaustive and sometimes technical considera­



2583

tion of the results. It is to be assumed in the present
case that in no small measure the magnitude of the
totals is to be ascribed to the much higher prices
now ruling for many commodities. That is certainly
true of such leading articles of foreign commerce as
grain, cotton, fibres, India rubber, hides and skins,
silk, sugar, tobacco and various chemicals and
articles of food among imports, and breadstuffs, coal,
cotton and manufactures, iron and steel products,
leather, provisionsiand mineral oils in the export list.
The exports in M ay 1918 aggregated a value of
8552,000,000, exceeding those of April by some 52
million dollars, the corresponding period of 1917 by
over 2 millions, and of 1916 by 78 millions. For
the five months of the calendar year 1918 the mer­
chandise shipments at 2,500 millions were, however,
212 millions less than last year, but 484 millions
larger than in 1916, and actually in excess of the total
for the full fiscal year 1913-14, or any preceding 12
months. For the eleven months (July 1 to M ay 31)
the aggregate at 5,445 millions falls below the high
record of 1916-17 by 272 millions, while showing an
augmentation of 908 millions over 1915-16 and more
than doubling the 1914-15 total. Contributing most
largely to the decline from a year ago are such
articles as brass, horses and leather.
Merchandise imports were, as already stated, the
heaviest on record for any month, exceeding June of
1917 by 16 millions, and reaching 8323,000,000,
against 8280,727,164 in 1917. For the five months
the inflow of goods totals 1,386 million dollars, or
140 millions more than for the like period of 1917,
and for the eleven months of the fiscal year 1917-18
the aggregate at 2,686 millions compares with 2,353
millions last year and 1,952 millions in 1915-16.
The expansion in imports thus far in 1917-18 has
been most conspicuous in wheat (from Canada),
chemicals, copper, Manila hemp, sisal grass, India
rubber, meat products, oils, raw silk, tobacco and
fibre manufactures.
The export balance for M ay reached 229 million
dollars, as against 269 millions in 1917 and 245%
millions in 1916. For the five months of the calendar
year the balance of exports is 1,114 millions, or 352
millions below that for the corresponding period of
1917, while for the eleven months the outward move­
ment of merchandise exceeds the influx by 2,759
millions, against 3,364 millions last year and 1,916%
millions two years ago.
The gold movement of the month exhibits a moder­
ate balance on the import side of the account. The
exports reached 83,500,000 and the imports 87,000,­
000, leaving the net inflow for the month 83,500,000,
which compares with a net outflow of 5% millions a
year ago. For the eleven months, however, there is
a balance of exports of 95 millions, against imports
of 661 millions in 1916-17 and of 289 1-3 millions in
1915-16.
The cotton crop situation at this time, as indicated
by the usual investigations made by us preparatory
to the issuing of our annual report on acreage and
condition, is set forth so fully on subsequent pages
that no extensive reference thereto is called for here.
We confine ourselves, therefore, to a brief summariz­
ing of the essential features of the report. Atten­
tion is first directed to the fact that acreage has been
further increased. This, it is almost unnecessary to
say, was a foregone conclusion. Had the price of the
staple been ruling at what might be called a moderate

2584

THE CHRONICLE

or normal level at the time of planting, it is highly
probable that the nation-wide propaganda in favor of
a much greater sowing of grain and other foodstuffs
might have been effective in bringing about a more
or less marked reduction in cotton area. But with
prices the highest obtained in half a century, and
consequently offering the promise of phenomenal
profits to the growers, contraction could hardly be
expected. Still, the addition has been comparatively
moderate, and concurrently there has been an appre­
ciable increase in the grain area, this result being
accounted for in part at least by the bringing under
cultivation of virgin soil. N ot only, however, has
the territory devoted to cotton been extended this
spring, but the crop has obtained a better than
average start, and that is an especially encouraging
feature.
The planted area, as we interpret the information
at hand, is by 3.59% the largest in our history,that
being the excess over a year ago. And this with
normal seasons hereafter— the present status of the
crop, as already intimated, being above the average
for the time of year— should assure a very much
larger yield than in either of the three preceding
years, if not a new high record in production. Such
an outcome is earnestly to be desired, even though
the drain upon the reserve supplies of the staple in
the world in the season now closing, to make up for
deficiency in production, has not been as great as
■anticipated, consumption having failed to reach the
expected height. Against the ending of the war.
which many are inclined to believe is not far off, a
more or less considerable augmentation in cotton
stocks would not be amiss in order to meet the
demand for supplies of the staple from sources now
debarred therefrom. As regards the results on
pages 2598 to 2602, we can only say that no claim
of absolute accuracy is made for them, although, in
stating the increase in acreage at 3.59% , it is our
belief that the situation is correctly approximated.
As to current condition, our conclusions are substan­
tiated by the general run of private advices and the
official weekly bulletins issued since the date of the
last monthly report.
The Kaiser at the celebration of the thirtieth
anniversary of his accession on Saturday last threw
aside all make-believe and acknowledged frankly
that the war was not a matter of a strategic campaign
but was a struggle for German domination of the
world. It was, he said, a struggle of two world
views wrestling with each other. “ Either German
principles of right, freedom, honor and morality
must be uph eld/' he added, “ or Anglo-Saxon prin­
ciples with their idolatry of mammon must be vic­
torious." The Anglo-Saxons, according to the
Kaiser, aimed at making the peoples of the world
work as slaves for the Anglo-Saxon ruling race and
such a matter could not be decided in days or weeks
or even in a year.
Drinking to the health of the
army and its leaders the Kaiser said:
“ The German people and army indeed are now one
and the same and look up to you with gratitude.
Every man out there knows what he is fighting for,
the enemy himself admits that, and in consequence
we shall gain victory— the victory of the German
standpoint. That is what is in question."
It is difficult to recognize the object of such an
open espousal of Pan-Germanism which so com­
pletely cuts down the possibilities of retraction.




[Vol. 106.

In France, the explanation that appears to be most
generally accepted is that the speech resulted from
jealousy between the Kaiser and the Crown Prince.
Only a few weeks ago, to quote a press dispatch from
Paris to the New York “ Times", the Pan-German
policy was pressed forward in Germany to such an
extent that a league was actually formed “ to protect
the person and the will of the Emperor against steps
being taken to bring about a peace which would not
be a German peace." In other words, a league was
formed to curb Pan-Germanism in the interest of
the Emperor. The Pan-Germans, however, proved
too strong for the Emperor and the “ Times' " cor­
respondent suggests that Wilhelm seeing with
anxiety the growing strength of the son and rival,
as the self proclaimed leader of this aggressive move­
ment, suddenly resolved to spike the guns of his
successor by boldly putting himself forward as the
real head of Pan-German ambitions to the fullest
extent. N obody, not even the Crown Prince, he
decided, could out-distance him in Pan-Germanism.
The British Secretary for Foreign Affairs, Mr. Bal­
four, reiterated emphatically his recent statements
that no real basis for peace negotiations existed.
Replying on Thursday to questions by pacifists in
the House of Commons and especially to Philip
Snowden, Socialist, who asked him to define what he
meant by “ peace offensive," the Secretary explained
that he meant any effort by speech or otherwise under
the guise of seeking an honorable termination of the
present war, to divide the Allies and discourage indi­
vidual members of the alliance. Replying to Mr.
Snowden's contention that nothing had been heard
about Germany's desire to dominate the world in
the early stages of the war, the Secretary said that
the British as a nation had been slow to believe that
other nations could be animated by motives so widely
separated from the motives which moved their own
people. But it was a fact that Germany was pur­
suing her aim of universal domination with persistent
and elaborate care and foresight and with a ruthless
cold-blooded determination which left N apoleonic’
tradition far behind. “ Is this a case where a sober
historian would ever see the basis of a possible
peace?" asked Mr. Balfour. “ Is there any evidence
whatever that a suggestion like the Austrian Em­
peror's letters or any similar suggestion was made
with a view of obtaining the sort of peace which even
Mr. Snowden would regard as a reasonable peace,
carrying with it some prospects of security for the
future liberties of the world. We never rejected
proposals which we thought had the slightest proba­
bility of producing such a peace and there is no evi­
dence whatever that the German Government has
ever been serious in making such peace offers."
The speaker said that in the matter of war aims there
was not the slightest difference between Great Brit­
ain and the United States and he denied that secret
treaties were an obstacle to peace. These treaties
were made in circumstances in which he believed
any Government would have acted similarly and it
was quite a mistake to suppose that the treaty with
Italy would stand in the way of peace. “ Certainly/
he continued, “ the Governments are not going to shut
their ears to anything that could be called reasonable
suggestions, if such suggestions should be made.
Any proposal to the Allies will be considered on its
merits. The secret treaties were entered in to/b y
England with others as members of an alliance.

June 22 1918.]

THE CHRONICLE

By these treaties we stand. Our national honor is
bound up in them.” The Secretary did not doubt
that if it should be to the common interest of the
alliance to modify the treaties the Italians themselves
would suggest the modifications.
Once again has the British Government decided
to delay the Irish Home Rule and has at the same
time decided to correspondingly delay conscription
for Ireland. In a formal announcement Earl
Curzon explained on Thursday that the discovery
of the Sinn Fein plot in M ay and the action of the
Irish Roman Catholic clergy in advising the people
under the penalty of eternal damnation to resist
conscription had altered the situation since the time
the Government had decided upon a policy of Home
Rule and conscription for Ireland. In these cir­
cumstances he said, “ It is necessary not to abandon
their policy or to change their front but to adjust
their policy to them.” The discovery of the Sinn
Fein conspiracy, he said, would make it folly for
the Government to proceed with Home Rule. “ It
would almost amount to a crime.” The London
“ Daily News” says the whole Irish policy of the
Government has fallen crumbling to the ground
and accuses the Government of having been con­
sistently disingenuous, vacillating and dilatory.
It says that out of the sitaution, “ One result has
emerged black and unmistakable— the destruction
of the Constitutional party in Ireland and the en­
thronement of the anarchy of the Sinn Fein.”
Edward Shortt, Chief Secretary for Ireland, stated
in the House of Commons on Saturday that there
was sufficient evidence against the Sinn Feiners
recently arrested to enable their prosecution for
treason, but that it was not desirable or necessary
to institute it.
The greatest military activity has now developed
in Italy, the enemy having transferred his drive to
this new channel after the apparently complete^
check in France and Flanders. The new attack
was by Austrian troops but there seems no reason to
regard it other than a part of the general scheme
of the enemy's offensive which started on March
21. The Austrian attack concededly has proven the
weakest of any of the major ones which have thus
far been launched. There seems encouragement
in fact to regard it as already having been definitely
checked, although the fighting is raging incessantly
along the whole Piave River line from Montello
to the Adriatic and the Italians appear to have the
advantage everywhere on this front particularly at
Jenson. Latest official accounts state that five
Austrian divisions (60,000 men) are on the west side
of the river, many of them who are north of San
Dona di Piave are penned in, their temporary
bridges having been swept away by the flooded
river. The Austrians have succeeded in throwing
three new bridges across the San Dona sector where
the current is less swift and the positions are less
exposed to Italian artillery fire. The enemy's
units further north are said still to be in great danger
of capture or annihilation through inability to obtain
reinforcements or replenish their ammunition and
food supplies. This is particularly the case just
south of Candela where the Italians drove forward
to the river splitting the enemy forces. The Austrian
attack began on Saturday. It was participated in
by three armies, one under von Wurm on the lower




2585

Piave, another under Archduke Joseph on the
Mentello sector and the third under von Scheuchtenstuel in the mountains. Attempts were made to
drive home attacks across the Piave on a front of
seven miles extending from Capo Sile, a little village
immediately to the north of the Venetian Lagoons,
to Fossalta, the axis of the attack being along the
railways from Mescre. This effort resulted in the
capture of Capo Sile which lay immediately behind
the Italian front lines, but the Italians in a counter
attack recovered the village. Archduke Joseph’s
attack against the Montello appears to have been
made simultaneously against the northern and east­
ern faces of the ridge on a front of about ten miles.
The attack on the northern face failed but on the
eastern face the Austrians crossed the river on a
front of six miles on which they advanced about 2]^
miles forward toward the main crest. The mountain
attack on a front of twenty miles failed to yield any
appreciable result whatever. Military authorities
appear to agree that the Austrians have made the
greatest effort of which they are capable and that
they aimed at nothing less than driving the Italian
armies out of the plains of Venetia and the capture
of Venice and Padua. In the initial drive the greatest
enemy effort was concentrated in the mountain
area, but as this had been anticipated by the Italian
command it was here that the Austrians sustained
their most serious reverses. Of the 40 divisions
(480,000 men) employed here more than 30 divisions
(360,000 men) are said to have suffered such heavy
losses that they were compelled to retire. South
and east of Asiago the French and Italians in brilliant
counter offensive have retaken Pennar, Bertigo and
Costa Lunga, past which the Austrians had hoped
to switch the front and gain the Asiago river valley
which leads to Vicenza on the plains below.
Little activity is to be observed in the battlefields
of France and Belgium, although the artillery duels
continue violent on various sectors. American
troops have again forced back the Germans north­
west of Chateau Thierry in the Marne region,
this time without the enemy offering resistance.
The German official communication claims that the
Germans penetrated American positions at Seicheprey, in the Toule sector east of St. Mihiel and in­
flicted heavy casualties. The Associated Press
correspondent with the American army in this
region says the infantry activity has been confined
to an attempted raid notwithstanding the German
claims. Attacks by the Germans near Rheims
on Tuesday and Wednesday resulted disastrously
to them. Hardly had they left their trenches
after one of the most terrific bombardments with
sheels of all calibre including projectiles, ever ex­
perienced on the Western front, than nearly 40,000
men employed in the attack were faced by the re­
inforced French armies, literally cut to pieces and
forced to fall back precipitately. Only at one point
to the east of Rheims did. the armies succeed in
penetrating the French lines, and here they were
ejected almost immediately.
The London market has continued its quiet but
confident tone. Asking for a new vote of credit
for £500,000,000 on Tuesday, the British Chancellor,
Bonar Law, in his address gave a notably frank
review of the war situation, to which we refer more
fully later on. Taken all together, the net effec
of the speech was satisfactory, any tendency toward

3586

THE CHRONICLE

depression which might have been suggested by the
statistics of expenditures, &c., being counter­
balanced by the favoring character of the speaker’s
interpretation of military conditions and the sub­
marine position. .It is expected that July 1 will be
declared a Bank holiday in London to enable the
depleted staffs of the banks and other financial
institutions to catch up with their work, especially
in conjunction with the half-year’s balances. The
Stock Exchange therefore is expected to be closed
on that day. There is no disposition in financial
London, however, to regard the crisis on the West­
ern front as having been safely passed. The enemy,
it is recognized, must advance and attain his objec­
tives or concede his defeat, and the Chancellor’s
suggestion that a new hurricane drive should be ex­
pected is taken seriously. The food situation in the
United Kingdom has been relieved in a substantial
degree. To quote one correspondent: “ Thus far it
may be said that actual privation has not only been
utterly unknown but is unfeared. Furthermore,
‘rationing’ has produced good rather than ill effects
on the national health, which is excellent.”
The British Government has definitely and openly
assumed control of the transfer of securities of
British companies. It will as a policy prevent
their sale to aliens. A cable from the American
Consulate at London gives details of this situation.
Under the Defense of the Realm Regulations and
Orders in Council, dated June 4 and M ay 11, the
British Board of Trade prohibits without its consent
the transfer, or agreement to transfer, to any alien
or foreign controlled company any interest in.any
property or undertaking to which the regulation
applies, or of any share, stock, debenture or other
security issued by any company owning such, under­
takings. For the purposes of these regulations the
expression “ Foreign controlled company” is con­
strued to mean any corporation where the majority
of directors are not British subjects; or where the
majority of voting power is in the hands of persons
who are not British subjects; or where the control is
by any means whatever in the hands of persons not
British subjects; or where the majority of the execu­
tives are appointed by a foreign controlled company.
Undertakings and properties to which the regulations
apply are the following: Any oil fields; any mines,
wherever situated, from which platinum, copper,
lead, tin, tungsten or zinc are extracted; any business,
factory or undertaking situated in Norway, Sweden,
Denmark, Russia, Holland, Spain or Switzerland,
. manufacturing any article of absolute or conditional
contraband. The Order in Council applies to
American citizens but the Board of Trade states
that where the transfer of small blocks of shares to
aliens is concerned and no question of control is
involved consent to the transaction will be given
freely.
Sales of British war bonds last week were con­
sidered satisfactory. While they totaled only £31,­
516,000, as compared with £32,822,000 for the
preceding week, it should be recalled that the larger
total included the reinvestment of war loan divi­
dends. The aggregate of war bond sales up to
June 15 was £779,779,000. The post offices report
for the week ending June 8 sales of bonds amounting
to £688,000, bringing the total receipts from this
source up to £30,338,000. The preceding week’s




[Vol. 106.

post office record was £484,000. War savings
certificates of £1 each sold at 15s. 6d. (redeemable
in five years) disposed of in the week of June 15
totaled £2,340,000, making the aggregate ultimate
indebtedness under this head £204,267,000.
The British Treasury statement for the week end­
ing June 15, made a decidedly better showing, there
having been a substantial increase in revenue, coin­
cident with a falling off in expenses. Another favor­
ing feature was the continued heavy volume of
Treasury bills issued— far exceeding those repaid—
which is undoubtedly due largely to the recent
reduction in interest on fixed bank deposits, which
diverted funds into Treasury bills. Expenditures
for the week totaled £48,978,000 (against £64,770,000
for the week ended June 8), while the total outflow,
including Treasury bills repaid and other items was
£139,074,000, in contrast with £147,325,000 last
week. Repayments of Treasury bills equaled £47,­
888,000, comparing with £78,453,000 a week ago.
Receipts from all sources totaled £135,306,000, as
against £152,534,000 the previous week. Of this
total revenues contributed £19,346,000, in compari­
son with £9,170,000 in the week preceding. Sales
of Treasury bills were £80,446,000, against £92,220,­
000
last week; war savings certificates totaled
£1,600,000, against £2,300,000, and other debts in­
curred £16,386,000, against £4,197,000 a week ago.
There were only £1,000,000 in advances, which com­
pares with £30,000,000 the week before. War
bonds were £16,528,000, against £14,423,000 the
preceding week. Treasury bills, which have again
expanded, aggregate £1,051,772,000. The previous
total was £1,019,306,000. Treasury balances now
stand at £12,081,000, and compare with £15,850,000
last week.
In presenting his arguments for a vote of credit for
£500,000,000 in the House of Commons on Tuesday,
Andrew Bonar Law, Chancellor of the Exchequer,
showed that with the new appropriation the total war
credits would aggregate £7,342,000,000.
This
amount, it is worth emphasizing, is the result of
virtually four years of war and includes the large
sums which Great Britain has advanced to her allies.
In dollars it amounts substantially to $36,500,000,­
0 0 0 , and constitutes a very useful comparison when
we consider Secretary M cAdoo’s estimate that our
own Government will need no less than $24,000,000,­
000 for the single fiscal year beginning next July.
The present vote of credit, Bonar Law estimated,
would cover expenditures until the end of August.
The debt due Great Britain from her allies was
£1,370,000,000, while the Dominions owed the
mother country £206,000,000. Regarding such loans
it was impossible to make any accurate estimate for
the financial year, though there was a reduction
under this head as compared with the estimate
for the period under review of £16,160,000. An
analysis of the expenditures for 69 days ended
June 8 showed that “ while the estimated expenditures
for that period had been £482,000,000, the actual'
outflow had been £472,500,000. There occurred a
diminution of expenses below the estimate of four
of the fighting forces— army, navy, munitions and
the air. This diminution amounted to £15,200,000,
of which £13,500,000 was on the Admiralty account.
Of the amount £10,000,000 was due to the expendi­
tures of merchant ships being below the estimate

June 22 1918.]

THE CHRONICLE

2587

which was formulated for a whole year, and which
“ Thanks to the prompt and cordial co-operation
he hoped would be realized. The speaker estimated of the President of the United States, arrangements
the daily expenditure at £6,986,000, against a which have been set on foot for the transportation
daily average during the financial quarter of £6,­ and brigading of American troops will make it im­
possible for the enemy to gain victory by wearing
848,000.
.
out the Allied reserves before he has exhausted his
As to the military situation the Chancellor spoke, own.”
of course, of conditions existing earlier in the week,
As to the submarine situation, which a year ago
and it is gratifying to note that his optimistic fore­ appeared the greatest danger the Allies had to cope
cast has been in large measure confirmed by the later with, the Chancellor said that it had changed. The
developments. “ There is no doubt,” he said, “ that
shipping figures show that for the first time since the
our own and French troops are giving a good account
beginning of the campaign of frightfulness, the
of themselves and the Italians have been fighting
world’s ship construction exceeded the destruction.
throughout with the highest courage and the most There was no chance whatever, so far as human fore­
marked tenacity. The Italian Higher Command has sight could divine, of the country’s being starved
no fear of the results. The danger is not yet over, into submission. That was a consideration which
but the Government can express admiration and had an important effect on the military position.
gratitude to the Italians for the share they have taken
in the general struggle.” As to the Western front,
The British Board of Trade in its report of com­
the speaker informed the House that the British and merce for M ay reports an increase of imports amount­
French Headquarters knew the position to which the ing to £38,257,000 over the corresponding month of
German divisions were being sent before the com­ a year ago, the principal increases being £25,000,000
mencement of the offensive on March 21. He ad­ in food, £4,000,000 in raw cotton and £3,000,000 in
mitted that the attack had attained an amount of oils. The exports also showed improvement, but
success which had caused the utmost anxiety. “ But,” only of £1,529,000, notwithstanding that there was
he added, “ three months have passed and although an actual increase of cotton textiles of £4,500,000;
the battle is a continuous one, we can look back decreases in other commodities accounting for the
upon what has happened with some confidence. In more moderate total increase. Furthermore, the
this whole campaign the Germans had before them increase in cotton piece goods was in values and not
three great objectives— one was Paris, one the in quantities, the aggregate yardage having been only
Channel ports, and a third not only the defeat, if 403,191,000, against 473,567,000 yards in May 1917.
they can achieve it, of the Allied army, but the The imports and exports for the month of May and
breaking of communications between the British and for the five months ending with M ay are here given.
the French forces. Although the Allies have had to
------------------M ay-----------------------From Jan. 1 to M ay 30—
1918.
1917.
1918.
1917.
give much ground, not one of the enemy’s strategic
Im ports..................................... £125,883,000 £87,620,456 £550,852,481 £414,766,326
objects has been attained.” The Chancellor classed Exports...................................... 44.967,000 43,437,256 201,805,731 207,495,881
the battle of St. Quentin and the first battle of the
Excess o l Imports..............£80,916,000 £44,183,200 £349,046,750 £207,270,445
Lys as great German successes, and the battle of
Arras as one in which the British were entirely vic­
The French Government, according to M . Klotz,
torious. The same was true of the second phase of the Finance Minister, has every confidence that
the battle of the Lys. Regarding the part of the Russia eventually will pay her debts. The Minister
line held by the French, Bonar Law said that the made this statement without qualification in the
first attack was a great victory for the Germans, but Chamber of Deputies on Wednesday. Deputy
that later an immense attack was started which Edouard Barth offered an interpellation as to who
entirely failed in its object. The offensive of should be held responsible for the 500,000,000 francs
March 21, he continued, brought about unity of still due to French investors in Russian loans. The
command, which results have justified. The out­ Finance Minister replied: “ It matters not what
come of the battle must be a question of reserves. government obtains in Russia, I do not despair of
The great source of Allied reserves is America, and it the guarantee of the Russian State. It is immaterial
was undoubtedly part of the German scheme to use whether the Bank of Russia meets its indebtedness.
up the Allied reserves before they can be reinforced I have confidence in the Russian State and French
from America. But in this they had not succeeded. investors will not lose. It is not the Government
The Chancellor added that he wished it were possible which contracts the debt; it is the country.” There,
to tell the House the number of troops which since in fact, appears a distinct trend in all the Allied
March 21 had been sent from England to strengthen countries to recognize that Russia may before long
theBritish forces. “ Itis a large number,” he added, be expected to begin to react from the demoralization
“ but as I have said, the main source of the Allied of the last few months. Mr. Asquith, the Opposition
reserves is America.” Necessity had made possible leader in the British House of Commons, for instance,
what seemed impossible. The American troops were declared this week that he was not disposed to wipe
not coming— they had come. America was not Russia off the slate or treat her as if non-existent
coming into the war; she was in it. “ I am sure,” he or that she “ might stew in her own juice.” That, he
added, “ that every member of the House realizes declared, would be a policy of fatal shortsightedness.
and is delighted to know that the American troops “ We ought,” he continued, “ with all our resources
have been fighting and have justified the high hopes of diplomacy and if need be with naval and military
which everyone acquainted with the character of the assistance to endeavor before too late to build up a
American people formed of what the fighting value relationship of friendship and intimate alliance.
of these troops would be.” The best way of making Russia has far more to lose by German victory and
the House realize how great had been the change in far more to gain by German defeat than any one of
the situation would, the speaker thought, be to read the separate members of the Alliance.” Without
an extract from the minutes of the last Supreme War pressing the Government to a premature declaration,
Council, and he proceeded to read it as follows:
M r. Asquith thought it should go forth to the world



2588

THE CHRONICLE

that the British people were as anxious as ever to
have Russia on their side and to give the great
Russian democracy the assurance that in all its pains
and anxieties it had their sympathy and that they
hoped Russia would continue her sympathy and
active assistance to the cause in which she was
equally interested with the Allies. M r. Balfour, the
British Secretary for Foreign Affairs, on Thursday
also referred to the attitude of the Allies toward
Russia. He said: “ We have the task before us of
doing all we can to restore Russia to full national self­
consciousness. Everybody sympathizes with the
difficulties in which that vast population finds itself.
The sufferings of the Russian people have been little
alleviated by the nominal peace which has been
forced upon them by Germany. I do not despair of
our being even now able to do something material
to restore economic and political unity and national
effort in that great country.”

[Vol. 106.

for Franco-American War Co-Operation, which
will form part of the Premier’s office. It will be
headed by Captain Andre Tardieu, who will remain
as French High Commissioner to the United States.
He will divide his time between Paris and Washing­
ton. The object of the new portfolio, as expressed
by President Poincare, is to provide for the “ still
further strengthening of co-operation with the
United States which can be best accomplished by
placing in the same hands the bulk of the questions
which may arise.”

Official discount rates at leading European centres
continue to be quoted at 5% in London, Paris, Ber­
lin, Vienna and Copenhagen; 6% in Petrograd and
Norway; 6)/2% in Sweden and 4}/^% in Switzerland,
Holland and Spain. In London the private bank
rate has been changed from 3 15-32% to 3)/£% for
sixty days while the rate for ninety days is 3 9-16%,
against 3 ^ % . Money on call in London is 34%
Financial news cabled from Paris has been very higher at 3 % . No reports have been received by
scarce this week. Quotations on the Bourse, how­ cable of open market rates at other European centres,
ever, have been maintained. Responsible reports as far as we have been able to ascertain.
from Southern France indicate that there will be
much larger crops of grain, fruit and olives this year
A further expansion in gold is shown by this week’s
than at any time since the beginning of the war. statement of the Bank of England, the increase being
By a unanimous vote on Friday of last week the Senate £327,401. But note circulation also is higher; hence
passed all the clauses of the current financial meas­ total reserves were reduced £31,000. The deposit
ure and also approved the entire budget. A daily items, however, declined substantially, which re­
wage increase of 40 cents with 25 cents for over­ sulted in an advance in the proportion of reserve to
time has been granted to all dock workers at South­ liabilities to 18.77%, as compared with 17.88% last
ern French ports. In return the workers promise week and 2 1 % % a year ago. In round numbers, the
better efforts to expedite shipping for war purposes. reduction in public deposits totaled £6,398,000, while
It appears that a recent statement to the Cham­ other deposits decreased £1,376,000 and Govern­
ber by Premier Clemenceau has been inaccurately ment securities w’ere reduced £2,399,000. Loans
interpreted as suggesting that the Allies were really (other securities) showed a contraction of £5,869,­
suffering from numerical inferiority on the French 000. Threadneedle Street’s stock of gold on hand
front. Most people, says the Paris correspondent now aggregates £64,205,926, as against £56,634,774
of the London “ T im e s/’ appear to have confounded a year ago and £61,707,696 in 1916. Reserves total
two distinct statements— one concerning the num­ £30,371,000, in comparison with £36,295,194 in 1917
ber of effectives in a local sector of a given offen­ and £44,942,601 the year before. Loans now stand
sive; the other the total number of Allied effectives at £95,050,000. This compares with £105,887,648
as compared with those of the enemy. Senator and £73,382,518 one and two years ago, respectively.
Henri Berenger, in an article published early in the Clearings through the London banks for the week
week referring to this misunderstanding, said:
were £382,390,000, against £383,331,000 last week
“ There can be no doubt that, taking the front as and £338,140,000 a year ago. Our special corre­
a whole, we are not appreciably inferior in number spondent is no longer able to give details by cable of
to the enemy. Taken altogether, we have about the gold movement into and out of the Bank for the
7,000,000 troops against the enemy’s 7,000,000. Bank week, inasmuch as the Bank has discontinued
Where the enemy was superior in numbers was at such reports. We append a tabular statement of
the point he selected for attack. Seven million comparisons:
soldiers stretched out along a front of 1,200 or 1,400
B A N K O F E N G L A N D ’ S C O M P A R A T IV E S T A T E M E N T .
miles will always be inferior to 7,000,000 secretly
1916.
1915.
1914.
1918.
1917.
June 21.
June 23.
June 24.
June 19.
June 20.
concentrated on decisive sectors of attack. Let us
£
£
£
£
£
have confidence. Our High Command will adapt Circulation........... . . 52,383,000
38,839,580 35,215,095 33,129,655 28,703,125
our equality of numbers to a definite superiority Public deposits____ 36,121,000 50,143,009 51,200,122 99,578,204 18,074,214
deposits_____ 125,187,000 119,456,666 91,549,115 109,502,874 44,915,911
of manoeuvre.” One of the group of French Depu­ Other
Government secure. 53,749,000 45,230,106 42,187,454 51,043,491 11,040,570
ties who are considering the defense of Paris, i.e., Other securities____ 95,050,000 105,887,648 73,382,518 130,393,323 39,994,619
Reserve notes & coin 30,271,000 36,245,194 44,942,601 39,477,512 29,675,138
M . Louis Puech, has made the frank recommenda­ Coin
and bullion___ 64,205,920 56,634,774 61,707,690 34,157,107 39,928,263
tion in the Paris “ Matin” that a partial precau­ Proportion of reservo
18.87%
18.80%
21.37%
31.50%
47.12%
to liabilities.........
tionary evacuation of the city should be begun.
5%
Bank rate..................
5%
3%
5%
5%
“ We have so often lacked foresight,” he said, “ in
the course of the war and should not again expose
The Bank of France continues to show gains in its
ourselves to the accusation of not taking precaution
against the most remote perils.” The Deputies have gold item, this week’s gain being 11,804,550 francs.
no fear of the Germans ever actually reaching Paris, This brings the total gold holdings up to 5,422,466,­
but they have the possibility of bombardment in 400 francs, including 2,062,108,000 francs held
mind in their daily deliberation.
abroad, comparing with 5,285,009,725 francs in 1917
Because of the increasing number of American (of which 2,034,774,686 francs were held abroad)
soldiers in France and the correspondingly increased and with 4,756,918,795 francs (including 170,­
degree of American participation in the war, the 107,636 francs held abroad) the year before. Bills
French Government has created a new Secretaryship discounted is the only item recording a decline, the




June 22 1918.]

THE CHRONICLE

decrease amounting to 142,675,000 francs. On the
other hand silver was increased by 2,512,000 francs,
Treasury deposits were advanced 14,655,000 francs,
general deposits expanded 51,822,000 francs and
advances were augmented by 3,411,000 francs.
The amount of notes in circulation was increased
during the week by 182,224,000 francs, the total
now outstanding being 28,414,296,995 francs. At
this time last year the amount was 19,777,926,265
francs, while the year previous the figure was 15,­
734,907,085 francs. On July 30 1914, the period
just preceding the outbreak of the war, the amount
was 6,683,184,785 francs. Comparisons of the
various items with the statement of last week and
corresponding dates in 1917 and 1916 are as follows:
BAN K OF FRANCE'S COM PARATIVE ST A T E M E N T .

Cold Holdings—

Changes
for Week.
Francs.

In Franco.............. Inc. 11,801,550
Abroad....................
No change
%

----------------------------- Status

as of----------------------------June 20 1918. June 21 1917. June 22 1916.
Francs.
Francs.
Francs.
3,360,358,400
2,062,108,000

3,250,235,039
2,034,774,686

4,586,811,159
170,107,636

---------------------------------------------------------------------------------------------------------------

T o ta l......... . . . . I n c .
11,801,550 5,422,466,400 5,285,009,725 4,756,918,795
Silver....................... Inc.
2,512,000
256,064,000
258,675,634
345,603,372
Billa discounted..Dec. 142,675,000 1,234,892,326
489,811,620
389,706,122
A d v a n c e a ....................I n c .
3,411,000
978,933,615 1,163,254,116 1,227,876,119
Note circulation..Inc. 182,224,000 28,414,296,995 19,777,926,265 15,734,907,085
Treasury deposlts.Inc. 14,655,000
68,088,000
111,326,072
32,030,288
General deposits..Inc. 51,822,000 3,918,154,610 2,592,437,702 2,054,492,101

In its weekly statement, as of June 15, the Imperial
Bank of Germany shows changes, all of which for
the first time in a long period are increases. There
was an exceptionally heavy increase in bills dis­
counted, totaling 627,707,000 marks, and in deposits
of 540,716,000 marks. The expansion in other items
was 215,000 marks in total coin, 136,000 marks in
gold, 34,000 marks in Treasury notes, 1,234,000
marks in notes, 1,505,000 marks in advances, 802,000
marks in investments, 20,839,000 marks in securities,
7.866.000 marks in circulation, and 103,814,000
marks in liabilities. The German Bank gold hold­
ings are reported at 2,345,959,000 marks, as against
2.533.353.000 marks last year and 2,464,940,000
marks in 1916. Totals of note circulation and loans
and discounts, &c., are not available.
Saturday’s bank statement of New York Clearing
House members, which will be found in more com­
plete form on a later page of this issue, registered
sharp changes in some of its principal items. De­
posits were heavily increased, as also were loans,
which may be attributed in part to income and excess
profits tax payments, and also to the placing this
week of several large bond and note issues by leading
corporations. In round numbers, the loan item
showed an expansion of $103,593,000, while net
demand deposits were increased $83,468,000, to
$3,821,352,000 (Government deposits of $321,439,­
000 deducted). Net time deposits gained $4,969,­
000. Cash in vaults (members of the Federal Reserve
Bank) was reduced $659,000, to $100,018,000 (not
counted as reserve.) Reserves in the Federal
Reserve Bank of member banks expanded $35,877,­
000, to $551,967,000. Reserves in own vaults (State
banks and trust companies) decreased $61,000, to
$15,120,000, although reserves in other depositories
(State banks and trust companies) increased $732,000
to $9,903,000. Circulation was reduced $410,000, to
$36,754,000. There was a gain in aggregate reserves
of $36,548,000, which brought the total to $576,­
990,000, as against $669,234,000 last year. The
reserve required expanded $11,069,680; hence the
increase in surplus was cut down to $25,478,320.
This increase, however, brings the total of excess



2589

reserves to $69,596,530, on the basis of 13% reserves
for member banks of the Federal Reserve system
(but not counting $100,018,000 cash in vaults held
by these banks.) A t the corresponding date in 1917,
surplus reserves on hand equalled $54,050,750 on the
basis then current of 18% reserves, including cash
in the vaults of the member banks of the Federal
Reserve system.
The easier condition in local money circles indi­
cated by a reduction in the call money rate may
hardly be considered significant of the actual po­
sition. A much better indication is the evidence
of the fact which has been presented a number of
times in the last few days that capital is requiring at
least 7% even for the best grades of short term in­
vestments. The American Telephone Co. for in­
stance is preparing to issue to its stockholders
$50,000,000 in seven year 6% bonds on a basis to
yield 7.1% ; the Louisville Gas & Electric Co. is
offering $10,500,000 in five year 7% notes on a
7 / 4 % basis; the recent offering of $60,000,000 in
one to six year serial notes by the Armour Co.
figures out 6%@7J4 % , while the Puget Sound
Traction Co. has placed a $12,250,000 three year
7% issue on a 7 % % basis. All these issues have
been passed by the new Capital Issues Committee
of the War Finance Corporation as not incom­
patible with the public interest. Hopes that re­
cently have been entertained in banking circles
that with the completion of the June 15 war tax
payments and the financing of the Third Liberty
Loan there was likely to be a respite in the demands
of the Government for funds have not been realized.
The Secretary of the Treasury on Monday announced
his new financial plans including the sale in suc­
cessive issues of $750,000,000 every two weeks
of $6,000,000,000 Treasury certificates of indebted­
ness in anticipation of the proceeds of the Fourth
Liberty Loan which will be offered presumably in the
latter part of October or early in November. The
new certificates (the first $750,000,000 of which will
be dated June 25) will carry 43^%. From this fact
the deduction is being drawn in banking circles
that the Administration intended to make that
figure the rate for the approaching loan. However,
a semi-official statement from Washington denies
that there is justification for such an assumption,
the question of rate not having been settled defi­
nitely. The Treasury may also sell $2,000,000,000
in certificates of indebtedness in anticipation of
next year’s income taxes, but if so this will form
part of the general total of $6,000,000,000. It
becomes evident that Secretary McAdoo is pro­
ceeding with complete confidence in providing for
his program of collecting $24,000,000,000 for the
Treasury’s need in the fiscal year beginning July 1.
The banks are expected to take the full $750,000,000
fortnightly certificate issues though it would not be
surprising in view of the attractiveness of the offer­
ing and the low denominations available if consid­
erable private capital should thus be invested.
This new and extensive demand upon capital sup­
plies must be considered in conjunction with the
fact that two important installments of the Third
Liberty Loan still are due, namely, that of July 18,
calling for 35% of subscriptions, and the final one
of Aug. 15, calling for 40%. These installments,
however, are subject to possible exaggeration since
a large proportion of the subscriptions has al­

Mercantile paper was moderately active, especially
among out of town institutions who have purchased
fair amounts of the best names. The range is still
5% @ 6% for sixty and ninety days’ endorsed bills
receivable and six months’ names of choice character,
with most of the business done at 6% . Names not
so well known still require 6%.
Banks’ and bankers’ acceptances continue in good
demand, with substantial buying of prime bills
by St. Louis, Boston, Chicago, and other financial
institutions reported. On one day this week deal­
ings reached a total of approximately $8,000,000,
which will illustrate the increasing importance of
this market. Transactions were at rates previously
current. Rates in detail are as follows:
----------------- Spot

Delivery----------------Sixty
Thirty
Days.
Days.
4%,©4*A, 4Vi@4Vi

4

%

4% © 4V i

44© 4V 1

4% b id

I n e li g ib le b i l l s ........................................................ 5Vi@4*A

5Vi©4Vi

5H@4*4

0

Ninety
Days.
b a n k a --------------- 4*4,®4Vi

E l ig ib l e b ills o f n o n - m e m b e r b a n k s _____4 % @ 4

Delivery
within
30 Days.

Vi

b ill
b id

Discounts—
W ith in 1 5 d a y s . ln cl. m em ber
b a n k s' collateral n o t e s ___ 4
4
4
4H 4%
16 to 60 d a y s ' m a tu r ity . . . 4 Vi 4 *4 4*4 4 *4 5
61 to 90 d a y s ’ m a t u r it y . - . 4*4 4*4 4U 4 H 5
A g ricultu ra l and liv e-stock
pap er o v e r 90 d a y s ______ 5
5
5
5Vi SVi
8ecu red b y U . 8 . certifica tes
o f Indebtedness o r L ib ­
erty L oa n b on d s—
W ith in 15 d a y s, includ ing
m em ber b a n k s' c o lla t ­
eral n o te s ............................. 4
4
4
4
4 Vi
16 to 90 d a y s ' m a t u r i t y . .. 4H 4 Vi 4H 4 H 4 Vi
Trade Acceptances—
1 t o 60 d a y s ' m a tu r ity _____ 4Vi 4Vi 4 Vi 4Vi 4 Vi
61 to 90 d a y s' m a tu r ity _____ 4Vi 4Vi 4 « 4Vi 4*4

n
I
*5

8
8
8
a

1
Cl

San Francisco.

Atlanta.

<
O,

Chicago.

§

a.
■a

Cleveland.

K
c>
>4

Richmond.

53

CLASSES
OF
DISCOUNTS AND LOANS

Minneapolis.

DISCOUNT RATES OF FEDERAL RESERVE BANKS.

Boston.

ready been paid in full. Hence, while official
figures are lacking, the amounts due on the install­
ments should not be considered unduly important.
During the next week there will of course be some
necessity of providing for the July 1 payments
which may constitute a temporary strain in banking
circles. However, the disposition in these circles
is to look for a firm market without the intervention
of noteworthy nervousness. War loan interest on
the first Liberty bonds became due last Saturday
and served as some source of relief in the general
situation. In view of the fact that the First
Liberty Loan bonds are payable in June and De­
cember, the Second in May and November and the
Third in March and September the idea in local
banking circles is that he Treasury will feel in­
clined in view of convenience of distribution to
arrange the coupons of the Fourth Liberty Loan to
become payable in April and October.
Referring to money rates in detail, loans on call
have covered a range for the week of 3@ 6%, which
compares with 4@ 6% last week. On Monday 6%
was the highest, and 5% % the low and ruling quota­
tion. Tuesday there was no range, 6% being the
only rate quoted all day. On Wednesday the maxi­
mum was still at 6%, while renewals were made at
5%% with 4 % % the low. Thursday’s range was
3@ 5% and 5% the renewal basis. On Friday
4% was the high, with 3%% the minimum
and 4% the ruling quotation. These figures
apply to mixed collateral, “all-industrials” being
put through at 3^ of 1% higher. For fixed maturities
the tone was slightly easier with loanable funds for
the shorter periods available in .larger amounts
than for some time. The improvement noted in
last Saturday’s bank statement coupled with the
fact that money paid to the Government in the form
of income and excess tax payments has been returned
to the banks made for easier monetary conditions,
though as these conditions are looked upon as tem­
porary, lenders are not disposed to put out money
freely for the longest dates, four, five and six months,
which continued to be quoted nominally at 6%.
Sixty and ninety days is still quoted at 53^@6%.
Last year funds from sixty days to six months were
quoted at 5@ 5% % .

E l ig ib l e b ills o f m e m b e r

(V ol . 106.

THE CHRONICLE

3590

4
4
4
4
4
4 Vi 4
4 *4 4*4 4*4 4*4 5 Vi 4*4 4*4
4 Vi
SM 5
4 *4 5
4*4 5
5

5Vi 5 Vi 5 Vi 5 Vi aVi BVi

4
4 Vi

4
4
4
4
4 Vi 4
4 4 4 Vi 4Vi 4 Vi 4 Vi 4 Vi

4 Vi 4Vi 4 Vi 4 Vi 4*4 4 Vi 4120
4Vi 4 Vi 4Vi 4 Vi 4*4 4 Vi 4Vi

* Rato of 3 to 4 H % for 1-day discounts in connection with tho loan operations
of tho Government.
a 15 days and under 4 % .
N ote 1. Acceptances purchased In open market, minimum rate 4 % .
N ote 2. Rates for commodity paper have been merged with those for commercial
paper of corresponding maturities.
N ote 3. In case the 60-day trade acceptance rate Is higher than tho 1 5 -day dis­
count rate, trade acceptances maturing within 15 days will bo taken at tho lower rate.
Note 4. Whenover 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
paper of the same class.

In sterling exchange conditions remain without
significant change. An additional $15,000,000 in
gold has come from the branch of the Bank of England
at Ottawa and has been deposited in the vaults
of the Federal Reserve Bank. This makes $30,­
000,000 on the current movement, which, however,
does not include preceding shipments from Montreal
for the purpose of stabilizing Canadian funds in the
New York market. Export arrangements of $100,­
000 of the precious metal to Mexico were announced.
As regards the day-to-day rates, sterling exchange
on Saturday, in comparison with Friday of the
preceding week, was quiet but steady; demand ruled
at 4 75 5-16@4 75%; cable transfers at 4 76 7-16
and sixty days at 4 72%@4 723^. On Monday
trading was dull and the undertone a trifle easier,
with demand bills quoted at 4 75%@ 4 7530; cable
transfers and sixty days, however, were not changed
from 4 76 7-16 and 4 72%@4 723^. No new feature
of particular interest developed on Tuesday, and
rates remained at the levels of the previous day.
Wednesday’s market was a nominal affair, trading
at times being at an almost complete Sjanstill;
consequently, quotations were not altered from
4 753<£@4 7530 for demand, 4 76 7-16 for cable
transfers and 4 72%@4 723^ for sixty days. If
possible, sterling transactions were of still smaller
proportions on Thursday; the undertone was a
trifle easier for demand, which ranged between
4 75%@ 4 75 5-16, although cable transfers again
ruled at 4 76 7-16 and sixty days at 4 72%@4 723^;
so entirely under control is the sterling situation,
that not even the epoch-marking developments that
have taken place on the French and Italian battle
fronts were able to cause the smallest ripple in
quoted rates which continued in the usual rut. On
Friday the market was dull and featureless and still
without change. Closing quotations were 4 72%@
4 72% for sixty days, 4 75%@ 4 75 5-16 for demand
and 4 76 7-16 for cable transfers. Commercial
sight bills finished at 4 75@4 75% , sixty days at
4 71% @ 4 71% , ninety days at 4 70@4 70%, docu­
ments for payment (sixty days) at 4 71 @4 71%
and seven-day grain bills at 4 74%@4 74%. Cotton
and grain for payment closed at 4 75@4 75% .

No changes in rates,so far as our knowledge goes,
have been made the past week by the Federal Reserve
Very little of moment has transpired in the con­
banks. Prevailing rates for various classes of paper
at the different Reserve banks are shown in the tinental exchanges this week and dealings have been
exceptionally light. As a result fluctuations were
following:




June 22 1918.]

THE CHRONICLE

relatively unimportant and only slight changes in
quotations were noted. Following the action of
the Director of the Division of Foreign Exchange
of the Federal Deserve Board last week in announc­
ing an official rate of 8 92 for lire checks, the quota­
tion for exchange on Rome has been maintained
at about this figure throughout the week, though
trading was negligible in volume. Rumors arc
current to the effect that steps have been taken by
the Washington authorities for the general stabiliza­
tion of the American dollar abroad. Definite
details of this project are not as yet available. But
it is understood that agreements already have been
made with some neutral countries in Europe and
South America looking to the protection of the dol­
lar's value, and negotiations are proceeding with
others. The military events of the week, including
the extensive Austrian drive on the Italian front, and
its subsequent check and the breaking up of a
fierce German onslaught upon Rlieims, created an
excellent impression, although none of these favor­
ing developments had any perceptible effect on
actual rates, owing to the arbitrary conditions
prevailing in foreign exchange. Francs were well
maintained, and remained without quotable change.
Russian exchange continues upon an entirely nomi­
nal basis with no business being done. All transac­
tions lutvc of necessity been suspended in German
and Austrian exchange and quotations for reichmarks and kronen are not available. The unofficial
London check rate in Paris closed at 27.16 (un­
changed). In New York sight bills on the French
centre finished at 5 713^, against 5 71% ; cables
at 5 70, against 5 70%; commercial sight at 5 7234,
and commercial sixty days at 5 78, against 5 78
last week. Lire closed at 8 92 for checks and 8 90
for cables. A week ago the close was 8 97 and
8 95, respectively. Rubles have not been changed
from 14 for bankers' sight bills and 15 for cables.
Greek exchange continues to be quoted at 5 13%
for checks and 5 12% for cables.
In the neutral exchanges a more or less reactionary
tendency has developed, with declines in guilders
and in Copenhagen and Stockholm remittances.
Swiss francs moved erratically, opening strong and
higher, then receding several points, but closing at
recoveries. Pesetas were also lower. The market
was an extremely narrow one and quoted rates
were hardly more than nominal. In some quarters
the belief is cxpiesscd that any decided improvement
in the Allied outlook, indicating a possible earlier
termination of the war than generally counted upon,
would be followed by a sharp rise in exchange at all
the belligerent centres and a consequent lowering
of neutral rates. The negotiations now reported
to be under way whereby Secretary McAdoo is
seeking to stabilize the American dollar in Europe
are also said to be a factor. Bankers’ sight on
Amsterdam closed at 50%, against 51% ; cables at
51, against 51% ; commercial sight at 50 7-16,
against 50 15-16, and commercial sixty days at
50 5-16, against 50 13-16 on Friday of the preceding
week. Swiss exchange finished at 3 97 for bankers’
sight bills and 3 93 for cables. This compares with
4 01 and 3 96 last week. Copenhagen checks closed
at 30.90, and cables at 31.30, against 30.90 and 31.30.
Checks on Sweden finished at 34.30 and cables at
34.70, against 34 and 34.40, and checks on Norway
closed at 31.30 and cables at 31.70, against 31.30
and 31.70 last week. Spanish pesetas finished at



2 5 91

27% for checks and 27% for cables. The final
quotation of a week ago was 28.40 and 28.60.
In South American quotations, the rate for checks
on Argentina has declined to 44.60 and cables 44.75,
compared with 45.15 and 45.25. For Brazil the
check rate is also slightly lower, with checks at 25.30
and cables 25.55, against 25.55 and 25.65 the
previous week. The Chilian rate has been advanced
to 17 9-32, against 15% , although Peru is still
quoted at 57. Far Eastern rates are as follows:
Hong Kong, 78@78.15, against 77.65@77.75; Shan­
ghai, 111 % @ 11 1 % , against 111@ 111% ; Yokohama,
52.75@52.85, against 52.65@52.75; Manila, 49%@
50 (unchanged); Singapore, 56%@ 56% (unchanged);
Bombay, 36%@37 (unchanged), and Calcutta,
35.73, against 35%.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $2,052,000 net in cash as a result of the cur­
rency movements for the week ending June 21. Their
receipts from the interior have aggregated $6,829,­
000, the the shipments have reached $4,777,000.
Adding the Sub-Treasury and Federal Reserve oper­
ations and the gold imports and exports, which to­
gether occasioned a loss of $74,740,000, the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a loss
of $72,688,000, as follows:
Week ending June 2 1 .
B a n k s’ Interior m o v e m e n t___________
S u b -T re a s. a n d F e d . R e s . o p e r. and
g o ld Im ports an d e x p o rts ....................
T o t a l ........................... ................

Into
Banks.

Out of
Banks.

Net Change in
Bank Holdings.

$ 6 ,8 2 9 ,0 0 0

$ 4 ,7 7 7 ,0 0 0 G a in

$ 2 ,0 5 2 ,0 0 0

4 5 ,7 5 3 ,0 0 0

120 ,4 9 3 ,0 0 0 L oss

7 4 ,7 4 0 ,0 0 0

$ 5 2 ,5 8 2 ,0 0 0

S 12 5.2 70.0 00 L oss 3 7 2 ,6 8 8 ,0 0 0

The following table indicates the amount of bullion
in the principal European banks:
June 20 1918.

Banks ofGold.
E n g la n d ..
F r a n c e a ..
G erm a n y .
R u ssia * . .
A u s-H u n c
Spain _
I t a ly ..
N e th e rl’ d s
N a t . B e l. h
S w itz ’laud
Sw eden . .
D en m a rk _
N orw a y . .

Silver.

June 21 1917.
Total.

Gold.

Silver.

Total.

£
£
|
£
£
‘
£
£
12 0 5 ,9 2 6 i _________ I 64,205,926; 56 634,774;
I 5 6 ,6 3 4 ,7 7 4
,414,336’ 10.240.000 144,654 ,33 6 130 ,0 09,406 1 0 ,3 2 0 ,0 0 0 1 4 0 ,3 2 9 ,4 0 0
,297,950, 6 ,0 2 1 ,3 0 0 1 2 3 ,3 1 9 ,2 5 0 1 2 6 6 6 7 ,650
2 ,4 9 1 ,3 5 0 1 2 9 .1 5 9 ,0 0 0
,650,000 12.375.000 142,025 ,00 0 147 7 8 8 .0 0 0 1 1 ,7 5 3 .0 0 0 1 5 9 ,5 4 1 ,0 0 0
,008,000
2 .2 8 9 .0 0 0 13,297,000! 16 4 0 0 .000
3 ,9 4 0 ,0 0 0 2 0 ,3 4 0 ,0 0 0
,930,000 2 8 .1 6 0 .0 0 0 111,0 9 0 ,000: 58 9 6 9 .0 0 0 3 0 ,2 6 2 ,0 0 0 8 9 ,2 3 1 ,0 0 0
,449,000
3.1 4 2 .0 0 0 3 6 ,5 9 1 ,0 0 0 33 7 1 9 .000
2 .5 8 2 ,0 0 0 3 6 ,3 0 1 ,0 0 0
,013,000
648 ,700 60,661,700! 49 5 3 6 .000
618 .300 ' 5 0 .1 5 4 ,3 0 0
,380,000
600,000! 15,980,000! 15 380,000;
600,000, 1 5 ,9 8 0 ,0 0 0
,292,000
................. 15,292,000; 13 670,300;
.................. 1 3 ,6 7 0 ,3 0 0
,404,000
................
14,404,000 11 2 7 6 .0 0 0
! 1 1 ,2 7 6 ,0 0 0
,228,000
136,000 10,364,000
9 996.0001
136 ,000 1 0 ,1 3 2 ,0 0 0
,617,000
..................
6,617,000! 7 161,000;
! 7 ,1 6 1 ,0 0 0

T o t . w c c k . 6 9 4 ,8 -9 ,2 1 2
P r o v . w eek 693 ,842 ,82 9

63,6 1 2 ,0 0 0 ,7 5 8 ,5 0 1 ,212 i6 7 7 .2 0 7 ,130 6 2 ,7 0 2 ,6 5 0 7 3 9 ,9 0 9 ,7 8 0
6 3 ,6 1 9 ,3 5 0 7 5 7 ,4 6 2 ,1 7 9 675,018,592; 6 2 ,5 6 8 ,1 0 0 7 37 ,5 8 0 ,0 9 2

a G old h oldings o l th e B a n k ot F ra n ce tills yea r are ex clu siv e o f £ 8 2 ,4 8 4 .3 2 0
held a b ro a d .
* N o figures reported since O cto b e r 29 1917.
c Figures for 1918 th ose g iv en b y "B ritish B oa rd o f T r a d e J o u r n a l" for D o c 7
1917; figu res for 1917 estim ated on the basis o f the D e c . 7 1917 tota ls,
h A u g u st 0 1914 In b oth years.

T H E A U S T R I A N O F F E N S IV E .

The attack which has been delivered this week
by the Austrian army on the Italians was, no doubt,
originally a part of the German General Staff’s
general plan of campaign for 1918. That it was
delayed until so long after the German offensive had
been in progress on the French front, has several
possible explanations. It may have been deliber­
ately fixed for the present week, in expectation that
by this time the campaign in the West would have
attained decisive success, and that the similar achieve­
ment in the South by crushing the only remaining
active hostile army might end the war. If this was
the purpose, the program manifestly miscarried
through the checkmate of the German commander’s
effort in the West by General Foch. It is also
possible, however, that the German High Command
did not desire to spare from the general stock of war

2592

material the supplies and munitions which would be
needed for the Austrian offensive, until the Western
attack should have been tried out on the basis of all
available equipment being used for the German ar­
mies.
There is a third theory, not very convincing, that
the Austrian attack was conceived and undertaken
at this moment with the primary purpose of diverting
troops or supplies from the Entente armies in France
to the Italian front. This theory overlooks the fact
that an offensive on so large a scale as that of the
Austrian this week, conducted simultaneously on a
front not much less than one hundred miles, required
thorough preparation, probably the work of months,
and could hardly, therefore, have been an after­
thought.
This view of the matter is borne out by the very
evident fact that the Austrian attack was no surprise
to the Italians, but had evidently been foreseen and
expected, both as to time and character. The
absence of any of the advantages which the Teutonic
assailants enjoyed in the drive at the English line in
March, and at the French line last month, is the first
and most obvious explanation of the failure which
the Austrian army has up to this time encountered.
The Austrians began their attack last Saturday,
simultaneously in the mountains, from which, if
victorious, they might have flanked the Italian army,
and along the lowland defenses of the Piave River,
from which, if victorious, an Austrian advance on
Venice would have been possible. The result, after
a week of fighting, has been that the mountain of­
fensive has been brought to a complete standstill,
apparently without accomplishing anything whatever;
the Italians and their English auxiliaries having, in
fact, regained the offensive on their own account.
Gains of a few miles were made by the Austrians
along the river; those gains, however, being isolated,
mostly of little or no strategic value, and achieved at
very heavy cost of life.
In the early stages of the offensive, military head­
quarters at Vienna claimed twelve thousand Italian
prisoners, which would not be incredible in an of­
fensive of this magnitude, though the Austrian re­
ports on matters of that kind have notoriously been
less trustworthy than those of other belligerents.
What is, however, infinitely more striking is the
announcement by the Italian War Office, early in the
week, that their armies have taken 4,500 Austrian
prisoners, and the raising of the figure to 10,000
yesterday. This is something which has not yet
happened in the case of any army confronted with a
vigorous offensive, and it could hardly have hap­
pened on this occasion unless the attack at some
point or points had failed completely, and the assail­
ants been driven back.
The week’s later news,
indeed, suggested at least the possibility of an out­
right disaster to the Austrians, of whose army as
many as perhaps 50,000 men had crossed the Piave
River on pontoon bridges and then been cut off from
their supports on the other side by the sudden rising
of the river. Many signs have pointed to ill-con­
ceived and badly managed work in the first advance,
among them the very unusual incident of the separa­
tion of an Austrian general officer and his staff from
the rest of the command, and the capture of the
General. It was a somewhat striking coincidence
that the failure of the Austrian grand offensive oc­
curred while a very violent local attack by the Ger­
mans in France, with the purpose of carrying Rheimg



[Vol. 106.

THE CHRONICLE

by force, was completely and more or less disas­
trously defeated last Tuesday night.
It is still too early to draw definite conclusions as
to exactly what will be the end of the Austrian cam­
paign in Italy, and how it will react on the campaign
in France. But what has already been made evident
is important. The Italian army, which last October
had been reduced to great demoralization by its
defeat on the Isonzo, by a loss according to Austrian
reports of 180,000 prisoners and 1,500 guns, and by
the discovery of internal treachery in the Italian
ranks, has evidently recovered its morale. They
have been fighting this week, it would seem, with
the vigor of an army determined at all costs to re­
trieve its reputation. It is equally manifest that the
Italian army had been skilfully handled by its
officers.
Supposing the Austrian reverses to be permanent,
and especially in the conceivable case of an Austrian
withdrawal and confession of defeat, important con­
sequences might follow in two directions. The Ger­
mans might find it necessary to detach a substantial
part of their own troops to relieve the Austrians, in
which case the Western offensive would be to that
extent gravely prejudiced, especially since such de­
pleted strength in the West would occur while
American reinforcements were strengthening with
great rapidity the opponents’ line. If this'were not
to be the decision, then the Austrians, in case of
further reverses, would be left, as has happened to
them so often on similar occasions, to face a greatly
intensified spirit of political opposition and insub­
ordination at home, for there can now be no doubt
that this domestic situation is actually critical.
Financially and economically, the present condi­
tion of Austria is deplorable; it is established that
during the past few weeks troops have repeatedly
been called out to put down domestic demonstrations
against the Government. These are the influences
which operated to provoke the political uprising of
1917 in Russia, when a defeat of the army brought
the home opposition to a head. In the case of Austria
they would be reinforced, first by the strong racial
antagonisms which did not play a part in Russia;
second, by the resentment which has already become
plainly evident at the Emperor’s complete surrender
to the arrogant dominance of Berlin. Disastrous
failure of the Italian offensive with great loss of life
might conceivably serve to bring this opposition to
the formidable head.
We have learned by a long experience in this war
not to be too hasty in assuming tangible results of
the first importance from such a situation. The
mere fact of being at war has in many cases prevented
the realization of what would otherwise have been
reasonable political expectation. But that the
resultant state of affairs in Austria would have a
profund influence on the Teutonic position, not only
in the West but in the East, and therefore on the
whole war situation, it is difficult to doubt.
“ B U S IN E S S

IS

B U S I N E S S ’ 1— E V E N

IN

W AR

T IM E .

In the old days, (how far away they seem, though
only a few years distant!) the phrase “ Business is
Business” was heavy with meaning. To one, it
indicated the necessity of keeping business separate
from sentiment; to another, it meant that there w as
no sentiment in business, not because of the demands

June 22 1918.]

THE CHRONICLE

of justice and safety but because capital and the
capitalist were without “ souls.”
If the personnel of an average small bank be
observed there will generally be found a president
and cashier of opposing temperaments. Of the
latter, whose work brings him in close contact with
customers, it will often be said, he is a “ jolly good
fellow.” Of the former it will, quite likely, as often
be said, “ lie is as close as the bark on a tree,” for
short, he is “ an old skinflint.” But when the
foundation of the trust imposed in the bank is
analyzed, it will be found that the officer who “ takes
no chances,” who views the institution as a business
proposition, and not as a benevolent enterprise, who
is faithful, exact, just, though he seem “ hard,” and
is often deaf to entreaties wholly personal, is the
“ mainstay” of the bank, and, in fact, the rock on
which its success is budded.
We believe that in this simple illustration is em­
bodied a truth susceptible of wide expansion and
application in our present affairs as a nation and a
people. We are fighting this great war behind the
lines with “ business.” At eveiy step in our progress
appeal is made to “ patriotism.” It is a legitimate
and timely appeal. And the response thereto
thrills the heart, encourages our hope, and comforts
the spirit. Without various personal sacrifices the
mighty object will not be attained. And every
intervention and interference by Government in our
business affairs needs to have poured upon it this
anointing of “ love of country.” But it is still true
that this business machine of ours, budded and
fashioned by a hundred years of effort, is durable in
its nature, automatically continuous in its operation,
and life-giving and sustaining in its product. With­
out it our culture could not exist. It is the most
precious thing we have. And our dependence upon
it for all that we are and hope to be has become so
fixed as to be unconsciously held.
We are far from considering “ business as usual.”
The term has given rise to endless conjecture and
argument. There is not a single business enterprise
in the United States, large or small, that is going on
“ as usual,” as-it was four years ago. Nor do we
now consider whether or not to the inevitable inter­
ferences war makes upon supply and demand other
arbitrary, and possibly ill-considered and dangerous,
interferences shall be added by legislative procedure.
Our thought is that in the making and executing of
new laws affecting “ business” we cannot rightfully
expect that appeals to patriotism and sentiment will
change its inherent essential nature, and that if we
depend too much on patriotic feeling and not enough
upon our business strength we are in danger of failure.
And corollary to this is the further truth that in so
far as patriotism does change established business
principles, that far business is weakened as a sustain­
ing power, and will fail us when peace shall come and
the plea of patriotism is withdrawn.
B y direct application we would make this truth
plain, if it be a truth, and we speak in no dogmatic
tone. Two of our greatest popular activities now
in closest association with Government are our banks
and our railroads. Admit everything that may be
said as to the need of their use. Let the appeal to
management be as intense as it may. It still re­
mains true that “ patriotism” cannot and will not
op era te a bank or a ra ilroa d , and the principles of
successful operation of either are founded on experi­
ence and are inseparable from conduct. Banking




2593

is banking. Dealing in commercial credits by a
particular institution in a given environment, no
matter how many treasury certificates it may carry,
in p r in c ip le of action is not changed. And it also
follows that if the p r in c ip le s of its being are violated
it will fail and cannot carry any treasury certificates.
And the same is true of railroads— no matter how
many soldiers and munitions of war they may carry,
all the laws of successful operation of the industry of
transportation are still in force, and if abrogated
seemingly, or if refused recognition, constitute that
peril which inheres in wisdom ignored and strength
misused.
It is not contended that no concessions be asked
to manifest needs, but that these concessions do not
become a permanent part of functioning and man­
agement, that they do not utterly change the n a tu re
of the corporation and business. Of what use to
have n a tio n a l com m ercia l banks if by the operations
of a Federal Reserve system they are to lose their
individual character, become indistinguishable from
other forms of banking, and by their complex char­
acter be no longer amenable to and safeguarded by
the self-created laws of commercial credit? Of
what use to “ take over” the railroads for a specific
war period, and so operate them as to make all
roads “ look alike,” to “ scramble” them so that they
cannot be separated at the close of the war without
a greater convulsion than that occasioned by their
present “ taking over” ? Happily, we are not with­
out evidence that the contracts now about formu­
lated are cold business propositions. Most con­
tracts we believe specifically declare that ultimate
Government ownership is no part or intent of the
law under which the tenancy is entered upon. And
then ample details of operation are enumerated with
care, with a provision added for arbitration of dis­
putes. Y et in a general order regarding hours and
wages of employees we find the Director-General
appealing to the men to “ remember that they are
not only serving their country in the operation of
the railroads, but that upon the character, quality
and loyalty of that service depends in large measure
our success in this war.” Now the war needs are
not the common carrier needs, and they do not
change the character of the transportation business,
they only come in as an added factor of operation
which should have precedence. And it follows that
the “ character and quality and loyalty” of the em­
ployee to his employer is not in the least changed by
Government control through operation. He does
the same things in the same way. And if it can be
argued that any greater efficiency which may be
shown by this experiment is due to wholly changed
relations of employee and employer, then that w ill
be lost w h en the road s are su rren d ered .
A reasonable
probability is that a species of office-holding de­
pendency will grow up and show a deterioration in
efficiency. But we are not dicussing that. Our
major contention should now be clearly revealed—
namely, that “ good business” is not done on “ patri­
otism” but on developed and tested principles of
conduct that, though now inevitably interfered with
to some extent by war, are still existent and powerful;
and that in all the dealings of Government with our
great branches of industry they m u st be recog n ized ,
and, to speak plainly, that if we attempt to pull our
way through on appeals to patriotism alone, or as
a major condition, we shall probably find ourselves
in extremities.

I t

is

g e n e r a lly

th e

w o r ld

th e

a d m ix tu r e

fo rc e

m a y

b e

a

C o lla p s e
o v e r th r o w

fa ilu r e

In

o f

w a it s

u p o n

le a d e r s

th e

“ b u s in e s s ,”

p le a

so

th a t

S ta te

tio u s

is

a r d e n tly
w ill

w o r ld

v iv e d

b y

a

s tr u c tio n

th a t

th e

th e

c o m e ;

o f

a n d

S ta te .

tim e ;

a s

s u r e ly

A n d

fo r

is

n o th in g .
ca n

A

se v e ra n ce

o f

W e

h a v e

ca se

in

ta k e n

ju d g m e n t
d ra w n
th e y

u p ,

.

th e y

.

e q u ita b le

p u re

p u ttin g

th e

o f

re c o n ­

w a r

a n d

d o

w a g e s

a n d

th e

a

as

p o p u la r

in s tru m e n ts

a g re e m e n ts,

w it h

u p o n

co n tra cts

b e

th e

b u s in e s s

w h a te v e r to

o f

m a y

p r o v is io n s

a re

b a s is

r a ilr o a d

w h a te v e r

th e

n o th in g

.

p r o p o s e d

A n d

u p o n

h a v e

ta s k

th e

p o in t.

th e

w o r k in g

a n d

“ in s p ir in g

m o re

ju s t

a n d

c o n d itio n s

o f

lo y a l w o r k e r s i n r a i l r o a d s e r v i c e , ” s a v e a s t h a t i s d o n e
u p o n

a

p u r e ly

d o n e

b y

th e

r e s tr ic te d
sa m e
a re

p e a ce

th e

co m e s ,

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

n o

o f

L e t u s
is m

in

a
it

e x te n t

ch a n g e

b u s in e s s

in to

B u t

u tm o s t

o f

o f

its

it

“ a p p e a l to

th e se
tru th

p a t r io tis m ,”
to

th e

to

tra n s fo rm

it s h o u ld

b e

r e c o g n iz e d

th e

fo rm

n a tu re

a n d

s tr o y
r u in

it
o f

o u r

fo rm

o u r

o f

r u in

m u st

th e

sa m e

fo rm

o f

o f

re p re se n ta ­
its e lf

o f th e

fo r

ca u se ,

in s is t e n c e t a k e s

e ith e r

ch a n g e

te n d in g

tim e
o r

th e

co n sta n t

s t r ip

sa k e

th e

a d ­

W ith

o u r

to

d o

th e

th is

“ b u s in e s s ,”

a t

s h o u ld

A n d

b y

in

s p irit o f

th e

w e

in

so m e

ca n n o t
A n d

e a ch .

th e

g o v e r n m e n t,

p re se n t

u ltim a te

to

w o r ld ,

it

to

w e

p u t

o n e .

th a t w h e n

o f

w o r k in g

ca n

a d d re sse d

c o m p u ls io n ,

o f

r e s u lts

n a tu re .

in te n t

its e lf fo r

ch a ra cte r

a n d

d e s tro y
th e

o f

th a t

its

a re

b u s in e s s

o n e

“ b u s in e s s ,”
a n d

M o r e o v e r ,

g o o d

th e

o u r

b u t

e x te n d s

to

th a t

s p irit o f p a t r i o t ­

in to

w e

t w a in

s a c r ific e ,

o n

s a id ,

see

it

th e

d e ­

te n d

a n d

to

w o rk

b u s in e s s .

W A R

JU N E
I t

w o u ld

“ s a y in g s ”
th r ift.

“ P o o r

h e lp e r
h a v e
a re

h a r d ly

to
th e

a ll

in ,

2 8

b e

c o n c e r n in g

w h o le

o f

a n d

th e




S a m ” —
it.
re a l

A t

D A Y

1 9 1 8 .

p o s s ib le
th e

R ic h a r d ”

“ U n c le

S A V IN G S

to

b e n e fits

a d d
o f

h a s

b e c o m e

a n d

th e re ,

a n y

v e r d ic t

ra te ,
o f

a n y

s a v in g s
a

le a v e s

m e n t

fo r

ro u n d

p e rh a p s,
th e

th e

o f

to

e a ch

A s

o f

y o u

d o n e

o f

s a v in g s

th e

o f

m a te r ia l

a n d

h a v e

n o t

O n e

m e th o d

in

d e v o tio n
w a r

is

u s,

y o u r

co n tr o l
in

la b o r

th e

u se

th a t

s o

a c tiv ity
th a t

th a t

w h e n

th e re

is

s e p a r a tio n

a

su d d e n

fo r m a tio n

ca n n o t

la b o r
tio n

a n d

w a ste

s u ffe r s

p r o p e r ly
fo r

a

a t

b e

m u ch

h o s tile

o f

ta ste s,

m illio n s
a n d

th e

o f

th e

o r

o f

W a r

S a v in g s

w h a t
o n e

m a n ’s

in

is

th e

th in g s .

N o

th e

A ll

fu n c tio n

n e c e s s a r ie s

o f

o f

th e

h u n d re d

o f

“ s a v in g s

a

p e o p le

is

s till

o f

s u d d e n ly
to

tw o
th e

“ p u t
a n d

a n d

a d v a n ce d

tim e ,

b e

m a ste r

W h a t is

N o

ea rn

in to
th a n

w h e n ,

a n

n e e d .

o f

b e tte r

fo u n d

w h e re ,

sa m e

in d i­

n o

d e p r iv a tio n .

th e

c o n tin u e

d iv e r s ity

s in g le

b e

in d iv id u a l

a

a

p r o te c tio n

o f

c o m p le x it y

a t

o f

“ b u s in e s s ”

m a n ’s

w ill

n e c e s s it ie s

th e

a n y

ca n

it

p r o d u c tio n

a n d

th e

e n e r g ie s

T h e

o n ce

re p re se n t

e ffe c t

F o r

d e t e r m in e s

w ill

w ill

id le

p r o d u c ­

to

A t

b y

d ir e c t

th e

w a y ,

m a n

b u s in e s s .”

tra n s­
is

o f

th e

p le a s u r e s ,

b u s in e s s

a n o th e r

sa m e

th e

th e re

s a v in g s

w o r ld -w a r

in

a n d

p r o h ib ite d

fa ilin g

o n ly

h is s e lf-im p o s e d

lu x u r y ,

c iv iliz a tio n ,

in d u s t r ia l

a n d

lu x u r ie s

a n d

S ta m p s.

b e

o f

d is c lo s e s

o f

p e a c e tim e

a rra y

a lo n e

o f

u se

p r o d u c tio n

fille d —

a n d

m o m e n tu m

H e

s h a ll

sa v e

to

a

e n d

im p o s s ib le ,

p r o v id e

n o rm a l

th e

o f

o f

m a c h in e r y

p e rso n a l

tr a n s fo r m in g

h im s e lf.

n o t

c o r p o r a tio n .

p r o s e c u tio n

a tte n tio n .

s c r u t in y

n ig h

is

th a t

a b ro a d .

w ill b e

a n d

o f

G o v e rn m e n t

e ffe c te d ,

to

th e

d e a th

n e w

o f

p r o p o s it io n .

n e e d s,

u p o n

fir m

is

M e a su re d

p e o p le

th e

th re a d s

th e

fa ils

w a r

to

d e c la r e d

w re n ch ,

th e se

h a b its ,

th r ift”

m e th o d

w e ll

a re

fir s t

th a t

in t e g r it y

th e

th e
th e

c la s s e s .

o f

v id u a l,

is

r a p id ly

it

a tte m p tin g

in

o f

o f
fo r

dow n

w it h o u t

th e

a n o th e r
a n d

th is

fa c to r s

a ll

m a te r ia l—

p a y ­

o u r

p ro ce ss

th a t

b e

su d d e n

a p p a re n t

s lo w in g

v o id

h o m e ,

c o n d u c t
S o

e n g a g e d

n o n -e s s e n tia ls

in

p u rp o se s

a c c o m p lis h

a re

in to

th e m

w ith d r a w n

to

C lo s e

n e v e r

g o

th e

n e w

p r im e

fig h ts

a g a in

a g o n e

th ese

tra n s­

it

a c tu a lly

so m e

it
it

su ste n a n ce

to

o f

th a t

d o lla r

o f

d e a th —

e s s e n tia ls .

in te r w o v e n

th a t

b e g in

m a t e r ia ls

b y

o f

n e w

to

fa c t

th a t

th o u g h
o u t

g e n e ra l
u ltim a te

th e

s a v e d

a n d

d e v o te d

a n d

c u r ta il

m a k in g

th is

is

th e

ch a ra cte r

o f

w a r,

h u m a n

W h a t

s ig ­

is t h e

m u n itio n s ,

w a g es

o u r

e c o n o m ic

a n d

th e

a n d

g iv e

u p o n

o th e r

co m e s

p ro p o s e d

o f
to

w in

o f

y e a rs

th e

a w a re

h u m a n

la b o r
th e

th e

y e t

a n d

s u p p o rt

is

s h o u ld

g ro w th

to

m u n itio n s

w e

s a v in g s

S ta te s,

m a t e r ia ls

s u b je c t

O n e

a n d

U n ite d

fo r

th e

w e ll

A n d

e n e m ie s .

w ill
sa m e

o u t

o f

sp e n d

a n d

s a v e .
W h e th e r
la tiv e

it

e ffo r t

sets

u p

T h e

s to ic

a

is

s h ip

to

p a la c e s ,
lo o k

p a s s in g
v ie w —
v ic e ,

in ,
a n d

w ith

th e se .

A

th o u g h ts

o n

m a d e

th is

s a v in g s

r e v e a ls

a

th e

e p ic u r e a n .

th e

ch e a p e st—

th e

a s k in g .

s t r a in
w e

o u r

w o rk

ea g ern ess

w ith in

h e lp fu ln e s s ,
h a p p y ,

in

o f

T h e

m o st

la b o r ,

lo v e ,

th e

a n d

o u r

p la c e s

fa c to r y ,

“ c a s t le s

so u l

b r in g

a s p ir a tio n s

fr ie n d s

fo r

to w a rd

o u r

w ill

t h r ift ,
o b je c t.

lo n g

fie ld

u p o n

la n d s c a p e s
lo o k

W e

e y e s

cu m u ­

a n d
n e w

as

w h ile

a re

p o s s e s s io n

a re

fo r

w e

ra p t

T h e re

h o m e s

life

h a d

o r

th ro u g h

p o w e r,

fo o lis h
in

b e

co m e

p e o p le

m o t iv e

a s

to

p u r s u it

a

th in g s

e a ch

S p a in .”

b e

o f

n e w

jo y —

w e

th e

lin e s .

d e c la r e d

a n d

a rg u m e n ts

“ ju r y

a n n o u n ce d .

H a v e

w h ic h

a ll

h e lp s

a c c o m p lis h m e n t

a n d

y o u

a re

s u p p lie s

a n d

o f
to

s p ir it u a l

d o lla r

th e

s u p p lie s

n e w

v a lu a b le

o th e r,

p e rso n a l

W e

th e

p r e c io u s

N A T IO N A L

b e

p e r m itte d

c o u n tr y ; a n d

th e

in to

b e h in d

u ltim a te

m u st

g o v e rn m e n t

th e

to

th e

tw o

th e se

u p o n

fo rm s

b u s in e s s ,

e ssen ce

o f

m o v e m e n t,

g o v e r n m e n t.

th e

o ffic ia ls

fre e ,

ch a ra cte r,
b e

w e

w h e n

th e m

v e r y

p u t th e

a n d

to ll

to
is

m a k e

th e

th e

S ta te .

d ir e c tio n ,

m a y

c o n c e s s io n

ca n

A n d

d e te r io r a tio n

r e fu s e

b u s in e s s

o f

th e

th e

b e e n

T h e

d e v o tio n

ca n

e n e rg y

its

n e v e r

m o n itio n

p e o p le

w e

n o t

w ill p a y

th a t

w e

a n d

v o lu n ta r y

th a t

c h a n g in g

w a y ,

w a r n in g
w h e n

o f

b e e n

h a d

b a n k s.

u s

th e

r e p u b lic

a n o th e r

th e

b e

s e r v ic e

g re a te r

th e r e b y

tiv e

th e

th e y

h a v e

s u p e r v is io n .

p a tr io tis m ”

th e

b e lie v e

g iv in g

s o .

t o

d e p r iv in g

to

if

m ig h t

g r e a te r to ll w e

g o v e r n m e n t

lo y a lty —

e ffo r t

w ith

th e

fa ce s

“ a p p e a l

w it h o u t
th e ir

g o o d

s h o u ld

is

a n d

t h e m s e lv e s

n o w , a n d

d e s t r u c t io n

b a s is ,

G o v e rn m e n t

h o ld s

p a y in g

a n d

ro a d s

b y

th in g

b u s in e s s

o f

sa v e d

re­

to

is

a tte n tio n .

o f th e

th e

tr a d e .

a

n ific a n c e

u tte r

b e

so o n
it

a sp e cts

a re

b e st

p e o p le .

a m b i­

o f

la r g e r

c o n tin u e d

e ffe c t

sa v e

a sk

th e re

th e

to

n e v e r

th e

as

T h e

A n

to

th e

d is e a s e .

fig h tin g

O f

t h r ift ,

b u s in e s s

fa s te n e d

is

n e ig h b o r ,

sh a re ?

o r

G e rm a n y .

m ilit a r is m .

a

th e

to g e th e r ,

fa ta l

sh a tte re d

c o n t in u a n c e

m u s t

a

is

p e o p le ”
to

h o w e v e r,

it

m ilit a r is m

m ilita r is m ,

p e o p le

n o w

it

a n y

w a r

o f

m u ch

th a t

o th e r.

th e

in c u r a b le ,

a v a il

tra d e

o f

o f

ju s t

th e

ca n ce r

m a d e

th a t

w e ld e d

T h a t

a u to c r a c y

p e o p le ,

a t

A n d
a re

is s u e
th e

A m e r ic a n
n e ig h b o r

h o w e v e r

c o m e

o f

o f
o f

a n

v ita ls

m a y

fa ilu r e

th e

p e a ce ,

a s

th o u g h t

th e

w ith o u t.

is

o n

o r

o f

a t

S ta te s

e x a m p le

th e

g o v e r n m e n t.

G e rm a n

g o v e r n m e n t

o n e

a ll

g re a t

A n d ,

th e

w ith in

a n d

w a r

fro m

fro m

b u s in e s s

a n d

m a in s ta y .

o u r

o f

th e

p r e -e m in e n t

g n a w in g

fro m

a s

b u s in e s s

c o n c e a le d
o f

th a t

sta n d s

a ls o

its

ca n ce r

r u in

o f

is

a s

c o n c e p t io n
is

a d m itte d

G e rm a n y

G o v e rn m e n t
w ith

[Vol. 106

THE CHRONICLE

3594

fa r
th e m
fo r

fa s te n e d

in

su r­
to
ser­
w it h

June 22.1918.]
“ h o o k s

o f

s e c u r ity
in g

th is

w h a t

F r o m

s m ile s

d o w e r in g

fro m

so u l

s t e e l/’

d iv in e

fro m
life ,”

a w a y

w a v e s
W a r

o f

s a c r ific e
m u st

o f

m a te r ia l,

to

fa d e ,

b e co m e s

a

tu m u lt,

is

fo r

th e

is

lie s

s io n s

o f

H e re

is

ca u se

s o u l,

it a lo n e

a

is

lib e r ty
se rv e

to

lo n g e r

a s

a

to

b y

th e

s a v in g s
tio n .

a n d
A n d

a u g u ry

o f

w o r ld

th e

a g e n c y

to

its

o f

th e

fa ilu r e s

s u b s id e s ,

fo r

p o sse s­

m e n t

o f th e
in

th e

b e ­

in d iv id u a l,

in fin ite ,
th e

th e

lib e r ty

w h ic h

to

r e d u c in g

h a il th is o n e a p p o in t e d

d a y

a s th e

b y

w h e n

o u r

in d u s t r ia lis m

m e a n s t o a “ h ig h e r

th e

d re a d

th e

life ” —

a lte r n a tiv e o f w a r .

W O N D ER FU L

A C H IE V E M E N T .

O tta w a , C a n ., J a n e 2 1
C a n a d a ’s

s w ift

d e v e lo p m e n t

h a s in v ite d

c o m m e n t

r e a liz e

so u n d

b y

th e

p e r u s in g

e x p o r t

s in c e

b a s is

fo r

a su m m a ry
th e

o f

a p le n ty .

w a r

O n ly

so

th is

sen se

o f

C a n a d a ’s

o f

h o s tilitie s :

o u tb re a k

o n e

o f

th e ir

tra d e
c le a r ly

tra d e

Period—
War Materials.
$32,891,200
Fiscal year 1914-15_____________ ______ _______
Fiscal year 1915-10.......
149,403,600
383,442,200
Fiscal year 1910-17---------------------------Ton months, 1917-18________________________
438,904,400
Total w ar materials________ ______ __________$1,004,701,400

Foodstuffs.
$187,011,300
332,455,900
482,019,400
024,858,700

Total foodstuffs----------------------T h a t

th is

c o u n tr y

o f

o r g a n iz a tio n

a n d

ju s tm e n ts

p r o d u c tiv e

a d d

$ 2 ,G 3 1 ,6 4 0 ,7 0 0

w a r

m a c h in e

c lo s e

o f

k e p t

5 5 0

t io n ,

fo r

in

th a n

o v e rse a s

v e r y

u p
a

m a c h in e r y

n o t

m u n itio n s

sp e e d e d
m o re

W ith

o f

u se .

m o re

k e e n

C a n a d a

h a s

s h o w in g

a lo n g s id e

m a c h in e

o f

la tte r

se n t

th e

th e

A llie s ’
th e

tw o

w a r

n a tio n

h a s

c o n t in u o u s
a n d

m a n a g e d

to

a t

o r

w o rth

o f
to

o p e ra ­

S ta te s,

th e

a b o u t fiv e tim e s th e a m o u n t
o r

o f

$ 5 ,3 7 0 ,1 6 7 ,0 0 0 .

tr a ffic

W e

d o

th e se

a re to

re co rd

r a ilw a y s ,

v e r y

r e s u lts

“ s e r v ic e

tr ie d ,

in

it,

to

m a k e

o f

a s

a s

s y m ­
th e

w e ll

o f

as

so u n d

in c lu d in g

o u tla y s ;

re n d e re d ,

a ll

o f

d e v ic e s

fa c t

a n d

th a t

b e tw e e n

fo r

a

tw o

e q u ip m e n t

o f r e s u lts ,

a
o f

fr e ig h t

th e

d is ta n c e
o f

w ith

a d o p tio n

b o th
to

a n d

p u rch a se

c o n s is te n t

re g a rd

s ix

“ p a y m e n t

in tr o d u c tio n

o f

a n d

d e t e r m in in g

it

in t e n t io n s ,

s m o o t h ly ,
fo r

m ig h t

w e
o r

if

a

th is

it

a

w ere

sch e m e

v is io n ,

q u ite

fo rm e r

in t im a t io n

b u t

p e r fe ct.

a ssu ra n ce

th e

a n y

a s

se e m

a n y

s a y ,

a n d

th ro u g h

p r o je c t e d

h o w e v e r,

m ig h t

h a d

t o

th e

s a id

th e

h o ld e r

p u b lic ”

th a t

o ffe r e d

o w n e r s ? )
th a t

a s

o f

m u s t
is t o

liv in g

w o rd

p o s s e s s io n

g ift,

o r

th e y

o f

A la d d in ’s

m e n tio n e d

co u rse ,

b e

w a g e

b e

a n d

tru e

to

s e r v ic e s

th e

d u e
“ th e

T h e

b e in g

th e

b u ilt

a n d

Y e s ,

o w rn

v e r y

th e m ?

o w n e rs

th e r e fo r e

th a t

a ssu m e d : y e t
fo r

w e re

w h o

o v e r ­

w h o e v e r

la m p .

a s

th e

sy ste m

th e

o f

t h e m .”

a n d

w o u ld

th a t
a

th ro u g h

c o m m a n d

c o m p e n s a tio n

a ls o

o f

a t

r a ilw a y s

th e m ,

w h ic h

s u p p o s itio n

a c c o r d e d

b u ilt
d u e

is

th e

p r iv ile g e s

it

fr e e

b e

w h ic h

th e

in to

s la v e s

w h o

e m p lo y e e s
a n d

co m e
b y

o n e

w ith

th e

th e

a ssu m e d ,

m e n t io n ,

d is c lo s e

o f

fo r

b u t

n o t

e ith e r

o f

“ p u rp o s e

fa ir

b e

b e tw e e n

p r o fit ;

h o p e d

m e n t a lly

p r o p e r tie s ,

la b o r s

h a p p e n e d

to

w ill

G o v e rn ­

h a v e a n y r e tu r n ; in d e e d , a c a r e fu l r e a d in g o f th e

G o v e rn m e n t

b e

m a in ­

r e c e iv e d ;”

sta te m e n t

a n d

in c o n s is te n t

b e

th e

s p ir it

a s

r o u t in g

sh o rte st

d o e s

it

a n d

d u e

d o c u m e n t

n ig h t

a

s e r v ic e s

e m p lo y m e n t

(o r

v a s t

o f

th e

g iv e n

e ffic ie n c y s e c u r e d .

o f

fin d

is

a n d

fa c ilitie s

p r ic e s

la b o r ;

a n d

w e ll

o w n e rs

fo r

e x c e s s iv e

o f its e lf b e

o f

a s s e r t io n

a p p lic a t io n

in ju r ie s

lo w e s t

t h e o r e tic a l

n o t

o f

is

e m e r­

p r o p e r tie s

e m p lo y e e s

“ th e

fo r

th e

p h y s ic a lly

th e

a n

w h ic h

b u ilt

r a ilr o a d

e x p la in e d

“ w it h

is

e x p r e s s io n

to

th e

p a t r o n s .”

w a g e

a n d

tr a n s p o r ta tio n
y e t

m illio n

e q u ip m e n t

c o m p a r a t iv e

n o t

a s

im p lie s

th e

s u p e r flu o u s

n o t

life

v e r y

o f

s e r v ic e

is

th e

in t e n s iv e

g iv e n

fo r

a t
b u t

c a r e fu l s t u d y

a n

b u t

th e

p u b lic ,
w e re

th e m ; th is

is

liv in g

p o in t s ;”

g o o d ;

a

a im

lin e

a

th e

p r o m o tio n

m illio n

s tr a ig h t

re a d s

o f

r a ilw a y s

tw o

c o m p e n s a tio n

s a v in g

A s

o f

u n d e r s ta n d in g

T h is

m a te r ia l

th e

ju s tifia b le

is

se rv e

fo rw a rd

th a n

th e ir

s ta n d a r d iz e d

a

a sse n t;

b r o u g h t

ra th e r

fo u r th

p a sse n g e r

th in g
w ill

fu r n is h

a n d

fo r

n o
th e

o f th e

o f

tu r n in g

m a k e

a n d

fa ir

b e

co u rse

c h a lle n g in g

th e
m u st

w ill

o b je c t

e lim in a t in g

a

im ­
w a r,

o v e r c o m e

c e r ta in

tr a n s p o r ta tio n

b e tte r

h u n d re d

ju s t

o f

th e

lo w e s t c o s t , th e

fe a tu re s :

m a t e r ia ls

h ig h ly -d e v e lo p e d

U n ite d

C a n a d a ’s w a r m a te r ia l p r o d u c t io n ,




th e

th e

a d ­

a b le

e v e n

e ffic ie n c y ,

fa ir

a b r o a d

in

b e

to

o n e

a g o ,

d o lla r s

in d u s tr ia l
w a s

th a n

y e a rs

in d u s tr ia l

su d d e n

w o u ld

p r o d u c ts

in d u s tr ie s

b illio n

in

u n th in k a b le

fo u r

to

s m a ll

e x p e r ie n c e

q u ite

o p e r a tio n

$1,020,045,300

r e la tiv e ly

n o

w o rth

w a s

1 9 1 4 .

fa c to r ie s

o u t

o f

w ith

a

e c o n o m ic s .”

o f

Fiscal year 1914-15----------------------Fiscal yoar 1915-10-------------------------------------Fiscal year 1916-17.._______
Ton months 1917-18------------------------------------

to

a n d

T h e

th e

T h ir d , “ th e

r e a s o n a b le

b u o y a n c y

w a r

a t th e

r a ilw a y s

a n d

n a m in g

w h a te v e r

r e lu c ta n tly

im p r o v e m e n t

b e in g

p a th y

a

o th e r

is

s ta te ­

e v e r y th in g

m u s t

th a t

o f

th e re

g re a te r

a

s e r v ic e

a d e q u a te

m o n e y .”

la tte r

a c c o r d e d

a n d

th a t

th is

p r o p o s itio n

a n d

w h ic h

p r iv ile g e s

o f

1 9 1 8 .

e x p o r t

m a y

“ th e

fo r

te n a n ce

o f

th e

d e m a n d e d

a

o rd e r

w in n in g

to

n o

co n s e n t
o u t

th e ir

m o v in g

m u st

th e ir
p u ts

im p a t ie n c e .

S e c o n d ,

m e n t

e q u a ­

b e

w it h

p u rp o s e

th e

a n d

e v e ry

p r o p o s it io n

m e t

its

a n d

co m e

g e n c y

e n d

p r o p e r ty

a c c o m p lis h ,

b e

a n d

T h e

a ll

th a t

t o

ta k e s

th ro u g h

a n d

is

a sse rte d

th a t

to

to

fir s t

O f

b e tw e e n

p r iv a te

a s k in g

seek s

p r o m p t

c o n tr a c t

o f

M c A d o o

in d is p u ta b ly

t o

e n d ,

p r o v id e d

life ,

p la c e s

r e q u ir e s ,

S h o w

n e ce s s a ry

is

h e

a n y w h e re .

n o

in flu e n c e s s e t

w ith o u t

s u b o r d in a te d .

q u e s tio n
le s s .

o w n e rs

c o n c e iv e s

in c lu d e s

g o o d

ra th e r

h e

H e

G o v e rn m e n t
b e

o p e r a tin g

th e

p u rp o se s

REGARD­

R A IL R O A D S .

o f a n

a n d

s e iz e d

w h a t

p o r ta n c e .

a w a y .

p r a c tic a l

m a tte r

h a s

IN T E N T IO N S

TH E

D ir e c to r -G e n e r a l

th e m

a

C A N A D A ’S

it

tr o u b le

ta k e n

th e

s p ir itu a l

o ld

e ssen ce

e v e n

w h ic h

p e n d in g ,

th a t

lo s t

c o n t r o lle d

ru n

h a v e

th e

G o v e rn m e n t

in

th e

b e

im ­

th e

co m m u n a l

to

w id e

in d is p e n s a b le

re m a d e

W h ile
th e

p e o p le

is

e m b o d ie s

a n d

to

IN G

is

b e

“ g o v e r n m e n t ,”

e p o c h

s h a ll b e b u t a n

o r

h a v e ,

s h a ll

fe w e r

th a t

th is

th e

in ta n g ib le

o f

th in k

to

w e m a y

h a s

P e c u lia r

e x p e d ie n t

t h r ift ,

a n

ru sh
s p ir it

F a r a n d

s im p le

M c A D O O ’S G O O D

fru g a l

C o n flic t

e n d o w e d

u p o n

A

th e

w e

I f

W h a t

L ife

a n d

r e a l.

to

W e

a p p e a r.
o n e .

th e

m in is t e r ia l

c o n t r o l.

th in g s

s a v e ,

fin e r ,

e s tim a te s .

ca n n o t
o f

a n d

a n d

th e

in

fre e .

s a c r ific e ,

d e p e n d s

p la c e
th a n

to

p o w e r

s p ir it u a l

th e se

in te r e s ts

c a lm .

a n d

fe e l

a n d

fo r

m a te r ia l

n e w

a n d

th e

A ll

o f

e ffo r ts ,

w ith

p r e r o g a tiv e s .

in

th a t

m e n

co n se rv e

v a lu e s

s o c ia lis m

o f

e a rth

to

e le m e n ts

r ic h e r

ch a ra cte r

s e lf-c o n ta in e d

a

u s

o p e n

in

w o r ld !

a n d

M R .

w h ic h

th e

a n d

g a in e d

th e

c o m m u n it y

p e a ce .

t o

c o n te m p la tiv e

ro a d

w e a lth

u p

o f

n e w

ru sh

w id e

a n d

in te r p r e ta tio n s ,

v a lu e s

o v e r

d o .

m a k e

p o w e rs

h u m a n

th e se

3595

a n d

ru sh ­

th e

fro m

S ta te ,

h e c t ic

e ffo r t

so m e

re a ct

n e w

S ta m p s

n a tio n a l

o u t

fa ce s
th e n

in

in tr o s p e c tio n s

th e

c o n te n tm e n t

S a v in g s

T h is

flo w

to

th e se
th e

c h ild
A n d

c o n te m p la tio n

S ta te

w a sh

in

a g e .

n e ig h b o r ,

fro m

p o s s e s s io n ,

o f

a c t iv it ie s

c o m m u n it y ,
“ s im p le

a w a k e n e d

e y e s
o f

to

th e

tu rn e d

th e

c lo is te r

n e ig h b o r

a n d

THE CHRONICLE

I f
is

n e e d e d

to
n o

c o m p e n s a tio n
p a y m e n t

re n d e re d

a n d

a

o f a
ju s t

2596
a n d

p r o p e r

n a m e d
t o

b e

a s

c o m p e n s a tio n

th e

s e c o n d

p o s s ib ly

a s

h im

th e

la y in g -h o ld

th e se

ca n

fin d

ca n

th e

th in k s

le t

th is

r e c a ll

o n

in

th e

re v e n u e s

d e fin it e
a n ce ,

a n d

so

o b s tin a te ly

g o o d

is t h e

T h is

th u s

a t t e n t io n

fa r

la s t m a t t e r
is

h a d

a t

c e r ta in ly ,

b u t

o u r s e lv e s

t o

ca n

o u r

c a r r y in g

a s it w a s , a

m o r e

h a v e

th e

s a v e d

o f th e

T h e

th e

“ a ssu re d

o f

a

a n d

a

d e m a n d ,

m a y

so u g h t;

w e

to

w a y

it,

th e

a llo w

o f su ch
h e ld

e m e rg e n cy

a n d

th e

y e t,

fo r

in

o f

b e

v a lu e ,

n o

le s s o n s

th e y

p e rso n s

c a lle d

in

w h ic h
p u b lic

p a s t
n o w

ro o m s ;

n o n e

“ a

s itu a t io n

th a t

In

o f
th e

o f

h a v e

w a s

o n ly

to

it;

o n c e ,

b a c k ;

th e

b e e n
in

th in g s

th e

b e e n

a d m in ­

in

fo r

t im e

in

w h a t
n o t

is

w h ic h

a s

u n ­

tw e n ty
th e

p a sse n g e r

is t o

w ith

im p r o v e ,

tr y in g

t o

c o m fo r t

b e

a s t o

tr a ffic ,

co n tr a s t

is

o r

A p p e a ls

a s

e m p lo y e e

t o

th e

la c k in g

a n d

r e a d in g
“ w e lfa r e

a n d

fo r

p r e tty

ra te s a n d

w h a t
it

su rp a ss
its




n o w .

r u le s , in

n o t ic e a b ly

g ro ss

re v e n u e s

g r e a tly

th is

u se d

m ig h t
th e

m a n y

to

b e .

m o re

o ld

in

p o in ts

T h e

n e w

a p p r o p r ia te ly
re s p e ct
o f

to

c o n ta c t

so m e

c a m p a ig n s ,
A

c o r p o r ­

th e

e q u a to r ;

s o u ls .

I t

is

b e ­

o v e r w h e lm in g

c o r p o r a t io n

is

e m p lo y e r
Is

it

d e s e r v in g

a

m o re

th a n

a n

n o t

q u ite

b e

c a lle d

t o

g ro ss

is

in

r ig id

th e re

th e

R y .

Q u ite

o f

c o m p le te

r o a d ,

o f

fo r

o f

th e

1 9 1 7
h a s

191 7

o u r

th e

b e g in

o u r

c h ie fly

I t

a n d

c o u r te s y

la r g e r

w it h

3 1 .5 0 % .

I t

is

o v e r
tru e

T h e

in

w h ic h

a

1 5 .4 9 % ,
o f

1 9 1 6 .

M a y

1 9 1 5 ,

1 9 1 6

m ile s

sy ste m s
a n d

th e

th e
p a s t,

b e

b o rn e

la r g e

th e

g a in

in

19 1 6

o f

In

M a y

th e

la r g e

in
a n

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R A IL R O A D

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s o o n : th e

r a tio n a l G o v e r n m e n ta l p o lic y

im p e r a tiv e n e s s

fa u lts

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w e

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lo w e s t

im p r o v e m e n ts ,

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to

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th a t

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to

re a d e r

o r

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th is

ta k e n

w a s to

u n r e la x e d )
th e

t h e n , la r g e ly

th r o u g h

ste p

w h ile

in

a n y

c a p tio u s

h a v e

y e a rs

(in c lu d in g

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h a v e

c o n tr a c t

w a g e s

a lm o s t

I f

fir s t

p r o p e r tie s

te n

C o m m e r c e

o w n e rs

a

th e se

ra te s

e m p lo y e e s

th e

is

e c o n o m ic s ”

s a tis fa c tio n

e ith e r
th e

a d v a n c e : th e n

b e e n

S ta te

its

r e c e iv e d ”

“ s o u n d

e m p lo y e e s .

(w h o s e

la s t

fo r m ,

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in ju r ie s

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b e

in

T h e

p e rso n s

d o c u m e n t

o f a

fo r

p o in t

s o u g h t.

N o

[Vol. 106.

THE CHRONICLE

ca m e

o r

a fte r

June 22 1918.]
lo s s e s

in

b o th

a m o u n t
y e a rs

th a t

THE CHRONICLE

o f

th e

g a in

c o m b in e d .

s ta te m e n t
1 9 1 4

w a s

s ta te d ,

3 1 .5 0 % ,

a n d

th e

In

th e

th e

fo r

1 9 1 7

th e

re co rd

b e e n

fo r

se v e ra l

se v e re
o f

th e n

ca m e

g r e a tly
e a r ly

flo o d s

M a r c h ,
in

to

g ro ss

M a y

6 .8 0 % .

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v e r y
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o f

1 9 0 8 ,
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M a y

a

to

p ila tio n s

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y e a r

b a c k

Miles.

93,037 92,963
1897____ 125
90,800 95,748
1898____ 128
91,958 90,390
1899------ 111
97,537 95,038
1900____ 111
99,910 90,030
99
1901____
84
91,858 90,202
1902____
81 101,759 99,723
1903____
00
85,108 82,820
1901____
53
74,707 73,230
1905____
90,593 94,398
1900____
71
93,040 92,180
07
1907____
53
79,309 77,918
1908____
77,583 70,243
50
1909____
86,120 83,827
48
1910-----44
87,422 85,734
1911____
48
89,080 89,097
1912____
40
88,810 80,735
1913____
48
95,337 94,000
1914____
45
89,194 87,942
1915____
88,1 l’j 80,187
40
1910____
35
82,700 81,320
1917____
20
59,799 59,127
1918____
Jan. 1 to May 31.
93,308 92,034
1897____ 124
90,708 95,598
1898____ 120
91,920 90,752
1899____ 110
07,204 95,305
1900------ 113
99,910 99,032
99
1901-----91,858 90,202
84
1902____
81 101,759 99,723
1903-----85,108 82,820
00
1901____
/4 ,6 10 72,973
51
1905____
90,517 94,322
70
1900____
93,640 92,1.80
07
1907____
72,795 71,553
1908____
51
77,583 76,243
50
1909-----80,120 83,827
48
1910____
87,422 85, / <54
44
1911-----89,080 89,097
48
1912-----88,810 80,735
49
1913-----48
95,337 94,000
1911-----89,194 87,942
45
1915____
88,112 86,187i
40
1910____
82,700 81,320
35
1917____
59,799 56,1271
20
1918____

o u r

P r io r
s e r ie s

o u r

to

190 8
g a in s

w e

sh o w

e a r ly c o m ­

1 8 9 7 :

Year
Given.

Increase ( + )

Year
Preceding.

%
0.72
1.10
1.73
1.98
3.39
1.70
2.04
2.70
2.09
2.33
1.59
1.87
1.70
2.73
1.97
1.81
2.39
1.30
1.42
2.23
1.77
1.14

S
37,004,347
44,342,892
44,509,301
52.845,740
57,403,999
54.942,317
70,028,295
52,134,881
48,367,104
79,005,712
83,611,407
45,710,111
49,188,578
00,439,775
03,174,000
08,707,003
75,011,869
08,545,322
00,091,778
75,841,300
81,004,100
58,80-1,017

0.72
1.10
1.28
1.99
0.28
1.70
2.04
2.70
2.09
2.32
1.59
1.73
1.70
2.73
1.97
1.81
2.39
1.30
1.42
2.23
1.77
1.14

179,431,982
212,802,401
192,031,594
258,503,791
279,458,040
204,531,088
340,451.843
254,210,014
231,202,020
379.538.324
380,802,330
213,070,580
241,351,924
299,497.0(8)
304,409,018
329,392,723
354,039,190
338,599.080
300,054,647
353,080,884
300,387.818
267.349,724

Decrease (-

S
s
%
30,190,355 + 1,413,992 3.91
38,094,312 + 5,048,580 14.59
41,SOI,285 + 2,708,010 0.46
47,911,099 + 4,934,047 10.29
52,107,814 + 5,230,185 10.03
50,323,090 + 4,619,227 9.17
02,505,093 +7,462,602 11.92
54,001,062 — 1,800,181 3.44
44,543,718 + 3,823,386 8.58
09,742,590 + 9,3 23,1 )0 13.37
72,722,003 + 10,889,344 14.97
01,035,217 — 15,319,100 25.10
42,807,707 + 0,320,871 14.79
51,007,004 + 8,772.771 10.98
02,515,955
+ 658,051 1.01
64,389,491 + 4,377,512 0.80
08,027,250 + 7.014,019 10.30
77,384,509 — 8,839,247 11.42
00,030,031 — 5,938,253 8.91
57,074,478 + 18,100,882 31.50
70,656,546 + 10,947,014 15.49
56,217,438 +2,651,209 4.72
180,89-f,891
183,519,317
1,83,058,059
225,084,715
255,282,597
244,134,988
300,727,974
259,877,293
217,158,045
327,370,540
347,530,821
252,904,500
210,821,052
250,482,994
303,005,788
307,755,009
322,020,038
302,123,374
327,422,970
283,481,581
320,271,097
213,404,043

— 1,402,909
+29,283,147
+ 9,572,935
+ 33,419,070
+ 24,175,443
+ 20,390,100
+39,723,809
— 5,007,279
+ 14,103,975
+ 52,107,778
+ 33,271,509
— 39,893,974
+ 24,530,272
+ 43,014,000
+ 1,343,230
+ 21,037,114
+ 32,013,152
— 23,524,288
— 27,308,323
+ 70,205,303
+ 40,116,721
+23,8.85,081

0.81
15.95
5.22
10.84
9.47
8.35
13.21
2.18
0.49
15.93
9.80
15.77
11.33
10.77
0.44
7.03
10.14
6.04
8.30
24.70
12.30
9.81

Note.— W o clo n o t in clu d o tho M e x ica n roa d s In a n y o f the y ea rs.
W e

h a v e

w h e a t
th a t

m o v e m e n t.

a t

w e e k s
o n ly

r e fe r r e d

th e

T h is

W e ste rn

e n d in g

M a y

6 ,2 2 5 ,0 0 0

c o r r e s p o n d in g

fo u r
sa m e

th e

c o n tr a c tio n
e q u a l
ca se

in

s e v e r ity
o f

c a r r ie r s

su ch
b u t

th e

ro a d s
m o v e




is

th e
as

th e

fo u r

c o n tr a c tio n

illu s tr a te d
m a rk e ts

r e c e ip t s
a g a in s t

w e e k s

w h e a t

u p o n

to

p r im a r y
25

b u s h e ls ,

b u s h e ls

in

a b o v e

o f

o f

m o v e m e n t

a ll

th e

W e s te rn

a s

a re

n o t

c o n s id e r a b le

b y

th e

fo r

th e

a n d

d id

th e

in

n o t

B u t

th e

w it h

In

d is t in c t iv e ly
a m o u n ts

th is

fa ll

ro a d s .

o f

c o r n

in

th e

th e

fo rm

s h o w n

in

W ESTERN

th e

a n d

fo u r

g r a in

a n d

fo r

ry e

th e

b u s h e ls ,

191 7

c o m ­

fo u r

a g a in s t

6 7 ,5 5 6 ,0 0 0

w e e k s

o f

1 9 1 6 .

m o v e m e n t

in

o u r

fo llo w in g :

G R A IN

R E C E IP T S .

Flour.
(bbls.)

Wheat.
(bush.)

Corn.
(bush.)

Oats.
(bush.)

(bush.)

(bush.)

63 0 ,0 0 0
7 9 8 ,000

188,000
3 ,4 0 5 ,0 0 0

5 ,9 4 4 ,0 0 0
4 ,4 2 0 ,0 0 0

8 ,6 4 7 ,0 0 0
7 ,6 4 4 ,0 0 0

1,1 5 5 ,0 0 0
8 9 8 ,0 0 0

135,000
313 ,000

0 7 ,000
141,000

6 8 ,000
7 5 5 ,000

3 1 0 ,000
1 ,090,000

1,5 9 7 ,0 0 0
1,198,000

453 ,000
93 7 , 00

7 3 ,000
137,000

2 7 8 ,000
2 6 4 ,0 0 0

2 97 ,000
2 ,5 7 4 ,0 0 0

1 ,007,000
1,8 4 0 ,0 0 0

2 ,2 0 3 ,0 0 0
1 ,8 6 1 ,' 00

4 8 ,000
3 9 ,000

4 ,0 0 0
3 ,000

1918...........
1917____

_______

8 6 ,000
168,000

181 ,000
157,000

30 0 ,0 0 0
129,000

173,000

19,000

1918..........
1917_____

_____
2 6 ,000

13,000
2 8 9 ,000

28 0 ,0 0 0
114,000

2 8 1 ,0 0 0
4 0 7 ,000

1918_____
1917_____

5 0 ,000
6 8 ,000

6 7 ,000
2 3 8 ,0 0 0

95,000
194,000

5 2 4 ,000
3 4 5 ,0 0 0

10,000
20,000

2 ,0 0 0
13,000

1918_____
1917_____

128,000
137,000

5 2 ,000
26 0 ,0 0 0

2 ,1 1 0 ,0 0 0
1,8 4 3 ,0 0 0

1 ,148,000
9 7 1 ,000

0 2 ,000
2 2 1 ,000

2 8 ,000
15,000

9 6 ,000
3 4 ,000

174 000
28 0 ,0 0 0

33,000

9 5 8 ,000
0 9 6 ,000

3 0 8 ,000
206 ,000

3 ,0 3 3 ,0 0 0
3 ,0 9 1 ,0 0 0

569 ,000
720 ,000

F ou r W eeks
c n c l.M a y 2 5 .
Chicago—
1918_____
1917_____
Milwaukee—
1918.
.
1 9 1 7 .....
St. Louis—
1 91 8_____
1917_____

Detroit—

Cleiela .d—
Peoria—

191 8..........
1917_____
Minneapolis —
1918_____
1917_____
Kansas CUg—
1918_____
1917_____
Omaha—
191 8_____
1917...........

4 3 ,000
2 ,5 4 4 ,0 0 0
_______
2 9 ,000

4,6 5 8 ,0 0 0
7,2 6 0 ,0 0 0

713 ,000
4 0 1 ,000

1 ,271,000
9 04 ,000

_______

2S0.000
2 ,9 7 0 ,0 0 0

1 ,962,000
1 ,381,000

86 9 ,0 0 0
725 ,000

.............

473 ,000
1,3 1 4 ,0 0 0

2 ,4 6 1 ,0 0 0
2 ,0 0 0 ,0 0 0

1 ,303,000
1 ,2 7 2,000

Total of A ll—
1918_____ 1,153,000
1917.......... 1,4 6 3 ,0 0 0

6 ,2 2 5 ,0 0 0
2 1 ,7 7 7 ,0 0 0

1 5,663,000
1 3,446,000

1 8 ,3 05,000
1 5,490,000

A s a g a in s t th e
ro a d s

h a d

m e n t.

th e

lo s s in

a t

c o m p r is e d

a g a in s t

o n ly

c o tto n

ir r e g u la r
m e n ts

a n d

w a s

in

s m a ll

fo r

th e

1 6 1 ,8 7 7

1 9 1 6 , w h ile

re a ch e d
2 5 1 ,3 4 3

M a y

th e

8 ,8 8 9

in

la s t

as

O m a h a

1 9 1 7 .

w a s

s o m e w h a t
T h e

s h ip ­

y e a r

w e re

2 8 5 ,3 9 4

y e a r

a n d

1 9 6 ,9 4 6

r e c e ip t s

M a y

a t

y e a rs.

th is

e v e n

s to c k ,

a n d

S o u th

m o v e ­

th e

liv e

1 9 1 7 ,

2 1 8 ,3 1 5

in

fo r

o f

b o th

b a le s

o n ly

b a le s

th e

m o n th

M a y

a g a in s t

in

in

liv e -s to c k

r e c e ip ts

a g a in s t

a g a in s t
in

o u tp o r ts

in

1 9 1 8 ,

m o v e m e n t, W e s te rn

la r g e r

c a r lo a d s

c a r lo a d s

m o v e m e n t

o v e r la n d

b a le s ,
b a le s

in

a

th e

2 1 ,0 1 5

1 9 ,7 6 6

c a r lo a d s

T h e

g r a in

o f

C h ic a g o

m o n th

9 ,4 6 0

th e

a d v a n ta g e

T h u s

a t th e

b a le s

191 7

in

a n d

S o u th e rn

M a y

1 9 1 8 ,

4 1 3 ,8 6 2

b a le s

1 9 1 6 .

R E C E IP T S O F C O T T O N A T S O U T H E R N P O R T S IN M A Y A N D F R O M
J A N . I T O M A Y 31 1918, 1917 A N D 1916.

M ay.

Since Jan.

Ports.
G a lv e s t o n ____________ b a le s .
T e x a s C it y , A c .........................
N ew O rleans________________
M o b ile ________ _______ ______
P en sa cola , A c ........................ ..
Hnvann i h .......... .......................
B ru n sw ick _________ ______
C h a r le s t o n .......... .....................
G e o r g e t o w n ..............................
W ilm in g to n _________________
N o r f o l k _____________________
N e w p o rt N ew s, A c . ...............

1918.

1917.

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

9 1 ,8 4 5 1 0 7 ,6 5 2
6 ,6 8 9
3 ,3 6 1
8 1 ,8 9 2 9 6 ,6 3 6
5 ,2 7 9 2 2 ,2 7 3
850
8 ,6 5 1
2 0 ,8 8 0 4 7 ,5 9 8
9 ,1 7 0 1 8 ,5 0 0
3 ,7 8 3
1 6 ,9 0 3

_______

_______

3 ,3 6 3
6 ,8 1 8

550
3 0 ,1 2 4
2 81

1916.

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

1.

1918.

1917.

1910.

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

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

3 2 ,8 9 2
1 0 1 ,7 8 8
3 ,0 3 3

8 ,0 0 5
1 5 4 ,7 3 4
3 ,0 9 9

8 9 4 ,7 0 6
1 0 7 ,1 3 8
4 9 4 ,4 6 9
7 1 ,7 0 0
3 9 ,0 0 9
3 2 5 ,9 2 1
7 0 .7 0 0
6 2 ,1 7 2
101
0 9 ,6 1 2
2 8 7 ,5 5 7
4 8 ,8 6 5

T o t a l ....................................... 2 1 8 ,3 1 5 2 5 1 .3 4 3 4 1 3 ,8 0 2 1 ,8 5 9 ,7 6 7 1 ,6 3 6 ,7 7 8 2 ,5 3 2 ,1 3 0
S o u th e rn
in

g ro ss

th is

is

n ess
th e
n o

ro a d s

d u e

o f

co u rse

p r o s p e r ity
S o u th e rn

le s s

th a n

lo w s

a

w h e a t

1917

o v e r

ro a d s

th e
th o se

to

w h ic h

R a ilw a y

th e
th e

1 9 1 6

o th e r

w h o le

o r

S o u th

in

s e c tio n s ,

191 6

is

o n

b u s i­

e n jo y in g .

F o r

2 8 % ,

o v e r

h o w e v e r,

a n d

sa m e
1 9 1 5 .

a re

a n d

a n d

in c r e a s e

th e

g a in s

s e c t io n ,

a c tiv ity

th e

o v e r

la r g e r

o th e r

g e n e ra l

in c r e a s e

a n d

sh o w

o f a n y

sy ste m

$ 2 ,7 0 3 ,3 3 5 ,

s u b s ta n tia l

in

o n

e a r n in g s th a n

th e

o th e r

o f

c o n ­

w e

b a r le y

r e c e ip ts

4 3 ,7 9 5 ,0 0 0

w e e k s

g a in s

g r e a t

w h e n

a d d

y e a r,

b u s h e ls ,

th e

th e

a n d

a n d

W e s te rn

la s t

1 8 ,3 0 5 ,0 0 0

g r a in

o n ly

fo u r

th e

b u s h e ls ,

w e e k s

o ffs e t

c o r r e s p o n d in g

o f
a re

o a ts

T h u s

1 5 ,6 6 3 ,0 0 0

m o v e m e n t,

a n d

s m a lle r

m a rk e ts

H o w e v e r ,

to

a g g re g a te

y e a r w e re
in

w e re

o r

c e r e a ls .

p r im a r y

fo u r

b u s h e ls .

w h e a t

th a t

d e ta ils

u su a l

fo u r
w e re

2 1 ,4 9 4 ,0 0 0

1 9 1 6 .

T h e

fa c t

w h e a t

2 1 ,7 7 7 ,0 0 0

191 7

w e e k s

o f

in

fo u n d

b u s h e ls

b e in g

o f

w h e a t,

is

th e

s u ffic ie n t

th e

5 4 ,5 2 4 ,0 0 0

In

ta b u ­

o ff

fo llo w in g

a

fo llo w e d

e a r ly

in

w e e k s th is

th a n

1 9 0 9 .

fa llin g

b y

w a s

fo llo w e d

w h ic h
o u r

o r

h ig h ly

le s s

b in e

n o t

w e re

in

o a ts

1 5 ,4 9 0 ,0 0 0

la r g e r

o th e r

W e s te rn

y e a r

o f

in

th e

th e

th is

r e c e ip t s

w e re

tr a c tio n

it

a t

w e re

in

1 3 ,4 4 6 ,0 0 0

In

g o in g

w a s
n o

Gross Earnings.

Year Yr. pre­ InGiven. ceding. cr’se
Roads Miles.

to

g a in

1 9 1 0

M a y

th e

th e

in

th is

in

r e g is te r e d

o u r

in c r e a s e

o f

2 5 .1 0 % .

In

w a s

M a y

u n in te r r u p te d

Mileage.

May.

o f

in te n s e ,

lo s s ,

1 8 9 7 .

e a ch

th e
B u t

b u s in e s s

m o s t

a d d in g

1 0 % .

c o u n tr y

1 4 .7 9 % ,

th e

$ 4 ,3 7 7 ,5 1 2 ,

M o r e o v e r ,

h e a v y

a g g re g a te s

o v e r

im p r o v e m e n t

o r

a lm o s t

o r

th e

a g a in s t

w h e a t
g a in s

w e e k s

o n ly

th e

h ere

in

b y

d e liv e r ie s

fo u r

w h ile

fro m

a

th e

g a in

a t

M a y ,

in

lo s s e s

o ffs e t

co rn

o r

d e la y e d

r e co rd e d

w a s

r e a c tio n ,

$ 1 5 ,3 1 9 ,1 0 6 ,

b a c k

y e a r

m o n th

a n

w a s

o f

th e

a g a in s t

U n ite d

y e a r

th e

m e a su re

a s

g ro w th

191 3

g r a in ,

1 9 1 4

c o n s e q u e n ce ,

$ 6 5 8 ,6 5 1 .

d e p r e s s io n

a n

e x te n d in g
th e

fo r

1 9 0 7

re co rd e d

le s s

tra d e

1 6 .9 8 % .

th e

o f

w h e n

o n ly

r e c o r d in g
o r

th a t

to

m e a su re

th a t

a

$ 7 ,0 1 4 ,6 1 9 ,

$ 6 ,3 2 0 ,8 7 1 ,

p a n ic

la t io n
n o

o f

b e in g

$ 8 ,7 7 2 ,7 7 1 ,

A s

M a y

fu rth e r

p r e v io u s ly

to n n a g e

o f

in

p r io r

M a y

in

e a r ly

1 9 1 6 ,

s m a lle r

la r g e

tr a ffic

th e

1 9 1 1 ,

p e r io d

g r a tify in g ,

g a in

o f

s t ill

o r

In
in

im p r o v e m e n t

M a y

s m a ll,

m u ch

M a y

a n d

in
tw o

$ 1 8 ,1 6 6 ,8 8 2 ,

a

la r g e r

re v e n u e s.

fo r

th e

o f

o u r

fo r

M o r e o v e r ,

y e a rs.

s w e ll

e a r n in g s

1 9 1 2

w a s

b u t

th e se

b y

w h ile

e n co u n te re d

to

o f

8 .9 1 % ,

r e co v e re d

a n d

cu rre n t

s ta te m e n t

th e re

o n e

h a d

lo s s

re a ch e d

1 5 .4 9 % .

s u c c e s s iv e

r a ilr o a d s

c lo s e

in

h a d

o r

y e a rs ,

lo s s e s

1 1 .4 2 % ,

in c r e a s e

o r

th e

1 9 1 5

o r

o f $ 1 0 ,9 4 7 ,6 1 4 ,

S ta te s

p r e v io u s

$ 5 ,9 3 8 ,2 5 3 ,

$ 8 ,8 3 9 ,2 4 7 ,

a lr e a d y

tw o

e x ce e d e d

2597

a ls o

re a ch e s
th is

sy ste m
T h a t
d o in g

fo l­
in
th e
w e ll

a
G ROSS

is

e v id e n t

fro m

th e

g a in

M is s o u r i K a n s a s &
s h o w n

b y

th e

B u ffa lo

b it u m in o u s

fo llo w in g

w e

o r

sh o w

a m o u n ts

in

o f

$ 3 8 8 ,1 9 1

R o c h e s te r

a ll

ch a n g e s

e x ce ss

o f

IN

s ix -y e a r

in

o f

th e

se p a ra te

Name of Iload.

th e
ro a d s

A l a b a m a Sc V i c k s b u r g ---------A n n A r b o r . ____________ . .
B u ffa lo R o c h & P itts b u r g h
C a n a d i a n N o r t h e r n --------------

in c r e a s e s
C h ic a g o G re a t W e s t e r n ..
C h ic a g o I n d & L o u is v ille . .
C o l o r a d o Sc S o u t h e r n ---------

D u l u t h S o u t h S h o r e Sc A t l .
C h ic a g o I n d & L o u is v ille .
$ 4 1 ,4 4 0
G o o r g i a S o u t h e r n Sc F l o r id a
A l a b a m a & V i c k s b u r g ---------------------------- 3 4 ,2
G 0r 8
a n d T ru n k o f C a n a d a ..
R e p r e s e n t i n g 18 r o a d s
in o u r c o m p i l a t i o n ____$ 4 , 6 9 5 , 3 8 0

Tlorrpn

cpq
C a n a d i a n P a c i f i c .................... $ 1 , 0 4 4 ,0 0 0
9 1 3 ,8 7 3
G r o a t N o r t h e r n ____________
A n n A r b o r __________________
4 2 ,2 2 1

R e p r e s e n t i n g 3 r o a d s in
o u r c o m p i l a t i o n ______ $ 2 , 0 0 0 ,0 9 4

th e

w e

a n n e x

e a r n in g s

th e

o f

ro a d s

1 TO

M AY

31.

M is s o u r i K a n s a s & T o x a s a
N o v a d a -G a lifo r n ia -O r o g o n .
S t L o u is S o u t h w e s t e r n —
S o u th e rn R a ilw a y S y s t e m .
T o n n A l a Sc G e o r g i a -----------V i c k s S h r o v & P a c i f i c -------

Decrease.

Increase.

1917.

$

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

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

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

2 5 , 5 6 0 ,2 7 5

2 4 ,2 7 4 ,4 4 5

1 ,2 8 5 ,8 3 0

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

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

—

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

9 2 ,4 9 5
5 2 ,5 4 3

—

3 1 ,0 7 5
4 ,9 0 9

_____
3 1 9 ,1 5 9

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

g ro u p s :

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

G ra n d T ru n k W e ste rn .
D e t r o i t G r H a v e n & M il
C a n a d a A t l a n t i c ______
G r o a t N o r t h e r n _____________

fo llo w in g

le a d in g

JAN U ARY

1918.

a n

In

w h e th e r

FROM

th e

P itts b u r g h ,
r o a d .

E A R N IN G S

Increases.

a n a ly s is ,

c o m p a r is o n s

a rra n g e d

b y

G R O S S E A R N IN G S IN M A Y .

ITICTBCISBS»

o u r

fo r

$ 3 0 ,0 0 0 ,

S o u t h e r n R y S y s t e m ______ $ 2 , 7 0 3 , 3 3 5
G r a n d T r k o f C a n (4 r d s ) .
7 0 0 ,7 1 5
M is s o u r i K a n & T e x a s —
3 8 8 ,1 9 1
B u ffa lo R o c h & P lt t s b —
1 9 9 ,0 8 2
T e x a s & P a c i f i c ____________
1 1 2 ,4 3 8
S t L o u is S o u t h w e s t e r n ___
9 0 ,0 0 0
T o l e d o S t L & W e s t e r n ___
8 3 ,7 5 2
C h ic a g o G re a t W e s t e r n ..
7 0 ,5 5 1
D u lu th S o Sh & A t l a n t i c ..
66,016
C o l o r a d o Sc S o u t h e r n ------5 9 ,6 8 7
G e o r g i a S o u Sc F l o r i d a ___
5 4 ,2 5 5
V i c k s S h r o v e Sc P a c i f i c ___
4 9 ,5 ll
M o b i l e & O h i o . . ..............
4 2 ,1 9 9
c o m p le t e

&

c o a l-c a r r y in g

d e cre a se s:
P R IN C IP A L C H A N G E S

T o

re p o rte d

T e x a s a n d t h e in c r e a s e o f $ 1 9 9 ,0 2 8

E a ste rn

fo r

[Vol. 106

THE CHRONICLE

3598

P A C IF IC G R O U P .

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

1913.

1914.

1915.

1916.

1917.

1918.

3
3
9 ,720,461 11,750,913
1,097,042 1,127,245
308,651
281,488
5,9 8 7 ,1 3 8 7,0 0 7 ,9 4 0
702 ,277
701,460
2,2 0 0 ,7 9 6 2 ,2 7 8 ,4 9 0

3
S
S
S
C a n a d ia n P a c . 1 3 ,0 21,000 14,068,000 12,472,167 7 ,2 6 1 ,4 9 5
C h ic G rt W est* 1,429,333 1,358,782 1.185,814 1,087,531
250 ,550
311 ,956
427 ,982
361 ,966
IJul S S & A t l .
G re a t N o rt h ’ n 7 ,2 3 0 ,0 2 6 8 ,1 4 3 ,8 9 9 6 ,9 1 7,872 4,8 0 1 ,7 3 3
8 5 5 ,850 • 719,578
8 8 8 ,850
6888,850
M in n & S t L a .
M S t P & S S M 6 2,860,077 2,8 6 6 ,0 7 7 2 ,6 4 1 ,3 4 9 2 ,015,941

T o t a l ............. 2 5 ,8 6 6 ,2 6 8 2 7 ,6 8 7 ,5 7 4 2 4 ,3 8 5 ,0 0 8 16,136,834 19,988,385 2 3 ,1 7 5 ,5 2 2
* In clu d es M a son C it y & F o r t D o d g e a n d th e W iscon sin M in n esota & P a cific .
a In clu d es Iow a C en tra l.
b M a y n o t y et rep orted ; ta k en sam e as last y e a r.
E A R N I N G S O F M I D D L E A N D M I D D I .E W E S T E R N G R O U P .

COTTON

B u ff R o c h & P
C h ic In d & L ou
G ra n d T ru n k ]
IfcG r T r k W . )
D G 1 I& M
C? C a n a d a A tlj
T o l Peor & W .
T o l St L & W .

1916.

1917.

1918.
$
1,570,758
80 2 ,5 6 4

$
1,371,670
761 ,124

8
1 ,094,247
704 ,029

6 ,5 5 7 ,3 1 8

5,8 5 6 ,6 0 3

4 ,6 7 7 ,9 3 6

th is

y e a r

a n d

its

6106,624
6 7 5 ,260

106,624
591,514

1914.

3
8 0 5 ,357
572 ,233

$
772,031
575,382

fo r
S
1 ,010,377
045 ,593

4,3 0 9 ,6 1 0

8 4 ,540
384 ,700

1916.

1917.

$
196,791
1 ,244,552

108,864
389 ,819

93,508
347,697
6 ,098,228

A la & V i c k s . . .
M o b ilo & O hio
Sou th ern R y . )
A la G rt S o u . I
C N 0 4 T 1 ' ) 12,1 5 0 ,2 4 7
N O & N E. 1
N o r A la ____ )
2 0 4 ,566
V ick s Sh & P a c

o f

th e

o f

9 ,4 4 6 ,9 1 2
155,055

T o t a l .......... .. 1 3,796,150 10,966,903
E A R N IN G S

OF

7 ,0 7 4 ,0 5 7

1914.

1913.

$
127,734
9 67 ,550
(4,9 1 6 ,9 3 1
| 412 ,099
8,3 1 5 ,4 7 7 < 831,801
| 28 5 ,0 9 0
l
3 8 ,163
130,474
122,632

$
130,401
1,087,215
5 ,620,839
413,413
940 ,508
322 ,602
40,323
129,197

S
157,854
1,1 8 4 ,9 8 5
5,6 0 5 ,7 0 9
471 ,539
97 9 ,2 9 0
356 ,089
4 3 ,144
140,763

9 ,6 8 8 ,3 0 8

8,6 9 6 ,4 9 8

8,9 3 9 ,3 7 9

7 ,7 0 2 ,0 0 0

SOUTHW ESTERN

a

th e re

t im e

1 9 1 8 .

o f

T h e re

U n ite d
h a v e

h a v e

b e e n

p r e p a r in g

la n d

n e v e r

S ta te s

h as

b e e n

w h e n

p re se n te d

la r g e ly

ca n

b e

th a n

m a d e

c o u ld

b e

so

in c r e a s e d

n o

d o u b t

to

th o s e

to

o p e r a tiv e
fo r

a

c o tto n

t im e

p r ic e s

s tro n g

in

th e

p r e v a ilin g

a n

p la n tin g

th a t

u n d e r

a d d

th is

to

b e

a m p le

a n

a b ro a d

a rg u m e n t

as

th is

a n y

in

to

s p r in g

o th e r

c o n ­

h o m e

g r a in s
in

le s s

h a s

o n ly

b e e n
o f
to

n e ce s­

c o u n tr y

as

g re a t

th e re

th e

fe e d in g

u se

o u r

o f

b e e n

b u t

o u r

a llie s

u p o n

a n

fo r c e s

a n d

u s.

a b le

a n

s h o u ld

c o n s u m p tio n

fo r

h a s

th a t
B u t,

th e

th e

th a t

d e p e n d e n t

G o v e rn m e n t

h a v e

o f g ro u n d

p r o d u c tio n

fo r

w o u ld

p r o d u c tio n .

s e c tio n

n o t

a s s is t
o r

p a tch

its

o rd e r

o f

e ffo r t

th e re

e v e r y

s u p p ly

m o re
th e

little
fo r

fo o d s tu ffs

a m o u n t

a n d

n e u tr a ls
a g e n c y

u p o n

p o s s ib le

a u g m e n te d

e v e r y

in c e n t iv e ,

its

as

e x is tin g

a v a ila b le

in c u m b e n t

e x te n t

n o w

u t iliz e

m a d e

a g a in s t

s ity

1915.

th e

s ta p le

fa v o r

b e e n

a s

8
151,823
1 ,084,534

$
162,583
1 ,202,353

th e

1

in flu e n c e s

4 ,9 1 4 ,0 0 4

E A R N IN G S O F S O U T H E R N G R O U P .
1918.

d u r in g

p la n tin g .

d itio n s

T o t a l ............. 9 ,7 1 2 ,5 3 0 8 ,6 8 7,541 7 ,0 9 8,681 5,8 6 2 ,1 3 8
b M a y n o t y e t re p o rto d ; ta k en sam e as last y e a r.

May.

in

a n d

9 8 ,595
523 ,874

c o n flic tin g

C O N D IT IO N

1913.

1915.

4 ,0 1 5 ,3 0 2

A N D

JU N E
S h a r p ly

h is to r y

May.

ACREAG E

th e

E v e r y

to

e n lis t

in

GROUP.
s p r e a d in g th is p r o p a g a n d a h a s b e e n e m p lo y e d , w ith th e

May.
C o lo & S o u th .
M K Sc T e x a ..
St L So W e s t ..
T e x a s & P a clllc

5
1 ,4 8 4,325
3 ,8 7 4 ,5 9 4
1 ,443,000
1,977,784

1916.

1917.

1918.

T o t a l ............. 8 ,7 7 9,703 8 ,1 2 9 ,3 8 7 6 ,4 1 7 ,3 5 5
a In clu d es T e x a s C en tra l & W ich ita F a lls line.
W e
a ll t h e
th e

n o w

in s e r t

ro a d s

m o n th

p e r io d

s in c e

o u r

w h ic h

o f

c o m p a r a tiv e

d e ta ile d

h a v e

M a y .

1913.

fir s t

a

o f
o f

G R O SS E A R N IN G S

8
925 ,589
2,2 2 0 ,1 6 8
876,339
1 ,388,080

3
1 ,000,729
2 ,2 8 7 ,5 6 9
7 7 0 ,560
1,322,574

5,4 1 0 ,1 7 0

5,3 8 7 ,4 3 2

s ta te m e n t

s e co n d
th e

ta b le

sa m e

g r a in

fig u r e s fo r

w e

g iv e

th e

fo r

th e

ro a d s

b e e n

e n la r g e d ,

e v e n

o u t c o m e h a s n o t b e e n fu lly u p
I t

6 ,0 5 9 ,2 7 5

c o m p r is in g

h a s

is

h a rd

c o tto n

p e r io d ,
th e

to

r e a liz e

h a s

as

a

stro n g e st

r is e n

r e s u lt

g ro w e r

th e

k in d

e v e n

th o u g h

a b le

to

it

to

o f

th e

a

to

w h ic h

d im in is h e d

o f

a n

n e ce ssa ry

u n d e r

u ltim a te

th e

p r ic e

c o m p a r a t iv e ly

p r o fits

b e

a rea

th e

o r ig in a l e x p e c t a t io n s .

h e ig h th

w ith in

e n o rm o u s

th o u g h

y ie ld ,

a n d

in c e n tiv e

to

to

sh o rt

g iv in g

fu r n is h in g

p la n t

ta k e

to

to
th e

th e

lim it

o f

b e in g

ch a n ce s

J a n u a ry :
AND

M IL E A G E

IN

M AY.
A lileage.

Gross Earnings.
Name of Road.
1918.

1917.

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

A la b a m a & V ic k s b u r g ..
A n n A r b o r __________ —
B u f f a l o R o c h Sc P i t t s b .
C a n a d ia n N o r t h e r n . . .
C a n a d i a n P a c i f i c ________
C h ic a g o G re a t W o s t e m .
C l d c I n d i a n a p Sc L o u is v
C o l o r a d o Sc S o u t h e r n ___
D e t r o i t & M a c k i n a c _____
D u lu t h S o S h o r e & A t l
G o o r g i a S o u t h Sc F l o r id a
G ra n d T rk o f C a n a d a . .
G r a n d T r u n k W e s t ’ ll
6 ,5 5 7 ,3 1 8
D o t G rd H a v & M llw
C a n a d a A t l a n t i c _____
7 , 2 3 0 ,0 2 6
G r o a t N o r t h e r n __________
8 1 ,5 6 0
M in e r a l U a n g o __________
M is s o u r i K a n Sc T o x a s . a 3 , 8 7 4 ,5 9 4
M o b i l o Sc O h i o __________
1 ,2 4 4 ,5 5 2
2 0 ,0 2 6
N o v a d a -C a lif-O r e g o n .
1 ,4 4 3 .0 0 0
S t L o u is S o u t h w e s t e r n - .
S o u t h e r n R a il w a y S y s t . 1 2 ,1 5 0 ,2 4 7
8 .0 6 1
T e n n A l a Sc G e o r g i a . . .
1 .9 7 7 ,7 8 4
T e x a s & P a c i f i c ........... .. ....
T o l e d o S t L o u is Sc W e s t .
6 7 5 ,2 6 6
V i c k s S h r o v e Sc P a c i f i c . .
2 0 4 ,5 6 6

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

T o t a l (2 6 r o a d s ) ______ 5 8 ,8 6 8 .6 4 7 5 6 ,2 1 7 ,4 3 8
N e t i n c r e a s o ( 4 . 7 2 % ) ___
a I n c lu d o s T o x a s C o n t r a l j n b o t h i y e a r s .




$
1 ,253,457
2,4 0 9 ,6 2 7
1 ,0 3 0,260
1,365,931

o f

th u s fa r fu r n is h e d

In

e a r n in g s
th e

1914.

1915.

r e s u lt t h a t S o u t h , a s w e ll a s e ls e w h e r e , t h e
3
1,205.442
2 ,7 3 1 ,3 4 5
9 8 7 ,495
1,433,073

$
1,4 2 4 ,6 3 8
3 ,4 8 6 ,4 0 3
1,353,000
1,8 6 5 ,3 4 6

Inc. ( + ) or
1918.
Dec. (— ) .

1917.

— 9 1 3 ,8 7 3
— 1 9 ,4 9 5
+ 3 8 8 ,1 9 1
+ 4 2 ,1 9 9
— 1 0 ,8 3 0
+ 9 0 ,0 0 0
+ 2 ,7 0 3 ,3 3 5
— 1 ,6 7 7
+ 1 1 2 ,4 3 8
+ 8 3 ,7 5 2
+ 4 9 ,5 1 1

4 ,5 3 3
8 ,2 5 5

too

3 ,8 6 9
1 ,1 5 9
275
1 ,7 8 2
7 ,9 4 6
99
1 ,9 4 6
454
171

4 ,5 3 3
8 ,1 9 5
120
3 ,8 6 5
l , i 60
275
l ,7 5 3
7 ,9 4 6
98
1 ,9 4 6
454
171

+ 2 , 6 5 1 , 2 0 9 5 9 ,7 9 9 5 9 ,1 2 7

th a t

s u ffic ie n t

F o llo w in g

E u ro p e

$
141
142
+ 3 4 ,2 0 8
293
293
— 4 2 ,2 2 1
+ 1 9 9 ,0 8 2
586
586
— 2 3 ,7 0 0 9 ,4 2 5 9 ,2 9 6
— 1 ,0 4 4 ,0 0 0 1 3 ,3 8 8 1 2 ,9 2 1
1 ,4 9 6 1 ,4 9 6
+ 7 0 ,5 5 1
657
651
+ 4 1 ,4 4 0
+ 5 9 ,6 8 7 1 ,8 4 0 1 ,8 4 0
382
38t
+ 1 1,6 2 5
599
+ 6 6 ,0 1 6
601
402
402
+ 5 4 ,2 5 5
+ 7 0 0 ,7 1 5

o b ta in

c r o p .

th e

ste p s

v a lu e
w ere

b u y -a -b a le
a

n o rm a l

b a s is ; in

y e a r

1 8 7 3

S e p t.

14

y e a r

186 9

in

N o v e m b e r

in

191 7

N e w

Y o r k

o n ly

it

th e
fo r

a t

a

u p la n d s

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w a s

a s

lo w
a n d

sh o rt

tru th

b e e n

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as

In

W ith

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p o u n d

o f

a n d

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v a lu e s ,

u rg e n t

F e b ru a r y

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u p la n d s

a t

b u t

s in c e

to

cu rre n t

p e r

co u rse

tim e

b a c k

s in c e

m id d lin g

m e n t io n a b ly

p e r io d s .

3 6 c.

s u p p lie s

tim e

a n y

th e

a tta in e d

1 4 .3 0 c .,
n o

th e
B u t

p r a c tic a lly
a t

re co rd s

is t h e

re d u ce d

a t

a

A p r il o f

q u o te d

in

d e c id e d ly

th e m .

to

a ll

th e

w a r

p la n te r s ,

o f

p h e n o m e n a l.

3 1 .8 5 c .,

p r ic e

in

p o in t

q u o ta tio n

so

le v e l th a n

191 7

w a s

u p o n

s im p ly

o n e

w o rk

th e

s lu m p e d

re tu rn e d

in

T h e

o f

S o u th e rn

h ig h e r

h ig h e s t

1 8 6 6 .

w a s

a id

p r o p e r ly
o u t

b e in g

p a s s e d ,a n d

co n se q u e n t

y e a r

to

re a ch e d ,

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to

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h a d

1 9 1 6

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p r ic e s

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N e w

d e m a n d ,

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a t

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b r e a k in g

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w ith in

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th e

D e c e m b e r
1 9 1 8

2 7 c.

a n d

b e g a n
th e n

s itu a t io n ,

is

J une 22 1918.]
it

p o s s ib le

to

a rea

to

th is

n o t,

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s t r o n g ly

n o t

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T h a t

c o n c e iv e

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b e e n

to

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to

s u p p ly

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o f

th e

d im in u tiv e

v o lu m e ,

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to

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to

lo w e r

o f

a

1 9 0 4 .

if

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re d u ce

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to

a n y

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fig h tin g

a n c

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s to ck s

tim e

a p p e a rs

fo r

sa m e

E u r o p e .

in v is ib le

o f

c r o p s

th e

1 9 1 7 -1 8

b y

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s h o rt

c o m ­

th e

b e

fa ll

little ,

m e n tio n a b le

so

lo n g

fo rc e s

a s

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to

in

a d d it io n

to

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A n d

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1 4 4

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s e r ie s

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to

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a ll

2 4 0

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tw e n ty -n in e

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it

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lb s .

w a y

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V ir g in ia ,

h o w e v e r,

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in

in

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189 2

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b e e n

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to

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in

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e f­

im p o r ta n t

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b u t

d e s p ite

its

p re se n ce

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c o u n tr y

S o u th

r a is e d

in

1 9 1 4 -1 5

a

h is to r y

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c r o p — in

a rea

a t

la r g e s t in

o u r

n u m b e r o f b a le s

a n d

th e
e x ce e d e d

tim e

o f

S t ill

a n y th in g

la s t fe w

b a se d ,

in c lin a tio n

v e r y

n o te d ,

s in c e

191 7

fa c t, th e
y e a r

a

b y

th e

th is

p ro v e s

as

s itu a tio n .

w ith in

re p o rt

o u tc o m e
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(1 8 8 4

so u th e a ste rn

lo c a litie s
w h ic h

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is

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it

W ith

v e r y

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re a so n

191
149
144
169
194
203
234
194
237
240
189
193
186
192
170
207
192
211
170
203
153
168
209
187
189
a207
a l6 6
a 184

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e x tre m e
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4 ,3 5 2 ,3 1 7
5 ,7 1 4 .0 5 2
5 ,6 6 9 ,0 2 1
7 ,3 1 3 ,7 2 6
8 ,6 5 5 ,5 1 8
9 ,0 3 8 ,7 0 7
9 . 8 9 2 ,7 6 6
8 ,7 1 4 ,0 1 1
1 1 ,1 8 0 .9 6 0
1 1 ,2 3 5 ,3 8 3
9 ,4 3 9 ,5 5 9
1 0 ,4 2 5 ,1 4 1
1 0 ,7 0 1 ,4 5 3
1 0 ,7 5 8 ,3 2 6
1 0 ,1 2 3 .6 8 6
1 3 ,5 5 6 ,8 4 1
1 1 ,3 1 9 ,8 6 0
1 3 ,5 5 0 ,7 0 0
1 1 .5 8 1 ,8 2 9
1 3 ,8 2 8 ,8 4 6
1 0 ,0 5 0 ,9 6 1
1 2 ,1 3 2 ,3 3 2
1 6 ,0 4 3 .3 1 6
1 4 ,1 2 8 ,9 0 2
1 4 ,8 8 4 ,8 0 1
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a l2 ,0 1 2 ,8 1 3
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in c re a s e d

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

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Bales.

h e re .

m e n a ce
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Chronicle”
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o f

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seem

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sta te m e n t;

in c lu d e d ,
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a ro u n d ,
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th e
m e n ts.

m u ch
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1 8 7 0 . ________ ________ ________ _______
1 8 8 8 _________ ___________ ____________
1 8 8 4 . ................................... .......................
1 8 8 9 _________ _______________________
1 8 9 0 ______ ___________________________
1 8 9 1 __________________________________
1 8 9 4 ............ ....................... ..........................
189(5............................... ..............................
1 8 9 7 ...................................... .......................
1 8 9 8 __________________________________
1 8 9 9 ......................................................... ..
1 9 0 0 ............... ..............................................
1 9 0 1 ______ ___________________________
1 9 0 2 __________________________________
1 9 0 3 ............................... ...............................
1 9 0 4 ............ .................................... .............
1 9 0 5 ________ _________________________
1 9 0 0 __________________________________
1 9 0 7 ____________ ____________ ________
1 9 0 8 _________________________________
1 9 0 9 ______________ ____________ _____
1 9 1 0 ________ ________ _________________
1 9 1 1 .................... .................................... .
1 9 1 2 _________ ____________ ___________
1 9 1 3 __________________________________
1 9 1 4 — ................. .......................................
1 9 1 5 _____________ ___________________
1 9 1 0 _________________________________
1 9 1 7 . . . ____________ _________________

a tta in e d ,

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Year’s Planting.

so

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2 5 99

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1 9 1 6 -1 7 ,

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THE CHRONICLE

o n

b u t

fe w

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in

a v e ra g e

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b e g a n , th e se e m ­
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T o t a l ___________ .................... 3 9 . 6 8 3 . 0 4 5

lo ca l

n e w e r

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a re

4%
2%
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Est. for 1 9 1 8 —
Inc.
Dec.

30%

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te r r ito r y
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s p r i n g 's

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_____
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th is

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States—
1917.
V i r g i n ia ___________ ....................
4 1 ,1 0 6
N o r t h C a r o l i n a . ................... 1 .7 1 5 ,3 7 6
S o u t h C a r o l i n a . . ................... 2 , 8 4 3 , 0 2 3
G e o r g i a ___________ ................. .. 5 , 4 7 4 , 4 7 5
F l o r i d a __________ __________
2 8 9 ,6 2 4
A l a b a m a _________ ................
3 ,4 8 4 ,9 8 7
M i s s i s s i p p i ______ .................... 3 ,5 3 1 . 5 2 0
L o u i s i a n a ________ .................... 1 , 4 2 0 ,0 5 6
T e x a s ____________ ....................1 3 ,5 5 3 ,2 4 4
A r k a n s a s _________ .................
2 ,5 7 0 ,4 5 4
T e n n e s s e e ________ ---------------8 3 3 ,0 5 9
O k la h o m a ________ .................... 3 ,6 5 4 , 0 7 5
M i s s o u r i _________ ....................
1 1 4 ,2 3 6
C a lif o r n ia , & c . . ....................
1 5 7 .8 1 0

h a v e

S ta te s

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.— A c r e a g e h a s b e e n i n c r e a s e d . T h e t e n d e n c y

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p la n tin g
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th e

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b u t

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c a s e la s t y e a r , e a r ly

b r in g

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p r o fit

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w a s th e

th e

a n d

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to

a r m ie s

a s fo llo w s :

Acreage
1918.
3 9 ,4 6 2
1 ,6 8 1 ,0 6 8
2 ,9 2 8 ,3 1 4
5 ,5 2 9 ,2 2 0
2 6 0 ,6 6 2
3 ,8 3 3 , 4 8 6
3 , 8 1 4 ,0 4 1
1 ,5 1 9 ,4 6 0
1 3 ,9 5 9 ,8 4 1
2 ,5 7 0 ,4 5 4
8 1 6 ,3 9 8
3 ,8 3 6 ,7 7 9
1 1 3 ,0 9 4
2 0 5 ,1 5 0
4 1 .1 0 7

THE CHRONICLE

2600
T h is

c o m p ila t io n

co m p a re d

w it h

sh o w s

19 1 7

r e a c h in g

4 1 ,1 0 7 ,4 2 9

a cre s

1 9 1 7 .

in

g iv in g
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in

n o t

y e a r,

a rea

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th e

3 .5 9 % ,

a d d

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w ith

a n d

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a c r e s in

W e

o n ly

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In thousands.

Total ArrnifA

fo r

b u t

n e t in c r e a s e

to ta l

a cre a g e

p r e v io u s

th e

to ta l

o f in c r e a s e

a n d

p r o d u c t

1 9 1 6 -1 7 .

1 9 1 7 -1 8 .

T o i a i p r o d u c t i o n ________
I n c r e a s o in a c r e a g e _____
I n c r e a s e in p r o d u c t l o n .
P r o d u c t p e r a c r e , l b s ___

th e

fig u r e s

p e rce n ta g e

V i r g i n i a ____________ _______
N o r t h C a r o l i n a ___________
S o u t h C a r o l i n a __________
G e o r g i a . . _______________
F l o r i d a _____________________
A l a b a m a __________________
M i s s i s s i p p i _______________
L o u is i a n a __________________
T e x a s ______________________
A r k a n s a s __________________
T e n n e s s e e _________________
O k la h o m a
M i s s o u r i , & c _____________

a

1 9 1 8 , a g a in s t 3 9 ,6 8 3 ,0 4 5

a cre a g e

p r o d u c tio n

is

y e a rs ,

cr o p

o r

p e r

a cre .
1 9 1 3 -1 4 .

1 9 1 4 -1 5 .

1 9 1 5 -1 6 .

fo r

d e cre a se

41
1 ,7 1 5
2 ,8 4 3
5 ,4 7 5
290
3 ,4 8 5
3 ,5 3 2
1 ,4 2 0
1 3 ,5 5 3
2 ,5 7 0
833
3 ,6 5 4
272

41
1 ,6 6 5
2 ,7 3 4
5 ,5 8 6
299
4 ,0 5 2
3 ,7 1 7
1 ,3 4 0
1 3 ,1 5 8
2 ,4 9 6
868
3 ,4 1 5
216

36
1 ,4 4 8
2 ,4 1 9
5 ,0 7 8
284
3 ,7 5 2
3 ,3 8 0
1 ,1 9 6
1 1 ,6 4 5
2 ,1 8 9
789
2 ,7 9 9
175

43
1 ,6 6 5
2 ,7 4 9
5 .5 2 0
299
4 ,1 6 9
3 ,6 3 4
1 ,3 2 9
1 3 ,0 8 4
2 ,4 8 8
876
3 ,4 1 4
208

42
1 ,6 6 5
2 ,7 7 7
5 ,4 9 2
293
4 ,1 2 8
3 ,4 9 4
1 ,2 5 4
1 2 ,7 0 3
2 ,4 1 5
859
3 ,2 9 8
153

3 9 ,6 8 3

39 587
a l2 ,9 7 6
1 2 .5 8 %
0 .1 8 %
160

35 190
a 1 2 ,9 5 3
* 1 0 .8 6 %
* 1 6 .3 2 %
180

3 9 ,4 7 8
0 1 5 ,0 6 7
2 .3 4 %
3 .1 3 %
188

3 8 ,5 7 3
1 4 ,8 8 4
3 .2 0 %
3 .4 0 jj^

0 .2 4 %
...............

a C o m m e r c ia l c r o p s ; a c t u a l g r o w t h I n c lu d in g lin t e r s . 1 6 ,7 3 8 ,2 4 1 b a l e s In
1 9 1 4 -1 5 . 1 2 . 0 1 2 ,8 1 3 b a lo s In 1 9 1 5 -1 6 . a n d 1 2 .6 6 4 .0 7 8 in 1 9 1 6 -1 7 . * D e c r e a s e .
S E C O N D .—
a n d

W ith

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(1 )

o u r

I m m a tu r ity

th is

n o t

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w e re

w h e re
w e re

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th e

(2 )

w e a th e r

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m a n y

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in c r e a s e

b e e n

to

fo r

b e

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t o

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M a y

2 5

y e a r ,

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7 7 .5

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7 9 .0 .

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a n d

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y e a r ,

E u ro p e

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is

in

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E v e n

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o r

th e

th is

n o w

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in

o n

19 1 5
a

little

o ffic ia l

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a n tic ip a te d
c o n d it io n

la s t

in

1 9 1 4
o f

p r iv a te
h a s

b e e n

d e v e lo p m e n t,

th a t
h a s

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a v e ra g e
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s tr e n g th e n in g
th a n

b e lt

sa m e

7 4 .3

to

a n d

re p o rte d

c o tto n

b u lle tin s ,

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s a tis fa c to r y

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w h o le

6 9 .5 ,

to

in

b u t

th e m

th e

a n d

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h a s

in te rfe r e d

q u a lit y

to

8 0

fa r m
fie ld s

se a so n s

e le m e n ts

p la n t is

th e r e b y

la r g e r

re co rd

th e

p r e v io u s

a re

th e

to

a p p r e c ia b ly

O u r

o f
th e

re g a rd s

r e s u lts .

s in c e ,

w ill s h o w

m a in ta in e d ,

a tte n d e d

c o m m e r c ia l

c o n s id e r e d

fa v o r a b le

th e r e fo r e
2 5

w e ll

t im e

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a g a in s t

in

w e ll

g e n e r a lly

A g r ic u ltu r a l D e p a r tm e n t

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tu rn

o f th e

w e a th e r

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s c a r c it y

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to

8 2 .8 ,

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in

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im p r o v e d

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T h e

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C o n d it io n

ca u se

b e e n

A s

e s s e n tia l

te n d e n c y

th e

a t

o f

s a tis fa c to r y

(3 )

th e

a n d

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T h e

w h e re
a

h a s

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S ta te s w h e re a n

o f

to

w e a th e r

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p r o d u c tiv e n e s s

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V I R G I N I A . — Our reports from Virginia are to the effect
that the weather was too cold and wet for the most part in
April and as a result planting which began about April 10
in the limited area devoted to cotton production in the State
was not completed until near the close of M a y . On the
whole seed came up poorly and some had to be replanted.




IVol. ioe.

In M a y , however, generally favorable conditions were
experienced, assisting development, and the same can be said
of June thus far. Consequently stands now are quite good
and the fields clean. Acreage decidedly restricted at any
time seems to have been decreased a little this year in favor
of food crops— about 4 % . Fertilizers appear to have been
used to about the same extent as in the previous year.
N O R T H C A R O L I N A .— N otably favorable weather was
the feature of the early spring in North Carolina. Tempera­
ture during M arch was well above normal, and the rainfall,
although below the average of former years, was sufficient to
put the soil in good condition, making possible a better and
more speedy preparation of it for crops. Farm work, there­
fore, at the opening of April was more forward than usual.
A t that time, in fact, the situation was practically all that
could be desired, and consequently planting operations began
under very favorable auspices. Putting in of seod was
begun in some sections as early as the first of April, but work
did not become general until between the 10th and 15th and
was completed about M a y 20, or a little in advance of 1917.
April had not very far advanced when there began to bo
complaints of low temperature, and, at times, too much
moisture and this quite naturally was detrimental to ger­
mination. It happens, however, that a few correspondents
report that seed came up very well, though in the majority of
cases the start is stated to have been ndifferont or poor.
A ll through April development was checked by adverse
woather conditions, but before the close of the first week of
M a y there was a decided improvement, changing what ap­
peared to be a rather poor outlook into a quite satisfactory
one. In fact, at the close of M a y the situation was consid­
ered promising and conditions thus far in June havo not
been such as to mar it. It does not seem that more than an
average replanting has been necessitated. Stands.— From
some earlier planting the stands at first were poor, but undor
such conditions as have prevailed since the middle of M a y the
plant has developed finely and now the stand is good gener­
ally and better than a year ago at this time. Grass was the
subject of complaint in lato M a y , but at present the fields are
reported to be clean and well cultivated. Acreage.— There
is evidence in our returns on this point that some cotton land
has been diverted to other crops this year, notwithstanding
the high remuneration the raising of tho staple has rocontly
afforded, and reduction of area at some points is ascribed to
scarcity of labor. All in all, however, the reduction has not
been important, averaging for the whole State, we should
say, about 2% . Fertilizers.— A slight increase in the use of
commercial fertilizers is reported this spring. On the other
hand, home made manures have been less freely availed of.
S O U T H C A R O L I N A .— During tho period of preparing
the land for crops— prior to tho middlo of A pril— woathor
conditions were in the main satisfactory and excellent
progress was made. Later, howovor, and continuing into
M a y there was as a rulo rather too much rain and tomporature was too low for good rosults. The effect of the hinder­
ing conditions is to bo found in tho fact that while the putting
in of seed began around the middlo of M arch in some lo­
calities, it was not finally completed until near tho close of
M a y . Seed on the whole gorminatod fairly well, but to
some extent the start was retarded by tho adverse meteorolo­
gical conditions and furthermore apparently more than a
normal replanting was necessitated. A t tho same time it
is to be noted that conditions in Sea Island sections, although
not wholly satisfactory, were seemingly bettor than else­
where. A markod improvement in tho weather occurred
in the second week of M a y , inducing better development;
and a continuance of mainly favorable conditions since ac­
counts for tho fact that stands now are reported good as a
rulo. There have been some references to shortago of labor
and this quite naturally has interfered with prompt and
thorough cultivation. But whereas until quito rocontly
complaints of grass were coming to hand, now tho fields
would seem to have been pretty well cleared. Acreage.—
The tendency as regards area this spring has been quite
generally towards increase, notwithstanding tho campaign
carried on to induco a greater planting of foodstuffs. In
some cases the additions havo run as high as 10%, Sea
Island sections showing tho largest gains, but for tho State
as a whole 3 % would seem to about correctly measure the
gain in acreage over a year ago. The takings of com­
mercial fertilizers,so far as wo aro able to judge, have feeon
about the same as last year, but a slight increase in the
use of home mado manures is indicated by our reports.
G E O R G IA .— Conflicting conditions, such as experienced
in the Carolinas, aro disclosod by our reports from Georgia
this spring. Epitomizing the returns it would seem that*
tho seasons were unusually favorable when preparatory
work was in progress— tho breaking up of the ground and
getting it ready for crops— but just about tho timo planting
commenced in tho earlier sections tho woathor turned oolci
and continued so for a more or less extended poriod, with
light frost an incident in some localities. On tho whole
thoroforo seed did not start off well, and there was much
more than a normal replanting with cotton a loser to a small
extent as a result thereof. In early M a y the growth of the

J une 22 1918.]

THE CHRONICLE

crop was checked by cold weather, but a decided change
for the better was experienced before the middle of the month
and what at first seemed to bo a rather poor start has been
very much improved. In other words, s ta n d s which had been
irregular now range from good to vory good. W ith rainfall
rather excossivo at times and labor scarce as a result of war
and othor causes it is not surprising that thoro should have
been moro or loss complaint of tho foulness of the fields, but
with tho moro favorable turn to the weather the condition
in this respect is now vory satisfactory. In fact, thero is
nothing in tho present situation to oncourago anything but
optimism. In any ovont tho outlook now is distinctly
hotter than at this time a year ago.
Boll weevils havo
been reported in some sections, although without special
damage as yot. A c r e a g e . — Partly as a result of the turning
ovor of land to corn, &c., at the timo of roplanting, tho area
devoted to cotton this year shows only a very moderate
increase.
In fact a careful analysis of our returns does not
seem to warrant our estimating the increase at over 1%.
F e r tiliz e r s have been moro freely used this year than last and
tho quality of the commercial kinds used is roported to havo
been bettor than those recently employed. Home made
manures havo been a little moro freely availed of.
F L O R I D A .— Favorable weather conditions wore respon­
sible for an early start with preparations for planting this
spring and tho work of putting in of seed was in progross in
some sections shortly after tho first of M arch. Operations
woro active generally boforo tho close of that month and
woro completed in the main before tho first of M a y or much
in advanco of last year. Germintation, however, was
rotarded by cold weather during April and early M a y and
some damago to tho plant was occasioned by heavy rains.
This is reflected in reports to the effect that while not much
roplanting was dono a good many fields wero ploughed up
and givou ovor to corn instead of cotton, as was the case
last yoar. After tho middle of M a y moro favorable motooroligical conditions were experienced under which tho plant
mado notablo improvement and at this writing s ta n d s are on
tho whole good. Furthermore, tho fiolds which wero
grassy havo been brought under a good state of cultivation.
A little anxiety has boon expressed as regards labor which,
at no timo plentiful, is stated to bo getting steadily scarcer.
Boll weevils, which had already appeared early in M a y and
wero cause for moro or less uneasiness, have been roported
quite numerous recently. A c r e a g e . — The area under cotton
in Florida is small in any ovent, but has been decreased,
owing to tho fear of tho boll weevil and tho greater attention
given to grain and othor foodstuffs. W o place tho reduction
at approximately 10%. F e r t iliz e r s are nover much used in
Florida. This yoar tho takings of commercial varieties
havo boon about tho same as a yoar ago.
A L A B A M A .— A t tho time of getting land in shapo for
planting thero woro isolated complaints of dry weather, but
in the main conditions wero favorablo, assisting in the ad­
vancement of soil preparation over much tho greater part
of tho State. This refers to M arch and tho very early part
of April. B ut before the latter month had far advanced
cold woathor sot in and in a number sections there wero
killing frosts and ice. Another adverse factor this spring,
contributing to tho taking away of land from cotton and
turning it to peanuts, corn and other food crops, was the
overflowing of some lowlands. Y et with all these thero
was a vory material incroaso in the area put under cotton.
In earliest sections planting was commenced tho first of M arch
and was completed generally M a y 15 or about two weeks
earlior than a year ago. Thero is considerable divergence
of opinion as to how seed camo up. Some of our corre­
spondents remark that tho start was vory good with tho
reservation that killing frost coming at the germinating
stage causod some loss. B ut in a majority of instances
tho start was poor. In fact not only was low temperature
a retarding influence, but beating rains packod tho soil
so hard that some cotton failed to come up. Shortly aftor
tho first of M a y , however, conditions changed for tho
bottor and with a continuation of favorablo weather the
outlook very materially improved. In fact at tho present
writing aside from tho ovor prosent menace of the boll
woevil (infestation by the post is roported becoming moro
goneral in tho southern portion of tho Stato), the crop
promise is encouraging, s ta n d s averaging good with tho
fiolds in a normally well cultivated state. A c r e a g e . — As
noted above, some land originally intended for cotton
has been turned to peanuts, corn and other foodstuffs,
but at tho same timo thoro has been a quite decided addi­
tion to the cotton aroa, indicating that foar of tho boll
weevil has been largely neutralized by tho highly remunera­
tive return tho staplo. has recently afforded. In some
oases tho additions to acreago have approximated 50% and
onr.tlio average tho incroaso this year lias been not less than
10%. F e r t i li z e r s . — There has been a small increase in tho
use of homo manures, and a noticeable addition to the tak­
ings of commercial aids to productiveness, which, moroover,
aro roportod to bo of bottor quality than last yoar.
M IS S IS S IP P I.— Further evidenco of vory satisfactory
conditions in tho oarly spring is furnished by our roturns
from Mississippi. Tho concensus of opinion is that very
favorablo weather for preparatory work enablod it to bo
carried on much in advanco of normal and that when tho
timo for planting had arrived tho soil was in excellent con­
dition to receivo tho sood. B ut tho putting in of of seed had




2601

not progressed far when the weather turned cold and through
much of April and the early part of M a y the temperature
generally was adverse to satisfactory germination and de­
velopment. A t times, too, the situation was rendered
worse by excess of moisture. Planting began in the South­
ern portion of the State as early as the middle of M arch,
but a good part of tho seed put in before the first of April
failed to come up. In the remainder of the State the start
was shortly after the first of April, but, duo to the very cold
weather of the first two weeks of the month, a considerable
portion of the cotton that came up was killed. The finish
was about M a y 15 or a little earlier than in 1917. In the
light of the above it is not surprising that our reports in the
main should indicate that seed came up poorly and that
greater than usual replanting was found to be necessary.
This resulted to the detriment of cotton, as between the time
of original sowing and replanting the price of the staple,
although continuing very high, began to drop and to a
more or less mentionable extent corn displaced cotton.
Little of a favorable nature is to be said of tho weather con­
ditions that prevailed until near the middle of M a y . April
was generally cold and heavy rains packed the soil and
retarded germination and growth, and light frosts were
roported in some localities in the first week of M a y . In the
second week of the month, however, a marked improve nent
in tho weather was noted and since that time the continua­
tion of favorable meterological conditions has served to
bring cotton out finely, latest advices indicates that s ta n d s
average good, and that despite an apparent shortage of labor
cidtivation has been well attended to. Boll weevils are re­
ported in many districts, but are not numerous. A c r e a g e .— ■
W e aro not left at all in doubt on this point this year. The
very high prices ruling for the staple, furnished an incentive
to largely increase cotton acreage and only to the extent
that corn, &c., was substituted at time of roplanting has
thero been any seeming departure from original intentions.
In fact a careful analysis of our reports leads to the con­
clusion that wo are conservative in estimating this spring
addition to area at 8 % . There has been an increase in
tho use of fertilizers this year, but on the whole they aro a
negligible factor in the agriculture of Mississippi.
L O U I S I A N A .— The same satisfactory situation in the
oarly spring this year as noted in the States already reviewed
was a feature in Louisiana. The weather was reported
favorablo generally, even though there was a slight deficiency
in rainfall, and preparing of land was better advanced than
normally. As elsewhere, however, it was not long after
planting had been commenced that bad weather set in,
much to tho delay of that work and to tho hindrance of
germination. Planting commenced in early M arch and at
first progressed well, but in April there were heavy rains
that packod tho soil, and this adverse factor was accentuated
by cold nights. The result was that not only was planting
delayed so that the finish did not come until well on in M a y ,
but much seed that had come up well died out, frosts in
m id-April assisting. From these various causes much more
than an average replanting was required in the State. The
principal cause of complaint this year has been low tempera­
ture, and it was not until about the 7th of M a y that any
markod improvement in that respect was noted. Since then,
however, conditions have been quite uniformly favorable,
much to tho benefit of the plant, which has been brought to
a good s ta n d and needed cultivation has been attended to.
A t this time, therefore, the outlook is such that with normal
seasons hereafter a good crop should be secured. Labor
shortago has been complained of to some extent. A c r e a g e .—
It is quite ovident that the return to be secured from cotton
growing at such prices as have recently ruled, has had much
to do with neutralizing fear of the boll-weevil. E very report
at hand notes some increase in the area planted this year,
and in sotno instances the additions are places as high as
25% . For tho State as a whole we believe we aro warranted
in stating tho augmentation as approximately 7 % .— F e r ­
t i l i z e r s . — Practically no artificial aids to productiveness are
availed of in tho lowlands of Louisiana, but in upland sec­
tions tho takings of commercial sorts have been quite largely
increased.
T E X A S .— A t tho beginning of April tho situation in prac­
tically all parts of Texas except Southern and Westorn sec­
tions was favorable, preparation of land for crops having
been well advanced and planting operations had made some
progress. In South Toxas tho drought had been partially
broken, however, and much planting done in anticipation of
rain, but in Western districts drought continued, delaying the
start of planting. From all directions thero was more or less
complaint of lack of labor. Planting began in southern parts
of tho State about as early as usual, operations became actiye
generally around April 1, and were finished in the main
around tho middlo of M a y , the exceptions being those dis­
tricts whoro drought had been most severe. April had not
far advancod boforo low temperature began to be complained
of ovor much the greater part of the State, and from some
localities reports of too much rain and from others lack of
moisturo woro received, the situation being least favorable
in tho last rospect in West Texas. Sufficient to say that the
woathor continued more or less unsatisfactory during April
and tho first few days of M a y , and as a result there is some
conflict in our returns on the germination of seed, the start
ranging from poor to very well, the districts in which drought
had boon most severely felt sending the poorest reports.

3602

THE CHRONICLE

Excess of moisture, or lack of it, as well as various insects,
have been responsible for more than a normal replanting this
year. In the second week of M a y notably better meteoro­
logical conditions wero reported, except that in westorn and
northwestern counties rainfall was deficient, but it was not
long before the situation in the State as a wholo became
quite satisfactory and the plant began to develop finely,
giving at the momont a very encouraging outlook, although
the crop is a little later than in an average year. S ta n d s
now aro good to very good in the main, and fields well cul­
tivated. A c r e a g e . — W ith much virgin soil being brought
undor cultivation in Texas each year, it is to bo expected
that cotton would share in it under ordinary circumstances.
A nd with cotton ruling as high as it has lately, there has been
added incentive to incroase the area under the staple. It
has been increased, and, according to many esteomed corres­
pondents, not at the expense of food crops which have also
been more extensively planted. It is somewhat difficult to
arrivo at a definite conclusion for so great an amount of
territory as Texas comprises, but wo feel wo aro within
propor bounds in placing the year’s addition to cotton acre­
age as 3 % . F e r tiliz e r s do not play an important part in the
agriculture of Texas, but in a few instances our returns refer
to a very largely increased taking of commercial varieties.
A R K A N S A S .— During M arch when preparations for the
crop were begun the weather conditions were such as to
forward the work and in consequence it was attended to
earlior than in an average year. B ut almost as soon as
planting was started the meteorological conditions turned
unfavorable and continued so in most part until near the
middlo of M a y . N o r was this all. H eavy rains in M a y
caused tho overflowing of bottom lands along the White,
Black and Strawberry rivers and tributary creeks, involving,
according to a well informed correspondent, a greater amount
of cotton land in tho territory affected than in any year
since 1882. The effect is that much of the land inundated
has gone to corn instead of cotton. Tho putting in of seed
in Arkansas was commenced in some sections around tho
first of April, became genoral about tho 20th, but on account
of tho hindrances of bad weather and overflow was not com­
pleted until well on towards tho 1st of June. The continua­
tion of cold weather through April and part of M a y inter­
fered with proper germination and as a result much early
planted seed came up poorly and in some instance failed to
come up at all. Lato planting, however, got a good start
under favoring woather conditions which set in toward tho
close of tho second week of M a y and have continued to be a
featuro of tho situation since. Replanting except in over­
flowed territory was of comparatively negligible amount.
S t a n d s are now good and tho condition of the fields satis­
factory. A c r e a g e . — High prices wore a factor calculated
to induce a more or less appreciable extension of cotton
area this year, but the food propaganda acted to causo a
modification of early intentions. That and tho turning over
of some overflowed land to corn has served to hold down the
area to practically what it was a year ago. F e r t i l i z e r s . — An
increase in tho talcing of commercial fertilizers is to be noted.
O K L A H O M A .— There was nothing in tho early season
to delay preparatory farm work. On the contrary, tempera­
ture during M arch was above tho normal for tho timo of
year and the moisturo in the soil over much of tho State
was amplo to make the ground easily workable and bring
up any seed put in it. Furthermore, there was littlo or
no complaint of scarcity of labor. A t the same timo
tho planting season was unusually prolonged this year,
operations beginning in somo localities almost before
February had closed and not finishing generally until
after the 20th of M a y .
There is some divergence in
our reports on germination but, while somo stato that
tho seed camo up poorly, tho majority of tho re­
turns characterize the start as fairly good to good. A
moderate amount of replanting was required. During April
and early M a y cold weather was complained of at times and
to somo extent rains wero detrimental to the best interests
of tho plant in Eastern and Central Oklahoma. On the
other hand, in Western sections the burden of complaint
was lack of moisturo and high drying winds. Tho latter
part of M a y brought improvement in the weather in almost
all sections and its effect was quickly noted in a better
status of tho plant. Juno weather thus far has likewise
been favorablo and in consequence s ta n d s now aro good,
and there has been nothing in recent conditions to interfere
with systematic cultivation. A c r e a g e . — Almost without
exception our correspondents note an inclination toward
increasing cotton area this year. The desire to augment
tho production of foodstuffs has been strongly in evidence,
but it has resulted more in tho sharing of new land with
cotton rather than in the taking of territory from the latter.
A careful consideration of tho information at hand leads to
tho conclusion that tho current season’s addition has averaged
5% .
F e r tiliz e r s are almost an unknown quantity in this
Stato, but they liavo recoived a little more attention this
year, especially commercial sorts.
T E N N E S S E E .— Nothing of an especially adverse naturo
has developed in Tennosseo thus far this year, and in this
respoct conditions have been much better than in 1917.
There were some complaints of lack of moisturo and low
temperaturo early, but farm work was not montionably in­
terfered with; in fact, it seemed to have progressed much
ettor than in some recent years, most concern boing felt




[V o l . 10G.

as to tho adequacy of labor to tako care of tho crop during
the growing season. W ith soil preparation woll advanced,
planting was commenced by April 1 in somo localities, and
meeting no noteworthy hindrances, was completed beforo
tho middlo of M a y . Cold and, to some oxtont, wot weathor
interfered with proper germination in a few localities, but as a
rule seed came up fairly well to well and a comparatively mod­
erate roplanting had to be done. On tho whole tho woathor
since growth began has been more favorablo than in most
parts of the cotton bolt, despite occasional complaints of low
temperature or oxcess of moisture, and since about tho middlo
of M a y development has been quito generally favored by tho
meteorological conditions. Reflecting this, s ta n d s aro good,
fields clear of weeds and grass, and the outlook now is very
encouraging for a quite full yield from tho area planted.
A c r e a g e . — Changes in cotton area in this Stato are as a rule
along very conservative lines, and this is true of tho curront
year. Decreases aro noted hero and thero, but those seem
to have been largoly offset by increases olsowhero, leaving
the not reduction, say, 2% . F e r t i li z e r s . — In somo sections of
tho State a moderately greater amount of commercial fer­
tilizers is stated to have been used.
M IS S O U R I.— It is ovidont from our reports that farm
work was given considerable impetus by tho particularly
favorablo weather conditions of M arch and beforo tho end
of that month tho planting of cotton was undor way in
Missouri. Operations, howevor, did not bocomo general until
after the middlo of April and thon cold and wot woathor
acted as retarding influences so that work was not completed
until well on in M a y . This resulted in checking germina­
tion and rendering a moro than normal roplanting neces­
sary and tho turning over of somo land to corn. Recently,
howovor, cotton has done quito well and now, on tho whole,
sta n d s
aro good. A c r e a g e . — Tho advorso dovolopmonts
during the planting season are reflected in tho area put into
cotton which apparently shows a declino of 1% from a year
ago, whereas an addition had been anticipated. F e r tiliz e r s
of any description are but slightly used.
C A L I F O R N I A .— Our replies from California this spring
indicate that thero have been no developments inimical to
cotton production. On tho contrary, tho high prico attained
for tho staple has furnished amplo reason for extending its
sowing and weather and labor conditions have put no impedi­
ments in the way of reaching that goal. Cotton growing in
this Stato, it is to be explained, is entirely confined to the
Imporial Valley section, but its cultivation has passod boyond
tho experimental stage and tho area from which tho crop is
gathered now considerably exceeds Virginia and Missouri.
The fact, too, that all needed moisturo is supplied by irrigation
eliminates from the situation one factor of uncertainty.
Temporaturo, of course, is a very important oloment in crop
development, but this spring conditions in that regard have
beon favorablo in tho main. In fact, tho only adverse factor
to which reference is mado in our returns is high winds.
Planting, it would seem, was finished about M a y 15, or two
weeks earlier than in 1917; seed camo up woll and very little
roplanting had to bo done. M a y weather favored develop­
ment of tho plant, and tho same is truo of the elapsed portion
of June. Consequently, s ta n d s are good, and tho crop well
cultivated. A c r e a g e . — The planting of cotton has mado very
decided progress in California this year, our roplios appearing
to warrant us in estimating tho incroaso at not less than 25%.
F e r tiliz e r s aro used in only a very limited way; irrigation is
tho prime factor hero, and this year water is roportod to bo
sufficient for that purpose.
A R IZ O N A .— Further success in tho Salt Rivor Valley
region of Arizona in the' raising of Egyptian varieties has
resulted in tho bringing of Arizona into groater prominence
as a cotton producor, although its production is decidedly
limited as compared with most othor Statos. Horo, as
elsowhero, tho early spring groatly favorod farm work and
consequently planting was finished by tho middlo of M a y .
Seed germinated very well, no montionablo roplanting was
necessary and a good s ta n d has been securod. A c r e a g e .—
Indicating clearly tho favor cotton has fouud as a pi’ofitablo
crop in Arizona we note that tho area this spring has beon
nearly doubled, tho addition reaching 70% , tho territory
now in cotton being somo 60,000 acres. N o fertilizers aro
used. The crop receives its moisturo by irrigation.
N E W M E X I C O .— A further extension of tho cotton area
of N e w Mexico is to be noted this year— important in tho
matter of percentage if not in actual amount. Our informa­
tion this spring is to tho effect that seed was planted between
April 5 and M a y 20. Early plantings camo up poorly on
account of cold woather and a moderate amount had to bo
replanted. Seed put in tho ground aftor April 20 camo up
well generally. In M a y and during Juno to date, conditions
wore favorable to the development of tho plant, and at this
writing stands aro good and fields on tho wholo woll culti­
vated. A c r e a g e . — A largo increase in aroa is indicated by
our returns, tho addition being stated at 40%, making tho
territory now dovoted to cotton covor somo 7,000 acres.
F e r t i l i z e r s . — A n inclination to go in for intensive cultivation
is indicated by our roturns, the takings of commercial fer­
tilizers in some sections having increased as much as 300%.
K E N T U C K Y A N D K A N S A S .— Thoro is nothing in the
roturns from Kentucky and Kansas to indicate that thoro
has been moro than the usual nominal planting of cotton.
Tho area, in any evont, is very limitod.

J une 22 1918.]

THE CHRONICLE

C ^ u u v en t E x t e n t s a n d g i s e n s s i o n s

“ V IC T O R Y

C O N T IN U E D O F F E R IN G O F B R IT IS H T R E A S U R Y B IL L S
BY

J. P .

M ORGAN

&

CO.

Tlio usual offering of ninoty-day British Treasury bills
was disposod of this week by J. P . M organ & Co. The dis­
count basis is the same as that recently prevailing, viz., 6 % .
Tho bills mature Sept. 1G.

N E W

C R E D IT S

TO

GREAT

B R IT A IN

A N D

B E L G IU M .

On Juno 15 tho United States oxntended to Great Britain
a credit of $175,000,000 and to Belgium a credit of $9,­
000,000.
C R E D IT

OF

$100,000,000
U N IT E D

SOUGHT

BY

C AN AD A

IN

STATES.

In special correspondence from Toronto, the N e w Y ork
“ Tribune” printed tho following in its issuo of Juno 18 re­
garding the credit of $100,000,000 sought by Canada in
tho United States:
S ir T h o m a s W l i l t o , C a n a d i a n M in is t e r o f F in a n c o , h a s g o n o t o W a s h i n g ­
t o n o n b u s in e s s , a n d i t is u n d e r s t o o d h e r o t h a t h is v is it t o t h o A m e r ic a n
c a p i t a l h a s t o d o w i t h o b t a i n i n g a c r e d it t o c o v e r C a n a d i a n p u r c h a s e s in
t h e U n it e d S t a t e s .
M o n t h s a g o t h o p r e m iu m o n N e w Y o r k f u n d s w e n t t o 2 c e n t s o n t h o
d o l l a r o v e r C a n a d i a n f u n d s , a n d la s t w e o k t h e r a t o w e n t a g a in s t t h is c o u n ­
t r y a s m u c h a s 2 5 - 3 2 , t h u s r e g is t e r in g a n o w h ig h r e c o r d .
E x ch a n ge
a u t h o r i t ie s o n t h is s id e o f t h o b o r d e r a r o c o n v i n c e d t h a t t h o o n l y t h i n g t h a t
w ill c o r r e c t t h o r a t o o f o x c h a n g o is a lo a n in N o w Y o r k o f n o t le s s t h a n
$ 1 0 0 ,0 0 0 ,0 0 0 .
T h is a m o u n t w o u ld s e e C a n a d a t h r o u g h t h o s u m m e r , b y
w h ic l i t i m e t h o m o v e m e n t o f t h o n o w g r a in c r o p s w ill a d e q u a t e ly t a k e c a r o
o f t h o s i t u a t io n .
I f C a n a d a ’s fo r e i g n t r a d o a c c o u n t s w e r e b a l a n c e d u p a n d liq u id a t e d
C a n a d a w o u ld b o o v e r $ 2 0 0 ,0 0 0 ,0 0 0 t o t h o g o o d .
T h is is b e c a u s o , w h e r e a s
t h o D o m i n i o n o w e s t h o U n it e d S t a t o s s o m o $ 2 0 0 ,0 0 0 ,0 0 0 : G r o a t B r i t a i n
o w e s C a n a d a s o m o $ 4 0 0 ,0 0 0 ,0 0 0 .
N o w , w h ile B r it a in is n o t in a p o s i t io n
t o p a y c a s h f o r t h o f o o d p r o d u c t s a n d w a r m a t e r ia ls p u r c h a s e d in C a n a d a ,
b u t m u s t s e c u r e p r o d it s f r o m t ills c o u n t r y , C a n a d i a n s I ia v o h a d t o p a y c a s li
in t h o U n it e d S t a t o s f o r p u r c h a s e s , m o s t o f w h ic h a r o r a w m a t e r ia ls w h ic h
g o i n t o m a k in g w a r m a t e r ia ls f o r G r o a t B r it a in .
T l i c r o a r o t li r c o w a y s in w h ic h C a n a d a ’s a d v e r s o t r a d o b a la n c e w i t h t h o
U n it e d S t a t e s c a n b o a d j u s t e d :
1 , i m p o r t lo s s; 2 , e x p o r t m o r o ; 3 , s e c u r o
a c r e d it .
A s m u c h o f C a n a d a 's i m p o r t s a r o n e c e s s a r y , t h o D o m i n i o n c a n
r c d u c o i m p o r t s o n l y b y lu x u r ie s , s u c h a s f r u it s , a u t o m o b i le s a n d je w e l r y ,
w liic li m a y l n v o l v o a s a v i n g o f s o m o $ 1 5 ,0 0 0 ,0 0 0 a y e a r .
B ecau se o f th o
h e a v y m u n i t io n , t o x t il o a n d c a r o r d e r s p l a c e d b y t h o U n it o d S t a t e s G o v ­
e r n m e n t in C a n a d a , w h ic h h a v o r u n u p a l r e a d y i n t o s o m e t h in g l ik o $ 2 0 0 , ­
0 0 0 ,0 0 0 , e x p o r t s t o t h e U n it e d S t a t e s w ill d e f i n i t e l y in c r e a s o w h e n c o n ­
tr a c ts a ro c o m p le t e d .
T h o n o t b e n e f i t t o C a n a d a f r o m t ills , h o w e v e r ,
w ill b o c o m p r o li o n d c d l a r g e ly in t h e p r o f i t s t h a t a c c r t io , a s m u c h o f t h o r a w
m a t e r ia ls f o r t lie s o o r d e r s c o m e f r o m t h o U n it e d S t a t e s .
I t is o v i d e n t ,
t h e r e fo r e , t h a t a c r e d it o f c o n s i d e r a b l e p r o p o r t io n s is n e c e s s a r y t o b a l a n c e
C a n a d a ’s a c c o u n t w it h t h o U n it e d S t a t e s a n d s e t t h o o x c h a n g o r a t e c lo s e
to par on ce m oro.
S o m o i n t e r e s t in g c o n d i t i o n s h a v o d e v e l o p e d a s a r e s u lt o f t h o lo s s in ­
v o l v e d in t r a n s fe r r in g C a n a d i a n m o n e y i n t o U n it e d S t a t e s f u n d s .
O n e is
t h o a c c u m u l a t io n in C a n a d i a n b a n k s o f la r g o s u m s o f m o n o y b e l o n g i n g t o
U n it e d S t a t e s i n t e r e s t s o p e r a t i n g in C a n a d a .
B a t h e r t h a n lo s e $ 2 ,0 0 0 o n
t h o t r a n s f e r o f e v e r y $ 1 0 0 ,0 0 0 , t lie s o In t e r e s ts a r o k e e p i n g t h e i r m o n o y in
t h is c o u n t r y .
T h i s m o n o y f o r m s a c o n s i d e r a b l e p a r t o f t h o liu g o d e p o s i t s
in C a n a d i a n b a n k s a t t h o p r e s e n t t i m e , a g g r e g a t i n g n e a r l y $ ] , 5 0 0 , 0 0 0 , 0 0 0 ,
o f w h ic h $ 5 5 8 ,0 0 0 ,0 0 0 a r o s a v in g s d e p o s i t s a n d $ 9 3 3 ,0 0 0 ,0 0 0 a r o c u r r e n t
d e p o s its .
I n s t e a d o f le a v i n g t h o C a n a d i a n f u n d s in t h o b a n k s , s o m e U n it e d S t a t e s
in t e r e s t s h a v o b o o n b u y i n g b o n d s , c h c l f l y D o m i n i o n V i c t o r y b o n d s , w h ic h
b r i n g t h e m in t e r e s t a t t h e r a t o o f 5 .6 1 t o 5 . 8 3 % .
T lie s o b o n d s c a n b o
liq u id a t e d a t a n y t i m e b c c a u s o o f t h o e x c e lle n t c u r r e n t d e m a n d f o r t h o r n .
T h o V i c t o r y b o n d s , w h ic h a m o u n t t o $ 5 2 0 ,0 0 0 ,0 0 0 , h a v o n o t b e e n lis t e d
o n C a n a d i a n s t o c k e x c h a n g e s y o t , b l it t h o p u r c h a s e a n d s a lo o f t h e m a r o
d o n o t h r o u g h t h o V i c t o r y L o a n C o m m i t t e e , a p p o in t e d b y t h o G o v e r n m e n t .
U p u n t il t h o e n d o f la s t w e e k t h o p r i c e h a d b e e n f i x e d a t 0 8 % , b u t s o k c o n
a d e m a n d h a d d e v e l o p e d f o r t h e m t h a t b u y e r s o u t n u m b e r e d s e lle r s .
Tho
r e s u lt w a s t h a t t h o C o i n m i t t o o a d v a n c e d t h o p r i c e t o 9 9 % .
T lio s o b o n d s
m a d o a p r o f it a b l e p u r c h a s e f o r A m e r i c a n s w h o h a d C a n a d ia n m o n o y o n
d e p o s i t in t h is c o u n t r y .
I t is a s I m p o r t a n t f o r U n it e d S t a t e s in t e r e s t s a s f o r C a n a d i a n i n t e r e s t s
t h a t t h o o x c h a n g o r a t e s b e t w e e n C a n a d a a n d t h o U n it e d S t a t o s s h o u l d
b e r e -e s t a b lis h e d c lo s e t o p a r .
T h e re are b etw een fo u r h u n d red a n d fiv e
h u n d r e d In d u s t r ie s in t h is c o u n t r y in w h ic h U n it e d S t a t e s c a p i t a l h a s a
h e a v y in t e r e s t .
T l i e s o in d u s t r ie s , o f c o u r s e , d e a l in C a n a d i a n f u n d s .

BAN K S

TO

AD VAN CE

C R E D IT

TO

C A N A D IA N

GOV­

ERN M EN T.

Arrangoinonts have been made, it was stated, at Montreal
on Juno 21, botween tho Dominion Government and tho
Canadian banks wheroby tho Government requiromonts will
bo financed, pending tho issuance of anothor permanent loan
in tho fall. Funds, it is said, aro to bo advanced for tho pur­
chase of meats, chooso and other provisions urgontly required
by tho British Govornmont as well as for tho financing of
industrial orders placed through tho Imperial Munitions
Board. Reports placo the amount to bo advanced at $175,­
000,000 for tho piu’chase of provisions alono. This amount,
it was thought, would bo sufficient to meet all requiromonts
on this occasion. A crodit of this character was mado about
a yoar ago for $75,000,000




2603
LOAN

”

FOR

N EW FO U N D LAN D .

The Government of Newfoundland is preparing to float
an internal war loan, to be called the “ Victory Loan.” This,
tho “ M onetary Times” of Toronto says, is the first time
that an attempt has been made to float an issuo of bonds in
tho country. The population is estimated at 250,000, and
the wealth per capita is very small. Since 1914, however,
tho country has been fairly prosperous, a good market for
fish, which is the principal product of the island, being as­
sured, and tho iron mines thriving under tho increased
demand and higher prices for iron and steel. The “ M one­
tary Times” also states that:
O n a c c o u n t o f t h o f a c t th a t N e w fo u n d la n d p o lit ic s h a v e a lw a y s b e e n
c h a r a c t e r i z e d b y s o v e r e p a r t y s t r i f e , t h e r e w a s s o m e h e s i t a t io n o n t h o p a r t
o f t n e G o v e r n m e n t in o f f e r i n g t h i s is s u o .
I t h a s , h o w e v e r , b e e n d e c id e d
t o p r o c e e d w it h i t , a n d t h e C a n a d i a n V i c t o r y L o a n h a s b e e n u s e d a s a
m o d e l in d i s c u s s in g t h o s u b j e c t .
A b o u t a m o n th a g o it w a s su g g ested
t h a t t h o m in im u m p a y m e n t b o m a d e $ 5 0 a n d t h o m a x i m u m $ 5 0 0 , w i t h
in te rm e d ia te a m o u n ts : th a t t h e r a te s h o u ld b o 6 % , w it h a s p e c ia l d is c o u n t
f o r p a y m e n t in f u ll o f t o t a l s u b s c r i p t i o n : t h a t t h e b o n d s s h o u l d a l s o b e
n o n -a s s e s s a b l o a n d n e g o t i a b l e , a s w e ll a s r e d e e m a b l e ; t h o m a t u r in g p e r i o d
s h o u l d n o t b o l o n g e r t h a n t e n y e a r s , e x c e p t i n g in t h e c a s e o f t h o $ 5 0 0
d e n o m in a t io n s , w h ic h s h o u ld b e f o r t w e n ty y e a r s , a s t h e m a n w h o c o u ld
p u r c h a s o s u m s o f t h is a m o u n t w o u l d n a t u r a l l y p r e f e r a l o n g e r p e r i o d a s a
s a fo a n d s u b s ta n tia l in v e s t m e n t.
I t w a s a ls o s u g g e s te d t h a t t h o s u rre n d e r
o f N e w f o u n d l a n d d e b e n t u r e s in p a r t p a y m e n t c o u l d b e a r r a n g e d .

PROPOSED

LOAN

TO

THE

A L L IE S

BY

U R U G U AY.

A n announcement that official report had been received
at Washington to tho effect that U ruguay is planning to
make a loan to the Allies was contained in Associated Press
dispatches from Washington on June 18.
W o quote there­
from as follows:
T r a d o a n d f in a n c o in t h o S o u t h A m e r i c a n r o p u b l i c h a v e f lo u r i s h e d in
t h o la s t y o a r in s p i t o o f a b n o r m a l c o n d i t i o n s c a u s e d b y t h e w a r .
Tho
b a la n c o o f t r a d e in f a v o r o f t h e n a t i o n h a s c a u s e d a n in fl u x o f g o l d t o a n
a m o u n t h i t h e r t o u n k n o w n in t h o c o u n t r y .
T h e r e p o r t r e c e iv e d h o r o ( W a s h in g t o n ) s a id t h e f o r b i d d i n g o f g o l d e x ­
p o r t s b y t h o U n it o d S t a t o s a n d E n g la n d h a s le d b u s in e s s m e n a n d G o v e r n ­
m e n t o f f i c i a l o f U r u g u a y t o f o r m u l a t o a p l a n t o l iq u id a t e t h e v a l u e o f
e x p o r t s o n t h e b a s is o f a lo a n t o t h e A llie s .
G r e a t B r i t a i n lia s c o m p l e t e d n e g o t i a t io n s w i t h t h e B a n k o f U r u g u a y f o r
t h o f i n a n c in g o f c r o p s .
A s th e a m o u n t o f c r e d it h a s b e e n r e d u c e d t o a p ­
p r o x i m a t e l y $ 1 5 ,0 0 0 ,0 0 0 , G r o a t B r i t a i n h a s b e e n c o m p e l l e d t o u s e t h e t o t a l
a m o u n t o f t h o l o a n h e r s e lf.
F r a n c e a n d I t a l y a r e n e g o t i a t in g n o w c o n ­
c e r n in g t h o m a k i n g o f a s im ila r a r r a n g e m e n t .

Tho enactment of a measure providing for advances by
the B ank of tho Republic of U ruguay to the British Govern­
ment up to 50,000,000 pesos, to bo used in the purchase of
U ruguayan products was referred to in our issue of M a y 4.

PROPOSED

EXCH AN G E
PERU

TO

C R E D IT S

U N IT E D

BY

C H IL E

A N D

STATES.

Concerning negotiations which are pending for the estab­
lishment of exchange credits in favor of this country by
Chile and Peru, tho N o w Y o rk “ Tribune” of yesterday
(Juno 2 1 ).said:
N e g o t i a t i o n s a r o n e a r in g t h e fin a l s t a g e , i t w a s l e a r n e d y e s t e r d a y , f o r a
f in a n c ia l a r r a n g e m e n t b e t w e e n t h e U n it e d S t a t e s a n d t h e S o u t h A m e r i c a n
r e p u b l i c s o f C h il o a n d P e r u , u n d e r t h e t e r m s o f w h ic h t h o l a t t e r G o v e r n ­
m e n t s a r o t o a d v a n c e s u b s t a n t ia l c r e d it s t o t h is c o u n t r y .
W h i le o f f i c i a l
in f o r m a t i o n a s t o t h o a m o u n t o f t h e c r e d it s is n o t y e t a v a i l a b l e , i t is u n d e r ­
s t o o d t h a t t h o t o t a l w ill a p p r o x i m a t e S 5 0 .0 0 0 .0 0 0 .
T h e fu n d s a d v a n c e d t o t h o U n it e d S t a t e s b y C h il e a n d P e r u b y v i r t u o
o f t h o a g r e e m e n t w ill b o u s e d , i t is a s s e r t e d , f o r t h o p u r p o s e o f s t a b i li z i n g
exchange.
T h o A m e r i c a n d o l la r is a t a h e a v y d i s c o u n t in b o t h S o u t h
A m e r i c a n c o u n t r ie s .
I n t h o c a s e o f C h il o t h e d o l la r is w o r t h 4 5 % lo s s t h a n
i t s n o r m a l v a lu o .T h o C h ile a n a n d P e r u v i a n c r e d it s t o b e o b t a i n e d b y t h o U n it e d S t a t o s
w ill lio s im ila r in m o s t r e s p e c t s t o t h o s e t h a t h a v o b e e n a r r a n g e d w it h
A r g e n tin a .
U n d e r t h o t e r m s o f a $ 4 0 ,0 0 0 ,0 0 0 c r e d it a d v a n c e d t o t h o
U n it e d S t a t e s b y A r g e n t i n a r e c e n t ly A m e r i c a n i m p o r t e r s w h o p u r c h a s e d
g o o d s in A r g e n t i n a m a d e a d e p o s i t w it h t h o F e d e r a l R e s e r v e B a n k o f N e w
Y o r k f o r t h o a c c o u n t o f t h o A r g e n t i n e G o v e r n m e n t , w h ic h in t u r n p a id
t h o A r g e n t i n e o x p o r t e r in p a p e r p e s o s is s u e d b y t h o c o n v e r s io n b u r e a u in
B u e n o s A y r e s a g a in s t t h e N o w Y o r k d e p o s i t .
S i m il a r l y , in t h o c a s e o f t h o C h ile a n a n d P e r u v ia n c r e d it s n o w b e i n g
a r r a n g e d , i t is u n d e r s t o o d t h a t g o l d w ill b o d e p o s i t e d w it h t h e l o c a l r e s e r v e
b a n k t o th e c r o d it o f th o s o G o v e rn m e n ts .
T h i s a r r a n g e m e n t w o u ld e l im i ­
n a t e t h o n e c e s s it y o f e x p o r t i n g g o l d f r o m t h e U n it e d S t a t e s a n d a t t h o s a m e
t im o m a k o s i t p o s s i b le f o r t h e A m e r i c a n i m p o r t e r o f g o o d s f r o m t h e S o u t h
A m e r i c a n c o u n t r ie s t o o b t a i n f u n d s f o r m a k i n g r e m it t a n c e w it h o u t p a y i n g
u n d u ly h ig h e x c h a n g e r a t e s .
A n n o u n c e m e n t w a s r e c e n t ly m a d e in W a s h i n g t o n t h a t s t e p s w e r e b e i n g
t a k e n t o s t a b i li z e e x c h a n g e r a t e s b e t w e e n t h e U n it e d S t a t e s a n d a ll t h o
S o u t h A m e r i c a n c o u n t r ie s .

C O N F ID E N C E

OF FR AN CE
P A Y

IN

R U S S I A 'S

A B IL IT Y

TO

DEBTS.

Tho declaration that the French Government'has confi­
dence that Russia will eventually pay her debts is attributed
to Louis Klotz, tho French Ministor of Finance, in the
Chamber of Deputies on June 18, in an Associated;Press
dispatch from Paris, which adds:
S o c i a l is t D e p u t ie s h a d a t t e m p t e d a c o n f e r e n c e t o d is c u s s t h o r e n e w a l
p r i v il e g e s o f t h o B a n k o f F r a n c e a n d t a i s o d t h e q u e s t i o n o f t h e R u s s ia n
d e b t t o F r a n co , b u t th e ir e ffo r ts w e ro fo ile d b y t h e F in a n co M in is t e r .

THE CHRONICLE

2604

D e p u t y E d o u a r d B a r t h o f f e r o d a n in t e r p e ll a t i o n a s t o w h o s h o u l d b o h o ld
r e s p o n s i b le f o r t h e 5 0 0 ,0 0 0 ,0 0 0 f r a n c s s t ill d u o F r e n c h i n v e s t o r s in R u s s ia n
lo a n s.
F i n a n c o M i n i s t o r K l o t z r o p l ie d :
•‘ I t m a t t e r s n o t w h a t G o v e r n m e n t o b t a i n s in R u s s i a .
I d o n o t d e s p a ir
o f t h e g u a r a n t e e o f t h e R u s s ia n S t a t e -------------”
_
T h e M in is t e r w a s i n t e r r u p t e d b y S o c ia lis t c r io s o f “ N o . ”
“ I t is i m m a t e r i a l , ” c o n t i n u e d M . K l o t z , “ w h e t h e r t h o B a n k o f R u s s ia
m e e t s it s i n d e b t e d n e s s .
I h a v o c o n f i d e n c e in t h e R u s s i a n S t a t e , a n d I*ren ch
i n v e s t o r s w ill n o t l o s o .
I t is n o t t h e G o v e r n m e n t w h ic h c o n t r a c t s d o b t s .
i t is t h e c o u n t r y . ”

OTTO II. K A H N ^RECEIVED BY, K IN G OF SPAIN.
O tto

H . jK a h n ,' 'of K u h n .f t L o e b

&

C o . , w h o is n o w in

E u r o p e o n w h a t is said to b e a n im p o r ta n t m is s io n , h as
c o n fe rre d in P a ris w ith G o v e r n m e n t o ffic ia ls a n d w a s g iv e n
antjfaudience^j w it h j K i n g ^ 'A lfo n so o f S p a in
ln s t ."1' ’ A

on

th e 19 th

M a d r id c a b le o n th a t d a te b e sid e s r e p o r tin g th a t

h e h a d b e e n re ce iv e d b y th e K i n g sa id :
A s t h o r o s id t o f i n t e r v ie w s b e t w e e n O t t o I I . K a h n , t h o N e w Y o r k b a n k e r ,
a n d P r e m i e r M a u r a a n d o t h e r M i n i s t e r s a n d p u b l i c m e n o f S p a in , t h e
f in a n c ia l in t e r e s t s o f A m e r i c a a n d S p a in w ill e s t a b l is h p e r m a n e n t r e la t io n s
m a k i n g f a r c lo s e r e c o n o m i c c o n t a c t b e t w e e n t h o t w o c o u n t r i e s , a c c o r d i n g t o
_______________________________
M r. K ahn.

STEPS TAKEN BY TREASURY DEPAR TM EN T
STABILIZE AM E R IC A N DOLLAR ABROAD.
In

o u r issu e o f S a tu r d a y la s t ,

page 2 4 9 8 ,

TO

w e referred

b r ie fly ” to S e c r e ta r y o f th e T r e a s u r y M c A d o o ’ s a d v ic e s to
th e S e n a te o n J u n o 1 7 w ith re g a rd to th o s te p s w h ic h w ere
b e in g ta k e n to s ta b ilize th o v a lu e o f th e A m e r ic a n d o lla r
ab ro ach

B e lo w is tiie’ c o m m u n ic a tio n in fu ll r e c e iv e d b y tho

S e n a to fr o m S e c r e ta r y M c A d o o :
THE

SECRETARY

O F T IIE

TREASU RY.

Washington, June 12 1 9 1 8 .
To the President of the Senate of the United Stales:
Sir: I n r e s p o n s e t o t h o r e s o lu t i o n a d o p t e d b y t h e S e n a t e o f t h o U n it e d
S t a t e s o n t h o 1 3 t h d a y o f M a y 1 9 1 8 , c a l li n g u p o n t h o S e c r e t a r y o f t h o
T r o a s u r y f o r c e r t a in i n f o r m a t i o n , t h e f o l l o w i n g is r e s p e c t f u l l y s u b m i t t e d :
1 . A g r e e m e n t s h a v o b o o n m a d e w i t h c e r t a in n e u t r a l c o u n t r ie s in E u r o p e
a n d w i t h c o u n t r ie s in S o u t h A m e r i c a a n d e ls e w h e r e i n v o l v i n g f in a n c ia l
c o n s i d e r a t io n s a n d t e n d i n g t o p r o t e c t t h o v a l u o o f t h o A m e r i c a n d o l la r .
A g r o o m o n t s i n v o l v i n g lik o c o n s i d e r a t io n s a r e in p r o c e s s o f n e g o t i a t io n in
o t h e r c o u n t r ie s a n d in c e r t a in n e u t r a l c o u n t r ie s s t e p s h a v o b e e n t a k e n t o
p r o v i d e f o r p a y m e n t s r e q u i r o d t h o r o in p r e l im i n a r y t o t h e i n s t it u t i o n o f
n e g o t i a t io n s .
T h e a m o u n t o f b a la n ce s o f n e u tra l n a tio n s h o ld b y b a n k s,
t r u s t c o m p a n i e s a n d b a n k e r s in t h o U n it e d S t a t o s c a n p r o b a b l y b o a s c e r ­
t a i n e d a n d s t a t e d w it l i a p p r o x i m a t e a c c u r a c y a s o f a b o u t M a y 13 1 9 1 8 .
H o w e v e r , I a m d i r e c t e d b y t h e P r e s i d e n t t o s a y t h a t , in h is j u d g m o n t , it
w o u l d b o i n c o m p a t ib l e w it h t h e p u b li c i n t e r e s t t o m a k e a p u b l i c r e c o r d a t
t h i s t i m o o f t h o t e r m s o f s u c h a g r e e m e n t s a l r e a d y m a d o o r in p r o c e s s o f
n e g o t ia t io n , o r o f th o o th e r s te p s th a t h a v e b e e n ta k e n o r a re in c o n te m ­
p l a t i o n t o p r o t e c t t h o v a l u o o f t h o A m e r i c a n d o l la r , o r o f t h o a m o u n t o f
b a l a n c e s o f n e u t r a l c o u n t r ie s in t h e U n it e d S t a t e s , b e c a u s o c h i e f l y o f t h e
v e r y g r e a t v a l u e s u c h in f o r m a t i o n w o u ld b o t o t h o e n e m y .
2 . I h a v o g iv e n d ir e ctio n s t o h a v o c o m p ile d , s o fa r as th e F e d e ra l a u ­
t h o r i t y c a n b o e x e r c is e d a n d t h o s a m o c a n b o m a d o a v a i l a b l e , f ig u r e s t o
s h o w t h o a m o u n t s e v e r a l ly o f c o m m e r c i a l a n d fin a n c ia l b ills p a y a b l o in
t e r m s o f t h e c u r r o n c y o f t h o n e u t r a l n a t io n s o f E u r o p o w h ic h h a v o b e e n
b o u g h t a n d s o l d s e v e r a l ly b y t h e m o m b e r b a n k s o f t h o F e d e r a l R e s e r v e
s y s t e m a n d o t h e r b a n k s a n d b a n k in g h o u s e s d e a l i n g in f o r e i g n e x c h a n g o
in th o c it y o f N o w Y o r k fro m J a n . 1 t o A p ril 1 1 9 1 8 , a n d th o a m o u n t o f
p r o f i t in s u c h t r a n s a c t io n s .
I t w ill t a k e s o m o t im e t o c o m p i l o t h is d a t a ,
b u t a s s o o n a s i t is o b t a i n o d I s h a ll fu r n is h i t .
I a m n o t a t p r e s e n t a b lo
t o s t a t e j u s t h o w c o m p l e t e l y o r a c c u r a t e ly t h is i n f o r m a t i o n c a n b o o b ­
t a in e d .
R e s p e c t fu lly s u b m it te d ,
W . G . M c A D O O . Secretary of the Treasurj. _

~ T j ^ fo llo w in g is th e S e n a te re so lu tio n o f M a y 1 3 , w h ich
c a lle d fo r th e in fo r m a tio n fr o m S e c r e ta r y M c A d o o :
Resolved, T h a t t h o S e c r e t a r y o f t h o T r o a s u r y is h o r o b y d i r e c t e d t o a d v i s o
t h o S o n a t o o f t h o a m o u n t s e v e r a l ly o f c o m m e r c i a l a n d fin a n c ia l b ills p a y ­
a b l o in t e r m s o f t h o c u r r o n c y o f t lio n e u t r a l n a t i o n s o f E u r o p e w h ic h h a v o
b e e n b o u g h t a n d s o l d s e v e r a l ly b y t h o m o m b e r b a n k s o f t h o F e d e r a l R e ­
s e r v e s y s t e m a n d o t h e r b a n k s a n d b a n k in g h o u s e s d e a l i n g in f o r e i g n o x c h a n g o in t h o c i t y o f N o w Y o r k f r o m J a n . 1 t o A p r i l 1 1 9 1 8 , a n d t h o a m o u n t
o f p r o f i t in s u c h t r a n s a c t io n s , a n d t o a d v i s o t h o S o n a t o w h a t s t o p s h a v o b e e n
t a k e n t o p r o t e c t t h o p a r v a l u o o f t h o A m e r i c a n d o l la r in t h o n e u t r a l c o u n ­
t r ie s o f E u r o p e , a n d w h a t is t h o a m o u n t o f f o r e i g n b a l a n c e s h e ld in t h o
U n it e d S t a t e s a t t h is t im o b y s u c h n e u t r a l n a t i o n s .

DECLINE IN AUSTR IAN EXCHANGE.
A c c o r d in g to th e ca b les fr o m A m s te r d a m o n J u n o 1 7 th o
A u s tr o -H u n g a r ia n C o n s u la te lias issu e d a d on ial o f re ce n t
ru m o r s o n th e B o u rse o f fric tio n b e tw e e n A u s tr ia a n d G e r­
m any

in

co n n e c tio n

w ith

th o

fa ll

of

A u s tr ia n

e x ch a n g e .

T h e ca b le a d d s :
N o v e r t h e lo s s , t o - d a y , d e s p i t e a l le g e d s u c c e s s e s b y t h o A u s t r i a n s , in t h e ir
o f f e n s i v e o n t h o I t a li a n f r o n t , it c h o p p e d a n o t h e r f r a c t i o n — t o 2 1 . 2 5 , a s
c o m p a r e d w it h a p a r v a l u o o f 5 0 .4 1 .

HEARINGS ON OWEN BILL PROVIDING FOR ESTAB­
LISHMENT OF FOREIGN EXCHANGE BAN K.
H e a r in g s o n S e n a to r O w o n ’ s b ill p ro v id in g fo r th o e s ta b ­
lis h m e n t o f a fore ig n e x ch a n g e b a n k h a v e c o n tin u e d this w eek
b o fo re

th o S e n a te

C o m m it t e e

on

B a n k in g

and

C u rren cy .

[Vql. 106

“ T h o F e d e r a l R e s e r v e A c t a l lo w s n a t i o n a l b a n k s t o e s t a b l is h b r a n c h o s
a b r o a d w it h t h o c o n s e n t o f t h o F o d o r a l R c s e r v o B o a r d , ” s a id M r . B r e t o n ,
a n d h o p o i n t e d o u t t h a t s e v e r a l b a n k s h a d a l r o a d y e s t a b l is h e d f o r e i g n
bran ch os.
•
“ T h o A c t p r o v l d o s a ls o f o r t h o c r e a t io n o f f o r e i g n t r a d o b a n k in g c o r p o r a ­
t io n s w it h t h o s p e c i a l p r i v il e g e t o h a n d le f o r e i g n e x c h a n g o a n d f o r o lg n
b u s in e s s ," h o c o n t in u e d .
“ I t a llo w s n a t i o n a l b a n k s t o i n v e s t u p t o 1 0 %
o f t h e ir c a p i t a l in t h o s o b a n k s w o r k in g a b r o a d : in o t h e r w o r d s , i t lia s t h e
s a n o s p ir it a n d i n t e n t io n a s t h o W e b b B i l l.
I t fu rth e r p r o v id e s t h a t th o
F e d e r a l R e s e r v e b a n k s c a n e s t a b lis h f o r e i g n b r a n c h o s .
T h e re fo r e , fro m
w h a t I c a n s e e , t h o F e d e r a l R e s e r v o A c t c o v e r s a ll t h o n e c e s s it ie s m e n t io n e d
b y th o A c t p rop osed b y y o u .
“ T h e r o is a d a n g e r in e s t a b lis h in g b r a n c h e s in f o r e i g n c o u n t r ie s o f
F ed era l R e s e rv o b a n k s .
T h e y m ig h t b o c a l le d a b r o a d ‘ G o v e r n m e n t b a n k s ’
o r ‘o ffic ia l b a n k s .’
T a k o y o u r p r o p o s e d f o r e i g n b a n k , w i t h $ 2 0 ,0 0 0 ,0 0 0
c a p i t a l s t o c k , m o s t o f w h ic h is o w n e d b y t h o G o v e r n m e n t — i t w ill b o r e a l ly
t h e U n it e d S t a t o s G o v e r n m e n t d o i n g b u s in a s s a b r o a d , w h ic h m ig h t c r e a t e
v e r y s e r io u s p o l i t i c a l c o m p li c a t i o n s .
" S u p p o s o t h a t w o ju s t n o w w a n t e d t o r a is e m o n o y in S p a in t o p a y f o r
t h o p u r c h a s o o f p r o v i s io n s b y G e n e r a l P e r s h in g in F r a n c e o r S w it z e r la n d
o r H o ll a n d .
W i t h t h o F e d e r a l R e s e r v e G o r e i g n B a n k e s t a b l is h e d t h e r o ,
a n d w it h u s g o i n g i n t o t h o m a r k e t , t h o U n it e d S t a t e s G o v e r n m e n t r e a l ly
w o u ld b o b o g g i n g m o n e y f r o m t h o S p a n is h G o v e r n m e n t .
I d o n o t th in k
w t s h o u ld d o th a t.
F u r t h e r m o r e , t h o p r o b a b il it i e s a r e t h a t t h o B a n k o f
S p a in , w h ic h is u n d er’ t h o c o n t r o l o f t h e G o v e r n m e n t , w o u ld r e fu s e t o le n d
u s th a t m o n e y .”

I n re p o r tin g M r . B r e t o n ’ s fu rth e r o b s e r v a tio n s th o “ T i m e s ”
sa id :
M r . B r e t o n e x p r e s s e d t h o o p i n i o n t h a t t h o f o r e i g n t r a d o b a n k in g c o r p o r a ­
t io n s a l r e a d y o r g a n i z e d c o u l d c a r e f o r t h e b u s in e s s d u r in g a n d a f t e r t h o
w ar.
H e c it e d th e in s ta n ce s o f th o G u a r a n t y T r u s t C o . , th o N a t io n a l C it y
B a n k , t h o N a t io n a l S h a w m u t B a n k , t h o F ir s t N a t i o n a l B a n k o f B o s t o n ,
t h o M e r c a n t i l e B a n k o f t h o A m e r i c a s , a n d o t h e r b a n k s in C h i c a g o , N e w
O r le a n s a n d S a n F r a n c i s c o .
A s k e d b y S e n a t o r G r o n n a h o w t h o A m e r i c a n d o lla r c o u l d b o b r o u g h t
b a c k t o p a r , M r . B r e t o n s a i d t h e r o w e r o o n l y t h r o o w a y s in w h ic h t h a t
c o u ld b o d o n o — b y s h ip p in g g o ld a b r o a d , b y b o r r o w in g m o n o y a b r o a d ,
a n d b y s h ip p in g g o o d s a b r o a d .
H o s a id t h a t g o l d c o u l d n o t b o s h i p p e d
b e c a u s e o f t h o e m b a r g o ; t h a t t h o la r g o b a n k s h a d t r ie d t o b o r r o w m o n e y
in S p a in w it h U n it e d S t a t e s b o n d s a n d c e r t i f ic a t e s a s c o ll a t e r a l a n d h a d
f a i l e d , a n d t h a t w e n e e d e d a ll o u r s h ip s f o r m e n a n d s u p p lie s .
T h e r o is n o t h i n g in t h o b i ll , lie s a i d , t h a t w o u ld h e l p t h o e x c h a n g o s i t u a ­
t i o n in S p a in , S w it z e r l a n d , o r H o ll a n d .
H o a d d e d t h a t t h o d o l la r w a s a t a
p r e m iu m in A l l ie d c o u n t r ie s , 5 0 % a b o v e t h o lir a , 1 5 % a b o v e t h o f r a n c
a n d p o u n d s t e r lin g .
“ S w it z e r l a n d , H o ll a n d , a n d S p a in , f o r o b v i o u s r e a s o n s , d o n o t w a n t t o
l o a n m o n o y t o A m e r i c a n b a n k s , ” s a id M r . B r e t o n , " b e c a u s e I s u p p o s e ,
t h e y a re a fr a id .”
A s k e d b y S e n a t o r M c L e a n w h e t h e r t h e e s t a b lis h m e n t o f a G o v e r n m e n t
b a n k w o u ld a f f e c t t h o s i t u a t io n o r h e lp r e m o v e t h o d o m i n a t in g in fl u e n c e
o f G e r m a n y o v e r S p a n is h f in a n c o , M r . B r e t o n o x p r o s s e d t h o o p i n i o n t h a t i t
w o u ld n o t.
i n r e p l y t o a q u e s t i o n b y S e n a t o r O w e n a s t o w lio t h o r t h o a t t e m p t e d
b o r r o w i n g s h a d b e e n c o n f i n e d t o t h o B a n k o f S p a in , M r . B r e t o n s a i d t h a t
t h o o t h e r b a n k s h a d b e e n t r i e d , t h a t U n it e d S t a t e s b o n d s , F r e n c h b o n d s ,
a n d a n y o t h e r c o lla t e r a l t h e y m ig h t c h o o s o h a d b o o n o f f e r e d a n d t h a t a n y
r e a s o n a b le r a t e o f in t e r e s t w o u ld b o p a i d .
“ i t w a s n o t a q u e s t i o n o f r a t e , ” s a id M r . B r e t o n .
" W o w a n ted to g o t
p e s e ta s th e ro t o le v e l t h e e x c h a n g e a n d t o p r o v id o fu n d s , a n d , I s u p p o s e ,
t o p a y f o r t h o U n it e d S ta te s G o v e r n m e n t ’s n e e d s th e r o .
T h e o n ly r e p ly
w o g o t w a s f r o m o n o b a n k t o t h o e f f e c t t h a t t h e y w o u ld m a k e t h e a d v a n c o
i f w o s h i p p e d t h o g o l d , a n d t h o o n l y c o n c e s s io n t h o y m a d o w a s t h a t t h e y
w o u ld r e tu r n t h o g o ld a t m a t u r it y a fte r w o p a id b a c k t h o lo a n .
“ S u p p o s o c o m p lic a t io n s s h o u ld a r is o ,” h o a d d e d , “ a n d W e b r o k o w it h
S p a in , o u r g o l d w o u l d b o t i e d u p . ”
T h e n e w A s i a B a n k i n g C o r p o r a t i o n , in W h ic h t h o G u a r h n t y T r u s t
C o m p a n y a n d o t h e r b a n k s a r o I n t e r e s t e d , in t e n d s t o s t o p i n t o t h o p l a c o
in t h o O r i e n t f r o m w h ic h G e r m a n y h a s b e e n e j e c t e d .
T h i s W as b r o u g h t
o u t in a r e p l y b y M r . B r e t o n t o S e n a t o r O w e n ’s q u e s t i o n s a b o u t t h e in s t it u ­
t io n .
I I o s a i d t h e c o m p a n y p l a n n e d t o e s t a b l is h b r a n c h e s a t S h a n g h a i,
T i e n t s i n , P e k in g , M u k d e n , H o n g K o n g , a n d " l a t e r , w h e n t h o a t m o s p h o r o
c l e a r s , ” in E a s t e r n S ib e r ia .
H o s a i d a c o m p a n y a f fi l ia t e d w it h t h o N a t i o n a l
C i t y B a n k w a s t h o o n l y A m o r i c a n in t e r n a t io n a l b a n k t h e r o n o w .
A r g u in g t h a t t h o b i l l f o r a F e d e r a l R e s e r v o F o r e i g n B a n k p r o v i d o d f o r
n o t h i n g n o t a l r e a d y a n t i c i p a t e d in t h o F e d e r a l I t e s c r v o A c t , M r . B r e t o n
s a i d t h a t t h o R e s e r v e A c t h a d p r o v e d v e r y s a t i s f a c t o r y in i t s o p e r a t i o n s .
“ I n t h is b i l l , ” c o n t i n u e d M r . B r e t o n , “ y o u i n v i t o t h o p u b l i c t o t a k o
s h a r e s ; t h o G o v e r n m e n t is g o i n g t o t a k o s h a r e s t o t h o e x t e n t o f w h a t e v e r
t h o p u b lic d o e s n o t w a n t, a n d b a n k s m a y ta k o sh a res.
T h e b a n k its e lf
w ill s t a r t w i t h a c a p i t a l o f $ 2 0 ,0 0 0 ,0 0 0 b e c a u s o t h o G o v e r n m e n t w ill m a k o
g o o d a n y s h o r t a g e in c a p i t a l .
Y o u w ill i n v i t o d e p o s i t s f r o m a n y b a n k o r
b a n k s a ll o v e r t h o c o u n t r y . Y o u a r o g o i n g t o d e a l p a r t i c u la r l y w it h m e r ­
ch a n ts.
B u t t h e r o w ill b o n o f o r c e d d e p o s i t s l i k o in t h o F’ o d o r a l R e s e r v e
Bank.
T h o p r o p o s e d b a n k , t h e r e f o r e , is a t t h o m e r c y o f a n y p e r s o n w a n t in g
t o d o b u s in e s s w it h i t .
" T h e r o is n o a t t r a c t i o n f o r o t h e r b a n k s t o J o in t h is b a n k u n d e r t h o b i l l ’s
te rm s.
I t is n o t t a x a b l e , w h i c h m e a n s a g r e a t d e a l d u r i n g t h o w a r , b u t i f
w o lo o k t o t h o fu t u r o w it h r e s p e c t t o fo ro ig n tr a d o w o d o n o t e x p e c t t o
p a y e x c e s s p r o f i t s a l l o u r l iv e s .
I t is m y i m p r e s s io n t h a t t h o s t o c k o f t h is
b a n k w ill n o t p r o v o a t t r a c t i v e t o o t h e r b a n k s n o r t o t h o p u b l i c . ”
S e n a t o r M c L o a n a s k e d i f t h o la n g u a g o o f t h o b ill W a s n o t s u f f i c i e n t l y
b r o a d t o p e r m it c o m p e t i t i o n b y t h o p r o p o s e d b a n k w it l i p r i v a t e b a n k s .
T h o w it n e s s a n s w e r e d a f f i r m a t i v e l y , s a y i n g t h o b a n k w o u l d b o e n t i r o l y
c o m m e r c ia l.
T h e S e n a t o r w a n t e d t o k n o w i f t h a t a s p e c t s h o u l d b o e lim i n ­
a te d o r re s tric te d .
“ I t s h o u l d b o r e s t r i c t e d in t h o s a m o w a y a s t h o F e d e r a l R e s e r v e b a n k s
aro t o -d a y ,” w as th e a n sw er.
C h a ir m a n O w e n s a id t h a t t h o b a n k s u n d o r t h e b ill w o u ld b o u n d e r n o
o b l i g a t i o n t o k e e p a n a c c o u n t u n le s s t h e y f e lt lik e i t .
M r . B r e t o n in s is t e d
t h a t t h o b a n k s w o u ld b o c o m p o li o d t o k e e p d e p o s i t s .
“ I t w ill b o p u r e l y o p t i o n a l w h o t h e r t h o y k e o p a d e p o s i t , ” s a id M r . O w e n .
“ T h e n t h e b a n k w ill n o t h a v o e n o u g h w o r k in g c a p i t a l t o d o a f o r e i g n
b u s i n e s s ,” d e c l a r e d M r . B r e t o n .
H o a d d e d t h a t it w o u ld r e q u ir e a t le a s t $ 4 0 ,0 0 0 ,0 0 0 o r $ 5 0 ,0 0 0 ,0 0 0 c a p i t a l
t o d o a f o r o i g n b u s in o s s .
T h e p r o p o s o d c a p i t a l o f t h o f o r e i g n b a n k is $ 2 0 , ­
0 0 0 ,0 0 0 , w h ic h S e n a t o r O w e n in d i c a t e d m ig h t b o e x p a n d e d t o $ 1 0 0 ,0 0 0 ,0 0 0 .

A t /T h u r s d a y ’s h e arin g A lb e r t B r e t o n , V ic e -P r e s id e n t o f the

A v ie w s im ila r to M r . B r o to n ’s a s to th o u n lik e lih o o d o f

G u a r a n t y T r u s t C o . o f N e w Y o r k , is said to h a v e exp ressed

tho b a n k se rv in g a n y u se fu l p u rp o se w as axp re ssod , it is

th o op in io n th a t th e p ro p o se d b a n k w o u ld se rv o n o useful

s ta te d , b y W illia m I n g lo , P re s id e n t o f tho B a ltim o r o T r u s t

p u rp o se an d m ig h t re su lt in p o litic a l d iffic u ltie s w ith n eu tral

Co.

n a t io n s .

s y m p a t h y w ith th o p u rp oso o f th o b ill, b u t th o u g h t th a t th e

M r . B r e to n is q u o te d as fo llo w s in th e N o w Y o r k

“ T im e s ” :




M r . I n g le , a c c o r d in g to th o “ T i m e s ,” said ho w a s in

en d s o u g h t c o u ld bo se rv od b y cre a tin g a b u rea u o f th e E e d _

June 22 1918.]
e ra l R oso rv o s y s t e m
m e n t in s titu tio n .

THE CHRONICLE
in ste a d

o f a n o th e r se p a ra te

G o vern ­

T h e p ro p o se d fo ro g n b a n k , h e th o u g h t ,

w o u ld c o m e in to c o m p e titio n w ith F e d e r a l R e so rv o b a n k s .
T h o o d o ro H . P r ic e , w h o is n o w c o n n e c te d w ith th e R a il­
r o a d A d m in is tr a tio n , w a s o n e o f th o se h o a rd b y th o C o m ­
m it te e o n th e 1 9 th i n s t .; th e “ J o u rn a l o f C o m m e r c e ” s ta te s
t h a t ho d ec la re d th a t ho w a s r e lu c ta n t to a d v is e th o e x te n s io n
o f th o fu n c tio n s o f th o G o v e r n m e n t .

H e s ta to d , h o w e v e r ,

th a t h e w o u ld fa v o r th o im p o u n d in g o f a ll th o g o ld in th o
U n it e d S ta te s a n d p r e v e n t its s h ip m e n t a b r o a d fo r th o d u ra ­
tio n o f tho w a r.
T h o sa m e p a p e r also g iv e s th e fo llo w in g a c c o u n t o f w h a t
F.

A . G o o d h u e , V ic e -P r e s id e n t o f th e F ir s t N a tio n a l B a n k

o f B o s t o n , h a d to s a y re g a rd in g th e p ro p o se d b a n k :
T h i s w it n e s s p o i n t e d o u t t h a t t h o G o v e r n m e n t , t h r o u g h t h o T r e a s u r y
a n d t h e S t a t e D e p a r t m e n t s , a n d t h o F e d e r a l R e s e r v o B o a r d is n o w d o i n g
a ll t h a t is p o s s i b lo t o h a v e d o l la r e x c h a n g e w i t h n e u t r a l c o u n t r io s r e s t o r e d t o
par.
U o p o i n t e d t o t h o s u c c e s s in A r g e n t i n a a n d I n d i a , w h e r e c r e d it s t o
t h o U n it e d S t a t e s h a v e b e e n a r r a n g e d t h r o u g h t h o i n fl u e n c e o f M r , S t r a u s
o f th o F e d e ra l R e s e r v e B o a rd .
M r . G o o d h u e w e n t o n t o e x p la in h o w F .n g la n d h a d t r ie d t o m a k e s im ila r
a r r a n g e m e n t s in n e u t r a l c o u n t r ie s o f E u r o p e .
E f f o r t s t o p l a c e a c r e d it
l o a n In S p a in , b y E n g la n d , h o s a i d , h a d f a il e d , a n d h o s a id t h a t i f E n g la n d
h a d f a il e d i n t h a t e n d e a v o r i t s c o r n s c e r t a in t h a t t h e U n it e d S t a t e s w o u ld
f a il .
S o n a t o r O w e n s u g g e s t e d t h a t t h e r e a s o n S p a in r e fu s e d t o g r a n t a
c r e d i t w a s b e c a u s o o f h o r n e u t r a l it y .
T h o w it n e s s t h o u g h t t h a t t h o d i f f i ­
c u l t y a r o s o p r o b a b l y a s m u c h f r o m G o r m a n p r o p a g a n d a w h ic h is b e i n g
s p r e a d in a ll n e u t r a l c o u n t r io s .
M r . G o o d h u e d e c l a r e d t h a t a f o r e i g n e x c h a n g e b a n k s u c h a s p r o p o s e d In
t h o O w e n b ill m ig h t c o m p l i c a t e t h o s i t u a t io n , e s p e c i a ll y d u r in g t h o w a r .
A s a n o r m a l p r o p o s i t i o n h o s a id t h a t h o w o u l d n o t o p p o s e s u c h a n in s t it u ­
t i o n , c o n t in u in g t o s a y t h a t h o h a s n o t y e t f o u n d t h a t a G o v e r n m e n t i n s t i ­
t u t i o n c o m p o t e s w it h a p r i v a t o e n t e r p r is e .
T h o w it n e s s s a i d t h a t t h o g r e a t ­
e s t e n c o u r a g o m e n t h o c a n f i n d in t h o s i t u a t io n is t h a t a t la s t t h o W e s t is
b e c o m i n g I n t e r e s t e d in f o r e ig n t r a d o a n d t h a t m a y r e a c t t o t h o b e n e f i t o f
t h o w h o lo c o u n t r y w lio n t h o w a r Is o v e r .
A t p r e s e n t t h e a g o n e ie s o f b a n k ­
i n g a r o d o i n g t h e ir h o s t t o h a n d lo t h o s i t u a t io n .
A m e r ic a n b a n k s w ere
p r e v e n t e d f r o m d e a l i n g in a c c e p t a n c e s u n t il f o u r y e a r s a g o , w h e n t h o F e d ­
eral R o s o rv o A c t w a s p a sse d .
S in c e t h e n , h o s a i d , t h e y h a v e g o n o i n t o t h o
b u s in e s s q u i t e w il li n g l y a n d t h e y a r e d o i n g c o n s i d e r a b l e t o - d a y .
T h o w it n e s s p u t i n t o t h o r e c o r d a d o c u m e n t w h i c h p u r p o r t e d t o b o a n
e x p r e s s io n o f o p i n i o n o f t h e C h a m b e r o f C o m m e r c e o f t h o U n it o d S t a t e s ,
o p p o s in g t h o O w e n B ill.
H o s t a t e d t h a t lie h a d o b t a i n e d t ills c o p y f r o m
t h o S e c r e ta r y o f t h o A m e r ic a n B a n k e r s ' A s s o c ia t io n .
S o n a to r O w e n d id
n o t w is h t h o d o c u m e n t t o p u t in t h o r e c o r d u n le s s a u t h e n t i c a t e d .
S e n a to r
P a g o w is h e d i t t o b o i n c lu d e d a s i t is , b u t S o n a t o r O w e n in s is t e d t h a t h o
w a n t e d t h o n a m e s o f t h o in o n w h o w r o t o t h o r e p o r t s o t h a t t h e y c o u l d b o
c o m p e l l e d t o t e s t i f y b o f o r o t h o c o m m i t t e o a n d a n a ly z o t h e ir r e a s o n s f o r
o p p o s i n g t h o p o n d in g b i ll .

G.

2605

I t is n o w a c a s e o f l if e o r d e a t h w i t h t h o S t a t e b a n k s , a n d i f t h e s o b a n k s
d o n o t o r g a n i z e t h e y a r e l ik e l y t o s u f f e r in t h o e n d .
O u r fir s t d u t y t o o u r G o v e r n m e n t a n d th o b e s t w a y t o h e lp th e G o v e r n ­
m e n t is t o h e l p o u r in s t it u t i o n s .
I n P e n n s y lv a n ia t h e r e a r e 5 2 9 S t a t o i n s t i­
t u t io n s a t t h is t im o , t w e n t y - o n e o f w h ic h h a v e j o i n e d t h o F e d e r a l R e s e r v e
system .
T h e so tw e n ty -o n e b a n k s rep resen t o n ly 23
o f th o assets o f
S t a t o in s t it u t i o n s .
I a m f r a n k in s a y i n g t h a t I h a v e h a d t r o u b l e a t t im e s w it h t h o F e d e r a l
B o a r d a n d h a v o f l a t l y r e fu s e d t o d o s o m e o f t h e t h i n g s t h a t t h e B o a r d h a s
asked m o to d o .
I b e l ie v e t h a t I h a d v a l i d r e a s o n s in t h e s o r e fu s a ls .
T h o g r o a t n e e d n o w is a n o r g a n i z a t io n o f S t a t e i n s t it u t i o n s .
O n J u ly 15
a n a t i o n a l o r g n a i z a t io n o f S t a t e i n s t it u t i o n s w ill b o p e r f e c t e d i n S t . L o u is
a n d m o s t a ll o f t h o S t a t e s a r e p la n n i n g S t a t e i n s t it u t i o n s .
T h o s e S t a t e i n s t it u t i o n s w ill e n a b le c lo s e r c o - o p e r a t i o n o f t h o S t a t e
b a n k s w it h t h o F e d e r a l B o a r d .
I n f a c t , t h e o f f i c ia ls o f t h o F e d e r a l B o a r d
lo o k w it h f a v o r u p o n th e p la n .
O n M a r c h 2 2 1 9 1 7 t h e s a v in g s f u n d a c c o u n t s in P e n n s y lv a n ia t o t a l e d
$ 5 2 2 ,6 6 3 ,0 0 0 .
O n A p r il 15 191 8 th o s a v in g s fu n d a c c o u n t s a g g r e g a te d
$ 5 6 0 ,8 7 3 ,0 0 0 , a g a in o f m o r e t h a n $ 3 8 ,0 0 0 ,0 0 0 .

I n s t a t in g in its issu e o f J u n e 1 2 t h a t th e m e e t in g ca lle d
b y C o m m is s io n e r L a fe a n w a s a n o u t g r o w th o f th e a n n u a l
c o n v e n tio n o f S u p e r v iso rs o f S t a t e b a n k s , h e ld
S p r in g s la s t m o n t h , th e P h ila d e lp h ia “ P r e s s ” s a id :

at

H ot

A t t h a t c o n v e n t i o n a c o m m i t t e e c o n s i s t i n g o f W . I i . W i ll ia m s o f C a li ­
fo r n ia , A . L . T h o r n d y k e o f M a s s a ch u s e tts a n d S ta to B a n k in g C o m m is ­
s i o n e r L a f e a n o f P e n n s y lv a n ia , w a s a p p o in t e d t o h e l p t o f o r m t h e S t a t e
b a n k e r s i n t o a n a t i o n a l o r g a n i z a t io n f o r t h o p u r p o s e o f k e e p i n g in t o u c h w it h
t h o F e d e ra l R e s e r v e B o a r d a n d w it h C o n g r e s s .
N a t i o n a l le g is l a t i o n is
f r a m e d w it h r e fe r e n c e t o t h e n a t io n a l b a n k s - a n d t h e F e d e r a l R e s e r v e s y s ­
t e m , a n d s o m e t im e s i t o p e r a t e s t o t h o d i s a d v a n t a g e o f S t a t o i n s t it u t i o n s .
I f t h o S t a t o b a n k e r s a r e o r g a n i z e d s o t h a t t h e y m a y p r e s e n t t h e ir n e e d s t o
C o n g r e s s m e n a n d w h e n o c c a s i o n r e q u ir e s o b t a i n a h e a r in g b e f o r e t h e F e d ­
era l R o s o r v o B o a r d , i t is t h o u g h t t h a t t h e r e m a y b o b e t t e r c o - o p e r a t i o n
a m o n g t h o b a n k in g i n t e r e s t s o f t h e c o u n t r y .

M A R Y L A N D BANK£COMMISSIONER SOUNDS B A N K S
ON SUBJECT OF AFFILIAT IN G W IT H N ATIO N AL
ASSOCIATION OF STATE BANKS.
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le t te r h a s b e e n a d d re sse d to th e S t a t e in s t itu tio n s in

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iz in g a n a s s o c ia tio n c o m p o s e d o f S t a t e in s t itu tio n s .
le tto r C o m m is s io n e r D o w n e s s a y s :

I n h is

A t t h o p r o s e n t t i m o t h o S t a t e i n s t it u t i o n s a r e d i v i d e d i n t o m o r e
d i f f e r e n t d e p a r t m e n t s o r s y s t e m s , n o o n e o f w h ic h h a s a n y d i r e c t
t o t h o o t h e r s , a n d t h e r u le s a n d r e g u la t io n s g o v e r n i n g t h e m a r o in
u n ifo rm .
I t h a s , t h e r e fo r e , b e e n p r a c t i c a l l y i m p o s s i b l e f o r t h e m
u n i t e d a c t i o n i n a n y m a t t e r s t h a t m ig h t b o o f v i t a l i m p o r t a n c e
in te re sts.

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E q u ita b le T r u s t C o ., a t the h e a rin g o n J u n o 1 8 , a c c o r d in g to
th o re p o rts in th o d a ily p ap ers a d v o c a te d re g u la tio n b y th o
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MEMBERS OF FEDERAL

RESERVE SYSTEM.

T h e N o w J e rse y T itlo G u a r a n te e & T r u s t C o . o f J orsoy
C i t y h as boon a d m it te d to tho F e d e ra l R e s e r v e s y s t e m .
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R o so rv o s y s te m t h o M c C o r n i c k & C o . B a n k o f S a lt L a k e C i t y .

t h e r e p r o b a b l y w ill b o m o r e , w h ic h p e r t a i n t o n a t io n a l b a n k s o n l y , b u t i t is
f e lt t h a t t h o S t a t e in s t it u t i o n s s h o u ld r e a liz o t h a t t h is le g is l a t i o n m a y a f f e c t
th o r n j u s t a s m a t e r ia l l y a s i t d o e s t h o n a t io n a l b a n k s , a n d t h a t t h e y s h o u l d
b o p r e p a r e d t o m e e t a n y c o n t in g e n c y t h a t m a y a r is e .
I t Is, t h e r o fo r o , t h o u g h t d o s ir a b le t o f o r m a n o r g a n i z a t io n w h i c h w ill e m ­
b r a c e a ll t h o S t a t o s y s t e m s , w it h a v i e w t o b r i n g i n g t h e m i n t o c lo s e r a f f i l i a ­
t i o n , s o t h a t t h e y w ill b e in a b e t t e r p o s i t io n t o l o o k a f t e r a n d p r o t e c t t h e ir
c o m m o n in te re s ts .
I ifro u ld lik e v e r y m u c h t o h a v e , a t y o u r e a r l y c o n v e n i e n c e , a n e x p r e s s io n
o f y o u r v i e w s u p o n t h e s u b j e c t ; a t t h o s a m e t i m o s t a t in g w h e t h e r y o u f a v o r
t h o c a l li n g o f a c o n f e r e n c e o f t h e S t a t o B a n k i n g I n s t it u t i o n s o f M a r y l a n d
f o r t h o p u r p o s e o f f o r m i n g a S t a t o A s s o c i a t i o n a n d s e n d i n g r e p r e s e n t a t iv e s
t o t h o S t . L o u is m e e t in g .

GOV. HARDING APPEALS TO PHILADELPH IA STATE
B A N K S TO JOIN FEDERAL RESERVE SYSTEM.
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ACTION IN PEN N SYLVAN IA TOWARD CREATION OF
NATIONAL ASSOCIATION OF STATE BAN KS.
I n ro sp on so to a ca ll issu e d b y D a n ie l F . L a f e a n , B a n k in g
C o m m is s io n e r o f P e n n s y lv a n ia , a m e e t in g o f re p re se n ta tiv e s
o f S ta t o b a n k s a n d tr u st c o m p a n ie s w a s h e ld in P h ila d e lp h ia
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fo r m a tio n o f a n a sso c ia tio n w h ic h w ill lo o k a fte r th o in ­
te re sts o f tho S ta t e in s t itu tio n s .
A t th e m e e tin g th e fo l­
lo w in g re so lu tio n w a s a d o p t e d :
Be it Resolved, T h a t t h o C h a ir m a n o f t h is m e e t in g , t h o B a n k i n g C o m ­
m is s io n e r o f P e n n s y lv a n ia , b e a n d h o is h e r e b y r e q u e s t e d t o a p p o i n t a c o m ­
m i t t e o o f s e v e n b a n k e r s , r o p r o s o n t in g t h o v a r i o u s c la s s e s o f b a n k in g in s t i­
t u t io n s o f t h o S t a t o , w h ic h c o m m i t t e e s h a ll t a k e t h o n e c e s s a r y s t e p s l o o k in g
t o t h o f o r m a t i o n o f s u c h a S t a t o a s s o c ia t i o n .

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G o o rg o I I . E a rlo J r .. P r e s id e n t o f t h o R e a l E s t a t o T r u s t C o .; W . F .
S n y d e r , P r e s i d e n t o f t h o N o r t h e r n T r u s t C o . , P h il a d e l p h i a ; C o l o n e l J a m o s
A . G . C a m p b o ll , P r o s i d o n t o f t h o D e la w a r e C o u n t y T r u s t C o . , C h e s t e r ;
C o l o n o l E d w a r d M . Y o u n g . P r o s i d o n t o f t h o L e h ig h V a li o y T r u s t C o . ,
A J lo n t o w n ; F . M . K i r b y , P r e s i d e n t o f t h o M i n o r s ' B a n k s , W i lk e s - B a r r e ;
F.
H . G i v e n , P r o s i d o n t o f t h o F a r m o r s ’ D e p o s i t S a v in g s B a n k , P i t t s ­
b u r g h ; M a lc o lm M c G I s s o n , F id o lit y T it le & T r u s t C o . , P itts b u r g h .

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F ed era l s y s te m ,
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test o f en d u ra n ce.
O u r fin a n c ia l p r o b l e m s a r o d a i l y b e c o m i n g m o r e c o m ­
p l e x ; w o m u s t h a v o m a n y m o r e lo a n s t o m a in t a in o u r a r m ie s in F r a n c e a n d
o u r g r e a t w a r m a c h in e r y a t h o m e .
T h o F e d e r a l R e s e r v e s y s t e m h a s c a r r ie d u s s a f e ly s o f a r , a n d i f a ll t h e
b a n k in g i n s t it u t i o n s c o - o p e r a t e w it h i t t h e r e w ill b e s m a ll c a u s e f o r w o r r i m e n t c o n c e r n in g f in a n c e s .
A s i d o f r o m p a t r i o t i c r e a s o n s i t w ill b e n e f i t S t a t e b a n k s t o j o i n t h e F e d ­
e r a l R o s o r v o s y s t e m , f o r w h e n th is is s u e c o m e s a l o n g o n l y t h o s e b a n k s t h a t
a r o m e m b e r s c a n h a v e t h e ir n o t e s d i s c o u n t e d b y t h o F e d e r a l R e s e r v e B a n k .
A n a m e n d m e n t m a d e t o t h o F e d e r a l R e s e r v e la w s la s t J u n e f u l l y p r o t e c t s
th o in te re sts o f t h o S ta te b a n k s .
I t p r e s e r v e s b o t h t h e ir s t a t u t o r y a n d
c h a r t e r r ig h t s a n d g i v e s t h e m t h e o p t i o n o f w it h d r a w i n g f r o m t h e s y s t e m
a n y t im o u p o n g i v in g s ix m o n t h s ’ n o t i c e .

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in s titu tio n s w ere m e m b e r s o f th e R e s e r v e S y s t e m ; n o w h e said
4 9 0 S t a t e in s t itu tio n s , w ith re so u rce s o f $ 6 ,0 0 0 , 0 0 0 , 0 0 0 , o r
a b o u t 3 0 % o f th o to ta l re so u rce s o f a ll th e S t a t e b a n k s a n d
tr u s t c o m p a n ie s o f th e c o u n tr y , a re m e m b e r s .

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to s o m o o f th e c o m m e n ts a t th e g a th e r in g th e P h ila d e lp h ia
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s a id :

G e o rg o I I . E a rlo , J r ., P re s id e n t o f t h e R e a l E s ta te T r u s t C o m p a n y , o n e
o f t h o la r g o S t a t o in s t it u t i o n s w h ic h h a s n o t b e c o m e a m e m b e r b a n k ,
s t a t o d , w h e n c a l le d u p o n , t h a t h e w a s n o t in a p o s i t io n t o s p e a k f o r t h e
S t a t o B a n k i n g C o m m i s s io n e r n o r f o r t h e S t a t o o r g a n i z a t io n w h i c h is in

bu rgh “ D is p a tc h ”

p ro ce ss o f fo r m a tio n .
H e c a lle d a t t o n t io n t o th e f a c t th a t th e m o n e y w h ic h
b a n k e r s h a n d le Is n o t t h e ir o w n a n d t h a t t h e y c a n n o t t ie u p f u n d s i n b o n d s
a n d c e r t i f ic a t e s t o a n e x t e n t w h ic h w ill p r e v e n t t h e m f r o m t a k i n g c a r o o r
t h e ir cu s to m e rs .
.
, ^
0. .
' M r . E a r l e t h o u g h t t h e r e s h o u l d b o n o d i s c r i m in a t io n b e t w e e n S t a t e
I n s t it u t i o n s a n d n a t i o n a l b a n k s .
T h ro u g h a m em b er b a n k a S ta te n on ­
m e m b e r b a n k m a y n o w o b t a in a c c o m m o d a t io n fo r fift e e n d a y s , b u t a

no

th e G o v e r n m e n t.”
,,
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J o h n H . M a s o n , P r e s id e n t o f t h e C o m m e r c ia l T r u s t C o m p a n y , Is o n o
o f t h e s t r o n g e s t f r i e n d s or t h e R e s e r v e B a n k a m o n g t h o S t a t e b r o k e r s ,
l i e s a id " W e m u s t a ll s t a n d f o r o n o t h i n g a n d t h a t Is f o r t h o f in a n c ia l
• u pport o f th o G ov e rn m e n t.
O u r i n s t it u t i o n h a s b e e n a m e m b e r f o r s ix
m o n t h s a n d a s a b u s in e s s p r o p o s i t i o n w e h a v e m a d e m o n o y b y g o i n g in .
B u t t h o m a i n p o i n t is t h a t w e s h o u l d s u s t a in t h o G o v e r n m e n t a n d s h o u l d

TO

s to c k s ;

th o r e s u m p tio n r e s u lte d in

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T h e P itts b u r g h

“ G a z e t t e ” o f J u n o 1 5 in re fe rrin g to th o p r o p o s e d q u o tin g
o f th e s to c k s s a id :
B e g in n in g o n M o n d a y , J u n e 1 7 , t h o P i t t s b u r g h S t o c k E x c h a n g o w il l r e ­
s u m e p u b l i c d e a lin g s in l o c a l b a n k a n d t r u s t c o m p a n y s t o c k s , a n d i t is
a s s u m e d — a l t h o u g h i t is n o t s p e c i f i c a l l y s t a t e d in t h o o f f i c i a l n o t i c e r e c e iv e d
b y m e m b e r s y e s t e r d a y — t h a t q u o t a t i o n s o n t h e s o s t o c k s w ill b e r e g u ­
l a r ly p o s t e d o n t h o e x c h a n g o .
W h e n t h o s t o c k e x c h a n g e r c o p o n e d in t h e
w in t e r o f 1 9 1 4 , a f t e r c lo s i n g in A u g u s t o n t h e o u t b r e a k o f t h e w a r , b u s * ’
n e s s in b a n k a n d t r u s t c o m p a n y s h a r e s w a s n o t p u b l i c l y r e s u m e d .
P r iv a te
t r a n s a c t io n s w e r o m a d o f r o m t i m e t o t l m o , b u t t h o y w e r o n o t p o s t e d .
T h e r o lia s b o o n m o r e o r lo s s t r a d i n g o f t h i s k i n d d u r i n g t h o p a s t t h r e o
y e a r s , b u t it w a s a tte n d e d b y d iffic u lt ie s b e c a u s e o f th e a b s e n c e o f o ffic ia l
q u o t a t i o n s , a n d s o m o t im e s r e p o r t e d s a le s r o v o a l e d a w id o v a r i a n c o in
p r ice s .
W i t h t h e r e s t o r a t i o n o f o f f i c i a l q u o t a t i o n s i t is p r o b a b l e t h a t
a f a ir in c r e a s o In I n v e s t m e n t d e a l i n g s w ill r e s u l t .
I t m ig h t b o s a id t h a t
d u r i n g t h e t h r e e a n d o n e - h a l f y e a r s o f s u s p e n d e d p u b l i c d e a lin g s t h o i n ­
v e s tm e n t v a lu e o f lo ca l b a n k a n d tru st c o m p a n y sh ares h a s e n h a n ce d ,
t h o o f f i c i a l r e p o r t s m a d e t o t h e S t a t e a n d n a t i o n a l b a n k in g d e p a r t m e n t s
s h o w in g c o n s i d e r a b l e a d d it i o n s t o s u r p lu s a n d u n d i v i d e d p r o f i t s .

s e e k n o o t h e r r e a s o n fo r g o in g in t o t h e R e s e r v e S y s t o m .”
M r . M a s o n w a s s t r o n g l y in f a v o r o f p u b l i c a t i o n o f t h o r e c o r d o f e a c h
i n s t it u t i o n s h o w in g w h a t b o n d s i t h a d s u b s c r ib e d f o r a n d t h o a m o u n t
« f T r e a s u r y c e r t i f ic a t e s t a k e n .
G o v e r n o r P a ssm o re th a n k e d th o G o v e r ­
n o r o f th e R e s e r v e B o a r d a n d th o g u e s ts w h o h a d a s s o m b io d t o h e a r h im .
b u t n o a c t io n w a s ta k e n b y th e S ta to b a n k e rs p r e s e n t.

O R G A N IZ A T IO N

of Juno 18

in

w e r e q u o t e d , a ll b e in g o ffe r e d w ith n o b i d s .

w o u ld b e g iv e n t o a m e m b e r .
W i ll ia m P . G e s t , P r e s i d e n t o f t h e F i d o l l t y T r u s t C o m p a n y , s a id t h a t s o
f a r a s h is I n s t it u t i o n is c o n c e r n e d t h e o f f i c e r s a n d d i r e c t o r s f e lt t h a t t h e y
w e r o in t h e p o s i t i o n o r v o l u n t e e r in g f o r t h e p e r i o d o f t h e w a r w h e n t h o y
b eca m o m em b ers o f th e R eserv e S y stem .
" W h e n th e R eserv e B a n k
n e e d s o u r a s s is t a n c e i t is n o t im o t o a r g u e . " h o a d d e d .
“ I t is j u s t a s e s s e n ­
t ia l t h a t a c o r p o r a t i o n s h a ll v o l u n t e e r a s a n I n d iv id u a l.
W hen th e w ar
b r o k o o u t t h e r o w a s a g e n e r a l la c k o f o r g a n i z a t io n t h r o u g h o u t t h i s c o u n ­
t r y . b u t i t w a s p r o v i d o n t i a l t h a t f in a n c ia l e n e r g y w a s o r g a n i z e d .
We
e x p e c t t o s t a y in t h e R e s e r v e S y s t e m a s l o n g a s w e c a n b o o f a s s is t a n c e t o

M ASSACH U SETTS

tr a n s a c tio n s

tr u s t c o m p a n y s to c k s a n d o n e in s u r a n c e s t o c k , i t s t a t e s ,

n a t i o n a l b a n k m a y h a v e it s p a p e r r e d i s c o u n t e d f o r n i n e t y d a y s .
R e p l y i n g . M r . U a r d in g s a i d t h a t t h e R e s e r v e B a n k w a s j u s t a s lib e r a l
a s t h e l a w a l l o w e d , t h a t i t s a c t i o n is g o v e r n e d b y s t a t u t e .
H e com pared
t h e R e s e r v o S y s t e m t o a c l u b a n d s a id t h a t n o m a n w h o w a s n o t a m e m b e r
or a c l u b w o u l d e x p e c t t h e s a m e c o u r t e s y f r o m s u c h a n o r g a n i z a t io n as

N E W

[V ol . 106.

THE CHRONICLE

2606

LOOK

A F T E R IN T E R E S T S OF SA VIN G S B A N K S .

STOCK

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U n d e r a ru lin g a d o p t e d b y th e G o v e r n in g C o m m it t e e o f
th o N e w Y o r k S to c k E x c h a n g e o n J u n e 1 9 m a n a g e r s o f b r a n c h
o ffic e s o f m e m b e r s are re q u ire d to re g is te r a n d to p a y a fee
o f $ 1 0 0 fo r e a c h r e g is tr a tio n .

T h e p u r p o s e o f th e r u lin g , i t is

s a id , is to in cre a se th e r e v e n u e o f th e E x c h a n g e , w h ic h h a s
su ffe re d b o t h th r o u g h th o d e c lin e in n e w lis tin g s a n d th r o u g h
t h e re m is s io n o f d u e s to m e m b e r s e n te rin g th e G o v e r n m e n t
s e r v ic e .

A n o r g a n iz a tio n to b e k n o w n a s th e S a v in g s B a n k A s s o ­

R U L IN G

R EG ISTR A TIO N

A fe e o f $ 5 0 fo r e a c h $ 1 ,0 0 0 , 0 0 0 o f se cu ritie s lis te d

is c h a rg e d b y th e E x c h a n g e ; th o r e d u c tio n in th o E x c h a n g e

c ia tio n o f M a s s a c h u s e t t s w a s fo r m e d in B o s t o n o n J u n e 4

lis tin g s h a s b e e n b r o u g h t a b o u t b y

a t a m e e t in g o f re p r e s e n ta tiv e s o f th e s a v in g s in s titu tio n s o f

issu a n co o f n o w se c u ritie s .

th e C o m m o n w e a lt h .

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lo o k e d a fte r b y th e C o m m it t e e o f A s s o c ia te d S a v in g s B a n k s ,

th ir ty o r f o r t y b r a n c h e s , a n d a lto g e th e r th e m e m b e r s o f th e

a b o d y w h ic h h a d b e e n in e x iste n c e fo r n e a r ly h a lf a c o n tu r y .

E x c h a n g o h a v e s o m e 5 6 0 b r a n c h e s in o p e r a tio n .

T h e P r e s id e n t o f th e n e w a s s o c ia tio n is H e n r y P a r k m a n ,
T r e a s u r e r o f th e P r o v id e n t I n s t it u t e fo r S a v in g s , B o s t o n ;
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L o a n s a n d d i s c o u n t s a m o u n t e d o n M a y 1 0 1 9 1 8 t o 9 , 2 6 0 m il l io n d o lla r s ,
a n in c r e a s e o v e r M a r c h 4 1 9 1 8 o f 1 2 0 m il l io n d o l la r s , a n d a n i n c r e a s e , a s
c o m p a r e d w it h M a y l 1 9 1 7 , o f 5 0 8 m il l io n d o l la r s .
T o t a l h o l d i n g s o f U n i t e d S t a t e s b o n d s , L i b e r t y b o n d s a n d c e r t i f ic a t e s o f
i n d e b t e d n e s s a m o u n t e d o n M a y 1 0 1 9 1 8 t o 2 , 6 5 7 m il l io n d o l la r s , a n in ­
c r e a s e o f 5 3 6 m il l io n d o l la r s a s c o m p a r e d w it h M a r c h 4 1 9 1 8 , a n d a n i n ­
c r e a s e o f 1 ,8 8 9 m il l io n d o l la r s o v e r M a y 1 1 9 1 7 .
T h o in c r e a s o i n t h e
h o l d i n g s o f U n it e d S t a t e s b o n d s a n d c e r t i f ic a t e s o f i n d e b t e d n e s s i s la r g e ly
r e p r e s e n t e d b y t h o s h o r t - t e r m c e r t i f ic a t e s o f i n d e b t e d n e s s .
T o t a l c a s h o n h a n d a n d d u e fr o m F e d e ra l R e s e r v e b a n k s M a y 10 1918
a m o u n t e d t o 1 ,7 3 9 m il l io n d o l la r s , a n in c r e a s o o v e r M a r c h 4 1 9 1 8 o f 4 7
m il l io n d o l la r s a n d a n in c r e a s o a s c o m p a r e d w it h M a y 1 1 9 1 7 o f 1 3 3 m illio n

EXCHANGE.

June 19 1 9 1 8 .

(R e fe r rin g t o S e c. 6 , A r t . 3 5 ) .
N o S t o c k E x c h a n g o m o m b o r o r f i r m s h a ll m a i n t a in a b r a n c h o f f i c e u n le s s
t h e m a n a g e r o f s u c h b r a n c h o f f i c o is r e g i s t e r e d as^ m a n a g e r t h e r e o f a s h e r e in
p r o v i d e d a n d t h o r e g i s t r a t i o n f e e h e r e in p r e s c r ib e d is p a i d .
E v ery bran ch
o f f i c o m a n a g e r w h o n o m p l o y e d s h a ll b o r e g i s t e r e d f o r t h o p e r i o d u p t o
S e p t . 1 n e x t e n s u in g a n d t h e r e a f t e r o n o r p r i o r t o S o p t . 1 in e a c h y e a r s h a ll
b e r e g is t e r e d f o r t h o y e a r c o m m e n c i n g S o p t . 1 .
A f o o o f $ 1 0 0 s h a ll b o p a i d
t o th o E x ch a n g o u p o n e a c h r e g is tr a tio n .
GEORGE W . E LY(

Secretary.
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d °B iU s p a y a b l e a n d r e d i s c o u n t s a m o u n t e d o n M a y 1 0 1 9 1 8 t o 8 4 4 m illio n
d o l la r s , a n i n c r e a s o , a s c o m p a r e d w it h M a r c h 4 1 9 1 8 , o f 1 8 7 m il l io n d o lla r s ,
a n d a n in c r e a s e o v e r M a y 1 1 9 1 7 o f 7 5 1 m il l io n d o lla r s .
N a t i o n a l b a n k c i r c u l a t i o n o n M a y 1 0 1 9 1 8 a m o u n t e d t o 6 8 0 m illio n
d o l l a r s , a n i n c r e a s o o f $ 8 ,2 8 4 ,0 0 0 a s c o m p a r e d w i t h M a r c h 4 1 9 1 8 , a n d a n
i n c r e a s e s i n c e M a y 1 1 9 1 7 o f $ 2 4 ,3 4 5 ,0 0 0 .
T h o t o t a l r e s e r v e h e ld b y th o n a tio n a l b a n k s o n M a y 10 191 8 a m o u n te d
t o $ 1 , 1 0 6 , 8 6 2 ,0 0 0 , a n e x c e s s o v e r t h e a m o u n t r e q u i r e d o f $ 1 1 4 ,6 6 8 ,0 0 0 .
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$ 3 8 ,7 4 8 ,0 0 0 .
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7 . 7 4 % , th e a m o u n t r e q u ir e d b e in g 7 % .
T h o t o t a l r e s e r v e c a r r ie d b y a ll n a t i o n a l b a n k s o f t h e c o u n t r y w a s 1 0 . 7 4 % .
a s c o m p a r e d w it h 1 0 .2 7 % o n M a r c h 4 1 9 1 8 .

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o n th o C o m m it t e e are C h a r le s H . S a b in , P r e s id e n t o f th e
G u a ra n ty T ru s t C o m p a n y ; T h o m a s W . L a m o n t, o f J . P .
M o r g a n & C o . , a n d F r e d e r ic k W . S tr a u s s , o f J . & W . S e lig m an & C o.

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delphia,

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o f y e s te r d a y in a d v ic e s fr o m

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P h ila d e lp h ia

s a id :

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c o m m i t t e e o f b a n k o r s a n d s im ila r s u b - c o m m i t t e e s m a y b o a p p o i n t e d in
t h o o t h e r c it i e s t o t a k o u p t h e p r e l im i n a r y w o r k .
A f t e r a p la n lia s b e e n
o u t l in e d t h o f o u r c o m m i t t e o s w ill m o o t a n d t h o j o i n t c o m m i t t e e , a s a w h o le ,
o r a s u b - c o m m i t t e o a p p o i n t e d b y i t w ill t h o u t a k o u p t h o d e c i s io n s o f t h a t
b o d y w it h t h o d i r e c t o r s o f t h o W a r F i n a n c o C o r p o r a t i o n .
T h e c o m m i t t e o s o f b a n k o r s f r o m t h o f o u r c it i e s p l a n t o t a k o u p t h o p u b li c
u t i l i t y q u e s t i o n a s a n a t i o n a l p r o b l e m a n d n o t d e a l w it h a n y p a r t i c u la r
c a s o o f p h a s e o f t h o s i t u a t io n .
T h o b a n k o r s w ill t a k o u p p r o p o s e d a m e n d ­
m e n t s t o t h e W a r F i n a n c e C o r p o r a t i o n A c t , s o m e o f w h ic h h a v e b e e n
t a l k e d o v e r I n f o r m a l l y a t m e e t in g s h o l d b y b a n k e r s t o d is c u s s t h o u t i li t y
s i t u a t io n
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t h r o u g h b a n k s , tru s t c o m p a n io s o r b a n k e rs .
T h i s is t h o s e c t io n t o w h ic h
b a n k e r s h a v o m a d o s t r o n g p r o t e s t , a s t h o y o b j e c t c lt h e i t o e n d o r s in g
t h o n o t e s o f u t ilit ie s o r u s in g t h o o b l i g a t i o n s o r u t ilit ie s a s c o ll a t e r a l f o r
t h e ir o w n n o t e s t o s e c u r e a d v a n c e s f r o m t h o W a r F i n a n c o C o r p o r a t i o n .

W i t h re g ard to th o c o m m it te e o f N e w Y o r k b a n k e r s , th o
N e w Y o r k “ T r ib u n e ” o f J u n e 1 9 s a id :

in b a n k a n d tr u s t c o m p a n y s to c k s o n th e P itts b u r g h S to c k
E x c h a n g e w a s a g a in p e r m it t e d .

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T o t a l d e p o s i t s o n M a y 1 0 1 9 1 8 a m o u n t e d t o 1 4 ,3 8 5 m illio n d o l la r s , a
r e d u c t io n a s c o m p a r e d w it h th e t o t a l a m o u n t s h o w n o n M a r c h 4 1 9 1 8 , o r
5 3 m il l io n d o l la r s , b u t a n i n c r e a s e , a s c o m p a r e d w it h M a y 1 1 9 1 7 . o f 1 ,3 0 9

B A N K

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a meeting of the Governing Committee hold this day, the following
____
was adopted:
.
T o take effect September 1 1 9 1 8 .
At

a c c o r d in g to a n a n n o u n c e m e n t o f C o m p ­

tro lle r o f th o C u r r e n c y J o h n S k e lto n W illia m s o n Ju n o

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p r e v io u s ly

T h o f o llo w -

n g is th e ru lin g a d o p t e d w ith re g a rd th e r e t o :

to

th e P i t t s -

T h e c o m m i t t e o h a s u n d e r c o n s i d e r a t io n t h o o r g a n i z a t io n o f a $ 1 0 0 ,0 0 0 ,0 0 0
c o r p o r a t i o n , t h o f u n c t i o n o f w h ic h w o u l d b o t o p u r c h a s o t h o s e c u r it ie s o f
p u b l i c u t i li t ie s , in t u r n d i s c o u n t in g i t s p a p e r w i t h t h e W a r F i n a n c o C o r p o r a -

June 22 1918.]

THE CHRONICLE

t io n .
B a n k e r s t h r o u g h o u t t h o c o u n t r y w o u l d b o a s k e d t o s u b s c r ib e t o
t h e c a p i t a l s t o c k o f t h o c o m p a n y i n p r o p o r t i o n t o t h e ir a b i l it y t o d o s o ,
t h u s s p r e a d i n g a n y r is k w h ic h m ig h t b o a t t a c h e d t o t h e o p e r a t i o n s o f t h o
p r o p o s e d c o r p o r a t i o n , w h ile a t t h o s a n io t i m e in s u r in g t h e a c t i v o c o - o p e r a ­
t i o n o f l e a d in g f in a n c ia l i n t e r e s t s in a ll s e c t io n s t o w a r d s e c u r in g b e t t e r t r e a t ­
m e n t f o r p u b li c s e r v ic e p r o p e r t ie s w h ic h a r o s t r u g g l in g w it h m o u n t i n g c o s t s
a n d h a v e b e e n g r a t e d n o o f f s e t t in g I n c r o a s o i n r a t e s .
S u c h a p l a n w o u ld
o b v i a t e t h o n e c e s s it y o f p r o c u r in g a n a m e n d m e n t t o S e c t i o n 7 o f t h e W a r
F i n a n c e C o r p o r a t i o n A c t , a r e m e d y w h i c h b a n k e r s b e l ie v e m a y o t h e r ­
w is e b o r e q u ir e d .
A m e m b e r o f t h o W a l la c e c o m m i t t e e s t a t e d la s t n i g h t t h a t t h o p l a n p r o ­
v id in g fo r th e fo rm a tio n o f a b ig c o r p o r a t io n w it h a n a t io n -w id e p a r ticip a ­
t io n s e e m e d t o b o th o m o s t w o r k a b le o n o t h a t h a d y e t b e e n p r e s e n te d .
He
e m p h a s i z e d t h e p o i n t , h o w o v e r , t h a t n o d e f i n i t e d e c i s io n h a d b e e n r e a c h e d
a s t o w h e t h e r t h e n e c e s s a r y s t e p s w o u ld b o t a k o n t o p r o c e e d w it h t h e
o r g a n i z a t io n o f t h o c o m p a n y .
T h o c o m m i t t e e w a s a p p o in t e d a f t e r M r . H a r d in g ’s c o n f e r e n c e w it h b a n k ­
e r s h e r e la s t w e e k a t t h e S u b - T r e a s u r y . O p in io n s e x p r e s s e d b y b a n k e r s w h o
a t t e n d e d t ills g a t h e r in g in d i c a t e d t h a t a s o l u t i o n o f t h o p u b l i c u t i l i t y p r o b e m m a y b o a i d e d b y in c r e a s in g t h o r a t e s c h a r g e d f o r t h o s e r v ic e s o f t h o
c o m p a n ie s ,
I n t h o p a r t i c u la r c a s e s o f t h o B r o o k l y n l t a p i d T r a n s i t C o . a n d
t h o I n t e r b o r o u g h B a p id T r a n s i t C o . t h o s u g g e s t i o n w a s m a d o t h a t t h o
P u b l i c S e r v ic o C o m m i s s io n f o r t h is d i s t r i c t b o u r g e d t o a l lo w a n in c r e a s e
in f a r e s f r o m 5 c e n t s t o 6 c e n t s .
Tt is b e l ie v e d t h a t a s u g g e s t i o n t o t h is e n d
m a d e b y t h o W a r F in a t ic o C o r p o r a t i o n m ig h t h a v e t h o d e s ir e d e f f e c t .

2607

t h a t th e sa le o f c e r tific a te s u n d e r th e p la n in e ff e c t d u rin g
th e p a s t y e a r a m o u n ts v i r t u a lly to b o r r o w in g in a d v a n c e
fr o m b a n k s o n p r o je c te d p o p u la r w a r lo a n s o r ta x c o lle c t io n s ,
a n d p e r io d ic a lly re fu n d in g th e s e s h o r t-te r m

o b lig a tio n s in

lo n g -te r m L ib e r t y b o n d s .

D e p o s it a r y b a n k s re a liz e 2 ^ % ,

th e d iffe re n c e b e tw e e n th e 4

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in te r e s t p a id b y th e G o v e r n ­

m e n t a n d th e 2 % c o lle c te d fo r d e p o s its .

O n J u n e 1 7 , f o llo w ­

in g th o p u b lic a tio n o f M r . M c A d o o ’ s le t t e r , th e T r e a s u r y
D e p a r t m e n t to o k o c c a s io n to d e n y r e p o r ts o f th e lik e lih o o d
o f th e n e x t issu e o f L ib e r t y b o n d s b e a r in g in te r e s t a t 4 j ^ % .
T h is s t a t e m e n t s a id :
T h o i n f e r e n c e d r a w n i n c e r t a i n m o r n in g p a p e r s t h a t t h e b o n d s o f t h e
n e x t L i b e r t y L o a n w il l b e a r i n t e r e s t a t 4 H % is w h o l l y w i t h o u t f o u n d a t i o n .
W i t h t h o e x c e p t i o n o f o n o o r t w o is s u e s , a ll o f t h e T r e a s u r y c e r t i f i c a t e s
is su e d in a n t ic ip a tio n o f t h o T h ir d L ib e r t y L o a n b o r e in te re s t a t 4 H % .
T h e is s u e o f c e r t i f i c a t e s in a n t i c i p a t i o n o f t h e F o u r t h L o a n b e a r i n g i n t e r e s t
a t 4 > £ % fo re s h a d o w s n o c h a n g e o f in t e r e s t in t h o r a t e b o r n e b y b o n d s o f
th e F ou rth L oa n .

T h o f o llo w in g is S e c r e ta r y M c A d o o ’ s le t te r to th e b a n k in g
in s titu tio n s c o n c e rn in g th e p r o p o s e d is s u a n c e o f n e w T r e a s ­
u r y C e r t ific a te s , m a d e p u b lic o n J u n e 1 6 :

WAR FINANCE CORPORATION BECOMES DEPOSITOR
OF NEW YORK FEDERAL RESERVE BANK.
A tt e n t i o n to tlio o p e n in g o f a d e p o s it a c c o u n t b y th e W a r
F in a n c o C o r p o r a tio n w ith th o F e d e ra l Ite se rv o B a n k o f N o w
Y o r k w a s d ra w n in th e w e e k ly s t a t e m e n t , issu e d o n S a tu r ­
d a y la s t , b y th o F e d e ra l R e s e r v e B o a r d in th o fo llo w in g re fer­
en ce to d e p o sits:
O t h e r d e p o s i t s , l a r g e ly b e c a u s o o f t h o o p o n i n g o f a d e p o s i t a c c o u n t b y t h o
W a r F i n a n c e C o r p o r a t i o n w i t h t h o N o w Y o r k b a n k , s h o w a g a i n o f 1 3 .7
m illio n s .

SECRETARY OF TREASURY McADOO'S ADVICES TO
SENATE CONCERNING PROFITEERING AND THE
REVENUE.
O n J u n o 1 2 thoro w a s la id b o fo ro th o S e n a te a c o m m u n i­
c a tio n f r o m

S e c r e ta r y o f th o T r e a s u r y M c A d o o in a n sw e r

to th o r e so lu tio n a d o p t e d o n J u n o 6 (a n d p r in te d in o u r issu e
o f J u n o 8 ) a sk in g fo r d a ta in p o sse ssio n o f th o T r e a s u r y
r o la tiv o to p ro fite e rin g w h ic h w o u ld e n a b lo C o n g r e s s to d e a l
w ith th o m a t t e r oith e r d u rin g th o p r e se n t p r o p o s e d r e v e n u e
le g is la tio n o r th r o u g h e n a c t m o n t o f m o ro e ffe c tiv e c r im in a l
sta tu te s.

M r . M c A d o o ’ s a d v ic e s to th e S e n a te f o llo w :
TBEASUBY D EPARTM EN T,
O ffic o o f th o S e c r e ta r y .

Washington, June 8 1 9 1 8 .
lion. Thomas R. Marshall, President of the Senate.
Sir: — I h a v e t h e h o n o r t o a c k n o w l e d g e r e c e i p t o f S e n a t e r e s o lu t i o n
N o . 2 5 3 , c a l li n g f o r a r e p o r t o f s u c h i n f o r m a t i o n a n d d a t a a s m a y b o in t h e
p o s s e s s io n o f t h o T r e a s u r y D e p a r t m e n t r o l a t i v o t o p r o f i t e e r i n g a n d , s p e ­
c i f i c a l l y , f o r a l is t o f a ll c o r p o r a t i o n s , w i t h t h o a m o u n t o f t h e i r e a r n in g s ,
w h ic h h a v e e a r n e d in e x c e s s o f 1 5 % o n t h e i r c a p i t a l s t o c k , a s s h o w n b y
t h e ir r e t u r n s t o t h o I n t e r n a l B o v e n u o B u r e a u f o r t h o c a l o n d a r y e a r 1 9 1 7 .
T h e w o r k o f g a t h e r i n g a n d c o m p i l i n g t h o i n f o r m a t i o n a n d d a t a c a l le d
f o r b y t h i s r e s o lu t i o n w ill b o p r o s e c u t e d w i t h t h o u t m o s t v i g o r , a l t h o u g h a
r e a s o n a b le p e r i o d o f t im e w il l b e r e q u i r e d , p a r t i c u l a r l y o n a c c o u n t o f t h o
la r g o n u m b e r o f r e t u r n s t h a t m u s t b o h a n d le d a n d t h e g r o a t v o l u m e o f
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R e s p e c t fu lly ,
W . G . M cA D O O ,

Secretary.

FOURTH LIBERTY LOAN.
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GOVERNMENT TO ISSUE S 6 ,0 0 0 ,0 0 0 ,0 0 0 TREASURY
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F o l l o w i n g t h e s a m e p l a n a s t h a t a n n o u n c e d in m y t e le g r a m o f F e b . 6
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s o f a r a s o n e c a n b o m a d o a t t h i s t i m e , in o r d e r t h a t e v e r y b a n k a n d t r u s t
c o m p a n y in t h e U n i t e d S t a t e s m a y h a v e a d e q u a t e n o t i c e a n d b e a b l e t o
p r e p a r e its e lf t o m e e t p a t r io t ic a lly t h e r e q u ir e m e n ts o f th e G o v e r n m e n t.
I a m s e n d i n g a s i m i l a r l e t t e r t o e v e r y b a n k a n d t r u s t c o m p a n y in t h e
U n it e d S t a t e s .
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h a v i n g f u l f i l l e d e x p e c t a t i o n s in t h o s a l e o f C e r t i f i c a t e s o f I n d e b t e d n e s s
p r io r t o t h o T h ir d L ib e r t y L o a n d e m o n s t r a t e d t h a t t h e G o v e r n m e n t c o u ld
r e ly u p o n t h o h e a r t y s u p p o r t a n d c o -o p e r a tio n o f t h e b a n k s w h e n g iv e n
o p p o r t u n it y in a d v a n c e t o m a k e n e c e s s a r y p r e p a r a tio n s .
T h o e x p e n d it u r e s o f t h e G o v e r n m e n t a s n e a r l y a s c a n b e e s t im a t e d
w il l r e q u ir e t h e s a le o f C e r t i f i c a t e s o f I n d e b t e d n e s s u p t o t h e 1 s t o f N o v e m ­
b e r 1 9 1 8 , a g g r e g a t i n g a p p r o x i m a t e l y $ 6 , 0 0 0 , 0 0 0 ,0 0 0 .
T h i s w o u l d i n v o l v e t h e i s s u e o v e r y t w o w e e k s o f a b o u t S 7 5 0 .0 0 0 .0 0 0 o f
c e r t i f i c a t e s s u b s t a n t i a l l y s i m i l a r in c h a r a c t e r t o t h o s e is s u e d p r i o r t o t h e
T h i r d L i b e r t y L o a n e x c e p t t h a t t h e y w il l h a v o v a r i o u s m a t u r it i e s n o t
e x c e e d in g f o u r m o n t h s .
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w ill b e f o l l o w e d a s n e a r l y a s p o s s i b l e .
T h o f ir s t I ssu e o f c e r t i f i c a t e s w il l b o d a t e d J u n e 2 5 , w ill m a t u r e O c t . 2 4 ,
w i t h i n t e r e s t a t 4 > £ % , a n d s i m i l a r ls s u o s , i t is o x p o c t e d , w il l b e m a d e o n
T u e s d a y o f o v e r y o t h e r w e e k fo llo w in g J u n e 2 5 .
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d u r i n g t h e s u m m e r , a n o f f e r i n g W ill b e m a d e t o t h e g e n e r a l p u b l i c d i r e c t l y
a n d t h r o u g h t h e b a n k s o f a n a m o u n t y e t t o b e d e t e r m in e d p e r h a p s $ 2 , ­
0 0 0 ,0 0 0 ,0 0 0 o f c e r t i f i c a t e s o f s u i t a b l e m a t u r it i e s f o r u s e b y t a x p a y e r s in
p a y in g n e x t y e a r ’s ta x e s , v i z .: ta x e s p a y a b le J u n e 1 9 1 9 , lo v io d u n d e r
e x i s t i n g a n d p e n d in g l e g is l a t i o n .
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a n e q u i v a l e n t r e d u c t i o n in t h e a m o u n t o f t h e r e g u l a r f o r t n i g h t l y s a le o f
c e r t i f i c a t e s is s u e d in a n t i c i p a t i o n o f t h e n e x t L i b e r t y L o a n w il l b e e f f e c t e d .
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t o a ll t h e b a n k s o f t h e c o u n t r y a n d t h r o u g h t h e m t o t h o s e w h o e x p e c t t o
m a k e p a y m e n t o f t a x e s i n 1 9 1 9 , i t is h o p e d t h a t t h e y w il l m a k e a r r a n g e ­
m e n t s p r o m p t l y o f s u c h a c h a r a c t e r t h a t n o d e l a y w il l b e e x p e r i e n c e d i n t h e
s a le a n d d i s t r i b u t i o n o f T r e a s u r y C e r t i f i c a t e s o f b o t h Is s u e s .
T h o F e d e r a l R e s e r v e b a n k s w il l a d v i s e a ll n a t i o n a l a n d S t a t e b a n k s in
t h e i r r e s p e c t iv e d i s t r i c t s , o f t h o a m o u n t o f c e r t i f i c a t e s w h i c h t h e y a r e
e x p e c t e d t o t a k e f r o m t i m e t o t i m e in p u r s u a n c e o f t h is p r o g r a m , w h i c h
a m o u n t c a n b e fig u r e d r o u g h ly t o e q u a l t w o a n d o n e - h a lf p e r c e n t o f t h e
g ro ss re so u rce s o f e a ch b a n k a n d tr u s t c o m p a n y fo r e v e r y p e r io d o f tw o
w e e k s, o r a to ta l o f 5 % m o n th ly .
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t h o b a n k s w e r e a s k e d t o t a k o w a s s u b s t a n t i a l l y e q u a l t o 2 % o f t h e ir g r o s s
re so u rce s fo r e a ch p e r io d o f t w o w e e k s , o r a t o t a l o f 4 % m o n t ly .
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b a n k s w ill s o m e w h a t d e p e n d u p o n t h e a m o u n t t o b o r a is e d f r o m t h e p u b l i c
t h r o u g h t h e s a le o f t a x c e r t i f i c a t e s a s a b o v e d e s c r i b e d .
A lr e a d y m o r e t h a n s e v e n h u n d r e d t h o u s a n d o f o u r s p le n d id A m e r ic a n
b o y s a re o n th e s o il o f F r a n co a n d m a n y o f th e m a r e a c t u a lly f ig h tin g a m o n g
t h o h e r o ic d e fe n d e r s o f t h e W e s t e r n fr o n t .
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t r o o p s a r o c o n s t a n t l y g o i n g f o r w a r d t o F r a n c o a n d t h i s s t r e a m w il l n o t s t o p
u n t i l t h e r e is e n o u g h o f A m e r i c a n m a n h o o d a n d v a l o r o n t h e b a t t l e l in e t o
d e f e a t t h e K a is e r a n d h is m in io n s a n d f o r c e p e a c e u p o n t h e r ig h t e o u s b a s is
w h ic h w ill m a k e s e c u r e t h o l ib e r t i e s o f m a n k i n d .
A m e r ic a ’s so n s a re d y in g
d a l l y in t h o s e b a t t l e s o f f i r e a n d p o i s o n g a s e s t h a t a r o n o w r a g i n g in F r a n c e .
T h e h e a r t o f e v e r y A m e r i c a n m u s t t h r il l w it h p r i d e a n d e m o t i o n a s h e t h i n k s
o f t h e s a c r if i c e s o u r s o n s a r e m a k i n g f o r o u r s a f e t y a n d o u r l i b e r t y .
T h o b a n k e r s o f t h e U n it e d S t a t e s c a n r e n d e r a p e c u l i a r l y h e l p f u l s e r v ic e
t o o u r g a lla n t s o n s b y k e e p in g t h o T r e a s u r y o f t h e U n it e d S ta te s s u p p lie d
w i t h t h e m o n e y r e q u i r e d b y t h o G o v e r n m e n t t o f u r n is h e v e r y A m e r i c a n
h e r e w it h t h i n g s h o m u s t h a v e t o f i g h t v i c t o r i o u s l y o r t o d i e g l o r i o u s l y .
I a m s u r e t h a t n o p a t r i o t i c b a n k e r in t h e U n i t e d S t a t e s w il l f a il t o d o h is fu ll
m e e d o f e s s e n t ia l s e r v i c e t o h is c o u n t r y a n d t o h e r n o b l e d e f e n d e r s .

OFFERING OF TREASURY CERTIFICATES IN ANTICI­
PATION OF FOURTH LIBERTY LOAN.
F o llo w in g th e a n n o u n c e m e n t o n J u n o 1 6 b y S e c r e ta r y o f
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on June 1 8 .

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a s fo llo w s b y S e c r e ta r y M c A d o o :
T h e S e cre ta ry o f th e T r e a s u r y , u n d e r th e a u th o r ity o f th e A c t a p p r o v e d
S e p t. 2 4 1 9 1 7 , a s a m e n d e d b y th e A c t a p p r o v e d A p ril 4 1 9 1 8 . o ffe r s fo r
s u b s c r ip t i o n , a t p a r a n d a c c r u e d i n t e r e s t , t h r o u g h t h e F e d e r a l R e s e r v e
b a n k s , $ 7 5 0 ,0 0 0 ,0 0 0 o r m o r e T r e a s u r y c e r t i f i c a t e s o f i n d e b t e d n e s s , S e r ie s
4 A , d a te d a n d b e a rin g in te re s t f r o m J u n o 2 5 1 9 1 8 , p a y a b le O c t . 2 4 1 9 1 8 ,
w it h in te re s t a t th e r a te o f 4 J 4 % p e r a n n u m .
A p p l i c a t i o n s w ill b e r e -

c e iv e d a t th e F e d e ra l R e s e rv e b a n k s .

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c l o s o o f b u s in e s s J u l y 2 1 9 1 8 .
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$ 1 0 ,0 0 0 a n d $ 1 0 0 ,0 0 0 .
S a id c e r t i f ic a t e s s h a ll b o e x e m p t , b o t h a s t o p r i n ­
c ip a l a n d i n t e r e s t , f r o m a ll t a x a t i o n n o w o r h e r e a f t e r I m p o s e d b y t h e
U n it e d S t a t e s , a n y S t a t e , o r a n y o f t h e p o s s e s s io n s o f t h o U n it e d S t a t e s ,
o r b y a n y l o c a l t a x i n g a u t h o r i t y , e x c e p t (a ) e s t a t e o r in h e r it a n c e t a x e s ,
a n d (6 ) g r a d u a t e d a d d it i o n a l i n c o m e t a x e s , c o m m o n l y k n o w n a s s u r t a x e s ,
a n d e x ce s s p r o fit s a n d w a r p r o fit s ta x e s , n o w o r h e re a fte r Im p o s e d b y th o
U n it e d S t a t e s u p o n t h o i n c o m e o r p r o f i t s o f i n d i v id u a l s , p a r t n e r s h i p s ,
a s s o c ia t i o n s o r c o r p o r a t i o n s .
T h o in t e r e s t o n a n a m o u n t o f b o n d s a n d
c e r t i f i c a t e s a u t h o r i z e d b y t h e s a i d A c t a p p r o v e d S e p t . 2 4 1 9 1 7 , o r b y s a id
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d o e s n o t e x c e e d in t h o a g g r e g a te $ 5 ,0 0 0 , o w n e d b y a n y in d iv id u a l, p a r tn e r ­
s h i p , a s s o c ia t i o n o r c o r p o r a t i o n , s h a ll b o e x e m p t f r o m t h o t a x e s p r o v i d e d
f o r i n c la u s e (6 ) a b o v e .
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n e r a s m a y b o d e t e r m in e d b y t h e S e c r e t a r y o f t h o T r e a s u r y , t h o c e r t i f i ­
c a t e s o f t h is s e r ie s m a y b e r e d e e m e d a s a w h o le a t p a r a n d a c c r u o d in t e r e s t
o n o r a fte r a n y d a t e o c c u r rin g b e fo r e t h e m a t u r it y o f s u c h c e r tific a t e s ,
s e t f o r t h o p a y m e n t o f t h e f ir s t in s t a ll m e n t o f t h o s u b s c r ip t i o n p r i c e o f a n y
b o n d s o f f e r e d f o r s u b s c r i p t i o n b y t h o U n it e d S t a t e s a f t e r t h o o f f e r i n g a n d
b e f o r e t h o m a t u r i t y o f s u c h c e r t i f ic a t e s .
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b e a c c e p t e d a t p a r , w it h a d ju s tm e n t o f a c c r u o d In te r e s t, i f te n d e r e d o n s u c h
i n s t a ll m e n t d a t e in p a y m e n t o n t h o s u b s c r ip t i o n p r i c e t h e n p a y a b l o o f a n y
s u c h b o n d s s u b s c r ib e d f o r b y a n d a l l o t t e d t o h o l d e r s o f e u c h c e r t i f ic a t e s .
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w ill n o t b o a c c e p t e d in p a y m e n t o f t a x e s .
T h o r ig h t is r e s e r v e d t o r e j e c t
a n y s u b s c r ip t i o n a n d t o a l lo t le s s t h a n t h o a m o u n t o f c e r t i f ic a t e s a p p li e d
f o r a n d t o c l o s e t h o s u b s c r ip t i o n s a t a n y t im o w i t h o u t n o t i c o .
Paym ent
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A f t e r a l lo t m e n t a n d u p o n p a y ­
m e n t F e d e r a l R e s e r v o b a n k s w ill is s u o in t e r i m r e c e ip t s p e n d in g d e l i v e r y
o f t h o d e f i n i t o c e r t i f ic a t e s .
Q u a l if ie d d e p o s i t a r ie s w ill b o p e r m i t t e d t o
m a k e p a y m e n t s b y c r e d it f o r c e r t i f i c a t e s a l l o t t e d t o t h e m f o r t h e m s e lv e s
a n d t h e ir c u s t o m e r s u p t o a n a m o u n t f o r w h ic h e a c h s h a ll h a v o q u a li fi e d in
e x c e s s o f e x is t in g d e p o s i t s w h e n s o n o t i f i e d b y F e d e r a l R e s o r v o b a n k s .
A s f i s c a l a g o n t s o f t h e U n it e d S t a t e s , F e d e r a l R e s e r v e b a n k s a r o a u t h o r i z e d
a n d r e q u e s t e d t o r e c e i v e s u b s c r ip t i o n s a n d t o m a k e a l l o t m e n t In f u l l in
t h e o r d e r o f t h e r e c e ip t o f a p p li c a t io n s u p t o t h o f o l l o w i n g a g g r e g a t e a m o u n t s
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D a ll a s _______
S a n F r a n cis c o

............................................................................................ - ______________ $ 7 5 0 ,0 0 0 ,0 0 0

T o ta l

WARNING THAT GOVERNMENT CAN CONSCRIPT
B A N K RESOURCES IF B AN KS DO NOT RE­
SPOND TO GOVERNMENT FINANCING.
A t a m e e tin g in C h ic a g o o n J u n o 1 8 , GOO b a n k e rs re p re se n t­
in g 3 3 8 c o u n tie s in th e F e d e ra l R e se r v e D is t r ic t o f C h ic a g o
p le d g e d

th e m se lv e s

to

a b so r b

th eir

q u o ta

of

T reasu ry

c e rtific a te s t o b o issu ed in a n tic ip a tio n o f th e F o u r th L ib e r t y
Loan.

T h e m e e tin g w a s a d d re sse d b y P a u l M . W a r b u r g ,

V ic e -G o v e r n o r o f th e F e d e ra l R e s e r v e B o a r d ; M . A . T r a y lo r ,
D ir e c to r o f S a le s o f C e r tific a te s fo r th e

C h ic a g o

R eservo

D is t r ic t ; J . B . M c D o u g a l , G o v e r n o r o f th e C h ic a g o F e d e ra l
R e s e r v e B a n k ; W . A . H e a t h , C h a ir m a n o f th e la t te r , & c .
T h e C h ic a g o “ H e r a ld ” sta te s th a t M r . T r a y lo r , w h o m a d o
th e p rin c ip a l a d d re ss, p u t th e b a n k e rs o n th e ir m e tt le b y
to llin g th e m t h a t if th e y d o n o t re sp o n d w illin g ly to

G overn ­

m e n ta l fin a n c in g th e G o v e r n m e n t h as th e p o w e r to c o n sc rip t
th eir re so u rce s, as it h a s c o n sc r ip te d m e n a n d ta k e n th o o u t­
p u t o f fa c to r ie s .

TREASURY CERTIFICATES I N AN TICIPATION
THIRD LIBERTY LOAN PAID JUNE 1 8 .
A

b lo c k o f 8 5 4 3 ,0 3 2 ,5 0 0

of T rea su ry

OF

c e rtific a te s o f in ­

d e b te d n e s s , d a te d M a r c h 2 0 a n d issu e d in p re p a ra tio n fo r
th e T h ir d L ib e r t y L o a n , fe ll du e o n J u n e 1 8 .
in

th o F e d e ra l R e s e r v e D is t r ic t o f N o w Y o r k

havo

h e ld

8 1 9 3 ,7 0 0 ,5 0 0

of

th e

c e r tific a te s .

T h e banks
aro

said

The

to

Now

Y o r k “ T im e s ” o f J u n e 1 9 s ta te d t h a t “ to m e e t tho m a tu r ity ,
th e G o v e r n m e n t h a d to w ith d ra w fu n d s on d e p o sit w ith the
banks

and

tru st

c o m p a n ie s.

The

exact

am ount

of

th e

w ith d ra w a ls w a s n o t m a d e p u b lic , b u t it is u n d e r sto o d th a t
i t w a s clo se to 8 2 5 0 ,0 0 0 ,0 0 0 .”

WAR SAVINGS DRIVE I N N E W YORK .
A

p h ases.

T h o firs t p h a s e , w h ich b e g a n o n th o 1 7 t h , h a d a s its

a im

o rg a n iz a tio n

th o

in

all

tr a d e ,

b u s in e s s ,

p r o fe s s io n a l,

re lig io u s, ra cia l a n d soc ial g r o u p s o f th o p o p u la tio n , o f W a r
S a v in g s S o c ie tie s .

A

p re re q u isite to m e m b e rs h ip in thoso

soc ietie s is th e sig n in g o f a p le d g e to p ra ctic e e c o n o m y in th o
p u rc h a se a n d u se o f f o o d , c lo th in g a n d o th e r su p p lie s a n d to
in v e s t re g u la rly th e m o n e y th u s s a v e d in T h r i ft a n d
S a v in g s

sta m p s.

The

se co n d

p h a se

of

th e

d riv e

W ar

opened

y e s te r d a y (June 2 1 ) a n d w ill ru n u n til N a t io n a l W a r S a v in g s
D a y , June 2 8 .

I t w ill h a v e fo r its p a r tic u la r p u rp o se th e

e n d e a v o r to o b ta in W a r S a v in g s p lo d ge s f r o m

a ll p erson s

w h o d o n o t care to a ffilia te th e m s e lv e s w ith th e so c ie tie s.
I n fu rth e r a n c e o f th is p a r t o f th e c a m p a ig n th o D e m o c r a tic
a n d R e p u b lic a n o rg a n iz a tio n s w ill c o n d u c t a h o u s e -to -h o u s o
ca n va ss a n d

th e w o m e n ’ s c o m m it te e w ill b o in c h a rg o o f

b o o th s o n th o s tr e e ts , in s to re s, th e a tre s a n d otlior p u b lio
p la c e s .
A . R . F o r g u s s o n , M a n a g e r o f th o N e w s B u r e a u o f D ir e c to r
A lle n ’ s o ffic e s a t 5 1 C h a m b e r s S t . , in se ek in g to co rrec t a
m isa p p re h e n sio n w h ic h h a s arisen w ith re g a rd to th e d r iv e ,
s ta te s th a t th e m a in o b je c t is n o t to o b ta in p le d g e s fo r th e
8 1 0 0 ,0 0 0 ,0 0 0 q u o ta w h ic h N e w Y o r k is e x p e c te d to raise
b e fo re th e e n d o f th e y e a r , b u t a s s ta te d in P re s id e n t W i ls o n ’ s
p r o c la m a tio n , to p le d g e e v e r y m a n , w o m a n an d c h ild b e fo ro
J u n o 2 8 , “ to s a v e c o n s ta n tly a n d b u y as re g u la rly as p o ssib le
th e secu ritie s o f th e G o v e r n m e n t , a n d to d o th is as fa r as
p o ssib lo

th r o u g h

m e m b e rs h ip

in

W ar

S a v in g s

S o c io tie s .”

S ta to D ir e c to r A llo n in a s ta te m e n t o n J u n o 1 8 , s a id :

T h e r e a l o b j e c t o f t h is d r i v e is t o e n lis t t h o e n t i r e p o p u l a t i o n in t h o A r m y
o f S a v e r s , a n d t h o v e r y d e f i n i t e o b j e c t o f t h o J u n o d r i v e is t o s e c u r o a
m in im u m o f t w o m il l io n r e g is t e r e d w a r s a v e r s in N e w Y o r k C i t y , e it h e r
t h r o u g h m e m b e r s h ip in W a r - S a v i n g s S o c i e t ie s , o r t h r o u g h t h o s ig n in g o f
$ 6 8 ,0 0 0 ,0 0 0
i n d i v id u a l p l e d g e c a r d s .
N o t h i n g le s s t h a n t w o m il l io n b y J u n o 2 8 t h c a n
2 5 1 .0 0 0 .
0 0 0b o a s a t i s f a c t o r y a n s w e r t o P r e s i d e n t W i l s o n ’ s a p p e a l t o e v e r y m a n , w o m a n
5 3 .0 0 0 .
0 0a0n d c h i l d t o e n l is t in t h e h o m o a r m y o f p r o d u c t i o n a n d s a v i n g p r i o r t o t h a t
6 8 .0 0 0 . 00 0
d a to.
I n o r g a n i z in g t h i s a r m y o f s a v e r s i t is f u r t h e r o u r o b j e c t t o s e c u r o
2 6 ,0 0 0 ,0 0 0
n o t lo s s t h a n t e n t h o u s a n d W a r - S a v i n g s S o c i e t ie s o r T e a m s d u r in g t ld s
2 2 ,0 0 0 ,0 0 0
d riv o .
1 0 5 .0 0 0 . 0 0 0
T h o r e s u l t o f t h o f i r s t t w o d a y s o f t h is d r i v e is m o s t e n c o u r a g i n g .
O ver
3 0 .0 0 0 .
0 0500 0 W a r S a v in g s s o c ie t i e s h a v e b e o n e s t a b l is h e d a n d r e p o r t e d t o u s .
2 6 .0 0 0 .
0 0 0 A l l t h o s o c o n n e c t e d w i t h s i t u a t i o n s w h e r e la r g e g r o u p s o f p o o p l o c a n b o
3 0 .0 0 0 .
0 0o0r g a n i z e d i n t o t h is h o m o a r m y o f W a r S a v in g s a r o c a l l e d u p o n t o v o l u n t e e r
1 8 .0 0 0 . 0 0 0
t h e ir s e r v ic e s in t h i s o r g a n i z a t i o n w o r k a n d u r g e d t o g o t in t o u c h w i t h t h e
5 3 , 0 0 0 ,0 0 0
W a r S a v in g s C o m m i t t e e , 51 C h a m b e r s S t r e e t .

____

Boston

[Vol. 106

THE CHRONICLE

2608

d riv o fo r W a r S a v in g s S o c ie ty m e m b e r s a n d signers o f

I n s till a n o th e r s ta te m e n t D ir e c to r A lle n s a id :
E v e r y p e r s o n is c a l le d u p o n t o b u y W a r S a v in g s s t a m p s t o t h o l im i t o f h i
a b i l i t y , r e g a r d le s s o f h is o w n e r s h ip o f o t h e r G o v e r n m e n t s e c u r it i e s , f o r t h o
w a r -s a v i n g s p l a n t h r o u g h t h o W a r S a v in g s S o c i e t y o r t e a m is c o n t in u o u s in
i t s o p e r a t i o n a n d w il l e s t a b l is h t h e h a b i t o f t h r i f t In t h o n a t i o n .
I t u n ite s
o u r p e o p l e in g r e a t n a t i o n a l p u r p o s e s , a n d t e n d s t o p r o d u c o a n e c o n o m i c
a n d i n d u s t r ia l a d j u s t m e n t o f o u r c o u n t r y t o w a r c o n d i t i o n s .
T h o w ars a v in g s c a m p a i g n is a g r e a t s t e p In e c o n o m i c p r e p a r e d n e s s f o r t h e p o r l o d
a fte r th e w a r.

.

T h e w o r k o f o r g a n iz in g W a r S a v in g s S o c ie tie s is u n d o r
th o d ire c tio n o f th o W a r S a v in g s S o c ie t y B u r e a u , o f w h ic h
W illia m C . E d w a r d s , V ic e -P r e s id e n t o f th o G u a r a n t y T r u s t ,
h a s b e e n a p p o in t e d m a n a g e r fo r th e d r iv e .
w ill b o ca rrie d o u t b y

T h e fie ld w o r k

th e P io n e e r D i v i s i o n , th o F o r e ig n

L a n g u a g e C o m m i t t e e , a n d th e W o m e n ’ s C o m m it t e e .
T h e fo rc e s o f th o P io n e e r D iv is io n h a v e b e o n re in fo r c e d
fo r th e d riv e b y th o A d v is o r y T r a d e s C o m m i t t e e , o r R a in b o w
D iv is io n

of

th e

L ib e r t y

Loan

C o m m itte e .

B o n ja m in

S tr o n g , G o v e r n o r o f th e F e d e r a l R o s e rv o B a n k a n d C h a ir ­
m a n o f th o L ib e r t y L o a n C o m m it t e e , o n J u n e 1 6 in a n a p p e a l
in b e h a lf o f th o w a r -s a v in g s d r iv e , s a id :
T h o S e c r o t a r y o f t h o T r e a s u r y h a s d e s ig n a te d th o 2 8 th d a y o f J u n o as
N a t i o n a l W a r S a v in g s D a y . a n d t h o P r e s i d e n t h a s p u b l i c l y a p p e a le d t o
e v e r y m a n , w o m a n , a n d c h i l d , in a c c o r d a n c e w i t h t h e r o q u e s t o f t h o T r e a s ­
u r y D e p a r t m e n t , t o p l e d g e h i m s e lf o r h e r s e l f o n o r b e f o r o t h a t d a t o t o s a v e
c o n s t a n t l y , a n d w i t h s u c h s a v in g s t o b u y a s r e g u l a r ly a s p o s s i b lo , b o t h
L i b e r t y b o n d s a n d W a r S a v in g s s t a m p s .
T h o P r e s id e n t fu r th e r u rg es
‘ ‘ T h a t o u r p e o p l e o v e r y w h e r o p l e d g o t h e m s e lv e s t o t h o p r a c t i c o o f t h i r f t ;
t o s e r v o t h o G o v e r n m e n t t o t h e ir u t m o s t in I n c r e a s in g p r o d u c t i o n In a ll
f i o l d s n e c e s s a r y t o t h o w in n in g o f t h o w a r ; t o c o n s e r v o f o o d a n d f u e l a n d
u s e f u l m a t e r ia l s o f e v e r y k i n d , a n d t o b u y o n l y t h o s o t h in g s w h i c h a r o
e s s e n t ia l t o i n d i v id u a l h e a l t h a n d e f f i c i e n c y . ”
T h o W a r S a v in g s s t a m p s o f f e r a n i d e a l m e d i u m f o r t h o i n v e s t m e n t f r o m
d a y t o d a y o f t h e f u n d s t h u s s a v e d , a n d t h o W a r S a v in g s O r g a n iz a t i o n Is
u n d e r t a k in g a c a m p a i g n t o s e c u r e f r o m a l l r e s id e n t s o f t h o S t a t o a w r l t t o n
p l e d g e t o r e d u c e e x p e n d it u r e s f o r p u r p o s e s n o t c o n d u c i v e t o t h o w in n in g
o f t h e w a r , a n d t o i n v e s t t h e s e s a v in g s r e g u l a r ly in s p e c i f i e d a m o u n t s o f
W a r S a v in g s s t a m p s , d o i n g t h i s a s f a r a s p o s s i b lo t h r o u g h m e m b e r s h ip In
W a r S a v in g s S o c l t lo s .
W a r S a v i n . s s t a m p s a r e e q u a ll y o b l i g a t i o n s o f t h o U n i t e d S t a t e s G o v e r n ­
m e n t a n d th o L ib e r t y L o a n C o m m itte o , fo r th o S e co n d F e d e ra l R o s e r v e
D i s t r i c t d e s ir e s t o c o - o p e r a t e w it h t h o W a r S a v in g s O r g a n iz a t i o n s in t h is
w ork .
I a m t h e r e fo r e w r i t in g t o a s k i f y o u w ill l e n d e v o r y h o lp t o t h o C h a ir ­
m a n o f t h e W a r S a v in g s C o m m i t t e e in y o u r c o m m u n i t y in p r o p a r i n g Id s
o r g a n i z a t io n f o r o p e r a t i n g t h o d r i v o .

S a v in g s a n d

P la n s w ore c o m p le te d o n Ju n o 1 8 to rea ch e v o r y o n e o f th o

T h r i f t s ta m p s w a s b e g u n in th is c it y o n M o n d a y la s t , J u n o 1 7 ,

3 , 0 0 0 ,0 0 0 fo ro ig n -la n g u a g e -s p o a k in g re sid e n ts o f N o v .‘< Y o r k

a n d w ill c o n tin u e u n til J u n o 2 8 , th o d a y d e sig n a te d b y P re si­

w ith th e a p p e a l o f th e W a r S a v in g s c a m p a ig n .

d e n t W i ls o n a s N a t io n a l T h r i ft D a y .

F red orio W . A lle n ,

p e rc e n ta g e o f th e c i t y ’ s p o p u la tio n is m o ro fa m ilia r w ith th o

W a r S a v in g s D ir e c to r f o r N o w Y o r k , o n J u n o 1 6 issu e d a n

la n g u a g e s a n d d ia le c ts o f its th ir ty -o n e raco g r o u p s th a n w ith

a p p e a l to a ll citiz e n s w h o c a n g iv e th e ir tim e to th o d riv e as

E n g lis h , so th o a p p e a l w ill bo m a d o in e a ch o n o o f thoso

s o lic ito r s , o r g a n iz e r s, sp e a k e r s, o r offic e w o rk e rs, to a u g m e n t

la n g u a g e s .

t h o fo rc e s n o w m a rsh a le d fo r i t .

L a n g u a g e D iv is io n o f th e W a r S a v in g s C o m m it t e o .

p le d g e s fo r

th e s y s te m a tic




p u rc h a se o f W a r

T h e d riv o fa lls in t o tw o

The

w o rk w ill b o carried

on

by

T h is h u g o

th o F o r e ig n
E very

foreign colony in the city will be intensively canvassed. The
work will be done by committees made up of the leadors in
each racial or national group. They will reach overy man,
woman and child and explain exactly what the W a r Savings
drive is for so that every one of them may bo enlisted in the
thrift campaign.
The chief mediums for this educational work are the for­
eign language press and pulpit, and the example and influ­
ence of tho committees of race leaders. There are 161 papers
published in languages other than English in N e w Y o rk City.
Some of these, for instance the Yiddish and Italian papers,
have largo and influential circulations. Tho papers printed
in tho other twenty-nine languages perhaps have not as largo
circulation, but each one of them is a great power with its
readers. Theso foreign papers will bo supplied with news
articles and editorials dealing with the W a r Savings campaign
among their own people, made up of appeals that are of spe­
cial interest to tho race group. These articles will be printed
in tho languago of the race to supplement other matter, in
English. The foreign papers will also be supplied with ad­
vertising matter in their own tongue.
The N o w Y o rk Chamber of Commerce has thrown the
weight of its influence into the W a r Savings stamp drive.
In a set of formal resolutions adopted by the Chamber at the
instance of its Committee of Finance and Currency, and
addressed to its mombers, tho organization places itself on
record as endorsing the principles of the W a r Savings plan in
bringing home to every citizen an understanding of his
patriotic duties in conserving the resources of tho nation for
war purposes and also for the betterment of individual
character and economic habits.
President W ilson’s action in designating June 28 as
National Thrift D a y has been followed by the issuanco of a
proclamation b y Governor W hitm an of N o w Y o rk setting
apart tho day in this State for the registering “ of pledges to
save and economize to help win tho war, and to fulfill such
pledges b y investing in a specified amount of W a r Savings
certificates during the remaining months of 1918.” The
following is the Governor’s proclamation:
STATE

OF N EW

YORK.

E x e cu tiv e C h a m b e r.

Whereas, T h e P r e s i d e n t o f t h e U n it e d S t a t e s h a s s u m m o n e d t h o A m e r i c a n
p e o p l e t o u n iv e r s a l s a v i n g , s o t h a t m o r e m a n - p o w e r a n d m a t e r ia l m a y b e
a v a i l a b l e f o r t h o s u p p o r t o f t h e a r m y a n d n a v y o f t h e U n i t e d S t a t e s in
t im e t o w in t h e w a r , a n d
. „ .
„
,
Whereas T h o W a r S a v in g s C o m m i t t e e o f t h e S t a t e o f N e w Y o r k , p u r ­
s u a n t t o u r g o n t r e q u ir e m e n t s o f t h o U n it e d S t a t e s T r e a s u r y , h a s p r e p a r e d ,
i n t h e w e e k o f J u n o 2 2 t o J u n e 2 8 , t o t a k e p l e d g e s f r o m a ll t h e p e o p l e o f
t h e S t a t o f o r I n v e s t m e n t in W a r S a v in g s c e r t i f ic a t e s , t h e s a m e t o b o r e g is ­
t e r e d o n N a t io n a l W a r S a v in g s D a y , J u n e 2 8 :
Now, therefore, I , C h a r lo s S . W h i t m a n , G o v e r n o r o f t h o S t a t o o f N e w
Y o r k , d o h e r e b y d e s i g n a t e J u n o 2 8 b e t w e e n t h o h o u r s o f n o o n a n d 10 p . m . .
a s a t im e w h e n a ll p a t r i o t i c c it i z e n s s h a ll a p p e a r In p e r s o n o r b y p r o x y , a s
e v i d e n c e d b y a p r e v i o u s ly s ig n e d W a r S a v in g s p l e d g e c a r d , a t t h o n e a r e s t
s c h o o l h o u s o o r o t h e r d e s i g n a t e d p l a c e o f r e g i s t r a t i o n , t o r e g is t e r p l e d g e s t o
s a v o a n d e c o n o m i z e , t o h e l p w in t h e w a r a n d t o f u lf i ll s u c h p l e d g e s b y In­
v e s t in g i n a s p e c i fi e d a m o u n t o f W a r S a v in g s c e r t i f ic a t e s d u r i n g t h o r e m a in ­
in g m o n th s o f 1918.
G i v e n u n d o r m y h a n d a n d t h e p r i v y S e a l o f t h o S t a t e a t t h o C a p i t o l In t h o
c i t y o f A l b a n y t h is f i f t e e n t h d a y o f J u n o , i n t h o y o a r o f o u r L o r d o n e
th o u s a n d n in e h u n d r e d a n d e ig h te e n .
C H A R L E S S. W H IT M A N .
B y th e G o v e rn o r:
W IL L IA M

A.

2609

THE CHRONICLE

June 22 1918.1

OUR,

Secretary to the Governor.

M ayo r H ylau of N e w Y o rk on Juno 8 also issued a pro­
clamation calling on tho citizens to pledge themselves to save
and buy war stamps regularly.
Secretary of the Treasury M cAdoo, in appealing on
Juno 17 for the support of the people of the country to make
National Thrift D a y a great “ rallying day,” said:
O v e r 8 0 0 ,0 0 0 o f A m e r i c a ’ s s o n s a r e a l r e a d y o n t h o f ie l d s o f F r a n c o , w lie r o
t h o b l o o d i e s t a t t a c k s o f a ll h i s t o r y a r e r a g i n g .
T h e y a r e s u f fe r i n g a n d
d y in g fo r u s a t h o m o .
T h e y a r e g i v in g t h e i r liv e s f r e e l y a n d h e r o i c a ll y t o
s a v e A m e r i c a a n d t h o lib e r t ie s o f m a n k i n d .
T h e y n e e d f o o d , c lo t h i n g
a n d a rm s
E v e r y o n o w h o b u y s W a r S a v in g s S t a m p s o r s ig n s a p l e d g o t o
s a v o a n d b u y t h e s o s t a m p s o v e r a p e r i o d o f t i m e h e l p s h i m s e lf a n d h e lp s
d i r e c t l y e v e r y A m e r i c a n h e r o In F r a n c o .
I s n ’ t t h is t h o le a s t e a c h p a t r i o t c a n d o t o e n a b le o u r g a lla n t b o y s t o f i g h t
v i c t o r i o u s l y o r t o d l o g l o r io u s l y in t h o c a u s e o f h u m a n i t y a n d l ib e r t y ?
L et
n o o n o w h o g e n u i n e l y lo v e s A m e r i c a a n d w a n t s t o s e r v o , f a il t o e n lis t i n t h o
g r o a t a r m y o f w a r s a v e rs d u r in g th e p e r io d e n d in g J u n e 2 8 1 9 1 8 .

Tho total salos of W a r Savings certificates and Thirft
stamps from Dec. 1 1917 up to June 17 amounted to $276,­
854,601; tho total sales of Thrift stamps and W a r Saving
certificates in Greater N e w Y o rk amounted on the date
named to $28,012,096. The sales of certificates and stamps
b y months to tho ond of M a y were as follows:
M a y 1 t o M a y 3 1 ..............$ 5 7 . 9 5 6 . 6 4 0 1F e b . 1 t o F e b . 2 8 ------------$ 4 1 ,1 4 8 ,2 4 4
A n r 1 t o A p r . 3 0 .............. 6 0 . 9 7 2 , 9 8 4 1J a n . 1 t o J a n . 3 1 .............. 2 4 , 5 5 9 , 7 2 2
M a r ‘ 1 t o M a r . 3 1 ............... 5 3 . 9 6 7 ,8 6 4 | D o c . 1 t o D e c . 3 1 ...............1 0 .2 3 6 .4 5 1




CH ICAG O

BOARD

OTHER

OF

TH AN

TRADE

BANS

O F F IC IA L

C IR C U L A T IO N

CROP

OF

REPORTS.

A resolution prohibiting members of the Chicago B oard
of Trade feonYcirculating any but official crop reports was
adopted by the Directors of the Board on June 19. The
resolution reads as follows:
H e r e a ft e r c r o p r e p o r t s s h a ll b o g i v e n p u b l i c i t y o n l y w h e n c o m p i l e d
b y a c c r e d i t e d - c r o p e x p e r t s : f u r t h e r , t h o s e w is h i n g t o q u a l i f y a s s u c h e x ­
p e r t s s h a ll r e g is t e r t h e ir n a m e s i n t h e s e c r e t a r y ’ s o f f i c e a n d b e d u l y a p ­
p roved .
A f t e r s u c h r e g i s t r a t i o n a n d a p p r o v a l c r o p r e p o r t e r s w ill b e p e r m i t t e d
t o c o m p i l e t h o r e s u lt s o f t h e i r in v e s t ig a t i o n s a n d m a k e p u b l i c i n f o r m a ­
t i o n r e la t i v e t o c r o p c o n d i t i o n s w h e n t h e r e p o r t s a r e s u f f i c i e n t l y c o m p r e ­
h e n s i v e t o i n d i c a t e t h e g e n e r a l s i t u a t io n .
C i r c u l a t io n in a n y m a n n e r w h a t s o e v e r b y m e m b e r s o f t h i s a s s o c ia ­
t i o n o f c r o p r e p o r t s f r o m o t h e r s o u r c e s t h a t a r o n o t o f f i c i a l w ill b o a v i o ­
l a t i o n o f t h o a c t i o n o f t h is d i r e c t o r y a n d w ill b e c o n s i d e r e d a g r a v e o f f e n s e
a g a in s t t h o g o o d n a m e ^ o f t h e j a s s o c i a t i o n .

U.

S.

FOOD

A D M IN IS T R A T IO N

R E L A X IN G

W A R N S

A G A IN S T

W H E A T S A V IN G R E S T R IC T IO N S .

In warning againstJthe relaxation of wheat saving rules,
tho U . S. Food Administration issued a statement on June 7,
saying:
R e c e n t p re s s d is p a tc h e s w id e ly c ir c u la t e d t h r o u g h t h o c o u n t r y h a v e
g i v e n t h o w h o l l y f a ls e i m p r e s s i o n t h a t t h e r e is n o l o n g e r n e e d f o r r ig o r o u s
c o n s e r v a t io n o f w h e a t a n d f lo u r .
T h e F o o d A d m in is tr a tio n d e c la r e s th a t
e v e r y a s p e c t o f th o w h e a t s itu a t io n , b o t h p r e s e n t a n d p r o s p e c t iv e , in te n s i­
f ie s t h o n e e d f o r t h e g r e a t e s t p o s s i b le l im i t a t i o n i n t h o A m e r i c a n c o n s u m p ­
t io n o f w h e a t a n d w h e a t p r o d u c t s .
I f p r e s e n t r e s t r i c t io n s s h o u l d b e in t h e
s l ig h t e s t d o g r e e r o la x e d i t w o u l d r e s u lt in s e r io u s w a n t f o r t h e p e o p l e o f
E u ro p e b e fo r e th o n ew c r o p c a n re a ch th e m a rk e t.
T h o F o o d A d m i n i s t r a t i o n ’ s e s t im a t e o f t h e p o s i t i o n o n t h e 1 s t o f J u n e
i n d i c a t e s a t o t a l a v a i l a b l e s u p p l y u n t i l t h e n e w h a r v e s t , i n c l u d i n g t h o g r a in
w h i c h w il l b o a v a i l a b l e f r o m t h o f a r m s , in c o u n t r y a n d t e r m in a l e l e v a t o r s
a n d m il l e l e v a t o r s , o f a b o u t 5 6 . 0 0 0 , 0 0 0 b u s h e l s .
O f t h is , 3 0 ,0 0 0 ,0 0 0
b u s h e l s m u s t b e e x p o r t e d b e f o r e n e w w h e a t is a v a i l a b l e f o r e x p o r t i f w o
a r o t o m a i n t a in t h o a b s o l u t e l y n e c e s s a r y s h i p m e n t s t o o u r a r m y a n d t h e
A l l ie s .
T h a t le a v e s a b o u t 2 6 ,0 0 0 ,0 0 0 b u s h e ls f o r d o m e s t ic c o n s u m p t io n
fo r th e n e x t tw o m on th s.
N o r m a l A m e r i c a n c o n s u m p t i o n is s o m e t h in g o v e r 4 0 , 0 0 0 , 0 0 0 b u s h e l s a
m o n t h , s o t h a t th o m o s t lib e r a l c o n s u m p t io n a t h o m e w o u ld b e o n ly o n e th ird o f n o r m a l.
I n a d d it i o n t o t h e w h e a t o n t h e f a r m s a n d i n e l e v a t o r s t h e r e is a l w a y s a n
i n d e t e r m i n a t e f u r t h e r a m o u n t in t r a n s it a n d in d e a l e r s ’ h a n d s , a n d t h i s
c a n n o v o r b e r e c k o n e d in w i t h t h e f l o u r a v a i l a b l e f o r u s e f o r e x p o r t a n d a t
hom o.
A s a m a t t e r o f f a c t , t h i s s t o c k is n o t a c t u a l l y a v a i l a b l e , s i n c e t h e s e
s u p p l i e s m u s t r e m a in c o n s t a n t l y i n f l o w ; t h e y r e m a in a p e r m a n e n t s t o c k ,
t h o r e m o v a l o f w h i c h w o u l d l a t e r c a u s e a p e r i o d o f a c u t e s h o r t a g e in d i s ­
t r ib u tio n b o fo r o n o w w h e a t w o u ld b e a v a ila b le .
T h e r e Is f u r t h e r a n
i n c li n a t i o n t o I n c lu d e n e w c r o p p r o s p e c t s W ith p r e s e n t c o n d i t i o n s , w h i c h
h a s le d t o c o n fu s io n .
T h e h a r v e s t w il l n o t b o g e n e r a l l y a v a i l a b l e In f l o u r
u n t i l t h o m i d d l e o f A u g u s t o r e a r l y S e p t e m b e r , a l t h o u g h in t h o e x t r e m e
S o u t h i t w il l b e s o m e w h a t e a r l ie r .
A t a m e e t in g o f t h e F e d e r a l l 'o o d
A d m i n i s t r a t o r s in W a s h i n g t o n o n W e d n e s d a y , r e p r e s e n t in g a ll 4 8 S t a t e s ,
i t w a s t h e u n a n im o u s v i e w t h a t e v e n i f t h o h a r v e s t d o e s p r o v e a b u n d a n t ,
i t w il l b o t h o f i r s t d u t y o f t h e A m e r i c a n p e o p l e t o p l a c e o v e r y g r a in t h e y
c a n s a v o In to s t o r a g e a g a in s t p o s s ib le b a d y e a r s a h e a d .
In con seq u en ce
t h e r o s h o u l d b e n o a n t i c i p a t i o n o f u n l i m i t e d w h e a t b r e a d u n t i l t h e w a r is
S o m e o f th e m o s t I n c o n v e n ie n t r e s tr ic tio n s c a n n o d o u b t b e m o d ifie d
w i t h t h o a r r iv a l o f a l a r g e h a r v e s t , b u t i f w e a r e h o n e s t w i t h o u r s e l v e s , w e
W ill m a i n t a in r e s t r i c t io n s r e q u i r in g t h e u s e o f s o m e s u b s t i t u t e s , b o t h
d o m e s t i c a n d c o m m e r c i a l ; w e w il l c o n t i n u e t h e r e q u i r e m e n t o f h i g h - m il li n g
e x t r a c t i o n a n d t h e e l im i n a t i o n o f t h e n o n - e s s e n t ia l u s e o f a n d w a s t e o f f l o u r
an d b road .

O P E N IN G

OF N E W

D ISC O U R A G E D

B A K E R IE S
BY

FOOD

U N T IL

AFTER

AU G .

1

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

The U . S. Food Administration discourages the opening
of now bakeries until .after A ug. 1, because of the shortage
of wheat flour. In an announcement to this effect, it says:
U n t il t h o e n d o f t h e p r e s e n t c r i t i c a l s h o r t a g e o f w h e a t f l o u r t h o F e d e r a l
F o o d A d m i n i s t r a t o r s w il l d i s c o u r a g e t h e o p e n i n g o f n e w c o m m e r c i a l b a k e r ie s
t h o U S . F o o d A d m in is tra tio n a n n o u n ce s .
T h o s e in te n d in g t o e n te r th e
b u s i n e s s o f b a k in g b r o a d a n d r o ll s a r e r e q u e s t e d n o t t o a p p l y f o r l ic e n s e s
^ U n S T h ^ w h T a ^ d is t r ib u t io n ru le s , b a k e rs o f p r o d u c t s o t h e r th a n b r e a d
a n d r o ll s , w h o w e r e n o t in b u s in e s s in 1 9 1 7 , a r e n o t p e r m i t t e d t o p u r c h a s e
o r u s e a n y w h e a t f l o u r in t h e m a n u f a c t u r e o f s u c h p r o d u c t s u n t i l a f t e r
A u g . 1.
S u c h b a k e r s s h o u l d n o t a p p l y f o r l ic e n s e s u n t i l a f t e r t h a t d a t e .
A b a k e r w h o d e s ir e s t o s u r r e n d e r h is U c e n s e m u s t s a t i s f y h i s l o c a l F o o d
A d m i n i s t r a t o r t h a t h e is n o l o n g e r i n b u s in e s s , a n d t u r n o v e r h is l ic e n s e t o
h im .
W h e n s e llin g h is b u s i n e s s , a b a k e r is n o t p e r m i t t e d t o t r a n s f e r h is
l ic e n s e .
T h e l ic e n s e o f t h e s e lle r m u s t b e s u r r e n d e r e d t o t h e F o o d A d m i n i s ­
t r a t o r a n d t h o p u r c h a s e r m u s t a p p l y f o r a n e w l ic e n s e .
T h i s w il l b e
g r a n t e d o n l y In c a s e t h e s e lle r is c o n d u c t i n g h is b u s in e s s in a c c o r d a n c e w it h
t h e r e g u l a t io n s o f t h e F o o d A d m i n i s t r a t i o n a n d t h e s a l e is f o u n d t o b e a
le g it im a t e t r a n

s f e r . ____________ .. ■

R EG U LA TIO N S

FOR

IS S U E D

BY

G R A D IN G
FOOD

OF

CORN

PRODUCTS

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

The “ Official Bulletin” of M a y 28 announced the issuance
of the following statement by the U . S. Food Administration
concerning regulations for the grading of corn products:
s t r i c t r e g u l a t io n s f o r g r a d i n g c o r n p r o d u c t s w e r e a n n o u n c e d S a t u r d a y b y
th e U n it e d S ta te s F o o d A d m in is t r a tio n .
N o l ic e n s e d h a n d le r o f f o o d s t u f f s
w il l b o a l l o w e d t o q u o t e o r seU g o o d s n o t c o n f o r m i n g t o t h e n e w r u l in g s ,
W h ic h a r o d e s i g n e d p r i m a r i l y t o a s s u r e t h o c o n s u m e r o f a u n i f o r m p r o d u c t .
W h i l e n o a t t e m p t c a n b e m a d e t o f i x p r i c e s , t h o n e w r e g u l a t io n s e s t a b l is h
d e f i n i t e d i f f e r e n t i a ls f o r t h e v a r i o u s s i z e d p a c k a g e s o f c o r n m e a l , g r i t s ,
o r h o m i n y , b a s i n g t h e s e d i ff e r e n t i a ls o n 1 0 0 -p o u n d c o t t o n o r J u te s a c k s .
T h e s o d i f f e r e n t i a ls c a n b e e n f o r c e d o n l y u p o n l ic e n s e d d e a l e r s .
O f m ore
i m p o r t a n c e a s a f o o d - s a v i n g m e a s u r e is a n o t h e r r e g u l a t o n c o m p e t i n g l l c e n Z
t o s h i p aU c o r n p r o d u c t s i n s u c h c o n d i t i o n t h a t t h e y s h a U a r r i v e a t

2610

[Vol. 100

THE CHRONICLE

t h e i r d e s t i n a t io n c o o l , s w e o t , a n d in m e r c h a n t a b l e c o n d i t i o n , u n le s s t h e r e
T h e p u b l i c w il l r e a liz e t h a t t h e c h a n g in g c o n d i t i o n s o f p r o d u c t i o n f r o m
is a n e x p r e s s w r i t t e n a g r e e m e n t r e li e v i n g t h e m o f t h is r e s p o n s i b il i t y .
s e a s o n t o s e a s o n , t h o c h a n g i n g s i t u a t io n in s h i p p i n g , a n d t h e r e fo r e o f t h e
T h e t e x t u r e o f a l l p r o d u c t s c o v e r e d in t h e r e g u l a t io n s m u s t b e d e t e r m in e d
m a r k e t s a v a i l a d e t o t h e A l l ie s , a n d t h o in c r e a s in g d e m a n d f o r o u r g r o w i n g
b y s ift in g w it h h a n d s ie v e s .
A n a ly s e s f o r m o i s t u r o , f a t , c a r b o h y d r a t e s ,
a r m y , w i t h t h e f l u c t u a t i n g s u p p l y o f l o c a l b e e f In F r a n c e , a ll m a k e i t i m ­
f ib e r , a s h , & c ., m u s t b e m a d e b y t h e o ffic ia l m e t h o d s o f th e A m e r ic a n
p o s s i b le t o d e t e r m in e p o l ic i e s f o r a l o n g p e r i o d in a d v a n c e .
W e have
r e c e n t l y a s k e d f o r e c o n o m y in a ll m e a t c o n s u m p t i o n ; w o w ish n o w t o e m ­
A s s o c ia t io n o f A g ric u ltu ra l C h e m is ts .
T h e m o i s t u r e a n d f a t c o n t e n t w il l
b e s t r i c t l y r e g u l a t e d , e s p e c i a ll y o f g o o d s d e s i g n e d f o r e x p o r t .
p h a s iz e f u r t h e r r e d u c t i o n o f b e e f b y t h o s u b s t i t u t i o n o f p o r k .
I t is a n t i c i ­
M o i s t u r o in h o m i n y , g r i t s , c r e a m m e a l , a n d c o r n f l o u r h a s b e e n p l a c e d
p a t e d t h a t t h is p r o g r a m w ill h o l d g o o d u n t il S e p t . 1 5 , a n d t h o c o - o p e r a t i o n
a t t h e o u t s i d e l i m i t , a n d is n o t in t e n d e d t o l i m i t c o n t r a c t s e x p r e s s l y p r o v i d ­
o f t h e p u b l i c is m o s t e a r n e s t l y r e q u e s t e d .
in g f o r lo w e r c o n t e n t .
E x p o r te r s c u s t o m a r ily r e q u ir e
lo w e r th a n th e
The Federal Food Board, in conformity with a message
l i m i t a t i o n s s e t b y t h e P o o d A d m i n i s t r a t i o n , a n d m a n y d o m e s t i c b u y e r s a ls o
from United States Food Administrator Hoover, adopted
d e m a n d a lo w e r m a x im u m .
T h e m a x im u m h a s b e e n s e t a t th e h ig h e r le v e l
in o r d e r t o p r o t e c t s m a l l m ille r s e n g a g e d in l o c a l t r a d e in w h i c h d u r a b i l i t y
the following rule for N e w Y o rk State and city:
is n o t a n e s s e n t ia l f a c t o r .
L a r g o m ille r s a r e w a r n e d t o a d h e r e t o t h e le s s e r
B e g in n in g M o n d a y , J u n e 1 7 , a ll p r o p r i e t o r s o f r e s t a u r a n t s a n d h o t e l s
m a x im u m t o p r o t e c t th e ir c u s to m e rs a n d t h e ir tr a d e .
s h a ll n o t p l a c e o n t h e i r m e n u s o r s e r v e b o i le d b e e f m o r e t h a n t w o m e a l s
T h e f o l l o w i n g d i f f e r e n t i a l s , 1 0 0 -p o u n d c o t t o n o r j u t e b a g s a s t h e b a s i s ,
w e e k ly , b e e fs te a k m o r e th a n o n e m e a l w e e k ly , a n d ro a s t b e e f m o r e th a n
h a v e been a n n ou n ced:
o n e m e a l w e e ld y .
F re s h p o r k , b a c o n , h a m s a n d s a u s a g e s h o u ld b o s e r v e d
5 0 - p o u n d c o t t o n .....................
* $ 0 0 5 1 5 0 - p o u n d p a p e r ....................
x $ 0 10
as s u b s titu te s .
A s c o n s e r v a t i o n o f b e e f a n d b e e f x ir o d u c t s is a g a i n r e ­
2 5 - p o u n d c o t t o n ___________________* 0 1 5 1 2 5 -p o u n d p a p e r _______________________ xO 0 5
q u i r e d o f u s in a l a r g e r s c a l e a n d f o r a n i n d e f in i t e p e r i o d , p r o p r i e t o r s o f
1 0 - p o u n d c o t t o n ___________________* 0 3 5 11 0 - p o u n d p a p e r _______________________ * 0 10
r e s t a u r a n t s a n d h o t e l s a r e a d v i s e d t h a t a n y v i o l a t i o n o f t h is r u le o n a n d
5 - p o u n d c o t t o n ___________________* 0 7 0 1 5 - p o u n d p a p e r _______________________ * 0 2 0
a f t e r J u n e 17 w ill b e j u d g e d c a u s e f o r t h e s u m m o n i n g o f t h o v i o l a t o r s b e f o r e
I 3 - p o u n d p a p e r _________________ * 0 4 5
th is B o a r d .
W e a s k a ll h o u s e h o l d e r s , c l u b s a n d o t h e r s t o j o i n w it h t h e
p u b l i c p u r v e y o r s o f m e a t s in m a k i n g t h i s n o w c a ll f o r c o n s e r v a t i o n a s e f ­
* P e r 100 p o u n d s o v e r b a s is ,
P e r 1 0 0 p o u n d s u n d e r b a s is .
fe c t iv e a s th o n e c e s s it y re q u ire s .
W e a s k h o u s e h o ld e r s n o t t o b u y m o r e
E x tr a c h a r g e f o r b u r la p p in g , b a lin g , o r d o u b le s a c k in g , 3 5 c e n ts p e r 100
t h a n o n e a n d o n e - q u a r t e r p o u n d s o f c le a r b e e f w e e k l y , o r o n e a n d o n e - h a l f
pou n ds.
_______________________________________
p o u n d s , i n c lu d in g t h e b o n e , p e r p e r s o n in t h e h o u s e h o l d .

x

P R E S ID E N T
IN G

W ILSO N

FOR

ISS U E S P R O C L A M A T IO N

L IC E N S IN G

OF

STOCK

YARD S

CALL­

.

A proclamation of President W ilson made public on June 20
requires the Federal licensing of all commercial stock yards
in the country and all commission merchants and dealers
engaged in the business of live stock in connection with such
yards. The action is taken in accordance with the recom­
mendation of the committee appointed to report on the policy
to be pursued with regard to the meat and packing indus­
tries; the findings of the committee were referred to in our
issue of Juno 1. Regulatory powers under the proclamation
are conferred upon the Secretary of Agriculture, who in turn
has delegated the authority to the Bureau of M arkets, of
which Charles J. Brand is chief. The proclamation in
part says:
A l l i n d i v id u a l s , p a r t n e r s h i p s , a s s o c ia t i o n s a n d c o r p o r a t i o n s e n g a g e d in
t h e b u s in e s s o f c o n d u c t i n g o r o p e r a t i n g , f o r c o m p e n s a t i o n o r p r o f i t , p l a c e s ,
e s t a b l is h m e n t s , o r f a c il i t i e s , c o m m o n l y k n o w n a s s t o c k y a r d s , c o n s i s t i n g o f
p e n s o r o t h e r e n c l o s u r e s , a n d t h e i r a p p u r t e n a n c e s , in w h ic h l i v e c a t t l e ,
s h e e p , s w in e o r g o a t s , a r e r e c e i v e d , h e l d o r k e p t f o r s a le , f e e d in g , w a t e r in g
o r s h i p m e n t , a n d a ll I n d iv id u a ls , p a r t n e r s h i p s , a s s o c ia t i o n s a n d c o r p o r a ­
t io n s , c o m m o n ly k n o w n a s c o m m is s io n m e n , o r d e r b u y e r s , tr a d e r s , s p e c u ­
l a t o r s a n d s c a l p e r s , e n g a g e d i n t h e b u s in e s s o f h a n d li n g o r d e a l i n g in l iv o
c a t t l e , s h e e p , s w in e o r g o a t s In o r in c o n n e c t i o n w i t h s u c h s t o c k y a r d s ( e x c e p t a s e x e m p t e d b y s a id A c t o f C o n g r e s s ) , a r e h e r e b y r e q u i r e d t o s e c u r e
l ic e n s e s o n o r b e f o r e J u l y 2 5 1 9 1 8 w h ic h w ill b e is s u e d u n d e r s u c h r u le s a n d
r e g u l a t io n s g o v e r n i n g t h e c o n d u c t o f t h e b u s in e s s a s m a y b e p r e s c r ib e d
u n d e r s a id A c t .
T h e S e c r e t a r y o f A g r i c u l t u r e s h a ll c a r r y i n t o e f f e c t t h o p r o v i s io n s o f
s a id A c t , a n d s h a ll s u p e r v i s e a n d d i r e c t t h e e x e r c is e o f t h e p o w e r s a n d
a u t h o r i t y t h e r e b y g i v e n t o t h e P r e s i d e n t , a s f a r a s t h e s a m e a p p ly t o t h e
s a id b u s in e s s , a n d t o a n y a n d a ll p r a c t i c e s , p r o c e d u r e a n d r e g u la t io n s a p p l i ­
c a b l e t h e r e t o , a u t h o r i z e d o r r e q u i r e d u n d e r t h e p r o v i s io n s o f s a id A c t , a n d in
t h is b e h a l f h e s h a ll d o a n d p e r f o r m s u c h a c t s a n d t h i n g s a s m a y . b e a u t h o r i z e d
o r r e q u i r e d o f h i m f r o m t im e t o t im e b y d i r e c t i o n o f t h e P r e s i d e n t a n d
u n d e r s u c h r u le s a n d r e g u l a t io n s a s m a y b e p r e s c r i b e d b y t h e P r e s i d e n t
f r o m t im e t o t im e .
A l l d e p a r t m e n t s a n d a g e n c ie s o f t h e G o v e r n m e n t a r e
h e r e b y d i r e c t e d t o c o - o p e r a t e w it h t h e S e c r e t a r y o f A g r i c u l t u r e In t h e p e r ­
f o r m a n c e o f t h e d u tie s h e r e in b e fo re s e t fo r t h .
A p p l i c a t i o n s f o r l ic e n s e s m u s t b e m a d e t o t h e L a w D e p a r t m e n t , L i c e n s e
D i v i s i o n , U n it e d S t a t e s F o o d A d m i n i s t r a t i o n , W a s h i n g t o n , D . O . , u p o n
fo rm s p re p a re d fo r th a t p u rp o se .
A n y i n d i v id u a l , p a r t n e r s h i p , a s s o c ia t i o n o r c o r p o r a t i o n , o t h e r t h a n a s
h e r e i n b e f o r e e x c e p t e d , w h o s h a ll e n g a g e In o r c a r r y o n a n y b u s in e s s d o s c r i b e d h e r e in w i t h o u t f i r s t s e c u r in g t h e lic e n s e r e q u i r e d t h e r e fo r w ill b e
l i a b l e t o t h e p e n a lt i e s p r e s c r ib e d b y s a id A c t o f C o n g r e s s .

N E W

M E A T

R A T IO N IN G

STATES

FOOD

REQUESTED

BY

U N IT E D

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

Under a now system of meat rationing which the United
States Food Administration has requested be adopted,
hotels and restaurants, beginning June 17, are not to serve
boiled beef at more than two meals weekly or beefsteak and
roast beef at more than one meal weekly. In addition to
its request to the hotels and restaurants, the Food Adminis­
tration has asked householders not to buy more than one
and a quarter pounds of clear beef per person weekly. The
request is made in furtherance of the desire to meot the de­
mands of the United States and Allied armies and the civilian
population of France, Great Britain and Italy. It is expected
that the program will be continued in force until Sept. 15.
The increased use of pork is advocated by the Food Adminis­
tration in its announcement of June 12, which reads as follows:
T h e d e m a n d f o r b e e f f o r o u r a r m y , t h e a r m ie s o f t h e A llie s a n d t h e ir
c i v i l p o p u l a t i o n s f o r t h is s u m m e r a r e b e y o n d o u r p r e s e n t s u r p lu s .
On
t h e o t h e r h a n d , w e h a v e e n o u g h i n c r e a s e d s u p p l y o f p o r k t h is s u m m e r t o
p e r m it e c o n o m ic a l e x p a n s io n in Its u s e .
I t w ill t in r o f o r e b e a d i r e c t s o r v ic e
t o o u r a r m ie s a n d t h e A l l ie s ir o u r p e o p l e w ill in s o m e d e g r e e s u b s t i t u t e
fre sh p o r k , b a c o n , h a m a n d sa u sa g e fo r b e e f p r o d u c ts .
W e r e q u e s t a ll h o t e l s a n d r e s t a u r a n t s n o t t o p l a c e o n t h e ir m e n u s o r
s e r v e b o i l e d b e e f m o r e t h a n t w o m e a ls w e e k l y , b e e f s t e a k m o r e t h a n o n e
m e a l w e e k l y , a n d r o a s t b e e f m o r e t h a n o n o 'm e a l w e e k l y .
W o ask h ou se­
h o l d e r s n o t u n d e r a n y c ir c u m s t a n c e s t o b u y m o r e t h a n o n e a n d o n e - q u a r t e r
p o u n d s o f c le a r b e e f w e e k l y , o r o n e a n d o n e - h a l f p o u n d s , in c lu d in g t h e
b o n e , p e r p e r s o n in t h e h o u s e h o l d .




According to an announcement of the Food Administra­
tion on June 17, pork products, piling up hundreds of thou­
sands of pounds above consumption, have given the American
public a reserve of more than 1,000,000,OOOpounds. T his.it
isannounced, is enough to feed the Allied forces for more than
a month, and would provide meat for tho civilian population
here for nearly two months. There should be a drop in the
high prices now prevailing for pork, if the stocks continue to
accumulate, it was pointed out.
In a special message to the people through the churches,
on M a y 26, Herbert C . H oover pointed out the importance
of the heed qf limiting the consumption of meat, sugar and
wheat, saying:
T h e c o n f i d e n c e o f t h o U n it e d S t a t e s F o o d A d m i n i s t r a t i o n t h a t t h e p e o p l e
o f t h e c o u n t r y w o u l d r e s p o n d e n t h u s i a s t ic a l l y a n d w h o l e - h e a r t e d l y , u p o n a
p r e s e n t a t i o n o f t h e f a c t s , t o a n y n e c e s s a r y r e q u e s t s f o r r e d u c t io n In t h o
c o n s u m p t io n o f fo o d h a s b e e n fu lly ju s tifie d .
W e h a v o d em on stra ted o u r
a b ilit y n o t o n ly t o th in k t o g e th e r b u t t o a c t t o g e t h e r .
T h is r e s p o n s e o f t h e
p e o p l e Is t h e r e a s o n f o r t h e p r e s e n t a p p e a l.
O u r w o r k Is n o t y e t c o m p l e t e .
I n s p i t e o f t h o e n c o u r a g i n g r o s u lt s o f
o u r e f f o r t s , in s p i t e o f t h e f a c t t h a t o u r e x p o r t s o f f o o d s t u f f s a r e c o n s t a n t l y
in c r e a s in g a n d a r e a p p r o a c h in g t h e m in im u m r e q u ir e m e n t s a b r o a d , t h e
n e e d f o r r e n e w e d d e v o t i o n a n d e f f o r t is p r e s s in g .
W h i le a ll o f t h e r e q u i r e ­
m e n ts o f t h e F o o d A d m in is tra tio n s h o u ld b e c o n s ta n tly o b s e r v e d , th e re a re
c e r t a in m a t t e r s w h ic h I d e s ir e t o s t r e s s a t t h i s t im e .
I n t h e c a s e o f m e a t a n d m e a t p r o d u c t s t h e n e c e s s it ie s f o r s h i p m e n t a b r o a d
aro v e ry g rea t.
W h e r e a s t h o A l l ie d c o n s u m p t i o n h a s b o o n r e d u c e d t o a n
a v e r a g e o f a b o u t 1 K p o u n d s p e r p e r s o n p o r w e e k , w e a re t o -d a y e n jo y in g
an a vera ge o f a b o u t 3 M p ou n d s p or p orson por w eok .
T h i s d i v i s i o n is
In e q u ita b le .
A n u n d e r s t a n d in g o f t h o f a c t s w ill J u s t ify o u r r e q u e s t t h a t
t h e c o n s u m p t i o n o f a ll m e a t s , i n c lu d in g p o u l t r y , a s n e a r l y a s p o s s i b l e . b e
red u ced to 2 p ou n d s p e r w eek p er p orson o v e r 4 yea rs o f age.
I n t h e c a s e o f s u g a r w e a r e e m b a r r a s s e d b y t h o n e c e s s it y o f u s in g s h ip s
f o r c a r r y in g o u r s o l d ie r s a n d fe e d in g t h e A l l ie s , a n d In c o n s e q u e n c e w e m u s t
u s e s u g a r w it h g r e a t e c o n o m y .
W o m u s t e m p h a s lz o t h o i m p o r t a n c e o f
c a n n i n g a n d p r e s e r v in g o n a la r g e s c a l e a m o n g o u r p e o p l o t h is s u m m e r ,
a n d o u r a v a i l a b l e s u g a r m u s t b e c o n s e r v e d f o r t h is p u r p o s e .
B u t t h e s i t u a t io n w it h r e g a r d t o w h e a t Is t h e m o s t s e r io u s In t h e
fo o d s u p p ly o f th e A llie d w o r ld .
I f w o a r e t o s a t i s f y t h o m in im u m w h e a t
r e q u ir e m e n t s o f o u r a r m ie s a n d t h e A l l ie s , a n d t h e s u f fe r i n g m illio n s In t h e
A l l ie d c o u n t r ie s , o u r c o n s u m p t i o n o f w h e a t In t h o U n it e d S t a t e s u n t i l t h e
n e x t h a r v e s t m u s t b e r e d u c e d t o a p p r o x i m a t e l y o n e - t h ir d o f n o r m a l .
I t Is
i n c o n c e i v a b l e t h a t w e s h o u l d fa il in t h i s c r is is .
F o r ea ch o f us w h o ca n
p e r s o n a l l y c o n t r i b u t e t o t h e r e li e f o f h u m a n s u f fe r i n g i t Is a p r i v il e g e , n o t
a s a c r ific e .
A ll e le m e n t s o f o u r p o p u l a t i o n c a n n o t b o a r t h is b u r d e n
e q u a lly .
T h o s e e n g a g e d in p h y s i c a l l a b o r n e e d a la r g e r b r o a d r a t io n t h a n
t h o s e in s e d e n t a r y o c c u p a t i o n s .
B eca u se o f th e c o n s ta n t d a lly e m p lo y ­
m e n t o f w o m e n a n d t h e l a c k o f h o m e b a it in g f a c i l i t i e s , m a n y h o u s e h o l d s
In la r g o u r b a n c e n t r e s r e q u ir o a f o o d r a t io n a l r e a d y p r o p a r e d , s u c h a s t h o
b a k e rs’ sta n d a rd V ic to r y b rea d lo a f.
F u rth e rm o re , w o m u st c o n s ta n tly
s a f e g u a r d t h e s p e c i a l r e q u i r e m e n t s o f c h ild r e n a n d in v a l id s .
T o m e e t t h e s i t u a t io n a b r o a d a n d t o p r e v e n t s e r io u s s u f fe r i n g a t h o m e ,
It is i m p e r a t i v e t h a t a ll t h o s e w h o s e c ir c u m s t a n c o s p e r m it s h a ll a b s t a in
f r o m w h e a t a n d w h e a t p r o d u c t s In a n y f o r m u n t il t h o n o x t h a r v e s t .
I t Is
r e a liz e d a n d d e e p l y a p p r e c i a t e d t h a t m a n y o r g a n i z a t io n s a n d s o m e c o m ­
m u n i t ie s h a v e a l r e a d y a g r e e d t o f o l l o w t h is p l a n .
I t is h o p e d t h a t y o u w ill c o m m u n i c a t e t h is t o y o u r o r g a n i z a t io n a n d y o u r
c o m m u n i t y , u r g in g t h o s e w h o s e c ir c u m s t a n c e s w ill p e r m it t o j o i n w it h u s
a n d t a k e th is s t a n d .

R E G U L A TIO N S

OF

FOOD

A D M IN IS T R A T IO N

P R E V E N T S P E C U L A T IO N

IN

TO

BUTTER.

Regulations designed to prevent speculation in butter
were announced b y the Food Administration on June 20.
The regulations were issued following conferences with
representatives of the trade. Hereafter licensees dealing
in cold storage butter will sell it at a price based on the actual
cost and not on what it would cost to replace it. The dealer
in figuring cost cannot include anything except the purchase
price, transportation charges, if any, actual storage and in­
surance charges, interest during the storage period and the
cost of printing if the butter is put into prints from tubs or
cubes. Dealers may not add to the cost price more than
l e a pound on carloads, lj^ c . on lots between 7,000 pounds
and a carload, l% c . on sales of 700 to 7 ,000 pounds, and not
more than 2% o. on sales less than"700 pounds, if held in

June 22 1918.]

THE CHRONICLE

storago for not loss than two calendar months they are per­
mitted to add not more than lc. a pound to their selling
profit and
a pound additional may bo added for each
calendar month thereafter, the total not to exceed 2c. a
pound in any case. These margins, it is stated, do not mean
that tho dealer can go to the limit. They were made to
prevent speculation, and aro wide enough to provide for
cases whore tho cost of doing business is high. E ven if a
dealer keps within these limits and makes an undue profit
ho is violating tho Food Control Act. W hen a manufac­
turer performs tho services of a wholesaler or jobber his
transactions come under tho rules governing men in thoso
lines of business. Certain resales are allowed, but any that
bring a profit to the dealer without corresponding service
will result in a revocation of his license and other penalties
provided by the law.
FOOD

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

ON

E ST A B LISH E S

P R O F IT

CHEESE.

The Food Administration this week made known special
regulations which had been adopted governing manufac­
turers, doalers, brokers and commission merchants in cheese.
Tho regulations aro based upon recent conferences between
representatives of tho trado and officials of tho Food Adm in­
istration. Tho Administration in its announcement says:
R e a s o n a b l e m a r g in s o f p r o f i t a r o e s t a b l is h e d f o r d e a l e r s , e x c e p t r e t a ilo r s
w h o c a n n o t b o c o n t r o l l e d u n d e r t h o f o o d c o n t r o l A c t , u n j u s t if i a b l e re s a le s
w it h i n t h o t r a d o a r o p r o h i b i t e d a n d d o f i n i t o m a r g i n s a r o e s t a b l is h e d f o r
c h e e s e p l a c e d in s t o r a g o .
C o m m i s s io n s s h a ll n o t e x c e e d 0110- h a l f c e n t p e r
p o u n d in s a le s o f A m e r i c a n o r C h e d d a r c h e e s e , n o r m a y t h o s o ilin g p r i c e
b o i n c r e a s e d b o c a u s o o f t h o c o m m i s s i o n , w h ic h m u s t b o a b s o r b e d in t h o
a l lo w e d m a r g in s o f a d v a n c e o v e r c o s t .
O n ly t h o s o w h o p e r f o r m a n e c e s s a r y
f u n c t i o n in d i s t r i b u t i n g c h c e s o w ill b o a l lo w e d t o f ig u r e in a n y s a le s o r
p u rch ases.
M a r g i n s o f a d v a n c e o v e r c o s t h a v e b e e n e s t a b l is h e d o n l y f o r t h o i n t e r
m e d i a t o m e r c h a n t s , n o t in c lu d in g m a n u f a c t u r e r s o r r e t a ile r s .
On carl o t s a le s t h o a d v a n c e m a y b o H e. p e r p o u n d ; le s s t h a n c a r l o t , b u t a s m u c h
a s 7 , 0 0 0 p o u n d s , lH a .; le s s t h a n 7 ,0 0 0 b u t a s m u c h a s 5 0 0 p o u n d s , 1 M e . ;
le s s t h a n 5 0 0 p o u n d s , 3 c .
O n c h c e s o s t o r e d f o r m o r e t h a n 3 0 d a y s , a m a x i m u m o f H e. p e r p o u n d
m a y b o a d d e d e a c h m o n t h t h a t t h o c h e e s o is in s t o r a g o , t h o t o t a l in n o
caso to excood lc . por p ou n d .

M O D IF IC A T IO N

OF

GREEN

COFFEE

RULES

URGED.

2611

M r . S tra u s w a s S e c r e ta r y o f L a b o r a n d C o m m e r c e u n d e r P r e s id e n t
R o o s e v e l t , a f o r m e r A m b a s s a d o r t o T u r k e y , a n d w a s C h a ir m a n o f a c o m ­
m is s io n a p p o i n t e d in 1 9 1 4 t o a r b i t r a t e t h e d i f f e r e n c e s b e t w e e n E a s t e r n
r a i lr o a d s a n d t h e i r e n g in e e r s .
•

The resignation of M r. Straus as Public Service Commis­
sioner was announced on June G, to take effect not later
than July 1. On June 9 M r. Straus was quoted as saying:
I h a v e b e e n c a l l e d t o W a s h i n g t o n b y t h e F o o d C o m m i s s io n t o a d j u s t t h e
p r ice o f su g a r.
M y a p p o i n t m e n t is t o b e m a d e w i t h t h e c o n s e n t o f a l l t h e
su g a r in te re sts.
I t o o k t h o a p p o i n t m e n t a s P u b l i c S e r v i c e C o m m i s s io n e r w h e n i t w a s
n e c e s s a r y t o r e c o n s t r u c t t h e C o m m i s s io n .
I w a n ted t o g e t o u t a y ea r
a g o , t h a t w o rk h a v in g b e e n c o m p le t e d , b u t t h e g o in g “ o v e r t h e r e " o f
M a j o r H e n r y W . H o d g e a n d C o l o n e l W i ll ia m H a y w a r d m a d e i t n e c e s s a r y
f o r m o t o r e m a in .
A g a i n , t h e C o m m i s s io n h a s b e e n r e c o n s t r u c t e d , a n d
1 f e e l t h a t t h e r e is n o t h i n g t o d e l a y m y r e t ir e m e n t , a s a ll t h o m a in a r t e r ie s
o f t r a v e l a r o a b o u t c o m p l e t e d , a n d t h e r e is l i t t l e f o r t h o C o m m i s s io n t o
do now .
N o m a n w h o h a s a b i l i t y h a s a r ig h t t o r e s t a t t h is t im e , a n d h e h a s n o
r i g h t t o r e fu s e h is s e r v ic e s i f t h e y a r o d e s i r e d .
T h e re fo r e I a m g o in g to
e n g a g e in t h e n a t i o n a l w o r k t h a t m y t h i r t y y e a r s ’ e x p e r i e n c e h a s f i t t e d m e
fo r.
I t e n d e r e d m y r e s ig n a t io n t o G o v e r n o r A V h itm a n m o r e t h a n a m o n t h
a g o , a n d I w is h t o s a y n o w t h a t G o v e r n o r W h i t m a n h a s g i v e n t h e g r e a t e s
a m o u n t o f c o -o p e r a lio n to t h o w o r k o f t h o P u b lic S e r v ic e C o m m ls s io n t
A s t h e r o Is n o r e a l n e c e s s it y f o r m y r e m a in in g , I t h i n k t h e G o v e r n o r w il .
le t m o g o b y J u ly 1.
1

Henry B . Endicott, Food Administrator of Massachusetts,
in calling attention to new sugar restrictions in effect on
June 13, said:
T h o s u g a r s i t u a t i o n lia s d e v e l o p e d d u r in g t h e l a s t f e w d a y s s o a s t o
re q u ir e m o r e c o n s e r v a t io n .
A c t i n g in c o n s e q u e n c e o f t e le g r a m s r e c e iv e d
t h i s m o r n in g f r o m t h o U n it e d S t a t e s F o o d A d m i n i s t r a t i o n , M r . H e n r y B .
E n d ic o t t , F o o d A d m in is t r a to r fo r M a s s a c h u s e tts , a n n o u n c e s t h e fo llo w in g
i m p o r t a n t c h a n g e s in t h e r u le s f o r t h e r e t a il s a l e o f s u g a r .
T h o changes
a f f e c t e v e r y h o u s e h o l d e r in t h o S t a t e a n d t h o n o w r u le s m u s t b e r ig id l y
observed.
B e g in n in g T h u r s d a y , J u n e 1 3 , n o r e t a il o r is p e r m i t t e d t o s e l l t o a n y
c u s to m e r m o r e th a n t w o p o u n d s o f s u g a r a t o n o tim e a n d t h o t o t a l q u a n t it y
t h u s s o l d t o a n y h o u s e h o l d e r in o n e m o n t h s h a ll n o t e x c e e d t h r e e p o u n d s
f o r e a c h p e r s o n in h is h o u s e h o l d .
R e t a i l e r s w il l b e h e l d r e s p o n s i b le f o r
s e e in g t h a t t h i s r u l e is o b s e r v e d .
U n t il f u r t h e r o r d e r s t h i s is a n a b s o l u t e
r u le a n d m u s t b e o b s e r v e d b y d e a l e r s a n d c o n s u m e r s a l ik e .
I f i t Is f o u n d
t h a t a n y c o n s u m e r is p u r c h a s i n g m o r e t h a n t h r e e p o u n d s f o r e a c h m e m b e r
o f h is h o u s e h o l d f o r o n e m o n t h h is e n t i r e s u p p l y w il l b e c u t o f f .
F o r c a n n i n g p u r p o s e s o n l y o n o p u r c h a s e o f t w e n t y - f i v e p o u n d s Is p e r m i t t o d t o a n y h o u s e h o l d e r w i t h o u t s p e c i a l p e r m is s i o n f r o m t h e C o u n t y
F o o d A d m in is tra to r .
R e t a i l e r s a r o r e q u i r e d In m a k i n g s a le s f o r c a n n i n g
t o t a k e a w ritte n p lo d g o fr o m t h e p u r c h a s e r t h a t h o h a s n o t m a d e a n d
w il l m a k o a n y o t h e r p u r c h a s e o f s u g a r f o r c a n n i n g p u r p o s e s w i t h o u t s p e c i a l
w r itte n p e r m it f r o m t h o C o u n t y F o o d A d m in is t r a to r .
T h i s i n c r e a s in g
s t r ic t n o s s o f r e g u l a t io n f o r t h e s a le o f s u g a r is m a d e n e c e s s a r y b y t h e
d iff ic u lt y o f o b ta in in g s h ip p in g fo r b rin g in g s u g a r t o th is c o u n t r y .

In special advices from Washington dealing with the
A lottor addressed by W . F . Hartranft to Henry Schaefer,
who has succeeded M r. Hartranft as Chairman of the com­ sugar consumption in tho United States, tho “ Journal of
mittee of representatives of the green coffee trade to co­ Commerce” on M a y 22 said:
T h e U n it e d S t a t e s c o n s u m e d in t h e f ir s t y e a r o f t h e w a r , A p r i l 1 9 1 7 t o
operate with tho Food Administration, urges that action bo A p r i l 1 9 1 8 , 4 ,1 0 9 ,2 9 1 t o n s o f s u g a r , o r 8 ,2 1 8 . 5 8 2 , 0 0 0 p o u n d s , a c c o r d i n g t o
taken toward a modification of tho rules affecting tho green e s t im a t e s o f t h e F o o d A d m i n i s t r a t i o n , a n n o u n c e d t o - n i g h t .
T h e w h o le s a l e p r i c e o f r e fi n e d s u g a r In t h e U n it e d S t a t e s a t t h e p r e s e n t
coffee trado promulgated by the Food Administration on.
t im e is $ 7 3 0 p e r 1 0 0 p o u n d s .
A n in c r e a s e o f 1 c e n t p e r p o u n d in t h e
M arch 9. Tho lotter was published as follows in tho “Journal p r i c e o f s u g a r w o u l d t a k e f r o m t h e p o c k e t s o f t h e c o n s u m e r s a t l e a s t
$ 8 2 ,1 8 5 ,8 2 0 .
of Commerce” of tho 19th inst.:
A s y o u r c o m m i t t o o h a s b e e n c o n s t i t u t e d b y t h o U n it e d S t a t e s F o o d
A d m i n i s t r a t i o n a s a n A d v i s o r y H o a r d in c o n n e c t i o n w i t h t h o c o n t r o l o f
c o f f e o , a n d a s I h a v e b o o n i n s t r u c t e d b y t h e g r e o n c o f f e e t r a d o a t a r e g u l a r ly
c a l le d p u b l i c m e e t in g t o f o r w a r d a p r o t e s t a g a i n s t t h e i r r u le s a n d r e g u l a ­
t io n s , p r o m u l g a t e d M a r c h 9 1 9 1 8 , a n d t h o m a t t e r in q u e s t i o n is s t il l u n ­
s e t t l e , I t a k e t h e l ib e r t y t o t u r n o v e r t o y o u r c o m m i t t e e a ll t h e c o r r e s p o n d ­
e n c e o n t h e s u b j e c t , w i t h a n e a r n o s t a p p e a l in b e h a l f o f t h o g r e e n c o f f e e
t r a d e , t h a t t h e c o m m i t t e e m a k e i t t h e i r f ir s t i t e m o f b u s in e s s a n d c o n t in u e
Its c o n s i d e r a t io n u n t i l a s a t i s f a c t o r y s o l u t io n is r e a c h e d .
T h e a r g u m e n t s a d v a n c e d in t h e b r i e f in s u p p o r t o f t h e p e t i t i o n a r o i n ­
d is p u ta b le .
T h o r e d r e s s r e q u e s t e d Is r e a s o n a b l e a n d e n t i r e l y p r a c t i c a b l e
w it h o u t p r e j u d i c e t o t h o G o v e r n m e n t ! i n w in n in g t h o w a r .
T h e r o is n o
c o n c e i v a b l e r e g u l a t io n t h a t c a n e q u i t a b l y c o v e r a f i x e d p r o f i t o n g r c o n ’c o f f e o
s o t h a t t h o i m p o r t e r a n d j o b b e r c a n c o n t in u e s e l li n g a t t h o m a r k e t w it h o u t
rega rd to c o s t.
I n v i e w o f t h i s , a n d a s t h o P r e s id e n t a n d M r . H o o v e r
h a v o . in t h e i r p u b l i c u t t e r a n c e s , d e c l a r o d t h a t t h e r o w a s n o d e s ir e o n t h o
p a r t o f t h e G o v e r n m e n t t o w o r k a n u n n e c e s s a r y h a r d s h ip u p o n a n y n e c e s ­
s a r y c o m m e r c i a l e n t e r p r is e , l e g i t i m a t e l y c o n d u c t e d , It Is o n l y r e a s o n a b le
t h a t t h e r u le s a n d r e g u la t io n s o f M a r c h 9 , a t le a s t a s f a r a s t h e y a f f e c t
p r o f it s , s h o u ld b e s u s p e n d e d .
E s p e c i a l l y Is t ills t r u e , s i n c e t h o F o o d A d ­
m in is t r a t io n c a n e x e r c is e c o m p l e t e c o n t r o l o f c o f f e e t h r o u g h Its lic o n s o
sy stem .

T h e r e g u l a t e d w h o le s a l e p r i c e in C a n a d a is $ 8 0 7 p e r 1 0 0 p o u n d s ; in t h e
U n it e d K i n g d o m $ 1 2 5 9 ; in F r a n c e $ 1 2 2 8 , a n d i n I t a l y $ 2 6 3 0 .
C a n a d a ’ s c o n s u m p t i o n o f s u g a r f o r t h o y e a r e n d i n g M a r c h 31 w a s
3 5 2 ,2 0 0
ton s.
T h e c o n s u m p t i o n o f F r a n c e f o r 1 9 1 6 w a s 5 7 0 ,6 2 1 t o n s ; t h e
c o n s u m p t i o n o f t h e U n it e d K i n g d o m w a s 1 ,5 6 5 ,6 9 9 t o n s , a n d t h o c o n ­
s u m p t i o n o f I t a l y w a s 2 7 6 ,9 5 3 t o n s .
" T h e t o t a l c o n s u m p t i o n o f s u g a r f o r t h o f o u r c o u n t r ie s w a s 2 , 7 6 5 , 3 7 3 t o n s
— t h o t o t a l c o s t o f w h ic h w a s $ 7 3 6 ,8 8 4 ,7 0 3 , o r a n a v e r a g e c o s t p e r t o n f o r
a ll s u g a r c o n s u m e d in t h o f o u r A l l i e d c o u n t r ie s o f $ 2 6 6 4 7 p e r t o n , " t h e
a n n o u n c e m e n t d e c la r e d .
“ H a d t h e s u g a r c o n s u m p t i o n o f t h e U n it e d S t a t e s
fo r th o p a s t y e a r b e e n p a id fo r a t th is p r ic e , t h e t o t a l w o u ld h a v e b e e n
$ 1 , 0 9 5 , 0 0 2 ,7 7 2 .
T h e c o s t o f t h e s u g a r c o n s u m p t i o n f o r t h o U n it e d S t a t e s
f o r o n o y e a r a t t h e p r e v a i l in g p r i c e o f $ 1 4 6 p e r t o n w il l a m o u n t t o $ 5 9 9 , ­
9 5 6 ,4 8 6 .
“ I f s u g a r c o n s u m p t i o n in t h e U n it e d S t a t e s f o r t h e c o m i n g y e a r r e m a in s
a t t h o s a m o f ig u r e a s t h a t o f la s t y e a r , t h e s a v i n g , a s c o m p a r e d w it h p r ic e s
p r e v a i l in g in t h e f o u r A l l ie d c o u n t r ie s n a m e d w ill t o t a l $ 4 9 5 ,0 4 6 ,2 8 6 .
“ T h e w h o le s a l e p r i c e o f s u g a r i n t h o U n it e d S t a t e s Is n o w $ 7 4 5 p e r 1 0 0
p o u n d s , le s s 2 % a t s e a b o a r d p o i n t s , o r a b o u t $ 7 3 0 n e t .
In A u g u s t o f 1917
t h o p r i c e r e a c h e d $ 9 15 p e r lp O p o u n d s .
T h e r e fin e r s n o w r e c e i v e $ 1 3 0
p e r 1 0 0 p o u n d s f o r r e fi n i n g , a s a g a in s t a d i f f e r e n c e b e t w e e n r a w a n d
r e f i n e d s u g a r u p t o O c t o b e r 1 1 9 1 7 r a n g in g f r o m $ 1 6 0 t o $ 2 0 5 . ”

M r. Schaefer took over tlio duties of Chairman on M onday
last. The meeting on that day and on Tuesday in the direc­
tors’ room of tho N ew Y o rk Coffee and Sugar Exchange was,
it is understood, largely given over to organization proceed­
ings. The names of the members serving on the committee
with M r. Schaefer were given in our issue of Saturday last,
pago 2505.
______________________________

The W a r Trade Board announced on June 16 that casein
(or lactarene) had been placed upon the restricted import
list. The announcement says:

OSCAR

f r o m c o n v e n i e n t p o r t s in E u r o p e .

S.

STRAUS

TO.

N E W

SUGAR

D E T E R M IN E

SUGAR

C O S T -

NOW

A

R E S TR IC T E D

IM PO R T .

A ll o u t s t a n d i n g lic e n s e s f o r i m p o r t f r o m o v e r s e a s h a v e b e e n r e v o k e d a*
t o o c e a n s h ip m e n t s a f t e r J u n e 1 6 1 9 1 8 , a n d n o f u r t h e r lic e n s e s w ilt b e
g r a n t e d e x c e p t f o r s h ip m e n t s m a d e b e f o r e J u n o 16 1 9 1 8 a n d f o r s h ip m e n t s
o v e r la n d , o r b y L a k e fr o m C a n a d a , o v e r la n d fro m M e x ic o , o r a s b a ck h a u l

R E S T R IC T IO N S.

Oscar S. Straus, who has resigned as Chairman of tho
Public Sorvice Commission of N e w York, has accepted a
post with tho U . S. Food Administration, the duties of which
will be to determine sugar costs. Tho Food Administra­
tion's announcement of his new work, issued on Juno 10, said:
O s c a r S . S t r a u s , C h a ir m a n o f t h o P u b l i c S e r v i c e C o m m i s s io n In N o w
Y o r k , h a s a c c e p t e d a r e q u e s t f r o m t h o U n it e d S t a t e s F o o d A d m i n i s t r a t i o n
t o I n v e s t ig a t e a n d d e t e r m in e u p o n a n a p p l i c a t i o n o f t h e s u g a r r e fi n i n g
c o m p a n i e s f o r a n in c r e a s e in m a r g in s a l lo w e d f o r r e f i n i n g .
T h o c o m p a n ie s
c la im t h a t t h e In cre a se d c o s t o f la b o r a n d s u p p lie s h a v o r e n d e r e d In a d e ­
q u a t e t h e m a r g in s d e t e r m in e d u p o n l a s t O c t o b e r .




C A S E IN

PRUNE

A N D

R A IS IN

NOUNCED BY

P R ICES

TO G R O W E R S A N ­

U . S. FO O D A D M I N I S T R A T I O N .

Maximum prices of 8 A cents per pound to prune growers
and 5 A cents per pound to raisin growers were announced
as follows, by the Federal Food Administration on June 12:
- “ M a x i m u m r e a s o n a b le p r i c e s ” t o g r o w e r s f o r t h e 1 9 1 8 p r u n e a n d r a is in
c r o p s , r e c o m m e n d e d b y g r o w e r s in C a U fo r n ia , h a v e b e e n a c c e p t e d b y t h e
F o o d A d m in is tra tio n .
.
I’ r u n o g r o w e r s a r e t o r e c e iv e n o t m o r e t h a n
ce n ts p er p o u n d , n e t, an d
g r o w e r s o f r a is in g r a p e s w ill b e g i v e n a m a x i m u m o f 5 H c e n t s p e r p o u n d
“ in t h o s w e a t b o x . ”

T h e s e p r i c e s , e s p e c i a ll y t h a t o n p r u n e s , a r e la r g e r t h a n t h e y w e r o e x p e c t e d
t o b o , b u t c o n f e r e n c e s o f g r o w e r s , b o t h a s s o c ia t i o n a n d i n d e p e n d e n t m e n ,
h e l d b y R a l p h M e r r i t t , F e d e r a l F o o d A d m i n i s t r a t o r f o r C a li f o r n ia , d u r i n g
t h e p a s t s ix w e e k s h a v e d e m o n s t r a t e d t h a t t h e g e n e r a l l a b o r s i t u a t io n , i n ­
c r e a s e d c o s t s , a n d p r o b a b le p r u n e s h o r ta g e ju s t ify th e p r ice s r e c o m m e n d e d .
T h o s e p r i c e s w ill g i v e a s t im u l a t i v e p r o f i t t o g r o w e r s , w i t h o u t p e r m it t i n g
t h e m . t o p r o f it e e r .
L a t e r C o n fe r e n c e s w ill d e t e r m in e t h e m a r g in s t o b e a l lo w e d v a r i o u s
h a n d le r s o f t h e c r o p s , a f t e r w h ic h r e t a il p r i c e s c a n b e c o m p u t e d .
T h i s w ill
r e s u l t in s t a b i li z e d p r i c e s t o c o n s u m e r s .
F u t u r e s e llin g a n d s p e c u l a t io n ,
w h i c h h a s c a u s e d h i g h p r i c e s i n t h o p a s t , w ill t h u s b e e l im i n a t e d .

N E W

S E C T IO N O N M E D IC IN E S OF W A R

IN D U S T R IE S

BOARD.

The creation of a new section on medicines is announced
as follows by the W a r Industries Board:
A c o m m o d it y s e c t io n o n m e d icin e s a n d m e d ic a l s u p p lie s h a s b e e n c r e a t e d
w it h L ie u t .-C o l. F . F . S im p s o n as its c h ie f.
T h o w o r k o f t h i s s e c t i o n w ill
b o c lo s e ly c o -o r d in a t e d w it h th a t o f t h e C h e m ic a l D iv is io n .
T h o n e w s e c t i o n w i l l d e a l l a r g e ly w i t h s u r g ic a l s u p p l i e s , i n s t r u m e n t s ,
a n d d r e s s in g s , w i t h s e r u m s a n d w i t h o t h e r m e d i c a l a n d h o s p i t a l s u p p l i e s ;
i n c i d e n t a l l y i t w il l d e a l w i t h c h e m ic a l s , a s t h e s e e n t e r i n t o m e d i c a l c o m ­
p o u n d s , p r e p a r a t i o n s , & c . , w o r k i n g in c o n j u n c t i o n w i t h t h o s e c t i o n o f t h o
C h e m i c a l D i v i s i o n d e a l i n g w i t h f i n e c h e m i c a l s , p h o t o g r a p h i c c h e m ic a l s ,
a n d b u l k m e d i c i n a l c h e m ic a l s .
A c t u a l o r p r o s p e c t iv e s h o rta g e s h a v e c o m e t o t h e n o t ic e o f th o B o a r d
i n b u t f e w i n s t a n c e s s o f a r a s m e d i c i n e s a n d m e d i c i n a l c h e m ic a l s a r e c o n ­
c e r n e d b u t in d e a l i n g w i t h t h e s e t h e n e w s e c t i o n w il l r o u n d o u t t h e w o r k
o f t h o C h e m ic a l D iv is io n .
M e d i c a l , s u r g i c a l a n d h o s p i t a l s u p p l i e s in ­
v o l v e a c o m p l i c a t e d a n d v a r i e s a s s o r t m e n t o f m a t e r ia l s i n t o w h i c h m e t a l s ,
t o x t il o s a n d c h e m ic a l s a ll e n t e r .
T h e s o t h in g s a r e s u c h e v i d e n t i m p o r t a n c e
t h a t G o v e r n m e n t a c t io n s e e m e d c a lle d f o r t o s a fe g u a rd t h e s u p p ly a n d
r e la to th e s e n e e d s t o th o s o o f t h e c o m p o n e n t fa c to r s — m e t a ls , c h o m ic a ls ,
a n d t e x t i l e s — w h i c h a r o a l r e a d y in v a r y i n g d e g r e e s c o n t r o l l e d b y t h e
B oa rd .

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

T E N T A T IV E

RULES

FACTURE

FOR
OF

R EG U L A TIO N

M E N ’S

OF

M A N U ­

C L O T H IN G .

T h e C o n s e r v a t i o n D i v i s i o n o f t h e W a r I n d u s t r i e s B o a r d Is s e n d i n g o u t t o
t h o t r a d e a t c n t a c i v c p r o g r a m c o v e r in g t h e m a n u f a c o u r o o f m e n ’ s a n d
y o u t h s ’ c lo t h i n g f o r t h o s p r in g s e a s o n o f 1 9 1 9 .
T h i s p r o g r a m w ill b o p u t
i n t o e f f e c t a n d c a r r ie d t h r o u g h b y t h e W o o l o n S e c t i o n o f t h o W a r I n d u s t r i e s
B o a r d u n le s s s o m e s u b s t a n t i a l r e a s o n s a r o a d v a n c e d f o r it s m o d i f i c a t i o n .
N o s u g g e s t i o n s w il l b e c o n s i d e r e d u n le s s t h e y t e n d t o b r i n g a b o u t a m o r e
e f f e c t i v e m e t h o d o f m e e t in g t h e p r e s e n t w a r c o n d i t i o n s .
T h is p r o g r a m h a s b e o n th o r o u g h ly c o n s id e r e d b y th o fo llo w in g : M r .
S a m u e l W e i l l , C h a ir m a n o f t h e W a r S e r v i c e C o m m i t t e e o f t h e C l o t h i n g
I n d u s t r y ; M r . A . G . P e i n e , w h o r e p r e s e n t s t h e d e s ig n e r s o n t h o s a m o c o m ­
m i t t e e ; M r . C h a s . F . W e t z e l , P r e s i d e n t o f t h o N a t i o n a l A s s o c i a t io n o f t h o
M e r c h a n t T a ilo r s ; M r . W m . B ia n c h l, P r e s id e n t o f t h e N a t io n a l W o o le n s &
T r i m m i n g s A s s o c i a t i o n ; C o l . F r e d L o v y , C h a ir m a n o f t h e W a r S e r v i c e
C o m m it t e e o f t h e N a t io n a l R e t a il C lo th ie r s ’ A s s o c ia t io n , a n d M r . C h a s . E .
W r y , S ecreta ry o f th e sa m e co m m itte e .
T h o p r o g r a m f o ll o w s :
S a ck C o a ts.

I t is p r o p o s e d t o e l im i n a t e in s id e p a t c h o r b e l lo w s p o c k e t s o f c l o t h .
O n l y o n e v e n t t o b o a l lo w e d in s k i r t o f a c o a t , t h a t t o b o in t h o c e n t r e .
L o n g t h t o b o 3 0 in c h e s , b a s e d o n a s i z e 3 6 r e g u l a r M * I n c h g r a d e t o s i z e ,
134 i n c h e s t o b o a d d e d f o r l o n g s .
O n ly 3 o u t s i d e p o c k e t s t o b o p e r m i t t e d o n a n y s a c k c o a t .

F a cin g s n o t

t o e x c e e d 4 3 4 in c h e s in w i d t h , f in i s h e d a t t h o b r e a s t .

Waistcoats.
F a cin g .? n o t t o o x c e e d 1J£ i n c h e s i n w i d t h , f in i s h e d .
T h e am ount o f
w o o l o n c l o t h u s e d in t h o f r o n t o f w a is t c o a t s t o b e r e d u c e d . I n c r e a s in g t h e
o f lin i n g

f a b r ic u s e d .
T rou sers.

S id e a n d b a c k s t r a p s a n d f la p s t o b o e l im i n a t e d .
O u t le t o n I n s c a m s o f
le g n o t to ex ceed
o f a n In ch .
N o r o -e n fo r c o m e n t o f tro u se rs t o b e m a d e
w it h w o o l c lo t h .
L ig h t

W e ig h t O v er co a ts .

A l l d o u b l e - b r e a s t e d c o a t s t o b e e l im i n a t e d .
C h e s t e r f ie l d m o d o l s o n l y
to b o m ade.
S u c h c o a t s n o t t o e x c e e d 4 3 in c h e s in l o n g t h , b a s e d o n a s iz e
3 6 r e g u l a r , 3 4 -in c h g r a d e t o s i z o , 2 I n c h e s t o b e a d d e d f o r l o n g s .

M a x i m u m l o n g t h t o b o 4 8 in c h e s .
M a x i m u m w i d t h o f c o ll a r t o b o 3 3 4 i n c h e s .
R e fe r e n c e s a m p le s n o t t o e x c e e d 6 s q u a re in ch e s o f c lo t h .
A l l d o u b l e c o a t s w it h d e t a c h a b le lin i n g s f o r c iv il ia n u s e t o b o e l im i n a t e d .
N o t m o r e t h a n 1 0 m o d e l s o f s a c k s u it s t o b o p u t o u t .
I t s h o u l d b o n o t e d t h a t t h e r e c o m m e n d a t io n s f o r f a ll 1 9 1 8 a r o t o r o m a in
In f o r c e , t h o r e c o m m e n d a t io n s f o r s p r i n g 1 9 1 9 b e i n g a d d i t i o n a l .
T h e fa ll
r e c o m m e n d a t i o n s c o n c e r n in g s w e e p s o f r a i n c o a t s a n d o v e r c o a t s t o a p p l y

PROPOSED

___ __________ _________________________

R E G U L A TIO N S

G O VER N IN G

SHOE

IN D U S T R Y .

In advices sent to shoo manufacturers throughout the
United States new regulations with regard to tho shoo in­
dustry, devised with the view to the further conservation
of leather and other materials, are announced b y the W a r
Industries Board. In tho case of women’s shoes tho maxi­
mum height, both leather and fabric, is not to exceed eight
inches, while misses’ shoes are to be limited in height to
6 K inches. The colors of all shoes, both leather and fabric,
are restricted to black, white and two colors of tan. Shoe
manufacturers under the now recommendations are not to
introduce, purchase or use any now stylo lasts for the next
six months. The following letter and schedules sent to the




I n o r d e r t o h u s b a n d o u r r e s o u r c e s a n d a s s i s t in c a r r y i n g o n t h e w a r
p r o g r a m , fu r th e r m e a s u re s o f c o n s e r v a t io n a re a b s o lu t e ly n e c e s s a r y in th e
s h o o t r a d e f o r th e s p r in g s e a s o n o f 1 9 1 9 .
T h e p u r p o s e o f t h i s p r o g r a m is t o r e d u c e s t il l f u r t h e r , i f p o s s i b l e , t h e
n u m b e r o f s t y lo s a n d t o a v o id t h o s e s t y le s t h a t I n v o lv e t h e u n n e ce s s a ry
u s e o f m a t e r ia l a n d c a p i t a l .
A s i t Is i m p o s s i b l e f o r t h is s e c t io n t o is s u e t h e p l a n in i t s f in a l f o r m b e f o r e
J u n e 2 8 1 9 1 8 , w o w is h t o i n f o r m y o u o f t h e d e t a i l s a n d t h e r e f o r e w e a r e
i n c lo s i n g t h o l is t o f t h e s u g g e s t e d m e t h o d s o f c o n s e r v a t i o n .
T h ese su g­
g e s t io n s h a v o b e e n c a r e f u l l y i n v e s t ig a t e d a n d a r e t h o r e s u l t o f v a r i o u s
m e e t in g s w i t h r e p r e s e n t a t iv e m e m b e r s o f a ll b r a n c h e s o f t h e a l li e d s h o e
a n d lo a th e r i n d u s t r y . T h e y h a v e b e e n r a t ifie d b y t h o e x e c u t iv e c o m m it t e e
o f t h o C o u n c il o f N a t io n a l S e r v ic e o f t h e S h o o a n d L o a th e r I n d u s tr ie s .
T h i s p r o g r a m w il l b o m a d e e f f e c t i v e i n t h i s f o r m , u n le s s s u b s t a n t i a l
r e a s o n s a r e i m m e d i a t e l y p r e s e n t e d w h i c h n e c e s s i t a t e i t s m o d i f i c a t i o n in
o r d e r t o a s s is t m o r e e f f e c t i v e l y i n m e e t in g p r e s e n t w a r c o n d i t i o n s .
Y o u r s v e r y t r u ly ,
C. F. C . STO U T,
C h ie f H id e , L ea th er a n d T a n n in g M a ­
te r ia ls S e c t io n , W a r I n d u s tr ie s B o a r d .

S c h e d u le o f R e c o m m e n d a t io n s .
T h e s e r e c o m m e n d a t io n s a p p ly t o a ll s a m p le s m a d e f o r th e s p rin g s e a s o n
o f 1 9 1 9 a n d t o a ll s h o e s c u t f o r m a n u f a c t u r e o n o r a f t e r O c t . 1 1 9 1 8 .
H eig h t o f S h o es.

T h e m a x i m u m h e i g h t o f w o m e n ’ s s h o e s , b o t h l e a t h e r a n d f a b r i c , s h a ll
n o t e x c e e d 8 in c h e s ( m e a s u r e d f r o m b r e a s t o f h e e l a t s i d e t o c e n t r e o t t o p
a t s i d e o f f in i s h e d s h o e s ) , s i z e 4 b t o b e t h e b a s e m e a s u r e .
T h o m a x i m u m h e i g h t o f m is s e s ’ s h o e s , s i z o 1 1 - 2 , s h a ll n o t e x c e e d 6 3 4
in c h e s (m e a s u r e d a s a b o v e ) .
T h e m a x i m u m h e i g h t o f c h i l d r e n ’s s h o e s , s iz e s 8 3 4 -1 1 . s h a ll n o t e x c e e d
6 in c h e s .
T h o m a x i m u m h e i g h t o f b o y s ’ a n d y o u t h s ’ s h o e s s h a ll n o t e x c e e d
534 In c h e s .
T h e m a x im u m

h e ig h t

o f In fa n ts ’

534 in ch e s .
T h o m a x im u m

h e ig h t

o f b u tton

in c h e s .

shoos,
shoos

s iz e s
fo r

4 -8 ,

s h a ll n o t

exceed

w om en

s h a ll n o t

exceed

Overgaiters.

T h e m a x i m u m h e i g h t o f a ll w o m o n ’ s o v o r g a i t o r s s h a ll n o t o x c e o d 8 i n c h e s ,
m e a s u re d fr o m b r e a s t o f h e e l a t s id e t o c o n t r o o f t o p a t s id e .
T h o m a x i m u m h e i g h t o f m is s e s ’ o v e r g a i t e r s s h a ll n o t o x c e e d 6 3 4 in c h e s
(m e a s u r e d a s a b o v e ) .
C o lo r s .

A l l s h o e s , b o t h l e a t h e r a n d f a b r i c , s h a ll b e r e s t r i c t e d t o b l a c k , w h i t e
a n d t w o c o lo r s o f t a n (th o t w o c o lo r s o f t a n t o b o a d a r k b r o w n o r ta n
a n d a m e d iu m b r o w n o r t a n ) .
P a t e n t l e a t h e r s h a ll b e b l a c k o n l y .
T h e s e c o l o r r e g u l a t io n s d o n o t
a p p ly t o b a b y s h o o s m a d e o f fa b r ic s .

-

L a s ts.

____

S h o e m a n u f a c t u r e r s s h a ll n o t f o r t h e n e x t s i x m o n t h s i n t r o d u c e , p u r c h a s e
o r u se a n y n e w s t y le la s t s .
T h e y m a y r e p l e n is h t o c o v e r w a s t a g e o r t o
m e e t r e q u i r e m e n t s o n p r e s e n t la s t s n o w in u s o I n t h o m a n u f a c t u r e o f s h o e s .
T h i s is t o b e e f f e c t i v e a t o n c e .
( B y n e w s t y l e l a s t s is m e a n t a n y la s t s
w h ic h h a v o n o t a c t u a l l y b e o n u s e d f o r t h o m a n u f a c t u r e o f s h o o s i n t h o
p a s t s e a s o n s .)
L in in g s .

,

T h e u s e o f l e a t h e r a s a q u a r t e r l in i n g in o x f o r d s a n d l o w s h o e s i s p e r m i t t e d
o n l y w h e n u s e d in s k e l e t o n f o r m w i t h f a b r i c .
L e a t h e r lin in g s w il l b e p e r ­
m i t t e d In o v e n l n g s l lp p o r s , w h e r e u p p e r s a r o m a d e o f f a b r i c s .
W e ad v oca te
t h o u s o o f f u ll f a b r i c lin i n g s f o r l o w s h o e s w h e r e v e r p o s s i b lo .
C a rto n s .

C a r t o n s s h a ll b o m a d e o f e it h e r a ll w h i t e o r g r a y p a p e r , w it h t h e e x c e p t i o n
o f t h e f r o n t l a b e l a n d t h e f r o n t f l a n g e , w h i c h m a y c o n f o r m w it h t h e c o l o r
a n d p a p e r n o w in u s e .
N o b o t t o m c o v e r i n g , t r im m i n g , s t r in g i n g , f l y
s h e e ts o r p r in te d t o p s t o b o p e r m it t e d o n c a r t o n s .
Y o u a r o r e q u e s t e d , in s o f a r a s p o s s i b l o o r w h e r e v e r p r a c t i c a b l e , t o I n s t i­
t u t e t h e f o ll o w i n g m e t h o d s o f c o n s e r v a t io n :
1. T o u s o e c o n o m ic a l c u t t in g p a t t o m s .
2 . T o c o - o p e r a t e w i t h r e t a il e r s a n d w h o le s a l e r s t o r e s t r i c t t h o r e t u r n o f
m e r ch a n d is e .
3 . T o r e d u c e th o n u m b e r o f n e w b o o t s a m p le s f o r w o m e n t o b e m a d e
f o r s p r in g s e a s o n o f 1 9 1 9 .
4 . T o d is c o u r a g e t h e p u r c h a s e o r o r d o r o f u n n e ce s s a r y s a m p le p a irs o f
sh oes fo r fu tu r e b u y in g .
' 5 . T o e n c o u r a g e th o s a le o f l o w c u t a n d lo w e f fe c t s .

W AR

IN D U S T R IE S

B O A R D 'S

Q U E S T IO N N A IR E

TO

M A N U F A C T U R E R S OF L E A T H E R BAGS, &C.

R a in c o a ts .,

to above.

shoe manufacturers were published in the “ OfficialBulletin”
of June 17:

634

T h e W a r Industries Board made the following announce­
ment this week concerning the tentative plans which aro to
govern the manufacture of men’s clothing for the spring of
1919:

am ount

[Vol. 106

THE CHRONICLE

2612

W ith a view to ascertaining information to guide it in
adopting plans for the conservation of leather, the W a r
Industries Board on June 18 addressed a questionnaire to
manufacturers of trunks, dress suit cases, bags and other
travelling equipment. In its queries tho Board said:
W ill y o u p le a s e g iv e u s th o b e n e fit o f y o u r ju d g m e n t a n d e x p e r ie n c e b y
a n s w e r in g t h e q u e s t i o n s o n t h o e n c l o s e d s c h e d u l e , w h ic h a p p li e s t o y o u r
b r a n c h o f t h e I n d u s t r y , a n d r e t u r n in g i t b o f o r o J u n o 2 4 1 9 1 8 .
T h e s e s u g g e s t e d m o t h o d s o f c o n s e r v a t io n a p p l y o n l y t o " p e r s o n a l
lu g g a g o ” a n d n o t to " c o m m e r c ia l tr a v e le rs ’ lu g g a g o .”
T h o fin a l r e c o m m e n d a t io n s w ill b o b a s e d u p o n t h e r e p lie s r e c e i v e d t o
th is in q u ir y .
1 . D o y o u m a n u fa c tu r e tr u n k s ?
D ro ss s u it ca s o s ?
B ags?
2 . S h a ll fu ll s i z o d r e s s a n d s t e a m e r t r u n k s b o r e s t r i c t e d t o t h e f o l l o w i n g
s iz e s . 2 8 -In c b . 3 2 -in c h , 3 6 -in c h , 4 0 -ln c h ?
3 . S h a ll e a c h m a n u f a c t u r e r r e s t r i c t h is o u t p u t t o t h r o e s t y lo s f o r e a c h o f
th o a b o v e s i n s ?
*
4 . S n a il t h r e e -q u a r t e r s i z o d r o s s o r m e n 's t r u n k s b o 3 6 - l n c h o n l y ?
5 . S h a ll e a c h m a n u f a c t u r e r r e s t r i c t h is o u t p u t t o o n o s iz e h a t t r u n k f o r
e a ch s t y le ?
6 . S h a ll e a c h m a n u f a c t u r e r r o s t r i c t h is o u t p u t t o o n q s i z e s h o e t r u n k f o r
e a ch s t y lo ?
7 . S h a ll e a c h r n a n u fa c t u r o r o f t r u n k s r o s t r i c t t h o t o t a l n u m b e r o f s t y le s
s h o w n in d r e s s , t h r e e -q u a * * ® * . s t o a m o r , h a t , s h o o , a n d s p e c i a lt i e s t o a m a x i ­
m u m o f th ir ty s ty lo s ?
8 . S h a ll t h e h e i g h t o^ w a r d r o b t r u n k s b o l i m i t e d t o 4 0 i n c h e s t r im m e d
o u ts id e m ea su re ?

9 . S h a ll e a c h m a n u f a c t u r e r r e s t r i c t h is s t y le s o r s e r ie s o f w a r d r o b e t r u n k s
t o t h r e e d i f f e r e n t s iz e s , t h a t is , f u l l s i z e , m e d i u m s i z e a n d s t e a m e r s i z e ?
1 0 . S h a ll t h e f u ll s iz e o f t h e a b o v e b o 2 5 i n c h e s d e e p , 2 3 i n c h e s w i d e a n d
4 0 in c h e s o u t s id e tr im m e d m e a s u r e ?
1 1 . S h a ll e a c h m a n u f a c t u r e r r e s t r i c t h is t o t a l n u m b e r o f w a r d r o b e t r u n k s
t o a m a x i m u m o f t h i r t y - s i x s t y l e s ( e a c h s t y l e in a s e r ie s t o b e c o n s t r u e d a s
a s e p a r a te s t y le ) ?
1 2 . S h a ll a ll t r u n k s b e c o n f i n e d t o f l a t t o p s ( n o b u l g o ) ?
1 3 . S h a ll a ll s h e e t m e t a l a s c o v e r i n g f o r t r u n k s b e e l i m i n a t e d ?
1 4 . S h a ll a ll c e n t r e b a n d s b o e l im i n a t e d ?
1 5 . S h a ll t h e u s e o f t h e f o l l o w i n g b e d i s c o n t in u e d in t h e m a n u f a c t u r e o f
t r u n k s , d r e s s s u i t c a s e s a n d b a g s : S h e e p s k in s ?
G o a t s k in s ?
S k iv e r s ?
1 6 . S h a ll t h e c o l o r o f a ll l e a t h e r f o r b a g s a n d d r e s s s u i t c a s e s b o r e s t r i c t e d
t o b la c k , a m e d iu m c o lo r o f ta n a n d n a tu r a l r u s s e t?
1 7 . S h a ll t r a v e l i n g b a g s a n d d r e s s s u i t c a s e s b e r e s t r i c t e d t o t h e f o ll o w i n g
s iz e s , 1 4 , 1 6 . 1 8 , 2 0 , 2 2 , 2 4 , 26 a n d 2 8 -in c h ?
1 8 . S h a ll e a c h m a n u f a c t u r e r r e s t r i c t h is o u t p u t t o t w o s t y l o s o f e a c h o f t h e
a b o v e s iz e s ?
1 9 . S h a ll a ll s o l i d b r a s s h a r d w a r e ( e x c e p t l o c k s ) a n d a n y h a r d w a r o o f
a n y d e s c r ip t i o n u s e d f o r o r n a m e n t a l p u r p o s e s ( t h a t is , n o t a b s o l u t e l y n e c e s ­
s a r y t o s t r e n g t h e n t h e t r u n k ) b e e l im i n a t e d o n a ll t r u n k s ?
2 0 . S h a ll t h e s o ilin g o f t r u n k s f r o m s a m p l e s ( e x c e p t in t h e m a n u f a c t u r e r s ’
f a c t o r y o r p e r m a n e n t s a l e s r o o m s ) b e r e s t r i c t e d t o o n o t r u n k p e r t r a v e l in g
s a le s m a n ?
.
2 1 . S h a ll t h e s e l li n g o f t r a v e l in g b a g s a n d s u i t c a s e s f r o m s a m p l e s b e
r e s t r i c t e d t o o n e t r u n k p e r t r a v e l in g s a l e s m a n ?
2 2 . S h a ll s e c r e t d r a w e r s , p a r t i t i o n s a n d s e c t io n s , a l s o f a ls e b o t t o m s , ,
s id e s a n d t o p s , b o d i s c o n t in u e d in t h e m a n u f a c t u r e o f t r u n k s , d r e s s s u it
cases an d b a g s ?

_____________________________________

HOURSOF W ORK IN

26 1 3

THE CHRONICLE

June 22 1918.]

T H E BOOT A N D SHOE IN D U S T R Y .

T hat a work-week of 54 hours is sufficient to maintain
production in the boot and shoe industry; that many effici­
ently managed establishments can achieve maximum
efficiency with a week of 52 hours; but that a shorter week
would, under present conditions, involve a loss in output;
are the conclusions reached in a report issued on June 11
by the National Industrial Conference Board. The report
points out that a large majority of establishments which have
adopted a 50-hour Aveek reported a loss in production;
nevertheless it is receptive to the view that such a work­
week might prove generally practicable provided operating
conditions could be placed on a highly efficient basis an d jt
genuine spirit of co-operation established betweon omployer
and omployee. W ith respect to a 48-hour week, experience
in the boot and shoo industry has been limited to a very
few concerns, but indicates definite, the report holds, that,
at least until there have been radical changes in operation
conditions, such a work schedule is too short to maintain
production at a maximum in this industry. The report
calls attention to the fact that the problem varies so widely
in different industries— because of differences in type of
worker, in character of product, in management, and
particularly in the extent to which automatic machine
processes influence results— that the experience of any one
industry must not be taken as representative of industry in
general.
So far as output is concerned, the report deals primarily
with immediate or factory production. It emphasizes,
however, that beyond the effect of different hours of work
on factory production, certain broad questions must be
taken into consideration; as, for instance, whether a shorten­
ing of tho work-week, although causing temporary loss in
current output, might not so extend tho productive life of
workers, or so promote the welfare of the community and
raise the standard of citizenship, that reductions in work
hours would bo desirable irrespective of an adverse effect on
current production. These so-called social factors are to
bo discussed in a later report on industries collectively rather
than in connection with any single industry.
Tho report is the second of a series based on an investiga­
tion of tho hours-of-work problem in several major industries
in the United States. It covors 190 boot and shoe establish­
ments with approximately 98,000 employees; of these estab­
lishments, 94 had reduced hours in recent years'and 77 of the
94, with 62,000 employees, reported tho results of such chnage
in work schedules. The replies indicate that a rather rapid
shortening of hours has takon place in tho industry in the
past few years. Thus, according to the Census of 1914,
only 15% of the employees in tho industry were in establish­
ments operating less than 54 hours per week, whereas in
1917 over 60% of the employees covored by the investigaion
woro in such establishments.

and to continue until three^months^ after the conclusion of
the war. They are:
R o l l n e w s , In c a r l o t s , $ 3 10 p e r 1 0 0 p o u n d s ; r o ll n e w s i n le ss t h a n c a r
l o t s , $ 3 2 2 M : s h e e t n e w s , in c a r l o t s , $ 3 5 0 : s h e e t n e w s , i n le s s t h a n c a r
l o t s , S 3 6 2 V2.

The agreement, it is stated, also fixed maximum commis­
sion prices for jobbers and other middlemen at 15 cents per
100 pounds for carload lots; 40 cents on less than car load
lots and 60 cents on less than ton lots. Jobbers’ commis­
sions apply either on the net, or on the cost of the paper at
warehouses, when freight cartage and other necessary ex­
penses have been added. Customers paying jobbers’ com­
missions are entitled under the award to a statement of these
expenses.
The American manufacturers, parties to the agreement,
are the International Paper Co., Minnesota & Ontario
Pow er Co., and Gould Paper Co., and the Canadian cor­
porations are the Spanish River Pulp & Paper M ills, Abitibi
Power & Paper Co., Laurentide Co., Belgo-Canadian Pulp
& Paper Co., Price Brothers & Co., Donnacona Paper Co.,
and the Brompton Pulp & Paper Co. The ten companies,
it is said, produced 950,000 tons of newsprint paper or
nearly 50% of the output on the continent in 1917. It is
stated that one of the factors taken into consideration in
fixing the price was an increase in wages for pulp wood and
paper workers, granted in averting a threatened strike in
M ay.
In fixing the price for the Minnesota & Ontario Power Co.
the Commission permitted that company, newspaper re­
ports state, to adjust its settlements for paper delivered
during January,February and M arch of 1915 (? ) at a figure
ten cents above those provided by the general agreement.
It also directed changes in the standard form of paper con­
tracts to provide buyers with credit for overweight and to
give them definite weight specifications and full title upon
delivery of consignments. Other charges asked by publishers
were not allowed. The Commission’s statement, signed by
Chairman Colver, John F . Fort and Victor M urdock, said:
T h e C o m m i s s io n In r e a c h i n g i t s c o n c lu s io n s d i d n o t t a k o i n t o c o n s i d c r t i o n c o s t s , i n c o m e o r e x c e s s p r o f i t t a x e s , e it h e r i n d i v id u a l o r c o r p o r a t e .
S i n c e t h i s is n o t a c o n d e m n a t i o n p r o c e e d i n g , a n d t h e r e is n o t a k i n g o f p r o p ­
e r t y in t h e s e n s e o f a s a l e o f t h e p l a n t s , t h e r e is n o a l ie n a t io n o f t h e g o i n g
v a l u e , a n d t h o f u l l c o s t s o f m a n u f a c t u r e a n d a ju s t a n d r e a s o n a b l e p r o f i t
b e i n g a l l o w e d , t h e r e s u l t is t h e s a m e a s t h o u g h f i x e d b y t h e s e lle r .
G i v e n t h e p l a n t a n d i t s o u t p u t , t h e C o m m i s s io n h a s . r e a c h e d i t s r e s u lt
b y a f u l l c o n s i d e r a t io n o f t h e c o s t o f m a n u f a c t u r e , w i t h d e p r e c i a t i o n a n d
a ju s t a n d r e a s o n a b le p r o f it o n t h e o p e r a tio n b a s e d u p o n t h e v a lu e o f p r o p ­
e r t y e m p l o y e d a n d t h e c ir c u m s t a n c e s s u r r o u n d i n g t h e i n d u s t r y .
In m a k in g
t h o c o m p u t a t i o n s t h e o p e r a t i o n o f t h e m il l s , a s a g r e e d b y c o u n s e l , h a s b e e n
c o n s id e r e d a s th r e e h u n d r e d d a y s p e r y e a r .

Newsprint paper has been selling by agreement at three
cents, pending the Commission’s ruling. During hearings
before the Commission, manufacturers asked a rate of four
cents, while the American Newspaper Publishers’ Associa­
tion held that two and one-half cents should be a maximum,
declaring the latter figure constituted a reasonable advance
over pre-war prices.
BOSTON

NO

LONGER

F IG U R IN G

TO B E

PR IC E

OF

C O N SID ER ED

IN

COTTON.

In announcing the dropping of Boston from the list of spot
cotton markets, D avid F . Houston, Secretary of Agriculture,
on Juno 13 said:
A s t h o r e s u lt o f a n a m e n d m e n t b y t h e S e c r e t a r y o f A g r i c u l t u r e t o t h e
r e g u l a t io n s u n d e r t h e U n it e d S t a t e s C o t t o n F u t u r e s A c t , B o s t o n , M a s s . ,
h a s b e o n d r o p p e d f r o m t h e l is t o f s p o t c o t t o n m a r k e t s w h o s e q u o t a t i o n s f o r
s p o t c o t t o n a r o u s e d in d e t e r m in i n g t h e d i ff e r e n c e s in p r i c e a b o v e o r b e l o w
t h o c o n t r a c t p r i c e f o r c o t t o n o f g r a d e s o t h e r t h a n m i d d l i n g d e l iv e r e d in
s e t t le m e n t o f f u t u r e c o n t r a c t s o n t h e N o w Y o r k C o t t o n E x c h a n g e .
T h e a m e n d m e n t t o t h e C o t t o n F u t u r e s r u le s a n d r e g u l a t io n s j u s t p r o ­
m u l g a t e d b y t h o S e c r e t a r y , is a s f o ll o w s :

Amendment No. 1 to Circular No. 6 4 .
B y v i r t u e o f t h o a u t h o r i t y v e s t e d in t h e S e c r e t a r y o f A g r i c u l t u r e b y t h e
U n it e d S t a t e s C o t t o n F u t u r e s A c t o f A u g u s t 11 1 9 1 6 (3 9 U . S . S t a t . L . .
1) 4 7 6 )
I D a v id F . H o u s t o n , S e cre ta ry o f A g ric u ltu re , d o m a k e , p r o ­
s c r i b e p u b li s h a n d g i v e p u b l i c n o t i c e o f t h e f o l l o w i n g a m e n d m e n t t o t h e
r u le s a n d r e g u l a t io n s o f t h e S e c r e t a r y o f A g r i c u l t u r e , d a t e d A u g u s t 12 1 9 1 6 ,
u n d e r s a id A c t , s a id a m e n d m e n t t o b e e f f e c t i v e o n a n d a f t e r J u n e 8 1 9 1 8 .
I n r e g u l a t io n 3 , s e c t io n 2 , s t r ik e o u t t h o w o r d s " B o s t o n , M a s s . "
In t e s t im o n y w h e r e o f, I h a v e h e r e u n t o s e t m y h a n d a n d c a u s e d t h e
o f f i c ia l s e a l o f t h e D e p a r t m e n t o f A g r i c u l t u r e t o b e a f f i x e d in t h e D i s t r i c t
o f C o l u m b i a , t h is 5 t h d a y o f J u n e 1 9 1 8 .
D A V ID F. H O U ST O N ,
Secretary of Agriculture.

LIC E N SE S

FOR

IM P O R T S

OF

E G Y P T IA N -

COTTON

REVOKED.
N E W S P R IN T

PAPER
TRADE

P R IC ES

FIX E D

BY

FEDERAL

C O M M IS S IO N .

M axim um prices for newsprint paper wero fixed by tho
Fedoral Trade Commission on Juno 19, in accordance with
an agreement between tho Attorney-General and manufac­
turers of tho United States and Canada. Tho prices, which
aro f. o. b. mill, are retroactive, taking effect A p r 1 1918,




Tho W a r Trade Board has revoked all outstanding
licenses for the importation of Egyptian cotton after June20.
The provisions which will hereafter govern the issuance o
licenses follow:
1.
N o lic e n s e s s h a ll b e is s u e d f o r t h e
U n it e d S t a t e s o f b r o w n E g y p t i a n a n d o t h e r
T h o c o t t o n s c o v e r e d b y t h is p r o v i s io n I n c lu d e
u p p e r E g y p t a n d o th e r g ra d e s h a v in g a s ta p le

im p o rta tio n fr o m E g y p t t o th o
lo w -g r a d e E g y p t ia n c o t to n s .
th e grad es k n ow n as M it - A f f l,
1 % in c h e s in le n g t h o r le s s.

2614

THE CHRONICLE

2. Sakollarides and other high-grade Egyptian cottons commonly known
as “sakels,” having a length of staple of lM Inches or more, may bo Im­
ported to tho amount of 80,000 bales during the calondar year of 1918.
Importations will bo embargoed for the remainder of tho calondar year.
If at any time before Dec. 31 1918 imports of Egyptian cotton into the
United States, shipped sinco Jan. 1 1918, shall havo reached tho total of
80,000 bales.
3. All cotton imported under this arrangement shall bo controlled by
the Textile Alliance, Incorporated, in advisement with the War Industries
Board and tho Department of Agriculture, and by them allocated to various
manufacturers for use in tho manufacture of necessary articles.

LICENSES FOR KAPOC REVOKED.
The W ar

T ra d e B oard

ann ounced on June

1 6 t h a t all

o u t s ta n d in g lice n se s fo r th e im p o r ta tio n o f k a p o c , o x c e p t

IVol. 106

“Tho Red Cross will placo these orders for yarn to bo delivered to the
Red Cross divisions as fast as tho Bureau of Development at National
Headquarters advises tho number of articles the chapters at each division
will be required to make.”
Tho now plan will do away with tho practico of Red Cross chapters buy­
ing yarn independently in tho open market. Tho purposo of tho ruling is
to conservo yarn and stabilize its prico. Tho custom of indopondont
buying has resulted in chaptors bidding against each other and thereby
raising the price of yarn in some instances to exorbitant figures.
Chapters can secure their yarn only upon spocific requisition through
their divisional headquarters. To preclude tho keeping of yarn at home
by individuals, all wool must bo accounted for in finished garments aftor
each issuo. This move will take all yarn in tho Army and Navy colors
from tho public market so that none can bo purchased and mado up by
individuals into gifts. This will stop tho overlapping of efforts, so that a
soldier or sailor receiving garments from tho Red Cross will not also receive
from one to a dozen duplicate garments as personal gifts.

su c h as m a y b e c o n sig n e d to th o U n it e d S ta t e s G o v e r n m e n t ,
h a v e b e e n re v o k e d as to s h ip m e n t fr o m a b o a r d a fte r J u n o 1 0
1918.

AUSTRALIA BUYS WOOL CLIP.

H e r e a fte r n o lice n se s fo r th o im p o r ta tio n o f k a p o c

w ill b e issu e d e x c e p t fo r G o v e r n m e n t p u r p o s e s .

I t ad d s:

The Textile Alliance, Inc., has been authorized to allocato tho kapoc
necessary for Government purposes to tho manufacturers. Import
licenses will bo issued by tho War Trado Board in accordance with such
allocations.
No restriction will bo placed upon the Importation of kapoc actually
owned by any branch of tho United States Government when transported
to this country on any Government vessel.

WAR TRADE BOARD REVOKES LICENSES TO IMPORT
RUBBER GOODS.
A c c o r d in g to a n a n n o u n c e m e n t o f th o W a r T r a d e B o a r d

T h o fo llo w in g c o n ce rn in g th e p u rch aso o f tho A u s tr a lia n
w o o l clip is ta k e n fr o m th e “ F in a n c ia l A m e r ic a ” o f J u n o 1 4 ,
th e a d v ic e s b e in g c o n ta in e d in a L o n d o n d is p a tc h o f th a t d a te :

The Imperial Government, it is announced, lias purchased the whole
of tho Australian wool clip for tho period of tho war and ono yoar after­
wards. This information was contained in a dispatch to tho “Exchange
Telegraph" from Melbourne. Tho first two clips involve $500,000,000,
this being the largest wool transaction in tho history of tho world.

WOOL SUPPLIES REQUISITIONED BY IT A L Y .
C o n s u l-G e n e r a l D a v id F . W ilb o r , a t G e n o a , in a d v is in g
th e

S ta t e

D e p a r tm e n t

of

th e

re q u isitio n in g

of

w ool

by

o n J u n e 1 9 , n o licen ses fo r th e im p o r ta tio n o f m a n u fa c tu r e d

Ita ly , say s:

r u b b e r g o o d s w ill b e issu e d a fte r J u n e 2 5 .
m e n t s a id :

By a Ministerial decreo tho military administration is authorized to
requisition for its own uso all wool produced in Italy (colonies excepted)
by shearing and all wool from skins, either Italian or foreign. Commerce
in sucii wool between private parties is therefore forbidoon. The decree
sets out in detail the prices to bo paid for tho different grades of wool and
tho procedure to bo followed in classing it.

T h e ann ounce­

All outstanding licenses for tho importation of manufactured rubber
goods have been revoked by tho War Trade Board in a new ruling (W. T. B.
R. 143) as to ocean shipment after Juno 25 1918. No licenses for tho im­
portation of manufactured rubber goods will bo issued after that date.
This ruling applies to all manufactured goods wherein rubber is tho prin­
cipal constituent. Articles containing incidental small quantities of rubber
to an extent of not moro than 5% of tho total weight of tho articlo may bo
exempted from the effect of this restriction.
T h o “ J o u rn a l o f C o m m e r c e ” o n J u n o 2 0 q u o te d a n o ffic ia l
o f th o W a r T r a d e B o a r d , in e x p la in in g th e n e e d o f p la c in g
r u b b e r p r o d u c ts u p o n th e r e str ic te d lis t as d e c la rin g t h a t—

In addition, were imports of crudo rubber and rubber substitutes aiono
restricted and manufactured goods permitted freo entry, tho inevitable
consequonco would bo to invito and encourage an invasion of tho market
by foreign manufacturers, who would bo ablo to start an unjust and unfair
competition with American manufacturers in tho homo markot. Hereto­
fore practically no manufactured rubber goods have been imported into
the United States and no established rubber import trado is touched by
this regulation, which was adopted solely as a preventive and precautionary
measure in justice to American manufacturers, who havo in tho interest
of an onergetic prosecution of tho wrar cheerfully accoptod a cut in their
supply of raw material.

CONTROL OF RED CROSS WOOL BY WAR INDUSTRIES
BOARD.
U n d e r n ow a r r a n g e m e n ts fo r s u p p ly in g w o o l to th o A m e r i­
c a n R e d C r o s s , a n n o u n c e d b y th e W a r In d u s tr ie s B o a r d o n
June

1 8 , th o p ra c tic e o f R e d C r o ss c h a p te r s b u y in g y a r n

in d e p e n d e n t ly in th e o p e n m a r k e t w ill b e d o n o a w a y w ith .
T h e p la n s w h ic h th e B o a r d h a s d e c id e d u p o n w ere m a d o
n e c e s s a r y , it
m ilit a r y

s ta te s , fo r th o c o n s e r v a tio n

p u rp ose;

it

p o in ts

out

th a t

o f ra w

th e

fir s t

C ross.

to fill th o re q u ir e m e n ts o f th o R o d

T h e p u rp o se in d o in g a w a y w ith th o p ra c tic e o f th e

c h a p te r s b u y in g in th o o p e n m a r k o t a n d re q u irin g th o R e d
C r o ss to p la c o ord ers th r o u g h th o D e p a r t m e n t o f S u p p lie s
a t N a t io n a l H e a d q u a r te r s is to b o t h to c o n se r v e y a r n a n d
s ta b iliz e its p ric e .
W o g iv e h e re w ith th e s ta te m e n t o f th o
W a r In d u str ie s B o a r d :

Stringent methods for tho conservation of raw wool for military purpose
havo become so necessary that a conference was called between represen­
tatives of tho Wool Commodities Section of tho War Industries Board and
tho American Red Cross. At tho close of tho conference tho following
statement was authorized
"It is obvious that tho first allotment of this wool must go to tho mili­
tary requirements of tho Government, and that any surplus remaining will
first bo used for filling tho requirements of the American Red Cross, as
noxt in importance to tho prosocution of tho war.
“ In view of the uncertainty in ocean shipping it cannot bo definitely
known at this timo as to what amount of wool, if any, will bo available for
Red Cross purposes after tho original military needs of tho Government
are satisfied. It is believed, however, that unloss unforeseen conditions
ariso, a moderate quantity of wool will bo available for tho Rod Cross.
"Furthermore, in view of tho probable scarcity of wool it is earnestly de­
sired that tho use of wool yarns for non-essontiai purposes bo discouraged in
every possiblo manner.
"The War Industries Board will hold tho Department of Supplies at
National Headquarters of tho Red Cross strictly responsible for tho reieaso
of any wool required by manufacturers for Red Cross purposes Tho Rod
Cross is required to adopt a standard that will go furthest in supplying a
good quality of worsted yarn suitablo for war purposes. All contracts for
this yarn must be made by tho Department of Supplies at National Head­
quarters, for which tho necessary wool will bo released, on ordor from tho
Department of Supplies, by tho War Industries Board, as fast as it is ob­
tainable in excess of tho necessary requirements of tho Quartermaster's
Department.




A c c o r d in g

to

th e

C h ic a g o

“ H e r a ld

and

E x a m in o r ”

of

J u n e 1 5 a s y n d ic a te o f a b o u t h a lf a d ozon C h ic a g o b a n k s
h as ag re e d w ith th o G o v e r n m e n t to le n d tho la t te r s u b s ta n ­
tia lly $ 9 ,0 0 0 ,0 0 0

w ith

W e s t e r n w o o l c lip .

w hich to p u rch aso a p o r tio n o f tho

B a n k s in o th e r c itie s, it s ta te s , h a v e

u n d e r ta k e n to p e rfo rm a sim ila r se rv ic e .
fo llo w s fr o m tho C h ic a g o p a p er:

W o a lso q u o te as

In tills underwriting tho banks havo kept within tho figures which a bank
may loan to any ono borrower. Tho Continental and Commercial National
has takon about $3,000,000 based on this division.
Tho Government has assumed first class on all tho wool In tho country
and it is proposed locally to store through tho National Wool and Ware­
house Company tho purchases mado under agreement with tho Govern­
ment. Whilo prices to bo paid for tho different grades of wool will vary,
the most is expected to bo bought at 00 conts a pound. Tho banks have
agreed to lend 75% of the purchaso price, which for tho grado montionod
will mean 45 cents a pound. Tho wool with the warehouse company will
be under tho control of tho banks and this lias facilitated tho handling of the
matter from a banking point.
Tho National Wool and Warehouse concern will buy tho wool and draw
ninety day drafts on the underwriting banks. Tho Government agroos to
pay 6% on tho amount of money used and tho acceptances created will bo
good for discounts at tho Federal Rosorvo Bank of Chicago. Tho warehouse
company will receive a commission for its services.

w o o l fo r
a llo t m e n t

m u s t g o to m e e t th o n e e d s o f th e G o v e r n m e n t , a n y su rp lu s
re m a in in g b e in g u sed

FINANCING OF WOOL CLIP BY CHICAGO BANKERS.

NOTICE TO RAILROADS TO MODIFY EMBARGOES ON
WOOL SHIPMENTS.
N o t ic o to th o ra ilro a d s to m o d if y o u ts ta n d in g e m b a r g o e s
o n s h ip m e n ts o f w o o l fro m

p ro d u c in g p o in ts in th o W e s t

a n d M i d d l e W e s t to B a lt im o r e , P h ila d e lp h ia , N o w

Y ork,

B o s to n a n d N o w E n g la n d p o in ts g e n e ra lly w a s issu e d b y th e
R a ilr o a d A d m in is tr a tio n o n J u n o 1 8 .

T h e A d m in is tr a tio n

s ta te d t h a t it w a s n e ce ssa ry t h a t a r r a n g e m e n ts b o m a d o fo r
th o p r o m p t a c c e p ta n c e a n d m o v e m e n t o f w o o l fo r th o n e x t
s ix ty d a y s in b o th c a rlo a d a n d less th a n ca rlo a d lo ts fo r s ix ty
d a y s b e g in n in g J u n e 1 7 , o w in g to th o c lo s in g o f th o clip p in g
se a so n a n d
p o in ts .

The

th o lim ite d
fo llo w in g

fa c ilitie s fo r s to rin g a t
w ero

th e

in s tr u c tio n s

of

p ro d u c in g
th o

Ad­

m in is tr a tio n :

Practically tho ontiro wool supply of tho country has beon commandeorod
by tho Government to moot its requirements.
Wool must bo shipped from producing points to Eastern wool centres
for grading. Tho season for clipping is just closing and tho facilities for
storing at producing points are very limited.
It is therefore necessary that arrangomonts bo mado for tho prompt
acceptance and movement of wool for tho noxt sixty days in both less carload
lots to all destinations, particularly Baltimore, Philadelphia, New York,
Boston and Now England points generally, and any outstanding embargoes
should immediately bo modified .accordingly.
Tho Freight Traffic Committee, North Atlantic Ports, is amending its
embargo, effoctivo Monday, Juno 17, to permit unrestricted movomont of
wool shipments to Philadelphia. Very fow such shipments are moving
to Baltimore and Now York, but tho Freight Traffic Oommittoo having
jurisdiction at thoso points is prepared to issuo permits promptly on re­
quest of consignees if and as required.
Prompt notico with full details should bo givon to tho car sorvico section
if any consigneo Is delinquent in accepting and unloading wool shlpmonts
promptly, so that tho War Dopartmont may tako nocossary action to oithor
arrango immediato unloading or divert to tho other consignees.

Ju n e

LUMBER PRICES AGREED ON.
W o re ferre d la s t w e e k to th e ro ta il prices a g re e d o n fo r th e
lu m b e r re q u ir e m e n ts o f th e G o v e r n m e n t .

W e g iv e h e re w ith

th e a n n o u n c e m e n t in fu ll a s m a d e b y th e W a r In d u strie s
B oard :
June

1 1918.

CIRCULAR NO. 0.
S u b je c t: M a x im u m retail p rices fo r fir a n d S ou th ern o r y e llo w p in e
lu m b er fo r th e G o v e rn m e n t’s e m e rg e n cy lu m b e r req u ire m e n ts fro m rotail
lu m b o r dealers in th e cities a n d v icin itie s o f B o s t o n , N e w Y o r k , N e w a rk ,
N. J., P h ilad elp h ia a n d B a ltim ore .

As llio result of an interdepartmental conference on the abovo subject
with the Price-Fixing Committee of the War Industries Board, Saturday
morning, March 30 1918, a committee was appointed to agree upon a price
to bo paid by all departments of tho Army and Navy and tho Emergency
Fleet Corporation for tho above-mentioned emergency lumber require­
ments of tho Government, as follows: Col. J. N. Wdlcutt, ropresonting tho
Army; Mr. C. M. Morford, representing tho Navy; Mr. F. Ii. Paxton,
representing tho Emergency Fleet Corporation; Col. Young and Capt.
Hancock, representing the Price-Fixing Committee; Dr. Ilanoy, repre­
senting tho Federal Trade Commission; Mr. Charles Edgar, ropresonting
tho Director of Lumber.
Tho abovo-montioned committee met at 10 a. m. May 1G in tho offico
of tho Director of Lumber, and after a full discussion with Dr. Ilanoy as
to tho Federal Trade Commission’s investigation of costs, and after fully
reviewing tho whole retail situation, it was agreed to establish tho following
maximum prices for lumber out of rotail yard stocks in tho districts abovo
referred to until July 31 1918:
That tho dealers bo allowed for handling charges and profit tho following
advance prices over and abovo the Government’s delivered pricos f. o. b.
cars in tho districts mentioned, including switching charges, if any: To tho
dealers in tho cities and vicinities of Boston, Now York City and Newark,
N. J., 812 50 per 1,000 foot board measure; to tho dealers In tho cities and
vicinities of Philadelphia and Baltimore, $11 50 per 1,000 feet board
measuro.
These pricos in all districts to bo based on the Government department
replacing tho lumber to tho dealers within 90 days from date of replacement
order at tho Government’s manufacturers’ prices delivered f. o. b. cars
in the districts mentioned, provided tho dealers prefer to have tho lumber re­
placed, or a cash settlement on the same basis if they prefer not to have tho
lumber replaced. Tlioso prices to tho Government for tho lumbor received
from tho retail dealers in all cases to bo f. o. b. dealers' wagons, trucks,
or railroad cars in dealers’ yards.
Working.— Where dressing or ripping is necessary to obtain tho items
desired by tho Government, charges for samo shall not exceed tho following:
Drossing, one, two, or four sides, $4 per 1,000 feet board measure; ripping
or resawing (first cut), $4 per S1,000 feet board measure; ripping or resawing
(second cut), S‘2 per 1,000 feet board measure.
Teaming.— Whon lumber is hauled by rotail yards tho charges for same
shall not exceed tho charges following: By auto truck, $2 50 per 1,000 first
mllo, with allowance of 35 cents per 1,000 each additional mile; by team,
$1 75 per 1,000 first mile, with allowance of 25 cents per 1,000 additional
mile.
In tho ovont the Government does not roplaco tho lumber taken from
local yards within tho time stated abovo it is understood that tho retailer
may rofuso to accopt lumber replacement, and settlement for lumber taken
Bhould bo made on basis of the following allowances in addition to the original
replacement prico- $0 per 1,000 feet on all short leaf: $6 per 1,000 feet on all
long leaf under 12 inches; $10 per 1,000 feet on all long loaf 12 inches and
over.
In tho matter of replacing lumber taken from rotail yards under tho abovo
agreement, it is understood that tho lumber is to be replaced in tho samo
sizes or oasicr sizes than tho sizes taken from tho rotail dealers—that is to
say, if boards are taken from tho retail doalors, boards are to bo replaced:
or if framing lumber is taken, framing lumber is to bo replaced in sizes no
larger than the sizes taken.
For tho present at least it is understood that all lumbor replacements will
como from tho districts of Alabama-Mississippi territory. Southern pino
territory, Gcorgia-FIorida territory, and from tho fir district in tho Pacific
Northwest. If North Carolina pino Is taken from tho retail dealers’ yards
It may or can bo replaced by comparablo grade from tho short-leaf territory
of tho above-mentioned producing districts.
All requests for replacement by the retail dealers should bo accompanied
by tho signature of tho receiving Government officer or agont, that tho
Director of Lumber may know in replacing this lumber that the sizes and
quantities asked for aro justified, and should bo submitted to tho Govern­
ment bureau in Washington through which tho original authority for tho
original purchase by tho Government was authorized.
It must bo distinctly understood that tho abovo pricos referred to aro only
effective in tho cities and vicinities abovo mentioned, where tho costs of
handling and doing business have boon investigated by tho Federal Trado
Commission.
All departments of tho army and navy and tho Emergency FIcot Cor­
poration agreo immediately to put maximum pricos into effect, and all
purchasing officers of all departments are to bo notified immediately of the
abovo decision.
F. S. YOUNG, L i e u t .- C o l . , G en . S t a f f . U . S. A .
JOSEPH N. WILLCUTT, C o l .. Q . M . C . . N . A .
JOHN M. HANCOCK, P a y m a s te r , U . S . N .
F. K. PAXTON, e m e r g e n c y F leet C o r p o r a tio n .
CIIAS. M. MORFORD, I A b r . E x p e r t , N a v y .
LEWIS H. IIANEY, ( r e p r e s e n tin g F e d e r a l T r a d e.
CHARLES EDGAR,

A c t i n g D ir e c to r o f L u m b e r .

CONFERENCE ON STEEL PRICES.
co n fe re n ce

on

stool

prices

w as

hold

in

W a s h in g to n

y e s te r d a y b e tw e e n th e G e n e ra l C o m m itt e e o n S teel a n d S te el
P r o d u c ts o f th o A m e r ic a n Iro n &

S te e l I n s tit u te a n d tho

P ric e F ix in g C o m m itt e e of th e W a r In d u strie s B o a r d .

Tho

W a s h in g to n J c o n fo r c n c o w a s p resid ed b y a m e e tin g in N o w
Y o r k a t th o W a ld o r f -A s t o r ia on W e d n e s d a y o f th o G on oral
C o m m itt e o a n d so m o s o v e n ty -fiv o or a h u n d re d rep re se n ­
ta tiv e s o f iron a n d steel m a n u fa c tu r e r s , a t th e clo se o f w h ich
E lb o r t H . G a r y , C h a ir m a n o f th e C o m m it t o e , g a v e o u t th e
fo llo w in g sta to m o n t:




As the War Industries Board has asked the General Committeo of the
American Iron and Steel Institute to appear in Washington on Friday of
this week to consider prices of iron and steel products, commencing July 1,
representatives of the different lines of industry met to-day to discuss the
situation.
After tho views of a number of gentlemen were expressed, it was unani­
mously voted to place the whole subject in the hands of the General
Committee, with power.
#
The

m e m b e rs

s e rv in g

on

th e

G e n e r a l C o m m it t e e

w ith

J u d g e G a r y a re :

James-A. Farrell, President of the United States Steel Corporation.
E. A. S. Clarke, Lackawanna Steel Company.
John A. Topping, Chairman, Republic Iron and Steel Company.
Jamas A. Campbell, President of the Youngstown Sheet and Tube Co.
A. C. Dinkey, Midvale Steel and Ordnance.
W . L. King, Vice-President of Jones & Laughlin Company.
L. E. Block, President of tho Inland Steel Company.
A. F. Huston, President of the Lukens Iron Company.
James A. Burdon, President of the Burden Iron Company.
E. G. Grace, President of the Bethlehem Steel Company.
W i t h a v ie w to a id in g th e P ric e F ix in g C o m m it t e e in d e te r­
m in in g p re s e n t s te e l c o s ts a n d a r riv e a t a b a s is fo r fix in g
p ric es fo r th e n e x t th re e m o n t h s , C h a ir m a n C o lv e r o f th e
F e d e r a l T r a d e C o m m is s io n a t te n d e d y e s t e r d a y ’ s c o n fe re n c e
in W a s h i n g t o n .

T h e p rin c ip a l to p ic o f y e s t e r d a y ’ s d iscu s­

sio n is sa id to h a v e b e e n th e a d d e d d ra in o n th e fu n d s o f th e
p ro d u c e r s b y th e 2 4 %

a d v a n c e o n cla s s c o m m o d it y r a te s

b o p u t in e ffe c t th e la t te r p a r t o f th is m o n t h .

I t w a s d e te r ­

m in e d a t th e m o r n in g se ssio n fo r th e p u rp o s e o f e x p e d itin g
th e h e a rin g s o f th e p ro d u c e r s b e fo re th e B o a r d to a p p o in t
a s m a ll r e p r e s e n ta tiv e c o m m it te e o f th e p ro d u c e r s to w o r k
w ith th o p r ic e -fix in g c o m m it t e e in a r riv in g a t a c o n c lu s io n .
A c c o r d in g to A s s o c ia te d P re ss d is p a tc h e s la s t n i g h t , th e
in cre a se d fr e ig h t ra te s a n d re c e n t a d v a n c e s m a d e in w a g e s
to ste e l m ill e m p lo y e e s , to g e th e r w ith th e g e n e ra l la b o r s itu ­
a t io n , aro u n d e r s to o d to h a v e c a u s e d th e ste e l in d u s tr y to
re a c h a d e c isio n a s k in g a s lig h t in cre a se in p r ic e s .

N o in t i­

m a tio n w a s to b o h a d as to th e e x te n t o f th e p r o s p e c tiv e in ­
crease.

I t w a s s t a t e d , h o w e v e r , t h a t th e W a r

I n d u s tr ie s

B o a r d , re p re s e n te d b y J . L . R e p lo g le , D ir e c to r o f th e ste e l
s u p p ly , w ill r e ly to a g r e a t e x te n t o n th e r e p o r t o f th e I n s t i­
t u t e ’ s s te e l c o m m it t e e .

IMPORT RESTRICTIONS AFFECTING CHROME ORE
A N D CHROMITE.
U n d e r r e s tr ic tio n s a ffe c tin g

th e im p o r ta tio n

o f chrom e

o re a n d c h r o m ite a d o p t e d b y th e W a r T r a d e B o a r d im p o r ts
f r o m C u b a , G u a t e m a la , N e w fo u n d la n d a n d B r a z il w ill b e
p e r m itt e d n o t e x c e e d in g 4 3 ,5 0 0 to n s u p to M a r c h 3 1 1 9 1 9
a n d fr o m C a le d o n ia u p to 1 0 ,0 0 0 to n s p rio r to D e c . 3 1 1 9 1 8 .
T h o fo llo w in g is th e a n n o u n c e m e n t m a d e b y th e B o a r d o n
June 13:

In pursuance of the general policy of tonnage conservation, tho \\ ar
•Trado Board has introduced restriction upon the importation of chrome
ore and chromite from overseas in a new ruiling (W . T. B. R. 129). The
sources of home supply are numerous and aro believed to be capable of
oxtensivo development. To provido for interim demands, pending the
further development of such deposits, imports from Cuba, Guatemala,
Newfoundland, and Brazil by sea will bo permitted, not exceeding 43,500
tons up to March 31 1919. and from New Caledonia up to 10,000 tons prior
to Dec. 31 1918. Shipments overland or by lake from Canada, overland
from Mexico, or as return cargo from European ports whon coming from
convenient ports and not involving delays in loading, will bo permitted.
All outstanding licenses for the import of chrome ore and chromite for
overseas have been revoked as to shipments mado after Juno 15 1918.

REVOKING IMPORT LICENSE FOR COPPER.
In s ta tin g o n J u n e 1G th a t it h a d re v o k e d all o u ts ta n d in g
licenses fo r th e im p o r ta tio n

o f c o p p e r ore fr o m

o v erseas,

e x c e p t f r o m C u b a , e x c e p t fo r s h ip m e n t m a d e p rior to J u n e 1 0
1 9 1 8 , th o W a r T r a d o B o a r d sa id :

No now licenses for shipments made from overseas after that date will
bo issued. Tho purpose of this regulation is to bring about the importation
of coppor matte (copper concentrates), instead of tho bulkier crude ore.

WAR INDUSTRIES PLANS TO CONSERVE TIN.
I n o u tlin in g its p o lic y w ith regard to m e a su res fo r th e
c o n s e r v a tio n o f tin , th e W a r In d u strie s B o a r d o n J u n o 1 9 ,
sa id :

C o m m issio n ).

A

2615

THE CHRONICLE

22 1918.]

The plan upon which the War Industries Board is working for tho con­
servation of tin is based on the conviction that no Government official,
department or bureau can be in position to apply restrictions to industries
as wisely as tho men who have spent their lives in the industries affected and
aro thoroughly acquainted with the technical details and the business con­
sequences involved.
Tho Board calls meetings of representatives of each important trade
using tin, states the necessity for economy, asks for patriotic co-operation
and seeks advico as to how to get the results desired. Each industry is
asked to organize, to consider the problem and submit specific recommen­
dations. Those recommendations are digested and sent to everyone in
each trado concerned. Conferences aro held with those who may not
agreo with tho recommendations so as to get as near to complete unanimity
as possiblo. A set of recommendations or regulations is then drawn up
for each industry, and these are enforced by the authority of the War
Industries Board.
F u r th e r fa c ts c o n ce rn in g th e B o a r d ’ s p o lic y w ere re p o rte d
in th o “ J o u rn a l o f C o m m e r c e ” o f J a n . 2 0 , as fo llo w s :

2616

Tho various uses of tin by differont trados aro classified in an asconding
scale o f importance.
First— Wasteful uses duo to carelessness, ignorance or indifforenco.
Wastes due to faulty practices which might bo cut off not only without
injury to anybody, but rather to tho deflnito pecuniary advantage of
manufacturers.
Second—Uses non-essontial in character, such as the coating of article
with tin for ornamental purposes solely. Uses which could bo cut off with­
out injury to any individual or firm, provided all acted aiiko.
Third— Tho employment o f tin for purposes which in thomselves aro
useful and desirable, so that their elimination would involvo a certain
amount of sacrifice on tho part o f manufacturers or consumers, but which
aro in no way connected with tho vital needs o f tho country in relation to
tho war.
Fourth— Uses directly for war purposes either by tho Government itself
as a manufacturer of war materials or by manufacturers who aro making
war materials for tho Government.
Uses under "first” and "second” can andjjshould be cut off at onco.
Under "third” curtailment is not in itself desirablo. It will result in a
certain disorganization of industry and reduction in economic efficiency
and ought to bo avoided if possible. Tint tho sacrifice will probably have
to bo made. Lastly, como tho direct war requirements, which must be
met in full or military efficiency will suffer.
Tho following results have already been accomplished:
1. Solder, bearing metals. &c.
Standardizing: There aro scores o f compositions used in boaring metals
and solder. Tho Bureau o f Standards has completed an investigation of
bear!ng metals and has suggested elimination o f all but four grades. This
recommendation was adopted by tho meeting and it is stated that a saving
of about 25% in amount of tin will bo effected. Tho Bureau of Standards
is making similar investigations concerning solder. Tho can companies
have reduced tho percentage o f tin in their soldor to 40, thus saving from
8% to 10% without injury to the Industry.
2. Brass and bronze ingots and castings.
Most o f this business is directly or indirectly for Government account.
Considerable reduction could bo made in tin content without reduction of
efficiency. Large savings have already been made by automobile and other
machine manufacturers by substituting for all metal bearings, case bearings
with thin lining shell (1-16 inch to 1-32 inch) of high grade babbitt. Straits
tin is often specified on tho assumption that it is tho purest tin. Banca is
even purer than tho Straits or Australian, and olectrolytic tin is as pure.
Manufacturers o f tin foil and collapsiblo tin tubes havo effected large
savings by reducing tho tin content, and by substitution of other materials
for containers. A plan was suggested and is now being perfected for tho
recovery of a largo part of tho tin used in foil and tubes. Through a cam­
paign o f advertising, through notices on tho packages, and other mothods,
consumers o f articles packed in foil or tubes will bo inducod to save these
articlos and turn them in at tho noarest Rod Cross centre as donations.
Smelters and other users o f tin will thon purchaso at market rates tho
lots thus collected by the Red Cross. It is estimated that this will recover
from 3,000 to 5,000 tons o f tin per annum, and bring tho Rod Cross an
added incomo of from §4,000,000 to §5,000,000.
3. Tin plate.
Plans for tho conservation of tin plato havo long been in the hands ot tho
Committee on tho Conservation of Tin Plato. In co-operation with tho
trados concerned largo economies havo already been offectod. Tho manu­
facture o f plate for many less essential usos, such as roofing, for store
boards, for fire doors, &c., has been eliminated by agreement. Tobacco
manufacturers havo just reachod an agreement by which black plato will
bo substitutes for tin plato for most tobacco cans, effecting a saving of
probably 750,000 base boxes of tin plato per annum. In addition, tho
quantity o f plato required for export has been greatly curtailed by tho regu­
lations o f the War Trado Board restricting export to plato which is to bo
used for specific purposes.

ASPHALT PUT ON RESTRICTED IMPORTS LIST.
A s p h a lt h a s b e e n p la ce d u p o n th o re str ic te d im p o r ts lis t
b y th e W a r T r a d o B o a r d .

I n a n a n n o u n c e m e n t o f th is o n

J u n e 1 6 , th o B o a r d sa id :

Imports for tho calendar year o f 1918 will bo limited to a total quantity
of 30,000 tons from Venezuela and 32,000 from tho Island of Trinidad. All
outstanding liconses for tho importation o f asphalt aro revoked as to ship­
ments mado after Juno 15 1918.
Allocation of tho amounts permitted to bo importod, regulation of the
price and other details will be arranged after conference with tho War
Industries Board.

MONAZITE SAND PUT ON LIST OF RESTRICTED
IMPORTS.
T h e W a r T r a d o B o a r d a n n o u n c e d o n J u n o 2 0 th a t M o n a z ite sa n d h a d b e e n p la c e d u p o n th e list o f re stric te d im p o r ts .
A ll

have

b een

r e v o k e d a s to sh ip m e n ts fr o m a b ro a d a fte r J u n e 2 0

o u ts ta n d in g

1918.

liconses

fo r

its

im p o r ta tio n

S p e c ia l a rra n g e m e n ts h a v e b e e n m a d o c o v e rin g th o im p o r ta ­
tio n o f th e m in im u m n e c e ssa ry q u a n titie s re q u ire d fo r c o n ­
s u m p tio n in th o U n it e d S ta te s d u rin g th e re m a in d e r o f th o
c a le n d a r y e a r o f 1 9 1 8 .

LICENSES FOR GYPSUM REVOKED.
I n a c c o u n c in g o n J u n o 1 6 th a t licen ses fo r g y p s u m h a d
h a d b e e n r e v o k e d , th o W a r T r a d o B o a r d sa id :

The War Trado Board announco, that all outstanding liconses for tho
importation of gypsum from ovorsoas except such as may bo carried upon
sailing vessels or by tho bargas allocated for that purpose, have beon
revoked as to ocean shipments on and after Juno II 1918.
No licenses for tho importation o f plaster rock or gypsum from overseas
will hereafter bo issued oxcopt for such shipments as may bo carriod upon
sailing vessels or upon tho bargos so designated.

NEW

COAL

DISTRIBUTION PROGRAM
ADMINISTRATION.

OF

FUEL

U n d e r a n ow p ro g ra m fo r th e d istr ib u tio n o f c o a l, a n ­
n o u n c e d b y th o U . S . F u e l A d m in is tr a tio n o n Ju n o 1 3 ,
p referen ce in d e liv e r y w ill bo g iv o n in th o fo llo w in g ord er:

Ka)

(Vol. 106

THE CHRONICLE

R a ilr o a d s ; (6) A r m y a n d N a v y , a n d o th e r d e p a r tm e n ts




of tho Government; (c) Stato and county departments and
institutions: (d) public utilities: (e) retail dealors; (/) manu­
facturing plants on the War Industries Board’s preference
list; (g) manufacturing plants not on War Industry Board’s
preference list; (h) jobbers; (i ) Lake; and (j) tidewator.
The plans also contemplate the sending of a questionnaire
to overy manufacturing plant in the United States using
more than 500 tons a year to onablo Stato and local Ad­
ministrators to build up adequate stocks of coal at all es­
sential war plants. Each manufacturing plant is required
under the plan announced to submit a weekly report on tho
amount of coal used and for what purpose. Tho announce­
ment of tho Fuel Administration said:
Tho War Industries Board will decido what consumers shall havo pref­
erence in securing coal, but the Fuel Administration has been asked to
assist in tho compilation of complete preference lists by obtaining reports
and recommendations on individual firms from tho Stato and local Fuel
Administrators.
Tho crux of tho now distribution plan lios in tho compilation of thoso
proforonce lists. The first six classes will bo given proforonco in coal
shipmonts in co-operation with tho plants of tho War Industries Board.
Tho distribution of coal to consumers in tho first two classes will bo
handled from Washington. Washington will also supervise shipmonts to a
fow vitally important plants.
Tho list of consumers entitled to preferonco as established by tho War
Industries Board will bo obtained through a questionnaire sent to overy
manufacturing plant in tho country using more than 500 tons or coal
annually. This list, when compiled, will bo furnished to oach Fuel Ad­
ministration district rerpesentatlvo in tho producing field which supply
the various States, and with these lists to guide thorn, togoilior with weekly
reports which will bo required from oach manufacturing plant, tho State
and local Fuel Administrators and district representatives will give thoir
particular attention to building up propor stocks of coal at all essontial
war plants.
In order to control tho distribution of coal to tho domestic consumers
and industrial plants by retail dealers, tho dealers will be required to make
a special roport to tho Stato Fuel Administrators and, from thoso reports,
deliveries to manufacturing plants not on preferonco list can bo curtailed
whon necessary.
Under this plan of distribution each consumer should arrango for ship­
ments from tho samo source of supply as last year, if possiblo. If diversion
of coal for tho war program, or tho zoning system will not permit this, tho
consumer should mako overy offort to form new connections, preferably
under a contract arrangement, wherever a supply is available, before calling
on tho Stato Fuel Administrators for assistance.
Weekly reports to tho Stato and United States Fuel Administrations show
tho .actual shipments of coal to tho various classifications of industries.
Tho plan is designed to fix definitely tho responsibility and authority
of tho State Fuol Administrators. It provides for a complete system of
reports for interchange of information botwoon consumers of coal, Stato
Fuel Administrators, District Representative and tho Unitod Stato Fuol
Administration.
Complete lists of tho preferred industries in overy community in ovory
Stato will bo available as soon as tho reports aro compilod.

Tko following advices in the matter havo boon sent to
tho Stato Fuol Administrators and District Roprosontativos
1. Subject to general instructions and policios which will bo laid down
from time to time by the distribution division of tho Fuol Administration
at Washington, tho State Fuol Administrators will havo tho entire respons­
ibility and authority for tho distribution of tho coal allottod to thoir respec­
tive States. The general instructions and policios to bo laid down by tho
distribution division will in turn bo govornod by instructions issued from
time to timo by tho War Industries Board.
2. Tho system of reports, sections 22 to 29, inclusivo, is designed for
the purpose of accumulating and compiling information which tho Stato
Fuel Administrators and tho Distribution Division at Washington will
require In order to insure proper regulation of coal distribution during tho
coming year.
3. From present estimatos of tho country’s coal requirements it sooms
ovidont that sufficient coal will not transported to all parts of tho country
to satisfy tho needs of all consumers. Consequently, in order to insure
that there shall bo no interference with tho country's war program, it is
necessary, in viow of tho threatened shortgago, to roeognizo that cortain
oonsuraers must havo preferonco in tho distribution of coal. The War
Industries Board will decido what consumers shall have this proforonce;
but tho Fuel Administration at Washington has boon asked to assist in tho
compilation of complete preferonco lists by obtaining reports and recom­
mendations from tlto Stato and local Fuol Administrators.
P r e fe r e n c e L is ts .

4. These preferonco lists will bo tho crux of tho entire coal-distribution
plan. To faciliato assembling thoso lists all consumers of coal, oxcopt
domestic consumers, will bo recorded under tho following classifications:
(а) Railroads.
(б) Army and Navy, togother with otlior departments of tho Foderal
Government.
(c) Stato and county departments and institutions.
(d) Public utilitios.
(e) Retail dealers.
(/) Manufacturing plants on War Industries Board’s preferonco list.
.
C0 ) Manufacturing plants not on War[Industries Board’s proforonco list.
(h ) Jobbers.
(i) Lake.
( j ) Tidewater.
Classos (a), (6), (c), (d), (c ) and (/) will thon compriso tho proforonco
lists, and preferonco in coal shipmonts will bo givon to all ccnsumors within
thoso classes in accordance witli instructions which the War Industries
Board will issuo from timo to timo.
5. AH coal originally classified under (/«), (0 and (j) will bo redistributed,
and will finally bo classified under some one of tho otlior classifications
oxcopt that part which may go for export through tidowater or to Canada
through the Lakes.
6. Tho distribution of coal to consumers in classos (a) and (ft) will bo
handled from Washington. Washington will also suporviso shipments to
certain plants in classes (d ) and (/) and in such cases propor notification
will bo given tho State Fuol Administration in whoso Stato tho plants aro
located.
7. A list of class (d) consumers in his Stato will bo furnished each Stato
Fuel Administrator by tho Statistical Section of tho Unitod Statos Fuol

June 22 1918.]

THE CHRONICLE

Administration at Washington, of which Mr. C. 15. Lesher Is the Manager.
This list will give tho namo, location, and requirements for each plant by
counties. Tho State and local Fuel Administrators will be required to
check theso lists and make such additions or deductions as they may find
necessary to keep the lists comploto and accurato. They shall roport any
such additions or deductions to tho Statistical Section.
8. A list of class (e) consumers in his State will also bo furnished each
Stato Fuel Administrator by tho Statistical Section, which list will show
for each county in tho Stato tho name and location of each coal doaler in
tho county, together with the 1917 tonnage delivered to tho customers of
each dealer over the greater part of tho Eastern territory of the country.
Some State Fuel Administrators havo already assembled lists of anthracite
coal dealers, and where this has boon done tho Statistical Section will not
send duplicate lists. The State and local Fuel Administrators will check
all class (c ) lists in tho same manner as class (d ) lists.
9. A list of'’class (/) consumers will bo assembled at once in tho following
manner. Tho Statistical Section will send out immediately to each manu-*
facturing plant In the country a postal card questionnaire, in duplicate—
ono card to bo returned to the Statistical Section at Washington and one
to the State Fuel Administrator in whose State the plant is located. Copy
of this questionnaire is attached as Form E, From those postal cards each
State Fuel Administrator, with the assistance of local Fuel Administrators,
will assemble tho lists of class (/) consumers in his Stato in accordance with
a supplemental letter which State Fuel Administrators will receive covering
tho preference list program in greater dotail. Copies of theso class (/)
lists shall bo sent by State Fuel Administrators to the Director Stato Dis­
tribution at Washington daily until completely assembled.
10. Tho Distribution Division at Washington will supply each district
representative with a complete list or class (/) consumers for each State
included in tho district representative’s shipping zone in conformance with
tho lists assembled by the Stato Fuel Administrators.
11. With those lists to guide them State and local Fuel Administrators
and district representatives are directed to give thoir attention to building
up proper stocks of coal for all consumers In the preference classes in ac­
cordance with Instructions Issued by the War Industries Board from time
to time, which instructions will bo communicatod to the State Fuel Ad­
ministrators and tho district representatives by the Distribution Division
at Washington.
12. The weekly reports from consumers (see forms G and II attached)
will prove of great assistance in accomplishing this result, since tho State
and local Fuel Administrators, by watching these reports, will bo able to
direct increased shipments to preference-class consumers who are not
making sufficient gain In their stocks of coal, as well as to check sliipmonts
to those consumers under any class whose stocks are accumulating too
rapidly.
13. In order to control the distribution of coal to domestic consumers
and industrial plants by retail dealers and wagon mines they will be required
to make a special roport to tho State Fuel Administrator, shown attached
as Form II.
14. In addition to tho weekly roports received from the district repre­
sentatives and the consumers of coal within his State, each Stato Fuel
Administrator will reccivo from the Statistical Section at Washington a
weekly roport showing tho production of coal in tho various producing
fields, tho distribution of coal In his own Stato, properly classified, tho con­
sumption of coal in his own State, and the stocks of coal on hand. In this
report tho totals will bo shown for each class of consumers.
15. Under this plan of distribution each consumer should arrango for
shipments from tho same source of supply as last year, if possible. When
arrangements of this kind cannot be made, duo to interference by tho
zoning plan or by a diversion of coal tonnago for war-program require­
ments, or by any other cause, the consumer should make every effort to
form some now connection in a coal-producing district from which a coal
supply is available, preferably undor a contract arrangement. Coal
operators will bo urged to make theso now contracts with tho consumers
whenever possible in order to roduce to tho minimum tho number of appli­
cations for assistance to the Stato and local Fuel Administrators.
16. When callod upon for assistance by a consumer who has been unable
to make arrangements for his coal supply tho State Fuel Administrator *is
directed to communicate with a district representative— nerve with an
individual coal producer—who can ship to tho consumer, with the request
that, If possible, tho district representative arrango with ono of his operators
to enter Into a contract with the consumer for tho amount of coal he re­
quired. If this cannot bo accomplished tho district representative shall
direct sliipmonts to said consumer in accordance with requisitions which
may bo recoived from tho Stato Fuel Administrator from time to time,
provided ho can do so without violating tho instructions from tho War
Industries Board which may bo in effect at tho time. In placing those
requisitions, the Stato Fuel Administrator will of course tako into con­
sideration tho total amount of coal which tho Stato can expect to receive
from tho district representative under tho allotment plan, to bo announced
by the Distribution Division, and also whether or not tho consumer be­
longs in one of tho preferred classifications.
17. Whonover a district representative is unablo to fill a requisition from
a Stato Fuel Administrator ho shall so advise the State Fuel Administrator,
giving tho roasons for his inability. In such cases the Stato Fuel Ad­
ministrator shall make an effort to secure the coal from other district
representatives who can ship to tho consumer, and if no ono of tho district
representatives Is able to make tho shipment, tho Stato Fuel Administrator
may in an emergency divert coal to the consumer in accordance with Para­
graph 25 of the section of tho distribution program entitled “ Reports.”
If no emergency exists tho matter should bo referred to the director of State
distribution at Washington.
18. In many States it may be found advantageous to decentralize the
Stato Fuel Administrator’s work by making subdivisions within tho Stato,
which subdivisions can deal directly with the consumers, tho district repre­
sentatives and Washington, thereby preventing a congestion of tho work
in the Stato Fuel Administrator's office. Whenever a Stato Fuol Ad­
ministrator thinks that such subdivisions would bo advantageous in his
State ho should take the matter up with tho director State distribution at
Washington.
19. As used herein, tho expression “district representative” is intendod
to include tho manager of shipments from tho docks at tho head of tho
Lakes, tho managers of all tidowater pools, the managers of all terminal
pools, if any, and the committee appointed to supervise the distribution
of anthracito coal.
20. The reports required under this plan are short and simple, but at
tho same time comploto and comprehensive, and the interchange of tho
Information provided there! i should greatly facilitate complete co-ordina­
tion botwoen tho State Fuel Administrators and the district representatives.
Tho successful accomplishment of tho war program depends in large
moasure upon the proper distribution of coal and In turn that proper dis­
tribution will dopond upon the close and sympathetic co-operation between
tho Stato Fuol Administrators and tho district representatives. In put­
ting this revised distribution program Into effect, tho United States Fuel
Administration asks for your energetic and enthusiastic support.




2617

N o te . — In order to standardize the work o f the"Fuel Administration all
over the country, and In order to reduce .to the minimum the number of
reports requested from coal consumers, coal producers, jobbers or re­
tailers, or from any member or department of the Fuel Administration,
it is intended that the reports set out below shall replace and supersede all
report forms now being used In connection with coal distribution!
21. Mine operators shall report each day to the district representatives
a list of the cars shipped during the day, giving consignee and destination
of each car. Mine operators shall also furnish such other information to
tho district representatives as is now authorized relative to contracts with
consumers, coal production, car supply, &c.
22. Each district representative shall send a weekly report to each State
Fuel Administrator into whose territory he ships, a copy going to the statis­
tical section at Washington at the same time. This report shall show the
number of cars shipped Into each State during tho preceding week, classified
as follows:
(а) Shipments to railroads.
(б) Shipments to Army, Navy and other departments of the Federal
Government.
(c) Shipments to State and county departments and institutions.
(d) Shipments to public utilities.
(e) Shipments to retail dealers.
(/) Shipments .to manufacturing plants on War Industries Board pref­
erence list.
(.0) Shipments to manufacturing plants not on preference list.
(h) Shipments to jobbers.
(i) Shipments to Lake Pools, itemized.
(j) Shipments to Tidewater Pools, Itemized.
N o te . —These letters are used only for the purpose o f reference in the
distribution program as herein sot out, and should not be confused with
any other reference or index letters. The order in which the above classi­
fications are set out has no bearing on the order in which preference will
bo accorded. If a State Fuel Administrator desires these reports to show
shipments into each o f several subdivisions within his State, he shall take
tho matter up with the director of State distribution at Washington. As
it is extremely desirable that all jobbers should give the mine operators
direct assignment for all coal shipped on their orders, shipments under
classification (h) will only be permitted under regulations which the dis­
tribution division will issue from time to time.
23. In New England and other places where shipments under class (7»)
may bo permitted it will be necessary for jobbers to report weekly to the
State Fuel Administrator, giving a statement, classified in accordance
with paragraph 22, of tho coal which they distribute during the preceding
week. Copies o f theso reports will bo sent to the Statistical Section at
Washington.
24. Any mine operator, coal jobber, transportation company, or other
person or firm that reconsigns or diverts coal shall report such reconsign­
ment or diversion to the District Representative in whose territory the
coal originated. District Representatives in thoir weekly reports to State
Fuel Administrators shall show what reconsignment., or diversions occurred
during the preceding week and correct their figures accordingly. In all
cases whore a jobber makes weekly reports to State Fuel Administrators,
as provided in tho preceding section, he shall also report reconsignments
or diversions to the State Fuel Administrators as well as to the Statistical
Section at Washington instead of to the District Representative.
25. State Fuel Administrators may make diversions of coal consigned to
their respective States in the event that such diversions are necessary
to relieve emergencies, but in no event shall they divert coal consigned to
consumers whoso requirements are under direct supervision of Washington,
except on specific authority from Washington. In all cases of diversion
by a State Fuel Administrator he shall immediately report the diversion
to tho original consignee, the new consignee, and the District Represen­
tative in whose district the coal originated, giving in each case car number
and initial and kind of coal. Tho District Representative shall transmit
this information to the shipper. Local Administrators, when authorized
by State Administrators, may make diversion of coal consigned to their
respective territories under the same conditions and restrictions as above
noted. In such cases they must immediately report to the State Fuel
Administrator tho same information in regard to the diversion, indicated
above, which information will bo promptly transmitted by tho State Fuel
Administrator to all parties affected. In making diversions State Fuel
Administrators shall at all times respect the boundaries established by the
transportation zone system.
26. Each Stato Fuel Administrator, with the assistance o f his local Fuel
Administrators, Is hereby directed to compile as promptly as possible,
list of all manufacturing plants which are entitled to bo on tho War Indus
trios Board’s preference list in each community within his State. (See
supplemental letter dated June 3 1918. covering the preference list program
in groatcr detail.) This list will be compiled from returned postal-card
questionnaires sent out to all manufacturing plants by the Statistical Sec­
tion at Washington. This postal-card questionnaire is attached as Form E^
27. Copies of these lists as assembled are to bo sent forward to th
Director of State Distribution at Washington each day, and as rapidly
as theso lists aro received at Washington copies will be made for distrib
tion to the District Representatives.
28. Each consumer in classes (c) to (o). inclusive, is required to make
weekly roport in duplicate in regard to his coal situation, one copy goin
to his Stato Fuel Administrator and one copy going to the Statistical Sec
tion of tho Fuel Administration at Washington. This report will show th
amount of coal on hand at the first of each week, tho receipts during th
week, the consumption (or, for retail dealers, the distribution) during th
week, tho amount of coal on hand at the end of the week, the number o
days' supply which this amount of coal on hand represents, and tho pro
ducing district from which the consumer is receiving coal. The blank fo
tho transmission of this information from industries and public utilities
attached as Form G, and from retail dealers as Form H.
Tho postal-card form on which these roports will be made will bo sent in
quantity lots direct from the Statistical Section at Washington to th e
consumer from whom reports are required. In putting this plan into effec
tho public utilities, retail dealers, and manufacturing plants consumin
over 500 tons per annum will be covered first, followod later by the smalle
manufacturing plants.
29. At an early date a statement will be sent from the FuelAdministra
tion at Washington to each State Fuel Administrator advising of his bi tuminous and anthracite tonnage allotments, exclusive of tonnage required
for classes (a) and (6), for the coal year ending March 31 1919, from each
coal-producing district, together with the names and addresses o f the
District Representatives who are to direct tho shipments. A simila
statement will also be sent by the Fuel Administration to each Distric
Representative, giving the tonnage allotment to each State, within h i
shipping zone, together with the names and addresses o f the State Fu
Administrators in each of these States.
UNITED STATES FUEL ADM IN ISTR A TIO N ,
D istribu tion

THE CHRONICLE

2618

PEN N SYLVAN IA BRICK M AKE RS L IM IT E D TO
FUEL SUPPLY.

50%

A c c o r d in g to a n a n n o u n c e m e n t o f J o se p h T o r r e n c e M ille r
o f th e F e d e r a l F u e l A d m in is tr a tio n fo r th e P e n n s y lv a n ia
D is tr ic t,

P e n n s y lv a n ia

b r ic k

p la n ts

m a k in g

n o n -e s s e n tia l

p r o d u c ts are to b e r e str ic te d to a 5 0 % fu e l s u p p ly .

M r . M il­

ler is q u o te d in th e P itts b u r g h “ G a z e t t e ” o f J u n e 1 5 as s a y ­
in g :

So far as restricted industries are concerned, the restriction to a 50% fuel
supply is insisted on. That applies no matter what the source of fuel is.
Limitations placed on brick and clay products holds in the same way ex­
cept for material where it can he shown that it is purely for war business,
and whero such showing is made additional coal will bo allowed by the
Fuel Administration when approved by the representative of the Council
of National Defense.
Brick concerns must make statements to the Fuel Administration,
which must bo backed by a statement from the brick consumer. The Fuel
Administration will investigate and forward its findings and the applica­
tion to the Fuel Administration at Washington, which will lssuo a permit
after approval of the application by the Council of National Defense.
T h e “ G a z e tte ” say s:

The restrictions applying to brick plants will mean the curtailment of
the activities of many plants in the vicinity of Pittsburgh manufacturing
brick for use in buildings, roadmaking and kindred purposes. It was de­
clared that tho restriction of fuel in such plants applies to both those using
fuel from any source, public or private. This also applies to fuel used in
greenhouses, Mr. Miller declared.

COAL PRICES I N NORTH D AKO TA.
A n a n n o u n c e m e n t o f th e U . S . F u e l A d m in is t r a t i o n , p rin ­
te d in th e “ O ffic ia l B u lle t in ” o f J u n e 8 r e g a rd in g c o a l p rices
in N o r t h D a k o t a , s a id :

Further classification and prices of bituminous coal mined in North
Dakota has been announced by the United States Fuel Administration.
Tho order is made effective as of 7 a. m. May 24, and the reclassification is
as follows:
For all coal mined south of the twelfth standard parallel: Run-of-mino
$2 25: prepared sizes, $2 50; 6-lnch steam lump, $2; slack or screenings, $1 25.
All coal mined north of the twelfth standard parallel: Run-of-mino, $2 70;
propared sizes, S3; 6-Inch steam lump, $2 50; slack or screenings, SI.
These prices do not include tho 45-cent allowance for wage increase under
tho President’s order of October 27 1917.

FUEL AD M IN IST R A T IO N WARNS TH AT UNNECES­
SARY USE OF ELECTRICITY M A Y CAUSE RE­
STORATION OF LIGIITLESS NIGHT ORDER.
U . S . F u e l A d m in is tr a to r H . A . G a r fie ld in w a rn in g th e
p u b lic “ a g a in s t p ro d ig a l a n d , u n n e c e ssa r y u se o f e le c tr ic ity
fo r o u t d o o r a d v e r tis in g p u rp o se s a n d o th e r d is p la y illu m i­
n a t io n ” s ta te s t h a t u n le ss o ffic ia l re p o r ts sh o w t h a t d is p la y
illu m in a tio n s a re k e p t w ith in r e a so n a b le b o u n d s a n d

are

lim it e d to h o u rs o f d a r k n e s s , th e su sp e n sio n o f th o “ lig h tle ss
n ig h t”

o rd e r w ill b e r e v o k e d , a n d m o r e s tr in g e n t re stric ­

tio n s o r d e r e d .

I n p a r t his a n n o u n c e m e n t r e a d s :

Statistics obtained by engineers of tho Fuel Administration, reduced to
terms of coal, show the necessity for tho utmost fuel economy during the
summer as well as tho winter, requiring tho strictest conservation of fuel­
generated electricity.
When tho special restrictions on outdoor lighting”wero suspended for the
summer months, by reason of the chango’of hours’ effectod.by tho daylight
saving law, it was expected that patriotism, backed by tho general fuel
saving campaign, would prevent extravagant lighting.
Reports made to the.Fuel Administration by,State and county admin­
istrators, and letters received from Individual observers, are to the effect
that owners of theatres and other establishments are frequently turning
on their display signs and outdoor lights.during the daylight hours, and
that both municipalities and individuals havo returned to tho habit of
excessivo illumination.
Tho Fuel Administrator said this waste must bo stopped. Unless official
reports show that display Illuminations are kept within reasonable bounds
and are limited to tho hours of darkness, tho suspension of tho so-called
“lightless night” order will be revoked and even more stringent restrictions
will bo ordered against all forms of outdoor lighting and display illumina­
tion. The consumption figures just compiled reveal the necessity of tho
utmost economy in fuel during the summer as'well as the whiter, and re­
quire the early enforcement of tho strictest economy of all fuel-generated
_______
electricity.

PRESIDENT WILSON AS K S EMPLOYERS ENGAGED
I N WAR WORK TO RECRUIT LABOR THROUGH
UNITED STATES AGENCY.
B e c a u s e o f th e c o n d itio n s w h ic h h a v o b e e n b r o u g h t a b o u t
th r o u g h th o c o m p e t itio n fo r la b o r b e tw e e n e m p lo y e r s h o ld ­
in g G o v e r n m e n t c o n tr a c t s , r e su ltin g in la b o r m o v in g “ fr u it­
le s s ly f r o m
and

ask ed
Aug.

o n e p la c e to a n o th e r , c o n g e s tin g th o r a ilw a y s

lo sin g b o t h
e m p lo y e r s
1 , fr o m

tim e a n d
engaged

m o n e y ,”
in

w ar

P r e s id e n t W i ls o n h as
w o rk

to

r e fr a in ,

a fte r

re c ru itin g u n sk ille d la b o r e x c e p t th r o u g h a

c e n tr a l a g e n c y — th e U n it e d S ta t e s E m p lo y m e n t S e r v ic e o f
th e D e p a r t m e n t o f L a b o r .

T h e P r e s id e n t’ s re q u e s t fo llo w e d

a s u g g e stio n o f S e c r e ta r y o f L a b o r W . B . W i ls o n , w h ic h
w as

m ado

p u b lic

a lo n g

w ith

th e

P r e s id e n t’ s

sta te m e n t.

W e g i v e th o la t te r h e r e w ith :

For moro than a year it has been our pride that not our armies and navies
only, but our whole people is engaged in a righteous war. Wo havo said
ropoatedly that industry plays as essontlal and honorable a rolo in this
great struggle as do our military armaments. Wo all recognize tho truth
of this, but we must also see its necessary implications— namely, that in­




[Vol. 106

dustry, doing a vital task for the nation, must receive tho support and
assistance of the nation. We must recognizo that it is a natural domand—
almost a right— of any one serving his country, whether employer or
employeo, to know that his service Is being used in tho most effective
manner possible. In tho case of labor this wholesome desire has been not
a little thwarted, owing to the changed conditions which'war has created
in tho labor market.
There has been much confusion as to essential products. There has
been ignorance of conditions— men havo gono hundreds of miles in search
of a job and wages which they might have found at their doors. Employers
holding Government contracts of the highest importance have competed
with holders of similar contracts, and even with tho Government itself,
and havo conducted expensive campaigns for recruiting labor in sections
whero tho supply of labor was already exhausted. California draws its
unskilled labor from as far east as Buffalo, and Now York, from as far west
as the Mississippi. Thus labor has been induced to move fruitlessly from
one place to another, congesting tho railways and losing both time and
money.
Such a condition is unfair alike to employer and employee, but most of all
to the nation itself, whose existence is threatened by any decrease in its
productive power. It is obvious that this situation can bo clarified and
equalized by a eontral agency—the United States Employment Servico of
tho Department of Labor, with tho counsel of tho War Labor Policies
Board— as the voice of all the industrial .agencies of tho Government.
Such a central agency must havo solo direction of all recruiting of civilian
workers in war work; and, in taking over this great responsibility, must
at tho same timo havo power to assure to essential Industry an adequate
supply of labor, even to tho oxtent of withdrawing workers from non­
essential production. It must also protect labor from insincere and
thoughtless appeals mado to it under tho plea of patriotism and assure it
that when it is expected to volunteer in somo priority industry, tho need is
real.
Therefore, I, Woodrow Wilson, President of tho United States of America,
solemnly urgo all employers engaged in war work to refrain after Aug. 1
1918 from recruiting unskilled labor in any manner except through this
eontral agency. I urge labor to respond as loyally as heretofore to any
calls Issued by this agency for voluntary enlistment in ossentlal Industry.
And I ask them both alike to romember that no sacrifice will havo been in
vain if wo are ablo to prove beyond all question that tho highest and best
form of efficiency is tho spontaneous co-operation of a freo pooplo.
WOODROW WILSON.
Tho White IIouso, Juno 17 1918.
T h e fo llo w in g is th e le t te r s e n t to th o P r e s id e n t b y S ec re ­
ta r y W i ls o n u r g in g th e m ilit a r y n e c e s s ity o f su c h a p la n :

DEPARTMENT OF LABOR.
Washington, Juno 15 1918.
M y D e a r M r . P r e s id e n t .— Our increasing military energies are putting
strains upon industry which call for tho most careful husbanding of our
man power. Wo can no longer lcavo our labor supply to tho unregulated
forces of competition, nor oven tho patriotic efforts of diverse agencies
of the Government unrelated to a comprehensive policy and unifiod direc­
tion. There Is an increasing shortage of unskilled labor for war projects
and likewise a shortage in certain classes of skilled workers. The needed
labor must bo secured for war Industries by drawing upon non-essential or
less essential industries. At present this is done largely at haphazard. A
dispensable industry competes for the labor of an essential plant; instances
are frequent whero one Government project secures men at tho expense
of another. As a result tho labor turnover is alarmingly great, with a loss
in war efficiency which wo cannot afford. Not tho least of tho consequencos
of tho existing situation is its effect upon tho morale of workers in the
restlessness which it produces and even encourages.
Those are largoly tho natural consequences of subjecting to a now,
terrific strain oxisting agencies and old attitudes of mind. We can no longor
submit to these. The first problem, tlieroforo, to which tho War Labor
Policies Board addressed itself was tho formulation of a plan to contralizo
tho recruiting of so-called unskilled labor and thus to insuro tho fullest?
uso of "Such labor to tho needs of tho war. I am glad to report to you
that the board has arrived at a plan which embodies tho opinion of every
production department of the Government, and is supported by tho
thought of representatives of industry and labor who have been in our
counsel in working out this problem.
Tho essonco of the plan is tho recognition that one centralized national
agency is demanded for recruiting tho workers for tho nation’s war needs,
that tho United States Employment Servico of this department is tho
agency appropriate for this task, that adequate resources must bo given
to this servico and corresponding effectiveness must bo secured to enablo it
to discharge tho responsibility. Accordingly every department of tho
Government through tho strongth at its disposal, whother it bo by tho
mechanism of contract or by shutting off raw material from a rocalcitrant
industry, is pledged to tho enforcement of this plan. It will mean, of
course, that thereafter all private enterprise in securing labor on a substan­
tial scalo will bo prohibited by the full authority at tho disposal of tho
Government. Timo must be given to make tho needed adjustment, and,
therefore, it has been deemed wiso to postpono tho installation of tho
new plan until Aug. 1 1918.
I write you thus at length because tho proper mobilization and distribu­
tion of labor are themselves part of a fruitful and just national labor
policy, and without these wo cannot hopo for progress in tho solution of
other labor questions that call for settlement. Tho succoss of tho plan is,
therefore, indispensable. While it may oncounter obstruction bocause of
minor selfish interests which it must offend, wo need not anticipate serious
difficulties if tho public mind is fully apprised and the nation’s understand­
ing of our purpose is enlisted.
Tho Policies Board, therefore, deemed the public announcement of this
program of sufficient national importance to deserve, and indeed to call
for, its proclamation by you. I share this conviction and join in this
recommendation of the Policies Board. I strongly hopo that tho nood of
this action will commend itself to your wisdom.
Faithfully yours,
W. B. WILSON, Secretary.
Tho President, The White House.

GOVERNMENT TO H AN DLE SKILLED LABOR
RECRUITING— OTHER LABOR PROBLEMS.
A n n o u n c e m e n t th a t th e G o v e r n m e n t e m p lo y m e n t se rv ico
w o u ld s o o n h a n d le sk ille d la b o r re c r u itin g a s w ell as c o m m o n
la b o r re c r u itin g , w a s m a d o o n J u n o 1 5 b y D . W . L itc h fie ld
o f B o s t o n , C h ie f o f th e C le a r a n c e a n d S k ille d L a b o r S e c tio n
o f th e F e d e r a l E m p lo y m e n t S e r v ic o .

A f t e r d e c la rin g th a t

“ o u r re se rv e s o f s k ille d la b o r aro v ir tu a lly g o n e ,” M r . L itc h ­
fie ld is q u o te d a s s a y in g :

June 22 1918.]

T h re e industrial S tates in th o E a st h a v o e stim a te d th eir needs fo r
m a ch in ists at 8 0 ,000 an d th o y m u st bo fo u n d i f th eir p r o d u c t iv e c a p a c it y
is n o t t o b o cu rta iled .
O rga n ized la b or has c o m o t o th o c o u n t r y 's a id as o n e m a n . T h o I n t e r ­
n a tion a l A s s o c ia tio n o f M a ch in ists is p u ttin g o u t circu la rs ca llin g u p o n its
m em b ers t o g o in to w ar industries a n d is p u ttin g n o n -u n io n m e n in clo s e d
s h op s. T h o b oilerm ak ers aro d o in g th e sam e.
T h o on tiro la b o r-fin d in g p ro g ra m o f th o U n ite d S tates E m p lo y m e n t
S erv ice is based o n c o m m o n senso. W h a t is re q u ire d t o p u t it t h r o u g h .
In a d d itio n t o p ra ctica l v ision b y its o ffic e r s a n d a g e n ts , is th o real c o ­
op e r a tio n o f th o e m p loy ers o f th e c o u n t r y . T h e e m p lo y m e n t s e r v ic e m u st
a n d will sh ow m an u factu rers th a t it ca n h a n d le th o j o b .
T h o D e p a r tm e n t
o f L a b o r w ill n o t pass th e b u c k .

O n th e q u e s tio n o f th e s c a r c ity o f f a r m la b o r , w h ic h is
a ls o g iv in g c o n c e r n , M . A . C o y k e n d a ll, C h ie f o f th e F a r m
S e r v ic e D iv is io n o f th e E m p lo y m e n t S e r v ic e , is c r e d ite d w ith
s ta tin g t h a t fa rm e r s m u s t r e ly v e r y la r g e ly o n b o y la b o r
h e r e a fte r b e c a u se sk ille d f a r m h a n d s h a v e b e o n d ra w n in to
in d u str y .

H e says:

I d o n o t b eliov o th a t w o h a v o a rriv e d a t th o tim e fo r ca llin g o n w o m e n
t o en gag e in h e a v y fa rm w o rk . T h o y aro n o t fit t e d fo r it p h y s ic a lly .
W o m e n are, h o w e v e r , a d a p te d t o th o ligh ter fo rm s o f fa r m w o rk , as d a i r y ­
in g , fru it p ic k in g an d sim ilar w o rk .
B e fo r e w o ta lk o f p u ttin g w o m e n o n th o fa rm s, lo t ’s p u t t h o a b lo -b o d ie d
m en and b o y s t o w o rk . T h o tim o has c o m o w hen e v e r y m a n o r b o y m u st
en ga g e in s om e p r o d u c tiv e o c c u p a t io n .
W e n eed t o ta k o m en o u t o f w o ­
m e n ’s jo b s an d p u t th em in real m e n ’s jo b s . I h o p e th a t e v e r y S ta to in
t h o U n ion w ill h a v o a n ti-loa fin g law s in o p e ra tio n as s o o n as p o ssib lo .

B y th e e n d o f th is se a so n f r o m 2 5 0 ,0 0 0 to 5 0 0 ,0 0 0 b o y s
b e tw e e n

1 6 a n d 2 1 y e a r s w ill b e a v a ila b le fo r th e fa r m s ,

in th e o p in io n o f W i lli a m E . H a l l , N a t i o n a l D ir e c to r o f th e
P u b lic

S e r v ic e

R eserve

and

th e B o y s ’ W o r k i n g

R eserve.

R o g e r W . B a b s o n , S ta t is tic ia n a n d C h ie f o f th e In fo r m a tio n
an d E d u c a tio n

D iv is io n o f th o E m p lo y m e n t S e r v ic e , said

E n g la n d ’ s e m p lo y m e n t se rv ic e h a d
h e r a r m ie s .

H is

d iv is io n

b e e n a s in v a lu a b le as

w ill w o r k a lo n g w ith fo llo w in g

lin e s in fin d in g la b o r fo r w a r p r o d u c tio n :
F u rn ish in g rep orts t o m em bers an d w age-ea rn ers o n e m p lo y m e n t c o n ­
d itio n s in th o va riou s industries a n d loca litie s.
U tilizin g b ra n ch o ffic e s o f th o e m p lo y m e n t s e r v ic e as in fo r m a tio n c o n tr cs .
S u p p ly in g fa c to r ie s w ith “ sp e e d u p ” p o ste rs, tills to x t b ein g in a fo rm
a c c o p ta b lo t o b o th e m p loy ers a n d w age-ea rn ers.
llo lp in g c o m m u n ities t o re d u c e la b o r tu r n o v e r b y in te n siv e p u b lic it y
c a m p a ig n s , in s tru ction cou rses o n e m p lo y m e n t m a n agin g a n d lo ca l c o m ­
m u n ity m eetin g s.

M r . B a b s o n b o lio v e s th a t r e d u c tio n o f th e p re se n t e n o r­
m o u s la b o r tu r n o v e r , n o w a s m u c h as 1 0 0 % a w e e k in s o m e
p la n t s , w o u ld bo e q u iv a le n t to in c r e a sin g th o p r e se n t la b o r
s u p p ly 2 2 % .

POOLING OF ECONOMIC RESOURCES OF U. S. A N D
ALLIES PROPOSED.
U nder

p ro p o se d

p la n s

fo r

th e

p o o lin g

o f a ll e c o n o m ic

re so u rce s o f th o U n it e d S ta t e s a n d th e A llie s , m a d e p u b lic
on Juno

1 2 , a M u n it io n s

C o u n c il w o u ld b o c r e a te d w ith

h e a d q u a r te r s a t o n e o f th e E n t e n t e c a p i t a ls .

A s te n ta tiv e ly

p ro p o se d th o M u n it io n s C o u n c il w o u ld b e d iv id e d in to tw o
p a r ts , f o o d

and

w a r m a te r ia l.

On

th e fo r m e r w o u ld

sit

re p r e s e n ta tiv e s o f th e F o o d M in is tr ie s o f th o A llie s a n d a
re p r e s e n ta tiv e

of

Food

A d m in is t r a t o r

H o over.

On

th e

la t t e r , a llie d m u n itio n s h e a d s w o u ld s it w ith a re p r e se n ta tiv e
o f th e W a r In d u strie s B o a r d .
d is tr ib u tio n o f f o o d , ra w

T h e c o n tr o l, p u rc h a se a n d

m a te r ia l, a n d fin ish e d

p ro d u c ts

n e e d e d b y th o A llio s w o u ld , it is s t a t e d , b o c e n tr e d in th o
M u n it io n s C o u n c il.

A n y q u e s tio n as to th o n e ed s o f th o

v a r io u s A llio s , th e ir a r m ie s , a n d th o se o f th e U n it e d S ta te s
w o u ld c o m e b e fo re th o C o u n c il.

W h e r e o n o A l l y ’ s re q u ire ­

m e n t s , e ith e r fo r f o o d o r m a te r ia l, w ero m o ro p re ssin g th a n
a n o th e r ’ s , s te p s w o u ld b o ta k e n
O rd e rs fo r m a te r ia l w o u ld

to m e e t t h a t n e ed fir s t .

b e a llo c a te d o r r e -a llo c a te d in

c o n fo r m ity w ith v a r y in g n e e d s a n d th e a b ility o f p la n ts in
th o A llie d n a tio n s to d e liv e r .
I t is fu r th e r s ta te d th a t e v e r y in d u s tr y , b o t h in E u r o p o
a n d th o U n it e d S t a t e s , w o u ld bo th e o b je c t o f sp e c ia l s t u d y
w ith re g a rd to its a b ilit y to tu rn o u t m a te r ia l n e e d e d , a n d
d u p lic a tio n

of

m a n u fa c tu r e

w o u ld

bo

p r e v e n te d .

It

is

a n n o u n c e d t h a t w h ile th o p la n o u tlin e d is n o w te n t a t iv e ,
su c h

p ro gre ss

has

been * m ado

th a t

A s s is t a n t

S ec re ta i’y

S t e ttin iu s , F o o d A d m in is tr a to r H o o v e r , a n d o th e r o ffic ia ls
o f th o w a r -m a k in g a g en cie s aro a r r a n g in g to g o to E u r o p e
w ith in a fe w w e e k s to m a k e p r e p a r a tio n s fo r so ttin g u p th e
o r g a n iz a tio n .

A s id o

fr o m

th o

n e c e ssity

of

c o -o r d in a tin g

th o in d u s tr ia l e ffo r ts o f a ll th o c o -b e llig e r e n ts a n d p ro v e n tin g
d u p lic a tio n

of

o u tp u t,

i t is p o in te d

out

tio n a t th o b a ttle fr o n t m a d o s o m e s o r t o f
e s s e n tia l.

th a t

th e

p o o lin g

s itu a ­
sc h e m e

T h o fr e q u e n t s h iftin g o f tr o o p s f r o m o n e s e c to r

to a n o th e r n e c e ssita te s th o tr a n sfe r o f th e ir e q u ip m e n t, g u n s ,
m u n it io n s , f o o d su p p lie s , a n d o th e r im p e d im e n t s , w e ig h in g
th o u s a n d s o f to n s .

A p o o lin g a r r a n g e m e n t w o u ld m a k o it

u n n e c e ssa r y to fo llo w
fr e ig h t .




2619

THE CHRONICLE

a m ilit a r y u n it w ith lo n g tra in s o f

TELEGRAPHERS' CONTROVERSY W IT H WESTERN
UNION A N D POSTAL TELEGRAPH COMPANIES.
E ff o r t s o n th e p a r t o f P re s id e n t W ils o n to a d ju s t th e c o n ­
tr o v e r s y b e tw e e n th e m e m b e rs o f th e C o m m e r c ia l T e le g r a p h ­
e rs’ U n io n o f A m e r ic a a n d th e W e s t e r n U n io n a n d P o s ta l T e le ­
g r a p h co m p a n ie s w ere m a d e in a le tte r ad d re sse d to th e h e a d s
of

th e

te leg ra p h

c o m p a n ie s

on

June

11.

One

of

th e s e ,

— t h a t to C la r e n c e H . M a c k a y , P re s id e n t o f th e P o s ta l—
w a s m a d e p u b lic o n th e 1 4 th in s t .
w a s s e n t to N e w c o m b
U n io n .

A s im ila r le t te r , it is s t a t e d ,

C a r lto n , P re s id e n t o f th e W e s t e r n

In u rgin g a c c e p ta n c e b y th e te le g ra p h c o m p a n ie s

o f th e r e c o m m e n d a tio n s o f th e N a t io n a l W a r L a b o r B o a r d
(referred to in d e ta il in o u r issu e o f J u n e 9 ) , P re s id e n t W ils o n
in his le tte r sa id :
M y dear M r . M a cka y:—
M y a tte n tio n has b e e n c a lle d t o t h e f a c t th a t th e N a tio n a l W a r L a b o r
B o a r d , a fte r a ca re fu l c o n sid e ra tio n o f t h e q u e s tio n s a t issu e b e tw e e n the
te le g ra p h c o m p a n ie s a n d th eir e m p lo y e e s , h a v e a rriv e d a t a d e c is io n , the
essential p o in ts o f w h ic h are e m b r a c e d in t h e fo llo w in g :
(1) T h e e m p lo y e e s h a v o a rig h t t o jo in a u n io n i f th e y s o d e sire , an d m en
d isch a rg e d fo r jo in in g t h e un ion sh o u ld b e re in sta te d .
(2) T h e c o m p a n y sh o u ld n o t b e re q u ire d t o d e a l w ith t h e u n io n o r t o rec­
o g n iz e it.
(3) C o m m itte e s o f e m p lo y e e s sh o u ld b e re co g n ize d in p re se n tin g g riev ­
a n ce s .
(4) W h e re e m p lo y e e s an d e m p lo y e rs fail to ag re e , t h e q u e stio n in dis­
p u t e sh o u ld b e d e te rm in e d b y t h e N a t io n a l W a r L a b o r B o a rd .
(5) T h o te le g ra p h e rs’ u n ion sh o u ld n o t in itia te strik es o r p e r m it its m e m ­
bers t o in itia te th e m , b u t sh o u ld s u b m it all g rie v a n ce s t o th e N a tio n a l W a r
L a b o r B o a rd .
I am in fo rm e d th a t th e re p re se n ta tive s o f th e u n ion aro w illin g t o a c c e p t
th is d e c is io n , b u t th a t th e rep re se n ta tiv e s o f t h o te le g ra p h c o m p a n ie s h a v e
n o t a c c e p te d it.
M a y I n o t s a y th a t in m y ju d g m e n t it is im p e ra tiv e ly n e ce ssa ry In th e
n a tio n a l in te re s t th at de cisio n s o f t h e N a tio n a l W a r L a b o r B o a rd s h o u ld b e
a c c e p te d b y b o th p a rties to la b o r d is p u te s ? T o fail to a c c e p t th e m is t o
je o p a r d th e in terest o f the n a tio n v e r y se rio u sly , b e ca u s e it co n s titu te s a
re je c tio n o f th e in s tru m e n ta lity s e t u p b y t h e G o v e rn m e n t its e lf fo r th e d e ­
te rm in a tio n o f la b o r d is p u te s , set up w ith a sin cere desire to a r r iv e a t Justice
in e v e r y ca se an d w ith th e express p u r p o s e o f sa fe gu a rd in g th e n a tion
a gain st la b o r d iffic u ltie s d u rin g th e c o n tin u a tio n o f t h e p re se n t w ar.
A ll these cir c u m s ta n c e s b ein g taken in to co n s id e r a tio n , I d o n o t h e sita te
t o s a y th a t it is a p a t r io tic d u t y t o c o -o p e r a te in th is a ll-im p o r ta n t m a tte r
w ith th e G o v e rn m e n t, b y th o use o f th e in s tru m e n ta lity w h ich th e G o v e rn ­
m e n t has s e t u p .
I th e re fo re w rite t o a sk th a t I m a y h a v e y o u r earnest
c o -o p e ra tio n in this m a tte r, as in a ll o th e r s , an d th a t y o u w ill s e t an e xam ­
p le t o th e o th e r e m p lo y e rs o f th e c o u n t r y b y a p r o m p t an d c o r d ia l a c q u i­
escence.
V e r y s in ce re ly y o u r s ,
W O O D R O W W IL S O N .
M r . C la r e n c e H . M a c k a y ,
P resident Postal Telegraph C o ., N ew Y o rk City.

In

s ig n ify in g

c o m p lia n c e

w ith

th e

P r e s id e n t’ s

re q u e s t,

M r . M a c k a y , ad d re sse d th e P re sid e n t u n d e r d a te o f J u n e

12 as fo llo w s :
N ew Y o rk , Jun e 12 1918.
l i o n . W O O D R O W W I L S O N , P resident.
The W h ite H o u s e, W ashington, D . C.
In r e p ly t o y o u r le tte r o f y e s te r d a y , a llo w m o t o s a y th a t th is c o m p a n y
has d o n e its v e r y u tm o s t since th e be g in n in g o f th e w ar t o assum e its full
share o f re sp o n sib ility t o th e G o v e rn m e n t a n d t o th o p u b lic an d th a t, In
ord e r t o still fu rth e r sh o w its s in ce rity a n d earnest desire to b e o f s e rv ice
a t th is tim e o f n ation al trial, w o c a n n o t b u t re sp o n d t o y o u r re q u e st th a t
w e w a iv e , d u rin g th o w a r, ou r rig h t t o d isch a rge e m p lo y e e s w h o jo in a
u n io n , an d y o u m a y r e ly u p o n o u r d o in g s o . V e r y re s p e ctfu lly ,
CLARENCE H. M ACK AY,
President P ostal Telegraph Cable C om pany.

In a le tte r to P re sid e n t W ils o n o n Ju n o 1 7 r e s ta tin g th e
re a son s o f th o W e s t e r n U n io n fo r d ec lin in g to a c ce d e to th e
p ro p o sal th a t it su sp e n d fo r th e p eriod o f th e w a r , its o b ­
je c tio n s to its e m p lo y e e s b e c o m in g m e m b e rs o f th e C o m ­
m e rc ial T e le g r a p h e rs ’ U n io n , P re s id e n t C a r lto n sa id :
Jun e 17 1918.
D ea r M r . President: P e rm it m o t o th a n k y o u fo r y o u r le tte r o f Ju n e 11,
w h ich I a ck n o w le d g e d b y w ire o n F r id a y .
T h e fo u n d a tio n u p o n w h ich rests th o p ro ce d u re o f th e N a tio n a l W a r
L a b o r B o a rd is co n ta in e d In th o fo llo w in g ca u so o f th e o ffic ia l p a p e r issued
w ith y o u r p r o c la m a tio n o f th e 8 th o f A p ril:
" W h e n th e B o a r d , a fte r d u e e ffo r t o f its o w n , th r o u g h s e ctio n s , lo ca l
co m m itte e s , o r o th erw ise, fin d s it im p o ssib le t o se ttle a c o n t r o v e r s y , th e
B o a rd shall th e n sit as a B o a rd o f A r b itr a tio n , d e c id e th e c o n t r o v e r s y , an d
m ak o an aw ard if it ca n reach a u n a n im ou s co n c lu s io n .
I f it c a n n o t d o
th is then it shall select an u m p ire, as p r o v id e d , w h o shall sit w ith th o B o a rd ,
re v ie w th e issues and re n d e r his a w a r d .”
In v ie w o f this requ ired p r o ce d u re , I th in k w e are e n title d t o sta te th e
fa c ts , w h ich are th a t th e W a ls h -T a ft p lan w h ic h has been referred t o as th e
de cisio n o f th e B o a rd , w as re je cte d b y th e B o a rd u n d e r th o a b o v e p r o c e ­
d u re b y fiv e v o te s .
F o llo w in g th e failu re o f u n a n im ou s a c t io n , th ere w as
n o a p p o in tm e n t o f a n u m p ire , an d th e re fo re , u n d er th e pre scrib e d p r o c e ­
d u re o f th e B o a rd its e lf, n o de cisio n .
L e t m e assure y o u , M r . P resid en t, th a t o u r desire t o s u p p o r t th e N a tio n a l
W a r L a b o r B o a rd in th eir c o n c ilia to r y a n d m e d ia to ry fu n c tio n s is expressed
in w illingn ess to s u b m it t o th eir a rb itra tio n a n y d isp u te w h ich m ig h t arise
b e tw e e n th e m an agem en t an d th o e m p lo y e e s o v e r a q u e stio n o f p a y o r
w o rk in g c o n d itio n s
W e b e lie v e , h o w e v e r , th a t w e are en title d d u rin g
th o w ar t o m ain tain th e d ic tu m w h ich th o S ecretary o f L a b o r has so w ell
•expressed in these w o rd s:
“ W h e re eith er an e m p lo y e r o r an e m p lo y e e has b e e n u n a b le u n d er
norm al c o n d itio n s t o ch a n g o th e stan dards t o th eir o w n lik in g th e y sh o u ld
n o t tak o a d v a n ta g e o f th o present a b n o rm a l co n d itio n s t o establish new
s ta n d a rd s .”
W e h a v e fo r years m ain tain ed th e p o s itio n th a t o u r essential e m p lo y e es ,
th o se w o rk in g th e w ires, sh ou ld n o t a ffilia te w ith org a n iz a tio n s e m p lo y in g
th o strik e, eith er fo r th eir o w n b e n e fit o r s y m p a th e tica lly fo r th e b e n e fit o f
o th e rs. T h is p o lic y has been lo n g k n o w n t o o u r e m p lo y e e s , a n d w e h a v o

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[Vol. 106

THE CHRONICLE

con s id e r e d a b s te n tio n fro m s u ch a ffilia tio n a c o n d itio n o f their s e rv ico ,
a n d t o -d a y th ero aro n o m e m b e rs o f su ch o rg a n iz a tio n in o u r e m p lo y .
W o desire t o b o p e r fe ctly fa ir w ith y o u , S ir, as w o h a v e been w ith th e
B o a r d . W o aro n o t fa v o r a b le t o sh arin g th o r e s p o n s ib ility o f c o n d u c tin g
a grea t p u b lic s erv ico w ith th o p ecu lia r fe a tu re s o f th e te le g ra p h , w h ich th o
exigen cies o f th o w a r h a v e in crea sed m a n y f o ld , w ith m e m b e rs o f an o u t ­
sid e org a n iz a tion w h oso in terests aro p erson al rath er th an p u b lic .
•
T h o teleg ra p h business th a t co m e s t o us is a b o u t 8 0 % o f the to t a l, and
th is v o lu m e in v o lv e s a b o u t 1,5 0 0 ,0 0 0 ,0 0 0 h an dlin gs a y e a r . O b v io u s ly ,
p r o p e r ly t o h a n d le s o v a s t a v o lu m e p r o m p t ly an d a c c u r a te ly requires
c o m p lim e n ta r y e ffo r t an d a co rd ia l c o -o p e r a tio n be tw e e n all em p lo y e e s.
T h o q u a lity o f teleg ra p h se r v ic o d e p e n d s a b s o lu te ly u p o n the sp irit o f
in d iv id u a l e m p lo y e e s .
F o r th e teleg ra p h s e r v ic o , u n lik e th e ra ilro a d , th ere
is n o t im e ta b le b y w h ich th o in d iv id u a l p a tr o n m a y m easu re w h e th e r o r
n o t h is m essage is b e in g h a n d le d e x p e d itio u s ly . N e ith e r th o p u b lic n o r th e
m a n a g em en t is a b lo to d o te rm in e w h e th e r sm all d e la y s o r sligh t in accu racies
a ro w a rra n ted o r n o t . I t is essen tia l, th e re fo re , th a t e v e r y e m p lo y c o o f this
c o m p a n y su stain an a tt it u d o not o n ly o f lo y a lty to w a rd th o m an agem en t
its e lf, b u t o f frien dlin ess a n d d esire t o c o -o p e r a to w ith all their fe llo w e m p lo y e e s . T h u s it b e co m e s p e cu lia rly tru e in th o te le g ra p h businoss that
a sm a ll m in o rity o f o p e r a to r s n o t c o r d ia lly c o -o p e r a tin g m a y seriou sly
in te rfe re w ith th o s p eed a n d a c c u r a c y o f m essages.
U n d er th o p lan o f M r . W a ls h , co n c u r r e d in b y M r . T a ft , an o u ts id e union
w h ic h has fo r m a n y y e a r s been fra n k ly h o s tile t o t h o c o m p a n y w o u ld , u n d er
th o p r o te x t o f a w a r em e r g e n c y , w a iv e Its rig h t t o strik e d u rin g th o w a r , bu t
Carry o n a p r o p a g a n d a fo r th e pu rp o se o f enlisting s u fficie n t o f tho c o m p a n y ’s
e m p lo y e e s fo r n o p o s s ib lo resu lt th a t it c o u ld at tain d u rin g th e w a r, b u t o n ly
t h a t it m ig h t fu rn ish th o n u cleu s fo r t h e d iso rg a n iz a tio n o f o u r s e rv ice
th rou g h d e m o ra liz e d d iscip lin e an d th o u se o f t h e s trik o im m e d ia te ly a fte r
t h o exigen cies o f th o w a r h ad ce a se d an d released it fro m its p ro m ise s. A s
I n d ica tiv e o f t h o ch a r a c te r an d te m p e r o f th is u n io n , p e r m it m o t o q u o t e th o
fo llo w in g w o rd s fro m an o ffic ia l c ircu la r issu ed b y it ca llin g a m e e tin g in
C h ic a g o fo r Ju n o 9 : “ C o m e a rm ed i f y o u d e e m it n e c e s s a r y .”
I n eed n o t rem in d y o u , sir, th a t t h o p r im a ry o b lig a tio n s o f a te le g ra p h
s e r v ic o a ro t o p r o v id e c o n t in u it y a n d c o m p e te n c e , an d t h a t w o d c s lro t o
p r o t e c t th ese essen tia ls, n o t o n ly d u rin g th is e m e rg e n cy b u t a t a ll tim e s.
T c th is on d th e r o aro, it seem s t o u s , t w o p la n s o f p r o c e d u r e . O n e, c o m ­
p u ls o r y a r b itra tio n w h ic h , as w o r e c a ll, y o u urged u p o n C on gress a t th o tim o
t h o g re a t ra ilw a y strik o w as im m in e n t. T h o o th e r is fo u n d in th o su ggestion
o f o u r e m p lo y e e s th a t t h e y fo rm th e ir o w n u n ion o r org a n iz a tio n u p o n tho
th e o r y t h a t th o n orm a l re la tio n sh ip b e tw e e n e m p lo y e r a n d e m p lo y e e is th a t
o f p e a c o and m u tu a l c o -o p e ra tio n in th o a d ju s tm e n t o f th e ir rela tion s an d
n o t th a t o f str ife , an d th a t a sp irit o f h o s tility an d e ffo r ts o f w a rfa re aro n o t
n ecessa ry fo r in du stria l p rogress o r t h e a d ju s tm e n t o f m u tu a l rela tio n s.
In o r d e r th a t o u r o p e ra tin g e m p lo y e e s m ig h t g iv o fre e expression t o their
w ish es r e s p e ctin g th is o u ts id e u n io n o r an o rg a n iz a tio n o f th eir o w n , w o
su g g ested t o th o N a tio n a l W a r L a b o r B o a rd th o su bm ission o f th o qu es­
tio n s t o th e e m p lo y e e s th ro u g h a r e fe re n d u m t o b o tak en u n d e r th o d ire ctio n
o f t h o N a tio n a l B o a r d , a n d w o a greed t o a b k lo b y t h o o v e n t o f th o b a llo t,
b u t fo r reason s u n k n ow n t o us th is p r o p o s a l w as n o t a d o p te d .
N o w th a t o u t e m p lo y e e s h a v e d e te rm in e d u p o n th eir o w n a s s o cia tio n , I
a m sure th e y w o u ld bo g la d t o h a v e th e a d v ic e a n d c o u n s e l o f th o N a tio n a l
W a r L a b o r B o a rd in th o fo rm a tio n o f th e ir o rg a n iz a tio n t o th e e n d th a t it
m a y b o r e p r e s e n ta tiv e o f th o e m p lo y e e s ’ in terests a s w e ll as free fr o m a n y
in flu e n c e th at m ig h t lim it its e ffe c tiv e n e s s in de a lin g w ith th e rig h ts and
p r iv ileg es o f th o e m p lo y e e s . N o th in g th a t ca n b e a c c o m p lis h e d b y th o
W a ls h -T a ft p la n is n o t a c c o m p lis h e d b y th o e m p lo y e e s ’ a s s o cia tio n ; b u t
th e r o is th is im p o rta n t d is tin c tio n — th a t u n io n ism esta b lish e d u n d e r c o n ­
d itio n s o f co e r cio n a n d h o s tility is n o t th o sa m e th in g as th o right t o b argain
c o lle c t iv e ly , a rig h t w h ich is g iv e n th o e m p lo y e e s b y th e ir a s s o cia tio n .
W o a s k y o u t o b c lie v o t h a t o u r v ie w is ba sed u p o n a m o s t ca re fu l ro ox a m in a tion o f o u r exp erie n ce in th e o p e r a tio n o f teleg ra p h s e rv ice . T h e ro
is n o d is p u te b etw een t h e c o m p a n y an d its e m p lo y e e s o v e r p a y o r hou rs
o f la b o r . T h e ro is n o lik e lih o o d o f a strik o o f o u r e m p lo y e e s , a b o d y o f
m en a n d w om en o f h igh p a tr io tis m w h o h a v e h o m o g re a t burden s u n c o m ­
p la in in g ly as a p a rt o f th e ir c o n tr ib u tio n to th o n a t io n ’s cau se.
T h o b o a r d o f d ir e cto r s an d th e e x e c u tiv e s co n c e r n e d in t h o m an agem en t
o f th e p r o p e r t y , w ith p r im a ry re s p o n s ib ility t o th o p u b lic an d G o v e rn m e n t,
w o u ld d e e p ly d o p lo r o be in g fo rc e d to la y a side th o sa fegu a rd s t h a t exp eri­
e n ce has sh ow n t o b o re q u isite an d w h ich aro b o lio v e d essential t o th o
p re s e rv a tio n o f e ffe c t iv e te le g ra p h s e rv ice .
I a m , m y d ea r M r . P r e s id e n t, y o u r s fa it h fu lly ,

5 . M o a n s o f insurin g t o t h o e m p lo y e e s t h o gro a to st p o s s ib lo se c u r ity o f
earnings a n d e m p lo y m e n t, w ith o u t u n d u o r e strictio n u p o n ch a n g e o f o c c u p a ­
tio n o r e m p lo y e r .
6 . M o t h o d s o f fix in g a n d a d ju s tin g earn in gs, p io co w o rk p r ice s , & c .,
a n d o f d e a lin g w ith t h o m a n y q u e stio n s w h ich arise w ith rega rd t o th o
m e th o d a n d a m o u n t o f p a y m e n t ap a rt fr o m th e fix in g o f gen eral s ta n d a rd
r a te s, w h ich aro a lre a d y c o v e r e d b y p a ra g ra p h 3.
I t is su ggested th a t t h o p ro ce d u re in the s e le ctio n a n d e le ctio n o f d e leg a tes
sh o u ld b e as fo llo w s :
T h e m a n a ge r a t e a ch In depen den t o ffic e a t a s ta te d tim e w ill ca ll t o g e th e r
a ll e m p lo y e e s a g e d 18 y e a rs , o r m o r e , in clu d in g c o m m e r c ia l, p la n t, tr a ffic ,
an d a c c o u n tin g , w h o h a v e b e e n in th e se r v ic e fo r six m o n th s , an d s u p p ly
th e m w ith b la n k b a llo ts fo r th o p u r p o s o o f se le ctin g b y se cre t b a llo t fro m
th e ir o w n n u m b e r o n e e le c t o r . W h e n a ll h a v e v o t e d , th o m a n a g er, in
th e p re se n ce o f t w o e m p lo y e e s , sh all c o u n t th o v o t e an d p o s t th o result
t h e r e o f in a c o n s p icu o u s p la ce in th o o ffic o . T h o o m p lo y e o re c e iv in g th o
ldgh ast n u m b e r o f v o te s so c a s t shall b o d e cla re d th o d o c t o r fo r th o o ffic o .
E ith e r m en o r w o m e n m a y b o se le cte d fo r e le cto r s . T h o e le c to r shall ca st
th e en tiro v o t o o f th o e m p lo y e e s in t h o o f fic o h o represen ts fo r tw o de lega tes
t o b e ch o se n fr o m t h o e m p lo y e e s o f th o c o m p a n y d iv isio n in w h ic h th o
e le cto r resid es, t o rep resen t th o e m p lo y e e s o f th a t d iv isio n a t a co n v e n tio n
a t w h ic h an in d u stria l co n s titu tio n an d b y -la w s shall b o a d o p te d .
T h e e le cto rs a b o v e re fe rre d t o w ill m ail their v o t e s fo r d ologatos in sealed
e n v e lo p e s ad d ressed t o th e D iv is io n G en eral M a n a g e r a t d iv isio n h e a d ­
q u a rte r s , t h o b a llo t t o b e in clo se d therein in a p lain sealed e n v e lo p e u n ­
m a rk e d , e x ce p t fo r a c e r tific a t e o f th o M a n a g e r o n th o b a c k o f t h o e n v e lo p e
sta tin g th e n u m b e r o f qualified, vo te rs re p resen ted b y th o e le c to r , v o t e s t o
b o in th o han ds o f t h o D iv is io n G en eral M a n a g e r s n o t la te r th a n J u ly 1
n e x t. T h o D iv is io n G en eral M a n a g e rs shall o p o n th ose b a llo ts a t th o
a p p o in te d p la c e an d h o u r in th o p re so n co o f th o lo c a l e le c t o r . T h o tw o
p erson s r e ce iv in g t h o h igh est n u m b e r o f v o te s w ill b o corM fied b y th o D iv i ­
sion G e n e ra l M a n a g e r a n d th o e le cto r as h a v in g b e e n d u ly e le cte d an d th is
c e r tific a t e sh a ll b e th o d e le g a te s ’ a u th o r ity to ta k e p a rt in t h o C o n s titu tio n a l
C o n v e n tio n .
I t is th o c o m p a n y ’s oa.rncst h o p e th a t th e a c tio n ta k o n b y th o e m p loy ees
m a y t r u ly rep resen t th o w ishes o f a ll th o w o rk e rs . N o e m p lo y e e a u th o r iz e d
t o e m p lo y o r d isch a rg e sh all eith er v o t o o r se rv o as an e le cto r o r as a d o le g a to .
T h o c o m p a n y w ill p a y th e n ece ssa ry expen ses o f th o c o n v e n tio n , in clu d in g
t h o sa la ry a n d expen ses o f d e le g a te s.
N E W C O M B C A R L T O N , P resid en t.

In

a c c o rd a n c e

w ith

in stru ctio n s

fr o m

d ologatos

to

th o

c o n v e n tio n a t S t . P a u l o f th o A m o r ic a n F e d e r a tio n o f L a b o r ,
th e P re s id e n t o f th o la t te r , S a m u e l G o m p e r s , o n J u n o 18
so n t to P re sid e n t W ils o n a te le g ra m p ro te s tin g a g a in s t tho
issu a n ce o f a ca ll b y th e W e s t o r n U n io n fo r a c o n v e n tio n
fo r th e p u rp oso o f fo r m in g a
a t i o n .”

“ c o m p a n y -c o n tr o llo d asso ci­

M r . G o m p e r s in h is m o ssa g e sa id :

T lio a c tio n o f th o c o m p a n y is in te n d e d as a co n tlu u a n c e o f its p o lic y o f
d e n y in g its e m p lo y e e s th e ir rig h t to b e lo n g t o a b o n a fid o , le g itim a te tra d e
u n io n . T h e p o lic y o f th o W e s te rn U n io n is o u t o f h a rm o n y w ith th o la b o r
p o lic y o f th e A d m in is tra tio n a n d th o W a r L a b o r B o a rd an d ren dors it v e r y
d iffic u lt , i f n o t im p o s sib le , t o p r o v o n t in te rru p tio n o f w o rk essontial t o
su cce ssfu l c o n d u c t o f t h e w a r.

A t a con fe re n ce in C h ic a g o o n Ju n o 11 th e ra ilro a d te le g ­
ra p h ers aro said to h a v e d ra fte d a le tte r to M r . C a r lto n in
w h ich ce rta in d e m a n d s w oro m a d e .

T h o s e d o m a n d s , horo

m a d e p u b lic in p ress a d v ic e s fr o m C h ic a g o o n J u n e 1 7 , Ivoro:
1. A 1 5 % co m m is s io n “ o n this liu o t o lls ,” Inclu din g ca b le g ra m s, “ c lo c k s ,”
C . N . D . ’s , press re p o rts a n d all o th e r reven u e bu sin ess.
2 . 2 0 % o f this co m m issio n to g o t o th o m a n a ger, th e rem ain in g 8 0 %
to t h e o p e r a to r .
3 . T h e h ou rs o f o p e ra to rs to c o n fo r m to th o s e o f the ra ilw a y c o m p a n ie s ,
w ith co m p e n s a tio n fo r all o v e r tim e .
4 . E x tr a co m p e n s a tio n fo r m essongor s e rv ice .
4.
A m in im u m o f $5 a m o n th fo r re la y s e r v ic o in a d d itio n t o rogular
co m m issio n s.
6.
W e s te rn U n io n t o assum e p a y m e n t o f p rem iu m s on s u re ty b o n d s fo r
e m p lo y e e s .

NEW COM B CARLETON.
H o n o r a b le W o o d r o w W ils o n , P re s id e n t o f t h o U n ite d S ta te s,
W a s h in g to n , D . O .
P o s t s c r ip t .— I a m son d in g lierow ith a c o p y o f a p a m p h le t, w h ich w a s in
press w h en y o u r le tte r rea ch ed m o , c o n ta in in g a fu ll re c o rd o f th o c o m p a n y ’s
p o s itio n a n d c olla tera l fa c ts an d p a p e rs.

A n n o u n o o m o n t o f a te n ta tiv e p la n fo r th e fo r m a tio n b y tho
W e s t e r n U n io n o f a n e m p lo y e e s ’ a sso c ia tio n o f its o w n w as
m a d e b y P re sid e n t C a r lto n in a n o tic e se n t to its 5 0 ,0 0 0 e m ­
p lo y e e s o n J u n e 13 a s fo llo w s:
T h e b o a rd o f d ir e cto r s o f th o W e ste rn U n io n T e le g r a p h C o ., at a m eetin g
h e ld Ju n e 11, g a v o ca re fu l co n s id e ra tio n t o th o s u b je c t o f a p o titio n fro m
a n u m b er o f em p lo y e e s regardin g tho o rg a n iz a tio n o f an a sso cia tio n to be
c o n t r o lle d an d o ffic e r e d b y e m p lo y e e s , an d w h ich w o u ld b e st s e rv o and
fu r th e r th o m u tu a l in terests o f th e e m p lo y e e s and th o c o m p a n y . T h o
c o m p a n y is prep a red to h e lp in a n y w a y it c a n in th o fo rm a tio n o f su ch an
a s s o cia tio n , an d to th a t en d th o P re sid e n t has been re q u e ste d to c o m m u ­
n ic a te w ith th o em p lo y e e s o f all d iv isio n s , su ggestin g th at th e y ch o o s e
r ep resen ta tiv es fo r a c o n v e n tio n w h ic h snail p e r fe ct an in d u stria l co n s titu ­
tio n , s u ch co n v e n tio n to b o h e ld a t C h ic a g o o n J u ly 10. T h o essential
fea tu res o f th o p ro p o s e d in d u stria l co n s titu tio n shall b o (a) c o m p lo to c o n tro l
o f s u ch an a ssocia tion b y e m p lo y e e s , n o n e o f w h o m shall bo in a u th o r ity
to b ir o o r d isch a rg e, a n d (6) th a t it b o re p re se n ta tiv e o f all e m p lo y e e s.
I n a c c o r d a n c e w ith th e fo re g o in g , it is r c co m m o n d e d th a t e m p lo y e e s
p r o c e e d t o e le ct d elegates as h e re a fte r p r o v id e d t o m e e t in co n v e n tio n and
a u th o r iz e d to deal w ith s u b je c ts o f a c o m m o n in te re st, e sp e cia lly th o fo llo w ­
in g , w h ich aro t e n ta tiv e ly su ggested .
1. T h o b e tte r u tiliz a tio n o f th o p ra c tic a l lcn ow ledgo an d e xp erien ce o f
th o e m p loy ees .
2 . M e a n s fo r secu rin g t o th o e m p lo y e e s a gre a te r sharo in and resp on s­
ib ilit y fo r t h o d eterm in a tio n a n d o b s e r v a n c e o f th o co n d itio n s under w h ich
th o ir w o rk is ca rried o n .
3 . T h o s e ttle m e n t o f th o gen eral p rin cip le s g o v e rn in g th o c o n d itio n s o f
e m p lo y m e n t, in clu d in g m e th o d s o f fix in g , p a y in g , an d re a d ju stin g w ages,
h a v in g regard to tho n eed fo r se cu rin g to th o e m p lo y e e s a sharo in th o
in crea sed p ro s p e r ity o f th e in d u s try .
4 . T h e establish m en t o f rogu lar m e th o d s o f n e g o tia tio n fo r issues arising
b etw een th o c o m p a n y a nd th o o m p lo y o e s . w ith a vie w b o t h to tho p re v e n tio n
o f d ifferen ces an d to th eir b e tte r a d ju s tm e n t, sh o u ld th o y app ear.




A

reso lu tio n

re q u e stin g

P re s id e n t W ils o n

to

ta k e

over

im m e d ia te co n trol o f tho W e s t o r n U n io n a n d P o s ta l T e le ­
g r a p h c o m p a n ie s , in v ie w o f th o p o s s ib ility o f a strik o o f
u n io n te leg ra p h o rs, w a s a d o p te d o n Ju n o 13 a t th e a n n u a l
c o n v e n tio n o f th e A m e r ic a n F e d e ra tio n o f L a b o r .
L e g is la tio n p ro p o sin g th a t tho P re s id e n t bo e m p o w e r e d to
ta k e p ossession o f all c a b le , te le p h o n e a n d to leg rap h linos
w a s c o n ta in e d in a n a m e n d m e n t to th o a r m y a p p ro p r ia tio n
bill in tro d u c e d o n J u n e 1 0 b y S e n a to r S h op p ard o f T o x a s .
T h o p u rp o se w o u ld b o to assuro se cre cy o f m ilita r y in fo r­
m a tio n a n d to pro v e n t c o m m u n ic a tio n a m o n g sp ies.

CONFERENCE TO CONSIDER GOVERN M E N T CON­
TROL OF N E W YORK STATE BARGE CANAL.
A c o n fe re n c e is. to b e h e ld a t A lb a n y o n W e d n e s d a y n e x t ,
J u n e 2 6 , to c o n sid e r w h a t a c tio n s h a ll b e ta k o n to p r o te c t
th e in te r e s ts

of N e w

Y ork

S ta t o

and

o f s h ip p e rs in

th o

s itu a tio n w h ic h h a s arise n w ith th e ta k in g o v e r b y th o G o v ­
e r n m e n t o f th o N e w Y o r k S ta t e B a r g e C a n a l a n d th o p o lic y
a d o p t e d as to r a te s .

T h o c o n fe re n c e h a s b e e n ca lle d a t th o

ro q u e s t o f th e N o w Y o r k B o a r d o f T r a d e a n d T r a n s p o r t a t io n
b y G e o r g o C lin t o n , C h a ir m a n o f th o N o w Y o r k S ta t o B a r g e
C a n a l C o n fe r e n c e , a n d L e o K o l m s , P r e s id e n t o f th o B o a r d
of T rado and
m e e tin g

T r a n s p o r t a t io n , w h o in

th e ir n o tic o o f th o

s ta te :

T h o presen t s itu a tio n , a lth o u g h th o r e m it o f w ar c o n d itio n s , m u st bo a
seriou s d is a p p o in tm e n t t o o ver c itiz e n o f this S tato w h o has boon lo o k in g
to this season o f can al n a v ig a tio n fo r a re a liza tio n o f b e n e fits s o lo n g a n ­
tic ip a te d fro m those G rea t C a n als. T r a n sp o rta tio n o n o u r can als w as
ta k e n o v e r b y th o F ed eral R a ilro a d A d m in is tra tio n . T h e p e o p lo o f this
S ta te , a fte r ex p e n d in g so g reat a sum u p o n th o B a rg e C a n als fo r tlio p r o ­

June 22 1918.]

m o t io n o f ou r co m m e rcia l a n d in du stria l in terests, c a n n o t id ly s u b m it
t o a n y p o lic y , w h a tov er th e th e o r y o r e x p la n a tio n m a y b o , b y w h ich these
can als shall b o con sig n ed t o disuse an d th o S ta te d e p r iv e d o f th eir b o n o fits .

A ro p o rt b y th o B o a r d ’ s C a n a l C o m m i t t e e , u n a n im o u s ly
a d o p to d b y th o B o a r d o n J u n o 1 2 , d e c la re d th a t w ith th o
ta k in g o v e r o f th o C a n a l “ th o S t a t e o f N o w Y o r k is c o n ­
fr o n tin g a c a la m it y u n e q u a le d in its h i s t o r y .’ ’

W o q u o to

th e ro p o rt in fu ll h e r e w ith :
Y o u r C o m n iittc o o n C a n a l T r a n s p o rta tio n brin g s t o y o u r a tte n tio n th o
situ a tion w h ich has been b r o u g h t a b o u t b y th o a c tio n o f t h o D ir e c to rG en eral o f R a ilroa d s in tak in g o v e r th o c o n tr o l a n d o p e ra tio n o f tra n sp o r­
ta tio n u p o n th o B a rg e C a n al o f th is S ta to , a n d th o p o lic y as t o rates and
th o uso o f th o can al w h ich h o has a d o p te d .
It has been a n n ou n ced b y th o C o m m issio n in ch a rg o , a c tin g b y th o a p ­
p o in tm e n t o f th o D iro cto r-G o n e ra l o f R a ilr o a d s , th a t th o C o m m issio n will
o p e r a to all b o a ts c a rry in g fre ig h t u p o n th o can al o x c o p t b o a ts ca rry in g
freig h t fo r th o ow n ers o f th o b o a ts e x clu s iv e ly a n d th a t n o in d e p e n d e n t
b arges o r b a rgo lines w ill b e p e r m itte d t o o p e r a to t o c a rry fre ig h t fo r th o
p u b lic .
T h o can al rates h a v e been m a d o th o sa m o as th o a d v a n c e d rail rates,
m a k in g n o allow a n ce fo r th o a b ility o f th e c a n a l t o c a rry c h e a p e r than
th o railroads. T h o results o f th is p o lic y aro fa r reach in g and th o in d e p e n ­
d e n t lines an d b o a tm o n h ere to fo ro e n ga g ed in tr a n s p o r ta tio n u p o n th o
can al h a v o b een d riv en o u t o f th o business a n d s o m e o f th eir b o a ts c o m m a n d oered . M o r e o v e r , all th o so w h o w ero c o n te m p la tin g th o o rg a n iz a ­
tio n a n d o p era tion o f can al lines h a v o b e e n c o m p e lle d to a b a n d o n their
p u rp o s e .
T h o can al rates bein g th o sa m o as rail ratos a n d th o rail rates a d v a n c e d
a b o u t 2 5 % , m a n y o f th e coa rser m aterials w h ich w ore fo rm e r ly ca rrie d b y
ca n a l c a n n o t n ow a ffo r d t o p a y th o h igh er rates a n d c a n n o t b o ca r r ie d , thus
s eriou sly a ffe c tin g thoso lines o f bu sin ess an d th o con su m ers o f th eir p ro d u cts
in th is S tato w h o c a n n o t p ro cu re th o m aterials th o y requ ire.
T h is p o lic y , th erefore, w ill, if c o n tin u e d , d o n y th o shippers an d p e o p lo
o f N ow Y o r k S ta to o f e v e r y b o n e fit w h ic h th o y a n tic ip a te d w o u ld b o d o riv o d fro m th o en larged can al u p o n w h ich th o y h a v o o x p e n d e d , s in co 1903,
th o m u n ificion t su m o f S 1 5 4 .8 0 0 .0 0 0 .
T h o businoss o f th o can als has d isa p p e a re d ; th o ca n a ls h a v o beon c o n ­
fis c a te d a n d a p o lic y a d o p to d w h ich has p u t thorn en tirely o u t o f uso,
w h ereas, th o a lleg ed p u rp os o o f th o ta k in g o v e r o f th o canals b y th o G o v ­
ern m en t w as t o m a k o th e m m o r o o ffo c t lv o in relie v in g railroad c o n g e s tio n
a n d in ca rry in g th o v a s t a m o u n ts o f fre ig h t n eed in g tr a n s p o r ta tio n fo r th e
G o v e rn m e n t an d o u r A llies.
W o h a v o c o n fin e d th is re p o r t t o a sta te m e n t o f fa c ts w ith o u t m a k in g
a n y expression o f o p in io n regard in g th o m o tiv e s fo r th o ex tra o rd in a ry
m easures a d o p te d b y w h ich th o c a n a l has been s o e ffe c t iv e ly elim in a te d ,
fo r th o tim e a t lea st, as a fa c to r in tra n s p o rta tio n .
T h o S tato o f N o w Y o r k Is c o n fro n tin g a c a la m ity u n o q u a lcd In its h is­
t o r y , fo r i f th o ca n a l sh ou ld b o p e rm a n e n tly e lim in ated fr o m uso ou r
b o a s te d su p rem a cy w ill s o o n d isap p ear a n d o u r businoss b o tran sferred t o
o th e r places m oro fa v o r e d b y rail tra n sp o rta tio n facilitie s.
T h o situ a tion calls fo r p r o m p t b u t d e lib e ra te a c tio n a n d y o u r C o m m itte e
recom m en d s th a t l i o n . G oorg e C lin to n o f B u ffa lo , C h a irm a n o f th o N o w
Y o r k S ta to B a rg o C a n a l C o n fe r e n c e , b o req u ested t o issuo a ca ll fo r an
ea rly m eetin g o f th o C on fe r e n c e represen tin g all th o sh ippers a n d lo ca litie s
In tills S tato in terested In th o can als t o co n sid e r w h a t ste p s sh o u ld b o tak en
t o p r o te c t su ch in terests a n d th o in terests o f th o S ta to .
R e s p e ctfu lly s u b m itte d ,
M . I I . T R A C Y , C h airm an,
F R A N K B R A IN A R D ,
F R E D E R IC K C O Y K E N D A L L ,
E D W A R D S. W A L S II,
F R E D E R IC K
R.
G IL L E S P IE ,
Canal Com m ittee.

M O VEMENT OF M E N A N D MATERIA LS PRIM ARY
OBJECTOR RAILROAD AD M IN IST R A T IO N I N WAR. '

(f)
T h o in ten sive e m p lo y m e n t o f all e q u ip m e n t a n d a ca re fu l re c o rd a n d
s c ie n tific s tu d y o f th o results o b ta in e d , w ith a v ie w t o d e te rm in in g th o
c o m p a r a tiv e e ffic ie n c y secu red.
T h o d e v e lo p m e n t o f th is p o lic y w ill, o f co u rs e , requ ire tim e. T h o ta sk t o
w h ich th o R a ilr o a d A d m in istra tio n has ad d ressed its e lf is an im m on se
o n e . I t is as y e t t o o e a rly t o ju d g e o f th o results o b ta in e d , b u t I b e lie v e
th a t gre a t progress has b e e n m ado to w a rd th e g o a l o f o u r ideals. A ll th o se
w h o h a v e h ad a share in this g reat w o rk , in clu d in g e s p e cia lly th e m e m ­
b ers o f m y s t a ff an d th e o ffic e r s a n d e m p lo y e e s o f th e ra ilw a y s , h a v o sh ow n
in te llig e n ce , p u b lic sp ir it, lo y a lty , an d en th u siasm in d e a lin g w ith p r o b ­
lem s th a t h a v o a lre a d y been s o lv e d an d a tta c k in g th o s o th a t s till a w a it
s o lu tio n .
W ith th eir co n tin u e d c o -o p e ra tio n , I feel assured o f a fu tu ro in w h ic h th e
lesson s o f o u r a ccu m u la tin g e xp erien ce w ill b o e ffe c t iv e ly e m p lo y e d t o
h u m an izo th e s cie n ce o f railroad in g a n d n e g a tiv e th o id e a th a t c o r p o r a ­
tio n s h a v o n o so u ls.

DIRECTOR-GENERAL McADOO’ S ADVICES TO SEN ATE
CONCERNING RAILROAD COMPENSATION.
W o m a d o re fe re n c e la s t w e e k (p a g e 2 5 2 0 ) to th e f a c t t h a t
D ir e c to r -G e n e r a l o f R a ilr o a d s M c A d o o h a d o n J u n e 1 2 , in
re s p o n s e to a r e s o lu tio n , in fo r m e d th e S e n a te th a t n o a g re e ­
m e n t h a d b e e n re a ch e d w ith a n y ra ilro a d ta k e n o v e r b y th e
F e d e r a l C o n tr o l A c t , a s to th e r a te o f c o m p e n s a tio n th e
G o v e r n m e n t w o u ld p a y .

D IR E C T O R -G E N E R A L O F R A IL R O A D S .
W ashington, Jun e 11 1918.
S ir.— A n sw e rin g th e reso lu tio n s o f t h e S en a te u n d e r d a te o f M a y 23
th a t th e D ir e c to r-G e n e r a l fu rn ish t o th o S en a te fo r th e use o f th e C o m ­
m it t e e o n In te r -S ta te C o m m e r c e th e c o p y o f th e ag re e m e n t b e tw e e n th e
U n ito d S tates a n d e a ch carrier fo r Just co m p e n s a tio n , th o nam os o f th e
carrie rs, i f a n y , w h ic h h a v o refu sed o r fa ilo d t o e n te r in t o a n y su ch a gree­
m e n t, an d th e n am es o f th o carriers w h o s e s y s te m s, ro a d s o r fa cilitie s are
n o w in th o p o sse ssio n o f th e U n ite d S ta te s , o r are u s e d , c o n tr o lle d o r o p e r ­
a te d b y t h e U n ite d S ta te s u n d e r t h e la w s t h e r e o f, I b e g to s ta te :
N o c o n t r a c t has y e t b e e n e x e cu te d w ith a n y carrier an d n o n e h a s refu sed
t o e x e c u te a c o n t r a c t.
U p o n th o a p p r o v a l o f th e F e d e ra l C o n tr o l A c t , th e q u e s tio n o f agreein g
u p o n a s ta n d a rd fo rm o f c o n t r a c t b e tw e e n the G o v e rn m e n t a n d th e c a r d e r s
w a s ta k e n u p , th o G o v e rn m e n t be in g re p re se n te d b y M e s s rs . C la r k , M e y e r ,
H a ll an d A n d e r s o n , m e m bers o f th o In te r -S ta te C o m m e r c e C o m m is s io n ;
J u d g e I’ r o u t y , D ir e c t o r o f P u b lic S e rv ice an d A c c o u n t in g o f th o R a ilr o a d
A d m in is tra tio n ; N a th a n M a tth e w s , o f B o s t o n , e m p lo y e d as sp e cia l a ssista n t
t o th o ge n e ra l co u n se l; an d J oh n B a rto n P a y n e , G e n e ra l C o u n s e l; a n d th e
carriers b e in g rep resen ted b y their co u n s e l. N o c o n clu s io n o f th e s e d is­
cu s s io n s h a s y e t been re a ch e d .
A s t h o c o n tr a c ts a re e x e c u te d , co p ie s o f th e sam e w ill b e s e n t t o th e
S e n a te ; a n d if a n y carriers re fu se to e x e cu te c o n t r a c ts th o n a m e s o f su ch
ca rrie rs w ill b o g iv e n .
A s to t h o n a m e s o f carriers w h o s e s y s te m s, ro a d s o r fa cilitie s aro n o w in
th o p ossession o f th e U n ite d S ta te s, th e F ed era l C o n tr o l A c t its e lf d e cla res
t o b o w ith in F ed era l c o n tr o l p r a c tic a lly all railroad s in th e c o u n t r y e x c e p t­
in g th o s o s p e c ific a lly e x c e p te d In th o A c t an d t h o s e w h ich m a y b o re lin ­
q u ish e d b y th o P re sid e n t p r io r t o J u ly 1 1918. T h e q u e s tio n as t o t h e
e x te n t t o w h ic h s u ch relin qu ish m en ts shall b e m a d o is n o w re c e iv in g
ca r e fu l co n s id e r a tio n . T h e resu lt Is th a t u n til J u ly 1 1918 it w ill n o t b e
p r a c t ic a b le t o g iv e a lis t h a vin g a n y p e rm a n e n t sig n ific a n c e . A s s o o n as
p r a c tic a b le a fte r J u ly 1 a list o f th e railroad s in th e possession o r c o n tr o l
o f t h o U n ite d S ta te s w ill b e s u b m itte d .
R e s p e c t fu lly ,
W . G . M cA D O O ,
D irector-G en eral o f Railroads.
T h e P re s id e n t U n ite d States S ena te.

T h o w in n in g o f th o w a r th r o u g h th o p r o m p t m o v e m e n t

RALPH PETERS FEDERAL MANAGER OF LONG
ISLAND R. R.

th o s u b o r d in a tio n o f o t h e r th in g s is th o p r im a r y a im o f th o

R a lp h P e te r s h a s resign ed as P re s id e n t o f th e L o n g Is la n d

R a ilr o a d A d m in is t r a t i o n , a c c o r d in g to a s t a t e m e n t issu e d
D ir e c to r -G e n e r a l

N e x t in im p o r ta n c e

of
to

R a ilr o a d s

M cA doo

on

Juno

16.

th o m o v e m e n t o f tr o o p s a n d m a ­

te ria l i t is th o a im o f th o A d m in is t r a t i o n to fu rn ish e ffic ie n t
sorvic o to th o p u b lic , t h ir d , to p r o m o t e a s p irit o f s y m p a t h y
and

b e tt e r

u n d e r s ta n d in g

b e tw e e n

th o

ra ilro a d

m anago-

m o n t , e m p lo y e e s a n d p a t r o n s , a n d fo u r th to a p p ly s o u n d
e c o n o m ie s to th o o p e r a tio n o f th o r a ilr o a d s .
e x p re sse d

th o h o p e

t h a t fu tu r o

M r. M cA doo

d e v e lo p m e n t w o u ld

“ hu­

m a n iz e th o scio n co o f r a ilr o a d in g a n d n e g a tiv e th o id e a th a t
c o rp o r a tio n s h a v o n o s o u ls .”
I l i s s ta te m e n t fo llo w s :
T h o p o lic y o f th e U n ite d S tates R a ilr o a d A d m in is tra tio n has be e n
fo rm e d a n d sh a p ed b y a d esire t o a c c o m p lis h th o fo llo w in g p u rp o se s, w h ich
are n am od In w h a t I c o n c o iv o t o b o th e o r d e r o f their im p o rta n ce :
First— T h e w in n in g o f th o w a r, w h ich in clu d e s th o p r o m p t m o v o m e n t o f
th o m on an d m aterial th a t th o G o v e rn m e n t requ ires. T o this e v e r y th in g
olso m u st bo s u b ord in a ted .
S econ d — T h o s orv ico o f th o p u b lic , w h ich Is th o p u rp o so fo r w h ich th o
railw ays w ere b u ilt a n d g iv en th o p riv ile g e s a c c o r d e d th e m . T h is im p lies
th o m ain ten an ce an d im p ro v e m e n t o f th o r a ilro a d p ro p e rtie s, s o th a t
a d o q u a to tra n sp orta tion facilities w ill b o p r o v id e d a t th o low ost c o s t , th o
o b je c t o f th o G o v e rn m e n t b e in g t o fu rn ish s e r v ic e rather than t o m ako
m oney.
T h ir d — T h o p r o m o tio n o f a sp irit o f s y m p a th y a n d a hotter u n d e rsta n d ­
in g as b c tw c o n th o a d m in istra tio n o f th o ra ilw a y s a n d their 2 ,0 0 0 ,0 0 0 e m ­
p lo y e e s , as w ell as th oir 1 00 ,000 ,00 0 p a tr o n s , w h ich la tte r class in clu d es
o v e r y in d iv id u a l in th o n a tio n , sin co tra n s p o rta tio n has becorno a p rim e
a n d universal n ecessity o f c iv iliz e d o xiston co.
F ou rth — T h o a p p lic a tio n o f s o u n d e c o n o m ie s , in clu d in g ;
(а) T h o elim in ation o f su p e rflu o u s e xp en d itu res.
(б) T h o p a y m o n t o f a fa ir an d livin g w a g o fo r serv ice s ro n d o ro d , a n d a
Just^and p r o m p t co m p e n s a tio n fo r in ju ries r e c e iv e d .
(cj T h o purch ase o f m aterial an d e q u ip m e n t a t th o low est p rices c o n ­
sisten t w ith a rea son able b u t n o t an e x c e s iv o p r o fit t o th o p ro d u c e r .
(d) T h o a d o p tio n o f sta n d a rd iz e d e q u ip m e n t a n d th o in tro d u c tio n o f a p ­
p r o v e d d ev ices th a t w ill sa v o lifo a n d la b o r.
(e) T h o r o u tin g o f fre ig h t an d p assenger tr a ffic w ith d u o rega rd t o th o
fa c t th at a stra igh t lino is th o sh o rte st d ista n ce b e tw e e n tw o p o in ts .




T h e fo llo w in g is M r . M c A d o o ’ s

c o m m u n ic a tio n :

o f m o n a n d m a te r ia l re q u ire d b y th o G o v e r n m e n t e n ta ilin g

by

2621

THE CHRONICLE

R.

R.

fo llo w in g

his

d e s ig n a tio n

th is

w eek

by

D ir e c t o r -

G e n o ra l o f R a ilr o a d s M c A d o o a s F e d e ra l M a n a g e r o f th o
ro ad .

_________________________________

C. II. EWING FEDERAL MANAGER OF PHILADELPHIA
& READING.
C h a rle s

II.

E w in g ,

V ic e -P r e s id e n t

of

th e

P h ila d e lp h ia

& R e a d in g R . R . h a s b e e n n a m e d a s F e d e ra l M a n a g e r o f th e
P h ila d e lp h ia &

R e a d in g a n d

J e rs o y .

_______ _________________________

th e

C e n tr a l

R.

R.

of

N ew

DIRECTOR-GENERAL OF RAILROADS ORDERS N E W
RATES ON EXPORTS A N D IMPORTS OF FREIGHT.
N o w ra te s o n e x p o r t a n d im p o r t fr e ig h t o n a b a s is o f s o m e ­
th in g o v e r 2 5 % in crease o v e r e x is tin g ra te s w ere o rd ered o n
J u n e 1 8 b y th e R a ilr o a d A d m in is tr a tio n to b e c o m e e ffe c tiv e
o n J u ly 2 5 .

T h is m o d ifie s th e re c e n t r a te o rd er w h ic h c a n ­

ce lle d e x is tin g e x p o r t a n d im p o r t ta riffs a n d a p p lie d d o m e s tlo
ra te s to t h a t tr a ffic .

P re ss d is p a tc h e s o n th e 1 8 t h s t a t e d :

I t w as fo u n d th a t d o m e s tic rates a p p lie d t o ex p o rts a n d im p o rts in m a n y
cases w ero u n re a so n a b ly h igh . I f ca rrie d o u t , th e o rd e r w o u ld h a v e p r o ­
v id e d fo r m a n y increa ses o f 300 a n d 4 0 0 % .
A fte r in v e s tig a tio n , th o R a ilro a d A d m in is tra tio n has d r a fte d a s p e c ific
sca io o f ratos t o a p p ly o n ex p o rts a n d im p o rts . M o s t o f these are a b o u t
2 5 % m o re than presen t sch ed u les, a lth o u g h m a n y run far a b o v e t h a t.

J. N. WALLACE ON FIN ANCE ADVISORY COMM IT­
TEE OF RAILROAD AD M IN IST RAT IO N .
T h o a p p o in t m e n t o f J a m e s N . W a lla c e a s a m e m b e r o f
th o F in a n c e A d v is o r y C o m m it t e e o f th e R a ilr o a d A d m in i­
s tr a tio n w a s a n n o u n c e d o n J u n e 2 0 .

M r . W a lla c e is P re s i­

d e n t o f th o C e n tr a l U n io n T r u s t C o m p a n y o f N e w Y o r k .

[Voi*. 106.

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2622

L IE U T . LESLIE HERBERT GROSER KIL LED I N FRANCE
F ir s t L ie u te n a n t L e slie H e r b e r t G r o s e r , o n ly s o n o f H e r ­
b e r t W . G r o s e r o f th e E d it o r ia l S t a f f o f th e “ C h r o n ic le ” w a s
k ille d in a c tio n in F r a n c e o n J u n e 6 , a c c o r d in g to a tele­
g r a m r e c e iv e d b y h is f a th e r o n J u n o 1 6 f r o m th e W a r D e ­
p a rtm e n t.

L ie u te n a n t

G roser,

who

w as

tw e n ty -s e v e n

y e a r s o f a g e , w a s a g r a d u a t e o f th e S e c o n d O ffic e r s ’ T r a in ­
in g S c h o o l a t P la t t s b u r g a n d w a s o n e o f 1 0 0 o ffic e rs se le cte d
fo r im m e d ia t e

o v e r se a s

se r v ic e .

A fte r

a

sh o r t p e rio d

of

s e r v ic e w ith a F r e n c h r e g im e n t, h e w a s tra n sfe rre d to th e
T w e n t y -t h ir d

In fa n tr y , U .

S.

R e g u la r A r m y .

H e w as a

g r a d u a t e o f C o r n e ll L a w S c h o o l o f th e C la s s o f 1 9 1 3 a n d
E d it o r o f th e C o r n e ll “ D a i l y S u n .”

.

c h a irm e n

of

boards

of

w ho

re p re s e n t

e ig h te e n

S ta te s

and

C anada.

The

recent

p u rc h a s e

of

th e

tw o

b r a n c h e s o f th e C o m m e r c ia l N a t io n a l B a n k o f W a s h i n g t o n ,
D.

C .,

at P an am a and

N a tio n a l B a n k
h o ld e r s .

The

C r is t o b a l, a d d e d th e C o m m e r c ia l

to A m e r ic a n
bank

F o r e ig n

C o r p o r a tio n ’ s s to c k ­

s to c k h o ld e r s in

th e

c o r p o r a tio n

now

n u m b e r t h i r ty -s ix in t h i r t y -f iv e c itie s o f th is c o u n tr y a n d
C anada.

T o ta l

c a p ita l

and

su rp lu s

of

th e se

th ir ty -s ix

s to c k h o ld e r b a n k s is $ 1 5 9 ,9 4 3 ,0 0 0 a n d c o m b in e d d e p o s its
o f th e s a m e in s t itu tio n s a g g r e g a te $ 1 ,6 0 3 ,9 6 0 , 0 0 0 .

N o one

b a n k h a s a c o n tr o llin g in te r e s t in th e n e w c o m p a n y .

The

A m e r ic a n F o r e ig n B a n k in g C o r p o r a tio n sp e c ia lize s in fin a n c ­
in g e x p o r ts a n d im p o r ts a n d w a s r e c e n tly o r g a n iz e d u n d e r
th e

BANKING AND FINANCIAL NEWS.

am endm ent

to

th e

F ed era l

R eserve

A ct

a u th o r iz in g

n a tio n a l b a n k s to o w n s to c k in a b a n k e n g a g in g in fo re ig n

T w e n t y sh are s o f M e r c h a n t s ’ N a t io n a l B a n k sto c k

(p ar

and

in te r n a tio n a l

M ay

sh a r e .

c e p ta n c e s , $ 4 ,0 5 3 ,3 4 3 .

T h e la s t p re v io u s p u b lic sale o f th e sto c k w a s m a d e

31

b a n k in g .

v a lu e $ 5 0 e a ch ) w ere so ld a t a u c tio n th is w e e k a t $ 1 2 1 per
in M a y a t 2 0 1 %

d ir e c to r s ,

d iffe r e n t b a n k s in a s m a n y im p o r ta n t c itie s o f th o U n it e d

Loans

la s t w ere $ 7 ,3 9 1 ,7 3 1

and

d is c o u n ts

as

on

a n d c r e d its g r a n te d o n a c ­

(eq u a l to $ 1 0 0 5 0 p er s h a r e ), th e sale th is
One

L e w is G . H a r r im a n , w h o w a s a p p o in te d A s s is ta n t T r u s t

h u n d re d a n d th ir ty -th r e e sh are s o f tr u st c o m p a n y sto c k w ere

O ffic e r o f th e G u a r a n ty T r u s t C o . o f th is c it y o n J u n e 1 7 ,

w e e k sh o w in g a n a d v a n c o in price o f $ 2 0 5 0 p er sh a ro .
a lso so ld a t a u o tio n .

N o sales o f e ith e r b a n k or tru st c o m ­

h a s b e e n w ith th a t in s titu tio n since N o v e m b e r 1 9 1 7 , w h on

p a n y sh ares w ore m a d e a t th e S to c k E x c h a n g e .

h e b e c a m e c o n n e c te d w ith its b o n d d e p a r tm e n t .

Shares. B A N K — N ew Y ork.
L ow . H ig h . Close.
20 M e r c h a n t s ’ N a tio n a l B a n k . . .$121 $121 $121
T R U S T C O M P A N Y — N ew Y ork.
85
85
133 C o m m e r c ia l T r u s t C o ________ 85

b e c o m in g a sso c ia te d w ith th e in s titu tio n M r . H a r r im a n w a s

T h e p ro p o se d
h a t ta n

Last previous sale.
M a y 1918— 201%

1917— 120K

Jan.

m e rg e r o f th e W e s t S id e B a n k , o f M a n ­

B orou gh ,

w ith

th e

M a n u fa c t u r e r s

T ru st

C o .,

of

B r o o k ly n , w a s ra tifie d b y th e s to c k h o ld e r s o f th e r e sp e c tiv e
in s titu tio n s o n J u n e 1 4 .

T h e m e r g e r , w h ic h h as b een a p ­

p ro v e d b y th e S ta t e B a n k in g D e p a r t m e n t , w e n t in to im m e d i­
a te e ffe c t w ith th e s to c k h o ld e r s ’ r a tific a tio n .

A s in d ic a te d in

ou r issu e o f J u n e 1 , th e W e s t S id e B a n k , u n d e r th e m e rg er

w ith

se voral

im p o r ta n t

co n ce rn s

as

an

P rio r to

ongineer

or

as

a

s ta tis tic ia n .
N e g o tia tio n s

are

under

w ay

fo r

th e

p u rc h a se

by

th e

P e o p le s T r u s t C o . o f B r o o k ly n o f th e s to c k o f th e B a n k o f
F la tb u s h o f th a t c i t y .

T h e p rice o ffered is $ 1 5 0 p or sh a r e .

T h o P e o p lo s T r u s t C o . is c a p ita liz e d

a t $ 1 ,0 0 0 ,0 0 0 , w ith

su rp lu s a n d p r o fits o f $ 1 ,2 8 4 ,7 4 7 ; w h ile th e B a n k o f F l a t b u s h h a s a c a p ita l o f $ 1 0 0 ,0 0 0 , w ith^surp lus a n d p ro fits o f
$ 4 1 ,0 7 9 .

T h o P e o p le s T r u s t C o . h a s fo u r b ra n ch e s b esid es

its m a in o ffic e , n a m e ly th e B e d fo r d B r a n c h , th e W a lla b o u t

a g r e e m e n t , b e c o m e s a b r a n c h o f th e tr u st c o m p a n y .

B r a n c h , th e B a y R id g e B r a n c h a n d a b ra n ch a t 4 3 F la tb u s h
T h e m e rg e r o f th e C e n tr a l T r u s t C o . a n d th e U n io n T r u s t
C o . in t o th e C e n tr a l U n io n T r u s t C o . o f N e w Y o r k b e c a m e
e ffe c tiv e o n J u n o

18.

T h e p la n o f c o n so lid a tio n w a s a p ­

p r o v e d b y th e sto c k h o ld e r s o f b o t h c o m p a n ie s o n A p r il 1 1 .
I t m a k e s th e C e n tr a l U n io n th e th ird la r g e st tr u st c o m p a n y
in th e U n it e d S t a t e s .

U n t i l th e a lte r a tio n s n o w b e in g m a d e

a t N o . 8 0 B r o a d w a y are c o m p le te d , th e b u sin e ss tra n sa c te d

A vo.

W illia m

D.

B ruck ner,

P re s id e n t

of

th e

Bank

of

F la t b u s h , it is u n d e r s to o d , w ill re m a in as M a n a g e r o f his
in s titu tio n a n d th e e n tire s ta ff w ill bo re ta in e d .

T h o officers

o f th e P e o p le s T r u s t C o . aro: C h a rle s A . B o o d y , P re s id e n t;
J . G . D e t t m o r , H o r a c e J . M o r s e an d C h a rle s L . S c h o n c k ;
V ic e -P r e s id e n ts ; W illia m A . F is c h e r,

S e c ro ta r y ; I lo n r y

M .

H e a t h a n d J . F . B ir d s e ll, A s s is ta n t S e c re ta rie s.

b y th e C e n tr a l T r u s t C o . w ill c o n tin u e to b e c a rried o n a t
N o . 5 4 W a l l S tr e e t, a n d th e b u sin e ss c o n d u c te d b y th e U n io n

A t a m e e tin g o f th e d ire ctors o f th e G r e e n p o in t N a t io n a l

T r u s t C o . w ill c o n tin u e to b e carried o n a t N o . 8 0 B r o a d w a y .

B a n k o f B r o o k ly n , J u n e 1 2 , a n e x tr a d iv id e n d o f 2 % , in

T h e b u sin e ss a t b o t h o ffic e s , h o w e v e r , w ill b e

a d d itio n

tra n sa c te d

to

th e re g u la r h a lf-y e a r ly

d iv id e n d

of 3 % ,

w as

u n d e r th e n a m e o f th e C e n tr a l U n io n T r u s t C o . o f N e w Y o r k .

d e c la re d , p a y a b le J u ly

1 to sto c k h o ld e r s o f reco rd a t th e

T h e u p to w n b ra n ch es a t 4 2 d S tr e e t a n d M a d is o n A v e n u e ,

close o f b u sin e ss J u n e 2 0 .

3 8 t h S tr e e t a n d F if t h A v e n u e , a n d 6 0 t h S tr e e t a n d F if t h

th e b a n k o n a re g u la r b a sis o f 1 0 % p er a n n u m .

A v e n u e , w ill b o c o n tin u e d .

T h e e n tire p erso n n e l o f b o th

p o in t N a t io n a l B a n k h a s a c a p ita l o f $ 2 0 0 ,0 0 0 w ith su rp lu s

c o m p a n ie s w ill b o r e ta in e d .

T h e fo llo w in g aro th e officers

a n d p r o fits o f $ 2 1 4 ,9 2 1 .

D e p o s it s o n M a y 1 0 1 9 1 8 a g g r e g ­

a te d

B o a r d , J a m e s N . W a lla c e , fo r m e r P r e sid e n t o f th e C e n tr a l

b c rg e r , P r e s id e n t; E d w a r d E . H u b e r a n d M o r r is S a ltz m a n ,

T r u s t C o .; V ic e -P r e s id e n t a n d V ic e -C h a ir m a n o f th e B o a r d ,

V ic e -P r e s id e n ts ;

E d w in G . M o r r ill, fo rm e r P r e sid e n t o f th e U n io n T r u s t C o .;

A s h e r , A s s is ta n t C a s h ie r .

G eorge

W .

D a v is o n ,

J.

Y .

G.

F re d e ric

J.

F u lle r ,

B.

A.

M o rto n ,

W a lt e r

o ffice rs

a re : D a v i d

W i lm u r t ,

E.

C a s h ie r ; a n d

F reu d on E d w in

J.

W a lk e r ,

E . F r a n c is H y d e , J . V . B . T h a y e r , H . M . P o p h a m , D u d le y
O lc o tt 2 d ,

The

T h o G reen-

of th e c o n so lid a te d c o m p a n y : P re sid e n t a n d C h a ir m a n o f th e

V ic e -P r e s id e n ts ,

$ 3 ,2 6 3 ,8 8 9 .

T h is a c tio n p la c e s th o s to c k o f

F ra n k

B.

C yru s

O sb o rn e

B aker,

V ic e -P r e s id e n t

of

th e

N a t io n a l

S t a t e B a n k o f N e w a r k , N . J . , d ied s u d d e n ly o n J u n e 13

S m id t a n d F . J . L e a r y ; V ic e -P r e s id e n t a n d S e c r e ta r y , M i lt o n

in h is s ix ty -fir s t y e a r .

F e r g u s o n ; T r e a s u r e r , H . M . M y r i c k ; C h a s . P . S ta llk n e c h t,

H e w a s P re s id e n t a n d fo u n d e r o f th e fir m o f B a k e r

M r . B a k e r w a s b o rn in N o w a r k .

O . L . C o le s , G e o . J . C o r b e t t , T . W . H a r ts h o r n e a n d E . P .

I n c ., refin ers o f g o ld , silv e r a n d p la tin u m , o f th is c it y w ith

R o g e r s , A s s is ta n t S ec re ta rie s; W . H . L u d lu m , S . I I . T a i l -

e x te n s iv e w o rk s in N e w a r k .

&

C o .,

m a n a n d D . A . R o w e , A s s is ta n t T r e a s u r e r s .
G o r r itt Y . L a n s in g , a d ire cto r o f th o N a t io n a l C o m m e r c ia l
T h e S w iss B a n k C o r p o r a tio n h a s a r ra n g e d to ta k e o v e r

B a n k o f A lb a n y , N e w Y o r k , h a s b e e n e le cted V ic e -P r e s id e n t

a s fr o m th e 1 s t o f J u ly n e x t th e b a n k in g h o u se o f R e u tte r

to fill th e v a c a n c y c re a te d b y th e d e a th o f J o h n E . W a lk e r .

&

M r . L a n s in g h a s b e e n a d ire c to r o f th e b a n k sin c e 1 9 0 2 .

C o .,

La

C h a u x -d e -F o n d s ,

th e

p rin c ip a l

c e n te

of

th e

S w iss W a t c h -M a k i n g I n d u s t r y w h ic h h a s a v e r y e x te n siv e
trad e w ith G r e a t B r ita in a n d h e r D o m in io n s .

H a r r a l S . T e n n e y , a V ic e -P r e s id e n t o f th o S y r a c u s e T r u s t
C o . o f S y r a c u s e , N e w Y o r k , h as re sig n ed to a c c e p t a p o s itio n

T h e c a p ita l o f th e A m e r ic a n F o r e ig n B a n k in g C o r p o r a ­
tio n

has

and

th e

been

su r p lu s

$ 1 ,2 6 0 ,0 0 0 .
m o n th s,

in c re a se d

T h is

th e

has
is

c a p ita l

fro m

been
th e

$ 3 ,2 0 0 ,0 0 0

in c re a se d
se c o n d

h a v in g

been

to

fr o m

in cre a se
ra ise d

$ 3 ,5 0 0 ,0 0 0 ,

$ 1 ,1 5 2 ,0 0 0
w ith in

in

M arch

a

as a s s is ta n t to P r e s id e n t E . C . C o n v e r s e o f th e G r e e n w ic h
T r u s t C o . o f G r e e n w ic h , C o n n .

to
few

C liarlos B a x te r h a s b e e n e le cted F ir s t V ic e -P r e s id e n t o f

fr o m

th e H a n o v o r T r u s t C o . o f B o s t o n , su cc e e d in g A llo n F r e d e r ic k ,

$ 2 ,5 0 0 ,0 0 0 to $ 3 ,2 0 0 ,0 0 0 a n d th e s u r p lu s fr o m $ 9 0 0 ,0 0 0 to

an d G e o r g o H o ld e n T in k h a m h as b e e n m a d o S e c o n d V ic e ­

$ 1 ,1 5 2 ,0 0 0 .

P r e s id e n t, su cc e e d in g J o se p h P . O ’ C o n n e ll.

F r a n k C a r r o ll,

C h a rle s I I .

O ’C o n n o ll, I I .

of

H arry

W i t h th e e le c tio n to th e d ir e c to r a te la s t w e e k
T.

R a m s d e ll,

P r e s id e n t

of

M a n u fa c tu re rs’

&

T r a d e r s ’ N a t io n a l B a n k o f B u f f a l o , a n d G e o r g o H . P r in c e ,
C h a ir m a n o f M e r c h a n t s ’ N a t io n a l B a n k
board

has

been

in c re a se d

to

o f S t . P a u l, th e

t w e n ty -th r e e

m em bers,

in -

o lu d in g fift e e n b a n k p r e s id e n ts , six v ic e -p r e s id e n ts a n d tw o




In n e s , D . J .

K a n o , J o se p h F .

S lo b o d k in a n d B e r tr a m F . W h i t e h a v e b e e n a d d e d to tho
d ir e c to r y .

H en ry

I I . C lim ielin sk * o o » tin u e s as V ic e -P r e s i­

d en t an d T reasu rer.

2623

THE CHRONICLE

June 22 1918.]

T h o C o m p tr o lle r o f th o C u r r e n c y h as a p p r o v e d an increase

A c c o r d in g to a s ta te m e n t m a d e b y P . H . S a u n d e rs , P re si­

o f $ 5 0 in th o c a p ita l o f th e U n io n M a r k e t N a tio n a l B a n k of

d e n t o f th e C o m m e r c ia l T r u s t & S a v in g s B a n k , th e g r o u n d

W a t e r t o w n , M a s s ., ra isin g it fr o m $ 1 0 0 ,0 0 0 to $ 1 5 0 ,0 0 0 .

flo o r o f th o H e n n e n B u ild in g , o n th e e x p ira tio n o f th e lea ses
o f th e te n a n ts o n t h a t flo o r O c t .

T h e F a r m e rs & S a v in g s T r u s t C o . o f M a n s f ie ld , 0 . , a n d

1 , w ill bo re c o n str u c te d

a n d h a n d s o m e ly re m o d e le d fo r th e use o f th e b a n k .

th e P e o p le s ’ & D r o v e r s ’ B a n k o f W a s h in g t o n C o u r t H o u s e ,
0 . , h a v e a w a rd e d c o n tr a c ts to I lo g g s o n B r o th e r s , b u ild e rs,
to m o d e rn ize their b u ild in g s a n d r e m o d e l a n d en la rg e th eir
b a n ld n g ro o m s in to th o r o u g h ly u p -t o -d a t e q u a rte rs.

W h ile

th e G o v e r n m e n t h as n o t p la ce d a n y b a n o n n e w c o n str u c ­
tio n , th e a u th o ritie s h a v o su g g e ste d th a t n o n e w b u ild in g
o p e ra tio n s b o u n d e r ta k e n w h ich w ill in v o lv e th e u tiliz a tio n
o f la b o r , m a te ria ls a n d ca p ita l re q u ire d in th e p ro d u c tio n ,
s u p p ly

and

d istr ib u tio n

of

d ire ct

or

in d ire ct

w ar

n e e d s.

W i t h th is in v ie w , m a n y b a n k s a n d bu sin e ss co n ce rn s n e ed ­
in g a d d itio n a l sp ace aro a d a p tin g

th e ir

p re se n t

q u a rte r s ,

W est

S id e

T ru st

Co.

of

In d ia n a p o lis ,

I n d .,

F r a n k L . R ig g s h a s b e e n e le cted C a sh ie r o f th e C o m m e rc ia l
M r . R ig g s , w h o h as

b o on A s s is ta n t S e c re ta ry o f th e F a r m e r ’ s T r u s t C o . o f I n ­
d ia n a p o lis, w ill ta k o u p his now d u tie s J u n o 2 4 .

A change in tho namo of tho Gorman-Amorican National
Bank of Pekin, 111., to the American National Bank of Pekin
has been approved by tho Comptroller of tho Currency.
A t a m e e tin g o f th e d ire cto rs o f th e C o n tin e n ta l & C o m ­
m e rc ial N a t io n a l B a n k o f C h ic a g o o n Ju n o 4 , i t w as d ecid e d
to p la c e th o sto c k o n

a re g u la r 1 4 %

d iv id e n d b a sis.

In

1 9 1 7 th e b a n k p aid 1 2 % w ith a n e x tr a d iv id e n d o f 2 % . • F o r
th o se co n d

q u a rte r o f

1918

a 3%

d iv id o n d

w a s d eclared

(th o s a m e as fo r th o firs t q u a r t e r ) , to g e th e r w ith 1 %

e x tra ;

b u t h e re a fte r th e q u a r te r ly p a y m e n ts w ill b e 3 H % .
O n J u n o 4 th o d ire ctors o f th e P e o p lo ’ s T r u s t & S a v in g s
B a n k o f C h ic a g o p la ce d th o sto c k o f tho in stitu tio n o n a
re g u la r 1 2 % b a sis in ste a d o f 1 0 % , w tih a n e x tra d iv id o n d o f
2%

as f o r m e r ly .

A s a co n se q u e n c e

th e d iv id e n d w ill b e

3 % q u a rte r ly h e re a fte r.
J a m e s T . W y m a n , a fo rm e r P re sid e n t o f th o M e t r o p o lit a n
B a n k o f M in n e a p o lis , d iod su d d e n ly o f a p o p lo x y in C h ic a g o
o n Juno 3 in his s ix ty -n in th y e a r .

I n 1 8 8 9 M r . W y m a n w ith

oth ers fo u n d e d th o M e t r o p o lit a n B a n k o f M in n e a p o lis an d
th e fo llo w in g y o a r w a s e le c te d its P re sid e n t, a p o sitio n he
h old u n til 1 9 0 2 , w h e n t h a t in stitu tio n w a s ab so rb e d b y th e
N o r th w e s te r n N a tio n a l B a n k .
o f tho la tto r .

H e h a d sin ce b e e n a d irector

H o w a s also a d ire cto r o f its a ffilia te d in sti­

tu tio n , th o M in n e s o t a L o a n & T r u s t C o .

London,
June 15.
Week ending June 21.
Sal.
Silver, per o z........................ d . 48%
Consols, 2% per cents______ Closed
British, 5 per cents__________Closed
British, 4% per cents_______ Closed
French Rentes (in P a ris).fr.C losed
French W ar Loan (In
P a r is ).............................. fr . Closed

M r . W y m a n w as

a t on e tim o P re sid e n t o f th o M in n e a p o lis C le a rin g H o u s e

June 17.
M on.
48%
56%
94
99%
69.50
88.15

June 18.
Tues.
48%
56%
94
99%
59.50

June 19.
Wed.
48%
56
93%
99%
59.45

June 20.
Thurs.
48%
56
93%
99%
69.45

88.15

88.15

88.15

June 21.
Fri.
48%
66
93%
99%
-----------

T h e p rice o f silve r in N e w Y o r k o n th e s a m e d a y h a s b e e n :

h as

ch a n g e d its n a m o to tho W a s h in g to n B a n k & T r u s t C o .

N a t io n a l B a n k o f In d ia n a p o lis, I n d .

a s r e p o r te d b y c a b le , h a v e b e e n as fo llo w s th e p a s t w e o k :

Sliver In N . Y ., per o z . . . c t s . 99%

th ro u g h ro m o d e lin g a n d e n la rg in g , to so lv e th eir p ro b lo m .
The

ENGLISH FIN AN CIAL MARKETS— PER CABLE.
T h o d a ily c lo sin g q u o ta tio n s fo r se cu ritie s, & c ., a t L o n d o n ,

99%

99%

99%

99%

99%

T R A D E A N D T R A F F IC M O V E M E N T S .
A N T H R A C I T E C O A L S H I P M E N T S . — T h e s h ip m e n ts
o f a n th r a c ite c o a l fo r M a y , as re p o rte d to th e A n th r a c it e
B u r e a u o f In fo r m a tio n a t P h ila d e lp h ia , P a ., a m o u n te d to
0 ,8 8 7 ,2 5 6 to n s , re co rd in g a d eclin e o f 3 0 ,2 0 9 to n s a s c o m ­
p a re d w ith th e to ta l fo r th e sa m e m o n th la s t y e a r .
The
m o v e m e n t fo r th o c o a l y e a r to d a te (coal y e a r b e g a n A p r il 1)
a g g r e g a te d 1 3 ,2 5 5 ,0 2 9 to n s , as a g a in s t 1 2 ,5 0 9 ,8 2 4 to n s fo r
th e s a m e p eriod la s t y e a r .
T h e te x t o f th e B u r e a u ’s r e p o r t,
w h ic h th ro w s a g o o d d eal o f lig h t u p o n th e p re sen t a n th ra c ite
s itu a tio n , fo llo w s :
“ T h is de cre a so as c o m p a r e d w ith M a y o f la st y e a r , u n d e r or d in a r y c o n d i­
tio n s , m ig h t b o co n s id e re d in sig n ifica n t, b u t a seriou s a s p e c t is g iv e n t o it
b y th o fa c t th a t th e s h ip m e n ts o f th o d o m e s tic sizes d ecreased 174 ,896 t o n s ,
w hereas th o sh ip m e n ts o f s te a m sizes in crea sed 144,627 to n s , all o f w h ich
ln crea so a n d m o r o w as r e c o v e r e d fro m th e cu lm b a n k s , a n d w as n o t fresh m in e d c o a l.
In M a y 1917 th e sh ip m e n ts o f d o m e s tic sizes a m o u n te d t o
4 ,7 0 7 ,2 4 6 to n s , o r 6 8 .0 4 % o f th o to ta l; last m o n th th o s h ip m e n ts o f d o m e s ­
tic sizes a m o u n te d t o 4 ,5 3 2 ,3 5 0 to n s , o r 6 5 .8 % o f th o t o ta l. T h o sh ip ­
m en ts o f ste a m sizes in crea sed fro m 2 ,2 1 0 ,2 7 9 t o n s , o r 3 1 .9 6 % o f t h e to ta l
in M a y 1917, t o 2 ,3 5 4 ,9 0 6 to n s , o r 3 4 .2 % o r th e to ta l in M a y o f th is y e a r .”
“ C o m p a re d w ith A p ril o f this y e a r th e sh ip m en ts o f d o m e s tic sizes in­
creased 2 8 3 ,7 8 7 to n s , o r 6 . 7 % , w h ile th e sh ip m en ts o f ste a m sizes in crea sed
2 3 5 ,0 9 6 to n s o r 1 1 .1 % . T h o d e cre a se in th e sh ip m en ts o f d o m e s tic c o a l,
all o f w h ich is fre s h -m in e d , as c o m p a r e d w ith last y e a r, an d th e re la tiv e ly
sm a lle r in crea se o v e r A p ril as c o m p a r e d w ith th e in crea se in ste a m sizes,
aro d u o e n tire ly t o th e in ro a d s m a d e u p o n th e la b o r s u p p ly in th o a n th r a c ite
re g io n , c h ie fly b y th o a c tiv itie s o f m u n itio n p lan ts a n d o th e r w a r in d u s­
tries, soveral o f w h ich are lo ca te d im m e d ia te ly in o r a d ja c e n t t o th o m in in g
d is tric ts .
S o m e o f these esta b lish m en ts are w o rk in g o n c o n tr a c ts o f a
“ c a s t-p lu s ” ba sis, in w h ich th e c o s t o f la b o r o r o f m aterials is o f littlo im ­
p o r t a n c e , as p r o fits o n a n y co s ts are g u a ra n te e d , b u t th eir a c tio n in ta k in g
th o la b o r fro m th o m in es is th re a te n in g th e c o m fo r t a n d s a fe ty o f th o c o m ­
m u n itie s d e p e n d e n t u p o n th e a n th r a c ite m in es fo r th eir w in te r f u e l.”
-------------M a y ------------------2 M o s . o f Coal Y e a r R oad—
1918.
1917.
1918.
1917.
P h ila d e lp h ia & R e a d i n g . . t o n s . 1 ,3 5 6 ,8 7 8 1 ,3 4 1 ,5 8 7
2 ,5 9 0 ,3 9 0 2 ,3 4 5 ,6 1 5
L e h igh V a lle y ___________
1 ,3 2 8 ,4 6 4 1,2 7 5 .5 1 3
2 ,5 0 3 ,4 9 1 2 ,2 6 4 ,3 8 6
C en tra l It R . o f N o w J e r s e y _____
5 66 ,974
7 3 5 ,7 5 8
1 ,2 1 6 .5 9 5 1 ,3 6 2 ,2 5 9
2 ,0 4 5 .6 2 1 1 ,9 8 4 ,1 0 7
D ela w a ro L a c k . & W e s te rn ______1 ,0 3 7 ,6 0 3 1,0 9 0 .6 4 9
D o ia w a r o & H u d s o n _____________ 8 2 5 ,9 9 0
7 7 4 ,2 7 8
1 ,5 9 7 ,5 4 3 1 ,4 1 3 ,7 7 3
P e n n s y lv a n ia ________ __________ 4 9 3 ,3 8 0
4 9 8 ,0 5 2
9 4 1 ,7 5 4
9 3 1 ,3 6 6
E r i e ...................
7 6 1 ,4 3 6
7 8 6 ,9 9 5
1 ,4 5 6 ,6 2 2 1 ,4 5 1 ,6 0 4
N o w Y o r k O n ta r io ’ * W e s t e r n .
177 .0 7 2 179 ,386
3 6 2 ,7 2 2
3 2 4 ,5 6 5
L e h ig h & N e w E n g la n d ................. 3 3 9 ,4 5 9 *235 ,307
* 540 ,891 *4 3 2 ,1 4 9
T o t a l ...............................................6 ,8 8 7 ,2 5 6 6 ,9 1 7 ,5 2 5 1 3 ,2 5 5 ,6 2 9 1 2 ,5 0 9 ,8 2 4
* A ft o r d e d u c tin g ( t o a v o id d u p lic a tio n ) to n n a g e d eliv e re d t o th o C e n tra l
R R . o f N o w J ersey a t H a u t o b y th e L e h igh & N e w E n g la n d R R . , a n d in­
clu d e d as part o f th o to n n a g e o f th o la tte r. W h ile th e re w as n o s u ch d u ­
p lic a tio n In M a y 1918, it a m o u n te d t o 117 ,613 to n s in M a y 1917 a n d t o
120 .735 ton s fo r th o 1918 co a l y e a r t o d a te , a ga in st 218,991 to n s in th o sa m e
p e r io d in 1917.

A s s o c ia tio n a n d fo r tw o to rm s (1 8 8 8 a n d 1 8 8 9 ) P re sid e n t o f
th o B o a r d o f T r a d o .

H o w a s e le cted to th o M in n e s o t a H o u s e

C o m m e r c i a l a u c T I H i s c e l l a t i v m t s U tx o s

o f R e p r e se n ta tiv e s in 1 8 9 3 a n d to th o S on a to o f th a t S ta to
in 1 8 9 5 .

A u c tio n

S a l e s .— A m o n g

o th e r se cu ritie s, th e fo llo w in g
w oro r e c e n tly so ld
a t a u c tio n in N e w Y o r k , B o s to n a n d P h ila d e lp h ia :
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N o w Y o r k :

not usually dealt in at the Stock Exchange

S . E . C o b b , fo rm e r ly V ic e -P r e s id e n t o f tho B a n k o f T o ­
p e k a , K a n . , w a s o n J u n o 4 e le cted P re sid e n t o f tho in s titu ­
tio n , liucceoding th o la to J o h n R . M u lv a n o , a n d J o a b M u l v a n e w a s e le c te d V ic o -P r o sid o n t to ta k o th o p la co o f M r .
Cobb.

M r . C o b b w e n t to T o p e k a in 1 9 0 9 as C a sh ier o f tho

P ru d e n tia l S ta to B a n k .

In

1 9 1 3 th a t in stitu tio n w a s a b ­

sorb e d b y th o B a n k o f T o p e k a a n d M r . C o b b b e c a m e V ic o P re s id o n t a n d p ra c tic a lly th o ch ie f e x e c u tiv e o f tho on largcd
in s titu tio n .

M r . C o b b is also P re sid e n t o f th e P ru d e n tia l

T r u s t C o . , a n a ffilia te d in s titu tio n o f th o B a n k o f T o p e k a ,
a n d p r o m in e n tly c o n n

te d w ith n u m o ro u s fin an c ial e n te r­

prises in tho S ta to o f K a n s a s .

M r . M u lv a n o h as b een asso ­

cia te d w ith th e b a n k fo r o v e r fo r t y y e a rs a n d is a b roth or
o f its fo rm e r P re sid e n t.

E . C . A r n o ld a n d J . D . M u lv a n e

w oro e le c te d d ire ctors to fill th e v a c a n c ie s ca u sed b y

th e

d e a th o f J o h n R . M u lv a n o a n d S c o t t H o p k in s .
N e g o tia tio n s w h ich h a v o b e e n g o in g o n fo r so m e tim o for
th o a c q u isitio n o f ce rta in p ro p e rtie s in N o w O rlean s k n o w n
as th e M o r r is E s t a t e , b y th o C o m m e r c ia l T r u s t & S a v in g s
B a n k o f th a t c i t y , w oro b r o u g h t to a c o n c lu sio n J u n o 3 b y
th o p u rch ase o f th o p ro p e rtie s b y th a t in stitu tio n a t a price
said to bo a b o u t $ 1 ,0 0 0 ,0 0 0 .

S ev era l

b u ild in g s aro c o m ­

p rised in th e p u rc h a se , c h ie f o f w h ic h is th o H e n n e n B u ild ­

Per cent.
Shares. Stocks.
Per cent. Shares. Stocks.
1,873 U. S. W orsted, c o m .. $3% per sh.
133 Commercial Trust C o ......... .. 85
10 U. S. W orsted, 1st p r e f .. ___98
20 M erchants’ N at. Bank, S50
217 U. S. W orsted, 2d p re L .2 5 % -2 0
e a c h ______________ $121 per sh.
25 Diam ond M atch ____________ 105%
300 Pcnn-M ex. Fuel, $25 each,
$27% per sh.

B y M e s s r s .’ R . L . D a y & C o . , B o s to n :
$ per sh.
Shares. Stocks.
$ per sh. Shares. Stocks.
17 Plymouth Cordage......... .............. 208%
2 Great Falls M fg ..............................182
7 Naumkeag C otton full-pd. rects.155%
7 D avis M ills...................................... 130
5 H ood R ubber, pref_____________96
2 Essex C om pany_______ ________181
3 Cambridge Gas L ig h t .............. -145%

B y M e s s r s . M i ll e t t , R o e & H a g e n , B o s t o n :
Shares. Stocks.
$ per sh. \Shares. Slocks.
$ per sh.
10 Border C ity M fg ...........................117 I 10 U . S. W orsted, 1st pref.................99%
20 Hargraves M ills............................ 79
50 U. S. W orsted, com ., $10 e a c h .. 4

B y M e s s r s . B a rn e s & L o fla n d , P h ila d e lp h ia :
$ per sh .
Shares. Stocks.
$ per sh. Shares. Stocks.
10 Continental-Eqult. T . A T .,
3 Phlla. Bourse, pref., $25 each 19
$50 each___________________ 86
4 Phila. Bourse, com ., $50 each 6
14 Phila. G er. A Norris. R R .,
50 W est Pelham Land, $50 each 222%
$50 each..................................119
514 Phoenix Cem ent, p r e f...$ 5 0 0 lot
36 Phil. A Camden Ferry, $50
2,337 Phoenix Cem ent, co m ------$500 lot
e a c h ______________________ 108
40 M arket St. N at. Bank 180-180%
8 United Gas A EL, 1st p r e f .. 40
1 Philadelphia N at. Bank------ 462
5 John C . W inston, co m m o n .. 1
1 Land T itle A T rust................ 500
5 John C . W inston, 1st pref___35
20 Logan T rust-------------------------148
Bonds.
Per cent.
2 Northern Trust_____________ 500
$2,000 Caddo Oil A R e f. 1st 6s, '2 7 . 82%
1 Real Estato T . I. A T ............319
5,000 Edward G . Budd M fg . 1st
60 Real Est. Trust, pref________100
6s. 1922................................. 96
20 Guarantee Trust A S. D ----- 120
22 West End T rust....................... 160

C o m m e r c ia l T r u s t & S a v in g s B a n k a n d its a ffilia to d in sti­

C a n a d i a n B a n k C l e a r i n g s .— T h e cle a rin g s fo r th e w e e k
e n d in g J u n o 1 3 a t C a n a d ia n c itie s , in c o m p a ris o n w ith th e
s a m o w e e k in 1 9 1 7 , s h o w a n in crease in th e a g g r e g a te o f

tu t io n ,

7.4%.

in g .

Tho
th e

tw o -s to r y

b u ild in g a t

C o m m e r c ia l N a t io n a l




p re sen t oc cu p ie d
Bank,

is a lso

by

th e

in c lu d o d .

3624

THE CHRONICLE

[Vol . 106

Week ending June 13.
Clearings at—
1917.

1910.

1915.

Canada—
S
S
M ontreal....... .......... .......... 101,399,714 86,702,832
T oron to..... ............ ............ 72,817,222 49,138,786
W in n ip eg ______________
43,697,731 48,904,813
V a n cou v er_____________
11,012,788
8,436,610
O tt a w a _________________
8-667,314
7,864,126
Q u e b e c _________________
4,537,720
4,817,425
H a lifa x _________________
4,787,517
3,110,977
H a m ilto n ______________
5,006,-00
5,082,408
St. John__________ _____
2,342,800
1,991,618
L on don_________________
2,658,600
2,147,779
Calgary_________________
0,474,419
5,666,601
Victoria_________________
1,981,495
1,638,134
2,081,978
2,769,894
E d m o n to n _____________
3,242,373
R e g in a _________________
3,361,960
Brandon ________________
508,463
390,603
Saskatoon______________
1,862,504
1,740,657
M oose Jaw _____________
1,374,274
1,066,364
689,834
L eth b rld go_____________
791,985
B rantford_______________
880,238
750,807
Fort W illiam ___________
617,738
640,858
N ew Westminster______
465,634
297,535
581,574
404,296
M edicine H a t......... ..........
Peterborough___________
697,547
650,049
Sherbrooke_____________
560,414
689,086
Kitchener______________
572,704
817,868

3
3
%
+ 16.9 81,349,796 49,245,073
+ 2 3 .1 52,113,201 35,790,550
— 10.8 35,103,864 18,553,230
+ 30.9
6,039,960
5,275,293
+ 10.2
5,372,288
4,634,795
— 5.8
3,562,709
3,034,516
+ 53.9
2,390,044
2,008,200
— 1.5
3,938,045
3,143,759
+ 17.6
1,897,694
1,424,822
+ 23.8
1,872,406
1,685,494
— 12.5
3,961,215
2,299,315
+ 2 0 .9
1,251,781
1,454,883
— 24.8
1,978,629
1,846,781
— 3.5
2,129,864
1,414,735
+ 3 0 .2
453,713
429,239
— 5.5 1,023,502
659,855
+ 28.9
770,674
596,039
— 12.9
371,922
284,237
+ 16.4
573,370
505,092
— 2.0
463,823
390,323
+ 50.5
371,025
265,194
+ 24.9
380,764
178,962
+ 4 5 .4
597,459
391,066
+ 22.9
539,019
+ 42.8
578,271

T o ta l_________________ 208,975,462 250,495,900

+ 7 .4 209,097,638 135.578,070

N a t i o n a l B a n k s .— T h e fo llo w in g in fo r m a tio n re g a rd in g
n a tio n a l b a n k s is fr o m th e o ffic e o f th e C o m p tr o lle r o f th e
C u r r e n c y , T r e a s u r y D e p a r tm e n t:

APPLICATIONS FOR C H ARTER.
For organization of national banks:
Tho First National Bank of Burnham, Pa. Capital__________ $25,000
Tho First National Bank of Pollock, S. Dak. Capital________ 25,000
For conversion of State banks:
The First National Bank of Winnett, Mont. Capital________ 30,000
Conversion of tho Winnett Stato Bank.
------------Total.............................................................................................$80,000
CHARTERS ISSUED.
Original organizations:
Tho First National Bank of Mansfield, Ark. Capital_________$25,000
25,000
Tho First National Bank of Stratton, Colo. Capital________
Tho First National Bank of Firth, Idaho. Capital___________ 25,000
Tho First National Bank of Savoy, Mont. Capital__________ 25,000
Tho First National Bank of Picher, Okla. Capital___________ 100,000
Conversion of State banks:
Tho National Bank of Mansfield, Ark. Capital_______________ 50,000
Conversion of tho Bank of Mansfield.
------------Total................
$250,000
INCREASES OF CAPITAL APPROVED.
Tho Tower City National Bank, Tower City, Pa. Amount______ $25,000
Capital increased from $25,000 to $50,000.
Tho Union Market National Bank of Watertown, Mass. Amount 50,000
Capital increased from $100,000 to $150,000.
Tho First National Bank of Old Forgo, N. Y. Amount_________ 25,000
Capital Increased from $25,000 to $50,000.
------------Total----------.$100,000
CHANGE OF TITLE APPROVED.
Tho German-American National Bank of Pekin, 111., to “ Tho American
National Bank of Pekin.”
D IV ID E N D S ,

Tho following shows all tho dividends announced for the
future by largo or important corporations.
D ividends a nn ounced this w eek are printed in ita lics._____________________
Name o f Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

R a ilroa d s (S team ).
Alabama Great Southern, ordinary____ 51.50 June 29 Holders o f reo. Juno 17a
Preferred_____________________________ 51.50 Aug. 28 Holders of reo. July 20-i
Albany A Susquehanna_________________
4 K July 1 Holders o f reo. Juno 15a
3
Allegheny A W estern___________________
July 1 Holders o f rec. Juno 24a
Atchison, Topeka A Santa Fe. pref____
2 K Aug. 1 Holders of rec. June 27a
3
Atlanta A West Point___________________
Juno 29 Juno 23
to
Juno 30
Atlantic Coast Line RR., common_______
3 K July 10 Holders of reo. Juno 25a
Beech Creek............................... ...................
5t)c. July
1 Holders of rec. Juno 19a
Boston A Albany ( q u a r .)........................
2 K June 29 Holders o f reo. M ay 31a
4
July 2 Holders of rec. M ay 25a
Boston A Lowell________________________
Boston A Providence (guar.)........................
2 K July 1 Holders of rec. Juno 20a
2
Buffalo A Susquehanna, preferred______
June 29 Holders o f reo. Juno 15a
Canada Southern______________________
Aug. 1 Holders of rec. Juno 28a
ik
Canadian Pacific, com . (quar.) (N o. 88 )
2 K Juno 29 Holders of reo. June la
2
Central RR. o f New Jersey (guar.)_______
Aug. 1 Holders o f reo. July 19a
2
Special_______________________________
Juno 29 Holders o f reo. Juno 28a
2
Chesapeake A O hio____________________
June 29 Holders of reo. June 7a
2
Chicago Burlington A Quincy (q u a r .)..
Juno 25 Holders of reo. Juno 19a
2
Chicago Ind. A Loulsvillo, pref________
June 29 Holders of reo. Juno 19a
Chicago A North W estern, com . (quar.)
I K July 1 Holders o f reo. Juno 14a
2
1 Holders of rcc. Juno 14a
Preferred (qu ar.).....................................
July
3
Juno 28 Holders o f reo. Juno 21a
Cine. N . O. A Texas Pacific, common____
Common (extra)______________________
3 K Juno 28 Holders o f reo. Juno 21a
Preferred (guar.).......................................
1 K Aug. 31 Holders o f reo. Aug. 21a
C lov. Cine. Chic. A St. L ., pref. ( q u .) ..
1 K July 20 Holders of reo. Juno 28a
2
D etroit Hillsdale A Southwestern______
July 5 Holders of rec. Juno 20a
Detroit A M ackinac, pref_____________
1 Holders of rec. Juno 15a
2 K July
3
D etroit River Tunnel__________________
July 15 H olders.of rec. July 6a
Elmira A Williamsport, p r e f . . .................. 3.10 July 1 nolders o f reo. Juno 20a
3
Georgia RR. A Banking (guar.)__________
July 5 July 2
to
July I f
2
H ocking Valley Railway_______________
June 29 Holders of reo. Juno 14a
2
July 1 Juno 12 to
Illinois Central, leased lines........... ........
July 4
Interborough Rapid Transit (quar.)____
1 Holders o f rec. Juno 20a
2 K July
Joliet A Chicago (quar.)________________
I K July 1 Holders o f rec. Juno 2 la
Kanawha A Michigan (qu ar.)__________
I K July 30 Holders o f rec. July 15a
1
Kansas City Southern, pref. (guar.)_____
July 15 Holdesr o f reo. Juno 29a
1
Lackawanna R R . o f N . J. (quar.)______
July 1 Holders o f rec. Juno 8 a
Lehigh Valley, com . and pref. (quar.) 51.25 July 1 Holders o f reo. Juno 15a
51.25 July 15 Juno 18
Little Schuyklll N a v ., R R . A C oal___
to
July 15
400. July 1 n oldors of reo. Juno 15a
Lykens Valley RR. A Coal_______________
M ahoning Coal R R ., com m on__________ $5
Aug. 1 Holders of rec. July 15a
Com m on (s p e c ia l)................................. 515
July 1 Holders o f reo. Juno 21a
Preferred................ .......... .........................
2 K July 1 Holders o f reo. Juno 21a
M aine Central, com m on (quar.)______
I K July 1 Holders of reo. Juno 15a
M anhattan R y . (quar.)_________________
I K July 1 Holders o f rec. Juno 15a
2
M ichigan Central_______________ _______
Julyd29 Holders o f rcc. Juno 28a
M in e Hill A Schuylkill Haven......... .......... $1.50 July 15 Juno 22
to
July 14
2
M obllo A Birmingham, pref......... ............
July 1 June 2
to
June 30
4
Mobile A Ohio................................................
Juno 27 Holders of reo. Juno 20a
M orris A Essex_____________ ___________ $1.75 Juno 27 Juno 11 to
Juno 26
N ew York Central R R . (q u a r .)..............
I K Aug. 1 Holders of rec. July 9a
N . Y . Chicago A St. Louis, 1st pref...........
2 K July 1 Holders o f reo. Juno 3
New York A Harlem, com . A pref____ $2.50 July 1 Holders o f reo. Juno 17a
New Y ork Lackawanna A W est. ( q u .) ..
I K July 1 Holders o f rec. Juno 15a
$2
Northern Central________________________
July 15 noldors of reo. Juno 29a
Northern Pacific (guar.)_________________ ♦IK Aug. 1 ♦Holders of reo. July 5
3
Northern Securities____________________
June 27 Juno 15 to
Jurio 27
Norwich A Worcester, pref. (guar.)_____
2
July 1 Juno 16
to
Juno 30
Old Colony (guar.).................... .....................
I K July 1 nolders of reo. Juno 15a
Philadelphia Baltimore A Washington___ $1 50 Juno 29 Holders o f reo. Juno 15a
Plttsb. Ft. W . A Chic., rcg. gu. ( q u .) ..
July
2
IK
Holders o f reo. Juno 10a
Special guaranteed (qu ar.)_____ _____
IK July 1 Holders of reo. Juno 10a
Portland Terminal Co. (guar.)___________
I K July 1 nolders o f reo. Juno 15a




Per
When
Cent. Payable.

Name o f Company.
R a ilro a d s (Steam ) C o n c lu d e d .
Reading Company, common (guar.)____
First preferred (guar.)______ ______
Reading Com pany 2d pref. (quar.)_.
Rensselaer A Saratoga_______________
Rome A Clinton___________ _____ _____

SI

*50o.
50C.
4
3

Books Closed.
Days Inclusive.

Aug. 8 Holders of reo. July 18a
S e p t .12
July 11
July 1
July 1
July
1
July 1
July
1
July 1C
July 1
July
l
June 29

♦Holders of reo.
Holders of rec.
June 16
to
June 22
to
Holders of reo.
Holders of rec.
Holders of reo.
Juno 21
to
Holders of reo.
Holders o f reo.
Juno 23
to

Aug.
Juno
Juno
Juno
M ay
Juno
Juno
Juno
Juno
Juno
Juno

27a
25a
30
30
31a
21a
la
30
22a
20
30

July
1 Holders of rec.
July 1 Holders o f rec.
July 1 Juno 15
to
July l Holders of rec.
1
July 1 Juno 21
to
Preferred (g u a r .)................
to
I K July 1 Juno 21
Cincinnati Street Ry. (guar.).
75c. July 1 Juno 17
to
K July 1 Holders of reo.
1 Holders of rec.
/ K July
Cities Service, com. A pref. (monthly)__
*K Aug. 1 ♦Holders of reo.
Common (payable in com. stock)_____
*/K Aug. 1 ♦Holdesr of reo.
Cleveland R y . (quar.)_________________
IK July i Holders of rec.
Conestoga Traction, com. (ugar.)..............
1
July 1 Holders of reo.
Preferred (guar.)____________________
I K July 1 Holders of reo.
Consolidated Traction of N . J ________
2
July 15 Holders of reo.
Continental Pass. R y ., Phlla________
S3
Juno 29 Holders of rcc.
1
July
1 Holders o f reo.
I K Aug. ) Holders o f reo.
Eastern Texas Elco. C o ., com . (N o. 5 ) ..
2 K July 1 Holders o f rec.
Preferred (N o. 13)_____ _______
3
July 1 Holders of rec.
3
July f Holders of rec.
$4.50 July 1 Holders o f reo.
2
Juno 3C Juno 25
to
IK July 1 Holders of reo.
Indianapolis Street Ry_
3
July 1 Juno 22
to
Loulavllle R y . (q u a r.)..
I K July 1 Juno 16 to
I K Juno 29 Holders of reo.
M anila Elec. R R . & L tg. (quar.).
I K July 1 Holders of rec.
M onongahela Valley T ra c., com .
31Ko. July 15 Holders of reo.
Preferred (q u a r .)........................
37 K c July £ Holders of rec.
1
Aug. 15 Holders of rec.
I K July 1 Holders of reo.
Ottawa T raction (quar.).
1
July 2 Holders of rec.
750. July 31 Holders of rec.
6 2 K c. July 15 Holders o f reo.
2
Juno 2C Holders of roc.
Reading Traction_________________
750 July 1 Juno 21
to
Republic Iftr. A Light, com. (gu.) (.
1
July 15 Holders of reo.
Preferred (guar.) (N o. 2 8 )_____
I K July 15 Holders of reo.
Ridge Ave. Pass. Ry., Philadelphia ..
.i *33
July 1 ♦Juno 10
to
Second A Third Sts. Pass.Ry.,Phlla.(gu.). $3
July 1 Holders of reo.
Sprlng’d (M o .) R y . & L .,p f.(q u .) (
I K July 1 Holders of rcc
T oronto R y . (qu ar.)____________
1
July 2 Holders of reo.
I K July 1 Holders of rec.
I K July 2 Holders o f reo.
Union Passenger Ry., Philadelphia______
$4.7 5 dJuly 1 Holders o f reo.
Union Traction, Philadelphia__________ f 1 .50(1 July 1 Holders of reo.
United Electric C o . of N . J - . ..............
2 K July 1 Holders of rec.
1
July 1 Holdors of rec.
I K July 1 Holders of rcc.
IK July 1 Holdors of reo.
2
July 15 Holdors of reo.
Preferred (quar.)____________________
I K Juno 29 Holders of reo.
Washington W at. Pou>., Spokane (guar.)
1
July 1 Holders of rec.
W est End Street R y ., B.oston, pref___
$2
July 1 Juno 22
to
West India Electric Co., Ltd. (guar.)___
to
I K July 2 Juno 23
West Penn Power, pref. (guar.)_________
*1K Aug. 1 ♦Holders of rcc.
West Philadelphia Passenger Ry_______
$5
July 1 Holders of reo.
I K July 1 Holders of reo.

Juno
Juno
Juno
Juno
Juno
Juno
Juno
Juno
Juno
July
July
June
Juno
Juno
Juno
M ay
Juno
July
Juno
Juno
Juno
Juno
Juno
Juno
July
Juno
Juno
Juno
Juno
Juno
July
Juno
Juno
July
Jqno
Juno
Juno
July
July
Juno
Juno
Juno
Juno
Juno
Juno
Juno
June
Juno
Juno
June
Juno
Juno
Juno
Juno
July
July
July
Juno
June

15
15
30
15
30
30
30
15a
15a
15a
15a
12a
21a
21a
29a
31a
15a
l
14a
14a
28a
la
30
15
1
20
20
18a
27a
27a
31
10a
15
la
29a
15a
30
1
1
30
la
15a
15
20
15a
15a
8a
29a
15a
15a
15a
29a
15a
15
1
1
20
15a
15

IK
IK

Toronto Hamilton & Buffalo (guar.)___
Union Pacific, com mon (quar.)______
United N . J. RR. A Canal Cos. (guar.).
Valley R R . (N . Y . ) ...............................

2K
2K

Western Ry. o f Alabama____________

3

2K
IK

S treet & E le ctric R a ilw a ys.

IK

Brazilian T r ., L. A Pow ., pref. (<.
.
Capital Traction, W ash., D . C. (g u a r.)...

B a n k s.
America, Bank of_____________________
A tlantic_______________________________
Battery Park National.................................
E x tr a _______________________________
Chaso National (quar.)_______________
Chatham A Phcnlx National (q u a r .)..
Citizens’ National (guar.)_____________
E x tr a _______________________________
Coal & Iron National (quar.)__________
E xtra_________________________ _____
Colonial (guar.)...........................................
Columbia (N o. 6 0 )_______ _____ _______
Commerce, Nat. Bank o f (guar.)_______
Commercial Exchange__________________
Cuba (Bank of) In Now Y ork (N o. 4 ) . .
Fifth Avenue (guar.)___'__________
Special............................. ...............
First National (quar.)___________
First Security C o. (qu ar.)______
Oreenpotnt National (Brooklyn)___
E x tr a _________________________
Greenwich (guar.)________ _______
Hanover National (guar.)..... ..........
E x tra __________________________
Importers' As Traders’ National. .
International_____________________
Irving National (guar.)..................

IK
IK
IK

14
3
*3
*3
4
3

July
July
July
July
July
July
2 K July
*1
July
2
July
1
July
3
Juno
4
Juno
2 K July
10
July
0
July
12K July
55
July
5
July
5
July
3
July
2
July
*4
Juno
♦6
July
*2
July
12
July
3
Juno
3
July
32
July
E x tr a ______ _____ ____________
50o. July
Merchants' National (No. 230 )___
32
July
Metropolitan (guar.)_____________
2
July
M utual (q u a r .).._______ _________
5
July
New York, Bank of, N . B. A . (N o. 2 6 9 ).I 10
July
North Side (Brooklyn)____________
*3
July
E x tr a __________________________
*1
July
Park, National (guar.)___________
5
July
Peoples (N o. 134)..............................
$1.25 July
Seaboard National (guar.)________
3
July
State.................................................... .
3
July
Union Exchange National. . ......... .
4
Juno
Yorkvlllo (quar.)..............................
6
luno

1 Juno 19
to
July 1
1 Holders of reo. Juno 20
1 ♦Holders of rec. Juno 20
1 ♦Holders of reo. Juno 20
1 Holders of rcc. Juno 25a
1 June 20
to
July 1
1 Holders of reo. Juno 22
1 ♦Holders of rec. Juno 22
1 Holders of rec. Juno 12
1 Holders of reo. Juno 12
29 Holders of rec. Juno 19a
30 Holdors o f reo. Juno 19
1 Holders of reo. Juno 21a
1 Juno 20
to
Juno 30
1 Holders o f reo. Juno 20
1 Holders of reo. Juno 29a
1 Holders of rec. Juno 29a
1 Holders of rcc. Juno 29a
1 Holders of rec. Juno 29a
1 Juno 21
to
Juno 30
1 Juno 21
to
Juno 30
29 ♦Holders of rcc. Juno 19
1 ♦Juno 23
to
July 1
1 ♦Juno 23
to
July 1
1 June 22
to
Juno 30
29 Holders of rcc. Juno 28a
1 Holdors of roo. Juno 24
1 Holders of reo. Juno 25a
1 Holders of rcc. Juno 25a
1 Holders of rcc. Juno 27
1 Holders of reo. Juno 21a
1 Holders of reo. Juno 24
1 Holders o f reo. Juuo 22
1
1
1 Holders of ero. Juno 21
1 Holders of reo. Juno 22
1 Holders of rec. Juno 25
1
29 Juno 20
to
Juno 30
29 Juno 21
to
Juno 30

T r u s t C om pa n ies.
Bankers (guar.)_________________________
5
Brooklyn (guar.)________________________
5
Central Union__________________________
5K
Columbia (guar.)_________________
3K
Empire (guar.)______________________ _
3
Eguitable (guar.)___________________
5
Fidelity (guar.)________ _________ I ___ ”
2
F u lto n ____________________________ ____
5
E x tra ____________________ __I . I . I I I I
2
Guaranty (quar.)________ _________ .
5
Irving (guar.)....................................
'
2
Lawyers’ Tltlo A Trust (qu.) (N o . 7 9 ) ..
IK
Manufacturers’ (Brooklyn) (guar.)______
2
Metropolitan (guar.) (N o. 86 ) ___________
6
New York (guar.)_____ _________________
8
People’s (Brooklyn) (guar.)____________ . 1 3 K
E xtra ________________________________
t
Title Guarantee A Trust (gwr.)~.~.~.~.~.V.'.
5
United States__________________
25

July
July
Juno
Juno
Juno
Juno
July
July
July
Juno
July
July
July
Juno
Juno
Juno
Juno
Juno
July

1
1
30
29
29
29
1
1
1
29
1
1
1
29
29
29
29
29
1

M iscella n eou s.
Adirondack Elec. Power, pref. (guar.)___
Ahmeek M ining (quar.) (N o. 2#>__ . . . .

July 1 Holdors of reo. Juno
Juno 28 Holders of reo. June

_

1918.

Inc. or
D ec.

IK
$2

Holders o f reo.
Holders of reo.
Holders of roo.
Holders of reo.
Holdors o f rcc.
Holders of reo.
Juno 25
to
Holders of reo.
Holders o f rcc.
Holders of reo.
Holdors o f reo.
Juno 16 to
Holders o f reo.
Holders of reo.
Juno 23
to
Holdors o f reo.
Holdors o f roo.
Holdors o f roo.
Holdors o f rcc.

Juno 25a
Juno 21a
Juno 21a
Juno 21a
Juno 25a
Juno 21a
Juno 30
Juno 24
Juno 24
Juno 21
Juno,24
July 1
Juno 29a
Juno 21
June 30
June 28
June 28
Juno 21
Juno 20a

THE CHRONICLE

J une 22 1918.]
Name o f Company.

Per
Cent.

When
°ayable.

Books Closed.
Days Inclusive.

M iscella n eou s (C o n tin u e d ).
a July 10 Juno 30 to July 10
Alabama Company, common......... - ..........
to
July 10
July 10 Juno 30
in
First and second preferred (guar. ) -------July 15 Holders of rec. Juno 29a
Allis-Chalmers M I*., pref. (quar. ) . - . - July 15 Holders o f rec. Juno 29a
Pref. (account of accumulated diva.).
Allouez M inins (quar.) (N o. 1 2 ) - - - - - - - 31.50 Juno 26 Holders of reo. Juno 12
July 15 Holders o f rec. Juno 24a
Am cr. Agricultural Chem ., com . ( q u .)-July 15 Holders of reo. June 24a
Preferroil (ciuar.) (N o. 5 2 )----------------75c. July 1 Holders of rec. June 15a
Am cr. Bank N ote, pref. (quar.)......... - - July l Holders of reo. Juno 15a
Amer. Beet Sugar, pref. (qu.) (N o. 76)
Juno 29 Holders of reo. June 21a
Am er. Brako Shoe A F d y., com . ( q u .) ..
June 29 Holders of rec. Juno 21a
2
Preferred (quar.)------------------------------Juno 29 Holders of rec. June 21a
1
Preferred (extra)------ -------- ---------------July 1 Holders of roc. Juno 14a
American Can, preferred (qu ar.)..............
July 1 Holders of reo. June 13a
2
Amer. Car A F d y., com . (qu.) (N o. 03).
July 1 Holders of rec. June 13a
Preferred (quar.) (N o. 77)......... ........
July 1 Holders of rec. June 20
Amorlcan Chlclo, preferred (qu ar.).........
July 1 Holders of reo. June 15a
American Cigar, pref. (quar.)................
July 1 Holders of rec. M ay 31a
Amorlcan Express (qu ar.)------------------31.25 July 1 Holders of rec. Juno 17
Am er. Gas A E leo., com . (quar.)------ July 1 Holders of rec. Juno 17
Com m on (extra, payable In com . stk. /S I
75c Aug. 1 Holders of rec. July 15
Preferred (quar.) (N o. 4 6 )----------------90o. Juno 29 Holders of rec. Juno 15a
Amer. Inter. C orp.. com . & pf. (qu ) - Aug. 15 Holders of rec. A ug. 9a
Am er. La France Fire Fnff.tIn c .tcom.(QU.)
July 1 Holders of reo. Juno 22a
to
July 15
July 15 July 6
Amer. Laundry Machinery, pref. (quar.)July 1 Holders of rec.- Juno 15
American Linseed, preferred (quar.)-------July 3 Holders of reo. June 18a
Amer. Locom otive, com . (quar.)..............
July 22 Holders of rec. July 5a
Proferrcd ( q u a r .)........... — - - - to
Juno 30
July 1 Juno 16
Amer. Manufacturing, com. (quar.)-------to
Juno 30
July 1 Juno 16
Preferred (quar.)------------------------- - - - Holders
of
rec.
Juno
19
July
1
Am cr. Power & Light, pf. (qu.) (No.35)
July 1 Holders o f rec. Juno 15
American Public Sorvlco, pref. (q u a r .)..
to
Juno 29
June 29 Juno 21
3
American Radiator, com mon (q u a r .)..
Juno 29 Holders of reo. Juno 22a
American Screw (quar.)-------------------------Juno 23
July 1 Juno 15 to
Amer. Smelters Securities, pref. A (qu.)
June 23
July 1 Juno 15 to
Preferred B (quar.)--------------------------Holders
of
rec.
June 15a
July
1
3
American Snuff, common (quar.)--------July 1 Holders of rec. June 15a
Preferred (quar.)......... ...........................
Juno 29 Holders of reo. Juno 15a
American Steel Foundries (quar.)--------July 2 Holders o f rec. Juno la
Am . Sugar Refining, com .(q u .)(N o .I0 7 ) p l
July 2 Holders of reo. Juno la
Common (extra)__________________ __
July 2 Holders of reo. June la
P
Preferred (quar.) (N o. 106)
Sept. 2 Holders o f reo. A ug. 15a
Amer. Sumatra T ob acco, pref-------------Juno 29 Holders o f reo. Juno 22a
American Surety (quar.) (N o. 116)---------- SI
July 15 Holders of reo. Juno 20a
2
Am cr. Tolep. & Teleg. (quar.)..................
Juno 30
July 1 M ay 15 to
American Thread, preferred....................
July 1 Holders of rec. Juno 15a
American T ob a cco, pref. (quar.)...........
July 15 Holders of rec. July 10a
1
Am er. T yp o Founders, com m on (quar.)
July 15 Holders of rec. July 10a
Proferrcd (qu ar.)____________________
Juno 29 Holders o f reo. Juno 22a
Amer. Wind. Class Machine, com. (N o. 1) 10
July 1 Holders o f reo. June 22a
Preferred (quar.)_____________________
June 26
July 15 Juno 15 to
American W oolen, coom on (quar.)-----to
June 26
July 15 Juuc 15
Preferred (qu ar.).....................................
July 15 Holders of rec. Juno 29a
Associated Oil (qu ar.)............................ ..
Aug. 1 Holders of reo. June 28a
5
A tl. Gulf A W . I. SS. Lines, c o m m o n ...
July 1 Holders of reo. Juno 10a
Preferred (qu ar.)..... ..................... ..........
to
Juno 30
July 1 Juno 22
Atlantic Steel, common (quar.)....................
July 2 ♦Holders of rec. Juno 21
Avery Com pany, preferred (qu ar.)-----July 3 Holders of rec. Juno 30a
2
Babcock A Wilcox Co. (quar.)......... ..........
July 1 Holders of reo. June 8 a
Baldwin Locom otlvo, preferred------------Baltimore Electric, preferred----------------- $1.25 July 1 Holders of rec. June 15
to
Juno 30
July 1 Juno 21
Baltimore Tube, com . A pref. (q u a r .)..
Barnhart Bros. & Splndler—
Aug. 1 Holders of rec. July 27a
1st and 2 d preferred (quar.)................
July 1 Holders of reo. Juno 18a
Barrett C o ., com m on (quar.)------------July 15 Holders of rec. July la
Preferred (quar.)------------------------------July 15 Holders of reo. Juno 29
2
Bell Telephono of Canada (quar.)............
July 1 Holders of rec. Juno 15a
2
Botlilohem Steel, com m on (qu ar.)-------July 1 Holders of reo. June 15a
2
Com m on, Class B (qu ar.)----------------2
July 1 Holders o f reo. Juno 15a
Cum. conv. pref. (quar.)------------------July 1 Holders o f rec. Juno 15a
7 % preferred (quar.)-------------------------750. July 1 Holders o f rec. Juno 19
Billings A Spencer C o. (qu ar.)------------50c. July 1 Holders of rec. Juno 19
E xtra________________________________
Ju n o 29 Holders of rec. Juno 29a
Blumcnthal (F.) C o ., com mon (q u a r .)..
July 1 Holders of reo. Juno 29a
Preferred (qu ar.)------------------ -----------50c. July 1 Holders of rec. June 20a
Booth Flshorles, com mon (qu ar.)............
July 1 Holders of rec. Juno 20a
Preferred (qu ar.)....... .........................
July 2 ♦Holders o f reo. M ay 31
Brandram-Henderson, Ltd., pref. (quar.).
to
July 1
July 1 Juno 21
Brier Hill Steel, com . (qu ar.)....................
to
July 1
July 1 June 21
3
Com m on (extra)--------------------------------to
July 1
July 1 Juno 21
Preferred (q u a r .).....................................
6
Juno 29 Holders of coup. N o . 67s
Brltlsh-Amcrlcan T ob acco, ordinary-----July 1 Holders of reo. Juno 13a
Brooklyn Union Gas (qu ar.)....................
Brunswick-Balke-Collender, pref. (quar.).
July 1 Holders o f reo. Juno 20a
1
Bucyrus Com pany, pref. (qu.) (N o . 13)
July l Holders o f rec. Juno 20
June 29 Holders o f rec. Juno 20a
Buffalo General Electric (qu.) (N o. 9 5 ).
2
July 1 Holders o f reo. Juno 22a
California Elec. Generating, pref. (quar. ) .
July 1 Holders o f rec. Juno 15
California Packing C orp., pref. (quar.)
July 1 Holders of rec. Juno 20a
California Petroleum, pref. (qu ar.)____
Juno 24 Holders of roo. Juno 7a
Calumet A Arizona M ining (qu ar.)......... 32
July 16 Holders o f reo. June 30
Canada Cement, Ltd. (q u a r.).....................
Holders of reo. June 15
Canada Steamship Lines, pref. (q u a r .)..
July
Canadian Car A Foundry, preferred____
July 15 Holders of rec. Juno 15a
Canadian Consol. Rubber, pref. (quar.)
Juno 29 Holders of reo. Juno 21
Canadian Converters’ , L td. (qu ar.)____
Aug. 15 Holders of rec. July 31
to
July 3
Canadian Cottons, Ltd., common (quar.).
July 4 Juno 25
to
July 3
Preferred (quar. ) — --------------------------July 4 Juno 25
to
Juno 30
Juno 29 Juno 20
CanadlanCrockor-W heoler,Ltd.,com .(qu.
to
June 30
June 29 June 20
Proforrod (quar.)------------------ -----------Canadian Fairbanks-Morse, p referred..
July 15 Holders of rec. Juno 29
3
Canadian General E lec., com . (q u a r .)..
July 1 Holders of rec. Juno 15
2
Canadian Locom otive, com m on (quar.)
July 1 Holders of rec. Juno 20
July 1 Holders of rec. Juno 20
Preferred (qu ar.)------------------------------Holders of rec. Juno 20a
Canadian Westlnghouse, Ltd (quar.)-----July
Carbon Steel 2d pref. (annual)................
July 30 Holders of reo. July 26a
6
Caso (J. I.) Throsh. M ach., pref. (quar.
July 1 Holders of rec. Juno 10a
Cedar Rapids M fg. A Power (quar.).........
Aug. 15 Holders o f reo. July 31
Celluloid C o. (quar.)---------------------------2
June 29 Holders o f rec. Juno 14a
Centennial Copper M ining (qu.) (N o.3) SI
Juno 28 Holders o f rec. Juno 8
Central Aguirre Sugar Cos. (qu ar.)------ $2.50 July l Holders of reo. Juno 20
E xtra----------------- -------------------------------- S10
July l Holders o f reo. June 20
Central Coal A Coke, common (quar.)____
July 15 Holders o f reo. Juno 29a
Preferred (quar.)--------------------------------July 15 Holders of reo. June 29a
Central Foundry, ordinary pref. (q u a r.)..
July 15 Holders o f reo. Juno 29a
First preferred (quar.)...............................
2
July 15 Holders of rec. Juno 29a
Central Leather, prof, (qu ar.)..................
July 1 Holders of reo. June 10a
Central States Eleo. C orp., pref. (quar.)
July 1 Holders of reo. June 10
Certaln-teed Prod. C orp., 1st pref. (qu.)
July 1 Holders of rec. June 20a
Second preferred (qu ar.)— . . . . -------July 1 Holders of rec. Juno 20a
3
Chandler M otor Car (qu ar.)..................
Juno 29 Holders o f reo. Juno 18a
20 c Juno 29 Holders o f reo. Juno 15
Charcoal Iron of America, com . (qu ar.).
30c. Juno 29 Holders o f reo. Juno 15
P referred----------------------------------------July 1 ♦nolders of reo. Juno 20
Chicago Railway Equipment (quar.).........
2
Juno 29 Holders o f roo. June 28a
Chicago Telephone (quar.)-------------------$1
Juno 29 Holders of reo. Juno 14a
Chino Copper C o. (quar.)....... - ...............
July 1 Juno 15 to
June 21
Cincinnati Cas A Electric (quar.)..............
July 1 June 24
to
June 30
Cincinnati A Suburban Bell T clep .(qu .) $1
July 1 Holders o f reo. Juno 25
City Investing, preferred (quar.)------------June 30 June 21
to
July 1
CIoveland-Akrou Bag (quar.)--------------June 30 Juno 21
to
July 1
E x tra .............................................. .......... ..
July 1 Holders of rec. Juno 20a
Cleveland Automatlo M ach ., prof, (qu.)
2
July 1 Juno 19 to
July 10
Cleveland Union Stock Yards (quar.)-----July 1 Holders of reo. Juno 20a
C Iu ctt.P eabodyA C o.,Ino.,pf.(qu.)N o.22
July 25 ♦Holders o f reo. Juno 30
Colorado Fuel A Iron, com. (quar.)............
July 15 Holders o f reo, Juno 29
Colorado Power, com mon (qu ar.)............
Colt's Patent Fire Arms M fg. (quar.)------ $2 50 July 1 Holders o f roo. Juno 15a
July 1 Holders o f reo. Juno 15a
Colum bia G ra p h o p .M fg ..p f.(q u .)(N o .l)
•2
Aug. 1 ♦Holders o f reo. July 15
Commonwealth-Edison (quar.) —
July 1 Holders o f reo. Juno 25
Commonwealth Lt. A P ow ., pref. (q u .).
1
July 10 Holdors o f roo. Juno 25a
Com putlng-Tabulatlng-Recording (qu.]
2
July 1 Holders o f reo. Juno 19a
Cons. Gas, El. L. A P ow ., Balt, (quar.)




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3K

12Kc.
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Name o f Company.
M isce lla n e o u s (C o n t in u e d ).
Consumers’ U .L .A P .,N ew O rl.,p f.(q u .).
Consumers’ Power, M ich., pref. ( q u .) ..
Continental Can, com mon (quar.)-----Preferred (qu ar.)____________________
Continental Cas A Elec. Corp., com. (qu.)
Preferred (quar.)--------------------------------Continental Refining, pref. (qu ar.)-----Creamery Package M fg ., com. A pf. (qu.).
Crucible Steel, pref. (quar.) (N o. 6 3 ) ..
Cuba Cane Sugar, preferred (quar.)-----Cuban-Ameriean Sugar, com mon (q u .).
Preferred (qu ar.)____________________
D ayton Power A Light, pref. (quar.) —
Detroit Edison (quar.)______ ____________
Distillers Securities (q u a r.)........... ..........
E x tra________________________________
Dodge Manufacturing, common (q u a r.)..
D odgo M anufacturing, pref. (quar.)___
Dominion Canners, Ltd., pref. (q u a r .)...
Dominion Glass, L td., com . (N o. 1 )____
Preferred (q u a r .)____________________
D om in. Steel Corp., com .(qu .) (N o. 17)
Dominion Textile, L td., com m on (q u .).
Dominion Textile, Ltd., pref. (qu.)_____
D ominion Textile, L td ., pref. (q u a r .)..
Draper Corporation (qu ar.)____________
Duluth Edison Elec. pf. (qu.) (N o . 4 9 ).
duPont (E . I .) deNem .A C o . ,deb .stk. (q u .)
du Pont (E .I.) do Nein. Powd., com .(qu )
Preferred (qu ar.)____________________
Eastern Steel, com m on (qu ar.)________
Eastman K odak, common (quar.)______
Preferred (qu ar.)____________________
Eastman K odak, com mon (extra)______
Edison Elec. Co., Lancaster, Pa. (qu ar.)..
Edison Elec. III., Boston (quar.)..... ..........
Edmunds A Jones C orp., pref. ( q u .) ..
Eisenlohr (Otto) A Bros., In c., pref. (qu.)
Eleo. Light A Power C o. of Ablngton
A Rockland, M ass. (N o. 50)________
Electric Storage Battery, com .A pf. (qu.)
Electrical Securities, com. (quar.)_______
Preferred (quar.)...................... ............ ..
Elyria Iron A Steel, preferred (quar.)____
Empire Steel A Iron, preferred..............
Pref. (on acct. o f accumulated d lv s .).
Everett, Heaney A Co., In c. (quar.)_____
Fairbanks Co., preferred (qu.)___________
Fairbanks, M orse A Co., com. (quar.) —
Firestone Tiro A Rubber, pref. (q u a r .)..
Galena-Signal Oil, com . (qu ar.)................
Preferred (qu ar.)....... .... .................. ..
Gen.Am.Tank Car Corp.,1st A 2d pf.(qu.)
General Baking, pref. (quar.) (N o. 2 6 )-Gcneral Chemical, preferred (qu ar.)____
General Electric (q u a r .)...........................
Extra (payablo In sto ck )........................
General Fireproofing, com . A pref. (qu.)
General Petroleum, common (qu.)_______
General Railway Signal,com .Apf. (qu.)
Globe Oil (monthly)--------------------------------Gold A Stock Telegraph ( q u .) ..................
G oodrich (B . F .) C o ., com m on (quar.).
Preferred (quar.) ___________________
Goodyear Tire A Rubber, pref. (qu.)_____
Gorham Manufacturing, pref. (qu.)_____
Granby Consol. M in ., Smelt. A Pow. (qu.)
Grassolll Chemical, com . (q u a r .). . . ___
Com m on (extra )............... ....... . ...........
Preferred (quar.).................. ..................
Great Lakes T ow ing, com m on (q u a r .)..
Preferred (quar.)____ _____ __________
Great Northern Iron Ore Properties____
Great Western Sugar, common (qu.)_____
Common (special)____________________
Preferred (qu.)______ ______ __________
Guantanamo Sugar (quar.)......................
Gulf States Steel, com m on (quar.)_____
First preferred (quar.)...................... ......
Second preferred (quar.)....... .......... ......
Harblson-Walkcr R efract., p f.(q u .). . . .
Harrisburg Light A Power, com. (qu ar.)..
Preferred (quar.)_____________________
Hart, Schaffncr A M arx, Inc., pf. (qu.)
Hartford City Gas Light, com. A pf. (qu.)
Haskell A Barker Car (qu ar.)....... ............
Helmc (George W .) C o ., com . (q u a r .)..
Preferred (qu ar.)......... ...........................
Hendee M fg ., pref. (qu.) (N o. 19)---------Hercules Powder, com mon (quar.)-----Com m on (e x tra )..............................—
Ilom estako Mining (monthly) (N o .526).
Houston Gas A Fuel, pref. (qu.)________
Houston Heights Water A Lt. A u n . (qu.).
H owo Scale, com mon (quar.)........... ........
Preferred (quar.)------ ------------------------nuntlngton D ovel. A Gas, pref. (quar.)
Hupp M ot. Car Corp., pf. (qu.) (N o. 11)
Illinois Pipe Line______________________
Imperial Oil, Ltd______________________
Imperial T ob acco, ordinary____________
Indiana Coke A Gas, common (qu.)_____
First Preferred (qu.)_____ ____________
Second preferred (qu.)_______________
Indiana Pipe Line (qu.)_______________
Ingersoll-Rand, preferred______________
Interlako Steamship (quar.)____________
E x tra ................ .............. - .......... - ............
Int.IIarvcstcr of N . J.,com .(qu .)(N o.34)
International Salt (quar.)..........................
International Silver, preferred (q u a r .)..
Isle Iloyale Copper C o. (quar.) (N o. 10)
Island Creek Coal, common (qu.)_______
Preferred (qu.)________________________
Jewel Tea, In c., prof, (quar.)____ __ . . .
Kaufman D ept. Stores, pref. (au ar.)___
Kayser (Julius) A Co., common (qu. ) —
First and second preferred (qu.)______
Kclly-Sprlngfield Tiro, pref. (quar.) —
Kelsey Co., In c., common (quar.)____ __
Preferred (quar.) ____________________
K cnnecott Copper Corporation (qu ar.).
Capital distribution_________ ________
Keystone Tire A Rubber, co m m o n ---------Preferred (quar.) ____________________
Preferred (extra) ____________________
Kirshbaum (A . B.) Co., pref. (quar.) . .
K olb Bakery, pref. (quar.) (N o. 2 6 ) . . . .
Kresge (S. S.) C o ., com m on....... ............
Preferred (qu ar.)____________________
Kress (S. II.) A C o ., c o m .(q u a r.)(N o .1)
Preferred (qu ar.)________ ___________
La Bello Iron W orks, com m on (q u a r .)..
Preferred (qu ar.)______ ______ _______
Lackawanna Steel, com m on (qu ar.)____
Common (extra)____________ _______
Lancaster Gas A Fuel............................ —
Laurentide Co., Ltd., com. (quar.)______
Lawyers’ Mortgage Co. (quar.)....................
Lehigh Valley Coal Sales (quar.)______
Lehigh A Wilkes-Barre C o a l___________

2625
When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

to
June 30
30 June 11
IK June
July 1 Holders of rec. June 18a
1 Holders of rec. Juno 20a
IK July
1 Holders of rec. June 20a
IK July
1 Holders of rec. June 18a
K July
July 1 Holders of rec. June 18a
IK
1 Holders of rec. June 19a
20 c. July
10 ♦Holders of rec. July 1
•IK July
Juno 29 Holders o f rec. June 15a
IK July
1 Holders o f rec. June 15a
IK
1 Holders of rec. June 15a
2K July
1 Holders o f reo. June 15a
IK July
1 Holders of rec. June 20a
IK July
July 15 ♦Holders o f rec. July 1
♦2
18 Holders of rec. July 2a
K July
July 18 Holders of rec. July 2a
IK July
o f rec. June 25a
IK July 11 Holders
23
to
June 30
IK July 1 June
Holders of rec. Juno 22
IK
July 1 Holders of rec. Juno 15
1
Holders of rec. June 15
IK July 11 Holders
o f reo. June 5
IK July
2
July 2 Holders of rec. June 15
15 Holders o f reo. June 29
IK July
July 15 Holders of rec. June 29
IK July
♦2
1 ♦Holders of rec. June 10
1 Holders of rec. June 20
IK July
25 Holders o f rec. July 10a
IK July
1 Holders of rec. July 20a
IK AAug.
IK ug. 1 Holders of rec. July 20a
2 K July 15 Holders o f reo. July 1
2 K July 1 Holders o f reo. M ay 31a
1 Holders o f rec. M ay 31a
IK July
Aug. 1 Holders of rec. June 29a
10

IK

2

♦3

IK
IK

July
Aug.
July
July

Holders of rec. June 21a
♦Holders of reo. July 15
June 21
to
June 30
Holders of rec. Juno 20

1 Holders of rec. June 15a
1 Holders o f rec. Juno 17a
1 Holders of rec. June 27a
1 Holders of rec. July 24a
1 Holders of rec. June 22a
3
1 Holders o f rec. June 20
1 Holders o f rec. June 20
10 ♦Holders of rec. Juno 28
*50c.
to
July 1
1 June 25
2
29 ♦Holders of rec. Juno 19
*3
la
15 Holders of reo. July
31 Holders of reo. M ay 31
3
31 Holders of rec. M ay 31
2
to
July 1
1 June 21
1 Holders of rec. June 15
1
1 Holders of rec. Juno 18a
15 Holders o f rec. June 8a
15 Holders o f rec. June 8a
1 June 21
to
June 30
1 Holders o f rec. Juno 15
2
1 Holders of rec. June?20a
10 Holders o f reo. June 20
1 Holders of reo. June 29a
15 Holders of reo. A u g. 2a
1 Holders of rec. June 21a
to
June 30
1 Juno 16
1 Holders o f rec. June 22a
1 Holders o f reo. July 19
29 Holders of rec. June 15a
29 Holders of rec. June 16a
29 Holders o f rec. June 15a
to
June 30
30 June 16
1 June 16
to
July 1
to ' Juno 27
27 June 11
2 Holders o f rcc. June 15a
2 Holders o f reo. June 15a
10
2 Holders o f reo. June 15a
31.25
1 Holders of rec. June 18a
1 Holders o f rec. Juno 15a
2
1 Holders of rec. June 15a
1 Holders o f rec. June 15a
20 Holders of rec. July 10a
27 Holders o f rec. June 19a
30 Holders o f rec. June 19a
29 Holders of reo. June 18a
to
June 30
50o.
29 Juno 16
1 Holders o f reo. June 15a
$1
1 Holders o f rec. June 14a
2
1 Holders o f reo. Juno 14a
1 Holders o f reo. June 20
June 24
25 June 16 to
2
25 June 16 to
June 24
2
25 Holders o f rec. June 20a
50c.
30 Holders o f rec. June 17a
27 Holders o f rec. June 17a
1
1
1 Holders o f rec. June 16
1 Holders o f rec. June 15
1 Holders o f rec. June 15
1 Holders of reo. June 20
to Juno 19
29 June 1
8
fJuno 26
to
July 1
u$5
June 27
July 1 June 21
to
June 30
to
JunasGO
July 1 June 21
July 1 Juno 21
to
June 30
A ug. 15 Holders o f reo. July 20
July 1 Holders of rec. June 15a
3
2
July 1 Holders of reo. June 15a
2
July 1 Holders of rec. June 15a
July 15 Holders of rec. June 25a
June 29 Holders o f reo. June 15a
July 7
July 1 June 16 to
50c. June 28 Holders ot rec. June 8
$2 50 July 1 Holders of reo. June 27
$1 50 July 1 Holders o f rec. June 27
July 1 Holders o f reo. June 20a
July 1 Holders of reo. June 20
July 2 Holders o f reo. June 21a
Aug. 1 Holders of reo. July 18a
July 1 Holders of rec. Juno 15a
to
June 30
July 1 June 27
to
June 30
July 1 June 27
50c. June 29 Holders of reo. June 7a
50o. June 29 Holders o f rec. June 7a
30c. July 1 Holders o f reo. June 21
1 Holders of reo. Juno 21
20 o. July
3 l-3o. July 1 Holders of reo. June 211
July 1 Holders o f reo. June 20a
July 1 Holders d f rec. June 15
July 1 Holders of rec. June 15a
July 1 Holders o f rec. June 15a
Aug. 1 Holders of reo. July 20a
1
July 1 Holders of rec. June 20a
3
June719
June 29 June 16 to
June 19
2
June 29 June 16 to
June 29 Holders of reo. Juno 14a
June 29 Holders o f rec. Ju n eil4a
1
July 1 Holders o f rec. June 21a
♦Holders o f reo. June 25
July
2
June 29 Holders of rec. June 20
$2
July 1 Holders o f reo. June’ 20
$3 25 Juno 28 Holders of reo. JuneT27a
4

1
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•2K

July
July
July
A ug.
July
July
July
July
July
June
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
July
Aug.
June
June
Juno
June
July
June
July
July
July
July
July
July
July
July
June
June
June
June
July
July
July
July
Juno
Juno
June
June
June
July
July
July
July
June

1
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1

THE CHRONICLE

2636
Name of Company.
M iscella n eou s (C o n tin u e d ).
Library Bureau, com m on (q u a r .)..
Preferred (quar.)________________
Liggett A M yers T ob acco, prof. (q u a r.).
Lone Star Gas (quar.)..................................
Loose Wiles Biscuit, 1st pref. (q u a r .)..
Lortllard (P.) C o ., com m on (quar.)-----Preferred (quar.)...........................
MacAndrew A Forbes, com. (quar.)
Preferred (quar.)------------------ —
M ackay Companies, com . (qu.) (N o. 52)
Preferred (quar.) .(N o. 5 8 )----------------M agm a Copper (qu ar.).................... ..........
M ayor Car Corp., com. (quar.)................ ..
Common (extra)____— . — . . . . -------Preferred A (quar.)-----------------------------Preferred (quar.)-------------------------- -—
M anatl Sugar, preferred (qu ar.)-------M anhattan Electrical Supply,com .(qu.)
First and second preferred (q u a r .)..
M anhattan Shirt, pref. (qu ar.)................
M anning, Maxwell A M oore, Inc. (qu.)
E x tr a ________________________________
M arconi Wireless Tol. of A m er.(N o. 2 ) .
M athieson Alkali W orks, com . (q u a r .)..
Preferred (qu ar.)------------------------------M axwell M otor. Inc., 1st pref. (q u a r .)..
M ay Department Stores, pref. (q u a r .)..
McCrory Stores Corp., pref. ( q u a r .) -----M erchants Dispatch Transp. (q u a r .)..
Mergeuthaler Linotype (quar.) (N o. 90)
M exican Petroleum, com m on (q u a r .)..
Preferred (qu ar.)................................. M ichigan Light, preferred (quar.)..........
Michigan Limestone A Chem., pref. (qu.)
M ichigan State T elep., pref. (q u a r .)..
M ontana Power, com . (quar.) (N o. 2 3 ).
Preferred (quar.) (N o. 2 3 ) ----------------M ontgom ery W ard A C o ., pref. (qu ar.).
Montreal Light, Heat A Power (q u a r.)..
Montreal Telegraph (quar.).............
M orris Plan C o ................................
M ortgage-B ond C o. (q u a r.).........
Mountain States Telep. A Teleg. (qu a r.)..
Narragansett Elec. Lighting (quar.)-----N at. Aniline A Chem., In c., pref. (qu.).
Pref. (on account o f accumulated dies.).
National Biscuit, com . (quar.K N o *())National Biscuit, com. (quar.) (N o. 81)-v
Preferred (quar.) (N o. 8 2 )--------National Casket (quar.)---------------National CloakASult, com (qu.) (N o . 6)
N at. Enameling A Stamping, pref.(qu.)
National Fuel Cos (quar.).........................National Glue, com . A pref. (quar.)-----National Grocer, com m on (quar.).
Preferred.........................- ............
National Lead, com m on (q u a r.)..
Com m on (Red Cross div. N o. 2 ) . —
National Licorice, pref. (quar.)................
N at. Light, Heat A Power, pref. (quar.).
N ational Paper A T y p e, com . (q u a r .)..
Preferred (quar.)---------------------National Refining, pref. (q u a r.)..
National Sugar Refining (quar.).
National Surety (quar.) . . . .
National Tool, common (quar.)----Preferred (quar.)----------------------N evada Consolidated Copper (q u a r .)..
New England Company, 2d pref..............
New England Power, preferred (q u a r .)...
N ew England Telep. A Teleg. ( q u a r .)...
New York AJr Brake (quar.) (N o. 6 2 )-N . Y . Mutual Oas Light.............................
N ew Y ork T ltlo A M ortgage (quar.)-----N ew York Transit (qu ar.)----------Niagara Falls Power (q u a r.)------Nlles-Bem ent-Pond, com . (qu.) (N o. 64)
Nlplssing M ines (quar.)---------------N orth American C o. (qu ar.)---------Northern Pipe Line (q u a r .)---------Northwestern Electric, pref. (quar ) .
Nova Scotia Steel A Coal, Ltd., com
Preferred (quar. ) . . . . . — ---------Ogllvie Flour M ills, Ltd., com. (qu ar.)..
Ohio Brass, preferred (qu ar.)-----Ohio Cities Oas, pref. (q u a r .)...
Ohio Fuel Supply (quar.)-------------Extra (payable In Liberty Loan bonds).
Ohio Oil (quar.)....... ......................
Extra .............................................
Ohio State Telephone, pref. (quar.)-----Oklahoma Natural Oas (quar.)....................
Oklahoma Prod. A Refining (quar.)-----Old Dominion C o. (q u a r.)...................... ..
Ontario Sliver M ining (qu.) (N o . 2 2 8 )..
Osceola Consolidated Mining (quar.) —
Otis Elevator, com m on (quar.).
Preferred (q u a r.)..........................
O ttawa Car Manufacturing (quar.)-----Ottawa Light. Heat A P ow ., Ltd (quar.)
Owens Bottle-M achine, com mon (quar.)
84C om .(extra, pay. in 4 4 % L.L.bonds)
Preferred (qu ar.)____________________
Penmans Limited, com. (quar.)--------------fs Preferred (quar.)_____________________
Panama Power A Light, pf. (qu.) (N o. 5)
Pan-Amer. Petrol A Trans..com . (q u .).
Preferred (quar. ) .....................................
Pen na.-K y. OH A Gasoline R ef. (quar.)
Pennsylvania Rubber, com m on (q u a r.).
Preferred (quar.)................................. ..
Penna. Water A Power (qu.) (N o. 1 8 )..
Pettlbone.Mulllken A C o.,lsrA 2 dpf.(qu )
Phelps, D odge Corporation (quar.)-----E xtra________________________________
Philadelphia Electric (qu ar.)----------------Plorco-Arrow M otor Car, pref. (q u a r .)..
Pittsburgh Plate Class, com. (qu.)..............
Pittsburgh Rolls Corp., c o m .(q u .)(N o .l)
Preferred (qu ar.).....................................
Pittsburgh Steel, common (quar.)................
Pond Creek Coal (quar.)_________________
Prairie Oil A Gas (quar.)______________
E x t r a . . ---------------------------------------------Prairie Pipe Line (quar.)-----------------------Procter A Gamble, com. (quar.)..................
Common (extra, payable In com. stock).
Preferred (quar.)_____________________
Providence Gas (q u a r .)...............................
Providence Telephone (quar.)____________
Provincial Paper Mills. L td., com . (qu.)
Preferred ( q u a r .) ..----------- ---------------Public Utilities Corp.. pref. (quar.)______
Quaker Oats, com mon (qu ar.)................
Com m on (extra)____________________
Preferred (quar.)____________________
Quincy M ining (qu ar.)________________
Railway Steel-Spring, com m on (q u a r.).
R ay Consolidated Copper (qu ar.)_____
Realty Associates (N o. 3 1 )_____________
Regal Shoe, pref. (quar.) (N o. 9 4 ).........




When
Per
Cent. Pay M e .

Books Closed.
Days Inclusive.

[Vol. 106,
When
Per
Cent. Payable.

Name o f Company.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
July 1 June 21
to
June 30
July 1 June 21
to
Juno 30
I X July 1 Holders o f rec. June 24a
2
Juno 3C Holders of rec. June 22a
1 4 July 1 Holders o f rec. Juno 17a
July 1 Holders o f rec. June 15a
3
1 4 July 1 Holders o f rcc. June 15a
2 4 July 15 Holders of rec. June 30a
1 4 July 15 Holders o f rec. June 30a
1 4 July 1 Holders o f rec. June 8 a
July 1 Holders o f rec. June 8 a
1
50c. June 29 Holders o f reo. June 7
June 29 Holders o f rec. June 22
1
2
June 29 Holders of rec. June 22
2
June 29 Holders of rec. June 22
1 4 June 29 Holders o f reo. June 22
1 4 July 1 Holders o f rec. June 15
1
July 1 Holders o f reo. June 20 a
1 4 July 1 Holders o f rec. June 20 a
1 4 July 1 Holders o f rec. June 21a
1 4 June 29 Holders of rec. June 29
1 4 June 29 Holders of rcc. June 29
25c. Aug. 1 July 16 to
Aug
1
75c July 1 Holders of rco. June 20a
1 4 July 1 Holders of reo. June 20a
* 1 4 July 1 Holders of rec. June 14a
1 4 July 1 Holders of rec. June 17a
to
June 30
1 4 July 1 June 21
2 4 June 29 Holders of rec. June 24a
2 4 June 29 Holders o f rec. June 5a
r2
July 10 Holders of rec. June 15a
2
July 1 Holders o f roc. June 15a
1 4 July 1 Holders of reo. June 15a
July 14
43 4 c . July 15 July 2 to
1 4 June 29 Holders of rec. June 25a
1 4 July 1 Holders of rec. June 15a
1 4 July 1 Holders o f reo. June 15a
1 4 July 1 Holders of rec. June 20a
Aug. 15 Holders o f rec. July 31
2
*2
July 15 •Holders of rec. June 29
*3
Aug. 1 •Holders of rec. July 1
1 4 June 29 Holders of rec. June 20
1 4 July 15 Holders of rec. June 29a
$1
July 1 Holders of rec. Juno 15a
1 4 July 1 Holders of reo. June 25
/ 1 4 July 1 Holders o f reo. Juno 25
1 4 July 15 Holders of reo. June 29a
1 4 O ct. 15 Holders o f reo. Sept. 30
1 4 Aug. 31 Holders of rec. Aug. 17a
to
July 4
1 4 June 30 June 21
1 4 July 15 Holders o f rec. July 8a
1 4 Juno 29 Holders of rec. June 10a
2 4 July 15 Holders o f rcc. June 29a
2
July 1 Holders of rcc. June 15a
2
June 30 June 20
to
June 30a
3
Juno 30 June 20
to
June 30
1 4 Juno 29 Holders o f reo. June 14a
11
July 25 Holders of rec. July 5
1 4 June 29 Holders of rcc. June 24
to
June 30
1 4 July 1 June 26
2
July 15 Holders of rec. Juned29a
1 4 July 15 Holders of reo. Juned29a
2
July 1 Holders of rec. June 15a
1 4 July 2 Holders of rec. June 10
3
July 1 Holders o f reo. June 20a
3
July 1 Holders of rec. Juno 20a
1 4 July 1 Holders o f rec. June 20a
75c. June 29 Holders of rco. June 14a
2
July 15 Holders o f rec. July la
1 4 July 15 Holders o f rec. July la
1 4 Juno 29 Holders of rec. June 19
5
June 21 Holders of rec. June 3*
5
July 10 Holders of rec. Juno 28a
1 4 July 1 Holders of rcc. June 21
4
July 15 Holders o f rec. June 22
2
July 1 Holders of reo. June 15a
3
June 20 Holders of reo. Juno 3a
*25c. July 20 •Holders of rec. June 29
• 1 4 July 1 •Holders of reo. June 15a
July 1 Holders of rcc. June 11
5
♦ 1 4 July 1 •Holders of roc. June 24
1 4 July 15 nolders of rec. June 29a
2
July 15 Holders o f rec. June 29
3
July 2 Holders of rcc. June 21a
1 4 July 15 Holders of rec. June 30a
1 4 July 1 Holders of rec. June 15
62 4 c July 15 Holders o f reo. June 29
e50c. July 15 Holders of rec. June 29
51.25 Juno 20 M ay 23
to
June 16
54.75 Juno 20 M ay 23
to
June 16
1 Holders of rec. June 20a
1 4 July
50c. July 20 July 10
to
July 21
1 2 4 c June 28 Holders o f reo. June 15
June 28 Holders o f rec. June 15a
SI
50c. July 6 June 21
to
June 24
$2
Juno 28 Holders of roc. June 8
1 4 July 15 Holders o f rec. June 29
1 4 July 15 Holders o f roc. June 29
1
July 2 Holders of rcc. June 15
1 4 July 1 Holders o f rec. June 20a
750. July
1 Holders o f roc. June 22a
<50o. July 1 Holders o f rco. June 22a
1 Holdors o f reo. June 22a
1 4 July
* 1 4 Aug. 15 •Holders of reo. Aug. 12
• 1 4 Aug. 1 •Holders of roc July 20
1 4 July 1 Holders o f reo. June 22
r$l .25 July 10 Holders of rec. June 15a
1 Holders of reo. June 15a
1 4 July
4
July 2 Holders of rco. June 28
1 4 June 29 Holders of reo. June 15
1 4 June 29 Holders o f rec. Juno 15
1 4 July 1 Holders o f rcc. Juno 19
I Holders o f rec. Juno 20a
1 4 July
2 4 June 28 Holders o f rcc. Juno 18a
3 4 June 28 Holders of rec. June 18a
4 3 4 c Juno lo Holders of rec. M ay 22a
2
July 1 Holders of roc. June 14a
to
July 1
1 June 16
1 4 July
1
July
1 Holders of rec. June 20a
1 4 July 1 Holders of rec. June 20 a
2
July
1 Holders o f rcc. June 27a
50o. July 1 Holders of reo. June 27
3
July 31 Holders of rcc. June 29a
2
July 31 Holders of rec. June 29a
July 31 Holders of reo. June 29a
6
5
Aug. 15 July 21
to
Aug. 15
Aug. 15 July 21
to
Aug. 15
f\
2
July 16 Holders of roc. June 25a
July
1 Holders of rec. June 20a
$1
Juno 29 Holders of reo. June 19a
$1
July 2 Holders of rec. June 15
1
1 4 July 2 Holders of rec. Juno 15
8 7 4 c . July 1 Holders of reo. June 16a
July 15 Holders of rec. July
la
3
July 15 Holders o f rcc. July
la
1
1 4 Aug. 31 Holders o f rec. Aug. la
June 29 Holders o f reo. June 10a
$2
1 4 June 29 Holders o f reo. June 15a
75o. June 29 Holders o f rec. Juno 14a
July 15 Holders of roc. July 5
3
to
June*30
1 4 July 1 June 21
1
2

I
Com m on Class B (quar.)_______
Preferred (qu ar.)_______________
Riordon Pulp A Paper, pref. (quar.).

14
14
1 g3
. g3
■ 14
.
14

Preferred (qu ar.)______________
Safety Car Heat A Light (quar.).
St. Joseph Stock Yards (quar.).........

14
*14
.
14

2

1

St. L. R ock y M t.A P a c. C o ., pref. (q u .).
Savoy Oil (qu ar.)....... .................
Sears, Roebuck A C o ., preferred (quar.)
Securities Com pany______________
Shattuck Arizona Copper C o ____
E x tr a .............................................
Shawlnlgan W ater A Power (qu ar.)____
Sherwin-Williams Co.ofC anada,pf.(qu.)
Simpson Creek Coal, pref. (quar.)

14
15c.
14
24
25c.
25c.

IX

14
14
0

Preferred (quar.)___
South Penn Oil (quar.).
Preferred (quar.)
Southwestern Cities Elec. Co., pref. (qu.)
Standard Coupler, preferred..... ............ . .
Standard M otor Construction.

14
5
05
2

3
14
4
14

$2
1

Aug.
July
July
July
July
June
June
June
July
July
July
Juno
June
July
July
July
July
July
June
July
June
July
June
July
July
July
July
June
Juno
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
June
June
June

Preferred Class A and B (qu ar.)____
14
Standard OH (K entucky! (quar.)
. 3
Standard Oil (Ohio) (quar.)____
3
E x t r a .............................................
1
Standard Parts, preferred (quar.)
14
Standard Screw, c o m m o n _______
0
3
Preferred A ....................................
75o
Stromberg Carburetor o f Am cr.,Inc.(qu.)
Stutz M otor Car o f Am erica,Inc.(quar.) $1.25
Subway R ealty (quar.)_________________
14
2
Swift A C o . (quar.) (N o. 129)..................
Special (payablo In stock) (N o. 130). «25
Texas Com pany ( q u a r .) ........................
24
Texas Pacific Coal A OH (quar.)..............
14
2
Tide W ater Oil (quar.)________________
2
E xtra__________________________ _____
T ob acco Products, pref. (qu ar.)..............
Tonopah-Belm ont D evel. ( q u a r . ) . .. ___
July
Toronto Paper M fg ., Ltd.............................
3
Bonus.......................... ................................
2
July
Torrlngton C o. of M aine, com . (qu ar.).
75c. July
25c. July
Com m on (extra).........................
Preferred______________________
8 7 4 o . July
Torrlngton C o. of Connecticut, pref____ 8 7 4 c . June
Transue A Williams Steel Forg. (qu.)___ $1 25 July
Trumbull Steel, common (quar.)________
* 1 4 July
Common (extra)______________________
*2 4 July
Preferred (quar.)_____________________
* 1 4 July
Tuckett T ob acco, preferred (qu ar.)____
14 July
Underwood Typewriter, com mon (q u .).
I X July
Preferred (qu ar.)........... .......... ............
l 4 July
Underwood Typewriter, com mon (quar.)
1 4 O ct.
Preferred (quar.)......... ........................... * 1 4 O ct.
Union Carbide (quar.).................. ..........
2
July
July
Union Carbide A Carbon (qu ar.)_______ SI
United D rug, com m on (quar.) (N o. 0 ).
l'A July
I X July
Unlted D yew oodC orp. .com .(q u .(N o .7)
Preferred (quar.) (N o. 7 ) ___________
1 4 July
July
United Fruit (quar.) (N o. 76)................
July
United Gas Im provement (quar.)______
United Paperboard, prof, (quar.)...........
I X July
50c. July
United Shoe M achinery, com . (q u a r .)..
July
Com m on (extra)........................................ SI
.
Preferred (q u a r .).................................... 3 7 4 c July
United Utilities, preferred (qu.)________
1 4 July
50c Aug.
United Verde Extension M ining (qu.)___
25c. Aug.
E x tr a ____________________ __________ _
U . S. Bobbin A Shuttle, com . (q u a r .)..
I X June
Preferred (quar.).....................................
l ’A June
U . S. Gauge, com m on.................................
5
July
Preferred_____ _______________________
3 X July
U. S. Gypsum, preferred (qu ar.)...........
I K June
U. S. Industrial Alcohol, pref. (q u a r .)...
I X July
U. S. Steamship (bi-m onthly)__________
10c. July
E x tr a ...........................................................
5c. July
U . 8 . Steel Corp., com mon (quar.)_____
June
Com m on (extra).................... . . * ..........
Juno
Utah Copper ( q u a r .)............................... S2.50 Juno
Utilities Securities C orp., pref. (q u a r .)..
I X June
5
July
Victor Talking Machine, com . ( q u . ) . . .
Preferred ( q u a r .).._____ ____________
I X July
Warren Bros., 1st pref. (qu.)___________
I X July
Second Preferred ( q u .) ..........................
I X July
June
Washburn Wire, common (qu.)________
*6
Preferred (qu.)........................ ................... * 1 4 June
Welsbach Co., common________ _________
2
Juno
P referred___________________ _____ ___
3 X Juno
Western Electric, com mon (quar.)____ $2.50 Juno
Preferred (quar.)____________________
I X June
Western G rocer, com m on______________
4
Juno
Preferred................................... ................
3
June
Western Unlon Toleg. (quar.) (N o. 197)
I X July
Westing house Elec. A M fg ., com. (q u .).. 8 7 4 c . July
Preferred (qu.)______ _____ ____ ______ 8 7 4 c . July
W est Kootenay Power A Lt., com. (quar.). *2
July
Preferred (quar.)_____________________
*IX July
Westmoreland Coal (qu ir.)........................ $1 25 July
O ct.
W eyman-Bruton C o ., com m on............... '20
W eym an-Bruton C o ., pref. (qu ar.)____
I X July
July
2
Wheeling Steel A Iron (qu ar.)________
June
$1
W hite M otor (quar.)...................................
W lllys-Overland. preferred (qu ar.)____
I X July
Wilson A C o ., preferred (qu ar.)..............
I X July
W oods M fg ., pref. (quar.)........................
I X July
W oolworth (F. W .) C o ., pref. (q u a r .)..
I X July
W orthington Pump A M ach ., pf.A (q u .)
I X July
Preferred B (qu ar.)__________________
I X July
2 4 July
Yale A Tow ne M fg . (quar.) (N o. 96) —
Young (J. S.) Co., common (qu.)_______
2 4 July
Preferred (qu.)............................................
I X July
2
July
Youngstown Sheet A Tube, common (qu.).
3
July
Common......... ....................... ...... ............ ..
Preferred (qu.)............................................
I X July
June
Yukon-AIaska Trust (qu ar.)___________ $1
Yukon G old C o . (qu ar.)............................. 2 4 o . June

I*

1 Holders o f rec. July 20a
1 Holders o f rec. June 18a
1 Holders of rec. June 21a
1 Holders of rco. June 21a
1 Holders of rec. June 21a
29 Holders of rec. June 25
29 Holders of reo. June 15a
29 Holders o f rec. June 16a
1 •Holders o f rec. June 15
1 Juno 22 to
July 1
July 9
10 June 30 to
29 June 21 to
Juno 28
25 Holders o f rec. June 15
1 Holders o f reo. June 15a
15 Holders o f rec. June 29a
20 Holders of reo. June 29a
20 Holdors of reo. June 29a
10 Holders of rec. June 27a
29 Holders of rec. June 15
1 Juno 21 to
Juno 30
29 Holders of rec. Juno 19a
1 Holders of reo. June 24a
June 30
29 Juno 14 to
1 Holders o f reo. Juno 22
1 Holders of roc. June 22
1 Holders ol rec. June 15
1 Holders of rec. Juno 15a
29 Holders of rec. Juno 22a
15 Holders o f rec. M ay 31
15 Holders o f rec. Juno 3
1 •Holders o f rec. June 15a
1 ■Holders o f rec. Juno 15a
1 June 16 to
July 1
1 June 1 to
June 19
1 June 1 to
June 19
1 June 21 to
June 30
1 Holders o f rec. June 10a
1 Holders of rec. Juno 10a
1 Holders o f rec. June 15
1 Holders o f rec. June 24a
1 Holders o f rec. June 20a
1 M ay 19 to
June 30
15 M ay 19 to
June 30
29 Holders o f rec. Juno 14a
29 Holders o f reo. Juno 14a
29 Holders of rec. Juno 15a
29 Holders o f rec. Juno 15a
Holders of rec. Juno 17a
June 16 to
June 21
Juno 23 to
Juno 30
Juno 23 to
June 30
Holders o f reo. June 21a
1 H n l1era of rec. Juno 21a
Holders of reo. June 21a
24 Holders of reo. Juno 10a
15 Holders of reo. July 1
♦Holders of reo. June 20
1 •Holders of reo. Juno 20
•Holders of rec. June 20
15 Holders of r£c. Juno 30
1 Holdors o f reo. June 15a
1 Holders of rec. June 16a
1 •Holders of reo. Sept. 10
1 •Holders of rco. Sept. 16
to
1 June 21
Juno 30
2 Holders o f reo. Juno 8 a
1 Holders o f rec. Juno 15a
1 Holders of rco. J u n oil4a
1 Holders o f reo. Juno 14a
15 Holders of rec. Juno 20a
15 Holders of rec. Juno 29a
Holders o f reo. July
la
1
5 Holders o f rec. June 18
Holders o f reo. June 18
Holders of rec. Juno 18
1 Holders of reo. June 21a
1 Holders of rec. July 3a
1 Holders of rcc. July 3a
to
29 June 13
Juno 30
to
29 Juno 13
June 30
1 Holders o f rec. Juno 20
1 Holders of rec. Juno 20
to
30 June 21
June 30
15 Holders o f reo. July la
1 Holders of rec. Juno 14
1 Holders o f rcc. Juno 14
Juno 3
29 June 1 to
Juno 3
29 Juno 1 to
29 Holders o f rec. Juno 14a
27 Holders o f rcc. Juno 17
July 5
15 July 1 to
to
July 6
15 July 1
1 Holders of rec. Juno 22
1 Holders of rec. June 22
29 •Holders of rec. June 20
29 •Holders o f rec. Juno 20
29 Holders of reo. Juno 22
29 Holders of rcc. June 22
29 Holders of rec. Juno 22a
29 Holders o f rec. Juno 22ato
June 30
30 June 20
June 30
to
30 June 20
15 Holders of rec. Juno 20a
31 Holdors of roc. Juno 29
15 Holders of rec. Juno 29
2 ■Holders of rec. Juno 26
2 •Holdors of reo. June 26
to
July 1
1 June 19
1 Holders of reo. Sept 16a
1 Holders o f reo. Juno 17a
1 Juno 16
to
July 1
29 Holders of rco. June 15a
1 Holders of rcc. Juno 20a
1 Holders of rec. June 24a
1 Holders of reo. Juno 22
1 Holders of rec. Juno 10a
1 Holdors of rec. June 20a
1 Holdors of rec. Juno 20a
1 Holders o f reo. Juno 21
1 Holders of rec. Juno 21a
1 Holders of rec. Juno 21a
1 Holders of rec. Juno 20a
1 Holders of rec. Juno 20a
1 Holders of rec. Juno 20a
Juno 9
29 Juno 8 to
Juno 12
29 June 8 to

• From unofficial sources, a Transfer books not closed for this dividend, b Less
British Income tax. d Correction, e Payable In stock. / Payablo In com mon
stock, g Payable In scrip, h On account of accumulated dividends, i Payable In
Liberty Loan bonds. * Payablo In first preferred 6 % dividend certificates due
July 1 1920. I Red Cross dividend, m Doclared four extra dlvldonds payable
4 % as above, X % Oct. 2 to holders of record Sept. 3 , 4 % Jan. 2 1919 to holders
of record D ec. 2 1918, and 4 % pay. Apr. 2 1919 to holders of record M ar. 1 1919.
p Declared also regular quar. dlv. N o. 108 on com . and N o. 107 on prof., 1 4 %
each, payable O ct. 2 to holders of reo. Sept. 3. r Payablo one-half In cash and onehalf In 2d Liberty Loan bonds, s Transfers received In order In London or on bofore
June 10 will bo In time to be passed for payment of dividend to transferees, t Pay­
able also to holders of coupon N o. 8 . « Payable In Dominion of Canada bonds as
far as they will apply; odd amounts over will bo paid In cash, t Payable In U . 8 .
Liberty Loan bonds at par, amounts less than $50 to be paid In cash.

2627

THE CHRONICLE

J une 22 1918.]

Member Banks of the Federal Reserve System.— Following is tho weekly statement issued by the Federal Reserve
Board giving tho principal items of the resources and liabilities of the Member Banks and dated June 15. Because of the large
number of banks for whioh returns are furnished the statement is not issued until a week later than that for the Federal
Reserve banks of the same date. Definitions of the different items contained in the statement were given in the weekly state­
ment issued under date of Deo. 14 1917 and which was published in the “ Chronicle” of Deo. 29 1917, page 2523.
TATEMENT SHOWINO PRINCIPAL RESOURCE AND LIA BILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE
RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS JUNE 7 1918.
Substantial withdrawals of Government deposits from banks In both centre and other reserve cities accompanied by somewhat smaller gains In
neb demand deposits are Indicated in the Board’s weekly statement of condition on June 7 of 688 member banks and trust companies in about 100
leading^1 1
wcelj un(jer review reporting banks decreased their holdings of Treasury certificates of indebtedness by about 30 millions, the Greater
Now York banks alone reporting a decrease under this head of over 28 millions. U. 8. bonds, other than circulation bonds, show a decline of 14.6
millions, though tho Now York banks report a gain in their U. 8. bond holdings of 5.1 millions. Loans secured by U. 8. war obligations went up by
9.6 millions, while other loans and investments show a gain of 41.5 millions. Of tho total loans and investments shown the share of U. 8. war obliga­
tions and loans secured by such obligations was 17.1% as against 17.4% tho week before.
Not demands deposits of all reporting banks increased 55.4 millions, while time deposits declined about 5 millions. For the central reserve
city banks an increase of about 30.5 millions in net demand deposits and a decrease of 5.9 millions in time deposits is noted. Net withdrawals of
Government deposits aggregated 144.2 millions, 66.4 millions representing net withdrawals from central reservo city banks, and 76.6 millions net
withdrawals from banks In other reserve cities. Aggregate reserves show a gain of about 23 millions, this gain being confined to banks in central reserve
cities. Cash in vault increased by about 5.9 millions.
As a result of the decrease in Government deposits the ratio of investments to total deposits of all reporting banks shows an Increase from 110 to
111%, whilo for tho central reservo city banks this ratio increased from 106.9 to 107.4%. Similarly the ratio of combined reserves and cash to total
deposits of all reporting banks went up from 13.1 to 13.5%, and from 14.4 to 14.9% for the banks in central reserve cities. Total excess reserves show
a gain from 50.4 to 66.8 millions. For tho Now York city banks a moro than corresponding gain from 26.1 to 45 millions is noted.
1. D ata fo r all r e p o r tin g b a n k s In e a c h d is t r ic t .
Member Banks.
Number of reporting banks—

New York

Boston.
42

Phlladel. Cleveland. Rlchm’d.

99

49

83

Atlanta.

67

T w o ciphers (00) om itted.

Chicago.

St. Louts. M inneap. K an. City

92

35

32

29

Dallas.

72

$
$
S
s
S
$
S
S
$
$
51,367,0 12,975,0 43,462,0 23,220,0 13,685,0
5,344,0 14,012,0
U. S. bonds to secure clrculat’ n 14,621,0
18,930,0 17,392,0
Other U S. bonds. Including
73,682,0 24,720,0 10,023,0 18,680,0
Liberty b o n d s -------------------- 14,736.0 278,419,0 24,527,0 61,709,0 27,383,0 22,169,0
U . 8 . corttfs. of Indebtedness.. 31,186,0 733,399,0 38,607,0 31,055,0 13,136,0 17,290,0
55,184,0 20,864,0
9,046.0 16,279,0
Total U. S. securities............ 60,543,0 1,063,185,0 76,109,0 136,226,0 63,739,0 53,144,0
147,796,0 62,976,0 24,413,0 48,971,0
6,304,0
Loans soo. by U. S. bonds, A c . 62,816,0 278,913,0 38,238,0 64,442,0 16,976,0
33,814,0 18,102,0
4,625,0
4,509,0
All other loans A Investments. 771,650,0 4,038,385,0 628,529,0 953,472,0 335,280.0 246,631,0 1,341,210,0 366.126,0 224.894,0 461,288,0
135,364,0 32,895,0 15,769,0 42,813,0
Reserve with Fed. Res. Bank. 63.158,0 609,698,0 59,773,0 76,642,0 25,856,0 20,802,0
62,134,0 14,045,0
Casb In vault-------------------------- 26,533,0 123,000,0 20,986,0 34,773,0 15,491,0 12,785,0
9.166,0 16,510,0
Net demand deposits------------- 666,094,0 4,399,524,0 578,464,0 707,756,0 256.341,0 177,006,0 1,006,030,0 256.041,0 158,525,0 358,728,0
93,873,0 257,522,0 13,799,0 231,937,0 41,841,0 77,829,0 344,239,0 73.183,0 36,235,0 60,482,0
Tim e d e p o s its .......................... 75,028,0 334,336,0 59,054,0 58,664,0 17,437,0 18,390,0
92,753,0 40,819,0 18,287,0 14,105,0
Government deposits--------. . .

San Fran.

41
$
17,579,0
16,059,0
16,034,0
49,672,0
6,138,0
167,738,0
15.837,0
1,369,00
135,002,0
22,158,0
14,163,0

Total.

47
$
35,355,0

688

$
267,942,0

23,363,0
595.470,0
29,879,0 1,011,959,0
88.597,0 1,875,371,0
7.651,0
522 528,0
510,433.0 10,045,636,0
47,038,0 1,145,645,0
19,535,0
365,327,0
381,345,0 9,080.856,0
107.758,0 1,360,856,0
22,108,0
765,144,0

2. D ata fo r b a n k s In e a c h C e n tr a l R eserve c it y , b a n k s In a ll o t h e r R eserve c it ie s a n d o t h e r r e p o r tin g b a n k s.
Chicago. St. Louis. Total Central Res. Cities.

New York.
Two ciphers omitted.
June 7.
Number of reporting b a n k s ...

M ay 31.
67

66

June 7.

June 7.

92

June 7.

32

120

Other Reserve Cities.

M ay 31.

June 7.

120

M ay 31.

418

422

Country Banks.
June 7.

Total.

M ay 31

150

M ay 31.

147

689
$
$
S
$
$
$
$
J
$
$
$
48,971,0
37,023,0 18,930,0 17,392,0
48,858,0
171,177,0
172,547,0 47,794,0 45,209,0 267,942,0
37,023,0
U . 8 . bonds to secure ciroulat’ n
266.524.0
Other U . S. bonds, Including
877.0 49, ,633,0 695,470.0
248,984,0 243,866,0 73,082,0 24,720,0 308,745,0 307,827,0 235,848,0 252,588,0
Liberty bonds_____________
610.048.0
722,006,0 750,071.0 55,184,0 20,804,0 775,086,0 801,569,0 209,393,0 213,436,0
480.0 26 873.0 1 011,959.0 1.041.878.0
U . 8 . certlfa. of Indebtedness..
151.0 121, 715.0 1.875.371,0: 1.918.45 '.o
Total U . 8. securities---------- 1,00-1,013,0 1,030,900,0 147,790,0 02,970,0 1,132,802,0 1,158,254,0 616,418.0 638,481.0
251,895,0 259,889,0 33,814,0 18,102,0 285,151,0
194,418,0
788.0 29, 189.0 522,528,0
289,355,0 206,589,0
Loans soo. by U. S. bonds, &o_
512.962.0
018.0 761, 202.0 10045636,0 10.004.162.O
All other loans A Investments. 3,703,725.0 3.676,078,0 13 412100 366,120,0 4,782,055.0 4,750,493,0 4,471,563,0 4,486,467,0
583,759,
561,886,0 135,304,0 32,895,0 704,501,0 681,442,0 391,162,0 391,917,0
982,o| 49, 305.0 1,145,645.0 1.122.664.0
Reserve with Fed. Res. Bank02,134,0
14,054,0
154,945,0
109,258,0
106,766,0
152,034.0
173,686,0
173,113,0
696,0!
34,
306.0 365,327,0
Cash In vault_________________
359.453.0
272.0 611, 950.0 9.0S0.856.0 9.025.495.0
Net demand deposits----------- - 4,094,914,0 4,070,986,0 10000300 256,041,0 4,959,786,0 4,929,211,0 3,493,798,0 3,484,334,0
213,198,0 218,407,0 344,239,0 73,183,0 397,037,0 402,971,0 793,258,0 796,127,0
561,0,166, ,724.0,1,360.856,0 1.365.822.0
Tim e deposits-------------------------305,338,0
362,136,0
92,753,0
40,819,0
413,567,0
469,905,0 309,993,0 384,625,0
584.01 64, ,722,01 756,144,0
Government deposits.. . . . . . .
9.9 .3 1 2 .0
♦Amended figures

The Federal Reserve Banks,— Following ia the weekly statement issued by the Federal Reserve Board on June 15:
Largo gains in member banks'deposits, accompanied by substantial withdrawals of Government deposits and considerable increases in gold reserves
are indicated in tho Federal Iioservo Board's weekly bank statement issued as at close of business on June 14 1918.
INVESTMENTS.— Discounted bills on hand show an increase for tho week of 31.5 millions, all the banks except Kansas City reporting moderate
gains in thoir holds of discounted paper. Of tho total on hand, 04.3% as against 63.7% the week before is represented by war loan paper, I. e.
mombor banks’ and customers' paper secured by Government long and short term war obligations. Acceptances on hand declined about 5.6 millions'
Now York. Philadelphia and Chicago reporting the largest decreases for tho week in tho holdings of purchased bills. U. 8. bonds on hand show a de^
crease of 23.8 millions, tho New York batik having disposed of certain temporary holdings of Liberty bonds included in the June 7 statement Total
investments show an Increase for the week of 2.6 millions.
D E P O S I T S .— A not dccroaso or 24.3 millions in Government deposits is indicated, besides considerable shifting of funds between banks. Member
banks’ doposits, apparently as tho result of heavy tax payments, increased by 105.9 millions. Other deposits, largely because of the opening of a deposit
account by tho War Finance Corporation with tho Now York bank, show a gain of 13.7 millions. Net deposits, owing to the large increase In “frnat”
mainly uncolloctcd items, which aro treated as a deduction from gross doposits, show an increase of but 12.4 millions.
RESERVES.— Gold reserves increased 2< .6 millions, both the Now York and Chicago banks reporting large gains. Total cash reserves for the first
timo aro shown in excess of 2 billions. Tho ratio of total reserves to aggregate noto and deposit liabilities shows an increase for the week from 61.5 to
01 J FEDERAL RESERVE CIRCULATION.— Fedoral Reserve Agents report net additional issues of 23.5 millions of Federal Reserve notes. The
actual noto circulation of tho banks increased by 12.3 millions, of which about 0.4 million represents the increase in Federal Reserve bank note circula­
tion of throo Resorvo banks.
„„„ ,
,, ,
.. , , .
,
,
CAPITAL.— An Increase of $49,000 in paid-in capital is duo largely to payments for Federal Reserve bank stock by newly admitted members
largely in tho San Francisco and Atlanta Resorvo districts.

Tho figuros of the consolidated statement for the system as a whole are given in the following table, and in addition
we present tho results for each of the seven preceding weeks, together with those of the corresponding week of last year, thus
furnishing a useful comparison. The earlier figures have boon revised in order to conform with new form adopted by the
Federal Reserve Board as of June 22 1917. In tho second table wo show the resources and liabilities separately for each
of the twolvo Federal Reserve banks. The statement of Federal Reserve Agents’ Accounts (the third table following) gives
details regarding the transactions in Federal Reserve notes botween the Comptroller and the Reserve Agents and between
the latter and tho Federal Reserve banks.
C o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e B a n k s a t

the

C l o s e o f B u s in e s s J u n e

14 1918.

June 14'1918. June 7 1918. May 31 1918. May 24 1918. May 17 1918. May 10 1918. M ay 3 1918. April 26 1918 J u n e 15 1917
RESOURCES.
G old ooln and certificates in vault.........
Gold settlement fund— F. It. B oard—
Gold with foreign agonclcs......................

5
432.557.000
489.610.000
44,084,000

S
463.622.000
417.675.000
51,280,000

S
456.177.000
425.237.000
52,500,000

5
478.460.000
407.767.000
52,500,000

3
479.529.000
418.337.000
52,500,000

5
480.580.000
437.444.000
52,500,000

S
482.832.000
437.771.000
52,500,000

$
486.820.000
439.477.000
52,500,000

$
365.020.000
221.970.000

T otal gold hold b y banks................
G old with Fedoral ltoservo A gent.........
Gold redemption fund--------------------------

966.251.000
951.145.000
29,507,000

932.577.000
958.255.000
28,431,000

933.914.000
955.919.000
27,993,000

938.727.000
930.181.000
29,115,000

950.366.000
915.538.000
28,502,000

970.524.000
885.027.000
27,584,000

973.103.000
862.296.000
24,541,000

978.797.000
824.218.000
23,985,000

586.990.000
459.942.000
3,958,000

T otal gold reserves............................. 1,940,903,000 1,919,263,000 1,917,828,000 1,898,023,000 1,894,404,000 1.8S3,135,000 1,859,940,000 1,827,000,000 1,050.990,000
58,360,000
Legal tondor notes, silver, A o --------------58,461,000
57,883,000
58,033,000
58.308.000
59,365,000
60,043,000
63,945,000
24,518,000
T otal resorvos________ _____ _____ 2.005.203.000 1,977,724,000 1,975,709,000 1,956,056,000 1,952,712,000 1,942,500,000 1,919,983,000 1,890,945,000 1.075,408,000
Bills discounted— moinbors------------------ 1.016.031.000 984,492,000 897.357.000 923.299.000 842.265.000 939.041.000 873.442.000 902.188.000
202.824.000
242,923,000 2 48,542,000 258.373.000 278.221.000 279.886.000 286.036.000 297.029.000 302.399.000
Bills bought In opon m arket----------------164.525.000
Total bills on hand............................. 1,253,954,000 1.233,034,000 1,153,730,000 1,201,520,000 1.122.151,000 1,225,077,000 1,170,471.000 1.204,587,000
U . 8 . Government long-torm securities.
40.683.000
t41.415.000
04.484.000
40,116,000
54.842.000
42.067.000
41.041.000
41.446.000
U . 8 . Government short-torm securities
33.179.000
32.001.000
92.032.000
32.476.000
73.043.000 106,762.000 t 3 6 ,146,000
37.470.000
591,000
All othor oarnlng assets.............................
2,537,000
694.000
1,844.000
730,000
1,151,000
2.722,000
1,492,000

367,349,000
36.400.000
77.728.000
2,578,000

Total oarnlng assots--------- ------------ 1,333,410,000 1,330.813,000 1,301,390,000 1,277,214,000 1,237,727,000 1,373,799.000 1.250,569,000 1,286.162,000
nl9.350.000
Due from othor F . R . banka— net-----a6,494,000
1,605,000 al9,194,000 a l l , 033,000
•23,080,000
n 1,882,000
10.314.000
529,653,000 400.924,000 427,331,000 365,440,000 384,391.000 462.220.000 399,685,000 378,531.000
Uncollected Items--------------------------------

484.055.000
5,642,000
290.320.000

Total doduo'ns from gross deposits
6 % redomp. fund agst. F . It. bank notes

Alliother resources-------------------------------

510,303,000
735.000

402,529,000
037,000

403,137,000
626.000
438,000

351,407,000
537,000
89,000

382,509,000
530.000
77,000

455,726.000
404,000
66,000

376,605,000
537.000
329.000

388,845.000
528.000
359.000

295.962.000
400,000
5,109,000

Total resources----------------------------- 3,849,711,000 3,711,703.000 3.686,300.000 3,585.303.090 3, .73,555.000 3.772,495.000 3,548,023.000 3.566.839.000 1,860,934,000




2628

THE CHRONICLE

[Vol, loe.

June 14 1918. June 7 1918. M ay 31 1918. M ay 24 1918. M ay 17 1918. M ay 10 1918. M ay 3 1918. A p r. 20 1918. J u n o 10 1917
3
3
$
%
L IA B IL IT IE S .
$
3
$
S
74.963.000
75.049.000
75,118,000
75.315.000
75,465,000
75,662,000
75,546,000
75,711,000
Capital paid In________________________
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
1,134,000
Surplus...........................................................
130.668.000
73.888.000
122.350.000
48.753.000 138.529.000
166.191.000
155.532.000 179.876.000
Government deposits.................................
D ue to members— reserve a ccount_____ 1,555,434,000 1,449,486,000 1,440,413,000 1,436,284,000 1,401,138,000 1,548,137,000 1,474,518,000 1,497,416,000
261.887.000 239.971.000 278.693.000 242.488.000 282.475.000 309.773.000 257,593,000 235.174.000
Collection Items..........................................
81.890.000
91.583.000
110.611.000
114.590.000
107.903.000
109.443.000
123.221.000 109.560.000
Other deposits, lncl. for. G ov ’t credlts.

3
57,171,000
262.581.000
870.734.000
176.424.000
1, 000,000

T otal gross deposits______ ________ 2.099.074.000 1.978.893.000 1.994.745.000 1.909.025.000 1.906.962.000 2.107.050.000 1.897.562.000 1.945.148.000 1,310,739,000
491,615,000
F . R . notes In aotual circulation---------- 1.651.500.000 1.639.579.000 1.600.968.000 1.578.621.000 1.569.445.000 1.569.618.000 1.556.660.000 1.526.232.000
362,000
7.980.000
7,895,000
7,878,000
7,878,000
7,764,000
8.324.000
10 ,001,000
9.580.000
F . R . bank notes in circulation, net ltab.
1,047,000
9.638.000
11,467,000
11,697,000
12,821,000
13,294,000
5.583.000
12 ,201,000
6.855.000
All other liabilities.....................................
T otal liabilities................................... 3,849,711,000 3,711,703,000 3,686,300,000 3,535,303,000 3,573,555,000 3,772,495,000 3,548,023,000 3,566,839,000 1,860,934 000
57.8%
63.7%
62.9%
58.9%
60.3%
62.3%
60.8%
59.2%
G old reserve against net deposit lla b ..
t59.7%
94.4%
57%
55.6%
61.2%
58.1%
59.4%
G old res. agst. F . R . notes In act. clro’ n
60.1%
60.2%
t61.5%
Ratio o f gold reserves to net deposit and
69.8%
59.3%
60.4%
61.2%
59.2%
60.2%
58.5%
60.5%
60.1%
F d . R es. note liabilities co m b in e d ..
Ratio of total reserves to net deposit and
71.4%
61.3%
62.4%
60.3%
63.1%
61.0%
62.0%
62.4%
61.9%
Fed. R es. note liabilities co m b in e d ..

S
3
3
$
Distribution b j Maturities—
3
S
3
S
713.043.000 641.734.000 773.785.000 744.943.000 673.064.000
1-15 days bills discounted and bough t.
750.382.000 729.429.000 661.804.000
5.719.000
4.73.3.000
75.474.000
2,292,000
41.976.000
62,120,000
12,737,000
3.043.000
1-15 days U . S . G ovt, short-term secs.
20,000
40,000
32.000
457,000
1-15 days municipal warrants_______
499.000
456,000
118.118.000
110.168.000
16-30 days bills discounted and bough t.
104.181.000 103.784.000
11*9*,'788",666 125,590,666 113.033.000 194.238.000
6.621.000
656.000
1.349.000
204.000
1,000
10.185.000
5.901.000
13.655.000
16-30 days U . 8. G ov t, short-term secs.
31,000
32,000
31.000
6,000
455.000
43,000
43,000
16-30 days municipal w arrants..............
247.652.000 193.720.000
187.415.000 191.411.000 195.298.000 183.404.000 199.314.000 217.535.000
31-60 days bills discounted and bough t.
8.544.000
4,248,000
15.744.000
15.615.000
16.527.000
5,411,000
1.536.000
175.000
31-60 days U . 3 . G ov t, short-term secs.
513,000
499,000
730.000
44.000
455,000
1,000
31-60 days municipal warrants________
97.913.000
106.431.000
116,472',000 162,771",666 159.874.000 148.054.000 131.138.000 120.498.000
61-90 days bills discounted and bought.
0,454,000
8.572.000
1,190,000
1.416.000
3,311,000
• 3,397,000
1.660.000
61-90 days U . S. G ov t, short-term socs.
45.000
1,000
61-90 days municipal warrants................
*13*.*31*9",666
........ *1*666
34.194.000
*21,800,000
30.894.000
34.469.000
38.330.000
Over 90 days bills dlso’ ted and bou gh t.
'40,267,000
14,365,000
15.268.000
13.698.000
12,950,000
11.228.000
10.968.000
14.366.000
12.707.000
Over 90 days U . 8 .G ovt .short-term secs
1,000
Over 90 days municipal warrants_____
Federal Reserve Notes —
Issued to the banka................................... 1,793,393,000 1,769,876,000 1,736,547,000 1,724,685,000 1,710,240,000 1,707,522,000 1,671,168,000 1,640,056,000
114,508,000 114,424,000
141,893,000
130,297,000
135,579,000
146,064,000
140,795,000 137,904,000
Held b y banks_________________________

$

189,458,000
26,000
39.600.000

6,000

79.889.000

1.339.000
54.472.000
1.079.000
3.930.000

26*066
527,971,000
36,356,000

In circulation........................................ 1.651.500.000 1.639.579.000 1.600.968.000 1.578.621.000 1.569.445.000 1.569.613.000 1.556.660.000 1.526.232.000
Fed. Res. Notes (Agents Accounts)—
Received from tho Com ptroller_______ 2.492.820.000 2.440.720.000 2.405.420.000 2.382.660.000 2.362.820.000 2.335.760.000 2.309.560.000 2.270.700.000
420,077,000 407,164,000 398,733,000 389,075,000 377,381,000 369,468,000 360,102,000 352,604,000
Returned to the Com ptroller..................

491.615.000

Am ount chargeable to Agent......... 2,072,743,000 2,033,556,000 2,006,687,000 1,993,585,000 1,985,439,000 1,966,292,000 1,949,458,000 1,924,096,000
279,350,000 263,680,000 270,140,000 268,900,000 275,199,000 258,770,000 278,290,000 283,440,000

732.357.000
204.386.000

Issued to Federal Reserve b a n k s.. 1,793,393,000 1,769,876,000 1,736,547,000 1,724,685,000 1,710,240,000 1,707,522,000 1,671,168,000 1,640,656,000

527,971,000

884.680.000
152.323.000

In hands o f A gent........................................
H ow Secured—
By gold coin and certificates___________

225.444.000

228.446.000

232.448.000

228,449,000

236.950.000

253,452,000

249.955.000

245.954.000

255,674,000

842,248*090
51,994,000
673.707.000

811,621*666
52,221,000
677.588.000

7*8*0",628",666
53,428,000
670.043.000

794.504.000
53,080,000
648.652.000

794,704,666
50,004,000
628.582.000

822.495.000
48,554,000
583.021.000

808,872,666
49,061,000
563.280.000

81*6*,*4*3*8*,666
50,521,000
527.743.000

68.029.000
24.538.000
179,730,000

T o t a l ............ ........................................ 1,793,393,000 1,769,876,000 1,736,547,000 1,724,685,000 1,710,240,000 1,707,522,000 1,671,168,000 1,640,056,000

527,971,000

Eligible paper delivered to F . R . A gent. 1,219.848,000 1,193,629.000 1,112,323,000 1,155,877.000 1,081.095.000 1,178,056,000 1,118.009,009 1,170,359.000

69,145,000

By eligible paper.......................... ...............
G old redemption fu n d ..,._____________
With Federal Reserve Board................

N et am ount due to other Federal Reserve b ook s,

b This Item Includes foreign Government orodlts.

t Revised figures.

W E E K L Y STATE M EN T o f RE SO U R C E S a n d L IA B IL IT IE S o f EACH o f t h e 12 FE D E RA L RE SE R V E B A N K S a t CL O SE o f BU SIN ESS JU NE 14 1918.
Boston.

Two ciphers (00) omitted.

New York.

Phlladel. Cleveland. Rtchm'd.

RESOURCES.
G old coin and cortlfs. In vault___
G old settlement fund........... ........
G old with foreign agencies----------

3
3,329,0
05,995,0
2,914,0

S
302,033,0
89,514,0
11,218,0

3
9,120,0
46,300,0
2,914,0

Total gold held b y banks.........
Gold with Federal R es. A g en ts..
G old redemption f u n d ..................

72,238,0
62,850,0
2 , 120,0

402,765,0
240,465,0
12,500,0

58,340,0 87,195,0
92,431,0 114,293,0
3,000,0
693,0

3
25,017,0
57,453,0
4,725,0

Atlanta.

Chicago. St. Louis. M inneap. K an. City

Dallas.

30,005,0
31,771,0
80 .0

13,410,0 55,960,0
14,102,0 81,044,0
55,0
1,250,0

960,251,0
951,145,0
29,507,0

63,043,0
95,0

68,036,0
412.0

28,777,0 137,059,0 1,940,903,0
58,360,0
254,0
2,281,0
31,058,0 137,313,0 2,005,203,0

s
3
8,177,0
300,0
16,024,0 33,140,0
2,025,0
2 , 100,0

21,469,0 32,243,0 123,015,0
32,532,0 28,074,0 172,692,0
488,0
2,071,0
2,380,0

37,241,0
39,993,0
1,689,0

20,301,0
34,287,0
2,455,0

3
5,740,0
5,841,0
1,838,0

661,730,0 153,771,0*202,186,0
44,262,0
092,0
476,0

54,489,0
420,0

02,988,0 298,087,0
809,0
4,804,0

78,923,0
1,345,0

T otal reserves............................. 139,718,0
Bills discounted for members and
Fedoral Reserve banka.............. 48,050,0
Bills bought In open market------ 21,303,0

705,992,0 154,403,0 202 ,002,0

54,915,0

03,797,0 302,891,0

80,208,0

63,138,0

69,048,0

468,535,0
127,960,0

51,001,0
4,244,0

32,624,0
4,125,0

47,733,0
4,803,0

33,480,0
1,092,0

02,050,0 36,859,0
600,0
1,320,0

Total bills on hand....................
U . S. long-term securities...........
U . S. short-term securities...........
All other earning a s s e ts ........... ..

69,359.0

T otal earning assets..................
D uo from other F .R . banks— Net
Unoolleoted Items...........................

71,510,0

Total deduo’ ns from gross d cp .
6 % redemption fund against Fedoral Resorvo bank notes...........
All other resources_____________

94,335,0
24,380,0

Total.
J
432,557,0
489,010,0
44,084,0

3
1,894,0
33,247,0
2 , 100,0

Total gold reserves.................... 137,214,0
2,50-1,0
Legal-tender notes, silver, & o .. .

50,290,0 49,962,0
21,231,0 11,935,0

San Fran.
S
30,152,0
16,920,0
2 ,888,0

3
3
0,754,0 27,614,0
23,914,0 88,051,0
7,350,0
1,575,0

S
0,427,0
13,205,0
1,837,0

52,530,0 33,572,0
2,234,0
1,860,0
5 IL O 1 1,349,0
8,0
3,0

40.500.0 1,016,031,0
19.874.0 242,923,0

62,650,0 38,179,0 60,374.0 1,258,954,0
40,683,0
3,401,0
3,981,0
8,872,0
33,170,0
1,827,0
1,490,0
3,028,0
594,0
467,0
23,0

590,501,0 71,577,0 01,897,0
7,700.0
1,559,0
1,347,0
5,204,0
1,970,0
0,870,0
—
-------- ------ -------

55,845,0 30,749,0 118,715,0
1,233,0
730,0
7,090,0
1,237,0
2,902,0
1,524,0
53,0
40,0
............

35,535,0

603,324,0 74,894,0 79,473,0
3,269,0
5,011,0
109,287,0 51,604,0 44,544,0

5,284,0 37,789,0
58,602.0 38,769,0 128,807,0
______
453,0
8,503,0
31,828,0 32,403,0 57,082,0 31,450,0

75,150,0
3,725,0
24,153,0

44,117,0
-----10,042,0

65,085,0 1,333,410,0
*19,350,0
2,299,0
25,710,0 529,053,0

35,535,0

109,287,0

32,281,0

32,403,0 57,082,0 31,450.0

8,503,0

27,878,0

10,942,0

28,015,0

510,303,0

-----............

-------.............. -

-----—

400,0
—

137,0
—

84,0
— —

735,0
-------------

010,0

1,541,0
............

54,873.0 49,555,0
-----— ------

-----—

------------- -

14,0
............

100,0

—

............

T otal resou rces.......................... 246,769,0 1,478,603,0 284,230,0 331,690,0 145,798,0 134,983,0 489,480,0 167,008,0 109.430.0 172,470,0 02,254,0 231,097,0 3,849,711,0
L IA B IL IT IE S .
75,711,0
4,411,0
2,973,0
2,788,0
3,527,0
3,027,0
0,775,0
3,819.0
3,045,0
6.474.0
19.777.0
6,039,0
8,550,0
Capital paid In.............................
1,134,0
38,0
216,0
116,0
40,0
75,0
649,0
8,204,0 12*.*9*21,6 155,532,0
0 ,201,0
3,384,0
5,560,0 12,185,0 10,023,0 14,597,0
43.325.0
4,091,0 10*.736,0
6.705.0
90,615,0 683,738,0 08,238,0 128,023,0 44,579,0 38,352,0 192,627.0 54,267,0 37,400,0 60,009,0 35,935,0 79,651,0 1,555,434,0
0,877,0 13,057,0 204,887,0
8 ,020,0 13,770,0
54,345,0 35,012,0 22,261,0 20,281,0 16,16-1,0 24,280,0 23,373,0
Collection Items............................... 27,441,0
4,090,0
3,223,0
-----5,412,0
7,062,0
1.107.0
12,283,0
930,0
D ue to other F . R . banks— N e t.
............
............
3,686*5 1*2*3*,*22*1*6
24,0
233,0
7,0
3.580.0
" l" 0*l*6
115,601,0
O th. deposits lncl. for G ov 't cred.
T otal gross deposits__________ 131,691,0
F . R . notes In aotual circulation. 107.808,0
F . R . bank not03 In clro’ n— N et721,0
All other liabilities....... ............ ..

914,292,0 137,941,0 ;167,211,0 70,420,0
537,918,0 139,316,0 155,032,0 71,043,0
,______
_______
891,0
400,0
5,967,0
34,0

73,770,0 237,023,0
58,074,0 238,809,0
2 ,000,0
1,0
53,0
1,057,0

97,882,0 52,051,0
64,921,0 54,071,0
----------482,0
578,0

85,900,0 55,100,0 109,214,0 2,099,074,0
73,027,0 33,758,0 117,123,0 1,651,500,0
—
10 ,001,0
-----8 ,000,0
12,291,0
417,0
349,0
1,342,0

T otal lia b ilities........................... 246,769 ,0 'l,4 7 8 ,603,0 284,230,0 331,090,0 145,798,0 134,983,0 489,480,0 167,008,0 109,430,0 172,470,0
♦Difference between net amounts duo from and net amounts due to other Federal Reserve banks,

92,254,0 231,097,0 3,849,711,0

s N et amount due to other Federal Reserve banks.

STATE M EN T O F FE D E RA L R E SE R V E A G E N T S ’ AC CO U N T S A T CLOSE O F BUSIN ESS JUNE 14 1918.
Two ciphers (00) omitted.

Boston.

New York. Philadel. Cleveland. Rtchm’d.

Atlanta.

Chicago. St. Louts. M inneap. K an. City

87,049,0
8 ,010,0

52.750.0 127,268,0 2,072,743,0
279,350,0
18.380.0

55,833,0

79,039,0

34,370,0 127.208,0 1,793,393,0

13.102.0
2.504.0
1,085,0
2,6*59*6
1,032*5
*31*1*0
2.650.0
31.500.0 23.520.0 172,381,0 37.934.0 19.500.0
40.754.0 31.730.0 94,174,0 28.632.0 21.546.0

2,411.0
29.360.0
47.208.0

11,581,0
1,037,0
584,0
20,208,0

65,833,0

70,039,0

34,370,0 127,208,0 1,793,303,0

29.640.0
65.833.0
1,702,0

57.704.0 38.170.0 61.413.0 1.210.848.0
79.030.0 34.370.0 127,268,0 1.703.393.0
141,803,0
012,0 10.145.0
5,412,0

3
93.200.0
15.185.0

Chargeable to F . R . Agent........... 128,390,0
10,800,0
In hands o f F . R . Agent________

701.857.0 174,031,0 188,598,0
108.200.0 23,180,0 23,000,0

87,500,0
8,280,0

79.079.0 308,146,0
18.675.0 41,280,0

Issued to F . R . Bank____ ____ 111,590,0
Held b y F . R . Agent—■
8 ,000,0
uuki w in nuu u jiw iiu d iu a --.-5,350,0
G old redemption fund..............
Gold Sett. F d ., F . R . B o a rd .. 19.600.0
Eligible paper, min. req’d ------ 48.740.0

593.057.0 150,851,0 165,598,0

79,280,0

60,404,0 260,860,0 68,025,0

169.740.0
20.517.0
11,725,0
8,781,0
7,034*0
65,000,0 84.797.0 85,000,0
347.192.0 58.420.0 61.300.0
593,057,0 150,851,0 165,598,0

79,280,0

00,404,0 200,860,0

68,625,0

690.501.0 70.321.0 01.897.0 55.382.0
593.057.0 150,861,0 166,598,0 79.280.0
65,739,0 11.535.0 10.600.0
8,243,0

32.450.0 111.730.0
60.404.0 200.860.0
2,330,0 28,057,0

45.254.0
68.625.0
3,704,0

71,043.0 ~58,07L0 238,809,0 04,921,0

54,071,0

73,027.0




537,918,0 139,310,0 155,032,0

Total

78,015,0 69,988.0
4,155,0
9,390.0

$
$
90.740.0 327,040,0
17.001.0 18,894,0

F . R . notes In aotual clroula'n. 107,808,0

San Fran.

3
3
3
68.500.0 138,020,0 2,492,820,0
16.750.0 10,752,0 420,077,0

S
5
8
%
907.480.0 208,240,0 205,420,0 109,860,0
205.623.0 34,209,0 10,822,0 22,294,0

T o ta l.............................................. 111,690,0
Am ount of eligible paper deliv­
ered to F . R . Agent____ ______ 09,359,0
F. R . notes outstanding________ 111,506,0
3,788,0
F . R . notes held by banks______

Dallas.

3
3
73.980.0 104,700,0
13.992.0 17,051,0

3
Federal Reserve notes—
Received from C o m p tro lle r... 159,040,0
Returned to Com ptroller_____ 31,244,0

0,413,0
74.031.0
46.224.0

225,444,0
61.994,0
0 /3 , 07,0
842,248,0

33,758.0 m .1 2 3 .0 1,051,500.0

2629

THE CHRONICLE

J une 22 1918.]

Statement of New York City Clearing House Banks and Trust Companies.—

The following detailed statement
shows the oondition of the N e w Y o rk City Clearing House members for the week ending June 15. The figures for the
separate banks are the averages of the daily results. In the case of totals, aotual figures at end of the week are also given:
N E W Y O R K W E E K L Y C L E A R IN G H OUSE R E T U R N .
C L E A R IN G H OU SE
M EM BERS.

Capital.

Net
Profits.

Loans,
Discounts,
Investments,
&c.

[ N a t . B anka M a r . 4
•jstato B anka M a r . 14
(T r u s t C o 'a M a r . 14

W e e k E n d in g
J u n e 15 1918.

s

Average.
%

Average.

M em bers o f F ed era l
S
R eserve B ank.
5 .3 9 5 .2 0 0
2 ,0 0 0 ,0 0 0
Bank ol N V , N B A .
6 .6 1 9 .4 0 0
2 ,3 4 1 ,8 0 0
Bank of M anha t C o .
2 .6 3 5 .5 0 0
2 ,0 0 0 ,0 0 0
M e r cn a lits ’ N a t io n a l.
6 ,0 0 0 ,0 0 0 1 0 .706.600
M o d i & M e ta ls N a t .
6 .5 3 0 .7 0 0
1.500.000
B a n k o f A m e rica ------N a tio n a l C i t y ------------ 2 5 ,000,000 149 ,995 ,00 0
9 .1 3 2 .4 0 0
3 ,0 0 0 ,0 0 0
C h e m ica l N a tio n a l—
872 ,1 0 0
1,000.000
A tla n tic N a tio n a l — 8 7,700
3 00 .000
N a t B u tc h & D ro v o r s ’
5000
.4 5 0 .7 0 0
5 .0 0 0 .
A m erica n E x ch N a t .
2000
1 ,6 1 9 ,9 0 0
N a t B a nk o f C o m m . . 2 5 .0 0 0 .
1 ,0 38,103
500.000
P a clflo B a n k _________
2 ,6 6 5 ,8 0 0
3 .5 0 0 .0 0 0
C h a th & P h cn lx N a t 16,7
3
.0
0
0
.
0001 3 ,3 0 0
H a n o v e r N a t i o n a l . ..
2 .9 1 6 .9 0 0
2 .5 5 0.000
C itize n s ’ N a t io n a l. —
2000
.2 2 7 .7 0 0
2 .0 0 0 .
M e t ro p o lit a n B a n k 7 .5 3 6 .5 0 0
3 .5 0 0 .0 0 0
C o r n E x ch a n g e B ank
7,7 8 4 ,9 0 3
1.500.000
Im p o rte rs & T r a d N a t
5 ,0 0 0 ,0 0 0 1 7 .520.000
N a tio n a l P a rk B a n k .
8 9 .8 0 0
250 .000
E a s t R iv e r N a t io n a l.
3 ,8 9 0 ,3 0 0
1,000,000
S e co n d N a tio n a l____
3
0
.8
8
9 .6 0 0
1
0
.0
0
0
.
000
F irst N a tio n a l.............
5 .5 8 1 .4 0 0
4 .5 0 0 .0 0 0
Irv in g N a t io n a l..........
322 ,5 0 0
1,000,000
N Y C o u n t y N a tion a l
870 ,900
750.000
G o r m a n -A m o r lc a n .. .
10,000,000 1 2 .278.200
C h a se N a t io n a l-------83 4 ,2 0 0
4 00 .000
G erm a n ia B a n k -------2 ,0 0 8 ,0 0 0
1,000,000
L in c o ln N a t io n a l-----1 .3 6 4 .5 0 0
1,000,000
G a rfield N a t i o n a l . . .
401 ,0 0 0
250 .000
F ifth N a tio n a l.............
3 .5 9 7 .9 0 0
1,000,000
S ea b oa rd N a t io n a l..
3000
.9 0 0 .0 0 0
3 .0 0 0 .
L ib e r ty N a tio n a l------94 5 .8 0 0
1 .0 0 0 . 000
C o a l & Ir o n N a tion a l
1 .2 9 8.000
1,000,000
U n ion E x ch N a tion a l
2 .1 7 5 .4 0 0
1.500.000
B r o o k ly n T r u s t C o ­
B a nkers T r u s t C o . . . 11 ,2 5 0 ,0 0 0 1 3 ,9 3 2 ,1 0 0
4 .6 0 5 .0 0 0
2 ,0 0 0 ,0 0 0
U S M tg o & T r C o ­
G u a r a n ty T r u s t C o — 2 5 ,0 0 0 ,0 0 0 2 5 ,2 7 0 ,7 0 9
1 .2 67.000
1 ,0 00,000
F id e lity T r u s t C o — 6000
.5 0 2 .5 0 0
5 .0 0 0 .
C o lu m b ia T r u s t C o . .
1 ,2 84,700
1.0 0 0 . 000
P eo p le s T r u s t C o ____
10000
.5 3 3 .0 0 0
3 .0 0 0 .
N ow Y o r k T r u s t C o .
1,089,703
1 .0 0 0 . 000
F ran k lln T r u s t C o ___
566,100
1 ,0 0 \ 0 0 0
L ln ooln T r u s t ________
4 .1 6 8 .9 0 0
2 ,0 0 0 ,0 0 0
M e tro p o lita n T r C o .
1 ,1 67,200
1,000,000
N a ssa u N a t , B k l y n ..
1,020,100
1.500.000
I r v in g T r u s t C o ..........
5 ,0 0 0 ,0 0 0 1 0 .706.000
F a rm ers L oa n & T r C o

Legal
Tenders.

Average.

$
1 13 .000
2 7 .0 0 0
3 5 5 .0 0 0
1 ,2 1 6 ,0 0 0
57 .0 0 0
9 7 .0 0 0
2 0 0 .0 0 0
7 ,6 8 1 ,0 0 0
2 0 5 .0 0 0
3 5 8 .0 0 0
8 .4 2 7 .0 0 0 3 .0 7 8 .0 0 0
3 2 1 .0 0 0
2 1 2 .0 0 0
1 11 .000
1 38 .000
4 8 .0 0 0
35 .0 0 0
2 0 1 ,0 0 0
6 70 .000
2 0 8 ,0 0 0
101.000
31 0 .0 0 0
7 1.000
5 2 6 .0 0 0
71 5 .0 0 0
3 9 0 .0 0 0
6 .1 8 8 .0 0 0
2 9 .0 0 0
103.000
2 6 8 .0 0 0
081 .0 0 0
2 4 3 .0 0 0
3 5 2 .0 0 0
4 0 5 .0 0 0
7 0.000
3 8 4 .0 0 0
6 3 .0 0 0
1 4.000
2 ,000
5 5.000
5 4 .000
4 7 7 .0 0 0
16.000
375 .0 0 0
1 .0 67.000
3 7.000
4 6 .0 0 0
31 .0 0 0
18.000
2 .6 0 5 .0 0 0 2 .2 5 7 .0 0 0
3 5.000
4 0 .0 0 0
3 01 .000
151.000
23,000',
2 ,000
2 8 .0 0 0
3 3.000
2 7 8 .0 0 0
367 .0 0 0
20 ,0 0 0
124.000
4 4 .0 0 0
6 ,0 0 0
19.000
13.000
4 1.000
7 6 .0 0 0
158.000
6 2.000
9 0 .0 0 0
3 39 .000
191.000
1 .7 8 9 .0 0 0
3 7 .0 0 0
9 0.000
9 7 .0 0 0
35.000,
83 .0 0 0
6 9 .0 0 0
8 ,0 0 0
28.000,
4 8 .0 0 0
04 .0 0 0
2 3 .0 0 0
11.000
305 .0 0 0
4 1 .0 0 0
10,000,
1 02 .000
148.000
2 6 1 ,0 0 0
3 .8 1 1 .0 0 0
2 4 .0 0 0

$
4 0 .4 8 5 .0 0 0
6 0 .4 7 2 .0 0 0
2 8 .7 9 7 .0 0 0
1 5 7 .6 3 8 .0 0 0
3 0 .6 0 2 .0 0 0
5 7 5 .0 1 0 .0 0 0
7 4 .0 2 7 .0 0 0
1 5 .6 1 0 .0 0 0
2 .7 9 0 .0 0 0
1 1 4 .259 .00 0
4 4 5 .9 2 0 .0 0 0
13 .2 5 9 .0 0 0
8 8 .1 5 0 .0 0 0
1 3 3 .146 .00 0
4 4 .8 4 6 .0 0 0
2 4 .7 1 1 .0 0 0
108 .2 3 9 .0 0 0
3 5 .3 6 7 .0 0 0
2 0 0 .6 4 8 .0 0 0
2 .9 9 1 .0 0 0
1 9 .5 2 3 .0 0 0
2 8 3 .6 9 2 .0 0 0
9 3 .0 5 0 .0 0 0
1 0 .286.000
6 .0 0 3 .0 0 0
2 9 0 .1 2 8 .0 0 0
6 .9 7 8 .0 0 0
1 0 ,201,000
1 1 .751.000
7 .1 5 1 .0 0 0
4 0 .6 2 7 .0 0 0 .
79,8 2 9 ,0 0 0 ;
1 3 .104.000

13.851.000
3 3 .8 9 0 .0 0 0
2 5 6 ,3 4 3 ,0 0 0 '
0 1 .5 4 4 .0 0 0

439.113.000
1 1 .010.000
8 1 .5 1 4 .0 0 0
2 4 .4 2 4 .0 0 0
89.3 7 6 .0 0 0 .

28.502.000
14.500.000 .
6 2 .0 7 6 .0 0 0
14.912.000
4 0 .0 8 0 .0 0 0
135 ,410 ,00 0!

Silver.

National
Bank
and
Federal
Reserve
Notes.

Reserve
with
Legal
Deposit
taries.

Additional
Deposits
with
Legal
Deposi­
taries.

Net
Demand
Deposits.

Net
Time
Deposits.

National
Bank
Circula­
tion.

Average.

Average.

Average.

Average.

Average.

Average.

Average,

$
118 ,000
6 7 1 .0 0 0
2 4 8 .0 0 0
2 .3 4 5 .0 0 0
3 6 4 .0 0 0
9 0 0 .0 0 0
661 .0 0 0
1 63 .000
6 0 ,0 0 0
4 4 5 .0 0 0
51 9 .0 0 0
3 2 3 .0 0 0
1 .2 9 9 .0 0 0
9 4 9 .0 0 0
66 6 .0 0 0
62 8 ,0 0 0
2 .0 2 7 .0 0 0
3 7 .0 0 0
2 3 8 .0 0 0
114.000
3 2 4 .0 0 0
77 7 .0 0 0
1 .7 3 7 .0 0 0
152.000
15.000
1 .7 1 5 .0 0 0
177.000
127.000
223 .000
2 3 6 .0 0 0
256 .0 0 0
102.000
131.000
24 5 .0 0 0
160.000
136.000
115 .000
2 7 2 .0 0 0
67 .0 0 0
4 8 2 .0 0 0
2 4 6 .0 0 0
19.000
14 >,000
1 20 .000
8 0 .0 0 0
2 3 9 .0 0 0
6 2 5 .0 0 0
62 ,0 0 0

$
S
5 .6 7 4 .0 0 0
7 7 .0 0 0
8 .0 5 0 .0 0 0
1 ,2 8 0 ,0 0 0
3 .3 1 0 .0 0 0
7 8 .0 0 0
3 6 3 ,0 0 0 ; 2 1 .4 0 9 .0 0 0
299,0001 4 .6 2 1 .0 0 0
1 .6 2 7 .0 0 0 9 8 .4 6 3 .0 0 0
8 .5 3 8 .0 0 0
6 6 0 ,0 0 0
2 .0 0 8 .0 0 0
1 1 1 ,0 0 0
2 9 9 .0 0 0
8 ,0 0 0
6 8 3 .0 0 0 1 2 .3 4 9 .0 0 0
1 .4 0 8 .0 0 0 4 0 .0 9 2 .0 0 0
1 .7 3 7 .0 0 0
2 5 2 .0 0 0 ,
9 .9 2 2 .0 0 0
1 .7 8 0 .0 0 0
7 8 9 .0 0 0 18.4 0 0 .0 0 0
4 .9 2 3 .0 0 0
2 9 5 .0 0 0
3 .9 8 1 .0 0 0
5 7 4 .0 0 0
3 .9 6 6 .0 0 0 1 5 .1 4 1 .0 0 0
3 .6 4 2 .0 0 0
178 .000
8 9 2 .0 0 0 2 1 .1 4 1 .0 0 0
4 8 0 .0 0 0
3 4 .0 0 0
2 .1 3 5 .0 0 0
3 7 1 .0 0 0
6 1 5 .000 , 2 0 .8 8 3 .0 0 0
1 .0 8 8 .0 0 0 1 3 .3 6 8 .0 0 0
1 .5 0 5 .0 0 0
5 0 7 .0 0 0
848 .0 0 0
79 .0 0 0
1 ,0 2 8 ,0 0 0 3 9 .9 1 3 .0 0 0
9 5 2 .0 0 0
130.000
422,000', 2 .1 4 1 .0 0 0
101.0001
1 .7 2 4 .0 0 0
762 .0 0 0
4 8 .0 0 0
2 0 9 .0 0 0 , 8 ,1 9 5 ,0 0 )
4 0 9 .0 0 0 , 9 .6 2 4 .0 0 0
4 7 7 ,000; 1 .6 9 2 .0 0 0
1 .6 7 0 .0 0 0
2 6 1 .000 ,
4 2 9 .0 0 0 , 4 .5 2 4 .0 0 0
72 4 .0 0 0 2 4 .6 3 8 .0 0 0
6 .8 8 8 .0 0 0
3 7 9 .0 0 0 ,
2 .7 4 5 .0 0 0 , 6 2 .8 1 4 .0 0 0
1 ,1 2 8 ,0 0 0
126.000,
430 .0 0 0
8 .4 6 5 .0 0 0
4 80 ,000 ! 2 .2 8 0 .0 0 0
6 .9 7 2 .0 0 0
2 6 7 .0 0 0
2 .1 8 3 .0 0 0
2 4 6 .0 0 0
2 .0 4 6 .0 0 0
260 .0 0 0
5 .5 8 7 .0 0 0
4 6 1 ,0 0 0
7 0,000
1 .3 8 6 .0 0 0
4 .7 4 2 .0 0 0
1 .5 4 3 .0 0 0 ,
2 3 4 ,0 0 0 ' 1 6 ,2 3 2 ,0 0 0

£

actu a l
actu a l
actu a l
aotu al

4 ,0 7 6 ,6 0 0

T o t a ls , a v g o fo r wk
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

a ctual
a ctu a l
aotual
aotu al

con d ltl
con d ltl
oondltl
c on d ltl

11,751,800
6,1 6 9 ,2 0 0

9 ,0 0 0 ,0 0 0

16,021,000

con d ltl
oondltl
c on d ltl
con d ltl

on J u n e 15 .......................
on Jun o 8
on Juno 1
on M a y 25 .......................

6 ,9 0 3 ,0 0 0

523,000j

3 .1 1 3 .0 0 0
3 .1 7 5 .0 0 0
2 .7 4 9 .0 0 0
2 .9 2 1 .0 0 0

6 .1 4 3 .0 0 0
5 .4 5 7 .0 0 0
5 .6 9 0 .0 0 0
5 .0 9 6 .0 0 0

— ___ i___ ________ I
102,723
4 0 4 .0 0 0
101,087
7 21 .000
101,458
38 0 .0 0 0
9 9,492
419 .0 0 0

2 ,5 9 5 ,0 0 0

1 .2 5 5 .0 0 0
1.272.000
1.473.000
1 .4 01.000

2 .6 2 9 .0 0 0
2 .6 2 5 .0 0 0
2 .6 7 4 .0 0 0
2 .7 4 5 .0 0 0

6 .3 9 0 .0 0 0
6 ,3 7 1 , 00
6 .4 0 1 .0 0 0
6 .0 3 0 .0 0 0

6 .0 0 0 ,0 0 0
4 ,0 00,000

3 ,0 3 5 ,0 0 0

77 3 ,0 0 0
33 1 ,0 0 0
23 6 .0 0 0
7 10 .000
112.000
5 0,000
44 9 .0 0 0
3 74 .000

6 9,000.

Bank.

Not Mem hers of Fed

T o t a ls , a v g o fo r w k
a ctu al
a ctu a l
actu a l
a ctu a l

7 ,7 0 6 ,6 0 0

180,000,
241 ,0 0 0
3 3 ,0 0 0

3 3 3 ,0 0 0
8 2 ,0 0 0
13.000
9 6 1 .0 0 0
140.000
8 6 .0 0 0
4 2 0 .0 0 0
600 .0 0 0

6,992*666

1,*7*5*4*,666
4 4 3 .0 0 0
14 6 .0 0 0
2 9 4 .0 0 0
5",946*.656| 4 .8 8 3 .0 0 0
6 .0 4 6 .0 0 0
5 0 ,0 0 0
7 .1 3 4 .0 0 0 2 .1 1 2 ,0 0 0
470 ,0 0 0
*297*666 1 ,0 2 0 ,0 0 0
2 .9 4 0 .0 0 0
5 1 3 ,0 0 0 j

61 ,0 0 0
1 0 ,000
3 ,6 2 6 ,0 0 0 , 4 .6 6 1 .0 0 0
5 0 ,0 0 0
9 4 1 .0 0 0
2 ,8 4 1 ,0 0 0 , 8 .3 7 6 .0 0 0
6 4 0 .0 0 0
9 9 8 ,0 0 0
199.000
1 1 ,3 1 1 ,0 0 0 , 1 ,3 0 0 ,0 0 0
1 00 ,000
6 1 ,0 0 9
2 0 8 ,0 0 9
2,8*5*1*666
515 .0 0 0
4 1 2 .0 0 0
4 .9 3 2 .0 0 0
2 1 .6 3 3 .0 0 0
4 .6 9 8 .0 0 0
2 3 ,4 9 3 ,0 4 9
4 8 9 .0 0 0
10 .9 1 4 .0 0 0
1 .0 3 2 .0 0 0
4 .6 4 4 .0 0 0
1 .6 7 3 .0 0 0
1 .8 4 5 .0 0 0
1 .4 76.000
7 6 8 .0 0 0
9 6 5 .0 0 0
9 .7 8 4 .0 0 0

802 ,0 0 0
3 9 9 .0 0 0
2 4 8 .0 0 0
7 0 ,0 0 0
9 9 6 .0 0 0
413 000
3 97 -00 0

6 0 ,0 0 0

59 ,0 0 0
4 4 5 ,0 0 0 |

144,000
191,000

155,
03;

5 46 .000
143.000

2 .5 2 5 .0 0 0
1 .2 3 0 .0 0 0

1 ,0 1 8 ,0 0 0
355 ,0 0 0

6 3 ,1 4 9 ,0 0 0

504 ,0 0 0

335 ,0 0 0

2 1 8 ,0 0 0

0 8 9 ,0 0 0

3 ,7 5 5 ,0 0 0

1 ,3 7 3 ,0 0 0

6 3 .4 1 3 .0 0 0
62 .9 4 2 .0 0 0
63.6 6 1 .0 0 0
65.5 5 2 .0 0 0

504 .0 0 0
503 .0 0 0
2 .0 1 0 .0 0 0
2 .1 6 5 .0 0 0

327 .0 0 0
339 ,000
329 ,00.)
33 4 ,0 0 0

05 1 .0 0 0
678.000
6 00 .000
549,000

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

3 .0 0 0
1.000

1 5,156
3 ,5 3 6
4 ,3 7 4
1 8,702
5 ,5 7 5
3 .8 7 3
2 2 ,2 2 9
2 8 ,6 6 6

78 6 .0 0 0
173.0001
2 6 2 ,0 0 0
1 .1 7 5 .0 0 0
286 ,0 0 0
233 ,0 0 0
1 .3 4 8 .0 0 0
1 .6 1 0 .0 0 0

170.000
15.0 7 2 .0 0 0
790 .000
3 .6 6 1 .0 0 0
4 1,000
2 0 ,0 0 0
2 7 7 .0 0 0
4 .6 7 8 .0 0 0
10,000
107.000
1 7 .594.000
91 5 .0 0 0
40 .0 0 0
6 .1 5 3 .0 0 0
40 7 .0 0 0
4 ,0 1 1 ,0 0 0 !
22 0 .0 0 0
9 7.000
522 .0 0 0
2 1 .6 4 8 .0 0 0 1 ,3 9 6,000
2 7 .2 9 3 .0 0 0 2 ,4 3 5 ,0 0 0 j
374 .0 0 0
rl
1 0 0 ,1 1 3 ,0 0 ) 6 ,4 8 1 ,0 0 0 j 1 ,3 4 0 ,0 0 0

on Jun e 15
on Jun e 8
on Juno 1
on M a y 25

T r u s t C o m p a n ie s .
T it le G u a r A T r u s t . .
L a w y ers T it le & T r . .

T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

Bank.

eral Reserve

S ta te B anks
G re e n w ic h _______
P e o p le ’ s __________
B o w e r y ....................
F ifth A v e n u e ____
G erm a n E x ch a n g o—
W e st S ld o ..............
N Y P ro d u ce E x c h . .
S t a t o .......................

7 8 4 .0 0 0

*243",666 1,*8*54*,666
14,6 2 4 ,0 0 0 ! 3 .7 8 0 .0 0 0

1 5 8 .8 1 0 .0 0 0
1 5 3 .828 .00 0
1 58 .108 .00 0
1 62 .499 .00 0

3 .6 8 2 .7 6 6 .0 0 0
3 .6 0 0 .3 1 3 .0 0 0
3 .5 8 6 .2 7 3 .0 0 0
3 .5 7 0 .9 1 1 .0 0 0

4 .4 3 2 .6 6 6 .0 0 0 3 7 ,4 4 8 ,0 0 0 , 1 2 .433.000 2 1 .3 2 2 ,0 0 0 2 8 .8 1 5 .0 0 0 5 5 1 ,9 6 7 ,0 0 0
4 .3 3 1 .7 91.0001 37.490.000 1 2.768.000 120.968.000 2 9 ,4 5 1 ,0 0 0 ,5 1 6 ,0 9 0 .0 0 0
4 .3 4 1 .9 4 8 .0 0 0
317,692,00!)
2 .748.000
2216,6.57982,0.00000 5 0 2 ,9 3 2 ,0 0 0
4 .3 8 3 .2 6 8 .0 0 0 3 9 ,5 7 7 ,0 0 0 1 3 .028.000 2 2 ,9 7 1 ,0 0 0 2 7 .8 4 8 .0 0 0 5 1 0 ,7 1 2 ,0 0 0

cou d ltl
con d ltl
c on d ltl
con d ltl

S

S

1.955.000

3 ,6 2 7 ,1 0 6 ,0 0 0 .1 5 0 ,1 1 9 ,0 0 0 3 7 ,1 0 0 ,0 0 0

A v era g e for w e e k .. 192 ,091 ,80 0 33 1 ,0 1 3 ,4 0 0 4 ,3 8 3 ,5 0 1 ,0 0 0 3 7 ,4 0 6 .0 0 0 |1 2 ,6 6 2 .0 0 0 2 1 ,5 4 7 ,0 0 0 2 0 ,5 8 5 ,0 0 0 6 2 9 ,4 7 5 ,0 0 0
T o t a ls ,
T o t a ls ,
T o t a ls ,
T o t a ls ,

S
3 6 .5 0 1 .0 0 0
5 9 .1 3 4 .0 0 0
2 2 .3 6 2 .0 0 0
14 0 .5 0 9 .0 0 0
2 6 .0 4 6 .0 0 0
5 6 8 .7 4 6 .0 0 0
6 0 .4 9 2 .0 0 0
1 3 .8 6 1 .0 0 0
2 .1 9 7 .0 0 0
9 0 .7 9 2 .0 0 0
2 9 8 ,2 8 9 ,0 0 0 ,
1 2 .9 9 5 .0 0 0
7 1 .4 6 5 .0 0 0
1 3 0 .3 8 3 .0 0 0
3 3 .5 5 3 .0 0 0
2 6 .2 0 3 .0 0 0
1 0 5 .5 7 8 .0 0 0
2 5 .8 8 1 .0 0 0
1 6 1 .6 2 4 .0 0 0
3 .1 9 7 .0 0 0
1 4 .3 4 2 .0 0 0
1 5 1 .8 6 4 .0 0 0
9 5 .0 2 8 .0 0 0
10.1 9 7 .0 0 0
5 .1 3 6 .0 0 0
2 6 2 .8 8 6 .0 0 0
6 .1 0 4 .0 0 0
1 4 ,4 8 0 ,000;
10.3 7 9 .0 0 0
5 .8 2 6 .0 0 0
4 5 .9 4 6 .0 0 0
6 7 .5 9 1 .0 0 0
11.3 6 2 .0 0 0
13.8 8 7 .0 0 0
2 5 .6 9 0 .0 0 0 ,
2 0 1 ,2 3 9 ,0 0 0 ;
4 5 .5 0 7 .0 0 0 ,
3 7 6 ,7 3 3 ,0 0 0
8 ,2 4 5 ,0 0 0 ,
6 3 .0 1 9 .0 0 0
2 1 .2 1 1 .0 0 0
5 1 .5 4 9 .0 0 0
15.6 5 5 .0 0 0
12.4 5 9 .0 0 0
3 8 .0 4 2 .0 0 0
10 .1 2 0 .0 0 0
3 5 .3 5 2 .0 0 0 ,
1 1 7 ,438 ,00 0

1 12 ,000

102,111,OOoj

116,000
.
113.000
117.000
117.000
116.000

2 2 .8 7 2 .0 0 0
13 .7 6 0 .0 0 0

9 3 6 .0 0 0
4 1 6 .0 0 0

3 6 ,6 3 2 ,0 0 0

1 ,3 5 2,000

3 5 .8 6 3 .0 0 0
3 6 .4 8 4 .0 0 0
3 6 .8 8 6 .0 0 0
3 8 .0 3 6 .0 0 0

1 .3 4 4 .0 0 0
1 .3 53.000
1 .3 96.000
1 .4 1 5 .0 0 0

53 9 ,1 3 3 ,0 0 0 1 ,8 9 6 ,0 0 0 a 3 ,7 6 5 ,8 4 9 ,0 0 0 157.5S 7.000 3 7 ,1 3 3 ,0 0 0
G ra n d a g g reg a te.a v g e 2 0 5 ,168 ,40 0 3 5 5 ,641 ,00 0 4 ,5 4 6 .7 6 3 ,000 ,4 4 ,3 9 1 ,0 0 0 14,3 3 7 ,0 0 0 24,360, 000 3 3 ,3 0 9 ,0 0 0 + 19226000, + 3 4 7 .0 0 0 , + 1 8 . 8 8 4 . 0 0 0 , + 1 ,1 5 0 ,0 0 0
— 3 4 ,0 0 0
+ 4 3 ,2 7 4 ,0001 — 8 2 ,0 0 0 — 3 6 0 ,0 0 0 + 2 5 7 , 000 + 1 6 1 4 0 0 0
C o m p a riso n prev w k .
G ra n d a g ’ g a te, aotual c o n d itio n
C o m p a riso n p rov w k .
G ra n d
G ra n d
G ra n d
G ra n d

a g 'g a t e ,
a g 'g a t o ,
a g ’ g a te,
a g 'g a te ,

aotual
a ctu a l
a ctu al
a ctu al

con d itio n
c on d ition
c o n d ition
- c on d ition

Ju n e 1 5 ___ 4 ,5 9 7,312 ,000 4 4 ,3 4 2 ,0 0 0 ,1 4 ,0 1 5 ,0 0 0 24,202 ,000 3 2 ,5 7 9 ,0 0 0
+ 103593 .000 — 2 2 ,0 0 0 — 3 6 4 ,0 0 0 + 3 9 1 , ,000 — 725 ,000
).00 0
1.000
1.000
1.000

Ju n o 8 ___ 1
Juno
1 ___
M a y 2 5 ___
M a y l8 _ „

a U . 8 . d op oslts d e d u o to d , $ 2 9 7 ,3 5 3 ,0 0 0 .

44,3 0 1 ,0 0 0
4 0 ,133,000
4 7 ,778,000
47 ,7 6 0 ,0 0 0

14.379.000
14.550.000
14.763.000
14 ,4 7 0 ,0 0 0

23 ,8 1 1 ,,000 3 3 .3 0 1 .0 0 0
24 ,6 5 8 ,,000 29.941.000
26,007,1,000 3 1 .3 1 8 .0 0 0
26,7 6 0 ,0 0 0 3 2 .1 5 6 .0 0 0

b U . S . d ep osits d e d u o te d , $ 3 2 1 ,4 3 9 ,0 0 0 .

561,870,00o! 3 ,0 0 3 ,000'b3,821,<?<j- 2,000,160.267,010
+ 36609000 +1431000, + 8 3 , 4 6 8 ,0 0 0 ,+ 4 ,9 6 9 ,0 0 0
5 2 5 .261 .00 0
5 1 1 .135 .00 0
5 1 8 .229 .00 0
5 1 5 .1 4 8 .0 0 0

1 .5 7 2 .0 0 0
1 .8 73.000
1 .0 76.000
3 .0 8 2 .0 0 0

3 ,7 3 7 .8 8 4 .0 0 0 1 5 5 ,298 ,00 0
3 ,7 2 4 ,6 1 7 ,0 0 0 159 ,821 ,00 0
3 ,7 0 8 .4 3 9 ,0 0 0 164 .030 .00 0
3 .6 5 0 ,4 5 8 .0 0 0 -1 7 0 ,9 1 8 ,0 0 0

c In clu d es ca p ita l set aside for foreig n bra n ch es. $ 6 ,0 0 0 ,0 0 0 .

S T A T E M E N T S O F R E S E R V E P O S IT IO N .
A c t u a l F ig u r e s .

A v era ges.

Cash
Reserve
in Vault.
M e m b e rs Fodoral
R eserv o B a n k .
S ta te b a n k s ..........
T r u s t oam pan les*
T o t a l Ju n e 1 5 .
T o t a l Jun o 8 .
T o t a l Juno 1 .
T ota l M a y 18.

Reserve
in
Depositaries

a

Total
Reserve.

Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PrevtousiVeek

%

%

Reserve
Cash
in
Reserve
In Vault. Depositaries

Total
Reserve.

b

Reserve
Required.

Surplus
Reserve.

Inc. or Dec.
from
PreviousWeek

$
S
$
5 2 9 ,4 7 5 ,0 0 0 5 2 9 ,4 7 5 ,0 0 0 4 7 6 ,207 ,35 0
13 ,4 5 1 ,0 0 0
5 .9 0 3 .0 0 0 1 9 ,354,000 1 8 .379,980
5,4 9 4,800
1 ,7 40,000
3 .7 5 5 .0 0 0 . 5 ,5 0 1 ,0 0 0

5 3 ,2 0 7 ,0 5 0 + 1 7 ,022,970
+ 2 5 ,7 0 0
974 ,0 2 0
— 29 2 ,0 0 0
6 ,2 0 0

%
%
5
$
5 5 1 ,9 6 7 ,0 0 0 5 5 1 ,9 6 7 ,0 0 0 4 8 3 .5 2 3 .8 8 0
B
0 ,1 4 3 ,0 0 0 ! 19,5 3 0 ,0 0 0 , 18 ,4 9 0 ,1 4 0
1 3 ,3 8 7 ,0 0 0
5 ,3 7 9 ,4 5 0
5 ,4 9 3 ,0 0 0
3 ,7 6 0 ,0 0 0
1 ,7 3 3 ,0 0 0

t
*
6 8 ,4 4 3 ,1 2 0 + 2 5 ,0 0 8 ,6 5 0
1 ,0 3 9 ,8 6 0
+ 335 ,5 2 0
+ 134 ,150
113,550

1 5 ,1 9 7 ,0 0 0 ,5 3 9 ,1 3 3 ,0 0 0 5 5 4 ,330 ,00 0 '5 0 0 ,0 3 2 ,1 3 0 ,
1 5 .108.000 51 9 ,9 0 7 ,0 0 0 5 3 5 ,0 1 5 .0 0 ) 1497,523,200
16 .5 7 2 .0 0 0 51 1 ,1 3 5 ,0 0 0 5 2 7 ,707 ,00 0 404 ,754,070
10 ,4 0 7 ,0 0 0 -5 1 7 ,9 3 9 ,0 9 0 -5 3 4 ,3 46,000 '4 8 8 ,9 2 2 ,7 8 0 '

54,2 4 7 ,8 7 0 + 1 6 ,750,070
3 7 ,4 9 1 ,8 0 0 — 9 ,6 2 3 ,5 2 0
3 2 ,9 5 2 ,9 3 0 — 9 ,0 1 0 ,7 1 0
4 5 ,4 2 3 ,2 2 0 1 — 4,116,520

1 5 .1 2 0 .0 0 0 5 6 1 ,8 7 0 ,0 0 0 5 7 6 ,9 9 0 ,0 0 0 ,5 0 7 ,3 9 3 ,4 7 0
16,181.000 1525,’2 01 ,0001540.442.000 4 9 6 .3 2 3 .7 9 0
1 6 .2 8 0 .0 0 0 5 2 5 ,5 3 9 .0 0 0 1 41 ,819 .00 0 4 9 4 ,703 ,08 0
1 6 ,4 4 2 ,0 0 0 '5 1 8 ,229 ,0 0 0 53 4 ,6 7 1 ,0 0 0 '4 9 2 ,7 0 7 ,3 6 0

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

$

• N o t m em b ers o f F od ora l R e so rv e B a n k .
a T h is Is the resorve required on net d em a n d d ep osits In the case o f S ta te ban ks and tru st c o m p a n ie s , b u t ln tho caso o f m e m b e r o f tlw F ed era l R e w r v e B a n k
ta olu d es also a m o u n t o f reserve requlrod o n not tim e d e p o sits, w hich w as as follow s: J u n o 15, $ 4 ,6 8 3 ,5 7 0 ; Ju n o 8 , $ 4 ,6 4 7 ,9 9 0 , Jun e 1, $ 1 ,7 9 2 ,5 9 0 , M a y 2 5 , $ 4 ,9 5 3 ,6 0 0 .
b T h is Is tho reserve required on net d em a n d d ep osits in the ease o f S ta te b a n k s and trust c o m p a n ie s, but. in th e ca se o f m em bers o f the
o t o * lnclU(le8
a lso a m o u n t o f reserve required o n net tim e d e p o sits, w hich w as as follow s: J u n e 15, $ 4 ,7 0 4 ,3 0 0 ; J u n o 8 , $ 4 ,6 1 4 ,8 1 0 ; Jun e 1. $ 4 ,7 4 3 ,2 4 0 . M a y 2 5 , $ 4 ,8 7 4 ,9 7 0 .
c A m ou n t o f cash In v a u lt, w hich Is no lon ger oou n ted as reserve for m em bors o f the Federal R eserv e B a n k , w as a s follow s:
J u n o 15, $ 1 0 1 ,2 0 0 ,0 0 0 ; Ju n o 8 , $ 9 9 ,8 6 0 ,0 0 0 ; Ju n o 1, $ 1 0 1 ,1 6 7 ,0 0 0 ; M a y 2 5 , $ 1 0 1 ,8 8 6 ,0 0 0 .
d IA m o u n t o f oash In va u lts, w hich Is no lon g er count,e I is resorve fo r m em bers of the F ed era l R e se rv e B a n k , w as as fo llo w s:
J u n e 15, $ 1 0 0 ,0 1 8 ,0 0 0 ; Jun o 8 , $ 1 0 0 ,8 7 7 ,0 0 0 ; J u n o 1, $ 9 3 ,7 1 0 ,0 0 0 ; M a y 2 5 , $ 1 0 3 ,4 2 4 ,0 0 0 .




3630

The State Banking Department reports weekly figures
showing the condition of State banks and trust companies
In New York City n o t i n th e C le a r in g H o u s e , as follows:

S T A T E B A N K S A N D T R U S T C O M P A N I E S IN N E W Y O R K C I T Y .

T o t a l ........................................................ $ 2 9 ,0 0 3 ,3 0 0

2 3 .0 0 %

$ 9 5 ,3 9 7 ,3 0 0

June 15
1918.
C a p ita l as o f M a r . 14
Surplus as o f M a r . 14
L oa n s an d ln v estm ’ ts
S p e c ie _____ __________
C u rren oy & b k . n otes
D e p o s its w ith th e F .
R . B ank o f N . Y . .
D e p o s it s _____________
R eserv o o n d e p o s its .
P . C . reserve t o d e p .

*

Loans
and
Demand
Investments Deposits.

Week
Ended—
1 6 ....................
2 3 ....................
2 ........ ............
9 ___________
16___________
2 3 ....................
3 0 ___________
8 ....................
1 3 ....................
2 0 ....................
2 7 ....................
4 ___________
1 1 ....................
1 8 ....................
2 5 ....................
1___________
8 . . . _______
1 5 . . .............

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

Specie.

$

Legal
Tenders.

1 9 .8 0 %

1918.

Differences from
previous week.

$

S
$
9 5 .0 5 0 .0 0 0
1 6 3 ,8 6 1 .0 0 0
2 0 0 ,3 0 0 1 ,9 2 5 ,7 2 2 ,1 0 0 D e o . 1 1 ,6 6 8 ,7 0 0
2 1 5 ,9 0 0
1 7 .9 7 6 ,4 0 0 In o.
5 1 2 ,3 0 0
2 4 ,8 0 0
1 5 .6 0 4 .0 0 0 D e o .
4 9 9 ,3 0 0

K
D eo.
D eo.
D eo.

3 7 ,5 4 6 ,9 0 0 I n o . 2 ,2 7 0 ,6 0 0
192 ,8 6 8 ,4 0 0
5 7 9 .0 3 9 ,8 0 0 D e c . 1 3 ,0 8 8 ,1 0 0 1 ,9 4 3 ,0 8 1 ,4 0 0
101 .455 .20 0 I n o .
3 0 8 ,3 0 0
2 8 8 ,8 7 9 ,5 0 0
2 2 .3 %
Sam e
1 8 .7 %

May 15

Change from
previous week.

1918.
C ir c u la tio n ____________________
L oa n s, d ls o 'ts & In vestm en ts.
In d iv id u a l d e p o sits, ln c l.U .S .
D u e t o b a n k s _________________
T lm o d e p o s its ..............................
E x ch a n g es fo r C lea r. H o u s e .
D u o from o th e r b a n k s _______
C a sh In ba n k & In F . R . B ank
R e se rv o oxcess In b a n k and
F ed era l R eserv e B a n k ____

Total Reserve in
Cash in Deposi­
Vault.
taries.

D eo.
7 3 ,7 0 0
D e o . 5 1 ,3 2 0 ,2 0 0
D e c . 8 ,3 9 7 ,0 0 0
D ec.
0 .1 %

$
4 ,9 9 0 .0 0 0
4 9 9 .7 3 0 .0 0 0
4 5 8 .4 3 1 .0 0 0
125 .7 7 1 .0 0 0
1 4 .7 8 0 .0 0 0
1 8 .8 0 8 .0 0 0
8 1 .5 5 7 .0 0 0
0 2 .0 3 2 .0 0 0

$
In o .
3 0 ,0 0 0
In o. 1 9 ,0 2 5 ,0 0 0
Ino. 1 7 ,5 5 4 ,0 0 0
In c.
4 ,0 6 5 ,0 0 0
D e c.
4 9 9 ,0 0 0
In o. 3 ,7 3 8 ,0 0 0
In o.
1 ,5 3 9 ,0 0 0
Ino.
2 ,3 4 7 ,0 0 0

1 3 .2 0 5 .0 0 0 I n o .

June 8

June 1

1918.

1918.

S
$
4 ,9 6 0 ,0 0 0
4 ,9 7 8 ,0 0 0
4 8 0 .705 .00 0 4 8 2 .4 1 9 .0 0 0
440 .877 .00 0 4 5 2 .9 2 9 .0 0 0
121.706.000 121 .0 7 4 .0 0 0
15.279.000 17.6 2 8 .0 0 0
15.070.000 17.6 5 4 .0 0 0
8 0 .0 1 8 .0 0 0 8 3 .2 8 2 .0 0 0
5 9 .6 8 5 .0 0 0 5 9 .0 9 9 .0 0 0

7 2 8 ,0 0 0

1 2.477.000

1 1 .2 6 3 .0 0 0

Philadelphia Banks.— The Philadelphia Clearing House
statement for the week ending June 15, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Fedoral Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Fedoral Resorvo Bank. “ Cash in
vaults” in not a part of legal reserve. For trust companies
not members of the Federal Reserve system tho reserve
required is 1 5 % on demand deposits‘and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”

• In clu d ed w ith “ L egal T e n d e rs” are n a tion a l ban k n otes and F od . R eserv e n otes
• eld b y S ta te b a n k s a n d tru st c o s ., b u t n o t th ose held b y F e d . R eserv e m em bers.

In addition to the returns of “ State banks and trust comganios in New York City n o t i n th e C le a r in g H o u s e , ” furnished
y the State Banking Department, the Department also
presents a statement covering a ll the institutions of this
olass in the City of New York:
For definitions and rules under which the various items
are made up, see “ Chornicle,” V . 98, p. 1661.
The provisions of the law governing the reserve require­
ments of State banking institutions as amended M a y 22
1917 were published in the “ Chronicle” M a y 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the “ Chronicle”
April 4 1914 (V . 98, p. 1015).

June 15

BO ST O N C L E A R IN G H O U SE M E M B E R S .

IN

$
$
$
$
9 5 .8 5 7 .3 101,927 ,9 197,785,2 5 9 8 .1 5 2 .4
9 3,416,1 101.863.0 195.279.1 5 6 7 .4 5 2 .0
9 2 .6 5 5 .7 102,961,4 195.617.1 5 7 0 ,8 3 6 ,9
9 0 .5 3 7 .4 8 3 .7 6 2 .0 1 74 .300 .0 5 6 0 .3 8 7 .6
9 0 .1 3 1 .4 8 1 .2 5 5 ,4 171,388,8 5 74 .445 .1
9 0 ,6 6 4,8 8 4 .2 6 4 .8 174.929.6 569 .7 7 3 .5
9 1 .0 7 0 .7 8 0 .1 8 7 .0 177.263.7 5 7 8 ,017 ,3
9 1 .7 4 9 .8 8 0 ,6 0 1 ,6 178,351,4 6 03 .729 .1
9 2 .4 9 3 .5 8 5 .4 3 0 .6 177.924.1 5 9 0 .4 2 1 .2
9 2 .0 0 9 .3 8 3 .8 9 4 .9 175.964.2 5 9 4 .9 9 1 .3
9 2 .0 7 9 .0 8 6 .0 1 9 .3 178.098 .3 5 9 2 .0 1 9 .7
9 0 .9 4 8 .5 8 5 .0 5 7 .7 170.006.2 5 8 8 .8 9 9 .3
9 1 .0 7 6 .0 8 5 .2 7 9 .8 170.355.8 573 .3 7 3 .4
8 9 .3 6 3 .8 8 3 .0 0 1 .4 172.305.2 507,941 ,1
8 7 .6 5 3 .3 8 6 .740.1 174.393.4 5 7 0 .2 3 7 .7
8 5 .1 2 9 .9 8 4 ,4 4 2 ,7 109,572,6 5 7 5 ,8 9 1 ,0
8 1 .5 9 4 .4 8 7 .7 2 4 .4 169.318 .8 5 7 0 .0 4 9 .4
8 2 .1 4 6 .6 8 6 ,2 5 7 ,3 1 6 8 .403 .9 5 8 1 .9 4 1 .7

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

$
2 3 .6 1 8 .4 0 0
4 1 ,2 2 5 .3 0 0
4 6 9 .0 0 5 .2 0 0
1 5 ,7 40,600
2 4 .4 6 7 .4 0 0

Trust Companies.

Differences from
previous week.

Boston Clearing House Banks.— W e give below a sum­
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

The averages of the Now York City Clearing House banks
and trust companies c o m b i n e d with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House are as follows:
C O M B IN E D R E S U L T S O F B A N K S A N D T R U S T C O M P A N IE S
G REATER NEW YO RK .
(Two ciphers omitted.)

State Banks.

Week ended June 15

U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K . N O T I N C L U D E D IN C L E A R I N G H O U S E S T A T E M E N T .
CFigures Furnished by State Banking Department.)
Differences from
June 15
previous iveek.
L o a n s an d In v estm en ts__________________________________ $ 7 4 6 ,6 1 5 ,3 0 0 D e o . $ 5 ,0 3 4 ,7 0 0
1 3 ,3 95,600 I n c .
S p e c i e ...............................................................................................
3 7 7 ,200
C u rre n cy an d b a n k n o t e s ______________________________
1 2 ,1 5 9 ,4 0 0 D e c. 1,1 6 6 ,2 0 0
5 6 ,0 3 6 ,9 0 0 D e c .
D e p o s its w ith the F . R . B a n k o t N e w Y o r k ___________
175,900
T o t a l d e p o s its ........................................................................... ..
7 5 2 ,7 3 0 ,6 0 0 D e o . 5 0 ,6 1 3 ,5 0 0
D e p o s it s , elim in a tin g a m ou n ts d u e fro m roserve d e ­
positaries an d Irom o th er b a n k s a n d tru st c o m ­
p an ies In N . Y . C it y , ex ch a n g es a n d U . S . d e p o s it s . 7 0 7 ,4 1 7 ,6 0 0 D e c .
5 2 4 ,100
R e s e rv e on d e p o s its ............. .................
124 ,4 0 0 ,6 0 0 D e c . 8 ,5 9 8 ,6 0 0
P e r c e n ta g e o f reserve, 2 0 .5 .
RESERVE.
------- Stale Banks------------ Trust Companies-----C a sh In v a u lts ............................................$ 1 3 ,3 5 3 ,6 0 0 1 0 .6 0 %
$ 6 8 ,2 3 8 ,3 0 0 1 4 .2 0 %
D e p o s its In b a n k s an d tru st c o s ____ 1 5 ,6 4 9 ,7 0 0 1 2 .4 0 %
2 7 ,1 5 9 ,0 0 0
5 .6 0 %

F eb.
Feb.
M ar.
M ar.
M ar.
M ar.
M ar
A p ril
A p ril
A p ril
A p ril
M ay
M ay
M ay
M ay
Juno
Juno
Juno

[Vol. 106

THE CHRONICLE

Two ciphers (0 0 ) omitted.

C a p ita l________ _____
Surplus and profits.
L oa n s, d lso’ ts & tnvestra’ ts
E x ch a n g es for C lear .H ou se
D u e from b a n k s ___________
B ank d e p o s its .........................
In d iv id u a l d e p o s its _______
T im e d e p o s its _____________
T o t a l d e p o s its ....................
U .S. d ep osits (n o t Included)
R e s ’ v e w ith F ed . R e s . B k .
R e s ’ v o w ith legal d e p o sit's
C a sh In v a u l t * . . .................
T o t a l reserve & .ca sh h e ld .
R eserv o re q u ire d _________
E x cess res. & cash In vault

Week ending June 15 1918.
Memb'rs of
F. R. Syst.
2 5 .9 7 5 .0
6 8 .0 5 1 .0
5 8 3 .1 4 1 .0
2 1 .9 4 5 .0
1 29 .805 .0
166 .374 .0
4 3 5 .7 9 6 .0
4 ,8 7 5 ,0
6 0 7 .0 4 5 .0

Trust
Cos.
5 .5 0 0 .0
13 .8 7 8 .0
4 7 .0 2 4 .0
7 00 .0
163.0
1 .0 7 8 .0
3 1 .0 2 9 .0
‘ 3 2 ,1 0 7 ,0

5 3 ,5 4 9 ,0
16 ,2 8 0 ,0
6 9 .8 2 9 .0
4 5 .1 8 8 .0
2 4 .6 4 1 .0

June 8

June 1

1918.

1918.

3 1 .4 7 5 .0
8 1 .9 1 7 .0
0 1 9 .4 9 6 .0
2 4 .0 6 4 .0
128 .004 .0
102 .699 .0
4 0 0 .9 1 9 .0
4 .3 0 0 .0
627 .9 1 8 .0
55 .1 0 3 .0
4 9 .8 4 8 .0
4 .6 9 2 .0
18.377.0
7 2 .9 1 7 .0
4 8 .8 5 4 .0
2 4 .0 0 3 .0

$ 3 1 ,4 7 5 ,0
8 1 .9 4 0 .0
0 2 4 .4 9 0 .0
2 5 .3 5 4 .0
1 3 4 .212 .0
1 6 5 .096 .0
4 6 2 .4 1 6 .0
4 .2 9 1 .0
0 3 2 .4 0 3 .0
6 5 .9 5 8 .0
4 8 .2 8 7 .0
4 .2 3 1 .0
17 .9 5 1 .0
7 0 .4 0 4 .0
4 8 .5 2 4 .0
2 1 .9 4 0 .0

Total.

" "4,400,0
1 .6 9 4 .0
6 .0 9 4 .0
4 .6 8 6 .0
1 .4 0 8 .0

3 1 .4 7 5 .0
8 1 .9 2 9 .0
6 3 0 .1 6 5 .0
2 2 .0 9 5 .0
129 .9 6 8 .0
107 .4 5 2 .0
4 6 6 .8 2 5 .0
4 .8 7 5 .0
6 3 9 .1 5 2 .0
6 0 .3 9 8 .0
5 3 .5 4 9 .0
4 .4 0 0 .0
17 .9 7 4 .0
7 5 .9 2 3 .0
4 9 .8 7 1 .0
2 6 .0 4 9 .0

•Cash In v a u lt Is n o t co u n te d as resorvo for F . R . b a n k m em b ers.

Non-Member Banks and Trust Companies.— Following is the report made to the Cloaring House by clearing non­
member institutions whioh are not included in the “ Clearing House return” on tho preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W
Net
Profits.

C L E A R IN G

Loans.
Discounts,
Investments.
W e e k E n d in g J u n e 15, 1918. / N a t . ban ks M a r. 4 /
tic.

NON-MEMBERS.

Capital.

Gold.

Legal
Tenders.

Stiver.

Average.

Average.

Average.

(S ta te ban ks M a r. 14/
M em bers o f
F ed era l R eserv e B a n k
B a tte ry P a rk N a t . B a n k ____
W . R . G ra ce <fc C o . 's b a n k ___
F irst N a t . B a n k , B r o o k ly n ..
N a t . C it y B a n k , B r o o k l y n ..
First N a t . B a n k , J ersey C ity
H u d so n C o . N a t ., Jorsey C ity
F irst N a t . B a n k , H o b o k e n ..
S econ d N a t . B a n k , H o b o k e n

4 0 0 .000
500 .000
300 .000
3 0 0 .000
4 0 0 .000
250 .000
2 2 0 .000
125,000

$
527 ,900
642 ,400
670 ,500
601 ,100
1,326,900
782 ,700
632 ,800
302 ,200

$
8 .1 2 3 .0 0 0
5 .1 5 1 .0 0 0
7 .4 3 6 .0 0 0
6 .8 2 0 .0 0 0
8 .3 6 9 .0 0 0
4.9 5 7 .0 0 0
7 .4 6 5 .0 0 0
5 .8 5 8 .0 0 0

8 0 ,000
3.000
11,000
3 .000
204 ,000
5 8 .0 0 0
6.000
10.000

i
11,000

$
2 9 ,000

11,000
27.000
205 ,000
8,000
3,000
4 2 .000

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

2,4 9 5 ,0 0 0

5 ,4 8 9 ,5 0 0

5 4 ,1 7 9 ,0 0 0

3 7 5 ,000

100,000
500 .000
1 ,000,000
500 .000
200 .000
200 ,000
100,000
1,600,000
200 ,000

4 80 ,300
1.003,400
6 20 ,800
146,900
523 ,000
213 .700
663 ,400
798 .700
174,800

2 .5 2 6 .0 0 0
9 .6 5 4 .0 0 0
13.416.000
5 .8 8 5 .0 0 0
8 .5 5 9 .0 0 0
4 .0 9 6 .0 0 0
7.1 4 2 .0 0 0
2 2 .6 6 4 .0 0 0
4 .5 6 1 .0 0 0

7 2 .000
6 7 4 .000
6 5 3 .0 0 0
153.000
3 4 9 .000
3 2 .000
3 1 7 .000
114.0 0 1
161,000

4 ,4 0 0 ,0 0 0

4 ,6 2 5 ,0 0 0

7 8 ,5 0 3 ,0 0 0

5 00 .000
2 00 .000

1 .007,800
344 ,000

700 ,000

1,351,800

$

Acerage.

$

Y O R K C L E A R IN G H O U S E .

National
Bank
dk Federal
Reserve
Notes.
Average.

Reserve
with
Legal
Deposi­
taries.

Additional
Deposits
with Legal
Deposi­
taries.

Average.

Average.

m

Net
Demand
Deposits.

Nationa
Net
Bank
Time
' Circula­
Deposits.
tion.

Average.
i

Average.
%

Aevrage.

115.000
7 6 .000
148.000
9 3 .000
3 8 .000
9 6 .000

$
101,000
2,000
7 3 .000
131.000
2 15 .000
138.000
197.000
3 7 .000

$
1.2 3 2 .0 0 0
1.0 2 4 .0 0 0
591 .000
5 7 4 .000
1 .000,000
3 2 4 .000
32 8 .0 0 0
2 7 7 .000

3 6 7 ,000

5 9 5 ,000

8 9 4 ,000

5 ,3 5 0 ,0 0 0

5,000
137,000
14.000
90.000
59.000
80.000
378 ,000
19,000

4 7 .0 0 0
40 3 .0 0 0
3 5 8 .000
5 1 .000
2 4 3 .000
2 2 7 .000
3 8 4 .000
6 2 8 .000
117,01)0

152.000
111.000
531 .000
3 7 9 .000
190 .000
2 0 3 .000
116.000
97 9 .0 0 0
197.000

136.000
6 3 1 .000
773 .000
3 0 4 .000
5 3 2 .0 0 0
131.000
4 4 8 .0 0 0
1,3 9 9 ,0 0 0
3 1 0 .000

2 ,5 2 5 ,0 0 0

782,000

2 ,4 5 8 ,0 0 0

2 ,8 5 8 ,0 0 0

8 ,8 2 0 ,0 0 0
7,9 9 2 ,0 0 0

37 2 ,0 0 0
2 7 ,0 0 0

22,000
82,000

17,000
123,000

16,8 1 2 ,0 0 0

39 9 ,0 0 0

101,000

140,000

7.5 9 5 .0 0 0 11.466.300 149 ,494 ,00 0 3 ,2 9 9 ,0 0 0
— 1 ,714,000 — 139,000
4 60 ,890 Increase
7.5 9 5 .0 0 0 11.466.300 151.208 .00 0 3 .4 3 8 .0 0 0
7.5 9 5 .0 0 0 11.346.600 152.466.000 3.5 2 8 .0 0 0
7.5 9 5 .0 0 0 11.346.600 154.594.000 3.4 9 8 .0 0 0
7.5 9 5 .0 0 0 11.346.600 154.113.000 3 .4 8 6 .0 0 0

1,253,000
+ 18,000

3 ,1 9 3 ,0 0 0
— 97,000

3 ,9 9 2 ,0 0 0 1 0,709,000 1 0 ,9 46,000 n 125,949,000 1 4 ,2 52,000 1,5 0 9 ,0 0 0
+ 6 ,000 ' — 3 ,0 0 0
— 78,000 + 5 1 5 ,000 + 616 ,000 — 1 ,170,000

1.235.000
1.062.000
1.244.000
1 .192.000

3.2 9 0 .0 0 0
3 .1 6 7 .0 0 0
3 .2 3 3 .0 0 0
3 .2 9 0 .0 0 0

4 .0 7 0 .0 0 0
4 .2 0 6 .0 0 0
4.2 9 3 .0 0 0
4.2 7 5 .0 0 0

S
3 2 5 ,0 0 0

123.000
1,2 5 0 ,0 0 0
5 7 6 .000
4 1 1 .0 0 0

$
1 91 ,000

4 9 4 .0 0 0
714 .000
3 .3 4 8 .0 0 0
1 .008.000
6 5 3 .000
6 0 7 .000

7 .1 1 3 .0 0 0
1.4 7 2 .0 0 0
5 .5 6 2 .0 0 0
5 .4 0 6 .0 0 0
7 .1 3 1 .0 0 0
4 .1 0 4 .0 0 0
2 .9 7 9 .0 0 0
2 .8 4 4 .0 0 0

1518,000
3 .5 2 2 .0 0 0
2 .5 9 2 .0 0 0

2 8 0 ,0 0 0
120 ,000
3 9 7 .0 0 0
198.000
2 1 8 .0 0 0
9 9 ,0 0 0

7 ,1 4 9 ,0 0 0

3 6 ,6 1 1 ,0 0 0

8 ,9 9 2 ,0 0 0

1 .5 0 9,000

*426",000
4 00 ,000
1,816,000

2 ,2 8 1 ,0 0 0
1 0 .5 1 0 .0 0 0
12,880,001)
5 .0 9 5 .0 0 0
8 .2 2 9 .0 0 0
4 .2 4 5 .0 0 0
7 .4 6 5 .0 0 0
2 3 .3 2 4 .0 0 0
4 .3 8 7 .0 0 0

35 2 .0 0 0
137.000
2 6 ,000
9 9 .000
6 4 .000
40 0 .0 0 0

4 ,6 6 4 ,0 0 0

3 ,2 2 0 ,0 0 0

7 8 ,4 1 6 ,0 0 0

1,0 7 8 ,0 0 0

8 1 ,000
159,003

2 9 7 .000
39 3 .0 0 0

2 91 .000
2 86 .000

5 .9 5 1 .0 0 0
4 .9 7 1 .0 0 0

1.0 8 1 ,0 0 0
3 ,1 0 1 ,0 0 0

2 4 0 ,000

6 9 5 ,000

5 77 ,000

1 0 ,9 22,000

4 ,1 8 2 ,0 0 0

S ta te B a n ks.

Not Members of the
Federal Reserve Bank.
Bank o f W ash in gton H eig h ts.
C olon ia l Bank ...........................
C olu m b ia B a n k ______________
In tern ation al B a n k ....................
N ew N eth orla n d B a n k ............
Y o r k v llle B a n k ...........................
M e ch a n ics ’ B a n k , B r o o k ly n .
N o rth Sid e B a n k , B r o o k ly n ..
T o t a l _______________________

42 0 .0 0 0
117.000
4 1 ,0 0 0

T r u s t C o m p a n ie s .

Not Members of the
Federal Reserve Bank.
H a m ilton T r u s t C o ..B r o o k ly n
M e ch a n ics ’ T r . C o ., B a y on n e
T o t a l ..........................................
G ra n d a g g r e g a te ............ ...........
C om p a rison p rev iou s w e e k ..
G ra n d
G ra n d
G ra n d
G ra n d

a g g reg a te
ag g reg a te
a g g reg a te
ag g reg a te

Jun o 8 ____
J u n e 1 ____
M a y 2 5 ____
M a y 18

1

a U . S . d ep osits d e d u cte d , $ 9 ,5 0 4 ,0 0 0 .




10.194.000 10.330.000
10.669.000 9 ,1 5 1 ,0 0 0
10.823.000 10.105.000
10.337.000 11.06.5.000

127.119.000 14.240.000
14.243.000
129 .179 .00 0 14.218.000
128.654 .00 0 14.196 000

127.684.000

1.5 1 2 .0 0 0
1.5 0 8 .0 0 0
1 .5 1 4 .0 0 0
1 5 H U )0 0

THE CHRONICLE

June 22 1918.]

2631

United States Bonds.

f l a n k e r s '

(S a x e t le .

Wall Street, Friday Night, June 21 1918.

The Money Market and Financial Situation. — During
the early part of the week practically all the nows attracting
attention in W all Street came from Washington. This
began with the announcement that Treasury notes to tho
amount of $6,000,000,000, in anticipation of tho next war
loan, will bo issued between July 1 and Oct. 31 in sums of
$750,000,000 fortnightly, and was continued with tho state­
ment that tho Government will advance over $17,000,000 to
the Brooklyn Rapid Transit Co. to apply on its notes for
more than three times that amount, maturing on July 1.
Reports of our foreign trade for M a y show it to havo been
very heavy. Shipping facilities are thus seen to be more
nearly up to requirements than for some timo past. Im­
ports for the month were tho largest ever reported, and re­
duced tho not balanco in our favor below that of last year
and also that of 1916.
Tho weekly weather bulletin was again exceptionally
favorable as to spring wheat and cotton. The winter wheat
harvest has now progressed so far as to be practically immune
from weathor conditions. Semi- official reports from the
iron and steel industry tell of orders cabled from American
A rm y headquarters in Franco for onormous quantities of
railway equipment including rolling stock, which, in addition
to homo demands, promise to absorb all tho available supply
for some timo to come.
Now s from tho battle-fields of Western and Southern
Europe indicate that the great Gorman offensive has, per­
haps, spent its force and that tho Austrian attack on the
Italian front has been thus far successfully withstood.
Evidently tho morale of tho Italian army is of a higher
standard than that extan,t last year. Bo that as it may, tho
composite nows from overseas has undoubtedly been ono of
tho causos for a moro hopeful foeling in W all Street as the
weok draws to a close.
Tho monoy markot is easier, following tho final third
Liborty Loan and Income T ax payments and tho receipt this
woek of $15,000,000 moro gold from Canada. The latter
now totals $30,000,000.

Foreign Exchange.

— Storling exchange romains without
essentially now foature. An additional $15,000,000 in gold
has como forward from tho branch of tho Bank of England
at Ottawa, being deposited in the vaults of tho Federal
Rosorvo Bank. This makes a total of $30,000,000 sineo tho
curront inward flow began.
T o -d ay ’s (Friday’s) actual rates for sterling oxchango were
4 7 2 % @ 4 72% for sixty days, 4 75 % @ 4 75 5-16 for checks
and 4 76 7-16“ for cables. Commercial on banks, sight,
4 75@ 4 75% , sixty days, 4 7 1 % @ 4 71% ; ninety days,
4 7 0 © 4 70% ; and documents for payment (sixty days),
4 71@ 4 71% . Cotton for payment, 4 7 5 @ 4 75% ; and
grain for payment, 4 75@ 4 75)4.
,
T o -d ay ’s (Friday’s) actual rates for Paris bankers’ francs
wore 5 78 for long and 5 72% for short. Germany bankers’
marks wore not quoted. Amsterdam bankers’ guilders woro
50 5-16 for long and 50% for short.
Exchango at Paris on London, 27.16 fr.; week’s range,
27.16 fr. high and 27.16 fr. low.
Exchango at Berlin on London, not quotable.
Tho range for foreign exchange for tho weok follows:

at
Pan.
L. L.
and

— Sales of Government bonds
the Board include $1,000 4s coup, at 106)4; $1,000
3s coup, at 85; Liberty Loan 3% s at 99.50 to 99.70;
1st 4s at 93.74 to 94.60; L . L . 2d 4s at 93.72 to 94.60
L. L. 4% s at 95.64 to 96.68.For to-day's prices of all the

different issues and for thejweek's range, see third \page fol­
lowing.

Railroad and Miscellaneous Stocks.

— The stock market
has been exceptionally dull, narrow and uninteresting
throughout the week. Tho total transactions averaged little
moro than 430,000 shares daily and, in the railway
especially, fluctuations and net changes have been so narrow
as to be wholly without significance. T o -d ay ’s market
somewhat moro active and during the early hour was strong,
but later prices reacted and practically every active issue
closes with a fractionsal net loss. A large proportion are,
however, higher than last week.
Among tho strong features Gen. Motors is up 7 points,
Am . Locomotive 2 % and U . S. Steel 2 % . The railway list
has generally covered a narrow range with net changes about
equally divided between higher and lower.
For daily volume of business see page 2640.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:

list
was

STOCKS.

Week ending June 2 1 .

Sales
for
Week

Range for Week.
Highest.

Lowest.

Par Shares $ per share.

A m erica n E x p ress___ 100
;soo 8 9 M J u n e
A m Sum atra T o b p f.1 0 0
100 100 Jun e
A m T e le g & C a b l e . . 100
10 50 J u n e
A tla n ta B irm & A t l.-lO O
100 lO K J u n e
B a rrett p r o f__________ 100
100 102 Jun e
1 Jun e
B a top ila s M in in g ____ 20
200
B run sw ick T e r m in a l. 100 1,400 12 J u n e
B u tt e r lc k ____________ 100
100
8 Jun e
200 67 Jun e
C a lu m et & A r iz o n a ___10
300 3 6 A Jun e
C en tra l F o u n d r y ____ 100
100 48 Jun e
P r e fe r r e d __________ 100
1 0 1 0 5 Jun e
C e n t & S A T e le g ____ 100
200 68 J u n e
C ld c P n eu m a t T o o l . 100
9 June
C o n s-In te rsta te C a l l . . 10 4 ,6 0 0
200| 99 J^June
C on tin en ta l C a n pref 100
200 50 Jun e
C on tin en ta l In su r____ 25
99:103 J u n e
D e tr o it E d is o n ______ 100
100 85 J u n e
D e tr o it U n ite d ______ 100
E lk H orn C o a l________ 50 1,100 2 6 H J u n e
100, 34 A Jun e
F ed eral M & S p r e f . . 100
U s h e r B o d y C o r p .n o par 1,400; 39 J u n e
400! 87 Jun e
P r e fe r r e d __________ 100
200 180 J u n e
G en eral C h e m ica l___100
G eneral C igar I n c ___ 100 27,988! 44 Jun e
300 9 9 ^ J u n e
P r e fe r r e d __________ 100
100! 3 0 M J u n e
G u lf M o b t lc & N o r p f.1 0 0
1 50 110 Jun e
In t I la r v N J p r e f___ 100
300 62 Jun e
I n t H a rv C o r p _______ 100
100 89 H Jun e
In tern a t N ick el p r e f. 100
2 0 0 'z9 3 H J u n e
J ew el T e a p r e f_______ 100
244* 60 Jun e
K C F t S & M p r e f . . 100
10 9 3 ^ Jun e
K in g s C o E lec L & P . 100
300,102 Jun e
L ig g ett & M y era pref 100
100[ 83 X Jun e
L oose W iles B is 1st p f 100
300 102 Jun e
L orlllard (P ) p r e f___ 100
200 52 Jun e
M a y D e p t S tores___100
. 9 1 A Jun e
2!
M ich ig a n C e n tr a l___ 100
400 88 Jun e
M in n St P & S S M . . 1 0 0
200 3 0 M J u n e
N a tion a l A c m e _______50
2 0 0 1 1 0 Jun e
N a tion a l B iscu it p ref 100
200! 21 Jun e
N O T e x dc M e x v t c .1 0 0
O h io F u el S u p p ly ____ 25 5,9 0 0 43 Jun e
100 26 J u n e
S t L -S F ran pref A . . 100
200 7 2 H J u n e
S a v a g e A rm s C o r p . . 100
100 4 3 H J u n o
S tu tz M o t o r C a r .n o par
4 June
T o l St L & W tr r e c ts ___ 1,800
9 Jun e
P referred tru st r e c t s . . 1,400
100 40 J u n e
T ra n su o & W ’ m s .n o par
100 1 3 H J u n e
U S R e a lty & Im p t -.lO O
300 73 Jun e
W ells, F a rg o E xpress 100;

Lowest.

Highest

S per share. $ per share $ per share.

19 90 J u n e
18 100 Jun e
20 50 J u n e
15 lO ^ J u n e
20 102 Jun e
21
1 June
19 1 4 H J u n e
8 Jun e
17
20 67 J u n e
21 37 J u n e
21 48 J u n e
21 105 J u n e
21 08 Jun e
15 13 J u n e
21 101 Jun e
20 5 0 K J u n o
18104^June
18 85 Jun e
19 2 7 M J u n e
20 34 je ju n e
15 43 J u n e
15 8 3 M J u n e
2 0 1 8 0 Jun e
15 58 J u n e
2 0 1 0 0 Jun e
17 3 0 H J u n e
2 1 1 1 0 Jun e
21 63 J u n e
17 89 'AJun e
20z93H June
21 60 J u n e
18 93 A Jun e
1 9 1 02 J u n e
20! 83 A J u n e
1 9 1 02 Jun e
15! 53 J u n e
n
'J O lH J u n e
20
17 89 Jun e
20 3 0 % J u n e
1 8 1 1 0 June
20 21 J e ju n e
20 461^June
19 26 Jun e
21 7 2 M J u n e
18 4 3 H J u n e
19
6 A Jun e
19 lO H J u n e
20 40 J u n e
17 1 3 H Jun o
2 0 74JSJune

6 ui/goum/

Range since Jan. 1.

i/i/gotuiv

19 80
18 81
20 51
15
8A
20 99>4
1
21
17
7 'A
17
20 63 A
21 26
21! 41
21 104
21 68
21
7H
18 99 M
20 44
19 98
18 80
19 22
20 27
18j 26
2l( 70 H
20! 165
17| 34
21| 96 A
17, 27
21: 106 M
21 53
17: 88 A
20 88
21 60
IS 89 X
20 1 0 0 H
20; 82 yi
19 98
15'; 47
20 80 ]4
17 80 A
20 26 A
18! 108 M
19; 17
15 41 yi
19, 21
19 53
18 38 A
4
19!
8A
19,
20 37 A
8
17
19! 70M

Jun e
June
F eb
10A Jun e
102
June
1A M ar
16A Jun e
11H F eb
M ay
71
41*4 A p r
Apr
53
M ar
Juno
Jun e 68
A p r 13
Jun e
M ar
J u n e 105
F eb 50A Jun e
Jan 105
M ar
A p r 90
Jan
Jan 28 Vi M a r
Jan 36 A F eb
Jun e
Jan 43
Jan 88 K June
Jan 180
F eb
Jan 58
Jun e
M a r 100
Jun e
M a r 3 0 H Jun e
Jan 110 yi F e b
M a r 72
F eb
M ar
M a y 98
A p r 97 A Jan
Apr
Jun e 65
A p r 94
F eb
Jun e 1 07 H M a r
M ay
Jan 85
M ar
Jan 105
Jan 54 yi A p r
Jun e
F eb 95
M ar
Jan 90
M ay
Jan 33
M ar
Jan 114
A p r 24 A M a y
M a r 46 A Jun e
Jan
Jan 30
Jan 80 A M a y
Jan 47 A F eb
Jun e
6A M a y
M ar: 1 2 A Jan
June* 42
M ay
M ar; 17
Apr
M a y l 8 3 A Jan
F eb
Jan
Jan
Jan
June
Jan
Jan
M ay
Jan
M ar
Jan

90
103
60

O u tsid e M ark e t.— Activity and strngth of tho oil shares
again featured “ curb” trading this week, with Houston Oil
tho most prominent issue. After an early advance from
81% to 83 % , it broko to 75% , but moved upward again,
touching 86% , a new high record. A final reaction carried
tho prico down to 77% . Glenrock Oil was in demand and
Cables.
Sterling Actual—
Sixty Days.
Checks.
moved up from 3 % to 4 % , closing to-day at 4 % . Island
4
7
5
7
-1
0
H ig h f o r t h o w e o k —
472 A
4 75H
Oil & Trans., another active issue, improved from 4 % to
4 7 0 7 -1 6
L o w fo r th e w e e k —
47 2 %
4 7 5 14.
Paris Bankers' Francs— •
4 % and ends tho week at 4 % . M erritt Oil from 28^4 rose
5 70
H ig h f o r t h o w e e k —
578
5 71A
to 20% , dropped to 27% and moved upward again, resting
L o w fo r th o w e e k —
578
5 71 Yi
5 7 0 >6
Germany Bankers’ Marks— ■
finally at 28% . M idwest Refining lost 2 points to 111 and
...............
H ig h f o r i h o w e e k ......................... .
to-day sold up to 116, with the close at 113%. Pierce Oil
L o w fo r th e w e e k —
----------------------was conspicuous for an activo demand and after early weak­
Amsterdam Bankers' Guilders—
H ig h f o r t h o w e e k . . .
5 0 1 8 -1 6
51
51A
ness from 13% to 13, ran up to 16% , the close to-day being
51
L o w fo r th o w e o k —
5 0 5 -1 6
5014
at 15% . M otor shares were comparatively quiet, although
— Chicago, par. Boston, par. St.
in tho lato trading United M otors developed considerable
Louis, 15c. por $1,000 discount bid. San Francisco, par.
activity. In the earlier trading it had lost over a point .to
Montreal, $20 31)4@ $23 12% por $1,000 premium. M in ­
27% , but towards the close sold up to 30% and rested'fi­
neapolis, 10c. por $1,000 discount. Cincinnati, par.
nally at 20% . Chevrolet M otor fluctuated between 130
— Sales of Stato bonds at and 133 and ends the week at 131. Keystone Tire & R u b ­
Aeroplane
tho Board aro limited to $2,000 N o w Y ork 4s of 1962 at ber com. dropped almost 2 points to 19.
issues were quiet. Curtiss Aeropl. & M . com. sold up from
07% .
.
Tho markot for railway and industrial bonds has been in 40% to 42 and down finally to 40% . W righ t-M artin A ir­
no w ay conspicuous or unusual this week. Tho tone is craft com. lost a point to 0 % , the final figure to-day being
somewhat firmer than last weok, howovor, as nearly 2-3 10. Aetna Explosives com. lost a point to 13% and recov­
ered finally to 14. Submarine Boat at one time was up a
of tho active list is fractionally higher.
Among tho exceptional features Inter. M er. M a r. 6s aro point to 18, but fellback again to 17. Burns Bros. Ice after
conspicuous for the loss of a substantial part of their recont early loss of 3 points to 20, advanced to 27% and finished
advanco. Northern Pacific 3s are % point lower, while tho to-day at 25% . In the mining department an active de­
4s have advanced noarly as much. Among tho other rela­ mand for B ig Ledge Copper featured the list, the price ad­
tively strong issues aro Atchison, Balt. & Ohio, B . It. vancing from 1% to 1% , with the close to-day at 1 7-16.
In bonds tho new Armour deb. 6s were actively traded; in,
Transit 5s, and So. R y gen. 4s.
In addition to tho above tho activo list includos Burling­ all issues.
,
„
A comploto list of “ curb” market transactions for* the week
ton, Rock Island, M q . Pac., So. Pac., and somo of tho
will bo found on page 2640.
industrial bonds.

Domestic Exchange.

State and Railroad Bonds.




New York Stock Ssoliaase-Stock Record, Daily, Weakly and Yearly

2633

P «> r e c o r d o f s a la s d u r in g

O C C U P Y IN G T W O
th a w « « b o f a to e k a

BJOH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday
June 15.
S

Monday
June 17.

ver share S ver share

85
85
*82% 83%
♦93
94%
55
55%
56
50
42
43%
*147% 149
57
57
*7
7%
23%
*23
43% 43%
74% 74%
01% 93
*23
69 ;
59%
*3 0 ,

23
09%
00
35

♦21
*48%

23
50

85
♦83
*93%
55
56%-

Tuesday
June 18.

Wednesday
June 19.

S ver share S ver share S per share
85% 85%
85% 85%
*8134 85%
*82% 83%
83% 83% §83% 83%
591% 91% *93% 94% *93% 94%
5 D4 55
543^ 55
51% 55%
*55
57
57
*55
42
38% 40%
42%
41
43
146% 148
146% 147
*14512 147
57
57
*56% 57%
56% 57
*7
7%
7%
7%
§7%
7%
23%
23% §23% 23% *23
*23
*43% 44
44
44%
4.3% 44
74% 74%
74% 74%
74% 75
91% 91%

146%
57
*7%
*23
43%
74%
92%

85%
83%
94%
56
59%
43
148%
57%
7%
23%
44%
75%
92%

22%
69%
00
33

23%
70
60%
33

2234
♦69%
*59%
*39%

23
70%
60%
35

22%
70
*60
*30

22%
70%
60%
35

*21
49%

24
49%

*2234
*48%

23
50

23
♦48%

23
50

110% *103
*103
110
110
*108
110
164
164
*100
164
*160
*160
*160
*4
*4
*4
♦4
0
5
5
8
*7
9
*7
*8
8%
8
15% 15% §15%
15% 16%
15% 15%
3234 33%
33
*32% 33
32% 33
24
23
24
*22
*22
23% *22
89
89%
*89
90
89
90%
89
32%
32% 33%
33% 33%
33
33%
96%
96% 96% *90% 97
9612 96%
8%
8%
8%
8%
8%
*8
8%
40
40
*38% 39% *38%
♦38% 41
18% 18%
18%
18% *18
18%
*18
53
*51
53
52% 52% *51
*51
934
9%
*9
*9
*9
*9
9%
*10
59%
59%
59
59%
59% 59%
*59
*115% 116% *115% 116% *115% 116% *115%
*9%
*9% 10%
*9% 10%
*9% 10%
*5
*5%
5%
5%
*5
5%
5%
*7%
9
7%
*7
9
*7
7%
23%
23% 24
23% 2.3%
23% 23%
54% 55
55
*54
54%
54% 54%
72%
72
72
61% 72%
72% 73%
41%
41% 42%
41% 42%
41% 42
21%
21
20% 20% *20
20% 20%
*102% 104
103
*103%
103% 103% 103
86
87
*87
87%
87%
86% 86%
4334 44
43% 44
43% 44
43%
12
12
11% 11%
11%
57%
33%
*75%
91%
*34%
*36%
*12
*21

33%
76%
02
39
38
12%
22

33%
76
90%
34%
*36%
12%
21

8
8
8
20%
20% 21%
84%
84
84
24%
24% 24%
61%
*61% 62
1734
•15% 17%
*37
41
*38
121% 122% 12134
72
*70
*70%
*9
9% ■ *9
*17
17
18
8%
9
8%
41% 41%
41%
24%
23% 24
*14
14%
14%

14
34

33%
76%
91
♦35
38
11%
21
*35
* 7%
2 1%
84
24%
62%
17
*38
121%
*7o%
*9
*17
9
*41%
*24
*14%
*24
20
61%
*9
*19
35
• %1f
*14
33%

33%
76>2
92%
37
38
12
21
40
8
21%
84%
24%
62%
17
41
122 i 2
72
9%
18%
9
42
24%
15
29
20 %
61%
10
21
38
|
15
351.1

1%
1%
33%
84
*86%
*93%
07
*80
45%
94 %
79%

1%'
1%
33% '
84%
8.8
96%
68
8 ft
46% !
91%
80%

19%
*59%
*9
*19
*35

19%
60%
10
21
33

*14
*34

15
35

*1%
*1%
34%
*84%
*85
*93
66%
*80
46%
04
79%

1%
1%' *1%
34%
33%
85
84%
88
*86
*94
9S
60%
66%
85
♦.SO
40%
45%
94
94%
79%
80%

1%
1%
34%
85
88
9612
C634
85
46%
04%
S0%

42
*74
16
75%
30
*49
*54
41%
*78
64%

42
82
16%
76
30
50
54%
41%
80
65%

42%
82
16%
76%
30%
49
54%
41
79%
6534

9
46
•118
77%
*104%
*63
112
108%
139%
97%
164
*93
57
*93
*21%
17%
*47
64%
*106%
*01
89%
*38

19
60%
9%
19%
*35

34%
76%
92 %
34%
3S
12%
23
40
s
21%
84%
24%
02%
17%
41
123%
72
9%
18
9%
42
24%
14%

14
34

41%
*72
15%
75%
30%
49
53%
40%
79%
64%

9
*814
46
*41%
140 *118
76%
77%
105 *104%
64%
65
1 1 2 % 112
103% *105
140% 136%
9 8 % 1 97%
164% 5160
93
95%
56%
57
95
*93
25
*23
17%
16%
50
48%
63%
65%
107%
103
64
62%
90%
8S%
_
90
89%

82% 83
105% 106
*23
23%

20
00%
9%
19%
38

*41
*78
16
74%
*29
*47
53
40%
*78%
26412
§98
9%
8%
*44%
47
140 ♦118
7734
76%
104%
105
64%
04
112% 112%
109
*106
141% 138%
98%
98%
160 ♦ICO
95
95%
56%
57%
95
*93
26
♦22
16%'
16%
48% *48%
65%
63%
108
107%
62% *62
91
88%

59%
116%
10
5%
8%
23%
55%
72%
42%
21
101%
87
44
11%
57%

33% 35%
77
79
91
92%
36
36
*37
39
*11% 12%
*20
23
3Q7g
*35
*7%
8
*20 % 21
84
84
24
24%
62
62%
*16
16%
*39
41
121% 122%
70% 70%
*8%
9%
17% 17%
0%
9%
41% 41%
24% 24%
*14% 15
*24
29
20% 2 1 %
0 1 % 62
9 % * 9%
21
*19
*35 f: 38
’ “ H : ! ■J- ■ »
*14
15
*33% 35
____
1%
1%
1%
1%
33% 35
84% 84%
*86% 88
*93% 90%
67% 68%
*80
85
40
46%
9 4 % 94% '
80
80%

88%

88%

81% 83%
104% 101%
23
23

n o sa le* o u th is d a y




110
164
5
9
15%
33
23
89%
33
96%
8%
40
18%
53
10%

42%
42
42%
82
82
*72
16%
16% 1 7 %
74% 7 7
76
32
*29% 33
50
*45
50
53
53
53
41% 41%
41
80
81
*78
66% 68%
66%
98
98
98
7%
7%
8%
44%
44
46%
135
135
140
76%
70% 76%
104% *104% 105%
*64
65
65
113% 112% 114
110 ♦108
109
141% 138% 140
99%
98% 99
164 >2 *160
164.2
*93
95
9.8
57
56% 56%
95
93% 93%
25
*22
25
17%
16% 17%
48
50
48
64% 65
65
107% 107
107%
03%
03% ♦62
88% 90%
90%

89% *70% 90
. .
823S 84%
81% 83%
105% *103
104
105
*23
23% 23%
23%

• Mill a n d a s k e d p r ic e *

Thursday
June 20

22%
*70
60
*30
*60
*22%
♦48%
*13
*108
*160
*4
7%
15%
33
23
90%
32%
*96%
7%
38
♦18
*50
*9
*16
59
*115%
9%
5%
7%
23%
*54
72
41%
*20%
103%
87
43%
____
57%

Friday
June 21
S

per share

85% 85%
♦83% 83%
♦94
95
51% 55%
*55% 57%
33% 38%
146% 147
56% 56%
7%
7%
*23
23%
43% 44
74% 74%
*91% 93

22%
23
23%
70%
70% 7134
02
01
60
35
*30
35
65
*60
65
23%
23% *22
*48% 60
50
48
*43
48
no
110
no
164% *100% 103%
43.,
434
5
9
*7
7%
15% 16%
16%
33
33% 3334
23% 23%
23
90% 90%
90%
33
33%
33
96% 06%
97%
7%
8
734
37
37%
38%
1834
18% *18
§53
53
53
*9
10%
10%
24
24
*16
59
59
59
116% *115% 116%
*9
10
9%
5%
6
5%
9
*8%
9
23% 24%
23%
*54% 5434
56
72 % 72%
72%
42%
40% 42%
21% *20ii 21%
103% 103% 103%
87
87
87%
43% 44
43%
1134 12%
____
___
57%

Salts/or
ths
Week
Shares

PAGES
u s u a lly

In a o tl* * ,

(a t

STOCKS
N E W Y O R K STOCK
EXCHANGE

I L ear th a D 100 s h a re s .

paga.

PER SHARE
Range Since Jan. 1 .
O n batii o f 1 0 0 -share lots.

a E x -d lv

an d rtg o i«

$

PER SHARE
Range for Preciotu
Year 1 0 1 7

Highest.

Eoiccst.

Par
R a ilr o a d s
1,845 A tch T o p e k a A S a n ta F e ._ 100
100
225
24 A tlantto C o a st L ine I U t . . . 100
6,000 B a ltim ore A O h i o . . ............ in o
Do
p ref________________ 100
200
13,000 B ro o k ly n R a p id T r a n s i t .. 100
160
4,4 0 0 C a n adian P a clfln ...............
1,800 C h esapeake A O h io ________ 100
310 C h loa g o G rea t W estern ___ 100
Dp
p re f.......... ............ 100
50
2 ,8 0 0 C h ica g o M llw A St P a u l . . 1 0 0
Do
p ref_____ ____ _____ 100
5 ,750
200 C h ic a g o A N o r t h w e s t e r n .. 100
Do
p r e f . ........................... 100
8 ,6 0 0 O h io R o o k Isl A: P a c tem p o t fs .
7 % p n r e r r e d te m p otfg ___
1,500
6 % preferred tam p otfs
1,500
100 O lev C ln C b lo A St L o u is .. t o o
Do
p r e f_____ _____ .
.............
100
100 C o lo r a d o A S o u t h e r n .,.
100
Do
1st p r e f____________ 100
100,
D a 2d p r e f ___________ 100
...........J
700 D ela w a re A H u d s o n _____ 100
............. D ataw are L a ck A W estern . -5 0
100 D en v a r A R io G - a n d e .. . 100
Do
p r e f.......... .................. 100
300
6 ,700 E rie ______________ .
to o
Do
1st p r e f____________ 100
4 ,300
D o 2d p r e f____________ 100
600
3 ,400 G rea t N orth ern p ref_______ 100
12,300
Iron O re propartlee..A f.> par
400 m m o ls C e n tr a l..................... 100
3 ,0 0 0 in terD oro C on g C orp __M > p'lr
uo p r e f............................. 100
500
400 K an sas C it y S ) U t h ;M . _ . 100
Do
p r e f.......... .................. 100
180
L a k e E rie A W e s t e r n _____ 100
Do
p r e f.......... ..............
100
1,300 L eh igh V a lle y ................... .. .6 0
L ou isville A N a sh v ille____ 100
100 M tnneap A St L ( n e w ) . . . 100
1,500 M issouri K an sas A T exa s 100
900
Do
p rof_____ ______ ___ t o o
7,3 0 0 M issou ri P a olflo tr o t t e ,.
10)
600
D o pref tr o t fs ____
100
4,5 0 0 N ew York C e n tra l............... 100
2 1 ,100 N Y N H A H a r tfo r d _____ 100
900 N Y O n ta rio A W e s t e r n ... 100
750 N o rfo lk A W e i t e r n . . .
100
2 ,5 0 0 N orth ern P a cific ................. 100
3 ,6 0 0 P e n n sy lv a n ia .......................... 60
1,700 Pere M a rg u ette v t 0 _____ 100
200
D o prior pref v t 0____ 100
.............
D o pref v t 0 .
.
100
4 6 ,5 0 0 P ittsb u rg h A W est V a ._ _ 100
3,900;
D o p referred _________ 100
176,800 Heading ......................
Do
1st pref .................
400
200
.
D o 2d p r e f ____
.5 0
2 ,500 St L ou l«-3an Fran tr etfs 100
100, a t L ou is 8 o u th w w t»;ra ____ 100
100
500 Seab oard Air L in e. .
100
2 ,300
Do
p r e f_____ ______ _
100
2 ,5 0 0 S outhern Paolf o C o .......... 100
8 ,2 0 0 S outhern R a ilw a y ................. 100
1,600
Do
p r e f_______________ 100
200 T ex a s A P a clfl •___________ 100
T w in C ity R a pid T r a n s it .. 100
13,100 U n ion P a cific _____________ 100
300
Do
p r e f ............................ 100
400. U n ited H allw ays I n r e i t . . 100
900
Do
p r e f _____________
100
14,000 W a b a s h ______________
100
5 ,2 0 0
D o pref A . . . .............
100
4 ,0 0 0
D o pref B ................. ..
100
2 ,300, W estern M aryla n d (new ) 100

37% 38%
35% 37%
783.i 80%
78% 80
91
92%
9034 02%
♦30
37% 37%
37%
39
39
40
♦38
12% 1234
12% 12%
*20
23% *20
231.1
40
*35
39%
*35
8
*7%
8
8
21
21
*20% 21%
84% 84%
♦83% 84%
24% 243.1
24
24%
02% 0234
62% 02%
*16
17
*16
17
41
41
*38
*39
122% 12234 122% 122%
72
*70
70% 70%
9
*9
9%
8%
173,t 18
*17
18
9% 10%
9
9%
41% 42
42% 43%
24% 25*2
24% 24%
14% 1 5 %
*14% 15
*24
*24
29
29
23%
21
24%
23
3 ,0 0 0 W estern P a c i f i c . . _______
100
62
02
61
1,800
x61
D o p referred _______
100
9
9
9%
9
900 W heeling A L a k s E R y
100
21
21
*19
*19
100
D o p r e fe rr e d ____ .
100
_____ . W isconsin C e n tr a l___
*30
38
*35
38
100
t n d u « t r | jl A M < 8 c e lt ifi« * u s
*14
15
100
*14
15
A d van ce R u m e ly _________ 100
35% 35%
300
35
35
Do
p ref_____ ______
100
02
04
1,200 A lax R u b b er [ n o ________
58
01
.5 0
13.i
2 ,5 0 0 Alaska Q uid M ines
1%
1%
1%
.1 0
1%
1%
1,900, Alaska Juneau U old M ln 'g 10
1%
1%
34
34% ' 18,600 Allls-C balm ers M rg r t 0. 100
34% 34%
*84% 80
81% 84%
900
D o preferred r l i . . . 100
91
01
1,300 Am or Agricultural C h e m . 100
88
91
94% 94% *94% 95%
100
Do
p ref___ __ _______
100
2 ,5 5 0 Am erican Boot S u g a r____ 100
67
0812
08% 09
*80
85
*80
4634
15,300 Am erican C a n ________
45% 46^2
45-^4
100
94%
540
§ 94% 943.1 *93
Do
p rof........................
100
80% 81% 15,900 Am erican Car A K m id y 100
80% 80%
.............
100
41% 42% ' 4 ,1 0 0 Am erican C o tto n OI1
42% 42%
100
*72
82
82
.............
*72
17
17% 2 8 ,6 1 0 American H ide A Leather 100
16% 17%
7734 11,900
77
76% 77%
Do
p r e f_____
100
32% 33%
*29% 32
1,900 Am erican I c e _________ __
100
50
51
♦46
50
1,200
D o p referred ________
100
54
5-1
1,700 Amer in t s r u it l mat O orp 100
53% 54
41
40% 41%
41
3 ,400 Am erican Lius e l . .
100
79% 79%
200
l)«j
p r * f_____
SO
*78
100
67% 68% 35,000 Am erican L o co m o tiv e .
67% 07%
100
____
98
93
287
8%
8%
*7
8%
1,200 Am erican M a lt in g ..
100
44% 4 1>s
44% 44%
1,000
D o 1st p ref____ __
100
12934 1293.1
133
100 Am erican Snipoutidm g
*118
100
76% 78
70% 77% 11,100 Amer Mm- King A R.-fining 100
105 *104% 105%
105
250
Do
p r e f________
100
66*8 66%
1.400 Am er Steel F o u n d r ie s .. . 100
64% 05%
114%
112% 114% *113
9 ,1 0 0 Am erican Sugar R efining
100
100
108% 108% 109
400
Do
p r e '........................
100
139% 110% 138% 140
3 7 ,5 0 0 a m 8 u m x tra T ob a ^ oo . . 100
97%
98
97%
z97%
8 ,8 0 0 Amer T elcp n on e A Teleg
too
164% *160
*160
220 Am erican T o b a c c o _____
164^2
100
♦93
98
*94
97
400
Do
p r e f ( m w ) . ............... 100
57%
56% 57%
57
2 ,9 0 0 A m tv mien i ' v f * * i ____ .. too
9314 94
*93% 94%
500
Do
p r e f___. . . _____
100
*22% 25
_______ A u W riting Paper p re f. . 100
*22
25
16% 17%
17% 18
10,500 A 0 /.m o l.e*d a s . . .
.2 6
____
____
____
300
*15
Do
p r e f_________ . .
0434 05% 2 5 ,800 A n a con d a C op p er M in ing .5 0
64% 65%
10/38
106% 107
107
3 ,200 AM O u lf A W 1 S S Line . 100
*62
63% *62% 033l
100
D o p r e f _______________ 100
90% 92% 115,300| B aldw lu L o c o m o tiv e W ks 100
88% 90%
100
100
100
8834 88%
88% 8334
600 B a rrvn C o T h e . . . .
100
85
85
150
82% 84% ;
83% 84% 8 3 ,100
D o class b c o m m o n .
100
104% 101% 105
105
2,000
D o cum c o n v 8 % orof.
z23
23
23% 23%
500 B ooth Fisheries________ No par

t E x -r lg h td

p r a o a d ln g

per thare.

S

per share.

Lowest

Htgheil

$ per share

i per share

83
M a y l5
81
M ar23
8 3 % J u n e lO
8 0 J a n 30
94% M a y 2 3
89% A p r 22
57
M ay20
4 9 J a n 21
57*2 J a n
5
53 A p r 25
48% J an
2
38% J u n o20
150
M a y lG
135
M a r2 5
60% M a r l !
4 9 % J a n 15
8% J an
2
6 Apr 9
25 Jan
3
18% A p r
9
47% J a n
2
3 7 % A p r 22
79% Jan
6
6 5 % A p r 11
95 Jan
3
89% M a r2 5
1 37 J a n 2 9
1 3 7 J a n 29
2 4 % M a y l5
18 A p r 22
7 1 % Ju n c2 1
5 6 % J a n 15
62 J u n c2 1
4 6 J a n 15
33
M a y 14
26
F e b 21
6 5 J u n e lO
58% M a y 7
2 3 % M a y 29
13 A p r 2 2
50% Jan
4
47 A p r 3
45
M a rl4
40 A p r
4
1 15 % F e b
1
1 00 % A p r 11
Jan
4
1 6 0 A p r 17 r l 8 0
6 Jan
3
2% Jan
1
1 3% J a n
2
5 A p r 23
1 7% M a y l 5
14 A p r 17
35
M a y 14
2 3 % J a n 16
24% M a y l4
1 8% J a n 2 5
9 3 % M a y 14
86
J a n 15
34% M a y l6
2 5 % J a n 15
9 7 % M a y 14
92
Jan
7
9% Jan
3
6% M a r2 5
47% J an
3
35% M ay29
20 M a y lG
1 5% A p r 17
53
M ay20
45 Jan
5
1 0% F e b 19
8% M a y 1
21
F e b 25
18
A p r 23
62% M a rl 1
5 5 J a n 15
M a rti
110 Jan
2 118
1 1 % M a y 15
7 % A p r 17
6 % Jan
2
4% Jan
5
9 % Jan
7
6% Jan 29
24% J a n
2
2 0 J a n 15
5 5 % J u n e lO
4 1 J a n 15
7 5 % M a y 14
6 7 % J a n 15
45% M a y 2 9
27
A p r 11
2 1 % M a y 15
18% J a n 2 2
1 0 8 % M a y 14
1 0 2 J a n 24
89
M a y 14
8 1 % Jan 24
47% Jan
2
43% M a y 2 7
4
9 % M a y 1 • 14 J a n
5 8 % F e b 19
52% A pr 3
37
Jan 1l
30
Apr 5
38% Juno21
22% Jan
2
80% June21
61
J a n 10
0 2 % J u n e lO
7 0 % J a n 15
39
M a y lo
35
J a n 12
39 J u n c2 1
35
M a r3 0
14 J a n
2
9% Apr 3
2 3 % M a y 15
19% M a r l2
40% Jan
3
3 4 % F e b 13
8% Jan
4
7 A p r 17
2 1 % J u n e l7
1 5% A p r 19
8 8% F eb 27
80% Jan 24
26
M a y 15
20% A pr 30
63
M a y 15
5 7 J a n 21
19% F e b 20
14 M a y 4
6 5 % J a n 31
3 9 % J u n e l3
1 0 9 % J a n 15 1 2 0 % M a y 14
71% M a r l 1
69
Jan
3
10% M n y 2 4
4 % J a n 15
20
M ay 7
10% A p r 0
10% J u n e 2 1
7 A p r 26
44% J an
2
3 9 % A p r 12
2 5 % J u tie 2 1
2 0 % J a n 15
17-% F e b 16
13 J a n 15
3 1 % F e b 15
2 0 Jan 29
24% June20
13 J a n
2
6 2 J u n e lO
46 Jan
3
10% J a n
2
8 A p r 22
1 7% A p r 17
2284 F e b 18
39% Jan
3
34
M ay 2

75
75
*79%
38%
48%
36
126
42
G
17%
35
62%
85
137%
16
41
35%
24
61%
13
44%
41
87
167%
5
9%
1 3%
1 3%
1 5%
79%
22%
85%
6%
39%
13%
40
8%
23
50%
103
6%
3%
7
1 9%
37%
62%
21%
17
92%
75
40%
12
45
37
1 3%
53%
60%
31
33%
12
22
34
7%
1 6%
75%
21%
51%
1U%
62
1 01 %
69%
4%
1 1%
7
36%
18
12
20
1 0%
35%
7%
18%
33

1 6% M a y 9
36% M a y 2 0
04 June21
2 % J an 12
3 % J a n 21
37
M a y 24
8 6 % M a y 24
91
Juno20
96
M a y 21
84
F e b 27
91% M a y 8
50% M a y l7
97
A p r 30
8 1 % J u n o l2
110% M a y 1
43% M a y 23
84
M ay22
1 7% J u n e 2 l
72% J u n o 2 l
3 5 % M a y 13
63
M a y 13
58% F eb
I
42% M o y 2 4
8 1% J u n o l3
7 1 % M a y lG
1 00
F e b 13
1 3% F e b
6
53% F eb
6
144
M a y lt
8 6 % F e b 19
1 0 6 % M ir 2
6 3 % F e b 19
1 16
M a y 15
1 13 % M a y 8
1 45
M a y 24

7%
19
4 5 ‘g
1
1%
15
65
72
91
03
78%
29%
87
67
1 00
21
80
10
13%
8%
36
46
15%
48
46%
93
8%
60
88
67%
X99%
60%
89%
106
30
9 5%
123
89
37%
87
17
1 0%
39%
31%
*87%
34
43
91
S2
0 1%
rOrt%
93
-------ul first

11
25%
49
1%
1%
17%
72%
78
89%
04
81
3 4%
8 9%
6 8%
106
25
78
11%
50
11%
3 8%
52
27
6 9%
5 3%
rO.S
7%
42%
UO
73
104
58
98
108%
60%
95%
140%
93
4 1%
V2
2 0%
12%
41
x 59 %
D7%
58
3 6%
93
85
71%
72%
9 6%
21

J a u 19
J a n 15
2
J ail
Apr 27
Apr
1
J an 15
4
Jan
2
Jan
J an 17
J u n e lO
J an
9
Jan 15
Jan 23
Jan I t
Jan
3
Jan 16
M a y lO
Jan 10
Jan
2
Jan
2
Jan 16
A p r 25
Jan
7
Jan
7
Jan 15
Jan
4
J u n e lO
A p r 25
F e b 21
M ay28
J an
5
J a n 15
J a u 16
M ir 2 3
fa n
5
Apr 3 0
Jail
5
M ay27
Jan IS
1
J an
A p r 11
J a n 18
2
Jan
Jan 18
Jan
6
6
Jan
J a n 16
'J
Jan
t
Jan
Jan 15
Jan 15
J a n 15
J a n 21

r K i d i v id e n d

109% F -b
170
99
60%
95%
31%
1 9%
49%
71%
1 20 %
64%
101%
100
93
96
91
1 06 %
26

1

M a y 13
F e b 23
M ay21
M a rti
F ib
5
M a y lt
J u n o lt
M a y lG
F o b 13
M a r 18
M a y lO
F e b 23
F e b 10
M a y lG
M a y lG
Apr 29
F e b 18

0 B e fo re p a y m en t

107% J an
D eo
100% F ob
D eo
119 Jan
D ec
85
Jan
D eo
76% Jan
D eo
82
Jan
D eo
167% M a r
D eo
65% Jan
N ov
1 4% J a n
D eo
41% Jan
D eo
02
Jan
N ov
125% J an
D eo
124% J an
D eo
172% F eb
D eo
38% June
D eo
84% A pr
D eo
71
Apr
D eo
51
Jan
N ov
8 0 Jan
O ot
30 Jan
N ov
57% J an
N ov
48
M ar
Sept
1 51 % Jan
N ov
238
M ar
D eo
17 J a n
D eo
41
Jan
D eo
3 1 % Jan
D eo
49% Jan
D oo
39% Jan
D oo
1 18 % J a n
D eo
38% M a r
N ov
1 0 6 % Jan
D eo
17% J a n
D eo
7 2 % Jan
D oo
25% Jan
N ov
58% Jan
N ov
25% Jan
N ov
53% Jan
O ct
7 9 % Jan
D eo
133% Jan
D eo
32% Jan
D oo
11
Jan
D eo
20% Jan
N ov
34
Jan
N ov
61
Jan
D oo
103% Jan
D eo
52% Jan
Sept
29% Jan
N ov
138% Jan
D eo
110% J an
D eo
67% Jan
D oo
36% Jan
D eo
73% Jan
N ov
67 J u n e
O ot
3 5 % June
D eo
Apr
68
Jan
104% J an
N ov
45 Jan
N ov
45% Jan
D oo
26% June
D eo
32
Jan
D eo
63
Jan
D eo
18 J a n
D eo
39% Jan
D eo
98% M a r
D eo
33% Jan
D eo
70% Jan
M ay
19% Jan
N ov
05
Jan
D eo
149% Jan
D eo
85
Jan
D eo
1 1% J a n
D eo
23% Jan
D eo
15% Jan
N ov
Jan
D eo • 68
3 0% Jan
D eo
23
Apr
D eo
41
M ar
D eo
18% M a y
D eo
48
J u ly
D ec
22% Jan
D eo
6 0% Jan
N ov
64% Jan
D eo
N ov
O at
D oo
D ec
D ec
D eo
D eo
D eo
D eo
D eo
D ec
N ov
D ec
F eb
N ov
D ec
D oc
F eb
D ec
J u ly
D eo
O ot
F eb
F ob
D ec
D oo
D eo
D oo
N ov
D ec
N ov
D eo
N ov
D eo
M ay
D ec
D oo
D eo
F eb
N ov
N ov
D eo
D ec
N ov
Sept
F eb
F eb
D oo
1)00
D oo
D ec
D oo

18% J a n
37% Jan
80
Jan
11% J a n
8% M a r
32% M a y
86% M a r
95% M a y
103 % J a n
102 % F e b
98
Jan
63
M ay
1 11 % J u n e
80% June
1 13 % M a y
50% Jan
1 01 % J a n
17% M a r
75
Jan
16% A u g
65
J u ly
02% A ug
2 9% A u g
76
N ov
8 2% Jan
106% J a n
19% M a r
7 1% J u l y
93
N ov
1 12 % J u n e
117 % J a n
75
June
116% Juue
121% J a n
62% D eo
128% J a n
220
M ar
109% J a n
5 3% J u n e
100 June
64% M a r
41% Jan
72% Jan
87
M ay
1 2 1 % Jan
66
Jan
7 6% J u ly
1 02 % J a n
130 J a n
615
Jan
166 J u n e
1 01 % O o t

—
I n s ta llm e n t

3633

New York Stock Record—Concluded—Page 2
Vow r e c o r d o f

d u r in g th e * » k

BtVH AND LOW SALS PRtOHS—ran SBAAV, NOT ran

♦ 121
978
26U
♦40
20U
62
67
♦ 102
337g
867g
1512
3778
48^2
32U
♦87 "
*68
-IU2
*10 0
65l.t
*8938
31%
♦7912
59%
♦7
311?
♦147 "
133
821?
44
*99
*74%
*41
*8212
*96
42U
6 U4
i8 u
62
*126
2 8 58
10134
2734
3734
•63
*48%
3234
84
*1812
1201s
♦63
*7112
*64
27*2
54
20
95*2
♦93U
*2718
517S
♦62
*100>8
*51*2
*94
57
*0911
*19
129
*40
3SlS
1212
*28*4
*88%
42U
*28%
30
97
52
*81
62
*92*2
*101
*112
53*2
*96
233.t
877g
*9912
101
8
*133
28 lg
6938
45<2
*75
40>2
♦94
195g
148*2
64*8
*93
*75
*4012
96U
*102
*124
*14
*42
12378
*9212
*5712
*10212
*403,»
44*4
1037g
112
79*4
12*2
*49
*105
72*2
*91
44*4
*63
♦41
20
60
113*4
*1133,4
4312
•86*2
*6731

Tuesday
June 18.

Monday
June 17.

Saturday
June 15.
123*4
10 %
25%
407g
207g
62
67%
104*2
3 3 78
87%
151*8
38*4
4978
323g
88
7234
4134
10 1
663i
91
3158
80U
60%
8
3134
148
13634
821
44
997g
75
42
86
101
42%
52
18*4
627g
130
2038
1047g
273i
3812
04
491?
3234
84*2
19
22

24
* 4 0 's
20
62%
675s
*10 2
33*2
*86
15*8
38%
48-3i
32*2
*86
70*2
4 0 78
100
64*4
91
31
*78
5S12
7%
31
146
134
*82
44
997S
•74%
4H 2
8 5 i2
*96
42*2
51
1S12
62
128
287g
10334
2712
37 lg
* 6 2 i2
4834
32*2
S3
♦IS*!
*201g
*63
75
*71*2
65
64
2834
2S34
*53
54
207S
2034
96
95
*90
94
28
2 7 58
52*4
51lg
*6-1
67
*10012
157g
517g
5212
*94
98
56-34
5i
*9812
104
20
*19*4
128
129
*40
45
38
3838
125s
12%
29%
29
91*4 *88*4
42*2
4212
*28
29
39*4
39%
971? *92
*51
53
83*2 *81
62*4
62
*9212
95
*101
105
112
115
5314
535s
9812 *96
24
23%
89%
90*2
100% 100
105
108
*7>2
8
a35
138
____
*16
28%
28*8
691.1
70*8
4 0 ss
44%
*80
90
41
4 0 l2
*94
107
19
19%
149*4 148*4
63
65
95
♦91U
♦99%
____
*75
80
41
40*4
9738
95%
112
*100
129
130
15
♦H U
4334
44
123
124
*9212
97
573l
58*2
101*2 *102%
41
41*4
441.1 *43%
105l4 103
111%
112
78
80*4
12%
121?
4834
497g
110 *108
72*2 *71%
93
*91
43
4412
*63
67
42
*411.4
20*8
19%
____
*81%
60
60
*113%
114
117*2 *113-3.1
48%
481?.
*86%
89
6912 *6734

0

123

$ ver share
123
*118

2334
25%
40% *40
2 1 -% 203s
62
62%
67
69%
104% *10 2
33% *32
87% 283
15%
15%
38
39
49%
503t
32% *32
87
88
70% *68
40-34
4134
*99-34
100
64%
67
*89%
91
31%
31-34
*79%
80
58%
60
7
7%
27
31%
146%
148
137% 13334
82
82%
441% •44
99% *9934
*74%
75
41% -41
85% *82
*96
107
42
43
52%
51%
183,|
18
62%
64%
128 *126
30
28%
106*2 103%
273.1
27%
37%
38%
64
63%
49
48
323.1
32%
84%
83%
19% *18%
23
*20%
*63
7134
75-%
64
04
28
28-*4
*53%
57
20
21
9431
97
94
95
27%
27-i 4
53
51
*64
68
*100
14-3.4
16%
52-34
51%
94%
98
*56-34
59
104 *100
*19%
20
128 *126
*41
45
38
38-34
12%
13
29%
29%
91
*881.4
42%
42-%
29
30
39-38
39%
97%
9.3
53
*51
83% *8 0
04
64%
*93
95
105 *101
112
*112
53
53*8
98% *96
23-34
24
91%
89-%
298%
100
117
113
9
8
135
134
17
*18
29%
28%
7034
68%
44
46%
90
♦75
42
*40
95
97
19
195s
1W 4
151
6o'»S
6 4 '8
*86
____
106% *99*4
wib
77
41
40-%
95%
97%
103 *100
127
129
*14%
15
44
43%
123
124
*92%
97
573» *57%
103*2 103
41
*40%
*43%
50
10534 102»8
111% 1 1 1 %
78%
80%
12% ♦12
49%
48%
110 *108
71
73
♦91%
93
42%
44
♦63
70
42
42
19%
20%
81%
83
62
60%
*113
114
117% *11334
48*2 *48
•86%
89
69% *67

2334
40%
201?
62
68
104%
33%
83
15%
38
50%
33
87
70%
41%
10 1
65%
91
31%
80%
59%
7%
30%
1461.4
137%
82
•1434
99%
75
42
86
102%
42%
52%
18%
65
128
29%
105%
2734
37%
03%
48
321?
83%
19lc
23%
713.,
64
28%
65 %
20%
95%
94
271?
52
68
1434
52
94%
59
104
20
128
45
383j
123,,
29%
91
423(
29
41%
97%
52%
84
65
95
105
116
53
98%
23%
91
9S3j
117
8
134
17
2834
70%
.453;
90
41
95
19%
14912
04'8
95
105U
70
40*s
97
-----127
15
43%
123%
97
59
103
4178
50
104U
111%
78*4
1312
49
110
71
91%
43%
70
42
20%
81%
65%
I 11
H 7%
48'8
91
09%

Wednesday
June 19.

Friday
June 21

Inlet ft­
th*
Week
Shares

STOCKS
N E W YO R K STOCK
EXCHANGE

I n d u s t r i a l A W ise. (C a n .) Par
S ver share $ ver share $ ver share
122%
100 Bu rn s B r o s _________________ 100
123
123
122% * 12 2
*118
$84
Q84
1034
10
5 ,100
10
24
24% 25%
4 ,6 0 0 B u tte & S u p erior M i n i n ? . . 10
24
24% 26
100 C a liforn ia P a ck in g ____ No par
40%
*40% 40% ♦40
40% 40%
3 ,9 0 0 C a liforn ia P etroleu m _____ 100
20 % 20%
20 % 20%
20 % 20%
Do
p r e f________________100
*60
900
*61
63
60% 60%
61%
6634 67%
9 ,5 0 0 C en tra l L ? a t h > r . . . .............100
67% 68-%
67% 68
1041? * 10 2 % 1041?
100
Do
pret........ ............... . . 1 0 0
*10 2
104
104
400 C erro d « P a soo C o p ___ V-l par
33
33
*33% 34
33% 33%
• 1.200 C h an dler M .to r C a r_______ 100
83
83
83
*82
83
8-1
4 .8 0 0 C h ile C o p p e r ________________ 25
15% 15%
15% 15%
15% 15%
6.000 C h in o C o p p e r ______________ 5
39
39%
39% 39%
3834 391.1
50%
49% 50% 2 3,800 C o l trad ) F u el * I r o n . . . . 100
49
50
49
32% 323,
6 ,8 0 0 C o lim b t a Q is 4 E lec...........100
32% 32%
30
33%
500 C on solid a te 1 O n ( « Y ; ..1 0 0
87% 87%.
87% 87%
87% 87%
72%
200 C on tin en ta l C a n , f n c ______100
70-2 70% * 6 6 % 72% *66
41% 42
41% 41% 12,500 C orn P ro d u cts tt f i n i n g . . . 100
41%
41
400
D»
p r e f............................. to o
*9 9 3 4 100% 100% 1001?
64% 65%
64% 66%
2 3 ,4 0 0 O r u o b li S t e d o f A m e r ic a .100
65% 67
100
Do
p re f________________100
*89% 91
90%
*88
91
*88
32% 32% 3 2 ,3 0 0 C u b a C a n e S u r a _____ Vo p j »
31% 32%
31% 32%
Do
pref________________190
80
900
79% 8 0
80
80% 81%
5 6,500 D istillers’ Soeurtt e j C o r e . 100
58% 59%
58% 59%
59% 61
6%
6%
3 ,9 0 0 D am e M in es, L rd ___________10
6
6%
*6%
7
263i 28%
29-% 11,600 Q as to n W & W lna..No p it
28
28%
28
2 ,4 0 0 G eneral E le ctric__________ 10O
14638 146-38 140
148
148% 1491c
13934 1381., 1393, 13734 139% 3 5,200 G eneral M o t o -s C o r p _____ 100
138
82
82
82
82
82
1,500
82
D o p r e f ...................... . . . 1 0 0
»43% 44
44
1,400 G o o d r lih C o ( u F ) . . _ . . . 1 0 0
45%
45% 45%
Do
p r - j ________________100
99% 99% *99
100
100
200
*99
75
*75
78
606 G ra n b y C o n i M S A P ____ 100
75
75% 76
41% 41% *41
41%
41%
4,000 G reene C a nanea C > p p e -._ 1 0 0
41
86
300 G u lf States Steel tr o t fa .-.lO O
*80% 86
86
86
86
*96
102% *95
102%
Do
1st pref tr c t fs ____ 100
97
*96
*41% 43
1,200
52
9 ,0 0 0 Inspiration C o n s C . p p e - . . . 2 0
52
51% 52%
52% 52%
1,300 In tern at A g rlo tl C > rp .. . 100
18
19
19%
1834
19
*18
9,250
643,
63
Do
p ref_____________ __ t00
63% 64
63% 64%
1273, 1273, 127% 128
50C Intern H ir v c s 'e r o f V J ..1 0 0
*126
128
28% 29%
28% 28% 24,500 In t M erca n tile M a r n •____ 100
281s 29%
1 0 1 % 10434 102% 104% 102% 104% 166,370
Do
p r e f......................... _ 100
273.4 2734
2734 27%
1,550 In tern a tion a l N ick el (T h e) .2 5
28
28
39% 19,700 In tern a ilon a l P a p er_____ .1 0 0
37
39%
37
38*4 40%
900
64
64
63% 63%
63% 64%
Do
sta m p ed p'et ____ 100
1,800 K >lly-S prlngflo!d T ir e . . . . 2 5
50
50%
*48
50
50
50
4,600 K e n n e co tt C o p p e r . . . . . V o por
32
32% 32%
32-% 32%
32%
5,600 L a ck aw an na S t e d _________ ISO
84
84%
84%
83
84
83
10C Lee Rutiber 4 T ir e ____Vo ear
19
19
*18% 19
*18% 19
400 L oose-W iles B iscuit tr c t f s . .00
21% 22% *21% 22%
*20% 23%
*03
*63
*63
100 M a r k a v C otnp a-ile*_______ 100
75-%
*72
75% *72% 74% *72
1,500
64
64
64% 64%
*64
65
Do
p re f.......... .................. 100
2 ,6 0 0 M a xw ell M o t o r , I n c _______ 100
27% 28
273i 273,
28% 28%
200
54
*53
55% *52% 55%
54
Do
1st p r e f____________ 100
1934 19-3,
1,300
19% 19% *19% 21
D o 2d p ref.........................100
96%
95% 96% 20,200 M exica n P etroleu m _______100
94% 95%
95
10C
37% 27%
1,200 M ia m i C o p p e r ________ _______ 5
273s 273g
27% 271.,
52% S338 44,100 M td ra ie Steel 4 O r In m c e .. 5 0
51% 52%
51% 52%
*64
66
*64
08
*64
08
*100
102
1 0 1 % *100
*100
103
15% 15%
*16
16%
1,100
51
51%
5138 51-%
2,900
51% 52
*94
98
*94
*94
98
98
10C
Do
pref________________ 100
*56fy 59
*563, 59
57
57
500 N a 'lo n a l L e a d ........................100
104
104
*100
*10 0
♦100
104
1938 19% *19
19%
400
19% 193r
*125
129
*125% 129
*128
129%
300 d e w Y ork Air B r a k e ..........100
*40
*40
45
45
*4 0
45
N o rth A m erican C o _______100
37%
*38% 38%
38%
37% 38%
8,800 O hio Cltlea C a s ( T h e ____ 25
12%
12% 12% z l 2
11% 12%
7,400
29% 29% *29
30
29% 30%
2,500 P a clflo M a ll S S ..................... . . 5
*89
90
90% 90%
90% 91
400 P a n -A m P et 4 T ra n s, p r e f. 100
♦42
42% 42%
43
42% 42%
700 P eop le’ s G L 4 C ( C h i c ) . . 100
*28% 3 0
29
29
29% 29%
600 P h iladelphia C o ( P l t t s b ) . . . 5 0
39% 41%
39% 39%
38% 39% 23,500
*95
98
*96
98
*96
98
300
Do
p re f............................. ioo
53
52% 53%
52% 52%
53%
3,300 P lttehurgh C o a l o f P a ____ 100
81% 81%
81% 81%
81
81
600
D o p re f____ ___________100
6434 65%
66
68%
67
69% 17,500
*93
94
95
9-1% 94% *93
10C
*101
105
105 *101
*101
105
P u b lic Serv C o r p o f N J . . . 1 0 0
*115
115
115
*114
116
116
200 Pullm an C o m p a n y .......... .1 0 0
53% 53%
53% 54%
54% 56%
4,300 R a ilw a y Steel S p rin g .......... 100
♦96
98% *95
98% *96% 98%
23% 23%
23% 23%
23% 23%
1,120
92%
89% 91
90
91-% 93
80,800 R ep u b lic Iron 4 S t e e l_____ 100
99
99
*98% 100
*98% 100
300
100
103
97
97
100
100
4 ,4 0 0 R o y a l D u t ch C o otfs d e p . . .
*8
9
9
*8
8
8
300 Sax on M o t o r C a r C o r n . .1 0 0
*133
134%. 134% 134% *134
135
300 Sears, R o e b u ck 4 C o ..........100
*16
16
16
17
*15-% 17
100 S h a ttu ck Art* C o p p e r _____ 10
28-34 29
28% 29
8,200
28% 29%
264% 05%
6412 65
65% 66% 10,100 Sloss-Shoffleld Steel 4 Iron 100
44% 46%
451., 45%
23,300 S tu d cb a k er C a ro ( T h e ) . ..1 0 0
44% 46
*80
90
90
*85
*75
90
*4 0
413, *40
42
41% 42
1,200 Sup erior Steel C o r o ’ n____ 100
*94
♦96
102% *95
97
100
97
19% 19%
19% 191.1
19% 19%
7 ,400
149
149
148% 149% 150
2,700 T e x a s C o m p a n y (T h e )____ 100
150%
64
65
64% 65%
64% 65% 37,700 T o b a o c o P ro d u cts C o r p
100
*86
95
*86
95
*93
95
*99
106
*98% 105
*98% 105
*75
77
*75
77
*75
77
40
40
40% 40%
40
40
1,700
96
97
97% 99% 100
102% 53,600 U nited C ig a r S to re ?______ 100
____ *100
*100
*100
*123
127 *125
125
124
124
1,100 U nited F ruit
io n
14% 14% ♦14
14%
14% 14%
300 U S C a st I P ip e 4 F d y ____ 100
*42
44
*42
44
44
*42
300
* 12 2
124
122% 123
123
125%
9 ,4 0 0
*92% 97
*92% 97
*92% 97
58
58%
57% 58
68% 59%
4,000
103
103% 103
103
103% 103%.
800
41
41
41
41%
41
41
1,000 U S Sm elting R ef 4 M _____ 50
44
44
44
44
*43
50
200
1027S 104-% 103% 106% 105% 107% 695 ,7 0 0
111
11112 111% 111% 111% 111%
2,250
78*4 78-%
79% 80
80
80%
5 ,450
*12
13% *11
13*2 *12
13%
300
49 % 51%
503, 51%
50% 51%
*108
110
*108
110
*108
110
*71
72
*71% 72%
72
72%
560
*91
03
*89% 89%
90
90
800
43% 43%
43*2 44%
43% 44%
70
*63
70
*63
70
*41
43
*41
42%
41% 41%
300
20
20%
20% 21
20% 20% 50,300
*81% 83
*773, 83
*80
83
63
64*4
62%
82% 63%
60
9,800
111
114
*112
114
*112
114
400
*11334 117% *113% 117% *113% 117%
4314 48*4 *48
48%
48
18
-too
91
*9 0
*84% 89
*85
90
08% 69
z07% 67% *66
68
300
D o nref B .........................100

• Bid and askod prloos: no silos on this day.
• Certificates of deposit, s Ex-dividond.




Thursday
June 20

cant.

o f i t o c k * u s u a l l y I n a c t iv e , s e e ?.*c<»a<1 p a g e p r e c e d i n g .

| Less thau 10) shtroi.

{ Ex-rlghts

a'Ex-dlv

ani rights

PER SHARE
.
Range Since Jan. 1.
On basis of 100-«ftare lots.
Lowest.
% per share.
108 F e b 5
8% A p r 25
16% Jan 2
36% Jan 3
12 Jan 7
36 Jan 5
6 1 % Jan 15
102% M a r l4
29% M a r 6
6 8 % Jan 2
14% A p r 4
36% JunelO
34% Jan 29
28% M ar25
84 Jan 5
67% M a y lO
29% J a n 15
*90% J a n 7
52 J a n 12
8 6 Jan 31
27% A o r 10
78% M a r2 5
*33 J a n 2
6 J u n e l9
26% J u n e l9
127% Jan 7
106% J a n 15
79 A p r 17
38 Jan 2
96 Jan 10
74 Jan 25
38% Jan 17
84 M ay28
102 J a n 10
34 Jan 5
42% Jan 15
10 Jan 8
38 Jan 5
1 1 1 % Jan 2
21 Jan 15
83% Jan 2
27 Jan 15
24% Jan 15
58 Jan 22
41 A p r 2
29
M a r2 5
73% Jan 12
12 A p r 2
17% Jan 8
53 F eb 15
71% J u n e l8
57 Jan 4
23% Jan 15
51 A p r 24
19 M a y 2 7
79 JaD 5
87 Jan 15
26% Jun e 7
43% M a r 23
66
M ar20
95
M a r l9
13% A p r 8
37% Jan 7
9 4 % J u n e l8
43% Jan 7
99% M a r 2
17% M a r2 5
117% Jan 12
41% M a y 2 3
35% M a r2 5
4% J an 22
23% Jan 21
86 Jan 8
39% Jan 2
21 A p r 12
34 Jan 16
89% Jan 26
42 Jan 15
79% Jan 2
56% M a y 2 8
9 3 A p r 27
98 A p r 17
100% Jan
7
45% Jan 7
9 5 Jan 2
22% J an 15
*72% Jan 15
92% Jan 2
70% M ar23
6% A p r 17
13384 Jun e 8
1 5 % Jan 17
25% A p r 11
39 Jan 24
33% A p r 24
86% M a y 3
34% M ar25
9 5 F eb 16
12% Jan 2
136% Jan 7
4.8% M a r2 5
*87% M a r l9
100 A p r 9
65 Jan 24
37 Jan 2
83% M a r2 8
1 0 1 % Jan 6
116% Jan 16
11% A p r 6
41
M a r 26
114 Jan 5
94% M a y 1
51 Jan 15
*95 Jan 15
32% A p r 12
42% A p r 12
86% M a r2 5
108
M a r2 5
76% M a r2 5
11% Jan 2
33 % Jan 2
98 Jan 16
50 Jan 6
85% Jan 2
38% Jan 17
59 Jan 11
36% Jan 2
t5> *Jan 15
75 Jan 3
45% Jan 2
110
M a r2 5
113% J u n e l3
34 Jan 4
85% Feb 5
59 Ian 18

Highest.

PSR SHARE
Range for Previous
Year 1917
Lowest

Highest

$ per share.
$ per share $ per share
134 M a y 8
125% A p r
89 Jan
10% F e b 15
52% Jan
33% M a y l 4
1 2 % D eo
45% M a y lO
42% Aug
33% N o v
2 1 % J u n e l7
30% Jan
10% D eo
63% J u n e l2
62% Jan
29% N o v
73% F e b 27
101% Jun
55 D eo
115% Jan
*107
M ar 8
97 D eo
35% M a y lO
41 F e b
25 D eo
95 F e b 25
56 N o v 104*4 M a r
17% Jan 2
27% M a r
11% N o v
47% M a y l 6
63»4 M a r
35% N o v
54% M a y 2 4
58 Jun e
29% N o v
35 J a n 30
47% A p r
25% N o v
92% F e b 7
76% D eo
1 3 4 % Jan
95 F e b 19
76
N o v 103% June
4384 M a y l 3
37% J u ly
18 F e b
100% J u n e l3
88% N o v 1 1 2 % Jan
74% M a y lO
91% J u ly
45% D e o
117% Jan
9134June 4
83 D eo
33% F e b 20
55% Jan
21% N o v
83 F eb 18
91% Jan
74% D e o
64% M a y 2 4
44% O ot
ll« 4 M a y
10 Jan 4
24*4 J »n
6% N o v
39 F e b 13
41% A ug
28 F eb
153 M a y 16
118 D eo
171*4 Jan
141% F e b 9
74% N o v 146% Jan
88 F e b 1
93 Jan
72% D eo
*50% F e b 6
61% Jan
32% D eo
100 F e b 19
112 Jan
*91% D e o
80 M a y l 6
65 N o v
92% Jan
45 F e b 6
47 Jan
34
N ov
111% A p r 25
77
N o v 137 Jan
102 Jan 10
101% N o v 110 June
43% Jun e 5
40 Ju n e
27% N o v
66% June
5684 M a y lO
38
N ov
19 June20
21% M a y
784 N o v
6 0 % J u ly
6 5 J u n e l8
26% N o v
131% M a y 8
109% N o v 123 Jan
36% M a r
31% F e b 23
17% D e o
109% June 1
62% F e b
106% O ot
31 M a y 13
17% M a r
21% D eo
45% M a y l 5
49% Jan
18% N o v
7 7 % Jun e
65% Jan 3
50% N o v
64% Jan
50% J u n e l2
36% D eo
34% M a y lO
50% M a y
26 N o v
91% M a y l 6
68
N o v 103% J un o
19 Juno20
30 Jan
10% N o v
23 M a y lO
27% Jan
12% N o v
63 M a y l 4
64 Jan
78% F e b 28
89*4 F eb
70 N o v
65 M a y 2 8
67% Jan
57% D e o
81»4 Jan
32% F e b 19
19% N o v
64% F e b 8
74% Jan
49 D eo
26 F eb 5
40 Jan
13
N ov
10 6 % Jan
1023s M a y 16
67 D eo
95 F e b 23
97% J unt
33% Jan 31
43% A p r
25 N o v
6 7 i*J u n e
61 M a y l 6
39% D e c
73 Jan 4
109% Jan
117% M a r
100% Jan 3
95% D e o
18% A p r 22
39 Jun e
13% D e c
54% M a y 2 0
24 F eb
46% O ct
99% J u ly
99% F e b 20
90% M a y
6134 A p r 4
63% M a r
37% D e c
ill
Jan
105% M a y l 8
99 D e c
28% June
21% M a y 16
16 N o v
139 M a y 2 2
98
N o v 158 M a r
46% F e b 23
72% M ar
39 D eo
42% M a y lO
143% A p r
31% O ct
7% S e p t
13 J u n e l7
3% N o v
3 2% A p r 19
30% June
18 F e b
96 F e b 27
98 Jan
87 N o v
10 8 % Jan
55 Jan 31
35 D eo
31 M a y 2 4
42 Jan
24% D e e
43% M a r 1
1 1 % Jun e
25 D e c
07% M a r l2
98% A ug
88 N o v
58% F e b 28
54% S ep t
37% D e o
84 F eb 19
90 Aug
74 D e o
69% F eb 19
83% Jan
49 D e c
97% F e b 13
*90
N o v *107 Jan
131 Jan
109% M a r 5
99 D ec
119 M a y lO
187% Jan
106% D eo
58 % M a y 16
58 Jun o
36% N o v
98 F e b 15
101 Jan
88% D eo
26% M a y l 6
32% A p r
19% N o v
9 4 % June
9 6 M a y 16
6 0 F eb
100 M a y 2 0
105% M a y
89 D e o
117 J u n c l7
73% N o v
59 M a y
11 Jan 31
88 Jan
4% N o v
156 F e b 15
238% Jan
123% D e o
29*4 M a r
18% F e b 19
15 D eo
59*4 M a r
39 F e b 5
25% D e o
71% M a y 2 4
74*4 M a r
33% N o v
56% F eb 19
33% N o v 1 1 0 % Jan
95 F e b 6
85
N o v 108% Jan
45% M a y 3
61*4 June
30i* N o v
95 F e b 16
102% July
96 D e o
19% June
20% J u n e l4
11
N ov
160% F e b 2
243 Jan
11484 D eo
65% June20
42% D eo
80% A ug
105 M a r
95 M a y 14
*86 D ee
104-% J un e 6
107 A u g
*83 D eo
113 Jan
80 M a y l 3
59% D eo
49% J u n e
44% M a y lO
34% D eo
102% June21
81% N o v 1277* A ug
106 A p r 10
120»4 M a r
98% D e o
154*8 Jan
133 F e b 18 *105 D eo
24% June
19 M a y 7
10 N o v
83 Jan
47% F eb 1
42 D eo
137 M a y 2 4
98% N o v 1 7 1 % June
99
M a rti
88
N o v 106 June
67 A u g
60% M a y lO
45 D e o
1 1 4 % Jan
105% M a y l 7
91 D ee
6784 Jan
48% F e b 19
40 D eo
52% Jan
45% F e b 1
43% N o v
113*4 M a y l 6
136% M a y
79% D e c
1 2 t% J a n
112% Jan 31
10284 D eo
118% M a y
87% M a y 16
70% D eo
24% Jan
15% F e b 18
9% D ee
46 M a y
5 l 34 Jun e20
28
N ov
1 1 2 % Jan
109 M a y 2
97 D eo
77 M a r
73 M a y 2 4
46 F eb
9984 Jan
95% A p r 15
*76 D ee
66 M a y
47% M a y lO
33*4 D eo
70% Jan
64% F eb 20
52% D ec
52% Jan
45% F eb 20
33*4 N o v
38% Jan
22 Jan 3
15 N o v
100 M » r
82% M a r io
69
N ov
84% M a r
66% M a y 2 4
42
N ov
151 Jan
120U Juu 3
99% D ec
128% Jaa
114% M a y 17
113 D e c
37% Juno
51% M a y 7
23% Feb
91% A p r 0
97% Juno
88
N ov
63 Jun e
69 JunelO
60 M a y

ft Par $10 per share.

it Par $100 per share.

New YorHStoclc Exctnnge—Bond Record, Friday, Weekly and Yearly

BONDS

N . Y ST O C K E X C H A N G E
Week ending June 21

Price
Friday
June 21
Bid

(I. S. Q n v ir n m tn l.
O B SH s Liberty L o a n ..1932-47
U 8 4s converted from 1st L ib­
erty L oa n ....................... 1932-47
O 8 4s 2d’ Llberty Loan. 1927-42
U S 4 X a converted from 1st
Liberty L o a n ...............1932-47
U S 4>$s converted from 2d
Liberty Loan_________ 1927-42
U S 4>£s 3d Liberty Loan.1923
U S 2s conaol registered...<»1930
U S 2s consol cou pon _____d 1930
U S 3s registered................. *1918
U S 3s cou p on ____________*1918
U S 4s registered___________1925
U S 4s cou p on _____________ 1925
U S Pan Cana! 10-30-yr 2s.*1938
U 8 Pan Canal 10-30-yr 2s reg '38
U 8 Panama Canal 3s g ____1961
Registered................... ..1 9 0 1
U 8 Philippine Island 4s. 1914-34
Foreign Q overn m en t.
Amer Foreign 8eour 5s_____ 1919
Anglo-Ffonch 5-yr 5s Exter loan.
Argentine— Internal 5s of 190 9..
Bordeaux (City of) 3-yr 6 s. 1919
Chinese (Hukuang R y )— 5s of ' l l
Oaba— External debt 5s or 1901.
Exter dt 5s o f ’ 14 ser A . ..1 9 4 9
External loan 4 X * ________1949
Oomlnlon of Canada g 5s. ..192 1
Do
do
1926
Do
do
1931
Frenoh Repub 5 X a seoured loan.
Japanese Q ovt— £ loan 4 44s. 1925
Ssoond series 4 X * ________ 1925
D o do “ German stam p ".
Sterling loan 4s......... ......... 1931
Lyons (City of) 3-yr 0s.......... 1919
Marseilles (City of) 3-yr 0s. . 1919
M exico— Exter loan £ 5s o f 1899
Gold debt 4s of 1904...........1954
Paris. City of, 5-year 0 s ____1921
T ok yo C ity— 5s loan of 1912___
U K of Gt Brit A I 2-yr 5 s .. 1918
3-year 6 4 % notes............ 1919
5-year 5 4 % notes_______1921
Convertible 6 4 % notes. 1919
I T i e n are prices on tie Data of
State an d C ity S ecu ritise.
B Y C ity— 4 4 s Corp s t o c k .I960
* 4 s Corporate
stock___1904
* 4 * Corporate
stook___i960
4 4 s Corporate stook___1985
4 4 s Corporate s to c k ___1903
4% Corporate s took _____ 1959
4% Corporate stook_____ 1958
4% Corporate stook.......... 1957
4% Corporate stook reg .1950
New 4 4 s . . ....................... 1957
4 4 % Corporate s to o k ...195 7
3 4 % Corporate s t o o k ... 1954
W Y State— 4s_____ ________1981
Canal Improvement 4s___1901
Canal Improvement 4 s . . . 1982
Canal Improvement 4 s . . .1980
Canal Improvement 4 4 s .l9 8 4
Canal Improvement 4 4 s . 1985
Highway Im prov’ t 4 4 s . . 1963
Highway Im prov't 4 4 s . . 1905
Virginia funded debt 2-3S...1991
Ba deferred Brown Bros c t f s ..

Range
Stnce
Jan. 1.

Wd«*’ l
R an ge or

Last Sale

Ask Loto

Loto

Utah

High

97.20 99.98

99.50 Sale

99.50

99.70

93.74 Sale
93.78 Sale

93.74
93.70

94.63 578 93.00 98.40
94.00 6148 93.00 97 98

95.80 !
93%
98%
99%
9912
1001,1
106U
93
93
85 !
85

95.61

97% Sale
92 i4 Sale
82
82%
90-2 Sale
t 6 ) ------98*2 9314
92
93-ii
80’ s 82
96's Sale
93is Sale
92 Sale
98* Sale
t 8314 87
t 83% 87%

9712
9012
9158
92>2
83l2 Apr '18
00
9134
65
63l2
100 M a y '18
9 U4 M ay’ 18
84 Apr '18
90's
96%
92
93%
91%
92is
9SU
97%
8334 M a y '18
87
87
79%
79>2
74U M a r '18
90%
801*
91
89 14
40i 2
4012
33% D eo 17
82
83
80
80s
99 >8
99%
93
97U
94%
94%
99%
99%

t H I I *73%
901.1 Sale
90% Sale
t 4 0 % ------30
40
8214 Sale
79% 81
9 9 % Sale
97% Sale
9412 Sale
99 >8 Sale

941s Sale
9414 ____
94% Sale
IOOI4 Sale
100 100%
90% Sale
90>4____
90U 92%
89 ____
100 101
100 ____
8OI4 8118
97 . . .
97 . . .
97 . . .
97 . . .
107 112
102<2____
107 ____
10212____
____ 79
45's 50

90.68 8908 95.32
97
9712 M ay'18
97U Apr '18
971s
99
99 i2 M ay’ 18
93%
9938 M ay'18
105
1055s M ay'18
10012
105
10012
97»4 Oct 17
*97%
97l8 Feb '18
85
85
85
83 M ay’ 18
83
100 Feb '15

94%
94U
0412
10014
100 %

9012

9014 Juno'18

403
1290

9412
83 14
78
81
5312
9012
90U
80
9314

192
239

9078
887s
94
80<2
83>8
77
7414
84
84
40

99.10
97i2
97U
99>2
993s
1055s
10012
97%
85
84

97>2
93
83%
9134
65
100
91U
84
9034
9534
94
9SS8
9212
92%
81
70
9078
91
42 5g

242 *8 l'«i *89'2
38 68
80's
10) 97 9 9 %
208 9514 98
396 9158 95'2
037 9178 100

8734 943g
8778 94'2

8778 94i2
93% 1 0 0 1.4
93 1091.4
90i2
85
90U
85
90
85
85
85'2
93*8 100
9312 100
76
81*8

90 M ay'18
85% M a r '18
100
100
9978
100
80U
80'4
101 July'17
941,1 Apr ' 1 8 ------ 94U 97U
100 N o v '1 7 ....... ..................
95 M a y '1 8 ___
9414 90
10734 J u n e '1 8 ____ 105 10734
104*2 June’ 1 8 ____101% 101%
105 Apr '1 8 ------ 10 U2 10712
100's June’ 1 8 ____100's 101%
Deo ’ 17
52
1 M a y ’ 1 8 ____ 44

R a ilroad.
52
65
55
M a r '1 8 ____ 55
Ann Arbor 1st g 4s_________*1995 Q - J
59
Atchison Topeka & Santa Fe gen
31 80
81 Salo
85-3g
80t2
8 U4
> ‘Is.....................................1995
80
80 A p r '18
80
80
R egistered_______________ 1993
74i2 ____ 74 Juno’ 18
71»4 70
Adjustment gold I s ......... *1995
7312 7312
73'2
7312
R eg istered .................... 41995
"73% Safe 7312
1138 78
S t a m p e d ..___________ 41995
7478
*
_____________
84 Juno’ 18 85
81% 87
Oonv gold 4s......................1 9 5 5
8 U1
85's
82U 85
82
8734
Conv 4s Issue of l in o ____1980
89
9H2 9112 Oot '17
East Okla D lv 1st g is ..1 9 2 8
____ 80
79
79
'7 9 " "79 *
Rooky M tn D lv 1st 4 s . . .1905
70's 77 7012
70t2
Trans Con Short L 1st 4 s . 1958
7612 80'2
835s____ 83%
8 3 '2
Cal-Arlx 1 s t * ref 4 4 s " A ” 1982
79
85
80 100 9934 July’ 17
8 Fe Pres A Pb 1st g 5 3 ...1 9 4 2
81
80
8078 81
Atl Coast 1 .1st gold 4s____*1952
‘ 80% 8134
78 7834 78'4
Gen unified 4 4 s .................1984
75
82 12
7 8 '2
9534 99
9558 June’18
93*8 95*8
Ala Mid 1st ku gold 6 s . . . 1928
70l4 ____ 85 Sept’ 17
Bruns A W 1st gu gold 4s. 1938
10738 ------ 12973 Aug ’ 15
Charles A 8av 1st gold 7s 1938
71% Juno’ 18 ------ 70
L A N ooll gold 4s______ 01952
7378
703s 72
108 ------- 115 July’ 17
Sav F A W 1st gold 0s .
1934
1st gold 5 s . . ..............
1934
95l2 ------ 105 Jdly’ 15
811 Sp Oca A G gu g 4s____1918
99
99l2
9S78 ------ 9912 M a y ’ 18
Balt A Ohio prior 3 4 s .......... 1920
87 87'2 87
87'2
851* 8912
*
_____________
9i)i2 Sept’ 17 8734
R egistered.....................*1925
75
70
75’ 4 Sale
1st 60-year gold 4s........... *1948
75 " *78%
923.4 M ar’ 17
R egistered________
*1948
10-yr conv 4 4 * ................... 1933
“ 7914 "so" 791.4
79i2
*7012 *80%
79%
80
Refund A gen 5s Series A . 1995
80. 83%
797s 80
*QQ j
112 Jan ’ 12
Pitts Juno 1st gold 0 s____ 1922
*8*2** *83%
PJuno A M D lv 1st g 3 4 s 1925
8212 ~80% 83*2 M ay’ 18
74% 77 75 M ay'18
72
70
P L E A W Va Sys ref 4 s ..1941
82
833s 837s
Southw Dlv 1st gold 3 4 s 1925
8378
81
85
8034 . . . 100 Apr ’ 17
Cent Ohio R 1st o g 4 4 s . _ 1930
93 95
0.5*2 Apr ’ 18
Cl L o r i W ooa ls tg 5 s . . . 1933
95% 95%
9812 - - ­ 10111 N ov’ 16
M onon River 1st gu g os 1919
915s . . .
Ohio River R R 1st g 5 s . . . 1936
99U Oot ’ 17
85 -----88 M a y ’ 18
General gold 5s........... 1937
88
88
Pitts Clev A T ol 1st g 8s 1922
99'8 M ar’ 18
99U - - ­
99% 99%
Buffalo R A P gen g 5s......... 1937
99% 107
99 M ar’ 18
99 99%
Consol 4 4 s ......................... 1957
85's 99-2 99'2 Oat 17
All A West 1st g 4s gu____1998
75 ------ 97 N o v ’ 10
Clear A Mah 1st gu g 5S..1943
85 ------ 10318 Feb *16
Rooh A Pitts 1st gold 8 s . . 1921
10l 103
10212------ 101 M ay’ 18
101 107 103'* Apr ’ 18
Consol l s t g 0 s ............... 1922
99% 103%
9 011 Sale
Canada Sou oons gu A 5 s . 1932
90%
91
80% 9134
Oar Cllnoh A Ohio 1st 30-yr 5s ’38
84 D ec ’ 17
757g 81
Central of Ga 1st gold 5 s ..p l9 4 5
97U
M a y ’ 18
'90% *97%
9 01 2
-------------------____ 89
Consol gold 6s..................... 1945
90 M ay’ 18
87-% 90
Ohatt Dlv pur money g 4s 1951
78 A u g ’ 17
M ao A Nor D lv 1st g 5 s ..1910
"ss" III. 90 M ay’ 18
85 101's 97-58 Juno’ 17
M id Ga A Atl Dlv 5s . . . 1917
____ 90
M obile D lv l s t g 5s........... 1918
101'2 Apr ’ 17
83
93
Can R R A B of Ga ool g 5s ..1937
90 Aug '17
Cent of N J gen’ l gold 5s____1987
102 Sale l o t ’ s
102
100 101
101*8
100 103 1015g
R eg istered.....................*1987
101% 104
Am Dook A Imp gu 5 s . . . 1921
9312 ------- 99 M ay’ 18
93% 99%
4% Hud RIv gfln gu g 5a.'20
94>i IOU4 100 Apr ’ 18
100 100
N Y A Long Br gen g 4 s ..1941
02 ------ 100% Jan ’ 13
Cent Vermont 1st gu g 4 s..«192 0
07 ------- 05 M ar'18
*65*' *05
Ohesa A O fund A Impt 5 s . . 1929
90 ____ 90 June’ 18
80
90
1st consol gold 5 s _________1939
95 100%
9714
96»4------- 9034
Registered ................... 1939
10l<2 Jan *17

and interest — except for interest and defaulted bond s.

BONDS

N. Y . S T O C K E X C H A N G E
Week ending June 21

Price
Friday
June 21

Week's
Range or
Last Sale

1 Bonds
| Sold

I n J a n . 1909 the B tchange method o f quoting bonds was changed and o^ices are n o w —

Interest
Period

2634

Rings
Since
Jan. 1.

High No. Low High
Bid
Atk Low
Obeaapeake A Ohio (Con)—
78
77%
705g 77% 77%
1 72
General gold * X s _______ 1092 IN- 8
8634 M ar’ 17 ____
R egistered____________ 1992 M - S
69 05% 70
75%
76
75% Sale
20 year convertible 4 X 8 - - 1930 F - A
82 70
82%
81% Sale
80%
81%
3 0 -year conv secured 6 s .. 1940 A -O
84 Apr ’ 17
dig Sandy 1st 4 s ................ 1944 J - D
0034 78
85% N o v ’ 16
Joal River Ry 1st gu 4S..1946 J - D
90i4 Feb ’ 16
Craig Valley 1st g 5s......... 1940 J - J
8434 Jan ’ 13
Potts Creek Br 1st 4s____1940 j - J
73
79
73
N o v ’ 17
R A A D lv 1st con g 4 s . . . 1989 J - J
02
82
71 Oot ’ 17
2d oonsol gold 4s______ 1989 J J
05% ____ 83% Sept‘ 10
Greenbrier Ry 1st gu g 4s. 1940 M - N
- - 93% 113% Feb ’ 15
Warm Springs V 1st g 5 s ..1941 M - S
62
501,1 51% 52 M ay’ 18 ____ 50
Oblo A Alton R R ref g 3s___1949 A - O
3 35% 47%
40 Sale
40
40%
Railway 1st lien 3 H e......... 1950 J - J
Chicago Burlington A Quincy
99% 101
99% Apr ’ 18 . . . .
9758 99%
Denver D lv 4 s ____________1922 F - A
70
73
73% 73% June’ 18 . . . .
73
Illinois D lv 3 X a ...................1949 J - J
83% Juno’ 18
82
87%
8034 84
Illinois D lv 4s....................... 1949 J - J
99 ____ 93 M ay’ 18 ____ 98
99%
Iowa D lv sinking fund 5 s .1919 A - O
97
9 7 % ____ 97 Jan ’ 18 —
97
Sinking fund 4s........... .1919 A - O
Joint bonds. See Great North
90% 92
01% June’ 18 ____ 91% 94%
Nebraska Extension 4 s . . . 1927 M -N
____
91
91
M ar’ 18
91
Registered........................1927 IN- N ------- 91%
15 80
841*
80%
81
80% Salo
General 4 s . . ..................
1958 IN- S
4 25
30
28
32
23%
28%
Ohio A E 111 ref A Imp 4s g . . 1955 J - J
.
.
.
.
29
28
30
28% June’ 18
22
U S M tg A Tr C o ctfs of d e p ..
100 ~ 1 98 101
Ist consol gold 6s......... ...1 9 3 4 A - O 100 Sale 100
General consol 1st 5s_____ 1937 M - N . . . . 84% 87 June’ 17
*71 ____ 70 Feb ’ 18 ____ 70
70
U 8 M tg A T r C o otfs of dop
70
July’ 17
Guar T r C o otfs of dop_____
51 . . . . 973i Feb ’ 13
Parch money 1st coal 5 s . . 1942 F - A
12
32
M ar’ 17
Ohio A Ind C Ry 1st 5s___1930 J - J
7 54
593,1
58% Salo" 58%
60%
Ohlcago Great West 1st 4s. .1959 M - S
4 93
100%
99% 105 100%
100%
Ohio Ind A Loulsv— Ref 6s. 1947 J - J
85
96% 100% Apr ’ 17
Refunding gold 5s.............. 1947 j - j
84% Apr ’ 17
Refunding 4s Series G____ 1947 J - i
70 N o v ’ 16
Ind A Loulsv 1st gu 4 s . . . 1950 j - j
71
78
90% Jan ’ 17
Ohio Ind A Sou 50-yr 4s____1950 J - J
973g Deo ’ 10 —
—
—
Ohio L S A East 1st 4 U s___1909 J - D
Ohloago Milwaukee A St Paul—
79
72% 74% 71 June’ 18 . . . .
71
Gen’l gold 4s Series A . . . *1989 J - J
O- J
92*8 Feb ’ 10
Registered____________ «1989 w
23 76% 82
79%
79
79% 79%
Permanent 4 s ...................... 1925 J - D
20 0434 70
07% Sale
67%
07%
Gen A rof Ser A 4 X * ___ *2014 A -O
4 74
74
76
70 Salo
80
Gen ref conv Ser B 5 s ...a 2 0 1 4 F - A
____
717g
I
J
72%
Aug
’
17
Gen’ l gold 3 * 3 Ser B ____*1989
8 0 % ____ 83 Juno’ 18 ____ 80% 84%
General 4 54s Series C ...e l9 S 9 j - j
68
71
71 Juno’ 18 ____ 60% 74
25-yoar debenture 4s_____ 1934 j - j
23 71% 78
74% Sale
74%
74%
Convertible 4 X s _________1932 J D
9 5 % ____ 97 Jan 18 . . . .
97
97
Ohio A L Sup Dlv g 5s. ..192 1 J - J
____
8
5
%
____
94
91
Fob
’
18
94
Ohio A M o RIv D lv 5 s ...1 9 2 0 J - J
96% 97% 97% M ay’ 18 ____ 95% 98%
Chlo A P W 1st g 5s......... 1921 J - J
79 Deo ’ 17
O M A Puget Sd 1st gu 4s. 1949 J - J ____ 75
97% 100% 99% M ay’ 18 . . . .
09% 99%
Dubuque D lv 1st s f 0 s . . . 1920 J - J
98% 108 104% 8opt’ 17
Fargo A Sou assum g 0 s .. 1934 J - j
97 103% 93 Jan ’ 18 ____ 98
98
La Crosse A D 1st 5s_____ 1919 J - J
9534 99
90
90 M ay’ 18 ____ 90
WIs A Minn D lv g 5s____1921 J - J
9 7 % ____ 97% M ay’ 18 ____ 97% 97%
WIs Valley Dlv 1st 0 s ___ 1920 J - J
85 ____ 85 Apr ’ 18
85
35
Mllw A N o 1st ext 4X S--1934 J -D
Cons extended 4 X s ____1934 J -D * 8 1 % ____ 81% Feb *18 ____ 81% 81%
89
8734 ____ 89 Jan ’ 18 ____ 89
Ohio A Nor Wcet Ex i s 1880-1920 F - A
8 0 % ____ 80% Oot ’ 17
Registered.............. 1880-1920 F - A
70
71
73%
71 M ay’ 18 ____ 70
Genoral gold 3 X s .............. 1987 M -N
81% Oot ’ 16
Registered..................... p!987 O
-J . 11? — — 70
2 79% 85%
80% 83
80%
80%
M- N
____
81
81 M ay’ 18
81
M -N * ------- 83
M -N 100 ____ 99% M ay’ 18 ____ 99% 103
A - O ------- 103% 104 M ay’ 18 ____ 104 104
109% Apr ’ 10
A -O
____
A - O " 94 % i o o * 101 Sept’ 17 . . . .
____
9134____ 103% Apr ’ 10 ____
A -O
96% 97% 95% M ay’ 18 ____ *95** 90%
Debenture 5s____________ 1921 A - O
____
91
97
100
Jan
’
18
100
100
Registered................. ...1 9 2 1 A - O
95% 97
95% June’ 18 ____ 93% 97
Sinking fund deb 5s........... 1933 IN-N
91% 97
94% M ay’ 18 ____ 04% 94%
Registered................. ...1 9 3 3 IN-N
7734 ____ 101% Oot ’ 16
Des PlalnesVal let gu 4X sl94 7 IN- S
From Elk A M o V 1st 0 s ..1933 A - O 1 0 4 % ____ 105 Apr ’ 18 . . . . 101 105
53 ____ 88 Jan ’ 17
Man G B A N W 1st 3 X s 1941 J - J
M llw A S L 1st g u 3 X « - - - 1941 I . T
3 98 1021*
101%
MU L 8 A West 1st g 0 s .. 1921 IN- S 1 0 1 % ____ 98
2 08
98
98
98
1 F - A ♦93
, IN- 8 1 02 % ____ 111% Deo ’ 15
j . | 1 0 2 % ____ 102% M ay’ 18 . . . . 102% 102%
72% 78% 741.1
2 73% 76%
74%
IN- S
1 93
93
95
03
93
93
1J - J
Ohloago R ock Isl A Pao—
0 73
73
74
74
74
77»4
:J - J
71% M ay’ 18
71% 71%
;J - J
07 Sale
07
08 " 5 1
02% 03%
A -O
71
70 M a y ’ 18 - . - - i 00
1J - J
07%
07
07
07 Salo
M- 8
10 02
87
91
90 Fob ’ 18 ____ 90
00
A -O
92% 100
97% June’ 17
O R l F A N W 1st gu 5sIIl921 A - O
97 ____ 97 M ay’ 18 . . . . 95 100
1J - J
90
92
93 M ay’ 18 . . . .
93
93
1 IN-N
55% 01
60 M ay’ 18 . . . .
00
1A - O
57
4 59
07% 63
08
08
69
F - A
1 102 100%
105%
1 J - D 104% 105% 105%
8 1 % ____ 84% Juno’ 18 ____ 81% 85%
1 J -D
8 7 % ____ 90% M ay’ 18 ____ 85% 90%
1 IN- 8
1 j - j 100*8 . . . 118 N o v ’ 10
100%
100% 100% Apr ’ 18 ____ ioo% 100%
1A - O
8 4 % ____ 95 M ay’ 18 ____ 05
95
1M- 8
____
82 Jan ’ 17 . . . .
50
53
1J - D
1 Q -M 100% 105 103% M ay’ 18 ____ 103% 101
15 01
05%
00
65% 00
00 %
1J - J
90 M ay’ 17
’ J
1
....
83
M ar’ l l ____
1 M- 3
80 ____ 90 Jan ’ 17
J - J
5 59
63%
61
04
03% Sale
1J - D
75% 76% 75%
2 05% 75%
75%
J - J
75
85
80 Apr ’ IS ____ 80
80
1 J -D
___ _
61% 81% 83% M ar’ 17 ____
1J - J
00
01% 02
02
1 *02 * 65
[J - J
63
07
78
03 Juno’ 18 ____ 03
) M -N
6 3 % ____ 73% J u n o 'i7 —
—
—
) M- »
) J “ J *03
____
99 r d r " 102% Oot ’ 17 . . .
) M -N
7 5 % ____ 87 O e o ’ 17 ___ ____ . . . .
IQ -F
1st gold 4s
t> n
.
F
83%
M
ay’
15
w r
11 . 1
88 . . . . 102% Jan 17
107% Aug ’ 17
*
j 101
67 U ____ 91 July’03
J* u
lO- J
4 8 % ____ 5134 Juno’ IS ____ 40
51*4
) A -O
4 12% 13
13
13.
13 Salo
) Apr
90
8 0 % ____ 80% Juno’ IS ____ 85
l A -O
5 82% 80%
85
83% 86% 85
) F - A
40 00
73
71 Salo
71
71%
J M -N
08%
90% 97% 98% M ay'18 --.-1 90
l J - O
80
tA -C
1 j . J ____ 05
94 F o b ’ 10
Del Lack A Western—
73% 75%
73
79% 75% Apr ’ 18
) J •O
l i - J 10134------- 101% M ay’ 18 ____ 100% 102%
95% 98
9 5 % ____ 95% Apr '18 . . . .
) F- A
\ M -N
9 1 % ____ 9334 Jan ’ 18 ____ 9334 9334
iJrr . n
a
102% Feb ’ 08

1

1

*NopriceFriday; latestthisweek. aJDueJan. tfJDueApril. ejDueMay. g]DueJuno. ADueJuly. *DuoAug. 0DueOct. pDuoNov gDueDeo. *Optionsale.




New York Bond Record—Continued—Page 2

J unb 22 1918.1
BONDS

H . Y . ST O C K E X C H A N G E
Weok ending June 21

Price
Friday
Jane 21

Week'i
Range or
Lait Sale

■5 a

Range
Since
Jan 1.

High No. Low
Bid
Aik Loto
Delawar* A Hudson—
93*8____ 94 Apr *18 . . . .
93%
1st Hen equip 8 4 X s .- - - . 1 9 2 2 J - J
11 80%
82
83
82
84
l i t A ref 4a.......................... 1943 1*1-N
9 8512
88%
88% 88% 82%
30-year oonv 6s..................1035 A - O
1 71
73%
73%
71% 75
Alb A Susa conv 3 X s ____1948 A - O
Renas A Saratoga lat 7 a .. 1921 W -N 1 0 1 % ____ 112% D eo ’ 16
Denver A R io Qrande—
16 60%
67
63%
67
03
lat cons g 4a____________ 1936 J - J
10 68
71%
71%
71% 73
Consol gold 4 X 8 ................1936 J - J
11 72
75%
____ 75% 74
Improvement gold 5 i ___ 1928 I - D
1 48%
53
53
51% 53
l i t A refunding 6a..............1955 F - A
37 A u g '17
R io Or Juno 1st gu g 6 a . .. 1939 J - O ____ 95
61%
Apr
’
l
l
____
77
Rio Or Sou lat gold 4 a .-.1 9 1 0 J - J
39 ' July '17
Guaranteed..... ...............1910 1 - J
3 03%
65 ------- 66‘2
60%
Rio Gr West lat gold 4a. .1939 J - J
55 M ay’ 18 —
50
50
58
M tge A ooll trust 4s A . . 1919 A - 0
82 Deo ’ 10
D et A M aok— 1st Hen g 4S..1995 J - D
75% J u ly '10
G old 4a................................1095 I - D
.
.
.
.
73
76 ____ 77 June'18
D e tR lv T u n — Ter Tun 4 X s 1901 * - N
96% June’ 18 . . . . 90%
96% 98
Dul Mlsaabe A Nor gen 5S..1911 I - J
94% 97% 97 M ay’ 18 —
97
D ul A Iron Hangs lat 5a____1937 A - O
105% Mar '03
Registered...........................1937 A - O
82
87 M ar’ 18
Dul Sou Shore A Atl g 6 a ...1 9 3 7 J - J ____ 87
5
90
90
90
90 Sale
Elgin Joliet A East lat g 53.1911 M -N
100
Erie lat consol gold 7a______ 1920 M- S 100% 100% 100% June’ 18 —
80 ------- 78 Apr ’ 18 . . - 78
N Y A Erie lat ext g l a . ..1 9 1 7 M -N
.
.
.
.
00%
M
ar’
18
90%
9 0 % ------2d ext gold 5a...................1019 M- S
93%
96 ____ 93% Jan ’ 18 . . . .
Sd ext gold 4 X s .............. 1923 M- 8
—
9 5 % ____ 99% July ’ 17 —
4tb ext gold 5s.................1920 A - O
94% N ov’ 15
Otb ext gold 4a.................1928 1 - D
N Y L E A W l a t g f d 78..1920 M- 5 1 00 % ------- 107% Deo ’ 10
66
69
60% June’ 18 . . . . 05
Brie lat oona g 4a p r io r ... 1996 l - J
84 D e o ’ 10
R e g la t e r e d ...................1996 I - J
43 49%
54 Sale
53
54 %
lat consol gen lien g 43.1998 [ - J
73 June’ 16
Reglatered__________ 1996 J - J
2 75%
78"
79% 78
78
Penn ooll trust gold 4s. .1951 F - A
15 42
49%
49%
49% Salo
50-year oonv 4a Serlei A 1953 A - O
49 % Sale 48%
4934 105 42%
do
Series B _______10 >3 A - O
95 48%
52%
54
53% Sale
Gen oonv 4s Series D . . . 1953 A - O
93 June'18 —
92
91
87%
Oblo A Erie lat gold 5 s . ..1 9 3 2 M - N
106% Jan ’ 17
Olev A Mahon Vail g 5 a .. 1938 J - J
100 M a y '18 ____ 93%
Erie A Jersey 1st s f 0 a . .. 1955 J - J ____ ioo
90 103% 103% A u g '17
Geneasee River lat a f 6 s .. 1957 J - J
110% N ov’ 17
Long Dook consol g 0 a . . . 1935 A - O
103 Jan ’ 18 _
103
Coal A R R latou r gu 0s . 1922 M -N
80 ____ 102% Juty'17
Dook A Impt lat ext 5 a .. 1943 J - J
83 ____ 85 Jan ’ 18 ____ 85
N Y A Green L gu g 5a .1940 M -N
3 74
80
80
77
80
N Y S usq A W lat ref 58.1937 J - J
2d gold 4 X s ....................1917 F - A *____ 62 100% D eo ’00
.
.
.
.
01
Apr
’
18
____
00
01
General gold 5a............. 1940 F - A
7712 ------- 103 Jan ’ 17
Terminal lat gold 5 s . . . 1943 M -N
103 Jan ’ 17
M id of N J lat ext 5a____1940 A - O
02 Feb '18 . . . . 02
03
67
Wllk A East lat gu g 5 a .. 1942 J - D
23% Jan ’ 17
Ev A Ind lat cona gu g 0 3 ...1 9 2 6 J - J
97
N ov’ 17 . . . . . . . .
90^2------■vanav A T H lat cons 6 s .. 1921 J - J
85% June’ 17
1st general gold 6s..............1942 A - O
108 N ov’ l l
M t Vernon lat gold O s ... 1923 A - O
95 June’ 12
Bull C o Branch 1st g 5s. . . 1930 A - O
81
75'% 92% 81 M ay’ 18 . . . .
Florida E Coast lat 4 X S ...1 9 5 9 J - D
92 A u g ’ 10
Port St U D C o lat g 4 X a . .1941 J - J
Ft W orth A lUo Gr lat g 4a. 1928 J - J
85% June’ 10
Galv Houa A Hen lat 5a____1933 A - O ____ 88
91
9 4% 220 02
91 Sale
Great N o rC B A Q ouII 4 3 .. 1921 J - J
92% M ay’ 18
01%
Keglatered......................*1921 Q - J
86% 95% 87 June’ 18 —
80%
l i t A ref 4X a8erlea A . ..1 9 8 1 I - J
90 June’ 10
R eglatered....................... 1901 1 - J
87 ------- 89% Apr ’ 18 . . . . 80%
St Paul M A Man 4 i _____1933 J - J
103
1st oonaol gold 6a______ 1933 J - J 1031s 113 103 Apr ’ 18 —
118 Apr ’ 17
Registered...................1933 J - J
92
93% 91*s June’ 18 . . . .
91%
Reduced to gold 4 X s . 1933 J - J
85% 99 102% M ay’ 16
R egistered...............1933 J - J
85 Apr ’ 18 . . . .
83% 80
81%
M on tex t lat gold 4 a ...1 9 3 7 J -D
95% M ar’ 10
81
89
R egistered...............1937 J - D
85*2 N ov’ 15
Paolflo ext gu ir 4» a___1940 J - •*
79 ------- 80% Deo ’ 17 ____
E Minn N or DJv lat g 4a. 1948 A - O
Minn Union 1st g 0 s . . ..1 9 2 2 J - J 101 ------- 100% M ay’ 18 . . . . 100%
. M ont O lat gu g 6a______ 1937 J - J 1 05 % ------130% M ay’OO
R egistered_______ 1937 J - J
9 4 % ------- 93% Apr ’ 18 . . . .
92%
lat guar gold £s_____ 1937 J - J
109% Aug '16
9
3
%
------Will A S F lat gold 5a. . 1938 J - D
____ 79% 0934 Deo ’ 10
Green Bay A W deb 'Ufa " A " ___ Feb
8% M ay’ IS ____
7%
9%
7
Debenture otfa " B ” .................... Feb
75 Juno’ 18 . . . .
77
75
Gulf A 8 I lat ref A t g 68 .51952 J • ■ 75
1 75
75
75
Hooking Val 1st eons g 4 X s . 1999 J - > 75 Sale
73% Juno’ 18 . . . .
* ____ 75
73%
R eg la tered _______ _______ 1999 J 70% 87% 82% A u g ’ 17 . . . .
Col A H v 1st ext g 4a ..1 9 4 8 A - O
67%
70% . . . . 75 Feb ’ 18 . . . .
Col A Tol lat ext 4a......... 1955 F - A
00% Apr ’ 17
Houston Belt A Term 1st 5a. 1937 J - J
93% Juno’ 18 ____ 87
82% 93
Illinois Central lat gold 4 s . . 1951'■* - J
92 Sept’ 17 - . - .
63
93
R e g is tered ______________ 196 l'J - J
78% Doe ’ 17 —
—
73
90
1st gold 3 X > ____________ 1951 > - J
81 N ov’ 15
07
81
R eg latered ___________ 1961 J - J
80
Juno'17
Extended lat gold 3X a ... 1951 A - O

Reglatered________ 1 9 5 1 A - O
lat gold 3a sterling......... 1951 M - S
Reglatered.................. 1961 i*l- S
Collateral trust gold 4a... 1952 A - O
Reglatered..................1952 A - O
lat refunding 4 a . . ___ .1955 M -N
Purchased llnea 3Xs___ 1952 J - J
L N O A Texas gold 43.. . 1953 M -N
Registered .................1953 M - N
Cairo Bridge gold 4s.. . . i960 J - O
Lltohflcld Dlv 1st gold 31.1951 J - J
Loulsv Dlv A Term g 3 Xs.1953 J - J
Registered__ _____ 1953 J • J
Middle Dlv reg 6a___ .1921 e - a
Omaha Dlv lat gold 3a... 1951 F - A
St Louta Dlv A Terra g 3s. 1951 J - 1
Gold 3Xs.............
1951 I • I
Registered______ 1951 1 - J
Bprlugf Dlv 1st g 3 X*_1951 J - J
Western lines lat g 4s__ 1951 F - A
Registered................. 1051 F - A
Bellev A Car 1st ds.........1923 J -D
Carb A Shaw 1st gold 4a.. 1932 M- 8
Ohio St L A N O gold 5s.. 1951 J -D
Registered________ 1951
Gold 3XS................... 1951
Registered ..............1951
Joint 1st ref 5s Series A . 1963
Meraph Dlv 1st g 4s .. 1951
Reglatered.......... .1951
St Louis Sou 1st gu g 4a . 1931
Ind III A Iowa lat g 4s___1950 I - J
Int A Great Nor 1st g 63 . .1919 M -N
Jamee Frank A Clear lat la 1959 I - D
Kansas City Sou lat gold 3s 1950 A - O
Reglatered_________ 1950 4 - 0
Ref A trapt 5s____ Apr 1950 I - J
Kansas City Term 1st 4s .. 1980 I - J
Lake Erie A West 1st g 3s . 1937 J - J
2d gold 5s............... .1911 J - J
North Ohio 1st t i» *6»..19i. V 0
Leb Val N Y 1st gug 4X8..19I0 J - J
Registered_____ .. — 1940 J • J
Lehigh Val (Pa) onu- g 4s..2003 M -N
General oons 4X<......... 2003 M -N

*NoortceFr.my

80
77%

81

78
78%
65
70
71% 75
70
84
68

63

5 8 % ____
57% 66
65% 83%
03 ____
____ 79%
72% 78%

03

-------

6 3 % ____

" 'do’ % 88

94
80%
90
70
60
71%
76%
56

67%
55.
77%
97%
07
87
00
101
L78
90%
95
—
69
57%
79
49%
49%
50
93
100
103
85
80
01
02
....

81

91%
93%
90
89%
103
95
85

100%
93%
9%
83
78
73%
75
95
—

....

72%

....
____
1
—

78% 83
70
71
74
70%
72
72

....

01%

71

....
....
—

58%
62
63

58%
62
03

....

79

79

....

97

93

June'IS - - - *80"
63% 90
7018 N o v ’ 17
0)
NOV’ 17
77 ____ 80 Feb ’ 18
80
74% 9 3
89 Apr ’ li
90% 90
93% M ay’ IS
90
75% 85
82% June’ li
60
00
62% June'If
53
___ ______ 63 Oat 'OS'
78% Sale
78%
78%
7 73%
75
76
70
70
21 7 4%
83% 85
83% June’ If
78
____ 80
80% Feb ’ 17
____ 85
30% M ar’ 17
84% 94% 85 Apr ’ 18 . . . .
85
83% 93
89 Ont ’ 17
74% 78
78 Apr ’ If
78
88 101% 87 Apr ’ 18 —
87
*8 0

High

Julv’09

77% Apr ’ 18
95% S e p t'12
79 Juno’ 18
71 M ay’ IS
74%
7 4%
72 Feb ’ 18
89 Apr ’ 17
79 Fob ’ 14
65% M ay’ 18
83 A u g ’ 12
102 June’ 10
58% Apr ’ 18
02 M a r '18
03 Apr '18
80 June’ 10
80% N o v ’ 10
79 M ar’ 18
92
N ov' If
117% M ay'll)
90 Jan ’ 17
97 M a r '18
111 Fob ’ l l
90 O ct ’09

73%

'9*1 ’
80
93%
62%
80
78
92
91%
78
90%

•.lil 1andaskedthisweek, aDueJan. 6’DueFebJ




BONOS

N . Y . STOCK EX CH AN G E
Week ending June 21
Loh V Term Ry 1st gu g 5 s ..1941 A R eglatered........................... 1941 A Loh Val Coal C o lat gu g 5a. 1933 J R eglatered_______________1933 J lat lnt reduced to 4a......... 1933 J Leh A N Y lat guar g 4a____1945 MR eglatered_______________1945 MLong laid lat oona gold 5 a ..61931 Q lat oonaol gold 4s_______ *1931 Q General gold 4a__________ 1933 J Perry gold 4 X s ...................1922 M G old 4a....... ..........................1932 J Unified gold 4a.....................1949 M Debenture gold 5a.............. 1931 J 20-year p in deb 5a..........1937 M Quar refunding gold 4 a . .. 1949 M R og lstered ....................... 1949 M N Y B A M B lat eon g 5a. 1935 A N Y A B B 1st gold 5a____1927 MN or Sb B lat con g gu 5s.ol932 Q Louisiana A Ark lat g 5 a . .. 1927 MLoutsvllle A Naahv gen 6 a .. 1930 J G old 5a__________________ 1937 M Unlflod gold 4a.....................1910 J R eglatered____________ 1940 J Collateral trust gold 5 a . .. 1931 M ­
E H A Nash lat g 0a......... 1919 J L Cln A Lex gold 4 X 3 ---1 9 3 1 M N O A M lat gold 6a......... 1930 J
2d gold 0a......... ...............1930 J
Paduoah A M om Dlv 4 a .. 1946 F
8t Loula D lv lat gold 0 a ..1921 M
2d gold 3 a . . . ...................1930 M
Atl Knox A Cln D lv 4 a . . .1955 M ­
At! Knox A Nor 1st g 5 a .. 1940 J Header Bdge 1st a f g 0 a .. 1931 M Kentucky Central gold 48.1987 J Lex A East lat 50-yr 5s gu 1905 A L A N AM A M la t g 4 X s l9 4 5 M ­
L A N-South M Joint 4 s .. 1952 J R eg istered ___________ *1952 Q N Fla A S lat gu g 5a......... 1937 F N A C Bdge gen gu g 4 X s . 1945 J
Penaao A Atl ls tg u g 6 a .. 1921 F S A N Ala oona gu g 5 a . .. 1930 F Gen cona gu 50-year 58.1963 A L A Jeff Bdge C o gu g 4 a . . . 1945 M Manlla R R — Sou llnea 4 a . .. 1930 M M ex Intornat lat oona g 4a.. 1977 MStamped guaranteed......... 1977 M Mldland Term — 1st a f g 5a. 1925 J Minneapolis A St Loula—
lat gold 7a........................... 1927 J Paolflo Ext 1st gold 0s____1921 A lat oonaol gold 6s................ 1934 Mlst A refunding gold 4 s ...1 9 4 9 M
Ref A ext 50-yr 5s Ser A . . 1962 Q Dos M A Ft D ls tg u 4 s .. 1935 J Iowa C en tralist gold 5 s .. 1938 J Refunding gold 4a......... 1951 M M S tP A S S M o o n g 4 s ln tg u .l9 3 3 J 1st Ohio Term a f 4a......... 1941 M ­
M S S M A A lat g 4a Int gu.'26 J
Mississippi Central 1st 5 8 . .. 1919 J
Missouri Kansas A Texas—
1st gold 4s............................1990
2d gold 4a_______________01990
1st oxt gold 5a________
1944
lat A refunding 4 s . . .
2004
Trust C o certfa o f dep____
Gen sinking fund 4 % s ...l 9 3 0
St Louis D lv lat ref g 4 s . . 2001
5% secured notea “ ext” ’ 16
' Dali A W aco 1st gu g 5s. .1940
Kan City A Pao 1st g 4 s .. 1990
M o K A E lat gu g 5 s ___ 1942
M K A Okla 1st guar 5 s ..1942
M K A T o f T lat gu g 5a. 1942
Sher 8h A So lat gu g 6s. .1942
Texas A Okla lat gu g 5 s .. 1943
Missouri Paolflo (reorg Co)
lat A refunding 5 a ______ 1965 . .
1st A refunding 5 s ____ .1923 . .
lat A refunding 5 s ............1926 . .
General 4 s ______________ ______ Missouri Pao 1st cons g 0 a .. 1920 M10-year gold loan 4s........... 1945 M 3d 7s extonded at 4 % ____1933 MBoonv St L A 8 lat 5a gu.1951 F Cent Br U P lat g 4a......... 1948 J Pao R of M o lat ext g 4S..1938 F 2d extended gold 6a___ 1938 J St L Ir M A 8 gen con g 5a.1931 A Q onoon stamp gu g 5a ..1931 A Unlfled A ref gold 4a___1929 J R egistered..................1929 J R I v A O Dlv lat g 4 s ...1 9 3 3 M Vordl V I A W 1st g 5a...1 9 2 6 M M ob A Ohio new gold 0s____1927 J 1st ext gold 0s...................*1927 Q Osneral gold 4s...................1933 MM ontgom ery Dlv lat g 6a. 1947 F St Louis D lv 5a...................1927 J Ht L A Cairo guar g 4s____1931 J Naahv Chatt A St L 1st 5a 1928 A Jasper Branch 1st g 6 s . . . 1923 J Nat R y so f M e x p r lle n 4 X s . 1957 J Guaranteed general 4 s ...1 9 7 7 A N a t o f Mex prior Hen 4 X s . . 1926 I lat oonaol 4s______________1951 A New Orleans Term lat 4 s ...1 9 5 3 J N O Tex A M exico lat 6 a .. .1925 J Non-eum Income 5a A ____1935 A New York Central R R —
Oonv deb Os......................... 1935 MConso! 4s Sorias A _______ 1993 F Ref A Imp 4 X s " A " ..........2013 A New York Cent A Hud R lv—
Guar 3 X s ........................... 1997 J R eglatered_____ ______.1997 J Debenture gold 4s_______ 1931 MR eglstered....................... 1934 SiLake Shore coll g 3 X s ___ 1993 F
R egistered.......................1993 F Mloh Cent ooll gold S X s . . 1998 F R eg istered.......................1998 F Battle Or A Stur ls tg u 38.1989 J Beech Creek 1st gu g 4 s .. 1936 J R eg istered.......................1936 J 2d guar gold 5s.............. 1936 J R egistered...................1930 J Beech Cr Ext 1st g 3X1-01951 A Cart A Ad lat g u g 4s____1931 J
Gouv A Oawe 1st g u g j i . 1J4-’ 1 Moh A M ai 1st gu g 4 s . . . 1991 MN J Juno R guar 1st 4 s . . . 1988 F N Y A Harlem g S X s ____2000 MN Y A Northern let 1 5s. 1923 A -

3635
P rice
Friday
June 21

W eek ’ i
Range or
L a tt Sale

§ -jj

Rangt
Since
Jan . 1.

.!!_
fl(d
Ax* Low
H igh N o . Low H ig k
101% 102% 102 Mar’ 18 — 102 102
113 Mar’ 17
____102
97 104 100 Mar’ 18 ___ 96% 101
105 Oot '13
80*4____
87 Apr ’17
95 Apr ’ 18 . . . .
94% June’16
71% June’ 18 — 90 July'17
99% Oot ’06
71 June’ 18 ___
____78
____97
97 Jan ’ 18 ___
7
72%
70 73% 72%
7712 85 75 June’ 18 . . . .
95 Jan ’ ll
95 ------ 103% Apr ’ 18
95 100 92% Apr '18 . . . .
82
93% 100 Aug ’16
85‘2 87% 90 Mar’ 18 ___
1
110% 115 110% 110%
96% 109% 94% Apr ’ 18 ___
86% 11
85
85% 8434
96% Jan ’ 17
____99
99 Mar’ 18 . . . .
100%____ 103% July’ 17
90% 94% 87 Apr ’ 18 . . . .
102 112 106 Aug ’ 17
93%____ 104% Feb ’ 17
72% 89
90% Apr ’ 12
100%____ 100% Jan ’ 18 ___
57 58% 58% Mar’ 18 ___
1
80%
80 80% 80%
96%____ 108*4 Jan '17
101% 106 105% Aug ’ 17
75 77% 73 May’18 ___
21
94
9234 Sale 92%
83% 91% 94 Aug ’ 17
63% 81% 67% Apr ’ 18 . . . .
95 Feb ’05
95*4 101*4 96*4 Jan ’ 18 . . . .
82%____ 97% May’ 16
100% 103 102% Feb ’ 18 ___
96% 100 99 Apr ’ 18 . . . .
86% 102% 93% Jan ’ 18 —
53%____ 79 Apr '17
93% 96%
81% 87
71% 74
____95

91*4 95
71% 71%
71
97
72
73

71
97
75
79%

92% 92%
87% 90
109 110%
93*4 94%
83 88%
99

99

87

87

100% 100%
58
58%
74
80%
74
73
91*4 90
67% 67%
96*4 96*4
102% 102%
99 99
93% 93%

77 Mar’ 10
75 Nov'10
91% June’ 17
1
101
104 104
103 Oot ’ 10
73% 77% 78 June’ 18 . . . .
45 46 46 June’ 18 ___
41 47 45
45*4 . 6
60 Feb '15
81% 84% 81% June’ 18 . . . .
44% 23
43>8 Sale 43%
83% 84% 84% June’ 18 —
92 Jan ’ 17
89%____ 85% Nov’17
____94%
95 Deo ’ 16

101

61% Sale
31% 33%
____32
40% 43%
40% 4712
25 26%
____37%
30 40
____65
37% 50
56 87
50% 60
_ _ 60
____ 50

8
61%
61%
3
31%
31%
32% Nov’17
43% May’ 18 . . . .
42 May’ 18 -- -26*4 June’ 18 —
40 Nov’ 16
69% Apr ’ 17
58 Jan ’ 18 -36 Apr ’ 18 —
55% Deo '17
52%
52% 10
51 Deo ’ 16
40 Jan ’ 18 —

3
83%
84
90 June’18 ____
4
87%
87*4
57%
58% 205
99 June’ 18 —
60 July’ 17
82 Apr ’ 17
100 Feb ’ 13
71%------ 97% Deo ’ 13 -7812 Apr ’ 18 —
79% 81
100% Apr ’ 18
93% 12
93 91 92%
102 July’ 14
74% 75 75 June’ 18 . . . .
80% Oct ’ 17
70 71
71 June’ 18 . . . .
78 Sept’ 15
101 102% 101% Mar’ 18 - 95 106 95 May’ 18 ___
60%____ 65% Apr ’ 18 —
82l2 94% 93 July’ 17
87% 92 90 Aug’ 17
72 85
77 Dee’ 17 ___
99% 103% 98% June’ 18 ___
98% 103% 110% M a r ’ 17
. . 30 30 May’ 17
____30
35 Aug’ 10
21 ____ 96% Feb ’ 13
____ 30 30 Oet ’ 16
63%____ 63 May’ 18
92% 93*4 92*4 June’ 18 . _
47 47% 47%
9,
47%
83% 8 jig
90 92%
87% 89
53 Sale
98% 99

91% Sale
7334 75
81*8 Sale

104
74
41
40

104
79*4
40
40

75*4 81%
40% 40%
83% 86%

60% 64%
28
35
40
45
41
42
26*4 34
53
30

53
37

49

50*4

40

40

79
90
86%
55%
98%

80
92
90
59*4
99%
....

78t2 80
90%

95%

72% 70
00% 71
101% 101%
92 95
65% 65%
__ _
97% 101

60
92
40

64
94%
49%

94%
91% 106 91% 95
75 May’ 18
71% 75
81%
81% 28 80 85

69*4 70% 70
11
70
69 73% 71% May’ 18 ___
5
81%
81% Sale 79%
92 Deo ’ 16
*64 " *65* 61% May’ 18 . _ .
61 May’ 18 . . . .
____61%
03% 70% 63% June’ 18
75 Mar’17

70
74*4
70
71%
74*4 81%
65%
01
61
61
62% 08%

------ 96% Apr ’ 17
95% Nov’ 10
84%____ 104 May’ 16
81

60

____ 89

*72*% *79**
68 ____
69%___
95%___

ueJune. *DueJuly* 0DueOct. s^Optlonsale.

Nov’16
....
*79*% Apr'lS
*79*% *79%
89% Feb ’ 16 —
—
—
80 May’ 17
101 June’ 17

New York Bond Record—Continued—Page 3

3636
BONDS

N . Y . 8T O O K EXCHANGES
Weak eadlng June 21

N Y Cent A H R RR i c o n . ) —
N Y A Pu 1st cons gu g 4« 1983
Pine Creek t e a guar 6«__ 1932
RWA O coa lat Mt 6s..*1922
Rutland 1st con a 4 ) 4 > __1941
Os * L Cham lstgu 4agl913
Rut-Canada lstgu s 4s. 1949
St Lawr 4 Adlr 1st s 5s__1996
2d sold 6a................... 1996
Utloa A Blk Rlv SU g 4s.. 1922
Lake Shore sold 314s___1997
Registered..................1997
Debenture gold 4s....... 1928
25-year gold 4s_____ 1931
Registered______ 1931
Ka A A Q R lat gu o 5a... 1938
Mahon C l RR lat 6a__ 1934
Pitta A L Erie 2d g 5a__al928
Pitts MoK A Y lat gu6s.. 1932
2d guaranteed 6s____1934
McKees A B V 1st g6s.l913
Michigan Central 6s___ 1931
Registered________ 1931
4a...............................1910
Registered______...1940
J L A 3 lat gold 344s__ 1951
lat gold 3 >4a................1952
20-year debenture 4s__1929
N Y Ohio A St L lat g 4a.. 1937
Registered------------ 1937
Debenture 4s_____ 1931
West Shore lat 4s guar__2361
Registered................. 2361
N Y C Lines eq tr 5a.. 1918-22
Equip trust 444S--1919-1925
N YConneot Iatgu4t4« A..1953
N Y N H A Hartford—
Non-oonv deben 4s____ 1947
Non-oonv deben 344s__ 1947
Non-oonv deben 3 44s__ 1954
Non-oonv deben 4s____ 1955
Non-oonv deben 4s____ 1950
Conv debenture 3 44s........1958
Conv debenture 6s_____1943
Cona Ry non-conr 4a__ 1930
Non-oonv deben 4a___1954
Non-oonv deben 4a___1955
Non-oonv debon 4s__ 1955
Non-oonv deben 4a__ 1956
Harlem R-Pt Chea lat 4a. 1954
B A N Y Air Line lat 4a..1955
Cent New Eag lat gu 4a.. 1981
Hartford 3t Ry lat 4a__ 1930
Housatonlo R cons g 6a_1937
Naugatuck RR lat 4s__ 1954
N Y Prov A Boston 4s... 1942
NYW’chosAB lataor 1 444s'46
Boston Terminal lat 4s... 1939
Now England oons 5a__ 1945
Consol 4s_________1945
Providence 8eour deb 4s.. 1957
Prov A Springfield 1st 6a. 1922
Providence Terra 1st 4j . . . 1958
W A Con East lat 444s...1913
N Y O A W ref lat g 4s__ ffl992
Registered *5.000 only ..pl992
General 4s__________ 1955
Norfolk Sou lat A ref A 6s.. 1901
Norf A8ou 1st gold 5s.........1941
Norf A West gen gold 6s__ 1931
Improvement A ext g 6e..l934
New River 1st gold 8s__ 1932
N A W Ry lat oons g 4s.. 1996
Registered ..................1998
Dlv'l 1st lien A gang 4a. 1944
10-25-year oonr 4a___ 1932
10-20-yoar )onv4g___ 1932
10-25-year oonv 444a__ 1933
Pooab C A C Joint la ... 1041
O C A T tat guar gold 5«.. 1922
8olo V A N E lat gu g 4a .1989
Northern Pacific prior lien
rallwayA land grant g 43.1997
Registered......„.......... 1997
Goneral lien gold 3s........a2047
Registered___ ____«2047
St Paul-Dulutb Dir g 4e..l998
St P A N P gen gold rta.. . 1923
Registered certificates.. 1923
St Paul A Duluth 1st 6a.. 1931
lat oonaol gold 4s......... 1988
Wash Cent 1st gold 4s__ 1948
Nor Pao Term Co lat g 6a.. 1933
Oregon-Waah lat A ref 4a...1961
Pacific Coast Co 1st g 5s__ 1946
Paducah A Ills 1st • f 444a . 1955
Pennsylvania RR lat g 4s.. 1923
Consol gold 5a_______ 1919
Registered________ 1919
Consol gold 4a................ 1943
Consol gold 4a.............. .1948
Oonaol 444s................... 1960
General 444a...............1965
Altog Val gon guar g 4 s... 1942
DRRRAB'gelatgu4sg ..1936
Phda Balt A W 1st g 4a.. 1943
8odus Bay A 8ou lat g 5s. 1924
Sunbury A Lewis lat g 4s. 1936
ON J RR A Can gen 4s ...1944
Pennsylvania Co­
Guar lat gold 4 44s......... 1921
Registered..................1921
Guar 3 44aooll trust re* A. 1937
Guar 3 44a ooll trust eer B . 1941
Guar 3 44a trust etfa C...1942
Guar 344a trust otfa D__1944
Guar 15-25-year gold 4a.. 1931
40-year guar 4s otfa Ser E. 1952
Cln Leb A Nor gu 4« g . . . 1942
Cl A Mar 1st gu g 444s...1935
Cl A P gen gu 444a ser A. 1942
Series B_________ 1942
lot reduood to 344a..1942
Series O 344s............ 1948
Series D3>4s.............. 19.50
Erie A Pitta gu g 3 44a B._ 1940
Series O .....................1940
Or R A I ex 1st gu g 4 44*. 1941
Ohio Coaneot 1st gu 4a.. . 1943
Pitta Y A Ash 1st oons 5a. 1927
Tol W V A O gu 4 44a A . . 1931
Serlea B »44«______ 1933
Series C 4a________ 1942
P C O A St Lgu 444a A ..1940
Serlea B guar......... ...1942
Series O guar_______1942
Serlea D 4s guar..........1945
Serlea E 3 44a guar gold .1949
Series Fguar 4a gold. .1953

32
"ft.

Price
Friday
June 21

Range
Since
Jan. 1.

W tik't
Rang* or
Latt Salt

Lou> High
72% 74%

High
Low
74% M ar118
113 M ay’ 15
98 M ar’ 18
67U Juno'18
60 June'13
70 Jan '18
101 N o v 116
103 N o v '16
94 Apr ’ 18
73 June’ 18
, 72i4 73 M ay’ 18
84%
85
86
84%
84 ;
Sale
8312 N o v ’ 17

Bit
09%
100% ,
97%
68 ,
60

104%
103
130%
123%

89l2
91 .
10112 .
101i4

99% Aug ’ 17
92 Apr ’ 18
80 N o v ’ 17
87 Feb '14
90 Juae’OS
7978 July’ 17
70
75
74U 75
75
75
811* 82 Juno'18
85 N o v ’ 17
63
61
61 Juno'18
76%
76%
75
78
7212 7512 75 Juno'18
100% Jan ’ 17
98% J u ly ’ 17
80>8 88 >2 85% M ay’ 18
50
50
51
60
00
52
87%
50
91%
79%

77% Aug '17
79% Deo ’ 17
74 Apr ’ 17

51i2 55

106% M ay’ 15
87 July’ 14
83 Aug *13
51%
52

64

..
-------

66

~65
62
03
815s____
10978____
104 ____
104 ____
80's Sale
78tg 8012

103" iio'
103 110
79% 83
95*8____
79
79i2

70
57
99%
83%

65 June’ 18
92% June’ 12
00 Apr ’ 18
62
63
81%
81%
106 Apr '18
122 N ov’ 16
107% Oot ’ 17
80
80%
9 4% Deo ’ 15
75% Apr '18
123% M uy’ 17
117% M ay’ 17
101 Juno'18
81 M a y ’ 18
103 Sept'16
78 Juno'18

93%
95%
87
74%
81%
37%
83
84
88
96%
90%
104
96%
90%
88%
88
90%
99
93
93
93%
92
88%
91%
91%
99
8883
95%

94
75%
73
87%
86%

92

72% 80%
75% 82
61
61
76
80
72% 76%
85% 88

50%
52
55%
52
83%

45

51
60
60
52
90

52

Sept’ 17
Apr ’ 16
D eo ’ 13
Feb ’ l l

80
80%
80% Sale
77
78i4 79% June’ 18
58%
53
53% 58%
61% June'17
75
75
73t2 77
102% 109 102% M a y '18
10l>->3 102 103% Sept’ 17
93t,4 ____ 107 Oot ’ 16
88% Mar 17
67l4 83
36% Deo 16
61
85
108% 10978 108% Juno’ 18
72% 73% 73% Juno'18
84% M ay’ 18
82
84
100% Feb ’ 17
100
93%
0Ji4 ____ 93%
100 ____ 100 June'18
9 9 % -----88 June’ 18
85
89
87 M a y '18
83
86
95%
95%
95% Sale
87% Sale
87
87%
89% N o v ’ 17
82% 86
8 0 % ____ 8 4% Sop ’ 10
84 ____ 92 Aug ’ 17
102 Jan ’ 93
77% 8 4 % ____ 92 Dae 17
93% Sale
95% 97%
7 5 % ____
74% Sale
74
80
76
79
83% 85%
80 ____
____ 87%
92 ____
93 ____
00% . . . .
8 6 % ____
8 0 % ____
8 0 % ____
7 6 % ____
7 0 % ------8418 ____
90
91
9 5 % ____
87% 98
87
92
7 6 % ------91% Salo
91% Sale
0 2 % ------8 8 'g ____
88% 92
8 8 % ____

92
71%
72%
82
81%

92

Sapt’ 17
Oct ’ 17
Juno’ 18
M a y ’ 18
Juno'18
June’ 18
87%
Oot ’ 17
Jan ’ 12
Apr ’ 16

70i4 ____
63 ____
____ 74

81
60

93%
67%
63
70

D eo '15
M ay’ 17
Jan ’09
M ar'12

89
8514
75'4

51>8____
51 <8____
60 ------60 ____
52
54
87% 88

98
67%
60
70

93%
Apr ’ 18
Fob ’ 17
74%
July’ 17
Deo ’ 16
June’ 18
June’ 18
Oet ’ 17
M ay’ 17
M ay’ 18
Deo ’ 15
Feb ’ 12
Oet ’ 12
Fob '17
Apr ’ 17
July 12
M a ;’ 18
M a y '14
M ay’ 19
Apr ’ 17
D o e ’ 17
8 e p fl7
91%
91%
June’ 17
Feb ’ IS
M ay’ 18
M ay’ 17

64

63%

60
60
60
64
81% 84%
106 106
10

80

85

74%

76%

104 105%
80% 85%
78

78

79
84%
79% 80
56% 61%
75
102

75
103

108% 108%
71
75
82
95
93% 93%
400 100
88
85
95%
87

83
90
99
92

96% 93%
95% 96
70

74%

83
84

84
84

96% 96%

91% 92%
91% 91%
88
87

88
83

BONDS

I?. Y . STOCK E X C H A N G E
W eek ending Juno 21

3
“ ft.

Price
Friday
June 21

[VOL. 100
W tei’t
Range or
Latt Sale

Range
Since
Jan . 1 .

BQ

High N o.
Bid
A it Lon
P O G A 8 t L ICon.)
Serlea G 4a guar...............1957 M -N
88 % 95% 91
N o v ’ 17
Series I cona gu 4 4 4 a ...1963 F - A
86 % 92% 92% O ct ’ 17
O St L A P 1st conag 5 a .. 1932 A - O
98% 101% 100% M a y ’ 18 ____
100 June’ 17
Peoria A Pekin Un lat O a g .. 1921 Q - F
2d gold 4443.......................61921 M -N
87 M ar’ 16
21
81%
81%
Pere M arquette lat Ser A oa 1956
81% Salo
lat Serlea B 4a.....................1958 _____
61% 64% 65% Juno’ 18 ____
41 Apr ’ 18 ____
Philippine Ry 1st 30-yr a f 4a 1937 J - J ____ 53
____
Pitta S h A L E 1st g 5a......... 1940 A - O
96 ____ 99 Jan ’ 13
93 ____ 97% D eo ’ 17
lat consol gold 5a_________ 1943 J - J
18
81%
83
Reading C o gen gold 4s____1997 J - J
83 Salo
5
81%
R e g is te re d .......................1997 J - J
80 ------- 81%
83 June’ 18 —
Jersey Central ooll g 4 a .. .1951 A - O
82% 85
Atlantic C ity guar 4a g ___ 1951 J - J
St Joa A Gr lal lat g 4s_____ 1947 J - J
60 D eo '17
63
70
St Loula A San Fran (reorg C o)—
51
53%
59%
59 Sale
Prior Lieu ser A 4a________1950 J - J
44
74 Sale
73%
74%
Prior Hen aor B 5s________1950 J - J
46
67% Sale
67
07%
Cum adjust ser A 6 a____*1955 A -O
52,
49% Salo
43%
49%
Incom e series A 08______ 61960 Oot
101 Apr ’ 18
St Louia A San Fran gon 6a. 1931 J - J 102% n o
97
97% 97
07% **1 2
Qenoral gold 5a_______ 1931 J - J
78 M a y '16
St L A S F R R cons g l a .. 1996 J - J
Southw D iv lat g 5 a ...1 9 4 7 A - O *80 ____ 90 M a y ’ 17
10,
101 %
K C F t 3 A M cona g 6 a. . 1928 M -N 101 101% 101%
2
07
67
67 Sale
K C Ft S A M Ry rof g 4s. 1930 A - O
88
July’ 17
81% 85
K C A M R A B lat gu 50.1929 A - O
65
67% 07% Juno’ 18 ___*
St L S W lat g 4a bond o tfa ..1939 M -N
53% 63% 55% Jan ’ 18 ____
2d g 4a Income bond otfa.pl939 J - J
6
59
61% 60
60%
Oonaol gold 4a___________ 1932 J - D
58% 58% 58 June’ 18 - i
lat terra! A unlf 5a________1952 J - J
93% Jan ’ 14
Gray’a Pt Ter 1st gu g 50.1947 J - D
2
58%
8 A A A Pasa lot gu g to ____ 1943 J - J
50
58% 58%
100% Fob ’ 17
8 F A N P 1st ok fd g 5a_____ 1919 J - J ♦____ 100
67 ____ 71% M ar’ 18 ____
Seaboard Air Line g 4o_____ 1950 A - O
68 % 72% 71% M ar’ 18 . . . .
Gold 4a stam ped_________ 1950 A - O
24
56% 57
55%
57
Adjustment 5 a . . ..............ol949 F - A
G
56% Salo
56%
56%
Refunding 4a___________ .1959 A - O
63
74% 75 M ar’ 18 ____
Atl Blrm 30 yr tat g 4s..«193;l M» 8
75 ------- 77 Jan '18 —
Oar Cent 1st oou g la ____ 1949 J - J
97% 99% 99% June’ 17
Fla Cent A Pen 1st g 5 s . . . 1918 J - J
90 . _ . 101 Deo ’ 15
lat land gr ext g .5a.......... 1930 J - J
9 2 % ____ 93% June’ 18 . . . .
Conaol gold 5a.................1943 J - J
91% 100% 97 A u g ’ 17
G a A Ala Ry lat oou 5a. . o 1945 J - J
1
94
94
92% 91
Ga Car A N o lot gu g 5 o .. t929 J - J
9 3 % ------- 91% June’ 18
Saab A Roan 1st 5 a _____ 1926 J - J
Southern Pacific C o ­
2'
72%
70% 72% 72%
G old 4a (Cent Pao o o ll). .*1949 J - D
90 F e b ’ 14
R e g iste re d ............... ..*1949 J - O
30
79 Sale
79
79%
20-year oonv 4 s ________ yl929 M - 8
00
90% Salo 90
90%
20-year oonv 5 s ..................1934 J - D
8
76
79‘ 2 79
79%
Cent Pao lot ref gu g 4 s . . . 1949 F - A
87% Sopt’ 16
R egistered____________ 19 49 F - A
85
86 % 87% Feb ’ 18
M ort guar gold 3S4s..*1929 J - O
74
76
70 June’ 18 —
Through St L ls tg u 4a. 1954 A - O
90% 100 100 Oot ’ 17
G H A S A M A P lat 6a . . 1931 M -N
96% Jan '18 . . . .
86
97
2d exton 5o guar________1931 J - J
100% Jan ’ 16
Gila V G A V lot g u g 5 a .. 192 4 M -N ____ 95
85
95
99% Apr ’ 17 ____
Houa E A W T 1st g 5a...1 9 3 3 M -N
85% 92 100 Oot ’ 16 ____
lot guar 5a red................ 1933 M -N
92% 104 103% Aug ’ 17 ____
H A T C lat g 5a Int g u __ 1937 J - J
87
99
92 M ay’ 18 . . . .
Gen gold 4a int gu a r...1 9 2 1 A - O
109% N ov’ 15
W aco A N W dlv lot g flo '30 M -N
101% Deo ’ 10
A A N W lat gu g 5 s _____ 1941 J - J
98
100% O ct ’ 17
Louisiana Weet lat fls____1921
M organ’s La A T lat 0 a ..1920 J - J ------- 10 i% 103 Apr ’ 18 . . . .
9 2 % ____ 102% Oot ’ 17
N o o f Cal guar g 6a______ 1938 A - O
91% 95% 96% Feb ’ 18 . . . .
Ore A Cal lat guar g 5 S ...19 27 J - J
92 ____ 107% Sept’ 10
So Pao o f Cal— G u g 5a ...1 9 3 7 M -N
9 0 % ____ 93% Aug ’ 17
So Pao Coast ls tg u 4s g . . 1937 J - J
76% 77% 78 Juno’ 18 . . . .
San Fran Terml lat 40...195O A - O
95 N o v ’ 16
Tex A N O oon gold 50...1 9 4 3 J - J ____ 85
10
78% Sale
78%
79
So Pao R R lat ref 4s_____1955 J - J
13
83% 89% 90
90%
Southern— lat oons g 5a____ 1994 J - J
100% A u g ‘ 16
R eg istered ____________ 1994 J - J
35
62% Sale
61%
62%
Develop A gen 4a Ser A . . . 1950 A - O
65 ____ 05 M ay’ 18 ____
M ob A Ohio ooll tr g 4 s .. . 1933 M - ■
92 ____ 87 Jan ’ 18 ____
Mem Dlv lot g 4t$s-5s__ 1990 J - J
1
65% 71
63
63
St Loula dlv lat g 4a_____1951 J - J
99 ___ _ 102% Sept’ 16
Ala Ceu lot g 0o__________ 1918 J - J
84 ____ 87% M ar’ 18 . . . .
Ala G t Sou 1st cons A 5a. . 1943 J - O
81
87
00 July’ 17
Atl A Char A L lat A 444s 1944 J - J
ii
92 Sale
92
93
1st 30-yr 6a oer B ............ 1944 J - J
70% M ar’ 18
A tlA D a n v lat g 4a............1948 J - J
2d l a ...............................1948 J - i ____ 80
81% M ar’ 18
75 Feb ’ 17
Atl A Yad lat g guar 4a. . . 1949 A - O
95
97
96 M ar’ 18 . . . .
E T Va A Ga D lv g 5a___ 1930 J - J
91% 94% 92 Juuo’ 18 . . . .
Con lat gold 6a ..............1950 M -N
90
92
99 July’ 17
E Ten reo lien g 5a..............1938 M- S
40 ____ 51 M ar’ 18 ____
Ga Midlaud lat 3 a .............1940 A - O
G a P a o R y 1st g d o ............1922 J - J 100% 101% 103 D e o ’ 17
Knox A Ohio lat g 60 ____1925 J - J 100% 102 101 Apr ’ 18 . . . .
85
95 106 Sopt’ 10
M ob A Blr prior lion g 6s . 1945 J - J
62
72
68 Jan ’ 18 ____
M ortgage gold 4s ______ 1945 J - J
95 Jan ’ IS . . . .
94% 103
Rich A Dan dab 6 j otrapd. 1927 A - O
73 Sopt’ 12
Rloh A Mock 1st gu 4s___1948 M - N
1
08%
9 8 % ____ 93%
80 Car A G a lat g 5s......... 1919 M -N
Virginia Mid a e r D 4 -5 o ... 1921 M - S
102% June’ l l
9 4 % ------- 93 Apr *18 . . . .
Serlea E 5s______ ______1920 M - S
92 _____ 104% D eo ’ 10
Serlea F 6o ____________ 1931 M - S
91% 94% 94 M ay’ 18 ____
General 5 s _______ ______ 1930 M - N
85% 100 105 M ar’ 17
Ya A So’ w'n lat gu 5a..2003 J - J
72% Jan ’ 18 . . . .
A
O
65
84
lat oous5O-year 5 a .. . 1958
93% M ar’ 17
W O A W lot oy gu 4a___ 1924 F - A
_ _______ 95% M ar’ 17 . . . .
Spokane Internat 1st g 5a _ . 1955 J - J
Ter A of 8 t L 1st g 4 441____ 1939 A - O "87% "09% 85% M a y ’ 18 ____
88% 94% 95 Feb *18 ____
1st oon gold 5a........... 1894-1944 r - a
80 June’ 18 —
Gsn refund s f g 4 s .............. 1953 j - j _____ 80
89% 101% 95% July’ 17
St L M Bridge Ter gu g ,5a 1930 A - O
4
83 Salo
83
84%
Tex A Pae lat gold 5a........... 2000 J - D
40 _____ 40% Feb *18 . . . .
2d gold Ino 5o........... ........ (2000 M » r
86 M a y ’ 18 . . .
J _____ 93
La D ir B L 1st g 50______ 1931 J
106% N ov’01
W M !a W A N W 1st ga 5sl930 F - A
88% 93% 93 A p r ’ 18 . . . .
T ol A O O 1st gu 5s.................1935 J - J
Western Dlv 1st g 5s_____ 1935 A - O ____ 96 100 Jan ’ 17
73
80
90 Feb ’ 17 . . . .
General gold 5a.................. 1935 J - D
N ov’ 17
67
80% 70
Kan A M lot gu g 4 ) _____ 1990 A - O
91% Deo ’ 17
2d 20-year 5s...................1927 J - J _____ 88
52 A u g ’ 17
35
50
T ol P A W 1st gold 4 a ............1917 J - J
80 Fob ’ 18 ____
79% 80
T ol St L A W pr Iteng 34*1.1925 J - J
48
49% 50 June’ 18 . . . .
50-year gold 4s___________ 1950 A - O
18% M ar’06
Ooll tr 4s g S*r A ______ .1917 F - A
____ 18
Trust co ctfa o f deposit_____
80 Apr ’ 17
70% 85
T or Ham A Buff 1st g 4O..M 9 4 0 r - o
90 N o v ’ 17 . . . .
Ulster A Del lot eon g 5a...1 9 2 3 J - D _____ 95
53 Sept’ 17
tot refund * 4 s ___________ 1952 A - O _____ 70
31;
81%
85
84% Salo
Union Paelflo lot g 4s______ 1947 J - J
80 M a y ’ 18
RegVsterel ....................... 1947 J - J
82
85
86%
10
80
86% 80%
20-year oonv 4a__________ 1937 J - J
79 Sale
79
79
10
lat A ref 4 .1 ___________ .y'3003 M - S
80%
79% 80% 80%
1
Ore R R A Nav eon g 40..1946 J D
Ora Short Line 1st c 0 a . . .1922 r - a 1 0 2 % ------- 101% June’ 18 ____
95% 103
95% M ay’ 18
1st oooeol g 5a_________ 1940 j - J
83% Salo
83%
83% *■■4
Q h t refued 4a_______ 1929 j - 0
90% 98
98 Deo ’ 17
Utah A Nor gold 5a___ 1920 j - J
89 Feb ’ 13
1st extended 4a_____1933 j - J1 80% 89
80 Jan ’ IS
VantlaUa com « 4e Ser A ___ 1955 F - A. 80%
OoaaoU 4 Serlea B ______ 1957 M -N 1 8 0 % ____ 80% Juno’ 18

Low

IHgb

100

100%

79% 82%
62% 66
44
50
99
99
81
81%
81%

86
8D 2
86

55%
06
60
44

61
75
07%
51
101%
97%

101

91

100% 102%

62

09

65
50%
57
52

08%
50%
04
59%

57%

00 %

71% 71%
70
71%
49
57
51% 50%
75
73
77
77
93%

03%

94
91%

94
91%

71%

70

75% 80%
86 % 95
77% 82
80% 83
70
71
96%

.-- .

87 ‘

100
93 %

92ia

100

06%

73

81%*

70%
89%

82%
93%

03
59
03%
65
87
87 '
04% 09%
87%

87%

91
70%

05
70%

98
91%

90
97%

51

63

98% 101
OS
95

63
05

06%

08%

03

03

93

04

72%

72%

____
85% 85%
95
95
82%
80
83
46%
80

80%
46%
86

90

93

.... ....

80
45

80
53

...1 . . . .

84
86
82%
75%
79%
100%
94%
81%

89
80
89
81%
82%
104
07%
8512

89
80
80%

89
80
80%

*NopriceFriday; latestbidandasked, aDuoJan. 6DueFeb. gDueJan. ADueJuly. *DueAug. 0DueOct. vDueNov. gDueDec. aOptionsalo.



90%

____ ____
. . . . ___ _

I I

Pries
Friday
Jane 21

Week'e
Range or
Last Sale

High
Aik Low
35 Sept’ 17
83
89
88
89
94%
91
95% 93%
83% 84% 8134 Juno' 18
____ 90 105 Oct '15
97 Juno'18
97
98
85 ____ 78 M ay’ 17
99% Sept* 17
923s 102
___ _ 77
80 Aug '12
75 Apr '17
____ 7U 2
84% Jan '17
____ 80
65(8 80
70 Doe '17
85 Deo '17
80
85
59lg 62% 59% Juno’ 18
95i2 101% 90 Jan ’ 18
65
853s 70 A p r '18
40 ____ 30 Oct '17
813.j Sale
8134
82
90
90 10()3.i Apr '17
____ 9934 100 Fob '17
____ 98*4
99% M ar’ 17
60
75
60 M a y’ 18
55% 6212 56% M ay’ 18
65's 85ls 85 M ay’ 17
72
73
7114 Juno’ 18
79% Salo
79%
79%

Bid

2d gold 6 3 ______________ 1939

West Maryland lot g Is____1952
W est N Y * r s let g 5s____1937
Western Pao 1st oer A 6a___1916

Starapod guar 4-5s_____ 1950
Nassau Eleo guar gold 4s. 1951
Chicago Rys 1st 6a________ 1927
Stamped guar 4J4 s.. . . . . . 1051
D ot United 1st oons g 4M S..1932
Hud A Manhat 6s Her A ____1957
Interboro-M etrop ooll 4 H a. 1958
interboro Rap Tran 1st 5a..198b
Manhat R y (N Y ) cons g 4s. 1990

J - i
M -N
M -N
F- A
J - J
M- S
J - J
J - J
J - J
A- O
M- S
F -A
F- A
A- O
J - J
A -O
N ov
M -S
A- O
J - J
F -A
M- S
M- S
J - J
J - J
M -N

80
83
A- O
05 ____
J - J
97% Sale
J - J
J - J ____ 91
M -N ____ 90
J - J ___ _ 9912
79
83
F- A
78
80
f -A
F - A
65
08
65
73
F -A
5512 Salo
j - j
82
825g
F- A
81 ____
J - J
84 ____
J - J
70
72
J -J
m - a
59 Salo
F -A
20i2 21U
F - A ____ 90
5U 2 Salo
A -O
813.1 Sale
J - J
75
78%
A -O
A -O
75
77

M etropolitan Street R y —
76
80
Bway A 7th Av 1st o g 68.1913 J - D
85
M- S
M- 8
75
F - A
F -A
92*2____
81*2 82U
J - J
1- J
9834 ____
J - J
J - j ____ 80
J - J
52
527g
N T Rys 1st R E A re! 4s___1942 j - j
A -O
21 Salo
68 »08%
N Y State Rys 1st cons 4HS-1062 M -N
M- N
70
99
68 Salo
Portld R y L t A P 1st ref 6s. 1942 F - A
J - J
M- N
84% 100
J - J
6212 54
Third Ave 1st ref 4s..............I960 J - J
32% Salo
Adi Ino 6s.......................... <1198(1 A - O
90% 104
Third Ave R y lat g 6s......... 1937 J - J
92
91
Trl-CIty R y A Lt 1st 8 f 6 8 .. 1923 A - O
76 ____
Undergo of London 4 H s ____1933 J - J
-50
58
Income 6s_______________ 1948
A - O ____ 81
United R ys Inv 6s Pitts lss.1926 M -N ____ 69
United Rys S t L l s t g 4 s ____1934 J - J ____ 55
A -O
____ 51
A - O ____ 30
Va R y A Pow lat A ref 6 s . . 1934 J - J
77% 70

81
81
68% M ay’ 18
9534
977g
94 Oot '17
80 M a y '12
101 M a y ’ 13
79 %
SO
7934 Juno'18
06 M ay'18
78 July’ 17
55%
55%
81 Juno’ 18
100% Fob ’ 17
85 Apr ’ 18
72% Juno’ 18

N o. Low
10
10
____

100%

____
....
13

____

58
99
70

62
99
0

79% 84

60
55%

00
60

Ed El 111 Bkn 1st con g 4s. 1939
Lao Gas L of St L 1st g 5 s ..e l9 1 9
Ref and ext 1st g 6 s______ 1034
Milwaukee Gas L 1st 4s____1927
N Y G E L H A P g 6s............194,S
Purohase money g 4s......... 1049
Ed Kino III lat oons g 6 s .. 1995
N YA Q El L A P lat con g 5s 1930
Paclflo G A El Co— Cal G A E
Corp unifying A ref 5s___1937
Paclflo G A E gen A ref 5 s .. 1942
Pao Pow A Lt 1st A ref 20-yr
6s International Series___1930
Pat A Passaic G A El 5S____1949
Peop Gas A O 1st cons g 8 s .. 1943
Refunding gold 6s----------- 1947
Ch G -L A Coke 1st gu g 5s 1937
Ind Nat Gas A Oil 30-yr 6sl936
Oonv deben gold 5s______ 1922
Stand Gas A El conv a f 6 s . . 1926
Oyraouae Lighting 1st g 6S-.1051
Union Eleo Lt A P 1st g 5 s .. 1032
Refunding A extension 6s. 1933
United Fuel Gas 1st s f O s ...1936
Utah Power A Lt 1st 5s------ 1944
Utloa Eleo L A P 1st g 6 8 ...1 9 5 0

J -D
M -N
A -O
A -O
J - J
J - 1
Q- F
M -N
J - J
J - J
M- E
m - e
J -D
F -A
M -N
A -O
A -O
A -O
M- 8
J - J
Q- F
A -O
M -N
J -O
J -D
F- A
J - J
F -A
M -N
J - J
F -A
M- 8
A -O
M- S
M- %
j - j
J -D
M -N
M -N
F -A
M -N
J -D
J -D
J - J
M- 8
M- 8
M -N
J - J
F- A
J - J
J - J
J- D

021? 105
85
897g
— — 62
8912 90
7 7 % ------92 ____
100 Salo
____ 93
94% 96
9 4 ?g ____
____ 91
92 100%

M ontana Power lat 5a A . ..1 9 4 3 j - j
Morris A C o 1st a f 4 H s ____1939 j - j
A -O
10-20-yr 5s series 3 ______ 1932 j - j
It Y D ock 50-yr 1st g 4a____1951 F - A
Niagara Falla Power lat 5 a ..l9 3 2 J - J
lief A gen 0s...................... a 1932 A - O
Nlag Lock A O Pow lat 5 a . . 1954 M -N
N or States Power 25-yr 5s A 1941 A - O
Ontario Power N F 1st 5 a . .. 1943 F - A
M -N
A -O

88% 89
8834
89
81
897g 00
July’ 17
*00

22

103% Jan ’ 14
95
95%

____
85
92
____

____ 98
____ 85
____ 94i2
83
8312
____ 927g
____ 02

80
85
96% 97
95 100

85
88

85
77

Aug ’ 17
May* 17
5
53%
13
22
4
70
N ov'Id
3
68
Fob '17
July’ 17
M ar’ 12
54
3
33%
30
M a y ’ 18 ____
10
92%
M ar’ 18 ____
M ar’ 18
Oot 'OS
Feb ’ 18 ____
Apr '18
Juno’ 17
M ay’ 18
7734 Juno'18

54
49
173,1 24
70
08

Lorlllard C o (P) 7s................1944

62%

Mexican Petrol Ltd con 6s A 1921

08

103
90

57
38%
05
90
80
00

National Tube 1st 5s............. 1952
N Y Air Brake 1st conv 6 s . . 1928
Railway Steel Spring—
Interoooan P 1st s f 6s____1931 A - O
Sinclair Oil A Refining—
1st • f 7s 1920 warr’nt* attch

58"
55

60
65%

25
77

25
80%

90

0534

11
6

95 Jan ’ 17
100 July'17
98% M ar’ 18
73
73

I

96%
96%
93
94%
83 Apr *18
101

87%
9S7g
117
71
82%
100%
84%
9434
81
98%
98%
86*9
104
75
73
97%
100
73%

____

92

Sale

5
108

86
85%

87%
87%

88 "

93

93%

90*4

92% 100%
90% 95%
89
S3
98% 101
80% 89%
907g 987g
117 117
74%
71
79
87
99% 101%
84%
80
93
97%
97%
95
75

75
75
71
74
<us< 100
68%

90*4
5 110
c 86
110
7 3K

• N o prloaFrtday: latest bid and asked. a D u o J a n . H D ueA prll. ( D u e M ay.

99
117
95
115
03

10534100

106
93

16

98

107*2
98
92U
90
100
99%

Standard M illing 1st 6s
loan M -N
The Texas C o conv deb 6s. .1931 J - J
J - J
Stam ped________
_ _ .1930 J - J
U S Realty A I conv deb g 5s 1924 J - J
U S Rubber 10-yr ool tr 6 s .. 1918 J - D
1st A ref 6s series A ______ 1947 J - J
F -A
V-Car Cbem 1st 15- jt 63^111923 J - D
Oonv deb Os_______
*1024 A - O
W est Eleotrlo 1st 5s D eo____1922 J - J

93%
91*4
93 %
101%

102
92%
95%
98
92%
94

C eal Iran « Steel
Both Steel 1st ext s f 5s......... 1928
lat A ref 5s guar A ..............1942
20-year p m A Imp s f 6 s .1938
Buff A Susa Iron s f 6 s_. . . 1932
Debenture 6s___________al926

95%
90
81%
____
86%

98
90%
Sale
96
89

7334

7434

99%

Col F A I C o gon s f 5s______ 1943
C ol Indus 1st A coll 6s g u .. 1934
Cons Coal of M d fstAref 6s 1950
Elk Horn Coal oonv Os
1925
Gr RIv Coal A O 1st s 6 s
aio iq
ill Steel deb 4 H s ___~ ____ 1940
Indiana Steel 1st 6s* . .
1052
Jeff A Clear CJA I 2d 5s . . 1926
Lackaw Steel 1st ■ 6s......... 1923
1st oons 6a Scries A ........... 1950

J - J
M -N
J - J
J -D
M- S
J -D
F -A
F -A
J - D
J- D
A -O
A -O
M -N
J -D
A -O
M- S
M- S
j - j
j - j
A -O
j - j
j - j
M -N
M -N
M -N
J - J
M- 8
j - j
M- S
M- B
J -D

80*2 Salo
____ 867g 85% Feb '18
84
8012 36*2
36*2
887g
895g

84
91

Q- J
R egistered ______________ 2397 Q - J
O u m b T A T 1st A gen 6 s .. . 1937 j - j
Keystone Telephone 1st 6s 1935 j - j

73 N o v ’ 17
90
917g 68% Jan '18
91
92
____ 97
98 Apr ’ 16

97%
84

M- N
Pan Tel A T el 1st As
"
1037 j - j
South Bell Tel A T 1st s f 6 1 1941 j - j
West Union coll tr cur 6 * ...1 9 3 8 j - j
M -N

85*2 8G
____ 90%
90%
90%
93 M ay’ 18
91% 92
92
937g 93%
'93%
86 M ay’ 18
82
84
____ 101%
94
N o v ’ 10

Ploaaant Val Coal 1st s f 5 sll928
Pocah Con Collier 1st s f 6 s. 1957
St L Rook M t A P 6s etmpd 1Q55
Tenn Coal I A R R gen 5 s ..i 9 5 i
U 8 Steel Corp— lo o u p ___<11963
S F 10-60-yr O afreg____41963
Utah Fuel 1st s f 5 s _______ 1931
Va Iron CoalAOoke 1st f 68.1949
T elegraph A T s ls p h e n s

95
90
81
90
85
101
82% 86% 84
88% 95

81%
93%
95
96%
92

82
95
____
99
Salo
87*3 Salo
7 6 % ____
83
87

77
87
96
99
973g Sale
857g____
50
70
8534 89%

95%
90%
82%
M a y ’ 18
Jan '18
Deo ’ 14
84

19
15
63

8 45
19 100
107 70
21
5
2

7
4
33

6

90 M ay’ 18
98% 8ept’ 17
94 Feb '18
81%
81%
94
94%

2
5

95% Juno’ 18
92
93
87%
88

23
23

87% June’ 18
9 13.4
9434
80 Apr ’ 18
96 June’ 18
97
9734
97% Juno’ 18
8534

3

162

86

90
94*4

Northwest T el gu 4 H s g..lW 34 J - J

0Due Juno.

52%
101
81
98
9714

95

98
98

93 %
87
78%
90
85

99
93%
83*4
00
85

83
73
83

86
70
90

94
81
94

94
85%
97

947g 96%
96%
88
80% 92
85%
93
80
92%.
96%
90*4

87%
98*4
80
97%
100
997g

83

86

1
44

3014
8134
80
887S

83*8
85%
91*2
95*8

2

68%
90

68%
93%

17

90

....

5

73*4

80
81*2
88
96%

98% 98%
73
81

91%
80%

98%
99
88

96%

90
73

99%

3

18
877g
26
987g
5
M a y’ 18 — :i
Apr '18
82% "13
100%
1
June’ 18
95%
30
M ar’ 18
June’ 18
98%
16
1
86*?
M a y ’ 17
May* 18
June’ 18
11
98
O ct ’ 13
73%
14

111%
111%
90%
913g
1117g June’ 18
91
91%
100 Apr ’ 18
107% M av'IR
98 M ay’ 18
93 Apr ’ 18
95 June’ 18
9934 99
9934

99

1

101

9 3 % ____
111% 111%
90% 91
110% 111
90*2 92
100 109
10534 10634
____ 97*2
93 ____
94 % 99 %
99

68
65
9734 97

2

8034 02%
747g 8034

78
91

June’ 13
M a y ’ 18
Oot '16
O ct ’ 17
85%
M a y ’ 18
June’ 17

22

97% 98%
887g 943g
85
80%
87%
08

66
98%
105%
89%
86%
86%
84

99%

8*9"% 90%
75
80

99

06
68
95% 98%
98 102
____ 93%
8 6 % ____
86% 91
____ 95
78
78*2
92*2 Salo
8 9 % ____
9434 95%

16

92
92
90%
91
93% Sale
92
93%
97%
977g
97% Sale
8234 Aug '17
83
89
83 ____ 38% M a y’ 17
50% 55
51
51
100 100% 100
100
793g Salo
79%
80
957a 00*9
93% 96 j 9334
93?g
96
90
95% 96
957g
96%

54

91
79%

Liggett A M yers Tobao 7 s .. 1944

J - J
A -O
F -A
A -O
F -A
A -O
A -O
J -D
J - J
M -N
M -N

52%
27%
90%
91
70
50

99
92%
94
92
91%
94

M a y ’ 18
M ar’ 18
M a y ’ 18
M ar’ 18
24
0
20

Am Ag Chem 1st 0 6s______ 1928 A - O
96% Sale
94 Sale
Conv debon 5s___
1924 F - A
82
87
M -N
Am Hide A L 1st s f g 6s____ 1919 M - S 101 Sale
877g Sale
Am 8m A R 1st 30-yr 5s sorA <’ 47
Am Thread 1st ooll tr 4*
1919 J - J
98% 987g
Am Tobaoco 40-year g 6 s . . . 1944 A - O 117 ____
71% 77%
G old 4s............................
1951 F - A
Am Writ Paper le t s f 5s
1919 J - J
82% Salo
Baldw Loco W orks 1st 5 s ...1 9 4 0 M -N ____ 101
80% 84%
Cent Foundry 1st 1 f 6 s ...1 9 3 1 F - A
9434 Sale
Cent Leather 20-year g 5s. .1925 A - O
Consol Tobacon g 4s . .
1951 F - A ____ 81
98% 99
Corn Prod Ref s f g 5s........... 1931 M -N
98% 99%
lat 25-year ( f 5s......... ...1 9 3 4 M -N
A -O
E I du Pont Powder 4
1936 J - D ____ 100
J -D
___ 90*2
Gen Electric deb a s i f s
1942 F - A
70
73
M- S
J - J ____ 98
Ingersoll-Rand 1st 6s
73% 74
M -N

74
99
52
21
68%
38%
66%
90%
95
102%
54
32%
90%
92%
70
50
84
58
55
60
25

79
80
77
58

10334
104
787g
79
78
78%
82 M a y ’ 18
96%
96%
95 Apr ’ 18

____ 96

92
78
90
81i2

867g 90
103% Salo
7S7g Sale

50
80%

98»4 Aug ’ 17

87%
90
93
83
84%
79
58
90
107%
8034
78%
83
97
90
94
1023*
92

27

55
81

85

823g
90
897s
79
80
74
58
SOL
102%
73
78
78%
91
91
90*2
90
8634

83%
84
90 Feb ’ 18

Salo

1

70%

66%.
26%
26

84

90
91
73 ____
81% 83
79
80

Wash Water Power lat 6s .1939 j - j
Wilson A C o 1st 25-yr s f O f.1941 A - O

57%
85
80%
82

High

63
18
18

5

87%
85%
00

50%
79
70
70

High N o. Low
June’ 18
20
Jun e'18

79
79
00

4S7g 02%
14*4 25

Rants
Since
Jan. 1.

fa

63
20
18

8
____
____

Fob ’ 18 ____

100 Apr '17
89 M ar *17
91 Jaly'17
99% N ov'15
78 M a y’ 18
91 M a y ’ 18
97% May*17
84 July’ 17
98% Oot '17
92*4 Sept’ 17
101% N ov’ 10
93% Juno’ 18
82%
83%
101 Juno’ 17
90 Aug ’ 17
105 M ar’ 17

Ask Low

797g 8334
09
65
02% 98%

___-

Week's
Range or
Last Bale

05% 67
18
20
18
20

3
____
018

El




Ohio C A Conn R y s a f Sa 1027
Chlo U nStat'n 1st gu 4Vfs A 1963
Chile Copper 10-yr conv 7s. 1923
C oll tr A conv 0a ser A part pd
do do full p a i d ____ __
Com putlng-Tab-Reo s f 6s .1941
Granby Cons M 8 A P con 6s A ’28

M- 8
M- 8
M- S
M -N
J -D
A-O
F -A
A -O
j - j
A -O
A -O
J - J
M -N
A -O
A -O
J - J
M -N
,71- N

7134 73
72
79%

Sopt'15
Juno’ 18 ____
Ju n o'13
5
90
90
75 M ay’ IS
97 Feb '15
21
99
100
92% Feb ’ 18
91 Juno’ 18 ____
91%
047g
3
91 % Apr ’ 18
_
94 Feb ’ 18
100 Fob '13
85 ____ 92% N o v ’ 17
___ _ 90
90% Deo '17
81 ____ 907g D eo ’ 10
86i2 ____ 90 ~ Doo '17
99 % M ay’ 18
____ 100
110 ' June'17
73la ____ 75 N o v ’ 17
98% 987g 98%
10
98%
89
90% 89%
1
89%
851.1____ 85%
10
85%
101% Apr ’ 17
8G7g 90 . 8,8%
4
88%
2
68% 8012 68%
68%
93 ____ 105% Juno’ 17
____ 101
90% Aug ’ 17

94 100
7313 78

Price
Friday
Jane 21

10

SO Sopt’ 17
30 M ar’ 14
100% Juno'17

007g 92!2 9034
777g 82
747g

36*7

Bid
Adams Ex coll tr g 4s______ 1948
Alaska G old M deb 0s A ____1925
Oonv dob 0s series B _____ 1926
Am SS ofW Va 1st 5 s _____ 1920
Armour A C o 1st real ost 4 H s’39

Consol 5s_______________ 1955

Qna and E lectric L ight
Bklyn Un Gas 1st oons g 61.1945
Buffalo City Gas 1st g 6s. 1947
dtnoln Gas A Elec IstAref 5s 1966
Columbia G A B 1st 5s_____ 1927
Columbus Gas 1st gold 6s 1932
Consol Gas oonv deb 8s____1020
CousGasE LA P of Balt 6-yr6s’2l
Detroit City Gas gold 5 s . . . 1023
Detroit Edison 1st coll tr 68.1933
1st A ref 5s ser A ............. *1940
Eq G L N Y 1st cons g 5 s .. 1932
Gas A Elec Berg Co o g 6 s .. 1949
Havana Eleo consol g 6 s____1062
Hudson Co Gas 1st g 5s____1949

BO N DS
I t . Y . 8T O C K E X C H A N G E
W eek ending June 21

m an

93
88
9214 95 %
843t 80%

97

82
53
00
07
20
213.i
100 Fob '17
41
51%
52
2,8
81
813.1
78% Apr ’ 18 ____
1
70
70
85

Range
Since
Jan. 1.

Interest
Period

BON DS
N . Y . BTOCrc E X C H A N G E
Woo's ending June 21

I Bonds
1 Sold

New York Bond Record—Concluded—Page 4

June 22 1918.]

16
5

i

85
90
90%
90
80

89
92%
95
«31*
88

A D u aJ u ly. * Due Aug. a D ue O ct. p D u e N o v . ( D u e D ee. (O p t io n (ale.

BOSTON STOCK EXCHANGE—Stock Record

3638

SB ARM PR I C iS — NOT
Saturday
June 15
*131
71
•85
32
*165

June 17

133
132
72
70
90
♦80
33%
33
____ *165

*30
*113
•60
11212
*78
*7712
3
26
415s
♦90
*22
*90
*47
•57

122

115
*60

11212 *112
84
*78
80
*7712
3
3*8
26%
20%
41%
41%
25
99
47%
58

*87U
*22%
*89
47%
57

Tuesday
| June 13

1
132 ,
71%
90
33
____

PER

CEN TU M

PRICKS.

Wednesday i Thursday
June 19
June 20

70
7134 71
*85
90 : *85
32
33 1 32%
165 165 *165
3 *____
1____

Friday
June 21

Sales
nf the
Week
Shares.

131 ,* 1 3 1 % ____I 132
133%
71%' 70% 71 | 71
73%
90
Last Sale 98 M ay'18,
33
31% 32%
32
32%

Last Sale 3
Juno’ 18
*14
____I ..................
Last Sale V i N ov’ 16
Last Sale 30 Juno’ 18
____ *30
____ *30
Last Sale 147 Apr’ 18
Last Sale 83% M ay’ 18
:::: ::::
*113 122 ] ....................
115 *113 122 ,*113
60
60
....................
____ 1 *60
*60
*112
____*112
_____
— .,*112
. . . *112
84 | Last Sale 80 M ay’ 13
84 ! *78
*78
79
77% 77%
80
80 ,
77% 77% *____
80
*2%
3%
3%
3%
3%
*234
3%
31S *234
26
2684
26
2634 253i 26%
26
26
27
41
42%
41%_ 42
41% 42% *41% 42
42%
Last Sale 90
Jan’ 18
Last Sale 88% June’ 18
*89
91 , *90
90
Last Sale 22 Juno’ 18
*22% 25 1 *22% 25 j
25
Last Sale 88
A p r'18
99
100
*90
99 I *90
47
47%
47% 48
47
47%
7% 47%
17%
*57
..
57% 57% *57
57
3

92
87% 90% *89
88 88
*87% 8812
*87i a* 88% *87% 88%
94% 9434 94
95
94% 94% *94% 94%
94
*93% 95 I 94
*13S
1%
*1%
1%
*1%
1%
*1% . . . .
1
1%
1%
1
♦9 10% *10
11 ! ♦10
____
10
10 I 10
10
*111% 112% *111% 112% 112% 114 I 11334 11334 ■113% 114%
109 109
'108 109 I 108 109
109 109 *108 109
*108 109
90% z97% 98
9712 98
98% 9953 98
97% 98
97% 98
573i *57
5734
57 , ♦57
56% 56% *56% 57% *56% 57% *56
93% 94
94
94
93% 93%
933i 94
94
04
93% 94
Last Sale 70 June’ 18
71
71
*70
71 i
71
*70
*70
*70
82
82
82
*80
82 I *80
82 | 80 80
*80
*80
•80
14
Last Sale 13% June’ 18
14
14
♦13 14 I
*13
*13
*13
Last Sale 108%J’ ne' 18
•107% 108% *107% 109 ♦107% 108 *106% 107%
Last Sale 61 June’ 18
*62
63
♦62 63 I
♦62
63
*60% 62
23% ....................
23% *23% 233*
23% 23% *23
23% 23% *23
1034 10%
1034 10%, 103t 10%
103* 11
10% 10%
10% 10%
15% *15
*15
15%' 15
15
15% ♦15
15% ♦15 15%
*15
*43t
5
*43.1
♦4%
Last Sale 5
Juno’ 18
5
5
5
*434
136 | 13-1 136
136 137 ♦135% 137 i 135
137 138
137 137
147 147 ♦146'* 147% *146 147 *147 147% 14638 1463s' 148% 148%
5 I
5
5
5
*4
5 | *4
*4
5
6
5
*5
Last Sale 14 June’ 18
*13% ____ *13% ____ *13% ____ ♦ 1 3 % ____ j
43g
4*8 4341
43 (
4%
438
4%
4%
4%
*4%
4%
4%
Last Sale 89% June’ 18
*89% . . . . *89% . . . . *89% ____ * 8 9 % ____ !
84
84
81
81% 82 | *81% 83
81
81% 81%
81
80
64
63
64%
62
64
♦62% 64 I
64
84
*62
♦62
62
•107% 108% 107% 107% *107% 108% *107% 108% '107% 108%
* 8 8 % ____ ' 8834 8831
88% 88% *8812
*88%
Last Sale 92% Aug’ 17
*88
*88
*88
*88
♦86
88'* *87
88%
88
88
88
88%
88% 88 '2 *86% 87%
623* *59
62
60
59
59
♦59
60
*59
60
114
114
112% 113% 112% 112*8 *113
115
_
____
•32% 34% *32% 34% *34
34%
34
34
34 % 34%
13% *13
13
13
13
*13
13.2 *13
13%
13
13'* *13
105% 107% 106'2 108
,06% 106% 109
108% 10938 109 10934
106
52
52
*50
49% 49% *49
*50
*49
.27
127
128"
127'* 127% 126% 127 Zl23% 125% 124 125
128
41
41*4
423* 43' 2 423* 43
41%
42
41% 413i
z41
41
♦253* 26*2 ♦253* 26% ♦25'2 26
25
25*8
25s8 253g
25% 25%
103% 105'* 103% 1053* 102*8 104'* 102% 104% 1033s 106% 10538 107%
112 •111
112
111
111
*111% 112% ♦111% 111% ♦111% 111% *111
8'*
8
8
7%
8%
♦7%
8
8
8%
8%
8
8
1
*.60
*72
74
*13*
1%
.30
♦.20
48% 48%
17% 17%
•
40
14%
14
.32
*.27
26
*25
67
67
*438 440
11
♦10
38**
♦38
463S 46%
2
*1%
6%
*538
0
9
4%
*4
*74
77
41%
*41
6%
6%
.66
*.50
•65%
♦82
83
*233* 24%
5%
6'2
1*8
*1%
6
•6%
2%
*2%
*4
5
*5
5%
21*
2%
.75
.75
60% 60%
19%
•19
2
•1%
*15
17
*15
74
74
*8%
9
14% 14**
■8C
* .60
*.75
1%
41
*40
48
48
*19
19%
68%
♦67
*2338 24
52
*49
*.65
.75
4
*3%
*15
17
*1%
1%
*.14
.20
*4
5
*2%
2*8
4
•33s
.98
.98
41% 41%
*43% 43%
*1%
2'8
10
10
*79'2 80
•13*
2
*2%
3
2
*1%
23% 24
1
.60
0 1 .1

*.50
72
1%
*.20
*48
17
48
*13%
*.27
*25
67
440
♦10
♦38
45'*
*1%
5%
*8%
*4
*73%
*41
♦5%
*.50
65%
*82 %
*23%
*5%
*1%
*5%
*2%
*4
*5
2%
*.50
60'*
*19
*1%
*-----*15
*
♦8%
14%
*.60

1
72
1%
.35
50 '2
17'*
48%
14
.32
26
67
440
11
38%
45%
2
5%
0
4%
76
42
6
.75
65'*
83%
2412
6s*
1%
6%
2%
5
5%
21*
1
60%
103*
1%
17

*40
47
19
67'*
23%
*49
*.65
♦3%
*15%
«l
*.14
♦4
*3%
♦3%
*.08
*40%
*43%
2%
*9%
*80 '2
*13*
♦2
*1
21
*.60

41%
48
19%
67 '1
23*4
52
.75
4
17*2
1%
.2(1
5
■3%
4
1
41%
43%
2%
10'*
81
2
23*
1%
24
1

74
0
14%
.81

*.50
*72
*1%
*.20
*48
17%
♦40%
*13%
♦.27
*23
67
435
♦10%
*38
443*
1%
5%
8%
*4
*73%
*41
5*8
♦.60
65
*82
23%
*53*
*1%
5's
2%
*4
*5
♦2
.75
60%
*19
*1%
*15
*15
*
8%
14
*.60
*.75
*40
47 '2
19
67
*23%
*49
*.65
•37g
*16
*1
*.14
*4
2's
*3%
.98
*40%
43%
1%
10
*78
2
*2
*1%
24%
*.60

auknd price?.




1
74
1%
.35
51
17%
49
13'2
.32
2412
67
439
11
383*
45%
1%
5%
8%
4%
76
42
5*8
.80
65
83 '2
233*
63*
13g
6'2
2%
5
5%
2%
.75
60'*
193*
1%
16
74
8%
14%
.8(1
1
41%
47%
19%
67
24
52
.75
4
17%
1%
.20
5
2's
4
.99
41*8
43%
2
10
78%
2
3
1%
25
1

1
Last Sale 1
M ay’ 18
74
74
74
*74
____
13.1 *1*8
2
1%
1%
Last Sale .30 June’ lS
’ .35
48
*49
51
♦49
51
17%
16% 17%
17% 18
49
49
♦47
13% *13% 13%
13% 13%
.32
♦.27
.32
.30
.30
24% ♦25
26
25% 25%
67
*66
68
*66% 67%
437 440
440 440
440
11
11
11
*10% 11
39
Last Sale 37%'June’ 18
44%
44
45%
45
46
2
2
*2
*2
2%
2%
5%
5%
6%
*5%
*8%
*83.1
*83i
9
9
9
•4
*4
3
3
4'2
4*2
*74% 77
Last Sale 73%!June’ 18
Last Sale 40% iM ay’ 18
*40% 42
531
53g
5%
*5%
5%
6*2
.65
Last Sale .50 June’ 18
*.50
65
66
65
66
66 166
84
84
8-1
*83
83% 83 '2
*23
23%
23% 23%
23% 23%
63i
*5%
53t
*5%
534
*5%
13g
*1%
1%
1%
1%
*1%
6
6
*5%
5%
♦5%
*5's
*2%
2%
*2%
2'3
2% *____
*4
5
Last Sale 4% M ay’ 18
*5
6%
Last Sale 5
June’ 18
*2
*2
2%l
2%
2's
2%
.75
.75
.80
.80
*.50
1
61
60
60
60% 60%
69
Last Sale 19%'.M ay'l8
*19% 19%
Last Sale 2
June’ 18
‘ 1%
1%
16
*15
♦15
15
15
16
Last Sale 15 M ay’ 18
*16
74
74 *
* .—
*831
♦8%
0
9
*8%
9
14
14%
14% 14*8
14% 14%
*.60
Last Sale .75 M ay’ 18
.81
1
.75
*.75
.50
.75
.75
41% ♦to
41
*40
40
40%
49
48
*47
48
48
48
19% 10%
19
19
19% 19%
*67
68% ♦67
68
68
68
*23% 24
*23*8 24% *23% 24
62
*47
Last Sale 49 Juno’ 18
*.65
.70
.75
.75
.50
.50
4
•3%
■East Sale 4 June '18
*16
16% 16% *16
17%
17%
*1
1%
1%
*1%
1%
1%
.18
.13
*.15
.18
*4
5
Last Sale 6
M ay’ 18
2
2
2
2
2
2%
4
*3%
3%
33t
3%
3%
.95
.95
.94
.94
*.95
l
41
41
♦40% 413S 4138 41%
43% 43%
44
44
*44
____
♦1%
*1*4
2
2%
1 % 1%
9%
9%
♦9%
9*4
9%
O'!
•78% 79
Last Sale 80% June’ 18
2
2
2
2
*2
Last Sale 2% June’ 18
2%
*1
1%
1%
1%
1'?
1%
25
25
25
26 1 25
25
•.00 13.75
Last Sale .50 June'18

*.50
*72
1%
*.20
48
16%
♦47
13%
*.27
♦23
67
*437
* 10%
*38%
44^2

a Ei-dlvtdeud and rights

ST O C K S
BOSTON STOC K
EXOH ANOE

BONDS
Sat N u t Pag*

Range Since Jan

Range for Preclou
Year 1917

1

Highest.

R ailroad*
23 Boston & Albany_________ 100 122% Apr 17 133% M ny22
37 Jan 2
76% M ay20
2,615 Boston Elevated__________ 100
87 M ar 14 100 Jan 2
Boston A Low ell__________ 100
19 Jan 23
36 M ay29
647 Boston A M aine__________ 100
15 Boston A Providence_____ 100 150 Apr 15 168% Jan 17
2 Jan 26
Boston Suburban Eleo..n o vat
3 Juno 5
10% M ar 1
D o ' p r o f..... ...............no par
15 Junel7
Boston A Wore Eleo . .n o par
D o p r e f___________ no par
30 M ar 5
30 Mar 6
Chlo Juno B y A U S Y ____100 147 Apr 17 147 Apr 17
82% Apr 18
D o pref_______________ 100
85 Jan 30
Connecticut R iver_______ 100 104 Feb 19 120 M ar 6
Fitchburg pref_____ _______ 100
53 Jan 22
65 Jan 3
Georgia lty A Eleo atampdlOO 112% Junel5 116% Jan 9
80 M ar 8
Do
pref_______________100
81 Feb 25
85 Jan 3
77% Junel8
35 Maine Central____________ 100
7% M ay 16
2 Jan 2
150 Mass Electrlo C os_________ 100
8% Jan 22
D o pref stam ped________100
33 M a y l 6
1,931
46 M ay29
27 Feb 25
815 N YN U A H artford......... ICO
90 Jan 10
90 Jan 10
Northern New Hampshhe.lOO
Old C olony_______________1C% z8S% Junel4
98 Jan 2
Rutland, pref____________ 100
20 Jan 2
25 Jan 8
88 Apr 18
Vermont A Massachusetts. 100
83 Jan 24
49 M ay24
West End Street___________ 50
37 Feb 20
62 Apr 1
Do
pref.......................... 60
47 Jan 16
24
M U cellaneou*
78% Jan 2
90% Junc20
105 Amur Agrleul Chemical__ 100
95% May21
88% Jan 2
Do
pref_______________100
48
2% M ar 2
.76 Jan 24
85 Arner Pneumatic S ervice.. 25
15% M ar 4
Do
pref________________60
8 Jan 29
6
99 Jan 2 115% M aylS
37 Amer Sugar Refining_____100
Do
p r e f......................... 100 107 Juno 4 113% M ay 9
15
95% Apr 30 109 Feb 5
1,956 Amer Telep A Teleg______ 100
60% M ay24
45% Jan 8
2 American Woolen of Mass 100
96% M a rl2
Do
pref______________ 100
90 Jan 3
120
77 M ay24
6012 Jan 2
Amoskeag M an ufacturin g___
76 Jan 7
82 Juno 5
Do
pref__________________
Art M etal Construe In r___10
11 Feb 21 14% May22
98 Jan 15 120% Feb 16
Atl Gulf A W I S S L ines.. 100
63 M ay 11
58% Jan 17
Do
pref_______________100
28 Feb 16
21 Jan 25
195 Booth Fisheries..............no pat
11 M ay 22
1,340 Century Steel of Amer Inc 10
10% M aylS
17% M ay 1
12 Jan 29
80 Cuban Port Cement______ 10
East Boston Taind________ 10
4 Jan 31
5% M aylS
246 Edison Electric Ilium _____100 134 June21 154% Jan 2
171 Oeneral Eleotilc...................100 128 Jan 16 151% M ay 16
5 Apr 3
6t2 Feb 6
535 Internal Port Cem ent____1C
12 Apr 23
D o pref________________ 60
15% June 4
3% Apr 29
5% M a r l 8
4,400 Island OH A Trans C orp__ 10
92% Feb 28
McEIwaln (W H) 1st pref 100
89 M ay’28
184 Massachusetts Oas C o s . .. 100 z77% Jan 15
91 M a y l 6
Do
pref_______________100
62 Junel7
70 Jan 3
46
10 Mergenthaler L ln o iy io __ 100 107 June11 124 Jan 31
104 New Eng Cotton Yarn____100
89% M ay 16
88 Jan 15
Do
pref........................... 100
57 New England Teleph' n e ..l0 0
86 Juno 1 100 Jan 3
58% Apr 12
69 Jan 2
15 N ova Scotia Steel A C ____100
33 Pullman C om pany________100 102 Jan “ 119% M ayl6
29 Jan
110 Punta Allegro Sugar______ 60
35 Feb 23
13% MarlO
25 Recce Button-H ole_______ 10
11 Jan 29
6,203 Swift A C o ............................. 100 102%June11 146% Apr 9
50% Jan 4
5 Torrington_______________ 26
45 Jan 29
351 United F r u i t .. . ...................100 116%Jan 17 133 Feb 18
48% M nylO
768 United Shoe M aih C o r p .. 25
41 Jan
20% May28
90
Do
pref______________ 25
25 Jan 19
9,643 U S Sieol Corporat'on___ 100
87 Mur26 113% M ay 16
5
Do
pref......... ................. 100 108 M ar25 xl 12 Feb 1
6,600 Ventui a Consol Oil Fields. 6
8% Juno 4
5 Jan
M ining
l% Ja n 25
1 Jan 10
Adventure C o n . . . _________25
83 Jan 3
26 Abnncek__________________ 26
71 JunelS
l% A p r 25
2% Jan 22
615 Alaska Gc Id_____ _________ 10
.25 Jan
.45 M ay 13
Algomah M ining_________ 26
54 Feb 27
“ ‘ 36 A llo u o ....... ..............................26 z-17 June 14
1,557 Amer Zinc, Lead A Smelt. 26
19% M a y l4
12% Mar23
12
49% June14
41 Jan
Do
pref________________ 26
14% Feb 18
200 Arizona Commer< lal__________ 6 11 Jan
.45 Jan 7
600 Butte-Balaklava C o p p e r .. 10
25 Feb 1
50 Butte A Sup Cop (L td )__ 10
Maras 33 M a y l4
153 Calumet A Arizona_______ 10
62% Jan 16
73% M ay 16
19 Calumet A H ecla__________ 26 427 Feb 28 465 M ay 2 7
25 Centennial_________________ 26
11 June 8
14% Feb 19
37% June 8
Chino Copper____________ 6
47% M aylS
618 Copper Range C o _________ 26
50 M aylO
43% Mar2S
295 D aly-W eet_________________ 20
2% M ar 1
1% Apr 10
355 Davls-Daly Cupper______ 10
6% M ar 8
5 Jan 2
100 Fast Butte Copptr M n . . . 10
101* Jan 2
5% M ar25
1 Franklin___________________ 26
3 June21
0 Feb 18
79 M ar28
73% Junel4
Granby Consolidated_____ 100
44% M ay 9
39 Jan 17
Greene Cananra__________ 100
205 Hancock Consolidated____26
10% Jnn 2
5% June21
1 Jan 3
Indiana M ining____________ 26
% A pr 8
1,413 Islund Crctk Coal________
1 60 Jan 14
70 M aylS
101
80 Jan 24
84 Feb 18
Do
pref______________
1
175 Isle K oj ale C oi per_________26
19% Jan 14
26 Jan ‘2
10 Kerr Lake________
5 Jan 2
6
6 Feb 11
15 Keweenaw Coi per_________ 26
.99 Jan 24
1% M ay 15
95 Lake Copper C o ___________ 26
8% M n yl4
6 Mar25
20 La Salle Copper____________ 26
2 Jan 2
3% M ar 6
4% Apr 30
Mason Valley M ne______
6
0 Feb 13
Mass Consol______________ 26
4% M ay 3
7 Jan
310 Mayflower-Old C olon y__ 26
.65 Mar28
2% M aylO
451 M ichigan_________________ 26
% JunelH
2% Feb
605 M ohawk_________________ 26 z.r>8 Jan 9
66% M aylO
18% Jan 30
20% M ay 14
Nevada Consolidated_____ 6
1% Apr 22
2% Feb
New Arcadian Copper____26
13% Jan 2
17% M ar 7
New Idrla Quicksilver____
14 M ny23
20 Jan
New River C o m p a n y ..___100
10
73% M ay 3
80 Jan 31
Do
ptef______________ 100
400 Nlplsslng M ines_________
8% «Jan 11
9 Apr 11
6
1,015 North Butte_____________ 16
13% Apr 17
17% M aylO
.25 Feb 14
.95 M ar 19
North Lake________________26
400 O Jit, way M ining_________ 26
% June21
1% MarSO
145 Old Dominion C o________ 26
39 M ay28
46% Jan
128 Osceola____________________ 26
46% Junel 1 65 Jan
1,025 Pond Creek C oal___________ 10
171* Jan 12
20% Fob 20
40 Q uin cy____________________ 26
78 M aylO
67 Junel8
50 Kay Consolidated Copper. 10
21% Mar22
25% Mny23
57 Jan 2
St M ary’s Mineral L a n d .. 26
46% June 11
""166 Santa Fe Gold A C o p p e r .. 10
1% Feb 21
% Juno21
3 Apr 10
5% Jan 2
Shannon___________________ 10
15 Shattuck-Arlsona_________ 10
16 Jan 15
17 M ay 8
25 8outh L a k e .. . ____________ 26
1% Apr 22
2 Jan 3
300 South Utah M A S _______
6
.11 Jan 23
20 Jan 8
4 Feb 19
Superior.__________________ 26
0% M aylS
530 Superior A Boston C opper. 10
3% Jan 3
2 M ay 3
95 Trinity..................................... 25
4% Feb 13
3% Jan 14
2,000 Tuolumne Copper________
1% Feb 21
.85 M ay 1
1
60 U 8 Smelt Refln A M l u . . . 60
19% Feb 10
30 Apr 13
136
42% Apr 13
46 Jan
Do
pref________________60
790 Utah-Apox M ining_______
1% May31
2% Feb 8
6
175 Utah Consolidated_______
9 M ar20
12 Jnn 16
8
77% M ar23
85 Feb 10
Utah Copper C o ___________ 10
750 Utah M etal A Tunnel_____ l
3 % Apr 8
l% Juno 5
2% Jan 26
3 Jan 3
V icto ria ___________________ 26
15 Winona . . . ____. . . ____
1 Jan 10
2 Jan 3
26
304 W olve rin e_______ _______ 28
23% JunelS
36 Jan 3
.40 M a yl9
W yandott _______________: 28
1
M ar 7

e Asaiwamentjpald.^5 Ex-etock dividend

(Vol . 106.

Highest
120 Deo
27 Deo
70% Doo
15 Deo
150 Deo
2 July
9 June
30 Aug
148 Nov
83 '2 Deo
102% Nov
44 Deo
116 Doo
83 June
78 Dec
1 Deo
0 Deo
2 1 % Sept
00's Oct
85 Deo
16t2 Deo
83 D ec
34 Deo
z45 Deo

38 Feb
150 Jan
108 Jan
140 M ar
78% M ar
133 Jan
92% Jan
100% M ar
6% Juno
31% July
52% Jan
105 Apr
135 Jan
84'* Feb
110 Jan
56'* M ar
74 Jan

73 Deo
88 Deo
1 Deo
7% Deo
90 N ov
105 Deo
96 Deo
38% N ov
*87% Deo
60 Deo
75 Deo
6 Deo
88 Sept
551* Feb

01% M ay
103% Jan
2% Jan
14 M ar
120% June
121% Jan
128% Jan
68 June
100% June
76 July
071* Jan
14a* D eo
121% Jan
66 Jan

9 Deo
3% n e o
133% Deo
118% Deo
4 Deo
10 Deo

_____ F!—
20% June
10 Jan
226 Jan
170% Jan
18% Jan
33% Jan

92'* Deo
71 Deo
63 Dec
110 Doo
35 Jan
60 Jan
03 Deo
*59 N ov
107 Deo
29 Deo
10 Deo
116 Nov
40 Nov
•105 Dec
37'* Deo
25 Oot
79»a Doc
103% Deo
4% Deo

102 Jan
100'* M ar
81 M ar
169 Jan
95 M ar
92% Aug
124'* M ar
112 Jan
160% Jan
46 Jan
16 M ar
1627* Apr
08 June
155'* Jan
58% Jan
30% M ar
135 M ay
121 Jan
87* Jan

17

%4

ABx-rightt. • Ex-dlvldend.

to Half-paid.

1 Oot
70 Deo
1 Dec
% Sept
45 Deo
11 Deo
40 N ov
8% Nov
.25 Deo
12% Deo
65 Deo
411 Deo
11 Deo
36% Deo
39% Dec
1% Apr
3% Nov
8% Deo
4 Deo
06 Deo
35 Nov
7 Deo
% Deo
52 Nov
80 Nov
20 Deo
4% Apr
1% June
5 Oot
1% Deo
4% Nov
5 Nov
1 Nov
1% Aug
57 Deo
16 Nov
1% Dee
10 Nov
22 Jan
65 Deo
6% July
11% Oot
.30 Nov
.08 Deo
33 Nov
53% Doo
16 Nov
00 Nov
20 Nov
48 Deo
.68 Deo
5% Oot
19 Oot
.89 Deo
.10 Deo
3% Deo
3% Deo
3 Nov
1 May
10% Deo
431* Nov
1% Mar
9% Deo
71 Deo
2% Deo
2 Oot
2 Oot
31 Deo
.15 Aug

4% Jan
108 Jan
11% Jan
1% Jan
70 M ar
41% Jan
73 Jan
16%tfune
2% Jan
52 Jan
86% Jan
600 Feb
27% Jan
63 M ar
68 Jan
3 Jan
7i* Jan
16 Jan
9 M ar
02 Jan
46% Jan
20% Jan
4 M ar
76% June
94 Apr
36 Jan
0 Aug
4s. Jan
18 Jan
5 Jan
8% Aug
16% Jan
3 M ay
6% M ar
98 Jan
26% M ar
0 Jan
17i, Apr
30 M ar
92% M ar
«6* 8eP»
24% M ar
2,* Jan
27, Jan
67% M ar
95 M ar
28 *. June
94% Feb
32% Apr
89% M ar
2 4 Jan
10 Jan
30. M ar
6 ,* Jan 1
.3 , Jan
13"*1 M ar
8% Jan
8'* July
2 % Jan
07% Jan
52'* Jan
S7» Sept
21% Feb
118% M ay
0% Jan
6 Jan
it's Jan
53'* M ai
2% Jan

THE CHRONICLE

Outside Stock Exchanges

Philadelphia Stock Exchange.—
of

d ollars p er sh a re ,

Friday
Past Week’s llange Sales
Sale
for
Price. Pow.
High. Week.

B on ds—

99.34
93.54
93.54
95.64

56
71

97

99.34
93.50
93.50
95.54
93
80 54
8954
74 M
92
94
SIM
90
71
87M
75
7854
94 M
97
94
85

99.66
94.66
94.48
96.60
93
8054
8054
74 M
92
94
84 M
90
71
87 M
75
7854
94 M
97
94
85

Range since Jan. l.
Pow.

$73,200
53,500
125,700
48,000
11,000
1,000
1,000
2,000

3,000
1,000
1,000
1,000
1,000
2,000
1,000

3,000
4,000
5,000
1,000
2,000

90.52
93
92.84
95.14
9254
S0J4
8954
7454
87 M
92
84
88
07 M
87 M
75
77
92 M
94 M
80
85

Friday
Sales
Past Week's Range
for
Sale
o f Prices.
Week.
Par. Price. Pow.
High. Shares.

Am W ind Glass M ach .100
51M
P referred_________ .100
Columbia Gas A E lec. .100
3154
Crucible Steel com ___ .100
Indcp Browing c o m .. - .6 0
Preferred__________ __50
La Bello Iron W o rk s .. .100 ............
Lono Star G as.............. .100 L17M
M frs Light A H e a t ... ..6 0
50
Nat Fireproofing prof - . b 0
...1
Ohio Fuel o i l ......... ..
Ohio Fuel Supply____ ..2 5
44
Oklahoma Natural G as.25
•2354
Plttab Rrewing com ._ ..5 0
3M
Plttsb Coal com ......... -100
53 M
Preferred--------------- .100
8154
Plttsb-Jcromo Copper . . . 1
450
Plttab <fc M t Shasta C o p .l
Plttsb Oil & G as......... .100
7M
Plttsb Plato Glass com .100 110
Riverside East Oil com ._5 ______
Preferred __________ . . . 5
San T oy M ining-------- . . . 1 ______
Union Natural G as___ .100
U 8 Steel Corp com — .100 10554
Western Insurance__ - - - 5454
W cst’houso Air Brake -.5 0
95 54
Weet’houao Eleo & M fg -50
H onda—
Indep Brewing 6s ____ 1955
Pitta M cK A C on ------ 1931

51M 63 M
78
31
3154
66 M 6654
154
151
111

111

145
148
49
50
7
7
15
15
4354 4654
23M 24
254
254
53
5354
81M 82
49c
37C
36c
34o
754
754

110

112

154
2M
10c
140
140
104
107
5454 5454
94 M 9554
•1254 4454
154
254

10c

40
91

40
91

Range since Jan. 1.
Low.

High.
Jan

63 M Juno

800

28J4 M ar
Jan
55
154 Jan

Jan
35
M ay
70
254 M ay

390
293
ISO
70

106
Mar
Jan
95
48 M Juno
7
June

115
Feb
M ay
165
53
Jan
954 Feb

140
8754
5454
93
39

Mar
June
M ar
Jan
Apr
Juno
Jan
Jan
M ay
Apr
Apr
Apr
Juno
Mar
Juno
Juno
Jan

4654 June
Jan
25
354 M ay
58 M Feb
84
M ay
1
Feb
48C Mar
754 M ar
Jan
117
154 Jan
254 Feb
16c
Feb
151
M ay
11354 M ay
5454 Juno
97 M M ay
47
M ay

34
91

Apr
Juno

6,070
160
10

40

10

6,145
426
155
35
102

20,500
18,500
275
80
100
100
1,000

25
307
10

443
225
34,000
1,000

41
2354
154
45
7954
360
21 c
5M

112

154
254

10c

th e P h ila d e lp h ia
21,

40
91

b o th

not

Jan
June

S to c k

in c lu s iv e ,

por c o n t.

E xchange

c o m p ile d

C o m p lo to

reco rd

of

th e

S to ck s—
Alliance Insurance_____ 10
American Gas of N J ..1 0 0
American Hallways pref 100
Elec Storage B a tte r y .. 100
General Asphalt______ 100
P referred___________ 100
Insurance C o of N A ___10
K eystone Telephono____50
P referred.................
50
Lake Superior C orp___100
Lehigh N avigation......... 50
Lehigh Valley.................. 50,
M idvale Steel A O rd___50
Minehill A S H ................ 50
Pennsyl Salt M fg ______ 50

50
24
2654
8

1654
6554

44
Philadelphia C o (P itts ).50
Pref (cumulative 6 % ) 60
Phlla Electric of P a____25
2454
I'htla Rap Trans v t r__50
25
Philadelphia T r a c tio n ..50 ______
R e a d in g ________________ 50
9154
1st preferred_________ 50
37
2d preferred__________ 50
Tono-Belraont D evel____1
354,
Tonopah M ining .............. 1
Union T raction_________50
3754
United Cos of N J ____100 ___
United Gas I m p t .......... 50
6654
U S Steel Corporation. 100 10554
Warwick Iron A Steel - .1 0
854
West Jersey A Sea Shore 50
W m Cramp A Sons____100
York Railways pref____50
B o n d s—
U S Lib Loan 354 s.l
93.54
1st Lib Loan 4s. 1932-47
2d Lib Loan 4s. .1927-42 93.80
3d Lib Loan 4 54s..1928 95.50
10054
do small__________ 1945
Lake Superior Corp 5s 1924
Lehigh C A N cons 4 Ms '54
Lehigh Valley cons regOs'23
Gen consol 4 M s . . . 2003
Registered 4M S ..2003
N or Cont 2d 5s ser A . 1926
Penn R R gen 4 5 4 s . . . 1965
Consol 4s__________ 1948
PlUIadclphla Co—
Cons A coll tr 5s stpd '51
Phlla Electric 1st 5 s ..1966
do sm a ll.................. 1966
Reading gen 4s______ 1997
Spanlsh-Am Iron 6 s .-1927
United R y s gold tr ctf4s’49

8854

1954
6954
70
x50
23
56
2654

19 54
70
70
5154
2554
59 54
27

8

8

50
50
16
1754
6554 65 54
5854 15954
5154 52 54
5054 5154
85
85
43 54 44 54
2954 29 54
3254 32 54
2454 2454
24
2554
68

68

9254
37
38
354,
13-16
38
187
66
6654
10254 107 54
854
854
40
40
77
77
3154 3154

9054
37
38
3
254 2
3754
187

99.10
93.70
93.70
95.50
7954
10054
81
7054
7054
53 J4
92
10154
8854
88

9354
8254

125
51
30
550
9,147
1,160
111
10

50
1,807
321
285
555
26
13
1,025
30
4
1,996
1,810
87
1,445
100

50
347
350
83
28
452
16,465
175
9
140
85

99.08 18,100
900
94.20
94.50 14,050
96.28 27,600
1,000
7954
3,000
101
82 54 15,000
71
8,000
72
1,000
54
7,000
92
1,000
1,000
10154
89
4,000
88

10054 10054
8754 87 54

1,000
6,000

7,000

86

86

2,000

80
9354
95
8154

5,000
8054
94 54 36,000
97
1,600
82 54 2 ,8,000

100

100

1,000

57

57

30,500

Range since Jan. 1.
Low.
19
6954
70
48
1454
47
24
8

12

6154
55
43 54
50
82
43 54
2154
29
24
2354
66

71
3654
3554
254
254
3754
187
6554
8654
754
39
74
31

Chicago Stock Exchange.—

sh aro,

lis ts , is g iv o n b e lo w .
s h a re ,

not

por c o n t.

P ric es for sto c k s are a ll d ollars p er

not

p er c e n t .

Par

Friday
Sales
Past Week's Range
for
Sale
o f Prices.
Week.
Price. Pow.
High. Shares.

Alabama C o ___________ 100
05 M
Arundel Sand & Gravel 100
Atlantic Petroleum_____ 10
Baltimore Tu bo_______ 100
Colostlno ..............................
07
Consol Gas E L 4 P ..1 0 0
Consolidation C oal------ 100
Cosdcn & C o ____________ 5 " T h
Preferred......... - ............ 5
Davison C h em ical..n o par
3554
Elkhorn Coal C orpn------60
Houston OH trust ctfs.100
82 M
79
Preferred trust ctfs-.lO O
M er & Miners Trans__ 100
Mer & M in Trans V T .1 0 0
M onon Vail T ra c______ 25
M t V -W ’b’ y M ills v t r 100
Preferred v t r ______ 100
Northern Central______ 50
Pennsyl W at A Pow ___100
Poolo Engineer A M — 100
Southern Hotel com ----United Ity A Elec............50
Wash B A Annap............60
3 54
VVayland Oil A G as------ -6
B on d s—
Balt Spar Pt A O 4 M s. 1953
Charles A W Car 1st 5s ’46
C ity A Suburban 1st 5s ’ 22
Consol Gas E L A P o w 6 % notes___________
0% notes___________
Consol Coal refdg 6 s .. 1950
Cosdon A C o ser A 0s. 1932
Series B 6 s ................1932
(old Co) refund C8..1020
Georgia A Ala cons 5s. 1945
Houston Oil dlv ctf 1923-25
K irby Lumber Contr 6s ’ 23
M d Elco R y 1st 5 s . . .1031
Pennsyl W A P 6s____1040
United R y A El <ls____1049
Incom o 48_________ 1940
Funding 6s_________ 1036
Wash B A A 58............ 1041




68

63
5954
5154
9054
4754
2954
34
26
30
7154
9254
37
38
354
4
4254
195
72 54
11354
854
48
9554
33

Jan
Jan
Feb
M ay
June
June
June
Jan
Jan
M ay
M ay
M ar
M ay
Jan
M ar
Jan
M ay
M ay
M ay
Jan
Feb
June
June
June
M ar
Jan
Jan
Feb
Jan
M ay
M ar
M ar
June
Jan

97
Jan
99.70 M ay
93
June
97.90 Jan
92.80June
97.60M ay
95.30 June
98.52 M ay
Jan
82
7854 Apr
M ay
9954 Apr 101
79
M ar
8354 M ay
70
M ar
7354 M ay
70
Apr
74
Jan
55
M ay
4754 Jan
92
June
Jan
95
10054 Apr 10154 Juno
88
Apr
9154 Feb
88
June
88
June
10054 June 10054 June
Jan
92
S754 June
86
June
8954 Jan
73
Apr
93
M ar
94
Jan
8154 Apr
100
Jan
57
June

82
96
97
85
101

60

M ay
Jan
M ay
Jan
Feb
Feb

The

c o m p le te

record

of

fr o m J u n e 15

P ric es fo r s to c k s are a ll d ollars per
F o r b o n d s th e q u o ta tio n s are p er c e n t

o f p a r v a lu o .

F o r b o n d s th e q u o ta tio n s aro p or c e n t

o f p ar v a lu o .

S tock s—

1954
S9
80
5254
2554
5954
27
9
5754
1854

to J u n e 2 1 , b o th in c lu siv e , c o m p ile d fr o m the o fficia l sales

to

b o th in c lu siv e , co m p ile d fro m tho o fficia l sales

High.

Jan
June
June
M ar
M ay
Jan
Jan
M ay
M ay
Jan
Jan
Jan
Jan
M ar
Jan
M ay
Apr
Apr
June
M ar
Apr
Jan
Feb
Jan
June
M ay
June
June
Apr
Mar
Apr
M ay
Jan
Feb

x Ex-divldend.

lis ts , is g iv e n b e lo w .

21,

th e

F o r b o n d s th e q u o ta tio n s

Friday
Sales
Last Week's Range
for
o f Prices.
Sale
Week.
Price. Pow.
High. Shares.

tran sa ctio n s a t th o B a ltim o r e S to c k E x c h a n g o fr o m J u n q 15
June

fro m

fr o m

P ric es for s to c k s are all

tra n sa ctio n s a t the C h ic a g o S to c k E x c h a n g e

Baltimore Stock Exchange.—

=2

record

are p er c e n t o f p ar v a lu e .

High.

Jan 99.80 M ay
Juno 98
Jan
Juno 97.90 M ar
Juno 101
M ay
M ay
94 M M ar
Apr
83
Jan
Juno
9554 Feb
Juno
79
Jan
Apr
92
June
M ar
94 M Jan
Jan
95 M Apr
Jan
91M M ar
Jan
72 M M ay
June
91M Feb
79
Juno
Jan
M ay
81
Apr
M ar
95 M Feb
Jan
97 M June
Jan
94
M ay
June
9054 M ar

Pittsburgh Stock Exchange.— T h o c o m p le te re co rd o f
tran sa ctio n s a t th e P itts b u r g h S to c k E x c h a n g e fr o m .Juno 1 4
to J u n e 2 1 , b o th in c lu siv e , c o m p ile d fro m th e officia l salos
lis ts, is g iv o n b e lo w .
P rices "or sto c k s are a ll d ollars p er
sh a ro , not por c o n t.
F o r b o n d s th e q u o ta tio n s aro p er c e n t
o f p a r v a lu e .

S tock s—

June

officia l sales lis ts , is g iv e n b e lo w .

to n S to c k E x c h a n g e J u n e 1 5 to Juno 2 1 , b o th in c lu siv e :

U 8 Lib Loan 3 M s. 1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4 s .. 1927-42
3d Lib Loan 4 M s .-1928
Am Agrlc Chem 5s___1924
Am Tel A Tel coll 4 s . . 1929
Collateral trust 5 s .. 1946
Atl G A W 1 S3 L 5 s . . 1959
Chic Juno A U 3 Y 5s. 1940
G t N or-C B A Q 4 s .. 1921
M ass Gas 454s............1031
4M s.............................1929
Miss River Power 53-1951
N E Telephone 5s____1932
Now River 1st 5s____1934
Punta Alegre Sugar Os 1931
Swift A C o 1st 5s____1944
U 8 Smelt RA M conv C s..
Ventura Oil conv 7s. .1922
Western Tel A Tel 5s. 1932

tra n sa ctio n s a t

Juno 1 5 to

c o m p le te

4­

T ra n sa c tio n s in b o n d s a t B o s ­

The

00

Boston Bond Record.—

2639

£

June 22 1918.]

52 M

92
95 54
'SbM 36
2H
254
7954 80
1.60 1.00
9654 98
85
85
7
654
3*4
354
32
37 54
2654 27 54
79
86
79
8054
7^
74
7554 7554
15
15
1454 1454
73H 74
7354 74
6154 64
6354 63 54
303^ 3054
1854 19
29
30
354
354

80
26
145
35
400
40
323
2,807
25
2,007
450
490
1,120

3

10

204
100

32
176
25
10

5
45
1,823
335

0054
9054
98

9054
9054
98

$3,000

9054
97
89
77
78
9154
9354
97
9754
89

91
9754
89
77
7954
9154
9354
98
98
89

13,200

86

86

72
5254
75
8254

7254
5254
75
83

1,000
1,000
2,000

5.000
5,000
15,000
3,000
2,000

59,000
10,000
2,000

5,000
9,000
10,000
1,000
8,000

S to ck s —
Range since Jan. 1.
Low.
60
3154
254
73
1.60
94
8454
6 54
354
30
2254
40
64
56
70
15
1454

Jan
Jan
Mar
M ay
June1
Jan
Juno
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Apr
M ay
Juno
68
Jan
70
Jan
60
Jan
53
M ay
30
Mar
1754 June
24
Jan
3
Apr

90
90
98
90
9454
81
77
78
9154
92

Mar
Jan
June

Juno
Jan
Jan
June
Juno
Juno
Jan
88
Jan
9554 Apr
8754 Jan
84
Mar
72
Juno
5254 June
75
M ay
80
Jan

High.
106
M ay
36 54 Jan
354 Feb
87
M ay
1.60 Juno
102

108
854
4
3854
29
80
8054
92
90
1654
1754
74
74
67
6354
31
2454
3054
354
93J4
92
100

95
9754
8954
8254
8354
94
9454
99
9854
92
87
7754
5854
80
8354

Jan
Jan

June
M ar
Jan

M ay
Juno
M ay
Feb
Juno
Jan
Jan
Jan
Feb
Jan
Juno
June
Feb
Jan
Jan
Jan
Juno
Feb
Juno
Feb
Jan
Fob
Feb

Friday
Sales
Last Week's Range . for
o f Prices.
Sale
Week.
Par. Price. Low.
High. Shares.

American Radiator____ 100
American Shipbuilding. 100

129

Booth Fish com new .no par

24

Chic City A C R y pt sh com
P referred_____ _________
Chicago Elevated R y com .
Cldc Pneumatic T o o l .. 100
Cnlc R ys part ctf " 2 ” .........
Commonwealth-Edlson 100
Cudahy Pack Co c o m ..100
Deere A C o pref______ 100

254
17
16
100

114
92
............
Hart Shaft A M arx com 100
National Carbon p r e f.. 100 11454
People’s Gas Lt A Coke 10C
Pub Serv of N o 111 co m . 1 0 0 ......... ..
Quaker Oats C o pref___100
Sears-Roebuck co m ___100
Shaw W W com m on___100
Stewart WarnSpeedcom 100
Swift A C o ______ _____ 100
R i g h t s ...............................
Warrants ............. ............
Union Carb A C a rb .n o par
United Paper Bd c o m ..100
Wilson A C o common’. . 100

B o n d s—
Cldc City A Con Rys 5s 192 7
Chic R ys 4s series B ____
Cldc R y Ad Inc 4 s .. 1927
Chicago Telephone 58.1923
Commonw-Edlson 6s . 1943
Commonw Elec 5s. 1943
Cudahy Pack 1st M 5s 194C
Liberty Loan 3 5 4 s.1932-47
Lib Loan 1st 4 s .. 1932-47
Lib Loan 2d 4 s . . . 1927-42
Liberty Loan 4 51s___1928
M otr W Side El lsL.4s.1938
South Bide Elov 4548.1924
Swift A C o 1st g 5 3 ...1 9 4 4
x Ex-dlvldend.

135
6854
10954
10854
5254
63

60
60
32
9054

65
7954
9454

235
235
12754 129
90
90
24
23
SO
SO
254
254
15
17
4
4
6754 68
1254 16
100
10054
114
114 54
92
92
100
106
59
57
1954 2054
114
11454
4254 43
7154 7154
84
84
9854 98 54
134
138
68
68 54
5754 5854
106
10954
2
54
105
109
4954 52 54
19
19
102 V. 102 U
59 54 64
9754 9854
55
5554
32
9554
9054
89
9154
99.30
93.90
93.90
95.80
55
7854
9454

Range since Jan. 1 .
Low.

High.

235
June 265
Feb
Jan 14454 M ay
185
87
9 3 14
210
8454
235
26'
Feb
1854 Jan
£0
FAh
10
50
154 June
254 June
14
1,585
Jan
M ar
18
200
4
Feb
254 Apr
205
4754 Jan
7154 Apr
Jan
800
8
16
June
1,281 100
June 108
Feb
90 10754 Jan 11454 Apr
20
92
June
Jan
97
165 102
114
Jan
130
53
67
Feb
385 z l9
28
Apr 120
75 112
M ar
90
55
Jan
4054 Apr
30
June
70
77
Feb
5
84
90
45
Jan 100
95
Jan
2S9 133
June 157
Feb
245
Mar
69
6354 Jan
3C0
47
Jan
59
M ay
6,348 10254 Juno 146
Apr
3.376
Vs
27
A
3S0 101
June 109
June
13,297
4754 Apr
5454 Feb
200
14 54 Feb
2254 M ay
25 102
110
Feb
Jan
46
885
6554 M ay
95
45
9954
12

$27,000
60
13,000
60
2,000
32
2,000
9554
9154 26,000
89
1,000
1,000
9154
99.40
2.200
94.40
950
94.40
3,850
96.32
800
55
6,000
2,000
79 54
9454 33,000

52
Jan
50
Jan
27
Jan
92 54 June
90
M ar
89
M ay
Mar
90
97
Jan
93.30June
93
June
95.20 June
Apr
46
78 54 M ay
9254 A pr

60 - June
60
June
32
June
9654 Jan
9454 M ar
92
Feb
9154 June
99.50June
97.50 Jan
97 52 M ar
98.10M ay
Jan
57
81
Jan
9554 Jan

Volume of Business at Stock Exchanges

S to ck s (Concl.)—
Thlogen Co of Amer r __ 5
United M o to rs .r ._ (o o par)
U S Light & Hoat, com rlO
O 8 Steam ship................10
W orld Film Corp v t C ..5
•Vrlght-Martln A lr o .r _ .(t)

T R A N S A C T IO N S A T T IIE N E W Y O R K ST O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .

Par Value.

Shares.

$30,807,000
48,121,500
30,923,500
37,375,000
50.012.500
55.416.500

$514,000
1,131,000
730,000
971,000
1,080,000
841,500

2,614,000 $252,656,000

$5,267,500

329.600
511,200
363,500
407,100
523,500
579,100

F r id a y ......................
T o t a l ....................

State, M un.
& Foreign
Bonds.

Railroad,
<&c„
Bonds.

Stocks.

Week ending
June 21 1918.

Stocks— N o. shares—
Bonds.
Government bonds—
State, m un., & c., bonds
R R . and m lsc. b o n d s ..
T otal b on d s-----------

$621,000
3,921,000
4,352,000
3,666,000
4,607,000
5,793,000

$386,000
599,000
1,035,000
526,000
1,224,000
571,500

$1,341,500 $22,960,000

3,947,133
2,714,000
$252,656,000 $371,045,475

70,398,228
$6,588,207,500
$12,900

97,411,404
$8,841,551,205
$53,200

$22,960,000
4.341.500
5.267.500

$361,550
4,433,000
5,680,500

$159,457,500
99,920,000
140,478,500

$1,570,550
180,243,500
300,219,000

$32,569,000

$10,481,050

$699,856,000

$488,033,050

D A IL Y T R A N S A C T IO N S A T T H E BO ST O N , P H IL A D E L P H IA A N D
B A L T IM O R E E X C H A N G E S .

Bond Sales.

Shares.

Baltimore.

Philadelphia.

Boston.

Shares.

Bond Sales.

Shares.

Bond Sales.

F r id a y ___________

7,410
0,729
14,548
12,975
8,419
13,100

$50,950
20,690
82,350
55,750
94,550
46,000

5,736
8,818
6,508
4,131
6,120
7,744

$22,400
77,450
27,500
35,050
38,000
21,250

1,460
2,338
929
1,779
2,107
2,301

$22,000
30,200
22,000
21,000
60,000
3,000

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

63,181

$350,290

39,057

$222,250

10,914

$158,200

New York “ Curb” Market.—

B e lo w w e g iv e a reco rd o f

th e tr a n sa c tio n s in th e o u tsid e s e c u r ity m a r k e t fr o m J u n o 1 5
to J u n o 2 1 , b o th in c lu s iv e .

I t c o v e rs th e w e e k e n d in g F r i­

d a y a fte r n o o n .
I t sh o u ld b e u n d e r s to o d th a t n o su ch r e lia b ility a tta c h e s

Illinois Pipe L ln e .r ___100
Indiana Plpo L ln e .r ____50
Northern Pipe Line r .„1 0 0
Ohio O ll.r ........................ 25
Plcrco OH C orp _______ 25
Pralrlo OH & G a s .r ____100

On

th o N e w

Y ork

S to c k

E x c h a n g e , fo r in s ta n c e , o n ly

m e m b e r s o f th e E x c h a n g e c a n e n g a g e in b u sin e ss, a n d th e y
a re p e r m itte d to d e a l o n ly in secu ritie s re g u la rly liste d — th a t

c a n m e e t th ere a n d m a k e p ric es a n d h a v e th e m in c lu d e d in th e
lis ts o f th o se w h o m a k e i t a b u sin e ss to fu rn ish d a ily re co rd s
o f th e tr a n s a c tio n s .

T h e p o s s ib ility t h a t fic titio u s tra n sa c ­

tio n s m a y creep in , or e v e n t h a t d e a lin g s in sp u rio u s secu ri­
tie s m a y b e in c lu d e d , s h o u ld , h e n c e , a lw a y s b e k e p t in m in d ,
p a r tic u la r ly as re g a rd s m in in g sh a re s.

I n th o c ir c u m sta n c e s ,

i t is o u t o f th e q u e stio n fo r a n y o n e to v o u c h fo r th o a b so lu to
tru s tw o r th in e ss o f th is re co rd o f “ C u r b ”

tr a n sa c tio n s, a n d

w o g iv e it fo r w h a t i t m a y b e w o r th .
Sales
Friday
for
Last Week’s Range
Week.
o f Prices.
Sale.
High. Shares.
Par. Price. Low.

Week ending June 21.
S to c k s —

Aetna E x n los.r— (no oar)
Preferred r _ ................ 100
Amer T in & Tungsten r . l
Brlt-Amer T o b ord bear .jei
Burns Bros Ice r ---------- 100
100
Charcoal Iron of A m .. .10
.10
Chevrolet M otor______ 100
CuDrlte-Esmeralda Sul- .1
CuDrlto SulDhur.r------ . . 1
Curtiss AeroD * M com (t)
100
Eastern V en din g.r------ . . 5
Emerson Ph onograph.. . . 5
Gillette Safety R a zor, r -(+>
- .1
..1
K eyst Tire * Rub, com 10
Lake T orpedo B o a t.r . 100
M arconi W lrel Tel of Am .6
M axim M unitions.r__ .10
N orth Am Pulp A Pap (t)
Penn Seaboard S te e l.. .(t)
Penna Coal & C o k e .r . .50
Poulsen Wireless r ------ 100
St Joseph L e a d .r _____ .1 0
Smith M otor T m o k .r .. .10
Standard M o t C onstr.r .10
Steel Alloys C orp-------- ..5
Submarine Boat v t e . (t)

14
69
A
2534

131

1334 1434 22,200
100
09
69
34 11-16 44,100
1,000
17
17
9,400
20
27 34
425
118
123
300
834
834
900
634
634
5,500
133
130

3,800
l 3-16 1 3-16
134
34
134 11,550
%
8,400
4034 42
130
74
71
3,325
534
6)4
534
______
100
134
134
______
50
91
91
1,320
34
Ye 11-10
1,775
134
1 5-16 1 3-16
0,275
19
19
2034
100
434
434
4,200
334
334
334
7-16
34 13,500
150
2 34
234
5,370
5634
55
50 34
1,390
30
33 34
3234
1234 14 34 13,900
1334
400
1434 1434
1
7-16
1 13-16 13,905
11
500
1134 12
200
5
5
5
18
4,300
17




Range since Jan. 1.
Low.
034
4134
34.
1434
1834
77
734
614
100

Feb
Jan
M ay
Apr
Juno
Jan
Jan
June
Jan

M ay
M ay
Jan
M ar
M ay
Juno
M ar
Juno
June
Jan
Apr
Juno
June
2
Apr
43
M ay
28
June
Apr
10
14 H June
Jan
i
834 Jan
5 June
1134 M ar
1
34
25
50
434
1}4
7734
H
134
1234
234
334
34

H igh.
1034
72
%
18
3034
123
834
7
135

M ay
M ay
Juno
Feb
M ay
June
Feb
Fob
Feb

156 M ay
2 34 Feb
42
Juno
74
Juno
0
Juno
434 Jan
M ay
95
H Juno
134 Juno
2034 Juno
0
M ay
334 M ar
1
Jan
334 M ay
5034 Juno
3334 Juno
1534 M ay
1734 Fob
234 Apr
1334 Juno
5 Juno
2034 M ay

7c
234
434
2
7734
6-16

11334
44c

Oklahoma Prod A R o f . . . 6
Okmulgee Prod A R e f___5
Omar Oil A Gas co m ____1
Penn-Kcntucky Oil . _ r . . l

734
5
33C
534

04c
234c

Pennsylvania Gasoline___1
30o
Sapulpa R e fin in g.r_____ 5
Sequoyah Oil A R e f_____ 1

Tuxpam Star OH r ______ 1
United Western Oil n ew .r
Vacuum Gas A Oil L td ___1
Vlotorla Oil r _________ 10
W ayland Oil A Gas c o m ..5

Amina M in (p ro s p ).r.5 0 c
Atlanta Mines ........... _ . l
Aurora Silver M in es, r ___5
Big Ledge C opper......... . . 5

A n y s e c u rity m a y b e d e a lt in a n d a n y o n e

200
IOC
34
21c
7

M idwest R efin in g.r____50

a d m it te d to d e a lin g s.

tio n s w h a te v e r .

271

N Y-Chlno O ll.r ________ 1
N Y-Oklahom a Oil c o m .r l
Northwestern Oil c o m .r .l
Oklahoma Oil o o m .r ____1

M in in g S to ck s

O n th e “ C u r b ,” o n th e o th e r h a n d , th e re a re n o restric­

1534

434
34
2834
1 1-16
7
1.10

Alaska-Brlt Col M etals. .1

in th e o ffic ia l lis t a t th e e n d o f th e d a y , are a u th e n tic .

105

Barnett Oil & G a s.r_____ 1
Boston-W yom lng O ll.r___1
Cosden & C o, oom .r_____ 5
Elk Basin Petroleum .r___5
EsmoraUla OH C o r p .r __ 1
Federal O ll.r ____________ 5
Glenrook O l l . r . . . ......... .10
Hanover Oil A R e f .r ___5
Houston OH o o m .r ____100
Imperial Con OH r ............1
Intcrnat P e tr o le u m .r ..£ l
Island Oil A T r a n s.r ___10
Kinney Oil r . . ......... . . ' .
M erritt OH C o r p .r ......... 10
M etropolitan Petroleum .5
M id Cont ConsOllAUt.r.10
M idwest Oil o o m .r ______ 1

c o m p lie d w ith c e rta in s tr in g e n t re q u ire m e n ts b e fo re b e in g
in su re t h a t q u o ta tio n s c o m in g o v e r th e “ t a p e ,” or re p o rte d

10

634 10,600
434
2734 3034 46,300
6,300
234
234
8,700
634
634
900
34
34
934 1054 26,300
1,200
65
69

Range since Jan. i .
Low.
4
M ar
19)4 Jan
Mnr
1
4)4 Jan
H Jan
6 >4 Jan
45
Feb

High.
Juno
Feb

6)4
30 54
2H
7H
H
11 ‘A
69

M ay
M ar
M ay
June

165
95
105
322
13
510
268
210
527
270
97

165
95
105
322
1634
515
273
210
629
271
97

10
20
10
20
85,000
60
20
10
45
GO
10

34
19o
6c
5-16
20o
634
634
7c
234
334
134
7534
34
13
434
11-16
2734
15-16
634
1.13
1X
111
234
42c
34
62C
234c
734o
7
434
30c
5
54
34
24c
5-32
834
7
34
1734
134
75o
2o
134
34
334
334

34
21c
10c
7-16
21c
7
634
8c
234
4 54
3
86 54
5-16
13 34
454
11-16
2954
134
7
1.19
1 5-16
116
3
44 c
34
64c
3c
734c
734
634
33c
534
54
34
26c
31c
954
7
11-16
20
154
1
3c
1 7-10
34
334
334

200
52.900
72,600
9,500
8,000
5.S00
1,300
31,000
22,000
45,400
3,550
41,000
5,000
COO
81,800
2,580
21,100
21,200
600
35,000
4,500
780
2,600
2,000
2,700
12,500
39,000
500
12,700
26,900
15,000
5,090
1,000
1,000
13,400
117,000
4,700
100
8,300
6,900
0.650
59,000
29,000
700
2,000
31,500
3.100

165
93
100
300
13
418
262
210
510
252
85

June 102
M ar
99
Jan 113
Jan 365
June
16 H
Jan 526
Juno 290
June 237
M ar 679
Jan 285
M ar 100

Jan
Apr
M ay
Jan
Juno
Juno
Jan
Jan
Feb
Feb
June

O th e r OH S to ck s
Allen O ll.r _______ _______1
Amer Ventura O ll.r _____ 1

is , secu ritie s w h e re th e c o m p a n ie s re sp o n sib le fo r th e m h a v e
E v e r y p r e c a u tio n , t o o , is ta k e n to

534
2934
234
634

273

to tr a n sa c tio n s o n th e “ C u r b ” a s to th o se o n th e re g u la rly
o r g a n iz e d s to c k e x c h a n g e s.

Sales
Friday
for
Last Week's Range
Week.
o f Prices.
Sale
High. Shares.
Price. Low.

Form er S ta n d a rd OH
S u b sid ia rie s.

Standard OH (C a lif)...1 0 0
Standard Oil of N J . r . . 100
Htandard OH of N Y . r . l 00
Union Tank L ln e .r ___100

1917.

1918.

1917.

1918.

U. S.
Bonds.

Jan. 1 to June 21.

W eekending June 21.

Sales at
New York Stock
Exchange.

Week ending
June 21 1918.

[Vol. 106

THE CHRONICLE

2640

11-16
134
80c
234c
34
334
334

50c
67c
30c
Go
1 7-16

550
34
44c
Calumet A Jerome Cop r . l 1 3-16
Canada Copper C o L t d ..5 1 11-16
Gc
Cerbat Silver M A M r . . l
2
C oco River M in in g .r____1
Consol Arizona 8m clt____6
_ __
Consol Copper M ines____5
34
Consol-Hom estead. r ____1
34
Copper Valley Mining r _ .l
434
Cresson Cons Gold M A M 1
34
Dundee-Arlzona C op per. 1
72o
21o
Emma C o p p e r .r________ 1
134
Eureka Croesus M in r ___1
34
Golden Rule M in e s .r ____1
34
Goldfield Consolidated. 10
Goldfield M e rg e r.r______ 1 ______
9-16
434
Heola M ining_______ _25o
33C
H ypotheek M A M . r . . l 0 c
10c
International M in e s .r __ 1
Boston & M ontana D e v . . 6
Bradshaw C o p p e r .r _____ 1

Jerome Prescott C op r ___1
Jerome Verde C opper____1

34
34
65c

Jumbo Extension..............1
Liberty Silv (prosp’t ) . r . - l
Lono Star C o n so l.r_____ 1

M onster Chief r ________ 1
National Leasing r ______ 1

Ohio Copper r ....................1

Ray Hercules M ining r . . 5

55c
47c
7-16

7o
35c
234c
20c
55o
34
4
1 9-16
434

Rex Consolidated M g . . . I
Rochester C o m b in e d .r ..l

.. 9c
35o
400

Seneca Copper___(no par)

12
34
13-16
t 34

Silver King of Arizona___1

54o
60o
62c
67c
25o
360
534o 6 34c
534
534
134
134
4c
4c
60c
490
34
34
*43o
47c
1 1-16 1 3-16
1 11-1C
134
50
7o
34
54
2
2
1 13-10
154
634
654
34
34
34
34
454
434
1
34
71o
72c
3-18 7-32
l 11-lC
154
7-16 9-16
*3-10
54
2>4o 254c
34
54
434
454
30c
34c
8c
10c
0-10 7-16
54
34
54
34
60c
07c
10c
10c
3340 4o
7-18
54
49c
400
2c
20
£3
34
25c
25o
3 340 4c
75o
60c
6340 7c
35o
38o
2o
254o
20c
19c
IS
1854
854
834
360
57o
34 15-16
334
4 54
1 3-10
154
63c
52o
454
434
%
834o 054c
41o
38o
410
35o
lie
llo
12
11
H
34
13-10 13-16
0-32
54

%> M ay
Jan
0c
6o Juno
5T» June
200 M ar
6 >4 Jan
5)4 M ay
5C June
244 M ay
314 Jan
1)4 June
39 H Jan
X June
12)4 Feb
1)4 Jan
H M ay
17)4 M ar
H Jan
6 % M ay
Apr
87c
Apr
1
M ar
97
1)4 Jan
39o
Apr
)4 June
56o
Jan
2c M ay
7c M ay
0)4 Apr
2)4 Jan
21o
Apr
Jan
5
)4 Juno
)4 M ay
24c June
3-32 Feb
8
Mar
7
June
% Jan
15
Jan
1)4 Mnr
68o June
2c June
Apr
1-16 M ar
3 X June
3
Feb

11-10 Jan
21o Juno
10c Juno
1 3-10 Jan
33C
Jan
8)4 Feb
7
Feb
<>*iu Jan
4
Fen
6
Jan
7)4 Jan
86 H June
5-16 Juno
14 ‘A M ar
6)4 M ar
1
Apr
29)4 June
June
7)4 Juno
1.2- Jan
1)4 Jan
119
M ay
3)4 M ay
440
Apr
)4 Feb
89o
Feb
8 )4 c M ar
IGo
Feb
8
M ay
11)4 M ar
40o
Jan
5)4 Feb
June
1
A Feb
27o Juno
'%> Apr
10)4 M ay
9)4 Jan
1)4 M ar
23 H Fob
2 H M ar
1 )4 M ay
22 o M ar
2)4 Feb
H M ar
6)4 M ar
3)4 F eb

5-1(1 Apr
36,700
10,100
50o M ar
7,000
22o M ay
5)4c June
10,000
500
2)4 Fob
76.000
H Jan
1,000
Jan
3o
Jan
210,000
410
1,400
H Jan
39o M ay
21,200
*1
Jan
13,900
1,400 1 5-16 Jan
3 H o Jan
14,050
42o
Jan
3,400
875
1)4 M ar
3,000
Feb
m
Jan
1,800
5
22o
4,500
Feb
100
)4 Jan
4)4 Mar
25,000
600
)4 Jan
8,500
65o M ar
37,900
Apr
7,250
Fob
M
Apr
6,590
/!«
600
7I! M ay
2)4c M ay
3,000
9,000
)4 Apr
3,320
2)4 Jan
72,000
14o M ay
Jan
80
32,900
5-16 Apr
900
M ay
4,500
25,700
A Juno
12.100
55o
Jan
9o M ay
1,000
4,000
3 H o June
23,600
7-16 Juno
39,000
28o Feb
1,000
lH c M a y
5,100
7-10 Jan
1,70(1
)4 Apr
20,500
3)4c.)une
950
50o Juno
36.100
6)4o Apr
Jan
21,600
25o
Jan
2o
70,100
Jan
6,000
150
650
15)4 Jan
Jan
700
8
26,100
3Go Juno
3,700
)4 Juno
Jan
2
29,300
10,000
l ’A> June
1,000
43o
Jan
1,300
3)4 Jan
3,800
X Jan
8,500
8o M ay
0,600
380 June
15,500
Jan
270
1,000
Apr
lOo
1,650
7)4o Jan
Jan
4,200
H M ar
6,700
7-32 Apr
175.000

70c M ay
G6o Juno
360 Juno
130 Feb
6 A M ay
1 H M ar
6o
Apr
96o M ar
1)4 Jan
56o
Jan
1H M ar
2H Jan
190
Feb
1)4 M ar
2H Jan
2)4 Jan
*7)4 M ay
A M ar
254 M ar
5)4 Jan
15-16 Juno
74o M ay
% Feb
1 % M ay
)4 M ay
7-10 Jan
Feb
5o
Apr
1
5
Jan
33o Juno
20o
Feb
11-10 Jau
Apr
9
H Jan
Jan
00c
Jan
24o
9o
Feb
M ay
2
49o Juno
Feb
5o
•A M ay
A M ay
8)4o M ar
1)4 Apr
5-10 Jan
560 Apr
Feb
8o
Feb
38o
M ay
20
M ay
9
1)4 M ar
l A M ar
4)4 M ar
1)4 Juno
Apr
51o
4)4 Jan
J4 M ar
15o Fob
41o Juno
64o M ay
Jan
18o
12 J4 M ay
1 M ay
A M ar
Juno

•A

H

***

M

7%

Minina — (Cancl.)

3641

THE CHRONICLE

June 22 1918.]
Sales
Friday
for
Last Week’s Range
Week.
o f Prices.
Sale.
High. Shares.
Par. rrice. Low.

4X
4X
Silver Pick Consol.r------1
69c
69c
•liver rium* C o m * - * ----- 1
7-16 13-32 7-16
Staadanl Silver-Lea#----- 1
3-16
3-10
Stewart_________________J 3-16
10c
9c
Success Mining------------- J
3
3
Superior Cop (prosp’t) (t)
2 15-16 3
Tonopah Belmont D c v .r . 1
IX
IX
Tonopah Extension------- 1 1 7-16
2X
2X
Tonopah Mining-------------1
15c
14c
Troy-Arlzona.r-------------- 1 14c
3 X 3 7-16
3X
United E nter*........ .
1
39 X 39 X
United Verde Exten.r.60c
28c
20o
28c
U • l-ead 4» Zlme t .r ........ 1
14o
19c
14c
Ward Min A Milling r . . . l
1 1-32
30c

95c
5-10

IX
X

2,000
300
9,000
11,800
4,500
300
2,000
3,600
50
8,500
9,295
100
11,000
18,000
16,000
9,100

New York City Realty and Surety Companies

Range since Jan. 1.
L ow .

3 Ho
47o
X
3-18
2X
1X

2X
10c
3X
36 K
9c
4c
65o
*Xt

Apr
Feb
Jan
Jan
Jan
Jan
June
Jan
May
May
June
Jan
Feb
May
Jan
June

All prices now dollars per share.

H igh.
7o

76e
34
34
16c
3}4
334
134
4
24e
534
5034
69#
25c
134
34

Feb
Apr
Apr
Jaa
Apr
May
Mar
Jan
Jan
May
F«»
Mar
Mar
June
June
Jaa

B id

A sk

Alliance R ’lty 68
Amer Surety. 55
Bond A M C . 180
Casualty C o.
Clty Investing 14
65
Preferred. .

58
190
75
19
70

B id

Lawyers Mtge 88
Mtge Bond.- 80
Nat Surety.. 167
N Y Title A
50
Mtge_____

68

Standard Oil Stacks

f r r rSS thaarr*t
f a r B id

Bonds.
Ordnance Stocks

R R. Equipment*— f e r C

Garfield___

G o th a m _____
G reen w ich *..
Hanover___
H arrim an..
Im p A T r a d .,
t Irving (tr
certificates)
L iberty_____

170

200

335
650

235
480

185

350
665
245
500

New N oth*..
Now York Co
New York__
Pacific *___
Park............
Pcoplo’s * __
Prod E x c h * ..
Public............
Seaboard ___
Second ______
Sherman __
Stato*............
23d W ard *.,.
Union E xch..
UnltcdStates*
Wash H’ta*__
Westell A vo*.
Yorkvlllo *__

1121

165
375

200

130
415
135
510
60

200
200

450
400
125

110

115
150
500
275
160
625

175

Bankers Trust
Central Union
Columbia___
Commercial - .

300
167

Colt’s Patent Fire Arms

215
140

55
216
470
425
135
115
130
160
175
575

B ro o k ly n .

Coney Island*
First..............
Flatbush ___
Orccnpolnt . .
Hillside •___
Homestead •_
Mechanics’ *.
Montauk *__
Nassau..........
National City
North Sldo*..
People’s ........

140
255
125
150

110

____

65

200

133
175
130

155
270
135
165

120
110

60
95
207
138

duPont (E I) de Nemours
1

)
)

9
3
3

200

3

Ask.

0
3
)

360

370
397

0

’■390

1
)

0
0
0
0
0
0
J
0
0
J
0
0
0
0
0

0
0
0

0

0
0
0
0
0
0
0
0
0
0

B ro o k ly n .

500
230
265
620
160
263
70

525
240
275
650

United Lt A Rys oom ..

0
0

0

273
80

140
280
275
395
385
• Banks marked with n (*) are State banks, t Sale at auction or at Stock Exchange this week, t Includes one-thkd share Irving Trust Co. f New stock.
vEx-rlghts.




0
0

255
200
t85
290 300
Equitable T r. 335
340
Farm L A T r. 375
385
Fidelity........ 200 210
240
255
Guaranty T r. 323
328
Hudson____ 135
145
Irving Trust (Seo Irving
\Nat Bank
Law Tit A Tr 93
100
Lincoln Trust 97
105
Mercantile Tr
A Deposit 190 200
Metropolitan. 300
310
Mutual(WestChester)__ 105
125
N Y Life Ins
A T rust.. 875
900
N Y T ru st... 590
610
Scandinavian 260
270
Title G 11 A Tr 240
250
Transatlantic 175
U S Mtg A T r 40 0 410
United States 910
930
Westchester.. 130
140
Brooklyn T r.
Franklin____
Hamilton___
Kings County
Manufacturers
People’ s .........
Queens C o ...

•65

M fgw................................

Bid.

New York.

85
70

6

30
176
92
115

100

75
160
120 125
95 100
74
71

All prices now dollars per share.
280
162
297

65
4

113
*325
*65
140

Public Utilities

Trust C o’s.

60

A lt

76
190
50
175

f

t.B
B id

A lt

Baltimore A Ohio 4 X * ------Buff Roeh A Pittsburgh 4 X »
Equipment 4s----------------Canadian Pacific 4 X s --------Caro CUnohfleld A Ohio 6 s..
Central of Georgia 5s---------Equipment 4 X s -------------Chicago A Alton 4s-----------Chicago A Eastern 111 5X* Equipment 4 X « _________
Chi# Ind A Loulsv 4 X * ____
Cble Bt Louis A N O 68.........
Chicago A N W 4 X » ............
Chicago R I A Pao 4 X * ____
Colorado A Southern 5s___
Erie 5s.................. .................
Equipment 4 X s _________
Equipment 4s___________
Hocking Valley 4s_______ Equipment 6s___________
Illinois Central 5s__________

6.15
6.00
6.00
6.40
7.00
8.50
6.50
6.75
7.75
7.75
6.35
6.00
6.75
6.75
6.50

5.85
5.50
5.50

Kanawha A Michigan 4 X * -Louisville A Nashville 5 l----Michigan Central 5 s _______
Minn S t P A S S M 4 X « ___
Missouri Kansas A Texas 5s.
Missouri Pacific 5s_________
Mobile A Ohio 5s..................
Equipment 4 X * _________
New York Central Lines 5 s..
Equipment 4 X s _________
N Y Ontario A West 4 X « - - Norfolk A Western 4 X e ___
Equipment 4s___________
Pennsylvania RR 4 X s ____
Equipment 4 s ........... .......
St Louts Iron M t A Sou 5 s..
St Louis A San Francisco 6s.
8eaboard Air Line 6s______
Equipment 4 X s .......... . . .
Southern Pacific Co 4X *-Southern Railway 4 X s ____
Toledo A Ohio Central 4s__

6.25
5.88
6.25
6.10
7.00
7.00
6.40
6.40
6.15
6.15
6.40
5.80
5.80
5.75
5.75
7.10
7.10
6.75
6.75
6.00
6 25
6.50

A it.

'h a r t

88

New York City Banks and Trust Companies
Ask.

83

22

__Ilarvoy Fisk & Sons havo moved their officos from 62 Cedar St., this
city, to 32 Nassau St., Mutual Life Building, with a streot ontranco to
tho firm s public officos. Their prlvato offices aro on an upper floor In
th® same building.

Bid.

C * tU .

172

__Powoll, Garard & Co., dealers In Investment securities In Chicago,
Detroit, Philadelphia and Dallas, announce that Paul Melody, formerly
of tho American Nank Noto Co., Wostorn Division, Chicago, Is now asso­
ciated with its sales organization.

Banks.
Lincoln_____
Manhattan * .
Mcch A Met.
Merchants__
Metropolitan*

Realty Assoc
(Brooklyn). 67
U S Casualty- 175
US Title Guar 35
West A Bronx
Title A M G 160

Quotations for Sundry Securities

ings arc derived from tho electric light and power service. See to-day’s
advertisement In tho "Chronicle” for full detals. Complete circular will
bo mailed upon request.
— At prices to yield 4.45%, tho Guaranty Trust Co., 140 Broadway,
tills city, are offering and advertising In this issue $1,470,000 City of Buf­
falo, N. Y ., 434% registered bonds, due serially Juno 1 1919 to 1968, In­
clusive. Exempt from Federal incomo tax, including surtaxes, and all
Now York Stato taxes except Inheritance tax, these bonds are legal savings
bank Investments in Now York, Massachusetts, Maine, Rhode Island, Now
Hampshire and Vermont, and eligible to secure postal savings deposits.

B a n k s— N .Y . Rid. Ask.
505
Am erica*------ 495
230
Amer E x ch -. 220
180
A tla n tic......... 170
215
Battery Park. 200
Bowery * ____ 400
200
Bronx B oro*. 150
175
160
Bronx N at—
155
Bryant Park* 145
25
20
Butch A Drov
350
C haso.............. 340
242
Chat A Phen. 237
110
Chelsea Ex * . 100
395
C h em ical____ 385
215
C itizen s......... 210
382
C i t y ................ 377
215
.C oal A I r o n .. 205
C olonial*____ f400
100
<150
Columbia
176
C o m m e r c e ... 173
410
C om m ’l E x *. 390
Com m on­
190
w ealth *___ 180
108
Continental*. 102
325
315
C o m E xch *.
95
85
Co8mopUtan
Cuba (Bk o f ). 175
18
Eaat It lv c r ..
15
Fifth A v o * .. 11700 2000
215 230
F l f t h ............
890
F irst..............

B id

95
85
173

All boad prlcas ara "a n d Intarast” except where marked “ f"

Aaglo-Aaxerleea Oil new. <1 11*1 12
Bonds—
900 >10
98 X Mar 99 34 May Atlantis Refining_______ 106 440
09 X 99 X $36,000
99 X
Am Tel & Tel 1-yr Os.
65
34 Juno Borne-Serymser C o____ 100
12,000
1-16
Juno
1-16
X
x
nights-------------------*92
95
Buokeye
Pine
Lla*
C
o_
_
60
100
Juno
40,000
99 X Juno
99 X 100
99 X
300
20
Chesebrougb
Mfg
new_
_
100
Juno
10,000
97 X Juno 98
............
07 X 98
10 40
96X June 9634 Juno Colonial Oil.......................100 425
96 % 96 X 24,000
96 X
50
Continental
Oil_________
100
96
Juno
50,400
9534
Juno
05 X 90
95 X
95
June 9534 June Crescent Pipe Line Co__ 6# •36 40
95
05 X 95,006
95
45
Cumberland Pipe Line.. 10# 135
9534
June
95
June
86,000
05
X
95
95 X
210
7,000
9634 Jab 9834 June Eureka Pipe Line C o___ 100 *200
9SX 98 X
............
Beth Steel »T. aotes.
30
94 X Jan 9734 May Oaleaa-Slgnal Oil com— 100 126
96 X 96 X 132,00C
96 X
Caaada I D « « ef) *•128 33
Preferred_____________100
10234
June
178,00C
101X
102
X
101X
June
102 X
165
70
Illinois
Pipe
Lla*.............
100
98 J4 Jan 10134 May
100 X 100X 100X 18,000
Gea'l Elee t % notes.
98
7.00C
99
Jan 10034 Apr Indiana Pip* Lla* Oo___ 60 *94
............ 100X 100X
*12*1 13
International
Petroleum.
£1
9934
May
16.00C
99
9734 Feb
99 X
............
13i2
*1212
9,00C
9834 Mar 10234 May
- - - - 1 00 X 100 X
z200 210
May
1,000
98 X 98 X
9734 Feb 09
............
103 108
West'houso El A Mlg—
320 325
0934 Ap
5,000
9834 Mav
99 X 99 X
1-year 6% notes------•27 30
*15*i 16
* Odd lots, t No par value. 4 Listed as a prospect. I Listed on the Stock E ir
505 515
258 262
hange this week, where additional transactions will be found. # N ew stook.
295 305
r Unlisted, u Ex-cash and itoek dividends, w Whea Issued. » Ei-dlvldend
180 185
o Ex-rights, z Ex-stock dividend.
268 275
94
90
208 212
615 625
450 470
CURRENT NOTICE
320 330
450 475
526 530
— Harris, Forbes & Co.,'Guaranty Trust Co. andE. II. Rollins & Sons are
270 273
390 400
offering $10,500,000 Louisvlllo Gas & Electric Co. first and refunding mort­
90
95
gage 5-yoar 7% bonds at 98 and interest yielding about 734%. Tho bank­
96 99
ers stato that not earnings are over one and three-quarters times annual
335 345
Interest on mortgago bonds. Over 62% of gross and over 70% of net earn­ Washington Oil------•27 32

__A. D. Converse & Co., 5 Nassau St., this city, are offering'by adver­
tisement in to-day’s Issuo $1,000,000 Genova Cutlery Corporation 8%
Cumulative Participating Preferred shares. This stock is_ Issued for tho
purposo of increasing manufacturing facilities and to provide additional work­
ing capital to take care of very extonslvo orders from tho U. S. Government.
Tho company has on order from tho Government for immediate shipment
of razors alono of more than a million and a half dollars.

A sk

68

272 279
91
89
88 93
47
50
S3
78
242 245
108 113
118 125
98
93
*55 57
260 270
475 4S0
*25 30
600 S50
55
48

T obacco Stocks —

ftr

Ska
fa r

American Cigar common .106
Preferred____ _______ 108
Amer Machine A F d ry..l00
Britlsh-Amer Tobae ord.-Jtl
Ordinary, bearer______£ 1
Conley Foil____________ 10S
Johnson Tin Foil A M et. 109
Mao Andrews A Forbes.. 106

6.10
6.00

5.50
6.60

6.00

7 00
7.00
6.00

5.50
5.40
6.00

5.75

6.20 5.80

6.20 5.80
6.20 5.80

6.10
6.10
6.10
6.10

5.70
5.70
5.75
6.75
5.75
5.50
5.75
5.60

6.00
6.00
6.00
6.00

5.75
5.75
8 OO

5.30
5.30
5.35
6 35
6.10
6.10

6.25
6 25
5.60
5.75
6.00

r
R id

A lt.

97
85

101

70

80

*16
*15
190
75
160
93
Reynolds (R J) Tobaooo.106 200
B com stock _________ 100 180
99
Preferred-------------------100
Young (J 8) C o________100 125
Preferred.................... .106 100

90
17
16

210

125
180
98

250
225
102

150
109

Short-Term Notes — P e r
Am Cot OH 5s 1918 ...M A S 995s 997s
97
5s 1919____________ MAS
973s
AmerTelATel 6« 1319...FAA 99l2 995$
Balto A Ohio 6s 1918 ..JA J 9978 100
5s 1919___ ^............. .JAJ
98i2 9878
Beth Steel 5« 1919..FAA 15 98li 9838
Canadian Pao 6s 1924.MAS 2 99i2 100
Chlo A West Ind 6s’ 18.MAS 9918 993s
D»1 A Hudson 6S 1820 FAA 97U 97l2
Erie RR 6S 1919............ A-O 9058 97
9978 10018
Gen Eleo 6i 1920...........JAJ
6% notes (2-yr) ’ 19. JAD 100U 1003g
General Rubber 6« 1918.JAD 99U 99l2
85 Great Nor 5s 1920____ MAS
*81
9714 9712
*39 41
Hocking Valley 6s 1918 MAN 99S4 100
98
183 186
K C Rys 6 X » 1918........ JAJ
993s
94 96 K C Term Ry 4X s ’ 18.MAN '9 9
94
95
4X s 1921.................... JAJ
40 44
66 70 Laclede Gas L 6s 1910..FAA 9734 98*2
------ 20 MorganAWrlght 6s Dec 1 ’ 18 99
98%
------ 50 N Y Cent 5s 1919...M AS15 98
210 212 Penn Co 4X « 1921..JAD 16 96l8 963.4
97i2
74l2 75l2 Pub Ser Corp N J 6s ’ 19.MAS 90
19 21 Rem Arms U.M.C 5s’ 19FAA 96l2 97
44 46 Southern Ry 6s 1919..M-8 2 98U 98l2
87
dSS 91 Utah Seo Corp 6s ’22.M-S 15 85
9 Winches RepArrns7s’ 19.MAS 99h 9912
7
35 38
80
Industrial
78
and Miscellaneous
17
14
46 American Brass________100 223 228
41
34
36
7Ui 72 h Amerloan Chicle oom___ 100
67
63
Preferred____________ 100
44
42
84 86 American Hardware____ 100 128 131
55 60 Amer Typefounders corn. 100 36 38
Preferred................ ..... 100
76
80 84
70
34
98
Borden’s Cond Milk co m .100 94
33
Preferred.......................100
90 94
79ij 8012
16 Celluloid Company_____100 144 150
13
50 Columbia Graphoph Mfg (t) •58 62
45
68
Preferred........ ............ 100 65
18's 20'2
59 Freeport Texas C o ........ (t) *3312 3412
57
Havana Tobacco Co___ 100
H4 B*
78 81
2l2 6
Preferred.................— 100
96 98
48
let g 5s June 1 1922..J-D /44
6
*4
8
Interoontlnen Rubb com . 100
10
25
*23
4 Intemat Banking Co----- 100 160
3
54 *64 ‘
16 International Salt_______100
14
68*4
1st gold 6s 1951---------A-O
67
7
5
78
International Silver prof. 100
45
41
10 Lehigh Valley Coal Sales. 60 *79 83
7
30 Otis Elevator common__ 100 47 66
28
74 76
Preferred...................... 100
62
14 Remington Typewriter—
12
14
15
48 50
1st preferred................ 100 74 78
2d preferred.......... ......100 47 50
180
Royal Baking Pow o o m .. 10#
95
P refem d____________ 166 *92
Singer M fg ...................... 100 169 173

owvj
•Per share. 8 Basis. S m rca aser moo paja iw r u c a uitiucuu. ©
Flat price. ■ Nominal. s Ex-dlTtdwid. y Ex-rights, (t ) W ithout par value.

2642

THE CHRONICLE

RAILROAD

GROSS

[V o l . 106

EARNINGS.

T lio following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returns

oan be obtained.

The first two columns of figures givo the gross earniugs for the latest week or mouth, and tho last two
oolumns the earnings for the period from Jan. 1 to and including the latest weok or month.
The returns o f the electric rail­
ways are brought together separately on a subsequent page.

ROADS.

Latest Gross Earnings.
Week or
Current Previous
Month.
Year.
Year.

to Latest Date.
Current
Previous
Year.
Year.

Jan. 1

$
$
A la b a m a & V ic k s b . M a y
196,791 162,583
928,007
7 96 ,087
76,1 7 3
72,4 5 5 1,4 0 9 ,6 6 8 1 ,365,449
A n n A r b o r ---------------2d w k Ju n e
A t c h T o p e k a & S Fe A p ril
12837 147 1 1 3 08932 4 6 ,6 0 7 ,2 7 4 4 3 ,534,801
G u lf C o lo & S F e A p ril
1 ,4 7 6 ,4 9 0 1,357,711 6 ,1 5 6 ,2 1 8 5 ,2 7 0 ,5 3 2
P a n h a n d le & S Fo A p ril
4 9 8 ,9 1 9 572 ,6 9 0 1,9 1 6 ,1 5 9 2 .1 1 4 ,4 1 5
A tla n ta B irin & A t A p ril
3 3 2 .0 4 7 3 2 8 ,5 6 5 1,3 8 1 ,8 3 6 1 ,278,034
A tla n ta & W e s t P t . A p ril
198,034 130 ,725
705,691
5 31 ,567
A t la n t ic C i t y -----------A p ril
271 ,5 0 7 190,019
8 1 0 ,3 7 0
6 3 4 ,7 5 0
157,778 179,519
A t la n t ic & St L a w r . A p ril
6 78 ,160
629 ,705
B a ltim o re Sc O h i o . . A p ril
12699042 10293541
4 1 ,2 1 4 .2 8 4 3 8 ,4 2 4 ,3 1 8
B & O C h T e r R R A p ril
1 56 ,546 171,185
4 80 ,477
621 ,765
B a n g o r & A r o o s t o o k A p ril
4 4 5 ,9 2 8 4 51
,812
1,497,729
1 ,691,406
B e lt R y o f C h ic a g o . A p ril
353 .1 4 9 332
,617
1,122,301
1,185,611
B essem er & L E r ie . A p ril
8 6 4 ,9 5 0 664
,787
2 ,5
3 5 ,4 6 7 2 ,3 2 5 ,0 3 3
B in g h a m & G arfield A p ril
2 7 0 ,7 8 9 2 62 ,030
997,341
925 ,7 3 2
B irm in g h a m S o u t h . A p ril
114.587 91,5460
4 6 .3 9 6
3 79 ,366
B o s t o n & M a i n o . . . A p ril
5 ,5 6 7 ,8 9 4 418,7
,7 1 58,358,430 0 17,9 7 0 ,1 2 8
B u f f R o e h & P i t t s . . 2 d w k Ju n e
3 7 0 ,1 1 8
338 ,492 7 ,2 5 7 ,5 2 0 6 ,1 9 5 ,2 6 0
B u ffa lo Sc Susq R R . M a r c h
192 ,519 141,229
5 8 5 .5 9 0
4 0 2 ,3 5 8
C a n a d ia n N o r S y s t . 2d w k Ju n e
8 5 3 ,1 0 0
9 16 ,800 18,262,900 17,3 9 0 ,1 0 0
C a n a d ia n P a c i f i c . . 2d w k Ju n e 2 ,9 1 4 ,0 0 0 3 ,1 6 5 ,0 0 0 6 4 ,9 0 4 ,8 8 3 6 3 ,6 0 4 ,6 4 0
C a r o C lin c h f & O h io A p ril
3 6 1 ,2 6 0 359
,064
1 ,426,792
1,3 3 7 ,1 0 8
C en tra l o f G e o r g ia . A pril
1,6 5 3 ,2 9 9 1,179,479 6 ,6 1 6 ,8 0 4 4 ,7 5 5 ,3 0 8
C en tra l R R o f N J . A p ril
3 ,3 3 9 ,6 1 7 2 1,81,610,765
3 0 ,7 5 9
11,074,601
C e n t N e w E n g la n d . A p ril
4 8 6 ,7 4 6 488,541
1 ,714,247! 1 ,698,958
C e n tra l V e r m o n t .. A p ril
4 5 1 ,4 9 9 375
,583
1 ,4
2 3 ,7 7 6 1,3 1 9 ,6 5 6
C h a riest & W C a r . . A p ril
224 ,8 8 4 172,076
8 9 7 ,1 2 2
— ,3 0—7
704
C h es & O h io L in e s . A p ril
5 ,3 2 9 ,6 1 3 418,294,934
,4 3 2 ,6 0 0
1 0,798,446
C h ic a g o & A l t o n . . . A p ril
1,818,207 1,600,200
6 ,3 6 4 ,7 2 9 6 ,1 8 2 ,3 5 5
C h ic B u rl & Q u in cy A p ril
1 1 6 66499 94,705,847,999,322 2 37,6 3 0 ,4 0 1
C h D o t & O G .T Jet A p rill
9 5 ,8 6 5 117,269
*341,019
398 ,5 1 9
C h ic a g o & E ast III. A p ril!
1,949,151 1,659,651 6 ,9 7 7 ,0 0 0 6 ,4 8 1 ,8 5 4
C h ic a g o G rea t W est 1st w k Ju n e
3 1 5 ,4 3 9
313 ,103 7 ,3 3 5 ,5 3 8 6 ,7 2 0 .1 3 9
C h ic In d & L o u is v . 2 d w k Ju n e
2 0 3 ,5 4 0
164,898 3,9 9 0 ,0 9 1 4 ,0 1 2 ,9 9 0
C h ic a g o Jun e R R . . A p ril
3 3 4 ,8 1 0 215
,617
1 ,095,194
1 ,054,306
C h ic M ilw & St P . _ A p ril
100 38004 93,343,707.980,590 4 3 2 ,9 5 3 ,8 7 9
C h ic & N o rth W e s t . A p ril
9 ,1 7 2 ,0 8 3 83.230,561
2 ,4 5 7 ,9 2 0 3 0 ,7 5 6 ,1 9 3
C h ic P eoria & St L . A p ril
186,047 170,464
663,721
6 74 ,488
C h ic R 1 & P a c i f i c . . A p ril
8 .0 5 8 .0 5 2 62,790,016,266,190 3 2 6 ,3 4 2 ,4 5 6
C h ic a g o R I & G u lf A p ril
3 6 7 ,0 0 9 295
,896
1 .418.505
1 ,220,424
C h ic S t P M & O m . A p ril
1,8 4 6 ,6 3 0 1,791,782 7 ,0 8 7 ,7 1 6 6 ,3 1 9 ,3 3 9
C h ic T e r r e H & S E A p ril
3 3 3 ,2 4 2 261
,202
1,2
0 9 ,7 0 2 1 ,103,882
C in e In d & W estern A pril
23S .523 217 ,599
987 ,554
898 ,633
C o a l & C o k o -----------A p ril
116.650 109.805
4 1 0 .1 0 5
4 1 0 ,1 7 9
C o lo r a d o M id la n d . A pril
145,850
.
538 ,447
C o lo r a d o & S o u t h . . 2d w k Ju n e
350 ,7 5 9
328 ,6 9 9 8 ,7 5 7 ,2 8 9 7 ,7 4 7 ,6 3 0
F t W & D o n v C . A p ril
5 9 3 ,0 2 0 439
,672
2 ,4
4 2 ,9 1 0 1 .9 3 6 .9 7 9
T r in ity & B ra z V A p ril
119 ,895 70,142
379 .4 9 7
3 0 8 ,2 1 5
C o lo & W y o m in g .. A p ril
94,5 3 8 100,119
345 ,147
393 ,167
C r ip C rk & C o l Spgs A p ril
7 7 ,4 1 0 91,381
310 ,2 1 3
4 16 ,755
C u b a R a ilr o a d -------A p ril
1,2 1 4 ,2 4 0 520
,584
4 ,8 4 4 ,1 4 2 1 ,907,442
2 ,5 9 6 ,8 7 9 2 ,299.241,266.500 5 8 ,6 7 1 ,8 5 8
D o la w a re & H u dson A p ril
D e l L a ck & W e s t . . A p ril
5 ,2 1 7 ,5 7 0 41,382,663,530
6 ,0 8 5
1 7 ,432,144
D e n v & R io G ra n d e A p ril
2 ,3 3 2 .5 5 9 2 ,3 5 1 ,2 9 4 9 .0 5 4 ,5 9 2 8 ,5 8 0 ,6 4 7
D e n v e r & S alt L a ke A p ril
124,396
175,527
420 ,2 7 3
554 ,067
D e t r o it & M a c k in a c 1st w kJu n e
2 5 ,3 3 9
23,234
589 ,9 9 0
554 ,9 6 8
D e tr o it T o l & Ir o n t A p ril
195,058
210 ,3 4 4
572,691
837 ,977
D e t & T o l S h ore L . A p ril
180,346
152,607
6 14 ,517
6 22 ,739
D u lu th Sc Ir o n It— A p ril
198,470
162,662
524 ,830
4 7 3 ,9 9 2
D u l M is s a b o & N o r A p ril
3 0 3 ,9 1 5
286 ,7 9 9
7 59 .105
783,451
D u l S ou S h ore & A tl 2d w k Ju n o
80,701
85,653 1 ,772,959 1 ,8 2 9 ,5 2 8
D u lu th W in n Sc P a c A p ril
146 ,924
2 2 0 ,7 8 8
5 61 ,746
8 0 9 ,6 9 8
E a s t S t L ou is C o n n A p ril
8 8 ,5 6 9
8 7 ,4 1 6
312 ,259
327,051
E lg in J o lie t & E a s t . A p ril
1,537,247 1 ,306,399 4 ,8 8 7 ,7 9 0 4,8 3 1 ,5 7 1
E l P a so & S o W e s t . A p ril
1,2 6 8 ,3 9 9 1 ,264,764
4 ,9 7 0 .5 6 3 4 ,9 0 2 ,5 7 9
E r ie .......... .....................A p ril
6 ,5 2 5 ,1 7 9 5,5 6 9 ,9 1 1 2 2 ,0 9 2 ,8 9 2 2 0 ,4 2 5 ,1 3 3
C h ic a g o Sc E r i e . . A p ril
9 19 ,074 • 772,551 2 ,8 9 6 ,0 1 2 2 .6 4 1 .9 8 0
F lo r id a E a s t C o a s t . A p ril
1,0 1 1 ,4 7 3 754,451
3 ,5 9 0 ,7 1 2 3 ,3 2 8 ,0 3 3
F o n d a J oh n s & G lo v A p ril
9 0 ,4 9 5 86,5334
7 4 ,569
333 ,877
F t S m ith & W estern A p ril
92,2 6 7 69,24815
0 ,913
3 3 7 ,8 2 5
G a lv e s to n W h a r f . . A p ril
101.364 105,854
341 ,012
4 4 1 ,0 2 9
G eorg ia R a il r o a d - . A p ril
4 6 1 ,3 2 7 3 08
,405
1,798,697 1,1 7 0 ,5 6 0
G ra n d T r u n k P a c . . 3 d w k A p r
117 ,248
106,951 1,880,237 1 ,345,526
G ra n d T r u n k S y s t . 2d w k Ju n e 1 ,5 4 1 ,3 9 2 1 ,3 4 8 ,1 8 5 2 8 ,4 8 5 ,3 3 0 2 6 ,9 5 5 ,8 2 4
G ra n d T r u n k R y 3 d w k A p r 1,0 8 0 ,1 3 4
8 1 2 ,9 0 5 13,5 7 1 ,2 5 8 1 3,392,803
G ra n d T r k W e s t . A p ril
884,151 8 17
,228
2 ,8
0 4 ,6 0 6 2 ,8 0 5 ,3 9 7
D e t G II & M il w . A p ril
2 4 5 ,8 0 0 2 8 9 ,5
6 2,915 1 ,0 0 5 ,2 4 3
9 11
G re a t N o r t h S y stom M a y
7 ,2 3 0 ,0 2 6 83,11 4
3 ,8 9 9
,398,961
3 1 ,4 9 1 ,4 5 6
G u lf M o b ile & N o r . A p ril
179 ,216 166,171
731 .4 9 8
671,231
G u lf & S hip I s la n d . A p ril
194,599 155,331
784 ,097
6 3 8 ,4 4 6
7 9 2 ,8 9 9 725
,024
H o c k in g V a lle y -------A p ril
3 ,0
0 3 ,6 7 3 2 ,7 7 5 ,6 3 8
Illin ois C e n tr a l-------A p ril
8 ,4 8 4 ,0 1 0 63,90,911,071
6 5 ,0 8 9
2 7 ,0 6 0 ,0 5 8
1,060,747 936
,508
In to r n a t & G rt N o r A p ril
4 ,2
5 2 ,5 5 0 3,5 2 4 .0 2 1
K a n C it y M o x & O r A p ril
9 7 ,7 6 6 9 7 ,138
3 9 5 ,9 2 8
4 07 ,663
K O M Sc O o f T o x . A p ril]
100,416 117,431
4 06 ,666
4 30 ,489
K a n sa s C it y S o u t h . A p ril]
1,3 6 5 .6 0 4 1,058,731 5 ,1 7 4 ,3 3 6 4 ,2 0 1 ,1 6 0
K a n sa s C it y S o u t h . A p ril
1 ,261,312 969
,194
4 ,7
7 7 ,7 4 3 3 ,8 5 5 ,0 4 7
T e x a rk & F t S m . A p ril!
104,291 89,5396
3 7 ,592
3 4 6 ,1 1 3
K a n sa s C it y T e r m . M a r c h
9 1 ,9 9 0 97,248
268 ,6 8 3
2 8 1 ,7 5 0
L eh ig h & H u d R i v . A p ril
187 ,517 198,325
650 ,419
702 ,6 5 2
L eh igh & N e w E n g . M a r c h ]
2 9 3 ,7 3 3 2 6 4 ,5
3
7
6 82 ,359
7 6 8 ,8 5 0
L eh ig h V a lle y ---------A p rill
4,7 0 0 ,6 2 1 4 ,0 9 2 ,0 1 8 15,894,371 15,377,005
L o s A n g Sc Salt L _ _ A p rill
1,1 5 9 ,4 8 8 1.0 8 8 ,8 6 4 4 ,2 6 3 ,9 7 7 3 ,9 0 0 ,4 8 2
L ou isia n a & A r k a n . A p ril]
157,546 125,983
608 ,864
481 ,0 8 2
L ou isia n a R y & N avi A p ri 1,
2 5 5 ,7 6 2
171,658
965 ,350
7 34 ,295
L o u is v ille Sc N a s h v . A p r i l 1
7 ,2 6 9 ,4 3 6 52,984,038,347,331 4 2 3 ,2 0 2 ,2 7 7
L o u H en d & S t L . _ A p ril;
2 1 2 ,7 8 6 163 ,293
8 1 5 ,4 7 8
670 ,761
M a in e C e n tr a l---------A p ril;
1 ,319,669 1 ,162,976 4 ,3 2 7 ,8 7 0 4 ,3 6 3 ,3 1 8
M id la n d V a lle y -------A p ril
3 0 2 ,4 9 0 231
,3 7 8
1 ,067,127
846 ,9 3 3
M in e ra l R a n g e -------2d w k Ju n e
18,556
2 2 ,263
483 ,5 9 0
542 ,7 8 4
M in n e a p Sc St L ou is A p ril
9 5 9 ,7 7 4 8 831,6
,53219,0 4 6 3 ,2 9 7 ,1 9 0
M in n St P & S S M . A p ri!
1.5 1 4 ,1 6 0 1,676,942 5 ,5 2 2 ,2 7 7 5 ,7 2 1 ,6 2 8
M is s o u r i K a n & T e x 2d w k Ju n e
8 94 ,713
806 ,943 2 1 ,2 9 8 ,4 2 0 1 7 .8 1 5 ,7 8 5
M o & N o r t h A r k . . . I April
122,731 112 ,188
4 6 4 ,3 4 8
4 6 7 ,0 4 9
M o O k la Sc G u lf— |A p ril
142 ,696 142 ,950
602 ,3 8 8
6 0 0 .7 1 4

ROADS.

Latest Gross Earnings.
Week or Current Previous
Year.
Year.
Month.

to Latest Date.
Current Previous
Year.
Year.

Jan. 1

S
M isso u ri P a cific
March
7 ,3 3 8 ,2 0 5 6,261,131 19,4 7 0 ,9 2 7 1 8 ,2 2 7 ,1 8 2
M o n o n g a h e la C o n . A p ril
193 ,809
6 8 7 ,3 5 5
163,264
645 ,0 0 0
N a s h v C h a tt & S t L A o r ii
1,605 967 1,2 2 9 ,5 7 5 5 ,8 2 2 ,6 8 0 4 ,7 0 3 ,1 2 4
N e v a d a -C a l-O r o g o n 1st w kJune
* 126 ,549
6,373
7,5 4 0
93,707
N e v a d a N o r t h e r n .. A p ril
199,646
2 0 7 ,4 9 6
8 0 9 ,9 5 6
7 4 0 ,3 1 8
N e w b u rg & S o S h _ . A p ril
92,8 7 3
97,9 8 3
2 90 ,613
2 92 ,173
N e w O rl G ro a t N o r A p ril
652 ,314
167,432
510 ,081
118,703
N O T e x a s & M o x ._ A p ril
186,192
4 4 0 ,0 5 3
103,314
754 ,259
B e a u m S L & W . A p ril
149,761
82,494
318 ,331
5 36 ,708
S t L B row n s & M A p ril
295,901
2 98 .888 1,241,931 1 ,3 8 9 ,2 7 0
N ew . Y o r k C o n tr a l. A p ril
198 80974 17030 832 70,078,251 6 3 ,7 2 4 ,5 8 7
B o s to n Sc A lb a n y A p ril
2 ,0 4 5 ,3 9 2 1 ,872,719 6 ,9 9 7 ,4 2 4 6 .7 5 5 ,4 6 7
L a k o E rio & W . _ A p ril
745 ,549
629 ,146 2 .6 3 8 ,6 1 3 2 ,6 0 5 ,4 3 7
M ic h ig a n C en tral A p ril
5 ,6 2 0 .4 1 6 4 ,3 7 5 ,3 4 8 1 8 ,766,270 16,072,582
C lo v o C C & S t L A p ril
5 .2 3 5 ,3 9 0 4 ,1 8 1 ,7 1 3 1 8 ,234,906 15,619.781
C in cin n a ti N o rth A p ril
6 9 9 ,9 2 7
227 ,427
753,791
175,945
P itts & L a k o E rio A p ril
2 ,5 0 1 ,9 4 8 1,814,927 8 .6 7 6 ,4 9 3 7 ,3 5 8 .1 4 6
T o l & O h io C o n t . A p ril
6 66 .812
543 ,7 0 8 2 ,3 9 6 ,2 7 2 2 ,0 5 2 .7 3 4
K a n a w h a Sc M ic h A p ril
982 ,241
414 ,5 9 4
234 ,082 1 ,306,472
T o t all lines a b o v e A p ril
3 7 3 3 8 5 0 2 30858 4 IS 1 2 9 848492 115 8 7 0 8 8 9
N Y C h ic Sc St L ou is A p ril
1 ,7 7 6 ,9 2 7 :1 ,4 2 3 ,4 2 7 5,549.891 5 ,2 5 1 ,2 8 8
N Y N H & H a r t f . . A p ril
7 ,7 7 6 ,8 2 3 7 ,0 4 6 ,5 9 2 2 7 ,2 2 8 ,5 9 2 2 6 ,4 0 7 ,0 0 5
N Y O n t Sc W e s t ___ A p ril
795,6271 668 ,679 2 ,9 7 8 ,2 0 3 2 ,5 4 8 ,6 5 5
N Y Susq & W o s t . . A p ril
3 2 5 ,2 8 9
257 ,8 3 0 1 ,160,098 1 ,1 1 6 ,4 1 3
N o r fo lk S o u th e r n . _ A p ril
4 6 7 ,2 7 4
443 ,598 1 ,729,328 1,750,851
N o r fo lk Sc W e s te rn - A p ril
6 ,0 3 6 ,0 3 0 5 ,0 7 7 ,0 9 7 2 1 ,6 7 0 ,7 1 9 1 9,885,709
N o rth e rn P a c if ic . . A p ril
7 ,3 0 7 ,3 0 3 7,679,461 2 7 ,2 1 9 ,9 2 3 2 6 ,0 0 4 ,4 5 5
M in n & In torn at A pril
90,2 8 0
99,3 2 9
3 8 9 ,3 9 7
354 ,8 7 9
N o rth w e ste rn P a c . A p ril
3 9 4 ,4 8 6
347,311 1,4 1 9 ,5 8 6 1 ,256,216
P a c ific C o a st C o . _ March
5 1 9 .8 4 8
367 ,4 2 7 1,595,671 . 1,0 8 1 ,9 3 2
P e n n sy lv a n ia H R . A p ril
2 6 9 1 4 0 6 2 2 3 5 3 3 3 2 2 9 0 ,7 5 9 ,6 3 8 8 7 ,7 1 5 ,9 1 9
B a lt C h es Sc A t l . A p ril
107,611
2 66 ,705
8 3 ,726
251 ,180
C u m b e rla n d V a l. A p ril
4 2 8 ,1 4 0
415 ,662 1,376,971 1 ,4 3 7 ,8 0 9
L o n g Island
A p ril
1 ,575,167 1 ,186,568 5 ,2 0 7 ,2 6 7 4 ,2 1 5 ,3 9 5
M d D el & V a ____ A p ril
8 1 ,307
73 ,4 0
236 ,417
192,417
N Y PhUa Sc N o r f A p ril
551,031
388 ,8 2 0 1,770,711 1,5 0 6 ,1 0 8
VV J e rse y Sc Seash A p ril
6 34 ,985
628 ,512 2 ,2 6 5 ,1 6 4 2 ,1 9 6 ,3 3 6
P en n W estern L inos A p ril
6,854,361 6,050,741 2 2 ,1 7 8 ,9 7 9 2 1 ,7 4 0 ,7 7 4
G ra n d R a p & In d A p ril
580 .876
538 ,246 1,961,344 2 ,0 0 7 ,0 0 4
P itts O O & St L . A p ril
6 ,6 6 2 ,2 9 8 6 ,2 2 5 ,9 3 3 2 2 ,9 7 3 ,6 8 2 2 2 ,9 8 3 ,5 9 5
P en n S ystom —
A pril
L in es E a s t . .
3 0 4 5 6 2 9 9 2 6 4 1 6 7 5 6 1 0 2 855342 98,4 7 3 ,1 1 1
A p ril
L in os W e s t ..
142 74003 13004 350 4 7 ,7 6 9 ,2 3 8 4 7 ,4 0 1 ,1 1 8
L inos E & W ____ A p ril
4 4 7 3 0 3 0 2 3 9 4 2 1 1 0 5 1 5 0 624580 1 4 5 874228
P o o ria Sc Pek in U n . A pril
4 1 4 ,6 9 4
121 .340
3 9 0 ,0 4 5
94,7 2 4
P ore M a r q u o t t o ___ A p ril
2 ,3 2 3 ,3 4 8 2 ,1 3 5 ,9 8 8 7 ,4 0 9 ,1 0 8 7 ,4 1 1 ,1 9 4
P itts Sc S h a w m u t .. A p ril
97,7 5 6
3 8 4 ,3 7 9
3 7 1 ,4 9 7
87,061
P itts S haw & N o rth A p ril
96,171
4 5 1 ,0 8 7
88,1 7 9
4 3 7 ,3 8 5
P itts Sc W e s t V a . April
2 3 7 .8 7 6
8 05 ,114
P o r t R e a d in g ______ A p ril
6 2 6 ,1 1 0
2 2 4 ,5 5 5
140 ,294
586 ,1 9 9
R e a d in g C o —
P h ila & R e a d in g . A p ril
6 .6 6 8 ,0 4 0 5 .2 4 8 ,2 8 9 2 1 ,9 3 2 ,5 6 3 2 0 ,8 6 7 ,4 9 0
C o a l & Iron C o . . A p ril
4 ,2 4 4 ,2 4 4 3 ,3 2 8 ,0 6 0 16,868,432 1 4 ,581,530
T o t a l b o th c o s ___ A p ril
1 0 9 12284 8 ,5 7 6 ,3 4 9 3 8 ,8 0 0 ,9 9 5 3 5 ,4 4 9 ,0 2 0
R ic h F red s & P o t . . A p ril
424 ,9 5 4
405 .3 5 4 1 .631.722 1,5 1 4 ,9 0 2
W a sh S o u t h e r n .. A p ril
260 ,6 6 7
9 38 ,083
2 0 6 ,1 2 0
7 7 0 ,7 1 4
R u t la n d ____ .•______ A p ril
3 98 ,715
3 59 ,008 1,356,101 1,321,461
S t J o s & G rd I s ld __ A p ril
885 ,543
2 3 1 ,3 8 8
7 59 ,047
233 ,888
S t L ou ls-S an F r a n . A pril
5.4 5 5 ,2 5 3 4,3 7 1 ,8 0 8 1 9 ,275,024 17,411,933
F t W & R io G r _ . April
3 06 ,849
64,6 3 0
2 6 3 ,6 1 8
82,4 0 5
S t L S F & T o x . . A p ril
148 ,889
638 ,153
81,8 5 5
3 7 7 /4 0 8
St L o u is S o u th w e s t. 2d w k Jun o
339 ,0 0 0
3 0 3 ,0 0 0 8 ,5 5 0 ,7 9 0 7 ,2 0 8 ,7 9 7
S t L o u is S W o f T o x A pril
482 ,9 2 9
3 97 ,883 2 ,2 3 8 ,2 7 9 1 ,625,015
San A n t& A ra n Pass A pril
343 ,647
294 ,1 4 7 1,4 1 3 ,7 6 0 1,156,801
S e a b o a rd A ir L i n e . . A p ril
3 ,0 4 7 ,5 4 9 2 ,4 6 0 ,7 9 0 11,375,151 10,2 6 4 ,8 4 2
S o u th B u ffa lo ______ A p ril
168,252
470 ,753
468 ,2 0 7
153,046
S ou th orn P a c ific ___ A pril
121 90599 111 97547 4 0,214,691 4 2 ,2 0 3 ,6 5 5
A r iz o n a & E a s t . . A p ril
399 .3 5 4 1,4 7 2 ,0 9 6 1 ,5 7 9 ,6 9 2 •
3 74 ,465
G a lv H arris & S A A p r i l ;
1 ,767,909 1,651,879 6,8 1 4 ,0 7 1 6 ,3 0 1 ,7 0 1
H o u s to n & T o x C A p ril
585 ,950 2 ,8 2 3 .0 0 7 2 ,3 8 6 ,0 1 3
652 ,5 1 0
ITous E Sc W T e x . A p ril
170,750
666 ,2 0 0
114,454
592 ,9 0 0
L o u isia n a W e s t .. A p ril
3 5 5 ,9 5 0
2 8 2 ,7 3 0 1.3 4 3 ,8 5 0 1,094,711
M o r g a n s La & T o x A p ril
712 ,960
519 ,7 0 6 2 ,5 8 0 ,9 0 0 2,0 4 7 ,4 8 1
T e x a s & N e w Orl A p ril
628 ,6 0 0
4 9 8 ,7 6 0 2 ,3 5 3 ,9 7 3 1 ,9 6 8 ,7 1 0
S ou th ern J R y S y s t . . 2d w k Ju n o 2 ,5 3 7 ,4 1 2 2 ,1 0 2 ,7 2 7 6 0 ,7 0 7 ,8 2 5 4 8 ,7 9 1 ,3 1 0
A la G rea t S o u t h . April
711,857
553 ,037 2 .4 9 7 .7 2 2 2 ,0 6 1 ,4 7 8
C in N O & T o x P . A p ril
1 ,233,329 1,071,699 4 ,0 0 2 ,8 6 5 4 ,0 6 0 ,6 7 8
N o w O rl & N o r E A pril
503 ,175
361 ,002 1 ,922,185 1 ,4 7 7 ,6 2 8
M o b ile & O h io ___ 2d w k Ju n o
257,561
2 95 ,276 6 ,0 2 8 ,3 2 6 5 ,9 7 7 ,9 6 8
G eorgia Sou Sc F la 2 d w k Ju n e
6 2 ,0 5 6
4 9 ,1 7 7 1 .506.722 1 ,2 4 6 ,4 7 5
S ou R y in M i s s . . A p ril
100,752
91,2 0 6
3 7 2 ,7 0 6
4 4 1 ,4 7 5
S p o k a n e & In torn at A p ril
89,3 4 7
2 6 9 ,0 1 6
76,627
301,001
S p o k P o r t & S oattlo A pril
589 ,319
504 ,174 2 ,426,041 1,8 9 0 ,8 5 9
S taton Isla n d R T _ _ A pril
146,112
4 5 3 .1 7 5
3 9 4 ,1 0 9
125,335
T e n n A la & G eorgia 1st w kJune
1,749
47,031
53,049
1,858
T en n essee C o n tr a l. A pril
247 ,576
144,682
7 1 2 ,4 9 3
546 ,3 0 4
T e r m A ssn o f S t L . A pril
2 95 ,302
2 8 0 .9 4 5 1,1 2 5 ,9 3 3 1 ,1 1 5 ,7 3 5
S t L M e r B d g T e r A p ril
292 ,173
2 42 ,533 1 ,0 1 1 ,6 6 5
9 6 5 ,5 1 9
T o x a s Sc P a c ific ____ 4 tn w k M a y
620 ,600 9 ,6 8 5 ,1 9 2 8 ,7 8 2 ,7 3 9
6 54 ,875
T o le d o P e o r Sc W est A pril
9 9 ,738
118,543
463 ,2 8 7
3 9 6 ,0 9 2
T o le d o St L & W e s t 1st w k J 'n e
144,982
138,726 3.036,301 2 ,8 4 2 .3 8 9
U lster Sc D e la w a r e . A p ril
75,8 8 6
78,1 1 9
241 ,585
2 3 8 ,7 4 8
U n io n P a c ific _____ April
6 ,9 0 3 ,1 4 7 6 ,1 3 6 ,2 8 8 25,1 5 8 ,2 8 7 2 0 ,9 1 9 ,3 3 0
O regon S hort L__ April
2 .6 2 4 ,4 5 2 2 .6 6 1 .0 0 4 9 ,6 1 4 ,9 8 8 8 ,9 0 1 ,3 1 9
O ro -W a s h R R & N a v A p r il]
2 ,0 8 5 ,1 9 5 1 ,823,344 7 ,1 3 9 ,0 0 4 6 ,1 2 9 ,1 8 5
U n ion R R ( B a l t ) . . M a r c h
178,987
173.599
482 ,099
476.971
U n ion R R ( P a ) ____ A p ril
530 ,182
4 2 4 ,0 4 3 1.5 8 4 ,5 9 3 1 ,5 4 1 ,0 5 0
V icks S h ro v Sc P a c . M a y
204 ,5 6 6
155,055 1,018,811
8 3 0 ,7 6 0
V lrgin ia n R R ______ April
9 03 ,584
805 ,8 3 7 3 ,1 5 0 ,6 9 7 3 ,1 5 7 ,1 4 8
W a b a sh R R ________ A p ril
3 ,6 5 6 ,3 9 7 3,3 7 6 ,3 3 3 1 2 ,207,347 12,385,651
W estern M a r y la n d . April
1,084,656 1,0 3 8 ,4 6 2 4 ,1 4 9 ,5 1 1 4 ,1 5 7 ,1 5 0
W o s te rn P a c ific ____ A pril
858 ,6 2 2
801,251 3 ,2 2 4 .1 6 9 2 ,6 3 0 ,8 3 5
W este rn R y o f A la . A p ril
201 ,8 8 3
125,868
7 4 1 ,6 2 6
5 0 5 ,7 7 0
VVhool & L a k o E r ie . April
955,101
740 ,502 3 ,2 0 5 ,2 8 9 2 ,6 9 6 ,6 7 5
W ic h F a lls & N W . April]
79,562
330.561
7 7 ,6 0 0
3 4 3 ,9 0 8

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
*

1st
2d
3d
4 th
1st
2d
3d
4 th
4 th
1st
2d

Weekly Summaries.

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

Apr
A p ril
A p ril
A p ril
M ay
M ay
M ay
M ay
M ay
June
Ju n o

(23
(23
(23
(20
(20
(22
(22
(11
(22
(22
(17

r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s ) ____
r o a d s )____
r o a d s )____




Current
Year.

Previous
Year.

S

$
10,6 8 8 ,4 0 2
10,9 7 0 ,5 9 5
10,5 0 5 ,5 2 5
13,6 7 3 ,8 6 3
1 0 ,1 4 7 ,7 5 3
10,383,341
1 0 ,384,272
1 2 ,620,962
15,7 9 8 ,6 6 5
10,386,171
9 ,9 9 9 ,5 6 8

11,748,501
12,0 6 7 ,7 3 8
12,1 4 3 ,4 0 6
17,140,721
11,0 3 1 ,7 1 3
11,027,569
1 1 ,0 1 9 ,0 2 0
13,718,831
1 7,085,317
10,548.151
10,499,081

Increase or
Decrease.
+ 1,060 099 9.72
+ 1,097 ,143 10.01
+ 1.637 ,881 15.75
+ 3 ,4 6 6 ,858 2 4 .2 5
+ 8 8 3 ,960 8.71
+ 6 4 4 ,228 6.2 0
+ 6 3 4 ,748 6.11
+ 1.097 ,869 8 .6 9
+ 1,286 652 8 .1 4
+ 161 980 1.57
+ 4 9 9 , 513 5.0 0

Monthlg Summaries.
Cur. Yr. Prev. Yr
Mileage.

June_____ .2 4 2 .1 1 1

J u l y ______ .2 4 5 .6 9 9
A u g u s t ___ .2 4 7 .0 9 9
September. .2 4 5 ,1 4 8
O c t o b e r ___ -2 4 7 .0 4 8
N o v e m b e r . 242,407
D e c e m b e r . 247 ,9 8 8
J a n u a r y ___ .2 4 0 ,0 4 6
F e b r u a r y .. .2 3 0 ,3 3 6
M a r c h _____ -2 3 8 ,8 9 1
A p r i l ______ .2 3 3 ,7 3 4

241, ,550
244, ,921
246, ,190
243, ,027
245, ,967
241, ,621
247, 265
239, ,885
228, 835
237, ,463
232, 255

Current
Year.

Previous
Year.

Increase or
Decrease.

S
3 5 1 .0 0 1 ,0 4 5
3 5 3 .2 1 9 .9 8 2
3 73 ,326 ,71 1
3 6 4 ,8 8 0 ,0 8 6
3 8 9 ,0 1 7 ,3 0 9
360 .0 6 2 .0 5 2
3 4 3 .8 7 5 .0 5 2
2 8 2 ,3 9 4 ,6 6 5
3 6 2 ,7 6 1 ,2 3 8
2 8 5 ,7 7 6 ,2 0 3
3 6 9 ,4 0 9 ,8 9 5

8
3 0 1 ,3 0 4 ,8 0 3
3 0 6 .8 9 1 .9 5 7
3 3 3 ,5 5 5 ,1 3 6
3 3 0 ,9 7 8 ,4 4 8
3 4 5 .0 7 9 ,9 7 7
3 26 ,757 ,14 7
3 1 7 .8 3 6 ,3 8 6
294 ,002 ,79 1
3 1 2 ,276 ,88 1
2 6 0 ,6 2 7 ,7 5 2
3 1 9 ,2 7 4 ,9 8 1

$
1-49.696.242
- h 4 6 .3 2 8 .J 2 5
-3 9 ,7 7 1 .5 7 5
1-33,901.638
" h 43 .937 .33 2
[-33 .30 4,90 5
: [-20 .03 8,60 0
-1 1 ,6 0 8 ,1 2 6
-5 0 ,4 8 4 ,3 5 7
-2 5 ,1 4 8 ,4 5 1
H-5 0 ,1 3 4 ,9 1 4

16-49
15.09
11.93
10.24
12.73
10.19
8 .1 8
3 .9 5
10.22
9 .6 5
15.70

June

THE CHRONICLE

22 1918.]

Latest Gross Earnings by Weeks.— In the table which
follows wo sum up separately the earnings for the second week
of June. The table covers 17 roads and shows 5.00% incroase in tho aggregate over the same week last year.
1917.

1918.

Second week o f June.
A n n A r b o r -----------------­
B u ffa lo R o c h e s te r & P ittsb u rg h
C a n a d ia n N o rth e r n ......................
C a n a d ia n P a c i f i c - - - - - - ----------C h ic a g o In d & L o u is v ille ...........
C o lo r a d o & S o u t h e r n - - - ------D u lu th S ou th Shoro & A t ------G e o rg ia Sou th ern & F lorid a — G ra n d T r u n k o f C a n a d a ----------G ra n d T r u n k W e s te rn --------D e tr o it G r l l a v & M ilw ------C a n a d a A t la n t ic ......................
M in era l R a n g e --------------------------M is s o u ri K an sas & T e x a s --------M o b ile & O h io --------------------------S t L ou is S ou th w estern ............. S ou th ern R a ilw a y --------------------T o t a l (17 r o a d s )-----N e t in crea se ( 5 -0 0 % ) -

In crea se.
$
3 ,7 1 8
3 1 ,6 2 6

3
76,1 7 3
370 ,1 1 8
8 5 3 ,1 0 0
2 ,9 1 4 ,0 0 0
2 0 3 ,5 4 0
3 50 ,759
80,701
62,0 5 6

7 2 ,455
3 38 ,492
9 1 6 ,8 0 0
3 ,1 6 5 ,0 0 0
164,898
3 2 8 ,6 9 9
8 5 ,653
4 9 ,1 7 7

1 ,541,392

1 ,3 4 8 ,1 8 5

18,556
8 94 ,713
257 ,561
3 39 ,000
2 .5 3 7 .4 1 2

22,2 6 3
806 ,943
295 ,2 7 6
303 ,000
2 ,1 0 2 ,7 2 7

10,499,081

9 ,9 9 9 ,5 6 8

38,642
22,060

6 3 ,700
251 ,000
4,9 5 2

12,879
193,207
3,707
8 7 ,770

37,715

3 6 ,000
434 ,6 8 5
860 ,587
499 ,5 1 3

361 ,074

For the first week of June our final statement covers
22 roads and shows 1.57% increase in tho aggregate over
the same week last year.
1918.

F irst week o f J un e.

3
9 ,9 3 4 ,8 7 9
69,1 2 5
315 ,4 3 9
195,247
2 5 ,3 3 9
6,373
1,749

P r e v io u s ly r e p orted (16 r o a d s ).
A n n A r b o r ---------------- -----------------C h ic a g o G roa t W e s t e r n ..............
C h ic a g o In d & L o u is v illo ----------D o tr o it & M a c k in a c .......................
N o v a d a -C a IIforn ia -O reg on ...........
T on u essco A la b a m a & G e o r g ia .

In crea se. D ecrease.

1917.

3
340 ,467
7,659
2,336
26,3 6 0
2,1 0 5

9 ,8 1 0 ,0 8 3
61,4 6 6
313 ,1 0 3
168,887
2 3 ,2 3 4
7 ,5 4 0
1,858

378 ,927
161,980

10,548,151 10,386,171

T o t a l (22 roads) — .............
N o t in crea se ( 1 .5 7 % ) ----------

215,671

1,167
109
216 ,947

Net Earnings Monthly to Latest Dates.— Tho tablo
following shows tho gross and not earnings^ with charges and
surplus of STEAM railroad and industrial companies re­
ported last week:
------ Gross E a rn ings—
Current
Previous
Y ea r.
Y ea r.
R oads.
£
G ra n d T r u n k R y S ystem —
£
7 7 6 ,4 0 0
G ra n d T r u n k R y ---------A p r 1 ,0 2 5 ,1 0 0
Jan 1 t o A p r 3 0 ----------- 3 ,1 4 1 ,0 0 0 3 ,0 0 1 ,5 0 0
Other
Income.
S

Gross
Net after
Earnings.
Taxes.
S
$
Cuba Railroad—
.
A p ril'IS 1,214,240
494,107
'17
520,584
201,547
10 mos '18 9,395,658 3,024,395
'17 5,082,618 1,403,845

995
836
12,955
10,201

Other
Gross
Net after
Income.
Earnings.
Taxes.
S
S
$
Now Orleans Texas & M exico System247,787
25,997
April '18
657,357
163,705
43,851
•17
497,678
913,254
67,510
4 mos '18 2,616,269
706,038
335,511
'17 2,205,905

-------N et E arnings-------Current
Previous
Y ea r.
Y ea r.

Gross
Income.

£
144,600
2 6 3 ,7 5 0
$

£
196,150
1,1 1 0 ,3 5 0

Fixed
Charges.
$

Balance,
Surplus.
S

495,102
202,383
3,037,350
1,414,040

105,004
94,758
1,058,105
918,261

390,09o
107,02?
1,979,18?
495,78g

Gross
Income.
S

Fixed
Charges.
3

Balance,
Surplus.
$

62,151
03,210
251,906
507,480

273,784
207,550
980,770
1,101,549

211,633
144,340
728,864
594,069

E X P R E S S C O M P A N IE S .

Great N orthern E xp ress Co.
T o t a l fro m tr a n s p o r ta tio n —
E x p ress p rivileges— D r ---------

— M o n th o f February— ■ —
1917.
1918.
$
$
2 3 3 ,8 9 0
2 47 ,074
150,162
139.752

J an . 1 to F eb. 28—
1918.
1917
•S
$
4 40 ,772
479 ,0 9 4
265,951
291 ,128

R e v e n u e fro m t r a n s p o r ta ’n
O p cr. o th e r th a n tra n s p orta .

9 4 .1 3 8
3 ,1 8 5

9 6 ,9 1 2
3,4 3 9

174,821
6,951

187,966
7,6 6 7

T o t a l op era tin g r e v e n u e s .

9 7 ,3 2 3
8 7 ,880

100,351
8 8 ,6 4 5

181 ,772
178 ,226

195,633
195,828

N e t op era tin g r e v e n u e ------U n c o lle c tib le r e v . fr o m trails.
E x p ress ta x e s -------------------------

9 ,4 4 3
35
5 ,7 7 8

11,706
12
3 ,7 4 4

3 ,5 4 6
65
11,517

d o f 195
35
8,1 0 9

3 .6 3 0

7.9 5 0

— 8,0 3 6

— 8 ,3 3 9

O p era tin g I n c o m o .

Latest Gross E a rn in g s.
N a m e o f Road
or C om pa ny.

116 ,980
4 ,2 1 9

122 ,055
3,7 8 2

2 9 8 ,0 0 4
10,416

310 ,972
10,040

T o t a l op era tin g r e v e n u e s .
O p era tin g exp en ses---------------

121 ,199
116.277

125,837
9 6 .0 9 6

3 0 8 ,4 2 0
336 ,8 5 2

321 ,012
279,761

N e t op era tin g r e v e n u e ------U n c o lle c t lb lo r o v . fr o m tran s.
E x press ta x es---------------

4,9 2 2
30
8 ,0 0 0

29,741
47
6 ,0 0 0

d e f2 8 ,4 3 2
80
2 4 ,0 0 0

41,251
202
18,000

— 3 ,1 0 8

2 3 ,6 9 4

— 52.512

23,0 4 9

ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross E a rn in g s.
W eek or
M o n th .

N a m e o f Road
or C om pany.

Current
Y ea r.

s

A la b a m a P o w e r C o ­
A tla n tic Sh oro R y - - .
B a n g o r R y & E le c tr ic
B a to n R o u g o E le c Ity
B erksh ire S treet R y .
B ia c k s to n o V G & E l B ra zllla u T r a c , L & P
B r o c k & P ly m St l t y .
llk iy n R a p T ra n S yst
C a p o B re to n E le c C o
C e n t M is s V E l P r o p .
C h a tta n o o g a R y & L t
C ities S orvico C o -------

A p ril

May

A p ril
A p ril
D o ce m b o r
A p ril
A p ril
A pril
F eb ru a ry
A p ril
A p rii
A p ril

May




Previous
Y ea r.

Jan . 1 to Latest D a le.
Current
Y ea r.

W eek or
M o n th .

Current
Y ea r.

P revious
Y ea r.

J an . 1 to Latest D a te.
Current
Y ea r.

P reviou s
Y ea r.

S
S
S
$
152,143
159 ,796
41,3 7 4
4 5 ,0 9 0
C lo v o P a in e s v & E a st A p ril
8 77 ,375 8 61 ,625 5,3 1 4 ,2 8 1 4 ,9 4 4 ,4 3 9
g C o lu m b ia G as & E l . M a y
2 5 8 ,4 4 5
301 ,634
87,851
9 6 .195
C o lu m b u s (G a ) E l C o M a r c h
3 4 6 .9 8 8 304 ,8 1 9 1 ,4 2 4 ,5 5 0 1 ,2 9 1 ,0 9 7
C o lu m (O ) I t y P & L . A p ril
1721.352 1502,961 6.797,711 6 ,2 0 9 ,9 5 2
C o m 'w ’th P , R y & L t A p ril
2 7 7 .1 2 2
311,781
68,268
76.807
C o n n e c tic u t P o w e r C o April
501 ,724 450 ,732 2 .0 1 4 .1 8 5 1 ,8 5 2 ,9 1 9
C o n s u m P o w ( M i c h ) . A p ril
9 2 5 ,8 2 0
9 3 4 ,0 3 9
246 .1 2 6 233 ,439
C u m b C o (M e ) P & L A p ril
6 3 6 ,6 1 3
7 7 1 ,8 5 8
188,901 142,023
D a y t o n P o w & L ig h t A n ril
1030.408 962 ,6 3 0 5 .6 8 1 ,2 1 3 5 ,1 2 8 ,7 3 4
M ay
g D o tr o it E d is o n .
1473.572 1370,447
D e tr o lt U n ite d L ines M a rch
5 1 0 .6 0 2
5 57 .098
138,176 131.287
D u lu th -S u p e rio r T r a c A p ril
3 21 .032 298.279 1,2 6 0 ,0 0 4 1 ,1 4 6 .0 9 6
E a s t St L o u is & S u b ­ A p ril
3 0 3 ,8 0 8
3 4 1 .6 4 5
75.387
89,3 1 8
E a stern T e x a s E l e c . . A p ril
4 3 7 ,1 6 0
4 2 8 .4 3 2
102,665 101.379
E l P a so E le c tr ic C o . . A p ril
473 ,6 9 1
600 ,8 8 4
2 90 ,540 229.813
g F ed era l L t & T r a c . F e b ru a ry
76,629
103,921
F t W o r t h P o w & L t . . A pril
6 1 9 ,5 2 8
7 9 6 .6 7 9
205 ,083 150,699
G a lv -I I o u s E le c C o . - A pril
4 3 2 ,7 9 8
4 1 8 ,5 9 4
99,937 103,025
G ra n d R a p id s R y C o A p ril
9 8 6 ,4 3 9
1,0
4
5
,9
8
9
315
,772
3
3
2
,2
6
4
M
a
r
c
h
G re a t W e s t P o w S yst
3 6 4 ,7 1 9
396 .6 8 0
90,003
101,896
H a rrisb u rg R a ilw a y s A p ril
6 63 ,345 534.613 2 ,5 6 7 ,5 3 6 2 ,1 3 1 ,8 2 3
H a v a n a E l R y , L & P A p ril
173 ,992
170.791
59,741
M
a
r
c
h
6 1 .125
H o n o lu lu l i T & L and
116 ,035
113,802
31,5 3 6
25,9 0 0
H o u g h to n C o T r a c C o A p ril
5 77 ,898 524,053 2 ,2 8 0 ,5 5 5 2 ,1 0 7 ,5 1 4
O llu d & M a n h a t R R - A pril
1214,044 1089,545 3 ,6 1 1 .5 9 7 3 ,3 0 7 .0 6 4
Illin ols T r a c t i o n _____ M a r c h
3 5 3 9,66 7 352 1,02 0 14.014.66S 1 4 ,0 7 4 ,3 8 7
In t e r b o r o R a p T r a n . A pril
2 3 3 ,2 7 8
284 .791
58,675
7 4 ,3 3 0
J a ck s o n v illo T r a c C o A p ril
7 8 ,0 9 0
8 1 ,3 9 6
19,404
20,193
K e o k u k E le c tr ic C o . A p ril
4 4 ,1 1 9
56.563
10,875
14,698
K o y W e s t E le c tr ic C o A p ril
5 1 8 ,3 9 5
6 1 0 ,6 4 0
162,983 138,105
L a k e Sh oro E le c R y . A p ril
2 5 1 ,7 7 0
227 ,221
68,053
73.081
L e w ist A u g & W a te r v A p ril
3 1 ,0 2 7
2 8 ,6 4 5
14,769
13,984
L o n g is la n d E le c t r lc . F e o r u a ry
292 ,5 1 4 254 ,562 1,1 3 9 ,1 3 2 1 ,0 0 3 ,1 0 3
L o u tsvillo R a il w a y . _ A p ril
18,9 8 0
21,151
8,8 4 8
10,401
M a n h B d g o 3 c L in o . - F eb ru a ry
687,031 639,406 2 ,9 1 8 ,3 5 8 2 ,6 1 0 .8 8 2
M ilw E l R y & L t C o A pril
6
6
6 ,7 5 3
833
,9
2
7
167,274
216
,564
M ilw L t , l i t & T r C o A p ril
8 1 0 ,3 8 1
8 4 0 ,8 9 5
218 ,8 6 2 201,591
N a s h v ille R y & L t ___ A p ril
3 4 8 ,9 0 6
565 .171
92,873
156,294
N o w p N & I l R y ,G & E A p ril
5 7 ,079
5 3 ,4 1 5
26,914
2 6 ,887
N Y & L o n g I s la n d . . F e o r u a ry
2 1 ,5 2 5
17,264
10,175
8,2 6 9
N Y & N o r t h S h o r e . . F e b ru a ry
197
,526
124
.563
86,122
60,783
F
e
b
ru
a
ry
N Y & Q uenns C o —
982 ,684 1051,492 2 ,6 7 8 .4 2 0 2 ,9 6 2 ,6 4 4
N o w Y o r k R a ilw a y s . M a r c h
357 .810
3 94 .259
25,296
24.377
N V & S ta m fo rd R y . D e ce m b e r
5 6 4 .6 5 4
555 .414
49,155
46,8 4 4
N Y W e stch e s & B oat D e ce m b e r
6 8 ,1 9 3
7 0 ,687
17,334
17.678
N o r t h a m p to n T r a c . . April
584,711 534,826 2 ,265.401 2 ,0 4 7 ,4 5 5
N o r t h O h io E le c C o r p A p ril
7 0 4 ,5 8 2
267 ,9 1 4 175,359 1,054,751
N o r t h T o x a s E le c tr ic A p ril
10,552
11.032
5,148
5,762
O cea n E le c t r ic (L I ) . F e b ru a ry
1669,153 1596.917
P a c ific G a s & E le c tr ic A p ril
148,417 127,055
P a c ific P o w & L ig h t . M a y
103 ,598
102,977
23,866
2 4 ,713
g P a d u ca h T r & L t C o A pril
1 03 ,235
144 ,415
2 4 ,058
3 5 ,0 0 8
P e n sa co la E le c tr ic C o A pril
4 5 ,6 4 5
45,8 0 4
A pril
P h ila & W e ste rn
269 6,62 6 257 0,44 0 12,726",716 12",'170", 689
P h ila R a p id T r a n s it . M a y
141,6311 102,617
P o r tla n d G a s & C o k e M a y
616 ,2 8 0 473 ,3 5 8 2 ,4 0 4 ,7 9 3 1 ,8 9 7 ,9 7 5
P o r t ( O r o ) R y L & P C o A p ril
965,911 768 ,419 2 .8 4 5 .2 9 0 2 ,2 7 6 ,4 6 7
g P u g e t Sd T r , L t & P M a r c h
4 6 3 ,0 3 5 368 ,125 1 ,889,653 1 ,4 8 2 ,3 7 5
^ R e p u b lic R y & L ig h t A p ril
498 .252 481 .639 0 ,0 0 0 .6 8 2 6 ,8 1 1 .9 9 0
R h o d e Isla n d C o ____ D e ce m b e r
6 0 ,7 1 2
58.9 8 6
28,7 3 0
29,331
R ic h m o n d L t & R R - F e b ru a ry
4 3 2 ,8 2 6 268,781 1 .6 9 7 .2 9 0 1 ,1 1 2 ,5 9 5
S t I, R o c k M t n & P a c A pril
133 ,444
161,866
40,021
5 4 ,096
S a n tia g o E l L t & T r . M a r c h
2 9 8 .5 6 8
3 6 5 ,5 2 9
76,968
9 2 ,5 8 0
S av an n ah E le c tr ic C o A pril
116 ,8 0 4
105,267
55.359
50,872
S e co n d A v e n u e (R e c ) F e b ru a ry
3 2 ,1 6 4
2 9 ,5 0 6
15.580
14,212
S ou th ern B o u le v a rd _ F e b ru a ry
541 .064 710,823 2 ,1 2 7 ,9 0 8 2 ,7 5 1 .8 0 2
S ou th ern C a l E d iso n . A p ril
4 3 ,7 1 6
36,217
20,783
17,895
S ta to n Is ld M id la n d F e b ru a ry
3 5 4 .7 0 3
3 5 1 ,3 4 6
82,262
84,8 6 3
T a m p a E le c tr ic C o . . April
470,931 422 ,179
T o n n R y L & P C o . . A p ril
2 30 ,127 189,881
T e x a s P o w e r & L t C o A pril
6 6 8 ,3 4 5
018 ,7 3 4
2 9 5 ,2 3 0 337 ,344
T h ir d A v e n u e R y _ _ F e b ru a ry
6 7 ,2 3 0
6 8 ,0 5 0
32,542
3 2 ,843
D D E B & B R R . F eb ru a ry
2 6 9 ,0 4 8
232 ,5 3 2
111,590 128,719
4 2 d S t M & S t N A v R y F e b ru a ry
4 4 4 ,4 1 8
3 7 8 ,9 5 8
182,099 213 ,6 9 0
U n io n R y C o ( N Y C ) F e b ru a ry
114 ,821
118 ,660
56,377
57.301
Y o n k e r s R a ilr o a d . . F e b ru a ry
118 ,0 6 8
105 ,988
56,361
50.755
N Y C it y In te r b R y F e b ru a ry
109 .688
8 9 ,9 7 8
51,941
43,979
B e lt L in e R y C o r p . _ F e b ru a ry
823 ,1 1 8 877 ,206 3 ,0 8 7 ,7 3 3 3 ,3 3 4 ,2 4 7
T ld r d A v e n u e System A p ril
3
,4
8 0 ,9 8 4
3
,2
3
4
,3
5
7
839
,072
776
,967
T w in C it y R a p T r a n . A p ril
668 ,162 515 ,250 3 ,1 8 2 ,8 1 8 2 ,5 4 1 ,0 3 7
V irgin ia R y & P o w e r . M a y
3 1 4 ,9 8 7
7 44 ,074
214 ,1 9 4 103,661
W a s h B a lt & A n n a p . A p ril
7 8 ,1 0 4
7 9 ,4 4 5
36,676
38,2 8 5
W e stclie ste r E le c t r ic . F e b ru a ry
225 ,7 3 4
2 46 ,023
14.763
17,664
W e s tch e s te r S tr e e tR R D e ce m b e r
345
,1 4 1
3
61
,948
82,331
84,694
A
p
ril
Y o r k R a ilw a y s ----------7 8 ,0 4 3
9 5 ,992
3 5 ,409
28,737
Y o u n g s t o w n & O h io . M a r c h

----- M o n th o f M a rch ------ — J an . 1 to M arch 31—
1918.
1917.
1918.
1917.
S
S
N orth ern E xpress C o.—
730,561
694 ,1 0 0
2 8 5 ,5 2 8
2 7 0 ,6 3 4
T o t a l fro m tr a n s p o r ta tio n —
4 3 2 ,5 5 7
383 ,1 2 8
1 68 ,548
148 ,579
E x p ress p rivileges— D r --------R o v c n u o fro m tra n s p o rta ’ n
O p er. o th e r than tra n sp orta n

3643

Previous
Y ea r.

3
$
3
221.901 159.887
8 5 4 ,4 4 5
619 .5 5 0
17,225
14,885
6 3 ,6 3 8
112,725
74,8 4 0
70,6 3 2
2 9 6 ,2 0 8
285 ,2 9 5
2 0 ,816
18.988
8 2 ,5 1 5
7 6 ,533
8 7 ,4 7 8 1,0 5 8 .7 2 9
58,916
099 ,8 8 0
182,779 152,456
7 2 9 ,4 7 2
6 42 ,435
8 3 3 0,00 0 7 4 5 3,00 0 3 1 ,5 7 6 .0 0 0 2 9 ,1 4 0 ,0 0 0
7,5 1 0
8,7 8 3
3 0 ,2 3 9
3 3 ,925
221 7 .0 8 5 218 4 .9 5 5 4 ,5 5 3 ,4 8 8 4 ,0 2 4 ,4 2 4
3 7 ,6 7 4
3 4 ,5 0 9
154.912
138,854
2 4 ,378
2 6 ,249
105,517
9 8 ,6 4 0
145,620 111,840
5 6 7 ,9 4 6
428 ,1 7 4
192 5,28 5 1565.425 9 ,6 6 7 ,3 2 0 8 ,4 3 2 ,2 3 6

a N o w c o v e r s o n ly th e lines e ast o f Y o r k B e a ch , M o ., In th e fir e t fo u r
m o n th s o f 1917 c o v e r e d also th o linos w est o f Y o r k B e a ch , M e .
b R e p re ­
sents in c o m e fr o m all so u rco s. c T h ose figu res are fo r c o n s o lid a te d c o m ­
p a n y . / Earnings now g iv e n in m llre is. g In clu d e s c o n s titu e n t c o m p a n ie s .

Electric Railway and Other Public Utility Net Earn­
ings.— The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
■
M a y '1 8
'17
5 m os T 8
'1 7
C le v e la n d P a in e s v A p r '1 8
& E a ste rn
,17
4 m o s 18
'1 7
M a y '1 8
C o lu m b ia G as
'1 7
& E le c
5 m os T 8
'1 7
M a y '1 8
D o tr o it E d is o n
T7
Co
5 m o s '1 8
'1 7
K a n G a s & E l C o . - M a y '18
•
'17
12 m o s T 8
'1 7
L a k e S h oro E lc c
A p r '1 8
R y S y ste m
17
4 m o s '1 8
'1 7
P a c ific P o w & L t C o M a y T 8
'17
12 m o s '18
T7
M a y '1 8
P h ila d elp h ia
'1 7
R a p id T ra n s
11 m o s ’ 18
'1 7
M a y '1 8
P o r tla n d G a s &
'1 7
C oko C o
12 m o s '1 8
T7

C itie s S o rv ico C o

G ross
E a rn in g s.

5s

N et after
Taxes.

S

1 .9 2 5 ,2 8 5
1 ,8 8 6 .9 2 4
1 .5 6 5 ,4 2 5
1 ,5 3 7 ,0 8 4
9 ,6 6 7 ,3 2 0
9 ,4 9 0 ,4 4 6
8 ,4 3 2 ,2 3 6
8 ,2 8 8 ,1 5 3
4 1 ,3 7 4
12,802
4 5 ,0 9 0
2 1 ,2 2 0
159 ,796
4 9 ,541
152 ,143
6 0 ,2 2 6
8 7 7 ,3 7 5
4 4 2 ,2 1 4
8 6 1 .6 2 5
443 ,9 3 6
5 ,3 1 4 ,2 8 1
2 ,6 7 8 ,6 1 6
4 .9 4 4 .4 3 9 2 ,6 6 2 ,3 5 1
1 ,0 3 0 ,4 0 8
231 ,9 4 3
9 6 2 ,6 3 0
2 8 0 ,1 5 5
5 ,6 8 1 ,2 1 3
1 ,5 9 9 ,2 3 3
5 ,1 2 8 ,7 3 4
1 ,7 3 7 ,6 2 6
166,366
55,125
134 ,9 8 5
35,2 2 0
1 ,8 2 9 ,7 4 2
544,461
1 ,6 9 1 ,3 6 9
543,993
162 ,9 8 3
4 4 ,3 7 2
138 ,1 0 5
44.5 5 0
6 1 0 ,6 4 0
143,809
5 1 8 ,3 9 5
151,339
148.417
69,463
127 ,055
67,951
1,747,461
9 0 1 ,0 2 2
1,5 2 2 ,4 0 4
749 ,3 6 4
2 ,6 9 6 ,6 2 6
9 6 4 ,3 9 3
2 .5 7 0 .4 4 0 1,1 3 3 ,5 8 1
2 7 ,7 5 7 .1 7 5 1 0 ,8 9 2 ,3 2 5
2 6 ,0 2 7 .8 3 6 1 1 ,4 2 8 ,7 0 4
141.631
67.0 2 3
102,617
4 2 ,9 3 7
1,5 0 7 ,0 9 3
6 8 8 ,9 7 8
1 2 7 9 ,1 4 2
6 0 2 ,5 8 8

F ixed
Charges.

S

Balan ce,
S u rp lus.

$

5 ,7 2 0 1 ,8 8 1 .0 2 7
234 1 ,5 3 6 ,8 5 0
6 ,7 2 0 9 ,4 8 3 ,7 2 6
1,283 8 ,2 8 6 ,8 7 0
11,569
1,233
12,516
8 ,7 0 4
45,631
3 ,9 1 0
4 6 ,7 7 7
13,449
3 6 1 ,5 3 9
2 2 4 4,81 2
3 4 9 ,4 0 5
1 2 5 7.35 4
1 ,765,171 2 1 ,7 1 7 ,6 4 6
1 ,7 3 1 ,9 7 8 z l ,7 36,472
104,902
127,041
8 4 ,1 2 6
196 ,029
4 9 8 ,2 9 8 1 ,1 0 0 ,9 3 5
4 23 ,801 1 ,3 1 3 ,8 2 5
3 1 ,1 7 8
2 3 ,9 4 7
2 1 ,2 9 0
13,930
318 ,671
2 2 5 ,7 9 0 .
2 3 0 ,4 4 2
313 ,5 5 1
3 6 ,2 5 2
8 ,0 2 0
3 4 ,4 5 8
10,092
1 45 ,003
d e f l,1 9 4
1 3 7 ,5 8 4
1 3 ,755
4 1 ,7 3 8
2 7 ,7 2 5
3 7 ,3 6 7
3 0 ,5 8 4
4 5 2 ,0 9 8
4 4 8 .9 2 4
412 ,151
3 3 7 ,2 1 3
8 1 4 ,2 9 3
150 ,100
8 1 0 ,8 9 4
322 ,6 8 7
8 ,9 3 9 ,9 4 3
1 ,9 5 2 ,3 8 2
8 ,9 5 3 ,1 0 8 2 ,4 7 5 ,5 9 6
29,351
3 7 ,6 7 2
2 6 ,8 0 6
16,131
3 4 6 ,4 5 4
3 4 2 ,5 2 4
3 2 6 ,0 4 5
2 7 6 ,5 4 3

2644

THE CHRONICLE
------ Gross E a rn ings
Current
Prevxo
Y ea r.

C om pa n ies.

Gross
E a rn in g s.
V irg in ia R y &
Pow er

M a y ’ 18
'1 7
11 m o s '1 8

'17

66 8 ,1 6 2
51 5 ,2 5 0
6 ,7 6 7 ,1 4 9
5 .5 1 8 ,7 1 8

Vicksburg Shreveport & Pacific Railway.

------- N et E arn ings
Previ
Current
Y ea r.

A t la n t ic S h ore R y . b . . - M a y
17,225
Jan 1 t o M a y 3 1 _______
6 3 ,6 3 8
D a y to n P ow er & L t _ a _ .M a y
175,861
9 47 ,719
J a n 1 t o M a y 3 1 ----------U ta h S ecu rities C o r p (su b ­
5 6 9 ,5 6 8
s id ia ry c o ’s o n l y ) -------M a y
J a n 1 t o M a y 3 1 ............. 2 ,9 0 3 ,5 7 9

{Report for 6 and

3 0 0 ,0 5 7
1 .6 0 5 ,9 7 8
F ixed Chgs.
& Taxes.
$
1 63 ,948
1 51 ,490
1 ,7 6 1 ,8 1 6 x l ,416.631
1 ,6 6 3 ,8 0 4 x l ,26 4 ,2 7 6

x A ft e r a llo w in g fo r o th e r in c o m e re c e iv e d .

ANNUAL REPORTS.

Annual Reports.— A n

in d e x to a n n u a l re p o r ts o f s te a m
r a ilr o a d s, s tr e e t ra ilw a y s a n d m isc e lla n e o u s co m p a n ie s w h ich
h a v e b e e n p u b lish e d d u rin g th e p re ce d in g m o n th w ill b e g iv e n
o n th e la s t S a tu r d a y o f e a ch m o n t h .
T h is in d e x w ill not
in c lu d e re p o r ts in th e issue o f th e “ C h r o n ic le ” in w h ic h i t is
p u b lis h e d .
T h e la te s t in d e x w ill b e fo u n d in th e issu e o f
M ay 25.
T h e n e x t w ill a p p e a r in th a t o f J u n e 2 9 .

............... Grand; Rapids & Indiana Railway. J
(2 2 n d

Annual Report— Year ending "Dec}'3 1 ^ 9 1 7 . ) ’

“

P r e s. J . j T T u r n e r , M a r c h 1 9 , sa icT m s u b s ta n c e :
. c ? 5 ™ ' “ T,A 0A5,0i al o p e ra tin g re ven u es w e re 8 6 ,4 9 1 ,3 5 8 , an In crea se o f
®^93;7 9 3 , o r 1 0 .0 7 % , as c o m p a r e d w ith 1916, d u o p rin c ip a lly t o an in crea se
o f 8 4 3 9 ,3 0 2 , o r 1 1 .6 9 % , in fre ig h t a n d 8 6 0 ,3 5 3 , o r 3 .6 6 % , in passen ger
rev en u es.
°
T h o to ta l o p e r a tin g expen ses w ero $ 5 ,1 1 6 ,2 6 0 , an in crea se o f $ 71 9,80 0,
o r 1 6 .3 7 % , d u o c h ie fly t o th e in crea sed c o s t o f la b o r an d fu el a n d fo r re ­
pa irs t o th o eq u ip m e n t.
R a ilw a y .ta x . accru a ls d ecrea sed $ 7 ,6 2 2 , o r 2 .5 7 %
a n d th o c h a rg es fo r h ire o f e q u ip m e n t, ren ts, in te re st o n th o fu n d e d d e b t ’
& c ” E®*? 5 8 9 9 ,0 9 3 , a decrease o f $ 7 ,6 1 3 , le a v in g th o n e t in c o m e fo r th o
y e a r $ 2 5 3 ,4 8 2 , a decrease o f $ 10 4,21 7.
T h o to n m ilea ge o f th e G ra n d R a p id s & In d ia n a R y . in cre a se d 1 3 .8 7 %
a n d o f all lines o p e r a te d Increased 1 7 .3 8 % . T h o a v e ra g o n u m b e r o f to n s
p e r train w as 4 0 9 .1 8 , an in crea se o f 4 2 .6 2 , o r 1 1 .6 3 % , a n d o n all lines
o p e r a te d 4 3 0 .6 0 , an increase o f 4 9 .0 7 , o r 1 2 .8 6 % .
Funded D eb t— Bonds A s su m ed .— T h o b o n d e d d e b t Increased b y $1 190 0 0 0 , d u o t o th o assu m p tion o f $ 7 5 0 ,0 0 0 F irst M t g e . 5 % b o n d s o f th o G ra n d
R a p id s & In d ia n a R R . C o ., s ecu red b y m o r tg a g e o n th o M u s k e g o n G ra n d
R a p id s & In d ia n a R R . , a n d $ 2 5 0 ,0 0 0 F irst M t g e . 3 % b o n d s a n d $19 0 ,0 0 0
c f^ in c o m e M o r tg a g e 5 % b o n d s, a to ta l o f $41 0 ,0 0 0 o f th o T ra v e r s o C it y
R R . C o ., in c o n n e c tio n w ith th e p u rch a se , as o f M a y 1 1917, o f th o p r o p e r ­
ties o f th o la tte r c om p a n ies b y th o G ra n d R a p id s & In d ia n a R y . C o . T h e
en tire issuo o f $ 1 9 0 ,0 0 0 In c o m e M o r tg a g e 5 % b o n d s o f th e T r a v e r s e C it y
R R . is h eld in th o c o m p a n y ’s trea su ry.
Road and E q u ip m en t.— T h e in v e s tm e n t a c c o u n t in crea sed $ 1 ,3 3 9 ,1 4 6 ,
d u o p r in c ip a lly t o the p u rch a se , as o f M a y 1 1917, o f th e ra ilro a d a n d o th e r
p r o p e r t y o f th o M u s k e g o n G ra n d R a p id s & In d ia n a R l t . C o ., $ 7 5 4 ,9 9 9 , an d
o f th e T r a v e r s e C it y R R . C o ., $ 4 7 2 ,5 0 0 , a n d t o c o s t o f in crea sed w e ig h t o f
ra il, M a d is o n S qu are S pu r a t G ra n d R a p id s , w a reh ou se a t T r a v e r s e C it y
c o a lin g s ta tio n a t E lm ira , im p ro v e m e n t o f b r id g e s ,'a n d a p p lic a tio n o f su p e r­
h ea ters t o f iv e lo co m o tiv e s .
T o a c c o r d w ith th e a c c o u n tin g req u ire m e n ts
o f th e I .- S . C . C o m m is s io n , th e im p ro v e m e n ts h e r e to fo r e ch a rg e d t o in c o m e
So
loss betw een J a n . 1 1897 a n d Ju n e 30 1907, a m o u n tin g t o
$ 2 ,0 8 9 ,5 9 1 , h a v o been in c lu d e d In th e in v e s tm e n t in ro a d a n d e q u ip m e n t
sh ow n in th o gen era l b a la n ce sh e e t. T h o o ffs e ttin g entries o n th o lia b ility
sid e o f th o g en eral b a la n c e sh e e t a re ’,exh ib ited ,u n d er “ a c c r u e d d e p r e c ia tio n ”
an d ‘a d d itio n s t o p r o p e r ty th r o u g h :in c o m e a n d s u r p lu s .”
A g ricu ltu ra l D evelopm ent.— A v e r y su b sta n tia l a gricu ltu ra l d e v e lo p m e n t
Is o v id e n t a lo n g th e en tire lin o, e s p e cia lly th e N o rth e r n D iv is io n , w h ero c o n ­
sid era b le now acrea g e w as p la c e d u n d e r th e p lo w d u rin g th e y e a r . T h e re
w ere m o r e n ow settlers a lo n g th e . N o rth e r n D iv is io n d u rin g 1917 th a n in
eith er o f th o t w o p re v io u s yea rs a n d t h o .o u t lo o k fo r im m ig ra tio n in 1918
Is m u c h m o r e p rom isin g th a n h e r e to fo r e . O u r a gricu ltu ra l d e p a rtm e n t
has c o n d u c t e d su gar b e e t g r o w in g e xp erim en ts d u rin g the: p a s t t w o seasons
w h ic h w ill lo a d t o th is c r o p b e in g g r o w n .a t t w e n ty o r m o re p o in ts n o r th o f
G ra n d R a p id s d u rin g th e season o f 1918, a n d it is h o p e d w ill u ltim a te ly
b r in g a b o u t th o .e sta b lis h m e n t o f b e e t su gar p la n ts in W e ste rn M ic h ig a n .
I N C O M E A C C O U N T ^ O F ^ S Y ^ T E M ~ 'b R ~ Y E l \ if ^ lf N D l N G ^ D E C T T d T .
1917.
1916.
1915.
1914.
M ile a g e o p e r a t e d _______
570
575
575
575
O perating Revenue—
F r e ig h t.................................... $ 4 ,1 9 8 ,3 8 3
$3 ,7 5 9 ,0 8 1
$ 3 ,3 2 1 ,9 9 7 $ 3 ,1 6 4 ,4 9 7
P a s s e n g e r _______________. 1 ,7 11,196
1 ,6 5 0 ,8 4 2
1 ,6 0 0 ,8 3 7
1 ,7 9 6 ,1 5 9
M a il an d e x p res s _______ .
32 9 ,9 5 9
1263,101
23 5 ,2 3 9
240 ,671
O th e r tr a n s p o r ta tio n ___ .
119 ,898
»110 ,8 3 7
107,261
115 ,728
I n c id e n ta l, & c ___________
131,922
113 ,704
6 5 ,5 9 4
7 0 ,8 3 0
$ 6 ,4 9 1 ,3 5 9

$ 5 ,8 9 7 ,5 6 6

$ 5 ,3 3 0 ,9 2 8

$ 5 ,3 8 7 ,8 8 5

$ 6 7 6 ,3 7 9
1 ,1 7 0 ,1 8 6
123,834
2 ,8 9 6 ,9 2 2
24 8 ,9 3 9

$ 6 3 3 ,5 9 2
1 ,0 3 8 ,9 6 4
131 ,455
2 ,3 7 7 ,5 0 5
21 4 ,9 4 3

$ 6 1 5 ,7 0 3
885 ,601
129 ,199
2 ,1 6 9 ,2 6 7
186 ,160

$64 0 ,7 7 3
8 8 7 ,6 4 9
133 ,243
2 ,3 4 5 ,0 2 6
2 0 0 ,4 2 0

T a xes, & c.

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

$ 3 ,9 8 5 ,9 2 9
$ 1 ,3 4 4 ,9 9 9
2 5 9 ,7 5 4

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

O th er i n c o m e .

$ 1 ,0 8 5 ,3 9 8
6 7 ,1 7 8

$ 1 ,2 0 1 ,3 0 0
6 3 ,1 0 6

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

$ 8 8 7 ,8 2 9
52,211

$ 1 ,1 5 2 ,5 7 6

$ 1 ,2 6 4 ,4 0 6

$ 1 ,1 4 3 ,4 4 4

$ 9 4 0 ,0 4 0

$ 4 6 8 ,6 0 5
20 1 ,4 8 9
2 2 8 ,9 9 9

$ 4 3 8 ,6 0 5
26 6 ,8 5 9
20 1 ,2 4 2
30 0 ,0 0 0

$ 4 4 1 ,0 2 9
2 2 2 ,8 4 7
184 ,723
25 5 ,0 0 0

$ 4 4 3 ,5 2 3
181 ,046
191 ,883
1 11 ,467

O perating E xpen ses— ■
M a in te n a n c e o r w a y , & c..
M a in te n a n c e o f e q u lp ’ t .
T r a f f i c . . . ...........................
T r a n s p o r ta tio n _________
G e n era l, & c _____________

D ed uctions—
In te r e s t on f u n d e d 'd e b t .
L ea so o f o th e r r o a d s ____
M is c e lla n e o u s ___________
P o r t io n o f e q u i’ t t r u sM
t.
A d d it io n s & b e t t e r m ’ t s /
T o t a l d e d u c t io n s ____

$89 9 ,0 9 3
$ 2 5 3 ,4 8 2

$ 1 ,2 0 6 ,7 0 6 £ ;$ 1 ,1 0 3 ,5 9 9
$ 9 2 7 ,9 1 9
$ 5 7 ,7 0 0
$ 3 9 ,8 4 5
$ 12,121
B A L A N C E SH EE T D E C . 31.
1917.
1916.
&
1917.V
1916.
Assets—
$
$
Liabilities—
s
$
R oad & equlpm ’ t.21,255,925 19,916,779 Com m on s t o c k .. . 5,791,700 0,791,700
In v. In aiill. cos.:
Bonds.......................11,373,000 10.373,000
S t o c k s ................
69,002
74,820 Loans & bills p a y .
___
50,000
Bonds— _____ _
______
49.400 N otes.......................
150,000
150,000
N otes__________
______
22,600 Traffic balan ces..
456,413
402,655
Advances............
122,500
113,333 Accounts & wages.
271,639
375,789
Other Investments
49
44 M atured lnt., A c .
144,668
121,128
M lsc. phys. p r o p .
260,206
259,683 Unmat’d ln t., A c .
62,500
52,600
Cash.........................
494,634
373,088 M lscell. accounts315,201
263,071
Special d e p o s its ..
144,567
121,128 Depreo’n (equlp’ t) 2,031,231 1,867,737
Agents, &o............
291,283
215,287 UnadJ., A c ., Items
62,187
43,856
M aterial A s u p p ..
495,628
493,677 Add’ns to property 1,966,390 1,965,976
M lscell. accounts.
312,911
203,462 Profit and loss____ a921,170
622,994
UnadJ. aco’ ts, A c .
89,292
137,195
T o t a l .................. 23,535.997 21,980,396
— V . 106, p . 2559.




12

Months ending Dec.

3 1 1 9 1 7 .)

P re sid e n t L a r z A . J o n e s , M a r c h 1 9 , w ro te in s u b s ta n c e :

6 ,6 5 4
7 ,9 6 5
5 7 ,2 3 8
27 0 ,4 0 2

N et
E a rn in g s.
$
2 0 9 ,5 8 7
25 1 ,8 5 3
3 ,0 7 0 ,0 6 0
2 ,8 4 0 ,2 8 5

[Vol. 106

T o t a l .................. 23,535,998 21,980,396

nrPfoH i13’— T hero Is an Increase in o p e ra tin g reven u es o f $ 2 2 3 ,6 6 2 , o r
2 2 .2 8 % , an increase in o p e ra tin g expenses o f $ 1 1 1 ,5 9 0 , o r 1 8 .0 8 % , a n d an
Increase In taxes o f $ 5 8 ,9 2 5 . N e t o p e ra tin g ro v o n u o sh ow s an increaso o f
$ 5 3 ,1 4 7 . T h e a c c o u n ts fo r th e six m o n th s in clu d o $7 1 ,9 7 5 fo r Internal
re v e n u o a n d excess p r o fit taxes.
B o t h gross a n d n e t earnings are th e largest in th e h is to ry o f th o c o m p a n y .
l ? ? SonW :r re ve n u e sh ow s an increaso o f $ 8 2 ,2 6 7 . in clu d in g lo ca l tr a v e l,
$ 5 5 ,8 9 6 , a n d th ro u g h tr a v e l. $ 2 6 ,3 7 1 . F re ig h t re v e n u e e xce e d e d th a t o f
th e p re v io u s six m o n th s b y $ 1 3 6 ,2 4 5 . T h e p r in cip a l increases are in gra in ,
c o t t o n , IIvo s t o c k , lu m b e r , m in eral o il, m a ch in e ry , v e h icle s, m a n u fa ctu res
a n d m erch an dise.
w o rk has b e e n r e stricte d t o o rd in a r y repairs b y th e e x trem e
sh o rta ge in la b o r. T h e expenses Inclu do c o s t o f re la y in g 2 .3 8 m iles o f
raU re p la ce m e n t o f 14,699 cross ties an d 1,358 c u b ic y a r d s o f gra v e l b a lla st.
T h e largo increases in c o s t o f fu el an d o th e r m aterial a n d th e increase in
w ages in sh o p an d s ta tio n s e rv ice , h a v e b een p a r tia lly o ffs e t b y th o in crea se
in th o v o lu m e o f tr a ffic , a n d expenses h a v e a b s o rb e d 5 9 .3 7 % o f th o gross

„
,
S T A T IS T I C S FOR C A L E N D A R Y E A R S .
O perations—
1917.
1916.
1915.
1914.
5 70 ,252
4 8 7 ,3 6 3
35 9 ,4 8 6
P assen gers ca r r ie d --------4 6 6 ,1 3 4
do
o n o m ile
. 2 3 ,2 9 1 .7 5 9
19 .6 0 5 ,8 7 9
1 6 ,212,347
1 9 .2 3 4 .4 3 4
R a to p e r pa ss, p e r m ile 2 .7 6 c ts .
2 .6 7 c ts .
2 .6 0 c ts .
2 .6 6 cts .
R e v o n u o fre ig h t ( t o n s ),
1 ,1 47,125
903 ,941
8 34 ,102
8 3 1 ,4 2 4
R e v e n u o fre ig h t 1 m ile . 108 ,526 ,99 5 8 8 ,4 1 3 ,8 7 7 81 ,3 6 5 ,0 2 1
8 2 ,8 3 9 ,4 9 8
R a te p e r to n per m i l e - . .
1.2 2 c ts .
1.22 c t s .
1.09 c ts .
1.11 c ts .
G ross earnings p e r m ile .
$ 9 ,2 2 3
$ 7 ,7 4 5
$ 7 ,6 3 8
$ 8 ,2 5 9
I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S (M I L E S O PER. 1 7 1 .5 ).
Revenues—
1917.
1916.
1915.
1914.
P a s s e n g e r ...........................
$ 64 1,90 2
$523,491
$ 4 2 1 ,5 6 7
$51 1,78 1
F r e i g h t --------------------------1 ,3 23,396
1 ,0 79,689
89 0 ,2 7 8
920 ,341
—
M a il, express, & c _______
. $ 2 ,2 0 6 ,5 5 8
M a in te n a n c e o f w a y , & c..
$215,481
M a in te n a n c e o f e q u ip ’t . .
37 1 ,2 3 0
T r a f f l c ..................- - - - - - ­ .
6 1 ,752
T r a n s p o r t a t io n ............... ..,
660 ,937
M isce lla n e o u s o p eration s3
2 3 ,016
G en eral, & c ., e x p e n s e s .
6 4 ,8 9 9
T a x e s ____________________
184 ,398
. $ 1 ,5 8 1 ,7 1 3
.
$ 62 4,84 5
A d d — H ire o f eq u ip m e n t:
6 1 .365
D iv id e n d in c o m e _______
1 3,896
O th er in c o m e ___________
4 7 ,1 3 2
G ross in c o m e ________
$ 74 7,23 8
D ed u ction s—
R e n ta ls , & c _____________ .
$1 0 ,6 3 9
In te re st on b o n d s _______
162,212
P r e f. d lv . ( 5 % ) . ...............1 07 ,140
C o m m o n d iv s . ( 2 H % 1 64,271

$ 1 ,8 0 5 ,1 3 8
$ 24 0,41 3
31 3 ,6 8 3
4 5 ,1 4 6
52 2 ,2 6 0
2 5 ,0 7 0
6 2 ,888
118,809
$ 1 ,3 2 8 ,2 6 9
$ 47 6,86 9
3 6,795
8 1,639
3 8 .3 2 7
$ 6 3 3 ,6 3 0

$ 1 ,4 7 3 ,3 7 9
$27 0 ,5 6 6
320 ,201
4 2 ,0 2 8
49 8 ,4 1 0
2 4 ,2 6 2
5 9 ,5 8 0
9 4 ,913
$ 1 ,3 0 9 ,9 6 6
$ 16 3,41 3
3 0 ,3 2 4
170 ,159
45,451
$ 4 0 9,34 7

$ 1 ,6 0 0 ,8 6 6
$26 8 ,3 9 7
3 4 1 ,9 9 8
4 3 ,2 1 0
59 9 ,0 0 2
2 3 ,1 7 5
6 2 ,9 2 2
8 6 ,2 0 7
$ 1 ,4 2 4 ,9 1 2
$17 5 ,9 5 4
1,303
3 ,1 4 0
5 4 ,8 0 5
$ 23 5,20 1

$1 9 ,2 8 7
162.075
1 07 ,140

$ 2 3 ,7 9 6
173 ,275

$ 2,551
1 75 ,480
10 7 .1 4 0

R E S U L T S FOR S I X M O N T H S E N D I N G D E C . 31.
o M o s . to
G ross
Total N et
Interest D ivs. Pd. F u ll Y ea r. Balance.
D ec . S I .
E a rn ings. In co m e.
R ents.
P f. ( 5 % ) . C o m .(2 H ) Surplus.
191 7............$ 1 ,2 2 7 ,4 7 6
$432,101 $86,121
$ 1 0 7 ,1 4 0 $64 ,271 $ 1 7 4 ,5 6 9
1 9 1 6 --------- 1.00 3 ,8 1 3
36 2 ,2 5 2
8 3 ,9 1 9
1 07 .140 ________
171 ,193
l h o c o m p a n y in its ann ual r e p o rt, d e d u cts th o f u ll y e a rly 5 % d iv id e n d s
o n th o p referred s to c k a n d 2 1 4 % o n th e c o m m o n s t o c k fro m th o earnings
fo r th e six m pnths e n d in g D e c . 31 1917. O n ly o n e d is trib u tio n o n ea ch
class o f s t o c k is m a d e d u rin g th e y e a r, n a m e ly in A u g u s t.
B A L A N C E SH EET.
D ec.31’ 17. June30’ 17.
D «c.3 1 ’ 17. June30’ 17.
Assets—
s
$
Liabilities—
$
S
R oad A equipment 9,220,044 9.186,694 Com m on stock___ 2,856,500 2,856,500
Investments In af­
Preferred s t o c k .. . 2,142,800 2,142,800
filiated cos.........
173,800
173,800 Bds.(seeR.AI.Sec.) 3,245,000 3,245,000
Other invest______
51,785
EquIp.tr.notes.Ao.
101,943
118,775
M lscell. physical
Traffic, A c ., bats.
49,218
37,790
properties_____
9,450
9,450 Accounts A wages
237,160
130,543
Cash.......................
839,933
768,438 M lscell. accounts53,451
20,095
Special d e p o sits..
1,205
1,630 Accrued in te re st..
27,190
27,202
Agents................ ..
48,165
28,629 Accrued taxes____
73,278
00,521
M aterial and supp.
288,568
185,608 Operating reserves
37,364
44,374
Traffic, A c ., bals.
45,786
50,020 UnadJ., A ..a c c t s .
68,656
43,304
M iscell. accounts.
110,531
74,963 Accrued dcprec’ n .
412,519
400,372
D lsc’t on funded
Add’ns to property
d e b t ___________
62,288
63,652
through surplus
61,357
2,625
Unadjusted, A c.,
Approp. surp. not
a c c o u n ts ............
103,869
73,913
specif. In v e s t..
76,267
Profit and loss____ x l ,522,721 1,480,867
T otal — — .........10,955,424 10.616,798
T o t a l ....................10,955,424 10.616,798
a b ° v o s u rp lu s, $1 522.721 as o f D o c . 31 1917, is d iv id e d as fo llo w s:
$69 4,72 1 fo r ad d itio n s an d b etterm en ts, $17 3 ,8 0 0 In vested In s to c k o f a ffili­
a te d c o m p a n ie s , an d $65 4 ,2 0 0 free su rp lu s.— V . 105, p . 1893.

Alabama & Vicksburg Railway.

{Report for

6

and 1 2 Months ending Dec.

3 1 1 9 1 7 .)

P re sid e n t L a r z A . J o n e s ,'M a r c h 1 9 , w r o te in s u b s ta n c e :
R esults.— T h e re is an increase o f $21 2 ,0 6 5 In gross re ve n u o o r 2 1 .8 7 % as
n f'a o Q nnS? aP 1' i!I nnw six m o n th s . O p e ra tin g expen ses sh o w an
in crea so o f $ 8 3 ,0 0 5 o r 11 9 0 % . T a x e s in clu d e $ 6 6 ,6 6 8 fo r U n ite d S tates
excess Pro “ t ta x e s. N e t o p e r a tin g r e v e n u o sh ow s an in croa so
o r $50 ,346 .
P a ssen ger earnings increased1 $69,611 (o r 2 7 . 9 0 % ) . In clu d in g $ 3 1 ,0 0 4 In
lo ca l tra v e l an d $3 8 ,6 0 7 in th ro u gh tra v e l.
F r e ig h t re ve n u e s h a v o in ­
crea sed $144,.>87, prin cip a l Increases b e in g in c o t t o n , llv o s t o c k , lu m b er,
m in eral o il, m a n u fa ctu re s a n d m e rch a n d ise . A d v a n c e s in th o w a g o scale
h a v e b e c o m e n e cessary in a lm o st all bra n ch e s o f s o r v ic o an d th o in crea sed
c o s t o f m aterial is re fle c te d in all o p e ra tin g c o s ts.
T h o in crea sed c o s t In
fu el a lo n e w as $ 4 1 ,6 0 3 .
M a in te n a n c e o f w a y in clu d e s $ 3 8 ,5 1 6 to w a rd c o s t o f re p la cin g th o steel
brid ge a n d $1 4 ,5 3 3 to w a rd renew al o f trestlo a p p ro a ch a t B ig B la c k C reek
n o w be in g re b u ilt. T h e y also in clu d o $5,851 fo r n o w crad les a t V ick s b u rg
in clin e a n d $ 8 ,2 9 0 fo r tra ck m a te ria l, & c ., in c id e n t t o th o re b u ild in g o f th o
in clin e tra ck s. T h is w o rk has n o w been c o m p le te d .
O n a c c o u n t o f th o sh o rta g o in la b o r a n d th o d iffic u lt y In secu rin g m a te ­
rials tra ck w o rk has b een c o n fin e d la rg e ly t o o r d in a r y repairs. T w o -th ir d s
o f a m ile o f 90 an d 75 lb . rail w as laid re p la cin g llglitor rail; 2 2 ,3 1 8 ties
w ere re p la ce d a n d 2 ,6 8 3 c u b ic y a rd s o f slag w as u se d In ba lla stin g tr a c k .
M a in te n a n c e o f e q u ip m e n t in c lu d o $24,601 fo r d e p r e c ia tio n ; 24 fre ig h t
ca rs a n d 2 passen ger cars w ere d e s tr o y e d o n o th e r r o a d s . T h o loss on
e q u ip m e n t retired a m o u n te d t o $ 2 ,5 0 8 .
A d d itio n s, e tc.— T h e p rin cip a l u n d e rta k in g in n e w w o r k , d u rin g th e
p e r io d , is th o re p la ce m e n t o f th e steel b rid g e a n d tre stlo a p p ro a ch e s a t
B ig B la c k C re e k w ith a c o n c r e te b rid g e co n s istin g o f threo arch es, ea ch
135 fe e t lo n g , a n d tw o c o n c r e te sp an s, ea ch 32
fc o t lo n g , w ith n ow
trestle a p p ro a ch e s o f u n tre a te d s u p erstru ctu re ancl c r o o s o tc d pilo fo u n d a ­
tio n - T h o w o rk is in p rogress a n d $ 4 4 ,1 3 3 has b e e n ox p o n d e d as b o t t o r m e n t d u rin g th o p e r io d .
B on ds.— D u rin g th o six m o n th s p e r io d $ 4 ,3 0 0 F ir s t C o n s o ls , $ 6 ,6 0 0 2d
M o r tg a g e b o n d s a n d $ 5 8 ,0 0 0 V ick s b u rg & M e r id ia n 1st M . b o n d s h a v o
been p u rch a se d a n d re tire d , th eso last o u t o f th o s in k in g fu n d .
L a n d s.— T h e re w e re s o ld 2 4 0 acres o f la n d fo r $ 1 ,0 5 0 , v i z ., $90 0 in ca sh
a n d $15 0 in n o te s . L a n d s u n so ld D e c . 31 2 ,9 9 6 a cre s.
S T A T IS T I C S FOR C A L E N D A R Y E A R S .
O perations—
1917.
1916.
1915.
1914.
I’ assongors c a r r ie d ...........
4 7 0 ,0 1 2
4 2 6 ,2 1 9
38 4 ,0 2 3
4 4 0 ,6 3 9
P a ss, ca r r ie d o n e m i l e . . 2 0 ^ 8 , 9 5 5
17I ,7
3 6 ,1 3 1
15
,6 6 3 ,0 7 2
HOUi
u.uuuiVMA
1 7 ,8 8 9 ,7 4 0
R a te p e r pa ss, p e r m ile .
2 .5 8 c ts .
2.51 c ts .
2 .4 7 c ts .
2 .5 2 c ts .
T o n s rg t. ca r r ie d ( r e v .) .
1 ,3 7 3 ,9 3 4
1,235,091
1 ,1 1 6 ,5 1 4
1 .1 3 1 ,9 7 2
T o n s fg t . c a rrie d 1 m ilo .1 3 2 ,7 3 5 ,7 6 0 1 2 2 ,6 1 0 ,2 1 8 1 1 9 ,5 9 5 ,1 7 0 1 1 3 ,3 7 2 ,1 4 0
R a te p e r t o n p e r m i l e . . .
1.07 c t s .
0 .9 8 c ts .
0 .8 5 c t s .
0 .9 4 c ts .
G ro ss earnings p e r m il e .
$ 1 5 ,1 7 2
$ 1 2 ,7 1 4
$ 1 0 ,7 4 7
$ 1 1 ,5 3 2

THE CHRONICLE

22 1918.]

Ju n e

I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
1915.
1917.
1916.
143
141
143

M ilo s o p e r a t e d __________

1914.
143

$53 3 ,6 9 3

$ 4 4 5,09 6

1 .4 2 3 ,1 6 0

1 ,204,633

182 ,463

168,404

$38 7,40 1
1 ,0 1 1 ,0 2 5
138 ,393

$ 4 5 1,64 7
1,0 6 0 ,1 2 7
142,257

T o t a l o p e r . r o v o n u o s . $ 2 ,1 3 9 ,3 1 6
M a in te n a n c e o f w a y , & c
$ 2 8 4,41 7
M a ln t . o f e q u ip m e n t—
3 5 1 ,7 5 2
T r a f f ic
_______________
6 1 ,5 8 9
T r a n s p o r t a t io n ---------- - 7 2 5 ,1 4 8
11,999
M is c e lla n e o u s o p era tion s
G en era l, A c ., o x p o n s e s .
6 6 ,3 3 8
T a x e s _________
.
198 ,697

$ 1 ,8 1 8 ,1 3 3
$21 2,67 0
3 o 0 ,5 6 0
4 4 ,1 5 3
® ,9 0 2
27,3 b 3
66,881
118 ,695

$ 1 ,5 3 6 ,8 1 9
$19 9 ,7 5 4
3 6 2 ,4 3 8
4 4 ,6 0 6
5 5 7 ,2 5 8
2 4 ,8 4 3
65,721
105 ,710

$ 1 ,654,031
$ 2 6 2,71 2
4 1 5 ,7 4 4
4 6 ,5 4 9
6 2 3 ,0 5 2
25,2 4 2
72,991
86,641

c. $ 1 ,6 9 9 ,9 3 9
$ 4 3 9,37 7
t
107 ,765
.
14,696
.
6 3 ,8 2 5

$ 1 ,4 5 7 ,2 2 5
$ 3 6 0,90 8
7 5 ,2 6 0
82,4 3 9
56,6 1 6

$ 1 ,3 6 0 ,3 3 0
$17 6 ,4 8 8
50,9 4 7
170 ,959
54,4 4 6

$1,5 3 2 ,9 3 1
$ 121,100
3 0 ,269
3,8 9 2
52,9 1 7

$ 6 2 5,66 2

$ 5 7 5,22 4

$45 2,84 1

$ 2 0 8,17 8

.
$ 13 ,110
.
109 ,750
( 7 % ) 147 ,000

$ 1 5 ,3 3 5
110,390
(7 )1 4 7 ,0 0 0

$ 1 5 ,1 8 4
110,389
(5 )1 0 5 ,0 0 0

$13,291
110,437
(7 )1 4 7 ,0 0 0

P assen ger*
F r o iK h t .;.:::::::" -- .
M a ll, exp ress, & c _______

D iv id e n d in c o m o .
O th er in c o m o ____

.
D ed u ction s— •

Interest on bonds -

B a la n ce , su r. o r d o f __s u r .$ 3 5 5,80 2 su r.$ 302,498 su r.$ 2 2 2 ,2 6 8 d o f, $62 ,550
R E S U L T S FOR S I X M O N T H S E N D I N G D E C E M B E R 31.
f. M o t to
Cross
N et (after
Other
In terest, Fu ll A n n u a l Balance,
D e c 31— E a rn in g s.
T a xes).
In co m e. R en ts,etc. D iv .o f 7 % . Surplus.
1917
$ 1 1 8 1 ? 3 9 $ 2 6 2 ,3 9 8 $82 ,531
$ 6 0 ,8 5 2 $14 7 ,0 0 0
$ 1 3 7,07 6
1 9 1 6 ---------- * 969 674 2 1 2 ,0 5 2
70,9 5 5
6 2 ,2 7 9
147,000
7 3 ,7 2 8
T h e” c o m p a n y in its ann ual re p o rts d e d u cts th e e n tire y e a r ly 7 % d iv id e n d
($ 1 4 7 ,0 0 0 ) fr o m th o earnings fo r t h e six m o n th s e n d in g D e c . 31 1917.
O n ly o n e p a y m e n t o f 7 % is m a d o d u rin g th o y e a r , n a m e ly , A u g . 15.
B A L A N C E SHEET.
D ec. 31
June 30
D ec. 31
June 30
1917.
1917.
1917.
1917.
Liabilities—
5
$
Assets—
8
$ _,
R oad & equipm ent..5,742,181 5,078,241 Common stock _____2,100,000 2,100,000
Invest. In affll. c o s ..
193,800 193,800 IJ d s .(s co R .A I.S e c.) 1,938,885 2,007,785
94,851
Physical proporty—
1,000
1,600 Traffic, A c., b a l s .. . 127,430
118,674
Other Investm ents.221,935 120,200 Accounts and w ages. 232,929
20,064
98,332
M a t’ ls A supplies___ 152,582
104,430 Mlscell. accounts___
28,250
27,621
Cash............................. 1,003,303
888,012 Accrued lnt., A c ____
63,048
90,082
Special deposits____
1,849
2,695 Accrued taxes______
51,542
33,299
Bills receivable_____
190
1,315 Operating reserves..
199,022
Traffic, A c., bals___
51,851
83,597 Unadjusted accounts 241,657
408,872
423,056
A g en ts.........................
34,282
31,423 Accrued depreo'n—
328,874
M lsccll. accounts___ 150,502
134,917 xAdd’ ns to property. 329,080
58,000
Sinking funds______ 319,783
350,807 xFund. debt retired.
350*867
104,569 142,432 Sink, fund reserves.- 319,783
UnadJ., A c., a c c t s ..
Profit and loss____y2,077,789 1,961,734

Total ...................... 8,104,548 7,733,590
Total .......................8,104,548 7,733.590
y T h o su rp lu s, $ 2 ,0 7 7 ,7 8 9 as o f D e c . 31
x T h ro u g h in c o m o a n d su rplu s,
1917. is a p p ro p r ia te d as fo llo w s : fo r a d d itio n s an d b e tto r m o n ts , $ 1 ,1 2 0 ,1 4 0 ;
in v e s te d in s t o c k o f a ffll, c o s ., $ 1 9 3 ,8 0 0 ; & fro o s u r ., $ 7 6 3 ,8 4 9 .— V . 105, P ­
2343.

Philadelphia Company of Pittsburgh.

( 3 4 th A n n u a l R e p o r t— Y e a r e n d in g M a r c h 3 1 1 9 1 8 .)
O n s u b se q u e n t p ag es w ill bo fo u n d th e ro m a rk s o f P re sid e n t
J . H . R o e d , th e co n so lid a te d in c o m o a c c o u n t fo r th o y e a r
e n d in g M a r c h 3 1 1 9 1 8 , th o c o n so lid a te d b a la n c e sh e e t as o f
M a r c h 3 1 1 9 1 8 , in c lu d in g a ll p ro p rie ta ry n a tu ra l g a s c o m ­
p a n ie s , a n d th o in co m o a c c o u n ts an d b a la n c e shoots o f o th e r
p ro p r io ta r y o p e r a tin g c o m p a n ie s , n a m e ly , D u q u e s n o L ig h t
C o . , E q u it a b le C o k o C o ., P e n n s y lv a n ia L ig h t & P o w e r C o . ,
th o B e a v e r V a lle y T r a c tio n C o . a n d th o P itts b u r g h & B e a v e r
S tr e e t R y .
I n 1 9 1 7 -1 8 th o c o n so lid a te d a c c o u n ts in c lu d e d
th o o p e ra tio n s o f th o P h ila d e lp h ia O il C o . , in p re v io u s y e a r s
s h o w n s e p a r a te ly .
C O N S O L ID A T E D IN C O M E A C C O U N T FOR Y E A R S E N D IN G M A R . 31.
[In clu d es th o E q u ita b lo G as C o . an d P itts b u rg h & W e s t V irgin ia G as C o .,
P ld la d eln h ia C o . o f W e s t V a ., M o n o n g a h e la N a tu r a l G as C o . a n d P h ila ­
d elp h ia O il C o ., b u t exclu d es P h ila . O il C o . in 1916 an d 1917.]
( T ransactions between com panies elim inated.)
R eceints__
1917-18.
1916-17.
1915-16.
1914-15.
F r o m gas
-1
($9,1 7 1 ,6 1 2 $ 7 ,9 9 0 ,1 3 2 $ 7 ,0 3 7 ,7 1 9
.............
.......... ..
2 17 ,747
F r o m o i l - I ”. " " - ...........}$ 1 1 ,3 3 2 ,4 4 0
M is c e lla n e o u s ________1
1
38,5 3 6
3 8 ,3 8 7
3 3 ,287
$ 11 ,332 ,44 0
5 ,0 2 2 ,0 0 9
859,961

$ 9 ,2 1 0 ,1 4 8
3 ,8 2 1 ,9 2 0
272 ,073

$ 8 ,0 2 8 ,5 1 9
3 ,2 2 7 ,5 2 0
77,5 2 7

$ 7 ,2 8 8 ,7 5 3
3 ,2 0 5 ,7 9 9
201 ,0 8 5

. $ 5 ,4 5 0 ,4 7 0
2,0 3 0 ,1 6 3
650
6 93 ,275

$5,1 1 6 ,1 5 6
2,4 0 5 ,9 9 7
693
424 ,1 9 2

$4,6 2 3 ,4 7 3
2 ,1 9 2 ,9 6 8
608
464,471

$ 3 ,8 8 1 ,8 6 9
1 ,803,097
642
508 ,7 8 7

Total incomo...............~$i, 174 ,558

$ 7 ,9 4 7 ,0 3 8

$ 7 ,2 8 1 ,5 2 0

$ 6 ,1 9 4 ,3 9 f

O p e r a tin g exp en ses-----T a x o s ................................ ..

Divs. and lnt. rccelvcd..
Ronts--------- ---------------Intorost, discount, &c_..
D educt—

Paid leased companies. .
Intorost on bonds, &c_.
Impts.. extensions. Ac.
Depreciation of property
Discount, taxos, Ac., on
securities sold, Ac-----Miscellaneous lnt., Ac._

$ 22 ,047
,131,868
,207,583
282 ,633

$ 23 ,086
1,796,499
1,215,180
153,497

$22,566
1 ,906,825
802 ,167
163,770

823 ,694
1,9 4 0 ,5 4 8
8 3 8 ,2 2 0
193,575

162.000
154,235

57.500
235 ,4 5 0

64,965
3 86 ,268

74,941
208 ,655

T o t a l .......................
$ 3 ,9 6 0 ,3 6 7
$ 3 ,4 8 1 ,2 1 2 $3,346,561 $ 3 ,2 7 9 ,6 3 3
B a la n co fo r d i v i d e n d s .. $ 4 ,214,191
$ 4 ,4 6 5 ,8 2 6 $ 3 ,9 3 4 ,9 5 9 $2,9 1 4 ,7 6 2
D iv . o n p r e f. s t o c k s ____
$ 4 7 7,51 9
$476,644
$47 1,96 6
$471,941
D iv . o n c o m . s t o c k . . (6 1 4 )2 ,8 9 8 ,4 2 7 (7 )3 ,0 0 5 .7 7 2 (6 )2 ,3 6 3 ,3 6 4 (5 > i)2 0 4 9 5 0 7
G u a r. d iv . on C o n . G as
C o . p ref. s t o c k .............
74,0 7 6
74.0 7 6
7 7 .576
78,194
B a la n co, s u r p lu s ---------

Add previous surplus..
Additions to profit A ioss

$ 7 6 4,17 0
8 ,2 0 9 ,0 1 4
3 .0 4 2

T o t a l ...................................$ 8 ,9 7 6 ,2 2 6
B o o k v afu o o f securities
A loan w ritte n d o w n .
--------------D is c o u n t, ta x es, A c ., on
salo o f c o m m o n s t o c k .
--------------D e crea s o in b o o k valu e
M o n o n g . N a t. G as C o .
p h y s. prop, reappraised -----------M is c e lla n e o u s ___________
__________

$909,334
7,1 1 0 ,7 5 0
35,4 5 7

$ 1 ,0 2 2 ,0 5 3
$31 5,12 0
« 8 , 508,813
8 ,222,141
_________ b 15.774,053

$8,0 5 5 ,5 4 2

$ 9 ,5 3 0 ,8 6 6 $24 ,3 1 1 ,3 1 4

---------------

---------------

15,774,053

---------------

936 ,333

..................

------------

1,466,863
16,920

_________

T o t a l s u r p . M a r . 3 1 - - $ 8 ,9 7 6 ,2 2 6 $ 8 ,0 5 5 ,5 4 2 $ 7 ,1 1 0 ,7 5 0 $8,537,261
a E x clu des su rp lu s o f th o P h ila d e lp h ia O il C o ., $70 ,334 in 1916-17,
again st $28 ,448 in 1915-16. b In clu d e s in 1914-15 Incroaso in b o o k va lu o o f
secu rities reap p raised , $ 3 ,2 1 7 ,6 1 2 , a n d incroaso in b o o k r a lu o o f p h y sica l
n r o n e r tv ap p ra ised , $12 ,556 ,44 1.
1 T h e gross earnings o f th o P h ila d elp h ia O il C o . fo r th o y e a r e n d in g M a r . 31
1917 w ore $ 3 6 8 ,5 2 7 , an d net in co m o , $25 4 ,6 3 8 . A fte r d e d u ctin g in terest
an d ch arges $ 71 ,448 , an d d iv id e n d s o n p re fe rre d s to c k ( 5 % ) , $ 1 0 0 ,5 0 0 ,
th o b a la n c o ,’ su rp lu s, w as $ 8 3 ,1 3 9 . In 1917-18 th o e a m in g s o r this c o m ­
p a n y aro in clu d ed In th o c o n s o lid a te d a c c o u n ts .




2 645

C O N S O L ID A T E D B A L A N C E S H E E T M A R C H 3 1 .
[In cl. th o P h ila . C o ., E q u ita b lo G as C o ., M o n o n g a h o la N a tu r a l G as C o . ,
P it t s b . A W . V a . G as C o ., P h ila . C o . o f W . V a . an d P h ila . O il C o . in 1918,
b u t o x c l. th is c o . in 1917.]
(A ll inter-com p any item s elim inated .)
1917.
1918.
1917.
1918.
S
Liabilities—
$
$
Assets—
$
1,344,654 Com m on sto ck . 42,943,000 42,943,000
Gas rightsAleases 1,344,054
6,763,550
Cum. pref.stock 0,763,550
OH A gasol rights 1,422,075
1,442,450
3,781,141 N on-cum .pf.stk. 1,442,450
Gas A oil w ells. 4,964,990
Philadelphia C o.:
Compressing sta1,374,326
1st M . A coll.
tlons, A c ____ 2,065,387
6,500,000
trust 5 s ____ 6,500,000
Pipe lines______ 27,170,738 26,811,975
Cons. m tge. A
Real cst. buildcoll, trust 5s. 15,148,000 15.148.000
4,491,842
5,094,100
ings, A c .........
C on v.5% debs 11,751,000 11.751.000
Stocks A bonds
750,000
C oll. 6 % notes
250,000
of Phila. C o.
88,054
2-year collat.
100,319
In treasury___
5M % n otes. 7,000,000
Stocks A bonds of
P .A W .V a.G asC o.:
other cos.owned:
900,000
1,050,000
C oll.tr. 6 % bds
1,804,200
N at’l gas c o s . 1,804,200
1,261,500 Affiliated cos.:
Oil companies
286,000
Subscrip'ns to
102,084
101,679
Artlf. gas co s.
stock D uq’ne
E l. I. A p. cos. 21,727,000 21,722,900
3.600.000
Light C o ___ 3,500,000
Street ry.cos.:
12,484
11,131
Accts. pay able
Stocks ____ 17,400,476 17,399,476
365
365
Accrued acc’ ts
Bonds.............. 11,199,920 12,866,320
100,000
425,000
10,000
10,000
T em p'y loan .
M lsc. co s ____
3.700.000
1,995,350
N otes payable. .
Affiliated cos.:
611,329
730J-85
2,400,000 A cc’ts, A c ., pay.
N otes rccelv. 2,400,000
364,097
390,767
Cosumers’ adv.
do ln t r c a s .. 5,423,183
U np’d div. scrip,
D u q. Lt. C o .
2,247
1,709
called F eb.2’ 16
contract pur.
A cer.liab.,not due:
of Brunot Isl.
250,589
3,500,000
798,408
Accrued taxes
p r o p e r t y ___ 3,500,000
340,875
340,742
496,501
Acer, bond lnt
564,001
T em p 'y loans.
A ccr’d lnt. on
276,158
810,360
A cc’ts, A c. ,rcc
227,850
413,211
1,026,248
debs.A notes
570,650
Cash___________
54,236
25,194
Oth. accr. liab
212,899
17,797
Special deposits.
Cons. Gas C o.
847,722
685,007
A ccts.,A c. ,rcc._
13,286
13,380
g u a r ----------664,145
M ater. A su pp. 1,468,867
Res’d for dlvs.
Unsold oil A gas.
47,798
175,099
175,090
on
pref.
stks.
17,460
M iscellaneous..
25,668
6,045
14,799
M iscellaneous
Unamortl*. debt
564,643
469,151
610,707
661,690 Contlng't res’ve
discount, A c .
432.055
Oth. def’d acc’ ts
190,845 Invested surplus
Sink. fd. depos.
112,320
(Phila. C o . of
3,257,343
W . V a .).........
3,257,343
Excess book v a l.
8,055,542
Profit and lo s s .. 8,976,226
over par valuo
o f com . stocks
3,054,129
4,054,539
elim inated___
T o t a l ..............114,238,105 107,582,677
T o t a l _______ 114,238,105 107,582,677
N o te .— T h o P h ila d e lp h ia C o . gu aran tees b o t h p rin cip a l an d in te re st o f
th o U n io n G as C o . o f M c K e e s p o r t 3 0 -y e a r 1st M . 5s o f O ct. 21 1899, 5 22 0,­
00 0 ; M t . W a sh in g to n 9 t. R y . 3 0 -y e a r 1st 5s o f A p r il 1 1903, $ 1 .5 0 0 .0 0 0 ; 17th
S treet In clin o P lan o C o . 3 0 -y e a r 1st M . 5s o f M a r c h 1 1905, $12 5,00 0,
A lle g h e n y B o llo v u o A P o r r y s v illo R y . 3 0 -y e a r 1st M . 5s o f A p r il 1 1905,
# 50 0,00 0; M o r n in g s ld o E le c t r ic S t. R y . 3 0 -y e a r 1st M . 5s o f O c t . 2 1905,
$20 0 ,0 0 0 : B on A v o n A E m s w o rth S t. R y . 3 0 -y e a r 1st M . 5s o f A p r il 1
1906, $ 30 0,00 0; P itts b u rg h A B e a v e r S t. R y . 5 0 -ye a r 1st M . 5s o f J u ly 1
1908, $75 0 ,0 0 0 ; P ittsb u rg h A W e st V irg in ia G as C o . c o lla te ra l tr u s t 6 %
se ria l g o ld b o n d s o f O ct. 1 1913, $1 ,9 0 0 ,0 0 0 , an d E q u ita b le C o k e C o .
3 -y e a r 5 % g o ld n otes o f Jan . 1 1917, $ 1 ,4 6 9 ,0 0 0 .
T h o P h ila d e lp h ia C o . has a c o n tin g e n t lia b ility , as e n d orser, o n s h o r tto rm n o te s issued fr o m tim e t o tim e b y its a f fil. c o s .— V . 106, p . 256 0, 2451.

San Joaquin Light & Power Corporation.

{A n n u a l Report fo r Fiscal Y ear ending D ec. 3 1 1 9 1 7 .)
P r e s id e n t W m . G . K e r c k h o ff s a y s in s u b s ta n c e :
E a rn in g s.— G ross earnings fro m o p e ra tio n in crea sed $ 2 4 4 ,4 1 5 , o r 1 3 .5 % .
T h is o c c u r re d a lth o u g h th o earnings fo r th e fir s t fo u r m o n th s o f 1916 w ere
o n th o o ld basis o f rates w h ich w ero m a te ria lly re d u ce d b y th e R a ilro a d
C o m m is s io n , th e now rates b e c o m in g e ffe c tib e M a y 1 1916. I t is e stim a ted
th a t a d d itio n s t o p r o p e r t y d u rin g th e y e a r will result in an in crea se in th e
c o n n e c te d lo a d o f 14,769 h .p . T h is c o n tra sts w ith th o e s tim a te m a d e b y
th o m a n a g e m e n t a t th e begin n in g o f th e y e a r 1917 th a t 10,500 h .p . p r o b a b ly
w o u ld b o c o n n e c te d d u rin g th o y e a r . T h o g reatest in crea se ($ 1 7 i,3 1 7 )
o c c u r re d in e le ctr ic p o w e r earnings.
A d v a n c o s in th o p r ice o f m aterial an d in w ages resu lted in an increase
in th o r a tio o f o p e r a tin g expenses t o gross earnings fro m 4 0 .7 % t o 4 3 .5 %
In cre a se d p la n t o u t p u t n ecessitated o p e ra tio n o f th e ste a m p la n ts and p ro ­
d u c tio n oxp en so in crea sed a p p ro x . $ 6 1 ,0 0 0 , o f w h ich $ 4 1 ,7 4 0 w as fo r fu el.
Plant A d d itio n s.— E x p e n d itu re s fo r n e t p la n t a d d itio n s (co s t, less valu e
o f p r o p o r ty re p la ce d ) w ore $ 1 ,6 9 6 ,5 1 8 . T h e se e xp en d itu res w ere c h ie fly fo r
tran sm ission an d d is trib u tin g s y s te m , $ 3 9 2 ,5 1 6 , an d u n c o m p le te d c o n s tr u c ­
tio n e xp e n d itu re s, $ 1 ,2 6 6 ,9 8 8 (n o t y e t co m p le te d n o r d is trib u te d t o a p p ro ­
p ria te a c c o u n t s ) .
.
, . ,
,
Bon ds.— U p t o D e c . 31 1916 $63 5 ,0 0 0 b o n d s o f u n d e rly in g c o m p a n ies
w h ic h h a d been ex ch a n g e d f o r 't h o c o r p o r a tio n F irst A R e fu n d in g M t g e .
b o n d s w ere carried as tre a su ry se cu rities, an d o n th e c r e d it side o f th o bal­
a n ce sh eet w e re sh ow n as b o n d s o u ts ta n d in g .
In p re p a rin g th is y ear s
b a la n ce sh e e t, those item s h a v e been o ffs e t a g ain st each o th e r.
T h o h old ers o f $1 8 1 ,0 0 0 Series B 5s p a id t o th o c o r p o r a tio n $10 0 p e r b o n d
a n d th ese b o n d s w ero sta m p e d an d th e re a fte r be a r in terest a t th e ra te o f
6% .
T h o p r iv ile g e o f s ta m p in g Series B 5s exp ired M a y '3 1 1917 an d w ill
n o t bo re n e w e d . O f First A R e fu n d in g M t g e . Series C 6 s, $ 9 9 5 ,0 0 0 w ere
sold w ith in th o y e a r 1917 and ad d e d t o th e b o n d s o u ts ta n d in g .
The stock ­
h old ers a t a special m e e tin g ca lled in A p ril 19 16 au th o riz e d th e ex e cu tion
o f an ag re e m e n t secu rin g $ 4 ,5 0 0 ,0 0 0 10-y e a r 6 % d eben tu res; $ 1 , 0 0 0 ,0 0 0 o f
these d e b e n tu re s w ero sold at a v e r y s a tisfa c to r y p rice an d $ 7 5 0 ,0 0 0 put o f
th o m illion w ero d e liv e re d d u rin g th e y e a r 1917. S e v e n ty -s e v e n b o n d s
w ere ro tire d b y a c tio n o f th e sin k in g fu n d ; 67 San J o a q u in I o w er C o . b o n d s
w ere e x c h a n g e d fo r a lik e n u m b e r o f San J o a q u in L ig h t A 1 o w e r C o . 5s;
10 B a k e rs fie ld G as A E le c tr ic L ig h t C o . F irst 6 s w ere ex ch a n g e d on an
o v e n basis f o r c o r p o r a tio n F irst A R e fu n d in g 6 s, th u s retirin g this u n d er­
ly in g issu e . S in ce tlio clo se o f th o y e a r the m o rtg a g e on th e gas a n d e lec­
t r ic d is trib u tio n sy ste m in B a k ersfield has be e n ca n c e le d .
’
Reserve.— R e se rv e a c c o u n ts in crea sed th ro u g h ch arges t o d e p r e c ia tio n b y
$ 2 2 2 ,8 4 0 o n th o 6 % sin k in g fu n d basis.
_ . _
D ividends R esum ed.— D iv id e n d s o n th o p re f. s t o c k w ero resu m ed In June
1917; th e so d iv id e n d s (n a m ely 1 H % p a id in Ju n e. 1 H % in S e p t, a n d 1 yi %
in D e c . 1917) w ere d e cla re d as be in g r e s p e ctiv e ly N o s . 10. 11 a n d 12, c o v e r ­
in g th e Ju n e 3 0 , S e p t. 30 and D e c . 31 qu a rters o f 1914.
I N C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
io i7
lo in
I
1917.
1916.
$78,392 Net earnings____ $1,158,365 $1,072,610
$76,321
Municipal light___
Other
incom
e___
80,167
28,877
555,376
590,833
Commercial ltght.
877,383
Electrlc p o w e r ___ 1,018,699
Total Incom e...$1,238 ,531 $1,101,487
34,617
36,912
Hallway__________
$504,211
150,786 Bond Interest____ $568,899
181,354
G as....................—
113,032 O th .ln t.,A c.(n e t) Cr. 19,974 Cr. 12 ,774
119,881
Miscellaneous____
$2,051,000 $1,809,586 Balanco for de­
$610,050
preciation. A c ._ $689,607
736,976
895,630
$194,663
D epreciatlon-------- $222,840
None
292,500
$1,072,610 Pref. div. ( 4 H % ) Net earnings...$$1,158,365
1
B A L A N C E S H E E T D E C . 31.
1916.
1917.
1916.
1917.
$
Liabilities—
S
$
Assets—
$
6,500,000
Preferred stock_ 6,500,000
Rights,real estate,
11 ,000,000
plants, A c ......... 28,940,177 27,203,861 Com m on stock_1 1,000,000
10,135,000
744,763 B o n d s ______11,179,000
154,439
Treasury securities
351,518 Accrued bond In­
231,651
Cash........... .............
256,204
terest., A c _____
291,823
313,962
229,900
Notes receiva ble..
122,408
62,653
419,763 Notes payable____
686,801
Accts. receivable.
126,793
174,903
369,129 Accounts payable.
504,855
M at'l A supplies..
235,415
Pay rolls, A c _____
184,027
Unamort. dlso. A
expenses, A c — 1,658,793 1,019,816 R e se rv e s.............. 1,674,759 1,451,919
373,918
Capital surplus___
373,918
M lsc. A undistrib­
298,007 Surplus end o f year 1,295,920 1,119,767
330,386
uted dlsburs’ts.

E xp., taxes, A c . ..

T o t a l ..................32,737,004 31,321,424
- V . 106, p . 2 12 3, 1345.

T o t a l .................. 32,737,004 31,321,424

2646

THE CHRONICLE

W innipeg Electric Railway.
(2 5th

Annual Report— Year ended Dec.

31

1 9 1 7 .)

P r e s . S ir W illia m M a c k e n z i e , M a r . 1 8 , re p o r te d in s u b s t .:
T h o n et in c o m e o n th o sa m o m e th o d o f a c c o u n tin g sh ow s a d ecrea se o f
5 1 5 1 ,6 2 2 c o m p a r e d w ith last y e a r, n o tw ith s ta n d in g th e f a c t th a t th e gross
r ev en u es s h ow a n in crea se o f $ 2 7 ,8 4 0 . T h is is a d isa p p o in tin g s ta te m e n t,
b u t s o lo n g as t h e m aterials a n d su p p lies c o n tin u e t o m crea so in p r ice an d
d em a n d s fo r in crea sed rates o f w ages t o e m p lo y e e s p r e d ic a te d o n higher
c o s t o f liv in g h a v e t o b e m e t, a n d th o jit n e y q u e stio n rem ain s u n se ttle d , n o
su b sta n tia l im p ro v e m e n t in n e t in c o m e c a n b o e x p e c te d .
G eneral business c o n d itio n s in th o C it y o f W in n ip e g are im p ro v in g , a n d
If a s a tisfa c to r y a d ju s tm e n t o f th e jit n e y q u e s tio n is re a ch e d a t an e a rly
d a te , a rra n gem en ts w ill be m a d o t o c a r r y o u t c e rta in im p ro v e m e n ts in
th o p h y s ic a l p rop erties .
[It w as r e c e n tly r e p o r te d th a t t h e c it y a u th o ritie s h a d v o t e d t o a b o lis h
J itn ey c o m p e t it io n .—-E d .]
I N C O M E A C C O U N T FOR

YEARS EN D ED

DEC.

31.

1917.
19J6.
1917.
Gross e a rn in g s...$3,339,010 $3,311,169 Int. on deb. stock,
Operating charges 2,143,513 1,939,041
bonds, A c ......... $649,051
Sinking fund.........
60,000
N et e a r n in g s ...$1,195,497 $1,372,123 C ity per cent, A c .
105,778
M lsccll. In com e..
47,878
26,011 T a xes.......................
103,287
M iscellaneous____
31,630
D epreciation.........
201,050
Gross

n c o m e ..$1,243,375 $1,393,139

Balance, surplus
$92,579
B A L A N C E SH E E T D E C . 31.
1917.
1910.
1917.
Assets—
_
„
Liabilities—
$
Phys. prop, at re­
Com m on s t o c k .. . 9,000,000
p r o d u c e c o s t ..24,653,160 24,395,159 Debenture s t o c k ,.x 4 ,380,000
8 kg. fd . Jnvestm’t
123,072
60,000 5% 1st M . bonds. 1,000,000
Skg. fd. cash_____
66,481
63,403 1st R ef. M tge. 5 s .y 4 ,000,000
A d v. to and stock
6 % notes................ 1,500,000
in sub. cost, at
N otes p a y a b le - ..z l ,446,000
cost .................... l ,861,976 1,772,869 A cc’ts payable__
104,247
Cash In bank, A c .
37,888
36,830 C ity percent., A c .
105,778
Cash (special)____
130,873
129,525 M iscellaneous____
405,959
N otes receiva ble.2,965 A ccr'd lnt .charges,
A cc'ts receivable,
A c _____________
104,558
Ie3s reserve____
150,614
153,254 Bond lnt. (Jan. 1)
.....
.......
125,000
D eposit with W ork.
Pavement charges a687,586
Corupensa. B d .
5,056
Skg. fd ., A c., res.
320,975
M at'ls A suppllcs311,030
360,743 D eprec'n reserve. 3,074,830
Prepaid A def.chgs. 132,889
89,081 S u rp lu s..................... 1,218,107
T o t a l ..................27,473,039
____

27,063,835

1916.
$643,991
60,000
110,227
91,570
47,099
$445,251
1916.
S
9.000.
4.380.000
1 .000 . 000
4,000,000
1.500.000
1.540.000
89,327
110,227
196,788
104,956
125,000
725,468
290,213
2,873,780
1,128,076

Total...............27,473,039 27,063,835

x T 1i°,
lssu o w a s £ 1 .3 0 0 ,0 0 0 ; £ 40 0,00 0 is p le d g e d w ith tru stees t o
secu re $ 1 ,5 0 0 ,0 0 0 6 % g o ld n o te s ,
y O u tsta n d in g S 5 .0 0 0 ,0 0 0 , less $ 8 7 7 ,5 0 0
h e ld in escrow t o red eem W in n ip e g E le c tr ic S t. R y . b o n d s a n d $ 1 2 2 ,5 0 0
h e ld b y sin k in g fu n d tru stees, z D o n o to s n o te s p a y a b le t o b an k ers p a r tly
secu red b y u n d e rly in g b o n d s ,
a P a y a b le in In stallm ents 1918-1934.
C o n tin g e n t lia b ility In re s p e ct o f th o p r in cip a l an d Interest o f W in n ip e g
S elkirk & L a k e W in n ip e g R y . b o n d s. $ 1 ,4 0 0 ,0 0 0 ; S u b u rban R a p id T ra n sit
C o ^ b o m ls , $ 5 0 0 ,0 0 0 ; and^on d e m a n d n o to o f W in n ip e g R iv e r P o w e r C o .,

Atlantic Gulf & West Indies Steamship Lines.
{Report f o r Fiscal Y ear ending D ec. 3 1 1 9 1 7 .)
O n s u b s e q u e n t p a g e s w ill b e fo u n d th e r e m a rk s o f P r e s id e n t
G a le n L . S t o n e , a lo n g w ith th e c o n s o lid a te d in c o m e a c c o u n t
f o r th e y e a r s 1 9 1 6 a n d 1 9 1 7 a n d b a la n c e sh e e t a s o f D e c . 3 1
1917.
T h e c o m p a r a tiv e in c o m e a c c o u n t a n d b a la n c e sh e e t
w ere p u b lis h e d in V . 1 0 6 , p . 2 5 5 3 .
C om p are V . 1 0 6 , p . 2 5 5 3 .

Middle West Utilities Co., W ilmington, Del.
{Report fo r Fiscal Y ear ending A p r il 3 0 1 9 1 8 .)
P r e sid e n t S a m u e l In s u ll s a y s in s u b sta n c e :
In c o m e.— T h e c o m p a n y ’s to ta l in c o m e [in clu d in g secu rities re ce iv e d in
retu rn fo r serv ices ren dered, p r o fits fro m sales, re v a lu a tio n o f secu rities,
e t c .,] a g g reg a ted $ 1 ,9 5 5 ,2 1 1 .
A d m in istra tio n expen se an d m iscella n eou s
in c lu d in g taxes A c . , ca lled fo r $ 2 3 8 ,2 3 6 , an d in terest o n ch arges, collateral
n o te s , b o n d s, lo a n s , & c ., fo r $ 6 7 5 ,3 7 3 , le a v in g as n e t in c o m e fo r y ear
$ 1 .0 4 1,002.
E a rn ings o f Subsidiary C om pa n ies.— T h e increase in th o gross earnings o f
th e su b sid ia ry c om p a n ies a m o u n te d t o $ 2 ,5 3 6 ,9 0 5 .
In th e caso o f th o s e
c om p a n ies in clu d ed in last y o a r ’s r e p o rt, th o increase w as $ 1 ,1 3 7 ,2 2 4 , o r
a p p ro x im a te ly 1 1 .8 % , a c o n sid e ra b le p a rt o f w h ich , w o b e h o v e , is p e rm a ­
n en t. T h e p u b lic s e rv ice business has s u ffe re d d o c id e d ly fro m Increased
c o s ts o f p r a c tic a lly ev e r y th in g e n terin g in to its o p e r a tio n . T h o ag g re g a te
in crea se in th e c o s t o f fuel in th o s u b sid ia ry co m p a n ie s d u e t o in crea sed
p r ico a lon e a m o u n te d t o $ 6 1 8 ,0 0 0 .
In c lu d in g th o p r o p o r tio n o f n e t earnings a c cru in g t o M id d le W e s t U tili­
ties C o . fr o m co n s tr u c tio n a n d o p e ra tin g c o m p a n ie s , n o t p r e v io u s ly re­
p o r t e d , a m o u n tin g t o $ 7 6 ,5 7 5 , th e to ta l earnings a c cru in g t o M . W . U. C o .,
a fter d e d u ctin g all p a y m e n ts t o o u ts id e h old ers, w as ® 1,26 5 ,7 7 0 [this b e in g
th e in torest o f t h a t c o m p a n y in th e su rplu s earnings o f th e ye a r, w h eth er
o r n o t re ce iv e d b y it as in terest, d iv id e n d s , A c .— E d .]
R ates.— A s a resu lt o f increased rates a llo w e d fo r s e r v ic e o r b y Increasing
th e soilin g p rice o f o th e r p r o d u c ts , th e s u b s id ia ry co m p a n ie s h a v o se cu re d
increases a m o u n tin g t o $ 5 4 0 ,0 0 0 p er an n u m . T h o so increases h a v e been
r e fle c te d v e r y s lig h tly in th o s u b sid ia ry co m p a n ie s ’ earnings re p o rte d
h erein, sin co as o f A p ril, th e la st m o n th o f th e fis ca l ye a r, o n ly $32 6 ,8 0 0
p e r a n n u m h ad b e c o m e e ffe c tiv e .
T h o to t a l a m o u n t e ffe c tiv e p o r an n u m in ea ch m o n th sin ce Increases
h a v o beon secu red are as fo llo w s : S e p t. 1917, $ 3 5 ,9 0 0 : O ct. 1917, $ 6 7 ,0 0 0 ;
? o °.7 g1,?n17 \ ? l l 7J ? S :, J ) e S -,191 7' $ 13 4,00 0: J a n . 1918, $ 1 5 9 ,6 0 0 ; F e b . 1918,
$ 2 4 7 ,8 0 0 ; M a r c h 1918, $ 29 2,20 0; A p ril 1918, $ 3 2 6 ,8 0 0 . T h o a c tu a l ln creaso e ffe c tiv e n th e earnings d u rin g th o fiscal y ear w as in ro u n d figu res
o n ly $1 1 5 ,0 0 0 , b ein g th e su m o f o n e -tw e lfth o f th o ann ual increases f o r
ea ch m o n th s h o w n a b o v o .
. T h e fiscal y ea r o f 1918-1919 starts w ith a ctu a l increases e ffe c t iv e as o f
M a y 1 o f $ 4 0 0 ,0 0 0 p er a n n u m o u t o f increases s ecu red a t th e ra to o f $ 5 4 0 ,­
000 per an n u m .
in a d d itio n th e su b sid ia ry c o m p a n ie s h a v o bo fo ro th e
va riou s u t ility com m ission s an d lo ca l au th orities a p p lic a tio n s fo r fu rth er
increases o f a p p ro x im a te ly $ 6 0 0 ,0 0 0 p e r an n u m , m ak in g increases o f rates
SASHES; ancl a n tic ip a te d , a m o u n tin g in th o ag g re g a te t o m o re th a n $ 1 ,­
1 0 0 ,0 0 0 p er an n u m .
N ew P roperties.— D u rin g th e fisca l y e a r th e c o m p a n y a cq u ire d (a) th e
o u ts ta n d in g s t o c k o f th o Southern Illin o is Railw ay & P ow er C o ., w h ich c o m ­
p a n y fo r a p e r io d o f years has been su p p ly in g , un d er c o n tr a c t, e lectrical
e n e rg y in S ou th ern Illin ois t o th e C e n tra l Illin o is P u b lic S e rvice C o ., o n e
o f o u r prin cip a l su bsidiaries. W e h a v e tu rn e d th e p u rch a se d s to c k o v e r t o
th o la tte r c o m p a n y .
( 6) T h o o u ts ta n d in g s to c k o f H am ilton U tilities Co.
a t B o n to n , 111., w h ose p r o p e r ty is n o w c o n n e c te d t o t h e transm ission s y s te m
o f th o C en tra l Illin ois P u b lic S e rv ice C o .
(c) T h e o u ts ta n d in g s to c k o f th o
H oopeston Gas & E lectric C o ., w ith p r o p e r t y a d ja c e n t t o th e lines o f th o
C en tra l Illin ois U tilities C o ., an o th e r su b s id ia ry ,
(d) A p u rch a se c o n tr a c t
c o v e r in g th e K ea rn ey W ater & E lectric Pow ers C o. and th o M id w a y Gas Co.
a t K earn ey, N eb .
T h eso p rop erties fo r th e p resen t h a v o beon leased t o ,
b u t w ill b e c o n s o lid a te d u ltim a te ly w ith , th o C en tra l P o w e r C o ., a s u b sid ia ry
c o m p a n y o p e ra tin g in t h a t S ta te ,
(c) A co n tr o llin g interest in th e s t o c k o f
th e A m erica n P ublic Service C o ., w h ich c o m p a n y ow n s th e e n tire ca p ita l
s t o c k o f eigh teen c o r p o r a tio n s o p e ra tin g p u b lic u tilities in 21 c o m m u n i­
ties in T ex a s a n d O k la h om a .
(V . 104. p . 1389.)
T h o m o s t im p o rta n t o f these p ro p e rtie s w ere a cq u ire d in th o in torest o f
th e c o m p a n y in th e p re ce d in g fisca l y e a r, b u t w e re n o t tak on o v e r u n til
th o p resen t fiscal y e a r. S o m e o f th o s u b s id ia ry c o m p a n ie s h a v o also p u r­
ch a sed a few sm all p rop e rtie s a d ja c o n t t o their re s p e ctiv e territories
d u rin g th e p a s t y e a r .
D eferred Paym ents on P urchase C ontracts.— O n A p ril 30 1918 th e b a la n c e
sh eet sh ow s th e a b o v o a c c o u n t t o b e $ 1 ,2 9 5 ,6 2 6 , p a y a b le o v e r t h e n e x t




[V o l . !0f>,

8 4 7 1 ,0 4 1 ; 1919, $ 29 9,87 9: 1920, $ 1 9 6 ,8 7 9 ; 1921,
$1 3 6 ,8 7 9 ; 1922, $76 ,3 7 9 ; 1923, $ 7 6 ,3 7 9 ; 1924, $ 3 8 ,1 8 9 ; to ta l as p e r o a la n ce
sh e e t, $1 295 ,625 D o d u c t “ p a rticip a tio n c e r tific a te s ’ ’ d u e betw een
1919 an d 1924 p u rch ased b y th e c o m p a n y a n d n o w ca rrie d in th e “ secu ri­
ties, & c . , ” a c c o u n t, $ 8 8 , 0 0 0 ; n e t, $ 1 ,2 0 7 ,6 2 5 .
T h ree-Y ear Collateral Gold N o te s .— O w in g t o th e q p n dition o f t h e s e c u r ity
m a rk e t c o n fin in g th e d e m a n d t o s h o r t tim e n o te s, th o c o m p a n y on J u ly 1
1 91 7 ex e cu te d an in d en tu re, c o v e r in g th e Issuance fro m tim e t o tim e o f its
3 y e a r C ollateral G o ld n o te s .
U p t o th o c lo s e o f th o fiscal y e a r $ 3 ,5 0 0 ,0 0 0
o f 6 % C ollateral G o ld n o to s w ere issu ed, o f w h ich $ 2 ,7 8 2 ,1 0 0 w o re s o ld an d
th o p ro ce e d s used fo r c o r p o r a te pu rp osos (co m p a re “ In v e stm e n t N o w s ” o n
a s u b se q u e n t p a g e a n d V. 105, p . 499 , 1313.)
Capital Stock Issu ed .— I n a cc o r d a n c e w ith th e c o m m o n s t o c k d iv id e n d
p o lic y , as exp lain ed in la st y e a r ’s re p o r t, there were issued In n o t a m o u n t
d u rin g this fisca l y e a r 1,897 shares o f c o m m o n s t o c k an d $ 3 ,3 0 9 o f a d d i­
tion a l c o m m o n sc r ip . In a d d itio n 15 shares o f c o m m o n s t o c k w ore issu ed
fo r th e a cq u isitio n o f securities o f s u b s id ia ry c o m p a n ie s . N o p re ferred
s t o c k w as issu ed d u rin g th e ye a r.
D ividend P o licy .— T h o v e r y u n fa v o ra b le c o n d itio n o f th e se cu rities m a r­
k e t b r o u g h t a b o u t b y G o v e rn m e n t n eeds m akes d iffic u lt th o raising o f
fu n d s fo r th e n a tu ra l necessities o f a c o n s ta n tly in crea sin g gro ss business,
e v o n a t oxcessive rates o f in te re st. T h e d ire cto rs , th erefore, h a v o d e c id e d
t o d isco n tin u e th e c o m m o n s t o c k d iv id e n d fo r th o presen t an d t o p a y th o
p referred s to c k d iv id e n d in 1 0 -yea r 6 % in tora st-bearin g ce r tific a te s .
In tor­
est on theso ce rtifica te s is p a y a b le q u a rte r ly o r a t su ch o th e r p e rio d s as m a y
b o d e term in ed fro m tim e t o tim o b y th o b o a r d o f d ire cto rs . T h o c o m p a n y
a t its o p tio n a t a n y tim e b e fo r e m a tu r ity m a y p a y th e prin cip a l w ith a ccru ed
in te re st th en u n p a id , u p o n g iv in g a t least 90 d a y s ’ n o t ic e o f an in te n tion
t o d o s o . T h o h olders o f th o c e r tific a te a t his o p tio n m a y c o n v e r t c e r tifi­
ca te s agg re g a tin g $100 o r a n y m u ltip le th e r e o f a t a n y tim o p rio r t o p a y m o n t
in t o preferred o r c o m m o n s t o c k o f th o c o m p a n y a t p a r. "
Surplus and Reserve A c co u n ts.— T h o va rio u s su rplu s a c c o u n ts b e lo n gin g
t o th e c o m p a n y n o w a ggre ga te $ 3 ,5 3 9 ,4 8 5 , as fo llo w s :
S urplus o n th e b o o k s o f th e c o m p a n y _______ __________________._ . $ 1 ,3 8 7 ,5 6 5
R e s e rv o a c c o u n t ca rrie d o n th o b o o k s o f th o c o m p a n y _______ _
’425 000
000
C
o . ’s p r o p o r tio n o f insurance fu n d h e ld b y insurance trustees
187,497
C o m p a n y ’s p r o p o r tio n o f th e ag g re g a te surplus ca rried o n th o
b o o k s o f th e s u b s id ia ry c o m p a n ie s_____________ ______ _______
1,53 9 ,4 2 2
O f this la st a m o u n t, $5 7 4 ,3 0 5 , a fte r all ad ju stm e n ts, d u e t o c o n s o lid a V? n
i:r.°l>orties- & c -> has a c c r u e d sin ce th e fo rm a tio n o f t h o M id d le
W e s t U tilities C o .
Subsidiary Operating C om pa nies.— T h e su b s id ia r y o p r o a tin g c o m p a n ies
n o w e m p lo y 3 ,1 1 0 p e o p le an d h a v e an aggregate ann ual p a y -r o ll In excess
o f $ 2 ,5 0 0 ,0 0 0 . T h e com p a n ie s serve an estim a te d p o p u la tio n o f 1 ,2 0 8 ,8 0 0 ,
an d h a v e 158 ,000 e le ctric, 4 7 ,5 0 0 gas, 2 0 ,0 0 0 w ater an d 1,900 heatin g
cu sto m e rs. T h o prin cip a l businoss o f th o s u b sid ia ry co m p a n ie s is in th e
e le ctric d e p a rtm e n t, w h ich p ro v id e s 5 5 .6 % o f th e gross in cotn o. E n e rg y
Is tran sm itted o v e r 2 ,8 6 3 m iles o f transm ission lines an d is d is trib u te d b y
th e co m p a n ie s in 427 co m m u n itie s t o a c o n n e c te d lo a d agg re g a tin g 2 4 0 ,0 0 0
k .w ., o r 32 2 ,0 0 0 h .p . C o n n e cte d t o their d is trib u tin g system s a re 130,000
h .p . o f e le ctric m o to rs a n d 1,578 e le ctric c o o k in g ranges, in a d d itio n t o th e
d o m e s tic an d m u n icip a l lig h tin g lo a d s o f th e co m m u n itie s se r v e d .
G as se rvice Ls furnish ed in 44 co m m u n itie s th ro u g h 615 m iles o f m ain s,
t o w h ich are c o n n e c te d 3 6 .0 1 8 gas c o o k in g ranges. Street an d in toru rb an
railw ays are o p e ra te d b y th e com p a n ies o v e r 209 m iles o f tra ck a n d p r o v id e
1 2 .8 % o f th e a ggrega te ann ual gross earnings o f th e c o m p a n ie s . T h o in ­
c o m e d e riv e d fro m th o m n a u fa ctu re an d sale o f ice b y th o subsidiaries is
$77 2 ,8 5 0 a n d fro m th o d istrib u tio n an d sale o f w ater $ 3 5 7 ,8 5 0 . T h o ann ual
ice business has be e n Increased u n til it n o w represents 6 .7 % o f th e t o ta l
gross in c o m e ; th e in c o m e fro m th e w ater d ep a rtm e n t represents 3 . 1 % .
S U B S I D I A R Y O P E R A T IN G C O M P A N I E S .
Illin o is.— C o n tra l III. P u b . S e rv . C o .; S terling D ix o n & E a stern E le c tr ic
R y .; C on tra l 111. U til. C o . (V . 103, p . 4 9 6 ); E a stern III. Ice C o .; 111. N orth orn
U til. C o .; M c H e n r y C o u n ty L t . A T o w . C o .; S ou th ern 111. R y . A P o w . C o .;
H o o p e s to n G as A E le c . C o .; H a m ilto n U til. C o .
In d ia n a .— In ter-S ta te P u b . S e rv . C o .; F ran klin W a te r , L t . A P o w . C o .;
S ou th ern In d . P o w e r C o .; U nitod G as A E le c. C o . (see " E l e c . R y . S e c .” );
N o w A lb a n y W a to r W o r k s ; L o u is v ille A N o rth e rn R y . A L ig h tin g C o .;
L o u is v . A Sou th ern I n d . T r a c . C o .; C e n tra l I n d . L tg . C o .
K en tu cky.— K e n tu c k y U til. C o .; K y . L t . A P o w . C o . (V .1 0 4 , p . 2 0 1 0 ).
M ich ig a n .— M ich ig a n G as A E le ctric C o . ( V . 104, p . 9 5 0 ).
M is s o u r i.— M is s o u r i G as A E le c tr ic S ervice C o .
N ebraska.— N eb ra sk a C it y U tilities C o .; C o n tr a l P o w e r C o . ; IC oarney
W a t e r A E le c. P ow ers C o .; M id w a v G as C o .
N ew England.— 'T w in Stato G as A E l. C o .; B erw ick A S alm on F a lls E l. C o .
Oklahom a.— P u b lic S e rv ice C o . o f O k la .; C h ick ash a G a s A E le c . C o .
A m e rica n P u b lic S ervice C o . ( o f O k la . and T e x a s ).
T ennessee.— T en n ossco P u b lic S e rvice C o .; C itizen s G a s L ig h t C o .
V irgin ia .— E le c tr ic T ra n sm ission C o . o f V irgin ia .
W iscon sin .— Sou th ern W isco n sin E le c tr ic C o .
I N C O M E & P R O F IT & LOSS A C C T . FOR Y E A R S E N D I N G A P R I L 3 0 .
1917-18.
1916-17.
1915-16.
I n t . r o c ’d A a c c r . o n b o n d s an d d e b e n .
$ 6 9 2 ,6 6 2
$ 56 4,78 9
$ 50 3,07 0
D iv s . r o c ’d A a c c r . o n stk s. o f s u b . co s ..
3 93 ,812
600,071
4 4 7 ,1 7 5
D iv s . rec. A a c c r . o n s tk s. o u ts id e c o s .
10,146
12,851
9 ,3 0 5
M is c . in t. on n o te s r e c . , b ro k e ra g e , A c .
22 3 ,2 0 3
189.453
24 7 ,6 2 9
P r o fit arising fr o m r e v a lu a tio n o f se­
cu rities and fr o m va lu a tio n o f se­
cu rities h ith e r to ca rrie d a t n om in al
P r o fit s fr o m sale o f p ro p e rtie s and se­
cu rities t o s u b . c o s ., A c ., fo r c a s h . .
Secu rities re ce ivo d fo r so rv lccs ren ­
d ered and v a lu e d b y b o a r d ________
P r o fit s fr o m sale o f p ro p e r tie s an d se­
cu rities t o s u b . co s . w h ore p ro c e e d s
in b o n d s h a v e n o t a ll boon s o ld ____
F ees fo r engin eerin g, A c ., s u b . c o s . . .
D ed uct— A d m in is tra tio n e x p e n se s___
In to re st o n c o lla te r a l n o te s and b o n d s
In terest o n c o lla te r a l loan s. A c _______
M is c e l. ch a rg e s, in c lu d in g ta x e s, A c .
W r it in g o f f d isco u n t o n s e c u r itie s____
D iv s . o n p r o f, p a id A a c c r . in t. t o d a to
C o m m o n s to c k d iv id e n d ( c a s h ) . . 2 %
do
do
s t o c k an d s c r ip 2 %

$1,319,823

$ 1 ,3 6 7 ,1 6 5

$ 1 ,2 0 7 ,1 7 9

$11 6,65 4

$15 9,30 4

$5 4 ,0 0 0

3 64 ,486

127,233

139,694

60,661

3 7 ,5 0 0

114,900

9 3 ,5 8 7

98,043
3 4 ,8 2 5

100,116
2 6 ,7 9 6

$1,955,211
$19 4,92 2
5 50 ,939
124,434
4.3,314
9 5,000
72 0 .0 0 0
___
____
192,977
193,009

$ 1 ,8 2 4 ,0 6 9
$ 17 0,34 4
4 2 4 ,3 7 5
115,852
86,91.3
90,000
645 ,862
142,130
_______

$ 1 ,6 4 2 ,6 8 6
$13 5 ,5 7 2
3 28 ,576
122,121

5 5 ,1 3 2
8 5 ,000
599,062
_______

T o t a l d e d u ctio n s , Incl. d i v i d e n d s .. $ 2 ,1 1 4 ,5 9 5 $ 1 ,6 7 5 ,4 7 6 $ 1 ,3 2 5 4 6 2
B a la n ce fo r y e a r s e n d . A p r . 3 0 ...d o f .$ 1 5 9 .3 8 4 s u r .$ l4 8 ,5 9 3 s u r .$ 3 1 7 ,2 2 4
A s t o p re fe rre d d iv id e n d p aid Jun o 1 1918 In 10-yoar 6 % in torest-b oa rin g
c e r tific a te s , see V . 106, p . 2123.
C O M B IN E D E A R N IN G S OF T H E S E V A R IO U S S U B S I D I A R Y OPER­
A T I N G P R O P E R T IE S FOR Y E A R S E N D I N G A P R I L 3 0 .
„
.
1917-18.
1916-17.
1915-16.
$ 9 ,0 2 0 ,2 1 6 $ 8 ,0 9 1 ,1 4 9
G ro ss e a r n in g s -------------------------------------- $ 1 2 ,1 5 7 ,1 2 2
N o t earns, (a fte r o p e r . o x n . A t a x e s ). $ 3 ,5 9 4 ,4 3 2
$ 3 ,5 0 2 ,7 5 6 $3 ,0 7 7 ,7 6 1
R e n ta ls o n loasod p r o p e r t ie s .......... ..
2 2 2 ,9 0 9
20 5 ,9 4 0
191,645
x A d d — P r o p o r tio n o f n e t earnings
a c c r u in g t o M . W . U . C o _________

$ 3 ,3 7 1 ,5 2 3

$ 3 ,2 9 6 ,8 1 6

$ 2 ,8 8 6 ,1 1 5

7 6 ,5 7 5

T ota l
...........
$ 3 ,4 4 8 ,0 9 8
D ed u ct— B o n d , d e b e n tu re , A c ., ln t.
c h a rg e s p a id o u ts id e h o ld e r s _______ $ 1 ,7 1 5 ,1 9 0
Y e a r ly a m o rt, o f d ls c ’ t o n s e c u r s . .
77,167
D iv s . o n s tk . a n d p r o p o r . o f und is­
tr ib u te d earn s, t o o u ts id e h o ld e rs
389,971

$3 ,2 9 6 ,8 1 6

$ 2 ,8 8 6 ,1 1 5

$1 ,4 8 5 ,7 5 6
3 6 ,558

$1 ,3 3 9 ,4 1 2
.2 4 ,6 4 2

2 94 ,829

5,093

T o t a l earn in gs a c c r u in g t o M id d lo
W est U tilitie s C o ............... ..............$ 1 ,2 6 5 ,7 7 0 y $ l,4 7 9 ,6 7 4

$ 1 ,3 1 5 ,9 6 8

x R ep resen ts p r o p o r tio n o f n et earnings a c c r u in g t o M id d lo W e s t U tilitic s C o . fro m co n s tr u c tio n a n d o p e ra tin g co m p a n ie s, n o t p r e v io u s ly re p o r te d .
y F ro m th o a b o v e a m o u n t S I .4 79 .674 in 1916-17, th e M id d lo W e st U tili­
tie s C o . r e ce iv e d a n d a ccru e d $56 4 ,7 8 9 as intorest o n b o n d s a n d d o b o n tu re s ,
$ 1 7 3 ,6 2 9 as interest an d b ro k e ra g e o n m o n o y a d v a n c e d , an d $60 0,07 1 as d iv ­
id e n d s o n s to c k s a n d th e b a la n co , $ 14 1,18 5, ca rrie d to th e agg re g a te su rp lu s
a c c o u n ts o f s u b . c o s . o n th e ir o w n b o o k s .

THE CHRONICLE

June 22 1918.]

B A L A N C E S H E E T A P R I L 30.
1918.
1917.
1918.
1917.
Liabilities—
S
$
Assets—
$
$
Com m on stock___y9 ,784,900 9,593,700
Secur., plants, con­
11,062
Com . stock s c r ip ..
8,353
tracts, good-w ill,
& c. (book val.)x333,524,715 29,240,778 Preferred stock___12 ,000,000 12,000,000
980,250
A d v. to sub. cos__2 2,752,721 2,190,815 Collateral lo a n s .. 1 ,871,750
3-year coll. notcs.r2 ,782,100
Advances on un­
closed contracts.
114,130
358,876 lO-yr. 6 % coll.bd s.z7 ,672,300 7,622,200
D ef'd paym 'ts on
In t. accrued, but
purch. contracts 1 ,295,626
541,653
250,085
209,377
not due, & c____
A cc'ts payable,& c.
31,500
13,389
Cash to rctlro 6 %
14,305 P ref.dtv.,& c.,accr.
291,473
143
210,225
coll, notes, & c ..
502,509, Surplus
487,143
,387,566 1,546,950
Cash In banks, & c.
T o t a l . . . ............37,128,937 32,518,7201 T o t a l ...................37,128,937 32,516,720
r Secu red b y d e p o s it o f b o n d s , n o te s a n d d e b e n tu re s o f su bsid iaries o f
th o p a r va lu e o f $ 4 ,2 0 0 ,0 0 0 (an d Is s ta te d a fte r d e d u ctin g $ 7 1 7 ,9 0 0 n o te s
In tre a s u ry ).
X A ft o r d e d u ctin g $ 42 5,00 0 reserve again st d is c o u n t o n c o m p a n y ’s ow n
s e c u r itie s , & c ., p r o v ld o d o u t o f in co m e t o d a te , y A ft o r d e d u cg ln g $ 14 8,90 0
h eld In trea su ry , z S ecu red b y d e p o s it o f b o n d s o f s u b . c o s . (p a r v a lu e
$ 9 ,2 1 0 ,4 0 0 ) a n d d e p o s it o f th eir c a p ita s to c k s (a n d is s ta te d a fte r d e d u ctin g
$ 4 0 ,2 0 0 b o n d s in tre a s u ry ).
C o n tin g en t lia b ility in resp ect o f u n d e rw ritin g c a p ita l s t o c k , & c ., $ 2 4 4 ,7 1 0 .— V . 106, p . 2 12 3. 1936.

United States Realty & Improvement Co., New York.
{Report fo r Fiscal Year ended A p ril

30 1918.)

Pros. Laurence McGuire, N . Y ., M ay 29, wrote in subst.:
In com e.— T h e n et in c o m o fo r th o y e a r a m o u n ts t o $ 7 7 5 ,4 2 1 , a n increase
o f $28 2 ,0 2 9 o v e r th o p rocod in g y e a r.
Productive R eal Estate.— W h ile th o gross in c o m o fr o m p r o d u c t iv e real
esta te sh ow s an in crea so, taxes, o p e ra tin g a n d general m a in te n a n ce c o s t
h a v e in crea sed s o ra p id ly th a t th o n e t in c o m o fro m th is s o u rco h as n o t

increased.

L ea ses e xp irin g a t A p ril 30 1918 h a v o be e n renew ed a t an in cre a se d ron tal,
w h ic h w ill, in p a r t, te n d t o relieve th o c o n s ta n tly in cre a sln g * co st o f taxes
a n d o th e r o p e ra tin g expenses.
E a ch y e a r brin gs a n in crea sed real estate
ta x an d it is gen era lly c o n c e d e d th a t s o m e d e fin ito a c tio n m u st b e tak en in
th e near fu tu r e t o secu re sou rces o f ro vo n u o o th e r th a n fro m real c s ta to t o
m o o t th o g r o w in g c o s t o f S ta te an d m u n icip a l g o v e r n m e n ts .
W h e n S tate
a n d c it y ta x a tio n is m o r o e q u ita b ly d is trib u te d a n d c o s t o f o p e r a tin g returns
t o a n orm al basis, rental values m a y b e p r o p e r ly a d ju s te d a n d th o net
in c o m o fro m p r o d u c t iv e real e state b e c o m e m u c h m o re s ta b le .
U nproductive Real E state.— T h e c o s t o f ca r r y in g th o u n p r o d u c tiv e real
c s ta to r eflects th o a b n orm a l in crea se in taxes, a n d w ore it n o t f o r th o fa c t
th a t o n e large p r o p e r ty h a d been leased, th o c o s t o f c a rry in g u n p ro d u c tiv e
p r op erties w o u ld h a v o sh ow n a fu rth e r m aterial in crea se. O w in g t o th e
u n p rccoclon ted c o n d itio n s it has n o t be e n p o ssib le t o d is p o s e o f , o r lm p ro v o ,
a n y o f theso p rop erties.
In vestm ents.— T h e retu rn fro m in v e stm e n ts in secu rities o f o th o r c o m ­
p a n ies has boon o n th o w h ole s a tisfa c to r y .
Subway Contracts.— Y o u r c o m p a n y 's c o n tr a c ts w ith th o C it y o f N e w Y o r k
fo r th o b u ild in g o f throo s ection s o f th o du a l s u b w a y s y s to m are p r a c tic a lly
c o m p le te d . T h o es tim a ted loss o n those c o n tr a c ts a t A p ril 30 1917, in­
c lu d e d In last y e a r ’s re p o r t, w as $ 2 ,9 5 4 ,0 0 0 . W ith th o w o rk s u b s ta n tia lly
fin ish ed an d th o greater p a rt o f p r o p e r ty d a m a g o an d o th e r cla im s a d ju s te d ,
th o to ta l loss is n ow estim a ted t o b o w ell w ith in th o a m o u n t h e r e to fo r e set
asid e fo r c o m p le tio n .
A s an o ffs e t t o this loss th o c o m p a n y has su b sta n tia l
cla im s w h ich w ill b o d u ly su b m itte d fo r se ttle m e n t t o th o p ro p e r a u th o ritie s
rop reson tin g th o C it y o f N o w Y o r k .
Construction Contracts o f George A . F uller C o.— T h o G o o rg e A . F u ller C o .
on A p ril 30 1917 had on h an d u n fin ish ed business agg re g a tin g $ 2 4 ,3 8 5 ,2 7 7 ,
in c lu d in g o n ly $10 0 ,0 0 0 o f G o v e rn m e n t business. T h e new business taken
d u rin g th o y o a r on d od A p ril 30 1918 a m o u n te d t o $ 4 8 ,6 0 1 ,9 6 4 , v iz .:
G o v e rn m e n t c o n tr a c ts , $ 1 5 ,6 3 8 ,2 4 0 ; C a ro lin a S h ip b u ild in g C o r p ., 8 2 0 ,­
5 1 4 ,0 0 0 ; o th ers , $ 1 2 ,4 4 9 ,7 2 4 . T h o w o rk e x e cu te d e m b ra ce d fo r th o G o v ­
ern m en t $ 1 4 ,6 7 2 ,1 8 5 , and fo r o th e rs, $ 1 9 ,6 9 3 ,6 8 5 ; to t a l, $ 3 4 ,3 6 5 ,8 7 0 . T h o
u n fin ish ed business A p ril 30 1918, th e re fo re , In clu ded: C a ro lin a S h ip b u ild in g
C o r p ., 8 2 0 ,5 1 4 ,0 0 0 ; G o v e rn m e n t, $ 1 ,0 6 6 ,0 5 5 ; o th e rs , $ 1 7 ,0 4 1 ,3 1 5 : t o t a l;
$ 3 8 ,0 2 1 ,3 7 0 .
I n clu d e d in tn e fo re g o in g w ere c o n tr a c ts fo r th o U . S . G o v e rn m e n t in
c o n n e c tio n w ith th o w ar p r o g r a m , a m o u n tin g in all t o $ 1 5 ,7 3 8 ,2 4 0 .- A ll
o f th is w o rk w as d o n e u n d er a c lo so m a rg in . A sim ilar a m o u n t o f w o rk fo r
p r iv a to in terests w o u ld h a v o u n d o u b te d ly resu lted in a m u c h larger net
rotu rn t o y o u r c o m p a n y .
In c lu d e d in th eso c o n tr a c ts w as o n e fo r th o
b u ild in g o f C a m p F u n ston a t F o r t R ile y , K a n ., w h ich c o s t $ 7 ,8 4 3 ,0 0 0 ,
In clu din g a fix e d fee o f $2 5 0 ,0 0 0 .
T h o co m p le tio n o f th o c o n tr a c ts fo r th e C o m m o d o r e an d th o P e n n s y lv a n ia
h otels in N o w Y o r k C it y has been s o m e w h a t d e la y e d b ecau so o f G o v e r n ­
m e n t w ar priorities c o v e r in g stru ctu ra l m a te ria l. T h o w o rk , h o w o v e r , o n
th ose tw o c o n tr a c ts Is n ow p rogressin g fa v o r a b ly a n d n o fu rth e r seriou s
d e la y s are a n tic ip a te d .
Carolina Shipbuilding C orporation.— In A p ril 1918 th o C a ro lin a Ship,bu ild ln g C o r p o r a tio n , a now s u b sid ia ry c o m p a n y , org a n iz e d fo r th o p u rp o so
o f bu ild in g sh ips, en tered Into an a g e n c y c o n tr a c t w ith th o U . S. S h ip p in g
B o a rd E m erg en cy F lc o t C o r p o r a tio n fo r tho c o n s tr u c tio n an d e q u ip m e n t
o f p la n t, and bu ild in g tw o lv o 9 ,5 0 0 -to n stool sh ips. T h o y a r d is a t W il­
m in g to n , N . C . , w ork o n w h ich is n o w u n d er w a y . T h o c o n t r a c t p r lco is
$ 2 0 ,5 1 4 ,0 0 0 , w h ich in clu d es a fix e d fo o a n d In a d d itio n a p a r ticip a tio n in
a n y r a v in g realized ( V . 106, p . 2 3 5 0 ).
Subway C onstruction in N .
C ity.— W ith th a c o m p le tio n o f th e c o n ­
t r a c t fo r three section s o f th e d u a l s u b w a y s y s te m , th a t p o r tio n o f th e c o m ­
p a n y ’s in co m o w h ich has o f n e ce s s ity been a p p lie d t o m e e t th o u n fo r tu n a te
losses o c c a s io n e d w ill n o w b o a p p lic a b le t o th o b e tte rm e n t o f th e c o m p a n y ’s
w ork in g assets an d th o r ed u ctio n o f its liab ilities.
Outlook.— It is estim a ted th a t th o in c o m o fro m th e c o m p a n y ’s im p r o v e d
p rop erties a n d in v estm en ts fo r th o cu rro n t y e a r w ill b o s u ffic ie n t t o m eet
all ch arges, in clu d in g in terest o n its d o b e n tu ro b o n d s.
W ith th e a d d itio n a l w o rk w h ich m a y re a so n a b ly b o o x p e c to d t o c o m e t o
th o G eorg e A . F u ller C o ., y o u r c o m p a n y s h o u ld a ch tovo a s a tis fa c to r y
resu lt fo r th e c u rre n t y e a r.

Y.

S T A T IS T I C S O F T I I E GEORGE A . F U L L E R CO. FOR A P R I L 30 Y E A R S .
— U n fin ish ed B u siness— N ew B u sin 's W ork E xec.
A p r . 3 0 ’ 18. A p r . 3 0 '1 7 . Y ea r '1 7-1 8. Y ea r '1 7 -1 8 .
$ 1 ,0 6 6 ,0 5 5
$ 1 0 0 ,0 0 0 $ 1 5 ,6 3 8 ,2 4 0 $ 1 4 ,6 7 2 ,1 8 5
G o v e r n m e n t - - - .......... ..
Carolina Shipbldg.Corp. 2 0 ,5 1 4 ,0 0 0
--------------2 0 ,5 1 4 ,0 0 0
__________
O t h e r s ---------------------------- 17 ,0 4 1 ,3 1 5 24,2.85,277
12,119,724
1 9 ,6 9 3 ,6 85
T o t a l -------------------- - - - $ 3 8 6 2 1 .3 7 0 $ 2 4 ,3 8 5 ,2 7 7 $ 4 8 ,6 0 1 ,9 6 4 $ 3 4 ,3 6 5 ,8 7 0
U nfin ish ed business A p ril 30 1917---------------------------------------------------$ 2 4 ,3 8 5 ,2 7 7
N o w business 191 7 -1 8 .............- ______ _______ _______ _______________ 4 8 ,6 0 1 ,9 6 4
T o t a l ................................................................................................................. $72 ,9 8 7 ,2 4 1
D educt— W o r k e x e c u te d ........................................................ ....................... 3 4 ,3 6 5 ,8 7 0
U n fin ish ed business A p ril 30 191 8..................................... ....................... $ 3 8 ,6 2 1 ,3 7 0
C O N S O L ID A T E D I N C O M E A C C O U N T Y E A R E N D I N G A P R I L 3 0 .
(I n c h U nited Slates Realty A Im p t. C o. and George A . F u ller C o.)
1917-18.
191 6-1 7.
191 5-1 6.
1914-15.
I n c o m o fro m In vestm en ts—
R ea l e s t a t e ---------------]
S e cu rity o f re a lty c o s [x $ 1,006,394 $ 1 ,7 8 7 ,9 6 6 $ 1 ,6 1 4 ,6 7 0 $ 1 ,7 4 4 ,5 6 6
O th or s to c k s & bon d s)
B u ild in g , & c ., c o n tr a c ts 1 .3 8 8 ,2 6 0
50 4 ,9 0 3
9 8 6 ,1 6 8
1 ,1 3 7 ,5 9 4
M is c e lla n e o u s ___________
2 2 ,5 2 0
139 ,474
--------------2 2,344
T o t a l in c o m e ----------------- $ 2 ,4 1 7 ,1 7 4 $ 2 ,4 3 2 ,3 4 3 $ 2 ,6 0 0 ,8 3 8 $ 2 ,9 0 4 ,5 0 4
D ed u ction s— •
In terest p a id & a c c r u e d — -----I
In terest on loa n s. Sec—
$16 0, t 0.3)
$ 7 5 7 ,6 7 2
$ 8 4 2 ,7 7 7
$81 2 ,7 6 9
F x p . o f u n p ro d . real o s t .
73,561 J
D e p r c c 'n o f b u ild in g s ,& c
4 0 ,7 4 6
3 9 ,1 3 7
5 9 ,8 5 2
5 8 ,094
G en eral & c o r p . expen ses
7 7 0 ,1 5 2
5 4 5 ,6 4 2
500 ,861
6 29 ,005
T o t a l d e d u c t io n s -------$ 1 ,0 4 5 ,2 5 3 $ 1 ,3 4 2 ,4 5 1
$ 1 ,4 0 3 ,4 9 0
$ 1 ,4 9 9 ,8 6 8
N o t I n c o m o _______________ $1 ,3 7 1 ,9 2 1
$ 1 ,0 8 9 ,8 9 2 $ 1 ,1 9 7 ,3 4 9
$ 1 ,4 0 4 ,6 3 6
596 ,500
I n t. o n d o b e n tu ro b o n d s
59 6 ,5 0 0
5 9 6 ,5 0 0
59 6 ,5 0 0
( 2 ^ ) 3 6 3 ,6 6 3
D iv id e n d s
S u r p l u s .........................
$775,421
$ 4 9 3 ,3 9 2
$ 6 0 0 ,8 4 9
$44 4 ,4 7 3
x In clu d es p r o d u c tiv e real e s ta te — In c o m o , $ 1 ,2 3 9 ,6 2 0 ; less m o rtg a g e s
t h c r o o n , $ 6 4 0 ,7 5 9 ; b a L , $ 5 9 8 ,8 6 1 , a n d $40 7 ,5 3 3 all o th o r In vestm en ts.




2647

C O N S O L ID A T E D B A L A N C E S H E E T A P R I L 3 0 .
A ssets—
1918.
1917.
R e a l e sta te a n d b u ild in g s .................................................. $ 3 5 ,7 9 4 ,0 9 3 $ 3 5 ,7 9 4 ,0 9 2
L ess m o rtg a g e s t h e r e o n ______________________________ 1 4 ,2 7 3 ,0 0 0 1 4 ,4 4 3 ,0 0 0
L ess reserve fo r d e p r e c ia tio n o f b u ild in g s _______
5 7 8 ,4 9 6
5 42 ,753
B a la n c o ................
$ 2 0 ,9 4 2 ,5 9 6 $ 2 0 ,8 0 8 ,3 3 8
O th er real e state in v e s t’ ts r e p re se n te d b y secu rities
o f o r a d v a n ce s t o c o n tr o lle d o r a ffilia te d c o s -------- 7 ,8 9 1 ,0 9 8
8 ,0 5 7 ,2 9 3
L oa n s o n m o r tg a g e ___________________________________
6 8 ,0 0 0
1 68 ,000
N e w Y o r k C it y c o r p o r a te s t o c k -------------------------------110,851
8 3 6 ,0 2 9
In v e s tm e n ts in o th e r s to c k s a n d b o n d s _____________
.562,503
58 2 ,6 0 2
T o t a l --------------------------------------------------------------------------$ 2 9 ,5 7 5 ,0 4 9 $ 3 0 ,4 5 2 ,2 6 2
Less— E stim a te d sh rin k age in v a lu e o f th e a b o v e
real e state & in v e s t ., in c l. in th e d e f ic ie n c y b e lo w
s h o w n as c a p ita l assets a d j u s t ., A p ril 30 1917,
$ 9 ,5 5 6 ,0 9 7 , less Item s w ritte n o f f (n e t ), $ 1 0 0 ,6 7 6 9 ,4 5 5 ,4 2 1
9 ,5 5 6 ,0 9 7
T o t a l c a p ita l a ssets...................
$ 2 0 ,1 1 9 ,6 2 7 $ 2 0 ,8 9 6 ,1 6 5
B u ild in g , p la n t, e q u ip m e n t, m a terials, & c --------------- $ 2 6 1 ,0 3 9
$ 2 6 7 ,4 9 8
D efe rre d o p e r . ch a rg e s, u n o x p ire d in su r. & t a x e s . 2 0 6 ,2 9 5
2 1 0 ,2 3 4
B ills re c e iv a b le , $ 5 0 4 ,5 8 8 , a g s t. $ 2 3 4 ,7 0 0 in 1917;
a c c o u n ts re c e iv a b le , $ 4 8 4 ,0 6 4 , a g s t. $ 30 6,69 1 in
1917; in te re st a n d d iv id e n d s a c c r u e d , $29 ,6 8 2 ;
82 0 ,2 5 7
t o t a l. $ 1 ,0 1 8 ,3 3 4 ; less re serve, $ 1 9 8 ,0 7 7 ...............
4 7 3 ,3 7 7
C a sh a t ban k s o r o n h a n d _________________________
92 0 ,1 6 3
9 3 6 ,9 0 0
C h arges aga in st b u ild in g c o n t r a c t a c c o u n t s , less
p a y m e n ts re c e iv e d (in 1918) o n a c c o u n t , a g s t. (in
1917) in a d v a n c e ----------------------------------------------------1 ,4 4 5 ,4 3 7
1 21 ,865
D e fic ie n c y : C a p ita l asset a d ju s tm e n t t o c o v e r
estim a te d sh rin k age in v a lu e d e d u c t e d a b o v e ___ a 8 ,4 3 7 ,8 5 0
9 ,2 1 4 ,8 8 6
T o t a l ............. ..............................................
$ 3 2 ,2 1 0 ,6 6 8 $ 3 2 ,1 2 0 ,9 2 5
L iabilities—
C a p ita l s to c k issu ed (a u th o riz e d . $ 3 0 ,0 0 0 ,0 0 0 )- - .$ 1 6 .1 6 2 ,8 0 0 $ 1 6 ,1 6 2 ,8 0 0
D e b e n tu re b o n d s ______________________________________ 1 1 ,9 3 0 ,0 0 0 1 1 ,9 3 0 ,0 0 0
L o a n s o n m o r tg a g e (d e d u c te d fr o m real e state)
n o t in c lu d e d in to ta l $ 1 4 ,2 7 3 ,0 0 0 in 1918 aga in st
(see c o o t r a )
$ 1 4 ,4 4 3 ,0 0 0 in 1917 (see c o n t r a ) ------------------------2 ,2 0 0 ,0 0 0
B ills p a y a b le (p a r tly s ecu red b y c o ll a t e r a l ) ............ 2 ,6 8 6 ,1 6 4
4 4 6 ,2 5 3
2 7 1 ,4 7 0
A c c o u n ts p a y a b le ____________________________________
74 5 ,2 1 7
70 4 ,1 4 6
T a x e s a n d in terest a c c r u e d _________________________
E s tim a te d b a la n ce t o c o m p le te s u b w a y c o n t r a c t s .
164 ,215
E s tim a te d loss o n s u b w a y c o n t r a c ts (see b e lo w ),
$ 2 ,9 5 4 ,0 0 0 ; loss loss t o d a to , $ 2 ,1 5 9 ,7 0 4 ........ .............................
7 9 4 ,2 9 6
R e n ts re c e iv e d in a d v a n c e , & c ______________________
14,229
9 ,7 3 7
R e s e rv e fo r a c c id e n t a n d p la te glass in s u r a n c e _____
6 1 ,7 9 l
4 8 ,4 7 7
T o t a l ......................................................................................... $ 3 2 ,2 1 0 ,6 6 8 $ 3 2 ,1 2 0 ,9 2 5
a A ft o r cr e d itin g $ 1 ,6 1 5 n e t a d d itio n s .— V . 106, p . 2 35 0.

Fisher Body Corp. and Subsidiary Company, N. Y.
{R e p o r t f o r F i s c a l Y e a r e n d in g A p r i l 30 1918.)
C O M B IN E D I N C O M E A C C O U N T FOR Y E A R S E N D IN G A P R I L 30.
N o t earnings an d In com e fro m o p e r ., a fte r d e d u c t 191 7-1 8
1 91 6-1 7
in g all expenses o f th e business, e x p e n d , fo r re­
pairs an d m a in te n a n ce o f th e p ro p e rtie s a n d an
a d e q u a te a llo w a n ce fo r accru in g ren e w a ls a n d
d e p r e c ia tio n _______________________________________ a $ 4 ,35 2 ,0 7 8
$ 2 ,8 7 6 ,4 0 7
D ed uct— In terest ch a rg e s___________________________
203,111
9 6,619
B a la n co , n e t in co m e fo r years e n d in g A p ril 3 0 ___ $ 4 ,1 4 8 ,9 6 7
$ 2 ,7 7 9 ,7 8 8
D ed uct— P r o p o r tio n a ccru e d t o A u g . 21 1916, th e
d a te o f in c e p tio n o f F isher B o d y C o r p ------------------------615 ,043
P r o v . fo r F ed era l taxes an d C a n a d ia n business
1 .2 9 4 ,4 8 6
_______
p r o fits w ar ta x e s__________________________________
B a la n co , be in g n e t in c o m e o f th e F ish er B o d y C o r p . $2 ,8 5 4 ,4 8 1
$ 2 ,1 6 4 ,7 4 5
D educt— D iv s . d e cla re d an d p a id o n p re f. s t o c k - - (7 % )3 2 6 ,3 0 5 (5 £ 0 2 6 2 ,500
B a la n ce , su rplu s, fo r y e a rs e n d . A p ril 3 0 _______ $ 2 ,5 2 8 ,1 7 6 $ 1 ,9 0 2 ,2 4 5
a In clu d os in 1917-18 $ 4 ,1 0 9 ,0 2 4 fro m b o d y p la n ts a n d $ 2 4 3 ,0 5 4 fro m
a e ro p la n e d iv isio n .
*
C O N S O L ID A T E D B A L A N C E S H E E T A P R I L 30 (I N C L . S U B . C O S .).
A ssets—
1918.
1917.
P ro p e rtie s a n d p la n t __________________________________ x $ 7 ,0 5 5 ,1 5 6 $4,8.39,704
P a t e n t s . ................
2 5 0 .0 0 0
2 5 0 ,0 0 0
I n v e s tm e n ts __________________________________________
y l 6 2 ,4 9 2
_______
R a w m aterial a n d supplies (a t c o s t ) ---------, ............. -1 z 6 ,3 3 3 ,3 9 6
f 2 ,6 0 5 ,9 0 2
W o r k in progress (a t c o s t ) .................................. ............../
\ 1,7 15,700
M a r k e ta b le s e c u r it i e s ..-------------------------------------------* 203 ,225
A c c o u n ts r e c e iv a b le _________________________________
2 ,7 3 1 ,5 6 5
1 ,8 2 1 ,0 4 6
E q u it y in 2 ,5 0 0 shs. o f F isher B o d y C o r p . p re f.
s to c k ca rrie d f o r c o m p a n y ’s a c c o u n t ------------------------------5 ,2 1 8
C a s h ______________
2,95 1 ,3 6 1
75 0 ,3 4 4
P rep a id taxos, & c ___________________________________
7 2 ,584 _____________
3 5 ,5 1 3
T o t a l .................................................
$ 1 9 ,7 5 9 ,7 8 0 $12 ,0 2 3 ,4 2 8
Liabilities—
7 % c u m u la tiv e preferred s t o c k . .....................
r $ 4 ,7 1 4 ,0 0 0 $ 5 ,0 0 0 ,0 0 0
B a l. represented b y 2 00 .000 sh . c o m . s t k . (n o p a r ) .
2 , 111,,325
2,111 325
B a n k lo a n s _____________________________
2 ,6 8 4 ,5 5 4
1 ,4 8 0 ,0 0 0
A d v . b y U . 8 . G o v t , o n a erop la n e c o n tr a c t, less
a m o u n t r e p a id _____________________________________
1 ,9 4 4 ,9 3 3
----------N o te s secu red b y m o rtg a g e assu m ed ------------------------------------------3 0 0 ,0 0 0
T r a d e cr e d ito r s _____________________________________
2 ,1 0 6 ,6 3 8
1 ,0 0 4 ,4 3 3
5 9 ,5 6 8
----------O th er a c c o u n ts p a y a b lo --------------------M isce lla n e o u s ___________
28 8 ,1 9 4
2 25 ,424
P r o v . fo r F e d 'l taxes & C a n . bu s. p r o f, w a r t a x e s . .
1 ,5 4 1 ,0 0 0
_______
S u r p lu s ........................................................................................ s 4 .3 0 9 .5 6 8
1 ,9 0 2 ,2 4 5
T o t a l ......................................................................................... $ 1 9 ,7 5 9 ,7 8 0 $ 1 2 ,0 2 3 ,4 2 8
x In clu d es la n d , bu ild in gs, m a c h in e r y , to o ls , dies, p a tte rn s, & c ., e q u ip ­
m e n t, a pp ra ised Jun o 30 1916. plus s u b se q u e n t a d d itio n s a t c o s t, $ 7 ,6 5 9 ,­
327 ($ 6 ,1 5 7 ,7 2 6 b o d y plan ts an d $1 ,5 0 1 ,6 0 1 aero p la n e d iv is io n ), less rese rv e
fo r d e p re cia tio n . $60 4,17 1; b a la n co as a b o v o , $ 7 ,0 5 5 ,1 5 6 .
y R ep resen ts 2.1 1 0 shares o f p re f. s to c k o f th o co m p a n y pu rch a sed in an ­
tic ip a tio n o f retirem en t o n A u g . 1 1918. z In clu d o s in 1918 $ 5 ,1 4 8 ,7 6 8
hotly plan ts an d $ 1 ,1 8 4 ,6 2 8 a e ro p la n e d iv isio n a t b o o k figu res.
* In clu d e s
$ 1 5 1,82 5 U . 8 . T re a su ry c t fs . o f d e p o s it a n d a c cru e d in terest t o d a te o f
pu rch ase, $ 5 0 ,0 0 0 ; D o m in io n o f C a n a d a V ic to r y b o n d s a t p a r a n d $ 1 ,4 0 0
m iscella n eou s, r A fte r d e d u ctin g in 1918 $ 2 8 6 ,0 0 0 shares r e tire d A u g . 1
1917. s A fte r a d d in g $ 22 ,665 su rplu s arising fr o m re tire m e n t o f p r e f.
s to c k a t a d is co u n t an d d e d u ctin g $ 1 4 3 ,5 1 8 p r o v is io n fo r F ed era l taxes
as a t A p ril 30 1917.— V . 106. p . 2 3 4 7 . 1038.

Buffalo General Electric Co.
F i s c a l Y e a r e n d in g D e c . 31 1917.)

{R ep o rt f o r

I N C O M E A C C O U N T Y E A R S E N D E D D E C . 31.
1917.
1916.
1915.
R evenues—
1914.
$28 1 ,6 9 4
$270,9511
. . . $ 27 9,85 7
...
524 ,347
38 8 ,8 3 4
28 7 ,2 9 5
8 04 ,929 $ 1 ,5 3 0 ,8 8 5
...
985 ,763
851,211
1,738,466
6 85 ,436
» ..
121,919
9 6 ,747
8 5 ,5 6 8
$3 ,3 5 6 ,9 5 3 $ 2 ,1 3 4 ,1 8 0 $ 1 ,5 3 0 ,8 8 5
...$ 4 ,2 0 9 ,7 1 9
...$ 1 ,6 3 8 ,8 6 3
$ 1 ,3 1 3 ,2 1 6
$695,3111
500,641
...
7 62 ,779
6 52 ,949
$94 2,36 1
8 8 ,184
5 8,360
...
9 3 ,160
144,333]
...
34 9 ,8 6 8
2 00 ,586
$ 2 ,2 5 4 ,9 3 5 $ 1 ,3 9 8 ,6 4 5
$942,361
...$ 2 ,8 4 4 ,6 7 0
$ 1 ,1 0 2 ,0 1 8
$ 73 5,53 5
$ 58 8,52 4
...$ 1 ,3 6 5 ,0 1 9
D iv id e n d s re ce iv e d
4 5 ,084
36,084 |
4 3 ,3 5 4
...
4 8 ,0 8 4
7 8 ,904
17,366
In te re st a n d r e n t . .
...
6 6 ,624
$ 1 ,2 2 6 ,0 0 7
$78 8 ,9 8 5
$ 63 1,87 8
...$ 1 ,4 7 9 ,7 5 7
$ 43 6,47 8
$25 7,72 4]
. . . $55 8,75 4
4,1 3 0
7 .9 4 0
$17 8 ,1 5 4
O th cr in te re s t.
...
2 3 ,810
3 2.892
9 8,675
...
9 8 ,675
(6 )2 99,151
( 6 )2 4 4 ,5 0 0 ( 5 ^ )2 0 4 ,8 2 0
. ( 6 $4)374 ,335
T o t a l d e d u ctio n s _____ $ 1 ,0 5 5 ,5 7 4
B a la n co , s u rp lu s................. $42 4,18 3

$ 83 8,43 5
$38 7,57 2

$ 54 3,05 6
$24 5 ,9 2 9

$ 38 2,97 4
$ 24 8,90 4

B A L A N C E S H E E T D E C E M B E R 31.
1917.
1917.
1916.
Liabilities—
S
Assets—
$
$
Capital stock _____ 5,545,700
Real estate, bldgs.,
First mtge. bon d s. 2,375,000
m ach., dlstrlb’n
system , & c ____ 19,384,348 15,547,178 1st M . bonds. Cat.
Pow .& C ond.C o. 1,225,000
Investm en ts_____ 1,025,340
935,340
1st ref. M . bonds. 7,029,000
Sink, fund for pay­
C on v. deb. b o n d s. 4,400,000
ment o f Cataract
296,496
P . A C . C o. bds.
118,104 179,017 Accounts payable25,000
C ash......................... 2,456,406 1,696,245 N otes payable____
80,819
Accounts recelv'lo.
501,493
451,603 Consumers’ depos.
Interest a ccru e d ..
383,931
Special deposit for
161,368
bond lnt. accr’d .
225,987’
227,759 Taxes, & c., accr’ d.
M aterials & su p p .
458,940
340,311 Acer, am ort, cap’l. 1,558,927
270,119
Prepaid taxes, & c.
112,556
104,702 Other reserves____
S u rp lu s__________ £>931,814

1916.
$
5,545,700
2.375.000
1.384.000
7.029.000
269,381
25,000
64,307
273,701
43,929
1,483,557
196,159
792,421

T o t a l .................. 24,283,174 19,482,155
T o t a l .................. 24,283,174 19.482,155
a A fte r d e d u ctin g $1 3 1 ,0 5 8 a d d itio n a l a p p ro p r ia tio n fo r d e p r e c ia tio n o f
p r o p e r t y , $13 6 ,8 4 8 d is c o u n t an d expon ses o n sale o f $ 4 ,4 0 0 ,0 0 0 F irst R e f.
M t g e . b o n d s a n d $ 1 6 ,8 9 4 s u n d ry ite m s (n e t ).— V . 106, p . 1128, 502 .

GENERAL INVESTMENT NEWS.

RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama
Great Southern RR.— Semi-Annual Dividends.
A sem i-an n u al d iv id e n d o f 3 % has b e e n d e cla re d o n th o $ 3 ,3 8 0 ,3 5 0 o u t­
s ta n d in g p referred s t o c k , p a y a b lo A u g . 28 t o h o ld e rs o f r e c o r d J u ly 20 an d
a ls o a d lv id o n d o f 3 % o n th o $ 7 ,8 3 0 ,0 0 0 o u ts ta n d in g c o m m o n s t o c k , p a y ­
a b lo Ju n o 29 t o h old ors o f r e c o rd Ju n o 17. In Ju n o a n d D e c . 1916 a n d 1917
ex tra som l-an n u al d iv id e n d s o f H o f 1 % o n th o p re fe rre d s t o c k a n d oxtras
o f 1 % o n th o c o m m o n s to c k w ere p a id , m a k in g th o ra te p e r a n n u m o n b o th
cla sses 7 % . k■
. .. .. . ..
j ' ■ ■■— ■. --r 4 u a r t■- -. uum-. „ i u i w
..•■rsi. ■-mt-i. ..• ~

Aurora Elgin & Chicago RR.— Interest Deferred.— H. C .

L a n g , S e c re ta ry & T r e a su r e r , as o f J u n o 1 4 , a d d re sse d tho
h o ld e rs o f th e $ 3 ,0 7 9 ,0 0 0 F ir s t a n d R e fu n d in g M t g e . b o n d s ,
d u e 1 9 4 6 , as fo llo w s :
T h o g r e a tly in crea sed c o s t o f e v e r y th in g en te rin g in t o th o o p e ra tio n an d
m a in te n a n c e o f th o c o m p a n y ’s p r o p e r t y d u rin g tn o p a s t six m o n th s has
m a d e it im p o s sib le fo r th o c o m p a n y t o a c c u m u la te fu n d s fo r th o p a y m e n t
o f b o n d in terest, a n d th o c o m p a n y th o re fo ro will b o o b lig e d t o d e fe r p a y ­
m e n t o f in terest m a tu rin g J u ly 1 o n its F ir s t & R e fu n d in g M o r tg a g e b o n d s.
T h e r e aro p e n d in g p ro ce e d in g s fo r in crea se o f passen ger, fre ig h t, ligh t
a n d p o w e r ra tes, w h ic h , if g r a n te d , w ill m a te ria lly in crea so th o c o m p a n y ’s
n e t in c o m e . T h o d ire cto rs a n d o ffic e r s r e ly in g u p o n hearin gs a n d c o n fe r ­
e n ces a lre a d y h a d in regard t o th ese in crea ses, b e lie v e th a t th e y w ill bo
g r a n te d a n d th a t th o y w ill e n a b lo th o c o m p a n y t o p a y su ch in te re st p rio r
t o J a n . 1 191 9.— V . 106, p . 2 4 4 9 . _____________________ _________________

[“"Atlantic Shore~Ry.— Fare Increase. —

T h is c o m p a n y has filed w ith th o M a in o P . U . C o m m is s io n a n o w sch ed u le
o f p asson ger faros t o b e c o m e o ffe c t iv o J u ly 7, ca llin g fo r an in crea so fro m
6 t o 7 c ., w ith th o e x c e p tio n o f th o z o n o b e tw e e n S a n fo rd a n d S prin gvalo,
w h ere th o fare w ill b o re d u c e d fro m 6 t o 5 c. A n increaso in th o p rice o f
t ic k e t strip s h a v in g 9 c o u p o n s is p r o p o s e d , fro m 5 0 c. t o 5 5 c.— V . 101, p .

B a lt im o r e & O h io

RR.— Application for Bonds. —

T h is c o m p a n y has a p p lie d t o th o O h io P . U . C o m m is s io n fo r perm ission
t o Issue $ 2 0 ,0 0 0 ,0 0 0 R e fu n d in g & G eneral M t g o . 5 % b o n d s t o b o so ld or
p le d g e d fro m tim o t o tim e as o c c a s io n requ ires.
I t is sta te d th a t th e c o m ­
p a n y is m erol.v ta k in g d o w n this a m o u n t o f b o n d s as a llo w e d u n d e r tho
p r o v is io n s o f th o m o r tg a g e .— V . 106, p . 2 55 9, 2449.

- B a r c e lo n a T r a c tio n , L ig h t & P o w er C o ~ L t < L —

Interest.

T h e h old ers o f th o c o m p a n y ’s b o n d s are a d v is e d th a t, o w in g t o th o w ar
s itu a tio n , th o c o m p a n y w ill n o t resum e f u ll p a y m e n t in cash o f th e interest
d u e D e c . 1 n ex t o n th e b o n d s as w as co n te m p la te d a t th o b o n d h o ld e rs ’
m e e tin g in Jun o 1915.
T h o c o m m itte o is fo rm u la tin g a p la n , th o b asis o f w h ich w ill b o th e p a y ­
m e n t in cash o f a p o r t io n o f th o in te re st co m m e n cin g D e c . I 1918, w ith
co m p e n s a tin g a rran gem en ts fo r a d e fe rre d p a y m e n t o f th o fu ll interest.
H o ld e r s o f tho in terim sc r ip issued d u rin g th o last th re e ye a rs in satisfaction
o f in terest c o u p o n s a ro requ ested t o d e fe r lo d g in g th e sam e fo r exch an g e in to
d e fin it iv e n otes. See also V . 106, p . 244 9.
________

Ry.

Bay
S ta te
S tre e t
— ¥~are Agreement Compromise
Approved by Public Service Commission.—
T h e M a ssa ch u setts P . s T c o m m is s io n has a p p ro v e d a co m p r o m is e agree­
m en t betw een th o c o m p a n y and th o rep re se n ta tiv e s o f th o a u th o rize d cities
an d to w n s, th r o u g h w h ich th o c o m p a n y o p e ra te s , as t o a re a d ju stm e n t o f
f a r e s o n a zon o system basis, as fo llo w s:
“ T h o c o m p a n y is t o sell six tic k e ts fo r 30 ce n ts , g o o d o n ly o n lo ca l rides,
b u t g o o d a t a ll tim es t o an d fro m th e c e n tro o r tran sfer p o in t in th o firs t
z on o .
N o tra n sfers w ill b o issued an d n o rid es th r o u g h ce n tre a llo w e d on
th ese tic k e ts . T h o c o m p a n y is t o sell se ve n tic k e ts fo r 50 co n ts, an d theso
a ro t o b o g o o d in e x a c tly tho sam o m a n n or t o and fr o m th o co n tro o f tho
fir s t zon o t o a n y p a r t o f th e se co n d zon e.
" N o o th e r a ll-d a y tick e ts w ill bo issued in theso t w o zon es. T h ro u g h
rid ers an d rid ers desirin g tran sfers a t th o ce n tre o f th o fir s t z o n o , as file d in
S ch edu le 7 7 , w ill p a y s ix -ce n t cash fares in tho fir s t zon o an d tw o -c e n t cash
fa re s in th o secon d zon o, m a k in g a to ta l o f e ig h t co n ts.
“ In a d d itio n t o th o a b o v e tic k e ts , th o c o m p a n y w ill e x p e rim e n ta lly a d d
th o fo llo w in g tic k e ts design ed t o b u ild u p t r a ff i c in th o ‘o ff-p e a k ’ h o u rs in
th o m id d io o f th o d a y . T h o se tic k e ts w ill b o so ld as fo llo w s:
" S ix tic k e ts fo r 25 cen ts , g o o d o n ly o n lo ca l rid es t o an d fro m th o c e n tre
o f th o fir s t z o n e . N o tran sfers o r th ro u g h rid es w ill b o a llo w e d o n theso
tick e ts .
" F o u r tic k e ts fo r 25 ce n ts, g o o d in th o sam o m an n er t o th o c o n tr o o f th o
fir s t zon o fr o m th o s econ d z o n o . T h e so ‘o ff-p e a k ’ tlck o ts w ill b o g o o d as
fo llo w s :
“ F rom 9 a. m . t o 4:3 0 p . m . o n w e e k d a ys (e x ce p t S a t u r d a y ) , s u b je c t t o
ch a n g o t o 4 p . m . in a n y lo c a lit y , i f it b e co m e s necessary on a c c o u n t o f
ch an ges in in d u stria l closin g h o u rs t o a v o id o v e r la p p in g w ith th o p e a k lo a d .
" F r o m 9 a. m . t o 6:30 p . m . S a tu rd a y s.
“ T h eso ’o f f- p e a k ’ tic k e ts w ill n o t lie g o o d o n S u n days o r h o lid a y s . N o n e
o f theso tic k e ts w ill bo gootl o n th ro u g h rid es w h ich e xten d o u ts id e th e fir s t
a n d s e c o n d z o n e s .” — V . 106, p . 2 55 9, 2343.

B lo o m in g to n & N o rm a l

Ry. &

L t . C o .—

Wages Increased•

T h is c o m p a n y has in crea sed th o w ages o f its e m p lo y e e s b y a b o u t 3>£c.
p e r h o u r .— V . 104, p . 255 .
____________ ;

Boston

&

Maino RR.— Hampden RR. Favorable Verdict.—

r C h ie f J u stico A ik en in th o S u p erior C o u r t a t S p rin gfield , M a s s ., has o r­
d e r e d a v e r d ic t in fa v o r o f th o B o s to n & M a in o R R ., in th e su it b ro u g h t
a g a in st it b y th e H a m p d o n R R . C o r p . t o r e c o v o r $ 3 ,7 9 8 ,0 0 0 d a m a g e s fo r
a lleg ed b re a k in g o f c o n t r a c t t o a c c e p t a lease o f th o H a m p d en R R ., c o n ­
s tr u c te d b y th o p la in tiff fro m B o n d s v illo t o A th o l J u n ctio n , M a s s .
It is
s ta te d th a t th o case will g o t o th o S u p rem o C o u r t fo r fin a l d e te rm in a tio n .
— V . 106, p . 2 5 5 9 . 2344
,
.............. , , ■
,
^

PvBrooklyn

[V«l . 106

THE CHRONICLE

3648

Rapid Transit

~Go.— A dvance b y " \Var~Vinance
Corporation— Refunding on Basis of 3 0 % Cash and 70% in
New 7% Notes.— It w a s a n n o u n c e d fr o m W a s h in g t o n o n

J u n e 1 9 th a t th o W a r F in a n c e C o r p o r a tio n h a d d e c id e d to
m a k e a d ire c t lo a n o f $ 1 7 ,3 2 0 ,0 0 0 to th o c o m p a n y in ord or
to o n a b le it to m e e t th e $ 5 7 ,7 3 5 ,0 0 0 6 % n o te s duo J u ly 1
n e x t.
T h e W a r F in a n c e C o r p o r a tio n w ill ta k e th e th r e e -y e a r
7 % g o ld n o te s o f th o c o m p a n y a t p ar as s e c u r ity .
> - T h e C e n tr a l U n io n T r u s t C o . , K u h n , L o e b & C o . a n d K i d ­
d e r , P e a b o d y & C o . , b y a n a d v e r tis e m e n t o n a p re c e d in g




p a g e , r e q u e s t th e h o ld e rs o f th e c o m p a n y ’ s $ 5 7 ,7 3 5 ,0 0 0 n o te s
m a tu r in g J u ly 1 n e x t to d e p o s it th e ir n o te s p r o m p t ly w ith
th e C e n tr a l U n io n T r u s t C o . , 5 4 W a l l S tr e e t, N . Y . , th o d e ­
p o s it a r y u n d o r a d e p o s it a g r e e m e n t.
N o te h o ld e r s w ill
h a v e th e o p tio n to a c c e p t fo r e a c h $ 1 ,0 0 0 n o te e ith e r o f th e
fo llo w in g o ffe r s : (a ) $ 3 0 0 in c a s h a n d $ 7 0 0 fa c o a m o u n t o f
n ow T h r e e -Y e a r 7 % S e c u re d G o ld N o t e s ; or ( b) $ 1 ,0 0 0
fa c o a m o u n t o f n e w T h r e e -Y e a r 7 % S e c u re d G o ld N o t o s .
N o t e s m a y b o d e p o s ite d u n til J u ly 1 0 1 9 1 8 a n d m u s t b o in
n e g o tia b le f o r m , w ith th e J u ly 1 c o u p o n a t t a c h e d , w h ic h
la t te r m a y b e c o lle c te d in th e u s u a l m a n n e r .
In ca se a n y co n s id e r a b le p r o p o r tio n o f th o n o te h o ld e rs w a iv o th o o ffe r
o f 3 0 % in cash th e su m a d v a n c e d b y th o W a r F in a n ce C o r p o r a tio n w ill, it
is u n d e rs to o d , b o r e d u ce d b y th a t a m o u n t.
T h o W a r F in a n ce C o r p o r a tio n has expressed its readin ess, in ca so o f th e
co n s u m m a tio n o f th o p r o p o s e d p la n , t o m a k e a d v a n ce s in p r o p e r cases t o
b a n k s, b an k ers a n d tru st co m p a n ie s , u p o n th e now n o te s o f th e c o m p a n y .
Security.— T h o n ew n o te s w ill b e secu red b y th o co lla te ra l n o w d e p o s ite d
as se c u r ity fo r th o p re se n t n o te s a n d b y $ 3 9 ,0 0 0 ,0 0 0 a d d itio n a l b o n d s o f
th o B r o o k ly n R a p id T r a n sit C o . t o b o issued u n d er a c o n s o lid a te d a n d
re fu n d in g m o r tg a g e re c e n tly a p p ro v e d b y th o s to ck h o ld e rs o f th o c o m p a n y .
T h o p r o p o s e d a d v a n c o w ill, th e re fo re , o n ly b o m a d o in caso th o h o ld ers o f
th o m a tu rin g o b lig a tio n s lo u d their c o -o p e r a tio n b y e x te n d in g a t least
7 0 % o f th eir h o ld in g s.
T h o b o a r d o f d ir e cto r s o f th e W a r F in a n ce C o r p o r a tio n lias d e te rm in ed
th a t this a p p lic a tio n presen ts an e x ce p tio n a l ca so fo r a d ir e ct a d v a n c e
w h ich co m e s w ith in th o m ean in g o f th o “ e x ce p tio n a l cases cla u s o ” c o n ta in e d
in S e ctio n 9 o f th o W a r F in a n co C o r p o r a tio n A c t .
D ir e c to rs o f th o c o m p a n y h a v o a n n o u n ce d th a t a circu la r is b o in g p r e ­
p a r e d , t o b e sen t t o h o ld e rs o f its m atu rin g n o te s w ith in a fe w d a y s a d ­
visin g th e m o f th o d e cisio n o f th o W a r F in a n ce C o r p o r a tio n a n d in v itin g
thorn t o d o p o s it th eir n o te s w ith th o C e n tra l U n ion T r u s t C o . u n d er th o
exte n sio n pla n .

W i t h re fe re n c e to th o a b o v e , th e “ N o w Y o r k T irn o s” la s t
w e e k fu r th o r s a id :
Collateral.— T h o n ow n otes h a v o n o t o n ly th o c o lla te ra l n o w d e p o s ite d as
s e cu rity fo r th o presen t n o te s , b u t also $ 3 9 ,0 0 0 ,0 0 0 o f B . l t . T . C o n s o li­
d a te d a n d R e fu n d in g M o r tg a g o 10-year 6 % g o id b o n d s. T h o in d en tu re
w ill also p r o v id e th a t th e c o m p a n y shall p le d g o a d d itio n a l b o n d s o f this
s e co n d series to an a m o u n t equ a l in fa co v a lu e t o a n y ex p e n d itu re w h ich
shall h ereafter b e m a d o o u t o f th o cu rre n t surplus earnings o f th o c o m p a n y
fo r ca p ita l p u rp o se s, an d fo r w h ich th o c o m p a n y m a y b o o r b o c o m o en titled
t o draw b o n d s fro m th o tru stee, as w ell as a n y N e w \ o rk M u n ic ip a l R a ilw a y
C o r p o r a tio n First M t g e . 5 % S in k in g F u n d g o ld b o n d s a cq u ire d b y th o
c o m p a n y w ith su ch surplus earnings.
N o D ividends D u rin g L ife o f N o tes.— In o rd o r t o co n s e rv e th o c o m p a n y s
cash assets a n d o b v ia t e th e sale o f a d d itio n a l secu rities (luring th o life o f
th o n ew n o te s , th e in d e n tu re w ill fu rth e r p r o v id e th a t w h ile th o y aro o u t ­
sta n d in g tho c o m p a n y w ill p a y n o d iv id e n d s u p o n its c a p ita l s to c k in cash
o r in secu rities o r s crip , unless su ch s e cu rity o r sc r ip shall b y its term s
ran k su b se q u e n t t o th e righ ts o f th o n o te h o ld e rs a gain st a n y o f th o assets
o f th e c o m p a n y .— V . 106, p . 2 22 7, 2 12 2.gj

Buffalo

Susquehanna RR.—

&
General Manager.—
A . M . D a r lo w , A ssista n t t o th o P resident a n d S u p e rin te n d e n t o f M o t iv e
P o w e r, has be e n a p p o in te d G en eral M a n a g e r u n d er th e U . S. G o v e rn m e n t
w ith o ffic e a t B u ffa lo .— V . 106, p . 2 3 4 4 .^
J

Buffalo Rochester & Pittsb. RR.— General Manager.— •

T.
F . B re n n a n , V ic o -P r o s id o n t, h a s bo o n a p p o in te d G o n cra l M a n a g e r
u nd er th o U . S. G o v e rn m e n t, w ith o ffic e at* R o c h e s te r , N . Y . — V . 106,
p . 2 44 9, 2344.

Canadian Northern Ry.— Canadian Northern Rolling
S e e th a t c a p tio n b o lo w .— V . 1 0 6 , p . 2 5 5 9 , 2 3 4 4 .
Central
Crosstown
RR., N. Y.— Sale.—
Seo N o w Y o r k R y s . C o . b e lo w a n d co m p a r e V . 106, p . 2227.
Central of Georgia Ry.— New Chairman, Ac.—
C h arles A . P e a b o d y o f N e w Y o r k , has b e e n e le cte d C h a irm a n o f th o

Stock Inc.—

B o a rd t o s u c c e e d C h arles I I . M a r k h a m , n o w R e g io n a l D ir e c to r o f th o
A lle g h e n y R e g io n , a n d A le x a n d e r It. L a w to n has b e e n o lcc te d P re s id en t,
su cce e d in g W illia m A . W ln b u r n , n o w F ed ora l M a n a g e r o f th o c o m p a n y ’s
lines fo r U. 8 . R a ilro a d A d m in is tra tio n .
I,
. W . B a ld w in , V ice -P re sid e n t a n d G en eral M a n a g o r h a s resign ed an d is
n o w R e g io n a l D ir e c to r fo r th o A lle g h e n y R e g io n .— V . 106, p . 2 55 9, 2345.££|

Central RR. of New Jersey.— Federal Manager.—
Chicago
Indianapolis & Louisville Ry.— Gen. Manager.
H.
C . M a y , S u p t. o f M o t iv e P o w e r, has bo o n a p p o in te d G eneral M a n a g e r
Seo P h ila d e lp h ia & R e a d in g R y . b e lo w .— V . 106, p . 2 34 5, 222 7.

u n d er th e U . 8 . G o v t ., w ith o ffic e a t L a F a y o tte , I n d .— V . 106, p.2559, 2 45 0.

Chicago Terre Haute & Southeastern Ry.—Earnings—

Cal. Y ears—
1917.
1916.
I
1917.
1916.
G ro s s e a r n s . . $ 3 ,8 0 5 ,0 2 5 $ 2,813,761 G ross i n e o m o .$ l , 3 2 2 ,3 8 7
$946,061
N o t . a ft . ta xe s $ 6 6 7,88 8
$51 6,08 3 [F ix e d ch arges
8 2 0 ,5 5 4 760,461
O th e r in c o m e .
654 ,4 9 9
4 2 9 ,9 7 8 |Bal., s u r p lu s . $50 1,83 3
3 1 8 5 ,6 0 0
— V . 105, p . 67.E J
VI

Cincinnati Indianapolis & West. RR.— Gen.

Manager.

B . A . W o r th in g to n , P resid en t, has be e n a p p o in te d G eneral M a n a g e r
u n d er th o U .S . G o v t ., w ith o ffic o a t In d ia n a p o lis, In d .— V . 106, p . 234 5.

Delaware & Hudson RR.— General Manager.—

F.
P . G u te liu s has be e n a p p o in te d G eneral M a n a g o r o f tills c o m p a u y w ith
o ffic o a t N o w Y o r k .— V. 106, p . 2 22 8, 2 02 2, 200 2.

Delaware Lackawanna & West. RR.— Gem. Manager.—

E . M . R in o , V ico -P re sid e n t an d G eneral M a n a g e r , h as b e e n a p p o in te d
G eneral M a n a g e r u n d e r th o U . S. G o v e rn m e n t, w ith o ffic o a t N o w Y o r k .
— V. 106, p . 2 22 8, 1900.

Denver & Rio Grande RR.— Sale of Fuel Co. Stock.—

In p artial sa tisfa c tio n o f ju d g m e n t fo r $ 3 6 ,9 0 8 ,5 1 0 o b ta in e d b y th o
E q u ita b le T r u s t C o ., as tru stee, a gain st th o c o m p a n y , S h e rriff K n o t t on
Ju n o 20 so ld fo r $ 4 ,0 0 0 ,0 0 0 100 ,000 shares o f s t o c k o f th o U tah F u el C o .,
p a r v a lu o $ 10 ,0 0 0 ,0 0 0 .
W illia m S a lo m o n A C o . pu rch ased th o s t o c k o n b e h a lf o f th o W estern
P a cific R R . C o r p ., w h ich has a c h ie f in terest in th e ju d g m e n t a b o v e re­
fe rre d t o . T h o salo w as m a d e u n d e r p ro te s t o f th o B ankers T r u s t C o . ,
a c tin g as tru stee fo r th e First Sc R e fu n d in g M t g o . b o n d h o ld e rs o f th o
c o m p a n y .— V . 106, p . 255 9, 2450. _______
>M

Detroit & Mackinac Ry.— General

—

Manager.

J. D . H a w k s, V Ico-P restden t an d G eneral M a n a g e r , has b e e n a p p o in te d
G eneral M a n a g e r u n d er th o U. 8 . G o v e rn m e n t, w ith o ffic o a t D e tr o it ,
M ic h .— V . 100, p . 2 22 8, 817.

Detroit & Toledo Shore Line RR.— General Manager.—

J.
P . M a in has be o n a p p o in te d G eneral M a n a g e r , w ith o ffic o a t D e tr o it .
— V. 106, p . 2345.

Freight Rates.— Modification of Order Increasing Rates.—
Grand Rapids <&Indiana Ry.— General Manager.—«
W . B . W o o d , G eneral M a n a g e r , has b e o n a p p o in te d G on oral M a n a g e r
See p a g o 2520 in last w e e k 's Issue.— V . 106, p. 2 55 9, 234 3.

u n d e r th e U . 8 . G o v t ., w ith o f f l c e a t G ra n d R a p id s , M ic h .— V. 106, p. 2 5 5 9 .

Gulf, Mobile

Northern RR

— ’'

&
. — N e w President.
J o h n W . P latten has b e e n ele cte d P resident t o su cce e d W . F . O w en ,
w h o b e c o m e s assista n t t o F ed eral M a n a g e r ,— V . 106, p . 23 4 5.

Hampden RR. Corp.— Decision Favorable to'B.

See B o s to n & M a in o R l l . a b o v e .— V . 106, p . J2 4 5 0 , 2345.

&'tMCfiR.

Haytian-American Corp.— 1 st

Annual

R e p o r t .—

I n c o m e f r o m o t h e r s o u r c e s f o r 11 m o s . t o D e c . 31 1 9 1 7 -------------------- $ 3 4 1 ,3 0 4
A d m i n i s t r a t i o n e x p e n s e s a n d t a x e s --------------------------------------------------------D i v i d e n d s p a i d o n p r e f e r r e d s t o c k ----------------------------------------------------------- l o o , / J o
B a la n c e , s u r p lu s , F e b . 1 1 9 1 7 t o D e c . 31 1 9 1 7 - - - ------- ---$ 9 8 ,7 5 9
T h e H a y t i a n - A m e r i c a n C o r p . h a s o u t s t a n d i n g D e c . 31 1 9 1 7 $ 5 , 5 0 0 , 0 0 0
p r e f . s t o c k a n d 5 7 ,5 0 0 s h a r e s o f c o m m o n w it h n o p a r o r n o m i n a l v a l u e .
— V . 105, p . 497.

H u d s o n & M a n h a tta n R R .—

G en era l M a n a g e r .—

K e n y o n B C o n g e r , B e a l E s ta to A g e n t a n d S u p e rin te n d e n t o f H u d s o n
T e r m i n a l B u il d i n g s , h a s b e e n a p p o in t e d G e n e r a l M a n a g e r , u n d e r t h e U n it e d
S t a t e s G o v e r n m e n t , w it h o f f i c o a t N o w Y o r k .
V . 106, p . 2450, 2123.

In d ia n a p o lis T ra c tio n & T erm in al Co.—

R a te s . —

K o fe r r in g t o p r o p o s e d m o d i f i c a t i o n o f t h o c o m p a n y ’s fa r o s , i t Is s t a t e d
t h a t b y t h e t e r m s o f t h e I n d i a n a S t a t e l a w o f 1 8 9 9 , u n d e r w h ic h fr a n c h is e s
w o r o g r a n t e d t h is c o m p a n y , a n d t h o I n d i a n a p o li s S t r e e t B y . , t h e c i t y c a n ­
n o t a u t h o r i z e h ig h e r r a t e s t h a n t h a t la w s p e c i fi e s a s t h o m a x i m u m , n a m e l y
5 c .— V . 106, p . 4 9 9 , 189.

In te rb o ro u g h R a p id T ra n s it C o.—

N e w O p e r a t i o n .—

S o o R a p i d T r a n s i t in N o w Y o r k . — V . 1 0 6 , p . 2 3 4 5 , 1 6 8 9 .

K an sas C ity K a w V alle y & W e ste rn R y .—

F a r e s .—

T h i s c o m p a n y h a s a p p li e d t o t h o I . S . C . C o m m i s s io n f o r a u t h o r i t y t o
c h a r g e 3 c . a m ile f o r p a s s e n g e r f a r o s a n d t o in c r e a s e f r e i g h t r a t e s 2 . ) % , s o
a s t o e s t a b lis h a s c h e d u l o s im ila r t o s t e a m lin o s .
V . lO o , p . 21 8 4 .

K an sa s C ity Mexico & O rien t R y .—

G o vt. O p e r a t i o n .—

A W a s h in g to n d is p a tc h sta te s th a t a c o n t r a c t p r o v id in g fo r G o v e rn m e n t
o p e r a t i o n o f t h is c o m p a n y , n o w in r e c e iv e r s h i p h a s b e e n a g r e e d u p o n b y
r e p r e s e n t a t iv e s o f t h e R R . A d m i n i s t r a t i o n a n d t h e c o m p a n y .
I f i t is a p ­
p r o v e d b y th o D ir e c t o r -G e n e r a l, it w d l b o s u b m it te d t o th o C o u r t .— V . 10 b ,
p . 2345. 1344.

L e h ig h & H u d so n River R y .—

G en era l M a n a g e r .—

M o r r i s R u t h e r f u r d , V i c o - P r e s id e n t a n d G e n e r a l M a n a g e r , h a s b o o n a p ­
p o i n t e d G e n e r a l M a n a g e r u n d e r t h o U . S . G o v e r n m e n t , w it h o f f i c o a t
W a r w ic k , N . Y .— V . 106, p . 2 3 4 5 , 2 3 3 5 , 222 9.

L e h ig h & N e w E n g la n d R R .—

G e n e r a l M a n a g e r .—

R I I . W i l b u r , V i c o - P r e s id o n t a n d G c n o r a l M a n a g e r , h a s b e e n a p p o i n t e d
G o n o r a l M a n a g e r u n d e r t h o U . S . G o v e r n m e n t , w i t h o f f i c o a t P h il a d e l p h i a ,
P a .— V . 106, p . 2 4 4 2 , 2 0 1 1 .

L o n d o n &; L ak e E rie Ry. & T ra n s p o rta tio n Co.—

S a le .

T h is c o m p a n y , w h ic h u n t il J u n o 2 9 is r e c e iv i n g t e n d e r s f o r t h o s a le o f
it s p r o p e r t y , h a s o f f e r e d t h o c i t y o f S t . T h o m a s , O n t a r io , it s lin o b o t w o o n
S t . T h o m a s a n d P o r t S t a n l o y f o r a b o u t $ 1 5 0 ,0 0 0 .
C o m p a ro V . 106, p .
2560, 2229.

L o n g Is la n d R R .—

2649

THE CHRONICLE

J une 22 1918.]

F ed era l

M a n a ger— N e w

P r e s i d e n t .—

R a lp h P e t e r s , P r e s id e n t , h a s b e e n a p p o i n t e d F e d e r a l M a n a g e r u n d e r t h o
U n it e d S t a t e s G o v e r n m e n t , w it h o f f i c o a t N e w Y o r k .
S a m u e l R e a , P r e s id e n t o f t h o P e n n . R 1 4 ., h a s b e e n e l e c t e d P r e s i d e n t o f
t h is c o m p a n y t o s u c c e e d R a lp h P e t e r s , F e d e r a l M a n a g e r . — V . 1 0 6 , p . 2 4 5 0 .

b o c o m e m o m b o rs o f th o b o a r d o f d ir e cto r s t o a ssu ro c o m p le t e a n d h e lp fu l
c o - o p o r a t i o n in f u t u r o b e t w e e n t h e c i t y a n d t h e c o m p a n y b o t h a s t o r a t e s
a n d la b o r p r o b le m s .
T h r o u g h t h is c o - o p e r a t i o n a ll o f t h e c o m p a n y ’s
o b l i g a t i o n s w ill b o m a t e r ia l l y i m p r o v e d a n d s t r e n g t h e n e d .

C o r r e s p o n d e n c e b e tw e e n t h e - C i t y a n d C o m p a n y .— M a y o r
M artin Behrman, in letter of June 4 addressed to tho Com­
mission Council, says in brief:
I t is u n f o r t u n a t e t h a t t h o f in a n c ia l s t a t u s o f t h is c o r p o r a t i o n w a s s u c h
a s t o p r e c lu d o p r o t e c t i o n o f it s r e c e n t l y m a t u r in g o b l i g a t i o n s , r e s u l t i n g in
t h o p o s s i b i l i t y o f t h o a p p o i n t m e n t o f a r e c e iv e r .
I t is a l s o u n f o r t u n a t e t o
n o t o t h a t u n d e r p r e s e n t c o n d i t io n s t h e e n t i r e g r o s s r e v e n u e w ill b o a b s o r b e d
b y o v e r h e a d a n d o p e r a t i n g e x p e n s e s w it h o u t p r o p e r l y t a k i n g c a r e o f r e n e w ­
a ls a n d r e p l a c e m e n t s , a d j u s t m e n t o f l a b o r w a g e s c a le a n d o t h e r e x p e n s e s
s o p a to n tly n e ce ssa ry .
,
I n v l o w o f t h e s o c o n d i t i o n s t h is c o r p o r a t i o n f in d s i t n e c e s s a r y t o a p p l y
f o r s u c h r e li e f a s in o u r j u d g m e n t t h e c it i z e n s o f t h is c o m m u n i t y w o u l d
a d v o ca to and a p p rov e.
I t is a l s o s u g g e s t e d t h a t t h e C o u n c il i n v e s t ig a t e
t h o r o u g h l y t h o r e c o r d s , b o o k s a n d p r o p e r t ie s o f t h e c o r p o r a t i o n w i t h »
v i e w o f a s c e r t a in in g :
,
(1 ) I t s fin a n c ia l c o n d i t i o n o f t o - d a y c o m p a r e d w it h p r i o r t o 1 9 1 4 .
(2 ) T h o r e a s o n s f o r it s p r e s e n t c o n d i t i o n .
(3 ) T h o q u e s t i o n o f it s c a p i t a li z a t i o n .
_
.
T h is c o u n c i l w ill a t o n c e a c c e p t t h o t a s k o f c o - o p e r a t i n g w i t h t h e c o m ­
p a n y , t o t h o e n d o f s o l v in g it s m a n y p r o b l e m s a n d a d j u s t in g it s fin a n c ia l
d i ff i c u lt i e s s u b j e c t t o t h e i m m e d i a t e i n c lu s i o n o n t h e b o a r d o f d i r e c t o r s
o f t lio M a y o r , C o m m i s s io n e r o f P u b l i c U t i l it i e s a n d C o m m i s s io n e r o f P u b l i c
P r o p e r t y , a n d s u b je c t t o th e s e le ctio n b y t h e M a y o r a n d c o n fir m a t io n b y
t h o b o a r d o f a n in d i v id u a l t o a s s u m e d i r e c t m a n a g e m e n t a n d s u p e r v i s io n
u n d e r t h o c o n t r o l o f t h o b o a r d o f d i r e c t o r s o f t h e p r o p e r t ie s o f t h e c o m p a n y .
T h o C o m m i s s io n C o u n c il w ill o b l i g a t e i t s e l f t o p r o v i d e s u f f i c i e n t r e v e n u e
t o s u p p o r t t h o in t e r e s t o n p r e s e n t o u t s t a n d i n g b o n d e d a n d o t h e r i n d e b t e d ­
n e s s , o r c l u s i v o o f s t o c k is s u e s , u n t il s u c h t im e a s a c o m p l e t e s u r v e y c a n b o
m a d e t o d e t e r m in o t h e a c t u a l v a l u e s o f t h e p r o p e r t ie s .
A fte r th e d eter­
m in a t io n o f t h e s e v a lu e s t h o c i t y is t o e n j o y t h e o p t i o n o f a c q u i r in g t h e s a m e
a t t h o v a l u e a g r e e d u p o n u n t il t w o y e a r s a f t e r t h e w a r .
F o r th o p e r io d o f
t h is o p t i o n , o r u n t il s u c h t i m e a s i t is a v a i l e d o f b y t h o c i t y , t h e C o m m i s ­
s i o n C o u n c il w ill c o n t in u e its r e p r e s e n t a t io n o n t h e b o a r d a n d in d i r e c t
m a n a g e m e n t , d u r i n g w h ic h p e r i o d t h e c o u n c i l w ill f i x r a t e s a s r e q u i r e d t o
t a k e c a r o o f o p e r a t i n g c o s t s , in c lu d in g s u c h a d j u s t m e n t o f t h e l a b o r w a g e
s c a l e a s is fa ir t o t h o w a g e e a r n e r a s w e ll a s t o t h o c o m m u n i t y , a n d a r e t u r n
o f 6 % o n t h o v a l u e f i r e d t o in s u r e t h o p a y m e n t o f a ll i n t e r e s t o n o u t s t a n d i n g
b o n d s o r o t h e r o b l ig a t io n s .
„
,
.
I f a t t h o e x p i r a t io n o f t h o o p t i o n p e r i o d t h e C o m m i s s io n C o u n c il e le c t s
n o t t o a v a il i t s e l f o f its r ig h t s , t h e n t h e c i t y 's r ig h t t o s e l e c t t h o M a n a g e r
s h a ll c o a s o , b u t t h o c i t y ’ s r e p r e s e n t a t io n o n t h o b o a r d s h a ll c o n t i n u e ; a n d
t h e n , a f t o r t h o c o u n c i l ’s e l e c t i o n n o t t o a c q u i r e t h e s e p r o p e r t i e s , t h e c o u n c i l
s h a ll b o o b l ig a t e d t o e s t a b lis h s u c h r a t e s a n d c h a r g e s a s w ill a s s u r e t h e
o w n e r s o f t h o s e p r o p e r t ie s a r e t u r n o f n o t le ss t h a n 7 % o f t h o e s t a b l is h e d
v a l u e s w it h t h o p r o v i s o t h a t in t h e e v e n t t h o r e t u r n s a r e in e x c e s s o f 7 %
t h o s a id e x c e s s s h a ll b e d i v i d e d e q u a ll y b e t w e e n t h o c o r p o r a t i o n a n d t h o
c i t y u p t o a n a m o u n t w h ic h w o u ld e q u a l 8 % r e t u r n o n t h e e s t a b l is h e d v a l u e s
a n d in t h o e v e n t o f g r e a t e r e a r n in g s t h e n t h e e x c e s s o v e r a n d a b o v e t h a t
l io r o i n a b o v e s p e c i f i c a l l y p r o v i d e d f o r s h a ll b e d i v i d e d 7 5 % t o t h o c i t y a n d
2 5 % t o th o c o r p o r a t io n .

President D . D . Curran, in reply to the M a y o r, wrote,
Juno 10 1918, in substance:

I n v i e w o f t h e c o u n c i l ’ s d e c i s io n , a s s e t f o r t h in y o u r l e t t e r o f t h o 4 t h ,
L ou isville & N a sh v ille R R .— N e w T r e a s u r e r . —
w o h a v o p r a c t i c a l l y n o a l t e r n a t iv e e x c e p t a s u b s t a n t i a l a c c e p t a n c e o f y o u r
J.
H . E llis h a s b e e n a p p o i n t e d T r e a s u r e r o f t h is c o m p a n y a n d t h o L o u ls -t e r m s o r a r e c e iv e r s h i p .
U n d e r t h o s o c ir c u m s t a n c e s , i t is t h e o p i n i o n o f
v i ll o H e n d e r s o n A S t . L o u is R y . — V . 1 0 6 , p . 2 5 6 0 , 2 2 2 9 .
t h o b o a r d t h a t t h o i n t e r e s t s o f t h o c o m m u n i t y a n d o f t h o c o m p a n y w ill b o
h o s t s e r v e d b y o u r a c c e p t a n c e o f y o u r c o -o p e r a tio n a n d o f t h o c o -o r d in a t e
M iddle W e st U tilities Co.— S e r ie s
N o t e s .—
m anagem ent p roposed.
,
, ,
.
. . .
I n D e c e m b e r la s t a n o f f o r i n g o f $ 1 , 0 0 0 , 0 0 0 3 - y e a r 6 % O o l l a t .G o l d n o t o s
(1 ) A s t o t h o c i t y ’s r e p r e s e n t a t io n o n t h o b o a r d t h e r e is n o o b j e c t i o n .
O ., ” w a s m a d e bb y H a ls e y , S t u a r t A C o . m a k i n g a u t h
n o rniz e u
r nd
s e r ie s “" C
d a
I n f a c t , w o s h a ll a r r a n g o f o r o n e o r m o r e o f s u c h o f f i c ia ls t o b e c o m e m e m ­
-------------" "0 "0 "S e—r *—
o u t s t a n d-•
i n g --------------$ 3 , 0 0 0 ,0 -0 0 o *f w h ic h a
m o u n t -$*1 , 0 0 0 , 0
ie s "“ A* " n
noo t o s
b e rs o f th o e x e c u tiv e c o m m itte e .
, ,
,
m a t u r e J u l y 1 1 9 2 0 , $ 1 , 0 0 0 , 0 0 0 S e r ie s “ B " n o t e s m a t u r e S e p t . 1 1 9 220
0 :a n d
( I I . ) T h e r e is n o o b j e c t i o n o n o u r p a r t t o y o u r H o n o r d e s i g n a t i n g a
t h o $ 1 , 0 0 0 ,0 0 0 H erios “ C ” m a t u r o N o r . 1 1 9 2 0 .
F o r p r e v i o u s oo ff ff ee rr i n g
m a n a g e r t o b o e le cte d b y th e b o a r d .
s o o vV 1 0 0 , 'p . 6 0 7 , 7 1 5 , 2 1 2 3 .
( I I I . ) O u r b o o k s , A c ., a ro o p e n t o s u c h e x a m in a tio n as y o u m a y re q u iro .
( I V . ) T h o c o m p a n y ’ s o u t s t a n d i n g o b l ig a t io n s a n d lia b ilit ie s ( o t h e r t h a n
M in n eapo lis St. P a u l R o ch ester & D u b u q u e E lectric c a p i t a l s t o c k ) w ill o n J u l y 1 1 9 1 8 b e a l m o s t $ 4 3 ,0 0 0 ,0 0 0 . W h i l e t h is f ig u r e
T ra c tio n Co.— R e h a b ilita tio n o f L i n e I n d o r s e d b y C iv ic B o d y — d is r e g a r d s t h o $ 3 0 ,0 0 0 ,0 0 0 s t o c k h o l d e r s ’ in t e r e s t , w h ic h , a s t o t li o p r e f .
s t o c k , re p re s e n ts a c tu a l c a s h in v e s tm e n t a t p a r a n d as t o th e c o m m o n s t o c k ,
T h o M in n e a p o l is C i v i c A C o m m e r c e A s s o c i a t io n h a s a d o p t e d a c o m m i t t t e o
r e p r e s e n t s s u b s t a n t i a l v a l u e s a n d r ig h t s r e c e i v e d , w e a r o n e v e r t h e le s s w il li n g
r o p o r t r e c o m m e n d in g t h a t t h o m e m b e r s o f t h o a s s o c ia t i o n a n d c it i z e n s o f
t o a c c e p t t h o f o r m e r f ig u r e a s t h e b a s is o f r e t u r n p e n d in g t h o v a l u a t i o n t o
M in n e a p o l is h e lp p u r c h a s e t h e p r o p e r t y o f t h o lin o f r o m t h o b o n d h o ld e r s .
b o m ade.
,,
„
A s u m m a r y o f t h o r e p o r t c o n t a i n s t h e f o ll o w i n g :
( V .) T h is c o m p a n y h a s d u r in g t h e p a s t te n y e a rs p a id a n a v o r a g o o f
(1 ) T h a t a c o m m i t t c o o f m a n a g e m e n t c o n s i s t i n g o f c e r t a in m o m b o r s o r
7 . 6 6 % f o r t h o m o n e y s w h ic h i t h a s b o r r o w e d f o r e x t e n s i o n s , A c .
Tho
t h o “ D a n P a t c h ” P a t r o n s P r o t e c t iv e A s s o c i a t io n , w h o h a v e a l r e a d y n e g o t i ­
c o m p a n y is , n e v e r t h e l e s s , w illin g t o a c c e p t t h o r a t e s o f r e t u r n s u g g e s t e d .
a te d fo r th e p u rch a s e o f th o r o a d f r o m th o b o n d h o ld e r s , b o a p p o in t e d b y
( V I . ) T h o o p t i o n t o t h o c i t y t o a c q u i r e t h e p r o p e r t ie s is a s s e n t e d t o .
P re s id e n t L a n g d o n o f th o C iv ic A C o in m c r c o A s s o c ia t io n t o c o m p lo t o th o
( V I I . ) N o p r o v i s io n is m a d e f o r f u t u r o i m p r o v e m e n t s , A c . , w h ic h w ill
p r o p e r o r g a n i z a t io n a n d o p e r a t i o n o f t h o l in o .
b e co m e n ecessary.
T h e s e , w o a s s u m e , w ill b o t a k e n c a r e o f b y m u t u a l
(2 ) T h a t a r a i lw a y c o r p o r a t i o n b o f o r m e d w it h a n a u t h o r i z e d c a p i t a l
u n d e r s t a n d in g .
,,
,
, „
,
s t o c k o f a t le a s t $ 5 0 0 ,0 0 0 w it h o u t s t o c k h o l d e r s l ia b il i t y .
( V I I I . ) T h o c o m m u n i c a t i o n p r o p o s e s n o im m e d i a t e m e t h o d o f p r o c e d u r e
(3 ) T h a t t h o c o n t r a c t o f p u r c h a s e a l r o a d y n e g o t i a t e d w it h t h o b o n d ­
f o r t h e a s c e r t a in m e n t o f t h o v a l u e o f o u r p r o p e r t ie s ; s u c h v a l u e s h o u l d b o
h o ld e rs b o tu rn e d o v e r t o th e c o r p o r a t io n .
, .
_
,, ,
a r r iv e d a t w it h t h o le a s t p o s s i b le d e l a y .
. .
_ .
(4 ) T h a t t h e a u t h o r i t y o f t h o S t a t e S e c u r it ie s C o m m i s s io n a n d t h o C a p it a l
R e p ly t o M r. C u r r a n ’ s L e t t e r o f J u n e 10 b y C o m m is s io n e r o f P u b li c
Issu o s C o m m it te e b o o b t a in e d fo r th o is su a n co o f th o s t o c k .
S a fe ty S to n e .
T h o m e m b e r s o f t h o a b o v e m e n t io n e d c o m m i t t e e a r e W a lt e r E g g lo s t o n ,
B o i t R e s o l v e d , B y t h o C o m m i s s io n C o u n c il o f t h e C i t y o f N e w O r le a n s ,
C h a ir m a n ; C h a r le s S . G o l d , W . L . H a r r is , N . F . H a w l e y , W i ll a r d .1.
t h a t f u l l y a p p r e c i a t in g t h e a c t i o n o f s a id r a i lw a y c o m p a n y in a c c e p t i n g t h o
H io l d , W . B . J o r d o n , F r e d W . L y m a n , H . L . M o o r o , R o b e r t F . P e c k ,
H . I i. R o b in s o n , J a m e s D . S h e a r o r a n d S . I I . V a n S a n t .— V . 1 0 6 , p . 1 7 9 7 . p r o p o s i t i o n a s a m e a n s o f s u b s e r v i n g t h o b e n e f i t o f t h e g e n e r a l p u b l i c , t h e
M a y o r b o a n d h o is h e r e b y a u t h o r i z e d t o t a k e o r c a u s e t o b o t a k e n a ll
n c c o s s a r y s t o p s t o c o n s u m m a t e a n d c a r r y o u t t h o p l a n p r o p o s e d b y h is
M issouri K an sa s & Texas R y .— R e c e iv e r . —
H o n o r , a n d a c e p te d b y th e c o m p a n y .— V . 106, p . 2 3 4 5 , 222 9.
I t is o f f i c i a l l y a n n o u n c e d h e r o t h a t C . E . S c h a f f w ill c o n t in u e t o s e r v o
a s r e c e iv e r f o r t h is s y s t e m a n d a s s o c ia t e d r a i lw a y s . — V . 1 0 6 , p . 2 3 4 5 , 2 2 2 9 .

“ C”

M o n treal T ram w a y C o.—

W a g e I n c r e a s e .—

T h o e m p l o y e e s o f t h is c o m p a n y h a v e b e e n g r a n t e d a n in c r e a s e in w a g e s
r e t r o a c t i v e f r o m J u n o 1, in c r e a s in g t h o s c h e d u l o b y a b o u t 2 0 % .
C on­
d u c t o r s a n d m o t o r i n e n w ill n o w r e c e i v o f o r t h e f ir s t a n d s e c o n d y e a r 31
c o n t s I n s t e a d o f 2 5 c e n t s a n h o u r , f o r t h o t h ir d a n d f o u r t h y e a r s 3 3 c e n t s
i n s t o a d o f 2 6 c e n t s , f o r t h o f i f t h y e a r 3 5 c e n t s in s t e a d o f 2 6 c e n t s a n d a ft e r
t h o f i f t h y e a r 3 7 c e n t s a s c o m p a r e d w it h 2 9 c o n t s h e r e t o f o r e . — V . 1 0 6 ,
p . 1797, 715.

N e w O rlean s Ry. & L ig h t C o.—

P rop osed E xch a n ge o f

Notes.— Holders of tho (5% T w o -Y e ar Gold Debentures duo
Juno 1 1918, aro notified, by advertisement on another page,
that tho company has authorized an issue of $4,000,000
One-Year 7 % notes, dated Juno 1 1918, due Juno 1 1919,
callable at 100 and int. on 30 days’ notice, for tho purposo
of refunding its Tw o-year notes of an equal amount which
matured on Juno 1 1918.
Tho Company requests that all holders of the matured
T w o -Y ear notes deposit samo with either tho Central Trust
Co. of N . Y . or the Pennsylvania Co. for Insurances on Lives
and Granting Annuities of Phila., for exchange for tho now
notes, dollar for dollar.
The indenture covering this issue, it is stated, will be sub­
stantially identical with tho indenture securing tho matured
Tw o-year notes with the exception that in order to take caro
of absolutely necessary capital expenditures already made
and to bo made, tho provisions of the new indenture will bo
extended so as to permit the company further to borrow
$1,500,000.
.
, ^
_
President D . D . Curran, in a letter dated Juno 19, says:
T h e i n a b i li t y o f t h o c o m p a n y t o p a y it-s t w o - y e a r d e b e n t u r e s a t m a t u r i t y .
Turn) 1 la s t w a s d u o t o u n p r e c e d e n t e d f in a n c ia l c o n d i t i o n s c a u s e d b y t h o
\ ir
T h o c o m p a n y a p p e a le d t o t h o W a r F i n a n c e C o r p o r a t i o n f o r r o lio f,
i iic li w a s n o t g r a n t e d , a s t h o c o r p o r a t i o n d e c i d e d It d i d n o t l ia v o t h o n e c o s r v J u r is d ic t io n
T h o c o m p a n y th e n m a d e im m e d ia te a p p e a l t o th o C it y
N o w O r le a n s f o r a n a d v a n c o in r a t o s t o c o v e r in c r e a s e d o p e r a t i n g c o s t s
d a s a r e s u l t o f t h o s o n e g o t i a t io n s t h o C i t y o f N o w O r le a n s lia s e n t e r e d
a n a g r e e m e n t w it h t ills c o m p a n y w h e r e b y t h o M a y o r , t h o C o m m t s o r o f P u b l i c U t i l it i e s a n d t h o C o m m i s s io n e r o f P u b l i c P r o p e r t y h a v o




Now York Central RR.— F e d e r a l

M a n a g e r .—

K.
E . C r o w l o y h a s b e e n a p p o i n t e d F e d e r a l M a n a g e r o f t h is c o m p a n y
a n d t h o P i t t s b u r g h A L a k e E r i e R R . , w it h o f f i c o a t N e w Y o r k . — V . 1 0 6 ,
p . 2560, 2450.

New York Chicago & St. Louis RR.— G e n e r a l M a n a g e r —

J . J . B e r n e t, P re s id e n t a n d G e n e ra l M a n a g e r , h a s b e e n a p p o in t e d G e n e ra l
M a n a g e r , u n d e r t h o U n it e d S t a t e s G o v e r n m e n t , w it h o f f i c o a t C l e v e l a n d ,
O h io .— V . 10 6 , p . 2 2 2 9 , 2 0 1 1 .

Now York Ontario & Western RR.— G en e r a l M a n a g e r .—■

J . H . N u o ll o , S u p e r i n t e n d e n t , h a s b e e n a p p o in t e d G e n e r a l M a n a g e r u n d e r
t h o U n it e d S t a t e s G o v e r n m e n t , w it h o f f i c e a t M i d d l e t o w n , N . Y . — V .
106, p . 1689, 167 7, 1578.

New York Rys. Co.— A c q u i s i t i o n .—

T h i s c o m p a n y h a s a p p li e d t o t h o N e w Y o r k P . S . C o m m i s s io n f o r a u t h o r ty t o a c q u ir o p r o p e r ty , A c . , o f th e C e n tr a l C r o s s to w n R R .
\ . 106, p .

New York State Rys. Co.— W a g e s

I n c r e a s e d .—

E f f e c t i v e J u n o 1 5 , t h o e m p l o y e e s o f t h is c o m p a n y r e c e iv e d a n i n c r e a s e
o f 2 H c e n t s p e r h o u r in a d d it i o n t o t h e i n c r e a s e o f 4 c e n t s a n h o u r g r a n t e d
in M a y l a s t .— V . 1 0 6 , p . 2 0 1 1 , 1 6 8 0 .

Norfolk & Southern RR.— N e w

P r e s i d e n t .—

R
II S w a r t w o u t h a s b e e n e l e c t e d P r e s i d e n t , s u c c e e d i n g J . I I . Y o u n g .
Seo V . 106, p . 2560.

Northern Ohio Traction & Light Co.— B o n d s — S to c k .—

T h e O h io P . U . C o m m i s s io n h a s g r a n t e d t h i s c o m p a n y p e r m is s i o n t o is s u e
$ 9 0 0 ,0 0 0 5 % b o n d s a n d $ 1 6 0 ,0 0 0 p r e f . s t o c k . — V . 1 0 6 , p . 2 1 1 7 . 2 0 1 1 .

Ohio Electric Ry.— F a r e

I n c r e a s e .—

T h is c o m p a n y h a s a p p li e d t o t h e I . - S . C . C o m m i s s io n f o r p e r m is s io n t o
r a is e p a s s e n g e r fa r e s t o 3 c e n t s a m ile a n d t o i n c r e a s e f r e i g h t r a t e s in a c c o r d a n c o w it h t h e r o c o n t in c r e a s e in s t e a m lin o r a t e s . — V . 1 0 6 , p . J 2 9 .

Pacific Electric Railway.— E a r n i n g s .—

Years
mil inn

Gross
Earninas

Net (after
Other Interest on
Other
Taxes).
Income. Fund.Debt. Deduc'ns.

Balance,
Deficit.

D m ;h ' 17 $ 9 2 6 7 1 3 0 $ 2 ,4 9 0 ,3 1 2 $ 6 5 ,7 3 0 $ 2 ,8 3 0 ,7 8 7 $ 6 1 0 ,3 7 2 S 8 8 5 .1 1 6
J u n e 3 0 ’ 1 6 - 8 ,8 5 6 ,7 9 6
2 ,3 4 6 .6 2 9
3 7 ,3 0 1
2 ,8 3 4 ,1 0 8
3 7 1 ,5 5 6
8 2 1 ,7 3 4
— V . 106, p . 2560.

Pacific Gas & Electric Co.— F u e l

C o n s e r v a t i o n .—

O n J u n o 13 c o n t r a c t s w e r e s ig n e d b y w h ic h t h is c o m p a n y , t h e C a l i f o r n i a - O r o g o n P o w e r C o . ( V . 1 0 6 , p . 2 1 2 4 ) a n d t h e N o r t h e r n C a li f o r n ia 1 o v e r

£650

THE CHRONICLE

C o . C o n s o l i d a t e d ( V . 1 0 6 , p . 1 6 9 1 ) w ill e f f e c t a n i n t e r - c o n n e c t i o n o f lin e s
f o r a p e r i o d o f 10 y e a r s in o r d e r t o b r i n g a b o u t a s a v i n g i n f u e l o il a m o u n t ­
i n g t o a b o u t $4£ 0 , 0 0 0 .
O f t h e c o s t o f 't h i s w o r k , n a m e l y , S 7 5 0 .0 0 0 , t h e P a c i f i c G a s & E l e c t r c
y .0,- w ill p a y , $ 2 0 0 , 0 0 0 , b a l a n c o t o b o p a i d b y t h o o t h e r t w o p a r t i c i p a n t s .
I t B s t a t e d t h a t t h o C a li f o r n ia - O r e g o n C o . w ill is s u e n o t e s f o r t h is p u r p o s e .
T h e c o m p a n y h a s a p p li e d t o t h o C a li f o r n ia R I t . C o m m , f o r p e r m is s io n
t o is su e l .0 2 5 s h a r e s o f F i r s t P r e f e r r e d s t o c k in o x c h a n g o f o r e a c h s h a r e o f its
° u l^5n a I P r e f e r r e d s t o c k s t i l l o u t s t a n d i n g , w h e n h o l d e r s o f t h e o r ig in a l s t o c k
s h a ll p r e s e n t t h o s h a r e s f o r e x c h a n g o .— V . 1 0 6 , p . 2 1 2 3 , 2 0 1 1 -

Pennsylvania RR.— S u b .
P e n n s y lv a n ia
25b0, 2451.

Philadelphia

&

“ I n d u s t r i a ls ”

Reading Ry.— F e d e r a l

b e lo w .— V .

106, p .

M a n a g e r .—

E w in g , V ic e -P r e s id e n t, h a s b e e n a p p o in t e d F e d e ra l M a n a g e r
V

1 0 6 l p 7 7 8 6 1U V > R e a d l n g R y ’ a n d t h o C e n t r a l R R . o f N o w J e r s e y —

Philadelphia Co.— S u b .

C o . F a r e s .—

S eo P itts b u r g h R y s . C o . b e lo w .— V . 10 6 , p . 2 5 6 0 , 2 4 5 1 .

Philadelphia & Reading Ry.— O f f i c e r s .—
S eo R e a d in g C o . b e lo w .— V . 10 6 , p . 1786.

Pittsburgh & Lake Erie RR.—

F e d e r a l M a n a g e r .—

Seo N o w Y o r k C e n tra l R R . a b o v o .— V . 106 , p . 2 0 0 3 , 2 0 0 1 .

Pittsburgh Rys. Co.— F a r e

S c h e d u le s —

, 1 5 ° . f a r 9 s c h e d u l o , a s a n n o im c e d b y t h o r e c e iv e r s , c o n t a i n s a m o n g o t h e r s
th o fo llo w in g ch a n g e s :
Increases. I n t h o c i t y z o n e s in W a s h i n g t o n , C a n o n s b u r g , M o n o n g a h e l a
™
11 r o U lncl P (,) n o ‘'a ' t h o d a y f a r o is m a d e 0 c e n t s c a s h .
N o t ic k e t s
w ill bo s o ld .
I lie n i g h t f a r o h a s b o o n m a d o 10 c e n t s in t h o c i t y o f P i t t s ­
b u r g h , w h e re p r e v io u s ly it w as 6 c e n ts ca s h .
J f w e c n ^ o b o u n d a r y o f t h o n o w 5 c e n t z o n o in P i t t s b u r g h a n d in s id o t h e
b o u n d a r y o f t h o f i r s t 6 c e n t z o n e , t h o d a y f a r o is m a d o 7 c e n t s f o r a r id e
rou .t1° M
E n t i r e l y w it h in t h i s n o w 7 c e n t a r e a a n d ( b ) f o r a n y
d a y r id e p a r t l y w it h in t h o 7 c e n t a r e a a n d p a r t l y in t h o 5 c e n t a r e a .
, u r, fa r o z °n< :s, e x c e p t i n g t h o s o s p e c i f i c a l l y m e n t io n e d a b o v o , o r
.b o ! ° w u lJd e r d e c r e a s e s , t h o d a y f a r o is m a d o 7 c e n t s c a s h f o r
e a c n z o n o , in s t e a d o f 6 c e n t s c a s h .
, '{’ r:l.n s f‘ )rs Issu e d o n p a y m e n t o f 5 c e n t f a r o w il l b o g o o d f o r a d a y r id o
i n t o t h o 7 c e n t z o n o o n l y o n p a y m e n t o f 2 c e n t s a d d it i o n a l .
„ i A n:s ^2a { V ? f s g lU u g t e n t ic k e t s f o r 5 5 c e n t s a n d t w o t ic k o t s f o r 11 c e n t s ,
018a t ,, o t s w il l tie s o l d f o r 5 5 c e n t s .
w ‘ 1" 1,0 a “ a c h e d t o e a c h s t r i p o f e ig h t t ic k e t s , w h ic h w ill
f h o r l n f , ,,0 o w n e r t h e r e o f t o a n y r e b a t o w h ic h t h o c o m p a n y o r t h o r e c e iv e r s
oU^r?°ii!“ ? ? y ^ o r e filli r e d t o m a k o o n a c c o u n t o f t h o i n c r e a s e d r a t e .
A reb a to
s u p w in a l s o b o g i v e n u p o n p a y m o n t o f in c r e a s e d n ig h t fa r o .
70
cX a y t ic k e t b e t w e e n P i t t s b u r g h a n d R o s c o o w il l b o
o f fi0 c e % s :
5 ,o l *nd. t r i p t ic k e t s b e t w e e n C h a r le r o i a n d
b
e
t
Vi ?r.K0’ AV,lH b 0 S,i
in s t e a d o f S I 3 0 .
R o u n d t r ip t ic k e t s
i n s t o a d ^ n s i n o n g a h e : t a C i t y a n d W a s h i n g t o n , o r r e v e r s e , w il l b o S I 4 0
r i t v e<r n ? t 9 ?V o a c h o f t h e lin e s b e g i n n i n g in t h o d o w n t o w n p a r t o f t h o
^ t y - f o r t h e f i r s t t w o o r t h r e e m ile s a s s h o w n s p e c i f i c a ll y f o r e a c h r u u t o , t h o
d a y ta res h a v e b e e n r e d u c e d f r o m 6 c e n ts ca s h t o 5 c e n ts c a s h .

A n n u a l R c s id ts { h i c l . B e a v er V a il. T r u e . C o ., P itts b u rg h &
B e a v e r S t . R y . a n d C la ir to n S t. R y . ) . —
M a r. 31 Y r s .— 1017-18.
1916-17.
1 9 1 6 -1 7 .
1 9 1 7 -1 8 .
Gross earnings. .$13,726,719S13,618,5S0 R e n t le a s e d p r o p . $ 2 , 8 9 5 , 3 5 2 S 2 ,9 5 4 ,2 9 2
Net after ta x e s ...$3,049,198 S4,3G6,348 I n t . o n f u n d , d e b t
0 1 2 ,9 5 3 1 ,1 2 9 ,5 4 3
Auxil. oper. (net).
14,806
7 4 ,2 0 8 l i l t , a n d d is c o u n t .
1 5 2 ,4 1 4
1 0 6 ,0 6 0
Other Income-----128,989
172,326 M i s c e l l a n e o u s _____
1 0 2 ,8 6 7
3 6 8 ,9 4 9
G ross

I n c o m e .. $3 2 23 ,053 S 4 ,61 2 ,9 4 0

p a g ° ^ v r °1 0 6 " p 1 2 4 5 1 ° r,>230 t *l °

D e fic it ....................

5570,53 3

SO 503

P h il a d e l p h i a C o m p a n y o n a p r e c e d i n g

Publie Service Corporation of New Jersey.— D e c i s i o n .
o f Ihn N-pw17 : 5 , , Errr o r s a t T r e n t o n , N J
o n J u n o 17 d e n ie d a n a p p li c a t io n
fO T n o r m P « i« V .
Kg Y % 0 ^ Ium <:i p a m ie s in its a c t i o n a g a in s t t h e c o m p a n y
f n
0
b r ufs d is c u s s in g w h a t it s a id w e r o n e w p o i n t s i n v o l v e d
t io n s
4nn ,ic !i ? H Cor',tr a ? t's b e t w e e n m u n i c ip a li t ie s a n d u t ilit ie s c o r p o r a ­
t io n s .
S c o a l s o A t l a n t i c C o a s t E l e c t r ic R y . a b o v e . — V . 1 0 6 , p . 2 4 5 1 , 2 0 1 1 .

Puget Sound Traction Light & Power Co . —

F u r th e r

o lh 0 offering of this company’s issue of §12,250,000
in/?od"yef r 1Slnklng Fund M ortgage gold notes dated Juno 1
1J18 and due Jape 1 1921 was referred to in these columns
last week.
C o m m it tc o a s n o t in c o m p a t ib le w it h th e
a p p ro v a l o f le g a lit y , v a lid it y , w o rth o r s o -

te tte r o f Stone & W ebster, Gen. Mgrs.', B oston, J u n e 1 0
T a com a
V ™ 0 P l i ? et13S o u '1d D i s t r i c t , w h ic h i n c lu d e s S o a ttle ,"
d o e s ° m d w -ir t'l■ n lP 1 i a/l,C E v e r e t t , W a s h .
T h r o u g h o w n e r s h ip o r c o n t r o l ,
s u b s t a n t i a l ly a ll t h o e l e c t r i c a n d in t e r u r b a n r a i lw a y a n d t h o g r e a t e r
c o m m e r c i a l e l e c t r i c l ig h t i n g a n d p o w e r b u s in e s s .
T im e s ti­
m a t e d p o p u la t i o n s e r v e d o x c e e d s 5 0 0 .0 0 0 .
C

(u/10n Completion of Financing)— Authorized. Outstanding.

T h r e e - y e a r 7 % n o t e s (t h is i s s u e ) ____________________ 2 0 ,0 0 0 0 0 0
U n d e r ly in g b o n d s a n d b o n d s o u t s t a n d i n g o n p r o p ’
e r t ie s c o n t r o ll e d t h r o u g h s t o c k o w n e r s h ip * _____

12 2 5 0 0 0 0
’
’
2 6 7 0 9 000

n soa E
6 n 2 " » / l i i 0t I lrm ? U11 v h c l d in s i n k i n g f u n d s .
A ll a r e c lo s e d m o r t £ a ? * ? b e a r in g 5 % in t e r e s t .
N o n e m a tu r o p r io r t o th o d u o d a te o f th o 7 %
n o ji®s P 0W o f fe l :c d e x c e p t $ 8 2 5 ,0 0 0 d u o A p r il 1 1 92 1.
O f t h o r e m a in in g $ 7 , 7 5 0 , 0 0 0 n o t e s $ 1 , 2 5 0 , 0 0 0 a r o r e s e r v e d f o r is su e
?hg ea lcn^ r a i P r o iI ° rfcy a tld W , 5 0 0 ,0 0 0 c a n b o is s u e d o n l y f o r 7 5 % o f
It
f ^ d ? ,Rr” naIup,Io p e r t y - e x t e n s io n s , & c . o n l y w h e n n o t e a r n in g s a r o
a t le a s t 1 % t im e s a ll In t e r e s t c h a r g e s , i n d u c i n g t h o n o t e s t o b o Is s u e d
N o a d d it i o n a l u n d e r l y i n g b o n d s c a n b o is s u e d .
is s u e d .

Earnings for Cal. Years 1 91 2 to 1 9 1 7 , and 12 Months ending April 3 0 1 9 1 8
19$ 2 ’
' T
1916’
1917.
1 9 1 7 -1 8 .
G r o s s e a r n in g s .............. 8 , 3 1 3 , 8 4 7 8 . 4 5 0 , 9 7 3 8 ,1 0 7 ,3 7 1 9 , 4 5 4 f s 6 1 1 0 ,1 7 2 6 5 2
3 866 030
N e t , a f t e r t a x e s --------- 3 ,5 4 1 . 5 4 9 3 . 4 4 3 , 9 6 5 2 , 9 8 6 , 3 7 6 3 6 0 0 8 4 2
A n n u a l b o n d in t e r e s t . 1 ,7 5 2 ,3 7 6 1 ,8 6 0 ,8 2 4 1 ,8 6 0 ,3 7 6 1 9 7 9 0 6 1
2 036 4 54
B a l a n c o . . . ............. . 1 , 7 8 9 , 1 7 3 1 ,5 8 3 ,1 4 1 1 .1 2 6 ,0 0 0 1 ,6 2 1 ,7 8 1
1 . 8 2 9 ,5 7 6
Four Months ended April 3 0 —
1918.
1917
Increase
O r o s s e a n u n g s - - - - - - - - - ................................ 8 3 , 7 4 8 , 9 4 5
$ 3 ,0 3 1 ,1 5 3 8 7 17 ,7 9 2
N e t e a r n in g s , a f t e r t a x e s . ............................... 8 1 , 4 4 5 , 1 9 9
$ 1 ,1 8 0 ,0 1 1 $ 2 6 5 l l 8 8
Sinking Funds.— An a n n u a l s in k in g f u n d is p r o v i d e d in 1 9 1 9 a n d 1 9 2 0
e cp ia l t o 1 Yx % o f t h o o u t s t a n d i n g n o t e s o f t h is is s u e , t h o fir s t p a y m e n t t o b o
m a d e o n o r b e f o r e A p r il 1 1 9 1 9 , w h ic h w ill p u r c h a s e n o t e s a t n o t e x c e e d i n g
t h o c e ll i n g p t i c o o r t o c a ll o n t h o n o x t I n t e r s e t d a t e i f n o t s o p u r c h a s a b le .
N o t e s t h u s c a l le d o r p u r c h a s e d a r e t o b o c a n c e l e d .
In a d d it io n , th e a n n u a l
s in k in g fu n d s o n u n d e r l y i n g b o n d s n o w a m o u n t t o a b o u t $ 3 7 6 ,0 0 0 a n d a r o
I n c r e a s in g e a c h y e a r .
’
Security.
I h o d ir e c t o b lig a t io n o f th o c o m p a n y , s e cu re d b y m o r tg a g e ,
w h ic h c o v e r s s u b s t a n t i a l ly a ll p r o p e r t y n o w o r h o r e a f t r o w n e d * a f ir s t
m o r t g a g o o n h y d r o - e l e c t r i c p la n t s o f 2 6 , 5 0 0 e l e c t r ic a l h . p . a n d a b o u t 2 4 5
m ile s o f t r a n s m is s io n lin o s t h e r e fr o m t o S e a t t le , T a c o m a a n d E v e r e t t a n d
a ls o a d ir e c t m o r tg a g o u p o n th o g r e a te r p a r t o f th o s y s te m , s u b je c t t o th o
v a r io u s u n d e r l y i n g c lo s e d m o r t g a g o b o n d s .
N o a d d it i o n a l u n d e r l y i n g
b o n d s c a n b o issu e d .
°
T h o p r o p e r t ie s t h u s d i r e c t l y a n d i n d i r e c t l y c o v e r e d b y t h o m o r t g a g o
I n c l u d o g e n e r a t in g p la n t s w it h a p r e s e n t I n s t a lle d c a p a c i t y o f 1 4 2 9 0 0 h p
o f w h ic h 1 0 8 .5 0 0 11 p . Is h y d r o e l e c t r i c a n d 3 4 , 4 0 0 h . p . b
“ bo ut
5 5 0 m il t s o f h ig h - t e n s io n t r a n s m is s io n lin o s ; c o m p r e h e n s i v e d i s t r i b u t i o n
s y s t e m s in t h o v a r io u s c it i e s a n d t o w n s ; a n d r a i lw a y s y s t e m s ( s t r e e t a n d
car!irU rb a n c o m B r is ln g a b o u t 4 9 4 m ile s m e a s u r e d a s s ln g lo t r a c k , a n d 1 ,0 4 8

Equity.— T h o v a i u o o f t h o p r o p e r t y , b a s e d u p o n a c t u a l c o s t , l a r g o iy o x c e c d s th e o n tiro fu n d e d d e b t .— V . 1 0 6 . p . 2 5 6 0 , 2 3 4 6 , 2 0 1 1 .
y




P u g e t S o u n d & W illa p a H a r b o r R y . —

C t f s . P a i d .—

, , '1 ' 1r° $ 2 , 9 9 9 , 5 0 0 4 % 5 - y e a r t r u s t c t f s . m a t u r in g J u n o 1 w e r o p a i d o f f a t
th e U . S. M t g o . & I r u s t C o ., N . Y . , a n d w o u n d ersta n d h a v o n o t b e e n relu n d e d .— V . 9 6 , p . 1703.

Q u ebec R y ., L t., H t. & P o w e r Co. —

F a r e I n c r e a s e .—

l
Q u e b e c C i t y C o u n c il h a s g r a n t e d t h i s c o m p a n y p e r m is s io n t o s o li f i v e
t ic k e t s i n s t e a d o f s ix f o r 2 5 c . , a n d 7 w o r k m e n ’s t ic k e t s i n s t e a d o f 8 f o r 2 5 c .
— V . 106. p . 2560, 500.

R a p id T ra n sit in N e w Y o r k .— Strike Settled.—

C o m p a n y — L i t i g a t i o n .—

C anal C o . under

(Vol lQti

T h o s t r ik e o f t h e s u b w a y w o r k e r s in N o w Y o r k w a s s o t t le d J u n e 15 in
J o in t c o n f e r e n c e b e t w e e n t h o P . S . C o m m i s s io n a n d t h o B o a r d o f E s t i m a t e .
T h o f o ll o w i n g s t a t e m e n t w a s g i v e n o u t :
I t is t h o s e n s o o f t h o m e m b e r s o f t h o B o a r d o f E s t i m a t e a n d A p p o r t i o n m o n t an ti t h o P u b l i c S e r v ic e C o m m i s s io n , p a r t i c i p a t i n g in a j o i n t c o n f e r e n c e :
1. l i i a t u n f in is h e d s u b w a y c o n s t r u c t i o n w o r k s h a ll b o c a r r ie d t o c o m ­
p l e t io n f o r t h w i t h .
2 . T h a t t h o m e n e n g a g e d u p o n t h o w o r k s h a ll r o c o iv o t h o c o m p e n s a t i o n
w h ic h i t is a d m i t t e d is j u s t .
3 . T h a t t h e r e s h o u l d b o n o g o n o r a l c a n c e l a t io n o f e x is t in g c o n t r a c t s o r
r e le a s e o f s u r e t ie s .
4 . T h a t in t h o c a s o o f a n y c o n t r a c t o r w h o d e c lin e s t o p r o c e e d a c c o r d i n g
t o t h e p la n h e r e in a ft e r s o t f o r t h t h o P u o l i c S e r v ic o C o m m i s s io n i m m e d i ­
a t e l y p r o c e e d t o c o m p le t o t h o w o r k u n d o r t h o t e r m s o f s u c h c o n t r a c t ,
e m p l o y in g t h o n e c o s s a r y l a b o r a n d u t i li z in g t h o a v a i l a b l e p l a n t o f t h o
co n tra cto r.
5 . T h a t c o n t r a c t o r s h a v i n g c la im s p r o s e n t t h e m f o r t h w i t h f o r c o n s i d e r ­
a tio n a n d a d ju s tm e n t.
tt d *
c o n t r a c t o r s w h o h a v o n o c la im s f o r d a m a g e s o r d o l a y a n d w h o s o
t lm o f o r p e r f o r m a n c e lia s n o t e x p i r e d m a y h a v o t h e ir c o n t r a c t s m o d i f i e d
o r s u p p l e m e n t e d u p o n t h e i r a g r e e in g t o c o m p le t o t h e w o r k w it h in a s h o r t o r
p e r i o d t h a n n o w r e q u i r e d , a n d a s a c o n s i d e r a t io n t o r o c o iv o t h e r e f o r a
s u m o f m o n e y t h a t w il l e q u a l t h o i n c r e a s e d c o s t o f l a b o r a n d m a t e r ia l m a d o
n e ce ssa ry b y th e w a r.
7 . T h a t a ll a g r e e m e n t s o f a n y k i n d m o d i f y i n g o x i s t i n g c o n t r a c t s m u s t b o
c o n s e n t e d t o b y t h o s u r e t ie s .
8 . T h a t a n y c o n t r a c t o r w h o d e s ir e s o t h o r o r d i f f e r e n t r e li e f u n d o r t h o
L o c k w o o d L a w m a y a p p l y t h e r e fo r w ith o u t, p r o j u d i e o b y r e a s o n o f a n y o f
t h o f o r e g o in g o n c o n d i t i o n t h a t h o d i l i g o n t l y c o n t in u o h is w o r k .

N ew

O p era tio n

P o s t p o n e d .—■

T h o o p e n i n g o f t h o n o w T h ir d A v o n u o a n d L o x i n g t o n A v o n u o s u b w a y s ,
a n n o u n c e d f o r J u n o 15, h a s b e e n p o s t p o n e d a m o n t h d u o t o r e c e n t c o m ­
p l ic a t i o n s . — V . 1 0 6 , p . 2 5 6 1 , 2 4 5 1 .

St. Joseph R y. L igh t, H e a t & P ow . Co.—

R a te I n c r e a s e .

ii Til0 M is s o u r i P . S . C o m m i s s io n h a s a u t h o r i z e d t h is c o m p a n y t o in c r e a s e
l ig h t i n g r a t e s t o 9 m il l s p e r k . w . h . , a n i n c r e a s o o f a b o u t $ 8 ,0 0 0 m o n t h l y
in r o v e n u e . — V . 1 0 6 , p . 1 6 8 9 , 6 0 2 .

S an D iego & A riz o n a R y .—

B ond

Is s u a n c e E x ten d e d —

.

T h i s c o m p a n y h a s f i l e d w it h t h e C a li f . R R . C o m m , a n a p p li c a t io n f o r a n
e x t e n s i o n u n t i l D e c . 31 o f t h e t im e w it h i n w h ic h i t m a y is su e $ 1 ,5 0 0 0 0 0
b o n d s h e r e t o f o r e a u t h o r i z e d b y t h e C o m m i s s io n .
In D e c . 1917 th e c o m ­
p a n y o b t a i n e d a u t h o r i t y t o p u r o h a s o 1 6 .5 0 0 s h a r e s o f t h e c a p i t a l s t o c k o f
t h o S a n D i e g o & S o u t h e a s t e r n R y . a n d t o s e ll $ 1 , 5 0 0 , 0 0 0 b o n d s f o r p a y ­
m o n t t h e r e o f.
C o m p a r e V . 1 0 5 , p . 2 3 6 6 .— V . 1 0 6 , p . 2 5 6 1 , 1 2 3 7 .

S an D iego & S o u th eastern R y .—

S a l e .—

S co S an D ie g o & A r iz o n a R y . a b o v o .— V . 106, p . 1 2 3 1 , 3 7 9 .

S an J o a q u in L ig h t & P o w er C o rp .— O f fe r i n g

o f F irst

&

National City Co. is
offering at 95 and int., yielding 0.40%, §1,000,000 First &
Refunding Mtgo. 0% sinking fund gold bonds, Series “ C ,”
dated Aug. 1 1910, duo Aug. 1 1950, but callable at 105 and
int. A circular shows:
R e fu n d i n g

S e r ie s

“ C .”

B o n d s . — Tho

“ P a s s e d b y t h o C a p it a l I s s u e s C o m m i t t c o a s n o t i n c o m p a t ib l e w it h t h o
n a t io n a l in t e r e s t , b u t w it h o u t a p p r o v a l o f l e g a l i t y , v a l i d it y , w o r t h
or
s e c u r it y .
O p in io n N o . A 3 5 7 . ”
Company.— O p e r a t io n s e x t e n d t h r o u g h o u t s e v e n o f t h o p r i n c ip a l c o u n t i e s
in t h e S a n J o a q u in V a ll e y , C a li f .
T h e d i s t r i b u t i n g lin e s c o v e r a t e r r i t o r y
.a p p r o x im a t e y 1 9 5 m ile s in l e n g t h a n d 7 8 m ile s in w id t h , h a v i n g a p o p u ­
l a t io n (1 9 1 0 c e n s u s ) o f 1 9 2 ,5 1 -1 . T h o c o r p o r a t io n o w n s a n d o p e r a t e s p r o p e r ­
t ie s e n g a g e d in t h e m a n u f a c t u r e a n d s a lo o f g a s a n d e l e c t r i c it y f o r lig h t ,
h e a t a n d p o w e r , in s t r e e t r a ilw a y o p e r a t i o n a n d in t h o s a lo o f w a t e r , s e r v in g
F r e s n o . B a k e r s fi e ld , M e r c e d , M a d e r a , S a n g e r , S e lm a , D ln t i b a , H a n f o r d
a n d o v e r f i f t y o t h e r c it ie s a n d t o w n s .
.

Capitalization Outstanding with Public.
F irs t & R e f . b o n d s , 1 95 0,
I C o n v e r t , d o b e n t . 6 s , 1 9 2 7 . $ 8 9 2 ,0 0 0
( in c h t h is is s u e )
* 8 ,4 3 3 ,0 0 0 P r e f . s t o c k 6 % c u m u l a t iv e 6 ,6 0 0 ,0 0 0
D iv i s io n a l C l o s e d M . b d s . 2 , 7 3 6 , 0 0 0 1C o m m o n s t o c k _____________ 1 1 ,0 0 0 ,0 0 0
I n a d d it i o n t o t h e a b o v o , $ 2 3 3 ,0 0 0 b o n d s a r e h o ld a l iv o in s in k i n g fu n d s
a n d $ 6 9 ,0 0 0 a r e h e ld in t h o t r e a s u r y .
T h e m o r t g a g e t r u s t d e e d p r o v i d e s t h a t t h o $ 1 3 ,7 5 1 ,0 0 0 o s c r o w b o n d s
c a n b o is s u e d o n l y f o r 8 5 % o f t h o c a s h c o s t o f e x t e n s io n s a n d i m p r o v e m e n t s
a n d t h e n o n l y w h e n t h o a n n u a l n e t e a r n in g s h a v o b e e n d o u b l e in t e r e s t
c h a r g e s o n a ll b o n d s o u t s t a n d i n g a n d t h o s o p r o p o s e d .
S e r ie s " B ” 5 %
b o n d s , t o a t o t a l o f $ 2 ,9 2 4 ,0 0 0 , w e r e o r ig in a ll y is s u e d , b u t u n d e r a s u p p l e ­
m e n ta l tr u s t d e e d , th o ra te w as in cre a se d o n $ 2 ,1 2 5 ,0 0 0 o f th o so b o n d s
f r o m 5 % t o 6 % ; t h o a d d it io n a l a m o u n t o f in t o r e s t d u e t h e r e b y , a m o u n t i n g
t o $ 2 1 ,2 5 0 , is n o t , in jt h o o p i n i o n o f c o u n s e l , t o b o i n c lu d e d in d e t e r m in i n g
t h o a m o u n t o f i n t e r e s t c h a r g e s a p p li c a b l e u n d o r t h o o s c r o w p r o v i s io n a b o v o
r e fe r r e d t o .
I f a n e x p e n d it u r e o f $ 2 ,5 0 0 ,0 0 0 o r m o r e is r e q u i r e d f o r o n e
e x t e n s io n (a s f o r n e w p l a n t s , m a t e r ia l l y in c r e a s in g t h o c o r p o r a t i o n ’s g e n e r ­
a t i n g c a p a c i t y ) , b o n d s m a y b o is s u e d w h e n f o r t h o p r e c e d i n g 1 2 m o n t h s
n o t e a r n in g s h a v o b e e n 1 'A t im e s t h o in t e r e s t o n a ll b o n d s o u t s t a n d i n g a n d
th o se p ro p o se d .
Security.— T h e F ir s t & R e f . M t g o . b o n d s a r o a n a b s o l u t o f ir s t lio n o n t h o
p r o p e r t y a c q u i r e d f r o m t h o M e r c e d F a lls G a s & E l e c t r ic C o . u p o n t h o
f o r m a t i o n o f t h o p r o s e n t c o m p a n y in 1 9 1 0 , a n d u p o n a ll p r o p e r t y s u b s e ­
q u e n t l y c o n s t r u c t e d o r a c q u i r e d , in c lu d in g t h o h y d r o - e l e c t r i c g o n o r a t in g
p la n t o n t h e T u l e R i v e r a n d its s t e a m t u r b in e p l a n t a t B a k e r s fi e ld .
I t Is
e s t im a t e d t h a t t h e s e b o n d s n o w c o v e r , a s a f ir s t lio n , a p p r o x i m a t e ly 6 0 %
o f t h e t o t a l g e n e r a t in g c a p a c i t y , 5 7 % o f t h o t r a n s m is s io n lin o s , a n d 8 5 %
o f th o d is trib u tin g s y s te m o f th o C o r p o r a tio n .
O n th o b a la n co o f th o
s y s t e m t h e y a r e a r e fu n d i n g m o r t g a g o , s u b j e c t o n l y t o c lo s e d u n d e r l y i n g
Issu es o f $ 2 , 7 3 6 , 0 0 0 n o w o u t s t a n d i n g w it h p u b li c .

Earnings for Cal. Years and 12 Mos. ending April 3 0 1 9 1 8 .
Years ended—
Dec. 31 ’ 16. Dec. 3 1 ’ 1 7 . M p r . 3 0 ’ 1 8 .
$ 2 , 0 3 8 , 8 0 7 $ 2 ,1 9 9 7 8 2
G r o s s o p e r a t i n g r e v e n u e .............................. $ 1 , 8 0 6 , 7 7 2
N e t , a f t e r m a i n t . & t a x e s ...............................$ 1 , 0 7 2 , 3 8 8
$ 1 , 1 2 9 , 5 1 9 $ 1 ,1 9 3 ,0 4 1
O t h e r i n c o m e ..................
1 4 ,3 8 5
3 1 ,0 2 3
7 4 ,4 6 8
N e t I n c o m o a v a i l a b l e f o r i n t e r e s t . . S 1 ,0 S 6 ,7 7 3
$ 1 ,1 6 0 ,5 4 2
$ 1 ,2 6 8 , 1 0 9
A n n u a l i n t e r e s t o n $ 8 ,4 3 3 ,0 0 0 F ir s t & R e f u n d in g a n d U n d e r ly in g b o n d s
r e q u ir e s $ 6 4 7 ,0 4 0 .
Rates.— T h o C a li f o r n ia R R . C o m m i s s io n o n M a y 2 8 1 9 1 8 g r a n t e d a s u r ­
c h a r g e o f 1 0 % in r a t e s .
S e o o r ig in a l o f f e r i n g V . 9 1 , p . 1 3 3 2 .
F o r d o t a i ls o f Is s u e , & c . , s e e s t a t e ­
m e n t in “ E l e c t r ic R y . ” S e c t i o n , p a g e 4 4 . — V . 1 06 , p . 2 1 2 3 , 1 3 4 5 .

Shamokin & Mt. Carmol Transit Co.— E x c e s s

F a res

.—

T h i s c o m p a n y h a s b e e n o r d e r e d b y t h o P e n n s y lv a n ia I’ . S . C o m m i s s io n
t o f u r n is h e x c e s s p a y m e n t s lip s p e n d in g d e c i s io n o f p r o c e e d i n g s n o w b e f o r e
t h o C o m m i s s io n . — V . 1 0 5 , p . 2 4 5 7 .

Springfield (Mass.) Street Ry . —

W age

In crea se

.—

F o l l o w i n g a r b i t r a t i o n o f t h is c o m p a n y ’s e m p l o y e e s ’ d e m a n d s f o r in c r e a s e s
in p a y , w a g e s h a v o b e e n in c r e a s e d b y 2 4
% r e t r o a c t i v e t o J u n o 1. M o t o r m o n a n d c o n d u c t o r s o f -1 y e a r s ’ e m p l o y m e n t w il l n o w r o c o iv o $ 3 W a d a y .
C o m p a r e V . 106, p . 1797, 1462.

Terre Haute Indianap. & Eastern Tract. Co.— F a r e s .—

T h i s c o m p a n y h a s a p p lie d t o t h o I . S . O . C o m m i s s io n f o r a u t h o r i t y t o
in c r e a s o f a r e s b e t w e e n p o in t s o n it s lin o in I n d ia n a a n d I ll i n o i s t o a b a s is
o f 2 j ^ c . p e r m ilo .— V . 1 06 , p . 1 9 0 1 , 1231.

Third Avenue Ry. Co.—

T ra n sfer C h a rge R e fu se d

.—

T h o N o w Y o r k P . S . C o m m i s s io n o f J u n o 6 a n n o u n c o c l t h a t t h o s o v o r a l
e l e c t r i c r a i lw a y s in N e w Y o r k C i t y , w h ic h h a v e a p p li e d f o r p e r m is s io n t o

2651

THE CHRONICLE

J une 22 1918.]

c h a r g o 2 c . f o r tran sform s h o u l d a p p l y t o t h o m u n i c ip a l a u t h o r i t ie s f o r
c h a n g e s in t h e i r f r a n c h is o g r a n t s .
T h is a n n o u n c e m e n t is b a s e d o n t h e
r e c e n t d e c i s io n o f t h e C o u r t o f A p p e a l s in t h o c a s o o f t h e R o c h e s t e r R y .
& R i g h t C o . s u b s i d i a r y o f t h o N o w Y o r k S t a t o R y s . (S e o V . 1 0 6 . p . 1 4 0 1 .)
T h i s d e c i s io n , a l t h o u g h r e n d e r e d in t h o c a s o o f t h o T h i r d A v e n u e R y . ,
a p p li e s t o t h o c a s o , i t is s t a t e d , o f t h o N o w Y o r k R y s . a n d t h e B r o o k l y n
R a p id T r a n s it c o m p a n ie s .
F o r f i n d i n g o f t h o C o m m i s s io n in p a r t s e e
“ E l e c t r i c R y . J o u r n a l ” f o r J u n o 1 5 . p . 1 1 6 7 .— V . 1 0 6 . p . 1 4 6 2 , 9 3 0 .

T o led o R a ilw a y s & L ig h t C o.— Fare Litigation.—
T h e C i t y o f T o l e d o o n J u n e 13 f il e d it s b r i e f in t h e fa r o i n j u n c t i o n c a s o
in t h o F e d e r a l C o u r t a t T o l e d o , O , . in s is t in g t h a t t h o c o m p a n y ’ s a p p li c a ­
t i o n f o r a n i n ju n c t i o n r e s t r a in in g t h o c i t y a d m i n i s t r a t i o n f r o m in t e r fe r in g
w i t h t h o 5 - c e n t fa r o a n d p o n n y t r a n s f e r s h o u l d b e d is m is s e d a n d t h a t t h o
t e m p o r a r y r e s t r a in in g o r d e r n o w in f o r c e b o d i s c h a r g e d . — V . 1 0 6 , p . 2 1 2 4 ,
716.

U lste r & D e law a re R R .— General Manager.—
R i c h a r d O ’ S u l l iv a n . S u p e r i n t e n d e n t , h a s b e e n a p p o i n t e d
G en eral
M a n a g e r , u n d e r t h e U . S . G o v t , w it h o f f i c o a t K in g s t o n , N . Y . — V .l O l .p .3 7 1 .

U n ite d T ra c tio n Co. of A lb a n y .—
R e p re s e n ta tiv e s o f th o F e d e ra l G o v e rn m e n t h a v o a s k e d th o N e w Y o r k
P . S . C o m m i s s io n t o p e r m i t a 6 - c o n t f a r o in t h o A l b a n y a n d T r o y d is t r ic t s
a n d t o f ix a r o u n d - t r ip r a t o o f 1 5 c . f r o m A l b a n y t o w o r k m e n a t t h o W a t e r v i i o t A r s e n a l.
C o m p a ro V . 106, p . 2 4 5 1 , 234 6.

V ir g in ia n R y .— Bill for Sale to Government.—
S e n a t o r L e w is o f 111. o n J u n o 2 0 i n t r o d u c e d in t h e S e n a t e a b ill p r o p o s i n g
t h e p u r c h a s o o f t h o c o m p a n y ’s p r o p e r t ie s a s w e ll a s 1 2 5 ,0 0 0 a c r o s o f c o a l
l a n d s f o r $ 1 1 5 ,0 0 0 ,0 0 0 .
S e n a t o r L e w is is q u o t e d a s s a y i n g : “ I t w ill n o t
o n l y in s u r e a s u p p l y o f c o a l f o r t h o n a v y a n d m e r c h a n t m a r in o , b u t w ill
p r o v i d o a t h o r o u g h t e s t o f G o v e r n m e n t o w n e r s h ip o f r a i l r o a d s . ” — V . 1 0 6 ,
p . 2440, 2346.

W a d le y S o u th e rn R y .— New President.—
A l e x a n d e r I t . L a w t o n , f o r m e r l y V i c e - P r e s id e n t , h a s b e e n o l c c t e d P r e s i­
d e n t , t o s u c c e e d W i ll ia m A . W i n b u m .
M r . W i n b u r n h a s J o in e d t h o
R a i l r o a d A d m i n i s t r a t i o n .— V . 8 3 , p . 4 2 7 .

W a g e s.— Complete Text of Order Increasing Wages of Rail­
road Employees.—
S e o p a g e 2 5 5 2 in la s t w e e k ’s is s u o .— V . 1 0 6 , p . 2 3 4 6 , 2 2 3 0 .

W a s h in g to n T erm in al Co.— Officers.— •
A . J . C o u n t y a n d H e n r y T a t n a i l , V i c e - P r e s id e n t s o f t h o P e n n s y lv a n ia
R R . , h a v o b e e n e l e c t e d V i c o - P r o s id e n t s a n d d i r e c t o r s o f t h is c o m p a n y t o
s u c c e e d E l is h a L e o a n d A . U . T h o m p s o n , r o s ig n e d .— V . 8 9 , p . 1 5 4 3 .

W h e e lin g & L a k e Erie R y — General Manager.—

T h e d i v i d e n d p a y a b l e J u n e 1 w a s d e c l a r e d in M a y a n d w a s r e d u c e d t o
1 H % f r o m a p r e v i o u s r a t o o f 2 % . T h e c o m p a n y h a s b e e n s e e k in g t o
o b t a i n a d v a n c e s in r a t e s f o r s e r v ic e .
“ P h il a d e l p h i a N e w s B u r e a u . — V .
106, p . 2231.

A m erican Express Co.— Earnings— Agreement.—
Years ending: Dee. 31 ’ 1 7 . June 30 ’ 17.
Years ending: Dec. 31 T 7 . June 30 T 7
G ross e a r n in g s .5 7 9 ,7 8 8 ,6 0 1 S 73 .85 0.28 0 G ross in c o m e ____$ 1 ,5 3 9 ,8 9 4 $ 2 ,3 8 6 ,4 9 3
28 2 ,3 0 1
184 ,949
O p er. e x p e n se s. 7 8 ,5 4 7 ,1 0 6 7 1 ,779,764 D e d u c t io n s ............
562 ,3 1 0
540,373 D iv id e n d s . . . ( 6 % ) 1 , 0 4 6 ,1 9 0 (8 )1 4 0 1 ,4 7 0
T a x e s ....................
$ 6 7 9,18 4 $1,5 3 0 ,1 4 3
O p er. in c o m e .
5 BM
a la n W
ce, s M
u r p .B
.
M
R,7U
.8 5. 0R,3 5R
$2 1 1 ,4 0 3
$soo,079
860
10
O th er in_J
c o mM
e. .
C o m p a r e A m e r ic a n R R . E x p re ss C o . b e lo w a n d W e lls -F a r g o & C o . b e ­
lo w .— V . 1 0 6 , p . 2 3 4 6 , 2 0 1 2 .

Wm.

A m erican G ra p h o p h o n e C o.— Successor Co. Initial Div.
See C o lu m b ia G ra p h o p h o n e C o . b e lo w .
V . 106, p . 1460, 1128.

S e e p l a n , V . 1 0 6 , p . 1 4 6 3 .—

A m erican T elep h o n e & T e le g ra p h Co.— $50,000,000
6 % 7-Year Convertible Bonds to Be Offered to Shareholders at
94% .— Issue Underwritten.— Tho directors on June 18 voted
to recommend to the stockholders the authorization at a
meeting called for July 3 of an issue of not exceeding 850,­
000,000 6 % 7-year Convertible bonds, which it is proposed
to offer to tho stockholders of record July 3 at the it sue price
in tho proportion of $100 in bonds for each 10 shares held
and-or any fraction of 10 shares. These bonds will be con­
vertible after two years into stock of the company at 106.
It is intended that the right to subscribe shall terminate
on July 15, and that an installment payment of 10% of tho
amount of the bonds subscribed for shall be payable on the
latter date, and tho balance (with interest adjusted) in two
approximately equal installments on Aug. 1 and Oct. 1 1918.
Tho issue will be underwritten by a syndicate composed of
J. P . M organ & Co., Kuhn, Loeb & Co.. Kidder, Peabody &
Co., tho National City Co., the First National Bank, Harris,
Forbes & Co., and Leo, Higginson & Co.
Further Particulars from Circular Dated June 18, Signed by Presi­
dent Theodore N. Vail.

Capital Requirements.— I n a d d i t i o n t o t h o c o n s t r u c t i o n r e q u i r e m e n t s f o r
H.
4V. M c M a s t o r , V i c e - P r o s i d c n t a n d G e n e r a l M a n a g e r , h a s b e e n a p ­
t h o c u r r e n t y e a r t h e r e w e r e $ 5 0 ,0 0 0 ,0 0 0 n o t e s d u o F e b . 1 , o f w h i c h t h e
p o i n t e d G e n e r a l M a n a g e r u n d e r t h o U . S . G o v e r n m e n t , w it h o f f i c o a t
p a y m e n t o f s o m e $ 3 2 ,0 0 0 ,0 0 0 h a d b e e n a n t i c i p a t e d , l e a v i n g $ 1 8 ,0 0 0 ,0 0 0
C lo v o la n d , O h io .— V . 1 0 5 , p . 4 9 1 , 182.
t o b o p a id a t m a t u r it y .
T o m e e t t h e s e o u t s t a n d i n g $ 1 8 ,0 0 0 ,0 0 0 n o t e s a t
m a t u r i t y a n d p a r t i a ll y p r o v i d o f o r t h o c u r r e n t d e m a n d s , a n is s u e o f 8-10,­
W ilm in g to n & P h ila d e lp h ia T ra c tio n Co.
0 0 0 ,0 0 0 n o t e s w a s m a d e F e b . l a s t .
O f t h e a m o u n t r e a l iz e d , $ 3 3 ,0 0 0 ,0 0 0
T h is c o m p a n y o n J u n o 5 o b t a i n e d a u t h o r i t y t o in c r e a s o its r a t e s f r o m
w a s n e e d e d , $ 1 8 ,0 0 0 ,0 0 0 t o m e e t t h e n o t e s a n d $ 1 5 ,0 0 0 ,0 0 0 t o r e im b u r s e
5 t o 7 c ., e ffe c tiv e fro m J u n o 10.
B e c a u s e o f o p p o s i t i o n t o t h is in c r e a s o a n
th e tre a s u ry fo r th e p u rch a s e o f th a t a m o u n t o f W e s te rn E le c t r ic p r e f. s t o c k .
a g r e e m e n t h a s b o o n r e a c h e d r e d u c i n g t h o f a r o t o 6 c . p e n d in g t h o d e c i s io n
T o fu rth e r m e e t th e c u rre n t re q u ire m e n ts fo r c o n s t r u c tio n a n d o t h e r p u r ­
o f t h o C o u r t in t h is m a t t e r . — V . 1 0 1 , p . 1 1 6 6 .
p o s e s , i t is p r o p o s e d t o is s u e n o t e x c e e d i n g $ 5 0 ,0 0 0 ,0 0 0 6 % b o n d s , c o n v e r ­
t ib le a f t e r t w o y e a r s i n t o s t o c k o f t h e c o m p a n y a t 1 0 6 .
Company's Earnings.— T h e c o m p a n y is e a r n in g m a n y t im e s t h e c h a r g e s
I N D U S T R I A L A N D M IS C E L L A N E O U S .
o n a ll it s i n t e r e s t - b e a r i n g o b l i g a t i o n s , i n c lu d in g t h o s e o f t h is is s u e .
Net Revenue of the Parent ( Holding) Company, Its Interest Charges and the

Adam s Express C o.— Agreement.—

S e o A m o r ie a n R R . E x p r e s s C o . a n d W e l l s - F a r g o & C o . b e l o w . — V . 1 0 6 ,
p . 2346, 2012.

A m erican C h a in C o.— Offering of Pref. Slock.— Tho offer­
ing at par and div. by Ilincks Bros. & Co,. Bridgeport,
Conn., of this company’s 81,000,000 7 % cum. jircf. (a. & d .)
stock was noted in these columns last week. A circular shows:
" P a s s e d b y t h o C a p it a l I s s u e s C o m m i t t o o o f t h o F e d e r a l R o s o r v o B o a r d
(O p i n i o n N o . A - 3 0 6 ) a s n o t i n c o m p